About Comoros and Key Financial Statistics

About Comoros and Key Financial Statistics

Overview of Economy:

One of the world's poorest countries, Comoros is made up of three islands that are hampered by 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. Currently, authorities are negotiating with the IMF for triennial program assistance. Agriculture, including fishing, hunting, and forestry, accounts for 50% of 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 and extreme weather. Despite agriculture’s importance to the economy, the country imports roughly 70% of its food; rice, the main staple, accounts for the bulk of imports. The government - which is racked by internal political disputes - is struggling to provide basic services, upgrade education and technical training, privatize commercial and industrial enterprises, improve health services, diversify exports, promote tourism, and reduce the high population growth rate. Recurring political instability, sometimes initiated from outside the country, has inhibited growth. Remittances from about 200,000 Comoran diaspora contribute about 25% of the country’s GDP. In December 2012, IMF and the World Bank's International Development Association supported $176 million in debt relief for Comoros, resulting in a 59% reduction of its future external debt service over a period of 40 years. In late 2013, a US-based investment company invested $200 million in a project to explore for hydrocarbons in Comoran territorial waters, the largest financial investment in the country’s history.

Gross Domestic Product (In USD):

$1.19 billion (2014 est.)

$1.167 billion (2013 est.)

$1.128 billion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 49.5

% Industry: 12.5

Composition of Labor Force by Occupation:

% Agriculture: 80

% Industry and services: 20

Per Capita Income:

$1,500 (2014 est.)

$1,500 (2013 est.)

$1,500 (2012 est.)

Exports:

$18.3 million (2014 est.)

$18.9 million (2013 est.)

Key Export Commodities:

vanilla, ylang-ylang (perfume essence), cloves

Export Partners:

India 28.4%, Singapore 13.2%, France 13%, Germany 12.9%, Saudi Arabia 5.9%, US 4.9%, Netherlands 4.6% (2014)

Imports:

$216 million (2014 est.)

$231.3 million (2013 est).

Key Import Commodities:

rice and other foodstuffs, consumer goods, petroleum products, cement and construction materials, transport equipment

Import Partners:

China 14.6%, Pakistan 13.9%, France 13.6%, Algeria 11.8%, UAE 9.5%, India 5.9% (2014)

Inflation Rate (Consumer Price Index):

1.3% (2014 est.)

1.6% (2013 est.)

Exchange Rate to USD:

Comoran francs (KMF) per US dollar -

370.81 (2014 est.)

370.81 (2013 est.)

382.9 (2012 est.)

353.9 (2011 est.)

371.46 (2010 est.)

Unemployment Rate:

20% (1996 est.)

S&P Rating:

Standard & Poor's Ratings:

• • AAA: The best quality borrowers, reliable and stable

  • AA: Quality borrowers, a bit higher risk than AAA

  • A: Economic situation can affect finance

  • BBB: Medium class borrowers, which are satisfactory at the moment

  • BB: More prone to changes in the economy

  • B: Financial situation varies noticeably

  • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings