Domestic credit to private sector by banks in Somalia
Somalia: Domestic credit to private sector by banks was 5.4% in 2024. ◆ Volatile
Domestic credit to private sector by banks in Somalia, 1960–2024
Source: International Financial Statistics database, International Monetary Fund (IMF). Measured in % of GDP.
Analysis
The most recent figure for domestic credit to private sector by banks in Somalia is 5.4%, measured in 2024.
That represents a change of up 7.1% on the previous year and up 131.2% over ten years.
Over the whole period, domestic credit to private sector by banks in Somalia peaked at 25.4% in 1974 and was at its lowest, 2.0%, in 1960.
Somalia ranks 183rd of 187 countries on this measure, in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Domestic credit to private sector by banks in Somalia, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1960 | 2.0% | — |
| 1961 | 2.6% | +30.8% |
| 1962 | 4.1% | +61.2% |
| 1963 | 4.0% | -2.4% |
| 1964 | 4.7% | +16.8% |
| 1965 | 4.9% | +3.7% |
| 1966 | 4.8% | -2.4% |
| 1967 | 4.8% | +0.7% |
| 1968 | 5.4% | +12.6% |
| 1969 | 4.1% | -23.6% |
| 1970 | 3.7% | -11.1% |
| 1971 | 10.3% | +180.4% |
| 1972 | 10.1% | -1.7% |
| 1973 | 20.5% | +103.3% |
| 1974 | 25.4% | +23.9% |
| 1975 | 10.8% | -57.5% |
| 1976 | 6.3% | -41.7% |
| 1977 | 5.5% | -13.5% |
| 1978 | 4.9% | -9.8% |
| 1979 | 5.0% | +1.7% |
| 1980 | 2.5% | -50.9% |
| 1981 | 2.6% | +6.0% |
| 1982 | 5.6% | +114.1% |
| 1983 | 6.5% | +17.0% |
| 1984 | 6.0% | -8.3% |
| 1985 | 4.6% | -23.0% |
| 1986 | 3.4% | -25.2% |
| 1987 | 11.0% | +218.3% |
| 1988 | 10.3% | -6.1% |
| 1989 | 14.8% | +44.0% |
| 2018 | 2.3% | -84.2% |
| 2019 | 2.4% | +2.5% |
| 2020 | 2.6% | +8.6% |
| 2021 | 3.4% | +30.2% |
| 2022 | 3.9% | +14.9% |
| 2023 | 5.1% | +29.6% |
| 2024 | 5.4% | +7.1% |
Somalia compared with similar countries
- Somalia's 5.4% is below the median for low income countries, which is 11.9%, 46% of the median. (24 countries reporting)
- Somalia's 5.4% is below the median for Sub-Saharan Africa, which is 15.6%, 35% of the median. (48 countries reporting)
Biggest year-on-year movements
Years where Domestic credit to private sector by banks in Somalia changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 1987 | +218.3% | 3.4% | 11.0% |
| 1971 | +180.4% | 3.7% | 10.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 4.1% | 2.0% | 5.4% | 10 |
| 1970s | 10.2% | 3.7% | 25.4% | 10 |
| 1980s | 6.7% | 2.5% | 14.8% | 10 |
| 2010s | 2.4% | 2.3% | 2.4% | 2 |
| 2020s | 4.1% | 2.6% | 5.4% | 5 |
Countries ranked near Somalia
More financial sector data for Somalia
- Reserve position in the IMF, US dollar, annual growth rate -100 % change on previous year (1977)
- Reserve position in the IMF, US dollar, per unit of GDP 0 units per US$ of GDP (2025)
- Reserve position in the IMF, US dollar, per capita 0 units per person (2025)
- Reserve position in the IMF, SDR, annual growth rate -100 % change on previous year (1977)
- Reserve position in the IMF, SDR, per unit of GDP 0 units per US$ of GDP (2025)
- Reserve position in the IMF, SDR, per capita 0 units per person (2025)
- Reserve tranche position, US dollar, annual growth rate -100 % change on previous year (1977)
- Reserve tranche position, US dollar, per unit of GDP 0 units per US$ of GDP (2025)
- Reserve tranche position, US dollar, per capita 0 units per person (2025)
- Reserve tranche position, SDR, annual growth rate -100 % change on previous year (1977)
Frequently asked questions
- What is domestic credit to private sector by banks in Somalia?
- Domestic credit to private sector by banks in Somalia was 5.4% in 2024, according to International Financial Statistics database, International Monetary Fund (IMF).
- What is the highest domestic credit to private sector by banks recorded in Somalia?
- The highest recorded value was 25.4% in 1974.
- What is the lowest domestic credit to private sector by banks recorded in Somalia?
- The lowest recorded value was 2.0% in 1960.
- How does Somalia rank for domestic credit to private sector by banks?
- Somalia ranks 183rd out of 187 countries with data for 2024.
- Is domestic credit to private sector by banks rising or falling in Somalia?
- Over the last ten years it is up 131.2%. The long-run trend across the full record is volatile.
- Where does this Somalia data come from?
- The figures come from International Financial Statistics database, International Monetary Fund (IMF), published as part of Domestic credit to private sector by banks (% of GDP). Statizoid updates them automatically from the source API.
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About this data
Domestic credit to private sector by banks refers to financial resources provided to the private sector by other depository corporations (deposit taking corporations except central banks), such as through loans, purchases of nonequity securities, and trade credits and other accounts receivable, that establish a claim for repayment. For some countries these claims include credit to public enterprises. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.