Somalia Economy 1997

Economy - overview One of the world's poorest and least developed countries, Somalia hasfew resources. Moreover, much of the economy has been devastated by the civilwar. Agriculture is the most important sector, with livestock accounting forabout 40% of GDP and about 65% of export earnings. Nomads and seminomads,who are dependent upon livestock for their livelihood, make up a large portionof the population. Crop production generates only 10% of GDP and employs about20% of the work force. The main export crop is bananas; sugar, sorghum, andcorn are grown for the domestic market. The small industrial sector is basedon the processing of agricultural products and accounts for less than 10%of GDP; most facilities have been shut down because of the civil strife. Thegreatly increased political turmoil of 1991-93 resulted in a substantial dropin agricultural output, with widespread famine. In 1994 economic conditionsstabilized in the countryside, followed in 1995 by slight improvements. However,ongoing civil strife in Mogadishu and outlying areas is interfering with anysubstantial recovery.

GDP purchasing power parity - $3.6 billion (1995 est.)

GDP - real growth rate 2% (1995 est.)

GDP - per capita purchasing power parity - $500 (1995 est.)

GDP - composition by sector
agriculture : 65.5%
industry: 8.7%
services: 25.8% (1990 est.)

Inflation rate - consumer price index NA

Labor force
total: 3.7 million (very few are skilled laborers)(1993 est.)
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, petroleumrefining (mostly shut down)

Industrial production growth rate NA%

Electricity - capacity 144,000 kW prior to the civil war, but now largely shut down due towar damage; some localities operate their own generating plants, providinglimited municipal power; note - UN and relief organizations use their own portable power systems

Electricity - production 60 million kWh (1991)

Electricity - consumption per capita NA kWh

Agriculture - products bananas, sorghum, corn, mangoes, sugarcane; cattle, sheep, goats; fishingpotential largely unexploited

Exports
total value: $130 million (1994 est.)
commodities: bananas, live animals, fish, hides (1995)
partners: Saudi Arabia 57%, Yemen 14%, Italy 13%, US (bananas) (1995 est.)

Imports
total value: $269 million (1994 est.)
commodities : manufactures, petroleum products, foodstuffs, construction materials(1995)
partners: Kenya 24%, Djibouti 18%, Pakistan 6% (1995 est.)

Debt - external $2.6 billion (1994 est.)

Economic aid
recipient: ODA, $NA

Currency 1 Somali shilling (So. Sh.) = 100 cents

Exchange rates Somali shillings (So. Sh.) per US$1 - 4,100 (November 1996 est.), 7,000(January 1996 est.), 5,000 (1 January 1995), 2,616 (1 July 1993), 4,200 (December1992)

Fiscal year calendar year

NOTE: The information regarding Somalia on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Somalia Economy 1997 information contained here. All suggestions for corrections of any errors about Somalia Economy 1997 should be addressed to the CIA.