A majority of the population still depends on agriculture 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. 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 deepwater port opened near Nouakchott in 1986. In recent years, drought and economic mismanagement have resulted in a substantial buildup of foreign debt. The government has begun the second stage of an economic reform program in consultation with the World Bank, the IMF, and major donor countries. Short-term growth prospects are poor because of the heavy debt service burden, rapid population growth, and vulnerability to climatic conditions.

GDP (2007): $2.8 billion.
Annual growth rate (2007): 1.9%.
Per capita income (2006): $952.
Natural resources: petroleum, fish, iron ore, gypsum, copper, gum arabic, phosphates, salt and gold.
Agriculture (13% of GDP 2007): Products--livestock, traditional fisheries, millet, maize, wheat, dates, rice.
Industry (47% of GDP 2007): Types--mining, commercial fishing.
Services (41% of GDP 2007).
Trade: Exports (2006, f.o.b.)--$1.4 billion: iron ore, fish and fish products, gold, copper, petroleum. Export partners (2007)--China 30.5%, France 9.5%, Italy 8.6%, Spain 8.5%, Japan 5.5%, Netherlands 5.3%, Belgium 5%, Cote d'Ivoire 4.7%. Imports (2006)--$1.5 billion: machinery and equipment, petroleum products, capital goods, foodstuffs, consumer goods. Import partners (2007)--France 16.7%, China 8.2%, Spain 6.8%, U.S. 6.2%, Belgium 5.8%, Brazil 5.5%.
Currency: Ouguiya (UM).
USAID: Total FY 2008 USAID humanitarian and development assistance to Mauritania--$21,106,735.