Includes Somalia real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Somalia economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Somalia best banks and safest banks are also available.
Basic Information
Government Type: Federal parliamentary republic
Capital City: Mogadishu
GDP & Economic Information
Macroeconomy & Sovereign Data
Central Bank |
Central Bank of Somalia |
---|---|
Currency |
Somali shillings (SOS) |
International Reserves | N/A |
Gross Domestic Product – GDP | USD 7.5 billion (2018, estimate) |
GDP (Purchasing Power Parity) |
Intl$ 21.2 billion (2018, estimate) |
GDP Data
Real GDP growth |
2014 0.4% 2015 3.8% 2016* 4.9% 2017* 2.3% 2018* 3.1% *Estimate |
---|---|
GDP per capita – current prices | N/A |
GDP per capita – PPP | N/A |
GDP (PPP) – share of world total |
0.02% IMF – World Economic Outlook, October 2019 |
GDP – composition by sector |
agriculture: 60.2% industry: 7.4% services: 32.5% (2013 estimate) |
Gross domestic expenditure on R&D; (% of GDP) | N/A |
Inflation | N/A |
Somalia
Inflation & Debt
Inflation | N/A |
---|---|
Government Bond Ratings |
Standard & Poor’s: N/A Moody’s: N/A Standard & Poor’s / Moody’s (Updated January 2017) |
Unemployment rate | N/A |
Household saving rates | N/A |
Public debt (General government gross debt as a % of GDP) | N/A |
Public deficit (General government net lending/borrowing as a % of GDP) | N/A |
Market value of publicly traded shares | N/A |
Largest Companies | N/A |
Import/Export
Exports as percent of GDP (Exports of goods and services) |
14.5% (2015) |
---|---|
Shares in world total merchandising export |
25.9% (2018) |
Shares in world total commercial services export |
0.007% (2018) |
Total exports |
USD 744.6 million (2018 estimate) |
Export commodities |
Livestock, bananas, hides, fish, charcoal, scrap metal |
Total imports |
USD 2.7 billion (2018 estimate) |
Import commodities |
Manufactures, petroleum products, foodstuffs, construction materials, qat |
Exports – major partners |
Oman 31.7%, Saudi Arabia 18.7%, UAE 16.3%, Nigeria 5.1%, Yemen 4.8%, Pakistan 4%(2017) |
Imports – major partners |
China 17.6%, India 17.2%, Ethiopia 10.5%, Oman 10.3%, Kenya 6.9%, Turkey 5.3%, Malaysia 4.1% (2017) |
Competitiveness & Trade
Current account balance |
USD -0.4 billion (2018 estimate) |
---|---|
Current account balance by percentage of GDP | -8.3 % (2018 estimate) |
FDI inflows |
2016: USD 334 million 2017: USD 384 million 2018: USD 409 million |
FDI Outflows | N/A |
Value of cross-border M&A, by country of purchaser |
N/A United Nations Conference on Trade and Development (UNCTAD) – World Investment Report |
Cross-border M&A deals worth over $3 billion completed in 2014 | N/A |
Cross-border M&A deals worth over $3 billion completed in 2015 | N/A |
Best countries for doing business |
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. Overall ranking: 190 out of 190 countries (2019) Subcategories: Starting a Business: 188 out of 190 countries Dealing with Construction Permits: 186 out of 190 countries Getting Electricity: 187 out of 190 countries Registering Property: 153 out of 190 countries Getting Credit: 186 out of 190 countries Protecting Minority Investors: 190 out of 190 countries Paying Taxes: 190 out of 190 countries Trading across Borders: 166 out of 190 countries Enforcing Contracts: 116 out of 190 countries Resolving Insolvency: 168 out of 190 countries |
Global competitiveness ranking | N/A |
Index of Economic Freedom | N/A |
Population & Geographic Data
Time Zone |
UTC+3 |
---|---|
Total Area |
637,657 sq km |
Total Population | N/A |
Urban population as % of total population |
1960: 17.3% 1980: 26.8% 2000: 33.2% 2018: 45.0% |
Population median age | 18.2 years (2018 estimate) |
Population growth rate | 2.08% (2018 estimate) |
Life expectancy |
53.2 years (2018 estimate) CIA World Factbook / Life expectancy |
% of population living on less than $3.10 a day | N/A |
Inequality of wealth distribution (Gini index) | N/A |
Freedom House rating |
Political Rights: 7 Civil Liberties: 7 (2019) (1 represents the most free, 7 the least free rating) |
Total telephone subscribers as % of population |
Fixed: 0% Mobile: 48.8% (2017) (fixed-telephone subscribers and mobile-cellular subscribers) |
Internet users as % of total population |
2 % (2017) |
Language & Religon
Languages |
Somali (official), Arabic (official, according to the Transitional Federal Charter), Italian, English |
---|---|
Literacy | N/A |
Religions |
Sunni Muslim (Islam) (official, according to the 2012 Transitional Federal Charter) |
World Rankings
Population | N/A |
---|---|
Mercer Cost of living index | N/A |
C02 Emissions per capita |
0.05 metric tons per capita (2014) |
Global Finance Rankings & Awards: Africa & Somalia
Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.
Data Sources:
IMF World Economic Outlook
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000