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Economy of East Timor

The economy of East Timor is ranked as a low income economy by the World Bank. It is placed 158th by Human Development Index, indicating a low level of human development. 20% of the population is unemployed, and 52.9% lives on less than US $1.25 a day. About half of the population is illiterate.

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%.

The country continues to suffer the after effects of a decades-long independence struggle against Indonesia, which damaged infrastructure and displaced thousands of civilians.

In 2007, a bad harvest led to deaths in several parts of East Timor. In November 2007, eleven subdistricts still needed food supplied by international aid.

Sectors

Oil and gas

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 attained independence, repudiating the Timor Gap Treaty as illegal. 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. 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.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of East Timor"

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