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Sao Tomé and Príncipe

Author(s):
International Monetary Fund
Published Date:
August 1996
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São Tomé and Príncipe – Basic Data

Area, population, and GDP per capita
Area1,001 square kilometers
Population Total (1995)127,500
Growth rate (1995)23 percent per annum
GDP per capita in 1995 (in U.S. dollars)357

As estimated by staff.

Including grants.

Break in the series in 1994.

199019911992199319941995
Est.
(In units indicated)
Production and prices
GDP at market prices (in millions of dobras)8,25011,48214,56520,46936,29564,613
Cocoa production (in metric tons)3,6403,6073,6884,3053,3923,845
Cocoa exports (in metric tons)3,3254,7594,3633,7253,7163,400
Consumer price index (annual average; 1990= 100) 1/100.0146.5195.8258.0381.7828.0
(In millions of dobras)
Government fiscal operations
Revenue and grants2,4233,3954,2647,10212,32926,981
Current expenditure-2,335-3,213-4,408-6,673-11,285-15,480
Capital expenditure-3,568-4,596-5,942-7,309-15,502-34,363
Net lending-----------72
Overall fiscal deficit (commitment basis) 2/-3,481-4,415-6,086-6,881-14,458-22,791
Net change in arrears (decrease –)3024013522,0623,9555,433
Overall fiscal deficit (cash basis) 2/-3,179-4,014-5,733-4,819-10,503-17,358
Financing3,1794,0145,7334,81910,45917,358
Net foreign financing2,3412,4763,7224,2676,87317,212
Net domestic financing8381,5382,0115523,630146
Of which: banking system(564)(886)(1,846)(552)(3,586)(574)
Monetary survey (end of period) 3/
Net foreign assets-3,249-4,999-8,8984,3728,026
Net domestic assets7,1789,47014,8409,42610,648
Net domestic credit9,88210,55911,80812,27510,628
Claims on the Government (net)3,2355,0815,6336,7557,329
Counterpart funds (non budgetary)-2,974-4,736-5,527-9,067-11,152
Credit to the economy9,62210,21311,70214,58714,451
Other items (net)-3,813-1,0883,032-2,84921
Money and quasi-money2,8214,4725,94213,79818,674
(In millions of U.S. dollars)
Balance of payments
Exports, f.o.b.4.46.05.46.66.55.1
Of which: cocoa(3.7)(5.1)(4.2)(4.2)(5.0)(4.7)
Imports, f.o.b.-21.3-24.5-22.5-25.5-24.3-23.5
Trade deficit-16.9-18.5-17.0-19.0-17.9-18.4
Services and income (net)-21.6-21.2-18.0-16.9-16.3-23.3
Transfers (net)16.212.212.013.019.723.1
Current account deficit, excluding grants-38.4-39.1-33.9-34.4-30.8-41.1
Current account deficit, including grants-22.3-27.5-23.1-22.9-14.5-17.6
Medium– and long–term capital (net)8.811.213.18.85.411.3
Short–term capital and errors and omissions-7.1-3.2-1.2-1.21.4-1.1
Overall balance-20.7-19.4-11.1-15.3-7.7-7.4
Financing20.719.411.115.37.77.4
Change in net foreign assets (increase –)0.42.42.04.7-2.1-0.4
Change in arrears (reduction –)19.015.36.19.2-2.0-21.9
SAF (net)---------0.1-0.2
Debt relief1.21.73.11.411.929.9
(In millions of U.S. dollars, unless otherwise specified)
Gross foreign reserves
End of period12.812.510.76.04.85.1
In months of following year’s imports, c.i.f.5.05.34.02.42.01.8
External public debt
Medium– and long–term debt (disbursed and outstanding)130.2155.8178.5197.4214.1237.5
Debt service ratio (as percent of exports of goods and services)
Before debt relief137.1129.4114.2110.096.2110.3
After debt relief122.3113.384.598.393.799.4
Effective exchange rate indices (trade–weighted; 1987=100)
Nominal40.533.220.618.913.46.6
Real68.572.554.157.449.937.6

As estimated by staff.

Including grants.

Break in the series in 1994.

As estimated by staff.

Including grants.

Break in the series in 1994.

Social indicators 1/
Life expectancy at birth (in years, 1994)68
Population (1995)127,500
Rural(71,273)
Urban(56,228)
Women(64,515)
Men(62,985)
Population age structure (in percent, 1985)
0–1446
15–6449
65 and above5
Crude birth rate (per thousand, 1992)43
Crude death rate (per thousand, 1992)8
Infant mortality rate (per thousand, 1992)46
Under 5 mortality rate (per thousand, 1994)82
Population per physician (1992)1,890
Access to safe water (in percent of the population, 1985)42
Enrollment rates of school age group (in percent, 1991)
Primary64
Secondary4

Sources: The World Bank; and the São Tomé and Príncipe authorities.

Sources: The World Bank; and the São Tomé and Príncipe authorities.

Appendix I
São Tomé and Príncipe: Summary of Tax System as of December 1995
TaxNature of TaxExemptions or DeductionsRates
1.Taxes on Income, Profit, and Capital Gains
1.1Individual
1.1.1Income tax (Imposto sobre salários) (Decree-Law 11/93 of March 5, 1993)Levied on all domestically earned income, in cash and in kind. The tax is withheld at source and payable within the first eight days of the month after the income was paid. It is levied on all individuals, including nonresidents who earn income in the country.Earned annual income up to Db 60,000.



Salary supplements, up to 10 percent of the fixed monthly salary.

Expense allowances, per diem and representation allowances, up to the limits set for government employees.



Income of clergy from exercise of their spiritual functions.



Personnel of diplomatic and consular missions or in the service of international or foreign organizations.
Four rate brackets for monthly income of Db 5,001-25,000 with progressive rates from 5 percent to 12 percent; flat 15 percent rate thereafter. Each bracket has a specific deductible amount.
1.2Corporate
1.2.1Profit tax (Imposto sobre o rendimento) (Decree-Law 9/93 of March 5, 1993; Decree-Law 84/93 of December 31, 1993; Decree-Law 46/93 of August 10, 1993)Levied on all domestic income from any commercial, industrial, or agricultural business or independent profession, even if occasional or temporary.Profits from investment of dividends from mutual aid societies and nonprofit cooperatives.



50 percent of profits from agricultural activities.



Special exemptions granted in the context of the Investment Code.
For commercial, industrial and service businesses, flat 30 percent rate on taxable profit; an additional 15 percent rate on taxable profits in excess of Db 3 million.



For independent professionals, five-bracket schedule applicable to taxable profit, with:
  • progressive rates from 7 percent to 28 percent for taxable profit from Db 60,001 to Db 3,000,000;
  • flat rate of 30 percent for taxable profit above Db 3,000,000, plus 15 percent surcharge on portion of taxable profit in excess of Db 3,000,000.
1.2.2.Minimum tax (Valor Minimo) (Decree-Law 58/95 of December 31, 1995)This presumptive tax on profits, which replaces the Contribuição Industrial Fixa, must be paid during the first half of the year by all commercial, industrial and artisanal businesses as well as by the self-employed professional;



The minimum tax is deductible from the profit tax when the later is positive.
None.Six progressive taxes varying from Db 3,000 to Db 150,000.
2.Taxes on Property
2.1Urban property tax (Contribuição predial urbana)(Legislative Act 450 of September 8, 1954; Decree-Law 57/81 of November 28, 1981; Decree-Law 16/93 of March 5, 1993; and Decree-Law 45/93 of August 10, 1993)Levied on all urban property, including:
  • Permanent buildings intended for housing, commercial, or industrial purposes other than exploitation of land, and the land on which the buildings are located;
  • Land for construction when declared as such by the owner or by law.
Central government properties.



For 2 years, permanent buildings for use as dwellings by owners or their families, including buildings replacing demolished buildings, provided the construction period does not exceed 24 months.



Owners of property whose total income does not exceed Db 2,000.



All property owned by religious entities pursuant to their purposes.
15 percent on registered value actualized according to the following factors:
  • Factor of 8 for property registered before Dec. 31, 1970;
  • Factor of 4 for property registered between Jan. 1, 1971 and Dec. 31, 1980;
  • Factor of 2 for property registered between Jan. 1, 1981 and Dec. 31, 1990;
  • Factor of 1.5 for property registered between Jan. 1, 1991 and Apr. 30, 1993; and
  • Factor of 1 for property registered after May 1, 1993.
2.2Motor vehicle tax (Imposto sobre veículos) (Decree-Law 13/93 of March 5, 1993; Decree-Law of December 31, 1993)Levied on motor vehicles equipped with engines of a power greater than 50cc, either registered in the country or starting 180 days within entry into the country, which circulate or are parked in public thoroughfares or places.The Central Government and any of its agencies, organizations, or services, except state-owned and mixed enterprises.



Citizens of countries giving reciprocal treatment.



Personnel of diplomatic and consular missions, pursuant to agreements.



International or foreign organizations, pursuant to agreements.



Driver training vehicles.



Duly registered rental vehicles.



Duly registered boats used in artisanal fishing.



New vehicles purchased after October 31.



Farm tractors.



Motorcycles used for transporting freight.
The taxes are reviewed annually, and vary according to the power and the age of the vehicle:
  • Vehicles over 50cc up to 500cc: Db 500 if less than 6 years old, Db 1,000 if over 6 years old;
  • Vehicles over 500cc up to 1,300cc: Db 2,500 if less than 6 years old, Db 4,000 if over 6 years old;
  • Vehicles over 1,300cc up to 1,900cc: Db 4,000 if less than 6 years old, Db 6,000 if over 6 years old;
  • Vehicles over 1,900cc: Db 6,000 if less than 6 years old, Db 10,000 if over 6 years old;
For recreational boats, tariffs are as follows:
  • e. Recreational boats up to 25hp: Db 500 if up to 6 years old, Db 1,000 if over 6 years old; and
  • f. For each 10 hp or fraction over 25hp: additional Db 500 for boats up to 6 years old, Db 1,000 for boats over 6 years old.
3.Domestic Taxes on Goods and Services
3.1Excise tax (Imposto sobreo consumo) (Decree-Law 20/76 of June 30, 1976; Decree-Law 47/91 of October 17, 1991; Decree-Law 14/93 of March 5, 1993; and Decree-Law 41/93 of July 27, 1993)Levied on the value of goods listed in the schedules annexed to Decree-Laws 14/93 and 41/93, with the following valuation methods:
  • The factory gate selling price of locally produced goods not distributed by an associated or subsidiary enterprise;
  • The distributor’s selling price less 20 percent, if the producer is associated with the distributor or the subsidiary enterprise;
  • The domestic value, import taxes included, in the case of imports; and
  • If the producer sells his goods directly to consumers, the factory gate price cannot, for purposes of the excise tax, be less than the price charged to the consumer less 20 percent.
The tax is chargeable to:
  • The producer, in the case of locally produced goods;
  • The importer, in the case of imports.
Locally produced goods exported or re-exported directly from the industrial establishment.



