2021 22 Annual Report

Ethiopia: Macroeconomic and Social Indicators
1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Indicators (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) (2014)
1. Country Profile
Land Area (total, In Sq.Km) 1.14 million 1.14 million 1.14 million 1.14million 1.14million 1.14million 1.14million 1.14million 1.14million 1.14million 1.14million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million
Arable Land ( % of total area ) 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.0 45.00 45.00 45.00 NA NA NA NA 12.00 13 14.2 14.32 14.41 16.2
Agricultural Irrigated Land ( % of totalAgricultural area ) 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 NA NA NA NA NA NA NA NA 4.0 4.0 4.7 5 6
Population Density ( person per sq.km )* 85.6 88.1 90.7 93.2 95.8 99.7 101.2 99.6 102.1 104.7 107.40 110.14 112.94 115.76 118.61 96.00 101.00 104.00 106 109 112 115 117
2. Social Indicators
Population total, in millions (Mid-Year population) 62.7 64.6 66.4 68.1 69.8 71.5 73.1 74.0 74.9 76.9 78.9 80.7 82.7 84.8 87.0 89.1 91.2 93.4 95.5 97.6 99.75 101.9 104.1
(o/w Urban Poulation, in %) 14.9 15.1 15.33 15.5 15.8 15.97 16.21 16.45 17 16.14 16.30 16.10 16.3 18.6 19.0 19.5 19.9 20.3 21 22.8 22.8 22.8 22.8
Working Age Population ( In Millions )
Urban 5.6 6.1 6.4 6.5 7 6.95 7.6 7.6 8.0 8.4 8.92 9.43 10.0 10.5 11.1 11.6 12.2 12.8 12 13.13 14.03 15.01 16.04
Rural 28.00 28.8 29.8 30.54 31.4 32.6 33.2 32.9 31.3 33.0 33.89 34.83 35.8 36.8 37.7 38.7 39.7 40.8 42 43.06 44.28 45.8 46.6
Total 33.8 34.9 36.2 37.04 38.4 39.6 40.7 40.6 39.3 41.4 42.82 44.26 45.7 47.3 48.8 50.4 52.0 53.6 56 56.19 58.31 60.81 62.64
Age Dependency Ratio 87.8 87.2 86.0 86.6 85.2 84.7 84.3 84.3 93 93 93.00 93.00 93.0 75.0 75.0 75.0 75.0 75 69 69 69 69 69
Life Expectancy at Birth ( Male - Female ) 50.9-53.0 53.4-55.4 53.4-55.4 53.4-55.4 53-55 53.42-55.42 55.6-57.9 55.6-57.9 53.4-55.4 53.4-55.4 53.4-55.4 58.4-60.4 53.4-55.4 60.2-64.2 60.2-64.2 60.2-64.2 60.2-64.2 60.2-64.2 62.4-66.6 62.4-66.6 62.4-66.7 65.5 65.5
Crude Birth Rate 44.2:1,000 39.9:1,000 39.9:1,000 39.9:1,000 39.9:1,000 35.7:1,000 36.9:1,000 36.9:1,000 35.7:1,000 35.7:1000 35.7:1000 33.6:1000 33.6:1000 30.3:1000 30.3:1000 30.3:1000 30.3:1000 30.3:1000 27:1000 27:1000 27:1001 27:1002 27:1003
Crude Death Rate 15:1,000 12.6:1,000 12.6:1,000 12.6:1000 12.6:1000 12.6:1000 10.8:1,000 10.8:1,000 10.8:1,000 NA NA 9.2:1,000 9.2:1,000 7.2:1000 7.2:1000 7.2:1000 7.2:1000 7.2:1000 6 6 6 6:03 6.00
Natural Rate of Population Increase ( In % ) 2.9 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.60 2.40 2.40 2.31 2.31 2.31 2.31 2.31 2 2 2 2 2
Total Fertility Rate 6.5clild:W 5.8child:W 5.8child:W 5.8child:W 5.8child:W 5.4child:W 5.4child:W 5.4child:W 5.4child:W 5.4child:W 5 child:W 4.8child:W 4.8child:W 3.94chil:W 3.94chil:W 3.94chil:W 3.94chil:W 3.94chil:W 3.5chil:W 3.5chil:W 3.5chil:W 4.6chil:W 4.6chil:W
k People : Hospital Beds 5,273:1 6,086.4:1 5740.4:1 6479.2:1 5721.4:1 5273.5:1 5028:1 5293:1 5698:1 5082:1 7815:1 NA NA 2516:1 NA NA 2850:1 2980:1 3617:1 1,312 2750 2720 2900
People : Physician1 50,273.2:1 47,836.0:1 35604:1 34005.1 36954:1 29777:1 35493:1 49888:1 36374:1 36175:1 56013:1 53642:1 28847:1 32132:1 20970:1 17160:1 14045:1 22766:1 26635:1 10,521:1 9977:1 8448:1 7576
1
People : Nurse 9,458.5:1 8,461.0:1 5236.0:1 4879:1 4621:1 3956.8:1 4206:1 4601:1 4524:1 3870:1 3012:1 2762:1 2299:1 1884:1 1995:1 1999:01:00 1999:1 1194:1 1780:1 1620:1 1705 1473 1415
Infant Mortality Rate 110:1,000 97:1,000 97:1,001 97:1,002 97:1,003 80:1,000 80:1,000 80:1,000 77:1,000 77:1,000 77:1,000 73:1000 59:1000 62.2:1000 62.4:1000 62.4:1000 62.4:1000 62.4:1000 53.3:1000 53.3:1000 43.3:1000 47:1001 47:1000
Access to Safe Water ( In %)
Country Level 30.00 27.90 28.4 NA 35.9 45.6 47.3 52.5 59.5 66.2 68.50 73.30 58.3 68.5 76.7 84.0 61.0 66.0 71 76 79.3 58.5 58.76
Urban Population 72.00 91.70 75.7 NA N.A 82 NA 82.0 86.2 88.6 91.50 92.50 78.7 81.3 84.2 91.0 52.5 55.0 60 66 66.5 62.95 71.97
Rural Population 24.00 17.10 19.9 NA 25.2 38.4 42.2 46.4 53.9 61.5 65.80 71.30 55.2 66.5 75.5 82.0 63.1 68.0 74 79 82.7 57.26 59.76
Student-Teacher Ratio
Primary ( 1-8 ) 56:1 61:1 63:1 64:1 65:1 66:1 62:1 59:1 57:1 54:1 51:1 51:1 50:1 49:1 47:1 46:1 46:1 43.00 43 39 39 34.8 34.6
Secondary ( 9-12 ) 43:1 52:1 54:1 45:1 48:1 51:1 57:1 48:1 43:1 41:1 36:1 31:1 29:1 28.7:1 27.8:1 26.4:1 26.5:1 43.00 43 22.5 24 27.4 27.7
Technical & Vocational 7.6:1 9:1 17:1 25:1 22:1 21:1 20:1 27:1 25:1 34:1 NA 29:1 24.7:1 18.6:1 16.5:1 16.5፡1 12.6፡1 11.00 26 13.3 13.3 1:11 1:11
Student-School Ratio
Primary ( 1-8 ) 563:1 617.5:1 674.0:1 701:1 724:1 690:1 654:1 677:1 657:1 619:1 573:1 590:1 576:1 571:1 571:1 744.9፡1 573፡1 580.00 567 628 528 512.7 526.6
Secondary ( 9-12 ) 982:1 1,531.2:1 1681.0:1 1222:1 1312:1 1350:1 1425:1 1440:1 1381:1 1345:1 1270:1 1160:1 1033:1 994:1 857:1 369:1 767.2፡1 754.00 741 568 940 1017 1063
Technical & Vocational 267:1 264.9:1 271.0:1 353:1 552:1 534:1 468:1 493:1 501:1 673:1 788:1 735:1 654:1 544:1 545:1 383:1 523፡1 329.00 318 246.8:1 246.6:1 177 158
3. Macroeconomic Indicators
2
3.1 Real sector Development
GDP at Current Market Price (In Mn. Birr) 68,920.1 70,345.5 68,825.2 75,935.2 89,614.8 110,101.9 136,128.5 177,851.4 256,766.1 346,823.9 395,991.17 528,579.8 766,915.5 889,644.9 1,088,631.8 1,331,983.7 1,568,097.45 1,832,553.7 2,202,373 2,696,223.0 3,374,747 4341387.1 6,157,538
Nominal GDP Growth Rate (In %) 2.1 (2.2) 10.3 18.0 22.9 23.6 30.6 44.4 35.1 14.2 33.5 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.4 25.5 28.6 41.8
Average Marginal Exchange Rate (Birr per USD) 8.1 8.3 8.5 8.6 8.6 8.7 8.7 8.8 9.2 10.4 12.9 16.1 17.3 18.3 19.1 20.1 21.1 22.4 26.1 28.1 31.3 39.0 48.57
GDP at Current Market Price (IN Mn. USD) 8,466.8 8,444.8 8,059.2 8,850.3 10,384.1 12,725.9 15,681.2 20,223.5 27,776.2 33,285.4 30,720.8 32,794.8 44,449.6 48,671.9 57,071.7 66,282.4 74,296.6 81,760.4 84,355.6 95,951.0 107,673 111271.2 126,783
Nominal GDP per Capita (In USD) 135.0 130.8 121.5 130.0 148.7 178.1 214.5 273.4 370.8 432.9 389.2 406.5 537.2 573.7 656.4 744.1 814.6 875.8 883.3 983.1 1,080 1091.8 1,218
Real GDP per Capita ( In Birr ) 6,244.4 6,569.6 6,489.5 6,188.4 6,850.2 7,487.9 8,112.3 8,934.3 9,776.2 10,361.1 11,358.85 5,895.00 6,947.5 7,299.1 7,625.2 8,571.2 8,864.0 18,257.5 19,205 20,360.2 21,144.1 21,862.47 22,542.21
Real GDP per Capita Growth Rate (In %) 4.8 5.2 (1.2) (4.6) 10.7 9.3 8.3 10.1 9.4 6.0 9.63 9.00 6.1 5.1 4.5 12.4 3.4 8.0 5 6 4 3.4 3.1
GDP Deflator (% change) - (5.8) (3.6) 12.8 3.9 9.9 11.6 17.2 30.3 24.1 1.4 20.2 33.5 4.9 11.0 10.8 9.5 6.7 12.5 13.2 18.2 21.8 34.7
Real GDP at constant basic price (In Mn. Birr) 364,984.3 392,058.8 398,464.8 390,102.9 435,859.5 490,970.4 547,625.4 612,217.2 680,706.9 749,058.8 828,212.74 922,512.81 1,002,766.9 1,102,467.8 1,216,015.3 1,342,555.9 1,449,397.5 1,596,481.6 1,719,491 1,874,689.3 1,989,519 2,114,163 2,248,571,
Real GDP at constant market price (In Mn. Birr) 391,668.2 424,182.3 430,607.4 421,301.7 478,482.2 535,033.3 593,002.2 660,936.6 732,242.1 796,697.6 896,687.51 996,921.82 1,083,133.7 1,197,753.9 1,320,688.1 1,457,857.6 1,568,097.5 1,717,127.2 1,834,066 1,987,157.5 2,109,122 2,228,081 2,346,644
Real GDP Growth Rate (In %) - 7.4 1.6 (2.1) 11.7 12.6 11.5 11.8 11.2 10.0 10.6 11.4 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9.0 6.1 6.3 6.1
Agriculture & Allied Activties(In Billion Birr) 202.7 222.2 218.0 195.1 228.1 258.9 287.2 314.3 337.9 359.5 386.9 421.7 442.5 473.9 499.8 531.7 544.1 580.4 600.9 623.8 650.3 686.4 728.4
Industrial Sector (In Billion Birr) 41.6 43.9 47.9 51.4 58.1 63.5 70.0 76.4 84.6 93.4 104.40 119.95 146.9 188.6 225.9 281.3 343.9 413.8 464 526.2 576.9 618.8 649.2
Service Sector(In Billion Birr) 128.5 133.8 135.4 142.7 151.3 170.5 192.7 220.9 255.1 289.1 322.50 357.36 393.4 426.3 479.5 530.0 575.9 619.3 674 745.7 786.8 836.2 899.8
Agriculture & Allied Activties (% of GDP) 55.5 56.7 54.7 50.0 52.3 52.7 52.4 51.3 49.6 48.0 46.7 45.7 44.1 43.0 41.1 39.6 37.5 36.4 34.9 33.3 32.7 32.5 32.4
Industrial Sector ( % of GDP ) 11.4 11.2 12.0 13.2 13.3 12.9 12.8 12.5 12.4 12.5 12.6 13.0 14.6 17.1 18.6 21.0 23.7 25.9 27.0 28.1 29.0 29.3 28.9
Service Sector ( % of GDP ) 35.2 34.1 34.0 36.6 34.7 34.7 35.2 36.1 37.5 38.6 38.9 38.7 39.2 38.7 39.4 39.5 39.7 38.8 39.2 39.8 39.5 39.6 40
Private Consumption Expenditure 43,005.1 45,239.9 46,501.5 53,522.7 57,388.8 76,792.6 96,680.0 122,685.3 186,181.4 252,692.2 291,473.3 374,882.4 544,140.3 639,963.8 748,560.3 900,516.9 1,042,264.6 1,219,365.9 1,441,581.1 1,848,070.0 2,360,896 3,134,994 4,764,429
Government Consumption Expenditure 18,023.8 15,063.6 14,926.8 14,890.8 17,106.6 19,960.7 24,310.8 27,321.4 36,834.7 45,067.5 49,720.8 62,346.1 72,783.5 91,074.7 115,104.0 137,245.8 174,598.8 203,607.9 225,523.2 247,362.0 307,769 383,565 453,263
Investment 17,044.9 18,468.1 20,242.8 20,561.4 28,978.0 31,895.7 41,836.6 47,975.7 70,003.5 96,074.6 119,166.6 164,525.7 275,811.3 293,930.7 400,841.2 508,975.9 585,665.0 704,596.0 751,626.2 948,866.0 1,037,685 1,216,585 1,560,325
Exports 8,009.8 8,146.1 8,388.8 9,779.5 12,913.6 16,076.9 18,205.4 21,853.7 28,317.5 35,233.2 52,168.4 85,950.4 102,886.6 108,227.1 123,496.0 121,532.2 122,500.8 139,830.1 184,282.1 213,437.0 239,229 329,634 507,692
Imports 15,952.8 16,108.4 17,706.8 20,131.3 27,366.8 37,776.3 48,092.4 55,087.8 76,564.3 96,285.3 126,319.4 162,487.1 236,383.9 251,300.6 308,691.3 393,188.5 424,749.9 430,233.2 502,112.9 561,512.0 571,230 723,391 1,128,171
Resource Balance (7,942.8) (7,962.4) (9,317.8) (10,352.3) (14,453.2) (21,699.4) (29,887.0) (33,234.4) (48,247.0) (61,052.0) (74,151.0) (76,537.0) (133,498.0) (143,073.5) (185,195.3) (271,656.0) (302,249.0) (290,403.0) (317,831.0) (348,075.0) -329,096 -394,236 -620,479
Gross Private Consumption (% of GDP) 62.4 64.3 67.6 70.5 64.0 69.7 71.0 69.0 72.5 72.9 73.6 70.9 71.0 71.9 68.8 67.6 66.5 66.5 65.5 68.5 69.96 72 77.4
Gross Government Cosumption (% of GDP) 26.2 21.4 21.7 19.6 19.1 18.1 17.9 15.4 14.3 13.0 12.6 11.8 9.5 10.2 10.6 10.3 11.1 11.1 10.2 9.2 9.1 8.84 7.4
Gross Domestic Fixed Investment (% of GDP) 24.7 26.3 29.4 27.1 32.3 29.0 30.7 27.0 27.3 27.7 30.1 31.1 36.0 33.0 36.8 38.2 37.3 38.4 34.1 35.2 30.7 28.02 25.3
Resource Balance (% of GDP) (11.5) (11.3) (13.5) (13.6) (16.1) (19.7) (22.0) (18.7) (18.8) (17.6) (18.7) (14.5) (17.4) (16.1) (17.0) (20.4) (19.3) (15.8) (14.4) (12.9) (9.8) -9.08 -10.1
Continued….
1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Indicators (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) (2014)
3.2 Monetory Indictors
Narrow Money Supply (M1) ( In Mn. Birr ) 13,050.2 13,745.8 15,182.4 16,446.7 19,065.91 21,289.80 23,811.90 29,773.40 36,875.50 42,112.70 52,434.63 76,171.00 94,849.88 114,745.69 134,063.78 154,706.34 178,609.66 216,794.60 281,154.70 308,937.10 360,585.50 437,391.97 588,015.82
Broad Money Supply (M2) ( In Mn. Birr ) 22,177.8 24,516.2 27,322.0 30,090.1 34,655.87 40,212.10 46,377.40 56,860.30 69,918.20 82,509.80 104,432.40 145,376.97 189,398.78 235,313.59 297,746.59 371,328.91 445,266.25 573,408.60 740,572.50 886,752.50 1,037,646.30 1,348,266.15 1,715,310.03
Net Foreign Assets ( In Mn. Birr ) 4,770.6 4,800.0 7,822.5 11,049.2 11,766.86 13,868.00 12,109.60 13,927.30 12,140.60 17,976.80 27,189.78 55,534.68 39,787.69 45,648.53 45,972.30 37,570.95 21,524.19 38,034.79 39,376.20 14,505.20 (22,101.00) (812.32) (111,427.54)
Reserve Requirement ( CBs ) 924.1 1,081.8 1,163.9 1,320.3 1,549.35 1,828.38 2,120.90 2,592.50 9,112.90 11,183.30 14,368.01 20,495.20 18,080.56 11,708.82 14,479.39 18,250.35 21,745.43 28,280.80 36,385.80 44,861.80 51,952.60 67,732.37 102,935.94
Interest Rate ( In % )
Minimum Deposit Rate 6 6 3 3 3 3 3 4 4 4.0 4.0 5.00 5.00 5.00 5.00 5.00 5.00 5.00 7 7 7 7 7
Lending Rate 10.5-13.5 10.5-15.0 8.0-10.5 8.0-10.5 8.0-10.5 7-14 7-14 7-14 8-15 8-16.5 12.25 11.88 11.88 11.88 11.88 11.88 12.75 12.75 13.5 13.5 14.25 14.25 14.25
Total Net Domestic Credit (in mn. Birr) 26,271.0 27,551.6 27,550.2 28,202.3 31,138.78 40,305.80 49,295.90 61,585.00 80,772.60 89,203.00 104,413.49 135,553.87 189,080.81 233,404.32 300,026.58 393,421.73 490,230.35 631,092.70 784,621.70 963,699.90 1,190,705.10 1,481,844.43 1,930,621.80
Government 14,775.7 15,171.0 15,985.1 17,229.8 19,199.15 21,663.80 25,266.40 30,290.20 34,169.20 32,786.50 33,013.08 28,651.65 21,557.41 21,965.52 26,929.74 30,735.25 47,548.36 85,441.85 102,002.80 109,799.20 150,861.60 214,269.16 422,591.39
Other Sectors 11,495.3 12,380.6 11,565.1 10,972.6 11,939.63 18,642.00 24,029.60 31,294.80 46,603.40 56,416.50 71,400.41 106,902.22 167,523.40 211,438.80 273,096.84 362,686.48 442,681.99 545,650.85 682,618.90 853,900.70 1,039,843.50 1,267,575.27 1,508,030.41
3
3.3 Inflation (CPI growth rate)
Country Level
-General inflation 5.4 -0.3 -10.6 10.9 7.3 6.1 10.6 15.8 25.3 36.4 2.8 18.1 34.1 13.5 8.1 7.7 9.7 7.4 14.60 12.60 19.90 20.20 33.80
-Food inflation 7.6 -1.7 -19.1 21.5 11.5 7.4 13.0 17.5 34.9 44.2 -5.4 15.7 42.9 12.6 5.9 7.4 11.2 7.2 13.40 13.10 23.30 23.20 40.30
-Non-Food inflation (core inflation) 2.5 1.4 0.3 0.2 2.2 4.4 7.1 13.5 12.5 23.8 18.2 21.8 22.4 14.8 10.6 7.9 8.1 7.5 15.80 11.90 15.80 16.40 25.15
Addis Ababa
-General inflation 4.2 -1.4 -5.5 4.6 5.6 7.2 8.4 19.2 20.8 29.4 10.1 19.4 24.8 12.6 8.5 7.6 10.3 2.3 16.5 14.6 18.8 19.5 29.8
-Food inflation 7.2 -7.8 -10.7 9.4 8.6 5.7 13.0 25.4 32.1 41.5 4.1 14.8 30.6 13.1 4.6 12.2 16.6 1.2 8.7 15 25.9 26.2 36.6
-Non-Food inflation (core inflation) 0.6 5.6 -0.8 0.9 3.0 7.6 4.6 14.0 12.7 19.2 16.0 23.5 21.1 11.9 11.4 4.4 5.8 3.2 22.6 14 13.9 14.4 24.1
3.4 External Trade(In Mn.USD)
Export of goods & services 984 979.1 982.7 1150.6 1520.6 1895.8 2149.5 2498.1 3127.9 3399.5 4050.3 5343.1 5993.4 5978.5 6451.6 6046.5 6077.3 6257.2 7095.9 7694.9 7715.7 8498.9 10460.0
Import of goods & services 1,959.8 1,936.4 2,073.1 2,408.7 3259.8 4439.6 5602.7 6254.2 8326.9 9292.3 9858.4 10160.7 13805.2 13864.2 16197.2 19842.8 20552.1 19714.0 19707.4 20691.0 18828.3 19177.0 23809.3
Net trade in goods & services -975.8 -957.3 -1,090.4 -1,258.1 -1739.3 -2543.8 -3453.2 -3756.1 -5199.0 -5892.8 -5808.4 -4817.6 -7811.8 -7885.7 -9745.6 -13796.3 -14474.7 -13456.9 -12611.4 -12996.1 -11112.6 -10678.0 -13349.3
Current account balance including official transfers (334.8) (242.4) (361.0) -93.8 -401.5 -771.3 -1470.9 -991.3 -1492.4 -1634.7 -1193.2 -201.9 -2778.0 -2780.3 -4168.1 -7406.8 -6655.1 -6543.2 -5285.0 -4934.2 -4401.9 -3190.7 -5131.4
Capital account balance 151.7 258.6 509.0 368.6 386.7 491.9 614.3 760.4 1031.5 1648.0 2421.0 2995.9 2283.3 3291.2 4134.6 7816.9 6554.1 6885.3 6184.6 4807.5 4326.5 3785.8 2723.5
Overall balance of payments (393.7) (70.5) 300.2 1381.894676 389.5 66.4 37.0 30.0 -251.7 18.7 316.7 1384.2 -972.8 -6.5 -96.9 -521.4 -830.9 658.6 -201.6 -941.6 -833.4 298.7 -2149.8
3.5 Government Finance (In Mn .Birr4)
Total Revenue (including grants) 11,222.0 12,805.0 12,833.0 15,703.0 17,918.0 20,147.0 23,225.0 29,381.0 39,705.0 40,421.9 66,237.4 85,611.0 115,658.5 137,192.0 158,076.5 199,639.1 243,671.6 269,105.9 287,562.1 344,936.5 394,965.8 478,888.1 566,753.6
Total Revenue (excluding grants) 9,498.0 10,177.0 10,409.0 11,149.0 13,917.0 15,582.0 19,493.0 21,797.0 29,794.0 31,924.0 53,861.3 69,120.0 102,863.7 124,077.0 146,172.8 186,618.7 230,657.3 256,629.0 269,648.2 311,317.4 354,312.8 444,582.6 540,060.5
o/w Tax-Revenue 6,782.0 7440.0 7,926.0 8243.0 10,906.0 12,398.0 14,122.0 17,354.0 23,801.0 23,216.2 43,315.4 58,981.0 85,739.9 107,010.3 133,118.3 165,312.5 189,717.2 210,135.9 235,229.5 268,457.4 311,476.5 388,763.5 477,770.3
Tax-Revenue as % of GDP 9.8 10.6 11.5 10.9 12.7 11.8 10.8 10.2 9.7 7.0 11.4 11.5 11.5 12.5 12.7 15.1 14.7 14.0 12.3 11.6 10.5 10.2 8.8
Total Expenditures 17,183.6 15786.4 17,651.0 20517.0 20,520.0 24,803.0 29,325.0 35,607.0 46,915.0 43,875.2 71,334.8 93,831.0 124,416.7 153,929.0 185,471.8 230,521.2 272,930.1 329,286.8 354,205.3 413,105.7 480,143.2 599,006.7 779,099.0
Current Expenditures 13,741.6 10,379.0 10,550.0 13,549.0 11,977.0 13,235.0 15,234.0 17,165.0 22,794.0 26,315.5 32,012.4 40,535.0 51,445.5 62,745.8 78,086.9 113,375.5 131,902.8 176,703.0 210,470.2 238,156.6 275,967.0 363,596.9 517,043.4
Capital Expenditures 3,442.0 5,003.4 6,130.0 6,313.0 8,271.0 11,343.0 14,042.0 18,398.0 24,121.0 17,559.7 39,322.4 53,297.0 72,971.3 91,182.9 107,384.9 117,145.7 141,027.3 152,583.8 143,735.1 174,949.1 204,176.1 235,409.7 262,055.7
Equity Contribution ( Sinking Fund )
Special Programs - 404.0 971 655 272.0 224.0 50.0 44.0 - - - - - - - - - - - - - -
Total Expenditures as % of GDP 24.9 22.4 25.6 27.0 23.9 23.5 22.5 20.9 19.1 13.2 18.8 18.2 16.6 18.1 17.7 18.6 17.4 18.0 16.1 15.4 14.2 13.8 12.7
Current Surplus/Deficit -4,243.6 -202.0 -141.0 -2,400.0 1,940.0 6,652.7 4,259.0 4,632.0 7,000.0 5,608.5 34,225.1 45,076.5 64,213.0 74,447.0 79,989.6 86,263.6 111,768.8 92,402.9 77,091.9 106,779.9 118,998.8 115,291.2 49,710.3
Overall Budget Deficit ( including grants ) -5,961.6 -2,981.4 -4,818.0 4,815.0 (2,602.0) (4,655.0) (6,100.0) (6,226.0) (7,210.0) (3,453.3) (5,097.4) (8,220.2) (8,758.2) (16,736.0) (27,395.3) (30,882.1) (29,258.5) (60,180.9) (66,643.2) (68,169.2) (85,177.4) (120,118.5) (212,345.4)
Deficit as % of GDP -8.7 -4.2 -7.0 6.3 (3.0) (4.4) (4.7) (3.7) (2.9) (1.0) (1.3) (1.6) (1.2) (2.0) (2.6) (2.5) (1.9) (3.3) (3.0) (2.5) (2.5) (2.8) (3.4)
Overall Budget Deficit ( excluding grants ) -7,685.6 -5,609.4 -7,242.0 -9,368.0 (6,603.0) (9,220.0) (9,832.0) (13,810.0) (17,121.0) (11,951.1) (17,473.5) (24,711.5) (21,553.1) (29,851.0) (39,299.0) (43,902.5) (42,272.8) (72,657.8) (84,557.1) (101,788.3) (125,830.4) (154,424.0) (239,038.5)
Deficit as % of GDP -11.2 -8.0 -10.5 -12.3 (7.7) (8.7) (7.5) (8.1) (7.0) (3.6) (4.6) (4.8) (2.9) (3.5) (3.8) (3.6) (2.7) (4.0) (3.8) (3.8) (3.7) (3.6) (3.9)
3.6 Exchange Rate (Birr/ USD)
Inter-Bank Forex Market Rate5
* Period weighted Average 8.20 8.42 8.543 8.581 8.635 8.652 8.681 8.794 9.244 10.4205 12.8909 16.1178 17.2536 18.1947 19.0748 20.0956 21.1059 22.4137 26.1082 28.0543 31.3427 39.0163 48.5673
* End period 8.22 8.46 8.566 8.600 8.630 8.660 8..69 9.030 9.610 11.3009 13.5321 16.9081 17.7305 18.6426 19.5771 20.5659 21.8004 23.1081 27.2621 28.9109 34.9822 43.6910 51.9938
Continued….
1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Indicators (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) (2014)
3.7 Treasury Bill Market ( In Mn .Birr)
T-Bills Demanded ( Total ) 18,322.8 18,205.5 26,089.1 38,633.6 61,143.20 56,896.16 60,603.50 78,922.00 59,888.51 46,767.20 51,258.02 55,760.03 77,194.80 109,184.60 113,527.98 136,536.80 161,575.24 225,321.24 323,991.24 422,633.54 242,155.09 284,783.55 599,478.63
T-Bills Sold 13,311.2 9,322.9 16,453.2 29,668.0 51,645.00 41,065.00 47,793.50 63,315.00 47,716.51 27,839.80 41,736.42 52,316.03 74,694.80 109,184.60 95,314.98 110,593.30 161,475.24 225,321.24 323,991.24 422,633.54 242,155.09 238,799.55 582,268.63
Average Weighted Yield (in %) 3.3 2.8 2.0 1.3 0.50 0.10 0.04 0.53 0.68 0.74 0.79 1.13 1.87 1.89 1.60 1.43 1.44 1.42 1.42 1.74 4.81 7.97 9.46
T-Bills Outstanding by holder 1,951.5 3,372.5 4,478.2 9,100.0 12,485.00 6,595.00 11,638.50 11,546.00 8,239.50 7,783.10 11,566.20 10,706.62 20,011.86 26,044.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 138,054.36 23,724.00 116,559.95 317,169.59
Banks 804.7 1,924.0 3,425.5 8,094.3 11,418.00 6,295.00 10,612.30 9,135.00 2,739.00 1,672.00 4,400.00 900.00 2,383.50 3,436.00 - - - - - 650.00 5,604.00 52,040.00 195,432.29
Non-Banks 1,146.8 1,448.5 1,052.7 1,005.7 1,067.00 300.00 1,026.20 2,411.00 5,500.50 6,111.10 7,166.20 9,896.62 17,628.40 22,608.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 137,404.36 18,120.00 64,519.95 121,737.30
3.8 Inter Bank Money Market Rate 5 11 8 7.5 7.5
3.9 Financial Institutions
Number of Commercial Banks 8 8 8 8 9.00 9.00 10.00 11.00 11.00 12.00 14.00 17.00 17.00 17.00 17.00 17.00 17.00 17.00 17.00 17.00 17.00 18.00 30.00
( o/w Private banks ) 7 7 7 7 7.00 7.00 8.00 9.00 9.00 10.00 12.00 14.00 16.00 16.00 16.00 16.00 16.00 16.00 16.00 16.00 16.00 17.00 28.00
Number of Bank Branches 267 283 295 339 358.00 389.00 421.00 487.00 562.00 636.00 681.00 970.00 1,289.00 1,724.00 2,208.00 2,693.00 3,301.00 4,257.00 4,757.00 5,564.00 6,511.00 7,344.00 8,944.00
Population : Bank Branch 224719:1 217668:1 214237:1 191150:1 185754.2:1 175778.4:1 166,270.8:1 148,665.3:1 133,274:1 120,754.7:1 115,712.2:1 83,195.9:1 64,158.3:1 49674.8:1 41,088 33,448.00 27,932.00 22,164.00 20,286.50 17,732.20 15,702.00 13,921.00 11,516.00
Number of Insurance Companies 9 9 9 9 9.00 9.00 9.00 9.00 10.00 12.00 12.00 14.00 15.00 16.00 17.00 17.00 17.00 17.00 17.00 17.00 18.00 18.00 18.00
( o/w Private Insurance Companies ) 8 8 8 8 8.00 8.00 8.00 8.00 9.00 11.00 11.00 13.00 14.00 15.00 16.00 16.00 16.00 16.00 16.00 16.00 17.00 17.00 17.00
Number of Insurance Branches 91 95 101 105 121.00 133.00 139.00 146.00 172.00 194.00 207.00 221.00 243.00 273.00 332.00 377 426 492.00 532.00 568.00 605.00 635.00 690.00
Population : Insurance Branch 659341:1 648421:1 625743:1 617143:1 549587:1 513534:1 503597:1 495890:1 435465:1 395876:1 383844:1 366063:1 340329:1 314428.9:1 264918.8:1 238,928.00 216,443.00 191,772.00 181,396.00 173,848.00 168,983.00 160,629.92 149,272.50
Number of Development Banks 1 1 1 1 1 1 1 1 1 1 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1 1 1 1 1
Number of Development Bank Branches 32 32 32 32 32 32 32 32 32 32 32.00 32.00 32.00 32.00 32.00 32 110 110.00 107 107 93 82 83
Number of Micro-financial Institutions 16 19 21 22 22 26 27 28 28 30 30.00 31.00 31.00 31.00 31.00 35.00 35.00 35.00 38 38 39 39 43
Source : Ministries of Agriculture, Finance and Economic Development, Health, and Education; National Bank of Ethiopia; Centeral Statistical Authority, … etc
Note:-
*population is estimated using component method after 2006/2007
1. Excluding manpower out side the Ministry of Health.
2. The GDP data series is revised on basis of 2010/11=100 base year
3. Inflation data is calculated using the new base year (December 2011=100)
4. Figures for government finance are preliminary estimates from 1999/00 onwards.
5. Inter-bank money market was first introduced in Aug.1998 and Inter-bank forex market started as of September 1998, and the daily trasactions introduced beginning from october 24, 2001.
*Mid year population was obtained from MoFED
National Bank of Ethiopia Annual Bulletin
Governor’s Note
1. Ethiopia’s macroeconomic performance saw mixed results in 2021/22.The Ethiopian

economy continued to grow in 2021/22 withstanding both domestic and external challenges.
Real GDP grew 6.4 percent slightly higher than 6.3 percent growth in the previous year.
This growth was attributed to 7.6 percent growth in service sector, 6.1 percent increase in
agriculture and 4.9 percent expansion in industry sector. As a result, the share of services in
GDP rose to 40 percent from 39.6 percent a year ago while that of agriculture dropped to
32.4 percent that of industry to 28.9 percent.
2. As rapid and sustained economic growth recorded over the last 15 years led to improvement
in income inequality and poverty reduction, per capita income has steadily increased and
reached USD 1,218 in 2021/22 meanwhile, investment to GDP ratio stood at 25.3 percent
while domestic savings to GDP ratio was 15.3 percent.
3. NBE has continued to pursue monetary policy in order to maintain price stability. Yet,
inflation has remained off the single digit target in the past four years. Annual average
headline inflation rose to 33.8 percent in 2021/22 compared with 20.2 percent a year ago
owing to the rise in both food and non-food inflation. Likewise, annual headline inflation has
stubbornly stayed high at 34.0 percent in contrast to 24.6 percent a year ago on account of an
increase in food and non-food inflation. Covid-19 pandemic, unrest in some parts of the
country, Russia – Ukraine war, mismatch in aggregate supply and demand, high commodity
prices in the global market as well as loose monetary and fiscal policies have led to higher
inflationary pressure in Ethiopia during the review fiscal year.
4. Regarding fiscal operations, the government focused on fiscal policy measures that led to an
increase in tax revenue mobilization, improved tax administration and coverage of a greater
proportion of government expenditures from domestic resources. Accordingly, domestic
revenue registered a 21.5 percent annual growth in 2021/22 while general government
expenditure showed a 30.1 percent increment resulting in a budget deficit equivalent to 3.4
percent of GDP which was slightly higher than the 3 percent target.
1|Annual Report 2021/22

5. Regarding external development, the review fiscal year witnessed a significant improvement
in merchandise exports which scaled up by 14.1 percent over last year same period due to
staggering export performance mainly from coffee, flower, fruits & vegetables, textile &
textile products, meat & meat products and electricity. Likewise, total merchandise import
showed a 26.6 present annual growth due to a significant rise in import bills of consumer
goods, fuel and semi-finished goods. Hence, Ethiopia’s external sector performance
recorded a widening current account deficit (including official transfers). Capital account
surplus has also slowed down vis-à-vis the preceding year. Consequently, the overall
balance of payments registered a deficit in contrast to a surplus a year earlier.
6. Concerning forex developments, Ethiopia has continued to maintain managed float

exchange rate regime to ensure external competitiveness. Accordingly, the Birr was allowed
to depreciate by 24.5 percent in nominal terms against US Dollar during 2021/22 while real
effective exchange rate depreciated by 36.5 percent due to the surge in trading partners’
price relative to domestic inflation and depreciation of the Birr vis-à-vis that of trading
partners’ currencies.
7. The Ethiopian financial sector remained robust and played a significant role in facilitating
socio-economic growth through its financial intermediation function. Accordingly, in
2021/22, new banks, including interest free banking entered in to the banking industry
thereby raising the number of overall bank branches to 8,944 from 7,344 a year ago. They
also accelerated their deposit mobilization (25.7 percent), loan collection (48.6 percent) and
loan disbursement (29.9 percent). Their non-performing loan ratio was within the required
ceiling of 5 percent and all other financial indicators revealed the safety and soundness of
the sector. Likewise, insurance companies, microfinance institutions and capital goods
finance companies have scaled up their outreach by expanding their network and
diversifying their products. Their soundness was also duly ensured. All in all, financial
intermediation access to finance and financial inclusion have steadily expanding during the
review year.


I. The overall Economic Performance
1.1 Economic Growth

The Ethiopian economy continued to grow The 2021/22 economic growth was mainly
and registered 6.4 percent growth in 2021/22 attributed to 7.6 percent expansion in
compared to the 6.3 percent last year services, 6.1 percent in agriculture and 4.9
withstanding the domestic and external percent in industry (Table 1.1).
challenges.
Meanwhile, nominal GDP per capita rose to
This Real GDP growth was 3.8 percentage USD 1,218, depicting a 11.6 percent
point lower than the average base case improvement over the previous year.
scenario set for the Ten Year Development
Plan but significantly higher than the 3.8 The Ethiopian economy is projected to grow
percent average growth estimated for Sub - 7.5 percent in 2022/23; higher than the 2.7
Saharan Africa (World Economic Outlook and 3.7 percent growth forecasts for the
update, October 2022). world and Sub-Saharan Africa (SSA),
respectively (WEO, October 2022).

