2020-21 NBE Annual Report

Ethiopia: Macroeconomic and Social Indicators
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
Indicators (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013)
1. Country Profile
Land Area (total, In Sq.Km) 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
Arable Land ( % of total area ) 45.0 45.0 45.0 45.0 45.0 45.0 45.00 45.00 45.00 NA NA NA NA NA 15.20 15.2 10 12
Irrigated Land ( % of total area ) 3.0 3.0 3.0 3.0 3.0 3.0 NA NA NA NA NA NA NA NA 2,900.00 3,100.00 5.0 7
Population Density ( person per sq.km )* 95.8 99.7 101.2 99.6 102.1 104.7 107.40 110.14 112.94 115.76 118.61 121.50
2. Social Indicators
Population total, in millions (Mid-Year population) 66.50 68.30 70.00 72.40 74.90 76.8 78.80 80.70 82.7 84.8 87.0 89.1 91.2 93.4 95.5 97.6 99.75 101.9
(o/w Urban Poulation, in %) 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 20.8 21 22.8 22.8
Working Age Population ( In Millions )
Urban 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 7 10.1 NA NA
Rural 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 49 49.8 NA NA
Total 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 59.9 NA NA
Age Dependency Ratio 85.2 84.7 84.3 84.3 93 93 93.00 93.00 93.0 75.0 75.0 75.0 75.0 75.0 69 69 69 69.0
Life Expectancy at Birth ( Male - Female ) 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
Crude Birth Rate 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
Crude Death Rate 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 6.30 6 6 6.0
Natural Rate of Population Increase ( In % ) 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 2.07 2.07 2.07 2.1
Total Fertility Rate 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 3.45chil:W 3.45chil:W 3.5chil:W 4.6chil:W
People : Hospital Beds 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 3150:1 2750
People : Physician1 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 - 9977 8448:1
1
People : Nurse 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 1624:1 1705 1473.0
Infant Mortality Rate 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 62.4:100 53.3:1000 53.3:1000 43.3:1000 47:1001
Access to Safe Water ( In %)
Country Level 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 71.0 76 79 58.5
Urban Population 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 60.0 66 66.5 63.0
Rural Population 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 74.0 79 82.7 57.3
Student-Teacher Ratio
Primary ( 1-8 ) 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 - - 39 39 34.8
Secondary ( 9-12 ) 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 - - 22.5 24 27.4
Technical & Vocational 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 - - 13.3 13.3 1:11
Student-School Ratio
Primary ( 1-8 ) 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 - - 628 528 512.7
Secondary ( 9-12 ) 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 - - 568 940 1017
Technical & Vocational 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 - - 246.8 NA NA
3. Macroeconomic Indicators
2
3.1: Real sector Development
GDP at Current Market Price (In Mn. Birr) 85,800.0 105,415.0 130,334.0 170,281.0 245,836.0 332,060.0 379,135.00 515,078.5 747,326.5 866,921.1 1,060,825.4 1,297,961.4 1,568,097.5 1,717,127.2 1,834,066.5 1987157.5 3374349.0 4341387.1
Nominal GDP Growth Rate (In %) 18.0 22.9 23.6 30.6 44.4 35.1 14.18 35.9 45.1 15.3 22.4 22.4 18.2 17.7 21.4 23.3 25.5 28.6
Average Marginal Exchange Rate (Birr per USD) 8.6300 8.6518 8.6810 8.7943 9.2400 10.4200 12.89 16.1 17.3 18.3 19.1 20.1 21.10 22.40 26.10 28.10 31.34 39.0
GDP at Current Market Price (IN Mn. USD) 9,942.1 12,184.2 15,013.7 19,362.7 26,605.6 31,867.6 29,413.11 31,957.1 43,314.2 47,424.6 55,628.0 64,575.2 74,297.0 81,760.0 84,356.0 96107.0 107660.0 111271.2
Nominal GDP per Capita (In USD) 149.5 178.4 214.5 267.4 355.2 415 373.26 396.1 523.5 559.1 639.6 725.0 815.0 876.0 883.0 985.0 1080.0 1091.8
Real GDP per Capita ( In Birr ) 3,652.6 3,976.7 4,300.5 4,634.2 4,962.8 5,266.1 5,776.60 5,895.00 6,947.5 7,299.1 7,625.2 8,571.2 8,864.0 18,257.5 19,204.9 20360.2 21144.1 21862.5
Real GDP per Capita Growth Rate (In %) 10.7 8.9 8.1 7.8 7.1 6.1 9.69 9.00 6.1 5.1 4.5 12.4 3.4 8.0 5.2 6.0 3.8 3.4
GDP Deflator (% change) 3.9 9.9 11.6 17.2 30.3 24.2 1.70 20.08 33.5 4.9 11.0 10.8 9.5 6.7 12.5 20.1 18.2 21.8
Real GDP at constant basic price (In Mn. Birr) 220,477.2 248,354.8 277,013.3 309,686.8 344,331.9 378,907.4 418,946.95 475,647.50 517,026.5 568,432.3 626,977.4 692,221.7 1,449,397.5 1,596,481.6 1,719,491.3 1874689.3 1989519005.0 2114163.2
Real GDP at constant market price (In Mn. Birr) 242,897.6 271,605.2 301,032.7 335,519.0 371,716.7 404,437.0 455,196.02 515,078.50 559,621.6 618,842.2 682,358.5 753,229.7 1,568,097.5 1,717,127.2 1,834,066.5 1,987,157.5 2,109,122.2 2228081.0
Real GDP Growth Rate (In %) 11.7 12.6 11.5 11.8 11.2 10.0 10.57 11.40 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9.0 6.1 6.3
Agriculture & Allied Activties(In Billion Birr) 115.0 130.5 144.8 158.5 170.3 181.2 195.00 212.50 222.9 238.8 251.8 267.8 544.1 580.4 600.9 624 650 686.4
Industrial Sector (In Billion Birr) 23.7 25.9 28.4 30.6 33.9 37.3 41.99 49.80 59.6 73.9 86.5 103.7 343.9 413.8 464.4 526.2 576.9 618.8
Service Sector(In Billion Birr) 84.2 94.6 107.6 124.1 144.1 163.9 185.10 216.60 237.4 258.8 292.5 325.0 575.9 619.3 673.9 745.7 786.8 836.2
Agriculture & Allied Activties (% of GDP) 51.6 51.9 51.5 50.5 48.8 47.3 46.13 44.37 43.1 42.0 40.2 38.7 37.5 36.4 34.9 33.3 32.7 32.5
Industrial Sector ( % of GDP ) 10.9 10.6 10.4 10.2 10.1 10.1 10.17 10.40 11.5 13.0 13.8 15.0 23.7 25.9 27.0 28.1 29 29.3
Service Sector ( % of GDP ) 37.5 37.5 38.0 39.3 41.0 42.6 43.70 45.23 45.9 45.5 46.6 47.0 39.7 38.8 39.2 40 40 39.6
Private Consumption Expenditure 60,866.0 81,445.0 102,537.0 130,118.0 197,461.0 268,002.0 309,132.00 373,088.50 541,536.3 636,901.3 744,978.0 1,042,265.0 1,219,366.0 1,147,628.0 1,441,581.0 1884070.0 2360896.0 3134993.8
Government Consumption Expenditure 11,973.0 13,971.0 17,016.0 19,123.0 25,782.0 31,544.0 34,801.00 53,147.10 62,044.5 77,636.9 98,121.0 116,995.0 174,599.0 203,608.0 225,523.0 247362.0 307769.0 383565.3
Investment 24,902.0 27,409.0 35,952.0 41,227.0 60,156.0 82,560.0 102,403.00 165,380.00 277,243.7 295,456.4 402,922.0 511,618.0 585,665.0 704,596.0 751,626.0 948866.0 1037685.0 1216584.9
Exports 12,913.6 16,076.9 18,205.4 21,854.2 28,317.0 35,233.0 52,168.00 85,949.80 102,887.0 108,227.1 123,496.0 121,532.2 122,501.0 139,830.0 184,282.0 213437.0 239229.0 329634.5
Imports 27,366.8 37,776.3 48,092.4 55,088.7 76,564.0 96,285.0 126,319.00 162,486.80 236,384.7 251,300.6 308,691.3 393,189.0 424,750.0 430,233.0 502,113.0 561512.0 571230.0 723391.3
Resource Balance -14,453.2 -21,699.4 -29,887.0 -33,234.4 -48,247.0 -61,052.0 (74,151.00) (76,537.00) (133,498.0) (143,073.5) (185,195.3) (271,656.0) (302,249.0) (290,403.0) (317,831.0) -348075.0 -332001.0 -393756.8
Gross Private Consumption (% of GDP) 70.9 77.3 78.7 76.4 80.3 80.7 81.54 72.43 72.5 73.5 70.2 69.0 67.9 63.5 75.7 94.8 70.0 72.2
Gross Government Cosumption (% of GDP) 14.0 13.3 13.1 11.2 10.5 9.5 9.18 10.32 8.3 9.0 9.2 9.0 9.7 12.3 10.2 12.4 9.1 8.8
Gross Domestic Fixed Investment (% of GDP) 29.0 26.0 27.6 24.2 24.5 24.9 27.01 32.11 37.1 34.1 38.0 39.4 37.3 38.4 34.1 47.7 30.8 28.0
Resource Balance (% of GDP) -16.8 -20.6 -22.9 -19.5 -19.6 -18.4 (19.56) (14.86) (17.9) (16.5) (17.5) (20.9) (19.3) (15.9) (14.4) (17.5) (9.8) (9.1)
Continued….
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 2020/20
Indicators (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013)
3.2: Monetory Indictors
Narrow Money Supply (M1) ( In Mn. Birr ) 19,065.9 21,289.8 23,811.9 29,773.4 36,875.5 42,112.7 52,434.6 76,171.00 94,849.88 114,745.69 134,063.78 154,706.34 178,609.66 216,794.60 281,154.70 308,937.1 360,585.5 437,392.0
Broad Money Supply (M2) ( In Mn. Birr ) 34,655.9 40,212.1 46,377.4 56,860.3 69,918.2 82,509.8 104,432.4 145,376.97 189,398.78 235,313.59 297,746.59 371,328.91 445,266.25 573,408.60 740,572.50 886,752.5 1,037,646.3 1,348,266.1
Net Foreign Assets ( In Mn. Birr ) 11,766.9 13,868.0 12,109.6 13,927.3 12,140.6 17,976.8 27,189.8 55,534.68 39,787.69 45,648.53 45,972.30 37,570.95 21,524.19 38,034.79 39,376.20 14,505.2 (22,101.0) (812.3)
Reserve Requirement ( CBs ) 1549.35 1,828.4 2,120.9 2,592.5 9,112.9 11,183.3 14,368.0 20,495.20 18,080.56 11,708.82 14,479.39 18,250.35 21,745.43 28,280.80 36,385.80 44,861.8 51,952.6 67,732.4
Interest Rate ( In % )
Minimum Deposit Rate 3 3 3 4 4 4.0 4.0 5.00 5.00 5.00 5.00 5.00 5.00 5.00 7.00 7.0 7.0 7.0
Lending Rate 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 13.50 13.5 14.3 14.3
Total Net Domestic Credit (in mn. Birr) 31138.781 40305.8 49295.9 61585.0 80772.6 89,203.0 104,413.5 135,553.87 189,080.81 233,404.32 300,026.58 393,421.73 490,230.35 631,092.70 784,621.70 963,699.9 1,190,705.1 1,481,844.4
Government 19199.154 21663.8 25266.4 30290.2 34169.2 32,786.5 33,013.1 28,651.65 21,557.41 21,965.52 26,929.74 30,735.25 47,548.36 85,441.85 102,002.80 109,799.2 150,861.6 214,269.2
Other Sectors 11939.627 18642.0 24029.6 31294.8 46603.4 56,416.5 71,400.4 106,902.22 167,523.40 211,438.80 273,096.84 362,686.48 442,681.99 545,650.85 682,618.90 853,900.7 1,039,843.5 1,267,575.3
3.3: Average annual inflation rate (CPI growth rate) 3
Country Level
-General inflation 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 14.6 12.6 19.9 20.2
-Food inflation 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 13.4 13.1 23.3 23.2
-Non-food inflation (core inflation) 2.2 4.4 7.1 13.5 12.5 23.5 18.2 21.8 22.7 14.6 10.6 8 8.1 7.5 15.8 11.9 15.8 16.4
Addis Ababa
-General inflation 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
-Food inflation 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 15.0 25.9 26.2
-Non-Food inflation (core inflation) 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 14.0 13.9 14.4
3.4: External Trade(In Mn.USD)
Export of goods & services 1520.6 1895.8 2149.5 2498.1 3127.9 3399.5 4,050.33 5,343.12 5,993.41 5,978.47 6,451.62 6,046.51 6,077.3 6,257.2 7,095.9 7,694.9 7,715.7 8,519.3
Import of goods & services 3,259.8 4,439.6 5,602.7 6,254.2 8,326.9 9,292.3 9,858.40 10,160.72 13,805.17 13,864.19 16,197.24 19,842.8 20,552.1 19,714.0 19,707.4 20,691.0 18,828.3 19,160.4
Net trade in goods & services -1,739.3 -2,543.8 -3,453.2 -3,756.1 -5,199.0 -5,892.8 -5,808.4 -4,817.6 -7,811.8 -7,885.7 -9,745.6 -13,796.3 -14,474.7 -13,456.9 -12,611.4 -12,996.1 -11,112.6 -10,641.1
Current account balance including official transfers -401.5 -771.3 -1,470.9 -991.3 -1,492.4 -1,634.7 -1,193.2 -201.9 -2,778.0 -2,780.3 -4,168.1 -7,406.8 -6,655.1 -6,543.2 -5,285.0 -4,934.2 -4,401.9 -3,153.9
Capital account balance 386.7 491.9 614.3 760.4 1,031.5 1648 2,421.02 2,995.93 2,283.28 3,291.23 4,134.57 7,816.92 6,554.1 6,885.3 6,184.6 4,807.5 4,326.5 3,833.4
Overall balance of payments 389.5463487 66.40934667 37 29.98 -251.6939401 18.7 316.68 1,384.20 (972.79) -6.5 -96.9 -521.4 -830.9 658.6 -201.6 -941.6 -833.4 298.7
3.5: Government Finance (In Mn .Birr4)
Total Revenue (including grants) 17,918.0 20,147.0 23,225.0 29,381.0 39,705.0 40,421.9 66,237.44 85,611.00 115,658.50 137,192.00 158,076.52 199,639.11 243,671.56 269,105.94 287,562.14 344,936.50 394,965.83 478,888.1
Total Revenue (excluding grants) 13,917.0 15,582.0 19,493.0 21,797.0 29,794.0 31,924.0 53,861.34 69,120.00 102,863.65 124,077.00 146,172.77 186,618.69 230,657.28 256,629.04 269,648.19 311,317.43 354,312.80 444,582.6
o/w Tax-Revenue 10,906.0 12398.0 14122.0 17354.0 23801.0 23216.2 43,315.36 58,981.00 85,739.86 107,010.30 133,118.26 165,312.47 189,717.18 210,135.85 235,229.48 268,457.41 311,476.46 388,763.5
Tax-Revenue as % of GDP 12.7 11.8 10.8 10.2 9.7 7.0 11.42 11.45 11.47 12.50 12.71 15.09 14.71 14.7 13.1 12.8 11.7 11.0
Total Expenditures 20,520.0 24803.0 29325.0 35607.0 46915.0 43875.2 71,334.79 93,831.00 124,416.72 153,929.00 185,471.78 230,521.18 272,930.09 329,286.84 354,205.32 413,105.72 480,143.19 599,006.7
Current Expenditures 11,977.0 13,235.0 15,234.0 17,165.0 22,794.0 26315.5 32,012.38 40,535.00 51,445.45 62,745.80 78,086.90 113,375.50 131,902.78 176,703.00 210,470.21 238,156.59 275,967.04 363,596.9
Capital Expenditures 8,271.0 11,343.0 14,042.0 18,398.0 24,121.0 17,559.7 39,322.41 53,297.00 72,971.26 91,182.90 107,384.88 117,145.68 141,027.31 152,583.83 143,735.10 174,949.13 204,176.15 235,409.7
Equity Contribution ( Sinking Fund )
Special Programs 272 224.0 50.0 44.0 0.0 0.0 0.0 - - - - - - - - - - -
Total Expenditures as % of GDP 23.9 23.5 22.5 20.9 19.1 13.2 18.8 18.2 16.6 18.1 17.7 18.64 17.41 18.0 16.1 15.4 14.2 13.8
Current Surplus/Deficit 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 86,263.61 111,768.78 92,402.94 77,091.92 106,779.91 118,998.78 115,291.2
Overall Budget Deficit ( including grants ) -2,602.0 -4,655.0 -6,100.0 -6226.0 -7210.0 -3453.3 -5,097.4 (8,220.2) (8,758.2) (16,736.0) (27,395.3) (30,882.07) (29,258.53) (60,180.90) (66,643.18) (68,169.22) (85,177.36) (120118.5)
Deficit as % of GDP -3.0 -4.4 -4.7 -3.7 -2.9 -1.0 -1.3 -1.6 -1.2 -2.0 -2.6 (2.50) (1.87) (3.3) (3.0) (2.5) (2.5) (2.8)
Overall Budget Deficit ( excluding grants ) -6,603.0 -9,220.0 -9,832.0 -13,810.0 -17,121.0 -11951.1 -17473.5 (24,711.5) (21,553.1) (29,851.0) (39,299.0) (43,902.49) (42,272.81) (72,657.79) (84,557.13) (101,788.29) (125,830.40) (154,424.0)
Deficit as % of GDP -7.7 -8.7 -7.5 -8.1 -7.0 -3.6 -4.6 -4.8 -2.9 -3.5 -3.8 (3.55) (2.70) (3.96) (3.84) (3.78) (3.73) (3.56)
3.6: Exchange Rate (Birr/ USD)

5
Inter-Bank Forex Market Rate
* Period weighted Average 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
* End period 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 43.691
Continued….
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 2020/20
Indicators (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013)
3.7: Treasury Bill Market ( In Mn .Birr)
T-Bills Demanded ( Total ) 61,143.2 56,896.2 60,603.5 78,922.0 59,888.5 46,767.2 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
T-Bills Sold 51,645.0 41,065.0 47,793.5 63,315.0 47,716.5 27,839.8 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
Average Weighted Yield (in %) 0.5 0.095 0.038 0.530 0.677 0.743 0.79 1.13 1.87 1.89 1.60 1.43 1.44 1.42 1.42 1.74 4.81 7.97
T-Bills Outstanding by holder 12485 6595 11638.5 11546 8239.5 7783.1 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
Banks 11418 6295 10612.3 9135 2739 1672 4,400.00 900.00 2,383.50 3,436.00 - - - - - 650.00 5,604.00 52,040.00
Non-Banks 1067 300 1026.2 2411 5500.5 6111.1 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
5
3.8: Inter Bank Money Market Rate 7.5 _ _ 7.5 8.5 _ _ _ _ _ _ _ _ _ - - -
3.9: Financial Institutions
Number of Commercial Banks 9 9 10 11 11 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
( o/w Private banks ) 7 7 8 9 9 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
Number of Bank Branches 358 389 421 487 562 636.00 681.00 970.00 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
Population : Bank Branch 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
Number of Insurance Companies 9 9 9 9 10 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
( o/w Private Insurance Companies ) 8 8 8 8 9 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
Number of Insurance Branches 121 133 139 146 172 194.00 207.00 221.00 243.00 273.00 332.00 377 426 492.00 532.00 568.00 605.00 635
Population : Insurance Branch 549587:1 513534:1 503597:1 495890:1 435465:1 395876:1 383844:1 366063:1 340329:1 314428.9:1 264918.8:1 238,928.00 216,443.00 191,772.00 181,396.00 173,848.00 168,983.00 160,630
Number of Development Banks 1 1 1 1 1 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1
Number of Development Bank Branches 32 32 32 32 32 32.00 32.00 32.00 32.00 32.00 32.00 32 110 110.00 107.00 107.00 93.00 82
Number of Micro-financial Institutions 22 26 27 28 28 30.00 30.00 31.00 31.00 31.00 31.00 35.00 35.00 35.00 38.00 38.00 39 39
Source : Ministries of Agriculture, Revenue, 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 2016=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
1|2020/21 Annual Report



I. THE OVERALL ECONOMIC PERFORMANCE

1.1. Economic Growth
The Ethiopian economy continued to The growth of the Ethiopian economy is
register growth in 2020/21 amid the projected at 8.7 percent in 2021/22
instability in northern part of the country compared to 4.9 percent growth forecast
and the impact of COVID-19 pandemic. for the world and 3.8 percent for Sub-
During the review fiscal year, real GDP Saharan Africa economies (IMF,WEO,
showed a 6.3 percent growth, slightly higher October 2021).
than the 6.1 percent growth last year.
The growth of real GDP was 3.7 percentage

point lower than the average growth rate
target set in the Ten Years Development
Plan, but significantly higher than the 3.4
percent growth estimate of the Sub -
Saharan African countries (IMF and WEO
Update, June 2020).
The growth of real GDP in 2020/21 was

attributed to the growth of industry (7.3
percent), services (6.3 percent) and
agriculture (5.5 percent). Nominal GDP per
capita stood at USD 1,092, depicting a 1.1
percent marginal improvement relative to
the previous year (Table 1.1).

