Eritrea

Eritrea Economic Outlook

Eritrea’s economy slowed more sharply than expected due to dwindling economic activities and poor weather conditions that adversely affected agricultural productivity. Real GDP growth declined to an estimated 3.4% in 2017, from 3.8% in 2016, and is projected to remain between 3.7% and 3.8% over the medium term. GDP growth in 2016 and 2017 was driven largely by investment at the Bisha mine. Agriculture, which accounts for 17.2% of GDP, provides most of the population with a livelihood and accounts for about 44% of commodity exports. Over the medium term, the government sees further prospects in improved food production due to investment in masonry dams, additional mining activities, growth in services, and fisheries development.

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Key Facts

Flag:
Capital: Asmara
Area: 118,000 sq km
Total Population 2017: 5.5 Million
Urban Population 2017: 73.50%
Female Population 2017: 49.70%
GDP: US$ 6.0 Billion
GNI Per Capita 2015: US$ 740
Inflation Rate: 9.00%
Crude Birth Rate (per 1000): 32.00%
Human Development Index (rank / 188): 179
Human Development Index (scale 0 to 1): 0.420
Membership Date: 13/05/1994
Cumulative Approvals (1967-2016): UA 124.7 Million

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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