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Eritrea's Economy to grow by 7.5 percent in 2012 - IMF

Written By Admin on May 8, 2012 | 2:19 PM

35comments



IMF forecasts 7.5 percent economic growth for Eritrea in 2012


May 8, 2012 (ASMARA) — Eritrea's economy is projected to grow by 7.5 percent in 2012, according to the International Monetary Fund (IMF).

Driven largely by an increase in major infrastructure development, solid agriculture output and mineral exports, forecasts taken from World Economic Outlook (WEO) released by the IMF on April 17, 2012, reveal Eritrea will register the fastest-growing economy in East Africa this year.

Despite high fuel prices and some macroeconomic imbalances hindering the economy, the Washington-based body said Eritrea's consumer prices will decline from 13.2 percent in 2011 to 12.3 percent this year.

After coming off of a red-hot 17 percent economic growth last year, the Red Sea state aims for 7 to 10 percent annual GDP growth levels between the years of 2012-2015. With the Zara and Koka gold mines both set for production in late 2013, Eritrea's economy will likely expand by double-digit figures next year.

Regionally, the report said Sudan's economy will decline by 7.3% due to South Sudan gaining independence in July and taking with it around 75 percent of the formerly united Sudan’s oil outputs.




Regional GDP Growth Percentages 

Nations201020112012
Eritrea
6.0%
17%
7.5%
Ethiopia
8.0%
7.5%
5.0%
Sudan
4.5%
-3.9%
-7.3%
Djibouti
3.5%
4.5%
4.8%

Source(s): EIU, IMF, RB

Eritrea heading on the right economic path
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35 comments:

  1. Awet Ne Hafash! So proud of my country!

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  2. The result of hard working goverment and people

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  3. ohhh nice news madote keep it up.

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  4. REALY GOOD NEWS

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  5. That is what happen if you work hard!
    I hope we will have a blessed "kiremti"

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  6. from 0 to hero.
    The story of Eritrea.

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  7. i hope the grewth shud be fastes & i see anew history

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  8. Thats My Country!!!I Knew We Can Do It!Look At Everyone Else Ecspecially Ethiopia!This Country Is The Best Out Of The World!See What Can Happen If We Work Together?Lets Pray If This Happens More!Remember Hade Hisbe,Hade Libe!We Did This!!!

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  9. This is another encouraging news for Eritreans. The economic forcaste did not include the summer income Eritrea will gain as a result of tourism from Eritreans. This year will be more special than each and every anniversary celebrations that passed thus far. Without exaggerating Eritrea's economy will grow by deouble digit this year. The recent news in raising the gold output raises Eritrea by that much higher, not to mention the base metal added value to the already skyrocketing growth.

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  10. What does that mean to ordinary citizens? Will it improve the lives of the ordinary people or solve the chronic housing crises in Eritrea? Time will tell.

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  11. Anonymous 10/5:30 & 9/9:41from your texts it seems hard for you to see such growth in the tiny your ex province, mind you this is only the beginning prepare yourselves for 2013 and beyond when the acceleration goes much higher otherwise you gonna be dead by 2016when the potash poisons you.hasadat

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  12. To Admin:

    Please can you block comments "Anonymous
    May 10, 2012 5:30 PM" and please block there IP address thanks.

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  13. This is good news.

    Hard work, perseverance and good governance is paying off.
    Glory be to the almighty lord for blessing Eritrea with abundant rain fall in the past few years, and for the bountiful minerals (gold, copper, potash etc, etc) blessing that Eritrea is carrying underneath.

    Despite the ill wishes of the enemies of Eritrea, our country is flourishing and improving year in year out.

    Moses

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  14. congra erey ppl

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  15. Great news! Happy 21st Independence day my fellow Eritreans! Awet N-hafash! Zikri N-sweAtna!

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  16. it is just great news and just amusing with out getting any aid from west . imagine the only nation on its own for 20 years as a nation despite all the west and ethiopian evil strategy to destroy eritrea manages to pick every thing on its favoure. viva eritrea .

    now we need political improvment at least try to do some thing that can make the west cry .because even if you just try some thing with agame we need to end this border issue on our way because the world will not help .

