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Sao Tome and Principe

Author(s):
International Monetary Fund
Published Date:
February 2002
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Table 1.São Tomé and Príncipe: Gross Domestic Product and Expenditure at Current Prices, 1994–2000(In billions of dobras, unless otherwise specified)
1994199519961997199819992000
Primary sector9.217.124.649.559.968.774.3
Agriculture8.215.221.743.551.356.560.8
Fisheries1.01.92.96.08.612.213.5
Secondary sector7.312.718.733.046.856.764.0
Manufacturing and energy1.92.65.210.915.618.520.3
Construction5.310.013.422.131.238.243.7
Tertiary sector19.834.955.6117.5174.3208.8231.3
Commerce and transport7.814.522.748.469.378.685.7
Public administration8.113.221.846.065.776.984.8
Financial institutions2.04.68.717.525.029.432.1
Other services1.82.62.55.614.323.928.8
Gross domestic product36.364.698.9200.0281.0334.1369.5
Consumption42.672.0112.5233.0300.7365.2383.0
Private31.054.185.6169.1228.6265.8277.5
Public 1/11.617.826.963.972.199.4105.5
Gross fixed capital formation15.144.055.598.3100.6133.6160.7
Private5.422.626.754.045.046.864.7
Public 1/9.721.428.844.355.686.896.0
Change in inventory0.00.00.00.00.00.00.0
Gross domestic expenditure57.7116.0168.0331.3401.3498.8543.6
Resource balance-21.4-51.3-69.1-131.3-120.3-164.7-174.1
Exports of goods and services8.613.323.456.683.4117.0130.5
Imports of goods and services 1/30.064.792.6187.9203.6281.7304.6
Memorandum items:
Gross domestic savings-6.3-7.3-13.6-33.0-19.7-31.1-13.4
Private domestic savings0.80.50.51.72.08.517.6
Public domestic savings-7.2-7.8-14.1-34.7-21.7-39.7-31.0
Gross national savings2.917.824.791.141.446.084.8
Private national savings-4.7-14.3-18.9-38.7-63.612.821.3
Public national savings7.632.243.6129.8105.033.263.5
GDP deflator (annual percentage change)73.574.550.8100.237.116.07.4
Nominal GDP (annual percentage change)77.378.053.1102.240.518.910.6
Real GDP (annual percentage change)2.22.01.51.02.52.53.0
Sources: São Tomé and Príncipe authorities; and staff estimates.

Starting in 1995, public consumption, public investment, and imports include technical assistance and other expenditure far projects managed directly by foreign donors. These data are not available for previous years.

Sources: São Tomé and Príncipe authorities; and staff estimates.

Starting in 1995, public consumption, public investment, and imports include technical assistance and other expenditure far projects managed directly by foreign donors. These data are not available for previous years.

Table 2.São Tomé and Príncipe: Gross Domestic Product and Expenditure at Current Prices, 1994–2000(In percent of GDP)
1994199519961997199819992000
Primary sector25.526.424.924.821.320.620.1
Agriculture22.723.521.921.818.216.916.4
Fisheries2.82.92.93.03.13.63.7
Secondary sector20.119.618.916.516.717.017.3
Manufacturing and energy6.35.06.25.45.65.55.5
Construction13.814.612.611.011.111.411.8
Tertiary sector55.453.956.358.862.062.562.6
Commerce and transport21.622.423.024.224.623.523.2
Public administration22.320.422.023.023.423.022.9
Financial institutions5.67.18.88.88.98.88.7
Other services5.94.02.52.85.17.17.8
Gross domestic product100.0100.0100.0100.0100.0100.0100.0
Consumption117.5111.4113.7116.5107.0109.3103.6
Private85.583.886.684.581.479.675.1
Public 1/31.927.627.231.925.629.828.5
Gross fixed capital formation41.668.156.249.135.840.043.5
Private15.035.027.027.016.014.017.5
Public 1/26.633.129.222.119.826.026.0
Change in inventory0.00.00.00.00.00.00.0
Gross domestic expenditure159.1179.5169.9165.6142.8149.3147.1
Resource balance-59.1-79.5-69.9-65.6-42.8-49.3-47.1
Exports of goods and services23.720.623.728.329.735.035.3
Imports of goods and services 1/82.8100.193.694.072.584.382.4
Memorandum items:
Gross domestic savings-17.5-11.4-13.7-16.5-7.0-9.3-3.6
Private domestic savings2.30.70.50.90.72.64.8
Public domestic savings-19.8-12.1-14.3-17.3-7.7-11.9-8.4
Gross national savings8.027.625.045.514.713.823.0
Private national savings-12.9-22.2-19.1-19.4-22.63.85.8
Public national savings20.949.844.164.937.49.917.2
Sources: São Tomé and Príncipe authorities; and staff estimates.

Starting in 1995, public consumption, public investment, and imports include technical assistance and and other expenditure for projects managed directly by foreign donors. These data are not available for for previous years.

Sources: São Tomé and Príncipe authorities; and staff estimates.

Starting in 1995, public consumption, public investment, and imports include technical assistance and and other expenditure for projects managed directly by foreign donors. These data are not available for for previous years.

Table 3.São Tomé and Príncipe: Gross Domestic Product and Expenditure at Constant Prices, 1994–2000
1994199519961997199819992000
(In billions of 1991 dobras)
Gross domestic product11.912.212.412.512.813.113.5
Consumption14.614.114.415.114.915.515.8
Private10.110.39.99.610.19.89.8
Public 1/4.63.84.55.54.85.76.0
Gross fixed capital formation4.15.64.74.42.93.74.0
Change in inventory0.00.00.00.00.00.00.0
Gross domestic expenditure18.819.719.119.517.819.319.8
Resource balance-6.8-7.5-6.7-7.0-5.0-6.1-6.2
Exports of goods and services1.71.21.31.41.62.22.2
Imports of goods and services 1/8.58.78.08.46.68.38.4
(Annual percentage change)
Gross domestic product2.22.01.51.02.52.53.0
Consumption-2.2-3.92.25.1-1.34.11.7
Private-8.72.1-3.8-2.64.8-2.7-0.4
Public 1/15.9-17.318.522.2-12.118.45.3
Gross fixed capital formation18.936.4-16.0-7.6-33.327.96.6
Gross domestic expenditure1.84.9-3.02.0-8.58.02.6
Resource balance-1.1-10.010.43.8-28.222.11.9
Exports of goods and services-26.7-27.25.97.814.637.00.0
Imports of goods and services 1/-6.02.6-8.14.4-21.025.71.4
Sources: São Tomé and Príncipe authorities; and staff estimates.

Starting in 1995, public consumption, public investment, and imports include technical assistance and other expenditure for projects managed directly by foreign donors. These data are not available for previous years.

Sources: São Tomé and Príncipe authorities; and staff estimates.

Starting in 1995, public consumption, public investment, and imports include technical assistance and other expenditure for projects managed directly by foreign donors. These data are not available for previous years.

Table 4.São Tomé and Príncipe: Land Distribution, 1993–2000
19931994199519961997199819992000
(In hectares)
Total area redimensioned 1/4,3628,5546,7445,6626,3433,0131,6509,225
Small farms (3-10 hectares)1,5923,0832,5712,6572,4721,1591,1673,288
Medium-sized farms (10-50 hectares)1,2877932,2333871,6922952172,660
Forest and other noncultivable areas1,4834,6781,9402,6182,1791,5602663,276
(In percent of total area redimensioned unless otherwise indicated)
Total area redimensioned100100100100100100100100
Small farms (3-10 hectares)3636384739387136
Medium-sized farms (10-50 hectares)30933727101329
Forest and other noncultivable areas3455294634521636
Memorandum items:(In units indicated)
Total area redimensioned (in hectares; cumulative since 1993)4,36212,91519,65925,32231,66434,67848,38157,605
Number of beneficiary families8438599177301,1516657501,253
Number of beneficiary families (cumulative since 1993)8431,7022,6193,3494,5005,1658,5759,828
Source: São Tomé and Príncipe authorities.

The land distribution project was initiated in 1993 with the objective of distributing 20,000 hectares from government agricultural estates to small- and medium-sized farms. At end-1992, the government estates covered approximately 65,367 hectares, of which 33,821 hectares were cultivated.

Source: São Tomé and Príncipe authorities.

The land distribution project was initiated in 1993 with the objective of distributing 20,000 hectares from government agricultural estates to small- and medium-sized farms. At end-1992, the government estates covered approximately 65,367 hectares, of which 33,821 hectares were cultivated.

