It is bordered by Liberia to the southeast and Guinea to the northeast. World Economics makes available of world’s most comprehensive GDP database covering over 130 countries with historical GDP PPP data from 1870-2019, building on the lifetimes work of Angus Maddison. Though rich in this resource, the country has historically struggled to manage its exploitation and export. Also Show. [22] Since the end of the civil war in 2002 the economy is gradually recovering with a GDP growth rate between 4 and 7%. Since independence, the Government of Sierra Leone has encouraged foreign investment, although the business climate suffers from uncertainty and a shortage of foreign exchange because of civil conflicts. The central bank of the country is the Bank of Sierra Leone which is in the capital, Freetown. [22] In 2008 its GDP in PPP ranked between 147th (World Bank) and 153rd (CIA) largest in the world.[23]. Rutile and bauxite mining operations were suspended when rebels invaded the mining sites in 1995. The UNHCR has helped almost 180,000 Sierra Leoneans to return home, while more than 90,000 others have repatriated on their own. ), Labor force - by occupation: Sierra Leone gdp for 2016 was $3.67B, a 12.89% decline from 2015. The company and the Government of Sierra Leone concluded a new agreement on the terms of the company's concession in Sierra Leone in 1990. After slumping sharply economic growth has resumed, supported by investments in mining, agriculture and fisheries. 5.5% (2014 est.) All suggestions for corrections of any … Label. )-20.5% (2015 est.) services: There are a few internationally linked automated teller machines that accept Visa cards in Freetown operated by ProCredit Bank. foodstuffs, machinery and equipment, fuels and lubricants, chemicals, Imports - partners: 7.9% of GDP (2016 est.) Ranking of the country (Sierra Leone) at the global level is (from the highest to the lowest data) : 3 / 180 See the entire classification Sierra Leone : 51 records since 1964 , the average of these recordings : 43.60 % The highest data : 1999 is the highest year for the indicator : Agricultural GDP (% of GDP… The description is composed by our digital data assistant. Annual production estimates range between $70–$250 million; however, only a fraction of that passes through formal export channels (1999: $1.2 million; 2000: $16 million; 2001: projections $25 million). Youth unemployment at 60%, poverty at 56.8% in 2018, and increasing inequality are pressing problems. Sierra Leone Government Debt to GDP was 63 % in 2020. Sierra Leone has achieved commendable economic growth rates in the post-war period that peaked at 20.7% in 2013 with the launching of the government’s Agenda for Prosperity 2013-18 (A4P). [24] Agriculture accounted for 58 percent national GDP in 2007.[25]. Public debt rose from 42.1% of GDP in 2015 to an estimated 72.6% in 2019 and is projected at 75.1% in 2020, reflecting increases in both domestic and external debt. The mean wage was US$0.32 per hour in 2009. ), Electricity - imports: Board Discussions on Sierra Leone. ), Electricity - production by source: The GDP value of Sierra Leone represents less than 0.01 percent of the world economy. Factbook > Countries > Sierra Leone > Economy. There are two heliports in the country.[where? ), Budget surplus (+) or deficit (-): 15.5% (2017 est. source: World Bank 10Y 25Y Since the end of the civil war in 2002 the economy is gradually recovering with a GDP growth rate between 4 and 7%. 51% 4.23 (billion US dollars) in 2019 In 2019, GDP for Sierra Leone was 4.23 billion US dollars. Sierra Leone's economic development has always been hampered by an overdependence on mineral exploitation. The currency is the leone. hydro: agriculture: China 11.5%, US 9.2%, Belgium 8.8%, UAE 7.7%, India 7.4%, Turkey 5.2%, Senegal 5.1%, Netherlands 4.3% (2017), Debt - external: ), Population below poverty line:: Internet usage is low, reaching just 1.3% of the population in 2012, but improving with growth in 3G mobile cellular data services and the mid-2011 arrival of the ACE international fiber-optic cable system in Freetown. other renewable: 6.5% (2017 est.) The growth rates are year-over-year, and not compounded. Sierra Leone gdp per capita for 2016 was $501, a 14.76% decline from 2015. Missing data, out of date base years, disputed population data and the size of the unrecorded informal economy means that international rankings of countries in terms of GDP and GDP per capita are meaningless. Sierra Leone is home to one government-owned national radio station and roughly two dozen private radio stations, as well as one government-owned and one private TV station. 