Somalia’s Economy Grows 4.1% in 2024, Boosted by Investment and Services Sector

GOOBJOOG NEWS | MOGADISHU: Somalia’s economy expanded by 4.1% in 2024, reflecting steady recovery and rising investor confidence, the country’s National Bureau of Statistics (SNBS) said on Sunday in its latest GDP report.

The growth, driven primarily by robust investment and household consumption, builds on the 4.2% expansion recorded in 2023 and underscores Somalia’s growing economic stability and development momentum.

The Bureau said total GDP stood at USD 11.9 billion last year, with investment accounting for 2.5 percentage points of the growth, pointing to increased infrastructure activity and business confidence. Household spending added another 2.2 percentage points, supported by steady remittance inflows.

“Somalia is showing signs of resilience and vitality. “We are delivering the data our country needs to plan effectively, attract investment, and promote sustainable development,” said Dr. Abdisalam Abdirahman Mohamed, Director General of SNBS.

Despite the positive trajectory, net exports dragged on growth by 0.8 percentage points as imports outpaced exports.

The Services Sector remained the engine of the economy, with strong gains in construction, financial services, and transport, a signal of diversification in one of the Horn of Africa’s most dynamic emerging markets.

Compiled under the internationally recognized 2008 System of National Accounts, the report offers a detailed look into Somalia’s economic structure and aims to guide policymakers, development partners, and the public.

The full GDP report is available at https://nbs.gov.so.