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Somalia
- Economy
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Overview
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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 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. 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.
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GDP
(Gross
domestic product) |
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Purchasing
power parity:
$ 5,665,000,000
USD (2009)
Rank: 155
Official
exchange rate:
$2.731 billion
Composition by
sector
- agriculture: 65%
- industry: 10%
- services: 25%
Per capita: $ 600
(2009 est.)
Rank: 224
Real growth rate: 2.6
(2009 est.)
Rank: 73
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Industrial Sector &
Agriculture |
Industries: a few light industries, including sugar refining, textiles, wireless communication
Industrial production growth rate:
( )
Rank:
Agriculture - products: bananas, sorghum, corn, coconuts, rice, sugarcane, mangoes, sesame seeds, beans; cattle, sheep, goats; fish
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Labor Force
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Labor force: 3,700,000
(1975 est. )
Rank: 87
by
occupation: agriculture: 71%; industry and services: 29% (1975)
Unemployment rate:
( )
Rank:
Population below poverty
line: NA
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Financial Data |
Currency: Somali shilling (SOS)
Code:
SOSSO
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
Currency Calculator
Current
account balance:
( )
Rank:
Budget
- revenues:
revenues: $NA
- expenditures: expenditures: $NA
Inflation rate:
(
Rank:
Reserves:
USD ( )
Rank:
Investment:
( )
Rank:
Public Debt:
USD ( )
Rank:
Debt - external: $2.6 billion (2000 est.)
(2001 est.)
Rank: 123
Economic Aid - Donor:
Economic Aid - Recipient: $236.4 million (2005 est.)
Household income by percentage share highest
10%: NA
Household income by percentage share lowest 10%: NA
Bezugsjahr:
Gini Index:
Gini Index US:
Gini Index Bezugsjahr:
Corruption Index: 1.1
Corruption Rank: 178
Tourismus:
Tourismus-Einnahmen:
Fiscal year: NA
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Source:
CIA
World Factbook. This page was last updated on
18 February, 2011
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