National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2023/24

Table of Content Pages National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2023/24 Ethiopia: Macroeconomic and Social Indicators 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (2010) (2011) (2012) (2013) (2014) (2015) (2016)

1. Country Profile 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 Arable Land (% of total area) 13 14.2 14.32 14.41 16.2 16.2 17.3 Agricultural Irrigated Land (% of totalAgricultural area) 4.0 4.0 4.7 5 6% 6.20% 6.20% Population Density (person per sq.km)* 106 109 112 115 123 127 132
2. Social Indicators Population total, in millions (Mid-Year population) 95.5 97.6 99.75 101.9 104.1 105.7 108.4 (o/w Urban Poulation, in %) 21 22.8 28.2 28.2 Working Age Population (In Millions) Urban 12 13.13 14.03 15.01 16.04 31.1 31.1 Rural 42 43.06 44.28 45.8 46.6 40.4 40.4 Total 56 56.19 58.31 60.81 62.64 61.7 61.7 Age Dependency Ratio 69 62 73 Life Expectancy at Birth (Male - Female) 62.4-66.6 62.4-66.6 62.4-66.7 65.5 69 Crude Birth Rate 27:1000 27:1000 27:1001 27:1002 27:1003 27:1000 31.8:1000 Crude Death Rate 6:03 6.00 6.:30 6.5 Natural Rate of Population Increase (In %) 2:07 4.6 Total Fertility Rate 3.5chil:W 4.6chil:W 4.6chil:W 4.1 4.6 People : Hospital Beds 3617:1 1,312 2750 2720 2900 3225: 1 bed 3650:1 Bed People : Physician1 26635:1 10,521:1 9977:1 8448:1 7576 5737 5,843 People : Nurse 1 1780:1 1620:1 1705 1473 1415 983 999 Infant Mortality Rate 53.3:1000 53.3:1000 43.3:1000 47:1001 47:1000 34:1000 47:1000 Access to Safe Water (In %) Country Level 71 76 79.3 58.5 58.76 67.1 69.52 Urban Population 60 66 66.5 62.95 71.97 75.7 66.62 Rural Population 74 79 82.7 57.26 59.76 64.5 79.12 Student-Teacher Ratio Primary (1-8) 43 39 39 34.8 34.6 36.4 35.5 Secondary (9-12) 43 22.5 24 27.4 27.7 26.6 22.6 Technical & Vocational 26 13.3 13.3 1:11 1:11 1:18 1:17 Student-School Ratio Primary (1-8) 567 628 528 512.7 526.6 517.6 513.3 Secondary (9-12) 741 568 940 1017 1063 1009.6 864.9 Technical & Vocational 318 246.8:1 246.6:1 177 158 151.5 172.8 Indicators I

2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (2010) (2011) (2012) (2013) (2014) (2015) (2016) 3. Macroeconomic Indicators 3.1. Real sector Development2 GDP at Current Market Price (In Mn. Birr) 2,202,373 2,696,223.0 3,374,747 4341387.1 6,157,538 8,722,308 11,752,138 Nominal GDP Growth Rate (In %) 20.2 22.4 25.5 28.6 41.8 42.4 35.6 Average Marginal Exchange Rate (Birr per USD) 26.1 28.1 31.3 39.0 48.57 53.283 55.96 GDP at Current Market Price (In Mn. USD) 84,355.6 95,951.0 107,673 111271.2 126,783 163,698 210,001 Nominal GDP per Capita (In USD) 2,018.1 2,228.3 1,080 2429.5 1,218 1,549 1,937 Real GDP per Capita ( In Birr ) 19,205 46,148.6 47,632.8 48,650.00 50,359.40 61,918.28 66,448.64 Real GDP per Capita Growth Rate (In %) 5 140 3 2.1 3.5 23.0 7.3 GDP Deflator (% change) 12.5 13.2 18.2 21.8 34.7 32.9 25.5 Real GDP at constant basic price (In Mn. Birr) 1,719,491 1,874,689.3 1,989,587.7 2,114,238.3 2,248,662.8 2,409,921.4 2,603,952.86 Real GDP at constant market price (In Mn. Birr) 1,834,066 1,987,157.5 2,109,180.1 2,228,170.1 2,346,748.0 2,501,498 2,684,525 Real GDP Growth Rate (In %) 7.7 9.0 6.1 6.3 6.1 7.2 8.1 Agriculture & Allied Activties(In Billion Birr) 600.9 623.8 650.3 686.4 728.4 774.0 827.9 Industrial Sector (In Billion Birr) 464 526.2 576.9 618.8 649.2 694.2 758.4 Service Sector(In Billion Birr) 674 745.7 786.8 836.2 899.8 971.3 1,046.1 Agriculture & Allied Activties (% of GDP) 34.9 33.3 32.7 32.5 32.4 32.1 31.8 Industrial Sector (% of GDP) 27.0 28.1 29.0 29.3 28.9 28.8 29.1 Service Sector (% of GDP) 39.2 39.8 39.5 39.6 40 40.3 40.2 Private Consumption Expenditure 1,441,581.1 1,848,070.0 2,360,896 3,134,994 4,764,429 6,882,737.92 9,422,416 Government Consumption Expenditure 225,523.2 247,362.0 307,769 383,565 453,263 551106.6 650,000 Investment 751,626.2 948,866.0 1,037,685 1,216,585 1,560,325 1,933,863 2,409,022 Exports 184,282.1 213,437.0 239,229 329,634 507,692 575,062 652,779 Imports 502,112.9 561,512.0 571,230 723,391 1,128,171 1,220,461 1,382,079 Resource Balance (317,831.0) (348,075.0) -329,096 -394,236 -620,479 -645,400 (729,300) Gross Private Consumption (% of GDP) 65.5 68.5 69.96 72 77.4 78.9 80.2 Gross Government Cosumption (% of GDP) 10.2 9.2 9.1 8.84 7.4 6.3 5.5 Gross Domestic Fixed Investment (% of GDP) 34.1 35.2 30.7 28.02 25.3 22.2 20.5 Resource Balance (% of GDP) (14.4) (12.9) (9.8) -9.08 -10.1 -7.4 -6.2 3.2. Monetary Indicators Narrow Money Supply (M1) (In Mn. Birr) 281,154.66 308,937.13 360,585.50 437,391.97 588,015.82 706,142.20 822,498.60 Broad Money Supply (M2) (In Mn. Birr) 740,572.88 886,752.53 1,037,646.33 1,348,266.15 1,715,310.03 2,170,848.37 2,477,891.90 Net Foreign Assets (In Mn. Birr) 39,376.20 14,506.19 (8,321.31) (812.32) (111,427.54) (160,097.68) (245,298.39) Reserve Requirement (CBs) 36,385.76 44,861.74 51,952.51 67,732.40 119,022.60 147,931.40 149,916.90 Interest Rate (In %) Minimum Deposit Rate 7 Lending Rate 13.5 13.5 14.25 Total Net Domestic Credit (in mn. Birr) 784,621.73 963,699.91 1,176,926.45 1,481,844.43 1,930,621.80 2,444,435.50 2,797,752.10 Government 102,002.83 109,799.21 137,082.91 214,275.16 422,864.02 573,675.72 745,541.10 Other Sectors 682,618.90 853,900.70 1,039,843.53 1,267,569.27 1,507,757.78 1,870,759.78 2,052,211.00 Indicators Continued…. National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2023/24 II

2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (2010) (2011) (2012) (2013) (2014) (2015) (2016) 3.3. Inflation (CPI growth rate)3 Country Level -General inflation 14.60 12.60 19.90 20.20 33.80 32.50 26.60 -Food inflation 13.40 13.10 23.30 23.20 40.30 31.70 28.10 -Non-Food inflation (core inflation) 15.80 11.90 15.80 16.40 25.15 33.90 24.40 Addis Ababa -General inflation 16.5 14.6 18.8 19.5 29.8 37.3 31.20 -Food inflation 8.7 15 25.9 26.2 36.6 35.5 34.10 -Non-Food inflation (core inflation) 22.6 14 13.9 14.4 24.1 39.0 28.60 3.4. External Trade(In Mn.USD) Export of goods & services 7095.9 7694.9 7715.7 8498.9 10457.7 10855.8 11763.6 Import of goods & services 19707.4 20704.8 18828.3 19177.0 23845.0 23430.0 25128.0 Net trade in goods & services -12611.4 -13009.9 -11112.6 -10678.0 -13387.3 -12574.2 -13364.4 Current account balance including official transfers -5285.0 -4948.0 -4401.9 -3190.7 -5145.1 -4672.9 -5916.9 Capital account balance 6184.6 4822.4 4326.5 3785.8 2723.7 3547.3 4128.3 Overall balance of payments -201.6 -941.6 -833.4 298.7 -2149.8 -752.0 -1347.9 3.5. Government Finance (In Mn .Birr4 ) Total Revenue (including grants) 287,562.1 344,936.5 394,965.8 478,888.1 566,753.6 717,586.7 873,126.5 Total Revenue (excluding grants) 269,648.2 311,317.4 354,312.8 444,582.6 540,060.5 685,459.1 840,094.8 o/w Tax-Revenue 235,229.5 268,457.4 311,476.5 388,763.5 477,770.3 593,232.1 716,172.2 Tax-Revenue as % of GDP 12.3 11.6 10.5 10.2 8.8 7.9 7.1 Total Expenditures 354,205.3 413,105.7 480,143.2 599,006.7 779,099.0 938,771.6 1,120,077.3 Current Expenditures 210,470.2 238,156.6 275,967.0 363,596.9 517,043.4 582,854.6 652,619.7 Capital Expenditures 143,735.1 174,949.1 204,176.1 235,409.7 262,055.7 355,917.0 467,457.6 Equity Contribution (Sinking Fund) Special Programs - - - - Total Expenditures as % of GDP 16.1 15.4 14.2 13.8 12.7 10.8 9.5 Current Surplus/Deficit 77,091.9 106,779.9 118,998.8 115,291.2 49,710.3 134,732.1 220,506.9 Overall Budget Deficit (including grants) (66,643.2) (68,169.2) (85,177.4) (120,118.5) (212,345.4) (221,184.9) (246,950.7) Deficit as % of GDP (3.0) (2.5) (2.5) (2.8) (3.4) (2.6) (2.1) Overall Budget Deficit (excluding grants) (84,557.1) (101,788.3) (125,830.4) (154,424.0) (239,038.5) (253,312.4) (279,982.5) Deficit as % of GDP (3.8) (3.8) (3.7) (3.6) (3.9) (2.9) (2.4) 3.6. Exchange Rate (Birr/ USD) Inter-Bank Forex Market Rate5

• Period weighted Average 26.1082 28.0543 31.3427 39.0163 48.5673 53.2830 55.9623
• End period 27.2621 28.9109 34.9822 43.6910 51.9938 54.5943 57.3265 Indicators Continued…. National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2023/24 III

2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (2010) (2011) (2012) (2013) (2014) (2015) (2016) 3.7. Treasury Bill Market (In Mn .Birr) T-Bills Demanded (Total) 323,991.24 422,633.54 242,155.09 284,783.55 599,478.63 595,231.34 812,892.09 T-Bills Sold 323,991.24 422,633.54 242,155.09 238,799.55 582,268.63 576,081.34 797,797.09 Average Weighted Yield (in %) 1.420 1.741 4.808 7.970 9.459 9.70 9.74 T-Bills Outstanding by holder 111,213.56 138,054.36 23,724.00 116,559.95 317,169.59 341,869.53 447,802.85 Banks - 650.00 5,604.00 52,040.00 195,432.29 146,568.05 162,259.26 Non-Banks 111,213.56 137,404.36 18,120.00 64,519.95 121,737.30 195,301.48 285,543.59 3.8. Inter Bank Money Market Rate5 3.9. Financial Institutions Number of Commercial Banks 17.00 18.00 30.00 31.00 32.00 (o/w Private banks) 16.00 17.00 28.00 29.00 30.00 Number of Bank Branches 4,757.00 5,564.00 6,511.00 7,344.00 8,944.00 11,281.00 12,278.00 Population : Bank Branch 20,286.50 17,732.20 15,702.00 13,921.00 11,516.00 9,514.00 8,918.00 Number of Insurance Companies 17.00 17.00 18.00 (o/w Private Insurance Companies) 16.00 16.00 17.00 Number of Insurance Branches 532.00 568.00 605.00 635.00 690.00 741.00 799.00 Population : Insurance Branch 181,396.00 173,848.00 168,983.00 160,629.92 149,272.50 144,846.00 147,771.93 Number of Development Banks 1.00 Number of Development Bank Branches 107 107 93 82 83 83 105.00 Number of Micro-financial Institutions 38 38 39 39 43 47 48.00 Source : Ministries of Agriculture, Finance, Health, and Education, National Bank of Ethiopia, Ethiopian Statistical Services, … etc Note:- *population is estimated using component method after 2006/2007

1. Excluding manpower out side the Ministry of Health.
2. The GDP data series is revised on basis of 2015/16 =100 base year
3. Inflation data is calculated using the new base year (December 2016=100)
4. Figures for government finance are preliminary estimates from 1999/00 onwards.
5. Inter-bank money market was first introduced in Aug.1998 and Inter-bank forex market started as of September 1998, and the daily trasactions introduced beginning from october 24, 2001. *Mid year population was obtained from MoF Indicators Continued…. National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2023/24 IV

National Bank of Ethiopia Quarterly Bulletin 11 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 1 | Fourth Quarter 2023/24 I. OVERVIEW 1.1. International Economic Developments According to European Central Bank’s monthly bulletin of 6-7/2023, Bulletin Issue 3-6/2024, Economic activity has continued to expand by 0.2 in the fourth quarter of 2023/24. The composite output Purchasing Managers’ Index (PMI) stood at 51.6 in the fourth quarter, up from 49.2 in the third quarter, thus indicating positive growth. In the United States, economic activity is still robust. Real GDP increased by 0.7 percent in the fourth quarter, supported by strong domestic demand and inventories which more than offset the drag from a large increase in imports. In the United Kingdom, real GDP growth increased strongly in the fourth quarter. Real GDP rose by 0.6 percent in the fourth quarter of 2023/24, only slightly below the 0.7 percent recorded in the third quarter. In China, economic growth is moderating as underlying weaknesses persist. Real GDP growth decelerated markedly to 0.7 percent quarter on quarter from 1.5 percent in the third quarter of 2023/24. Inflation across OECD economies continues to moderate, yet services price pressures are persistent. In June the annual headline rate of consumer price index (CPI) inflation across OECD countries declined 0.3 percentage points compare to previous month. Likewise, excluding food and energy prices, OECD core inflation continued to slow, to 5.9 percent in June. 1.2. Macroeconomic Developments in Ethiopia 1.2.1. Inflation In the fourth quarter of 2023/24, quarterly headline inflation rate decreased to 2.7 percent from 4.8 percent in the preceding quarter (QIII) and 7.7 percent last year same period. The decrease in quarterly inflation was due to 1.9 percentage points slowdown in food inflation rate and 2.4 percentage pointsin non-food inflation. Food & non-alcoholic beverages and non-food inflation contributed 81.9 percent and 18.1 percent, respectively, to the headline inflation in the review quarter.

National Bank of Ethiopia Quarterly Bulletin 12 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 2 | Fourth Quarter 2023/24 1.2.2. Monetary Developments Broad money supply (M2) stood at Birr 2.48 trillion at the end of the fourth quarter reflecting a 14.1 percent annual growth. This growth was primarily driven by a 14.5 percent increase in domestic credit, which outweighed a 53.2 percent contraction in external asset (net) and 34.3 percent in other item (net). During the same period, net claims on the government rose by 30.0 percent, while credit to the non-government sector increased by 9.7 percent. During the review period, reserve money stood at Birr 473.2 billion, reflecting a 1.1 percent annual contraction and 2.5 percent of quarterly expansion. The annual decline in reserve money growth was attributed to the National Bank of Ethiopia (NBE) tight monetary policy over the period. The money multiplier, measured by the ratio of broad money to reserve money, increased to 5.2 from 4.5 a year earlier reflecting the fact that more money has been created by commercial banks rather than by NBE. 1.2.3. Interest rate During the review period, average savings deposit rate remained unchanged at 8.0 percent while the lending interest rate increased to 14.75 percent. Weighted average time deposit rate was 7.7 percent and weighted average yield on T-bills 10.23 percent. Given the 19.9 percent headline inflation rate in June 2024, the real interest rates for deposits, lending, and T￾bills yields remained negative. 1.2.4. Financial Sector Developments a) Banks By the end of the fourth quarter of 2023/24, the number of banks in Ethiopia reached 32, of which 30 were private and 2 state owned. These banks have opened 266 new bank branches during the review quarter, thereby increasing the total number of bank branches to 12,426. As a result, the ratio of population to bank branch reached 8,8121 . 1 Total population is 109,496,000 as CSA Estimation for 2024

National Bank of Ethiopia Quarterly Bulletin 13 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 3 | Fourth Quarter 2023/24 Of the total bank branches, 30.9 percent were located in Addis Ababa. Meanwhile, total capital of the banking system stood at Birr 296.1 billion of which state owned banks accounted for 32 percent and private banks 68 percent of the total capital. The banking sector disbursed Birr 122.4 billion in new loans during the review quarter, indicating a 7.8 percent increase over last year same period. Of the total new loans disbursed, the share of state owned banks was 45.5 percent and that of private banks 54.5 percent. The major beneficiaries of the fresh loans were agriculture (Birr 33.5 billion or 27.3 percent), domestic trade (Birr 25 Billion or 20.5 percent), manufacturing (Birr 19.2 Billion or 15.7 percent), international trade (Birr 16.9 billion or 13.8 percent), building and construction (Birr 8.8 billion or 7.2 percent), consumer and staff loan (Birr 6.9 billion or 5.6 percent) and the remaining was taken up by other economic sectors. In the meantime, the banking system collected Birr 149.6 billion in loans, showing a 14.1 percent annual growth. Of the total loan collection, 52.4 percent was by private banks and 47.6 percent by state owned banks. Total outstanding credit of the banking system (including corporate bond) went up by 10.1 percent and reached Birr 2.1 trillion compared to last year same period. About 99.6 percent of the total outstanding credit of private banks was claims on cooperatives and private enterprises. b) Insurance Sector The number of insurance companies remained at 18, of which 17 were private and 1 state owned. Their branches increased to 799 from 741 a year ago. Of the total branches, about 56.6 percent were located in Addis Ababa. The total capital of insurance companies increased to Birr 22.4 billion from 16.4 billion last year, of which private insurance companies accounted for 80.4 percent of the total capital.

National Bank of Ethiopia Quarterly Bulletin 14 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 4 | Fourth Quarter 2023/24 c) Microfinance Institutions During the review quarter, the number of Micro Finance Institutions (MFIs) reached at 48 mobilized about Birr 31.4 billion in saving deposit, showing 12.4 percent annual growth. Total outstanding credit of these institutions increased by 1.2 percent and reached Birr 40.0 billion. On the other hand, their capital increased 18.8 percent and reached Birr 11.4 billion. 1.2.5. External Sector and Foreign Exchange Developments a) External Sector Development Total receipts from export of goods stood at USD 1.3 billion depicting 27.3 percent annual growth driven by increased export revenues from coffee (34.3 percent), gold (185.3 percent), meat and meat products (28.8 percent), textiles and textile products (0.7 percent), live- animals (229.5 percent), electricity (121.2 percent) and other exports (27.4 percent). In contrast, there have been declines in export receipts from oil seeds (5.6 percent), flowers (4.6 percent), pulses (1.4 percent), chat (39.4 percent), leather and leather products (21.4 percent), chat (39.4 percent) and fruits and vegetables (36.4 percent). Total merchandise import bill amounted to USD 5.1 billion during the review quarter, depicting 29.9 percent annual growth due to higher import bill for capital goods, consumer goods, semi-finished goods, raw materials and miscellaneous goods. During the review period, total transfer receipts increased by 25.6 percent and reached USD 2.4 billion on account of an increase in private transfers (17.6 percent) and public transfers (87.7 percent). Likewise, total transfer payments decreased from USD 56.4 million to USD 14.4 million owing to 62.3 percent and 77.9 percent decline in private and public transfer payments, respectively.

National Bank of Ethiopia Quarterly Bulletin 15 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 5 | Fourth Quarter 2023/24 The deficit in the current account balance (including official transfers) widened from USD 826.3 million last year to USD 1.1 billion in the current fiscal year mainly driven by wider trade deficit (30.8 percent) despite a rise in surplus of net services, net private transfers and net official transfers by 31.8 percent, 18.2 percent and 129.3 percent, respectively. Capital account recorded a surplus of USD 1 billion, which was 19.9 percent higher than USD 835.3 million surplus recorded a year earlier. The rise in surplus was mainly linked with an increase in foreign direct investment (49.4 percent) and private sector long-term (24.4 percent) coupled with decline in net deficit of other public long￾term capital (23.8 percent). On the other hand, net official long-term capital surplus declined by 12.6 percent, while short-term capital shifted from surplus (USD 23 million last year) to deficit (USD 195.3 million). The surplus in the overall balance of payments during the fourth quarter of FY 2023/24 reached USD 59.4 million compared to USD 63.6 million surplus a year ago. b) Exchange Rate Development In the inter-bank forex market, weighted average official exchange rate of Birr stood at Birr 56.9876/USD in the fourth quarter of 2023/24, depicting a 5.1 percent annual depreciation. The real effective exchange rate index (REERI) appreciated by 23.1 percent, attributed to the strengthening of the Birr against trading partners' currencies and high domestic inflation, even though it has been declining over time. Furthermore, NEERI appreciated by 23.4 percent on an annual basis due to the weakening of trading partners' currencies against the US dollar. 1.2.6. Federal Government Fiscal Operations During the fourth quarter of 2023/24, total revenue and grants of the Federal government stood at Birr 138.2 billion which was about 24.4 percent higher than a year ago. Likewise, total expenditure reached Birr 208.6 billion showing a 14.9

National Bank of Ethiopia Quarterly Bulletin 16 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 6 | Fourth Quarter 2023/24 percent annual growth. The overall fiscal deficit of the federal government was Birr 70.4 billion. 1.2.7. Investment During the fourth quarter of 2023/24, 23 investment projects became operational. These projects raised a capital of Birr 364.5 million. Year on year basis, the number of investment projects depicted a 91.7 percent increase while the amount of investment capital decreased by 86.2 percent.

National Bank of Ethiopia Quarterly Bulletin 17 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 7 | Fourth Quarter 2023/24 II. ENERGY PRODUCTION AND PROCESSING 2.1. Import of Petroleum Products During the fourth quarter of 2023/24, about 931.3 thousand of metric tons of petroleum products were imported depicting a 7.2 percent annual decline owing to lower import of petroleum products despite a 2.1 percent increase in import of regular gasoline. On the other hand, the amount of petroleum products imported vis-a-vis the preceding quarter increased by 3.9 percent. The share of gas oil, in total petroleum import was 61.7 percent, regular gasoline 20.1 percent, jet fuel 16.1 percent and fuel oil 2 percent (Table 2.1). Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2022/23 2023/24 Percentage Qtr. IV Qtr. III Qtr. IV Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 183,697.6 18.3 167,262.1 18.7 187,635.8 20.1 2.1 12.2 Jet Fuel 194,451.4 19.4 166,926.9 18.6 149,738.2 16.1 -23.0 -10.3 Fuel Oil 19,329.7 1.9 15,928.8 1.8 18,949.8 2.0 -2.0 19.0 Gas Oil (ADO) 606,270.1 60.4 546,034.0 60.9 575,024.2 61.7 -5.2 5.3 Total 1,003,748.8 100 896,151.8 100 931,348.0 100 -7.2 3.9 Source: Ethiopian Petroleum Enterprise

National Bank of Ethiopia Quarterly Bulletin 18 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 8 | Fourth Quarter 2023/24 Fig.2.1: Trends in the Volume of Petroleum Products Imported

100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 I II III IV I II III IV I II III IV I II III IV I II III IV 2019/20 2020/21 2021/22 2022/23 2023/24 MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Total petroleum import value was Birr 46.8 billion, which was 2.8 percent higher than last year owing to an increase in international oil price. All types of petroleum products, except jet fuel depicted increment in their import bill. Similarly, compared with previous quarter, the value of petroleum import rose 2.5 percent on account of 31.7 percent increase in fuel oil followed by regular gasoline (16.4 percent) and gas oil (2.3 percent) the value of jet fuel, however, declined by 13.8 percent (Table 2.2).

National Bank of Ethiopia Quarterly Bulletin 19 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 9 | Fourth Quarter 2023/24 Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum Products 2022/23 2023/24 Percentage Qtr. IV Qtr. III Qtr. IV Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 9,475,995.5 20.8 9,266,362.0 20.3 10,783,893.9 23.0 13.8 16.4 Jet Fuel 8,759,110.5 19.2 8,522,367.6 18.7 7,347,902.6 15.7 -16.1 -13.8 Fuel Oil 615,288.8 1.4 542,277.3 1.2 714,033.6 1.5 16.0 31.7 Gas Oil (ADO) 26,678,574.0 58.6 27,300,145.2 59.8 27,939,121.7 59.7 4.7 2.3 Total 45,528,968.7 100 45,631,152.2 100 46,784,951.9 100 2.8 2.5 Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 I II III IV I II III IV I II III I II III IV I II III IV 2019/20 2020/21 2021/22 2022/23 2023/24 in Million Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise The average FOB price of petroleum products went up by 7.3 percent over the same period of last year due to higher FOB price of all petroleum products. However, average FOB price of petroleum products declined by 7.6 percent Vis-a-Vis the preceding quarter as a result of 18.1 and 4.7 percent decrease in gas oil and jet fuel prices, respectively (Table 2.3).

National Bank of Ethiopia Quarterly Bulletin 20 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 10 | Fourth Quarter 2023/24 Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2022/23 2023/24 Qtr. IV Qtr. III Qtr. IV Percentage Change A B C C/A C/B Regular Gasoline (MGR) 805.4 817.5 824.5 2.4 0.9 Jet Fuel 694.9 782.2 745.3 7.3 -4.7 Fuel Oil 406.4 425.3 480.7 18.3 13.0 Gas Oil (ADO) 1325.9 1729.7 1417.2 6.9 -18.1 Average 808.1 938.7 866.9 7.3 -7.6 Brent Crude Oil (USD/Barrel) 78.3 83.0 84.6 8.1 2.0 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products 0 500 1000 1500 2000 2500 I II III IV I II III IV I II III IV I II III IV I II III IV 2019/20 2020/21 2021/22 2022/23 2023/24 USD/MT MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise The average price of Brent crude oil, which is used as a point of reference for international oil price during the review quarter, increased by 8.1 percent and reached USD 84.6 per barrel compared with USD 78.3 a year ago. Likewise, it has registered an increment of 2 percent compared to preceding quarter (Table 2.3). The average retail price of fuel in Addis Ababa during the review period increased to Birr 87.64 per liter from Birr 78.35 per liter a year ago depicting a 11.9 percent increase on account of higher retail price of all petroleum products due to the lifting of fuel subsidy by the government and an increase in international prices (Table 2.4).

National Bank of Ethiopia Quarterly Bulletin 21 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 11 | Fourth Quarter 2023/24 Table 2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2022/23 2023/24 Qtr. IV Qtr. III Qtr. IV Percentage Change A B C C/A C/B Regular Gasoline (MGR) 69.52 77.65 79.64 14.6 2.6 Fuel Oil 114.60 123.52 125.58 9.6 1.7 Gas Oil (ADO) 71.15 79.75 81.08 14.0 1.7 Kerosene 71.15 79.75 81.08 14.0 1.7 Jet fuel 65.35 70.83 70.83 8.4 0.0 Average 78.35 86.30 87.64 11.9 1.6 Source: Ministry of Trade Fig.2.4: Trends of Addis Ababa Average Retail Prices 0 20 40 60 80 100 120 140 I II III IV I II III IV I II III IV QI QII QIII IV I II III IV 2019/20 2020/21 2021/22 2022/23 2023/24 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade 2.2. Electric Power Generation Total electric power generated during the quarter under review went up by 23.2 percent annually and 2.9 percent quarterly and reached 5.6 billion KWH (Table 2.5). The year- on-year increase was attributed to 22.6 percent increase in electric production from hydropower and 57.2 percent in wind sources (Table 2.5).

National Bank of Ethiopia Quarterly Bulletin 22 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 12 | Fourth Quarter 2023/24 Table 2.5: Electricity Generation by Sources (In '000 of K.W.H) Power Source 2022/23 2023/24 Percentage Qtr. IV Qtr. III Qtr. IV Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 4,422,600.7 98.0 5,198,060.0 96.2 5,422,540.3 97.5 22.6 4.3 Thermal Power

---

Geothermal - - - - - - - - Wind 87,988.6 1.9 199,821.6 3.7 138,346.5 2.5 57.2 -30.8 Biomass 4,482.5 0.1 6,949.5 0.1 1,084.3 0.0 -75.8 -84.4 Total 4,515,071.8 100 5,404,831.2 100 5,561,971.0 100 23.2 2.9 Source: Ethiopian Electric Power Of the total energy generated during the review quarter, 97.5 percent was from hydropower and 2.5 percent from wind source (Table 2.5). By system of generation, virtually all the power was generated through the interconnected systems (ICS) 2 (Table 2.6).

2 The generated power from different power stations stored in substations before distribution.

National Bank of Ethiopia Quarterly Bulletin 23 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 13 | Fourth Quarter 2023/24 Table 2.6: Generation of electricity power in the interconnected system (ICS) and self￾contained system (SCS) Source: Ethiopian Electric Power Fig.2.5: Volume of Electricity Production by Type 0 1000000 2000000 3000000 4000000 5000000 6000000 Hydropower Thermal Power Geo-thermal Wind Biomass Source: Ethiopian Electric Power System of Power supply 2022/23 2023/24 Percentage Qtr. IV Qtr. III Qtr. IV Share A Share (In %) B Share (In %) C Share (In %) C/A C/B ICS Hydro power 4,422,600.7 98.0 5,198,060.0 96.2 5,422,540.3 97.5 22.6 4.3 Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind 87,988.6 1.9 199,821.6 3.7 138,346.5 2.5 57.2 -30.8 Biomass 4,482.5 0.1 6,949.5 0.1 1,084.3 0 0.0 -75.8 -84.4 Sub-Total 4,515,071.8 100 5,404,831.2 100 5,561,971.0 100 23.2 2.9 SCS Hydro power - - - - - - - Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind - - - - - - - - Sub-Total - - - - - - - - Grand Total 4,515,071.8 100 5,404,831.2 100 5,561,971.0 100 23.2 2.9

National Bank of Ethiopia Quarterly Bulletin 24 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 14 | Fourth Quarter 2023/24 III. QUARTERLY PRICE DEVELOPMENTS 3.1. Developments in National Quarterly Inflation In the fourth quarter of 2023/24, quarterly headline inflation rate decreased to 2.7 percent from 4.8 percent in the preceding quarter and 7.7 percent of a year ago. The decrease in quarterly inflation rate was attributed to 1.9 percentage points decrease in food inflation and 2.4 percentage points decrease in non-food inflation rate. ‘Food & non-alcoholic beverages’ contributed 81.9 percent to the quarterly headline inflation as non-food inflation rate 18.1 percent (Table 3.1). Food inflation at 3.6 percent in the review quarter was lower than 5.5 percent in the previous quarter and 8.5 percent a year earlier. The fall in quarterly food inflation rate was mainly driven by the slowdown in quarterly inflation rate of vegetables (13.7 percentage points), ‘milk, cheese & egg’ (4.7 percentage points), fruits (4.5 percentage points) and ‘bread and cereals’ (1.6 percentage points) (Table 3.2). Quarterly non-food inflation rate, moreover, has decreased to 1.2 percent from 3.7 percent in the previous quarter and 6.5 percent last yearsame quarter. The decline in quarterly non-food inflation was attributed to lower quarterly inflation of ‘alcoholic beverages and tobacco’ (8.3 percentage points), transport (7.1 percentage points), ‘clothing and footwear’ (5.8 percentage points) and ‘recreation and culture’ (2.1 percentage points) (Table 3.3). Table 3.1: Quarterly National Inflation Rate (December 2016=100) Inflation Weights in % 2022/23 2023/24 Change in %age Points Contribution( in %) to QIV QIII QIV QIV-2023/24 Inflation A B C C-A C-B Absolute Relative General 100 7.7 4.8 2.7 -5.0 -2.1 2.7 100 Food 54 8.5 5.5 3.6 -4.9 -1.9 2.2 81.9 Non-food 46 6.5 3.7 1.2 -5.3 -2.4 0.5 18.1 Source: Ethiopian Statistical Service (ESS)

National Bank of Ethiopia Quarterly Bulletin 25 Fourth Quarter 2023/24 15 | Fourth Quarter 2023/24 Source: ESS Source: ESS & NBE Computation 0 5 10 15 20 25 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2021/22 2022/23 2023/24 % Fig.3.1: Quarterly Movement in National Inflation General Food Non-Food Bread & Cereals Food=81.9% Non￾food=18.1% Fig.3.2: Contribution of Food and Non-food Inflation Rate to the General Inflation Rate in QIV- 2023/24

National Bank of Ethiopia Quarterly Bulletin 26 Fourth Quarter 2023/24 16 | Fourth Quarter 2023/24 Table 3.2: Quarterly National Food & Non-alcoholic BeveragesInflation Rates (December 2016=100) Items Weights 2022/23 2023/24 Change in %age points Contribution (in %) to QIV QIII QIV A B C C-A C-B Food Inflation (Absolute) Food Inflation (Relative) Food and Non￾alcoholic Beverages 0.54 8.5 5.5 3.6 -4.9 -1.9 3.6 100.0 Bread and Cereals 0.17 11.5 5.5 4.0 -7.5 -1.6 1.6 44.3 Meat 0.04 11.7 3.3 8.4 -3.2 5.1 0.6 17.6 Fish and Sea food 0.00 -5.2 1.6 3.3 8.5 1.7 0.0 0.0 Milk, cheese and egg 0.03 4.9 5.9 1.2 -3.7 -4.7 0.1 1.8 Oils & Fats 0.04 -2.1 0.7 7.5 9.6 6.8 0.5 13.4 Fruit 0.00 3.9 2.8 -1.7 -5.6 -4.5 0.0 -0.2 Vegetables 0.12 13.4 11.0 -2.7 -16.1 -13.7 -0.6 -17.4 Sugar, honey… 0.01 13.2 6.8 21.1 7.9 14.3 0.3 7.8 Food products 0.06 2.1 6.6 11.0 8.9 4.4 0.9 25.2 Non-alcoholic beverages 0.05 0.3 -5.8 4.2 4.0 10.1 0.3 7.5 Source: ESS & NBE Compilations Table 3.3: Quarterly National Non-food Inflations Rates (December 2016=100) Source: ESS & NBE Compilations Item Weights 2022/23 2023/24 Change in %age points Contribution (in %) to QIV QIII QIV A B C C-A C-B Non-food Inflation (Absolute) Non-Food Inflation (Relative) Non-Food Inflation 0.46 6.5 3.7 1.2 -5.3 -2.5 1.2 100.0 Alcoholic Beverages and tobacco 0.05 2.9 10.1 1.8 -1.1 -8.3 0.2 17.6 Clothing and Footwear 0.06 7.3 2.4 -3.4 -10.7 -5.8 -0.5 -41.2 Housing, Water, Electricity, Gas... 0.17 6.9 1.6 0.3 -6.6 -1.3 0.1 7.8 Furnishings, Household Equipment … 0.05 7.7 2.6 2.5 -5.2 -0.2 0.4 29.6 Health 0.01 12.3 4.6 5.8 -6.5 1.2 0.1 12.1 Transport 0.02 4.9 7.1 0.0 -4.9 -7.1 0.0 -0.1 Communication 0.02 4.0 3.9 -1.9 -5.8 -5.7 0.0 -1.7 Recreation and culture 0.00 -0.6 1.3 -0.8 -0.2 -2.1 0.0 -0.8 Education 0.00 3.5 1.7 1.6 -1.9 -0.1 0.0 1.0 Restaurant & hotel 0.05 7.7 5.1 5.2 -2.5 0.2 0.7 58.0 Miscellaneous Goods 0.03 5.1 3.2 3.5 -1.7 0.3 0.2 17.6

National Bank of Ethiopia Quarterly Bulletin 27 Fourth Quarter 2023/24 17 | Fourth Quarter 2023/24 3.2. Developmentsin Regional Quarterly Inflation The regional average quarterly general inflation rate in the fourth quarter of 2023/24 decreased to 1.5 percent from 4.8 percent in the third quarter and 7.9 percent a year ago. SNNP, Dire Dawa, Amhara, Oromia, Addis Ababa and Gambella registered higher headline inflation than the regional average. The highest headline inflation (6.2 percent) was registered in SNNP while the lowest headline inflation (-2.9 percent), recorded in Benshangul Gumuz region. Hence, the margin between the highest and the lowest headline inflation was 9.1 percentage points. The deviation in the regional headline inflation from the average, as signified by standard deviation, increased to 3.0 percent from 1.4 percent in the previous quarter and 2.5 percent last year same quarter (Table 3.4). The regional average food & non-alcoholic beverage inflation rate decreased to 2.2 percent in the fourth quarter of 2023/24 from 4.6 percent in the third quarter and 10.0 percent a year earlier. The quarterly food & non-alcoholic beverages inflation rate in SNNP, Dire Dawa, Harari, Oromia, and Amhara was higher than the regional average. The highest food & non-alcoholic beverage inflation was in SNNP (7.7 percent) and the lowest in Benshangul Gumuz (-5.9 percent), signifying 13.6 percentage points margin. The variation in food & non-alcoholic beverages inflation, measured by standard deviation, increased to 4.1 percent from 2.0 percent in the third quarter and 2.7 percent last yearsame quarter (Table 3.4). However, the quarterly regional average non-food inflation decreased to 0.8 percent from 5.1 percent in the preceding quarter and 5.6 percent a year ago. Gambella, Amhara, SNNP, Addis Ababa, and Dire Dawa had higher non-food inflation than the regional average. The quarterly non-food inflation was the highest in Gambella (6.2 percent) and the lowest in Harari (-6.2 percent), revealing 12.4 percentage point margin. Variation in regional non-food inflation, measured by the standard deviation, increased to 3.7 percent from 2.5 percent of the third quarter & from 3.5 percent of last yearsame quarter.

National Bank of Ethiopia Quarterly Bulletin 28 Fourth Quarter 2023/24 18 | Fourth Quarter 2023/24 Table 3.4: Quarterly Regions’ General, Food & Non-alcoholic beverages and Non-food Inflation (December 2016=100) Regions 2022/23 2023/24 Percentage Changes QIV QIII QIV A B C C-A C-B General Food & Non￾alcoholic beverages food

• Non General Food & Non￾alcohol ic bevera ges food
• Non General Food & Non￾alcoholic beverag es food
• Non General Food & Non￾alcohol ic bevera ges food
• Non General Food & Non￾alcoholic beverage s food
• Non SNNP 8.4 8.9 7.6 2.8 2.4 3.3 6.2 7.7 3.9 -2.2 -1.2 -3.6 3.4 5.3 0.6 Harari 6.5 11.8 2.2 6.7 5.3 8.1 -0.9 4.3 -6.2 -7.4 -7.4 -8.4 -7.6 -0.9 -14.3 Oromia 8.8 10.2 6.6 5.6 6.6 3.9 2.3 4.2 -0.9 -6.5 -6.0 -7.5 -3.3 -2.5 -4.8 Gambella 6.5 8.6 3.0 6.5 6.7 6.1 1.8 -0.7 6.2 -4.7 -9.3 3.2 -4.7 -7.3 0.1 Addis Ababa 12.2 14.8 9.9 4.7 5.9 3.6 2.3 2.1 2.5 -9.9 -12.8 -7.4 -2.4 -3.8 -1.0 Dire Dawa 8.3 12.4 4.2 4.1 4.4 3.7 4.8 6.9 2.2 -3.6 -5.5 -2.0 0.6 2.5 -1.5 Benshangul Gumuz 5.6 8.6 2.4 4.1 0.6 8.7 -2.9 -5.9 0.7 -8.6 -14.5 -1.7 -7.0 -6.5 -8.0 Somali 3.2 4.9 1.1 2.9 3.7 1.8 -0.2 1.0 -1.8 -3.4 -4.0 -2.9 -3.1 -2.7 -3.7 Afar 10.5 10.0 11.2 6.0 4.5 8.1 -1.9 -1.4 -2.5 -12.4 -11.4 -13.8 -7.9 -5.9 -10.7 Amhara 8.6 9.3 7.7 5.0 6.2 3.3 3.7 3.6 4.0 -4.8 -5.7 -3.7 -1.2 -2.6 0.7 Regions Average 7.9 10.0 5.6 4.8 4.6 5.1 1.5 2.2 0.8 Standard deviation 2.5 2.7 3.5 1.4 2.0 2.5 3.0 4.1 3.7 Coefficient of variation 0.3 0.3 0.6 0.3 0.4 0.5 1.9 1.9 4.6 Source: Source: ESS & NBE Compilations

National Bank of Ethiopia Quarterly Bulletin 29 Fourth Quarter 2023/24 19 | Fourth Quarter 2023/24 IV. MONETARY DEVELOPMENTS 4.1. Money Supply and Credit The National Bank of Ethiopia (NBE) has continued to pursue tight monetary stance with a view to reducing inflation in a significant manner. Accordingly, at the end of the fourth quarter of the 2023/24 broad money supply (M2) reached Birr 2.48 trillion, showing a 14.1 percent annual growth. This was primarily driven by a 14.5 percent increase in domestic credit, which outweighed a 53.2 percent contraction in external asset (net) and 34.3 percent in other items (net). During the same period, net claims on the government rose by 30.0 percent while credit to the non-government sector increased by 9.7 percent (see Table 4.1). Table 4.1: Factors Influencing Broad Money (In Millions of Birr) Particulars

QIV QIII QIV Percentage Change Contributions of Each Component to Broad Money growth (Jun. 23) (Mar. 23) (Jun. 24) C/A C/B Annual A B C

1. External Assets (net)

(160,097.7)

(245,174.7)

(245,298.4) (53.2) (0.1) (27.7) 2. Domestic Credit

2,444,435.5

2,688,354.7

2,797,752.1 14.5 4.1 115.1 . Claims on Central Gov't (net)

573,675.7

667,365.4

745,541.1 30.0 11.7 56.0 . Claims on Non-Central Gov't

1,870,759.8

2,020,989.3

2,052,211.0 9.7 1.5 59.1 . Financial Institutions 44,822.7 41,322.7 41,322.7 (7.8) 0.0 (1.1) . Others 1,825,937.1 1,979,666.6 2,010,888.3 10.1 1.6 60.2 3. Other Items (net) 113,489.4 33,837.6 74,561.8 (34.3) 120.4 (12.7) 4. Broad Money (M2) 2,170,848.4 2,409,342.5 2,477,891.9 14.1 2.8 100.0 Source: Staff Computation, NBE

National Bank of Ethiopia Quarterly Bulletin 30 Fourth Quarter 2023/24 22 | Fourth Quarter 2023/24 Fig.IV.1: Major Determinants of Monetary Expansion (Quarterly Growth in %) Source: Staff Computation, NBE Fig.IV.2: Composition of Domestic Credit (Quarterly Growth in %) Source: Staff computation, NBE -80.0 -70.0 -60.0 -50.0 -40.0 -30.0 -20.0 -10.0 0.0 10.0 -100.0 -50.0 0.0 50.0 100.0 150.0 200.0 Net Foreign Assets (NFA) Other than NFA Broad Money Domestic Credit Other Items Net Net Foreign Assets -10.0 0.0 10.0 20.0 30.0 40.0 Credit to Central Government Credit to Non-Central Government Domestic Credit

National Bank of Ethiopia Quarterly Bulletin 31 Fourth Quarter 2023/24 23 | Fourth Quarter 2023/24 Quasi-money supply grew by 13.0 percent annually and 2.4 percent quarterly. Similarly, narrow money supply increased by 16.5 percent year on year and 3.8 percent over the last quarter. Narrow money contributed 37.9 percent to the growth of broad money, while quasi-money accounted for 62.1 percent. (Table4.2) Table 4.2: Components of Broad Money (In millions of Birr, unless specified) Particulars QIV QIII QIV Percentage Change Contributions of Each Component to Broad Money growth (Jun. 23) (Mar. 24) (Jun. 24) A B C C/A C/B Annual

1. Narrow Money Supply 706,142.2 792,622.6 822,498.6 16.5 3.8 37.9 . Currency outside banks 211,636.8 220,782.6 205,441.3 (2.9) (6.9) (2.0) . Demand Deposits (net) 494,505.4 571,840.0 617,057.3 24.8 7.9 39.9
2. Quasi-Money 1,464,706.2 1,616,719.8 1,655,393.3 13.0 2.4 62.1 . Savings Deposits 1,315,260.4 1,441,298.1 1,461,904.1 11.1 1.4 47.8 . Time Deposits 149,445.8 175,421.7 193,489.2 29.5 10.3 14.3
3. Broad Money Supply 2,170,848.4 2,409,342.5 2,477,891.9 14.1 2.8 100.0 Source: Staff Computation, NBE Fig.IV.3: Composition of Monetary Stock (Value in Billions of Birr) Source: Staff Computation, NBE 0.0 200.0 400.0 600.0 800.0 1,000.0 1,200.0 1,400.0 1,600.0 In Billions of Birr Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep.

National Bank of Ethiopia Quarterly Bulletin 32 Fourth Quarter 2023/24 24 | Fourth Quarter 2023/24 4.2. Developments in Reserve Money and Monetary Ratio During the review period, reserve money amounted to Birr 473.2 billion, reflecting 1.1 percent annual contraction and 2.5 percent quarterly expansion of. The annual decline in reserve money growth was attributed to the tight monetary policy of NBE. The money multiplier, measured by the ratio of broad money to reserve money, rose from 4.5 to 5.2 over the past year due to relatively higher dynamism in the banking sector which contributed to money creation and supporting economic expansion (Table 4.3). Table 4.3: Monetary Aggregates and Ratios In millions of Birr unless otherwise indicated) Particulars Qtr. IV Qtr. III Qtr. IV Percentage Change (Jun. 23) (Mar. 23) (Jun. 24) A B C C/A C/B

1. Reserve Requirement (CB's) 150,325.2 166,446.7 173,414.2 15.4 4.2
2. Actual Reserve (CB's) 221,943.4 191,952.6 211,215.4 (4.8) 10.0
3. Excess Reserve (CB's) 71,618.3 25,505.9 37,801.2 (47.2) (48.2)
4. Reserve Money 478,471.7 461,718.8 473,223.2 -1.1 2.5 . Currency in Circulation 254,316.1 269,026.5 257,296.3 1.2 (4.4) . Banks deposits at NBE 224,155.7 192,692.3 215,926.9 (3.7) 12.1
5. Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.5 1.7 1.7 17.8 1.2 . Broad Money to Reserve Money 4.5 5.2 5.2 15.4 0.3
6. Other Monetary Ratios (%): . Currency to Narrow Money 36.0 33.9 31.3 (13.1) (7.8) . Currency to Broad Money 11.7 11.2 10.4 (11.4) (7.0) . Narrow Money to Broad Money 32.5 32.9 33.2 2.0 0.9 . Quasi Money to Broad Money 67.5 67.1 66.8 (1.0) (0.4) Source: Staff Computation, NBE

National Bank of Ethiopia Quarterly Bulletin 33 Fourth Quarter 2023/24 31 | Fourth Quarter 2023/24 Fig.IV.4: Quarterly Growth of Reserve Money and Its Components Source: Staff Computation NBE Fig.IV.5: Monetary Aggregates (Value in Millions of Birr) Source: Staff Computation, NBE (20.0) (15.0) (10.0) (5.0)

5.0 10.0 15.0 20.0 25.0 30.0 35.0 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2020/21 2021/22 2022/23 2023/24 Reserve Money Currency in Circulation Bank Deposits In Percent

50,000.0 100,000.0 150,000.0 200,000.0 250,000.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020/21 2021/22 2022/23 2023/24 Required reserve Actual reserve Excess reserve In Millions of Birr

National Bank of Ethiopia Quarterly Bulletin 34 Fourth Quarter 2023/24 32 | Fourth Quarter 2023/24 4.3. Interest Rate Developments At the end of the fourth quarter of the 2023/24, the average savings deposit rate remained steady at 8.0 percent, while the lending rate was 14.75 percent. The weighted average time deposit rate stood at 7.7 percent, and the weighted average yield on T-bills for the quarter was 10.23 percent. Given the 19.9 percent headline inflation rate in June 2024, the real interest rates for deposits, lending, and T-bills yields remained negative (Table4.4). Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum) Particulars 2022/23 2023/24 Percentage point Changes QIV QIII QIV Annual Quarterly

1. Savings Deposit Rate 1/ Minimum 7.00 - - Maximum 9.00 - - Average Saving Rate 8.00 - -
2. Time Deposits Up to 1yr 7.57 7.63 7.62 0.06 (0.01) 1-2 years 7.61 7.69 7.68 0.07 (0.00) Over 2 years 7.65 7.74 7.73 0.08 (0.00) Average Time Dep. Rate (Weighted) 7.61 7.69 7.68 0.07 (0.00)
3. Demand Deposit (Weighted) 0.047 0.054 0.050 0.00 (0.00)
4. Lending Rate 2/ Minimum 7.00 - - Maximum 21.50 22.50 22.50 1.00 - Average Lending Rate 14.25 14.75 14.75 0.50 -
5. T-bills Rate (Weighted) 9.71 9.44 10.23 0.52 0.79
6. GERD Bond Yield 3/ 6.1 Maturity within 5 Years 7.50 - - 6.1 Maturity above 5 Years 8.00 - -
7. Headline Inflation (Year-on-year) 29.3 26.2 19.9 (9.40) (6.30)
8. Food Inflation (Year-on-year) 28.0 29.0 22.7 (5.30) (6.30)
9. Core/non-food Inflation (Year-on-year) 31.4 22.0 15.8 (15.60) (6.20) Source: Staff Computation, NBE 1/ Minimum interest rate on saving deposit is set by NBE, whereas the maximum indicates the highest rate some banks are paying voluntarily. 2/ NBE has no control on lending rates, hence the minimum & maximum rates presented here are mareket determined. 3/ GERD stands for Grand Ethiopian Renaissance Dam.

National Bank of Ethiopia Quarterly Bulletin 35 Fourth Quarter 2023/24 33 | Fourth Quarter 2023/24 Fig.IV.6: Interest Rate Structure of Commercial Banks (In percent per annum) Source: NBE and Commercial Banks Fig.IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate Source: Staff computation, NBE 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Value in Percent Simple Av. Sav. Dep. Rate Simple Av. Lend. Rate Bond Yield T-bills Yield 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Av. Saving Dep.Rate Lending Rate 91 day T-bills yield Inflation rate (core)

National Bank of Ethiopia Quarterly Bulletin 36 Fourth Quarter 2023/24 34 | Fourth Quarter 2023/24 4.4. Developments in the Financial Sector The number of banks in Ethiopia has reached 32, of which, 30 were private and 2 state owned. These banks opened 266 new bank branches during the fourth quarter 2023/24 alone, thereby raising the number of bank branches to 12,426. As a result, population to bank branch ratio stood at 8,8123 . State owned banks accounted for 18.3 percent of the total bank branches while private banks took 81.7 percent share. Of the total bank branches, 30.9 percent were located in Addis Ababa. State owned banks accounted for 32 percent and private banks 68 percent of the total capital (Table 4.5 and Fig IV.8). The number of insurance companies stood at 18, of which 17 were private and 1 state owned. Their branch network increased to 799 from 741 a year ago. About 56.6 percent of the insurance branches were found in Addis Ababa. Similarly, total capital of insurance companies reached Birr 22.4 billion from Birr 16.4 billion last year. Private insurance companies accounted for 80.4 percent of the total capital of the insurance companies (Table 4.6). 3 Total population is 109,499,000 as CSA Estimation for 2024 At the end of the review quarter, the number of Micro Finance Institutions (MFIs) was 48. Their savings, credit, capital and total asset increased by 12.4 percent, 1.2 percent, 18.8 percent and 10.4 percent on annual basis, respectively (Table 4.7).

National Bank of Ethiopia Quarterly Bulletin 37 Fourth Quarter 2023/24 35 | Fourth Quarter 2023/24 Table 4.5: Branch Network and Capital of the Banking System (Branch in Number and Capital in Millions of Birr) Source: National Bank of Ethiopia (NBE) Note: ‘Reg’ Stands for Region and ‘A.A’ for Addis Ababa

Capital 2022/23

1. State own Banks Commercial Bank of Ethiopia 1,696 477 2,173 19.3 1,704 480 2,184 18.0 1,695 480 2,175 17.5 58,297 62,471 62,471 Development Bank of Ethiopia 77 6 83 0.7 99 6 105 0.9 99 6 105 0.8 30,969 32,149 32,405 Total State own Banks 1,773 483 2,256 20.0 1,803 486 2,289 18.8 1,794 486 2,280 18.3 89,265.3 94,619.4 94,875.6
2. Private Banks - - - - Awash Bank 597 296 893 7.9 648 305 953 7.8 681 306 987 7.9 19,729.3 26,911.5 27,141.6 Dashen Bank 566 295 861 7.6 622 276 898 7.4 631 280 911 7.3 15,707.1 19,166.5 19,166.5 Bank of Abyssinia 602 329 931 8.3 667 309 976 8.0 673 309 982 7.9 14,286.3 17,319.9 17,579.0 Wegagen Bank 282 154 436 3.9 307 153 460 3.8 313 155 468 3.8 5,996.5 7,032.4 7,536.9 Hibret Bank 254 232 486 4.3 270 236 506 4.2 274 236 510 4.1 6,568.1 9,550.9 9,570.6 Nib International Bank 227 234 461 4.1 236 225 461 3.8 234 223 457 3.7 8,080.5 9,750.9 10,107.0 Cooperative Bank of Oromia 553 203 756 6.7 580 187 767 6.3 595 187 782 6.3 12,217.8 14,440.8 14,723.1 Lion International Bank 205 94 299 2.7 228 91 319 2.6 243 93 336 2.7 3,496.8 3,804.9 3,985.8 Oromia Bank 339 178 517 4.6 394 182 576 4.7 393 177 570 4.6 6,980.5 8,400.6 8,621.0 Zemen Bank 37 64 101 0.9 45 73 118 1.0 47 75 122 1.0 6,570.6 9,383.8 9,619.1 Buna Bank 301 171 472 4.2 314 172 486 4.0 313 168 481 3.9 5,142.0 5,774.0 5,902.5 Berhan Bank 227 171 398 3.5 226 182 408 3.4 227 183 410 3.3 4,329.7 4,727.0 4,751.9 Abay Bank 338 171 509 4.5 384 168 552 4.5 385 171 556 4.5 5,960.3 7,839.4 7,915.1 Addis Interational Bank 62 72 134 1.2 72 77 149 1.2 79 80 159 1.3 2,179.6 2,457.4 2,487.6 Global Bank 70 84 154 1.4 98 137 235 1.9 101 141 242 1.9 2,406.9 3,048.2 3,111.7 Enat Bank 88 65 153 1.4 127 71 198 1.6 130 74 204 1.6 3,019.0 3,601.0 3,680.5 Hijra Bank 53 18 71 0.6 62 23 85 0.7 72 25 97 0.8 1,274.8 1,441.1 1,521.1 Zamzam Bank 41 37 78 0.7 53 47 100 0.8 60 48 108 0.9 1,753.4 1,990.6 2,118.4 Goh Betoch Bank 4 4 8 0.1 4 4 8 0.1 4 6 10 0.1 1,324.8 1,615.1 1,629.7 Siinqee Bank 292 64 356 3.2 333 68 401 3.3 342 73 415 3.3 7,643.2 8,133.5 8,886.9 Tseday Bank 357 37 394 3.5 452 58 510 4.2 487 67 554 4.5 11,330.7 11,331.3 11,331.3 Shebele Bank 19 4 23 0.2 30 4 34 0.3 32 4 36 0.3 609.6 700.3 789.1 Amahara Bank 166 113 279 2.5 196 127 323 2.7 201 126 327 2.6 5,891.5 6,683.3 6,683.3 Ahadu Bank 32 44 76 0.7 47 56 103 0.8 46 56 102 0.8 672.6 1,013.0 1,036.1 Tsehay Bank 49 37 86 0.8 53 38 91 0.7 55 40 95 0.8 1,087.8 1,338.8 1,340.7 Sidama Bank S.C 15 1 16 0.1 34 4 38 0.3 34 4 38 0.3 688.1 893.0 997.5 Omo Bank S.C - - - - - - - 46 4 50 0.4 919.5 921.6 922.0 Gadaa Bank 44 18 62 0.5 51 30 81 0.7 57 38 95 0.8 943.0 1,027.5 1,071.9 Siket bank - - - 5,031.0 6,314.0 Ramis Bank S.C 13 2 15 0.1 29 6 35 0.3 35 7 42 0.3 636.1 636.1 692.9 Total Private Banks 5,833.0 3,192.0 9,025.0 80.0 6,562.0 3,309.0 9,871.0 81.2 6,790 3,356 10,146 81.7 157,446.2 195,965.6 201,235.0
3. Grand Total Banks 7,606 3,675 11,281 100 8,365 3,795 12,160 100 8,584 3,842 12,426 100 246,712 290,585.0 296,110.6 Reg. A.A Total % Share Quarter IV % Share Reg. A.A Total % Share Banks Branch Network Quarter IV Quarter III Quarter IV Quarter III 2022/23 2023/24 2023/24 Quarter IV Reg A.A Total

National Bank of Ethiopia Quarterly Bulletin 38 Fourth Quarter 2023/24 36 | Fourth Quarter 2023/24 Fig.IV.8: Share of Branch Network and Capital of Banking System Source: NBE Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) Source: NBE 20.0 18.8 18.3 36.2 32.6 32.0 80.0 81.2 81.7 63.8 67.4 68.0 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2022/23 Qrt.IV (Branch) 2023/24 Qrt.III (Branch) 2023/24 Qrt.IV (Branch) 2022/23 Qrt.IV (Capital ) 2023/24 Qrt.III (Capital) 2023/24 Qrt.IV (Capital) Percentage share from total Private Banks State own Banks 2022/23 A.A Reg Total A.A Reg Total A.A Reg Total 1 Ethiopian Insurance Corporation 25 66 91 25 66 91 25 66 91 3,466 3,989 4,378 2 Awash Insurance Company S.C. 32 27 59 32 31 63 32 32 64 2,553 3,161 3,341 3 Africa Insurance Company S.C. 20 15 35 20 15 35 20 15 35 435 627 676 4 National Insurance Company of Ethiopia S.C. 25 17 42 25 17 42 25 17 42 359 471 508 5 United Insurance Company S.C. 34 16 50 34 17 51 34 17 51 1,363 1,645 1,798 6 Global Insurance Company S.C. 13 9 22 13 9 22 13 9 22 272 332 354 7 Nile Insurance Company S.C. 35 24 59 37 24 61 37 24 61 1,242 1,488 1,597 8 Nyala Insurance S.C. 19 19 38 20 20 40 20 20 40 1,370 1,807 1,975 9 Nib Insurance Company S.C. 31 16 47 31 16 47 31 16 47 995 1,283 1,364 10 Lion Insurance Company S.C. 19 22 41 20 22 42 20 23 43 400 569 710 11 E-Life & General Insurance S.C. 21 8 29 23 8 31 23 8 31 286 402 438 12 Oromia Insurance Company S.C. 27 28 55 29 32 61 29 32 61 1,350 1,757 1,837 13 Abay Insurance S.C. 21 16 37 21 17 38 23 17 40 675 858 886 14 Berhan Insurance S.C. 19 8 27 20 9 29 20 9 29 355 479 528 15 Tsehay Insurance S.C. 24 10 34 26 12 38 26 12 38 489 612 687 16 Lucy Insurance S.C. 18 6 24 28 7 35 29 8 37 216 270 302 17 Bunna Insurance S.C. 19 13 32 23 15 38 23 15 38 374 460 512 18 Zemen Insurance S.C. 16 3 19 20 7 27 22 7 29 199 360 484 418 323 741 447 344 791 452 347 799 16,399 20,570 22,375 2023/24 TOTAL Quarter III Branch Capital Quarter IV Insurance Companies Quarter IV Quarter III Quarter IV Quarter IV 2022/23 2023/24

National Bank of Ethiopia Quarterly Bulletin 39 Fourth Quarter 2023/24 37 | Fourth Quarter 2023/24 Table 4.7: Microfinance Institutions Performance (In thousands of Birr) Source: NBE 4.5. Activities of the Banking System 4.5.1. Resource Mobilization At the end of fourth quarter total resources mobilized by the banking system (the sum of net change in deposit, loans collected and net change in borrowings), showed a 5.8 percent annual growth due higher loan collection (14.1 percent), offsetting the fall in net change in deposit (3.5 percent) (Table 4.8). Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Source: Commercial Banks Notes: Includes corporate bonds of Commercial Bank of Ethiopia 2022/23 QIV QIII QIV A B C D=C/A E=C/B Total Capital 9,597,910.0 10,718,699.3 11,399,991.6 18.8 6.4 Saving 27,903,518.7 27,951,368.2 31,374,095.6 12.4 12.2 Credit 39,171,342.4 36,783,788.2 39,650,424.8 1.2 7.8 Total Assets 54,445,035.9 54,354,739.0 60,095,189.3 10.4 10.6 % Change Particulars 2023/24 Qtr.IV 2022/23 Qtr.III 2023/24 Qtr.IV 2023/24 Change % change Change % change A B C D=C-A E=D/A100 F=C-B G=F/B100 1.Deposits (net change) 31,954.8 21,139.5 62,924.1 81,260.6 106,130.5 94,878.9 102,400.1 -3,730.4 -3.5 7,521.2 7.9 -Demand 17,169.5 32,427.5 23,960.6 35,026.7 51,176.9 41,130.2 67,454.2 16,277.2 31.8 26,324.0 64.0 -Saving 13,955.9 -905.2 30,156.1 29,139.2 52,595.2 44,112.1 28,234.0 -24,361.2 -46.3 -15,878.1 -36.0 -Time 829.3 -10,382.9 8,807.4 17,094.8 2,358.4 9,636.7 6,711.9 4,353.5 184.6 -2,924.8 -30.4 2. Borrowing (net change) 12,440.9 1,834.0 0.0 0.0 2,732.2 12,440.9 1,834.0 -898.2 -32.9 -10,606.9 -85.3 -Local 5,990.7 811.3 0.0 0.0 910.5 5,990.7 811.3 -99.1 -10.9 -5,179.3 -86.5 -Foreign 6,450.2 1,022.7 0.0 0.0 1,821.7 6,450.2 1,022.7 -799.0 -43.9 -5,427.5 -84.1 3. Collection of Loans 36,302.3 71,194.1 72,693.4 78,452.7 131,156.5 108,995.8 149,646.7 18,490.3 14.1 40,651.0 37.3 4. Total Resources Mobilized (1+2+3) 80,698.0 94,167.5 135,617.6 159,713.3 240,019.2 216,315.5 253,880.8 13,861.7 5.8 37,565.3 17.4 5. Disbursement 62,625.0 55,722.3 57,795.6 66,652.2 113,529.6 120,420.6 122,374.5 8,844.9 7.8 1,953.9 1.6 6. Change in Liquidity (4-5) 18,072.9 38,445.3 77,822.0 93,061.1 126,489.5 95,894.9 131,506.3 5,016.8 4.0 35,611.4 37.1 Memorandum Item: 0.0 0.0 Outstanding Credit 1,033,879.8 1,029,119.0 1,086,469.4 1,119,132.1 1,950,569.8 2,120,349.2 2,148,251.1 197,681.3 10.1 27,901.9 1.3 Annual Quarter Particulars State own Banks Private Banks Grand Total 1 2 (3) = (1) + (2) Qtr.III 2022/23 Qtr.IV 2023/24 Qtr.III 2022/23 Qtr.IV 2023/24

National Bank of Ethiopia Quarterly Bulletin 40 Fourth Quarter 2023/24 38 | Fourth Quarter 2023/24 Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans Source: CBEs and NBE 4.5.1.1. Deposit Mobilization The total deposit liabilities of the banking system reached Birr 2.5 trillion, depicting 15.3 percent annual growth. Demand deposits, which accounted for 32.8 percent of the total deposits, reached Birr 819.7 billion and had a 19.6 percent annual increase. Similarly, saving deposit went up by 11.7 percent and amounted to Birr 1.5 trillion accounting for 59.2 percent of the total deposits. Time deposits increased by 26.7 percent and constituted 7.9 percent to the total deposit liabilities. Of the total deposits, the share of private banks was 52.9 percent and that of state owned banks 47.1 percent (Table 4.9). Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) Source: Commercial Banks and DBE

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 I II III IV I II III IV I II III IV I II III IV 2020/21 2021/22 2022/23 2023/24 In Millions of Birr Total Resource Mobilization Net Deposit Collection of Loans Disbursement of Loans Quarter IV Quarter III Quarter IV 2022/23 2023/24 2023/24 A B C C/A C/B Demand Deposit 685,495.1 31.7 752,280.9 31.4 819,735.1 32.8 19.6 9.0 Saving Deposit 1,323,382.9 61.1 1,450,155.1 60.6 1,478,389.1 59.2 11.7 1.9 Time Deposit 156,641.1 7.2 191,740.3 8.0 198,452.2 7.9 26.7 3.5 Total 2,165,519.2 100.0 2,394,176.3 100.0 2,496,576.4 100.0 15.3 4.3 Share of state own Banks 48.8 48.2 47.1 Share of Private Banks 51.2 51.8 52.9 Deposit by types % Share % Share % Share Percentage Change ( Growth)

National Bank of Ethiopia Quarterly Bulletin 41 Fourth Quarter 2023/24 39 | Fourth Quarter 2023/24 Fig.IV.10: Quarterly Growth of Banks’ Deposit Liabilities by Ownership Source: CBEs & NBE 4.5.1.2. Collection of Loans During the review quarter, banks collected loans (including corporate bonds) of Birr 149.6 billion which showed a 14.1 percent annual growth (Table 4.8). Of the total loan collection, private banks had 52.4 percent share while that of state owned banks was 47.6 percent. 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 130.2 billion showing a 19.6 percent annual increase. Of the total borrowing, Birr 95.1 billion (73.1 percent) was from domestic and Birr 35.0 billion (26.9 percent) from external sources (Table4.10) Table 4.10: Banks’ Outstanding Borrowing by Source (In Millions of Birr) Source: Commercial Bank of Ethiopia and Development Bank of Ethiopia 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 I II III IV I II III IV I II III IV I II III IV 2020/2021 2021/2022 2022/2023 2023/2024 In percent State owned Banks Private Banks All Banks 2022/23 Quarter IV Quarter III Quarter IV A B C D=C/B E=C/A Domestic Borrowing 82,460.8 94,330.3 95,141.6 0.9 15.4 Foreign Borrowing 26,352.3 34,008.1 35,030.8 3.0 32.9 Total 108,813.2 128,338.4 130,172.3 1.4 19.6 Borrowing By Types Percentage change 2023/24 39 | Fourth Quarter 2023/24 Fig.IV.10: Quarterly Growth of Banks’ Deposit Liabilities by Ownership Source: CBEs & NBE 4.5.1.2. Collection of Loans During the review quarter, banks collected loans (including corporate bonds) of Birr 149.6 billion which showed a 14.1 percent annual growth (Table 4.8). Of the total loan collection, private banks had 52.4 percent share while that of state owned banks was 47.6 percent. 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 130.2 billion showing a 19.6 percent annual increase. Of the total borrowing, Birr 95.1 billion (73.1 percent) was from domestic and Birr 35.0 billion (26.9 percent) from external sources (Table4.10) Table 4.10: Banks’ Outstanding Borrowing by Source (In Millions of Birr) Source: Commercial Bank of Ethiopia and Development Bank of Ethiopia 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 I II III IV I II III IV I II III IV I II III IV 2020/2021 2021/2022 2022/2023 2023/2024 In percent State owned Banks Private Banks All Banks 2022/23 Quarter IV Quarter III Quarter IV A B C D=C/B E=C/A Domestic Borrowing 82,460.8 94,330.3 95,141.6 0.9 15.4 Foreign Borrowing 26,352.3 34,008.1 35,030.8 3.0 32.9 Total 108,813.2 128,338.4 130,172.3 1.4 19.6 Borrowing By Types Percentage change 2023/24

National Bank of Ethiopia Quarterly Bulletin 42 Fourth Quarter 2023/24 40 | Fourth Quarter 2023/24 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 122.4 billion was disbursed in fresh loans (including CBE’s bond purchase); indicating 7.8 percent annual increase. Of the total new loans, the share of state owned banks was 45.5 percent and that of private banks 54.5 percent (Table 4.8, 4.11 & 4.12). The major beneficiaries of the fresh loans were agriculture (Birr 33.5 billion or 27.3 percent), domestic trade (Birr 25 Billion or 20.5 percent), manufacturing (Birr 19.2 billion or 15.7 percent), international trade (Birr 16.9 billion or 13.8 percent), building and construction (Birr 8.8 billion or 7.2 percent), consumer and staff loan (Birr 6.9 billion or 5.6 percent) and the remaining was taken up by other economic sectors (Table 4.11). Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership Source: Commercial Banks and Development Bank of Ethiopia

20,000.00 40,000.00 60,000.00 80,000.00 100,000.00 120,000.00 140,000.00 160,000.00 180,000.00 200,000.00 QIII QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2020/21 2021/22 2022/23 2023/24 Value in Million Birr Years/Quarters Total State own Banks Private Banks

National Bank of Ethiopia Quarterly Bulletin 43 Fourth Quarter 2023/24 41 | Fourth Quarter 2023/24 Table 4.11: Banks’ Loans & Advances by Sectors (Including corporate bond) in QIV-2023/24 (In Millions of Birr) Source: Commercial Banks & DBE D*= Disbursement, C*= Collection, O/S*= Outstanding Credit LAMC*= Liability and Asset Management Corporation

4.5.3. Outstanding Credit Total outstanding credit of the banking system (including corporate bond) grew 10.1 percent year-on-year and reached Birr 2.1 trillion. About 99.6 percent of the total outstanding credit of private banks went to finance cooperatives and private enterprises (Tables 4.8 & 4.12). Sector wise, the major holder of outstanding credit were ‘manufacturing’ (Birr 406.6 billion or 18.9 percent), international trade (Birr 334.2 billion or 15.6 percent), other sectors (Birr 303.0 billion or 14.1 percent), (of which LAMC* holds (Birr 277.2 billion or 12.9 percent), domestic trade (Birr 261.7 billion or 12.2 percent), mines, power and water resources (Birr 246.8 billion or 11.5 percent), building & construction (Birr 202.5 billion or 9.4 percent), and consumer & staff loans (Birr 178.8 billion or 8.3 percent) (Table 4.11). D* C* O/S* D* C* O/S * D* C* O/S* Corporate Bonds* - 1,457.3 555,131.9 - - - - 1,457.3 555,131.9 Agriculture 23,990.0 43,806.1 44,703.0 9,472.4 9,410.7 60,425.4 33,462.4 53,216.8 105,128.4 Manufacturing 13,552.9 7,941.6 237,747.9 5,680.2 9,489.4 168,841.1 19,233.1 17,431.0 406,589.0 Domestic Trade 7,809.6 8,175.2 42,791.0 17,239.8 17,435.1 218,878.4 25,049.4 25,610.3 261,669.4 International Trade 2,303.5 2,323.5 19,238.6 14,610.5 21,025.1 314,970.2 16,914.0 23,348.6 334,208.7 Export 1,951.8 2,075.6 11,954.5 10,557.5 13,772.9 200,142.8 12,509.3 15,848.5 212,097.3 Import 351.8 247.9 7,284.0 4,053.0 7,252.2 114,827.4 4,404.7 7,500.1 122,111.4 Hotels and Tourism 287.7 983.5 5,889.5 1,229.1 1,887.6 37,205.0 1,516.8 2,871.1 43,094.5 Building and Construction 2,350.1 2,344.8 67,860.3 6,464.0 7,907.9 134,620.2 8,814.1 10,252.8 202,480.5 Mines, Power and Water resources 216.6 118.0 246,278.9 70.4 68.2 480.3 287.0 186.3 246,759.2 Financial Institutions 2,419.9 622.7 15,523.3 223.5 243.3 3,435.0 2,643.4 866.0 18,958.4 Transport and Communication 74.8 143.6 1,176.8 2,998.3 2,772.5 39,423.0 3,073.0 2,916.2 40,599.7 Health and Education 47.9 151.9 1,128.1 636.7 255.6 5,763.0 684.6 407.5 6,891.1 Consumer and Staff Loans 2,621.2 4,527.4 68,404.3 4,274.3 4,931.9 110,422.1 6,895.6 9,459.3 178,826.5 Other Sectors 48.1 55.6 278,377.4 3,753.0 3,025.3 24,668.4 3,801.0 3,081.0 303,045.7 Of which LAMC* - - 277,192.5 - - - - - 277,192.5 Total 55,722.3 71,194.1 1,029,119.0 66,652.2 78,452.7 1,119,132.1 122,374.5 149,646.7 2,148,251.1 Borrowing Sector Public Banks Private Banks Total (1) (2) (3) 41 | Fourth Quarter 2023/24 Table 4.11: Banks’ Loans & Advances by Sectors (Including corporate bond) in QIV-2023/24 (In Millions of Birr) Source: Commercial Banks & DBE D*= Disbursement, C*= Collection, O/S*= Outstanding Credit LAMC*= Liability and Asset Management Corporation

4.5.3. Outstanding Credit Total outstanding credit of the banking system (including corporate bond) grew 10.1 percent year-on-year and reached Birr 2.1 trillion. About 99.6 percent of the total outstanding credit of private banks went to finance cooperatives and private enterprises (Tables 4.8 & 4.12). Sector wise, the major holder of outstanding credit were ‘manufacturing’ (Birr 406.6 billion or 18.9 percent), international trade (Birr 334.2 billion or 15.6 percent), other sectors (Birr 303.0 billion or 14.1 percent), (of which LAMC* holds (Birr 277.2 billion or 12.9 percent), domestic trade (Birr 261.7 billion or 12.2 percent), mines, power and water resources (Birr 246.8 billion or 11.5 percent), building & construction (Birr 202.5 billion or 9.4 percent), and consumer & staff loans (Birr 178.8 billion or 8.3 percent) (Table 4.11). D* C* O/S* D* C* O/S * D* C* O/S* Corporate Bonds* - 1,457.3 555,131.9 - - - - 1,457.3 555,131.9 Agriculture 23,990.0 43,806.1 44,703.0 9,472.4 9,410.7 60,425.4 33,462.4 53,216.8 105,128.4 Manufacturing 13,552.9 7,941.6 237,747.9 5,680.2 9,489.4 168,841.1 19,233.1 17,431.0 406,589.0 Domestic Trade 7,809.6 8,175.2 42,791.0 17,239.8 17,435.1 218,878.4 25,049.4 25,610.3 261,669.4 International Trade 2,303.5 2,323.5 19,238.6 14,610.5 21,025.1 314,970.2 16,914.0 23,348.6 334,208.7 Export 1,951.8 2,075.6 11,954.5 10,557.5 13,772.9 200,142.8 12,509.3 15,848.5 212,097.3 Import 351.8 247.9 7,284.0 4,053.0 7,252.2 114,827.4 4,404.7 7,500.1 122,111.4 Hotels and Tourism 287.7 983.5 5,889.5 1,229.1 1,887.6 37,205.0 1,516.8 2,871.1 43,094.5 Building and Construction 2,350.1 2,344.8 67,860.3 6,464.0 7,907.9 134,620.2 8,814.1 10,252.8 202,480.5 Mines, Power and Water resources 216.6 118.0 246,278.9 70.4 68.2 480.3 287.0 186.3 246,759.2 Financial Institutions 2,419.9 622.7 15,523.3 223.5 243.3 3,435.0 2,643.4 866.0 18,958.4 Transport and Communication 74.8 143.6 1,176.8 2,998.3 2,772.5 39,423.0 3,073.0 2,916.2 40,599.7 Health and Education 47.9 151.9 1,128.1 636.7 255.6 5,763.0 684.6 407.5 6,891.1 Consumer and Staff Loans 2,621.2 4,527.4 68,404.3 4,274.3 4,931.9 110,422.1 6,895.6 9,459.3 178,826.5 Other Sectors 48.1 55.6 278,377.4 3,753.0 3,025.3 24,668.4 3,801.0 3,081.0 303,045.7 Of which LAMC* - - 277,192.5 - - - - - 277,192.5 Total 55,722.3 71,194.1 1,029,119.0 66,652.2 78,452.7 1,119,132.1 122,374.5 149,646.7 2,148,251.1 Borrowing Sector Public Banks Private Banks Total (1) (2) (3) Source: Commercial Banks & DBE 41 | Fourth Quarter 2023/24 Table 4.11: Banks’ Loans & Advances by Sectors (Including corporate bond) in QIV-2023/24 (In Millions of Birr) Source: Commercial Banks & DBE D*= Disbursement, C*= Collection, O/S*= Outstanding Credit LAMC*= Liability and Asset Management Corporation

4.5.3. Outstanding Credit Total outstanding credit of the banking system (including corporate bond) grew 10.1 percent year-on-year and reached Birr 2.1 trillion. About 99.6 percent of the total outstanding credit of private banks went to finance cooperatives and private enterprises (Tables 4.8 & 4.12). Sector wise, the major holder of outstanding credit were ‘manufacturing’ (Birr 406.6 billion or 18.9 percent), international trade (Birr 334.2 billion or 15.6 percent), other sectors (Birr 303.0 billion or 14.1 percent), (of which LAMC* holds (Birr 277.2 billion or 12.9 percent), domestic trade (Birr 261.7 billion or 12.2 percent), mines, power and water resources (Birr 246.8 billion or 11.5 percent), building & construction (Birr 202.5 billion or 9.4 percent), and consumer & staff loans (Birr 178.8 billion or 8.3 percent) (Table 4.11). D* C* O/S* D* C* O/S * D* C* O/S* Corporate Bonds* - 1,457.3 555,131.9 - - - - 1,457.3 555,131.9 Agriculture 23,990.0 43,806.1 44,703.0 9,472.4 9,410.7 60,425.4 33,462.4 53,216.8 105,128.4 Manufacturing 13,552.9 7,941.6 237,747.9 5,680.2 9,489.4 168,841.1 19,233.1 17,431.0 406,589.0 Domestic Trade 7,809.6 8,175.2 42,791.0 17,239.8 17,435.1 218,878.4 25,049.4 25,610.3 261,669.4 International Trade 2,303.5 2,323.5 19,238.6 14,610.5 21,025.1 314,970.2 16,914.0 23,348.6 334,208.7 Export 1,951.8 2,075.6 11,954.5 10,557.5 13,772.9 200,142.8 12,509.3 15,848.5 212,097.3 Import 351.8 247.9 7,284.0 4,053.0 7,252.2 114,827.4 4,404.7 7,500.1 122,111.4 Hotels and Tourism 287.7 983.5 5,889.5 1,229.1 1,887.6 37,205.0 1,516.8 2,871.1 43,094.5 Building and Construction 2,350.1 2,344.8 67,860.3 6,464.0 7,907.9 134,620.2 8,814.1 10,252.8 202,480.5 Mines, Power and Water resources 216.6 118.0 246,278.9 70.4 68.2 480.3 287.0 186.3 246,759.2 Financial Institutions 2,419.9 622.7 15,523.3 223.5 243.3 3,435.0 2,643.4 866.0 18,958.4 Transport and Communication 74.8 143.6 1,176.8 2,998.3 2,772.5 39,423.0 3,073.0 2,916.2 40,599.7 Health and Education 47.9 151.9 1,128.1 636.7 255.6 5,763.0 684.6 407.5 6,891.1 Consumer and Staff Loans 2,621.2 4,527.4 68,404.3 4,274.3 4,931.9 110,422.1 6,895.6 9,459.3 178,826.5 Other Sectors 48.1 55.6 278,377.4 3,753.0 3,025.3 24,668.4 3,801.0 3,081.0 303,045.7 Of which LAMC* - - 277,192.5 - - - - - 277,192.5 Total 55,722.3 71,194.1 1,029,119.0 66,652.2 78,452.7 1,119,132.1 122,374.5 149,646.7 2,148,251.1 Borrowing Sector Public Banks Private Banks Total (1) (2) (3)

National Bank of Ethiopia Quarterly Bulletin 44 Fourth Quarter 2023/24 42 | Fourth Quarter 2023/24 Table 4.12: Breakdown of Banking System Credit by Clients in QIV-2023/24 (In Millions of Birr) Source: Commercial Banks &DBE Fig IV.12: Share of Public and Private Banks in Credit Outstanding Source: NBE 4.6. Financial Activities of NBE NBE’s gross claims on the central government stood at Birr 675.1 billion as of end June 2024 about 17.7 percent higher than a year earlier. NBE’s deposit liabilities declined by 3.0 percent over last Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share State Owned Bank 55,722.3 45.5 71,194.1 47.6 1,029,119.0 47.9 Corporate Bonds* 0.0 0.0 1,457.3 0.0 555,131.9 53.9 State Enterprises 26,583.5 47.7 44,991.5 63.2 741,311.5 72.0 Cooperatives 129.4 0.2 162.9 0.2 10,899.2 1.1 Private Enterprises 29,009.4 52.1 26,039.7 36.6 276,908.3 26.9 Private Banks 66,652.2 54.5 78,452.7 52.4 1,119,132.1 52.1 State Enterprises 298.0 0.4 495.9 0.6 4,610.1 0.4 Cooperatives 68.1 0.1 332.2 0.4 10,444.6 0.9 Private Enterprises 66,286.1 99.5 77,624.6 98.9 1,104,077.4 98.7 Grand Total 122,374.5 100.0 149,646.7 100.0 2,148,251.1 100.0 0 10 20 30 40 50 60 70 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2020/21 2021/22 2022/23 2023/24 In Percent Years/Quarters State own Bank Credit Outstanding Private Bank Credit Outstanding

National Bank of Ethiopia Quarterly Bulletin 45 Fourth Quarter 2023/24 43 | Fourth Quarter 2023/24 year same quarter due to a 3.6 percent drop in bank’s reserve (Table 4.13). Table 4.13: Financial Activities of NBE (In Millions of Birr) Source: National Bank of Ethiopia (NBE) 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market During the fourth quarter of 2023/24, the amount of T-bills supplied to the auction reached Birr 441.12 billion, showing a 3.8 per cent increase year-on-year. On the other hand, the demand for T-bills increased by 70.2 per cent and reached Birr 252.13 billion (Table 14.4). The total amount of T-bills sold was Birr 252.13 billion, about 78.5 per cent higher than a year ago. The non-bank institutions bought T-bills worth Birr 149.22 billion while banks purchased T-bills worth of Birr 102.9 billion. Birr 189.3 billion was redeemed during the quarter under review. At the end of the fourth quarter, T-bills outstanding reached 447.8 billion showing 32.3 percent annual. The average weighted T-bills yield was 10.227 per cent which was 5.35 percentage points higher than a year ago (Table 4.14). 2022/23 Qtr.IV Qtr.III Qtr.IV A B C D=C/A E=C/B 1.Loans and Advances 608,814.26 671,443.16 716,443.16 17.7 6.7 1.1. To Central Government 563,991.55 630,120.45 675,120.45 19.7 7.1 1.2.To Development Bank of Ethiopia 44,822.71 41,322.71 41,322.71 -7.8 0.0 2.Deposit Liabilities 266,929.86 236,941.60 258,994.10 -3.0 9.3 2.1. Government 42,691.56 43,991.18 42,867.36 0.4 -2.6 2.2. Financial Institutions 224,238.30 192,950.42 216,126.75 -3.6 12.0 O/W: -Banks( Reserve) 224,233.89 192,947.07 216,109.02 -3.6 12.0 -Insurance companies 4.4 3.3 17.7 302.0 430.4 3.Net Claims of NBE(1-2) 341,884.4 434,501.6 457,449.1 33.8 5.3 Particulars % Change 2023/24 43 | Fourth Quarter 2023/24 year same quarter due to a 3.6 percent drop in bank’s reserve (Table 4.13). Table 4.13: Financial Activities of NBE (In Millions of Birr) Source: National Bank of Ethiopia (NBE) 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market During the fourth quarter of 2023/24, the amount of T-bills supplied to the auction reached Birr 441.12 billion, showing a 3.8 per cent increase year-on-year. On the other hand, the demand for T-bills increased by 70.2 per cent and reached Birr 252.13 billion (Table 14.4). The total amount of T-bills sold was Birr 252.13 billion, about 78.5 per cent higher than a year ago. The non-bank institutions bought T-bills worth Birr 149.22 billion while banks purchased T-bills worth of Birr 102.9 billion. Birr 189.3 billion was redeemed during the quarter under review. At the end of the fourth quarter, T-bills outstanding reached 447.8 billion showing 32.3 percent annual. The average weighted T-bills yield was 10.227 per cent which was 5.35 percentage points higher than a year ago (Table 4.14). 2022/23 Qtr.IV Qtr.III Qtr.IV A B C D=C/A E=C/B 1.Loans and Advances 608,814.26 671,443.16 716,443.16 17.7 6.7 1.1. To Central Government 563,991.55 630,120.45 675,120.45 19.7 7.1 1.2.To Development Bank of Ethiopia 44,822.71 41,322.71 41,322.71 -7.8 0.0 2.Deposit Liabilities 266,929.86 236,941.60 258,994.10 -3.0 9.3 2.1. Government 42,691.56 43,991.18 42,867.36 0.4 -2.6 2.2. Financial Institutions 224,238.30 192,950.42 216,126.75 -3.6 12.0 O/W: -Banks( Reserve) 224,233.89 192,947.07 216,109.02 -3.6 12.0 -Insurance companies 4.4 3.3 17.7 302.0 430.4 3.Net Claims of NBE(1-2) 341,884.4 434,501.6 457,449.1 33.8 5.3 Particulars % Change 2023/24

National Bank of Ethiopia Quarterly Bulletin 46 Fourth Quarter 2023/24 38 | Fourth Quarter 2023/24 Table 4.14: Results of fourth quarter Treasury Bills Auction 2022/23 Quarter IV Quarter III Quarter IV A B C C/A C/B Number of Bidders 106.00 102 158 49.06 54.90 Public 82.00 83 77 -6.10 (7.23) Private 24.00 19 81 0.00 326.32 Number of Bids received 106.00 102 158 49.06 54.90 Public 82.00 83 77 -6.10 -7.23 Private 24.00 19 81 237.50 326.32 Amount Demanded (Mn. Birr) 148,131.75 207,915.28 252,127.66 70.21 21.26 28-day bill 27,014.00 6,115.00 77,505.00 186.91 1167.46 91-day bill 36,661.89 56,406.89 64,006.89 74.59 13.47 182-day bill 42,482.00 62,171.57 50,766.77 19.50 (18.34) 364-day bill 41,973.86 83,221.82 59,849.00 42.59 (28.08) Amount Supplied (Mn. Birr) 424,958.89 340,022.72 441,119.39 3.80 29.73 28-day bill 112,715.00 17,535.86 118,218.00 4.88 574.15 91-day bill 118,996.89 112,786.89 125,961.89 5.85 11.68 182-day bill 101,667.00 93,666.57 103,784.50 2.08 10.80 364-day bill 91,580.00 116,033.40 93,155.00 1.72 (19.72) Amount Sold (Mn. Birr) 141,231.75 204,215.28 252,127.66 78.52 23.46 Banks 31,900.00 92,600.00 102,910.00 222.60 11.13 Non-Banks 109,331.75 111,615.28 149,217.66 36.48 33.69 Redemption (Mn. Birr) 115,870.41 190,431.70 189,322.75 63.39 -0.58 28-day bill 99.27 99.32 99.18 -0.09 -0.14 91-day bill 97.50 97.52 97.49 -0.01 -0.03 182-day bill 95.48 95.42 95.29 -0.19 -0.13 364-day bill 91.38 91.72 90.98 -0.44 -0.81 28-day bill 9.599 8.900 10.730 11.79 20.57 91-day bill 10.276 10.196 10.333 0.55 1.34 182-day bill 9.502 9.625 9.909 4.28 2.94 364-day bill 9.453 9.048 9.937 5.12 9.83 Banks 146,568.05 131,959.26 162,259.26 10.71 22.96 Non-Banks 191,941.48 253,038.69 285,543.59 48.77 12.85 Source: National Bank of Ethiopia ( In Millions of Birr) 2023/24 % Change Average Weighted Price for Successful bids (% ) 95.91 96.00 95.74 (0.18) -0.27 16.31 Average Weighted Yield for Successful bids (% ) 9.707 9.442 10.227 5.35 8.31 Outstanding bills at the end of Period (Mn.Br.) 338,509.53 384,997.95 447,802.85 32.29

National Bank of Ethiopia Quarterly Bulletin 47 Fourth Quarter 2023/24 39 | Fourth Quarter 2023/24 Fig.IV.13: Development in Treasury- bills Markets (In Millions of Birr) Source: NBE Fig.IV.14: Developments in Average weighted Yields of T-bills Source: NBE 4.7.2. Inter- Bank Money Market There has been no inter-bank money market transaction during the quarter under review. 4.7.3. Corporate Bond Market Corporate bond market remained undeveloped whereby major players being a few public institutions and regional governments. The purchaser of these bonds was solely the Commercial Bank of Ethiopia (CBE). In the fourth quarter of 2023/24, CBE did not purchase any corporate bonds. Of the corporate bonds redeemed, Birr 1.5 billion was redeemed by the Addis Ababa City Administration.

100,000.00 200,000.00 300,000.00 400,000.00 500,000.00 600,000.00 700,000.00 800,000.00 I II III IV I II III IV I II III IV I II III IV 2020/21 2021/22 2022/23 2023/24 Supply Demand 0 2.5 5 7.5 10 12.5 I II III IV I II III IV I II III IV I II III IV 2020/21 2021/22 2022/23 2023/24 (In percent) 28-day 91-day 182-day 364-day

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 450,000.00 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Supply Demand

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 450,000.00 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Supply Demand

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 450,000.00 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Supply Demand

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 450,000.00 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Supply Demand 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day

National Bank of Ethiopia Quarterly Bulletin 48 Fourth Quarter 2023/24 40 | Fourth Quarter 2023/24 The stock of corporate bonds held by CBE stood at Birr 555.1 billion, of which 93.8 per cent was claims on public enterprises and the remaining balance on regional governments (Table 4.15). Of the total corporate bonds held by public enterprises, EEP had 43.9 percent share while the Liability and Asset Management Corporation (LAMC) which was in charge of managing all currently outstanding corporate bonds and their claims, held 56.1 per cent. The Addis Ababa City Administration owned 6.2 per cent from the total corporate bonds outstanding of CBE. Table 4.15: Corporate Bond Purchase, Redemption and Outstanding (In Millions of Birr) NP Red O/S NP Red O/S NP Red O/S 1.Puplic Enterprises 10,686.80 - 448,466.18 22,106.88 9,387.36 523,235.31 - - 520,723.22 EEP 8,500.00 - 357,941.90 13,500.00 - 208,978.05 243,530.71 Railway Corporations 2,186.80 - 90,524.29 8,603.01 1,069.09 - - - - DBE - - - - - - - - - Liability & Asset Management Corp. - - - 3.87 8,318.27 314,257.26 - - 277,192.50 2. Regional Governments 2,500.00 171.91 54,112.25 - 8,692.28 43,902.94 - 1,457.34 34,408.64 Oromia - 80.37 290.11 - 7.32 210.72 - - - Amhara - - - - - - - - Tigray - 91.54 - - - - - - - SNNPRS - - - - - - - - - Dire Dawa - - - - - - - - - Harari - - - - - - - - - Addia Ababa 2,500.00 - 53,822.14 - 8,684.96 43,692.22 1,457.34 34,408.64 3.Grand Total(1+2) 13,186.80 171.91 502,578.44 22,106.88 18,079.64 567,138.25 - 1,457.34 555,131.86 Note: NP= New Purchase, Red. = Redemption, O/S= outstanding Source: NBE Issuer of the Bond 2021/22 2022/23 2023/24 QIV

National Bank of Ethiopia Quarterly Bulletin 49 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 41 | Fourth Quarter 2023/24 V. EXTERNAL SECTOR DEVELOPMENTS 5.1. Balance of Payments The overall BOP balance registered a surplus of USD 59.4 million during the fourth quarter of 2023/24 compared to USD 63.6 million surplus a year ago. On the other hand, the deficit in current account balance (including official transfers) widened from USD 826.3 million in the fourth quarter of last year to USD 1.1 billion in the same quarter of current fiscal year. This was mainly attributed to widened trade deficit (30.8 percent) despite a rise in surplus of net services, net private transfers and net official transfers by 31.8 percent, 18.2 percent and 129.3 percent, respectively. On the other hand, net inflows of capital account increased by 19.9 percent to USD 1 billion, owing to rise in foreign direct investment (49.4 percent) and private sector long term capital (24.4 percent) coupled with decline in net deficit of other public sector long-term capital 23.8 percent (Table 5.1).

National Bank of Ethiopia Quarterly Bulletin 50 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 42 | Fourth Quarter 2023/24 Table 5.1: Balance of Payments (In Millions of USD) S/N Particulars 2022/23 2023/24 QIV QIII QIV Percentage Change A B C D=C/A E=C/B 1 Exports, f.o.b. 995.8 927.2 1,267.4 27.3 36.7 Coffee 441.0 265.0 592.3 34.3 123.5 Other 554.8 662.2 675.1 21.7 2.0 2 Imports 3,907.2 4,376.3 5,074.3 29.9 15.9 Fuel 883.8 821.4 833.1 -5.7 1.4 Cereals 237.4 193.9 201.7 -15.0 4.1 Aircraft 18.9 172.7 127.6 575.7 -26.1 Imports excl. fuel, cereals, aircraft 2,767.0 3,188.4 3,911.8 41.4 22.7 3 Trade Balance (1-2) -2,911.4 -3,449.1 -3,806.9 30.8 10.4 4 Services, net 246.9 291.5 325.5 31.8 11.7 Non-factor services, net 375.2 355.8 425.2 13.3 19.5 Exports of non-factor services 1,785.1 1,812.5 2,077.5 16.4 14.6 Imports of non-factor services 1,409.8 1,456.7 1,652.3 17.2 13.4 Factor services (Investment income), net -128.3 -64.3 -99.6 -22.4 54.9 Interest, net -128.0 -63.5 -99.6 -22.1 56.8 Dividend, net -0.4 -0.8 5 Private transfers, net 1,663.7 1,356.0 1,965.7 18.2 45.0 o/w: NGO's,(Net) 398.5 165.2 214.7 -46.1 29.9 Private Individuals 1,265.3 1,190.7 1,751.0 38.4 47.1 6 Current account balance excluding official transfers (3+4+5) -1,000.7 -1,801.7 -1,515.6 51.4 -15.9 7 Official transfers, net 174.4 218.3 400.1 129.3 83.3 8 Current account balance including official transfers(6+7) -826.3 -1,583.4 -1,115.5 35.0 -29.5 9 Capital account 835.3 1,063.2 1,001.2 19.9 -5.8 Official Long-term Capital, net 239.5 158.6 209.3 -12.6 32.0 Disbursements 328.4 227.4 390.3 18.8 71.6 Amortization 89.0 68.8 181.0 103.5 163.2 Other public long-term capital -181.6 -12.0 -138.5 -23.8 1,051.9 Private sector, long term 6.2 6.0 7.7 24.4 29.6 Foreign Direct Investment, net 748.3 957.0 1,117.9 49.4 16.8 Short-term Capital 23.0 -46.3 -195.3 -948.5 321.6 10 Errors and omissions 54.6 444.9 173.7 11 Overall balance (8+9+10) 63.6 -75.2 59.4 12 Financing -63.6 75.2 -59.4 13 Reserves [ Increase(-), Decrease (+)] -63.6 75.2 -59.4 14 Central Bank (NFA) 57.2 263.9 167.7 Asset -118.3 515.9 70.5 Liabilities 175.4 -252.0 97.2 15 Commercial banks (NFA) -120.8 -188.7 -227.1 16 Debt Relief Principal Interest Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin 51 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 43 | Fourth Quarter 2023/24 Total current receipts amounted to USD 5.8 billion showing a 22.7 percent annual increase owing to the rise in export (27.3 percent), proceeds from services (17 percent), private transfers (17.6 percent) and public transfers by 87.7 percent. Likewise, total current payments rose 24.5 percent and reached USD 6.9 billion. This was due to the rise in import payments (29.9 percent) and services payments (14.7 percent) despite the fall in private transfers payment from USD 12.5 million to USD 4.7 million and public transfers payment from USD 43.9 million to USD 9.7 million (Table 5.2). Table 5.2: Current Receipts and Payments (In millions of USD) S/N Particulars 2022/23 2023/24 QIV QIII QIV Percentage Change A B C D=C/A E=C/B 1 Current Receipts 4,693.2 4,363.9 5,757.2 22.7 31.9 Export Proceeds 995.8 927.2 1,267.4 27.3 36.7 Service Proceeds 1,802.9 1,845.3 2,109.6 17.0 14.3 Private Transfers 1,676.3 1,362.3 1,970.4 17.6 44.6 Public Transfer 218.3 229.1 409.8 87.7 78.8 2 Current Payments 5,519.5 5,947.3 6,872.7 24.5 15.6 Import Payments 3,907.2 4,376.3 5,074.3 29.9 15.9 Service Payments 1,556.0 1,553.8 1,784.0 14.7 14.8 Private Transfers 12.5 6.3 4.7 -62.3 -25.6 Public Transfer 43.9 10.9 9.7 -77.9 -10.7 3 Net, (1-2) -826.3 -1,583.4 -1,115.5 35.0 -29.5 Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin 52 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 44 | Fourth Quarter 2023/24 Source: NBE Staff Compilation 5.2. Balance of Trade During the fourth quarter of 2023/24, merchandise trade deficit widened to USD 3.8 billion from USD 2.9 billion a year ago as the growth of import payments outweighed that of export receipts. Source: Ethiopian Customs Commission

1,000.0 2,000.0 3,000.0 4,000.0 5,000.0 6,000.0 7,000.0 8,000.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 In Millions of USD Fig.V.1: Trends in Current Receipts and Payments Current Receipts Current Payments 0 1000 2000 3000 4000 5000 6000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Export Import National Bank of Ethiopia Quarterly Bulletin 44 | Fourth Quarter 2023/24 Source: NBE Staff Compilation 5.2. Balance of Trade During the fourth quarter of 2023/24, merchandise trade deficit widened to USD 3.8 billion from USD 2.9 billion a year ago as the growth of import payments outweighed that of export receipts. Source: Ethiopian Customs Commission

1,000.0 2,000.0 3,000.0 4,000.0 5,000.0 6,000.0 7,000.0 8,000.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 In Millions of USD Fig.V.1: Trends in Current Receipts and Payments Current Receipts Current Payments 0 1000 2000 3000 4000 5000 6000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Export Import

National Bank of Ethiopia Quarterly Bulletin 53 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 45 | Fourth Quarter 2023/24 Source: Ethiopian Customs Commission 5.2.1. Export of Goods Merchandise export earnings demonstrated 27.3 percent year-on-year growth driven by higher export revenues from coffee (34.3 percent), gold (185.3 percent), meat and meat products (28.8 percent), textiles and textile products (0.7 percent), live- animals (229.5 percent), electricity (121.2 percent) and other exports (27.4 percent). Conversely, there were declines in export receipts from oil seeds (5.6 percent), flowers (4.6 percent), pulses (1.4 percent), chat (39.4 percent), leather and leather products (21.4 percent), chat (39.4 percent) and fruits and vegetables (36.4 percent). Export revenue from coffee improved by 34.3 percent due to 59.1 percent rise in export volume despite 15.6 percent decline in international price. Hence, the share of coffee in total merchandise export earning rose to 46.7 percent from 44.3 percent a year ago. Export proceeds from gold surged by 185.3 percent on account of 53.6 percent rise in volume and 85.7 percent improvement in international price. Thus, the share of gold in total export earnings improved to 10.5 percent from 4.7 percent a year earlier. Receipts from meat & meat products grew by 28.8 percent on account of 43.7 percent increase in volume despite 10.4 percent decline in international price. However, its share in total merchandise export remained at 1.6 percent. 0 500 1000 1500 2000 2500 3000 3500 4000 4500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit

National Bank of Ethiopia Quarterly Bulletin 54 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 46 | Fourth Quarter 2023/24 Likewise, export earnings from textile & textile products slightly increased (0.7 percent) as a result of 13.0 percent rise in volume in spite of 10.5 percent decline in international price. Nevertheless, its share in total merchandise exports fell to 2.2 percent from 2.8 percent share last year same quarter. Export receipts from live-animals went up by 229.5 over last year same quarter, largely due to a nine-fold surge in export volume despite 66.1 percent drop in international price. Accordingly, the share of live-animals in total export earnings improved to 1.1 percent from 0.4 percent share a year earlier. Similarly, export earnings from electricity surged by 121.2 percent over last year same quarter due to strong improvements in both volume (62.1 percent) and international price (36.5 percent). Therefore, the share of electricity in total export earnings rose to 4.8 percent from 2.7 percent. On the other hand, export earnings from oilseeds decreased by 5.6 percent owing to 10.9 percent drop in international prices, despite 6 percent increase in volume. As a result, the share of oilseeds in total export earnings declined to 5.4 percent from 7.3 percent share a year earlier. Likewise, export receipts from pulses fell by 1.4 percent owing to 4.4 percent decline in international prices despite 3.1 percent rise in volume. Thus, its share declined to 7.3 percent from 9.4 percent a year earlier. Export receipts from flower fell by 4.6 percent due to 10.3 percent decline in export volume despite 6.3 percent rise in international price. Accordingly, its share in total export dropped to 9.3 percent from 12.4 percent last year same quarter. Similarly, export earnings from chat depicted 39.4 percent decline as a result of 42.6 percent fall in volume in spite of 5.6 percent rise in international price. Hence, its share in total export revenue shrank to 2.1 percent from 4.4 percent last year same quarter. Proceeds from fruits & vegetables decreased by 36.4 percent due to 43.3 percent decline in volume, despite 12.2 percent rise in international price. As a result, its share in total export revenue dropped to 0.8 percent from 1.7 percent a year ago.

