Comoran Economy, Comoros Economy
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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. 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 - 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. Increased 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: 3% (2004)
GDP - real growth rate: 2% (2002 est.)
GDP - per capita: Purchasing power parity - $700 (2002 est.)
GDP - composition by sector: Agriculture: 40% industry: 4% services: 56% (2001 est.)
Population below poverty line: 60% (2002 est.)
Household income or consumption by percentage share: Lowest 10%: NA highest 10%: NA
Distribution of family income - Gini index:
Inflation rate (consumer prices):
Labor force: 144,500 (1996 est.)
Labor force - by occupation: Agriculture 80%
Unemployment rate: 20% (1996 est.)
Budget: Revenues: $27.6 million expenditures: NA, including capital expenditures of NA (2001 est.)
Industries: Tourism, perfume distillation
Industrial production growth rate: -2% (1999 est.)
Electricity - production: 23.84 million kWh (2002)
Electricity - production by source:
Electricity - consumption: 22.17 million kWh (2002)
Electricity - exports: 0 kWh (2002)
Electricity - imports: 0 kWh (2002)
Oil - production: 0 bbl/day (2001 est.)
Oil - consumption: 700 bbl/day (2001 est.)
Oil - exports: NA
Oil - imports: NA
Oil - proved reserves:
Natural gas - production:
Natural gas - consumption:
Natural gas - exports:
Natural gas - imports:
Natural gas - proved reserves:
Agriculture - products: Vanilla, cloves, perfume essences, copra, coconuts, bananas, cassava (tapioca)
Exports: $28 million f.o.b. (2002 est.)
Exports - commodities: Vanilla, ylang-ylang, cloves, perfume oil, copra
Exports - partners: US 43.8%, France 18.6%, Singapore 16.5%, Turkey 4.8%, Germany 4.5% (2004)
Imports: $88 million f.o.b. (2002 est.)
Imports - commodities: Rice and other foodstuffs, consumer goods; petroleum products, cement, transport equipment
Imports - partners: France 23.5%, South Africa 11.1%, Kenya 7.5%, UAE 7.2%, Italy 4.9%, Pakistan 4.7%, Mauritius 4.2%, Singapore 4.1% (2004)
Debt - external: $232 million (2000 est.)
Economic aid - recipient: $10 million (2001 est.)
Currency:
Currency code:
Exchange rates: Comoran francs (KMF) per US dollar - 396.21 (2004), 435.9 (2003), 522.74 (2002), 549.78 (2001), 533.98 (2000) note: the Comoran franc is pegged to the euro at a rate of 491.9677 Comoran francs per euro
Fiscal year: Calendar year
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The information here has been derived from Public Domain Sources such as the CIA World Factbook. No liability can be taken for any inaccuracies.
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