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Plans for a law to allow full foreign ownership of companies outside free zones in strategic sectors are at an advanced stage, the Minister of Economy said.
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Area: 41,293 sq km Population: 8.0 million (July 2013 est.) Capital: Berne Principal Towns: The conurbations of Zurich, Basel, Geneva, Lausanne, Lucerne and Winterthur have populations of over 100,000 inhabitants. Languages: German, French, Italian and Romansch are the official languages. English is widely spoken, particularly in business and commerce. Gross Domestic Product: $362.4 billion (2012 est.) Gross Domestic Product: $629.5 billion (2012 est.) (PPP) GDP per capita (Nominal): $78,726 (2012 est.) GDP per capita (PPP): $54,600 (2012 est.) International reserves (of foreign exchange and gold): $331.9 billion (31 December 2011 est.)
Population: 7,996,026 (July 2013 est.) Ethnic groups: German 65%, French 18%, Italian 10%, Romansch 1%, other 6% Age Distribution (2013 est.) Population Growth 0.85% (2013 est.)
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Economy of Yemen Yemen is a low income country that is highly dependent on declining oil resources for revenue. Petroleum accounts for roughly 25% of GDP and 70% of government revenue. Yemen has tried to counter the effects of its declining oil resources by diversifying its economy through an economic reform program initiated in 2006 that is designed to bolster non-oil sectors of the economy and foreign investment. During the last ten years gross domestic product (GDP) grew at an average rate of 4 per cent. In 2000 GDP was estimated at $9.7 billion, it increased to $16.7 billion in 2005 and to $25.1 billion in 2009 according to International Monetary Fund (IMF) estimations. GDP for 2010 was estimated at $30 billion. Since the oil discovery, it can be seen important changes in the economic structure according to IMF data of GDP by kind of economic activity (1970-2009). The contribution of mining and industrial sector in the GDP, mainly because of oil production, had increased highly at the expense of the agriculture sector. While agricultural sector contribution were about 30% in the GDP compared to about 10% for mining and industrial sectors, in 2008 this percentage was less than 10% compared to more than 40% of GDP for mining and industrial sectors. In October 2009, Yemen exported its first liquefied natural gas as part of this diversification effort. In January 2010, the international community established the Friends of Yemen group that aims to support Yemen's efforts towards economic and political reform, and in August 2010 the IMF approved a three-year $370 million program to further this effort. Yemen's national economy is almost paralyzed after the anti-regime protests severely affected key economic sectors. In less than a year, Yemen which was enjoying a steady growth rate and a development in all sectors of the industries is now facing a mounting deficit, an industrial crisis of momentous proportion, a serious cash flow problems as well as a banking crisis. After shrinking by 12.7 percent in 2011 when political unrest crippled the economy, the IMF was predicting 4.8 percent expansion in 2013. The nominal gross domestic product was estimated at $32.2bn in 2012. The IMF estimates GDP to shrink more by -2.2% in 2014 before growing by 3.6% in 2015.
Essential Information Area: 536,869 sq km All arriving non-Yemeni visitors require visas which can be obtained from all embassies and consulates in the Arab world, except Morocco. The principle offices are; UK - London, France - Paris, Germany - Berlin, Switzerland - Geneva, Russia - Moscow, Czech Republic - Prague and the USA - New York and Washington. A visitor with the necessary visa wishing to stay for more than 15 days must register at the immigration office in Sanaa, Taiz or Hodeida and obtain an exit visa. Emergency visas can usually be obtained by bona fide travellers, at the airport, for some YR 10.
