nagement, so that by 1987 output had fallen to less than 50% of
its former levels. As a result, a 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.
National product:
GDP - exchange rate conversion - $50 million (1990)
National product real growth rate:
1.5% (1992 est.)
National product per capita:
$450 (1990)
Inflation rate (consumer prices):
27% (1992 est.)
Unemployment rate:
NA%
Budget:
revenues:
$10.2 million
expenditures:
$36.8 million, including capital expenditures of $22.5 million (1989
est.)
Exports:
$5.4 million (f.o.b., 1992 est.)
commodities:
cocoa 78%, copra, coffee, palm oil
partners:
Netherlands, Germany, China, Portugal
Imports:
$31.5 million (f.o.b., 1992 est.)
commodities:
machinery and electrical equipment 44%, food products 18%, petroleum
11%
partners:
Portugal, Japan, Spain, France, Angola
External debt:
$163.6 million (1992)
Industrial production:
growth rate 1% (1991); accounts for 7% of GDP
Electricity:
capacity:
5,000 kW
production:
10 million kWh
consumption per capita:
80 kWh (1991)
Industries:
light construction, shirts, soap, beer, fisheries, shrimp processing
Agriculture:
accounts for 25% of GDP; 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:
recipient:
US commitments, including Ex-Im (FY70-89), $8 million; Western
(non-US) countries, ODA and OOF bilateral