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  Yemen /
Economy
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Key figures
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GDP: US$55.3 billion
GDP/capita: US$2,400 (World rank: 177)
GDP/sector: Agriculture 17%, Industry 40%, Services 43%
Foreign debts: US$4.7 billion (2001)
Foreign debts/GDP: 54%
Foreign debts/capita: US$240
Annual growth in GDP: 4% (2001)
Trade balance: +30%
Export products: Crude oil, coffee, dried and salted fish.
Annual inflation rate: 10%
Official unemployment: 30%
Population below poverty line: Not available
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International rankings
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Corruption: 141 of 180 countries
Investment friendly: 98 of 181 countries
Economic freedom: 103 of 179
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Value of Currency
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1997:
US$1=129 Rials
1998:
US$1=136 Rials
1999:
US$1=156 Rials
2000:
US$1=162 Rials
2001:
US$1=169 Rials
2003:
US$1=177 Rials
Sep. 2008:
US$1=199 Rials
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Yemen is by all respects a poor country, and today it is totally dependent on remittances sent from Yemenis working abroad. Yemen has little industry, but there are positive mineral prospects in the south.
Yemen's north has only agriculture as an economic base. The little there is of industry is only producing for a domestic market. Yemen has some mineral industries but few efforts have been put into exploitation, due to heavy needs of investments, and only medium prospects for profits.
Some mountain areas offer quite good conditions for life, thanks to the good conditions for agriculture. Despite the general lack of modern goods (bad roads, few cars, few telephones and TV-sets, etc.), this part of Yemen is well endowed from nature's side, and famine and drought is as good as nonexisting.
Yemen's south (from the city of Aden and up the coast in direction of Oman) is by far poorer than the north, but represents the promising aspects for the future. Many expect that there will be large finds of petroleum and other minerals in the future. These prospects were the main reason for the southern part to want to break free from north in 1994, a disagreemt that lead to the civil war of 1994.
© Copyright 1996-2009 LookLex Ltd. All rights reserved
By: Tore Kjeilen
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