(01-07-24) MOGADISHU (Halqabsi News) – The Somali National Bureau of Statistics (SNBS) on Sunday released its 2023 Gross Domestic Product (GDP) report, revealing impressive economic growth despite global challenges. Somalia’s GDP reached USD 10.969 billion, representing a substantial 4.2% increase from the previous year.
This remarkable growth, significantly surpassing the 2.7% growth in 2022, was fueled by strong performances in the construction, investment, and livestock export sectors. Notably, livestock exports experienced their highest growth ever, underscoring Somalia’s ability to capitalize on emerging opportunities.
The report also highlights Somalia’s stable international trade, with livestock exports remaining resilient amidst global economic uncertainties. Imports of goods and services saw a 9.5% increase, reflecting the nation’s growing domestic demand.
Household consumption, the largest component of GDP, rose by 4.5%, indicating a robust domestic market. Improved government revenue collection and effective fiscal policies have further strengthened Somalia’s economic position, allowing for increased investment in critical sectors like infrastructure, education, and healthcare.
This positive economic performance showcases Somalia’s resilience and adaptability in the face of global challenges. The SNBS report suggests a promising outlook for the country’s economic future, with a focus on sustainable development and inclusive growth strategies to further enhance its global competitiveness.
Halqabsi News
