Countries
Somalia
Key Economic Indicators
$30.45 billion
$1,602
4.11%
4.3% (2020 est.)
18.95%
$12.109 billion (2024 est.)
0 % of GDP
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
All Economic Data
Agricultural products
camel milk, milk, goat milk, sheep milk, sugarcane, fruits, sorghum, cassava, vegetables, maize (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Currency
code:
SOS
name:
Somali shilling (SOS) [Sh]
Debt - external
$1.8 billion
Debt - external 2023:
$2.563 billion (2023 est.)
Note:
<strong>note:</strong> present value of external debt in current US dollars
Exchange rates
Currency:
Somali shillings (SOS) per US dollar -
Exchange rates 2013:
19,283.8 (2013 est.)
Exchange rates 2014:
20,230.929 (2014 est.)
Exchange rates 2015:
22,254.236 (2015 est.)
Exchange rates 2016:
23,061.784 (2016 est.)
Exchange rates 2017:
23,097.987 (2017 est.)
Exports
$3.74 billion
Exports 2022:
$1.804 billion (2022 est.)
Exports 2023:
$2.164 billion (2023 est.)
Exports 2024:
$2.424 billion (2024 est.)
Note:
<strong>note:</strong> GDP expenditure basis - exports of goods and services in current dollars
Exports - commodities
sheep and goats, gold, postage stamps/documents, other animals, cattle (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
UAE 35%, Saudi Arabia 27%, Oman 18%, Djibouti 8%, India 3% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$765 million
GDP - composition, by end use
Exports of goods and services:
20% (2024 est.)
Government consumption:
7.6% (2024 est.)
Household consumption:
124% (2024 est.)
Imports of goods and services:
-74.3% (2024 est.)
Investment in fixed capital:
22.7% (2024 est.)
Investment in inventories:
0% (2024 est.)
Note:
<strong>note:</strong> figures may not total 100% due to rounding or gaps in data collection
GDP (official exchange rate)
$12.109 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$630
Gini Index coefficient - distribution of family income
36.8 (2017)
GNI (gross national income)
$12.21 billion
GNI per capita
$620
Gross domestic investment
27 % of GDP
Imports
$11.86 billion
Imports 2022:
$7.456 billion (2022 est.)
Imports 2023:
$8.002 billion (2023 est.)
Imports 2024:
$9.002 billion (2024 est.)
Note:
<strong>note:</strong> GDP expenditure basis - imports of goods and services in current dollars
Imports - commodities
raw sugar, tobacco, broadcasting equipment, rice, milk (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
UAE 29%, China 19%, India 15%, Turkey 8%, Oman 5% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industries
light industries, including sugar refining, textiles, wireless communication
Inflation rate (consumer prices)
Inflation rate (consumer prices) 2020:
4.3% (2020 est.)
Inflation rate (consumer prices) 2021:
4.6% (2021 est.)
Inflation rate (consumer prices) 2022:
6.8% (2022 est.)
Note:
<strong>note:</strong> annual % change based on consumer prices
Labor force
3.439 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
3.56 million persons
Labor force - by occupation
agriculture:
30.03%
industry:
17.75%
services:
52.22%
Population below poverty line
54.4% (2022 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
0 % of GDP
Public debt 2014:
93% of GDP (2014 est.)
Real GDP (purchasing power parity)
$30.45 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$24.706 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$25.747 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$26.77 billion (2024 est.)
Real GDP growth rate
4.11%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
2.7% (2022 est.)
Real GDP growth rate 2023:
4.2% (2023 est.)
Real GDP growth rate 2024:
4% (2024 est.)
Real GDP per capita
$1,602
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$1,400 (2022 est.)
Real GDP per capita 2023:
$1,400 (2023 est.)
Real GDP per capita 2024:
$1,400 (2024 est.)
Remittances
$2.12 billion
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2021:
18.3% of GDP (2021 est.)
Remittances 2022:
17% of GDP (2022 est.)
Remittances 2023:
15.8% of GDP (2023 est.)
Revenue (excl grants)
0 % of GDP
Tax revenue
0 % of GDP
Taxes and other revenues
0% (of GDP) (2023 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
18.95%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
19.1% (2022 est.)
Unemployment rate 2023:
19% (2023 est.)
Unemployment rate 2024:
18.9% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
37% (2024 est.)
Male:
32.1% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
33.9% (2024 est.)
World Bank Indicators
Currency
Somali shilling (SOS) Sh (2025)
Gini Index
36.80 (2017)
Languages
Arabic, Somali (2025)
Economic Rankings
Unemployment Rate
#11
Gini Index
#91
External Debt
#98
Imports
#113
GDP Growth Rate
#121
Inflation Rate
#127
GDP (Nominal)
#146
GDP (PPP)
#147
Exports
#149
GDP per Capita
#185
Quick Facts
Industries
light industries, including sugar refining, textiles, wireless communication
Agricultural products
camel milk, milk, goat milk, sheep milk, sugarcane, fruits, sorghum, cassava, vegetables, maize (2023)
Labor force
3.439 million (2024 est.)
Exports - partners
UAE 35%, Saudi Arabia 27%, Oman 18%, Djibouti 8%, India 3% (2023)
Imports - partners
UAE 29%, China 19%, India 15%, Turkey 8%, Oman 5% (2023)
Exchange rates
Somali shillings (SOS) per US dollar -
Explore More
Our Partners
Trusted partner applications powering global data and insights