Economy - overview:
Yemen, one of the poorest countries in the Arab world, reported average annual growth in the range of 3-4% from 2000 through 2007. In 2008, growth declined slightly as the price of oil dropped and the slowing global economy reduced demand for oil. Yemen's economic fortunes depend mostly on declining oil resources, but the country is trying to diversify its earnings. In 2006, Yemen began an economic reform program designed to bolster non-oil sectors of the economy and foreign investment. As a result of the program, international donors pledged about $5 billion for development projects. A liquefied natural gas facility is scheduled to open in 2009. Yemen has limited exposure to the international financial system and no capital markets, however, the global financial crisis probably will reduce international aid in 2009.
GDP (purchasing power parity):
$55.41 billion (2008 est.) country comparison to the world: 86 $53.69 billion (2007 est.)
$51.87 billion (2006 est.)
note: data are in 2008 US dollars
GDP (official exchange rate):
$26.91 billion (2008 est.)
GDP - real growth rate:
3.2% (2008 est.) country comparison to the world: 118 3.5% (2007 est.)