Economy - overview:
The economy is based on service activities connected with the country's strategic location and status as a free trade zone in the Horn of Africa. Two-thirds of Djibouti's inhabitants live in the capital city; the remainder are 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. Imports and exports from landlocked neighbor Ethiopia represent 85% of port activity at Djibouti's container terminal. Djibouti 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 nearly 60% continues to be a major problem. While inflation is not a concern, due to the fixed tie of the Djiboutian franc to the US dollar, the artificially high value of the Djiboutian franc adversely affects Djibouti's balance of payments. Per capita consumption dropped an estimated 35% between 1999 and 2006 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.
GDP (purchasing power parity):
$1.889 billion (2008 est.)
$1.782 billion (2007)
$1.693 billion (2006)
note: data are in 2008 US dollars
GDP (official exchange rate):
$973 million (2008 est.)
GDP - real growth rate:
6% (2008 est.)
5.3% (2007 est.)
4.8% (2006 est.)
GDP - per capita (PPP):
$3,700 (2008 est.)
$3,600 (2007 est.)
$3,500 (2006 est.)
note: data are in 2008 US dollars
GDP - composition by sector:
agriculture: 3.2%
industry: 14.9%
services: 81.9% (2006 est.)
Labor force:
282,000 (2000)
Labor force - by occupation:
agriculture: NA%
industry: NA%
services: NA%
Unemployment rate:
59% in urban areas, 83% in rural areas (2007 est.)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Budget:
revenues: $135 million
expenditures: $182 million (1999 est.)
Inflation rate (consumer prices):
5% (2007 est.)
Commercial bank prime lending rate:
NA
Stock of money:
$380 million (31 December 2007)
Stock of quasi money:
$284.1 million (31 December 2007)
Stock of domestic credit:
$224.7 million (31 December 2007)
Agriculture - products:
fruits, vegetables; goats, sheep, camels, animal hides
Industries:
construction, agricultural processing
Electricity - production:
250 million kWh (2006 est.)
Electricity - consumption:
232.5 million kWh (2006 est.)
Electricity - exports:
0 kWh (2007 est.)
Electricity - imports:
0 kWh (2007 est.)
Oil - production:
0 bbl/day (2007 est.)
Oil - consumption:
12,170 bbl/day (2006 est.)
Oil - exports:
19.18 bbl/day (2005)
Oil - imports:
11,810 bbl/day (2005)
Oil - proved reserves:
0 bbl (1 January 2006 est.)
Natural gas - production:
0 cu m (2007 est.)
Natural gas - consumption:
0 cu m (2007 est.)
Natural gas - exports:
0 cu m (2007 est.)
Natural gas - imports:
0 cu m (2007 est.)
Natural gas - proved reserves:
0 cu m (1 January 2006 est.)
Current account balance:
-$212 million (2007 est.)
Exports:
$340 million f.o.b. (2006)
Exports - commodities:
reexports, hides and skins, coffee (in transit)
Exports - partners:
Somalia 66.4%, Ethiopia 21.5%, Yemen 3.4% (2007)
Imports:
$1.555 billion f.o.b. (2006)
Imports - commodities:
foods, beverages, transport equipment, chemicals, petroleum products
Imports - partners:
Saudi Arabia 21%, India 18.1%, China 9.4%, Ethiopia 4.7%, Malaysia 4.6%, Japan 4.2% (2007)
Debt - external:
$428 million (2006)
Exchange rates:
Djiboutian francs (DJF) per US dollar - 177.71 (2007), 174.75 (2006), 177.72 (2005), 177.72 (2004), 177.72 (2003)
