| Introduction - Sao Tome and Principe: |
| Location - Sao Tome and Principe: |
| People - Sao Tome and Principe: |
| Government - Sao Tome and Principe: |
| Economy - Sao Tome and Principe: |
Economy overview | This small, poor island economy has become increasingly dependent on cocoa since independence in 1975. 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 had difficulty servicing its external debt and has relied heavily 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, which helped bring down the countrys $300 million debt burden. In August 2005, Sao Tome signed on to a new 3-year IMF Poverty Reduction and Growth Facility (PRGF) program worth $4.3 million. 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, which are being jointly developed in a 60-40 split with Nigeria. The first production licenses were sold in 2004, though a dispute over licensing with Nigeria delayed Sao Tomes receipt of more than $20 million in signing bonuses for almost a year. Real GDP growth exceeded 4% in 2006, as a result of increases in public expenditures and oil-related capital investment. |
|
Gdp purchasing power parity | $278 million (2006 est.) |
|
Gdp official exchange rate | $71.38 million (2005 est.) |
|
Gdp real growth rate | 4.4% (2006 est.) |
|
Gdp per capita ppp | $1,200 (2003 est.) |
|
Gdp composition by sector | agriculture: 16.6%
industry: 15.3%
services: 68.1% (2006 est.) |
|
Labor force | 35,050 (1991) |
|
Labor force by occupation | note: population mainly engaged in subsistence agriculture and fishing; shortages of skilled workers |
|
Unemployment rate | NA% |
|
Population below poverty line | 54% (2004 est.) |
|
Household income or consumption by percentage share | lowest 10%: NA%
highest 10%: NA% |
|
Inflation rate consumer prices | 15% (2006 est.) |
|
Investment gross fixed | 35.2% of GDP (2006 est.) |
|
Budget | revenues: $102.1 million
expenditures: $61.43 million; including capital expenditures of $54 million (2006 est.) |
|
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 | 18 million kWh (2004) |
|
Electricity consumption | 16.74 million kWh (2004) |
|
Electricity exports | 0 kWh (2004) |
|
Electricity imports | 0 kWh (2004) |
|
Oil production | 0 bbl/day (2004 est.) |
|
Oil consumption | 660 bbl/day (2004 est.) |
|
Oil exports | NA bbl/day |
|
Oil imports | NA bbl/day |
|
Oil proved reserves | 0 bbl |
|
Natural gas production | 0 cu m (2004 est.) |
|
Natural gas consumption | 0 cu m (2004 est.) |
|
Current account balance | -$24.4 million (2006 est.) |
|
Exports | $9.773 million f.o.b. (2006 est.) |
|
Exports commodities | cocoa 80%, copra, coffee, palm oil |
|
Exports partners | Netherlands 41.9%, Belgium 16.6%, South Korea 9%, Portugal 8.1% (2006) |
|
Imports | $48.87 million f.o.b. (2006 est.) |
|
Imports commodities | machinery and electrical equipment, food products, petroleum products |
|
Imports partners | Portugal 48.7%, France 19.8%, US 5.1%, Belgium 4.8% (2006) |
|
Reserves of foreign exchange and gold | $25.47 million (2006 est.) |
|
Debt external | $318 million (2002) |
|
Economic aid recipient | $200 million in December 2000 under the HIPC program |
|
Currency code | dobra (STD) |
|
Exchange rates | dobras per US dollar - 12,050 (2006), 9,900.4 (2005), NA 9,902.3 (2004), 9,347.6 (2003), 9,088.3 (2002) |
|
| Communications - Sao Tome and Principe: |
| Transportation - Sao Tome and Principe: |
| Military - Sao Tome and Principe: |
This page was last updated on 16 September, 2007
