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Yemen's economy shrank by one third, unemployment rose up to 70%, says minister of industry

[27/11/2017 05:50]

VIENNA-SABA

Minister of Industry and Trade Dr Mohammed Al-Maitami said:" Yemen's Gross Domestic Production (GDP) shrank by one third because of the war that has caused grave damage on industrial sector in Yemen".

Speaking at the general conference of the United Nations for Industrial Development (UNIDO) held in Vienna, Dr al-Maitani added:" Above half of industrial facilities have been destroyed or ceased to operate and more than 65% of workers in industrial private-owned companies were sacked, as a result unemployment percentage increased up to 70%".

Al-Maitami underscored grave damages inflicted upon Yemen's economy and industrial sector—in particular—due to the ominous coup d'état on September 21,2014 against legal authority and political transition process.

The minister made clear that Yemen may count on significant support by (UNIDO) including technical and financial assistance to help drawing Yemeni vision that can enable the country to manage the economic hardships.