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Economy of Sierra Leone information


Economy of Sierra Leone
A diamond mine in Kono District
CurrencySierra Leonean leone
Fiscal year
Calendar Year
Trade organisations
AU, AfCFTA, African Development Bank, ECOWAS, MRU, World Bank, IMF, WTO, Group of 77
Country group
  • Least developed[1]
  • Low-income economy[2]
Statistics
GDP
  • Increase $4.082 billion (nominal, 2018 est.)[3]
  • Increase $12.238 billion (PPP, 2018 est.)[3]
GDP growth
  • 3.8% (2017) 3.5% (2018)
  • 4.8% (2019e) 4.9% (2020f)[4]
GDP per capita
  • Increase $539 (nominal, 2018 est.)[3]
  • Increase $1,616 (PPP, 2018 est.)[3]
GDP by sector
  • agriculture: 51.5%
  • industry:14.9%
  • services: 33.6%
  • (2012 est.)
Inflation (CPI)
16.862% (2018 est.)[3]
Population below poverty line
  • 52.9% (2011)[5]
  • 40.1% on less than $1.90/day (2018)[6]
Gini coefficient
35.7 medium (2018)[7]
Human Development Index
  • Increase 0.438 low (2018)[8] (181st)
  • 0.282 low IHDI (2018)[9]
Labour force
3.102 million (2018 est.)
UnemploymentN/A
Main industries
diamonds mining, small-scale manufacturing (cigarettes, beverages, textiles, footwear), petroleum refining, commercial ship repair
External
ExportsIncrease $1.704 billion (153rd) (2018 est.)[10]
Export goods
diamonds, rutile, cocoa, coffee, fish[11]
Main export partners
  • Economy of Sierra Leone China 50.9%
  • Economy of Sierra Leone Belgium 18.1%
  • Economy of Sierra Leone Japan 7.9%
  • Economy of Sierra Leone Turkey 5.9%
  • Economy of Sierra Leone Netherlands 4.5%
  • Economy of Sierra Leone Indonesia 4.5%
  • (2012 est.)[12]
ImportsIncrease $2.309 billion (172nd) (2012 est.)[13]
Import goods
machinery, fuel, lubricants, chemicals, food[14]
Main import partners
  • Economy of Sierra Leone China 18.4%
  • Economy of Sierra Leone India 12.1%
  • Economy of Sierra Leone South Africa 8.1%
  • Economy of Sierra Leone United States 7.6%
  • Economy of Sierra Leone United Kingdom 6.6%
  • Economy of Sierra Leone Côte d'Ivoire 5.6%
  • Economy of Sierra Leone Belgium 4.5%
  • (2012 est.)[15]
FDI stock
Increase $2.644 billion (94th) (31 December 2018 est.)[16]
Gross external debt
Increase $3.425 billion (158th) (31 December 2018 est.)[17]
Public finances
Government debt
Positive decrease 34.6% of GDP (2012)[18]
Revenues$510.2 million (2012 est.)[19]
Expenses$728.5 million (2012 est.)[19]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of Sierra Leone is $4.082 billion by gross domestic product as of 2018.[20] Since the end of the Sierra Leone Civil War in 2002, the economy is gradually recovering with a gross domestic product growth rate between 4 and 7%.[20] In 2008 it in PPP ranked between 147th by World Bank, and 153rd by CIA, largest in the world.[21]

Sierra Leone's economic development has always been hampered by an overdependence on mineral exploitation. Successive governments and the population as a whole have always believed that "diamonds and gold" are sufficient generators of foreign currency earnings and lure for investment.

As a result, large scale agriculture of commodity products, industrial development and sustainable investments have been neglected by governments. The economy could thus be described as one which is "exploitative" - a rentier state - and based upon the extraction of unsustainable resources or non-reusable assets.

Two-thirds of the population of Sierra Leone are directly involved in subsistence agriculture.[22] Agriculture accounted for 58 percent national GDP in 2007.[23]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ a b c d e "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 22 January 2020.
  4. ^ "Global Economic Prospects, January 2020 : Slow Growth, Policy Challenges" (PDF). openknowledge.worldbank.org. World Bank. p. 147. Retrieved 22 January 2020.
  5. ^ "Poverty headcount ratio at national poverty lines (% of population) - Sierra Leone". data.worldbank.org. World Bank. Retrieved 22 March 2020.
  6. ^ "Poverty headcount ratio at $1.90 a day (2011 PPP) (% of population) - Sierra Leone". data.worldbank.org. World Bank. Retrieved 22 March 2020.
  7. ^ "GINI index (World Bank estimate) - Sierra Leone". data.worldbank.org. World Bank. Retrieved 22 March 2020.
  8. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
  9. ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
  10. ^ "2012 Exports figures of Sierra Leone". CIA World Factbook. 2012. Archived from the original on 2012-05-04. Retrieved 2013-07-27.
  11. ^ "Exports Products of Sierra Leone". CIA World Factbook. Archived from the original on 2015-06-26. Retrieved 2013-07-27.
  12. ^ "Exports Partners of Sierra Leone". CIA World Factbook. 2012. Archived from the original on June 13, 2007. Retrieved 2013-07-27.
  13. ^ "2012 Imports figures of Sierra Leone". CIA World Factbook. 2012. Archived from the original on 2018-03-10. Retrieved 2013-07-27.
  14. ^ "Imports Products of Sierra Leone". CIA World Factbook. Archived from the original on 2018-10-05. Retrieved 2013-07-27.
  15. ^ "Imports Partners of Sierra Leone". CIA World Factbook. 2012. Archived from the original on June 13, 2007. Retrieved 2013-07-27.
  16. ^ "Foreign Direct Investment in Sierra Leone". CIA World Factbook. 2012. Archived from the original on October 19, 2013. Retrieved 2013-07-27.
  17. ^ "2012 External Debt of Sierra Leone". CIA World Factbook. c. 2018. Archived from the original on October 19, 2013. Retrieved 2015-07-27.
  18. ^ "Public Debt of Sierra Leone". CIA World Factbook. 2012. Archived from the original on 2018-01-20. Retrieved 2013-07-27.
  19. ^ a b "The World Factbook — Central Intelligence Agency". Archived from the original on 2018-07-06. Retrieved 2013-07-27.
  20. ^ a b (in German) German Foreign Office. Country Information Sierra Leone - Economy Partly citing the Economist Intelligence Unit. Retrieved 2010-03-24.
  21. ^ List of countries by GDP (PPP)
  22. ^ "Settling for a future in Sierra Leone". New Agriculture. November 2007. Archived from the original on 4 August 2020. Retrieved 20 February 2011.
  23. ^ African Development Bank, OECD - Organisation for Economic Co-operation and Development (2009). African Economic Outlook 2009: Country Notes: Volumes 1 and 2. OECD Publishing. pp. 561–562. ISBN 978-92-64-07618-1.

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