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EconomyEconomy - overview
One of the world's poorest countries, Comoros is made up of three islands that have 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, high unemployment, and a heavy dependence on foreign grants and technical assistance. Agriculture, including fishing, hunting, and forestry, contributes 40% to GDP, employs 80% 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 and Comoros'' export earnings are easily disrupted by disasters such as fires. The country is not self-sufficient in food production; rice, the main staple, accounts for the bulk of imports. The government - which is hampered by internal political disputes - lacks a comprehensive strategy to attract foreign investment and is struggling to upgrade education and technical training, privatize commercial and industrial enterprises, improve health services, diversify exports, promote tourism, and reduce the high population growth rate. Political problems have inhibited growth, which averaged only about 1% in 2006-09 but more than 2% per year in 2010-11. Remittances from 150,000 Comorans abroad help supplement GDP. In September 2009 the IMF approved Comoros for a three-year $21 million loan, but the government has struggled to meet program targets, such as restricting spending on wages, strengthening domestic revenue collection, and moving forward on structural reforms. Gdp (purchasing power parity) World Ranking: 207
$847.7 million (2011 est.)
$829.6 million (2010 est.) $813 million (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$614 million (2011 est.)
Gdp - real growth rate World Ranking: 142
2.2% (2011 est.)
2.1% (2010 est.) 1.8% (2009 est.) Gdp - per capita (ppp) World Ranking: 207
$1,200 (2011 est.)
$1,200 (2010 est.) $1,200 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 51.6%
Industry 13.6% Services 47% (2011 est.) Labor force World Ranking: 166
268,500 (2007 est.)
Labor force - by occupation
Agriculture 80%
Industry and services 20% (1996 est.) Unemployment rate World Ranking: 161
20% (1996 est.)
Population below poverty line
60% (2002 est.)
Household income or consumption by percentage share
Lowest 10% 0.9%
Highest 10% 55.2% (2004) Budget
Revenues $130.8 million
Expenditures $139.6 million $NA (2011 est.) Taxes and other revenues World Ranking: 150
21.3% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 69
-1.4% of GDP (2011 est.)
Inflation rate (consumer prices) World Ranking: 97
4% (2011 est.)
2.8% (2010 est.) Central bank discount rate World Ranking: 108
1.93% (31 December 2010 est.)
2.21% (31 December 2009 est.) Commercial bank prime lending rate World Ranking: 87
10.5% (31 December 2011 est.)
10.5% (31 December 2010 est.) Stock of narrow money World Ranking: 182
$128.4 million (31 December 2011 est.) $115.8 million (31 December 2010 est.) Stock of broad money World Ranking: 186
$198.1 million (31 December 2011 est.) $186.7 million (31 December 2010 est.) Stock of domestic credit World Ranking: 185
$138.4 million (31 December 2011 est.) $120.6 million (31 December 2010 est.) Agriculture - products
Vanilla, cloves, ylang-ylang (perfume essence), copra, coconuts, bananas, cassava (manioc) Industries
Fishing, tourism, perfume distillation Industrial production growth rate
NA%
Electricity - production World Ranking: 200
52 million kWh (2008 est.)
Electricity - consumption World Ranking: 202
48.36 million kWh (2008 est.)
Electricity - exports
0 kWh (2009 est.)
Electricity - imports
0 kWh (2009 est.)
Oil - production World Ranking: 163
0 bbl/day (2010 est.)
Oil - consumption World Ranking: 198
1,000 bbl/day (2010 est.)
Oil - exports World Ranking: 147
0 bbl/day (2009 est.)
Oil - imports World Ranking: 191
966.8 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 118
0 bbl (1 January 2011 est.)
Natural gas - production World Ranking: 166
0 cu m (2009 est.)
Natural gas - consumption World Ranking: 164
0 cu m (2009 est.)
Natural gas - exports World Ranking: 79
0 cu m (2009 est.)
Natural gas - imports World Ranking: 173
0 cu m (2009 est.)
Natural gas - proved reserves World Ranking: 164
0 cu m (1 January 2011 est.)
Current account balance World Ranking: 65
-$49.6 million (2011 est.)
-$39.2 million (2010 est.) Exports World Ranking: 207
$18.5 million (2011 est.)
$13.2 million (2010 est.) Exports - commodities
Vanilla, ylang-ylang (perfume essence), cloves, copra Exports - partners
Singapore 36%, Turkey 23.7%, France 10.5%, Netherlands 7.9% (2011) Imports World Ranking: 201
$219.9 million (2011 est.)
$194 million (2010 est.) Imports - commodities
Rice and other foodstuffs, consumer goods, petroleum products, cement, transport equipment Imports - partners
Pakistan 16.2%, France 15.8%, UAE 11.3%, Turkey 7.3%, Kenya 5.5%, India 4.6%, South Africa 4.2% (2011) Debt - external World Ranking: 177
$279.3 million (31 December 2009 est.) $485.4 million (31 December 2010 est.) Exchange rates
Comoran francs (KMF) per US dollar - 353.9 (2011 est.)371.46 (2010 est.) Fiscal year
Calendar year
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Comoros (Moroni):
 
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Comoros has endured more than 20 coups or attempted coups since gaining independence from France in 1975. In 1997, the islands of Anjouan and Moheli declared independence from Comoros. In 1999, military chief Col. AZALI seized power in a bloodless coup, and helped negotiate the 2000 Fomboni Accords power-sharing agreement in which the federal presidency rotates among the three islands, and each island maintains its local government. AZALI won the 2002 presidential election, and each island in the archipelago elected its president. AZALI stepped down in 2006 and President SAMBI was elected to office. In 2007, Mohamed BACAR effected Anjouan's de-facto secession from the Union, refusing to step down in favor of fresh Anjouanais elections when Comoros' other islands held legitimate elections in July. The African Union (AU) initially attempted to resolve the political crisis by applying sanctions and a naval blockade on Anjouan, but in March 2008 AU and Comoran soldiers seized the island. The move was generally welcomed by the island's inhabitants.