Sierra Leone

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Sierra Leone - In Short.

Overview of Sierra Leone

Continuously populated for at least 2,500 years, the dense jungle in the area of Sierra Leone allowed the region to remain relatively protected from invaders from empires in West Africa. Traders introduced Sierra Leone to Islam, which occupies a central role in Sierra Leonean culture and history. In the 17th century, the British set up a trading post near present-day Freetown. The trade originally involved timber and ivory, but later expanded to enslaved people. In 1787, following the American Revolution, Sierra Leone became a destination for black British loyalists from the new United States. After the abolition of the slave trade in 1807, British ships delivered thousands of liberated Africans to Sierra Leone. During the 19th century, the colony gradually expanded inland. In 1961, Sierra Leone became independent of the UK. While Sierra Leone held free and fair elections in 1962 and 1967, Siaka STEVENS – Sierra Leone’s second prime minister – quickly reverted to authoritarian tendencies, outlawing most political parties and ruling from 1967 to 1985. In 1991, Sierra Leonean soldiers launched a civil war against STEVENS’ ruling party. The war caused tens of thousands of deaths and displaced more than 2 million people (about one-third of the population). In 1998, a Nigerian-led West African coalition military force intervened, installing Tejan KABBAH – who was originally elected in 1996 – as prime minister. In 2002, KABBAH officially announced the end of the war. Since 1998, Sierra Leone has conducted uninterrupted democratic elections.
Value
Country Full Name
Sierra Leone
Country Code
SLE
Region
Sub-Saharan Africa
Income Group
Low income
Currency Unit
GDP
4063289450
Population
7976985
Land Area
72180
Net National Income Per Capita
431.6011489
GDP per Capita (PPP)
1727.105018

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Sierra Leone - Economic

Economy of Sierra Leone

Sierra Leone is extremely poor and nearly half of the working-age population engages in subsistence agriculture. The country possesses substantial mineral, agricultural, and fishery resources, but it is still recovering from a civil war that destroyed most institutions before ending in the early 2000s.In recent years, economic growth has been driven by mining – particularly iron ore. The country’s principal exports are iron ore, diamonds, and rutile, and the economy is vulnerable to fluctuations in international prices. Until 2014, the government had relied on external assistance to support its budget, but it was gradually becoming more independent. The Ebola outbreak of 2014 and 2015, combined with falling global commodities prices, caused a significant contraction of economic activity in all areas. While the World Health Organization declared an end to the Ebola outbreak in Sierra Leone in November 2015, low commodity prices in 2015-2016 contributed to the country’s biggest fiscal shortfall since 2001. In 2017, increased iron ore exports, together with the end of the Ebola epidemic, supported a resumption of economic growth.Continued economic growth will depend on rising commodities prices and increased efforts to diversify the sources of growth. Non-mining activities will remain constrained by inadequate infrastructure, such as power and roads, even though power sector projects may provide some additional electricity capacity in the near term. Pervasive corruption and undeveloped human capital will continue to deter foreign investors. Sustained international donor support in the near future will partially offset these fiscal constraints.

Unemployment Rate

Inflation Rate

Sierra Leone - GDP Composition

GDP Composiiton & Value Added of Sierra Leone

Last Updated: Jan, 2021, Updated For 2020.

Sierra Leone - GDP, Value Added

Demographics of Sierra Leone

population clusters are found in the lower elevations of the south and west; the northern third of the country is less populated as shown on this population distribution map
Geographic Location

Western Africa, bordering the North Atlantic Ocean, between Guinea and Liberia

Races

Temne 35.4%, Mende 30.8%, Limba 8.8%, Kono 4.3%, Korankoh 4%, Fullah 3.8%, Mandingo 2.8%, Loko 2%, Sherbro 1.9%, Creole 1.2% (descendants of freed Jamaican slaves who were settled in the Freetown area in the late-18th century; also known as Krio), other 5% (2019 est.)

Languages

English (official, regular use limited to literate minority), Mende (principal vernacular in the south), Temne (principal vernacular in the north), Krio (English-based Creole, spoken by the descendants of freed Jamaican slaves who were settled in the Freetown area, a lingua franca and a first language for 10% of the population but understood by 95%)

Religion

Muslim 77.1%, Christian 22.9% (2019 est.)

Dependency & Expectancy of Sierra Leone

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Sierra Leone - Social Media Briefing

Sierra Leone - Social Media & Social Commerce

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Politics & Policies of Sierra Leone

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ACP, AfDB, AU, C, ECOWAS, EITI (compliant country), FAO, G-77, IAEA, IBRD, ICAO, ICCt, ICRM, IDA, IDB, IFAD, IFC, IFRCS, IHO (pending member), ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ISO (correspondent), ITU, ITUC (NGOs), MIGA, MINUSMA, NAM, OIC, OPCW, UN, UNAMID, UNCTAD, UNESCO, UNIDO, UNIFIL, UNISFA, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

Import of Sierra Leone

Export of Sierra Leone

Import Destination

Export Destination