Oman has a GDP of $107B compared to $12B for Somalia, ranking 70/197 and 150/197 by economy size, respectively.
Oman vs Somalia GDP by year
| Year | GDP, current $ | |
|---|---|---|
Oman
|
Somalia
|
|
| 2024 | $107,137,198,769 | $11,967,000,000 |
| 2023 | $106,174,708,037 | $10,958,000,000 |
| 2022 | $109,852,795,839 | $10,203,000,000 |
| 2021 | $87,323,797,139 | $9,483,000,000 |
| 2020 | $75,909,492,848 | $8,628,000,000 |
| 2019 | $88,060,858,257 | $8,656,000,000 |
| 2018 | $91,505,851,756 | $7,873,000,000 |
| 2017 | $80,856,697,009 | $7,621,501,710 |
| 2016 | $75,128,738,622 | $6,613,743,070 |
| 2015 | $78,710,793,238 | $6,152,149,100 |
| 2014 | $92,699,089,727 | $5,728,399,720 |
| 2013 | $89,936,020,806 | $5,062,881,600 |
| 2012 | $87,408,842,653 | $4,364,670,160 |
| 2011 | $77,497,529,259 | $2,906,000,097 |
| 2010 | $64,993,498,049 | $2,687,807,004 |
| 2009 | $55,454,096,229 | $2,948,594,552 |
| 2008 | $69,804,681,404 | $5,913,620,293 |
| 2007 | $48,300,390,117 | $5,430,713,729 |
| 2006 | $42,577,633,290 | $5,026,743,282 |
| 2005 | $35,506,892,068 | $4,683,246,454 |
| 2004 | $28,378,933,680 | $3,859,592,813 |
| 2003 | $24,733,680,104 | $2,836,724,352 |
| 2002 | $23,065,539,662 | $2,192,684,135 |
| 2001 | $22,205,721,717 | $2,252,847,465 |
| 2000 | $22,259,557,867 | $3,412,797,450 |
| 1999 | $17,832,769,831 | $3,045,751,528 |
| 1998 | $16,044,213,264 | $2,962,047,564 |
| 1997 | $18,039,791,938 | $2,191,749,014 |
| 1996 | $17,402,080,624 | $1,792,234,297 |
| 1995 | $15,722,236,671 | $1,534,756,135 |
| 1994 | $14,715,214,564 | $1,481,205,098 |
| 1993 | $14,230,429,129 | $1,260,132,956 |
| 1992 | $14,183,615,085 | $709,297,579 |
| 1991 | $12,918,335,501 | $717,974,930 |
| 1990 | $13,310,273,082 | $1,031,282,081 |
| 1989 | $9,372,171,651 | $1,181,360,844 |
| 1988 | $8,386,215,865 | $1,051,596,967 |
| 1987 | $7,811,183,095 | $1,018,972,664 |
| 1986 | $7,324,167,369 | $916,590,786 |
| 1985 | $10,005,645,420 | $875,702,247 |
| 1984 | $8,821,443,151 | $787,434,542 |
| 1983 | $7,932,541,691 | $735,408,642 |
| 1982 | $7,554,719,456 | $774,578,932 |
| 1981 | $7,259,120,151 | $699,302,473 |
| 1980 | $5,981,760,278 | $602,515,548 |
| 1979 | $3,733,352,635 | $589,566,929 |
| 1978 | $2,740,301,390 | $564,571,823 |
| 1977 | $2,741,169,948 | $498,550,725 |
| 1976 | $2,560,220,035 | $871,344,245 |
| 1975 | $2,096,699,189 | $757,015,879 |
| 1974 | $1,645,917,776 | $572,504,036 |
| 1973 | $483,066,991 | $483,699,611 |
| 1972 | $366,883,548 | $447,883,941 |
| 1971 | $301,010,587 | $347,039,446 |
| 1970 | $256,319,795 | $347,985,394 |
| 1969 | $239,999,808 | $306,357,285 |
| 1968 | $188,879,849 | $286,719,885 |
| 1967 | $107,151,832 | $271,781,887 |
| 1966 | $67,759,973 | $257,375,897 |
| 1965 | $63,279,975 | $243,725,898 |
| 1964 | $61,872,526 | $229,529,913 |
| 1963 | $59,912,763 | $216,145,936 |
| 1962 | $56,273,202 | $203,531,928 |
| 1961 | $45,634,487 | $191,659,914 |
| 1960 | $44,234,656 | $180,459,937 |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/oman/somalia | CC BY 
