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Djibouti: Economy

Economy Djibouti
Economy - overview:
The economy is based on service activities connected with the country's strategic location and status as a free trade zone in northeast Africa. Two-thirds of the inhabitants live in the capital city, the remainder being mostly nomadic herders. Scanty rainfall limits crop production to fruits and vegetables, and most food must be imported. Djibouti provides services as both a transit port for the region and an international transshipment and refueling center. It has few natural resources and little industry. The nation is, therefore, heavily dependent on foreign assistance to help support its balance of payments and to finance development projects. An unemployment rate of 50% continues to be a major problem. Inflation is not a concern, however, because of the fixed tie of the franc to the US dollar. Per capita consumption dropped an estimated 35% over the last seven years because of recession, civil war, and a high population growth rate (including immigrants and refugees). Faced with a multitude of economic difficulties, the government has fallen in arrears on long-term external debt and has been struggling to meet the stipulations of foreign aid donors. Another factor limiting growth is the negative impact on port activity now that Ethiopia has more trade route options.
GDP:
purchasing power parity - $619 million (2002 est.)
GDP - real growth rate:
3.5% (2002 est.)
GDP - per capita:
purchasing power parity - $1,300 (2002 est.)
GDP - composition by sector:
agriculture: 3.5%
industry: 15.8%
services: 80.7% (2001 est.)
Population below poverty line:
50% (2001 est.)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
2% (2002 est.)
Labor force:
282,000
Labor force - by occupation:
NA%
Unemployment rate:
50% (2000 est.)
Budget:
revenues: $135 million
expenditures: $182 million, including capital expenditures of $NA (1999 est.)
Industries:
construction, agricultural processing
Industrial production growth rate:
3% (1996 est.)
Electricity - production:
180 million kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
167.4 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
11,300 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
fruits, vegetables; goats, sheep, camels
Exports:
$70 million f.o.b. (2002 est.)
Exports - commodities:
reexports, hides and skins, coffee (in transit)
Exports - partners:
Somalia 56.7%, Yemen 24.4%, Pakistan 4.8%, Ethiopia 4.4%, UAE 4.1% (2002)
Imports:
$255 million f.o.b. (2002 est.)
Imports - commodities:
foods, beverages, transport equipment, chemicals, petroleum products
Imports - partners:
Saudi Arabia 18.2%, Ethiopia 10.5%, US 9.2%, France 8.6%, China 8.2%, Netherlands 4.1% (2002)
Debt - external:
$366 million (2002 est.)
Economic aid - recipient:
$36 million (2001)
Currency:
Djiboutian franc (DJF)
Currency code:
DJF
Exchange rates:
Djiboutian francs per US dollar - 177.72 (2002), 177.72 (2001), 177.72 (2000), 177.72 (1999), 177.72 (1998)
Fiscal year:
calendar year

Also See:

Background & Country Profile
Geography
People
Government
Economy
Communications
Transportation
Military
Transnational Issues & International Disputes
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Source: The CIA World Fact Book 2003

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