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, fruits, groundnuts, sugarcane (2023).
More about the economy of Sierra Leone
Labor force 2.863 million (2024 est.)
Industrial production growth rate 4.7% (2024 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
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 2023 $1.451 billion (2023 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 2023 -$606.358 million (2023 est.)
Current account balance 2022 -$452.094 million (2022 est.)
Current account balance 2021 -$522.815 million (2021 est.)
Public debt
Public debt 2016 54.9% of GDP (2016 est.)
Budget
Revenues $740 million (2019 est.)
Expenditures $867 million (2019 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 4.6% of GDP (2023 est.)
Remittances 2022 4.1% of GDP (2022 est.)
Remittances 2021 2.6% of GDP (2021 est.)
Household income
Lowest 10% 3.4% (2018 est.)
Highest 10% 29.4% (2018 est.)
Imports
Imports 2023 $2.264 billion (2023 est.)
Imports 2022 $2.074 billion (2022 est.)
Imports 2021 $1.91 billion (2021 est.)
Imports (partners) China 32%, India 15%, UAE 5%, USA 5%, Turkey 5% (2023)
Comodities Imports force rice, plastic products, packaged medicine, cement, cars (2023)
Exports
Imports 2023 $2.264 billion (2023 est.)
Imports 2022 $2.074 billion (2022 est.)
Imports 2021 $1.91 billion (2021 est.)
Exports (partners) China 67%, India 6%, Belgium 5%, Netherlands 4%, Ireland 3% (2023)
Comodities Exports force iron ore, titanium ore, diamonds, aluminum ore, cocoa beans (2023)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2024 $26.728 billion (2024 est.)
Real GDP (purchasing power parity) 2023 $25.7 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $24.312 billion (2022 est.)
GDP (official exchange rate) $7.548 billion (2024 est.)
Real GDP Per capita
Real GDP per capita 2024 $3,100 (2024 est.)
Real GDP per capita 2023 $3,000 (2023 est.)
Real GDP per capita 2022 $2,900 (2022 est.)
GDP - composition, by sector of origin
Agriculture 25.4% (2024 est.)
Industry 27.3% (2024 est.)
Services 44.8% (2024 est.)
GDP - composition, by end use
Household consumption 87.6% (2024 est.)
Government consumption 5.5% (2024 est.)
Investment in fixed capital 29.5% (2024 est.)
Investment in inventories 0% (2024 est.)
Exports of goods and services 20.9% (2024 est.)
Imports of goods and services -43.5% (2024 est.)
Unemployment rate
Unemployment rate 2024 3.2% (2024 est.)
Unemployment rate 2023 3.2% (2023 est.)
Unemployment rate 2022 3.2% (2022 est.)
Youth unemployment rate (ages 15-24)
Total 3.6% (2024 est.)
Male 4.8% (2024 est.)
Female 2.5% (2024 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