Published: Monday, 21th October 2024
In this page, you will find a detailed guide on the standard of living in Somalia, covering various aspects such as economy, health system factors, environment, import-export, taxes and finances.
 Indicators  | Somalia  |
|---|---|
Gross Domestic Product (GDP) (2023)  | $12.8 billion USD |
GDP Per Capita (2023)  | 775 USD |
GINI Ratio (2023)  | 0.41 |
Inflation on Consumer Prices (2023)  | Yet to Update |
Central Government Debt (2023)  | Yet to Update |
Gross Domestic Product (GDP) is a measure of the total value of all goods and services produced within a country in a specific time period, usually a year. It is used to gauge the economic performance of a country and indicates how wealthy and productive a nation is. In simple terms, GDP tells us how much a country is producing and how well its economy is doing.
As per the statistics from the World Bank Data for the year 2023, the total GDP of Somalia is $12.8 billion USD.
On the other hand, Gross Domestic Product (GDP) Per Capita is the average economic output per person in a country. Simply put, it shows how much, on average, each person contributes to the economy, giving an idea of the standard of living and economic well-being of the people in that country.
Indicators | Somalia |
|---|---|
Human Development Index (HDI) (2023)  | 0.380 |
Human Capital Index (HCI) (2023)  | Yet to Update |
Literacy Rate (2023)  | 41.03% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 54 years |
Healthy Life Expectancy Ratio (2023)  | 47.4 years |
Poverty Ratio (2023)  | 54.4% of total Population |
Unemployment Rate (2023)  | 19.03% of total labor force |
The Human Development Index (HDI) is a measure used to assess the overall well-being and quality of life of people living in a country. The key dimensions that give a country good HDI rank are a long and healthy life, being knowledgeable and having a decent standard of living. This is expressed as a value between 0 and 1. The higher a country's human development, the higher its HDI value.
Indicators | Somalia |
|---|---|
Gross National Expenditure (2023)  | 113.78% of GDP |
Total Health Expenditure (2023)  | Yet to Update |
Research and Development Expenditure (2023)  | Yet to Update |
Government Expenditure on Education (2023)  | 0.27% of GDP |
International Tourism Expenditure (2023)  | Yet to Update |
Number of International Tourists Arrivals (2023)  | Yet to Update |
Military Expenditure (2023)  | 1.53% of GDP |
Indicators | Somalia |
|---|---|
Number of Doctors (2023)  | 0.23 (Per 10,000 People) |
Number of Nurses (2023)  | 1.13 (Per 10,000 People) |
Number of Pharmacists (2023)  | Yet to Update |
Available Hospital Beds (2023)  | 0.87 (Per 10,000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 31.1% of total Population |
Indicators | Somalia |
|---|---|
Agricultural Land (2023)  | 441,290 sq km |
Forest Area (2023)  | 59,032.50 sq km |
CO2 Emissions (2023)  | 0.03 kg per PPP $ of GDP |
Access to Electricity (2023)  | 48.9% of total Population |
Access to Internet (2023)  | 2% of total Population |
Annual Fresh Water Withdrawals (2023)  | 3.3 Billion cubic meters |
48.9% of the total Population of Somalia has access to the electricity in their homes.
2% of the total Population of Somalia has access to the Internet.
Indicators | Somalia |
|---|---|
Time Required to Start a Business (2023)  | 70 Days |
New Businesses Registered (2023)  | 2,700 (New Businesses) |
New Businesses Registration Density (2023)  | 0.31 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 198.2% of GNI Per Capita |
In the year 2023, 2,700 new businesses got registered in Somalia.
It usually takes 70 days in Somalia to register a new business legally and systematically.
Indicators | Somalia |
|---|---|
Imports of Goods and Services (2023)  | 76.69% of GDP |
Total Fuel Imports (2023)  | 12.44% of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 952 USD |
Time to Import Border Compliance (2023)  | 85 Hours |
Cost to Import Documentary Compliance (2023)  | 300 USD |
Time to Import Documentary Compliance (2023)  | 76 Hours |
Indicators | Somalia |
|---|---|
Exports of Goods and Services (2023)  | 17.89% of GDP |
Total Fuel Exports (2023)  | 1.12% of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 495 USD |
Time to Export Border Compliance (2023)  | 44 Hours |
Cost to Export Documentary Compliance (2023)  | 350 USD |
Time to Export Documentary Compliance (2023)  | 72.5 Hours |
Indicators | Somalia |
|---|---|
Gross National Savings (2023)  | Yet t Update |
Tax Revenue (2023)  | 0.0001% of GDP |
Taxes on Exports (2023)  | 0.37% of Tax Revenue |
Taxes on Goods and Services (2023)  | 6.38% of Tax Revenue |
Taxes on International Trade (2023)  | 17.98% of Revenue |
Time to Prepare and Pay Taxes (2023)  | Yet to Update |
Customs and Other Import Duties (2023)  | 65.24% of Tax Revenue |
We hope you enjoyed the detailed guide on the standard of living in Somalia.
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