Economic Growth in Somalia
The economy of Somalia recorded average real GDP growth of 3.1% in the decade leading to 2022. In 2022, the real GDP growth was 2.4%. For more GDP information, visit our dedicated page.
Somalia GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Somalia from 2013 to 2022.
Source: Macrobond.
Somalia GDP Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 2.8 | -2.8 | 3.5 | 2.7 | - |
| GDP (USD bn) | 14.9 | 14.9 | 16.3 | 17.7 | - |
| GDP (LCU bn) | 8.7 | 8.6 | 9.5 | 10.2 | - |
| Economic Growth (Nominal GDP, ann. var. %) | 9.9 | -0.3 | 9.9 | 7.6 | - |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Somali GDP projections for the next ten years from a panel of 3 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Somali GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Somali GDP projections.
Want to get access to the full dataset of Somali GDP forecasts? Send an email to info@focus-economics.com.