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World > Africa > Somalia > Economy (Facts)

Somalia - Economy (Facts)
Economy - overview: Somalia's economic fortunes are driven by its deep political divisions. The northwestern area has declared its independence as the 'Republic of Somaliland'; the northeastern region of Puntland is a semi-autonomous state; and the remaining southern portion is riddled with the struggles of rival factions. Economic life continues, in part because much activity is local and relatively easily protected. Agriculture is the most important sector, with livestock normally accounting for about 40% of GDP and about 65% of export earnings, but Saudi Arabia's ban on Somali livestock, due to Rift Valley Fever concerns, has severely hampered the sector. Nomads and semi-nomads, 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 sold as scrap metal. Despite the seeming anarchy, Somalia's service sector has managed to survive and grow. 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 exchange services have sprouted throughout the country, handling between $500 million and $1 billion in remittances annually. Mogadishu's main market offers a variety of goods from food to the newest electronic gadgets. The Somali Council of Islamic Courts (SCIC) opened Mogadishu's main port and airport - closed for 15 years - as well as most of the ports and airfields in southern Somalia. Hotels continue to operate, and militias provide security. The ongoing civil disturbances and clan rivalries, however, have interfered with any broad-based economic development and international aid arrangements. Somalia's arrears to the IMF continued to grow in 2006. Statistics on Somalia's GDP, growth, per capita income, and inflation should be viewed skeptically. In late December 2004, a major tsunami caused an estimated 150 deaths and resulted in destruction of property in coastal areas.
GDP - real growth rate: 2.6% (2006 est.)
GDP (purchasing power parity): $5.259 billion (2006 est.)
GDP (official exchange rate): $2.483 billion (2006 est.)
GDP - per capita (PPP): $600 (2006 est.)
GDP - composition by sector: agriculture: 65%
industry: 10%
services: 25% (2000 est.)
Population below poverty line: NA
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): NA; note - businesses print their own money, so inflation rates cannot be easily determined
Labor force: 3.7 million (few skilled laborers) (1975 est.)
Labor force - by occupation: agriculture: 71%
industry and services: 29% (1975)
Unemployment rate: NA
Budget: revenues: NA
expenditures: NA
Industries: a few light industries, including sugar refining, textiles, wireless communication
Industrial production growth rate: NA
Electricity - production: 269 million kWh (2004)
Electricity - consumption: 250.2 million kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 0 bbl/day (2004 est.)
Oil - consumption: 5,000 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl (1 January 2005)
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: bananas, sorghum, corn, coconuts, rice, sugarcane, mangoes, sesame seeds, beans; cattle, sheep, goats; fish
Exports: $241 million f.o.b. (2004 est.)
Exports - commodities: livestock, bananas, hides, fish, charcoal, scrap metal
Exports - partners: UAE 49.8%, Yemen 21.5%, Oman 6% (2006)
Imports: $576 million f.o.b. (2004 est.)
Imports - commodities: manufactures, petroleum products, foodstuffs, construction materials, qat
Imports - partners: Djibouti 31%, India 8.2%, Kenya 8.1%, Brazil 7.7%, Oman 5.5%, UAE 5.2%, Yemen 5% (2006)
Debt - external: $3 billion (2001 est.)
Economic aid - recipient: $60 million (1999 est.)
Currency: Somali Schilling (SOS)
Currency code: SOS
Exchange rates: Somali shillings per US dollar - 1,438.3 (2006) official rate; the unofficial black market rate was about 23,000 shillings per dollar as of February 2007
note: the Republic of Somaliland, a self-declared independent country not recognized by any foreign government, issues its own currency, the Somaliland shilling
Fiscal year: NA


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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