Raw materials, equipment, and finished or semifinished products, whether locally produced or imported, for use in industrial, agricultural, or fishing activities, including artisanal fishing, or for incorporation into locally produced items.



Imported or locally produced materials for packaging of agricultural exports.



Alcohol needed in industrial processes.



Gasoline for vehicles of diplomats, subject to reciprocity, and of officials of international organizations.



Gasoline for aviation equipment for public use.
General tax of 15 percent; different specific tariffs on petroleum goods, motor vehicles, alcoholic drinks, tobacco, and other goods, as listed in the schedules annexed to Decree-Laws 14/93 and 41/93.
4.Taxes on International Trade and Transactions
4.1Transaction tax (Contribuicão industrial variável) (Legislative Act 2 of January 20, 1925; Legislative Act 551 of July 30, 1949; Decree-Law 47/91 of October 17, 1991; Decree-Law 6/95 of May 26, 1995)Charged to entities and individuals covered by Schedule A annexed to the decree.Goods exempted from import duties.Single rate of 8 percent.
4.2Import duty (Direitos de importação) (Legislative Act 739 of December 5, 1966; Legislative Act 745 of December 24, 1966; Decision 10/85 of April 22, 1985; Decree-Law 6/95 of May 26, 1995).Levied on the custom value of imports determined on the assumption that:
  • The goods are delivered to the buyer at the port of entry;
  • The seller’s price is the c.i.f. price, that is it includes all costs related to the sale of the good and its delivery at the port of entry;
  • The buyer pays the applicable duty and any other taxes, which are excluded from the base price;
  • If the goods being valued are manufactured under a patented process of registered design or mark, or bear a foreign trademark or brand name, or are imported to be sold under the same trademark even after additional finishing, the base price includes the royalty for use of the patent, registered design, trademark or brand name;
  • Specific duties levied on the weight of goods are calculated on the basis of their gross, net, or actual weight, as stated in the tariff and its instructions.
Goods imported by official agencies as specified in Decree 41024 of March 23, 1957 are exempt. Examples are:
  • Aircraft and aircraft engines for use in civil aviation;
  • Equipment, machinery and accessories for use by the Ministry of Agriculture and Forestry;
  • Fixed plant and rolling stock for railroads, hoists, and floating docks and cranes imported by the port and railroad agencies;
  • Electrical equipment for postal, telegraph, and telephone stations;
  • Construction materials and electrical equipment, machinery and apparatus imported by the Government for use in water and electricity distribution system or sewer systems or by public works agencies for carrying out work on such systems or any other work required for the country’s development and the equipping of ports; and
  • Fertilizers and seeds imported by agricultural agencies.
Enterprises engaged in the production of items included in the preceding list are also exempt from duty. Also exempt are products for use by new industries of strategic economic interest.



The Government may exempt goods under temporary import or re-import arrangements. There are many personal exemptions negotiated bilaterally between the Administration and taxpayers.



Imports of immigrants may also be exempted.
A mix of ad valorem and specific rates depending on the nature of the product. Examples are:
  • Wheat, rice, flour (exempt);
  • Meat (3 to 9 percent);
  • Live animals (3 percent);
  • Butter (10 percent);
  • Milk (exempt);
  • Oil (8 to 15 percent);
  • Salt and sugar (1 percent);
  • Pharmaceutical (exempt);
  • Most mineral and chemical products (3-6 percent);
  • Gasoline (86 percent); Diesel (34 percent); Kerosene (14 percent);
  • Perfumes (30 percent);
  • Most textile products (15-30 percent);
  • Most metals (7-20 percent);
  • Electric equipment (20 percent);
  • Cars and buses (Db 0.17 per kilo);
  • Tractors (Db 4.28 per kilo).
4.3Customs duty (Emolumentos gerais aduaneiros) (Decree 31 883 of April 18, 1942; Decree-Law 7/72 of June 22, 1972; Decree-Law 6/95 of May 26, 1995)Levied on imports.The Government may exempt certain imports, such as capital goods and certain basic foodstuffs.Single rate of 3.5 percent.
4.4Export tax (Imposto geral de exportacão) (Decree-Law 17/93 of March 5, 1993; Decree-Law 6/95 of May 26, 1995)Levied on agricultural exports.Exports whose customs value does not exceed Db 20,000.Flat ad valorem rates:
a. Cocoa8 percent;
b. Coffee8 percent;
c. Copra5 percent;
d. Palm kernels5 percent;
e. Other0 percent.
4.5Lighthouse tax (Imposto de farolagem) (Legislative Act 25 of December 24, 1933)Levied on all ships entering domestic harbors and used to defray the costs of lighthouses, lighted beacons, and light buoys. The tax is administered by the National Port Enterprise (ENAPORT); its budgetary significance is virtually nil.None.Rates range from Db 150 to Db 650 per ship, depending on nationality of ship land time of day.
4.6Harbor tax (Taxas de porto) (Decree-Law 22/89 of December 19, 1989)Levied for use of port facilities.Scientific missions, domestic ships, and fishing boats only pay 50 percent of the tax.



The following equipment is exempted:
  • Government and military boats;
  • Merchandise in transit;
  • Merchandise shipped between domestic harbors;
  • Passengers’ luggage;
  • Mail;
  • Exemptions are granted by ENAPORT on a case by case basis.
Mostly specific tariffs which vary with the weight, volume and quantity of merchandise, the type of service, and time of utilization of service.
5.Other Taxes
5.1Inheritance and gift tax (Imposto sobre as sucessõese doações) (Decree 22 of June 22, 1988; Decree-Law 42/93 of August 10, 1993)Levied on all conveyance of movable, real estate property, value or title. Chargeable to the recipient.Transfers of less than Db 5,000. Also exempt is the gratuitous conveyance of movable or real estate property to descendants or to nonprofit organizations.



The tax base is determined by the value of the conveyed goods or property, after deduction of the transferor’s debts and other costs set forth in the regulations.
Progressive rates between 7 and 25 percent, based on the value of the goods or property conveyed and the degree of kinship between the descendant and the heirs.
5.2Real estate transfer tax (Sisa sobre a transmissão de imobiliários por título oneroso)

(Decree 22 of June 22, 1988; Decree-Law 42/93 of August 10, 1993)
Levied on all onerous conveyances of real estate and chargeable to the purchaser. Taxable transactions include specifically
  • Sales or bartering of real property, subject to prior authorization of the Planning Minister under Article 1 of Decree-Law 48/75 of June 19, 1975;
  • b. Acquisitions of shares in companies other than business corporations which own real property, if through such acquisition one partner becomes the holder of at least 75 percent of the company’s capital or the number of partners is reduced to two and the two are husband and wife married with community property; and
  • c. Purchases of freehold of leaseholders and redemptions of property seized in tax enforcement proceedings. The tax base is the value of the conveyance or the assessed income from the property as shown in the real property register, whichever is higher, or determined through direct assessment.
The State;



Nonprofit organizations;



Recipients of real estates who are descendent, ascendent, husband, wife, brother or sister, for property valued at less than Db 30,000.
Rural property



Urban property



Barter deeds
10 percent;



10 percent;



5 percent.
5.3Stamp tax (Imposto de selo)

(Decree-Law 12/76 of April 19, 1976 and annexed schedule;

Decree-Law 40/88 of December 20, 1988;

Decree-Law 15/93 of March 05, 1993;

Decree-Law 81/93 of December 31, 1993)
Levied through:
  • Revenue stamps (selos fiscais):
  • Stamped forms (papel selado);
  • Stamped bills (letras seladas):
  • Revenue stamps (selos de verba):
  • Collection advice stamps;
  • Customs stamps;
  • Check stamps;
  • Pharmaceutical stamps; and
  • Miscellaneous stamps.
The State has a claim on the stamp tax upon assessment and payment, when it is due on acts and contracts subject to it, and when products subject to it are exhibited or sold.
The State;



Religious institutions;



Some items in the schedule annexed to the Regulations.
Examples:



Stamped forms - Db 50;



Revenue stamps - Db 0.5 to Db 1,000.



Stamped bills - Db 1 to Db 500.



Check stamps - Db 3 for local payment and Db 15 for payment abroad.
5.4Special tax (Imposto especial) (Decree-Law 22793 of June 30, 1933)Surtax on the total amount of the following taxes, fees, and other government revenues:
  • Import tax;
  • Rural property tax;
  • Justice, port, and custom’s duties;
  • Enforced collection proceeds; and
  • Tax violation proceeds.
None.Single rate of 20 percent.
5.5(Imposto do selo de assistência)(Decree-Law 44/T/75 of June 6, 1975; Decree-Law 11/86 of March 31, 1986)Tax on custom clearance and receipts, cultural show tickets, licenses.Same as stamp taxSpecific rates for low values, starting at Db 2, and ad valorem taxes of 1.50 percent for values above Db 10,000.
5.6Military tax (Decree 17 695 of December 21, 1929; Decree 29 115 of November 12, 1938; Decree 32 745 of April 10, 1943; Decree-Law 86/93 of December 31, 1993)Due by all nationals who are not doing military service.Disabled nationals;



Students, until the end of their studies;



Anyone who is currently part of military or paramilitary services, or who served in the army for at least five years.
Db 750 or Db 1,000 depending on income levels.
Source: Information provided by the São Tomé and Príncipe authorities.
Source: Information provided by the São Tomé and Príncipe authorities.
Appendix II: Exchange and Payments System

(Position as of December 31, 1995)

1. Exchange arrangement

The currency of São Tomé and Príncipe is the São Tomé and Príncipe dobra. The official exchange rate is determined daily as an average of exchange rates in the bureau de change, parallel market, and a commercial bank. 1/ On December 31, 1995, the exchange rate (middle rate) for the U.S. dollar, the intervention currency, was Db 1,756.88 per US$1. Rates for certain other currencies are determined on the basis of the exchange rates of the U.S. dollar for the currencies concerned.

Foreign exchange transactions are divided into three categories for the purpose of assessing charges on purchases and sales of foreign exchange, namely, import payments, transactions in foreign checks, and collection of export proceeds.

On import-related exchange transactions, the arrangements are as follows: when a letter of credit is opened, a charge of 2 percent of the import value, with a minimum of US$25 and a maximum of US$500, is payable with an additional commission of 0.5 percent to the Central Bank of São Tomé and Príncipe (BCSTP). A stamp duty of 0.25 percent is also payable, as well as a postage levy of US$2.

On foreign checks for collection, a commission is applied in favor of the collecting foreign correspondent and varies from bank to bank and with the type of currency. In addition, the International Bank of São Tomé and Príncipe (BISTP) charges a postage levy of US$2 for each transaction. For collection of export proceeds, a commission of 0.125 percent is charged, with a minimum of US$25 and a maximum of US$300, when the letter of credit is opened, and a fee of 0.125 percent is charged when the funds are received. A postage levy of US$7.50 is also charged.

There are no arrangements for forward cover against exchange rate risk operating in the official or the commercial banking sector.

2. Administration of control

All foreign exchange transactions are controlled by the BCSTP, which applies the exchange controls flexibly. All foreign exchange proceeds must be surrendered to the BCSTP, and all exchange payments must be made through the BCSTP, with the exception of 30 percent of earnings retained by producer-exporters for import payments. 2/ (See the section on Exports and Export Proceeds, below.)

Import and export licenses are automatically granted and recorded by the Directorate of External Commerce for statistical purposes.

Arrears are maintained with respect to external payments.

3. Prescription of currency

The BCSTP may prescribe the currency in which foreign exchange transactions are made.

No bilateral payment agreement exists. The agreement with Cape Verde was terminated, and the corresponding debt to Cape Verde, which amounted to US$1.65 million, was rescheduled on July 21, 1995, through an agreement between the Central Bank of Cape Verde and the BCSTP. The debt will be reimbursed in 20 equal quarterly installments.

4. Imports and import payments

All registered importers (including productive entities) are permitted to engage in import activity. Fuels and lubricants are imported by the public fuel enterprise, and medicines by the public pharmaceutical enterprise and the private pharmaceutical sector. Import licenses are automatically granted by the Directorate of External Commerce. When importers open letters of credit, the BISTP requires them to lodge a deposit 1/ in domestic currency equivalent to 0 to 100 percent of the value of the letters of credit, depending on the creditworthiness of the operator. Prepayment for imports is permitted only through the opening of letters of credit or through anticipated transfer when agreed upon by the BCSTP. The practice of allocating funds for the purchase of food aid has been discontinued, and no foreign exchange allocation was made by the Central Bank in 1995. However, the BCSTP still reserves the right to allocate foreign exchange obtained for balance of payments support, sold at the official rate, through the Chamber of Commerce.

5. Payments for invisibles

Payments for invisibles related to authorized imports are not restricted. Payments for other invisibles are approved within limits established by the BCSTP. These limits, which allow for additional amounts in justifiable cases, include those on (1) transfers for medical treatment abroad when local facilities are inadequate; (2) transfers of remittances to students; (3) transfers of savings from earnings under technical cooperation agreements with the Government; and (4) transfers for payment of fares, freight, and costs of communication with foreign countries. Purchases of foreign exchange by residents for purposes of tourism are limited, although air fares may be paid in domestic currency. Transfers of profits by foreign companies established in São Tomé and Príncipe before independence have been suspended. There are no limitations on remittances for subscriptions to periodicals and books or on payments of interest on external debt.

Foreign exchange allowances for medical purposes are flexible. Payments for technical assistance and other services in the national interest are allowed. At the beginning of the school year, a student is granted permission to transfer for expenses related to courses taken abroad an amount that has been approved by the Ministry of Education and Culture.

All payments related to invisibles are subject to a stamp tax of 0.5 percent In addition, invisible operations face a charge of US$2.

6. Exports and export proceeds

All exports require an export license, as set out in Advance Export Registration Bulletins, which specify the quantity and c.i.f. or f.o.b. value of the export. All export proceeds must be repatriated and collected through the BISTP. However, producers of exported goods may retain 30 percent of export proceeds in accounts with banks, including those abroad (if they are correspondent banks of the BCSTP), and may use the balances to meet their import requirements. 1/

7. Proceeds from invisibles

Travelers may bring in any amount of foreign exchange.

8. Capital

Inward foreign investments are governed by the Investment Code, which was implemented on October 15, 1992. Foreign capital investments, excluding the extraction of hydrocarbons and other mining industries, are permitted on the same basis as domestic investment Repatriation of profits is permitted up to 15 percent a year of the value of the investment. Transfers are permitted for repayment of financing under agreements with the Government and for the amortization of private sector investments in activities considered to be in the national interest Personnel under technical assistance programs are allowed to transfer their savings in accordance with the terms of their contracts.

9. Gold

Exports and imports of gold require special authorization from the BCSTP.

10. Changes during 1995

On January 1, 1995, the authorities eliminated the use of the annual import program, as well as the registration requirement for importers.

Appendix III
Table 1.São Tomé and Príncipe: Gross Domestic Product and Expenditure at Current Prices, 1990-95(In millions of dobras. unless otherwise specified)
199019911992199319941995

Est.
Primary sector2,3253,1703,8525,9139,24917,070
Agriculture2,0002,7603,3215,2508,22315,210
Fisheries3254105316631,0261,860
Secondary sector1,2751,9442,7213,8346,94712,806
Manufacturing and energy4356899331,3261,9433,375
Construction8401,2551,7882,5085,0049,431
Tertiary sector4,65063687,99210,72220,09934,738
Commerce and transport2,2503,0623,8014,6426,90612,156
Public administration1,8002,3412,9914,4148,08813,211
Financial institutions--------2,0413,864
Other services6009651,2001,6663,0645,507
Gross domestic product8,25011,48214,56520,46936,29564,613
Consumption10,59714,61818,39525,21942,41778,821
Private8,31611,28214,04418,64930,31151,155
Public2,2813,3364,5516,57012,10627,666
Gross fixed capital formation2,5783,8245,7418,41814,90937,185
Change in inventory-143-221-107-105----
Gross domestic expenditure13,03318,22124,22933,53257,326116,005
Resource balance-4,783-6,739-9,664-13,063-21,031-51,392
Exports of goods and nonfactor services1,1952,1753,3335,1179,02713,322
Imports of goods and nonfactor services-5,978-8,915-12,997-18,180-30,058-64,715
Memorandum items:
Gross domestic savings-2347-3,136-4,030-4,750-6,123-14,208
GDP deflator (annual percentage change)38.137.526.039.073.574.5
Nominal GDP (annual percentage change)35.039.226.940.577.378.0
Real GDP (annual percentage change)-2.21.20.71.12.22.0
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.
Table 2.São Tomé and Príncipe: Gross Domestic Product and Expenditure at Current Prices, 1990-95(In percent of GDP)
199019911992199319941995

Est.
Primary sector28.227.626.428.925.526.4
Agriculture24.224.022.825.622.723.5
Fisheries3.93.63.63.22.82.9
Secondary sector15.516.518.718.719.119.8
Manufacturing and energy5.36.06.46.55.45.2
Construction10.210.912.312.313.814.6
Tertiary sector56.455.554.952.455.453.8
Commerce and transport27.326.726.122.719.018.8
Public administration21.820.420.521.622.320.4
Other services7.38.48.28.114.114.5
Gross domestic product100.0100.0100.0100.0100.0100.0
Consumption128.4127.3127.7123.2116.9122.0
Private100.898.396.491.183.579.2
Public27.629.131.232.133.442.8
Gross fined capital formation31.333.439.441.141.157.5
Change in inventory-1.7-15-0.7-05----
Gross domestic expenditure158.0158.7166.4163.8157.9179.5
Resource balance-58.0-58.7-66.4-63.8-57.9-79.5
Exports of goods and nonfactor services14.518.922.925.024.920.6
Imports of goods and nonfactor services-72.5-77.6-89.2-88.8-82.8-100.2
Memorandum items:
Gross domestic savings-28.2-27.3-27.7-23.2-16.9-22.0
Gross national savings-9.0-16.9-12.1-7.511.819.0
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.
Table 3.São Tomé and Príncipe: Gross Domestic Product and Expenditure at Constant Prices, 1991-95
19911992199319941995

Est.
(In millions of 1991 dobras)
Gross domestic product11,48211,56211,69011,94712,186
Consumption14,61813,75814,29714,55614,653
Private11,28210,39110,57310,4019,510
Public3,3363,3673,7254,1545,143
Gross fixed capital formation3,8243,5284,2044,2215,019
Change in inventory-221-66-52----
Gross domestic expenditure18,22117,22018,44918,77719,672
Resource balance-6,739-5,658-6,759-6,830-7,270
Exports of goods and nonfactor services2,1752,3132,3031,6891,257
Imports of goods and nonfactor services-8,915-7,971-9,062-8,519-8,527
(Annual percentage change)
Gross domestic product0.71.12.22.0
Consumption-5.93.91.80.7
Private-7.91.8-1.6-8.6
Public0.910.611.523.8
Gross fixed capital formation-7.719.10.418.9
Gross domestic expenditure-5.57.11.84.8
Resource balance16.1-19.5-1.0-6.4
Exports of goods and nonfactor services6.4-0.4-26.7-25.6
Imports of goods and nonfactor services10.6-13.76.0-0.1
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.
Table 4.São Tomé and Príncipe: Area of the Agricultural State Enterprises, 1990-951/(In hectares)
199019911992199319941995
Total areaCultivated areaTotal areaCultivated areaTotal areaCultivated areaTotal areaCultivated areaTotal areaCultivated areaTotal areaCultivated area
Santa Catarina7,1062,0277,1062,0277,1062,0277,1062,0276,7542,027
Diogo Vaz 3/4,0481,9054,0481,9054,0481,9054,0481,9053,7251,582
Ponta Figo3,7792,4853,7792,4853,7792,4853,6222,3283,3472,053
Agostinho Neto 3/6.0243.8946,0243,8946,0243,8945,6653,6355,9203,440
Bela Vista 3/2,1572,1572,1572,1572,1572,1572,0972,0972,0972,0971,7221,585
Santa Margarida 2/1.8361.8361,8361,8361,8361,8361,8361,8361,8361,8361,660
Monte Café2/4,2291,8034,2291,8034,2291,8033,7721,6533,6211,6531,1001,100
Milagrosa1,4211,4211,4211,4211,4211,4211,2661,266538538
Uba Budo 3/2,9062,2122,9062,2122,9062,2122,8171,9732,8171,9732,7092,045
Agua tzé4.6844,5684,6844,5714,6844,5714.4204,3173,6493,546
Colónia Agoriana2,4071,7732,4071,7732,4071,7732,1281,6941,6281,194
Ribeira Peixe1,9681,7401,9681,7401,9681,7401,9681,7401,9681,740
Porto Alegre10,2162,17210,2162,17210,2162,17210,2162,10210,2162,102
Sundy3,9631,9773,9631,9773,9631,9773,8651,8273,3811,379
Porto Real8,6252,9748,6252,9748,6252,4268,5112,2267,9841,799
Total65,36834,94365,36834,94665,36734,39863,65132,62560,09728,95855,34726,669
Sources: Data provided by the São Tomé and Príncipe authorities and by the World Bank; and staff estimates.

