East Timor GDP Annual Growth Rate
The Gross Domestic Product (GDP) in East Timor expanded 8 percent in 2013 from the previous year. GDP Annual Growth Rate in East Timor averaged 6.75 Percent from 2001 until 2013, reaching an all time high of 16.30 Percent in 2001 and a record low of -6.70 Percent in 2002. GDP Annual Growth Rate in East Timor is reported by the National Statistics Directorate, Timor.
||2001 - 2013
East Timor is one of the youngest countries in the world. After years of wars and political turmoil, the economy of this once poorest country in Asia, has been steady growing due to offshore oil and gas extraction. Services contribute the most to the country's output (56 percent of GDP), but agriculture (26 percent of GDP) employs around 64 percent of the labour force and remains undeveloped. In 2005, the government has set up the East Timor Petroleum Fund, which now is the main source of funds for infrastructure development and social benefits. Yet, to keep the current pace of development, the government needs to concentrate more spending on improving education, health care and agricultural irrigation. The East Timor GDP Annual Growth Rate re?ects non-oil GDP. This page provides - East Timor GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.