Somalia - GNI, Atlas method (current US$)

The latest value for GNI, Atlas method (current US$) in Somalia was $959,218,700 as of 1990. Over the past 28 years, the value for this indicator has fluctuated between $1,066,838,000 in 1988 and $201,595,300 in 1962.

Definition: GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. Data are in current U.S. dollars. GNI, calculated in national currency, is usually converted to U.S. dollars at official exchange rates for comparisons across economies, although an alternative rate is used when the official exchange rate is judged to diverge by an exceptionally large margin from the rate actually applied in international transactions. To smooth fluctuations in prices and exchange rates, a special Atlas method of conversion is used by the World Bank. This applies a conversion factor that averages the exchange rate for a given year and the two preceding years, adjusted for differences in rates of inflation between the country, and through 2000, the G-5 countries (France, Germany, Japan, the United Kingdom, and the United States). From 2001, these countries include the Euro area, Japan, the United Kingdom, and the United States.

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

See also:

Year Value
1962 $201,595,300
1963 $215,558,400
1964 $211,934,500
1965 $219,938,000
1966 $259,385,400
1967 $283,517,200
1968 $292,004,100
1969 $299,978,000
1970 $328,808,500
1971 $348,295,900
1972 $410,501,600
1973 $477,907,700
1974 $479,307,800
1975 $734,816,600
1976 $781,949,300
1977 $760,476,200
1978 $687,345,700
1979 $621,583,700
1980 $655,764,500
1981 $719,867,700
1982 $743,052,900
1983 $685,504,400
1984 $705,036,400
1985 $799,197,100
1986 $884,085,400
1987 $1,020,792,000
1988 $1,066,838,000
1989 $1,054,085,000
1990 $959,218,700

Development Relevance: Because development encompasses many factors - economic, environmental, cultural, educational, and institutional - no single measure gives a complete picture. However, the total earnings of the residents of an economy, measured by its gross national income (GNI), is a good measure of its capacity to provide for the well-being of its people.

Statistical Concept and Methodology: In calculating GNI and GNI per capita in U.S. dollars for certain operational purposes, the World Bank uses the Atlas conversion factor. The purpose of the Atlas conversion factor is to reduce the impact of exchange rate fluctuations in the cross-country comparison of national incomes. The Atlas conversion factor for any year is the average of a country's exchange rate (or alternative conversion factor) for that year and its exchange rates for the two preceding years, adjusted for the difference between the rate of inflation in the country and that in Japan, the United Kingdom, the United States, and the Euro area. A country's inflation rate is measured by the change in its GDP deflator. The inflation rate for Japan, the United Kingdom, the United States, and the Euro area, representing international inflation, is measured by the change in the SDR deflator. (Special drawing rights, or SDRs, are the International Monetary Fund's unit of account.) The SDR deflator is calculated as a weighted average of these countries' GDP deflators in SDR terms, the weights being the amount of each country's currency in one SDR unit. Weights vary over time because both the composition of the SDR and the relative exchange rates for each currency change. The SDR deflator is calculated in SDR terms first and then converted to U.S. dollars using the SDR to dollar Atlas conversion factor. The Atlas conversion factor is then applied to a country's GNI. The resulting GNI in U.S. dollars is divided by the midyear population to derive GNI per capita. The World Bank systematically assesses the appropriateness of official exchange rates as conversion factors. An alternative conversion factor is used in the Atlas formula when the official exchange rate is judged to diverge by an exceptionally large margin from the rate effectively applied to domestic transactions of foreign currencies and traded products. This applies to only a small number of countries, as shown in the country-level metadata. Alternative conversion factors are used in the Atlas methodology and elsewhere in World Development Indicators as single-year conversion factors.

Aggregation method: Gap-filled total

Periodicity: Annual


Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts