25 January 2016

Liberia: CBL Reports Decline in Industrial Production

The Central Bank of Liberia (CBL) has reported a sharp decline in gold, diamond and iron ore production between July and September, 2015.

The CBL Financial and Economic Bulletin released recently blamed the fall on the decline of the prices of the country's major export commodities on the world market.

According to the bulletin, gold production fell to 990 ounces, down from 2,744 ounces produced in the preceding quarter, adding that the slump in production can be attributed to the decline in the world market price of the commodity.

The report stated that the total production of diamond during the same period stood at 11,769 carats, 46.4 percent lower than the output of the previous quarter.

The report further stated that the decline in diamond output was also occasioned by seasonal factors such as inundation of mining fields.

The report stressed that the provisional estimate of iron ore production was 2,151, 190 metric tons up from 1,350,302 metric tons produced in the previous quarter, representing a 38.0 percent increase.

The report further noted that cement production declined to 56.000 .03 metric tons down from 80, 843 metric tons produced in the preceding quarter.

The report indicated that the 30.7 percent quarterly fall in output was a result of sluggish demand for the product due to the raining season, a period during which construction activities are most often on the decline.

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