Comoros: Economy

Comoros, with an estimated gross domestic product (GDP) per capita of about $820 (or, at purchasing power parity, about $1,000), is among the world's poorest and least developed nations. Although the quality of the land differs from island to island, much of the widespread lava-encrusted soil is unsuitable for agriculture. Comoros has only one deepwater port, and unreliable and sometimes nonexistent road connections, significantly limiting its ability to scale up its engagement in international trade. As a result, most of the inhabitants make their living from subsistence farming (where this is possible) and fishing.

Agriculture, involving more than 80% of the population and 40% of the gross domestic product, provides virtually all foreign exchange earnings. Services including tourism, construction, and commercial activities constitute the remainder of the GDP. Plantations engage a small proportion of the population, but produce the islands' major cash crops for export: vanilla, cloves, perfume essences, and copra (the dried meat of a coconut from which oil is extracted). Comoros is the world's leading producer of essence of ylang-ylang, used in manufacturing perfume. It also is the world's second-largest producer of vanilla, after neighboring Madagascar. Principal food crops are coconuts, bananas, and cassava. Foodstuffs constitute 32% of total imports.

The country lacks the infrastructure necessary for development. Some villages are not linked to the main road system or at best are connected by tracks usable only by four-wheel-drive vehicles. The islands' ports are rudimentary, although one deepwater facility functions in Anjouan. Only small vessels can approach the existing quays in the capital Moroni on Grande Comore, despite improvements. Most long-distance, ocean-going ships must lie offshore and be unloaded by smaller boats; during the cyclone season, this procedure is dangerous, and ships are reluctant to call at the island. As a result, most freight is sent first to Mombasa, Kenya, or the French island of Reunion and transshipped from there.

France, Comoros' largest trading partner, finances only small development projects. The United States receives a growing percentage of Comoros' exports but supplies only a negligible fraction of its imports (less than 1%).

Comoros has an international airport at Hahaya on Grande Comore. Comoros has its own currency, the Comoran franc, which is currently valued at approximately 365 CF = U.S. $1.00.

Sources:
CIA World Factbook (September 2009)
U.S. Dept. of State Country Background Notes (October 2011)