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.
Data Source: International Monetary Fund
Image Source: Freepik from www.flaticon.com
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 |
