The Federal Government of Somalia’s National Bureau of Statistics has released a new report highlighting the country’s economic growth, which currently stands at 2.4%.
The report also provides valuable insights into the overall state of Somalia’s economy, as well as a guideline for the implementation of efficient economic policies that can spur development in the country.
Despite facing numerous challenges such as prolonged drought and the constant threat posed by the Al-Shabaab militants, Somalia’s economy has managed to demonstrate resilience and growth in recent years.
The positive economic trend is a testament to the hard work and determination of the Somali people and the government’s efforts to implement policies that promote economic growth and development.
The report, which is based on the expenditure method, provides a detailed analysis of the country’s Gross Domestic Product (GDP), including the various sectors that contributed to its growth. According to the report, the agriculture sector, which employs over 70% of the population, continues to be the backbone of the country’s economy, accounting for 30% of the GDP.
The service sector, which includes telecommunications, banking, and transportation, also showed significant growth, contributing 28% to the GDP.
In addition to highlighting the positive trends in Somalia’s economy, the report also identifies several challenges that need to be addressed in order to sustain and accelerate economic growth. These challenges include the need to improve infrastructure, increase access to finance, and enhance the business environment by reducing corruption and improving the rule of law.
The report’s findings are a cause for optimism and should serve as a call to action for the government, private sector, and international community to work together to create a conducive environment for sustainable economic growth and development in Somalia.