Somalia/Economy

Economy of Somalia

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

Coming Soon
GDP (USD)
$11.0B(2023)
GDP PPP (USD)
$28.6B(2023)
GDP per Capita (USD)
$597(2023)
GDP Growth (inflation-adjusted)
4.2%(2023)

Trade & Finance

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Exports (as share of GDP)
19.7%(2023)
Imports (as share of GDP)
73%(2023)
FDI Inflows (as share of GDP)
6.2%(2023)
Remittance Inflow (USD)
$1.7B(2023)
Tax Revenue (as share of GDP)
0%(2023)

Labor & Income

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Unemployment Rate
18.9%(2024)
Employment in Services
56.1%(2023)
Poverty Rate
54.4%(2022)
GNI per Capita (USD)
$590(2023)

Energy & Environment

Coming Soon
Renewable Energy Consumption (%)
95.4%(2022)

Economic Snapshot Overview

A summary of key economic indicators for Somalia

  • The economic architecture of Somalia is substantial, anchored by a Gross Domestic Product (GDP) of approximately $10.97B
    2023
    . This places it as the 147th largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $597.46
    2023
    , while its GDP in Purchasing Power Parity (PPP) terms is estimated at $28.58B, reflecting the population's domestic purchasing power. The economy demonstrates solid growth, expanding at a rate of 4.2%
    2023
    ,
  • On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The nation runs a trade deficit, with exports at 19.7% of GDP and imports at 73.0%
    2023
    . Foreign Direct Investment (FDI) inflows are significant, constituting 6.17% of the economy
    2023
    . This performance positions the country 29th globally out of 186 nations, indicating its relative attractiveness to foreign capital. Additionally, personal remittances received amount to a substantial $1.74B annually
    2023
    , highlighting the economic importance of its diaspora. The government faces fiscal constraints, with tax revenue representing only 0.0% of GDP
    2023
    .
  • The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $590
    2023
    . Globally, this ranks the nation 185th out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The country faces significant labor market challenges, with an unemployment rate of 18.9%
    2024
    . The services sector is a primary driver of the labor market, accounting for 56.1% of total employment
    2023
    . Poverty remains a key issue, with 54.4% of the population living below the national poverty line
    2022
    .
  • On the environment and energy front, The country is a leader in clean energy, with renewable sources making up 95.4% of total final energy consumption
    2022
    . Its commitment to clean energy places it 189th among 190 countries for its share of renewable energy consumption.

Key Economic Insights

Macroeconomic Health

Maintaining a balance between growth, inflation, and employment is the central challenge for economic policymakers.

Trade & Investment Profile

The economy is primarily driven by domestic demand, with limited exposure to global trade fluctuations but also fewer opportunities for export-led growth.

Social Equity & Distribution

Distributing the benefits of economic growth equitably is crucial for social cohesion and long-term stability.

Energy & Sustainability

A strong commitment to renewable energy positions the country as a leader in the green transition, potentially creating new economic advantages.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.