Table 5.São Tomé and Príncipe: Production of Principal Agricultural Crops, 1994–2000(In metric tons)
1994199519961997199819992000
Export crops
Cocoa3,3923,8453,5003,1383,9283,8983,768
Copra572501507433162190882
Coffee22292045361812
Food crops
Pineapples1,507166266
Cane20,08522,09422,194
Bananas13,65012,68513,50025,00034,59638,05638,156
Breadfruit1,5001,6001,8002,0002,5002,7502,850
Palm oil7317201,1791,183980915446
Taro8,5008,24510,00015,00020,96423,06023,160
Maize4,3004,0004,5004,0001,3521,4871,587
Source: São Tomé and Príncipe authorities.
Source: São Tomé and Príncipe authorities.
Table 6.São Tomé and Príncipe: Energy Production and Consumption, 1994-2000
1994199519961997199819992000
(In thousands of kilowatt-hours)
Electricity production 1/20,56418,66420,32822,79427,15428,01426,050
Hydroelectricity4,8943,2635,0566,1577,4098,0226,768
Thermoelectricity15,67015,40115,27216,63719,74519,99219,280
Electricity consumption11,93113,58014,44415,16616,08315,54016,574
Residential6,7496,9397,3807,7508,2178,8519,441
Industrial and other 2/5,1826,6417,0647,4177,8666,6897,133
(In billions of dobras)
Electricity consumption1.52.45.010.618.519.319.5
Residential0.61.02.04.37.68.08.2
Industrial and other2/0.81.42.96.210.911.211.4
(In dobras per kilowatt-hour)
Electricity consumption1042013667311,1501,2391,176
Residential91147293584920907866
Industrial and other2/1152714428841,3911,6801,593
Source: São Tomé and Príncipe authorities; and staff estimate.

Production exceeds consumption, owing to losses in distribution.

Including the government.

Source: São Tomé and Príncipe authorities; and staff estimate.

Production exceeds consumption, owing to losses in distribution.

Including the government.

Table 7.São Tomé and Príncipe: Imports of Petroleum Products, 1994–2000
1994199519961997199819992000
(In thousands of liters)
Volume of imports
Gasoline3,4144,5424,6104,5714,8274,7554,244
Diesel8,41010,2119,6839,54610,81610,67010,745
Kerosene and Jet A-l2,2173,0474,6094,7414,3203,9856,492
(In millions of U.S. dollars)
Value of imports, c.i.f.2.22.63.84.12.013.05.1
Gasoline0.60.70.91.20.53.61.0
Diesel1.31.41.92.41.06.12.5
Kerosene and Jet A-l0.40.51.00.50.53.31.6
(Dobras per liter)
Average retail price
Gasoline4347531,0352,0173,0003,3006,600
Diesel2864837341,2752,3002,6005,000
Kerosene1092674028331,6001,8003,100
Jet A-l2002524028331,4551,8742,766
(U.S. dollars per liter)
Average retail price
Gasoline0.590.530.470.440.440.150.24
Diesel0.390.340.330.280.340.130.23
Kerosene0.150.190.180.180.210.140.24
Jet A-l0.270.180.180.180.210.140.24
World price, c.i.f
Gasoline0.200.220.260.250.170.140.22
Diesel0.190.210.240.230.160.130.21
Kerosene and Jet A-l0.200.220.260.250.170.130.23
Import price, c.i.f
Gasoline0.160.150.200.270.120.150.25
Diesel0.160.140.190.250.110.130.25
Kerosene and Jet A-l0.160.160.220.270.110.140.24
Sources: São Tomé and Príncipe authorities; and staff estimates.
Sources: São Tomé and Príncipe authorities; and staff estimates.
Table 8.São Tomé and Príncipe: Cost Structure of Petroleum Products, 1998–2000(Retail prices for 1998)
GasolineDieselKeroseneJet A-1
In percent of c.i.fDobras per literIn percent of c.i.fDobras per literIn percent of c.i.fDobras per literIn percent of c.i.fDobras per liter
Average import cost, c.i.f1.008311.007621.09541.00954
Import duty0.665460.544110.10760.0157
Consumption tax0.534410.09690.04300.000
Road maintenance tax0.04320.04290.0000.000
ENCO’s handling and distribution cost 1/0.484020.473600.342560.18172
ENCO’s wholesale margin 1/0.10830.09690.05420.000
Retail margin0.10830.09690.07550.000
Contribution to operating expenses0.705800.075300.503780.29272
Average retail price3.613,0003.202,3002.101,6001.531,455
Memorandum items:(In thousands of liters)
Total imports (excluding EMAE) 2/4,8275,3791,7712,549
(In billions of dobras)
EMAE’s consumption values 2/0.04.30.00.0
Contribution to operating expenses2.82.90.70.7
Import duty due2.62.20.10.1
Consumption tax due2.10.40.10.0
Average import cost, c.i.f1.001,0431.009561.01,0201.001,020
Import duty0.767930.535160.011020.0138
Consumption tax0.858840.141320.04450.0120
Road maintenance tax0.09980.03360.0000.000
ENCO’s handling and distribution cost 1/0.414240.403800.862700.25253
ENCO’s wholesale margin 1/0.08870.07730.04440.0336
Retail margin0.08870.07730.05590.000
Contribution to operating expenses
Average retail price3.273,3002.242,6001.401,8001.301,874
(In billions of dobras)
EMAE’s consumption values 2/0.020.00.00.0
Import duty due and consumption tax6.28.42.10.0
Average import cost, c.i.f.1.002,0311.001,9401.001,9271.001,927
Import duty1.543,1280.671,3170.672660.03.77
Consumption tax0.000.000.000.000.000.000.020
Road maintenance tax0.37770.03740.000.000.000
ENCO’s handling and distribution costs 1/0.255090.244670.153080.13266
ENCO’s wholesale margin 1/0.051000.04830.02500.0351
Retail margin0.051000.04830.03670.000
Contribution to operating expenses
Average retail price3.266,6002.025,0001.873,1001.212,766
(In billions of dobras)
EMAE’s consumption value 2/0.022.00.00.0
Import duty due and consumption tax8.813.03.00.0
Source: São Tomé and Príncipe authorities; and staff estimates.

ENCO, the national petroleum product distribution company.

EMAE, the national water and electricity company.

Source: São Tomé and Príncipe authorities; and staff estimates.

ENCO, the national petroleum product distribution company.

EMAE, the national water and electricity company.

Table 9.São Tomé and Príncipe: Components of Official Consumer Price Index, 1995-2000 1/(1996=100; end of period)
Weight (In percent)199519961997199819992000
Food, beverages, and tobacco71.980.4124.9219.6261.9291.8292.2
Clothing5.383.0112.0185.9286.4240.6322.3
Housing and energy10.280.6125.4267.1312.4386.9523.1
Furniture, electrical equipment, and other housing equipment2.883.0122.2252.2328.5410.6435.7
Health services1.386.4107.6241.9359.5369.7418.4
Transport and communications6.493.2126.4233.5245.7308.1458.8
Entertainment and cultural activities0.782.7120.1140.1208.5295.3285.5
Education0.478.5119.3211.2279.6301.4295.1
Hotels and restaurants0.783.6105.6146.7239.4256.7242.9
Other0.584.3108.9169.5277.7305.3301.6
General index100.081.6123.8223.4270.0304.0333.2
Source: São Tomé and Príncipe authorities.

Until 1996, data for the official consumer price index were subject to serious deficiencies in measure and coverage and, therefore, should be interpreted with caution.

Source: São Tomé and Príncipe authorities.

Until 1996, data for the official consumer price index were subject to serious deficiencies in measure and coverage and, therefore, should be interpreted with caution.

Table 10.São Tomé and Príncipe: Monthly Movements in Official Consumer Price Index, January 1994-December 2000 1/
1994199519961997199819992000
(Annual average for 1996 = 100)
January46.665.386.8127.2229.8272.1307.8
February47.467.089.2129.2241.2274.0312.9
March48.168.390.2132.2244.3276.2315.0
April48.669.790.9137.4247.0278.3315.4
May50.271.693.2156.5250.8281.6315.6
June51.172.694.7162.4253.7283.4317.5
July52.073.095.6171.3256.0284.5319.9
August54.274.396.8177.5257.3286.4321.7
September56.175.7105.4182.0259.4290.8324.0
October58.476.3114.9198.3261.8293.3327.0
November60.177.2118.5215.5265.2298.3330.8
December63.081.6123.8223.4270.0304.0333.2
Annual average53.072.7100.0168.2253.1285.2320.1
(Annual percentage change)
Rate of inflation
End of period37.729.551.780.520.912.69.6
Annual average26.637.337.567.750.912.712.2
Source: São Tomé and Príncipe authorities.

Until 1996, data for the official consumer price index were subject to serious deficiencies in measurement and coverage and, therefore, should be interpreted with caution.

Source: São Tomé and Príncipe authorities.

Until 1996, data for the official consumer price index were subject to serious deficiencies in measurement and coverage and, therefore, should be interpreted with caution.

