| Economy | 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 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. Due to armed attacks on and threats to humanitarian aid workers, the World Food Programme partially suspended its operations in southern Somalia in early January 2010 pending improvement in the security situation. Somalia's arrears to the IMF have continued to grow. |
GDP (purchasing power parity):
|
$5.896 billion (2010 est.)
$5.75 billion (2009 est.)
$5.607 billion (2008 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$600 (2010 est.)
$600 (2009 est.)
$600 (2008 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$2.372 billion (2010 est.) |
GDP - real growth rate:
|
2.6% (2010 est.)
2.6% (2009 est.)
2.6% (2008 est.) |
GDP - composition by sector:
|
agriculture: 60.2%
industry: 7.4%
services: 32.5% (2008 est.) |
Investment (gross fixed):
|
NA% |
Population below poverty line:
|
NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
NA%
note: businesses print their own money, so inflation rates cannot be easily determined |
Central bank discount rate:
|
NA% |
Commercial bank prime lending rate:
|
NA% |
Stock of money:
|
void |
Stock of money - per capita:
|
void |
Stock of quasi money:
|
void |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
|
void |
Stock of domestic credit - per capita:
|
void |
Stock of narrow money:
|
void |
Stock of broad money:
|
void |
Labor force:
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3.447 million (few skilled laborers) (2007) |
Labor force participation rate:
|
34.73 % of population |
Labor force - by occupation:
|
agriculture: 71%
industry and services: 29% (1975) |
Unemployment rate:
|
NA% |
Unemployment, youth ages 15-24:
|
void |
Budget:
|
revenues: $NA
expenditures: $NA |
Budget revenues per capita:
|
void |
Taxes and other revenues:
|
void |
Budget surplus (+) or deficit (-):
|
void |
Public debt:
|
void |
Industries:
|
a few light industries, including sugar refining, textiles, wireless communication |
Industrial production growth rate:
|
NA% |
Electricity - production:
|
315 million kWh (2008 est.) |
Electricity - production per capita:
|
32 kWh per capita |
Electricity - consumption:
|
293 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
30 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
110.1 bbl/day (2010 est.) |
Oil - production per capita:
|
12 bbl/day per capita |
Oil - consumption:
|
5,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
0.18 bbl/year per capita |
Oil - exports:
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1,109 bbl/day (2009 est.) |
Oil - imports:
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3,827 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
5.663 billion cu m (1 January 2011 est.) |
Agriculture - products:
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bananas, sorghum, corn, coconuts, rice, sugarcane, mangoes, sesame seeds, beans; cattle, sheep, goats; fish |
Current account balance:
|
void |
Current account balance - per capita:
|
void |
Exports:
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$300 million (2006) |
Exports per capita:
|
31 USD per capita |
Exports - commodities:
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livestock, bananas, hides, fish, charcoal, scrap metal |
Exports - partners:
|
UAE 51.3%, Yemen 19.8%, Oman 13% (2010) |
Imports:
|
$798 million (2006) |
Imports per capita:
|
81 USD per capita |
Imports - commodities:
|
manufactures, petroleum products, foodstuffs, construction materials, qat |
Imports - partners:
|
Djibouti 31.5%, Kenya 8.2%, Pakistan 7.4%, China 6.5%, Brazil 5.7%, Yemen 5.1%, Oman 5%, UAE 4.9% (2010) |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
|
$3 billion (2001 est.) |
Debt - external - per capita:
|
303 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
void |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
Somali shilling (SOS) |
Exchange rates:
|
Somali shillings (SOS) per US dollar -
NA
|
Fiscal year:
|
NA |
|
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