Economy
Economy - 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 livelihood, make up a large portion 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; most facilities have been shut down because of the civil strife. The greatly increased political turmoil of 1991-93 resulted in a substantial drop in agricultural output, with widespread famine. In 1994 economic conditions stabilized in the countryside, followed in 1995 by slight improvements. However, ongoing civil strife in Mogadishu and outlying areas is interfering with any substantial recovery.
GDP: purchasing power parity - $3.6 billion (1995 est.)
GDP - real growth rate: 2% (1995 est.)
GDP - per capita: purchasing power parity - $500 (1995 est.)
GDP - composition by sector: agriculture : 65.5% industry: 8.7% services: 25.8% (1990 est.)
Inflation rate - consumer price index: NA
Labor force: total: 3.7 million (very few are skilled laborers)(1993 est.) by occupation: agriculture (mostly pastoral nomadism) 71%, industry and services 29%
Unemployment rate: NA%
Budget: revenues: $NA expenditures: $NA, including capital expenditures of $NA