Economy of Mauritania

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Economy of Mauritania

A market place in Tidjikja

Currency Ouguiya (MRU, UM)

Fiscal year Calendar Year

Trade organisations AU, AfCFTA, AfDB, CEN-SAD, WTO, Group of 77

Statistics

 $5.237 billion (nominal, 2018 est.)[1]

GDP
 $18.254 billion (PPP, 2018 est.)[1]
GDP growth 2.0% (2016) 3.0% (2017)

3.6% (2018e) 6.7% (2019f)[2]

GDP per capita  $1,319 (nominal, 2018 est.)[1]

 $4,598 (PPP, 2018 est.)[1]

GDP by sector agriculture (14.9%)

industry (48.0%)

services (37.1%) (2012 est.)

Inflation (CPI) 3.053% (2018 est.)[1]
Population 40% (2004 est.)
below poverty line
Gini coefficient 39 (2000)
Human Development  0.527 low (2018)[3] (161st)
Index
0.358 IHDI (2018)[4]
Labour force 1.318 million (2007)
 Labour force by agriculture (50.0%)
occupation
industry (2%)

services (48%) (2001 est.)

Unemployment 30% (2008 est.)

Main industries mining (iron ore, gold, copper, gypsum), petroleum, fish

processing
Ease-of-doing-business  152nd (below average, 2020)[5]
rank

External

Exports  $2.66 billion (2012 est.)

Export goods iron ore, petroleum, gold, copper, gypsum, fish
Main export partners  China 48.6%

 Italy 7.5%

 Japan 7.0%

 Côte d'Ivoire 6.7%

 France 4.7%

 Spain 4.1% (2012 est.)[6]

Imports  $2.916 billion (2012 est.)

Import goods machinery, petroleum products, food
Main import partners  China 12.9%

 Netherlands 10.5%

 United States 7.8%

 France 7.7%

 Brazil 5.6%
 Germany 5.5%

 Spain 5.1%

 Belgium 4.7% (2012 est.)[7]

Gross external debt  $2.897 billion (31 December 2012 est.)

Public finances

Revenues $1.143 billion (2012 est.)

Expenses $1.263 billion (2012 est.)

Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

Mauritanian exports in 2006

 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.
Mauritania is likely to benefit from the global transition to renewable energy and is
ranked no. 2 among 156 countries on the index of geopolitical gains and losses after
energy transition (GeGaLo Index).[8]

Contents

 1Macro-economic trends
 2Diversification
 3Natural Gas and the Tortue/Ahmeyim Project
 4Dispute with Woodside Petroleum
 5Electricity
 6See also
 7References
 8External links

Macro-economic trends[edit]
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 Ougulyas.

Gross Domestic
Year US Dollar Exchange Inflation Index (2000=100)
Product

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 1980–2017. [9]

19 19 200 200 200 200 200 200 201 201 201 201 201 201 201 201
Year
90 95 0 5 6 7 8 9 0 1 2 3 4 5 6 7

GDP in 3.7 4.8 8.3 10. 10. 11. 11.0 11. 12. 13. 14. 15. 15. 16. 17.
5.91
$ 5 6 2 20 76 09 6 73 53 51 56 64 95 42 25
bil.
(PPP) bil. bil. bil. bil. bil. bil. bil. bil. bil. bil. bil. bil. bil. bil. bil.

GDP
per 1,8 2,1 2,23 2,7 3,4 3,5 3,5 3,45 3,5 3,7 3,9 4,1 4,3 4,3 4,3 4,4
capita 80 18 5 31 53 45 56 4 71 20 11 16 21 04 28 44
in $
(PPP)

GDP 9.8 −0. 9.0 18. 2.8 1.1 −1. 4.8 4.7 5.8 6.1 5.6 0.8 1.6 3.2
growth ...
% 4% % 9% % % 0% % % % % % % % %
(real)

Inflatio
n 6.5 3.3 12. 6.2 7.2 7.5 2.2 6.3 5.7 4.9 4.1 3.8 0.5 1.5 2.3
...
(in % % 1% % % % % % % % % % % % %
Percent)

Govern ... ... 234 155 83 73 78 90 81 72 74 71 80 98 99 91

ment % % % % % % % % % % % % % %
debt
(Percenta
ge of
 GDP)

