Economy - overview:
This small, poor island economy has become increasingly dependent on cocoa since independence in 1975. Cocoa production has substantially declined in recent years because of drought and mismanagement. Sao Tome and Principe has to import fuels, most manufactured goods, consumer goods, and a substantial amount of food, making it vulnerable to fluctuations in global commodity prices. Over the years, it has had difficulty servicing its external debt and has relied heavily on concessional aid and debt rescheduling. Sao Tome and Principe benefited from $200 million in debt relief in December 2000 under the Highly Indebted Poor Countries program, which helped bring down the country's $300 million debt burden. In August 2005, the government signed on to a new 3-year IMF Poverty Reduction and Growth Facility program worth $4.3 million. In April 2011 the country completed a Threshold Country Program with The Millennium Challenge Corporation to help increase tax revenues, reform customs, and improve the business environment. Considerable potential exists for development of a tourist industry, and the government has taken steps to expand facilities in recent years. The government also has attempted to reduce price controls and subsidies. Potential exists for the development of petroleum resources in Sao Tome and Principe's territorial waters in the oil-rich Gulf of Guinea, which are being jointly developed in a 60-40 split with Nigeria, but any actual production is at least several years off. The first production licenses were sold in 2004, though a dispute over licensing with Nigeria delayed the country's receipt of more than $20 million in signing bonuses for almost a year. Maintaining control of inflation, fiscal discipline, and increasing flows of foreign direct investment into the oil sector are the major economic problems facing the country.

GDP (purchasing power parity):
$663.7 million (2015 est.) $632.1 million (2014 est.) $604.9 million (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 210
[see also: GDP country ranks ]

GDP (official exchange rate):
$326 million (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5% (2015 est.) 4.5% (2014 est.) 4% (2013 est.)
country comparison to the world: 40
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$3,400 (2015 est.) $3,200 (2014 est.) $3,100 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 180
[see also: GDP - per capita country ranks ]

Gross national saving:
19.7% of GDP (2015 est.) -2% of GDP (2014 est.) 8.1% of GDP (2013 est.)
country comparison to the world: 86
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 85%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 48.4%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 12.3%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -58.8% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 18.4%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 16%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 65.6% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
cocoa, coconuts, palm kernels, copra, cinnamon, pepper, coffee, bananas, papayas, beans; poultry; fish

Industries:
light construction, textiles, soap, beer, fish processing, timber

Industrial production growth rate:
4.3% (2015 est.)
country comparison to the world: 46
[see also: Industrial production growth rate country ranks ]

Labor force:
68,640 (2015 est.)
country comparison to the world: 187
[see also: Labor force country ranks ]

Labor force - by occupation:
note: population mainly engaged in subsistence agriculture and fishing; shortages of skilled workers

Unemployment rate:
13.5% (2014 est.) 13.7% (2013 est.)
country comparison to the world: 143
[see also: Unemployment rate country ranks ]

Population below poverty line:
66.2% (2009 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $84.33 million
[see also: Budget revenues country ranks ]
expenditures: $101.3 million (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
25.9% of GDP (2015 est.)
country comparison to the world: 114
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5.2% of GDP (2015 est.)
country comparison to the world: 175
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
93.9% of GDP (2015 est.) 69.6% of GDP (2014 est.)
country comparison to the world: 22
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
5.5% (2015 est.) 7% (2014 est.)
country comparison to the world: 179
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
16% (31 December 2009) 28% (31 December 2008)
country comparison to the world: 8
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
15% (31 December 2015 est.) 16% (31 December 2014 est.)
country comparison to the world: 39
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$62.19 million (31 December 2015 est.) $54.91 million (31 December 2014 est.)
country comparison to the world: 189
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$133.1 million (31 December 2014 est.) $120.8 million (31 December 2013 est.)
country comparison to the world: 192
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$74.86 million (31 December 2015 est.) $80.91 million (31 December 2014 est.)
country comparison to the world: 184
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$40 million (2015 est.) -$94 million (2014 est.)
country comparison to the world: 59
[see also: Current account balance country ranks ]

Exports:
$18.1 million (2015 est.) $17.4 million (2014 est.)
country comparison to the world: 213
[see also: Exports country ranks ]

Exports - commodities:
cocoa 80%, copra, coffee, palm oil (2010 est.)

Exports - partners:
Netherlands 25.6%, Belgium 23.6%, Turkey 17.9%, Spain 8.6%, US 6.1%, Germany 5.3% (2014)

Imports:
$138.7 million (2015 est.) $145.6 million (2014 est.)
country comparison to the world: 211
[see also: Imports country ranks ]

Imports - commodities:
machinery and electrical equipment, food products, petroleum products

Imports - partners:
Portugal 65.4%, Gabon 6.1%, China 5.3% (2014)

Reserves of foreign exchange and gold:
$64.1 million (31 December 2015 est.) $63.52 million (31 December 2014 est.)
country comparison to the world: 168
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$234.1 million (31 December 2014 est.) $214.4 million (31 December 2013 est.)
country comparison to the world: 188
[see also: Debt - external country ranks ]

Exchange rates:
dobras (STD) per US dollar - 21,681 (2015 est.) 18,466 (2014 est.) 18,466 (2013 est.) 19,068 (2012 est.) 17,623 (2011 est.)