Somalia - GDP (current US$)

The latest value for GDP (current US$) in Somalia was $4,720,727,000 as of 2018. Over the past 58 years, the value for this indicator has fluctuated between $4,720,727,000 in 2018 and $180,459,900 in 1960.

Definition: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

Source: World Bank national accounts data, and OECD National Accounts data files.

See also:

Year Value
1960 $180,459,900
1961 $191,659,900
1962 $203,531,900
1963 $216,145,900
1964 $229,529,900
1965 $243,724,500
1966 $257,374,400
1967 $271,780,400
1968 $286,718,300
1969 $306,357,300
1970 $322,600,000
1971 $331,102,800
1972 $416,942,400
1973 $507,028,400
1974 $467,577,400
1975 $710,850,200
1976 $807,275,800
1977 $498,550,900
1978 $564,986,000
1979 $590,419,800
1980 $603,592,600
1981 $699,112,300
1982 $774,419,600
1983 $733,901,400
1984 $788,307,200
1985 $876,404,600
1986 $930,318,700
1987 $1,009,793,000
1988 $1,038,291,000
1989 $1,092,393,000
1990 $917,044,200
2013 $3,892,403,000
2014 $3,963,532,000
2015 $4,048,861,000
2016 $4,198,486,000
2017 $4,508,846,000
2018 $4,720,727,000

Limitations and Exceptions: Gross domestic product (GDP), though widely tracked, may not always be the most relevant summary of aggregated economic performance for all economies, especially when production occurs at the expense of consuming capital stock. While GDP estimates based on the production approach are generally more reliable than estimates compiled from the income or expenditure side, different countries use different definitions, methods, and reporting standards. World Bank staff review the quality of national accounts data and sometimes make adjustments to improve consistency with international guidelines. Nevertheless, significant discrepancies remain between international standards and actual practice. Many statistical offices, especially those in developing countries, face severe limitations in the resources, time, training, and budgets required to produce reliable and comprehensive series of national accounts statistics. Among the difficulties faced by compilers of national accounts is the extent of unreported economic activity in the informal or secondary economy. In developing countries a large share of agricultural output is either not exchanged (because it is consumed within the household) or not exchanged for money.

Statistical Concept and Methodology: Gross domestic product (GDP) represents the sum of value added by all its producers. Value added is the value of the gross output of producers less the value of intermediate goods and services consumed in production, before accounting for consumption of fixed capital in production. The United Nations System of National Accounts calls for value added to be valued at either basic prices (excluding net taxes on products) or producer prices (including net taxes on products paid by producers but excluding sales or value added taxes). Both valuations exclude transport charges that are invoiced separately by producers. Total GDP is measured at purchaser prices. Value added by industry is normally measured at basic prices.

Aggregation method: Gap-filled total

Periodicity: Annual


Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts