header HomePlacesMapsMap Products & ServicesHotels & TravelDestination GuidesWeb DirectoryContact

Sao Tome and Principe:
Economy

Flag of Sao Tome and Principe
Click to enlarge

Sao Tome and Principe Page


Other pages in this profile of Sao Tome and Principe:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Economy - overview
Definition
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. 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 country's $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 Tome's receipt of more than $20 million in signing bonuses for almost a year. Real GDP growth exceeded 6% in 2007, as a result of increases in public expenditures and oil-related capital investment.
GDP (purchasing power parity)
Definition - World rank and map
$256 million (2007 est.)
GDP (official exchange rate)
Definition
$144 million (2007 est.)
GDP - real growth rate
Definition - World rank and map
6% (2007 est.)
GDP - per capita
Definition - World rank and map
$1,600 (2007 est.)
GDP - composition by sector
Definition
agriculture: 14.9%
industry: 14%
services: 71% (2007 est.)
Labor force
Definition
35,050 (1991)
Labor force - by occupation
Definition
note: population mainly engaged in subsistence agriculture and fishing; shortages of skilled workers
Unemployment rate
Definition - World rank and map
NA%
Population below poverty line
Definition
54% (2004 est.)
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
19.9% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
43.5% of GDP (2007 est.)
Budget
Definition
revenues: $74.59 million
expenditures: $57.25 million (2007 est.)
Agriculture - products
Definition
cocoa, coconuts, palm kernels, copra, cinnamon, pepper, coffee, bananas, papayas, beans; poultry; fish
Industries
Definition
light construction, textiles, soap, beer, fish processing, timber
Industrial production growth rate
Definition - World rank and map
7% (2007 est.)
Electricity - production
Definition - World rank and map
18 million kWh (2005)
Electricity - consumption
Definition - World rank and map
16.74 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
81.2 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
650 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
3.2 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
634.4 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$51 million (2007 est.)
Exports
Definition - World rank and map
$4.384 million f.o.b. (2007 est.)
Exports - commodities
Definition
cocoa 80%, copra, coffee, palm oil
Exports - partners
Definition
Belgium 24.3%, Netherlands 24.3%, France 13.2%, US 6%, Portugal 4.3% (2006)
Imports
Definition - World rank and map
$71.2 million f.o.b. (2007 est.)
Imports - commodities
Definition
machinery and electrical equipment, food products, petroleum products
Imports - partners
Definition
Portugal 60.9%, US 11.3%, Gabon 4.4% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$34.6 million (31 December 2007 est.)
Debt - external
Definition - World rank and map
$318 million (2002)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$31.9 million in December 2000 under the Heavily Indebted Poor Country Initiative (HIPC) program (2005)
Currency (code)
Definition
dobra (STD)
Exchange rates
Definition
dobras per US dollar - 13,700 (2007), 12,050 (2006), 9,900.4 (2005), 9,902.3 (2004), 9,347.6 (2003)
Fiscal year
Definition
calendar year


Google
 
Web sitesatlas.com