Currency | Ouguiya (MRU, UM) |
---|---|
Calendar Year | |
Trade organisations | AU, AfCFTA, AfDB, CEN-SAD, WTO, Group of 77 |
Statistics | |
GDP | |
GDP growth |
|
GDP per capita | |
GDP by sector | agriculture (14.9%) industry (48.0%) services (37.1%) (2012 est.) |
3.053% (2018 est.) [1] | |
Population below poverty line | 40% (2004 est.) |
39 (2000) | |
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% Morocco 5.98% 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.) |
The economy of Mauritania is still largely based on agriculture 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.
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 Ouguiyas.
Year | Gross Domestic Product | US Dollar Exchange | Inflation Index (2000=100) |
---|---|---|---|
1980 | 37,211 | 45.93 Ouguiyas | 23 |
1985 | 60,197 | 77.07 Ouguiyas | 36 |
1990 | 97,819 | 80.64 Ouguiyas | 52 |
1995 | 158,443 | 129.76 Ouguiyas | 73 |
2000 | 258,245 | 240.00 Ouguiyas | 100 |
2005 | 514,642 | 265.55 Ouguiyas | 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. Mean wages were $0.97 per man-hour in 2009.
The following table shows the main economic indicators in 1990–2017. [7]
Year | GDP (in bil. US$ PPP) | GDP per capita (in US$ PPP) | GDP (in bil. US$ nominal) | GDP growth (real) | Inflation (in Percent) | Government debt (Percentage of GDP) |
---|---|---|---|---|---|---|
1990 | 3.75 | 1,880 | 1.79 | ... | ... | ... |
1995 | 4.86 | 2,118 | 2.09 | 9.8% | 6.5% | ... |
2000 | 5.91 | 2,235 | 1.78 | −0.4% | 3.3% | 234% |
2005 | 8.32 | 2,731 | 2.94 | 9.0% | 12.1% | 155% |
2006 | 10.20 | 3,453 | 4.01 | 18.9% | 6.2% | 83% |
2007 | 10.76 | 3,545 | 4.33 | 2.8% | 7.2% | 73% |
2008 | 11.09 | 3,556 | 5.14 | 1.1% | 7.5% | 78% |
2009 | 11.06 | 3,454 | 4.73 | −1.0% | 2.2% | 90% |
2010 | 11.73 | 3,571 | 5.64 | 4.8% | 6.3% | 81% |
2011 | 12.53 | 3,720 | 6.78 | 4.7% | 5.7% | 72% |
2012 | 13.51 | 3,911 | 6.72 | 5.8% | 4.9% | 74% |
2013 | 14.56 | 4,116 | 7.33 | 6.1% | 4.1% | 71% |
2014 | 15.64 | 4,321 | 6.62 | 5.6% | 3.8% | 80% |
2015 | 15.95 | 4,304 | 6.18 | 0.8% | 0.5% | 98% |
2016 | 16.42 | 4,328 | 6.41 | 1.6% | 1.5% | 99% |
2017 | 17.25 | 4,444 | 6.83 | 3.2% | 2.3% | 91% |
In 2007, mining industries accounted for well over 35 percent of the Mauritanian economy, with the fish industry so much as 54% (with big changes between these industries in the power relationship). [8] Diversification of the economy into non-mining industries remains a long-term issue. Mauritania is a net importer of food, reportedly importing 70% of its domestic food needs. [9]
In 2015, Kosmos Energy made significant natural gas discoveries on the maritime border between Senegal and Mauritania, and in December 2016, it entered into partnership with British Petroleum. [10] The two companies, along with Mauritanian and Senegalese governments and the two countries' national oil companies, are optimistic about the potential of these gas discoveries. The Grand Tortue/Ahmeyim reserves are estimated at 15 trillion cubic feet. [11] According to BP, 'that's equivalent to all of Africa's current gas production for nearly seven years.' [11] The production phase will begin in 2022, starting with 2.3 million tons annually. [12]
In February 2006, the new Mauritanian government denounced amendments to an oil contract made by former Leader Ould Taya with Woodside Petroleum, an Australian company. In 2004, Woodside had agreed to invest US$600 million in developing Mauritania's Chinguetti offshore oil project. The controversial amendments, which Mauritanian authorities declared had been signed "outside the legal framework of normal practice, to the great detriment of our country", could cost Mauritania up to $200 million a year, according to BBC News. Signed by Woodside two weeks after the February 1, 2005, legislation authorizing the four amendments, they provided for a lower state quota in the profit-oil , and reduced taxes by 15 percent in certain zones. They also eased environmental constraints and extended the length and scope of the exploitation and exploration monopoly, among other measures.
The disputed amendments were signed by former Oil Minister Zeidane Ould Hmeida in February 2004 and March 2005. Hmeida was arrested in January 2006 on charges of "serious crimes against the country's essential economic interests".
Nouakchott's authorities declared that the government would likely seek international arbitration, which Woodside (which operated for Hardman, BG Group, Premier Oil, ROC Oil, Fusion, Petronas, Dana Petroleum, Energy Africa and the Hydrocarbons Mauritanian Society) also contemplated.
