Country Guide Book
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LIBERIA
COUNTRIES A-Z
Liberia Economy
Country Name: Republic of Liberia
Capital City: Monrovia
Population: 3,195,931 (July 2007 est.)
Population Growth: 4.836% (2007 est.)
Currency: Liberian dollar (LRD)
Languages: English 20% (official)
Area:
Inflation Rate: 15% (2003 est.)
Unemployment Rate: 85% (2003)
Domain extension:
ECONOMIC DETAILS OF LIBERIA
ECONOMY OVERVIEW
Civil war and government mismanagement have destroyed much of Liberia's economy, especially the infrastructure in and around the capital, Monrovia. Many businessmen have fled the country, taking capital and expertise with them. Some have returned, but many will not. 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 economist, has taken steps to reduce corruption, build support from international donors, and encourage private investment. An embargo on timber exports has been lifted, opening a source of revenue for the government, but diamonds remain under UN sanctions. The reconstruction of infrastructure and the raising of incomes in this ravaged economy will largely depend on generous financial support and technical assistance from donor countries.
Civil war and government mismanagement have destroyed much of Liberia's economy, especially the infrastructure in and around the capital, Monrovia. Many businessmen have fled the country, taking capital and expertise with them. Some have returned, but many will not. 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 economist, has taken steps to reduce corruption, build support from international donors, and encourage private investment. An embargo on timber exports has been lifted, opening a source of revenue for the government, but diamonds remain under UN sanctions. The reconstruction of infrastructure and the raising of incomes in this ravaged economy will largely depend on generous financial support and technical assistance from donor countries.
GDP - purchasing power parity:
$2.821 billion (2006 est.)
GDP - real growth rate:
7.8% (2006 est.)
GDP - per capita:
$900 (2006 est.)
GDP - by sector (agriculture):
agriculture: 76.9%
GDP - by sector (industry):
industry: 5.4%
GDP - by sector (services):
services: 17.7% (2002 est.)
Export Partners:
Germany 23.4%, South Africa 16.1%, Poland 15.7%, US 11.3%, Spain 11%, Thailand 4.1% (2006)
Import Partners:
South Korea 40.2%, Singapore 16%, Japan 13.6%, China 8.7% (2006)
Export Commodities:
rubber, timber, iron, diamonds, cocoa, coffee
Import Commodities:
fuels, chemicals, machinery, transportation equipment, manufactured goods; foodstuffs
Exports Volume:
$910 million f.o.b. (2004 est.)
Imports Volume:
$4.839 billion f.o.b. (2004 est.)
Labour Force:
#N/A
Unemployment Rate:
85% (2003 est.)
Population below poverty line:
80% (2000)
Inflation Rate:
15% (2003 est.)
Investment (gross fixed):
Public Debt:
Agriculture Products:
rubber, coffee, cocoa, rice, cassava (tapioca), palm oil, sugarcane, bananas; sheep, goats; timber
Industries:
rubber processing, palm oil processing, timber, diamonds
Industrial Production Growth Rate:
NA%
Electricity - production:
325 million kWh (2004)
Electricity - consumption:
302.3 million kWh (2004)
Electricity - exports:
0 kWh (2004)
Electricity - imports:
0 kWh (2004)
Oil - production:
0 bbl/day (2004 est.)
Oil - consumption:
3,500 bbl/day (2004 est.)
Oil - exports:
#N/A
Oil - imports:
NA bbl/day
Natural gas - production:
0 cu m (2004 est.)
Natural gas - consumption:
Natural gas - exports:
Natural gas - imports:
Current Account Balance:
Currency Code:
Liberian dollar (LRD)