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*Lesotho, Economy

Overview:
Small, landlocked, and mountainous, Lesotho has no important natural
resources other than water. Its economy is based on agriculture, light
manufacturing, and remittances from laborers employed in South Africa ($439
million in 1991). The great majority of households gain their livelihoods
from subsistence farming and migrant labor. Manufacturing depends largely on
farm products to support the milling, canning, leather, and jute industries;
other industries include textile, clothing, and construction (in particular,
a major water improvement project which will permit the sale of water to
South Africa). Industry's share of GDP rose from 6% in 1982 to 15% in 1989.
Political and economic instability in South Africa raises uncertainty for
Lesotho's economy, especially with respect to migrant worker remittances -
recently the equivalent of nearly three-fourths of domestic output.
National product:
GDP - exchange rate conversion - $620 million (1991 est.)
note:
GNP of $1.0 billion (1991 est.)
National product real growth rate:
5.3% (1991 est.); GNP 2.2% (1991 est.)
National product per capita:
$340 (1991 est.); GNP $570 (1991 est.)
Inflation rate (consumer prices):
17.9% (1991)
Unemployment rate:
at least 55% among adult males (1991 est.)
Budget:
revenues $388 million; expenditures $399 million, including capital
expenditures of $132 million (FY93)
Exports:
$57 million (f.o.b., 1991)
commodities:
wool, mohair, wheat, cattle, peas, beans, corn, hides, skins, baskets
partners:
South Africa 53%, EC 30%, North and South America 13% (1989)
Imports:
$805 million (c.i.f., 1991)
commodities:
mainly corn, building materials, clothing, vehicles, machinery, medicines,
petroleum
partners:
South Africa 95%, EC 2% (1989)
External debt:
$358 million (for public sector) (December 1990/91 est.)
Industrial production:
growth rate 5.0% (1991 est.); accounts for 11% of GDP
Electricity:
power supplied by South Africa
Industries:
food, beverages, textiles, handicrafts, tourism
Agriculture:
accounts for 19% of GDP (1990 est.) and employs 60-70% of all households;
exceedingly primitive, mostly subsistence farming and livestock; principal
crops corn, wheat, pulses, sorghum, barley
Economic aid:
US commitments, including Ex-Im (FY70-89), $268 million; US,