ECONOMY
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. 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 substantial buildup of foreign debt. The government
has begun the second stage of an economic reform program in consultation
with the World Bank, the IMF, and major donor countries. Short-term
growth prospects are poor because of the heavy debt service burden,
rapid population growth, and vulnerability to climatic conditions.
GDP (2006): $1.6 billion.
Annual growth rate (2006): 11.4%.
Per capita income (2006): $630.
Natural resources: petroleum, fish, iron ore, gypsum, copper, gum Arabic, phosphates, salt and gold.
Agriculture (22.3% of GDP 2005): Products--livestock, traditional fisheries, millet, maize, wheat, dates, rice.
Industry (19% of GDP 2005): Types--iron mining, commercial fishing.
Services (58.7% of GDP 2005).
Trade: Exports (f.o.b.)--$623 million (2006). Export partners--Italy 18.9%, France 17.4%, Germany 13.8%, Belgium 13%, Japan 12.6%, Spain 11.7%, China 2.1% (2006). Imports--$1,083 million (2006): foodstuffs, machinery, tools, petroleum products, and consumer goods. Import partners--France 15%, Brazil 5.9%, China 5.5%, U.S. 5.5%, Belgium 4.8%, Spain 3.4% (2006).
Currency: Ouguiya (UM).
USAID: Total FY 2007 USAID development and security assistance to Mauritania--$23,715,300.