Table 11.São Tomé and Príncipe: Monthly Movements in Components of Official Consumer Price Index, January 1996-December 2000
Weight19961997199819992000
(In percent)DecDecDecDecJanFebMarchAprilMayJuneJulyAugSepOctNovDec
(Annual average for 1996=100)
Food, beverages, and tobacco71.9124.9219.6261.9291.8294.2298.0299.4296.0292.2284.5281.7284.5284.8285.3291.0292.2
Clothing5.3112.0185.9286.4240.6244.7249.6254.4254.4253.3276.4285.7290.7291.8302.0312.4322.3
Housing and energy10.2125.4267.1312.4386.9395.3398.7403.7402.3436.5477.9495.7489.5508.4523.4521.9523.1
Furniture, electrical equipment, and other housing equipment2.8122.2252.2328.5410.6411.4331.0418.5415.2391.8405.1389.2400.7398.9421.1408.0435.7
Health services1.3107.6241.9359.5369.7373.5370.3373.6438.1443.1443.1435.9422.6423.3423.3411.1418.7
Transport and communications6.4126.4233.5245.7308.1319.9384.3385.8385.8386.1411.2452.7454.7458.4459.3458.9458.8
Entertainment and cultural activities0.7120.1140.1208.5295.3297.9286.1288.4288.4317.1317.1312.1324.7311.6312.8304.7285.5
Education0.4119.3211.2279.6301.4310.0297.5297.5297.5266.4266.0254.6240.6247.9249.9275.3295.1
Hotels and restaurants0.7105.6146.7239.4256.7268.8269.1269.1269.2269.2269.2271.7256.5257.1253.2230.9242.9
Other0.5108.9169.5277.7305.3313.9317.3334.3334.3337.5337.5332.3332.8323.3315.2287.7301.6
General index100.0123.8223.4270.0304.0307.8312.9317.3315.4315.7317.5319.9321.7324.0327.0330.8333.2
(Percentage change)
Cumulative rate of inflation51.780.520.912.61.32.94.43.83.84.45.25.86.67.68.89.6
Average annual inflation37.567.750.912.712.2
Source: São Tomé and Príncipe authorities.
Source: São Tomé and Príncipe authorities.
Table 12.São Tomé and Príncipe: Financial Transactions of Central Government, 1994–2000(In billions of dobras)
1994199519961997199819992000
Total revenue and grants11.225.836.586.881.7146.8183.4
Tax revenue3.66.38.921.236.654.159.4
Consumption taxes1.31.82.24.29.314.620.0
Import taxes1.32.02.64.710.118.317.9
Export taxes0.20.60.81.93.01.80.2
Other taxes0.91.93.310.514.319.421.4
Non tax revenue1.24.44.410.017.910.620.5
Of which: transfers from enterprises0.40.70.52.14.14.85.4
Grants6.415.123.355.527.282.2103.5
Total expenditure and net lending26.850.068.4140.2167.5233.2244.4
Current expenditure11.315.526.855.780.790.989.7
Personnel costs1.92.24.111.718.925.228.8
Of which: wages and salaries0.90.91.38.212.920.824.7
Goods and services1.32.33.47.09.212.715.3
Interest on external debt due4.07.89.722.433.736.923.4
Interest on internal debt due0.00.00.10.21.11.11.1
Transfers0.91.06.08.98.46.17.3
Defense0.40.71.21.60.71.11.1
Other current expenditures 1/2.71.31.53.37.86.510.4
Redeployment fund0.10.20.60.60.91.22.3
Capital expenditure 2/15.534.641.684.587.3141.4155.3
Financed by the treasury1.13.00.92.57.27.46.9
Recorded by extraordinary funds0.00.00.00.015.60.00.0
Foreign financed14.431.540.782.064.6134.1148.4
Net lending0.0-0.10.00.0-0.50.9-0.6
Overall fiscal balance-15.6-24.2-31.8-53.4-85.8-86.5-61.1
Change in arrears (net; reduction -)4.05.44.921.021.124.7-86.7
External arrears (net; reduction -)3.04.87.017.624.524.7-86.7
Domestic arrears (net; reduction -)1.00.6-2.13.4-3.40.00.0
Overall fiscal balance (cash basis)-11.6-18.8-26.9-32.4-64.7-61.8-147.8
Financing11.618.826.932.464.761.8147.8
External (net)8.018.616.053.414.956.3139.3
Disbursements (projects)8.318.918.928.537.375.460.1
Amortization (net)-9.0-39.3-2.9-5.2-22.5-72.8-372.0
Scheduled-4.6-6.9-6.9-17.8-27.4-24.8-25.7
Net change in arrears (reduction -)-4.5-32.44.112.65.0-48.0-346.3
Debt relief8.739.10.00.00.053.7451.2
Domestic (net)3.60.111.0-20.949.85.58.4
Banking credit3.60.62.96.66.3-16.08.4
Use of counterpart funds0.0-0.48.1-1.80.00.00.0
Privatization proceeds0.00.00.00.015.80.00.0
Oil concession rights proceeds0.00.00.013.927.721.50.0
Sources: São Tomé and Príncipe authorities; and staff estimates.

Includes payments to embassies, as welt 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: São Tomé and Príncipe authorities; and staff estimates.

Includes payments to embassies, as welt 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 13.São Tomé and Príncipe: Central Government Revenue, 1994–2000(In billions of dobras)
1994199519961997199819992000
Total revenue and grants11.225.836.586.881.7146.8183.4
Tax revenue3.66.38.921.236.654.159.4
Direct taxes0.51.52.89.212.017.020.0
Profit taxes0.10.81.14.86.17.16.7
Income taxes0.30.61.54.15.54.810.0
Other0.00.10.20.30.55.03.3
Indirect taxes3.14.86.112.124.637.139.3
Import taxes1.32.02.64.710.118.317.9
Export taxes0.20.60.81.93.01.80.2
Consumption taxes1.31.82.24.29.314.620.0
On imported goods1.11.62.24.29.214.519.8
On domestic goods0.10.30.00.00.10.10.2
Other0.40.40.51.32.32.41.3
Nontax revenue1.24.44.410.017.910.620.5
Transfers from enterprises0.40.70.52.14.14.85.4
Fishing royalties0.51.02.13.55.20.98.1
Other0.22.71.70.00.00.00.0
Grant6.415.123.255.527.282.2103.5
Sources: São Tomé and Príncipe authorities; and staff estimates.
Sources: São Tomé and Príncipe authorities; and staff estimates.
Table 14.São Tomé and Príncipe: Central Government Expenditure, 1994–2000(In billions of dobras)
1994199519961997199819992000
Total expenditure and net lending26.850.068.4140.2167.5233.2244.4
Current expenditure11.315.526.855.780.790.989.7
Personnel costs1.92.24.111.718.925.228.8
Wages and salaries0.90.91.38.212.920.824.7
Local0.70.91.37.310.818.021.3
Embassies0.00.00.00.92.12.83.4
Bonuses and allowances 1/0.10.00.00.00.00.00.0
Travel0.50.61.52.84.42.12.6
Family allowances0.00.00.00.00.00.00.0
Other personnel expenditures 1/0.40.61.20.31.01.60.8
Social security payments0.00.10.10.50.60.80.8
Goods and services1.32.33.47.09.212.715.3
Durable goods0.00.11.50.40.40.60.4
Nondurable goods0.40.60.90.50.01.41.7
Petroleum products0.10.20.20.30.40.60.8
Other0.30.40.70.30.90.80.9
Services0.91.71.06.07.510.813.2
Of which: electricity0.60.50.03.04.66.08.2
transport and communications0.10.30.22.02.22.63.8
Interest on external debt due4.07.89.722.433.736.923.4
Interest on internal debt due0.00.00.10.21.11.11.1
Transfer0.91.06.08.95.86.17.3
Public entities0.30.51.35.81.72.53.0
Public enterprises0.30.03.10.92.20.00.6
Private sector0.10.30.51.50.02.33.0
Private institutions0.00.00.00.00.10.10.2
Individuals0.10.30.51.52.52.12.9
External0.20.11.10.61.91.30.7
Other current expenditures3.22.02.85.08.47.611.5
Embassies0.20.20.41.61.92.0
Defense0.40.71.21.60.71.11.1
Extraordinary expenditures1.70.00.00.40.50.81.1
Other0.81.01.23.05.63.87.2
Redeployment fund0.10.20.60.60.91.22.3
Capital Expenditure 2/15.534.641.684.587.3141.4155.3
Financed by the treasury1.13.00.92.57.27.46.9
Financed by extraordinary funds0.00.00.00.015.60.00.0
Financed by external sources14.431.540.782.064.6134.1148.4
Net lending0.0-0.10.00.0-0.50.9-0.6
Memorandum item:
Total expenditure and net lending, excluding
foreign-financed capital expenditure12.418.427.758.187.499.296.0
Sources: San Tome and Principe authorities; and staff estimates.

Includes bonuses and allowances, except in 1993 and 1994, where they were recorded in wages and salaries.

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

Sources: San Tome and Principe authorities; and staff estimates.

Includes bonuses and allowances, except in 1993 and 1994, where they were recorded in wages and salaries.

