Comoros Economy - 2022

GEOGRAPHICAL NAMES 

Economic overview

One of the world's poorest and smallest economies, 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 about 50% of GDP, employs a majority 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, and other dried vegetables account for more than 25% of imports. Remittances from about 300,000 Comorans contribute about 25% of the country’s GDP. France, Comoros’s colonial power, remains a key trading partner and bilateral donor.

 

Comoros faces an education system in need of upgrades, limited opportunities for private commercial and industrial enterprises, poor health services, limited exports, and a high population growth rate. Recurring political instability, sometimes initiated from outside the country, and an ongoing electricity crisis have inhibited growth. The government, elected in mid-2016, has moved to improve revenue mobilization, reduce expenditures, and improve electricity access, although the public sector wage bill remains one of the highest in Sub-Saharan Africa. In mid-2017, Comoros joined the Southern African Development Community with 15 other regional member states.

Real GDP (purchasing power parity)

$2.73 billion (2020 est.)

$2.6 billion (2019 est.)

$2.55 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

2.7% (2017 est.)

2.2% (2016 est.)

1% (2015 est.)

Real GDP per capita

$3,100 (2020 est.)

$3,100 (2019 est.)

$3,100 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$1.186 billion (2019 est.)

Inflation rate (consumer prices)

1% (2017 est.)

1.8% (2016 est.)

GDP - composition, by sector of origin

agriculture: 47.7% (2017 est.)

industry: 11.8% (2017 est.)

services: 40.5% (2017 est.)

GDP - composition, by end use

household consumption: 92.6% (2017 est.)

government consumption: 20.4% (2017 est.)

investment in fixed capital: 20% (2017 est.)

investment in inventories: -3.1% (2017 est.)

exports of goods and services: 17.2% (2017 est.)

imports of goods and services: -47.1% (2017 est.)

Agricultural products

coconuts, cassava, rice, bananas, pulses nes, milk, taro, sweet potatoes, maize, cloves

Industries

fishing, tourism, perfume distillation

Industrial production growth rate

1% (2017 est.)

Labor force

278,500 (2016 est.)

Labor force - by occupation

agriculture: 80%

industry: 20% (1996 est.)

industry and services: 20% (1996 est.)

Unemployment rate

6.5% (2014 est.)

Youth unemployment rate (ages 15-24)

total: 19.5%

male: 20%

female: 18.8% (2014)

Population below poverty line

42.4% (2013 est.)

Gini Index coefficient - distribution of family income

45.3 (2014 est.)

Household income or consumption by percentage share

lowest 10%: 0.9%

highest 10%: 55.2% (2004)

Budget

revenues: 165.2 million (2017 est.)

expenditures: 207.3 million (2017 est.)

Budget surplus (+) or deficit (-)

-6.5% (of GDP) (2017 est.)

Public debt

32.4% of GDP (2017 est.)

27.7% of GDP (2016 est.)

Taxes and other revenues

25.3% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$27 million (2017 est.)

-$45 million (2016 est.)

Exports

$140 million (2019 est.)

$150 million (2018 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

France 32%, India 23%, Germany 10%, Turkey 9%, Madagascar 7% (2019)

Exports - commodities

cloves, essential oils, vacuum flask, vanilla, scrap vessels (2019)

Imports

$350 million (2019 est.) note: data are in current year dollars

$360 million (2018 est.) note: data are in current year dollars

Imports - partners

China 22%, United Arab Emirates 16%, France 11%, Pakistan 9%, India 6% (2019)

Imports - commodities

rice, chicken products, refined petroleum, cement, cars (2019)

Reserves of foreign exchange and gold

$208 million (31 December 2017 est.)

$159.5 million (31 December 2016 est.)

Debt - external

$199.8 million (31 December 2017 est.)

$132 million (31 December 2016 est.)

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: The information regarding Comoros on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Comoros 2022 information contained here. All suggestions for corrections of any errors about Comoros 2022 should be addressed to the CIA or the source cited on each page.