Table 1.1: Sectoral Contributions to GDP and GDP Growth

(In Billions of Birr)
Items 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Agriculture
580.4 600.9 623.8 650.3 686.4 728.4
Sector Industry
413.8 464.4 526.2 576.9 618.8 649.2
Services
619.3 673.9 745.7 786.9 836.2 899.8
Total
1,613.5 1,739.3 1895.7 2,014.1 2,141.4 2,277.4
Less FISIM
17.0 19.8 21.0 24.5 27.2 28.8
Real GDP
1,596.5 1,719.5 1,874.7 1,989.6 2,114.2 2,248.6
Growth in Real GDP
10.1 7.7 9.0 6.1 6.3 6.4
Per capita GDP (USD) (Nominal) 876 883 985 1,080 1,092 1,218
Growth rate in Per capita GDP 7.5 0.9 11.6 9.6 1.1 11.6
Mid-year population(in millions)
93.4 95.5 97.6 99.7 101.9 104.1
Agriculture
36.3 34.9 33.3 32.7 32.5 32.4
Share in GDP Industry
(in %) 25.9 27.0 28.1 29.0 29.3 28.9
Services
38.8 39.2 39.8 39.5 39.6 40.0
Absolute Growth 6.7 3.5 3.8 4.3 5.5 6.1
Contribution to
Agriculture GDP growth 2.5 1.3 1.3 1.4 1.8 2.0
Contribution
in % 24.6 16.5 14.6 22.8 29.0 31.3
Absolute Growth 20.3 12.2 12.6 9.6 7.3 4.9
Contribution to
Industry GDP growth 4.8 3.1 3.6 2.6 2.1 1.4
Contribution
in % 47.3 40.8 39.5 42.4 33.6 22.6
Absolute Growth 7.5 8.8 11.0 5.3 6.3 7.6
Services Contribution to
GDP growth 3.0 3.4 4.1 2.2 2.4 3.0
Contribution
in % 29.4 44.0 45.8 35.5 39.1 46.7
Source: Ministry of Planning and Development

Fig.I.1: Real GDP Growth by Major Sectors
25.0
20.0
15.0 Agriculture
Industry
Service
10.0 Real GDP
5.0
0.0
2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Agriculture sector registered 6.1 percent by 20.5 percent during the review period
growth in 2021/22 as a result of 6.9 percent (Table 1.2).
in total crop production; particularly, grain Total cultivated land area for crop
production (2.1 percent) (Tables 1.2 and production slightly increased (1.4 percent)
1.3). and reached 12.2 million hectares. Cereals
Grain production for the Meher season was production covered 82 percent, while pulses
estimated at 328 million quintals. Cereal and oil seeds took 13.7 and 4.3 percent share
production constituted 88.7 percent of the in total cultivated land area, respectively
total grain production, while pulses and oil (Table 1.2).
seeds accounted for 9.7 and 1.7 percent,
respectively. Cereal production increased
2.7 percent compared to the preceding year
owing to 2.4 percent rise in cultivated area.
Similarly pulses production grew by 1.2
percent, while oilseeds production declined

Table1.2: Estimates of Agricultural Production and Cultivated Areas of Major Grain

Crops for Private Peasant Holdings-Meher Season
[Area in thousands of Hectares and Production in thousands of quintals]
2018/19 2019/20 2020/21 2021/22

Agricultural Cultivated Total Cultivated Total Cultivated Total Cultivated Total
Production Area Production Area Production Area Production Area Production
Cereals 10,358 277,638 10,478 296,726 9,759 283,191 9,998 290,808

(Annual %
Change) 1.2 3.7 1.2 6.9 -6.9 -4.6 2.4 2.7
Pulses 1,620 30,113 1,563 30,051 1,628 31,298 1,677 31,680

(Annual %
Change) 1.4 1.1 -3.5 -0.2 4.2 4.1 3.0 1.2
Oilseeds 747 7,850 820 8,421 647 6,813 522 5,415

(Annual %
Change) -11.7 -8.2 9.8 7.3 -21.1 -19.1 -19.2 -20.5
Total 12,727 315,602 12,862.0 335,199 12,034 321,302 12,197 327,904

(Annual %
Change) 0.4 3.1 1.1 6.2 -6.4 -4.1 1.4 2.1
Source: Ethiopian Statistical Service (ESS)
In 2021/22, the share of agriculture in GDP On the other hand, industry sector grew 4.9
slightly declined to 32.4 percent from 32.5 percent which was 2.4 percentage point
percent a year ago. Its contribution to GDP lower than last year and constituted 28.9
growth was 31.3 percent (Table 1.1). The percent of the total domestic output.
lion’s share of agricultural sector was crop Industry sector contributed 22.6 percent to
production, accounting for 65.6 percent, the overall economic growth in 2021/22
followed by animal farming & hunting (25.6 (Table1.1).
percent) and forestry (8.5 percent). In terms
The growth in the manufacturing sector was
of growth, crop production increased by 6.9
4.8 percent; and it contributed about 23.4
percent while animal farming & hunting and
percent to industrial output. Construction
forestry expanded by 4.6 and 4.3 percent,
industry, on the other hand, contributed 72.2
respectively (Table 1.3).
percent to industrial output signifying its
leading role due to investments in the
construction of roads, railways, dams and previous fiscal year, the sector has expanded
residential houses. Meanwhile, mining & by 7.6 percent (Table 1.1). The growth in
quarrying and electricity & water services sector was largely attributed to the
contributed 1.8 and 2.7 percent to industry expansion of transport & communication
sector output, respectively (Table 1.3). (9.8 percent), real estate, renting & business
activities (9 percent), hotels & restaurants (8
The services sector was relatively the percent), wholesale & retail trade (7.9
dominant economic sector in Ethiopia. The percent), public administration & defense
share of services sector was about 40 (4.5 percent) and others, including financial
percent in the overall economy thereby intermediation, education, health etc. (Table
contributing about 46.7 percent to the GDP 1.3).
growth in 2021/22. Compared to the

Table 1.3: Growth and Percentage Distribution of Major Agricultural, Industrial and Service Sub-sectors
Sectors 2017/18 2018/19 2019/20 2020/21 2021/22

Crop 4.7 3.0 4.7 5.7 6.9
Animal Farming and
Growth rate
Hunting 0.6 6.0 3.3 5.8 4.6

Forestry 3.5 3.8 3.9 4.0 4.3
Fishing 11.3 2.3 2.8 1.7 21.9
Crop 65.3 64.8 65.0 65.1 65.6
Animal Farming and
Agriculture
Hunting 25.6 26.2 25.9 26.0 25.6

Share in
Forestry 8.8 8.8 8.8 8.6 8.5

Fishing 0.3 0.3 0.3 0.2 0.3
Mining and Quarrying -20.8 -21.9 91.4 115.4 6.1
Growth rate
Manufacturing 5.5 7.7 7.5 5.1 4.8

Electricity and Water 3.3 4.0 7.2 9.2 6.0
Construction 15.7 15.0 9.9 6.6 4.9
Mining and Quarrying 0.7 0.5 0.9 1.8 1.8
Manufacturing 25.3 24.3 23.9 23.4 23.4
Industry
Share in
Electricity and Water 2.6 2.7 2.6 2.7 2.7

Construction 71.4 72.5 72.6 72.2 72.2
Whole Sale and Retail
Trade 12.3 11.7 6.4 6.3 7.9
Hotels and Restaurants 6.5 9.0 2.2 2.6 8.0
Transport and
Communications 6.4 21.0 1.2 7.0 9.8
Real Estate, Renting and

Growth rate
Business Activities 6.2 7.5 9.5 8.9 9.0

Public Administration and
Defense 8.9 9.0 2.3 4.9 4.5
Others* 6.8 7.5 6.4 6.2 6.5
Whole Sale and Retail
Trade 35.9 35.9 36.3 36.3 36.4
Hotels and Restaurants 6.6 6.5 6.3 6.0 6.1
Transport and
Communications 12.8 14.0 13.4 13.5 13.8
Share in Service
Real Estate, Renting and

Business Activities 11.0 10.7 11.1 11.4 11.5
Public Administration and
Defense 11.4 11.2 10.9 10.7 10.4
Others* 22.3 21.7 22.1 22.0 21.8
* Includes: financial intermediation, education, health and social work, private households with employed persons and other
community, social and personal services.

1.2. GDP by Expenditure Components
The total consumption expenditure (public Likewise, the ratios of gross capital
and private) as a percent of GDP increased formation and government consumption to
to 84.7 percent from 81.1 percent in the GDP declined by 2.7 and 1.5 percentage
preceding year due to higher private points, respectively, while domestic
consumption expenditure to GDP ratio (5.2 absorption to GDP ratio marginally
percentage points). This has led to a 3.6 increased by 1 percentage point.
percentage point slowdown in domestic
saving which stood at 15.3 percent of GDP
relative to 18.9 percent a year ago.
10 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 1.4: Expenditure on GDP and Gross Domestic Savings

(Percentage of GDP)
Domestic
Consumption Expenditure
Absorption
Gross Exports of Imports of Gross
Capital Resource Goods & Goods & Domestic
Year Total Govt. Pvt. Formation Balance Services Services Savings
2007/08 114.1 86.9 14.3 72.5 27.3 (18.8) 11.0 29.8 13.1
2008/09 113.6 85.9 13.0 72.9 27.7 (17.6) 10.2 27.8 14.1
2009/10 116.3 86.2 12.6 73.6 30.1 (18.7) 13.2 31.9 13.8
2010/11 113.8 82.7 11.8 70.9 31.1 (14.5) 16.3 30.7 17.3
2011/12 116.4 80.4 9.5 71.0 36.0 (17.4) 13.4 30.8 19.6
2012/13 115.2 82.2 10.2 71.9 33.0 (16.1) 12.2 28.2 17.8
2013/14 116.2 79.3 10.6 68.8 36.8 (17.0) 11.3 28.4 20.7
2014/15 116.1 77.9 10.3 67.6 38.2 (20.4) 9.1 29.5 22.1
2015/16 115.0 77.6 11.1 66.5 37.3 (19.3) 7.8 27.1 22.4
2016/17 116.1 77.6 11.1 66.5 38.4 (15.8) 7.6 23.5 22.4
2017/18 109.8 75.7 10.2 65.5 34.1 (14.4) 8.4 22.8 24.3
2018/19 112.9 77.7 9.2 68.5 35.2 (12.9) 7.9 20.8 22.3
2019/20 109.8 79.2 9.1 70.0 30.6 (9.8) 7.1 16.9 20.8
2020/21 109.1 81.1 8.8 72.2 28.0 (9.1) 7.6 16.7 18.9
2021/22 110.1 84.7 7.4 77.4 25.3 (10.1) 8.2 18.3 15.3
Average
2017/18-
2021/22 110.3 79.7 8.9 70.7 30.7 (11.3) 7.9 19.1 20.3
Average
2012/13-
2021/22 113.0 79.3 9.8 69.5 33.7 (14.5) 8.7 23.2 20.7
11 | A n n u a l R e p o r t 2 0 2 1 / 2 2
1.4. Access to Water Supply
The proportion of Ethiopian population

In terms of access to potable water in
with access to potable water supply
urban areas, Oromia had the leading
improved by 4 percentage point to 62.5
share of 78.4 percent followed by Afar
percent (59.8 percent rural and 72
(74.2 percent), Amhara (69.2 percent),
percent urban population); in 2021/22
Benshangul Gumuz (62 percent),
compared to 58.5 percent (57.3 percent
Gambella (61.9 percent) while Dire
rural and 63 percent urban people)
Dawa and Sidama both (60 percent
coverage a year ago (Table 1.7). This
each), SNNPR (58.4 percent), Addis
indicates that the urban areas had a
Ababa (57 percent), Somali (45 percent)
relatively better access to potable water
and Harari (23 percent).
than rural areas.
On the other hand, Gambella region had

In terms of regional states, Oromia had
the highest rate (85.2 percent) in terms
80.2 percent of its population having
of access to potable water in rural areas
access to potable water, followed by
followed by Dire Dawa (83 percent),
Gambella (75.1 percent), Amhara (71.8
Oromia (82 percent), Amhara (72.2
percent), Afar (70.3 percent), Dire Dawa
percent), Afar (64 percent), Benshangul
(70 percent), Benishangul Gumuz (62.4
Gumuz (62.6 percent), Harari (62
percent), Addis Ababa (57 percent),
percent), Sidama (49 percent), SNNPR
Sidama (51.6 percent), SNNPR (48.6
(46.4 percent) and Somali (37 percent)
percent), Harari (42.5 percent) and
(Table 1.7).
Somali (39.4 percent).
12 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 1.7: Percentages of People with Access to Potable Water by Region
2020/21 2021/22
Regions Rural Urban Total Rural Urban Total
Change in percentage point
A B C D E F D-A E-B F-C
Tigray1 57.21 68.98 60.66 NA NA NA - - -
Afar 57.05 65.23 58.77 64.00 74.2 70.25 7.0 9.0 11.5
Amhara 70.08 67.06 69.50 72.21 69.24 71.77 2.1 2.2 2.3
Oromia 59.51 64.00 60.35 82.03 78.43 80.23 22.5 14.4 19.9
SNNPR 46.65 55.55 48.24 46.40 58.40 48.60 -0.3 2.9 0.4
Somali 29.93 51.79 33.18 37.00 45.00 39.40 7.1 -6.8 6.2
B.Gumuz 66.29 58.03 64.34 62.6 62.00 62.40 -3.7 4.0 -1.9
Gambella 74.79 77.55 75.80 85.20 61.90 75.10 10.4 -15.7 -0.7
Harari 94.00 41.40 76.54 62.00 23.00 42.50 -32.0 -18.4 -34.0
Sidama - - - 49.00 60.00 51.60 - - -
D. Dawa 66.49 95.38 84.90 83.00 60.00 70.00 16.5 -35.4 -14.9
AA - 62.59 62.59 - 57.00 57.00 - -5.6 -5.6
Total 57.26 62.95 58.50 59.76 71.94 62.47 2.5 9.0 4.0
Source: Ministry of Water, Irrigation and Energy and NBE Staff Computation 2
1
The data for Tigray region was not collected due to the conflict.
2 All the figures were computed based on 2nd Water Supply Inventory
13 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Fig.I.5: Access to water supply by Region 2021/22 (in %)
90.00
80.00
70.00
60.00
50.00
40.00 Rural
30.00 Urban
20.00 Total
10.00
0.00
Source: Ministry of Water, Irrigation and Energy; and NBE Staff Computation
14 | A n n u a l R e p o r t 2 0 2 1 / 2 2
1.7. Telecommunication
Telecommunication is one of the prime Of the total subscribers, mobile voice

support services needed for rapid growth accounted for 64.5 million taking the
and modernization of various sectors of lion’s share of (96.9 percent), followed
the economy. Expansion of infrastructure by internet & data 1.2 million (1.8
development such as telecommunication percent) and fixed voice service 885
would have significant impact on thousand (1.3 percent) (Table 1.13).
attracting investment, creating market
opportunities, enhancing competitiveness
and boosting regional economic
integration.
Taking this into account, the Ethiopian

government has made major investments
in telecom sector to improve service
quality, coverage and institutional
capacity. As a result, Ethio Telecom has
set ambitious targets to enhance
customer acquisition, customer
satisfaction and provision of quality
services to its customers.
During 2021/22, total number of Ethio-

telecom subscribers reached 66.6 million
showing 18.4 percent annual increment
owing to 18.7 percent rise in mobile
voice and 19.6 percent increase in
internet & data subscribers, despite the 3
percent decline in fixed voice service
subscribers.
15 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 1.13: Number of Subscribers (In 000’)
Percentage
Service Type 2020/21 2021/22 Change
Total subscriber base 56,246 66,593 18.4

Mobile voice subscriber 54,329 64,506 18.7
Internet and data subscriber 1,005 1,202 19.6
Fixed voice service subscriber 912 885 -3.0

Internet and data user 24,923 26,080 4.6
Mobile voice 54,329 64,506 18.7
Residential 53,667 63,604 18.5
Enterprises 662 902 36.3
Broad band & internet subscriber 637 845 32.7
Residential 453 616 36.0
Narrow band data & internet
subscriber 367 357 -2.7
Residential 1 0 -60.0
Enterprises 366 357 -2.5

Fixed voice 367 885 141.1
Residential 540 512 -5.2

Broad band data & internet user 24,554 25,722 4.8
Broad band data Residential 24,234 25,159 3.8
Broad band data enterprise 319 563 76.5
Narrow data & internet user 369 358 -3.0
Narrow band residential 1 1 -40.0
Narrow band enterprise 368 357 -3.0

Source: Ethio-Telecom
Note: Total subscriber base doesn't include internet and data user.
16 | A n n u a l R e p o r t 2 0 2 1 / 2 2
The country’s telecommunication from 24.3 percent a year ago. At the

penetration rate (telecom density) same time, fixed line density declined to
increased from 54.8 percent in 2020/21 0.8 per 100 subscribers compared to the
to 63.3 percent in 2021/22 owing to 61.3 0.9 per 100 subscribers in the previous
percent improvement in mobile density year (Table 1.14).
compared to 52.9 percent while internet
and data density dropped to 21.5 percent
Table 1.14: Telecom Density
Tele density/100
Subscribers* 2019/20 2020/21 2021/22
Fixed line
1.0 0.9 0.8
Mobile
44.9 52.9 61.3
Total
45.9 54.8 63.3
Internet and data
24.0 24.3 21.5
Source: Ethio-Telecom
*Tele-density is mobile plus fixed telephone subscribers per 100 inhabitants
Ethio-telecom’s income increased by 11.5 Hence, its gross profit stood at Birr 30.3
percent to Birr 62.2 billion in 2021/22 vis-à- billion, about 22.8 percent higher than the
vis Birr 55.8 billion recorded in 2020/21. previous year (Table 1.16).
Similarly, its total expenses surged by 23.2
percent and reached Birr 31.9 billion during
the review period.
17 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 1.16: Financial Performance and Asset of Ethio-Telecom

(in Billions of Birr)
Finance and 2019/20 2020/21 2021/22 Percentage Change

Asset
A B C C/A C/B
Income 47.7 55.8 62.2 30.4 11.5
Expense 23.0 25.9 31.9 38.5 23.2
Gross Profit 24.7 24.7 30.3 22.8 22.8
Assets 59.1 39.1 40.2 -32.0 2.8
Fixed Gross
Depreciation
4.1 5.4 6.4 56.1 18.5
Source: Ethio – Telecom
18 | A n n u a l R e p o r t 2 0 2 1 / 2 2
II. ENERGY PRODUCTION
2.1. Electric Power Generation
According to Ethiopian Electric Power Adama II wind farm is the latest and the
(EEP), the country has an estimated third project completed and started
hydro-power potential of 45,000 MW, a operation with a generating capacity of
geothermal potential of 10,000 MW and 153 MW; raising the country’s wind
1.3 million MW potential from wind farm. power to 324 MW (combined with Adama
I (51MW) and Ashegoda (120 MW)). In
The country’s generating capacity is addition, a process is underway to
largely based on hydropower reservoirs as undertake the construction of Aysha 300
nine of its major rivers are suitable for MW wind power project.
hydroelectric power generation. Though it
is vulnerable to the effects of climatic Ethiopia is also identified as one of the
changes, hydropower remains the huge potential sources of solar energy in
predominant energy source. Africa because of its geographical location
near the equator.
Considering the increasing power demand
In its bid to become a major power
and capacity shortfall in the system and to
exporter in East Africa and to support
have a better generation mix, the country
green economy, the country is also
has been looking to diversify its
building several geothermal power plants.
production of renewable energy to wind
The projects will also be crucial inputs to
and geothermal sources.
enhance Ethiopia’s economic growth to
become a carbon-neutral middle income
Wind energy is considered as an
economy by 2025.
immediate, renewable and clean energy
solution with short construction period The total amount of electric power
and significant advantage of quick result. generated in 2021/22 was about 15.5
Accordingly, the Ethiopian Electric Power billion KWH, with a marginal decline of
has implemented different wind power 0.2 percent compared with the preceding
projects in several parts of the country. year. During the review period, 96.2
19 | A n n u a l R e p o r t 2 0 2 1 / 2 2
percent of the electric power was

generated by hydropower alone while the
remaining 3.6 and 0.2 percent were from
wind and biomass sources, respectively
(Table 2.1).
Table 2.1: Electric Power Generation in ICS and SCS
(in ‘000 KWH)

2019/20 2020/21 2021/22 Percentage Change
Share Share Share
Source [A] (In %) [B] (In %) [C] (In %) [C/A] [C/B]
Hydro
Power 14,403,774.7 94.8 14,850,391.3 95.6 14,914,367.2 96.2 3.5 0.4
Thermal
Power - - - - - - - -
Geothermal - - - - - - - -
Wind 609,026.6 4.0 608,171.7 3.9 560,562.1 3.6 -8.0 -7.8
ICS Biomass 179,372.6 1.2 73,491.9 0.5 29,149.8 0.2 -83.7 -60.3
Sub
Total 15,192,173.8 100.0 15,532,055.0 100.0 15,504,079.1 100.0 2.1 -0.2
Hydro
Power - - - - - - - -
Thermal
SCS Power - - - - - - - -
Sub
Total - - - - - - - -
Hydro
Power 14,403,774.7 94.8 14,850,391.3 95.6 14,914,367.2 96.2 3.5 0.4
Thermal
Power - - - - - - - 0
Geothermal - - - - - - - 0
Wind 609,026.6 4.0 608,171.7 3.9 560,562.1 3.6 -8.0 -7.8
Total Biomass 179,372.6 1.2 73,491.9 0.5 29,149.8 0.2 -83.7 -60
Grand Total 15,192,173.8 100.0 15,532,055.0 100.0 15,504,079.1 100.0 2.1 -0.2
Source: Ethiopian Electric Power
20 | A n n u a l R e p o r t 2 0 2 1 / 2 2
2.2. Volume and Value of Petroleum Imports

In 2021/22, about 3.8 million metric tons of percent) and fuel oil (65.3 percent).
petroleum products worth Birr 164.3 billion Similarly, the total volume of petroleum
were imported into the country by the imports increased by 3.5 percent owing to
Ethiopian Petroleum Enterprise. This value higher volume of jet fuel (11.9 percent),
of petroleum import showed a 126.3 percent regular gasoline (3.2 percent) and gas oil
annual surge mainly due to an increase in (2.4 percent), despite the decline in import
import of jet fuel (140 percent), gas oil volume of fuel oil (6.9 percent) (Table 2.2).
(127.5 percent), regular gasoline (120.4
Table 2.2፡ Volume and Value of Petroleum Imports
(Volume in MT and Value in '000 Birr)
2020/21 2021/22
Volume Value Volume Value Percentage Change

Petroleum
Products A B C D C/A D/B
Regular
Gasoline (MGR) 652,573.0 14,797,531.0 673,719.1 32,617,390.0 3.2 120.4
Jet Fuel 444,022.3 8,479,010.5 496,706.6 20,352,168.4 11.9 140.0
Fuel Oil 87,573.4 1,473,387.6 81,539.4 2,434,822.3 -6.9 65.3
Gas Oil (ADO) 2,535,455.2 47,857,142.2 2,597,202.5 108,886,608.3 2.4 127.5
Total 3,719,623.8 72,607,071.3 3,849,167.6 164,290,989.0 3.5 126.3

Source: Ethiopian Petroleum Enterprise
21 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Fig.II.1: Trends in Volume of Petroleum Imports (In ‘000)

3000
2500 MGR
Jet Fuel
2000
Volume in MT
Fuel Oil
1500 Gas Oil
1000
500
0
2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Fig.II.2: Trends in Value of Petroleum Imports (In ‘000) Birr

12000000
10000000
80000000
60000000
40000000
20000000
0
2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
MGR Jet Fuel Fuel Oil Gas Oil
In line with the increase in international oil percent each) and regular gasoline (29.8
prices, domestic retail prices of petroleum percent) (Table 2.3).
were also adjusted up wards. Consequently,
the annual average retail prices of jet fuel
rose by 82.7 percent followed by fuel oil
(72.6 percent), gas oil and kerosene (34.9
22 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 2.3: Annual Retail Prices of Petroleum Products in Addis Ababa (Birr/liter)
Regular
Gasoline
Year Quarter (MGR) Fuel Oil Gas Oil Kerosene Jet fuel
Qtr.1 21.53 32.91 18.75 18.75 24.68
Qtr.2 21.53 32.91 18.75 18.75 26.58
Qtr.3 21.53 32.91 18.75 18.75 27.50
Qtr.4 21.53 33.34 18.75 18.75 22.62
2019/20 21.53 33.02 18.75 18.75 25.35
Qtr.1
Average 21.53 32.91 18.75 18.75 25.87
Qtr.2 21.87 33.27 18.98 18.98 24.74
Qtr.3 25.12 37.96 22.42 22.42 35.51
Qtr.4 25.86 40.05 23.18 23.18 51.76
2020/21 Average 23.59 36.05 20.83 20.83 34.47
Qtr.1 25.86 40.05 23.18 23.18 47.76
Qtr.2 29.78 44.70 27.02 27.02 56.43
Qtr.3 31.74 68.33 28.94 28.94 68.29
Qtr.4 35.16 95.81 33.27 33.27 79.46
Average 30.64 62.22 28.10 28.10 62.99
Annual percentage
2021/22 change 29.8 72.6 34.9 34.9 82.7
Fig.II.3: Trends in Average Fuel Price in Addis Ababa (Birr/Liter)
70
60
50
40
30
20
10
0
2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
MGR Fuel Oil Gas Oil Kerosene Jet Fuel
Source: Ethiopian Petroleum Enterprise.
23 | A n n u a l R e p o r t 2 0 2 1 / 2 2
III. PRICE DEVELOPMENTS

3.1. Developments in Consumer Price at National Level
Annual average headline inflation rose Likewise, annual average non-food

to 33.8 percent in 2021/22, from 20.2 inflation increased by 8.7 percent and
percent a year ago largely owing to 17.1 reached 25.2 percent due to higher
percent increase in food & non-alcoholic inflation registered in furnishings,
beverages inflation and 8.7 percent rise household equipment & routine
in non-food inflation (Table 3.1).
maintenance of houses (30.8 percentage
point), recreation & culture (28.9
Annual average food & non-alcoholic percentage point), education (19.5
beverages inflation scaled up to 40.3 percentage point), miscellaneous goods
percent from 23.2 percent a year earlier (11.4 percentage point), restaurant &
depicting a 17.1 percentage point annual hotel (11.1 percentage point), alcoholic
increase. This was ascribed to higher beverage & tobacco (10.7 percentage
price inflation of oils & fats (54.6 point), clothing & footwear (10.5
percentage point), non-alcoholic percentage point), health (9.3 percentage
beverages (33.9 percentage point), fruit point), housing, water, electricity, gas &
(26.6 percentage point), sugar jam, other fuel (5.1 percentage point), and
honey, chocolate (17.5 percentage communication (0.9 percentage point),
point), meat (16.8 percentage point), (Table 3.4 and Fig 3.1).
bread & cereals (15.7 percentage point),
milk, cheese & egg (13.6 percentage Similarly, headline inflation surged to
point), food products n.e.c (9.8 34.0 percent from 24.6 percent a year
percentage point), fish & sea food (9.2 ago on account of a 9.1 and 9.4
percentage point) and vegetables (8.0 percentage point increase in food & non-
percentage point) (Table 3.3 and Fig alcoholic beverages inflation and non-
3.1). food inflation, respectively (Table 3.2
and Fig.3.2).
24 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 3.1: Annual Average Inflation Rates (in %)
Change Contribution to Change

(in %age in Headline Inflation
2020/21 2021/22 Points) ( %age points)
Items Weight A B B-A C
General 100 20.2 33.8 13.6 13.6
Food &Non- 23.2 40.3 17.1 9.2
alcoholic 54
beverages
Non-Food 46 16.4 25.2 8.7 4.0
Source: CSA and NBE Staff Computation
Fig.3.1: Developments in Average National Inflation Rates
45.0
40.0
35.0
30.0
Percent
25.0
20.0
15.0
10.0
5.0
0.0
July
July
October
October
August
November
August
April
September
September
November
June
April
April
January
March
May
January
May
June
January
March
May
June
December
December
February
February
March
February
2020 2021 2022
General Food & Non-alcoholic bevarages Non Food
25 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 3.2: Annual Inflation Rates (in %)
Change (in Contribution to Change in

%age Headline Inflation( %age
2020/21 2021/22 Points) points)

General 100 24.6 34.0 9.4 9.4
Food &Non- 28.9 38.1 9.1 4.9
alcoholic 54
beverages
Non-Food 46 19.0 28.4 9.4 4.3
Fig.3.2: Development in Annual National Inflation Rate
50.0
45.0
40.0
35.0
30.0
Percent
25.0
20.0
15.0
10.0
5.0
0.0
July
July
October
October
August
August
November
April
September
November
April
September
April
January
May
June
January
March
May
June
January
May
June
December
December
March
March
February
February
February
2020 2021 2022

General Food & Non-alcoholic bevarages Non Food
26 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 3.3: Annual Average Food Inflation Rates (in %)

(Dec2016=100)
Contribution to
Change(in Change in Food
%age Inflation( %age
2020/21 2021/22 Points) points)
Food & Non-alcoholic
0.54 23.2 40.3 17.1 9.2
beverages Inflation
Bread & Cereals 0.17 26.6 42.3 15.7 2.7
Meat 0.04 14.2 31.0 16.8 0.7
Fish and sea food 0.00 25.6 34.8 9.2 0.0
Milk, cheese & egg 0.03 21.7 35.3 13.6 0.4
Oils & Fats 0.04 32.3 86.9 54.6 2.4
Fruit 0.00 4.4 31.0 26.6 0.1
Vegetables 0.12 18.0 26.0 8.0 1.0
Sugar jam, honey, 4.2 21.7 17.5 0.3
0.01
chocolate
Food products n.e.c 0.06 27.6 37.4 9.8 0.6
Non-alcoholic beverages 0.05 28.1 62.0 33.9 1.7
Table 3.4: Annual Average Non- Food Inflation Rates (in %)

(Dec2016=100)
Contribution to
Change(in Change in Non-
%age Food Inflation(
2020/21 2021/22 Points) %age points)
Non-Food Inflation 0.46 16.4 25.2 8.7 4.0
Alcoholic Beverages and 23.1 33.8 10.7 0.5
0.05
tobacco
Clothing and Footwear 0.06 14.1 24.6 10.5 0.6
Housing, Water, Electricity, Gas 14.2 19.3 5.1 0.9
0.17
and other Fuel
Furnishings, Household 12.6 43.4 30.8 1.5
Equipment and Routine 0.05
maintenance of houses
Health 0.01 27.5 36.8 9.3 0.1
Transport 0.02 30.0 7.5 -22.5 -0.6
Communication 0.02 8.6 9.5 0.9 0.0
Recreation and culture 0.00 14.1 43.0 28.9 0.1
Education 0.00 7.8 27.3 19.5 0.0
Restaurant & hotel 0.05 17.0 28.1 11.1 0.6
Miscellaneous Goods 0.03 17.6 29.0 11.4 0.3
27 | A n n u a l R e p o r t 2 0 2 1 / 2 2
3.2 Consumer Price Developments in Regional States
In 2021/22, regional simple average (39.5 percent); while the lowest (29.8
headline inflation has increased to 34.9 percent) was in Amhara, revealing a 5.1
percent from 20.4 percent in the percentage point margin in the rates of
preceding year. Benishanlgul-Gomuz, inflation between the regions with the
Oromia, Harari and Somali registered highest and lowest headline inflation
annual headline inflation rates greater (Table 3.5).
than the regional simple average (Table
3.5). Benishanlgul-Gomuz regional state
experienced the highest headline inflation
Table 3.5: Regional Average Annual Inflation (2021/22 FY)
2020/21 2021/22 Change

Food
Food &Non- Food &Non- &Non-
alcoholic Non- alcoholic Non- alcoholic Non-
General beverages food General beverages food General beverages food
Regions A B C D E F G=D-A H=E-B I=F-C
SNNP 28.3 30.2 25.6 34.9 44.9 20.8 6.7 14.6 -4.8
Harari 22.0 22.2 21.8 37.0 41.5 33.4 15.0 19.2 11.6
Oromia 20.1 23.8 14.8 38.1 43.5 29.8 18.0 19.7 15.0
Tigray - - - - - - - - -
Gambela 22.2 26.1 16.9 34.6 41.5 24.5 12.4 15.4 7.6
Addis 19.5 26.2 14.4 29.8 36.6 24.1 10.3 10.4 9.7
Ababa
Dire Dawa 19.7 26.6 13.3 33.4 37.3 29.4 13.7 10.7 16.1
Ben. Gumuz 24.8 28.7 20.7 39.5 44.8 33.7 14.7 16.1 12.9
Somali 14.1 13.5 14.8 35.7 43.8 25.6 21.7 30.3 10.8
Afar 18.1 22.2 13.5 33.3 41.3 23.7 15.2 19.1 10.2
Amhara 15.3 18.6 11.4 32.9 35.9 29.2 17.6 17.3 17.8
Regions 20.4 23.8 16.7 34.9 41.1 27.4
Average
Standard 4.2 5.0 4.5 2.8 3.4 4.3
deviation
Coefficient 0.2 0.2 0.3 0.1 0.1 0.2
of variation
Sources: CSA and NBE’s staff computation
28 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Fig.3.3:Variation in Regional Annual Average Headline Inflation
70.0
60.0
50.0
34.9 39.5
40.0 37.0 38.1 34.6
29.8 33.4 33.3
30.0 35.7 32.9
2021/22
20.0 2020/21
28.3 24.8
10.0 22.0 20.1 22.2 19.5 19.7 18.1
14.1 15.3
0.0 0.0
The regional simple average food & non- The highest food & non-alcoholic
alcoholic beverages inflation scaled up to beverages inflation was registered in
41.1 percent in 2021/22 from 23.8 percent SNNP (44.9 percent) and the lowest in
last year. Food & non-alcoholic beverages Amhara (35.9 percent), depicting a 9.0
inflation in SNNP, Benishanlgul-Gumuz, percentage point margin among the
Somali, Oromia, Harari, Gambela and regions (Table 3.5).
Afar was higher than the regional simple
average.
29 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Fig.3.4: Variation in Regional Annual Average Food & Non-alcoholic Beverages Inflation
50.0
44.9 43.5 44.8 43.8
45.0 41.5 41.5 41.3
40.0 36.6 37.3 35.9
35.0
30.2
28.7
30.0 26.1 26.2 26.6
23.8
25.0 22.2 22.2
18.6 2020/21
20.0
15.0
13.5 2021/22
10.0
5.0
0.00.0
0.0
During 2021/22, simple average regional The highest non-food inflation was
non-food inflation increased to 27.4 registered in Benishanlgul-Gumuz (33.7
percent from 16.7 percent a year ago. percent) and the lowest (20.8 percent) in
Benishanlgul-Gumuz, Harari, Oromia, SNNP, revealing a 12.9 percentage point
Dire Dawa and Amhara regional states margin (Table 3.5).
recorded non-food inflation higher than
the regional simple average (Table 3.5).
30 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Fig.3.5: Variation in Regional Annual Average Non-food Inflation
11.4 29.2
13.5 23.7
14.8 25.6
20.7 33.7
13.3 29.4
14.4 24.1
16.9 24.5
0.0
14.8 29.8
21.8 33.4
25.6 20.8
31 | A n n u a l R e p o r t 2 0 2 1 / 2 2
IV. MONETARY AND FINANCIAL DEVELOPMENTS
4.1 Monetary Developments and Policy
National Bank of Ethiopia’s monetary Despite concerted efforts to adhere to

policy laid emphasis on maintaining price prudent monetary policy stance, inflation
stability, fostering financial stability and has remained off single digit target for the
promoting sustainable economic growth. last twelve consecutive months due to
several external and internal shocks.
4.1.1 Developments in Monetary Aggregates
At the end of 2021/22, domestic liquidity, 34.4 percent due to higher demand deposits
as measured by broad money supply (M2), and currency outside banks, reflecting
reached Birr 1.7 trillion reflecting a 27.2 some improvements in money demand for
percent annual growth mainly due to a 30.3 transaction purposes. Similarly, quasi-
percent surge in domestic credit. The money, that comprises savings and time
higher growth in domestic credit was deposits, rose 23.8 percent and reached
attributed to a 96.6 percent increase in Birr 1.13 trillion owing to the increased
credit to the central government 19.1 deposit mobilization by commercial banks
percent to non-central government, (Table 4.1).
respectively (Table 4.2).
All broad money components witnessed

expansion where narrow money rose by
Table 4.1: Components of Broad Money

(Value in millions of birr)
32 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Year Ended June 30 Annual Percentage Change

Particulars 2018/19 2019/20 2020/21 2021/22 2018/19 2019/20 2020/21 2021/22
Narrow Money
Supply 308,937.1 360,585.5 437,392.0 588,015.8 9.9 16.7 21.3 34.4
Currency Outside
Banks 92,017.0 109,071.8 133,621.3 173,382.8 6.5 18.5 22.5 29.8
Demand Deposits
(net) 216,920.2 251,513.7 303,770.7 414,633.0 11.4 15.9 20.8 36.5
Quasi-Money 577,815.4 677,060.8 910,874.2 1,127,294.2 25.8 17.2 34.5 23.8
Savings Deposits 487,302.1 589,174.1 816,380.3 1,016,048.8 27.4 20.9 38.6 24.5
Time Deposits 90,513.3 87,886.8 94,493.8 111,245.4 17.8 -2.9 7.5 17.7
Broad Money
Supply 886,752.5 1,037,646.3 1,348,266.1 1,715,310.0 19.7 17.0 29.9 27.2
Source: NBE
Fig.IV.1: Major Components of Broad Money
24,000
22,000
20,000 Broad Money
18,000
16,000
14,000
12,000
(In Millions of Birr)
10,000
8,000
6,000
4,000
2,000
0
2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Year
Currency Outside Banks Net Demand Deposit Quasi- Money
Source: NBE
33 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 4.2: Factors Influencing Broad Money (Value in millions of birr)

Particulars 2018/19 2019/20 2020/21 2021/22 2018/19 2019/20 2020/21 2021/22
External Assets (net) 14,505.2 -8,321.3 -812.3 -111,427.5 -63.2 -157.4 90.2 -13,617.2
Domestic Credit 963,699.9 1,176,926.4 1,481,844.4 1,930,621.8 22.8 22.1 25.9 30.3
Claims on Central Gov't
(net) 109,799.2 137,082.9 214,269.2 421,213.7 7.6 24.8 56.3 96.6
Claims on Non-Central
Gov't 853,900.7 1,039,843.5 1,267,575.3 1,509,408.1 25.1 21.8 21.9 19.1
Other Items (net) 91,452.6 130,957.8 132,766.0 103,884.2 9.6 43.2 1.4 -21.8
Broad Money (M2) 886,752.5 1,037,646.3 1,348,266.1 1,715,310.0 19.7 17.0 29.9 27.2
Source: NBE
Fig.IV.2: Major Determinants of Monetary Growth
120.0 2,000.0
100.0 0.0
Annual Percentage Change
-2,000.0
NFA Percentage Change