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

Table 15.São Tomé and Príncipe; Fiscal indicators, 1994–2000
1994199519961997199819992000
(Annual percentage change)
Total revenue and grants57.5130.441.8137.4-5.879.524.9
Tax revenue35.974.540.3138.372.547.59.3
Direct taxes58.0190.986.6226.430.341418.1
Indirect taxes32.355.126.597.7104.250.56.1
Of which: import taxes30.711.331.433.1115.180.5-2.2
export taxes215.3197.832.4129.657.7-40.7-83.8
Nontax revenue16.1266.00.3129.178.5-40.994.4
Of which: transfers from enterprises30.460.9-20.0285.298.518.612.3
Grants86.9136.954.2133.6-50.9201.625.9
Total expenditure91.686.636.9105.019539.24.8
Current expenditure69.137.273.1107.845.012.6-1.3
Of which: personnel costs71.915.191.4182.361.733.214.4
goads and services155.274.143.3103.431.937.720.1
interest on external debt due69.695.425.3129.450.695-36.6
Capital expenditure112.1123.020.3103.23.392.09.8
(In percent of total revenue and grant)
Total revenue and grants100.0100.0100.0100.0100.0100.0100.0
Tax revenue32.424.624.424.544.836.332.4
Direct taxes4.65.87.710.614.711.610.9
Indirect taxes27.815.716.713.930.125.321.5
Of which: import taxes1147.67.05.412412.49.7
export taxes1.92.42.22.23.61.20.1
Nontax revenue10616912.011.521.97.211.2
Of which: transfers from enterprises3.72.61.82.45.03.33.0
Grants56.958.563.764.033.356.056.4
(In percent of total expenditure and net lending)
Total expenditure and net tending100.0100.0100.0100.0100.0100.0100.0
Current expenditure42.131.039.239.748.239.036.7
Of which: personnel costs7.04.36.18.411.310.811.8
goods and services5.04.65.05.05.55.56.3
Interest on external debt due14.915.614.315.920.115.39.6
Capital expenditure57.969.260.360.352.160.663.5
Financed by the treasury4.16.11.31.84.33.22.8
Financed by extraordinary funds0.00.00.00.09.30.00.0
Financed by external sources53.863.159.558.538.657.560.7
(In percent of GDP)
Total revenue and grants30.339.937.043.479.143.949.6
Of which: tax revenue100939.010.613.016.216.1
Total expenditure and net lending73.377.369.170.159.669.866.1
Current expenditure31.124.027.127.828.727.224.3
Capital expenditure42.753.542.142.231.142.342.0
Primary current balance 1/-32.0-23.4-22.5-15.4-18.1-14.5-9.9
Primary overall balance 2/-9.90.0-4.7-2.20.71.02.3
Overall balance (commitment basis)-13.0-37.4-32.2-26.7-30.5-25.9-36.5
Sources: San Tome and Principe authorities; and staff estimates.

Excluding interest obligations; including grants.

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

Sources: San Tome and Principe authorities; and staff estimates.

Excluding interest obligations; including grants.

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

Table 16.São Tomé and Príncipe: Public Investment Program, 1994–2000
1994199519961997199819992000
(In millions of U.S dollars)
Total investment21.224.218.918.713.219.919.5
Public administration0.71.10.50.61.03.51.6
Agriculture8.57.86.97.23.55.02.8
Water and sewage1.31.10.80.30.21.63.4
Education4.15.62.32.51.01.11.3
Energy1.34.13.50.81.31.42.8
Housing0.20.10.40.40.11.60.5
Fisheries0.30.50.60.60.20.21.1
Health0.62.33.04.22.40.50.9
Transport and telecommunications4.01.71.01.63.43.20.2
Other0.00.00.00.50.11.94.7
Financing21.224.418.918.713.219.919.5
Foreign19.722.218.518.210.218.918.6
Grants8.38.99.912.04.69.312.0
Loans11.413.38.66.25.69.66.6
Domestic1.52.20.40.53.01.00.9
Counterpart funds0.00.30.20.12.10.60.3
Budget1.51.90.20.40.90.40.6
(In percent of total investment)
Total investment100.0100.0100.0100.0100.0100.0100.0
Public administration3.54.72.43.17.817.58.4
Agriculture40.232.036.438.726.625.114.2
Water and sewage6.34.54.21.41.57.817.2
Education19.423.012.413.67.65.36.7
Energy6.117.018.34.39.96.814.6
Housing1.00.42.22.00.58.22.6
Fisheries1.52.13.13.31.51.05.9
Health3.09.416.022.518.22.64.8
Transport and telecommunications19.07.05.08.525.816.01.2
Other0.00.00.02.60.59.624.3
Financing100.0100.0100.0100.0100.0100.0100.0
Foreign92.991.297.997.377.194.895.3
Grants39.136.552.464.134.846.461.6
Loans53.854.745.433.242.348.433.7
Domestic7.18.82.12.722.95.24.7
Counterpart funds0.01.21.20.615.93.21.5
Budget7.17.61.12.17.01.93.2
Sources: São Tomé and Príncipe authorities; and staff estimates.
Sources: São Tomé and Príncipe authorities; and staff estimates.
Table 17.São Tomé and Príncipe: Monetary Survey, 1994–2000 1/
1994199519961997199819992000
(In billions of dobras; end of period)
Net foreign assets5.612.923.5108.2113.1124.3136.2
Central bank-1.80.40.653.166.779.489.3
Commercial banks7.312.522.955.146.444.846.9
Net domestic assets9.210.115.8-36.1-23.3-37.0-23.9
Net domestic credit12.311.417.7-25.7-3.1-12.5-2.2
Net credit to government-2.3-3.18.9-33.1-20.0-36.0-27.5
Net credit to government, excluding counterpart funds6.87.818.6-12.54.3-7.7-4.1
Claims8.610.328.729.535.335.154.0
Budgetary deposits-1.8-2.5-10.2-42.0-31.0-35.7-44.6
In domestic currency-2.5-8.8-0.8-3.10.00.0
In foreign currency0.0-1.4-41.1-27.9-7.1-13.5
Counterpart funds-9.1-10.9-9.7-20.6-24.3-28.3-23.5
Net claims on other public institutions-1.2-1.3-0.7
Credit to the economy14.614.58.87.418.124.826.0
Other items (net)-3.1-1.3-1.9-10.4-20.3-24.5-21.8
Revaluation accounts-2.82.04.821.82.1-3.3-18.5
Other-0.3-3.3-6.8-32.3-22.4-21.3-3.2
Broad money14.723.039.272.189.787.2112.3
Money8.914.323.339.045.345.558.5
Currency in circulation3.84.86.814.818.720.925.1
Demand deposits5.29.516.424.226.624.633.3
Quasi money5.88.715.933.144.50.00.1
Time deposits (local currency)0.10.10.70.23.04.57.1
Time deposits in foreign exchange5.78.615.232.941.537.246.7
(Changes from the beginning of the year in billions of dobras)
Net foreign assets7.310.684.74.911.212.0
Net domestic assets0.95.7-51.912.8-13.713.1
Net domestic credit-0.96.3-43.422.6-9.410.3
Net credit to government-0.812.0-42.013.1-16.08.4
Net credit to government excluding counterpart funds1.110.7-31.116.8-11.93.6
Credit to the economy-0.1-5.7-1.410.76.71.2
Broad money (M2)8.216.332.817.7-2.525.1
Domestic M25.39.715.29.11.815.6
Currency in circulation1.02.18.03.92.34.2
Deposits in local currency4.37.67.25.2-0.511.4
Deposits in foreign currency2.96.617.78.6-4.39.6
(Change in percent of beginning-of-period money stock, unless otherwise specified)
Net foreign assets49.546.1216.16.812.513.8
Net domestic assets6.324.7-132.317.7-15.315.0
Net domestic credit-5.827.4-110.731.4-10.511.8
Net credit to government-5.452.3-107.118.2-17.89.7
Net credit to government, excluding counterpart funds7.346.7-79.323.3-13.34.1
Credit to the economy-0.4-24.9-3.614.97.51.4
Credit to the economy (annual increase)-0.4-39.4-38.1144.837.14.9
Broad money (M2)55.870.883.724.5-2.828.8
Domestic M236.342.138.712.62.117.8
Currency in circulation7.08.920.35.32.54.8
Deposits in local currency29.233.118.47.2-0.513.1
Deposits in foreign currency19.528.745.011.9-4.811.0
(Annual percentage change)
Net credit to government34.6-385.7-6.0-39.679.9-23.5
Budgetary deposits37.1313.6-3.7-26.215.125.0
Credit to the economy-0.4-39.4-38.1144.837.14.9
Domestic M259.367.3-5.023.1-2.828.8
Currency in circulation27.542.80.026.012.119.9
Deposits in local currency82.279.6-7.821.40.628.4
Deposits in foreign currency50.276.6-.826.1-10.325.7
Sources: São Tomé and Príncipe authorities; and staff estimates.

As of December 1995, central bank stock data reflect regularization and liquidation of the outstanding operations of the former National Bank (BNSTP), as well as more accurate estimates of foreign assets and liabilities.

Sources: São Tomé and Príncipe authorities; and staff estimates.

