unbekannter Gast

Eritrea: Economy#

Since formal independence from Ethiopia in 1993, Eritrea has faced many economic problems, including lack of resources and chronic drought, which 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, but the 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 has strictly controled the use of foreign currency by limiting access and availability; new regulations in 2013 have slightly relaxed currently controls. Few large private enterprises exist in Eritrea and most operate in conjunction with government partners, including a number of large international mining ventures that have recently begun production. 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, potash, 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, international sanctions, global food prices, and success at addressing social problems such as illiteracy and low skills.

Economic Facts#

GDP (purchasing power parity)$4.717 billion (2013 est.)
$4.409 billion (2012 est.)
$4.12 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate7% (2013 est.)
7% (2012 est.)
8.7% (2011 est.)
GDP - per capita (PPP)$1,200 (2013 est.)
$1,100 (2012 est.)
$1,100 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 11.7%
industry: 26.9%
services: 61.4% (2013 est.)
Population below poverty line50% (2004 est.)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationagriculture: 80%
industry and services: 20% (2004 est.)
Exports - commoditieslivestock, sorghum, textiles, food, small manufactures
Agriculture - productssorghum, lentils, vegetables, corn, cotton, tobacco, sisal; livestock, goats; fish
Budgetrevenues: $968.8 million
expenditures: $1.417 billion (2013 est.)
Imports - commoditiesmachinery, petroleum products, food, manufactured goods
Exchange ratesnakfa (ERN) per US dollar -
15.38 (2013 est.)
15.375 (2012 est.)
15.375 (2010 est.)
15.375 (2009)
15.38 (2008)
Exports$496.2 million (2013 est.)
$454.9 million (2012 est.)
Debt - external$1.094 billion (31 December 2013 est.)
$1.057 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$1.027 billion (2013 est.)
$972.8 million (2012 est.)
Industrial production growth rate7% (2013 est.)
Industriesfood processing, beverages, clothing and textiles, light manufacturing, salt, cement
Inflation rate (consumer prices)13% (2013 est.)
17% (2012 est.)
Labor force2.955 million (2012 est.)
Unemployment rateNA%
Public debt104.7% of GDP (2013 est.)
125.8% of GDP (2012 est.)
Current account balance-$210.1 million (2013 est.)
$174.5 million (2012 est.)
Reserves of foreign exchange and gold$192.9 million (31 December 2013 est.)
$174.4 million (31 December 2012 est.)
GDP (official exchange rate)$3.438 billion (2013 est.)
Commercial bank prime lending rateNA%
Stock of domestic credit$3.602 billion (31 December 2013 est.)
$2.777 billion (31 December 2012 est.)
Stock of narrow money$1.798 billion (31 December 2013 est.)
$1.396 billion (31 December 2012 est.)
Stock of broad money$4.077 billion (31 December 2013 est.)
$3.11 billion (31 December 2012 est.)
Taxes and other revenues28.2% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-13% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 75.1%
government consumption: 18.4%
investment in fixed capital: 15.7%
exports of goods and services: 10.2%
imports of goods and services: -19.4%
(2013 est.)
Gross national saving13% of GDP (2013 est.)
10.9% of GDP (2012 est.)
5.3% of GDP (2011 est.)