Ethiopia: Economic Outline

Economic Indicators

After five years of strong growth (11.5% average), the Ethiopian economy slowed down slightly because of the crisis and the drought, the GDP growing at 10% in 2010. The main growth vectors remain agricultural production and services, sustained by exports and the continuous influx of development aid and foreign direct investments.

The plan implemented with the cooperation of the IMF in August 2009 and extended in October 2010 prioritizes the preservation of economic stability, which the global economic crisis had caused the country to suffer, due to the reduction in exports, financial transfers, FDI and the flow of development aid. Ethiopia has managed to juggle the inflation and reconstituting its monetary reserves, however in order to accelerate growth, it still needs to improve its business climate, liberalise trade and develop its financial system.

Ethiopia is amongst the world poorest countries, and suffers from chronic food shortages and climatic instabilities.

Main Indicators	2009	2010	2011	2012 (e)	2013 (e)
GDP (billions USD)	32.25	29.72e	30.50	36.88	39.01
GDP (Constant Prices, Annual % Change)	10.0	8.0	7.5e	5.5	6.0
GDP per Capita (USD)	389e	350	351e	415	428
General Government Gross Debt (in % of GDP)	32.2	36.7	39.4e	34.1	33.3
Inflation Rate (%)	36.4	2.8	18.1	31.2	12.4
Current Account (billions USD)	-1.62	-1.29e	-1.91e	-3.19	-3.29
Current Account (in % of GDP)	-5.0	-4.4	-6.3	-8.4	-

Source: IMF - World Economic Outlook Database - Last Available Data.

Note: (e) Estimated Data

Monetary Indicators	2008	2009	2010
Foreign Debt (million USD)	2,879	5,025	-
Ethiopian Birr (ETB) - Average Annual Exchange Rate For 1 USD	9.60	11.78	14.41

Source: World Bank - Last Available Data.

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Main Sectors of Industry

Breakdown of Economic Activity By Sector	Agriculture	Industry	Services
Employment By Sector (in % of Total Employment)	79.3	6.6	12.8
Value Added (in % of GDP)	47.7	14.3	38.0
Value Added (Annual % Change)	5.8	8.8	15.2