Liberia - Economy
How is the economy of Liberia? Based on the information we have, Liberia has a low-income West African economy; food scarcity, especially in rural areas; high poverty and inflation; bad recession prior to COVID-19 due to Ebola crisis; growing government debt; longest continuously operated rubber plantation; large informal economy. Key agricultural products in this country include: cassava, rice, sugarcane, oil palm fruit, bananas, rubber, vegetables, plantains, taro, maize (2022).
More about the economy of Liberia
| Labor force | 2.499 million (2023 est.) |
|---|---|
| Industrial production growth rate | 13.86% (2023 est.) |
| Industries | mining (iron ore and gold), rubber processing, palm oil processing, diamonds |
| Population below poverty line | 50.9% (2016 est.) |
| Taxes and other revenues | |
| Fiscal year | |
| Exchange rates | |
| Currency | Liberian dollars (LRD) per US dollar - |
| Exchange rates 2022 | 152.934 (2022 est.) |
| Exchange rates 2021 | 166.154 (2021 est.) |
| Exchange rates 2020 | 191.518 (2020 est.) |
| Exchange rates 2019 | 186.43 (2019 est.) |
| Exchange rates 2018 | 144.056 (2018 est.) |
| Debt - external | |
| Debt - external 2022 | $835.846 million (2022 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2022 | $599.66 million (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $700.829 million (2021 est.) |
| Reserves of foreign exchange and gold 2020 | $340.966 million (2020 est.) |
| Current account balance | |
| Current account balance 2022 | $64.806 million (2022 est.) |
| Current account balance 2021 | -$101.746 million (2021 est.) |
| Current account balance 2020 | -$274.971 million (2020 est.) |
| Public debt | |
| Public debt 2017 | 34.4% of GDP (2017 est.) |
| Budget | |
| Revenues | $5 million (2019 est.) |
| Expenditures | $6 million (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 18.47% of GDP (2023 est.) |
| Remittances 2022 | 17.24% of GDP (2022 est.) |
| Remittances 2021 | 15.11% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.9% (2016 est.) |
| Highest 10% | 27.1% (2016 est.) |
| Imports | |
| Imports 2022 | $1.961 billion (2022 est.) |
| Imports 2021 | $1.739 billion (2021 est.) |
| Imports 2020 | $1.371 billion (2020 est.) |
| Imports (partners) | China 42%, South Korea 23%, Japan 15%, Germany 5%, Brazil 3% (2022) |
| Comodities Imports force | ships, refined petroleum, additive manufacturing machines, centrifuges, rice (2022) |
| Exports | |
| Imports 2022 | $1.961 billion (2022 est.) |
| Imports 2021 | $1.739 billion (2021 est.) |
| Imports 2020 | $1.371 billion (2020 est.) |
| Exports (partners) | Switzerland 28%, France 8%, Germany 8%, UK 8%, Poland 6% (2022) |
| Comodities Exports force | gold, ships, iron ore, rubber, refined petroleum (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $8.884 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $8.484 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $8.095 billion (2021 est.) |
| GDP (official exchange rate) | $4.332 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $1,600 (2023 est.) |
| Real GDP per capita 2022 | $1,600 (2022 est.) |
| Real GDP per capita 2021 | $1,600 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 34.9% (2023 est.) |
| Industry | 22.9% (2023 est.) |
| Services | 38.5% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 128.8% (2016 est.) |
| Government consumption | 16.7% (2016 est.) |
| Investment in fixed capital | 19.5% (2016 est.) |
| Investment in inventories | 6.7% (2016 est.) |
| Exports of goods and services | 17.5% (2016 est.) |
| Imports of goods and services | -89.2% (2016 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 2.94% (2023 est.) |
| Unemployment rate 2022 | 2.99% (2022 est.) |
| Unemployment rate 2021 | 3.79% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 2.3% (2023 est.) |
| Male | 2.4% (2023 est.) |
| Female | 2.2% (2023 est.) |
All Important Facts about Liberia
Want to know more about Liberia? Check all different factbooks for Liberia below.
