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Lesotho Economy 2016
https://allcountries.org/world_fact_book_2016/lesotho/lesotho_economy.html
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES











Lesotho Economy 2016
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 11, 2016

Economy - overview:
Small, mountainous, and completely landlocked by South Africa, Lesotho depends on a narrow economic base of textile manufacturing, agriculture, remittances, and regional customs revenue. About three-fourths of the people live in rural areas and engage in animal herding and subsistence agriculture, although Lesotho produces less than 20% of the nation's demand for food. Rain-fed agriculture is vulnerable to weather and climate variability. Lesotho relies on South Africa for much of its economic activity; Lesotho imports 90% of the goods it consumes from South Africa, including most agricultural inputs. Households depend heavily on remittances from family members working in South Africa, in mines, on farms and as domestic workers, though mining employment has declined substantially since the 1990s. Lesotho is a member of the Southern Africa Customs Union (SACU), and revenues from SACU accounted for roughly 44% of total government revenue in 2014. The South African Government also pays royalties for water transferred to South Africa from a dam and reservoir system in Lesotho. However, the government continues to strengthen its tax system to reduce dependency on customs duties and other transfers. Access to credit remains a problem for the private sector. The government maintains a large presence in the economy - government consumption accounted for 37% of GDP in 2014 and the government remains Lesotho's largest employer. Lesotho's largest private employer is the textile and garment industry - approximately 36,000 Basotho, mainly women, work in factories producing garments for export to South Africa and the US. Diamond mining in Lesotho has grown in recent years and may contribute 8.5% to GDP by 2015, according to current forecasts.

GDP (purchasing power parity):
$5.777 billion (2015 est.) $5.63 billion (2014 est.) $5.442 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 170
[see also: GDP country ranks ]

GDP (official exchange rate):
$2.035 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.6% (2015 est.) 3.4% (2014 est.) 3.6% (2013 est.)
country comparison to the world: 118
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$3,000 (2015 est.) $2,900 (2014 est.) $2,800 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 189
[see also: GDP - per capita country ranks ]

Gross national saving:
26.9% of GDP (2015 est.) 24.8% of GDP (2014 est.) 24.4% of GDP (2013 est.)
country comparison to the world: 37
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 79.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 32%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 29.6%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -3.9%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 39%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -76.4% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 5.2%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 28.3%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 66.5% (2012 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
corn, wheat, pulses, sorghum, barley; livestock

Industries:
food, beverages, textiles, apparel assembly, handicrafts, construction, tourism

Industrial production growth rate:
0.8% (2015 est.)
country comparison to the world: 152
[see also: Industrial production growth rate country ranks ]

Labor force:
899,100 (2015 est.)
country comparison to the world: 149
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 86%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services: 14%
note: most of the resident population is engaged in subsistence agriculture; roughly 35% of the active male wage earners work in South Africa (2002 est.)

Unemployment rate:
28.1% (2014 est.) 25% (2008 est.)
country comparison to the world: 184
[see also: Unemployment rate country ranks ]

Population below poverty line:
49% (1999 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 39.4% (2003)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
63.2 (1995) 56 (1986-87)
country comparison to the world: 1
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $1.161 billion
[see also: Budget revenues country ranks ]
expenditures: $1.256 billion (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
57% of GDP (2015 est.)
country comparison to the world: 8
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.7% of GDP (2015 est.)
country comparison to the world: 163
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
NA
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
3.9% (2015 est.) 3.8% (2014 est.)
country comparison to the world: 149
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
9.36% (31 December 2012) 10% (31 December 2010)
country comparison to the world: 27
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
10.5% (31 December 2015 est.) 10.34% (31 December 2014 est.)
country comparison to the world: 80
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$332.8 million (31 December 2015 est.) $353.7 million (31 December 2014 est.)
country comparison to the world: 172
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$942.6 million (31 December 2014 est.) $825.7 million (31 December 2013 est.)
country comparison to the world: 172
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$14.06 million (31 December 2015 est.) $14.77 million (31 December 2014 est.)
country comparison to the world: 187
[see also: Stock of domestic credit country ranks ]

Current account balance:
-$128 million (2015 est.) -$176 million (2014 est.)
country comparison to the world: 72
[see also: Current account balance country ranks ]

Exports:
$786.7 million (2015 est.) $815 million (2014 est.)
country comparison to the world: 167
[see also: Exports country ranks ]

Exports - commodities:
manufactures (clothing, footwear), wool and mohair, food and live animals, electricity, water, diamonds

Imports:
$1.671 billion (2015 est.) $1.837 billion (2014 est.)
country comparison to the world: 168
[see also: Imports country ranks ]

Imports - commodities:
food; building materials, vehicles, machinery, medicines, petroleum products

Reserves of foreign exchange and gold:
$980.8 million (31 December 2015 est.) $1.071 billion (31 December 2014 est.)
country comparison to the world: 131
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$900.4 million (31 December 2014 est.) $885.2 million (31 December 2013 est.)
country comparison to the world: 167
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$427.4 million (31 December 2015 est.) $370.6 million (31 December 2014 est.)
country comparison to the world: 115
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
maloti (LSL) per US dollar - 12.58 (2015 est.) 10.85 (2014 est.) 10.85 (2013 est.) 8.2 (2012 est.) 7.26 (2011 est.)


NOTE: The information regarding Lesotho on this page is re-published from the 2016 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Lesotho Economy 2016 information contained here. All suggestions for corrections of any errors about Lesotho Economy 2016 should be addressed to the CIA.




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