Table 1.1: Sectoral Contributions to GDP and GDP Growth

(In Billions of Birr)
Items 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21
Agriculture
544.1 580.4 600.9 623.8 650.3 686.4
Sector Industry
343.9 413.8 464.4 526.2 576.9 618.8
Services
575.9 619.3 673.9 745.7 786.9 836.2
Total
1,463.9 1,613.5 1,739.3 1895.7 2,014.1 2,141.4
Less FISIM
14.5 17.0 19.8 21.0 24.5 27.2
Real GDP
1,449.4 1,596.5 1,719.5 1,874.7 1,989.6 2,114.2
Growth in Real GDP
8.0 10.1 7.7 9.0 6.1 6.3
Per capita GDP (USD) (Nominal) 815 876 883 985 1,080 1,092
Growth rate in Per capita GDP 9.5 7.5 0.9 11.6 9.6 1.1
Mid-year population(in millions)
91.2 93.4 95.5 97.6 99.7 101.9
Agriculture
37.5 36.3 34.9 33.3 32.7 32.5
Share in GDP Industry
(in %) 23.7 25.9 27.0 28.1 29.0 29.3
Services
39.7 38.8 39.2 39.8 39.5 39.6
Absolute Growth 2.3 6.7 3.5 3.8 4.3 5.5
Contribution to GDP
Agriculture growth 0.9 2.5 1.3 1.3 1.4 1.8
Contribution
in % 11.3 24.6 16.5 14.6 22.8 29.0
Absolute Growth 22.2 20.3 12.2 12.6 9.6 7.3
Contribution to GDP
Industry growth 4.7 4.8 3.1 3.6 2.6 2.1
Contribution
in % 58.8 47.3 40.8 39.5 42.4 33.6
Absolute Growth 8.7 7.5 8.8 11.0 5.3 6.3
Services Contribution to GDP

growth 3.4 3.0 3.4 4.1 2.1 2.4
Contribution
in % 42.5 29.4 44.0 45.8 34.3 38.3
Source: Planning and Development Commission

Fig.I.1: Real GDP Growth by Major Sectors (in Percent)
25.0
20.0
15.0 Agriculture
Industry
Service
10.0 Real GDP
5.0
0.0
2015/16 2016/17 2017/18 2018/19 2019/20 2020/21
Meanwhile, agriculture grew by 5.5 percent of oilseeds showed 7.7 percent contraction
in 2020/21, higher than the 4.3 percent owing to 6.6 percent a decline in cultivated
growth recorded in the previous year mainly land area (Table 1.2).
due to improvement in crop production,
The total land cultivated area for crop
animal farming and hunting.
production reached 13.0 million hectares, of
In 2020/21, total grain production amounted which cereals production accounted for 81.2
to 341.8 million quintals depicting a 2 percent, pulses 12.9 percent and oil seeds
percent annual increment. Of the total crop 5.9 percent (Table 1.2).
production was cereal production, 9.4
percent pulses and 2.3 percent oil seeds.
Cereals and pulses production increased by
1.8 and 6.5 percent partly on account of 0.6
and 7.1 percent expansion in cultivated land
areas, respectively. However, the production

Table 1.2: Estimates of Agricultural Production and Cultivated Areas of Major Grain
Crops for Private Peasant Holdings-Meher Season
[Area and production are in thousands of hectars and quintals, respectively]
2017/18 2018/19 2019/20 2020/21

Agricultural Cultivated Total Cultivated Total Cultivated Total Cultivated Total
Production Area Production Area Production Area Production Area Production
Cereals 10,232 267,789 10,358 277,638 10,478 296,726 10,538 302,054

(Annual %
Change) 0.1 5.5 1.2 3.7 1.2 6.9 0.6 1.8
Pulses 1,598 29,785 1,620 30,113 1,563 30,051 1,674 32,000

(Annual %
Change) 3.1 5.8 1.4 1.1 -3.5 -0.2 7.1 6.5
Oilseeds 846 8,550 747 7,850 820 8,421 766 7,774

(Annual %
Change) 5.1 1.9 -11.7 -8.2 9.8 7.3 -6.6 -7.7
Total 12,676 306,124 12,727 315,602 12,862.0 335,199 12,979 341,829

(Annual %
Change) 0.8 5.4 0.4 3.1 1.1 6.2 0.9 2.0
Source: Central Statistical Agency (CSA)

During 2021, the share of agriculture in The growth momentum in mining and
GDP declined to 32.5 percent while its quarrying sector continued in 2020/21 and
contribution to GDP growth improved to 29 saw a 115.4 percent expansion partly due to
percent compared to the preceding year the conducive policy measures taken by the
(Table 1.1). Crop production had a lion’s National Bank of Ethiopia to incentivize the
share in agriculture accounting for 65.1 miners to opt for more formal marketing
percent where animal farming & hunting channels. Yet, its contribution to industrial
and forestry had a 26 percent and 8.6 production is still minimal (1.8 percent).
percent respective share. While crop Meanwhile, electricity & water had a 2.7
production showed a 5.7 percent growth, percent share in industrial production
animal farming & hunting and forestry (Table1.3).
registered 5.8 and 3.9 percent expansion,
Service sector continued to dominate the
respectively (Table 1.3).
economy in 2020/21 as its share in GDP
Industrial sector showed a 7.3 percent stood at 39.6 percent and its contribution to
annual growth and constituted a 29.3 percent the GDP growth was 38.3 percent (Table
share in total GDP and it contributed 33.6 1.1). The 6.3 percent growth in service
percent to the overall GDP growth sector was largely attributed to the
(Table1.1). With 5.1 percent growth, the expansion of real estate, renting & business
manufacturing accounted for 23.4 percent of activities (8.9 percent), transport &
the industrial output. Construction industry communication (7.0 percent), wholesale &
registered 6.6 percent expansion with 72.2 retail trade (6.3 percent), other services (6.2
percent share in industrial output, with percent), public administration & defense
roads, railways, dams and residential houses (4.9 percent) and hotels & restaurants (2.6
construction, playing a significant role. percent) (Table 1.3).

Table 1.3: Growth and Percentage Distribution of Major Agricultural, Industrial and Service Sub-sectors
Sectors 2016/17 2017/18 2018/19 2019/20 2020/21

Crop 8.2 4.7 3.0 4.7 5.7
Growth rate
Animal Farming and

Hunting 4.2 0.6 6.0 3.3 5.8
Forestry 3.6 3.5 3.8 3.9 3.9
Agriculture
Fishing 0.5 11.3 2.3 2.8 1.7

Crop 64.5 65.3 64.8 65.0 65.1
Agriculture
Animal Farming and

Share in
Hunting 26.4 25.6 26.2 25.9 26.0

Forestry 8.8 8.8 8.8 8.8 8.6
Fishing 0.2 0.3 0.3 0.3 0.2
Mining and Quarrying -29.8 -20.8 -21.9 91.4 115.4
Growth
Manufacturing 24.7 5.5 7.7 7.5 5.1

rate
Electricity and Water 4.9 3.3 4.0 7.2 8.9

Industry
Construction 20.7 15.7 15.0 9.9 6.6

Mining and Quarrying 1.0 0.7 0.5 0.9 1.8
Industry
Share in
Manufacturing 26.9 25.3 24.3 23.9 23.4

Electricity and Water 2.8 2.6 2.7 2.6 2.7
Construction 69.3 71.4 72.5 72.6 72.2
Whole Sale and Retail
Trade 6.5 12.3 11.7 6.4 6.3
Hotels and
Restaurants 0.1 6.5 9.0 2.2 2.6
Growth rate
Transport and
Communications 15.1 6.4 21.0 1.2 7.0
Real Estate, Renting
and Business
Activities 4.4 6.2 7.5 9.5 8.9
Service
Public Administration
and Defense 13.2 8.9 9.0 2.3 4.9
Others* 6.4 6.8 7.5 6.4 6.2
Whole Sale and Retail
Trade 34.8 35.9 35.9 36.3 36.3
Hotels and
Restaurants 6.7 6.6 6.5 6.3 6.0
Share in Service
Transport and
Communications 13.1 12.8 14.0 13.4 13.5
Real Estate, Renting
and Business
Activities 11.3 11.0 10.7 11.1 11.4
Public Administration
and Defense 11.4 11.4 11.2 10.9 10.7
Others* 22.7 22.3 21.7 22.1 22.0
* 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
Total consumption expenditure (public and percent (Table 1.4). Domestic saving
private) to GDP ratio rose marginally to 81.0 showed 17.1 percent increment, while total
percent in 2020/21 compared to 79.2 percent consumption expenditure exhibited 31.7
last year wholly on account of 2.2 percent expansion.
percentage point increase in private
Meanwhile, gross capital formation
consumption expenditure vis-a-vis 0.3
accounted for 28 percent of GDP, depicting
percentage point decline in public
2.6 percentage point short fall from the
consumption expenditure.
previous year. Similarly, domestic
As a result, gross domestic saving to GDP absorption to GDP ratio stood at 109.1
ratio contracted to 19.0 percent from 20.8 percent.
10 | 2 0 2 0 / 2 1 A n n u a l R e p o r t
Table: 1.4: Expenditure on GDP and Gross Domestic Savings

(Percentage of GDP)
Domestic Exports Imports

Absorption Gross of Goods of Goods Gross
Consumption Expenditure Capital Resource & & Domestic
Year Total Govt. Pvt. Formation Balance Services Services Savings
2005/06 119.6 88.9 17.9 71.0 30.7 (22.0) 13.4 35.3 11.1
2006/07 111.3 84.3 15.4 69.0 27.0 (18.7) 12.3 31.0 15.7
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 81.0 8.8 72.2 28.0 (9.1) 7.6 16.7 19.0
Average
2016/17-
2020/21 111.5 78.3 9.7 68.6 33.3 (12.4) 7.7 20.1 21.7
Average
2011/12-
2020/21 113.6 78.9 10.0 68.9 34.8 (15.2) 9.2 24.5 21.1

1.3: Micro and Small-Scale Enterprises
A total of 115,200 micro and small scale Birr 5 billion in loans for running their
enterprises (MSEs) employing about 585.1 businesses were operating in 2020/2021.
thousand people and receiving more than
Table 1.5: Numbers, Amount of Credit and Jobs Created through MSEs
(Credit in Millions of Birr)
Particulars 2018/19 2019/20 2020/21
No. of MSE's 110,253 111,547 115,200
Amount of credit 7,311.8 7,670.7 5,016.2
No of total employment 882,098 1,569,163 585,119

Source: Federal Urban Job Creation and Food Security Agency ( FeUJCFSA)
In terms of regional distribution, 39.9

percent of the MSEs were located in
Oromia followed by Amhara (34.5
percent), SNNPR (7.2 percent), Addis
Ababa (6.7 percent), Sidama (6.5 percent)
and Somali (3 percent) regional states.
With respect to total loans, SMEs in
Amhara received 34 percent, Addis Ababa
25.7 percent, Oromia 22 percent, SNNPR
11.7 percent, Sidama & Dire Dawa 2.4
percent each. Of the total jobs created by
these enterprises, 49.4 percent was in
Oromia, 20.8 percent in Amhara, 11.3
percent in SNNPR, 6.4 percent in Sidama,
6.1 percent in Addis Ababa and 2.8
percent in Somali. (Table 1.6)

Table 1.6: Number of MSEs, Amount of Credit and Jobs Created through MSEs by Region
(Credit in Millions of Birr)
Addis Dire
Ababa Oromia SNNPR Amhara Sidama Dawa Harari Benishangul Somali Gambela Tigray Afar Total
No. of MSEs 7,667 45,989 8,264 39,699 7,468 492 291 429 3,480 1,131 - 290 115,200
Amount of
credit 1,291.5 1,105.1 588.1 1,704.5 119.8 120.2 19.7 3.3 61.2 3.0 - - 5,016.2
No. of total
Employment
created by
MSEs 35,740 289,015 66,376 121,970 37,347 1,810 810 2,128 16,220 5,119 - 8,584 585,119
Regional Percentage Share

No. of MSEs 6.7 39.9 7.2 34.5 6.5 0.4 0.3 0.4 3.0 1.0 - 0.3 100
Amount of
credit 25.7 22.0 11.7 34.0 2.4 2.4 0.4 0.1 1.2 0.1 - - 100
No. of total
Employment
created by
MSEs 6.1 49.4 11.3 20.8 6.4 0.3 0.1 0.4 2.8 0.9 - 1.5 100
Source: FeUJCFSA
10 | 2 0 2 0 / 2 1 A n n u a l R e p o r t
Fig.I.1: Number of Distribution of MSEs by region during 2020/21
50000
45000
40000
35000
30000
25000
20000
15000
10000
5000
0
Source: FeUJCFSA
Fig.I.2: Annual Credit Distribution by region in 2020/21
1800.0
1600.0
1400.0
1200.0
Millions of Birr
1000.0
800.0
600.0
400.0
200.0
0.0
Source: FeUJCFSA
11 | 2 0 2 0 / 2 1 A n n u a l R e p o r t
Fig.I.3: Distribution of Employment Created by MSEs During 2020/21
350000
300000
250000
200000
150000
100000
50000
Source: FeUJCFSA
12 | 2 0 2 0 / 2 1 A n n u a l R e p o r t
1.4. Access to Water Supply
During 2020/21, the proportion of

Looking at regional Urban areas’ access
people having access to potable water
to potable water, Dire Dawa had 95.4
supply increased by 2 percentage point
percent, Gambella 77.6 percent, Tigray
to 58.5 percent (57.3 percent rural and
69 percent, Amhara 67.1 percent, Afar
63 percent urban population) relative to
65.2 percent Oromia 64.0 percent, Addis
56.5 percent (54.9 percent rural and 63.2
Ababa 62.6 percent), Benishangul
percent urban people) coverage a year
Gumuz 58.0 percent, SNNPR 55.6
ago. In other words, urban areas had
percent, Somali 51.8 percent, and Harari
relatively better access than the rural
41.4 percent.
areas (Table 1.7).
In terms of regional states, Dire Dawa In terms of access to potable water in

had 84.9 percent of people with access to rural areas, Harari registered the highest
potable water followed by Harari (76.5 (94.0 percent) followed by Gambella
percent), Gambella (75.8 percent), (74.8 percent), Amahara (70.1 percent),
Amahara (69.5 percent), Benishangul Dire Dawa (66.5 percent), Benshangul
Gumuz (64.3 percent), Addis Ababa Gumuz (66.3 percent), Oromia 59.5
(62.6 percent), Tigray (60.7 percent), percent, Tigray (57.2 percent), Afar
Oromia (60.4 percent), Afar (58.8 (57.1 percent), SNNPR (46.7 percent)
percent), SNNPR (48.2 percent) and and Somali (29.9 percent).
Somali (33.2 percent). (Table 1.7)
13 | 2 0 2 0 / 2 1 A n n u a l R e p o r t
Table 1.7: Percentage of People with Access to Potable Water by Region
2019/20 2020/21
Rural Urban Total Rural Urban Total Change in percentage point
Regions
A B C D E F D-A E-B F-C
Tigray1 57.51 72.46 61.76 57.21 68.98 60.66 -0.3 -3.5 -1.1
Afar 57.13 63.42 58.41 57.05 65.23 58.77 -0.1 1.8 0.4
Amhara 69.11 67.52 68.81 70.08 67.06 69.50 1.0 -0.5 0.7
Oromia 55.40 67.10 56.90 59.51 64.00 60.35 4.1 -3.1 3.4
SNNPR 45.29 52.54 46.55 46.65 55.55 48.24 1.4 3.0 1.7
Somali 26.58 35.84 27.95 29.93 51.79 33.18 3.4 16.0 5.2
B.Gumuz 64.10 58.07 62.72 66.29 58.03 64.34 2.2 0.0 1.6
Gambella 72.05 80.80 75.17 74.79 77.55 75.80 2.7 -3.2 0.6
Harari 94.00 42.54 65.00 94.00 41.40 76.54 0.0 -1.1 11.5
D. Dawa 67.96 98.43 87.31 66.49 95.38 84.90 -1.5 -3.0 -2.4
AA 63.72 63.72 62.59 62.59 - -1.1 -1.1
Total 54.87 63.20 56.54 57.26 62.95 58.5 2.4 -0.2 2.0
Source: Ministry of Water, Irrigation and Energy and NBE Staff Computation 2
1
Estimated based on 2019/20 data
2
Calculated and revised based on second water supply inventory.
14 | 2 0 2 0 / 2 1 A n n u a l R e p o r t
Fig.I.5: Access to Water Supply by Region in 2020/21 (in percent)
100.0
90.0
80.0
70.0
60.0
50.0 Rural
40.0 Urban
30.0
20.0 Total
10.0
0.0
Source: Ministry of Water, Irrigation and Energy; and NBE Staff Computation
15 | 2 0 2 0 / 2 1 A n n u a l R e p o r t
1.6. Developments in Education Sector
The education sector has been improving in

terms of coverage during the last few years
whose objectives are producing efficient,
effective and innovative citizens which can The technical & vocational education and
contribute to the realization of the country’s training (TVET) enrolment was 283,968;
vision to become a middle income country depicting 26.6 percent decrement against the
by 2025. previous year. In 2020/21 there were 1,602
TVET institutions in the country under both
During 2020/21, primary and middle school government and non-government ownership.
education (1-8 grades) enrolments went
down from 20.4 million in 2019/20 to 18.4 Education share of the annual government
million in 2020/21; depicting a 9.8 percent expenditure was 25.7 percent which was
decline compared to last year as a result of slightly higher than the preceding year by
conflict in northern part of the country, 0.7 percentage point.
hence, the current fiscal year report does not
include data on Tigray region. The number
of primary schools in 2020/21 reached
35,980; out of this 30,038 (83.5 percent)
were located in rural areas and 3,612 (10
percent) in urban centers.
On the other hand, secondary education

enrolment showed improvement by 2.1
percent relative to last year and reached to
3.5 million. By the end of 2020/21 the
number of secondary schools reached 3,481
exhibiting a 5.6 percent decline over the
previous year.
16 | 2 0 2 0 / 2 1 A n n u a l R e p o r t
2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21
2007 2008 2009 2010 2011 2012 2013
Indicators
Number of primary schools (urban, rural) &

including others 33,373 34,867 35,887 36,437 37,039 37,742 35,980
i Urban 4,769 24,985 5,185 5,799 5,305 3,612
5,504
ii. Rural 28,604 29,856 30,654 30,933 31,188 31,586 30,038
Number of secondary schools(urban, rural )

2,830 3,156 3,380 3,589 3,739 3,687 3,481
& including others
i. Urban 1,891 1,973 20,53 2,171 2,247 1,938 1,379
ii. Rural 939 1,178 1,321 1,418 1,490 1,525 1,770
No of TVET centers (public, private,

919 919 919 919 1,567 1,568 1,602
mission)
Number of tertiary level institutions (public,
171 172 171 177 227 329 332
private)
33 37 37 49 50 55 56
Universities
Participation of women in higher education
34.1 34.9 34.1 35.5 39.7 45.5
institutions (%) 35
Primary enrolment (in millions) 18.7 20.0 20.8 20.7 20.04 20.4 18.4
Secondary enrolment (in thousands) 2,108 2,421 2,559 2,666 2,820 3,466 3,540
TVET enrolment 265,745 304,139 302,083 292,378 317,727 386,811 283,968
70.0
Middle school (Grade 7-8) enrolment 66.3 71.11 74.4 80 79.8 81.8
72.2
a. Girls' gross enrolment ratio (%) 64.8 68.9 71.4 75.4
76.2 78.5
67.8
b. Boys' gross enrolment ratio (%) 67.8 73.3 77.3 82.7 83.2 84.9
Gross primary (Grade 1-6) enrolment ratio 104.64 104.9 102.6
(%) 104 108.7 111.4 109.3
103.5 99.23 99.8 97.3
a. Girls' gross enrolment ratio (%) 99.5 103.5 105.7
115 109.93 109.9 107.8
b. Boys' gross enrolment ratio (%) 108.5 113.7 117
Not
117.5
Tigray 118.8 114.1 116.7 collected
112.94 108.6
59.5
Afar 70.3 66.2 66.0
56.90 53.6 64.4
Amhar 110.3 111.6 112.1 107.7
102.46 96 88.0
17 | A n n u a l R e p o r t 2 0 2 0 / 2 1
2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21
2007 2008 2009 2010 2011 2012 2013
Indicators
107.2
Oromia 94.8 104.3 106.2
106.21 107.9 113.8
Somali 91.7 95.9 91.3 95.6 84.13 90.4 100
Ben.Gumuz 107.0 109.6 117.8 119.2 114.40 110.6 110.7
SNNPR 108.4 115.5 123.9 116.7 106.50 111.5 92.4
Gambella 151.4 154.4 150.3 145.7 148.27 156.6 169.3
101.8 107.9 110.7 110.8 121.30 130 135.9

Harari
A.A 150.6 146.3 138.8 134.9 135.02 132.7 112.8
Dire Dawa 67.5 70.2 108.6 105.8 110.43 110.5 116.1
Primary net enrolment rate (%) 94.3 100.3 99.9 100.05 94.7 95.3 86.4
No. of students registered in the primary
schools(1-6) (in millions) 12.8 13.6 13.5 13.5 12.7 12.8 15.3
No. of students registered in the middle

schools(7-8) (in millions) 5.9 6.4 7.3 7.2 7.3 7.6 3.1
Number of students registered in the

secondary schools (9-12) (in millions) 2.6 2.7 2.8 3.5 3.5
Completion rate of primary School (%) 51.3 54.3 54.1 57.7 62.1 71 69.8
Girls/boys ratio in primary schools (%) 89.8 89 88.4 88.1 88.1 88.6 89.1
Girls/boys ratio in secondary schools (%) 89.9 89.7 88.4 86.4 84.7 85 90.4
Girls/boys ratio in TVET (%) 109.7 108.1 105.4 103.4 81.8 50.5 49.5
Girls/boys ratio in higher education (%) 49.9 51.8 55.6 51.8 52.1 53 54
Grade 1-8(primary) repetition rates (%) 7.3 6.7 7.2 5.3 4.1 5 4
Primary school dropout rate (%) 9.9 10.1 11.7 11.1 17.5 13.9 14.5
1st grade dropout rate (%) 23.9 19 16.8 19.5 25 22 25.8
Pupil to teacher ratio
i. Grade (1-8) 46 46 43 43 39 39 34.8
ii. Grade (9-12) 26.4 26.5 26 26 22.5 24 27.4

iii. TEVT 16.5 12.6 11A9 15 13.3 13.3 11.0
iv. In higher education 26.4 20.1 13.3 17 20.3 30 30
Pupil to Section Ratio

i. Grade (1-8) 54 55 43 56 53 52.5 43.7
ii. Grade (9-12) 57 54 57 56 49.7 64.3 47.5
18 | A n n u a l R e p o r t 2 0 2 0 / 2 1
2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21
2007 2008 2009 2010 2011 2012 2013
Indicators
Number of class rooms in primary schools 3,41086 365,530
457,309 380,979 502,738 379,601 422,139
Pupil to Textbook Ratio

i. Grade(1-8) 4.2 3.8 4.2 4.1 4 4 NA
ii. Grade(9-12) 13 11.8 10.3 12 10.9 9 7.9
Pupil to School Ratio

573 580 567 628 628 528 512.7
i. Grade(1-8)
767.2 754 741 568 940 1017

ii. Grade(9-12)
383 331 329 318 246.8 NA NA
iii. TEVT
Proportion of pupils starting grade 1 who
55.75 53 54 NA
reach grade 5(%) 56.5 53
Percentage of female enrolled in under
34.7 34.1 53.5 37 37.8 37.5
graduate degree (%) 36
Percentage of female graduated in under- 28.5 33.4 35.8
graduate degree (%) 35.7
31.3 33.2 NA 38
Percentage of female enrolled in post- 23.8 23.1
graduate degree 18.1 10 20.2
17.8
Percentage of female graduated in post- 16.7 16.6
graduate degree 20.0 NA 24.7
18.9 18.3
Annual education share of the national 17.6
24.9 24.3
expenditure{%} 26.1 25 24.9
Note:
25.0 25.7
a. The previously classification of Primary Education in Ethiopia which consists grades (1to 8), and was
implemented in two cycles, Primary 1st cycle (Grades 1-4), and Primary 2nd cycle (Grades 5-8). Based on the
new education road map, since 2020/21 the classification system has been changed to Primary (Grades 1-6)
and Middle school (Grades 7-8).
b. Following the current conflict in the northern part of Ethiopia, the report does not include Tigray region.
19 | A n n u a l R e p o r t 2 0 2 0 / 2 1
1.7. Telecommunication
Telecommunication is one of the prime Of the total subscribers, mobile voice

infrastructure services needed for rapid subscribers accounted for 96.6 percent
economic growth and modernization as it followed by internet & data 1.8 percent
has a significant impact in attracting and fixed voice service 1.6 percent.
investment, creating market (Table 1.13)
opportunities, enhancing competitiveness
and boosting regional economic
integration.
Cognizant of this fact, the Ethiopian

government has made huge investment in
telecom sector, focusing on improving
quality of service, expansion of service
coverage and enhancing institutional
capacity. This policy measure has
enhanced the capacity of Ethio-Telecom
in terms of customer acquisition,
customer satisfaction and provision of
quality services to customers.
Accordingly, the total number of

subscribers has reached 56.2 million in
2020/21 depicting a 21.9 percent annual
expansion a owing to a 22 percent rise in
mobile voice and 52.3 percent increase in
internet & data subscribers despite a 6.8
percent decline in fixed voice service
subscribers.
20 | A n n u a l R e p o r t 2 0 2 0 / 2 1
Table 1.13: Number of Subscribers (In 000’)
Percentage
Service Type 2019/20 2020/21 Change
Total subscriber base 46,154 56,246 21.9