National Bank of Ethiopia Quarterly Bulletin 55 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 47 | Fourth Quarter 2023/24 Finally, revenues from leather & leather products experienced a 21.4 percent decrease on account of 40.7 percent drop in international price despite 32.4 percent rise in volume. Hence, their share in total merchandise export slightly decreased to 0.3 percent from 0.5 percent a year ago (Tables 5.3, 5.4 and 5.5). Table 5.3: Values of Major Export Items (In Millions of USD) Particulars 2022/23 2023/24 Percentage Change QIV QIII QIV A %share B %share C %share C/A C/B Coffee 441.0 44.3 265.0 28.6 592.3 46.7 34.3 123.5 Oilseeds 73.0 7.3 154.3 16.6 69.0 5.4 (5.6) (55.3) Leather and Leather Products 5.0 0.5 4.2 0.5 3.9 0.3 (21.4) (8.0) Pulses 93.4 9.4 77.9 8.4 92.1 7.3 (1.4) 18.2 Meat & Meat Products 15.6 1.6 21.4 2.3 20.1 1.6 28.8 (5.9) Fruits & Vegetables 16.8 1.7 18.1 1.9 10.7 0.8 (36.4) (41.0) Textile & Textile Products 28.0 2.8 31.7 3.4 28.3 2.2 0.7 (10.9) Live Animals 4.3 0.4 10.7 1.2 14.3 1.1 229.5 32.7 Chat 43.6 4.4 48.4 5.2 26.4 2.1 (39.4) (45.5) Gold 46.8 4.7 110.8 12.0 133.6 10.5 185.3 20.5 Flower 123.9 12.4 126.1 13.6 118.2 9.3 (4.6) (6.3) Electricity 27.3 2.7 32.0 3.5 60.4 4.8 121.2 88.7 Others 77.1 7.7 26.5 2.9 98.3 7.8 27.4 270.9 Total Export 995.8 100.0 927.2 100.0 1,267.4 100.0 27.3 36.7 Total Export Excluding Electricity 968.4 895.2 1,207.0 24.6 34.8 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power

National Bank of Ethiopia Quarterly Bulletin 56 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 48 | Fourth Quarter 2023/24 Source: NBE Staff Compilation Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2022/23 2023/24 Percentage Change QIV QIII QIV A B C C/A C/B Coffee 77.9 56.8 124.0 59.1 118.2 Oilseeds 39.5 87.6 41.9 6.0 (52.2) Leather and Leather Products 0.3 0.4 0.5 32.4 26.7 Pulses 113.5 89.7 117.0 3.1 30.4 Meat & Meat Products 2.3 3.1 3.4 43.7 9.4 Fruits & Vegetables 50.5 53.6 28.6 (43.3) (46.7) Textile & Textile Products 6.6 7.5 7.5 12.6 0.1 Live Animals 2.1 11.7 20.3 873.4 73.2 Chat 4.3 4.5 2.4 (42.6) (45.6) Gold(In mn. of grams) 0.8 1.1 1.2 53.6 3.9 Flower 26.1 25.1 23.4 (10.3) (6.6) Electricity(In mn of kwh) 317.8 501.6 515.1 62.1 2.7 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power 0 100 200 300 400 500 600 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (Millions USD) Fig.V.4: Export Value of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Chat

National Bank of Ethiopia Quarterly Bulletin 57 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 49 | Fourth Quarter 2023/24 Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2022/23 2023/24 Percentage Change QIV QIII QIV A B C C/A C/B Coffee 5.7 4.7 4.8 -15.6 2.4 Oilseeds 1.8 1.8 1.6 -10.9 -6.4 Leather and Leather Products 14.2 11.6 8.4 -40.7 -27.5 Pulses 0.8 0.9 0.8 -4.4 -9.3 Meat & Meat Products 6.7 7.0 6.0 -10.4 -14.0 Fruits & Vegetables 0.3 0.3 0.4 12.2 10.6 Textile & Textile Products 4.2 4.2 3.8 -10.5 -11.0 Live Animals 2.1 0.9 0.7 -66.1 -23.4 Chat 10.2 10.8 10.8 5.6 0.2 Gold (USD/grams) 60.3 96.6 112.1 85.7 16.0 Flower 4.7 5.0 5.0 6.3 0.3 Electricity (USD/kwh) 0.1 36.5 83.8 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power 0.000 0.001 0.001 0.002 0.002 0.003 0.003 0.004 0 20 40 60 80 100 120 140 160 180 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (Gold, Million Kg.) (Millions Kg.) Fig.V.5: Export Volume of Selected Commodities Coffee Oil Seeds Leather & Leather Products Pulses Flower Chat Gold (SA)

National Bank of Ethiopia Quarterly Bulletin 58 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 50 | Fourth Quarter 2023/24 Source: NBE Staff Computation 5.2.2. Import of Goods Ethiopia imported goods worth USD 5.1 billion during the fourth quarter of the 2023/24, depicting 29.9 percent annual growth due to an increase in import bill for capital goods, consumer goods, semi￾finished goods, raw materials and miscellaneous goods. Capital goods import surged by 89.9 percent year-on-year driven by increased import payments for transport capital goods (87 percent) and industrial capital goods (95.2 percent), despite a fall in import payments for agricultural capital goods (40.3 percent). Consequently, the share of capital goods in total imports rose to 32.9 from 22.5 percent share last year same quarter. Import bill for consumer goods import depicted 19.3 percent increase, driven by higher import bills for durable goods (13.9 percent) and non-durable goods (21.4 percent). However, the share of consumer goods declined to 28.3 percent from 30.7 percent in same the quarter last year. Likewise, payments for semi-finished goods grew by 20.1 percent, as most of its components showed improvement, including fertilizer import bills, which rose by 20.3 percent. However, their share declined to 21.2 percent from 22.9 percent a year ago. Raw materials imports increased by 15.8 percent year-on-year, but their share in total merchandise import bills 0.0 2.0 4.0 6.0 8.0 10.0 12.0 0 20 40 60 80 100 120 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (USD/Kg) (USD/kg,, USD/gm(Gold)) Fig.V.6: Unit Value of Selected Export Commodities Leather & Leather Products Gold Coffee (SA) Oil Seeds (SA) Pulses (SA) Flower (SA) Chat (SA)

National Bank of Ethiopia Quarterly Bulletin 59 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 51 | Fourth Quarter 2023/24 marginally decreased to 0.5 percent from 0.6 percent a year earlier. Miscellaneous goods import increased by 42.3 percent, however its share in total imports remained at 0.7 percent. Fuel imports, however, depicted 5.7 percent decrease compared to the same quarter last year. As a result, the share of fuel in total merchandise imports declined to 16.4 percent from 22.6 percent a year ago. Accordingly, Franco Valuta import increased by 63.1 percent, reaching USD 1.9 billion, which accounted for 38.2 percent share of total import value (Tables 5.6 and 5.7). Table 5.6: Values of Major Import Items (In Millions of USD) Particular 2022/23 2023/24 Percentage Changes QIV Share (%) QIII Share (%) QIV Share (%) A B C C/A C/B Raw Materials 23.5 0.6 27.9 0.6 27.2 0.5 15.8 -2.6 Semi-finished Goods 893.4 22.9 940.1 21.5 1,073.3 21.2 20.1 14.2 Fertilizers 315.9 8.1 345.9 7.9 380.0 7.5 20.3 9.9 Fuel 883.8 22.6 821.4 18.8 833.1 16.4 -5.7 1.4 Petroleum Products 839.5 21.5 810.0 18.5 821.3 16.2 -2.2 1.4 Others 44.3 1.1 11.4 0.3 11.9 0.2 -73.2 3.8 Capital Goods 879.7 22.5 1,385.2 31.7 1,670.7 32.9 89.9 20.6 Transport 156.0 4.0 314.0 7.2 291.7 5.7 87.0 -7.1 Agricultural 24.6 0.6 13.4 0.3 14.7 0.3 -40.3 9.7 Industrial 699.0 17.9 1,057.8 24.2 1,364.3 26.9 95.2 29.0 Consumer Goods 1,201.3 30.7 1,172.7 26.8 1,433.7 28.3 19.3 22.3 Durables 328.6 8.4 334.7 7.6 374.4 7.4 13.9 11.9 Non-durables 872.7 22.3 838.0 19.1 1,059.3 20.9 21.4 26.4 Miscellaneous 25.5 0.7 28.9 0.7 36.3 0.7 42.3 25.3 Total Imports 3,907.2 100.0 4,376.3 100.0 5,074.3 100.0 29.9 15.9 Source: Ethiopian Customs Commission National Bank of Ethiopia Quarterly Bulletin 51 | Fourth Quarter 2023/24 marginally decreased to 0.5 percent from 0.6 percent a year earlier. Miscellaneous goods import increased by 42.3 percent, however its share in total imports remained at 0.7 percent. Fuel imports, however, depicted 5.7 percent decrease compared to the same quarter last year. As a result, the share of fuel in total merchandise imports declined to 16.4 percent from 22.6 percent a year ago. Accordingly, Franco Valuta import increased by 63.1 percent, reaching USD 1.9 billion, which accounted for 38.2 percent share of total import value (Tables 5.6 and 5.7). Table 5.6: Values of Major Import Items (In Millions of USD) Particular 2022/23 2023/24 Percentage Changes QIV Share (%) QIII Share (%) QIV Share (%) A B C C/A C/B Raw Materials 23.5 0.6 27.9 0.6 27.2 0.5 15.8 -2.6 Semi-finished Goods 893.4 22.9 940.1 21.5 1,073.3 21.2 20.1 14.2 Fertilizers 315.9 8.1 345.9 7.9 380.0 7.5 20.3 9.9 Fuel 883.8 22.6 821.4 18.8 833.1 16.4 -5.7 1.4 Petroleum Products 839.5 21.5 810.0 18.5 821.3 16.2 -2.2 1.4 Others 44.3 1.1 11.4 0.3 11.9 0.2 -73.2 3.8 Capital Goods 879.7 22.5 1,385.2 31.7 1,670.7 32.9 89.9 20.6 Transport 156.0 4.0 314.0 7.2 291.7 5.7 87.0 -7.1 Agricultural 24.6 0.6 13.4 0.3 14.7 0.3 -40.3 9.7 Industrial 699.0 17.9 1,057.8 24.2 1,364.3 26.9 95.2 29.0 Consumer Goods 1,201.3 30.7 1,172.7 26.8 1,433.7 28.3 19.3 22.3 Durables 328.6 8.4 334.7 7.6 374.4 7.4 13.9 11.9 Non-durables 872.7 22.3 838.0 19.1 1,059.3 20.9 21.4 26.4 Miscellaneous 25.5 0.7 28.9 0.7 36.3 0.7 42.3 25.3 Total Imports 3,907.2 100.0 4,376.3 100.0 5,074.3 100.0 29.9 15.9 Source: Ethiopian Customs Commission

National Bank of Ethiopia Quarterly Bulletin 60 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 52 | Fourth Quarter 2023/24 Table 5.7: Value of Franco Valuate Import (In Millions of USD Commodity Group 2022/23 2023/24 Percentage Change QIV QIII QIV A B C C/A C/B Beverages 0.4 0.2 0.4 22.5 182.0 Chemicals 14.0 15.0 15.2 8.5 1.4 Clothing 17.4 4.1 4.8 (72.2) 17.0 Food and live animals 306.6 232.2 252.6 (17.6) 8.8 Textiles 40.7 49.7 53.7 31.8 8.0 Tobacco 0.2 0.0 0.4 102.4 964.0 Soap & polish 7.2 5.4 5.2 (27.8) (3.8) Fertilizer 71.3 34.7 67.7 (5.1) 95.2 Paper & paper manufacturing 9.6 4.7 6.4 (33.3) 35.2 Metal & metal manufacturing 80.2 133.1 106.9 33.2 (19.7) Medical and pharmaceuticals products 0.2 19.6 2.2 Rubber products 10.8 13.2 13.6 26.3 3.3 Petroleum Crude 2.7 - - - - Petroleum product 21.4 14.9 10.3 (52.0) (30.9) Glass & glass ware 3.6 3.7 4.6 28.0 22.1 Electrical material 27.0 94.2 70.5 161.3 (25.2) Machine 136.2 500.4 675.9 396.4 35.1 Road & motor vehicles 9.1 17.6 20.6 127.3 16.9 Tele apparatus 27.9 5.8 3.0 (89.3) (48.7) Cement 0.00 (4.81) (1.17) Others 401.6 555.8 625.3 55.7 12.5 Total 1,187.9 1,684.9 1,937.2 63.1 15.0 Source: Ethiopian Customs Commission

National Bank of Ethiopia Quarterly Bulletin 61 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 53 | Fourth Quarter 2023/24 5.2.3. Direction of Trade 5.2.3.1. Export of Goods During the fourth quarter of 2023/24, the major destinations4 for Ethiopian exports were Europe, Asia, America and Africa. Europe accounted for 38.3 percent of Ethiopia's total export revenue, with Switzerland taking 27.7 percent share followed by Germany (18.5 percent), Netherlands (18 percent), Belgium (12.8 percent), Italy (6.4 percent), Turkey (3.0 percent), United Kingdom (2.9 percent), France (2.9 percent), Russia (2.2 percent) and Spain (1.1 percent). These countries in total had 95.5 percent share in Ethiopia's total export to Europe. Asia constituted 37.4 percent of Ethiopia's total export receipts, with Saudi Arabia being the main destination accounting for 24.4 percent share followed by United Arab Emirates (14.5 percent), South Korea (11.2 percent), Japan (9.6 percent), Pakistan (6.6 percent), China (5.8 percent), Israel (5.2 percent), India (4.7 percent), Taiwan (3.3 percent), Singapore (3.1 percent), Hong Kong (1.3 percent), Indonesia (1.2 4 The 6.2% unspecified amount is wheat and nutritional food sold for international humanitarian organizations operating in Ethiopia percent) and Yemen (1.2 percent). These Asian countries together had 92.2 percent share in Ethiopia's total export to Asia. America had 9.0 percent share in Ethiopia's total export earnings, of which 92.4 percent was from the United States followed by Canada (5.3 percent). These two countries constituted 97.7 percent of Ethiopia's total export earnings from America. About 8.4 percent of Ethiopia's export earnings originated from Africa, mainly Kenya (34.8 percent), Djibouti (34.1 percent), Sudan (10.6 percent), Somalia (5.2 percent), Morocco (5.1 percent), Egypt (3.5 percent) and South Africa (2.4 percent), which altogether accounted for 95.7 percent of the total exports to Africa.

National Bank of Ethiopia Quarterly Bulletin 62 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 54 | Fourth Quarter 2023/24 Source: NBE Staff Compilation 5.2.3.2. Import of Goods During the fourth quarter of the FY 2023/24, Asia accounted for 62.4 percent of Ethiopia's total imports with the major imports originating from China (41.2 percent), United Arab Emirates (16.8 percent), India (14.9 percent), Malaysia (4.8 percent), Indonesia (3.3 percent), Saudi Arabia (3.0 percent), Thailand (2.8 percent) and South Korea (1.3 percent), whose combined share was 88.1 percent. Africa's share in total merchandise imports to Ethiopia was 16.2 percent. The major countries of origin were Morocco (59.0 percent), Egypt (16.4 percent), Djibouti (16.1 percent), South Africa (2.8 percent), Kenya (2.2 percent) and Rwanda (2.0 percent) which altogether represented 98.5 percent of the total imports from the African continent. Imports from Europe constituted 15.9 percent of Ethiopia's total imports with major countries being Turkey (24.9 percent), United Kingdom (19.8 percent), Germany (17.5 percent), Russia (13.2 percent), Italy (5.2 percent), 8.4% 38.3% 9.0% 37.4% 0.7% 6.2% Fig.V.7: Export By Destination Africa Europe America Asia Oceania Unspecified National Bank of Ethiopia Quarterly Bulletin 54 | Fourth Quarter 2023/24 Source: NBE Staff Compilation 5.2.3.2. Import of Goods During the fourth quarter of the FY 2023/24, Asia accounted for 62.4 percent of Ethiopia's total imports with the major imports originating from China (41.2 percent), United Arab Emirates (16.8 percent), India (14.9 percent), Malaysia (4.8 percent), Indonesia (3.3 percent), Saudi Arabia (3.0 percent), Thailand (2.8 percent) and South Korea (1.3 percent), whose combined share was 88.1 percent. Africa's share in total merchandise imports to Ethiopia was 16.2 percent. The major countries of origin were Morocco (59.0 percent), Egypt (16.4 percent), Djibouti (16.1 percent), South Africa (2.8 percent), Kenya (2.2 percent) and Rwanda (2.0 percent) which altogether represented 98.5 percent of the total imports from the African continent. Imports from Europe constituted 15.9 percent of Ethiopia's total imports with major countries being Turkey (24.9 percent), United Kingdom (19.8 percent), Germany (17.5 percent), Russia (13.2 percent), Italy (5.2 percent), 8.4% 38.3% 9.0% 37.4% 0.7% 6.2% Fig.V.7: Export By Destination Africa Europe America Asia Oceania Unspecified

National Bank of Ethiopia Quarterly Bulletin 63 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 55 | Fourth Quarter 2023/24 Netherlands (4.6 percent), Belgium (2.7 percent), France (2.4 percent), Spain (1.9 percent), Ukraine (1.7 percent) and Romania (1.2 percent). These countries jointly accounted for 95.0 percent of Ethiopia's total import from Europe. Imports from America had 5.3 percent share in total imports, of which the share of United States was 77.2 percent followed by Brazil (18.4 percent), Canada (1.9 percent) and Mexico (1.2 percent). These countries jointly accounted for 98.7 percent of total imports from America. Source: NBE Staff Compilation 5.3. Services and Transfers 5.3.1. Net Services During fourth quarter of 2023/24, net services registered a surplus of USD 325.5 million which was 31.8 percent higher than USD 246.9 million surplus recorded a year earlier. The favourable performance of the services sector was a result of rise in net transport services (13.6 percent) and net travel services (36.7 percent) coupled with decline in net investment payment by 22.4 percent. 16.2% 15.9% 5.3% 62.4% 0.1% Fig.V.8: Import By Origin Africa Europe America Asia Oceania National Bank of Ethiopia Quarterly Bulletin 55 | Fourth Quarter 2023/24 Netherlands (4.6 percent), Belgium (2.7 percent), France (2.4 percent), Spain (1.9 percent), Ukraine (1.7 percent) and Romania (1.2 percent). These countries jointly accounted for 95.0 percent of Ethiopia's total import from Europe. Imports from America had 5.3 percent share in total imports, of which the share of United States was 77.2 percent followed by Brazil (18.4 percent), Canada (1.9 percent) and Mexico (1.2 percent). These countries jointly accounted for 98.7 percent of total imports from America. Source: NBE Staff Compilation 5.3. Services and Transfers 5.3.1. Net Services During fourth quarter of 2023/24, net services registered a surplus of USD 325.5 million which was 31.8 percent higher than USD 246.9 million surplus recorded a year earlier. The favourable performance of the services sector was a result of rise in net transport services (13.6 percent) and net travel services (36.7 percent) coupled with decline in net investment payment by 22.4 percent. 16.2% 15.9% 5.3% 62.4% 0.1% Fig.V.8: Import By Origin Africa Europe America Asia Oceania

National Bank of Ethiopia Quarterly Bulletin 64 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 56 | Fourth Quarter 2023/24 On the other hand, government services surplus declined by 6.3 percent, whereas the deficit in net other services widened by 30.6 percent (Table 5.8). Source: NBE Staff Compilation -400.0 -300.0 -200.0 -100.0 0.0 100.0 200.0 300.0 400.0 500.0 600.0 Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Q I Q II QIII Qtr IV QI Q II QIII Qtr IV 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Million USD) Fig.V.9: Trends in Net Service Net Service Net Travel Net Transportation Net Government (n.i.e) Net Investment Income

National Bank of Ethiopia Quarterly Bulletin 65 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 57 | Fourth Quarter 2023/24 Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2022/23 2023/24 Percentage QIV QIII QIV Change A B C D=C/A E=C/B 1 Investment Income (2+5) -128.3 -64.3 -99.6 -22.4 -65.3 2 Interest, net (3-4) -128.0 -63.5 -99.6 -22.1 -65.2 3 Credit 17.8 32.7 32.1 80.4 145.4 4 Debit 145.8 96.3 131.8 -9.6 -110.0 5 Dividend, net -0.4 -0.8 6 NON-FACTOR SERVICES, net (7-8) 375.2 355.8 425.2 13.3 -96.3 7 Exports of non-factor services 1,785.1 1,812.5 2,077.5 16.4 -99.1 8 Travel 290.6 311.3 378.6 30.3 -90.3 9 Transport 1 1,362.6 1,339.0 1,539.4 13.0 -99.0 10 Gov't 2 38.8 33.4 36.3 -6.4 -119.1 11 Other 3 93.1 128.8 123.1 32.2 -75.0 12 Imports of non-factor services 1,409.8 1,456.7 1,652.3 17.2 -98.8 13 Travel 145.1 185.3 179.8 23.9 -87.1 14 Transport 1 1,013.1 1,020.5 1,142.4 12.8 -98.7 15 Gov't 2 0.2 0.8 0.1 16 Other 3 251.5 250.1 330.0 31.2 -87.5 17 Net Services (18+19+20+21+22) 246.9 291.5 325.5 31.8 -89.1 18 Travel (8-13) 145.5 126.0 198.8 36.7 -70.9 19 Transport (9-14) 349.5 318.5 397.1 13.6 -95.7 20 Gov't (10-15) 38.6 32.6 36.2 -6.3 -119.2 21 Other (11-16) -158.4 -121.3 -206.9 30.6 -125.3 22 Investment Income (2+5) -128.3 -64.3 -99.6 -22.4 -65.3 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business

National Bank of Ethiopia Quarterly Bulletin 66 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 58 | Fourth Quarter 2023/24 5.3.2. Transfers During the review period, total transfer receipts increased by 25.6 percent and reached USD 2.4 billion due to 17.6 percent increase in private and 87.7 percent official transfers. In contrast, total transfer payments decreased to USD 14.4 million from USD 56.4 million last year the same period due to 62.3 percent decline in private and 77.9 percent in official transfer payments. Consequently, net transfers rose 28.7 percent and reached USD 2.4 billion from USD 1.8 billion a year earlier (Table 5.9). Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2022/23 2023/24 Percentage QIV Change Share (In %) QIII Share (In %) QIV Share A B C (In %) D=C/A E=C/B 1 Private transfers, net (2-5) 1,663.7 90.5 1,356.0 48.8 1,965.7 83.1 18.2 45.0 2 Credit (3+4) 1,676.3 88.5 1,362.3 85.6 1,970.4 82.8 17.6 44.6 3 NGO's 411.0 21.7 171.6 10.8 219.4 9.2 -46.6 27.9 4 Private individuals 1,265.3 66.8 1,190.7 74.8 1,751.0 73.6 38.4 47.1 5 Debit 12.5 22.2 6.3 36.9 4.7 32.7 -62.3 -25.6 6 Official transfers, net (7-8) 174.4 9.5 218.3 13.9 400.1 16.9 129.3 83.3 7 Credit 218.3 11.5 229.1 14.4 409.8 17.2 87.7 78.8 8 Debit 43.9 77.8 10.9 63.1 9.7 67.3 -77.9 -10.7 9 Total Receipts 1,894.6 100.0 1,591.4 100.0 2,380.2 100.0 25.6 49.6 10 Total Payments 56.4 100.0 17.2 100.0 14.4 100.0 -74.4 -16.2 11 Net Transfers 1,838.2 100.0 1,574.3 62.6 2,365.8 100.0 28.7 50.3 Source: NBE Staff Computation National Bank of Ethiopia Quarterly Bulletin 58 | Fourth Quarter 2023/24 5.3.2. Transfers During the review period, total transfer receipts increased by 25.6 percent and reached USD 2.4 billion due to 17.6 percent increase in private and 87.7 percent official transfers. In contrast, total transfer payments decreased to USD 14.4 million from USD 56.4 million last year the same period due to 62.3 percent decline in private and 77.9 percent in official transfer payments. Consequently, net transfers rose 28.7 percent and reached USD 2.4 billion from USD 1.8 billion a year earlier (Table 5.9). Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2022/23 2023/24 Percentage QIV Change Share (In %) QIII Share (In %) QIV Share A B C (In %) D=C/A E=C/B 1 Private transfers, net (2-5) 1,663.7 90.5 1,356.0 48.8 1,965.7 83.1 18.2 45.0 2 Credit (3+4) 1,676.3 88.5 1,362.3 85.6 1,970.4 82.8 17.6 44.6 3 NGO's 411.0 21.7 171.6 10.8 219.4 9.2 -46.6 27.9 4 Private individuals 1,265.3 66.8 1,190.7 74.8 1,751.0 73.6 38.4 47.1 5 Debit 12.5 22.2 6.3 36.9 4.7 32.7 -62.3 -25.6 6 Official transfers, net (7-8) 174.4 9.5 218.3 13.9 400.1 16.9 129.3 83.3 7 Credit 218.3 11.5 229.1 14.4 409.8 17.2 87.7 78.8 8 Debit 43.9 77.8 10.9 63.1 9.7 67.3 -77.9 -10.7 9 Total Receipts 1,894.6 100.0 1,591.4 100.0 2,380.2 100.0 25.6 49.6 10 Total Payments 56.4 100.0 17.2 100.0 14.4 100.0 -74.4 -16.2 11 Net Transfers 1,838.2 100.0 1,574.3 62.6 2,365.8 100.0 28.7 50.3 Source: NBE Staff Computation National Bank of Ethiopia Quarterly Bulletin 58 | Fourth Quarter 2023/24 5.3.2. Transfers During the review period, total transfer receipts increased by 25.6 percent and reached USD 2.4 billion due to 17.6 percent increase in private and 87.7 percent official transfers. In contrast, total transfer payments decreased to USD 14.4 million from USD 56.4 million last year the same period due to 62.3 percent decline in private and 77.9 percent in official transfer payments. Consequently, net transfers rose 28.7 percent and reached USD 2.4 billion from USD 1.8 billion a year earlier (Table 5.9). Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2022/23 2023/24 Percentage QIV Change Share (In %) QIII Share (In %) QIV Share A B C (In %) D=C/A E=C/B 1 Private transfers, net (2-5) 1,663.7 90.5 1,356.0 48.8 1,965.7 83.1 18.2 45.0 2 Credit (3+4) 1,676.3 88.5 1,362.3 85.6 1,970.4 82.8 17.6 44.6 3 NGO's 411.0 21.7 171.6 10.8 219.4 9.2 -46.6 27.9 4 Private individuals 1,265.3 66.8 1,190.7 74.8 1,751.0 73.6 38.4 47.1 5 Debit 12.5 22.2 6.3 36.9 4.7 32.7 -62.3 -25.6 6 Official transfers, net (7-8) 174.4 9.5 218.3 13.9 400.1 16.9 129.3 83.3 7 Credit 218.3 11.5 229.1 14.4 409.8 17.2 87.7 78.8 8 Debit 43.9 77.8 10.9 63.1 9.7 67.3 -77.9 -10.7 9 Total Receipts 1,894.6 100.0 1,591.4 100.0 2,380.2 100.0 25.6 49.6 10 Total Payments 56.4 100.0 17.2 100.0 14.4 100.0 -74.4 -16.2 11 Net Transfers 1,838.2 100.0 1,574.3 62.6 2,365.8 100.0 28.7 50.3 Source: NBE Staff Computation

National Bank of Ethiopia Quarterly Bulletin 67 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 59 | Fourth Quarter 2023/24 Source: NBE Staff Compilation 5.4. Current Account Balance During the fourth quarter of the 2023/24, the current account balance (including official transfers) widening to USD 1.1 billion from USD 826.3 million a year ago solely due to widened in net merchandise trade deficit (30.8 percent). On the other hand, net services trade, private and official transfers increased by 31.8 percent, 18.2 percent and 129.3 percent, respectively (Table 5.1). 5.5. Capital Account Capital account recorded a surplus of USD 1 billion, which was 19.9 percent higher than USD 835.3 million surplus recorded a year earlier. The rise in surplus was mainly attributed to an with increase in foreign direct investment (49.4 percent) and private sector long-term (24.4 percent) coupled with decline in net deficit of other public long￾term capital (23.8 percent). On the other hand, net official long-term capital surplus declined (12.6 percent), while short-term capital shifted from surplus (USD 23 million) last year the same period to deficit (USD 195.3 million). 0 500 1000 1500 2000 2500 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II QIII Qtr IV QI QII QIII Qtr IV 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Millions of USD) Fig.V.10: Trends in Private and Official Transfers, (Receipts) Private Transfers Official Transfers National Bank of Ethiopia Quarterly Bulletin 59 | Fourth Quarter 2023/24 Source: NBE Staff Compilation 5.4. Current Account Balance During the fourth quarter of the 2023/24, the current account balance (including official transfers) widening to USD 1.1 billion from USD 826.3 million a year ago solely due to widened in net merchandise trade deficit (30.8 percent). On the other hand, net services trade, private and official transfers increased by 31.8 percent, 18.2 percent and 129.3 percent, respectively (Table 5.1). 5.5. Capital Account Capital account recorded a surplus of USD 1 billion, which was 19.9 percent higher than USD 835.3 million surplus recorded a year earlier. The rise in surplus was mainly attributed to an with increase in foreign direct investment (49.4 percent) and private sector long-term (24.4 percent) coupled with decline in net deficit of other public long￾term capital (23.8 percent). On the other hand, net official long-term capital surplus declined (12.6 percent), while short-term capital shifted from surplus (USD 23 million) last year the same period to deficit (USD 195.3 million). 0 500 1000 1500 2000 2500 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II QIII Qtr IV QI QII QIII Qtr IV 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Millions of USD) Fig.V.10: Trends in Private and Official Transfers, (Receipts) Private Transfers Official Transfers National Bank of Ethiopia Quarterly Bulletin 59 | Fourth Quarter 2023/24 Source: NBE Staff Compilation 5.4. Current Account Balance During the fourth quarter of the 2023/24, the current account balance (including official transfers) widening to USD 1.1 billion from USD 826.3 million a year ago solely due to widened in net merchandise trade deficit (30.8 percent). On the other hand, net services trade, private and official transfers increased by 31.8 percent, 18.2 percent and 129.3 percent, respectively (Table 5.1). 5.5. Capital Account Capital account recorded a surplus of USD 1 billion, which was 19.9 percent higher than USD 835.3 million surplus recorded a year earlier. The rise in surplus was mainly attributed to an with increase in foreign direct investment (49.4 percent) and private sector long-term (24.4 percent) coupled with decline in net deficit of other public long￾term capital (23.8 percent). On the other hand, net official long-term capital surplus declined (12.6 percent), while short-term capital shifted from surplus (USD 23 million) last year the same period to deficit (USD 195.3 million). 0 500 1000 1500 2000 2500 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II QIII Qtr IV QI QII QIII Qtr IV 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Millions of USD) Fig.V.10: Trends in Private and Official Transfers, (Receipts) Private Transfers Official Transfers Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin 68 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 60 | Fourth Quarter 2023/24 5.6. Changes in Reserve Position The surplus in the overall balance of payments during the fourth quarter of 2023/24 reached a surplus of USD 59.4 million compared to USD 63.6 million surplus a year ago. Consequently, net foreign asset of the National Bank of Ethiopia showed a draw dawn of USD 167.7 million, while net foreign assets of commercial banks showed build-up of USD 227.1 million (Table 5.1). 5.7. Developments in the Foreign Exchange Market 5.7.1. Exchange Rate Movements In the interbank forex market, the weighted average official exchange rate of birr reached birr 56.9876/USD in the fourth quarter of the FY 2023/24, depicting 5.1 percent year-on-year depreciation. Likewise, the end period exchange rate of birr was 57.3265/USD, indicating 5.0 percent year-on-year depreciation against USD. Table 5.10: Developments of Inter-bank Market Forex Traded and Exchange Rates (USD/ETB) Period Official Market End Period Weighted Rate Average Weighted Rate Amount Traded in Millions of USD Total Among CBs 2022/23 54.5943 53.2830 12.7 0.00 Qtr. IV C 54.5943 54.2454 3.00 0.00 April 54.1696 54.0392 0.90 0.00 May 54.3041 54.2410 1.05 0.00 June 54.5943 54.4559 1.05 0.00 2023/24 Qtr. III B 56.6236 56.3211 3.25 0.00 January 56.1663 56.0949 1.15 0.00 February 56.4624 56.3217 1.05 0.00 March 56.6236 56.5468 1.05 0.00 Qtr. IV A 57.3265 56.9876 3.05 0.00 April 56.9193 56.7751 1.05 0.00 May 57.0504 56.9874 1.00 0.00 June 57.3265 57.2004 1.00 0.00 Percentage Changes A/B 1.24 1.18 -6.15 A/C 5.00 5.06 1.67 Source: National Bank of Ethiopia National Bank of Ethiopia Quarterly Bulletin 60 | Fourth Quarter 2023/24 5.6. Changes in Reserve Position The surplus in the overall balance of payments during the fourth quarter of 2023/24 reached a surplus of USD 59.4 million compared to USD 63.6 million surplus a year ago. Consequently, net foreign asset of the National Bank of Ethiopia showed a draw dawn of USD 167.7 million, while net foreign assets of commercial banks showed build-up of USD 227.1 million (Table 5.1). 5.7. Developments in the Foreign Exchange Market 5.7.1. Exchange Rate Movements In the interbank forex market, the weighted average official exchange rate of birr reached birr 56.9876/USD in the fourth quarter of the FY 2023/24, depicting 5.1 percent year-on-year depreciation. Likewise, the end period exchange rate of birr was 57.3265/USD, indicating 5.0 percent year-on-year depreciation against USD. Table 5.10: Developments of Inter-bank Market Forex Traded and Exchange Rates (USD/ETB) Period Official Market End Period Weighted Rate Average Weighted Rate Amount Traded in Millions of USD Total Among CBs 2022/23 54.5943 53.2830 12.7 0.00 Qtr. IV C 54.5943 54.2454 3.00 0.00 April 54.1696 54.0392 0.90 0.00 May 54.3041 54.2410 1.05 0.00 June 54.5943 54.4559 1.05 0.00 2023/24 Qtr. III B 56.6236 56.3211 3.25 0.00 January 56.1663 56.0949 1.15 0.00 February 56.4624 56.3217 1.05 0.00 March 56.6236 56.5468 1.05 0.00 Qtr. IV A 57.3265 56.9876 3.05 0.00 April 56.9193 56.7751 1.05 0.00 May 57.0504 56.9874 1.00 0.00 June 57.3265 57.2004 1.00 0.00 Percentage Changes A/B 1.24 1.18 -6.15 A/C 5.00 5.06 1.67 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 69 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 61 | Fourth Quarter 2023/24 In retail foreign exchange market, both the average buying rate and selling rate of forex bureaus depreciated by 4.5 percent compared to the same quarter last year and stood at Birr 57.0229/USD and 58.1389/USD, respectively. However, the average spread between the buying and selling rates remained at 2.0 percent (Table 5.11).

National Bank of Ethiopia Quarterly Bulletin 70 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 62 | Fourth Quarter 2023/24 Table 5.11: Amount of Foreign Exchange Purchased and Sold by Forex Bureau of Commercial Banks (In ‘000 of USD) No. Name of Forex Bureaux 2022/23 2023/24 Percentage change Quarter IV A Quarter III B Quarter IV C C/B C/A Purchases Sales Purchases Sales Purchases Sales Purchases Sales Purchases Sales 1 Commercial Bank of Ethiopia 39,194.1 38,491.6 54,871.5 42,032.7 48,113.2 47,841.1 (12.3) 13.8 22.8 24.3 2 Bank of Abyssinia 249.4 4,179.6 138.4 5,197.6 103.9 2,525.7 (24.9) (51.4) (58.3) (39.6) 3 Dashen Bank 3,309.3 3,510.7 5,177.0 5,269.8 3,403.4 1,676.3 (34.3) (68.2) 2.8 (52.3) 4 Awash International Bank 274.3 5,716.3 188.8 5,533.8 127.7 3,287.3 (32.4) (40.6) (53.4) (42.5) 5 Wegagen Bank 61.0 928.2 31.2 888.7 231.4 267.9 641.0 (69.9) 279.2 (71.1) 6 United Bank 206.7 554.0 612.6 1,106.1 273.4 328.0 (55.4) (70.3) 32.3 (40.8) 7 Development Bank 0.3 7.2 0.2 8.9 - 4.2 (53.2) (41.8) 8 Nib International Bank 214.2 860.2 66.9 222.9 35.2 222.7 (47.4) (0.1) (83.6) (74.1) 9 Lion International Bank 326.7 113.1 138.3 147.5 33.4 22.3 (75.8) (84.9) (89.8) (80.2) 10 Oromia International Bank 1,587.4 1,270.5 1,291.9 1,127.8 1,081.8 454.2 (16.3) (59.7) (31.9) (64.3) 11 Zemen Bank 32.6 913.6 33.8 568.3 107.7 444.1 218.5 (21.8) 230.7 (51.4) 12 Cooperative Bank of Oromia 93.4 327.8 77.5 545.5 128.7 165.9 66.1 (69.6) 37.7 (49.4) 13 Buna International Bank 23.6 72.1 156.1 2,980.7 165.0 149.8 5.7 (95.0) 598.2 107.7 14 Birhan International Bank 129.0 818.6 60.9 474.8 24.1 117.9 (60.5) (75.2) (81.3) (85.6) 15 Abay Bank 254.1 388.2 50.5 513.0 23.5 49.6 (53.3) (90.3) (90.7) (87.2) 16 Addis International Bank 232.0 290.4 45.0 478.6 99.0 185.0 120.1 (61.4) (57.3) (36.3) 17 Debub Global Bank 165.9 251.2 100.7 73.3 40.4 71.8 (59.9) (2.1) (75.6) (71.4) 18 Enat Bank 309.1 143.0 153.3 140.1 198.1 82.3 29.2 (41.2) (35.9) (42.4) 19 Zamzam Bank - 207.0 - 359.9 0.1 - 20 Gohe Betoch Bank - 26.5 - 9.7 0.2 5.5 (43.3) (79.2) 21 Hijera Bank 120.4 37.2 155.9 35.3 247.7 22.5 58.9 (36.3) 105.8 (39.5) 22 Amhara Bank 1.4 184.8 1.0 70.0 0.2 602.0 (77.3) 759.7 (83.9) 225.8 23 Tsehay Bank 35.1 88.3 126.5 55.9 115.4 21.1 (8.7) (62.4) 228.6 (76.2) 24 Siinqee Bank 24.2 2.1 14.2 229.6 25.2 88.0 77.7 (61.7) 4.4 4,156.7 25 Geda Bank 16.6 16.6 17.1 25.8 28.4 8.8 66.2 (65.9) 71.2 (46.9) 26 Ahadu Bank 0.1 10.0 3.5 117.4 7.0 29.3 102.1 (75.1) 6,930.8 192.8 27 Tseday Bank 0.1 - 1.5 11.3 3.4 - 127.5 6,327.2 28 Sidama Bank 0.1 14.3 0.7 52.2 507.4 265.0 Total 46,861.0 59,408.8 63,514.2 68,239.2 54,618.4 58,725.4 (14.0) (13.9) 16.6 (1.2) Average Exchange Rate 54.5581 55.6529 56.3293 57.4756 57.0229 58.1389 1.2 1.2 4.5 4.5 Spread 2.0 Source: National Bank of Ethiopia Note: * Refers the percentage spread between forex bureaus average buying and selling exchange rate in a given quarter.

National Bank of Ethiopia Quarterly Bulletin 71 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 63 | Fourth Quarter 2023/24 Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks Source: NBE Staff Compilation In the official forex market, US dollar strengthened against major currencies on quarterly and annual bases. In quarterly terms, the US dollar appreciated against Swiss Franc (11.1 percent), Pound Sterling (6.0 percent), Japanese Yen (4.0 percent), SDR (1.5 percent) and Euro (0.9 percent). Likewise, on annual basis, USD appreciated against Swiss Franc (21.2 percent), Pound Sterling (16.6 percent), Japanese Yen (11.0 percent), SDR (1.8 percent) and Euro (1.1 percent) 1.8 1.8 1.9 1.9 2.0 2.0 2.1 2.1 2.2 0 10 20 30 40 50 60 70 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (Spread, %) (Birr per USD) Buying Rate Selling Rate Spread

National Bank of Ethiopia Quarterly Bulletin 72 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 64 | Fourth Quarter 2023/24 Table 5.12: Average Official Exchange Rates (USD per Major International Currencies) Period EURO JAPANESE YEN SDR POUNDSTELING SWISS FRANK Buying Selling Mid￾Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate 2022/23 QIV C 1.0884 0.0067 1.3410 1.1494 1.1495 1.1494 1.1116 April 1.0952 0.0068 1.3487 1.1358 1.1106 May 1.0870 0.0067 1.3406 1.1482 1.1146 June 1.0829 0.0066 1.3337 1.1644 1.1095 2023/24 QIII B 1.0861 0.0062 1.3373 1.0195 1.0196 1.0195 0.9857 January 1.0919 0.0063 1.3350 1.1633 1.1665 February 1.0792 0.0062 1.3427 0.9415 0.9041 March 1.0872 0.0061 1.3341 0.9539 0.8864 QIV A 1.0767 0.0060 1.3170 0.9587 0.8763 April 1.0727 0.0061 1.3218 0.9473 0.8783 May 1.0804 0.0059 1.3222 0.9547 0.8710 June 1.0769 0.0059 1.3071 0.9743 0.9742 0.9743 0.8797 Percentage Changes A/B -0.9 -4.0 -1.5 -6.0 -11.1 A/C -1.1 -11.0 -1.8 -16.6 -21.2 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 73 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 65 | Fourth Quarter 2023/24 On the other hand, the Birr exchange rate fluctuated against major currencies on quarterly and annual bases. On annual basis, it depreciated by 6.0 percent against Pound Sterling, USD (5.1 percent), Swiss Franc (4.5 percent), Euro (3.9 percent), SDR (3.2 percent) while it appreciated against Japanese Yen (7.5 percent). Moreover, the Birr depreciated against USD (1.2 percent), Pound Sterling (0.7 percent) and Euro (0.3 percent) while it appreciated against Yen (3.7 percent), Swiss Franc (2.3 percent) and SDR (0.4 percent) on quarterly basis (Table 5.13).

National Bank of Ethiopia Quarterly Bulletin 74 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 66 | Fourth Quarter 2023/24 Table 5.13: Period Average Exchange Rates (Birr per Major Currencies) Period Currency USD EURO JAPANESE YEN SDR POUNDSTERLING SWISS FRANK Buying Selling Mid￾Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate 2022/23 QIV C 54.2454 54.7878 54.5216 59.0401 59.6304 59.3353 0.3959 0.3998 0.3979 72.7426 73.4700 73.1063 67.8616 68.5402 68.2009 60.2994 60.9024 60.6009 April 54.0392 54.5796 54.3244 59.1868 59.7785 59.4826 0.4052 0.4093 0.4073 72.8834 73.6122 73.2478 67.2216 67.8938 67.5577 60.0173 60.6175 60.3174 May 54.2410 54.7832 54.5121 58.9606 59.5502 59.2554 0.3958 0.3997 0.3978 72.7155 73.4426 73.0791 67.6962 68.3731 68.0347 60.4592 61.0638 60.7615 June 54.4559 55.0005 54.7282 58.9729 59.5626 59.2678 0.3866 0.3905 0.3885 72.6289 73.3552 72.9920 68.6669 69.3537 69.0103 60.4217 61.0260 60.7239 2023/24 QIII B 56.3211 56.8843 56.6027 61.1700 61.7814 61.4757 0.3800 0.3838 0.3819 75.3169 76.0701 75.6935 71.4204 72.1346 71.7775 64.4876 65.1330 64.8103 January 56.0949 56.6559 56.3754 61.2506 61.8622 61.5564 0.3851 0.3890 0.3870 74.8859 75.6347 75.2603 71.2506 71.9631 71.6069 65.4347 66.0904 65.7625 February 56.3217 56.8849 56.6033 60.7825 61.3903 61.0864 0.3771 0.3809 0.3790 75.6233 76.3795 76.0014 71.1287 71.8400 71.4843 64.3100 64.9531 64.6315 March 56.5468 57.1122 56.8295 61.4768 62.0916 61.7842 0.3778 0.3816 0.3797 75.4416 76.1960 75.8188 71.8819 72.6008 72.2414 63.7182 64.3554 64.0368 QIV A 56.9876 57.5575 57.2726 61.3577 61.9713 61.6645 0.3660 0.3697 0.3678 75.0525 75.8030 75.4278 71.9200 72.6391 72.2796 63.0248 63.6551 63.3400 April 56.7751 57.3429 57.0590 60.9020 61.5111 61.2066 0.3698 0.3735 0.3716 75.0452 75.7957 75.4205 71.0860 71.7968 71.4414 62.4326 63.0570 62.7448 May 56.9874 57.5572 57.2723 61.5707 62.1865 61.8786 0.3653 0.3690 0.3672 75.3459 76.0994 75.7227 71.9335 72.6528 72.2931 62.6518 63.2783 62.9650 June 57.2004 57.7724 57.4864 61.6004 62.2164 61.9084 0.3629 0.3665 0.3647 74.7664 75.5140 75.1402 72.7405 73.4677 73.1041 63.9901 64.6300 64.3100 Percentage Change A/B 1.2 0.3 -3.7 -0.4 0.7 -2.3 A/C 5.1 5.1 5.0 3.9 -7.5 3.2 6.0 4.5 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 75 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 67 | Fourth Quarter 2023/24 Table 5.14: Birr per Unit of Currency End Period Mid-Market Rate Currency June 30, 2023 March 31, 2024 June 28, 2024 Percentage Change A B C C/B C/A USD 54.8673 56.9067 57.6132 1.2 5.0 Pound 69.4565 71.9074 72.8288 1.3 4.9 Swedish Kroner 5.3055 5.3324 5.4349 1.9 2.4 Djibouti Frank 0.3104 0.3219 0.3259 1.3 5.0 Swiss Frank 61.3180 62.9708 64.1643 1.9 4.6 Saudi Riyal 14.6290 15.1727 15.3570 1.2 5.0 UAE Dirhams 14.9364 15.4945 15.6848 1.2 5.0 Canadian Dollar 41.3812 41.9357 42.0596 0.3 1.6 Japanese Yen 0.3804 0.3761 0.3589 -4.6 -5.7 Euro 60.0029 61.4877 61.6173 0.2 2.7 SDR 73.3192 75.4014 75.3292 -0.1 2.7 Source: NBE Staff Compilation 5.7.2. Movements in the Real Effective Exchange Rate During the fourth quarter of the 2023/24, the real effective exchange rate (REER) of the Birr appreciated by 23.1 percent year-on￾year owing attributed to the strengthening of the Birr against trading partners' currencies and relatively higher domestic inflation. Furthermore, NEERI appreciated by 23.4 percent on an annual basis due to the weakening of trading partners' currencies against the US dollar, Turkish Lira (54.5 percent), Egyptian Pound (54.1 percent) and Japanese Yen (13.5 percent)) (Table 5.15).

