Timor-Leste Economy 2010

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TimorLeste Economy 2010

Page last updated on January 15, 2010

Economy - overview:
In late 1999, about 70% of the economic infrastructure of Timor-Leste was laid waste by Indonesian troops and anti-independence militias. Three hundred thousand people fled westward. Over the next three years a massive international program, manned by 5,000 peacekeepers (8,000 at peak) and 1,300 police officers, led to substantial reconstruction in both urban and rural areas. By the end of 2005, refugees had returned or had settled in Indonesia. The country continues to face great challenges in rebuilding its infrastructure, strengthening the civil administration, and generating jobs for young people entering the work force. The development of oil and gas resources in offshore waters has greatly supplemented government revenues. This technology-intensive industry, however, has done little to create jobs for the unemployed because there are no production facilities in Timor. Gas is piped to Australia. In June 2005, the National Parliament unanimously approved the creation of a Petroleum Fund to serve as a repository for all petroleum revenues and to preserve the value of Timor-Leste's petroleum wealth for future generations. The Fund held assets of US$5.3 billion as of October 2009. The economy has been little impacted by the global financial crisis and continues to recover strongly from the mid-2006 outbreak of violence and civil unrest, which disrupted both private and public sector economic activity. The government in 2008 resettled tens of thousands of an estimated 100,000 internally displaced persons (IDPs); most IDPs returned home by early 2009. The underlying economic policy challenge the country faces remains how best to use oil-and-gas wealth to lift the non-oil economy onto a higher growth path and to reduce poverty.

GDP (purchasing power parity):
$2.745 billion (2009 est.)

$2.556 billion (2008 est.)
$2.266 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$599 million (2009 est.)

GDP - real growth rate:
7.4% (2009 est.)

12.8% (2008 est.)
8.4% (2007 est.)

GDP - per capita (PPP):
$2,400 (2009 est.)

$2,300 (2008 est.)
$2,100 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 32.2%
industry: 12.8%
services: 55% (2005)

Labor force:
414,200 NA

Labor force - by occupation:
agriculture: 90%
industry: NA%
services: NA% (2006 est.)

Unemployment rate:
20% (2006 est.)
note: data are for rural areas, unemployment rises to more than 40% among urban youth

Population below poverty line:
42% (2003 est.)

Household income or consumption by percentage share:
lowest 10%: 2.9% NA%
highest 10%: 31.3% NA%

Distribution of family income - Gini index:
38 (2002)

revenues: $733 million
expenditures: $309 million
note: the government in 2008 moved to a fiscal year calendar; it passed a supplementary spending package to cover the latter half of 2008 (FY06/07 est.)

Inflation rate (consumer prices):
7.8% (2007 est.)

Commercial bank prime lending rate:
13.11% (31 December 2008)

15.05% (31 December 2007)

Stock of money:
$102.8 million (31 December 2008)

$74.94 million (31 December 2007)

Stock of quasi money:
$89.88 million (31 December 2008)

$68.78 million (31 December 2007)

Stock of domestic credit:
$NA (31 December 2008)

$NA (31 December 2007)

Market value of publicly traded shares:

Agriculture - products:
coffee, rice, corn, cassava, sweet potatoes, soybeans, cabbage, mangoes, bananas, vanilla

printing, soap manufacturing, handicrafts, woven cloth

Industrial production growth rate:
8.5% (2004 est.)

Electricity - production:
NA kWh kWh NA

Electricity - consumption:
NA kWh kWh NA

Electricity - exports:
0 kWh (2007 est.)

Electricity - imports:
0 kWh (2007 est.)

Oil - production:
100,000 bbl/day (2008 est.)

Oil - consumption:
NA bbl/day

Oil - exports:
100,900 bbl/day

Oil - proved reserves:
553.8 million bbl (1 January 2008)

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:
200 billion cu m (1 January 2006 est.)

Current account balance:
$1.161 billion (2007 est.)

$10 million (2005 est.); note - excludes oil

Exports - commodities:
coffee, sandalwood, marble; note - potential for oil and vanilla exports

$202 million (2004 est.)

Imports - commodities:
food, gasoline, kerosene, machinery

Exchange rates:
the US dollar is used

NOTE: The information regarding Timor-Leste 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 Timor-Leste Economy 2010 information contained here. All suggestions for corrections of any errors about Timor-Leste Economy 2010 should be addressed to the CIA.

This page was last modified 09-Feb-10
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