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Liberia Economy 2013

SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES











Liberia Economy 2013
SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 8, 2013

Economy - overview:
Liberia is a low income country heavily reliant on foreign assistance for revenue. 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, several have returned. Liberia has the distinction of having the highest ratio of direct foreign investment to GDP in the world. 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 and is reviving those sectors. 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 and Liberia shipped its first major timber exports to Europe in 2010. The country reached its Heavily Indebted Poor Countries initiative completion point in 2010 and nearly $5 billion of international debt was permanently eliminated. This new status will enable Liberia to establish a sovereign credit rating and issue bonds. Liberia's Paris Club creditors agreed to cancel Liberia's debt as well. The IMF has completed the sixth review of Liberia's extended credit facility, bringing total disbursements to over $379 million. The African Development Bank approved a grant of $48 million in 2011 to support economic governance and competitiveness. Rebuilding infrastructure and raising incomes will depend on generous financial and technical assistance from donor countries and foreign investment in key sectors, such as infrastructure and power generation. The country has achieved high growth during 2010-12 due to favorable world prices for its commodities.

GDP (purchasing power parity):
$2.693 billion (2012 est.)
country comparison to the world: 184

$2.472 billion (2011 est.)
$2.284 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.767 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
9% (2012 est.)
country comparison to the world: 10

8.2% (2011 est.)
6.1% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$700 (2012 est.)
country comparison to the world: 224

$600 (2011 est.)
$600 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 76.9%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 5.4%
services: 17.7% (2002 est.)

Labor force:
1.372 million (2007)
country comparison to the world: 132
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 70%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 8%
services: 22% (2000 est.)

Unemployment rate:
85% (2003 est.)
country comparison to the world: 199
[see also: Unemployment rate country ranks ]

Population below poverty line:
80% (2000 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.4%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 30.1% (2007)

Budget:
revenues: $556.8 million
[see also: Budget revenues country ranks ]
expenditures: $575.7 million (2012 est.)

Taxes and other revenues:
31.5% of GDP (2012 est.)
country comparison to the world: 94
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.1% of GDP (2012 est.)
country comparison to the world: 59
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
4.4% of GDP (2012 est.)
country comparison to the world: 149

3.3% of GDP (2011 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
5.5% (2012 est.)
country comparison to the world: 151

7.4% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
16% (31 December 2012 est.)
country comparison to the world: 59

13.75% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$445.6 million (31 December 2012 est.)
country comparison to the world: 161

$403.6 million (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$664.1 million (31 December 2012 est.)
country comparison to the world: 173

$560.2 million (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.454 billion (31 December 2011 est.)
country comparison to the world: 146

$1.334 billion (31 December 2010 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

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

Industries:
rubber processing, palm oil processing, timber, diamonds

Industrial production growth rate:
NA%
[see also: Industrial production growth rate country ranks ]

Current account balance:
-$587.5 million (2012 est.)
country comparison to the world: 100

-$754.3 million (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$506.5 million (2012 est.)
country comparison to the world: 171

$422.1 million (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
rubber, timber, iron, diamonds, cocoa, coffee

Exports - partners:
US 21.2%, Spain 10.3%, Cote dIvoire 6.1%, Germany 5.7%, Japan 5.6%, China 5.4%, Canada 4.9% (2011)

Imports:
$785.3 million (2012 est.)
country comparison to the world: 183

$755.1 million (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
fuels, chemicals, machinery, transportation equipment, manufactured goods; foodstuffs

Imports - partners:
South Korea 41.8%, China 28.3%, Japan 18.6% (2011)

Debt - external:
$400.3 million (31 December 2012 est.)
country comparison to the world: 175

$306.8 million (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$2.353 billion (31 December 2012 est.)
country comparison to the world: 93

$2.061 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Liberian dollars (LRD) per US dollar -

74 (2012 est.)
72.227 (2011 est.)
71.403 (2010 est.)

Fiscal year:
calendar year


NOTE: 1) The information regarding Liberia on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Liberia Economy 2013 information contained here. All suggestions for corrections of any errors about Liberia Economy 2013 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 11-Mar-13
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