National Bank of Ethiopia Quarterly Bulletin 76 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 68 | Fourth Quarter 2023/24 Table 5.15: Trends in the Real and Nominal Effective Exchange Rates Item 2022/23 2023/24 Percentage Change QIV QIII QIV A B C C/B C/A REERI 305.5 372.3 376.1 1.0 23.1 NEERI 30.2 35.9 37.3 4.0 23.4 Source: NBE Staff Compilation NB:

• REERI = Real Effective Exchange Rate Index, NEERI = Nominal Effective Exchange Rate Index
• A decrease in the REERI and NEERI implies depreciation and vice versa.
• Sudan inflation for QIV 2023/24 is estimate Fig.V.12: Movements in the Real and Nominal Effective Exchange Rate Source: NBE Staff Compilation 5.7.3. Volume of Transactions During the fourth quarter of 2023/24, the volume of foreign exchange traded in the interbank market was 3.1 million, which was 1.7 percent higher compared to the same quarter of last year (Table 5:10 & Fig.V.13). 0 50 100 150 200 250 300 350 400 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 REERI NEERI

National Bank of Ethiopia Quarterly Bulletin 77 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 69 Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market Source: NBE Staff Compilation Meanwhile, forex bureau of commercial banks purchased USD 54.6 million and sold USD 58.7 million. Hence, the amount of forex purchased increased by 16.6 percent while the amount of forex sold decreased by 1.2 percent (Table 5.11). 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Mn USD) Total Amount Traded Amount Traded Among CBs

National Bank of Ethiopia Quarterly Bulletin 78 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 70 | Fourth Quarter 2023/24 VI. FEDERAL GOVERNMENT FINANCE Total revenue and grants of the Federal government reached Birr 138.2 during the fourth quarter of 2023/24, about 24.4 percent higher than a year ago. Its performance was 28.4 percent of the annual budget (Table 6.1). Likewise, total expenditure became Birr 208.6 billion and increased by 14.9 percent relative to a year earlier. The performance was 29.5 percent of the annual budget. The overall fiscal balance of Federal government was Birr 70.4 billion deficit (Table6.1). Table 6.1: Summary of Quarterly Federal Government Finance [In Millions of Birr] No Finer points 2022/23 2023/24 Percentage changes performance A B C D D/A D/C D/B rate QIV Budget QIII QIV 1 Revenue and Grants 111,135.1 485,836.2 98,247.4 138,213.5 24.4 40.7 28.4 1.1 Total Revenue 108,709.0 479,486.8 98,247.4 138,213.5 27.1 40.7 28.8 Tax Revenue 91,333.4 440,825.7 86,164.7 116,987.2 28.1 35.8 26.5 Direct tax 25,599.0 141,481.5 21,220.7 36,744.6 43.5 73.2 26.0 Indirect tax 65,734.4 299,344.2 64,944.0 80,242.5 22.1 23.6 26.8 Non-Tax Revenue 17,375.6 38,661.1 12,082.7 21,226.3 22.2 75.7 54.9 1.2 Grant & Relief 2,426.1 6,349.4 - - - - - 2 Current Expenditure 71,469.6 316,406.5 74,401.3 80,899.8 13.2 8.7 25.6 3 Current Surplus/Deficit - - - - - - - (Including Grants) 39,665.5 169,429.7 23,846.1 57,313.6 44.5 140.3 33.8 (Excluding Grants) 37,239.4 163,080.3 23,846.1 57,313.6 53.9 140.3 35.1 4 Capital Expenditure 45,311.0 171,833.7 44,467.7 76,465.1 68.8 72.0 44.5 5 Regional Transfers 64,914.1 219,041.0 54,504.5 51,326.9 (20.9) (5.8) 23.4 6 Total Expenditure (2+4+5) 181,694.6 707,281.2 173,373.5 208,691.8 14.9 20.4 29.5 7 Overall Surplus/Deficit - - - - - - - (Including Grants) (70,559.6) (221,445.0) (75,126.1) (70,478.3) (0.1) (6.2) 31.8 (Excluding Grants) (72,985.7) (227,794.4) (75,126.1) (70,478.3) (3.4) (6.2) 30.9 8 Total Financing 70,559.6 221,445.0 75,126.1 70,478.3 (0.1) (6.2) 31.8 8.1 Net External Borrowings 14,617.6 (17,248.4) 2,228.9 6,986.3 (52.2) 213.4 (40.5) External Borrowing 16,980.3 25,699.3 9,759.0 15,313.2 (9.8) 56.9 59.6 Amortization 3,438.2 50,384.0 7,530.1 8,326.9 142.2 10.6 16.5 8.2 Net Domestic Borrowings 94,470.2 238,693.4 72,948.2 75,429.8 (20.2) 3.4 31.6 Banking System 74,920.8 - 52,695.6 49,993.9 (33.3) (5.1) - Non-Bank Sources 19,549.4 - 20,252.6 25,435.9 30.1 25.6 - 8.3 Privatization receipts - - - - - - - 8.4 Others and Residuals (38,528.2) (0.0) (51.0) (11,937.8) (69.0) 23,330.1 - Source: Ministry of Finance National Bank of Ethiopia Quarterly Bulletin 70 | Fourth Quarter 2023/24 VI. FEDERAL GOVERNMENT FINANCE Total revenue and grants of the Federal government reached Birr 138.2 during the fourth quarter of 2023/24, about 24.4 percent higher than a year ago. Its performance was 28.4 percent of the annual budget (Table 6.1). Likewise, total expenditure became Birr 208.6 billion and increased by 14.9 percent relative to a year earlier. The performance was 29.5 percent of the annual budget. The overall fiscal balance of Federal government was Birr 70.4 billion deficit (Table6.1). Table 6.1: Summary of Quarterly Federal Government Finance [In Millions of Birr] No Finer points 2022/23 2023/24 Percentage changes performance A B C D D/A D/C D/B rate QIV Budget QIII QIV 1 Revenue and Grants 111,135.1 485,836.2 98,247.4 138,213.5 24.4 40.7 28.4 1.1 Total Revenue 108,709.0 479,486.8 98,247.4 138,213.5 27.1 40.7 28.8 Tax Revenue 91,333.4 440,825.7 86,164.7 116,987.2 28.1 35.8 26.5 Direct tax 25,599.0 141,481.5 21,220.7 36,744.6 43.5 73.2 26.0 Indirect tax 65,734.4 299,344.2 64,944.0 80,242.5 22.1 23.6 26.8 Non-Tax Revenue 17,375.6 38,661.1 12,082.7 21,226.3 22.2 75.7 54.9 1.2 Grant & Relief 2,426.1 6,349.4 - - - - - 2 Current Expenditure 71,469.6 316,406.5 74,401.3 80,899.8 13.2 8.7 25.6 3 Current Surplus/Deficit - - - - - - - (Including Grants) 39,665.5 169,429.7 23,846.1 57,313.6 44.5 140.3 33.8 (Excluding Grants) 37,239.4 163,080.3 23,846.1 57,313.6 53.9 140.3 35.1 4 Capital Expenditure 45,311.0 171,833.7 44,467.7 76,465.1 68.8 72.0 44.5 5 Regional Transfers 64,914.1 219,041.0 54,504.5 51,326.9 (20.9) (5.8) 23.4 6 Total Expenditure (2+4+5) 181,694.6 707,281.2 173,373.5 208,691.8 14.9 20.4 29.5 7 Overall Surplus/Deficit - - - - - - - (Including Grants) (70,559.6) (221,445.0) (75,126.1) (70,478.3) (0.1) (6.2) 31.8 (Excluding Grants) (72,985.7) (227,794.4) (75,126.1) (70,478.3) (3.4) (6.2) 30.9 8 Total Financing 70,559.6 221,445.0 75,126.1 70,478.3 (0.1) (6.2) 31.8 8.1 Net External Borrowings 14,617.6 (17,248.4) 2,228.9 6,986.3 (52.2) 213.4 (40.5) External Borrowing 16,980.3 25,699.3 9,759.0 15,313.2 (9.8) 56.9 59.6 Amortization 3,438.2 50,384.0 7,530.1 8,326.9 142.2 10.6 16.5 8.2 Net Domestic Borrowings 94,470.2 238,693.4 72,948.2 75,429.8 (20.2) 3.4 31.6 Banking System 74,920.8 - 52,695.6 49,993.9 (33.3) (5.1) - Non-Bank Sources 19,549.4 - 20,252.6 25,435.9 30.1 25.6 - 8.3 Privatization receipts - - - - - - - 8.4 Others and Residuals (38,528.2) (0.0) (51.0) (11,937.8) (69.0) 23,330.1 - Source: Ministry of Finance

National Bank of Ethiopia Quarterly Bulletin 79 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 71 | Fourth Quarter 2023/24 6.1. Revenue and Grants Total revenue reached Birr 138.2 billion during the review quarter. No grants were received during the review quarter. About Birr 116.9 billion (or 84.6 percent) of the domestic revenue was generated from taxes and the rest Birr 21.2 billion (or 15.4 percent) from non-taxes (Table 6.2).

Table 6.2: Summary of Federal Government Revenue by Component (In Millions of Birr) No Particulars 2022/23 2023/24 Percentage Change Performance Rate QIV Budget QIII QIV D/A D/C D/B A B C D Total Revenue and Grants 111,135.1 485,836.2 98,247.4 138,213.5 24.4 40.7 28.4 Total Domestic Revenue 108,709.0 479,486.8 98,247.4 138,213.5 27.1 40.7 28.8 1 Tax Revenue 91,333.4 440,825.7 86,164.7 116,987.2 28.1 35.8 26.5 1.1 Direct Tax Revenue 25,599.0 141,481.5 21,220.7 36,744.6 43.5 73.2 26.0 1.1.1 Income Taxes 22,380.2 118,955.7 17,669.1 32,362.6 44.6 83.2 27.2 Personal 7,564.3 29,853.4 10,117.7 8,824.0 16.7 (12.8) 29.6 Business 14,815.9 89,102.3 7,551.5 23,538.6 58.9 211.7 26.4 1.1.2 Others1 3,218.8 22,525.7 3,551.6 4,382.0 36.1 23.4 19.5 1.2 Indirect Taxes 65,734.4 299,344.2 64,944.0 80,242.5 22.1 23.6 26.8 1.2.1 Domestic Taxes 23,570.3 111,755.5 26,591.2 30,134.2 27.8 13.3 27.0 1.2.2 Foreign Trade Taxes 42,164.1 187,588.7 38,352.7 50,108.3 18.8 30.7 26.7 Import 42,164.1 187,588.7 38,352.7 50,108.3 18.8 30.7 26.7 2 Non-Tax Revenue 17,375.6 38,661.1 12,082.7 21,226.3 22.2 75.7 54.9 3 Privatization - - - - - - 4 Grants and Relief 2,426.1 6,349.4 - - - - - Source: Ministry of Finance 1/ includes Withholding tax on import, tax on dividend, royalty and interest income

National Bank of Ethiopia Quarterly Bulletin 71 | Fourth Quarter 2023/24 6.1. Revenue and Grants Total revenue reached Birr 138.2 billion during the review quarter. No grants were received during the review quarter. About Birr 116.9 billion (or 84.6 percent) of the domestic revenue was generated from taxes and the rest Birr 21.2 billion (or 15.4 percent) from non-taxes (Table 6.2).

Table 6.2: Summary of Federal Government Revenue by Component (In Millions of Birr) No Particulars 2022/23 2023/24 Percentage Change Performance Rate QIV Budget QIII QIV D/A D/C D/B A B C D Total Revenue and Grants 111,135.1 485,836.2 98,247.4 138,213.5 24.4 40.7 28.4 Total Domestic Revenue 108,709.0 479,486.8 98,247.4 138,213.5 27.1 40.7 28.8 1 Tax Revenue 91,333.4 440,825.7 86,164.7 116,987.2 28.1 35.8 26.5 1.1 Direct Tax Revenue 25,599.0 141,481.5 21,220.7 36,744.6 43.5 73.2 26.0 1.1.1 Income Taxes 22,380.2 118,955.7 17,669.1 32,362.6 44.6 83.2 27.2 Personal 7,564.3 29,853.4 10,117.7 8,824.0 16.7 (12.8) 29.6 Business 14,815.9 89,102.3 7,551.5 23,538.6 58.9 211.7 26.4 1.1.2 Others1 3,218.8 22,525.7 3,551.6 4,382.0 36.1 23.4 19.5 1.2 Indirect Taxes 65,734.4 299,344.2 64,944.0 80,242.5 22.1 23.6 26.8 1.2.1 Domestic Taxes 23,570.3 111,755.5 26,591.2 30,134.2 27.8 13.3 27.0 1.2.2 Foreign Trade Taxes 42,164.1 187,588.7 38,352.7 50,108.3 18.8 30.7 26.7 Import 42,164.1 187,588.7 38,352.7 50,108.3 18.8 30.7 26.7 2 Non-Tax Revenue 17,375.6 38,661.1 12,082.7 21,226.3 22.2 75.7 54.9 3 Privatization - - - - - - 4 Grants and Relief 2,426.1 6,349.4 - - - - - Source: Ministry of Finance 1/ includes Withholding tax on import, tax on dividend, royalty and interest income

National Bank of Ethiopia Quarterly Bulletin 80 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 72 | Fourth Quarter 2023/24 Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government Total tax revenues during the review quarter reached Birr 116.9 billion about 28.1 percent higher than last year same quarter due to growth in both direct and indirect taxes by 43.5 and 22.1 percent respectively. Likewise, it went up by 35.8 percent compared with the preceding quarter as a result of higher revenue from direct and indirect taxes. Direct tax revenue, which mostly comprises of business and personal income tax, was Birr 36.7 billion. It depicted 73.2 percent quarterly and 43.5 percent annual. Revenue from indirect taxes reached Birr 80.2 billion showing 22.1 percent annual and 23.6 percent quarterly increase. 0 20000 40000 60000 80000 100000 120000 140000 160000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019/20 2020/21 2021/22 2022/23 2023/24 (In Millions of Birr) Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue

National Bank of Ethiopia Quarterly Bulletin 81 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 73 | Fourth Quarter 2023/24 Fig.VI.2: Total Domestic Revenue by Major Components during the Fourth Quarter of 20223/24 6.2. Expenditure During the review period, total Federal government’s expenditure (including regional transfer) stood at Birr 208.6 billion, showing 14.9 percent annual and 20.4 percent quarterly increase. On quarterly basis, the increment was mainly due to higher current and capital expenditure (Table 6.3). Total expenditure performance was 29.5 percent of the annual plan (Table 6.3). Current expenditure was Birr 80.8 billion and which was 13.2 percent higher than a year ago. On the other hand, capital expenditure reached Birr 76.4 billion and showed a 68.8 percent annual and 72 percent quarterly growth. Direct Tax Revenue 26.5% Indirect Taxes 58.1% Non-Tax Revenue 15.4%

National Bank of Ethiopia Quarterly Bulletin 82 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 74 | Fourth Quarter 2023/24 Table 6.3: Summary of Federal Government Expenditure by components (In Millions of Birr) No Particulars 2022/23 2023/24 Percentage Change Performance QIV Budget QIII QIV Rate A B C D D/A D/C D/B Total Expenditure 181,694.6 707,281.2 173,373.5 208,691.8 14.9 20.4 29.5 1 Current Expenditure 71,469.6 316,406.5 74,401.3 80,899.8 13.2 8.7 25.6 General Services 34,222.4 80,613.3 25,620.9 33,185.3 (3.0) 29.5 41.2 Economic Services 2,008.1 6,896.8 1,902.2 2,124.5 5.8 11.7 30.8 Social Services 19,502.2 54,236.1 16,301.9 24,454.5 25.4 50.0 45.1 Others expenditure 647.2 69,190.2 6,294.1 5,798.9 795.9 (7.9) 8.4 Debt Service 15,089.6 105,470.0 24,282.2 15,336.6 1.6 (36.8) 14.5 2 Capital Expenditure 45,311.0 171,833.7 44,467.7 76,465.1 68.8 72.0 44.5 Economic Development 31,897.0 116,015.6 32,678.4 49,877.8 56.4 52.6 43.0 Social Development 10,209.1 24,403.5 9,734.1 22,162.3 117.1 127.7 90.8 General Development 3,204.8 31,414.6 2,055.2 4,425.0 38.1 115.3 14.1 3 Regional Transfers 64,914.1 219,041.0 54,504.5 51,326.9 (20.9) (5.8) 23.4 Source: Ministry of Finance Fig.VI.3: Major Components of Federal Governments Expenditure during the Fourth Quarter of 2023/24 Current Expenditure 38.8% Capital Expenditure 36.6% Regional Transrer 24.6% National Bank of Ethiopia Quarterly Bulletin 74 | Fourth Quarter 2023/24 Table 6.3: Summary of Federal Government Expenditure by components (In Millions of Birr) No Particulars 2022/23 2023/24 Percentage Change Performance QIV Budget QIII QIV Rate A B C D D/A D/C D/B Total Expenditure 181,694.6 707,281.2 173,373.5 208,691.8 14.9 20.4 29.5 1 Current Expenditure 71,469.6 316,406.5 74,401.3 80,899.8 13.2 8.7 25.6 General Services 34,222.4 80,613.3 25,620.9 33,185.3 (3.0) 29.5 41.2 Economic Services 2,008.1 6,896.8 1,902.2 2,124.5 5.8 11.7 30.8 Social Services 19,502.2 54,236.1 16,301.9 24,454.5 25.4 50.0 45.1 Others expenditure 647.2 69,190.2 6,294.1 5,798.9 795.9 (7.9) 8.4 Debt Service 15,089.6 105,470.0 24,282.2 15,336.6 1.6 (36.8) 14.5 2 Capital Expenditure 45,311.0 171,833.7 44,467.7 76,465.1 68.8 72.0 44.5 Economic Development 31,897.0 116,015.6 32,678.4 49,877.8 56.4 52.6 43.0 Social Development 10,209.1 24,403.5 9,734.1 22,162.3 117.1 127.7 90.8 General Development 3,204.8 31,414.6 2,055.2 4,425.0 38.1 115.3 14.1 3 Regional Transfers 64,914.1 219,041.0 54,504.5 51,326.9 (20.9) (5.8) 23.4 Source: Ministry of Finance Fig.VI.3: Major Components of Federal Governments Expenditure during the Fourth Quarter of 2023/24 Current Expenditure 38.8% Capital Expenditure 36.6% Regional Transrer 24.6%

National Bank of Ethiopia Quarterly Bulletin 83 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 75 | Fourth Quarter 2023/24 Fig.VI.4: Quarterly Development in Federal Government Expenditure by Components 6.3. Deficit Financing During the review period, the Federal government budget deficit (including grants) was Birr 70.4 billion compared to Birr 70.5 billion deficit a year ago. The deficit was financed by net external and net domestic borrowings (Table 6.1). 0 50000 100000 150000 200000 250000 2019/20 2020/21 2021/22 2022/23 2023/24 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers

National Bank of Ethiopia Quarterly Bulletin 84 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 76| Fourth Quarter 2023/24 Fig.VI.5: Federal Government Finance during fourth Quarter of F.Y 2023/24 0 50000 100000 150000 200000 250000 300000 350000 400000 450000 2019/20 2020/21 2021/22 2022/23 2023/24 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants

National Bank of Ethiopia Quarterly Bulletin 85 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 77| Fourth Quarter 2023/24 VII. DEVELOPMENTS IN INVESTMENT During the fourth quarter of 2023/24, 23 investment projects became operational. These projects raised a capital of Birr 364.5 million. Year on year basis, the number of investment projects depicted a 91.7 percent increase while the amount of investment capital decreased by 86.2 percent. In the review period, the entire investment projects (100% percent) were privately owned; out of which 82.6 percent were domestic while the remaining 17.4 percent were foreign. Domestic investment projects recorded an investment capital of Birr 337.5 million, accounting for 92.6 percent of the total private investment capital where as 27.1 million (7.4 percent) of the investment capital was from foreign investment. The number of foreign investment projects has drop by 55.6 percent compared to same period last year; while it depicted increment of 33.3 percent compared to the preceding quarter. On the other hand, the number of new domestic investment projects exhibited increment vis-à-vis same quarter of last year. There was no public investment projects commenced during the quarter under review. In terms of employment generation, the operational investment projects created employment opportunities for 454 employees of which 64.3 percent were permanent and the remaining 35.7 percent were temporary (Table 7.1).

National Bank of Ethiopia Quarterly Bulletin 86 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 78| Fourth Quarter 2023/24 Table 7.1: Performance of Operational Investment Projects (Capital (In millions of Birr) Type of Projects Items 2022/23 2023/24 Percentage QIV QIII QIV Changes A B C Share C/A C/B

1. Total Investment Number of projects 12 23 23 100 91.7 0.0 Capital 2,638.0 61,512.6 364.5 100 -86.2 -99.4 Permanent Employment 1527 319 292 100 -80.9 -8.5 Temporary Employment 2402 417 162 100 -93.3 -61.2
2. Private Investment Number of projects 12 23 23 100 91.7 0.0 Capital 2,638.0 61,512.6 364.5 100 -86.2 -99.4 Permanent Employment 1527 319 292 100 -80.9 -8.5 Temporary Employment 2402 417 162 100 -93.3 -61.2 2.1 Domestic Investment Number of projects 3 20 19 82.6 533.3 -5.0 Capital 2,538.3 61,031.7 337.5 92.6 -86.7 -99.4 Permanent Employment 229 113 157 53.8 -31.4 38.9 Temporary Employment 2010 189 139 85.8 -93.1 -26.5 2.2. Foreign Investment Number of projects 9 3 4 17.4 -55.6 33.3 Capital 99.6 480.9 27.1 7.4 -72.8 -94.4 Permanent Employment 1298 206 135 46.2 -89.6 -34.5 Temporary Employment 392 228 23 14.2 -94.1 -89.9
3. Public Investment Number of projects - - - - - - Capital - - - - - - Permanent Employment - - - - - - Temporary Employment - - - - - - Source: Ethiopian Investment Commission With respect to sectoral distribution of the number of new investment projects; manufacturing constituted 47.8 percent of the projects followed by real estate, renting & business activities and health & social work (21.7 percent each), construction and hotels & restaurant on their parts (4.3 percent each). In terms of permanent employment generation, about 43.8 percent was created by real estate, renting and business activities, 33.2 percent by manufacturing, 19.5 percent by hotels and restaurants and 3.4 percent by health and social work. Likewise, real estate, renting and business activities is the leading sector by accounting 43.2 percent of temporary employment followed by manufacturing (41.4 percent), hotels and restaurants (8 percent) and health and social work (7.4 percent) (Table 7.2).

National Bank of Ethiopia Quarterly Bulletin 87 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 79| Fourth Quarter 2023/24 Table 7.2: Investment Distribution by Sector during the Fourth Quarter of 2023/24 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry - - - - - - - - Construction 1 4.3 12.5 3.4 0 0.0.0 Education - - - - - - - - Electricity, gas, steam and water supply - - - - - - - - Health and social work 5 21.7 34.3 9.4 10 3.4 12 7.4 Hotels and restaurants 1 4.3 10.10 2.8 57 19.5 13 8.0 Manufacturing 11 47.8 185.7 50.9 97 33.2 67 41.4 Mining and quarrying - - - - - - - - Other community, social and personal service activities - - - - - - - - Real estate, renting and business activities 5 21.7 122.0 33.5 128 43.8 70 43.2 Tour operation, transport, and communication - - - - - - - - Wholesale, retail trade & repair service - - - - - - - - Others* - - - - - - - - Grand Total 23 100 364.5 100 292 100 162 100 Source: Ethiopian Investment Commission *Export of flowers, spices, cotton and cotton product, clay spots, wooden handicrafts, souvenirs and flower baskets, data center services. In terms of regional distribution, Addis Ababa account about 82.6 percent of the total projects with 92.6 percent of total investment capital while multiregional projects constitutes 17.4 percent of the total projects with 7.4 percent of total investment capital. In terms of job creation Addis Ababa accounted for 53.8 and 85.8 percent of the total permanent and temporary employments respectively, while multiregional projects on their part constitutes 46.2 and 14.2 percent of permanent and temporary employment respectively (Table 7.3).

National Bank of Ethiopia Quarterly Bulletin 88 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 80 | Fourth Quarter 2023/24 Table 7.3: Performance of Operational Investment Projects by Region Capital in million Birr Region 2022/23 2023/24 Growth Rate QIV QIII QIV C/A C/B A B C Share In (%) No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj pital Ca Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital. Perm emp Temp emp No of Proj Capital. Perm emp Temp emp Addis Ababa 3 2538.3 229 2010 20 61,032 113 189 19 337 157 139 82.6 92.6 53.8 85.8 533.3 -86.7 -31.4 -93.1 -5.0 -99.4 38.9 -26.5 Afar - - - - - - - - - - - - - - - - - - - - - - - - Amhara - - - - - - - - - - - - - - - - - - - - - - - - B.Gumuz - - - - - - - - - - - - - - - - - - - - - - - - Dire Dawa - - - - - - - - - - - - - - - - - - - - - - - - Oromia - - - - - - - - - - - - - - - - - - - - - - - - SNNPR - - - - - - - - - - - - - - - - - - - - - - - - Gamb - - - - - - - - - - - - - - - - - - - - - - - - Somali - - - - - - - - - - - - - - - - - - - - - - - - Harari - - - - - - - - - - - - - - - - - - - - - - - - Tigray - - - - - - - - - - - - - - - - - - - - - - - - Multi￾regional 9 99.6 1298 392 3 481 206 228 4 27 135 23 17.4 7.4 46.2 14.2 -55.6 -72.8 -89.6 -94.1 33.3 -94.4 -34.5 -89.9 Grand Total 12 2638.0 1527 2402 23 61,512.6 319 417 23 364.5 292 162 100 91.7 -86.2 -80.9 -93.3 - -99.4 -8.5 -61.2 Source: Ethiopian Investment Commission

National Bank of Ethiopia Quarterly Bulletin 89 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 81 | Fourth Quarter 2023/24 VIII. INTERNATIONAL ECONOMIC DEVELOPMENTS 8.1. Overview of the World Economy Economic activity has continued to expand by 0.2 in the fourth quarter of 2023/24. The composite output Purchasing Managers’ Index (PMI) stood at 51.6 in the fourth quarter, up from 49.2 in the third quarter, thus indicating positive growth. In the United States, economic activity is still robust. Real GDP increased by 0.7 percent in the fourth quarter, supported by strong domestic demand and inventories which more than offset the drag from a large increase in imports. In China, economic growth is moderating as underlying weaknesses persist. Real GDP growth decelerated markedly to 0.7 percent quarter on quarter from 1.5 percent in the third quarter of 2023/24. In the United Kingdom, real GDP growth increased strongly in the fourth quarter. Real GDP rose by 0.6 percent in the fourth quarter of 20/2324, only slightly below the 0.7 percent recorded in the third quarter. 8.2. Inflation Developments Inflation across OECD economies continues to moderate, yet services price pressures are persistent. In June the annual headline rate of consumer price index (CPI) inflation across OECD countries declined 0.3 percentage points compare to previous month. Likewise, excluding food and energy prices, OECD core inflation continued to slow, to 5.9 percent in June. In United State, annual headline CPI inflation decreased to 3.0 percent in June, while core inflation fell marginally to 3.3 percent. In the United Kingdom, headline CPI inflation declined to 2.0 percent in June. Energy prices are continuing to push inflation down, but as base effects unwind in the fourth quarter. 8.3. Commodity Price

National Bank of Ethiopia Quarterly Bulletin 90 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 82 | Fourth Quarter 2023/24 Oil prices have increased by 5 percent since the March Governing Council meeting against the backdrop of geopolitical uncertainty in the Middle East. At the same time, OPEC+ extended production cuts to cover the fourth quarter of 2023/24. European gas prices increased by 7 percent, as the EU enters the gas storage replenishment season at record high storage levels of 60 percent of capacity. Non-energy commodity prices have also increased since the March Governing Council meeting. International food commodity prices were mainly driven by an unprecedented rally in cocoa prices triggered by severe supply shortages in West Africa, while grains prices increased more moderately, partly on the back of geopolitical uncertainty about supply from Russia and Ukraine. Meanwhile, metal prices increased due to supply disruptions in the copper and aluminium markets. 8.4. Exchange Rate Developments In foreign exchange markets, the euro appreciated slightly in trade-weighted terms but was broadly stable against the US dollar. During the review period, the nominal effective exchange rate of the euro as measured against the currencies of 41 of the euro area’s most important trading partners appreciated by 0.5 percent. A depreciation against the US dollar (-0.8 percent) was more than compensated for by an appreciation against other major currencies. In terms of bilateral exchange rate movements against other major currencies, the euro appreciated against the Swedish krona (by 2 percent), the Swiss franc (by 2.6 percent), as the Swiss National Bank decided to cut rates, and the Japanese yen (by 4.1 percent), Danish Krone (by 0.1 percent). National Bank of Ethiopia Quarterly Bulletin 81 | Fourth Quarter 2023/24 VIII. INTERNATIONAL ECONOMIC DEVELOPMENTS 8.1. Overview of the World Economy Economic activity has continued to expand by 0.2 in the fourth quarter of 2023/24. The composite output Purchasing Managers’ Index (PMI) stood at 51.6 in the fourth quarter, up from 49.2 in the third quarter, thus indicating positive growth. In the United States, economic activity is still robust. Real GDP increased by 0.7 percent in the fourth quarter, supported by strong domestic demand and inventories which more than offset the drag from a large increase in imports. In China, economic growth is moderating as underlying weaknesses persist. Real GDP growth decelerated markedly to 0.7 percent quarter on quarter from 1.5 percent in the third quarter of 2023/24. In the United Kingdom, real GDP growth increased strongly in the fourth quarter. Real GDP rose by 0.6 percent in the fourth quarter of 20/2324, only slightly below the 0.7 percent recorded in the third quarter. 8.2. Inflation Developments Inflation across OECD economies continues to moderate, yet services price pressures are persistent. In June the annual headline rate of consumer price index (CPI) inflation across OECD countries declined 0.3 percentage points compare to previous month. Likewise, excluding food and energy prices, OECD core inflation continued to slow, to 5.9 percent in June. In United State, annual headline CPI inflation decreased to 3.0 percent in June, while core inflation fell marginally to 3.3 percent. In the United Kingdom, headline CPI inflation declined to 2.0 percent in June. Energy prices are continuing to push inflation down, but as base effects unwind in the fourth quarter. 8.3. Commodity Price

National Bank of Ethiopia Quarterly Bulletin 91 Fourth Quarter 2023/24 National Bank of Ethiopia Quarterly Bulletin 83 | Fourth Quarter 2023/24 8.5. Impact of Global Economic Development on Ethiopian Economy Global economic activity has continued to expand and inflation across OECD economies continues to moderate. Furthermore, oil prices and non-energy have increased during the fourth quarter of 2023/24. This increase in the price of non-energy goods may have contributed to the positive performance of the country’s export sector. Meanwhile, the increase in non-energy commodity prices could negatively impact Ethiopia by raising the forex payments for capital goods, consumer goods, semi￾finished goods and raw materials.

STATISTICAL ANNEXES

National Bank of Ethiopia Quarterly Bulletin 93 Fourth Quarter 2023/24 Table 1(a): Statement of Condition of National Bank of Ethipia: 2022/23 Qtr.I 64,408.6 32.7 726.0 55,744.7 7,905.1 416,991.5 197,491.5 219,500.0 0.0 44,822.7 0.0 163,805.3 July 65,152.1 1,039.7 748.2 55,325.5 8,038.7 397,427.1 197,927.1 199,500.0 0.0 44,822.7 0.0 164,150.2 August 65,676.2 32.7 744.3 57,046.3 7,852.9 396,991.5 197,491.5 199,500.0 0.0 44,822.7 0.0 163,597.1 September 64,408.6 32.7 726.0 55,744.7 7,905.1 416,991.5 197,491.5 219,500.0 0.0 44,822.7 0.0 163,805.3 Qtr.II 62,948.1 2.2 780.9 56,164.2 6,000.8 473,991.5 433,991.5 40,000.0 0.0 44,822.7 0.0 161,398.3 October 62,910.8 777.2 743.6 53,077.9 8,312.2 443,991.5 433,991.5 10,000.0 0.0 44,822.7 0.0 161,566.3 November 63,456.5 8.1 761.2 57,170.3 5,516.9 463,991.5 433,991.5 30,000.0 0.0 44,822.7 0.0 157,703.8 December 62,948.1 2.2 780.9 56,164.2 6,000.8 473,991.5 433,991.5 40,000.0 0.0 44,822.7 0.0 161,398.3 Qtr.III 48,984.7 43.7 789.9 44,826.2 3,325.0 513,991.5 433,991.5 80,000.0 0.0 44,822.7 0.0 173,214.8 January 65,641.5 25.3 787.3 58,213.2 6,615.8 493,991.5 433,991.5 60,000.0 0.0 44,822.7 0.0 163,231.0 February 63,155.7 38.8 777.6 56,328.4 6,010.8 503,991.5 433,991.5 70,000.0 0.0 44,822.7 0.0 168,808.3 March 48,984.7 43.7 789.9 44,826.2 3,325.0 513,991.5 433,991.5 80,000.0 0.0 44,822.7 0.0 173,214.8 Qtr.IV 56,154.3 129.2 795.0 51,803.0 3,427.2 563,991.5 433,991.5 130,000.0 0.0 44,822.7 0.0 162,596.3 April 49,221.1 572.9 797.7 43,841.0 4,009.6 533,991.5 433,991.5 100,000.0 0.0 44,822.7 0.0 165,718.0 May 57,379.3 166.5 785.6 53,130.9 3,296.4 543,991.5 433,991.5 110,000.0 0.0 44,822.7 0.0 169,602.8 June 56,154.3 129.2 795.0 51,803.0 3,427.2 563,991.5 433,991.5 130,000.0 0.0 44,822.7 0.0 162,596.3 2023/24 Qtr.I 27,100.6 730.6 791.7 22,146.4 3,431.9 580,120.4 433,120.4 147,000.0 0.0 44,822.7 0.0 166,980.1 July 37,921.9 143.6 804.9 32,776.2 4,197.1 573,120.4 433,120.4 140,000.0 0.0 44,822.7 0.0 161,970.1 August 30,839.0 144.1 796.1 26,499.1 3,399.7 580,120.4 433,120.4 147,000.0 0.0 44,822.7 0.0 161,723.9 September 27,100.6 730.6 791.7 22,146.4 3,431.9 580,120.4 433,120.4 147,000.0 0.0 44,822.7 0.0 166,980.1 Qtr.II 113,504.5 627.2 818.7 108,516.7 3,541.8 600,120.4 433,120.4 167,000.0 0.0 42,322.7 0.0 169,473.1 October 128,456.2 28.8 792.8 123,400.5 4,234.1 580,120.4 433,120.4 147,000.0 0.0 44,822.7 0.0 162,081.6 November 111,216.2 188.5 809.4 106,775.6 3,442.7 590,120.4 433,120.4 157,000.0 0.0 42,322.7 0.0 172,391.9 December 113,504.5 627.2 818.7 108,516.7 3,541.8 600,120.4 433,120.4 167,000.0 0.0 42,322.7 0.0 169,473.1 Qtr.III 85,624.2 696.9 817.6 80,548.8 3,560.9 630,120.4 433,120.4 197,000.0 0.0 41,322.7 0.0 174,991.4 January 102,573.3 272.0 813.5 97,192.0 4,295.8 610,120.4 433,120.4 177,000.0 0.0 42,322.7 0.0 169,627.2 February 90,430.1 694.6 817.4 85,381.8 3,536.3 620,120.4 433,120.4 187,000.0 0.0 41,322.7 0.0 168,253.1 March 85,624.2 696.9 817.6 80,548.8 3,560.9 630,120.4 433,120.4 197,000.0 0.0 41,322.7 0.0 174,991.4 QIV 82,159.3 220.1 816.8 77,486.4 3,636.0 675,120.4 433,120.4 242,000.0 0.0 41,322.7 0.0 178,612.1 April 85,713.8 923.5 817.2 79,723.2 4,249.9 650,120.4 433,120.4 217,000.0 0.0 41,322.7 0.0 180,921.5 May 73,183.5 2,136.2 822.7 66,668.5 3,556.1 650,120.4 433,120.4 217,000.0 0.0 41,322.7 0.0 182,115.0 June 82,159.3 220.1 816.8 77,486.4 3,636.0 675,120.4 433,120.4 242,000.0 0.0 41,322.7 0.0 178,612.1 Silver Coins Other Assets Total Gold Reserve Tranche Foreign Exchange Others Total Bond Direct Advance Assets (In Millions of Birr) End of Period Foreign Assets Claims on Government Advance to DBE Others

National Bank of Ethiopia Quarterly Bulletin 94 Fourth Quarter 2023/24 Liabilities (In Millions of Birr) 2022/23 Qtr.I 690,028.13 207,614.79 215,401.88 48,571.29 166,830.59 219,918.06 12,569.76 207,348.30 4,389.91 42,703.50 July 671,552.14 206,426.87 203,094.01 39,751.92 163,342.10 216,349.04 12,843.22 203,505.82 4,389.91 41,292.31 August 671,087.54 200,685.59 206,636.08 29,922.58 176,713.50 219,176.85 12,794.66 206,382.19 4,389.91 40,199.11 September 690,028.13 207,614.79 215,401.88 48,571.29 166,830.59 219,918.06 12,569.76 207,348.30 4,389.91 42,703.50 Qtr.II 743,160.62 235,833.63 225,334.80 40,798.80 184,536.00 235,296.22 13,246.02 222,050.20 4,830.82 41,865.15 October 713,291.36 209,958.64 236,108.79 59,156.84 176,951.95 219,777.94 12,785.73 206,992.21 4,389.91 43,056.08 November 729,974.49 221,907.10 234,505.06 43,583.44 190,921.62 223,458.22 13,002.98 210,455.24 4,830.82 45,273.29 December 743,160.62 235,833.63 225,334.80 40,798.80 184,536.00 235,296.22 13,246.02 222,050.20 4,830.82 41,865.15 Qtr.III 781,013.84 258,331.60 234,682.34 44,121.49 190,560.85 234,984.60 13,356.48 221,628.12 4,830.82 48,184.47 January 767,686.77 247,929.23 231,275.46 45,869.39 185,406.07 239,029.99 13,324.58 225,705.41 4,830.82 44,621.27 February 780,778.33 253,774.35 230,632.32 62,006.82 168,625.50 244,281.94 13,205.92 231,076.02 4,830.82 47,258.91 March 781,013.84 258,331.60 234,682.34 44,121.49 190,560.85 234,984.60 13,356.48 221,628.12 4,830.82 48,184.47 QIV 827,564.90 254,316.05 266,847.22 42,691.56 224,155.66 247,577.45 13,419.79 234,157.66 4,830.82 53,993.35 April 793,753.42 269,451.04 230,650.83 50,711.81 179,939.03 239,472.44 13,452.70 226,019.74 4,830.82 49,348.29 May 815,796.33 259,711.46 250,742.68 52,806.30 197,936.38 245,944.85 13,304.26 232,640.59 4,830.82 54,566.52 June 827,564.90 254,316.05 266,847.22 42,691.56 224,155.66 247,577.45 13,419.79 234,157.66 4,830.82 53,993.35 2023/24 Qtr.I 819,023.79 245,315.14 257,074.12 59,099.09 197,975.03 253,530.32 13,378.99 240,151.33 4,830.82 58,273.39 July 817,835.15 250,442.05 264,324.54 53,124.06 211,200.48 242,398.22 13,542.40 228,855.82 4,830.82 55,839.52 August 817,506.04 241,058.04 265,771.05 51,034.83 214,736.22 249,093.67 13,433.34 235,660.33 4,830.82 56,752.47 September 819,023.79 245,315.14 257,074.12 59,099.09 197,975.03 253,530.32 13,378.99 240,151.33 4,830.82 58,273.39 Qtr.II 925,420.74 254,152.67 236,960.68 42,609.04 194,351.63 371,129.65 13,712.14 357,417.51 4,830.82 58,346.92 October 915,480.94 239,233.38 239,184.22 64,898.44 174,285.78 372,777.64 13,392.58 359,385.07 4,830.82 59,454.87 November 916,051.18 243,788.50 236,438.74 47,781.81 188,656.93 371,182.82 13,597.26 357,585.56 4,830.82 59,810.31 December 925,420.74 254,152.67 236,960.68 42,609.04 194,351.63 371,129.65 13,712.14 357,417.51 4,830.82 58,346.92 Qtr.III 932,058.77 269,026.5 236,683.48 43,991.2 192,692.30 361,012.7 13,698.07 347,314.6 4,830.82 60,505.3 January 924,643.62 267,007.4 234,236.09 50,315.6 183,920.50 362,947.2 13,648.37 349,298.8 4,830.82 55,622.1 February 920,126.35 268,747.9 228,329.07 46,372.8 181,956.30 361,331.8 13,695.91 347,635.8 4,830.82 56,886.8 March 932,058.77 269,026.5 236,683.48 43,991.2 192,692.30 361,012.7 13,698.07 347,314.6 4,830.82 60,505.3 QIV 977,214.6 257,296.27 258,794.3 42,867.36 215,926.9 371,068.79 13,688.4 357,380.38 3,494.8 86,560.47 April 958,078.5 272,033.77 258,060.9 64,136.28 193,924.6 362,611.41 13,693.3 348,918.06 4,830.8 60,541.54 May 946,741.7 263,500.85 257,164.0 58,105.71 199,058.3 356,079.14 13,761.8 342,317.38 4,830.8 65,166.88 June 977,214.6 257,296.27 258,794.3 42,867.36 215,926.9 371,068.79 13,688.4 357,380.38 3,494.8 86,560.47 Capital Account Other Liab. Total Gov't Banker Total Fund Credit Others Table 1(b): Statement of Condition of National Bank of Ethipia: End of Period Total Liab.= Assets Currency (Notes

• Coins) Deposits Foreign Liabilities

National Bank of Ethiopia Quarterly Bulletin 95 Fourth Quarter 2023/24 Assets Loans & Adv. Invest￾ment Commercial Banks (2+3) 1 2 3 4 5 (7+8+9) 6 7 8 9 10 2022/23 Qtr.I 208830.0 39088.3 169741.7 75823.9 193191.5 1554554.0 998971.4 519483.2 36099.5 477130.1 July 203201.4 36173.2 167028.2 62201.0 189596.8 1502214.3 958443.3 513542.5 30228.5 452786.1 August 210301.0 34669.7 175631.3 65216.2 192382.0 1519582.1 974906.6 513402.7 31272.8 529796.8 September 208830.0 39088.3 169741.7 75823.9 193191.5 1554554.0 998971.4 519483.2 36099.5 477130.1 Qtr.II 221911.4 35883.6 186027.9 73187.5 189712.8 1677302.6 1108587.3 533292.6 35422.7 481804.4 October 211300.8 39544.0 171756.7 71093.3 184217.9 1598573.3 1038837.3 524946.2 34789.8 483649.7 November 229064.6 38113.0 190951.6 70417.0 175226.4 1627096.4 1070428.8 525999.3 30668.3 479570.3 December 221911.4 35883.6 186027.9 73187.5 189712.8 1677302.6 1108587.3 533292.6 35422.7 481804.4 Qtr.III 237841.3 43043.0 194798.3 63462.1 183196.8 1748913.9 1167755.7 545454.3 35704.0 509569.6 January 228297.5 42098.3 186199.1 71608.4 192953.2 1685183.5 1119382.0 532337.2 33464.3 507779.3 February 216253.0 42855.1 173397.9 60412.1 192573.7 1717093.1 1136959.5 545863.2 34270.4 510295.7 March 237841.3 43043.0 194798.3 63462.1 183196.8 1748913.9 1167755.7 545454.3 35704.0 509569.6 Qtr.IV 266011.2 44173.5 221837.7 74213.2 204362.1 1827480.8 1195992.2 593345.6 38143.0 494029.5 April 226142.2 43996.6 182145.6 73563.6 184917.6 1749261.7 1172304.3 544242.5 32714.9 511983.7 May 236964.5 44361.3 192603.2 71212.6 187729.0 1750804.6 1178641.3 538618.6 33544.7 531036.9 June 266011.2 44173.5 221837.7 74213.2 204362.1 1827480.8 1195992.2 593345.6 38143.0 494029.5 2023/24 Qtr.I 246478.7 46585.6 199893.0 55343.2 228852.7 1887071.5 1268551.0 574926.6 43593.8 560394.1 July 257216.0 46450.7 210765.4 69241.4 216308.4 1859345.0 1236222.7 578584.9 44537.4 518550.1 August 257925.9 42671.2 215254.8 59143.1 222578.1 1875537.4 1253955.0 578647.0 42935.4 557458.7 September 246478.7 46585.6 199893.0 55343.2 228852.7 1887071.5 1268551.0 574926.6 43593.8 560394.1 Qtr.II 237396.3 43414.6 193981.7 61645.0 219930.2 1973681.4 1332795.5 591232.2 49653.6 613509.2 October 219565.2 45358.0 174207.2 57977.2 220328.9 1901734.0 1282531.6 573646.8 45555.5 561826.9 November 240515.0 44920.6 195594.4 66307.2 214625.3 1915067.0 1296432.5 573163.6 45471.0 601363.4 December 237396.3 43414.6 193981.7 61645.0 219930.2 1973681.4 1332795.5 591232.2 49653.6 613509.2 Qtr.III 243388.2 51435.5 191952.6 70404.6 235027.7 2033122.9 1388345.9 591320.7 53456.4 645839.5 January 235881.8 48536.8 187344.9 57976.2 225330.4 1989429.4 1348135.8 591605.2 49688.4 631286.6 February 235268.8 49364.1 185904.7 57438.3 228946.9 2010705.5 1366904.7 591558.2 52242.5 640226.9 March 243388.2 51435.5 191952.6 70404.6 235027.7 2033122.9 1388345.9 591320.7 53456.4 645839.5 QIV 264143.5 52928.1 211215.4 89510.2 277467.0 2058867.3 1420711.9 590176.4 47978.9 664570.7 April 243860.9 53073.7 190787.2 69728.2 253002.0 2038971.3 1402015.5 590925.0 46030.8 646586.6 May 251334.1 54835.7 196498.4 75711.8 261017.7 2036256.4 1401155.4 590587.7 44513.3 658378.0 June 264143.5 52928.1 211215.4 89510.2 277467.0 2058867.3 1420711.9 590176.4 47978.9 664570.7 Table 2(a): Statement of Condition of Commercial Banks: (In Millions of Birr)

Cash in Hand Deposits with NBE Claims on Non-Central Gov't Other Assets Reserves Total End of Period Foreign Assets Claims On Gov't Total

National Bank of Ethiopia Quarterly Bulletin 96 Fourth Quarter 2023/24 Liabilities Total Demand Time Saving Total Capital Legal Reserve Others 1 (3+4+5) 2 3 4 5 6 7 (9+10+11) 8 9 10 11 12 2022/23 Qtr.I 2509609.6 1629988.4 427123.7 118190.3 1084674.4 110362.7 41086.3 244300.4 132259.8 34557.8 77,482.8 483871.9 July 2408949.9 1555553.0 413489.9 113173.1 1028889.9 98870.2 39931.9 236042.0 129825.4 34450.7 71,765.9 478552.8 August 2516843.7 1586649.1 413649.6 116003.3 1056996.3 110024.2 41790.9 240688.4 130564.0 34454.9 75,669.5 537691.1 September 2509609.6 1629988.4 427123.7 118190.3 1084674.4 110362.7 41086.3 244300.4 132259.8 34557.8 77,482.8 483871.9 Qtr.II 2644193.3 1745608.0 444210.1 125746.8 1175651.2 148937.7 40862.8 242852.9 139347.5 39262.0 64,243.4 465931.9 October 2549024.2 1659692.7 434118.5 119822.0 1105752.3 127673.6 40655.1 246159.0 131909.1 35473.3 78,776.6 474843.7 November 2581703.6 1683543.3 428546.6 120046.9 1134949.8 151582.6 40740.9 241313.6 134393.0 38788.9 68,131.7 464523.3 December 2644193.3 1745608.0 444210.1 125746.8 1175651.2 148937.7 40862.8 242852.9 139347.5 39262.0 64,243.4 465931.9 Qtr.III 2742922.1 1839212.3 468943.3 139043.6 1231225.4 138227.6 39043.8 262260.7 148684.9 39262.0 74,313.8 464177.7 January 2685814.7 1766334.0 443363.0 131695.1 1191275.9 147875.9 41389.3 250792.8 142250.6 39262.0 69,280.3 479422.7 February 2696811.6 1777099.0 441651.8 135482.9 1199964.4 145460.5 39232.9 256529.8 143870.8 39262.0 73,397.0 478489.4 March 2742922.1 1839212.3 468943.3 139043.6 1231225.4 138227.6 39043.8 262260.7 148684.9 39262.0 74,313.8 464177.7 Qtr.IV 2866975.1 1925617.9 494090.5 149218.6 1282308.8 151589.1 42887.7 261497.6 153210.8 43427.3 64,859.6 485382.7 April 2745368.4 1830998.5 455639.7 140289.2 1235069.7 144920.9 47626.5 267112.0 149466.5 39262.0 78,383.6 454710.4 May 2777677.2 1861478.2 469962.1 144921.0 1246595.1 134889.0 39717.0 251892.7 151752.1 43427.3 56,713.3 489700.3 June 2866975.1 1925617.9 494090.5 149218.6 1282308.8 151589.1 42887.7 261497.6 153210.8 43427.3 64,859.6 485382.7 2023/24 Qtr.I 2973999.9 2008851.5 495622.8 146964.4 1366264.3 141708.9 42343.5 270263.2 166890.7 45439.1 57933.4 510832.8 July 2917508.8 1958115.3 487447.2 144297.2 1326370.9 147938.6 41996.3 280778.3 164018.9 45905.5 70853.8 488680.3 August 2969860.6 1983993.2 487276.9 146927.2 1349789.0 151344.2 42083.1 286867.0 166199.6 45931.1 74736.3 505573.0 September 2973999.9 2008851.5 495622.8 146964.4 1366264.3 141708.9 42343.5 270263.2 166890.7 45439.1 57933.4 510832.8 Qtr.II 3101064.3 2097966.9 535267.9 165661.7 1397037.3 149431.2 42329.5 271127.7 179242.5 56049.7 35835.5 540208.9 October 2957145.7 2019447.1 492067.6 149601.9 1377777.6 139003.1 42068.4 268344.6 168117.9 46096.3 54130.4 488282.6 November 3033222.6 2035534.2 501460.3 155071.2 1379002.7 155695.7 44742.9 267740.0 173336.1 54883.0 39520.8 529509.9 December 3101064.3 2097966.9 535267.9 165661.7 1397037.3 149431.2 42329.5 271127.7 179242.5 56049.7 35835.5 540208.9 Qtr.III 3223433.8 2188479.5 571836.1 175345.3 1441298.1 153791.6 40190.7 297908.9 186952.1 56049.7 54907.0 543063.1 January 3134492.5 2111715.3 534389.2 169101.4 1408224.7 149756.8 41351.7 279810.0 182850.8 56049.7 40909.4 551858.8 February 3168530.5 2142991.9 551456.0 174561.7 1416974.2 146829.2 41321.6 289834.2 185864.3 56049.7 47920.2 547553.6 March 3223433.8 2188479.5 571836.1 175345.3 1441298.1 153791.6 40190.7 297908.9 186952.1 56049.7 54907.0 543063.1 QIV 3352026.1 2272346.3 617055.5 193386.7 1461904.1 164179.0 45900.8 329465.6 189993.4 56049.7 83422.5 540134.4 April 3247609.2 2199443.1 573587.0 187302.0 1438554.0 153100.2 40083.7 304891.0 187959.7 56049.7 60881.6 550091.1 May 3280388.0 2214591.7 582299.8 188807.2 1443484.7 166287.3 40998.6 314211.2 188834.9 56049.7 69326.5 544299.3 June 3352026.1 2272346.3 617055.5 193386.7 1461904.1 164179.0 45900.8 329465.6 189993.4 56049.7 83422.5 540134.4 Table 2(b): Statement of Condition of Commercial Banks: (In Millions of Birr) End of Period Total (Liab.= Assets) Non-Central Gov't Deposits Gov't Depos. Foreign Liab. Capital Account Other Liab.

