| Economy | Eritrea |
 = Fields  = World Records  = Dictionary  = Bar graph  = Distribution map  = Fields History  = Definitions |
Economy - overview:
|
Since independence from Ethiopia in 1993, Eritrea has faced the economic problems of a small, desperately poor country, accentuated by the recent implementation of restrictive economic policies. Eritrea has a command economy under the control of the sole political party, the People's Front for Democracy and Justice (PFDJ). Like the economies of many African nations, a large share of the population - nearly 80% - is engaged in subsistence agriculture, but they produce only a small share of total output. Since the conclusion of the Ethiopian-Eritrea war in 2000, the government has maintained a firm grip on the economy, expanding the use of the military and party-owned businesses to complete Eritrea's development agenda. The government strictly controls the use of foreign currency by limiting access and availability. Few private enterprises remain in Eritrea. Eritrea's economy depends heavily on taxes paid by members of the diaspora. Erratic rainfall and the delayed demobilization of agriculturalists from the military continue to interfere with agricultural production, and Eritrea's recent harvests have been unable to meet the food needs of the country. The Government continues to place its hope for additional revenue on the development of several international mining projects. Despite difficulties for international companies in working with the Eritrean Government, a Canadian mining company signed a contract with the government in 2007 and began mineral extraction in 2010. Eritrea's economic future depends upon its ability to master social problems such as illiteracy, unemployment, and low skills, and more importantly, on the government's willingness to support a true market economy. |
GDP (purchasing power parity):
|
$3.978 billion (2011 est.)
$3.672 billion (2010 est.)
$3.672 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$700 (2011 est.)
$700 (2010 est.)
$700 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$2.6 billion (2011 est.) |
GDP - real growth rate:
|
8.2% (2011 est.)
2.2% (2010 est.)
3.9% (2009 est.) |
GDP - composition by sector:
|
agriculture: 11%
industry: 34%
services: 55% (2011 est.) |
Investment (gross fixed):
|
15.8% of GDP (2011 est.) |
Population below poverty line:
|
50% (2004 est.) |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
20% (2011 est.)
18% (2010 est.) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
|
NA% |
Stock of money:
|
$896.2 million (31 December 2008)
$749.1 million (31 December 2007) |
Stock of money - per capita:
|
151 USD per capita |
Stock of quasi money:
|
$1.053 billion (31 December 2008)
$932.9 million (31 December 2007) |
Stock of quasi money - per capita:
|
178 USD per capita |
Stock of domestic credit:
|
$3.264 billion (31 December 2011 est.)
$2.628 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
|
550 USD per capita |
Stock of narrow money:
|
$1.693 billion (31 December 2011 est.)
$1.341 billion (31 December 2010 est.) |
Stock of broad money:
|
$3.215 billion (31 December 2011 est.)
$2.593 billion (31 December 2010 est.) |
Labor force:
|
1.935 million (2007) |
Labor force participation rate:
|
32.58 % of population |
Labor force - by occupation:
|
agriculture: 80%
industry and services: 20% (2004 est.) |
Unemployment rate:
|
NA% |
Unemployment, youth ages 15-24:
|
void |
Budget:
|
revenues: $721.7 million
expenditures: $1.014 billion (2011 est.) |
Budget revenues per capita:
|
122 USD per capita |
Taxes and other revenues:
|
27.8% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
-11.3% of GDP (2011 est.) |
Public debt:
|
void |
Industries:
|
food processing, beverages, clothing and textiles, light manufacturing, salt, cement |
Industrial production growth rate:
|
8% (2010 est.) |
Electricity - production:
|
269.9 million kWh (2008 est.) |
Electricity - production per capita:
|
46 kWh per capita |
Electricity - consumption:
|
224.9 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
38 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
6,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
0.37 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2009 est.) |
Oil - imports:
|
3,864 bbl/day (2009 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
|
sorghum, lentils, vegetables, corn, cotton, tobacco, sisal; livestock, goats; fish |
Current account balance:
|
-$77.5 million (2011 est.)
-$260.8 million (2010 est.) |
Current account balance - per capita:
|
-13 USD per capita |
Exports:
|
$383.5 million (2011 est.)
$29 million (2010 est.) |
Exports per capita:
|
65 USD per capita |
Exports - commodities:
|
livestock, sorghum, textiles, food, small manufactures |
Exports - partners:
|
Italy 30.5%, Sudan 24%, Saudi Arabia 8.8%, China 8.5%, UK 5.7%, Egypt 4.8% (2010) |
Imports:
|
$875.1 million (2011 est.)
$677.2 million (2010 est.) |
Imports per capita:
|
148 USD per capita |
Imports - commodities:
|
machinery, petroleum products, food, manufactured goods |
Imports - partners:
|
Saudi Arabia 15.7%, Egypt 11.9%, China 11.1%, India 8.9%, Germany 7.2%, Italy 7.2%, South Africa 6.5%, Brazil 5.9%, South Korea 4.3% (2010) |
Reserves of foreign exchange and gold:
|
$163.7 million (31 December 2011 est.)
$96.5 million (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
28 USD per capita |
Debt - external:
|
$1.109 billion (31 December 2011 est.)
$1.048 billion (31 December 2010 est.) |
Debt - external - per capita:
|
187 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
void |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
nakfa (ERN) |
Exchange rates:
|
nakfa (ERN) per US dollar -
15.38 (2011 est.)
15.375 (2010 est.)
15.375 (2009)
15.38 (2008)
15.5 (2007) |
Fiscal year:
|
calendar year |
|
= Fields = World Records = Dictionary = Bar graph = Distribution map = Fields History = Definitions |
|
Home 
Geographic Names
Chiefs of State
Intl. Organizations
Intl. Environmental Agree.
Other References
