Liberia Economy Profile 2009

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)

$1.526 billion (2008 est.)
$1.425 billion (2007 est.)
$1.303 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$836 million (2008 est.)

GDP - real growth rate

7.1% (2008 est.)
9.4% (2007 est.)
7.8% (2006 est.)

GDP - per capita (PPP)

$500 (2008 est.)
$400 (2007 est.)
$400 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

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

Population below poverty line

80% (2000 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

NA% (31 December 2008)
15.05% (31 December 2007)

Stock of money

$NA (31 December 2008)
$145.6 million (31 December 2007)

Stock of quasi money

$NA (31 December 2008)
$49.89 million (31 December 2007)

Stock of domestic credit

$NA (31 December 2008)
$1.157 billion (31 December 2007)

Industries

rubber processing, palm oil processing, timber, diamonds

Industrial production growth rate

NA%

Electricity - production

320 million kWh (2006 est.)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

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 - imports

3,593 bbl/day (2005)

Oil - exports

23.37 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)

Agriculture - products

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

Exports

$1.197 billion (2006)

Exports - commodities

rubber, timber, iron, diamonds, cocoa, coffee

Exports - partners

Malaysia 38.2%, US 15.9%, Poland 12.3%, Germany 9%, Belgium 6% (2008)

Imports

$7.143 billion (2006)

Imports - commodities

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

Imports - partners

South Korea 27.5%, Singapore 25.2%, Japan 11.6%, China 11.2% (2008)

Debt - external

$3.2 billion (2005 est.)

Stock of direct foreign investment - at home

$124.2 billion (31 December 2008 est.)

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)

Currency (code)

LRD

Exchange rates

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

Fiscal year

calendar year