Economical overview
Lack of important natural resources, a poorly
developed transport system, overpopulation and high
unemployment have made the Comoros dependent on outside
assistance. The situation has not been facilitated by
the political turmoil, corruption and inefficiency that
prevailed since independence in 1975.
Gross domestic product (GDP) decreased by about half
a percent in the 1990s and growth was low during the
first decade of the 2000s. In the first half of 2010,
growth was commuting between 2 and 4 percent per year.
So far, it has only been a few years that the Comoros'
economic growth has been greater than the population
growth.
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Countryaah.com:
Major imports by Comoros, covering a full list of top products imported by the country and trade value for each product category.
Agriculture dominates the economy, both as a share of
GDP and in the number of employed. The country is
wrestling with large deficits in the state budget and in
foreign trade. Imports are many times larger than
exports. Almost all rice, which is the main food of the
Comoros, is imported like all oil.
The most important source of foreign currency is the
money sent home by Comorians who moved abroad, not least
to the French island of Mayotte. According to the World
Bank, the money sent home in 2012 corresponded to about
one fifth of the country's GDP. The currency of the
Comoros, the Comorian franc, is tied to the euro, which
has kept inflation down. In 2008–2009, inflation rose to
almost 5 percent, partly as a result of high fuel costs,
but has subsequently remained at 2-3 percent.
The Comoros meet the World Bank and IMF criteria for
a so-called "high-indebted poor country" (HIPC).
Nevertheless, the Comoros have long been denied the debt
relief that HIPC countries can get, because the relief
requires domestic political stability and the economy is
in a decent state. Since the IMF in 2004 refused to lend
money to the Comoros, the African Development Bank (ADB),
together with donors, negotiated a rescue plan in
December 2007. One year later, the IMF launched a
support package as a first step towards debt relief. In
September 2009, the IMF granted the Comoros a three-year
aid equivalent to $ 20.6 million, in support of the
government's poverty reduction. According to the IMF,
the Comoros had initiated reforms to support the private
sector and boost growth. In June 2010, the IMF and the
World Bank declared that the Comoros were now ready to
be approved for debt relief in accordance with the HIPC
criteria. In 2011, the pace of reform stopped, but in
December 2012, the IMF gave the Comoros debt relief of $
176 million. At the end of the same year, the country's
foreign debt was $ 278 million.
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Abbreviationfinder.org: Check this abbreviation website to find three letter ISO codes for all countries in the world, including COM which represents the country of Comoros.
In January 2014, the government launched a five-year
strategy for economic growth and poverty reduction. One
goal was to improve the business climate in the country.
But despite the amortization of debt and development
plans, the Comoros' economic conditions are so poor that
assessors look pessimistically at the country's ability
to consistently achieve economic growth that is higher
than population growth.
FACTS - FINANCE
GDP per person
US $ 1,445 (2018)
Total GDP
US $ 1,203 million (2018)
GDP growth
2.8 percent (2018)
Agriculture's share of GDP
29.9 percent (2017)
The service sector's share of GDP
53.0 percent (2017)
Inflation
3.2 percent (2019)
Government debt's share of GDP
21.0 percent (2018)
External debt
US $ 166 million (2017)
Currency
Comorian franc
Merchandise exports
US $ 20 million (2012)
Imports
US $ 218 million (2012)
Current account
- US $ 41 million (2012)
Commodity trade's share of GDP
29 percent (2018)
Main export goods
cloves, ylang-ylang (for perfume essence), vanilla
Largest trading partner
France, Turkey, United Arab Emirates
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