Open Site - Regional: Middle East: Yemen: Business and Economy

Top: Regional: Middle East: Yemen: Business and Economy

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Economy

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Overview

Yemen, one of the poorest countries in the Arab world, reported strong growth in the mid-1990s with the onset of oil production, but has been harmed by periodic declines in oil prices. Yemen has embarked on an IMF-supported structural adjustment program designed to modernize and streamline the economy, which has led to substantial foreign debt relief and restructuring. Aided by higher oil prices in 1999-2000, Yemen worked to maintain tight control over spending and implement additional components of the IMF program. A high population growth rate and internal political dissension complicate the government's task.

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Industries

Crude oil production and petroleum refining; small-scale production of cotton textiles and leather goods; food processing; handicrafts; small aluminum products factory; cement.

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Agriculture - products

Grain, fruits, vegetables, pulses, qat (mildly narcotic shrub), coffee, cotton; dairy products, livestock (sheep, goats, cattle, camels), poultry; fish.