TimorLeste Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

lower middle-income Southeast Asian economy; government expenditures funded via oil fund drawdowns; endemic corruption undermines growth; foreign aid-dependent; wide-scale poverty, unemployment, and illiteracy

Real GDP (purchasing power parity)

$6.648 billion (2021 est.)

$6.313 billion (2020 est.)

$4.786 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

5.29% (2021 est.)

31.91% (2020 est.)

23.51% (2019 est.)

Real GDP per capita

$5,000 (2021 est.)

$4,900 (2020 est.)

$3,700 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$2.775 billion (2017 est.)

note: non-oil GDP

Inflation rate (consumer prices)

0.96% (2019 est.)

2.29% (2018 est.)

0.52% (2017 est.)

GDP - composition, by sector of origin

agriculture: 9.1% (2017 est.)

industry: 56.7% (2017 est.)

services: 34.4% (2017 est.)

GDP - composition, by end use

household consumption: 33% (2017 est.)

government consumption: 30% (2017 est.)

investment in fixed capital: 10.6% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 78.4% (2017 est.)

imports of goods and services: -52% (2017 est.)

Agricultural products

rice, maize, vegetables, coffee, roots/tubers nes, other meats, cassava, pork, beans, mangoes/guavas

Industries

printing, soap manufacturing, handicrafts, woven cloth

Industrial production growth rate

5.65% (2021 est.)

Labor force

569,700 (2021 est.)

Labor force - by occupation

agriculture: 41%

industry: 13%

services: 45.1% (2013)

Unemployment rate

5.07% (2021 est.)

4.91% (2020 est.)

4.51% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 13.8%

male: 11.4%

female: 16.8% (2021 est.)

Population below poverty line

41.8% (2014 est.)

Gini Index coefficient - distribution of family income

28.7 (2014 est.)

Household income or consumption by percentage share

lowest 10%: 4%

highest 10%: 27% (2007)

Budget

revenues: $879 million (2019 est.)

expenditures: $1.396 billion (2019 est.)

Budget surplus (+) or deficit (-)

-75.7% (of GDP) (2017 est.)

Public debt

3.8% of GDP (2017 est.)

3.1% of GDP (2016 est.)

Taxes and other revenues

22.86% (of GDP) (2019 est.)

Fiscal year

calendar year

Current account balance

$1.022 billion (2021 est.)

-$308.02 million (2020 est.)

$133.98 million (2019 est.)

Exports

$2.315 billion (2021 est.) note: data are in current year dollars

$57.105 million (2020 est.) note: data are in current year dollars

$117.472 million (2019 est.) note: data are in current year dollars

Exports - partners

Singapore 51%, China 20%, Japan 9%, Indonesia 6% (2019)

Exports - commodities

crude petroleum, natural gas, coffee, various vegetables, scrap iron (2019)

Imports

$1.523 billion (2021 est.) note: data are in current year dollars

$842 million (2020 est.) note: data are in current year dollars

$1.039 billion (2019 est.) note: data are in current year dollars

Imports - partners

Indonesia 39%, China 27%, Singapore 10%, Malaysia 5% (2019)

Imports - commodities

refined petroleum, cars, cement, delivery trucks, motorcycles (2019)

Reserves of foreign exchange and gold

$934.781 million (31 December 2021 est.)

$656.524 million (31 December 2020 est.)

$656.221 million (31 December 2019 est.)

note: excludes assets of approximately $9.7 billion in the Petroleum Fund (31 December 2010)

Debt - external

$311.5 million (31 December 2014 est.)

$687 million (31 December 2013 est.)

Exchange rates

1 (2021 est.)

1 (2020 est.)

1 (2019 est.)

1 (2018 est.)

1 (2017 est.)

the US dollar is used

NOTE: The information regarding TimorLeste 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 TimorLeste 2023 information contained here. All suggestions for corrections of any errors about TimorLeste 2023 should be addressed to the CIA or the source cited on each page.