Comoros Economy

Is Comoros a rich 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) $1,259,000,000 (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%

Labor Force by Occupation- As reported by Comoros

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