Mogadishu, Somalia – The Somali National Bureau of Statistics (SNBS) has released its much-anticipated 2024 Gross Domestic Product (GDP) Report, revealing a 4.1% real economic growth for the year. The report attributes the growth to strong private investment, resilient household consumption, and a rapidly expanding services sector, underscoring Somalia’s economic resilience and rising investor confidence.
“This growth reflects the hard work of the Somali people and the growing stability of our macroeconomic environment,” said SNBS Director General Zakariye Barow during the report’s official launch in Mogadishu.
Investment surged in 2024, with both domestic and foreign direct investment increasing significantly, particularly in construction, telecommunications, and transport infrastructure. Household consumption remained a key pillar of growth, supported by increased remittance inflows, expanded access to mobile money, and modest inflation. The services sector was the largest contributor to GDP growth, with trade, ICT, financial services, and hospitality expanding rapidly in urban centers.
Sectoral performance showed services growing by 6.2%, industry by 3.0%, and agriculture by 2.1%. The agriculture sector rebounded from recent climate shocks due to improved seasonal rains and donor-supported resilience programs.
Despite challenges including persistent insecurity and climate variability, the report notes improvements in economic management, revenue collection, and the implementation of public financial reforms.
The SNBS forecast points to continued moderate growth in 2025, contingent on enhanced infrastructure investment, improved security conditions, and greater institutional support for private sector development. However, risks remain high, especially from ongoing insurgency, displacement, and dependence on external aid.
Bihi Egeh, the federal Minister of Finance, welcomed the findings, stating: “This data validates the government’s reform agenda and economic recovery efforts. With sustained policy discipline, we can accelerate inclusive growth.”
The 2024 GDP report comes at a critical time as Somalia prepares for deeper regional integration, public-private partnerships, and expanded fiscal autonomy under its National Development Plan and ongoing transition out of debt distress under the HIPC Initiative.