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 (2023).
More about the economy of Somalia
Labor force 3.439 million (2024 est.)
Industrial production growth rate
Industries light industries, including sugar refining, textiles, wireless communication
Population below poverty line 54.4% (2022 est.)
Taxes and other revenues 0% (of GDP) (2023 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.)
Exchange rates 2013 19,283.8 (2013 est.)
Debt - external
Debt - external 2023 $2.563 billion (2023 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 15.8% of GDP (2023 est.)
Remittances 2022 17% of GDP (2022 est.)
Remittances 2021 18.3% of GDP (2021 est.)
Imports
Imports 2024 $9.002 billion (2024 est.)
Imports 2023 $8.002 billion (2023 est.)
Imports 2022 $7.456 billion (2022 est.)
Imports (partners) UAE 29%, China 19%, India 15%, Turkey 8%, Oman 5% (2023)
Comodities Imports force raw sugar, tobacco, broadcasting equipment, rice, milk (2023)
Exports
Imports 2024 $9.002 billion (2024 est.)
Imports 2023 $8.002 billion (2023 est.)
Imports 2022 $7.456 billion (2022 est.)
Exports (partners) UAE 35%, Saudi Arabia 27%, Oman 18%, Djibouti 8%, India 3% (2023)
Comodities Exports force sheep and goats, gold, postage stamps/documents, other animals, cattle (2023)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2024 $26.77 billion (2024 est.)
Real GDP (purchasing power parity) 2023 $25.747 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $24.706 billion (2022 est.)
GDP (official exchange rate) $12.109 billion (2024 est.)
Real GDP Per capita
Real GDP per capita 2024 $1,400 (2024 est.)
Real GDP per capita 2023 $1,400 (2023 est.)
Real GDP per capita 2022 $1,400 (2022 est.)
GDP - composition, by end use
Household consumption 124% (2024 est.)
Government consumption 7.6% (2024 est.)
Investment in fixed capital 22.7% (2024 est.)
Investment in inventories 0% (2024 est.)
Exports of goods and services 20% (2024 est.)
Imports of goods and services -74.3% (2024 est.)
Unemployment rate
Unemployment rate 2024 18.9% (2024 est.)
Unemployment rate 2023 19% (2023 est.)
Unemployment rate 2022 19.1% (2022 est.)
Youth unemployment rate (ages 15-24)
Total 33.9% (2024 est.)
Male 32.1% (2024 est.)
Female 37% (2024 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