Overview: One of the world's least developed countries, Somalia has few resources. In 1987 per capita GDP was less than $200. Agriculture is the most important sector of the economy, with the livestock sector accounting for about 40% of GDP and about 65% of export earnings. About 50% of the population are nomads and seminomads who are dependent upon livestock for their livelihoods. Crop production generates only 10% of GDP and employs about 20% of the work force. The main export crop is bananas; sugar, sorghum, and corn are grown for the domestic market. The small industrial sector is based on the processing of agricultural products and accounts for less than 10% of GDP. At the end of 1987 serious economic problems facing the nation were the external debt of $1.9 billion and double-digit inflation.

GDP: $1.5 billion, per capita $190; real growth rate 1.5% (1987)

Inflation rate (consumer prices): 28.1% (1987 est.)

Unemployment rate: NA%

Budget: revenues $74.7 million; expenditures $477.6 million, including capital expenditures of $280.7 million (1987)

Exports: $95.0 million (f.o.b., 1987); @m5commodities--livestock, hides, skins, bananas, fish; @m5partners--US 0.5%, Saudi Arabia, Italy, FRG (1986)

Imports: $418.0 million (c.i.f., 1987); @m5commodities--textiles, petroleum products, foodstuffs, construction materials; @m5partners--US 13%, Italy, FRG, Kenya, UK, Saudi Arabia (1986)

External debt: $2.0 billion (1988 est.)

Industrial production: growth rate NA%

Electricity: 71,000 kW capacity; 86 million kWh produced, 10 kWh per capita (1988)

Industries: a few small industries, including sugar refining, textiles, petroleum refining

Agriculture: mainly a pastoral country, raising livestock; bananas, sugarcane, cotton, cereals

Aid: NA

Currency: Somali shilling (plural--shillings); 1 Somali shilling (So.Sh.) = 100 centesimi

Exchange rates: Somali shillings (So. Sh.) per US$1--264.25 (December 1988), 170.45 (1988), 105.18 (1987), 72.00 (1986), 39.49 (1985)

Fiscal year: calendar year

NOTE: The information regarding Somalia on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Somalia Economy 1989 information contained here. All suggestions for corrections of any errors about Somalia Economy 1989 should be addressed to the CIA.