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Mar 14 2018

Sierra Leone Economy 2017, CIA World Factbook

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SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES

Page last updated on January 12, 2017

Economy – overview:
Sierra Leone is extremely poor and nearly half of the working-age population engages in subsistence agriculture. The country possesses substantial mineral, agricultural, and fishery resources, but it is still recovering from a civil war that destroyed most institutions before ending in the early 2000s.In recent years economic growth has been driven by mining – particularly iron ore. The country s principal exports are iron ore, diamonds, and rutile, and the economy is vulnerable to fluctuations in international prices. Until 2014, the government had relied on external assistance to support its budget, but it was gradually becoming more independent. The Ebola outbreak of 2014 and 2015, combined with falling global commodities prices, caused a significant contraction of economic activity in all areas.While the World Health Organization declared an end to the Ebola outbreak in Sierra Leone in November 2015, economic recovery will depend on rising commodities prices and increased efforts to diversify the sources of growth. Pervasive corruption and undeveloped human capital will continue to deter foreign investors. Sustained international donor support in the near future will partially offset these fiscal constraints.

GDP (purchasing power parity):
$10.64 billion (2016 est.) $10.2 billion (2015 est.) $12.92 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 158
[see also: GDP country ranks ]

GDP – real growth rate:
4.3% (2016 est.) -21.1% (2015 est.) 4.6% (2014 est.)
country comparison to the world: 53
[see also: GDP – real growth rate country ranks ]

GDP – per capita:
$1,700 (2016 est.) $1,600 (2015 est.) $2,100 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 215
[see also: GDP – per capita country ranks ]

Gross national saving:
2% of GDP (2016 est.) 2.1% of GDP (2015 est.) -7.2% of GDP (2014 est.)
country comparison to the world: 173
[see also: Gross national saving country ranks ]

GDP – composition, by end use:
household consumption: 83.7%
[see also: GDP – composition, by end use – household consumption country ranks ]
government consumption: 9.5%
[see also: GDP – composition, by end use – government consumption country ranks ]
investment in fixed capital: 33.7%
[see also: GDP – composition, by end use – investment in fixed capital country ranks ]
investment in inventories: 0.1%
[see also: GDP – composition, by end use – investment in inventories country ranks ]
exports of goods and services: 15.2%
[see also: GDP – composition, by end use – exports of goods and services country ranks ]
imports of goods and services: -42.2% (2016 est.)
[see also: GDP – composition, by end use – imports of goods and services country ranks ]

GDP – composition, by sector of origin:
agriculture: 71.1%
[see also: GDP – composition, by sector of origin – agriculture country ranks ]
industry: 7.9%
[see also: GDP – composition, by sector of origin – industry country ranks ]
services: 21% (2016 est.)
[see also: GDP – composition, by sector of origin – services country ranks ]

Agriculture – products:
rice, coffee, cocoa, palm kernels, palm oil, peanuts, cashews; poultry, cattle, sheep, pigs; fish

Industries:
diamond mining; iron ore, rutile and bauxite mining; small-scale manufacturing (beverages, textiles, footwear)

Industrial production growth rate:
14% (2016 est.)
country comparison to the world: 2
[see also: Industrial production growth rate country ranks ]

Labor force:
2.678 million (2016 est.)
country comparison to the world: 110
[see also: Labor force country ranks ]

Labor force – by occupation:
agriculture: 61.1%
[see also: Labor force – by occupation – agriculture country ranks ]
industry: NA%
[see also: Labor force – by occupation – industry country ranks ]
services: 33.4% (2014 est.)
[see also: Labor force – by occupation – services country ranks ]

Unemployment rate:
9.1% (2014 est.)
country comparison to the world: 105
[see also: Unemployment rate country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.6%
[see also: Household income or consumption by percentage share – lowest 10% country ranks ]
highest 10%: 33.6% (2003)
[see also: Household income or consumption by percentage share – highest 10% country ranks ]

Distribution of family income – Gini index:
34 (2011) 62.9 (1989)
country comparison to the world: 99
[see also: Distribution of family income – Gini index country ranks ]

Budget:
revenues: $558.1 million
[see also: Budget revenues country ranks ]
expenditures: $738.6 million (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
13% of GDP (2016 est.)
country comparison to the world: 202
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.2% of GDP (2016 est.)
country comparison to the world: 143
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
43.3% of GDP (2016 est.) 41.6% of GDP (2015 est.)
country comparison to the world: 108
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
7.1% (2016 est.) 8% (2015 est.)
country comparison to the world: 188
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
18.9% (31 December 2016 est.) 18.78% (31 December 2015 est.)
country comparison to the world: 21
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$444 million (31 December 2016 est.) $458.4 million (31 December 2015 est.)
country comparison to the world: 170
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$967.9 million (31 December 2016 est.) $904.6 million (31 December 2015 est.)
country comparison to the world: 171
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$505.2 million (31 December 2016 est.) $501.7 million (31 December 2015 est.)
country comparison to the world: 174
[see also: Stock of domestic credit country ranks ]

Current account balance:
-$696 million (2016 est.) -$681 million (2015 est.)
country comparison to the world: 111
[see also: Current account balance country ranks ]

Exports:
$886.4 million (2016 est.) $569.4 million (2015 est.)
country comparison to the world: 160
[see also: Exports country ranks ]

Imports:
$1.303 billion (2016 est.) $1.575 billion (2015 est.)
country comparison to the world: 173
[see also: Imports country ranks ]

Imports – commodities:
foodstuffs, machinery and equipment, fuels and lubricants, chemicals

Debt – external:
$1.561 billion (31 December 2016 est.) $1.403 billion (31 December 2015 est.)
country comparison to the world: 157
[see also: Debt – external country ranks ]

Stock of direct foreign investment – at home:
$1.629 billion (31 December 2016 est.) $1.296 billion (31 December 2015 est.)
country comparison to the world: 112
[see also: Stock of direct foreign investment – at home country ranks ]

Stock of direct foreign investment – abroad:
$9.7 million (31 December 2015 est.) $6.7 million (31 December 2014 est.)
country comparison to the world: 105
[see also: Stock of direct foreign investment – abroad country ranks ]

Exchange rates:
leones (SLL) per US dollar – 6,201.4 (2016 est.) 5,080.8 (2015 est.) 5,080.8 (2014 est.) 4,524.2 (2013 est.) 4,344 (2012 est.)

NOTE: The information regarding Sierra Leone on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Sierra Leone Economy 2017 information contained here. All suggestions for corrections of any errors about Sierra Leone Economy 2017 should be addressed to the CIA.

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