Monaco has a GDP of $10B compared to $12.1B for Somalia, ranking 153/197 and 149/197 by economy size, respectively.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Monaco
|
Somalia
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | - | - | $180,459,937 | $917,045,732 |
| 1961 | - | - | $191,659,914 | $887,131,873 |
| 1962 | - | - | $203,531,928 | $949,911,139 |
| 1963 | - | - | $216,145,936 | $976,592,267 |
| 1964 | - | - | $229,529,913 | $916,916,392 |
| 1965 | - | - | $243,725,898 | $862,417,802 |
| 1966 | - | - | $257,375,897 | $940,886,220 |
| 1967 | - | - | $271,781,887 | $996,783,740 |
| 1968 | - | - | $286,719,885 | $1,017,018,224 |
| 1969 | - | - | $306,357,285 | $999,733,290 |
| 1970 | $293,127,333 | $1,764,785,206 | $347,985,394 | $1,045,535,151 |
| 1971 | $327,706,210 | $1,857,049,235 | $347,039,446 | $1,067,892,506 |
| 1972 | $402,451,901 | $1,943,370,634 | $447,883,941 | $1,226,805,081 |
| 1973 | $523,554,039 | $2,070,734,432 | $483,699,611 | $1,077,756,045 |
| 1974 | $563,949,254 | $2,163,391,744 | $572,504,036 | $1,085,866,066 |
| 1975 | $711,978,962 | $2,142,349,785 | $757,015,879 | $1,245,436,211 |
| 1976 | $735,324,245 | $2,236,862,305 | $871,344,245 | $1,222,421,286 |
| 1977 | $811,191,392 | $2,316,343,303 | $498,550,725 | $1,389,224,693 |
| 1978 | $1,000,555,218 | $2,407,921,124 | $564,571,823 | $1,469,791,648 |
| 1979 | $1,209,870,147 | $2,493,021,991 | $589,566,929 | $1,396,493,892 |
| 1980 | $1,378,175,524 | $2,535,040,816 | $602,515,548 | $1,421,532,244 |
| 1981 | $1,205,188,648 | $2,558,423,484 | $699,302,473 | $1,510,579,931 |
| 1982 | $1,143,216,457 | $2,620,654,307 | $774,578,932 | $1,552,377,825 |
| 1983 | $1,092,560,365 | $2,651,970,428 | $735,408,642 | $1,372,667,073 |
| 1984 | $1,037,329,604 | $2,691,339,343 | $787,434,542 | $1,417,493,800 |
| 1985 | $1,082,867,507 | $2,737,326,250 | $875,702,247 | $1,552,579,747 |
| 1986 | $1,515,234,743 | $2,804,455,472 | $916,590,786 | $1,519,262,585 |
| 1987 | $1,839,081,463 | $2,874,134,249 | $1,018,972,664 | $1,672,521,530 |
| 1988 | $2,000,704,745 | $3,006,304,229 | $1,051,596,967 | $1,729,642,284 |
| 1989 | $2,010,083,833 | $3,131,476,494 | $1,181,360,844 | $1,795,501,262 |
| 1990 | $2,481,307,077 | $3,214,255,640 | $1,031,282,081 | $1,837,281,328 |
| 1991 | $2,480,540,845 | $3,246,884,485 | $717,974,930 | $1,891,491,616 |
| 1992 | $2,737,049,231 | $3,291,257,692 | $709,297,579 | $1,730,935,689 |
| 1993 | $2,574,494,356 | $3,261,178,239 | $1,260,132,956 | $1,800,010,346 |
| 1994 | $2,720,332,135 | $3,333,433,694 | $1,481,205,098 | $1,478,762,689 |
| 1995 | $3,130,309,995 | $3,404,007,586 | $1,534,756,135 | $1,537,774,140 |
| 1996 | $3,137,886,995 | $3,441,816,981 | $1,792,234,297 | $1,661,503,679 |
| 1997 | $2,840,195,190 | $3,518,819,006 | $2,191,749,014 | $1,681,117,594 |
| 1998 | $2,934,593,468 | $3,642,092,596 | $2,962,047,564 | $1,791,844,291 |
