Yemen Economic Forecast

Yemen Economic Outlook

June 7, 2022

The economy was given some breathing room in recent weeks. The two-month truce brokered by the UN that was due to expire in early June was extended for a further two months, which bodes well for activity. Moreover, in early April, the World Bank approved an additional USD 300 million grant, which will benefit over 9 million citizens through social protection programs. Additionally, Saudi Arabia is set to make the final USD 174 million payment of its 2018 deposit, which totals USD 2 billion and aims to support Yemen’s currency. However, the USD 33 million raised at the UN’s emergency fundraiser fell way short out of the USD 144 million needed to unload the oil tanker moored off the coast. As a result, the risk of an oil spill and subsequent environmental damage remains.

Yemen Economic Growth

Economic activity is set to remain in a dire state. The currency crisis and disjointed economic policies in the country’s divided regions continue to weigh on the outlook. The fallout from the war in Ukraine will exacerbate spiraling food prices and food insecurity, pushing more people to the brink of hunger at a time when aid is running dry. FocusEconomics panelists project the economy to expand 1.1% in 2022, which is unchanged from last month’s forecast, and 1.9% in 2023.

Yemen Economy Data

2015 2016 2017 2018 2019
Population (million)28.329.130.030.831.6
GDP per capita (USD)943849806866-  
GDP (USD bn)26.724.724.226.7-  
Economic Growth (GDP, annual variation in %)-30.5-14.6-10.0-1.3-  
Fiscal Balance (% of GDP)-10.0-9.2-5.3-6.3-  
Public Debt (% of GDP)65.579.684.364.8-  
Inflation Rate (CPI, annual variation in %)22.021.330.427.614.7
Policy Interest Rate (%)15.0015.0015.0027.0027.00
Exchange Rate (vs USD)215.2250.2250.3250.2250.4
Exchange Rate (vs USD, aop)215.0241.0250.3250.2250.2
Current Account (% of GDP)-9.8-3.6-0.2-1.9-  
Current Account Balance (USD bn)-2.6-0.90.0-0.5-1.2
Trade Balance (USD billion)-6.1-6.5-6.1-7.0-8.9
Exports (USD billion)0.50.40.90.40.5
Imports (USD billion)6.66.96.97.49.3
Exports (annual variation in %)-81.7-15.2121-50.25.1
Imports (annual variation in %)-45.54.80.67.125.8
International Reserves (USD)2.01.0-  -  -  
External Debt (% of GDP)27.428.529.826.4-  

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Yemen Facts

Value Change Date
Exchange Rate250.40.0 %Dec 31
Stock Market0.60.0 %Dec 31

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