Macroeconomic Indicators

The GDP (gross domestic product) per capita in Sierra Leone is forecast to amount to US$507.70 in 2024.
The GDP (gross domestic product) in Sierra Leone is forecast to amount to US$4.56bn in 2024.
The consumer price index in Sierra Leone is expected to be 442.00 by 2024.
The general government gross debt in Sierra Leone is expected to be 69.66% of GDP by 2024.
The general government gross debt in Sierra Leone is expected to be US$3.17bn by 2024.
The general government gross revenue in Sierra Leone is expected to be 18.17% of GDP by 2024.
The general government gross revenue in Sierra Leone is expected to be US$828.30m by 2024.
The general government expenditure in Sierra Leone is expected to be 21.18% of GDP by 2024.
The general government expenditure in Sierra Leone is expected to be US$965.30m by 2024.

The Macroeconomic Indicators provide a comprehensive look at past, current, and anticipated economic situations, as well as performance in a global comparison. These indicators are helpful for understanding the complexity of economic events as well as making both short- and long-term business decisions.

Structure:

The Macroeconomic Indicators cover four focus areas:

The Economic Measures focus area includes gross national income (GNI) and gross domestic product (GDP). The GNI shows the sum of value added by all resident producers plus any product taxes and net receipts of primary income from abroad. GDP refers to the sum of gross value added by all resident producers plus any product taxes minus any subsidies not included in the value of the products.
The Public Finance focus area covers government revenue, expenditure, and debt.
The Inflation focus area includes two major measures of price changes over time: the consumer price index (CPI) and the GDP deflator.
The International Trade focus area reports on the values of total foreign trade as well as the exports and imports of goods.

GNI
GDP
Public finance
Inflation
World trade

Trade in services
Investment
Taxes
Exchange rates
Interest rates

Regional Economic Growth and Disparities: Emerging economies in Asia are seeing substantial GDP growth, significantly driving global expansion. In contrast, Europe and North America are experiencing slower but steady growth. These differences reflect varying levels of economic development and influence investment opportunities. Understanding these regional disparities is crucial for making informed investment and policy decisions.

Global Economic Interconnectivity: The global economy is highly interconnected, meaning economic issues in one region can quickly spread to others. A slowdown in a major economy can lead to reduced international trade and market instability. This interconnectedness highlights the importance of global cooperation to manage economic challenges and maintain overall stability. However, globalization in its current form is threatened by new tariffs and similar protectionist measures aimed at nurturing local industries at the expense of international competitors.

Challenges in Public Finance Management: Governments face significant challenges in managing public finances, particularly during economic downturns. Balancing budgets and managing debt are critical tasks that require careful planning and strategy. Effective fiscal management is essential for ensuring economic stability and supporting sustainable growth.

Inflation and Its Impact: Inflation reduces consumers' purchasing power and impacts business profitability by increasing costs. Rising prices make everyday goods and services more expensive, while businesses must navigate higher operational costs. Policymakers must carefully manage inflation to balance economic growth with price stability.

Data coverage:

The dataset encompasses data from 152 countries. The charts depict the situation of each country in six different domains. These domains are socioeconomic indicators, macroeconomic indicators, health indicators, digital and connectivity indicators, consumption indicators, as well as logistics and transport indicators. Within these domains, various segments are covered, including demography, economic measures, economic inequality, employment, consumption, health determinants, and much more.

Modeling approach:

The composition of each domain follows a comprehensive approach that combines both top-down and bottom-up methodologies, with each domain and segment being guided by a specific rationale. To evaluate the situation of these six domains within each country, we rely on pertinent indicators and data from reputable international institutions, local national statistical offices, industry associations, and leading private institutions. Additionally, we undertake data processing procedures to address issues such as missing timelines, outliers, and data inconsistency. Our data processing incorporates advanced statistical techniques, including interpolation, exponential moving weighted average, and the Savitzky-Golay filter. These methods contribute to the refinement and enhancement of data quality.

Forecasts:

In our forecasting process, a wide range of statistical techniques is utilized based on the characteristics of the markets. For example, the S-curve function is employed to forecast the adoption of new technology, products, and services, aligning the forecast model with the theory of innovation adoption. Additionally, the data is forecasted using ARIMA with and without seasonality considerations, exponential trend smoothing, and the Compound Annual Growth Rate (CAGR), with the option to incorporate adjustment factors when necessary. These techniques enable accurate and reliable forecast methods tailored to the unique characteristics of the data in each market and country.

Additional notes:

The data is updated twice per year or every time there is a significant change in their dynamics. The impacts of the COVID-19 pandemic and of the Russia/Ukraine war are considered at a country-specific level.

Since 2020, the world has seen two crises that have had a massive impact on the global economy. First, as the coronavirus (COVID-19) started spreading that year, companies and stores around the world were forced to shut down, resulting in a global economic downturn. Then, as the economy was slowly starting to recover from the effects of COVID-19, Russia's President Vladimir Putin decided to invade Ukraine in February 2022, which resulted in rising inflation. At first there were fears of a global recession, but as of January 2024, it seems that most countries have fared better than first feared, and consumer confidence has bee increasing since November 2022. However, Hamas' attack on Israel in October 2023 and the resulting war in Gaza has further spurred global uncertainties, and attacks by the Houthi militia based in Yemen on ships travelling through the Red Sea has disrupted international trade routes.