Economy of East Timor

Last updated

Economy of Timor-Leste
DSCI2719 Finanzministerium.JPG
Currency US dollar (USD) and East Timor centavos [1]
Calendar year
Trade organisations
 G77
Country group
Statistics
GDP
  • Decrease2.svg $1.988 billion (nominal, 2023) [4]
  • Decrease2.svg $5.074 billion (PPP, 2023)
[4]
GDP growth
  • −1.1% (2018) 1.8% (2019e) [4]
  • −8.1% (2020e) 1.9% (2021e) [5]
GDP per capita
  • Decrease2.svg $1,425 (nominal, 2023) [4]
  • Decrease2.svg $3,637 (PPP, 2023)
[4]
GDP by sector
  • agriculture: 9.1%
  • industry: 56.7%
  • services: 34.4%
  • (2017)
0.96% (2019 est.)
Population below poverty line
49.9% [6] (2007 est.)
  • Decrease Positive.svg 22.0% on less than $1.90/day (2014) [7]
  • Decrease Positive.svg 65.9% on less than $3.20/day (2014) [8]
  • Decrease Positive.svg 91.8% on less than $5.50/day (2014) [9]
28.7 (2014 est.)
  • Decrease2.svg 0.566 medium (2022) [10] [11] (155th)
  • Decrease2.svg 0.436 low IHDI (2019) [12]
Labour force
581,000 (2022 est.)
Unemployment1.79% (2022 est.)
Main industries
printing, soap manufacturing, handicrafts, woven cloth
External
Exports$60 million (2020 est.)
Export goods
crude petroleum, natural gas, coffee, various vegetables, scrap iron
Main export partners
Imports$850 million (2020 est.)
Import goods
refined petroleum, cars, cement, delivery trucks, motorcycles
Main import partners
  • $232.4 million (2021) [5]
  • 15.63% GDP (2021) [5]
Public finances
$279,000,000 (December 2013)
All values, unless otherwise stated, are in US dollars.

The economy of Timor-Leste is a low-income economy as ranked by the World Bank. [15] It is placed 140th on the Human Development Index, indicating a medium level of human development. [16] 20% of the population is unemployed, [1] and 52.9% live on less than $1.25 a day. [16] About half of the population is illiterate. [16] At 27%, East Timor's urbanisation rate is one of the lowest in the world.

Contents

In 2007, a bad harvest caused a "major food crisis" in East Timor. By November, eleven sub-districts still needed food supplied by international aid. [17]

According to data gathered in the 2010 census, 87.7% of urban and 18.9% of rural households have electricity, for an overall average of 36.7%. [18]

History

Prior to and during colonisation, the island of Timor was best known for its sandalwood. The Portuguese colonial administration also granted concessions to Oceanic Exploration Corporation to develop oil and gas deposits. However, this was curtailed by the Indonesian invasion in 1976.

Petrochemical resources were divided between Indonesia and Australia with the Timor Gap Treaty in 1989. [19] The treaty established guidelines for joint exploitation of seabed resources in the area of the "gap" left by then-Portuguese Timor in the maritime boundary agreed between the two countries in 1972. [20] Revenues from the "joint" area were to be divided 50-50. Woodside Petroleum and ConocoPhillips began development of some resources in the Timor Gap on behalf of the two governments in 1992.

In late 1999, about 70% of the economic infrastructure of East Timor was destroyed by Indonesian troops and anti-independence militias, [1] and 260,000 people fled westward. From 2002 to 2005, an international program led by the United Nations, manned by civilian advisers, 5,000 peacekeepers (8,000 at peak) and 1,300 police officers, substantially reconstructed the infrastructure. By mid-2002, all but about 50,000 of the refugees had returned.

The economy grew by about 10% in 2011 and at a similar rate in 2012. [21]

While East Timor gained revenue from offshore oil and gas reserves, little of it has been spent on the development of villages, which still rely on subsistence farming. [22] As of 2012, nearly half the East Timorese population was living in extreme poverty. [22]

Data

YearGDP

(in bil. US$ PPP)

