Public Sector Reform Unit

Office of the President, 8 Wesley Street, Freetown

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Economy

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Economy - overview:

  • Sierra Leone is an extremely poor nation with tremendous inequality in income distribution. While it possesses substantial mineral, agricultural, and fishery resources, its physical and social infrastructure has yet to recover from the civil war, and serious social disorders continue to hamper economic development. Nearly half of the working-age population engages in subsistence agriculture. Manufacturing consists mainly of the processing of raw materials and of light manufacturing for the domestic market. Alluvial diamond mining remains the major source of hard currency earnings, accounting for nearly half of Sierra LeoneGDP (purchasing power parity):
  • $8.376 billion (2012 est.)
  • country comparison to the world: 155
  • $6.906 billion (2011 est.)
  • $6.514 billion (2010 est.)
  • note: data are in 2012 US dollars

    GDP (official exchange rate):

  • $3.824 billion (2012 est.)

    GDP - real growth rate:

  • 21.3% (2012 est.)
  • country comparison to the world: 2
  • 6% (2011 est.)
  • 5.3% (2010 est.)

    GDP - per capita (PPP):

  • $1,400 (2012 est.)
  • country comparison to the world: 204
  • $1,200 (2011 est.)
  • $1,100 (2010 est.)
  • note: data are in 2012 US dollars

    GDP - composition by sector:

  • agriculture: 43.2%
  • industry: 37.4%
  • services: 19.3% (2012 est.)

    Labor force:

  • 2.207 million (2007 est.)
  • country comparison to the world: 118

    Labor force - by occupation:

  • agriculture: NA%
  • industry: NA%
  • services: NA%

    Unemployment rate:

  • NA%

    Population below poverty line:

  • 70.2% (2004)

    Household income or consumption by percentage share:

  • lowest 10%: 2.6%
  • highest 10%: 33.6% (2003)

    Distribution of family income - Gini index:

  • 62.9 (1989)
  • country comparison to the world: 4

    Budget:

  • revenues: $527.5 million
  • expenditures: $685.7 million (2012 est.)

    Taxes and other revenues:

  • 13.8% of GDP (2012 est.)
  • country comparison to the world: 198

    Budget surplus (+) or deficit (-):

  • -4.1% of GDP (2012 est.)
  • country comparison to the world: 138

    Public debt:

  • 60.8% of GDP (2012 est.)
  • country comparison to the world: 45
  • 80.8% of GDP (2011 est.)

    Inflation rate (consumer prices):

  • 12.6% (2012 est.)
  • country comparison to the world: 206
  • 16.2% (2011 est.)

    Central bank discount rate:

  • NA%

    Commercial bank prime lending rate:

  • 21.5% (31 December 2012 est.)
  • country comparison to the world: 16
  • 21% (31 December 2011 est.)

    Stock of narrow money:

  • $398 million (31 December 2012 est.)
  • country comparison to the world: 164
  • $276.2 million (31 December 2011 est.)

    Stock of broad money:

  • $1.152 billion (31 December 2012 est.)
  • country comparison to the world: 165
  • $621.3 million (31 December 2011 est.)

    Stock of domestic credit:

  • $685.8 million (31 December 2012 est.)
  • country comparison to the world: 166
  • $369.9 million (31 December 2011 est.)

    Market value of publicly traded shares:

  • $NA

    Agriculture - products:

  • rice, coffee, cocoa, palm kernels, palm oil, peanuts;' title='Google Map'/> poultry, cattle, sheep, pigs; fish

    Industries:

  • diamond mining; small-scale manufacturing (beverages, textiles, cigarettes, footwear); petroleum refining, small commercial ship repair
  • Industrial production growth rate: NA%

    Current account balance:

  • -$969.9 million (2012 est.)
  • country comparison to the world: 111
  • -$1.153 billion (2011 est.)

    Exports:

  • $1.168 billion (2012 est.)
  • country comparison to the world: 154
  • $426.9 million (2011 est.)

    Exports - commodities:

  • diamonds, rutile, cocoa, coffee, fish

    Exports - partners:

  • Belgium 28.8%, Romania 12.5%, Netherlands 9.2%, China 7.3%, US 6.9%, Turkey 6%, UK 5.8% (2011)

    Imports:

  • $1.675 billion (2012 est.)
  • country comparison to the world: 168
  • $1.571 billion (2011 est.)

    Imports - commodities:

  • foodstuffs, machinery and equipment, fuels and lubricants, chemicals
  • Imports - partners:
  • China 16%, South Africa 11.1%, US 7.3%, UK 7.1%, India 5.7%, Malaysia 4.3% (2011)

    Debt - external:

  • $827.6 million (31 December 2012 est.)
  • country comparison to the world: 162
  • $829.9 million (31 December 2011 est.)

    Stock of direct foreign investment - at home:

  • $477.1 million (31 December 2012 est.)
  • country comparison to the world: 98
  • $366.1 million (31 December 2011 est.)

    Exchange rates:

  • leones (SLL) per US dollar -
  • 4,370.3 (2012 est.)
  • 4,336.1 (2011 est.)
  • 3,978.1 (2010 est.)

    Fiscal year:

  • calendar year