Most information for 1995 is not available.

Under private management.

Under lease contract.

Sources: Data provided by the São Tomé and Príncipe authorities and by the World Bank; and staff estimates.

Most information for 1995 is not available.

Under private management.

Under lease contract.

Table 5.São Tomé and Príncipe: Cultivated Area of the Agricultural State Enterprises, 1990-94(In hectares. unless otherwise specified)
19901991199219931994
Area cultivated34,94334,94634,39832,62528,958
Perennial crops34,61634,6193439832,62528,958
Cocoa 1/22,24322,24322,34320,51116,901
Coconut palms7,2507,2507,1006,9006,300
Oil palms3,8573,8573,8573,8573,857
Coffee9829841,1981,3571,400
Other285285------
Annual crops327327------
Memorandum items:
Total area covered by the enterprises65,36865,36865,36763,65160,097
Area cultivated (in percent of total area)53.553.552.651.348.2
Sources: Date provided by the São Tomé and Príncipe authorities; and staff estimates.

Includes bananas and breadfruit grown among cocoa trees for shade.

Sources: Date provided by the São Tomé and Príncipe authorities; and staff estimates.

Includes bananas and breadfruit grown among cocoa trees for shade.

Table 6.São Tomé and Príncipe: Production of Principal Agricultural Crops, 1990-95(In metric tons)
199019911992199319941995

Est.
Export crops
Cocoa3,6403,6073,6884,3053,3923,845
Copra1,231679678872501
Palm oil1969521,0251,041700720
Coffee371114242429
Food crops 1/
Bananas1,2451,11010,25013,00013,65012,685
Breadfruit1291021,5001,8001,5001,800
Taro5,0007,0008,5008,245
Maize4,0004,0004,3004,300
Source: Data provided by the São Tomé and Príncipe authorities.

For 1990-91, data on nonmonetized subsistence production are not available.

Source: Data provided by the São Tomé and Príncipe authorities.

For 1990-91, data on nonmonetized subsistence production are not available.

Table 7.São Tomé and Príncipe: Indicators of Cocoa Production and Exports, 1989-95
1989199019911992199319941995

Est.
(In hectares)
Area under cultivation24,16226,07626,07626,07626,07626,076
Public enterprises under rehabilitation9,92810,23210,23210,23210,23210,232
Other public enterprises15,33412,01112,01112,01110,2796,669
Private sector3,8333,8333,8335,5659,175
(In metric tons)
Production volume4,2123,6403,6073,6884,3053,3923,845
Public enterprises under rehabilitation2,2311,8782,3432,3412,4201,939
Other public enterprises1,4811,481519848794614
Private sector5002817455001,091839
(In kilograms per hectare)
Average yield17410711012212398
Public enterprises under rehabilitation225210229229237189
Other public enterprises975443717792
Private sector735213019691
(In dobras per kilogram)
Minimum producer price, annual average
Fine cocoa143143145240300620
Choice cocoa87878787100220
(In metric tons)
Export volume3,7973,3254,7594,3633,7253,7163,400
(In U.S. dollars per kilogram)
Export unit value1.331.121.070.971.121.341.40
(In percent of total export earnings)
Export earnings85.485.084.677.963.476.892.4
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.
Table 8.São Tomé and Príncipe: Production of Meat and Animal Products, 1990-95
199019911992199319941995

Est.
(In metric tons)
Fish3,5722,2212,3142,3341,696
Beef11.010.012.010.020.024.0
Pork200.0305.0220.010.030.034.0
Sheep and goats50.055.060.025.036.022.0
Poultry271.080.0105.0100.0126.0118.0
Honey1.00.31.30.50.51.5
(In thousands of units)
Eggs9001,7352,0001,5001,6001,600
(In thousands of liters)
Milk8.53.0----1.01.5
(In millions of dobras)
Production value5236257261,0581,197
(In millions of U.S. dollars)
Production value3.73.12.32.41.0
Source: Data provided by the São Tomé and Príncipe authorities
Source: Data provided by the São Tomé and Príncipe authorities
Table 9.São Tomé and Príncipe: Production of Principal Manufactured Products, 1990-95
Unit199019911992199319941995

Est.
(In units specified)
Production volume
Bakery productstons2,6002,7003,0003,2923,5823,855
Palm oil1,000 liters179231,2611,100650717
Soft drinks1,000 liters512368253--222230
Beer1,000 liters1,6971,6912,4751,9451,3061,823
Ceramicsin units294312340350369
Soaptons288135111134157135
Clothes1,000 pieces11012113015673659
Printing1,000 pieces5,7736,1706,3008831,0731,166
Icetons2510
Lumbercubic meters3,0003,4442,5002,6602,491
(In thousands of dobras)
Production value
Bakery products236245273299325350
Palm oil314552220182228
Soft drinks514130--66
Beer278339538408628880
Ceramics4969757787
Soap29128108131154133
Clothes13278104520604679
Printing8718232427
Ice
Lumber216288299328369
Total7641,1481,4801,9752,3282,759
Source: Data provided by the São Tomé and Príncipe authorities.
Source: Data provided by the São Tomé and Príncipe authorities.
Table 10.São Tomé and Príncipe: Energy Production and Consumption, 1989-94
198919901991199219931994
(In thousands of kilowatt-hours)
Electricity production 1/18,36016,98119,11219,55120,18120,564
Hydroelectricity7,0007,5717,1646,2866,7684,894
Thermoelectricity11,3609,41011,94813,26513,41315,670
Electricity consumption13,63010,18911,46711,60712,452
Residential6,4105,5026,1925,5676,226
Industrial and other 2/7,2204,6875,2756,0406,226
(In millions of dobras)
Electricity production 1/448.4619.8925.61,029.3
Hydroelectricity225.1
Thermoelectricity394.7
Electricity consumption268.9544.9571.1
Residential145.3193.4217.0
Industrial and other 2/123.7351.5354.1
(In dobras per kilowatt-hour)
Electricity production23.531.745.950.1
Hydroelectricity35.8
Thermoelectricity29.8
Electricity consumption23.546.945.9
Residential23.534.734.9
Industrial and other 2/23.558.256.9
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Production exceeds consumption owing to losses in distribution.

Including the Government.

Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Production exceeds consumption owing to losses in distribution.

Including the Government.

Table 11.São Tomé and Príncipe: Imports and Consumption of Petroleum Products, 1990-95
199019911992199319941995

Est.
(In thousands of liters)
Volume of imports
Gasoline4,3664,2194,0193,2983,4144,542
Diesel10,5218,5147,9207,2378,41010,211
Jet/Kerosene 1/2,7854,2634,0343,7532,2173,047
Consumption
Gasoline4,5954,1283,2243,2603,7214,268
Diesel7,9998,6268,5287,9908,69610,590
Kerosene1,6321,5711,5641,2391,7561,776
Jet2,1112,1851,6131,1881,081974
(In millions of U.S. dollars)
Value of imports, c.i.f.3.22.42.72.32.22.6
Gasoline0.90.70.60.50.60.7
Diesel1.91.11.51.21.31.4
Jet/Kerosene 1/0.40.60.60.60.40.5
(In dobras per liter)
Average retail price
Gasoline71177300370434636
Diesel4796168230286408
Kerosene436897100109216
Jet5479143240200252
(In U.S. dollars per liter)
Average retail price
Gasoline0.500.880.940.860.590.45
Diesel0.330.470.520.540390.29
Kerosene0.300.330.300.230.150.15
Jet0.380.390.450.560.270.18
World price, c.i.f
Gasoline0.200.170.140.150.200.22
Diesel0.210.170.170.170.190.20
Jet/Kerosene0.220.180.180.180.200.22
Import price, c.i.f
Gasoline0.210.160.150.150.160.15
Diesel0.180.130.190.160.160.14
Jet/Kerosene0.150.150.150.160.160.16
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Excluding re-exports of Jet A–1 fuel

Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Excluding re-exports of Jet A–1 fuel

Table 12.São Tomé and Príncipe: Cost Structure of Petroleum Products, 1995
GasolineDieselKeroseneJet A-1
In percent of c.i.f costDobras per literIn percent of c.i.f costDobras per literIn percent of c.i.f costDobras per literIn percent of c.i.f costDobras per liter
Average import cost in 1995, c.i.f.1.00214.731.00194.681.00220.771.00220.77
Import duty0.86184.670.3466.190.1430.910.1430.91
Sales tax1.30279.150.60116.810.1533.120.1533.12
ENCO handling cost 1/0.3472.580.2753.340.024.420.024.42
ENCO’s wholesale margin0.1737.560.048.620.035.780.035.78
Retail margin0.1941.310.1018.970.0613.010.0613.01
Other0.0715.770.059.230.0613.570.0613.57
Profit transfer to the Government-0.98-209.99-0.31-59.84-0.48-105.78-0.31-69.25
Average retail price in 19952.96635.772.10408.000.98215.811.14252.33
Memorandum items:
(In thousands of liters)
Total consumption in 19954,26810,5901,776974
(In millions of dobras)
Total profit transfer to the budget-896-634-188-67
Total implicit profit1,4871,694-1726
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

ENCO, the fuel importing company.

Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

ENCO, the fuel importing company.

Table 13.São Tomé and Príncipe: Official Consumer Price Index, 1989-95 1/(1990=100; end of period)
199019911992199319941995
Food products142.5179.1233.4272.8388.2474.2
Lodging and utilities56.7134.1148.4140.8208.6269.5
Housing, transportation, communications59.5187.4212.3300.3410.8588.0
Education and health70.6173.7294.5415.3516.3630.8
Clothing and other51.0135.2152.8187.4207.6255.5
General index113.5173.3220.7268.8370.2461.1
Source: Data provided by the São Tomé and Príncipe authorities.

The official CPI suffers from serious deficiencies in measurement and coverage and should be interpreted with caution. The data used in SM/96/__ are based on staff estimates that attempt to correct these deficiencies.

