Somalia GDP Trends from 2011 to 2024: A overall increase with some decline Flow

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%.

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.


Somalia GDP from 2011 to 2024

The total market value of goods and services produced annually in Somalia.

Change Chart

    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)

    yearNominal GDPGDP per CapitaPPP per CapitaPPP GDPGDP GrowthCurrent AccountSavingsFiscal BalancePopulation
    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