Yemen Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

low-income Middle Eastern economy; infrastructure, trade, and economic institutions devastated by civil war; oil/gas-dependent but decreasing reserves; massive poverty, food insecurity, and unemployment; high inflation

Real GDP (purchasing power parity)

$73.63 billion (2017 est.)

$78.28 billion (2016 est.)

$90.63 billion (2015 est.)

note: data are in 2017 dollars

Real GDP growth rate

-5.9% (2017 est.)

-13.6% (2016 est.)

-16.7% (2015 est.)

Real GDP per capita

$2,500 (2017 est.)

$2,700 (2016 est.)

$3,200 (2015 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$54.356 billion (2018 est.)

Inflation rate (consumer prices)

24.7% (2017 est.)

-12.6% (2016 est.)

GDP - composition, by sector of origin

agriculture: 20.3% (2017 est.)

industry: 11.8% (2017 est.)

services: 67.9% (2017 est.)

GDP - composition, by end use

household consumption: 116.6% (2017 est.)

government consumption: 17.6% (2017 est.)

investment in fixed capital: 2.2% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 7.5% (2017 est.)

imports of goods and services: -43.9% (2017 est.)

Agricultural products

mangoes/guavas, potatoes, sorghum, onions, milk, poultry, watermelons, grapes, oranges, bananas

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

-5.23% (2018 est.)

Labor force

7.299 million (2021 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

13.57% (2021 est.)

13.39% (2020 est.)

13.06% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 25.5%

male: 24.3%

female: 36.3% (2021 est.)

Population below poverty line

48.6% (2014 est.)

Gini Index coefficient - distribution of family income

36.7 (2014 est.)

Household income or consumption by percentage share

lowest 10%: 2.6%

highest 10%: 30.3% (2008 est.)

Budget

revenues: $2.207 billion (2019 est.)

expenditures: $3.585 billion (2019 est.)

Budget surplus (+) or deficit (-)

-5.2% (of GDP) (2017 est.)

Public debt

74.5% of GDP (2017 est.)

68.1% of GDP (2016 est.)

Taxes and other revenues

9% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$2.419 billion (2016 est.)

Exports

$384.5 million (2017 est.)

$940 million (2016 est.)

Exports - partners

China 53%, Saudi Arabia 10%, United Arab Emirates 7%, Australia 5% (2019)

Exports - commodities

crude petroleum, gold, fish, industrial chemical liquids, scrap iron (2019)

Imports

$4.079 billion (2017 est.)

$3.117 billion (2016 est.)

Imports - partners

China 25%, Turkey 10%, United Arab Emirates 9%, Saudi Arabia 8%, India 7% (2019)

Imports - commodities

wheat, refined petroleum, iron, rice, cars (2019)

Reserves of foreign exchange and gold

$946.047 million (31 December 2020 est.)

$1.414 billion (31 December 2019 est.)

$2.334 billion (31 December 2018 est.)

Debt - external

$7.181 billion (31 December 2016 est.)

$6.805 billion (2018 est.)

Exchange rates

Yemeni rials (YER) per US dollar -

1,035.467 (2021 est.)

743.006 (2020 est.)

486.731 (2019 est.)

214.89 (2018 est.)

282.195 (2017 est.)

NOTE: The information regarding Yemen on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Yemen 2023 information contained here. All suggestions for corrections of any errors about Yemen 2023 should be addressed to the CIA or the source cited on each page.