São Tomé and Príncipe - Economy
How is the economy of São Tomé and Príncipe? Based on the information we have, São Tomé and Príncipe has a lower middle-income Central African island economy; falling cocoa production due to drought and mismanagement; joint oil venture with Nigeria; government owns 90% of land; high debt, partly from fuel subsidies; tourism gutted by COVID-19. Key agricultural products in this country include: plantains, oil palm fruit, taro, bananas, fruits, cocoa beans, coconuts, yams, cassava, carrots/turnips (2022).
More about the economy of São Tomé and Príncipe
Labor force 76,000 (2023 est.)
Industrial production growth rate 6.59% (2022 est.)
Industries light construction, textiles, soap, beer, fish processing, timber
Population below poverty line 55.5% (2017 est.)
Taxes and other revenues 26.2% (of GDP) (2017 est.)
Fiscal year
Exchange rates
Currency dobras (STD) per US dollar -
Exchange rates 2022 23.29 (2022 est.)
Exchange rates 2021 20.71 (2021 est.)
Exchange rates 2020 21.507 (2020 est.)
Exchange rates 2019 21.885 (2019 est.)
Exchange rates 2018 20.751 (2018 est.)
Debt - external
Debt - external 2022 $249.404 million (2022 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2022 $64.476 million (2022 est.)
Reserves of foreign exchange and gold 2021 $75.017 million (2021 est.)
Reserves of foreign exchange and gold 2020 $75.288 million (2020 est.)
Current account balance
Current account balance 2022 -$79.437 million (2022 est.)
Current account balance 2021 -$95.248 million (2021 est.)
Current account balance 2020 -$59.595 million (2020 est.)
Public debt
Public debt 2017 88.4% of GDP (2017 est.)
Budget
Revenues $128.764 million (2022 est.)
Expenditures $122.193 million (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 1.35% of GDP (2023 est.)
Remittances 2022 1.87% of GDP (2022 est.)
Remittances 2021 2.02% of GDP (2021 est.)
Household income
Lowest 10% 2.6% (2017 est.)
Highest 10% 32.8% (2017 est.)
Imports
Imports 2022 $219.322 million (2022 est.)
Imports 2021 $201.145 million (2021 est.)
Imports 2020 $160.097 million (2020 est.)
Imports (partners) Portugal 35%, Angola 18%, Togo 13%, China 6%, Italy 5% (2022)
Comodities Imports force refined petroleum, ships, electric generating sets, rice, cars (2022)
Exports
Imports 2022 $219.322 million (2022 est.)
Imports 2021 $201.145 million (2021 est.)
Imports 2020 $160.097 million (2020 est.)
Exports (partners) Netherlands 26%, France 11%, Belgium 11%, Portugal 8%, Angola 6% (2022)
Comodities Exports force cocoa beans, palm oil, gas turbines, integrated circuits, coconut oil (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $1.267 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $1.273 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $1.272 billion (2021 est.)
GDP (official exchange rate) $603.241 million (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $5,500 (2023 est.)
Real GDP per capita 2022 $5,600 (2022 est.)
Real GDP per capita 2021 $5,700 (2021 est.)
GDP - composition, by sector of origin
Agriculture 13.9% (2022 est.)
Industry 4.4% (2022 est.)
Services 79% (2022 est.)
GDP - composition, by end use
Household consumption 81.4% (2017 est.)
Government consumption 17.6% (2017 est.)
Investment in fixed capital 33.4% (2017 est.)
Investment in inventories 0% (2017 est.)
Exports of goods and services 7.9% (2017 est.)
Imports of goods and services -40.4% (2017 est.)
Unemployment rate
Unemployment rate 2023 14.21% (2023 est.)
Unemployment rate 2022 14.12% (2022 est.)
Unemployment rate 2021 15.04% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 21.1% (2023 est.)
Male 15.3% (2023 est.)
Female 33.5% (2023 est.)
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São Tomé and Príncipe is found in Middle Africa