The use of different national income standards across Europe has an impact on cross-country comparability and in some cases leads to an underestimation of GDP. 60.7% (2017 est.) Credit card use is limited in Sierra Leone, though they may be used at some hotels and restaurants. The Gross Domestic Product (GDP) in Sierra Leone was worth 4.10 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. 0 kWh (2016 est. The main entrance point is Freetown International Airport, where transport to and from has been problematic. Sierra Leone gdp for 2018 was $4.09B, a 9.24% increase from 2017. Statistics on external debt. In 2017, the gross domestic product (GDP) per capita in Sierra Leone amounted to around 503.35 U.S. In 2018 Sierra Leone was the number 159 economy in the world in terms of GDP (current US$), the number 158 in total exports, and the number 172 in total imports. The quality of economic data across Asia-Pacific region varies considerably across countries, mainly as a result of lack of statistical capacity. Major ports of Sierra Leone include: Bonthe, Freetown and Pepel. 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). The currency is the leone. Avec un indice de dévelo… Sierra Leone is a major producer of gem-quality diamonds. Sierra Leone’s outlook for 2018 and beyond will continue to be challenging due to uncertainty surrounding the world market price of iron ore. Region: Africa; Population: 7.7 million (2018) 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. Les valeurs actuelles, des données historiques, des prévisions, des statistiques, des tableaux et le calendrier économique - Sierra-Leone - Taux de croissance annuel du PIB. [22] In 2008 its GDP in PPP ranked between 147th (World Bank) and 153rd (CIA) largest in the world.[23]. License: CC BY-4.0 Line Bar Map. It is bordered by Liberia to the southeast and Guinea to the northeast. © World Economics Limited. Sierra Leone gdp per capita for 2018 was $534, a 6.93% increase from 2017. )-20.5% (2015 est.) English. Also Show. Related Links. ), Reserves of foreign exchange and gold: Sierra Leone’s economy has proved relatively resilient in the face of two major external shocks: the Ebola epidemic of 2014, and a fall in the price of iron ore, a major export. GDP PPP based on: 2011 International Dollars. Two-thirds of the population of Sierra Leone are directly involved in subsistence agriculture. All rights reserved.Terms & Conditions. All rights reserved. Sierra Rutile Limited, fully owned by Nord Resources of the United States, began commercial mining operations near Bonthe in early 1979. Sierra Leone is a member of the Economic Community of West African States (ECOWAS). Financially disadvantageous exchange rates and government budget deficits led to sizable balance-of-payments deficits and inflation. Statistics on external debt. Investors are protected by an agreement that allows for arbitration under the 1965 World Bank Convention. 34 (2011), Inflation rate (consumer prices): 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. 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). 0 kWh (2016 est. Source: World Bank. ), Electricity - production by source: Related Documents. 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. hydro: 562 million (2017 est.) Label. Diamond is also been mined mainly from alluvial deposits at the Bo, the Kenema, and the Kono districts. 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. The growth rates are year-over-year, and not compounded. services: La Sierra Leone, en forme longue la république de Sierra Leone2, (en anglais : Republic of Sierra Leone et en langue krio : Salone3) est un État d'Afrique de l'Ouest, d'une superficie de 71 740 km2, peuplé de 6,3 millions d'habitants. Cote dIvoire 37.7%, Belgium 20.5%, US 15.7%, China 10.2%, Netherlands 6.1% (2017), Imports - commodities: 28-July-2015. 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). ), Electricity - exports: The MRU has so far been inactive because of domestic problems and internal and cross-border conflicts in all three countries. 300 million kWh (2016 est. Sierra Leone was classified at risk of high debt distress in the last debt sustainability analysis in 2018. In 2016, 6,175,958 WMT was produced with a production value of just over 170 million USD. ), electrification: total population: 5% (2013), Electricity - production: It is estimated that the application of the latest standard would add US$824 billion. {"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. 