Finance of Sierra Leone

The minimum monthly wage in Sierra Leone is 65 USD. Sierra Leone has a government debt of 60.8% of the country's Gross Domestic Product (GDP), as assessed in 2012. With regard to consumer prices, the inflation rate in Sierra Leone is 11.1%. The currency of Sierra Leone is Sierra Leonean leone. The plural form of the word Sierra Leonean leone is leones. The symbol used for this currency is Le, and it is abbreviated as SLL. The Sierra Leonean leone is divided into cent; there are 100 in one leone. Each year, consumers spend around $1,583 million. The ratio of consumer spending to GDP in Sierra Leone is 0.03%, and the ratio of consumer spending to the world consumer market is 0.46%. The corporate tax in Sierra Leone is set at 30%. Personal income tax ranges from 30% to 35%, depending on your specific situation and income level. VAT in Sierra Leone is 15%, and it is known as Goods and Services Tax. In 2013, Sierra Leone received 442.8 million USD in foreign aid.In 2014, the foreign aid amounted to 425.3 USD.

Gross Domestic Product

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Sierra Leone is $12,799 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Sierra Leone was last recorded at $1,657,960. PPP in Sierra Leone is considered to be very good when compared to other countries. Very good PPP indicates that citizens in this country find it easy to purchase local goods. Local goods can include food, shleter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with very good PPP are safe locations for investments. The total Gross Domestic Product (GDP) in Sierra Leone is 4,929 billion. Based on this statistic, Sierra Leone is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Sierra Leone was last recorded at $638,494. The average citizen in Sierra Leone has very high wealth. Countries with very high wealth per capita have an extended life expectancy and very high standard of living. Highly skilled workers can be found in many industries, and labor is very expensive in these countries. Countries with very high wealth offer opportunities for safe investments, as they are often supported by a diverse and thriving financial sector. GDP Annual Growth Rate in Sierra Leone averaged 8% in 2014. According to this percentage, Sierra Leone is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well.