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. In 2008, growth declined slightly as the price of oil dropped and the slowing global economy reduced demand for oil. Yemen's 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. A liquefied natural gas facility is scheduled to open in 2009. Yemen has limited exposure to the international financial system and no capital markets, however, the global financial crisis probably will reduce international aid in 2009. GDP (purchasing power parity)$55.28 billion (2008 est.) GDP (official exchange rate)$27.15 billion (2008 est.) GDP - real growth rate3.2% (2008 est.) GDP - per capita (PPP)$2,400 (2008 est.) GDP - composition by sectoragriculture: 10.3% Population below poverty line45.2% (2003) Labor force6.454 million (2008 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%: 2.9% Distribution of family income - Gini index37.7 (2005) Investment (gross fixed)25.9% of GDP (2008 est.) Budgetrevenues: $9.243 billion Public debt34.4% of GDP (2008 est.) Inflation rate (consumer prices)19% (2008 est.) Central bank discount rateNA% Commercial bank prime lending rateNA% (31 December 2008) Stock of money$NA (31 December 2008) Stock of quasi money$NA (31 December 2008) Stock of domestic credit$NA (31 December 2008) 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 rate2.8% (2008 est.) Electricity - production5.017 billion kWh (2006 est.) Electricity - production by sourcefossil fuel: 100% 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 reserves3.44 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-$1.113 billion (2008 est.) Agriculture - productsgrain, fruits, vegetables, pulses, qat, coffee, cotton; dairy products, livestock (sheep, goats, cattle, camels), poultry; fish Exports$8.977 billion (2008 est.) Exports - commoditiescrude oil, coffee, dried and salted fish Exports - partnersChina 30.9%, Thailand 26.4%, India 17.2%, Japan 5.2%, UAE 4.3% (2008) Imports$8.829 billion (2008 est.) Imports - commoditiesfood and live animals, machinery and equipment, chemicals Imports - partnersUAE 16.4%, China 12.4%, Saudi Arabia 7.8%, Kuwait 5.8%, US 4.3% (2008) Reserves of foreign exchange and gold$8.157 billion (31 December 2008 est.) Debt - external$5.979 billion (31 December 2008 est.) Market value of publicly traded shares$NA Economic aid - recipient$2.3 billion (2003-07 disbursements) Currency (code)YER Currency (code)Yemeni rial (YER) Exchange ratesYemeni rials (YER) per US dollar - 199.76 (2008 est.), 199.14 (2007), 197.18 (2006), 192.67 (2005), 184.78 (2004) Fiscal yearcalendar year |
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Source: CIA World Factbook | |