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Sub Saharan Africa

Somalia

 Flag of Somalia

Map of Somalia Last reviewed: 21 May 2009

Country information

ECONOMY

GDP: $2.483 (2006 estimate)
Annual Growth: N/A
Inflation: N/A
Major Industries: Agriculture - livestock and bananas being the principal exports.
Major trading partners: Yemen and the United Arab Emirates. Saudi Arabia was a major trading partner until it placed a ban on livestock from Somalia in 2000 following an outbreak of Rift Valley fever.

Somalia’s economy operates in the absence of public sector management or regulation and without any formal economic or monetary policies. There is nonetheless a vibrant informal economy largely based on trans-national trade and livestock. About 50% of the population are pastoral. The urban private sector is also strong, especially in services such as telecomms. Commercial infrastructure and institutions are functional and relatively sophisticated. This vigorous economic activity is underpinned by remittances, estimated to be up to US$1 billion per year.

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