MOGADISHU– Somali National Bureau of Statistics (SNBS) says the country’s Gross Domestic Product (GDP) grew by 2.4 percent in 2022 compared to the 3.3 percent growth experienced in the previous 2021
In a report published by the Somali National Bureau of Statistics ( SNBS), the agency says the 2021 result was as a result of the effects of the COVID-19 pandemic that adversely revaged the economy but however asserted that the GDV recorded a slight moderation.
According to SNBS, household consumption expenditure (HCE) which is the largest component of GDP increased by 5.5 percent.
The Agency noted that the level of household consumption is more than 100 percent of GDP,
reflecting that a high proportion of consumption is supplied from imports while Non-food is the
fastest growing component in the Horn of Africa Nation.
SNBS publishes 2022 GDP Report, calculated via expenditure approach—sum total of what everyone spent over reporting period, shows growth rate of 2.4%. Report helps with economic analysis, reforms. https://t.co/Ayhyvbagdz @MoPIED_Somalia @MoF_Somalia @CentralBankSo @SharmarkeFarah pic.twitter.com/j2ZS3Ns5Xt
— Somali National Bureau of Statistics (@NBS_Somalia) July 3, 2023
The report further details that exports of goods and services grew to 13.7 percent in 2022 whilst on the other hand imports of goods and services into the country grew very much at 20.2 percent in 2022.
SNBS Director-General Sharmarke Mohamed Farah tweeted that the analysis of the GDP not only provides valuable insights into the country’s economy but also paves the way for impactful strategic decision-making in the future.
?? Today @NBS_Somalia published the 2022 GDP Report, calculated via the expenditure approach, which reveals a growth rate of 2.4%. This comprehensive analysis not only provides valuable insights into our economy but also paves the way for impactful strategic decision-making.… https://t.co/b6iGfNYQ1G
— Sharmarke Farah (@SharmarkeFarah) July 3, 2023
He expressed hopes that the Somalia’s economy will continue to record a steady improvement despite myriad challenges including the ongoing drought and other natural calamities test gripped the Nation in 2022.
Somalia National Bureau of Statistics SNBS has been publishing annual reports of the country’s GDP reports since its establishment in 2020.
