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Lesotho Economy
Lesotho Economy: A summary of information about Lesotho Economy, from government research data as well as independent research and other sources.
Lesotho: Economy
Economy - overview
Small, landlocked, and mountainous, Lesotho's only important natural resource is water. Its economy is based on subsistence agriculture, livestock, and remittances from miners employed in South Africa. The number of such mine workers has declined steadily over the past several years. In 1996 their remittances added about 33% to GDP compared with the addition of roughly 67% in 1990. A small manufacturing base depends largely on farm products which support the milling, canning, leather, and jute industries. Agricultural products are exported primarily to South Africa. Proceeds from membership in a common customs union with South Africa form the majority of government revenue. Although drought has decreased agricultural activity over the past few years, completion of a major hydropower facility in January 1998 now permits the sale of water to South Africa, generating royalties that will be an important source of income for Lesotho. The pace of parastatal privatization has increased in recent years. Civil disorder in September 1998 destroyed 80% of the commercial infrastructure in Maseru and two other major towns. Most firms were not covered by insurance, and the rebuilding of small and medium business has been a significant challenge in terms of both economic growth and employment levels. Output dropped 10% in 1998 and recovered slowly in 1999.
GDP
purchasing power parity - $4.7 billion (1998 est.)
GDP - real growth rate
-10% (1998 est.)
GDP - per capita
purchasing power parity - $2,240 (1998 est.)
GDP - composition by sector
agriculture: 14% industry: 42% services: 44% (1997 est.)
Population below poverty line
49.2% (1993 est.)
Household income or consumption by percentage share
lowest 10%: 0.9% highest 10%: 43.4% (1986-87)
Inflation rate (consumer prices)
8% (1998 est.)
Labor force
689,000 economically active
Labor force - by occupation
86% of resident population engaged in subsistence agriculture; roughly 35% of the active male wage earners work in South Africa
Unemployment rate
substantial unemployment and underemployment affecting more than half of the labor force (1999 est.)
Budget
revenues: $507 million expenditures: $487 million, including capital expenditures of $170 million (FY96/97 est.)
Industries
food, beverages, textiles, handicrafts; construction; tourism
Industrial production growth rate
19.7% (1995)
Electricity - production
0 kWh (1998)
Electricity - production by source
fossil fuel: 0% hydro: 0% nuclear: 0% other: 0% (1998)
Electricity - consumption
209 million kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
209 million kWh (1998)
Agriculture - products
corn, wheat, pulses, sorghum, barley; livestock
Exports
$235 million (f.o.b., 1998 est.)
Exports - commodities
manufactures 75% (clothing, footwear, road vehicles), wool and mohair, food and live animals (1998)
Exports - partners
South African Customs Union 65%, North America 34% (1998)
Imports
$700 million (f.o.b., 1998 est.)
Imports - commodities
food; building materials, vehicles, machinery, medicines, petroleum products (1995)
Imports - partners
South African Customs Union 90%, Asia 7% (1997)
Debt - external
$675 million (1998 est.)
Economic aid - recipient
$123.7 million (1995)
Currency
1 loti (L) = 100 lisente; note - maloti (M) is the plural form of loti
Exchange rates
maloti (M) per US$1 - 6.12439 (January 2000), 6.10948 (1999), 5.52828 (1998), 4.60796 (1997), 4.29935 (1996), 3.62709 (1995); note - the Basotho loti is at par with the South African rand
Fiscal year
1 April - 31 March