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, sugarcane, rice, oil palm fruit, bananas, rubber, vegetables, plantains, taro, maize (2023).
More about the economy of Liberia
| Labor force | 2.607 million (2024 est.) |
|---|---|
| Industrial production growth rate | 6.1% (2024 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 2023 | 174.956 (2023 est.) |
| 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.) |
| Debt - external | |
| Debt - external 2023 | $1.335 billion (2023 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 2016 | 28.3% of GDP (2016 est.) |
| Budget | |
| Revenues | $5 million (2019 est.) |
| Expenditures | $6 million (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 18.2% of GDP (2023 est.) |
| Remittances 2022 | 17.2% of GDP (2022 est.) |
| Remittances 2021 | 15.1% 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 48%, Japan 21%, Germany 8%, Brazil 3%, Cote d'Ivoire 3% (2023) |
| Comodities Imports force | ships, refined petroleum, rice, trucks, centrifuges (2023) |
| 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 30%, UK 13%, France 8%, Germany 7%, Lebanon 4% (2023) |
| Comodities Exports force | gold, ships, iron ore, rubber, refined petroleum (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $9.308 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $8.882 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $8.484 billion (2022 est.) |
| GDP (official exchange rate) | $4.75 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $1,700 (2024 est.) |
| Real GDP per capita 2023 | $1,600 (2023 est.) |
| Real GDP per capita 2022 | $1,600 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 33.6% (2024 est.) |
| Industry | 23.3% (2024 est.) |
| Services | 42.1% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 2.9% (2024 est.) |
| Unemployment rate 2023 | 3% (2023 est.) |
| Unemployment rate 2022 | 3% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 2.1% (2024 est.) |
| Male | 2.2% (2024 est.) |
| Female | 2% (2024 est.) |
All Important Facts about Liberia
Want to know more about Liberia? Check all different factbooks for Liberia below.
