bassy in Nairobi, Kenya at United Nations
Avenue, Nairobi; mailing address: Unit 64100, Nairobi; APO AE 09831;
telephone: [254] (20) 363-6000; FAX [254] (20) 363-6157

Flag description:

light blue with a large white five-pointed star in the center; blue
field influenced by the flag of the UN

Government - note:

although an interim government was created in 2004, other regional
and local governing bodies continue to exist and control various
regions of the country, including the self-declared Republic of
Somaliland in northwestern Somalia and the semi-autonomous State of
Puntland in northeastern Somalia

Economy
Somalia

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.

GDP (purchasing power parity):

$5.387 billion (2007 est.)

GDP (official exchange rate):

$2.509 billion (2007 est.)

GDP - real growth rate:

2.6% (2007 est.)

GDP - per capita (PPP):

$600 (2007 est.)

GDP - co