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 3.277 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.)
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 14.85% of GDP (2023 est.)
Remittances 2022 16.65% of GDP (2022 est.)
Remittances 2021 17.63% 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 $26.351 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $25.558 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $24.949 billion (2021 est.)
GDP (official exchange rate) $11.68 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $1,500 (2023 est.)
Real GDP per capita 2022 $1,500 (2022 est.)
Real GDP per capita 2021 $1,500 (2021 est.)
GDP - composition, by end use
Household consumption 126.4% (2023 est.)
Government consumption 7% (2023 est.)
Investment in fixed capital 25.3% (2023 est.)
Exports of goods and services 17.9% (2023 est.)
Imports of goods and services -76.7% (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.

Somalia is found in Eastern Africa