Economy of Mauritania

Economy of Mauritania

Nouakchott
Currency	Ouguiya (MRU, UM)
Fiscal year	Calendar Year
Trade organisations	AU, AfCFTA, AfDB, CEN-SAD, WTO, Group of 77
Statistics
GDP	$10.966 billion (nominal, 2023 est.)[1] $32.948 billion (PPP, 2023 est.)[1]
GDP growth	2.0% (2016) 3.0% (2017) 3.6% (2018e) 6.7% (2019f)[2]
GDP per capita	$2,475 (nominal, 2023 est.)[1] $7,437 (PPP, 2023 est.)[1]
GDP by sector	agriculture (14.9%) industry (48.0%) services (37.1%) (2012 est.)
Inflation (CPI)	3.053% (2018 est.)[1]
Population below poverty line	40% (2004 est.)
Gini coefficient	39 (2000)
Human Development Index	0.556 low (2021)[3] (158st) 0.358 IHDI (2018)[4]
Labour force	1.318 million (2007)
Labour force by occupation	agriculture (50.0%) industry (2%) services (48%) (2001 est.)
Unemployment	30% (2008 est.)
Main industries	mining (iron ore, gold, copper, gypsum), petroleum, fish processing
External
Exports	$4.14 billion (2021)
Export goods	iron ore, petroleum, gold, copper, gypsum, fish
Main export partners	China 42.5%  Spain 9.39%  Canada 8.13%  Turkey 6.72%  Japan 6.1%  Italy 5.1%  Germany 2.58%  Australia 3.36%  Cote d'Ivoire 2.55%  Russia 1.18% (2021)[5]
Imports	$4.72 billion (2021)
Import goods	machinery, petroleum products, food
Main import partners	China 20.1%  Turkey 11.8%  France 7.98%  United Arab Emirates 6.53%  Indonesia 5.72%  Spain 4.57%  USA 3.07%  Belgium 2.93%  Netherlands 2.33% (2021)[6]
Gross external debt	$2.897 billion (31 December 2012 est.)
Public finances
Revenues	$1.143 billion (2012 est.)
Expenses	$1.263 billion (2012 est.)
All values, unless otherwise stated, are in US dollars.

The economy of Mauritania is still largely based on agriculture, slave labour and livestock, even though most of the nomads and many subsistence farmers were forced into the cities by recurring 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 rise 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 deep water 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-International Monetary Fund 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.