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Eritrea's Economy To Grow by 8.5% in 2013 - EIU

Written By Admin on Dec 1, 2012 | 12:04 PM

7comments


Regional GDP Growth Rates

Country
2011
2012
_2013_
Eritrea
17%
7.5%
8.5%
Ethiopia
7.5%
5.0%
5.5%
Djibouti
4.5%
4.8%
5.0%
Sudan
-3.9%
-7.3%
3.6%

Sources: EIU, IMF, RB



December 1, 2012 — Eritrea’s red hot economy is expected to maintain a growth rate of 8.5 percent in 2013, according to the Economist Intelligence Unit (EIU) in its annual country report.

The EIU says growth outlook for 2013 will be driven by higher agriculture output, increased development activities and Nevsun Resources raising production forecast for its Bisha mine.

Eritrea gaining access to Sudan's recently built gold refinery plant will also lower production costs at Bisha and increase public revenue from the mine, the London-based financial group said.

Despite high energy costs and some macroeconomic imbalances hindering the economy, the Government of Eritrea forecasts GDP growth levels between 7-10 percent for 2012-2015 period.

Regionally, Sudan will bounce back and grow by 3.6 percent after its economy retracted following the secession of South Sudan and the subsequent loss of most of its oil revenues, the report said.


Eritrea is projected to have the fastest-growing economy in East Africa in 2013
Eritrean Bisha gold bars



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7 comments:

  1. I LUUUUUUUUUUUUUUUUUUUUUUV this!! Our government is delivering miracles! Proud to be an Eritrean!!

    ReplyDelete
  2. After now you must stop eating locust.

    ReplyDelete
  3. Good news,,but Inflation should be controlled,,,

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  4. currency needs to be controlled too.
    please also start exploring for oil and gas

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  5. Oil and gas is old fashioned, and it is dangerous for the climate. Also, if we start using oil there would be trouble with other countries that lives from oil, since we would be able to tap their oil. I wish Eritrea to live in peace with nature, with its own people and its surrounded countries. An ecofriendly, economically smart, and people friendly Eritrea - that is a dream, and I think that is the ultimate intention of the government too...although we wished things had been better and a little softer.

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  6. Our gov't doesn't believe in GDP as PIA expressed reiterated in his interviews many times. Usually, the real economic growth has to be reflected upon the people of Eritrea. But I'm afraid though that the later is happening in my country.

    ReplyDelete

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