Economy of Somalia

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Somalia has a developing economy. It generates $14.17 billion in gross domestic product (GDP) as of 2026. In 1994, the CIA estimated GDP at purchasing power parity (PPP) to be approximately $3.3 billion. According to a 2007 British Chambers of Commerce report, the private sector has experienced growth, particularly 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. The investment 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. Somalia's economy consists of both traditional and modern production, with a gradual shift to more modern industrial techniques. According to the Central Bank of Somalia, about 80% of the population are nomadic or semi-nomadic...

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