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EconomyEconomy - 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. Somalia's arrears to the IMF have continued to grow.
Gdp (purchasing power parity) World Ranking: 160
$5.896 billion (2010 est.)
$5.75 billion (2009 est.) $5.607 billion (2008 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$2.372 billion (2010 est.)
Gdp - real growth rate World Ranking: 130
2.6% (2010 est.)
2.6% (2009 est.) 2.6% (2008 est.) Gdp - per capita (ppp) World Ranking: 222
$600 (2010 est.)
$600 (2009 est.) $600 (2008 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 60.2%
Industry 7.4% Services 32.5% (2009 est.) Labor force World Ranking: 98
3.447 million (few skilled laborers) (2007) Labor force - by occupation
Agriculture 71%
Industry and services 29% (1975) Unemployment rate
NA%
Population below poverty line
NA%
Household income or consumption by percentage share
Lowest 10% NA%
Highest 10% NA% Budget
Revenues $NA
Expenditures $NA 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%
Agriculture - products
Bananas, sorghum, corn, coconuts, rice, sugarcane, mangoes, sesame seeds, beans; cattle, sheep, goats; fish Industries
A few light industries, including sugar refining, textiles, wireless communication Industrial production growth rate
NA%
Electricity - production World Ranking: 163
315 million kWh (2008 est.)
Electricity - consumption World Ranking: 169
293 million kWh (2008 est.)
Electricity - exports
0 kWh (2009 est.)
Electricity - imports
0 kWh (2009 est.)
Oil - production World Ranking: 119
110.1 bbl/day (2010 est.)
Oil - consumption World Ranking: 167
5,000 bbl/day (2010 est.)
Oil - exports World Ranking: 115
1,109 bbl/day (2009 est.)
Oil - imports World Ranking: 167
3,827 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 194
0 bbl (1 January 2011 est.)
Natural gas - production World Ranking: 127
0 cu m (2009 est.)
Natural gas - consumption World Ranking: 131
0 cu m (2009 est.)
Natural gas - exports World Ranking: 181
0 cu m (2009 est.)
Natural gas - imports World Ranking: 128
0 cu m (2009 est.)
Natural gas - proved reserves World Ranking: 90
5.663 billion cu m (1 January 2011 est.) Exports World Ranking: 170
$515.8 million (2010 est.)
$300 million Exports - commodities
Livestock, bananas, hides, fish, charcoal, scrap metal Exports - partners
UAE 50.7%, Yemen 19%, Oman 12.8% (2011) Imports World Ranking: 173
$1.263 billion (2010 est.)
$798 million Imports - commodities
Manufactures, petroleum products, foodstuffs, construction materials, qat Imports - partners
Djibouti 27.8%, India 13.7%, Kenya 7.3%, Pakistan 6.6%, China 6.4%, Oman 5%, UAE 4.9%, Yemen 4.5% (2011) Debt - external World Ranking: 134
$2.942 billion (31 December 2010 est.) $3 billionExchange rates
Somali shillings (SOS) per US dollar - NAFiscal year
NA
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Somalia (Mogadishu):
GPS points from Somalia (Mogadishu)
Saacow Middle Juba
Hadada Jubbada Hoose
Gobolka Bay Gobolka Bay
Moq Dor Bay
Uar Bohol Uein Gobolka Gedo
Edgan River Gobolka Sool
Giambulul Shabeellaha Hoose
Daba'a Gobolka Sanaag |
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