| Economy | Comoros |
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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. Export income is heavily reliant on the three main crops of vanilla, cloves, and ylang-ylang and Comoros' export earnings are easily disrupted by disasters such as fires. 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 - lacks a comprehensive strategy to attract foreign investment and 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. Political problems have inhibited growth, which averaged only about 1% in 2006-09, but more than 2% per year in 2010-11. Remittances from 150,000 Comorans abroad help supplement GDP. In September 2009 the IMF approved Comoros for a three-year $21 million loan, but the government has struggled to meet program targets, such as restricting spending on wages, strengthening domestic revenue collection, and moving forward on structural reforms. |
GDP (purchasing power parity):
|
$816 million (2011 est.)
$816 million (2010 est.)
$816 million (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$1,200 (2011 est.)
$1,200 (2010 est.)
$1,200 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$600 million (2011 est.) |
GDP - real growth rate:
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2.2% (2011 est.)
2.1% (2010 est.)
1.8% (2009 est.) |
GDP - composition by sector:
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agriculture: 41.8%
industry: 8.6%
services: 49.6% (2010 est.) |
Investment (gross fixed):
|
11.8% of GDP (2011 est.) |
Population below poverty line:
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60% (2002 est.) |
Household income or consumption by percentage share:
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lowest 10%: 0.9%
highest 10%: 55.2% (2004) |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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3.8% (2011 est.)
2.7% (2010 est.) |
Central bank discount rate:
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1.93% (31 December 2010 est.)
2.21% (31 December 2009 est.) |
Commercial bank prime lending rate:
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10% (31 December 2011 est.)
10.5% (31 December 2010 est.) |
Stock of money:
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$100.6 million (31 December 2008)
$96.01 million (31 December 2007) |
Stock of money - per capita:
|
127 USD per capita |
Stock of quasi money:
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$41.74 million (31 December 2008)
$37.48 million (31 December 2007) |
Stock of quasi money - per capita:
|
53 USD per capita |
Stock of domestic credit:
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$138.4 million (31 December 2011 est.)
$120.6 million (31 December 2010 est.) |
Stock of domestic credit - per capita:
|
175 USD per capita |
Stock of narrow money:
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$132.5 million (31 December 2011 est.)
$115.8 million (31 December 2010 est.) |
Stock of broad money:
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$214.4 million (31 December 2011 est.)
$186.7 million (31 December 2010 est.) |
Labor force:
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268,500 (2007 est.) |
Labor force participation rate:
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33.79 % of population |
Labor force - by occupation:
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agriculture: 80%
industry and services: 20% (1996 est.) |
Unemployment rate:
|
20% (1996 est.) |
Unemployment, youth ages 15-24:
|
void |
Budget:
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revenues: $133 million
expenditures: $141.3 million $NA (2011 est.) |
Budget revenues per capita:
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168 USD per capita |
Taxes and other revenues:
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22.2% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-1.4% of GDP (2011 est.) |
Public debt:
|
void |
Industries:
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fishing, tourism, perfume distillation |
Industrial production growth rate:
|
NA% |
Electricity - production:
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52 million kWh (2008 est.) |
Electricity - production per capita:
|
66 kWh per capita |
Electricity - consumption:
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48.36 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
61 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
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0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
1,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
0.46 bbl/year per capita |
Oil - exports:
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0 bbl/day (2009 est.) |
Oil - imports:
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966.8 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
|
vanilla, cloves, ylang-ylang (perfume essence), copra, coconuts, bananas, cassava (tapioca) |
Current account balance:
|
-$37.6 million (2011 est.)
-$38.9 million (2010 est.) |
Current account balance - per capita:
|
-47 USD per capita |
Exports:
|
$16.3 million (2011 est.)
$12.8 million (2010 est.) |
Exports per capita:
|
21 USD per capita |
Exports - commodities:
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vanilla, ylang-ylang (perfume essence), cloves, copra |
Exports - partners:
|
France 25.2%, Singapore 21.5%, Turkey 11.5%, Saudi Arabia 7.4%, US 7.2%, Netherlands 7%, Germany 4.6% (2010) |
Imports:
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$215.2 million (2011 est.)
$188.8 million (2010 est.) |
Imports per capita:
|
271 USD per capita |
Imports - commodities:
|
rice and other foodstuffs, consumer goods, petroleum products, cement, transport equipment |
Imports - partners:
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France 15.6%, Pakistan 15.5%, UAE 9.5%, China 6.9%, India 5.7%, Kenya 5.3%, Spain 4.5% (2010) |
Reserves of foreign exchange and gold:
|
$165.1 million (31 December 2011 est.)
$146.1 million (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
208 USD per capita |
Debt - external:
|
$279.3 million (31 December 2009 est.)
$279.3 million (2000 est.) |
Debt - external - per capita:
|
352 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
void |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
Comoran franc (KMF) |
Exchange rates:
|
Comoran francs (KMF) per US dollar -
349.7 (2011 est.)
371.46 (2010 est.) |
Fiscal year:
|
calendar year |
|
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