Sierra Leone - Economy
How is the economy of Sierra Leone? Based on the information we have, Sierra Leone has a low-income West African economy; primarily subsistent agriculture; key iron and diamond mining activities suspended; slow recovery from 1990s civil war; systemic corruption; high-risk debt; high youth unemployment; natural resource rich. Key agricultural products in this country include: cassava, rice, oil palm fruit, vegetables, sweet potatoes, milk, citrus fruits, groundnuts, fruits, sugarcane (2022).
More about the economy of Sierra Leone
Labor force 2.913 million (2023 est.)
Industrial production growth rate 3.27% (2023 est.)
Industries diamond mining; iron ore, rutile and bauxite mining; small-scale manufacturing (beverages, textiles, footwear)
Population below poverty line 56.8% (2018 est.)
Taxes and other revenues 15.6% (of GDP) (2017 est.)
Fiscal year
Exchange rates
Currency leones (SLL) per US dollar -
Exchange rates 2023 21.305 (2023 est.)
Exchange rates 2022 14.048 (2022 est.)
Exchange rates 2021 10.439 (2021 est.)
Exchange rates 2020 9.83 (2020 est.)
Exchange rates 2019 9.01 (2019 est.)
Debt - external
Debt - external 31 December 2017 $1.615 billion (31 December 2017 est.)
Debt - external 31 December 2016 $1.503 billion (31 December 2016 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2023 $495.699 million (2023 est.)
Reserves of foreign exchange and gold 2022 $624.496 million (2022 est.)
Reserves of foreign exchange and gold 2021 $945.908 million (2021 est.)
Current account balance
Current account balance 2022 -$156.702 million (2022 est.)
Current account balance 2021 -$395.465 million (2021 est.)
Current account balance 2020 -$320.411 million (2020 est.)
Public debt
Public debt 2017 63.9% of GDP (2017 est.)
Budget
Revenues $740 million (2019 est.)
Expenditures $867 million (2019 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 6.1% of GDP (2023 est.)
Remittances 2022 7.85% of GDP (2022 est.)
Remittances 2021 5.47% of GDP (2021 est.)
Household income
Lowest 10% 3.4% (2018 est.)
Highest 10% 29.4% (2018 est.)
Imports
Imports 2022 $2.013 billion (2022 est.)
Imports 2021 $1.906 billion (2021 est.)
Imports 2020 $1.386 billion (2020 est.)
Imports (partners) China 33%, India 12%, Turkey 9%, US 6%, UAE 5% (2022)
Comodities Imports force rice, plastic products, refined petroleum, vaccines, packaged medicine (2022)
Exports
Imports 2022 $2.013 billion (2022 est.)
Imports 2021 $1.906 billion (2021 est.)
Imports 2020 $1.386 billion (2020 est.)
Exports (partners) China 54%, Belgium 12%, UAE 6%, Germany 4%, Netherlands 4% (2022)
Comodities Exports force iron ore, titanium ore, diamonds, wood, aluminum ore (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $14.633 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $14.148 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $13.675 billion (2021 est.)
GDP (official exchange rate) $3.81 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $1,700 (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 60.7% (2017 est.)
Industry 6.5% (2017 est.)
Services 32.9% (2017 est.)
GDP - composition, by end use
Household consumption 97.9% (2017 est.)
Government consumption 12.1% (2017 est.)
Investment in fixed capital 18.1% (2017 est.)
Investment in inventories 0.4% (2017 est.)
Exports of goods and services 26.8% (2017 est.)
Imports of goods and services -55.3% (2017 est.)
Unemployment rate
Unemployment rate 2023 3.17% (2023 est.)
Unemployment rate 2022 3.19% (2022 est.)
Unemployment rate 2021 3.52% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 3.6% (2023 est.)
Male 4.7% (2023 est.)
Female 2.5% (2023 est.)
All Important Facts about Sierra Leone

Want to know more about Sierra Leone? Check all different factbooks for Sierra Leone below.

Sierra Leone is found in Western Africa