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SAO TOMEAN ECONOMY STATS: |
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Agriculture > products cocoa, coconuts, palm kernels, copra, cinnamon, pepper, coffee, bananas, papayas, beans; poultry; fish |
Aid as % of GDP
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75.2% |
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[1st of 129]
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Current account balance
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-$55,000,000.00 |
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[72nd of 181]
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Debt > External
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$318,000,000.00 |
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[91st of 136]
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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 has to import all fuels, most manufactured goods, consumer goods, and a substantial amount of food. Over the years, it has had difficulty servicing its external debt and has relied heavily on concessional aid and debt rescheduling. Sao Tome 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, Sao Tome signed on to a new 3-year IMF Poverty Reduction and Growth Facility (PRGF) program worth $4.3 million. 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. Sao Tome is optimistic about the development of petroleum resources in its territorial waters in the oil-rich Gulf of Guinea, which are being jointly developed in a 60-40 split with Nigeria. The first production licenses were sold in 2004, though a dispute over licensing with Nigeria delayed Sao Tome's receipt of more than $20 million in signing bonuses for almost a year. Real GDP growth exceeded 6% in 2007, as a result of increases in public expenditures and oil-related capital investment. |
Exchange rates dobras per US dollar - 9,900.4 (2004), 9,347.6 (2003), 9,088.3 (2002), 8,842.1 (2001), 7,978.2 (2000) |
Exports
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$9,000,000.00 |
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[153rd of 189]
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Exports to US
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$100,000.00 |
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[202nd of 224]
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GDP
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$122,642,700.00 |
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[170th of 203]
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GDP (purchasing power parity)
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$256,000,000.00 |
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[187th of 187]
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GDP > Real growth rate
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6% |
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[82nd of 198]
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GDP growth > annual %
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3.2 annual %
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[117th of 187]
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GDP per capita, PPP > current international $
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2,178.45 PPP $
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[118th of 169]
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Gross National Income
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$42,784,200.00 |
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[170th of 172]
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Gross national income > constant LCU
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12721960000 |
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Human Development Index
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0.604 |
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[127th of 178]
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Inflation rate (consumer prices)
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18% |
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[5th of 192]
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Population below poverty line
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54% |
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[9th of 46]
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Total reserves minus gold > current US$
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26,702,730 $
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[172nd of 178]
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Tourist arrivals
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2,000 |
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[152nd of 152]
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... View all Economy stats
SOURCES: CIA World Factbook, 28 July 2005; calculated on the basis of data on ODA from OECD (Organisation for Economic Co-operation and Development), Development Assistance Committee. 2002. DAC Online. Database. Paris.; and data on GDP from World Bank. 2002. World Development Indicators 2002. CD-ROM. Washington, DC; All CIA World Factbooks 18 December 2003 to 18 December 2008; US Census Bureau; World Development Indicators database and CIA World Factbook; World Development Indicators database; ; Human Development Report 2006, United Nations Development Programme; United Nations World Statistics Pocketbook and Statistical Yearbook
ALTERNATIVE NAMES:
Sao Tome and Principe, Democratic Republic of Sao Tome and Principe, Republica Democratica de Sao Tome e Principe, Sao Tome e Principe , s�o tom� & pr�ncipe, s�o tom� e pr�ncipe, Sao Tome & Principe, São Tomé and Principe, São Tomé & Principe, São Tomé and Príncipe
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