Economy of Somalia
| Currency | Somali shilling (SOS) |
|---|---|
|
Trade organisations
|
AL, AU, CEN-SAD, IGAD |
| Statistics | |
|
GDP growth
|
3.7% (2014[update]) |
|
GDP per capita
|
$600 (2012[update]) |
|
GDP by sector
|
agriculture (59.3%), industry (7.2%), services (33.5%) (2012[update]) |
| 1.3% (2014[update]) | |
|
Labour force
|
3.447 million (2007[update]) |
|
Labour force by occupation
|
agriculture (71%), industry and services (29%) (1975[update]) |
|
Main industries
|
sugar refining, textiles, , money transfer, telecommunications |
| 190th (2017) | |
| External | |
| Exports | $819 million (2014[update]) |
|
Export goods
|
, bananas, hides, fish, charcoal, scrap metal |
|
Main export partners
|
 UAE 45.7% Yemen 19.7% Oman 15.9% (2015) |
| Imports | $3.482 billion (2014[update]) |
|
Import goods
|
manufactured products, petroleum products, foodstuffs, construction materials |
|
Main import partners
|
 Djibouti 18.7% India 16.5% China 11.8% Oman 8.7% Kenya 6.1% Pakistan 4.4% (2015) |
|
Gross external debt
|
$2.942 billion (2010[update]) |
Somalia is classified by the United Nations as a least developed country. Despite experiencing two decades of civil war, the country has maintained an informal economy, based mainly on , remittance/money transfers from abroad, and telecommunications. Due to a dearth of formal government statistics and the recent civil war, it is difficult to gauge the size or growth of the economy. For 1994, the CIA estimated the GDP at purchasing power parity (PPP) to be $3.3 billion. In 2001, it was estimated to be $4.1 billion. By 2009, the CIA estimated that the PPP GDP had grown to $5.731 billion, with a projected real growth rate of 2.6%. In 2014, the International Monetary Fund estimated economic activity to have expanded by 3.7 percent primarily driven by growth in the primary sector and secondary sector. According to a 2007 British Chambers of Commerce report, the private sector has experienced growth, particularly in the service sector. Unlike the pre-civil war period when most services and the industrial sector were government-run, there has been substantial, albeit unmeasured, private investment in commercial activities; this has been largely financed by the Somali diaspora, and includes trade and marketing, money transfer services, transportation, communications, fishery equipment, airlines, telecommunications, education, health, construction and hotels.
According to the United Nations Development Programme (UNDP) Somalia, as of 2012[update] the country had some of the lowest development indicators in the world, and a "strikingly low" Human Development Index (HDI) value of 0.285. This would rank amongst the lowest in the world if comparable data were available, and when adjusted for the significant inequality that exists in Somalia, its HDI is even lower. The UNDP notes that "inequalities across different social groups, a major driver of conflict, have been widening".
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