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October 16, 2007

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Country Analysis Brief: Yemen

Yemen’s economy is highly dependent on oil production, with the country’s oil exports accounting for around 85 percent of export revenues and 33 percent of gross domestic product (GDP). In 2006, around 240,000 barrels per day (bbl/d) of oil was exported, primarily to Asian markets, including China, India, and Thailand. Recent high oil prices have increased Yemen’s hard currency receipts and remittances from Yemeni workers in other Persian Gulf countries. Nonetheless, Yemen continues to be the Middle East’s poorest county with a 2006 GDP per capita of US$ 880 according to the World Bank. Inflation was an average of 15.5 percent in 2006, partially resulting from the deteriorating value of the U.S. dollar.

More information about Yemen is available at Energy Information Administration web site.