unbekannter Gast

Sierra Leone: Economy#

Sierra Leone is extremely poor. Nearly half of the working-age population engages in subsistence agriculture. The country possesses substantial mineral, agricultural, and fishery resources, but it is still recovering from a civil war that ended in the early 2000s that destroyed most institutions. In recent years economic growth has been driven by mining - particularly of iron ore and oil exploration. The country exports rutile, diamonds, and bauxite, and is vulnerable to fluctuations in international commodity prices. The country relies on external assistance to meet its budgetary needs; overseas grants make up one-fourth of total revenue. Corruption is a hindrance to foreign investment, although from 2011 to 2012 the country’s Anti-Corruption Commission increased convictions of high-level officials from nine to 22 and recovered millions of dollars. In December 2013, the US Millennium Challenge Corporation (MCC) did not hold a vote on the reselection of Sierra Leone because the country did not pass MCC’s Scorecard Corruption indicator; however, MCC continues compact development through a more limited engagement.

Economic Facts#

GDP (purchasing power parity)$9.156 billion (2013 est.)
$8.079 billion (2012 est.)
$7.016 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate13.3% (2013 est.)
15.2% (2012 est.)
6% (2011 est.)
GDP - per capita (PPP)$1,400 (2013 est.)
$1,300 (2012 est.)
$1,200 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 47.9%
industry: 18.6%
services: 33.5% (2013 est.)
Population below poverty line70.2% (2004)
Household income or consumption by percentage sharelowest 10%: 2.6%
highest 10%: 33.6% (2003)
Labor force - by occupationagriculture: NA%
industry: NA%
services: NA%
Exports - commoditiesdiamonds, rutile, cocoa, coffee, fish
Exports - partnersChina 51.1%, Belgium 18.2%, Japan 7.7%, Turkey 4.8% (2012)
Agriculture - productsrice, coffee, cocoa, palm kernels, palm oil, peanuts; poultry, cattle, sheep, pigs; fish
Budgetrevenues: $614.8 million
expenditures: $754.4 million (2013 est.)
Imports - commoditiesfoodstuffs, machinery and equipment, fuels and lubricants, chemicals
Imports - partnersChina 16.5%, India 10.2%, South Africa 7.6%, US 6.7%, UK 6.7%, Belgium 4.6% (2012)
Exchange ratesleones (SLL) per US dollar -
4,320.8 (2013 est.)
4,344 (2012 est.)
3,978.1 (2010 est.)
Exports$1.563 billion (2013 est.)
$953.4 million (2012 est.)
Debt - external$1.331 billion (31 December 2013 est.)
$1.172 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$1.637 billion (2013 est.)
$1.597 billion (2012 est.)
Industrial production growth rate42% (2013 est.)
Industriesdiamond mining; iron ore, rutile and bauxite mining; small-scale manufacturing (beverages, textiles, cigarettes, footwear); petroleum refining, small commercial ship repair
Inflation rate (consumer prices)11.1% (2013 est.)
12.9% (2012 est.)
Labor force2.207 million (2007 est.)
Unemployment rateNA%
Distribution of family income - Gini index62.9 (1989)
Public debt31.1% of GDP (2013 est.)
36.5% of GDP (2012 est.)
Current account balance-$463.3 million (2013 est.)
-$862.5 million (2012 est.)
GDP (official exchange rate)$4.607 billion (2013 est.)
Stock of direct foreign investment - at home$2.394 billion (31 December 2013 est.)
$1.719 billion (31 December 2012 est.)
Market value of publicly traded shares$NA
Central bank discount rateNA%
Commercial bank prime lending rate20.5% (31 December 2013 est.)
21% (31 December 2012 est.)
Stock of domestic credit$567.7 million (31 December 2013 est.)
$429.1 million (31 December 2012 est.)
Stock of narrow money$355.7 million (31 December 2013 est.)
$324.7 million (31 December 2012 est.)
Stock of broad money$1.001 billion (31 December 2013 est.)
$772.6 million (31 December 2012 est.)
Taxes and other revenues13.3% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-3% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 77.8%
government consumption: 6.8%
investment in fixed capital: 36.7%
investment in inventories: 0.8%
exports of goods and services: 9.7%
imports of goods and services: -31.8%
(2013 est.)
Gross national saving27.8% of GDP (2013 est.)
17.2% of GDP (2012 est.)
-1% of GDP (2011 est.)