| People | Somalia |
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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 about 65% 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 sold as scrap metal. Somalia's service sector also 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 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. Hotels continue to operate and are supported with private-security militias. Somalia's arrears to the IMF continued to grow in 2006-07. 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 (purchasing power parity):
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$5.575 billion (2007 est.) |
GDP (official exchange rate):
|
$2.483 billion (2007 est.) |
GDP - real growth rate:
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2.6% (2007 est.) |
GDP - per capita (PPP):
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$600 (2007 est.) |
GDP - composition by sector:
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agriculture: 65%
industry: 10%
services: 25% (2000 est.) |
Investment (gross fixed):
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void |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
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NA%; note - businesses print their own money, so inflation rates cannot be easily determined |
Labor force:
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3.7 million (few skilled laborers) (1975) |
Labor force participation rate:
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38.71 % of population |
Labor force - by occupation:
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agriculture: 71%
industry and services: 29% (1975) |
Unemployment rate:
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NA% |
Budget:
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revenues: $NA
expenditures: $NA |
Budget revenues per capita:
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void |
Public debt:
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void |
Industries:
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a few light industries, including sugar refining, textiles, wireless communication |
Industrial production growth rate:
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NA% |
Electricity - production:
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270 million kWh (2005) |
Electricity - production per capita:
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29 kWh per capita |
Electricity - consumption:
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251.1 million kWh (2005) |
Electricity - consumption - per capita:
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27 kWh per capita |
Electricity - exports:
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0 kWh (2005) |
Electricity - imports:
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0 kWh (2005) |
Oil - production:
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0 bbl/day (2005 est.) |
Oil - production per capita:
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void |
Oil - consumption:
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5,000 bbl/day (2005 est.) |
Oil - consumption - per capita:
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0.19 bbl/year per capita |
Oil - exports:
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0 bbl/day (2004) |
Oil - imports:
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4,800 bbl/day (2004) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2005 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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0 cu m (2005 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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0 cu m (2005 est.) |
Natural gas - imports:
|
0 cu m (2005) |
Natural gas - proved reserves:
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5.432 billion cu m (1 January 2006 est.) |
Agriculture - products:
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bananas, sorghum, corn, coconuts, rice, sugarcane, mangoes, sesame seeds, beans; cattle, sheep, goats; fish |
Current account balance:
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void |
Current account balance - per capita:
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void |
Exports:
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$300 million f.o.b. (2006) |
Exports per capita:
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32 USD per capita |
Exports - commodities:
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livestock, bananas, hides, fish, charcoal, scrap metal |
Exports - partners:
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UAE 49.6%, Yemen 21.4%, Oman 5.9% (2006) |
Imports:
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$798 million f.o.b. (2006) |
Imports per capita:
|
84 USD per capita |
Imports - commodities:
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manufactures, petroleum products, foodstuffs, construction materials, qat |
Imports - partners:
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Djibouti 30.8%, Brazil 8.5%, India 8.2%, Kenya 8.1%, Oman 5.5%, UAE 5.2%, Yemen 5% (2006) |
Reserves of foreign exchange and gold:
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void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
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$3 billion (2001 est.) |
Debt - external - per capita:
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314 USD per capita |
Stock of direct foreign investment - at home:
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void |
Stock of direct foreign investment - abroad:
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void |
Market value of publicly traded shares:
|
void |
Economic aid - donor:
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void |
Economic aid - recipient:
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$236.4 million (2005 est.) |
Economic aid - recipient per capita:
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25 USD per capita |
Currency (code):
|
Somali shilling (SOS) |
Exchange rates:
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Somali shillings per US dollar - NA (2007), 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 |
|
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