National Bank of Ethiopia Quarterly Bulletin 97 Fourth Quarter 2023/24 Assets 2022/23 Qtr.I 12,296.0 3,617.4 54,028.6 47,331.8 4,120.6 273.8 42,937.4 19,466.8 136,740.6 July 9,721.3 3,121.4 53,772.0 44,119.0 5,595.6 270.0 38,253.4 23,594.8 134,328.4 August 10,832.1 5,194.5 53,900.3 46,753.6 5,627.5 276.2 40,849.8 21,124.0 137,804.6 September 12,296.0 3,617.4 54,028.6 47,331.8 4,120.6 273.8 42,937.4 19,466.8 136,740.6 Qtr.II 21,431.4 4,984.4 53,647.8 51,920.3 8,389.3 292.0 43,238.9 17,458.0 149,441.9 October 12,303.7 3,594.1 54,152.8 51,714.1 8,079.1 286.9 43,348.1 15,709.5 137,474.2 November 18,452.3 5,150.4 54,281.1 52,132.1 7,994.1 290.3 43,847.6 15,018.0 145,033.9 December 21,431.4 4,984.4 53,647.8 51,920.3 8,389.3 292.0 43,238.9 17,458.0 149,441.9 Qtr.III 29,037.2 4,048.4 54,022.6 48,051.8 4,144.8 276.6 43,630.4 24,473.1 159,633.1 January 23,694.4 4,579.5 53,776.1 53,727.3 4,139.1 340.9 49,247.4 17,466.0 153,243.3 February 27,203.1 3,964.6 53,906.7 48,522.4 4,126.7 276.8 44,118.9 20,717.1 154,313.9 March 29,037.2 4,048.4 54,022.6 48,051.8 4,144.8 276.6 43,630.4 24,473.1 159,633.1 Qtr.IV 29,215.4 3,311.4 54,420.0 56,235.6 0.0 211.5 56,024.2 21,745.8 164,928.3 April 29,481.1 5,139.1 54,146.8 53,650.7 4,164.2 276.6 49,209.9 18,395.4 160,813.1 May 29,268.9 4,408.8 54,271.0 51,293.9 0.0 271.2 51,022.7 21,579.5 160,822.0 June 29,215.4 3,311.4 54,420.0 56,235.6 0.0 211.5 56,024.2 21,745.8 164,928.3 2023/24 Qtr.I 32,673.4 2,871.3 53,987.3 62,302.1 0.0 164.2 62,137.9 17,215.9 169,050.0 July 30,717.6 3,149.5 53,589.5 61,930.4 0.0 247.4 61,683.0 18,604.1 167,991.2 August 32,607.8 2,917.8 53,589.5 58,742.2 0.0 163.9 58,578.2 19,542.1 167,399.4 September 32,673.4 2,871.3 53,987.3 62,302.1 0.0 164.2 62,137.9 17,215.9 169,050.0 Qtr.II 32,864.2 2,453.2 53,458.5 74,363.2 0.0 160.3 74,203.0 10,902.9 174,042.0 October 30,218.7 3,526.5 54,163.5 70,991.2 0.0 164.9 70,826.3 11,063.2 169,963.1 November 26,175.1 3,442.2 54,339.8 71,585.5 0.0 515.4 71,070.1 11,192.1 166,734.8 December 32,864.2 2,453.2 53,458.5 74,363.2 0.0 160.3 74,203.0 10,902.9 174,042.0 Qtr.III 33,430.8 3,031.8 53,985.4 82,653.4 0.0 153.9 82,499.4 11,767.5 184,868.8 January 36,347.0 1,977.8 53,634.7 75,197.8 0.0 159.9 75,037.8 11,162.3 178,319.6 February 36,026.1 3,929.7 53,809.1 75,084.0 0.0 159.3 74,924.7 11,342.4 180,191.4 March 33,430.8 3,031.8 53,985.4 82,653.4 0.0 153.9 82,499.4 11,767.5 184,868.8 Qtr.IV 29,709.6 4,649.4 53,466.6 86,558.7 0.0 165.9 86,392.8 13,367.5 187,751.7 April 29,394.5 3,701.9 54,161.6 83,548.5 0.0 154.1 83,394.3 12,206.7 183,013.2 May 29,440.0 2,385.7 54,337.9 85,254.2 0.0 162.1 85,092.1 15,650.6 187,068.3 June 29,709.6 4,649.4 53,466.6 86,558.7 0.0 165.9 86,392.8 13,367.5 187,751.7 Public Enterprise Cooper￾atives Private & Individuals Table 3(a): Consolidated Statement of Condition of Development Bank of Ethiopia: (In Millions of Birr) End of Period Cash & Banks Foreign Assets Claims on Central Gov't Claims on Non-Central Gov't Other Assets Total Assets Total

National Bank of Ethiopia Quarterly Bulletin 98 Fourth Quarter 2023/24 Total N.B.E Others 2022/23 Qrt.I 136,740.6 673.2 37.7 34,982.3 67,195.2 56,512.3 10,683.0 0.0 20,562.7 13,289.4 July 134,328.4 633.6 34.7 34,901.9 66,319.0 55,953.6 10,365.4 0.0 19,729.2 12,710.1 August 137,804.6 2,251.1 33.8 35,180.5 66,816.1 56,210.4 10,605.7 0.0 20,512.9 13,010.2 September 136,740.6 673.2 37.7 34,982.3 67,195.2 56,512.3 10,683.0 0.0 20,562.7 13,289.4 Qrt.II 149,441.9 883.3 43.7 35,618.5 74,787.8 56,510.9 18,276.9 0.0 23,958.5 14,150.2 October 137,474.2 1,061.6 47.0 35,134.9 67,182.1 56,345.4 10,836.7 0.0 20,938.8 13,109.8 November 145,033.9 930.9 40.5 35,414.8 71,095.6 56,301.2 14,794.4 0.0 22,779.5 14,772.6 December 149,441.9 883.3 43.7 35,618.5 74,787.8 56,510.9 18,276.9 0.0 23,958.5 14,150.2 Qrt.III 159,633.1 3,087.4 47.0 36,085.2 81,550.4 56,702.0 24,848.3 0.0 24,530.7 14,332.5 January 153,243.3 952.3 42.7 35,663.1 78,095.9 56,598.1 21,497.8 0.0 23,785.3 14,704.1 February 154,313.9 935.6 48.0 35,929.3 79,238.3 56,471.1 22,767.2 0.0 23,655.2 14,507.5 March 159,633.1 3,087.4 47.0 36,085.2 81,550.4 56,702.0 24,848.3 0.0 24,530.7 14,332.5 Qrt.IV 164,928.3 1,543.8 40.5 38,935.3 82,509.6 56,054.6 26,455.0 0.0 26,352.3 15,546.7 April 160,813.1 1,017.9 46.3 36,440.4 81,775.3 56,752.5 25,022.8 0.0 26,138.9 15,394.4 May 160,822.0 1,008.9 42.7 36,882.7 81,770.3 56,573.9 25,196.4 0.0 26,167.5 14,950.0 June 164,928.3 1,543.8 40.5 38,935.3 82,509.6 56,054.6 26,455.0 0.0 26,352.3 15,546.7 2023/24 Qrt.I 169,050.0 2,011.7 50.3 37,169.1 83,812.0 57,065.6 26,746.4 0.0 26,208.4 19,798.4 July 167,991.2 1,566.0 39.7 36,917.7 81,300.8 56,195.2 25,105.6 0.0 26,295.5 21,871.6 August 167,399.4 1,344.9 56.9 39,608.7 82,939.2 56,393.3 26,545.9 0.0 26,304.0 17,145.6 September 169,050.0 2,011.7 50.3 37,169.1 83,812.0 57,065.6 26,746.4 0.0 26,208.4 19,798.4 Qrt.II 174,042.0 1,718.2 58.1 38,424.5 88,339.6 53,231.4 35,108.2 0.0 27,557.9 17,943.7 October 169,963.1 2,468.3 54.9 37,896.7 83,958.8 56,966.4 26,992.4 0.0 27,914.4 17,670.1 November 166,734.8 1,679.3 52.0 38,105.6 81,149.1 53,965.8 27,183.3 0.0 27,949.2 17,799.7 December 174,042.0 1,718.2 58.1 38,424.5 88,339.6 53,231.4 35,108.2 0.0 27,557.9 17,943.7 Qrt.III 184,868.8 917.0 60.2 39,723.1 94,330.3 53,164.8 41,165.5 0.0 34,008.1 15,830.1 January 178,319.6 1,563.5 53.3 38,913.9 93,209.1 53,526.9 39,682.3 0.0 27,410.6 17,169.2 February 180,191.4 1,014.3 57.4 39,200.7 93,256.1 52,794.5 40,461.6 0.0 29,652.3 17,010.5 March 184,868.8 917.0 60.2 39,723.1 94,330.3 53,164.8 41,165.5 0.0 34,008.1 15,830.1 Qrt.IV 187,751.7 625.1 55.4 39,370.4 95,141.6 52,913.3 42,228.3 0.0 35,030.8 17,528.5 April 183,013.2 1,003.3 54.8 39,963.4 94,818.8 15,007.2 79,811.6 0.0 34,794.3 12,378.6 May 187,068.3 604.6 60.2 41,004.0 95,471.8 53,644.4 41,827.4 0.0 34,878.6 15,049.2 June 187,751.7 625.1 55.4 39,370.4 95,141.6 52,913.3 42,228.3 0.0 35,030.8 17,528.5 Foreign Advance & Loan Other Liability Items Table 3(b): Consolidated Statement of Condition of Development Bank of Ethiopia: Liablities (In Millions of Birr) End of Period Total Assets =Liab. Demand Deposits Time & Savings Deposits Capital Accounts Credit from Banks Credit from Gov't

National Bank of Ethiopia Quarterly Bulletin 99 Fourth Quarter 2023/24 Table 4: Money Supply and its Determinants 1.0 2.0 (1+2) 3 4.0 (3+4) 5 (7+10) 6 (8+9) 7 8.0 9.0 10.0 (13+12) 11 12.0 13.0 14.0 2022/23 Qtr.I 168526.5 427123.7 595650.2 1202864.7 1798514.9 2014526.3 451249.1 368420.3 82828.8 1,563,277.3 2,099.4 -32638.2 34737.7 218110.9 July 170253.7 413489.9 583743.5 1142063.1 1725806.6 1965210.3 448401.8 357675.2 90726.7 1,516,808.5 -16,391.0 -38660.1 22269.1 223012.7 August 166015.8 413649.5 579665.4 1172999.6 1752665.0 1982558.8 449426.8 367069.0 82357.8 1,533,132.0 -12,080.3 -35505.6 23425.3 217813.6 September 168526.5 427123.7 595650.2 1202864.7 1798514.9 2014526.3 451249.1 368420.3 82828.8 1,563,277.3 2,099.4 -32638.2 34737.7 218110.9 Qtr.II 199950.1 444210.1 644160.1 1301398.0 1945558.1 2160670.5 473967.9 433192.7 40775.2 1,686,702.6 -313.5 -32638.2 32324.7 214798.9 October 170414.6 434118.5 604533.1 1225574.2 1830107.4 2049985.3 441379.0 384834.7 56544.3 1,608,606.2 -8,222.0 -38660.1 30438.1 211656.0 November 183794.1 428546.6 612340.7 1254996.7 1867337.4 2085302.8 444051.9 420408.1 23643.8 1,641,250.8 -5,829.5 -35505.6 29676.1 212135.9 December 199950.1 444210.1 644160.1 1301398.0 1945558.1 2160670.5 473967.9 433192.7 40775.2 1,686,702.6 -313.5 -32638.2 32324.7 214798.9 Qtr.III 215288.6 468943.3 684231.9 1370269.0 2054500.9 2272872.0 514839.3 469870.1 44969.3 1,758,032.7 -8,219.9 -32638.2 24418.3 210151.2 January 205830.9 443363.0 649193.9 1322971.0 1972164.9 2189741.5 493199.5 448122.2 45077.4 1,696,541.9 -8,441.1 -38660.1 30219.0 209135.5 February 210919.3 441651.8 652571.0 1335447.3 1988018.3 2216743.3 489097.9 441984.7 47113.2 1,727,645.4 -14,326.4 -35505.6 21179.2 214398.6 March 215288.6 468943.3 684231.9 1370269.0 2054500.9 2272872.0 514839.3 469870.1 44969.3 1,758,032.7 -8,219.9 -32638.2 24418.3 210151.2 Qtr.IV 210142.6 494090.5 704233.0 1431527.4 2135760.5 2408233.5 574072.9 521300.0 52772.9 1,834,160.6 -1,312.8 -32638.2 31325.5 271160.3 April 225454.4 455639.6 681094.1 1375358.8 2056452.9 2284646.0 523276.4 483279.7 39996.7 1,761,369.6 -12,723.0 -38660.1 25937.1 215470.1 May 215350.2 469962.0 685312.2 1391516.1 2076828.3 2306107.9 544025.3 491185.3 52840.1 1,762,082.6 -4,010.0 -35505.6 31495.6 225269.6 June 210142.6 494090.5 704233.0 1431527.4 2135760.5 2408233.5 574072.9 521300.0 52772.9 1,834,160.6 -1,312.8 -32638.2 31325.5 271160.3 2023/24 Qtr.I 198729.5 495622.8 694352.3 1513228.7 2207581.0 2496465.5 608165.1 521021.4 87143.8 1888300.4 -213430.1 -226429.8 12999.7 75454.5 July 203991.4 487447.2 691438.6 1470668.1 2162106.7 2447996.6 588366.2 519996.4 68369.9 1859630.3 -177231.2 -204476.3 27245.1 108658.7 August 198386.9 487276.9 685663.8 1496716.3 2182380.1 2477744.2 600319.5 529085.6 71233.9 1877424.7 -201194.6 -218254.7 17060.1 94169.5 September 198729.5 495622.8 694352.3 1513228.7 2207581.0 2496465.5 608165.1 521021.4 87143.8 1888300.4 -213430.1 -226429.8 12999.7 75454.5 Qtr.II 210738.0 535267.9 746005.9 1562699.1 2308705.0 2594360.8 628010.4 557511.4 70499.0 1966350.4 -238309.7 -257625.2 19315.5 47346.1 October 193875.4 492067.6 685943.0 1527379.5 2213322.5 2497549.0 596547.9 515222.0 81325.9 1901001.2 -228412.6 -244321.4 15908.9 55814.0 November 198867.9 501460.3 700328.2 1534073.8 2234402.0 2513186.9 601268.2 542338.6 58929.6 1911918.7 -238402.4 -259966.7 21564.3 40382.5 December 210738.0 535267.9 746005.9 1562699.1 2308705.0 2594360.8 628010.4 557511.4 70499.0 1966350.4 -238309.7 -257625.2 19315.5 47346.1 Qtr.III 217590.9 571836.1 789427.0 1616643.4 2406070.4 2688354.7 667365.4 586129.3 81236.1 2020989.3 -245174.7 -275388.5 30213.8 37109.6 January 218470.5 534389.2 752859.7 1577326.1 2330185.8 2617442.2 635378.5 559804.9 75573.6 1982063.8 -243749.4 -260373.9 16624.5 43507.0 February 219383.9 551456.0 770839.9 1591535.9 2362375.8 2655651.1 655865.5 573747.7 82117.8 1999785.6 -254785.0 -270901.7 16116.7 38490.3 March 217590.9 571836.1 789427.0 1616643.4 2406070.4 2688354.7 667365.4 586129.3 81236.1 2020989.3 -245174.7 -275388.5 30213.8 37109.6 QIV 204368.2 617055.5 821423.7 1655290.8 2476714.5 2797752.1 745541.1 632253.1 113288.0 2052211.0 -245300.0 -288909.5 43609.5 75737.6 April 218960.0 573587.0 792547.1 1625856.1 2418403.1 2720149.1 685885.9 585984.2 99901.7 2034263.2 -247253.1 -276897.6 29644.5 54492.8 May 208665.1 582299.8 790964.9 1632291.9 2423256.8 2719810.9 686745.2 592014.7 94730.4 2033065.8 -248182.4 -282895.6 34713.1 48371.7 June 204368.2 617055.5 821423.7 1655290.8 2476714.5 2797752.1 745541.1 632253.1 113288.0 2052211.0 -245300.0 -288909.5 43609.5 75737.6 Nat. Bank Comm. Banks Claims on Non-Cen Gov't Total Nat. Bank Comm. Banks Total (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Net Foreign Assets Other Items Net Currency Outside Banks Net Demand Deposit Money Supply Quasi￾Money Total Volume Total Credit Net Claims on Gov't

National Bank of Ethiopia Quarterly Bulletin 100 Fourth Quarter 2023/24 2022/23 Qtr.I 177795.4 415591.3 593386.8 1241356.4 1834743.2 1939988.9 1682086.3 2021.7 July 180128.4 412249.4 592377.8 1166046.4 1758424.2 1912149.6 1939998.1 -15948.4 August 175478.7 406203.9 581682.6 1204670.6 1786353.2 1913169.3 1778433.2 -11657.5 September 177795.4 415591.3 593386.8 1241356.4 1834743.2 1939988.9 1682086.3 2021.7 Qtr.II 158900.3 437991.1 596891.4 1275370.0 1872261.5 2162831.2 1180691.8 -313.8 October 174334.2 415017.3 589351.4 1209641.8 1798993.2 1972085.8 1824159.5 -7909.5 November 179015.4 412690.4 591705.9 1229896.7 1821602.6 2060279.1 1396704.5 -5759.5 December 158900.3 437991.1 596891.4 1275370.0 1872261.5 2162831.2 1180691.8 -313.8 Qtr.III 171089.9 462378.1 633468.0 1342863.6 1976331.6 2275144.9 1230622.9 -8228.1 January 210565.0 423855.0 634420.0 1305772.4 1940192.4 2106531.3 1923878.6 -8120.3 February 205435.4 425310.7 630746.0 1308738.3 1939484.3 2190142.4 1470226.2 -14154.5 March 171089.9 462378.1 633468.0 1342863.6 1976331.6 2275144.9 1230622.9 -8228.1 QIV 244458.8 506017.8 750476.7 1431527.4 2182004.1 2442045.1 2545814.9 -162345.5 April 215534.4 472042.7 687577.1 1373983.5 2061560.6 2392024.4 1717335.3 -172037.0 May 222241.4 476541.5 698782.9 1391516.1 2090299.0 2315332.4 2206127.4 -157698.2 June 244458.8 506017.8 750476.7 1431527.4 2182004.1 2442045.1 2545814.9 -162345.5 2023/24 QI 209659.6 482241.0 691900.6 1561652.0 2253552.6 2404096.3 2031811.2 -205533.2 July 215822.9 485984.9 701807.7 1501552.1 2203359.8 2381900.7 2378467.2 -172446.0 August 209694.9 478505.9 688200.9 1537127.6 2225328.5 2391023.2 2177812.7 -194152.8 September 209659.6 482241.0 691900.6 1561652.0 2253552.6 2404096.3 2031811.2 -205533.2 QII 167473.5 527774.1 695247.6 1531445.1 2226692.7 2596955.1 1376445.3 -238548.0 October 198334.5 470416.6 668751.1 1507523.6 2176274.7 2402642.2 2155735.3 -219732.9 November 193697.3 482906.3 676603.6 1503392.4 2179996.0 2483028.7 1627042.8 -235541.6 December 167473.5 527774.1 695247.6 1531445.1 2226692.7 2596955.1 1376445.3 -238548.0 QIII 172919.5 563830.4 736749.9 1584310.5 2321060.4 2691043.0 1414692.5 -245419.9 January 223495.3 510876.1 734371.4 1556820.8 2291192.3 2517979.4 2247660.3 -234486.9 February 213679.9 531052.2 744732.0 1559705.2 2304437.2 2623783.3 1701817.6 -251727.5 March 172919.5 563830.4 736749.9 1584310.5 2321060.4 2691043.0 1414692.5 -245419.9 QIV 237741.5 631951.3 869692.7 1655290.8 2524983.5 2837032.6 2848468.9 -248744.0 April 209325.8 594236.2 803562.0 1624230.2 2427792.2 2847996.1 1983406.6 -258874.0 May 215342.4 590452.0 805794.4 1632291.9 2438086.3 2730690.2 2545398.3 -249175.2 June 237741.5 631951.3 869692.7 1655290.8 2524983.5 2837032.6 2848468.9 -248744.0 1/ Obtained by multiplying each original observation by appropriate index for the month Central Gov't (Net) Non-Cent. Gov't Foreign Assets (Net) Table 5: Seasonally adjusted data of Monetary Variables (1) (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Currency Outside Banks Net Demand Deposit Money Supply Quasi Money Total Volume

National Bank of Ethiopia Quarterly Bulletin 101 Fourth Quarter 2023/24 Gross Reserve NBE Total Gold Foreign Exc. Reserve Tranche Posi. Total Liab. Comm. Banks NBE Total NBE Comm. Banks 1=2+6 2=3 to 5 3 4 5 6.00 7=8+9 8 9 10=11+12 11=2-9 12=6-8 2022/23 Qtr.I 140232.5 64408.6 32.7 55744.7 7905.1 726.0 75823.9 261004.3 41,086.3 219918.1 -120771.8 -155509.5 34737.7 July 127353.1 65152.1 1039.7 55325.5 8038.7 748.2 62201.0 256281.0 39,931.9 216349.0 -128927.8 -151196.9 22269.1 August 130892.4 65676.2 32.7 57046.3 7852.9 744.3 65216.2 260967.7 41,790.9 219176.8 -130075.3 -153500.7 23425.3 September 140232.5 64408.6 32.7 55744.7 7905.1 726.0 75823.9 261004.3 41,086.3 219918.1 -120771.8 -155509.5 34737.7 Qtr.II 136135.6 62948.1 2.2 56164.2 6000.8 780.9 73187.5 276159.0 40,862.8 235296.2 -140023.4 -172348.2 32324.7 October 134004.1 62910.8 777.2 53077.9 8312.2 743.6 71093.3 260433.1 40,655.1 219777.9 -126429.0 -156867.2 30438.1 November 133873.4 63456.5 8.1 57170.3 5516.9 761.2 70417.0 264199.1 40,740.9 223458.2 -130325.6 -160001.8 29676.1 December 136135.6 62948.1 2.2 56164.2 6000.8 780.9 73187.5 276159.0 40,862.8 235296.2 -140023.4 -172348.2 32324.7 Qtr.III 112446.9 48984.7 43.7 44826.2 3325.0 789.9 63462.1 274028.4 39,043.8 234984.6 -161581.5 -185999.8 24418.3 January 137249.9 65641.5 25.3 58213.2 6615.8 787.3 71608.4 280419.3 41,389.3 239030.0 -143169.4 -173388.5 30219.0 Febraury 123567.8 63155.7 38.8 56328.4 6010.8 777.6 60412.1 283514.8 39,232.9 244281.9 -159947.0 -181126.2 21179.2 March 112446.9 48984.7 43.7 44826.2 3325.0 789.9 63462.1 274028.4 39,043.8 234984.6 -161581.5 -185999.8 24418.3 Qtr.IV 130367.5 56154.3 129.2 51803.0 3427.2 795.0 74213.2 290465.2 42,887.7 247577.5 -160097.7 -191423.1 31325.5 April 122784.8 49221.1 572.9 43841.0 4009.6 797.7 73563.6 287099.0 47,626.5 239472.4 -164314.2 -190251.3 25937.1 May 128591.9 57379.3 166.5 53130.9 3296.4 785.6 71212.6 285661.9 39,717.0 245944.9 -157070.0 -188565.5 31495.6 June 130367.5 56154.3 129.2 51803.0 3427.2 795.0 74213.2 290465.2 42,887.7 247577.5 -160097.7 -191423.1 31325.5 2023/24 Qtr.I 82443.8 27100.6 730.6 22146.4 3431.9 791.7 55343.2 295873.8 42343.5 253530.3 -213430.1 -226429.8 12999.7 July 107163.3 37921.9 143.6 32776.2 4197.1 804.9 69241.4 284394.5 41996.3 242398.2 -177231.2 -204476.3 27245.1 August 89982.1 30839.0 144.1 26499.1 3399.7 796.1 59143.1 291176.7 42083.1 249093.7 -201194.6 -218254.7 17060.1 September 82443.8 27100.6 730.6 22146.4 3431.9 791.7 55343.2 295873.8 42343.5 253530.3 -213430.1 -226429.8 12999.7 Qtr.II 175149.5 113504.5 627.2 108516.7 3541.8 818.7 61645.0 413459.1 42329.5 371129.6 -238309.7 -257625.2 19315.5 October 186433.5 128456.2 28.8 123400.5 4234.1 792.8 57977.2 414846.0 42068.4 372777.6 -228412.6 -244321.4 15908.9 November 177523.3 111216.2 188.5 106775.6 3442.7 809.4 66307.2 415925.7 44742.9 371182.8 -238402.4 -259966.7 21564.3 December 175149.5 113504.5 627.2 108516.7 3541.8 818.7 61645.0 413459.1 42329.5 371129.6 -238309.7 -257625.2 19315.5 Qtr.III 156028.7 85624.2 696.9 80548.8 3560.9 817.6 70404.6 401203.4 40190.7 361012.7 -245174.7 -275388.5 30213.8 January 160549.5 102573.3 272.0 97192.0 4295.8 813.5 57976.2 404298.9 41351.7 362947.2 -243749.4 -260373.9 16624.5 Febraury 147868.3 90430.1 694.6 85381.8 3536.3 817.4 57438.3 402653.3 41321.6 361331.7 -254785.0 -270901.7 16116.7 March 156028.7 85624.2 696.9 80548.8 3560.9 817.6 70404.6 401203.4 40190.7 361012.7 -245174.7 -275388.5 30213.8 QIV 171669.5 82159.3 220.1 77486.4 3636.0 816.8 89510.2 416969.6 45900.8 371068.8 -245300.0 -288909.5 43609.5 April 155442.0 85713.8 923.5 79723.2 4249.9 817.2 69728.2 402695.1 40083.7 362611.4 -247253.1 -276897.6 29644.5 May 148895.3 73183.5 2136.2 66668.5 3556.1 822.7 75711.8 397077.8 40998.6 356079.1 -248182.4 -282895.6 34713.1 June 171669.5 82159.3 220.1 77486.4 3636.0 816.8 89510.2 416969.6 45900.8 371068.8 -245300.0 -288909.5 43609.5 Table 6: International Reserves and Net Foreign Assets of National Bank & Commercial Banks (In Millions of Birr) End of Period Gross Reserve Foreign Liabilities Net Foreign Assets National Bank of Ethiopia International Reserves Comm. Banks Reserve Others

National Bank of Ethiopia Quarterly Bulletin 102 Fourth Quarter 2023/24 2022/23 Qtr.I 2,173,460.3 610,183.1 416,991.5 193,191.5 1,563,277.3 1,043,794.1 519,483.2 July 2,103,832.4 587,023.9 397,427.1 189,596.8 1,516,808.5 1,003,266.0 513,542.5 August 2,122,505.6 589,373.6 396,991.5 192,382.0 1,533,132.0 1,019,729.3 513,402.7 September 2,173,460.3 610,183.1 416,991.5 193,191.5 1,563,277.3 1,043,794.1 519,483.2 Qtr.II 2,350,407.0 663,704.4 473,991.5 189,712.8 1,686,702.6 1,153,410.0 533,292.6 October 2,236,815.7 628,209.5 443,991.5 184,217.9 1,608,606.2 1,083,660.0 524,946.2 November 2,280,468.8 639,218.0 463,991.5 175,226.4 1,641,250.8 1,115,251.5 525,999.3 December 2,350,407.0 663,704.4 473,991.5 189,712.8 1,686,702.6 1,153,410.0 533,292.6 Qtr.III 2,455,221.1 697,188.4 513,991.5 183,196.8 1,758,032.7 1,212,578.4 545,454.3 January 2,383,486.7 686,944.8 493,991.5 192,953.2 1,696,541.9 1,164,204.7 532,337.2 Febraury 2,424,210.6 696,565.2 503,991.5 192,573.7 1,727,645.4 1,181,782.2 545,863.2 March 2,455,221.1 697,188.4 513,991.5 183,196.8 1,758,032.7 1,212,578.4 545,454.3 Qtr.IV 2,602,514.2 768,353.6 563,991.5 204,362.1 1,834,160.6 1,240,814.9 593,345.6 April 2,480,278.8 718,909.2 533,991.5 184,917.6 1,761,369.6 1,217,127.0 544,242.5 May 2,493,803.2 731,720.6 543,991.5 187,729.0 1,762,082.6 1,223,464.0 538,618.6 June 2,602,514.2 768,353.6 563,991.5 204,362.1 1,834,160.6 1,240,814.9 593,345.6 2023/24 QI 2,697,273.5 808,973.1 580,120.4 228,852.7 1,888,300.4 1,313,373.8 574,926.6 July 2,649,059.2 789,428.9 573,120.4 216,308.4 1,859,630.3 1,281,045.4 578,584.9 August 2,680,123.3 802,698.5 580,120.4 222,578.1 1,877,424.7 1,298,777.7 578,647.0 September 2,697,273.5 808,973.1 580,120.4 228,852.7 1,888,300.4 1,313,373.8 574,926.6 QII 2,786,401.0 820,050.6 600,120.4 219,930.2 1,966,350.4 1,375,118.3 591,232.2 October 2,701,450.5 800,449.4 580,120.4 220,328.9 1,901,001.2 1,327,354.3 573,646.8 November 2,716,664.4 804,745.7 590,120.4 214,625.3 1,911,918.7 1,338,755.2 573,163.6 December 2,786,401.0 820,050.6 600,120.4 219,930.2 1,966,350.4 1,375,118.3 591,232.2 QIII 2,886,137.5 865,148.2 630,120.4 235,027.7 2,020,989.3 1,429,668.6 591,320.7 January 2,817,514.6 835,450.8 610,120.4 225,330.4 1,982,063.8 1,390,458.6 591,605.2 February 2,848,853.0 849,067.4 620,120.4 228,946.9 1,999,785.6 1,408,227.5 591,558.2 March 2,886,137.5 865,148.2 630,120.4 235,027.7 2,020,989.3 1,429,668.6 591,320.7 QIV 3,004,798.5 952,587.4 675,120.4 277,467.0 2,052,211.0 1,462,034.6 590,176.4 April 2,937,385.6 903,122.4 650,120.4 253,002.0 2,034,263.2 1,443,338.2 590,925.0 May 2,944,203.9 911,138.2 650,120.4 261,017.7 2,033,065.8 1,442,478.1 590,587.7 June 3,004,798.5 952,587.4 675,120.4 277,467.0 2,052,211.0 1,462,034.6 590,176.4 Loans & Advances Invest￾ments Table 7: Domestic Credit by Sector (In Millions of Birr) End of Period Gross Domestic Credit Claims on Central Gov't Claims on Non-Central Gov't Total NBE Comm. Banks Total

National Bank of Ethiopia Quarterly Bulletin 103 Fourth Quarter 2023/24 1=2+6 2=3 to 5 3 4 5 6=7+8 7 8 2022/23 Qtr.I 1789469.7 1630535.7 427123.7 1085221.7 118190.3 158934.0 48571.3 110362.7 July 1694761.7 1556139.6 413489.9 1029476.6 113173.1 138622.1 39751.9 98870.2 August 1727178.4 1587231.6 413649.5 1057578.8 116003.3 139946.8 29922.6 110024.2 September 1789469.7 1630535.7 427123.7 1085221.7 118190.3 158934.0 48571.3 110362.7 Qtr.II 1935969.4 1746232.9 444210.1 1176276.0 125746.8 189736.5 40798.8 148937.7 October 1847045.7 1660215.3 434118.5 1106274.8 119822.0 186830.4 59156.8 127673.6 November 1880660.4 1685494.3 428546.6 1136900.8 120046.9 195166.1 43583.4 151582.6 December 1935969.4 1746232.9 444210.1 1176276.0 125746.8 189736.5 40798.8 148937.7 Qtr.III 2022319.0 1839969.9 468943.3 1231983.0 139043.6 182349.0 44121.5 138227.6 January 1962387.6 1768642.3 443363.0 1193584.3 131695.1 193745.2 45869.4 147875.9 Febraury 1985364.0 1777896.7 441651.8 1200762.0 135482.9 207467.3 62006.8 145460.5 March 2022319.0 1839969.9 468943.3 1231983.0 139043.6 182349.0 44121.5 138227.6 Qtr.IV 2122285.8 1928005.2 494090.5 1284696.1 149218.6 194280.7 42691.6 151589.1 April 2029667.2 1834034.5 455639.6 1238105.7 140289.2 195632.8 50711.8 144920.9 May 2050611.6 1862916.3 469962.0 1248033.3 144921.0 187695.3 52806.3 134889.0 June 2122285.8 1928005.2 494090.5 1284696.1 149218.6 194280.7 42691.6 151589.1 2023/24 QI 2212339.8 2011531.8 495622.8 1368944.7 146964.4 200808.0 59099.1 141708.9 July 2161864.2 1960801.6 487447.2 1329057.2 144297.2 201062.7 53124.1 147938.6 August 2192374.5 1989995.5 487276.9 1355791.3 146927.2 202379.1 51034.8 151344.2 September 2212339.8 2011531.8 495622.8 1368944.7 146964.4 200808.0 59099.1 141708.9 QII 2292822.5 2100782.2 535267.8 1399852.6 165661.7 192040.2 42609.0 149431.2 October 2226059.3 2022157.8 492067.6 1380488.3 149601.9 203901.5 64898.4 139003.1 November 2241373.8 2037896.3 501460.3 1381364.8 155071.2 203477.5 47781.8 155695.7 December 2292822.5 2100782.2 535267.8 1399852.6 165661.7 192040.2 42609.0 149431.2 QIII 2389168.5 2191385.7 571836.1 1444204.4 175345.3 197782.8 43991.2 153791.6 January 2314783.8 2114711.4 534389.2 1411220.9 169101.4 200072.3 50315.6 149756.8 Febraury 2338922.8 2145720.9 551456.0 1419703.2 174561.7 193201.9 46372.8 146829.2 March 2389168.5 2191385.7 571836.1 1444204.4 175345.3 197782.8 43991.2 153791.6 QIV 2484302.4 2277256.0 617055.5 1466813.8 193386.7 207046.3 42867.4 164179.0 April 2419760.5 2202524.0 573587.0 1441634.9 187302.0 217236.5 64136.3 153100.2 May 2442067.7 2217674.7 582299.8 1446567.7 188807.2 224393.0 58105.7 166287.3 June 2484302.4 2277256.0 617055.5 1466813.8 193386.7 207046.3 42867.4 164179.0 Table 8: Deposits by Type and Sector (In Millions of Birr) End of Period Total Deposits Non-Central Gov't Deposits with CBs Central Gov't Dep. with Total Net Demand Deposit Savings Deposit Time Dep. (30 days & over) Total National Bank Comm. Banks

National Bank of Ethiopia Quarterly Bulletin 104 Fourth Quarter 2023/24 1 2 3=2-1 4 5=6+7 6 7 7=2+4-5 8 9 10 11 2022/23 Qtr.I 84862.8 207769.1 122906.3 75823.9 41086.3 41086.3 0.0 242,506.7 15.3 60.1 -33346.6 -0.1 July 87044.9 201755.8 114710.8 62201.0 39931.9 39931.9 0.0 224,024.9 13.7 60.0 2211693.1 3.8 August 82750.5 209231.7 126481.2 65216.2 41790.9 41790.9 0.0 232,657.0 15.0 60.6 2309939.7 4.2 September 84862.8 207769.1 122906.3 75823.9 41086.3 41086.3 0.0 242,506.7 15.3 60.1 -33346.6 -0.1 Qtr.II 91853.8 220718.6 128864.7 73187.5 40862.8 40862.8 0.0 253,043.3 15.0 60.7 -70872.4 -0.1 October 94758.5 210168.0 115409.5 71093.3 40655.1 40655.1 0.0 240,606.1 13.8 60.9 2342477.7 3.7 November 89394.4 227924.7 138530.3 70417.0 40740.9 40740.9 0.0 257,600.9 15.5 60.6 2360083.7 3.8 December 91853.8 220718.6 128864.7 73187.5 40862.8 40862.8 0.0 253,043.3 15.0 60.7 -70872.4 -0.1 Qtr.III 96167.9 235879.5 139711.7 63462.1 39043.8 39043.8 0.0 260,297.8 14.6 61.4 -81400.4 -0.1 January 98909.9 226696.1 127786.2 71608.4 41389.3 41389.3 0.0 256,915.1 14.0 61.3 2466151.3 3.8 Febraury 95825.9 214744.4 118918.5 60412.1 39232.9 39232.9 0.0 235,923.6 13.3 60.7 2489143.3 3.9 March 96167.9 235879.5 139711.7 63462.1 39043.8 39043.8 0.0 260,297.8 14.6 61.4 -81400.4 -0.1 Qtr.IV 99890.3 263875.8 163985.5 74213.2 42887.7 42887.7 0.0 295,201.2 15.8 61.2 -90194.4 -0.1 April 103979.7 223806.8 119827.1 73563.6 47626.5 47626.5 0.0 249,743.9 13.0 59.7 2530508.0 3.7 May 98947.8 234711.1 135763.3 71212.6 39717.0 39717.0 0.0 266,206.6 14.5 61.5 2551529.3 3.9 June 99890.3 263875.8 163985.5 74213.2 42887.7 42887.7 0.0 295,201.2 15.8 61.2 -90194.4 -0.1 2023/24 Qtr.I 107067.0 243639.3 136572.3 55343.2 42343.5 42343.5 0.0 256639.0 12.9 60.7 -73695.8 -0.1 July 107662.0 254829.4 147167.4 69241.4 41996.3 41996.3 0.0 282074.6 14.0 61.0 2662206.0 3.8 August 105437.0 255326.8 149889.8 59143.1 42083.1 42083.1 0.0 272386.9 13.9 60.7 2711670.4 3.9 September 107067.0 243639.3 136572.3 55343.2 42343.5 42343.5 0.0 256639.0 12.9 60.7 -73695.8 -0.1 Qtr.II 109679.6 235430.2 125750.6 61645.0 42329.5 42329.5 0.0 254745.7 12.5 61.0 -56489.3 -0.1 October 112510.7 218034.3 105523.6 57977.2 42068.4 42068.4 0.0 233943.2 11.1 61.1 2737383.0 3.8 November 108058.0 238924.6 130866.6 66307.2 44742.9 44742.9 0.0 260488.9 12.9 61.4 2792157.2 4.0 December 109679.6 235430.2 125750.6 61645.0 42329.5 42329.5 0.0 254745.7 12.5 61.0 -56489.3 -0.1 Qtr.III 114627.5 240196.5 125569.0 70404.6 40190.7 40190.7 0.0 270410.4 12.6 61.4 -56277.9 -0.1 January 117258.9 233259.4 116000.6 57976.2 41351.7 41351.7 0.0 249884.0 11.4 61.0 2897459.2 3.8 Febraury 113223.4 232453.5 119230.1 57438.3 41321.6 41321.6 0.0 248570.2 11.8 61.4 2930383.2 4.0 March 114627.5 240196.5 125569.0 70404.6 40190.7 40190.7 0.0 270410.4 12.6 61.4 -56277.9 -0.1 QIV 119198.1 263070.3 143872.2 89510.2 45900.8 45900.8 0.0 306679.8 13.8 60.5 -60321.9 -0.1 April 122071.8 240711.1 118639.4 69728.2 40083.7 40083.7 0.0 270355.6 11.9 59.9 3010791.2 3.7 May 117781.2 250165.8 132384.6 75711.8 40998.6 40998.6 0.0 284879.0 12.9 61.3 3039376.3 3.8 June 119198.1 263070.3 143872.2 89510.2 45900.8 45900.8 0.0 306679.8 13.8 60.5 -60321.9 -0.1 Note: Actual Reserve: Reserves with the National Bank of Ethiopia Plus Cash in Hand (Local Currency). Liquidity Ratio: Actual Reserves + Foreign Asset, net of short term liabilities, divided by Demand Deposits, net. Ratio of Loans and Advances to Deposits: Gross Commercial Bank Loans and discounts plus credit to Central Government divided by Gross Demand Deposits (of private and others) + Demand Deposits of domestic banks + Time and Savings Deposits + Government Deposits with commercial banks. Debit Balance: Total Debit Balance less debit against the deposits of the commercial banks. Turnover of Deposits: Debit Balances divided by Gross Demand Deposits of private and others + Government Deposits. Table 9: Reserve and Liquidity Position of the Commercial Banks, and Turnover of Deposits (In Millions of Birr) End of Period Reserve Requir￾ments Actual Rese. Excess Rese. Foreign Assets Foreign Liabilities Actual Reserve+ Net For. Assets Liqui￾dity Ratio Ratio: Loans Adv. to Dep. Debit Bal￾ance Turn￾Over of Deposit Total Short Term Long Term

National Bank of Ethiopia Quarterly Bulletin 105 Fourth Quarter 2023/24 2022/23 Qtr.I 207,706.7 206,402.2 372.4 1,637.8 6,075.6 15,406.7 64,926.0 117,983.8 1,304.5 0.8 41.4 99.4 73.3 126.3 963.2 July 206,519.1 205,223.7 372.5 1,654.0 6,128.0 15,490.1 65,783.2 115,795.9 1,295.4 0.8 41.4 99.4 73.3 126.2 954.3 August 200,777.8 199,477.5 372.4 1,637.4 6,041.4 14,687.1 63,681.5 113,057.7 1,300.3 0.8 41.4 99.4 73.3 126.3 959.1 September 207,706.7 206,402.2 372.4 1,637.8 6,075.6 15,406.7 64,926.0 117,983.8 1,304.5 0.8 41.4 99.4 73.3 126.3 963.2 Qtr.II 235,831.2 234,512.0 369.3 1,669.4 6,356.9 17,775.5 70,868.3 137,472.6 1,319.2 0.8 41.5 99.5 73.3 126.5 977.7 October 209,959.3 208,649.3 369.3 1,636.9 6,036.8 15,370.2 65,279.2 119,956.8 1,310.0 0.8 41.5 99.5 73.3 126.4 968.5 November 221,904.6 220,591.6 369.3 1,649.6 6,188.2 16,413.8 68,188.1 127,782.7 1,313.0 0.8 41.5 99.5 73.3 126.4 971.6 December 235,831.2 234,512.0 369.3 1,669.4 6,356.9 17,775.5 70,868.3 137,472.6 1,319.2 0.8 41.5 99.5 73.3 126.5 977.7 Qtr.III 258,421.6 257,085.3 372.1 1,729.6 6,376.1 19,216.4 68,774.5 160,616.6 1,336.3 0.8 41.4 99.4 73.2 126.5 994.9 January 247,929.9 246,606.9 369.3 1,693.9 6,311.9 18,755.9 69,672.4 149,803.6 1,323.0 0.8 41.5 99.5 73.3 126.5 981.5 February 253,771.1 252,440.5 368.5 1,702.0 6,362.1 19,087.9 69,223.5 155,696.5 1,330.6 0.8 41.5 99.5 73.3 126.5 989.1 March 258,421.6 257,085.3 372.1 1,729.6 6,376.1 19,216.4 68,774.5 160,616.6 1,336.3 0.8 41.4 99.4 73.2 126.5 994.9 Qtr.IV 254,405.6 253,061.4 371.9 1,716.0 6,020.3 17,686.4 67,838.2 159,428.7 1,344.2 0.8 41.5 99.5 73.2 126.5 1,002.7 April 269,541.1 268,201.5 371.9 1,730.2 6,387.2 19,762.0 71,086.3 168,863.8 1,339.6 0.8 41.5 99.5 73.2 126.5 998.1 May 259,801.5 258,458.5 371.9 1,703.6 6,124.1 18,340.0 68,595.3 163,323.5 1,343.0 0.8 41.5 99.5 73.2 126.5 1,001.5 June 254,405.6 253,061.4 371.9 1,716.0 6,020.3 17,686.4 67,838.2 159,428.7 1,344.2 0.8 41.5 99.5 73.2 126.5 1,002.7 2023/24 Qtr.I 245,397.8 244,053.6 371.6 1,706.3 5,796.9 16,462.3 65,554.3 154,162.2 1,344.3 0.8 41.5 99.6 73.3 126.5 1,002.7 July 250,531.6 249,185.1 371.8 1,718.0 5,947.8 17,347.9 67,093.6 156,706.1 1,346.5 0.8 41.5 99.5 73.3 126.5 1,004.9 August 241,147.5 239,798.7 371.8 1,714.7 5,808.6 16,385.3 64,479.5 151,038.8 1,348.8 0.8 41.5 99.6 73.3 126.5 1,007.1 September 245,397.8 244,053.6 371.6 1,706.3 5,796.9 16,462.3 65,554.3 154,162.2 1,344.3 0.8 41.5 99.6 73.3 126.5 1,002.7 Qtr.II 254,241.5 252,884.5 372.1 1,709.7 5,805.4 16,547.4 69,629.8 158,820.0 1,357.0 0.8 41.5 99.5 73.2 126.4 1,015.6 October 239,233.4 237,882.0 368.7 1,701.9 5,732.4 15,276.5 63,438.8 151,363.8 1,351.4 0.8 41.5 99.6 73.2 126.5 1,009.7 November 243,788.5 242,434.1 368.6 1,702.4 5,780.6 15,796.1 65,665.8 153,120.6 1,354.4 0.8 41.5 99.5 73.2 126.5 1,012.8 December 254,241.5 252,884.5 372.1 1,709.7 5,805.4 16,547.4 69,629.8 158,820.0 1,357.0 0.8 41.5 99.5 73.2 126.4 1,015.6 Qtr.III 269,026.4 267,662.6 368.7 1,751.6 5,822.3 16,491.0 74,401.9 168,827.0 1,363.8 0.8 41.5 99.6 73.2 126.4 1,022.2 January 267,007.3 265,648.6 368.9 1,714.6 5,834.9 17,237.4 74,213.4 166,279.5 1,358.7 0.8 41.5 99.5 73.2 126.4 1,017.3 February 268,747.9 267,385.3 368.8 1,731.5 5,827.4 16,988.7 74,124.5 168,344.4 1,362.6 0.8 41.5 99.6 73.2 126.4 1,021.1 March 269,026.4 267,662.6 368.7 1,751.6 5,822.3 16,491.0 74,401.9 168,827.0 1,363.8 0.8 41.5 99.6 73.2 126.4 1,022.2 Qtr.IV 257,296.3 255,929.2 368.7 1,766.8 5,753.1 14,867.2 69,534.0 163,639.4 1,367.1 0.8 41.5 99.6 73.3 126.7 1,025.2 April 272,033.8 270,668.8 368.8 1,778.9 5,859.4 16,242.9 74,544.8 171,874.1 1,364.9 0.8 41.5 99.6 73.3 126.5 1,023.2 May 263,500.8 262,135.3 368.8 1,766.5 5,774.9 15,421.2 72,478.5 166,325.4 1,365.6 0.8 41.5 99.6 73.3 126.6 1,023.7 June 257,296.3 255,929.2 368.7 1,766.8 5,753.1 14,867.2 69,534.0 163,639.4 1,367.1 0.8 41.5 99.6 73.3 126.7 1,025.2 1 5 10 Table 10: Circulating Notes and Coins by Denomination End of Period Value of Notes & Coins Denomination of Notes: Birr Denominations of Coins: Cents Total Value (Notes) 1 5 10 50 25 50 100(coin) 100 200 Total Value (Coins)

National Bank of Ethiopia Quarterly Bulletin 106 Fourth Quarter 2023/24 Agriculture 5 6 7 11.0-12 Lending to all sectors 14-15 Industry, mining, power, and water resources 6 8 9 13.0-14 Domestic trade 6 8 9.5 14.0-15 Lending to the Central Gov't 12-13 Transport and communications 6 8 8 13.0-14 Export trade 6 13.0-14 Import trade (agricultural inputs) 5 6 7 14.0-15 Import trade (other) 6 8 9.5 14.0-15 Hotels and tourism 6 8 9 14.0-15 Other Financial Inst. 10.5 Construction 6 8 9 11.0-12 Housing (1) purchase 6 6 8 11.0-12 Interbank Rate 10 (2) construction 4.5 4.5 7 11.0-12 Central Government -- 3.0-5.0 -- 12.0-13 Banks and financial institutions -- 2.5-4.5 -- 10.0 Personal loans -- -- 10 14.0-15 B. Deposit rates 1.Time deposits 30 days notice -- 10.5 10.5 3 months to less than 6 months -- 10.5 10.5 6 months to less than 12 months -- 11 11 1 year to less than 2 years Differed by 11.5 11.5 2 years and above ownership 12 12 and maturity Memorandum Items: Rate differentials for 1 year and over Financial institutions (1 year): 1.0 Gov'nt-owned under takings (1 year): 1.0 Individuals, savings and credit cooperatives;self-help organizations: 1 year 6.0 2 years 6.5 3 years 7.0 5 years 7.5 Others:1 year 4.0 2 years 0.8 3 years 5.0 5 years 5.5 10 10 Rate differentials: Individuals, savings and credit cooperatives; self-help organizations: Up to Br. 100,000 6.0 In excess of Br. 100,000 2.0 C. Minimum and Maximum Interest Rates Minimum interest rates on Time and Savings Deposits 10 11 10 7 6 3 4 5 7 Maximum lending rate by commercial banks & other financial institutions, 15 16 15 10.5 Market except for central government loan determined Central Government loan 12 6 6 5 3 Sept.1,1994- Jan. 1, 1995 Cooperatives State Private Table 11: Interest Rate Structures A. Lending rates (by CBE and specialized banks) Sector Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 June 1, 1996- Sep. 15, 1996 NBE Lending to: CBEs/ Discount Rate/ 10.5 Deposit rates Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- Jan. 1, 1995 2.Savings deposits Differed by ownership and maturity Minimum and Maximum Interest Rates Jan. 2, 1995- Nov. 30, 1995 Dec. 1, 1995- May 30, 1996 01/12/2010 to 10-Oct-2017 11/10/2017 to todate Sep.16,1996- Dec. 31,1997 Jan. 1,1998- Mar. 3, 2002 Mar. 4,2002- 01/08/2002 Aug. 2002 to 07/02/2005 08/02/2005 04/07/2007 04/07/2007 30/11/2010