Mobile voice subscriber 44,515 54,329 22.0
Internet and data subscriber 660 1,005 52.3
Fixed voice service subscriber 979 912 -6.8
Internet and data user 23,799 24,923 4.7
Mobile voice 44,515 54,329 22.0
Residential 44,034 53,667 21.9
Enterprises 480 662 37.9
Broad band & internet subscriber 212 637 200.5
Residential 137 453 230.7
Narrow band data & internet
subscriber 266 367 38.0
Residential 1 1 -
Fixed voice 979 367 -62.5
Residential 604 540 -10.6
Enterprises 375 372 -0.8
Broad band data & internet user 23,533 24,554 4.3
Broad band data Residential 23,259 24,234 4.2
Broad band data enterprise 274 319 16.4
Narrow data & internet user 266 369 38.7
Narrow band residential 1 1 -
Narrow band enterprise 265 368 38.9
Source: Ethio-Telecom
Note: Total subscriber base doesn't include internet and data user.
The country’s telecommunication and data density marginally increased to

penetration rate (telecom density) also 24.3 percent from 24.0 percent. On the
increased from 45.9 percent in 2019/20 contrary, fixed line density went down to
to 54.8 percent in 2020/21 due to 0.9 per 100 subscribers relative to 1.0 per
improvement in mobile density to 52.9 100 subscribers (Table 1.14).
percent from 44.9 percent while internet
21 | A n n u a l R e p o r t 2 0 2 0 / 2 1
Table 1.14: Telecom Density

Tele density/100
Subscribers* 2017/18 2018/19 2019/20 2020/21
Fixed line 1.2 1.2 1.0 0.9
Mobile 39.8 41.9 44.9 52.9
Total 41.0 43.1 45.9 54.8

Internet and data
18.5 21.8 24.0 24.3
Source: Ethio-Telecom
*Tele-density is mobile plus fixed telephone subscribers per 100 inhabitants
Ethio-telecom earned Birr 55.8 billion Consequently, gross profit of the enterprise
income in 2020/21 which was 17 percent stood at Birr 29.9 billion recording a 21.2
higher than Birr 47.7 billion a year earlier. percent annual growth (Table 1.16).
Its total expenses also increased 12.5 percent
to Birr 25.9 billion during the same period.
Table 1.16: Financial Performance and Asset of Ethio -Telecom

(In Billions of Birr)
Finance and Asset 2018/19 2019/20 2020/21 Percentage Change
A B C C/A C/B
Income 36.3 47.7 55.8 53.7 17.0
Expense 20.5 23.03 25.9 26.3 12.5
Gross Profit 15.7 24.67 29.9 90.4 21.2
Assets 54.1 59.1 39.1 -27.7 -33.8
Fixed Gross - - - - -
Depreciation
4.7 4.1 5.4 14.9 31.7
Source: Ethio – Telecom
22 | A n n u a l R e p o r t 2 0 2 0 / 2 1
II. ENERGY PRODUCTION
2.1. Electric Power Generation
Ethiopia is estimated to have a hydro- Ethiopia is also identified as having a huge

power production potential of 45,000 solar energy potential due to its
MW, a geothermal potential of 10,000 geographical location near the equator. In
MW and 1.3 million MW potential from its bid to become a major power exporter
wind farm. The country’s generating and green economy in East Africa, the
capacity; however, is largely based on country is building several geothermal
hydropower reservoirs as nine of its major power plants.
rivers are suitable for hydroelectric power The amount of electric power generated in
generation. 2020/21 was about 15.5 billion KWH,
depicting a 2.2 percent annual expansion.
Considering the increasing power demand
About 95.6 percent of the electric power
and capacity shortfall in the system and
was generated through hydropower, 3.9
with a view to have a better power
percent from wind and 0.5 percent from
generation mix, the country has ventured
biomass sources. The total electric energy
to diversify its production of renewable
generated from hydropower increased to
energy to wards wind and geothermal
14.9 billion KWH from 14.4 billion KWH
sources.
a year earlier showing a 3.1 percent annual
Accordingly, Adama II wind farm has a growth. Energy production from biomass
generating capacity of 153 MW and, and wind; however, showed 59.0 percent
combined with Adama I (51MW) and and 0.1 percent decline respectively
Ashegoda (120 MW), the total energy (Table 2.1).
production from wind has reached 324
MW. In addition, the construction of
Aysha 300 MW wind power project is
under way.
23 | A n n u a l R e p o r t 2 0 2 0 / 2 1
Table 2.1: Electric Power Generation in ICS and SCS
(In ‘000 KWH)
2018/19 2019/20 2020/21 Percentage Change

Share Share Share
Source [A] (In %) [B] (In %) [C] (In %) [C/A] [C/B]
Hydro
Power 13,211,643.83 95.5 14,403,774.7 94.8 14,850,391.3 95.6 12.4 3.1
Thermal
Power - - - - - - - -
Geothermal - - - - - - - -
Wind 584,735.35 4.2 609,026.6 4.0 608,171.7 3.9 4.0 -0.1
ICS Biomass 43,254.50 0.3 179,372.6 1.2 73,491.9 0.5 69.9 -59.0
Sub
Total 13,839,633.7 100 15,192,173.8 100 15,532,055.0 100 12.2 2.2
Hydro
Power - - - - - - - -
Thermal
SCS Power - - - - - - - -
Sub
Total - - - - - - - -
Hydro
Power 13,211,643.83 95.5 14,403,774.7 94.8 14,850,391.3 95.6 12.4 3.1
Thermal
Power - 0.0 - - - - -
Geothermal - 0.0 - - - - - -
Wind 584,735.35 4.2 609,026.6 4.0 608,171.7 3.9 4.0 -0.1
Total Biomass 43,254.50 0.0 179,372.6 1.2 73,491.9 0.5 69.9 -59.0
Grand Total 13,839,633.7 100 15,192,173.8 100 15,532,055.0 100 12.2 2.2
Source: Ethiopian Electric Power
24 | A n n u a l R e p o r t 2 0 2 0 / 2 1
2.2. Volume and Value of Petroleum Imports

During 2020/21, about 3.7 billion metric international oil prices which lead the higher
tons of petroleum products worth Birr 72.6 import values of fuel oil (53.8 percent)
billion were imported by the Ethiopian regular gasoline (53.3 percent) and gas oil
Petroleum Enterprise. The total volume of (18.6 percent) in contrast with the decline in
imported petroleum, however, shrank by 3.8 import value of jet fuel (23.6 percent) (Table
percent owing to the decline in import 2.2) and (Fig.II.1 & Fig.II.2).
volume of jet fuel (30.7 percent) and gas oil
(1.3 percent) which offset the increase in
import of regular gasoline (13 percent) and
fuel oil (8.9 percent).
On the other hand, the total value of
petroleum imports increased 17.0 percent
over last year mainly due to higher
Table 2.2: Volume and Value of Petroleum Imports
(Volume in MT and Value in '000 Birr)
2019/20 2020/21
Volume Value Volume Value Percentage Change

Petroleum
Products A B C D C/A D/B
Regular
Gasoline (MGR) 577,442.0 9,650,401.7 652,573.0 14,797,531.0 13.0 53.3
Jet Fuel 641,131.1 11,102,669.9 444,022.3 8,479,010.5 -30.7 -23.6
Fuel Oil 80,447.4 958,067.6 87,573.4 1,473,387.6 8.9 53.8
Gas Oil (ADO) 2,568,176.1 40,345,726.1 2,535,455.2 47,857,142.2 -1.3 18.6
Total 3,867,196.6 62,056,865.3 3,719,623.8 72,607,071.3 -3.8 17.0

Source: Ethiopian Petroleum Enterprise
25 | A n n u a l R e p o r t 2 0 2 0 / 2 1
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
2015/16 2016/17 2017/18 2018/19 2019/20 2020/21
Fig.II.2: Trends in Value of Petroleum Imports (In ‘000)

60000000
50000000
40000000
30000000
20000000
10000000
0
2015/16 2016/17 2017/18 2018/19 2019/20 2020/21
MGR Jet Fuel Fuel Oil Gas Oil
In line with the increase in international oil gas oil and kerosene by 11.1 percent each,
prices, domestic retail prices were also regular gasoline by 9.6 percent and fuel oil
adjusted up wards. Thereby rising, the retail by 9.2 percent (Table 2.3).
prices of jet fuel 36.0 percent followed by
26 | A n n u a l R e p o r t 2 0 2 0 / 2 1
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 18.77 13.69 16.35 16.35 24.50
Qtr.2 19.38 19.38 17.30 17.30 31.25
Qtr.3 20.02 30.64 17.95 17.95 21.33
Qtr.4 21.08 32.21 18.51 18.51 25.44
2018/19 Average 19.82 23.98 17.53 17.53 25.63

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 Average 21.53 33.02 18.75 18.75 25.35

Qtr.1 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
Average 23.59 36.05 20.83 20.83 34.47
Annual percentage
2020/21 change 9.6 9.2 11.1 11.1 36.0
27 | A n n u a l R e p o r t 2 0 2 0 / 2 1
Fig.II.3: Trends in Average Fuel Price in Addis Ababa
40
35
30
25
20
15
10
0
2015/16 2016/17 2017/18 2018/19 2019/20 2020/21
MGR Fuel Oil Gas Oil Kerosene Jet Fuel
Source: Ethiopian Petroleum Enterprise.
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III. PRICE DEVELOPMENTS

3.1. Developments in Consumer Price at National Level
In 2020/21, annual average headline due to higher price inflation of services

inflation stood at 20.2 percent compared including health (11.4 percentage point),
to 19.9 percent a year ago. This was communication (7.9 percentage point),
attributed to 0.5 percent rise in non-food transport (6.1 percentage point), clothing
inflation despite 0.1 declines in food & & footwear (5.0 percentage point),
non-alcoholic beverages inflation (Table alcoholic beverages & tobacco (4.4
3.1). percentage point), recreation & culture
(3.5 percentage point), furnishings,
Annual average food & non-alcoholic
household equipment & routine
beverages inflation slowed down to 23.2
maintenance of houses (3.3 percentage
percent owing to lower inflation of fruits
point), and education (0.3 percentage
(20.4 percentage point), meat (10.1
point) (Table 3.4 and Fig 3.1).
percentage point), vegetables (9.8
percentage point), and bread & cereals
Likewise, annual headline inflation went
(1.7 percentage point), (Table 3.3 and
up to 24.6 percent from 21.6 percent a
Fig 3.1).
year ago on account of 5.9 percentage
On the other hand, annual average non- point increase in food & non-alcoholic
food inflation scaled up to 16.4 percent beverages inflation (Table 3.2 and
Fig.3.2).
29 | A n n u a l R e p o r t 2 0 2 0 / 2 1
Table 3.1: Annual Average Inflation Rates (in %)
Change Contribution to Change

(in %age in Headline Inflation
2019/20 2020/21 Points) ( %age points)
Items Weight A B B-A C
General 100 19.9 20.2 0.3 0.3
Food &Non- 23.3 23.2 -0.1 -0.1
alcoholic 54
beverages
Non-Food 46 15.9 16.4 0.5 0.3
Source: CSA and NBE Staff Computation
Fig.3.1: Developments in Average National Inflation Rates
25.0
20.0
Percent
15.0
10.0
5.0
0.0
July
July
August
October
October
August
April
September
November
April
September
November
April
January
May
June
January
May
June
January
May
June
December
December
February
March
February
March
February
March 2019 2020 2021
General Food & Non-alcoholic bevarages Non Food
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Table 3.2: Annual Inflation Rates (in %)
Change (in Contribution to Change in

%age Headline Inflation( %age
2019/20 2020/21 Points) points)

General 100 21.5 24.6 3.1 3.1
Food &Non- 23.1 29.0 5.9 3.2
alcoholic 54
beverages
Non-Food 46 19.7 19.1 -0.6 -0.3
Fig.3.2: Development in Annual National Inflation Rate
35.0
30.0
25.0
Percent
20.0
15.0
10.0
5.0
0.0
July
August
July
October
August
October
November
November
April
April
April
January
June
May
September
January
May
September
January
May
June
December
June
December
March
March
March
February
February
February
2019 2020 2021

General Food & Non-alcoholic bevarages Non Food
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Table 3.3: Annual Average Food Inflation Rates (in %)

(Dec2016=100)
Contribution to
Change(in Change in Food
%age Inflation( %age
2019/20 2020/21 Points) points)
Food & Non-alcoholic
0.54 23.3 23.2 -0.1 -0.1
beverages Inflation
Bread & Cereals 0.17 28.3 26.6 -1.7 -0.3
Meat 0.04 24.3 14.2 -10.1 -0.4
Fish and sea food 0.00 8.4 25.6 17.1 0.0
Milk, cheese & egg 0.03 13.5 21.7 8.2 0.3
Oils & Fats 0.04 12.6 32.3 19.7 0.9
Fruit 0.00 24.8 4.4 -20.4 -0.1
Vegetables 0.12 27.9 18.0 -9.8 -1.2
Sugar jam, honey,
0.01 3.2 4.2 1.0 0.0
chocolate
Food products n.e.c 0.06 20.1 27.6 7.5 0.4
Non-alcoholic beverages 0.05 14.2 28.1 14.0 0.7
Table 3.4: Annual Average Non- Food Inflation Rates (in %)

(Dec2016=100)
Contribution to
Change(in Change in Non-
%age Food Inflation(
2019/20 2020/21 Points) %age points)
Non-Food Inflation 0.46 15.9 16.4 0.5 0.3
Alcoholic Beverages and
0.05 18.7 23.1 4.4 0.2
tobacco
Clothing and Footwear 0.06 9.0 14.1 5.0 0.3
Housing, Water, Electricity, Gas
0.17 19.4 14.2 -5.1 -0.9
and other Fuel
Furnishings, Household
Equipment and Routine 0.05 9.4 12.6 3.3 0.2
maintenance of houses
Health 0.01 16.0 27.5 11.4 0.2
Transport 0.02 23.8 30.0 6.1 0.2
Communication 0.02 0.7 8.6 7.9 0.2
Recreation and culture 0.00 10.5 14.1 3.5 0.0
Education 0.00 7.5 7.8 0.3 0.0
Restaurant & hotel 0.05 18.4 17.0 -1.4 -0.1
Miscellaneous Goods 0.03 15.4 17.6 2.2 0.1
32 | A n n u a l R e p o r t 2 0 2 0 / 2 1
3.2 Consumer Price Developments in Regional States
In 2020/21, the regional simple average faced the highest headline inflation (28.3
headline inflation dropped to 20.7 percent percent) while Somali saw the lowest
from 21.3 percent in the preceding year. inflation a (14.1 percent), revealing a
However, SNNP, Benshanlgul-Gomuz, 14.2 percentage point margin in headline
Tigray, Gambella and Harari registered inflation between the regions. (Table 3.5)
annual headline inflation greater than the
regional simple average headline
inflation where SNNP regional state
Table 3.5: Regional Average Annual Inflation (2020/21 FY)
2019/20 2020/21 Change

Food &Non- Food &Non- Food &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 23.8 24.5 22.8 28.3 30.2 25.6 4.5 5.8 2.7
Harari 24.0 26.2 22.2 22.0 22.2 21.8 -2.0 -4.0 -0.4
Oromia 18.4 23.9 11.3 20.1 23.8 14.8 1.7 0.0 3.5
Tigray 24.3 26.1 22.5 24.1 28.9 19.3 -0.2 2.9 -3.3
Gambela 20.4 22.8 17.4 22.2 26.1 16.9 1.8 3.3 -0.5
Addis 18.8 25.9 13.9 19.5 26.2 14.4 0.7 0.3 0.5
Ababa
Dire Dawa 20.6 25.6 16.1 19.7 26.6 13.3 -0.8 0.9 -2.9
Ben. Gumuz 24.1 29.9 18.6 24.8 28.7 20.7 0.7 -1.2 2.1
Somali 20.3 20.3 20.4 14.1 13.5 14.8 -6.2 -6.8 -5.6
Afar 20.1 26.3 13.9 18.1 22.2 13.5 -2.0 -4.1 -0.5
Amhara 19.9 23.7 15.6 15.3 18.6 11.4 -4.6 -5.2 -4.2
Regions
Average
21.3 25.0 17.7 20.7 24.3 17.0
Standard
deviation
2.2 2.4 3.9 4.1 5.0 4.4
Coefficient
of variation
0.1 0.1 0.2 0.2 0.2 0.3
Sources: CSA and NBE’s staff computation
33 | A n n u a l R e p o r t 2 0 2 0 / 2 1
Fig.3.3: Variation in Regional Annual Average Headline Inflation
60.0
50.0
40.0
28.3 24.1 24.8
22.0
30.0 22.2 19.7
20.1 19.5 14.1 18.1 15.3
2020/21
20.0
2019/20
23.8 24.0 24.3 24.1
10.0 18.4 20.4 18.8 20.6 20.3 20.1 19.9
0.0
The regional food & non-alcoholic The highest food & non-alcoholic
beverages simple average inflation slowed beverages inflation (30.2 percent) was
down to 24.3 percent in 2020/21 from 25.0 registered in SNNP and the lowest (13.5
percent last year. Food & non-alcoholic percent) in Somali resulting in 16.7
beverages inflation in SNNP, percentage point margin among the
Benshanlgul-Gomuz, Dire Dawa, Addis regions (Table 3.5).
Ababa and Gambella, however, was
higher than the regional simple average
inflation.
34 | A n n u a l R e p o r t 2 0 2 0 / 2 1
Fig.3.4: Variation in Regional Annual Average Food & Non-alcoholic Beverages Inflation
35.0
30.2 29.9
30.0
28.9
26.2 26.1 26.1 26.2 26.6 26.3
24.5 28.7
25.0 23.9 22.8 25.9 25.6 23.7
22.2 22.2
23.8 20.3
20.0 18.6
15.0 13.5 2019/20

2020/21
10.0
5.0
0.0
Similarly, the regional simple average SNNP suffered the highest non-food
non-food inflation decelerated to 17.0 inflation (25.6 percent) and Amhara the
percent from 17.7 percent during the same lowest non-food inflation (11.4 percent)
period. SNNP, Harari, Benshangul- showing a 14.2 percentage point margin in
Gumuz, and Tigray regions had higher non-food inflation among the regions
non-food inflation than the regional simple (Table 3.5).
average (Table 3.5).
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Fig.3.5: Variation in Regional Annual Average Non-food Inflation
15.6 11.4
13.9 13.5
20.4 14.8
18.6 20.7
16.1 13.3
13.9 14.4
17.4 16.9
22.5 19.3
11.3 14.8
22.2 21.8
22.8 25.6
36 | A n n u a l R e p o r t 2 0 2 0 / 2 1
IV. MONETARY AND FINANCIAL DEVELOPMENTS
4.1. Monetary Developments and Policy
The monetary policy stance of the NBE the efforts to adhere to its prudent
continued to focus on maintaining price monetary policy stance, inflation has
stability and supporting sustainable remained off target for the past twelve
economic growth of the country. Despite consecutive months.
4.1.1 Developments in Monetary Aggregates
At the end of 2020/21, domestic liquidity, and currency outside banks, signifying the
as measured by broad money supply (M2), improvement in money demand for
reached Birr 1.35 trillion, reflecting a 29.9 transaction purposes. Similarly, quasi-
percent annual growth mainly due to the money, that comprises savings and time
surge in domestic credit (25.9 percent) and deposits, surged by 34.5 percent and
significant improvements in net external reached Birr 910.8 billion by end 2020/21
asset (90.2 percent). The growth of as commercial banks increased their
domestic credit was attributed to 56.3 deposit mobilization by opening additional
percent increase in credit to the central new branches (Table 4.1). In addition,
government and 21.9 percent to non-central NBE’s currency demonetization measure
government (Table 4.2). and cash withdrawal limit regulations
played a role in enhancing banks deposit
Narrow money supply expanded 21.3
mobilization efforts.
percent due to the rise in demand deposits
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Table 4.1: Components of Broad Money

(Value in millions of birr)
Year Ended June 30 Annual Percentage Change
Particulars 2017/18 2018/19 2019/20 2020/21 2018/19 2019/20 2020/21
Narrow Money Supply 281,154.7 308,937.1 360,585.5 437,392.0 9.9 16.7 21.3
. Currency Outside Banks 86,417.3 92,017.0 109,071.8 133,621.3 6.5 18.5 22.5
. Demand Deposits (net) 194,737.4 216,920.2 251,513.7 303,770.7 11.4 15.9 20.8
Quasi-Money 459,418.2 577,815.4 677,060.8 910,874.2 25.8 17.2 34.5
. Savings Deposits 382,549.4 487,302.1 589,174.1 816,380.3 27.4 20.9 38.6
. Time Deposits 76,868.8 90,513.3 87,886.8 94,493.8 17.8 -2.9 7.5
Broad Money Supply 740,572.9 886,752.5 1,037,646.3 1,348,266.1 19.7 17.0 29.9
Source: NBE
Fig.IV.1: Major Components of Broad Money
24,000
22,000 Broad Money
20,000
18,000
16,000
(In Millions of Birr)
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
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
Year
Currency Outside Banks Net Demand Deposit Quasi- Money
Source: NBE
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Table 4.2: Factors Influencing Broad Money (Value in millions of birr)
Particulars 2017/18 2018/19 2019/20 2020/21 2018/19 2019/20 2020/21
External Assets (net) 39,376.2 14,505.2 -8,321.3 -812.3 -63.2 -157.4 90.2
Domestic Credit 784,621.7 963,699.9 1,176,926.4 1,481,844.4 22.8 22.1 25.9
. Claims on Central Gov't (net) 102,002.8 109,799.2 137,082.9 214,269.2 7.6 24.8 56.3
. Claims on Non-Central Gov't 682,618.9 853,900.7 1,039,843.5 1,267,575.3 25.1 21.8 21.9
Other Items (net) 83,425.0 91,452.6 130,957.8 132,766.0 9.6 43.2 1.4
Broad Money (M2) 740,572.9 886,752.5 1,037,646.3 1,348,266.1 19.7 17.0 29.9
Source: NBE
Fig.IV.2: Major Determinants of Monetary Growth
150.0
100.0
Annual Percentage Change
50.0
0.0
-50.0
-100.0
-150.0
-200.0
2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21
Credit to Central Gov't Credit to Non-Central Gov't

Broad Money Net Foreign Assets
Source: NBE
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4.1.2. Developments in Reserve Money and Monetary Ratios
During 2020/21, reserve money or base due to the significant growth in saving
money recorded 7.2 percent growth and deposits (Table 4.3).
reached Birr 264.3 billion. The increase
in reserve money was wholly attributed
to 16.5 percent rise in currency in
circulation vis-a-vis 5.1 percent decline
in bank deposits at the NBE.
Meanwhile, in determinant wise, net
domestic credit showed 25.9 percent
increment while net foreign assets
surged 90.2 percent. Excess reserves of
commercial banks reached Birr 62.0
billion at the end of June 2020/21
compared with Birr 53.3 billion a year
ago.
As an indicator of financial deepening,

the ratio of broad money supply (M2) to
GDP3, stood at 0.35 compared to 0.31
the previous year, reflecting
improvements in financial liquidity and
depth. Similarly, money multiplier,
defined as narrow money to reserve
money, rose to 1.85 from 1.46 while the
ratio of broad money, to reserve money
increased to 5.37 from 4.21 positions
3
The 2020/21 GDP (measured at current market price)
is estimated assuming by an average GDP growth rate
of FY 2015/16 to 2019/20.
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Table 4.3: Reserve Money and Monetary Ratios

Particulars 2017/18 2018/19 2019/20 2020/21 2018/19 2019/20 2020/21
Reserve Requirement (CB's) 36,385.8 44,861.8 51,952.6 71,237.1 23.3 15.8 37.1
Actual Reserve (CB's) 63,117.8 88,723.4 105,289.1 133,265.7 40.6 18.7 26.6
Excess Reserve (CB's) 26,732.0 43,861.7 53,336.5 62,028.6 64.1 21.6 16.3
Reserve Money 174,175.4 200,749.3 246,545.4 264,301.8 15.3 22.8 7.2
. Currency in Circulation 112,911.0 121,800.0 140,521.1 163,709.1 7.9 15.4 16.5
. Bank Deposits 61,264.5 78,949.2 106,024.2 100,592.8 28.9 34.3 -5.1
Money Multiplier (Ratio):
. Narrow Money to Reserve Money 1.77 1.80 1.46 1.85 1.27 -18.58 26.44
. Broad Money to Reserve Money 5.09 5.17 4.21 5.37 1.53 -18.58 27.66
Other Monetary Ratios (%):
. Currency to Narrow Money 29.79 30.25 30.25 27.93 1.56 0.00 -7.67
. Currency to Broad Money 10.38 10.51 10.51 9.61 1.30 0.00 -8.55
. Narrow Money to Broad Money 34.84 34.75 34.75 34.42 -0.25 0.00 -0.96
. Quasi Money to Broad Money 65.16 65.25 65.25 65.58 0.14 0.00 0.51
M2/GDP Ratio* 0.34 0.33 0.31 0.35 -2.94 -6.06 12.90
Source: NBE
Fig.IV.3: Reserve Money
300000
250000
Value in million Birr
200000
150000
100000
50000
0
2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21
Reserve Requirement (CB's) Actual Reserve (CB's)