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Economy of United Arab Emirates The United Arab Emirates (UAE) is a federation of seven different emirates which together comprise the third largest economy in the Middle East behind Saudi Arabia and Iran. Its per capita GDP is second after Qatar. The UAE is an important producer of natural gas and oil, ranking seventh globally in total proven reserves of both. Abu Dhabi possesses the majority of oil and natural gas reserves followed by Dubai, with small amounts in Sharjah and Ras al-Khaimah. The country is also a member of the Organization of Petroleum Exporting Countries (OPEC). Despite having the most diversified economy in the Middle East, the UAE remains largely dependent upon the hydrocarbons sector for economic growth. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment. UAE is a major contributor to the growth of the Middle East region. Over the past 42 years, the UAE’s GDP growth rate ballooned 200 times to $360 billion in 2012. While Dubai’s activities may generate more headlines in the media, Abu Dhabi is the economic powerhouse among the emirates, owing to the fact that it possesses the lion’s share of hydrocarbon reserves. Accounting for 90 per cent of UAE oil and gas production, Abu Dhabi has more than 90,000 million barrels of recoverable crude and the world’s fifth largest deposits of natural gas. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. UAE’s strong macroeconomic performance has been supported by solid macroeconomic policies (see Figure-4 for selected indicators). Economic growth in the UAE accelerated to 4.4 per cent in inflation-adjusted terms in 2012 from a downwardly revised 3.9% the previous year as activity picked up across all sectors, according to National Bureau of Statistics. The Economist Intelligence Unit predicts that in the coming 5- year period of 2012-2016 the average fiscal surplus will be 3.9% of GDP, current account surplus - 5.3% of GDP, trade surplus - 15.3% of GDP, and real GDP growth - 5.1% per annum. One of the most important factors is the role played by good and stable oil prices in general over the last year. Oil prices averaged $112 per barrel last year, up from $109 in 2011. The non-oil sector share on the Gulf country's real GDP was estimated at 67.3% in 2012. On the strength of its hydrocarbon sector the UAE is one of the world's wealthiest nations, with a gross domestic product (GDP) per capita (at current prices) estimated at $66,113 in 2012. Beyond the hydrocarbon economy—which continues to account for approximately 80 percent of total government revenues—the UAE is becoming one of the world's most important financial centers and a major trading center in the Middle East. Investments in infrastructure and technology, and the development of projects such as the Khalifa Industrial Zone Abu Dhabi (KIZAD) and other economic "free zones," continue to provide the UAE with insurance against oil price declines and global economic stagnation. Since the bottom of the economic recession in 2009, the UAE solidified its economic portfolio, but it continues to rely on its vast hydrocarbon resources for the majority of its economic activity. The economy was expected to continue to grow further to reach $395 billion in 2013 (3.6% growth) and as much as $410 billion in 2014. An IMF report shows that the UAE economy accounted for more than a quarter of the GCC’s GDP of $1.482 trillion in 2012. The contribution of the construction industry is particularly significant to the UAE economy, especially when massive investments received in this sector from both public and private enterprises are considered. The political stability experienced by this country, its ability to attract international business and investment, its growing non-oil sector, tax-free environment and attractive salaries have lured builders, architects and consultants to UAE. High public spending and a steady increase in private sector investment have enabled this country to maintain its position as the second-largest Gulf Arab economy after Saudi Arabia, and among the fastest-growing economies in the world.
Essential Information Area: 83,600 sq km
A visit requires a letter, or telex, of sponsorship to a UAE embassy before a visa can be issued. Bona fide business visitors, Arab and foreign entrepreneurs and experts can now obtain a seven-day transit visa at the airport on entry; this could be revoked.
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Economy of Tunisia Tunisia has a diverse economy, with important agricultural, mining, tourism, and manufacturing sectors. Real growth, which averaged almost 5% over the past decade, declined to 4.6% in 2008 and to 3-4% in 2009-10 because of economic contraction and slowing of import demand in Europe - Tunisia's largest export market. Tunisia faced economic difficulties and a series of external shocks following the January 2011 revolution. Due to a challenging international economic environment, as well as regional and domestic tensions, real GDP contracted by 2 percent in 2011, foreign direct investment (FDI) and tourism declined by more than 30 percent year-on-year, and unemployment rose to record levels. However, after the sharp economic decline, real GDP growth picked up to about 3 percent in 2012. The deteriorating current account deficit—caused partly by falling demand from Europe—has been financed by sustained donor financing, strengthened FDI and market access, which helped increase reserves (but to a level still below 2010). Helped by base effects early in the year, tourism and FDI have rebounded (a 34 per cent and 28 per cent y-o-y increase), pushing 2012 overall real GDP growth to 3.6 per cent. The overall unemployment rate improved, narrowing from 18.9 per cent at end-2011 to 16.7 per cent at end-2012, but youth and female unemployment remained high at 33 and 24 per cent, despite new public-sector jobs and the government’s insertion programs for the unemployed. A fragile banking sector, widespread social and economic disparities, and high youth unemployment are key challenges. A higher wage bill and rising subsidies, in response to increasing social demands, drove government spending, contributing to a wider fiscal deficit in 2012. Higher food and fuel prices – triggered mostly by increases in international prices – pushed overall inflation above 5 percent and contributed to further increase in the fiscal and current account deficits. To ease these pressures and to energize the economy, the authorities have designed an economic program, which aims at restoring fiscal space, rebuilding foreign reserves, reducing banking sector vulnerabilities and fostering more inclusive growth.