10% of GDP (2017 est. Sierra Leone’s economic freedom score is 48.0, making its economy the 168th freest in the 2020 Index. Of the remaining airports, all of which have unpaved runways, seven have runways of lengths between 914 and 1,523 m (2,999 and 4,997 ft); the remaining two having runways of shorter length. ), GDP - composition by sector: All rights reserved. Two-thirds of the population of Sierra Leone are directly involved in subsistence agriculture. World Bank national accounts data, and OECD National Accounts data files. Sierra Leone GDP and Economic Data. In the 1970s and early 1980s, economic growth rate slowed because of a decline in the mining sector. Recent efforts on the part of the country to improve the management of the export trade have met with some success. - … Les valeurs actuelles, des données historiques, des prévisions, des statistiques, des tableaux et le calendrier économique - Sierra-Leone - PIB par habitant PPP. GDP per capita (current US$) - Sierra Leone. Source: World Bank. This is a chart of trend of gross domestic product of Sierra Leone at market prices estimated by the International Monetary Fund and EconStats[26] with figures in millions of Sierra Leones. GDP - real growth rate: 3.7% (2017 est.) GDP: {"2005":573189.24, "2006":597651.18, "2007":645356.04, "2008":680306.41, "2009":702077.39, "2010":739299.99, "2011":783914.17, "2012":903163.19, "2013":1090298.61, "2014":1139621.76, "2015":906079.07, "2016":963651.34, "2017":999990.63, "2018":1037270.28, "2019":1090420.01}, [{"1961":2.53, "1962":2.88, "1963":3.22, "1964":3.45, "1965":3.55, "1966":3.71, "1967":3.35, "1968":3.67, "1969":3.98, "1970":4.37, "1971":4.38, "1972":4.42, "1973":4.58, "1974":4.74, "1975":4.74, "1976":4.70, "1977":4.74, "1978":4.93, "1979":5.18, "1980":5.33, "1981":5.54, "1982":5.63, "1983":5.63, "1984":5.87, "1985":6.01, "1986":6.10, "1987":6.34, "1988":6.50, "1989":6.72, "1990":6.97, "1991":6.41, "1992":5.79, "1993":5.79, "1994":6.00, "1995":5.40, "1996":4.06, "1997":3.34, "1998":3.32, "1999":3.05, "2000":3.16, "2001":3.74, "2002":4.72, "2003":5.16, "2004":5.49, "2005":5.73, "2006":5.98, "2007":6.45, "2008":6.80, "2009":7.02, "2010":7.39, "2011":7.84, "2012":9.03, "2013":10.90, "2014":11.40, "2015":9.06, "2016":9.64, "2017":10.00, "2018":10.37, "2019":10.90}], {"1971":0.4, "1972":0.9, "1973":3.5, "1974":3.5, "1975":0.0, "1976":-0.7, "1977":0.8, "1978":3.9, "1979":5.1, "1980":2.9, "1981":4.0, "1982":1.8, "1983":-0.1, "1984":4.4, "1985":2.3, "1986":1.5, "1987":4.0, "1988":2.5, "1989":3.4, "1990":3.6, "1991":-8.0, "1992":-9.6, "1993":0.1, "1994":3.5, "1995":-10.0, "1996":-24.8, "1997":-17.6, "1998":-0.8, "1999":-8.1, "2000":3.8, "2001":18.2, "2002":26.3, "2003":9.4, "2004":6.4, "2005":4.3, "2006":4.3, "2007":8.0, "2008":5.4, "2009":3.2, "2010":5.3, "2011":6.0, "2012":15.2, "2013":20.7, "2014":4.5, "2015":-20.5, "2016":6.4, "2017":3.8, "2018":3.7, "2019":5.1}. Label. 0 kWh (2016 est. expenditures: Sierra Leone gdp for 2019 was $3.94B, a 3.52% decline from 2018. The country has introduced austerity measures in the 2017 budget, and is clearly moving towards a more restrictive trade regime by introducing new tariffs. 10% of GDP (2017 est.) With Liberia and Guinea, it formed the Mano River Union (MRU) customs union, primarily designed to implement development projects and promote regional economic integration. industry: Telephone and telegraph services are marginal, but improving. In 2018, Sierra Leone exported $677M and imported $1.03B, resulting in a negative trade balance of -$355M. Sierra Leone’s civil war internally displaced as many as 2 million people, or almost half the population, and forced almost another half million to seek refuge in neighboring countries (370,000 Sierra Leoneans fled to Guinea and 120,000 to Liberia). Sierra Rutile was then the largest non-petroleum U.S. investment in West Africa. The main attractions for tourist in Sierra Leone are the beaches, nature reserves and mountains.[30]. Sierra Leone gdp for 2017 was $3.74B, a 1.76% increase from 2016. None; Aggregates; Same region; Similar values; Highest values; Lowest values; Share Details. Sierra Leone African Economic Outlook 2017 The economy recovered from the after effects of the Ebola epidemic, growing by 4.3% in 2016 from -21.1% the year before. Sierra Leone gdp per capita for 2018 was $534, a 6.93% increase from 2017. Statistics on external debt. GDP of Sierra Leone increased from 0.94 billion US dollars in 2000 to 4.23 billion US dollars in 2019 growing at an average annual rate of 8.83%. After slowing to 3.5% in 2018 from 3.8% in the previous year, economic growth in Sierra Leone is projected to rebound to 4.8% in 2019 driven by increased activities in agriculture and construction as well as the resumption of iron ore production and exports. Les valeurs actuelles, des données historiques, des prévisions, des statistiques, des tableaux et le calendrier économique - Sierra-Leone - Taux de croissance annuel du PIB. 70.2% (2004 est. English. 33.4% (2014 est. The economy of Sierra Leone is that of a least developed country[21] with a gross domestic product (GDP) of approximately US$1.9 billion in 2009. Financially disadvantageous exchange rates and government budget deficits led to sizable balance-of-payments deficits and inflation. 300 million kWh (2016 est. Related Documents. As a result, large scale agriculture of commodity products, industrial development and sustainable investments have been neglected by governments. The future of the MRU depends on the ability of its members to deal with the fallout from these internal and regional problems. 