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Economy of Liberia vs Russia compared: GDP & Debt

Updated on by Georank team

Liberia has a GDP of $4.78B compared to $2.17T for Russia, ranking 163/197 and 11/197 by economy size, respectively.

Liberia has $2.73B in government debt (57.2% of GDP), compared to $440B (20.3% of GDP) in Russia.

Liberia vs Russia GDP by year

Liberia
Russia
1x
Year GDP, current $
Liberia Russia
2024 $4,779,300,900 $2,173,835,806,672
2023 $4,390,000,000 $2,071,505,725,031
2022 $4,001,047,000 $2,291,612,121,335
2021 $3,513,049,500 $1,829,186,719,575
2020 $3,176,126,300 $1,493,075,894,362
2019 $3,319,596,500 $1,693,115,002,708
2018 $3,422,754,800 $1,657,328,773,461
2017 $3,390,703,400 $1,574,199,360,089
2016 $3,398,419,600 $1,276,786,350,881
2015 $3,227,075,700 $1,363,482,182,198
2014 $3,225,652,000 $2,059,241,589,895
2013 $3,177,198,100 $2,292,470,078,346
2012 $2,791,614,000 $2,208,293,553,878
2011 $2,398,000,000 $2,045,922,753,398
2010 $1,998,000,000 $1,524,916,715,224
2009 $1,768,000,000 $1,222,645,900,056
2008 $1,726,000,000 $1,660,848,058,303
2007 $1,373,000,000 $1,299,703,478,482
2006 $1,119,000,000 $989,932,071,353
2005 $949,000,000 $764,015,973,481
2004 $897,000,000 $591,016,690,732
2003 $748,000,000 $430,347,420,185
2002 $927,000,000 $345,470,494,418
2001 $906,000,000 $306,602,070,621
2000 $874,000,000 $259,710,142,197
1999 $441,800,000 $195,907,128,351
1998 $359,600,000 $270,955,486,862
1997 $295,900,000 $404,928,954,192
1996 $159,400,000 $391,724,890,744
1995 $134,800,000 $395,537,185,735
1994 $132,200,000 $395,077,301,248
1993 $160,400,000 $435,083,713,851
1992 $223,500,000 $460,290,556,901
1991 $348,000,000 $517,962,962,963
1990 $384,400,000 $517,014,446,228
1989 $786,300,000 $506,631,299,735
1988 $1,038,300,000 $554,828,660,436
1987 $972,800,000 -
1986 $840,964,400 -
1985 $851,296,100 -
1984 $848,478,300 -
1983 $823,374,900 -
1982 $863,933,200 -
1981 $846,514,500 -
1980 $854,711,500 -
1979 $814,067,900 -
1978 $717,240,400 -
1977 $673,010,600 -
1976 $596,675,700 -
1975 $577,549,300 -
1974 $486,955,000 -
1973 $386,968,300 -
1972 $368,098,000 -
1971 $341,543,100 -
1970 $323,099,700 -
1969 $306,961,800 -
1968 $276,820,700 -
1967 $261,024,300 -
1966 $244,459,500 -
1965 $229,260,800 -
1964 $218,929,100 -
1963 $200,229,600 -
1962 $191,861,800 -
1961 $183,920,900 -
1960 $190,495,600 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/liberia/russia | CC BY

