Liberia Economy 1997

Economy - overview Civil war since 1990 has destroyed much of Liberia's economy, especiallythe infrastructure in and around Monrovia. Businessmen have fled the country,taking capital and expertise with them. Many will not return. Richly endowedwith 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. Political and economic instability- including the stripping of resources by local warlords - threatens prospectsfor reconstruction as well as the repatriation of an estimated 750,000 Liberianrefugees who have fled to neighboring countries. The continued political turmoilhas prevented restoration of normal economic life, including the re-establishmentof a strong central government with effective economic development programs.

GDP purchasing power parity - $2.4 billion (1995 est.)

GDP - real growth rate 0% (1995 est.)

GDP - per capita purchasing power parity - $1,100 (1995 est.)

GDP - composition by sector
agriculture: 30%
industry: 36%
services: 34%

Inflation rate - consumer price index 50% (1994 est.)

Labor force
total: 510,000 including 220,000 in the monetary economy
by occupation: agriculture 70.5%, services 10.8%, industry and commerce 4.5%, other14.2%
note : non-African foreigners hold about 95% of the top-level management andengineering jobs

Unemployment rate NA%

Budget
revenues: $225 million
expenditures: $285 million, including capital expenditures of $NA (1994 est.)

Industries rubber processing, food processing, construction materials, furniture,palm oil processing, iron ore, diamonds

Industrial production growth rate NA%

Electricity - capacity 430,000 kW (1991)

Electricity - production 1.05 billion kWh (1991)

Electricity - consumption per capita 384 kWh (1991 est.)

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

Exports
total value: $667 million (f.o.b., 1995 est.)
commodities: diamonds, iron ore, rubber, timber, coffee
partners: US, EU, Netherlands, Singapore

Imports
total value : $5.8 billion (f.o.b., 1995 est.)
commodities: mineral fuels, chemicals, machinery, transportation equipment, manufacturedgoods; rice and other foodstuffs
partners: US, EU, Japan, China, Netherlands, ECOWAS, South Korea

Debt - external $2.1 billion (1994 est.)

Economic aid
recipient: ODA, $NA

Currency 1 Liberian dollar (L$) = 100 cents

Exchange rates Liberian dollars (L$) per US$1 - 1.0000 (officially fixed rate since1940); market exchange rate: Liberian dollars (L$) per US$1 - 50 (October1995), 7 (January 1992); market rate floats against the US dollar

Fiscal year calendar year

NOTE: The information regarding Liberia on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Liberia Economy 1997 information contained here. All suggestions for corrections of any errors about Liberia Economy 1997 should be addressed to the CIA.