Liberia Economy Profile 2008

Economy - overview

Civil war and government mismanagement destroyed much of Liberia's economy, especially the infrastructure in and around the capital, Monrovia. Many businesses fled the country, taking capital and expertise with them, but with the conclusion of fighting and the installation of a democratically-elected government in 2006, some have returned. Richly endowed with water, mineral resources, forests, and a climate favorable to agriculture, Liberia had been a producer and exporter of basic products - primarily raw timber and rubber. Local manufacturing, mainly foreign owned, had been small in scope. President JOHNSON SIRLEAF, a Harvard-trained banker and administrator, has taken steps to reduce corruption, build support from international donors, and encourage private investment. Embargos on timber and diamond exports have been lifted, opening new sources of revenue for the government. The reconstruction of infrastructure and the raising of incomes in this ravaged economy will largely depend on generous financial and technical assistance from donor countries and foreign investment in key sectors, such as infrastructure and power generation.

GDP (purchasing power parity)

$1.498 billion (2007 est.)

GDP (official exchange rate)

$732 million (2007 est.)

GDP - real growth rate

8.5% (2007 est.)

GDP - per capita (PPP)

$500 (2007 est.)

GDP - composition by sector

agriculture: 76.9%
industry: 5.4%
services: 17.7% (2002 est.)

Population below poverty line

80% (2000 est.)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices)

15% (2003 est.)

Labor force - by occupation

agriculture: 70%
industry: 8%
services: 22% (2000 est.)

Unemployment rate

85% (2003 est.)

Budget

revenues: NA
expenditures: NA

Industries

rubber processing, palm oil processing, timber, diamonds

Industrial production growth rate

NA%

Electricity - production

319.3 million kWh (2005)

Electricity - consumption

296.9 million kWh (2005)

Electricity - exports

0 kWh (2005)

Electricity - imports

0 kWh (2005)

Oil - production

0 bbl/day (2005 est.)

Oil - consumption

3,550 bbl/day (2005 est.)

Oil - imports

3,532 bbl/day (2004)

Oil - exports

23.31 bbl/day (2004)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2005 est.)

Natural gas - consumption

0 cu m (2005 est.)

Natural gas - exports

0 cu m (2005 est.)

Natural gas - imports

0 cu m (2005)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Agriculture - products

rubber, coffee, cocoa, rice, cassava (tapioca), palm oil, sugarcane, bananas; sheep, goats; timber

Exports

$1.197 billion f.o.b. (2006)

Exports - commodities

rubber, timber, iron, diamonds, cocoa, coffee

Exports - partners

Germany 40.1%, South Africa 12%, Poland 11.7%, US 8.5%, Spain 8.2% (2006)

Imports

$7.143 billion f.o.b. (2006)

Imports - commodities

fuels, chemicals, machinery, transportation equipment, manufactured goods; foodstuffs

Imports - partners

South Korea 43.2%, Singapore 15%, Japan 12.8%, China 8.2% (2006)

Debt - external

$3.2 billion (2005 est.)

Stock of direct foreign investment - at home

$NA

Stock of direct foreign investment - abroad

$NA

Market value of publicly traded shares

$NA

Economic aid - recipient

$236.2 million (2005)

Currency (code)

Liberian dollar (LRD)

Exchange rates

Liberian dollars per US dollar - NA (2007), 59.43 (2006), 53.098 (2005), 54.906 (2004), 59.379 (2003)

Fiscal year

calendar year