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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. In 2012, the Friends of Yemen pledged over $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 more than 15% in 2011, and about 2% in 2012. 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, and a high population growth rate.
GDP (purchasing power parity)$60.06 billion (2012 est.)
$59.97 billion (2011 est.)
$66.99 billion (2010 est.)
note: data are in 2012 US dollars
GDP (official exchange rate)$35.64 billion (2012 est.)
GDP - real growth rate0.1% (2012 est.)
-10.5% (2011 est.)
7.7% (2010 est.)
GDP - per capita (PPP)$2,300 (2012 est.)
$2,400 (2011 est.)
$2,700 (2010 est.)
note: data are in 2012 US dollars
Gross national saving8.2% of GDP (2012 est.)
8.6% of GDP (2011 est.)
9.9% of GDP (2010 est.)
GDP - composition, by end usehousehold consumption: 77.3%
government consumption: 14.3%
investment in fixed capital: 18%
investment in inventories: -4.1%
exports of goods and services: 19.7%
imports of goods and services: -25.2%
(2012 est.)
GDP - composition by sectoragriculture: 8.5%
industry: 36%
services: 55.5% (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)18% of GDP (2012 est.)
Budgetrevenues: $7.359 billion
expenditures: $11.2 billion (2012 est.)
Taxes and other revenues20.6% of GDP (2012 est.)
Budget surplus (+) or deficit (-)-10.8% of GDP (2012 est.)
Public debt43% of GDP (2012 est.)
36.5% of GDP (2011 est.)
Inflation rate (consumer prices)10.2% (2012 est.)
19.5% (2011 est.)
Central bank discount rateNA%
Commercial bank prime lending rate23% (31 December 2012 est.)
25% (31 December 2011 est.)
Stock of narrow money$5.142 billion (31 December 2012 est.)
$4.645 billion (31 December 2011 est.)
Stock of broad money$10.59 billion (31 December 2012 est.)
$10.17 billion (31 December 2011 est.)
Stock of domestic credit$9.576 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 rate0.8% (2012 est.)
Current Account Balance-$2.19 billion (2012 est.)
-$1.663 billion (2011 est.)
Exports$7.604 billion (2012 est.)
$8.662 billion (2011 est.)
Exports - commoditiescrude oil, coffee, dried and salted fish, liquefied natural gas
Exports - partnersChina 37.3%, Thailand 15.8%, South Korea 11.4%, India 9.9%, UAE 5.3% (2012)
Imports$8.893 billion (2012 est.)
$8.248 billion (2011 est.)
Imports - commoditiesfood and live animals, machinery and equipment, chemicals
Imports - partnersChina 15.7%, UAE 14.4%, India 9.7%, Saudi Arabia 6.8%, Kuwait 5.1% (2012)
Reserves of foreign exchange and gold$6.158 billion (31 December 2012 est.)
$4.531 billion (31 December 2011 est.)
Debt - external$7.395 billion (31 December 2012 est.)
$6.418 billion (31 December 2011 est.)
Stock of direct foreign investment - at home$NA
Exchange ratesYemeni rials (YER) per US dollar -
214.35 (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