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Eritrea Economy 2014
http://www.theodora.com/wfbcurrent/eritrea/eritrea_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 28, 2014

Economy - overview:
Since independence from Ethiopia in 1993, Eritrea has faced the economic problems of a small, poor country, facing chronic drought. These 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 (PFDJ). Like the economies of many African nations, a large share of the population - nearly 80% - is engaged in subsistence agriculture. That sector only produces a small share of the country's total output. Since the conclusion of the Ethiopian-Eritrea war in 2000, the government has expanded use of military and party-owned businesses to complete President ISAIAS's development agenda. The government strictly controls the use of foreign currency by limiting access and availability. Few large private enterprises exist in Eritrea and most operate in conjunction with government partners, although recently a number of large international mining ventures have opened. Eritrea's national income also relies in part on taxes paid by members of the Diaspora. While reliable statistics on food security 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 and gold production is likely to drive economic growth over the next few years, but military spending will continue to compete with development and investment plans. Eritrea's economic future will depend on market reform and success at addressing social problems such as illiteracy and low skills.

GDP (purchasing power parity):
$4.349 billion (2012 est.)
country comparison to the world: 173

$4.064 billion (2011 est.)
$3.739 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$3.05 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
7% (2012 est.)
country comparison to the world: 30

8.7% (2011 est.)
2.2% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$700 (2012 est.)
country comparison to the world: 223

$700 (2011 est.)
$700 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
10.9% of GDP (2012 est.)
country comparison to the world: 122

5.3% of GDP (2011 est.)
3.2% of GDP (2010 est.)

GDP - composition, by end use:
household consumption: 64%
government consumption: 26.8%
investment in fixed capital: 15.2%
exports of goods and services: 14.6%
imports of goods and services: -20.6%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 12.2%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 26.9%
services: 60.8% (2012 est.)

Agriculture - products:
sorghum, lentils, vegetables, corn, cotton, tobacco, sisal; livestock, goats; fish

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

Industrial production growth rate:
-3% (2012 est.)
country comparison to the world: 167
[see also: Industrial production growth rate country ranks ]

Labor force:
1.935 million (2007)
country comparison to the world: 124
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 80%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services: 20% (2004 est.)

Unemployment rate:
NA%
[see also: Unemployment rate country ranks ]

Population below poverty line:
50% (2004 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

Budget:
revenues: $806.5 million
[see also: Budget revenues country ranks ]
expenditures: $1.19 billion (2012 est.)

Taxes and other revenues:
26.4% of GDP (2012 est.)
country comparison to the world: 116
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-12.6% of GDP (2012 est.)
country comparison to the world: 211
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
125.8% of GDP (2012 est.)
country comparison to the world: 8

133% of GDP (2011 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
17% (2012 est.)
country comparison to the world: 214

20% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Commercial bank prime lending rate:
NA%
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.396 billion (31 December 2012 est.)
country comparison to the world: 138

$1.331 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$3.889 billion (31 December 2012 est.)
country comparison to the world: 135

$3.156 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$2.777 billion (31 December 2012 est.)
country comparison to the world: 126

$2.712 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Current account balance:
$-110.5 million (2012 est.)
country comparison to the world: 74

$-123.6 million (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$454.9 million (2012 est.)
country comparison to the world: 175

$435.1 million (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
livestock, sorghum, textiles, food, small manufactures

Imports:
$972.8 million (2012 est.)
country comparison to the world: 177

$952.3 million (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery, petroleum products, food, manufactured goods

Reserves of foreign exchange and gold:
$174.4 million (31 December 2012 est.)
country comparison to the world: 160

$114.8 million (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.057 billion (31 December 2012 est.)
country comparison to the world: 160

$1.055 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Exchange rates:
nakfa (ERN) per US dollar -

15.375 (2012 est.)
15.375 (2011 est.)
15.375 (2010 est.)
15.375 (2009)
15.38 (2008)


NOTE: The information regarding Eritrea on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Eritrea Economy 2014 information contained here. All suggestions for corrections of any errors about Eritrea Economy 2014 should be addressed to the CIA.



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