Somalia: Economy
|
Income Level (by per capita GNI) Source: The World Bank Possible values: High Income, Upper Middle Income, Lower Middle Income and Low Income |
Low Income |
|
Level of Development
Source: United Nations Possible values: Developed, In Transition and Developing |
Developing |
| Economic Trivia | Somalia's telecommunication firms provide the lowest international call rates in Africa. |
|
Trade
Source: United Nations Comtrade Note: Top 3 trade partners are calculated by imports + exports. |
Data unavailable |
| Top Industries Source: CIA World Factbook | Sugar Refining; Textiles; Wireless Communication |
Gross Domestic Product (GDP) [1]
| GDP, PPP (current international) | $24,004,794,505 (2022) |
| GDP Growth Rate (annual %) | 4.799% (2022) |
| GDP Per Capita, PPP (current international) | $1,364 (2022) |
GDP Country Rank 149/197 (2022)
Economic Indicators [1]
| Inflation, consumer prices (annual %) | Data unavailable |
| External debt stocks, total (DOD, current US$) | $4,835,829,889 (2021) |
| Total tax rate (% of commercial profits) | Data unavailable |
| Real Interest Rate (5 year average %) | -21.302% (1988) |
| Manufacturing, value added (% of GDP) | 4.428% (1990) |
| Current Account Balance (BoP, current US$) | ($156,701,881) (1989) |
Labor and Employment [1]
| Labor Force, Total | 3,158,162 (2022) |
| Employment in Agriculture (% of total employment) | 26.282% (2021) |
| Employment in Industry (% of total employment) | 17.705% (2021) |
| Employment in Services (% of total employment) | 56.012% (2021) |
| Unemployment Rate | 20.047% (2022) |
Trade [1]
| Imports of goods and services (current US$) | $7,388,574,480 (2022) |
| Exports of goods and services (current US$) | $1,363,709,960 (2022) |
| Total Merchandise Trade (% of GDP) | Data unavailable |
| FDI, net inflows (BoP, current US$) | $455,500,000 (2021) |
| Commercial Service Exports (current US$) | $0 (1989) |
Economic Snapshot [1]
Note: Percentile ranks are calculated using the latest available data for all countries within the last 5 years.
How to interpret the graph: The purpose of this graph is to take a snapshot of a country’s economy in comparison to other economies. For example, Somalia’s Exports rank is higher than (please wait...) of the countries in the dataset. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy.