Compare Sao Tome and Principe (2008) - Sao Tome and Principe (2007)

Compare Sao Tome and Principe (2008) z Sao Tome and Principe (2007)

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	Sao Tome and Principe (2008)	Sao Tome and Principe (2007)

Background	Discovered and claimed by Portugal in the late 15th century, the islands' sugar-based economy gave way to coffee and cocoa in the 19th century - all grown with plantation slave labor, a form of which lingered into the 20th century. While independence was achieved in 1975, democratic reforms were not instituted until the late 1980s. The country held its first free elections in 1991, but frequent internal wrangling between the various political parties precipitated repeated changes in leadership and two failed coup attempts in 1995 and 2003. The recent discovery of oil in the Gulf of Guinea promises to attract increased attention to the small island nation.	Discovered and claimed by Portugal in the late 15th century, the islands' sugar-based economy gave way to coffee and cocoa in the 19th century - all grown with plantation slave labor, a form of which lingered into the 20th century. While independence was achieved in 1975, democratic reforms were not instituted until the late 1980s. Although the first free elections were held in 1991, the political environment has been one of continued instability with frequent changes in leadership and coup attempts in 1995 and 2003. The recent discovery of oil in the Gulf of Guinea promises to have a significant impact on the country's economy.
Budget	revenues: $74.11 million expenditures: $57.71 million (2007 est.)	revenues: $42.96 million expenditures: $59.61 million (2006 est.)
Economy - overview	This small, poor island economy has become increasingly dependent on cocoa since independence in 1975. Cocoa production has substantially declined in recent years because of drought and mismanagement. Sao Tome has to import all fuels, most manufactured goods, consumer goods, and a substantial amount of food. Over the years, it has had difficulty servicing its external debt and has relied heavily on concessional aid and debt rescheduling. Sao Tome benefited from $200 million in debt relief in December 2000 under the Highly Indebted Poor Countries (HIPC) program, which helped bring down the country's $300 million debt burden. In August 2005, Sao Tome signed on to a new 3-year IMF Poverty Reduction and Growth Facility (PRGF) program worth $4.3 million. Considerable potential exists for development of a tourist industry, and the government has taken steps to expand facilities in recent years. The government also has attempted to reduce price controls and subsidies. Sao Tome is optimistic about the development of petroleum resources in its territorial waters in the oil-rich Gulf of Guinea, which are being jointly developed in a 60-40 split with Nigeria. The first production licenses were sold in 2004, though a dispute over licensing with Nigeria delayed Sao Tome's receipt of more than $20 million in signing bonuses for almost a year. Real GDP growth exceeded 6% in 2007, as a result of increases in public expenditures and oil-related capital investment.	This small, poor island economy has become increasingly dependent on cocoa since independence in 1975. Cocoa production has substantially declined in recent years because of drought and mismanagement, but strengthening prices helped boost export earnings in 2003. Sao Tome has to import all fuels, most manufactured goods, consumer goods, and a substantial amount of food. Over the years, it has had difficulty servicing its external debt and has relied heavily on concessional aid and debt rescheduling. Sao Tome benefited from $200 million in debt relief in December 2000 under the Highly Indebted Poor Countries (HIPC) program, which helped bring down the country's $300 million debt burden. In August 2005, Sao Tome signed on to a new 3-year IMF Poverty Reduction and Growth Facility (PRGF) program worth $4.3 million. Considerable potential exists for development of a tourist industry, and the government has taken steps to expand facilities in recent years. The government also has attempted to reduce price controls and subsidies. Sao Tome is optimistic about the development of petroleum resources in its territorial waters in the oil-rich Gulf of Guinea, which are being jointly developed in a 60-40 split with Nigeria. The first production licenses were sold in 2004, though a dispute over licensing with Nigeria delayed Sao Tome's receipt of more than $20 million in signing bonuses for almost a year. Real GDP growth exceeded 4% in 2006, as a result of increases in public expenditures and oil-related capital investment.
Exchange rates	dobras per US dollar - 13,700 (2007), 12,050 (2006), 9,900.4 (2005), 9,902.3 (2004), 9,347.6 (2003)	dobras per US dollar - 12,050 (2006), 9,900.4 (2005), NA 9,902.3 (2004), 9,347.6 (2003), 9,088.3 (2002)
Executive branch	chief of state: President Fradique DE MENEZES (since 3 September 2001) head of government: Prime Minister Patrice TROVOADA (since 14 February 2008) cabinet: Council of Ministers appointed by the president on the proposal of the prime minister elections: president elected by popular vote for a five-year term (eligible for a second term); election last held 30 July 2006 (next to be held July 2011); prime minister chosen by the National Assembly and approved by the president election results: Fradique DE MENEZES elected president; percent of vote - Fradique DE MENEZES 60%, Patrice TROVOADA 38.5%	chief of state: President Fradique DE MENEZES (since 3 September 2001) head of government: Prime Minister Tome Soares da VERA CRUZ (since 21 April 2006) cabinet: Council of Ministers appointed by the president on the proposal of the prime minister elections: president elected by popular vote for a five-year term (eligible for a second term); election last held 30 July 2006 (next to be held July 2011); prime minister chosen by the National Assembly and approved by the president election results: Fradique DE MENEZES elected president; percent of vote - Fradique DE MENEZES 60%, Patrice TROVOADA 38.5%
Exports	0 bbl/day (2004)	NA bbl/day
GDP - composition by sector	agriculture: 14.8% industry: 14.2% services: 71% (2007 est.)	agriculture: 15% industry: 13.7% services: 71.3% (2006 est.)
GDP - real growth rate	6.5% (2007 est.)	4.4% (2006 est.)
Imports	634.4 bbl/day (2004)	NA bbl/day
Industrial production growth rate	8.5% (2007 est.)	NA%
Inflation rate (consumer prices)	17% (2007 est.)	23.1% (2006 est.)
Military branches	Armed Forces of Sao Tome and Principe (FASTP): Army, Coast Guard of Sao Tome e Principe (Guarda Costeira de Sao Tome e Principe, GCSTP), Presidential Guard (2007)	Armed Forces of Sao Tome and Principe (FASTP): Army, Navy, Presidential Guard (2007)
Political parties and leaders	Force for Change Democratic Movement or MDFM [Tome Soares da VERA CRUZ]; Independent Democratic Action or ADI [[Patrice TROVOADA]; Movement for the Liberation of Sao Tome and Principe-Social Democratic Party or MLSTP-PSD [Rafael BRANCO]; New Way Movement or NR; Party for Democratic Convergence or PCD [Delfim NEVES]; Ue-Kedadji coalition; other small parties	Democratic Renovation Party [Armindo GRACA]; Force for Change Democratic Movement or MDFM; Independent Democratic Action or ADI [Carlos NEVES]; Movement for the Liberation of Sao Tome and Principe-Social Democratic Party or MLSTP-PSD [Manuel Pinto Da COSTA]; New Way Movement or NR; Party for Democratic Convergence or PCD [Aldo BANDEIRA]; Ue-Kedadji coalition; other small parties

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