GDP per capita in Oman vs Somalia by year
| Year | Current $ | |||
|---|---|---|---|---|
|
Oman
|
Somalia
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 2024 | $20,285 | $41,740 | $630 | $1,602 |
| 2023 | $21,028 | $41,945 | $597 | $1,556 |
| 2022 | $23,224 | $42,616 | $573 | $1,486 |
| 2021 | $19,403 | $38,719 | $549 | $1,392 |
| 2020 | $16,785 | $35,163 | $518 | $1,454 |
| 2019 | $19,180 | $37,251 | $540 | $1,548 |
| 2018 | $19,902 | $37,780 | $509 | $1,552 |
| 2017 | $17,820 | $33,619 | $511 | $1,597 |
| 2016 | $17,110 | $33,334 | $461 | $1,469 |
| 2015 | $18,808 | $36,058 | $446 | $1,341 |
| 2014 | $23,161 | $44,236 | $429 | $1,128 |
| 2013 | $23,458 | $47,013 | $393 | $944 |
| 2012 | $24,642 | $49,989 | $350 | $1,003 |
| 2011 | $25,188 | $52,393 | $235.3 | $881 |
| 2010 | $23,570 | $55,667 | $219.2 | $815 |
| 2009 | $20,656 | $55,127 | $246.5 | $774 |
| 2008 | $26,577 | $52,841 | $507 | $739 |
| 2007 | $18,793 | $48,627 | $480 | $700 |
| 2006 | $16,931 | $46,091 | $458 | $659 |
| 2005 | $14,435 | $43,673 | $440 | $619 |
| 2004 | $11,801 | $42,142 | $375 | $580 |
| 2003 | $10,464 | $40,935 | $286.3 | $547 |
| 2002 | $9,869 | $41,511 | $229.6 | $517 |
| 2001 | $9,612 | $41,679 | $244.9 | $492 |
| 2000 | $9,754 | $39,443 | $386 | $467 |
| 1999 | $7,915 | $36,792 | $359 | $444 |
| 1998 | $7,219 | $36,666 | $363 | $425 |
| 1997 | $8,235 | $36,809 | $280.1 | $411 |
| 1996 | $8,068 | $34,661 | $237.2 | $413 |
| 1995 | $7,414 | $33,598 | $210.7 | $389 |
| 1994 | $7,068 | $31,925 | $210.8 | $380 |
| 1993 | $7,039 | $30,987 | $188.6 | $477 |
| 1992 | $7,318 | $29,773 | $109.2 | $461 |
| 1991 | $6,977 | $28,109 | $105.4 | $469 |
| 1990 | $7,546 | $26,904 | $145.6 | - |
| 1989 | $5,591 | - | $166 | - |
| 1988 | $5,279 | - | $145.3 | - |
| 1987 | $5,204 | - | $141 | - |
| 1986 | $5,182 | - | $131.4 | - |
| 1985 | $7,549 | - | $130.8 | - |
| 1984 | $7,070 | - | $122.5 | - |
| 1983 | $6,714 | - | $118.6 | - |
| 1982 | $6,759 | - | $129 | - |
| 1981 | $6,866 | - | $116.9 | - |
| 1980 | $5,974 | - | $101.5 | - |
| 1979 | $3,934 | - | $108.2 | - |
| 1978 | $3,044 | - | $117.3 | - |
| 1977 | $3,205 | - | $111.2 | - |
| 1976 | $3,143 | - | $199.6 | - |
| 1975 | $2,692 | - | $177.8 | - |
| 1974 | $2,203 | - | $137.9 | - |
| 1973 | $670 | - | $119.6 | - |
| 1972 | $524 | - | $113.7 | - |
| 1971 | $442 | - | $90.4 | - |
| 1970 | $387 | - | $93.1 | - |
| 1969 | $372 | - | $84.1 | - |
| 1968 | $300 | - | $80.8 | - |
| 1967 | $174.7 | - | $78.7 | - |
| 1966 | $113.2 | - | $76.5 | - |
| 1965 | $108.1 | - | $74.4 | - |
| 1964 | $108.1 | - | $71.9 | - |
| 1963 | $106.8 | - | $69.5 | - |
| 1962 | $102.3 | - | $67.2 | - |
| 1961 | $84.5 | - | $64.9 | - |
| 1960 | $83.4 | - | $62.7 | - |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/oman/somalia | CC BY
Oman's GDP per capita is $20,285, ranking 57/197, compared to $630 in Somalia, ranking 192/197. Adjusted for purchasing power (GDP per capita PPP), Oman ranks 55th at $41,740, while Somalia ranks 194th at $1,602.