As of December 1995, central bank stock data reflect regularization and liquidation of the outstanding operations of the former National Bank (BNSTP), as well as more accurate estimates of foreign assets and liabilities.

Table 18.São Tomé and Príncipe: Summary Accounts of Central Bank, 1994–2000(In billions of dobras; end of period)
1994199519961997199819992000
Net foreign assets-1.80.40.653.153.166.779.489.3
Foreign assets5.79.014.286.686.666.779.4110.7
Foreign liabilities-7.5-8.6-13.6-33.5-33.50.00.0-21.4
Net domestic assets11.210.118.4-7.6-8.0-18.3-37.2-33.3
Net domestic credit17.410.214.7-22.4-23.7-19.0-35.0-23.8
Net credit to government-0.40.012.8-24.2-23.7-17.8-32.6-23.1
Claims8.610.328.728.930.838.934.554.0
Deposits-8.9-10.3-16.0-53.2-54.5-56.8-67.1-77.2
Of which: counterpart funds-8.9-10.3-10.520.6-20.6-24.3-26.2-21.3
Net claims on nonfinancial public enterprises7.87.80.00.00.0-1.2-1.3-0.7
Claims on private sector0.00.10.20.00.10.00.00.0
Claims on financial institutions9.92.41.81.80.00.00.00.0
Other items (net)-6.2-0.23.614.715.70.7-2.2-9.5
Revaluation accounts1.62.05.421.821.82.1-3.3-18.5
Other-7.8-2.2-1.8-7.1-6.2-1.41.19.0
Base money9.410.518.945.545.148.442.256.0
Currency outside banks3.84.86.814.814.818.720.925.0
Reserve deposits (including cash holdings)5.65.712.130.630.329.721.331.0
Sources: São Tomé and Príncipe authorities; and staff estimates.
Sources: São Tomé and Príncipe authorities; and staff estimates.
Table 19.São Tomé and Príncipe: Summary Accounts of Banking Institutions, 1994–2000(In billions of dobras; end of period)
19941995199619971997199819992000
Net foreign assets7.312.522.955.955.146.444.846.9
Foreign assets7.312.522.955.955.146.444.846.9
Foreign liabilities 1/0.00.00.00.00.00.00.00.0
Net domestic assets3.65.79.53.62.124.721.540.3
Reserves4.85.512.730.630.630.121.331.0
Cash on hand0.50.20.71.51.52.21.23.4
Local currency deposits at the central bank0.81.26.626.426.425.519.524.8
Foreign currency deposits at the central bank3.04.15.42.72.72.30.62.7
Deposits in other domestic financial institutions0.50.00.00.00.00.00.00.0
Credit from the central bank0.0-0.3-1.2-1.20.00.00.00.0
Net domestic credit4.83.54.7-1.6-2.017.722.521.6
Net credit to government 2/-1.9-3.1-3.9-13.5-9.4-0.3-3.4-4.4
Credit to the economy6.86.68.611.97.318.124.826.0
Other items (net)-5.9-3.1-6.8-24.2-26.4-23.2-22.3-12.2
Money11.018.232.459.557.271.066.387.2
Demand deposits in local currency5.29.516.426.024.226.624.033.1
Deposits in foreign exchange5.78.615.233.132.941.537.246.7
Time deposits in local currency0.10.10.70.40.23.04.57.1
Sources: São Tomé and Príncipe authorities; and staff estimates.

Deposits by nonresidents, previously treated as foreign liabilities, are now included in deposits.

Beginning in 1997, includes nonbudgetary counterpart funds.

Sources: São Tomé and Príncipe authorities; and staff estimates.

Deposits by nonresidents, previously treated as foreign liabilities, are now included in deposits.

Beginning in 1997, includes nonbudgetary counterpart funds.

Table 20.São Tomé and Príncipe: Structure of Interest Rates, 1994–2000 1/(In percent per annum; end of period)
1994199519961997199819992000
Deposit
Sight deposit0.00.00.00.00.00.00.0
Term deposit
30-90 days30.040.530.024.014.0
90-180 days31.041.531.024.014.0
180-365 days33.043.532.026.015.0
Over one year36.046.534.028.016.0
Credits
Commercial and industrial credits
30-90 days30.052.038.0
90-180 days30.052.040.056.043.039.034.0
180-365 days30.052.040.057.645.041.036.0
Over one year30.052.042.059.648.044.039.0
Short-term crop credit36.030.055.041.539.034.0
Housing loans25.052.0
Medium-term investment credit and other
Central bank’s reference rate32.050.035.055.029.524.017.0
Memorandum items:
Deposits of 180-365 day’s maturity (in real terms) 2/-12.3-20.59.213.45.4
Commercial and industrial credits of 180-365 day’s maturity (in real terms) 2/-25.011.0-7.7-12.720.028.426.4
Sources: São Tomé and Príncipe authorities; and staff estimates.

Commercial banks were free to set their lending rates. The lending and deposit rates indicated are maximum and minimum rates, respectively.

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

Sources: São Tomé and Príncipe authorities; and staff estimates.

Commercial banks were free to set their lending rates. The lending and deposit rates indicated are maximum and minimum rates, respectively.

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

Table 21.São Tomé and Príncipe. Balance of Payments, 1994–2000(In millions of U.S. dollars unless otherwise specified)
1994199519961997199819992000
Trade balance-18.5-18.3-14.9-13.9-12.1-18.0-19.1
Export. f.o.b5.95.14.95.34.73.93.2
Cocoa5.04.74.84.64.62.92.9
Other0.90.40.20.80.21.00.3
Imports, f.o.b.-24.2-23.4-19.8-19.2-16.8-21.9-22.3
Food-5.2-5.9-4.7-3.8-4.3-4.8-4.5
Investment goads-9.8-9.9-5.9-5.6-8.2-10.8-11.8
Petroleum products-1.8-2.1-3.0-3.8-1.9-3.8-4.0
Other-7.5-5.6-6.2-6.0-2.5-2.6-1.9
Services and income (net)-16.3-23.3-21.2-19.8-10.3-6.8-5.9
Exports of services5.94.35.77.17.315.713.3
Travel and tourism2.72.83.04.04.19.28.7
Concessions and royalties3.71.0
Other service3.20.00.00.00.03.43.2
Imports of services-16.70.00.00.0-12.6-17.8-16.3
Freight and insurance-6.1-22.1-22.2-22.1-4.2-4.5-4.9
Technical assistance-4.6-5.9-5.0-5.1-2.8-7.4-6.0
Other-6.00.00.00.0-5.5-5.8-5.3
Interest due-5.5-5.5-4.7-4.8-5.0-4.7-3.0
Private transfers (net)3.40.60.50.80.50.60.5
Current account (net) before official transfers-31.3-41.1-35.6-32.9-21.8-24.1-24.5
Official transfers (net)14.722.721.631.313.311.814.9
Public investment projects8.38.99.912.03.99.312.0
Aid in kind4.03.70.52.81.52.41.9
Stabilization system for export earnings0.02.00.80.20.10.00.0
Other2.58.110.316.37.80.21.0
Current account (net) after official transfers6.6-18.4-14.0-1.6-8.5-12.2-9.6
Medium- and long-term capital (net)7.010.811.82.75.59.67.1
Project loans11.413.38.66.25.49.66.6
Non project loans0.10.23.70.00.00.00.0
Direct foreign investment1.81.92.40.44.23.03.8
Amortization-6.3-4.6-2.9-3.9-4.1-3.1-3.3
Short-term capital and errors and omissions1.90.2-2.60.0-3.2000.0
Overall balance-7.7-7.4-4.81.1-6.3-2.6-2.5
Financing-42-22.64.8-1.16.22.72.4
Net change in reserves (increase -)-2.1-0.40.1-7.42.7-1.2-2.0
Medium- and long-term arrears (net; decrease -)6.6-21.95.06.53.7-1.2-32.5
Short-term arrears (net; decrease)-8.50.00.00.00.00.0-22.3
Poverty Reduction and Growth Facility (net)-0.1-0.2-0.2-0.2-0.2-0.12.5
Financing gap11.929.90.00.00.00.00.0
Debt relief11.929.90.00.00.07.85.7
Memorandum items:
Debt-service ratio (before debt relief) 1/2/101.0110.373.571.877.749.836.2
Debt service actually paid 1/3/15.621.824.419.739.423.826.1
Current account (in percent of GDP) 4/-63.3-90.3-79.3-74.8-53.9-66.8-52.4
Current account (in percent of GDP) 5/-33.6-40.5-30.8-3.6-21.1-26.22-20.5
Sources: São Tomé and Príncipe authorities; and staff estimates.

In percent of exports of goods and services.

Includes amortization to the IMF; excludes arrears.

Includes obligation to the IMF and cash settlement of arrears.

Before grants.

After grants.

Sources: São Tomé and Príncipe authorities; and staff estimates.

In percent of exports of goods and services.

Includes amortization to the IMF; excludes arrears.

Includes obligation to the IMF and cash settlement of arrears.

