|
Since independence from Ethiopia in 1993, Eritrea has faced the economic problems of a small, desperately poor country, accentuated by the recent implementation of 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 they produce only a small share of total output. The Ethiopian-Eritrea war in 1998-2000 severely hurt Eritrea's economy. GDP growth fell to zero in 1999 and to -12.1% in 2000. The May 2000 Ethiopian offensive into northern Eritrea caused some $600 million in property damage and loss including losses of $225 million in livestock and 55,000 homes. The attack prevented planting of crops in Eritrea's most productive region, causing food production to drop by 62%. Despite the fighting, Eritrea developed its transportation infrastructure, asphalting new roads, improving its ports, and repairing war-damaged roads and bridges. Since the war's conclusion, the government has maintained a firm grip on the economy, expanding the use of the military and party-owned businesses to complete Eritrea's development agenda. The government strictly controls the use of foreign currency by limiting access and availability. Few private enterprises remain in Eritrea. Eritrea's economy depends heavily on taxes paid by members of the diaspora. Erratic rainfall and the delayed demobilization of agriculturalists from the military continue to interfere with agricultural production, and Eritrea's recent harvests have been unable to meet the food needs of the country. The Government continues to place its hope for additional revenue on the development of several international mining projects. Despite difficulties for international companies in working with the Eritrean Government, a Canadian mining company signed a contract with the government in 2007 and plans to begin mineral extraction in 2010. Eritrea's economic future depends upon its ability to master social problems such as illiteracy, unemployment, and low skills, and more importantly, on the government's willingness to support a true market economy.
|
|
|
$3.961 billion (2009 est.)
country comparison to the world: 167
$3.823 billion (2008 est.)
$3.748 billion (2007 est.)
note:
data are in 2009 US dollars
|
|
|
$1.873 billion (2009 est.)
|
|
|
3.6% (2009 est.)
country comparison to the world: 52
2% (2008 est.)
1.3% (2007 est.)
|
|
|
$700 (2009 est.)
country comparison to the world: 222
$700 (2008 est.)
$700 (2007 est.)
note:
data are in 2009 US dollars
|
|
|
agriculture: 17.3%
industry:
23.2%
services:
59.5% (2009 est.)
|
|
|
1.935 million NA
country comparison to the world: 120
|
|
|
agriculture: 80%
industry and services:
20% (2004 est.)
|
|
|
NA%
|
|
|
50% (2004 est.)
|
|
|
lowest 10%: NA%
highest 10%:
NA%
|
|
|
10.4% of GDP (2009 est.)
country comparison to the world: 147
|
|
|
revenues: $373.2 million
expenditures:
$738.7 million (2009 est.)
|
|
|
20% (2009 est.)
country comparison to the world: 219
19.9% (2008 est.)
|
|
|
NA%
|
|
|
$896.2 million (31 December 2008)
country comparison to the world: 116
$749.1 million (31 December 2007)
|
|
|
$1.053 billion (31 December 2008)
country comparison to the world: 116
$932.9 million (31 December 2007)
|
|
|
$1.851 billion (31 December 2008)
country comparison to the world: 102
$1.711 billion (31 December 2007)
|
|
|
sorghum, lentils, vegetables, corn, cotton, tobacco, sisal; livestock, goats; fish
|
|
|
food processing, beverages, clothing and textiles, light manufacturing, salt, cement
|
|
|
4% (2009 est.)
country comparison to the world: 30
|
|
|
271 million kWh (2007 est.)
country comparison to the world: 172
|
|
|
228 million kWh (2007 est.)
country comparison to the world: 177
|
|
|
0 kWh (2008 est.)
|
|
|
0 kWh (2008 est.)
|
|
|
0 bbl/day (2009 est.)
country comparison to the world: 179
|
|
|
5,000 bbl/day (2009 est.)
country comparison to the world: 171
|
|
|
0 bbl/day (2007 est.)
country comparison to the world: 199
|
|
|
4,790 bbl/day (2007 est.)
country comparison to the world: 159
|
|
|
0 bbl (1 January 2009 est.)
country comparison to the world: 184
|
|
|
0 cu m (2008 est.)
country comparison to the world: 201
|
|
|
0 cu m (2008 est.)
country comparison to the world: 189
|
|
|
0 cu m (2008 est.)
country comparison to the world: 61
|
|
|
0 cu m (2008 est.)
country comparison to the world: 84
|
|
|
0 cu m (1 January 2009 est.)
country comparison to the world: 182
|
|
|
-$246 million (2009 est.)
country comparison to the world: 94
-$168 million (2008 est.)
|
|
|
$17 million (2009 est.)
country comparison to the world: 207
$14 million (2008 est.)
|
|
|
livestock, sorghum, textiles, food, small manufactures
|
|
|
India 25.3%, Italy 20.7%, Sudan 14.1%, China 12.9%, France 5.5%, Saudi Arabia 5.4% (2008)
|
|
|
$627 million (2009 est.)
country comparison to the world: 182
$601 million (2008 est.)
|
|
|
machinery, petroleum products, food, manufactured goods
|
|
|
Saudi Arabia 20.7%, India 13.6%, Italy 12.6%, China 9.9%, US 5.1%, Germany 4.6% (2008)
|
|
|
$36 million (31 December 2009 est.)
country comparison to the world: 156
$58 million (31 December 2008 est.)
|
|
|
$311 million (2000 est.)
country comparison to the world: 169
|
|
|
nakfa (ERN) per US dollar - 15.5 (2009), 15.38 (2008), 15.5 (2007), 15.4 (2006), 14.5 (2005)
note:
the official exchange rate is 15 nakfa to the dollar
|
|
|