GDP
(in bil. US$ nominal)		GDP per capita
(in US$ nominal)		GDP growth
(real)		GDP per capita
growth (real)		Inflation rate
(in %)		Government debt
(in % of GDP)
19930.36480
19940.43561
19950.50658
19960.61801
19970.71926
19980.25328
19990.25328
20001.10.37415
20011.30.48530
20021.20.47508
20031.20.49517
20041.30.44453
20051.40.46464
20061.30.45446
20071.50.54523
20081.70.65614
20091.90.73676
20102.10.88806
20112.31.04936
20122.71.161,024
20132.91.401,210
20143.21.451,232
20153.51.591,332
20163.81.651,353
20173.91.621,299
20184.01.581,249
20195.02.051,583
20206.71.901,442
20217.31.901,442
20229.42.451,793
20235.11.991,425

Industries

In the Doing Business 2013 report by the World Bank, East Timor was ranked 169th overall and last in the East Asia and Pacific region. The country fared particularly poorly in the "registering property", "enforcing contracts", and "resolving insolvency" categories, ranking last worldwide in all three. [23] In 2020 it ranked 181st. [24] : 20  There are no patent laws in East Timor. [25]

Regarding telecommunications infrastructure, East Timor is the second to last ranked Asian country in the World Economic Forum's Network Readiness Index (NRI), with only Myanmar falling behind it in Southeast Asia. In the 2014 NRI ranking, East Timor ranked number 141 overall, down from 134 in 2013. [26]

East Timor is part of the Timor Leste–Indonesia–Australia Growth Triangle (TIA-GT). [27]

Agriculture

The agriculture sector employs 80% of East Timor's active population. [28] In 2009, about 67,000 households grew coffee in East Timor, with a large proportion of those households being poor. [28] Currently, the gross margins are about $120 per hectare, with returns per labour-day of about $3.70. [28] There were 11,000 households growing mung beans as of 2009, most of them by subsistence farming. [28] 94% of domestic fish catch comes from the ocean, especially coastal fisheries. [29] : 17  66% of families are in part supported by these subsistence activities, however the country as a whole does not produce enough food to be self-sustaining, and thus relies on imports. [29] : 16  Coffee, rice, maize, coconuts, cassava, soybeans, bananas, mango, and sweet potatoes are cultivated here. With 5,014 Metric Tons in 2019, the country was ranked number 42 among other countries in Avocados Production. [30]

After petroleum, the second largest export is coffee, which generates about $10 million a year. [31] 9,000 tonnes of coffee, 108 tonnes of cinnamon, and 161 tonnes of cocoa were harvested in 2012 making the country the 40th ranked producer of coffee, the 6th ranked producer of cinnamon and the 50th ranked producer of cocoa worldwide. [32] In 2019, 186 Metric Tons of cocoa beans were produced and the country was number 48. [33]

Energy

Oil and gas

The Portuguese colonial administration granted concessions to the Australia-bound Oceanic Exploration Corporation to develop petroleum and natural gas deposits in the waters southeast of Timor. However, this was curtailed by the Indonesian invasion in 1976.[ citation needed ] The resources were divided between Indonesia and Australia with the Timor Gap Treaty in 1989. [34] East Timor inherited no permanent maritime boundaries when it attained independence.[ citation needed ] A provisional agreement (the Timor Sea Treaty, signed when East Timor became independent on 20 May 2002) defined a Joint Petroleum Development Area (JPDA) and awarded 90% of revenues from existing projects in that area to East Timor and 10% to Australia. [35] An agreement in 2005 between the governments of East Timor and Australia mandated that both countries put aside their dispute over maritime boundaries and that East Timor would receive 50% of the revenues from the resource exploitation in the area (estimated at A$26 billion, or about US$20 billion over the lifetime of the project) [36] from the Greater Sunrise development. [37] In 2013, East Timor launched a case at the Permanent Court of Arbitration in The Hague to pull out of a gas treaty that it had signed with Australia, accusing the Australian Secret Intelligence Service (ASIS) of bugging the East Timorese cabinet room in Dili in 2004. [38]

At the time of independence East Timor had per capita natural wealth equivalent to the wealth of an upper-middle income country. Over half of this was in oil, and over a quarter natural gas. The Timor-Leste Petroleum Fund was established in 2005 to turn these non-renewable resources into a more sustainable form of wealth. By 2009 it had a value of US$4.8 billion, [39] : 4–6  and by 2011 it had reached a worth of US$8.7 billion. [40] East Timor is labelled by the International Monetary Fund as the "most oil-dependent economy in the world". [41] The Petroleum Fund pays for nearly all of the government's annual budget, which increased from $70 million in 2004 to $1.3 billion in 2011, with a $1.8 billion proposal for 2012. [40] East-Timor's income from oil and gas stands to increase significantly after its cancellation of a controversial agreement with Australia, which gave Australia half of the income from oil and gas from 2006. [42] From 2005 to 2021, $23 billion earned from oil sales has entered the fund. $8 billion has been generated from investments, while $12 billion has been spent. [24] : 30  A decrease in oil and gas reserves led to decreasing HDI beginning in 2010. [24] : 18–19  80% of government spending comes from this fund, which as of 2021 had $19 billion, 10 times greater than the size of the national budget. As oil income has decreased, the fund is at risk of being exhausted. Withdrawals have exceeded sustainable levels almost every year since 2009. [24] : 23 

