Economy Liberia
Economy - overview:
Civil war and government mismanagement have destroyed much of
Liberia's economy, especially the infrastructure in and around
Monrovia, while continued international sanctions on diamonds and
timber exports will limit growth prospects for the foreseeable
future. Many businessmen have fled the country, taking capital and
expertise with them. Some have returned, but many will not. 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. The
departure of the former president, Charles TAYLOR, to Nigeria in
August 2003, the establishment of the all-inclusive Transitional
Government, and the arrival of a UN mission are all necessary for
the eventual end of the political crisis, but thus far have done
little to encourage economic development. The reconstruction of
infrastructure and the raising of incomes in this ravaged economy
will largely depend on generous financial support and technical
assistance from donor countries.
GDP (purchasing power parity):
$2.903 billion (2004 est.)
GDP - real growth rate:
21.8% (2004 est.)
GDP - per capita:
purchasing power parity - $900 (2004 est.)
GDP - composition by sector: agriculture: 76.9% industry: 5.4% services: 17.7% (2002 est.)
Labor force - by occupation:
agriculture 70%, industry 8%, services 22% (2000 est.)
Unemployment rate:
85% (2003 est.)
Population below poverty line:
80%
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA