Economy Of Comoros
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Economy overview
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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 - which is hampered by internal political disputes - 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.
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GDP
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purchasing power parity - $441 million (2002 est.)
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GDP - real growth rate
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2% (2002 est.)
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GDP - per capita
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purchasing power parity - $700 (2002 est.)
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GDP - composition by sector
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agriculture: 40%
industry: 4%
services: 56% (2001 est.)
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Investment gross fixed
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Population below poverty line
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60% (2002 est.)
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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3.5% (2001 est.)
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Labor force
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144,500 (1996 est.)
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Labor force by occupation
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agriculture 80%
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Unemployment rate
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20% (1996 est.)
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Budget
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revenues: $27.6 million
expenditures: NA, including capital expenditures of NA (2001 est.)
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Public debt
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Agriculture products
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vanilla, cloves, perfume essences, copra, coconuts, bananas, cassava (tapioca)
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Industries
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tourism, perfume distillation
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Industrial production growth rate
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-2% (1999 est.)
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Electricity production
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21.27 million kWh (2001)
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Electricity production by source
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fossil fuel: 90.6%
hydro: 9.4%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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19.78 million kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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700 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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Exports
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$28 million f.o.b. (2002 est.)
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Exports commodities
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vanilla, ylang-ylang, cloves, perfume oil, copra
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Exports partners
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France 46.9%, Germany 18.8%, US 12.5% (2003)
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Imports
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$88 million f.o.b. (2002 est.)
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Imports commodities
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rice and other foodstuffs, consumer goods; petroleum products, cement, transport equipment
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Imports partners
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France 31.6%, Japan 13.7%, South Africa 10.3%, Kenya 5.1%, UAE 5.1%, Thailand 4.3% (2003)
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Reserves of foreign exchange gold
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Debt external
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$232 million (2000 est.)
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Economic aid recipient
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$10 million (2001 est.)
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Currency
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Comoran franc (KMF)
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Currency code
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KMF
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Exchange rates
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Comoran francs (KMF) per US dollar - 435.9 (2003), 522.741 (2002), 549.779 (2001), 533.982 (2000), 461.775 (1999)
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
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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