Economy - overview:
Small, mountainous, and completely landlocked by South Africa, Lesotho is a least developed country in which about three-fourths of the people live in rural areas and engage in subsistence agriculture. Lesotho produces less than 20% of the nation's demand for food. Rain-fed agriculture is vulnerable to weather and climate variability; an estimated 725,500 people will require food assistance in 2012/13. The distribution of income in Lesotho remains inequitable. Lesotho relies on South Africa for much of its economic activity. Lesotho imports 90% of the goods it consumes from South Africa, including most agricultural inputs. Households depend heavily on remittances from family members working in South Africa, in mines, on farms and as domestic workers, though mining employment has declined substantially since the 1990s. Government revenue depends heavily on transfers from South Africa. Customs duties from the Southern Africa Customs Union accounted for 44% of government revenue in 2012. The South African Government also pays royalties for water transferred to South Africa from a dam and reservoir system in Lesotho. However, the government continues to strengthen its tax system to reduce dependency on customs duties and other transfers. Access to credit remains a problem for the private sector. The government maintains a large presence in the economy - government consumption accounted for 39% of GDP in 2013 and the government remains Lesotho's largest employer. Lesotho's largest private employer is the textile and garment industry - approximately 36,000 Basotho, mainly women, work in factories producing garments for export to South Africa and the US. Diamond mining in Lesotho has grown in recent years and may contribute 8.5% to GDP by 2015, according to current forecasts. Lesotho's $362.5 million Millennium Challenge Account Compact, which focused on strengthening the healthcare system, developing the private sector, and providing access to improved water supplies and sanitation facilities, will end in September 2013. Despite the 2008/09 global economic crisis, the economy has had strong, but declining growth since 2010.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use:
GDP - composition, by sector of origin:
Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation:
Unemployment rate: Population below poverty line: Household income or consumption by percentage share:
Distribution of family income - Gini index: Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Current account balance: Exports: Exports - commodities: Imports: Imports - commodities: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Exchange rates:
$4.265 billion (2013 est.)
country comparison to the world: 175
$4.096 billion (2012 est.)
$3.918 billion (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP country ranks ]
$2.457 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
4.1% (2013 est.)
country comparison to the world: 75
4.5% (2012 est.)
5.7% (2011 est.)
[see also: GDP - real growth rate country ranks ]
$2,200 (2013 est.)
country comparison to the world: 192
$2,200 (2012 est.)
$2,100 (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP - per capita country ranks ]
11.4% of GDP (2013 est.)
country comparison to the world: 129
7.8% of GDP (2012 est.)
7.8% of GDP (2011 est.)
[see also: Gross national saving country ranks ]
household consumption:
86%
government consumption:
39.4%
investment in fixed capital:
33.7%
investment in inventories:
1.2%
exports of goods and services:
47.9%
imports of goods and services:
-108.2%
(2013 est.)
agriculture:
7.4%
industry:
34.5%
services:
58.2% (2013 est.)
corn, wheat, pulses, sorghum, barley; livestock
food, beverages, textiles, apparel assembly, handicrafts, construction, tourism
4.3% (2013 est.)
country comparison to the world: 68
[see also: Industrial production growth rate country ranks ]
874,200 (2013 est.)
country comparison to the world: 148
[see also: Labor force country ranks ]
agriculture:
86%
industry and services:
14%
note:
most of the resident population is engaged in subsistence agriculture; roughly 35% of the active male wage earners work in South Africa (2002 est.)
25% (2008 est.)
country comparison to the world: 174
45% (2002 est.)
[see also: Unemployment rate country ranks ]
49% (1999)
[see also: Population below poverty line country ranks ]
lowest 10%:
1%
highest 10%:
39.4% (2003)
63.2 (1995)
country comparison to the world: 1
56 (1986-87)
[see also: Distribution of family income - Gini index country ranks ]
revenues:
$1.462 billion
expenditures:
$1.483 billion (2013 est.)
59.5% of GDP (2013 est.)
country comparison to the world: 4
[see also: Taxes and other revenues country ranks ]
-0.9% of GDP (2013 est.)
country comparison to the world: 62
[see also: Budget surplus (+) or deficit (-) country ranks ]
NA
[see also: Public debt country ranks ]
1 April - 31 March
5% (2013 est.)
country comparison to the world: 154
6.1% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]
9.36% (31 December 2012 est.)
country comparison to the world: 25
10% (31 December 2010 est.)
[see also: Central bank discount rate country ranks ]
10% (31 December 2013 est.)
country comparison to the world: 83
10.12% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]
$425.1 million (31 December 2013 est.)
country comparison to the world: 161
$408.9 million (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]
$903.4 million (31 December 2013 est.)
country comparison to the world: 171
$840.9 million (31 December 2012 est.)
[see also: Stock of broad money country ranks ]
$85,420 (31 December 2013 est.)
country comparison to the world: 179
$75,280 (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]
-$518.4 million (2013 est.)
country comparison to the world: 103
-$587.4 million (2012 est.)
[see also: Current account balance country ranks ]
$941.2 million (2013 est.)
country comparison to the world: 163
$972.4 million (2012 est.)
[see also: Exports country ranks ]
manufactures (clothing, footwear), wool and mohair, food and live animals, electricity, water, diamonds
$2.148 billion (2013 est.)
country comparison to the world: 161
$2.239 billion (2012 est.)
[see also: Imports country ranks ]
food; building materials, vehicles, machinery, medicines, petroleum products
$857.9 million (31 December 2013 est.)
country comparison to the world: 138
$749.4 million (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]
$794 million (31 December 2013 est.)
country comparison to the world: 166
$779.8 million (31 December 2012 est.)
[see also: Debt - external country ranks ]
$635.7 million (31 December 2013 est.)
country comparison to the world: 104
$398 million (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]
maloti (LSL) per US dollar -
9.575 (2013 est.)
8.2 (2012 est.)
7.32 (2010 est.)
8.47 (2009)
7.75 (2008)