80.0
-4,000.0
60.0
-6,000.0
40.0
-8,000.0
20.0
-10,000.0
0.0 -12,000.0
-20.0 -14,000.0
-40.0 -16,000.0
Credit to Central Gov't Credit to Non-Central Gov't Broad Money Net Foreign Assets
Source: NBE
34 | A n n u a l R e p o r t 2 0 2 1 / 2 2
4.1.2. Developments in Reserve Money and Monetary Ratios

Reserve money or base money reached The ratio of broad money supply (M2) to
Birr 362.5 billion, in 2021/22 showing a GDP2, an indicator of financial
37.2 percent annual expansion which deepening, reached 0.29, a slight decline
was attributed to 53.4 percent growth in from 0.33 last year same period,
bank deposits at NBE and 27.2 percent reflecting a slight weakening of financial
increase in currency in circulation. liquidity and depth. The money
Determinant wise, reserve money grew multiplier defined as broad money to
as a result of a 30.3 percent rise in net reserve money, also showed a decline
domestic credit. Meanwhile, net foreign from 5.1 to 4.7 during the same period
assets tended to slowdown during the (Table 4.3).
review period. Excess reserves of
commercial banks increased by 29.6
percent to reach Birr 43.6 billion at the
end of June 2021/22 compared with Birr
33.7 billion a year ago.
2
The 2021/22 GDP is measured at current
market price obtained from NPC estimate.
35 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 4.3: Reserve Money and Monetary Ratios

Particulars 2018/19 2019/20 2020/21 2021/22 2018/19 2019/20 2020/21 2021/22
Reserve Requirement
(CB's) 44,861.8 51,952.6 67,732.4 102,192.6 23.3 15.8 37.1 50.9
Actual Reserve (CB's) 88,723.4 105,289.1 101,384.0 145,807.6 40.6 18.7 26.6 43.8
Excess Reserve (CB's) 43,861.7 53,336.5 33,651.6 43,614.9 64.1 21.6 16.3 29.6
Reserve Money 200,749.3 246,545.4 264,301.8 362,498.7 15.3 22.8 7.2 37.2
Currency in Circulation 121,800.0 140,521.1 163,709.1 208,211.3 7.9 15.4 16.5 27.2
Bank Deposits 78,949.2 106,024.2 100,592.8 154,287.4 28.9 34.3 -5.1 53.4
Money Multiplier (Ratio):
Narrow Money to Reserve
Money 1.80 1.46 1.65 1.62 1.27 -18.58 26.44 -1.98
Broad Money to Reserve
Money 5.17 4.21 5.10 4.73 1.53 -18.58 27.66 -7.24
Other Monetary Ratios (%):
Currency to Narrow Money 30.25 30.25 30.55 29.49 1.56 0.00 -7.67 -3.48
Currency to Broad Money 10.51 10.51 9.91 10.11 1.30 0.00 -8.55 1.99
Narrow Money to Broad
Money 34.75 34.75 32.44 34.28 -0.25 0.00 -0.96 5.67
Quasi Money to Broad
Money 65.25 65.25 67.56 65.72 0.14 0.00 0.51 -2.72
M2/GDP Ratio* 0.33 0.31 0.33 0.29 -2.94 -6.06 12.90 -11.18
Source: NBE
Fig.IV.3: Reserve Money
400000
350000
value in million Birr
300000
250000
200000
150000
100000
50000
0
2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Reserve Requirement (CB's) Actual Reserve (CB's)

Excess Reserve (CB's) Reserve Money
Source: NBE
29 | A n n u a l R e p o r t 2 0 2 1 / 2 2
4.2. Developments in Interest Rate

In 2021/22, both the minimum and percent from 7.80 percent a year earlier.
maximum saving deposit interest rates Simple average lending interest rate was
remained unchanged at 7.0 and 9.0 percent, 14.25 percent.
respectively. Similarly, the average saving
deposit and weighted average demand
Accordingly, both deposit and lending real
deposit rates stood constant at 8.0 and 0.04
interest rates remained negative given 34.0
percent, respectively while weighted average
percent headline inflation at the end of
time deposit rate slightly declined to 7.70
2021/22 (Table 4.4).
Table 4.4: Interest Rate Structure of Commercial Banks (In percent per annum)
Rates 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22

1. Deposit Rate
1.1 Savings Deposit (Simple
Average)
5.38 5.38 8 8 8 8 8
Minimum 5 5 7 7 7 7 7
Maximum 5.75 5.75 9 9 9 9 9
1.2 Time deposit (Weighted
Average)
5.59 5.54 8.09 8.07 7.94 7.8 7.7
Up to 1 year 5.53 5.43 8.05 8.02 7.88 7.75 7.66
1 -2 years 5.6 5.57 8.1 8.07 7.94 7.81 7.71
Over 2 years 5.64 5.63 8.13 8.11 7.99 7.83 7.75
1.3 Demand Deposit (Weighted
Average)
0.04 0.04 0.04 0.04 0.04 0.04 0.04
2. Lending Rate (Average) 12.75 12.75 13.5 13.5 14.25 14.25 14.25
Minimum 7.5 7.5 7 7 7 7 7
Maximum 18 18 20 20 21.5 21.5 21.5
3. T-bills (Nominal) 1.44 1.42 1.42 1.74 4.54 7.97 9.46
4. Headline Inflation (Year-on-Year) 7.5 8.8 14.7 15.3 21.6 24.6 34
5. Real Rate of Interest on:
5.1 Saving Deposit (1.1 - 4) -2.13 -3.43 -6.7 -7.28 -13.55 -16.6 -26.04
5.2 Time Deposit (1.2 - 4) -1.91 -3.26 -6.61 -7.21 -13.62 -16.8 -26.34
5.3 Lending (2 - 4) 5.25 3.95 -1.2 -1.78 -7.3 -10.35 -19.79
Source: NBE
30 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Fig.IV.4: Interest Rate Structure of Commercial Banks

16.00
14.00
12.00
Value in Percent
10.00
8.00
6.00
4.00
2.00
0.00
2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Average Saving Deposit Rate Weighted Average Time Deposit Rate Average Lending Rate
Source: NBE
4.3 Developments in Financial Sector

Banks, insurance companies and micro- (121 branches), Abay Bank (112 branches)
finance institutions are the major financial and Amhara Bank (101 branches). The share
institutions operating in Ethiopia. At the end of private banks in total branch network
of June 2021/22, the number of banks reached increased to 76.1 percent from 72.7 percent in
30, insurance companies 18 and micro finance the previous year (Table 4.5).
institutions 43. As a result, population to bank branch ratio
Banks opened 1600 new branches in 2021/22; reached 12 thousand people per branch. About
thereby raising the total number of branches to 32.7 percent of the total bank branches were
8,944 from 7,344 a year ago. Those banks located in Addis Ababa.
which opened more than 100 branches in a At the same time, total capital of the banking
year include: Dashen Bank (252 branches), industry showed a 31.7 percent annual growth
Awash International Bank (140 branches), to reach Birr 199 billion (Table 4.5).
Commercial Bank of Ethiopia (137 branches),
On the other hand, the number of insurance
Siinqee Bank (134 branches), Abyssinia Bank
companies remained at 18 with their branch
(128 branches), Cooperative Bank of Oromia
network increasing to 690 following the
31 | A n n u a l R e p o r t 2 0 2 1 / 2 2
opening of 55 new branches in 2021/22. About of which, the share of private insurance
55.4 percent of insurance branches were companies stood at 74.8 percent while that of
operating in Addis Ababa and 86.8 percent of state owned insurance company was 25.2
the total branches were private. Their total percent (Table 4.6).
capital grew 20.9 percent to Birr 13.4 billion,
Fig.IV.5: Branch Network and Capital of Banking System

100%
Percentage share from total
90%
80% 43.4 49.2 47.4
70% 58.5
60% 69.7 70.5 72.7 76.1
50%
40%
30% 56.6 50.8 52.6
20% 41.5
10% 30.3 29.5 27.3 23.9
0%
Private Banks Public Banks
Source: Commercial banks including DBE
32 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table.4.5: Branch Network and Capital of the Banking System at the Close of June 30, 2022
(Branch in Number and Capital in Millions of Birr)
Branch Network Capital
Banks 2020/21 2021/22 2020/21 2021/22

Addis % Addis % Total % Total
Regions Total Regions Total % Share
Ababa Share Ababa Share Capital Share Capital
1. State Owned Banks
Commercial Bank of Ethiopia 1,489 431 1920 26.1 1,597 460 2057 23.0 50,342.5 33.3 52,387.8 26.3
Development Bank of Ethiopia 77 5 82 1.1 77 6 83 0.9 29,235.5 19.3 30,115.9 15.1
Total State Owned Banks 1,566 436 2002 27.3 1,674 466 2140 23.9 79,578.0 52.6 82,503.7 41.5
2. Private Banks
Awash Bank 381 229 610 8.3 489 261 750 8.4 11,084.4 7.3 14,036 7.1
Dashen Bank 302 167 469 6.4 512 209 721 8.1 6,757.4 4.5 9,677 4.9
Bank of Abyssinia 423 252 675 9.2 530 273 803 9.0 6,425.7 4.3 9,899 5.0
Wegagen Bank 271 148 419 5.7 271 149 420 4.7 4,987.1 3.3 5,253 2.6
Hibret Bank 206 184 390 5.3 223 206 429 4.8 5,091.1 3.4 5,772 2.9
Nib International Bank 198 218 416 5.7 214 223 437 4.9 5,689.8 3.8 6,484 3.3
Cooperative Bank of Oromiya 371 110 481 6.5 466 136 602 6.7 5,968.7 3.9 9,226 4.6
Lion International Bank 203 86 289 3.9 204 88 292 3.3 3,246.6 2.1 3,333 1.7
Oromia Bank 219 109 328 4.5 274 142 416 4.7 4,328.9 2.9 5,448 2.7
Zemen Bank 25 42 67 0.9 29 53 82 0.9 3,543.0 2.3 4,740 2.4
Buna International Bank 169 137 306 4.2 215 159 374 4.2 2,993.5 2.0 3,969 2.0
Berhan Bank 152 139 291 4.0 195 154 349 3.9 3,434.4 2.3 3,844 1.9
Abay Bank 199 100 299 4.1 284 127 411 4.6 3,367.2 2.2 4,693 2.4
Addis International Bank 36 60 96 1.3 49 70 119 1.3 1,307.7 0.9 1,712 0.9
Debub Global Bank 52 67 119 1.6 62 73 135 1.5 1,554.1 1.0 1,840 0.9
Enat Bank 37 43 80 1.1 54 52 106 1.2 1,814.5 1.2 2,261 1.1
Hijra Bank S.C - - 0 0.0 32 12 44 0.5 - - 980 0.5
Zamzam Bank S.S 1 6 7 0.1 22 23 45 0.5 - - 1,462 0.7
Goh Betoch Bank S.C - - - 0.0 1 3 4 0.0 - - 780 0.4
Siinqee Bank - - - 0.0 132 2 134 1.5 - - 7,125 3.6
Tseday Bank - - - 0.0 10 20 30 0.3 - - 7,950 4.0
Shebele Bank - - - 0.0 0 0.0 - - 526 0.3
Amhara Bank - - - 0.0 73 28 101 1.1 - - 5,526 2.8
Total Private Banks 3,244 2,097 5,342 72.7 4,341 2,463 6,804 76.1 71,594 47.4 116,535 58.5
3.Grand Total Banks 4,810 2,533 7,344 100 6,015 2,929 8,944 100.0 151,171.9 100.0 199,038.9 100.0
Source: Commercial Banks including DBE
33 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table.4.6: Branch Network & Capital of Insurance Companies as at June 30, 2022
(Branch in Number and Capital in Millions of Birr)
Branch Capital
2020/21 2021/22 2020/21 2021/22 % Change
No. Insurance Companies A.A Regions Total A.A Regions Total A B C=B/A
1 Ethiopian Insurance Corporation 25 65 90 25 66 91 2,924.0 3,376.0 15.5
2 Awash Insurance Company 29 23 52 30 26 56 1,551.0 1,898.0 22.4
3 Africa Insurance Company 18 14 32 18 14 32 367.0 410.0 11.7
National Insurance Corporation of
4 Ethiopia 22 17 39 22 17 39 206.0 296.0 43.7
5 United Insurance Company 28 12 40 30 13 43 723.0 797.0 10.2
6 Global Insurance Company 12 8 20 12 8 20 230.0 280.0 21.7
7 Nile Insurance Company 29 22 51 33 24 57 678.0 940.0 38.6
8 Nyala Insurance Company 17 18 35 18 18 36 1,049.0 1,260.0 20.1
9 Nib Insurance company 28 14 42 30 15 45 718.0 844.0 17.5
10 Lion Insurance Company 16 20 36 19 22 41 380.0 346.0 -8.9
11 Ethio-Life & General Insurance S.C 18 6 24 20 6 26 187.0 228.0 21.9
12 Oromia Insurance Company 22 21 43 25 25 50 690.0 972.0 40.9
13 Abay Insurance S.C 15 14 29 16 15 31 382.0 516.0 35.1
14 Berhan Insurance S.C 13 8 21 15 8 23 215.0 266.0 23.7
15 Tsehay Insurance S.C 19 9 28 22 10 32 310.0 378.0 21.9
16 Lucy Insurance 16 6 22 18 6 24 112.0 162.0 44.6
17 Bunna Insurance S.C. 16 12 28 17 12 29 214.0 255.0 19.2
18 Zemen Insurance S.C. 2 1 3 12 3 15 130 154.0 18.5
Total 345 290 635 382 308 690 11,066 13,378 20.9
Source: Insurance Companies
Note: A.A=Addis Ababa
Fig.IV.6: Branch Network and Capital of Insurance Companies (2018/19-2021/22)

100%
Percentage Share from total
90%
80%
70%
68.3 85.1 73.6 74.8
60% 84.0 75.3 85.8 86.8
50%
40%
30%
20%
31.7 29.7 26.4 25.2
10% 15.5 14.9 14.2 13.2
0%
State Owned Insurance Companies Private Insurance Companies
Source: Insurance Companies

34 | A n n u a l R e p o r t 2 0 2 1 / 2 2
By end of 2021/22, the number of Micro- billion indicating their expanded outreach
Finance Institutions (MFIs) reached 43. (Table 4.7).
Their overall performance was encouraging
In another development, Oromia Credit
as their total capital and total asset increased
and Saving Institution, Amhara Credit and
by 68.2 and 24.6 percent to reach Birr 15.5
Savings Institution and Somali
billion and Birr 58.9 billion, respectively.
Microfinance Institution S.C were
At the same time, their deposit mobilization transformed to banks; thereby reducing
and credit facility also expanded saving deposit, outstanding credit, capital
remarkably. Compared to last year, their and total assets of the MFIs by almost
deposit went up by 16.6 percent and reached half.
Birr 28.3 billion while their outstanding
credit increased 22.2 percent to Birr 36.9
Table 4.7: Microfinance Institutions Performance as of June 30, 2022

(In Thousands of Birr)
2020/21 2021/22 % Change
Particulars
A B B/A
Total Capital 9,213,954.9 15,494,818.5 68.2
Saving 24,274,780.8 28,301,080.2 16.6
Credit 30,220,963.6 36,933,175.8 22.2
Total Assets 47,271,699.8 58,896,433.5 24.6
Source: MFIs
4.3.1. Resource Mobilization
Total resources mobilized by the banking Accordingly, saving deposits went up 24.4
system in the form of deposit, borrowing percent, demand deposits 29.2 percent and
and loan collection during 2021/22 time deposits 20.5 percent. Of the total
increased by 24 percent and reached Birr deposits, saving deposits accounted for 59.6
626.6 billion (Table 4.8). percent, demand deposits 33.3 percent and
Aided by remarkable branch expansion, time deposit 7 percent (Table 4.9).
outstanding deposit liabilities of the
banking system topped Birr 1.7 trillion,
reflecting 25.7 percent annual growth.
35 | A n n u a l R e p o r t 2 0 2 1 / 2 2
The share of private banks in total deposit Birr 84.2 billion a year earlier due to
mobilization increased to 47.7 percent from borrowing by Development Bank of
45.7 percent last year due to the opening of Ethiopia (DBE). Of the total borrowing,
1,600 new branches. CBE alone mobilized domestic sources accounted for 77.2
52.3 percent of the total deposits due to its percent and foreign sources 22.8 percent.
extensive branch network. The net borrowing in 2021/22 was Birr 1.9
billion (Table 4.8 & 4.9).
Reserve mobilization through borrowing by
the banking system remained insignificant Moreover, banks collected Birr 276.5
as most of the banks were sufficiently billion in 2021/22, showing a 48.6 percent
liquid due to increased deposit mobilization annual increment. Private banks constituted
and collection of loans. Their total 55.4 percent of the loans collected (Table
outstanding borrowing at the end of the 4.8).
fiscal year was Birr 86.1 billion up from
Table 4.8: Annual Resource Mobilization & Disbursing Activities of Commercial Banks and DBE (Specialized Bank) as of June 30, 2022
2019/20 2020/21 2021/22 Percent Change
Public Private Public Private Public Private
Total (A) Total (B) Total (C) C/A C/B
Particulars Banks Banks Banks Banks Banks Banks
1. Deposits (net change) 54,185.8 87,596.1 141,781.9 139,813.4 175,598.7 315,412.0 154,697.8 193,509.4 348,207.2 145.6 10.4
Demand 26,561.5 14,414.6 40,976.1 27,982.7 55,519.9 83,502.5 62,313.4 66,215.7 128,529.0 213.7 53.9
Savings 37,084.8 64,818.0 101,902.8 115,460.6 112,694.2 228,154.8 86,809.4 112,483.4 199,292.8 95.6 (12.7)
Time (9,460.6) 8,363.5 (1,097.1) (3,629.9) 7,384.6 3,754.7 5,575.0 14,810.4 20,385.4 (1,958.2) 442.9
2. Borrowing (net change) 8,286.9 - 8,286.9 3,739.4 - 3,739.4 1,890.8 - 1,890.8 (77.2) (49.4)
Local 5,652.5 - 5,652.5 49.4 - 49.4 (2,010.0) - (2,010.0) (135.6) (4,167.2)
Foreign 2,634.4 - 2,634.4 3,690.0 - 3,690.0 3,900.8 - 3,900.8 48.1 5.7
3. Collection of Loans 90,378.0 92,947.5 183,325.5 63,548.9 122,451.5 186,000.4 123,234.0 153,246.1 276,480.1 50.8 48.6
4. Total Resources
Mobilized (1+2+3) 152,850.7 180,543.5 333,394.2 207,101.7 298,050.2 505,151.9 279,822.7 346,755.4 626,578.1 87.9 24.0
5. Disbursement 149,925.9 121,240.1 271,166.0 121,322.2 208,128.8 329,451.0 129,141.5 298,767.5 427,909.0 57.8 29.9
6. Change in Liquidity (4-5)
2,924.8 59,303.5 62,228.3 85,779.5 89,921.4 175,700.9 150,681.1 47,988.0 198,669.1 219.3 13.1
Memorandum Item:
7. Outstanding Credit 685,095.0 347,108.1 1,032,203.0 763,657.4 519,626.4 1,283,283.8 700,732.7 889,630.3 1,590,362.9 54.1 23.9
Source: Commercial Banks Including DBE
*Includes government borrowing in the form of bonds and treasury bills from commercial banks and other sectors other than NBE
36 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 4.9: Deposits and Borrowings of Commercial Banks and Specialized Bank as of June 30, 2022
2019/20 2020/21 2021/22 % Change
A B C D=B/A E=C/B
A. Deposits
-Demand 356,328.6 439,831.1 568,360.2 23.4 29.2
-Savings 589,465.0 817,619.8 1,016,912.6 38.7 24.4
-Time 95,616.7 99,371.4 119,756.8 3.9 20.5
Total 1,041,410.3 1,356,822.3 1,705,029.5 30.3 25.7
B. Borrowings
-Local 68,416.9 68,466.3 66,456.3 0.1 -2.9
-Foreign 12,026.0 15,716.0 19,616.8 30.7 24.8
Total 80,442.9 84,182.3 86,073.1 4.6 2.2
Source: Commercial Banks & DBE
Table.4.10: Loans and Advances by Lenders (In Millions of Birr)

2020/21 2021/22
D* C* O/S* D* C* O/S* Percentage Change
Lenders A B C D E F D/A E/B F/C
A.State Owned Banks
1.Commercial Bank of Ethiopia 111,458.4 54,336.8 708,226.0 175,386.4 112,382.6 789,481.1 57.4 106.8 11.5
2.Development Bank of Ethiopia 9,863.8 9,212.1 55,431.4 10,505.0 10,851.4 58,174.2 6.5 17.8 4.9
Sub-Total 121,322.2 63,548.9 763,657.4 185,891.4 123,234.0 847,655.2 53.2 93.9 11.0
B. Private Banks
3 Awash Bank 24,887.4 12,426.3 87,107.0 47,287.9 22,243.9 129,217.1 90.0 79.0 48.3
4. Dashen Bank 32,893.1 19,616.2 62,835.9 25,152.2 20,048.5 76,071.8 -23.5 2.2 21.1
5. Bank of Abyssinia 33,455.0 11,987.7 77,344.0 36,148.3 15,924.5 113,942.8 8.1 32.8 47.3
6. Wegagen Bank 7,934.6 8,407.2 27,349.0 5,003.8 5,944.8 30,476.0 -36.9 -29.3 11.4
7. Hibret Bank 11,943.7 11,449.3 34,702.8 13,391.5 12,291.5 43,881.3 12.1 7.4 26.4
8. Nib International Bank 14,007.3 7,922.1 34,480.7 10,929.2 8,616.0 39,406.3 -22.0 8.8 14.3
9. Cooperative Bank of Oromia 28,541.0 14,879.1 55,265.0 37,607.9 18,781.7 84,255.9 31.8 26.2 52.5
10. Lion Interenational Bank 4,413.3 3,307.1 22,795.3 1,068.7 1,935.5 25,195.6 -75.8 -41.5 10.5
11. Oromia Bank 4,635.0 4,456.1 14,257.1 8,061.2 5,500.7 21,412.5 73.9 23.4 50.2
12. Zemen Bank 10,281.0 8,317.1 25,755.8 10,170.0 8,526.6 32,183.1 -1.1 2.5 25.0
13.Berhan Bank 7,541.5 4,698.3 17,705.8 8,152.1 6,720.7 21,829.8 8.1 43.0 23.3
14.Bunna International Bank 6,317.9 2,244.9 18,320.4 7,045.6 5,454.6 25,069.0 11.5 143.0 36.8
15.Abay Bank 12,659.5 5,675.4 19,580.2 11,136.1 5,562.2 26,296.3 -12.0 -2.0 34.3
16. Addis International Bank 1,272.9 1,184.5 4,535.9 1,149.9 1,179.3 6,143.0 -9.7 -0.4 35.4
17. Debub Global Bank 5,692.2 3,276.6 8,447.6 2,555.8 4,711.3 9,598.2 -55.1 43.8 13.6
18. Enat Bank 1,653.5 2,603.7 9,144.1 1,689.8 1,905.2 11,443.1 2.2 -26.8 25.1
19.Zamzam Bank - - - 1,431.0 15.3 691.6 - - -
20.Hijra Bank - - - 654.1 4.9 374.6 - - -
21.Goh Betoch Bank - - - 302.9 9.5 298.5 - - -
22.Shebelle Bank S.C - - - 67.9 56.7 1,939.6 - - -
23.Siinqee Bank S.C - - - 3,244.6 999.7 16,101.4 - - -
24.Tseday Bank S.C - - - 9,767.3 6,813.0 26,880.4 - - -
Sub-Total 208,128.8 122,451.5 519,626.4 242,017.6 153,246.1 742,707.7 16.3 25.1 42.9
Grand Total 329,451.0 186,000.4 1,283,283.8 427,909.0 276,480.1 1,590,362.9 29.9 48.6 23.9
Source: Commercial Banks
D*=Disbursement, C*=Collection, O/S*= Outstanding Credit
37 | A n n u a l R e p o r t 2 0 2 1 / 2 2
4.3.2 New Lending Activities

domestic trade (14.3percent), industry
In 2021/22 banks disbursed Birr 427.9
(12.2 percent), ‘mines, power and water
billion in fresh loans which was 29.9
resource’ (9.5 percent), personal
percent higher than a year ago (Table
(8.4percent), housing and construction
4.10). Of the total new loans, about 56.6
(7.9 percent), transport and
percent was provided by private banks
communication (6.7percent) and
and 43.4 percent by the two state owned
agriculture (5 percent). The remaining
banks (i.e. CBE and DBE) (Table 4.11).
balance went to other economic sectors
About 31.9 percent of the loans went to
(Table 4.12).
finance international trade followed by
Fig.IV.7: Development in Net Deposit, Lending and Loan Collection of the Banking System
350000
300000
Value in Millions of Birr
250000
Net Deposit Lending Loan collection
200000
150000
100000
50000
Source: Commercial Banks and DBE
38 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 4.11: Percentage Share of Loans and Advances by Lenders

2020/21 2021/22
D* C* O/S* D* C* O/S* Percentage change
Lenders A B C D E F D/A E/B F/C
A.State Owned Banks
1.Commercial Bank of Ethiopia 33.8 29.2 55.2 41.0 40.6 49.6 21.1 39.1 -10.1
2.Development Bank of Ethiopia 3.0 5.0 4.3 2.5 3.9 3.7 -18.0 -20.8 -15.3
Sub-Total 36.8 34.2 59.5 43.4 44.6 53.3 18.0 30.5 -10.4
B.Private Banks
3 Awash Bank 7.6 6.7 6.8 11.1 8.0 8.1 46.3 20.4 19.7
4. Dashen Bank 10.0 10.5 4.9 5.9 7.3 4.8 -41.1 -31.2 -2.3
5. Bank of Abyssinia 10.2 6.4 6.0 8.4 5.8 7.2 -16.8 -10.6 18.9
6. Wegagen Bank 2.4 4.5 2.1 1.2 2.2 1.9 -51.4 -52.4 -10.1
7. Hibret Bank 3.6 6.2 2.7 3.1 4.4 2.8 -13.7 -27.8 2.0
8. Nib International Bank 4.3 4.3 2.7 2.6 3.1 2.5 -39.9 -26.8 -7.8
9. Cooperative Bank of Oromia 8.7 8.0 4.3 8.8 6.8 5.3 1.4 -15.1 23.0
10. Lion Interenational Bank 1.3 1.8 1.8 0.2 0.7 1.6 -81.4 -60.6 -10.8
11. Oromia International Bank 1.4 2.4 1.1 1.9 2.0 1.3 33.9 -17.0 21.2
12. Zemen Bank 3.1 4.5 2.0 2.4 3.1 2.0 -23.8 -31.0 0.8
13.Berhan Bank 2.3 2.5 1.4 1.9 2.4 1.4 -16.8 -3.8 -0.5
14.Bunna International Bank 1.9 1.2 1.4 1.6 2.0 1.6 -14.1 63.5 10.4
15. Abay Bank 3.8 3.1 1.5 2.6 2.0 1.7 -32.3 -34.1 8.4
16. Addis International Bank 0.4 0.6 0.4 0.3 0.4 0.4 -30.4 -33.0 9.3
17. Debub Global Bank 1.7 1.8 0.7 0.6 1.7 0.6 -65.4 -3.3 -8.3
18. Enat Bank 0.5 1.4 0.7 0.4 0.7 0.7 -21.3 -50.8 1.0
19.Zamzam Bank - - - 0.3 0.0 0.0 - - -
20.Hijra Bank - - - 0.2 0.0 0.0 - - -
21.Goh Betoch Bank - - - 0.1 0.0 0.0 - - -
22.Shebelle Bank S.C - - - 0.0 0.0 0.1 - - -
23.Siinqee Bank S.C - - - 0.8 0.4 1.0 - - -
24.Tseday Bank S.C - - - 2.3 2.5 1.7 - - -
Sub-Total 63.2 65.8 40.5 56.6 55.4 46.7 -10.5 -15.8 15.3
Grand Total 100.0 100.0 100.0 100.0 100.0 100.0 0.0 0.0 0.0
4.3.3 Outstanding Loans
Outstanding credit of the banking system trade (9.5 percent), and transport &
(including corporate bond) increased 23.9 communication (7.1 percent). The
percent and reached Birr 1.6 trillion at the remaining balance was taken up by other
end of June, 2022. About 22.6 percent of economic sectors (Table 4.12).
the outstanding loans went to ‘mines, The share of private sector in outstanding
power and water resource’ sectors credit was Birr 868.2 billion (or 54.6
followed by industry (18.7 percent), percent) reflecting a 35.4 percent year-
international trade (18.5 percent), housing on-year growth (Table 4.13).
and construction (10.7 percent), domestic
39 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 4.12: Loans & Advances by Economic Sectors (In Millions of Birr)
2020/21 2021/22 Percentage Change
Economic Sectors D* C* O/S* D* C* O/S* D* C* O/S*
A B C D E F D/A E/B F/C
Agriculture 30,779.8 23,503.6 31,823.6 21,374.6 25,087.5 52,002.7 (30.6) 6.7 63.4
Industry 60,607.1 26,899.1 272,983.8 52,125.0 61,864.1 297,560.2 (14.0) 130.0 9.0
Domestic Trade 49,961.6 34,441.9 115,088.1 61,279.4 41,204.5 151,615.5 22.7 19.6 31.7
International Trade 66,142.3 46,743.3 197,283.0 136,299.2 80,160.8 294,692.1 106.1 71.5 49.4
Export 51,706.4 34,766.0 135,921.5 65,926.1 41,650.1 176,404.1 27.5 19.8 29.8
Import 14,436.0 11,977.3 61,361.5 70,373.1 38,510.8 118,288.0 387.5 221.5 92.8
Hotels and Tourism 8,173.0 4,334.5 25,963.8 4,569.8 5,891.3 29,814.9 (44.1) 35.9 14.8
Transport and Communication 16,429.1 5,099.5 85,175.4 28,645.5 8,933.0 112,755.1 74.4 75.2 32.4
Housing and Construction 44,530.4 24,264.2 140,572.0 33,614.8 18,993.8 170,072.4 (24.5) (21.7) 21.0
Mines, Power and Water resource 20,168.8 1,733.1 322,522.5 40,683.6 3,670.8 359,758.0 101.7 111.8 11.5
Others 9,105.5 5,985.4 22,306.4 13,445.5 8,556.4 30,415.3 47.7 43.0 36.4
Personal 23,553.3 12,996.0 69,565.2 35,871.5 22,117.9 91,676.8 52.3 70.2 31.8
Total 329,451.0 186,000.4 1,283,283.8 427,909.0 276,480.1 1,590,362.9 29.9 48.6 23.9
40 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Fig.IV.8: Sectorial Breakdown of Bank Credit (2018/19-2020/21)
Source: Commercial Banks including DBE
Table 4.13: Loans and Advances by Borrowers (In Millions of Birr)
2018/19 2019/20 2020/21 2021/22

Percentage change
Borrowing Clients
O/S* O/S* O/S* D* C* O/S*
A B C D E F G=F/B H=F/C
Public Enterprises 463,351.1 547,616.6 612,774.3 129,141.5 72,697.6 700,732.7 28.0 14.4
Cooperatives 18,532.1 19,891.0 29,129.8 19,354.6 16,162.1 21,398.8 7.6 -26.5
Private & Individuals 359,100.3 464,695.4 641,379.7 279,412.8 187,620.3 868,231.5 86.8 35.4
Total 840,983.5 1,032,203.0 1,283,283.8 427,909.0 276,480.1 1,590,362.9 54.1 23.9

Source: Commercial Banks & DBE
41 | A n n u a l R e p o r t 2 0 2 1 / 2 2
4.4. Financial Activities of NBE
As of June 2022, gross claims of NBE on due to 53.4 percent increase in deposit by
the central government reached Birr financial institutions (Table 4.14).
357.4 billion which was 26.8 percent
higher than a year earlier. Of the total
credit to the central government, bond
accounted for 55.4 percent and direct
advance 44.6 percent.
Similarly, NBE’s outstanding claims on

DBE stood at Birr 44.8 billion showing a
20.9 percent annual decrease.
On the liability side, total deposits at

NBE rose 35 percent to Birr 185.7 billion
Table 4.14: Financial Activities of National Bank of Ethiopia at the Close of June 30, 2022
( In Millions of Birr)
2019/20 2020/21 2021/22 % Change

Particulars
A B C D=B/A E=C/B
Loans and Advances (1+2) 288,380.4 338,505.4 402,249.8 17.4 18.8
1.Claims on Central Gov’t 230,237.7 281,862.6 357,427.1 22.4 26.8
1.1 Direct Advance 31,000.0 83,500.0 159,500.0 169.4 91.0
1.2 Bonds 199,237.7 198,362.6 197,927.1 -0.4 -0.2
2. Claims on DBE 58,142.7 56,642.7 44,822.7 -2.6 -20.9
3. Deposit Liabilities 142,563.3 137,565.8 185,675.5 -3.5 35.0
3.1 Government 34,526.8 36,843.5 31,210.8 6.7 -15.3
3.2 Financial Institutions 108,036.6 100,722.4 154,464.7 -6.8 53.4

Source:National Bank of Ethiopia
42 | A n n u a l R e p o r t 2 0 2 1 / 2 2
4.5 Developments in Financial Markets

In the absence of secondary market in Birr 197 billion (net of redemption)
Ethiopia, government bonds were was mobilized for government
occasionally issued to finance government financing from the T-bills sale during
expenditures and/or to absorb excess the fiscal year.
liquidity in the banking system. Similarly,
Treasury bills were auctioned regularly on At the end of 2021/22, the total
bi-weekly basis. outstanding T-bills rose 172.1

percent and stood at Birr 317.2
billion of which banks accounted for
4.5.1 Treasury Bills Market
Birr 195.4 billion (61.6%) and non-
In 2021/22, the amount of T-bills supplied to bank institutions Birr 121.7 billion
the bi-weekly auction was Birr 858.5 billion, (38.4%) (Table 4.15).
reflecting a 159.6 percent annual increment.
Similarly, the demand for T-bills surged The average weighted T-bills yield
110.5 percent to Birr 599.5 billion indicating increased to 9.459 percent from
that the market was undersubscribed by Birr 7.970 percent, depicting a 18.7
259.0 billion (30.2 percent). Meanwhile, the percent annual growth (Table 4.15).
amount of T-bills sold reached Birr 582.3 The highest yield (10.43 percent)
billion of which T-bills worth Birr 384 billion was recorded for 91-day T-bills
were sold to banks and the remaining Birr while the lowest (8.63 percent) yield
198.2 billion to non-bank institutions. was for 28-day T-bills.
43 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 4.15: Results of Annual Treasury Bills Auction

Particulars A B C C/A C/B
Number of Bidders 163.00 403.00 586.00 259.51 45.41
Amount Demanded (Mn.Birr) 243,155.085 284,783.550 599,478.625 146.54 110.50
28-day bill 2,583.0 41,148.6 67,664.8 2,519.62 64.44
91-day bill 221,726.1 136,590.3 187,382.6 (15.49) 37.19
182-day bill 14,096.0 72,176.3 147,606.1 947.15 104.51
364-day bill 4,750.0 34,868.4 196,825.1 4,043.69 464.48
Amount Supplied (Mn.Birr) 231,486.880 330,673.000 858,468.750 270.85 159.61
28-day bill 3,106.0 30,230.0 72,805.0 2,244.01 140.84
91-day bill 203,649.9 108,117.0 224,773.8 10.37 107.90
182-day bill 19,981.0 132,476.0 248,645.6 1,144.41 87.69
364-day bill 4,750.0 59,850.0 312,244.4 6,473.57 421.71
Amount Sold (Mn.Birr) 234,839.085 238,799.550 582,268.625 147.94 143.83
Banks 5,980.0 97,130.4 384,032.3 6,321.94 295.38
Non-Banks 228,859.1 141,669.1 198,236.3 (13.38) 39.93
Redemption (Mn. Birr) - 139,351.600 385,308.990 - 176.50
Banks - 58,207.9 245,890.0 - 322.43
Non-Banks - 81,143.7 139,419.0 - 71.82
NetAmount (Mn. Birr) - 99,447.95 196,959.64 - 98.05
Banks - 38,922.6 138,142.3 - 254.92
Non-Banks - 60,525.400 58,817.350 - (2.82)
97.885 96.370 95.953 (1.97) (0.43)

Average Weighted Price for Successful bids(Birr)
28-day bill 99.691 99.479 99.342 (0.35) (0.14)
91-day bill 98.941 97.973 97.465 (1.49) (0.52)
182-day bill 97.659 96.292 95.493 (2.22) (0.83)
364-day bill 95.251 91.737 91.510 (3.93) (0.25)
108.54 18.69
Average Weighted Yeild for Successful bids(%) 4.536 7.970 9.459
28-day bill 4.040 6.826 8.634 113.71 26.48
91-day bill 4.294 8.297 10.433 142.95 25.75
182-day bill 4.808 7.723 9.466 96.86 22.57
364-day bill 5.000 9.032 9.303 86.06 2.99
Share
Share % Share %
Outstanding bills at the end of period(Mn.Br.) 23,724.000 116,559.950 317,169.585 % 1,236.914 172.109
Banks 5,604.00 23.62 52,040.00 44.65 195,432.29 61.62
Non-Banks 18,120.00 76.38 64,519.95 55.35 121,737.30 38.38 571.839 88.682
Public Servants Social Security Agency 11,690.00 49.27 43,869.95 37.64 84,307.00 26.58 621.189 92.175
Development Bank of Ethiopia - 0.00 - 0.00 - 0.00
Private Organizations’ Employees Social Security
Agency 6,430.00 27.10 20,600.00 17.67 37,330.30 11.77 480.565 81.215
Other Non-Bank Institutions - 0.00 50.00 0.04 100.00 0.03 -
Source NBE
44 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Fig.IV.9: Treasury Bills Auction Result
1,000,000.00 10.000
900,000.00 9.000
800,000.00 8.000
700,000.00 7.000
600,000.00 6.000
Value in Millions of Birr
Annual weighted yield

500,000.00 5.000
400,000.00 4.000
300,000.00 3.000
200,000.00 2.000
100,000.00 1.000
- 0.000
Year
Demand Supply Average Weighted Yield
4.5.2. Corporate Bonds Market
Corporate bond purchase by Commercial Thus, 2022 the total outstanding bond
Bank of Ethiopia (CBE) reached Birr held by CBE showed a 13.0 percent
64.4 billion showing a 47.2 percent annual increase and reached Birr 502.6
annual increase. billion. The share of EEP in outstanding
During the same period, the total amount corporate bond was 71.2 percent followed
of corporate bonds redeemed was Birr 6.7 by Railway Corporation (18.0 percent),
billion, of which Birr 3.3 billion was by Addis Ababa city administration (10.7
Addis Ababa city administration, Birr percent) and Regional States (0.1
3.25 billion by EEP and Birr 177.5 percent).
million by regional governments (Table
4.16).
45 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 4.16: Disbursement, Redemptions and Outstanding Coupon and Corporate

