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Yemen Economy Profile 2014

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Economy - overviewYemen is a low income country that is highly dependent on declining oil resources for revenue. Petroleum accounts for roughly 25% of GDP and 63% of government revenue. Yemen has tried to counter the effects of its declining oil resources and continuing attacks on its oil pipelines by diversifying its economy through an economic reform program initiated in 2006 that is designed to bolster non-oil sectors of the economy and foreign investment. In October 2009, Yemen exported its first liquefied natural gas as part of this diversification effort. In January 2010, the international community established the Friends of Yemen group that aims to support Yemen's efforts toward economic and political reform. In 2012, the Friends of Yemen pledged nearly $7 billion in assistance to Yemen. The Yemeni Government also endorsed a Mutual Accountability Framework to facilitate the efficient implementation of donor aid. The unrest that began in early 2011 caused GDP to plunge almost 11% in 2011. Availability of basic services, including electricity, water, and fuel, has improved since the transition, but progress toward achieving more sustainable economic stability has been slow and uneven. Yemen continues to face difficult long-term challenges, including declining water resources, high unemployment, severe food scarcity, and a high population growth rate.
GDP (purchasing power parity)$61.63 billion (2013 est.)
$58.45 billion (2012 est.)
$57.36 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$43.89 billion (2013 est.)
GDP - real growth rate3.8% (2013 est.)
0.1% (2012 est.)
-10.5% (2011 est.)
GDP - per capita (PPP)$2,500 (2013 est.)
$2,500 (2012 est.)
$2,500 (2011 est.)
note: data are in 2013 US dollars
Gross national saving4.2% of GDP (2013 est.)
9.6% of GDP (2012 est.)
6.3% of GDP (2011 est.)
GDP - composition, by end usehousehold consumption: 80.3%
government consumption: 12.5%
investment in fixed capital: 18.4%
investment in inventories: -4%
exports of goods and services: 17.8%
imports of goods and services: -24.9%
(2013 est.)
GDP - composition by sectoragriculture: 7.7%
industry: 30.9%
services: 61.4% (2013 est.)
Population below poverty line45.2% (2003)
Labor force7.1 million (2013 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.)
Unemployment, youth ages 15-24total: 33.7%
male: 26%
female: 74% (2010)
Household income or consumption by percentage sharelowest 10%: 2.9%
highest 10%: 30.8% (2005)
Distribution of family income - Gini index37.7 (2005)
33.4 (1998)
Budgetrevenues: $7.769 billion
expenditures: $12.31 billion (2013 est.)
Taxes and other revenues17.7% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-10.3% of GDP (2013 est.)
Public debt47.1% of GDP (2013 est.)
45.4% of GDP (2012 est.)
Inflation rate (consumer prices)11.8% (2013 est.)
9.9% (2012 est.)
Central bank discount rateNA%
Commercial bank prime lending rate22% (31 December 2013 est.)
23% (31 December 2012 est.)
Stock of narrow money$5.753 billion (31 December 2013 est.)
$5.142 billion (31 December 2012 est.)
Stock of broad money$14.2 billion (31 December 2013 est.)
$12.35 billion (31 December 2012 est.)
Stock of domestic credit$11.2 billion (31 December 2013 est.)
$9.576 billion (31 December 2012 est.)
Market value of publicly traded shares$NA
Agriculture - productsgrain, fruits, vegetables, pulses, qat, coffee, cotton; dairy products, livestock (sheep, goats, cattle, camels), poultry; fish
Industriescrude oil production and petroleum refining; small-scale production of cotton textiles, leather goods; food processing; handicrafts; aluminum products; cement; commercial ship repair; natural gas production
Industrial production growth rate4.8% (2013 est.)
Current Account Balance-$3.312 billion (2013 est.)
-$985 million (2012 est.)
Exports$6.694 billion (2013 est.)
$7.57 billion (2012 est.)
Exports - commoditiescrude oil, coffee, dried and salted fish, liquefied natural gas
Exports - partnersChina 41%, Thailand 19.2%, India 11.4%, South Korea 4.4% (2013 est.)
Imports$10.97 billion (2013 est.)
$12.49 billion (2012 est.)
Imports - commoditiesfood and live animals, machinery and equipment, chemicals
Imports - partnersEU 48.8%, UAE 9.8%, Switzerland 8.8%, China 7.4%, India 5.8% (2013 est.)
Reserves of foreign exchange and gold$5.538 billion (31 December 2013 est.)
$6.158 billion (31 December 2012 est.)
Debt - external$7.806 billion (31 December 2013 est.)
$7.419 billion (31 December 2012 est.)
Stock of direct foreign investment - at home$NA
Exchange ratesYemeni rials (YER) per US dollar -
214.9 (2013 est.)
214.35 (2012 est.)
219.59 (2010 est.)
202.85 (2009)
199.76 (2008)
Fiscal yearcalendar year

Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of August 23, 2014