National Bank of Ethiopia Quarterly Bulletin First Quarter 2023/24

# Quarterly Bulletin
## FIRST QUARTER 2023/24
## FISCAL YEAR SERIES

nbe.gov.et

![National Bank of Ethiopia Logo](logo-placeholder)  
**NATIONAL BANK OF ETHIOPIA**

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## National Bank of Ethiopia (Central Bank)

- **P.O. Box:** 5550, Addis Ababa, Ethiopia
- **Tel:** 251-11-551 7430
- **Tel:** 251-11-551 4588

### Telegraphic Address:
NATIONAL BANK, TELEX 21020, CODES  
USED PETERSON 3rd & 4th ED  
BENTLEY’S 2nd PHRAS A.B.C...6th H EDITION

- **E-mail:** nbe.edpc@ethionet.et
- **Web Site:** http://www.nbe.gov.et

### Prepared By:
Domestic Economic Analysis & Publications Directorate  
National Bank of Ethiopia

This Publication can be acquired by subscription or exchange. Please Contact:

> Domestic Economic Analysis & Publications Directorate  
> National Bank of Ethiopia  
> P. O. Box 5550  
> Tel. 251 11 517 5262/11 517 5268  
> Addis Ababa, Ethiopia

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## NATIONAL BANK OF ETHIOPIA  
### Quarterly Bulletin

**Volume 40, No. 1**  
**First Quarter 2023/24**  
**Fiscal Year Series**

Addis Ababa  
2024

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## National Bank of Ethiopia Quarterly Bulletin

### Table of Contents

| Section | Topic | Pages |
|---------|-------|-------|
| Ethiopia: Macroeconomic and Social Indicators | | i |
| I. Overview | | 1 |
| 1.1: International Economic Developments | | 1 |
| 1.2: Macroeconomic Developments in Ethiopia | | 2 |
| II. Energy Production and Processing | | 7 |
| 2.1: Import of Petroleum Products | | 7 |
| 2.2: Electric Power Generation | | 13 |
| III. Quarterly Price Developments | | 16 |
| 3.1: Developments in National CPI | | 16 |
| 3.2: Developments in Regional CPI | | 19 |
| IV. Monetary Developments | | 22 |
| 4.1: Money Supply and Credit | | 22 |
| 4.2: Developments in Reserve Money and Monetary Ratio | | 25 |
| 4.3: Interest Rate Developments | | 27 |
| 4.4: Developments in the Financial Sector | | 29 |
| 4.5: Activities of the Banking System | | 32 |
| 4.5.1: Resource Mobilization | | 32 |
| 4.5.1.1: Deposit Mobilization | | 33 |
| 4.5.1.2: Collection of Loans | | 34 |
| 4.5.1.3: Borrowing | | 34 |
| 4.5.2: Disbursement of Fresh Loans | | 35 |
| 4.5.3: Outstanding Credit | | 36 |
| 4.6: Financial Activities of NBE | | 38 |
| 4.7: Developments in Financial Markets | | 39 |
| 4.7.1: Treasury Bills Market | | 39 |
| 4.7.2: Inter-bank Money Market | | 41 |
| 4.7.3: Corporate Bond Market | | 41 |
| V. External Sector Developments | | 44 |
| 5.1: Balance of Payments | | 44 |
| 5.2: Balance of Trade | | 47 |
| 5.2.1: Exports of Goods | | 48 |
| 5.2.2: Imports of Goods | | 53 |
| 5.2.3: Direction of Trade | | 55 |
| 5.2.3.1: Exports of goods | | 55 |
| 5.2.3.2: Imports of goods | | 57 |
| 5.3: Services and Transfers | | 58 |
| 5.3.1: Net Services | | 58 |
| 5.3.2: Transfers | | 60 |
| 5.4: Current Account Balance | | 61 |
| 5.5: Capital Account | | 61 |
| 5.6: Changes in Reserve Position | | 62 |
| 5.7: Developments in Foreign Exchange Market | | 62 |
| 5.7.1: Exchange Rate Movements | | 62 |
| 5.7.2: Movements in the Real Effective Exchange Rate | | 70 |
| 5.7.3: Volume of Transactions | | 72 |
| VI. Federal Government Finance | | 73 |
| 6.1: Revenue and Grants | | 75 |
| 6.2: Expenditure | | 78 |
| 6.3: Deficit Financing | | 82 |
| VIII. International Economic Developments | | 83 |
| 8.1: Overview of the World Economy | | 83 |
| 8.2: Inflation Developments | | 83 |
| 8.3: Commodity Price | | 84 |
| 8.4: Exchange Rate Development | | 85 |
| 8.5: Impact of Global Economic Dev’t on Ethiopian Economy | | 85 |
| Statistical Tables | | 86 |

