Economy of East Timor
East Timor is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, East Timor may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, East Timor exports around $0.03 billion and imports roughly $0.69 billion. 3.4% of population in the country are unemployed. The total number of unemployed people in East Timor is 45,019. In East Timor, 42% of the population lives below the poverty line. The percentage of citizens living below the poverty line in East Timor is very high when compared with other nations. This situation is indicative of a variety of alarming economic and political factors. It is not advisable to make any investments in countries with this level of poverty. Government expenditure on education is 16.8% of GDP. The Gini Index of the country is 31.9. East Timor is experiencing good equality. The majority of citizens in East Timor fall within a narrow range of income, although some cases may show significant differences. The Global Peace Index (GPI) for East Timor is 1.86. Due to strong law enforcement presence and high social responsibility, East Timor is very safe by international standards.
The currency of East Timor is United States dollar. The United States dollar is one of the most significant currencies in the world, and is used in several territories besides The United States including Puerto Rico, Guam, and The US Virgin Islands. The United States dollar is a stable currency that can be relied upon for investment opportunities. The plural form of the word United States dollar is dollars. The symbol used for this currency is $, and it is abbreviated as USD. The United States dollar is divided into Cent; there are 100 in one dollar.
The depth of credit information index for East Timor is 4, which means that information is usually sufficient and quite accessible, although occasionally some necessary details may be lacking.
The prime lending rate of East Timor's commercial banks is 12.8. In East Timor, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of East Timor. Locally, the central bank of East Timor is called Banco Central de Timor-Leste, Banku Sentrál Timor-Leste. The average deposit interest rate offered by local banks in East Timor is 0.9%.
East Timor has a government debt of 61.8% of the country's Gross Domestic Product (GDP), as assessed in 2012.
The corporate tax in East Timor is set at 0.5%. Personal income tax ranges from 0% to 10%, depending on your specific situation and income level. VAT in East Timor is 5%.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in East Timor is $6745 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in East Timor was last recorded at $5 million. PPP in East Timor is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in East Timor is 4,941 billion. Based on this statistic, East Timor is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in East Timor was last recorded at $4 million. The average citizen in East Timor has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in East Timor averaged 6.6% in 2014. According to this percentage, East Timor is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of East Timor.
Major industries in the country are printing, soap manufacturing, handicrafts, woven cloth. The total labor force of East Timor is 286,700 people, wherein 3.4% of population in the country are unemployed. The total number of unemployed people in East Timor is 45,019. To read more about industrial information within East Timor click on industry of East Timor.
There are 1231 km2 of arable land in East Timor, and it comprises 8% of the country's total territory. There are 1917 km2 of cultivated land in East Timor. The country's major agricultural crops and products are coffee, rice, corn, cassava, sweet potatoes, soybeans, cabbage, mangoes, bananas, vanilla.To read more about agriculture click on agriculture of East Timor.