Editing Economy of Eritrea (section)

==Industries==

===Agriculture, Forestry, and Fishing===
{{see also|Agriculture in Eritrea}}
In 2004, [[agriculture]] employed nearly 80 percent of the population but accounted for only 12.4 percent of gross domestic product (GDP) in Eritrea. The agricultural sector has improved with the use of modern farming equipment and techniques, and dams. Nevertheless, it is compromised by a lack of financial services and investment. Major agricultural products are [[sorghum]], [[barley]], [[beans]], [[dairy products]], [[lentil]]s, [[meat]], [[millet]], [[Skinning|leather]], [[teff]], and [[wheat]]. The displacement of 1 million Eritreans as a result of the war with Ethiopia, and the widespread presence of [[land mines]] have played a role in the declining productivity of the agricultural sector. Almost a quarter of the country's most productive land remains{{when|date=May 2023}} unoccupied because of the lingering effects of the 1998–2000 war with Ethiopia.{{cn|date=May 2023}}

[[Forestry]] is not a significant economic activity in Eritrea.<ref name="cp" />

As of 2011, the government encouraged large-scale cultivation of cactus to help alleviate the human suffering and, in the future, increase export revenues. Cactus plants are said to have been introduced in 1839 by a French Catholic missionary who planted the cactus in Digsa, Akrur and Hebo, Southern region. The second generation of cactus plants were introduced by the Italians, who planted them at Arberebu while they were building the Asmara rail lines.<ref>{{Cite web|last=Kithinji|first=Brian|date=24 August 2021|title=Why Eritrea is turning to cactus|url=https://mansamedia.africa/why-eritrea-is-turning-to-cactus/|url-status=live|access-date=25 August 2021|archive-url=https://web.archive.org/web/20210825004222/https://mansamedia.africa/why-eritrea-is-turning-to-cactus/ |archive-date=2021-08-25 }}</ref>

Reliable figures on the extent and value of the [[fishing industry]] in Eritrea are difficult to obtain. However, Eritrea's long coastline offers the opportunity for significant expansion of the fishing industry from its current, largely artisanal, stage. Eritrea exports fish and sea cucumbers from the Red Sea to markets in Europe and Asia, and there is hope that the construction of a new, jet-capable airport in [[Massawa]], as well as rehabilitation of the port there, may support increased exports of high-value seafood. In 2002, exports were about 14,000 tons, but the maximum stable yield is thought to be nearly 80,000 tons. A fish processing plant was built in 1998 that now exports 150 tons of frozen fish every month to markets in [[United Kingdom|Britain]], [[Germany]], and the [[Netherlands]]. Tensions with [[Yemen]] over fishing rights in the [[Red Sea]] flared up in 1995 and again in 2002, and Eritrea's difficult relations with other nations could hamper further development of the industry.<ref name=cp/>

===Mining and minerals===
{{update section|date=May 2023}}
As of 2001, Eritrea's substantial mineral deposits were largely unexplored. According to the Eritrean government, [[artisanal mining]] in 1998 collected 573.4 kilograms of [[gold]], however the number of gold reserves was unknown. International observers also have noted Eritrea's potential for quarrying ornamental marble and granite. As of 2001, some 10 mining companies had obtained licenses to prospect for different minerals in Eritrea. The government of Eritrea reportedly was in the process of conducting a geological survey for use by potential investors in the mining sector. The presence of hundreds of thousands of land mines in Eritrea, particularly along the border with Ethiopia, has presented a serious impediment to future development of the mining sector.<ref name=cp/>

In 2011, AngloGold Ashanti moved into Eritrea to explore the [[Arabian-Nubian Shield]] for gold through a 50/50 joint venture set up in 2009 with Thani Dubai Mining.<ref name="mining">{{Cite news |date=2011-05-12 |title=AngloGold moves into Eritrea |language=en-ZA |url=https://www.miningreview.com/top-stories/anglogold-moves-into-eritrea/ |access-date=2023-05-18 |archive-date=2020-12-01 |archive-url=https://web.archive.org/web/20201201114323/https://www.miningreview.com/top-stories/anglogold-moves-into-eritrea/ |url-status=dead }}</ref>

In 2011, the Australian Chalice mining company applied through a 60/40 joint venture for a mining license for 18 years.<ref>{{Cite web |date=2 Nov 2011 |title=Chalice takes key step towards gold production with signing of Eritrean Mining Agreement |url=https://www.prnewswire.com/news-releases/chalice-takes-key-step-towards-gold-production-with-signing-of-eritrean-mining-agreement-133061713.html |access-date=2023-05-18 |website=www.prnewswire.com |language=en}}</ref>