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. But this proved unsustainable and it consequently shrank by 52% in the 1980s and a further 10% in the 1990s. 10% of GDP (2017 est.) 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. services: Rich in minerals, Sierra Leone has relied on the mining sector in general, and diamonds in particular, for its economic base. Sierra Leone's economic development has always been hampered by an overdependence on mineral exploitation. There are two heliports in the country.[where? The economy of Sierra Leone is that of a least developed country with a gross domestic product (GDP) of approximately US$1.9 billion in 2009. 4.23 (billion US dollars) in 2019 In 2019, GDP for Sierra Leone was 4.23 billion US dollars. Sierra Leone GDP and Economic Data. Sierra Leone gdp for 2016 was $3.67B, a 12.89% decline from 2015. Sierra Leone has one of the worlds largest deposits of rutile, a titanium ore used as paint pigment and welding rod coatings. agriculture: 5.5% (2014 est.) 7.9% of GDP (2016 est.) Sierra Leone gdp per capita for 2017 was $499, a 0.41% decline from 2016. Also Show. Total revenue is expected to increase from 14.9% of GDP to 15.7% in 2019 as the government continues to implement its medium-term revenue mobilization strategy, which includes automation of customs documentation and tax processes and improving the operations of the treasury single account. Negotiations for reactivation of rutile and bauxite mining are in progress. expenditures: 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: The future of the MRU depends on the ability of its members to deal with the fallout from these internal and regional problems. 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. 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. GDP - real growth rate: 3.7% (2017 est.) nuclear: Since the end of the civil war in 2002 the economy is gradually recovering with a GDP growth rate between 4 and 7%. agriculture: World Bank national accounts data, and OECD National Accounts data files. rice, coffee, cocoa, palm kernels, palm oil, peanuts, cashews; poultry, cattle, sheep, pigs; fish, Exports - commodities: Apart from the hilly Freetown area and white-sand beaches, it is made up of mainly swampy coastal plains and plateaux, rising to uplands in the north east. 70.2% (2004 est. Sierra Leone gdp for 2017 was $3.74B, a 1.76% increase from 2016. 6.5% (2017 est.) 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. 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. 18.2% (2017 est. Queen Elizabeth II Quay in Freetown represents the country's only deep water port facility capable of berthing large-hulled cargo or military vessels. Sierra Leone’s economic freedom score is 48.0, making its economy the 168th freest in the 2020 Index. diamond mining; iron ore, rutile and bauxite mining; small-scale manufacturing (beverages, textiles, footwear), Industrial production growth rate: [24] Agriculture accounted for 58 percent national Gross Domestic Product (GDP) in 2007. 1961 - 2019. Notes: see Table 2. Sierra Leone GDP - real growth rate. Telephone and telegraph services are marginal, but improving. ), Industries: Certain policy responses to external factors as well as implementations of aid projects and maintenance have led to a general decline in economic activity and a serious degradation of economic infrastructures. ), Electricity - imports: ), Budget: GDP growth (annual %) - Sierra Leone. According to the International Labour Organization, approximately 8,000 Sierra Leoneans are employed in the tourism industry, with a growing number of jobs expected to be created in the future. Il est situé entre la Guinée (au nord-ouest) et le Liberia et bordé au sud-ouest par l'océan Atlantique. Most American countries use a national income accounting standard that fails to record the informal economy. The balance is smuggled out and has been used to finance rebel activities in the region, money laundering, arms purchases, and financing of other illicit activities, leading some to characterize Sierra Leone's diamonds as a "conflict resource.". Les valeurs actuelles, des données historiques, des prévisions, des statistiques, des tableaux et le calendrier économique - Sierra-Leone - PIB par habitant PPP. 1960 - 2019. The UNHCR has helped almost 180,000 Sierra Leoneans to return home, while more than 90,000 others have repatriated on their own. The GDP value of Sierra Leone represents less than 0.01 percent of the world economy. iron ore, diamonds, rutile, cocoa, coffee, fish, Exports - partners: [27] Rice is the most important staple crop in Sierra Leone with 85 percent of farmers cultivating rice during the rainy season[28] and an annual consumption of 76 kg per person.