Before grants.

After grants.

Table 22.São Tomé and Príncipe: Composition of Exports, 1994–2000
1994199519961997199819992000
(In millions of U.S dollars)
Value5.95.14.95.34.73.93.2
Cocoa5.04.74.84.64.62.92.9
Copra0.00.00.00.00.00.00.0
Coffee0.10.00.00.00.00.00.0
Other0.80.40.20.70.21.00.3
(In metric tons)
Cocoa3,7163,4003,1702,8403,8003,3003,768
Copra140001000
Coffee
Other
(In U.S dollar per kilogram)
Cocoa1.341.401.501.611.250.900.78
Copra0.04
Coffee
Other
Source: São Tomé and Príncipe authorities; and staff estimate.
Source: São Tomé and Príncipe authorities; and staff estimate.
Table 23.São Tomé and Príncipe: Composition of Imports, 1994–2000
1994199519961997199819992000
(In millions of U.S dollars)
Total imports, c.i.f.30.429.324.824.024.421.922.3
Foodstuffs6.57.45.94.77.14.84.5
Of which: grants4.03.70.51.51.51.5
Petroleum products2.22.63.84.82.63.84.0
Investment goods12.212.47.47.07.510.811.8
Other9.47.07.67.57.22.61.9
(In percent of total)
Total imports, c.i.f.100.0100.0100.0100.0100.0100.0100.0
Foodstuffs21.525.123.819.627.421.920.4
Of which: grants13.113.12.05.86.86.7
Petroleum products7.28.715.420.010.017.118.0
Investment goods40.242.229.829.229.049.353.1
Other31.023.930.731.227.811.78.5
Source: São Tomé and Príncipe authorities; and staff estimate.
Source: São Tomé and Príncipe authorities; and staff estimate.
Table 24.São Tomé and Príncipe: Destination of Exports, 1994–2000
1994199519961997199819992000
(In millions of U.S dollars)
Total exports, f.o.b5.95.14.95.34.73.93.2
China, People’s Republic of0.00.00.00.00.00.00.0
Germany0.00.01.00.30.60.00.0
Netherland5.13.63.22.72.93.51.8
Portugal0.00.10.10.31.30.40.3
Other0.81.40.62.00.00.01.0
(In percent of total)
Total exports, f.o.b100.0100.0100.0100.0100.0100.0100.0
China, People’s Republic of0.00.00.00.00.00.00.0
Germany0.00.020.95.712.50.00.0
Netherland86.470.463.950.960.990.057.7
Portugal0.61.92.05.726.610.010.9
Other13.027.613.237.70.00.031.4
Source: São Tomé and Príncipe authorities; and staff estimate.
Source: São Tomé and Príncipe authorities; and staff estimate.
Table 25.São Tomé and Príncipe: Origin of Imports, 1994–2000(In millions of U.S. dollars)
1994199519961997199819992000
Total imports, c.i.f.30.429.324.824.024.421.922.3
Angola1.51.33.31.62.82.12.9
Belgium2.31.92.51.41.81.91.9
China, People’s Republic of0.30.00.30.00.30.00.0
France3.14.92.04.30.01.51.7
Gabon0.60.20.10.20.60.70.7
Germany0.80.60.30.40.50.40.1
Italy0.52.10.70.10.40.40.0
Japan1.64.22.50.82.22.22.4
Netherlands0.70.80.20.01.00.00.0
Portugal8.611.27.26.310.18.99.3
Spain0.10.10.50.01.20.70.1
United Kingdom0.30.21.10.01.00.00.0
Russian Federation0.00.00.00.00.00.00.0
Other10.02.04.18.92.53.13.2
Sources: São Tomé and Príncipe authorities; and staff estimates.
Sources: São Tomé and Príncipe authorities; and staff estimates.
Table 26.São Tomé and Príncipe: Export, Import of Trade Indies, 1994–2000 1/
1994199519961997199819992000
(1987=100)
Export unit values index86.991.097.7105.2108.956.857.4
Import unit values index 2/92.983.681.378.670.974.075.9
Terms of trade93.5108.8120.2133.8153.776.875.6
(Annual percentage change)
Term of trade17.816.310.411.414.8-50.0-1.5
Sources: São Tomé and Príncipe authorities; and staff estimates.

In U.S. dollar terms.

Calculated using export unit values indices of partner countries.

Sources: São Tomé and Príncipe authorities; and staff estimates.

In U.S. dollar terms.

Calculated using export unit values indices of partner countries.

Table 27.São Tomé and Príncipe: Indicators of External Public Debt, 1994–2000 1/
19941995199619971998 2/19992000
(In millions of U.S dollars, end of period)
Disbursed medium-and long-term debt outstanding214.1226.8234.0235.2244.9255.2283.4
Of which: arrears51.223.629.329.632.732.60.0
Short-term debt outstanding31.326.831.831.847.738.816.6
Of which: arrears31.326.831.831.847.738.816.6
Of which: Italy19.316.616.6
Total external debt outstanding245.4253.6265.8267.3292.6294.0300.1
Of which: arrears82.550.361.161.480.371.416.6
Debt service due on medium-and long-term debt11.810.47.98.910.07.86.3
Interest5.55.54.74.85.04.73.0
Amortization6.34.93.24.15.03.13.3
Debt relief 3/11.929.90.00.00.07.857.1
(In percent of export of goods and services)
External debt service
Before debt relief101.0110.373.571.883.149.833.6
After debt relief98.599.373.571.883.149.824.2
Cash settlements 4/16.624.426.619.746.823.824.2
Present value of external debt1,422.01,616.01,446.01,441.91,634.61,394.6920.8
(In percent of GDP)
Total external debt outstanding (end of period, including arrears)495.2557.4592.1608.5721.3624.1642.2
Sources: São Tomé and Príncipe authorities; and staff estimates.

Include IMF.

Beginning in 1998, all arrears on debt to Germany are classified as medium-and long-term debt. Beginning in 1998, include arrears to Italy, a loan that remains in dispute.

Current maturities and arrears rescheduled, refinanced, or forgiven.

Include change in arrears.

Sources: São Tomé and Príncipe authorities; and staff estimates.

Include IMF.

Beginning in 1998, all arrears on debt to Germany are classified as medium-and long-term debt. Beginning in 1998, include arrears to Italy, a loan that remains in dispute.

Current maturities and arrears rescheduled, refinanced, or forgiven.

Include change in arrears.

Table 28.São Tomé and Príncipe: Outstanding External Medium- and Long-Term Public Debt, 1994–2000(In millions of U.S. dollars)
1994199519961997199819992000
Total 1/214.1226.8234.0235.5244.9294.0283.4
Of which: arrears51.223.629.329.632.732.60.0
Multilateral creditors 2/136.1155.2162.2158.3167.4168.1175.1
Of which: arrears2.45.05.75.27.10.00.0
World Bank46.755.359.557.461.960.962.3
African Development Bank Group 3/72.280.983.881.386.988.989.1
Arab Bank for Economic
Development in Africa8.68.48.58.68.48.27.4
Other8.610.610.511.010.110.116.3
Official Bilateral creditors44.171.671.777.477.587.1108.3
Of which: arrears15.918.623.524.432.732.60.0
China, People’s Republic of6.05.75.711.211.816.716.6
France9.19.89.28.08.37.06.4
Germany 4/12.78.98.99.013.013.313.3
Russian Federation9.010.611.111.93.910.910.9
Other 5/7.336.636.837.340.539.261.1
Financial institutions27.50.00.00.00.00.00.0
Of which: arrears26.50.00.00.00.00.00.0
Portugal27.50.00.00.00.00.00.0
Other0.00.00.00.00.00.00.0
Suppliers’ credits6.40.00.00.00.00.00.0
Of which: arrears6.40.00.00.00.00.00.0
Portugal1.30.00.00.00.00.00.0
Other5.00.00.00.00.00.00.0
Sources: São Tomé and Príncipe authorities; and staff estimates.

Debt with maturity of more than one year.

Includes IMF.

Includes African Development Fund.

Beginning in 1998, all arrears on debt to Germany are classified as medium- and long-term debt.

Includes debt to Portuguese financial institutions assumed by the Portuguese government, and rescheduled, in March 1995.

Sources: São Tomé and Príncipe authorities; and staff estimates.

Debt with maturity of more than one year.

Includes IMF.

Includes African Development Fund.

Beginning in 1998, all arrears on debt to Germany are classified as medium- and long-term debt.

Includes debt to Portuguese financial institutions assumed by the Portuguese government, and rescheduled, in March 1995.