Excess Reserve (CB's) Reserve Money
Source: NBE
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4.2. Developments in Interest Rate

In 2020/21, both minimum and maximum year ago from 7.94 percent a year ago. The
saving deposit interest rates remained simple average lending interest rate reached
unchanged at 7.0 and 9.0 percent, 14.25 percent.
respectively. As a result, average saving
deposit rate stood at 8 percent and weighted
Hence, both deposit and lending real interest
average demand deposit rate at 0.04 percent.
rates were negative 16.6 and 10.35 percent
Weighted average time deposit rate,
in real terms, given 24.5 percent headline
however, declined slightly to 7.80 percent
inflation in June 2021 (Table 4.4).
Table 4.4: Interest Rate Structure of Commercial Banks (In percent per annum)
Rates 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21

1. Deposit Rate
1.1 Savings Deposit (Simple Average) 5.38 5.38 5.38 8 8 8 8
Minimum 5 5 5 7 7 7 7
Maximum 5.75 5.75 5.75 9 9 9 9
1.2 Time deposit (Weighted Average) 5.77 5.59 5.54 8.09 8.07 7.94 7.8
Up to 1 year 5.71 5.53 5.43 8.05 8.02 7.88 7.75
1 -2 years 5.78 5.6 5.57 8.1 8.07 7.94 7.81
Over 2 years 5.81 5.64 5.63 8.13 8.11 7.99 7.83
1.3 Demand Deposit (Weighted Average) 0.04 0.04 0.04 0.04 0.04 0.04 0.04
2. Lending Rate (Average) 11.88 12.75 12.75 13.5 13.5 14.25 14.25
Minimum 7.5 7.5 7.5 7 7 7 7
Maximum 16.25 18 18 20 20 21.5 21.5
3. T-bills (Nominal) 1.43 1.44 1.42 1.42 1.74 4.54 7.97
4. Headline Inflation (Year-on-Year) 10.4 7.5 8.8 14.7 15.3 21.6 24.6
5. Real Rate of Interest on:
5.1 Saving Deposit (1.1 - 4) -5.03 -2.13 -3.43 -6.7 -7.28 -13.55 -16.6
5.2 Time Deposit (1.2 - 4) -4.64 -1.91 -3.26 -6.61 -7.21 -13.62 -16.8
5.3 Lending (2 - 4) 1.47 5.25 3.95 -1.2 -1.78 -7.3 -10.35
Source: NBE
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Fig.IV.4: Interest Rate Structure of Commercial Banks
16.00
14.00
Value in Percent
12.00
10.00
8.00
6.00
4.00
2.00
0.00
2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21
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- Cooperative Bank of Oromia (51 branches),
finance institutions are the major financial United Bank (39 branches) and Debub Global
institutions operating in Ethiopia. By the end Bank (37 branches). The share of private
of 2020/21, the number of banks reached 19, banks in total branch network rose to 72.5
including the newly opened interest free bank percent from 70.5 percent last year. Total
(ZamZam bank) which opened 833 new capital of the banking industry increased by
branches during the review financial year, 36.2 percent and reached Birr 153.7 billion by
thereby raising the total number of bank the end of June 2021 (Table 4.5).
branches to 7,344 from 6,511 last year. About
Similarly, the number of insurance companies
34.5 percent of the bank branches were located
stood at 18, whose branches rose to 632 after
in Addis Ababa. As a result, one bank branch
they opened 27 new branches in 2020/21. Of
4
serves about 14,000 people .
the total branches, about 54.6 percent of total
Major branch expansion was undertaken by insurance branches were situated in Addis
Awash International Bank (129 branches), Ababa. 85.8 percent were private insurance
Abyssinia Bank (96 branches), Commercial companies. Insurance companies increased
Bank of Ethiopia (95 branches), Nib their total capital by 14.7 percent to Birr 11.1
International Bank (89 branches), Abay Bank billion whose share of private insurance
(67 branches), Buna Bank (62 braches), companies was 73.6 percent and that of public
insurance company was 26.4 percent (Table
4
CSA population projection for 2020/21 was 4.6).
102,816,000
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Fig.IV.5: Branch Network and Capital of Banking System (2017/18-2020/21)
Source: Commercial Banks including DBE
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Table.4.6: Branch Network & Capital of Insurance Companies as at June 30, 2021
(Branch in Number and Capital in Millions of Birr)
Branch Capital
2019/20 2020/21 2019/20 2020/21 % 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 65 90 2,828.0 2,924.0 3.4
2 Awash Insurance Company 28 20 48 29 23 52 1,311.0 1,551.0 18.3
3 Africa Insurance Company 18 14 32 18 14 32 283.0 367.0 29.7
National Insurance Corporation of
4 Ethiopia 22 17 39 22 17 39 175.0 206.0 17.7
5 United Insurance Company 28 12 40 28 12 40 676.0 723.0 7.0
6 Global Insurance Company 12 8 20 12 8 20 198.0 230.0 16.2
7 Nile Insurance Company 26 22 48 29 22 51 627.0 678.0 8.1
8 Nyala Insurance Company 16 17 33 17 18 35 891.0 1,049.0 17.7
9 Nib Insurance company 27 14 41 28 14 42 597.0 718.0 20.3
10 Lion Insurance Company 16 19 35 16 20 36 221.0 380.0 71.9
11 Ethio-Life & General Insurance S.C 18 5 23 18 6 24 165.0 187.0 13.3
12 Oromia Insurance Company 22 20 42 22 21 43 548.0 690.0 25.9
13 Abay Insurance S.C 15 13 28 15 14 29 331.0 382.0 15.4
14 Berhan Insurance S.C 12 7 19 13 8 21 162.0 215.0 32.7
15 Tsehay Insurance S.C 18 9 27 19 9 28 212.0 310.0 46.2
16 Lucy Insurance 12 5 17 16 6 22 141.0 112.0 -20.6
17 Bunna Insurance S.C. 14 9 23 16 12 28 169.0 214.0 26.6
18 Zemen Insurance S.C. 0 0 0 2 1 0 115 130.0 13.0
Total 329 276 605 345 290 632 9,650 11,066 14.7
Source: Insurance Companies
Note: A.A=Addis Ababa
Fig.IV.6: Branch Network and Capital of Insurance Companies (2017/18-2020/21)
Source: Insurance Companies
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At the same time, the number of micro- to Birr 52.4 billion while their outstanding
finance institutions (MFIs) reached 39, credit rose 6.7 percent to Birr 69.3 billion
whose total capital and total asset increased (Table 4.7).
by 43.4 and 13.8 percent and stood at Birr
The five largest MFIs, namely, Amhara,
27.9 billion and Birr 105 billion,
Dedebit, Oromia, Omo & Addis Credit and
respectively.
Savings Institutions accounted for 84.8
In addition, MFIs’ deposit mobilization and percent of the total capital, 88.8 percent of
credit expanded remarkably. Compared to total deposit, 82.7 percent of total credit and
last year, their deposit increased 17.2 84.3 percent of total assets of MFIs by the
percent end of 2020/21.
Table 4.7: Microfinance Institutions Performance as of June 30, 2021(In Thousands of Birr)
Particulars 2019/20 2020/21 % Change
A B B/A
Total Capital 19,440,089.7 27,875,026.1 43.4
Saving 44,714,061.1 52,404,252.3 17.2
Credit 64,901,669.5 69,275,733.1 6.7
Total Assets 92,200,086.4 104,960,572.8 13.8
Source:MFIs
4.3.1 Resource Mobilization
The total resources mobilized by the trillion, witnessing a 30.3 percent

banking system in the form of deposit, growth. Of the total deposits, saving
borrowing and loan collection went up deposits accounted for 60.3 percent,
51.5 percent and reached Birr 505.2 demand deposits 32.4 percent and time
billion at the end of 2020/21 (Table 4.8) deposit 7.3 percent (Table 4.9).
partly bolstered by the NBE’s Legal
Tender Protection Directive that restricts Saving deposits showed 38.7 percent
cash holding & cash withdrawals as well increment while demand and time
as the demonetization measure deposits registered 23.4 percent and 3.9
undertaken during the review fiscal year. percent growth.
As result, the total deposit liabilities of
the banking system rose to Birr 1.4
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The share of private banks in total year earlier due to higher borrowings by
deposit mobilization increased to 45.7 the Development Bank of Ethiopia
percent from 42.6 percent last year due to (DBE). Of the total borrowing, domestic
their opening of 749 new branches. sources accounted for 81.3 percent and
Meanwhile, CBE alone mobilized 54.3 foreign sources 18.7 percent. Net
percent of the total deposits due to its borrowing stood at Birr 3.7 billion of
extensive branch network. which 98.7 percent was from foreign and
1.3 percent from local sources) (Tables
Raising funds through borrowing
4.8 & 4.9).
remained insignificant as most of the
banks were sufficiently liquid due to Moreover, banks loan collection was Birr
increased deposit mobilization and 186 billion in 2020/21, showing only 1.5
collection of loans. Their total percent increment. Of which private
outstanding borrowing reached Birr 84.2 banks collected 65.8 percent of the total
billion compared to Birr 80.4 billion a loan disbursed (Table 4.8).
Table 4.8: Annual Resource Mobilization & Disbursing Activities of Commercial Banks and DBE (Specialized Bank) as of June 30, 2021
2018/19 2019/20 2020/21 Percent Change
Public Private Private Private
Particulars Banks Banks Total (A) Public Banks Banks Total (B) Public Banks Banks Total (C) C/A C/B
1. Deposits (net change) 89,057.9 80,312.8 169,370.7 54,185.8 87,596.1 141,781.9 139,813.4 175,598.7 315,412.0 86.2 122.5
Demand 26,635.9 18,046.6 44,682.5 26,561.5 14,414.6 40,976.1 27,982.7 55,519.9 83,502.5 86.9 103.8
Savings 48,599.6 56,379.1 104,978.7 37,084.8 64,818.0 101,902.8 115,460.6 112,694.2 228,154.8 117.3 123.9
Time 13,822.4 5,887.1 19,709.5 (9,460.6) 8,363.5 (1,097.1) (3,629.9) 7,384.6 3,754.7 (80.9) (442.3)
2. Borrowing (net change) 7,181.8 - 7,181.8 8,286.9 - 8,286.9 3,739.4 - 3,739.4 (47.9) (54.9)
Local 4,639.3 - 4,639.3 5,652.5 - 5,652.5 49.4 - 49.4 (98.9) (99.1)
Foreign 2,542.5 - 2,542.5 2,634.4 - 2,634.4 3,690.0 - 3,690.0 45.1 40.1
3. Collection of Loans 75,418.4 81,016.5 156,434.9 90,378.0 92,947.5 183,325.5 63,548.9 122,451.5 186,000.4 18.9 1.5
4. Total Resources Mobilized
(1+2+3) 171,658.1 161,329.3 332,987.4 152,850.7 180,543.5 333,394.2 207,101.7 298,050.2 505,151.9 51.7 51.5
5. Disbursement 136,309.3 99,984.6 236,293.8 149,925.9 121,240.1 271,166.0 121,322.2 208,128.8 329,451.0 39.4 21.5
6. Change in Liquidity (4-5) 35,348.8 61,344.7 96,693.5 2,924.8 59,303.5 62,228.3 85,779.5 89,921.4 175,700.9 81.7 182.3
Memorandum Item:
7. Outstanding Credit 599,571.0 257,940.7 857,511.7 685,095.0 347,108.1 1,032,203.0 763,657.4 519,626.4 1,283,283.8 49.7 24.3
Source: Commercial Banks Including DBE
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Table 4.9: Deposits and Borrowings of Commercial Banks and Specialized Bank as of June 30, 2021
2018/19 2019/20 2020/21 % Change
A B C D=B/A E=C/B
A. Deposits
-Demand 315,352.5 356,328.6 439,831.1 13.0 23.4
-Savings 487,562.2 589,465.0 817,619.8 20.9 38.7
-Time 96,713.8 95,616.7 99,371.4 -1.1 3.9
Total 899,628.4 1,041,410.3 1,356,822.3 15.8 30.3
B. Borrowings
-Local 62,764.4 68,416.9 68,466.3 9.0 0.1
-Foreign 9,391.5 12,026.0 15,716.0 28.1 30.7
Total 72,156.0 80,442.9 84,182.3 11.5 4.6
Source: Commercial Banks & DBE
Table.4.10: Loans and Advances by Lenders (In Millions of Birr)

2019/20 2020/21
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 141,415.24 82,692.53 633,991.45 111,458.44 54,336.81 708,225.96 -21.2 -34.3 11.7
2.Development Bank of Ethiopia 8,510.66 7,685.47 51,103.50 9,863.79 9,212.12 55,431.44 15.9 19.9 8.5
Sub-Total 149,925.9 90,378.0 685,094.9 121,322.2 63,548.9 763,657.4 -19.1 -29.7 11.5
B. Private Banks
3 Awash International Bank 10,151.3 12,053.7 56,870.0 24,887.4 12,426.3 87,107.0 145.2 3.1 53.2
4. Dashen Bank 15,279.9 12,839.1 42,454.0 32,893.1 19,616.2 62,835.9 115.3 52.8 48.0
5. Bank of Abyssinia 9,763.6 3,900.9 37,594.6 33,455.0 11,987.7 77,344.0 242.7 207.3 105.7
6. Wegagen Bank 13,406.8 9,440.1 23,861.1 7,934.6 8,407.2 27,349.0 -40.8 -10.9 14.6
7. United Bank 7,633.7 7,583.6 26,288.1 11,943.7 11,449.3 34,702.8 56.5 51.0 32.0
8. Nib International Bank 10,426.1 5,956.7 25,887.8 14,007.3 7,922.1 34,480.7 34.3 33.0 33.2
9. Cooperative Bank of Oromia 17,699.9 12,207.3 34,213.9 28,541.0 14,879.1 55,265.0 61.2 21.9 61.5
10. Lion Interenational Bank 6,810.8 3,855.5 19,559.7 4,413.3 3,307.1 22,795.3 -35.2 -14.2 16.5
11. Oromia International Bank 7,078.2 7,102.1 20,228.8 4,635.0 4,456.1 14,257.1 -34.5 -37.3 -29.5
12. Zemen Bank 2,657.7 3,291.8 9,920.6 10,281.0 8,317.1 25,755.8 286.8 152.7 159.6
13.Berhan International Bank 4,974.7 4,614.5 12,651.5 7,541.5 4,698.3 17,705.8 51.6 1.8 39.9
14.Bunna International Bank 4,960.2 2,464.4 11,528.1 6,317.9 2,244.9 18,320.4 27.4 -8.9 58.9
15.Abay Bank 5,543.4 3,582.2 11,467.3 12,659.5 5,675.4 19,580.2 128.4 58.4 70.7
16. Addis International Bank 704.6 698.0 3,487.0 1,272.9 1,184.5 4,535.9 80.7 69.7 30.1
17. Debub Global Bank 2,864.1 1,552.8 4,549.5 5,692.2 3,276.6 8,447.6 0.0 0.0 0.0
18. Enat Bank 1,285.1 1,804.8 6,545.9 1,653.5 2,603.7 9,144.1 0.0 0.0 0.0
Sub-Total 121,240.0 92,947.5 347,108.1 208,128.8 122,451.5 519,626.4 71.7 31.7 49.7
Grand Total 271,165.9 183,325.5 1,032,203.0 329,451.0 186,000.4 1,283,283.8 21.5 1.5 24.3
D*=Disbursement, C*=Collection, O/S*= Outstanding Credit
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4.3.2 New Lending Activities

All banks including Development Bank Of the total fresh loan disbursed,
of Ethiopia (DBE), disbursed Birr 329.5 international trade accounted for 20.1
billion in fresh loans, depicting a 21.5 percent, followed by industry (18.4
percent increase over last year (Table percent), domestic trade (15.2 percent),
4.10). Of the total new loans, about 63.2 housing and construction (13.5 percent),
percent was disbursed by private banks agriculture (9.3 percent), mines, power
and 36.8 percent by public banks (Table and water resource (6.1 percent) and
4.11). others (17.4 percent) (Table 4.12).
Fig.IV.7: Development in Net Deposit, Lending and Loan Collection Activities of the Banking System
(2018/19-2020/21)
250000
Net Deposit Lending Loan collection

200000
Value in Millions of Birr
150000
100000
50000
Source: Commercial Banks and DBE
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Table 4.11: Percentage Share of Loans and Advances by Lenders

2019/20 2020/21
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 52.2 45.1 61.4 33.8 29.2 55.2 -35.1 -35.2 -10.1
2.Development Bank of Ethiopia 3.1 4.2 5.0 3.0 5.0 4.3 -4.6 18.1 -12.8
Sub-Total 55.3 49.3 66.4 36.8 34.2 59.5 -33.4 -30.7 -10.3
B.Private Banks
3 Awash International Bank 3.7 6.6 5.5 7.6 6.7 6.8 101.8 1.6 23.2
4. Dashen Bank 5.6 7.0 4.1 10.0 10.5 4.9 77.2 50.6 19.1
5. Bank of Abyssinia 3.6 2.1 3.6 10.2 6.4 6.0 182.0 202.9 65.5
6. Wegagen Bank 4.9 5.1 2.3 2.4 4.5 2.1 -51.3 -12.2 -7.8
7. United Bank 2.8 4.1 2.5 3.6 6.2 2.7 28.8 48.8 6.2
8. Nib International Bank 3.8 3.2 2.5 4.3 4.3 2.7 10.6 31.1 7.1
9. Cooperative Bank of Oromia 6.5 6.7 3.3 8.7 8.0 4.3 32.7 20.1 29.9
10. Lion Interenational Bank 2.5 2.1 1.9 1.3 1.8 1.8 -46.7 -15.5 -6.3
11. Oromia International Bank 2.6 3.9 2.0 1.4 2.4 1.1 -46.1 -38.2 -43.3
12. Zemen Bank 1.0 1.8 1.0 3.1 4.5 2.0 218.4 149.0 108.8
13.Berhan International Bank 1.8 2.5 1.2 2.3 2.5 1.4 24.8 0.4 12.6
14.Bunna International Bank 1.8 1.3 1.1 1.9 1.2 1.4 4.8 -10.2 27.8
15. Abay Bank 2.0 2.0 1.1 3.8 3.1 1.5 88.0 56.2 37.3
16. Addis International Bank 0.3 0.4 0.3 0.4 0.6 0.4 48.7 67.3 4.6
17. Debub Global Bank 1.1 0.8 0.4 1.7 1.8 0.7 0.0 0.0 0.0
18. Enat Bank 0.5 1.0 0.6 0.5 1.4 0.7 0.0 0.0 0.0
Sub-Total 44.7 50.7 33.6 63.2 65.8 40.5 41.3 29.8 20.4
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 communication (6.6 percent) and others
(including corporate bond) grew 24.3 (11.6 percent) (Table 4.12).
percent and amounted to Birr 1.28 trillion
at the end of June 2021. Mines, power
The share of private sector, including
and water resources accounted for 25.1
cooperatives, in outstanding credit was
percent of the outstanding credit followed
Birr 670.5 billion (or 52.2 percent)
by industry (21.3 percent), international
reflecting 38.4 percent annual increase
trade (15.4 percent), housing and
(Table 4.13).
construction (11.0 percent), domestic
trade (9 percent), ‘transport and
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Table 4.12: Loans & Advances by Economic Sectors (In Millions of Birr)
2019/20 2020/21 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 24,902.4 26,393.9 21,087.3 30,779.8 23,503.6 31,823.6 23.6 (11.0) 50.9
Industry 43,074.1 33,626.5 221,731.9 60,607.1 26,899.1 272,983.8 40.7 (20.0) 23.1
Domestic Trade 36,400.9 29,373.1 87,819.1 49,961.6 34,441.9 115,088.1 37.3 17.3 31.1
International Trade 38,292.8 34,233.6 134,070.9 66,142.3 46,743.3 197,283.0 72.7 36.5 47.1
Export 28,017.8 22,771.0 89,219.4 51,706.4 34,766.0 135,921.5 84.5 52.7 52.3
Import 10,490.8 11,462.5 44,851.4 14,436.0 11,977.3 61,361.5 37.6 4.5 36.8
Hotels and Tourism 5,286.8 4,136.4 17,576.7 8,173.0 4,334.5 25,963.8 54.6 4.8 47.7
Transport and Communication 25,035.3 13,578.3 68,741.8 16,429.1 5,099.5 85,175.4 (34.4) (62.4) 23.9
Housing and Construction 25,534.5 22,130.7 115,534.0 44,530.4 24,264.2 140,572.0 74.4 9.6 21.7
Mines, Power and Water resource 48,531.5 5,957.8 303,992.3 20,168.8 1,733.1 322,522.5 (58.4) (70.9) 6.1
Others 4,583.0 3,762.9 11,436.4 9,105.5 5,985.4 22,306.4 98.7 59.1 95.0
Personal 19,308.7 10,132.3 50,212.7 23,553.3 12,996.0 69,565.2 22.0 28.3 38.5
Total 271,165.9 183,325.6 1,032,203.0 329,451.0 186,000.4 1,283,283.8 21.5 1.5 24.3
Source: Commercial Banks & Staff Computation
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Fig.IV.8: Sectorial Breakdown of Bank Credit (2018/19-2020/21)
1,400,000.0
In Millions of Birr
1,200,000.0
1,000,000.0
800,000.0
600,000.0
400,000.0
200,000.0
-
2018/19 2019/20 2020/21
Mines, Power and Water Reso. Transport and Communication Agriculture

Others Housing & Construction International Trade
Domestic Trade & Services Industry
Table 4.13: Loans and Advances by Borrowers (In Millions of Birr)
2017/18 2018/19 2019/20 2020/21

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 401,517.5 463,351.1 547,616.6 67,161.5 12,055.1 612,774.3 32.2 11.9
Cooperatives 16,724.6 18,532.1 19,891.0 34,697.4 27,326.0 29,129.8 57.2 46.4
Private & Individuals 267,738.5 359,100.3 464,695.4 227,592.2 146,619.3 641,379.7 78.6 38.0
Total 685,980.5 840,983.5 1,032,203.0 329,451.0 186,000.4 1,283,283.8 52.6 24.3

Source: Commercial Banks & DBE
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4.4. Financial Activities of NBE
As of June 2021, NBE’s gross claims on On the liability side, total deposits
central government stood at Birr 281.9 declined by 3.5 percent to Birr 137.6
billion about 22.4 percent higher than a billion due to lower deposits of the
year earlier. Of the total credit to the financial institutions at NBE (Table
central government, bonds accounted for 4.14).
70.4 percent and direct advance 29.6
percent.
Meanwhile, NBE’s outstanding claims on

DBE was Birr 56.6 billion showing a 2.6
percent reduction relative to last year
same period.
Table 4.14: Financial Activities of National Bank of Ethiopia at the Close of June 30, 2021
( In Millions of Birr)
2018/19 2019/20 2020/21 % Change

