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Economy of Yemen

Yemen is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Yemen may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Yemen exports around $6.69 billion and imports roughly $10.97 billion. 13.8% of population in the country are unemployed. The total number of unemployed people in Yemen is 3,990,309. In Yemen, 45.2% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Yemen is very high when compared with other nations. This situation is indicative of a variety of alarming economic and political factors. It is not advisable to make any investments in countries with this level of poverty. Government expenditure on education is 5.2% of GDP. The Gini Index of the country is 37.7. Yemen is experiencing good equality. The majority of citizens in Yemen fall within a narrow range of income, although some cases may show significant differences. Yemen has a Human Development Index (HDI) of 0.5. Yemen has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Yemen is 2.751.

Currency

The currency of Yemen is Yemeni rial. The plural form of the word Yemeni rial is rials. The symbol used for this currency is ﷼, and it is abbreviated as YER. The Yemeni rial is divided into Fils; there are 100 in one rial.

Credit rating

Credit rating is the extent to which international investors trust a country in paying debts and upholding the country's obligations in terms of crediting. There is no information on the credit rating of Yemen.

Central bank

In Yemen, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of Yemen. Locally, the central bank of Yemen is called البنك المركزي اليمني. The average deposit interest rate offered by local banks in Yemen is 15.3%.

Public debt

Yemen has a government debt of 42.5% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Yemen is set at 20%. Personal income tax ranges from 10% to 15%, depending on your specific situation and income level. VAT in Yemen is 2%, and it is known as General Sales Tax.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Yemen is $104008 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Yemen was last recorded at $4 million. PPP in Yemen is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Yemen is 34,714 billion. Based on this statistic, Yemen is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Yemen was last recorded at $1 million. The average citizen in Yemen has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Yemen averaged 1.9% in 2014. According to this percentage, Yemen is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Yemen.

Industry

Major industries in the country are crude oil production and petroleum refining, small-scale production of cotton textiles, leather goods, food processing, handicrafts, aluminum products, cement, commercial ship repair, natural gas production. The total labor force of Yemen is 6,436,880 people, wherein 13.8% of population in the country are unemployed. The total number of unemployed people in Yemen is 3,990,309. The Industrial Production growth rate of Yemen is 9%.To read more about industrial information within Yemen click on industry of Yemen.

Agriculture

There are 15364 km2 of arable land in Yemen, and it comprises 3% of the country's total territory. There are 16684 km2 of cultivated land in Yemen. The country's major agricultural crops and products are grain, fruits, vegetables, pulses, qat, coffee, cotton, dairy products, livestock, poultry, fish.To read more about agriculture click on agriculture of Yemen.