Economy - overview:
Since formal independence from Ethiopia in 1993, Eritrea has faced many economic problems, including lack of financial resources and chronic drought, which have been exacerbated by 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 the sector only produces a small share of the country's total output.Since the conclusion of the Ethiopia-Eritrea war in 2000, the government has expanded use of military and party-owned businesses to complete President ISAIAS's development agenda. The government has strictly controlled the use of foreign currency by limiting access and availability; new regulations in 2013 aimed at relaxing currency controls have had little economic effect. Few large private enterprises exist in Eritrea and most operate in conjunction with government partners, including a number of large international mining ventures began production in 2013.While reliable statistics on food security are difficult to obtain, erratic rainfall and the percentage of the labor force tied up in national service continue to interfere with agricultural production and economic development. Eritrea's harvests generally cannot meet the food needs of the country without supplemental grain purchases. Copper, potash, and gold production is likely to drive economic growth and government revenue over the next few years, but military spending will continue to compete with development and investment plans. Eritrea's economic future will depend on market reform, international sanctions, global food prices, and success at addressing social problems such refugee emigration.

GDP (purchasing power parity):
$7.938 billion (2015 est.) $7.919 billion (2014 est.) $7.786 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 162
[see also: GDP country ranks ]

GDP (official exchange rate):
$4.256 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.2% (2015 est.) 1.7% (2014 est.) 1.3% (2013 est.)
country comparison to the world: 196
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$1,200 (2015 est.) $1,200 (2014 est.) $1,200 (2013 est.)
note: data are in 2015 US dollars; estimates for the size of the Eritrean population vary widely from 3 to 6 million
country comparison to the world: 221
[see also: GDP - per capita country ranks ]

Gross national saving:
1% of GDP (2015 est.) 2.4% of GDP (2014 est.) 4% of GDP (2013 est.)
country comparison to the world: 173
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 76.9%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 21.1%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 13.6%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 7.6%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -19.1% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 12.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 29.4%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 58.3% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
sorghum, lentils, vegetables, corn, cotton, tobacco, sisal; livestock, goats; fish

Industries:
food processing, beverages, clothing and textiles, light manufacturing, salt, cement

Industrial production growth rate:
5% (2015 est.)
country comparison to the world: 29
[see also: Industrial production growth rate country ranks ]

Labor force:
3.263 million (2015 est.)
country comparison to the world: 101
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 80%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services: 20% (2004 est.)

Unemployment rate:
8.6% (2013 est.) 10% (2012 est.)
country comparison to the world: 98
[see also: Unemployment rate country ranks ]

Population below poverty line:
50% (2004 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $1.443 billion
[see also: Budget revenues country ranks ]
expenditures: $2.016 billion (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
33.9% of GDP (2015 est.)
country comparison to the world: 69
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-13.4% of GDP (2015 est.)
country comparison to the world: 212
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
122.6% of GDP (2015 est.) 125.3% of GDP (2014 est.)
country comparison to the world: 7
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
10.1% (2015 est.) 12.2% (2014 est.)
country comparison to the world: 208
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
NA%
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.516 billion (31 December 2015 est.) $2.129 billion (31 December 2014 est.)
country comparison to the world: 120
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$5.523 billion (31 December 2015 est.) $4.494 billion (31 December 2014 est.)
country comparison to the world: 130
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$4.974 billion (31 December 2015 est.) $4.052 billion (31 December 2014 est.)
country comparison to the world: 124
[see also: Stock of domestic credit country ranks ]

Current account balance:
-$95 million (2015 est.) -$35 million (2014 est.)
country comparison to the world: 65
[see also: Current account balance country ranks ]

Exports:
$510.9 million (2015 est.) $504.9 million (2014 est.)
country comparison to the world: 172
[see also: Exports country ranks ]

Exports - commodities:
gold and other minerals, livestock, sorghum, textiles, food, small manufactures

Imports:
$1.157 billion (2015 est.) $1.15 billion (2014 est.)
country comparison to the world: 176
[see also: Imports country ranks ]

Imports - commodities:
machinery, petroleum products, food, manufactured goods

Reserves of foreign exchange and gold:
$247.8 million (31 December 2015 est.) $218.9 million (31 December 2014 est.)
country comparison to the world: 159
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$955.6 million (31 December 2014 est.) $945.2 million (31 December 2013 est.)
country comparison to the world: 165
[see also: Debt - external country ranks ]

Exchange rates:
nakfa (ERN) per US dollar - 15.38 (2015 est.) 15.38 (2014 est.) 15.38 (2013 est.) 15.38 (2012 est.) 15.38 (2011 est.)