| 1999 | $2,907,118,641 | $3,762,301,282 | $3,045,751,528 | $1,922,976,751 |
| 2000 | $2,654,462,665 | $3,909,415,913 | $3,412,797,450 | $2,059,706,442 |
| 2001 | $2,673,723,034 | $3,994,943,522 | $2,252,847,465 | $2,206,158,044 |
| 2002 | $2,919,647,982 | $4,035,951,521 | $2,192,684,135 | $2,374,493,800 |
| 2003 | $3,597,089,751 | $4,079,843,968 | $2,836,724,352 | $2,555,674,024 |
| 2004 | $4,043,551,489 | $4,180,635,804 | $3,859,592,813 | $2,737,390,479 |
| 2005 | $4,204,652,899 | $4,259,876,165 | $4,683,246,454 | $2,932,027,546 |
| 2006 | $4,586,826,513 | $4,507,700,786 | $5,026,743,282 | $3,122,209,723 |
| 2007 | $5,875,790,766 | $5,158,500,738 | $5,430,713,729 | $3,331,221,430 |
| 2008 | $6,502,942,245 | $5,197,028,095 | $5,913,620,293 | $3,554,225,116 |
| 2009 | $5,474,379,252 | $4,607,841,718 | $2,948,594,552 | $3,792,157,453 |
| 2010 | $5,367,561,570 | $4,703,003,769 | $2,687,807,004 | $4,046,017,819 |
| 2011 | $6,088,689,808 | $5,033,265,481 | $2,906,000,097 | $4,316,872,490 |
| 2012 | $5,742,749,294 | $5,084,213,121 | $4,364,670,160 | $4,605,859,127 |
| 2013 | $6,555,591,710 | $5,571,133,211 | $5,062,881,600 | $5,110,628,983 |
| 2014 | $7,070,017,324 | $5,971,532,102 | $5,728,399,720 | $5,569,461,555 |
| 2015 | $6,264,756,528 | $6,264,756,528 | $6,152,149,100 | $6,152,149,100 |
| 2016 | $6,471,290,794 | $6,453,228,194 | $6,613,743,070 | $6,584,944,951 |
| 2017 | $6,430,254,653 | $6,246,325,874 | $7,621,501,710 | $7,555,288,980 |
| 2018 | $7,184,333,936 | $6,602,235,351 | $7,873,440,830 | $7,710,498,420 |
| 2019 | $7,383,496,254 | $7,072,373,237 | $8,655,023,960 | $7,928,267,058 |
| 2020 | $6,730,736,283 | $6,136,054,330 | $8,628,393,720 | $7,710,043,010 |
| 2021 | $8,623,242,743 | $7,500,235,157 | $9,483,997,390 | $7,976,673,871 |
| 2022 | $8,800,430,486 | $8,328,781,592 | $10,202,767,270 | $8,194,206,885 |
| 2023 | $9,995,350,547 | $8,748,833,913 | $10,968,517,090 | $8,539,706,139 |
| 2024 | - | - | $12,108,515,110 | $8,878,930,663 |
Economic indicators
|
Monaco
|
Somalia
|
|
|---|---|---|
| Gross domestic product |
$10B
2023 |
$12.1B
2024 |
| GDP rank |
153/197
2023 |
149/197
2024 |
| GDP growth |
13.6%
2022-2023 |
10.4%
2023-2024 |
| GDP per capita |
$256,581
2023 |
$637
2024 |
| GDP per capita rank |
1/197
2023 |
191/197
2024 |
| GDP per capita, PPP |
$115,700
2015 |
$1,601
2024 |
| Average annual personal income after taxes |
$97,128
2025 |
$1,941
2025 |
| Number of billionaires |
2
2025 |
n/a |
| Government expenditure, % of GDP |
20%
2025 |
13%
2025 |
| Consumer prices inflation |
1.5%
2019-2020 |
3.6%
2024-2025 |
| Unemployment rate |
6.33%
2016 |
18.8%
2019 |
| Population |
38341
|
20177806
|
GDP per capita in Monaco vs Somalia
Monaco's GDP per capita is $256,581, ranking 1/197, compared to $637 in Somalia, ranking 191/197. Adjusted for purchasing power (GDP per capita PPP), Monaco ranks 6th at $115,700, while Somalia ranks 194th at $1,601.
