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Economy of Sierra Leone

The economy of Sierra Leone is that of a least developed country with a GDP of approximately 1.9 billion USD in 2009. Since the end of the civil war in 2002 the economy is gradually recovering with a GDP growth rate between 4 and 7%. In 2008 its GDP in PPP ranked between 147th (World Bank) and 153rd (CIA) largest in the world.

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. Agriculture accounted for 58 percent national Gross Domestic Product (GDP) in 2007.

Sectors

Agriculture

Two-thirds of the population of Sierra Leone are directly involved in subsistence agriculture. Agriculture accounted for 58 percent national Gross Domestic Product (GDP) in 2007. Rice is the most important staple crop in Sierra Leone with 85 percent of farmers cultivating rice during the rainy season and an annual consumption of 76 kg per person.

Mining

Rich in minerals, Sierra Leone has relied on the mining sector in general, and diamonds in particular, for its economic base.

Telecommunications

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 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.

Tourism

According to the International Labour Organisation, approximately 8,000 Sierra Leoneans are employed in the tourism industry, with a growing number of jobs expected to be created in the future.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Sierra Leone"

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