Lesotho Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

lower middle-income economy surrounded by South Africa; environmentally fragile and politically unstable; key infrastructure and renewable energy investments; dire poverty; urban job and income losses due to COVID-19; systemic corruption

Real GDP (purchasing power parity)

$5.236 billion (2021 est.)

$5.167 billion (2020 est.)

$5.638 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

1.35% (2021 est.)

-8.36% (2020 est.)

0.93% (2019 est.)

Real GDP per capita

$2,300 (2021 est.)

$2,300 (2020 est.)

$2,500 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$2.462 billion (2019 est.)

Inflation rate (consumer prices)

6.05% (2021 est.)

4.98% (2020 est.)

5.19% (2019 est.)

Credit ratings

Fitch rating: B (2019)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 5.8% (2016 est.)

industry: 39.2% (2016 est.)

services: 54.9% (2017 est.)

GDP - composition, by end use

household consumption: 69.2% (2017 est.)

government consumption: 26.4% (2017 est.)

investment in fixed capital: 31.4% (2017 est.)

investment in inventories: -13.4% (2017 est.)

exports of goods and services: 40.8% (2017 est.)

imports of goods and services: -54.4% (2017 est.)

Agricultural products

milk, potatoes, maize, vegetables, fruit, beef, game meat, mutton, beans, wool

Industries

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

Industrial production growth rate

8.52% (2021 est.)

Labor force

955,600 (2021 est.)

Labor force - by occupation

agriculture: 86%

industry and services: 14% (2002 est.)

note: most of the resident population is engaged in subsistence agriculture; roughly 35% of the active male wage earners work in South Africa

Unemployment rate

24.6% (2021 est.)

24.56% (2020 est.)

22.44% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 37.4%

male: 32.8% NA

female: 43.8% (2021 est.) NA

Population below poverty line

49.7% (2017 est.)

Gini Index coefficient - distribution of family income

44.9 (2017 est.)

56 (1986-87)

Household income or consumption by percentage share

lowest 10%: 1%

highest 10%: 39.4% (2003)

Budget

revenues: $1.054 billion (2020 est.)

expenditures: $1.21 billion (2020 est.)

Budget surplus (+) or deficit (-)

-6% (of GDP) (2017 est.)

Public debt

33.7% of GDP (2017 est.)

36.2% of GDP (2016 est.)

Taxes and other revenues

18.47% (of GDP) (2020 est.)

Fiscal year

1 April - 31 March

Current account balance

-$90.886 million (2021 est.)

-$18.211 million (2020 est.)

-$72.308 million (2019 est.)

Exports

$1.08 billion (2021 est.) note: data are in current year dollars

$902.123 million (2020 est.) note: data are in current year dollars

$1.093 billion (2019 est.) note: data are in current year dollars

Exports - partners

United States 29%, Belgium 26%, South Africa 25%, Switzerland 6% (2019)

Exports - commodities

diamonds, clothing and apparel, wool, low-voltage protection equipment, wheat flours (2021)

Imports

$2.221 billion (2021 est.) note: data are in current year dollars

$1.98 billion (2020 est.) note: data are in current year dollars

$2.23 billion (2019 est.) note: data are in current year dollars

Imports - partners

South Africa 85%, China 5% (2019)

Imports - commodities

refined petroleum, clothing and apparel, packaged medicines, delivery trucks, poultry meats (2019)

Reserves of foreign exchange and gold

$774.095 million (31 December 2019 est.)

$728.528 million (31 December 2018 est.)

$657.668 million (31 December 2017 est.)

Debt - external

$868 million (2019 est.)

$834 million (2018 est.)

Exchange rates

maloti (LSL) per US dollar -

14.779 (2021 est.)

16.459 (2020 est.)

14.448 (2019 est.)

13.234 (2018 est.)

13.324 (2017 est.)

NOTE: The information regarding Lesotho on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Lesotho 2023 information contained here. All suggestions for corrections of any errors about Lesotho 2023 should be addressed to the CIA or the source cited on each page.