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Somalia Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Somalia Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
Despite the lack of effective national governance, Somalia maintains an informal economy largely based on livestock, remittance/money transfer companies, and telecommunications. Somalia's government lacks the ability to collect domestic revenue and external debt – mostly in arrears – was estimated at about 77% of GDP in 2017.

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. Economic activity is estimated to have increased by 2.4% in 2017 because of growth in the agriculture, construction and telecommunications sector. Somalia's small industrial sector, based on the processing of agricultural products, has largely been looted and the machinery sold as scrap metal.

In recent years, Somalia's capital city, Mogadishu, has witnessed the development of the city's first gas stations, supermarkets, and airline flights to Turkey since the collapse of central authority in 1991. 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. Formalized economic growth has yet to expand outside of Mogadishu and a few regional capitals, and within the city, security concerns dominate business. Telecommunication firms provide wireless services in most major cities and offer the lowest international call rates on the continent. 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 continues to threaten these services’ ability to operate in Western nations. In 2017, Somalia elected a new president and collected a record amount of foreign aid and investment, a positive sign for economic recovery.

GDP (purchasing power parity):
$20.44 billion (2017 est.)
$19.98 billion (2016 est.)
$19.14 billion (2015 est.)
note: data are in 2016 US dollars
country comparison to the world: 148
[see also: GDP country ranks ]

GDP (official exchange rate):
$7.052 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.3% (2017 est.)
4.4% (2016 est.)
3.9% (2015 est.)
country comparison to the world: 143
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$NA (2017)
$NA (2016)
$NA (2015)
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: 72.6% (2015 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 8.7% (2015 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 20% (2015 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.8% (2016 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 0.3% (2015 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -1.6% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 60.2% (2013 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 7.4% (2013 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 32.5% (2013 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

Industries:
light industries, including sugar refining, textiles, wireless communication

Industrial production growth rate:
3.5% (2014 est.)
country comparison to the world: 90
[see also: Industrial production growth rate country ranks ]

Labor force:
4.154 million (2016 est.)
country comparison to the world: 91
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 71%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 29%
[see also: Labor force - by occupation - industry country ranks ]
industry and services: 29% (1975)

Unemployment rate:
NA
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: 145.3 million (2014 est.)
[see also: Budget - revenues country ranks ]
expenditures: 151.1 million (2014 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
2.1% (of GDP) (2014 est.)
country comparison to the world: 221
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-0.1% (of GDP) (2014 est.)
country comparison to the world: 49
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
76.7% of GDP (2017 est.)
93% of GDP (2014 est.)
country comparison to the world: 39
[see also: Public debt country ranks ]

Fiscal year:
NA

Inflation rate (consumer prices):
1.5% (2017 est.)
-71.1% (2016 est.)
country comparison to the world: 86
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
NA
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
NA
[see also: Commercial bank prime lending rate country ranks ]

Current account balance:
-$464 million (2017 est.)
-$427 million (2016 est.)
country comparison to the world: 116
[see also: Current account balance country ranks ]

Exports:
$819 million (2014 est.)
$779 million (2013 est.)
country comparison to the world: 168
[see also: Exports country ranks ]

Exports - partners:
Oman 31.7%, Saudi Arabia 18.7%, UAE 16.3%, Nigeria 5.1%, Yemen 4.8%, Pakistan 4% (2017)

Exports - commodities:
livestock, bananas, hides, fish, charcoal, scrap metal

Imports:
$94.43 billion (2018 est.)
$80.07 billion (2017 est.)
country comparison to the world: 38
[see also: Imports country ranks ]

Imports - commodities:
manufactures, petroleum products, foodstuffs, construction materials, qat

Imports - partners:
China 17.6%, India 17.2%, Ethiopia 10.5%, Oman 10.3%, Kenya 6.9%, Turkey 5.3%, Malaysia 4.1% (2017)

Reserves of foreign exchange and gold:
$30.45 million (2014 est.)
country comparison to the world: 189
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$5.3 billion (31 December 2014 est.)
country comparison to the world: 131
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
NA
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
Somali shillings (SOS) per US dollar -
23,960 (2016 est.)


NOTE: 1) The information regarding Somalia on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Somalia Economy 2019 information contained here. All suggestions for corrections of any errors about Somalia Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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