Economic indicators
|
Oman
|
Somalia
|
|
|---|---|---|
| Gross domestic product |
$107B
2024 |
$12B
2024 |
| GDP rank |
70/197
2024 |
150/197
2024 |
| GDP growth |
1.63%
2023-2024 |
4.11%
2023-2024 |
| GDP per capita |
$20,285
2024 |
$630
2024 |
| GDP per capita rank |
57/197
2024 |
192/197
2024 |
| GDP per capita, PPP |
$41,740
2024 |
$1,602
2024 |
| GDP per capita PPP rank |
55/197
2024 |
194/197
2024 |
| Government debt |
$38B
2024 |
n/a |
| Debt-to-GDP ratio |
35.5%
2024 |
n/a |
| Government debt per person |
$7,204
2024 |
n/a |
| Government debt per person rank |
67/185
2024 |
n/a |
| Average annual personal income after taxes |
$20,894
2026 |
$1,885
2026 |
| Market capitalization of domestic companies |
$22.3B
2022 |
n/a |
| Number of billionaires |
2
2025 |
n/a |
| Government expenditure, % of GDP |
28.7%
2024 |
13%
2025 |
| Consumer prices inflation |
0.6%
2023-2024 |
5.5%
2023-2024 |
| Central bank interest rate |
4.5%
2025 |
n/a |
| Unemployment rate |
3.3%
2024 |
11.1%
2022 |
| Population |
5761708
|
20503678
|
Inflation comparison by year
| Year | Consumer prices inflation | |
|---|---|---|
|
Oman
|
Somalia
|
|
| 2024 | 0.6% | 5.5% |
| 2023 | 1% | 6.2% |
| 2022 | 2.5% | 6.8% |
| 2021 | 1.7% | 4.6% |
| 2020 | -0.4% | 4.1% |
| 2019 | 0.5% | 4.7% |
| 2018 | 0.7% | 4.3% |
| 2017 | 1.5% | 4% |
| 2016 | 0.9% | 0% |
| 2015 | 0.1% | 0.9% |
| 2014 | 1.2% | 1.3% |
| 2013 | 1.3% | 2.8% |
| 2012 | 2.9% | - |
| 2011 | 4.1% | - |
| 2010 | 3.3% | - |
| 2009 | 3.5% | - |
| 2008 | 12.6% | - |
| 2007 | 5.9% | - |
| 2006 | 3.2% | - |
| 2005 | 1.9% | - |
| 2004 | 0.8% | - |
| 2003 | 0.2% | - |
| 2002 | -0.3% | - |
| 2001 | -0.8% | - |
| 2000 | -1.2% | - |
| 1999 | 0.5% | - |
| 1998 | 0.4% | - |
| 1997 | -0.4% | - |
Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20).
GeoRank.org/economy/oman/somalia | CC BY
Over the past 12 years, Oman has recorded an average annual inflation rate of 0.97%, compared with 3.77% in Somalia. In 2024, inflation was 0.6% in Oman and 5.5% in Somalia.