Table 29.São Tomé and Príncipe: Exchange Rates, 1992–2000(In dobras per U.S. dollars, unless otherwise indicated; period average)
Nominal Effective Exchange Rate Index 1/ (1992=100)Official RateBureau de Change RateBISTP Rate 2/BCE Rate 3/Parallel Market RateDifferential Between the Official and Parallel 4/
Annual
1992100.0320.0330.03.0
199386.5429.9555.029.1
199457.0732.6812.9904.023.4
199527.51,420.31,444.01,393.01,530.07.7
199618.22,203.22,316.02,210.02,250.02,346.06.5
199710.14,552.04,495.94,565.34,414.24,611.21.3
19986.46,885.72,913.36,918.46,880.47,013.41.9
19996.47,092.67,181.57,169.47,148.17,219.31.8
20006.67,908.57,990.98,148.48,108.68,044.81.7
Quarterly
1992 Q1109.6291.8315.08.0
Q2103.9208.3315.02.2
Q393.9323.5325.00.5
Q492.6358.0363.01.4
1993 Q191.2389.3463.018.9
Q287.8406.2550.035.4
Q385.0446.8604.035.2
Q482.0477.2592.2601.025.9
1994 Q171.9585.4648.8657.012.2
Q266.8624.6749.8792.026.8
Q351.0788.5858.01,000.026.8
Q438.1932.0994.91,167.025.2
1995 Q129.41,337.61,354.01,313.01,400.04.7
Q230.61,234.91,272.01,221.01,290.04.5
Q328.01,365.91,408.01,343.01,550.013.5
Q422.01,742.91,742.01,694.01,881.07.9
1996 Q121.51,874.71,991.71,884.02,053.79.5
Q218.02,219.62,427.62,220.62,103.42,439.19.9
Q317.02,309.12,349.12,306.82,326.42,346.31.6
Q416.52,409.02,494.22,426.92,410.02,546.35.7
1997 Q113.72,090.03,034.63,124.43,123.53,118.70.9
Q210.64,091.43,970.04,085.63,548.54,178.72.1
Q39.04,937.34,820.04,961.14,939.54,959.90.5
Q47.36,091.36,158.96,090.06,045.36,187.61.6
1998 Q16.66,893.36,918.96,896.97,047.02.2
Q26.56,896.36,941.26,907.17,166.73.9
Q36.56,868.54,820.06,912.66,884.26,939.81.0
Q46.26,884.76,833.36,901.06,833.36,900.00.2
1999 Q16.46,906.37,023.26,930.36,909.06,997.51.3
Q26.57,109.97,144.77,128.57,128.57,211.81.4
Q36.47,200.07,190.17,263.27,235.97,245.20.6
Q46.47,274.67,368.17,325.97,319.07,422.82.0
2000 Q16.57,359.07,437.17,476.87,415.17,546.92.6
Q26.67,778.47,829.38,007.67,968.07,908.51.7
Q36.68,209.18,150.08,357.58,317.98,175.0-0.4
Q46.98,565.58,547.08,751.88,733.28,548.9-0.2
Sources: São Tomé and Príncipe authorities; and staff calculation.

Trade weighted.

Banco Internacional de São Tomé and Príncipe.

Banco Comerical do Equadoro.

In percent of the official rate.

Sources: São Tomé and Príncipe authorities; and staff calculation.

Trade weighted.

Banco Internacional de São Tomé and Príncipe.

Banco Comerical do Equadoro.

In percent of the official rate.

APPENDIX I: Summary of Tax System
São Tomé and Príncipe: Summary of Tax System(as of December 2001)
TaxNature of TaxExemptions or DeductionsRates
1.Taxes on income, profit, and capital gains
1.1Individual
1.1.1Income tax (Impasto sobre salarios) (Decree-Law 64/97)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 480,000 after Db 5,000 monthly deductible.



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



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



Income of elegy from the exercise of their spiritual functions.



Personnel of diplomatic and consular mission or in the service of international or foreign organization.



Certain moving expenses.
Flat rate of 13 percent.
1.2Corporate
1.2.1Profit tax (Imposto sobre o rendimento) (Decree-Law 9/93 of March 5, 1993; December 31, 1993; Decree-Law 46/93 of August 10, 1993; Decree-Law 58/95 of December 31, 1995; Decree-Law 40/96 of October 29, 1996).Levied on all domestic income from any commercial, industrial, service or agriculture business or independent profession, even if occasional or temporaryProfits from investment or dividends from mutual aid societies and nonprofit cooperatives. Fifty percent of profits from agricultural activities Special exemptons granted in the context of the investment code.For commercial, industrial, service and agriculture businesses, flat 30 percent rate on taxable profits; additional 15 percent rate on taxable profits in excess of Db12 million.



For independent professionals, a five-bracket schedule applies to taxable profits, with:



  • progressive rates from 5 percent to 30 percent on taxable profit of Db 3,000,000;and
  • a flat rate of 30 percent on taxable profit above Db 3,000,000, plus a 15 percent surcharge on the portion of taxable profits in excess of Db 3,000,000.
1.2.2Minimum tax (Valor minimo) (Decree-Law 58/95 of December 31, 1995)This tax on profits replaces the contribucāo industrial fixa. It must be paid during the first half of the yer by all commercial, industrial, and artisanal businesses, as well as by self-employed professional. The minimum tax is deductible from the tax on profits when the latter is positive.NoneSix progressive tax brackets.



  • up to Db 80,000: Db 18,000;
  • up to Db 400,000: Db 42,000;
  • up to Db 1,200,000: Db 105,000;
  • up to Db 2,000,000: Db 121,000;
  • up to Db 4,000,000: Db 424,000;
  • and above 4,000,000: Db 636,000;
2Taxes on property
2.1Urban property tax (Contribucao predail urbana) (Legislative Act 450 of September 8, 1954;Decree-Law 57/81 of November 28, 1981;Decree-Law 16/93 of March 5, 1993;Decree-Law 45/93 of August 10, 1993;Decree-Law 84/93 of December 31, 1993;Decree-Law 40/96 of October 29, 1996)Levied on all urban property, including:



  • permanent building intended for housing commercial, or industrial purposes other than exploitation of land, and the land on which the building are located; and
  • land for construction when declared as such by the owner oe=r by the law.
Central government properties.



For two years, permanent bulding for use as dwelling by owner or their families, including building, provided the construction period does not exceed 24 month.



Owner of property whose total income does not exceed Db 2,000. All property owner by religious entities pursuant to their purposes.
Fifteen percent on registered value corrected according to the following factors:



  • factor of 8 property registered before December 31, 1970;
  • factor of 4 for property registered between January 1, 1971 and December 31, 1980;
  • factor of 2 property registered between January 1, 1981 and December 31, 1990;
  • factor of 1.5 for property registered between January 1, 1991 and April 30, 1993; and
  • factor of 1 for property registered after May 1, 1993.
2.2Motor Vehical (Imposto sobre veiculos) (Decree-Law 13/93 of March 5, 1993;Decree-Law of December 31, 1993).Levied on motor vehicles equipped with engines larger than 50cc, either register in the country or starting 180 days from entry into the country, that 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, 1997.



Farm tractors.



Motorcycles used for transporting freight.
The taxes are renewed annually, and vary according to the size and the age of the vehicle:



  • vehicles over 500cc up to 1,300cc are taxed Db 2,500 if less than 6 years old and Db 4,000 if more than 6 years old;
  • vehicle over 50cc up to 500cc are taxed Db 500 if less than 6 years old, and Db 1,000 if more than 6 years old;
  • vehicles over 1,300cc up to 1,900cc are taxed Db 4,000 if less than 6 years old and Db 6,000 if more than 6 year old; and
  • vehicle over 1,900cc are taxed Db 6,000 if less than 6 years old and Db 10,000 if more than 6 years old.


For recreational boats, tariffs are as follows:



  • for recreational boats up to 25hp, tariffs are Db500 if up to 6 years old; and
  • for each 10hp or fraction over 25hp, there are additional tariffs of Db 500 for boats up to 6 years old and Db 1,000 for boats more than 6 years old.
3Domestic taxes on goods and services
3.1Excise tax (Imposto sobre o consumo) (Decree-Law 1/2000 of February 1, 2000)Levied on the value of a limited number of manufactured goods listed in the schedules annexed to Decree-Law 1/2000 with the following valuation methods:



  • thefactory gate selling price is applied to locally produced goods not distributed by an assciated or subsidiary enterprise;
  • the distributor’s selling price less 20 percent is used if the producer is associated with the distributor or the subsidiary enterprise; and
  • if the producer sells its goods directly to consumers, the factory gate price cannot, for purposes of the excise tax, be less than the priced charged to the consumer less 20 percent.




The tax is chargeable to the producer.
Locally produced goods exported or reexported directly from the industrial establishment.



Alcohol needed in industrial processes.



