About Liberia & Key Financial Statistics

About Libera and Key Financial Statistics

Overview of Economy:

Liberia is a low income country that relies heavily on foreign assistance. It is richly endowed with water, mineral resources, forests, and a climate favorable to agriculture. Its principal exports are iron ore, rubber, gold and timber. The Government has attempted to revive raw timber extraction and is encouraging oil exploration. In the 1990s and early 2000s, civil war and government mismanagement destroyed much of Liberia's economy, especially infrastructure in and around the capital. With the conclusion of fighting and the installation of a democratically elected government in 2006, businesses that had fled the country began to return. The country achieved high growth during 2010-13 due to favorable world prices for its commodities. However, in 2014 as the Ebolavirus began to spread, the economy declined and many businesses departed, taking capital and expertise with them. The epidemic forced the government to divert scarce resources to combat the spread of the virus, reducing funds available for needed public investment. Revitalizing the economy in the future will depend on increasing investment and trade, higher global commodity prices, sustained foreign aid and remittances, development of infrastructure and institutions, and maintaining political stability and security. The cost of addressing the Ebola epidemic will weigh heavily on public finances at the same time decreased economic activity reduces government revenue, although higher donor support will partly offset this loss.

Gross Domestic Product (In USD):

$3.711 billion (2014 est.)

$3.686 billion (2013 est.)

$3.392 billion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 37.1

% Industry: 16.3

% Services: 46.6

Composition of Labor Force by Occupation:

% Agriculture: 70

% Industry: 8

% Services: 22

Per Capita Income:

$900 (2014 est.)

$900 (2013 est.)

$800 (2012 est.)

Exports:

$468.2 million (2014 est.)

$624.3 million (2013 est.)

Key Export Commodities:

rubber, timber, iron, diamonds, cocoa, coffee

Export Partners:

China 31.9%, Greece 8.8%, US 8.6%, Germany 8.2%, France 7.3%, Spain 4.8% (2014)

Imports:

$1.052 billion (2014 est.)

$1.02 billion (2013 est.)

Key Import Commodities:

fuels, chemicals, machinery, transportation equipment, manufactured goods; foodstuffs

Import Partners:

Singapore 33.9%, South Korea 25.6%, China 14.7%, Japan 9.1% (2014)

Inflation Rate (Consumer Price Index):

9.9% (2014 est.)

7.6% (2013 est.)

Exchange Rate to USD:

Liberian dollars (LRD) per US dollar -

83.893 (2014 est.)

83.893 (2013 est.)

73.52 (2012 est.)

72.227 (2011 est.)

71.403 (2010 est.)

Unemployment Rate:

85% (2003 est.)

S&P Rating:

Standard & Poor's Ratings:

• • AAA: The best quality borrowers, reliable and stable

  • AA: Quality borrowers, a bit higher risk than AAA

  • A: Economic situation can affect finance

  • BBB: Medium class borrowers, which are satisfactory at the moment

  • BB: More prone to changes in the economy

  • B: Financial situation varies noticeably

  • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings