Somalia's GDP growth in 2024

Somalia's economy grew 4.1 percent in 2024, driven primarily by household spending (which contributed 11 percentage points to growth), exports (10.2 points), and investment (5.5 points).

However, this expansion was heavily offset by imports, which subtracted 23.8 percentage points, leaving net trade as a massive drag on output.

The data illustrates an economy fueled by remittance-backed household demand rather than domestic production, where a large share of every shilling spent flows directly abroad to pay for imported fuel, food, and capital goods.

• gdp
• remittances
• household spending
• imports
• national accounts