16 Feb GDP Estimates 2011
The Ministry of Planning and International Cooperation and the United Nations Development Programme – Somali Institutional Development Project held consultations to support the Ministry. The outcome was to establish a Macro-Economic Unit to provide policy and technical advisory services and to support the capacity development of the Ministry. The Unit supports the institution for a transition period of time to enable the Ministry to fully undertake its mandate.
The Team is composed of five senior and 8 junior consultants. The senior consultants are: Senior macro-economist and Team Leader, Aid coordination Mgt Expert, M&E expert, Gender expert and Strategic Planning Expert. They provide regular coaching, mentoring and on the job training to both the junior consultants and the Ministry’s employees for a better performance and guidance of their activities and make proper transfer of knowledge.
GDP is defined as the total market value of all the goods and services produced within the borders of a nation during a specified period of time, normally a year1. The GDP and the unemployment are the macroeconomic variables in Puntland which hasn’t been estimated before. In Puntland the only macroeconomic variable carried out is inflation.
In general terms, GDP by industry is one of the three GDP series produced by central statistics departments of countries. It is also known as the Output based GDP, because it sums the value added (output less intermediate consumption of goods and services) of all industries in a country. This GDP series is published on a yearly basis and thus delivers the earliest and most up-to-date information on current developments in an economy. The other two GDP series are the income based GDP, which tallies earnings that are generated by the productive activity, and the expenditure based GDP, which is equal to final expenditure on goods and services produced.
The above mentioned three alternative GDPs are designed to independently but equivalently portray the production activity of a country, perceived from different perspectives. With information on the sources of goods, services and incomes generated by processes of production, the output and the income based GDP provide a comprehensive and detailed description of the supply side of domestic production.