Economy Somalia
Economy - overview: One of the world's poorest and least developed countries, Somalia has few resources and is prone to drought. Moreover, much of the economy has been devastated by civil war since 1991. Agriculture is the most important sector, with livestock accounting for about 40% of GDP and about 65% of export earnings. Nomads and semi-nomads, who are dependent upon livestock for their livelihood, make up a large portion of the population. Livestock, hides, charcoal, and bananas are Somalia's principal exports, while sugar, sorghum, corn, fish, qat, and machined goods are the principal imports. Somalia's small industrial sector, based on the processing of agricultural products, has largely been looted and sold as scrap metal. Despite the seeming anarchy, Somalia's service sector has managed to survive and grow. 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 exchange services have sprouted throughout the country, handling between $200 million and $500 million in remittances annually. Mogadishu's main market offers a variety of goods from food to the newest electronic gadgets. Hotels continue to operate, and security is provided by militias. Ongoing civil disturbances and clan rivalries, however, have interfered with any broad-based economic development and international aid arrangements. The failure of spring rains caused major food shortages in the south in 2001. Economic data is scare and prone to a wide margin of error.
GDP: purchasing power parity - $4.1 billion (2001 est.)
GDP - real growth rate: 3% (2001 est.)
GDP - per capita: purchasing power parity - $550 (2001 est.)
GDP - composition by sector: agriculture: 65% industry: 10% services: 25% (2000 est.)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices): over 100% (businesses print their own money) (2000 est.)
Labor force: 3.7 million (very few are skilled laborers) (1993 est.)