Liberia flag

The Economy of Liberia

Liberian Economy

Liberia's map

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:

GDP - real growth rate: 7.5% (2008 est.) 9.4% (2007 est.) 7.8% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 76.9% industry: 5.4% services: 17.7% (2002 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force:

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: 320 million kWh (2006 est.)

Electricity - production by source:

Electricity - consumption: 297.6 million kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 0 bbl/day (2007 est.)

Oil - consumption: 3,687 bbl/day (2006 est.)

Oil - exports: 23.37 bbl/day (2005)

Oil - imports: 3,593 bbl/day (2005)

Oil - proved reserves: 0 bbl (1 January 2006 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 0 cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

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: Malaysia 27.5%, Poland 18.5%, Germany 11.5%, US 10.5%, Spain 8.2%, Norway 5.5% (2007)

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

Imports - commodities: fuels, chemicals, machinery, transportation equipment, manufactured goods; foodstuffs

Imports - partners: South Korea 31.4%, Singapore 22.1%, Japan 14.9%, China 10.1% (2007)

Debt - external: $3.2 billion (2005 est.)

Economic aid - recipient:

Currency:

Currency code:

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

Fiscal year: