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World > Africa > Sao Tome and Principe > Economy (Facts)

Sao Tome and Principe - Economy (Facts)
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 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 4% in 2006, as a result of increases in public expenditures and oil-related capital investment.
GDP - real growth rate: 4.4% (2006 est.)
GDP (purchasing power parity): $278 million (2006 est.)
GDP (official exchange rate): $71.38 million (2005 est.)
GDP - per capita (PPP): $1,200 (2003 est.)
GDP - composition by sector: agriculture: 16.6%
industry: 15.3%
services: 68.1% (2006 est.)
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.)
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
Budget: revenues: $102.1 million
expenditures: $61.43 million; including capital expenditures of $54 million (2006 est.)
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.)
Agriculture - products: cocoa, coconuts, palm kernels, copra, cinnamon, pepper, coffee, bananas, papayas, beans; poultry; fish
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)
Debt - external: $318 million (2002)
Economic aid - recipient: $200 million in December 2000 under the HIPC program
Currency: Sao Tome and Principe Dobra (STD)
Currency code: 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)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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