Economy Overview
One of the world's poorest and smallest economies, the 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 and a heavy dependence on foreign grants and technical assistance. Agriculture, including fishing, hunting, and forestry, accounts for about 50% of GDP, employs a majority 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 (perfume essence); and the 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, and other dried vegetables account for more than 25% of imports. Remittances from about 300,000 Comorans contribute about 25% of the country’s GDP. France, Comoros’s colonial power, remains a key trading partner and bilateral donor.Comoros faces an education system in need of upgrades, limited opportunities for private commercial and industrial enterprises, poor health services, limited exports, and a high population growth rate. Recurring political instability, sometimes initiated from outside the country, and an ongoing electricity crisis have inhibited growth. The government, elected in mid-2016, has moved to improve revenue mobilization, reduce expenditures, and improve electricity access, although the public sector wage bill remains one of the highest in Sub-Saharan Africa. In mid-2017, Comoros joined the Southern African Development Community with 15 other regional member states.
Agriculture Products
coconuts, cassava, rice, bananas, pulses nes, milk, taro, sweet potatoes, maize, cloves
Industries
fishing, tourism, perfume distillation
Industrial Production Growth Rate
1% (2017 est.)
Labor Force
278,500 (2016 est.)
Labor Force by Occupation
Agriculture: 80%
Industry: 20% (1996 est.)
Industry and services: 20% (1996 est.)
Unemployment Rate
6.5% (2014 est.)
Population Below Poverty Line
42.4% (2013 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: 0.9%
Highest 10%: 55.2% (2004)
Distribution of Family Income Gini Index
45.3 (2014 est.)
Budget
Revenues: 165.2 million (2017 est.)
Expenditures: 207.3 million (2017 est.)
Budget Surplus
-6.5% (of GDP) (2017 est.)
Public Debt
0: 32.4% of GDP (2017 est.)
1: 27.7% of GDP (2016 est.)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
0: $208 million (31 December 2017 est.)
1: $159.5 million (31 December 2016 est.)
Debt External
0: $199.8 million (31 December 2017 est.)
1: $132 million (31 December 2016 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
0: Comoran francs (KMF) per US dollar -
1: 458.2 (2017 est.)
2: 444.76 (2016 est.)
3: 444.76 (2015 est.)
4: 443.6 (2014 est.)
5: 370.81 (2013 est.)
