Boats in Somalia

Somalia Economy

Somalia's economy in numbers:

Nominal GDP of USD 18.1 billion in 2022.

GDP per capita of USD 1,158 compared to the global average of USD 10,589.

Average real GDP growth of 2.9% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

GDP by economic sector
GDP by type of expenditure

Economic growth:

The economy recorded average annual growth of 2.9% in the decade to 2022. To read more about GDP growth in Somalia, go to our dedicated page.

Inflation:

Inflation averaged 10.2% in the decade to 2022. Go to our Somalia inflation page for extra insight.

Exchange Rate:

From end-2012 to end-2022 the shilling strengthened by 180.8% vs the U.S. dollar. For more info on the shilling, click here.
Projections out to 2033.

17 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 5 expert analysts.

Want to get insight on the economic outlook for Somalia in the coming years? FocusEconomics collects projections out to 2033 on 17 economic indicators for Somalia from a panel of 5 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Somalia economy. To download a sample report on the Somalia's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Somalia Economic Data

2018 2019 2020 2021 2022
Population (million) 14.0 14.4 14.8 15.2 15.6
GDP (USD bn) 14.3 16.2 15.9 16.9 18.1
GDP per Capita (USD) 1,023 1,130 1,075 1,114 1,158
GDP (LCU bn) 8.3 9.4 9.2 9.8 10.4
Economic Growth (Nominal GDP, ann. var. %) 0.3 13.8 -2.3 6.9 5.9
Economic Growth (GDP, ann. var. %) 3.0 3.6 -2.6 3.3 2.4
Inflation (CPI, ann. var. %, eop) 11.2 14.6 20.2 27.0 34.7
Inflation (CPI, ann. var. %, aop) 11.2 14.6 20.2 27.0 34.7
Exchange Rate (SOS per USD, eop) 580 581 578 584 570
Exchange Rate (LCU per USD, aop) 579 580 579 581 576
Current Account Balance (USD bn) 0.0 -0.9 -0.4 -0.7 -0.9
Current Account Balance (% of GDP) -0.1 -5.2 -2.6 -4.0 -4.7
Merchandise Trade Balance (USD bn) -2.6 -3.0 -3.4 -3.5 -3.9
Merchandise Exports (USD bn) 0.5 0.6 0.5 0.4 0.6
Merchandise Imports (USD bn) 3.1 3.6 3.9 3.9 4.5
Merchandise Exports (ann. var. %) 16.5 6.6 -10.2 -23.8 44.3
Merchandise Imports (ann. var. %) 25.4 14.2 8.8 0.2 13.6
Foreign Direct Investment (USD bn) 0.4 0.4 0.5 0.6 0.6
International Reserves (USD bn) 0.0 0.0 0.1 0.2 0.2
International Reserves (months of imports) 0.1 0.1 0.2 0.6 0.5
External Debt (USD bn) 5.6 5.6 4.7 4.2 4.2
External Debt (% of GDP) 38.9 34.6 29.3 24.9 23.0

Free Sample Report

Interested in Somalia economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

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