Eritrea

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Since formal independence from Ethiopia in 1993, Eritrea has faced many economic problems, including lack of resources and chronic drought, which have been exacerbated by 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 the sector only produces a small share of the country's total output. Since the conclusion of the Ethiopian-Eritrea war in 2000, the government has expanded use of military and party-owned businesses to complete President ISAIAS's development agenda. The government has strictly controlled the use of foreign currency by limiting access and availability; new regulations in 2013 aimed at relaxing currency controls have had little economic effect. Few large private enterprises exist in Eritrea and most operate in conjunction with government partners, including a number of large international mining ventures that have recently begun production. While reliable statistics on food security are difficult to obtain, erratic rainfall and the percentage of the labor force tied up in national service continue to interfere with agricultural production and economic development. Eritrea's harvests generally cannot meet the food needs of the country without supplemental grain purchases. Copper, potash, and gold production is likely to drive economic growth over the next few years, but military spending will continue to compete with development and investment plans. Eritrea's economic future will depend on market reform, international sanctions, global food prices, and success at addressing social problems such refugee emigration.

$7.814 billion (2014 est.)
$7.683 billion (2013 est.)
$7.582 billion (2012 est.)
note: data are in 2014 US dollars
country comparison to the world: 164
$3.858 billion (2014 est.)
1.7% (2014 est.)
1.3% (2013 est.)
7% (2012 est.)
country comparison to the world: 152
$1,200 (2014 est.)
$1,200 (2013 est.)
$1,200 (2012 est.)
note: data are in 2013 US dollars
country comparison to the world: 221
household consumption: 77.8%
government consumption:18.5%
investment in fixed capital: 14.2%
investment in inventories:0%
exports of goods and services: 9.7%
imports of goods and services: -20.2%
(2014 est.)
agriculture: 11.6%
industry: 28.1%
services: 60.2% (2014 est.)
29.6% of GDP (2014 est.)
country comparison to the world: 138
23% of GDP (2014 est.)

country comparison to the world: 138
$573.5 million (2014 est.)
$505.3 million (2013 est.)
country comparison to the world: 172
$1.16 billion (2014 est.)
$1.028 billion (2013 est.)
country comparison to the world: 177
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