Discovered in 2001, Chinguetti has proven reserves of about 120,000,000 barrels (19,000,000 m3) of oil. At the end of December 2005, authorities estimated that in 2006, the oil profits would be 47 billion ouguiyas (about US$180 million) and represent a quarter of the state budget, according to RFI. [13]
Some U.S. oil companies are alleged to be playing a part in Mauritania's oil related corruption. [14]
Mauritania has 380 MW of generating capacity, of which 263 MW are fossil fuels and 117 MW are renewable. [15] Its sunny weather makes solar power highly favorable, and eight plants totaling 16.6 MW were installed with the support of Masdar in 2016. [16]
The economy of Brunei, a small and wealthy country, is a mixture of foreign and domestic entrepreneurship, government regulation and welfare measures, and village traditions. It is almost entirely supported by exports of crude oil and natural gas, with revenues from the petroleum sector accounting for over half of GDP. Per capita GDP is high, and substantial income from overseas investment supplements income from domestic production. The government provides for all medical services and subsidizes food and housing. The government has shown progress in its basic policy of diversifying the economy away from oil and gas. Brunei's leaders are concerned that steadily increased integration in the world economy will undermine internal social cohesion although it has taken steps to become a more prominent player by serving as chairman for the 2000 APEC forum. Growth in 1999 was estimated at 2.5% due to higher oil prices in the second half.
The economy of Burundi is $3.436 billion by gross domestic product as of 2018, being heavily dependent on agriculture, which accounts for 32.9% of gross domestic product as of 2008. Burundi itself is a landlocked country lacking resources, and with almost nonexistent industrialization. Agriculture supports more than 70% of the labor force, the majority of whom are subsistence farmers.
The economy of Equatorial Guinea has traditionally been dependent on commodities such as cocoa and coffee, but is now heavily dependent on petroleum due to the discovery and exploitation of significant oil reserves in the 1980s. In 2017, it graduated from "Least Developed Country" status, one of six Sub-Saharan African nations that managed to do so.
Mauritania is a presidential democracy, but has suffered from repeated military coups since its Independence in November 1960. For 18 years after independence, Mauritania was a one-party state under Moktar Ould Daddah. This was followed by decades of military rule. The first fully democratic presidential election in Mauritania occurred on 11 March 2007, which marked a transfer from military to civilian rule following the military coup in 2005. The election was won by Sidi Ould Cheikh Abdallahi, who was ousted by another military coup in 2008 and replaced by general Mohamed Ould Abdel Aziz. Mauretania underwent its first peaceful transition of power after the 2019 presidential election, although this was between two presidents of the ruling UPR party and former army generals.
The gross domestic product (GDP) of Niger was $16.617 billion US dollars in 2023, according to official data from the World Bank. This data is based largely on internal markets, subsistence agriculture, and the export of raw commodities: foodstuffs to neighbors and raw minerals to world markets. Niger, a landlocked West African nation that straddles the Sahel, has consistently been ranked on the bottom of the Human Development Index, at 0.394 as of 2019. It has a very low per capita income, and ranks among the least developed and most heavily indebted countries in the world, despite having large raw commodities and a relatively stable government and society not currently affected by civil war or terrorism. Economic activity centers on subsistence agriculture, animal husbandry, re-export trade, and export of uranium.
The economy of Oman is mainly centered around its oil sector, with fishing and trading activities located around its coastal regions. When oil was discovered in 1964, the production and export increased significantly. The government has made plans to diversify away from oil under its privatization and Omanization policies. This has helped raise Oman's GDP per capita continuously in the past 50 years. It grew 339% in the 1960s, reaching a peak growth of 1,370% in the 1970s. Similar to the pricing of all other commodities, the price of oil is subject to significant fluctuations over time, especially those associated with the business cycle. A commodity's price will rise sharply when demand, like that for oil, outpaces supply; meanwhile, when supply outpaces demand, prices will fall.
The economy of the Republic of the Congo is a mixture of subsistence hunting and agriculture, an industrial sector based largely on petroleum extraction and support services. Government spending is characterized by budget problems and overstaffing. Petroleum has supplanted forestry as the mainstay of the economy, providing a major share of government revenues and exports. Nowadays the Republic of the Congo is increasingly converting natural gas to electricity rather than burning it, greatly improving energy prospects.
The economy of Senegal is driven by mining, construction, tourism, fishing and agriculture, which are the main sources of employment in rural areas, despite abundant natural resources in iron, zircon, gas, gold, phosphates, and numerous oil discoveries recently. Senegal's economy gains most of its foreign exchange from fish, phosphates, groundnuts, tourism, and services. As one of the dominant parts of the economy, the agricultural sector of Senegal is highly vulnerable to environmental conditions, such as variations in rainfall and climate change, and changes in world commodity prices.
