Invest in Yemen - Key Economic Statistics


 
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Key Economic Statistics

Overview

The World Bank predicts that investment will grow in Yemen particularly as the new gas project awarded to the Yemen Gas Consortium (French, Japanese and U.S. companies) comes on stream. The proven natural gas reserves in the country are sufficient to produce and export 6.7 million metric tons of [LNG] per annum (mmtpa) for at least the next 20 years to its long-term international customers. Additional investments in the Marib Power Plant and Aden Free Zone will bring investment over the short term. Direct foreign investment in Yemen could surpass US$ 2 billion by 2020 and is likely to include a range of industries beyond natural resources as the country seeks out practically diversifying FDI.
http://www.giay.org//userfiles/image/Direct-Foreign-Investment-in-five-years.jpg
Source: World Bank calculations
 
The Government continuous effort to improve Yemen  economic performance has been paying off and several indicators point out towards overall progress:
 
Overall Economic Growth
Positive Forecasts:
Economist Intelligence Unit forecasts growth in real GDP, as well as in GDP per head by 2011. Moreover, real GDP growth per head is forecasted to be on the rise in 2010

  2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
GDP (Real Change Pa) 4.40 4.60 3.90 3.10 4.00 4.57 3.20 3.50 3.20 3.80 5.00 2.60
Nominal GDP (USS at PPP) 3.37 36.48 40.07 41.80 43.43 49.29 50,52 55.88 58.91 61.90 65.86 68.30
Real GDP 216,810,60 226,783,00 235,627,00 242,932,00 252,641,00 264,185,00 272,514,00 281,944,00 291,058,00 302,247,00 317,384,00 325,555,00
Source: Economist Intelligence Unit 2010
 
Non-Hydrocarbon Growth: According to the International Monetary Fund, Yemen recorded an average non-hydrocarbon growth rate of 5.5 percent per annum over 2004-2008, which was largely driven by agriculture, urban, services, and construction. Overall real GDP growth remains lower, averaging about 4 percent a year, due to the sharp contraction of oil output estimated at an average of about 6.5 percent per annum over the same period.
Composition of GDP, by Sector, 1991-2004
 
 
Share in GDP
1991-1995
1996-2000
2001-2004
GDP
100.00
100.00
100.00
Oil sector
12.8
16.0
14.5
Non-oil sector
87.2
84.0
85.5
Agriculture
23.9
22.3
21.1
Industry
14.5
14.5
13.9
Services
48.8
47.2
50.4
 
Source: Yemen Development Policy Review, World Bank 2006
 
Decreasing inflation: Inflation has been decreasing since 2006 when it reached 18.39% to 8.8% in 2009.
Year
2001
2002
2003
2004
2005
2006
2007
 2008
2009
Inflation
11.9
12.2 10.8 12.5
11.4
18.39
12.6
10.7
8.8
 

 Source: Central Bank of Yemen

Satisfactory External Position:
The Government has been maintaining a managed floating exchange rate system, and monetary policy has focused on exchange rate stability and control of excess liquidity in the banking system. The Rial has remained steady against the US$, which has helped mitigate inflation. In addition, gross official reserves are estimated to remain at the 2007 levels of around US$7billion in 2008, providing a substantial cushion of imports.
 
Trade:
Much in line with Yemen's GDP growth and foreign direct investment, bilateral and multilateral trade has, since 2000, been notably positive. Exports have more than doubled since 2001 and imports have more than tripled. Overall there is a clear trend over the years illustrating an increase in global trade, particularly with China, India and the UAE.
http://www.snono.net/userfiles/image/Trade.jpg
 
Top 10 Countries Exporting to Yemen in 2008
Top 10 Countries Importing from Yemen in 2008
Country
%
Value (US$ Million)
Country
%
Value (US$ Million)
U . A . E
28.9
3,032
CHINA
32.8
2,370
CHINA
6.98
732
THAILAND
25.11
1,815
SAUDI ARABIA
6.71
703
INDIA
8.34
602
KUWAIT
6.41
673
U . A . E
7.89
570
INDIA
3.92
411
SOUTH KOREA
6.61
477
U. S. A
3.85
403
SOUTH AFRICA
2.89
208
HOLLAND
3.84
402
KUWAIT
2.61
188
SWITZERLAND
3.34
350
SWITZERLAND
2.57
185
AUSTRALIA
2.78
291
SAUDI ARABIA
2.01
145
MALAYASIA
2.19
230
MALAYASIA
1.49
107
 Source: Central Statistics Organization in Yemen
 
There's a clear trend over the years that shows an increase in Imports and Exports numbers with China, India and the UAE except in 2007 where China's Exports decrease.
 
Country
2005
2006
2007
Exports
Imports
Exports
Imports
Exports
Imports
UAE
180,357,000,000
778,506,000,000
307,576,000,000
1,006,634,000,000
420,341,000,000
1,618,877,000,000
China
79,305,000
14,727,000
194,633,000
57,252,000
145,947,000
76,504,000
India
111,517.43
83,535.94
149,165.73
103,090.53
185,735.24
126,414.05
 

 

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