Economy — Comoros

One of the world's poorest and smallest economies, the Comoros is made up of three islands that are hampered by inadequate transportation links, a young and rapidly increasing population, and few natural resources.

The low educational level of the labor force contributes to a subsistence level of economic activity and a heavy dependence on foreign grants and technical assistance.

Agriculture, including fishing, hunting, and forestry, accounts for about 50% of GDP, employs a majority of the labor force, and provides most of the exports.

Export income is heavily reliant on the three main crops of vanilla, cloves, and ylang ylang (perfume essence); and the Comoros' export earnings are easily disrupted by disasters such as fires and extreme weather.

Despite agriculture’s importance to the economy, the country imports roughly 70% of its food; rice, the main staple, and other dried vegetables account for more than 25% of imports.

Remittances from about 300,000 Comorans contribute about 25% of the country’s GDP.

France, Comoros’s colonial power, remains a key trading partner and bilateral donor.

Comoros faces an education system in need of upgrades, limited opportunities for private commercial and industrial enterprises, poor health services, limited exports, and a high population growth rate.

Recurring political instability, sometimes initiated from outside the country, and an ongoing electricity crisis have inhibited growth.

The government, elected in mid-2016, has moved to improve revenue mobilization, reduce expenditures, and improve electricity access, although the public sector wage bill remains one of the highest in Sub-Saharan Africa.

In mid-2017, Comoros joined the Southern African Development Community with 15 other regional member states.

• Household consumption: 104.9%
• Government consumption: 19.2%
• Investment in fixed capital: 11.2%
• Investment in inventories: 10.3%
• Exports of goods and services: 19.4%
• Imports of goods and services: -65%