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Liberia Economy
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 (2003 est.)
GDP - real growth rate:
3% (2003 est.)
GDP - per capita:
purchasing power parity - $1,000 (2003 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.)
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 - imports:
NA (2001)
Agriculture - products:
rubber, coffee, cocoa, rice, cassava (tapioca), palm oil, sugarcane, bananas; sheep, goats; timber
Exports:
$1.079 billion f.o.b. (2002 est.)
Exports - commodities:
rubber, timber, iron, diamonds, cocoa, coffee
Exports - partners:
Germany 39.5%, Poland 8.9%, Greece 8.3%, Denmark 6.7%, US 5.4%, France 5.1%, Thailand 4.5% (2003 est.)
Imports:
$5.051 billion f.o.b. (2002 est.)
Imports - commodities:
fuels, chemicals, machinery, transportation equipment, manufactured goods; foodstuffs
Imports - partners:
South Korea 43.5%, Japan 15.9%, Singapore 12.1%, Germany 9.7%, Spain 4% (2003 est.)
Debt - external:
$2.1 billion (2000 est.)
Economic aid - recipient:
$94 million (1999)
Currency code:
LRD
Fiscal year:
calendar year
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