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Sao Tome and Principe Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Sao Tome and Principe Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
This small, poor island economy has become increasingly dependent on cocoa since independence in 1975. Cocoa production has substantially declined in recent years because of drought and mismanagement. Sao Tome and Principe has to import fuels, most manufactured goods, consumer goods, and food, making it vulnerable to fluctuations in global commodity prices. Maintaining control of inflation, fiscal discipline, and increasing flows of foreign direct investment into the nascent oil sector are major economic problems facing the country. The government also has attempted to reduce price controls and subsidies.Over the years, Sao Tome and Principe has had difficulty servicing its external debt and has relied heavily on concessional aid and debt rescheduling. It benefited from $200 million in debt relief in December 2000 under the Highly Indebted Poor Countries program, which helped bring down the country's $300 million debt burden. In April 2011, the country completed a Threshold Country Program with The Millennium Challenge Corporation to help increase tax revenues, reform customs, and improve the business environment. In 2016, Sao Tome and Portugal signed a five-year cooperation agreement worth approximately $64 million, some of which will be provided as loans.Considerable potential exists for development of a tourist industry, and the government has taken steps to expand facilities in recent years. Potential also exists for the development of petroleum resources in Sao Tome and Principe's territorial waters in the oil-rich Gulf of Guinea, which are being jointly developed in a 60-40 split with Nigeria, but any actual production is at least several years off. Volatile aid and investment inflows, even with a growing tourism sector, have kept growth moderate at around 4% annually, which is insufficient to alleviate poverty. The IMF in late 2016 expressed concern about the country’s banking sector vulnerabilities.

GDP (purchasing power parity):
$682 million (2017 est.) $649.5 million (2016 est.) $623.9 million (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 210

GDP (official exchange rate):
$372 million (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5% (2017 est.) 4.1% (2016 est.) 4% (2015 est.)
country comparison to the world: 42
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$3,200 (2017 est.) $3,100 (2016 est.) $3,100 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 192

Gross national saving:
25.1% of GDP (2017 est.) 21.6% of GDP (2016 est.) 19.1% of GDP (2015 est.)
country comparison to the world: 50
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 81.5%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 20.6%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 33.5%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 7.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -43.4% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 11.8%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 14.8%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 73.4% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
cocoa, coconuts, palm kernels, copra, cinnamon, pepper, coffee, bananas, papayas, beans; poultry; fish

Industries:
light construction, textiles, soap, beer, fish processing, timber

Industrial production growth rate:
4.7% (2017 est.)
country comparison to the world: 54
[see also: Industrial production growth rate country ranks ]

Labor force:
72,600 (2017 est.)
country comparison to the world: 186
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 26.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 21.4%
[see also: Labor force - by occupation - industry country ranks ]
services: 52.5% (2014 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
12.2% (2017 est.) 12.6% (2016 est.)
country comparison to the world: 159
[see also: Unemployment rate country ranks ]

Population below poverty line:
66.2% (2009 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

Budget:
revenues: $114.3 million
[see also: Budget - revenues country ranks ]
expenditures: $123.4 million (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
30.7% of GDP (2017 est.)
country comparison to the world: 78
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.5% of GDP (2017 est.)
country comparison to the world: 101
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
60.2% of GDP (2017 est.) 58.8% of GDP (2016 est.)
country comparison to the world: 73
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
4.5% (2017 est.) 5.4% (2016 est.)
country comparison to the world: 169
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
16% (31 December 2009) 28% (31 December 2008)
country comparison to the world: 8
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
18.9% (31 December 2017 est.) 19.59% (31 December 2016 est.)
country comparison to the world: 21
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$71.48 million (31 December 2017 est.) $65.47 million (31 December 2016 est.)
country comparison to the world: 190
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$113 million (31 December 2017 est.) $116.3 million (31 December 2016 est.)
country comparison to the world: 194
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$66.4 million (31 December 2017 est.) $72.19 million (31 December 2016 est.)
country comparison to the world: 188
[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 ]

Current account balance:
-$38 million (2017 est.) -$22 million (2016 est.)
country comparison to the world: 68
[see also: Current account balance country ranks ]

Exports:
$11.3 million (2017 est.) $13.6 million (2016 est.)
country comparison to the world: 215
[see also: Exports country ranks ]

Exports - commodities:
cocoa 80%, copra, coffee, palm oil (2010 est.)

Exports - partners:
Germany 23.3%, Netherlands 13.8%, Portugal 10%, Angola 6.4%, South Korea 5.2%, Peru 4.5%, Dominican Republic 4.1% (2016)

Imports:
$125.4 million (2017 est.) $119.1 million (2016 est.)
country comparison to the world: 210
[see also: Imports country ranks ]

Imports - commodities:
machinery and electrical equipment, food products, petroleum products

Imports - partners:
Portugal 58.8%, Angola 15.2%, China 5.3% (2016)

Reserves of foreign exchange and gold:
$64 million (31 December 2017 est.) $61.5 million (31 December 2016 est.)
country comparison to the world: 169
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$343.4 million (31 December 2017 est.) $308.5 million (31 December 2016 est.)
country comparison to the world: 184
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$453.3 million (31 December 2017 est.) $430.3 million (31 December 2016 est.)
country comparison to the world: 125
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$3.98 million (31 December 2017 est.) $2.2 million (31 December 2016 est.)
country comparison to the world: 111
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
dobras (STD) per US dollar - 22,608 (2017 est.) 22,149 (2016 est.) 22,149 (2015 est.) 22,091 (2014 est.) 18,466 (2013 est.)


NOTE: 1) The information regarding Sao Tome and Principe 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 Sao Tome and Principe Economy 2018 information contained here. All suggestions for corrections of any errors about Sao Tome and Principe 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






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