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): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition by sector: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Investment (gross fixed): Budget: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Agriculture - products: Industries: Industrial production growth rate: Electricity - production: Electricity - consumption: Electricity - exports: Electricity - imports: Oil - production: Oil - consumption: Oil - exports: Oil - imports: Natural gas - production: Natural gas - consumption: Natural gas - exports: Natural gas - imports: Natural gas - proved reserves: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Debt - external: Exchange rates:
NOTE: 1) The information regarding Somalia on this page is re-published from the 2012 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Somalia Economy 2012 information contained here. All suggestions for corrections of any errors about Somalia Economy 2012 should be addressed to the CIA.
$5.896 billion (2010 est.)
country comparison to the world: 158
note: data are in 2011 US dollars
[see also: GDP country ranks ]
$2.372 billion (2010 est.)
[see also: GDP (official exchange rate) country ranks ]
2.6% (2010 est.)
country comparison to the world: 132
[see also: GDP - real growth rate country ranks ]
$600 (2010 est.)
country comparison to the world: 220
note: data are in 2011 US dollars
[see also: GDP - per capita country ranks ]
agriculture: 60.2%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 7.4%
[see also: GDP - composition by sector - industry country ranks ]
services: 32.5% (2008 est.)
[see also: GDP - composition by sector - services country ranks ]
3.447 million (few skilled laborers) (2007)
country comparison to the world: 97
[see also: Labor force country ranks ]
agriculture: 71%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services: 29% (1975)
NA%
[see also: Unemployment rate country ranks ]
NA%
[see also: Population below poverty line country ranks ]
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
NA%
[see also: Investment (gross fixed) country ranks ]
revenues: $NA
[see also: Budget revenues country ranks ]
expenditures: $NA
[see also: Budget expenditures country ranks ]
NA%
note: businesses print their own money, so inflation rates cannot be easily determined
[see also: Inflation rate (consumer prices) country ranks ]
NA%
[see also: Central bank discount rate country ranks ]
NA%
[see also: Commercial bank prime lending rate country ranks ]
bananas, sorghum, corn, coconuts, rice, sugarcane, mangoes, sesame seeds, beans; cattle, sheep, goats; fish
a few light industries, including sugar refining, textiles, wireless communication
NA%
[see also: Industrial production growth rate country ranks ]
315 million kWh (2008 est.)
country comparison to the world: 166
[see also: Electricity - production country ranks ]
293 million kWh (2008 est.)
country comparison to the world: 170
[see also: Electricity - consumption country ranks ]
0 kWh (2009 est.)
[see also: Electricity - exports country ranks ]
0 kWh (2009 est.)
[see also: Electricity - imports country ranks ]
110.1 bbl/day (2010 est.)
country comparison to the world: 120
[see also: Oil - production country ranks ]
5,000 bbl/day (2010 est.)
country comparison to the world: 169
[see also: Oil - consumption country ranks ]
1,109 bbl/day (2009 est.)
country comparison to the world: 117
[see also: Oil - exports country ranks ]
3,827 bbl/day (2009 est.)
country comparison to the world: 168
[see also: Oil - imports country ranks ]
0 cu m (2009 est.)
country comparison to the world: 125
[see also: Natural gas - production country ranks ]
0 cu m (2009 est.)
country comparison to the world: 128
[see also: Natural gas - consumption country ranks ]
0 cu m (2009 est.)
country comparison to the world: 180
[see also: Natural gas - exports country ranks ]
0 cu m (2009 est.)
country comparison to the world: 127
[see also: Natural gas - imports country ranks ]
5.663 billion cu m (1 January 2011 est.)
country comparison to the world: 90
[see also: Natural gas - proved reserves country ranks ]
$300 million (2006)
country comparison to the world: 178
[see also: Exports country ranks ]
livestock, bananas, hides, fish, charcoal, scrap metal
UAE 51.3%, Yemen 19.8%, Oman 13% (2010)
$798 million (2006)
country comparison to the world: 181
[see also: Imports country ranks ]
manufactures, petroleum products, foodstuffs, construction materials, qat
Djibouti 31.5%, Kenya 8.2%, Pakistan 7.4%, China 6.5%, Brazil 5.7%, Yemen 5.1%, Oman 5%, UAE 4.9% (2010)
$3 billion (2001 est.)
country comparison to the world: 132
[see also: Debt - external country ranks ]
Somali shillings (SOS) per US dollar -
2) The rank that you see is the CIA reported rank, which may habe the following issues:
a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order
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This page was last modified 07-Mar-12