26% (2017), Electricity - consumption: Sierra Leone is a tropical country in West Africa, on the Atlantic coast between Guinea and Liberia. 1960 - 2019. -5.9% of GDP (2015 est.) World Economics Limited. Sierra Leone GDP (Gross Domestic Product) was INT$10.90billion for 2019 in PPP terms. The U.S. interest in the company has been reduced to 25%. Sierra Leone's budget balance in relation to GDP 2021 Cost of Italian NGO Emergency for Goderich Surgical Center in Sierra Leone 2012-2019 Total population of Sierra Leone 2024 Vice President Dr. Mohamed Juldeh Jalloh (right in photo) has stated that, in Sierra Leone, the Fisheries sector is contributing about 12% of the country’s GDP and that it provides an estimated 80% of animal protein intake for Sierra Leoneans. ), electrification: total population: 5% (2013), Electricity - production: In 2001, the Government of Sierra Leone created a mining community development fund, which returns a portion of diamond export taxes to diamond mining communities. Gross domestic product (GDP) growth is expected to amount to 6.1% in 2018 and 7.0% in 2019, far below the rate prior to the iron ore price drop of 2014. Cote dIvoire 37.7%, Belgium 20.5%, US 15.7%, China 10.2%, Netherlands 6.1% (2017), Imports - commodities: Rich in minerals, Sierra Leone has relied on the mining sector in general, and diamonds in particular, for its economic base. ), Distribution of family income - Gini index: Also Show. SIERRA LEONE FIGURE 1 Sierra Leone / Real GDP growth and contribu-tions to real GDP growth FIGURE 2 Sierra Leone / Actual and projected poverty rates and real GDP per capita Sources: Sierra Leonean authorities and World Bank staff estimates and projec-tions. Because of widespread poverty, high petroleum prices and a large portion of the population residing in small communities, walking is often the preferred method of transportation in Sierra Leone. ), Gross national saving: Sierra Rutile Limited, fully owned by Nord Resources of the United States, began commercial mining operations near Bonthe in early 1979. ), Budget: Two-thirds of the population of Sierra Leone are directly involved in subsistence agriculture. Investors are protected by an agreement that allows for arbitration under the 1965 World Bank Convention. The Hon. No claims are made regarding the accuracy of Sierra Leone Economy 2020 information contained here. Region: Africa; Population: 7.7 million (2018) 18.2% (2017 est. ), Reserves of foreign exchange and gold: The main entrance point is Freetown International Airport, where transport to and from has been problematic. Radio is the most-popular and most-trusted media source in Sierra Leone, with 72% of people in the country listening to the radio daily. 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. 0 kWh (2016 est. Sierra Leone’s outlook for 2018 and beyond will continue to be challenging due to uncertainty surrounding the world market price of iron ore. GDP Annual Growth Rate in Sierra Leone averaged 2.65 percent from 1961 until 2019, reaching an all time high of 20.70 percent in 2013 and a record low of -20.50 percent in 2015. Legislation provides for transfer of interest, dividends, and capital. The fund was created to raise local communities' stake in the legal diamond trade. 846.4 million (2017 est. In 2008 its GDP in PPP ranked between 147th (World Bank) and 153rd (CIA) largest in the world. ), Membership of international economic bodies, ACE international fiber-optic cable system, Economic Community of West African States, United Nations Economic Commission for Africa, "World Economic Outlook Database, April 2019", "World Economic Outlook Database, October 2019", "Global Economic Prospects, January 2020 : Slow Growth, Policy Challenges", "Poverty headcount ratio at national poverty lines (% of population) - Sierra Leone", "Poverty headcount ratio at $1.90 a day (2011 PPP) (% of population) - Sierra Leone", "GINI index (World Bank estimate) - Sierra Leone", "Inequality-adjusted Human Development Index (IHDI)", "Foreign Direct Investment in Sierra Leone", https://www.cia.gov/library/publications/the-world-factbook/fields/2056.html#sl, Least Developed Countries: Country profiles, Country Information Sierra Leone - Economy, http://www.econstats.com/IMF/IFS_Sie1_99B__.htm#Year, "Africa :: Sierra Leone — The World Factbook - Central Intelligence Agency", Sierra Leone latest trade data on ITC Trade Map, Trade-Related Aspects of Intellectual Property Rights, Special administrative regions of the People's Republic of China, Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, https://en.wikipedia.org/w/index.php?title=Economy_of_Sierra_Leone&oldid=988033356, World Trade Organization member economies, Articles with German-language sources (de), Vague or ambiguous geographic scope from October 2014, Creative Commons Attribution-ShareAlike License, Officially the Republic of China, participates as ", This page was last edited on 10 November 2020, at 17:34.

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