National Bank of Ethiopia Quarterly Bulletin 107 Fourth Quarter 2023/24 Table 12: Government Internal Debt by Holder Non￾interest bearing Interest bearing Comm. Banks Total Gov't Bonds Treasury Bills Others Total Gov't Bonds Treasury Bills 1=2+6+9 2=3 to 5 3 4 5 6=7+8 7 8 9=10+11 10 11 2022/23 Qtr.I 752596.5 416991.5 219500.0 5226.6 192264.9 193191.5 26621.4 166,570.1 142,413.4 18.1 142395.3 July 718855.3 397427.1 199500.0 5662.2 192264.9 189596.8 26580.0 163,016.9 131,831.4 18.1 131813.3 August 728670.0 396991.5 199500.0 5226.6 192264.9 192382.0 26607.4 165,774.6 139,296.4 18.1 139278.3 Sebtember 752596.5 416991.5 219500.0 5226.6 192264.9 193191.5 26621.4 166,570.1 142,413.4 18.1 142395.3 Qtr.II 816290.9 473991.5 40000.0 5226.6 428764.9 185538.9 31999.1 153,539.8 156,760.4 18.1 156742.3 October 773897.9 443991.5 10000.0 5226.6 428764.9 184217.9 27487.3 156,730.7 145,688.4 18.1 145670.3 November 789349.4 463991.5 30000.0 5226.6 428764.9 175226.4 29062.5 146,164.0 150,131.4 18.1 150113.3 December 816290.9 473991.5 40000.0 5226.6 428764.9 185538.9 31999.1 153,539.8 156,760.4 18.1 156742.3 Qtr.III 848646.7 513991.5 80000.0 5226.6 428764.9 159934.9 24644.0 135,290.9 174,720.2 18.1 174702.1 January 834923.0 493991.5 60000.0 5226.6 428764.9 177440.5 34142.3 143,298.2 163,491.0 18.1 163472.9 February 849089.7 503991.5 70000.0 5226.6 428764.9 172547.5 24470.1 148,077.4 172,550.7 18.1 172532.6 March 848646.7 513991.5 80000.0 5226.6 428764.9 159934.9 24644.0 135,290.9 174,720.2 18.1 174702.1 Qtr.IV 923913.3 563991.5 130000.0 5226.6 428764.9 165652.2 24989.9 140,662.3 194,269.6 18.1 194251.5 April 870422.3 533991.5 100000.0 5226.6 428764.9 154903.2 24674.2 130,229.0 181,527.6 18.1 181509.5 May 886361.1 543991.5 110000.0 5226.6 428764.9 153130.0 24345.6 128,784.4 189,239.6 18.1 189221.5 June 923913.3 563991.5 130000.0 5226.6 428764.9 165652.2 24989.9 140,662.3 194,269.6 18.1 194251.5 2023/24 Qtr.I 975835.0 580120.4 147000.0 4355.5 428764.9 176238.8 22304.1 153934.7 219475.8 18.1 219457.7 July 947938.0 573120.4 140000.0 4355.5 428764.9 172068.8 22298.3 149770.5 202748.8 18.1 202730.7 August 969878.6 580120.4 147000.0 4355.5 428764.9 174717.4 22301.3 152416.1 215040.8 18.1 215022.7 Sebtember 975835.0 580120.4 147000.0 4355.5 428764.9 176238.8 22304.1 153934.7 219475.8 18.1 219457.7 Qtr.II 990553.2 600120.4 167000.0 4355.5 428764.9 153459.6 23623.2 129836.4 236973.2 18.1 236955.1 October 967153.3 580120.4 147000.0 4355.5 428764.9 163673.7 22307.1 141366.6 223359.2 18.1 223341.1 November 972068.4 590120.4 157000.0 4355.5 428764.9 153262.8 22309.9 130952.8 228685.2 18.1 228667.1 December 990553.2 600120.4 167000.0 4355.5 428764.9 153459.6 23623.2 129836.4 236973.2 18.1 236955.1 Qtr.III 1041337.0 630120.4 197000.0 4355.5 428764.9 154090.8 24305.3 129785.5 257125.8 18.1 257107.7 January 1014670.6 610120.4 177000.0 4355.5 428764.9 153795.8 23939.1 129856.7 250754.3 18.1 250736.2 Febraury 1028984.7 620120.4 187000.0 4355.5 428764.9 152239.9 23944.1 128295.8 256624.3 18.1 256606.2 March 1041337.0 630120.4 197000.0 4355.5 428764.9 154090.8 24305.3 129785.5 257125.8 18.1 257107.7 Qtr.IV 1140070.4 675120.4 242000.0 4355.5 428764.9 182388.3 24709.2 157679.1 282561.7 18.1 282543.6 April 1084374.3 650120.4 217000.0 4355.5 428764.9 166590.9 24310.4 142280.5 267662.9 18.1 267644.8 May 1094598.3 650120.4 217000.0 4355.5 428764.9 170091.9 24315.8 145776.1 274385.9 18.1 274367.8 June 1140070.4 675120.4 242000.0 4355.5 428764.9 182388.3 24709.2 157679.1 282561.7 18.1 282543.6

• Since December 2019, Gov't Treasury bills to others includes Both Treasury bills and Notes (In Millions of Birr) End of Period Total Gov't Indebt￾edness National Bank of Ethiopia Commercial Banks Others NBE Total Direct Advance Gov't Bonds

National Bank of Ethiopia Quarterly Bulletin 108 Fourth Quarter 2023/24 Table 13: General Government Quarterly Revenue Ethiopian fiscal year Fiscal year ending July 7 Budget Revised Budget Revised 3Mon(QI) Revised 6 Month Revised (QII) 9Month (QIII) 12Month (QIV) Budget 3mon(QI) 6months (QII) 9Months (QIII) 12Months (QIV) Tax revenue 593,695.1 614,207.3 127,517.5 296,377.7 168,860.2 429,935.5 133,557.8 593,232.1 163,296.6 774,416.4 147,537.4 366,512.3 218,974.9 532,987.3 166,475.0 716,172.2 183,184.8 Direct taxes 257,572.6 267,470.3 57,170.1 144,020.0 86,849.9 189,835.1 45,815.1 263,958.6 74,123.5 353,003.3 59,366.8 180,833.8 121,467.0 250,301.5 69,467.7 340,600.2 90,298.7 Income and profits tax 248,870.9 258,230.6 55,712.6 141,335.5 85,623.0 186,269.6 44,934.0 254,984.3 68,714.7 337,876.4 57,544.0 176,634.8 119,090.8 244,688.8 68,054.1 330,391.6 85,702.8 Personal income 98,435.1 102,025.3 24,245.2 49,947.1 25,701.9 71,944.6 21,997.6 108,234.1 36,289.5 130,979.5 27,295.2 61,527.6 34,232.4 101,172.9 39,645.3 142,491.9 41,319.0 Rental income tax 5,862.2 7,522.6 2,015.3 4,983.8 2,968.5 5,746.5 762.7 6,502.5 755.9 10,002.8 2,394.5 5,927.4 3,532.9 7,605.3 1,677.9 8,173.8 568.5 Business profits 118,775.9 121,930.8 26,154.3 79,650.6 53,496.3 96,972.4 17,321.8 123,422.3 26,449.9 157,691.6 24,458.0 99,083.6 74,625.6 120,912.0 21,828.4 156,510.5 35,598.5 Withholding income tax on imports 8,482.5 8,517.5 423.4 1,126.1 702.7 2,028.9 902.8 1,517.0 (511.9) 10,527.6 199.2 1,785.5 1,586.3 2,105.4 319.9 2,490.6 385.2 Agriculture income 562.7 867.9 34.0 187.3 153.4 441.5 254.2 563.1 121.5 1,283.4 29.1 418.3 389.1 786.8 368.6 1,097.5 310.7 Other income 12,246.1 12,585.7 1,880.3 3,312.9 1,432.6 5,554.7 2,241.8 9,647.4 4,092.8 21,363.2 2,814.2 4,927.1 2,112.9 7,951.5 3,024.4 13,974.0 6,022.4 Interest income tax 4,077.4 4,138.0 864.8 1,894.9 1,030.1 3,196.5 1,301.5 4,510.5 1,314.1 4,887.2 111.4 2,610.5 2,499.1 3,614.0 1,003.5 4,942.7 1,328.7 Capital gains tax 428.9 642.6 95.3 232.8 137.5 384.4 151.6 587.4 203.0 1,141.3 242.4 354.7 112.4 540.9 186.1 710.7 169.8 Rural land use fee 385.1 921.4 48.3 208.9 160.6 398.5 189.6 511.6 113.1 516.5 12.0 443.0 431.1 697.5 254.4 1,026.5 329.0 Urban land lease fee 8,316.6 8,318.3 1,409.2 2,475.5 1,066.3 3,167.0 691.5 8,462.7 5,295.7 14,610.3 1,810.8 3,756.0 1,945.2 4,915.2 1,159.2 9,182.0 4,266.9 Domestic indirect taxes 164,017.6 174,632.1 30,425.3 69,203.0 38,777.7 113,711.9 44,508.9 160,720.8 47,008.9 233,824.4 41,590.8 95,600.5 54,009.7 154,255.2 58,654.6 197,033.0 42,777.8 Sales/TOT/excise taxes 82,997.1 92,062.8 12,926.7 26,189.5 13,262.8 49,783.1 23,593.6 65,316.5 15,533.5 120,444.9 18,189.2 41,748.9 23,559.7 71,895.6 30,146.7 82,286.7 10,391.1 Petroleum products 1,248.9 1,289.9 94.8 461.2 366.3 996.5 535.4 1,858.8 862.3 1,415.7 654.1 1,299.3 645.2 2,166.0 866.7 3,205.0 1,039.0 Alcohol and tobacco 5,743.5 5,749.7 1,192.3 2,631.9 1,439.7 4,564.6 1,932.7 8,051.3 3,486.6 6,441.9 1,826.7 6,672.9 4,846.2 5,637.6 (1,035.3) 7,436.4 1,798.8 Other goods 76,004.7 85,023.3 11,639.6 23,096.4 11,456.8 44,221.9 21,125.5 55,406.5 11,184.6 112,587.4 15,708.4 33,776.7 18,068.3 64,092.0 30,315.3 71,645.4 7,553.3 Services TOT/ sales tax 75,546.7 76,347.0 15,638.8 39,071.3 23,432.5 58,156.4 19,085.2 87,374.6 29,218.2 100,522.8 21,398.2 49,678.5 28,280.3 75,855.1 26,176.6 105,722.8 29,867.7 Stamp duties 5,473.7 6,222.2 1,859.8 3,942.2 2,082.4 5,772.4 1,830.2 8,029.7 2,257.3 12,856.8 2,003.4 4,173.1 2,169.8 6,504.4 2,331.3 9,023.5 2,519.0 Import duties and taxes 172,104.9 172,104.9 39,922.1 83,154.7 43,232.6 126,388.5 43,233.7 168,552.6 42,164.1 187,576.4 46,574.3 90,063.0 43,488.7 128,410.6 38,347.6 178,503.6 50,093.0 Custom duties 62,238.8 62,238.8 14,889.1 31,782.2 16,893.2 48,818.8 17,036.6 64,255.5 15,436.7 67,838.3 21,593.9 42,096.2 20,502.3 60,445.9 18,349.7 84,010.8 23,564.9 Sales/excise taxes 79,454.3 79,454.3 20,024.1 41,025.4 21,001.3 61,131.6 20,106.2 79,698.7 18,567.1 86,590.2 20,033.7 38,771.8 18,738.1 55,054.0 16,282.2 75,464.0 20,410.1 Petroleum products 4,237.9 4,237.9 1,378.5 2,622.1 1,243.6 3,150.4 528.3 3,852.4 702.0 4,619.1 672.9 2,003.8 1,330.9 2,570.3 566.5 3,289.6 719.3 Alcohol and tobacco 786.5 786.5 197.5 377.3 179.8 455.4 78.1 622.4 167.0 857.2 91.8 209.0 117.2 312.8 103.8 640.3 327.5 Other imports 74,429.9 74,429.9 18,448.1 38,026.0 19,577.9 57,525.9 19,499.8 75,223.9 17,698.1 81,113.8 19,269.0 36,559.0 17,290.0 52,170.9 15,611.9 71,534.2 19,363.2 Surtax on imports 30,411.9 30,411.9 5,009.0 10,347.2 5,338.2 16,438.1 6,090.9 24,598.4 8,160.4 33,147.9 4,946.7 9,195.0 4,248.3 12,910.7 3,715.7 19,028.7 6,118.0 Export taxes 12.4 5.5 15.0 9.5 20.1 5.1 35.5 15.4 Coffee duties Coffee surtax Other Transaction tax Non-tax revenue 99,321.0 98,582.9 15,851.5 33,161.5 17,310.1 48,115.2 14,953.6 92,227.1 44,111.9 157,622.1 15,835.3 44,986.5 29,151.2 80,657.2 35,670.7 123,922.7 43,265.5 Charges and fees 7,027.9 7,334.3 1,254.6 2,600.3 1,345.7 3,911.9 1,311.6 7,148.0 3,236.1 6,945.1 2,357.8 5,938.1 3,580.3 9,767.9 3,829.8 13,744.3 3,976.4 Sales of goods & services 11,691.6 14,844.3 2,142.0 4,987.2 2,845.1 7,890.0 2,902.8 12,844.5 4,954.4 12,951.1 2,126.3 5,829.2 3,703.0 10,328.0 4,498.7 21,355.8 11,027.8 Residual surplus, capital charge, interest payments and state dividend 23,508.3 23,436.4 1,975.2 3,160.7 1,185.4 3,465.0 304.3 16,679.0 13,214.1 23,474.4 141.0 847.1 706.1 6,094.9 5,247.8 16,465.7 10,370.9 Reimbursement & property sales 1,908.8 2,047.3 272.4 680.3 407.9 940.6 260.3 1,477.5 536.9 2,059.1 319.8 623.7 304.0 1,288.6 664.8 4,805.0 3,516.4 Miscellaneous 34,506.2 26,765.9 3,797.2 7,888.9 4,091.8 11,218.6 3,329.7 20,236.9 9,018.3 38,864.9 3,493.4 8,616.9 5,123.4 12,970.4 4,353.5 10,219.4 (2,751.0) Other extraordinary 0.0 - - - - - - - - - - - Privatization proceeds 0.0 - - - - - - - - - - - Other revenue 20,678.3 24,154.7 6,410.0 13,844.1 7,434.1 20,689.1 6,845.0 33,841.2 13,152.1 73,327.4 7,397.0 23,131.4 15,734.4 40,207.5 17,076.1 57,332.5 17,125.0 Total revenue 693,016.1 712,790.2 143,369.0 329,539.2 186,170.3 478,050.7 148,511.4 685,459.1 207,408.4 932,038.5 163,372.6 411,498.8 248,126.2 613,644.5 202,145.7 840,094.8 226,450.3 External grants 38,924.0 38,924.0 6,565.6 13,443.8 6,878.2 21,885.3 8,441.5 32,127.6 10,242.3 41,119.6 0.0 14,951.2 14,951.2 24,339.2 9,388.0 33,031.7 8,692.6 Grants in kind/earmarked 31,264.7 31,264.7 6,565.6 13,443.8 6,878.2 21,885.3 8,441.5 29,701.5 7,816.2 34,770.2 - 14,951.20 14,951.20 24,339.2 9,388.0 33,031.7 8,692.6 Untied cash & CPF/grants 7,659.3 7,659.3 0.0 2,426.1 2,426.1 6,349.4 - - - - - - - Total revenue and grants 731,940.1 751,714.2 149,934.6 342,983.1 193,048.5 499,936.0 156,952.9 717,586.7 217,650.7 973,158.2 163,372.6 426,450.0 263,077.4 637,983.7 211,533.7 873,126.5 235,142.8 Source: Ministry of Finance, National Bank of Ethiopia 2016 2023/24 Pre actual Pre-Actual 2022/23 2015

National Bank of Ethiopia Quarterly Bulletin 109 Fourth Quarter 2023/24 Table 14: General Government Quarterly Expenditure (In million Birr) Ethiopian fiscal year Fiscal year ending July 7 Revised 6 Month Revised (QII) 9Month (QIII) 12Month QIV Budget 3months (QI) 6months (QII) 9months (QIII) 12Months (QIV) A. Capital Expenditure Economic development 77,313.0 50,344.3 127,087.1 49,774.1 216,131.9 89,044.8 278,620.0 38,900.2 109,447.4 70,547.1 179,416.7 69,969.3 275,982.7 96,566.0 Agriculture 10,332.0 5,839.1 18,455.4 8,123.4 27,566.4 9,111.0 39,102.5 7,545.9 16,297.4 8,751.5 27,147.8 10,850.4 37,217.5 10,069.7 Natural Resource 15,726.3 11,690.2 28,516.2 12,789.9 47,356.3 18,840.1 56,359.6 5,311.6 26,458.2 21,146.6 38,435.8 11,977.7 62,557.7 24,121.9 o/w: Water 15,274.1 12,366.1 27,032.9 11,758.7 46,424.6 19,391.7 50,304.1 5,052.8 24,122.0 19,069.1 38,114.0 13,992.0 59,988.0 21,874.0 Mines & Energy 1,036.6 1,034.0 1,531.6 495.0 1,669.9 138.3 2,696.7 289.8 610.3 320.6 1,079.1 468.7 1,130.8 51.7 Trade, Industry & Tourism 688.8 434.4 1,617.0 928.2 8,975.4 7,358.4 8,145.4 381.9 3,497.2 3,115.3 6,294.2 2,797.0 10,246.7 3,952.5 Urban dev't & housing 19,357.0 12,126.6 26,901.7 7,544.7 44,390.0 17,488.2 20,477.3 12,832.2 30,003.4 17,171.2 49,267.0 19,263.6 71,527.1 22,260.1 Road construction 29,525.5 18,745.5 48,840.9 19,315.5 78,597.6 29,756.6 93,888.9 11,196.0 30,115.6 18,919.5 52,824.3 22,708.7 85,416.1 32,591.9 Transport & communication 646.8 474.7 1,224.2 577.4 7,576.4 6,352.2 57,949.7 1,342.8 2,465.3 1,122.5 4,368.6 1,903.2 7,886.7 3,518.2 Social Development 29,001.7 20,966.5 44,311.2 15,309.6 74,773.2 30,462.0 83,897.2 11,416.8 32,479.6 21,062.8 57,773.9 25,294.3 92,963.5 35,189.7 Education 19,754.9 15,108.2 29,403.8 9,648.9 50,860.6 21,456.8 40,736.7 6,541.8 20,188.2 13,646.4 35,655.2 15,467.0 58,626.3 22,971.1 Health 7,810.5 4,982.7 12,435.4 4,624.9 19,094.2 6,658.8 32,604.6 4,025.2 9,369.3 5,344.1 17,441.7 8,072.4 26,578.3 9,136.7 Socail welfare 730.3 360.3 1,144.4 414.1 2,444.6 1,300.3 3,426.8 450.4 1,821.9 1,371.5 2,881.0 1,059.1 4,156.9 1,275.9 Culture & sport 705.9 515.3 1,327.6 621.7 2,373.7 1,046.1 7,129.2 399.5 1,100.3 700.8 1,796.0 695.7 3,602.0 1,806.0 General Development 17,078.8 11,795.5 30,205.0 13,126.1 65,011.8 34,806.8 131,030.3 8,842.7 30,408.9 21,566.1 55,556.0 25,147.1 98,511.4 42,955.4 Compensation payments 0.0 - - - - External assistance 13,443.8 6,878.2 21,885.3 8,441.5 29,701.5 7,816.2 34,770.2 7,301.7 14,951.2 7,649.4 24,339.2 9,388.0 33,031.7 8,692.6 Sub Total Capital Expenditure 123,393.5 83,106.3 201,603.4 78,209.8 355,917.0 154,313.6 493,547.5 59,159.8 172,335.8 113,176.1 292,746.5 120,410.7 467,457.6 174,711.1 B. Current Expenditure General Services 95,686.5 52,457.6 145,612.0 49,925.5 215,850.3 70,238.3 179,175.4 44,467.7 100,130.8 55,663.2 150,256.6 50,125.8 230,741.7 80,485.2 Organ of the State 10,948.7 5,901.3 16,252.2 5,303.5 27,366.7 11,114.5 23,202.5 5,718.8 13,587.8 7,869.0 21,355.5 7,767.7 37,143.2 15,787.7 Justice 6,447.8 3,128.3 10,131.3 3,683.4 14,411.4 4,280.2 16,052.2 1,829.7 6,506.0 4,676.3 11,712.0 5,206.0 17,869.7 6,157.7 Defence 39,541.6 22,214.9 59,448.1 19,906.5 82,824.7 23,376.5 50,000.0 17,355.0 35,572.2 18,217.3 51,191.9 15,619.6 71,121.8 19,929.9 Public order & security 21,358.8 12,944.2 33,364.5 12,005.6 50,390.2 17,025.7 48,320.3 9,397.6 22,630.5 13,232.9 33,738.2 11,107.7 53,982.8 20,244.6 Other General services 17,389.5 8,268.9 26,415.9 9,026.4 40,857.3 14,441.4 41,600.4 10,166.6 21,834.3 11,667.7 32,259.1 10,424.7 50,624.2 18,365.1 Economic Services 25,763.0 13,325.4 39,124.1 13,361.1 55,863.0 16,738.9 81,574.3 11,552.2 32,434.3 20,882.2 48,938.9 16,504.5 63,103.7 14,164.8 Agriculture&natural resource 15,156.5 8,286.3 22,926.9 7,770.4 32,714.1 9,787.2 48,546.9 6,768.8 20,468.6 13,699.8 31,247.7 10,779.1 36,909.0 5,661.4 Agriculture 12,239.5 6,504.2 18,429.4 6,189.9 25,819.4 7,389.9 39,776.9 5,496.5 16,944.4 11,447.9 25,936.6 8,992.2 29,464.0 3,527.4 Natural resource 2,917.0 1,782.0 4,497.5 1,580.5 6,894.7 2,397.2 8,769.9 1,272.2 3,524.1 2,251.9 5,311.1 1,786.9 7,445.0 2,133.9 o/w: Water 2,882.6 1,859.6 4,466.1 1,583.5 6,876.2 2,410.0 7,146.2 1,116.2 2,690.8 1,574.6 5,483.2 2,792.4 7,303.6 1,820.4 Trade, Industry & Tourism 5,550.6 2,595.7 8,655.5 3,104.9 12,366.0 3,710.5 12,927.7 2,719.3 6,705.5 3,986.3 10,355.7 3,650.1 14,658.7 4,303.1 Mines & Energy 139.9 75.6 240.8 100.9 330.2 89.4 361.3 46.6 168.7 122.1 297.0 128.2 407.6 110.6 Tourism 187.8 111.7 288.6 100.8 485.9 197.3 618.8 11.7 185.8 174.1 334.2 148.3 575.4 241.2 Transport & communication 1,419.1 562.1 2,069.5 650.4 3,286.7 1,217.2 2,995.4 511.0 1,037.5 526.5 2,335.4 1,298.0 3,217.6 882.2 Urban devt. & construction 2,615.2 1,372.5 3,889.4 1,274.3 5,330.4 1,441.0 14,829.4 1,172.4 3,185.6 2,013.2 3,444.6 259.0 6,053.5 2,608.9 o/w: Road Construction 1,209.9 652.6 1,771.8 561.9 2,123.7 351.9 4,138.0 533.4 1,689.7 1,156.3 1,947.7 258.0 3,804.8 1,857.0 Economic development studies 693.9 321.5 1,053.3 359.5 1,349.6 296.3 1,294.8 322.4 682.6 360.2 924.4 241.7 1,281.9 357.5 Social Services 101,248.0 47,260.1 150,895.5 49,647.5 217,279.4 66,383.9 244,902.3 43,707.4 99,182.2 55,474.9 168,737.7 69,555.4 247,932.4 79,194.7 Education & training 65,774.1 31,029.4 99,736.0 33,962.0 142,805.6 43,069.6 159,685.1 28,746.4 66,198.1 37,451.7 110,728.1 44,530.0 162,057.1 51,329.0 Culture & sports 2,495.8 1,354.9 3,753.5 1,257.7 5,528.1 1,774.5 5,455.3 1,500.3 2,890.6 1,390.2 4,499.4 1,608.8 6,854.3 2,354.9 Public health 23,442.5 11,580.8 35,913.2 12,470.8 53,144.4 17,231.2 67,567.0 10,224.8 23,236.9 13,012.2 43,176.1 19,939.1 61,216.5 18,040.5 Labour & social welfare 1,339.3 604.7 2,306.9 967.6 3,804.1 1,497.2 2,632.5 647.2 1,441.1 793.9 2,202.3 761.2 3,713.6 1,511.3 Rehabilitation 8,196.3 2,690.4 9,185.8 989.5 11,997.2 2,811.5 9,562.3 2,588.6 5,415.6 2,826.9 8,131.8 2,716.2 14,090.9 5,959.2 Interest & Charges 29,064.7 18,063.0 39,454.4 10,389.7 54,544.0 15,089.6 105,470.0 12,032.3 29,269.4 17,237.1 53,551.6 24,282.2 68,888.3 15,336.6 Internal debt 21,347.7 13,467.5 30,195.7 8,847.9 41,556.6 11,361.0 88,458.0 10,892.7 25,230.6 14,337.9 42,853.9 17,623.3 56,774.2 13,920.3 External debt 7,717.0 4,595.5 9,258.7 1,541.7 12,987.4 3,728.7 17,012.0 1,139.6 4,038.8 2,899.2 10,697.8 6,659.0 12,114.1 1,416.3 O/w: defence commercial - Miscellaneous 28,190.3 19,730.6 33,140.1 4,949.8 39,317.9 6,177.8 95,805.8 3,167.7 18,744.5 15,576.8 29,909.3 11,164.8 41,953.6 12,044.2 External assistance * 0.0 - - - Sub Total Current Expenditure 279,952.5 150,836.7 408,226.1 128,273.6 582,854.6 174,628.5 706,927.8 114,927.2 279,761.3 164,834.1 451,394.1 171,632.8 652,619.7 201,225.5 Grand Total Expenditure 403,346.0 233,943.1 609,829.4 206,483.4 938,771.6 328,942.2 1,200,475.3 174,086.9 452,097.1 278,010.2 744,140.6 292,043.5 1,120,077.3 375,936.6 Source: Ministry of Finance, National Bank of Ethiopia * Estimated value 2015 2022/23 Pre-Actual 2016 2023/24 Pre-actual

National Bank of Ethiopia Quarterly Bulletin 110 Fourth Quarter 2023/24 MGR Jet fuel Gasoil LFO HFO Total fuel oil Qtr.I 120,069.7 205,741.8 570,182.1 6,646.3 4,500.0 979,262.1 83,268.5 Qtr.II 122,357.9 221,894.3 600,552.3 9,751.8 9,596.8 1,028,073.0 83,268.5 Qtr.III 135,787.6 208,436.3 690,546.5 5,987.2 9,894.9 1,118,039.0 83,268.5 Qtr.IV 128,524.0 183,926.2 635,440.9 8,695.8 11,076.0 1,031,159.5 83,268.5 Qtr.I 159,613.1 210,503.5 616,810.6 8,886.7 14,477.8 1,070,195.8 83,268.5 Qtr.II 133,745.9 212,529.5 648,408.0 10,582.6 8,425.3 1,077,952.0 83,268.5 Qtr.III 141,900.1 133,970.7 659,674.5 9,393.6 10,290.6 1,018,813.7 83,268.5 Qtr.IV 142,182.9 84,127.5 643,282.9 8,690.9 9,700.0 952,861.8 83,268.5 Qtr.I 145,183.0 99,180.5 613,828.1 8,195.6 12,300.0 941,460.1 83,268.5 Qtr.II 176,894.5 107,969.3 630,617.5 6,914.5 15,500.0 998,749.8 83,268.5 Qtr.III 154,240.3 129,945.4 654,442.0 7,750.0 13,602.4 1,021,896.2 83,268.5 Qtr.IV 176,255.2 106,927.1 636,567.6 7,300.0 16,010.8 1,003,018.4 83,268.5 Qtr.I 169,292.8 127,007.6 677,243.3 13,809.6 10,437.5 1,056,812.1 83,268.5 Qtr.II 169,625.8 126,027.1 625,325.9 9,985.0 12,995.0 1,004,247.3 83,268.5 Qtr.III 161,316.3 139,263.2 625,222.2 4,935.0 12,770.0 943,506.7 17,705.0 Qtr.IV 173,484.2 104,408.7 669,411.2 7,210.0 9,397.3 963,911.4 16,607.3 Qtr.I 166,296.6 147,176.4 649,322.3 4,500.0 2,000.0 969,295.3 6,500.0 Qtr.II 168,681.6 129,360.2 606,671.5 6,500.0 13,000.0 924,213.3 19,500.0 Qtr.III 187,823.6 150,727.4 684,586.0 6,672.2 13,440.1 1,043,249.3 20,112.3 Qtr.IV 183,697.6 194,451.4 606,270.1 6,179.0 13,150.8 1,003,748.8 19,329.7 Qtr.I 154,992.4 145,961.7 596,183.3 7,400.0 7,900.0 912,437.4 15,300.0 Qtr.II 198,679.4 209,934.2 645,535.7 7,698.2 11,503.8 1,073,351.3 19,202.0 Qtr.III 167,262.1 166,926.9 546,034.0 8,030.1 7,898.7 896,151.8 15,928.8 QIV 187,558.9 149,738.2 575,024.2 7,169.0 11,780.8 931,271.1 18,949.8 2023/24 Table 15: Domestic Refining and Imports of Ptroleum Period 2022/23 (In Metric Tone) 2018/19 2019/20 2020/21 2021/22

National Bank of Ethiopia Quarterly Bulletin 111 Fourth Quarter 2023/24 Table 16: GDP By Economic Activity at Constant Prices (In millions of Birr) 2009 2010 2011 2012 2013 2014 2015 2016 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 Agriculture, Hunting and Forestry 579,022.9 599,331.4 622,220.3 648,711.8 684,775.8 726,412.8 771,163.0 824,259.4 Crop 374,649.8 392,291.8 404,049.6 422,966.5 446,919.4 477,801.1 511,777.5 551,862.1 Animal Farming and Hunting 153,170.4 154,038.0 163,279.5 168,722.4 178,571.3 186,759.1 195,057.3 205,367.7 Forestry 51,202.7 53,001.7 54,891.1 57,022.9 59,285.2 61,852.6 64,328.3 67,029.7 Fishing 1,389.4 1,546.7 1,581.8 1,625.9 1,653.4 2,015.5 2,794.3 3,621.0 Mining and Quarrying 4,296.9 3,402.8 2,658.9 5,089.3 10,960.7 11,624.5 10,796.1 12,779.1 Manufacturing 111,249.6 117,410.7 127,986.7 137,601.5 144,618.9 151,583.9 162,125.7 175,745.9 Large and Medium Scale Manufacturing 73,528.2 77,966.5 87,691.9 96,268.6 102,266.2 108,223.9 117,266.1 129,228.4 Small Scale and Cottage Industries 37,721.5 39,444.2 40,294.7 41,332.9 42,352.7 43,360.1 44,859.6 46,517.6 Electricity and Water 11,552.5 11,929.0 14,115.4 15,136.4 16,522.3 17,593.6 19,826.3 23,400.1 Construction 286,749.6 331,691.4 381,443.8 419,078.0 446,721.7 468,435.8 501,490.4 546,459.8 Whole Sale and Retail Trade 215,351.0 241,936.3 268,037.0 285,293.1 303,204.7 327,260.0 352,241.8 379,833.4 Hotels and Restaurants 41,625.2 44,335.3 48,143.8 49,220.4 50,484.9 54,536.5 60,146.9 65,644.1 Transport and Communications 215,351.0 241,936.3 104,436.2 105,646.1 113,090.7 124,120.5 139,047.5 154,861.1 Financial Intermediation 41,625.2 44,335.3 57,368.6 65,274.3 71,158.1 78,636.2 86,092.9 91,275.5 Real Estate, Renting and Business Activities 70,005.2 74,364.3 79,942.0 87,510.2 95,299.7 103,829.9 113,274.2 123,259.3 Public Administration and Defense 70,488.5 76,754.1 83,662.0 85,612.2 89,770.1 93,768.3 97,515.9 102,314.6 Education 41,031.0 42,520.8 44,221.6 44,784.1 45,694.9 46,432.3 47,583.1 48,786.2 Health and Social Work 16,767.9 18,153.4 20,747.2 23,414.2 26,554.3 29,413.0 32,650.5 36,311.2 Other Community , Social & Personal Services 19,198.4 20,178.0 21,454.2 21,995.5 22,426.8 22,890.2 23,400.6 24,072.7 Private Households with Employed Persons 16,633.3 17,276.0 17,707.4 18,115.5 18,515.9 18,939.5 19,329.1 19,726.7 Total 1,613,519.9 1,739,254.9 1,895,726.7 2,014,108.6 2,141,452.8 2,277,492.4 2,439,478.1 2,632,350.2 Less : FISIM 17,038.3 19,763.6 21,037.4 24,520.9 27,214.5 28,829.5 29,556.7 28,397.3 Gross Value Added at Constant Basic Prices 1,596,481.6 1,719,491.3 1,874,689.3 1,989,587.7 2,114,238.3 2,248,662.8 2,409,921.4 2,603,952.9 Taxes on Products 120,645.6 114,575.2 112,468.2 119,592.3 113,931.8 98,085.2 91,585.7 80,572.4 GDP at Constant Market Prices 1,717,127.2 1,834,066.5 1,987,157.5 2,109,180.1 2,228,170.1 2,346,748.0 2,501,507.2 2,684,525.2 Source:MoPD Sectors/Year

National Bank of Ethiopia Quarterly Bulletin 112 Fourth Quarter 2023/24 Table 17: Growth Rate of GDP By Economic Activity at Constant Prices (In percent) 2009 2010 2011 2012 2013 2014 2015 2016 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 Agriculture, Hunting and Forestry 6.7 3.5 3.8 4.3 5.6 6.1 6.2 6.9 Crop 8.2 4.7 3 4.7 5.7 6.9 7.1 7.8 Animal Farming and Hunting 4.2 0.6 6 3.3 5.8 4.6 4.4 5.3 Forestry 3.6 3.5 3.8 3.9 4.0 4.3 4.0 4.2 Fishing 0.5 11.3 2.3 2.8 1.7 21.9 38.6 29.6 Mining and Quarrying -29.8 -20.8 -21.9 91.4 115.4 6.1 -7.1 18.4 Manufacturing 24.7 5.5 7.7 7.5 5.1 4.8 7.0 8.4 Large and Medium Scale Manufacturing 19.2 6.0 10 9.8 6.2 5.8 8.4 10.2 Small Scale and Cottage Industries 36.9 4.6 3 2.6 2.5 2.4 3.5 3.7 Electricity and Water 4.9 3.3 4 7.2 9.2 6.5 12.7 18.0 Construction 20.7 15.7 15 9.9 6.6 4.9 7.1 9.0 Whole Sale and Retail Trade 6.5 12.3 11.7 6.4 6.3 7.9 7.6 7.8 Hotels and Restaurants 0.1 6.5 9 2.2 2.6 8.0 10.3 9.1 Transport and Communications 15.1 6.4 21 1.2 7.0 9.8 12.0 11.4 Financial Intermediation 18.3 10.7 10.1 10.2 9.0 10.5 9.5 6.0 Real Estate, Renting and Business Activities 4.4 6.2 7.5 9.5 8.9 9.0 9.1 8.8 Public Administration and Defense 13.2 8.9 9 2.3 4.9 4.5 4.0 4.9 Education -3.2 3.6 4 1.8 2.0 1.6 2.5 2.5 Health and Social Work 7.0 8.3 14.3 12.9 13.4 10.8 11.0 11.2 Other Community , Social & Personal Services 4.5 5.1 6.3 2.5 2.0 2.1 2.2 2.9 Private Households with Employed Persons 3.5 3.9 2.5 2.3 2.2 2.3 2.1 2.1 Total 10.2 7.8 8.9 6.2 6.3 6.4 7.1 7.9 Less : FISIM 17.6 16.0 7 14.2 11.0 5.9 2.5 -3.9 Gross Value Added at Constant Basic Prices 10.1 7.7 9.0 6.1 6.3 6.4 7.2 8.1 Taxes on Products 1.6 -5.0 -1.8 6.3 -4.7 -13.9 -6.6 -12.0 GDP at Constant Market Prices 9.5 6.8 8.3 6.1 5.6 5.3 6.6 7.3 Source: MoPD Industry/Year

National Bank of Ethiopia Quarterly Bulletin 113 Fourth Quarter 2023/24 Table 18: GDP by Economic Activity at Current Prices (In million Birr) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 Agriculture, Hunting and Forestry 542,700 616,843 684,644 910,589.1 1,196,254.2 1,626,284.1 2,312,286.2 3,114,215.0 4,087,852.8 Crop 346,294 393,324 427,193 587,216.0 797,015.6 1,122,637.7 1,639,822.3 2,189,185.1 2,880,082.2 Animal Farming and Hunting 146,960 164,730 191,867 247,337.3 303,074.1 385,788.3 523,066.6 731,290.9 949,484.2 Forestry 49,447 58,788 65,584 76,035.8 96,164.4 117,858.2 149,397.2 193,738.9 258,286.3 Fishing 1,382 2,259 2,351 3,020.6 3,747.5 5,034.3 5,351.5 7,481.6 10,084.5 Mining and Quarrying 6,117 4,840 4,053 3,368.1 9,643.4 30,909.1 34,587.9 29,329.9 50,066.7 Manufacturing 89,247 113,387 128,200 150,530.5 178,972.3 199,934.1 261,122.9 390,709.0 517,803.5 Large and Medium Scale Manufacturing 61,687 74,763 84,791 104,723.1 125,757.6 141,915.1 185,656.5 285,203.1 381,197.6 Small Scale and Cottage Industries 27,559 38,624 43,410 45,807.5 53,214.7 58,019.0 75,466.4 105,505.9 136,605.9 Electricity and Water 11,015 13,714 15,026 18,726.4 23,826.9 30,434.9 34,860.6 53,134.9 64,312.8 Construction 237,545 300,209 452,978 495,283.1 567,201.4 687,236.9 1,068,150.2 1,661,757.3 2,355,789.2 Whole Sale and Retail Trade 202,241 225,076 275,513 360,656.3 444,506.1 554,457.8 801,596.4 1,129,865.3 1,604,889.0 Hotels and Restaurants 41,601 44,922 53,441 66,596.7 79,304.1 95,766.7 129,976.7 195,338.3 271,055.2 Transport and Communications 70,453 77,659 82,947 99,884.4 140,312.7 183,481.3 251,762.7 314,877.2 381,487.4 Financial Intermediation 39,769 51,810 69,359 85,044.1 102,994.4 122,893.7 180,666.7 238,373.1 331,181.7 Real Estate, Renting and Business Activities 67,063 70,793 79,553 106,157.2 154,804.2 228,594.8 404,030.6 715,651.7 1,032,988.6 Public Administration and Defense 62,259 80,817 94,614 103,262.3 120,235.7 159,154.9 188,988.2 260,507.3 307,964.0 Education 42,386 61,123 75,776 85,738.9 94,199.3 116,406.3 127,857.9 164,357.3 214,067.8 Health and Social Work 15,669 18,770 24,100 27,328.0 34,927.8 40,104.3 47,995.9 60,118.6 72,311.6 Other Community , Social & Personal Services 18,371 20,568 23,634 28,140.8 33,305.6 39,400.7 49,977.4 66,077.1 87,645.1 Private Households with Employed Persons 16,064 19,879 25,428 31,181.0 38,264.3 45,764.8 67,753.0 80,607.1 112,313.4 Total 1,463,883 1,722,669 2,091,618 2,575,507.5 3,222,499.9 4,165,858.8 5,966,964.9 8,482,400.7 11,501,813.4 Less : FISIM 14,486 18,870 26,829 31,884.3 39,104.0 46,801.9 67,289.5 79,436.0 102,399.8 Gross Value Added at Constant Basic Prices 1,449,397 1,703,798 2,064,789 2,543,623.2 3,183,395.8 4,119,057.0 5,899,675.3 8,402,964.6 11,399,413.6 Taxes on Products 118,700 128,755 137,583 152,599.6 191,351.1 221,967.3 257,339.9 319,343.1 352,724.5 GDP at Current Market Prices 1,568,097 1,832,554 2,202,373 2,696,222.7 3,374,746.9 4,341,024.2 6,157,015.2 8,722,307.7 11,752,138.1 Source: MoPD Industry/Year 1

National Bank of Ethiopia Quarterly Bulletin 114 Fourth Quarter 2023/24 Table 19: Growth Rates of GDP by Economic Activity at Current Prices (%) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 Agriculture, Hunting and Forestry 12.1 13.7 11.0 33.0 32.6 35.9 42.2 34.7 31.3 Crop 11.9 13.6 8.6 37.5 35.7 40.9 46.1 33.5 31.6 Animal Farming and Hunting 11.1 12.1 16.5 28.9 27.0 27.3 35.6 39.8 29.8 Forestry 16.1 18.9 11.6 16.2 26.5 22.6 26.8 29.7 33.3 Fishing 12.8 63.5 4.1 28.5 24.1 34.3 6.3 39.8 34.8 Mining and Quarrying -2.3 -20.9 -16.3 -16.9 186.3 220.5 11.9 (15.2) 70.7 Manufacturing 7.0 27.0 13.1 17.4 18.9 11.7 30.6 49.6 32.5 Large and Medium Scale Manufacturing 6.3 21.2 13.4 20.2 20.1 12.8 30.8 53.6 33.7 Small Scale and Cottage Industries 10.4 40.1 12.4 3.0 16.2 9.0 30.1 39.8 29.5 Electricity and Water 4.3 24.5 9.6 20.7 27.2 27.7 14.5 52.4 21.0 Construction 60.3 26.4 50.9 9.3 14.5 21.2 55.4 55.6 41.7 Whole Sale and Retail Trade 8.1 11.3 22.4 32.4 23.2 24.7 44.6 41.0 42.0 Hotels and Restaurants 22.9 8.0 19.0 25.1 19.1 20.8 35.7 50.3 38.8 Transport and Communications 22.4 10.2 6.8 20.4 40.5 30.8 37.2 25.1 21.2 Financial Intermediation 21.7 30.3 33.9 22.6 12.2 19.3 47.0 31.9 38.9 Real Estate, Renting and Business Activities 5.1 5.6 12.4 33.4 45.8 47.7 76.7 77.1 44.3 Public Administration and Defense 20.8 29.8 17.1 9.1 16.4 32.4 18.7 37.8 18.2 Education 19.8 44.2 24.0 13.1 11.3 23.6 9.8 28.5 30.2 Health and Social Work 21.3 19.8 28.4 13.4 27.8 14.8 19.7 25.3 20.3 Other Community , Social & Personal Services 9.9 12.0 14.9 19.1 18.4 18.3 26.8 32.2 32.6 Private Households with Employed Persons 4.8 23.7 27.9 22.6 22.7 19.6 48.0 19.0 39.3 Total 18.2 17.7 21.4 23.3 25.3 29.3 43.2 42.2 35.6 Less : FISIM 24.6 30.3 42.2 22.0 13.8 19.7 43.8 18.1 28.9 Gross Value Added at Current Basic Prices 18.2 17.6 21.2 23.3 25.4 29.4 43.2 42.4 35.6 Taxes on Products 12.8 12.9 6.9 10.9 25.4 16.0 15.9 24.1 10.5 GDP at Current Market Prices 17.7 16.9 20.2 22.4 25.2 28.6 41.8 41.7 34.7 Source: MoPD Sectors/Year 1

National Bank of Ethiopia Quarterly Bulletin 115 Fourth Quarter 2023/24 Table 20: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices 2008 2009 2010 2011 2012 2013 2014 2015 2016 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 Gross Value Added at Current Basic Prices 1,449,397.5 1,703,798.2 2,064,789.2 2,543,623.0 3,183,395.8 4,119,056.00 5,899,675.3 8,403,773.7 11,399,413.6 Taxes on Products, net 118,700.0 128,755.5 137,583.5 152,600.0 191,351.1 221,967.0 257,339.9 319,343.1 352,724.5 GDP at Current Market Prices 1,568,097.5 1,832,553.7 2,202,372.7 2,696,223.0 3,374,746.9 4,341,024.0 6,157,015.2 8,723,116.8 11,752,138.1 Incomes from ROW, net (5,122.4) (10,884.1) (14,349.1) (13,104.0) (19,203.0) (22,381.0) (27,861.8) (23,923.3) (18,601.4) Gross National Income at Current Basic Prices 1,444,275.0 1,692,914.1 2,050,440.2 2,530,519.0 3,164,192.9 4,096,676.0 5,871,813.5 8,379,850.4 11,380,812.2 Gross National Income at Current Market Prices 1,562,975.0 1,821,669.6 2,188,023.6 2,683,118.6 3,355,544.0 4,318,643.7 6,129,153.5 8,699,193.5 11,733,536.7 Current Transfers from ROW, net 155,964.2 154,959.4 188,527.3 240,392.0 210,332.1 292,126.0 400,304.3 421,000.8 414,622.4 Gross National Disposable Income 1,718,939.2 1,976,628.9 2,376,550.9 2,923,510.0 3,565,876.0 4,610,770.0 6,529,457.8 9,120,194.3 12,148,159.1 Government Final Consumption Expenditure 174,598.8 203,607.9 225,523.2 247,362.0 308,096.7 383,565.0 453,263.1 551,106.6 650,000.0 Private Final Consumption Expenditure 1,042,264.6 1,219,365.9 1,441,581.1 1,848,070.0 2,363,783.1 3,135,110.0 4,765,752.5 6,884,213.0 9,422,416.4 Gross Capital Formation (Investment) 585,665.0 704,596.0 751,626.2 948,866.0 1,031,962.8 1,216,585.0 1,560,324.8 1,933,863.0 2,409,022.1 Exports of Goods and Services 122,500.8 139,830.1 184,282.1 213,437.0 240,525.0 331,294.0 507,581.9 575,369.7 652,778.8 Imports of Goods and Services 424,749.9 430,233.2 502,112.9 561,512.0 569,620.6 725,530.0 1,129,907.1 1,221,435.5 1,382,079.2 Resource Balance (302,249.2) (290,403.1) (317,830.8) (348,075.0) (329,095.7) (394,236.0) (622,325.2) (646,065.9) (729,300.4) Gross Domestic Savings 351,234.0 409,579.8 535,268.5 600,791.0 702,867.1 822,349.0 937,999.6 1,287,797.1 1,679,721.7 Gross National Savings 502,075.8 553,655.1 709,446.7 828,078.0 893,996.2 1,092,095.0 1,310,442.1 1,684,874.6 2,075,742.7 Mid-year Population (In Million) 91.2 93.4 95.5 97.6 99.7 101.9 104.1 105.7 108.4 Per Capita Nominal GDP (In Birr) 17,192.4 19,630.4 23,061.5 27,625.0 33,849.0 42,595.0 59,155.4 82,521.5 108,401.1 Per Capita Real GDP (In Birr) 17,192.4 18,393.9 19,204.9 20,312.5 21,155.3 21,860.5 22,578.4 23,645.1 24,761.9 Average Exchange Rate (Birr/USD) 21.1 22.4 26.1 28.1 31.3 39.0 48.6 53.3 56.0 Real GDP (In USD) 74,296.6 76,610.6 70,249.0 70,666.9 67,294.2 57,101.7 48,386.5 46,909.2 47,970.2 Nominal GDP (In USD)(Million) 74,296.6 81,760.4 84,356.0 96,107.0 107,672.6 111,261.9 126,772.7 163,712.9 210,000.9 Per Capita Nominal GDP (In USD) 814.6 875.8 883.3 985.0 1,080.0 1,091.8 1,218.0 1,549.0 1,937.0 Per Capita Real GDP (In USD) 814.6 820.7 735.6 724.3 675.0 560.3 464.9 443.8 442.5 GDP Deflator 1.00 1.07 1.20 1.36 1.60 1.95 2.62 3.49 4.38 Source: MoPD Description / Year 1

National Bank of Ethiopia Quarterly Bulletin 116 Fourth Quarter 2023/24 Table 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings 2010 2011 2012 2013 2014 2015 2016 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 GDP at Current Basic Prices 21.2 23.3 25.2 29.4 43.2 42.4 35.6 Taxes on Products, net 6.9 10.9 25.4 16.0 15.9 24.1 10.5 GDP at Current Market Prices 20.2 22.5 25.2 28.6 41.8 41.7 34.7 Incomes from ROW, net (31.8) (33.0) 46.5 16.5 24.5 -20.9 -22.2 Gross National Income at Current Basic Price 21.1 23.3 25.0 29.5 43.3 42.7 35.8 Gross National Income at Current Market Price 20.1 22.5 25.1 28.7 41.9 41.9 34.9 Current Transfers from ROW, net 21.7 25.7 (12.5) 38.9 37.0 5.0 -1.5 Gross National Disposable Income 20.2 22.8 22.0 29.3 41.6 39.7 33.2 Government Final Consumption Expenditure 10.8 9.7 24.6 24.5 18.2 21.6 17.9 Private Final Consumption Expenditure 18.2 27.9 27.9 32.6 52.0 44.4 36.9 Gross Capital Formation (Investment) 6.7 26.2 8.8 17.9 28.3 23.9 24.6 Exports of Goods and Services 31.8 15.9 12.7 37.7 53.2 13.3 13.5 Imports of Goods and Services 16.7 11.8 1.4 27.4 55.7 8.0 13.2 Resource Balance (9.4) (9.5) (5.5) 19.8 57.9 3.7 12.9 Gross Domestic Savings 30.7 12.2 17.0 17.0 14.1 37.4 30.4 Gross National Savings 28.1 16.4 8.0 22.2 20.0 28.7 23.2 Mid-year Population (in Million) 2.3 2.2 2.1 1.5 2.6 Per Capita GDP (Birr) (Nominal) 17.5 19.8 22.5 25.8 38.9 39.5 31.4 Per Capita GDP (Birr) (Real) 4.4 5.8 4.1 3.3 3.3 4.7 4.7 Average Exchange Rate (Birr/USD) 16.5 7.6 11.5 24.5 24.5 9.7 5.0 Real GDP (USD) (8.3) 0.6 (4.8) -15.1 -15.3 -3.1 2.3 GDP at Current Market Prices(USD) 3.2 13.7 12.0 3.3 13.9 29.1 28.3 Per Capita GDP (USD) (Nominal) 0.9 11.5 9.6 1.1 11.6 27.2 25.1 Per Capita GDP (USD) (Real) (10.4) (1.5) (6.8) -17.0 -17.0 -4.5 -0.3 Percentage Change in GDP Deflator 12.5 13.3 17.6 21.8 34.5 33.2 25.4 Source:MoPD Description / Year