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



Gasoline for aviation equipment in public use.
As listed in the schedules annexed to Decreee-Law 1/2000, the rates are as follows:



ProductsRates (in percent)
Petroleum goods42-149
Motor vehicles10-35
Alcoholic drinks25-55
Of which: Eau de vie55
Beer25
Tobacco55
4.Taxes on international trade and transactions
4.1Import duty (Direitos de importacao) (Decree-Law 1/2000 of February 1, 2000)Levied on the customer value of imports determined on the assumption that:



  • the good are delivered to the buyer at the port of entry
  • the seller’s price is the c.i.f. price, which includes all costs related to the sales of the good and its delivery at the port of entry;
  • the buyer pays the application duty and any other taxes that are excluded from the base price;
  • if the goods being value 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; and
  • 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. Example are as follows:



  • aircraft and aircraft engines for use in civil aviation;
  • equipment, machinery, and accessories for use in any public service;
  • fixed plant and rolling stock for railroads, hoists, and floating docks and cranes imported by the port and railroad;
  • electrical equipment for postal telegraph, and telephone stations;
  • construction material, electrical equipment, and machinery and apparatus imported by the government for use in the water and electricity distribution systems or sewer system or by public works agencies for carrying out work on such systems;
  • work requried for the country’s development and the equipping of ports; and
  • fertilizers and seeds imported by agricultural agencies.




Enterprises producing items included in the preceding list are exempt from duty, as are products for use by new industries of strategic economic interest.
Three of 5,10, and 20 percent, plus a surcharge imposed on alcoholic beverages, petroleum products, vehicles, and tobacco.
Other goods that are designated free of tax, such as milk and flour, are also exempt.



The government may exempt goods under temporary import or reimport arrangements. Many exemptions are negotiated bilaterally in the context of the investment code. Import of immigrants may also be exempted.
4.2Lighthouse user fee (Imposto de farolagem) (Legislative Act 25 of December 24, 1933)Levied on all ships entering domestic harbors and used to defray the cost of lighthouses, lighted beacons, and light buoys.



The user fee is administered by the National Port enterprise (ENAPORT) and is earmarked for harbor operations.
NoneRates range from Db 150 to Db 650 per ship, depending on the nationality of ship and the time of day.
4.3Harbor tax (Taxas de porto) (Decree-Law 22/89 of December 19, 1989).Levied for use of port facilities, and on materiel procured by the port authorities.Scientific missions, domestic ships, and fishing boat pay only 50 percent of the tax. The following equipment is exempted:



  • government and military boats;
  • merchandise in transit;
  • merchandise shipped between domestic harbors;
  • passengers’ luggage; and
  • mail.




Exemptions are also granted by ENAPORT on a case-by-case basis.
Mostly specific tariffs that may vary with the weight, volume, and quantity of merchandise, the type of service, and time of utilization of service.



For materiel procured by the port authorities, a tax of 1 percent of the c.i.f. value, and an additional tax of 30 percent.
5.Other taxes
5.1Inhertiance and gift tax (Imposto sobra as successoes e doacoes) (Decree 22 of June 22, 1988;Decredd-Law 42/93 of August 10, 1993).Levied on all conveyance of movable property, real estate property, value, or title. Chargeable to the recipient.



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
Transfers of less than DB 5,000. The gratuitous conveyance of movable or real estate property to descendants or to nonprofit organizations is also exempt.Progressive rates between 7 percent and 25 percent, based on the value of the goods or property conveyed and the degree of kindship between the descendant and the heirs.
5.2Real estate transfer tax (Sisa sobre a transmissao de imobillirios por titulo 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:



  • sale 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;
  • acquisitionsof shares in companies other than business corporations that own real property, if through such acquisitionsone 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 property; and purchase 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 it is determined through direct assessment.
The state, nonprofit organizations, and recipients of real estate who are descendants, ascendants, husbands, wives, brother or sister, for property valued at less than Db 30,000.



Not applicable to newly constructed buildings.
PropertyRate
Rural property10 percent
Urban property10 percent
Barter5 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 5, 1993;Decree-Law 81/93 of December 31, 1993;Decree-Law 12/96 of April 19, 1996)Levied through the following:



  • revenue stamp (selos fiscais);
  • stamped forms (papel selado);
  • stamped bills (letras seladas);
  • revenue stamps (selos de verba);
  • collection advice stamps;
  • customers 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 act and contracts subject to it, and when products subject to it are exhibited of sold.
The state, religious institutions, and some items in in the schedule annexed to the regulations.Examples:



  • stamped forms, Db50;
  • revenue stamps, Db 1 to Db 1,500
  • stamped bills, Db 1 to Db 500;and
  • check stamps, Db 3 for local payment and Db 15 for payment aboard.
5.4Special tax (Imposto especial) (Decree-Law 22793 of June 30, 1933)Surtax on the total amount of the following of the following taxes, fees, and other government revenues:



  • import tax;
  • rural property tax;
  • justice, port, and customer duties;
  • enforce collection proceeds; and
  • tax violation proceeds;
NoneSingle rate of 20 percent.
5.5Stamp tax (imposto de selo de assistencia) (Decree-Law 44/7/75 of June 6, 1975;Decree-Law 11/86 of March 31, 1986).Tax on customer clearance and receipts, licenses, and certificates.Same as stamp tax.For customer clearance and receipts, specific tax for low values, from Db 2 to Db 10; and ad valorem rate of 0.15 percent for values above Db 10,000. Specific tax of Db 100,000 for certificates and ranging from DB 100,000 to Db 500,000 for licenses for 25 representative activities.
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 from all nationals who are not doing military service.Disables nationals; students, until the end of their studies; and 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 level.
5.7Justice tax (Decree-Law 18/87 of August 31, 1987)Due on the settlement value in fiscal cases.Flat rate of 10 percent
Sources: São Tomé and Príncipe authorities.
Sources: São Tomé and Príncipe authorities.
Appendix II: Exchange and Payments System

(as of December 2001)

Exchange arrangement

1. The currency of São Tomé and Príncipe is the dobra (Db). Since 1994, the official exchange rate has been determined as a daily average of the exchange rates in the foreign exchange bureaus, parallel market, and commercial banks.1 On December 31, 2001, the exchange rate (middle rate) for the U.S. dollar was Db 9003. Rates for other currencies are determined on the basis of the exchange rates of the U.S. dollar for the currencies concerned.

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

3. On import-related transactions, the arrangements are as follows: when a letter of credit is opened a stamp duty of 0.25 percent of the import value and a postage levy of US$2 are levied.2

4. On foreign checks for collection, the commercial banks charge a postage levy of US$2 for each transaction. For collection of export proceeds, ar commission of 0.125 percent is charged—with a minimum of US$25 and a maximum of US$300—when a letter of credit is opened, and a fee of 0.125 percent is charged when funds are received. A postage levy of Db 39,000 is also charged.

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

Administration of control

6. Current account transactions are free of restrictions, following the promulgation of a new law on foreign exchange rate transactions in August 1999. Previous restrictions were eliminated as follows:

  • Allocations of foreign exchange for imports of certain essential goods were eliminated in February 1999.
  • Limits on payments for certain invisibles were eliminated in February 1999.
  • Multiple currency practices were eliminated between 1998 and 1999, and the spread between the official and parallel market exchange rate was kept at less than 1 percent.

Export surrender requirements were also eliminated in September 1998.

7. Import and export licenses are recorded, strictly for statistical purposes, by the Directorate of External Commerce.

Bilateral agreements

8. The bilateral payment agreement with Cape Verde is not operative. Its resulting debt was fully paid by the Central Bank of São Tomé and Príncipe in March 2000. A bilateral payment arrangement with the Central Bank of Angola is not operative. Its resulting debt has not been paid by the Central Bank of São Tomé and Príncipe.

Imports and import payments

9. All registered importers (including productive entities) are permitted to engage in import activity. Import licenses are automatically granted by the Directorate of External Commerce. When importers open letters of credit, the commercial banks require them to lodge a deposit3 in domestic currency equivalent to between 0 percent and 100 percent of the value of the letters of credit, depending on the creditworthiness of the operator.

Payments for invisibles

10. All payments related to invisibles are subject to a stamp tax of 0.5 percent. In addition, commercial banks charge a commission of US$2 for clients (and US$4 for nonclients)

Exports and export proceeds

11. For the purpose of collecting information, all exports require the completion of registration forms, as set out in the Advance Export Registration Bulletins, which specify the quantity and c.i.f. or f.o.b. value of the export shipment. The previous mandatory surrender requirements were eliminated in September 1998.

Proceeds from invisibles

12. Travelers may bring in any amount of foreign exchange.

Capital

13. Inward foreign investments are governed by the investment code, which was implemented on October 15, 1992. Foreign capital investment, including investment in the petroleum and mining sectors, is permitted on the same basis as domestic investment. Repatriation of profits is permitted. Transfers are permitted for repayment of financing, under agreements with the governments and for the amortization of private sector investments in activities considered to be in the national interest. Nonresidents holding foreign currency accounts can freely transfer funds abroad. Personnel working under technical assistance programs are allowed to transfer their savings in accordance with the terms of their contracts.

1The weights are based on the recorded dollar value of the previous day’s transactions in the commercial banks and the foreign exchange bureaus, and an estimate of the dollar value of transactions in the parallel market.
2A commission of 0.5 percent of the import value, payable to the Central Bank of São Tomé and Príncipe (BCSTP), was eliminated in 1999.
3Currently, the BISTP does not remunerate these deposits with interest.

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