Economy - overview:

Civil war and government mismanagement destroyed much of Liberia's economy, especially the infrastructure in and around the capital, Monrovia. Many businesses fled the country, taking capital and expertise with them, but with the conclusion of fighting and the installation of a democratically-elected government in 2006, some have returned. 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. President JOHNSON SIRLEAF, a Harvard-trained banker and administrator, has taken steps to reduce corruption, build support from international donors, and encourage private investment. Embargos on timber and diamond exports have been lifted, opening new sources of revenue for the government. The reconstruction of infrastructure and the raising of incomes in this ravaged economy will largely depend on generous financial and technical assistance from donor countries and foreign investment in key sectors, such as infrastructure and power generation.

GDP (purchasing power parity):

$1.34 billion (2007 est.)

GDP (official exchange rate):

$730 million (2007 est.)

GDP - real growth rate:

9.4% (2007 est.)

GDP - per capita (PPP):

$400 (2007 est.)

GDP - composition by sector:

agriculture: 76.9%
industry: 5.4%
services: 17.7% (2002 est.)

Labor force - by occupation:

agriculture: 70%
industry: 8%
services: 22% (2000 est.)

Unemployment rate:

85% (2003 est.)

Population below poverty line:

80% (2000 est.)

Household income or consumption by percentage share:

lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):

11.2% (2007 est.)

Budget:

revenues: NA
expenditures: NA

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:

319.3 million kWh (2005)

Electricity - consumption:

296.9 million kWh (2005)

Electricity - exports:

0 kWh (2005)

Electricity - imports:

0 kWh (2005)

Oil - production:

0 bbl/day (2005 est.)

Oil - consumption:

3,550 bbl/day (2005 est.)

Oil - exports:

23.31 bbl/day (2004)

Oil - imports:

3,532 bbl/day (2004)

Oil - proved reserves:

0 bbl (1 January 2006 est.)

Natural gas - production:

0 cu m (2005 est.)

Natural gas - consumption:

0 cu m (2005 est.)

Natural gas - exports:

0 cu m (2005 est.)

Natural gas - imports:

0 cu m (2005)

Natural gas - proved reserves:

0 cu m (1 January 2006 est.)

Current account balance:

-$224 million (2007)

Exports:

$1.197 billion f.o.b. (2006)

Exports - commodities:

rubber, timber, iron, diamonds, cocoa, coffee

Exports - partners:

Malaysia 22.1%, South Africa 18.1%, Poland 14.9%, Germany 9.2%, US 8.4%, Spain 6.6%, South Korea 4.8%, Norway 4.4% (2006)

Imports:

$7.143 billion f.o.b. (2006)

Imports - commodities:

fuels, chemicals, machinery, transportation equipment, manufactured goods; foodstuffs

Imports - partners:

South Korea 38.2%, Singapore 19.4%, Japan 13.1%, China 10.2% (2006)

Economic aid - recipient:

$236.2 million (2005)

Debt - external:

$3.2 billion (2005 est.)

Stock of direct foreign investment - at home:

$NA

Stock of direct foreign investment - abroad:

$NA

Market value of publicly traded shares:

$NA

Currency (code):

Liberian dollar (LRD)

Exchange rates:

Liberian dollars per US dollar - NA (2007), 59.43 (2006), 53.098 (2005), 54.906 (2004), 59.379 (2003)

Fiscal year:

calendar year