Particulars
A B C D=B/A E=C/B
Loans and Advances (1+2) 246,828.0 288,380.4 338,505.4 16.8 17.4
1.Claims on Central Gov’t 194,685.3 230,237.7 281,862.6 18.3 22.4
1.1 Direct Advance 187,264.9 31,000.0 83,500.0 -83.4 169.4
1.2 Bonds 7,420.4 199,237.7 198,362.6 2585.0 -0.4
2. Claims on DBE 52,142.7 58,142.7 56,642.7 11.5 -2.6
3. Deposit Liabilities 101,541.6 142,563.3 137,565.8 40.4 -3.5
3.1 Government 22,513.9 34,526.8 36,843.5 53.4 6.7
3.2 Financial Institutions 79,027.7 108,036.6 100,722.4 36.7 -6.8

Source:National Bank of Ethiopia
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4.5 Developments in Financial Markets

year. This was mainly attributed to
Despite absence of secondary market in the policy change on the issuance
Ethiopia, government bonds were of T-bills since December 2019.
occasionally issued to finance government
expenditures and/or to absorb excess
liquidity in the banking system. Commercial Banks’ participation
in T-bill auction market has shown
significant improvement and
4.5.1. Treasury Bills Market
accounted for Birr 52.0 billion or
During 2020/21, total T-bills offered to the
44.6% of the total outstanding T-
T-bills auction market showed a 42.9
Bills where that of non-bank
percent increment and reached Birr 330.7
institutions stood at Birr 64.5
billion while demand for T-bills increased
billion or 55.4 % (Table 4.15).
17.1 percent to reach Birr 284.8 billion.
This indicated that the market was Average weighted yield of all types
undersubscribed by Birr 45.9 billion (13.9 of T-bills increased to 7.97 percent
percent). Thus, the amount of T-bills sold from 4.536 percent during the
during the fiscal year was Birr 238.8 billion review period (Table 4.15). The
which was lower than the demand by Birr highest yield was recorded for the
46 billion. 364-day T-bills and the lowest 28-

day T-bills with a corresponding
At the end of 2020/21, total outstanding T- yield rate of 9.032 and 6.826
bills amounted to Birr 116.6 billion, about percent, respectively.
391 percent higher than the preceding fiscal
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Table 4.15: Results of Annual Treasury Bills Auction

(In millions of Birr)

Particulars A B C C/A C/B
Number of Bidders 192.00 163.00 403.00 109.90 147.24
Amount Demanded (Mn.Birr) 422,633.54 243,155.09 284,783.55 (32.62) 17.12
28-day bill 1,670.00 2,583.00 41,148.55 2,363.99 1,493.05
91-day bill 388,670.54 221,726.09 136,590.30 (64.86) (38.40)
182-day bill 2,077.00 14,096.00 72,176.30 3,375.03 412.03
364-day bill 30,216.00 4,750.00 34,868.40 15.40 634.07
Amount Supplied (Mn.Birr) 397,958.24 231,486.88 330,673.00 (16.91) 42.85
28-day bill 1,040.00 3,106.00 30,230.00 2,806.73 873.28
91-day bill 364,184.24 203,649.88 108,117.00 (70.31) (46.91)
182-day bill 2,022.00 19,981.00 132,476.00 6,451.73 563.01
364-day bill 30,712.00 4,750.00 59,850.00 94.87 1,160.00
Amount Sold (Mn.Birr) 422,633.54 234,839.09 238,799.55 (43.50) 1.69
Banks 650.00 5,980.00 97,130.41 14,843.14 1,524.25
Non-Banks 421,983.54 228,859.09 141,669.15 (66.43) (38.10)
Average Weighted Price for Successful
98.80 97.89 96.37 (2.46) (1.55)
bids(Birr)
28-day bill 99.94 99.69 99.48 (0.46) (0.21)
91-day bill 99.70 98.94 97.97 (1.73) (0.98)
182-day bill 99.68 97.66 96.29 (3.40) (1.40)
364-day bill 95.87 95.25 91.74 (4.31) (3.69)
Average Weighted Yeild for Successful
1.74 4.54 7.97 357.70 75.71
bids(%)
28-day bill 0.80 4.04 6.83 755.58 68.97
91-day bill 1.20 4.29 8.30 589.53 93.20
182-day bill 0.64 4.81 7.72 1,108.71 60.61
364-day bill 4.32 5.00 9.03 108.85 80.65
Outstanding bills at the end of
period(Mn.Br.) 138,054.36 Share % 23,724.00 Share % 116,559.95 Share % (15.57) 391.32
Banks 650.00 0.47 5,604.00 23.62 52,040.00 44.65
Non-Banks 137,404.36 99.53 18,120.00 76.38 64,519.95 55.35 (53.04) 256.07
Public Servants Social Security Agency 72,015.56 52.16 11,690.00 49.27 43,869.95 37.64 (39.08) 275.28
Development Bank of Ethiopia 30,216.00 21.89 - - - - (100.00) -
Private Organizations’ Employees Social 31,841.80 23.06 6,430.00 27.10 20,600.00 17.67 (35.31) 220.37
Other Non-Bank Institutions 3,331.00 2.41 - - 50.00 0.04 (98.50) -
Source NBE.
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Fig IV.9: Annual trends of T- Bills Market and its weighted Yield
450,000.00 9.000
400,000.00 8.000
350,000.00 7.000
300,000.00 6.000
Value in Millions of Birr
Annual weighted yield

250,000.00 5.000
200,000.00 4.000
150,000.00 3.000
100,000.00 2.000
50,000.00 1.000
- 0.000
Year
Demand Supply Average Weighted Yield
4.5.2. Corporate Bond Market
CBE’s corporate bond purchase during As a result, total outstanding bond

2020/21 dropped 39.2 percent to Birr holding registered showed 9.8 perent
43.8 billion. annual growths and reached Birr 444.9
At the same time, total amount of billion at the end of the fiscal year. The
share of EEPA & EEU in outstanding
corporate bond redeemed stood at Birr
corporate bond was 72.13 percent, while
8.5 Billon, with Addis Ababa city
that of Ethio Railway Corporation, Addis
administration, Ethiopian Electric power
Ababa City Administration and regional
& Ethiopian Electric Utility and regional
states stood at 16.05 percent, 11.72
governments being the major issuers.
percent and 0.11 percent, respectively.
(Table 4.16).
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Table 4.16: Disbursement, Redemption and Outstanding of Coupon and Corporate Bond of CBE
Percentage
Annual
Change
Particulars
2018/19 2019/20 2020/21
Actual A B B/A
1. Corporate Bond Purchases by holders 71,800.00 71,971.84 43,768.87 -39.19
EEPCO and EEU 47,800.00 47,716.23 19,856.55 -58.39
Regional governments - 0.00 -
Development Bank of Ethiopia 0.00 - 0.00 -
City Government of Addis Ababa 9,000.00 2,700.00 13,587.37 -
Railway Corporation 15,000.00 21,555.61 10,324.95
Private Sector - - -
2. Redemption of Bonds by Clients 24,644.62 21,796.64 8,496.49 -61.0
EEPCO and EEU 228.75 5,156.04 1,316.56 -74.5
Regional governments 20.29 52.65 38.07 -27.7
Development Bank of Ethiopia 0.00 -
City Government of Addis Ababa 23,112.35 8,712.39 7,141.87 -18.0
Railway Corporation 1,283.24 7,875.56 0.00 -
Private Sector - -
3. Outstanding Bonds by Clients 338,580.36 405,235.41 444,871.73 9.8
EEPCO and EEU 263,921.3 302,345.73 320,885.72 6.1
Regional governments 568.7 516.02 467.59 -9.4
Development Bank of Ethiopia - - - 0.0
City Government of Addis Ababa 31,184.7 45,686.69 52,132.19 14.1
Railway Corporation 42,905.7 56,686.98 71,386.23 25.9
Private Sector - - - -
Source: Commercial Bank of Ethiopia
4.5.3. Inter-bank Money Market

There has been no interbank money
market transaction during the review
period.
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V. DEVELOPMENTS IN EXTERNAL SECTOR

5.1. Overall Balance of Payments
The overall balance of payments registered million deficit while merchandise trade
USD 298.7 million in surplus in 2020/21 deficit narrowed by 2 percent. In addition,
compared to USD 833.4 million deficit a net private transfers increased by 18
year earlier. This positive development percent whereas official transfers slumped
was attributed to lower deficit in goods by 10.2 percent. As a result, the current
trade, recovery of service account balance account deficit (including official
and higher net private transfers despite transfers) showed a 28.3 percent
decline in net official transfers and net contraction to USD 3.2 billion and its
capital account inflows. share in GDP stood at 2.8 percent (Table
5.1).
Services in account registered USD 29.7
million in surplus in contrast to USD 219
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Table 5.1: Balance of Payments1

(In Millions of USD)
Percentage
2018/19 2019/20* 2020/21 Change
S/N Particulars A B C B/A C/B
1 Exports, f.o.b. 2,666.5 2,987.7 3,617.0 12.0 21.1

Coffee 764.1 855.9 909.4 12.0 6.3
Other 1,902.4 2,131.8 2,707.6 12.1 27.0
2 Imports 15,112.0 13,881.3 14,287.9 -8.1 2.9
Fuel 2,600.7 2,088.1 1,940.8 -19.7 -7.1
Cereals 598.7 843.2 1,336.7 40.8 58.5
Aircraft 870.3 65.9 130.4 -92.4 97.8
Imports excl. fuel, cereals, aircraft 11,042.3 10,884.1 10,879.9 -1.4 0.0
3 Trade Balance (1-2) -12,445.5 -10,893.6 -10,670.9 -12.5 -2.0
4 Services, net -564.4 -219.0 29.7 -61.2 -113.5
Non-factor services, net 39.0 393.7 586.9 910.7 49.1
Exports of non-factor services 4,948.9 4,686.4 4,894.6 -5.3 4.4
Imports of non-factor services 4,910.0 4,292.7 4,307.7 -12.6 0.4
Income, net -603.3 -612.7 -557.2 1.5 -9.1
O/w Gross official int. payment 682.8 654.4 564.9 -4.2 -13.7
Dividend, net -0.1
5 Private transfers, net 5,975.2 5,185.7 6,118.4 -13.2 18.0
o/w: Private Individuals 5,292.4 4,275.1 4,931.3 -19.2 15.4
6 Current account balance excluding off. Transfers (3+4+5) -7,034.7 -5,926.9 -4,522.8 -15.7 -23.7
7 Official transfers, net 2,086.7 1,525.0 1,368.9 -26.9 -10.2
8 Current account balance including official transfers(6+7) -4,948.0 -4,401.9 -3,153.9 -11.0 -28.3
9 Capital account 4,822.4 4,326.5 3,818.6 -10.3 -11.7
Off. Long-term Cap., net 1,645.7 2,613.4 893.7 58.8 -65.8
Disbursements 1,841.7 2,821.2 1,018.0 53.2 -63.9
Amortization 196.0 207.8 124.3 6.0 -40.2
Other pub. long-term cap. -249.0 -720.9 -848.7 189.6 17.7
Private sector, long term 264.2 164.3 153.4 -37.8 -6.6
Foreign Direct Investment(net) 3,015.4 2,419.2 3,955.4 -19.8 63.5
Short-term Capital 146.1 -149.4 -335.3 -202.3 124.4
10 Errors and Omissions [11-(9+8)] -816.1 -758.0 -365.9
11 Overall balance (-13) -941.6 -833.4 298.7
12 Financing (13+16) 941.6 833.4 -298.7
13 Reserves [ Increase(-), Decrease (+)] (14+15) 941.6 833.4 -298.7
14 Central Bank (NFA) 916.7 770.1 386.4
Asset -567.8 304.5 244.0
Liabilities 1,484.5 465.6 142.4
15 Commercial banks (NFA) 25.0 63.3 -685.1
16 Debt Relief
Principal
Interest
Source: NBE Staff Compilation
1
2020/21 data are Preliminary
*Some items are revised
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Table 5.2: Components of Current Account as Percentage of GDP

Particulars A B C B/A C/B
Trade Balance -13.0 -10.1 -9.6 -22.0 -5.2
Net Services -0.6 -0.2 0.03 -65.4 -113.1
Net Private Transfers 6.2 4.8 5.5 -22.7 14.2
Net Private Transfers 2.2 1.4 1.2 -34.9 -13.1
Current Account Deficit (excluding official transfers) -7.3 -5.5 -4.1 -25.0 -26.2
Current Account Deficit (including official transfers) -5.2 -4.1 -2.8 -20.8 -30.7
Fig. V.1 Trends in Components of Current Account

18,000.0
16,000.0
14,000.0
12,000.0
10,000.0
In Million of USD
8,000.0
6,000.0
4,000.0
2,000.0
-
(2,000.0)
Exports Imports Net Services Private Transfers, net
Source: NBE Staff Computations
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5.2. Developments in Merchandise Trade

5.2.1 Balance of Trade
In 2020/21, merchandise trade balance rise in import bill. Hence, merchandise
recorded USD 10.7 billion which was trade deficit as a proportion of GDP
slightly lower than USD 10.9 billion in stood at 9.6 percent compared to 10.1
the preceding year as the increase in percent a year ago.
goods export earnings outweighed the
5.2.2 Merchandise Export

Total merchandise export in 2021/21 volume and 18.9 percent in international
amounted to USD 3.6 billion showing a price. NBE’s revision of the gold
21.1 percent annual growth owing to purchase price was the main reason for
higher export earnings from coffee (6.3 higher performance in gold export. As a
percent), gold (242 percent), flower result, the share in gold in total
(11.4 percent), chat (24.1 percent), merchandise export significantly
electricity (36.2 percent), fruits & improved to 18.6 percent from 6.6
vegetables (17.7 percent) and meat & percent last year.
meat products (11.7 percent).
In the same way, export revenue from
The increase in export earnings from flower grew 11.4 percent and reached
coffee stood at USD 909.4 million USD 470 million as both export volume
driven by 15.9 percent rise in and world price increased 7.6 and 3.6
international price despite 8.3 percent percent, respectively. However, the
drop in its export volume. The share of share of flower in total export earnings
coffee in total merchandise export declined to 13.0 percent from 14.1
revenue declined to 25.1 percent from percent a year ago.
28.6 percent last year.
Receipts from chat export amounted to
Likewise, gold export generated USD USD 402.5 million depicting a 24.1
672 million which was 242 percent percent annual growth due to a 24.6
higher than the preceding year. This was percent increase in export volume
attributed to a 187.7 percent increase in despite 0.5 percent fall in international
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price. Thus, the share of chat total export Hence, revenue from oil seeds accounted
earning stood at 11.1 percent. for 9.3 percent of the total merchandise
export earnings.
Earnings from export of electricity went
Proceeds from pulses export slightly
up 36.2 percent to USD 90.5 million
dropped (0.4 percent) and generated
owing to 43.0 percent rise in export
USD 233.8 million as export volume
volume in spite of 4.7 percent decline in
declined 20.7 percent despite a 25.6
international price. Accordingly, its
percent increase in international price.
share in total merchandise export
As a result, its share in total merchandise
earnings slightly improved to 2.5 percent
export decreased to 6.5 percent from 7.9
from 2.2 percent last year.
percent in the previous year.
Revenue from export of fruits & Earnings from exports of leather &
vegetables increased 17.7 percent as leather products recorded a 49.4 percent
export volume rose 16.0 percent and decline due to the fall in export volume
international price 1.5 percent. However, (35.5 percent) and international price
their share in total merchandise export (21.5 percent). Consequently, the share
receipts slightly declined to 1.9 percent of leather and leather products in total
from 2.0 percent a year earlier. merchandise export shrank to 1.0 percent
Receipts from meat & meat product
export went up 11.7 percent over last Similarly, receipts from textile & textile
year wholly driven by 14.1 percent products fell 12.9 percent wholly on
increase in export volume despite a 2.1 account of 17.4 percent decline in
percent drop in international price. international price. The share of textile
However, their share in total export & textile products in total exports
revenue constituted just 2.1 percent. accounted for 4.1 percent compared to
5.7 percent a year ago.
On the other hand, export earnings from
oilseeds declined 2.7 percent and stood Export earnings from live-animals
at USD 335.5 million due to a 6.3 decreased 17.0 percent owing to 10.7
percent fall in world price although its percent decline in export volume and 7.1
export volume increased 3.8 percent. percent in international price. Thus, the
59 | A n n u a l R e p o r t 2 0 2 0 / 2 1
share of live-animals in total percent from 1.8 percent a year ago.
merchandise export decreased to 1.2
Table 5.3 Values of Major Export Items

(In millions of USD)

Particulars
A %share B %share C %share B/A C/B
Coffee 764.1 28.7 855.9 28.6 909.4 25.1 12.0 6.3
Oilseeds 387.8 14.5 345.0 11.5 335.5 9.3 -11.0 - 2.7
Leather and Leather 117.4 4.4 72.0 2.4 36.5 1.0 -38.6 -49.4
products
Pulses 272.3 10.2 234.8 7.9 233.8 6.5 -13.8 - 0.4
Meat & Meat Products 88.6 3.3 67.4 2.3 75.3 2.1 -23.9 11.7
Fruits & Vegetables 60.9 2.3 58.8 2.0 69.3 1.9 - 3.4 17.7
Textile & Textile Prod. 152.9 5.7 168.9 5.7 147.1 4.1 10.5 -2.9
Live Animals 45.8 1.7 54.1 1.8 44.9 1.2 18.1 -17.0
Chat 303.6 11.4 324.4 10.9 402.5 11.1 6.9 24.1
Gold 27.9 1.0 196.5 6.6 672.0 18.6 604.5 242.0
Flower 256.6 9.6 422.3 14.1 470.6 13.0 64.6 11.4
Electricity 55.8 2.1 66.4 2.2 90.5 2.5 19.2 36.2
132.9 5.0 121.1 4.1 129.5 3.6 - 7.0
Others 8.9
Total Export 2,666.5 100.0 2,987.7 100.0 3,617.0 100.0 12.0 21.1
Source: Ethiopian Customs Commission and Ethiopian Electric Power
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Fig.V.2: Foreign Exchange Earnings from Selected Export Items

1,000
800
(Millions USD)
600
400
200
0
2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21
Coffee Oil Seeds Leather & Leather Products
Pulses Flower Gold
Chat
Source: NBE Staff Computation
Fig.V.3: Export Share of Selected Commodities (2020/21)
Leather &
Others
Leather Products
14.1%
1.0% Coffee
25.1%
Flower
13.0%
Oilseeds
9.3%
Gold
18.6% Pulses
Chat 6.5%
11.1%
Live Animals
1.2%
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Table 5.4: Volume of Major Exports

(In millions of kg unless stated otherwise)

Particulars
B/A*100- C/B*100-
A B C
100 100
Coffee 230.93 271.11 248.65 17.40 -8.28
Oilseeds 260.00 236.50 245.48 -9.04 3.79
Leather and Leather 5.59 3.55 2.29
Products -36.48 -35.50
Pulses 462.82 354.01 280.60 -23.51 -20.74
Meat & Meat Products 17.72 12.82 14.63 -27.65 14.13
Fruits & Vegetables 175.62 191.18 221.70 8.86 15.96
Textile & Textile Prod. 19.89 22.80 24.05 14.63 5.47
Live Animals 24.35 29.40 26.26 20.74 -10.66
Chat 53.57 57.14 71.21 6.67 24.63
Gold(In mn. of grams) 0.82 3.32 9.56 306.55 187.68
Flower 57.85 94.39 101.58 63.17 7.62
Electricity(In mn of kwh) 968.59 1,145.25 1,637.22 18.24 42.96
Fig.V.4 Export Volume of Selected Commodities

500
450
400
350
(Million Kg.)
300
250
200
150
100
50
0
2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21

Pulses Flower Gold
Chat
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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 3.31 3.16 3.66 -4.59 15.85
Oilseeds 1.49 1.46 1.37 -2.20 -6.30
Leather and Leather 20.99 20.28 15.92 -3.40 -21.49
Products
Pulses 0.59 0.66 0.83 12.74 25.62
Meat & Meat Products 5.00 5.26 5.15 5.14 -2.11
Fruits & Vegetables 0.35 0.31 0.31 -11.22 1.51
Textile & Textile Prod. 7.69 7.41 6.12 -3.62 -17.40
Live Animals 1.88 1.84 1.71 -2.17 -7.09
Chat 5.67 5.68 5.65 0.18 -0.47
Gold(USD/grams) 34.12 59.12 70.28 73.28 18.88
Flower 4.44 4.47 4.63 0.85 3.56
Electricity(USD/kwh) 0.06 0.06 0.06 0.80 -4.70
80
Fig.V.5: Unit Value of Selected Export Commodities
70
(USD/Kg,, Gold (USD/Gm))
60
50
40
30
20
10
0
2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21

Pulses Flower Gold
Chat
63 | A n n u a l R e p o r t 2 0 2 0 / 2 1
5.2.3. Import of Goods

In 2020/21, total merchandise import bill Likewise, import value of fuel declined
reached USD 14.3 billion depicting 2.9 7.1 percent to USD 1.9 billion on account
percent increase over last fiscal year of the fall in international price (5.2
solely due to higher imports of consumer percent) and import volume (1.9 percent).
goods. Hence, import of goods to GDP Hence, its share in total merchandise
ratio stood at 12.8 percent. import contracted to 13.6 percent from
15.0 percent last year.
Consumer goods import bill stood at
USD 5.5 billion, about 36.4 percent Similarly, USD 2.7 million was paid for
higher than last year due to a 51.1 percent imports of semi-finished goods, which
surge in imports of non-durable goods showed a 13.8 percent declined despite
despite 12.8 percent reduction in imports 15.2 percent increase in import of
of durable goods. As a result, the share of fertilizer. As a result, semi-finished goods
consumer goods in total imported goods accounted for 18.8 percent of the total
increased to 38.3 percent from 28.9 merchandise import which was lower
percent of in 2019/20. than the 22.4 percent share in 2019/20.
Payments for capital goods imports In the same way, import bill of raw
dropped 5.9 percent owing to higher materials declined 14.3 percent and
import values of transport goods (12 accounted for 1.0 percent of the total
percent) and industrial capital goods (4.5 goods import payment made a year ago
percent). Imports of agricultural capital (Table 5.6).
goods, however, rose 1.5 percent. Hence,

the share of capital goods in total
merchandise imports slowed down to
27.2 percent from 29.7 percent a year
ago.
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Table 5.6: Value of Imports by End Use

2018/19 2019/20 2020/21 Percentage change
Categories A % share B % share C % share B/A C/B
Raw Materials 151.5 1.0 162.2 1.2 138.9 1.0 7.0 -14.3
Semi-finished Goods 2,778.8 18.4 3,110.7 22.4 2,681.0 18.8 11.9 -13.8
Fertilizers 499.7 3.3 597.8 4.3 688.6 4.8 19.6 15.2
Fuel 2,600.7 17.2 2,088.1 15.0 1,940.8 13.6 -19.7 -7.1
Petroleum Products 2,493.4 16.5 2,003.7 14.4 1,839.3 12.9 -19.6 -8.2
Others 107.3 0.7 84.3 0.6 101.3 0.7 -21.4 20.1
Capital Goods 5,030.6 33.3 4,122.0 29.7 3,879.7 27.2 -18.1 -5.9
Transport 1,429.2 9.5 397.6 2.9 349.9 2.4 -72.2 -12.0
Agricultural 58.6 0.4 88.2 0.6 89.5 0.6 50.7 1.5
Industrial 3,542.9 23.4 3,636.2 26.2 3,440.3 24.1 2.6 -5.4
Consumer Goods 4,273.1 28.3 4,010.6 28.9 5,472.4 38.3 -6.1 36.4
Durables 1,200.7 7.9 920.5 6.6 803.1 5.6 -23.3 -12.8
Non-durables 3,072.3 20.3 3,090.1 22.3 4,669.3 32.7 0.6 51.1
Miscellaneous 277.2 1.8 387.8 2.8 175.0 1.2 39.9 -54.9
Total Import 15,112.0 100.0 13,881.3 100.0 14,287.9 100.0 -8.1 2.9
Source: Ethiopian Customs Commission and Ethiopian Petroleum Enterprise
65 | A n n u a l R e p o r t 2 0 2 0 / 2 1
5.2.4. Direction of Trade Korea (6.1 percent), China (6.0 percent),

