Is Comoros a wealthy country?
One of the world's poorest and smallest economies, the Comoros is made up of three islands that are hampered by 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 and a heavy dependence on foreign grants and technical assistance. Agriculture, including fishing, hunting, and forestry, accounts for about 50% of GDP, employs a majority of the labor force, and provides most of the exports. Export income is heavily reliant on the three main crops of vanilla, cloves, and ylang ylang (perfume essence); and the Comoros' export earnings are easily disrupted by disasters such as fires and extreme weather. Despite agriculture’s importance to the economy, the country imports roughly 70% of its food; rice, the main staple, and other dried vegetables account for more than 25% of imports. Remittances from about 300,000 Comorans contribute about 25% of the country’s GDP. France, Comoros’s colonial power, remains a key trading partner and bilateral donor.
Comoros faces an education system in need of upgrades, limited opportunities for private commercial and industrial enterprises, poor health services, limited exports, and a high population growth rate. Recurring political instability, sometimes initiated from outside the country, and an ongoing electricity crisis have inhibited growth. The government, elected in mid-2016, has moved to improve revenue mobilization, reduce expenditures, and improve electricity access, although the public sector wage bill remains one of the highest in Sub-Saharan Africa. In mid-2017, Comoros joined the Southern African Development Community with 15 other regional member states.
What is the GDP of Comoros?
|Currency Name and Code||Comoran francs (KMF)|
|GDP - Gross Domestic Product (PPP)||$2,730,000,000 (USD)|
|GDP - official exchange rate||$622,000,000 (USD)|
|GDP - real growth rate||2.2%|
|GDP Per Capita||$1,500.00 (USD)|
|GDP by Sector- agriculture||50%|
|GDP by Sector- Industry||12.1%|
|GDP by Sector- services||37.9%|
|GDP - composition, by end use||
household consumption: 104.9%
government consumption: 19.2%
investment in fixed capital: 11.2%
investment in inventories: 10.3%
exports of goods and services: 19.4%
imports of goods and services: -65%
|Population Below Poverty Line||44.8%|
|Labor Force By Occupation- agriculture||80%|
|Fiscal Year||calendar year|
|Annual Budget||$165,000,000 (USD)|
|Budget Surplus or Deficit - percent of GDP||-3.3%|
|Taxes and other revenues - percent of GDP||26.5%|
|Major Industries||fishing, tourism, perfume distillation|
|Industrial Growth Rate||0.5%|
|Agriculture Products||vanilla, cloves, ylang-ylang (perfume essence), coconuts, bananas, cassava (manioc)|
|Exchange Rate per US Dollar||449.1|
|Labor Force By Occupation - industry and services||20%|
|Child Labor - % of children ages 5-14||27%|
|Child Labor - # of children ages 5-14||39,550|
|Commercial Bank Prime Lending Rate||10.5%|