In August 2003, a comprehensive peace agreement ended 14 years of civil war and prompted the resignation of former president Charles TAYLOR, who was exiled to Nigeria. After two years of rule by a transitional government, democratic elections in late 2005 brought President Ellen JOHNSON-SIRLEAF to power. The legislative and presidential polls were broadly deemed free and fair despite fraud allegations from JOHNSON-SIRLEAF's rival George WEAH. The UN Mission in Liberia (UNMIL), which maintains a strong presence throughout the country, completed a disarmament program for former combatants in late 2004, but the security situation is still volatile and the process of rebuilding the social and economic structure of this war-torn country remains sluggish.

Civil war and government mismanagement have destroyed much of Liberia's economy, especially the infrastructure in and around Monrovia, while continued international sanctions on diamonds and timber exports will limit growth prospects for the foreseeable future. Many businessmen have fled the country, taking capital and expertise with them. Some have returned, but many will not. Richly endowed with water, mineral resources, forests, and a climate favorable to agriculture, Liberia had been a producer and exporter of basic products - primarily raw timber and rubber. Local manufacturing, mainly foreign owned, had been small in scope. The departure of the former president, Charles TAYLOR, to Nigeria in August 2003, the establishment of the all-inclusive Transitional Government, and the arrival of a UN mission have helped diffuse the political crisis, but have done little to encourage economic development. Wealthy international donors, who are ready to assist reconstruction efforts, are withholding funding until Liberia's National Assembly signs onto a Governance and Economic Management Action Plan (GEMAP). The Plan was created in October 2005 by the International Contact Group for Liberia to help ensure transparent revenue collection and allocation - something that was lacking under the Transitional Government and that has limited Liberia's economic recovery. The reconstruction of infrastructure and the raising of incomes in this ravaged economy will largely depend on generous financial support and technical assistance from donor countries.

GDP (purchasing power parity): $2.598 billion (2005 est.)

GDP (official exchange rate): NA

GDP - real growth rate: 8% (2005 est.)

GDP - per capita (PPP): $900 (2005 est.)

GDP - composition by sector:
agriculture: 76.9%
industry: 5.4%
services: 17.7% (2002 est.)

Labor force - by occupation: agriculture 70%, industry 8%, services 22% (2000 est.)

Unemployment rate: 85% (2003 est.)

Population below poverty line: 80%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 15% (2003 est.)

Budget:
revenues: $85.4 million
expenditures: $90.5 million; including capital expenditures of $NA (2000 est.)

Agriculture - products:
rubber, coffee, cocoa, rice, cassava (tapioca), palm oil, sugarcane, bananas; sheep, goats; timber

Industries: rubber processing, palm oil processing, timber, diamonds

Industrial production growth rate: NA%

Electricity - production: 509.4 million kWh (2003)

Electricity - consumption: 473.8 million kWh (2003)

Electricity - exports: 0 kWh (2003)

Electricity - imports: 0 kWh (2003)

Oil - production: 0 bbl/day (2003 est.)

Oil - consumption: 3,400 bbl/day (2003 est.)

Oil - imports: NA bbl/day

Natural gas - production: 0 cu m (2003 est.)

Natural gas - consumption: 0 cu m (2003 est.)

Exports: $910 million f.o.b. (2004 est.)

Exports - commodities: rubber, timber, iron, diamonds, cocoa, coffee

Exports - partners:
Denmark 28.1%, Germany 18%, Poland 13.6%, US 8.5%, Greece 7.6%, Thailand 4.8% (2004)

Imports: $4.839 billion f.o.b. (2004 est.)

Imports - commodities: fuels, chemicals, machinery, transportation equipment, manufactured goods; foodstuffs

Imports - partners:
South Korea 38.8%, Japan 21.2%, Singapore 12.2%, Croatia 5.3%, Germany 4.2% (2004)

Debt - external: $3.2 billion (2005 est.)

Economic aid - recipient: $94 million (1999)

Currency (code): Liberian dollar (LRD)

Exchange rates:
Liberian dollars per US dollar - NA (2005), 54.906 (2004), 59.379 (2003), 61.754 (2002), 48.583 (2001)

Fiscal year: calendar year