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## Ethiopia: Macroeconomic and Social Indicators

### 1. Country Profile

| Indicators | 2015/16 (2008) | 2016/17 (2009) | 2017/18 (2010) | 2018/19 (2011) | 2019/20 (2012) | 2020/21 (2013) | 2021/22 (2014) | 2022/23 (2015) |
|------------|----------------|----------------|----------------|----------------|----------------|----------------|----------------|----------------|
| Land Area (total, in Sq.Km) | 1.14 million | 1.14 million | 1.14 million | 1.14 million | 1.14 million | 1.14 million | 1.14 million | 1.14 million |
| Arable Land (% of total area) | NA | NA | 12.00 | 13 | 14.2 | 14.32 | 14.41 | 16.2 |
| Agricultural Irrigated Land (% of total Agricultural area) | NA | NA | 4.0 | 4.0 | 4.0 | 4.7 | 5 | 6.20% |
| Population Density (person per sq.km)* | 101.00 | 104.00 | 106 | 109 | 112 | 115 | 123 | 127 |

### 2. Social Indicators

| Indicators | 2015/16 (2008) | 2016/17 (2009) | 2017/18 (2010) | 2018/19 (2011) | 2019/20 (2012) | 2020/21 (2013) | 2021/22 (2014) | 2022/23 (2015) |
|------------|----------------|----------------|----------------|----------------|----------------|----------------|----------------|----------------|
| Population total, in millions (Mid-Year population) | 91.2 | 93.4 | 95.5 | 97.6 | 99.75 | 101.9 | 104.1 | 105.7 |
| Urban Population, in % | 19.9 | 20.3 | 21 | 22.8 | 22.8 | 22.8 | 22.8 | 28.2 |
| Working Age Population (In Millions) | | | | | | | | |
| Urban | 12.2 | 12.8 | 13.13 | 14.03 | 15.01 | 16.04 | 16.04 | 31.1 |
| Rural | 39.7 | 40.8 | 42 | 43.06 | 44.28 | 45.8 | 46.6 | 40.4 |
| Total | 52.0 | 53.6 | 56 | 56.19 | 58.31 | 60.81 | 62.64 | 61.7 |
| Age Dependency Ratio | 75.0 | 75 | 69 | 69 | 69 | 69 | 69 | 62 |
| Life Expectancy at Birth (Male - Female) | 60.2-64.2 | 60.2-64.2 | 62.4-66.6 | 62.4-66.6 | 62.4-66.6 | 65.5 | 68.5 | 65.5 |
| Crude Birth Rate | 30.3:1000 | 30.3:1000 | 27:1000 | 27:1000 | 27:1000 | 27:1002 | 27:1003 | 27:1000 |
| Crude Death Rate | 7.2:1000 | 7.2:1000 | 6 | 6 | 6 | 6.03 | 6.00 | 6.30 |
| Natural Rate of Population Increase (In %) | 2.31 | 2.31 | 2 | 2 | 2 | 2 | 2 | 2.07 |
| Total Fertility Rate | 3.94child/W | 3.94child/W | 3.5child/W | 3.5child/W | 3.5child/W | 4.6child/W | 4.6child/W | 4.1 |
| People : Hospital Beds | 2850:1 | 2980:1 | 3617:1 | 1,312 | 2750 | 2720 | 2900 | 3225: 1 bed |
| People : Physician¹ | 14045:1 | 22766:1 | 26635:1 | 10,521:1 | 9977:1 | 8448:1 | 7576 | 5737 |
| People : Nurse¹ | 1999:1 | 1194:1 | 1780:1 | 1620:1 | 1705 | 1473 | 1415 | 983 |
| Infant Mortality Rate | 62.4:1000 | 62.4:1000 | 53.3:1000 | 53.3:1000 | 43.3:1000 | 47:1001 | 47:1000 | 34:1000 |
| Access to Safe Water (In %) | | | | | | | | |
| Country Level | 61.0 | 66.0 | 71 | 76 | 79.3 | 58.5 | 58.76 | 67.1 |
| Urban Population | 52.5 | 55.0 | 60 | 66 | 66.5 | 62.95 | 71.97 | 75.7 |
| Rural Population | 63.1 | 68.0 | 74 | 79 | 82.7 | 57.26 | 59.76 | 64.5 |
| Student-Teacher Ratio | | | | | | | | |
| Primary (1-8) | 46:1 | 43.00 | 43 | 39 | 39 | 34.8 | 34.6 | 36.4 |
| Secondary (9-12) | 26.5:1 | 43.00 | 43 | 22.5 | 24 | 27.4 | 27.7 | 26.6 |
| Technical & Vocational | 12.6:1 | 11.00 | 26 | 13.3 | 13.3 | 1.71 | 1.71 | 1.78 |
| Student-School Ratio | | | | | | | | |
| Primary (1-8) | 573:1 | 580.00 | 567 | 628 | 528 | 512.7 | 526.6 | 517.6 |
| Secondary (9-12) | 767.2:1 | 754.00 | 741 | 568 | 940 | 1017 | 1063 | 1009.6 |
| Technical & Vocational | 523:1 | 329.00 | 378 | 246.8:1 | 246.6:1 | 777 | 138 | 151.5 |

