Page last updated on February 5, 2013
Economy - overview:
Since its 1999 independence, Timor-Leste has faced great challenges in rebuilding its infrastructure, strengthening the civil administration, and generating jobs for young people entering the work force. The development of oil and gas resources in offshore waters has greatly supplemented government revenues. This technology-intensive industry, however, has done little to create jobs for the unemployed in part because there are no production facilities in Timor-Leste. Gas is piped to Australia. In June 2005, the National Parliament unanimously approved the creation of a Petroleum Fund to serve as a repository for all petroleum revenues and to preserve the value of Timor-Leste's petroleum wealth for future generations. The Fund held assets of US$9.3 billion as of December 2011. The economy continues to recover from the mid-2006 outbreak of violence and civil unrest, which disrupted both private and public sector economic activity. Government spending increased markedly from 2009 through 2012, primarily on basic infrastructure, including electricity and roads. Limited experience in procurement and infrastructure building has hampered these projects. The underlying economic policy challenge the country faces remains how best to use oil-and-gas wealth to lift the non-oil economy onto a higher growth path and to reduce poverty. Timor-Leste had a balanced budget in 2012 with government expenditures of $1.7 billion focusing on development of public infrastructure. On the strength of its oil-wealth, the economy has achieved real growth of approximately 10% per year for the last several years, among the highest sustained growth rates in the world.
GDP (purchasing power parity):
$10.63 billion (2012 est.)
country comparison to the world: 152
$9.662 billion (2011 est.)
$8.736 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$4.214 billion
note:
non-oil GDP (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
10% (2012 est.)
country comparison to the world: 8
10.6% (2011 est.)
9.5% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita (PPP):
$9,500 (2012 est.)
country comparison to the world: 117
$8,800 (2011 est.)
$8,200 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 25.6%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
18.1%
services:
56.3% (2012 est.)
Labor force:
418,200 (2009)
country comparison to the world: 158
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 64%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
10%
services:
26% (2010)
Unemployment rate:
18.4% (2010 est.)
country comparison to the world: 156
20% (2006 est.)
[see also:
Unemployment rate country ranks ]
Population below poverty line:
41% (2009 est.)
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: 4%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
27% (2007)
Distribution of family income - Gini index:
31.9 (2007 est.)
country comparison to the world: 107
38 (2002 est.)
[see also:
Distribution of family income - Gini index country ranks ]
Budget:
revenues: $1.7 billion
[see also: Budget revenues country ranks ]
expenditures:
$1.7 billion (2012 est.)
Taxes and other revenues:
40.3% of GDP (2012 est.)
country comparison to the world: 51
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
0% of GDP (2012 est.)
country comparison to the world: 41
[see also: Budget surplus (+) or deficit (-) country ranks ]
Inflation rate (consumer prices):
9% (2012 est.)
country comparison to the world: 190
13.5% (2011 est.)
[see also:
Inflation rate (consumer prices) country ranks ]
Commercial bank prime lending rate:
12.1% (31 December 2012 est.)
country comparison to the world: 75
11.04% (31 December 2011 est.)
[see also:
Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$196 million (31 December 2012 est.)
country comparison to the world: 178
$162.7 million (31 December 2011 est.)
[see also:
Stock of narrow money country ranks ]
Stock of broad money:
$386.9 million (31 December 2012 est.)
country comparison to the world: 182
$322.4 million (31 December 2011 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$300 million (31 December 2012 est.)
country comparison to the world: 180
$280 million (31 December 2011 est.)
[see also:
Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]
Agriculture - products:
coffee, rice, corn, cassava (manioc), sweet potatoes, soybeans, cabbage, mangoes, bananas, vanilla
Industries:
printing, soap manufacturing, handicrafts, woven cloth
Industrial production growth rate:
8.5% (2004 est.)
country comparison to the world: 22
[see also: Industrial production growth rate country ranks ]
Current account balance:
$2.375 billion (2011 est.)
country comparison to the world: 37
$1.161 billion (2007 est.)
[see also:
Current account balance country ranks ]
Exports:
$18 million (2011 est.)
country comparison to the world: 209
$17.8 million (2010 est.)
note:
excludes oil
[see also:
Exports country ranks ]
Exports - commodities:
oil, coffee, sandalwood, marble
note:
potential for vanilla exports
Imports:
$689 million (2011 est.)
country comparison to the world: 187
$439.1 million (2010 est.)
[see also:
Imports country ranks ]
Imports - commodities:
food, gasoline, kerosene, machinery
Exchange rates:
the US dollar is used, 1 (2012 est.)
Fiscal year:
calendar year
NOTE: The information regarding Timor-Leste on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Timor-Leste Economy 2013 information contained here. All suggestions for corrections of any errors about Timor-Leste Economy 2013 should be addressed to the CIA.
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