| Economy | Sao Tome and Principe |
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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 (HIPC) 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 (PRGF) 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):
|
$306 million (2011 est.)
$290.7 million (2010 est.)
$277.6 million (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$2,000 (2011 est.)
$1,900 (2010 est.)
$1,900 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$200 million (2011 est.) |
GDP - real growth rate:
|
5% (2011 est.)
4.5% (2010 est.)
4% (2009 est.) |
GDP - composition by sector:
|
agriculture: 14.6%
industry: 23.8%
services: 61.7% (2011 est.) |
Investment (gross fixed):
|
41.8% of GDP (2011 est.) |
Population below poverty line:
|
54% (2004 est.) |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
12% (2011 est.)
14.4% (2010 est.) |
Central bank discount rate:
|
16% (31 December 2009)
28% (31 December 2008) |
Commercial bank prime lending rate:
|
18% (31 December 2011 est.)
20% (31 December 2010 est.) |
Stock of money:
|
$27.84 million (31 December 2008)
$19.99 million (31 December 2007) |
Stock of money - per capita:
|
156 USD per capita |
Stock of quasi money:
|
$36.95 million (31 December 2008)
$33.5 million (31 December 2007) |
Stock of quasi money - per capita:
|
206 USD per capita |
Stock of domestic credit:
|
$21.38 million (31 December 2011 est.)
$16.17 million (31 December 2010 est.) |
Stock of domestic credit - per capita:
|
120 USD per capita |
Stock of narrow money:
|
$19.33 million (31 December 2011 est.)
$16.46 million (31 December 2010 est.) |
Stock of broad money:
|
$67.88 million (31 December 2011 est.)
$77.3 million (31 December 2010 est.) |
Labor force:
|
52,490 (2007) |
Labor force participation rate:
|
29.24 % of population |
Labor force - by occupation:
|
note: population mainly engaged in subsistence agriculture and fishing; shortages of skilled workers |
Unemployment rate:
|
NA% |
Unemployment, youth ages 15-24:
|
void |
Budget:
|
revenues: $44.62 million
expenditures: $52.77 million (2011 est.) |
Budget revenues per capita:
|
249 USD per capita |
Taxes and other revenues:
|
22.3% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
-4.1% of GDP (2011 est.) |
Public debt:
|
void |
Industries:
|
light construction, textiles, soap, beer, fish processing, timber |
Industrial production growth rate:
|
7% (2010 est.) |
Electricity - production:
|
41 million kWh (2008 est.) |
Electricity - production per capita:
|
229 kWh per capita |
Electricity - consumption:
|
38.13 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
213 kWh per capita |
Electricity - exports:
|
0 kWh (2009) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
1,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
2.03 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2009 est.) |
Oil - imports:
|
889 bbl/day (2009 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2010 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:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
|
cocoa, coconuts, palm kernels, copra, cinnamon, pepper, coffee, bananas, papayas, beans; poultry; fish |
Current account balance:
|
-$90 million (2011 est.)
-$73.2 million (2010 est.) |
Current account balance - per capita:
|
-501 USD per capita |
Exports:
|
$16.6 million (2011 est.)
$13.5 million (2010 est.) |
Exports per capita:
|
93 USD per capita |
Exports - commodities:
|
cocoa 80%, copra, coffee, palm oil |
Exports - partners:
|
Netherlands 47.6%, Belgium 17.4%, France 5.9%, Thailand 4.9% (2010) |
Imports:
|
$119.5 million (2011 est.)
$99.65 million (2010 est.) |
Imports per capita:
|
666 USD per capita |
Imports - commodities:
|
machinery and electrical equipment, food products, petroleum products |
Imports - partners:
|
Portugal 61%, Malaysia 7.4%, Netherlands 5.3%, Gabon 4.6% (2010) |
Reserves of foreign exchange and gold:
|
$52.6 million (31 December 2011 est.)
$46.8 million (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
294 USD per capita |
Debt - external:
|
$185.9 million (31 December 2009 est.)
$318 million (2002 est.) |
Debt - external - per capita:
|
1,036 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:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
dobra (STD) |
Exchange rates:
|
dobras (STD) per US dollar -
17,692.7 (2011 est.)
18,499 (2010 est.)
16,209 (2009)
14,900 (2008)
13,700 (2007) |
Fiscal year:
|
calendar year |
|
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