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### Continued...

### 3. Macroeconomic Indicators

| Indicators | 2015/16 (2008) | 2016/17 (2009) | 2017/18 (2010) | 2018/19 (2011) | 2019/20 (2012) | 2020/21 (2013) | 2021/22 (2014) | 2022/23 (2015) |
|------------|----------------|----------------|----------------|----------------|----------------|----------------|----------------|----------------|
| 3.1. Real sector Development² | | | | | | | | |
| GDP at Current Market Price (In Mn. Birr) | 1,568,097.45 | 1,832,553.7 | 2,202,373 | 2,696,223.0 | 3,374,747 | 4341387.1 | 6,157,538 | 8,722,308 |
| Nominal GDP Growth Rate (In %) | 17.7 | 16.9 | 26.2 | 22.4 | 25.5 | 28.6 | 41.8 | 42.4 |
| Average Marginal Exchange Rate (Birr per USD) | 21.1 | 22.4 | 26.1 | 28.1 | 31.3 | 39.0 | 48.57 | 53,283 |
| GDP at Current Market Price (In Mn. USD) | 74,296.6 | 81,760.4 | 84,355.6 | 95,951.0 | 107,673 | 111271.2 | 126,783 | 163,698 |
| Nominal GDP per Capita (In USD) | 814.6 | 875.8 | 883.3 | 983.1 | 1,080 | 1091.8 | 1,218 | 1,549 |
| Real GDP per Capita (In Birr) | 8,864.0 | 18,257.5 | 19,205 | 20,360.2 | 21,144.7 | 21,863.35 | 22,542.21 | 22,798,071.26 |
| Real GDP per Capita Growth Rate (In %) | 3.4 | 8.0 | 5 | 6 | 4 | 3.4 | 3.1 | 101035.0 |
| GDP Deflator (% change) | 9.5 | 6.7 | 12.5 | 13.2 | 18.2 | 21.8 | 34.7 | 32.9 |
| Real GDP at constant basic price (In Mn. Birr) | 1,449,367.5 | 1,596,481.6 | 1,719,491 | 1,874,689.3 | 1,989,587.7 | 2,114,238.3 | 2,248,571.6 | 2,439,478,100.7 |
| Real GDP at constant market price (In Mn. Birr) | 1,568,097.5 | 1,717,127.2 | 1,834,066 | 1,987,157.5 | 2,109,180.1 | 2,228,170.1 | 2,346,644.1 | 2,409,921,417.8 |
| Real GDP Growth Rate (In %) | 8.0 | 10.1 | 7.7 | 9.0 | 6.1 | 6.3 | 6.1 | 7.2 |
| Agriculture & Allied Activities (In Billion Birr) | 544.1 | 580.4 | 600.9 | 623.8 | 650.3 | 686.4 | 728.4 | 774.0 |
| Industrial Sector (In Billion Birr) | 343.9 | 413.8 | 464 | 526.2 | 576.9 | 618.8 | 649.2 | 694.2 |
| Service Sector (In Billion Birr) | 575.9 | 619.3 | 674 | 745.7 | 786.8 | 836.2 | 899.8 | 971.3 |
| Agriculture & Allied Activities (% of GDP) | 37.5 | 36.4 | 34.9 | 33.3 | 32.7 | 32.5 | 32.4 | 32.1 |
| Industrial Sector (% of GDP) | 23.7 | 25.9 | 27.0 | 28.1 | 29.0 | 29.3 | 28.9 | 28.8 |
| Service Sector (% of GDP) | 39.7 | 38.8 | 39.2 | 39.8 | 39.5 | 39.6 | 40 | 40.3 |
