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Yemen Economy 2017
http://www.theodora.com/wfbcurrent/yemen/yemen_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Yemen Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Yemen is a low-income country that faces difficult long-term challenges to stabilizing and growing its economy, and the current conflict has only exacerbated those issues. The ongoing war has halted Yemen’s exports, pressured the currency’s exchange rate, accelerated inflation, severely limited food and fuel imports, and caused widespread damage to infrastructure. At least 82% of the population is in need of humanitarian assistance.Prior to the start of the conflict in 2014, Yemen was highly dependent on declining oil resources for revenue. Oil and gas earnings accounted for roughly 25% of GDP and 65% of government revenue. The Yemeni Government regularly faced annual budget shortfalls and has tried to diversify the Yemeni economy through a reform program designed to bolster non-oil sectors of the economy and foreign investment. As part of these reform efforts, Yemen exported its first liquefied natural gas in October 2009. The international community supported Yemen’s efforts toward economic and political reform in part by establishing the Friends of Yemen group. In 2012, the Friends of Yemen pledged nearly $7 billion in assistance to Yemen. In July 2014, the government continued reform efforts by eliminating some fuel subsidies and in August 2014, the IMF approved a three-year, $570 million Extended Credit Facility for Yemen.However, the conflict that began in 2014 stalled these reform efforts. Rebel Huthi groups have interfered with Ministry of Finance and Central Bank operations and diverted funds for their own use. Yemen’s Central Bank reserves, which stood at $5.2 billion prior to the conflict, currently stand at $1.5 billion. The Central Bank is exposed to approximately $7 billion in overdraft, more than three times the legal limit, directly linked to the Huthis withdrawing $116 million on a monthly basis. The private sector is hemorrhaging, with almost all businesses making substantial layoffs. The Port of Hudaydah, which handles 60% of Yemen’s commercial traffic, was damaged in August 2015 as a result of the conflict and is only operating at 50% capacity. Access to food and other critical commodities such as medical equipment is limited across the country due to security issues on the ground. The Social Welfare Fund, a cash transfer program for Yemen’s neediest, is no longer operational and has not made any disbursements since late 2014.Yemen will require significant international assistance during and after the protracted conflict to stabilize its economy. Long-term challenges include a high population growth rate, high unemployment, declining water resources, and severe food scarcity.

GDP (purchasing power parity):
$73.45 billion (2016 est.) $76.68 billion (2015 est.) $106.6 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 97
[see also: GDP country ranks ]

GDP (official exchange rate):
$31.33 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-4.2% (2016 est.) -28.1% (2015 est.) -0.2% (2014 est.)
country comparison to the world: 216
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$2,500 (2016 est.) $2,700 (2015 est.) $3,900 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 198
[see also: GDP - per capita country ranks ]

Gross national saving:
-2.9% of GDP (2016 est.) -3.7% of GDP (2015 est.) 6.2% of GDP (2014 est.)
country comparison to the world: 178
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 101.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 10.9%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 7.5%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -5.9%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 0.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -15.1% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 23.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 8.9%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 67.5% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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, leather goods; food processing; handicrafts; aluminum products; cement; commercial ship repair; natural gas production

Industrial production growth rate:
-27% (2016 est.)
country comparison to the world: 202
[see also: Industrial production growth rate country ranks ]

Labor force:
7.47 million (2016 est.)
country comparison to the world: 64
[see also: Labor force country ranks ]

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.) 35% (2003 est.)
country comparison to the world: 183
[see also: Unemployment rate country ranks ]

Population below poverty line:
54% (2014 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.6%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 30.3% (2008 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
37.9 (2009 est.) 37.3 (1999 est.)
country comparison to the world: 75
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $1.766 billion
[see also: Budget revenues country ranks ]
expenditures: $5.628 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
5.6% of GDP (2016 est.)
country comparison to the world: 216
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-12.3% of GDP (2016 est.)
country comparison to the world: 206
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
92.2% of GDP (2016 est.) 86.3% of GDP (2015 est.)
country comparison to the world: 21
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
31.5% (2016 est.) 28.8% (2015 est.)
country comparison to the world: 222
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
NA%
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
27% (31 December 2016 est.) 25% (31 December 2015 est.)
country comparison to the world: 9
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$3.31 billion (31 December 2016 est.) $4.993 billion (31 December 2015 est.)
country comparison to the world: 114
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$16.02 billion (31 December 2014 est.) $14.04 billion (31 December 2013 est.)
country comparison to the world: 96
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$6.82 billion (31 December 2016 est.) $10.23 billion (31 December 2015 est.)
country comparison to the world: 115
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$1.92 billion (2016 est.) -$2.065 billion (2015 est.)
country comparison to the world: 146
[see also: Current account balance country ranks ]

Exports:
$124.3 million (2016 est.) $1.364 billion (2015 est.)
country comparison to the world: 193
[see also: Exports country ranks ]

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

Exports - partners:
China 24.5%, UAE 16.5%, South Korea 10%, Saudi Arabia 10%, Kuwait 9.1%, India 8.5% (2015)

Imports:
$3.624 billion (2016 est.) $4.793 billion (2015 est.)
country comparison to the world: 131
[see also: Imports country ranks ]

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

Imports - partners:
UAE 20.9%, China 14.3%, Saudi Arabia 9.9%, Kuwait 7.4%, India 4.6% (2015)

Reserves of foreign exchange and gold:
$639.6 million (31 December 2016 est.) $1.978 billion (31 December 2015 est.)
country comparison to the world: 137
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$7.661 billion (31 December 2016 est.) $7.697 billion (31 December 2015 est.)
country comparison to the world: 121
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$NA
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
Yemeni rials (YER) per US dollar - 284.9 (2016 est.) 228 (2015 est.) 228 (2014 est.) 214.89 (2013 est.) 214.35 (2012 est.)


NOTE: The information regarding Yemen on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Yemen Economy 2017 information contained here. All suggestions for corrections of any errors about Yemen Economy 2017 should be addressed to the CIA.




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