Bond of CBE (In millions Birr)
Annual Percentage
Change
Particulars
2019/20 2020/21 2021/22
Actual A B B/A
1. Corporate Bond Purchases by holders 71,971.84 43,768.87 64,444.24 47.24
EEP 47,716.23 19,856.55 40,306.18 0.00
Regional governments - 0.00 -
Development Bank of Ethiopia - 0.00 - -
City Government of Addis Ababa 2,700.00 13,587.37 5,000.00 -63.20
Railway Corporation 21,555.61 10,324.95 19,138.06 85.36
Private Sector - -
2. Redemption of Bonds by Clients 21,796.64 8,496.49 6,737.54 -20.7
EEP 5,156.04 1,316.56 3,250.00 146.9
Regional governments 52.65 38.07 177.48 366.2
Development Bank of Ethiopia 0.00 - -
City Government of Addis Ababa 8,712.39 7,141.87 3,310.05 -53.7
Railway Corporation 7,875.56 0.00 - -
Private Sector - -
3. Outstanding Bonds by Clients 405,235.41 444,871.73 502,578.44 13.0
EEP 302,345.73 320,885.72 357,941.90 11.5
Regional governments 516.02 467.59 290.11 -38.0
Development Bank of Ethiopia - - - -
City Government of Addis Ababa 45,686.69 52,132.19 53,822.14 3.2
Railway Corporation 56,686.98 71,386.23 90,524.29 26.8
Private Sector - - - -
Source: Commercial Bank of Ethiopia
4.5.4. Inter-bank Money Market

There has been no inter-bank money market transaction in 2021/22.
46 | A n n u a l R e p o r t 2 0 2 1 / 2 2
V. DEVELOPMENTS IN EXTERNAL SECTOR

5.1 Overall Balance of Payments
The overall balance of payments registered billion deficit last year while net official
USD 2,149.8 million deficit in 2021/22 transfers declined by 17 percent. On the
compared to USD 298.7 million surplus a other hand, net private transfers increased
year earlier. This was attributed to by 15.7 percent while net service surplus
widening current account deficit and rose to USD 639.2 million from USD 13.2
decline in capital account surplus. The million a year earlier. As a result, current
current account deficit was widening due account deficit (including official
to large merchandise trade deficit and transfers) widened to USD 5.1 billion from
decline in net official transfers. USD 3.2 billion a year ago and its ratio to
GDP reached 4.0 percent (Table 5.1).
Merchandise trade balance registered USD
14 billion deficit compared to USD 10.7
47 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 5.1: Balance of Payments1

(In Millions of USD)
Percentage
2019/20 2020/21* 2021/22 Change
S/N Particulars A B C B/A C/B
1 Exports, f.o.b. 2,987.7 3,596.6 4,103.7 20.4 14.1
Coffee 855.9 909.4 1,430.5 6.3 57.3
Other 2131.8 2687.3 2673.3 26.1 -0.5
2 Imports 13,881.3 14,287.9 18,092.2 2.9 26.6
Fuel 2088.1 1940.8 3455.2 -7.1 78.0
Cereals 843.2 1336.7 2179.8 58.5 63.1
Aircraft 65.9 130.4 138.3 97.8 6.0
Imports excl. fuel, cereals, aircraft 10,884.1 10,879.9 12,318.9 0.0 13.2
3 Trade Balance (1-2) -10,893.6 -10,691.3 -13,988.5 -1.9 30.8
4 Services, net -219.0 13.2 639.2 -106.0 4729.9
Non-factor services, net 393.7 586.9 1,212.9 49.1 106.7
Exports of non-factor services 4,686.4 4,894.6 6,349.6 4.4 29.7
Imports of non-factor services 4,292.7 4,307.7 5,136.8 0.4 19.2
Income, net -612.7 -573.6 -573.7 -6.4 0.0
O/w Gross official int. payment 654.4 581.3 579.5 -11.2 -0.3
Dividend, net -0.7
5 Private transfers, net 5,185.7 6,118.4 7,081.6 18.0 15.7
o/w: Private Individuals 4,275.1 4,931.3 5,227.1 15.4 6.0
6 Current account balance excluding off. Transfers (3+4+5) -5,926.9 -4,559.6 -6,267.7 -23.1 37.5
7 Official transfers, net 1,525.0 1,368.9 1,136.3 -10.2 -17.0
8 Current account balance including official transfers(6+7) -4,401.9 -3,190.7 -5,131.4 -27.5 60.8
9 Capital account 4,326.5 3,785.8 2,723.5 -12.5 -28.1
Off. Long-term Cap., net 2,613.4 898.2 450.8 -65.6 -49.8
Disbursements 2,821.2 1,022.4 793.5 -63.8 -22.4
Amortization 207.8 124.3 342.7 -40.2 175.8
Other pub. long-term cap. -720.9 -885.9 -1,005.9 22.9 13.5
Private sector, long term 164.3 153.4 86.2 -6.6 -43.8
Foreign Direct Investment(net) 2,419.2 3,955.4 3,307.7 63.5 -16.4
Short-term Capital -149.41 -335.3 -115.3 124.4 -65.6
10 Errors and Omissions [11-(9+8)] -758.0 -296.4 258.1
11 Overall balance (-13) -833.4 298.7 -2,149.8
12 Financing (13+16) 833.4 -298.7 2,149.8
13 Reserves [ Increase(-), Decrease (+)] (14+15) 833.4 -298.7 2,149.8
14 Central Bank (NFA) 770.1 386.4 1,601.8
Asset 304.5 244.0 1,370.8
Liabilities 465.6 142.4 231.0
15 Commercial banks (NFA) 63.3 -685.1 548.0
16 Debt Relief
Principal
Interest
Source: NBE Staff Compilation
2021/22 data are Preliminary
*Some items are revised
48 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 5.2: Components of Current Account as Percentage of GDP

Particulars A B C B/A C/B
Trade Balance -10.1 -9.6 -11.0 -5.0 14.8
Net Services -0.2 0.0 0.5 -105.8 4,138.6
Net Private Transfers 4.8 5.5 5.6 14.2 1.6
Net Official Transfers 1.4 1.2 0.9 -13.1 -27.2
Current Account Deficit (excluding official transfers) -5.5 -4.1 -4.9 -25.6 20.6
Current Account Deficit (including official transfers) -4.1 -2.9 -4.0 -29.9 41.1
Fig. V.1 Trends in Components of Current Account

10,000.0
5,000.0
-
In Million of USD
(5,000.0)
(10,000.0)
(15,000.0)
(20,000.0)
Merchandise Trade Balance Net Services
Net Private Transfers Net Official Transfers
Source: NBE Staff Computations
49 | A n n u a l R e p o r t 2 0 2 1 / 2 2
5.2. Developments in Merchandise Trade

5.2.1 Balance of Trade
Merchandise trade deficit widened to export earnings. Hence, merchandise
USD 14.0 billion from USD 10.7 billion trade deficit as a ratio of GDP stood at
a year earlier as the growth in 11.0 percent.
merchandise import bills outweighed
5.2.2 Merchandise Export

Total merchandise export earnings earnings slightly raised to 13.2 percent
reached USD 4.1 billion in 2021/22 from 13.1 percent last year same period.
having a 14.1 percent annual growth due
Revenue from export of fruits &
to staggering performance mainly of
vegetables showed a 26.8 percent annual
coffee (57.3 percent), flower (15.1
growth as a result of 0.4 percent increase
percent), fruit & vegetables (26.8
in export volume and 26.3 percent in
percent), textile & textile products (19.4
international price. As a result, the share
percent), meat & meat products (45.5
of fruits & vegetables in total
percent) and electricity (3.3 percent).
merchandise export reached 2.1 percent
Export earnings from coffee increased from 1.9 percent a year earlier.
57.3 percent due to the 29.0 percent
Meat & meat products export earnings
growth in international price and 22.0
surged by 45.5 percent over last year
percent in export volume. Thus, the
same period owing to 29.9 percent rise
share of coffee in total merchandise
in export volume and 12.0 percent in
export was 34.9 percent relative to 25.3
international price. Hence, the share of
percent a year ago.
meat & meat products in total
Likewise, export revenue from flower merchandise export earnings stood at 2.7
grew 15.1 percent as both export volume percent compared with 2.1 percent last
and international price increased by 12.5 year same period.
percent and 2.3 percent, respectively.
Hence, the share of flower in total export Receipts from textile & textile products
increased 19.4 percent due to 46.5
50 | A n n u a l R e p o r t 2 0 2 1 / 2 2
percent growth in export volume despite percent increase in international price.

18.5 percent fall in international price. Therefore, the share of chat in total
Consequently, the share of textile & merchandise export earnings dropped to
textile products in total merchandise 9.5 percent from 11.2 percent a year
export earnings marginally increased to earlier.
4.3 percent from 4.1 percent a year ago.
Export earnings from oilseeds showed a
20.8 percent annual decrease owing to
Export earnings from electricity
29.9 percent fall in export volume albeit
increased 3.3 percent and reached USD
international price increased by 12.9
93.5 million owing to 1.7 percent rise in
percent. Hence, the share of oilseeds in
export volume and 1.5 percent in
total merchandise export earnings
international price. However, the share
reached 6.5 percent from 9.3 percent a
of electricity in total merchandise export
year ago.
earnings decreased to 2.3 percent from
2.5 percent a year earlier.
Proceeds from pulses export decreased
by 6.4 percent and reached USD 218.9
Earnings from other export items
million because of 23.8 percent fall in
increased 37.2 percent and reached USD
export volume despite 22.8 percent rise
177.7 million.
in international price. Therefore, the
On the other hand, proceeds from gold share of pulses in total merchandise
export declined by 16.1 percent and exports decreased to 5.3 percent from
reached USD 546.4 million as a result of 6.5 percent a year ago
to 5.5 percent decrease in volume and
11.2 percent in price. Thus, the share of Similarly, export earnings from leather
gold in total merchandise export went & leather products declined by 9.1
down to 13.3 percent compared with percent, as export volume fell 2.2
18.1 percent a year earlier. percent and international price 7.0
percent. As a result, their share in total
Likewise, receipts from chat decreased
merchandise export stood at 0.8 percent
by 2.7 percent due to 20.9 percent
compared with 1.0 percent a year ago.
decline in export volume despite 23.0
51 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Likewise, export earnings from live- Thus, the share of live-animals in total
animals decreased by 35.1 percent owing merchandise export earnings went down
to 34.3 percent decline in export volume to 0.7 percent from 1.2 percent last year.
and 1.3 percent in international price.
Table 5.3: Values of Major Export Items

(In millions of USD)

Particulars
B/A*10 C/B*100
A %share B %share C %share
0-100 -100
Coffee 855.9 28.6 909.4 25.3 1,430.7 34.9 6.3 57.3
Oilseeds 345.0 11.5 335.5 9.3 265.7 6.5 (2.7) (20.8)
Leather and Leather
Products 72.0 2.4 36.5 1.0 33.2 0.8 (49.4) (9.1)
Pulses 234.8 7.9 233.8 6.5 218.9 5.3 (0.4) (6.4)
Meat & Meat Products 67.4 2.3 75.3 2.1 109.6 2.7 11.7 45.5
Fruits & Vegetables 58.8 2.0 69.3 1.9 87.8 2.1 17.7 26.8
Textile & Textile Prod. 168.9 5.7 147.1 4.1 175.6 4.3 (12.9) 19.4
Live Animals 54.1 1.8 44.9 1.2 29.2 0.7 (17.0) (35.1)
Chat 324.4 10.9 402.5 11.2 391.6 9.5 24.1 (2.7)
Gold 196.5 6.6 651.6 18.1 546.4 13.3 231.6 (16.1)
Flower 422.3 14.1 470.6 13.1 541.6 13.2 11.4 15.1
Electricity 66.4 2.2 90.5 2.5 93.5 2.3 36.2 3.3
Others 121.1 4.1 129.5 3.6 177.7 4.3 7.0 37.2
Total Export 2,987.7 100.0 3,596.6 100.0 4,101.5 100.0 20.4 14.0
Source: Ethiopian Customs Commission and Ethiopian Electric Power
52 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Fig.V.2: Foreign Exchange Earnings from Selected Export Items

1,600
1,400
1,200
(Millions USD)
1,000
800
600
400
200
0
2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Coffee Oil Seeds Leather & Leather Products
Pulses Flower Gold
Chat
Source: NBE Staff Computation
Fig.V.3: Export Share of Selected Commodities (2021/22)
Others
Leather & Leather 15.7%
Products
0.8%
Coffee
34.9%
Flower
13.2%
Gold
13.3% Oilseeds
6.5%
Chat Pulses
9.5% 5.3%
Live-Animals
0.7%
53 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 5.4: Volume of Major Exports

(In millions of kg unless stated otherwise)

Particulars
A B C B/A*100-100 C/B*100-100
Coffee 271.11 248.65 303.24 (8.3) 22.0
Oilseeds 236.50 245.48 172.14 3.8 (29.9)
Leather and Leather 3.55 2.29 2.24 (35.5) (2.2)
Products
Pulses 354.01 280.60 213.87 (20.7) (23.8)
Meat & Meat Products 12.82 14.63 19.01 14.1 29.9
Fruits & Vegetables 191.18 221.70 222.65 16.0 0.4
Textile & Textile Prod. 22.80 24.05 35.23 5.5 46.5
Live Animals 29.40 26.26 17.27 (10.7) (34.3)
Chat 57.14 71.21 56.33 24.6 (20.9)
Gold(In mn. of grams) 3.32 9.19 8.68 176.4 (5.5)
Flower 94.39 101.58 114.25 7.6 12.5
Electricity(In mn of kwh) 1,145.25 1,637.22 1,665.17 43.0 1.7
Fig.V.4: Export Volume of Selected Commodities

500
450
400
350
(Million Kg.)
300
250
200
150
100
50
0
2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Coffee Oil Seeds

Leather & Leather Products Pulses
Flower Gold
54 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 5.5: Unit Value of Major Export Items

(In USD/kg unless stated otherwise)

Particulars
A B C B/A*100-100 C/B*100-100
Coffee 3.16 3.66 4.72 15.8 29.0
Oilseeds 1.46 1.37 1.54 (6.3) 12.9
Leather and Leather
Products 20.28 15.92 14.81 (21.5) (7.0)
Pulses 0.66 0.83 1.02 25.6 22.8
Meat & Meat Products 5.26 5.15 5.77 (2.1) 12.0
Fruits & Vegetables 0.31 0.31 0.39 1.5 26.3
Textile & Textile Prod. 7.41 6.12 4.98 (17.4) (18.5)
Live Animals 1.84 1.71 1.69 (7.1) (1.3)
Chat 5.68 5.65 6.95 (0.5) 23.0
Gold(USD/grams) 59.12 70.93 62.95 20.0 (11.2)
Flower 4.47 4.63 4.74 3.6 2.3
Electricity(USD/kwh) 0.06 0.06 0.06 (4.7) 1.5
Fig.V. 5: Unit Value of Selected Export Commodities

80
(USD/Kg,, Gold (USD/Gm))
70
60
50
40
30
20
10
0
2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Coffee Oil Seeds
Leather & Leather Products Pulses
Flower Gold
55 | A n n u a l R e p o r t 2 0 2 1 / 2 2
5.2.3. Import of Goods

Total merchandise import bills reached merchandise import payments increased
USD 18.1 billion depicting a 26.6 percent to 20.6 percent from 18.8 percent last
annual growth due to the rise in import year.
bills of consumer goods, fuel and semi- Likewise, fuel import increased 78.0
finished goods. On the other hand, percent and reached USD 3.5 billion.
payments for capital goods, raw materials This was attributed to a 87.3 percent rise
and miscellaneous goods have declined. in international price despite 4.9 percent
Therefore, import to GDP ratio increased decline in export volume. Hence, the
to 14.3 percent compared with 12.8 share of fuel in total merchandise import
percent a year ago. went up to 19.1 percent from 13.6 percent
last year same period.
Consumer goods import reached USD 7.6
billion, about 39.1 percent higher than
In contrast, capital goods import dropped
last year due to an increase in import of
by 21.8 percent as imports of transport,
non-durable goods (45.6 percent) and
industrial and agricultural capital goods
durable goods (1.2 percent). As a result,
declined. Thus, the share of capital goods
the share of consumer goods in total
in total merchandise import slowed down
merchandise imports rose to 42.1 percent
to 16.8 percent from 27.2 percent last
from 38.3 percent a year earlier.
year same period.
Semi-finished goods import amounted to Similarly, import of raw materials fell

USD 3.7 billion showing a 39.1 percent 17.6 percent and accounted for 0.6
annual growth as import of fertilizer percent of total merchandise import of the
surged 98.3 percent. As a result, the share review year (Table 5.6).
of semi-finished goods in total
56 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 5.6: Value of Imports by End Use

2019/20 2020/21 2021/22 Percentage change

B/A*100- C/B*100-
Categories A % share B % share C % share
100 100
Raw Materials 162.2 1.2 138.9 1.0 114.5 0.6 (14.3) (17.6)
Semi-finished Goods 3,110.7 22.4 2,681.0 18.8 3,728.4 20.6 (13.8) 39.1
Fertilizers 597.8 4.3 688.6 4.8 1,365.2 7.5 15.2 98.3
Fuel 2,088.1 15.0 1,940.8 13.6 3,455.2 19.1 (7.1) 78.0
Petroleum Products 2,003.7 14.4 1,839.3 12.9 3,362.3 18.6 (8.2) 82.8
Others 84.4 0.6 101.5 0.7 92.9 0.5 20.3 (8.5)
Capital Goods 4,122.0 29.7 3,879.7 27.2 3,035.7 16.8 (5.9) (21.8)
Transport 397.6 2.9 349.9 2.4 324.6 1.8 (12.0) (7.2)
Agricultural 88.2 0.6 89.5 0.6 55.6 0.3 1.5 (37.9)
Industrial 3,636.2 26.2 3,440.3 24.1 2,655.5 14.7 (5.4) (22.8)
Consumer Goods 4,010.6 28.9 5,472.4 38.3 7,609.9 42.1 36.4 39.1
Durables 920.5 6.6 803.1 5.6 813.1 4.5 (12.8) 1.2
Non-durables 3,090.1 22.3 4,669.3 32.7 6,796.8 37.6 51.1 45.6
Miscellaneous 387.8 2.8 175.0 1.2 148.5 0.8 (54.9) (15.2)
Total Import 13,881.3 100.0 14,287.9 100.0 18,092.2 100.0 2.9 26.6
Source: Ethiopian Customs Commission and Ethiopian Petroleum Enterprise
57 | A n n u a l R e p o r t 2 0 2 1 / 2 2
5.2.4 Direction of Trade
5.2.4.1 Export of Goods
The major destinations for Ethiopian (3.1 percent), Taiwan (2.7 percent),
merchandise export were Europe, Asia, Indonesia (1.9 percent) and Yemen (1.7
and Africa. Europe accounted for 40.8 percent). These countries altogether
percent of Ethiopia’s total exports. accounted for 85.0 percent of Ethiopia’s
Switzerland was the largest market for total export to Asia.
Ethiopian exports having a 32.8 percent
share in total export earnings from About 15.9 percent of Ethiopia’s export
Europe; followed by the Netherlands earnings originated from Africa, mainly
(23.1 percent), Germany (16.7 percent), Somalia (52.6 percent), Djibouti (21.5
Belgium (8.1 percent), Italy (4.8 percent), Sudan (12.4 percent), Kenya (2.5
percent), United Kingdom (3.3 percent), percent) and South Africa (2.1 percent),
France (2.4 percent), Turkey (2.3 which accounted for 91.1 percent of the
percent) and Spain (1.3 percent). These total export receipts to Africa.
countries in total accounted for 94.8
percent of Ethiopia’s total exports to America constituted 9.4 percent of
Europe. Ethiopia’s total export earnings; of which
92.6 percent was from the United States,
Asia had 33.1 percent share in Ethiopia’s 6.3 percent from Canada and 0.3 percent
total export revenue, with Saudi Arabia from Mexico. These countries together
taking 20.6 percent share, followed by had a 99.2 percent share in Ethiopia’s
United Arab Emirates (14.1 percent), total exports to America.
Japan (11.2 percent), Israel (8.0 percent),
South Korea (7.8 percent), China (7.8
percent), India (6.2 percent), Singapore
58 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Fig.V.6: Export by Destination

0.7%
15.9%
Africa
33.1%
Europe
America
Asia
Oceania
40.8%
9.4%
5.2.4.2 Import of Goods

Belgium (3.7 percent), Spain (1.9 percent),
Asia accounted for 63.5 percent of Ethiopia’s
Bulgaria (1.7 percent) and Ireland (1.2
total import in 2021/22. The major imports
percent). These countries jointly accounted
from Asia originated from China (29.0
for 92.7 percent of Ethiopia’s total import to
percent), India (24.0 percent), U.A.E (10.8
Europe.
percent), Saudi-Arabia (10.0 percent), Kuwait
(9.4 percent), Malaysia (7.6 percent), About 13.1 percent of Ethiopia’s total
Indonesia (2.0 percent), South Korea (1.6 merchandise import originated from Africa
percent) and Thailand (1.5 percent) whose with the major countries being Morocco (38.9
combined share stood at 95.9 percent. percent), Egypt (31.7 percent), Djibouti (17.6
percent), South Africa (6.1 percent) and
The share of Ethiopia’s import from Europe Kenya (4.6 percent), which altogether
was 16.1 percent with the major trading constituted 98.9 percent of the total imports
countries being Turkey (36.1 percent), from the African continent.
Ukraine (17.0 percent), Italy (6.5 percent),
Imports from America accounted for 7.2
Germany (6.2 percent), Netherlands (5.0
percent of the total import, of which the share
percent), France (4.8 percent), Russia (4.3
of United States was 76.8 percent followed by
percent), United Kingdom (4.2 percent),
Canada (5.6 percent) and Brazil 1.5 percent).
59 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Fig.V.7: Import By Origin
0.1%
13.1%
Africa
Europe
16.1%
America
Asia
63.5% 7.2% Oceania
5.3 Services and Transfers

5.3.1 Services
During the FY 2021/22, net services surplus of net government services and
account recorded USD 639.2 million in 45.8 percent contraction in deficits of net
surplus, compared with USD 13.2 million other services. Surplus of net travel
surplus a year ago. services, however, declined by 32.3
This was attributed to 49.7 percent percent.
improvement in surplus of net transport
services, 14.7 percent increase in the
60 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 5.7 Services Accounts

Percentage
2019/20 2020/21 2021/22 Change
D=B/A* E=C/B*
No Particulars A B C
100-100 100-100
1 Investment Income (2+5) -612.7 -573.6 -573.7 -6.4 0.0
2 Interest, net (3-4) -612.7 -573.5 -573.0 -6.4 -0.1
3 Credit 41.7 7.8 6.6 -81.4 -15.0
4 Debit 654.4 581.3 579.5 -11.2 -0.3
5 Dividend, net -0.1 -0.7
6 NON-FACTOR SERVICES, net (7-8) 393.7 586.9 1,212.9 49.1 106.7
7 Exports of non-factor services 4,686.4 4,894.6 6,349.6 4.4 29.7
Travel 853.8 1,124.8 1,028.4 31.7 -8.6
Transport 1 3,381.4 3,233.9 4,751.2 -4.4 46.9
Gov't 2 131.0 184.9 192.4 41.2 4.1
Other 3 320.2 351.0 377.7 9.6 7.6
8 Imports of non-factor services 4,292.7 4,307.7 5,136.8 0.4 19.2
Travel 521.0 437.9 563.5 -16.0 28.7
Transport 1 2,489.0 2,497.2 3,648.1 0.3 46.1
Gov't 2 71.0 23.0 6.7 -67.6 -71.0
Other 3 1,211.7 1,349.6 918.5 11.4 -31.9
9 Net Services (10+11+12+13+14) -219.0 13.2 639.2 -106.0
10 Travel 332.8 686.9 464.9 106.4 -32.3
11 Transport 892.5 736.7 1,103.1 -17.5 49.7
12 Gov't 59.9 161.9 185.7 170.1 14.7
13 Other -891.5 -998.6 -540.8 12.0 -45.8
14 Investment Income -612.7 -573.6 -573.7 -6.4 0.0
Source: MoF, Transport and Telecommunication Companies, NBE- FEMEMD and Staff Compilation.
1/ Includes Ethiopian Airlines receipts and payments
2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB
3/ Includes communication, construction, insurance, financial, information, other business
5.3.2. Unrequited Transfers

Net transfers grew by 15.9 percent and reached USD 7.9 billion in 2021/22, owing from
24.2 percent increase in net private transfers which outweighed the 17 percent reduction in
net official transfers.
Receipts from private individual transfers, which comprised 60.2 percent of total transfers
during the period, rose 15.4 percent on annual terms while net official transfers declined
by 17 percent.
61 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 5.8 Unrequited Transfers
Percentage
2019/20 2020/21 2021/22 Change
C/B*
% % B/A*1 100-
S/N Particulars A % share B share C share 00-100 100
1 Private Transfers, net 6,209.5 80.3 5,459.0 80.0 6,778.0 85.6 -12.1 24.2
1.1 Receipts 6,227.7 79.2 5,483.7 78.4 6,799.6 83.0 -11.9 24.0
NGO's 935.3 11.9 1,208.6 17.3 1,868.3 22.8 29.2 54.6
Cash 532.7 6.8 715.6 10.2 698.6 8.5 34.3 -2.4
Food 402.6 5.1 493.1 7.1 1,169.7 14.3 22.5 137.2
Other - - -
Private Individuals 5,292.4 67.3 4,275.1 61.1 4,931.3 60.2 -19.2 15.4
1.2 Payments 18.2 14.7 24.6 14.9 21.5 7.7 35.5 -12.6
2 Official Transfers, net 1,525.0 19.7 1,368.9 20.0 1,136.3 14.4 -10.2 -17.0
2.1 Receipts 1,630.8 20.8 1,509.6 21.6 1,394.5 17.0 -7.4 -7.6
Cash 1,630.8 20.8 1,509.4 21.6 1,331.7 16.3 -7.4 -11.8
Food - - -
Other - 0.1 62.8
2.2 Payments 105.8 85.3 140.7 85.1 258.2 92.3 33.0 83.5
Total Receipts 7,858.5 100.0 6,993.3 100.0 8,194.1 100.0 -11.0 17.2
Total Payments 124.0 100.0 165.4 100.0 279.8 100.0 33.4 69.2
3 Net Transfers 7,734.5 100.0 6,827.9 100.0 7,914.3 100.0 -11.7 15.9
Source: National Disaster Risk Management Commission (NDRMC), MoF and NBE
62 | A n n u a l R e p o r t 2 0 2 1 / 2 2
5.4. Current Account
Current account deficit, including official to widening in merchandise trade deficit

transfers, widened to USD 5.1 billion in and decline in net official transfers.
2021/22 from USD 3.2 billion last year due
5.5 Capital Account

Net capital account balance showed USD capital and a decrease in foreign direct
2.7 billion in surplus, which was 28.1 investment. During 2021/22, foreign direct
percent lower than that of last year. This investment registered 16.4 percent
was largely attributed to 49.8 percent decrement and reached USD 3.3 billion
decline in net official long term capital, from USD 4.0 billion down last year which
13.5 percent rise in net other public sector saw high receipts from Telecom
long term capital deficit, 43.8 percent privatization in 2020/21.
reduction in net private sector long term
5.6 Changes in Reserve Position

Net foreign assets of the banking system National Bank of Ethiopia and commercial
recorded reserve drawdown of USD banks drew down by USD 1.6 billion and
2,149.8 million. Net foreign asset of the USD 548 million, respectively.
5.7 External Debt

Ethiopia’s external debt stock reached annual reduction and accounting for 18.9
USD 27.9 billion in 2021/22, depicting a percent of the total debt stock. Of the total
5.4 percent annual decrease mainly due to debt stock, 52.7 percent was owed to
decline in debt to multilateral creditors multilateral creditors and the remaining
(1.9 percent), bilateral creditors (6.4 28.5 percent to bilateral creditors. The
percent) and commercial sources (12.6 country’s external debt burden, measured
percent). Hence, the country’s external by debt service to export of goods and
debt stock to GDP ratio stood at 22 non-factor services ratio, decreased to 20.4
percent. Commercial debt stock reached percent from 22.4 percent a year earlier.
USD 5.3 billion showing a 12.6 percent
63 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 5.9: External Public Debt

Percentage
2019/20 2020/21 2021/22 Change
D=B/A E=C/B
Particulars A B C *100-100 *100-100
Annual Debt 3,327.9 1,407.3 1,087.2 -57.7 -22.7
Debt Stock 28,889.9 29,502.9 27,914.0 2.1 -5.4
Multilateral 13,783.6 14,985.2 14,697.8 8.7 -1.9
Bilateral 8,606.8 8,486.3 7,942.5 -1.4 -6.4
Commercial 6,499.6 6,031.4 5,273.7 -7.2 -12.6
Debt Services 2,003.3 1,903.4 2,130.2 -5.0 11.9
Principal repayments 1,396.3 1,412.2 1,639.1 1.1 16.1
Interest payments 607.0 491.2 491.1 -19.1 0.0
Debt Stock to GDP Ratio (in %) 26.8 26.5 22.0 -1.2 -17.0
Debt stock to export of goods and non-
factor services 3.8 3.5 2.7 -7.7 -23.1
Receipt from Goods & Non-factor Services 7,674.0 8,491.2 10,453.4 10.6 23.1
Debt service ratio (In percent )1/ 26.1 22.4 20.4 -14.1 -9.1
Arrears
Principal
Interest
Relief
Principal
Interest
Source: MoF and NBE
1/ Ratio of debt service to receipts from export of goods and non-factor services
64 | A n n u a l R e p o r t 2 0 2 1 / 2 2
5.8. Developments in Foreign Exchange Markets
5.8.1. Developments in Nominal Exchange Rate
In 2021/22, weighted average exchange 48.5663/USD, showing a 24.5 percent

rate of Birr in the inter-bank foreign annual depreciation (Table 5.10).
exchange market stood at Birr
Table 5.10: Inter-Bank Exchange Rates of Birr per USD

Amount Traded in millions of
USD Number of Trades
Average
Weighted o/w Among o/w Among
Period Rate Total CBs Total CBs
2019/20 31.3427 12.6 0.0 256.0 0.0
Qtr. I 29.0947 3.2 0.0 64.0 0.0
Qtr. II 30.2107 3.3 0.0 66.0 0.0
Qtr. III 32.2146 3.1 0.0 62.0 0.0
Qtr. IV 33.8507 3.0 0.0 64.0 0.0
2020/21 39.0163 12.4 0.0 248.0 0.0
Qtr. I 35.7771 3.1 0.0 62.0 0.0
Qtr. II 37.8663 3.3 0.0 65.0 0.0
Qtr. III 39.8933 3.1 0.0 61.0 0.0
Qtr. IV 42.5284 3.0 0.0 60.0 0.0
2021/22 48.5663 12.6 0.0 252.0 0.0
Qtr. I 44.9109 3.2 0.0 64.0 0.0
Qtr. II 47.6026 3.3 0.0 65.0 0.0
Qtr. III 50.2579 3.1 0.0 61.0 0.0
Qtr. IV 51.4941 3.1 0.0 62.0 0.0
Source: NBE, Foreign Exchange Monitoring & Reserve Management Directorate and
Staff Compilation
The average buying and selling rates of depreciated by 24.8 percent each with a
the Birr in forex bureaus were spread margin of 1.9 percent.
65 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 5.11: End Period Mid-Market Rates

(USD per Unit of Foreign Currency)
Currency A B C B/A C/B
Pound Sterling 1.2322 1.3834 1.2161 12.27 (12.09)
Swedish Kroner 0.1076 0.1173 0.0984 8.99 (16.09)
Djibouti Franc 0.0056 0.0056 0.0056 (0.00) 0.01
Swiss Franc 1.0588 1.0855 1.0522 2.53 (3.07)
Saudi Riyal 0.2665 0.2666 0.2665 0.03 (0.05)
UAE Dirham 0.2722 0.2722 0.2722 (0.00) (0.00)
Canadian Dollar 0.7322 0.8080 0.7775 10.34 (3.77)
Japanese Yen 0.0093 0.0090 0.0073 (3.06) (18.97)
Euro 1.1284 1.1902 1.0527 5.48 (11.55)
SDR 1.3783 1.4286 1.3363 3.65 (6.46)
Source: Staff Compilation
Measured at end period mid-market percent), SDR (6.5 percent), Canadian

exchange rate, the US dollar appreciated Dollar (3.8 percent) and Swiss Franc (3.1
against Japanese Yen (19.0 percent), percent). Nevertheless, USD remained
Swedish Kroner (16.1 percent), Pound stable vis-à-vis Saudi Riyal, Djibouti
Sterling (12.1 percent), Euro (11.6 Franc and UAE Dirhams (Table 5.11).
66 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 5.12: End Period Mid-Market Rates (Birr per Unit of Foreign Currency)
Currency A B C B/A C/B
USD 35.1571 43.9095 52.2538 24.89 19.00
Pound 43.3216 60.7444 63.5459 40.22 4.61
Swedish Kroner 3.7833 5.1500 5.1426 36.12 (0.14)
Djibouti Franc 0.1973 0.2464 0.2932 24.89 19.02
Swiss Franc 37.2230 47.6655 54.9809 28.05 15.35
Saudi Riyal 9.3708 11.7077 13.9258 24.94 18.95
UAE Dirhams 9.5705 11.9531 14.2245 24.89 19.00
Canadian Dollar 25.7429 35.4767 40.6265 37.81 14.52
Japanese Yen 0.3280 0.3971 0.3829 21.07 (3.58)
Euro 39.6713 52.2610 55.0076 31.74 5.26
SDR 48.4571 62.7291 69.8267 29.45 11.31
Likewise, the Birr depreciated against percent), Euro (5.3 percent), Pound
almost all major international currencies, Sterling (4.6 percent), while it
such as Djibouti Franc (19.02 percent), appreciated against Japanese Yen (3.6
UAE Dirham (19.0 percent), USD (19.0 percent) and Swedish Kroner (0.1
percent), Saudi Riyal (19.0 percent), percent) (Table 5. 12).
Swiss Franc (15.4 percent), Canadian
Dollar (14.5 percent), SDR (11.3
5.8.2. Movements in Real Effective Exchange Rate

The real effective exchange rate (REER) 2021/22, the Birr depreciated by 36.5
of the Birr has been appreciating since percent in real terms due to gains related
2012/13 as result of higher domestic to the surge in trading partners’ price
inflation and strengthening of US dollar relative to domestic inflation and
relative to that of its major trading depreciation of Birr vis-à-vis trading
partners. However, the Birr exchange partners’ currencies.
rate tended to deprecate in real terms
during 2017/18, 2019/20 and 2021/22. In
67 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Likewise, nominal effective exchange 3.0 percent relative to 80.1 percent

rate (NEER) of the Birr depreciated by appreciation a year earlier (Table 5.13).
Table 5.13: Trends in Real and Nominal Effective Exchange Rates
Percentage Change
Fiscal Year REERI NEERI REERI NEERI
2012/13 140.2 42.0 0.6 -2.7
2013/14 140.8 40.7 0.4 -3.3
2014/15 157.6 42.3 11.9 4.0
2015/16 159.3 41.2 1.1 -2.7
2016/17 171.2 41.8 7.5 1.6
2017/18 164.0 37.2 -4.2 -10.9
2018/19 198.6 42.4 21.1 13.9
2019/20 179.0 38.6 -9.9 -8.9
2020/21 179.5 69.6 0.3 80.1
2021/22 114.1 67.5 -36.5 -3.0
An increase in REERI and NEERI indicates appreciation and vice versa.
Where: REERI = Real Effective Exchange Rate Index
NEERI = Nominal Effective Exchange Rate Index
5.8.3. Foreign Exchange Transactions

In 2021/22, USD 12.6 million was traded At the same time, forex bureaus of
in the inter-bank foreign exchange market commercial banks purchased USD 203.8
which was 1.6 percent higher than that of million from customers which was 0.9
last year. All the foreign exchange traded percent higher than last year. Their
in the inter-bank foreign exchange market foreign exchange sales also increased by
was supplied by the National Bank of 35.9 percent to USD 125.5 million (Table
Ethiopia (Table 5.10). 5.14).
68 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 5.14: Foreign Exchange Transactions by Forex Bureaus of Commercial Banks

A B C D E F E/C F/D
Name of Forex Bureau Purchases Sales Purchases Sales Purchases Sales Purchases Sales
Commercial Bank of Ethiopia 226.5 90.4 127.2 22.7 136.3 39.0 7.1 72.1
Bank of Abyssinia 7.1 18.5 2.5 9.1 4.1 17.1 62.6 87.7
Dashen Bank 15.8 22.0 15.0 12.7 14.2 14.8 -5.4 16.5
Awash International Bank 6.2 38.3 3.5 12.9 2.6 15.9 -26.2 22.9
Construction & Business Bank 0.0 0.0 0.0 0.0 0.0 0.0 - -
Wegagen Bank 12.1 6.4 4.4 2.7 6.7 4.0 51.3 47.2
United Bank 110.9 15.5 18.9 5.1 4.6 8.0 -75.5 55.7
Development Bank 0.0 0.4 0.0 0.1 0.0 0.1 198.1 -20.8
Nib International Bank 3.4 5.4 3.0 2.8 11.4 3.1 281.3 11.6
Lion International Bank 53.8 4.1 4.1 0.3 0.4 0.3 -90.1 16.1
Oromia International Bank 18.6 12.1 11.3 2.9 9.9 3.8 -12.6 29.1
Zemen Bank 0.3 13.2 0.3 11.7 0.4 4.5 56.9 -61.4
Cooperative Bank of Oromia 0.6 9.7 0.7 3.8 0.8 5.7 11.4 51.1
Buna International Bank 6.2 1.9 1.3 0.5 1.5 1.6 9.5 208.1
Birhan International Bank 0.5 6.1 1.3 2.2 2.7 3.1 109.5 40.6
Abay Bank 1.7 0.9 0.8 0.5 2.1 1.0 162.7 119.6
Addis International Bank 5.4 2.0 3.5 0.8 3.6 1.3 4.3 75.2
Debub Global Bank 5.5 1.7 3.9 0.8 0.8 0.7 -78.9 -10.9
Enat Bank 6.9 2.3 0.3 0.8 1.7 1.1 472.5 36.7
Zamzam Bank - - - - 0.0 0.3 - -
Gohe Betoch Bank - - - - 0.0 0.0 - -
Hijra Bank - - - - 0.0 0.0 - -
Total 481.4 250.8 202.0 92.4 203.8 125.5 0.9 35.9
Average Exchange Rate 31.2573 31.8315 39.0404 39.7911 48.7250 49.6583 24.8 24.8
69 | A n n u a l R e p o r t 2 0 2 1 / 2 2
VI. GENERAL GOVERNMENT FINANCE

