Comoros Economy - 2004

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, to privatize commercial and industrial enterprises, to improve health services, to diversify exports, to promote tourism, and to 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:
purchasing power parity - $441 million (2002 est.)

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%

Inflation rate (consumer prices):
3.5% (2001 est.)

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:
21.27 million kWh (2001)

Electricity - production by source:
fossil fuel: 90.6%
hydro: 9.4%
other: 0% (2001)
nuclear: 0%

Electricity - consumption:
19.78 million kWh (2001)

Electricity - exports:
0 kWh (2001)

Electricity - imports:
0 kWh (2001)

Oil - production:
0 bbl/day (2001 est.)

Oil - consumption:
700 bbl/day (2001 est.)

Oil - exports:
NA

Oil - imports:
NA

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:
France 31%, Germany 17.2%, US 17.2%, Singapore 10.3%, Netherlands 6.9% (2002)

Imports:
$88 million f.o.b. (2002 est.)

Imports - commodities:
rice and other foodstuffs, consumer goods; petroleum products, cement, transport equipment

Imports - partners:
France 34.1%, South Africa 11.4%, Japan 5.7%, Kenya 5.7%, UAE 5.7%, Mauritius 4.5%, Thailand 4.5% (2002)

Debt - external:
$232 million (2000 est.)

Economic aid - recipient:
$10 million (2001 est.)

Currency:
Comoran franc (KMF)

Currency code:
KMF

Exchange rates:
Comoran francs (KMF) per US dollar - 435.9 (2003), 522.74 (2002), 549.78 (2001), 533.98 (2000), 461.78 (1999)
note: prior to January 1999, the official rate was pegged to the French franc at 75 Comoran francs per French franc; since 1 January 1999, the Comoran franc is pegged to the euro at a rate of 491.9677 Comoran francs per euro