Economy Of Sierra Leone
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Economy overview
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Sierra Leone is an extremely poor African nation with tremendous inequality in income distribution. It does have substantial mineral, agricultural, and fishery resources. However, the economic and social infrastructure is not well developed, and serious social disorders continue to hamper economic development, following a 11-year civil war. About two-thirds 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. Plans continue to reopen bauxite and rutile mines shut down during the conflict. The major source of hard currency consists of the mining of diamonds. The fate of the economy depends upon the maintenance of domestic peace and the continued receipt of substantial aid from abroad, which is essential to offset the severe trade imbalance and to supplement government revenues.
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GDP
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purchasing power parity - $3.057 billion (2004 est.)
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GDP - real growth rate
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6.5% (2004 est.)
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GDP - per capita
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purchasing power parity - $500 (2004 est.)
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GDP - composition by sector
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agriculture: 49%
industry: 31%
services: 21% (2001 est.)
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Investment gross fixed
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Population below poverty line
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68% (1989 est.)
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Household income or consumption by percentage share
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lowest 10%: 0.5%
highest 10%: 43.6% (1989)
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Distribution of family income - Gini index
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62.9 (1989)
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Inflation rate consumer prices
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1% (2002 est.)
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Labor force
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1.369 million (1981 est.)
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Labor force by occupation
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agriculture NA, industry NA, services NA
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Unemployment rate
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NA
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Budget
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revenues: $96 million
expenditures: $351 million, including capital expenditures of NA (2000 est.)
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Public debt
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Agriculture products
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rice, coffee, cocoa, palm kernels, palm oil, peanuts; poultry, cattle, sheep, pigs; fish
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Industries
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mining (diamonds); small-scale manufacturing (beverages, textiles, cigarettes, footwear); petroleum refining
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Industrial production growth rate
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NA
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Electricity production
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250.1 million kWh (2001)
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Electricity production by source
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fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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232.6 million kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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6,500 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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Exports
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$49 million f.o.b. (2002 est.)
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Exports commodities
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diamonds, rutile, cocoa, coffee, fish (1999)
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Exports partners
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Belgium 61.2%, Germany 14.2%, UK 4.5%, US 4.5% (2003)
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Imports
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$264 million f.o.b. (2002 est.)
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Imports commodities
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foodstuffs, machinery and equipment, fuels and lubricants, chemicals (1995)
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Imports partners
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Germany 23.7%, UK 9.9%, Cote d'Ivoire 7.4%, France 7.4%, US 5.3%, Netherlands 5.1%, Ukraine 4.6% (2003)
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Reserves of foreign exchange gold
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Debt external
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$1.5 billion (2002 est.)
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Economic aid recipient
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$103 million (2001 est.)
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Currency
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leone (SLL)
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Currency code
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SLL
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Exchange rates
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leones per US dollar - 2,347.94 (2003), 2,099.03 (2002), 1,986.15 (2001), 2,092.12 (2000), 1,804.19 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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