Somalia: Fiscal balance, percent of GDP
* indicates monthly or quarterly data series
| Somalia |
Fiscal balance, percent of GDP |
|---|---|
| Latest value | -0.40 |
| Year | 2023 |
| Measure | percent |
| Data availability | 2018 - 2023 |
| Average | -0.17 |
| Min - Max | -1.10 - 0.40 |
| Source | African Development Bank |
The latest value from 2023 is -0.4 percent, a decline from 0 percent in 2022. In comparison, the world average is -2.84 percent, based on data from 141 countries. Historically, the average for Somalia from 2018 to 2023 is -0.17 percent. The minimum value, -1.1 percent, was reached in 2021 while the maximum of 0.4 percent was recorded in 2020.
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Definition: The fiscal (budget) balance is the difference between government revenue and government expenditure. We express the value as percent of GDP to relate it to the size of the economy.
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Government spending, percent of GDP | 7.00 | 2023 | percent |
| Government spending, in dollars | 0.82 | 2023 | billion U.S. dollars |
| Fiscal balance, percent of GDP | -0.40 | 2023 | percent |
| Tax revenue | 0.00 | 2020 | percent |
| Taxes on goods and services | 6.38 | 2020 | percent |
| Taxes on international trade | 17.98 | 2020 | percent |
| Income and profits taxes | 2.45 | 2020 | percent |
| Foreign aid | 1,937.76 | 2022 | million U.S. dollars |