Overview: One of the world's poorest and least developed countries, Somalia has few resources. 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 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. Serious economic problems facing the nation are the external debt of $1.9 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 $190 million; expenditures $195 million, including capital expenditures of $111 million (1989 est.)

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: $1.9 billion (1989)

Industrial production: growth rate - 5.0% (1988); accounts for 5% of GDP

Electricity: 72,000 kW capacity; 60 million kWh produced, 7 kWh per capita (1990)

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

Economic aid: US commitments, including Ex-Im (FY70-89), $639 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $3.2 billion; OPEC bilateral aid (1979-89), $1.1 billion; Communist countries (1970-89), $336 million

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

Exchange rates: Somali shillings (So. Sh.) per US$1--3,800.00 (December 1990), 490.7 (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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Somalia Economy 1991 information contained here. All suggestions for corrections of any errors about Somalia Economy 1991 should be addressed to the CIA.