Economy - overview A civil war in 1989-96 destroyed much of Liberia's economy, especially the infrastructure in and around Monrovia. Many businessmen fled the country, taking capital and expertise with them. Some returned; many will not return. Richly endowed with water, mineral resources, forests, and a climate favorable to agriculture, Liberia had been a producer and exporter of basic products, while local manufacturing, mainly foreign owned, had been small in scope. The democratically elected government, installed in August 1997, inherited massive international debts and currently relies on revenues from its maritime registry and timber industry to provide the bulk of its foreign exchange earnings. The restoration of the infrastructure and the raising of incomes in this ravaged economy depend on the implementation of sound macro- and micro-economic policies of the new government, including the encouragement of foreign investment. Recent growth has been from a low base, and continued growth will require major policy successes and containment of armed rebellion.

GDP purchasing power parity - $3.6 billion (2001 est.)

GDP - real growth rate 5% (2001 est.)

GDP - per capita purchasing power parity - $1,100 (2001 est.)

GDP - composition by sector
agriculture: 60%
industry: 10%
services: 30% (2001 est.)

Population below poverty line 80%

Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices) 8% (2001 est.)

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

Unemployment rate 70%

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 450 million kWh (2000)

Electricity - production by source
fossil fuel: 100%
hydro: 0%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 418.5 million kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

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

Exports $55 million (f.o.b., 2000 est.)

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

Exports - partners Belgium 38.5%, Germany 17.6%, Italy 6.0%, US 5.8% (2000)

Imports $170 million (f.o.b., 2000 est.)

Imports - commodities fuels, chemicals, machinery, transportation equipment, manufactured goods; rice and other foodstuffs

Imports - partners France 29.1%, South Korea 20.6%, Japan 15.8%, Singapore 8.4% (2000)

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 - 46.0400 (December 2001), 48.5833 (2001), 40.9525 (2000), 41.9025 (1999), 41.5075 (1998), 1.0000 (officially fixed rate 1940-97); market exchange rate: Liberian dollars per US dollar - 40 (December 1998), 50 (October 1995)
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

NOTE: The information regarding Liberia on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Liberia Economy 2002 information contained here. All suggestions for corrections of any errors about Liberia Economy 2002 should be addressed to the CIA.