Source: Data provided by the São Tomé and Príncipe authorities.

The official CPI suffers from serious deficiencies in measurement and coverage and should be interpreted with caution. The data used in SM/96/__ are based on staff estimates that attempt to correct these deficiencies.

Table 14.São Tomé and Príncipe: Monthly Movements in the Official Consumer Price Index, 1990-95 1/
199019911992199319941995
(1990 = 100)
January84.5112.1175.4225.5273.8383.9
February88.3125.0178.6229.2278.5393.9
March91.0141.1185.1232.8282.9401.5
April93.4138.3186.3237.7285.6409.5
May96.8143.8190.7240.3294.7420.7
June100.3146.8194.6242.9300.4426.4
July101.9149.1195.7247.6305.3429.0
August104.5152.21973249.2318.6436.6
September106.1154.9202.1254.7329.7444.7
October109.8159.7208.6258.5343.3448.5
November110.01613214.9263.1353.2453.7
December113.5173.3220.7268.8370.2461.1
Annual average100.0146.5195.8245.8311.3425.8
(Annual percentage change)
Rate of inflation
End of period40.452.727.321.837.724.6
Annual average42.246.533.725.526.636.8
Source: Data provided by the São Tomé and Príncipe authorities.

The official CPI suffers from serious deficiencies in measurement and coverage and should be interpreted with caution. The data used in SM/96/__ are based on staff estimates that attempt to correct these deficiencies.

Source: Data provided by the São Tomé and Príncipe authorities.

The official CPI suffers from serious deficiencies in measurement and coverage and should be interpreted with caution. The data used in SM/96/__ are based on staff estimates that attempt to correct these deficiencies.

Table 15.São Tomé and Príncipe: Wages and Employment, 1989-93
19891990199119921993
(In thousands of dobras)
Average wage, total6.69.09.09.09.2
Primary sector5.67.37.37.37.3
Of which: agriculture(5.3)(7.2)(7.2)(7.2)(7.3)
Secondary sector8.010.510.510.510.5
Tertiary sector9.612.712.712.717.7
Of which: commerce(10.2)(13.4)(13.4)(13.4)(18.3)
government(7.8)(10.6)(10.6)(10.6)(10.6)
(Number of employees)
Total employment32,67033,62034,06836,90839,392
Primary sector12,81913,20013,59213,92414,550
Of which: agriculture(10,819)(11,200)(11,743)(12,024)(12,550)
Secondary sector5,8505,1824,6456,0926,280
Tertiary sector14,00115,23815,83116,89218,562
Of which: commerce(6,500)(5,000)(4,451)(5,451)(5,850)
government(4,109)(4,158)(4,086)(4,032)(3,952)
(In percent of total employment)
Structure of employment
Primary sector39.239.339.937.736.9
Of which: agriculture(33.1)(33.3)(34.5)(32.6)(31.9)
Secondary sector17.915.413.616.515.9
Tertiary sector42.945.346.545.847.1
Of which: commerce(19.9)(14.9)(13.1)(14.8)(14.9)
government(12.6)(12.4)(12.0)(10.9)(10.0)
(In units indicated)
Memorandum items:
Total active population (persons)45,20247,48249,21651,67854,260
Unemployed workers (persons)12,53213,84215,14814,76814,888
Unemployment rate (in percent) 1/27.729.230.828.627.4
Source: Data provided by the São Tomé and Príncipe authorities.

Unemployed workers divided by the total active population.

Source: Data provided by the São Tomé and Príncipe authorities.

Unemployed workers divided by the total active population.

Table 16.São Tomé and Príncipe: Financial Transactions of the Central Government, 1990-95(In millions of dobras)
199019911992199319941995
Total revenue and grants2,4233,3954,2647,10212,32926,981
Tax revenue7731,1751,9462,6693,6266,329
Consumption taxes2204418151,0601,2721,839
Import taxes3104147559751,2751,954
Export taxes507910166207616
Other taxes1932412755688721,920
Nontax revenue5176881,0011,0251,1914,357
Of which: transfers from enterprises(273)(332)(573)(596)(415)(668)
Grants1,1321,5321,3183,4087,51216,295
Total expenditure and net lending5,9037,81010,35013,98226,78749,772
Current expenditure2,3353,2134,4086,67311,28515,480
Personnel costs6868321,0471,0931,8792,163
Of which: wages and salaries(452)(479)(518)(680)(867)(927)
Goods and services1872344885231,3342,322
Interest on external debt due7291,2621,6012,3473,9827,782
Transfers3623825264938541,015
Defense--------413717
Other current expenditures 1/3684777002,1772,7451,276
Redeployment fund326484179206
Capital expenditure 2/3,5684,5965,9427,30915,50234,363
Recorded by the Treasury5454446065641,0993,039
Foreign—financed3,0244,1535,3366,74514,40331,324
Net lending-----------72
Overall fiscal balance
(commitment basis, after grants)-3,481-4,415-6,066-6,881-14,458-22,791
Change in arrears (net; reduction –)3024013522,0623,9555,433
External arrears (net; reduction –)3024013522,0083,0044,800
Domestic arrears (net; reduction—)------54951633
Overall fiscal balance (cash basis)-3,179-4,014-5,733-4,819-10,503-17,358
Financing3,1794,0145,7334,81910,50317,358
External (net)2,3412,4763,7224,2676,87317,212
Disbursements (projects)2,4172,6214,0194,3857,20217,496
Amortization (net)-254-494-1,314-715-9,040-39.348
Scheduled-910-1,550-2,293-3,263-4,586-6,915
Net change in arrears (reduction –)6561,0579782,547-4,453-32,433
Debt relief1783491,0185978,71139,064
Domestic (net)8381,5382,0115523,630146
Banking system5648861,8465523,586574
Other274651165--44-428
Financing gap------------
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Includes payments to embassies as well as recurrent costs of projects in agriculture and social sectors.

Includes outlays for technical assistance and other expenditures on social projects not associated with capital formation.

Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Includes payments to embassies as well as recurrent costs of projects in agriculture and social sectors.

Includes outlays for technical assistance and other expenditures on social projects not associated with capital formation.

Table 17.São Tomé and Príncipe: Central Government Revenue, 1990-95(In millions of dobras)
199019911992199319941995
Total revenue and grants2,4233,3954,2647,10212,32926,981
Tax revenue7731,1751,9462,6693,6266,329
Direct taxes1521901973285171,505
Profit taxes918263119148829
Income taxes316492128324594
Other294442814582
Indirect taxes6219851,7492,3413,1094,823
Import taxes3104147559751,2751,954
Export taxes507910166207616
Consumption taxes2204418151,0601,2721,839
On imported goods1473416297151,1231,569
On domestic goods73100186345149270
Other415178240355414
Nontax revenue5176881,0011,0251,1914,357
Transfers from enterprises273332573596415668
Fishing royalties130142268338535974
Other114213160912412,716
Grants1,1321,5321,3183,4087,51216,295
Source: Data provided by the São Tomé and Príncipe authorities.
Source: Data provided by the São Tomé and Príncipe authorities.
Table 18.São Tomé and Príncipe: Central Government Expenditure, 1990–95(In millions of dobras)
199019911992199319941995
Total expenditure and net lending5,9037,81010,35013,98226,78749,772
Current expenditure2,3353,2134,4086,67311,28515,480
Personnel costs6868321,0471,0931,8792,163
Wages and salaries452479518680867927
Local408473509528695885
Embassies4569183741
Bonuses and allowances 1/------134135--
Travel141157246278519583
Family allowances432211
Other personnel expenditures4013224494443590
Social security payments486236404963
Goods and services18723448852313342322
Durable goods91523183558
Nondurable goods82124253227389575
Petroleum products326168104157
Other92192158285417
Services96962112789101,689
Of which: electricity(65)(55)(75)(49)(600)(541)
transport and communications(…)(40)(84)(149)(141)(221)
Interest on external debt due7291,2621,6012,3473,9827,782
Transfers3623825264938541,015
Public entities4862118172269536
Public enterprises213205201130255--
Private sector14237252112329
Private institutions458657
Individuals10186447107322
External8893135138217150
Other current expenditures3684777002,1773,1581,994
Embassies636689145228240
Defense--------413717
Extraordinary expenditures------1,4501,725--
Other 2/3054116115827921,036
Redeployment fund326484179206
Capital expenditure 3/3,5684,5965,9427,30915,50234,363
Recorded by the Treasury5454446065641,0993,039
Foreign–financed3,0244,1535,3366,74514,40331,324
Net lending-----------72
Memorandum item:
Total expenditure and net leading, excluding foreign--financed capital expenditure2,8803,6575,0147,23712,38418,448
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Bonuses and allowances are included in other personnel expenditures before 1993.

Includes recurrent costs of projects in agriculture and social sectors, as well as defense expenditure for 1990 to 1993.

Includes outlays for technical assistance and other expenditures on social projects not associated with capital formation.

Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Bonuses and allowances are included in other personnel expenditures before 1993.

Includes recurrent costs of projects in agriculture and social sectors, as well as defense expenditure for 1990 to 1993.

Includes outlays for technical assistance and other expenditures on social projects not associated with capital formation.

Table 19.São Tomé and Príncipe: Fiscal Indicators, 1990–95
199019911992199319941995
(Annual percentage change)
Total revenue and grants40.125.666.573.6118.8
Tax revenue5265.637.235.974.5
Direct taxes25.23.566.258.0190.9
Indirect taxes58.577.633.932355.1
Of which: import taxes(…)(65.2)(82.1)(29.3)(30.7)(53.3)
export taxes(…)(56.4)(27.6)(-35.0)(215.8)(197.8)
Nontax revenue3345.52.416.1266.0
Of which: transfers from enterprises(…)(21.8)(72.3)(4.0)(-30.4)(60.9)
Grants35.3-14.0158.7120.4116.9
Total expenditure32.332.535.191.685.8
Current expenditure37.637.251.469.137.2
Of which: personnel costs(…)(213)(25.7)(4.4)(71.9)(15.1)
goods and services(…)(24.7)(108.6)(7.2)(155.2)(74.1)
interest on external debt due(…)(73.2)(26.8)(46.6)(69.6)(95.4)
Capital expenditure28.829.323.0112.1121.7
(In percent of total revenue and grants)
Total revenue and grants100.0100.0100.0100.0100.0100.0
Tax revenue31.934.645.637.629.423.5
Direct taxes6.35.64.64.64.25.6
Indirect taxes25.629.041.033.025.217.9
Of which: import taxes(12.8)(12.2)(17.7)(13.7)(10.3)(7.2)
export taxes(2.1)(2.3)(2.4)(0.9)(1.7)(2.3)
Nontax revenue21.320.323.514.49.716.1
Of which: transfers from enterprises(11.3)(9.8)(13.4)(8.4)(3.4)(2.5)
Grants46.745.130.948.060.960.4
(In percent of total expenditure)
Total expenditure100.0100.0100.0100.0100.0100.0
Current expenditure39.641.142.647.742.131.1
Of which: personnel costs(11.6)(10.7)(10.1)(7.8)(7.0)(4.3)
goods and services(3.2)(3.0)(4.7)(3.7)(5.0)(4.7)
interest on external debt due(12.3)(16.2)(15.5)(16.8)(14.9)(15.6)
Capital expenditure9.25.75.94.04.16.1
(In percent of GDP)
Total revenue and grants29.429.629.334.734.041.8
Tax revenue9.410.213.413.010.09.8
Total expenditure71.668.071.168.373.877.0
Current expenditure28.328.030.332.631.124.0
Capital expenditure43.240.040.835.742.753.2
Primary current balance 1/-33.4-27.5-30.8-22.1-28.9-23.2
Primary overall balance 2/-10.4-4.6-3.2-5.8-9.90.0
Overall balance-42.2-38.5-41.8-33.6-39.8-35.3
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Excluding interest obligations, including grants.

