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Economy of Eritrea vs Hungary compared: GDP & Debt

Updated on by Georank team

Eritrea has a GDP of $2.07B compared to $223B for Hungary, ranking 179/197 and 55/197 by economy size, respectively.

Eritrea has $3.54B in government debt (260.4% of GDP), compared to $164B (73.5% of GDP) in Hungary.

Eritrea vs Hungary GDP by year

Eritrea
Hungary
1x
Year GDP, current $
Eritrea Hungary
2024 - $222,722,738,926
2023 - $213,240,316,635
2022 - $177,002,580,544
2021 - $183,282,685,440
2020 - $158,468,487,754
2019 - $164,936,682,034
2018 - $161,184,691,014
2017 - $143,335,098,992
2016 - $128,983,560,865
2015 - $125,244,126,623
2014 - $141,128,696,412
2013 - $135,646,053,779
2012 - $128,470,269,690
2011 $2,065,001,626 $141,712,804,954
2010 $1,589,515,447 $131,898,737,241
2009 $1,856,695,551 $130,807,441,076
2008 $1,380,188,800 $158,228,265,916
2007 $1,317,974,491 $140,123,326,896
2006 $1,211,161,880 $115,604,111,412
2005 $1,098,424,686 $113,098,237,571
2004 $1,109,054,005 $104,015,363,080
2003 $870,248,268 $85,190,469,121
2002 $729,321,680 $67,636,468,625
2001 $752,371,689 $53,800,068,066
2000 $706,370,816 $47,275,954,429
1999 $688,918,537 $49,160,204,397
1998 $745,523,117 $48,784,412,624
1997 $686,490,090 $47,398,564,799
1996 $693,535,954 $46,833,767,124
1995 $578,015,625 $46,577,614,589
1994 $531,688,312 $43,307,949,890
1993 $467,872,715 $40,256,233,360
1992 $477,101,652 $38,857,339,125
1991 - $34,867,307,353
1990 - $34,478,360,679
1989 - $30,422,508,938
1988 - $29,799,838,597
1987 - $27,232,016,527
1986 - $24,778,163,812
1985 - $21,510,643,750
1984 - $21,242,726,264
1983 - $21,910,365,258
1982 - $24,141,667,188
1981 - $23,705,883,892
1980 - $23,116,977,148
1979 - $19,959,731,325
1978 - $17,286,744,154
1977 - $14,783,674,055
1976 - $13,235,612,079
1975 - $11,420,392,515
1974 - $10,016,338,179
1973 - $9,138,292,402
1972 - $7,379,313,742
1971 - $6,291,568,221
1970 - $5,780,929,203
1969 - $5,429,812,387
1968 - $4,886,222,555

Data sources: World Bank | Economy & Growth (1968–2024, retrieved 2026-04-06).

GeoRank.org/economy/eritrea/hungary | CC BY

GDP per capita in Eritrea vs Hungary by year

Eritrea
GDP per capita

GDP per capita, PPP
Hungary
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eritrea Hungary
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 - - $23,292 $48,552
2023 - - $22,231 $46,592
2022 - - $18,428 $44,366
2021 - - $19,031 $38,887
2020 - - $16,387 $35,584
2019 - - $17,013 $35,627
2018 - - $16,605 $32,258
2017 - - $14,736 $29,728
2016 - - $13,216 $28,179
2015 - - $12,783 $26,938
2014 - - $14,353 $25,796
2013 - - $13,739 $24,592
2012 - - $12,950 $23,205
2011 $689 $1,742 $14,211 $22,992
2010 $540 $1,599 $13,190 $21,691
2009 $643 $1,577 $13,051 $20,691
2008 $490 $1,547 $15,763 $20,709
2007 $480 $1,727 $13,935 $19,089
2006 $448 $1,682 $11,478 $18,362
2005 $413 $1,674 $11,212 $17,091
2004 $427 $1,621 $10,291 $16,251
2003 $349 $1,621 $8,410 $15,460
2002 $305 $1,702 $6,658 $14,532
2001 $325 $1,684 $5,281 $13,223
2000 $314 $1,558 $4,630 $11,872
1999 $311 $1,597 $4,802 $10,892
1998 $342 $1,598 $4,752 $10,415
1997 $319 $1,573 $4,606 $9,846
1996 $326 $1,449 $4,542 $9,388
1995 $285.4 $1,369 $4,509 $9,222
1994 $277.8 $1,379 $4,187 $8,888
1993 $252.1 $1,149 $3,887 $8,441
1992 $265.2 $1,021 $3,747 $8,284
1991 - - $3,361 $8,352
1990 - - $3,324 $9,169
1989 - - $2,902 -
1988 - - $2,812 -
1987 - - $2,566 -
1986 - - $2,331 -
1985 - - $2,020 -
1984 - - $1,991 -
1983 - - $2,050 -
1982 - - $2,255 -
1981 - - $2,213 -
1980 - - $2,158 -
1979 - - $1,865 -
1978 - - $1,618 -
1977 - - $1,388 -
1976 - - $1,249 -
1975 - - $1,083 -
1974 - - $956 -
1973 - - $876 -
1972 - - $710 -
1971 - - $607 -
1970 - - $559 -
1969 - - $527 -
1968 - - $476 -