Israel (6.0 percent), Singapore (4.5
5.2.4.1. Export of Goods
percent), Indonesia (2.8 percent), Yemen
The major destinations for Ethiopian (2.8 percent) and Taiwan (1.7 percent).
merchandise export during 2019/20 were These countries altogether constituted
Asia, Europe and Africa. Europe 76.6 percent of Ethiopia’s total export to
accounted for 41.3 percent of Ethiopia’s Asia.
total export of goods. Switzerland was
the largest market for Ethiopia’s export Ethiopia’s export destined to African
with a 45.4 percent share in total export countries had a 17.4 percent share. The
earnings followed by the Netherlands exports were mainly to Somalia (33.5
(19.7 percent), Germany (8.9 percent), percent), Djibouti (15.0 percent), Sudan
Belgium (6.1 percent), Italy (3.2 (13.5 percent), Kenya (1.5 percent), South
percent), United Kingdom (2.2 percent), Africa (1.0 percent), Nigeria (1.0 percent)
France (1.9 percent), Turkey (1.5 and Egypt (0.8 percent), which altogether
percent) and Spain (1.0 percent). These accounted for 66.2 percent of the total
countries had 89.9 percent share in export of goods to Africa.
Ethiopia’s total export of goods to
Europe during 2019/20. America constituted 9.4 percent of
Ethiopia’s total goods export of which,
Asia had a 31.0 percent share in 81.2 percent went to the United States, 5.0
Ethiopia’s total export of goods, with percent to Canada and 0.6 percent to
exports to Saudi Arabia accounting for Mexico. These countries accounted for
18.7 percent, followed by United Arab 86.8 percent Ethiopia’s total export of
Emirates (14.7 percent), India (6.7 goods to America.
percent), Japan (6.6 percent), South
66 | A n n u a l R e p o r t 2 0 2 0 / 2 1
Fig.V.6: Export by Destination (2020/21)

0.9%
17.4%
Africa
31.0% Europe
America
Asia
Oceania
9.4% 41.3%

percent), Belgium (6.0 percent), Russia (3.8
5.2.4.2 Import of Goods percent), Rumania (3.5 percent), the
Ethiopia’s imports largely originated from Netherlands (3.1 percent), Switzerland (2.4
Asia, which accounted for 61.3 percent of the percent) and Spain (2.0 percent), which
total imports of the country. These include jointly had 90.5 percent share in of Ethiopia’s
imports from China (37.3 percent), India total imports from Europe.
(20.1 percent), U.A.E (10.7 percent),
Ethiopia imported about 8.9 percent of its
Malaysia (7.0 percent), Saudi-Arabia (5.6
total merchandise imports from Africa, the
percent), Kuwait (5.3 percent), Indonesia (3.7
major origins being Morocco (45.8 percent),
percent), South Korea (2.5 percent),
Egypt (22.2 percent), South Africa (11.3
Singapore (1.6 percent) and Thailand (1.5
percent), Djibouti (10.9 percent), Kenya (4.4
percent) which altogether constituted 95.4
percent) and Sudan (2.3 percent), which in
percent of the total Ethiopian imports from
contribution constituted 97.0 percent of the
Asia.
total imports from the African continent.
Ethiopia’s, imports from Europe accounted
Imports from America accounted for 7.6
for 22.0 percent of the total imports with the
percent of Ethiopia’s total imports, with the
major imports being from countries including
United States having 88.4 percent share
Turkey (24.0 percent), Ukraine (12.8 percent),
followed by Canada (4.3 percent) and Brazil
Italy (10.9 percent), United Kingdom (9.0
(4.1 percent).
percent), Germany (6.9 percent), France (6.0
67 | A n n u a l R e p o r t 2 0 2 0 / 2 1
Fig.V.7: Import By Origin (2020/21)

0.1%
8.9%
Africa
Europe
22.0%
America
Asia
61.3% Oceania
7.6%
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5.3 Services and Transfers (170.1 percent). However, the surplus in
5.3.1 Services transport service declined by 17.5 percent
During 2020/21, net services account while the deficit in other services and
recorded USD 29.7 million in surplus investment income widened by 12
compared with USD 219 million deficit percent and 9.1 percent, respectively.
last year. This was attributed to the

significant improvement in travel service
(106.4 percent) and government services
Table 5.7 Services Accounts

Percentage
2018/19 2019/20 2020/21 Change
No Particulars A B C D=B/A E=C/B
1 Investment Income (2+5) -603.3 -612.7 -557.2 1.5 -9.1
2 Interest, net (3-4) -603.3 -612.7 -557.1 1.5 -9.1
3 Credit 79.5 41.7 7.8 -47.5 -81.4
4 Debit 682.8 654.4 564.9 -4.2 -13.7
5 Dividend, net -0.1
6 NON-FACTOR SERVICES, net (7-8) 39.0 393.7 586.9 910.7 49.1
7 Exports of non-factor services 4,948.9 4,686.4 4,894.6 -5.3 4.4
Travel 868.1 853.8 1,124.8 -1.6 31.7
Transport 1 3,420.8 3,381.4 3,233.9 -1.2 -4.4
Gov't 2 354.6 131.0 184.9 -63.1 41.2
Other 3 305.4 320.2 351.0 4.8 9.6
8 Imports of non-factor services 4,910.0 4,292.7 4,307.7 -12.6 0.4
Travel 646.2 521.0 437.9 -19.4 -16.0
Transport 1 2,775.9 2,489.0 2,497.2 -10.3 0.3
Gov't 2 71.8 71.0 23.0 -1.1 -67.6
Other 3 1,416.1 1,211.7 1,349.6 -14.4 11.4
9 Net Services (10+11+12+13+14) -564.4 -219.0 29.7 -61.2 -113.5
10 Travel 221.9 332.8 686.9 50.0 106.4
11 Transport 644.9 892.5 736.7 38.4 -17.5
12 Gov't 282.8 59.9 161.9 -78.8 170.1
13 Other -1,110.7 -891.5 -998.6 -19.7 12.0
14 Investment Income -603.3 -612.7 -557.2 1.5 -9.1
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
69 | A n n u a l R e p o r t 2 0 2 0 / 2 1
5.3.2. Unrequited Transfers

Net unrequited transfers grew 11.6 percent of total transfers during the
percent in 2020/21 and amounted to period, registered 15.4 percent growth,
USD 7.5 billion, as net private transfers net official transfers dropped 10.2
rose 18 percent outweighing the 10.2 percent.
percent reduction in net official
transfers.
Meanwhile, transfers from private

individuals, which comprised of 64.5
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Table 5.8: Unrequited Transfers

Percentage
2018/19 2019/20 2020/21 Change
% %
S/N Particulars A % share B share C share B/A C/B
1 Private Transfers, net 5,975.2 74.1 5,185.7 77.3 6,118.4 81.7 -13.2 18.0
1.1 Receipts 5,993.4 73.7 5,210.4 76.2 6,140.0 80.3 -13.1 17.8
NGO's 701.0 8.6 935.3 13.7 1,208.6 15.8 33.4 29.2
Cash 561.7 6.9 532.7 7.8 715.6 9.4 -5.2 34.3
Food 139.3 1.7 402.6 5.9 493.1 6.4 189.0 22.5
Other
Private Individuals 5,292.4 65.0 4,275.1 62.5 4,931.3 64.5 -19.2 15.4
1.2 Payments 18.2 24.5 24.6 18.9 21.5 13.3 35.5 -12.6
2 Official Transfers, net 2,086.7 25.9 1,525.0 22.7 1,368.9 18.3 -26.9 -10.2
2.1 Receipts 2,142.6 26.3 1,630.8 23.8 1,509.6 19.7 -23.9 -7.4
Cash 2,133.5 26.2 1,630.8 23.8 1,509.4 19.7 -23.6 -7.4
Food 3.2 - -
Other 6.0 - 0.1 -100.0
2.2 Payments 55.9 75.5 105.8 81.1 140.7 86.7 89.1 33.0
Total Receipts 8,136.0 100.0 6,841.2 100.0 7,649.6 100.0 -15.9 11.8
Total Payments 74.1 100.0 130.4 100.0 162.3 100.0 76.0 24.4
3 Net Transfers 8,061.9 100.0 6,710.7 100.0 7,487.3 100.0 -16.8 11.6
Source: National Disaster Risk Management Commission, MoF and NBE
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5.4. Current Account of 2020/21 as net foreign assets of

commercial banks increased to 685.1
In 2020/21, current account deficit, million while that of the NBE showed a
including official transfers, narrowed to USD 386.4 million drawdown. Thus, gross
USD 3.2 billion from USD 4.4 billion last international reserves as of June 30, 2021
year as merchandise trade deficit contracted was adequate to cover 2.2 months of
a deficit in net services turned to a surplus, imports of goods and non-factor services.
and net private transfers improved in
contrast to slowdown in net official 5.7 External Debt
transfers.
By end of 2020/21, Ethiopia’s external
debt stock reached USD 29.5 billion,
5.5 Capital Account depicting a 2.2 percent annual growth
Capital account recorded USD 3.8 billion mainly due to increased debt (8 percent)
in surplus, which was 11.7 percent lower owed to multilateral creditors although
than that of last year largely owing to the debt from bilateral and commercial
65.8 percent decline in long term net sources declined by 7.4 percent and 7.6
official capital, 17.7 percent and 6.6 percent, respectively. Hence, the country’s
percent net private long term capital. external debt stock to GDP ratio stood at
26.5 percent. Commercial debt stock
Foreign direct investment, however, reached USD 3.3 billion, showing 7.6
registered 64.1 percent increment and percent year-on-year reduction and
reached USD 4 billion, (including USD 845 accounting for 11.3 percent of the total
million receipt from Telecom debt stock. Of the total debt stock, 66
privatization). percent was owed to multilateral and 22.7
percent to bilateral creditors. However, the
5.6 Changes in Reserve Position external debt burden, measured by debt
services to export of goods and non-factor
Net foreign asset 5 of the banking system
services ratio, decreased to 21.7 percent
amounted to USD 298.7 million at the end
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Table 5.9: External Public Debt

Percentage
2018/19 2019/20 2020/21 Change
Particulars A B C D=B/A E=C/B
Annual Debt 2,812.0 3,328.3 1,411.1 18.4 -57.6
Debt Stock 27,076.2 28,894.6 29,537.4 6.7 2.2
Multilateral 15,973.9 18,037.5 19,488.2 12.9 8.0
Bilateral 7,290.1 7,242.4 6,708.6 -0.7 -7.4
Commercial 3,812.2 3,614.7 3,340.7 -5.2 -7.6
Debt Services 2,036.2 2,003.3 1,843.9 -1.6 -8.0
Principal repayments 1,406.8 1,396.3 1,370.0 -0.7 -1.9
Interest payments 629.4 607.0 473.9 -3.6 -21.9
Debt Stock to GDP Ratio (in %) 28.2 26.8 26.5 -4.9 -1.1
Debt stock to export of goods and non-factor
services 3.6 3.8 3.5 5.9 -7.8
Receipt from Goods & Non-factor Services 7,615.4 7,674.0 8,511.5 0.8 10.9
Debt service ratio (In percent )1/ 26.7 26.1 21.7 -2.4 -17.0
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
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5.8. Developments in Foreign Exchange Markets
5.8.1. Developments in Nominal Exchange Rate
Weighted average exchange rate of the In the retail foreign exchange market, the
Birr in the inter-bank foreign exchange average buying and selling rates of the
market was Birr 39.0163/USD at the end Birr depreciated by 26.2 and 26.7 percent,
of 2020/21 showing a 24.9 percent annual respectively resulting in a 2.1 percent
depreciation (Table 5.10). spread between the two rates.
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
2018/19 28.0543 12.6 0.0 251.0 0.0
Qtr. I 27.4295 3.1 0.0 62.0 0.0
Qtr. II 27.8137 3.3 0.0 65.0 0.0
Qtr. III 28.2700 3.2 0.0 63.0 0.0
Qtr. IV 28.7039 3.1 0.0 61.0 0.0
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
Source: NBE, Foreign Exchange Monitoring & Reserve Management Directorate and EEAIRD Staff
Compilation
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Table 5.11: End Period Mid-Market Rates

(USD per Unit of Foreign Currency)
Currency A B C B/A C/B
Pound Sterling 1.2701 1.2322 1.3834 -2.98 12.27
Swedish Kroner 0.1078 0.1076 0.1173 -0.19 8.99
Djibouti Franc 0.0056 0.0056 0.0056 0.01 0.00
Swiss Franc 1.0226 1.0588 1.0855 3.54 2.53
Saudi Riyal 0.2666 0.2665 0.2666 -0.03 0.03
UAE Dirham 0.2722 0.2722 0.2722 0.00 0.00
Canadian Dollar 0.7615 0.7322 0.8080 -3.84 10.34
Japanese Yen 0.0093 0.0093 0.0090 0.62 -3.06
Euro 1.1371 1.1284 1.1902 -0.77 5.48
SDR 1.3896 1.3783 1.4286 -0.81 3.65
Source: Staff Compilation
On the other hand, at end period mid- (2.5 percent) and Saudi Riyal (0.03
market exchange rate, the US dollar percent), while it appreciated against
depreciated against Pound Sterling (12.3 Japanese Yen (3.1 percent). Nevertheless,
percent), Canadian Dollar (10.3 percent), USD remained stable vis-à-vis Djibouti
Euro (5.5 percent), Swedish Kroner (9.0 Franc and UAE Dirhams (Table 5.11).
percent), SDR (3.7 percent), Swiss Franc
75 | A n n u a l R e p o r t 2 0 2 0 / 2 1
Table 5.12: End Period Mid-Market Rates

(Birr per Unit of Foreign Currency)

Currency A B C B/A C/B
USD 29.0555 35.1571 43.9095 21.00 24.89
Pound 36.9033 43.3216 60.7444 17.39 40.22
Swedish Kroner 3.1325 3.7833 5.1500 20.78 36.12
Djibouti Franc 0.1630 0.1973 0.2464 21.01 24.89
Swiss Franc 29.7121 37.2230 47.6655 25.28 28.05
Saudi Riyal 7.7471 9.3708 11.7077 20.96 24.94
UAE Dirhams 7.9095 9.5705 11.9531 21.00 24.89
Canadian Dollar 22.1257 25.7429 35.4767 16.35 37.81
Japanese Yen 0.2694 0.3280 0.3971 21.75 21.07
Euro 33.0390 39.6713 52.2610 20.07 31.74
SDR 40.3755 48.4571 62.7291 20.02 29.45
Likewise, the Birr depreciated against all Franc (24.9 percent), Saudi Riyal (24.9
major international currencies, such as percent), UAE Dirham (24.9 percent),
Pound Sterling (40.2 percent), Canadian and Japanese Yen (21.1 percent) (Table
Dollar (37.8 percent), Swedish Kroner 5. 12).
(36.1 percent), Euro (31.7 percent), SDR
(29.5 percent), Swiss Franc (28.1
percent), USD (24.9 percent), Djibouti
5.8.2. Movements in the Real Effective Exchange Rates

The real effective exchange rate (REER) 2019/20 but it appreciated in 2018/19 and
of the Birr has been appreciating since 2020/21. The Birr appreciated by 0.3
2010/11 as result of higher domestic percent in 2020/21 as the gains from the
inflation and stronger US dollar relative surge in trading partners’ price was
to its major trading partners’ currencies. neutralized by the rising domestic
However, the Birr exchange rate inflation and the appreciation of Birr vis-
deprecated in real terms in 2017/18 and à-vis that of trading partners.
76 | A n n u a l R e p o r t 2 0 2 0 / 2 1
Meanwhile, the nominal effective depreciation of Sudanese Pound vis-à-vis

exchange rate (NEER) of the Birr USD following the decision of the
appreciated significantly by 80.1 percent Central Bank of Sudan to float the
compared to 8.9 percent depreciation in currency (Table 5.13).
the preceding year due to a significant
Table 5.13: Trends in Real and Nominal Effective Exchange Rates
Percentage Change
Fiscal Year REERI NEERI REERI NEERI
2011/12 139.4 43.2 13.5 0.7
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
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 FY 2020/21, the amount of foreign During the same fiscal year, forex
exchange transacted in the inter-bank bureaus of commercial banks purchased
foreign exchange market was USD 12.4 USD 202 million from customers which
million, showing 1.2 percent reduction was significantly lower than that of the
relative to last year. All the foreign preceding year. Similarly, their foreign
exchange traded in the inter-bank foreign exchange sales declined sharply by 63.2
exchange market was supplied by the percent to USD 92.4 million (Table 5.14).
National Bank of Ethiopia (Table 5.10).
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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 318.2 172.5 226.5 90.4 127.2 22.7 -43.8 -74.9
Bank of Abyssinia 16.3 29.4 7.1 18.5 2.5 9.1 -64.7 -50.7
Dashen Bank 26.2 29.9 15.8 22.0 15.0 12.7 -4.9 -42.4
Awash International Bank 28.0 45.9 6.2 38.3 3.5 12.9 -43.1 -66.2
Construction & Business Bank 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Wegagen Bank 27.2 15.0 12.1 6.4 4.4 2.7 -63.6 -57.5
United Bank 38.0 26.9 110.9 15.5 18.9 5.1 -83.0 -66.9
Development Bank 0.1 7.1 0.0 0.4 0.0 0.1 13.2 -75.2
Nib International Bank 10.2 7.5 3.4 5.4 3.0 2.8 -12.9 -47.7
Lion International Bank 65.8 5.3 53.8 4.1 4.1 0.3 -92.4 -93.5
Oromia International Bank 23.8 15.4 18.6 12.1 11.3 2.9 -39.4 -75.8
Zemen Bank 2.3 16.0 0.3 13.2 0.3 11.7 -8.8 -11.5
Cooperative Bank of Oromia 6.1 12.2 0.6 9.7 0.7 3.8 12.7 -61.0
Buna International Bank 20.1 4.3 6.2 1.9 1.3 0.5 -78.5 -72.8
Birhan International Bank 4.1 10.0 0.5 6.1 1.3 2.2 141.6 -64.3
Abay Bank 17.4 1.2 1.7 0.9 0.8 0.5 -53.3 -46.7
Addis International Bank 10.4 3.5 5.4 2.0 3.5 0.8 -36.0 -63.0
Debub Global Bank 1.5 1.9 5.5 1.7 3.9 0.8 -28.1 -53.3
Enat Bank 5.0 5.1 6.9 2.3 0.3 0.8 -95.6 -64.7
Total 620.7 409.1 481.4 250.8 202.0 92.4 -58.0 -63.2
Average Exchange Rate 31.3088 31.8546 31.2573 31.8315 39.0402 39.8018 24.9 25.0
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VI. GENERAL GOVERNMENT FINANCE

6.1 General
In 2020/21, the overall fiscal General government revenue (including
performance of the general government grants) rose 21.2 percent over last year
indicated a significant deterioration in (Table 7.2) and the total revenue to GDP
the overall fiscal deficit (excluding ratio reached 11.0 percent, which was
grants) amounting to Birr 120.1 billion slightly higher than last fiscal year.
(Table 7.4). Similarly, the ratio of General government expenditure also
primary deficit to GDP increased to 2.8 showed a 24.8 percent increment
percent compared to a year earlier (Table although its ratio to GDP dropped to
7.1). 13.8 percent from 14.2 percent a year
ago (Table 7.1).
Table 7.1: Measuring Fiscal Sustainability
Fiscal
Year PD/GDP IP/RR Ddebt/GDP R(Debt) R(GDP) Exp/GDP Rev/GDP R(OR)
2008/09 -0.9 3.2 26.9 11.5 35.1 17.4 12.1 34.8
2009/10 -1.3 2.9 27.5 17.1 14.2 18.8 14.2 34.1
2010/11 -1.6 2.8 26.8 29.8 33.4 18.6 13.7 28.3
2011/12 -1.2 2.2 25.6 39.5 46.1 16.8 13.9 48.8
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 16.9 17.4 14.7 23.6
2016/17 -3.3 3.2 34.4 28.7 16.9 18.0 14.0 11.3
2017/18 -3.0 4.3 35.7 24.3 20.0 16.1 12.3 5.1
2018/19 -2.5 4.3 35.7 22.8 22.5 15.3 11.5 15.5
2019/20 -2.5 3.8 35.3 23.6 25.2 14.2 10.5 13.8
2020/21 -2.8 5.4 34.1 24.5 28.6 13.8 11.0 25.5
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
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7.2 Revenue and Grants

A total of Birr 478.9 billion revenue
(including grants), was collected in Revenue from import duties and taxes
2020/21 depicting 21.2 percent annual increased 6.2 percent and covered 49.6
growth. Of the total revenue, domestic percent of the indirect tax revenue.
revenue, at Birr 444.6 billion registered a
25.5 percent year-on-year surge. About Revenue from non-tax sources amounted
87.4 percent of domestic revenue was to Birr 55.8 billion, showing 30.3
generated from taxes and 12.6 percent percent annual increase largely due to
from non-taxes. higher income from charges and fees,
government investment sales of goods
Tax revenue expanded by 24.8 percent, and services and other revenues.
mainly owing to 31.6 percent growth in
direct taxes, which comprise income & External grants, however, were just Birr
profit taxes and urban & rural land use 34.3 billion, about 15.6 percent lower
fees. Income and profit taxes alone than that of last year.
accounted for 97.6 percent of the direct
taxes. On the other hand, Birr 214.8 All in all, performance of total revenue
billion was collected from indirect taxes and grants was 94.9 percent of the
which constituted 55.3 percent of the annual plan set for 2020/21 (Table 7.2).
total tax revenues.
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Table 7.2: Summary of General Government Revenue by Component (in millions of Birr)
2020/21
2019/20 Percentage Change Performance Rate
[A] [B] [c]
Particulars
Revised [C/A] [C/B]
Pre. Act Budget Pre. Act
Total Revenue and Grants 394,965.8 504,726.5 478,888.1 21.2 94.9

Total Revenue 1/ 354,312.8 449,019.9 444,582.6 25.5 99.0
Tax Revenue 311,476.5 380,653.3 388,763.5 24.8 102.1
1. Direct Tax Revenue 132,214.5 144,457.3 173,965.5 31.6 120.4
1.1 Income and Profit
Taxes 129,479.3 140,363.6 169,788.3 31.1 121.0
Personal 49,869.6 56,706.7 66,032.0 32.4 116.4
Business 64,664.1 59,532.0 87,012.6 34.6 146.2
Others 2/ 14,945.6 24,124.8 16,743.6 12.0 69.4
1.2 Rural Land Use Fee 358.0 452.1 391.9 9.5 86.7
1.3 Urban Land Use Fee 2,377.3 3,641.7 3,785.3 59.2 103.9
2. Indirect Taxes 179,261.9 236,196.0 214,798.0 19.8 90.9
2.1 Domestic Taxes 78,886.5 114,816.5 108,160.1 37.1 94.2
2.2 Foreign Trade Taxes 100,375.4 121,379.5 106,637.8 6.2 87.9
Import 100,375.4 121,379.5 106,637.8 6.2 87.9
Export
3. Non-Tax Revenue 42,836.3 68,366.6 55,819.2 30.3 81.6
3.1 Charges and Fees 4,095.2 3,983.7 5,394.6 31.7 135.4
3.2 Govt. Invt. Income 3/ 17,488.9 23,083.0 20,926.3 19.7 90.7
3.3 Reimb. And Property
Sales 203.4 663.5 680.3 234.5 102.5
3.4 Sales of Goods &
Services 5,794.2 6,358.5 7,399.0 27.7 116.4
3.5 Others 4/ 15,254.6 34,277.9 21,419.0 40.4 62.5
4. Grants 40,653.0 55,706.6 34,305.5 (15.6) 61.6
Source: Ministry of Finance
1/ It does not include privatization proceeds
2/ Others include rental income tax, with holding income tax on imports, interest income tax,
capital gains tax, agricultural income and other incomes
3/Gov. Investment income includes : Residual surplus, capital charge, interest payments and state dividend
4/ Other extra ordinary, miscellaneous, pension contribution and other revenue
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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
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7.3. Expenditure
During 2020/21, total general economic, social and general

government expenditure stood at Birr developments. Capital expenditure
599 billion which was 24.8 percent constituted 39.3 percent of the total
higher than last year due to an increase expenditure.
both in current and capital expenditures.
In summary, expenditure performance
Current expenditure rose 31.8 percent was 95.7 percent of the annual budget
and amounted to Birr 363.6 billion and plan (Table 7.3).
accounted for 60.7 percent of the total
expenditure. The greater portion of the
expenditure was allocated to finance
social services.
Similarly, capital expenditure increased

