Eritrea - Economy
How is the economy of Eritrea? Based on the information we have, Eritrea has a largely agrarian economy with a significant mining sector; substantial fiscal surplus due to tight controls; high and vulnerable debts; increased Ethiopian trade and shared port usage decreasing prices; financial and economic data integrity challenges. Key agricultural products in this country include: sorghum, milk, barley, vegetables, root vegetables, cereals, pulses, millet, wheat, beef (2022).
More about the economy of Eritrea
Labor force 1.8 million (2023 est.)
Industrial production growth rate 4.3% (2014 est.)
Industries food processing, beverages, clothing and textiles, light manufacturing, salt, cement
Population below poverty line
Taxes and other revenues 34.9% (of GDP) (2017 est.)
Fiscal year
Exchange rates
Currency nakfa (ERN) per US dollar -
Exchange rates 2023 15.075 (2023 est.)
Exchange rates 2022 15.075 (2022 est.)
Exchange rates 2021 15.075 (2021 est.)
Exchange rates 2020 15.075 (2020 est.)
Exchange rates 2019 15.075 (2019 est.)
Debt - external
Debt - external 2022 $471.009 million (2022 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2019 $191.694 million (2019 est.)
Reserves of foreign exchange and gold 2018 $163.034 million (2018 est.)
Reserves of foreign exchange and gold 2017 $143.412 million (2017 est.)
Current account balance
Current account balance 2017 -$137 million (2017 est.)
Current account balance 2016 -$105 million (2016 est.)
Public debt
Public debt 2017 131.2% of GDP (2017 est.)
Budget
Revenues $633 million (2018 est.)
Expenditures $549 million (2018 est.)
Budget surplus (+) or deficit (-)
Imports
Imports 2017 $1.127 billion (2017 est.)
Imports 2016 $1.048 billion (2016 est.)
Imports (partners) China 34%, UAE 26%, Turkey 12%, US 7%, India 4% (2022)
Comodities Imports force ships, sorghum, wheat, construction vehicles, other foods (2022)
Exports
Imports 2017 $1.127 billion (2017 est.)
Imports 2016 $1.048 billion (2016 est.)
Exports (partners) China 52%, UAE 33%, South Korea 9%, Japan 2%, Madagascar 2% (2022)
Comodities Exports force zinc ore, gold, copper ore, wheat, garments (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2017 $9.702 billion (2017 est.)
Real GDP (purchasing power parity) 2016 $8.953 billion (2016 est.)
Real GDP (purchasing power parity) 2015 $8.791 billion (2015 est.)
GDP (official exchange rate) $5.813 billion (2017 est.)
Real GDP Per capita
Real GDP per capita 2017 $1,600 (2017 est.)
Real GDP per capita 2016 $1,500 (2016 est.)
Real GDP per capita 2015 $1,500 (2015 est.)
GDP - composition, by sector of origin
Agriculture 11.7% (2017 est.)
Industry 29.6% (2017 est.)
Services 58.7% (2017 est.)
GDP - composition, by end use
Household consumption 80.9% (2017 est.)
Government consumption 24.3% (2017 est.)
Investment in fixed capital 6.4% (2017 est.)
Investment in inventories 0.1% (2017 est.)
Exports of goods and services 10.9% (2017 est.)
Imports of goods and services -22.5% (2017 est.)
Unemployment rate
Unemployment rate 2023 5.87% (2023 est.)
Unemployment rate 2022 5.94% (2022 est.)
Unemployment rate 2021 6.34% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 10% (2023 est.)
Male 8.9% (2023 est.)
Female 11.3% (2023 est.)
All Important Facts about Eritrea

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Eritrea is found in Eastern Africa