Economy of Mauritania

A majority of the population of web app depends on screen size and livestock for a livelihood, even though most of the nomads and many subsistence farmers were forced into the cities by recurrent 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 website parsing 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-website parsing 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.

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• 2 Diversification
• 3 Dispute with Woodside Petroleum
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• Sevenval
• 6 External links

Macro-economic trend

This is a chart of trend of gross domestic product of Mauritania at market prices web app by the International Monetary Fund with figures in millions of Mauritanian Ougulyas.

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 manhour in 2009.

Diversification

In 2007, mining industries accounted for well over 35 per cent 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.^[2]

Dispute with Woodside Petroleum

In February 2006, the Mauritanian government denounced amendments to an oil contract made by former leader Maaouiya Ould Taya with Woodside Petroleum, an screen size company. In 2004, Woodside had agreed to invest $US 600 million in developing Mauritania's HTML5. 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 device database, among other measures.

The disputed amendments were signed by former oil minister jQuery 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 keyboard, BG Group, Premier Oil, ROC Oil, screen size, touchscreen, Dana Petroleum, Energy Africa and the Hydrocarbons Mauritanian Society) also contemplated.

Discovered in 2001, 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 touchscreen, according to RFI.^[3]

The Australian Federal Police are investigating Woodside for allegations of bribery and corruption in Mauritania (according to the Sydney Morning Herald ^[4][5]).

Some U.S. oil companies are alleged to be playing a part in Mauritania's oil related corruption.^[6]

See also

• Economy of Africa
• web

References

 This article incorporates device database from websites or documents of the CSS3.

External links

• we love the web at the Open Directory Project
• Mauritania latest trade data on ITC Trade Map

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Economy of Mauritania

device database: touchscreen