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Economy Of East TimorEast 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.) Currency: US dollar (USD) Fiscal year: 1 July - 30 June East Timor
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