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%.
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.
Eritrea GDP from 1992 to 2019
The total market value of goods and services produced annually in Eritrea.
Data Source: International Monetary Fund
Image Source: Freepik from www.flaticon.com
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 | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
1992 | $ 606M | $ 268.19 | $ 750.24 | $ 1B 694M | 0 % | 30.963 % | 39.92 % | 6.891 % | 2M 258K people |
1993 | $ 374M | $ 167.08 | $ 874.32 | $ 1B 958M | 12.882 % | 30.936 % | 62.03 % | 4.27 % | 2M 239K people |
1994 | $ 433M | $ 195.44 | $ 1,090.01 | $ 2B 418M | 20.918 % | 36.995 % | 66.06 % | 8.848 % | 2M 218K people |
1995 | $ 483M | $ 219.09 | $ 1,145.96 | $ 2B 526M | 2.325 % | 10.333 % | 36.93 % | -22.312 % | 2M 204K people |
1996 | $ 579M | $ 263.81 | $ 1,278.19 | $ 2B 807M | 9.136 % | 3.04 % | 35.27 % | -17.352 % | 2M 196K people |
1997 | $ 594M | $ 270.57 | $ 1,403.59 | $ 3B 81M | 7.9 % | 6.815 % | 43.56 % | -4.364 % | 2M 195K people |
1998 | $ 626M | $ 283.92 | $ 1,440.05 | $ 3B 177M | 1.966 % | -26.641 % | 10.79 % | -38.89 % | 2M 206K people |
1999 | $ 614M | $ 274.58 | $ 1,442.88 | $ 3B 228M | 0.187 % | -33.315 % | 16.92 % | -57.223 % | 2M 237K people |
2000 | $ 547M | $ 238.51 | $ 1,262.23 | $ 2B 893M | -12.355 % | -21.079 % | −5.62 % | -22.082 % | 2M 292K people |
2001 | $ 582M | $ 245.16 | $ 1,354.60 | $ 3B 217M | 8.755 % | -24.775 % | −4.02 % | -5.575 % | 2M 375K people |
2002 | $ 564M | $ 227.50 | $ 1,356.45 | $ 3B 365M | 3.005 % | -0.07 % | 18.41 % | -8.831 % | 2M 481K people |
2003 | $ 673M | $ 258.93 | $ 1,284.38 | $ 3B 341M | -2.656 % | -2.348 % | 21.75 % | 10.322 % | 2M 601K people |
2004 | $ 858M | $ 315.55 | $ 1,279.52 | $ 3B 480M | 1.452 % | -0.869 % | 11.31 % | -3.643 % | 2M 720K people |
2005 | $ 850M | $ 300.70 | $ 1,302.38 | $ 3B 682M | 2.574 % | 0.432 % | 25.99 % | -26.929 % | 2M 827K people |
2006 | $ 937M | $ 321.22 | $ 1,288.07 | $ 3B 759M | -0.969 % | -4.631 % | 12.60 % | -11.308 % | 2M 918K people |
2007 | $ 1B 20M | $ 340.33 | $ 1,306.48 | $ 3B 916M | 1.427 % | -7.897 % | 7.98 % | -15.716 % | 2M 997K people |
2008 | $ 923M | $ 301.24 | $ 1,049.71 | $ 3B 215M | -19.436 % | -7.642 % | 10.52 % | -32.421 % | 3M 63K people |
2009 | $ 1B 297M | $ 415.60 | $ 1,163.18 | $ 3B 629M | 12.179 % | -11.319 % | 1.21 % | -17.615 % | 3M 120K people |
2010 | $ 1B 590M | $ 501.42 | $ 1,284.50 | $ 4B 72M | 10.853 % | -11.42 % | 6.75 % | -12.33 % | 3M 170K people |
2011 | $ 2B 65M | $ 642.50 | $ 1,625.49 | $ 5B 224M | 25.71 % | 12.796 % | 25.64 % | -2.065 % | 3M 214K people |