GDP per capita in Liberia vs Russia by year

Liberia
GDP per capita

GDP per capita, PPP
Russia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Liberia Russia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $851 $1,871 $15,145 $47,405
2023 $799 $1,795 $14,403 $44,269
2022 $745 $1,692 $15,888 $40,939
2021 $668 $1,539 $12,637 $38,638
2020 $617 $1,660 $10,280 $31,491
2019 $658 $1,900 $11,640 $30,964
2018 $692 $1,800 $11,399 $28,629
2017 $699 $1,665 $10,835 $25,778
2016 $715 $1,490 $8,804 $24,012
2015 $693 $1,340 $9,427 $23,994
2014 $707 $1,419 $14,277 $25,688
2013 $711 $1,360 $15,941 $26,020
2012 $638 $1,157 $15,402 $24,274
2011 $568 $1,041 $14,305 $22,790
2010 $492 $980 $10,675 $20,490
2009 $448 $939 $8,563 $19,390
2008 $452 $915 $11,635 $20,164
2007 $374 $873 $9,101 $16,648
2006 $321 $815 $6,920 $14,912
2005 $287.5 $774 $5,323 $11,822
2004 $284.1 $745 $4,102 $10,227
2003 $239.8 $716 $2,975 $9,255
2002 $299.5 $1,013 $2,378 $8,037
2001 $300 $987 $2,100 $7,361
2000 $298.5 $965 $1,772 $6,825
1999 $156.6 $762 $1,331 $5,914
1998 $134.7 $652 $1,835 $5,465
1997 $122.6 $548 $2,738 $5,700
1996 $71.4 $282.2 $2,644 $5,518
1995 $62.1 $254.4 $2,666 $5,613
1994 $61.5 $262.6 $2,662 $5,734
1993 $74.4 $328 $2,931 $6,420
1992 $107.8 $497 $3,099 $6,862
1991 $177.9 $793 $3,490 $7,858
1990 $172.9 $787 $3,494 $8,028
1989 $312 - $3,430 -
1988 $424 - $3,778 -
1987 $409 - - -
1986 $364 - - -
1985 $380 - - -
1984 $390 - - -
1983 $391 - - -
1982 $422 - - -
1981 $426 - - -
1980 $443 - - -
1979 $435 - - -
1978 $394 - - -
1977 $381 - - -
1976 $347 - - -
1975 $346 - - -
1974 $299.4 - - -
1973 $244.4 - - -
1972 $238.6 - - -
1971 $227.1 - - -
1970 $220.3 - - -
1969 $214.7 - - -
1968 $198.6 - - -
1967 $192.2 - - -
1966 $184.6 - - -
1965 $177.6 - - -
1964 $173.9 - - -
1963 $163.1 - - -
1962 $160.3 - - -
1961 $157.5 - - -
1960 $167.2 - - -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/liberia/russia | CC BY

Liberia's GDP per capita is $851, ranking 184/197, compared to $15,145 in Russia, ranking 68/197. Adjusted for purchasing power (GDP per capita PPP), Liberia ranks 188th at $1,871, while Russia ranks 50th at $47,405.

Economic indicators

Liberia Russia
Gross domestic product
$4.78B
2024
$2.17T
2024
GDP rank
163/197
2024
11/197
2024
GDP growth
4.02%
2023-2024
4.34%
2023-2024
GDP per capita
$851
2024
$15,145
2024
GDP per capita rank
184/197
2024
68/197
2024
GDP per capita, PPP
$1,871
2024
$47,405
2024
GDP per capita PPP rank
188/197
2024
50/197
2024
Government debt
$2.73B
2024
$440B
2024
Debt-to-GDP ratio
57.2%
2024
20.3%
2024
Government debt per person
$487
2024
$3,067
2024
Government debt per person rank
167/185
2024
98/185
2024
Average annual personal income after taxes
$1,191
2026
$10,464
2026
Market capitalization of domestic companies n/a
$650B
2023
Number of millionaires n/a
426,000
2025
Number of billionaires n/a
140
2025
Income share by richest 10%
27.1%
2016
25.1%
2023
Income share by poorest 10%
2.9%
2016
3.1%
2023
Government expenditure, % of GDP
24.3%
2024
36.9%
2024
Consumer prices inflation
8.2%
2023-2024
8.4%
2023-2024
Central bank interest rate n/a
16%
2025
Unemployment rate
5.93%
2017
2.43%
2024
Population
5887000
141906741

Spending and national debt comparison by year

Liberia
Spending

Debt
Russia
Spending

Debt
1x
Year % of GDP
Liberia Russia
Government spending Government debt Government spending Government debt
2024 24.3% 57.2% 36.9% 20.3%
2023 27.1% 57.8% 35.7% 19.5%
2022 26.9% 54.3% 35.2% 18.5%
2021 29.8% 53.3% 34.9% 16.5%
2020 35.3% 58.7% 39.2% 19.2%
2019 32.3% 48.6% 33.8% 13.7%
2018 32.7% 37.1% 32.6% 13.6%
2017 35.1% 31.8% 34.8% 14.3%
2016 35.8% 28.6% 36.6% 14.8%
2015 37.1% 24.8% 35.3% 15.3%
2014 33.4% 24.3% 34.9% 15.1%
2013 27.4% 20.6% 34.7% 12.3%
2012 30.8% 20.5% 34% 11.2%
2011 30.1% 22.7% 33.3% 10.3%
2010 25.2% 25.6% 35.5% 10.1%
2009 23.7% 130.9% 38.6% 9.92%
2008 21.6% 233.1% 32% 7.45%
2007 17.2% 394% 31.9% 8.03%
2006 11.1% 472% 29% 9.8%
2005 12.8% 535% 29.5% 14.9%
2004 12.1% 543% 29.6% 20.8%
2003 9.85% 658% 32.6% 28.3%
2002 13.2% 481% 33.8% 37.6%
2001 12.6% 484% 31.5% 44.4%
2000 15.2% 489% 30.7% 55.9%
1999 - - 34.3% 92.4%
1998 - - 39.7% 135.2%
1997 - - - 51.5%
1996 - - - 51.9%
1995 - - - 53.7%
1994 - - - 63.5%
1993 - - - 92.4%
1992 - - - 116%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1997–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1992–1996, retrieved 2026-02-20).

