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Somalia: Economy

Economy Somalia
Economy - overview:
Somalia's economic fortunes are being driven by its deep political divisions. The northern area has declared its independence as "Somaliland"; the central area, Puntland, is a self-declared autonomous state; and the remaining southern portion is riddled with the struggles of rival factions. Economic life continues, in part because much activity is local and relatively easily protected. Agriculture is the most important sector, with livestock normally accounting for about 40% of GDP and about 65% of export earnings, but Saudi Arabia's recent ban on Somali livestock, because of Rift Valley Fever concerns, has severely hampered the sector. Nomads and semi-nomads, 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. Despite the seeming anarchy, Somalia's service sector has managed to survive and grow. 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 $200 million and $500 million in remittances annually. Mogadishu's main market offers a variety of goods from food to the newest electronic gadgets. Hotels continue to operate, and security is provided by militias. The ongoing civil disturbances and clan rivalries, however, have interfered with any broad-based economic development and international aid arrangements. In 2002 Somalia's overdue financial obligations to the IMF continued to grow.
GDP:
purchasing power parity - $4.27 billion (2001 est.)
GDP - real growth rate:
3.5% (2002 est.)
GDP - per capita:
purchasing power parity - $600 (2002 est.)
GDP - composition by sector:
agriculture: 65%
industry: 10%
services: 25% (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)
Labor force:
3.7 million (very few are skilled laborers)
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 light industries, including sugar refining, textiles, petroleum refining (mostly shut down), wireless communication
Industrial production growth rate:
NA%
Electricity - production:
245.1 million kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
227.9 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
4,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
0 bbl (37257)
Natural gas - proved reserves:
2.832 billion cu m (37257)
Agriculture - products:
cattle, sheep, goats; bananas, sorghum, corn, coconuts, rice, sugarcane, mangoes, sesame seeds, beans; fish
Exports:
$126 million f.o.b. (2001 est.)
Exports - commodities:
livestock, bananas, hides, fish, charcoal, scrap metal
Exports - partners:
UAE 45.6%, Yemen 24.3%, Oman 9.5% (2002)
Imports:
$343 million f.o.b. (2001 est.)
Imports - commodities:
manufactures, petroleum products, foodstuffs, construction materials, qat
Imports - partners:
Djibouti 29.8%, Kenya 13.6%, Brazil 10.5%, Thailand 4.7%, UK 4.4%, UAE 4.3% (2002)
Debt - external:
$2.6 billion (2000 est.)
Economic aid - recipient:
$60 million (1999 est.)
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)
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

Also See:

Background & Country Profile
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People
Government
Economy
Communications
Transportation
Military
Transnational Issues & International Disputes
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Source: The CIA World Fact Book 2003

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