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Sub Saharan Africa
Liberia |
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Country information
ECONOMY
Basic Economic Facts
GDP: US$926 million (2006 est)
Annual Growth: 9.4% (2006 est)
Inflation: 11.2% (2006 est)
Major trading partners: Recent figures are unreliable but main trading partners are the European Union, Japan, Sierra Leone, the United States and China
Exchange rate: £1 is approximately 100 LRD.
Liberia is rich in timber, gold, diamonds, iron ore and has extensive rubber plantations. In the past, the economy flourished on the basis of these resources. During the civil war a corrupt and predatory economy developed, devastating Liberia's infrastructure and economy, and leaving the country with little in the way of a public administration or official records. There is a history of extremely poor financial management, both under Taylor and under the NTGL.
The economy is now growing due to grow in exports (especially rubber) and donor funding. UN sanctions on timber were lifted in June 2006 and sanctions on the export of diamonds were lifted in April 2007. The iron ore works at Yekepa in northern Liberia, closed down at the beginning of the civil war, have now been restarted and are to be run by Acelor Mittal. Negotiations for agreements to open up diamond mining and further iron ore mining concessions are underway.
IMF Country Reports - Liberia