6.1 General
The overall fiscal performance of the (Table 6.4). Revenue to GDP ratio was
general government (excluding grants) 8.8 percent compared with 10.2 percent
resulted in Birr 239.0 Billion deficit in the preceding year.
which was wider than Birr 154.4 billion General government expenditure rose
deficit recorded a year earlier. by 30.1 percent and its ratio to GDP
reached 12.7 percent (Table 6.1).
Total revenue (including grants)
depicted a 18.3 percent annual growth
Table 6.1 Measuring Fiscal Sustainability

Fiscal Year PD/GDP IP/RR Ddebt/GDP R(Debt) R(GDP) Exp/GDP Rev/GDP R(OR)
2012/13 -2.0 2.4 27.4 23.4 15.5 18.1 14.6 20.6
2013/14 -2.6 2.6 28.6 28.4 21.1 17.5 13.8 17.8
2014/15 -2.5 2.9 31.8 31.1 16.6 18.6 15.1 27.7
2015/16 -1.9 3.1 31.3 24.6 18.2 17.4 14.7 23.6
2016/17 -3.3 3.2 34.4 28.7 17.6 18.0 14.0 11.3
2017/18 -3.0 4.3 35.7 24.3 21.0 16.1 12.3 5.1
2018/19 -2.5 4.3 35.8 22.8 23.1 15.4 11.6 15.5
2019/20 -2.5 3.8 34.9 22.1 25.4 14.2 10.5 13.8
2020/21 -2.8 5.4 34.1 25.9 29.4 13.8 10.2 25.5
2021/22 3.4 7.1 31.4 30.3 41.8 12.7 8.8 21.5
Source: Staff Computation

PD = Primary Deficit
IP/RR = Share of interest payments in Recurrent revenue
Ddebt/GDP = Ratio of Domestic Debt to GDP
R(Debt) = Growth rate of Domestic Debt
R(GDP) = Growth rate of GDP at current market price
Exp/GDP = Ratio of General Government Expenditure to GDP
Rev/GDP = Ratio of General Government Revenue to GDP
R(OR) = Growth rate of ordinary Revenue
70 | A n n u a l R e p o r t 2 0 2 1 / 2 2
6.2 Revenue and Grants

During the review period, total revenue
and grants reached Birr 556.7 billion Meanwhile, revenue from direct taxes
showing a 18.3 annual growth. Total increased by 24.1 percent compared to a
domestic revenue stood at Birr 540.0 year ago on account of higher income &
billion of which Birr 477.7 billion was profit taxes and urban land use fee.
from tax and Birr 62.2 billion was from
non-tax revenue. Non tax revenue stood at Birr 62.2
Tax revenue surged by 22.9 percent due billion showing a 11.6 percent annual
to improved tax collection and tax increase due to increase in all of its
administration. It accounted for 88.5 components except government
percent of total domestic revenue. About investment income.
54.8 percent of tax revenue was The performance of total revenue and
collected from indirect taxes rose 22 grant was 92.4 percent of the annual
percent due to better performance of plan.
both domestic and import taxes.
71 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 6.2: Summary of General Government Revenue by Component (In Millions of Birr)
Percentage
2020/21 2021/22 Change Perform-
[A] [B] C ance Rate
Revised
Particulars Pre. Act Budget Pre. Act [C/A] [C/B]
Total Revenue and Grants 478,888.1 613,125.3 566,753.6 18.3 92.4
Total Revenue 1/ 444,582.6 546,274.8 540,060.5 21.5 98.9
Tax Revenue 388,763.5 469,567.5 477,770.3 22.9 101.7
1. Direct Tax Revenue 173,965.5 190,152.4 215,805.4 24.1 113.5
1.1 Income and Profit Taxes 169,788.3 184,225.5 211,451.6 24.5 114.8
Personal 66,032.0 76,504.8 82,815.4 25.4 108.2
Business 87,012.6 79,885.7 106,806.8 22.7 133.7
Others 2/ 16,743.6 27,835.0 21,829.5 30.4 78.4
1.2 Rural Land Use Fee 391.9 586.1 387.9 (1.0) 66.2
1.3 Urban Land Use Fee 3,785.3 5,340.9 3,965.9 4.8 74.3
2. Indirect Taxes 214,798.0 279,415.0 261,964.9 22.0 93.8
2.1 Domestic Taxes 108,160.1 132,450.0 130,654.9 20.8 98.6
2.2 Foreign Trade Taxes 106,637.8 146,965.0 131,310.0 23.1 89.3
Import 106,637.8 146,965.0 131,310.0 23.1 89.3

Export
3. Non-Tax Revenue 55,819.2 76,707.3 62,290.2 11.6 81.2
3.1 Charges and Fees 5,394.6 5,167.9 7,166.2 32.8 138.7
3.2 Govt. Invt. Income 3/ 20,926.3 25,383.6 13,347.2 (36.2) 52.6

3.3 Reimb. And Property
Sales 680.3 447.0 4,325.6 535.9 967.7
3.4 Sales of Goods & Services 7,399.0 8,166.9 8,823.5 19.3 108.0
3.5 Others 4/ 21,419.0 37,541.9 28,627.8 33.7 76.3
4. Grants 34,305.5 66,850.5 26,693.1 (22.2) 39.9
Source: Ministry of Finance

1/ It does not include privatization proceeds
2/ Others include rental income tax, withholding income tax on imports, interest income tax, capital gains tax, agricultural income
and other income
3/ Government investment income includes: residual surplus, capital charge, interest payments and state dividend.
4/Other extraordinary, miscellaneous and pension contribution
72 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Fig.VI.1: Trend of General Government Revenue by Component

300000
250000
200000
In million Birr
150000
100000
50000
Fiscal Year
Total Revenue and Grants Tax Revenue Direct tax revenue
Indirect tax revenue Non-tax revenue Grants
73 | A n n u a l R e p o r t 2 0 2 1 / 2 2
6.3 Expenditure
Total general government expenditure Capital expenditure reached Birr 262.0

was Birr 979.1 billion exhibiting a 30.1 billion and its share in total expenditure
percent annual increase due to higher was 33.6 percent. Capital expenditure
current and capital expenditures. Birr showed a 11.3 percent annual growth.
517.0 billion went to finance current There was no special program in the
expenditure which accounted for 66.3 review period.
percent of total expenditure. Current The overall performance of total
expenditure rose 42.2 percent compared expenditure was 95.7 percent of the
to a year ago as a result of higher annual budget.
expenses in all of its components.
.
74 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Table 6.3: Summary of General Government Expenditure (In Millions of Birr)

Percentage
2020/21 2021/22 Change Performance
[A] [B] [C] Rate
Revised
Particulars Pre actual Budget Pre actual [C/A] [C/B]
Total Expenditure 599,006.7 814,343.1 779,099.0 30.1 95.7
1. Current Expenditure 363,596.9 494,447.2 517,043.4 42.2 104.6
General Services 129,678.9 199,265.0 214,473.6 65.4 107.6
Economic Services 42,497.7 51,299.8 50,711.1 19.3 98.9
Social Services 160,366.1 181,314 200,594.3 25.1 110.6
Interest and Charges 24,001.0 25,465.3 38,512.8 60.5 151.2

External Assistance1*
Social Safety Net
Others
(miscellaneous) 7,053.2 37,103.5 12,751.6 80.8 34.4
2. Capital Expenditure 235,409.7 319,895.8 262,055.7 11.3 81.9

Economic
Development 146,692.3 192,396.4 155,288.3 5.9 80.7
Social Development 59,535.2 64,146.5 65,626.6 10.2 102.3
General Development 29,182.2 63,352.9 41,140.7 41.0 64.9

3,Special programs - - - -
75 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Fig.VI.2: Trends in General Government Expenditure by Component

350000
300000
250000
200000
150000
100000
50000
0
2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Total Expenditure Current Expenditure Capital Expenditure
6.4 Deficit Financing
General government budgetary

operations resulted in a deficit of Birr
212.3 billon (including grants) in
2021/22 which was 76.8 percent higher
than the preceding year.
The deficit was financed by net external

and domestic borrowing.
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Table 6.4 Summary of General Government Finance (In Millions of Birr)

Percentage performance
2020/21 2021/22 Change rate
[A] [B] [C]
Particulars Pre. Act Revised Budget Pre. Act [C/A] [C/B]
Revenue and Grants 478,888.1 613,125.3 566,753.6 18.3 92.4
Revenue 444,582.6 546,274.8 540,060.5 21.5 98.9
Grants 34,305.5 66,850.5 26,693.1 (22.2) 39.9
Total Expenditure 599,006.7 814,343.1 779,099.0 30.1 95.7
Current Expenditure 363,596.9 494,447.2 517,043.4 42.2 104.6
Capital Expenditure 235,409.7 319,895.8 262,055.7 11.3 81.9

Special Programs
Overall Surplus/ Deficit
(Including Grants) (120,118.5) (201,217.8) (212,345.4) 76.8 105.5
(Excluding Grants) (154,424.0) (268,068.3) (239,038.5) 54.8 89.2
Total Financing 120,118.5 201,217.8 212,345.4 76.8 105.5
Net External Borrowings 21,808.3 11,056.3 3,295.5 (84.9) 29.8
Gross Borrowing 26,803.7 30,706.7 20,224.4 (24.5) 65.9

o/w Special Programs
Amortization Paid 4,995.4 19,650.5 16,928.9 238.9 86.2
Net Domestic Borrowings 108,684.9 190,161.5 262,431.0 141.5 138.0
Banking System 54,120.9 206,613.7 281.8
Non-Banking Systems 54,564.0 55,817.3 2.3

Privatization Receipts
Others and Residuals (54,564.0) (55,817.3) 414.5

77 | A n n u a l R e p o r t 2 0 2 1 / 2 2
VII. INVESTMENT
In 2021/22, the Ethiopian Investment whereas 45 projects were foreign having
Agency (EIA) and Regional Investment total capital of Birr 1.3 billion.
Offices licensed a total of 112 projects
which commenced operation. The projects The average capital per project for domestic
had a capital of Birr 2.2 billion. The number investment projects was Birr 12.9 million
of projects and the investment capital while that of foreign investment projects
declined by 85.7 percent and 93.6 percent, was Birr 29.4 million; implying that the
respectively, compared to the preceding foreign investment projects were more
year. capital intensive than domestic investment
All the investment projects were private of projects.
which 67 projects (59.8 percent) were Thus, investment projects created new job
domestic with a capital of Birr 862 million; opportunities for about 12,914 permanent
and 3,452 casual workers (Table 7.1).
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Table 7.1: Number of Projects, Capital and Jobs Created by Operational Investment
(Capital in millions of Birr)
2019/20 2020/21 2021/22 Percentage change

A B C Share C/A C/B
1. Total Number 84 785 112 100 33.3 -85.7
Investment
Capital 1,320.3 34,073.4 2,183.8 100 65.4 -93.6
Permanent
Workers 3,211 11,768 12,914 100 302.2 9.7
Temporary
Workers 1,634 6,132 3,452 100 111.3 -43.7
1.1. Total Number 84 785 112 100 33.3 -85.7
Private
Capital 1,320.3 34,073.4 2,183.8 100 65.4 -93.6
Permanent
Workers 3,211 11,768 12,914 100 302.2 9.7
Temporary
Workers 1,634 6,132 3,452 100 111.3 -43.7
1.1.1. Number 47 752 67 59.8 42.6 -91.1
Domestic
Capital 675 31,106 862 39.5 27.6 -97.2
Permanent
Workers 110 8,578 1,973 15.3 1,693.6 -77.0
Temporary
Workers 272 5,013 228 6.6 -16.2 -95.5
1.1.2. Number 37 33 45 40.2 21.6 36.4
Foreign
Capital 644.9 2,967.7 1,321.8 60.5 105.0 -55.5
Permanent
Workers 3,101 3,190 10,941 84.7 252.8 243.0
Temporary
Workers 1,362 1,119 3,224 93.4 136.7 188.1
1.2.Public Number - - - - - -
Capital - - - - - -
Permanent
Workers - - - - - -
Temporary
Workers - - - - - -
Source: Ethiopian Investment Agency
79 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Fig.VII.1: Number of Operational Investment Projects by Source
1600
1400
1200
Number of projects
1000
800 Domestic
600 Foreign
Public
400
200
0
2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Year
Source: Ethiopian Investment Agency.

Fig.VII.2: Capital of Operational Investment Projects by Source
35000
30000
25000
Millions of Birr
20000
Domestic
15000
Foreign
10000
Public
5000
0
2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Year
80 | A n n u a l R e p o r t 2 0 2 1 / 2 2
7.1 Investment by Sector

projects. In terms of investment capital,
Of the total investment projects that become
manufacturing sector constituted 59.9
operational in 2021/22, about 42 percent
percent followed by construction (22.1
were in construction, 23.2 percent in
percent), real estate, renting & business
manufacturing, 20.5 percent in real estate
activities (6 percent), hotels and restaurant
renting & business activities and 7.1 percent
(4.8 percent), tour operation, transport and
in tour operation, transport and
communication (2.9 percent) and others 4.3
communication. The remaining sectors
percent (Table 7.2).
attracted 7.1 percent of total investment
Table: 7.2: Numbers and Capital of Operational Investment Projects by Sector

2019/20 2020/21 2021/22 Percentage share
No. of Investment No. of Investment No. of Investment No. of Investment
Sectors Projects Capital Projects Capital Projects Capital Projects Capital
Manufacturing 42 710.1 242 12,097.0 26 1,308.2 23.2 59.9

Agriculture, hunting
and forestry 1 10.5 6 114.5 - - 0.0 0.0
Real estate, renting
and Business activities 15 98.3 238 10,426.5 23 130.7 20.5 6.0
Hotel and restaurants 3 307.9 18 5,887.4 1 105.4 0.9 4.8
Education 1 2.5 2 13.0 1 20.6 0.9 0.9
Health and social work 3 18.0 9 864.1 1 7.0 0.9 0.3
Construction 15 135.5 224 1,799.1 47 482.1 42.0 22.1
Tour operation,
transport and
communication 2 17.9 34 669.2 8 62.5 7.1 2.9
Whole sale, retail trade
and repair service - - 3 381.5 1 1.7 0.9 0.1
Mining and quarrying - - - - - - - -
Electricity, gas, steam
and water supply - - - - - - - -
Others and other
community, social and
personal service
activities - - 1 5.0 - - - -
Others 2 19.6 8 1,816.1 4 65.7 3.6 3.0
Grand Total 84 1,320.3 785 34,073.4 112 2,183.9 100 100
81 | A n n u a l R e p o r t 2 0 2 1 / 2 2
Fig.VII.3: Distribution of Operational Investment Projects by Sector in 2021/22
tour opration and

transport
3%
Hotel and restaurants Construction
5% 22%
Real estate, renting Others

and Business 4%
activities
6%
Manufacturing
60%

Others*: Education, healthy & social work, wholesale, retail trade & repair service and others
82 | A n n u a l R e p o r t 2 0 2 1 / 2 2
7.2 Distribution by Region

In terms of regional distribution, of the total project each, with Birr 1.7 million and Birr
112 investment projects that went in to 105.4 million capital, respectively. The
operation in 2021/22, about 64 projects remaining 46 projects with Birr 1.3 billion
(57.1 percent) with Birr 750 million capital capital were multiregional projects (Table
were located in Addis Ababa. While 7.3).
Amhara and SNNPR received 1 operational
Table 7.3: Number and Capital of Operational Projects by Region

2019/20 2020/21 2021/22 Percentage share

No. of Investment No. of Investment No. of Investment No. of Investment
Regions projects Capital projects Capital projects Capital projects Capital
Tigray 1 15.0 - - - - - -
Afar - - - - - - - -
Amhara 6 10.9 41 285.2 1 1.7 0.9 0.1
Oromia - - - - - - - -
Somali - - - - - - - -
Benishangu
l-Gumuz - - - - - - - -
SNNPR - - - - 1 105.4 0.9 4.8
Gambella - - - - - - - -
Harari - - - - - - - -
Addis
Ababa 40 649.6 711 30,820.4 64 750.0 57.1 34.3
Dire Dawa - - - - - - - -
Multiregio
nal Projects 37 644.9 33 2,967.7 46 1,326.8 41.1 60.8
Grand
Total 84 1,320.3 785 34,073.4 112 2,183.8 100 100
83 | A n n u a l R e p o r t 2 0 2 1 / 2 2
VIII. INTERNATIONAL DEVELOPMENTS

8.1. International Economic Developments
8.1.1. Overview of the World Economy
Global growth is forecast to slow from 6.0 second quarter outturn in most euro area
percent in 2021 to 3.2 percent in 2022. This economies.
is the weakest growth profile since 2001 In the United Kingdom too, a significant
except for the global financial crisis and the slowdown is projected. Growth is forecast at
acute phase of the COVID-19 pandemic and 3.6 percent in 2022 as high inflation reduces
reflects significant slowdowns for the largest purchasing power and tighter monetary
economies. policy takes a toll on consumer spending and
For advanced economies, growth is projected business investment.
to slow from 5.2 percent in 2021 to 2.4 Growth in Japan is expected to be more
percent in 2022. The projected slowdown and stable at 1.7 percent in both 2021 and 2022.
the downgrades are concentrated in the US The revisions reflect mainly external factors,
and European economies. with a negative shift in the terms of trade
Growth in the United States is projected to (ratio of export to import prices) from higher
decline from 5.7 percent in 2021 to 1.6 energy import prices as well as lower
percent in 2022. Growth in 2022 has been consumption as price inflation outpaces wage
revised down by 0.7 percentage point since growth.
July, reflecting the unexpected real GDP In emerging and developing Asia, growth is
contraction in the second quarter. Declining projected to decline from 7.2 percent in 2021
real disposable income continues to eat into to 4.4 percent in 2022, with a 0.2 percentage
consumer demand, and higher interest rates point downgrade since July for 2022. The
are taking an important toll on spending, revisions reflect the downgrade for growth in
especially spending on residential China, to 3.2 percent in 2022.
investment. Growth in the Middle East and Central Asia
In the euro area, projected growth is 3.1 is projected to increase to 5.0 percent in
percent in 2022. There is an upward revision 2022, largely reflecting a favorable outlook
of 0.5 percentage point since July for 2022, for the region’s oil exporters and an
on account of a stronger than projected
84 | | A n n u a l R e p o r t 2 0 2 1 / 2 2
unexpectedly mild impact of the war in percent in 2022. This weaker outlook reflects
Ukraine on the Caucasus and Central Asia. lower trading partner growth, tighter
financial and monetary conditions, and a
In sub-Saharan Africa, the growth outlook is negative shift in the commodity terms of
slightly weaker than predicted in July, with a trade.
decline from 4.7 percent in 2021 to 3.6
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Table 8.1: Overview of World Economic Outlook and Projection

(Annual Percentage Change)
Projection
Particulars 2020* 2021
2022 2023
World Output –3.1 6.0 3.2 2.7
Advanced Economies –4.5 5.2 2.4 1.1
United States –3.4 5.7 1.6 1.0
Euro Area –6.3 5.2 3.1 0.5
Japan –4.6 1.7 1.7 1.6
United Kingdom –9.8 7.4 3.6 0.3
Emerging Market & Developing Economies –2.1 6.6 3.7 3.7
Middle East and Central Asia –2.8 4.5 5.0 3.6
Sub-Saharan Africa –1.7 4.7 3.6 3.7
Nigeria –1.8 3.6 3.2 3.0
South Africa –6.4 4.9 2.1 1.1
World Trade Volume (goods & services) -8.2 10.1 4.3 2.5
Imports
Advanced Economies -9.0 9.5 6.0 2.0
Emerging Market and Developing Economies -8.0 11.8 2.4 3.0
Exports
Advanced Economies -9.4 8.7 4.2 2.5
Emerging Market and Developing Economies -5.2 11.8 3.3 2.9
Commodity Prices (US dollars)
Oil -32.7 65.9 41.4 -12.9
Non- fuel(average based on world commodity import weights) 6.7 26.3 7.3 -6.2
Consumer Prices
Advanced Economies 0.7 3.1 7.2 4.4
United Stated 1.2 4.1 8.1 3.5
Euro Area 2.0 4.9 15.3 10.9
Japan 0.0 -0.2 2.0 1.4
Emerging Market & Developing Economies 5.1 5.9 9.9 8.1
China 2.4 0.9 2.2 2.2
Mexico 3.4 5.7 8.0 6.3
Turkey 12.3 19.6 73.1 51.2
Brazil 3.2 8.3 9.4 4.7
Russia 3.4 6.7 13.8 5.0
Sub-Sahara Africa 10.3 11.1 14.4 11.9
Angola 22.3 25.8 21.7 11.8
Nigeria 13.2 17.0 18.9 17.3
Ghana 9.9 10.0 27.2 20.9
Source: IMF, World Economic Outlook, October, 2022 for the period 2021-2023
*IMF, World Economic Outlook, October, 2021 for the period 2020
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8.1.2. World Trade

Global volume of world trade growth of 2022, respectively. Likewise, export of
goods and services in 2021 is estimated to goods and services from advanced
have grown by 10.1 percent in volume economies is forecasted to expand by 8.7
terms. It is estimated to expand by 4.3 percent and 4.2 percent in 2021 and 2022,
percent in 2022. Imports of goods and respectively. Furthermore, export of goods
services by advanced economies rise by 9.5 and services from emerging and developing
percent in 2021 and by 6.0 percent in 2022. economies is forecasted to expand by 11.8
Similarly, imports by emerging market and percent and 3.3 percent in 2021 and 2022,
developing economies forecasted to grow by respectively.
11.8 percent and 2.4 percent in 2021 and
8.1.3. Inflation and Commodity Prices
The forecast for global headline consumer In China inflation is expected to pick up to
price index inflation is to rise from 4.7 2.2 percent in 2022 from 0.9 percent in
percent in 2021 to 8.8 percent in 2022 2021.
mainly due to commodity prices rose 19.1 Inflation is expected to rise in 2021 and
percent between February and August 2022. 2022 in Sub-Saharan Africa, 11.1 percent
and 14.4 percent, respectively.
In the United States, headline consumer
price inflation is expected to increase from Energy especially natural gas, up 129.2
4.1 percent in 2021 to 8.1 percent in 2022. percent led the increase, as Russia cut gas
supplies to Europe. Base metal prices
In Euro area headline inflation is expected to declined by 19.3 percent, and precious metal
remain at about 4.9 percent in 2021 and it is prices fell by 6.0 percent, while those of
expected to increase to 15.3 percent in 2022. agricultural commodities fell by 5.4 percent.
Headline inflation in Japan forecasted to be

decline by 0.2 percent in 2021 while
projected to increase by 2.0 percent in 2022.
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8.1.4. Exchange Rate

In foreign exchange markets, the euro System as well as against the currencies of
continued to depreciate in trade weighted other major economies, including the Swiss
terms, reflecting a weakening against most franc (by 5.7 percent), the Japanese yen (2.1
major currencies. Over the review period the percent) and to a lower extent the Pound
nominal effective exchange rate of the euro, sterling (by 0.6 percent). The euro also
as measured against the currencies of 42 of weakened against the currencies of most
the euro area’s most important trading emerging market economies, including the
partners, weakened by 2.4 percent. This Chinese renminbi (by 3.9 percent), but
reflected a depreciation of the euro against appreciated vis-à-vis the Polish zloty (by 4.1
the US dollar (by 5.1 percent) amid percent) and the Hungarian forint (0.8
expectations of a faster pace of monetary percent).
tightening by the US Federal Reserve
8.2. Implications of International Economic Developments on the Ethiopia Economy
During the FY 2021/22, despite slowdown, the improvement in commodity price helps Ethiopia
global economy is estimated to grow; while to register robust growth in its merchandise
commodity prices, both oil and non-oil export receipts.
commodities are expected to increase
significantly. These have both positive as well as Meanwhile, higher price of oil enforces the
negative impact on our economy. Improvement country to pay more for our import of petroleum
in the global economy creates demand for our which in turn results in higher pressure in the
export commodities. This together with country’s trade balance.
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Table 1: Estimates of Agricultural Production and Cultivated Areas of Major Grain Crops
(For Private Peasant Holdings)
2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Years/ Variables 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Cultivated Total Cultivated Total Cultivated Total Cultivated Total Cultivated Total Cultivated Total Cultivated Total Cultivated Total Cultivated Total Cultivated Total Cultivated Total Cultivated Total Cultivated Total Cultivated Total Cultivated Total Cultivated Total Cultivated Total Cultivated Total
z y z y z y z y z y z y z y z y z y y z y
area production area production area production area production area production area production area production area production area production area production area production area production area production area production area production area production area production area production
Cereals 7,633.8 100,297.7 8,081.3 116,242.7 8,462.0 128,658.0 8,706.0 136,456.0 8,770.0 144,964.0 9,233.0 155,342.0 9,690.0 177,613.0 9,588.9 188,099.6 9,601.0 196,511.5 9,848.7 215,835.2 10152.0 236076.6 9974.3 231288.0 10,219.4 253,847.2 10,232.5 267,789.7 10,358.8 277,638.3 10,478.2 296,726.5 9,758.8 283,191.4 9,997.5 290,808.3
Teff 2,135.6 20,255.2 2,246.0 21,756.0 2,405.0 24,377.0 2,565.0 29,929.0 2,481.0 30,280.0 2,589.0 31,794.0 2,761.0 34,835.0 2,731.0 34,976.9 2,730.3 37,652.4 3,016.5 44,186.4 3016.1 47506.6 2866.1 44713.8 3,017.9 50,204.4 3,023.3 52,834.0 3,076.5 54,034.7 3,101.2 57,357.1 2,760.8 52,340.0 2,932.8 56,143.4
Barley 1,095.4 13,280.5 997.9 12,706.8 1,019.0 13,521.0 985.0 13,548.0 978.0 15,194.0 1,129.0 17,504.0 1,047.0 17,034.0 948.0 15,852.9 1,018.8 17,816.5 1,019.5 19,082.6 993.9 19533.8 944.4 18567.0 959.3 20,249.2 951.9 20,529.9 811.7 17,675.1 950.7 23,780.1 840.7 21,784.2 799.1 20,718.1
Wheat 1,398.2 21,766.0 1,459.5 22,190.8 1,474.0 24,630.0 1,425.0 23,145.0 1,454.0 25,376.0 1,683.0 30,756.0 1,553.0 28,557.0 1,437.0 29,163.3 1,627.6 34,347.1 1,605.7 39,251.7 1663.8 42315.9 1664.6 42192.6 1,696.1 45,378.5 1,696.9 46,429.6 1,747.9 48,380.7 1,789.4 53,152.7 1,795.1 55,562.2 1,867.0 58,078.2
Maize 1,392.9 23,941.6 1,526.1 33,368.0 1,694.0 37,764.0 1,767.0 37,497.0 1,768.0 39,325.0 1,772.0 38,972.0 1,963.0 49,861.0 2,054.0 60,694.1 2,013.0 61,583.2 1,994.8 64,915.4 2114.9 72349.6 2111.5 71508.4 2,135.6 78,471.7 2,128.9 83,958.8 2,367.7 94,927.7 2,274.3 96,357.3 2,446.0 103,106.3 2,563.2 107,513.7
Sorghum 1,253.6 17,159.5 1,468.1 21,736.0 1,464.0 23,160.0 1,534.0 26,591.0 1,615.0 28,044.0 1,619.0 29,713.0 1,898.0 39,599.0 1,924.0 39,512.9 1,711.5 36,042.6 1,677.5 38,288.7 1834.7 43391.3 1854.7 43233.0 1,882.0 47,521.0 1,896.3 51,692.5 1,829.6 50,243.6 1,828.2 52,655.8 1,425.6 37,549.5 1,350.5 35,536.7
Millet 312.9 3,328.0 333.0 3,970.0 374.0 4,844.0 399.0 5,380.0 408.0 5,603.0 369.0 5,242.0 408.0 6,348.0 432.0 6,518.5 431.5 7,423.0 454.7 8,489.6 453.9 9153.1 465.5 9402.5 456.2 10,170.6 456.0 10,308.2 446.9 10,356.2 455.6 11,259.6 390.1 9,872.9 366.3 9,421.5
Oats 45.1 566.8 44.4 401.6 32.0 362.0 31.0 366.0 31.0 428.0 24.0 330.0 31.0 476.0 30.5 494.7 26.5 436.3 35.6 616.5 27.9 508.1 22.1 402.7 24.0 491.8 25.8 526.3 14.8 301.4 21.3 457.5 15.4 304.3 27.5 590.1
Rice N.A N.A 6.2 112.4 NA NA 24.0 713.0 35.0 714.0 48.0 1,031.0 30.0 904.0 30.6 886.2 41.8 1,210.4 33.8 923.6 46.8 1318.2 45.5 1268.1 48.4 1,360.0 53.1 1,510.1 63.3 1,718.5 57.6 1,706.3 84.9 2,672.0 91.1 2,806.3
0.0 0.0
Pulses 1,332.8 13,380.0 1,280.3 12,637.6 1,355.0 15,618.0 1,479.0 17,534.0 1,551.0 19,270.0 1,489.0 18,908.0 1,357.0 19,532.0 1,616.8 23,162.0 1,863.4 27,510.3 1,742.6 28,588.8 1558.4 26718.3 1652.8 27692.7 1,549.9 28,146.3 1,598.8 29,785.8 1,620.4 30,113.4 1,563.8 30,052.0 1,628.4 31,297.8 1,676.9 31,680.2
Horse Beans 463.2 5,519.8 456.9 5,128.0 459.0 5,761.0 521.0 6,887.0 539.0 6,960.0 512.0 6,108.0 459.0 6,978.0 457.5 7,148.0 574.1 9,439.6 538.5 9,917.0 443.1 8389.4 444.0 8486.5 427.7 8,780.1 437.1 9,217.6 492.2 10,419.5 466.7 10,067.5 492.7 10,509.3 520.6 10,916.0
Chick Peas 167.6 1,616.0 201.0 2,105.9 200.0 2,538.0 227.0 2,868.0 233.0 3,121.0 213.0 2,846.0 208.0 3,228.0 231.3 4,002.0 239.5 4,097.3 229.7 4,238.0 239.8 4586.8 258.5 4726.1 225.6 4,441.5 242.7 4,994.2 239.7 4,591.7 208.9 4,351.9 213.0 4,453.2 201.2 4,012.3
Haricot Beans 245.6 2,113.5 163.7 1,384.2 223.0 2,227.0 231.0 2,414.0 267.0 3,298.0 244.0 3,629.0 237.0 3,402.0 331.7 3,878.0 366.9 4,630.1 326.5 4,574.1 323.3 5137.2 357.3 5402.4 290.2 4,839.2 306.1 5,209.7 288.6 4,883.1 281.1 4,855.4 308.1 5,469.0 5,469.0 5,841.6
Field Peas 254.4 2,283.4 233.1 1,822.7 221.0 2,100.0 212.0 2,319.0 231.0 2,671.0 226.0 2,359.0 204.0 2,570.0 212.8 2,632.0 256.0 3,273.8 275.4 3,798.1 230.7 3426.4 221.4 3233.9 212.5 3,481.4 220.5 3,685.1 216.7 3,608.1 223.7 3,905.6 212.2 3,649.5 220.2 3,803.4
Lentils 76.6 545.6 84.9 576.0 97.0 810.0 107.0 941.0 95.0 948.0 106.0 1,238.0 77.0 809.0 109.9 1,280.0 123.7 1,515.0 125.8 1,591.2 98.9 1373.5 100.7 1339.3 113.7 1,662.7 119.0 1,751.4 99.7 1,408.1 87.4 1,193.3 77.6 1,052.9 69.4 865.4
Soya beans 2.6 8.3 3.3 38.1 6.0 58.0 8.0 84.0 6.0 79.0 6.0 * 11.0 158.0 19.4 358.8 31.9 636.5 30.5 610.2 35.3 721.8 38.2 812.4 36.6 812.3 38.0 864.6 64.7 1,494.5 54.5 1,256.2 83.6 2,085.0 75.9 1,855.2
Grass peas 112.4 1,250.3 123.5 1,459.5 124.0 1,837.0 147.0 1,855.0 160.0 2,021.0 136.0 2,040.0 131.0 2,009.0 179.8 3,055.8 205.4 3,255.8 169.4 3,173.2 136.9 2514.4 159.1 2876.7 151.3 2,971.0 143.0 2,866.0 130.5 2,604.1 145.5 3,126.8 136.7 2,776.9 152.9 3,244.5
Gibto 10.4 43.2 13.9 123.3 25.0 287.0 26.0 166.0 20.0 172.0 25.0 417.0 14.0 196.0 34.2 443.7 33.2 368.8 22.4 230.4 15.5 176.9 16.8 187.2 19.9 274.1 17.8 246.2 17.5 239.5 19.2 360.5 15.6 293.1 11.1 216.8
0.0 0.0
Oil Seeds 840.8 5,379.8 796.5 4,863.5 759.0 5,128.0 745.0 6,664.0 855.0 6,557.0 781.0 6,435.0 775.0 6,340.0 880.7 7,308.0 818.4 7,266.6 816.1 7,112.6 855.8 7601.0 859.1 7848.1 804.8 8,392.0 846.4 8,550.7 747.8 7,850.1 820.8 8,421.4 646.6 6,813.2 522.1 5,415.1
Neug 358.8 1,872.1 306.9 1,471.3 274.0 1,477.0 285.0 1,598.0 313.0 1,908.0 257.0 1,578.0 248.0 1,448.0 309.0 1,863.0 303.6 2,124.2 285.3 2,202.1 252.6 2244.6 281.0 2563.3 281.2 3,024.3 290.4 3,233.4 257.9 2,963.2 258.0 2,916.4 186.2 2,063.4 179.8 2,024.3
Linseed/Flax 250.7 1,518.6 215.1 1,259.1 174.0 1,082.0 152.0 1,899.0 181.0 1,560.0 141.0 1,506.0 74.0 654.0 116.5 1,127.0 127.9 1,220.6 95.6 879.5 82.3 831.3 85.4 885.5 80.4 879.1 79.0 882.0 83.6 966.8 69.2 796.9 74.8 761.8 48.3 444.0
Rapeseed 41.9 358.4 25.0 243.5 30.0 292.0 35.0 477.0 33.0 387.0 21.0 226.0 13.0 193.0 45.1 746.7 45.8 731.1 44.0 624.5 30.1 537.0 30.0 550.4 23.7 434.0 18.0 328.6 20.6 382.1 23.0 420.5 7.9 125.5 9.3 147.0
Sunflower 9.7 70.4 8.9 59.6 13.0 111.0 9.0 81.0 8.0 66.0 5.0 56.0 6.0 51.0 8.2 88.7 11.4 132.8 11.5 83.5 5.6 63.3 7.4 67.3 6.7 79.5 7.9 95.7 6.4 80.3 7.6 95.7 4.0 41.8 3.0 28.9
Ground nuts 27.1 290.5 35.5 341.5 37.0 510.0 40.0 447.0 42.0 469.0 41.0 464.0 49.0 716.0 64.4 1,034.8 90.2 1,244.2 79.9 1120.9 64.6 1037.1 67.1 1039.4 74.9 1,296.4 80.8 1,451.7 84.2 1,440.9 87.9 1,565.3 112.1 2,029.1 77.3 1,392.8
Sesame 136.2 1,153.9 205.2 1,488.6 211.0 1,493.0 186.0 1,868.0 278.0 2,167.0 316.0 2,605.0 385.0 3,277.0 337.5 2,447.8 239.5 1,813.8 299.7 2,202.1 420.5 2887.7 388.2 2742.2 337.9 2,678.7 370.1 2,559.0 294.8 2,016.6 375.1 2,626.5 261.6 1,791.5 204.5 1,378.0
- -
Total 9,807.4 119,057.5 10,158.1 133,743.9 10,576.0 149,404.0 10,930.0 160,654.0 11,176.0 170,791.0 11,503.0 180,685.0 11,822.0 203,485.0 12,086.4 218,569.6 12,282.9 231,288.5 12,407.5 251,536.6 12566.2 270396.0 12486.3 266828.8 12,574.1 290,385.6 12,677.8 306,126.3 12,727.1 315,602.0 12,862.8 335,199.8 12,033.8 321,302.4 12,196.5 327,903.5
Percentage change
4.5
Cereals 9.2 11.4 5.9 15.9 4.7 10.7 2.9 6.1 0.7 6.2 5.3 7.2 4.9 14.3 (1.0) 5.9 0.13 2.6 9.8 3.1 9.4 -1.8 -2.0 2.5 9.8 0.1 5.5 1.2 3.7 1.2 6.9 (6.9) (4.6) 2.4 2.7
18.8
Pulses 23.1 30.6 (3.9) (5.5) 5.8 23.6 9.2 12.3 4.9 9.9 (4.0) (1.9) (8.9) 3.3 19.1 18.6 15.3 (6.5) 3.9 (10.6) (6.5) 6.1 3.6 (6.2) 1.6 3.2 5.8 1.4 1.1 (3.5) (0.2) 4.1 4.1 3.0 1.2
(0.6)
Oil Seeds 43.0 65.4 (5.3) (9.6) (4.7) 5.4 (1.8) 30.0 14.8 (1.6) (8.7) (1.9) (0.8) (1.5) 13.6 15.3 (7.1) (0.3) (2.1) 4.9 6.9 0.4 3.3 -6.3 6.9 5.2 1.9 (11.6) (8.2) 9.8 7.3 (21.2) (19.1) (19.2) (20.5)
5.8
Total 27.4 57.3 3.6 12.3 4.1 11.7 3.3 7.5 2.3 6.3 2.9 5.8 2.8 12.6 2.2 7.4 1.6 1.0 8.8 1.3 7.5 -0.6 -1.3 0.7 8.8 0.8 5.4 0.4 3.1 1.1 6.2 (6.4) (4.1) 1.4 2.1
Source: Ethiopian Statistical Service (ESS)

