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Somalia Economy 1999

    Economy—overview: One of the world's poorest and least developed countries, Somalia has few resources. Moreover, much of the economy has been devastated by the civil war. Agriculture is the most important sector, with livestock accounting for about 40% of GDP and about 65% of export earnings. Nomads and semi-nomads, who are dependent upon livestock for their livelihood, make up a large portion of the population. After livestock, bananas are the principal export; sugar, sorghum, corn, and fish are products for the domestic market. The small industrial sector, based on the processing of agricultural products, accounts for 10% of GDP; most facilities have been shut down because of the civil strife. Moreover, as of early 1999, ongoing civil disturbances in Mogadishu and outlying areas are interfering with any substantial economic advance.

    GDP: purchasing power parity—$4 billion (1998 est.)

    GDP—real growth rate: NA%

    GDP—per capita: purchasing power parity—$600 (1998 est.)

    GDP—composition by sector:
    agriculture: 59%
    industry: 10%
    services: 31% (1995 est.)

    Population below poverty line: NA%

    Household income or consumption by percentage share:
    lowest 10%: NA%
    highest 10%: NA%

    Inflation rate (consumer prices): NA%

    Labor force: 3.7 million (very few are skilled laborers)(1993 est.)

    Labor force—by occupation: agriculture (mostly pastoral nomadism) 71%, industry and services 29%

    Unemployment rate: NA%

    revenues: $NA
    expenditures: $NA, including capital expenditures of $NA

    Industries: a few small industries, including sugar refining, textiles, petroleum refining (mostly shut down)

    Industrial production growth rate: NA%

    Electricity—production: 258 million kWh (1996)

    Electricity—production by source:
    fossil fuel: 100%
    hydro: 0%
    nuclear: 0%
    other: 0% (1996)

    Electricity—consumption: 258 million kWh (1996)

    Electricity—exports: 0 kWh (1996)

    Electricity—imports: 0 kWh (1996)

    Agriculture—products: bananas, sorghum, corn, sugarcane, mangoes, sesame seeds, beans; cattle, sheep, goats; fish

    Exports: $123 million (f.o.b., 1995 est.)

    Exports—commodities: livestock, bananas, hides, fish (1997)

    Exports—partners: Saudi Arabia 55%, Yemen 19%, Italy 11%, UAE, US (1996 est.)

    Imports: $60 million (f.o.b., 1995 est.)

    Imports—commodities: manufactures, petroleum products, foodstuffs, construction materials (1995)

    Imports—partners: Kenya 28%, Djibouti 21%, Brazil 6%, Pakistan (1996 est.)

    Debt—external: $2.6 billion (1996 est.)

    Economic aid—recipient: $191.5 million (1995)

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

    Exchange rates: Somali shillings (So. Sh.) per US$1—2,620 (January 1999), 7,500 (November 1997 est.), 7,000 (January 1996 est.), 5,000 (1 January 1995), 2,616 (1 July 1993), 4,200 (December 1992)
    note: the Republic of Somaliland, a self-declared independent country not recognized by any government, issues its own currency, the Somaliland shilling (So. Sh.)

    Fiscal year: NA

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)