Economy of Eritrea

Common card · No. 322606

Eritrea has a developing economy. It relies on subsistence agriculture, rainfed farming, livestock, and fisheries; about 70% of the population lives in rural areas. The economy is tightly controlled, and all significant enterprises are state-owned. Eritrea has one of the highest debt-to-GDP ratios in the world. In 2024, the World Bank estimated Eritrea's public debt at 211% of GDP. The Eritrean economy has undergone extreme changes after the War of Independence. It experienced considerable growth in recent years, indicated by an improvement in gross domestic product in 2011 of 8.7 % and in 2012 of 7.5% over 2011, and has a total of $8.090 billion as of 2020. Worker remittances from abroad are estimated to account for 32% of the gross domestic product.

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