Sierra Leone's Economy | Sierra Leonean Economy

Economy - overview: Sierra Leone is an extremely poor African nation with tremendous inequality in income distribution. While it possesses substantial mineral, agricultural, and fishery resources, its economic and social infrastructure is not well developed, and serious social disorders continue to hamper economic development. About two-thirds of the working-age population engages in subsistence agriculture. Manufacturing consists mainly of the processing of raw materials and of light manufacturing for the domestic market. Plans to reopen bauxite and rutile mines shut down during an 11 year civil war have not been implemented due to lack of foreign investment. Alluvial diamond mining remains the major source of hard currency earnings. The fate of the economy depends upon the maintenance of domestic peace and the continued receipt of substantial aid from abroad, which is essential to offset the severe trade imbalance and supplement government revenues. International financial institutions contributed over $600 million in development aid and budgetary support in 2003.

GDP: 1.7% (2004)

GDP - real growth rate: 6% (2004 est.)

GDP - per capita: purchasing power parity - $600 (2004 est.)

GDP - composition by sector: agriculture: 49% industry: 30% services: 21% (2001 est.)

Population below poverty line: 68% (1989 est.)

Household income or consumption by percentage share: lowest 10%: 0.5% highest 10%: 43.6% (1989)

Distribution of family income - Gini index: 62.9 (1989)

Inflation rate (consumer prices):

Labor force: 1.369 million (1981 est.)

Labor force - by occupation: agriculture NA, industry NA, services NA

Unemployment rate: NA

Budget: revenues: $96 million expenditures: $351 million, including capital expenditures of NA (2000 est.)

Industries: diamonds mining; small-scale manufacturing (beverages, textiles, cigarettes, footwear); petroleum refining, small commercial ship repair

Industrial production growth rate: NA

Electricity - production: 255.3 million kWh (2002)

Electricity - production by source:

Electricity - consumption: 237.4 million kWh (2002)

Electricity - exports: 0 kWh (2002)

Electricity - imports: 0 kWh (2002)

Oil - production: 0 bbl/day (2001 est.)

Oil - consumption: 6,500 bbl/day (2001 est.)

Oil - exports: NA

Oil - imports: NA

Oil - proved reserves:

Natural gas - production:

Natural gas - consumption:

Natural gas - exports:

Natural gas - imports:

Natural gas - proved reserves:

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

Exports: $49 million f.o.b. (2002 est.)

Exports - commodities: diamonds, rutile, cocoa, coffee, fish (1999)

Exports - partners: Belgium 61.6%, Germany 11.8%, US 5.4% (2004)

Imports: $264 million f.o.b. (2002 est.)

Imports - commodities: foodstuffs, machinery and equipment, fuels and lubricants, chemicals (1995)

Imports - partners: Germany 14%, Cote d'Ivoire 10.7%, UK 9.1%, US 8.4%, China 5.6%, Netherlands 5%, South Africa 4.1% (2004)

Debt - external: $1.5 billion (2002 est.)

Economic aid - recipient: $103 million (2001 est.)

Currency:

Currency code:

Exchange rates: leones per US dollar - 2,701.3 (2004), 2,347.9 (2003), 2,099 (2002), 1,986.2 (2001), 2,092.1 (2000)

Fiscal year: calendar year



Links: Sierra Leone Travel Blogs (all) | Sierra Leone Travel Photos | Sierra Leone Travel Forum | Hotels in Sierra Leone | Hostels in Sierra Leone | Cheap flights to Sierra Leone | Sierra Leone Facts | Map of Sierra Leone