Back اقتصاد الصومال Arabic Economia de Somàlia Catalan Wirtschaft Somalias German Economía de Somalia Spanish اقتصاد سومالی FA Économie de la Somalie French Economía de Somalia GL Gospodarstvo Somalije Croatian Սոմալիի տնտեսություն HY Ekonomio di Somalia IO
 | |
| Currency | Somali shilling (SOS) |
|---|---|
Trade organisations | AU, AfCFTA (signed), CAEU, GAFTA (candidate), CEN-SAD, IGAD |
Country group | |
| Statistics | |
| Population |  15,442,910 (2019)[2] |
| GDP | |
GDP growth |
|
GDP per capita |
|
GDP by sector |
|
GDP by component |
|
| 1.5% (2017[update])[4] | |
Population below poverty line | 63% *est) |
Labour force | 3,924,554 (2019)[5] |
Labour force by occupation |
|
| Unemployment |  11.4% (2019)[6][note 1] |
Main industries | sugar refining, textiles, livestock, money transfer, telecommunications |
| External | |
| Exports | $214 million (2022 est.) |
Export goods | livestock, bananas, hides, fish, charcoal, scrap metal |
Main export partners | |
| Imports | $1.443 billion (2022 est.) |
Import goods | manufactures, petroleum products, foodstuffs, construction materials, qat |
Main import partners | |
Gross external debt | $5.3 billion (31 December 2014 est.)[4] |
| Public finances | |
| 76.7% of GDP (2017 est.)[4] | |
| 0.0% (of GDP) (2018)[7] | |
| Revenues | $1.0 billion |
| Expenses | 1 billion
(2022)[citation needed] |
| 23 Million (2022) | |
All values, unless otherwise stated, are in US dollars. | |
Somalia is classified by the United Nations as a least developed country, with the majority of its population being dependent on agriculture and livestock for their livelihood.[8][9][10] The economy of Somalia is $25.6 billion by gross domestic product as of 2024. For 1994, the CIA estimated it at purchasing power parity to be approximately $3.3 billion.[11] In 2001, it was estimated to be $4.1 billion.[12] By 2009, the CIA estimated that it had grown to $5.731 billion, with a projected real growth rate of 2.6%.[8] In 2014, the International Monetary Fund estimated economic activity to have expanded by 3.7% primarily. This expansion was driven by growth in the primary sector and the secondary sector.[13] According to a 2007 British Chambers of Commerce report, the private sector has experienced growth, particularly in the service sector. Unlike the pre-civil war period, when most services and the industrial sector were government-run, there has been substantial, albeit unmeasured, private investment in commercial activities. The investment has been largely financed by the Somali diaspora, and includes trade and marketing, money transfer services, transportation, communications, fishery equipment, airlines, telecommunications, education, health, construction and hotels.[14][needs update]
According to the United Nations Development Programme (UNDP) Somalia, as of 2012[update], the country had some of the lowest development indicators in the world, and a "strikingly low" Human Development Index (HDI) value of 0.285. This would rank amongst the lowest in the world if comparable data were available, and when adjusted for the significant inequality that exists in Somalia, its HDI is even lower. The UNDP notes that "inequalities across different social groups, a major driver of conflict, have been widening".[15]
Somalia's economy consists of both traditional and modern production, with a gradual shift to more modern industrial techniques. According to the Central Bank of Somalia, about 80% of the population are nomadic or semi-nomadic pastoralists, who keep goats, sheep, camels and cattle. The nomads also gather resins and gums to supplement their income.[9]
According to the World Bank, Somalia's economy has suffered as a result of the state failure that accompanied the country's civil war. Some economists, including libertarian Peter T. Leeson, have argued instead that state collapse has actually helped improve economic welfare, because the previous Somali state was predatory.
- ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
- ^ "Population, total - Somalia". data.worldbank.org. World Bank. Retrieved 16 November 2019.
- ^ a b c "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 16 November 2019.
- ^ a b c d e f g h "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 16 November 2019.
- ^ "Labor force, total - Somalia". data.worldbank.org. World Bank. Retrieved 24 May 2020.
- ^ "Unemployment, total (% of total labor force) (modeled ILO estimate) - Somalia". data.worldbank.org. World Bank & ILO. Retrieved 24 May 2020.
- ^ "SUPPLEMENTAL APPROPRIATION ACTFOR 2018 BUDGET".
- ^ a b Cite error: The named reference
2009factbookwas invoked but never defined (see the help page). - ^ a b Cite error: The named reference
Cbsefwas invoked but never defined (see the help page). - ^ Cite error: The named reference
Cbsarwas invoked but never defined (see the help page). - ^ "CIA World Factbook: Somalia (1995)". Permanent.access.gpo.gov. Archived from the original on 2011-05-11. Retrieved 2010-06-27.
- ^ "CIA World Factbook: Somalia (2003)". Bartleby.com. Retrieved 2010-06-27.
- ^ "IMF Staff Completes 2015 Article IV Mission to Somalia". International Monetary Fund. Retrieved 27 June 2015.
- ^ "Guide to African Markets". British Chambers of Commerce. 2007. Archived from the original on 25 October 2013. Retrieved 20 August 2010.
- ^ Cite error: The named reference
UNDPwas invoked but never defined (see the help page).
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