It has been suggested that this article should be split into a new article titled List of companies of Somaliland. (discuss) (March 2022)
Somalia is a country located in the Horn of Africa. It has maintained a healthy informal economy, based mainly on livestock, remittance/money transfer companies and telecommunications.[1][2] Due to a dearth of formal government statistics and the recent civil war, it is difficult to gauge the size or growth of the economy. For 1994, the CIA estimated the GDP at $3.3 billion.[3] In 2001, it was estimated to be $4.1 billion.[4] By 2009, the CIA estimated that the GDP had grown to $5.731 billion, with a projected real growth rate of 2.6%.[1] According to a 2007 British Chambers of Commerce report, the private sector also grew, particularly in the service sector. Unlike the pre-civil war period when most services and the industrial sector were government-run, there has been substantial, albeit unmeasured, private investment in commercial activities; this has been largely financed by the Somali diaspora, and includes trade and marketing, money transfer services, transportation, communications, fishery equipment, airlines, telecommunications, education, health, construction and hotels.[5] Libertarian economist Peter Leeson attributes this increased economic activity to the Somali customary law (referred to as Xeer), which he suggests provides a stable environment to conduct business in.[6]
^ ab"Somalia". The World Factbook. Langley, Virginia: Central Intelligence Agency. 11 May 2022.
^"Central Bank of Somalia – Economy and Finance". Somalbanca.org. Archived from the original on 24 January 2009. Retrieved 30 December 2010.
^"CIA World Factbook: Somalia (1995)". Permanent.access.gpo.gov. Archived from the original on 11 May 2011. Retrieved 27 June 2010.
^"CIA World Factbook: Somalia (2003)". Bartleby.com. Retrieved 27 June 2010.
^British Chambers of Commerce (2007). The British Chambers of Commerce Guide to African Markets. Ten Alps Publishing.
^"Better Off Stateless: Somalia Before and After Government Collapse" (PDF). Retrieved 27 June 2010.
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