| People | 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 has to import all fuels, most manufactured goods, consumer goods, and a substantial amount of food. Over the years, it has had difficulty servicing its external debt and has relied heavily on concessional aid and debt rescheduling. Sao Tome 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, Sao Tome signed on to a new 3-year IMF Poverty Reduction and Growth Facility (PRGF) program worth $4.3 million. 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. Sao Tome is optimistic about the development of petroleum resources in its territorial waters in the oil-rich Gulf of Guinea, which are being jointly developed in a 60-40 split with Nigeria. The first production licenses were sold in 2004, though a dispute over licensing with Nigeria delayed Sao Tome's receipt of more than $20 million in signing bonuses for almost a year. Real GDP growth exceeded 6% in 2007, as a result of increases in public expenditures and oil-related capital investment. |
GDP (purchasing power parity):
|
$256 million (2007 est.) |
GDP (official exchange rate):
|
$144 million (2007 est.) |
GDP - real growth rate:
|
6% (2007 est.) |
GDP - per capita (PPP):
|
$1,600 (2007 est.) |
GDP - composition by sector:
|
agriculture: 14.9%
industry: 14%
services: 71% (2007 est.) |
Investment (gross fixed):
|
43.5% of GDP (2007 est.) |
Population below poverty line:
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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):
|
19.9% (2007 est.) |
Labor force:
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35,050 (1991) |
Labor force participation rate:
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17.00 % of population |
Labor force - by occupation:
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note: population mainly engaged in subsistence agriculture and fishing; shortages of skilled workers |
Unemployment rate:
|
NA% |
Budget:
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revenues: $74.59 million
expenditures: $57.25 million (2007 est.) |
Budget revenues per capita:
|
362 USD per capita |
Public debt:
|
void |
Industries:
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light construction, textiles, soap, beer, fish processing, timber |
Industrial production growth rate:
|
7% (2007 est.) |
Electricity - production:
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18 million kWh (2005) |
Electricity - production per capita:
|
88 kWh per capita |
Electricity - consumption:
|
16.74 million kWh (2005) |
Electricity - consumption - per capita:
|
82 kWh per capita |
Electricity - exports:
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0 kWh (2005) |
Electricity - imports:
|
0 kWh (2005) |
Oil - production:
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0 bbl/day (2005 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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650 bbl/day (2005 est.) |
Oil - consumption - per capita:
|
1.15 bbl/year per capita |
Oil - exports:
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0 bbl/day (2004) |
Oil - imports:
|
634.4 bbl/day (2004) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2005 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2005 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2005 est.) |
Natural gas - imports:
|
0 cu m (2005) |
Natural gas - proved reserves:
|
0 cu m (1 January 2006 est.) |
Agriculture - products:
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cocoa, coconuts, palm kernels, copra, cinnamon, pepper, coffee, bananas, papayas, beans; poultry; fish |
Current account balance:
|
-$51 million (2007 est.) |
Current account balance - per capita:
|
-247 USD per capita |
Exports:
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$4.384 million f.o.b. (2007 est.) |
Exports per capita:
|
22 USD per capita |
Exports - commodities:
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cocoa 80%, copra, coffee, palm oil |
Exports - partners:
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Belgium 24.3%, Netherlands 24.3%, France 13.2%, US 6%, Portugal 4.3% (2006) |
Imports:
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$71.2 million f.o.b. (2007 est.) |
Imports per capita:
|
346 USD per capita |
Imports - commodities:
|
machinery and electrical equipment, food products, petroleum products |
Imports - partners:
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Portugal 60.9%, US 11.3%, Gabon 4.4% (2006) |
Reserves of foreign exchange and gold:
|
$34.6 million (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
|
168 USD per capita |
Debt - external:
|
$318 million (2002) |
Debt - external - per capita:
|
1,543 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Market value of publicly traded shares:
|
$NA |
Economic aid - donor:
|
void |
Economic aid - recipient:
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$31.9 million in December 2000 under the Heavily Indebted Poor Country Initiative (HIPC) program (2005) |
Economic aid - recipient per capita:
|
155 USD per capita |
Currency (code):
|
dobra (STD) |
Exchange rates:
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dobras per US dollar - 13,700 (2007), 12,050 (2006), 9,900.4 (2005), 9,902.3 (2004), 9,347.6 (2003) |
Fiscal year:
|
calendar year |
|
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