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:
“We are ashamed to seem evasive in the presence of a straightforward man, cowardly in the presence of a brave one, gross in the eyes of a refined one, and so on. We always imagine, and in imagining share, the judgments of the other mind.”
—Charles Horton Cooley (1864–1929)
“Electronic aids, particularly domestic computers, will help the inner migration, the opting out of reality. Reality is no longer going to be the stuff out there, but the stuff inside your head. It’s going to be commercial and nasty at the same time.”
—J.G. (James Graham)
“Much of our American progress has been the product of the individual who had an idea; pursued it; fashioned it; tenaciously clung to it against all odds; and then produced it, sold it, and profited from it.”
—Hubert H. Humphrey (1911–1978)