Diversification[edit]
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). [citation needed] 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. [10]

Natural Gas and the Tortue/Ahmeyim Project[edit]

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.[11] 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.[12] According to BP, 'that’s equivalent
to all of Africa’s current gas production for nearly seven years.' [12] The production
phase will begin in 2022, starting with 2.3 million tons annually. [13]

Dispute with Woodside Petroleum[edit]

In February 2006, the Mauritanian government denounced amendments to an oil
contract made by former leader Maaouiya 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 2002, 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.[14]
Some U.S. oil companies are alleged to be playing a part in Mauritania's oil related
corruption.[15]

Electricity[edit]
See also: List of power stations in Mauritania
Mauritania has 380 MW of generating capacity, of which 263 MW are fossil fuels and
117 MW are renewable.[16] Its sunny weather makes solar power highly favorable, and
eight plants totaling 16.6 MW were installed with the support of Masdar in 2016.[17]

See also[edit]
 Economy of Africa
 Slavery in Mauritania
 List of companies based in Mauritania
 United Nations Economic Commission for: Africa & Western Asia

References[edit]
1. ^ Jump up to:a b c d e "World Economic Outlook Database, October
2019". IMF.org.  International Monetary Fund. Retrieved 15 November 2019.
2. ^ "Global Economic Prospects, June 2019: Heightened Tensions, Subdued Investment.
p. 127"  (PDF).  openknowledge.worldbank.org. World Bank. Retrieved 15 November 2019.
3. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report
Office)  United Nations Development Programme. Retrieved  11 December2019.
4. ^ "Inequality-adjusted Human Development Index (IHDI)".  hdr.undp.org.  HDRO (Human
Development Report Office) United Nations Development Programme. Retrieved 11
December 2019.
5. ^ "Ease of Doing Business in Mauritania". Doingbusiness.org. Retrieved 2017-01-24.
6. ^ "Export Partners of Mauritania".  CIA World Factbook. 2012. Retrieved  2013-07-28.
7. ^ "Import Partners of Mauritania". CIA World Factbook. 2012. Retrieved 2013-07-28.
8. ^ Overland, Indra; Bazilian, Morgan; Ilimbek Uulu, Talgat; Vakulchuk, Roman; Westphal,
Kirsten (November 2019). "The GeGaLo index: Geopolitical gains and losses after energy
transition". Energy Strategy Reviews.  26: 100406. doi:10.1016/j.esr.2019.100406.
9. ^ "Report for Selected Countries and Subjects". Retrieved 2018-09-09.
10. ^ IRIN 2008, 'MAURITANIA: Record hunger predicted in 2008', www.irinnews.org, 19
March. Retrieved on 20 March 2008.
11. ^ "Future potential: how Mauritania and Senegal are set to become new players in natural
gas supply". bp.com. 8 May 2017.
12. ^ Jump up to:a b "The Tortue/Ahmeyim projectThe Tortue/Ahmeyim project".  bp.com.
Retrieved 2019-10-03.
13. ^ "IMF Islamic Republic of Mauritania  : Third Review Under the Extended Credit Facility
Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the
Islamic Republic of Mauritania". imf.org. 31 May 2019.
14. ^ "Mauritania and firm row over oil". BBC News. 2006-02-06."Crise ouverte avec la
compagnie pétrolière Woodside". Radio France International. 2006-02-06.
15. ^ Looking Glass News. "Mauritanian coup has Bush administration[sic]/Big Oil
fingerprints". Looking Glass News. Retrieved  2010-03-29.
16. ^ "Power Africa in Mauritania | Power Africa | U.S. Agency for International
Development".  www.usaid.gov. 2019-10-21. Retrieved 2020-02-28.
 17. ^ "UAE installs eight solar energy plants in Mauritania".  The National. Retrieved 2020-02-
28.

 This article incorporates public domain material from the CIA  World

Factbook website https://www.cia.gov/library/publications/the-world-
factbook/index.html.

External links[edit]
 Economy of Mauritania at Curlie
 Mauritania latest trade data on ITC Trade Map
 Katsarova, Ivana. "EU-Mauritania fisheries agreements"  (PDF). Library
Briefing. Library of the European Parliament. Retrieved 17 June 2013.