Top exports between countries
|
Oman
|
|
|---|---|
| Export category | Export value |
| Raw materials & minerals | $46.8M |
| Animal & marine products | $43.4M |
| Raw agricultural goods | $39.4M |
| Processed food, beverages & tobacco | $36.2M |
| Metals | $31M |
| Textiles & consumer goods | $15.9M |
| Chemicals & pharma | $15M |
| Machinery & equipment | $12M |
| Wood & paper products | $11.7M |
| Miscellaneous | $5.51M |
|
Somalia
|
|
|---|---|
| Export category | Export value |
| Animal & marine products | $180M |
| Machinery & equipment | $474K |
| Processed food, beverages & tobacco | $206K |
| Raw agricultural goods | $188K |
| Chemicals & pharma | $41K |
| Textiles & consumer goods | $24K |
Balance of trade
|
Oman
|
Somalia
|
|
|---|---|---|
|
Current account balance
|
$3.07B
2024 |
n/a |
| Current account balance ranking |
39/190
2024 |
n/a |
| Current account balance, % of GDP |
+2.86%
2024 |
n/a |
| Goods imports |
$39.5B
2024 |
n/a |
| Goods exports |
$65.2B
2024 |
n/a |
| Service imports |
$12.8B
2024 |
n/a |
| Service exports |
$5.64B
2024 |
n/a |
| Imports of goods and services, % of GDP |
48.8%
2024 |
99.1%
2024 |
| Exports of goods and services, % of GDP |
66.1%
2024 |
31.2%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Oman
|
Somalia
|
|
|---|---|---|
| Economic freedom | 68.5 | 29 |
| Economic freedom ranking | 45/197 | 193/197 |
| Property rights | 71.8 | 0.8 |
| Government integrity | 49.4 | 9.6 |
| Judicial effectiveness | 28 | 1.7 |
| Tax burden | 97.6 | 99.9 |
| Government spending | 74.7 | n/a |
| Fiscal health | 97.5 | 0 |
| Business freedom | 67.8 | 25.9 |
| Labor freedom | 47.7 | 26.8 |
| Monetary freedom | 79.2 | n/a |
| Trade freedom | 78.4 | n/a |
| Investment freedom | 70 | n/a |
| Financial freedom | 60 | n/a |
Other economic metrics
|
Oman
|
Somalia
|
|
|---|---|---|
| Services, % of GDP |
46%
2024 |
n/a |
| Industry, % of GDP |
54.2%
2024 |
9.66%
1986 |
| Agriculture, forestry, and fishing, % of GDP |
2.6%
2024 |
55.8%
1990 |
|
GNI, Atlas method
|
$103B
2024 |
$11.7B
2024 |
| GNI per capita, PPP |
$39,340
2024 |
$1,630
2024 |
| Total reserves including gold |
$18.3B
2024 |
$23.1M
1989 |
| Total reserves ranking |
64/177
2024 |
177/177
1989 |
|
Net foreign direct investment
|
-$12.6B
2024 |
n/a |
|
Net inflows of foreign direct investment
|
$12.5B
2024 |
$765M
2024 |
|
Net outflows of foreign direct investment
|
-$143M
2024 |
$0
2024 |
|
Servicing debt to the IMF, % of GNI
|
n/a |
0.13%
2024 |
| Poverty at national poverty lines | n/a |
55.4%
2022 |
|
Gross capital formation, % of GDP
|
24.8%
2024 |
26.7%
2024 |
GDP per capita map
Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).
GeoRank.org/economy/oman/somalia | CC BY
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Data sources:
- World Bank | Economy & Growth (1960–2025, retrieved 2026-04-06)
- U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
- International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20)
- The Heritage Foundation | Economic Freedom Index (2017–2026, retrieved 2026-03-09)
- TradeMap (2023, retrieved 2026-02-08)
- United Nations | World Population Prospects (2026, retrieved 2026-03-10)
- LivingCost (2026, retrieved 2025-10-14)
Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
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.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
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.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back 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.