Eritrea Economy - 2023

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.)