Support our Sponsor

. . Flags of the World Maps of All Countries

  • |Main Index|
  • 1990 INDEX
  • Country Ranks
  • Home PageCountry Index

    Somalia Economy - 1990

      Overview: One of the world's least developed countries, Somalia has few resources. In 1988 per capita GDP was $210. Agriculture is the most important sector of the economy, with the livestock sector 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 about 50% 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. At the end of 1988 serious economic problems facing the nation were the external debt of $2.8 billion and double-digit inflation.

      GDP: $1.7 billion, per capita $210; real growth rate - 1.4% (1988)

      Inflation rate (consumer prices): 81.7% (1988 est.)

      Unemployment rate: NA%

      Budget: revenues $273 million; expenditures $405 million, including capital expenditures of $219 million (1987)

      Exports: $58.0 million (f.o.b., 1988); commodities--livestock, hides, skins, bananas, fish; partners--US 0.5%, Saudi Arabia, Italy, FRG (1986)

      Imports: $354.0 million (c.i.f., 1988); commodities--textiles, petroleum products, foodstuffs, construction materials; partners--US 13%, Italy, FRG, Kenya, UK, Saudi Arabia (1986)

      External debt: $2.8 billion (1989 est.)

      Industrial production: growth rate NA%

      Electricity: 71,000 kW capacity; 65 million kWh produced, 8 kWh per capita (1989)

      Industries: a few small industries, including sugar refining, textiles, petroleum refining

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

      Aid: US commitments, including Ex-Im (FY70-88), $618 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $2.8 billion; OPEC bilateral aid (1979-89), $1.1 billion; Communist countries (1970-88), $336 million

      Currency: Somali shilling (plural--shillings); 1 Somali shilling (So.Sh.) = 100 centesimi

      Exchange rates: Somali shillings (So. Sh.) per US$1--643.92 (December 1989), 170.45 (1988), 105.18 (1987), 72.00 (1986), 39.49 (1985)

      Fiscal year: calendar year

      NOTE: The information regarding Somalia on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Somalia Economy 1990 information contained here. All suggestions for corrections of any errors about Somalia Economy 1990 should be addressed to the CIA.

    Support Our Sponsor

    Support Our Sponsor

    Please ADD this page to your FAVORITES - - - - -

    Revised 07-Feb-03
    Copyright © 2003 Photius Coutsoukis (all rights reserved)