Table 2 : GDP By Economic Activity at Constant Prices (In millions of Birr)
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Sectors/Year 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Agriculture, Hunting and Forestry 227,784.5 258,637.3 286,869.8 313,975.7 337,502.8 358,944.5 386,339.2 421,172.8 441,832.9 473,132.2 498,733.6 530,341.5 542,700.2 579,022.9 599,331.4 622,220.3 648,711.8 684,775.8 726,412.8
Crop 122,621.7 146,545.6 168,479.8 187,053.1 201,996.9 215,075.1 233,879.2 258,009.7 270,881.6 293,063.1 312,338.7 334,768.6 346,293.6 374,649.8 392,291.8 404,049.6 422,966.5 446,919.4 477,801.1
Animal Farming and Hunting 80,172.8 84,931.4 89,093.2 96,111.9 103,150.3 110,419.1 117,249.1 126,016.6 132,843.6 139,692.4 142,601.9 149,246.8 146,959.5 153,170.4 154,038.0 163,279.5 168,722.4 178,571.3 186,759.1
Forestry 34,048.8 34,883.0 35,814.5 36,846.7 38,393.2 39,595.9 40,906.7 42,138.1 43,440.5 44,867.9 46,751.8 48,368.2 49,447.1 51,202.7 53,001.7 54,891.1 57,022.9 59,285.2 61,852.6
Fishing 281.2 305.4 280.3 301.9 404.5 511.9 520.3 551.2 668.4 797.8 1,057.4 1,381.1 1,381.9 1,389.4 1,546.7 1,581.8 1,625.9 1,653.4 2,015.5
Mining and Quarrying 2,495.1 2,598.2 2,784.4 2,355.4 2,859.8 3,225.2 4,649.7 7,333.7 8,265.7 8,784.6 8,506.2 6,328.5 6,116.8 4,296.9 3,402.8 2,658.9 5,089.3 10,960.7 11,624.5
Manufacturing 20,550.4 23,177.6 25,633.8 27,772.7 30,636.9 33,417.3 37,292.5 41,815.8 46,752.0 54,668.7 63,764.0 75,383.5 89,246.7 111,249.6 117,410.7 127,986.7 137,601.5 144,618.9 151,583.9
Large and Medium Scale Manufacturing 10,413.7 11,623.1 13,209.7 14,462.2 16,280.9 17,955.8 20,398.0 23,282.3 26,985.0 33,516.2 40,743.0 50,174.6 61,687.4 73,528.2 77,966.5 87,691.9 96,268.6 102,266.2 108,223.9
Small Scale and Cottage Industries 14,190.6 16,324.3 17,123.4 18,157.6 19,171.7 20,393.7 21,814.3 23,384.1 24,366.4 24,838.1 25,895.4 26,874.8 27,559.2 37,721.5 39,444.2 40,294.7 41,332.9 42,352.7 43,360.1
Electricity and Water 3,833.4 4,135.7 4,501.6 5,114.4 5,362.3 5,630.6 5,771.0 6,872.5 7,802.9 8,585.3 9,165.6 9,577.4 11,015.5 11,552.5 11,929.0 14,115.4 15,136.4 16,522.3 17,515.6
Construction 31,193.8 33,548.2 37,068.0 41,110.6 45,773.6 51,117.9 56,684.7 63,932.5 84,041.1 116,588.0 144,420.0 190,028.6 237,545.0 286,749.6 331,691.4 381,443.8 419,078.0 446,721.7 468,435.8
Whole Sale and Retail Trade 49,085.2 55,498.3 65,230.6 76,197.9 88,274.6 98,627.8 107,792.1 114,122.5 128,411.1 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 268,037.0 285,293.1 303,204.7 327,260.0
Hotels and Restaurants 4,158.5 4,639.2 5,545.2 7,068.2 8,716.5 10,795.9 13,417.9 16,723.1 18,403.7 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 48,143.8 49,220.4 50,484.9 54,536.5
Transport and Communications 49,085.2 55,498.3 65,230.6 76,197.9 88,274.6 98,627.8 107,792.1 114,122.5 128,411.1 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 104,436.2 105,646.1 113,090.7 124,120.5
Financial Intermediation 4,158.5 4,639.2 5,545.2 7,068.2 8,716.5 10,795.9 13,417.9 16,723.1 18,403.7 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 57,368.6 65,274.3 71,158.1 78,605.2
Real Estate, Renting and Business Activities 19,652.3 21,104.9 24,168.3 27,845.9 32,659.3 37,846.4 45,401.8 55,423.4 57,543.4 59,781.2 62,114.2 64,690.9 67,062.9 70,005.2 74,364.3 79,942.0 87,510.2 95,299.7 103,829.9
Public Administration and Defense 21,063.2 23,516.8 25,015.9 27,966.7 31,469.5 37,248.7 40,567.8 44,391.8 45,760.0 49,253.6 54,681.3 57,979.5 62,259.2 70,488.5 76,754.1 83,662.0 85,612.2 89,770.1 93,768.3
Education 12,886.2 14,508.7 15,757.7 19,105.0 21,925.3 24,773.6 28,976.1 30,247.9 31,596.6 34,781.5 35,679.7 38,963.0 42,385.6 41,031.0 42,520.8 44,221.6 44,784.1 45,694.9 46,432.3
Health and Social Work 3,410.8 3,985.6 4,377.5 5,067.3 5,854.2 7,049.6 8,038.8 8,540.0 9,341.3 10,489.0 12,510.3 14,137.2 15,669.4 16,767.9 18,153.4 20,747.2 23,414.2 26,554.3 29,413.0
Other Community , Social & Personal Services 7,224.2 7,805.7 8,521.3 9,244.9 10,326.0 10,981.8 11,867.6 12,443.7 13,986.4 16,560.4 17,193.4 17,828.7 18,371.3 19,198.4 20,178.0 21,454.2 21,995.5 22,426.8 41,829.7
Private Households with Employed Persons 8,186.5 8,444.9 9,000.3 9,358.5 9,851.6 10,224.1 10,714.0 11,256.4 13,069.3 14,136.1 14,758.3 15,401.2 16,063.8 16,633.3 17,276.0 17,707.4 18,115.5 18,515.9
Total 438,516.7 494,086.6 552,177.4 617,397.5 687,588.5 756,824.5 836,539.1 931,759.1 1,011,606.3 1,111,987.7 1,227,058.7 1,355,280.4 1,463,883.2 1,613,519.9 1,739,254.9 1,895,726.7 2,014,108.6 2,141,452.8 2,277,383.5
Less : FISIM 2,853.6 3,323.6 4,663.8 5,294.9 6,884.3 7,747.2 8,334.9 9,258.8 8,274.0 8,803.4 10,512.8 12,393.0 14,485.8 17,038.3 19,763.6 21,037.4 24,520.9 27,214.5 28,811.9
Gross Value Added at Constant Basic Prices 435,859.5 490,970.4 547,625.4 612,217.2 680,706.9 749,058.8 828,212.7 922,512.8 1,002,766.9 1,102,467.8 1,216,015.3 1,342,555.9 1,449,397.5 1,596,481.6 1,719,491.3 1,874,689.3 1,989,587.7 2,114,238.3 2,248,571.6
Taxes on Products 42,936.1 44,257.1 45,442.0 48,711.5 51,420.5 47,148.0 68,567.2 74,437.1 80,410.1 95,162.9 104,547.5 115,169.8 118,700.0 120,645.6 114,575.2 112,468.2 119,592.3 113,931.8 98,072.5
GDP at Constant Market Prices 478,482.2 535,033.3 593,002.2 660,936.6 732,242.1 796,697.6 896,687.5 996,921.8 1,083,133.7 1,197,753.9 1,320,688.1 1,457,857.6 1,568,097.5 1,717,127.2 1,834,066.5 1,987,157.5 2,109,180.1 2,228,170.1 2,346,644.1
Source:MoPD
Table 3 : Growth Rate of GDP By Economic Activity at Constant Prices ( In percent)
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Industry/Year 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Agriculture, Hunting and Forestry 9.4 7.5 6.4 7.6 9.0 4.9 7.1 5.4 6.3 2.3 6.7 3.5 3.8 4.3 5.6 6.1
Crop 11.0 8.0 6.5 8.7 10.3 5.0 8.2 6.6 7.2 3.4 8.2 4.7 3 4.7 5.7 6.9
Animal Farming and Hunting 7.9 7.3 7.0 6.2 7.5 5.4 5.2 2.1 4.7 -1.5 4.2 0.6 6 3.3 5.8 4.6
Forestry 2.9 4.2 3.1 3.3 3.0 3.1 3.3 4.2 3.5 2.2 3.6 3.5 3.8 3.9 4.0 4.3
Fishing 7.7 34.0 26.5 1.7 5.9 21.3 19.4 32.5 30.6 0.1 0.5 11.3 2.3 2.8 1.7 21.9
Mining and Quarrying -15.4 21.4 12.8 44.2 57.7 12.7 6.3 -3.2 -25.6 -3.3 -29.8 -20.8 -21.9 91.4 115.4 6.1
Manufacturing 8.3 10.3 9.1 11.6 12.1 11.8 16.9 16.6 18.2 18.4 24.7 5.5 7.7 7.5 5.1 4.8
Large and Medium Scale Manufacturing 9.5 12.6 10.3 13.6 14.1 15.9 24.2 21.6 23.1 22.9 19.2 6.0 10 9.8 6.2 5.8
Small Scale and Cottage Industries 6.0 5.6 6.4 7.0 7.2 4.2 1.9 4.3 3.8 2.5 36.9 4.6 3 2.6 2.5 2.4
Electricity and Water 13.6 4.8 5.0 2.5 19.1 13.5 10.0 6.8 4.5 15.0 4.9 3.3 4 7.2 9.2 6.0
Construction 10.9 11.3 11.7 10.9 12.8 31.5 38.7 23.9 31.6 25.0 20.7 15.7 15 9.9 6.6 4.9
Whole Sale and Retail Trade 16.8 15.8 11.7 9.3 5.9 12.5 10.1 17.7 12.3 8.2 6.5 12.3 11.7 6.4 6.3 7.9
Hotels and Restaurants 27.5 23.3 23.9 24.3 24.6 10.1 19.1 26.6 29.6 15.6 0.1 6.5 9 2.2 2.6 8.0
Transport and Communications 9.3 11.5 8.9 14.4 9.7 12.6 16.5 12.7 13.3 13.7 15.1 6.4 21 1.2 7.0 9.8
Financial Intermediation 15.1 28.1 16.5 -0.3 23.7 23.6 -12.2 14.3 7.5 9.6 18.3 10.7 10.1 10.2 9.0 10.5
Real Estate, Renting and Business Activities 15.2 17.3 15.9 20.0 22.1 3.8 3.9 3.9 4.1 3.7 4.4 6.2 7.5 9.5 8.9 9.0
Public Administration and Defense 11.8 12.5 18.4 8.9 9.4 3.1 7.6 11.0 6.0 7.4 13.2 8.9 9 2.3 4.9 4.5
Education 21.2 14.8 13.0 17.0 4.4 4.5 10.1 2.6 9.2 8.8 -3.2 3.6 4 1.8 2.0 1.6
Health and Social Work 15.8 15.5 20.4 14.0 6.2 9.4 12.3 19.3 13.0 10.8 7.0 8.3 14.3 12.9 13.4 10.8
Other Community , Social & Personal Services 8.5 11.7 6.4 8.1 4.9 12.4 18.4 3.8 3.7 3.0 4.5 5.1 6.3 2.5 2.0 2.1
Private Households with Employed Persons 4.0 5.3 3.8 4.8 5.1 16.1 8.2 4.4 4.4 4.3 3.5 3.9 2.5 2.3 2.2 2.3
Total 11.8 11.4 10.1 10.5 11.4 8.6 9.9 10.3 10.4 8.0 10.2 7.8 8.9 6.2 6.3 6.3
Less : FISIM 13.5 30.0 12.5 7.6 11.1 -10.6 6.4 19.4 17.9 16.9 17.6 16.0 7 14.2 11.0 5.9
Gross Value Added at Constant Basic Prices 11.8 11.2 10.0 10.6 11.4 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9.0 6.1 6.3 6.4
Taxes on Products 7.2 5.6 -8.3 45.4 8.6 8.0 18.3 9.9 10.2 3.1 1.6 -5.0 -1.8 6.3 -4.7 -13.9
GDP at Constant Market Prices 11.5 10.8 8.8 12.6 11.2 8.6 10.6 10.3 10.4 7.6 9.5 6.8 8.3 6.1 5.6 5.3
Source:MoPD
Table 4: GDP by Economic Activity at Current Prices
(In million Birr)
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Industry/Year 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Agriculture, Hunting and Forestry 33,754 45,752 58,423 75,872 117,112 160,639 165,642 220,095 343,066 370,012 422,902 484,026 542,700 616,843 684,644 910,589.1 1,196,254.2 1,626,284.1 2,312,286.2
Crop 20,125 27,155 35,218 48,112 79,596 111,154 108,553 143,154 234,212 238,052 272,201 309,349 346,294 393,324 427,193 587,216.0 797,015.6 1,122,637.7 1,639,822.3
Animal Farming and Hunting 7,984 12,418 16,100 19,185 25,474 34,425 40,539 56,584 82,070 101,728 113,693 132,287 146,960 164,730 191,867 247,337.3 303,074.1 385,788.3 523,066.6
Forestry 6,185 6,681 7,434 8,954 12,646 15,416 16,737 19,713 24,326 30,470 36,789 42,608 49,447 58,788 65,584 76,035.8 96,164.4 117,858.2 149,397.2
Fishing 41 55 69 81 116 151 198 217 455 685 796 1,225 1,382 2,259 2,351 3,020.6 3,747.5 5,034.3 5,351.5
Mining and Quarrying 410 503 608 572 828 1,142 2,226 7,062 9,645 10,045 8,986 6,259 6,117 4,840 4,053 3,368.1 9,643.4 30,909.1 34,587.9
Manufacturing 4,508 7,679 9,073 11,701 15,170 19,370 22,663 27,661 37,272 46,803 61,744 83,370 89,247 113,387 128,200 150,530.5 178,972.3 199,934.1 261,122.9
Large and Medium Scale Manufacturing 3,228 4,299 5,226 6,997 9,197 11,054 12,970 15,403 21,448 28,787 40,111 58,040 61,687 74,763 84,791 104,723.1 125,757.6 141,915.1 185,656.5
Small Scale and Cottage Industries 1,304 4,250 4,759 5,671 7,126 10,344 12,036 15,460 19,541 21,088 23,844 24,972 27,559 38,624 43,410 45,807.5 53,214.7 58,019.0 75,466.4
Electricity and Water 1,901 2,388 2,833 3,836 4,259 4,547 5,374 6,402 8,079 9,604 10,752 10,560 11,015 13,714 15,026 18,726.4 23,826.9 30,434.9 35,255.3
Construction 4,407 5,547 6,967 9,330 12,080 16,180 15,988 20,183 31,459 48,338 88,410 148,198 237,545 300,209 452,978 495,283.1 567,201.4 687,236.9 1,068,150.2
Whole Sale and Retail Trade 10,465 13,046 17,211 23,695 34,184 52,092 58,526 73,175 105,914 117,028 151,450 187,022 202,241 225,076 275,513 360,656.3 444,506.1 554,457.8 801,596.4
Hotels and Restaurants 1,428 941 1,263 1,940 2,883 4,546 6,521 9,558 13,355 18,004 24,954 33,841 41,601 44,922 53,441 66,596.7 79,304.1 95,766.7 129,976.7
Transport and Communications 4,030 5,898 5,933 6,853 8,078 11,035 13,815 21,385 31,954 41,221 49,215 57,579 70,453 77,659 82,947 99,884.4 140,312.7 183,481.3 251,762.7
Financial Intermediation 1,445 1,693 2,290 2,768 3,767 5,984 6,133 8,961 14,214 19,936 24,206 32,684 39,769 51,810 69,359 85,044.1 102,994.4 122,893.7 180,956.5
Real Estate, Renting and Business Activities 5,859 6,006 7,317 10,736 16,035 19,494 29,063 40,755 47,776 54,746 60,283 63,825 67,063 70,793 79,553 106,157.2 154,804.2 228,594.8 404,030.6
Public Administration and Defense 4,501 7,771 9,030 10,516 13,878 17,111 20,226 26,346 29,967 35,401 41,309 51,521 62,259 80,817 94,614 103,262.3 120,235.7 159,154.9 188,988.2
Education 2,610 4,167 5,292 6,740 8,641 10,311 12,336 13,862 17,092 21,637 28,739 35,388 42,386 61,123 75,776 85,738.9 94,199.3 116,406.3 127,857.9
Health and Social Work 909 1,477 1,697 2,068 2,748 3,326 3,942 4,931 5,966 7,593 9,881 12,917 15,669 18,770 24,100 27,328.0 34,927.8 40,104.3 47,995.9
Other Community , Social & Personal Services 2,332 1,504 1,843 2,357 3,295 4,754 5,281 6,540 9,618 13,303 14,779 16,721 18,371 20,568 23,634 28,140.8 33,305.6 39,400.7 49,977.4
Private Households with Employed Persons 266 1,290 1,706 1,974 2,694 3,587 3,879 5,105 7,678 9,443 12,024 15,327 16,064 19,879 25,428 31,181.0 38,264.3 45,764.8 67,753.0
Total 78,396 101,350 126,266 165,345 239,463 327,394 366,976 491,051 711,975 824,684 1,009,521 1,238,088 1,463,883 1,722,669 2,091,618 2,575,507.5 3,222,499.9 4,165,858.8 5,967,649.3
Less : FISIM 518 476 702 837 1,156 1,775 1,962 2,576 3,091 6,335 7,796 11,628 14,486 18,870 26,829 31,884.3 39,104.0 46,801.9 67,451.0
Gross Value Added at Current Basic Prices 77,880 101,034 125,712 164,742 238,672 326,026 365,483 489,127 710,012 818,870 1,002,351 1,226,637 1,449,397 1,703,798 2,064,789 2,543,623.2 3,183,395.8 4,119,057.0 5,900,198.3
Taxes on Products 7,476 8,467 9,698 12,186 16,785 19,139 28,412 39,431 56,882 70,618 86,098 105,129 118,700 128,755 137,583 152,599.6 191,351.1 221,967.3 257,339.9
GDP at Current Market Prices 85,800 110,102 136,128 177,851 256,766 346,824 395,991 528,580 766,915 889,645 1,088,632 1,331,984 1,568,097 1,832,554 2,202,373 2,696,222.7 3,374,746.9 4,341,024.2 6,157,538.2
Source: MoPD
4
Table 5: Growth Rates of GDP by Economic Activity at Current Prices (%)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Sectors/Year 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Agriculture, Hunting and Forestry 27.7 29.9 54.4 37.2 3.1 32.9 55.9 7.9 14.3 14.5 12.1 13.7 11.0 33.0 32.6 35.9 42.2
Crop 29.7 36.6 65.4 39.6 -2.3 31.9 63.6 1.6 14.3 13.6 11.9 13.6 8.6 37.5 35.7 40.9 46.1
Animal Farming and Hunting 29.7 19.2 32.8 35.1 17.8 39.6 45.0 24.0 11.8 16.4 11.1 12.1 16.5 28.9 27.0 27.3 35.6
Forestry 11.3 20.5 41.2 21.9 8.6 17.8 23.4 25.3 20.7 15.8 16.1 18.9 11.6 16.2 26.5 22.6 26.8
Fishing 24.5 17.4 43.3 30.5 31.3 9.6 109.5 50.8 16.2 53.8 12.8 63.5 4.1 28.5 24.1 34.3 6.3
Mining and Quarrying 20.8 -6.0 44.9 37.9 94.9 217.2 36.6 4.2 -10.5 -30.3 -2.3 -20.9 -16.3 -16.9 186.3 220.5 11.9
Manufacturing 18.2 29.0 29.6 27.7 17.0 22.1 34.7 25.6 31.9 35.0 7.0 27.0 13.1 17.4 18.9 11.7 30.6
Large and Medium Scale Manufacturing 21.6 33.9 31.4 20.2 17.3 18.8 39.3 34.2 39.3 44.7 6.3 21.2 13.4 20.2 20.1 12.8 30.8
Small Scale and Cottage Industries 12.0 19.2 25.7 45.1 16.4 28.5 26.4 7.9 13.1 4.7 10.4 40.1 12.4 3.0 16.2 9.0 30.1
Electricity and Water 18.7 35.4 11.0 6.8 18.2 19.1 26.2 18.9 12.0 -1.8 4.3 24.5 9.6 20.7 27.2 27.7 15.8
Construction 25.6 33.9 29.5 33.9 -1.2 26.2 55.9 53.7 82.9 67.6 60.3 26.4 50.9 9.3 14.5 21.2 55.4
Whole Sale and Retail Trade 31.9 37.7 44.3 52.4 12.4 25.0 44.7 10.5 29.4 23.5 8.1 11.3 22.4 32.4 23.2 24.7 44.6
Hotels and Restaurants 34.2 53.6 48.6 57.7 43.5 46.6 39.7 34.8 38.6 35.6 22.9 8.0 19.0 25.1 19.1 20.8 35.7
Transport and Communications 0.6 15.5 17.9 36.6 25.2 54.8 49.4 29.0 19.4 17.0 22.4 10.2 6.8 20.4 40.5 30.8 37.2
Financial Intermediation 35.2 20.8 36.1 58.9 2.5 46.1 58.6 40.3 21.4 35.0 21.7 30.3 33.9 22.6 12.2 19.3 47.2
Real Estate, Renting and Business Activities 21.8 46.7 49.4 21.6 49.1 40.2 17.2 14.6 10.1 5.9 5.1 5.6 12.4 33.4 45.8 47.7 76.7
Public Administration and Defense 16.2 16.5 32.0 23.3 18.2 30.3 13.7 18.1 16.7 24.7 20.8 29.8 17.1 9.1 16.4 32.4 18.7
Education 27.0 27.4 28.2 19.3 19.6 12.4 23.3 26.6 32.8 23.1 19.8 44.2 24.0 13.1 11.3 23.6 9.8
Health and Social Work 14.9 21.9 32.9 21.0 18.5 25.1 21.0 27.3 30.1 30.7 21.3 19.8 28.4 13.4 27.8 14.8 19.7
Other Community , Social & Personal Services 22.5 27.9 39.8 44.3 11.1 23.8 47.1 38.3 11.1 13.1 9.9 12.0 14.9 19.1 18.4 18.3 26.8
Private Households with Employed Persons 32.2 15.7 36.5 33.1 8.1 31.6 50.4 23.0 27.3 27.5 4.8 23.7 27.9 22.6 22.7 19.6 48
Total 25 31 45 37 12 34 45.0 15.8 22.4 22.6 18.2 17.7 21.4 23.3 25.3 29.3 43.3
Less : FISIM 47 19 38 54 11 31 20.0 104.9 23.1 49.2 24.6 30.3 42.2 22.0 13.8 19.7 44.1
Gross Value Added at Current Basic Prices 24 31 45 37 12 34 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 25.4 29.4 43.2
Taxes on Products 15 26 38 14 48 39 44.3 24.1 21.9 22.1 12.8 12.9 6.9 10.9 25.4 16.0 15.9
GDP at Current Market Prices 24 31 44 35 14 33 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.4 25.2 28.6 41.8
Source: MoPD
5
Table 6: Summary of External Public Debt
2009/10 2010/11 2011/12 2012/13 ,2013/14 ,2014/15 ,2015/16 ,2016/17 ,2017/18 ,2018/19 ,2019/20 ,2020/21 ,2021/22
(2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) (2014)
EXTERNAL DEBT
Disbursed * 72,617.8 125,841.3 153,361.2 204,193.8 268,378.0 382,564.9 449,037.6 539,568.8 703,692.2 782,938.1 1,010,797.0 1,290,519.1 1,451,354.7
Undisbursed n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a
DRAWINGS (gross) 14,413.7 33,527.6 28,475.3 49,247.2 60,151.4 119,075.7 73,812.2 66,379.3 92,796.0 79,206.1 106,682.1 55,046.6 53,729.7
REPAYMENTS (1) -883.0 -2904.9 -5332.2 -7806.3 -9673.6 -13,967.5 -16,306.7 -19,479.7 -30,619.4 -40,207.1 -44,604.7 -54,356.4 -81,017.3
DEBT SERVICING (2) 1,298.5 3,898.6 7,109.9 10,321.9 12,718.7 18,974.75 23,872.4 29,345.3 42,480.4 58,195.8 64,035.1 73,138.2 105,225.5
Principal 883.0 2,904.9 5,332.2 7,806.3 9,673.6 13,967.5 16,306.7 19,479.7 30,619.4 40,207.1 44,604.7 54,356.4 81,017.3
Interest (3) 415.5 993.7 1,777.6 2,515.6 3,045.1 5,007.2 7,565.7 9,865.6 11,861.0 17,988.7 19,430.4 18,781.9 24,208.2
DEBT SERVICE TO EXPORT OF GOODS RATIO 3.4 8.8 13.0 18.2 20.2 31.1 39.4 45.0 57.4 77.8 68.4 52.1 52.8
EXTERNAL DEBT TO TO GDP (%)** 19.0 24.4 20.5 23.6 25.6 29.5 28.6 29.4 32.0 29.1 30.0 29.7 24.6
EXPORT OF GOODS 25,822.1 44,277.5 54,771.8 56,690.5 62,947.9 61,064.4 60,526.4 65,167.1 74,044.8 74,807.7 93,641.5 140,327.0 199,307.5
GDP (Current Basic Price) 382,938.7 515,078.5 747,326.5 864,673.2 1,047,392.8 1,297,954.7 1,568,097.5 1,832,786.0 2,200,120.6 2,690,751.4 3,374,746.9 4,341,387.1 5,900,198.0
Source: Ministry of Finance and Economic Development
*Excludes State defence Credits and Ruble denominated debt.
(1)-on cash basis; includes repayments of Trust Fund Loans , and repurchases from IMF.
(2)-on accrual basis; includes repayments of Trust Fund Loans, and repurchases from IMF.
(3) - Includes IMF charges and interest.
**Revised based on rebased GDP series
NB:-USD to birr coversion is made by using annual average exchange rate.
Table 7: Balance of Payments
G.C. ,2008/09 ,2009/10 ,2010/11 ,2011/12 ,2012/13 ,2013/14 ,2014/15 ,2015/16 ,2016/17 ,2017/18 ,2018/19 ,2019/20 ,2020/21 ,2021/22
EFY (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) (2014)
TRADE BALANCE -65,427.0 -80,771.4 -88,739.9 -136,073.2 -151,831.4 -198,611.2 -270,301.4 -292,474.9 -289,030.5 -324,244.9 -349,148.8 -341,436.0 -417,133.3 -679,383.7
Export(f.o.b) 15,088.1 25,822.1 44,277.5 54,771.8 56,690.5 62,947.9 60,443.8 60,526.4 65,167.1 74,044.8 74,807.7 93,641.5 140,327.0 199,307.5
Coffee 3,916.7 6,810.4 13,567.6 14,373.2 13,584.5 13,626.8 15,683.9 15,253.7 19,795.6 21,905.1 21,436.5 26,824.8 35,480.3 69,474.6
Other Exports 11,171.3 19,011.8 30,709.9 40,398.6 43,105.9 49,321.1 44,759.9 45,272.7 45,371.5 52,139.7 53,371.2 66,816.7 104,846.7 129,832.8
Imports (c.i.f.) -80,515.0 -106,593.6 -133,017.4 -190,845.0 -208,521.9 -261,559.1 -330,745.2 -353,001.4 -354,197.6 -398,289.7 -423,956.5 -435,077.5 -557,460.3 -878,691.1
Fuel -13,095.4 -16,896.1 -26,744.3 -36,658.8 -39,571.5 -49,081.4 -41,013.5 -28,260.8 -40,876.9 -60,553.0 -72,961.5 -65,445.6 -75,723.6 -167,811.6
Other Imports -67,419.6 -89,697.5 -106,273.1 -154,186.2 -168,950.4 -212,477.7 -289,731.7 -324,740.5 -313,320.8 -337,736.7 -350,995.0 -369,632.0 -481,736.7 -710,879.6
Net Services 4,021.3 5,900.2 11,090.7 1,292.3 8,353.1 12,715.4 -6,943.6 -13,027.4 -12,588.8 -5,221.1 -15,833.5 -6,862.8 1,156.9 31,043.3
Travel 2,167.5 2,890.1 9,266.1 8,500.8 5,844.1 5,602.3 1,681.7 -1,386.5 -951.7 7,146.7 6,225.9 10,431.2 26,800.9 22,577.5
Other Transportation 2,323.8 3,111.9 5,198.0 5,781.7 10,321.9 13,658.8 8,242.8 11,209.2 8,569.4 13,494.3 18,091.2 27,972.4 28,743.3 53,574.7
Government(n.i.e.) 1,671.4 2,901.7 3,987.5 3,483.5 3,644.4 5,551.5 3,661.7 7,600.2 8,625.2 5,641.9 7,935.0 1,878.4 6,314.9 9,019.8
Investment Income -348.0 -712.9 -1,120.2 -1,659.8 -2,049.5 -2,914.6 -5,358.0 -7,849.3 -11,214.0 -11,410.1 -16,925.9 -19,203.0 -21,739.9 -27,861.8
Other Services -1,793.4 -2,290.7 -6,240.8 -14,813.9 -9,407.8 -9,182.6 -15,171.9 -22,601.0 -17,617.7 -20,094.0 -31,159.7 -27,942.0 -38,962.3 -26,266.8
Net Goods & Services -61,405.7 -74,871.3 -77,649.2 -134,780.9 -143,478.3 -185,895.8 -277,245.0 -305,502.3 -301,619.3 -329,466.0 -364,982.3 -348,298.9 -415,976.4 -648,340.3
Private Transfers (net) 28,205.0 34,928.9 44,404.5 56,001.5 65,054.5 78,477.7 98,099.1 135,680.5 122,945.6 158,601.1 167,629.9 162,534.4 238,718.0 343,936.5
Current Account Balance -33,200.7 -39,942.4 -33,244.7 -78,779.3 -78,423.8 -107,418.1 -179,145.9 -169,821.8 -178,673.7 -170,864.9 -197,352.4 -185,764.5 -177,258.4 -304,403.9
Public Transfers (net) 16,166.3 24,564.9 29,991.2 30,848.5 27,836.5 27,911.7 30,301.9 29,359.9 32,014.6 32,678.7 58,540.8 47,797.8 53,408.6 55,185.2
Non Monetary Capital (net) 17,173.0 31,209.1 48,287.8 39,394.8 59,883.0 78,866.1 157,085.6 138,330.8 154,325.0 161,503.2 135,289.6 135,603.6 148,987.8 132,271.7
Public long-term (net)* 7,526.7 18,879.0 30,785.2 22,982.5 39,141.3 50,373.7 112,141.5 67,020.2 57,928.2 68,083.1 46,595.6 64,463.4 7,743.3 -22,774.0
Short-term 333.5 -49.0 -2,523.7 -2,085.3 -1,667.4 510.3 690.1 2,322.0 2,913.8 -3,792.1 4,099.0 -4,682.9 -13,081.3 -5,601.1
FDI 9,312.8 12,379.1 20,026.4 18,497.6 22,409.0 27,982.1 44,254.0 68,988.6 93,483.1 97,212.3 84,595.0 75,823.2 154,325.8 160,646.8
Net errors and Omissions 5,211.7 -11,749.8 -22,724.0 -8,248.0 -9,414.3 -1,207.8 -18,719.8 -15,405.0 7,096.2 -28,580.3 -22,895.0 -23,758.0 -13,483.4 12,534.6
Overall Balance 5,350.3 4,081.8 22,310.3 -16,784.1 -118.6 -1,848.1 -10,478.1 -17,536.1 14,762.1 -5,263.3 -26,417.1 -26,121.1 11,654.6 -104,412.3
Financing : -5,350.3 -4,081.8 -22,310.3 16,784.1 118.6 1,848.1 10,478.1 17,536.1 -14,762.1 5,263.3 26,417.1 26,121.1 -11,654.6 104,412.3
Monetary Authorities (Reseves), net -5,155.6 -3,927.6 -22,174.9 16,922.4 282.3 1,914.0 10,478.1 17,536.1 -14,762.1 5,263.3 26,417.1 26,121.1 -11,654.6 104,412.3
Arrears Change 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Debt Relief -194.7 -154.2 -135.4 -138.4 -163.8 -65.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cancellation 194.7 154.2 -135.4 -138.4 -163.8 -65.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Rescheduling 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Sorce: NBE Staff Compilation
*Includes other public sector long-term loan and private loan
NB:-USD to birr coversion is made by using annual average exchange rate.
Table 8: Value of Major Exports (In Thousands of Birr)
2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Commodity (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) (2014)
Coffee 3,741,744.77 4,897,344.10 3,932,229.39 6,913,379.56 13,617,880.5 14,424,847.6 13,597,849.7 13,708,114.4 15,734,933.3 15,267,166.7 19,897,558.9 21,893,480.4 21,490,708.9 27,043,809.8 34,661,479.2 70,175,272.0
Oilseeds 1,654,707.49 2,037,089.95 3,819,428.63 4,670,848.56 5,282,979.3 8,174,105.3 8,096,548.1 12,477,209.3 10,269,297.7 10,076,702.8 7,891,362.5 11,188,854.0 10,921,323.8 11,016,053.3 12,447,184.5 12,896,678.4
Leather and Leather Products 789,162.45 917,533.77 763,692.13 732,602.79 1,690,160.6 1,894,380.9 2,205,364.2 2,474,650.1 2,644,747.6 2,424,089.0 2,558,995.8 3,455,808.7 3,285,473.7 2,224,782.4 1,321,048.4 1,609,850.6
Pulses 619,559.70 1,333,631.14 946,826.06 1,677,731.48 2,232,691.6 2,762,646.4 4,251,495.8 4,790,442.6 4,409,211.9 4,886,962.9 6,276,562.9 7,124,264.4 7,659,551.2 7,407,897.8 8,810,339.8 10,711,389.3
Meat Products 135,517.72 193,943.55 273,517.90 440,952.18 1,024,706.4 1,358,079.3 1,350,633.5 1,424,013.5 1,865,868.2 2,026,532.5 2,214,721.7 2,661,968.0 2,484,948.7 2,131,090.9 2,766,305.2 5,329,508.5
Fruits & Vegetables 142,207.59 118,398.30 124,029.10 412,604.91 512,634.6 775,375.0 798,838.9 877,215.0 956,613.9 1,128,060.7 1,257,748.5 1,603,497.1 1,709,468.5 2,526,266.2 2,554,855.5 4,272,817.6
Sugar - 17,879.50 178,586.52 124.42 - - 0.3 - - - 115,431.7 133,582.5 106,710.5 47,105.5 7,807.8 614.7
Gold 863,856.01 735,122.13 1,034,497.58 3,709,811.71 7,540,511.6 10,417,359.5 10,536,982.9 8,722,190.8 6,399,026.4 6,113,142.1 4,683,990.8 2,605,757.2 775,705.7 6,572,639.3 23,960,756.7 26,464,873.3
Oil Cakes - - - - - - - - - -
Live Animals 323,065.63 376,474.28 539,985.47 1,177,285.50 2,387,245.6 3,565,928.4 3,022,720.8 3,553,276.0 2,976,556.1 3,090,572.3 1,506,508.9 1,539,071.6 1,287,954.6 1,671,089.2 1,618,980.7 1,437,406.1
Chat 816,802.09 1,000,784.64 1,448,074.53 2,710,332.16 3,836,251.1 4,144,328.1 4,936,460.2 5,670,685.5 5,468,030.5 5,511,986.7 6,113,689.6 6,882,238.3 8,511,121.5 8,498,636.8 14,515,995.0 18,910,324.2
Petroleum Products - - - - - - - - - - - - - - - -
Bee's Wax 16,089.81 17,091.37 16,436.57 20,605.35 29,126.9 37,332.6 47,777.7 52,045.9 95,727.0 51,326.1 60,566.7 81,311.4 67,657.8 65,655.6 65,370.4 58,907.4
Tantalem 54,487.65 56,562.54 72,109.19 153,608.41 462,480.7 288,206.3 92,237.8 86,421.9 202,646.1 151,563.5 137,861.4 246,007.6 274,291.8 155,501.4 160,642.4 464,712.4
Cotton 126,809.92 178,419.55 63,089.28 137,759.27 8,650.8 3,258.7 157,790.3 20,055.9 236.0 11.6 - 140,351.4 8,572.2 8,218.7 - -
Text. & Text. Prdts 109,415.53 141,137.37 143,432.96 297,312.21 1,000,167.8 1,460,989.4 1,773,244.5 2,100,917.3 1,969,322.2 1,633,981.4 2,004,285.7 2,695,228.8 4,296,263.5 5,315,818.7 5,297,133.7 8,529,908.7
Cereals and Flour 15,908.78 18,987.12 3,274.23 74,756.25 528,437.6 106,556.2 70,232.4 213,114.6 319,557.1 185,207.8 645,101.2 156,779.6 81,940.5 138,438.3 707,424.0 1,642,831.6
Natural Gum 49,691.14 63,928.75 100,043.98 163,963.77 206,788.5 202,776.6 204,687.9 231,459.8 230,954.0 175,997.8 266,180.1 233,800.6 144,922.8 157,860.5 119,822.9 107,704.1
Civet - - - - - - - - - - - - - - - -
Hop - - - - - - - - - - - - - - - -
Animal Fodder 20,431.93 26,130.41 248.40 61,654.31 429.6 74.6 217.2 - 250.9 - - - - - - -
Natural Honey 10,407.78 5,962.62 5,564.45 24,663.03 26,794.5 55,997.6 52,866.1 47,226.6 46,140.1 41,928.3 31,343.9 23,694.8 13,468.4 16,438.1 2,867.5 10,592.0
Marble - - - - - - - - - - - - - - -
Flower 561,307.24 1,037,924.21 1,374,357.48 2,204,195.02 2,845,760.3 3,402,184.0 3,401,603.0 3,817,383.8 4,086,866.1 4,737,809.0 4,905,507.6 5,982,071.2 7,228,221.9 13,780,893.8 17,130,702.7 26,445,082.3
Beverage 5,389.69 - 12,636.29 22,095.53 33,876.9 76,520.9 92,156.8 59,894.9 79,901.2 109,780.9 90,513.2 108,799.4 114,745.8 112,973.8 180,564.1 223,891.9
Spices 97,459.03 114,717.26 117,028.47 242,479.62 567,237.7 620,121.3 546,642.5 561,152.0 647,849.5 566,214.9 554,729.1 441,282.3 381,907.9 506,971.9 578,556.0 807,366.2
Others 303,593.20 354,913.24 248,664.23 266,539.84 690,758.7 716,358.2 887,241.0 1,355,543.1 1,456,623.0 1,759,529.8 2,473,083.9 2,919,189.8 2,529,996.2 2,685,166.8 1,960,770.5 9,896,132.5
Others 1354901.9 1998683.1 2140449.0 3649027.2 6,371,383.1 6,933,043.6 7,278,919.5 8,493,169.9 9,040,346.2 9,362,025.1 11,108,606.1 12,947,205.4 15,074,331.0 22,878,281.8 26,138,483.9 48,128,221.7
RE-exports - - - - - - - - - - - - -
Total 10,457,615.14 13,643,975.81 15,217,752.86 26,115,305.87 44,525,571.27 54,487,426.58 56,123,591.72 62,243,013.11 59,860,358.70 59,938,566.96 63,685,744.10 72,117,038.93 73,374,955.85 92,083,308.60 128,868,607.09 199,995,863.8
Table 9: Quantity of Major Exports ( In Metric Tons )
2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2014/15 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Commodity (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2007) (2009) (2010) (2011) (2012) (2013) (2014)
Coffee 176,438.02 170,741.18 133,997.69 172,217.23 172,217.23 169,408.06 199,127.77 189,669.31 183,870.70 198,658.11 225,747.01 238,572.83 230,931.42 271,111.52 248,653.58 303,235.2
Oilseeds 234,976.09 152,091.12 286,986.63 298,998.08 254,186.46 367,436.15 283,853.59 313,526.60 319,461.91 436,573.50 333,514.13 348,548.01 260,001.58 236,504.53 245,479.33 172,139.7
Leather and Leather products 15,773.77 12,298.76 7,292.95 2,906.04 5,167.39 4,435.66 4,614.91 5,573.06 6,174.96 5,983.46 5,890.12 6,400.79 5,590.40 3,551.27 2,290.59 2,239.3
Pulses 158,751.81 233,021.05 137,968.66 225,663.01 224,482.34 226,157.63 357,518.78 353,022.19 340,736.88 375,425.13 392,743.28 438,061.53 462,821.56 354,010.48 280,603.44 213,873.6
Meat Products 5,849.77 6,484.28 7,476.57 10,182.20 16,877.37 17,665.96 15,466.31 14,971.98 19,034.52 18,965.08 19,564.98 19,954.85 17,719.23 12,819.96 14,631.78 19,012.1
Fruits & Vegetables 40,920.50 39,918.24 38,477.85 66,336.56 91,587.26 123,538.30 135,184.35 145,436.23 150,148.72 167,076.37 178,569.19 188,976.92 175,619.64 191,183.11 221,695.57 222,650.4
Sugar - 63,391.93 47,646.06 4.00 - 11.18 0.02 - - - 51,126.64 35,958.09 43,706.24 17,515.03 2,511.84 10.0
Gold 5.58 3.76 4.87 8.91 11.18 12.19 12.31 11.64 9.04 8.58 5.97 2.82 0.82 3.32 9.56 8.7
Oil Cakes - - - - - - - - - 0.0
Live Animals 43,665.07 39,968.83 36,728.82 67,930.48 112,802.55 144,885.27 100,888.37 105,827.48 77,860.31 77,779.01 36,066.48 31,936.99 24,346.65 29,395.64 26,262.97 17,266.0
Chat 22,666.78 22,405.69 25,399.82 36,087.68 40,971.74 41,052.87 47,163.67 51,689.76 49,204.18 47,000.13 48,818.10 47,023.94 53,565.91 57,136.13 71,209.90 56,331.2
Petroleum Products - - - - - - - - - - - - - - 0.0
Bee's Wax 414.76 239.39 341.49 363.39 362.51 367.09 411.93 334.70 520.38 267.65 302.34 358.70 283.18 258.01 229.00 158.0
Tantalem 258.37 331.17 294.58 75.72 87.91 147.79 185.90 229.30 2,860.36 386.20 76.08 66.77 161.5
Cotton 7,822.75 152.17 126.93 5,673.61 751.98 8.29 0.34 - 3,529.38 252.91 80.00 - 0.0
Text. & Text. Prdts 6,418.52 8,537.56 10,799.76 15,935.97 18,638.34 14,858.30 12,281.54 16,192.82 16,761.81 19,888.80 22,798.39 24,045.62 35,234.5
Cereals and Flour 14,147.53 122,344.23 12,265.32 6,819.15 19,968.19 39,171.91 11,403.59 71,737.19 11,805.28 3,579.95 4,670.14 25,144.37 38,367.6
Natural Gum 4,374.29 4,416.78 3,503.66 3,268.07 3,402.88 3,472.77 2,351.01 3,383.90 2,482.77 1,111.41 1,384.59 769.68 472.7
Civet - - - - - - - - - - - - 0.0
Hop - - - - - - - - - - - - 0.0
Animal Fodder 26,462.37 286.61 48.93 40.01 - - - - - - - - 0.0
Natural Honey 561.61 520.30 876.66 839.54 742.35 681.18 592.53 444.10 316.30 134.43 152.14 15.61 53.9
Marble - - - - - - - - - - - - 0.0
Flower 13,601.24 22,402.58 29,166.11 35,958.90 41,562.61 46,797.66 42,438.23 44,720.52 46,330.67 50,629.10 49,356.08 50,100.88 57,849.31 94,389.84 101,578.88 114,253.0
Beverage 1,993.05 2,739.15 3,829.13 3,971.20 2,201.69 2,990.00 4,213.56 3,943.14 3,566.97 4,404.93 4,430.26 5,310.98 5,439.1
Spices 15,595.18 12,803.27 17,207.29 24,239.60 21,261.15 19,146.48 13,374.79 12,427.56 12,576.85 11,589.88 12,499.67 12,823.23 8,667.6
Source: Ethiopian Customs Commission
Table 10: Value of Major Imports
(Thousands of Birr)
Food & Live Petroleum Petroleum Medical & Paper & Paper
Period Animals Beverages Tobacco Crude Prod.**** Chemicals Fertilizers Pharm. Prod Soap & Polish Rubber Prod. Manfc.
1990/91 263,350 16,163 3,564 185,376 25,050 85,072 79,548 36,305 26,013 41,867 27,775
1991/92 14,402 6,291 1,105 92,246 100,907 42,580 150 48,294 14,433 35,740 11,760
1992/93 497,536 20,867 4,845 444,282 376,808 135,269 13,106 131,578 37,490 73,278 30,565
1993/94 574,094 8,581 20,271 406,531 331,036 228,155 89,678 187,200 58,522 156,585 61,251
1994/95 906,743 13,305 10,580 522,564 471,350 179,614 343,947 193,305 30,818 184,843 53,780
1995/96 575,263 21,210 7,241 445,953 485,912 161,265 330,578 165,785 64,023 279,453 81,700
1996/97 37,222 8,590 93 76,900 1,427,200 47,021 173,813 77,317 55,593 188,170 78,351
1997/98 72,853 35,583 18,402 166,469 2,099,046 99,001 51,224 142,163 81,408 274,938 169,841
1998/99 558,422 37,405 26,393 2,281 1,306,707 142,008 377,582 315,940 100,718 345,274 199,440
1999/00 766,560 34,647 27,129 31 2,012,189 140,912 336,379 246,179 92,105 273,429 163,924
2000/01 641,597 34,628 28,561 0 2,151,326 153,782 126,860 293,784 140,236 408,838 217,050
2001/02 1,365,581 35,886 48,550 0 2,202,554 145,066 560,257 358,994 128,513 340,956 269,684
2002/03 1,697,566 33,509 35,614 0 2,463,917 165,902 462,662 352,193 145,207 376,787 218,152
2003/04 1,981,297 36,937 37,348 0 2,608,285 201,668 923,523 636,324 173,378 417,410 329,915
2004/05 1,566,093 52,090 52,034 0 5,736,666 250,951 1,055,294 671,524 240,863 536,827 434,417
2005/06 2,139,779 45,715 77,860 0 7,422,807 348,264 1,180,768 1,212,655 337,445 730,113 517,374
2006/07 1,799,700 68,204 74,841 0 7,524,664 399,852 933,867 1,410,844 328,116 838,145 565,483
2007/08 2,499,134 97,080 115,642 0 15,076,123 488,539 2,828,101 1,848,363 377,282 1,030,557 770,591
2008/09 7,251,053 89,171 104,398 0 17,219,182 677,521 3,008,355 2,771,689 552,503 1,422,155 819,639
2009/10 7,713,047 142,346 177,543 0 18,891,592 888,064 3,221,932 3,936,222 530,093 2,220,337 1,188,178
2010/11 3,966,149 167,354 230,682 0 22,299,884 1,118,884 5,665,269 5,054,381 685,949 2,515,039 1,137,791
2011/12 12,692,391 206,514 270,210 0 35,868,583 1,357,151 10,503,430 6,488,435 1,128,549 3,373,729 1,843,948
2012/13 11,635,650 261,691 193,101 0 26,565,255 2,092,402 5,332,244 7,169,253 907,442 4,030,338 2,064,095
2013/14 9,165,826 533,829 91,441 18 47,619,870 3,647,031 7,808,484 2,389,297 2,186,493 5,858,244 1,992,580
2014/15 13,155,398 570,045 94,776 200 39,822,539 3,751,995 8,641,772 2,568,987 2,186,737 5,979,668 2,062,833
2015/16 24,592,888 746,323 153,595 109 27,005,493 3,616,705 10,491,320 2,531,734 2,694,456 6,350,622 2,525,557
2016/17 14,830,981 699,400 122,286 3,729 39,143,280 3,323,962 12,279,084 2,091,492 3,090,001 6,708,574 2,457,186
2017/18 22,346,613 843,503 107,047 1,795 58,613,987 4,277,092 12,361,827 1,495,997 3,299,739 6,438,707 2,180,534
2018/19 19,283,197 547,466 107,233 885 69,942,603 5,355,212 17,709,856 2,431,705 3,923,383 7,698,856 2,964,510
2019/20 30,535,356 921,922 113,817 1,964 62,056,891 5,815,180 16,823,353 3,092,276 4,539,296 9,435,759 4,263,241
2020/21 59,877,394 944,240 202,052 10,059 72,597,464 6,105,217 21,000,828 4,407,459 5,425,663 9,959,762 3,359,773
2021/22 115,668,627 2,097,436 417,870 6,971 165,014,806 9,140,163 24,263,829 10,813,389 7,324,338 13,968,242 5,473,448
Table 10 Continued:
Glass & Glass Metal & Metal Machinery & Road Motor Electrical Telecomm. GRAND
Period Textiles Clothings Ware Manfc. Aircraft Vehicles Materials Grain* Appara. Others TOTAL
1990/91 44,920 14,488 5,180 153,769 562,457 249,844 58,889 202,106 48,189 202,486 2,130,305
1991/92 73,571 14,705 3,517 49,487 189,544 177,203 42,756 1,019 32,882 859,324 1,810,897
1992/93 130,409 15,514 9,035 172,058 699,420 402,403 97,670 418,157 47,669 278,915 3,618,718
1993/94 186,946 34,117 14,809 496,052 367,949 825,890 192,150 483,624 25,562 474,589 4,739,967
1994/95 229,950 54,033 24,368 563,219 710,882 1,015,951 286,193 586,760 20,677 730,152 6,546,274
1995/96 308,065 76,391 32,944 709,985 854,155 1,393,422 328,577 506,124 51,400 1,334,922 7,708,246
1996/97 414,162 69,542 40,789 973,897 1,414,978 1,117,480 636,728 8,328 17,108 1,650,244 8,505,200
1997/98 396,757 114,866 41,452 969,100 1,099,417 795,978 776,492 18,160 14,950 1,918,519 9,338,459
1998/99 473,804 230,897 69,704 1,416,817 1,375,843 1,390,946 1,032,004 340,647 42,305 2,257,514 11,702,004
1999/00 433,134 279,885 58,403 919,528 1,351,512 1,548,459 938,299 646,316 32,656 1,783,302 11,438,661
2000/01 461,188 345,433 88,056 1,188,971 1,480,393 1,456,285 782,018 461,335 66,419 2,248,531 12,313,956
2001/02 471,499 467,110 72,787 1,359,231 1,667,774 1,435,245 893,039 1,246,119 101,456 2,561,107 14,485,289
2002/03 599,604 478,039 78,075 1,311,504 1,963,002 1,817,630 1,059,754 1,580,973 111,634 2,696,596 16,067,348
2003/04 606,295 601,949 104,362 2,012,945 2,397,183 2,124,501 2,447,540 1,573,618 502,494 4,152,333 22,295,690
2004/05 774,285 836,015 125,294 3,476,768 4,553,244 2,811,972 3,062,726 1,334,778 344,108 4,853,003 31,434,174
2005/06 1,065,381 1,291,287 145,048 4,157,675 5,305,516 4,183,804 2,978,793 1,621,232 365,874 4,547,398 38,053,554
2006/07 808,907 1,523,051 163,834 4,460,322 7,036,854 6,062,546 2,968,701 1,323,878 329,270 7,829,188 45,126,388
2007/08 986,145 1,198,037 243,667 7,051,109 7,118,469 4,279,547 4,404,967 1,902,765 243,818 12,489,650 63,146,822
2008/09 1,023,983 1,124,962 235,344 7,990,303 8,713,241 4,859,888 5,866,530 6,285,857 51,369 16,251,182 80,032,470
2009/10 1,476,236 2,433,694 267,320 11,618,002 12,278,627 8,503,493 7,728,010 6,190,933 102,036 23,358,711 106,675,484
2010/11 1,982,717 2,430,231 334,932 10,778,367 16,015,252 13,180,603 7,195,551 2,739,632 73,258 38,806,942 133,639,235
2011/12 2,892,344 4,218,310 522,024 19,678,247 20,529,023 17,831,730 8,696,845 10,436,910 80,038 42,824,531 191,006,032
2012/13 2,744,224 4,449,522 722,828 21,688,480 28,035,377 20,493,273 11,912,689 9,865,215 96,583 58,096,034 208,490,479
'2013/14 4,622,749 5,442,436 1,942,407 29,939,445 36,774,861 23,820,186 22,735,293 5,603,599 349,551 54,927,511 261,847,552
2014/15 5,819,130 6,802,500 2,477,281 45,631,138 45,707,264 31,471,855 43,251,536 2,971,791 1,489,172 69,454,129 330,938,955
2015/16 5,669,241 7,990,759 2,731,966 46,750,241 58,130,972 33,759,296 37,416,225 3,617,393 1,212,163 78,646,953 353,016,619
2016/17 5,416,692 8,529,700 3,376,822 41,572,482 56,981,595 33,498,960 30,086,052 3,847,407 7,730,645 82,328,213 354,271,135
2017/18 5,039,340 9,639,953 3,159,828 37,072,741 65,746,027 27,957,776 28,222,631 5,975,107 428,242 107,882,087 397,115,468
2018/19 6,145,566 6,571,190 2,989,311 40,675,845 59,368,139 22,151,317 27,929,885 4,653,401 1,364,754 126,233,238 423,394,151
2019/20 9,389,053 5,910,193 3,276,373 51,308,076 69,932,130 9,497,824 25,002,128 4,674,500 610,593 119,663,926 432,189,352
2020/21 10,385,932 7,877,484 3,026,514 53,117,272 78,005,719 4,859,279 32,953,170 19,960,579 809,586 184,416,278 559,341,145
2021/22 14,456,157 6,910,168 5,052,160 58,411,496 66,130,653 4,644,695 36,926,587 39,825,945 1,266,842 334,223,150 882,211,025
* Included in "Food & Live Animals".
Table 11: Volume of Major Imports
(in Metric Tones)
Food & Live Petroleum Medical &
Period Animals Beverages Tobacco Crude Petroleum Prod. Chemicals Fertilizers Pharm. Prod Soap & Polish Rubber Prod.
1990/91 401,515.0 1,720.1 779.6 494,081.0 12,724.0 27,984.0 91,966.0 11,647.0 19,185.0 6,484.0
1991/92 12,828.0 388.3 76.3 302,583.0 146,439.0 8,782.0 125.0 1,946.0 14,713.0 4,367.0
1992/93 440,582.2 610.5 256.3 740,043.1 332,905.0 22,856.8 10,308.4 2,587.2 20,773.6 6,888.9
1993/94 411,187.6 312.4 1,145.8 688,343.9 276,575.7 34,665.9 100,566.2 2,760.2 18,365.7 8,047.4
1994/95 622,468.5 478.7 696.0 674,312.5 471,183.5 22,459.1 218,133.1 4,037.9 9,498.4 10,009.4
1995/96 322,279.3 1,589.7 489.6 417,100.0 333,631.8 33,876.5 115,377.2 2,109.7 17,644.6 14,374.7
1996/97 13,068.9 1,175.9 232.7 34,924.2 914,285.0 15,796.1 101,305.4 3,662.9 30,290.4 23,098.5
1997/98 30,835.0 1,666.7 350.6 159,816.5 1,857,647.0 16,769.7 36,225.9 2,167.7 18,148.7 14,799.5
1998/99 225,025.9 3,170.5 693.2 3,006.8 1,064,451.0 121,440.1 175,442.2 6,260.4 23,958.4 15,148.1
1999/00 391,278.7 2,618.3 933.1 - 1,094,883.2 34,236.7 233,847.8 3,125.8 18,317.2 53,466.7
2000/01 420,439.3 1,746.6 1,006.0 - 950,043.7 30,294.1 79,524.9 2,820.2 28,859.6 22,398.6
2001/02 738,091.7 1,079.4 1,784.2 - 944,921.6 18,907.8 302,409.4 4,136.9 25,648.9 17,583.4
2002/03 645,141.6 1,252.6 724.4 - 1,460,960.0 19,577.6 252,258.6 3,502.5 27,847.2 18,395.7
2003/04 691,588.7 1,433.2 738.4 - 1,033,738.3 23,114.6 382,673.3 8,119.1 33,670.2 21,253.7
2004/05 576,638.2 1,806.5 919.7 - 1,823,335.6 29,232.2 352,064.6 4,580.7 42,352.6 26,637.1
2005/06 819,011.5 1,306.9 2,045.4 - 1,229,077.8 46,714.6 396,794.8 6,993.8 59,404.1 72,211.5
2006/07 597,407.9 2,222.9 1,565.8 - 1,454,121.6 42,222.5 272,802.8 7,010.7 49,042.3 31,256.4
2007/08 506,952.6 2,608.9 2,749.1 - 1,619,430.5 47,665.6 479,485.9 7,959.6 43,334.9 32,450.0
2008/09 1,834,398.8 2,024.2 1,767.6 - 1,404,122.1 53,302.7 528,635.4 11,796.6 51,938.2 37,305.6
2009/10 1,781,546.2 2,415.7 2,659.8 - 2,365,707.0 73,106.4 615,917.4 9,746.8 38,977.5 49,583.9
2010/11 547,512.7 2,308.8 2,228.5 - 1,795,018.8 56,496.0 622,239.2 15,022.9 34,381.8 37,465.4
2011/12 1,818,239.2 3,380.2 2,114.6 - 2,160,455.6 65,088.8 907,129.9 15,442.9 52,956.6 38,732.2
2012/13 1,105,099.7 13,902.5 7,115.5 7,384.2 1,506,402.8 92,926.1 402,556.6 23,612.5 162,562.4 32,775.3
2013/14 1,098,316.9 15,727.9 1,258.8 0.3 2,623,450.8 183,439.5 11,765.6 924.0 43,511.0 84,386.5
2014/15 1,556,755.8 19,058.0 1,148.3 7.4 2,822,058.9 182,043.5 13,804.2 950.6 51,552.3 87,619.2
2015/16 3,162,932.8 22,234.2 1,719.1 1.3 3,043,561.0 185,477.7 14,155.6 1,280.9 66,325.2 242,399.6
2016/17 1,863,068.2 25,010.1 1,440.2 2.6 3,445,456.0 174,373.4 23,800.8 842.3 62,997.9 106,916.3
2017/18 2,217,510.2 26,551.5 1,202.6 50.9 3,770,588.9 183,265.1 15,421.0 1,105.1 84,336.7 124,577.2
2018/19 1,822,744.5 16,807.4 1,164.8 30.0 3,820,223.0 199,647.8 33,959.8 1,150.6 114,565.9 97,938.9
2019/20 2,773,553.3 16,825.8 1,010.0 53.9 3,867,196.1 718,932.3 24,071.8 31,766.5 85,684.7 111,569.5
2020/21 4,153,337.6 16,308.9 1,303.0 147.0 3,719,623.1 176,366.0 22,352.1 808.8 83,410.9 92,909.1
2021/22 4,021,527.7 21,572.8 1,539.7 80.3 3,911,168.8 163,271.5 26,517.5 813.9 69,837.3 97,874.8
Table 11 Continued:
Paper & Paper Glass & Glass Metal & Metal Machinery & Road Motor Electrical Telecomm.
Period Manfc. Textiles Clothings Ware Manfc. Aircraft Vehicles Materials Grain* Appara.
1990/91 9,906.0 6,126.0 299.2 2,475.0 45,954.0 11,887.0 21,224.0 6,017.0 374,114.0 1,399.0
1991/92 3,924.0 7,854.0 424.0 472.0 17,175.0 2,951.0 15,188.0 3,685.0 1,947.9 449.0
1992/93 7,781.5 17,577.9 317.6 2,446.8 43,720.9 7,248.5 32,394.1 6,632.2 421,496.9 7,225.4
1993/94 10,062.4 12,709.9 1,073.4 2,110.6 113,445.5 8,542.6 32,362.4 9,448.6 382,632.5 310.2
1994/95 6,264.8 17,505.4 1,581.9 2,039.5 116,919.2 28,712.2 32,497.8 83,301.9 590,328.1 82.4
1995/96 7,835.1 16,501.0 4,808.1 5,878.8 119,762.0 42,304.6 41,188.0 12,487.6 313,282.0 96.4
1996/97 22,807.0 42,304.8 7,500.8 6,327.6 194,750.1 24,358.1 38,937.0 46,950.6 4,019.3 131.1
1997/98 20,312.6 26,681.1 4,685.1 6,170.6 163,616.8 24,115.4 20,482.3 20,525.1 22,928.5 104.6
1998/99 160,611.8 39,073.2 6,886.9 10,194.2 217,971.0 28,591.4 73,864.5 36,830.9 219,044.0 470.0
1999/00 413,422.2 71,001.9 10,177.6 10,486.0 198,761.7 28,817.5 80,219.1 21,369.7 360,118.1 1,232.4
2000/01 100,301.6 20,680.2 20,562.4 15,254.5 261,843.0 26,964.1 91,784.3 24,421.1 360,317.7 20,588.3
2001/02 32,216.0 26,630.1 19,361.3 11,900.4 273,464.6 23,962.2 47,917.1 25,206.4 693,514.9 329.9
2002/03 35,925.8 33,900.4 18,225.4 13,799.4 256,989.9 29,572.1 34,348.0 29,328.9 620,999.6 716.3
2003/04 46,047.8 40,618.7 30,837.4 20,092.7 293,701.2 38,653.1 41,688.9 54,920.2 628,811.6 3,327.3
2004/05 53,790.6 90,527.2 27,149.6 22,345.8 539,108.0 53,641.5 47,555.0 58,571.1 535,237.2 89,892.7
2005/06 66,235.9 53,927.3 36,103.9 27,558.3 578,956.7 77,915.9 1,130,445.5 83,658.3 715,902.1 6,065.5
2006/07 67,729.3 38,935.4 33,617.9 29,546.8 795,736.4 101,880.8 114,151.2 64,490.1 507,199.0 6,161.8
2007/08 78,419.8 41,135.5 30,473.6 38,345.1 732,819.0 103,879.9 73,545.7 64,580.6 433,009.5 4,251.1
2008/09 90,504.2 36,349.3 24,278.1 33,469.0 641,508.0 108,046.9 84,279.6 87,896.5 1,731,465.1 1,794.6
2009/10 238,737.5 37,964.1 33,454.5 28,208.1 836,745.9 141,184.6 204,618.5 194,059.8 1,567,321.8 1,428.2
2010/11 57,452.1 38,370.2 31,669.4 25,489.8 772,360.7 231,077.7 133,737.9 64,156.8 438,137.4 1,134.6
2011/12 89,205.8 46,129.4 37,796.9 45,244.9 904,607.4 151,778.3 241,940.5 76,974.4 1,679,919.7 917.4
2012/13 94,055.2 41,858.8 36,103.1 56,403.7 992,746.4 207,980.6 177,514.2 89,945.7 1,252,139.3 1,102.4
2013/14 113,120.3 66,313.0 41,513.8 188,603.6 1,392,828.4 367,372.0 186,099.4 173,869.1 735,463.4 533.9
2014/15 96,423.9 81,769.5 110,349.1 215,500.2 1,646,691.0 288,534.3 211,528.3 230,648.1 258,852.9 503.6
2015/16 120,939.2 535,911.0 511,001.1 1,450,218.2 11,290,987.4 2,226,215.5 1,435,282.4 1,341,928.8 3,281,134.3 3,618.7
2016/17 122,068.3 105,571.3 51,937.5 332,152.8 1,817,012.2 331,153.8 351,494.6 127,280.9 341,047.4 280.1
2017/18 89,634.4 88,081.1 50,756.5 232,072.1 1,381,381.2 255,910.3 204,680.5 119,953.9 640,192.1 264.5
2018/19 105,345.9 140,618.8 45,285.6 194,706.0 1,695,672.5 234,828.2 159,140.1 131,509.1 538,413.5 280.4
2019/20 138,210.5 120,255.0 27,295.3 161,693.5 1,743,124.7 223,926.9 83,162.6 122,689.1 738,036.9 430.6
2020/21 153,513.0 127,478.8 26,875.7 99,087.8 1,402,145.2 183,969.3 28,862.0 94,220.0 2,012,278.3 232.3
2021/22 82,589.9 122,823.2 20,255.8 100,373.4 983,740.9 157,420.5 15,175.1 64,307.6 1,474,052.7 268.6
* Included in "Food & Live Animals".
Table 12: Value of Imports, By End Use
2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
(1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) (2014)
RAW MATERIALS 670.51 1,310.85 2,384.59 3,645.27 2,699.27 2,997.30 3,439.17 2,644.61 3,182.93 3,426.40 3,147.26 2,809.23 3,617.87 4,233.32 5,070.88 5,400.91 5,577.02
SEMI-FINISHED GOODS 7,132.95 7,058.77 11,682.43 11,993.63 15,794.98 20,000.25 33,857.33 31,912.83 42,595.61 51,856.36 61,207.76 58,840.49 65,669.07 78,116.49 97,796.04 105,406.69 183,975.28
Chemicals 998.21 871.03 1,063.29 1,218.33 1,475.99 2,113.70 2,668.09 3,433.70 5,664.36 6,398.19 7,389.96 7,524.19 8,910.53 10,858.90 16,743.30 18,890.76 24,699.48
Fertilizers 1,180.42 1,245.77 2,827.87 3,008.22 3,221.86 5,664.73 10,502.73 5,331.49 7,643.53 10,163.58 9,167.59 8,354.88 13,001.60 14,219.85 19,517.00 28,031.17 69,190.27
Textile Materials 332.41 116.59 252.59 197.59 303.91 463.32 706.01 2,644.61 983.69 1,311.24 1,335.60 1,580.89 1,589.57 2,276.95 3,485.51 5,359.73 9,507.58
Others 4,621.91 4,825.37 7,538.69 7,569.49 10,793.23 11,758.50 19,980.50 22,468.87 28,304.02 33,983.34 43,314.60 41,380.52 42,167.37 50,760.78 58,050.24 53,125.03 80,577.94
FUEL 7,472.51 7,688.11 15,076.12 17,562.74 19,209.68 23,024.96 37,247.92 27,635.13 49,114.62 40,943.09 28,246.34 40,940.19 61,013.95 72,941.90 64,685.48 76,625.78 169,598.83
Crude Petroleum - - - 0.17 0.09 0.35 0.25 0.21 321.46 0.20 0.11 3.73 1.80 0.88 1.96 10.32 7.18
Petroleum Products 7,438.12 7,663.95 12,457.03 17,463.59 19,110.03 22,854.05 36,449.26 2,644.61 47,619.87 39,822.54 27,005.49 39,143.28 58,613.99 69,942.60 62,056.89 72,597.46 165,014.81
Others 34.39 24.17 54.06 98.98 99.55 170.57 798.41 647.97 1,173.29 1,120.35 1,240.74 1,793.18 2,398.17 2,998.41 2,626.62 4,017.99 4,576.85
CAPITAL GOODS 10,794.61 16,453.26 16,415.81 19,949.99 34,871.86 44,656.79 50,600.88 64,987.53 92,665.43 138,421.22 143,943.46 135,285.20 136,684.08 140,570.41 128,229.80 151,669.63 148,011.63
Transport 3,732.51 5,574.08 3,519.20 3,999.54 6,601.10 11,124.06 13,977.45 16,444.78 20,793.33 34,176.24 32,362.86 32,005.58 29,339.13 39,817.70 12,249.42 13,690.16 15,566.89
Tyres for Heavy Vehicle 424.45 479.50 575.73 848.52 1,307.44 1,380.55 1,842.37 2,644.61 3,089.21 2,741.61 2,818.81 3,186.58 2,628.97 3,172.73 4,191.33 4,299.83 4,394.44
Heavy Road Motor Vehicle 2,712.14 4,290.62 2,744.09 3,009.66 5,237.84 9,289.92 11,269.70 13,787.48 15,448.45 19,986.57 20,520.03 22,400.17 18,666.44 11,441.56 5,652.14 2,954.13 4,175.33
Aircraft 585.51 333.28 113.43 32.41 10.81 411.73 721.86 140.70 673.64 3,826.27 3,462.96 3,362.78 7,529.52 24,229.19 2,033.72 5,328.32 6,502.88
Others 10.41 470.68 85.95 108.96 45.01 41.86 143.52 220.14 1,582.03 7,621.78 5,561.06 3,056.05 514.20 974.22 372.22 1,107.88 494.24
Agricultural 336.20 290.07 378.56 330.91 772.18 1,024.68 2,064.85 2,644.61 3,218.25 1,444.71 1,761.37 1,691.39 1,343.02 1,616.02 2,745.65 3,422.46 2,678.25
Industrial 10,364.94 10,589.11 12,518.05 24,909.07 32,060.29 32,508.04 34,558.58 46,188.42 68,653.85 102,800.27 109,819.23 101,588.23 106,001.93 99,136.69 113,234.74 134,557.01 129,766.49
CONSUMER GOODS 11,127.85 11,590.42 14,036.99 23,532.61 32,582.12 36,901.63 59,934.54 62,793.03 70,444.68 90,614.30 111,228.72 109,625.01 122,572.11 119,758.04 124,714.69 213,380.89 367,771.22
Consumer Durables 3,609.19 4,578.07 4,244.24 5,885.09 11,203.41 13,995.34 18,128.55 19,837.29 22,458.80 32,305.54 33,062.24 38,146.76 35,022.62 33,670.41 28,525.81 31,313.80 39,584.48
Radio & Television 491.27 494.48 321.88 133.92 162.17 268.89 265.48 2,644.61 1,617.33 3,008.95 3,069.50 9,556.66 2,836.57 3,417.15 1,947.48 2,061.47 2,231.81
Tyres, Cars & Other Veh. 131.34 169.29 210.03 283.98 522.68 563.67 785.66 847.37 1,426.90 1,258.24 1,211.53 1,435.07 1,624.56 1,511.83 1,596.76 1,477.42 2,202.90
Cars & Other Vehicles 1,231.77 1,530.85 1,284.44 1,643.81 2,808.55 3,510.63 4,659.06 4,861.04 7,267.45 7,305.98 9,342.33 9,917.73 12,001.85 9,999.35 3,455.56 812.32 852.77
Others 1,754.82 2,383.44 2,427.89 3,823.38 7,710.00 9,652.16 12,418.34 13,824.23 12,147.13 20,732.38 19,438.89 17,237.31 18,559.64 18,742.09 21,526.01 26,962.59 34,296.99
Consumer Non- Durables 7,518.66 7,012.35 9,792.75 17,647.51 21,378.72 22,906.29 41,806.00 2,644.61 47,985.88 58,308.75 78,166.48 71,478.24 87,549.49 86,087.63 96,188.88 182,067.09 328,186.74
Cereals 1,692.87 1,414.31 1,937.49 6,473.56 6,670.39 3,176.90 11,225.67 10,222.56 8,440.07 12,065.34 21,856.74 12,363.68 20,043.62 16,734.20 26,055.01 53,253.48 105,138.02
Other Food 1,194.32 862.44 1,435.79 2,013.68 2,750.02 3,973.27 6,602.99 6,608.10 7,230.47 8,988.00 13,252.27 13,007.05 16,254.14 15,642.11 16,738.49 32,012.30 68,806.45
Medical & Pharmaceutical 1,285.86 1,510.42 1,959.45 2,949.03 4,153.35 5,344.08 6,713.27 7,647.19 10,820.18 11,823.44 13,636.15 15,028.19 14,814.52 21,133.74 21,356.68 26,642.51 38,231.19
Textile Fabrics 1,775.78 1,679.85 1,920.04 2,010.20 2,966.25 3,791.31 5,994.13 2,644.61 8,957.03 11,523.90 13,056.13 12,979.33 14,797.76 11,089.57 12,300.45 18,599.28 16,603.16
Others 1,569.83 1,545.33 2,539.97 4,201.04 4,838.70 6,620.73 11,269.93 11,453.90 12,538.12 13,908.07 16,365.19 18,099.98 21,639.45 21,488.01 19,738.25 51,559.52 99,407.91
MISCELLANEOUS 855.13 1,024.99 3,550.88 3,348.23 1,517.56 6,058.30 5,926.18 18,517.35 3,844.28 5,677.60 5,243.09 6,771.02 7,558.39 7,773.99 11,692.47 6,857.24 7,277.05
TOTAL IMPORTS 38,053.55 45,126.39 63,146.82 80,032.47 106,675.48 133,639.23 191,006.03 208,490.48 261,847.55 330,938.95 353,016.62 354,271.13 397,115.47 423,394.15 432,189.35 559,341.15 882,211.03
Table 13: Value of Imports, By Country of Origin
(Thousands of Birr)
2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Countries 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Djibouti 248 745 613 1,464 4,194 14,656 6,060 13,765 25.5 54.6 7,505.5 269,451.0 1,226,326.3 5,657,336.4 20,512,706.2
Kenya 310,421 271,334 404,038 479,355 652,128 571,875 670,751 775,309 704,623.9 775,026.6 883,937.3 1,139,053.5 2,682,248.7 2,237,418.7 5,283,913.9
Sudan 1,316,789 865,409 1,280,691 2,379,923 1,899,249 175,036 3,372,556 2,782,296 885,021.3 2,697,548.6 2,500,770.0 2,303,862.7 2,295,903.2 1,107,245.5 175,950.4
U.A.E 6,185,088 4,590,216 5,410,863 8,814,413 4,072,607 6,225,994 13,411,898 9,493,860 9,676,619.7 8,283,685.2 14,283,917.6 15,436,918.6 17,282,832.8 36,910,293.4 60,147,315.1
France 830,261 1,274,036 1,047,157 2,140,545 2,572,641 3,382,183 2,476,004 3,416,216 4,176,288.1 4,505,121.3 4,756,805.0 4,355,547.8 8,257,770.3 7,481,685.2 6,599,644.0
Germany 2,074,085 1,769,858 2,486,242 2,958,633 3,130,180 3,635,738 6,647,651 6,916,081 7,849,773.2 5,711,671.2 7,256,006.1 9,018,930.8 9,208,171.1 8,345,258.5 8,763,534.0
Italy 3,255,577 4,828,243 5,237,869 5,782,030 6,782,256 8,869,965 9,435,122 10,188,233 13,340,823.0 15,518,259.6 13,370,601.9 9,585,488.8 8,191,163.0 13,317,722.6 9,129,936.9
Netherlands 400,232 696,441 943,605 1,471,114 1,585,694 1,712,577 3,608,203 5,311,881 4,140,318.9 4,540,832.5 6,172,113.2 5,203,113.3 4,678,959.5 3,780,241.5 7,131,210.8
U.K. 897,037 729,809 1,117,723 1,497,189 1,769,438 1,479,938 2,785,358 4,386,801 4,277,114.5 3,750,299.2 5,981,832.7 9,114,791.7 9,216,314.9 11,152,568.7 6,090,567.0
Russia 965,361 1,981,096 1,290,521 368,456 6,209,616 397,293 1,007,404 2,402,659 3,983,984.5 947,736.5 2,472,934.4 3,422,604.1 2,116,402.5 4,712,302.7 6,053,936.6
Yugoslavia 256 0 6,819 9,455 49 0 8 55 0.0 0.3 0.0 0.0 0.0 0.0 0.0
U.S.A. 2,756,286 3,510,082 6,728,159 4,394,329 7,831,544 7,082,276 13,436,708 15,043,777 26,691,945.0 22,894,078.3 31,244,388.2 38,161,945.4 33,114,719.7 38,100,962.8 48,098,083.2
China, P. Rep. 9,861,833 12,929,079 19,098,742 20,203,760 31,790,965 44,773,247 72,643,511 126,572,346 117,251,124.0 114,932,245.7 100,864,789.1 109,790,427.2 112,353,466.1 126,418,108.2 162,014,492.4
Japan 3,067,246 3,217,408 5,420,113 7,036,611 7,914,136 8,268,087 11,421,006 13,244,072 14,792,746.8 15,545,024.5 13,546,649.0 10,523,030.1 5,490,339.1 4,139,127.9 3,478,724.0
Saudi Arabia 8,320,018 12,778,050 13,834,142 11,630,212 26,664,514 20,459,836 21,229,838 16,717,802 7,964,804.7 10,728,630.6 9,089,126.5 6,854,464.4 14,250,180.6 19,549,678.9 57,810,197.6
Rest of the World 22,906,085 30,590,664 42,368,187 64,471,746 88,126,821 101,441,778 99,695,474 113,673,803 137,281,406 143,440,920 184,684,091 198,214,521 201,824,554 276,431,194 480,920,813
Total Import 63,146,822.1 80,032,470.3 106,675,484.2 133,639,235.0 191,006,032.3 208,490,479.3 261,847,551.6 330,938,954.7 353,016,618.9 354,271,134.9 397,115,467.6 423,394,150.7 432,189,352.0 559,341,145.1 882,211,025.4
Table 14: Values of Export by Destination* (In Thousand of Birr)
2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Countries
(1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) (2014)
Djibouti 434,264 485,403 463,894 649,142 1,002,921 1,451,757 2,237,359 3,657,884 1,594,047 2,205,921 2,283,065 3,312,768 3,572,337 3,702,736 4,497,508.4 6,856,655.5
Kenya 32,806 28,805 31,735 57,321 127,738 176,617 190,938 383,110 586,440 618,827 1,186,102 1,057,669 566,102 439,609 1,616,543.8 814,696.3
Sudan 457,061 508,868 718,602 1,500,562 2,275,081 3,012,327 1,675,097 1,550,096 1,649,715 1,333,608 983,314 2,690,710 1,945,939 2,168,104 3,168,442.1 3,966,853.8
U.A.E 273,830 515,832 601,556 1,001,752 1,210,935 1,327,262 1,434,080 1,505,223 1,968,395 1,663,203 2,694,756 2,890,041 3,660,308 3,936,157 7,145,156.7 9,434,813.3
France 212,074 231,308 171,181 310,655 757,780 932,783 602,490 685,633 721,353 679,966 827,505 815,455 556,438 890,053 2,181,537.6 1,930,292.1
Germany 1,230,053 1,403,462 1,389,204 2,577,168 5,154,884 5,321,133 4,200,734 3,578,888 4,206,156 3,374,501 3,943,247 4,729,676 3,117,964 5,026,821 5,745,974.7 13,556,632.4
Italy 662,970 668,249 618,165 603,375 1,707,725 1,390,960 1,185,007 1,193,640 1,089,195 966,201 1,347,709 1,485,536 1,195,539 1,401,025 2,839,821.4 3,960,106.4
Netherlands 497,756 849,033 1,279,583 2,067,342 2,668,056 3,722,699 3,029,773 3,733,608 3,590,928 3,705,136 4,177,990 5,001,314 5,843,402 9,670,553 10,695,072.7 18,888,943.7
U.K. 295,283 314,553 623,890 565,172 921,147 980,160 859,631 1,034,641 701,778 807,237 1,290,346 1,158,598 1,158,806 1,052,198 2,357,712.9 2,726,446.9
Russia 30,831 46,340 41,278 98,095 125,733 212,833 215,319 382,323 305,929 332,653 386,109 471,865 344,778 369,995 1,891,810.4 729,040.5
Yugoslavia 0 287 874 0 0 0 0 45,940 0 0 0 0 0.0 0.0
U.S.A. 522,777 915,718 626,461 1,008,695 1,941,409 1,533,048 2,055,430 2,528,825 3,516,765 3,284,623 4,317,231 6,053,876 5,308,192 5,031,320 8,495,485.6 17,565,965.5
China, P.Rep. 526,539 583,046 1,966,171 2,838,166 4,024,701 5,669,068 4,660,202 7,588,195 7,378,001 6,643,602 5,111,010 6,301,807 3,985,339 2,500,657 3,731,565.0 5,219,670.4
Japan 640,340 861,305 67,358 311,632 628,239 796,091 1,617,076 1,304,904 1,965,575 1,212,783 2,233,317 2,377,677 3,335,761 3,431,247 3,495,238.4 7,440,192.5
Saudi Arabia 645,957 1,000,488 1,167,946 1,593,421 2,227,262 3,551,459 2,754,840 3,516,770 4,039,152 3,642,648 4,400,225 4,971,483 5,022,828 6,349,911 7,463,486.1 13,649,600.8
Rest of the World 3,995,074 5,218,877 5,450,022 10,932,808 19,751,961 24,409,230 29,405,617 29,599,272 26,546,929 29,421,718 28,503,818 30,893,010 35,318,688 48,394,752 76,376,053.7 93,255,953.5
Total Export 10,457,615 13,631,575 15,217,920 26,115,306 44,525,571 54,487,427 56,123,592 62,243,013 59,860,359 59,938,567 63,685,744 74,211,483 74,932,423 94,365,138 141,701,409.6 199,995,863.8
* Export value of gold is not included in this table for the years before 2003/04