National Bank of Ethiopia Quarterly Bulletin 117 Fourth Quarter 2023/24 Period General Index Food and Non-Alcoholic Beverages Alcoholic Beverages and Tobacco Clothing & Foot-wear Hosing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 2015/16 Q.I 94.4 93.9 93.6 96.3 87.7 91.2 87.6 96.5 103.9 83.7 91.4 88.0 94.7 90.8 Q.II 94.3 94.8 94.6 96.8 87.7 92.8 92.0 98.2 101.3 88.2 99.8 90.8 95.6 91.8 Q.III 94.9 95.2 101.3 97.9 91.1 95.9 93.8 97.2 100.3 91.1 99.8 92.6 96.5 94.6 Q.IV 97.8 98.7 94.9 99.0 97.0 96.9 97.4 97.0 101.5 92.3 99.9 94.9 97.8 96.9 2016/17 QI 100.4 102.5 92.4 99.2 100.1 97.7 95.1 98.1 99.7 93.5 100.0 97.6 98.5 98.2 QII 100.4 101.3 97.3 99.5 100.1 99.2 98.8 99.3 99.9 98.4 100.0 99.1 99.0 99.4 QIII 102.4 103.0 104.4 100.7 102.3 101.2 104.3 103.9 99.8 99.0 100.0 98.1 100.9 101.7 QIV 106.5 109.5 98.3 102.1 102.8 107.9 113.4 104.7 102.1 111.6 99.4 101.6 101.9 103.0 2017/18 QI 112.0 113.9 104.5 116.0 113.3 111.1 97.0 106.3 101.7 113.1 106.0 107.9 102.2 109.9 QII 115.6 116.6 110.7 119.8 119.7 115.3 92.9 108.9 103.4 114.0 107.5 113.5 104.5 114.5 QIII 118.8 118.7 117.3 126.3 123.4 122.4 99.9 111.4 105.9 117.9 109.2 114.0 109.5 118.9 QIV 122.8 123.1 108.2 135.8 127.8 129.1 101.3 113.2 107.2 120.9 110.4 118.6 115.6 122.5 2018/19 QI 127.4 128.2 112.3 141.1 131.3 133.9 107.2 115.5 106.7 122.6 117.5 123.7 119.6 126.5 QII 127.9 128.3 112.3 144.7 130.0 136.3 110.6 119.7 101.1 124.9 125.8 128.1 119.8 127.4 QIII 131.9 132.0 121.2 150.7 133.1 141.5 116.0 128.9 101.5 126.6 126.3 130.8 123.6 131.8 QIV 141.0 145.6 125.1 151.6 137.0 147.4 114.8 132.3 105.5 127.7 129.5 135.7 131.4 135.7 2019/20 QI 149.5 156.6 127.0 156.4 144.7 150.0 120.2 136.0 105.6 129.8 132.6 145.9 135.6 141.4 QII 153.1 158.5 131.5 158.6 153.8 151.4 126.6 139.5 102.8 141.4 134.1 152.0 139.8 146.8 QIII 159.6 164.5 137.4 159.7 167.2 153.6 130.3 146.6 101.0 143.2 134.3 156.7 145.5 153.9 QIV 171.2 179.2 163.0 167.1 168.5 156.4 143.4 192.6 108.1 140.3 135.6 159.3 149.5 161.9 2020/21 QI 179.9 192.1 158.5 170.3 172.2 158.7 147.4 218.3 106.1 140.2 130.3 165.2 155.3 165.8 QII 181.9 193.7 168.8 177.3 174.8 159.8 155.9 171.1 104.3 153.9 145.6 176.7 161.3 168.3 QIII 191.9 201.8 176.8 185.6 188.5 173.6 170.6 200.0 117.3 163.1 149.9 183.3 169.3 180.4 QIV 207.7 224.0 184.0 199.0 189.2 196.7 189.6 209.5 125.9 175.6 152.8 192.8 184.7 188.9 2021/22 QI 234.9 263.5 202.5 213.2 202.0 217.8 206.3 209.0 119.9 189.2 164.9 205.3 195.1 201.8 QII 244.0 271.9 218.7 223.0 211.4 228.2 221.6 209.3 121.0 220.7 184.8 218.6 200.3 211.9 QIII 257.7 286.3 240.5 225.8 223.2 249.4 232.8 217.3 125.8 238.3 190.1 233.4 215.8 224.6 QIV 282.2 317.0 259.4 250.3 227.7 292.5 246.9 223.5 129.9 256.6 196.8 262.2 253.8 242.1 2022/23 QI 310.4 351.0 270.8 287.0 239.6 327.2 256.5 265.1 133.7 286.4 207.3 291.1 287.7 263.7 QII 325.9 360.4 298.9 307.6 260.5 360.7 268.2 278.8 127.5 350.6 222.5 312.1 326.5 286.1 QIII 343.8 378.0 324.1 327.9 276.2 386.7 293.6 276.8 128.3 359.9 223.5 335.5 351.5 304.4 QIV 370.1 410.0 333.5 351.6 295.1 416.3 329.7 290.3 133.4 357.7 231.3 361.3 369.4 324.2 2023/24 QI 398.0 444.5 359.5 354.6 320.4 438.9 371.2 297.2 161.4 359.9 227.8 382.9 378.6 344.5 QII 419.6 468.9 375.0 366.8 346.1 449.3 382.9 319.5 167.2 330.9 282.3 400.9 397.7 362.9 QIII 439.7 494.821 412.811 375.5 351.564 461.098499 400.5 342.1 173.7 335.2 287.2 421.2 410.4 376.2 QIV 451.5 512.799 420.325 362.7 352.548 472.436081 423.8 342 170.4 332.4 291.8 443.2 424.6 380.8 Source: Ethiopian Statistical Service (ESS) Table 22(A): National Non-Food Consumer Price Index,

National Bank of Ethiopia Quarterly Bulletin 118 Fourth Quarter 2023/24 December 2016=100 Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Fish & Sea Food Hosing,Water, Electricity, Gas and Other Fuels Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate & confectionery Food products Non-Alcoholic Beverages 2015/16 Q.I 97.9 94.3 90.9 90.1 102.9 88.7 96.6 76.3 131.6 87.8 QII 96.6 94.0 92.1 92.2 99.5 95.7 96.5 77.0 120.8 85.1 QIII 95.2 95.7 92.8 96.9 96.6 96.2 96.5 81.7 101.2 81.1 QIV 98.7 98.2 96.4 100.2 99.7 96.1 103.0 83.9 101.8 84.1 2016/17 Q.I 102.6 102.9 100.7 99.4 99.9 98.7 106.8 86.7 104.6 92.3 Q.II 101.3 102.7 100.6 100.0 100.8 99.3 99.6 100.0 94.6 105.6 99.3 Q.III 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 Q.IV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 113.9 123.6 113.8 101.1 108.5 100.5 119.5 110.2 94.4 122.0 101.3 QII 116.6 125.7 115.7 104.2 112.4 96.9 128.9 113.8 95.9 125.0 108.5 QIII 118.7 123.6 123.0 101.1 115.7 95.1 134.4 120.4 97.2 133.5 105.2 QIV 123.1 133.8 131.5 110.8 122.8 95.1 133.8 116.9 98.1 137.4 109.7 2018/19 QI 128.2 139.7 137.0 112.1 127.8 95.9 133.1 124.8 102.1 136.9 115.9 QII 128.3 140.0 137.1 114.2 129.8 97.5 141.0 124.3 105.3 137.8 112.1 QIII 132.0 142.1 142.0 115.3 135.3 98.0 147.9 133.6 106.7 143.2 106.5 QIV 145.7 156.8 157.9 113.3 145.6 104.6 160.2 157.8 112.0 148.1 109.6 2019/20 QI 156.6 175.6 170.3 114.5 149.8 107.8 168.7 167.2 115.3 153.1 116.0 QII 158.5 182.5 174.5 116.7 149.1 106.5 183.1 163.4 112.7 153.8 119.3 QIII 164.5 182.7 179.2 122.9 153.4 112.9 187.7 171.3 104.9 177.4 127.5 QIV 179.2 201.5 189.6 139.2 158.9 118.5 187.0 189.1 107.1 195.5 137.9 2020/21 QI 192.1 216.9 192.7 150.7 163.3 123.7 175.9 208.2 106.2 209.3 151.4 QII 193.7 223.7 196.3 148.8 172.5 135.7 182.6 192.9 114.1 210.0 159.7 QIII 201.8 233.6 200.6 158.4 191.7 147.3 195.4 202.0 117.9 213.4 159.4 QIV 224.0 265.3 225.7 161.6 216.8 181.1 204.5 212.4 120.3 234.8 170.8 2021/22 QI 263.5 320.2 252.0 188.2 223.4 241.9 219.6 235.9 124.5 284.7 210.2 QII 271.9 326.9 250.1 193.3 227.2 250.6 253.6 243.7 138.9 294.4 231.9 QIII 286.4 332.5 262.5 194.1 254.6 285.6 254.9 256.3 146.8 298.1 271.9 QIV 317.0 357.0 303.2 259.7 301.7 323.7 265.5 291.2 148.1 315.0 312.1 2022/23 QI 351.0 400.8 342.7 401.8 332.3 400.2 313.8 304.8 163.1 329.8 349.7 QII 360.4 414.1 357.3 437.9 342.0 403.6 352.0 307.5 170.5 338.3 362.2 QIII 378.0 441.6 374.0 459.8 366.3 392.6 381.0 339.1 193.3 342.6 346.1 QIV 410.0 492.3 417.6 435.9 384.2 384.2 395.9 384.7 218.8 349.6 347.1 2023/24 QI 444.5 547.0 447.5 385.4 408.4 417.0 406.0 421.1 226.0 355.9 361.0 QII 468.9 594.6 461.2 391.2 424.9 392.1 424.0 456.1 230.6 366.9 357.5 QIII 494.8 627.4 476.6 397.4 449.8 394.9 436.0 506.3 246.3 390.9 336.6 QIV 512.8 652.3 516.8 410.4 455.2 424.6 428.8 492.6 298.2 433.9 350.9 Source: Ethiopian Statistical Service (ESS) Table 22 (B): National Food Consumer Price Index,

National Bank of Ethiopia Quarterly Bulletin 119 Fourth Quarter 2023/24 Period General Index Food & Non-alcoholic Beverages Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 2015/16 Q.I 101.4 107.4 95.7 99.8 97.7 96.1 96.8 99.7 100.0 98.0 83.4 93.9 98.2 96.8 QII 100.8 103.3 99.4 100.5 98.2 98.0 99.9 100.0 100.0 99.6 100.0 98.0 99.2 98.9 QIII 98.2 97.0 98.4 101.4 96.5 103.8 102.3 98.3 100.0 101.3 100.0 99.4 101.6 99.2 QIV 100.6 101.7 100.4 103.5 96.4 105.4 102.7 97.5 100.0 103.5 100.0 100.5 102.5 99.7 2016/17 QI 103.9 107.3 109.8 105.0 97.9 107.8 103.6 97.5 100.0 105.0 100.0 103.3 102.1 101.3 QII 101.5 102.2 104.7 104.0 98.6 105.1 102.5 98.3 100.0 104.4 100.0 102.5 101.2 100.9 QIII 100.9 100.4 103.8 100.6 101.7 101.7 98.5 104.1 100.0 99.5 97.4 100.1 103.2 101.3 QIV 104.1 104.4 100.9 94.8 103.0 107.5 107.6 107.9 114.4 105.4 96.9 99.9 102.5 103.8 2017/18 QI 112.3 109.2 103.3 98.8 133.7 114.3 113.7 106.5 115.3 107.3 100.4 104.9 100.9 114.8 QII 117.6 110.3 103.0 101.2 151.3 120.5 113.9 106.9 116.5 107.3 99.9 118.5 106.5 123.1 QIII 121.1 113.1 112.7 104.8 158.3 126.6 117.3 107.7 116.8 109.7 99.7 120.2 111.3 127.2 QIV 127.1 117.7 114.1 111.3 170.0 132.4 131.8 109.4 116.8 112.2 100.1 127.5 119.4 134.2 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 137.4 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 140.0 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 145.1 QIV 145.3 141.4 127.1 121.1 188.3 153.5 139.6 121.5 118.0 115.7 121.9 142.9 130.7 148.2 2019/20 QI 152.8 155.5 126.7 123.3 192.5 155.8 140.5 123.6 118.3 118.2 125.4 144.9 134.5 150.8 QII 156.7 157.1 125.2 121.4 207.3 160.0 138.4 125.9 116.8 125.2 128.4 149.4 140.2 156.5 QIII 163.1 160.9 149.7 131.6 225.7 163.9 150.4 124.3 114.6 124.4 132.1 154.1 143.7 164.9 QIV 178.2 178.6 174.4 138.2 241.2 164.8 155.8 191.5 114.8 119.9 130.6 154.6 147.9 177.9 2020/21 QI 186.4 197.7 179.4 149.4 236.5 165.7 162.7 181.7 115.0 122.1 118.1 158.2 154.1 177.7 QII 185.7 194.4 175.0 155.2 243.1 169.9 169.6 149.6 115.5 132.1 143.2 160.8 159.0 179.2 QIII 193.6 201.4 188.1 165.5 254.3 181.6 184.4 155.2 115.6 131.1 150.5 167.2 166.7 187.7 QIV 212.2 229.5 209.6 176.6 267.7 202.7 188.3 161.4 116.8 135.2 148.7 179.1 180.8 199.0 2021/22 QI 234.8 265.3 218.9 191.5 281.4 221.6 208.1 161.7 117.7 153.3 161.3 198.6 192.5 211.7 QII 242.0 270.1 223.0 195.0 286.3 241.8 221.4 163.9 118.1 182.2 195.9 214.3 201.0 220.7 QIII 253.7 277.5 233.8 209.3 300.0 257.0 241.6 188.7 118.8 204.7 198.8 236.7 213.5 235.6 QIV 279.3 311.6 256.4 239.8 306.7 289.2 278.1 192.3 122.6 231.8 201.1 271.5 257.6 254.8 2022/23 QI 308.7 346.3 290.0 266.9 328.2 319.3 283.7 238.7 127.5 261.8 214.3 303.7 283.2 280.1 QII 323.2 358.0 312.9 312.6 327.6 355.8 327.1 260.9 129.6 280.3 212.0 309.3 322.0 296.7 QIII 355.7 381.5 331.8 357.8 402.9 382.5 341.4 273.6 131.2 295.3 217.4 345.0 361.7 336.1 QIV 399.1 438.2 349.0 389.4 458.9 408.6 368.7 303.2 131.9 286.5 227.4 384.0 381.0 369.3 2023/24 QI 425.4 471.9 390.1 382.2 405.5 502.5 417.1 394.0 295.4 135.4 343.3 228.5 397.0 406.7 QII 447 500.26 406.52 397.35 426.58 525.92 427.37 399.71 316.18 135.07 318.26 298.16 404.71 426.63 QIII 468.03 529.95 420.97 429.21 424.65 542.83 441.34 404.1 323.95 138.62 319.14 294.21 443.9 441.86 QIV 478.81 541.04 431.52 453.39 426.75 553.66 449.99 407.59 321.26 140.63 313.4 282.49 484.72 450.92 Table 22 (C): Addis Ababa Non-Food Consumer Price Index

National Bank of Ethiopia Quarterly Bulletin 120 Fourth Quarter 2023/24 Table 22(D): Addis Ababa Food Consumer Price Index Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 2016/17 QI 106.7 98.6 101.1 98.9 103.0 103.3 122.3 96.8 130.7 93.1 QII 101.8 102.3 100.8 100.0 99.8 102.1 96.9 100.8 96.5 112.0 97.4 QIII 100.4 98.6 97.6 91.6 101.8 105.0 108.8 105.5 100.0 93.8 97.7 QIV 104.4 101.8 106.4 99.9 102.2 107.3 118.7 112.6 99.0 86.1 94.2 2017/18 QI 109.2 109.9 114.6 101.9 105.6 109.5 134.3 111.4 100.0 86.6 100.4 QII 110.3 112.8 114.8 98.4 105.5 109.1 132.5 106.9 100.0 104.0 105.8 QIII 113.1 111.2 117.2 100.4 110.2 110.2 140.3 106.2 100.0 155.7 105.2 QIV 117.7 117.4 126.0 112.3 121.4 114.8 139.3 105.6 100.0 160.3 105.7 2018/19 QI 125.2 124.7 130.0 109.2 125.3 116.0 135.4 123.0 100.0 161.4 109.3 QII 123.7 125.5 127.9 110.4 129.0 116.1 138.4 117.6 100.0 154.7 109.6 QIII 127.5 129.6 135.4 119.4 128.7 117.3 151.8 121.0 100.0 154.9 109.6 QIV 141.4 136.3 151.8 114.2 134.9 122.0 170.9 155.0 114.1 154.1 112.8 2019/20 QI 155.5 155.6 164.5 133.0 142.5 131.2 176.5 171.6 114.1 162.7 116.0 QII 157.1 159.2 171.8 129.1 147.0 133.8 184.5 162.4 114.1 171.0 118.7 QIII 160.9 162.1 175.2 131.2 146.6 142.2 190.7 163.6 114.1 183.3 127.6 QIV 178.6 181.4 182.7 138.1 153.6 150.4 175.8 185.0 114.1 256.7 138.8 2020/21 QI 197.7 194.1 191.8 191.4 158.2 158.2 160.1 218.4 109.3 353.2 144.3 QII 211.7 220.8 213.6 181.0 174.8 184.7 205.2 185.9 141.3 414.7 163.2 QIII 201.4 212.8 197.9 188.5 170.7 174.0 205.1 180.1 141.3 369.3 161.4 QIV 229.5 233.9 238.1 179.6 185.1 204.9 211.6 195.0 141.0 501.2 167.2 2021/22 QI 265.3 255.7 267.8 259.0 211.7 236.2 218.5 225.8 143.6 705.6 202.2 QII 270.1 274.0 256.8 296.5 216.8 273.7 237.9 234.2 181.0 577.5 219.8 QIII 277.5 278.5 268.6 229.5 222.9 317.5 261.0 232.3 191.0 522.6 266.5 QIV 311.6 288.7 328.4 305.3 261.9 381.4 279.1 279.9 195.2 538.4 285.4 2022/23 QI 346.3 320.3 356.2 322.2 304.5 470.2 322.1 314.7 231.7 520.8 316.8 QII 358.0 336.7 379.4 317.8 320.4 493.8 359.1 298.3 234.9 543.8 339.9 QIII 381.5 392.0 406.5 334.8 343.2 415.7 417.1 312.8 332.2 542.1 348.2 QIV 438.2 463.4 454.9 346.3 377.9 426.6 405.9 409.1 336.4 550.4 353.3 2023/24 QI 471.9 497.6 472.9 337.6 406.0 455.0 413.6 464.1 346.7 596.1 367.3 QII 500.3 551.8 485.0 377.0 431.3 440.3 424.6 504.2 349.6 581.2 372.2 QIII 530.0 600.2 503.7 387.1 445.8 477.9 458.8 525.9 441.3 560.4 380.4 QIV 541.0 637.7 550.8 410.0 460.1 518.4 489.7 452.7 517.2 582.6 361.7 Source: Ethiopian Statistical Service (ESS)

National Bank of Ethiopia Quarterly Bulletin 121 Fourth Quarter 2023/24 Table 22 (E1): Regional States' Consumer Price Indices (Non-Food) Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2016/17 QI 103.1 104.0 102.2 97.6 97.8 108.0 101.6 114.6 95.8 100.0 99.3 0.0 96.1 96.8 QII 101.4 103.8 98.9 104.3 97.1 97.1 101.6 106.0 98.8 100.0 97.8 33.3 98.5 98.9 QIII 101.4 102.3 100.6 94.3 100.0 104.3 99.3 110.1 95.6 100.7 97.4 100.0 99.8 99.2 QIV 105.4 105.2 105.6 93.3 107.5 114.2 102.0 118.1 105.1 100.7 111.8 92.0 99.6 97.8 2017/18 QI 108.5 109.8 107.2 101.1 105.3 117.3 100.5 120.4 112.9 99.9 110.5 101.3 97.1 98.2 QII 112.8 115.8 109.9 101.1 114.6 117.7 103.4 107.2 123.3 99.8 119.5 98.5 103.5 103.4 QIII 116.8 117.0 116.6 131.6 120.9 114.2 106.8 107.7 123.3 99.9 129.7 95.5 114.9 110.0 QIV 116.7 116.2 117.2 120.4 121.4 120.2 110.8 108.6 123.3 100.5 130.5 93.5 111.4 118.4 2018/19 QI 120.7 124.2 117.4 115.0 124.5 117.8 116.7 109.1 118.8 100.5 132.5 101.9 117.2 118.8 QII 121.1 124.3 118.0 105.4 121.8 116.1 143.9 93.2 124.8 101.6 174.1 110.8 120.1 118.4 QIII 124.2 126.1 122.4 93.6 123.1 134.9 152.0 91.8 123.3 104.0 176.0 115.0 117.5 123.0 QIV 131.7 136.2 127.4 95.7 132.5 139.3 153.7 94.9 130.9 104.5 177.8 115.0 126.1 127.4 2019/20 QI 140.5 151.7 129.6 95.3 134.9 130.6 153.0 102.9 170.3 103.4 164.8 114.8 145.6 141.0 QII 134.9 142.0 128.1 97.7 131.2 135.2 154.0 96.9 149.2 103.6 172.8 114.5 134.2 132.6 QIII 151.1 158.7 143.8 116.7 154.4 135.7 165.2 109.7 218.4 103.6 192.1 118.7 165.5 148.0 QIV 158.7 174.6 143.2 134.0 156.7 125.6 169.5 101.2 222.3 104.6 192.7 127.2 153.7 150.3 2020/21 QI 170.8 179.9 162.0 159.3 168.1 152.7 170.6 106.4 322.8 104.6 189.5 141.0 165.7 150.7 QII 169.1 186.3 152.3 143.3 171.7 134.4 173.3 123.9 203.4 104.6 213.4 119.6 167.4 156.5 QIII 174.3 195.6 153.6 139.4 171.8 136.4 176.6 136.3 203.4 104.6 218.6 118.7 168.3 160.6 QIV 191.7 224.9 159.6 133.1 180.5 145.1 186.9 154.1 218.4 104.6 227.8 133.0 170.3 161.9 2021/22 QI 216.5 256.8 177.6 143.3 180.0 188.9 203.2 161.0 218.4 104.6 249.6 156.4 182.1 183.3 QII 223.0 268.3 179.1 156.8 188.8 173.8 214.1 155.7 203.4 104.6 303.9 171.2 191.3 193.7 QIII 233.3 274.4 193.5 172.7 197.0 197.1 228.9 165.1 218.4 104.6 319.7 175.3 196.8 208.5 QIV 268.7 313.4 225.5 193.3 237.8 245.6 276.5 161.8 218.4 104.6 358.9 226.0 212.1 239.4 2022/23 QI 300.1 356.1 245.9 189.2 258.5 253.3 328.6 189.6 256.2 104.6 419.2 240.7 255.4 279.4 QII 317.3 376.4 260.1 176.3 272.2 251.1 373.4 209.5 327.5 104.6 501.3 240.3 265.3 364.7 QIII 342.0 398.4 287.5 209.0 286.9 275.1 415.1 304.4 305.0 104.6 519.9 193.2 291.2 404.5 QIV 378.0 438.2 319.7 226.0 308.8 320.9 448.7 342.9 387.5 104.6 521.5 230.5 321.8 430.0 2023/24 QI 412.0 487.8 338.6 211.4 351.1 324.3 475.0 404.1 436.8 126.3 541.9 282.8 356.9 431.5 QII 434.3 521.0 350.4 208.2 418.2 300.8 491.8 431.3 457.9 152.2 504.5 365.1 363.4 452.6 QIII 460.3 544.5 378.9 281.4 403.1 373.5 516.8 389.4 397.8 158.1 480.4 393.3 375.2 468.0 QIV 451.6 536.8 369.2 301.9 334.2 381.1 499.0 366.4 346.7 110.8 429.8 432.7 422.4 475.5 Source: Ethiopian Statistical Service (ESS) AFAR

National Bank of Ethiopia Quarterly Bulletin 122 Fourth Quarter 2023/24 Table 22 (E2): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2015/16 Q.I 89.7 91.5 87.8 95.8 103.5 79.6 90.1 90.0 94.4 108.7 86.6 100.0 86.5 92.7 Q.II 90.9 92.7 89.0 95.9 101.8 80.6 92.4 89.1 101.4 97.7 94.9 100.0 89.7 93.1 Q.III 92.4 93.0 91.7 99.3 102.2 84.5 94.9 97.3 96.3 98.3 96.2 100.0 92.1 94.1 Q.IV 94.9 95.1 94.5 98.9 103.3 89.1 96.1 94.4 101.9 98.8 93.8 100.0 95.3 95.1 2016/17 QI 99.8 101.3 98.1 97.1 101.4 96.9 97.8 88.7 103.5 98.3 97.6 100.0 99.2 96.4 QIII 101.1 102.3 99.8 99.3 100.0 99.4 99.7 99.8 101.7 99.4 98.5 100.0 100.7 98.1 QII 102.4 105.4 99.0 98.4 101.6 98.7 100.3 104.9 102.9 100.0 98.8 95.2 95.9 100.7 QIV 108.7 110.1 107.2 124.7 103.6 108.4 101.9 133.6 104.0 99.1 123.5 95.5 102.1 99.9 2017/18 QI 119.5 118.2 120.9 135.5 108.2 134.1 106.5 154.5 104.0 95.6 125.2 119.0 111.6 102.9 QII 122.4 119.9 125.2 140.4 115.0 138.9 110.2 119.9 105.1 102.7 127.4 119.0 119.5 105.2 QIII 125.5 122.0 129.4 144.8 119.5 145.7 121.2 150.8 105.4 112.8 133.4 119.0 111.1 112.4 QIV 129.0 127.7 130.5 139.8 127.3 145.8 126.1 131.4 106.3 122.3 138.0 119.0 111.6 115.4 2018/19 QI 134.1 133.9 134.2 141.6 132.6 148.5 127.8 155.4 106.9 128.9 140.9 119.0 114.4 124.2 QII 134.4 132.9 136.2 141.1 138.1 149.2 129.9 171.6 116.1 115.3 142.3 120.6 118.7 119.1 QIII 138.3 136.6 140.2 146.3 141.6 149.7 137.5 196.6 122.8 118.1 142.1 121.6 124.7 120.4 QIV 148.6 149.3 147.8 150.3 148.2 161.8 143.7 175.3 125.5 139.3 141.5 136.5 130.1 125.7 2019/20 QI 157.6 161.4 153.3 147.1 148.4 169.4 144.5 193.2 120.5 137.3 144.1 134.7 142.7 127.9 QII 159.7 161.0 158.3 155.1 150.0 176.1 146.8 200.8 123.1 126.3 148.9 138.8 150.3 129.9 QIII 169.7 174.2 164.8 181.6 152.4 180.5 149.5 207.8 148.4 120.4 161.7 126.0 155.8 133.3 QIV 179.0 187.5 169.6 207.9 157.9 180.0 153.4 199.3 190.2 160.6 150.6 142.0 151.5 140.0 2020/21 QI 185.8 200.0 169.8 193.7 159.8 177.8 155.2 222.7 215.2 149.4 140.2 132.7 153.3 150.5 QII 185.9 197.9 172.5 207.2 165.1 182.6 158.3 206.7 143.9 138.8 159.4 138.3 163.6 150.5 QIII 192.0 199.2 184.0 225.7 176.7 188.5 169.5 210.0 146.2 215.0 165.3 144.6 175.0 158.9 QIV 204.2 213.9 193.3 244.6 192.5 185.4 186.7 248.2 164.0 261.2 184.4 153.5 184.0 168.0 2021/22 QI 232.9 255.5 207.6 266.8 204.1 206.5 206.5 257.8 170.6 217.5 195.1 164.4 195.1 174.5 QII 244.2 264.5 221.4 297.2 213.2 219.5 214.7 280.2 193.8 220.8 213.5 164.6 212.0 170.0 QIII 260.6 279.3 239.7 317.5 229.3 236.4 234.6 298.0 192.8 245.7 227.3 187.6 234.5 189.8 QIV 283.1 302.6 261.2 354.1 253.2 240.1 279.6 281.3 192.0 257.3 243.5 207.4 276.0 231.8 2022/23 QI 313.1 344.3 278.1 394.9 275.8 228.9 315.7 307.5 243.9 257.3 272.1 205.7 313.6 269.0 QII 326.0 349.8 299.4 423.0 299.2 238.6 337.9 356.7 270.2 222.5 320.7 281.0 345.6 336.8 QIII 344.9 364.2 323.2 466.0 316.7 268.0 353.2 350.2 276.4 222.5 355.9 260.8 369.9 362.8 QIV 374.4 398.1 347.9 488.9 333.8 299.0 400.7 353.9 267.1 234.8 356.8 275.5 394.7 358.9 2023/24 QI 410.7 442.5 375.1 542.1 341.2 320.4 438.5 398.6 282.7 394.3 333.1 189.1 417.7 340.9 QII 439.4 479 394.7 580.57 347.4 344.84 442.928 414 294.4 417 318.8 320.4 436 366.35 QIII 461.2 509 407.7 621.78 359.1 345.79 461.009 440 339 451 328.3 359 448 374.15 QIV 478.4 527 423.9 613.63 362.5 373.15 464.645 476 404.3 421 306.2 404.4 463 400.93 Source: Ethiopian Statistical Service (ESS) AMHARA

National Bank of Ethiopia Quarterly Bulletin 123 Fourth Quarter 2023/24 Table 22 (E3): Regional States' Consumer Price Indices (Non-Food) Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment & Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2016/17 QI 99.6 100.1 99.0 85.7 100.0 98.9 98.5 149.8 99.6 100.0 98.7 0.0 96.0 100.9 QII 99.8 100.4 99.0 92.2 100.2 99.0 99.6 102.4 106.9 100.0 100.0 33.3 97.6 102.1 QIII 103.3 103.0 101.7 104.4 100.7 102.3 101.2 104.3 103.9 99.8 99.0 100.0 98.1 100.9 QIV 106.5 109.5 103.0 98.3 102.1 102.8 107.9 113.4 104.7 102.1 111.6 99.4 101.6 101.9 2017/18 QI 111.4 117.8 105.4 91.6 96.2 100.7 114.1 98.9 113.9 100.0 161.4 100.0 123.5 103.2 QII 114.8 121.5 108.5 91.4 94.1 99.4 124.0 100.5 118.8 100.0 168.0 100.0 136.3 104.5 QIII 117.6 119.9 115.5 109.9 99.8 102.2 126.8 132.8 122.7 100.0 167.3 100.0 140.8 112.3 QIV 120.7 121.2 120.2 111.3 100.3 103.3 140.9 186.7 120.8 100.0 177.4 100.0 139.9 117.7 2018/19 QI 125.8 129.2 122.6 106.2 102.9 103.6 147.2 189.5 117.7 100.0 174.9 100.0 152.2 119.1 QII 130.0 130.2 129.9 110.3 114.7 101.7 147.5 191.0 119.0 97.8 177.6 100.0 187.4 117.8 QIII 134.8 132.8 136.6 115.1 119.8 103.4 150.0 188.8 121.6 97.8 180.8 112.5 213.6 122.5 QIV 143.4 142.9 143.9 127.9 119.7 110.8 165.9 189.9 127.5 100.0 184.4 104.2 218.8 132.1 2018/19 QI 156.5 164.5 149.1 130.8 134.1 122.3 172.6 196.4 129.1 100.0 200.9 100.0 210.4 135.8 QII 158.9 166.7 151.5 134.6 132.3 123.9 164.8 186.9 132.1 100.0 247.9 125.0 219.6 148.9 QIII 167.2 173.0 161.9 161.4 136.3 131.0 175.2 192.6 132.1 100.0 238.5 125.0 234.1 158.7 QIV 179.9 190.9 169.6 197.1 137.9 128.7 175.7 197.2 140.5 100.0 234.7 125.0 249.5 161.0 2020/21 QI 201.1 222.6 180.8 201.3 147.0 141.5 177.9 195.9 177.9 100.0 236.1 114.6 271.0 169.6 QII 203.4 220.5 187.2 210.7 149.5 153.1 183.1 198.8 132.7 100.0 268.6 125.0 288.0 170.6 QIII 203.7 217.6 190.7 193.5 166.8 188.3 198.5 204.0 139.2 100.0 282.7 125.0 235.4 182.7 QIV 218.6 233.9 204.3 201.8 181.8 172.7 230.5 225.2 140.6 100.0 309.8 125.0 295.6 188.2 2021/22 QI 258.1 289.1 229.0 221.0 201.2 201.4 258.3 239.3 140.6 100.0 311.5 141.7 339.2 205.6 QII 283.6 317.3 252.0 250.7 206.3 236.5 283.8 245.1 144.2 100.0 378.2 154.2 364.3 217.7 QIII 297.0 329.3 266.5 259.7 225.6 251.8 316.1 249.0 151.5 100.0 373.7 141.7 372.6 247.8 QIV 314.8 359.9 272.4 251.3 247.7 230.1 363.8 260.3 192.0 100.0 393.1 150.0 368.6 308.5 2022/23 QI 347.7 405.4 293.5 268.5 263.5 224.6 395.1 269.4 244.2 100.0 467.6 150.0 424.1 349.7 QII 368.0 422.3 316.9 321.0 292.8 235.5 428.6 267.2 255.9 100.0 588.0 170.8 427.4 426.8 QIII 394.5 426.9 364.1 347.8 319.6 247.8 469.3 291.3 266.3 100.0 590.5 158.3 599.4 467.0 QIV 416.8 463.6 372.8 316.2 346.0 225.4 510.1 310.0 279.3 100.0 589.1 150.0 652.9 494.2 2023/24 QI 501.3 584.9 422.7 422.8 395.2 310.5 564.4 356.0 292.1 100.0 615.5 150.0 651.5 459.2 QII 519.0 607.8 435.5 440.1 416.6 318.0 579.8 479.2 334.8 100.0 534.4 166.7 630.7 473.6 QIII 540.3 611.7 473.2 545.9 430.1 307.5 579.8 571.9 380.9 100.0 500.9 200.0 739.2 477.0 QIV 524.5 575.7 476.5 531.9 410.3 301.4 564.7 555.2 380.9 100.0 488.1 200.0 812.3 462.6 Source: Ethiopian Statistical Service (ESS) BENISHANGUL GUMUZ

National Bank of Ethiopia Quarterly Bulletin 124 Fourth Quarter 2023/24 Table 22 (E4): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2016/17 QI 95.9 100.8 92.8 80.4 95.4 96.8 97.2 98.7 100.0 100.0 97.8 100.0 100.6 97.8 QII 99.8 101.5 98.7 95.2 100.8 98.3 99.9 98.6 100.0 100.0 98.6 100.0 103.0 100.6 QIII 103.4 101.5 104.8 121.4 106.5 101.9 100.1 99.4 100.1 100.0 102.6 99.8 101.6 100.6 QIV 102.8 103.3 102.4 98.5 106.9 106.3 99.4 93.8 95.1 100.0 106.0 101.6 104.0 103.6 2017/18 QI 104.8 105.8 104.1 104.1 97.1 117.2 106.3 103.2 97.6 95.3 100.0 106.8 103.1 105.5 QII 110.0 111.5 109.0 123.9 123.4 104.6 104.5 97.3 95.9 100.0 115.7 103.1 107.3 99.7 QIII 111.0 112.3 110.1 116.3 124.4 105.4 112.9 99.1 98.4 100.0 122.7 103.1 108.0 105.2 QIV 117.5 124.2 112.4 104.4 129.7 108.9 124.1 101.5 100.5 100.0 125.3 103.2 111.3 111.4 2018/19 QI 123.7 133.8 116.2 111.1 130.2 112.1 126.9 104.4 119.4 86.7 124.2 115.8 120.1 114.7 QII 120.0 129.1 113.2 106.5 128.3 114.5 125.2 108.0 107.2 60.2 115.8 112.7 120.2 115.1 QIII 123.4 133.8 115.7 110.6 126.4 117.3 122.9 116.8 115.5 60.2 136.6 122.4 123.6 118.2 QIV 132.9 150.3 120.0 111.0 133.0 123.2 132.0 118.4 111.1 60.2 133.3 124.5 128.4 125.1 2019/20 119.8 QI 140.3 162.6 123.7 104.7 142.0 129.9 138.7 120.4 114.8 60.2 127.9 146.9 133.3 126.1 QII 147.6 169.9 131.0 126.4 154.5 132.5 146.6 133.2 113.6 60.2 128.9 152.5 127.8 134.9 QIII 150.6 167.3 138.2 153.1 164.7 140.3 148.4 139.1 108.5 60.2 129.5 148.7 125.4 135.2 QIV 164.4 187.4 147.2 165.0 167.3 137.9 153.6 137.2 201.8 60.2 129.2 145.4 141.8 135.0 2020/21 QI 181.8 216.5 155.9 166.4 166.0 143.3 157.7 147.1 295.0 60.2 131.9 149.7 151.8 136.4 QII 172.5 204.1 149.0 157.8 154.7 143.2 153.4 168.9 211.2 60.2 142.4 166.0 160.2 135.6 QIII 178.7 215.4 151.3 170.5 160.2 143.1 166.0 176.7 168.6 60.2 151.6 155.3 167.9 131.5 QIV 189.0 233.7 155.6 162.4 168.3 147.0 182.1 166.0 168.6 60.2 186.8 165.8 171.8 138.4 2021/22 QI 217.7 279.7 171.5 190.4 185.7 158.6 196.3 239.2 173.3 60.2 197.4 187.4 185.4 150.8 QII 233.0 295.8 186.1 212.8 209.9 172.9 207.3 251.9 182.1 60.2 203.8 208.8 194.7 163.7 QIII 245.1 294.5 208.2 298.0 215.2 181.6 220.5 243.1 203.5 60.2 203.5 204.9 218.7 181.1 QIV 267.7 323.8 225.8 322.3 224.9 187.9 270.4 249.5 168.6 60.2 203.7 210.1 254.0 217.8 2022/23 QI 303.5 374.9 250.1 335.4 260.7 202.3 301.3 265.0 226.8 60.2 259.8 200.7 286.6 250.2 QII 337.0 402.8 288.0 367.0 372.7 208.2 348.4 249.0 269.3 60.2 322.3 196.3 307.9 318.6 QIII 362.2 426.0 314.6 406.8 420.7 207.3 382.0 262.4 338.0 60.2 316.3 196.5 325.3 368.3 QIV 392.4 478.8 327.8 425.7 438.7 215.0 404.1 286.0 285.0 60.2 339.3 206.2 348.7 407.7 2023/24 QI 413.2 508.8 341.9 436.9 399.4 227.7 426.3 308.0 355.8 60.2 389.9 227.1 385.7 437.3 QII 423.84 532.602 342.69 407 409 210.2 435.854 314.5 387 60.24 373.1 257.2 440.4 446.9 QIII 441.25 556.25 355.45 430 426 217.8 446.049 336.6 399.5 60.24 388.7 281.4 468.7 445 QIV 462.22 594.641 363.42 445 442 221.1 443.047 347.6 399.5 60.24 408 282.5 513.8 436.7 Source: Ethiopian Statistical Service(ESS) DIRE DAWA

National Bank of Ethiopia Quarterly Bulletin 125 Fourth Quarter 2023/24 Table 22 (E5): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2016/17 QI 99.9 101.1 97.8 108.9 96.9 98.9 97.4 90.1 95.5 100.0 92.6 0.0 94.3 92.3 QII 99.7 99.5 100.1 110.9 98.1 101.0 98.8 94.4 99.8 100.0 97.6 33.3 97.3 95.5 QIII 101.2 102.2 100.1 108.2 100.6 100.3 95.7 95.3 100.1 100.0 84.9 100.0 98.7 97.3 QIV 103.8 106.5 100.8 114.7 99.8 100.7 99.3 85.0 100.4 100.0 111.9 100.0 98.3 94.2 2017/18 QI 107.7 111.7 103.0 122.0 111.6 101.4 101.9 81.5 101.0 100.4 116.3 100.0 99.7 96.1 QII 108.1 109.3 106.6 129.7 115.3 103.7 113.4 74.3 102.9 100.4 124.6 100.0 103.6 97.8 QIII 108.7 110.1 107.0 132.4 124.4 95.3 120.8 86.4 125.1 100.3 126.0 100.0 115.9 98.6 QIV 116.5 120.6 111.8 134.7 128.1 95.4 125.7 96.4 134.4 115.8 128.8 100.0 140.1 101.7 2018/19 QI 122.5 127.8 116.3 129.2 131.2 104.9 127.9 95.9 134.5 115.2 130.1 100.0 142.6 103.1 QII 119.6 125.0 113.4 134.0 133.5 96.9 131.8 90.1 134.4 109.8 127.0 103.6 143.5 104.8 QIII 121.6 129.1 113.0 144.8 130.8 93.1 137.9 89.4 136.0 97.9 122.9 117.1 146.0 106.1 QIV 129.0 137.3 119.6 151.8 134.2 102.8 138.6 110.2 136.1 95.8 125.9 107.0 148.7 110.3 2019/20 QI 138.9 149.2 127.1 155.7 144.4 109.9 143.2 130.9 149.8 98.2 131.0 143.3 157.4 116.3 QII 139.8 147.6 130.7 153.5 152.8 118.6 145.5 105.2 130.9 105.4 149.7 158.9 165.6 111.8 QIII 149.0 159.3 137.2 190.5 153.0 124.0 140.0 89.3 151.3 121.7 152.2 163.0 160.4 116.6 QIV 165.7 181.3 147.8 250.2 159.3 132.4 151.9 94.0 148.7 120.0 144.8 145.2 150.6 118.6 2020/21 QI 173.7 192.1 152.5 269.9 157.7 135.2 150.2 111.3 175.6 115.2 146.0 146.1 152.9 112.0 QII 173.6 190.6 154.1 265.4 164.6 134.5 151.6 117.9 180.2 118.8 191.2 160.9 161.5 116.6 QIII 184.6 203.3 163.0 283.9 169.5 139.3 163.3 128.4 195.1 124.9 217.1 167.9 178.4 123.5 QIV 193.4 217.9 165.1 280.3 187.8 131.6 194.9 140.4 200.9 131.0 217.0 184.4 182.0 128.2 2021/22 QI 220.2 260.9 173.3 270.4 219.3 137.0 219.5 147.3 209.6 137.0 227.7 202.0 185.8 145.2 QII 229.6 262.4 191.8 291.8 266.9 156.2 231.0 164.2 202.2 128.3 323.6 237.8 196.3 185.3 QIII 250.8 294.7 200.3 292.2 312.1 156.5 264.0 151.6 200.9 157.4 317.3 245.5 205.4 196.0 QIV 275.5 319.7 224.6 313.8 317.1 177.1 307.6 184.4 238.0 198.8 348.7 248.9 228.5 212.1 2022/23 QI 305.3 357.2 245.7 357.0 332.7 180.7 326.9 237.1 238.6 242.4 478.7 227.5 303.9 239.6 QII 316.1 367.1 257.5 370.2 355.4 183.5 335.2 216.2 259.0 235.2 604.7 234.8 344.3 294.7 QIII 335.9 391.2 272.3 400.3 363.6 191.7 378.0 230.4 249.4 244.9 574.7 229.3 347.3 347.7 QIV 357.7 424.9 280.4 447.9 382.8 178.4 400.0 264.6 280.4 262.7 560.0 229.3 371.1 359.6 2023/24 QI 379.4 462.1 284.2 466.6 391.9 169.2 425.8 275.3 258.3 283.0 585.4 252.3 390.9 378.1 QII 396.4 476.6 304.3 510.7 452.9 172.9 455.1 279.1 287.2 363.6 542.7 286.4 399.0 410.6 QIII 422.0 508.3 322.8 552.0 456.9 194.2 488.3 275.1 306.9 325.3 514.8 304.0 402.2 438.9 QIV 429.5 504.9 342.8 580.4 434.4 231.4 520.0 269.6 318.3 253.8 491.0 292.8 427.6 409.5 Source: Ethiopian Statistical Service(ESS) GAMBELLA

National Bank of Ethiopia Quarterly Bulletin 126 Fourth Quarter 2023/24 Table 22 (E6): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2016/17 QI 97.8 102.3 93.1 84.4 99.0 100.0 97.5 116.5 100.0 100.0 99.7 100.0 99.2 99.2 QIII 97.4 100.7 93.9 85.8 102.3 99.9 98.8 104.3 100.0 100.0 99.5 100.0 97.6 100.6 QII 103.6 100.0 106.1 119.7 98.3 105.1 99.3 101.8 100.0 100.0 99.5 101.0 102.9 101.7 QIV 102.5 107.5 99.0 94.7 104.3 95.5 103.4 99.7 100.0 100.0 107.5 101.2 101.5 99.9 2017/18 QI 103.5 110.8 98.4 86.3 107.9 96.4 102.9 106.7 100.0 100.0 111.6 102.2 104.4 100.5 QII 105.1 110.6 101.3 91.6 111.3 94.0 110.1 106.4 102.3 100.0 111.3 115.5 108.1 104.4 QIII 112.7 110.1 114.4 131.7 115.5 99.6 116.0 111.7 111.7 100.0 113.5 119.2 113.2 106.5 QIV 114.6 116.0 113.6 120.1 115.3 101.4 122.2 111.3 111.7 100.0 114.6 120.3 117.6 113.3 2018/19 QI 116.0 123.5 110.8 93.8 121.4 107.3 128.6 110.9 111.6 100.0 110.4 135.6 121.7 116.9 QII 117.4 123.7 113.1 96.1 123.5 108.5 127.4 112.5 117.9 100.0 112.6 151.8 125.0 120.2 QIII 122.4 125.9 119.9 115.8 128.4 114.4 129.2 110.1 135.1 100.0 111.2 152.3 121.2 127.6 QIV 129.8 138.8 123.6 117.8 127.9 113.1 136.4 118.7 139.8 100.0 118.8 151.5 133.6 135.0 2019/20 QI 142.3 153.9 134.3 133.3 136.8 129.3 133.4 123.9 150.0 100.0 121.8 149.3 147.7 133.5 QII 145.9 160.0 136.0 106.0 136.3 155.8 132.2 139.7 150.0 100.0 138.3 137.6 161.6 133.6 QIII 151.8 159.2 146.6 128.9 140.7 166.1 134.0 144.9 156.0 100.0 143.8 139.8 170.7 139.8 QIV 162.0 173.0 154.4 140.7 141.6 156.6 142.3 150.3 320.1 100.0 142.9 130.3 171.6 144.7 2020/21 QI 178.4 189.7 170.5 175.1 143.0 172.2 151.8 156.8 423.3 100.0 129.9 129.3 170.4 157.7 QII 179.7 192.4 170.8 176.1 138.0 190.2 154.7 160.5 258.7 100.0 136.2 155.4 178.9 167.9 QIII 182.2 193.2 174.6 176.3 144.9 203.6 154.9 173.2 225.3 100.0 140.8 151.8 182.0 178.2 QIV 194.2 214.3 180.0 180.6 166.0 195.0 173.1 186.1 240.4 100.0 148.0 159.1 186.7 182.9 2021/22 QI 215.3 249.1 191.7 182.7 174.8 201.8 189.1 213.2 240.3 100.0 147.8 168.2 220.8 202.3 QII 245.3 276.6 223.4 278.0 188.2 208.4 202.8 225.9 247.2 100.0 184.3 200.8 234.9 220.5 QIII 261.8 283.4 246.6 348.5 205.7 203.5 227.4 251.9 256.3 100.0 187.2 197.6 243.8 243.8 QIV 283.8 307.9 267.0 374.1 216.0 204.5 259.5 265.4 279.0 100.0 193.4 203.5 283.8 296.4 2022/23 QI 306.3 348.6 276.7 322.0 228.4 214.2 293.4 306.2 353.1 100.0 220.3 201.3 345.0 330.3 QII 316.5 362.1 284.5 279.6 257.0 224.7 313.9 346.0 375.6 100.0 255.4 201.0 382.7 368.3 QIII 348.8 381.4 326.0 391.8 272.5 275.8 346.5 376.2 322.2 100.0 309.9 207.3 376.0 385.9 QIV 371.6 426.3 333.3 345.7 296.3 298.6 366.5 379.3 348.7 100.0 464.9 206.6 394.4 423.3 2023/24 QI 388.7 458.3 340.0 299.1 333.0 340.7 389.3 399.8 304.8 100.0 371.4 209.2 420.7 457.6 QII 391 484 326 240 326 338.84 393.6314 415.7 304.8 100 303.4 226.8 431.3 453.3 QIII 417 510 353 320 352 323.86 400.5754 421.6 304.8 100 305 226.6 468.3 467.9 QIV 414 532 331 246 314 294.09 391.4348 422.7 414.5 100 508.3 233.2 462.2 461.5 Source: Ethiopian Statistical Service (ESS) HARARI

