shortage of cocoa for export has created a serious balance-of-payments
problem. Production of less important crops, such as coffee, copra, and palm
kernels, has also declined. The value of imports generally exceeds that of
exports by a ratio of 4:1. The emphasis on cocoa production at the expense
of other food crops has meant that Sao Tome has to import 90% of food needs.
It also has to import all fuels and most manufactured goods. Over the years,
Sao Tome has been unable to service its external debt, which amounts to
roughly 80% of export earnings. Considerable potential exists for
development of a tourist industry, and the government has taken steps to
expand facilities in recent years. The government also implemented a
Five-Year Plan covering 1986-90 to restructure the economy and reschedule
external debt service payments in cooperation with the International
Development Association and Western lenders.
GDP:
exchange rate conversion - $46.0 million, per capita $400; real growth rate
1.5% (1989)
Inflation rate (consumer prices):
36% (1989)
Unemployment rate:
NA%
Budget:
revenues $10.2 million; expenditures $36.8 million, including capital
expenditures of $22.5 million (1989)
Exports:
$4.4 million (f.o.b., 1990 est.)
commodities:
cocoa 85%, copra, coffee, palm oil
partners:
FRG, GDR, Netherlands, China
Imports:
$21.3 million (f.o.b., 1990 est.)
commodities:
machinery and electrical equipment 54%, food products 23%, other 23%
partners:
Portugal, GDR, Angola, China
External debt:
$147 million (1990 est.)
Industrial production:
growth rate 7.1% (1986)
Electricity:
5,000 kW capacity; 10 million kWh produced, 80 kWh per capita (1991)
Industries:
light construction, shirts, soap, beer, fisheries, shrimp processing
Agriculture:
dominant sector of economy, primary source of exports; cash crops - cocoa
(85%), coconuts, palm kernels, coffee; food products - bananas, papaya,
beans, poultry, fish; not self-sufficient in food grain and meat
Economic aid:
US commitments, including Ex-Im (FY70-89), $8 million; Western (non-US)
countries, ODA and OOF bilateral commitments (1970-89), $89 million
Currency:
dobra (plural - dobras); 1 dobra (Db) = 100 centimos

:Sao Tome and Principe Economy

Exchange rates:
dobras (Db) per US$1 - 260.0 (November 1991), 122.48 (Decembe