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 seminomads who are dependent upon livestock for their livelihoods make up more than half of the population. Crop production generates only 10% of GDP and employs about 20% of the work force. The main export crop is bananas; sugar, sorghum, and corn are grown for the domestic market. The small industrial sector is based on the processing of agricultural products and accounts for less than 10% of GDP. Greatly increased political turmoil in 1991-93 has resulted in a substantial drop in output, with widespread famine.

National product: GDP - purchasing power equivalent - $3.4 billion (1993 est.)

National product real growth rate: NA%

National product per capita: $500 (1993 est.)

Inflation rate (consumer prices): 210% (1989)

Unemployment rate: NA%

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

Exports: $58 million (1990 est.)
commodities: bananas, live animals, fish, hides
partners: Saudi Arabia, Italy, FRG (1986)

Imports: $249 million (1990 est.)
commodities: petroleum products, foodstuffs, construction materials
partners: US 13%, Italy, FRG, Kenya, UK, Saudi Arabia (1986)

External debt: $1.9 billion (1989)

Industrial production: growth rate 0% (1990); accounts for 4% of GDP

Electricity:
capacity: former 75,000 kW is almost completely shut down by the destruction of the civil war; UN, relief organizations, and foreign military units in Somalia use their own portable power systems
production: NA
consumption per capita: NA

Industries: a few small industries, including sugar refining, textiles, petroleum refining; probably shut down by the widespread destruction during the civil war

Agriculture: dominant sector, led by livestock raising (cattle, sheep, goats); crops - bananas, sorghum, corn, mangoes, sugarcane; not self-sufficient in food; distribution of food disrupted by civil strife; fishing potential largely unexploited

Economic aid:
recipient: US commitments, including Ex-Im (FY70-89), $639 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $3.8 billion; OPEC bilateral aid (1979-89), $1.1 billion; Communist countries (1970-89), $336 million

Currency: 1 Somali shilling (So. Sh.) = 100 cents
Exchange rates: Somali shillings (So. Sh.) per US$1 - 2,616 (1 July 1993), 4,200 (December 1992), 3,800.00 (December 1990), 490.7 (1989)

Fiscal year: calendar year

NOTE: The information regarding Somalia on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Somalia Economy 1995 information contained here. All suggestions for corrections of any errors about Somalia Economy 1995 should be addressed to the CIA.