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Comoros Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Comoros Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
One of the world's poorest countries, 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 50% of GDP, employs 80% 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, accounts for the bulk of imports. Remittances from about 300,000 Comorans contribute about 25% of the country’s GDP.The new government, elected in mid-2016, will be challenged to provide basic services, upgrade education and technical training, privatize commercial and industrial enterprises, improve health services, diversify exports, promote tourism, and reduce the high population growth rate. Recurring political instability, sometimes initiated from outside the country, has inhibited growth. In late 2015, Saudi Arabia provided a large budget grant to the Comorian Government, allowing arrears to be cleared and resulting in an overall fiscal surplus for 2016. The government has moved to improve revenue mobilization, reduce expenditures, and improve electricity access.

GDP (purchasing power parity):
$1.323 billion (2017 est.) $1.281 billion (2016 est.) $1.254 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 201

GDP (official exchange rate):
$659 million (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.3% (2017 est.) 2.2% (2016 est.) 1% (2015 est.)
country comparison to the world: 102
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,600 (2017 est.) $1,600 (2016 est.) $1,600 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 219

Gross national saving:
12.2% of GDP (2017 est.) 10.9% of GDP (2016 est.) 18.9% of GDP (2015 est.)
country comparison to the world: 144
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 104%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 19.3%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 4.6%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 5.7%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 19.2%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -52.8% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 49.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 11.8%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 38.7% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
vanilla, cloves, ylang-ylang (perfume essence), coconuts, bananas, cassava (manioc)

Industries:
fishing, tourism, perfume distillation

Industrial production growth rate:
0.8% (2017 est.)
country comparison to the world: 173
[see also: Industrial production growth rate country ranks ]

Labor force:
278,500 (2016 est.)
country comparison to the world: 167
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 80%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services: 20% (1996 est.)

Unemployment rate:
6.5% (2014 est.)
country comparison to the world: 88
[see also: Unemployment rate country ranks ]

Population below poverty line:
44.8% (2004 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 0.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 55.2% (2004)

Budget:
revenues: $148.6 million
[see also: Budget - revenues country ranks ]
expenditures: $183.1 million (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
22.6% of GDP (2017 est.)
country comparison to the world: 132
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5.2% of GDP (2017 est.)
country comparison to the world: 164
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
26.3% of GDP (2016 est.) 25.2% of GDP (2015 est.)
country comparison to the world: 173
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2% (2017 est.) 1.8% (2016 est.)
country comparison to the world: 90
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.93% (31 December 2010) 2.21% (31 December 2009)
country comparison to the world: 117
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
10.5% (31 December 2017 est.) 10.5% (31 December 2016 est.)
country comparison to the world: 77
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$193.8 million (31 December 2017 est.) $180.5 million (31 December 2016 est.)
country comparison to the world: 185
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$295.5 million (31 December 2017 est.) $268.8 million (31 December 2016 est.)
country comparison to the world: 190
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$204.3 million (31 December 2017 est.) $183.9 million (31 December 2016 est.)
country comparison to the world: 185
[see also: Stock of domestic credit country ranks ]

Current account balance:
-$63 million (2017 est.) -$62 million (2016 est.)
country comparison to the world: 73
[see also: Current account balance country ranks ]

Exports:
$18.4 million (2017 est.) $17.9 million (2016 est.)
country comparison to the world: 213
[see also: Exports country ranks ]

Exports - commodities:
vanilla, ylang-ylang (perfume essence), cloves

Exports - partners:
France 25.6%, South Korea 15%, Germany 11.8%, India 10.4%, Singapore 4.4%, Russia 4.2%, Mauritius 4.1% (2016)

Imports:
$194.8 million (2017 est.) $189 million (2016 est.)
country comparison to the world: 204
[see also: Imports country ranks ]

Imports - commodities:
rice and other foodstuffs, consumer goods, petroleum products, cement and construction materials, transport equipment

Imports - partners:
UAE 29.5%, France 21.2%, China 11.3%, Pakistan 7.3%, Madagascar 6.2%, India 4.7% (2016)

Debt - external:
$131.1 million (31 December 2017 est.) $132 million (31 December 2016 est.)
country comparison to the world: 192
[see also: Debt - external country ranks ]

Exchange rates:
Comoran francs (KMF) per US dollar - 458.2 (2017 est.) 444.76 (2016 est.) 444.76 (2015 est.) 443.6 (2014 est.) 370.81 (2013 est.)


NOTE: 1) The information regarding Comoros on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Comoros Economy 2018 information contained here. All suggestions for corrections of any errors about Comoros Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 28-Feb-18
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