Electricity

Electricidade De Timor-Leste (EDTL) is the vertically integrated monopoly generator and distributor of electric power within the on-grid areas.

Tourism

In 2017, the country was visited by 75,000 tourists. [43] Since the later 2010s, tourism has been increasing and the number of hotels and resorts has increased. The government decided to invest in the expansion of the international airport in Dili.

Transport

Development projects

Electricity

Oil and gas

Protesters in Brisbane protesting Australia's claim on East Timorese oil, May 2017 Hands off Timorese Oil - Brisbane May Day 2017 parade.jpg
Protesters in Brisbane protesting Australia's claim on East Timorese oil, May 2017

One promising long-term project is the joint development with Australia of petroleum and natural gas resources in the waters southeast of East Timor.

East Timor inherited no permanent maritime boundaries when it gained independence, repudiating the Timor Gap Treaty as illegal. A provisional agreement (the Timor Sea Treaty, signed when East Timor became independent in 2002) defined a Joint Petroleum Development Area (JPDA), and awarded 90% of revenues from existing projects in that area to East Timor and 10% to Australia. [44] The first significant new development in the JPDA since East Timorese independence is the largest petroleum resource in the Timor Sea, the Greater Sunrise gas field. Its exploitation was the subject of separate agreements in 2003 and 2005. Only 20% of the field lies within the JPDA and the rest in waters not subject to the treaty (though claimed by both countries). The initial, temporary agreement gave 82% of revenues to Australia and only 18% to East Timor. [45]

The government of East Timor has sought to negotiate a definite boundary with Australia at the halfway line between the countries, in accordance with the United Nations Convention on the Law of the Sea. The government of Australia preferred to establish the boundary at the end of the wide Australian continental shelf, as agreed with Indonesia in 1972 and 1991. Normally a dispute such as this would be referred to the International Court of Justice or the International Tribunal for the Law of the Sea for an impartial decision, [46] but the Australian government had withdrawn from these international jurisdictions (solely on matters relating to maritime boundaries) shortly before East Timorese independence. [47]

Nevertheless, under public and diplomatic pressure, the Australian government offered instead a last-minute concession solely on royalties from the Greater Sunrise gas field. [48] An agreement was signed in 2005 under which both countries would set aside the dispute over the maritime boundary, and East Timor would receive 50% of the revenues (estimated at A$26 billion or about US$20 billion over the lifetime of the project) [49] from the Greater Sunrise development. Other developments within waters claimed by East Timor but outside the JPDA (Laminaria-Corallina and Buffalo) continue to be exploited unilaterally by Australia, however. [50]

Some proceeds from East Timor's petroleum royalties are directed to the country's sovereign wealth fund, the Timor-Leste Petroleum Fund.

Telecoms

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<span class="mw-page-title-main">Timor</span> Island in Indonesia and East Timor

Timor is an island at the southern end of Maritime Southeast Asia, in the north of the Timor Sea. The island is divided between the sovereign states of East Timor in the eastern part and Indonesia in the western part. The Indonesian part, known as West Timor, constitutes part of the province of East Nusa Tenggara. Within West Timor lies an exclave of East Timor called Oecusse District. The island covers an area of 30,777 square kilometres. The name is a variant of timur, Malay for "east"; it is so called because it lies at the eastern end of the Lesser Sunda Islands. Mainland Australia is less than 500 km away, separated by the Timor Sea.

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East Timor, officially the Democratic Republic of Timor-Leste, is a country in Southeast Asia and Oceania. The country comprises the eastern half of the island of Timor and the nearby islands of Atauro and Jaco. The first inhabitants are thought to be descendant of Australoid and Melanesian peoples. The Portuguese began to trade with Timor by the early 16th century and colonised it throughout the mid-century. Skirmishing with the Dutch in the region eventually resulted in an 1859 treaty for which Portugal ceded the western half of the island. Imperial Japan occupied East Timor during World War II, but Portugal resumed colonial authority after the Japanese surrender.

