Comoros Economy Profile 2009

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 have inhibited growth, which has averaged only about 1% in 2006-08. Remittances from 150,000 Comorans abroad help supplement GDP.

GDP (purchasing power parity)

$751.2 million (2008 est.)
$747.4 million (2007 est.)
$743.7 million (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$532 million (2008 est.)

GDP - real growth rate

0.5% (2008 est.)
0.5% (2007 est.)
1.3% (2006 est.)

GDP - per capita (PPP)

$1,000 (2008 est.)
$1,100 (2007 est.)
$1,100 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 40%
industry: 4%
services: 56% (2001 est.)

Population below poverty line

60% (2002 est.)

Labor force

268,500 (2007 est.)

Labor force - by occupation

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

Unemployment rate

20% (1996 est.)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Budget

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

Inflation rate (consumer prices)

3% (2007 est.)

Central bank discount rate

5.36% (31 December 2008)
5.36% (31 December 2007)

Commercial bank prime lending rate

NA% (31 December 2008)
10.5% (31 December 2007)

Stock of money

$73.12 million (31 December 2008)
$76.68 million (31 December 2007)

Stock of quasi money

$23.74 million (31 December 2008)
$23.39 million (31 December 2007)

Stock of domestic credit

$50.64 million (31 December 2008)
$45.09 million (31 December 2007)

Industries

fishing, tourism, perfume distillation

Industrial production growth rate

-2% (1999 est.)

Electricity - production

20 million kWh (2006 est.)

Electricity - production by source

fossil fuel: 90.6%
hydro: 9.4%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

18.6 million kWh (2006 est.)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

0 bbl/day (2007 est.)

Oil - consumption

712.3 bbl/day (2006 est.)

Oil - imports

755.4 bbl/day (2005)

Oil - exports

0 bbl/day (2005)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

0 cu m (2007 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

0 cu m (2007 est.)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Current Account Balance

$8 million (2007 est.)

Agriculture - products

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

Exports

$32 million (2006)

Exports - commodities

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

Exports - partners

France 30.5%, Turkey 17.2%, Greece 10.6%, Brazil 10%, Singapore 7.7%, Saudi Arabia 4.9%, India 4.3% (2008)

Imports

$143 million (2006)

Imports - commodities

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

Imports - partners

Brazil 13.5%, France 13.2%, China 10.5%, UAE 9.2%, South Africa 6.1%, Italy 5.3%, Pakistan 5.3%, Singapore 4.2%, Kenya 4.2% (2008)

Debt - external

$232 million (2000 est.)

Economic aid - recipient

$25.23 million (2005 est.)

Currency (code)

Comoran franc (KMF)

Currency (code)

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