Sao Tome and Principe:
Economy

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

Sao Tome and Principe: Economy

Sao Tome and Principe:
Economy