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Sierra Leone:
Economy

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Sierra Leone Page


Economy - overview
Definition
Sierra Leone is an extremely poor nation with tremendous inequality in income distribution. While it possesses substantial mineral, agricultural, and fishery resources, its physical and social infrastructure is not well developed, and serious social disorders continue to hamper economic development. Nearly half of the working-age population engages in subsistence agriculture. Manufacturing consists mainly of the processing of raw materials and of light manufacturing for the domestic market. Alluvial diamond mining remains the major source of hard currency earnings accounting for nearly half of Sierra Leone's exports. The fate of the economy depends upon the maintenance of domestic peace and the continued receipt of substantial aid from abroad, which is essential to offset the severe trade imbalance and supplement government revenues. The IMF has completed a Poverty Reduction and Growth Facility program that helped stabilize economic growth and reduce inflation. A recent increase in political stability has led to a revival of economic activity such as the rehabilitation of bauxite and rutile mining.
GDP (purchasing power parity)
Definition - World rank and map
$3.971 billion (2007 est.)
GDP (official exchange rate)
Definition
$1.664 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
6.8% (2007 est.)
GDP - per capita
Definition - World rank and map
$700 (2007 est.)
GDP - composition by sector
Definition
agriculture: 49%
industry: 31%
services: 21% (2001 est.)
Labor force
Definition
1.369 million (1981 est.)
Labor force - by occupation
Definition
agriculture: NA%
industry: NA%
services: NA%
Unemployment rate
Definition - World rank and map
NA%
Population below poverty line
Definition
70.2% (2004)
Household income or consumption by percentage share
Definition
lowest 10%: 0.5%
highest 10%: 43.6% (1989)
Distribution of family income - Gini index
Definition - World rank and map
62.9 (1989)
Inflation rate (consumer prices)
Definition - World rank and map
11.7% (2007 est.)
Budget
Definition
revenues: $96 million
expenditures: $351 million (2000 est.)
Agriculture - products
Definition
rice, coffee, cocoa, palm kernels, palm oil, peanuts; poultry, cattle, sheep, pigs; fish
Industries
Definition
diamond mining; small-scale manufacturing (beverages, textiles, cigarettes, footwear); petroleum refining, small commercial ship repair
Industrial production growth rate
Definition - World rank and map
NA%
Electricity - production
Definition - World rank and map
245 million kWh (2005)
Electricity - consumption
Definition - World rank and map
227.9 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
36.3 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0.7008 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
8,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
1.3 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
431.1 bbl/day (2004)
Oil - imports
Definition - World rank and map
8,864 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
-$63 million (2007 est.)
Exports
Definition - World rank and map
$216 million f.o.b. (2006)
Exports - commodities
Definition
diamonds, rutile, cocoa, coffee, fish
Exports - partners
Definition
Belgium 49.9%, US 20.7%, Netherlands 4.6%, Canada 4.1% (2006)
Imports
Definition - World rank and map
$560 million f.o.b. (2006)
Imports - commodities
Definition
foodstuffs, machinery and equipment, fuels and lubricants, chemicals
Imports - partners
Definition
China 9.7%, Cote d'Ivoire 9.4%, US 8.9%, Brazil 7%, UK 5.4%, Netherlands 4.7%, South Africa 4.6%, India 4.4% (2006)
Debt - external
Definition - World rank and map
$1.61 billion (2003 est.)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$343.4 million (2005 est.)
Currency (code)
Definition
leone (SLL)
Exchange rates
Definition
leones per US dollar - NA (2007), 2,961.7 (2006), 2,889.6 (2005), 2,701.3 (2004), 2,347.9 (2003)
Fiscal year
Definition
calendar year


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