Africa > Somalia > Economy

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Agriculture > products cattle, sheep, goats; bananas, sorghum, corn, coconuts, rice, sugarcane, mangoes, sesame seeds, beans; fish
Current transfers, receipts > BoP, current US$	331,202,800 BoP $		[48th of 155]
Debt > External	$3,000,000,000.00		[15th of 136]
Economy > Overview Despite the lack of effective national governance, Somalia has maintained a healthy informal economy, largely based on livestock, remittance/money transfer companies, and telecommunications. Agriculture is the most important sector, with livestock normally accounting for about 40% of GDP and about 65% of export earnings. Nomads and semi-pastoralists, who are dependent upon livestock for their livelihood, make up a large portion of the population. Livestock, hides, fish, charcoal, and bananas are Somalia's principal exports, while sugar, sorghum, corn, 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. Somalia's service sector also has grown. 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 $500 million and $1 billion in remittances annually. Mogadishu's main market offers a variety of goods from food to the newest electronic gadgets. Hotels continue to operate and are supported with private-security militias. Somalia's arrears to the IMF continued to grow in 2006-07. Statistics on Somalia's GDP, growth, per capita income, and inflation should be viewed skeptically. In late December 2004, a major tsunami caused an estimated 150 deaths and resulted in destruction of property in coastal areas.
Exchange rates Somali shillings per US dollar - 11,000 (November 2000), 2,620 (January 1999), 7,500 (November 1997 est.), 7,000 (January 1996 est.), 5,000 (1 January 1995)
Exports	$300,000,000.00		[163rd of 189]
Exports to US	$0.00		[216th of 224]
Foreign direct investment, net > BoP, current US$	-709,091.6 BoP $		[88th of 152]
GDP	$4,361,000,000.00		[133rd of 203]
GDP (purchasing power parity)	$5,387,000,000.00		[152nd of 187]
GDP > Composition by sector > Industry	10%		[34th of 146]
GDP > Real growth rate	2.6%		[158th of 198]
GDP growth > annual %	-1.48 annual %		[134th of 187]
Gross National Income	$0.00		[172nd of 172]
Gross national income > constant LCU	86257120000
Imports of goods and services > BoP, current US$	468,305,800 BoP $		[113rd of 156]
Imports of goods, services and income > BoP, current US$	552,705,200 BoP $		[111st of 156]
Total reserves minus gold > current US$	15,400,000 $		[132nd of 178]
Tourist arrivals	10,000		[148th of 152]
Trade balance with US	$300,000.00		[93rd of 224]

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