unbekannter Gast

Sierra Leone: Economy#

Sierra Leone is extremely poor and 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 destroyed most institutions before ending in the early 2000s.

In recent years economic growth has been driven by mining - particularly iron ore. The country’s principal exports are iron ore, diamonds, and rutile, and the economy is vulnerable to fluctuations in international prices. Until 2014, the government had relied on external assistance to support its budget, but it was gradually becoming more independent. The Ebola outbreak of 2014 and 2015, combined with falling global commodities prices, caused a significant contraction of economic activity in all areas.

While the World Health Organization declared an end to the Ebola outbreak in Sierra Leone in November 2015, economic recovery will depend on rising commodities prices and increased efforts to diversify the sources of growth. Pervasive corruption and undeveloped human capital will continue to deter foreign investors. Sustained international donor support in the near future will partially offset these fiscal constraints.

Economic Facts#

GDP (purchasing power parity)$10.64 billion (2016 est.)
$10.2 billion (2015 est.)
$12.92 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$4.289 billion (2015 est.)
GDP - real growth rate4.3% (2016 est.)
-21.1% (2015 est.)
4.6% (2014 est.)
GDP - per capita (PPP)$1,700 (2016 est.)
$1,600 (2015 est.)
$2,100 (2014 est.)
note: data are in 2016 dollars
Gross national saving2% of GDP (2016 est.)
2.1% of GDP (2015 est.)
-7.2% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 83.7%
government consumption: 9.5%
investment in fixed capital: 33.7%
investment in inventories: 0.1%
exports of goods and services: 15.2%
imports of goods and services: -42.2% (2016 est.)
GDP - composition, by sector of originagriculture: 71.1%
industry: 7.9%
services: 21% (2016 est.)
Agriculture - productsrice, coffee, cocoa, palm kernels, palm oil, peanuts, cashews; poultry, cattle, sheep, pigs; fish
Industriesdiamond mining; iron ore, rutile and bauxite mining; small-scale manufacturing (beverages, textiles, footwear)
Industrial production growth rate14% (2016 est.)
Labor force2.678 million (2016 est.)
Labor force - by occupationagriculture: 61.1%
industry: NA%
services: 33.4% (2014 est.)
Unemployment rate9.1% (2014 est.)
Population below poverty line70.2% (2004 est.)
Household income or consumption by percentage sharelowest 10%: 2.6%
highest 10%: 33.6% (2003)
Distribution of family income - Gini index34 (2011)
62.9 (1989)
Budgetrevenues: $558.1 million
expenditures: $738.6 million (2016 est.)
Taxes and other revenues13% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-4.2% of GDP (2016 est.)
Public debt43.3% of GDP (2016 est.)
41.6% of GDP (2015 est.)
Fiscal yearcalendar year
Inflation rate (consumer prices)7.1% (2016 est.)
8% (2015 est.)
Central bank discount rateNA%
Commercial bank prime lending rate18.9% (31 December 2016 est.)
18.78% (31 December 2015 est.)
Stock of narrow money$444 million (31 December 2016 est.)
$458.4 million (31 December 2015 est.)
Stock of broad money$967.9 million (31 December 2016 est.)
$904.6 million (31 December 2015 est.)
Stock of domestic credit$505.2 million (31 December 2016 est.)
$501.7 million (31 December 2015 est.)
Market value of publicly traded shares$NA
Current account balance-$696 million (2016 est.)
-$681 million (2015 est.)
Exports$886.4 million (2016 est.)
$569.4 million (2015 est.)
Exports - commoditiesIron ore, diamonds, rutile, cocoa, coffee, fish
Exports - partnersChina 31.3%, Belgium 27.8%, Romania 11.3%, US 7.3%, India 4% (2015)
Imports$1.303 billion (2016 est.)
$1.575 billion (2015 est.)
Imports - commoditiesfoodstuffs, machinery and equipment, fuels and lubricants, chemicals
Imports - partnersChina 23%, India 7.9%, US 6.4%, Netherlands 5.1% (2015)
Debt - external$1.561 billion (31 December 2016 est.)
$1.403 billion (31 December 2015 est.)
Stock of direct foreign investment - at home$1.629 billion (31 December 2016 est.)
$1.296 billion (31 December 2015 est.)
Stock of direct foreign investment - abroad$9.7 million (31 December 2015 est.)
$6.7 million (31 December 2014 est.)
Exchange ratesleones (SLL) per US dollar -
6,201.4 (2016 est.)
5,080.8 (2015 est.)
5,080.8 (2014 est.)
4,524.2 (2013 est.)
4,344 (2012 est.)