Economy Of Sao Tome and Principe - Sao Tome and Principe Information

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Economy Of Sao Tome and Principe
Sao Tome and Principe Information - Country Guides

Economy overview	This small poor island economy has become increasingly dependent on cocoa since independence 29 years ago. Cocoa production has substantially declined in recent years because of drought and mismanagement, but strengthening prices helped boost export earnings in 2003. Sao Tome has to import all fuels, most manufactured goods, consumer goods, and a substantial amount of food. Over the years, it has been unable to service its external debt and has had to depend on concessional aid and debt rescheduling. Sao Tome benefited from $200 million in debt relief in December 2000 under the Highly Indebted Poor Countries (HIPC) program. Sao Tome's success in implementing structural reforms has been rewarded by international donors, who pledged increased assistance in 2001. Considerable potential exists for development of a tourist industry, and the government has taken steps to expand facilities in recent years. The government also has attempted to reduce price controls and subsidies. Sao Tome is optimistic about the development of petroleum resources in its territorial waters in the oil-rich Gulf of Guinea; production could begin as early as 2004.
GDP	purchasing power parity - $214 million (2003 est.)
GDP - real growth rate	5% (2004 est.)
GDP - per capita	purchasing power parity - $1,200 (2003 est.)
GDP - composition by sector	agriculture: 19.6% industry: 17.8% services: 62.6% (2004 est.)
Investment gross fixed	51.6% of GDP (2004 est.)
Population below poverty line	54% NA (2004 est.)
Household income or consumption by percentage share	lowest 10%: na highest 10%: na
Distribution of family income - Gini index
Inflation rate consumer prices	9% (2004 est.)
Labor force	NA
Labor force by occupation	population mainly engaged in subsistence agriculture and fishing note: shortages of skilled workers
Unemployment rate	NA
Budget	revenues: $38.59 million expenditures: $42.04 million, including capital expenditures of $54 million (2004 est.)
Public debt
Agriculture products	cocoa, coconuts, palm kernels, copra, cinnamon, pepper, coffee, bananas, papayas, beans; poultry; fish
Industries	light construction, textiles, soap, beer; fish processing; timber
Industrial production growth rate	NA
Electricity production	17 million kWh (2001)
Electricity production by source	fossil fuel: 41.2% hydro: 58.8% other: 0% (2001) nuclear: 0%
Electricity consumption	15.81 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 (2001)
Oil imports	NA (2001)
Oil proved reserves
Natural gas production
Natural gas consumption
Natural gas exports
Natural gas imports
Natural gas proved reserves
Current account balance	$-8 million (2004 est.)
Exports	$6.479 million f.o.b. (2004 est.)
Exports commodities	cocoa 80%, copra, coffee, palm oil
Exports partners	Netherlands 41.7%, Canada 16.7%, Belgium 8.3%, Germany 8.3%, Philippines 8.3% (2003)
Imports	$30.03 million f.o.b. (2003 est.)
Imports commodities	machinery and electrical equipment, food products, petroleum products
Imports partners	Portugal 51.6%, Germany 11.3%, Italy 6.5%, Belgium 4.8%, Netherlands 4.8% (2003)
Reserves of foreign exchange gold	$18 million (2004 est.)
Debt external	$318 million (2002)
Economic aid recipient	$200 million in December 2000 under the HIPC program
Currency	dobra (STD)
Currency code	STD
Exchange rates	dobras per US dollar - 9,347.58 (2003), 9,088.32 (2002), 8,842.11 (2001), 7,978.17 (2000), 7,118.96 (1999)
Fiscal year	calendar year

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Economy Of Sao Tome and PrincipeSao Tome and Principe Information - Country Guides

Economy Of Sao Tome and Principe
Sao Tome and Principe Information - Country Guides