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Sao Tome and Principe Economy 2010
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SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Sao Tome and Principe Economy 2010
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 19, 2010

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. 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. Potential exists for the development of petroleum resources in Sao Tome's territorial waters in the oil-rich Gulf of Guinea, which are being jointly developed in a 60-40 split with Nigeria, but any actual production is at least several years off. 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 averaged about 6% in 2006-07, as a result of increases in public expenditures and oil-related capital investment, but has been declining in the years since.

GDP (purchasing power parity):
$292.5 million (2009 est.)

$280.4 million (2008 est.)
$265.8 million (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$189 million (2009 est.)

GDP - real growth rate:
4.3% (2009 est.)

5.5% (2008 est.)
6% (2007 est.)

GDP - per capita (PPP):
$1,400 (2009 est.)

$1,400 (2008 est.)
$1,300 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 14.3%
industry: 15.1%
services: 70.7% (2009 est.)

Labor force:
52,490 (2007)

Labor force - by occupation:
note: population mainly engaged in subsistence agriculture and fishing; shortages of skilled workers

Unemployment rate:
NA% est.)

Population below poverty line:
54% (2004 est.)

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

Investment (gross fixed):
34.2% of GDP (2009 est.)

Budget:
revenues: $42.5 million
expenditures: $50 million (2009 est.)

Inflation rate (consumer prices):
19% (2009 est.)

26% (2008 est.)

Central bank discount rate:
28% (31 December 2008)

28% (31 December 2007)

Commercial bank prime lending rate:
32.4% (31 December 2008)

32.4% (31 December 2007)

Stock of money:
$27.84 million (31 December 2008)

$19.99 million (31 December 2007)

Stock of quasi money:
$36.95 million (31 December 2008)

$33.5 million (31 December 2007)

Stock of domestic credit:
$20.42 million (31 December 2008)

$31.84 million (31 December 2007)

Market value of publicly traded shares:
$NA

Agriculture - products:
cocoa, coconuts, palm kernels, copra, cinnamon, pepper, coffee, bananas, papayas, beans; poultry; fish

Industries:
light construction, textiles, soap, beer, fish processing, timber

Industrial production growth rate:
8% (2009 est.)

Electricity - production:
19 million kWh (2007 est.)

Electricity - consumption:
17.67 million kWh (2007 est.)

Electricity - exports:
0 kWh (2008)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
0 bbl/day (2008 est.)

Oil - consumption:
1,000 bbl/day (2008 est.)

Oil - exports:
0 bbl/day (2007 est.)

Oil - imports:
726 bbl/day (2007 est.)

Oil - proved reserves:
0 bbl (1 January 2009 est.)

Natural gas - production:
0 cu m (2008 est.)

Natural gas - consumption:
0 cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
0 cu m (1 January 2009 est.)

Current account balance:
$-64 million (2009 est.)

$-67 million (2008 est.)

Exports:
$8 million (2009 est.)

$8 million (2008 est.)

Exports - commodities:
cocoa 80%, copra, coffee, palm oil

Exports - partners:
Japan 77.5%, Belgium 7.7%, Netherlands 6.4% (2008)

Imports:
$91 million (2009 est.)

$87 million (2008 est.)

Imports - commodities:
machinery and electrical equipment, food products, petroleum products

Imports - partners:
Portugal 55.8%, Belgium 9.6%, Japan 9.3% (2008)

Reserves of foreign exchange and gold:
$42 million (31 December 2009 est.)

$43 million (31 December 2008 est.)

Debt - external:
$318 million (2002 est.)

Exchange rates:
dobras (STD) per US dollar - 16,000 (2009), 14,900 (2008), 13,700 (2007), 12,050 (2006), 9,900.4 (2005)


NOTE: The information regarding Sao Tome and Principe on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Sao Tome and Principe Economy 2010 information contained here. All suggestions for corrections of any errors about Sao Tome and Principe Economy 2010 should be addressed to the CIA.






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