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 31 December 2017 | $792.7 million (31 December 2017 est.) |
| Debt - external 31 December 2016 | $875.6 million (31 December 2016 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
Want to know more about Eritrea? Check all different factbooks for Eritrea below.
