Somalia: Remittances, percent of GDP
* indicates monthly or quarterly data series
| Somalia |
Remittances as percent of GDP |
|---|---|
| Latest value | 14.85 |
| Year | 2023 |
| Measure | percent |
| Data availability | 1979 - 2023 |
| Average | 5.20 |
| Min - Max | 0.00 - 18.85 |
| Source | The World Bank |
The latest value from 2023 is 14.85 percent, a decline from 16.65 percent in 2022. In comparison, the world average is 5.13 percent, based on data from 174 countries. Historically, the average for Somalia from 1979 to 2023 is 5.2 percent. The minimum value, 0 percent, was reached in 2005 while the maximum of 18.85 percent was recorded in 2020.
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Definition: Personal remittances comprise personal transfers and compensation of employees. Personal transfers consist of all current transfers in cash or in kind made or received by resident households to or from nonresident households. Personal transfers thus include all current transfers between resident and nonresident individuals. Compensation of employees refers to the income of border, seasonal, and other short-term workers who are employed in an economy where they are not resident and of residents employed by nonresident entities. Data are the sum of two items defined in the sixth edition of the IMF's Balance of Payments Manual: personal transfers and compensation of employees.
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Terms of trade | 121.58 | 2021 | percent |
| Trade openness | 94.58 | 2023 | percent |
| Financial openness | -1.931 | 2007 | index points |
| Exports, percent of GDP | 17.89 | 2023 | percent |
| Exports, billion dollars | 2.09 | 2023 | billion U.S. dollars |
| Growth of exports | 5.95 | 2023 | percent |
| Imports, percent of GDP | 76.69 | 2023 | percent |
| Imports, billion dollars | 8.96 | 2023 | billion U.S. dollars |
| Foreign Direct Investment, percent of GDP | 6.10 | 2022 | percent |
| Foreign Direct Investment, billion dollars | 0.64 | 2022 | billion U.S. dollars |
| Portfolio investment inflows, equities | 0.00 | 1989 | million dollars (current) |
| Current account, percent of GDP | -12.40 | 2023 | percent |
| Trade balance, percent of GDP | -61.21 | 2022 | percent |
| Reserves | 0.02 | 1989 | billion U.S. dollars |
| Remittances, percent of GDP | 14.85 | 2023 | percent |
| Remittances | 1,735.00 | 2023 | million U.S. dollars |
| External debt | 40.14 | 2022 | percent |
| Short-term external debt | 28.30 | 2022 | percent |
| Short-term debt to reserves | 842.53 | 1989 | percent |