| 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 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 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 continued to grow in 2008. |
GDP (purchasing power parity):
|
$5.733 billion (2009 est.)
$5.59 billion (2008 est.)
$5.451 billion (2007 est.)
note: data are in 2009 US dollars |
GDP - per capita (PPP):
|
$600 (2009 est.)
$600 (2008 est.)
$600 (2007 est.)
note: data are in 2009 US dollars |
GDP (official exchange rate):
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$2.731 billion (2009 est.) |
GDP - real growth rate:
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2.6% (2009 est.)
2.6% (2008 est.)
2.6% (2007 est.) |
GDP - composition by sector:
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agriculture: 65%
industry: 10%
services: 25% (2005 est.) |
Investment (gross fixed):
|
void |
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% est.)
note: businesses print their own money, so inflation rates cannot be easily determined |
Central bank discount rate:
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NA% (31 December 2008) |
Commercial bank prime lending rate:
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NA% (31 December 2008) |
Stock of money:
|
void |
Stock of money - per capita:
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void |
Stock of quasi money:
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void |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
|
void |
Stock of domestic credit - per capita:
|
void |
Labor force:
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3.447 million (few skilled laborers) (2007) |
Labor force participation rate:
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35.06 % of population |
Labor force - by occupation:
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agriculture: 71%
industry and services: 29% (1975) |
Unemployment rate:
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NA% est.) |
Budget:
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revenues: $NA
expenditures: $NA |
Budget revenues per capita:
|
void |
Public debt:
|
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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280 million kWh (2007 est.) |
Electricity - production per capita:
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29 kWh per capita |
Electricity - consumption:
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260.4 million kWh (2007 est.) |
Electricity - consumption - per capita:
|
27 kWh per capita |
Electricity - exports:
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0 kWh (2008 est.) |
Electricity - imports:
|
0 kWh (2008 est.) |
Oil - production:
|
0 bbl/day (2008 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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5,000 bbl/day (2008 est.) |
Oil - consumption - per capita:
|
0.19 bbl/year per capita |
Oil - exports:
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1,475 bbl/day (2007 est.) |
Oil - imports:
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6,387 bbl/day (2007 est.) |
Oil - proved reserves:
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0 bbl (1 January 2009 est.) |
Natural gas - production:
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0 cu m (2008 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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0 cu m (2008 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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0 cu m (2008 est.) |
Natural gas - imports:
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0 cu m (2008 est.) |
Natural gas - proved reserves:
|
5.663 billion cu m (1 January 2009 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 est.) |
Exports per capita:
|
31 USD per capita |
Exports - commodities:
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livestock, bananas, hides, fish, charcoal, scrap metal |
Exports - partners:
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UAE 56.2%, Yemen 21%, Saudi Arabia 3.6% (2008) |
Imports:
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$798 million (2006 est.) |
Imports per capita:
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82 USD per capita |
Imports - commodities:
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manufactures, petroleum products, foodstuffs, construction materials, qat |
Imports - partners:
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Djibouti 29.2%, India 11.9%, Kenya 7.6%, US 6%, Oman 5.6%, UAE 5.5%, Yemen 4.7% (2008) |
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:
|
306 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 |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$236.4 million |
Economic aid - recipient per capita:
|
25 USD per capita |
Currency (code):
|
Somali shilling (SOS) |
Exchange rates:
|
Somali shillings (SOS) per US dollar - NA (2007-08), 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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