Economy - overview:
Since its 1999 independence, Timor-Leste has faced great challenges in rebuilding its infrastructure, strengthening the civil administration, and generating jobs for young people entering the work force. The development of oil and gas resources in offshore waters has greatly supplemented government revenues. This technology-intensive industry, however, has done little to create jobs for the unemployed in part because there are no production facilities in Timor-Leste. Gas is piped to Australia. In June 2005, the National Parliament unanimously approved the creation of a Petroleum Fund to serve as a repository for all petroleum revenues and to preserve the value of Timor-Leste's petroleum wealth for future generations. The Fund held assets of US$9.3 billion as of December 2011. The economy continues to recover from the mid-2006 outbreak of violence and civil unrest, which disrupted both private and public sector economic activity. Government spending increased markedly from 2009 through 2012, primarily on basic infrastructure, including electricity and roads. Limited experience in procurement and infrastructure building has hampered these projects. The underlying economic policy challenge the country faces remains how best to use oil-and-gas wealth to lift the non-oil economy onto a higher growth path and to reduce poverty. On the strength of its oil-wealth, the economy has achieved real growth between 8-12% per year for the last several years, among the highest sustained growth rates in the world.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition, by end use:
GDP - composition, by sector of origin:
Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation:
Unemployment rate: Population below poverty line: Household income or consumption by percentage share:
Distribution of family income - Gini index: Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Fiscal year: Inflation rate (consumer prices): Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Imports: Imports - commodities: Exchange rates:
$25.41 billion (2013 est.)
country comparison to the world: 125
$23.51 billion (2012 est.)
$21.72 billion (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP country ranks ]
$6.129 billion
note:
non-oil GDP (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
8.1% (2013 est.)
country comparison to the world: 10
8.3% (2012 est.)
12% (2011 est.)
[see also: GDP - real growth rate country ranks ]
$21,400 (2013 est.)
country comparison to the world: 68
$20,400 (2012 est.)
$19,400 (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP - per capita country ranks ]
household consumption:
16.7%
government consumption:
22.3%
investment in fixed capital:
16.5%
investment in inventories:
0%
exports of goods and services:
74%
imports of goods and services:
-29.5%
(2013 est.)
agriculture:
2.6%
industry:
81.6%
services:
15.8% (2013 est.)
coffee, rice, corn, cassava (manioc, tapioca), sweet potatoes, soybeans, cabbage, mangoes, bananas, vanilla
printing, soap manufacturing, handicrafts, woven cloth
6.2% (2013 est.)
country comparison to the world: 42
[see also: Industrial production growth rate country ranks ]
418,200 (2009)
country comparison to the world: 159
[see also: Labor force country ranks ]
agriculture:
64%
industry:
10%
services:
26% (2010)
18.4% (2010 est.)
country comparison to the world: 157
20% (2006 est.)
[see also: Unemployment rate country ranks ]
41% (2009 est.)
[see also: Population below poverty line country ranks ]
lowest 10%:
4%
highest 10%:
27% (2007)
31.9 (2007 est.)
country comparison to the world: 110
38 (2002 est.)
[see also: Distribution of family income - Gini index country ranks ]
revenues:
$1.6 billion
expenditures:
$1.7 billion (2013 est.)
26.1% of GDP (2013 est.)
country comparison to the world: 115
[see also: Taxes and other revenues country ranks ]
-1.6% of GDP (2013 est.)
country comparison to the world: 76
[see also: Budget surplus (+) or deficit (-) country ranks ]
calendar year
4.5% (2013 est.)
country comparison to the world: 149
11.8% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]
12.3% (31 December 2013 est.)
country comparison to the world: 62
12.21% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]
$203.2 million (31 December 2013 est.)
country comparison to the world: 178
$205.8 million (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]
$433.4 million (31 December 2013 est.)
country comparison to the world: 181
$407 million (31 December 2012 est.)
[see also: Stock of broad money country ranks ]
$-300 million (31 December 2013 est.)
country comparison to the world: 182
$-681 million (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]
$NA
[see also: Market value of publicly traded shares country ranks ]
$2.375 billion (2011 est.)
country comparison to the world: 38
$1.161 billion (2007 est.)
[see also: Current account balance country ranks ]
$34.1 million (2011 est.)
country comparison to the world: 202
$17.8 million (2010 est.)
note:
excludes oil
[see also: Exports country ranks ]
oil, coffee, sandalwood, marble
note:
potential for vanilla exports
$689 million (2011 est.)
country comparison to the world: 188
$378 million (2010 est.)
[see also: Imports country ranks ]
food, gasoline, kerosene, machinery
the US dollar is used