Liberia Economy 2008

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, but with the conclusion of fighting, 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 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 and technical assistance from donor countries and foreign investment in key sectors, such as rubber, timber, and iron ore.

GDP (purchasing power parity):
$1.498 billion (2007 est.)

GDP (official exchange rate):
$902.9 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.)

Labor force - by occupation:
agriculture: 70%
industry: 8%
services: 22% (2000 est.)

Unemployment rate:
85% (2003 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.)

Budget:
revenues: $85.4 million
expenditures: $90.5 million (2000 est.)

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:
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 - exports:
23.31 bbl/day (2004)

Oil - imports:
3,532 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.)

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

Exports - commodities:
rubber, timber, iron, diamonds, cocoa, coffee

Exports - partners:
Germany 22.6%, South Africa 15.5%, Poland 15.1%, US 11%, Spain 10.6%, South Korea 4.1% (2006)

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

Imports - partners:
South Korea 43.2%, Singapore 15%, Japan 12.8%, China 8.2% (2006)

Economic aid - recipient:
$236.2 million (2005)

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

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)