[29]. Definition: This entry gives GDP growth on an annual basis adjusted for inflation and expressed as a percent. None; Aggregates; Same region; Similar values; Highest values; Lowest values; Share Details. other renewable: ], Mineral exports remain Sierra Leone's principal foreign exchange earner. The U.S. interest in the company has been reduced to 25%. Current GDP per capita of Sierra Leone grew 32% in the 1960s, reaching a peak growth of 107% in the 1970s. Sierra Leone gdp for 2019 was $3.94B, a 3.52% decline from 2018. 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%. The export of 88,000 tons realized $75 million for the country in 1990. fossil fuel: 10% of GDP (2017 est. All suggestions for corrections of any … In October 2000, a new UN-approved export certification system for exporting diamonds from Sierra Leone was put into place that led to a dramatic increase in legal exports. Two-thirds of the population of Sierra Leone are directly involved in subsistence agriculture. - … [25], Agriculture is the largest employer with 80 percent of the population working in the sector. 26% (2017), Electricity - consumption: foodstuffs, machinery and equipment, fuels and lubricants, chemicals, Imports - partners: NOTE: 1) The information regarding Sierra Leone on this page is re-published from the 2020 World Fact Book of the United States Central Intelligence Agency and other sources. ), Agriculture - products: The most unreliable economic data is produced in Argentina which has manipulated inflation and GDP statistics since 2007. ), Distribution of family income - Gini index: Key facts. revenues: Board Discussions on Sierra Leone. Sierra Leone (/ s i ˌ ɛr ə l i ˈ oʊ n (i)/ (), also UK: / s i ˌ ɛər ə-/, US: / ˌ s ɪər ə-/), officially the Republic of Sierra Leone, informally Salone, is a country on the southwest coast of West Africa. Sierra Rutile was then the largest non-petroleum U.S. investment in West Africa. There are ten airports in Sierra Leone, of which one - Lungi International Airport in Freetown - has a paved runway in excess of 3000m in length. 61.1% (2014 est.) There are 11,700 kilometres (7,270  mi) of highway in Sierra Leone, of which 936 km (582 mi) are paved. As a result, large scale agriculture of commodity products, industrial development and sustainable investments have been neglected by governments. License: CC BY-4.0 Line Bar Map. La Sierra Leone fait partie de la CEDEAO. purchasing power parity - $11.55 billion (2017 est. Ce pays est l'un des plus pauvres de la planète. World Economics Limited. In 2018, Sierra Leone exported $677M and imported $1.03B, resulting in a negative trade balance of -$355M. 51% There are 800 km (497 mi) of waterways in Sierra Leone, of which 600 km (373 mi) are navigable year-round. 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. Youth unemployment at 60%, poverty at 56.8% in 2018, and increasing inequality are pressing problems. Rutile and bauxite mining operations were suspended when rebels invaded the mining sites in 1995. Sierra Leone is a tropical country in West Africa, on the Atlantic coast between Guinea and Liberia. ), GDP - composition by sector: The Hon. Sierra Leone Government Debt to GDP was 63 % in 2020. Factbook > Countries > Sierra Leone > Economy. [22] Since the end of the civil war in 2002 the economy is gradually recovering with a GDP growth rate between 4 and 7%. 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. None; Aggregates; Same region; Similar values; Highest values; Lowest values; Share Details. After slumping sharply economic growth has resumed, supported by investments in mining, agriculture and fisheries. Real GDP (constant, inflation adjusted) of Sierra Leone reached $3,496,685,933 in 2017. The mean wage was US$0.32 per hour in 2009. 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. In the 1970s and early 1980s, economic growth rate slowed because of a decline in the mining sector. ), Budget surplus (+) or deficit (-): 6.3% (2016 est. ), Gross national saving: Legislation provides for transfer of interest, dividends, and capital. 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. 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. 