Data sources: World Bank | Economy & Growth (1968–2024, retrieved 2026-04-06).

GeoRank.org/economy/eritrea/hungary | CC BY

Eritrea's GDP per capita is $689, ranking 188/197, compared to $23,292 in Hungary, ranking 55/197. Adjusted for purchasing power (GDP per capita PPP), Eritrea ranks 191st at $1,742, while Hungary ranks 48th at $48,552.

Economic indicators

Eritrea Hungary
Gross domestic product
$2.07B
2011
$223B
2024
GDP rank
179/197
2011
55/197
2024
GDP growth
8.68%
2010-2011
0.56%
2023-2024
GDP per capita
$689
2011
$23,292
2024
GDP per capita rank
188/197
2011
55/197
2024
GDP per capita, PPP
$1,742
2011
$48,552
2024
GDP per capita PPP rank
191/197
2011
48/197
2024
Government debt
$3.54B
2011
$164B
2024
Debt-to-GDP ratio
260.4%
2019
73.5%
2024
Government debt per person
$1,182
2011
$17,109
2024
Government debt per person rank
136/185
2011
37/185
2024
Average annual personal income after taxes
$1,129
2026
$16,996
2026
Market capitalization of domestic companies n/a
$41.5B
2024
Number of millionaires n/a
24,692
2025
Number of billionaires n/a
4
2025
Income share by richest 10% n/a
24.4%
2022
Income share by poorest 10% n/a
2.8%
2022
Government expenditure, % of GDP
31.3%
2019
46.9%
2024
Consumer prices inflation
1.3%
2018-2019
3.7%
2023-2024
Central bank interest rate n/a
6.5%
2024
Unemployment rate
5.8%
2017
4.47%
2024
Population
3700586
9475525

Spending and national debt comparison by year

Eritrea
Spending

Debt
Hungary
Spending

Debt
1x
Year % of GDP
Eritrea Hungary
Government spending Government debt Government spending Government debt
2024 - - 46.9% 73.5%
2023 - - 49.2% 73%
2022 - - 48.7% 73.9%
2021 - - 48.1% 76.2%
2020 - - 51% 78.7%
2019 31.3% 260.4% 45.8% 65%
2018 26.4% 267.1% 45.9% 68.8%
2017 42.5% 290.4% 46.6% 72%
2016 30.9% 251.2% 46.7% 74.6%
2015 31.1% 271.4% 50.4% 75.7%
2014 21.6% 204.5% 50% 76.5%
2013 32.7% 232.4% 50.1% 77.2%
2012 33.3% 171.6% 49.2% 78.4%
2011 32.3% 171.6% 49.1% 80.5%
2010 42.4% 201.8% 48.9% 80.2%
2009 44.9% 207.1% 50.7% 78.2%
2008 69.4% 259.7% 48.8% 71.8%
2007 51.2% 201.3% 49.9% 65.6%
2006 50.5% 199% 51.4% 64.5%
2005 76.6% 205.4% 49.4% 60.6%
2004 57.1% 193.5% 48.8% 58.9%
2003 58.1% 264% 49.2% 58.2%
2002 60.1% 243.4% 51% 55.6%
2001 59.5% 238.6% 47.2% 52.2%
2000 84.7% 219.1% 47.3% 55.6%
1999 106.1% - 48.9% 60.3%
1998 88% - 50.7% 60.4%
1997 60.1% - 49.5% 62.2%
1996 68.6% - 50.9% 71.2%
1995 81.2% - 55% 83.9%
1994 50.4% - - 86.2%
1993 67.2% - - 87.2%
1992 32.7% - - 76.5%
1991 - - - 74.2%
1990 - - - 63.7%
1989 - - - 70.7%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1992–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1989–1994, retrieved 2026-02-20).

