Djibouti: Economic Outline

Economic Indicators

The country's macro-economic stability has significantly improved in recent years. GDP growth has progressed regularly going from 3% in 2004 to 5.8% in 2008. Despite the crisis, growth remained at 5% in 2009 nad 4.5% in 2010. This growth comes from trade and investments, especially in the services sector (ports, airports and to a certain extent, financial institutions), which contributes almost three-fourths of the country's GDP.

In 2008, Djibouti and the IMF made a new three-year PRGF agreement (The Poverty Reduction and Growth Facility). This economic and structural adjustment program is based on the national initiative for social development (INDS - website in French), launched by the government in January 2007, and considered as a new social-economic development program's reference frame. The PRGF has been replaced by the Extended Credit Facility, the general objective of which is to reduce poverty. This progrem entails budget improvement measures and the modrenisation of the monitoring of the country's banking system.

Even so, Djibouti remains a poor country, with an unemployment rate of 50%, vast inequalities and a low level of education, in which the population has been laboring under the weight of high food prices since the 2008 crisis.

Main Indicators	2009	2010	2011	2012 (e)	2013 (e)
GDP (billions USD)	1.05e	1.13e	1.27e	1.36	1.47
GDP (Constant Prices, Annual % Change)	5.0e	3.5e	4.8	5.1	5.8
GDP per Capita (USD)	1,305	1,370	1,500	1,568	1,659
General Government Gross Debt (in % of GDP)	59.8	56.1	53.7e	53.6	52.8
Inflation Rate (%)	1.7	4.0e	7.1e	1.9	2.5
Current Account (billions USD)	-0.10	-0.05	-0.14	-0.16	-0.19
Current Account (in % of GDP)	-9.1e	-4.8	-10.8	-12.6	-

Source: IMF - World Economic Outlook Database - Last Available Data.

Note: (e) Estimated Data

Monetary Indicators	2008	2009	2010
Foreign Debt (million USD)	685	752	-
Djibouti Franc (DJF) - Average Annual Exchange Rate For 1 USD	177.72	177.72	177.72

Source: World Bank - Last Available Data.

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Main Sectors of Industry

Agriculture carries no weight in the economy.
Industry accounts for a fifth of the Djiboutian gross domestic product.
The tertiary activity contributes to more than 80% of Djibouti's wealth. The manufacturing and services sectors completely depend on the port activities.

Breakdown of Economic Activity By Sector	Agriculture	Industry	Services
Employment By Sector (in % of Total Employment)	-	-	-
Value Added (in % of GDP)	3.9	16.9	79.3
Value Added (Annual % Change)	4.3	3.7	2.5