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Yemen Economy Profile 2013

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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 70% of government revenue. Yemen has tried to counter the effects of its declining oil resources 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. The Arab revolution that began in early 2011 caused GDP to plunge more than 10% in 2011, and GDP in 2012 began a modest recovery but has not reached pre-2011 levels. Yemen continues to face difficult long term challenges, including declining water resources, high unemployment, and a high population growth rate.
GDP (purchasing power parity)$57.76 billion (2012 est.)
$58.91 billion (2011 est.)
$65.8 billion (2010 est.)
note: data are in 2012 US dollars
GDP (official exchange rate)$36.37 billion (2012 est.)
GDP - real growth rate-1.9% (2012 est.)
-10.5% (2011 est.)
7.7% (2010 est.)
GDP - per capita (PPP)$2,200 (2012 est.)
$2,300 (2011 est.)
$2,700 (2010 est.)
note: data are in 2012 US dollars
GDP - composition by sectoragriculture: 7.9%
industry: 40.6%
services: 51.5% (2012 est.)
Population below poverty line45.2% (2003)
Labor force7.158 million (2012 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%
highest 10%: 30.8% (2005)
Distribution of family income - Gini index37.7 (2005)
33.4 (1998)
Investment (gross fixed)17.8% of GDP (2012 est.)
Budgetrevenues: $7.63 billion
expenditures: $12.01 billion (2012 est.)
Taxes and other revenues21% of GDP (2012 est.)
Budget surplus (+) or deficit (-)-12% of GDP (2012 est.)
Public debt42.5% of GDP (2012 est.)
36.9% of GDP (2011 est.)
Inflation rate (consumer prices)11.4% (2012 est.)
19.5% (2011 est.)
Central bank discount rateNA%
Commercial bank prime lending rate25% (31 December 2012 est.)
25% (31 December 2011 est.)
Stock of money$3.489 billion (31 October 2009)
$3.399 billion (31 December 2008)
Stock of narrow money$4.868 billion (31 December 2012 est.)
$4.645 billion (31 December 2011 est.)
Stock of quasi money$6.077 billion (31 October 2009)
$5.985 billion (31 December 2008)
Stock of broad money$10.59 billion (31 December 2012 est.)
$10.17 billion (31 December 2011 est.)
Stock of domestic credit$8.817 billion (31 December 2012 est.)
$7.662 billion (31 December 2011 est.)
Market value of publicly traded shares$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 and leather goods; food processing; handicrafts; small aluminum products factory; cement; commercial ship repair; natural gas production
Industrial production growth rate9% (2010 est.)
Current Account Balance-$2.19 billion (2012 est.)
-$1.663 billion (2011 est.)
Exports$7.958 billion (2012 est.)
$8.662 billion (2011 est.)
Exports - commoditiescrude oil, coffee, dried and salted fish, liquefied natural gas
Exports - partnersChina 29.5%, Thailand 13.4%, South Korea 10.6%, India 7.5%, Japan 6%, US 5.8%, UAE 4.7% (2011)
Imports$8.893 billion (2012 est.)
$8.248 billion (2011 est.)
Imports - commoditiesfood and live animals, machinery and equipment, chemicals
Imports - partnersUAE 18.8%, China 11.8%, Saudi Arabia 8.9%, Kuwait 6.6%, India 6.5%, France 4.7%, US 4.2% (2011)
Reserves of foreign exchange and gold$4.7 billion (31 December 2012 est.)
$4.531 billion (31 December 2011 est.)
Debt - external$6.726 billion (31 December 2012 est.)
$6.314 billion (31 December 2011 est.)
Stock of direct foreign investment - at home$NA
Exchange ratesYemeni rials (YER) per US dollar -
215.6 (2012 est.)
213.8 (2011 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 February 21, 2013