Sao Tome and Principe - Market OverviewSTP - Market Overview
São Tomé and Príncipe (STP) is located in the Gulf of Guinea and has a population of approximately 190,000 people.
STP gained independence from Portugal in 1975. The two countries maintain strong economic, political, and cultural ties.
On August 7, 2011, former President Manuel Pinto da Costa won the presidential election and was sworn in to office on September 3. President Pinto da Costa was also President from 1975 to 1990 when he ushered in multi-party rule. Since his election, he has focused his efforts on ensuring national stability and fighting corruption. The next presidential elections will be held on July 17, 2016.
Free and fair legislative and municipal elections held in October 2014 led to a peaceful transition of power to a new government led by the Independent Democratic Action (ADI) party. Prime Minister Patrice Trovoada, who assumed his position on November 28, 2014, is focused on attracting foreign investment and creating credible economic growth.
Gross Domestic Product (GDP) per capita in 2014 was USD 1.753. GDP growth in 2014 was 6.9 percent. Inflation was 6.43 percent in 2014.
STP’s 2015 budget expenditures were USD 130.9 million.
The economy is reliant on agriculture, with cocoa production accounting for a significant majority of total exports. STP is attempting to develop the tourism and fisheries industries in order to diversify its economy.
STP uses the Dobra (STD), which is valued at approximately 22,000 STD=1 USD. The Dobra is pegged to the Euro.
Sao Tome and Principe Trade Development and Promotion