Economy - overview One of the world's poorest countries, Comoros is made up of three islands that have inadequate transportation links, a young and rapidly increasing population, and few natural resources. The low educational level of the labor force contributes to a subsistence level of economic activity, high unemployment, and a heavy dependence on foreign grants and technical assistance. Agriculture, including fishing, hunting, and forestry, contributes 40% to GDP, employs 80% of the labor force, and provides most of the exports. The country is not self-sufficient in food production; rice, the main staple, accounts for the bulk of imports. The government is struggling to upgrade education and technical training, to privatize commercial and industrial enterprises, to improve health services, to diversify exports, to promote tourism, and to reduce the high population growth rate. Increased foreign support is essential if the goal of 4% annual GDP growth is to be met. Remittances from 150,000 Comorans abroad help supplement GDP.

GDP purchasing power parity - $424 million (2001 est.)

GDP - real growth rate 1% (2001 est.)

GDP - per capita purchasing power parity - $710 (2001 est.)

GDP - composition by sector
agriculture: 40%
industry: 4%
services: 56% (2001 est.)

Population below poverty line 60% (2001 est.)

Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices) 3.5% (2001 est.)

Labor force 144,500 (1996 est.)

Labor force - by occupation agriculture 80%

Unemployment rate 20% (1996 est.)

Budget
revenues: $27.6 million
expenditures: $NA, including capital expenditures of $NA (2001 est.)

Industries tourism, perfume distillation

Industrial production growth rate -2% (1999 est.)

Electricity - production 19 million kWh (2000)

Electricity - production by source
fossil fuel: 89.47%
hydro: 10.53%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 17.67 million kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

Agriculture - products vanilla, cloves, perfume essences, copra, coconuts, bananas, cassava (tapioca)

Exports $35.3 million (f.o.b., 2001 est.)

Exports - commodities vanilla, ylang-ylang, cloves, perfume oil, copra

Exports - partners France 46%, US 18%, Singapore 18%, Germany 9% (1999)

Imports $44.9 million (f.o.b., 2001 est.)

Imports - commodities rice and other foodstuffs, consumer goods; petroleum products, cement, transport equipment

Imports - partners France 34%, South Africa 14%, Kenya 7%, Pakistan 4% (1999)

Debt - external $225 million (yearend 2000 est.)

Economic aid - recipient $10 million (2001 est.)

Currency Comoran franc (KMF)

Currency code KMF

Exchange rates Comoran francs per US dollar - 557.09 (January 2002), 549.78 (2001), 533.98 (2000), 461.77 (1999), 442.46 (1998), 437.75 (1997)
note: prior to January 1999, the official rate was pegged to the French franc at 75 Comoran francs per French franc; since 1 January 1999, the Comoran franc is pegged to the euro at a rate of 491.9677 Comoran francs per euro

Fiscal year calendar year

NOTE: The information regarding Comoros on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Comoros Economy 2002 information contained here. All suggestions for corrections of any errors about Comoros Economy 2002 should be addressed to the CIA.