|
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, but strengthening
prices helped boost export earnings in 2003. 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, but lacking a formal poverty reduction
program with the IMF, it has not benefited from subsequent HIPC debt
reductions. Sao Tome's external debt stands at over $300 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. Sao Tome is optimistic about the development of
petroleum resources in its territorial waters in the oil-rich Gulf
of Guinea. The first production license was sold to a consortium led
by US-based oil firms. Much of the 2005 budget is dependent upon the
sale of additional production licenses. |
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GDP:
|
purchasing power
parity - $214 million (2003 est.) |
|
GDP - real growth rate:
|
6% (2004 est.) |
|
GDP - per capita:
|
purchasing power
parity - $1,200 (2003 est.) |
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GDP - composition by sector:
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agriculture:
16.5%
industry: 15.4%
services: 68.1% (2004 est.) |
|
Investment (gross fixed):
|
31.5% of GDP (2004
est.) |
|
Population below poverty line:
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54% (2004 est.) |
|
Household income or consumption by percentage share:
|
lowest 10%: NA
highest 10%: NA |
|
Inflation rate (consumer prices):
|
14% (2004 est.) |
|
Labor force:
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NA |
|
Labor force - by occupation:
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population mainly
engaged in subsistence agriculture and fishing
note: shortages of skilled workers |
|
Unemployment rate:
|
NA |
|
Budget:
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revenues:
$27.94 million
expenditures: $43.91 million, including capital expenditures
of $54 million (2004 est.) |
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Agriculture - products:
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cocoa, coconuts, palm
kernels, copra, cinnamon, pepper, coffee, bananas, papayas, beans;
poultry; fish |
|
Industries:
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light construction,
textiles, soap, beer; fish processing; timber |
|
Industrial production growth rate:
|
NA |
|
Electricity - production:
|
17 million kWh (2002)
|
|
Electricity - production by source:
|
fossil fuel:
41.2%
hydro: 58.8%
nuclear: 0%
other: 0% (2001)
|
|
Electricity - consumption:
|
15.81 million kWh
(2002) |
|
Electricity - exports:
|
0 kWh (2002) |
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Electricity - imports:
|
0 kWh (2002) |
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Oil - production:
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0 bbl/day (2001 est.)
|
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Oil - consumption:
|
700 bbl/day (2001
est.) |
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Oil - exports:
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NA |
|
Oil - imports:
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NA |
|
Current account balance:
|
$-31.5 million (2004
est.) |
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Exports:
|
$6.7 million f.o.b.
(2004 est.)
|
|
Exports - commodities:
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cocoa 80%, copra,
coffee, palm oil
|
|
Exports - partners:
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Netherlands 39.1%,
China 11.8%, Germany 8.6%, Belgium 6.9%, Philippines 6.7%, France
4.5% (2004) |
|
Imports:
|
$41 million f.o.b.
(2004 est.)
|
|
Imports - commodities:
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machinery and
electrical equipment, food products, petroleum products |
|
Imports - partners:
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Portugal 50.5%,
Germany 10%, US 5.1%, Netherlands 4.5%, South Africa 4.2% (2004)
|
|
Reserves of foreign exchange and gold:
|
$29.78 million (2004
est.) |
|
Debt - external:
|
$318 million (2002)
|
|
Economic aid - recipient:
|
$200 million in
December 2000 under the HIPC program |
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Currency:
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dobra (STD) |
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Currency code:
|
STD |
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Exchange rates:
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dobras per US dollar
- 9,900.4 (2004), 9,347.6 (2003), 9,088.3 (2002), 8,842.1 (2001),
7,978.2 (2000)
|
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Fiscal year:
|
calendar year |