The economy of Seychelles is based on fishing, tourism, processing of coconuts and vanilla, coir rope, boat building, printing, furniture and beverages. Agricultural products include cinnamon, sweet potatoes, cassava (tapioca), bananas, poultry and tuna.
The economy of Sudan is largely based on agriculture and oil exports, with additional revenue coming from mining and manufacturing. GDP growth registered more than 10% per year in 2006 and 2007. Sudan had $30.873 billion by gross domestic product as of 2019, and has been working with the International Monetary Fund (IMF) to implement macroeconomic reforms, including a managed float of the exchange rate. Sudan began exporting crude oil in the last quarter of 1999.
The economy of Togo has struggled greatly. The International Monetary Fund (IMF) ranks it as the tenth poorest country in the world, with development undercut by political instability, lowered commodity prices, and external debts. While industry and services play a role, the economy is dependent on subsistence agriculture, with industrialization and regional banking suffering major setbacks.
The economy of Mozambique is $14.396 billion by gross domestic product as of 2018, and has developed since the end of the Mozambican Civil War (1977–1992). In 1987, the government embarked on a series of macroeconomic reforms, which were designed to stabilize the economy. These steps, combined with donor assistance and with political stability since the multi-party elections in 1994, have led to dramatic improvements in the country's growth rate. Inflation was brought to single digits during the late 1990s, although it returned to double digits in 2000–02. Fiscal reforms, including the introduction of a value-added tax and reform of the customs service, have improved the government's revenue collection abilities.
The economy of Papua New Guinea (PNG) is largely underdeveloped with the vast majority of the population living below the poverty line. However, according to the Asian Development Bank its GDP is expected to grow 3.4% in 2022 and 4.6% in 2023. It is dominated by the agricultural, forestry, and fishing sector and the minerals and energy extraction sector. The agricultural, forestry, and fishing sector accounts for most of the labour force of PNG while the minerals and energy extraction sector, including gold, copper, oil and natural gas is responsible for most of the export earnings.
The economy of Bahrain is heavily dependent upon oil and gas. The Bahraini Dinar is the second-highest-valued currency unit in the world. Since the late 20th century, Bahrain has heavily invested in the banking and tourism sectors. The country's capital, Manama is home to many large financial structures. Bahrain's finance industry is very successful. In 2008, Bahrain was named the world's fastest growing financial center by the City of London's Global Financial Centres Index. Bahrain's banking and financial services sector, particularly Islamic banking, have benefited from the regional boom driven by demand for oil. Petroleum is Bahrain's most exported product, accounting for 60% of export receipts, 70% of government revenues, and 11% of GDP. Aluminium is the second most exported product, followed by finance and construction materials.
Woodside Energy Group Ltd is an Australian petroleum exploration and production company. Woodside is the operator of oil and gas production in Australia and also Australia's largest independent dedicated oil and gas company. It is a public company listed on the Australian Securities Exchange and has its headquarters in Perth, Western Australia. In the 2020 Forbes Global 2000, Woodside was ranked as the 1328th-largest public company in the world.
The Chinguetti oilfield is an oil field located off the Mauritanian coast in 800 m water depth. It was discovered by the Australian firm Woodside Petroleum in 2001. It is named after the city of Chinguetti.
Mauritania's mineral sector was dominated by iron ore mining and beneficiation. Other mineral commodities produced in the country included cement, copper, gold, gypsum, petroleum, salt, and steel. The 'Ministère des Mines et de l’Industrie' was the Government agency responsible for enacting the Mining Code and for the coordination of all activities in the mining sector. The 'Direction des Mines et de la Géologie' was the entity responsible for promoting the mineral sector and for providing geologic and mining information to potential investors; the 'Direction des Hydrocarbures' was in charge of the development of the petroleum sector; and the 'Office Mauritanien des Recherches Géologiques' was the Government entity responsible for evaluating areas of mineral potential for exploration. The 'Société Nationale Industrielle et Minière (SNIM)' was responsible for iron ore production and benefciation.
Kosmos Energy is an American upstream oil company founded and based in Dallas, Texas. While previously incorporated in Bermuda, Kosmos has reincorporated in Delaware. The company holds production and development operations offshore Ghana, Equatorial Guinea, and Gulf of Mexico, while holding a development project offshore Mauritania and Senegal, and exploration licenses offshore Namibia, São Tomé and Príncipe and Suriname. It was previously involved in exploration offshore Morocco and Western Sahara. It discovered the Jubilee oil field off the coast of Ghana and the cross-border Tortue gas field offshore Mauritania and Senegal. Kosmos was the focus of a documentary Big Men that followed the company as it worked to establish the Jubilee oil field in Ghana.
India–Mauritania relations are the international relations that exist between the Republic of India and the Islamic Republic of Mauritania. Neither country has a resident ambassador.
Boulenouar Wind Power Station, also Boulenoir Wind Power Station, is a 102.375 MW (137,287 hp) wind power plant, under development in Mauritania. When completed, as expected in 2022, the power station will be the largest wind power station in Mauritania.
This article incorporates public domain material from The World Factbook. CIA.