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Ethiopia Economy Profile 2014

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Economy - overviewEthiopia's economy is based on agriculture but the government is pushing to diversify into manufacturing, textiles, and energy generation.. Coffee is a major export crop. The agricultural sector suffers from poor cultivation practices and frequent drought, but recent joint efforts by the Government of Ethiopia and donors have strengthened Ethiopia's agricultural resilience, contributing to a reduction in the number of Ethiopians threatened with starvation. The banking, insurance, telecommunications, and micro-credit industries are restricted to domestic investors, but Ethiopia has attracted significant foreign investment in textiles, leather, commercial agriculture and manufacturing. Under Ethiopia's constitution, the state owns all land and provides long-term leases to the tenants; land use certificates are now being issued in some areas so that tenants have more recognizable rights to continued occupancy and hence make more concerted efforts to improve their leaseholds. While GDP growth has remained high, per capita income is among the lowest in the world. Ethiopia's economy continues on its state-led Growth and Transformation Plan under the new collective leadership that followed Prime Minister MELES’s death. The five-year economic plan has achieved high single-digit growth rates through government-led infrastructure expansion and commercial agriculture development. Ethiopia in 2014 will continue construction of its Grand Renaissance Dam on the Nile – a controversial five billion dollar effort to develop electricity for domestic consumption and export.
GDP (purchasing power parity)$118.2 billion (2013 est.)
$110.4 billion (2012 est.)
$101.8 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$47.34 billion (2013 est.)
GDP - real growth rate7% (2013 est.)
8.5% (2012 est.)
11.4% (2011 est.)
GDP - per capita (PPP)$1,300 (2013 est.)
$1,300 (2012 est.)
$1,200 (2011 est.)
note: data are in 2013 US dollars
Gross national saving18.8% of GDP (2013 est.)
18.2% of GDP (2012 est.)
22.9% of GDP (2011 est.)
GDP - composition, by end usehousehold consumption: 83.1%
government consumption: 8.6%
investment in fixed capital: 26.1%
investment in inventories: 0%
exports of goods and services: 11.5%
imports of goods and services: -29.3%
(2013 est.)
GDP - composition by sectoragriculture: 47%
industry: 10.8%
services: 42.2% (2013 est.)
Population below poverty line39% (2012 est.)
Labor force45.65 million (2013 est.)
Labor force - by occupationagriculture: 85%
industry: 5%
services: 10% (2009 est.)
Unemployment rate17.5% (2012 est.)
18% (2011 est.)
Unemployment, youth ages 15-24total: 24.9%
male: 19.5%
female: 29.4% (2006)
Household income or consumption by percentage sharelowest 10%: 4.1%
highest 10%: 25.6% (2005)
Distribution of family income - Gini index33 (2011)
30 (2000)
Budgetrevenues: $6.702 billion
expenditures: $8.042 billion (2013 est.)
Taxes and other revenues14.2% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-2.8% of GDP (2013 est.)
Public debt50.4% of GDP (2013 est.)
39.7% of GDP (2012 est.)
note: official data cover central government debt, including debt instruments issued (or owned) by government entities other than the treasury and treasury debt owned by foreign entities; the data exclude debt issued by subnational entities, as well as intragovernmental debt; debt instruments for the social funds are not sold at public auctions
Inflation rate (consumer prices)8.4% (2013 est.)
22.9% (2012 est.)
Central bank discount rateNA%
Commercial bank prime lending rate12% (31 December 2013 est.)
14.5% (31 December 2012 est.)
Stock of narrow money$9.006 billion (31 December 2013 est.)
$9.107 billion (31 December 2012 est.)
Stock of broad money$15.43 billion (31 December 2013 est.)
$15.45 billion (31 December 2012 est.)
Stock of domestic credit$16.07 billion (31 December 2013 est.)
$16.09 billion (31 December 2012 est.)
Market value of publicly traded shares$NA
Agriculture - productscereals, pulses, coffee, oilseed, cotton, sugarcane, potatoes, khat, cut flowers; hides, cattle, sheep, goats; fish
Industriesfood processing, beverages, textiles, leather, chemicals, metals processing, cement
Industrial production growth rate9% (2013 est.)
Current Account Balance-$2.744 billion (2013 est.)
-$2.031 billion (2012 est.)
Exports$3.214 billion (2013 est.)
$3.039 billion (2012 est.)
Exports - commoditiescoffee, khat, gold, leather products, live animals, oilseeds
Exports - partnersChina 13%, Germany 10.8%, US 8%, Belgium 7.7%, Saudi Arabia 7.6% (2012)
Imports$10.68 billion (2013 est.)
$10.25 billion (2012 est.)
Imports - commoditiesfood and live animals, petroleum and petroleum products, chemicals, machinery, motor vehicles, cereals, textiles
Imports - partnersChina 13.1%, US 11%, Saudi Arabia 8.4%, India 5.4% (2012)
Reserves of foreign exchange and gold$3.382 billion (31 December 2013 est.)
$3.272 billion (31 December 2012 est.)
Debt - external$11.99 billion (31 December 2013 est.)
$10.03 billion (31 December 2012 est.)
Exchange ratesbirr (ETB) per US dollar -
19.92 (2013 est.)
17.705 (2012 est.)
14.41 (2010 est.)
11.78 (2009)
9.57 (2008)
Fiscal year8 July - 7 July

Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of August 23, 2014