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Yemen Economy 2010
http://www.workmall.com/wfb2010/yemen/yemen_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Page last updated on January 26, 2010

Economy - overview:
Yemen 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. Annual real GDP growth has averaged 3-4% since 2000. Yemen has been largely unaffected by and insulated from the effects of the global economic crisis because its financial system is underdeveloped and not well integrated into the international community, but the drop in oil prices since mid-2008 slashed government oil revenues in 2009 by more than 50%, as compared to 2008. 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. The Yemen government in August reaffirmed its commitment to reforms in a plan detailing the country's top ten development priorities. Despite these ambitious plans, Yemen faces difficult long term challenges, including declining water resources and a high population growth rate.

GDP (purchasing power parity):
$58.2 billion (2009 est.)

$56.07 billion (2008 est.)
$54.33 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$26.24 billion (2009 est.)

GDP - real growth rate:
3.8% (2009 est.)

3.2% (2008 est.)
3.5% (2007 est.)

GDP - per capita (PPP):
$2,500 (2009 est.)

$2,500 (2008 est.)
$2,500 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 9.7%
industry: 39.3%
services: 51.1% (2009 est.)

Labor force:
6.641 million (2009 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%: 2.9%
highest 10%: 30.8% (2005)

Distribution of family income - Gini index:
37.7 (2005)

33.4 (1998)

Investment (gross fixed):
19.9% of GDP (2009 est.)

Budget:
revenues: $6.202 billion
expenditures: $9.355 billion (2009 est.)

Public debt:
39.6% of GDP (2009 est.)

28.1% of GDP (2008 est.)

Inflation rate (consumer prices):
3.6% (2009 est.)

19% (2008 est.)

Central bank discount rate:
NA%

NA%

Commercial bank prime lending rate:
18% (31 December 2008)

18% (31 December 2007)

Stock of money:
$3.399 billion (31 December 2008)

$3.076 billion (31 December 2007)

Stock of quasi money:
$5.985 billion (31 December 2008)

$4.526 billion (31 December 2007)

Stock of domestic credit:
$NA (31 December 2008)

$2.224 billion (31 December 2007)

Market value of publicly traded shares:
$NA

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; natural gas production

Industrial production growth rate:
5.8% (2009 est.)

Electricity - production:
5.665 billion kWh (2007 est.)

Electricity - consumption:
4.133 billion kWh (2007 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
300,100 bbl/day (2008 est.)

Oil - consumption:
149,000 bbl/day (2008 est.)

Oil - exports:
274,400 bbl/day (2007 est.)

Oil - imports:
65,860 bbl/day (2007 est.)

Oil - proved reserves:
3 billion bbl (1 January 2009 est.)

Natural gas - production:
454,700 cu m (2008 est.)

Natural gas - consumption:
0 cu m (2008 est.)

Natural gas - exports:
454,700 cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
478.5 billion cu m (1 January 2009 est.)

Current account balance:
$-2.627 billion (2009 est.)

$-1.251 billion (2008 est.)

Exports:
$5.55 billion (2009 est.)

$8.977 billion (2008 est.)

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

Exports - partners:
China 28.4%, Thailand 23.6%, India 16.1%, South Africa 13.4%, Japan 4.7% (2008)

Imports:
$7.12 billion (2009 est.)

$9.334 billion (2008 est.)

Imports - commodities:
food and live animals, machinery and equipment, chemicals

Imports - partners:
UAE 14.7%, India 11.7%, China 11.3%, Saudi Arabia 6.9%, Kuwait 5.2% (2008)

Reserves of foreign exchange and gold:
$6.307 billion (31 December 2009 est.)

$8.157 billion (31 December 2008 est.)

Debt - external:
$6.245 billion (31 December 2009 est.)

$5.977 billion (31 December 2008 est.)

Exchange rates:
Yemeni rials (YER) per US dollar - 203.05 (2009), 199.76 (2008), 199.14 (2007), 197.18 (2006), 192.67 (2005)


NOTE: The information regarding Yemen on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Yemen Economy 2010 information contained here. All suggestions for corrections of any errors about Yemen Economy 2010 should be addressed to the CIA.



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