Liberia

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):
$1.532 billion (2008 est.)
$1.425 billion (2007)
$1.303 billion (2006)
GDP (official exchange rate):
$926 million (2008 est.)
GDP - real growth rate:
7.5% (2008 est.)
9.4% (2007 est.)
7.8% (2006 est.)
GDP - per capita (PPP):
$500 (2008 est.)
$400 (2007 est.)
$400 (2006 est.)
GDP - composition by sector:
agriculture: 76.9%
industry: 5.4%
services: 17.7% (2002 est.)
Labor force - by occupation:
agriculture: 70%
industry: 8%
services: 22% (2000 est.)
Unemployment rate:
85% (2003 est.)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Budget:
revenues: NA
expenditures: NA
Inflation rate (consumer prices):
11.2% (2007 est.)
Commercial bank prime lending rate:
15.05% (31 December 2007)
Stock of money:
$145.6 million (31 December 2007)
Stock of quasi money:
$49.89 million (31 December 2007)
Stock of domestic credit:
$1.157 billion (31 December 2007)
Market value of publicly traded shares:
$NA
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:
320 million kWh (2006 est.)
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.)
Current account balance:
-$224 million (2007)
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.)
Stock of direct foreign investment - at home:
$NA
Stock of direct foreign investment - abroad:
$NA
Exchange rates:
Liberian dollars (LRD) per US dollar - NA (2007), 59.43 (2006), 53.098 (2005), 54.906 (2004), 59.379 (2003)