Excluding interest obligations, grants, and foreign–financed capital expenditures.

Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Excluding interest obligations, including grants.

Excluding interest obligations, grants, and foreign–financed capital expenditures.

Table 20.São Tomé and Príncipe: Public Investment Program, 1990–95
199019911992199319941995
(In millions of U.S. dollars)
Total investment24.922.918.117.321.224.4
Public administration1.51.40.60.20.81.2
Agriculture8.99.18.39.28.57.8
Water and sewage 1/2.60.20.20.91.31.1
Education1.70.60.81.64.25.8
Energy 1/----0.32.21.24.1
Housing0.90.10.30.20.20.1
Fisheries0.20.10.20.20.30.4
Health1.81.50.40.60.62.3
Transport and telecommunications7.39.97.12.34.01.7
Financing24.922.918.117.321.224.4
Foreign20.319.816.315.719.722.2
Grants7.16.83.95.59.89.8
Loans13.213.012.410.29.812.4
Domestic4.63.01.81.61.52.2
Counterpart funds0.80.80.1-- 2/--0.3
Budget3.82.21.71.61.51.9
(In percent of total investments)
Total investment100.0100.0100.0100.0100.0100.0
Public administration6.06.13.11.03.54.7
Agriculture35.739.745.852.940231.9
Water and sewage 1/10.40.90.85.26.34.5
Education6.82.64.39.319.723.7
Energy 1/----1.412.75.916.6
Housing3.60.41.51.11.00.4
Fisheries0.80.41.01.31.51.6
Health7.26.62.33.43.09.4
Transport and telecommunications29.343.239.113.119.07.0
Financing100.0100.0100.0100.0100.0100.0
Foreign81.586.590.090.5492.991.2
Grants28.629.721.631.746.540.2
Loans52.956.868.458.946.550.9
Domestic18.513.110.09.57.18.8
Counterpart funds3.23.50.60.2--1.2
Budget15.39.69.49.27.17.6
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Until 1992, the energy sector was included in the water and sewage sector.

Less than US$ 0.05 million.

Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Until 1992, the energy sector was included in the water and sewage sector.

Less than US$ 0.05 million.

Table 21.São Tomé and Príncipe: Status of Nonagricultural Public Enterprises, as of December 1995
Government ownership

(in percent of total)
Number of employeesStatus as of December 1995
Air São Tomé (national airline)30Mixed enterprise.
Africa Fishing SAMixed enterprise.
EMAE (water and electricity)100302Strategic public enterprise.
ENCO (petroleum products)10040Strategic public enterprise. To be incorporated in 1996.
EMCERA-II (ceramics)40Mixed enterprise under private management. To be privatized in 1996.
EMOLVE (edible oil)100Strategic public enterprise.
COMPENSADORA (insurance)100180To be privatized or liquidated in 1996.
CST (telecommunications) 1/49Mixed enterprise.
Cunha Gomes, SAMixed enterprise.
ENASA (air traffic security)100102Strategic public enterprise.
ENAPORT (ports)100135Strategic public enterprise.
ENCAR (meat distribution)100To be privatized or liquidated in 1996.
Agua Grande (textiles)30138Mixed enterprise.
ENAMED (pharmaceuticals)10014To be privatized in 1996.
Optica Nacional 2/ (eye glasses)100To be liquidated.
Pousada Boa Vista (hotel)Mixed enterprise under private management. To be privatized in 1996.
SONOMAR (sea transportationTo be privatized or liquidated in 1996.
Source: Data provided by the São Tomé and Príncipe authorities.

Previously ENATEL.

Part of ENAMED.

Source: Data provided by the São Tomé and Príncipe authorities.

Previously ENATEL.

Part of ENAMED.

Table 22.São Tomé and Príncipe: Monetary Survey, 1992-95 1/
Old seriesNew series
19921993199419941995
Est.Est.
(In millions of dobras; end of period)
Net foreign assets-4,999-8,898-17,9364,3728,026
Foreign assets4,0027,12517,31111,69919,435
Foreign liabilities-9,001-16,023-35,247-7,327-11,409
Net domestic assets9,47014,84031,4459,42610,648
Net domestic credit10,55911,80818,52412,27510,628
Net credit to Government5,0815,6339,2206,7557,329
Claims8,3478,65310,7508,5519,791
Deposits-3,266-3,020-1,531-1,796-2,462
Counterpart funds (nonbudgetary)-4,736-5,527-7,426-9,067-11,152
Credit to the economy10,21311,70216,73114,58714,451
Public enterprises8,4558,3078,3077,8377,837
Other1,7583,3958,4246,7506,614
Other items (net)-1,0883,03212,921-2,84921
Revaluation accounts5,9517,83019,526-2,792-3,007
Other-7,039-4,798-6,605-573,028
Money and quasi-money4,4725,94213,50913,79318,674
Money4,2225,93413,5088,42012,620
Currency in circulation1,3041,7403,2213,2644,794
Demand deposits2,9184,19510,2875,1567,826
Quasi-money250815,3786,054
Time deposits (local currency)250819099
Deposits in foreign exchange5,2885,956
(Changes, in millions of dobras)
Net foreign assets 2/-641-2,0212,4761,250
Net domestic assets2,2923,4915,0911,438
Net domestic credit6761,2506,716-1,647
Net credit to Government1,8465523,586574
Counterpart funds (nonbudgetary)-1,761-792-1,899-2,085
Credit to the economy5911,4895,029-136
Other items (net) 2/1,6162,241-1,6253,085
Money and quasi-money (M2)
Change in M2 stock 3/1,6511,4707,5674,877
Adjusted M2 flow 2/2,687
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

As of November 1994, central bank data reflect corrections and improvements to the basic accounts, in particular, a more accurate estimate of foreign assets and liabilities.

After foreign exchange valuation adjustment.

Without foreign exchange valuation adjustment.

Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

As of November 1994, central bank data reflect corrections and improvements to the basic accounts, in particular, a more accurate estimate of foreign assets and liabilities.

After foreign exchange valuation adjustment.

Without foreign exchange valuation adjustment.

Table 23.São Tome and Príncipe: Variations in Monetary Aggregates, 1992-95 1/
Old seriesNew series
19921993199419941995
Est.Est.
(Changes in percent of opening broad money stock)
Net foreign assets 2/-22.7-45.241.79.1
Net domestic assets 2/81.378.185.710.4
Net domestic credit24.027.9113.0-11.9
Net credit to Government65.412.460.44.2
Counterpart funds (nonbudgetary)-62.4-17.7-32.0-15.1
Credit to the economy21.033.384.6-1.0
Other items (net) 2/57.350.1-27.322.4
Money and quasi-money (M2)
Change in M2 stock 3/58.532.9127.335.3
Adjusted M2 flow 2/19.5
Valuation effect on broad money15.9
(Annual percentage changes)
Net foreign assets-13.7-40.427.883.6
Net domestic assets31.956.734.313.0
Net domestic credit6.811.856.9-13.4
Net credit to Government57.110.963.78.5
Counterpart funds (nonbudgetary)-59.2-16.7-34.423.0
Credit to the economy6.114.643.0-0.9
Other items (net)18.730.8-53.6100.7
Change in M2 stock 3/58.532.9127.335.3
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

As of November 1994, central bank data reflect corrections and improvements to the basic accounts, in particular, a more accurate estimate of foreign assets and liabilities.

After foreign exchange valuation adjustment.

Without foreign exchange valuation adjustment.

Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

As of November 1994, central bank data reflect corrections and improvements to the basic accounts, in particular, a more accurate estimate of foreign assets and liabilities.

After foreign exchange valuation adjustment.

Without foreign exchange valuation adjustment.

Table 24.National Bank/Central Bank of São Tomé and Príncipe: Summary Accounts, 1992-95 1/ 2/(In millions of dobras; end of period)
Old seriesNew series
19921993199419941995
Est.Est.
Net foreign assets-4,999-8,981-21,481-1,760-1,839
Foreign assets4,0023,1096,8755,7199,008
Foreign liabilities-9,001-12,090-28,356-7,479-10,847
Net domestic assets8,91015,27425,94111,15012,300
Net domestic credit10,05912,42313,50517,37415,693
Net credit to Government5,0817,65910,7508,5519,791
Claims8,3478,65310,7508,5519,791
Deposits-3,266-994------
Counterpart funds (nonbudgetary)-4,736-5,477-7,426-8,933-10,543
Claims on nonfinancial public enterprises7,8888,1968,1967,8377,837
Claims on private sector1,7582,0441,984----
Claims on financial institutions67----9,9198,608
Other items, net-1,1482,85112,436-6,223-3,392
Revaluation accounts5,9517,83019,4521,5942,018
Other-7,099-4,979-7,016-7,817-5,411
Money and quasi money3,912
Money 1/3,662
Currency in circulation1,333
Demand deposits2,329
Quasi money250
Base money 1/6,2934,4619,39010,462
Currency liabilities1,9493,7603,7605,015
Reserve deposits4,3447015,6315,447
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

In March 1993, the National Bank (BNSTP) divested itself of its commercial banking functions and began operations as the Central Bank (BCSTP).

As of November 1994, data reflect corrections to and improvements on the basic accounts, in particular a more accurate estimate of foreign assets and liabilities.

Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

In March 1993, the National Bank (BNSTP) divested itself of its commercial banking functions and began operations as the Central Bank (BCSTP).

As of November 1994, data reflect corrections to and improvements on the basic accounts, in particular a more accurate estimate of foreign assets and liabilities.

Table 25.São Tomé and Príncipe: Summary Accounts of Credit Institutions, 1994-95(In millions of dobras)
19941995
Est.Est.
Net foreign assets6,89011,507
Foreign assets7,33512,491
Foreign liabilities-445-984
Net domestic assets3,6442,374
Reserves4,7646,384
Cash on hand496221
Dobra deposits in the Central Bank7571,198
Foreign exchange deposits in the Central Bank3,0444,069
Deposits in other domestic financial institutions466896
Deposits of other financial institutions-655-1,106
Credit from the Central Bank----
Net domestic credit4,8203,543
Net credit to Government 1/-1,930-3,071
Credit to the economy6,7506,614
Other items, net-5,285-6,447
Money10,53413,881
Demand deposits5,1567,826
Deposits in foreign exchange5,2885,956
Time deposits (local currency)9099
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Including nonbudgetary counterpart funds.

Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Including nonbudgetary counterpart funds.

Table 26.São Tomé and Príncipe: Sectoral Distribution of Bank Credit, 1990-95 1/
199019911992199319941995
Est.
(In millions of dobras; end of period)
Agriculture and livestock 2/1,5141,7151,7151,7151,715210
Fishing476161616139
Domestic trade5796681,0461,6352,3412,695
Foreign trade 3/2,6766,0506,0506,0506,103224
Transport and communications46616161610
Housing871102544595041,458
Other 4/1551781774681,3658,879
Unspecified6347798491,2524,582947
Total5,7379,62210,21311,70116,73114,451
(In percent of total)
Agriculture and livestock26.417.816.814.710.31.5
Fishing0.80.60.60.50.40.3
Domestic trade10.16.910.214.014.018.6
Foreign trade46.662.959.251.736.51.6
Transport and communications0.80.60.60.50.40.0
Housing1.51.12.53.93.010.1
Other2.71.91.74.08.261.4
Unspecified11.18.18.310.727.46.6
Total100.0100.0100.0100.0100.0100.0
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Includes credit extended by the National Bank.

Reflects credits granted prior to 1992 by the National Bank to agricultural public enterprises, which to date have remained in the balance sheet of the Central Bank.

The large increase in 1991 reflects the reclassification of assets not previously categorized as bank credit.

In 1995, Db 7.89 billion corresponding to BNSTP’s credits were transferred to the Central Bank.

Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Includes credit extended by the National Bank.

Reflects credits granted prior to 1992 by the National Bank to agricultural public enterprises, which to date have remained in the balance sheet of the Central Bank.

The large increase in 1991 reflects the reclassification of assets not previously categorized as bank credit.

In 1995, Db 7.89 billion corresponding to BNSTP’s credits were transferred to the Central Bank.

Table 27.São Tomé and Príncipe: Structure of Interest Rates, 1990-95(In percent per annum; end of period)
1990199119921993 1/19941995
Deposits
Sight deposits------------
Term deposits
30-90 days14.030.030.0
90-180 days16.035.035.0
180-365 days18.039.039.0
Over 1 year20.0
Credits
Commercial and industrial credits
30-90 days18.037.037.037.030.052.0
90-180 days20.037.037.037.030.052.0
180 - 365 days22.040.040.040.030.052.0
Over 1 year24.044.044.044.030.052.0
Short-term crop credit12.0-24.036.036.036.030.052.0
Housing loans15.040.040.040.025.052.0
Medium-term investment credit and other12.0-24.0
Discount rate25.045.045.030.032.050.0
Memorandum items:
Deposits of 180-365 days’ maturity (in real terms) 2/-16.0-9.09.2
Commercial and industrial credits of 180-365 days’ maturity (in real terms) 2/-13.2-8.310.05.5-25.911.0
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Since November 12, 1993, commercial banks have been free to set their lending rates, subject to a 22 percent minimum.

Real interest rates calculated on the basis of end-of-period rates of inflation as estimated by staff.

Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Since November 12, 1993, commercial banks have been free to set their lending rates, subject to a 22 percent minimum.

Real interest rates calculated on the basis of end-of-period rates of inflation as estimated by staff.

Table 28.São Tomé and Príncipe: Balance of Payments, 1990–95(In millions of U.S. dollars)
199019911992199319941995
Trade balance-16.9-18.5-17.0-19.0-17.9-18.4
Exports, f.o.b.4.46.05.46.66.55.1
Cocoa3.75.14.24.25.04.7
Other0.60.91.22.41.50.4
Imports, f.o.b.-21.3-24.5-22.5-25.5-24.3-23.5
Food-6.1-4.7-4.6-5.6-5.2-5.9
Investment goods-93-10.7-7.5-9.1-9.8-9.9
Petroleum products-2.6-1.9-2.2-1.8-1.8-2.1
Other-3.3-7.2-8.1-9.0-7.5-5.6
Services and income (net)-21.6-21.2-18.0-16.9-16.3-23.3
Exports of services4.04.85.05.45.94.3
Travel and tourism2.22.72.8
Other services3.13.21.5
Imports of nonfactor services-20.4-19.7-18.1-16.8-16.7-22.1
Freight and insurance-5.3-6.1-5.6-6.4-6.1-5.9
Technical assistance-9.1-6.4-5.5-3.8-4.6-10.2
Other-6.0-7.2-6.9-6.6-6.0-6.1
Interest due 1/-5.1-6.3-4.9-5.5-5.5-5.5
Private transfers (net)0.10.61.11.53.4-0.5
Current account (net) before official transfers-38.4-39.1-33.9-34.4-30.8-41.1
Official transfers (net)16.111.610.911.516.323.6
For public investment projects7.66.83.95.59.89.8
Food aid4.63.73.73.54.03.7
EEC grants STABEX----------2.0
Other (net)3.91.13.32.42.58.1
Current account (net) after official transfers-22.3-27.5-23.1-22.9-14.5-17.6
Medium– and long–term capital (net)8.811.213.18.85.411.3
Project loans13.213.012.410.29.813.8
Nonproject loans2.05.96.42.20.10.2
Direct foreign investment----134.01.81.9
Amortization-6.4-7.7-7.0-7.6-6.3-4.6
Short–term capital and errors and omissions-7.1-3.2-1.2-1.21.4-1.1
Overall balance-20.7-19.4-11.115.3-7.7-7.4
Financing20.719.411.115.37.77.4
Net change in reserves (increase –)0.42.42.04.7-2.1-0.4
Medium– and long–term arrears (net; decrease –)6.37.24.17.26.6-21.9
Short–term arrears (net; decrease –)12.78.12.02.0-8.5--
SAF(net)---------0.1-0.2
Debt relief1.21.73.11.411.929.9
Memorandum items:
Debt service ratio (before debt relief) 2/ 3/137.1129.4114.2110.096.2110.3
Debt service ratio (after debt relief)2/ 3/122.3113.384.598.393.799.4
Debt service actually paid 2/ 4/28.826.421.015.824.4
Current account (in percent of GDP) 5/-41.3-51.3-50.7-48.1-29.3-38.6
Sources: Data provided by tie São Tomé and Príncipe authorities; and staff estimates.

Includes late interest

In percent of exports of goods and services.

Includes obligations to the IMF; excludes arrears.

Includes obligations to the IMF and cash settlement of arrears.

After grants.

Sources: Data provided by tie São Tomé and Príncipe authorities; and staff estimates.

Includes late interest

In percent of exports of goods and services.

Includes obligations to the IMF; excludes arrears.

Includes obligations to the IMF and cash settlement of arrears.

After grants.

Table 29.São Tomé and Príncipe: Composition of Exports, 1990-95
199019911992199319941995
Est.
(In millions of U.S. dollars)
Value4.386.025.436.556.475.10
Cocoa3.745.094.234.154.974.71
Copra0.040.330.33----1/--
Coffee--0.090.050.050.050.04
Other0.600.510.822.351.450.36
(In metric tons)
Volume
Cocoa3,3254,7594,3633,7253,7163,400
Copra5001,3501,350--14--
Coffee--4022
Other375383785
(In U.S. dollars per kilogram)
Unit value
Cocoa1.121.070.971.121.341.40
Copra0.080.240.24--0.04
Coffee--2.252.27
Other1.601.261.04
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Less than US$0.005 million.

Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Less than US$0.005 million.

Table 30.São Tomé and Príncipe: Composition of Imports, 1990-95
199019911992199319941995
Est.
(In millions of U.S. dollars)
Total imports, c.i.f.26.630.628.132.030.429.3
Foodstuffs7.65.95.87.16.57.4
Of which: grants(4.6)(3.7)(3.7)(3.5)(4.0)(3.7)
Petroleum products3.32.42.82.22.22.6
Investment goods11.613.39.411.412.212.4
Other4.19.010.111.39.47.0
(In percent of total)
Total imports, c.i.f.100.0100.0100.0100.0100.0100.0
Foodstuffs28.519.320.622.121.525.1
Of which: grants(17.3)(12.1)(13.1)(11.1)(13.1)(12.6)
Petroleum products12.47.810.06.97.28.7
Investment goods43.643.533.535.740.242.2
Other15.429.436.035.431.023.9
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.
Table 31.São Tomé and Príncipe: Destination of Exports, 1990-95
199019911992199319941995
Est.
(In millions of U.S. dollars)
Total exports, f.o.b.4.46.05.46.66.55.1
China, People’s Republic of0.40.10.2------
Germany2.01.10.8------
Netherlands1.43.91.84.35.73.6
Portugal0.10.10.1--1/--1/0.1
Other0.60.82.52.30.81.4
(In percent of total)
Total exports, f.o.b.100.0100.0100.0100.0100.0100.0
China, People’s Republic of8.82.13.5------
Germany44.818.815.1------
Netherlands31.164.733.965.188.270.5
Portugal1.61.01.90.70.61.9
Other13.713.445.634.211.227.6
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Less than US$0.05 million.

Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Less than US$0.05 million.

