Economy and GDP of Liberia

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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. Local manufacturing, mainly foreign owned, had been small in scope. Africa's first female president has the task of transforming these natural resources into physical wealth for the Liberian people.

Ellen Johnson took a swipe at the Liberian finance ministry by sacking the entire staff. In her dramatic appearance before the Joint Session of the U.S. Congress, in an exclusive meeting with select members of U.S. Congressional Africa Subcommittee, before the U.N. Security Council, and at the World Bank, President Ellen Johnson-Sirleaf recently responded to the numerous expressions of goodwill and financial pledges to jumpstart Liberia's postwar economy.

Facts and Overview of the Liberian Economy

GDP of Liberia:	purchasing power parity of entire Liberia - $2.903 billion (2004 est.)
GDP - real growth rate of Liberia:	21.8% (2004 est.)
GDP - per capita:	purchasing power parity of Liberians - $900 (2004 est.)
GDP of Liberia- composition by sector:	agriculture: 76.9% industry: 5.4% services: 17.7% (2002 est.)
Liberian Population below poverty line:	80%
Household income or consumption by percentage share:	lowest 10%: NA highest 10%: NA
Inflation rate (consumer prices):	15% (2003 est.)
Labor force - by occupation:	agriculture 70%, industry 8%, services 22% (2000 est.)
Unemployment rate of Liberians:	85% (2003 est.)
Budget of Liberia:	revenues: $85.4 million expenditures: $90.5 million, including capital expenditures of NA (2000 est.)
Agriculture - products:	rubber, coffee, cocoa, rice, cassava (tapioca), palm oil, sugarcane, bananas; sheep, goats; timber
Industries:	rubber processing, palm oil processing, timber, diamonds
Industrial production growth rate:	NA

Electricity - production:

488.8 million kWh (2002)

Electricity - production by source in Libeia:	fossil fuel: 100% hydro: 0% nuclear: 0% other: 0% (2001)
Electricity - consumption in Liberia:	454.6 million kWh (2002)
Electricity - exports:	0 kWh (2002)
Electricity imports of Liberia:	0 kWh (2002) - Volta River Authority of Ghana is helping Liberia restore power to every Liberian.
Oil - production:	0 bbl/day (2001 est.)
Oil - consumption:	3,100 bbl/day (2001 est.)
Oil - imports:	NA
Exports:	$1.079 billion f.o.b. (2002 est.)
Exports - commodities:	rubber, timber, iron, diamonds, cocoa, coffee
Exports - partners:	Germany 36.9%, Poland 18.6%, US 11.4%, Greece 10.6% (2004)
Imports:	$5.051 billion f.o.b. (2002 est.)
Imports - commodities:	fuels, chemicals, machinery, transportation equipment, manufactured goods; foodstuffs
Imports - partners:	South Korea 38.1%, Japan 21.9%, Singapore 12.6%, Croatia 4.8% (2004)
Debt - external:	$2.1 billion (2000 est.)
Economic aid - recipient:	$94 million (1999)
Currency:	Liberian dollar (LRD)
Currency code:	LRD
Exchange rates of the Liberian dollar:	Liberian dollars per US dollar - 54.906 (2004), 59.379 (2003), 61.754 (2002), 48.583 (2001), 40.953 (2000)
Fiscal year:	calendar year