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Sierra Leone Economy 2013
http://www.theodora.com/wfbcurrent/sierra_leone/sierra_leone_economy.html
SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES
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Page last updated on February 5, 2013

Economy - overview:
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 has yet to recover from the civil war, 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 completed a Poverty Reduction and Growth Facility program that helped stabilize economic growth and reduce inflation and in 2010 approved a new program worth $45 million over three years. Political stability has led to a revival of economic activity such as the rehabilitation of bauxite and rutile mining, which are set to benefit from planned tax incentives. A number of offshore oil discoveries were announced in 2009 and 2010. The development on these reserves, which could be significant, is still several years away, however, growth skyrocketed to more than 20% in 2012, as exploitation activities began.

GDP (purchasing power parity):
$8.376 billion (2012 est.)
country comparison to the world: 154

$6.906 billion (2011 est.)
$6.514 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$3.824 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
21.3% (2012 est.)
country comparison to the world: 2

6% (2011 est.)
5.3% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,400 (2012 est.)
country comparison to the world: 204

$1,200 (2011 est.)
$1,100 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 43.2%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 37.4%
services: 19.3% (2012 est.)

Labor force:
2.207 million (2007 est.)
country comparison to the world: 117
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: NA%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: NA%
services: NA%

Unemployment rate:
NA%
[see also: Unemployment rate country ranks ]

Population below poverty line:
70.2% (2004)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.6%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 33.6% (2003)

Distribution of family income - Gini index:
62.9 (1989)
country comparison to the world: 5
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $527.5 million
[see also: Budget revenues country ranks ]
expenditures: $685.7 million (2012 est.)

Taxes and other revenues:
13.8% of GDP (2012 est.)
country comparison to the world: 198
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.1% of GDP (2012 est.)
country comparison to the world: 133
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
60.8% of GDP (2012 est.)
country comparison to the world: 45

80.8% of GDP (2011 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
12.6% (2012 est.)
country comparison to the world: 205

16.2% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
NA%
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
21.5% (31 December 2012 est.)
country comparison to the world: 16

21% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$398 million (31 December 2012 est.)
country comparison to the world: 164

$276.2 million (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.152 billion (31 December 2012 est.)
country comparison to the world: 165

$621.3 million (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$685.8 million (31 December 2012 est.)
country comparison to the world: 166

$369.9 million (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
rice, coffee, cocoa, palm kernels, palm oil, peanuts; poultry, cattle, sheep, pigs; fish

Industries:
diamond mining; small-scale manufacturing (beverages, textiles, cigarettes, footwear); petroleum refining, small commercial ship repair

Industrial production growth rate:
NA%
[see also: Industrial production growth rate country ranks ]

Current account balance:
-$969.9 million (2012 est.)
country comparison to the world: 111

-$1.153 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$1.168 billion (2012 est.)
country comparison to the world: 154

$426.9 million (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
diamonds, rutile, cocoa, coffee, fish

Exports - partners:
Belgium 28.8%, Romania 12.5%, Netherlands 9.2%, China 7.3%, US 6.9%, Turkey 6%, UK 5.8% (2011)

Imports:
$1.675 billion (2012 est.)
country comparison to the world: 168

$1.571 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
foodstuffs, machinery and equipment, fuels and lubricants, chemicals

Imports - partners:
China 16%, South Africa 11.1%, US 7.3%, UK 7.1%, India 5.7%, Malaysia 4.3% (2011)

Debt - external:
$827.6 million (31 December 2012 est.)
country comparison to the world: 162

$829.9 million (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$477.1 million (31 December 2012 est.)
country comparison to the world: 98

$366.1 million (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
leones (SLL) per US dollar -

4,370.3 (2012 est.)
4,336.1 (2011 est.)
3,978.1 (2010 est.)

Fiscal year:
calendar year


NOTE: The information regarding Sierra Leone on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Sierra Leone Economy 2013 information contained here. All suggestions for corrections of any errors about Sierra Leone Economy 2013 should be addressed to the CIA.


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