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. Like the economies of many African nations, a large share of the population - nearly 80% in Eritrea - 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 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, which began production in 2013. In late 2015, the Government of Eritrea introduced a new currency, retaining the name nakfa, and restricted the amount of hard currency individuals could withdraw from banks per month. The changeover has resulted in exchange fluctuations and the scarcity of hard currency available in the market.While reliable statistics on Eritrea 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 are likely to continue to drive limited economic growth and government revenue over the next few years, but military spending will continue to compete with development and investment plans.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Exchange rates:
$9.631 billion (2017 est.)
$9.327 billion (2016 est.)
$8.997 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 161
$6.05 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]
3.3% (2017 est.)
3.7% (2016 est.)
4.8% (2015 est.)
country comparison to the world: 101
[see also: GDP - real growth rate country ranks ]
$1,400 (2017 est.)
$1,400 (2016 est.)
$1,400 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 221
4.6% of GDP (2017 est.)
4% of GDP (2016 est.)
1.3% of GDP (2015 est.)
country comparison to the world: 170
[see also: Gross national saving country ranks ]
household consumption: 80.8%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 24.3%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 6.4%
[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: 11%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -22.5% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 11.7%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 29.6%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 58.7% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
sorghum, lentils, vegetables, corn, cotton, tobacco, sisal; livestock, goats; fish
food processing, beverages, clothing and textiles, light manufacturing, salt, cement
5.4% (2017 est.)
country comparison to the world: 39
[see also: Industrial production growth rate country ranks ]
2.71 million (2017 est.)
country comparison to the world: 111
[see also: Labor force country ranks ]
agriculture: 80%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services: 20% (2004 est.)
8.6% (2013 est.)
10% (2012 est.)
country comparison to the world: 117
[see also: Unemployment rate country ranks ]
50% (2004 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
revenues: $2.029 billion
[see also: Budget - revenues country ranks ]
expenditures: $2.601 billion (2017 est.)
[see also: Budget - expenditures country ranks ]
33.5% of GDP (2017 est.)
country comparison to the world: 65
[see also: Taxes and other revenues country ranks ]
-9.5% of GDP (2017 est.)
country comparison to the world: 204
[see also: Budget surplus (+) or deficit (-) country ranks ]
113.7% of GDP (2017 est.)
120.9% of GDP (2016 est.)
country comparison to the world: 12
[see also: Public debt country ranks ]
calendar year
9% (2017 est.)
9% (2016 est.)
country comparison to the world: 203
[see also: Inflation rate (consumer prices) country ranks ]
NA%
[see also: Commercial bank prime lending rate country ranks ]
$3.096 billion (31 December 2017 est.)
$2.74 billion (31 December 2016 est.)
country comparison to the world: 118
[see also: Stock of narrow money country ranks ]
$6.671 billion (31 December 2017 est.)
$5.993 billion (31 December 2016 est.)
country comparison to the world: 121
[see also: Stock of broad money country ranks ]
$5.767 billion (31 December 2017 est.)
$5.236 billion (31 December 2016 est.)
country comparison to the world: 124
[see also: Stock of domestic credit country ranks ]
$40 million (2017 est.)
-$3 million (2016 est.)
country comparison to the world: 55
[see also: Current account balance country ranks ]
$635.7 million (2017 est.)
$485.4 million (2016 est.)
country comparison to the world: 170
[see also: Exports country ranks ]
gold and other minerals, livestock, sorghum, textiles, food, small industry manufactures
China 57.7%, India 21.9%, South Korea 4.9%, Serbia 4.2% (2016)
$1.127 billion (2017 est.)
$1.049 billion (2016 est.)
country comparison to the world: 176
[see also: Imports country ranks ]
machinery, petroleum products, food, manufactured goods
China 18.1%, UAE 15.4%, Saudi Arabia 13.7%, Italy 6.5%, Turkey 5.9%, Brazil 5.3%, Belgium 4.1% (2016)
$236.6 million (31 December 2017 est.)
$218.4 million (31 December 2016 est.)
country comparison to the world: 157
[see also: Reserves of foreign exchange and gold country ranks ]
$869.9 million (31 December 2017 est.)
$875.6 million (31 December 2016 est.)
country comparison to the world: 169
[see also: Debt - external country ranks ]
nakfa (ERN) per US dollar -
15.38 (2017 est.)
15.375 (2016 est.)
15.375 (2015 est.)
15.375 (2014 est.)
15.375 (2013 est.)