Agriculture:
Agriculture is the predominant sector in Somalia. This sector accounts for 40% of the gross domestic product. 65% of yields from export is also contributed by the agricultural sector. Somalia exports charcoal, scrap metals, bananas, hides and fish.The products which are imported by Somalia include sorghum, sugar, corn and machinery.
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Somalia exports goods to the countries like Yemen, Oman and United Arab Emirates.
Somalia imports goods from the countries like Kenya, India, Oman, Brazil and Djibouti.
Industry:
The Industrial Economy of Somalia comprises of sugar refinery industry, textile industry, petroleum refinery and telecommunication industry. Petroleum refinery industry has stopped production lately.The telecommunication sector in Somalia operates well, in majority of the cities. Facts about Somalia suggest that the telecommunication agencies operating in Somalia charge the lowest, for international calls, in the entire continent
The service industry in Somalia has battled through troubled waters and managed to survive in the long run.
Facts about Somalia indicate that due to the lack of a proper banking sector, several local money exchange agencies have developed all over Somalia. These local money exchange agencies deal with funds ranging between USD$500 million to USD$1 billion every year.
Due to competition between the different tribes in Somalia, economic growth has been hindered to a considerable extent. Somalia has also suffered extensively due to absence of foreign aids. The Tsunami, which hit Somalia in 2004 December, killed as many as 150 people and caused widespread destruction in the coastal regions in Somalia.
Some important statistics:
The gross domestic product in the year 2005 was USD$4.809 billion.GDP growth rate in 2005 was 2.4%
GDP per capita in 2005 was USD$600.
