Mauritania Economy 2008

Economy - overview:
Half the population still depends on agriculture and livestock for a livelihood, even though many of the nomads and subsistence farmers were forced into the cities by recurrent droughts in the 1970s and 1980s. Mauritania has extensive deposits of iron ore, which account for nearly 40% of total exports. The nation's coastal waters are among the richest fishing areas in the world, but overexploitation by foreigners threatens this key source of revenue. The country's first deepwater port opened near Nouakchott in 1986. In the past, drought and economic mismanagement resulted in a buildup of foreign debt, which now stands at more than three times the level of annual exports. In February 2000, Mauritania qualified for debt relief under the Heavily Indebted Poor Countries (HIPC) initiative and in December 2001 received strong support from donor and lending countries at a triennial Consultative Group review. A new investment code approved in December 2001 improved the opportunities for direct foreign investment. Ongoing negotiations with the IMF involve problems of economic reforms and fiscal discipline. In 2001, exploratory oil wells in tracts 80 km offshore indicated potential extraction at current world oil prices. Oil prospects, while initially promising, have failed to materialize. Meantime the government emphasizes reduction of poverty, improvement of health and education, and promoting privatization of the economy.

GDP (purchasing power parity):
$5.818 billion (2007 est.)

GDP (official exchange rate):
$1.601 billion (2007 est.)

GDP - real growth rate:
1.5% (2007 est.)

GDP - per capita (PPP):
$1,800 (2007 est.)

GDP - composition by sector:
agriculture: 25%
industry: 29%
services: 46% (2001 est.)

Labor force:
786,000 (2001)

Labor force - by occupation:
agriculture: 50%
industry: 10%
services: 40% (2001 est.)

Unemployment rate:
20% (2004 est.)

Population below poverty line:
40% (2004 est.)

Household income or consumption by percentage share:
lowest 10%: 2.5%
highest 10%: 29.5% (2000)

Distribution of family income - Gini index:
39 (2000)

Inflation rate (consumer prices):
7% (2003 est.)

Budget:
revenues: $421 million
expenditures: $378 million (2002 est.)

Agriculture - products:
dates, millet, sorghum, rice, corn; cattle, sheep

Industries:
fish processing, mining of iron ore and gypsum

Industrial production growth rate:
2% (2000 est.)

Electricity - production:
248 million kWh (2005)

Electricity - consumption:
230.6 million kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
75,000 bbl/day (2006 est.)

Oil - consumption:
20,000 bbl/day (2005 est.)

Oil - exports:
0 bbl/day (2004)

Oil - imports:
19,960 bbl/day (2004)

Oil - proved reserves:
0 bbl (1 January 2006)

natural gas - production:
0 cu m (2005 est.)

natural gas - consumption:
0 cu m (2005 est.)

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
0 cu m (2005)

natural gas - proved reserves:
0 cu m (1 January 2006 est.)

Exports:
$1.395 billion f.o.b. (2006)

Exports - commodities:
iron ore, fish and fish products, gold

Exports - partners:
China 26.3%, Italy 11.8%, France 10.2%, Belgium 6.8%, Spain 6.7%, Japan 5.4%, Cote d'Ivoire 4.6% (2006)

Imports:
$1.475 billion f.o.b. (2006)

Imports - partners:
France 11.9%, China 8.2%, Belgium 6.8%, US 6.8%, Italy 5.9%, Brazil 5.5%, Spain 5.4% (2006)

Economic aid - recipient:
$190.4 million (2005)

Debt - external:
$2.5 billion (2000)

Market value of publicly traded shares:
$NA

Currency (code):
ouguiya (MRO)

Exchange rates:
ouguiyas per US dollar - NA (2007), 271.3 (2006), 267.04 (2005), 265.8 (2004), 263.03 (2003)