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 93% of GDP in 2014.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 3.7% in 2014 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. Economic growth has yet to expand outside of Mogadishu, 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.

GDP (purchasing power parity):
$4.431 billion (2010 est.) $4.186 billion (2009 est.) $5.607 billion (2008 est.)
note: data are in 2010 US dollars
country comparison to the world: 177
[see also: GDP country ranks ]

GDP (official exchange rate):
$5.8 billion (2010 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.6% (2010 est.) 2.6% (2012 est.) 2.6% (2008 est.)
country comparison to the world: 117
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$400 (2010 est.) $400 (2009 est.) $600 (2008 est.)
country comparison to the world: 228
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household consumption: 72.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 8.7%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 19.9%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.4%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 0.3%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -1.7% (2011 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 60.2%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 7.4%
[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:
2.5% (2013 est.)
country comparison to the world: 104
[see also: Industrial production growth rate country ranks ]

Labor force:
3.109 million (2013 est.)
country comparison to the world: 103
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 71%
[see also: Labor force - by occupation - agriculture 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 $NA
[see also: Budget revenues country ranks ]
expenditures: $151.1 million $NA
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
2.5% of GDP
country comparison to the world: 219
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-0.1% of GDP
country comparison to the world: 33
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
NA

Inflation rate (consumer prices):
NA%
note: businesses print their own money, so inflation rates cannot be easily determined
[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:
-$644 million
country comparison to the world: 107
[see also: Current account balance country ranks ]

Exports:
$819 million (2012 est.) $779 million (2011 est.)
country comparison to the world: 166
[see also: Exports country ranks ]

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

Exports - partners:
UAE 44.4%, Yemen 19.1%, Oman 15.4%, India 5.6% (2014)

Imports:
$3.482 billion (2010 est.) $3.322 billion (2006 est.)
country comparison to the world: 137
[see also: Imports country ranks ]

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

Imports - partners:
Djibouti 19.8%, India 14.7%, Oman 9.1%, China 9%, Kenya 8.9%, Pakistan 4.7% (2014)

Reserves of foreign exchange and gold:
$30.45 million
country comparison to the world: 170
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$3.054 billion (31 December 2013 est.) $3.055 billion (31 December 2012 est.)
country comparison to the world: 142
[see also: Debt - external country ranks ]

Exchange rates:
Somali shillings (SOS) per US dollar - 20,227 (2014 est.) 19,276 (2013 est.)