Summary
PUNTLAND GROSS DOMESTIC PRODUCT ESTIMATION REPORT 2022
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1. Introduction
**
This is the official Puntland Gross Domestic Product (GDP) estimation report for 2022, and it provides an overview summary of the size and the picture of Puntland’s economy and its growth in recent years. Puntland GDP was estimated using the expenditure approach in both current and constant prices by taking 2022 as the base year for estimates of real GDP. The results are presented in nine tables below and these estimates should be considered experimental which means they can be revised shortly. The Puntland GDP estimation is annually published on the Puntland Statistics Department website .
The GDP for 2022 increased in both constant and current prices. This was mainly the result of rising household final consumption in combination with higher gross fixed capital formation.
**
2. Revisions 2012-2022
**
A number of major updates have been implemented in this publication, both regarding data sources and methodology. This is in accordance with the current SNA guidelines which stipulates that rebasing and major revisions of benchmarks should be conducted at least once every five years. The last major revision was conducted for the reference year 2017. The updated estimates for 2022 have been back-casted for the whole time-series in order to ensure coherence between all published years.
Regarding data sources, a new household budget survey was compiled for the reference year of 2022. The results indicated a higher household consumption than previously estimated, both for the consumption of food, housing as well as other non-food items. In total, household consumption estimates for the year 2022 increased by about 31.4 percent in comparison to the previous extrapolated benchmark estimates from 2017. Regarding methodology, the base year used for constant price estimations has been rebased from 2017 to 2022, thus expressing all constant price estimates in the price level from 2022. This affects the time-series in constant prices, but only has minor effects on the annual growth rates. Finally, several other minor revisions have been done where revised source statistics has been available.
**Gross fixed capital formation.**
The estimates of transport equipment, machinery, and other equipment are based on imports of the relevant categories. For transport equipment, the growth rate for imports of trucks and cars has been used for estimating years other than 2017.
Additions are made for FOB→CIF (15 percent), customs duties (7 and 20 percent), and trade margins (10 and 20 percent). Gross fixed capital formation in buildings and structures is based on imports of building materials with additions for FOB→CIF (15 percent), customs duties (7 percent), and trade margins (20 percent). Fifteen percent was added to take into account that some building materials are produced in the country. Finally, it was assumed that the input of building materials accounts for 70 percent of the output of construction.
**Exports**
The estimates of live animals and animal products (hides and skins) as well as of frankin¬cense are based on data from Puntland Ministry of Ports, Maritime Transport, and Anti-Piracy Data are collected on quantities and unit prices and, thus, the current and constant prices are estimated by multiplying quantities by unit prices, for each year regarding current prices, and the base year regarding constant prices. Export of services is based on arriving visitors.
**Imports**
The estimates are as recorded in the Balance of payments with an addition of 15 percent to adjust for the valuation of exports, which records the value at the border (FOB) of the expor¬ting country. The value of imports includes the cost of freight and insurance (CIF) between the exporting country and Somalia. Various indices are used as deflators. For live animals, the implicit deflator for exports of live animals is used. For food, and consumer goods, CPI food respectively CPI all other goods are used. This index has been adjusted for 2021, taking in a weighted average of the CPI for food and a global food index in order to better capture rising food prices on the world market. For capital equipment, the corresponding US export price indices are used as deflators.
1. Introduction
**
This is the official Puntland Gross Domestic Product (GDP) estimation report for 2022, and it provides an overview summary of the size and the picture of Puntland’s economy and its growth in recent years. Puntland GDP was estimated using the expenditure approach in both current and constant prices by taking 2022 as the base year for estimates of real GDP. The results are presented in nine tables below and these estimates should be considered experimental which means they can be revised shortly. The Puntland GDP estimation is annually published on the Puntland Statistics Department website .
The GDP for 2022 increased in both constant and current prices. This was mainly the result of rising household final consumption in combination with higher gross fixed capital formation.
**
2. Revisions 2012-2022
**
A number of major updates have been implemented in this publication, both regarding data sources and methodology. This is in accordance with the current SNA guidelines which stipulates that rebasing and major revisions of benchmarks should be conducted at least once every five years. The last major revision was conducted for the reference year 2017. The updated estimates for 2022 have been back-casted for the whole time-series in order to ensure coherence between all published years.
Regarding data sources, a new household budget survey was compiled for the reference year of 2022. The results indicated a higher household consumption than previously estimated, both for the consumption of food, housing as well as other non-food items. In total, household consumption estimates for the year 2022 increased by about 31.4 percent in comparison to the previous extrapolated benchmark estimates from 2017. Regarding methodology, the base year used for constant price estimations has been rebased from 2017 to 2022, thus expressing all constant price estimates in the price level from 2022. This affects the time-series in constant prices, but only has minor effects on the annual growth rates. Finally, several other minor revisions have been done where revised source statistics has been available.
**Gross fixed capital formation.**
The estimates of transport equipment, machinery, and other equipment are based on imports of the relevant categories. For transport equipment, the growth rate for imports of trucks and cars has been used for estimating years other than 2017.
Additions are made for FOB→CIF (15 percent), customs duties (7 and 20 percent), and trade margins (10 and 20 percent). Gross fixed capital formation in buildings and structures is based on imports of building materials with additions for FOB→CIF (15 percent), customs duties (7 percent), and trade margins (20 percent). Fifteen percent was added to take into account that some building materials are produced in the country. Finally, it was assumed that the input of building materials accounts for 70 percent of the output of construction.
**Exports**
The estimates of live animals and animal products (hides and skins) as well as of frankin¬cense are based on data from Puntland Ministry of Ports, Maritime Transport, and Anti-Piracy Data are collected on quantities and unit prices and, thus, the current and constant prices are estimated by multiplying quantities by unit prices, for each year regarding current prices, and the base year regarding constant prices. Export of services is based on arriving visitors.
**Imports**
The estimates are as recorded in the Balance of payments with an addition of 15 percent to adjust for the valuation of exports, which records the value at the border (FOB) of the expor¬ting country. The value of imports includes the cost of freight and insurance (CIF) between the exporting country and Somalia. Various indices are used as deflators. For live animals, the implicit deflator for exports of live animals is used. For food, and consumer goods, CPI food respectively CPI all other goods are used. This index has been adjusted for 2021, taking in a weighted average of the CPI for food and a global food index in order to better capture rising food prices on the world market. For capital equipment, the corresponding US export price indices are used as deflators.