The Comoros economy is heavily dependent on agriculture. Moreover, the poor economic condition of Comoros makes it dependent on foreign assistance too. Comoros has to import a large amount of rice from other countries.
About 80% of the total population is engaged in agricultural activities. The rest 20% is employed in the industries and other services.
Agriculture contributes about 40% to the GDP (Gross Domestic Product) of Comoros. Many people are engaged in hunting, forestry and fishing to earn their living. The major industries of Comoros that support the economy of the country are perfume distillation industry, tourism industry and fishing industry. The agricultural products of Comoros include bananas, cloves, copra, Vanilla and coconuts. About one-third of the vanilla production goes to France.
The Comoros economy is also supported by a large amount of imports. Apart from rice, the commodities imported to the country include petroleum products, consumer goods, transport equipment and cement. In order to earn revenue and enhance the economy in Comoros, it exports cloves, perfume essence, copra and vanilla to other countries like Singapore, Netherlands, Italy, France and Turkey.
The currency that is operational in Comoros is Comoran Franc. According to the statistics, Comoros needs an increasing foreign aid in order to meet the target of 4% GDP annually.
Business in Comoros