Sao Tome and Principe Economy

Is Sao Tome and Principe a wealthy country?

São Tomé and Príncipe is a small island nation with an economy that is heavily reliant on agriculture, fisheries, and international aid. Here's an overview of the economy of São Tomé and Príncipe:

Agriculture: Agriculture is the backbone of São Tomé and Príncipe's economy, employing a significant portion of the population and contributing to both domestic food supply and export revenue. The main agricultural products include cocoa, coffee, palm oil, coconuts, and bananas. Cocoa is the country's primary export crop, with São Tomé and Príncipe being known for producing high-quality cocoa beans.

Fisheries: The fisheries sector plays an essential role in São Tomé and Príncipe's economy, providing employment opportunities and a vital source of protein for the population. The country's waters are rich in fish and other marine resources, making fisheries a significant contributor to both domestic consumption and export earnings.

Tourism: Tourism has the potential to become a significant driver of economic growth in São Tomé and Príncipe due to the country's natural beauty, pristine beaches, and unique biodiversity. However, the tourism industry is still relatively underdeveloped compared to other tropical destinations. Efforts are underway to promote tourism and attract investment in infrastructure and hospitality services to capitalize on the sector's potential.

International Aid: São Tomé and Príncipe relies heavily on international aid and assistance to support its development efforts, address socio-economic challenges, and finance public projects. Development partners, including bilateral and multilateral organizations, provide financial aid, technical assistance, and capacity-building support to the government in various sectors such as healthcare, education, infrastructure, and governance.

Challenges: Despite its potential, São Tomé and Príncipe faces several economic challenges, including limited infrastructure, high unemployment rates, poverty, and vulnerability to external shocks. The country's small size, isolation, and susceptibility to natural disasters further exacerbate these challenges.

Efforts to Diversify the Economy: São Tomé and Príncipe's government has recognized the need to diversify the economy away from its heavy dependence on agriculture and fisheries. Efforts are underway to promote economic diversification, attract foreign investment, improve infrastructure, enhance human capital development, and create a more conducive business environment to stimulate private sector growth and reduce reliance on external aid.

Sao Tome and Principe Economy Data

What is the GDP of Sao Tome and Principe?

Currency Name and Code Dobra (STD)
GDP - Gross Domestic Product (PPP) $890,000,000 (USD)
GDP - official exchange rate $326,000,000 (USD)
GDP - real growth rate 5%
GDP Per Capita $3,400.00 (USD)
GDP by Sector- agriculture 18.4%
GDP by Sector- Industry 16%
GDP by Sector- services 65.6%
GDP - composition, by end use household consumption: 85%

government consumption: 13.2%

investment in fixed capital: 48.4%

investment in inventories: -0.1%

exports of goods and services: 12.3%

imports of goods and services: -58.8%
Population Below Poverty Line 54%
Inflation Rate 13%
Labor Force 52,490
Labor Force by Occupation - note population mainly engaged in subsistence agriculture and fishing; shortages of skilled workers
Fiscal Year calendar year
Annual Budget $35,560,000 (USD)
Budget Surplus or Deficit - percent of GDP -11.7%
Taxes and other revenues - percent of GDP 27%
Major Industries light construction, textiles, soap, beer; fish processing; timber
Industrial Growth Rate 7%
Agriculture Products cocoa, coconuts, palm kernels, copra, cinnamon, pepper, coffee, bananas, papayas, beans; poultry; fish
Exchange Rate per US Dollar dobra (STD)
Child Labor - % of children ages 5-14 8%
Child Labor - # of children ages 5-14 3,235
Commercial Bank Prime Lending Rate 26%

Labor Force by Occupation- As reported by Sao Tome and Principe

All Countries
Afghanistan Akrotiri Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Brazil British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burma Burundi Cabo Verde Cambodia Cameroon Canada Cayman Islands Central African Republic Chad Chile China Christmas Island Clipperton Island Cocos (Keeling) Islands Colombia Comoros Congo, Democratic Republic of the Congo, Republic of the Cook Islands Coral Sea Islands Costa Rica Cote d’Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Dhekelia Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Eswatini Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia, The Gaza Strip Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Holy See Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Jan Mayen Japan Jersey Jordan Kazakhstan Kenya Kiribati Korea, North Korea, South Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Namibia Nauru Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Macedonia Northern Mariana Islands Norway Oman Pakistan Palau Panama Papua New Guinea Paraguay Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena, Ascension, and Tristan da Cunha Saint Kitts and Nevis Saint Lucia Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Sao Tome and Principe Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa Spain Sri Lanka Sudan Sudan, South Suriname Svalbard Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu Uganda Ukraine United Arab Emirates United Kingdom United States (US) Uruguay Uzbekistan Vanuatu Venezuela Vietnam Virgin Islands Wake Island Wallis and Futuna West Bank Western Sahara World Yemen Zambia Zimbabwe