In its six-month performance evaluation of the major macroeconomic sectors, the Ministry of Planning and Development of Ethiopia revealed that Ethiopia’s economy is expected to grow by 7.5 percent in the current fiscal year.
In its six-month performance evaluation of the major macroeconomic sectors, the Ministry of Planning and Development of Ethiopia revealed that Ethiopia’s economy is expected to grow by 7.5 percent in the current fiscal year, recording 126 billion USD GDP. According to the Ministry, the country has attracted approximately US $ 2 billion of Foreign Direct Investment (FDI) during the last six months of this Ethiopian fiscal year posting a 22.3% growth over the same period last year.
Agricultural productivity remained the major contributor to macroeconomic development and supported the country’s overall export trade. Minister of Planning and Development Fitsum Assefa stated that the industry sector, which faced internal challenges and external pressures during the last two years, registered a growth rate of 8.2 percent in the last six months. She added that though the country’s export performance witnessed a slight decline, the export sector registered 1.8 billion U.S. dollars in revenue during the review period, achieving 77 percent of the initial target.
Also Read;
https://trendsnafrica.com/ethiopian-central-banks-profit-up/
https://trendsnafrica.com/autoexpo-ethiopia-2023/
The country with the second largest population in Africa has been one of the fastest-growing economies in the past 15 years. The Pandemic and the conflict in the Tigray region slowed expansion in the past two years. Ethiopia’s economy slowed down to 5.6% growth in 2021 from 6.1% in 2020, due to civil conflict and the effects of COVID-19. The revival of tourism and economic liberalization particularly in the telecoms sector is expected to boost the growth outlook. The economy remains vulnerable due to the impact of civil conflict in northern Ethiopia, and debt.