Also in 2011, [[Nevsun Resources]] completed construction of its Bisha gold mining project. Estimated production was to be 350,000 ounces of gold per year until the gold ore is exhausted, at which point the mine would produce copper and zinc.<ref>{{cite web|url=http://www.nevsun.com/projects/bisha-main/|title=Nevsun Resources: Bisha Mine, Bisha Project, Gold Production, Gold Mine Africa, Mining Africa, Copper Mine, Mining Eritrea, Base Metal Properties, High-Grade Gold|access-date=11 June 2015|archive-url=https://web.archive.org/web/20120627055930/http://nevsun.com/projects/bisha-main/|archive-date=27 June 2012|url-status=dead}}</ref>

As of 2012, nine explorer companies operated in Eritrea from Canada (NGEx Resources), Australia (Chalice Gold Mines, South Boulder Mines, Sunridge Gold Corp), China ([[Sichuan Road and Bridge Group]], Zhong Chang Mining Co, China Africa Huakan Investment Co., Land Energy Group (China) Ltd, Beijing Donia Resources Co.), the UK (London Africa Ltd, Andiamo Exploration Ltd.), the UAE and Barbados.<ref name="ecss">{{Cite web |last=Eritrean Center for Strategic Studies |date=October 2012 |title=Mining and Exploration Activities in Eritrea |url=https://www.ecss-online.com/mining-and-exploration-activities/ |access-date=2023-05-18 |language=en}}</ref>

===Industry and Manufacturing===
During the period of federation, industrial capacity largely shifted to Ethiopia, leaving the Eritrean industrial sector with outmoded capital equipment. In 2003 industry accounted for 25.3 percent of gross domestic product. Major products include processed food and dairy products, alcoholic beverages, glass, leather goods, marble, textiles, and salt.<ref name="cp" />

===Energy===
{{main|Energy in Eritrea}}
Households consume more than 80 percent of total energy production. [[Electricity production]] in 2001 was estimated at 220.5 million kilowatt-hours. Consumption for that year was estimated at 205.1-kilowatt hours. An 88-megawatt electricity plant funded by [[Saudi Arabia]], [[Kuwait]], and [[Abu Dhabi]] was completed just south of Massawa in 2003, its completion delayed nearly three years by the war with Ethiopia. Annual consumption of petroleum in 2001 was estimated at 370,000 tons. Eritrea has no domestic petroleum production; the Eritrean Petroleum Corporation conducts purchases through international competitive tender. According to the U.S. Department of Commerce, opportunities exist for both on- and offshore oil and natural gas exploration; however, these prospects have yet to come to fruition. The use of [[Wind energy]] and [[solar power]] have slightly increased, due to the growth of solar power manufacturing companies in the country. The Eritrean government has expressed interest in developing alternative energy sources, including geothermal, solar, and wind power.<ref name=cp/>

[[File:Asmara, cinema impero, 01.JPG|thumb|Harnet Avenue in Asmara]]

===Services===
In 2011, services accounted for 55 percent of gross domestic product. Financial services, the bulk of the services sector, are principally rendered by the [[National Bank of Eritrea]] (the nation's central bank), the Commercial Bank of Eritrea, the Housing and Commerce Bank of Eritrea, the Agricultural and Industrial Bank of Eritrea, the Eritrean Investment and Development Bank, and the National Insurance Corporation of Eritrea.<ref name=cp/>

===Tourism===
{{main|Tourism in Eritrea}}
Eritrea's lack of access to funds, the presence of large numbers of land mines, and the continued [[Eritrea-Ethiopia relations|tensions that flare up between Eritrea and Ethiopia]] have deterred the development of a [[tourist industry]] in Eritrea. According to the [[World Tourism Organization]], international tourism receipts in 2002 were only US$73 million.<ref name=cp/>

===Banking and Finance===
{{main|Banking in Eritrea}}
According to the [[International Monetary Fund]], commercial banks in Eritrea—all government owned and operated—appear to be in compliance with prudent regulations. Although the commercial banking sector is largely profitable, mostly owing to income from foreign exchange transactions, the sector is burdened by a high proportion of non-performing loans. Core lending activities do not generate sufficient income to cover operating costs at most commercial banks.<ref name=cp/>