Eritrea Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

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

Real GDP (purchasing power parity)

$9.702 billion (2017 est.)

$8.953 billion (2016 est.)

$8.791 billion (2015 est.)

note: data are in 2017 dollars

Real GDP growth rate

5% (2017 est.)

1.9% (2016 est.)

2.6% (2015 est.)

Real GDP per capita

$1,600 (2017 est.)

$1,500 (2016 est.)

$1,500 (2015 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$5.813 billion (2017 est.)

Inflation rate (consumer prices)

9% (2017 est.)

9% (2016 est.)

GDP - composition, by sector of origin

agriculture: 11.7% (2017 est.)

industry: 29.6% (2017 est.)

services: 58.7% (2017 est.)

GDP - composition, by end use

household consumption: 80.9% (2017 est.)

government consumption: 24.3% (2017 est.)

investment in fixed capital: 6.4% (2017 est.)

investment in inventories: 0.1% (2017 est.)

exports of goods and services: 10.9% (2017 est.)

imports of goods and services: -22.5% (2017 est.)

Agricultural products

sorghum, milk, vegetables, barley, cereals, pulses nes, roots/tubers nes, wheat, millet, beef

Industries

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

Industrial production growth rate

5.4% (2017 est.)

Labor force

1.675 million (2021 est.)

Labor force - by occupation

agriculture: 80%

industry: 20% (2004 est.)

Unemployment rate

8.05% (2021 est.)

7.86% (2020 est.)

5.99% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 14.6%

male: 13.1%

female: 16.4% (2021 est.)

Population below poverty line

50% (2004 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $633 million (2018 est.)

expenditures: $549 million (2018 est.)

Budget surplus (+) or deficit (-)

-9.8% (of GDP) (2017 est.)

Public debt

131.2% of GDP (2017 est.)

132.8% of GDP (2016 est.)

Taxes and other revenues

34.9% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$137 million (2017 est.)

-$105 million (2016 est.)

Exports

$624.3 million (2017 est.)

$485.4 million (2016 est.)

Exports - partners

China 62%, South Korea 28.3% (2017)

Exports - commodities

zinc, copper, gold, clothing, stone grinders (2021)

Imports

$1.127 billion (2017 est.)

$1.048 billion (2016 est.)

Imports - partners

UAE 14.5%, China 13.2%, Saudi Arabia 13.2%, Italy 12.9%, Turkey 5.6%, South Africa 4.6% (2017)

Imports - commodities

machinery, petroleum products, food, manufactured goods

Reserves of foreign exchange and gold

$191,694,400 (31 December 2019 est.)

$163,033,700 (31 December 2018 est.)

$143,412,400 (31 December 2017 est.)

Debt - external

$792.7 million (31 December 2017 est.)

$875.6 million (31 December 2016 est.)

Exchange rates

nakfa (ERN) per US dollar -

15.075 (2021 est.)

15.075 (2020 est.)

15.075 (2019 est.)

15.075 (2018 est.)

15.075 (2017 est.)

NOTE: The information regarding Eritrea on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Eritrea 2023 information contained here. All suggestions for corrections of any errors about Eritrea 2023 should be addressed to the CIA or the source cited on each page.