Yemen Economy 2008

Economy - overview:
Yemen, 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):
$16.05 billion (2007 est.)

GDP - real growth rate:
3.2% (2007 est.)

GDP - per capita (PPP):
$2,400 (2007 est.)

GDP - composition by sector:
agriculture: 12.4%
industry: 40.9%
services: 46.7% (2007 est.)

Labor force:
6.316 million (2007 est.)

Labor force - by occupation:
note: most people are employed in agriculture and herding; services, construction, industry, and commerce account for less than one-fourth of the labor force

Unemployment rate:
35% (2003 est.)

Population below poverty line:
45.2% (2003)

Household income or consumption by percentage share:
lowest 10%: 3%
highest 10%: 25.9% (2003)

Distribution of family income - Gini index:
33.4 (1998)

Inflation rate (consumer prices):
10.7% (2007 est.)

Investment (gross fixed):
19.1% of GDP (2007 est.)

Budget:
revenues: $7.902 billion
expenditures: $8.167 billion (2007 est.)

Public debt:
32.9% of GDP (2007 est.)

Agriculture - products:
grain, fruits, vegetables, pulses, qat, coffee, cotton; dairy products, livestock (sheep, goats, cattle, camels), poultry; fish

Industries:
crude 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 rate:
3.2% (2007 est.)

Electricity - production:
4.456 billion kWh (2005 est.)

Electricity - consumption:
3.381 billion kWh (2005 est.)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
402,000 bbl/day (2005 est.)

Oil - consumption:
128,000 bbl/day (2005 est.)

Oil - exports:
320,600 bbl/day (2004)

Oil - imports:
58,100 bbl/day (2004)

Oil - proved reserves:
4 billion bbl (1 January 2006 est.)

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:
459 billion cu m (1 January 2006 est.)

Current account balance:
$178 million (2007 est.)

Exports:
$7.586 billion f.o.b. (2007 est.)

Exports - commodities:
crude oil, coffee, dried and salted fish

Exports - partners:
China 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 - partners:
UAE 16.4%, China 12.8%, Saudi Arabia 7.7%, Kuwait 5.8%, Brazil 4.5%, Malaysia 4.2%, US 4% (2006)

Economic aid - recipient:
$2.3 billion (2003-07 disbursements)

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

Currency (code):
Yemeni rial (YER)

Exchange rates:
Yemeni rials per US dollar - 199.14 (2007), 197.18 (2006), 192.67 (2005), 184.78 (2004), 183.45 (2003)