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Timor-Leste Economy 2014

SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES











Timor-Leste Economy 2014
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 31, 2014

Economy - overview:
Since its 1999 independence, Timor-Leste has faced 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 in part because there are no production facilities in Timor-Leste. 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$9.3 billion as of December 2011. The economy continues to recover from the mid-2006 outbreak of violence and civil unrest, which disrupted both private and public sector economic activity. Government spending increased markedly from 2009 through 2012, primarily on basic infrastructure, including electricity and roads. Limited experience in procurement and infrastructure building has hampered these projects. 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. Timor-Leste had a balanced budget in 2012 with government expenditures of $1.7 billion focusing on development of public infrastructure. On the strength of its oil-wealth, the economy has achieved real growth of approximately 10% per year for the last several years, among the highest sustained growth rates in the world.

GDP (purchasing power parity):
$23.19 billion (2012 est.)
country comparison to the world: 127

$21.42 billion (2011 est.)
$19.12 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$6.215 billion
note: non-oil GDP (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
8.3% (2012 est.)
country comparison to the world: 16

12% (2011 est.)
9.5% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$20,100 (2012 est.)
country comparison to the world: 69

$19,100 (2011 est.)
$17,600 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: 12.1%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 20.9%
investment in fixed capital: 14.6%
investment in inventories: 2.8%
exports of goods and services: 79.6%
imports of goods and services: -30%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 2.8%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 83.2%
services: 13.9% (2012 est.)

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

Industries:
printing, soap manufacturing, handicrafts, woven cloth

Industrial production growth rate:
5.5% (2012 est.)
country comparison to the world: 49
[see also: Industrial production growth rate country ranks ]

Labor force:
418,200 (2009)
country comparison to the world: 160
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 64%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 10%
services: 26% (2010)

Unemployment rate:
18.4% (2010 est.)
country comparison to the world: 157

20% (2006 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
41% (2009 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 4%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 27% (2007)

Distribution of family income - Gini index:
31.9 (2007 est.)
country comparison to the world: 106

38 (2002 est.)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $1.5 billion
[see also: Budget revenues country ranks ]
expenditures: $1.6 billion (2012 est.)

Taxes and other revenues:
24.1% of GDP (2012 est.)
country comparison to the world: 134
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.6% of GDP (2012 est.)
country comparison to the world: 75
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
11.8% (2012 est.)
country comparison to the world: 206

13.5% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
12.21% (31 December 2012 est.)
country comparison to the world: 74

11.04% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$205.8 million (31 December 2012 est.)
country comparison to the world: 175

$162.7 million (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$386.9 million (31 December 2012 est.)
country comparison to the world: 182

$322.4 million (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$-681 million (31 December 2012 est.)
country comparison to the world: 184

$-280 million (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$2.384 billion (2011 est.)
country comparison to the world: 36

$1.161 billion (2007 est.)
[see also: Current account balance country ranks ]

Exports:
$34.1 million (2011 est.)
country comparison to the world: 201

$34.1 million (2011 est.)
note: excludes oil
[see also: Exports country ranks ]

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

Imports:
$689 million (2011 est.)
country comparison to the world: 188

$378 million (2010 est.)
[see also: Imports country ranks ]

Imports - commodities:
food, gasoline, kerosene, machinery

Exchange rates:
the US dollar is used


NOTE: 1) The information regarding Timor-Leste on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Timor-Leste Economy 2014 information contained here. All suggestions for corrections of any errors about Timor-Leste Economy 2014 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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