The Gross Domestic Product (GDP) in Somalia expanded 2.90 percent in 2019 from the previous year.

GDP Annual Growth Rate in Somalia averaged 1.62 percent from 1961 until 2019, reaching an all time high of 14.88 percent in 1972 and a record low of -21 percent in 1994. This page provides - Somalia GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Somalia GDP Annual Growth Rate - values, historical data and charts - was last updated on July of 2020.

GDP Annual Growth Rate in Somalia is expected to reach -4.00 percent by the end of 2020, according to Trading Economics global macro models and analysts expectations. In the long-term, the Somalia GDP Annual Growth Rate is projected to trend around 2.80 percent in 2021 and 3.30 percent in 2022, according to our econometric models.

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Somalia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
2.90 2.80 14.88 -21.00 1961 - 2019 percent Yearly

Somalia GDP Last Previous Highest Lowest Unit
GDP Annual Growth Rate 2.90 2.80 14.88 -21.00 percent [+]
GDP 7.70 7.48 7.70 0.18 USD Billion [+]


Somalia GDP Annual Growth Rate
Somalia is one of the poorest and least safe countries in the world. In 1991, a military coup triggered an ethnic-motivated civil. And only in recent months, Somali government forces with support of the African Union have been regaining control of country. Since for a long time Somalia did not have an effective central government and security, the country lacks basic infrastructure and social net. Crime rates are high, famines are common and many of its citizens are displaced. As such, Somalia’s economy is dependent on foreign aid, remittances and livestock. It is expected that with recently elected government, stability will return and the economy will substantially recover.