15.3 percent and reached Birr 235.4
billion on account of higher spending on
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Table 7.3: Summary of General Government Expenditure

(in millions of Birr)
Percentage Perform-
2019/20 2020/21 Change ance
[A] [B] [C] Rate
Particulars Pre actual Revised Budget Pre actual [C/A] [C/B]
Total Expenditure 480,143.2 625,992.9 599,006.7 24.8 95.7
1. Current Expenditure 275,967.0 362,012.0 363,596.9 31.8 100.4
General Services 89,920.2 93,221.9 129,678.9 44.2 139.1
Economic Services 36,323.1 44,369.6 42,497.7 17.0 95.8
Social Services 130,356.0 152,838 160,366.1 23.0 104.9
Interest and Charges 13,481.1 19,765.1 24,001.0 78.0 121.4
Others (miscellaneous) 5,886.6 51,817.1 7,053.2 19.8 13.6
2. Capital Expenditure 204,176.1 263,980.9 235,409.7 15.3 89.2

Economic
Development 132,629.1 172,150.0 146,692.3 10.6 85.2
Social Development 51,316.1 61,925.8 59,535.2 16.0 96.1
General Development 20,231.0 29,905.2 29,182.2 44.2 97.6

3. Special programs - - - - -
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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
Total Expenditure Current Expenditure Capital Expenditure
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7.4 Deficit Financing

General government budget operations the previous year (Table 7.4). The deficit
in 2020/21 resulted in Birr 120.1 billion was financed by borrowing from
deficit which was 41 percent higher than external and domestic sources.
Table 7.4: Summary of General Government Finance (in millions of Birr)

Percentage performance
2019/20 2020/21 Change rate
[A] [B] [C]
Particulars Pre. Act Revised Budget Pre. Act [C/A] [C/B]
Total Revenue and
Grants 394,965.8 504,726.5 478,888.1 21.2 94.9
Revenue 354,312.8 449,019.9 444,582.64 25.5 99.0
Grants 40,653.0 55,706.6 34,305.49 (15.6) 61.6

Total Expenditure 480,143.2 625,992.9 599,006.7 24.8 95.7
Current Expenditure 275,967.0 362,012.0 363,596.91 31.8 100.4
Capital Expenditure 204,176.1 263,980.9 235,409.74 15.3 89.2
Special Programs
Overall Surplus/ Deficit
(Including Grants) (85,177.4) (121,266.4) (120,118.5) 41.0 99.1
(Excluding Grants) (125,830) (176,973) (154,424) 22.7 87.3
Total Financing 85,177.4 121,266.4 120,118.5 41.0 99.1
Net External
Borrowings 59,528.8 34,865.8 21,808.28 (63.4) 62.5
Gross Borrowing 66,127.3 46,621.2 26,803.66 (59.5) 57.5
o/w Special
Programs
Amortization Paid 6,598.5 11,755.4 4,995.38 (24.3) 42.5
HIPC relief &
MDRI
Net Domestic
Borrowings 42,104.0 86,400.7 108,684.90 158.1 125.8
Banking System 5,214.8 54,120.90 937.8
Non-Banking Systems 36,889.2 54,564.00 47.9

Privatization Receipts - - -
Others and Residuals (16,455.4) (0) (10,374.66) (37.0)
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VII. INVESTMENT
A total of 785 projects with Birr 34.1 billion Average capital per project for domestic
capital became operational in 2020/21. The investors was Birr 41.4 million while that of
number of projects was significantly higher foreign investors was Birr 89.9 million,
than 84 projects a year ago. All of the implying that foreign investment projects
projects were private investments. were more capital intensive than domestic
projects.
Of the total investment projects, 752 or 95.8
percent, with registered capital of Birr 31.1 Job opportunity created by these investment
billion (91.3 percent) were domestic projects was estimated at 11,768 permanent
investment while the remaining 33 projects and 6,132 temporary workers; showing
(4.2 percent) with Birr 3.0 billion capital significant job expansion compared to the
were foreign. previous year (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)
2018/19 2019/20 2020/21 Percentage change

Components
A B C Share C/A C/B
1. Total
Investment Number 976 84 785 100.0 -19.6 834.5
Capital 8,951.7 1,320.3 34,073.4 100.0 280.6 2,480.7

Permanent
Workers 22,631 3,211 11,768 100.0 -48.0 266.5
Temporary
Workers 10,541 1,634 6,132 100.0 -41.8 275.3
1.1. Total
Private Number 976 84 785 100.0 -19.6 834.5
Capital 8,951.7 1,320.3 34,073.4 100.0 280.6 2,480.7

Permanent
Workers 22,631 3,211 11,768 100.0 -48.0 266.5
Temporary
Workers 10,541 1,634 6,132 100.0 -41.8 275.3
1.1.1.
Domestic Number 913 47 752 95.8 -17.6 1,500.0
Capital 7,836.4 675.5 31,105.6 91.3 296.9 4,505.1

Permanent
Workers 12,692 110 8,578 72.9 -32.4 7,698.2
Temporary
Workers 6,896 272 5,013 81.8 -27.3 1,743.0
1.1.2.
Foreign Number 63 37 33 4.2 -47.6 -10.8
Capital 1,115.3 644.9 2,967.7 8.7 166.1 360.2

Permanent
Workers 9,939 3,101 3,190 27.1 -67.9 2.9
Temporary
Workers 3,645 1,362 1,119 18.2 -69.3 -17.8
1.2.Public
Number - - - - - -
Capital - - - - - -
Permanent
Workers - - - - - -
Temporary
Workers - - - - - -
Source: Ethiopian Investment Commission
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Fig.VII.1: Number of Operational Investment Projects by Type
1600
1400
1200
Number of projects
1000
800 Domestic
600 Foreign
Public
400
200
0
2015/16 2016/17 2017/18 2018/19 2019/20 2020/21
Year
Source: Ethiopian Investment Commission.
Fig.VII.2: Capital of Operational Investment Projects by Type
25000
20000
Millions of Birr
15000
Domestic
10000
Foreign
Public
5000
0
2015/16 2016/17 2017/18 2018/19 2019/20 2020/21
Year
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7.1. Investment by Sector

Of the total investment projects, 30.8 As for investment capital, manufacturing
percent were engaged in manufacturing, constituted 35.5 percent followed by real
30.3 percent in real estate, renting & estate renting & business activities (30.6
business activities, 28.5 percent in percent), hotel & restaurant (17.3 percent),
construction, 4.3 percent in tour operation, construction (5.3 percent), health & social
transport & communication, 2.3 percent in work (2.5 percent), tour operation, transport
hotel & restaurant, 1.1 percent in health & & communication (2 percent) and the
social work and 2.7 percent in other sectors. remaining sectors accounted for 6.8 percent
(Table 7.2).
Table: 7.2: Numbers and Capital of Operational Investment Projects by Sector

2018/19 2019/20 2020/21 Percentage share
No. of Investment No. of Investment No. of Investment No. of Investment

Sectors Projects Capital Projects Capital Projects Capital Projects Capital
Manufacturing 337 4,647.0 42 710.1 242 12,097.0 30.8 35.5

Agriculture, hunting and
forestry 27 297.7 1 10.5 6 114.5 0.8 0.3
Real estate, renting and
Business activities 404 1,909.3 15 98.3 238 10,426.5 30.3 30.6
Hotel and restaurants 7 39.5 3 307.9 18 5,887.4 2.3 17.3

Education 6 68.2 1 2.5 2 13.0 0.3 0.0
Health and social work 5 25.3 3 18.0 9 864.1 1.1 2.5
Construction 176 1,745.7 15 135.5 224 1,799.1 28.5 5.3

Tour operation, transport
and communication 5 20.0 2 17.9 34 669.2 4.3 2.0
Whole sale, retail trade and
repair service - - - - 3 381.5 0.4 1.1
Mining and quarrying 4 38.2 - - - - - -
Electricity, gas, steam and
water supply - - - - - - - -
Other community, social
and personal service
activities 2 82.0 - - 1 5.0 0.1 -
Others 3 78.8 2 19.6 8 1,816.1 1.0 5.3
Grand Total 976 8,951.7 84 1,320.3 785 34,073.4 100.0 100.0

90 | A n n u a l R e p o r t 2 0 2 0 / 2 1
Fig.VII.3: Distribution of Operational Investment Capital by Sector in 2020/21
Construction
5%
Hotel and restaurants

17% Others
11%
Real estate, renting

and Business
activities
31%
Manufacturing
36%

Others*: Includes agriculture, hunting and forestry, education, health & social work, tour operation & transport, mining &
quarrying, other community, social and personal service activities, wholesale, retail trade & repair service and others.
91 | A n n u a l R e p o r t 2 0 2 0 / 2 1
7.2. Distribution by Region
In terms of regional distribution, 711 of the projects in other regions during the review
projects (90.6 percent) with a registered period. Although, 33 projects (4.2 percent)
capital of Birr 30.8 billion (90.5 percent) with Birr 3 billion capital became
were located in Addis Ababa while 41 operational in multiregional projects during
projects (5.2 percent) having Birr 285.2 the fiscal year (Table 7.3).
million capital where in Amhara region.
There were no operational investment
Table 7.3: Number and Capital of Operational Projects by Region

2018/19 2019/20 2020/21 Percentage share

No. of Investment No. of Investment No. of Investment No. of Investment
Regions projects Capital projects Capital projects Capital projects Capital
Tigray 49 265.6 1 15.0 - - 0.0 0.0

Afar - - - - - - 0.0 0.0
Amhara 20 152.5 6 10.9 41 285.2 5.2 0.8
Oromia 157 560.4 - - - - 0.0 0.0

Somali - - - - - - 0.0 0.0
Benishangu
l-Gumuz - - - - - 0.0 0.0
SNNPR - - - - - - 0.0 0.0
Gambella - - - - - - 0.0 0.0
Harari - - - - - - 0.0 0.0
Addis
Ababa 681 6,838.4 40 649.6 711 30,820.4 90.6 90.5
Dire Dawa - - - - - - 0.0 0.0
Multiregion
al Projects 69 1,134.7 37 644.9 33 2,967.7 4.2 8.7
Grand
Total 976 8,951.7 84 1,320.3 785 34,073.4 100.0 100.0
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VIII. INTERNATIONAL DEVELOPMENTS
8.1. International Economic Developments
8.1.1. Overview of the World Economy points and 2022 growth by 1.1 percentage
points, with positive spillovers to trading
The global economic activity in 2020 was partners. This shift is partially offset by the
contracted by 3.2 percent while it forecast downgrade in 2021 for Japan,
projected to grow at 6.0 percent in 2021, reflecting tighter restrictions in the first half
moderating to 4.9 percent in 2022. The of the year as caseloads picked up. Japan is
projected growth is mainly driven from anticipated to see a stronger rebound in the
advanced economies, particularly the second-half of 2021, as vaccination proceeds
United States, reflecting the anticipated and the economy fully reopens, improving
legislation of additional fiscal support in the its growth forecast for 2022. Similar
second half of 2021 and strengthening momentum is expected in
improved health metrics more broadly France, Germany, Italy, and Spain later this
across the group. year, carrying over into 2022.
The growth in advanced economy prospects For emerging market and developing
have been revised up for 2021 and 2022 economies the forecast is revised down 0.4
from expected further normalization in the percentage points in 2021 compared with the
second half of 2021 as vaccine rollout April world economic outlook, largely
proceeds and with additional fiscal support. because of growth markdowns for emerging
The significantly improved outlook for the Asian economies. Growth prospects in India
US economy derives from the impact of have been downgraded following the severe
anticipated legislation boosting second COVID wave during March to May
infrastructure investment and strengthening and expected slow recovery in confidence
the social safety net in the second half of from that setback. Similar dynamics are at
2021. The additional support is expected to work in the ASEAN-5 group (Indonesia,
lift 2021 US GDP growth by 0.3 percentage Malaysia, Philippines, Thailand, Vietnam),
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where recent infection waves are economic outlook, with an upgrade for
causing a drag on activity. Meanwhile, South Africa following a strong positive
China’s 2021 forecast is revised down 0.3 surprise in the first quarter offset by
percentage point on a scaling back of public downward revisions in other countries. The
investment and overall fiscal support. worsening pandemic developments in sub-
Growth forecasts for other regions have Saharan Africa are expected to weigh on the
generally been revised up for 2021, largely region’s recovery.
reflecting the stronger-than-anticipated
outturns in the first quarter. The forecast For low-income developing country group,
upgrade for Latin America and the the 2021 growth forecast is marked down
Caribbean results mostly from upward 0.4 percentage point, with the slow rollout
revisions in Brazil and Mexico, reflecting of vaccines as the main factor weighing on
better-than expected first quarter outturns, the recovery (partially offset by stronger
favorable spillovers to Mexico from the external demand from advanced economies).
improved outlook for the United States, and .
booming terms of trade in Brazil.
Projections are revised up for the Middle
East and Central Asia due to robust activity
in some countries (such as Morocco and
Pakistan), partially offset by downgrades of
some others. In Saudi Arabia, the non-oil
growth projection has been revised up, but
the overall GDP forecast has been
downgraded relative to the April world
economic outlook on account of subdued oil
production below the OPEC+ (Organization
of the Petroleum Exporting Countries,
including Russia and other non-OPEC oil
exporters) quota earlier in the year. The
2021 forecast for sub-Saharan Africa is
unchanged relative to the April world
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Table 8.1: Overview of World Economic Outlook and Projection

(Annual Percentage Change)
Projection
Particulars 2019 2020
2021 2022
World Output 2.8 -3.2 6.0 4.9
Advanced Economies 1.6 -4.6 5.6 4.4
United States 2.2 -3.5 7.0 4.9
Euro Area 1.3 -6.5 4.6 4.3
Japan 0.0 -4.7 2.8 3.0
United Kingdom 1.4 -9.8 7.0 4.8
Emerging Market & Developing Economies 3.7 -2.1 6.3 5.2
Middle East and Central Asia 1.4 -2.6 4.0 3.7
Sub-Saharan Africa 3.2 -1.8 3.4 4.1
Nigeria 2.2 -1.8 2.5 2.6
South Africa 0.2 -7.0 4.0 2.2
World Trade Volume (goods & services)* 0.9 -8.2 9.7 7.0
Imports
Emerging Market and Developing Economies -0.9 -8.0 12.1 7.1
Exports
Emerging Market and Developing Economies 0.4 -5.2 11.6 5.8
Commodity Prices (US dollars)
Oil -10.2 -32.7 56.6 2.6
Non- fuel(average based on world commodity import weights) 0.8 6.7 26.5 -0.8
Consumer Prices**
Advanced Economies 1.4 0.7 1.6 1.7
United Stated 1.8 1.2 2.3 2.4
Euro Area 1.2 0.3 1.4 1.2
Japan 0.5 0.0 0.1 0.7
Emerging Market & Developing Economies 5.1 5.4 6.5 5.4
China 2.9 2.4 1.2 1.9
Mexico 3.6 3.4 3.5 3.1
Turkey 15.2 12.3 13.6 11.8
Brazil 3.7 3.2 4.6 4.0
Russia 4.5 3.4 4.5 3.4
Sub-Sahara Africa 8.5 10.8 9.8 7.8
Angola 17.1 22.3 22.3 13.1
Nigeria 11.4 13.2 16.0 13.5
Ghana 7.2 9.9 9.0 8.2
Source: IMF, World Economic Outlook, July, 2021
*IMF, World Economic Outlook, October 2021
** IMF, World Economic Outlook, October 2020 for the period 2019 and April 2021 for the period 2020-22
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8.1.2. World Trade

Global volume of world trade in 2022, respectively. Likewise, export of
goods and services during 2020 is declined goods and services from advanced
by 8.2 percent in volume terms. It is economies is also declined by 9.4 percent in
estimated to expand by 9.7 percent in 2021 2020 and forecasted to expand by 8.0
and is projected to increase by 7.0 percent in percent and 6.6 percent in 2021 and 2022,
2022. Imports of goods and services by respectively. Likewise, export of goods and
advanced economies declined by 9.0 percent services from emerging market and
in 2020 and estimated to rise by 9.0 percent developing economies is declined by 5.2
in 2021. Similarly, imports by emerging percent for the year 2020 and projected to
market and developing economies declined increase by 11.6 percent and 5.8 percent
by 8.0 percent and forecasted to grow by 9.0 during 2021 and 2022, respectively.
percent and 7.3 percent in 2021 and
uncertainty surrounds inflation prospects—
8.1.3. Inflation and Commodity Prices primarily stemming from the path of the
Headline inflation rates have increased pandemic, the duration of supply
rapidly in the United States and in some disruptions, and how inflation expectations
emerging market and developing economies. may evolve in this environment.
In most cases, rising inflation reflects
Commodity prices are expected to increase
pandemic related supply-demand
at a significantly faster pace than assumed in
mismatches and higher commodity prices
the April 2021 world economic outlook.
compared to their low base from a year ago.
Amid the strengthening global recovery, oil
And price pressures are expected to subside
prices are expected to rise close to 60
in 2022. In some emerging market and
percent above their low base in 2020. Non-
developing economies, price pressures are
oil commodity prices are expected to rise
expected to persist because of elevated food
close to 30 percent above 2020 levels,
prices, lagged effects of higher oil prices,
reflecting particularly strong increases in the
and exchange rate depreciation lifting the
price of metals and food.
prices of imported goods. However, great
96 | A n n u a l R e p o r t 2 0 2 0 / 2 1
8.1.4. Exchange Rate

