Comoros/Economy

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, is the leading sector of the economy. It 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 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. Continued foreign support is essential if the goal of 4% annual GDP growth is to be met.

GDP: purchasing power parity - $410 million (1998 est.)

GDP - real growth rate: 0% (1998 est.)

GDP - per capita: purchasing power parity - $725 (1998 est.)

GDP - composition by sector:
agriculture: 40%
industry: 5%
services: 55% (1997 est.)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 4% (1998)

Labor force: 144,500 (1996 est.)

Labor force - by occupation: agriculture 80%, government 3%

Unemployment rate: 20% (1996 est.)

Budget:
revenues: $48 million
expenditures: $53 million, including capital expenditures of $NA (1997)

Industries: tourism, perfume distillation, textiles, furniture, jewelry, construction materials, soft drinks

Industrial production growth rate: NA%

Electricity - production: 15 million kWh (1998)

Electricity - production by source:
fossil fuel: 86.67%
hydro: 13.33%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 14 million kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

Agriculture - products: vanilla, cloves, perfume essences, copra, coconuts, bananas, cassava (tapioca)

Exports: $9.3 million (f.o.b., 1998 est.)

Exports - commodities: vanilla, ylang-ylang, cloves, perfume oil, copra

Exports - partners: France 43%, US 43%, Germany 7% (1997)

Imports: $49.5 million (f.o.b., 1998 est.)

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

Imports - partners: France 59%, South Africa 15%, Kenya 6% (1997)

Debt - external: $197 million (1997 est.)

Economic aid - recipient: $28.1 million (1997)

Currency: 1 Comoran franc (CF) = 100 centimes

Exchange rates: Comoran francs (CF) per US$1 - 485.44 (January 2000), 461.77 (1999), 442.46 (1998), 437.75 (1997), 383.66 (1996), 374.36 (1995)
note: prior to January 1999, the official rate was pegged to the French franc at 75 CFs per French franc; since 1 January 1999, the CF is pegged to the euro at a rate of 491.9677 Comoran francs per euro

Fiscal year: calendar year