Somalia Posts GDP Growth, $369M Revenue

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Somalia’s domestic revenue grew 12% to $369 million in 2024, boosted by income, sales, and rental taxes, exceeding budget targets. Non-tax revenue stood at $102 million. GDP rose 4.1%, supported by agricultural output, livestock exports, remittances, and private sector credit. External debt fell to $1.51 billion following $4.5 billion in debt relief under the HIPC Initiative, improving fiscal space for development.