Comoros Economy Profile 2008

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. The political problems caused the economy to contract in 2007. Remittances from 150,000 Comorans abroad help supplement GDP.

GDP (purchasing power parity)

$1.262 billion (2007 est.)

GDP (official exchange rate)

$436 million (2007 est.)

GDP - real growth rate

-1% (2007 est.)

GDP - per capita (PPP)

$600 (2005 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%

Inflation rate (consumer prices)

3% (2005 est.)

Labor force

144,500 (1996 est.)

Labor force - by occupation

agriculture: 80%
industry and services: 20% (1996 est.)

Unemployment rate

20% (1996 est.)

Budget

revenues: $27.6 million
expenditures: $NA (2001 est.)

Industries

fishing, tourism, perfume distillation

Industrial production growth rate

-2% (1999 est.)

Electricity - production

20 million kWh (2005)

Electricity - consumption

18.6 million kWh (2005)

Electricity - exports

0 kWh (2005)

Electricity - imports

0 kWh (2005)

Oil - production

0 bbl/day (2005)

Oil - consumption

700 bbl/day (2005 est.)

Oil - imports

709.1 bbl/day (2004)

Oil - exports

0 bbl/day (2004)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2005 est.)

Natural gas - consumption

0 cu m (2005 est.)

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.)

Current Account Balance

-$17 million (2005 est.)

Agriculture - products

vanilla, cloves, ylang-ylang, perfume essences, copra, coconuts, bananas, cassava (tapioca)

Exports

$32 million f.o.b. (2006)

Exports - commodities

vanilla, ylang-ylang (perfume essence), cloves, copra

Exports - partners

Netherlands 35.8%, France 18.3%, Italy 12.8%, Singapore 7.8%, Turkey 5%, US 4.6% (2006)

Imports

$143 million f.o.b. (2006)

Imports - commodities

rice and other foodstuffs, consumer goods, petroleum products, cement, transport equipment

Imports - partners

France 24.8%, UAE 9.9%, South Africa 6.4%, Pakistan 6.3%, Kenya 5%, China 4.8%, India 4.4%, Italy 4.2% (2006)

Debt - external

$232 million (2000 est.)

Economic aid - recipient

$25.23 million (2005 est.)

Currency (code)

Comoran franc (KMF)

Exchange rates

Comoran francs (KMF) per US dollar - 361.4 (2007), 391.8 (2006), 395.6 (2005), 396.21 (2004), 435.9 (2003)
note: the Comoran franc is pegged to the euro at a rate of 491.9677 Comoran francs per euro

Fiscal year

calendar year