Yemeni Economy
Economy - overview: Yemen is a low-income country that is highly dependent on declining oil resources for revenue. Oil and gas revenues account for roughly 25% of GDP and 65% of government revenue. Yemen has tried to counter the effects of its declining oil resources and continuing attacks on its oil pipelines by diversifying its economy through a 2006 reform program that was 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 aimed to support Yemen's efforts toward economic and political reform. In 2012, the Friends of Yemen pledged nearly $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 almost 11% in that year. Progress toward achieving stability has been slow and uneven. Yemen continues to face difficult long-term challenges, including declining water resources, high unemployment, severe food scarcity, and a high population growth rate. The Yemeni Government regularly faces annual budget shortfalls. In July 2014, the government eliminated some fuel subsidies that accounted for approximately 25% of government spending in 2013; and in August 2014, the IMF approved a three-year, $570 million Extended Credit Facility for Yemen. Deteriorating security restricts economic growth and the provision of government services.
GDP (purchasing power parity): $103.6 billion (2014 est.)
GDP (official exchange rate): $43.23 billion (2014 est.)
GDP - real growth rate: -0.2% (2014 est.)
GDP - per capita (PPP): $3,800 (2014 est.)
GDP - composition by sector: agriculture: 9.2%
industry: 26.8%
services: 64% (2014 est.)
Labor force: 7.262 million (2014 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: 27% (2014 est.)
Household income or consumption by percentage share: lowest 10%: 2.9%
highest 10%: 30.8% (2005)
Investment (gross fixed): 19.9% of GDP (2009 est.)
Budget: revenues: $10.26 billion
expenditures: $14.34 billion (2014 est.)
Public debt: 51% of GDP (2014 est.)
Inflation rate (consumer prices): 8.2% (2014 est.)
Central bank discount rate: NA%
NA%
Commercial bank prime lending rate: 20% (31 December 2014 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; natural gas production
Industrial production growth rate: -1.5% (2014 est.)
Electricity - production: 6.185 billion kWh (2012 est.)
Electricity - consumption: 3.838 billion kWh (2012 est.)
Electricity - exports: 0 kWh (2013 est.)
Electricity - imports: 0 kWh (2013 est.)
Oil - production: 125,100 bbl/day (2014 est.)
Oil - consumption: 149,000 bbl/day (2008 est.)
Oil - exports: 43,000 bbl/day (2014 est.)
Oil - imports: 0 bbl/day (2010 est.)
Oil - proved reserves: 3 billion bbl (1 January 2014 est.)
Natural gas - production: 10.3 billion cu m (2013 est.)
Natural gas - consumption: 700 million cu m (2013 est.)
Natural gas - exports: 9.6 billion cu m (2013 est.)
Natural gas - imports: 0 cu m (2013 est.)
Natural gas - proved reserves: 478.5 billion cu m (1 January 2014 est.)
Current account balance: -$681 million (2014 est.)
Exports: $7.041 billion (2014 est.)
Exports - commodities: crude oil, coffee, dried and salted fish, liquefied natural gas
Exports - partners: China 28.3%, South Korea 23%, Thailand 11.2%, Japan 8.1%, UAE 5.3% (2014)
Imports: $10.39 billion (2014 est.)
Imports - commodities: food and live animals, machinery and equipment, chemicals
Imports - partners: China 15.5%, UAE 14.7%, India 9.6%, Saudi Arabia 6.9%, Kuwait 5.2% (2012)
Reserves of foreign exchange and gold: $4.688 billion (31 December 2014 est.)
Debt - external: $8.002 billion (31 December 2014 est.)
Exchange rates: Yemeni rials (YER) per US dollar - 214.9 (2014 est.), 214.89 (2013 est.), 214.35 (2012 est.), 213.8 (2011 est.), 219.59 (2010 est.)
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Update: This page was last updated on 10 November 2015
Sources: 1. CIA, The World Factbook, https://www.cia.gov/library/publications/the-world-factbook/geos/ae.html
2. DIBNC Experts Team