Advanced search
image
Travel & living abroad

Sub Saharan Africa

Sierra Leone

 Flag of Sierra Leone

Map of Sierra Leone Last reviewed: 25 February 2009

Country information

Economy

Basic economic facts

GDP at market prices: US$1,97M (2008 est)
Real GDP Growth: 6.0% (2008 est)
Inflation: 11.7% (2008 est)
(Sources: IMF, World Bank, UNDP)
Exchange rate: $1 = Le2900 £1 = Le 5000
Major trading partners: Belgium, Germany, United states, United Kingdom, China, West African countries.

Sierra Leone's economy had virtually collapsed by the late 1980s because of mismanagement and corruption. This was made worse by the conflict. The diamond industry, a key plank of the economy, remained in rebel hands for a decade. The RUF also overran and closed down the rutile mines, while the once-flourishing agricultural sector fell into a steep decline. Economic recovery has been slow partly because the reconstruction needs are so great. Around half of government revenue comes from donors. Efforts have been made to reorganise the diamond industry, and Sierra Leone has signed up to the Kimberley process. There is still significant smuggling but government revenue from diamonds has increased in the last three years. Rutile mining has also restarted, and there has been a surge in mineral prospecting since the new APC government came in in 2007.

International Monetary Fund - Sierra Leone

Country information

Pick Another Country :

Share this with: