Somalia - Economy
How is the economy of Somalia? Based on the information we have, Somalia has a 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. Key agricultural products in this country include: camel milk, milk, goat milk, sheep milk, sugarcane, fruits, sorghum, cassava, vegetables, maize (2022).
More about the economy of Somalia
| Labor force | 3.339 million (2023 est.) |
|---|---|
| Industrial production growth rate | 4.3% (2014 est.) |
| Industries | light industries, including sugar refining, textiles, wireless communication |
| Population below poverty line | 54.4% (2022 est.) |
| Taxes and other revenues | 0% (of GDP) (2020 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Somali shillings (SOS) per US dollar - |
| Exchange rates 2017 | 23,097.987 (2017 est.) |
| Exchange rates 2016 | 23,061.784 (2016 est.) |
| Exchange rates 2015 | 22,254.236 (2015 est.) |
| Exchange rates 2014 | 20,230.929 (2014 est.) |
| Debt - external | |
| Debt - external 2023 | $2.743 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2014 | $30.45 million (2014 est.) |
| Current account balance | |
| Current account balance 2017 | -$464 million (2017 est.) |
| Current account balance 2016 | -$427 million (2016 est.) |
| Public debt | |
| Public debt 2017 | 76.7% of GDP (2017 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 15.82% of GDP (2023 est.) |
| Remittances 2022 | 17.01% of GDP (2022 est.) |
| Remittances 2021 | 18.29% of GDP (2021 est.) |
| Imports | |
| Imports 2018 | $94.43 billion (2018 est.) |
| Imports 2017 | $80.07 billion (2017 est.) |
| Imports (partners) | UAE 33%, China 19%, India 16%, Turkey 7%, Ethiopia 5% (2022) |
| Comodities Imports force | tobacco, raw sugar, palm oil, rice, milk (2022) |
| Exports | |
| Imports 2018 | $94.43 billion (2018 est.) |
| Imports 2017 | $80.07 billion (2017 est.) |
| Exports (partners) | UAE 50%, Oman 30%, Bulgaria 3%, India 3%, Kuwait 2% (2022) |
| Comodities Exports force | gold, sheep and goats, cattle, gum resins, shellfish (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $25.747 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $24.706 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $24.05 billion (2021 est.) |
| GDP (official exchange rate) | $10.969 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $1,400 (2023 est.) |
| Real GDP per capita 2022 | $1,400 (2022 est.) |
| Real GDP per capita 2021 | $1,400 (2021 est.) |
| GDP - composition, by end use | |
| Household consumption | 123.5% (2023 est.) |
| Government consumption | 7.3% (2023 est.) |
| Investment in fixed capital | 22.4% (2023 est.) |
| Investment in inventories | 0% (2023 est.) |
| Exports of goods and services | 19.7% (2023 est.) |
| Imports of goods and services | -73% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 19.03% (2023 est.) |
| Unemployment rate 2022 | 19.13% (2022 est.) |
| Unemployment rate 2021 | 19.55% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 34.3% (2023 est.) |
| Male | 32.4% (2023 est.) |
| Female | 37.4% (2023 est.) |
All Important Facts about Somalia
Want to know more about Somalia? Check all different factbooks for Somalia below.
