Eritrea's GDP changed from approximately $606M in 1992 to $1B 982M in 2019, showing an overall 227.1% sharply increased during the period.
The lowest GDP was recorded in 1993 at $374M, and the highest in 2014 at $2B 604M.
Over the 27-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 4.5%.
For comparison, the average annual growth rate of Ethiopia was 7.8%, and that of Djibouti was 5.9%.
Eritrea GDP from 1992 to 2019
The total market value of goods and services produced annually in Eritrea.
Overview of Eritrea's GDP (1992–2019)
The Gross Domestic Product (GDP) of Eritrea recorded a 227.1% sharply increased from 1992 to 2019.
The average GDP during this period was $1B 184M, and the median was $890M 500K.
GDP fluctuated within a range of $2B 230M, with a standard deviation of $706M 629K.
The average annual change was $77M 620K.
Highest and Lowest GDP Records
- Lowest GDP: 1993, $374M
- Highest GDP: 2014, $2B 604M
- Most Recent GDP: 2019, $1B 982M
Notable Annual GDP Changes
- 2014: Significant increase in GDP
- 2015: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Eritrea's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $1B 982M → $0
- Outcome: remained stable
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $1B 20M → $1B 297M
- Outcome: sharply increased
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $547M → $582M
- Outcome: increased
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $594M → $626M
- Outcome: increased
Key Economic Indicators of Eritrea (1992–2019)
| year | GDP Growth | Nominal GDP | PPP GDP | GDP per Capita | PPP per Capita | Savings | Population | Current Account | Fiscal Balance |
|---|---|---|---|---|---|---|---|---|---|
1992 | 0 % | $ 606M | $ 1B 694M | $ 268.19 | $ 750.24 | 39.92 % | 2M 258K people | 30.963 % | 6.891 % |
1993 | 12.882 % | $ 374M | $ 1B 958M | $ 167.08 | $ 874.32 | 62.03 % | 2M 239K people | 30.936 % | 4.27 % |
1994 | 20.918 % | $ 433M | $ 2B 418M | $ 195.44 | $ 1,090.01 | 66.06 % | 2M 218K people | 36.995 % | 8.848 % |
1995 | 2.325 % | $ 483M | $ 2B 526M | $ 219.09 | $ 1,145.96 | 36.93 % | 2M 204K people | 10.333 % | -22.312 % |
1996 | 9.136 % | $ 579M | $ 2B 807M | $ 263.81 | $ 1,278.19 | 35.27 % | 2M 196K people | 3.04 % | -17.352 % |
1997 | 7.9 % | $ 594M | $ 3B 81M | $ 270.57 | $ 1,403.59 | 43.56 % | 2M 195K people | 6.815 % | -4.364 % |
1998 | 1.966 % | $ 626M | $ 3B 177M | $ 283.92 | $ 1,440.05 | 10.79 % | 2M 206K people | -26.641 % | -38.89 % |
1999 | 0.187 % | $ 614M | $ 3B 228M | $ 274.58 | $ 1,442.88 | 16.92 % | 2M 237K people | -33.315 % | -57.223 % |
2000 | -12.355 % | $ 547M | $ 2B 893M | $ 238.51 | $ 1,262.23 | −5.62 % | 2M 292K people | -21.079 % | -22.082 % |
2001 | 8.755 % | $ 582M | $ 3B 217M | $ 245.16 | $ 1,354.60 | −4.02 % | 2M 375K people | -24.775 % | -5.575 % |
2002 | 3.005 % | $ 564M | $ 3B 365M | $ 227.50 | $ 1,356.45 | 18.41 % | 2M 481K people | -0.07 % | -8.831 % |
2003 | -2.656 % | $ 673M | $ 3B 341M | $ 258.93 | $ 1,284.38 | 21.75 % | 2M 601K people | -2.348 % | 10.322 % |
2004 | 1.452 % | $ 858M | $ 3B 480M | $ 315.55 | $ 1,279.52 | 11.31 % | 2M 720K people | -0.869 % | -3.643 % |
2005 | 2.574 % | $ 850M | $ 3B 682M | $ 300.70 | $ 1,302.38 | 25.99 % | 2M 827K people | 0.432 % | -26.929 % |
2006 | -0.969 % | $ 937M | $ 3B 759M | $ 321.22 | $ 1,288.07 | 12.60 % | 2M 918K people | -4.631 % | -11.308 % |
2007 | 1.427 % | $ 1B 20M | $ 3B 916M | $ 340.33 | $ 1,306.48 | 7.98 % | 2M 997K people | -7.897 % | -15.716 % |
2008 | -19.436 % | $ 923M | $ 3B 215M | $ 301.24 | $ 1,049.71 | 10.52 % | 3M 63K people | -7.642 % | -32.421 % |
2009 | 12.179 % | $ 1B 297M | $ 3B 629M | $ 415.60 | $ 1,163.18 | 1.21 % | 3M 120K people | -11.319 % | -17.615 % |
2010 | 10.853 % | $ 1B 590M | $ 4B 72M | $ 501.42 | $ 1,284.50 | 6.75 % | 3M 170K people | -11.42 % | -12.33 % |
2011 | 25.71 % | $ 2B 65M | $ 5B 224M | $ 642.50 | $ 1,625.49 | 25.64 % | 3M 214K people | 12.796 % | -2.065 % |