<span class="mw-page-title-main">Timor Sea</span> Sea between Malay Archipelago and Australia

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<span class="mw-page-title-main">Timor Gap</span> Area of the Timor Sea between Australia and Timor Island

The Timor Gap is an area of the Timor Sea between Australia and Timor Island. The island is divided between independent East Timor and West Timor province of Indonesia.

<span class="mw-page-title-main">Timor Gap Treaty</span> Treaty between Australia and Indonesia

The Timor Gap Treaty was formally known as the Treaty between Australia and the Republic of Indonesia on the zone of cooperation in an area between the Indonesian province of East Timor and Northern Australia. It was a bilateral treaty between the governments of Australia and Indonesia, which provided for the joint exploitation of petroleum and hydrocarbon resources in a part of the Timor Sea Seabed. The treaty was signed on 11 December 1989 and came into force on 9 February 1991. The signatories to the treaty were then Australian Foreign Affairs Minister Gareth Evans and then Indonesian Foreign Minister Ali Alatas.

<span class="mw-page-title-main">Timor Sea Treaty</span> 2002 geopolitical agreement

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<span class="mw-page-title-main">East Timor</span> Country in Southeast Asia

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<span class="mw-page-title-main">Treaty on Certain Maritime Arrangements in the Timor Sea</span>

Officially called the Treaty between Australia and the Democratic Republic of Timor-Leste on Certain Maritime Arrangements in the Timor Sea (CMATS), the treaty provides for the equal distribution of revenue derived from the disputed Greater Sunrise oil and gas field between Australia and East Timor. The field is located in the Timor Gap where Australia and East Timor have overlapping claims over the continental shelf or seabed. Prior to the treaty, East Timor would only have received about 18% of the revenue from the field.

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<span class="mw-page-title-main">Accession of East Timor to ASEAN</span>

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<span class="mw-page-title-main">Australia–East Timor relations</span> Bilateral relations

Bilateral relations exist between Australia and East Timor. The two countries are near neighbours with close political and trade ties. East Timor, the youngest and one of the poorest countries in Asia, lies about 610 kilometres northwest of the Australian city of Darwin and Australia has played a prominent role in the young republic's history.

The Timor-Leste Petroleum Fund is a sovereign wealth fund into which the surplus wealth produced by East Timor petroleum and gas income is deposited by the East Timorese government.

<span class="mw-page-title-main">Suai Airport</span> Airport in Suai, East Timor

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<span class="mw-page-title-main">Australia–East Timor spying scandal</span> 2004 bugging of East Timor PMs office

The Australia–East Timor spying scandal began in 2004 when the Australian Secret Intelligence Service (ASIS) clandestinely planted covert listening devices in a room adjacent to the East Timor (Timor-Leste) Prime Minister's Office at Dili, to obtain information in order to ensure Australia held the upper hand in negotiations with East Timor over the rich oil and gas fields in the Timor Gap. Even though the East Timor government was unaware of the espionage operation undertaken by Australia, negotiations were hostile. The first Prime Minister of East Timor, Mari Alkatiri, bluntly accused the Howard government of plundering the oil and gas in the Timor Sea, stating:

"Timor-Leste loses $1 million a day due to Australia's unlawful exploitation of resources in the disputed area. Timor-Leste cannot be deprived of its rights or territory because of a crime."

<span class="mw-page-title-main">East Timor–India relations</span> Bilateral relations

East Timor–India relations are the international relations that exist between East Timor and India. The Embassy of India in Jakarta, Indonesia is concurrently accredited to East Timor. East Timor has no diplomatic representation in India. On 7 September 2023, India announced that it would open an embassy in Dili.

<span class="mw-page-title-main">La'o Hamutuk</span>

La'o Hamutuk, or the Timor-Leste Institute for Development Monitoring and Analysis, is an East Timorese non-governmental organisation (NGO). It is based on Avenida Dom Ricardo da Silva, Vila Verde, in the national capital, Dili.

<span class="mw-page-title-main">Corruption in East Timor</span>

Corruption in East Timor has been described as a critical and alarming problem because it has been institutionalized in the country. It undermines the governance of the nascent state, which only obtained its independence in 2002. Corruption affects East Timorese socio-economic development and public trust in government institutions.

References

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