Somalia Somalia, , Osmanya script: 𐒈𐒝𐒑𐒛𐒐𐒘𐒕𐒖; ar, الصومال, aṣ-Ṣūmāl officially the Federal Republic of SomaliaThe ''Federal Republic of Somalia'' is the country's name per Article 1 of thProvisional Constituti ...

is a country located in the Horn of Africa. It has maintained a healthy informal

economy An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the ...

, based mainly on

livestock Livestock are the domesticated animals raised in an agricultural setting to provide labor and produce diversified products for consumption such as meat, eggs, milk, fur, leather, and wool. The term is sometimes used to refer solely to animal ...

, remittance/ money transfer companies and

telecommunication Telecommunication is the transmission of information by various types of technologies over wire, radio, optical, or other electromagnetic systems. It has its origin in the desire of humans for communication over a distance greater than that fe ...

s. Due to a dearth of formal government statistics and the recent

civil war A civil war or intrastate war is a war between organized groups within the same state (or country). The aim of one side may be to take control of the country or a region, to achieve independence for a region, or to change government policies ...

, it is difficult to gauge the size or growth of the economy. For 1994, the CIA estimated the

GDP Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjective nature this measure is ofte ...

at $3.3 billion. In 2001, it was estimated to be $4.1 billion. By 2009, the CIA estimated that the GDP had grown to $5.731 billion, with a projected real growth rate of 2.6%. 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 The Somali diaspora or Qurbajoogta refers to Somalis who were born in Greater Somalia and reside in areas of the world that they were not born in. The civil war in Somalia greatly increased the size of the Somali diaspora, as many Somalis moved fr ...

, and includes trade and marketing, money transfer services, transportation, communications, fishery equipment, airlines, telecommunications, education, health, construction and hotels. Libertarian economist

Peter Leeson Peter T. Leeson (born July 29, 1979) is an American economist and the Duncan Black Professor of Economics and Law at George Mason University. The website Big Think listed him in 2012 among "Eight of the World's Top Young Economists". He is a Fello ...

attributes this increased economic activity to the Somali customary law (referred to as ''

Xeer ''Xeer'' (pronounced ) is the traditional legal system of Somalia, Somaliland, Djibouti, Somali Region, and the North Eastern Province in Kenya. One of the three systems from which formal Somali law draws its inspiration, the others being civil ...

''), which he suggests provides a stable environment to conduct business in.

Notable firms

This list includes notable

companies A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared go ...

with primary headquarters located in the country. The industry and sector follow the

Industry Classification Benchmark The Industry Classification Benchmark (ICB) is an industry classification taxonomy launched by Dow Jones and FTSE in 2005 and now used by FTSE International and STOXX. It is used to segregate markets into sectors within the macroeconomy. The I ...

taxonomy. Organizations which have ceased operations are included and noted as defunct. File:Air Somalia Tupolev Tu-154.jpg, Air Somalia Tupolev Tu-154. File:Laasqoray30.jpg, Cans of ''Las Qoray'' brand tuna made in

Las Khorey Las Khorey ( so, Laasqoray, ar, لاسقُرَى ) is a historic coastal town in the Sanaag region of Somaliland. History The Las Khorey settlement is several centuries old. Between the town and El Ayo lies Karinhegane, a site containing numer ...

. File:Bosaso port.jpg, The Port of Bosaso.

References

{{Somaliland topics

Notable firms

See also

References