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)$52.61 billion (2007 est.) GDP (official exchange rate)$22.74 billion (2007 est.) GDP - real growth rate3.2% (2007 est.) GDP - per capita (PPP)$2,400 (2007 est.) GDP - composition by sectoragriculture: 12.4% Population below poverty line45.2% (2003) Household income or consumption by percentage sharelowest 10%: 3% Inflation rate (consumer prices)10.7% (2007 est.) Investment (gross fixed)19.1% of GDP (2007 est.) Labor force6.316 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.) Distribution of family income - Gini index33.4 (1998) Budgetrevenues: $7.902 billion Public debt32.9% of GDP (2007 est.) 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 - production4.456 billion kWh (2005 est.) Electricity - consumption3.381 billion kWh (2005 est.) Electricity - exports0 kWh (2005) Electricity - imports0 kWh (2005) Oil - production402,000 bbl/day (2005 est.) Oil - consumption128,000 bbl/day (2005 est.) Oil - imports58,100 bbl/day (2004) Oil - exports320,600 bbl/day (2004) Oil - proved reserves4 billion bbl (1 January 2006 est.) Natural gas - production0 cu m (2005 est.) Natural gas - consumption0 cu m (2005 est.) Natural gas - exports0 cu m (2005 est.) Natural gas - imports0 cu m (2005) Natural gas - proved reserves459 billion cu m (1 January 2006 est.) Current Account Balance$178 million (2007 est.) Agriculture - productsgrain, fruits, vegetables, pulses, qat, coffee, cotton; dairy products, livestock (sheep, goats, cattle, camels), poultry; fish Exports$7.586 billion f.o.b. (2007 est.) Exports - commoditiescrude oil, coffee, dried and salted fish Exports - partnersChina 31.4%, India 17.4%, Thailand 16.7%, South Korea 7%, US 6.7%, UAE 4.1% (2006) Imports$6.592 billion f.o.b. (2007 est.) Imports - commoditiesfood and live animals, machinery and equipment, chemicals Imports - partnersUAE 16.4%, China 12.8%, Saudi Arabia 7.7%, Kuwait 5.8%, Brazil 4.5%, Malaysia 4.2%, US 4% (2006) Reserves of foreign exchange and gold$7.871 billion (31 December 2007 est.) Debt - external$6.122 billion (31 December 2007 est.) Market value of publicly traded shares$NA Economic aid - recipient$2.3 billion (2003-07 disbursements) Currency (code)Yemeni rial (YER) Exchange ratesYemeni rials 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 | |