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World > Africa > Mauritania > Economy (Facts)

Mauritania - Economy (Facts)
Economy - overview: Half the population still depends on agriculture and livestock for a livelihood, even though many of the nomads and subsistence farmers were forced into the cities by recurrent droughts in the 1970s and 1980s. Mauritania has extensive deposits of iron ore, which account for nearly 40% of total exports. The nation's coastal waters are among the richest fishing areas in the world, but overexploitation by foreigners threatens this key source of revenue. The country's first deepwater port opened near Nouakchott in 1986. In the past, drought and economic mismanagement resulted in a buildup of foreign debt, which now stands at more than three times the level of annual exports. In February 2000, Mauritania qualified for debt relief under the Heavily Indebted Poor Countries (HIPC) initiative and in December 2001 received strong support from donor and lending countries at a triennial Consultative Group review. A new investment code approved in December 2001 improved the opportunities for direct foreign investment. Ongoing negotiations with the IMF involve problems of economic reforms and fiscal discipline. In 2001, exploratory oil wells in tracts 80 km offshore indicated potential extraction at current world oil prices. Mauritania has an estimated 1 billion barrels of proved reserves. Substantial oil production and exports began in early 2006 and averaged 75,000 barrels per day for the year. Meantime the government emphasizes reduction of poverty, improvement of health and education, and promoting privatization of the economy.
GDP - real growth rate: 14.1% (2006 est.)
GDP (purchasing power parity): $8.124 billion (2006 est.)
GDP (official exchange rate): $1.569 billion (2006 est.)
GDP - per capita (PPP): $2,600 (2006 est.)
GDP - composition by sector: agriculture: 25%
industry: 29%
services: 46% (2001 est.)
Population below poverty line: 40% (2004 est.)
Household income or consumption by percentage share: lowest 10%: 2.5%
highest 10%: 30.2% (2000)
Inflation rate (consumer prices): 7% (2003 est.)
Labor force: 786,000 (2001)
Labor force - by occupation: agriculture: 50%
industry: 10%
services: 40% (2001 est.)
Unemployment rate: 20% (2004 est.)
Budget: revenues: $421 million
expenditures: $378 million; including capital expenditures of $154 million (2002 est.)
Industries: fish processing, mining of iron ore and gypsum
Industrial production growth rate: 2% (2000 est.)
Electricity - production: 176.7 million kWh (2004)
Electricity - consumption: 164.3 million kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 75,000 bbl/day (2006 est.)
Oil - consumption: 24,200 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl (1 January 2005)
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: dates, millet, sorghum, rice, corn; cattle, sheep
Exports: $784 million f.o.b. (2004 est.)
Exports - commodities: iron ore, fish and fish products, gold
Exports - partners: China 26.3%, Italy 11.8%, France 10.2%, Belgium 6.8%, Spain 6.7%, Japan 5.4%, Cote d'Ivoire 4.6% (2006)
Imports: $1.124 billion f.o.b. (2004 est.)
Imports - commodities: machinery and equipment, petroleum products, capital goods, foodstuffs, consumer goods
Imports - partners: France 11.9%, China 8.2%, US 6.8%, Belgium 6.7%, Italy 5.9%, Spain 5.5%, Brazil 4.1% (2006)
Debt - external: $2.5 billion (2000)
Economic aid - recipient: $305.7 million (2002)
Currency: Mauritanian Ouguiya (MRO)
Currency code: MRO
Exchange rates: ouguiyas per US dollar - 271.3 (2006), 267.04 (2005), 265.8 (2004), 263.03 (2003), 271.74 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Relations with U.S.





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