June 15, 2011 (ASMARA) – Eritrea’s economic growth has accelerated to 17% in 2011, giving the Red Sea state the highest growth levels worldwide, according to the latest economic statistics published in the annual Report Buyer's country information.
Eritrea's red-hot economy is riding on a wave of mining boom, a strong agriculture sector, and extensive investments being made in infrastructure that has revitalized the economy.
Moreover, the report indicated Eritrea's economy had grown by 6% in 2010, which mostly came from the successful endeavors reached in the agriculture department. Estimation forecasts for the fiscal year of 2012 shows Eritrea's economy will grow by 7%, as the output levels at Bisha begin to stabilize.
Construction will add to growth
The Eritrean government will start focusing on major infustrcutre development that will undoubtedly increase GDP growth and help ease the housing shortages. Projects such as four new large football stadiums, modern housing apartment complexes and houses, a new modern college and no less than building 56 new schools throughout the country are some of the plans in store for 2011 and early 2012.
Eritrea's Economic Facts:
|1| 2010: 6% Growth
|2| 2011: 17% Growth
|3| 2012: 7% - 12.5% Estimation Growth (depending on the different sources)
Eritrea by the numbers
Eritrea scores high in just about all the major human and economic developments within Sub-Sahara Africa, including leading Sub-Sahara Africa in Life Expectancy, GDP growth, and various critical health statistics. Since independence in 1991, Eritrea has doubled its literacy rates to 67%, slashed in half it's HIV/AIDs prevalence to one of Africa's lowest of 0.8%, nearly doubled it's life expectancy to a 66 year average, reduced it's child mortality rates under 5 by 63%, etc. Statistically speaking, the Eritrean government by far has demonstrated it has been the most efficient government in Sub-Sahara Africa when it comes to transforming the lives of ordinary citizens for the better. Make no mistake about it, Eritrea still has a long ways to go to becoming a developed society, but based on these superb numbers demonstrated within the last 20 years, that road is quickly becoming shorter.
Below is a chart showcasing Eritrea's overall data. All sources are presented on the left.
|Eritrea Facts||2011 or latest Data||Commentary|
|Population||6 million||168,000 Eritreans are born annually|
|Life Expectancy||66 Year Average||Leads Sub-Sahara Africa|
|Economic GDP Growth||17% GDP Growth for 2011||Global GDP Growth Leader in 2011|
|Literacy Rate||67% Literacy Rate||Doubled Since Independence|
|HIV Prevalence Rate||0.8% or 25,000 with HIV||Nearly Declined by 50%|
|Child Mortality Under 5||55 deaths per 1000 births||2nd Lowest in Sub-Sahara Africa|
|Maternal Mortality Rate||280 deaths per 100,000 births||3rd Lowest In Sub-Sahara Africa|
[click on photo to see larger quality]
|Photo: new modern adi Keih College which cost 17 Million USD to build|