Economy - overview: | Civil war and misgovernment have destroyed much of Liberia's economy, especially the infrastructure in and around Monrovia. Many businessmen have fled the country, taking capital and expertise with them. Some have returned, many will not. 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. The departure of the former president, Charles TAYLOR, to Nigeria in August 2003, the establishment of the all-inclusive National Transition Government of Liberia (NTGL), and the arrival of a UN mission are all encouraging signs that the political crisis is coming to an end. The restoration of infrastructure and the raising of incomes in this ravaged economy depend on the implementation of sound macro- and micro-economic policies, including the encouragement of foreign investment, and generous support from donor countries. |
| GDP: | purchasing power parity - $3.261 billion (2004 est.) |
| GDP - real growth rate: | 3% (2004 est.) |
| GDP - per capita: | purchasing power parity - $1,000 (2004 est.) |
| GDP - composition by sector: | agriculture: 76.9%
industry: 5.4%
services: 17.7% (2002 est.) |
| Population below poverty line: | 80% |
| Household income or consumption by percentage share: | lowest 10%: NA
highest 10%: NA |
| Inflation rate (consumer prices): | 15% (2003 est.) |
| Labor force - by occupation: | agriculture 70%, industry 8%, services 22% (2000 est.) |
| Unemployment rate: | 85% (2003 est.) |
| Budget: | revenues: $85.4 million
expenditures: $90.5 million, including capital expenditures of NA (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: | 468.8 million kWh (2001) |
| Electricity - consumption: | 435.9 million kWh (2001) |
| Electricity - exports: | 0 kWh (2001) |
| Electricity - imports: | 0 kWh (2001) |
| Oil - production: | 0 bbl/day (2001 est.) |
| Oil - consumption: | 3,100 bbl/day (2001 est.) |
| Oil - imports: | NA (2001) |
| Exports: | $1.079 billion f.o.b. (2002 est.) |
| Exports - commodities: | rubber, timber, iron, diamonds, cocoa, coffee |
| Exports - partners: | Germany 43.3%, Poland 10.9%, Greece 9.1%, US 6%, France 5.5%, Thailand 4.9%, China 4.1% (2003) |
| Imports: | $5.051 billion f.o.b. (2002 est.) |
| Imports - commodities: | fuels, chemicals, machinery, transportation equipment, manufactured goods; foodstuffs |
| Imports - partners: | South Korea 39.2%, Japan 16.2%, Singapore 12.4%, Germany 9.9%, Spain 4.1% (2003) |
| Debt - external: | $2.1 billion (2000 est.) |
| Economic aid - recipient: | $94 million (1999) |
| Currency: | Liberian dollar (LRD) |
| Currency code: | LRD |
| Exchange rates: | Liberian dollars per US dollar - NA (2003), 61.7542 (2002), 48.5833 (2001), 40.9525 (2000), 41.9025 (1999) |
| Fiscal year: | calendar year
Source: CIA World Factbook
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