Gross Domestic Product for Somalia
MKTGDPSOA646NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
12,108,515,110.00
Year-over-Year Change
177.42%
Date Range
1/1/1960 - 1/1/2024
Summary
The Gross Domestic Product (GDP) for Somalia measures the total value of goods and services produced within the country. It is a key indicator of economic activity and growth used by policymakers and analysts.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
GDP represents the size and performance of a national economy. It is widely tracked to assess macroeconomic conditions, inform policy decisions, and evaluate investment opportunities in Somalia.
Methodology
The World Bank calculates Somalia's GDP using national accounts data and statistical modeling.
Historical Context
GDP trends are essential for understanding Somalia's economic development and guiding policies to promote sustainable growth.
Key Facts
- Somalia's GDP was $7.9 billion in 2021.
- GDP per capita in Somalia was $501 in 2021.
- The Somali economy contracted by 1.5% in 2020 due to the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product (GDP) for Somalia measures the total value of goods and services produced within the country during a given period.
Q: Why is this trend relevant for users or analysts?
A: GDP is a fundamental indicator of a country's economic performance and is widely used by policymakers, investors, and analysts to assess macroeconomic conditions and inform decision-making.
Q: How is this data collected or calculated?
A: The World Bank calculates Somalia's GDP using national accounts data and statistical modeling.
Q: How is this trend used in economic policy?
A: GDP trends are essential for understanding Somalia's economic development and guiding policies to promote sustainable growth and stability.
Q: Are there update delays or limitations?
A: There may be delays in data reporting or challenges in data collection due to Somalia's political and economic environment.
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Citation
U.S. Federal Reserve, Gross Domestic Product for Somalia (MKTGDPSOA646NWDB), retrieved from FRED.