Overview: With independence from Ethiopia on 27 April 1993, Eritrea faces the bitter economic problems of a small, desperately poor African country. Most of the population will continue to depend on subsistence farming. Domestic output is substantially augmented by worker remittances from abroad. Government revenues come from custom duties and income and sales taxes. Eritrea has inherited the entire coastline of Ethiopia and has long-term prospects for revenues from the development of offshore oil, offshore fishing and tourism. For the time being, Ethiopia will be largely dependent on Eritrean ports for its foreign trade.

National product: GDP - purchasing power equivalent - $1.7 billion (1993 est.)

National product real growth rate: NA%

National product per capita: $500 (1993 est.)

Inflation rate (consumer prices): NA%

Unemployment rate: NA%

Budget:
revenues: $NA
expenditures: $NA, including capital expenditures of $NA

Exports: $NA
commodities: NA
partners: NA

Imports: $NA
commodities: NA
partners: NA

External debt: $NA

Industrial production: growth rate NA%

Electricity:
capacity: NA kW
production: NA kWh
consumption per capita: NA kWh

Industries: food processing, beverages, clothing and textiles

Agriculture: products - sorghum, livestock (including goats), fish, lentils, vegetables, maize, cotton, tobacco, coffee, sisal (for making rope)

Economic aid: $NA

Currency: 1 birr (Br) = 100 cents; at present, Ethiopian currency used
Exchange rates: 1 birr (Br) per US$1 - 5.000 (fixed rate since 1992)

Fiscal year: NA

NOTE: The information regarding Eritrea on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Eritrea Economy 1995 information contained here. All suggestions for corrections of any errors about Eritrea Economy 1995 should be addressed to the CIA.