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  17. i have been to eritrea in 1993 and the country was in a bad shape but at that time i and my friends know that eritreans are different i and my friends always read about eritrean people and their struggle for their independence as well as to defend their country ,we could not imagine there are people like you .

    i and my wife come to eritrea last year on my 18-2011 and my wife could not believe all the way you people traveled and we are just on your side and we are sure that you people are making miracles from day to day .

    we get chance to check your situation on health and women issue and we can not believe all on our eyes , even the WHO and also UNDP officials told us that you people are working alone and making history keep it all

    we europeans have been through so many struggle and prisons and wars but that was paid for todays greatness and we want you to know that tbis hard time for your young people is transition

    but offcourse i can not deny the weak points of the government on human rights and i can also say it possible with out such situation because look at china , brazil and even america is not free from all crimes .

    The main eritrean government weakness is the media issue , the eritrean government is really really weak on telling the world what is happening inside eritrea you need to invest in media and also more another issues to let the world know your problem

    Eritreans need to understand that there is no quick fix for their problem with ethiopia and they have to be one in all front unless ethiopian government is trying to divide eritrean diaspora by religion by region and the addis abba government is using all channels like paltalk and other ways to minimise the eritrean hard core calture as one nation . and by this occusion i want to tell eritreans out side that you people are different from any people in africa and you know this .

    i am amused that such small people can do all this on their own

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  18. I am Ghanian, It is unbelievable for a small country like Eritrea to make all this progress, And i also heard that, Eritrea does not receive any aid from the western countries - i hope all the African countries follow Eritrean foot steps.

    Eritrea should be a country of history and we African need this Ideology that can prosper Afirca.

    My qeustion is, HOW DOES THE ERITREAN GOVERNMENT MANAGE TO SHOW A STRONG ECONOMY SIGN WITH OUT THE HELP OF WESTERN AID, wHO DRAWS THE PLAN?

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  19. I knew Eritrea would reach all this levels, no doubt. Eritrea is about to hit a nother level of development soon, Let alone the reserve of potash, oil and gas.

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  20. We don't need oil and we don't need gas. WE need invironment friendly energy, and we have the resources to use that in the country and even to export it outside.

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  21. I am Nigerian and i just love the way Eritrean people behave , they are just honest and talk to your face and really smart , you people know the west more than any other people in Africa and now you do not give a shit to what they say , yet you grow your economy than Ethiopia and Kenya where aid is their Annual budget , Go Eritrea

    We have Eritreans in Nigeria doing business and they know how to make money more than any one in the market. I wonder how could this people be like that ?


    We have oil and gas and 150 million people yet 99% of Nigerians live just poor in the morning and poor in the night .


    Eritrea is amusing and we need to take this lesson from them just now we need to say to America we do not need any aid . We have democracy for long time and they abuse it and yet we do not have economic democracy what the hell is democracy while we all suffer for almost 50 years

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  22. That is more like blind eritrean english than my Nigerian brother!!! We are not a match. Try to overtake Somalia first.!!!!

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  23. Does any one need to command english to express his view ,? for sure you are ignorant than him .

    He is happy about eritrea, what is wrong with that?

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  24. Where did you get the 17% number from??

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  25. from the imf. did you even read the article??

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  26. GOD BLESS ERITREA ; and let me remind you, eitreans, one thing that any developed nation in the world do not posses what you eritreans do, that is respect cenrtered culture. And this is the core of your economic development amidst sanction, western adversries and allegations, the psycological war against you which is insisited in the name of religion and most recently european asylum for the productive eritrean youth. Imagine eritrean in your country you were working with out payment but in europe you are imprisoned along with payment. And above what you have worked with out payment had started to accelerate your national economy. I hope and at status quo i am sure that your economy will grow by at least 15% this year. keep working and uniting your self as one people, and do not give any chance to any oppenents even eritreans. once again GOD BLESS ERITREA

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  27. this is the result of the unity of eritreans where ever they are.GOD bless eritrea and blind it's enemies,specially the ones who failed to do what eritrean people do but accuse eritrea for nonsense things.let's just keep going and let them bark.WED DMU KEM KEDEMU!!!!!!!!

