
- Ethiopia has registered a 6.1 percent economic growth during the past fiscal year that ended on July 8, 2020.
- Mining, agriculture, industry, and service sectors were the top-performing sectors registering 4.3, 9, and 5.3 percent growth respectively.
Despite the challenges posed by COVID-19 pandemic, Ethiopia has registered a 6.1 percent economic growth during the past fiscal year that ended on July 8, 2020, stated Prime Minister Abiy addressing the House of Peoples’. Representatives.
According to him, mining, agriculture, industry, and service sectors were the top-performing sectors registering 4.3, 9, and 5.3 percent growth respectively. The mining sector recorded 91 percent growth over the last budget year. The Mining sector he said, was of high priority to the Government as it has the potential to contribute heavily to the entire GDP and economic growth. He also pointed out that his government has been making sustained efforts to add value to its agricultural products and is planning to develop large Agro-industrial parks across the country. The hardest-hit sectors due to the Pandemic he said, were Transport, education, and tourism.
On the Foreign Direct Investment (FDI), Ethiopia has secured 500 million USD from in the past three months, according to the Ethiopian Investment Commission (EIC). The investment commission is working to increase investments into the newly inaugurated industrial parks . Over 832 million USD was also earned from the export trade during the first quarter of the fiscal year that began on July 9.