Somalia Economic Outlook

Over the past four years, real GDP growth has been moderate, averaging about 3.4%. Real GDP growth slowed  to an estimated 2.4% in 2017, due mainly to the ongoing drought, and is projected to recover to 3.5% in 2018 and 2019. The main drivers in 2017 were construction, telecommunications, and financial services. The rise in GDP growth in 2018 and 2019 is expected to be driven by a recovery in the agriculture, higher private-sector investment, and improved security. Inflation, which has been contained by dollarization and the sharp decline in oil prices, is predicted to remain around 2.7% in 2018 and 2019.

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Key Facts

Capital: Mogadishu
Area: 638,000 sq km
Total Population 2017: 11.4 Million
Urban Population 2017: 73.50%
Female Population 2017: 49.70%
GDP: -
GNI Per Capita 2015: -
Inflation Rate: -
Crude Birth Rate (per 1000): 43.00%
Human Development Index (rank / 188): 0
Human Development Index (scale 0 to 1): -
Membership Date: 22/10/1964
Cumulative Approvals (1967-2016): UA 178.4 Million

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