Sao Tome and Principe Economy - 2023

Economic overview

ower middle-income Central African island economy; falling cocoa production due to drought and mismanagement; joint oil venture with Nigeria; government owns 90% of land; high debt, partly from fuel subsidies; tourism gutted by COVID-19

Real GDP (purchasing power parity)

$904.057 million (2021 est.)

$887.393 million (2020 est.)

$861.341 million (2019 est.)

note: data are in 2017 dollars

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Real GDP growth rate

1.88% (2021 est.)

3.02% (2020 est.)

2.21% (2019 est.)

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Real GDP per capita

$4,100 (2021 est.)

$4,100 (2020 est.)

$4,000 (2019 est.)

note: data are in 2017 dollars

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GDP (official exchange rate)

$0 (2018 est.)

Inflation rate (consumer prices)

7.86% (2018 est.)

5.7% (2017 est.)

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GDP - composition, by sector of origin

agriculture: 11.8% (2017 est.)

industry: 14.8% (2017 est.)

services: 73.4% (2017 est.)

GDP - composition, by end use

household consumption: 81.4% (2017 est.)

government consumption: 17.6% (2017 est.)

investment in fixed capital: 33.4% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 7.9% (2017 est.)

imports of goods and services: -40.4% (2017 est.)

Agricultural products

plantains, oil palm fruit, coconuts, taro, bananas, fruit, cocoa, yams, cassava, maize

Industries

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

Industrial production growth rate

1.44% (2021 est.)

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Labor force

71,400 (2021 est.)

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Labor force - by occupation

agriculture: 26.1%

industry: 21.4%

services: 52.5% (2014 est.)

Unemployment rate

15.91% (2021 est.)

15.75% (2020 est.)

14.14% (2019 est.)

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Youth unemployment rate (ages 15-24)

total: 22.9%

male: 18% NA

female: 34.3% (2021 est.) NA

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Population below poverty line

66.7% (2017 est.)

Gini Index coefficient - distribution of family income

40.7 (2017 est.)

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Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $95 million (2019 est.)

expenditures: $102 million (2019 est.)

Budget surplus (+) or deficit (-)

-2.4% (of GDP) (2017 est.)

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Public debt

88.4% of GDP (2017 est.)

93.1% of GDP (2016 est.)

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Taxes and other revenues

26.2% (of GDP) (2017 est.)

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Fiscal year

calendar year

Current account balance

-$95.248 million (2021 est.)

-$59.595 million (2020 est.)

-$90.026 million (2019 est.)

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Exports

$75.256 million (2021 est.) note: data are in current year dollars

$49.337 million (2020 est.) note: data are in current year dollars

$72.594 million (2019 est.) note: data are in current year dollars

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Exports - partners

Singapore 30%, Switzerland 24%, France 11%, Poland 7%, Belgium 7%, United States 5% (2019)

Exports - commodities

gas turbines, cocoa beans, aircraft parts, iron products, chocolate (2019)

Imports

$201.145 million (2021 est.) note: data are in current year dollars

$160.097 million (2020 est.) note: data are in current year dollars

$189.63 million (2019 est.) note: data are in current year dollars

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Imports - partners

Portugal 41%, Angola 17%, China 8% (2019 )

Imports - commodities

refined petroleum, cars, rice, flavored water, postage stamps (2019)

Reserves of foreign exchange and gold

$75.288 million (31 December 2020 est.)

$47.148 million (31 December 2019 est.)

$43.684 million (31 December 2018 est.)

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Debt - external

$292.9 million (31 December 2017 est.)

$308.5 million (31 December 2016 est.)

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Exchange rates

dobras (STD) per US dollar -

21.507 (2020 est.)

21.885 (2019 est.)

20.751 (2018 est.)

21.741 (2017 est.)

22.149 (2016 est.)

NOTE: The information regarding Sao Tome and Principe on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Sao Tome and Principe 2023 information contained here. All suggestions for corrections of any errors about Sao Tome and Principe 2023 should be addressed to the CIA or the source cited on each page.