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Somalia

Federal Republic of Somalia

Somali, Arabic Somali Shilling (SOS) Mixed: Islamic law (Sharia), customary law (xeer)
AU, IGAD, Arab League, AfCFTA, OIC

Somalia is rebuilding its economy and institutions after decades of conflict. The country has a vibrant private sector, particularly in telecommunications (Hormuud Telecom operates one of Africa's most affordable mobile networks), remittances ($2+ billion annually from the diaspora), livestock exports, and emerging fisheries. Mobile money (EVC Plus by Hormuud) is widely used. The Federal Government of Somalia joined the IMF/World Bank debt relief process (HIPC completion point). Challenges include security (Al-Shabaab), clan politics, and limited formal regulatory frameworks.

Snapshot

Population~19.7 MWorld Bank, 2025
GDP (current USD)$13.0 BWorld Bank, 2025
GDP per Capita$661World Bank, 2025
GDP Growth2.99%World Bank, 2025
Inflation (y/y)~3.50%Central Bank / IMF
Unemployment18.95%World Bank, ILO modelled estimate, 2025
Internet Use~27.94%World Bank, 2024
Electrification~49.00%World Bank WDI
CPI Score (Rank)11.0/100 (#180)Transparency Intl
HDI (Rank)0.380 (#191)UNDP HDR

World Bank Indicators Compare with another country

GDP (current USD)$13.0 BWorld Bank, 2025
GDP growth (annual)2.99%World Bank, 2025
GDP per capita (USD)$661World Bank, 2025
Population, total19.7 MWorld Bank, 2025
FDI net inflows (USD)$765.0 MWorld Bank, 2024
Inflation (consumer prices)No value publishedWorld Bank, none for 2016 to 2025
Unemployment (% labour force)18.95%World Bank, 2025
Internet use (% of people)27.94%World Bank, 2024
Trade (% of GDP)128.06%World Bank, 2025

Country Facts

CapitalMogadishu
RegionEast Africa
CurrencySomali Shilling (SOS)
FX RegimeFree float (multiple currencies)
Legal SystemMixed: Islamic law (Sharia), customary law (xeer)
Time ZoneAfrica/Mogadishu

Focus Sectors

Livestock
Telecoms (Hormuud)
Remittances
Agriculture
Fisheries
Construction
Port Services

Regulations & Taxes

Corporate Income TaxNot formally established (informal tax)