Comoros Economic information

Comoros, also known as the Comoros Islands, is the island nation of the Federal Islamic Republic of Comoros. Comoros is located on the east coast of Africa in the Indian Ocean. The country's economy is based on agriculture, fishing and the service sector. The agricultural sector is the mainstay of Comoros' economy. Major agricultural products include bananas, vanilla, cocoa, coconut, ylang ylang (a type of flower) and spices. Fishing is also an important source of income. The country's fishing industry provides fish for local consumption but also exports fish. The service sector also has an important place in the economy of Comoros. Especially the tourism sector makes a significant contribution to the economic growth of the country. The natural beauties, beaches and coral reefs of Comoros attract the attention of tourists. Comoros is a country with a foreign trade deficit. Imports are more than exports and this negatively affects the economic balance of the country. Major export products include agricultural products and fish, while major import products include food, fuel and construction materials. Factors limiting the economic development of Comoros include inadequate infrastructure, limited resources, high unemployment rate and low literacy level. The country has an economy dependent on foreign aid and tourism.