Overview: One of the world's poorest countries, Comoros is made up of several islands that have poor transportation links, a young and rapidly increasing population, and few natural resources. The low educational level of the labor force contributes to a low level of economic activity, high unemployment, and a heavy dependence on foreign grants and technical assistance. Agriculture, including fishing, hunting, and forestry, is the leading sector of the economy. It contributes 40% to GDP, employs 80% of the labor force, and provides most of the exports. The country is not self-sufficient in food production, and rice, the main staple, accounts for 90% of imports. During 1982-86 the industrial sector grew at an annual average rate of 5.3%, but its contribution to GDP is small. Despite major investment in the tourist industry, which accounts for about 25% of GDP, growth has stagnated since 1983. A sluggish growth rate of 1.5% during 1985-90 has led to large budget deficits, declining incomes, and balance-of-payments difficulties. Estimates for 1992 show a moderate increase in the growth rate based on increased exports, tourism, and government investment outlays.

National product: GDP - purchasing power equivalent - $360 million (1993 est.)

National product real growth rate: 5% (1992 est.)

National product per capita: $700 (1993 est.)

Inflation rate (consumer prices): 4% (1991 est.)

Unemployment rate: over 15.9% (1989)

Budget:
revenues: $96 million
expenditures: $88 million, including capital expenditures of $33 million (1991 est.)

Exports: $21 million (f.o.b., 1992 est.)
commodities: vanilla, cloves, perfume oil, copra, ylang-ylang
partners: US 53%, France 41%, Africa 4%, FRG 2% (1988)

Imports: $60 million (f.o.b., 1992 est.)
commodities: rice and other foodstuffs, cement, petroleum products, consumer goods
partners: Europe 62% (France 22%), Africa 5%, Pakistan, China (1988)

External debt: $160 million (1992 est.)

Industrial production: growth rate -6.5% (1989 est.); accounts for 10% of GDP

Electricity:
capacity: 16,000 kW
production: 25 million kWh
consumption per capita: 50 kWh (1991)

Industries: perfume distillation, textiles, furniture, jewelry, construction materials, soft drinks

Agriculture: accounts for 40% of GDP; most of population works in subsistence agriculture and fishing; plantations produce cash crops for export - vanilla, cloves, perfume essences, copra; principal food crops - coconuts, bananas, cassava; world's leading producer of essence of ylang-ylang (for perfumes) and second-largest producer of vanilla; large net food importer

Economic aid:
recipient: US commitments, including Ex-Im (FY80-89), $10 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $435 million; OPEC bilateral aid (1979-89), $22 million; Communist countries (1970-89), $18 million

Currency: 1 Comoran franc (CF) = 100 centimes
Exchange rates: Comoran francs (CF) per US$1 - 444.03 (January 1994), 254.57 (1993), 264.69 (1992), 282.11 (1991), 272.26 (1990), 319.01 (1989)
note: beginning 12 January 1994, the Comoran franc was devalued to 75 per French franc from 50 per French franc at which it had been fixed since 1948

Fiscal year: calendar year

NOTE: The information regarding Comoros on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Comoros Economy 1995 information contained here. All suggestions for corrections of any errors about Comoros Economy 1995 should be addressed to the CIA.