Traditionally based on cocoa and coffee, the economy of São Tomé and Príncipe is now based on foreign aid.
|The economy of STP has become increasingly dependent on cocoa since independence 25 years ago.
However, cocoa production has substantially declined and economic growth in other sectors has remained sluggish leaving STP to become very dependent on international aid.
Still, the coffee grown in São Tomé and Príncipe has a good reputation and is, of some, considered on of the world's best. In any case, it is one of the world's most expensive coffees, the production is very low and it is considered a rarity today.The best coffee is grown between 600 and 800 m above sea level at the coffee plantation of Monte Café.
|Industries: Light construction, beer, fish processing and timber.
Labour force-by occupation: Population mainly engaged in subsistence agriculture and fishing.
GDP-composition by sector:
Services: 70.8% (2008 est.)
Agriculture products : Cocoa, coconuts, palm kernels, copra, vanilla, cinnamon, pepper, coffee, bananas, papayas, beans, poultry and fish.
Exports : $9 million f.o.b. (2008 est.)
Imports : $91 million f.o.b. (2008 est.)
(Data from CIA – The World Factbook)
Exchange rate Feb, 2010
1 € (Euro) - 24 500 dobras
1 $ (USD) - 18 200 dobras