Economy of Somalia
Population: 15.01 M (2018)
GDP per Capita: 315 USD (2018)
4,720 M.

GDP USD

(2018)

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1,220 M.

EXPORTS USD

(2018)

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4,700 M.

IMPORTS USD

(2018)

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2018 %

PUBLIC DEBT

(2018)

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Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth
GDP of 2010 USD Somalia
GDP Current USD USD 4.72 B. (2018)
GDP per Capita Current USD USD 315 (2018)
GDP per capita, PPP Somalia
GDP per Capita, 2010 USD Somalia

Government spending and balances

Indicator Value
Government Spending % GDP 11.25 % (2018)
Government Spending USD 0.53 B. (2018)
Government Debt % GDP % ()

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 98.65 (2018)
Trade Openness 125.53 % (2018)
Exports of Goods and Services % GDP 25.93 % (2018)
Exports Goods & Services USD 1.22 B. (2018)
Exports Annual Growth Somalia
Imports as % GDP 99.60 % (2018)
Total Imports USD 4.70 B. (2018)
Foreign Direct Investment % GDP 8.66 % (2018)
Foreign Direct Investment USD 0.41 B. (2018)
Current Account Balance % GDP USD % (2018)
Current Account Balance USD B. (2018)
Trade Balance % GDP -73.67 % (2018)
Trade Balance USD B. (2018)
Foreign Exchange Reserves incl Gold
Remittances % GDP
Remittances
Balance of Payments

Labor Market

Indicator Value
Labor Force 3.85 M. (2019)
Unemployment Rate 13.95 % (2019)
Unemployment Rate Females 11.08 % (2019)
Unemployment Rate Males 11.43 % (2019)
Youth Unemployment (ages 15-24) 24.89 % (2019)
Labor Force Participation Rate 46.46 % (2019)
Labor Force (Percent Female) 23.20 % (2019)
Female Labor Force Participation Rate 19.19 % (2019)
Male Labor Force Participation Rate 74.42 % (2019)
Dependent People 97.82 % (2018)

Agriculture Sector

Indicator Value
Forest Area 10.00 % (2016)
Forest Area km² 62,862 km² (2016)
Agricultural Land 70.34 % (2016)
Agricultural Land km² 441,250 km² (2016)
Employment 72.37 % (2019)
Value added % GDP
Agriculture Value added
Crop Production Index 91.20 (2016)
Precipitation 282 mm (2014)
Arable Land 2 % (2016)
Cereal Yield 547 kg/hectare (2017)
Food production index 108 (2016)
Rural Population 55 % (2018)
Fertilizer use of Arable Land 108 (2016)
Livestock Production Index 110 (2016)
Economy of Somalia

According to the World Bank and its latest published data, the economy of the Somalia presents a growth rate of to the previous year.

With a population that reaches 15.01 M (2018) and a gross domestic product of USD 4.72 B. (2018), it translates a Gross Domestic Product per Capita of USD 315 placing its inhabitants on the threshold of an Low-income country (according to the World Bank's updated classification).

Somalia also has a workforce of 3.85 M. (2019) with an unemployment rate of 13.95 % (2019), where women represent 11.08 % (2019) and men 11.43 % (2019), the unemployment rate for young people between 15-24 years old stood at 24.89 % (2019). The total number of dependent people stands at 97.82 % (2018).

The central government spent 11.25 % (2018) of its gross domestic product that year, which in absolute terms is USD 0.53 B. (2018). Its consolidated public debt reached of its GDP, not exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Somalia exported USD 1.22 B. (2018), which represents 25.93 % (2018) of its gross domestic product, in that same sense its imports reached USD 4.70 B. (2018) with a direct foreign investment of USD 0.41 B. (2018).

Somalia has a forest area of 62,862 km² (2016), which represents 10.00 % (2016) of its total area, an average rainfall of 282 mm (2014) per year and a population of 55 % (2018) living in rural areas. With a total area of 441,250 km² (2016) available for agriculture and 72.37 % (2019) of its employments, the agricultural sector contributes to the economy of the Somalia about ( of its GDP).