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Yemen Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Yemen Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

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. The conflict has also created a severe humanitarian crisis - the world’s largest cholera outbreak currently at nearly 1 million cases, more than 7 million people at risk of famine, and more than 80% of the population in need of humanitarian assistance.Prior to the start of the conflict in 2014, Yemen was highly dependent on declining oil and gas 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 tried to diversify the Yemeni economy through a reform program designed to bolster non-oil sectors of the economy and foreign investment. 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 and ongoing fighting continues to accelerate the country’s economic decline. In September 2016, President HADI announced the move of the main branch of Central Bank of Yemen from Sanaa to Aden where his government could exert greater control over the central bank’s dwindling resources. Regardless of which group controls the main branch, the central bank system is struggling to function. Yemen’s Central Bank’s foreign reserves, which stood at roughly $5.2 billion prior to the conflict, have declined to negligible amounts. The Central Bank can no longer fully support imports of critical goods or the country’s exchange rate. The country also is facing a growing liquidity crisis and rising inflation. The private sector is hemorrhaging, with almost all businesses making substantial layoffs. 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):
$68.95 billion (2017 est.) $70.37 billion (2016 est.) $78 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 101

GDP (official exchange rate):
$25.67 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-2% (2017 est.) -9.8% (2016 est.) -28.1% (2015 est.)
country comparison to the world: 211
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$2,300 (2017 est.) $2,400 (2016 est.) $2,800 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 202

Gross national saving:
0.1% of GDP (2017 est.) -4.1% of GDP (2016 est.) -3.7% of GDP (2015 est.)
country comparison to the world: 177
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 121.3%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.5%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 3.7%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -7.8%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 4.2%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -34.8% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 24.1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 14.3%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 61.6% (2017 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:
13.7% (2017 est.)
country comparison to the world: 5
[see also: Industrial production growth rate country ranks ]

Labor force:
7.425 million (2017 est.)
country comparison to the world: 66
[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: 197
[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.)

Distribution of family income - Gini index:
37.9 (2009 est.) 37.3 (1999 est.)
country comparison to the world: 74
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $3.467 billion
[see also: Budget - revenues country ranks ]
expenditures: $5.232 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
13.5% of GDP (2017 est.)
country comparison to the world: 200
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6.9% of GDP (2017 est.)
country comparison to the world: 187
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
135.5% of GDP (2017 est.) 119.1% of GDP (2016 est.)
country comparison to the world: 4
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
20% (2017 est.) 5% (2016 est.)
country comparison to the world: 217
[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:
26% (31 December 2017 est.) 27% (31 December 2016 est.)
country comparison to the world: 10
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$5.542 billion (31 December 2017 est.) $6.718 billion (31 December 2016 est.)
country comparison to the world: 101
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$9.338 billion (31 December 2017 est.) $11.95 billion (31 December 2016 est.)
country comparison to the world: 106
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$3.706 billion (31 December 2017 est.) $4.515 billion (31 December 2016 est.)
country comparison to the world: 133
[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:
-$579 million (2017 est.) -$1.532 billion (2016 est.)
country comparison to the world: 109
[see also: Current account balance country ranks ]

Exports:
$501.2 million (2017 est.) $163.6 million (2016 est.)
country comparison to the world: 174
[see also: Exports country ranks ]

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

Exports - partners:
Egypt 26%, Saudi Arabia 15.4%, Oman 11.3%, Malaysia 9.8%, Thailand 5.8%, UAE 4.9% (2016)

Imports:
$4.573 billion (2017 est.) $3.117 billion (2016 est.)
country comparison to the world: 126
[see also: Imports country ranks ]

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

Imports - partners:
UAE 12.8%, China 12%, Turkey 8%, Saudi Arabia 8%, Indonesia 6.8%, Brazil 6.6%, India 4.8% (2016)

Reserves of foreign exchange and gold:
$245.1 million (31 December 2017 est.) $592.6 million (31 December 2016 est.)
country comparison to the world: 156
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$7.252 billion (31 December 2017 est.) $7.181 billion (31 December 2016 est.)
country comparison to the world: 125
[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 - 275 (2017 est.) 214.9 (2016 est.) 214.9 (2015 est.) 228 (2014 est.) 214.89 (2013 est.)


NOTE: 1) The information regarding Yemen on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Yemen Economy 2018 information contained here. All suggestions for corrections of any errors about Yemen Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 28-Feb-18
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