Table 32.São Tomé and Príncipe: Origin of Imports, 1990-95
199019911992199319941995
Est.
(In millions of U.S. dollars)
Total imports, c.i.f.26.630.628.132.030.429.3
Angola3.23.01.32.31.51.3
Belgium2.21.51.22.12.31.9
China, People’s Republic of0.20.50.50.50.30.0
France1.61.91.92.03.14.9
Gabon0.90.90.92.00.60.2
Germany0.10.10.10.40.80.6
Italy0.10.10.11.70.52.1
Japan1.82.12.03.11.64.2
Netherlands0.50.91.00.30.70.8
Portugal10.510.910.911.38.611.2
Spain3.31.71.90.20.10.1
United Kingdom------0.10.30.2
Russian Federation------------
Other2.17.26.45.910.02.0
(In percent of total)
Total imports, c.i.f.100.0100.0100.0100.0100.0100.0
Angola12.19.84.57.34.84.4
Belgium8.34.84.26.57.66.6
China, People’s Republic of0.81.51.91.60.90.0
France6.26.36.76.310.116.8
Gabon3.42.93.26.41.80.8
Germany0.50.20.31.22.62.2
Italy0.20.30.25.31.77.1
Japan6.76.87.29.85.414.2
Netherlands2.02.93.51.02.42.6
Portugal39.535.638.735.428.338.2
Spain12.35.56.80.50.40.4
United Kingdom------0.21.10.8
Russian Federation------------
Other8.023.422.818.632.87.1
Source: Data provided by the São Tomé and Príncipe authorities.
Source: Data provided by the São Tomé and Príncipe authorities.
Table 33.São Tomé and Príncipe: Export, Import, and Terms of Trade Indices, 1990-95 1/(1987 = 100)
199019911992199319941995
Export unit value index72.269.062.671.986.390.3
Import unit value index 2/115.9116.7119.6111.0113.6120.5
Terms of trade62.359.152.364.875.975.0
Annual percentage change-23.3-5.1-11.623.917.1-1.2
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

In U.S. dollar terms.

Calculated using export unit value indices of partner countries.

Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

In U.S. dollar terms.

Calculated using export unit value indices of partner countries.

Table 34.São Tomé and Príncipe: Indicators of External Public Debt, 1990-95 1/
199019911992199319941995
Est.
(In millions of U.S. dollars)
Disbursed medium- and long-term debt outstanding, end of period130.2155.8178.5197.4214.1237.5
Of which: arrears(26.1)(333)(37.4)(44.6)(51.2)(31.5)
Short-term debt outstanding, end of period43.751.853.855.847.342.3
Of which: arrears(43.7)(51.8)(53.8)(55.8)(473)(423)
Total external debt outstanding, end of period173.9207.6232.3253.2261.4279.8
Of which: arrears(69.8)(85.1)(91.2)(100.4)(98.5)(73.7)
Debt service due on medium- and long-term debt11.414.011.913.111.810.3
Interest5.16.34.95.55.55.5
Amortization6.47.77.07.66.34.8
Debt relief 2/1.21.73.11.411.929.9
(In percent of exports of goods and services)
External debt service
Before rescheduling137.1129.4114.3110.096.2110.3
After rescheduling122.3113.384.698.393.799.4
Cash settlements 3/28.826.421.015.823.4
Present value of external debt1,7521,6111,5591,842
(In percent of GDP)
Total external debt outstanding, end of period (including arrears)316.4537.6511.0531.7527.5615.0
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Includes IMF.

Current maturities and arrears rescheduled, refinanced, or forgiven.

Includes arrears.

Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Includes IMF.

Current maturities and arrears rescheduled, refinanced, or forgiven.

Includes arrears.

Table 35.São Tomé and Príncipe: Outstanding External Medium- and Long-Term Public Debt, 1990-95 1/(In millions of U.S. dollars)
199019911992199319941995
Est.
Total 2/130.2155.8178.5197.4214.1237.5
Of which: arrears(26.1)(33.3)(37.4)(44.6)(51.2)(31.5)
Multilateral creditors 2/68.289.0108.4122.4136.1161.4
Of which: arrears(1.8)(3.1)(0.1)(1.1)(2.4)(5.0)
World Bank21.527.232.038.346.755.3
African Development Bank Group 3/31.746.060.566.872.287.1
Arab Bank for Economic
Development of Africa8.38.48.58.68.68.4
Other 2/6.77.47.58.78.610.6
Official bilateral creditors33.337.039.342.844.170.7
Of which: arrears(8.3)(10.5)(12.7)(14.4)(15.9)(21.1)
China, People’s Republic of5.25.35.35.46.05.3
France4.76.47.78.69.18.6
Germany10.010.511.012.212.712.1
Russian Federation7.48.18.68.99.09.2
Other 4/6.06.66.77.77.335.5
Financial institutions23.824.725.526.227.5-
Of which: arrears(11.2)(14.6)(19.2)(23.1)(26.5)(-)
Portugal23.324.525.326.227.5-
Other0.50.20.2---
Suppliers’ credits4.95.25.46.06.45.4
Of which: arrears(4.8)(5.1)(5.4)(6.0)(6.4)(5.4)
Portugal1.01.01.11.31.3-
Other3.94.24.34.85.05.4
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Debt with maturity of more than one year.

Includes IMF.

Includes African Development Fund.

Includes debt to Portuguese financial institutions that was assumed by the Portuguese Government and rescheduled in March 1995.

Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates.

Debt with maturity of more than one year.

Includes IMF.

Includes African Development Fund.

Includes debt to Portuguese financial institutions that was assumed by the Portuguese Government and rescheduled in March 1995.

Table 36.São Tomé and Príncipe: Long-Term Debt Service Projections, 1996-2005(In millions of US, dollars)
1996199719981999200020012002200320042005
Total debt service due9.1910.4111.119.359.059.9810.8212.8712.8213.03
Principal3.674.705.844.594.124.895.577.467.257.30
Interest5.515.715.274.764.935.095.255.415.575.74
Scheduled debt service on end-1995 stock9.0210.009.626.816.286.997.619.429.098.94
Principal3.674.705.844.594.124.895.577.467.257.21
International financial institutions (IFIs)2.513.364.503.193.143.894.574.524.304.26
AfDF0.281.141.821.821.822.552.552.552.552.51
IDA0.200.200.630.630.820.821.501.501.501.50
IMF0.250.250.250.12------------
Other IFIs1.771.761.800.620.500.530.530.470.260.26
Official bilateral1.171.341.341.400.981.001.002.952.952.95
Interest2.452.382.292.212.152.102.041.951.841.73
International financial institutions (IFIs)1.251.221.181.141.111.071.030.980.940.91
AfDF0.660.650.640.620.610.590.570.550.520.50
IDA0.410.410.410.400.400.390.380.370.360.35
IMF0.000.000.000.00------------
Other IFIs0.180.160.130.120.100.090.080.070.060.05
Official bilateral1.191.151.111.071.051.031.010.970.890.82
Late interest on arrears2.912.921.49--------------
Debt service on new disbursements 1/0.070.220.360.470.570.660.730.790.860.91
Principal--------------------
Interest0.070.220.360.470.570.660.730.790.860.91
Debt service on rescheduled debt 2/----0.871.791.861.932.002.102.232.44
Principal------------------0.09
Interest----0.871.791.861.932.002.102.232.35
Interest on gap 3/0.090.190.250.280.340.400.480.560.650.74
Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates and projections.

Assumes all new borrowing on IDA terms, i.e. a grant element of 60 percent.

Assumes continuous Paris Club flow reschedulings (Naples terms, 67 percent present value reduction, debt reduction option), with topping up of 1995 Portuguese bilateral rescheduling, and comparable treatment from non-Paris Club bilateral creditors.

Assumes gap financing contains a grant element of 50 percent.

Sources: Data provided by the São Tomé and Príncipe authorities; and staff estimates and projections.

Assumes all new borrowing on IDA terms, i.e. a grant element of 60 percent.

Assumes continuous Paris Club flow reschedulings (Naples terms, 67 percent present value reduction, debt reduction option), with topping up of 1995 Portuguese bilateral rescheduling, and comparable treatment from non-Paris Club bilateral creditors.

Assumes gap financing contains a grant element of 50 percent.

Table 37.São Tomé and Príncipe: Exchange Rates, 1986-95
Nominal effective exchange rate index 1/ (1987 = 100)Official rate, Db/US$; period averageBureau de change rate, Db/US$; period averageBISTP rate, Db/US$; period averageParallel market rate, Db/US$; period averageDifferential between the official and parallel market rates 2/
Annual
1986125.238.6150288.6
1987100.053.5200273.8
198858.086.3188117.8
198946.4124.718246.0
199040.5143.320744.5
199133.2201.625627.0
199220.5320.43303.0
199318.9429.955529.1
199413.4732.6812.990423.4
19956.61,420.31,4441,3931,5307.7
Quarterly
1987Q1131.535.9
Q2134.835.0
Q372.467.1217223.4
Q461.375.9217185.9
1988Q162.075.1207175.6
Q262.875.8193154.6
Q354.696.518793.8
Q452.797.816568.7
1989Q149.1111.816749.4
Q246.1125.017237.6
Q347.2125.219757.4
Q443.4137.019340.9
1990Q142.1140.719236.5
Q240.7146.921244.3
Q339.4145.921043.9
Q439.9139.821553.8
1991Q141.0142.921550.5
Q237.4173.823032.3
Q331.3214.726724.4
Q423.0275.031313.8
1992Q122.1291.83158.0
Q221.2308.33152.2
Q319.4323.53250.5
Q419.4358.03631.4
1993Q119.5389.346318.9
Q219.0406.255035.4
Q318.7446.860435.2
Q418.3477.2592.260125.9
1994Q116.4585.4648.865712.2
Q215.4624.6749.879226.8
Q311.9788.5858.01,00026.8
Q410.1932.0994.91,167252
1995Q17.01,337.61,3541,3131,4004.7
Q27.31,234.91,2721,2211,2904.5
Q36.71,365.91,4081,3431,55013.5
Q45.31,742.91,7421,6941,8817.9
Sources: Data provided by the São Tomé and Príncipe authorities; and staff calculations.

Trade-weighted.

In percent of the official rate.

Sources: Data provided by the São Tomé and Príncipe authorities; and staff calculations.

Trade-weighted.

In percent of the official rate.

1/

The weights are based on the recorded dollar value of the previous day’s transactions in the commercial and bureau de change markets, and an estimate of the dollar value of transactions in the parallel market. According to the central bank data, the vast majority of foreign exchange transactions are effected through the commercial bank, while the market share of the bureau de change is virtually nil.

2/

The export earning surrender requirement was reduced to 50 percent on May 1, 1996, for exporters able to demonstrate a need for additional foreign exchange to finance imported inputs.

1/

Currently, the BISTP does not remunerate these deposits, but it also chooses not to remunerate any other type of deposits.

1/

The export earning surrender requirement was reduced to 50 percent on May 1, 1996, for exporters able to demonstrate a need for additional foreign exchange to finance imported inputs.

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