Sierra Leone Economy Profile 2009

Economy - overview

Sierra Leone is an extremely poor nation with tremendous inequality in income distribution. While it possesses substantial mineral, agricultural, and fishery resources, its physical and social infrastructure is not well developed, and serious social disorders continue to hamper economic development. Nearly half of the working-age population engages in subsistence agriculture. Manufacturing consists mainly of the processing of raw materials and of light manufacturing for the domestic market. Alluvial diamond mining remains the major source of hard currency earnings accounting for nearly half of Sierra Leone's exports. The fate of the economy depends upon the maintenance of domestic peace and the continued receipt of substantial aid from abroad, which is essential to offset the severe trade imbalance and supplement government revenues. The IMF has completed a Poverty Reduction and Growth Facility program that helped stabilize economic growth and reduce inflation. A recent increase in political stability has led to a revival of economic activity such as the rehabilitation of bauxite and rutile mining.

GDP (purchasing power parity)

$4.285 billion (2008 est.)
$4.062 billion (2007 est.)
$3.818 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$1.955 billion (2008 est.)

GDP - real growth rate

5.5% (2008 est.)
6.4% (2007 est.)
7.4% (2006 est.)

GDP - per capita (PPP)

$700 (2008 est.)
$700 (2007 est.)
$600 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 49%
industry: 31%
services: 21% (2005 est.)

Population below poverty line

70.2% (2004)

Labor force

2.207 million (2007 est.)

Labor force - by occupation

agriculture: NA%
industry: NA%
services: NA%

Unemployment rate

NA%

Household income or consumption by percentage share

lowest 10%: 2.6%
highest 10%: 33.6% (2003)

Distribution of family income - Gini index

62.9 (1989)

Budget

revenues: $96 million
expenditures: $351 million (2000 est.)

Inflation rate (consumer prices)

11.7% (2007 est.)

Central bank discount rate

NA% (31 December 2008)

Commercial bank prime lending rate

NA% (31 December 2008)
25% (31 December 2007)

Stock of money

$NA (31 December 2008)
$184.6 million (31 December 2007)

Stock of quasi money

$NA (31 December 2008)
$177.7 million (31 December 2007)

Stock of domestic credit

$NA (31 December 2008)
$162.9 million (31 December 2007)

Industries

diamond mining; small-scale manufacturing (beverages, textiles, cigarettes, footwear); petroleum refining, small commercial ship repair

Industrial production growth rate

NA%

Electricity - production

250 million kWh (2006 est.)

Electricity - production by source

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

Electricity - consumption

232.5 million kWh (2006 est.)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

1 bbl/day (2007 est.)

Oil - consumption

8,430 bbl/day (2006 est.)

Oil - imports

8,271 bbl/day (2005)

Oil - exports

432.3 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

-$63 million (2007 est.)

Agriculture - products

rice, coffee, cocoa, palm kernels, palm oil, peanuts; poultry, cattle, sheep, pigs; fish

Exports

$216 million (2006)

Exports - commodities

diamonds, rutile, cocoa, coffee, fish

Exports - partners

Belgium 41%, US 23.2%, France 5.7%, Netherlands 4.3% (2008)

Imports

$560 million (2006)

Imports - commodities

foodstuffs, machinery and equipment, fuels and lubricants, chemicals

Imports - partners

China 10.5%, Cote d'Ivoire 8.9%, US 7.9%, Belgium 6.7%, UK 6.7%, Thailand 5.2%, India 4.2% (2008)

Debt - external

$1.61 billion (2003 est.)

Market value of publicly traded shares

$NA

Economic aid - recipient

$343.4 million (2005 est.)

Currency (code)

leone (SLL)

Currency (code)

SLL

Exchange rates

leones (SLL) per US dollar - NA (2007), 2,961.7 (2006), 2,889.6 (2005), 2,701.3 (2004), 2,347.9 (2003)

Fiscal year

calendar year