Essential Information Area: 164,150 sq km Visa Requirements: No visas are required.
Diplomatic representation of Tunis in Switzerland
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Economy of Syria Syria is a middle-income country with a diversified economy based on agriculture, industry, and energy. Agriculture contributes some 17 percent of Syria's GDP, compared to over 24 percent from industry, including oil, and around 54 percent from services. According to IMF data, the Syrian economy expanded by 3.4 percent in 2010 after growing 5.9 percent in 2009. The oil sector contributes about 20 per cent of the government’s revenues and about 40 per cent of its export receipts, according to data from the World Bank. Oil, exports of services and remittances are the main sources of foreign earnings and enable the government to finance its imports. The Syrian economy is totally exhausted after several years of revolution. All economic indicators are in the red in the violence-ravaged country. GDP has collapsed, inflation has skyrocketed, unemployment has risen, and the current account deficit continues to widen. These problems are compounded by EU sanctions, especially on the export of oil. The Syrian Center for Policy Research estimated that GDP has contracted 3.7% in 2011 and 18.8% in 2012 against original projections of an increase of 7.1% and 5.6%, respectively. Other indices are faring no better. Per capita income was forecast to drop from $4,784 in 2010 to $3050 in 2012. The budget deficit was forecast to grow significantly, and public debt, which represented 22.6 percent of GDP in 2010, was expected to exceed 50 percent in 2012 due to a 40 percent decrease in budget revenues and a 20 percent increase in spending. The Syrian economy is running at 30 percent capacity, and the banking system in the shadows. Public banks are under international sanctions, and private establishments are idling due to caution. The currency has eroded in value 50 percent against the dollar during the first two years of the turmoil despite two sales of $3 billion in gold and silver by the Central Bank. Total reserves, which stood at $19.5 billion, were predicted to fall to $9.6 billion in 2012 according to EIU estimates. The negative social and economic consequences of the violence are expected to have long-term consequences. The population growth has shrunk from 2.45% growth in 2010 to 2.5% shrinkage in 2012, with much of the educated, professional population taking flight. It is also worth noting the impact that sanctions have had on ordinary Syrian citizens. An estimated 28.3% of the first two years’ GDP loss is due to sanctions. Out of the 3.1 million newly poor individuals, 877,000 can be attributed to the effect of sanctions. Exports declined by 52% for Arab countries, 93% for EU countries, and 82% for Turkey. The sanctions make it much more difficult for Syria to import essential goods, including fuel and medicines, making these a luxury for many.
Essential Information Area: 185,180 sq km DEMOGRAPHY Age Distribution (2012 est.) NATURAL RESOURCES Visa Requirements: All non-Syrian and non-Arabic passport holders require visas. These can be obtained from the consulates abroad.
