Back اقتصاد سيراليون Arabic Economia de Sierra Leone Catalan Wirtschaft Sierra Leones German Economía de Sierra Leona Spanish Sierra Leonen talous Finnish Économie de la Sierra Leone French Economía da Serra Leoa Galician Սիերա Լեոնեի տնտեսություն Armenian Ekonomio di Sierra Leone IO 시에라리온의 경제 Korean

Economy of Sierra Leone

Economy of Sierra Leone
A diamond mine in Kono District
CurrencySierra Leonean leone
Calendar Year
Trade organisations
AU, AfCFTA, African Development Bank, ECOWAS, MRU, World Bank, IMF, WTO, Group of 77
Country group
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
16.862% (2018 est.)[3]
Population below poverty line
  • 52.9% (2011)[5]
  • 40.1% on less than $1.90/day (2018)[6]
35.7 medium (2018)[7]
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
ImportsIncrease $2.309 billion (172nd) (2012 est.)[13]
Import goods
machinery, fuel, lubricants, chemicals, food[14]
Main import partners
FDI stock
Increase $2.644 billion (94th) (31 December 2018 est.)[16]
Increase $3.425 billion (158th) (31 December 2018 est.)[17]
Public finances
Positive decrease 34.6% of GDP (2012)[18]
Revenues$510.2 million (2012 est.)[19]
Expenses$728.5 million (2012 est.)[19]
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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