| Private Consumption Expenditure | 1,042,284.6 | 1,219,365.9 | 1,441,581.1 | 1,848,070.0 | 2,360,896 | 3,134,994 | 4,764,429 | 6882737.9 |
| Government Consumption Expenditure | 174,598.8 | 203,607.9 | 225,523.2 | 247,362.0 | 307,769 | 383,565 | 453,263 | 551106.6 |
| Investment | 585,665.0 | 704,596.0 | 761,526.2 | 948,886.0 | 1,037,685 | 1,216,585 | 1,560,325 | 1,933,863 |
| Exports | 122,500.8 | 139,830.1 | 184,282.1 | 213,437.0 | 239,229 | 329,634 | 507,692 | 575,062 |
| Imports | 424,749.9 | 430,233.2 | 502,112.9 | 561,512.0 | 571,230 | 723,391 | 1,128,171 | 1,220,461 |
| Resource Balance | (302,249.0) | (290,403.0) | (317,831.0) | (348,075.0) | -329,096 | -394,236 | -620,479 | -645,400 |
| Gross Private Consumption (% of GDP) | 66.5 | 66.5 | 65.5 | 68.5 | 69.96 | 72 | 77.4 | 78.9 |
| Gross Government Consumption (% of GDP) | 11.1 | 11.1 | 10.2 | 9.2 | 9.1 | 8.84 | 7.4 | 6.3 |
| Gross Domestic Fixed Investment (% of GDP) | 37.3 | 38.4 | 34.1 | 35.2 | 30.7 | 28.02 | 25.3 | 22.2 |
| Resource Balance (% of GDP) | (19.3) | (15.8) | (12.9) | | | | | -7.4 |
| 3.2. Monetary Indicators | | | | | | | | |
| Narrow Money Supply (M1) (In Mn. Birr) | 178,609.66 | 216,769.62 | 281,154.66 | 308,937.13 | 360,585.50 | 437,391.97 | 588,015.82 | 706,142.20 |
| Broad Money Supply (M2) (In Mn. Birr) | 445,266.25 | 573,834.05 | 740,572.88 | 886,752.53 | 1,037,646.33 | 1,348,266.15 | 1,715,310.03 | 2,170,848.37 |
| Net Foreign Assets (In Mn. Birr) | 21,524.19 | 38,034.79 | 39,376.20 | 14,506.19 | (8,321.31) | (812,32) | (111,427.54) | (160,097.68) |
| Reserve Requirement (CRs) | 21,745.43 | 28,278.91 | 36,385.76 | 44,861.74 | 51,952.51 | 67,732.37 | 119,022.55 | 150,325.15 |
| Interest Rate (In %) | | | | | | | | |
| Minimum Deposit Rate | 5.00 | 5.00 | 7 | 7 | 7 | 7 | 7 | 7 |
| Lending Rate | 12.75 | 12.75 | 13.5 | 13.5 | 14.25 | 14.25 | 14.25 | 14.25 |
| Total Net Domestic Credit (in mn. Birr) | 490,230.35 | 631,092.73 | 784,621.73 | 963,689.91 | 1,176,928.45 | 1,481,844.43 | 1,930,821.80 | 2,444,435.50 |
| Government | 47,524.36 | 85,441.85 | 109,799.21 | 137,082.91 | 214,275.16 | 422,864.02 | 573,675.72 | |
| Other Sectors | 442,705.99 | 545,650.89 | 682,618.90 | 853,900.70 | 1,039,843.53 | 1,267,569.27 | 1,507,757.78 | 1,870,759.78 |

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