Comoros Economy 2008

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, 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 - which is hampered by internal political disputes - is struggling to upgrade education and technical training, privatize commercial and industrial enterprises, improve health services, diversify exports, promote tourism, and reduce the high population growth rate. The political problems caused the economy to contract in 2007. Remittances from 150,000 Comorans abroad help supplement GDP.

GDP (purchasing power parity):
$1.262 billion (2007 est.)

GDP (official exchange rate):
$402 million (2005 est.)

GDP - real growth rate:
-1% (2007 est.)

GDP - per capita (PPP):
$600 (2005 est.)

GDP - composition by sector:
agriculture: 40%
industry: 4%
services: 56% (2001 est.)

Labor force:
144,500 (1996 est.)

Labor force - by occupation:
agriculture: 80%
industry and services: 20% (1996 est.)

Unemployment rate:
20% (1996 est.)

Population below poverty line:
60% (2002 est.)

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
3% (2005 est.)

Budget:
revenues: $27.6 million
expenditures: $NA (2001 est.)

Agriculture - products:
vanilla, cloves, ylang-ylang, perfume essences, copra, coconuts, bananas, cassava (tapioca)

Industries:
fishing, tourism, perfume distillation

Industrial production growth rate:
-2% (1999 est.)

Electricity - production:
20 million kWh (2005)

Electricity - consumption:
18.6 million kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
0 bbl/day (2005)

Oil - consumption:
700 bbl/day (2005 est.)

Oil - exports:
0 bbl/day (2004)

Oil - imports:
709.1 bbl/day (2004)

Oil - proved reserves:
0 bbl (1 January 2006 est.)

natural gas - production:
0 cu m (2005 est.)

natural gas - consumption:
0 cu m (2005 est.)

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
0 cu m (2005)

natural gas - proved reserves:
0 cu m (1 January 2006 est.)

Current account balance:
-$17 million (2005 est.)

Exports:
$32 million f.o.b. (2006)

Exports - commodities:
vanilla, ylang-ylang (perfume essence), cloves, copra

Exports - partners:
Netherlands 35.8%, France 18.3%, Italy 12.8%, Singapore 7.8%, Turkey 5%, US 4.6% (2006)

Imports:
$143 million f.o.b. (2006)

Imports - partners:
France 24.8%, UAE 9.9%, South Africa 6.4%, Pakistan 6.3%, Kenya 5%, China 4.8%, India 4.4%, Italy 4.2% (2006)

Economic aid - recipient:
$25.23 million (2005 est.)

Debt - external:
$232 million (2000 est.)

Currency (code):
Comoran franc (KMF)

Exchange rates:
Comoran francs (KMF) per US dollar - NA (2007), 392.03 (2006), 395.6 (2005), 396.21 (2004), 435.9 (2003)
note: the Comoran franc is pegged to the euro at a rate of 491.9677 Comoran francs per euro