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 restoration of the
infrastructure and the raising of incomes in this ravaged economy
depend on the settlement of civil warfare, 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 - $3.116 billion (2002 est.)
GDP - real growth rate:
2% (2002 est.)
GDP - per capita:
purchasing power parity - $1,000 (2002 est.)
GDP - composition by sector:
agriculture: 74%
industry: 7%
services: 19% (2001 est.)
Population below poverty line:
80%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
15% (2002 est.)
Labor force - by occupation:
agriculture 70%, industry 8%, services 22% (2000 est.)
Unemployment rate:
NA
Budget:
revenues: $85.4 million
expenditures: $90.5 million, including capital expenditures of $NA
(2000 est.)
Industries:
rubber processing, palm oil processing, timber, diamonds
Industrial production growth rate:
NA%
Electricity - production:
468.8 million kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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 - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
rubber, coffee, cocoa, rice, cassava (tapioca), palm oil,
sugarcane, bananas; sheep, goats; timber
Exports:
$110 million f.o.b. (2002 est.)
Exports - commodities:
rubber, timber, iron, diamonds, cocoa, coffee
Exports - partners:
Germany 54.8%, Poland 8.9%, France 8.5%, China 4.9%, Italy 4.5%, US
4.2% (2002)
Imports:
$165 million f.o.b. (2002 est.)
Imports - commodities:
fuels, chemicals, machinery, transportation equipment, manufactured
goods; foodstuffs
Imports - partners:
South Korea 30.3%, Japan 19.1%, Germany 15.6%, France 9.1%,
Singapore 7.9% (2002)
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 (2002), 48.58 (2001), 40.95
(2000), 41.9 (1999), 41.51 (1998)
note: until December 1997, rates were based on a fixed relationship
with the US dollar; beginning in January 1998, rates are market
determined
Fiscal year:
calendar year