Economy - overview Civil war since 1990 has destroyed much of Liberia's economy, especially the infrastructure in and around Monrovia. Many businessmen have fled the country, taking capital and expertise with them. Some returned during 1997. Many will not return. Richly endowed with 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. The democratically elected government, installed in August 1997, inherited massive international debts and currently relies on revenues from its maritime registry to provide the bulk of its foreign exchange earnings. The restoration of the infrastructure and the raising of incomes in this ravaged economy depends on continued disarmament of factions and the implementation of sound macro- and micro-economic policies of the new government.

GDP purchasing power parity - $2.6 billion (1997 est.)

GDP - real growth rate NA% (1997 est.)

GDP - per capita purchasing power parity - $1,000 (1997 est.)

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

Inflation rate - consumer price index NA%

Labor force
by occupation: agriculture 70%

Unemployment rate NA%

Budget
revenues: $NA
expenditures: $NA

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

Industrial production growth rate NA%

Electricity - capacity 332,000 kW (1995)

Electricity - production 472 million kWh (1995)

Electricity - consumption per capita 154 kWh (1995)

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, manufactured goods; rice and other foodstuffs
partners: US, EU, Japan, China, Netherlands, ECOWAS, South Korea

Debt - external $2 billion (1997 est.)

Economic aid
recipient: ODA, $NA

Currency 1 Liberian dollar (L$) = 100 cents

Exchange rates Liberian dollars (L$) per US$1 - 1.0000 (officially fixed rate since 1940); market exchange rate: Liberian dollars (L$) per US$1 - 50 (October 1995), 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 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Liberia Economy 1998 information contained here. All suggestions for corrections of any errors about Liberia Economy 1998 should be addressed to the CIA.