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Lesotho Economy 2014
http://www.theodora.com/wfbcurrent/lesotho/lesotho_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 28, 2014

Economy - overview:
Small, mountainous, and completely landlocked by South Africa, Lesotho is a least developed country in which about three-fourths of the people live in rural areas and engage in subsistence agriculture. Lesotho produces less than 20% of the nation's demand for food. Rain-fed agriculture is vulnerable to weather and climate variability; an estimated 725,500 people will require food assistance in 2012/13. The distribution of income in Lesotho remains inequitable. Lesotho relies on South Africa for much of its economic activity. Lesotho imports 90% of the goods it consumes from South Africa, including most agricultural inputs. Households depend heavily on remittances from family members working in South Africa, in mines, on farms and as domestic workers, though mining employment has declined substantially since the 1990s. Government revenue depends heavily on transfers from South Africa. Customs duties from the Southern Africa Customs Union accounted for 44% of government revenue in 2012. The South African Government also pays royalties for water transferred to South Africa from a dam and reservoir system in Lesotho. However, the government continues to strengthen its tax system to reduce dependency on customs duties and other transfers. Access to credit remains a problem for the private sector. The government maintains a large presence in the economy - public expenditures accounted for 55% of GDP in 2010 and the government remains Lesotho's largest employer. Lesotho's largest private employer is the textile and garment industry - approximately 36,000 Basotho, mainly women, work in factories producing garments for export to South Africa and the US. Diamond mining in Lesotho has grown in recent years and may contribute 8.5% to GDP by 2015, according to current forecasts. Lesotho's $362.5 million Millennium Challenge Account Compact, which focused on strengthening the healthcare system, developing the private sector, and providing access to improved water supplies and sanitation facilities, will end in September 2013. Despite the 2008/09 global economic crisis, the economy has recovered strongly with growth averaging nearly 5% per year since 2010.

GDP (purchasing power parity):
$4.041 billion (2012 est.)
country comparison to the world: 176

$3.865 billion (2011 est.)
$3.657 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$2.428 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.5% (2012 est.)
country comparison to the world: 78

5.7% (2011 est.)
6.3% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$2,100 (2012 est.)
country comparison to the world: 191

$2,000 (2011 est.)
$1,900 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
7.8% of GDP (2012 est.)
country comparison to the world: 136

7.8% of GDP (2011 est.)
11.2% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 90.8%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 38.1%
investment in fixed capital: 31.8%
investment in inventories: 0.8%
exports of goods and services: 46.5%
imports of goods and services: -108.1%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 7.4%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 34.6%
services: 58% (2012 est.)

Agriculture - products:
corn, wheat, pulses, sorghum, barley; livestock

Industries:
food, beverages, textiles, apparel assembly, handicrafts, construction, tourism

Industrial production growth rate:
9.3% (2012 est.)
country comparison to the world: 19
[see also: Industrial production growth rate country ranks ]

Labor force:
855,600 (2012 est.)
country comparison to the world: 149
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 86%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services: 14%
note: most of resident population engaged in subsistence agriculture; roughly 35% of the active male wage earners work in South Africa (2002 est.)

Unemployment rate:
25% (2008 est.)
country comparison to the world: 173

45% (2002 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
49% (1999)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 39.4% (2003)

Distribution of family income - Gini index:
63.2 (1995)
country comparison to the world: 1

56 (1986-87)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $1.658 billion
[see also: Budget revenues country ranks ]
expenditures: $1.536 billion (2012 est.)

Taxes and other revenues:
68.3% of GDP (2012 est.)
country comparison to the world: 3
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
5% of GDP (2012 est.)
country comparison to the world: 12
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
NA
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
6.1% (2012 est.)
country comparison to the world: 163

5% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
9.36% (31 December 2012 est.)
country comparison to the world: 24

10% (31 December 2010 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
10.12% (31 December 2012 est.)
country comparison to the world: 85

10.43% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$408.9 million (31 December 2012 est.)
country comparison to the world: 162

$346.5 million (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$897 million (31 December 2012 est.)
country comparison to the world: 171

$820.4 million (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$75,280 (31 December 2012 est.)
country comparison to the world: 180

$15,600 (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Current account balance:
$-587.4 million (2012 est.)
country comparison to the world: 107

$-460.4 million (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$972.4 million (2012 est.)
country comparison to the world: 158

$1.175 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
manufactures (clothing, footwear), wool and mohair, food and live animals, electricity, water, diamonds

Imports:
$2.239 billion (2012 est.)
country comparison to the world: 159

$2.155 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
food; building materials, vehicles, machinery, medicines, petroleum products

Reserves of foreign exchange and gold:
$749.4 million (31 December 2012 est.)
country comparison to the world: 142

$832.6 million (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$779.8 million (31 December 2012 est.)
country comparison to the world: 166

$791.9 million (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$398 million (31 December 2012 est.)
country comparison to the world: 103

$200.3 million (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
maloti (LSL) per US dollar -

8.2031 (2012 est.)
7.26 (2011 est.)
7.32 (2010 est.)
8.47 (2009)
7.75 (2008)


NOTE: The information regarding Lesotho on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Lesotho Economy 2014 information contained here. All suggestions for corrections of any errors about Lesotho Economy 2014 should be addressed to the CIA.



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