Table 15: Trade Balance with Major Trading Partners
(Thousands of Birr)
2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Trading Country '(2003) '(2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) (2014)
Djibouti 1,001,457.15 1,454,904.13 2,222,702.71 3,651,824.36 1,580,282.16 2,205,895.91 2,283,009.94 3,305,262.37 3,302,886.37 2,476,410.09 - 1,159,828.00 - 13,656,050.63
Kenya - 351,617.60 - 475,510.76 - 380,937.75 - 287,641.33 - 188,868.43 - 85,796.43 411,075.40 173,731.42 - 572,951.51 - 2,242,639.74 - 620,874.88 - 4,469,217.52
Sudan - 104,841.61 1,113,078.02 1,500,060.96 - 1,822,459.92 - 1,132,580.04 448,586.45 - 1,714,234.10 189,939.59 - 357,923.38 - 127,799.00 2,061,196.66 3,790,903.41
U.A.E - 7,603,477.98 - 2,745,344.93 - 4,791,914.45 - 11,906,674.53 - 7,525,465.25 - 8,013,416.29 - 5,588,929.30 - 11,393,876.20 - 11,776,610.13 - 13,346,675.45 - 29,765,136.69 - 50,712,501.76
France - 1,382,765.13 - 1,639,858.10 - 2,779,693.14 - 1,790,370.93 - 2,694,863.31 - 3,496,322.40 - 3,677,616.68 - 3,941,350.04 - 3,799,109.79 - 7,367,717.62 - 5,300,147.55 - 4,669,351.85
Germany 2,196,251.31 2,190,952.75 564,995.40 - 3,068,763.28 - 2,709,924.55 - 4,475,272.13 - 1,768,424.37 - 2,526,330.43 - 5,900,966.85 - 4,181,349.91 - 2,599,283.75 4,793,098.40
Italy - 4,074,305.46 - 5,391,295.81 - 7,684,957.61 - 8,241,481.74 - 9,099,038.57 - 12,374,622.20 - 14,170,550.33 - 11,885,066.35 - 8,389,949.56 - 6,790,138.34 - 10,477,901.21 - 5,169,830.46
Netherlands 1,196,942.26 2,137,005.00 1,317,196.72 125,404.59 - 1,720,952.73 - 435,183.35 - 362,842.14 - 1,170,799.45 640,289.00 4,991,593.40 6,914,831.20 11,757,732.84
U.K. - 576,042.47 - 789,278.06 - 620,306.94 - 1,750,717.36 - 3,685,023.03 - 3,469,877.49 - 2,459,953.18 - 4,823,234.75 - 7,955,985.63 - 8,164,116.46 - 8,794,855.85 - 3,364,120.05
Russia - 242,723.10 - 5,996,783.27 - 181,974.19 - 625,081.70 - 2,096,729.94 - 3,651,331.50 - 561,627.87 - 2,001,069.82 - 3,077,825.86 - 1,746,407.72 - 2,820,492.31 - 5,324,896.07
Yugoslavia - 9,455.16 - 49.32 - - 8.33 - 54.91 45,939.89 - 0.26 - 0.00 - - - -
U.S.A. - 2,452,925.40 - 6,298,496.38 - 5,026,845.96 - 10,907,897.53 - 11,526,989.74 - 23,407,322.41 - 18,576,846.83 - 25,190,511.74 - 32,853,753.41 - 28,083,399.33 - 29,605,477.20 - 30,532,117.62
China, P.Rep. - 16,179,059.20 - 26,121,896.74 - 40,113,045.09 - 65,055,315.19 - 119,194,344.43 - 110,607,521.54 - 109,821,235.92 - 94,562,982.35 - 105,805,088.06 - 109,852,809.46 - 122,686,543.20 - 156,794,822.09
Japan - 6,408,372.10 - 7,118,045.15 - 6,651,011.06 - 10,116,101.13 - 11,278,497.81 - 13,579,963.40 - 13,311,707.06 - 11,168,972.25 - 7,187,269.43 - 2,059,092.16 - 643,889.53 3,961,468.59
Saudi Arabia - 9,402,950.19 - 23,113,054.98 - 17,705,030.25 - 17,713,067.00 - 12,678,649.53 - 4,322,157.13 - 6,328,405.58 - 4,117,643.49 - 1,831,636.29 - 7,900,269.49 - 12,086,192.84 - 44,160,596.77
Rest of the World - 40,773,912.16 - 64,298,697.82 - 60,416,697.69 - 70,086,007.68 - 86,982,151.66 - 107,859,687.90 - 114,937,102.51 - 153,791,081.32 - 162,895,833.11 - 153,429,802.60 - 200,055,140.29 - 387,664,860.00
OverallTrade Balance - 85,167,796.83 - 137,092,371.41 - 140,747,458.32 - 199,594,358.71 - 270,933,851.78 - 293,078,051.94 - 290,585,390.79 - 322,903,984.82 - 348,461,727.63 - 337,824,213.76 - 417,639,735.45 - 682,215,161.58

