Sierra Leone Economy 1997

Economy - overview Sierra Leone has substantial mineral, agricultural, and fishery resources.However, the economic and social infrastructure is not well developed, andserious social disorders continue to hamper economic development. Agricultureemploys about two-thirds of the working population, with subsistence agriculturedominating the sector. Manufacturing consists mainly of the processing ofraw materials and of light manufacturing for the domestic market. The miningof diamonds, bauxite, and rutile is the major source of hard currency. Thegovernment has worked hard to meet its IMF- and World Bank-mandated stabilizationtargets, holding down fiscal deficits and retiring much of its domestic debt,but at a steep cost in terms of forgone capital investments and social spending.Moreover, the economic infrastructure has nearly collapsed due to neglectand war-related disruptions in the mining and agricultural export sectors.The continuing civil war in Liberia has led to a large influx of refugees,who place additional burdens on Sierra Leone's fragile economy.

GDP purchasing power parity - $4.7 billion (1996 est.)

GDP - real growth rate 5% (1996 est.)

GDP - per capita purchasing power parity - $980 (1996 est.)

GDP - composition by sector
agriculture: 49%
industry: 21%
services: 30% (1995)

Inflation rate - consumer price index 5.6% (1996)

Labor force
total: 1.369 million (1981 est.)
by occupation: agriculture 65%, industry 19%, services 16% (1981 est.)
note: only about 65,000 wage earners (1985)

Unemployment rate NA%

Budget
revenues : $75 million
expenditures: $128 million, including capital expenditures of $NA (FY94/95 est.)

Industries mining (diamonds, bauxite, rutile); small-scale manufacturing (beverages,textiles, cigarettes, footwear); petroleum refining

Industrial production growth rate NA%

Electricity - capacity 119,000 kW (1991)

Electricity - production 185 million kWh (1991)

Electricity - consumption per capita 43 kWh (1991 est.)

Agriculture - products rice, coffee, cocoa, palm kernels, palm oil, peanuts; poultry, cattle,sheep, pigs; fish

Exports
total value: $39.3 million (f.o.b., 1995)
commodities: rutile, diamonds, bauxite, coffee, cocoa, fish
partners: US 20%, Belgium 20%, Spain 13%, UK 6%, other Western Europe

Imports
total value: $140 million (c.i.f., 1995)
commodities: foodstuffs, machinery and equipment, fuels and lubricants
partners: Cote d'Ivoire, EU countries, India

Debt - external $1.4 billion (1994)

Economic aid
recipient: ODA, $NA

Currency 1 leone (Le) = 100 cents

Exchange rates leones (Le) per US$1 - 908.08 (January 1997), 920.73 (1996), 755.22(1995), 586.74 (1994), 567.46 (1993), 499.44 (1992)

Fiscal year 1 July - 30 June

NOTE: The information regarding Sierra Leone 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 Sierra Leone Economy 1997 information contained here. All suggestions for corrections of any errors about Sierra Leone Economy 1997 should be addressed to the CIA.