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  28. this is the result of the unity of eritreans where ever they are.GOD bless eritrea and blind it's enemies,specially the ones who failed to do what eritrean people do but accuse eritrea for nonsense things.let's just keep going and let them bark.WED DMU KEM KEDEMU!!!!!!!!

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  29. this is really good news, i am so happy to see this, we eritreans worked hard for several years so we deserve a change and it looks it is happening, i hope it will continue like this and change our economy and lives,
    love Eritrea

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  30. I love to hear this.

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  31. Uhm, I love all this excitement HOWEVER!!!
    If all of you actually read this report before commenting it would be great! If you know anything about economy you can see that this report indicates a great lack of coherences in the economical development between real GDP (which btw as dropped from 37.0 in 1993 to 7.1 in 2011 and expected to drop even further to 4.0 in 2012!?) and consumer price which in 1993 was 13.0 and in 2011 it was 13,3! Now, could you imagine living in a country where the national 'income' drops by 81% but goods and services has INCREASED by 1.729%??
    The economy in Eritrea has ONLY become worse!
    Now People, we all love Eritrea but be honest and please start using your intelligence to actually make some real adjustments in Eritrea that we all can be proud of! Stop the hurra hurra and take Eritrea for what it is!


    I must say Im happy that the report was available usually statements like these are left blank!

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  32. instead u can say that there's a depreciation in the economy and there will be an inflation at the rate of 7.5%

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  33. for how many years r d ppl gonna hear this crap

    1- all of d streets in asmara r not good all of us know that.
    2- water is only
    available at some parts of asmara most of the time n some places d water
    company or whoever sends d tap water send or open it like once in every
    month n the power of the water is not that much.
    3- there's no
    electricity or when someone is working or watching a match the
    electricity is off all of a sudden and without informing the people, if
    it would have been at the night time there would have been no problem as
    there's no work at night time but d electric company takes it in the
    mornings n makes it on at the nights what's the use?
    4- in short
    there's no any type of fuel whether it's petrol or diesel, how do u want
    the people to go or travel from place to place?
    5- I visit eritrea
    like every time but this year was the worst of all like we all know
    eritrea has two ports which is port of massawa & port of assab but
    for the first time in my life what i heard n saw with my eyes was hmmm
    what can i call it funny or sad moment i don't know i can't describe it
    myself and if they get fish u find all of the people making huge lines
    for buying the fish and what each person is allowed to get (2kgs) only
    why don't u close it instead of letting the people fight over there?
    6-
    If u get a new car why should u go to the ministry of transport and get
    a permit for importing a car what kind of a stupid rule is that and the
    person who did that rule is crazy.
    7- Talking about health in
    eritrea the way i observed it it's bad, if someone gets sick or has to
    do a surgeon why do they have to stay like for 3-12months for getting a
    bed room?
    8- if u go to any government office since the morning you
    can't get ur things done on time they have to let you go n come atleast
    for a week and if you say why are you doing this or that what they reply
    is that you can't tell us how to work n all n what makes you angry is
    that they say we are freedom fighters and u can't tell us to do this or
    that wtf hell way no all of the eritrean people were fighting for
    freedom and not only the eritrean people but even the eritrean animals
    like camels and donkeys were fighting for the freedom of eritrea too and
    the camel is in the eritrean currency which is nakfa now.
    9- If you
    go to any government office none of the employees are on time n they
    leave early at 11.30am n in the night shift the same thing why is that,
    when they were swearing in the completing of their national service they
    didn't promise that way.

    If you can give me an answer to my
    question it would be good but if not in short what i will say to save
    your time as i know you can't get me answers to these questions and to
    save your time the problem is that there's no administration in our
    country and that's a bad thing as it's making the image of our country
    bad as this country came with the sacrifice and blood of many best men
    and women and children to see the light of freedom so try to make the
    changes if it's true if not just don't bother advertising
    it.....................

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  34. Based on conventional Formula, i economic growth is expected. But does this change the living standart of our impovershide people?. With no proper administration, democracy, infrustracture and fair distribution of resources, sole economic growth buys no national progression. May God assist Eritrea to have competent, dedicate and democratic leaders.

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