Eritrea

Eritrea Economic Outlook

  • Eritrea’s economy grew by 8.7% in 2011 owing to the commencement of full operations in the gold and silver Bisha mine and to the production of cement from the cement factory in Massawa; GDP is estimated to have contracted sharply to 5.5% in 2012 because of an unanticipated drop in production at Bisha mine, a fall in remittances and a decline in the price of gold over 2011- 12; the economy is expected to improve to 7% in 2013 and to grow by 6.5% in 2014, driven by gold production in the Koka and Zara mines and by copper production in the Bisha mine.
  • Domestic and foreign private investment is largely constrained by macroeconomic and structural constraints relating to fiscal management, state intervention and controls in foreign trade and exchange, weak and uncompetitive financial institutions, weak infrastructure and general shortages in skilled manpower.

Contacts

East Africa Regional Resource Center (EARC)

African Development Bank Group
Khushee Tower
Longonot  Road, Upper Hill
Nairobi, Kenya

Phone: (254) 20 2712925/ (254) 20 2712926/ (254) 20 2712928
Fax: (254) 20 2712938

Mr. Gabriel Negatu, RRC Director





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Key Facts

Flag:
Capital: Asmara
Area: 118,000 sq km
Total Population 2012: 5.6 Million
Urban Population 2012: 22.61%
Female Population 2012: 50.68%
GDP: US$ 3.1 Billion
GNI Per Capita 2012: US$ 430
Inflation Rate: 17.00%
Crude Birth Rate (per 1000): 34.78%
Human Development Index (rank / 187): 181
Human Development Index (scale 0 to 1): 0.351
Membership Date: 13/05/1994
Cumulative Approvals (1967-2012): UA 105.7 Million

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