adopted 1978
Economy ::Comoros
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 has averaged only about 1% in 2006–09. Remittances from 150,000 Comorans abroad help supplement GDP. In September 2009 the IMF approved Comoros for a three-year $21 million loan. The IMF gave generally positive reports of the country's program performance as of October 2010. The African Development Bank approved a $34.6 million debt-relief package loan for Comoros in September 2010, and Comoros will attempt to qualifry for debt relief in 2012 under the IMF and World Bank's Heavily Indebted Poor Countries (HIPC) initiative.
GDP (purchasing power parity):
$789.4 million (2010 est.) country comparison to the world: 207 $776.2 million (2009 est.)
$762.5 million (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate):
$557 million (2010 est.)
GDP - real growth rate:
1.7% (2010 est.) country comparison to the world: 159 1.8% (2009 est.)
1% (2008 est.)
GDP - per capita (PPP):
$1,000 (2010 est.) country comparison to the world: 216 $1,000 (2009 est.)
$1,000 (2008 est.)
note: data are in 2010 US dollars
GDP - composition by sector:
agriculture: 40%
industry: 4%
services: 56% (2001 est.)
Labor force:
268,500 (2007 est.) country comparison to the world: 165
Labor force - by occupation:
agriculture: 80%
industry and services: 20% (1996 est.)
Unemployment rate:
20% (1996 est.) country comparison to the world: 164
Population below poverty line:
60% (2002 est.)
Household income or consumption by percentage share:
lowest 10%: 0.9%
highest 10%: 55.2% (2004)
Inflation rate (consumer prices):
3% (2007 est.) country comparison to the world: 90
Central bank discount rate:
2.21% (31 December 2009) country comparison to the world: 81 5.36% (31 December 2008)
Commercial bank prime lending rate:
10.5% (31 December 2009 est.) country comparison to the world: 85 10.5% (31 December 2008 est.)
Stock of narrow money:
$104.7 million (31 December 2009) country comparison to the world: 179 $98.36 million (31 December 2008)
Stock of broad money:
$168.6 million (31 December 2009) country comparison to the world: 182 $143.7 million (31 December 2008)
Stock of domestic credit:
$79.75 million (31 December 2008 est.) country comparison to the world: 179 $60.57 million (31 December 2007 est.)
Agriculture - products:
vanilla, cloves, ylang-ylang, perfume essences, copra, coconuts, bananas, cassava (tapioca)
Industries:
fishing, tourism, perfume distillation
Industrial production growth rate:
NA%
Electricity - production:
22 million kWh (2007 est.) country comparison to the world: 204
Electricity - consumption:
20.46 million kWh (2007 est.) country comparison to the world: 204
Electricity - exports:
0 kWh (2008 est.)
Electricity - imports:
0 kWh (2008 est.)
Oil - production:
0 bbl/day (2009 est.) country comparison to the world: 195
Oil - consumption:
1,000 bbl/day (2009 est.) country comparison to the world: 202
Oil - exports:
0 bbl/day (2007 est.) country comparison to the world: 203
Oil - imports:
766 bbl/day (2007 est.) country comparison to the world: 190
Oil - proved reserves:
0 bbl (1 January 2010 est.) country comparison to the world: 191
Natural gas - production:
0 cu m (2008 est.) country comparison to the world: 184
Natural gas - consumption:
0 cu m (2008 est.) country comparison to the world: 196
Natural gas - exports:
0 cu m (2008 est.) country comparison to the world: 187
Natural gas - imports:
0 cu m (2008 est.) country comparison to the world: 189
Natural gas - proved reserves:
0 cu m (1 January 2010 est.) country comparison to the world: 191
Current account balance:
$8 million (2007 est.) country comparison to the world: 60
Exports:
$32 million (2006) country comparison to the world: 202
Exports - commodities:
vanilla, ylang-ylang (perfume essence), cloves, copra
Exports - partners:
Turkey 25.2%, France 20.44%, Singapore 17.44%, Algeria 8.02%, Italy 6.09%, Saudi Arabia 5% (2009)
Imports:
$143 million (2006) country comparison to the world: 205
Imports - commodities:
rice and other foodstuffs, consumer goods, petroleum products, cement, transport equipment
Imports - partners:
France 15.5%, China 14.66%, India 10.55%, UAE 7.88%, Pakistan 5.69%,
Kenya 4.51% (2009)