Flag of Somalia

Somalia Economy Profile 2014

Home > Factbook > Countries > Somalia

Economy - overviewDespite the lack of effective national governance, Somalia maintains an 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. Telecommunication firms provide wireless services in most major cities and offer the lowest international call rates on the continent. Mogadishu's main market offers a variety of goods from food to electronic gadgets. Hotels continue to operate and are supported with private-security militias. Somalia's government lacks the ability to collect domestic revenue, and arrears to the IMF have continued to grow. Somalia's capital city - Mogadishu - has witnessed the development of the city's first gas stations, supermarkets, and flights between Europe (Istanbul-Mogadishu) since the collapse of central authority in 1991. This economic growth has yet to expand outside of Mogadishu, and within the city, security concerns dominate business. 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, although international concerns over the money transfers into Somalia currently threatens these services.
GDP (purchasing power parity)$5.896 billion (2010 est.)
$5.75 billion (2009 est.)
$5.607 billion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate)$2.372 billion (2010 est.)
GDP - real growth rate2.6% (2010 est.)
2.6% (2012 est.)
2.6% (2008 est.)
GDP - per capita (PPP)$600 (2010 est.)
$600 (2009 est.)
$600 (2008 est.)
GDP - composition, by end usehousehold consumption: 72.6%
government consumption: 8.7%
investment in fixed capital: 20%
investment in inventories: 0.1%
exports of goods and services: 0.3%
imports of goods and services: -1.7%
(2009 est.)
GDP - composition by sectoragriculture: 59.3%
industry: 7.2%
services: 33.5% (2012 est.)
Population below poverty lineNA%
Labor force3.447 million (2007)
Labor force - by occupationagriculture: 71%
industry and services: 29% (1975)
Unemployment rateNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $NA
expenditures: $NA
Inflation rate (consumer prices)NA%
note: businesses print their own money, so inflation rates cannot be easily determined
Central bank discount rateNA%
Commercial bank prime lending rateNA%
Agriculture - productsbananas, sorghum, corn, coconuts, rice, sugarcane, mangoes, sesame seeds, beans; cattle, sheep, goats; fish
Industriesa few light industries, including sugar refining, textiles, wireless communication
Industrial production growth rateNA%
Exports$515.8 million (2012 est.)
$594.3 million (2011 est.)
Exports - commoditieslivestock, bananas, hides, fish, charcoal, scrap metal
Exports - partnersUAE 51.7%, Yemen 18.1%, Oman 13% (2012)
Imports$1.263 billion (2010 est.)
$798 million (2006 est.)
Imports - commoditiesmanufactures, petroleum products, foodstuffs, construction materials, qat
Imports - partnersDjibouti 27.3%, India 13.2%, Kenya 7.1%, China 6.7%, Pakistan 6.4%, Oman 5.1%, UAE 5%, Yemen 4.4% (2012)
Debt - external$3.05 billion (31 December 2011 est.)
$2.942 billion (31 December 2010 est.)
Exchange ratesSomali shillings (SOS) per US dollar -
1,600 (2012 est.)
31,900 (2011 est.)
Fiscal yearNA

Source: CIA World Factbook
This page was last updated on June 30, 2015

Economy Comparison