Economy of East Timor
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| Economy of East Timor | ||
|---|---|---|
| Currency | US Dollar (USD) and East Timor centavos | |
| Fiscal year | 1 July - 30 June | |
| Trade organisations | NA | |
| Statistics [] | ||
| GDP ranking | #212 (As of 2001[update]) | |
| GDP | US$370 million (As of 2004[update]) | |
| GDP growth | 21% (As of 2007[update]) | |
| GDP per capita | $400(As of 2004[update]) | |
| GDP by sector | agriculture: 25.4%
industry: 17.2% services: 57.4% (As of 2001[update]) |
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| Inflation | 4% (As of 2003[update]) | |
| Pop below poverty line | 42% (As of 2003[update]) | |
| Labour force | NA | |
| Labour force by occupation | NA | |
| Unemployment | 50% (including underemployed; much higher in Dili, Baucau, etc) (2004) | |
| Main industries | agriculture and inshore fishing, building construction, transportation, vehicle maintenance, coffee bean collection and processing, newspaper printing, soap manufacturing, handicrafts, textiles | |
| Agricultural products | coffee, rice, maize, cassava, sweet potatoes, soybeans, cabbage, mangoes, bananas, vanilla | |
| Trading Partners [2] | ||
| Exports | $8 mn (As of 2005[update]) (Not including Peace Keeping Forces equipment) | |
| Main partners | USA, Germany, Portugal, Australia, Indonesia | |
| Imports | $101 mn (As of 2005[update]) | |
| Main Partners | Indonesia, Singapore, Australia, Japan, Vietnam, People's Republic of China, Portugal, Thailand | |
| Public finances [] | ||
| Public debt | Zero (2005) | |
| Revenues | US$76 mn (2003-4) approximately (excluding most aid: accounted for separately in accordance with UNSNA | |
| Expenses | $72 mn (2003-4) approximately | |
| Economic aid | estimated US$150 to 200 mn (in rupiah) per year while under Indonesian administration (1992-September 1999) (not including reported payments to Indonesian-aligned militia of up to US$1mn per day in the lead up to and follow on after the referendum);
estimated US$1-2 Bn (September 1999-2005 - in US$, Rupiah, AUD$) (not including Peace Keeping Forces, the UN or it's agencies, official aid) |
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The economy of East Timor is one of the world's poorest, in part due to decades of both neglect and misaligned economic priorities under Portuguese and subsequent Indonesian administration, followed by the wide-spread destruction of infrastructure and property in the post-independence violence in 1999.
A winding-down of international aid inflows contributed to a decline in national economic output (GDP) over the 2002-2004 period.
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[edit] Attempts at reform
Under international guidance, much of East Timor's agriculture sector was converted from subsistence 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 subsistence 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 deaths from 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.[citation needed]
[edit] Future efforts
The economy began a mild recovery in 2005 which is expected to continue in 2006 (Did it?). The government's proposed anti-poverty drive calls for economic growth of 7% by 2010. 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 agricultural products.
[edit] Food crisis
In 2007 bad harvest lead to food crises in several parts of Timor-Leste. In November 2007 still eleven subdistricts are needing food supply by international aid.[1]
[edit] References
- ^ Voice of America, 24.06.07, East Timor Facing Food Crisis and Ministry of Agriculture, Forestry and Fisheries of Timor-Leste.
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