Economy of the Comoros

Economy of the Comoros

A market place in Moroni
Currency	Comorian franc
Fiscal year	calendar year
Trade organisations	AU, AfCFTA (signed), WTO (observer)
Country group	Developing/Emerging[1] Lower-middle income economy[2]
Statistics
GDP	$1.184 billion (nominal, 2018 est.)[3] $2.373 billion (PPP, 2018 est.)[3]
GDP rank	184th (nominal) / 207th (PPP)
GDP growth	3.8% (2017) 3.4% (2018) 1.7% (2019e) 4.8% (2020f)[4]
GDP per capita	$1,391 (nominal, 2018 est.)[3] $2,790 (PPP, 2018 est.)[3]
GDP by sector	agriculture: 50.0%; industry: 10.0%; services: 40.0% (2011 est.)[5]
Inflation (CPI)	1.749% (2018)[3]
Population below poverty line	60% (2002 est.)
Gini coefficient	N/A
Labour force	268,500 (2007 est.)
Labour force by occupation	agriculture: 80%, industry and services: 20% (1996 est.)
Unemployment	20% (1996 est.)
Main industries	fishing, tourism, perfume distillation
External
Exports	$19.6 million (2012 est.) (205th) (2012)[6]
Export goods	vanilla, ylang-ylang (perfume essence), cloves, copra
Main export partners	India 15.1%  Singapore 15%  France 14.9%  Netherlands 12.9%  Turkey 11.9%  United States 5.7%  Saudi Arabia 5.4%  Germany 4.2% (2013 est.)[7]
Imports	$208 million (2012 est.) (206) (2012 est.)[8]
Import goods	rice and other foodstuffs, consumer goods, petroleum products, cement, transport equipment
Main import partners	France 16.9%  Pakistan 15.8%  PR of China  HKG 17.9%  United Arab Emirates 11.5%  Republic of India 6.7%  East African Community 6.5% (2013 est.)[9]
FDI stock	N/A
Gross external debt	$136.1 million (189th) (31 December 2012)[10]
Public finances
Government debt	N/A
Revenues	N/A
Expenses	N/A
All values, unless otherwise stated, are in US dollars.

The economy of the Comoros is based on subsistence agriculture and fishing.^[11] Comoros has 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. The Comoros, with an estimated gross domestic product (GDP) per capita income of about $700, is among the world's poorest and least developed nations. Although the quality of the land differs from island to island, most of the widespread lava-encrusted soil formations are unsuited to agriculture. As a result, most of the inhabitants make their living from subsistence agriculture and fishing. Average wages in 2007 hover around $3–4 per day.

Agriculture, including fishing, hunting, and forestry, is the leading sector of the economy. It contributes 40% to GDP, employs 80% of the labor force, and provides most of the exports. The country is not self-sufficient in food production; rice, the main staple, accounts for the bulk of imports.

The government is working to upgrade education and technical training, to privatize commercial and industrial enterprises, to improve health services, to diversify exports, to promote tourism, and to reduce the high population growth rate. Continued foreign support is essential if the goal of 4% annual GDP growth is to be met. At 24 percent of GDP, remittances constitute an important source of inflows for the Comorian economy.^[12]

The GDP per capita of the Comoros grew 55% in the 1980s. But this proved unsustainable and it consequently shrank by 42% in the 1990s.