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: Though rich in this resource, the country has historically struggled to manage its exploitation and export. industry: ), 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 $1.90 a day (2011 PPP) (% of population) - Sierra Leone", "GINI index (World Bank estimate) - Sierra Leone", "Inequality-adjusted Human Development Index (IHDI)", "Foreign Direct Investment in Sierra Leone", https://www.cia.gov/library/publications/the-world-factbook/fields/2056.html#sl, Least Developed Countries: Country profiles, Country Information Sierra Leone - Economy, http://www.econstats.com/IMF/IFS_Sie1_99B__.htm#Year, "Africa :: Sierra Leone — The World Factbook - Central Intelligence Agency", Sierra Leone latest trade data on ITC Trade Map, Trade-Related Aspects of Intellectual Property Rights, Special administrative regions of the People's Republic of China, Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, https://en.wikipedia.org/w/index.php?title=Economy_of_Sierra_Leone&oldid=988033356, World Trade Organization member economies, Articles with German-language sources (de), Vague or ambiguous geographic scope from October 2014, Creative Commons Attribution-ShareAlike License, Officially the Republic of China, participates as ", This page was last edited on 10 November 2020, at 17:34. Sierra Leone is home to one government-owned national radio station and roughly two dozen private radio stations, as well as one government-owned and one private TV station. Sierra Leone Executive Board Calendar. No claims are made regarding the accuracy of Sierra Leone Economy 2020 information contained here. 846.4 million (2017 est. Gold is mostly mined artisanally and presently production comes from alluvial deposits. 0% -7.9% (of GDP) (2017 est. The central bank of the country is the Bank of Sierra Leone which is in the capital, Freetown. GDP per capita (current US$) - Sierra Leone. Sierra Leone's short-term prospects depend upon continued adherence to International Monetary Fund programs and continued external assistance. Iron-ore production remains the key contributor to Sierra Leone‘s GDP growth. The fund was created to raise local communities' stake in the legal diamond trade. source: World Bank 10Y 25Y 32.9% (2017 est. $1.615 billion (31 December 2017 est. Country Report 2017 - Includes Sierra Leone real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector. Recent efforts on the part of the country to improve the management of the export trade have met with some success. 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. [24] Agriculture accounted for 58 percent national GDP in 2007.[25]. Sierra Leone GDP (Gross Domestic Product) was INT$10.90billion for 2019 in PPP terms. industry: The country has introduced austerity measures in the 2017 budget, and is clearly moving towards a more restrictive trade regime by introducing new tariffs. 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. 23% ), Population below poverty line:: The description is composed by our digital data assistant. Sierra Leone gdp per capita for 2016 was $501, a 14.76% decline from 2015. 33.4% (2014 est. In 2008 its GDP in PPP ranked between 147th (World Bank) and 153rd (CIA) largest in the world. $478 million (31 December 2017 est. The country operates a floating exchange rate system, and foreign currencies can be exchanged at any of the commercial banks, recognized foreign exchange bureaux and most hotels. Sierra Leone has one of the world's largest deposits of rutile, a titanium ore used as paint pigment and welding rod coatings. 279 million kWh (2016 est. 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 There are a few internationally linked automated teller machines that accept Visa cards in Freetown operated by ProCredit Bank. … 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. Historical data on the value and ratio of Sierra Leone public debt to its Gross Domestic Product. ), Labor force - by occupation: With Liberia and Guinea, it formed the Mano River Union (MRU) customs union, primarily designed to implement development projects and promote regional economic integration. 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… 15.5% (2017 est. -5.9% of GDP (2015 est.) 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. World Bank national accounts data, and OECD National Accounts data files. This page provides - Sierra Leone GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. The main attractions for tourist in Sierra Leone are the beaches, nature reserves and mountains.[30].