Economy of Mauritania
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%
Per Capita
USD 2,600
From Agriculture
25%
From Industry
29%
From Services
46%
Labour Force
Available for Work
Unknown
Working in Agriculture
0%
Working in Industry
0%
Working in Services
0%
Unemployment Rate
0%
Population Below Poverty Line
40%
Inflation Rate
7%
Investment as Percent of GDP
0%
Budget
Revenues
USD 421 (m)
Expenditures
USD 378 (m)
Public Debt
US$ 0.00 (m)
Agricultural Products
Dates, millet, sorghum, rice, corn; cattle, sheep
Core Industries
Fish processing, mining of iron ore and gypsum
Exports
Value
USD 784 (m)
Commodities
Iron ore, fish and fish products, gold
Partners
Machinery and equipment, petroleum products, capital goods, foodstuffs, consumer goods
Imports
Value
USD 1,124 (m)
Commodities
Machinery and equipment, petroleum products, capital goods, foodstuffs, consumer goods
Partners
France 11.9%, China 8.2%, US 6.8%, Belgium 6.7%, Italy 5.9%, Spain 5.5%, Brazil 4.1% (2006)
External Debt
USD 2,500 (m)
Fiscal Year
Calendar Year