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, wheat, beef, maize (2023).
More about the economy of Eritrea
| Labor force | 1.71 million (2024 est.) |
|---|---|
| Industrial production growth rate | |
| Industries | food processing, beverages, clothing and textiles, light manufacturing, salt, cement |
| Population below poverty line | |
| Taxes and other revenues | |
| Fiscal year | |
| Exchange rates | |
| Currency | nakfa (ERN) per US dollar - |
| Exchange rates 2024 | 15.075 (2024 est.) |
| 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.) |
| Debt - external | |
| Debt - external 2023 | $461.376 million (2023 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.) |
| Budget | |
| Revenues | $633 million (2018 est.) |
| Expenditures | $549 million (2018 est.) |
| Budget surplus (+) or deficit (-) | |
| Imports (partners) | China 32%, UAE 27%, Turkey 9%, USA 7%, Italy 5% (2023) |
| Comodities Imports force | trucks, sorghum, construction vehicles, wheat flours, other foods (2023) |
| Exports (partners) | China 67%, UAE 26%, Philippines 5%, Italy 1%, Croatia 1% (2023) |
| Comodities Exports force | copper ore, zinc ore, gold, garments, liquor (2023) |
| 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.) |
| Unemployment rate | |
| Unemployment rate 2024 | 5.6% (2024 est.) |
| Unemployment rate 2023 | 5.6% (2023 est.) |
| Unemployment rate 2022 | 5.7% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 9.4% (2024 est.) |
| Male | 8.5% (2024 est.) |
| Female | 10.5% (2024 est.) |
All Important Facts about Eritrea
Want to know more about Eritrea? Check all different factbooks for Eritrea below.
