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
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.
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