Economy - overviewYemen, one of the poorest countries in the Arab world, reported average annual growth in the range of 3-4% from 2000 through 2007. Its economic fortunes depend mostly on declining oil resources, but the country is trying to diversify its earnings. In 2006 Yemen began an economic reform program designed to bolster non-oil sectors of the economy and foreign investment. As a result of the program, international donors pledged about $5 billion for development projects. In addition, Yemen has made some progress on reforms over the last year that will likely encourage foreign investment. Oil revenues probably increased in 2007 as a result of higher prices. GDP (purchasing power parity)$56.24 billion (2007 est.) GDP (official exchange rate)$21.66 billion (2007 est.) GDP - real growth rate2.8% (2007 est.) GDP - per capita (PPP)$2,500 (2007 est.) GDP - composition by sectoragriculture: 12.4% Population below poverty line45.2% (2003) Labor force6.305 million (2007 est.) Labor force - by occupationnote: most people are employed in agriculture and herding; services, construction, industry, and commerce account for less than one-fourth of the labor force Unemployment rate35% (2003 est.) Household income or consumption by percentage sharelowest 10%: 3% Distribution of family income - Gini index33.4 (1998) Investment (gross fixed)25% of GDP (2007 est.) Budgetrevenues: $7.576 billion Public debt33.5% of GDP (2007 est.) Inflation rate (consumer prices)10% (2007 est.) Central bank discount rateNA Commercial bank prime lending rate18% (31 December 2007) Stock of money$3.076 billion (31 December 2007) Stock of quasi money$4.526 billion (31 December 2007) Stock of domestic credit$2.224 billion (31 December 2007) Industriescrude oil production and petroleum refining; small-scale production of cotton textiles and leather goods; food processing; handicrafts; small aluminum products factory; cement; commercial ship repair Industrial production growth rate3.2% (2007 est.) Electricity - production5.017 billion kWh (2006 est.) Electricity - consumption3.804 billion kWh (2006 est.) Electricity - exports0 kWh (2007 est.) Electricity - imports0 kWh (2007 est.) Oil - production320,600 bbl/day (2007 est.) Oil - consumption135,400 bbl/day (2006 est.) Oil - imports62,850 bbl/day (2005) Oil - exports336,600 bbl/day (2005) Oil - proved reserves3 billion bbl (1 January 2008 est.) Natural gas - production0 cu m (2007 est.) Natural gas - consumption0 cu m (2007 est.) Natural gas - exports0 cu m (2007 est.) Natural gas - imports0 cu m (2007 est.) Natural gas - proved reserves478.5 billion cu m (1 January 2008 est.) Current Account Balance-$362 million (2007 est.) Agriculture - productsgrain, fruits, vegetables, pulses, qat, coffee, cotton; dairy products, livestock (sheep, goats, cattle, camels), poultry; fish Exports$7.311 billion f.o.b. (2007 est.) Exports - commoditiescrude oil, coffee, dried and salted fish Exports - partnersChina 23.3%, India 20.4%, Thailand 19.1%, Japan 7.2%, UAE 5%, US 4.2% (2007) Imports$6.735 billion f.o.b. (2007 est.) Imports - commoditiesfood and live animals, machinery and equipment, chemicals Imports - partnersUAE 15.1%, China 11.6%, US 7.8%, Saudi Arabia 7.1%, Kuwait 5.3%, Germany 4.8% (2007) Reserves of foreign exchange and gold$7.76 billion (31 December 2007 est.) Debt - external$6.044 billion (31 December 2007 est.) Market value of publicly traded shares$NA Economic aid - recipient$2.3 billion (2003-07 disbursements) Currency (code)Yemeni rial (YER) Exchange ratesYemeni rials (YER) per US dollar - 199.14 (2007), 197.18 (2006), 192.67 (2005), 184.78 (2004), 183.45 (2003) Fiscal yearcalendar year |
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Source: CIA World Factbook | |