Sao Tome and Principe Economy - 2024

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

Real GDP growth rate

1.88% (2021 est.)
3.02% (2020 est.)
2.21% (2019 est.)

Real GDP per capita

$4,100 (2021 est.)
$4,100 (2020 est.)
$4,000 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$0 (2018 est.)

Inflation rate (consumer prices)

7.86% (2018 est.)
5.7% (2017 est.)
5.6% (2017 est.)

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.)

Labor force

71,400 (2021 est.)

Unemployment rate

15.91% (2021 est.)
15.75% (2020 est.)
14.14% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 22.9% (2021 est.)

male: 18% NA

female: 34.3% NA

Population below poverty line

66.7% (2017 est.)

Gini Index coefficient - distribution of family income

40.7 (2017 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Remittances

2.01% of GDP (2021 est.)
1.82% of GDP (2020 est.)
2.6% of GDP (2019 est.)

Budget

revenues: $95 million (2019 est.)

expenditures: $102 million (2019 est.)

Budget surplus (+) or deficit (-)

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

Public debt

88.4% of GDP (2017 est.)
93.1% of GDP (2016 est.)

Taxes and other revenues

26.2% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$95.248 million (2021 est.)
-$59.595 million (2020 est.)
-$90.026 million (2019 est.)

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

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

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.)

Debt - external

$292.9 million (31 December 2017 est.)
$308.5 million (31 December 2016 est.)

Exchange rates

dobras (STD) per US dollar -

Exchange rates:
21.507 (2020 est.)
21.885 (2019 est.)
20.751 (2018 est.)
21.741 (2017 est.)
22.149 (2016 est.)