2025 Budget Strategy
- Thread starter Hilmaam
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I dont remitance and FDI and ODA go into GDP calculation but it defintly impact the economic activity of the country. 2023 like 6.5 billion dollars entered country as aid. Crazy to think when GDP is only 11.5 billion. This is a very poor country that is being proped up by otusiders
The 2 billion dollars in exports is also very low
The 2 billion dollars in exports is also very low
Had chat gdp check math for me real quick. Tool is crazy now a days because this stuff didnt make sense until it showed me. Also shows aid is not in calculation directly but all this consumption would not happen without it so indirectly influences numbers
Data for 2022:
- Household Final Consumption (C): $13,340 million
- Government Final Consumption (G): $759 million
- Gross Fixed Capital Formation (I): $2,699 million
- Exports of Goods and Services (X): $1,804 million
- Imports of Goods and Services (M): $8,182 million
Calculation for 2022:
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Here is site with some of the GDP information
The data is very limited and i think alot of it is assumptions and guestimation reading through reports
The data is very limited and i think alot of it is assumptions and guestimation reading through reports
AI gets better every year
future is here lol but job market gonna be rough wya things headed
Am pretty sure this 11.5 billion is only south Somalia and not including puntland and Somaliland gdp.
it has to be whole country i think no mention of any regions being excluded
I have this question did they include the informal economy with gdp numbers? It will boost the gdp numbers.
According to Wikipedia on informal economy
Employs almost 82% of Somali work force.
Here is another report from central bank of somalia
2023 supposedly was very good year since saudi lifted ban in 2022. Can see huge spike q2 2023 guessing for hajj
Somalia has never done a rebase, which is absurd as there are so many new industries that didn’t exist in the past before 1991, which is the base year for many of these economic world bodies. The economies of Ghana and Nigeria significantly grew in size after their rebase. There is a huge informal economy in Somalia that is rarely factored in because it benefits the corrupt Somali elite to portray Somalia as destitute as possible to attract more aid. An extra $25 billion or $35 billion added to the Somali GDP could directly impact its inclusion in the LDC camp because it would no longer be eligible if its nominal per capita exceeded $2000 after a rebase. This would snatch away the narrative from the elite and the NGOs, whose entire bread and butter is predicated on the perception of a pathetic and destitute Somalia.
A $2 billion export figure is only low if you ignore that our next door neighbour with a population of 100+ million only exports $10 billion worth of goods. The fact that Somalia will reach a third of that figure by 2027 is impressive considering it lost entire decades in development, while Ethiopia absorbed over $50 billion in FDI during that same time-period. From a regional perspective, we can also look at Uganda’s and Kenya’s exports, which are between the $5 and $7 billion, yet their populations are triple, if not quadruple that of Somalia.
Somalia still has a very dysfunctional government, tons of infrastructure bottlenecks, and none of the FDI other countries enjoyed for decades, yet it has the same export volume as a similar sized country like Rwanda, with a strong government, and decades of peace. This only tells me with the right government and investment maintained for a decade or two, Somalia would leapfrog the region and enjoy the same developmental status / economic rankings as the North African countries if not beyond.
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