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Eritrea Economy 1996

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 parity - $1.8 billion (1994 est.)

National product real growth rate:

2% (1994 est.)

National product per capita:

$500 (1994 est.)

Inflation rate (consumer prices):

NA%

Unemployment rate:

NA%

Budget:

revenues:

$NA

expenditures:

$NA, including capital expenditures of $NA

Exports:

$NA

commodities:

partners:

Imports:

$NA

commodities:

partners:

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$1 - 5.9500 (January 1995), 5.9500 (1994), 5.000 (fixed rate 1992-93); note - official rate pegged to US$

Fiscal year:

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