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Economy of Sudan Despite being the 17th fastest growing economy in the world with new economic policies and infrastructure investments, and the Sudan’s economy is relatively diversified and open, it has developed since 1999 a marked dependency on the oil sector that has substantially increased its vulnerability to external and fiscal shocks. The oil sector‘s contribution to GDP has been modest, hovering around 15 percent. However, it provided sizeable budget revenues and contributed a major share of the country’s foreign exchange receipts. The economic and financial losses related to South Sudan’s secession are substantial and have affected all the sectors of the economy. The loss of output is concentrated in the oil sector and estimated at 75 percent, compared with 5–10 percent in the rest of the economy. Prior to the country's breakup, Sudan oil production was close to 500,000 barrels per day. In terms of value-added, the overall loss is about SDG 50 billion (about 26 percent of 2012 GDP), of which about 19 percent of GDP in the oil sector. The revenue loss for the government is estimated at SDG 12 billion (about 6 percent of GDP), corresponding to the foregone oil revenues net of the transfers to South Sudan and the savings on wages of South Sudanese civil servants. On the external sector side, the main impact is related to the loss of oil exports estimated at about US$6.6 billion (12.9 percent of GDP) in 2012. Sudan has opened the country's first gold refinery, which officials say is one of Africa's largest plants. Analysts say it is part of a strategy by the government to deal with the loss of oil revenue following the session of South Sudan in 2011. Faced with the loss of most oil reserves to South Sudan when it seceded in 2011, Sudan is trying to boost exports of gold and farming exports such as cotton, cash crops or gum Arabic from its vast farmlands. The loss of oil revenues, which used to be the main source for state revenues and dollars needed to pay for food imports, has thrown the economy into turmoil. The Sudanese pounds has more than halved in value since the secession. After a year of uncertainty, the authorities approved in late June 2012 a comprehensive reform program to address the deterioration of the country’s economic and financial situation. The program-which builds on the authorities’ Three-Year Emergency Program - includes an exchange rate devaluation of about 66 percent, an increase in key taxes, a sharp reduction in fuel subsidies, cuts in non-priority spending, and a strengthening of the social safety nets. Rich mineral resources are available in Sudan including: petroleum, natural gas, gold, silver, chromite, asbestos, manganese, gypsum, mica, zinc, iron, lead, uranium, copper, kaolin, cobalt, granite, nickel, tin, aluminum.Agriculture production remains Sudan's most important sector, employing 80% of the workforce and contributing 39% of GDP, but most farms remain rain-fed and susceptible to drought. Essential Information Area: 1,861,484 (2,505,813 sq km was the area of Sudan before the independence of the Republic of South Sudan with an area of 619,745 km2, 25% of the total area of the former Sudan).
Visas are required by visitors except those in transit and Egyptian and Tanzanian residents. Travellers are required to register with police headquarters within three days of arrival in the country.
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Economy of Somalia The economy of Somalia like those of the neighbouring countries of Ethiopia and Kenya is a dual economy in which traditional production and the way of life are practised along modern production, with gradual graduation from traditional economic way of life to modern economy. Somalia's economy, one of the poorest in the world, is an agricultural one based primarily on livestock and, to a lesser extent, on farming. Livestock accounts for about 40% of GDP and more than 50% of export earnings, mainly from Saudi Arabia; bananas are the main cash crop and account for nearly 50% of export earnings. Other crops produced for domestic consumption are cotton, maize, and sorghum. There are plans to develop the fishing industry. Northern Somalia is the world's largest source of incense and myrrh. There has been little exploitation of mineral resources, which include petroleum, uranium, and natural gas. Despite the lack of effective national governance, Somalia has maintained a healthy informal economy, largely based on livestock, remittance/money transfer companies, and telecommunications. Most of the industrial production based around food processing collapsed as factories were looted during fighting, but there is a service sector (around 25% of GDP) based around the intermediation of remittances from and telecommunications with the Somali diaspora which is the main contributor to Somali economic development and reconstruction, providing resources for family support, humanitarian and development assistance and investment. Nomads and semi-pastoralists, who are dependent upon livestock for their livelihood, make up a large portion of the population. Livestock, hides, fish, charcoal, and bananas are Somalia's principal exports, while sugar, sorghum, corn, qat, and machined goods are the principal imports. Somalia's service sector also has grown. Telecommunication firms provide wireless services in most major cities and offer the lowest international call rates on the continent. In the absence of a formal banking sector, money transfer/remittance services have sprouted throughout the country, handling up to $1.6 billion in remittances annually. Hotels continue to operate and are supported with private-security militias. Despite 17 years of crisis in Somalia, the economy there is stronger than that of many countries in Africa in terms of gross domestic product and imports and exports. Essential Information Area: 738,000 sq km |
