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Sao Tome and Principe Economy 2015

SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES











Sao Tome and Principe Economy 2015
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on June 20, 2014

Economy - overview:
This small, poor island economy has become increasingly dependent on cocoa since independence in 1975. Cocoa production has substantially declined in recent years because of drought and mismanagement. Sao Tome and Principe has to import fuels, most manufactured goods, consumer goods, and a substantial amount of food, making it vulnerable to fluctuations in global commodity prices. Over the years, it has had difficulty servicing its external debt and has relied heavily on concessional aid and debt rescheduling. Sao Tome and Principe benefited from $200 million in debt relief in December 2000 under the Highly Indebted Poor Countries (HIPC) program, which helped bring down the country's $300 million debt burden. In August 2005, the government signed on to a new 3-year IMF Poverty Reduction and Growth Facility (PRGF) program worth $4.3 million. In April 2011 the country completed a Threshold Country Program with The Millennium Challenge Corporation to help increase tax revenues, reform customs, and improve the business environment. Considerable potential exists for development of a tourist industry, and the government has taken steps to expand facilities in recent years. The government also has attempted to reduce price controls and subsidies. Potential exists for the development of petroleum resources in Sao Tome and Principe's territorial waters in the oil-rich Gulf of Guinea, which are being jointly developed in a 60-40 split with Nigeria, but any actual production is at least several years off. The first production licenses were sold in 2004, though a dispute over licensing with Nigeria delayed the country's receipt of more than $20 million in signing bonuses for almost a year. Maintaining control of inflation, fiscal discipline, and increasing flows of foreign direct investment into the oil sector are the major economic problems facing the country.

GDP (purchasing power parity):
$421 million (2013 est.)
country comparison to the world: 217

$402.4 million (2012 est.)
$387.8 million (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$311 million (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.5% (2013 est.)
country comparison to the world: 68

4% (2012 est.)
4.9% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$2,200 (2013 est.)
country comparison to the world: 191

$2,200 (2012 est.)
$2,300 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
32.7% of GDP (2013 est.)
country comparison to the world: 18

27.4% of GDP (2012 est.)
16.8% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 137.6%
government consumption: 12%
investment in fixed capital: 53.1%
investment in inventories: -1.4%
exports of goods and services: 13.2%
imports of goods and services: -114.5%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 13.7%
industry: 19.5%
services: 66.8% (2013 est.)

Agriculture - products:
cocoa, coconuts, palm kernels, copra, cinnamon, pepper, coffee, bananas, papayas, beans; poultry; fish

Industries:
light construction, textiles, soap, beer, fish processing, timber

Industrial production growth rate:
4% (2013 est.)
country comparison to the world: 72
[see also: Industrial production growth rate country ranks ]

Labor force:
52,490 (2007)
country comparison to the world: 190
[see also: Labor force country ranks ]

Labor force - by occupation:
note: population mainly engaged in subsistence agriculture and fishing; shortages of skilled workers

Unemployment rate:
NA%
[see also: Unemployment rate country ranks ]

Population below poverty line:
66.2% (2009 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Budget:
revenues: $83.94 million
expenditures: $120.3 million (2013 est.)

Taxes and other revenues:
27% of GDP (2013 est.)
country comparison to the world: 109
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-11.7% of GDP (2013 est.)
country comparison to the world: 208
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
65.5% of GDP (2013 est.)
country comparison to the world: 44

75.5% of GDP (2012 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
8.7% (2013 est.)
country comparison to the world: 200

10.6% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
16% (31 December 2009)
country comparison to the world: 4

28% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
26% (31 December 2013 est.)
country comparison to the world: 11

26% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$47.43 million (31 December 2013 est.)
country comparison to the world: 185

$38.63 million (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$109.9 million (31 December 2013 est.)
country comparison to the world: 191

$99.74 million (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$97.37 million (31 December 2013 est.)
country comparison to the world: 176

$94.99 million (31 December 2012 est.)
[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:
-$59 million (2013 est.)
country comparison to the world: 71

-$58.7 million (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$12.1 million (2013 est.)
country comparison to the world: 212

$12.2 million (2012 est.)
[see also: Exports country ranks ]

Exports - commodities:
cocoa 80%, copra, coffee, palm oil

Exports - partners:
Netherlands 33.3%, Belgium 21.8%, Spain 11%, Nigeria 5.6%, US 5.1% (2012)

Imports:
$112.8 million (2013 est.)
country comparison to the world: 212

$115.1 million (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and electrical equipment, food products, petroleum products

Imports - partners:
Portugal 63.1%, Gabon 5.4% (2012)

Reserves of foreign exchange and gold:
$46.6 million (31 December 2013 est.)
country comparison to the world: 168

$51.59 million (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$406.8 million (31 December 2013 est.)
country comparison to the world: 180

$313.3 million (31 December 2012 est.)
[see also: Debt - external country ranks ]

Exchange rates:
dobras (STD) per US dollar -

18,702 (2013 est.)
19,068 (2012 est.)
18,499 (2010 est.)
16,209 (2009)
14,900 (2008)


NOTE: 1) The information regarding Sao Tome and Principe on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Sao Tome and Principe Economy 2015 information contained here. All suggestions for corrections of any errors about Sao Tome and Principe Economy 2015 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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