The Somalia National Bureau of Statistics (SNBS) launched for the first time in decades the Gross Domestic Product (GDP) 2019 and 2020 Report purely generated based on the country data on 30 June 2021.
The Report provides Somalia’s annual national accounts for the year 2019 and 2020 which shows the annual GDP estimates from the expenditure approach at current prices and 2017 constant prices.
The use of the expenditure approach in the current and 2017 constant prices dataset is one of the first steps towards transforming the data collected via the Somalia High Frequency Surveys. The estimates on national accounts in the Report were calculated in accordance with the System of National Accounts 2008 (2008 SNA) and summarize the latest economic developments of 2019 and 2020.
The findings show that Somalia’s real GDP decreased by 0.3% in 2020 due to COVID-19 shocks in 2020. On the other hand, household final consumption expenditure increased by 2.2% in 2020. Besides, the average annual inflation rate of Somalia was 4.11% in 2020 compared to 4.70% recorded in 2019.
For more details, please visit: https://www.nbs.gov.so/wp-content/uploads/2021/06/Somalia-Gross-Domestic-Product-Report.pdf