GeoRank.org/economy/liberia/russia | CC BY

In 2024, Liberia's government spending was $1.16B, accounting for 24.3% of its GDP, while Russia spent $802B, or 36.9% of GDP.

Debt-to-GDP ratio is 57.2% in Liberia and 20.3% in Russia, ranking 91/185 and 175/185, respectively.

Government deficit by year

Deficit/surplus
Liberia

Russia
1x
Year Deficit/surplus, % of GDP
Liberia Russia
2024 -1.98% -1.6%
2023 -7.03% -2.22%
2022 -5.33% -1.34%
2021 -2.5% 0.78%
2020 -4.02% -3.99%
2019 -4.92% 1.93%
2018 -4.7% 2.92%
2017 -7.14% -1.47%
2016 -3.83% -3.67%
2015 -3.74% -3.39%
2014 -4.92% -1.07%
2013 1.29% -1.16%
2012 -2.86% 0.38%
2011 -4.43% 1.43%
2010 1.17% -3.19%
2009 -1.39% -5.89%
2008 -2.68% 4.55%
2007 2.44% 5.59%
2006 4.42% 7.8%
2005 -0.55% 7.6%
2004 -0.56% 4.57%
2003 0.39% 1.35%
2002 -1.63% 0.67%
2001 -0.98% 2.99%
2000 -0.08% 3.11%
1999 - -3.59%
1998 - -7.42%
1997 - -
1996 - -
1995 - -
1994 - -
1993 - -
1992 - -
1991 - -
1990 - -
1989 - -
1988 - -
1987 - -
1986 - -
1985 - -
1984 - -
1983 - -
1982 - -
1981 - -
1980 - -
1979 - -
1978 - -
1977 - -
1976 - -
1975 - -
1974 - -
1973 - -
1972 - -
1971 - -
1970 - -
1969 - -
1968 - -
1967 - -
1966 - -
1965 - -
1964 - -
1963 - -
1962 - -
1961 - -
1960 - -
1959 - -
1958 - -
1957 - -
1956 - -
1955 - -
1954 - -
1953 - -
1952 - -
1951 - -
1950 - -
1949 - -
1948 - -
1947 - -
1946 - -
1945 - -
1944 - -
1943 - -
1942 - -
1941 - -
1940 - 0.15%
1939 - 0.12%
1938 - 0.16%
1937 - 0.12%
1936 - 0.1%
1935 - 0.07%
1934 - 0.25%
1933 - 0.58%
1932 - 0.06%
1931 - -1.12%
1930 - -1.62%
1929 - -0.4%
1928 - -0.4%
1927 - -
1926 - -
1925 - -
1924 - -
1923 - -
1922 - -
1921 - -
1920 - -
1919 - -
1918 - -
1917 - -
1916 - -
1915 - -
1914 - -
1913 - -
1912 - 0.69%
1911 - 1.26%
1910 - 1.52%
1909 - -0.15%
1908 - -0.83%
1907 - -0.86%
1906 - -3.19%
1905 - -7.72%
1904 - -5.13%
1903 - 1.04%
1902 - -1.57%
1901 - 0.14%
1900 - -0.36%
1899 - 0.66%
1898 - 0.03%
1897 - 0.34%
1896 - 1.3%
1895 - 0.7%
1894 - 1.43%
1893 - 0.63%
1892 - -1.16%
1891 - -0.97%
1890 - 0.01%
1889 - 1.34%
1888 - 0.88%
1887 - 0.14%
1886 - -0.84%
1885 - -0.75%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1998–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1885–1940, retrieved 2026-02-20).

GeoRank.org/economy/liberia/russia | CC BY

In 2024, Liberia's government deficit, the difference between spending and revenue, was $94.6M, equivalent to 1.98% of GDP. This compares to Russia's deficit of $34.9B, or 1.6% of GDP.

Over the past 25 years, Liberia recorded a fiscal deficit in 20 of those years, while Russia ran a deficit in 11 years. On average, Liberia posted an annual deficit equal to 2.22% of GDP, compared to surplus of 0.67% of GDP for Russia.

