Yemen Economy - 2024

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.)

Unemployment rate

13.57% (2021 est.)
13.39% (2020 est.)
13.06% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 25.5% (2021 est.)

male: 24.3%

female: 36.3%

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.)

Remittances

12.04% of GDP (2016 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.)
-$1.868 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

$6.805 billion (2018 est.)
$7.181 billion (31 December 2016 est.)

Exchange rates

Yemeni rials (YER) per US dollar -

Exchange rates:
1,035.467 (2021 est.)
743.006 (2020 est.)
486.731 (2019 est.)
214.89 (2018 est.)
282.195 (2017 est.)