Somalia's GDP changed from approximately $5B 22M in 2011 to $12B 804M in 2024, showing an overall 155.0% sharply increased during the period.
The lowest GDP was recorded in 2011 at $5B 22M, and the highest in 2024 at $12B 804M.
Over the 13-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 7.5%.
For comparison, the average annual growth rate of Djibouti was 5.9%, and that of Ethiopia was 7.8%.
Somalia GDP from 2011 to 2024
The total market value of goods and services produced annually in Somalia.
Overview of Somalia's GDP (2011–2024)
The Gross Domestic Product (GDP) of Somalia recorded a 155.0% sharply increased from 2011 to 2024.
The average GDP during this period was $8B 331M, and the median was $8B 265M.
GDP fluctuated within a range of $7B 782M, with a standard deviation of $2B 376M.
The average annual change was $561M 81K.
Highest and Lowest GDP Records
- Lowest GDP: 2011, $5B 22M
- Highest GDP: 2024, $12B 804M
- Most Recent GDP: 2024, $12B 804M
Notable Annual GDP Changes
- 2023: Significant increase in GDP
- 2020: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Somalia's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $9B 420M → $9B 204M
- Outcome: declined
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $0 → $0
- Outcome: remained stable
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $0 → $0
- Outcome: remained stable
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $0 → $0
- Outcome: remained stable
Key Economic Indicators of Somalia (2011–2024)
| year | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
2011 | $ 5B 22M | $ 0 | $ 0 | $ 18B 810M | 0 % | 0 % | 0 % | 0 % | 0 person |
2012 | $ 5B 183M | $ 437.51 | $ 1,230.51 | $ 14B 577M | 1.2 % | 0 % | 0 % | 0 % | 11M 846K people |
2013 | $ 5B 869M | $ 481.92 | $ 1,116.20 | $ 13B 593M | 5.655 % | -6.34 % | 0 % | -0.113 % | 12M 178K people |
2014 | $ 6B 443M | $ 514.69 | $ 1,280.88 | $ 16B 35M | 2.747 % | -2.296 % | 0 % | -0.056 % | 12M 519K people |
2015 | $ 6B 841M | $ 531.56 | $ 1,489.54 | $ 19B 170M | 4.589 % | -2.148 % | 0 % | 0.242 % | 12M 870K people |
2016 | $ 7B 391M | $ 558.64 | $ 1,627.31 | $ 21B 529M | -1.275 % | -5.521 % | 0 % | 0.461 % | 13M 230K people |
2017 | $ 8B 252M | $ 606.78 | $ 1,703.06 | $ 23B 162M | 9.5 % | 1.717 % | 0 % | 0.374 % | 13M 600K people |
2018 | $ 8B 278M | $ 592.10 | $ 1,745.36 | $ 24B 402M | 2.994 % | 0.005 % | 0 % | 0.029 % | 13M 981K people |
2019 | $ 9B 420M | $ 655.44 | $ 1,788.93 | $ 25B 712M | 3.627 % | -8.915 % | 0 % | 0.253 % | 14M 373K people |
2020 | $ 9B 204M | $ 622.95 | $ 1,718.05 | $ 25B 384M | -2.56 % | -4.412 % | 0 % | 0.288 % | 14M 775K people |
2021 | $ 9B 839M | $ 647.76 | $ 1,805.69 | $ 27B 426M | 3.308 % | -6.816 % | 0 % | -0.841 % | 15M 189K people |
2022 | $ 10B 420M | $ 667.32 | $ 1,925.93 | $ 30B 72M | 2.433 % | -8.043 % | 0 % | 0.031 % | 15M 614K people |
2023 | $ 11B 680M | $ 727.68 | $ 1,996.13 | $ 32B 40M | 2.8 % | -9.577 % | 0 % | 0.093 % | 16M 50K people |
2024 | $ 12B 804M | $ 775.94 | $ 2,062.17 | $ 34B 27M | 3.7 % | -8.657 % | 0 % | -0.366 % | 16M 501K people |