Economy of Mauritania

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Economy of Mauritania
Currency	Ouguiya
Fiscal year	Calendar Year
Trade organisations	AU, WTO
Statistics [1]
GDP ranking	153rd (2004) [2]
GDP	$5.534 billion (2004)
GDP growth	3% (2004)
GDP per capita	$1,800 (2004)
GDP by sector	agriculture (25%), industry (29%), services (46%) (2001)
Inflation	7% (2003)
Pop below poverty line	40% (2004)
Labour force	786,000 (2001)
Labour force by occupation	agriculture (50%), industry (10%), services (40%) (2001)
Unemployment	20% (2004)
Main industries	fish processing, mining of iron ore and gypsum
Trading Partners [3]
Exports	$541 million (2002)
Export - Commodities	iron ore, fish and fish products, gold
Main partners	Japan 13%, France 10.9%, Spain 9.6%, Italy 9.5%, Germany 8.7%, Belgium 7.4%, the People's Republic of China 5.8%, Russia 4.8%(2004)
Imports	$860 million (2002)
Imports - Commodities	machinery and equipment, petroleum products, capital goods, foodstuffs, consumer goods
Main Partners	France 14.5%, U.S. 7.7%, the People's Republic of China 7.4%, Spain 5.9%, Belgium 4.3%, UK 4.3% (2004)
Public finances [4]
Public debt	N/A (2004)
Revenues	$421 million (2002)
Expenses	$378 million (2002)
Economic aid	$220 million (recipient)(2000)

Economy - overview: A majority of the population still depends on agriculture and livestock for a livelihood, even though most of the nomads and many 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 almost 50% of total exports. The decline in world demand for this ore, however, has led to cutbacks in production. With the current rises in metal prices, gold and copper mining companies are opening mines in the interior. 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 recent years, drought and economic mismanagement have resulted in a buildup of foreign debt. In March 1999, the government signed an agreement with a joint World Bank-IMF mission on a $54 million enhanced structural adjustment facility (ESAF). The economic objectives have been set for 1999-2002. Privatization remains one of the key issues.

[edit] Macro-economic trend

This is a chart of trend of gross domestic product of Mauritania at market prices estimated by the International Monetary Fund with figures in millions of Mauritanian Ougulyas.

Year	Gross Domestic Product	US Dollar Exchange	Inflation Index (2000=100)
1980	37,211	45.93 Ougulyas	23
1985	60,197	77.07 Ougulyas	36
1990	97,819	80.64 Ougulyas	52
1995	158,443	129.76 Ougulyas	73
2000	258,245	240.00 Ougulyas	100
2005	514,642	265.55 Ougulyas	144

Current GDP per capita of Mauritania grew 82% in the Sixties reaching a peak growth of 166% in the Seventies. But this proved unsustainable and growth consequently scaled back to 14% in the Eighties. Finally, it shrank by 29% in the Nineties.