GeoRank.org/economy/eritrea/hungary | CC BY

In 2024, Eritrea's government spending was $666M, accounting for 31.3% of its GDP, while Hungary spent $104B, or 46.9% of GDP.

Debt-to-GDP ratio is 260.4% in Eritrea and 73.5% in Hungary, ranking 2/185 and 49/185, respectively.

Government deficit by year

Deficit/surplus
Eritrea

Hungary
1x
Year Deficit/surplus, % of GDP
Eritrea Hungary
2024 - -4.92%
2023 - -6.75%
2022 - -6.17%
2021 - -7.11%
2020 - -7.49%
2019 2.72% -2.02%
2018 5.22% -2.05%
2017 -5.74% -2.45%
2016 -1.44% -1.79%
2015 -2.77% -2%
2014 -0.12% -2.77%
2013 -7.62% -2.6%
2012 -5.21% -2.33%
2011 -5.5% -5.22%
2010 -16.5% -4.44%
2009 -22.2% -4.76%
2008 -38% -3.78%
2007 -19.8% -5.09%
2006 -15.5% -9.27%
2005 -31% -7.79%
2004 -7.65% -6.6%
2003 6.23% -7.19%
2002 -13.3% -8.79%
2001 -9.62% -4%
2000 -25.4% -3.04%
1999 -59.7% -5.27%
1998 -40.3% -7.41%
1997 -5.65% -5.54%
1996 -18.4% -4.36%
1995 -22.9% -8.57%
1994 8.69% -
1993 4.22% -
1992 6.85% -
1991 - -
1990 - -
1989 - -
1988 - -
1987 - -
1986 - -
1985 - -
1984 - -
1983 - -
1982 - -
1981 - -
1980 - -
1979 - -
1978 - -
1977 - -
1976 - -
1975 - -
1974 - -
1973 - -
1972 - -
1971 - -
1970 - -
1969 - -
1968 - -
1967 - -
1966 - -
1965 - -
1964 - -
1963 - -
1962 - -
1961 - -
1960 - -
1959 - -
1958 - -
1957 - -
1956 - -
1955 - -
1954 - -
1953 - -
1952 - -
1951 - -
1950 - -
1949 - -
1948 - -
1947 - -
1946 - -
1945 - -
1944 - -
1943 - -0.17%
1942 - 0.31%
1941 - 0.2%
1940 - -0.07%
1939 - 0.19%
1938 - -0.11%
1937 - -0.01%
1936 - 0.08%
1935 - 0.03%
1934 - 0.04%
1933 - -0.03%
1932 - -0.22%
1931 - -0.32%
1930 - -0.26%
1929 - 0.02%
1928 - 0.12%
1927 - 0.15%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1992–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1927–1943, retrieved 2026-02-20).

GeoRank.org/economy/eritrea/hungary | CC BY

In 2011, Eritrea's government deficit, the difference between spending and revenue, was $114M, equivalent to 5.5% of GDP. This compares to Hungary's deficit of $7.4B, or 5.22% of GDP.

Over the past 17 years, Eritrea recorded a fiscal deficit in 16 of those years, while Hungary ran a deficit in 17 years. On average, Eritrea posted an annual deficit equal to 20.3% of GDP, compared to deficit of 5.95% of GDP for Hungary.

Inflation comparison by year

Inflation
Eritrea

Hungary
1x
Year Consumer prices inflation
Eritrea Hungary
2024 - 3.7%
2023 - 17.1%
2022 - 14.6%
2021 - 5.11%
2020 - 3.33%
2019 1.3% 3.34%
2018 -14.4% 2.85%
2017 -13.3% 2.35%
2016 -5.6% 0.39%
2015 28.5% -0.06%
2014 8.4% -0.23%
2013 6.3% 1.73%
2012 6% 5.65%
2011 5.9% 3.93%
2010 10.3% 4.86%
2009 33.9% 4.21%
2008 22.2% 6.04%
2007 9.4% 7.96%
2006 7.7% 3.93%
2005 12.5% 3.56%
2004 25.1% 6.74%
2003 22.7% 4.66%
2002 16.9% 5.27%
2001 14.6% 9.12%
2000 19.9% 9.8%
1999 8.4% 10%
1998 9.5% 14.2%
1997 3.7% 18.3%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06); International Monetary Fund (IMF) | World Economic Outlook (1997–2019, retrieved 2026-02-20).

GeoRank.org/economy/eritrea/hungary | CC BY

Over the past 23 years, Eritrea has recorded an average annual inflation rate of 10.4%, compared with 5.59% in Hungary. In 2019, inflation was 1.3% in Eritrea and 3.7% in Hungary.

Top exports between countries

Eritrea
Export category Export value
Hungary
Export category Export value
Animal & marine products $528K
Chemicals & pharma $186K
Metals $41K
Textiles & consumer goods $20K
Machinery & equipment $1K

Balance of trade

Eritrea Hungary
Current account balance
-$105M
2000
$3.52B
2024
Current account balance ranking
89/190
2000
36/190
2024
Current account balance, % of GDP
-14.8%
2000
+1.58%
2024
Goods imports
$471M
2000
$130B
2024
Goods exports
$36.8M
2000
$129B
2024
Service imports
$28.5M
2000
$27.9B
2024
Service exports
$60.9M
2000
$38.9B
2024
Imports of goods and services, % of GDP
29.2%
2011
71.1%
2024
Exports of goods and services, % of GDP
18.2%
2011
75.4%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Eritrea Hungary
Economic freedom 39.6 62.5
Economic freedom ranking 188/197 86/197
Property rights 4.8 67.3
Government integrity 10.9 44
Judicial effectiveness 5.5 61.9
Tax burden 80.3 85.1
Government spending 62.3 30.2
Fiscal health 69 32.7
Business freedom 30.7 70.8
Labor freedom 43.4 56.5
Monetary freedom 80 72.1
Trade freedom 68.4 79.4
Investment freedom 0 80
Financial freedom 20 70

Economic freedom comparison by year

Eritrea
Hungary
1x
Year Economic freedom index
Eritrea Hungary
2026 39.6 62.5
2025 38.6 61.4
2024 39.5 61.2
2023 39.5 64.1
2022 39.7 66.9
2021 42.3 67.2
2020 38.5 66.4
2019 38.9 65
2018 41.7 66.7
2017 42.2 65.8
2016 42.7 66
2015 38.9 66.8
2014 38.5 67
2013 36.3 67.3
2012 36.2 67.1
2011 36.7 66.6
2010 35.3 66.1
2009 38.5 66.8
2008 - 67.6
2007 - 64.8
2006 - 65
2005 - 63.5
2004 - 62.7
2003 - 63
2002 - 64.5
2001 - 65.6
2000 - 64.4
1999 - 59.6
1998 - 56.9
1997 - 55.3
1996 - 56.8
1995 - 55.2

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/eritrea/hungary | CC BY

The Economic Freedom Index for Eritrea is 39.6, ranking 188/197, compared to 62.5 for Hungary, ranking 86/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Eritrea Hungary
Services, % of GDP n/a
59.5%
2024
Industry, % of GDP
21.8%
2009
23.7%
2024
Agriculture, forestry, and fishing, % of GDP
14.1%
2009
2.71%
2024
GNI, Atlas method
$1.94B
2011
$199B
2024
GNI per capita, PPP
$1,720
2011
$47,290
2024
Total reserves including gold
$192M
2019
$46.4B
2024
Total reserves ranking
170/177
2019
42/177
2024
Net foreign direct investment
-$27.9M
2000
-$15.8B
2024
Net inflows of foreign direct investment
-$27.9M
2024
-$62.2B
2024
Net outflows of foreign direct investment
$0
2024
-$78B
2024
Servicing debt to the IMF, % of GNI
1.07%
2011
n/a
Poverty at national poverty lines
50%
2020
12.1%
2021
Gross capital formation, % of GDP
12.6%
2011
23.5%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/eritrea/hungary | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1968–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1992–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1927–1994, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2024, retrieved 2026-02-08)
  7. Central Intelligence Agency (CIA) (2017–2020, retrieved 2026-02-20)
  8. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  9. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.