Comoros Economy
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.
Comoros Economy Data
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% |
| Inflation Rate | 1.2% |
| Labor Force | 245,200 |
| Labor Force By Occupation- agriculture | 80% |
| Unemployment Rate | 6.5% |
| 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% |