Despite a lack of effective national governance, Somalia maintains an informal economy based around livestock, remittance/money transfer companies and telecommunications. Agriculture is the most important sector with livestock usually accounting for around 40% of GDP and more than 50% of export earnings.
Somalia’s capital city, Mogadishu, has witnessed the development of the country’s first gas stations, supermarkets and flights to Europe. Telecommunications firms provide wireless services in most major cities, offering the lowest international call rates on the continent.
Somalia’s government lacks the ability to collect domestic revenue, and arrears to the IMF have continued to grow.
Composition of GDP (2013)