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~17.0 MWorld Bank WDI
GDP (current USD)$12.9 BIMF WEO
GDP per Capita$760IMF WEO
GDP Growth3.70%IMF WEO
Inflation (y/y)~3.50%Central Bank / IMF
Internet Use~20.00%World Bank WDI
Electrification~49.00%World Bank WDI
CPI Score (Rank)11.0/100 (#180)Transparency Intl
HDI (Rank)0.380 (#191)UNDP HDR

Focus Sectors

Livestock
Telecoms (Hormuud)
Remittances
Agriculture
Fisheries
Construction
Port Services

Regulations & Taxes

Corporate Income TaxNot formally established (informal tax)
Data Notes: Population, GDP, and GDP per capita are latest IMF WEO / World Bank estimates. Inflation is year-over-year. Trade data from UN Comtrade/OEC (2023). Tax rates from PwC/KPMG country guides. CPI from Transparency International. HDI from UNDP Human Development Report.
Narrative last updated: April 8, 2026.