Economy Of Djibouti
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Economy overview
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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.
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GDP
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purchasing power parity - $619 million (2002 est.)
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GDP - real growth rate
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3.5% (2002 est.)
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GDP - per capita
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purchasing power parity - $1,300 (2002 est.)
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GDP - composition by sector
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agriculture: 3.5%
industry: 15.8%
services: 80.7% (2001 est.)
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Investment gross fixed
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Population below poverty line
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50% (2001 est.)
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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2% (2002 est.)
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Labor force
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282,000 (2000)
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Labor force by occupation
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NA
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Unemployment rate
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50% (2004 est.)
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Budget
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revenues: $135 million
expenditures: $182 million, including capital expenditures of NA (1999 est.)
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Public debt
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Agriculture products
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fruits, vegetables; goats, sheep, camels
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Industries
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construction, agricultural processing
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Industrial production growth rate
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3% (1996 est.)
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Electricity production
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180 million kWh (2001)
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Electricity production by source
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fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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167.4 million kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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11,300 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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Exports
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$155 million f.o.b. (2002 est.)
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Exports commodities
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reexports, hides and skins, coffee (in transit)
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Exports partners
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Somalia 63.9%, Yemen 22.5%, Ethiopia 4.7% (2003)
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Imports
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$665 million f.o.b. (2002 est.)
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Imports commodities
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foods, beverages, transport equipment, chemicals, petroleum products
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Imports partners
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Saudi Arabia 19.7%, Ethiopia 10.9%, China 9.2%, France 6.5%, UK 5.1%, US 4.9% (2003)
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Reserves of foreign exchange gold
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Debt external
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$366 million (2002 est.)
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Economic aid recipient
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$36 million (2001)
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Currency
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Djiboutian franc (DJF)
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Currency code
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DJF
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Exchange rates
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Djiboutian francs per US dollar - 177.721 (2003), 177.721 (2002), 177.721 (2001), 177.721 (2000), 177.721 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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