Yemen : Economic Monitoring Report
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Decelerating Gross Domestic Product, or
GDP growth widening primary non-oil fiscal deficit
persisting double digit inflation and rapidly dwindling
current account surpluses characterize the weaknesses in the
Yemeni economy. Decline in oil production is proving to be
an important turning point in Yemen s economic development.
With the annual growth of GDP projected around percent for
the second year in a row Yemen s per capita GDP is set to
decline again in 2005. Underlying primary non-oil fiscal
deficit continued to widen to 27 percent of GDP in 2004,
reflecting the poor resource mobilization efforts. Inflation
has persisted near 12 percent annual rate in the last two
years and the inevitable revisions to petroleum prices and
introduction of general sales tax will call for tighter
monetary management to contain inflation in 2005. The
buffer of foreign exchange reserves that the government has
built to US $ 5 billion from high oil prices by end 2004
(some months of imports equivalent), could only provide a
temporary cushion against erosion of current account balance.
Palabras clave
ADVERSE EFFECTS, ADVERSE IMPACT, AGRICULTURE, BALANCE OF PAYMENTS, BANK OFFICE, BORROWING, BORROWING STRATEGY, BROAD MONEY, BUDGET DEFICIT, BUSINESS ACTIVITY, BUSINESS COMMUNITY, CANCER, CAPITAL GOODS, CASH TRANSFER, CENTRAL BANK, COMPETITIVENESS, COMPLEX TASK, CONSUMER PRICE INDEX, CORRUPTION, CPI, CREDITORS, CURRENT ACCOUNT, CURRENT ACCOUNT BALANCE, CURRENT ACCOUNT SURPLUSES, DAMAGES, DEBT, DEBT OUTSTANDING, DEBT SERVICE, DEBT SERVICE RATIO, DEBT STOCK, DEPOSITS, DEVELOPMENT CAPITAL, DISBURSEMENTS, DOMESTIC PRICES, ECONOMIC DEVELOPMENT, ECONOMIC GROWTH, ECONOMIC OPPORTUNITIES, EDUCATION DEVELOPMENT, EMPLOYER, ENFORCEMENT POWERS, ENROLLMENT, ENROLLMENTS, EXCHANGE RATE, EXPENDITURE, EXPENDITURES, EXPORT MARKETS, EXPORTERS, EXPORTS, EXTERNAL DEBT, FAMILIES, FINANCIAL MANAGEMENT, FINANCIAL MARKETS, FINANCIAL SECTOR, FINANCIAL SUPPORT, FINANCIAL SYSTEM, FINANCING ARRANGEMENT, FISCAL DEFICIT, FISCAL POLICY, FISCAL REFORMS, FISHERIES, FISHING, FOOD PRICES, FOREIGN CURRENCIES, FOREIGN CURRENCY, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN EXCHANGE RESERVES, GDP, GDP DEFLATOR, GDP PER CAPITA, GENDER, GENDER EQUALITY, GENDER GAP, GOVERNMENT BUDGET, GOVERNMENT FINANCE, GOVERNMENT POLICY, GROSS NATIONAL SAVINGS, HOLDINGS, HUMAN CAPITAL, HUMAN RESOURCES, ILLITERACY, IMPORT DUTIES, INCOME, INCOME GROUP, INDEBTED COUNTRIES, INDEBTED COUNTRY, INDEBTEDNESS, INFLATION, INSTITUTIONAL ENVIRONMENT, INTEREST PAYMENTS, INVESTMENT CLIMATE, INVESTMENT REGULATIONS, JOB CREATION, LABOR FORCE, LABOR MARKET, LIFE EXPECTANCY, MACROECONOMIC MANAGEMENT, MARKET PRICE, MICROFINANCE, MONETARY POLICY, NATIONAL SAVINGS, NEW BUSINESS, OIL, OIL PRICE, OIL PRICES, OIL SECTOR, PENSION, PENSION FUND, POLICY ENVIRONMENT, PORTFOLIO, PRESENT VALUE, PRINCIPAL REPAYMENTS, PRIVATE CONSUMPTION, PRIVATE CREDITORS, PRIVATE INVESTMENT, PROFITABILITY, PROPERTY RIGHTS, REAL GDP, REGULATORY ENVIRONMENT, REMITTANCE, RESOURCE USE, SAFETY NET, SECURITIES, SHORT TERM DEBT, SOCIAL FUND, SOCIAL PROTECTION, SOCIAL SAFETY NET, SOCIAL WELFARE, SOURCE OF INCOME, STRUCTURAL ADJUSTMENT, SWAP, TAX, TAX REVENUES, TAX STRUCTURE, TECHNICAL ASSISTANCE, TERMS OF TRADE, TOTAL DEBT, TRADE POLICY, TRANSPARENCY, TRANSPORTATION SERVICES, UNDERDEVELOPED FINANCIAL SYSTEM, WAGES