Economy of East Timor
|
|
fr:Économie_du_Timor_oriental
East Timor, generally termed the world's poorest nation, faces a host of problems in its attempt at rebuilding the economy following devastation inflicted upon the country after independence. A winding down in international aid led to GDP contraction during the 2002-2004 period. Under international guidance, much of East Timor's modestly efficient agricultural sector was converted from substinence crops to cash crops in an attempt at creating an export-oriented economy. This drive largely failed due to low global market prices on the chosen export crops such as coffee, which is hovering at a 20-year-low. Following this policy and lacking its former substinence crops, East Timor entered 2005 with chronic food shortages. 70% of the population went hungry to varying degrees, and there were at least 58 confirmed cases of starvation. Parallel to this GDP contraction, consumer prices rose by 4-5% in 2003-2004. It is estimated that 50% of the population is unemployed.
Future hopes are pinned on the development of off-shore oil reserves which already provide the government with over $40 million annually in revenue, and success in exporting agrictural products. The GDP is predicted to expand by 3% in 2005.
Economy of East Timor
from the CIA World Factbook 2002
Gross domestic product: purchasing power parity - $415 million (2001 est.)
Real growth rate: 18% (2001 est.)
GDP per capita: purchasing power parity - $500 (2001 est.)
GDP - composition by sector:
agriculture: 25.4%
industry: 17.2%
services: 57.4% (2001)
Population below poverty line: 42% (2002 est.)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Distribution of family income - Gini index: 38
Inflation rate (consumer prices): NA%
Labor force: NA
Labor force - by occupation: NA
Unemployment rate: 50% (including underemployment)
Budget:
revenues: $NA
expenditures: $NA
Industries: printing, soap manufacturing, handicrafts, woven cloth
Industrial production growth rate: 8.5%
Electricity:
production: NA kWh
production by source: fossil fuel: 100%; hydro: 0%; other: 0%; nuclear: 0%
consumption: NA kWh
exports: 0 kWh
imports: 0 kWh
Agriculture - products: coffee, rice, maize, cassava, sweet potatoes, soybeans, cabbage, mangoes, bananas, vanilla
Exports:
quantity: $8 million (2001 est.)
commodities: coffee, sandalwood, marble; note - the potential for oil and vanilla exports
Exports - partners: NA
Imports:
quantity: $237 million (2001 est.)
commodities: NA
partners: NA
Debt - external: $NA
Economic aid - recipient: $2.2 billion (1999-2002 est.)
Fiscal year: 1 July - 30 Junept:Economia de Timor-Leste