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East Timor:
Economy

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East Timor Page


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


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