In foreign exchange markets, the euro against the Japanese yen (by 2.7 percent),
appreciated slightly in trade-weighted the pound sterling (by 0.4 percent) and the
terms in the context of an improved Chinese renminbi (by 0.3 percent). The euro
economic outlook for the euro appreciated strongly (by 17.5 percent)
area. Since 11 March 2021, the nominal against the Turkish lira, which
effective exchange rate of the euro, as experienced broad-based weakness, while
measured against the currencies of 42 of the depreciating markedly (by 8.5 percent)
euro areas most important trading against the Brazilian real, which broadly
partners, strengthened by 0.5 percent. The strengthened on the back of rebounding
euro appreciated against the US dollar commodity prices. The euro also depreciated
(by 1.9 percent), reflecting the improved against the Swiss franc (by 1.4 percent) and
outlook for the euro area economy as the the currencies of several non-euro area EU
pace of vaccination picked up, coupled with Member States, including the Hungarian
the weakness of the dollar, which declined forint, the Czech koruna and the Polish
from the end of March alongside US zloty.
Treasury yields. The euro also appreciated
8.2. Implications of International Economic Developments on the Ethiopia Economy
2020/21, the global economy is projected to receipts, however, higher price of oil will
grow 6.0 percent while commodity prices of exert higher pressure on the country’s trade
both oil and non-oil commodities, are balance and international resources.
expected to increase significantly. These
developments will have both positive and
negative impact on the Ethiopian economy.
While improvements in the global economy
will create demand for our export
commodities, and help Ethiopia to register
robust growth in merchandise export
97 | A n n u a l R e p o r t 2 0 2 0 / 2 1
Table 1: Estimates of Agricultural Production and Cultivated Areas of Major Grain Crops
(For Private Peasant Holdings)
2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21
2006 2007 2008 2009 2010 2011 2012 2013
Years/ Variables
Cultivated Total Cultivated Total Cultivated Total Cultivated Total Cultivated Total Cultivated Total Cultivated Total Cultivated
z y z y z y z y z y z y z y
area production area production area production area production area production area production area production area Total production
Cereals 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 10,538.3 302,054.3
Teff 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 2,928.2 55,099.6
Barley 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 23,780.1 926.1 23,391.1
Wheat 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 1,897.4 57,801.3
Maize 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 2,526.2 105,570.9
Sorghum 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 1,679.3 45,173.5
Millet 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 11,259.6 480.3 12,030.2
Oats 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 15.5 305.0
Rice 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 85.3 2,682.2
Pulses 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 1,675.0 32,000.0
Horse Beans 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 10,067.5 504.6 10,706.4
Chick Peas 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 4,351.9 220.7 4,573.2
Haricot Beans 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 4,855.4 311.6 5,525.6
Field Peas 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 3,905.6 219.9 3,762.4
Lentils 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 84.5 1,130.2
Soya beans 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 83.8 2,086.8
Grass peas 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 3,126.8 143.9 2,899.2
Gibto 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
Oil Seeds 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 8,421.4 766.2 7,774.6
Neug 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 2,916.4 191.8 2,148.0
Linseed/Flax 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 78.9 804.6
Rapeseed 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 7.9 125.8
Sunflower 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 4.2 42.9
Ground nuts 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 1,565.3 113.5 2,050.7
Sesame 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 2,626.5 369.9 2,602.6
Total 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 12,979.5 341,828.9
Percentage change
Cereals 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 0.6 1.8
Pulses (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) 7.1 6.5
Oil Seeds (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 (6.7) (7.7)
Total 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 0.9 2.0
Source: Central Statistical Authority (CSA).
z
In Thousands of Hectars.
y
In Thousands of Quintals.
* Estimates are corrected and adjusted based on the previous survey of CSA and the 1993/94 MOA-CSA crop assessment result.
** Unreliable estimates but included in the total " Others ".
' Meher' Season refers to the period starting from the month of September to February.
Table 2: GDP By Economic Activity at Constant Prices
(In millions of Birr)
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Sectors/Year
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
Agriculture, Hunting and Forestry 358,944.5 386,339.2 421,172.8 441,832.9 473,132.2 498,733.6 530,341.5 542,700.2 579,022.9 599,331.4 622,220.3 648,711.8 684,733.9
Crop 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
Animal Farming and Hunting 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
Forestry 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 59,243.3
Fishing 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 1,614.0 1,653.4
Mining and Quarrying 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
Manufacturing 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
Large and Medium Scale Manufacturing 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
Small Scale and Cottage Industries 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
Electricity and Water 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 16,476.2
Construction 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
Whole Sale and Retail Trade 98,627.8 107,792.1 114,122.5 128,411.1 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 268,037.0 285,293.1 303,217.7
Hotels and Restaurants 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
Transport and Communications 98,627.8 107,792.1 114,122.5 128,411.1 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 104,436.2 105,579.6 113,090.7
Financial Intermediation 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 65,290.3 71,158.1
Real Estate, Renting and Business Activities 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
Public Administration and Defense 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
Education 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
Health and Social Work 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
Other Community , Social & Personal Services 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
Private Households with Employed Persons 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 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 2,014,046.2 2,141,377.8
Less : FISIM 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 24,527.2 27,214.5
Gross Value Added at Constant Basic Prices 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 1,989,519.0 2,114,163.2
Taxes on Products 47,148.0 68,567.2 74,437.1 80,410.1 95,162.9 104,547.5 115,169.8 118,700.0 120,645.6 114,575.2 112,468.2 119,603.2 113,917.7
GDP at Constant Market Prices 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 2,109,122.2 2,228,081.0
Source: MoF
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
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
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
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
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
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 3.9
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 1.7
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
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
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
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
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 8.9
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
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
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
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 1.1 7.0
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
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
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
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
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
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
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
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
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 14.3 11.0
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 6.1 6.3
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
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
Source:MoFED
Table 4: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Description / 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
Gross Value Added at Current Basic Prices 164,741.5 238,672.2 326,026.2 365,482.5 489,127.3 710,011.5 818,870.1 1,002,350.9 1,226,637.4 1,449,397.5 1,703,798.2 2,064,789.2 2,543,623.0 3,182,998.0 4,119,419.9
Taxes on Products, net 12,186.0 16,785.0 19,139.0 28,412.0 39,431.0 56,882.0 70,618.0 86,098.0 105,128.7 118,700.0 128,755.5 137,583.5 152,600.0 191,351.0 221,967.3
GDP at Current Market Prices 177,851.4 256,766.1 346,823.9 395,991.2 528,579.8 766,915.5 889,644.9 1,088,631.8 1,331,983.7 1,568,097.5 1,832,553.7 2,202,372.7 2,696,223.0 3,374,349.0 4,341,387.1
Incomes from ROW, net 263.8 316.1 (329.3) (712.8) (1,120.2) (1,659.8) (1,942.8) (2,914.6) (5,275.1) (5,122.4) (10,884.1) (14,349.1) (13,104.0) (18,270.0) (21,735.9)
Gross National Income at Current Basic Prices 165,005.3 238,988.4 325,696.9 364,769.7 488,007.1 708,351.7 816,927.4 999,436.3 1,221,362.3 1,444,275.0 1,692,914.1 2,050,440.2 2,530,519.0 3,164,728.0 4,097,683.9
Gross National Income at Current Market Prices 178,115.2 257,082.3 346,494.7 395,278.4 527,459.6 765,255.7 887,702.1 1,085,717.2 1,326,708.6 1,562,975.0 1,821,669.6 2,188,023.6 2,683,118.6 3,356,079.5 4,319,651.2
Current Transfers from ROW, net 25,444.4 34,193.9 44,191.0 59,484.8 74,261.2 86,849.9 93,355.1 106,357.3 128,400.8 155,964.2 154,959.4 188,527.3 240,392.0 218,029.0 300,237.5
Gross National Disposable Income 203,559.7 291,276.2 390,685.7 454,763.1 601,720.8 852,105.6 981,057.2 1,192,074.5 1,455,109.4 1,718,939.2 1,976,628.9 2,376,550.9 2,923,510.0 3,574,109.0 4,619,888.7
Government Final Consumption Expenditure 27,321.4 36,834.7 45,067.5 49,720.8 62,346.1 72,783.5 91,074.7 115,104.0 137,245.8 174,598.8 203,607.9 225,523.2 247,362.0 307,769.0 383,565.3
Private Final Consumption Expenditure 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 2,360,896.0 3,134,993.8
Gross Capital Formation (Investment) 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 1,037,685.0 1,216,584.9
Exports of Goods and Services 21,853.7 28,317.5 35,233.2 52,168.4 85,950.4 102,886.6 108,227.1 123,496.0 121,532.2 122,500.8 139,830.1 184,282.1 213,437.0 239,229.0 329,634.5
Imports of Goods and Services 55,087.8 76,564.3 96,285.3 126,319.4 162,487.1 236,383.9 251,300.6 308,691.3 393,188.5 424,749.9 430,233.2 502,112.9 561,512.0 571,230.0 723,391.3
Resource Balance (33,234.1) (48,246.8) (61,052.1) (74,151.0) (76,536.7) (133,497.3) (143,073.5) (185,195.3) (271,656.3) (302,249.2) (290,403.1) (317,830.8) (348,075.0) (332,001.0) (393,756.8)
Gross Domestic Savings 27,844.7 33,750.0 49,064.2 54,797.0 91,351.3 149,991.7 158,606.3 224,967.5 294,221.0 351,234.0 409,579.8 535,268.5 600,791.0 705684 822,828.0
Gross National Savings 53,553.0 68,260.1 92,926.0 113,568.9 164,492.3 235,181.8 250,018.7 328,410.1 417,346.8 502,075.8 553,655.1 709,446.7 828,078.0 905,444.0 1,101,329.6
Mid-year Population (In Million) 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 99.7 101.9
Per Capita Nominal GDP (In Birr) 2,404.1 3,428.1 4,510.5 5,016.2 6,551.5 9,268.6 10,486.5 12,520.2 14,953.4 17,192.4 19,630.4 23,061.5 27,625.0 33,845.0 42,598.7
Per Capita Real GDP (In Birr) 8,934.3 9,777.1 10,363.0 11,367.2 12,356.3 13,090.3 14,118.3 15,189.1 16,366.5 17,192.4 18,393.9 19,204.9 20,312.5 21,153.1 21,862.5
Average Exchange Rate (Birr/USD) 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
Real GDP (In USD) 75,155.1 79,219.4 76,474.6 69,615.8 61,852.2 62,777.3 65,528.4 69,237.3 72,546.1 74,296.6 76,610.6 70,249.0 70,666.9 67,287.5 57,106.5
Nominal GDP (In USD)(Million) 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 84,356.0 96,107.0 107,660.0 111,271.2
Per Capita Nominal GDP (In USD) 273.4 370.8 432.9 389.2 406.5 537.2 573.7 656.4 744.1 814.6 875.8 883.3 985.0 1,080.0 1,091.8
Per Capita Real GDP (In USD) 1,015.9 1,057.7 994.6 881.9 766.6 758.7 772.4 796.3 814.4 814.6 820.7 735.6 724.3 675.0 560.3
GDP Deflator 0.27 0.35 0.44 0.44 0.53 0.71 0.74 0.82 0.91 1.00 1.07 1.20 1.36 1.60 1.95
Source: Planning commission
4
Table 5: Growth Rates of Aggregate Output, Consumption, Investment and Savings
( Inpercent)
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Description / 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
GDP at Current Basic Prices 31.0 44.9 36.6 12.1 33.8 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 25.4 29.4
Taxes on Products, net 25.7 37.7 14.0 48.5 38.8 44.3 24.1 21.9 22.1 12.9 8.5 6.9 10.9 25.4 16.0
GDP at Current Market Prices 30.6 44.4 35.1 14.2 33.5 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.5 25.4 28.6
Incomes from ROW, net 2,862.9 19.8 (204.1) (116.5) (57.1) (48.2) (17.0) (50.0) (81.0) (2.9) (112.5) (31.8) (33.0) (10.5) 13.2
Gross National Income at Current Basic Price 31.3 44.8 36.3 12.0 33.8 45.2 15.3 22.3 22.2 18.3 17.2 21.1 23.3 25.5 29.5
Gross National Income at Current Market Price 30.9 44.3 34.8 14.1 33.4 45.1 16.0 22.3 22.2 17.8 16.6 20.1 22.5 25.5 28.7
Current Transfers from ROW, net 40.1 34.4 29.2 34.6 24.8 17.0 7.5 13.9 20.7 21.5 (0.6) 21.7 25.7 (3.6) 42.7
Gross National Disposable Income 31.9 43.1 34.1 16.4 32.3 41.6 15.1 21.5 22.1 18.1 15.0 20.2 22.8 23.2 29.6
Government Final Consumption Expenditure 12.4 34.8 22.4 10.3 25.4 16.7 25.1 26.4 19.2 27.2 16.6 10.8 9.7 24.4 24.5
Private Final Consumption Expenditure 26.9 51.8 35.7 15.3 28.6 45.1 17.6 17.0 20.3 15.7 17.0 18.2 27.9 27.7 32.6
Gross Capital Formation (Investment) 14.7 45.9 37.2 24.0 38.1 67.6 6.6 36.4 27.0 15.1 20.3 6.7 26.2 9.4 17.9
Exports of Goods and Services 20.0 29.6 24.4 48.1 64.8 19.7 5.2 14.1 (1.6) 0.8 14.1 31.8 15.9 12.0 37.0
Imports of Goods and Services 14.5 39.0 25.8 31.2 28.6 45.5 6.3 22.8 27.4 8.0 1.3 16.7 11.8 1.7 27.0
Resource Balance (11.2) (45.2) (26.5) (21.5) (3.2) (74.4) (7.2) (29.4) (46.7) (11.3) 3.9 (9.4) (9.5) 4.6 19.6
Gross Domestic Savings 83.9 21.2 45.4 11.7 66.7 64.2 5.7 41.8 30.8 19.4 16.6 30.7 12.2 17.5 17.1
Gross National Savings 60.9 27.5 36.1 22.2 44.8 43.0 6.3 31.4 27.1 20.3 10.3 28.1 16.4 12.5 23.2
Mid-year Population (in Million) 1.2 1.2 2.7 2.7 2.2 2.6 2.5 2.5 2.4 2.4 2.4 2.3 2.2 2.2 2.2
Per Capita GDP (Birr) (Nominal) 29.1 42.6 31.6 11.2 30.6 41.5 13.1 19.4 19.4 15.0 14.2 17.5 19.8 22.5 25.8
Per Capita GDP (Birr) (Real) 10.1 9.4 6.0 9.7 8.7 5.9 7.9 7.6 7.8 5.0 7.0 4.4 5.8 4.1 3.3
Average Exchange Rate (Birr/USD) 1.3 5.1 12.7 23.7 25.0 7.0 5.9 4.4 5.4 5.0 6.2 16.5 7.6 11.5 24.5
Real GDP (USD) 10.0 5.4 (3.5) (9.0) (11.2) 1.5 4.4 5.7 4.8 2.4 3.1 (8.3) 0.6 (4.8) (15.1)
GDP at Current Market Prices(USD) 29.0 37.3 19.8 (7.7) 6.8 35.5 9.5 17.3 16.1 12.1 10.0 3.2 13.7 12.2 3.3
Per Capita GDP (USD) (Nominal) 27.4 35.7 16.7 (10.1) 4.4 32.2 6.8 14.4 13.4 9.5 7.5 0.9 11.5 9.6 1.1
Per Capita GDP (USD) (Real) 8.7 4.1 (6.0) (11.3) (13.1) (1.0) 1.8 3.1 2.3 0.0 0.7 (10.4) (1.5) (6.8) (17.0)
Percentage Change in GDP Deflator 17.2 30.3 24.1 1.4 20.2 33.5 4.9 11.0 10.8 9.5 6.7 12.5 13.3 17.6 21.8
Source:Planning commission
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
(2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013)
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
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
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
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
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
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
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
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
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
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
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
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
EFY (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013)
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Monetary Authorities (Reseves), -5,155.6
net -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
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
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
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
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
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
Commodity (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013)
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Commodity (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2007) (2009) (2010) (2011) (2012) (2013)
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
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
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
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
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
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
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
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
Oil Cakes - - - - - - - - -
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
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
Petroleum Products - - - - - - - - - - - - - -
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
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
Cotton 7,822.75 152.17 126.93 5,673.61 751.98 8.29 0.34 - 3,529.38 252.91 80.00 -
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
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
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
Civet - - - - - - - - - - - -
Hop - - - - - - - - - - - -
Animal Fodder 26,462.37 286.61 48.93 40.01 - - - - - - - -
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
Marble - - - - - - - - - - - -
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
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
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
Source: Ethiopian Customs Commission
Table 10: Value of Major Imports
Food & Medical & (Thousands of Birr) Paper &
Live Petroleum Petroleum Pharm. Soap & Rubber Paper
Period Animals Beverages Tobacco Crude Prod.**** Chemicals Fertilizers Prod Polish Prod. Manfc.
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
Table 10 continued: Glass & Metal &
Glass Metal Machinery & Road Motor Electrical Telecomm. GRAND
Period Textiles Clothings Ware Manfc. Aircraft Vehicles Materials Grain* Appara. Others TOTAL
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 6,366,919 39,873,075
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 7,829,238 45,126,438
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 12,489,774 63,146,946
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 20,895,905 84,677,193
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 25,639,499 108,956,272
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 34,861,069 129,693,362
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 43,405,637 191,587,139
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 46,476,571 196,871,016
'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 54,917,318 261,837,358
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 69,309,407 330,794,233
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 78,644,190 353,013,856
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 19,960,579 809,586 164,455,699 559,341,145
* Included in "Food & Live Animals".
Table 11: Volume of Major Imports
(in Metric Tones)
Food & Live Petroleum Petroleum Medical & Rubber
Period Animals Beverages Tobacco Crude Prod. Chemicals Fertilizers Pharm. Prod Soap & Polish Prod.
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
Table 11 Continued:
Paper & Glass & Glass Metal & Metal Machinery & Road Motor Electrical Telecomm.
Period Paper Manfc. Textiles Clothings Ware Manfc. Aircraft Vehicles Materials Grain* Appara.
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
* Included in "Food & Live Animals".
Table 12: Value of Imports, by End Use
In Millions of Birr
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
Components
(1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (`2010) (`2011) (`2012) (2013)
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
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
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
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
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
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
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
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
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
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
CAPITAL GOODS 12,614.13 16,453.26 16,415.81 24,594.75 37,152.72 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
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
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
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
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
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
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
Industrial 8,545.41 10,589.11 12,518.05 20,264.30 29,779.43 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
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
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
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
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
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
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
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
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
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
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
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
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
MISCELLANEOUS 855.13 1,025.04 3,551.00 3,348.23 1,517.56 2,112.43 6,507.29 6,897.89 3,834.08 5,532.88 5,240.32 6,771.02 7,558.39 7,773.99 11,692.47 6,857.24
TOTAL IMPORTS 39,873.07 45,126.44 63,146.95 84,677.23 108,956.34 129,693.36 191,587.14 196,871.02 261,837.36 330,794.23 353,013.86 354,271.13 397,115.5 423,394.15 432,189.35 559,341.15
Sources: Ministry of Revenue
Table 13: Value of Imports, by Country of Origin:
In 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
countries
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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
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
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
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
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
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
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
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
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
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
Yugoslavia 256 0 6,819 9,455 49 0 8 55 0.0 0.3 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
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
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
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
Rest of the World 22,906,209 35,235,387 44,648,975 60,525,873 88,707,927 89,822,314 99,685,280 113,529,081 137,278,642.6 143,440,920.4 184,684,091.2 198,214,521.2 201,824,554.2 276,431,194.0
Total Import 63,146,946 84,677,193 108,956,272 129,693,362 191,587,139 196,871,016 261,837,358 330,794,233 353,013,855.7 354,271,134.9 397,115,467.6 423,394,150.7 432,189,352.0 559,341,145.1
Sources: Ethiopian Ministry of Revenue
Table 14: Values of Export by Countries of 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
countries
(1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013)
Djibouti 434,264 485,403 463,894 649,142 1,002,921 1,459,098 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
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
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
U.A.R 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
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
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
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
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
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
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
Yugoslavia 0 287 874 0 - - 0 0 0 45,940 0 0 0 0
U.S.A. 522,777 915,718 626,461 1,008,695 1,941,403 1,533,048 2,055,430 2,528,811 3,516,787 3,284,623 4,317,231 6,649,832 5,358,010 6,784,201 8,495,485.6
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 6,430,788 5,111,010 6,301,807 4,035,157 2,635,421 3,731,565.0
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 3,385,579 3,566,011 3,495,238.4
Saudi Arabia 645,957 1,000,488 1,167,946 1,593,421 2,227,262 3,551,459 2,754,806 3,516,771 4,039,152 3,642,647 4,400,225 4,971,483 5,072,646 6,484,675 7,463,486.1
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 28,798,566 33,761,221 46,112,922 63,543,251.2
Total Export 10,457,615 13,631,575 15,217,920 26,115,306 44,525,565 54,494,767 56,123,558 62,242,999 59,860,381 59,725,753 63,685,744 72,712,995 73,574,227 94,240,481 128,868,607.1
* Export value of Gold is not included in this table for the years before 2003/04
Sources: Ethiopian Customs Authority
Table 15: Trade Balance with Major Trading Partners
( In 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
Trading Country '(2003) '(2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013)
Djibouti 1,001,457.15 1,454,904.13 2,222,702.71 3,651,824.36 1,580,282.16 - 4,016.00 - 4,018.00 - 4,020.00 - 4,022.00 - 4,024.00 - 4,026.00
Kenya - 351,617.60 - 475,510.76 - 380,937.75 - 287,641.33 - 188,868.43 2,205,895.91 2,283,009.94 3,305,262.37 3,302,886.37 2,476,410.09 - 1,159,828.00
Sudan - 104,841.61 1,113,078.02 1,500,060.96 - 1,822,459.92 - 1,132,580.04 - 85,796.43 411,075.40 173,731.42 - 572,951.51 - 2,242,639.74 - 620,874.88
U.A.E - 7,603,477.98 - 2,745,344.93 - 4,791,914.45 - 11,906,674.53 - 7,525,465.25 448,586.45 - 1,714,234.10 189,939.59 - 357,923.38 - 127,799.00 2,061,196.66
France - 1,382,765.13 - 1,639,858.10 - 2,779,693.14 - 1,790,370.93 - 2,694,863.31 - 8,013,416.29 - 5,588,929.30 - 11,393,876.20 - 11,776,610.13 - 13,346,675.45 - 29,765,136.69
Germany 2,196,251.31 2,190,952.75 564,995.40 - 3,068,763.28 - 2,709,924.55 - 3,496,322.40 - 3,677,616.68 - 3,941,350.04 - 3,799,109.79 - 7,367,717.62 - 5,300,147.55
Italy - 4,074,305.46 - 5,391,295.81 - 7,684,957.61 - 8,241,481.74 - 9,099,038.57 - 4,475,272.13 - 1,768,424.37 - 2,526,330.43 - 5,900,966.85 - 4,181,349.91 - 2,599,283.75
Netherlands 1,196,942.26 2,137,005.00 1,317,196.72 125,404.59 - 1,720,952.73 - 12,374,622.20 - 14,170,550.33 - 11,885,066.35 - 8,389,949.56 - 6,790,138.34 - 10,477,901.21
U.K. - 576,042.47 - 789,278.06 - 620,306.94 - 1,750,717.36 - 3,685,023.03 - 435,183.35 - 362,842.14 - 1,170,799.45 640,289.00 4,991,593.40 6,914,831.20
Russia - 242,723.10 - 5,996,783.27 - 181,974.19 - 625,081.70 - 2,096,729.94 - 3,469,877.49 - 2,459,953.18 - 4,823,234.75 - 7,955,985.63 - 8,164,116.46 - 8,794,855.85
Yugoslavia - 9,455.16 - 49.32 - - 8.33 - 54.91 - 3,651,331.50 - 561,627.87 - 2,001,069.82 - 3,077,825.86 - 1,746,407.72 - 2,820,492.31
U.S.A. - 2,452,925.40 - 6,298,496.38 - 5,026,845.96 - 10,907,897.53 - 11,526,989.74 45,939.89 - 0.26 - 0.00 - - -
China, P.Rep. - 16,179,059.20 - 26,121,896.74 - 40,113,045.09 - 65,055,315.19 -119,194,344.43 - 23,407,322.41 - 18,576,846.83 - 25,190,511.74 - 32,853,753.41 - 28,083,399.33 - 29,605,477.20
Japan - 6,408,372.10 - 7,118,045.15 - 6,651,011.06 - 10,116,101.13 - 11,278,497.81 -110,607,521.54 -109,821,235.92 - 94,562,982.35 -105,805,088.06 -109,852,809.46 -122,686,543.20
Saudi Arabia - 9,402,950.19 - 23,113,054.98 - 17,705,030.25 - 17,713,067.00 - 12,678,649.53 - 13,579,963.40 - 13,311,707.06 - 11,168,972.25 - 7,187,269.43 - 2,059,092.16 - 643,889.53
Rest of the World - 40,773,912.16 - 64,298,697.82 - 60,416,697.69 - 70,086,007.68 - 86,982,151.66 - 4,322,157.13 - 6,328,405.58 - 4,117,643.49 - 1,831,636.29 - 7,900,269.49 - 12,086,192.84
OverallTrade Balance - 85,167,796.83 -137,092,371.41 -140,747,458.32 -199,594,358.71 -270,933,851.78 -107,856,924.66 -114,937,102.51 -155,885,525.19 -164,453,300.28 -155,711,632.28 -212,887,942.84
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
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
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
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
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)

Sector
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
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
Education 189 12 9 8 49 13 89 0 16 23 200 154 2 2.0
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
Hotels and restaurants 181 150 100 55 400 80 23 35 97 64 173 75 35 20 391 192
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
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
Transport, Storage and Communication 13 2 18 40 34 17 28 7 23 28 44 121 0 807 388
Wholesale, retail trade & repair service 5 10 2 0 23 66
Others* 8 100 160 26 105 34 5 84 22
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
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)
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
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
Education 2 25.4 1 79.8 3 7.1 4 6.1 7 67.8 6 68 1 2.5 2 13.0
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
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
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
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
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
Wholesale, retail trade & repair service 1 10.9 1 2.0 3 381.5
Others* 1 1.9 3 9.5 3 79 2 19.6 8 1,816.1
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
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)

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
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
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
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
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
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

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Ethiopia: Macroeconomic and Social Indicators

3.6: Exchange Rate (Birr/ USD)

1|2020/21 Annual Report

2|2020/21 Annual Report

3|2020/21 Annual Report

I. THE OVERALL ECONOMIC PERFORMANCE

The growth of real GDP was 3.7 percentage

The growth of real GDP in 2020/21 was

4|2020/21 Annual Report

Table 1.1: Sectoral Contributions to GDP and GDP Growth

Items 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21

Services Contribution to GDP

5|2020/21 Annual Report

Fig.I.1: Real GDP Growth by Major Sectors (in Percent)

Source: Planning and Development Commission

6|2020/21 Annual Report

2017/18 2018/19 2019/20 2020/21

Cereals 10,232 267,789 10,358 277,638 10,478 296,726 10,538 302,054

Pulses 1,598 29,785 1,620 30,113 1,563 30,051 1,674 32,000

Oilseeds 846 8,550 747 7,850 820 8,421 766 7,774

Total 12,676 306,124 12,727 315,602 12,862.0 335,199 12,979 341,829

7|2020/21 Annual Report

8|2020/21 Annual Report

Sectors 2016/17 2017/18 2018/19 2019/20 2020/21

Animal Farming and

Fishing 0.5 11.3 2.3 2.8 1.7

Animal Farming and

Hunting 26.4 25.6 26.2 25.9 26.0

Manufacturing 24.7 5.5 7.7 7.5 5.1

Electricity and Water 4.9 3.3 4.0 7.2 8.9

Construction 20.7 15.7 15.0 9.9 6.6

Manufacturing 26.9 25.3 24.3 23.9 23.4

9|2020/21 Annual Report

1.2. GDP by Expenditure Components

Table: 1.4: Expenditure on GDP and Gross Domestic Savings

Domestic Exports Imports

8|2020/21 Annual Report

1.3: Micro and Small-Scale Enterprises

Particulars 2018/19 2019/20 2020/21

No. of MSE's 110,253 111,547 115,200

Amount of credit 7,311.8 7,670.7 5,016.2

No of total employment 882,098 1,569,163 585,119

In terms of regional distribution, 39.9

9|2020/21 Annual Report

Regional Percentage Share

Fig.I.1: Number of Distribution of MSEs by region during 2020/21

Fig.I.2: Annual Credit Distribution by region in 2020/21

Fig.I.3: Distribution of Employment Created by MSEs During 2020/21

1.4. Access to Water Supply

During 2020/21, the proportion of

In terms of regional states, Dire Dawa In terms of access to potable water in

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

AA 63.72 63.72 62.59 62.59 - -1.1 -1.1

Fig.I.5: Access to Water Supply by Region in 2020/21 (in percent)

1.6. Developments in Education Sector

The education sector has been improving in

On the other hand, secondary education

Number of primary schools (urban, rural) &

ii. Rural 28,604 29,856 30,654 30,933 31,188 31,586 30,038