Page last updated on February 6, 2013
Economy - overview:
Despite the lack of effective national governance, Somalia has maintained a healthy informal economy, largely based on livestock, remittance/money transfer companies, and telecommunications. Agriculture is the most important sector with livestock normally accounting for about 40% of GDP and more than 50% of export earnings. 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 small industrial sector, based on the processing of agricultural products, has largely been looted and the machinery sold as scrap metal. Somalia's service sector 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. Mogadishu's main market offers a variety of goods from food to the newest electronic gadgets. Hotels continue to operate and are supported with private-security militias. Somalia's arrears to the IMF have continued to grow. Somalia's capital city - Mogadishu - has enjoyed a rebirth following the departure of al-Shabaab in August 2011. Mogadishu has witnessed the development of the city's first gas stations, supermarkets, and flights between Europe (Istanbul-Mogadishu) since the collapse of central authority in 1991. This economic growth has yet to expand outside of Mogadishu.
GDP (purchasing power parity):
$5.896 billion (2010 est.)
country comparison to the world: 164
$5.75 billion (2009 est.)
$5.607 billion (2008 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$2.372 billion (2010 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
2.6% (2010 est.)
country comparison to the world: 127
2.6% (2009 est.)
2.6% (2008 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$600 (2010 est.)
country comparison to the world: 226
$600 (2009 est.)
$600 (2008 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 59.3%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
7.2%
services:
33.5% (2011 est.)
Labor force:
3.447 million (2007)
country comparison to the world: 97
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 71%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services:
29% (1975)
Unemployment rate:
NA%
[see also: Unemployment rate country ranks ]
Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
NA%
Investment (gross fixed):
20% of GDP (2009 est.)
country comparison to the world: 97
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $NA
[see also: Budget revenues country ranks ]
expenditures:
$NA
Inflation rate (consumer prices):
NA%
note:
businesses print their own money, so inflation rates cannot be easily determined
[see also: Inflation rate (consumer prices) country ranks ]
Central bank discount rate:
NA%
[see also: Central bank discount rate country ranks ]
Commercial bank prime lending rate:
NA%
[see also: Commercial bank prime lending rate country ranks ]
Agriculture - products:
bananas, sorghum, corn, coconuts, rice, sugarcane, mangoes, sesame seeds, beans; cattle, sheep, goats; fish
Industries:
a few light industries, including sugar refining, textiles, wireless communication
Industrial production growth rate:
NA%
[see also: Industrial production growth rate country ranks ]
Exports:
$515.8 million (2010 est.)
country comparison to the world: 170
$300 million (2006 est.)
[see also:
Exports country ranks ]
Exports - commodities:
livestock, bananas, hides, fish, charcoal, scrap metal
Exports - partners:
UAE 51%, Yemen 19.1%, Oman 12.9% (2011)
Imports:
$1.263 billion (2010 est.)
country comparison to the world: 175
$798 million (2006 est.)
[see also:
Imports country ranks ]
Imports - commodities:
manufactures, petroleum products, foodstuffs, construction materials, qat
Imports - partners:
Djibouti 26.6%, India 13.6%, Kenya 6.9%, Pakistan 6.3%, China 6.1%, Egypt 4.8%, Oman 4.8%, UAE 4.6%, Yemen 4.3% (2011)
Debt - external:
$2.942 billion (31 December 2010 est.)
country comparison to the world: 134
$3 billion (2001 est.)
[see also:
Debt - external country ranks ]
Exchange rates:
Somali shillings (SOS) per US dollar -
1,600 (2012 est.)
Fiscal year:
NA
NOTE: The information regarding Somalia on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Somalia Economy 2013 information contained here. All suggestions for corrections of any errors about Somalia Economy 2013 should be addressed to the CIA.
- Please bookmark this page (add it to your favorites).
- If you wish to link to this page, you can do so by referring to the URL address below this line.
http://www.theodora.com/wfbcurrent/somalia/somalia_economy.html
This page was last modified 11-Mar-13
Copyright © 1995-2013
ITA all rights reserved.
