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Timor-Leste Economy 2017
https://theodora.com/wfbcurrent/timorleste/timorleste_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Timor-Leste Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Since gaining independence in 1999, 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 offshore oil and gas resources has greatly supplemented government revenues. This technology-intensive industry, however, has done little to create jobs in part because there are no production facilities in Timor-Leste. Gas is currently piped to Australia for processing, but Timor-Leste has expressed interest in developing a domestic processing capacity.In June 2005, the National Parliament unanimously approved the creation of the Timor-Leste 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 $16.5 billion, as of December 2014. Oil accounts for 90% of government revenues, and the drop in the price of oil in 2014 has led to concerns about the long-term sustainability of government spending. The Ministry of Finance maintains that the Petroleum Fund is sufficient to sustain government operations for the foreseeable future.Annual government budget expenditures increased markedly between 2009 and 2012 but dropped significantly in 2013-15. Historically, the government failed to spend as much as its budget allowed. The government has focused significant resources 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.

GDP (purchasing power parity):
$4.975 billion (2016 est.) $4.738 billion (2015 est.) $4.545 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 174
[see also: GDP country ranks ]

GDP (official exchange rate):
$2.501 billion (2015 est.)
note: non-oil GDP
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5% (2016 est.) 4.3% (2015 est.) 5.9% (2014 est.)
country comparison to the world: 36
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$4,200 (2016 est.) $4,100 (2015 est.) $4,000 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 176
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: 43%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 27.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 17.5%
[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: 70.8%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -58.5% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 7.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 68%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 24.4% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
coffee, rice, corn, cassava (manioc, tapioca), sweet potatoes, soybeans, cabbage, mangoes, bananas, vanilla

Industries:
printing, soap manufacturing, handicrafts, woven cloth

Industrial production growth rate:
-5% (2016 est.)
country comparison to the world: 195
[see also: Industrial production growth rate country ranks ]

Labor force:
259,800 (2013 est.)
country comparison to the world: 166
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 64%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 10%
[see also: Labor force - by occupation - industry country ranks ]
services: 26% (2010)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
11% (2013 est.) 18.4% (2010 est.)
country comparison to the world: 122
[see also: Unemployment rate country ranks ]

Population below poverty line:
37% (2011 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)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
31.9 (2007 est.) 38 (2002 est.)
country comparison to the world: 113
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $300 million
[see also: Budget revenues country ranks ]
expenditures: $2.8 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
12% of GDP (2016 est.)
country comparison to the world: 205
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-100% of GDP (2016 est.)
country comparison to the world: 220
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
-0.8% (2016 est.) 0.6% (2015 est.)
country comparison to the world: 8
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
13.5% (31 December 2016 est.) 13.5% (31 December 2015 est.)
country comparison to the world: 55
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$456.9 million (31 December 2016 est.) $397.7 million (31 December 2015 est.)
country comparison to the world: 168
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$677.8 million (31 December 2015 est.) $599.8 million (31 December 2014 est.)
country comparison to the world: 175
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$-200 million (31 December 2016 est.) $-127 million (31 December 2015 est.)
country comparison to the world: 190
[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:
-$248 million (2016 est.) $239 million (2015 est.)
country comparison to the world: 89
[see also: Current account balance country ranks ]

Exports:
$18 million (2015 est.) $18 million (2015 est.)
country comparison to the world: 215
[see also: Exports country ranks ]

Exports - commodities:
oil, coffee, sandalwood, marble
note: potential for vanilla exports

Imports:
$647.7 million (2015 est.) $647.7 million (2015 est.)
country comparison to the world: 187
[see also: Imports country ranks ]

Imports - commodities:
food, gasoline, kerosene, machinery

Debt - external:
$311.5 million (31 December 2014 est.) $687 million (31 December 2013 est.)
country comparison to the world: 185
[see also: Debt - external country ranks ]

Exchange rates:
the US dollar is used

NOTE: The information regarding Timor-Leste on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Timor-Leste Economy 2017 information contained here. All suggestions for corrections of any errors about Timor-Leste Economy 2017 should be addressed to the CIA.




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