| Economy - overview: | Somalia's economic fortunes are driven by its deep political divisions. The northwestern area has declared its independence as the "Republic of Somaliland"; the northeastern region of Puntland is a semi-autonomous state; and the remaining southern portion is riddled with the struggles of rival factions. Economic life continues, in part because much activity is local and relatively easily protected. Agriculture is the most important sector, with livestock normally accounting for about 40% of GDP and about 65% of export earnings, but Saudi Arabia's recent ban on Somali livestock, because of Rift Valley Fever concerns, has severely hampered the sector. Nomads and semi-nomads, 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. 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 $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 militias provide security. The ongoing civil disturbances and clan rivalries, however, have interfered with any broad-based economic development and international aid arrangements. In 2004 and 2005 Somalia's overdue financial obligations to the IMF continued to grow. Statistics on Somalia's GDP, growth, per capita income, and inflation should be viewed skeptically. In late December 2004, a major tsunami took an estimated 150 lives and caused destruction of properity in coastal areas. |
| GDP - per capita | $600 (2005 est.) |
| GDP - real growth rate (%) | 2.4% (2005 est.) |
| Agriculture - products | cattle, sheep, goats; bananas, sorghum, corn, coconuts, rice, sugarcane, mangoes, sesame seeds, beans; fish |
| GDP - composition by sector (%) | agriculture: 65%, industry: 10%, services: 25% (2000 est.) |
| Industries | a few light industries, including sugar refining, textiles, wireless communication |
| Economic aid - recipient | $60 million (1999 est.) |
| Debt - external | $3 billion (2001 est.) |
| Population below poverty line (%) | NA |
| Labor force - by occupation (%) | agriculture (mostly pastoral nomadism) 71%, industry and services 29% |
Environment, Land use / Resources, Economy, Population / Demographics, Infrastructure, Health -- CIA World Factbook, 2005
