Gross Domestic Product (GDP)
In 2003 GDP was estimated to have grown by 2 percent, a slight improvement over 2002, the last year for which firm figures are available, when GDP expanded by 1.8 percent in real terms to about US$600 million. Despite the growth, GDP per capita declined in 2003 by 10 percent in real terms, according to the International Monetary Fund (IMF). Although in 2001 GDP grew by 10.2 percent, this increase came on the heels of 2000, when, as a consequence of war with Ethiopia, GDP contracted by a staggering 13.2 percent. Growth in 1999 was flat at 0.3 percent growth. Between 1994 and 1997, when relations with Ethiopia and the rest of the world were stable, GDP growth averaged 7 percent. In 2004, according to IMF estimates, GDP per capita in Eritrea was only US$130. Breakdowns of the Eritrean economy by sector are not readily available; however, according to some estimates, in 2003 services accounted for 62.4 percent of GDP, industry for 25.3 percent, and agriculture for the remaining 12.4 percent.
Read more about this topic: Economy Of Eritrea
Famous quotes containing the words gross, domestic and/or product:
“When life has been well spent, age is a loss of what it can well spare,—muscular strength, organic instincts, gross bulk, and works that belong to these. But the central wisdom, which was old in infancy, is young in fourscore years, and dropping off obstructions, leaves in happy subjects the mind purified and wise.”
—Ralph Waldo Emerson (1803–1882)
“Our domestic problems are for the most part economic. We have our enormous debt to pay, and we are paying it. We have the high cost of government to diminish, and we are diminishing it. We have a heavy burden of taxation to reduce, and we are reducing it. But while remarkable progress has been made in these directions, the work is yet far from accomplished.”
—Calvin Coolidge (1872–1933)
“Perhaps I am still very much of an American. That is to say, naïve, optimistic, gullible.... In the eyes of a European, what am I but an American to the core, an American who exposes his Americanism like a sore. Like it or not, I am a product of this land of plenty, a believer in superabundance, a believer in miracles.”
—Henry Miller (1891–1980)