The Somali National Bureau of Statistics (SNBS) has published the Gross Domestic Product (GDP) Report for 2022.
SNBS Director-General Sharmarke Mohamed Farah provided a few details on the report.
In the report, the country’s GDP grew by 2.4 percent in 2022 compared to the 3.3 percent growth experienced in 2021.
Furthermore, household consumption expenditure (HCE) increased by 5.5 percent.
HCE is the largest component of GDP.
Additionally, the gross national expenditure (GNE) exceeded GDP by a whopping 60 percent. This was because of remittances and official transfers from the diaspora.