Browse a full set of economic indicators

Eritrea

Includes Eritrea real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.

Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Eritrea economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Eritrea best banks and safest banks are also available.

Basic Information

Government Type: Presidential republic

Capital City: Asmara (Asmera)

GDP & Economic Information

Macroeconomy & Sovereign Data

Central Bank Bank of Eritrea
Currency Nakfa (ERN)

International Reserves N/A
Gross Domestic Product – GDP USD 6.7 billion (2018, estimate)
GDP (Purchasing Power Parity) Intl$ 10.0 billion (2018, estimate)

GDP Data

Real GDP growth 2007*: 1.4%
2008*: -9.8%
2009*: 3.9%
2010*: 2.2%
2011*: 8.7%
2012*: 7%
2013*: 4.7%
2014*: 2.9%
2015*: 2.6%
2016*: 1.9%
2017*: 5%
2018*: 4.2%
*Estimate
GDP per capita – current prices USD 1,111.5 (2018, estimate)
GDP per capita – PPP Intl$ 1,656.5 (2018, estimate)
GDP (PPP) – share of world total 1980: N/A
1990: N/A
2000: 0.01%
2010: 0.01%
2019*: 0.007%
*Estimate
GDP – composition by sector agriculture: 11.7%
industry: 29.6%
services: 58.7%
(2018 estimate)
Gross domestic expenditure on R&D; (% of GDP) N/A
Inflation 2015: 28.5%
2016: -5.6%
2017: -13.3%
2018*: -14.4%
2019*: -27.6%
*Estimate

Eritrea

Emerging & Frontier Markets

Africa’s Lion Awakens

Capital Raising & Corporate Finance

Cover Story : Africa in Squeeze

Inflation & Debt

Inflation 2015: 28.5%
2016: -5.6%
2017: -13.3%
2018*: -14.4%
2019*: -27.6%
*Estimate
Government Bond Ratings Standard & Poor’s: N/A

Moody’: N/A

Standard & Poor’s / Moody’s
Unemployment rate N/A
Household saving rates N/A
Public debt (General government gross debt as a % of GDP) 2015: 190.3%
2016: 170.1%
2017: 196.2%
2018*: 174.3%
2019*: 165.1%
*Estimate
Public deficit (General government net lending/borrowing as a % of GDP) 2015: -3.2%
2016: 3.9%
2017: 1.8%
2018*: 10.9%
2019*: 0.6%
*Estimate
Market value of publicly traded shares N/A
Largest Companies N/A

Import/Export

Exports as percent of GDP (Exports of goods and services) 14.4% (2011)
Shares in world total merchandising export 0.003% (2018)
Shares in world total commercial services export N/A
Total exports N/A
Export commodities Gold and other minerals, livestock, sorghum, textiles, food, small industry manufactures

Total imports N/A
Import commodities Machinery, petroleum products, food, manufactured goods

Exports – major partners China 62%, South Korea 28.3% (2017)
Imports – major partners UAE 14.5%, China 13.2%, Saudi Arabia 13.2%, Italy 12.9%, Turkey 5.6%, South Africa 4.6%(2017)

Competitiveness & Trade

Current account balance USD 0.3 billion (2018 estimate)
Current account balance by percentage of GDP 16.6 % (2018 estimate)
FDI inflows 2016: USD 52 million
2017: USD 55 million
2018: USD 61 million
FDI Outflows N/A
Value of cross-border M&A, by country of purchaser N/A


United Nations Conference on Trade and Development (UNCTAD) – World Investment Report
Cross-border M&A deals worth over $3 billion completed in 2014 N/A
Cross-border M&A deals worth over $3 billion completed in 2015 N/A
Best countries for doing business
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.

Overall ranking:

189 out of 190 countries

​Subcategories:
Starting a Business: 185 out of 190 countries
Dealing with Construction Permits: 186 out of 190 countries
Getting Electricity: 187 out of 190 countries
Registering Property: 178 out of 190 countries
Getting Credit: 186 out of 190 countries
Protecting Minority Investors: 185 out of 190 countries
Paying Taxes: 153 out of 190 countries
Trading across Borders: 188 out of 190 countries
Enforcing Contracts: 107 out of 190 countries
Resolving Insolvency: 168 out of 190 countries
Global competitiveness ranking N/A
Index of Economic Freedom Ranking: 177 / Score: 38.9 (Repressed)

(100=totally free 0=totally repressed)

Population & Geographic Data

Time Zone UTC+3

Total Area 117,600 sq km
Total Population 1990: N/A
2000: 3.87 million
2010*: 5.1 million
2015*: 5.7 million
2020*: 6.27 million
*Estimate
Urban population as % of total population 1960: 9.8%
1980: 14.4%
2000: 26.6%
2018: N/A
Population median age 19.9 years
Population growth rate 0.89% (2018 estimate)
Life expectancy 65.6 years (2018 estimate)
% of population living on less than $3.10 a day N/A

Inequality of wealth distribution (Gini index) N/A
Freedom House rating Not Free
Political Rights: 7
Civil Liberties: 7 (2019)
(1 represents the most free, 7 the least free rating)
Total telephone subscribers as % of population Fixed: 1.9%

Mobile: 20.4%

(2017)

(fixed-telephone subscribers and mobile-cellular subscribers)
Internet users as % of total population 1.31 % (2017)

Language & Religon

Languages Tigrinya (official), Arabic (official), English (official), Tigre, Kunama, Afar, other Cushitic languages
Literacy Total population: 73.8%
Male: 82.4%
Female: 65.5%
Definition: age 15 and over can read and write (2015 est.)
Religions Sunni Muslim, Coptic Christian, Roman Catholic, Protestant

World Rankings

Population 6.27 M
Mercer Cost of living index N/A
C02 Emissions per capita 0.18 metric tons per capita (2011)

Global Finance Rankings & Awards: Eritrea

Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.

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Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings

Moody’s

Fitch Ratings

IMF Direction of Trade Statistics (DOTS)

UN Conference on Trade and Development (UNCTAD)

CIA The World Factbook

World Bank’s World Integrated Trade Solution

Forbes Global 2000

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