Mauritania Economy Profile 2009

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. Before 2000, drought and economic mismanagement resulted in a buildup of foreign debt. In February 2000, Mauritania qualified for debt relief under the Heavily Indebted Poor Countries (HIPC) initiative and nearly all of its foreign debt has since been forgiven. In December 2007 donors pledged $2.1 billion at a triennial Consultative Group review. A new investment code approved in December 2001 improved the opportunities for direct foreign investment. Mauritania and the IMF agreed to a three-year Poverty Reduction and Growth Facility (PRGF) arrangement in 2006 and Mauritania made satisfactory progress, but IMF and World Bank suspended their programs in Mauritania following the August 2008 coup; following the July 2009 Presidential elections, the IMF and World Bank agreed to meet with the Goverment to discuss a resumption. Oil prospects, while initially promising, have largely failed to materialize. The Government continues to emphasize reduction of poverty, improvement of health and education, and privatization of the economy.

GDP (purchasing power parity)

$6.308 billion (2008 est.)
$6.094 billion (2007 est.)
$6.034 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$3.161 billion (2008 est.)

GDP - real growth rate

3.5% (2008 est.)
1% (2007 est.)
11.4% (2006 est.)

GDP - per capita (PPP)

$2,100 (2008 est.)
$2,000 (2007 est.)
$2,100 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 12.5%
industry: 46.7%
services: 40.7% (2008 est.)

Population below poverty line

40% (2004 est.)

Labor force

1.318 million (2007)

Labor force - by occupation

agriculture: 50%
industry: 10%
services: 40% (2001 est.)

Unemployment rate

30% (2008 est.)
20% (2004 est.)

Household income or consumption by percentage share

lowest 10%: 2.5%
highest 10%: 29.5% (2000)

Distribution of family income - Gini index

39 (2000)
37.3 (1995)

Budget

revenues: $770 million
expenditures: $770 million (2007 est.)

Inflation rate (consumer prices)

7.3% (2007 est.)

Central bank discount rate

NA% (31 December 2008)
12% (31 December 2007)

Stock of money

$NA (31 December 2008)

Stock of quasi money

$NA (31 December 2008)

Stock of domestic credit

$NA (31 December 2008)

Industries

fish processing, oil production, mining of iron ore, gold, and copper; gypsum deposits have never been exploited

Industrial production growth rate

2% (2000 est.)

Electricity - production

412.3 million kWh (2006 est.)

Electricity - production by source

fossil fuel: 85.9%
hydro: 14.1%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

383.4 million kWh (2006 est.)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

14,990 bbl/day (2007 est.)

Oil - consumption

19,320 bbl/day (2006 est.)

Oil - imports

23,630 bbl/day (2005)

Oil - exports

14,990 bbl/day (2007 est.)

Oil - proved reserves

100 million bbl (1 January 2008 est.)

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

0 cu m (2007 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

0 cu m (2007 est.)

Natural gas - proved reserves

28.32 billion cu m (1 January 2008 est.)

Current Account Balance

-$184 million (2007 est.)

Agriculture - products

dates, millet, sorghum, rice, corn; cattle, sheep

Exports

$1.395 billion (2006)

Exports - commodities

iron ore, fish and fish products, gold, copper, petroleum

Exports - partners

China 39.9%, France 10.4%, Spain 7.1%, Italy 7%, Netherlands 5.5%, Belgium 4.8%, Cote d'Ivoire 4.1% (2008)

Imports

$1.475 billion (2006)

Imports - commodities

machinery and equipment, petroleum products, capital goods, foodstuffs, consumer goods

Imports - partners

France 16.3%, China 8.4%, Netherlands 6.2%, Spain 5.9%, Belgium 5.2%, US 4.9%, Brazil 4.4% (2008)

Debt - external

$NA

Market value of publicly traded shares

$NA

Economic aid - recipient

$190.4 million (2005)

Currency (code)

MRO

Currency (code)

ouguiya (MRO)

Exchange rates

ouguiyas (MRO) per US dollar - NA (2007), 271.3 (2006), 267.04 (2005), 265.8 (2004), 263.03 (2003)

Fiscal year

calendar year