Yemen

Yemen Economy

Yemen's economy in numbers:

Nominal GDP of USD 23.5 billion in 2022.

GDP per capita of USD 707 compared to the global average of USD 10,589.

Average real GDP growth of 6% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2020, services accounted for 48% of overall GDP, manufacturing 9%, other industrial activity 38%, and agriculture 5%. Looking at GDP by expenditure, private consumption accounted for % of GDP in 2020, government consumption 17%, fixed investment 2%, and net exports 81%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2019, manufactured products made up 1% of total merchandise exports, mineral fuels 0%, food 99%, ores and metals 0% and agricultural raw materials 0%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 31% of total merchandise imports, mineral fuels 28%, food 39%, ores and metals 0% and agricultural raw materials 1%, with other goods accounting for 1% of the total. Total exports were worth USD 1 billion in 2021, while total imports were USD 5 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded an average annual decrease of 6.0% in the decade to 2022. To read more about GDP growth in Yemen, go to our dedicated page.

Fiscal policy:

Yemen's fiscal deficit averaged 5.6% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 13.4% in the decade to 2022. For more information on Yemen's unemployment click here.

Inflation:

Inflation averaged 20.6% in the decade to 2022. Go to our Yemen inflation page for extra insight.

Monetary Policy:

Yemen's monetary policy rate ended 2022 at 27.00%, up from 18.00% a decade earlier. See our Yemen monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the rial weakened by 14.2% vs the U.S. dollar. For more info on the rial, click here.
Economic conditions will have remained dire in H1, hurt by the ongoing civil war that has led to one of the world’s worst humanitarian crises; the economy continued to rely on foreign aid and remittances. In addition, the all-important agricultural sector was hit by adverse weather, boding ill for food inflation and availability. Moreover, low tax revenue and the splitting of the country likely impeded authorities from providing reliable public services. Lastly, oil output and exports were probably downbeat in H1 due to blockades. Meanwhile, in early June, the YER plunged to a new record low amid a deepening banking turmoil, potentially sparking social unrest. Moreover, UN aid staff were detained by the Houthis in areas under their control, further hindering prospects of a cease fire.
Projections out to 2033.

7 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 6 expert analysts.

Want to get insight on the economic outlook for Yemen in the coming years? FocusEconomics collects projections out to 2033 on 7 economic indicators for Yemen from a panel of 6 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Yemen economy. To download a sample report on the Yemen's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page .

Yemen Economic Data

2019 2020 2021 2022 2023
Population (million) 31.2 31.9 32.6 33.3 34.1
GDP (USD bn) 21.9 20.2 19.4 23.5 -
GDP per capita (USD) 702 633 594 706 -
GDP (YER bn) 5,464 5,036 4,828 5,889 -
Economic Growth (Nominal GDP, ann. var. %) 1.2 -7.8 -4.1 22.0 -
Economic Growth (GDP, ann. var. %) 1.4 1.2 -1.0 2.0 -
Fiscal Balance (% of GDP) -5.9 -4.5 -0.9 -2.7 -4.5
Public Debt (% of GDP) 91.5 87.0 75.9 65.8 81.1
Inflation (CPI, ann. var. %, aop) 15.4 19.6 26.0 29.1 -
Exchange Rate (YER per USD, eop) 249 249 250 250 250
Exchange Rate (YER per USD, aop) 250 249 249 250 250
Current Account Balance (USD bn) -0.9 -3.2 -2.7 -4.2 -3.5
Current Account Balance (% of GDP) -4.2 -15.6 -14.2 -17.8 -
Merchandise Trade Balance (USD bn) -4.1 -4.3 -4.4 -4.6 -4.8
Merchandise Exports (USD bn) 0.7 0.4 0.7 0.7 0.2
Merchandise Imports (USD bn) 4.7 4.7 5.1 5.3 5.0
Merchandise Exports (ann. var. %) 14.4 -38.0 63.9 4.2 -67.2
Merchandise Imports (ann. var. %) 42.5 -1.0 8.1 4.6 -4.9
Foreign Direct Investment (USD bn) -0.4 0.0 0.0 0.0 0.0
External Debt (USD bn) 7.1 7.1 7.6 7.4 -
External Debt (% of GDP) 32.2 35.2 39.2 31.2 -

Free Sample Report

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