East Timor

East Timor Economy

Economy - overview
In late 1999, about 70% of the economic infrastructure of East Timor was laid waste by Indonesian troops and anti-independence militias, and 260,000 people fled westward. Over the next three years, however, a massive international program, manned by 5,000 peacekeepers (8,000 at peak) and 1,300 police officers, led to substantial reconstruction in both urban and rural areas. By mid-2002, all but about 50,000 of the refugees had returned. Growth was held back in 2003 by extensive drought and the gradual winding down of the international presence. The country faces great challenges in continuing the rebuilding of infrastructure, strengthening the infant civil administration, and generating jobs for young people entering the workforce. One promising long-term project is the planned development of oil and gas resources in nearby waters, but the government faces a substantial financing gap over the next several years before these revenues start flowing into state coffers.

GDP
purchasing power parity - $440 million (2001 est.)

GDP - real growth rate
-3% (2003 est.)

GDP - per capita
purchasing power parity - $500 (2001 est.)

GDP - composition by sector
agriculture: 25.4%
industry: 17.2%
services: 57.4% (2001)

Population below poverty line
42% (2003 est.)

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

Distribution of family income - Gini index
38 (2002 est.)

Inflation rate
8% NA (2003 est.)

Labor force
NA

Labor force - by occupation
NA

Unemployment rate
50% (including underemployment) (1992 est.)

Budget
revenues: $36 million
expenditures: $97 million, including capital expenditures of NA (2003 est.)

Agriculture - products
coffee, rice, maize, cassava, sweet potatoes, soybeans, cabbage, mangoes, bananas, vanilla

Industries
printing, soap manufacturing, handicrafts, woven cloth

Industrial production growth rate
8.5%

Electricity - production
NA kWh (2001)

Electricity - consumption
NA kWh (2001)

Electricity - exports
0 kWh (2001)

Electricity - imports
0 kWh (2001)

Exports
$8 million (2001 est.)

Exports - commodities
coffee, sandalwood, marble; note - the potential for oil and vanilla exports

Exports - partners
NA

Imports
$237 million (2001 est.)

Imports - commodities
mainly food (2001)

Imports - partners
NA

Debt - external
NA

Currency
US dollar (USD)

Currency code
USD

Exchange rates
the US dollar is the legal tender



- Info Provided by the CIA World Factbook -