Inflation comparison by year

Inflation
Liberia

Russia
1x
Year Consumer prices inflation
Liberia Russia
2024 8.2% 8.4%
2023 10.1% 5.9%
2022 7.6% 13.7%
2021 7.8% 6.7%
2020 17% 3.4%
2019 27% 4.5%
2018 23.5% 2.9%
2017 12.4% 3.7%
2016 8.8% 7%
2015 7.7% 15.5%
2014 9.9% 7.8%
2013 7.6% 6.8%
2012 6.8% 5.1%
2011 8.5% 8.4%
2010 7.3% 6.8%
2009 7.4% 11.6%
2008 17.5% 14.1%
2007 11.4% 9%
2006 9.5% 9.7%
2005 6.9% 12.7%
2004 3.6% 10.9%
2003 10.3% 13.7%
2002 14.2% 15.8%
2001 12.1% 21.5%
2000 5.3% 20.8%
1999 2% 85.7%
1998 - 27.7%
1997 - 14.8%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20).

GeoRank.org/economy/liberia/russia | CC BY

Over the past 26 years, Liberia has recorded an average annual inflation rate of 10.4%, compared with 12.8% in Russia. In 2024, inflation was 8.2% in Liberia and 8.4% in Russia.

Top exports between countries

Liberia
Export category Export value
Russia
Export category Export value
Transport & tourism services $17.5M
Business & finance services $3.12M
Raw agricultural goods $2.68M
Animal & marine products $1.96M
Raw materials & minerals $1.24M
Manufacturing & construction services $1.2M
Machinery & equipment $929K
Wood & paper products $84K
Processed food, beverages & tobacco $75K
Metals $52K

Balance of trade

Liberia Russia
Current account balance
$64.8M
2022
$63.4B
2024
Current account balance ranking
73/190
2022
12/190
2024
Current account balance, % of GDP
+1.62%
2022
+2.91%
2024
Goods imports
$1.53B
2022
$302B
2024
Goods exports
$1.03B
2022
$434B
2024
Service imports
$434M
2022
$81.5B
2024
Service exports
$192M
2022
$43.1B
2024
Imports of goods and services, % of GDP n/a
17.6%
2024
Exports of goods and services, % of GDP
28.5%
2025
21.9%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Liberia Russia
Economic freedom 49.8 50.3
Economic freedom ranking 163/197 161/197
Property rights 40.4 18.6
Government integrity 25.8 22.8
Judicial effectiveness 23.4 22.8
Tax burden 86.1 81.9
Government spending 79.5 61.3
Fiscal health 56.9 94.4
Business freedom 38 51.4
Labor freedom 43.4 59.1
Monetary freedom 71.4 61.8
Trade freedom 57.4 69.4
Investment freedom 55 30
Financial freedom 20 30

Economic freedom comparison by year

Liberia
Russia
1x
Year Economic freedom index
Liberia Russia
2026 49.8 50.3
2025 48.5 51.6
2024 49.9 52
2023 49.6 53.8
2022 47.9 56.1
2021 49.2 61.5
2020 49 61
2019 49.7 58.9
2018 50.9 58.2
2017 49.1 57.1
2016 52.2 50.6
2015 52.7 52.1
2014 52.4 51.9
2013 49.3 51.1
2012 48.6 50.5
2011 46.5 50.5
2010 46.2 50.3
2009 48.1 50.8
2008 - 49.8
2007 - 52.2
2006 - 52.4
2005 - 51.3
2004 - 52.8
2003 - 50.8
2002 - 48.7
2001 - 49.8
2000 - 51.8
1999 - 54.5
1998 - 52.8
1997 - 48.6
1996 - 51.6
1995 - 51.1

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/liberia/russia | CC BY

The Economic Freedom Index for Liberia is 49.8, ranking 163/197, compared to 50.3 for Russia, ranking 161/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Liberia Russia
Services, % of GDP
41.9%
2024
57.5%
2024
Industry, % of GDP
22.7%
2024
30.7%
2024
Agriculture, forestry, and fishing, % of GDP
33.8%
2024
2.74%
2024
GNI, Atlas method
$4.28B
2024
$2.24T
2024
GNI per capita, PPP
$1,750
2024
$46,780
2024
Total reserves including gold
$600M
2022
$597B
2023
Total reserves ranking
153/177
2022
6/177
2023
Net foreign direct investment
-$960M
2022
$9.37B
2024
Net inflows of foreign direct investment
$472M
2024
-$9.35B
2024
Net outflows of foreign direct investment
$74.9M
2024
-$170M
2024
Servicing debt to the IMF, % of GNI
3.09%
2024
2.65%
2024
Poverty at national poverty lines
50.9%
2016
12.1%
2020
Gross capital formation, % of GDP n/a
26.3%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/liberia/russia | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1997–2024, retrieved 2026-02-20)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1885–1996, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2021, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.