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Comoros Economy




Comoros    Economy Top of Page
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)
Currency code: 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

 

Countryfacts Information Courtesy: CIA Worldbook








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