East Timor:
Economy

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Other pages in this profile of East Timor:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition In late 1999, about 70% of the economic infrastructure of Timor-Leste was laid waste by Indonesian troops and anti-independence militias. Three hundred thousand people fled westward. Over the next three years 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 the end of 2005, refugees had returned or had settled in Indonesia. The country continues to face great challenges in rebuilding its infrastructure, strengthening the civil administration, and generating jobs for young people entering the work force. The development of oil and gas resources in offshore waters has begun to supplement government revenues ahead of schedule and above expectations - the result of high petroleum prices. The technology-intensive industry, however, has done little to create jobs for the unemployed because there are no production facilities in Timor. Gas is piped to Australia. In June 2005 the National Parliament unanimously approved the creation of a Petroleum Fund to serve as a repository for all petroleum revenues and preserve the value of Timor-Leste's petroleum wealth for future generations. The Fund held assets of US$1.8 billion as of September 2007. The mid-2006 outbreak of violence and civil unrest disrupted both private and public sector economic activity and created 100,000 internally displaced persons - about 10 percent of the population. While real non-oil GDP growth in 2006 was negative, the economy probably rebounded in 2007. The underlying economic policy challenge the country faces remains how best to use oil-and-gas wealth to lift the non-oil economy onto a higher growth path and reduce poverty. In late 2007, the new government announced plans aimed at increasing spending, reducing poverty, and improving the country's infrastructure, but it continues to face capacity constraints. In the short term, the government must also address continuing problems related to the crisis of 2006, especially the displaced Timorese.
GDP (purchasing power parity)	Definition - World rank and map $2.608 billion (2007 est.)
GDP (official exchange rate)	Definition $459 million (2007 est.)
GDP - real growth rate	Definition - World rank and map 19.8% (2007 est.)
GDP - per capita	Definition - World rank and map $2,500 (2007 est.)
GDP - composition by sector	Definition agriculture: 32.2% industry: 12.8% services: 55% (2005)
Labor force	Definition NA
Labor force - by occupation	Definition agriculture: NA% industry: NA% services: NA%
Unemployment rate	Definition - World rank and map 50% estimated; note - unemployment in urban areas reached 20%; data do not include underemployed (2001 est.)
Population below poverty line	Definition 42% (2003 est.)
Household income or consumption by percentage share	Definition lowest 10%: NA% highest 10%: NA%
Distribution of family income - Gini index	Definition - World rank and map 38 (2002 est.)
Inflation rate (consumer prices)	Definition - World rank and map 7.8% (2007 est.)
Budget	Definition revenues: $733 million expenditures: $309 million note: the government passed a transitional budget to cover the latter half of 2007 and has moved the fiscal cycle to a calendar year, starting with the budget they passed for 2008 (FY06/07 est.)
Agriculture - products	Definition coffee, rice, corn, cassava, sweet potatoes, soybeans, cabbage, mangoes, bananas, vanilla
Industries	Definition printing, soap manufacturing, handicrafts, woven cloth
Industrial production growth rate	Definition - World rank and map 8.5% (2004 est.)
Electricity - production	Definition - World rank and map NA kWh
Electricity - consumption	Definition - World rank and map NA kWh
Electricity - exports	Definition 0 kWh (2005)
Electricity - imports	Definition 0 kWh
Oil - production	Definition - World rank and map 94,420 bbl/day (2005)
Oil - proved reserves	Definition - World rank and map NA
Natural gas - production	Definition - World rank and map 0 cu m (2005)
Natural gas - consumption	Definition - World rank and map 0 cu m (2005)
Natural gas - consumption per capita	Definition - World rank and map 0 cu m (2005)
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 200 billion cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map $1.161 billion (2007 est.)
Exports	Definition - World rank and map $10 million; note - excludes oil (2005 est.)
Exports - commodities	Definition coffee, sandalwood, marble; note - potential for oil and vanilla exports
Exports - partners	Definition US, Germany, Portugal, Australia, Indonesia (2006)
Imports	Definition - World rank and map $202 million (2004 est.)
Imports - commodities	Definition food, gasoline, kerosene, machinery
Market value of publicly traded shares	Definition $NA
Economic aid - recipient	Definition $184.7 million (2005 est.)
Currency (code)	Definition US dollar (USD)
Exchange rates	Definition the US dollar is used
Fiscal year	Definition calendar year

East Timor: Economy

East Timor:
Economy