lyrics/music: Fransisco Borja DA COSTA/Afonso DE ARAUJO
note: adopted 2002; the song was first used as an anthem when Timor-Leste declared its independence from Portugal in 1975; the lyricist, Fransisco Borja DA COSTA, was killed in an Indonesian invasion just days after independence was declared
Economy ::Timor-Leste
Economy - overview:
In late 1999, about 70% of the economic infrastructure of Timor-Leste was laid waste by Indonesian troops and anti-independence militias. Three hundred thousand people fled westward. Over the next three years a massive international program, manned by 5,000 peacekeepers (8,000 at peak) and 1,300 police officers, led to substantial reconstruction in both urban and rural areas. By the end of 2005, refugees had returned or had settled in Indonesia. The country continues to face great challenges in rebuilding its infrastructure, strengthening the civil administration, and generating jobs for young people entering the work force. The development of oil and gas resources in offshore waters has greatly supplemented government revenues. This technology-intensive industry, however, has done little to create jobs for the unemployed because there are no production facilities in Timor. Gas is piped to Australia. In June 2005, the National Parliament unanimously approved the creation of a Petroleum Fund to serve as a repository for all petroleum revenues and to preserve the value of Timor-Leste's petroleum wealth for future generations. The Fund held assets of US$5.3 billion as of October 2009. The economy has been little impacted by the global financial crisis and continues to recover strongly from the mid-2006 outbreak of violence and civil unrest, which disrupted both private and public sector economic activity. The government in 2008 resettled tens of thousands of an estimated 100,000 internally displaced persons (IDPs); most IDPs returned home by early 2009. The underlying economic policy challenge the country faces remains how best to use oil-and-gas wealth to lift the non-oil economy onto a higher growth path and to reduce poverty.
GDP (purchasing power parity):
$3.004 billion (2010 est.) country comparison to the world: 176 $2.782 billion (2009 est.)
$2.588 billion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate):