Browse a full set of economic indicators


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%

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

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


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)


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


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