Table 16: Components of Broad Money
End of Currency Net Demand Money Quasi Broad
period outside Banks Deposit Supply Money Money
1 2 3=1+2 4 5=3+4
1980/81 1,027.1 688.2 1,715.3 662.3 2,377.6
1981/82 1,129.8 762.4 1,892.2 751.5 2,643.7
1982/83 1,258.2 922.2 2,180.4 860.1 3,040.5
1983/84 1,282.9 1,096.4 2,379.3 1,004.4 3,383.7
1984/85 1,358.5 1,333.6 2,692.1 1,156.9 3,849.0
1985/86 1,591.9 1,587.7 3,179.6 1,268.6 4,448.2
1986/87 1,743.5 1,820.0 3,563.5 1,245.2 4,808.7
1987/88 1,908.3 2,002.5 3,910.8 1,327.9 5,238.7
1988/89 2,181.8 1,992.0 4,173.8 1,530.6 5,704.4
1989/90 2,736.3 2,253.7 4,990.0 1,718.2 6,708.2
1990/91 3,820.8 2,314.0 6,134.8 1,827.4 7,962.2
1991/92 4,315.8 2,529.5 6,845.3 2,165.6 9,010.9
1992/93 4,883.2 2,697.5 7,580.7 2,556.0 10,136.7
1993/94 5,158.9 3,214.3 8,373.2 3,225.5 11,598.7
1994/95 5,833.8 4,088.6 9,922.4 4,486.0 14,408.4
1995/96 5,656.9 4,260.5 9,917.4 5,737.5 15,654.9
1996/97 5,176.3 4,847.7 10,024.0 6,524.8 16,548.8
1997/98 4,716.8 6,377.2 11,094.0 7,549.3 18,643.3
1998/99 5,196.4 6,182.5 11,378.9 8,020.5 19,399.4
1999/00 5,914.3 7,136.0 13,050.3 9,127.5 22,177.8
2000/01 5,911.8 7,834.0 13,745.8 10,770.4 24,516.2
2001/02 5,461.9 8,690.6 14,152.5 12,139.5 26,292.1
2002/03 6,582.0 8,834.8 15,416.8 13,643.4 29,060.2
2003/04 7,843.9 10,192.1 18,036.0 15,590.0 33,626.0
2004/05 10,026.0 11,265.1 21,291.1 18,920.7 40,211.7
2005/06 11,422.9 12,389.0 23,811.9 22,565.5 46,377.4
2006/07 13,708.4 15,909.3 29,617.7 27,034.2 56,651.9
2007/08 17,654.1 17,696.3 35,350.4 32,831.8 68,182.1
2008/09 19,715.0 22,397.6 42,112.7 40,397.1 82,509.8
2009/10 24,206.8 28,227.8 52,434.6 51,997.8 104,432.4
2010/11 32,574.9 43,596.1 76,171.0 69,206.0 145,377.0
2011/12 38,537.1 56,312.7 94,849.9 94,548.9 189,398.8
2012/13 45,671.0 69,074.7 114,745.7 120,567.9 235,313.6
2013/14 53,161.4 80,887.8 134,063.8 163,682.8 297,746.6
2014/15 60,460.9 94,245.4 154,706.3 216,622.6 371,328.9
2015/16 66,686.2 111,923.5 178,609.7 266,656.6 445,266.3
2016/17 73,917.7 142,851.9 216,769.6 356,614.4 573,384.1
2017/18 86,417.3 194,737.4 281,154.7 459,418.2 740,572.9
2018/19 92,017.0 216,920.2 308,937.1 577,815.4 886,752.5
2019/20 109,071.8 251,513.7 360,585.5 677,060.8 1,037,646.3
2020/21 133,621.3 303,770.7 437,392.0 910,874.2 1,348,266.1
2021/22 173,382.8 414,633.0 588,015.8 1,127,294.2 1,715,310.0
Source: National Bank of Ethiopia
Table 17: Domestic Credit by Sector
Claims on Central Gov't Claims on Non-Central Gov't
Gross Priority
End of
Grand National Comm. Loans & Bills Invest- sec.
Period Total Total
Total Bank Banks Advances Disc. ments loan to
DBE
1=2+5 2=3+4 3 4 5 = 6 to 9 6* 7 8 9
1979/80 2,638.3 1,176.6 915.0 261.6 1,461.7 1,444.1 0.4 17.2 -
1980/81 2,908.7 1,388.1 1,125.8 262.3 1,520.6 1,519.5 0.1 1.0 -
1981/82 3,125.2 1,394.6 1,066.0 328.6 1,730.6 1,729.4 - 1.2 -
1982/83 3,891.7 2,322.2 1,408.1 914.1 1,569.5 1,568.3 - 1.2 -
1983/84 4,356.7 2,558.3 1,642.1 916.2 1,798.4 1,797.2 - 1.2 -
1984/85 4,816.9 2,961.2 1,501.0 1,460.2 1,855.7 1,854.5 - 1.2 -
1985/86 5,375.6 3,314.1 1,862.9 1,451.2 2,061.5 2,060.3 - 1.2 -
1986/87 6,063.1 3,716.7 2,265.1 1,451.6 2,346.4 2,345.2 - 1.2 -
1987/88 6,798.1 4,007.8 2,510.1 1,497.7 2,790.3 2,789.1 - 1.2 -
1988/89 7,354.8 4,452.7 2,584.1 1,868.6 2,902.1 2,900.9 - 1.2 -
1989/90 8,598.4 5,670.9 3,431.6 2,239.3 2,927.5 2,926.3 - 1.2 -
1990/91 10,149.5 6,917.8 4,288.1 2,629.7 3,231.7 3,230.5 - 1.2 -
1991/92 11,479.5 8,062.8 5,433.1 2,629.7 3,416.7 3,415.5 - 1.2 -
1992/93 12,907.1 10,401.5 7,784.1 2,617.4 2,505.6 2,504.5 - 1.1 -
1993/94 14,573.3 11,400.2 8,783.1 2,617.1 3,173.1 3,168.0 - 5.1 -
1994/95 16,840.8 11,324.0 8,703.1 2,620.9 5,516.8 5,512.7 - 4.1 -
1995/96 19,384.0 11,575.7 8,725.4 2,850.3 7,808.3 7,802.9 - 5.4 -
1996/97 19,803.4 10,975.8 8,838.9 2,136.9 8,827.6 8,822.5 - 5.1 -
1997/98 22,050.8 12,032.4 9,819.3 2,213.1 10,018.4 10,015.4 - 3.0 -
1998/99 23,942.7 13,053.8 10,562.2 2,491.6 10,888.9 10,883.2 - 5.7 -
1999/00 31,283.7 19,423.4 16,533.1 2,890.3 11,860.3 11,852.1 - 8.2 -
2000/01 34,035.1 21,357.4 14,342.5 7,014.9 12,677.7 12,667.6 - 10.1 -
2001/02 28,099.0 15,985.1 8,986.7 6,998.4 12,113.9 12,082.4 - 31.5 -
2002/03 28,689.4 17,229.8 9,387.6 7,842.2 11,459.7 11,417.1 - 42.6 -
2003/04 31,653.0 19,199.2 9,389.2 9,809.9 12,453.8 12,245.1 - 208.7 -
2004/05 40,873.5 21,673.8 19,540.0 2,133.9 19,199.7 15,927.0 - 3,272.7 -
2005/06 49,298.6 25,266.4 19,095.7 6,170.6 24,032.2 19,431.1 - 4,601.1 -
2006/07 61,846.9 30,337.6 24,855.6 5,482.1 31,509.2 23,493.8 - 8,015.5 -
2007/08 78,475.1 33,075.7 35,405.8 (2,330.1) 45,399.4 33,600.6 - 11,798.8 -
2008/09 89,205.9 32,786.5 37,827.2 (5,040.7) 56,419.4 38,802.0 - 17,617.4 -
2009/10 104,416.2 33,013.1 39,340.3 (6,327.2) 71,403.1 47,603.6 - 23,799.5 -
2010/11 135,558.6 28,651.7 45,323.7 (16,672.1) 106,906.9 61,871.3 - 38,785.6 6,250.0
2011/12 189,122.1 21,557.4 45,344.1 (23,786.7) 167,564.6 94,617.0 - 60,445.6 12,502.0
2012/13 233,406.4 21,965.5 55,377.3 (33,411.8) 211,440.8 114,384.6 - 80,549.2 16,507.0
2013/14 299,729.6 26,630.8 64,211.9 (37,581.2) 273,098.9 141,975.8 - 110,866.0 20,257.0
2014/15 393,439.8 30,735.3 77,076.8 (46,341.6) 362,704.5 185,501.9 - 153,845.6 23,357.0
2015/16 490,230.4 47,524.4 95,038.1 (47,513.7) 442,706.0 226,849.2 - 190,249.8 25,607.0
2016/17 631,092.8 85,441.8 120,891.0 (35,449.2) 545,650.9 283,835.2 - 234,589.8 27,226.0
2017/18 784,621.8 102,002.8 140,206.9 (38,204.0) 682,618.9 346,302.9 - 289,023.3 47,292.7
2018/19 963,699.9 109,799.2 172,171.4 (62,372.2) 853,900.7 443,362.2 - 358,395.8 52,142.7
2019/20 1,176,926.7 137,082.9 195,711.0 (58,628.1) 1,039,843.8 571,812.0 - 409,889.1 58,142.7
2020/21 1,481,844.4 214,269.2 245,019.2 (30,750.0) 1,267,575.3 758,869.4 - 452,063.2 56,642.7
2021/22 1,930,621.8 422,864.0 326,216.3 96,647.7 1,507,757.8 949,473.4 513,461.7 44,822.7
Source: National Bank of Ethiopia
* Includes Claims on Other Financial Institutions
Table 18: Gold & Foreign Exchange Holdings of the National Bank of Ethiopia and Commercial Banks
Gross Gold and Foreign Exchange Holdings Net Gold &
National Bank of Ethiopia Foreign Liabilities
Foreign Exchange
End of International Reserves CBs'
Gross
Fisical Reserv Foreign
Total NBE Foreign Total Comm. Comm.
Year Gold e Exchange NBE Total NBE
Total Exchange Liab. Banks Banks
Tranch
1=2+6 2=3 to 5 3 4 5 6 7=8+9 8 9 10=11+12 11=2-9 12=6-8
1979/80 525.6 323.0 50.5 272.5 - 202.6 159.3 49.1 110.2 366.3 212.8 153.5
1980/81 476.7 284.8 48.2 236.6 - 191.9 246.6 57.1 189.5 230.1 95.3 134.8
1981/82 754.6 541.7 44.0 497.7 - 212.9 424.1 106.7 317.4 330.5 224.3 106.2
1982/83 615.7 439.0 44.0 395.0 - 176.7 391.6 137.7 253.9 224.1 185.1 39.0
1983/84 446.4 224.1 44.0 180.1 - 222.3 310.1 107.1 203.0 136.3 21.1 115.2
1984/85 479.9 310.7 44.0 266.7 - 169.2 247.8 97.2 150.6 232.1 160.1 72.0
1985/86 838.5 620.9 44.0 576.9 - 217.6 259.3 83.5 175.8 579.2 445.1 134.1
1986/87 752.5 556.0 42.0 514.0 - 196.5 216.1 69.7 146.4 536.4 409.6 126.8
1987/88 594.2 388.8 194.8 194.0 - 205.4 291.9 107.1 184.8 302.3 204.0 98.3
1988/89 421.4 169.0 44.0 125.0 - 252.4 218.4 102.9 115.5 203.0 53.5 149.5
1989/90 190.2 41.8 23.1 18.7 - 148.4 143.7 71.5 72.2 46.5 -30.4 76.9
1990/91 446.9 177.7 31.3 146.4 - 269.2 158.6 118.4 40.2 288.3 137.5 150.8
1991/92 729.9 346.7 44.0 302.7 - 383.2 326.8 88.6 238.2 403.1 108.5 294.6
1992/93 2,316.3 1,342.9 57.0 1,236.6 49.3 973.4 1,449.1 266.9 1,182.2 867.2 160.7 706.5
1993/94 5,286.9 3,193.4 64.5 3,071.7 57.2 2,093.5 1,519.5 469.2 1,050.3 3,767.4 2,143.1 1,624.3
1994/95 7,399.6 3,895.6 71.1 3,755.9 68.6 3,504.0 1,690.3 799.6 890.7 5,709.3 3,004.9 2,704.4
1995/96 8,107.6 5,718.2 23.1 5,630.7 64.4 2,389.4 1,871.8 1,055.0 816.8 6,235.8 4,901.4 1,334.4
1996/97 8,237.9 3,968.7 2.5 3,899.2 67.0 4,269.2 2,612.3 1,514.1 1,098.2 5,625.6 2,870.5 2,755.1
1997/98 8,843.6 3,105.7 2.5 3,036.8 66.4 5,737.9 3,012.6 2,072.5 940.1 5,831.0 2,165.6 3,665.4
1998/99 8,839.9 3,588.8 2.8 3,508.9 77.1 5,251.1 2,752.1 1,685.1 1,067.0 6,087.8 2,521.8 3,566.0
1999/00 7,814.5 2,921.7 2.8 2,840.5 78.4 4,892.8 3,043.9 2,089.5 954.4 4,770.6 1,967.3 2,803.3
2000/01 7,829.5 2,907.8 2.9 2,829.6 75.3 4,921.7 3,029.5 1,815.4 1,214.1 4,800.0 1,693.7 3,106.3
2001/02 11,470.7 5,743.6 2.9 5,660.0 80.7 5,727.1 3,648.3 1,703.3 1,945.0 7,822.4 3,798.6 4,023.8
2002/03 14,427.2 7,988.2 2.9 7,899.3 86.0 6,439.0 3,378.1 1,674.7 1,703.4 11,049.1 6,284.8 4,764.3
2003/04 17,449.8 11,307.3 2.5 11,213.3 91.6 6,142.5 4,452.0 1,889.5 2,562.4 12,997.8 8,744.9 4,253.0
2004/05 19,963.5 13,704.9 57.0 13,556.5 91.3 6,258.6 6,095.5 1,979.8 4,115.7 13,868.0 9,589.2 4,278.8
2005/06 16,759.0 10,071.7 89.2 9,889.6 92.8 6,687.3 4,649.5 1,735.8 2,913.6 12,109.6 7,158.0 4,951.5
2006/07 19,514.9 11,977.3 429.3 11,448.5 99.5 7,537.7 6,174.6 1,986.3 4,188.3 13,340.4 7,789.0 5,551.4
2007/08 16,735.5 8,708.7 5.5 8,589.2 114.0 8,026.8 5,069.9 2,301.9 2,768.0 11,665.6 5,940.7 5,725.0
2008/09 26,434.3 17,214.6 18.2 17,069.0 127.5 9,219.7 8,457.5 3,076.5 5,380.9 17,976.8 11,833.7 6,143.1
2009/10 42,350.1 27,289.3 443.3 26,700.3 145.7 15,060.8 15,160.3 3,254.3 11,906.0 27,189.8 15,383.3 11,806.5
2010/11 79,945.5 51,551.4 1,395.2 49,960.5 195.7 28,394.2 24,410.9 5,715.5 18,695.4 55,534.7 32,856.0 22,678.7
2011/12 64,119.0 40,101.4 2,038.1 37,868.1 195.3 24,017.6 26,738.5 5,484.2 21,254.3 37,380.5 18,847.1 18,533.4
2012/13 72,658.1 44,140.0 2,253.2 41,685.1 201.8 28,518.1 27,009.6 7,515.2 19,494.4 45,648.5 24,645.6 21,002.9
2013/14 77,878.0 50,624.5 1,217.6 49,188.5 218.4 27,253.5 31,905.7 7,995.1 23,910.6 45,972.3 26,713.9 19,258.4
2014/15 82,741.8 66,817.7 79.3 66,423.1 315.3 15,924.1 45,170.9 8,326.6 36,844.3 37,570.9 29,973.4 7,597.6
2015/16 95,055.0 74,156.7 1,113.9 72,711.3 331.5 20,898.2 73,530.8 9,880.5 63,650.3 21,524.2 10,506.4 11,017.7
2017/18 102,738.9 77,617.4 750.5 76,448.4 418.4 25,121.5 63,362.7 14,504.8 48,858.0 39,376.2 28,759.4 10,616.8
2018/19 127,270.4 98,726.6 804.9 97,484.0 437.8 28,543.8 112,765.3 18,006.4 94,758.9 14,505.2 3,967.8 10,537.4
2019/20 147,202.7 112,086.4 3,280.6 108,280.4 525.4 35,116.3 155,524.2 24,578.2 130,946.0 -8,321.5 -18,859.6 10,538.0
2020/21 202,804.7 125,859.7 628.2 124,551.3 680.2 76,945.0 203,617.1 33,850.4 169,766.7 -812.4 -43,907.0 43,094.6
2021/22 143,751.3 79,819.6 2,065.3 76,997.2 757.1 63,931.7 255,178.9 41,140.6 214,038.3 -111,427.5 -134,218.7 22,791.1
Source: National Bank of Ethiopia (NBE)
CBs' = Commercial Banks'
Table 19: Treasury Bills Auction Results
Number of Bidders Amount Demanded in millions of Birr Amount Sold in millions of Birr Annual
Amount Bank Non-bank Total Bank Non-bank Total Bank Non-bank Total Weighted
Offered Yield
1580.0 14.0 24.0 38.0 1636.0 648.5 2284.5 797.4 598.1 1395.5 4.248
1994/95
4526.0 22.0 60.0 82.0 4552.5 2117.4 6669.9 2623.4 1902.6 4526.0 4.834
1995/96
8519.0 38.0 96.0 134.0 2460.7 4278.9 6739.6 1456.3 3233.9 4690.2 3.889
1996/97
5086.0 98.0 116.0 214.0 2386.7 3705.3 6092.0 1521.6 3033.9 4555.5 3.714
1997/98
13435.5 88.0 193.0 282.0 6231.3 6986.2 13217.5 5261.2 6333.0 11594.2 3.650
1998/99
16147.0 110.0 162.0 272.0 10772.3 7550.5 18322.8 7954.4 5356.8 13311.2 3.262
1999/00
12100.0 133.0 208.0 346.0 10361.0 7844.0 18205.0 5087.7 4235.3 9322.9 2.829
2000/01
16625.0 152.0 166.0 326.0 18632.6 6216.0 26089.1 12176.4 3996.8 16453.2 1.982
2001/02
29818.0 174.0 122.0 296.0 33488.0 5341.8 38829.8 26987.6 2830.4 29818.0 1.311
2002/03
51645.0 152.0 120.0 272.0 56481.0 4960.0 61441.0 47921.8 3710.2 51632.0 1.023
2003/04
41262.5 175.0 94.0 269.0 49658.5 7237.7 56896.2 37783.9 3281.1 41065.0 0.243
2004/05
47793.5 142.0 45.0 187.0 56687.5 3916.0 60603.5 44465.6 3327.9 47793.5 0.038
2005/06
69487.0 99.0 68.0 167.0 71259.0 7663.0 78922.0 58599.6 6715.4 65315.0 0.493
2006/07
48889.0 92.0 88.0 180.0 46761.0 13127.5 59888.5 35613.0 12103.5 47716.5 0.674
2007/08
28471.9 83.0 178.0 261.0 21974.5 24792.7 46767.2 2672.0 25167.8 27839.8 0.520
2008/09
55203.3 82 198 280 23386.9 27871.2 51258.1 13902.0 27834.5 41736.5 0.652
2009/10
83390.7 65 155 220 23715.3 32044.8 55760.0 20271.3 32044.8 52316.0 1.305
2010/11
96511.9 202 204 406 26712.7 50482.1 77194.8 24212.7 50482.1 74694.8 1.944
2011/12
107484.5 394 210 604 51493.5 62185.7 109184.5 51493.5 62185.7 109184.5 2.203
2012/13
88074.94 226 240 466 31226.00 81608.55 112834.55 16989.0 76933.5 94233.3 1.503
2013/14
2014/15 100,739.44 - 248 248 - 136,536.77 136,536.77 - 110,593.34 110,593.34 1.340
2015/16 145,877.44 - 217 217 - 161,575.24 161,575.24 - 199,199.98 199,199.98 1.323
2016/17 204,543.24 - 200 200 - 225,321.24 225,321.24 - 225,321.24 225,321.24 1.298
2017/18 286,494.24 - 192 192 - 323,991.24 323,991.24 - 323,991.24 323,991.24 1.341
2018/19 397,958.24 3.00 189 192 650.00 421,983.54 422,633.54 650.00 421,983.54 422,633.54 1.410
2019/20 231,486.88 35 128 163 11,143.00 232,012.09 243,155.09 5,980.00 228,859.09 234,839.09 4.526
2020/21 330,673.00 286 117 403 127,679.00 157,104.55 284,783.55 109,655.86 129,143.70 238,799.55 7.977
2021/222 858,468.75 404 182 586 392,432.29 207,046.34 599,478.63 384,032.29 198,236.34 582,268.63 9.459
Table 20: Employment Created by Domestic & Foreign Investment Projects Which Have Commenced Operation, by Sector
2006(2013/14) 2007(2014/15) 2008(2015/16) 2009(2016/17) 2010(2017/18) 2011(2018/19) 2012(2019/20) 2013(2020/21) 2014(2021/22)

Sector
Perm. Temp. Perm. Temp. Perm. Temp. Perm. Temp. Perm. Temp. Perm. Temp. Perm. Temp. Perm. Temp. Perm. Temp.
Empl. Emp Empl. Emp Empl. Emp Empl. Emp Empl. Emp Empl. Emp Empl. Emp Empl. Emp Empl. Emp
Agriculture, hunting and forestry 156 3,432 1,265 6,458 290 2,834 6,082 859 259 2428 536 1,862 3 5 27 2 - -
Construction 441 1148 508 1,154 1,073 2,412 3,346 5,232 1664 2738 3,368 1,788 100 168.0 1,837 961 30 24
Education 189 12 9 8 49 13 89 0 16 23 200 154 2 2.0 17.0
Electricity, gas, steam and water supply 0 250 - -
Fishing - -
Health and social work 2 5 79 2 20 5 44 220 43 8 6 6 74 23 20 -
Hotels and restaurants 181 150 100 55 400 80 23 35 97 64 173 75 35 20 391 192 60 80
Manufacturing 2642 872 7,586 1,189 7,007 3,753 6,016 3,143 123,353 8,070 15,918 5,142 2,858 1,387 6,657 2,116 8,747 1,566
Mining and quarrying 10 30 85 203 74 299 96 414 35 92 - -
Other community, social and personal service activities 21 268 13 3 25 26 37 8 125,002 109 19 12 - -
Real estate, renting and business activities 276 496 1,649 1,596 3,761 3,372 4,989 187 81,347 21,710 2,269 1,303 52 41 1868 2362 1109 426
Transport, Storage and Communication 13 2 18 40 34 17 28 7 23 28 44 121 0 807 388 3 2
Wholesale, retail trade & repair service 5 10 2 0 23 66 3 30
Others* 8 100 160 26 105 34 5 84 22 2,925 1,324
Grand Total 3,936 6,425 11,227 10,505 12,724 12,710 20,712 9,775 332,003 36,214 22,631 10,541 3,211 1,634 11,768 6,132 12,914 3,452
Table 21: Number and Investment Capital of Domestic & Foreign Investment Projects Which Have Commenced Operation by Sector
[in millions of Birr]
2006(2013/14) 2007(2014/15) 2008(2015/16) 2009(2016/17) 2010(2017/18) 2011(2018/19) 2012(20189120) 2013(2020/2021) 2014(2021/2022)
Sector No. of Investment No. of Investment No. of Investment No. of Investment No. of Investment No. of Investment No. of Investment No. of Investment No. of Investment
Projects Capital Projects Capital Projects Capital Projects Capital Projects Capital Projects Capital Projects Capital Projects Capital Projects Capital
Agriculture, hunting and forestry 13 70.1 107 521.7 35 66.0 14 119.6 42 322.8 27 297.7 1 10.5 6 114.5 - -
Construction 58 2,811.2 50 132.8 75 506.7 199 1,081.9 344 3,002.1 176 1,745.7 15 135.5 224 1,799.1 47 482.1
Education 2 25.4 1 79.8 3 7.1 4 6.1 7 67.8 6 68 1 2.5 2 13.0 1 20.6
Electricity, gas, steam and water supply 1.0 100.0 - -
Fishing - -
Health and social work 1 0.2 1 4.0 3 13.7 15 276.4 5 25 3 18.0 9 864.1 1 7.0
Hotels and restaurants 6 44.1 5 105.8 3 10.8 2 9.5 5 57.8 7 39.5 3 307.9 18 5,887.4 1 105.4
Manufacturing 38 516.8 39 2,707.2 85 2,539.5 149 1,888.0 578 14,494.8 337 4,647.0 42 710.1 242 12,097.0 26 1,308.2
Mining and quarrying 1 1.1 6 12.1 8 18.7 7 81.0 4 38 - -

Other community, social
and personal service activities 3 9.1 4 14.5 3 4.9 4 5.2 46 245.8 2 82 1 5.0 - -
Real estate, renting and business activities 36 2,135.3 197 563 637 3,551 81 5,737.4 496 7,204.8 404 1909.3053 15 98.3 238 10,426.5 23 130.7
Transport, Storage and Communication 4 12.1 3 5.8 5 10.7 3 14.7 5 11.4 5 20.0 2 17.9 34 669.2 8 62.5
Wholesale, retail trade & repair service 1 10.9 1 2.0 3 381.5 1 1.7
Others* 1 1.9 3 9.5 3 79 2 19.6 8 1,816.1 4 65.7
Grand Total 163.0 5636.2 407.0 4135.0 852 6,708.6 468 8,896.9 1,550 25,876.2 976 8,952 84 1,320 785 34,073 112 2,184
Table 22: Number and Capitalof Domestic & Foreign Investment Projects Which Have Commenced Operation, by Region
[in millions of Birr]
2006(2013/14) 2007(2014/15) 2008(2015/16) 2009(2016/17) 2010(2017/18) 2011(2018/19) 2012(2019/20) 2013(2020/21) 2014(2021/22)

Sector
No. of Investment No. of Investment No. of Investment No. of Investment No. of Investment No. of Investment No. of Investment No. of Investment No. of Investment
Projects Capital Projects Capital Projects Capital Projects Capital Projects Capital Projects Capital Projects Capital Projects Capital Projects Capital
Addis Ababa 101 5,262.0 31 2,381.5 755 6,147.6 376 8307.5 1,362 19,839.3 681 6,838.4 40 650 711 30,820 64.00 750.04
Afar 12 21.1 15 97.5 6 16.0 46 380.0 - -
Amhara 31 112.7 4 10.0 7 13.6 42 104.5 15 39.7 20 152.5 6 11 41 285.2 1.00 1.65
B.Gumze 1 2.0 - -
Dire Dawa 11 68.8 - -
Gambella - -
Harari 3.0 26.5 - -
Multiregional 59.0 5,217.5 69 1,135 37 645 33 2,967.7 46.00 1,326.78
Oromia 7 139.3 304 1,398.4 26 345.9 19 336 157 560.4 - -
SNNPR 1 10.9 1 14 2 5 10 83.5 1 2.5 1.00 105.37
Somali - -
Tigray 11 90.2 49 207.3 45 111.5 21 65.9 66 395.3 49 265.6 1 15 - -
Grand Total 163 5,636.2 407 4,135 852 6,709 468 8896.9 1,550 25,876.3 976 8,951.7 84.0 1,320.3 785.0 34,073.4 112.00 2,183.83

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Ethiopia: Macroeconomic and Social Indicators

3.2 Monetory Indictors

3.4 External Trade(In Mn.USD)

3.5 Government Finance (In Mn .Birr4)

Equity Contribution ( Sinking Fund )

Special Programs - 404.0 971 655 272.0 224.0 50.0 44.0 - - - - - - - - - - - - - -

3.6 Exchange Rate (Birr/ USD)

Inter-Bank Forex Market Rate5

3.7 Treasury Bill Market ( In Mn .Birr)

3.8 Inter Bank Money Market Rate 5 11 8 7.5 7.5

3.9 Financial Institutions

1. Ethiopia’s macroeconomic performance saw mixed results in 2021/22.The Ethiopian

1|Annual Report 2021/22

6. Concerning forex developments, Ethiopia has continued to maintain managed float

2|Annual Report 2021/22

3|Annual Report 2021/22

I. The overall Economic Performance

1.1 Economic Growth

4|Annual Report 2021/22

Table 1.1: Sectoral Contributions to GDP and GDP Growth

Items 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22

5|Annual Report 2021/22

Fig.I.1: Real GDP Growth by Major Sectors

Source: Ministry of Planning and Development

6|Annual Report 2021/22

Table1.2: Estimates of Agricultural Production and Cultivated Areas of Major Grain

2018/19 2019/20 2020/21 2021/22

Cereals 10,358 277,638 10,478 296,726 9,759 283,191 9,998 290,808

Pulses 1,620 30,113 1,563 30,051 1,628 31,298 1,677 31,680

Oilseeds 747 7,850 820 8,421 647 6,813 522 5,415

Total 12,727 315,602 12,862.0 335,199 12,034 321,302 12,197 327,904

8|Annual Report 2021/22

Sectors 2017/18 2018/19 2019/20 2020/21 2021/22

Hunting 0.6 6.0 3.3 5.8 4.6

Hunting 25.6 26.2 25.9 26.0 25.6

Forestry 8.8 8.8 8.8 8.6 8.5

Manufacturing 5.5 7.7 7.5 5.1 4.8

Electricity and Water 2.6 2.7 2.6 2.7 2.7

Real Estate, Renting and

Business Activities 6.2 7.5 9.5 8.9 9.0

Real Estate, Renting and

9|Annual Report 2021/22

1.2. GDP by Expenditure Components

Table 1.4: Expenditure on GDP and Gross Domestic Savings

1.4. Access to Water Supply

The proportion of Ethiopian population

On the other hand, Gambella region had

Table 1.7: Percentages of People with Access to Potable Water by Region

Tigray1 57.21 68.98 60.66 NA NA NA - - -

Sidama - - - 49.00 60.00 51.60 - - -

AA - 62.59 62.59 - 57.00 57.00 - -5.6 -5.6

Fig.I.5: Access to water supply by Region 2021/22 (in %)

Telecommunication is one of the prime Of the total subscribers, mobile voice

Taking this into account, the Ethiopian

During 2021/22, total number of Ethio-

Table 1.13: Number of Subscribers (In 000’)

Total subscriber base 56,246 66,593 18.4

Fixed voice service subscriber 912 885 -3.0