taking capital and expertise with them. Many will not return. Richly endowed
with water, mineral resources, forests, and a climate favorable to
agriculture, Liberia had been a producer and exporter of basic products,
while local manufacturing, mainly foreign owned, had been small in scope.
Political instability threatens prospects for economic reconstruction and
repatriation of some 750,000 Liberian refugees who have fled to neighboring
countries. The political impasse between the interim government and rebel
leader Charles Taylor has prevented restoration of normal economic life,
including the re-establishment of a strong central government with effective
economic development programs.
National product:
GDP - exchange rate conversion - $988 million (1988)
National product real growth rate:
1.5% (1988)
National product per capita:
$400 (1988)
Inflation rate (consumer prices):
12% (1989)
Unemployment rate:
43% urban (1988)
Budget:
revenues $242.1 million; expenditures $435.4 million, including capital
expenditures of $29.5 million (1989)
Exports:
$505 million (f.o.b., 1989 est.)
commodities:
iron ore 61%, rubber 20%, timber 11%, coffee
partners:
US, EC, Netherlands
Imports:
$394 million (c.i.f., 1989 est.)
commodities:
rice, mineral fuels, chemicals, machinery, transportation equipment, other
foodstuffs
partners:
US, EC, Japan, China, Netherlands, ECOWAS
External debt:
$1.6 billion (December 1990 est.)
Industrial production:
growth rate 1.5% in manufacturing (1987); accounts for 22% of GDP
Electricity:
410,000 kW capacity; 750 million kWh produced, 275 kWh per capita (1991)
Industries:
rubber processing, food processing, construction materials, furniture, palm
oil processing, mining (iron ore, diamonds)
Agriculture:
accounts for about 40% of GDP (including fishing and forestry); principal
products - rubber, timber, coffee, cocoa, rice, cassava, palm oil,
sugarcane, bananas, sheep, goats; not self-sufficient in food, imports 25%
of rice consumption
Economic aid:
US commitments, including Ex-Im (FY70-89), $665 million; Western (non-US)
countries, ODA and OOF bilateral commitments (1970-89), $870 million; OPEC
bilateral aid (1979-89), $25 million; Communist countries (1970-89), $77
million

*Liberia, Economy

Currency:
1 Liberian dollar (L$) = 100 cents
Exchange rates:
Liberian dollars (L$) per US$1 - 1.00 (fixed rate s