Economy
Nominal GDP
USD 12.0 billion
GDP per capita
USD 602
2021–2025 average
Currency
- Name
- Somali shilling
Сомалийский шиллинг - ISO code
- SOS
- Rate against the US dollar
- USD 1 = 571.31 SOS
- Rate against the rouble
- 10 SOS = 1.4626 RUB
- Rate type
- Cross rate via the Bank of Russia USD/RUB rate
- Currency zone
- National currency
Exchange rate as of 1 October 2026
Economic structure
GDP structure: 2024 Source: Somalia National Economic Council, “Revitalizing Somalia” (2024) (https://nec.gov.so/wp-content/uploads/2024/10/Revitalizing-Somalia.pdf); NEC Somalia, “Revitalizing Somalia” (https://nec.gov.so/wp-content/uploads/2024/10/Revitalizing-Somalia.pdf). Period: 2024
The sector breakdown is shown as in the source.
Note in the document: the year differs from the GDP reference year by more than 6 months: comparable data for 2025 have not been published
Industries and programmes
- Key industries
- Livestock farming (livestock exports), agriculture, telecommunications, and trade.Source: AfDB, Somalia Economic Outlook (AEO 2026 (https://www.afdb.org/en/countries/east-africa/somalia/somalia-economic-outlook)
- Government programmes
- National Transformation Plan (NTP) 2025–2029Source: Ministry of Planning Somalia, NTP 2025–2029 (https://mop.gov.so/somalia-launches-national-transformation-plan-ntp-2025-2029/)
- Centennial Vision 2060Source: Ministry of Planning Somalia, NTP 2025–2029 (https://mop.gov.so/somalia-launches-national-transformation-plan-ntp-2025-2029/)
International trade
Exports of goods, 2021–2025
USD billion Source: World Bank / WTO, merchandise exports (TX.VAL.MRCH.CD.WT). Period: 2021–2025
Table
| Year | USD billion | index, 2021 = 100 |
|---|---|---|
| 2021 | 0.50 | 100.0 |
| 2022 | 0.73 | 146.0 |
| 2023 | 0.99 | 198.0 |
| 2024 | 1.47 | 294.0 |
| 2025 | 1.30 | 260.0 |
- Imports of goods
- USD 4.92 billion 2021–2025 averageSource: ITC. Period: 2021–2025 average
- Exports of goods and services
- USD 3.80 billion 2025Source: World Bank, national accounts. Period: 2025
- Change in exports of goods, 2021–2025
- +160.0%
- Average annual rate of change in exports of goods, 2021–2025
- +27.0%
Export specialisation
Main export products
share of exports of goods, %, 2024 Source: UN Comtrade, 2024; mirror data from importing countries (the country does not report); shares based on imports of the largest partners. Period: 2024
Main export destinations
share of exports of goods, %, 2024 Source: UN Comtrade, 2024; mirror data from importing countries (the country does not report); shares based on imports of the largest partners. Period: 2024
Investment areas
Source: AfDB, Somalia Economic Outlook (AEO 2026 (https://www.afdb.org/en/countries/east-africa/somalia/somalia-economic-outlook)- Livestock farming and meat processing
- Fishing
- Telecommunications
- Port infrastructure
- Energy
Agreements with Russia
Investment protection
There is no bilateral agreement with Russia on the promotion and reciprocal protection of investments.
Source: UNCTAD Investment Policy Hub (https://investmentpolicy.unctad.org/international-investment-agreements)Absent
Double taxation
There is no double taxation agreement with Russia.
Source: Russian Ministry of Finance, list of double taxation agreements in force — (the country is not on the list (https://minfin.gov.ru/ru/perfomance/tax_relations/international/international_dtt)Absent
Visa requirements
Russian citizens holding ordinary passports require a visa.
Source: Immigration and Citizenship Agency of Somalia (https://immigration.gov.so/news/somalia-launches-e-visa-etas-system)Visa required
Peaceful nuclear energy
No information
Other agreements
Source: Mail.ru Finance (https://finance.mail.ru/article/rf-spisala-somali-48-1-mln-dolga-po-vydannym-sssr-kreditam-64161372/); The Moscow Times (https://ru.themoscowtimes.com/2023/07/27/somali-i-rossiya-uregulirovali-dolgi-mogadisho-pered-moskvoy-bolee-chem-na-690-mln-ria-a50222)- Debt Settlement Agreements (27 July 2023 and 10 December 2024): debt cancellation and restructuring.
Incentives
- Main regimes and incentives
- Source: https://golekaab.so/en/LegislativeLaw/28
Foreign Investment Law of 2015, with updated provisions in 2025 under the Law Establishing the Somalia Investment Agency (Law No. 43 of 15 December 2025): tax and customs incentives for priority sectors.
- Type of measure
- Investment agency
- SOMINVEST — Somalia Investment Promotion Office
