Somalia Economy - 2024

Economic overview

low-income African Horn economy; 30 years of war and instability crippled economic potential; high remittances for basic survival; new fiscal federalism approach; cleared some unsustainable debt; environmentally fragile; digitally driven urbanization efforts

Real GDP (purchasing power parity)

$19.399 billion (2021 est.)
$18.644 billion (2020 est.)
$18.191 billion (2019 est.)

note: data are in 2017 US dollars

Real GDP growth rate

4.05% (2021 est.)
2.49% (2020 est.)
7.46% (2019 est.)

Real GDP per capita

$1,100 (2021 est.)
$1,100 (2020 est.)
$1,100 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$7.052 billion (2017 est.)

Inflation rate (consumer prices)

1.5% (2017 est.)
-71.1% (2016 est.)

GDP - composition, by sector of origin

agriculture: 60.2% (2013 est.)

industry: 7.4% (2013 est.)

services: 32.5% (2013 est.)

GDP - composition, by end use

household consumption: 72.6% (2015 est.)

government consumption: 8.7% (2015 est.)

investment in fixed capital: 20% (2015 est.)

investment in inventories: 0.8% (2016 est.)

exports of goods and services: 0.3% (2015 est.)

imports of goods and services: -1.6% (2015 est.)

Agricultural products

camel milk, milk, sheep milk, goat milk, sugar cane, fruit, sorghum, cassava, vegetables, maize

Industries

light industries, including sugar refining, textiles, wireless communication

Industrial production growth rate

3.5% (2014 est.)

Labor force

3.042 million (2021 est.)

Unemployment rate

19.86% (2021 est.)
19.72% (2020 est.)
18.83% (2019 est.)

NA

Youth unemployment rate (ages 15-24)

total: 34.7% (2021 est.)

male: 32.5%

female: 38.5%

Population below poverty line

N/A

Gini Index coefficient - distribution of family income

36.8 (2017 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Remittances

25.21% of GDP (2020 est.)
24.32% of GDP (2019 est.)
25.31% of GDP (2018 est.)

Budget

revenues: $145.3 million (2014 est.)

expenditures: $151.1 million (2014 est.)

Budget surplus (+) or deficit (-)

-0.1% (of GDP) (2014 est.)

Public debt

76.7% of GDP (2017 est.)
93% of GDP (2014 est.)

Taxes and other revenues

0% (of GDP) (2020 est.)

Fiscal year

N/A

Current account balance

-$464 million (2017 est.)
-$427 million (2016 est.)

Exports

$819 million (2014 est.)
$779 million (2013 est.)

Exports - partners

United Arab Emirates 47%, Saudi Arabia 19%, India 5%, Japan 5% (2019)

Exports - commodities

gold, sheep, goats, sesame seeds, insect resins, cattle (2019)

Imports

$94.43 billion (2018 est.)
$80.07 billion (2017 est.)

Imports - partners

United Arab Emirates 32%, China 20%, India 17%, Turkey 7% (2019)

Imports - commodities

cigarettes, raw sugar, rice, broadcasting equipment, textiles (2019)

Reserves of foreign exchange and gold

$30.45 million (2014 est.)

Debt - external

$5.3 billion (31 December 2014 est.)

Exchange rates

Somali shillings (SOS) per US dollar -

Exchange rates:
23,960 (2016 est.)