Economy of São Tomé and Príncipe
The economy of São Tomé and Príncipe, while traditionally dependent on cocoa, is experiencing considerable changes due to investment in the development of its oil industry in the oil-rich waters of the Gulf of Guinea.
A market place located in the capital city of São Tomé | |
| Currency | São Tomé and Príncipe Dobra (now STN, was STD) |
|---|---|
| Statistics | |
| GDP | $686 million (PPP) (2017 est.) Rank: 208 (2012 est.) |
GDP growth | 3.9% (2017 est.) |
GDP per capita | $3,024 (PPP) (2018)[1] |
| 5.8% (2017 est.) | |
Labour force | 52,490 (2007 est.) |
Labour force by occupation | Population mainly engaged in subsistence agriculture and fishing |
Main industries | light construction, textiles, soap, beer, fish processing, timber |
| External | |
| Exports | $11.7 million (2012 est.) |
Export goods | cocoa, copra, coffee, palm oil |
Main export partners | Netherlands 32.7% Belgium 21.4% Spain 10.8% Nigeria 5.7% United States 5.0% (2012 est.)[2] |
| Imports | $121.6 million (2012 est.) |
Import goods | machinery, electrical equipment, petroleum products, food |
Main import partners | Portugal 63.0% Gabon 6.0% (2012 est.)[3] |
Gross external debt | $299.5 million (31 December 2012 est.) |
| Public finances | |
| 83.5% of GDP (2012 est.) | |
| Revenues | $105.5 million (2012 est.) |
| Expenses | $131.8 million (2012 est.) |
| $51.58 million (31 December 2012 est.) | |
History edit
Under Portuguese colonial rule, sugar plantations were set up, and the islands were used for the transshipment of slaves.[4]
Oil reserves edit
Geologists estimate that the Gulf of Guinea zone (Niger Delta province) holds more than 10 billion barrels (1.6 km3) of oil, although no reserves have yet been proven. A joint oil project with Nigeria in 2005 is likely to contribute[when?] $50 million of revenues to the government from the exploration licence signing fees. This represents four times government revenues in 2004. São Tomé is optimistic that significant petroleum discoveries under the exploration licence are forthcoming, though no crude oil nor natural gas has been found as of 2021.[5]
Agriculture edit
Since the 1800s, the economy of São Tomé and Príncipe has been based on plantation agriculture. At the time of independence, Portuguese-owned plantations occupied 90% of the cultivated area. After independence, control of these plantations passed to various state-owned agricultural enterprises. The dominant crop on São Tomé is cocoa, representing about 95% of exports. Other export crops include copra, palm kernels, and coffee.
Economic issues edit
The government has an economic program that is supported by the IMF, via its Extended Credit Facility arrangement.[6]
Data edit
The current version of this section was imported from the CIA World Factbook and may require rewriting or reformatting to meet Wikipedia's quality standards. |
Gross domestic product: purchasing power parity - $316.9 million (2010 est.), $214 million (2003 est.)
GDP - real growth rate: 6% (2010 est.), 5% (2004 est.)
GDP - per capita: purchasing power parity - $1,800 (2010 est.), $1,200 (2003 est.)
Unemployment rate: 12.2% in the formal business sector (2017 est.)
Budget:
- revenues: $58 million
- expenditures: $114 million, including capital expenditures of $54 million (1993 est.)
Industries: light construction, textiles, soap, beer; fish processing; timber
Agriculture - products: cocoa, coconuts, palm kernels, copra, cinnamon, pepper, coffee, bananas, papayas, beans; poultry; fish
Exports: $13 million (2010 est.)
Exports - commodities: cocoa 80%, copra, coffee, palm oil (2009)
Exports - partners: United Kingdom 32.99%, Netherlands 26.93%, Belgium 21.04%, Portugal 4.31% (2009)
Imports: $127.7 million (2017 est.)
Petroleum - it needs to import all of its required petroleum[7]
See also edit
References edit
- ^ "Human Development Report 2019: São Tomé and Príncipe" (PDF). United Nations Development Programme. p. 3. Retrieved 27 March 2020.
- ^ . CIA World Factbook. 2012. Archived from the original on June 13, 2007. Retrieved 2013-07-28.
- ^ . CIA World Factbook. 2012. Archived from the original on June 13, 2007. Retrieved 2013-07-28.
- ^ "Sao Tome and Principe profile". BBC. 27 June 2012. Retrieved 21 November 2012.
- ^ "São Tomé and Príncipe". EITI. Retrieved 20 December 2021.
- ^ "IMF Concludes Visit to the Democratic Republic of São Tomé and Príncipe". Press Release No. 13/32. International Monetary Fund. 1 February 2013. Retrieved 5 February 2013.
- ^ "Petroleum (Thousand Barrels per Day)". São Tomé and Principe: Country Analysis Brief. U.S. Energy Information Administration. Retrieved 5 February 2013.
External links edit
- São Tome and Principe latest trade data on ITC Trade Map
- Agência Nacional do Petróleo de São Tomé e Príncipe
- CIA - The World Factbook -- Sao Tome and Principe
https://theodora.com/wfbcurrent/sao_tome_and_principe/sao_tome_and_principe_economy.html