Economics

Somalia Gross Domestic Product (GDP) 2023

Economics, Gross Domestic Product

The annual Gross Domestic Product (GDP) statistics are key indicators of Somalia’s economy and its growth in recent years, providing estimates of expenditure levels and growth across the economy. Much effort has been made to secure new sources of data and improve the quality of data from existing sources, the estimates presented in this report were compiled to the best extent in accordance with the System of National Accounts, (SNA 2008). The 2008 SNA is the internationally agreed standard set of recommendations to compile measures of economic activity in accordance with strict accounting conventions based on economic principles. The accounting framework of the SNA allows economic data to be compiled and presented in a format that is designed for purposes of economic analysis, decision-making, policy formulation, and international comparisons using standard definitions and classifications.

The use of the expenditure approach in the constant 2022 prices dataset is one of the first steps towards transforming the data collected via the Somalia Integrated Household Budget Survey. The National Accounts estimate in this report summarizes the latest economic developments of 2023. This publication shows time series data of 2018-2023. The base year for the Somalia’s National Accounts have been updated from 2017 to 2022.

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