| Economy | Timor-Leste |
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Economy - overview:
|
In late 1999, about 70% of the economic infrastructure of Timor-Leste was laid waste by Indonesian troops and anti-independence militias. Three hundred thousand people fled westward. Over the next three years a massive international program, manned by 5,000 peacekeepers (8,000 at peak) and 1,300 police officers, led to substantial reconstruction in both urban and rural areas. The country continues to face great challenges in rebuilding its infrastructure, strengthening the civil administration, and generating jobs for young people entering the work force. The development of oil and gas resources in offshore waters has greatly supplemented government revenues. This technology-intensive industry, however, has done little to create jobs for the unemployed because there are no production facilities in Timor-Leste. Gas is piped to Australia. In June 2005, the National Parliament unanimously approved the creation of a Petroleum Fund to serve as a repository for all petroleum revenues and to preserve the value of Timor-Leste's petroleum wealth for future generations. The Fund held assets of US$8.9 billion as of September 2011. The economy continues to recover strongly from the mid-2006 outbreak of violence and civil unrest, which disrupted both private and public sector economic activity. Most of an estimated 100,000 internally displaced persons (IDPs) returned home by early 2009. Government spending increased markedly in 2009 and 2010, primarily on basic infrastructure, including electricity and roads. Limited experience in procurement and infrastructure building has hampered these projects. The underlying economic policy challenge the country faces remains how best to use oil-and-gas wealth to lift the non-oil economy onto a higher growth path and to reduce poverty. The parliament in late 2011 approved an ambitious, infrastructure-focused $1.67 billion budget for 2012 that would put the country in debt for the first time in its 10-year history. |
GDP (purchasing power parity):
|
$3.366 billion (2011 est.)
$3.162 billion (2010 est.)
$2.958 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$3,100 (2011 est.)
$2,900 (2010 est.)
$2,800 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$700 million (2011 est.) |
GDP - real growth rate:
|
7.3% (2011 est.)
6.1% (2010 est.)
12.9% (2009 est.) |
GDP - composition by sector:
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agriculture: 27%
industry: 18.1%
services: 54.8% (2011 est.) |
Investment (gross fixed):
|
39.8% of GDP (2011 est.) |
Population below poverty line:
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42% (2003 est.) |
Household income or consumption by percentage share:
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lowest 10%: 4%
highest 10%: 27% (2007) |
Distribution of family income - Gini index:
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31.9 (2007 est.)
38 (2002 est.) |
Inflation rate (consumer prices):
|
7.5% (2011 est.)
6.9% (2010 est.) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
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11.1% (31 December 2011 est.)
11% (31 December 2010 est.) |
Stock of money:
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$102.8 million (31 December 2008)
$74.94 million (31 December 2007) |
Stock of money - per capita:
|
88 USD per capita |
Stock of quasi money:
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$89.88 million (31 December 2008)
$68.78 million (31 December 2007) |
Stock of quasi money - per capita:
|
77 USD per capita |
Stock of domestic credit:
|
$127.1 million (31 December 2008 est.)
$100 million (31 December 2009 est.) |
Stock of domestic credit - per capita:
|
108 USD per capita |
Stock of narrow money:
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$158.4 million (31 December 2011 est.)
$142.6 million (31 December 2010 est.) |
Stock of broad money:
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$329.3 million (31 December 2011 est.)
$294 million (31 December 2010 est.) |
Labor force:
|
414,200 (2007) |
Labor force participation rate:
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35.17 % of population |
Labor force - by occupation:
|
agriculture: 90%
industry: NA%
services: NA% (2006 est.) |
Unemployment rate:
|
20% (2006 est.)
note: data are for rural areas, unemployment rises to more than 40% among urban youth |
Unemployment, youth ages 15-24:
|
void |
Budget:
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revenues: $1.2 billion
expenditures: $1.3 billion (2011 est.) |
Budget revenues per capita:
|
1,019 USD per capita |
Taxes and other revenues:
|
NA% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
-14.3% of GDP (2011 est.) |
Public debt:
|
void |
Industries:
|
printing, soap manufacturing, handicrafts, woven cloth |
Industrial production growth rate:
|
8.5% (2004 est.) |
Electricity - production:
|
NA kWh (2008 est.) |
Electricity - production per capita:
|
void |
Electricity - consumption:
|
NA kWh (2008 est.) |
Electricity - consumption - per capita:
|
void |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
87,500 bbl/day (2010 est.) |
Oil - production per capita:
|
74,289 bbl/day per capita |
Oil - consumption:
|
2,600 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
0.81 bbl/year per capita |
Oil - exports:
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86,000 bbl/day (2009 est.) |
Oil - imports:
|
2,205 bbl/day (2009 est.) |
Oil - proved reserves:
|
553.8 million bbl (1 January 2011 est.) |
Natural gas - production:
|
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:
|
200 billion cu m (1 January 2006 est.) |
Agriculture - products:
|
coffee, rice, corn, cassava, sweet potatoes, soybeans, cabbage, mangoes, bananas, vanilla |
Current account balance:
|
$1.161 billion (2007 est.) |
Current account balance - per capita:
|
986 USD per capita |
Exports:
|
$9.2 million (2009 est.)
$10 million (2005 est.)
note: excludes oil |
Exports per capita:
|
8 USD per capita |
Exports - commodities:
|
coffee, sandalwood, marble; note - potential for oil and vanilla exports |
Exports - partners:
|
void |
Imports:
|
$384.9 million (2009 est.)
$202 million (2004 est.) |
Imports per capita:
|
327 USD per capita |
Imports - commodities:
|
food, gasoline, kerosene, machinery |
Imports - partners:
|
void |
Reserves of foreign exchange and gold:
|
$406.2 million (31 December 2010 est.)
$249.9 million (31 December 2009 est.) |
Reserves of foreign exchange and gold - per capita:
|
345 USD per capita |
Debt - external:
|
void |
Debt - external - per capita:
|
void |
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:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
US dollar (USD) |
Exchange rates:
|
the US dollar is used |
Fiscal year:
|
calendar year |
|
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