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Ecoonomy of Saudi Arabia Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses about 20% of the world's proven petroleum reserves, ranks as the largest exporter of petroleum, and plays a leading role in OPEC. The petroleum sector accounts for roughly 80% of budget revenues, 45% of GDP, and 90% of export earnings. Saudi Arabia is encouraging the growth of the private sector in order to diversify its economy and to employ more Saudi nationals. Diversification efforts are focusing on power generation, telecommunications, natural gas exploration, and petrochemical sectors. Almost 6 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors, while Riyadh is struggling to reduce unemployment among its own nationals. Saudi officials are particularly focused on employing its large youth population. Riyadh has substantially boosted spending on job training and education, most recently with the opening of the King Abdallah University of Science and Technology - Saudi Arabia's first co-educational university. Due to a sharp rise in petroleum revenues in 1974 following the 1973 Arab-Israeli war, Saudi Arabia became one of the fastest-growing economies in the world. Mainly in the last ten years, with an average real GDP growth of nearly 3.5%, nominal GDP has witnessed a sharp increase from about $189 billion in 2000 to more than $434 billion in 2010. The nonoil sector is expected to primarily drive the Kingdom's real GDP growth, as the government continues to take initiatives to diversify away from oil and address social and development needs. The nonoil private sector's growth is estimated to stay above the real GDP forecast, with growth averaging above 5.5 percent. Population growth in Saudi Arabia is estimated to decelerate significantly in the coming decades following rapid growth in the last decade (2000-2010). Population growth is estimated to slow down to a CAGR of 2.0 percent between 2010 and 2020 and a CAGR of 1.4 percent during 2020-2030 vis-a-vis a CAGR of 3.2 percent in the previous decade (2000-2010). Saudi Arabia aims to create 3 million jobs for nationals by 2015 and 6 million jobs by 2030, partly through the Saudization initiative. In the past decade (2001-2010), Saudi Arabia saw average annual growth of 3.3 percent, reaching 3.8 percent in 2010, and 6.8 percent in 2011. The International Monetary Fund (IMF) has predicted that Saudi Arabia’s real GDP growth will average of 4.4 percent through 2016. According to the IMF data of 2015 the growth in the non-oil GDP was estimated at 5.5%. One of the main contributors of the Kingdom’s non-oil GDP is the construction industry.
Essential Information Area: 2,240,000 sq km Visa Requirements: Visas are obtainable from Saudi-Arabian consulates abroad. Arriving visitors are strongly advised not to attempt to carry any alcohol into the country, where it is strictly forbidden. Discovery of alcohol can lead to immediate expulsion from the entry point.
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Economy of Qatar Qatar’s economy has emerged as one of the fastest growing in the world over the past few years. The strength of the economy is derived in large part from its massive oil and gas reserves, but like most other Gulf states, economic diversification remains a top priority and the non-oil sector has been returning promising growth figures. Even without government support, certain sectors, such as real estate, look set to enjoy sustained growth thanks to demand from a young and rapidly growing population. Tourism is another area of high potential as officials carve out Qatar’s identity as a centre of business and cultural tourism. While the government is still the leading force in overall economic development, it is encouraging the private sector to take a stronger role while bringing increased focus to small and medium-sized enterprises. The vast gas wealth was only discovered in 1971 - with estimated reserves of more than 900 trillion standard cubic feet - or about 10 per cent of the world's known reserves. The problem was Qatar was not close enough to potential customers for it to be of any commercial benefit. It was only in the mid 1990s that Qatar started to borrow heavily on international markets to invest in a series of industrial facilities to chill the gas to liquid form so it could be transported by ship around the world. It was a huge risk but one that set the tiny country on the road to becoming the world's largest exporter of liquefied natural gas. As gas production increased every year so, too, did the country's economic output. Nominal GDP has grown tenfold in a decade to $186bn. In the five years to 2016, Qatar plans to spend $125bn on infrastructure projects alone. During the last 5 years, the Qatari real economy has grown by an average of 15.5 percent per year as the country's gas and LNG output expanded. The development of the country's manufacturing sector, which includes downstream processes such as gas-to-liquids (GTLs), petrochemicals and fertilizer production, has been proceeding apace and is a major focus of Qatar's diversification strategy. The IMF has projected that growth in Qatar’s non-hydrocarbon sector will range between 9% and 10% in the medium term, while the hydrocarbon sector is projected to grow between 1.1% and 3.5%.
Essential Information Area: 11,427 sq km Education: Of total population 96% age 15 and over can read and write. (2010)
Visa Requirements: Visas for visits of up to 30 days are not required by nationals of some Arab countries and those born and resident in the UK. Other passport holders, if staying for more than 72 hours, must obtain visas from Qatar representatives before arrival. In some cases a 'No Objection Certificate' (NOC) applies instead of a visa; one should check before departure.
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