Economy
Eritrea
Budget
revenues
$633 million (2018 est.)
expenditures
$549 million (2018 est.)
Exports
Exports 2011
$374.898 million (2011 est.)
Exports 2016
$485.4 million (2016 est.)
Exports 2017
$624.3 million (2017 est.)
Imports
Imports 2009
$435.275 million (2009 est.)
Imports 2010
$494.229 million (2010 est.)
Industries
beverages, food processing, textiles and clothing, light manufacturing, cement, salt
Labor force
1.71 million (2024 est.)
Public debt
Public debt 2016
132.8% of GDP (2016 est.)
Exchange rates
Currency
nakfa (ERN) per US dollar -
Exchange rates 2020
15.075 (2020 est.)
Exchange rates 2021
15.075 (2021 est.)
Exchange rates 2022
15.075 (2022 est.)
Exchange rates 2023
15.075 (2023 est.)
Exchange rates 2024
15.075 (2024 est.)
Debt - external
Debt - external 2023
$461.376 million (2023 est.)
Economic overview
an economy primarily based on agriculture with a notable mining industry; significant fiscal surplus maintained through strict regulations; high and precarious debt levels; rising trade with Ethiopia and shared port access leading to reduced prices; challenges concerning the integrity of financial and economic data
Unemployment rate
Unemployment rate 2022
5.7% (2022 est.)
Unemployment rate 2023
5.6% (2023 est.)
Unemployment rate 2024
5.6% (2024 est.)
Exports - partners
China 67%, UAE 26%, Philippines 5%, Italy 1%, Croatia 1% (2023)
Imports - partners
China 32%, UAE 27%, Turkey 9%, USA 7%, Italy 5% (2023)
Real GDP per capita
Real GDP per capita 2022
$700 (2022 est.)
Real GDP per capita 2023
$700 (2023 est.)
Real GDP per capita 2024
$700 (2024 est.)
Real GDP growth rate
Real GDP growth rate 2015
2.6% (2015 est.)
Real GDP growth rate 2016
1.9% (2016 est.)
Real GDP growth rate 2017
5% (2017 est.)
Agricultural products
sorghum, milk, barley, vegetables, root crops, cereals, pulses, wheat, beef, maize (2023)
Exports - commodities
copper ore, zinc ore, gold, textiles, alcoholic beverages (2023)
Imports - commodities
trucks, sorghum, construction equipment, wheat flour, various food items (2023)
GDP (official exchange rate)
$2.535 billion (2024 est.)
Inflation rate (consumer prices)
Inflation rate (consumer prices) 2020
5.6% (2020 est.)
Inflation rate (consumer prices) 2021
6.6% (2021 est.)
Inflation rate (consumer prices) 2022
7.4% (2022 est.)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2022
$2.398 billion (2022 est.)
Real GDP (purchasing power parity) 2023
$2.465 billion (2023 est.)
Real GDP (purchasing power parity) 2024
$2.534 billion (2024 est.)
Youth unemployment rate (ages 15-24)
male
8.5% (2024 est.)
total
9.4% (2024 est.)
female
10.5% (2024 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2017
$143.412 million (2017 est.)
Reserves of foreign exchange and gold 2018
$163.034 million (2018 est.)
Reserves of foreign exchange and gold 2019
$191.694 million (2019 est.)