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Asmara is the capital and largest city of Eritrea. It is situated in the central highlands of the country and is known for its well-preserved Italian colonial architecture. Asmara is the political, cultural, and economic center of Eritrea.
Massawa, also known as Mitsiwa, is a major port city located on the Red Sea coast of Eritrea. It serves as an essential trade and transportation hub, with historical significance dating back to ancient times.
Keren is one of the largest cities in Eritrea and is located in the Anseba Region. It is known for its vibrant markets and cultural festivals.
Assab is a coastal city and port in the southern part of Eritrea, along the Red Sea. It plays a significant role in trade and commerce due to its strategic location.
Mendefera is another notable city in Eritrea, located in the Debub Region. It serves as an administrative and commercial center for the surrounding area.
Gross Domestic Product (GDP):
Eritrea's GDP was estimated to be around 3 billion to 3.5 billion USD (in current U.S. dollars) in 2020.
GDP Growth Rate:
Eritrea has experienced fluctuating GDP growth rates over the years, influenced by factors such as agriculture, mining, and the global economic environment.
GDP per Capita:
Eritrea's GDP per capita was estimated to be relatively low, at around 700 to 800 USD (in current U.S. dollars) in 2020.
Eritrea's economy has traditionally been based on subsistence agriculture, with a significant portion of the population engaged in farming and livestock rearing.
The country has also sought to develop its mining sector, particularly in gold and base metals.
Mining and Natural Resources:
Eritrea has significant mineral resources, including gold, copper, and zinc. The Bisha mine is one of the notable mining projects in the country.
Mining has played a role in generating export revenue, but challenges related to international sanctions have affected the sector.
Agriculture remains a crucial sector, with crops like sorghum, millet, and wheat being staples. Livestock farming is also widespread.
The Eritrean nakfa (ERN) is the official currency of Eritrea.
Eritrea faces various economic challenges, including limited access to external markets due to political tensions, a reliance on subsistence agriculture, and the need for diversification and economic reforms.
Eritrea has faced international sanctions, particularly related to arms embargoes and restrictions on certain mining activities, which have affected its economic development.
A significant portion of economic activity in Eritrea takes place in the informal sector, which includes activities that are not regulated or taxed by the government.
Five Largest Companies in Eritrea
Segen Construction Company:
Segen Construction Company is a state-owned construction company in Eritrea. It is involved in various construction projects, including infrastructure development.
Eritrean Telecommunications Services Corporation (EriTel):
EriTel is the state-owned telecommunications company in Eritrea. It provides telecommunications services, including fixed-line, mobile, and internet services.
Bisha Mining Share Company:
The Bisha Mining Share Company operates the Bisha mine, which is one of Eritrea's major mining projects. The mine primarily produces gold, copper, and zinc.
Zara Mining Share Company:
Zara Mining Share Company is involved in the mining sector in Eritrea, with a focus on gold production.
Eritrean Red Sea Trading Corporation (ERSSTC):
ERSSTC is a state-owned trading company responsible for various import and export activities in Eritrea.
Five Largest Banks in Eritrea
Eritrea's banking sector is relatively small, and the country has a state-controlled economy with limited private enterprise. There are a few banks operating in Eritrea, but the sector is not as extensive as in larger economies. It's important to note that the availability of banking services in Eritrea can vary, and the country primarily relies on a cash-based economy. Here are some of the banks in Eritrea:
Commercial Bank of Eritrea (CBE):
The Commercial Bank of Eritrea is the largest and most prominent bank in the country. It provides a range of banking and financial services to individuals and businesses.
HIDRI Trust and Investment Company:
HIDRI Trust and Investment Company is a state-owned financial institution in Eritrea. It is involved in investment and financial activities.
Dahabshil Bank International (DBI):
Dahabshil Bank International is a bank that operates in several countries, including Eritrea. It offers banking and financial services, including money transfer services.
Himbol Finance Corporation (HFC):
Himbol Finance Corporation is a state-owned financial institution in Eritrea. It provides financial services, including credit and loans.
Eritrean Investment and Development Bank (EIDB):
Eritrean Investment and Development Bank is another state-owned financial institution in Eritrea. It plays a role in supporting investment and development projects in the country.
Top Company Listings in Eritrea Business Directory
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