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Comoros Economy Profile 2018

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Economy - overviewOne of the world's poorest countries, the Comoros is made up of three islands that are hampered by 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 and a heavy dependence on foreign grants and technical assistance. Agriculture, including fishing, hunting, and forestry, accounts for 50% of 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 (perfume essence); and the Comoros' export earnings are easily disrupted by disasters such as fires and extreme weather. Despite agriculture’s importance to the economy, the country imports roughly 70% of its food; rice, the main staple, accounts for the bulk of imports. Remittances from about 300,000 Comorans contribute about 25% of the country’s GDP.

The new government, elected in mid-2016, will be challenged to provide basic services, upgrade education and technical training, privatize commercial and industrial enterprises, improve health services, diversify exports, promote tourism, and reduce the high population growth rate. Recurring political instability, sometimes initiated from outside the country, has inhibited growth. In late 2015, Saudi Arabia provided a large budget grant to the Comorian Government, allowing arrears to be cleared and resulting in an overall fiscal surplus for 2016. The government has moved to improve revenue mobilization, reduce expenditures, and improve electricity access.
GDP (purchasing power parity)$1.323 billion (2017 est.)
$1.281 billion (2016 est.)
$1.254 billion (2015 est.)
note: data are in 2017 dollars
GDP (official exchange rate)$659 million (2016 est.)
GDP - real growth rate3.3% (2017 est.)
2.2% (2016 est.)
1% (2015 est.)
GDP - per capita (PPP)$1,600 (2017 est.)
$1,600 (2016 est.)
$1,600 (2015 est.)
note: data are in 2017 dollars
Gross national saving12.2% of GDP (2017 est.)
10.9% of GDP (2016 est.)
18.9% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 104%
government consumption: 19.3%
investment in fixed capital: 4.6%
investment in inventories: 5.7%
exports of goods and services: 19.2%
imports of goods and services: -52.8% (2017 est.)
GDP - composition by sectoragriculture: 49.5%
industry: 11.8%
services: 38.7% (2017 est.)
Population below poverty line44.8% (2004 est.)
Labor force278,500 (2016 est.)
Labor force - by occupationagriculture: 80%
industry and services: 20% (1996 est.)
Unemployment rate6.5% (2014 est.)
Household income or consumption by percentage sharelowest 10%: 0.9%
highest 10%: 55.2% (2004)
Budgetrevenues: $148.6 million
expenditures: $183.1 million (2017 est.)
Taxes and other revenues22.6% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-5.2% of GDP (2017 est.)
Public debt26.3% of GDP (2016 est.)
25.2% of GDP (2015 est.)
Inflation rate (consumer prices)2% (2017 est.)
1.8% (2016 est.)
Central bank discount rate1.93% (31 December 2010)
2.21% (31 December 2009)
Commercial bank prime lending rate10.5% (31 December 2017 est.)
10.5% (31 December 2016 est.)
Stock of narrow money$193.8 million (31 December 2017 est.)
$180.5 million (31 December 2016 est.)
Stock of broad money$295.5 million (31 December 2017 est.)
$268.8 million (31 December 2016 est.)
Stock of domestic credit$204.3 million (31 December 2017 est.)
$183.9 million (31 December 2016 est.)
Agriculture - productsvanilla, cloves, ylang-ylang (perfume essence), coconuts, bananas, cassava (manioc)
Industriesfishing, tourism, perfume distillation
Industrial production growth rate0.8% (2017 est.)
Current Account Balance-$63 million (2017 est.)
-$62 million (2016 est.)
Exports$18.4 million (2017 est.)
$17.9 million (2016 est.)
Exports - commoditiesvanilla, ylang-ylang (perfume essence), cloves
Exports - partnersFrance 25.6%, South Korea 15%, Germany 11.8%, India 10.4%, Singapore 4.4%, Russia 4.2%, Mauritius 4.1% (2016)
Imports$194.8 million (2017 est.)
$189 million (2016 est.)
Imports - commoditiesrice and other foodstuffs, consumer goods, petroleum products, cement and construction materials, transport equipment
Imports - partnersUAE 29.5%, France 21.2%, China 11.3%, Pakistan 7.3%, Madagascar 6.2%, India 4.7% (2016)
Debt - external$131.1 million (31 December 2017 est.)
$132 million (31 December 2016 est.)
Exchange ratesComoran francs (KMF) per US dollar -
458.2 (2017 est.)
444.76 (2016 est.)
444.76 (2015 est.)
443.6 (2014 est.)
370.81 (2013 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on January 20, 2018