ECONOMICS - History

ECONOMICS - History

Comoros

One of the world's poorest and smallest economies, the Comoros is made up of three islands that are hampered by 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 and a heavy dependence on foreign grants and technical assistance. Agriculture, including fishing, hunting, and forestry, accounts for about 50% of GDP, employs a majority of the labor force, and provides most of the exports. Export income is heavily reliant on the three main crops of vanilla, cloves, and ylang ylang (perfume essence); and the Comoros' export earnings are easily disrupted by disasters such as fires and extreme weather. Despite agriculture’s importance to the economy, the country imports roughly 70% of its food; rice, the main staple, and other dried vegetables account for more than 25% of imports. Remittances from about 300,000 Comorans contribute about 25% of the country’s GDP. France, Comoros’s colonial power, remains a key trading partner and bilateral donor.

Comoros faces an education system in need of upgrades, limited opportunities for private commercial and industrial enterprises, poor health services, limited exports, and a high population growth rate. Recurring political instability, sometimes initiated from outside the country, and an ongoing electricity crisis have inhibited growth. The government, elected in mid-2016, has moved to improve revenue mobilization, reduce expenditures, and improve electricity access, although the public sector wage bill remains one of the highest in Sub-Saharan Africa. In mid-2017, Comoros joined the Southern African Development Community with 15 other regional member states.

1990200020102018
GNI, Atlas method (current US$) (billions)0.40.390.951.15
GNI per capita, Atlas method (current US$)9807301,3801,380
GNI, PPP (current international $) (billions)0.650.981.552.63
GNI per capita, PPP (current international $)1,5801,8002,2503,160
GDP (current US$) (billions)0.430.350.911.18
GDP growth (annual %)5.110.83.83.4
Inflation, GDP deflator (annual %)2.2-4.51.71.2
Agriculture, forestry, and fishing, value added (% of GDP)29293033
Industry (including construction), value added (% of GDP)1212129
Exports of goods and services (% of GDP)991013
Imports of goods and services (% of GDP)27273030
Gross capital formation (% of GDP)18181815
Revenue, excluding grants (% of GDP)........
Net lending (+) / net borrowing (-) (% of GDP)........
States and markets
Time required to start a business (days)....2216
Domestic credit provided by financial sector (% of GDP)128.29.2..
Tax revenue (% of GDP)........
Military expenditure (% of GDP)........
Mobile cellular subscriptions (per 100 people)002459.9
Individuals using the Internet (% of population)00.35.18.5
High-technology exports (% of manufactured exports)......0
Statistical Capacity score (Overall average)....5042
Global links
Merchandise trade (% of GDP)16162827
Net barter terms of trade index (2000 = 100)861007873
External debt stocks, total (DOD, current US$) (millions)185232278283
Total debt service (% of exports of goods, services and primary income)2.94.84.74.8
Net migration (thousands)-3-10-10-10
Personal remittances, received (current US$) (millions)103287173
Foreign direct investment, net inflows (BoP, current US$) (millions)0086
Net official development assistance received (current US$) (millions)44.919.369.990.9

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