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Lesotho:
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Other pages in this profile of Lesotho:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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Economy - overview |
Definition Small, landlocked, and mountainous, Lesotho relies on remittances from miners employed in South Africa and customs duties from the Southern Africa Customs Union for the majority of government revenue. However, the government has recently strengthened its tax system to reduce dependency on customs duties. Completion of a major hydropower facility in January 1998 permitted the sale of water to South Africa and generated royalties for Lesotho. Lesotho produces about 90% of its own electrical power needs. As the number of mineworkers has declined steadily over the past several years, a small manufacturing base has developed based on farm products that support the milling, canning, leather, and jute industries, as well as a rapidly expanding apparel-assembly sector. The latter has grown significantly mainly due to Lesotho qualifying for the trade benefits contained in the Africa Growth and Opportunity Act. The economy is still primarily based on subsistence agriculture, especially livestock, although drought has decreased agricultural activity. The extreme inequality in the distribution of income remains a major drawback. Lesotho has signed an Interim Poverty Reduction and Growth Facility with the IMF. In July 2007, Lesotho signed a Millennium Challenge Account Compact with the US worth $362.5 million. |
GDP (purchasing power parity) |
Definition - World rank and map $3.092 billion (2007 est.) |
GDP (official exchange rate) |
Definition $1.6 billion (2007 est.) |
GDP - real growth rate |
Definition - World rank and map 4.9% (2007 est.) |
GDP - per capita |
Definition - World rank and map $1,300 (2007 est.) |
GDP - composition by sector |
Definition agriculture: 15.2% industry: 45% services: 39.7% (2007 est.) |
Labor force |
Definition 838,000 (2000 est.) |
Labor force - by occupation |
Definition agriculture: 86% of resident population engaged in subsistence agriculture; roughly 35% of the active male wage earners work in South Africa industry and services: 14% (2002 est.) |
Unemployment rate |
Definition - World rank and map 45% (2002) |
Population below poverty line |
Definition 49% (1999) |
Household income or consumption by percentage share |
Definition lowest 10%: 0.9% highest 10%: 43.4% (2002 est.) |
Distribution of family income - Gini index |
Definition - World rank and map 63.2 (1995) |
Inflation rate (consumer prices) |
Definition - World rank and map 8% (2007 est.) |
Investment (gross fixed) |
Definition - World rank and map 51.9% of GDP (2007 est.) |
Budget |
Definition revenues: $779.9 million expenditures: $696.9 million (2007 est.) |
Agriculture - products |
Definition corn, wheat, pulses, sorghum, barley; livestock |
Industries |
Definition food, beverages, textiles, apparel assembly, handicrafts, construction, tourism |
Industrial production growth rate |
Definition - World rank and map 12% (2007 est.) |
Electricity - production |
Definition - World rank and map 350 million kWh; note - electricity supplied by South Africa (2005) |
Electricity - consumption |
Definition - World rank and map 338.5 million kWh (2005) |
Electricity - consumption per capita |
Definition - World rank and map 159.1 kWh (2005) |
Electricity - exports |
Definition 0 kWh (2005) |
Electricity - imports |
Definition 13 million kWh; note - electricity supplied by South Africa (2005) |
Oil - production |
Definition - World rank and map 0 bbl/day (2005 est.) |
Oil - consumption |
Definition - World rank and map 1,400 bbl/day (2005) |
Oil - consumption per 1,000 people |
Definition - World rank and map 0.7 bbl/day (2005) |
Oil - exports |
Definition - World rank and map 0 bbl/day (2004) |
Oil - imports |
Definition - World rank and map 1,400 bbl/day (2004) |
Oil - proved reserves |
Definition - World rank and map 0 bbl (1 January 2006 est.) |
Natural gas - production |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - consumption |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - consumption per capita |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - exports |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - imports |
Definition - World rank and map 0 cu m (2005) |
Natural gas - proved reserves |
Definition - World rank and map 0 cu m (1 January 2006 est.) |
Current account balance |
Definition - World rank and map $77 million (2007 est.) |
Exports |
Definition - World rank and map $853 million f.o.b. (2007 est.) |
Exports - commodities |
Definition manufactures 75% (clothing, footwear, road vehicles), wool and mohair, food and live animals (2000) |
Exports - partners |
Definition US 79.8%, Belgium 14.5%, Canada 1.7% (2006) |
Imports |
Definition - World rank and map $1.604 billion f.o.b. (2007 est.) |
Imports - commodities |
Definition food; building materials, vehicles, machinery, medicines, petroleum products |
Imports - partners |
Definition Hong Kong 26.2%, Taiwan 24.7%, China 24.5%, Germany 6.2%, South Korea 4.1% (2006) |
Reserves of foreign exchange and gold |
Definition - World rank and map $879 million (31 December 2007 est.) |
Debt - external |
Definition - World rank and map $689 million (31 December 2007 est.) |
Economic aid - recipient |
Definition $68.82 million (2005) |
Currency (code) |
Definition loti (LSL); South African rand (ZAR) |
Exchange rates |
Definition maloti per US dollar - 7.25 (2007), 6.85 (2006), 6.3593 (2005), 6.4597 (2004), 7.5648 (2003) |
Fiscal year |
Definition 1 April - 31 March |
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