Economy of Eritrea

The economy of Eritrea has undergone extreme changes after the War of Independence. It experienced considerable growth in recent years, indicated by an improvement in gross domestic product in 2011 of 8.7 percent and in 2012 of 7.5% over 2011, and has a total of $8.090 billion as of 2020. However, worker remittances from abroad are estimated to account for 32 percent of gross domestic product.

Economy of Eritrea
A view of Asmara
CurrencyEritrean nakfa (ERN)
Calendar year
Trade organisations
AU, COMESA, AfDB
Statistics
GDP
  • $2.25 billion (nominal, 2021)
  • $6.88 billion (PPP, 2021)
GDP rank156th (nominal) / 156th (PPP)
GDP growth
  • 7.6% (16/17) 10.2% (17/18)
  • 7.9% (18/19e) 7.9% (19/20f)
GDP per capita
  • $626 (nominal, 2021)
  • $1,910 (PPP, 2021)
GDP by sector
agriculture (11.7%), industry (29.6%), services (58.7%) (2017 est.)
−14.401% (2018)
Population below poverty line
50% (2004 est.)
Labour force
2.71 million (2017 est.)
Labour force by occupation
agriculture (80%), services and industry (20%)
Main industries
beverages, cement, clothing and textiles, food processing, light manufacturing, salt
External
Exports$635.7 million (2017 est.)
Export goods
food, livestock, small manufactures, sorghum, textiles
Main export partners
  •  Italy 30.5%
  •  Sudan 24%
  •  Saudi Arabia 8.8%
  •  China 8.5%
  •  UK 5.7%
  •  Egypt 4.8%
  • (2008 est.)
Imports$1.127 billion (2017 est.)
Import goods
machinery, petroleum products, food, manufactured goods
Main import partners
  •  Saudi Arabia 15.7%
  •  Egypt 11.9%
  •  China 11.1%
  •  India 8.9%
  •  Russia 7.2%
  •  South Africa 6.5%
  •  Brazil 5.9%
  •  South Korea 4.3%
  • (2008 est.)
$1.026 billion (31 December 2012 est.)
Public finances
Government debt
131.2% of GDP (2017 est.)
Revenues$2.029 billion (2017 est.)
Expenses$2.601 billion (2017 est.)
$236.7 million (2017 est.)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

Eritrea has an extensive amount of resources such as copper, gold, granite, marble, and potash. As of 2012, 20 mining companies had obtained licenses to prospect and exploit mines.

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