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Sao Tome and Principe Economy 1996
This small poor island economy has remained dependent on cocoa since
independence 20 years ago. Since then, however, cocoa production has
gradually declined because of drought and mismanagement, so that by 1987
annual output had fallen from 10,000 tons to 3,900 tons. As a result, a
shortage of cocoa for export has created a serious balance-of-payments
problem. Production of less important crops, such as coffee, copra, and palm
kernels, has also declined. The value of imports generally exceeds that of
exports by a ratio of 4:1 or more. The emphasis on cocoa production at the
expense of other food crops has meant that Sao Tome has to import 90% of
food needs. It also has to import all fuels and most manufactured goods.
Over the years, Sao Tome has been unable to service its external debt and
has had to depend on concessional aid and debt rescheduling. Considerable
potential exists for development of a tourist industry, and the government
has taken steps to expand facilities in recent years. The government also
has attempted to reduce price controls and subsidies and to encourage
market-based mechanisms, e. g., to facilitate the distribution of imported
food. Annual GDP growth is estimated in the 3%-4% range for 1994-96.
GDP - purchasing power parity - $133 million (1993 est.)
-
National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$36.8 million, including capital expenditures of $22.5 million (1989 est.)
$5.5 million (f.o.b., 1993 est.)
cocoa 78%, copra, coffee, palm oil (1992)
Netherlands, Germany, China, Portugal
$31.5 million (f.o.b., 1993 est.)
machinery and electrical equipment 44%, food products 18%, petroleum 11%
(1992)
Portugal, Japan, Spain, France, Angola
growth rate 1% (1991); accounts for 7% of GDP
light construction, shirts, soap, beer, fisheries, shrimp processing
accounts for 25% of GDP; dominant sector of economy, primary source of
exports; cash crops - cocoa, coconuts, palm kernels, coffee; food products -
bananas, papaya, beans, poultry, fish; not self-sufficient in food grain and
meat
US commitments, including Ex-Im (FY70-89), $8 million; Western (non-US)
countries, ODA and OOF bilateral commitments (1970-89), $89 million
1 dobra (Db) = 100 centimos
dobras (Db) per US$1 - 129.59 (1 July 1993), 230 (1992), 260.0 (November
1991), 122.48 (December 1988), 72.827 (1987)
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