Country Details
Eritrea
Eastern Africa, bordering the Red Sea, between Djibouti and Sudan
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Economy
Detailed information and insights
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)
Real GDP (purchasing power parity) 2024
$2.534 billion (2024 est.)
Real GDP (purchasing power parity) 2023
$2.465 billion (2023 est.)
Real GDP (purchasing power parity) 2022
$2.398 billion (2022 est.)
Real GDP growth rate
Real GDP growth rate 2017
5% (2017 est.)
Real GDP growth rate 2016
1.9% (2016 est.)
Real GDP growth rate 2015
2.6% (2015 est.)
Real GDP per capita
Real GDP per capita 2024
$700 (2024 est.)
Real GDP per capita 2023
$700 (2023 est.)
Real GDP per capita 2022
$700 (2022 est.)
GDP (official exchange rate)
$2.535 billion (2024 est.)
Note
note: data in current dollars at official exchange rate
Inflation rate (consumer prices)
Inflation rate (consumer prices) 2022
7.4% (2022 est.)
Inflation rate (consumer prices) 2021
6.6% (2021 est.)
Inflation rate (consumer prices) 2020
5.6% (2020 est.)
Agricultural products
sorghum, milk, barley, vegetables, root vegetables, cereals, pulses, wheat, beef, maize (2023)
Note
note: top ten agricultural products based on tonnage
Industries
food processing, beverages, clothing and textiles, light manufacturing, salt, cement
Labor force
1.71 million (2024 est.)
Note
note: number of people ages 15 or older who are employed or seeking work
Unemployment rate
Unemployment rate 2024
5.6% (2024 est.)
Unemployment rate 2023
5.6% (2023 est.)
Unemployment rate 2022
5.7% (2022 est.)
Youth unemployment rate (ages 15-24)
Total
9.4% (2024 est.)
Male
8.5% (2024 est.)
Female
10.5% (2024 est.)
Budget
Revenues
$633 million (2018 est.)
Expenditures
$549 million (2018 est.)
Public debt
Public debt 2016
132.8% of GDP (2016 est.)
Exports
Exports 2017
$624.3 million (2017 est.)
Exports 2016
$485.4 million (2016 est.)
Exports 2011
$374.898 million (2011 est.)
Exports - partners
China 67%, UAE 26%, Philippines 5%, Italy 1%, Croatia 1% (2023)
Note
note: top five export partners based on percentage share of exports
Exports - commodities
copper ore, zinc ore, gold, garments, liquor (2023)
Note
note: top five export commodities based on value in dollars
Imports
Imports 2010
$494.229 million (2010 est.)
Imports 2009
$435.275 million (2009 est.)
Imports - partners
China 32%, UAE 27%, Turkey 9%, USA 7%, Italy 5% (2023)
Note
note: top five import partners based on percentage share of imports
Imports - commodities
trucks, sorghum, construction vehicles, wheat flours, other foods (2023)
Note
note: top five import commodities based on value in dollars
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2019
$191.694 million (2019 est.)
Reserves of foreign exchange and gold 2018
$163.034 million (2018 est.)
Reserves of foreign exchange and gold 2017
$143.412 million (2017 est.)
Debt - external
Debt - external 2023
$461.376 million (2023 est.)
Exchange rates
Currency
nakfa (ERN) per US dollar -
Exchange rates 2024
15.075 (2024 est.)
Exchange rates 2023
15.075 (2023 est.)
Exchange rates 2022
15.075 (2022 est.)
Exchange rates 2021
15.075 (2021 est.)
Exchange rates 2020
15.075 (2020 est.)