Short facts about the economy in Somalia

Economy - overview:

One of the world's poorest and least developed countries, Somalia has few resources. Moreover, much of the economy has been devastated by the civil war. Agriculture is the most important sector, with livestock accounting for about 40% of GDP and about 65% of export earnings. Nomads and semi-nomads, who are dependent upon livestock for their livelihood, make up a large portion of the population. Livestock and bananas are the principal exports; sugar, sorghum, corn, fish, and qat are products for the domestic market. The small industrial sector, based on the processing of agricultural products, accounts for 10% of GDP; most facilities have been shut down because of the civil strife. Moreover, ongoing civil disturbances in Mogadishu and outlying areas have interfered with any substantial economic advance and with international aid arrangements. Due to the civil strife, economic data is susceptible to an exceptionally wide margin of error.

GDP:	purchasing power parity - $4.3 billion (2000 est.)

GDP - real growth rate:

NA%

GDP - per capita:

purchasing power parity - $600 (2000 est.)

GDP - composition by sector:

agriculture:  60% industry:  10% (largely shut down in 2000) services:  30% (2000 est.)

Population below poverty line:

NA%

Household income or consumption by percentage share:

lowest 10%:  NA% highest 10%:  NA%

Inflation rate (consumer prices):

over 100% (businesses print their own money) (2000 est.)

Labor force:

3.7 million (very few are skilled laborers) (1993 est.)

Labor force - by occupation:

agriculture (mostly pastoral nomadism) 71%, industry and services 29%

Unemployment rate:

NA%

Budget:

revenues:  $NA expenditures:  $NA, including capital expenditures of $NA

Industries:

a few small industries, including sugar refining, textiles, petroleum refining (mostly shut down), wireless communication

Industrial production growth rate:

NA%

Electricity - production:

260 million kWh (1999)

Electricity - production by source:

fossil fuel:  100% hydro:  0% nuclear:  0% other:  0% (1999)

Electricity - consumption:

241.8 million kWh (1999)

Electricity - exports:

0 kWh (1999)

Electricity - imports:

0 kWh (1999)

Agriculture - products:

cattle, sheep, goats; bananas, sorghum, corn, sugarcane, mangoes, sesame seeds, beans; fish

Exports:

$186 million (f.o.b., 1999 est.)

Exports - commodities:

livestock, bananas, hides, fish (1999)

Exports - partners:

Saudi Arabia 53%, Yemen 19%, UAE 14%, Italy 5%, Pakistan 2% (1999)

Imports:

$314 million (f.o.b., 1999 est.)

Imports - commodities:

manufactures, petroleum products, foodstuffs, construction materials (1995)

Imports - partners:

Djibouti 24%, Kenya 14%, Brazil 13%, Saudi Arabia 10%, India 9% (1999)

Debt - external:

$2.6 billion (1999 est.)

Economic aid - recipient:

$191.5 million (1995)

Currency:

Somali shilling (SOS)

Currency code:

SOS

Exchange rates:

Somali shillings per US dollar - 11,000 (November 2000), 2,620 (January 1999), 7,500 (November 1997 est.), 7,000 (January 1996 est.), 5,000 (1 January 1995), 2,616 (1 July 1993) 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

Source: World Factbook