Comoros Economy
Economy - overviewOne 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
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.)
Agriculture - products
vanilla, cloves, perfume essences, copra, coconuts, bananas, cassava (tapioca)
Industries
tourism, perfume distillation
Industrial production growth rate
-2% (1999 est.)
Electricity - production
21.27 million kWh (2001)
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 (2001)
Oil - imports
NA (2001)
Exports
$28 million f.o.b. (2002 est.)
Exports - commodities
vanilla, ylang-ylang, cloves, perfume oil, copra
Exports - partners
France 46.9%, Germany 18.8%, US 12.5% (2003)
Imports
$88 million f.o.b. (2002 est.)
Imports - commodities
rice and other foodstuffs, consumer goods; petroleum products, cement, transport equipment
Imports - partners
France 31.6%, Japan 13.7%, South Africa 10.3%, Kenya 5.1%, UAE 5.1%, Thailand 4.3% (2003)
Debt - external
$232 million (2000 est.)
Currency
Comoran franc (KMF)
Currency code
KMF
Exchange rates
Comoran francs (KMF) per US dollar - 435.9 (2003), 522.741 (2002), 549.779 (2001), 533.982 (2000), 461.775 (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