| Year | Current $ | |||
|---|---|---|---|---|
|
Monaco
|
Somalia
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | - | - | $62.7 | - |
| 1961 | - | - | $64.9 | - |
| 1962 | - | - | $67.2 | - |
| 1963 | - | - | $69.5 | - |
| 1964 | - | - | $71.9 | - |
| 1965 | - | - | $74.4 | - |
| 1966 | - | - | $76.5 | - |
| 1967 | - | - | $78.7 | - |
| 1968 | - | - | $80.8 | - |
| 1969 | - | - | $84.1 | - |
| 1970 | $12,098 | - | $93.1 | - |
| 1971 | $13,334 | - | $90.4 | - |
| 1972 | $16,187 | - | $113.7 | - |
| 1973 | $20,882 | - | $119.6 | - |
| 1974 | $22,348 | - | $137.9 | - |
| 1975 | $27,921 | - | $177.8 | - |
| 1976 | $28,396 | - | $199.6 | - |
| 1977 | $30,875 | - | $111.2 | - |
| 1978 | $37,608 | - | $117.3 | - |
| 1979 | $44,990 | - | $108.2 | - |
| 1980 | $50,814 | - | $101.5 | - |
| 1981 | $44,157 | - | $116.9 | - |
| 1982 | $41,479 | - | $129 | - |
| 1983 | $39,076 | - | $118.6 | - |
| 1984 | $36,582 | - | $122.5 | - |
| 1985 | $37,690 | - | $130.8 | - |
| 1986 | $52,082 | - | $131.4 | - |
| 1987 | $62,456 | - | $141 | - |
| 1988 | $67,181 | - | $145.3 | - |
| 1989 | $66,816 | - | $166 | - |
| 1990 | $81,735 | - | $145.6 | - |
| 1991 | $80,997 | - | $105.4 | $469 |
| 1992 | $88,615 | - | $109.2 | $461 |
| 1993 | $82,685 | - | $188.6 | $477 |
| 1994 | $86,704 | - | $210.8 | $380 |
| 1995 | $99,032 | - | $210.7 | $389 |
| 1996 | $98,561 | - | $237.2 | $413 |
| 1997 | $88,582 | - | $280.1 | $411 |
| 1998 | $90,947 | - | $363 | $425 |
| 1999 | $89,698 | $27,000 | $359 | $444 |
| 2000 | $81,789 | $27,000 | $386 | $467 |
| 2001 | $82,403 | - | $244.9 | $492 |
| 2002 | $90,051 | - | $229.6 | $517 |
| 2003 | $111,110 | - | $286.3 | $547 |
| 2004 | $125,160 | - | $375 | $580 |
| 2005 | $130,539 | - | $440 | $619 |
| 2006 | $143,083 | $30,000 | $458 | $659 |
| 2007 | $184,559 | - | $480 | $700 |
| 2008 | $204,264 | - | $507 | $739 |
| 2009 | $169,150 | $63,400 | $246.5 | $774 |
| 2010 | $161,854 | - | $219.2 | $815 |
| 2011 | $179,364 | $85,500 | $235.3 | $881 |
| 2012 | $165,445 | - | $350 | $1,003 |
| 2013 | $184,941 | $78,700 | $393 | $944 |
| 2014 | $195,694 | - | $429 | $1,128 |
| 2015 | $170,437 | $115,700 | $446 | $1,341 |
| 2016 | $173,605 | - | $461 | $1,469 |
| 2017 | $170,663 | - | $511 | $1,597 |
| 2018 | $188,298 | - | $510 | $1,552 |
| 2019 | $193,747 | - | $540 | $1,548 |
| 2020 | $176,892 | - | $518 | $1,454 |
| 2021 | $223,823 | - | $549 | $1,392 |
| 2022 | $226,052 | - | $573 | $1,487 |
| 2023 | $256,581 | - | $597 | $1,557 |
| 2024 | - | - | $637 | $1,601 |
Inflation comparison by year
Over the past 8 years, Monaco has recorded an average annual inflation rate of 1.5%, compared with 2.76% in Somalia. In 2020, inflation was 1.5% in Monaco and 3.6% in Somalia.
| Year | Inflation | ||
|---|---|---|---|
|
Monaco
|
Somalia
|
Monaco
|
Somalia
|
| 2000 | 1.9% | - | |
| 2001 | - | - | |
| 2002 | - | - | |
| 2003 | - | - | |
| 2004 | - | - | |
| 2005 | - | - | |
| 2006 | - | - | |
| 2007 | - | - | |
| 2008 | - | - | |
| 2009 | - | - | |
| 2010 | 1.5% | - | |
| 2011 | - | - | |
| 2012 | - | - | |
| 2013 | - | 2.8% | |
| 2014 | - | 1.3% | |
| 2015 | - | 0.9% | |
| 2016 | - | 0% | |
| 2017 | - | 4% | |
| 2018 | 1.5% | 4.3% | |
| 2019 | 1.5% | 4.7% | |
| 2020 | 1.5% | 4.1% | |
| 2021 | - | 4.6% | |
| 2022 | - | 6.8% | |
| 2023 | - | 6.2% | |
| 2024 | - | 5.5% | |
| 2025 | - | 3.6% | |
Balance of trade
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
More economic indicators
|
Monaco
|
Somalia
|
|
|---|---|---|
| Services, % of GDP |
88.5%
2023 |
n/a |
| Industry, % of GDP |
11.5%
2023 |
9.66%
1986 |
| Agriculture, forestry, and fishing, % of GDP | n/a |
55.8%
1990 |
GNI, Atlas method
|
n/a |
$11.5B
2024 |
| GNI per capita, PPP | n/a |
$1,590
2024 |
| Total reserves including gold | n/a |
$23.1M
1989 |
| Total reserves ranking | n/a |
177/177
1989 |
|
Net inflows of foreign direct investment
|
n/a |
$765M
2024 |
|
Servicing debt to the IMF, % of GNI
|
n/a |
3.32%
2023 |
| Poverty at national poverty lines | n/a |
55.4%
2022 |
|
Gross capital formation, % of GDP
|
n/a |
22.7%
2024 |
GDP per capita map
GDP per capita
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Economy comparisons
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.