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Ethiopia Economy Profile 2013

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Economy - overviewEthiopia's economy is based on agriculture, which accounts for 46% of GDP and 85% of total employment. Coffee has been 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, 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 its new leadership after Prime Minister MELE'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 2013 plans to continue construction of its Grand Renaissance Dam on the Nile-the controversial multi-billion dollar effort to develop electricity for domestic consumption and export.
GDP (purchasing power parity)$105 billion (2012 est.)
$98.13 billion (2011 est.)
$91.29 billion (2010 est.)
note: data are in 2012 US dollars
GDP (official exchange rate)$41.91 billion (2012 est.)
GDP - real growth rate7% (2012 est.)
7.5% (2011 est.)
8% (2010 est.)
GDP - per capita (PPP)$1,200 (2012 est.)
$1,200 (2011 est.)
$1,100 (2010 est.)
note: data are in 2012 US dollars
Gross national saving22.1% of GDP (2012 est.)
22.9% of GDP (2011 est.)
23.1% of GDP (2010 est.)
GDP - composition, by end usehousehold consumption: 85.6%
government consumption: 8.2%
investment in fixed capital: 26.8%
investment in inventories: 0%
exports of goods and services: 12.7%
imports of goods and services: -33.3%
(2012 est.)
GDP - composition by sectoragriculture: 46.4%
industry: 10.7%
services: 43% (2012 est.)
Population below poverty line29.2% (FY09/10 est.)
Labor force43.93 million (2012 est.)
Labor force - by occupationagriculture: 85%
industry: 5%
services: 10% (2009 est.)
Unemployment rateNA%
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 index30 (2000)
40 (1995)
Investment (gross fixed)26.8% of GDP (2012 est.)
Budgetrevenues: $6.388 billion
expenditures: $7.54 billion (2012 est.)
Taxes and other revenues15.2% of GDP (2012 est.)
Budget surplus (+) or deficit (-)-2.7% of GDP (2012 est.)
Public debt45.4% of GDP (2012 est.)
47% of GDP (2011 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)23.4% (2012 est.)
33.2% (2011 est.)
Central bank discount rateNA%
Commercial bank prime lending rate14.5% (31 December 2012 est.)
16% (31 December 2011 est.)
Stock of narrow money$8.144 billion (31 December 2012 est.)
$6.532 billion (31 December 2011 est.)
Stock of broad money$13.35 billion (31 December 2012 est.)
$11.51 billion (31 December 2011 est.)
Stock of domestic credit$14.46 billion (31 December 2012 est.)
$11.73 billion (31 December 2011 est.)
Market value of publicly traded shares$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 rate9.2% (2012 est.)
Current Account Balance-$2.95 billion (2012 est.)
-$1.965 billion (2011 est.)
Exports$3.109 billion (2012 est.)
$3.029 billion (2011 est.)
Exports - commoditiescoffee, khat, gold, leather products, live animals, oilseeds
Exports - partnersChina 13%, Germany 10.8%, US 7.9%, Saudi Arabia 7.8%, Belgium 7.7% (2012)
Imports$9.498 billion (2012 est.)
$8.329 billion (2011 est.)
Imports - commoditiesfood and live animals, petroleum and petroleum products, chemicals, machinery, motor vehicles, cereals, textiles
Imports - partnersChina 13.1%, US 11%, Saudi Arabia 8.2%, India 5.5% (2012)
Reserves of foreign exchange and gold$3.166 billion (31 December 2012 est.)
$3.102 billion (31 December 2011 est.)
Debt - external$10.35 billion (31 December 2012 est.)
$8.597 billion (31 December 2011 est.)
Exchange ratesbirr (ETB) per US dollar -
17.705 (2012 est.)
16.899 (2011 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 February 21, 2013