Short facts about the economy in Comoros
| Economy -
overview: |
One of the world's poorest countries,
Comoros is made up of three islands that have inadequate transportation links, a
young and rapidly increasing population, and few natural resources. The low
educational level of the labor force contributes to a subsistence level of
economic activity, high unemployment, and a heavy dependence on foreign grants
and technical assistance. Agriculture, including fishing, hunting, and forestry,
is the leading sector of the economy. It contributes 40% to GDP, employs 80% of
the labor force, and provides most of the exports. The country is not
self-sufficient in food production; rice, the main staple, accounts for the bulk
of imports. The government is struggling to upgrade education and technical
training, to privatize commercial and industrial enterprises, to improve health
services, to diversify exports, to promote tourism, and to reduce the high
population growth rate. Continued foreign support is essential if the goal of 4%
annual GDP growth is to be met. Remittances from 150,000 Comorans abroad help
supplement GDP. |
| GDP: |
purchasing power parity - $419 million
(2000 est.) |
| GDP - real
growth rate: |
0.5% (2000
est.) |
| GDP - per
capita: |
purchasing power parity - $720 (2000
est.) |
| GDP -
composition by sector: |
agriculture: 40%
industry: 4%
services: 56% (2000
est.) |
| Population
below poverty line: |
NA% |
| Household
income or consumption by percentage share: |
lowest 10%: NA%
highest 10%:
NA% |
| Inflation
rate (consumer prices): |
3.5%
(1999) |
| Labor
force: |
144,500 (1996
est.) |
| Labor force
- by occupation: |
agriculture
80% |
| Unemployment
rate: |
20% (1996
est.) |
| Budget: |
revenues: $48 million
expenditures: $53 million, including capital
expenditures of $NA (1997) |
| Industries: |
tourism, perfume distillation,
textiles, furniture, jewelry, construction materials, soft
drinks |
| Industrial
production growth rate: |
-2% (1999
est.) |
| Electricity
- production: |
17 million kWh
(1999) |
| Electricity
- production by source: |
fossil fuel: 88.24%
hydro: 11.76%
nuclear:
0%
other: 0% (1999) |
| Electricity
- consumption: |
15.8 million kWh
(1999) |
| Electricity
- exports: |
0 kWh
(1999) |
| Electricity
- imports: |
0 kWh
(1999) |
| Agriculture
- products: |
vanilla, cloves, perfume essences,
copra, coconuts, bananas, cassava (tapioca) |
| Exports: |
$7.9 million (f.o.b., 1999
est.) |
| Exports -
commodities: |
vanilla, ylang-ylang, cloves, perfume
oil, copra |
| Exports -
partners: |
France 50%, Germany 25%
(1998) |
| Imports: |
$55.1 million (f.o.b., 1999
est.) |
| Imports -
commodities: |
rice and other foodstuffs, consumer
goods; petroleum products, cement, transport
equipment |
| Imports -
partners: |
France 38%, Pakistan 13%, South Africa
8%, Kenya 8% (1998) |
| Debt -
external: |
$197 million (1997
est.) |
| Economic aid
- recipient: |
$28.1 million
(1997) |
| Currency: |
Comoran franc
(KMF) |
| Exchange
rates: |
Comoran francs per US dollar - 524.41
(January 2001), 533.98 (2000), 461.77 (1999), 442.46 (1998), 437.75 (1997),
383.66 (1996)
note: prior to January 1999, the official rate was
pegged to the French franc at 75 Comoran francs per French franc; since 1
January 1999, the Comoran franc is pegged to the euro at a rate of 491.9677
Comoran francs per euro |
| Fiscal
year: |
calendar year | Source: World Factbook |