National Bank of Ethiopia Quarterly Bulletin 127 Fourth Quarter 2023/24 Table 22 (E7): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2016/17 QI 101.9 104.9 98.5 85.5 99.0 102.5 99.8 94.7 98.8 100.0 96.1 100.0 96.7 99.9 QII 100.8 101.8 99.7 95.9 100.0 101.2 99.8 99.1 99.6 100.0 100.2 100.0 98.5 99.4 QIII 102.3 101.6 103.2 104.1 102.0 105.3 101.2 106.5 100.6 99.4 99.4 101.4 100.7 101.3 QIV 105.6 108.8 101.4 93.4 104.0 99.7 108.5 112.8 102.8 99.0 109.5 105.1 101.3 101.6 2017/18 QI 110.0 112.9 106.1 96.9 130.6 105.3 110.7 67.7 106.3 99.3 110.4 115.8 101.2 101.2 QII 114.2 116.2 111.6 99.0 133.8 115.7 116.4 69.5 111.3 100.2 112.6 114.5 102.8 101.9 QIII 116.4 116.6 116.2 106.6 143.8 117.3 122.8 70.6 115.1 102.5 115.5 119.1 108.0 105.8 QIV 121.1 120.3 122.1 100.0 157.0 126.3 129.1 71.8 115.9 101.3 117.4 120.0 115.5 111.9 2018/19 QI 125.1 123.7 126.9 103.4 164.8 130.4 135.8 75.0 119.4 102.6 119.2 130.2 122.6 114.9 QII 125.8 124.5 127.6 106.6 164.8 128.9 137.2 75.3 126.0 102.8 120.9 132.6 125.2 115.9 QIII 130.1 128.0 132.7 119.2 175.0 130.9 143.0 77.9 142.9 102.1 123.2 133.5 120.5 120.9 QIV 138.4 143.1 132.5 117.1 171.8 127.6 147.6 81.4 146.0 103.6 123.7 137.1 124.0 130.1 2018/19 QI 146.1 152.2 138.1 117.2 180.0 135.3 153.0 85.4 148.7 102.9 122.4 141.2 131.9 134.0 QII 148.8 154.8 141.1 125.3 183.0 136.7 152.0 93.5 149.9 101.8 137.6 133.3 138.0 138.1 QIII 154.6 160.7 146.7 127.6 178.9 149.4 153.0 95.6 159.0 100.7 134.0 136.4 142.4 144.6 QIV 165.5 175.5 152.7 147.7 190.3 140.8 156.4 124.8 211.0 102.3 131.4 139.6 148.1 148.3 2020/21 QI 173.8 187.6 156.2 145.1 190.6 144.4 159.0 121.8 244.2 101.3 137.4 147.8 151.6 152.5 QII 175.2 189.3 157.0 149.8 201.0 144.1 158.2 141.8 190.4 100.6 151.6 144.5 159.5 159.0 QIII 186.9 198.5 172.0 159.3 210.9 163.5 175.4 165.3 220.5 101.9 167.0 146.0 166.2 168.2 QIV 202.6 221.1 178.9 164.2 226.9 152.7 204.8 184.2 255.0 104.1 180.3 157.8 174.2 195.0 2021/22 QI 234.8 264.2 197.1 184.1 244.7 176.9 229.3 206.9 246.8 106.4 197.5 173.3 184.9 204.5 QII 243.8 271.6 208.2 206.2 259.0 185.8 236.1 219.7 249.0 108.6 231.8 179.0 198.8 211.4 QIII 257.1 287.3 218.4 213.6 248.0 200.7 262.8 233.1 255.3 110.3 255.6 183.3 211.0 223.2 QIV 284.2 319.9 238.3 214.3 277.3 214.8 311.0 257.5 255.8 114.2 275.0 193.9 236.7 267.0 2022/23 QI 315.5 355.4 264.2 218.3 336.2 233.8 346.1 255.5 292.4 121.6 299.1 207.3 262.0 310.6 QII 329.6 364.0 285.6 241.7 333.7 264.1 382.5 250.1 302.9 118.8 373.1 225.9 286.5 338.5 QIII 343.4 377.4 299.7 268.3 350.0 267.7 417.0 289.4 286.7 120.1 377.5 232.7 305.0 363.9 QIV 373.6 415.9 319.3 280.2 375.9 281.0 442.2 357.5 293.0 126.5 369.8 236.2 334.1 392.1 2023/24 QI 400.2 450.1 336.1 300.0 366.7 309.1 451.4 404.7 300.9 127.9 360.0 242.6 352.9 408.1 QII 422.8 470.8 361.3 313.6 391.5 345.0 464.8 422.1 330.4 129.5 318.5 283.8 383.2 429.5 QIII 446.6 502.1 375.3 340.9 400.6 352.3 478.3 439.9 357.5 130.9 326.3 288.1 408.9 447.2 QIV 456.8 522.9 371.9 379.5 362.6 332.4 493.6 448.8 336.7 137.7 328.5 285.1 433.8 463.6 Source: Ethiopian Statistical Service (ESS) OROMIA

National Bank of Ethiopia Quarterly Bulletin 128 Fourth Quarter 2023/24 Table 22 (E8): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2016/17 QI 99.2 97.6 100.6 97.1 96.5 105.9 99.7 92.5 85.3 99.5 98.0 100.0 96.4 98.9 QII 99.1 98.7 99.5 99.2 97.5 100.7 101.2 96.3 93.9 100.0 100.2 100.0 98.2 99.3 QIII 102.1 105.8 97.9 101.2 104.1 101.7 111.2 100.0 99.5 108.3 100.7 101.0 QIV 110.2 114.7 104.3 98.2 101.0 102.8 118.1 104.5 105.7 100.2 115.5 103.4 103.4 103.6 2017/18 QI 113.9 119.3 107.0 102.6 105.5 105.5 121.9 103.3 106.8 99.9 119.1 109.6 107.0 104.8 QII 115.6 118.8 111.6 104.7 108.9 113.2 124.0 109.3 107.3 100.0 115.6 111.9 111.0 106.2 QIII 118.2 118.6 117.8 111.9 114.6 118.7 130.2 113.5 110.6 100.5 119.2 115.9 124.8 114.0 QIV 123.4 125.5 120.5 114.5 119.8 118.4 139.1 119.0 114.2 100.6 122.7 113.8 131.8 118.8 2018/19 QI 126.7 129.5 123.2 116.4 122.7 120.9 143.5 116.1 115.6 89.0 125.5 119.5 134.3 121.8 QII 126.0 128.5 122.8 121.0 126.6 116.3 145.0 119.8 116.2 65.0 128.1 131.3 137.6 124.9 QIII 128.3 129.0 127.4 128.5 130.0 119.3 149.3 122.8 119.7 67.5 130.0 130.5 141.3 129.3 QIV 137.0 141.5 131.1 130.4 130.6 123.5 152.0 122.2 126.9 68.5 132.6 135.8 147.5 135.6 2018/19 QI 146.3 153.2 137.4 130.7 128.4 131.7 155.0 125.1 134.3 73.2 136.9 139.9 155.9 140.3 QII 154.0 158.9 147.7 130.5 124.1 154.3 157.6 128.2 140.6 70.6 149.3 137.0 163.3 144.2 QIII 161.7 162.8 160.3 134.7 127.5 181.1 159.8 129.4 141.6 69.0 148.2 135.0 167.7 149.8 QIV 179.2 183.1 174.3 169.6 131.1 198.4 160.5 133.1 177.3 69.7 151.3 134.5 173.7 154.8 2020/21 QI 189.9 196.2 181.8 172.0 134.9 207.4 164.0 136.0 205.3 70.4 150.5 128.6 179.4 156.6 QII 193.7 202.3 182.7 172.9 138.9 210.8 164.8 140.9 171.8 70.5 165.7 144.3 185.4 162.0 QIII 207.1 211.6 201.2 183.4 147.5 229.1 180.2 146.5 252.8 72.1 179.7 148.6 193.9 173.3 QIV 231.9 246.9 212.4 195.5 159.2 239.5 211.2 165.8 221.2 73.5 196.5 147.6 214.1 186.3 2021/22 QI 259.9 291.3 219.2 208.9 170.9 237.5 232.9 176.4 226.1 73.3 209.1 156.1 238.1 201.3 QII 266.8 296.5 228.4 218.6 178.7 248.0 250.3 202.2 209.4 72.1 263.5 172.6 250.4 209.8 QIII 278.8 308.8 239.9 230.9 191.9 257.2 274.6 202.0 214.4 71.9 282.6 177.3 260.9 235.8 QIV 304.6 344.9 252.4 248.4 206.6 253.5 326.8 212.7 230.2 71.1 302.0 181.3 290.6 276.5 2022/23 QI 336.3 380.3 279.4 266.8 226.9 280.4 369.2 234.3 273.8 71.1 336.5 195.2 319.8 307.9 QII 356.2 394.8 306.3 283.0 249.0 313.2 407.2 246.1 279.0 70.4 457.8 208.1 333.2 353.2 QIII 372.6 411.5 322.3 306.9 268.6 323.4 433.4 269.0 289.1 70.7 444.0 205.3 364.6 378.7 QIV 404.0 448.3 346.7 327.5 292.9 345.2 468.3 269.3 321.3 75.2 435.8 210.9 400.3 397.5 2023/24 QI 423.1 460.8 374.5 361.2 309.0 368.6 510.3 313.2 327.5 80.7 436.5 233.5 459.4 415.8 QII 438.6 470.8 397.1 378.9 326.7 398.0 526.0 296.6 341.0 84.7 394.4 240.5 478.1 437.7 QIII 450.9 482 410.3 407 341.1 408.07 532.41 324.5 359.5 84.67 404.7 235.4 503.7 452.9 QIV 478.9 519 426.5 439 359.5 418.34 540.992 388.5 367.9 86.1 407.5 258.4 539.8 466.1 Source: Ethiopian Statistical Service (ESS) SNNPR

National Bank of Ethiopia Quarterly Bulletin 129 Fourth Quarter 2023/24 Table 22 (E9): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2016/17 Qtr.I 92.3 95.1 89.6 88.57 102.3 82.4 98.9 107.4 100.0 100.0 82.1 100.0 94.7 95.7 Qtr. II 96.7 99.5 94.0 94.32 100.9 88.8 101.4 101.5 100.0 98.1 99.6 Qtr. III 102.7 102.8 102.5 109.02 100.1 100.1 101.4 99.5 104.3 100.1 100.0 97.1 100.2 94.5 Qtr. IV 101.6 104.7 98.1 89.46 103.0 99.1 105.2 107.4 112.5 100.1 140.3 109.2 104.1 97.0 2017/18 Qtr.I 104.8 106.9 102.5 101.79 109.4 97.5 110.1 114.0 113.2 100.0 129.6 107.4 114.2 98.2 Qtr. II 111.8 113.9 109.5 123.39 113.2 98.5 108.3 120.4 113.4 100.6 137.8 125.4 104.2 105.6 Qtr. III 112.5 114.4 110.5 124.6 112.1 98.5 112.4 118.3 113.3 100.6 153.0 133.0 116.4 109.2 Qtr. IV 112.5 119.7 104.5 92.4 123.4 97.9 122.2 142.0 114.1 100.6 154.3 125.9 119.7 122.2 2018/19 Qtr.I 120.6 129.0 111.4 105.4 128.1 101.6 130.9 145.6 112.7 102.3 154.6 129.3 129.0 128.4 Qtr. II 119.9 128.6 110.2 95.6 149.4 98.6 125.4 155.1 122.6 101.9 156.9 133.0 132.8 124.2 Qtr. III 123.3 131.9 113.8 103.7 149.1 100.8 126.9 143.8 142.0 103.1 157.3 134.2 131.2 126.2 Qtr. IV 133.2 140.6 125.0 123.4 152.3 107.0 151.6 145.7 143.3 103.8 158.0 139.6 134.3 148.9 2018/19 Qtr.I 145.3 155.1 134.4 133.3 161.4 122.2 137.5 133.2 177.3 103.2 162.6 158.6 144.1 152.4 Qtr.II 150.4 162.3 137.1 131.3 168.5 127.9 133.2 146.3 178.6 103.0 187.6 191.6 155.7 151.3 Qtr.III 148.6 158.7 137.5 119.2 176.8 134.7 132.3 133.1 184.2 102.8 200.5 201.3 158.5 154.7 Qtr.IV 153.8 161.5 145.1 151.7 179.0 128.4 133.9 131.4 209.2 102.8 193.7 203.7 157.3 154.2 2020/21 Qtr.I 157.1 166.3 146.9 132.9 196.9 133.6 135.7 137.3 281.7 103.1 197.6 187.6 166.7 168.0 Qtr.II 161.3 167.5 154.4 161.3 184.2 135.8 143.4 141.7 243.6 103.0 213.1 210.9 181.3 176.8 Qtr.III 172.0 183.3 159.5 158.4 182.4 146.6 163.1 156.2 245.9 103.5 227.0 212.2 178.1 182.1 Qtr.IV 191.9 206.8 175.4 161.0 195.2 179.9 173.8 154.8 243.5 103.8 225.2 200.9 181.4 193.0 2021/22 Qtr.I 210.0 235.9 181.4 183.7 216.3 158.7 206.3 165.4 259.0 104.4 260.3 217.0 199.8 214.1 Qtr.II 223.3 257.4 185.5 175.4 218.3 171.2 218.6 183.9 252.5 104.7 296.4 261.8 201.9 218.1 Qtr.III 235.2 260.8 206.9 240.9 230.9 168.7 232.6 190.4 272.0 104.5 327.1 259.2 194.5 238.3 Qtr.IV 257.7 287.2 225.0 295.6 264.2 144.4 270.8 210.8 337.6 108.5 362.1 267.1 216.8 278.6 2022/23 Qtr.I 289.7 333.1 241.7 300.3 296.7 146.1 324.9 238.2 449.4 112.1 463.7 300.4 235.5 329.1 Qtr.II 324.1 352.5 292.6 364.1 425.3 164.5 393.3 245.5 459.1 114.5 566.4 365.6 259.2 379.1 Qtr.III 337.0 363.0 308.2 368.4 472.0 180.7 415.0 243.5 421.4 115.0 594.2 386.9 267.3 403.0 Qtr.IV 347.9 380.9 311.5 356.7 514.6 173.6 434.7 249.4 427.0 116.0 602.9 397.7 279.6 433.6 2023/24 QI 374.4 408.4 336.8 379.3 520.2 211.3 473.5 274.9 442.2 115.0 646.4 421.9 303.5 430.3 QII 399.5 455.13 337.88 392.38 443.79 221.5 476.5461 295.98 537.5 116.04 653.62 423.7 332.1 446 QIII 411.3 471.91 344.09 419.32 464.44 194.7 507.3468 373.64 566.1 116.28 585.16 491.5 378.2 467 QIV 410.6 476.41 337.73 383.7 474.92 191.4 536.898 446.86 530.8 116.24 567.94 507.6 393.2 480 Source: Ethiopian Statistical Service (ESS) SOMALI

National Bank of Ethiopia Quarterly Bulletin 130 Fourth Quarter 2023/24 Table 22 (E10): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2015/16 Q.I 83.6 92.0 77.2 93.8 92.5 60.5 78.6 84.9 102.3 97.5 71.5 94.5 94.2 97.8 Q.II 86.9 96.4 78.0 98.8 93.3 60.9 79.4 89.0 101.9 98.9 74.2 95.9 95.0 96.3 QIII 89.7 96.4 84.6 102.6 94.0 74.8 81.8 87.6 101.3 100.9 76.9 97.1 95.0 95.4 QIV 94.8 98.9 91.7 99.1 95.6 90.4 81.3 100.3 101.4 100.1 76.0 98.5 94.9 98.1 2016/17 QI 97.5 105.3 91.6 100.1 98.5 89.4 82.6 98.2 100.4 100.0 77.3 99.5 92.7 97.6 QII 100.1 103.3 97.7 98.9 99.3 99.8 90.3 101.4 99.7 100.1 91.3 100.0 93.8 98.9 QIII 100.2 101.1 99.4 103.4 97.7 102.7 97.2 101.6 102.0 100.0 95.8 100.0 93.5 101.1 QIV 102.5 104.8 100.5 94.6 92.8 103.1 102.5 106.5 102.8 100.0 84.0 83.3 99.8 105.1 2017/18 QI 110.9 111.5 110.3 103.7 100.6 119.1 101.0 107.8 106.1 100.0 83.3 61.6 115.6 104.3 QII 110.6 115.0 106.9 108.0 101.7 103.8 104.3 106.6 108.9 100.0 82.2 87.6 119.7 107.4 QIII 113.8 119.2 109.2 104.9 105.5 107.6 111.5 105.8 109.6 100.0 82.8 86.9 119.5 108.3 QIV 120.6 126.2 115.8 111.7 114.7 113.7 117.3 111.8 113.2 100.0 87.1 120.9 126.8 116.7 2018/19 QI 127.8 135.7 121.1 122.0 115.0 122.3 120.5 132.8 112.9 100.0 87.6 73.4 132.1 119.2 QII 134.4 144.7 125.6 119.9 120.7 127.5 126.3 130.1 110.7 100.0 92.6 117.2 139.9 120.2 QIII 137.4 145.5 130.5 122.3 127.8 131.3 128.1 137.5 115.3 100.0 96.2 132.1 149.4 123.7 QIV 146.4 155.9 138.3 132.3 130.3 147.1 132.2 131.9 110.0 100.0 96.6 115.4 154.9 131.0 2019/20 QI 157.7 171.6 145.9 143.5 138.1 152.9 137.7 132.1 106.6 100.0 103.5 103.6 172.5 136.8 QII 164.1 175.1 154.8 145.6 150.5 165.6 145.3 155.2 120.3 100.0 117.1 133.0 172.9 145.4 QIII 170.3 181.4 160.9 166.0 149.8 175.8 152.2 161.6 115.6 100.0 117.1 127.2 174.3 156.1 QIV 186.3 205.5 170.2 194.2 156.7 182.7 156.0 169.4 137.0 100.0 121.5 119.9 189.7 158.5 2020/21 QI 200.4 228.2 176.8 200.5 152.7 186.7 156.9 169.7 141.0 100.0 122.5 127.8 212.5 167.9 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIV 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 2021/22 QI 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIV 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 2022/23 QI 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIV 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 2023/24 QI 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIV 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 Source: Ethiopian Statistical Service (ESS) TIGRAY

National Bank of Ethiopia Quarterly Bulletin 131 Fourth Quarter 2023/24 Table 22 (F1): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non￾alcoholic Beverages Bread & Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2015/16 Q.I 103.7 92.3 86.8 87.9 99.4 98.2 103.6 86.7 296.9 97.7 Q.II 101.8 94.6 80.8 88.4 92.4 96.9 110.3 81.2 244.1 96.2 Q.III 99.6 98.7 85.5 93.8 86.4 102.5 104.2 84.9 159.5 96.6 Q.IV 101.6 95.6 96.3 101.0 88.9 100.9 118.8 86.3 142.8 96.3 2016/17 QI 104.0 99.0 97.9 97.1 93.4 100.7 135.7 85.1 137.8 97.7 QII 103.8 101.3 98.7 100.0 106.6 95.7 100.5 110.3 92.8 115.4 102.4 QIII 102.3 100.4 99.6 102.6 102.5 103.3 101.6 105.5 100.8 112.0 103.0 QIV 105.2 102.1 101.8 103.3 100.9 114.9 100.6 114.0 102.3 136.6 102.3 2017/18 QI 109.8 111.3 103.7 109.6 101.4 115.8 102.8 120.5 102.9 137.9 104.6 QII 115.8 119.6 118.4 116.3 103.4 107.1 105.8 126.4 115.2 139.3 112.7 QIII 117.0 120.5 127.9 137.4 104.5 113.5 109.2 117.8 125.4 141.4 112.9 QIV 116.2 121.3 139.0 157.3 105.5 98.1 113.8 116.3 97.3 141.0 116.5 2018/19 QI 124.2 134.6 140.1 156.7 105.7 105.7 123.1 148.0 81.3 129.2 119.2 QII 124.3 135.6 156.3 160.9 111.7 103.0 119.1 138.5 81.1 101.5 116.5 QIII 126.1 138.6 163.2 163.4 114.0 101.6 116.4 137.8 92.0 92.5 112.5 QIV 136.2 150.3 176.2 165.3 119.5 90.2 120.6 165.4 103.7 95.2 118.7 2019/20 QI 151.7 167.5 192.0 171.2 121.3 164.1 128.5 188.5 117.4 101.4 123.6 QII 159.8 179.7 197.0 183.7 129.1 168.3 128.4 199.1 113.3 100.3 127.6 QIII 158.7 180.3 210.5 178.2 121.2 161.1 138.1 189.9 115.7 100.2 137.1 QIV 174.6 200.4 209.9 188.5 127.9 172.6 140.5 214.7 144.4 140.6 146.7 2020/21 QI 179.9 188.1 210.0 195.2 136.9 172.5 141.2 266.7 145.7 182.4 146.9 QII 187.5 202.7 202.2 196.1 160.7 213.7 144.5 224.0 135.3 183.0 155.6 QIII 195.6 216.0 205.3 206.9 180.8 203.4 145.4 205.4 137.6 200.7 160.4 QIV 224.9 243.8 222.3 213.2 231.3 256.6 161.5 212.4 147.2 245.9 171.7 2021/22 QI 256.8 300.4 245.5 252.3 210.3 348.3 159.8 250.0 148.6 349.7 190.0 QII 268.3 312.1 255.9 243.3 208.9 300.2 169.7 304.0 194.0 303.9 219.5 QIII 274.4 308.4 249.9 254.6 239.4 313.4 178.5 271.6 213.2 297.9 254.6 QIV 313.4 323.7 302.3 238.0 277.1 466.1 187.8 357.0 233.9 302.0 282.4 2022/23 QI 356.1 369.2 385.0 263.8 332.8 480.3 229.7 394.3 247.6 322.9 303.2 QII 376.4 393.0 388.9 296.0 371.0 499.0 234.0 383.8 247.6 320.0 337.5 QIII 398.4 418.8 408.3 330.3 389.8 569.0 256.6 336.6 405.7 321.7 348.1 QIV 438.2 456.7 439.6 362.2 421.4 604.8 340.5 450.4 426.5 319.9 355.5 2023/24 QI 487.8 517.0 515.9 378.9 454.1 503.5 378.7 595.7 460.7 374.0 360.7 QII 521.0 599.7 488.9 326.8 471.7 465.6 400.9 617.1 495.3 324.9 370.0 QIII 544.5 660.7 422.6 495.2 481.8 475.1 422.9 614.7 502.0 363.7 384.3 QIV 536.8 663.9 558.8 714.3 476.9 427.1 401.5 520.2 476.2 370.0 362.7 Source: Ethiopian Statistical Service (ESS) AFAR

National Bank of Ethiopia Quarterly Bulletin 132 Fourth Quarter 2023/24 Table 22 (F2): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 2015/16 Q.I 91.5 96.3 84.7 88.7 107.6 84.6 99.5 82.3 77.6 92.5 Q.II 92.7 99.0 85.7 88.9 104.3 89.1 101.6 82.2 77.9 89.6 Q.III 93.0 99.6 87.4 94.0 98.0 92.5 100.7 95.8 79.2 88.2 Q.IV 95.1 99.4 92.6 96.7 101.9 90.5 105.5 102.1 80.2 87.0 2016/17 QI 101.3 104.5 98.7 100.3 100.6 99.0 111.2 98.9 91.2 92.0 QII 102.3 102.3 99.6 100.6 98.9 98.5 102.6 97.0 105.6 99.5 QIII 105.4 101.2 102.1 98.9 103.3 104.5 100.3 104.8 102.7 114.6 100.2 QIV 110.1 108.2 108.9 100.4 112.1 103.0 107.6 102.0 102.6 125.6 98.8 2017/18 QI 118.2 128.1 116.5 101.1 118.5 103.0 128.7 104.0 102.8 128.8 101.7 QII 119.9 125.0 116.0 104.2 127.8 103.8 128.4 113.5 101.9 129.6 105.5 QIII 122.0 133.3 132.0 72.2 128.4 106.1 134.9 103.2 102.7 130.1 106.0 QIV 127.7 143.0 140.4 0.0 136.5 107.7 139.7 109.9 103.4 131.3 107.2 2018/19 QI 133.9 150.4 145.6 0.0 139.5 107.9 135.1 129.0 103.3 128.4 109.2 QII 132.9 149.6 144.4 0.0 143.8 143.8 107.0 135.7 121.2 103.9 132.6 QIII 136.6 153.6 148.7 0.0 143.6 107.8 142.8 128.4 103.7 135.1 108.4 QIV 149.3 169.1 170.1 0.0 152.7 111.3 155.2 144.0 115.3 144.6 108.8 2019/20 QI 161.4 190.2 178.9 0.0 164.5 115.1 179.7 159.9 120.5 149.0 110.4 QII 161.0 199.0 179.9 0.0 166.1 115.2 187.3 142.1 120.8 151.5 110.3 QIII 174.2 199.3 184.9 0.0 170.9 123.7 191.0 151.4 120.3 191.3 119.6 QIV 187.5 213.7 194.7 0.0 181.3 136.8 188.7 158.9 121.2 210.7 133.3 2020/21 QI 200.0 238.1 194.3 0.0 187.6 142.7 188.0 181.9 119.5 208.1 143.3 QII 197.9 245.6 202.5 0.0 192.4 150.7 197.8 159.9 139.0 200.8 150.2 QIII 199.2 252.1 204.8 0.0 198.3 165.8 211.8 157.3 151.8 192.2 158.8 QIV 213.9 275.0 234.5 0.0 214.5 208.7 217.6 157.3 153.3 200.7 164.2 2021/22 QI 255.5 330.4 260.7 0.0 243.5 280.4 246.8 191.7 166.7 241.1 180.1 QII 264.5 321.7 263.5 0.0 252.4 329.1 271.9 199.4 233.5 258.8 203.0 QIII 279.3 331.8 278.4 0.0 266.2 422.7 274.2 191.6 234.6 272.1 245.6 QIV 302.6 359.5 309.1 0.0 313.5 384.7 287.3 222.1 201.2 291.8 283.8 2022/23 QI 344.3 415.3 374.2 0.0 355.0 487.6 349.4 246.3 247.3 315.8 297.9 QII 349.8 421.5 387.8 0.0 369.3 522.2 378.6 228.1 247.1 328.1 310.5 QIII 364.2 463.2 411.5 0.0 386.7 470.2 416.5 232.6 276.8 332.8 313.0 QIV 398.1 522.2 473.9 0.0 414.5 492.2 438.6 267.8 329.2 334.6 318.9 2023/24 QI 442.5 587.6 502.0 0.0 443.7 522.4 466.3 353.2 370.3 340.1 325.4 QII 479.3 660.3 509.7 0.0 455.3 535.5 510.0 403.8 357.4 351.9 330.7 QIII 508.9 707.1 525.0 0.0 464.5 502.6 546.4 430.3 401.0 393.4 333.4 QIV 527.0 714.1 553.5 0.0 497.3 501.2 572.3 405.6 550.4 457.3 349.7 Source: Ethiopian Statistical Service (ESS) AMHARA

National Bank of Ethiopia Quarterly Bulletin 133 Fourth Quarter 2023/24 Table 22 (F3): Regional States' Consumer Price Index (Food) December 2016= 100 Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2015/16 Q.I 99.9 99.3 92.1 92.0 100.4 70.8 104.3 92.3 109.5 84.0 Q.II 99.9 99.2 94.0 83.5 97.1 89.0 106.2 94.6 107.8 80.1 Q.III 94.6 92.7 96.2 84.7 99.3 87.3 99.8 101.3 94.5 80.3 Q.IV 95.9 87.6 99.2 99.6 102.3 83.6 104.8 108.3 98.9 80.1 2016/17 QI 100.1 94.1 102.9 102.7 100.3 95.1 113.5 105.5 93.9 89.3 QII 100.4 100.7 100.2 100.0 102.6 100.5 94.6 99.4 101.0 101.6 100.2 QIII 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 QIV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 117.8 142.8 119.5 106.7 107.4 106.6 90.1 117.7 109.2 87.4 92.1 QII 121.5 148.1 118.9 120.8 106.1 106.9 101.7 116.7 110.6 112.8 95.9 QIII 119.9 132.8 122.4 120.8 107.1 109.4 82.6 115.3 111.6 153.6 95.5 QIV 121.2 139.7 132.8 120.8 108.8 111.8 115.9 105.5 109.5 148.9 98.8 2018/19 QI 129.2 145.6 144.0 119.3 111.7 106.4 109.2 128.3 109.9 132.3 106.8 QII 130.2 148.6 144.2 120.8 114.3 110.1 118.9 129.0 111.4 135.2 100.7 QIII 132.8 150.3 148.0 120.8 115.4 117.4 168.2 126.9 109.4 154.2 99.3 QIV 142.9 152.8 161.0 129.3 117.8 119.6 166.1 156.3 120.6 156.9 100.2 2019/20 QI 164.5 186.6 179.5 138.0 120.3 124.8 126.0 194.2 125.8 160.1 101.3 QII 166.7 201.4 179.2 135.0 123.1 122.9 129.7 183.9 126.2 161.4 104.1 QIII 173.0 204.4 182.3 135.0 123.6 129.3 132.6 183.3 126.5 207.0 115.3 QIV 190.9 216.0 187.0 149.5 127.3 144.7 161.1 208.5 123.0 271.6 127.6 2020/21 QI 222.6 251.8 204.9 152.3 130.8 150.9 143.8 259.4 128.9 347.7 135.7 QII 220.5 261.9 220.9 143.8 122.0 167.3 143.0 220.1 150.5 335.3 153.8 QIII 217.6 248.2 213.4 155.3 113.6 174.3 203.4 214.4 160.3 367.4 153.1 QIV 233.9 261.6 251.3 166.8 122.3 203.1 227.2 213.5 159.1 446.7 154.4 2021/22 QI 289.1 353.3 300.9 178.3 132.2 199.5 187.8 250.2 156.5 589.0 191.3 QII 317.3 371.6 294.9 201.2 140.1 294.4 211.6 300.1 172.2 578.0 212.4 QIII 329.3 392.1 304.3 241.5 153.5 362.2 233.0 282.6 213.4 515.5 258.6 QIV 359.9 411.6 381.7 281.8 185.6 368.8 269.9 327.4 209.9 508.8 291.0 2022/23 QI 405.4 453.4 459.8 293.1 203.0 445.3 264.9 368.2 320.5 524.5 328.1 QII 422.3 489.6 458.0 352.0 198.0 496.6 301.8 365.7 279.6 528.4 349.3 QIII 426.9 504.4 479.0 361.1 227.0 464.5 429.9 369.3 328.1 534.4 321.1 QIV 463.6 551.9 519.4 345.7 246.0 524.9 451.0 405.7 377.1 562.0 326.9 2023/24 QI 584.9 801.9 525.4 483.1 263.1 616.2 435.0 519.7 435.4 650.1 354.7 QII 607.8 857.8 539.8 499.8 271.7 570.6 488.7 570.7 488.7 564.1 359.0 QIII 611.7 779.3 545.8 488.5 475.5 581.4 668.1 631.8 662.5 527.7 354.2 QIV 575.7 710.4 582.7 540.4 716.7 671.6 437.2 478.3 687.6 576.6 342.9 Source: Ethiopian Statistical Service (ESS) BENISHANGUL GUMUZ

National Bank of Ethiopia Quarterly Bulletin 134 Fourth Quarter 2023/24 Table 22 (F4): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2015/16 Q.I 90.4 95.1 89.0 91.9 89.9 94.9 83.7 80.9 76.9 90.4 Q.II 91.2 94.5 88.9 85.1 89.9 97.8 91.2 84.6 77.0 89.5 Q.III 92.4 98.1 91.6 89.7 89.9 103.3 84.9 89.4 78.1 88.6 Q.IV 97.7 98.0 95.5 96.2 90.1 105.0 103.9 100.0 79.0 99.0 2016/17 QI 100.8 102.1 100.2 100.3 96.6 107.3 104.4 100.0 79.7 101.3 QII 101.5 100.4 101.5 100.0 100.7 100.0 99.8 106.2 99.9 99.7 99.7 QIII 101.5 99.8 101.4 101.2 101.9 100.1 106.8 103.9 105.3 103.4 101.6 QIV 103.3 101.9 101.9 104.6 102.6 100.3 108.7 106.8 107.7 103.7 102.9 2017/18 QI 105.8 105.4 106.3 101.0 111.7 102.5 124.6 103.6 109.2 111.0 109.7 QII 111.5 111.4 110.3 125.9 112.1 103.1 128.7 113.4 110.8 114.0 114.0 QIII 112.3 112.6 113.1 134.3 115.0 105.2 143.1 113.6 109.1 105.3 115.3 QIV 124.2 122.4 129.5 130.8 122.6 108.1 133.8 124.1 94.4 187.4 117.2 2018/19 QI 133.8 130.5 135.7 133.3 131.4 109.6 129.5 139.4 95.0 220.2 118.7 QII 129.1 136.0 138.2 131.8 131.0 109.0 140.7 117.4 95.0 188.5 109.4 QIII 133.8 141.6 140.1 134.6 131.5 110.7 158.2 122.5 95.0 192.9 119.5 QIV 150.3 150.5 162.8 150.0 142.4 113.8 162.9 162.9 110.0 198.6 116.4 2019/20 QI 162.6 166.7 177.7 155.1 155.9 112.0 157.5 176.1 108.9 215.4 120.6 QII 169.9 175.6 178.9 148.1 162.2 115.5 176.9 184.3 110.0 220.9 133.6 QIII 167.3 177.1 190.2 154.8 155.7 114.7 192.8 162.5 109.7 236.2 139.4 QIV 173.0 179.9 190.2 159.0 155.4 121.4 191.7 173.2 110.8 261.0 145.2 2020/21 QI 216.5 202.8 208.1 159.5 168.3 133.6 177.9 267.6 120.0 433.4 152.0 QII 204.1 210.4 210.1 160.0 171.3 150.7 190.9 205.5 126.1 367.7 153.7 QIII 215.4 224.1 212.3 183.6 178.8 186.4 215.6 192.7 136.1 466.1 149.9 QIV 233.7 241.3 236.6 182.0 207.8 185.3 205.8 196.9 135.0 605.4 153.7 2021/22 QI 279.8 299.2 262.0 202.6 245.4 245.7 198.0 205.5 135.0 829.8 168.8 QII 295.8 312.9 230.9 214.4 237.5 321.6 227.2 260.4 141.2 690.3 182.9 QIII 294.5 318.8 241.9 226.4 241.3 341.8 253.4 237.3 175.0 616.2 204.6 QIV 323.8 351.3 285.2 264.8 289.6 350.9 260.8 262.1 177.8 634.3 256.0 2022/23 QI 374.9 391.4 319.6 308.9 322.9 532.3 326.2 309.0 225.0 638.6 288.5 QII 402.8 439.3 357.0 355.1 334.2 570.8 326.3 311.5 225.0 631.2 311.1 QIII 426.0 488.3 357.0 369.3 347.3 579.2 383.6 319.0 258.3 605.5 309.7 QIV 478.8 538.1 396.5 356.5 376.2 584.1 374.9 421.6 337.4 624.5 307.3 2023/24 QI 508.8 551.9 425.8 354.2 399.0 576.7 352.4 505.9 343.2 640.9 326.9 QII 532.6 600.4 420.0 361.7 448.6 494.2 392.3 554.7 346.6 586.1 335.7 QIII 556.2 616.3 448.8 396.6 459.3 623.5 443.1 563.4 346.6 619.4 319.1 QIV 594.6 649.9 486.4 387.6 486.4 886.7 449.2 546.0 346.6 670.9 310.4 Source: Ethiopian Statistical Service (ESS) DIRE DAWA

National Bank of Ethiopia Quarterly Bulletin 135 Fourth Quarter 2023/24 Table 22 (F5): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2015/16 Q.I 96.8 99.9 96.5 79.6 105.2 98.5 106.2 75.0 89.4 91.5 Q.II 93.2 90.5 94.5 82.4 106.1 99.2 105.8 74.2 84.7 85.4 QIII 93.1 95.8 93.7 84.2 105.1 99.6 99.1 78.0 86.2 74.4 QIV 98.0 102.6 95.5 86.7 109.3 99.7 107.3 91.6 90.9 78.2 2016/17 QI 101.1 104.6 97.1 92.2 104.3 99.6 110.4 101.7 99.2 88.8 QII 99.5 99.9 100.8 100.0 91.8 98.0 100.0 100.7 98.3 99.0 100.6 QIII 102.2 99.5 103.4 100.0 90.2 97.5 128.9 107.8 91.8 129.2 100.2 QIV 106.5 113.6 105.9 100.0 89.8 106.0 65.1 104.0 92.2 140.1 98.5 2017/18 QI 111.7 134.7 107.9 100.0 93.1 102.1 71.1 96.7 92.7 131.4 98.7 QII 109.3 118.1 114.2 102.3 93.9 106.5 82.9 101.1 109.0 133.8 103.5 QIII 110.1 119.6 118.1 96.4 96.5 113.5 94.2 99.0 97.6 137.6 103.4 QIV 120.6 138.5 131.7 106.9 104.8 118.3 108.7 103.0 96.7 138.9 110.1 2018/19 QI 127.8 148.3 137.7 109.4 120.8 119.1 121.8 107.1 95.8 135.5 122.5 QII 125.0 130.8 152.1 111.8 111.8 125.9 119.6 78.8 111.2 95.8 147.8 QIII 129.1 135.1 162.3 111.3 140.5 124.2 109.8 113.6 97.4 141.2 117.8 QIV 137.3 151.6 161.6 108.0 138.9 126.9 157.7 125.5 98.3 147.4 114.6 2019/20 QI 149.2 175.0 170.2 104.6 138.6 132.8 170.5 140.6 109.4 152.3 110.5 QII 147.6 164.7 174.6 108.5 144.7 127.7 177.0 140.1 112.9 163.4 113.9 QIII 159.3 183.6 193.0 116.6 163.3 124.0 168.5 146.8 112.4 183.6 109.3 QIV 181.3 205.5 206.9 135.7 204.7 158.0 144.6 167.5 117.0 222.9 114.7 2020/21 QI 192.1 223.9 210.0 140.4 216.0 155.9 122.2 177.5 119.2 229.5 127.7 QII 190.6 216.1 208.0 140.4 210.4 172.2 127.6 169.6 134.4 237.1 145.1 QIII 203.3 224.1 228.8 150.0 205.6 192.5 200.5 197.3 145.0 242.9 145.9 QIV 217.9 247.5 246.0 154.7 221.2 248.9 184.2 196.9 159.9 231.2 154.7 2021/22 QI 260.9 331.5 272.9 172.2 249.6 349.1 175.2 192.0 189.7 242.1 195.3 QII 262.4 305.8 288.7 169.2 259.5 346.9 178.3 210.0 212.5 273.6 216.1 QIII 294.7 351.6 349.1 178.5 277.5 394.8 257.4 234.9 198.1 284.5 230.5 QIV 319.7 381.5 368.1 248.9 290.6 410.3 295.5 258.6 144.0 315.4 261.0 2022/23 QI 357.2 418.6 389.6 438.2 320.0 553.1 200.4 254.7 214.7 317.3 288.5 QII 367.1 392.9 423.7 479.6 334.9 559.1 250.7 284.5 233.8 350.0 318.3 QIII 391.2 429.0 442.6 503.6 367.1 537.1 308.7 332.5 260.7 337.1 285.1 QIV 424.9 494.3 493.3 469.3 371.4 539.5 413.6 359.6 318.0 350.8 290.1 2023/24 QI 462.1 583.9 527.7 386.1 403.3 516.1 419.3 391.1 343.2 354.2 292.3 QII 476.6 586.6 524.2 386.1 469.8 494.8 450.8 419.2 377.7 370.6 299.5 QIII 508.3 621.9 550.6 386.1 477.4 523.4 505.6 494.4 372.2 371.9 292.9 QIV 504.9 625.6 559.8 386.1 488.1 517.2 308.9 461.1 484.3 368.8 291.1 GAMBELLA Source: Ethiopian Statistical Service(ESS)

National Bank of Ethiopia Quarterly Bulletin 136 Fourth Quarter 2023/24 Table 22 (F6): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Fish & sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2016/17 QI 102.3 99.1 101.3 92.6 100.1 98.1 120.1 106.4 113.7 87.9 QII 100.7 99.6 99.3 98.6 100.1 96.2 108.2 104.5 96.5 100.3 QIII 100.0 95.3 102.9 0.0 99.5 101.7 103.3 107.7 102.8 102.1 102.4 QIV 107.5 106.3 108.5 0.0 102.2 125.2 121.2 108.3 109.7 106.2 97.2 2017/18 QI 110.8 112.9 105.2 0.0 108.4 135.9 143.1 101.6 114.7 110.2 99.5 QII 110.6 116.6 103.5 0.0 107.2 110.4 152.7 103.5 110.1 110.0 97.4 QIII 110.1 114.3 101.9 0.0 112.2 109.7 150.4 105.3 106.6 114.9 96.0 QIV 116.0 122.3 114.9 0.0 117.5 110.6 138.8 103.7 107.9 126.9 99.7 2018/19 QI 123.5 129.1 121.5 0.0 130.1 113.0 124.3 118.6 106.9 129.7 102.5 QII 123.7 135.0 122.5 0.0 132.2 112.6 129.0 103.9 108.2 127.7 98.2 QIII 125.9 136.6 119.5 0.0 135.8 113.7 137.6 110.9 109.1 130.8 99.6 QIV 138.8 140.5 146.3 0.0 146.3 116.5 170.2 147.5 116.8 141.6 100.7 2019/20 QI 153.9 161.0 157.2 0.0 160.0 118.9 170.5 164.9 121.9 148.7 106.4 QII 160.0 175.5 158.2 0.0 162.7 117.4 181.3 158.3 142.3 147.7 107.1 QIII 159.2 176.1 162.5 0.0 161.0 117.7 183.1 143.0 145.9 157.1 119.2 QIV 173.0 191.5 166.4 0.0 165.0 117.9 187.4 178.9 129.4 170.6 127.4 2020/21 QI 189.7 207.7 179.8 0.0 165.7 118.2 166.3 225.9 120.5 199.6 125.3 QII 192.4 219.6 180.5 0.0 180.0 118.6 185.7 192.7 159.1 201.6 126.2 QIII 193.2 223.3 183.8 0.0 187.2 118.5 217.7 174.3 159.9 208.2 134.0 QIV 214.3 242.9 216.5 0.0 223.7 121.6 248.8 196.2 154.5 241.3 139.1 2021/22 QI 249.1 286.8 238.9 0.0 243.9 187.5 221.7 190.6 178.0 408.8 154.1 QII 276.6 301.1 241.3 0.0 242.4 318.6 238.6 227.2 183.6 546.0 166.7 QIII 283.4 306.0 243.1 0.0 265.8 363.5 308.3 225.8 214.5 464.2 190.8 QIV 307.9 334.1 290.2 0.0 301.8 407.9 307.4 240.7 215.1 367.0 234.0 2022/23 QI 348.6 369.4 339.4 0.0 332.2 523.0 380.0 284.8 255.9 333.3 268.4 QII 362.1 400.5 357.0 0.0 324.6 555.9 371.8 262.5 255.9 328.8 281.5 QIII 381.4 434.6 385.9 0.0 329.2 510.9 461.9 266.3 287.5 343.1 298.1 QIV 426.3 457.9 451.6 0.0 330.4 514.8 423.1 411.8 454.4 341.4 282.0 2023/24 QI 458.3 518.4 424.7 0.0 331.2 574.6 412.3 439.6 434.9 348.0 305.6 QII 484.4 561.7 424.2 0.0 351.8 571.6 418.5 473.4 445.4 361.1 298.6 QIII 510.0 616.9 440.3 0.0 362.3 593.3 435.1 457.2 441.2 391.0 282.7 QIV 532.1 634.2 471.7 0.0 398.4 635.8 513.2 459.6 605.2 360.6 284.8 Source: Ethiopian Statistical Service(ESS) HARARI

National Bank of Ethiopia Quarterly Bulletin 137 Fourth Quarter 2023/24 Table 22 (F7): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2016/17 QI 104.9 102.7 100.2 102.2 99.5 100.3 117.9 83.8 128.0 89.1 QII 101.8 103.5 99.3 101.2 99.4 100.3 102.3 92.2 110.9 98.0 QIII 101.6 99.1 98.9 0.0 104.6 100.8 104.5 107.8 89.1 107.1 95.3 QIV 108.8 110.1 104.2 0.0 112.3 96.3 106.9 120.7 85.7 116.2 93.2 2017/18 QI 112.9 123.9 108.0 0.0 112.6 94.5 124.6 113.4 86.7 124.1 97.7 QII 116.2 129.8 112.0 0.0 113.7 88.7 135.5 114.4 82.9 128.8 106.3 QIII 116.6 123.1 117.6 0.0 119.6 83.7 140.5 124.2 79.4 139.5 101.1 QIV 120.3 132.4 124.6 0.0 130.7 80.8 142.7 119.4 80.0 143.5 105.9 2018/19 QI 123.7 136.6 128.4 0.0 134.7 82.2 146.2 122.9 74.9 145.3 111.5 QII 124.5 137.2 129.1 0.0 137.0 85.1 148.7 124.7 76.5 143.4 109.6 QIII 128.0 138.6 135.0 0.0 143.0 83.8 153.0 136.0 79.6 152.7 102.3 QIV 143.1 154.9 147.1 0.0 155.3 93.4 164.7 167.3 87.3 152.9 105.2 2019/20 QI 152.2 173.8 158.5 0.0 152.9 92.6 181.5 172.9 92.3 159.1 111.5 QII 154.5 181.7 162.7 0.0 151.7 87.9 188.7 172.0 83.8 159.8 115.0 QIII 160.7 182.3 163.7 0.0 157.9 95.1 189.7 185.5 83.7 171.4 122.0 QIV 175.5 203.1 172.6 0.0 164.9 97.5 187.0 209.9 86.7 178.9 128.5 2020/21 QI 187.6 217.7 174.3 0.0 166.3 102.3 187.4 225.3 84.9 194.7 145.3 QII 189.3 224.8 176.8 0.0 170.6 114.1 185.3 207.0 93.7 199.7 154.4 QIII 198.5 233.2 183.1 0.0 188.2 127.1 188.6 217.9 99.6 213.6 153.9 QIV 221.1 264.7 206.0 0.0 218.2 160.6 198.7 226.4 104.7 240.1 164.6 2021/22 QI 264.2 327.0 236.6 0.0 223.2 231.7 225.0 245.0 111.8 285.9 208.3 QII 271.6 338.1 238.3 0.0 218.7 222.5 245.3 246.5 126.7 299.4 233.7 QIII 287.3 339.5 247.5 0.0 256.5 246.6 250.6 268.1 141.8 297.6 274.4 QIV 319.9 361.2 293.6 0.0 305.4 299.9 263.3 302.3 150.7 318.3 314.6 2022/23 QI 355.4 407.4 331.9 0.0 320.9 383.2 328.9 311.6 168.4 328.9 358.5 QII 364.0 420.9 352.0 0.0 323.6 368.9 384.2 317.6 186.7 334.9 375.7 QIII 377.4 444.3 365.3 0.0 345.3 376.9 388.0 350.5 208.1 338.1 333.8 QIV 415.9 503.3 410.4 0.0 367.1 352.6 399.7 414.7 258.5 354.0 347.3 2023/24 QI 450.1 567.4 453.9 0.0 383.6 401.3 413.5 428.0 263.4 359.9 360.2 QII 470.8 614.1 470.9 0.0 398.0 356.0 423.1 460.2 272.5 377.7 357.5 QIII 502.1 651.4 487.3 0.0 431.8 355.5 417.7 539.4 293.3 395.8 331.2 QIV 522.9 686.5 539.0 0.0 449.1 401.6 413.1 513.9 381.1 428.3 343.3 Source: Ethiopian Statistical Service (ESS) OROMIA

National Bank of Ethiopia Quarterly Bulletin 138 Fourth Quarter 2023/24 Table 22 (F8): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2015/16 Q.I 92.4 91.1 95.4 86.4 101.4 84.5 90.8 97.0 94.5 104.9 Q.II 88.9 86.2 95.6 87.9 100.2 91.7 86.2 97.1 98.2 93.4 QIII 91.5 90.4 96.3 93.1 98.0 92.6 90.6 97.6 93.1 87.2 QIV 96.3 97.8 100.0 95.8 102.6 83.9 92.8 104.7 110.5 92.1 2016/17 QI 97.6 100.9 102.1 97.1 100.6 93.8 92.9 105.2 108.4 101.0 QII 98.7 99.8 102.2 98.9 98.2 100.8 96.5 104.4 101.1 103.1 QIII 102.1 102.4 104.2 0.0 102.0 105.0 102.7 110.6 106.2 103.9 97.9 QIV 114.7 121.8 109.1 0.0 106.4 114.4 104.5 117.4 107.3 107.7 103.7 2017/18 QI 119.3 134.0 114.0 0.0 107.9 111.8 113.4 106.9 107.4 109.9 110.4 QII 118.8 125.3 118.2 0.0 116.3 110.2 135.8 112.5 102.5 111.1 117.9 QIII 118.6 120.5 120.7 0.0 122.2 112.4 144.5 130.4 100.9 123.4 114.2 QIV 125.5 133.8 131.9 0.0 128.7 118.3 133.6 121.8 100.9 132.1 122.6 2018/19 QI 129.5 137.8 138.3 0.0 127.4 118.1 130.0 125.2 100.9 132.1 134.3 QII 128.5 133.3 137.9 0.0 132.5 118.3 147.8 126.7 101.0 132.1 122.4 QIII 129.0 135.9 141.5 0.0 138.6 120.4 151.5 138.6 101.6 129.9 113.3 QIV 141.5 154.3 157.2 0.0 148.4 124.5 161.3 157.3 108.7 133.5 119.2 2019/20 QI 153.2 169.6 171.3 0.0 153.8 131.2 165.0 161.2 118.2 137.1 131.6 QII 158.9 163.7 174.3 0.0 160.7 134.9 198.3 160.7 120.7 138.4 139.8 QIII 162.8 165.5 182.8 0.0 165.0 136.8 207.9 165.4 122.0 143.6 144.1 QIV 183.1 191.6 194.8 0.0 166.8 147.0 215.6 176.5 127.7 154.7 163.0 2020/21 QI 196.2 205.9 197.5 0.0 171.0 153.7 188.5 188.9 123.3 187.5 177.8 QII 202.3 210.3 202.2 0.0 182.9 157.2 195.9 187.0 139.2 211.3 186.7 QIII 211.6 226.9 206.7 0.0 197.5 177.1 211.0 206.2 150.1 219.0 178.2 QIV 246.9 279.0 236.0 0.0 221.5 214.3 227.7 225.0 153.6 258.7 200.5 2021/22 QI 291.3 337.9 267.9 0.0 250.9 268.8 239.9 251.2 160.0 345.0 259.6 QII 296.5 339.8 258.2 0.0 258.7 277.8 320.8 262.3 180.7 348.0 277.1 QIII 308.8 354.6 277.2 0.0 282.9 315.1 298.9 282.2 203.5 357.3 324.9 QIV 344.9 396.9 332.1 0.0 304.9 375.8 304.8 322.4 210.2 357.6 382.4 2022/23 QI 380.3 431.0 366.6 0.0 325.5 443.5 359.1 329.6 251.6 363.8 432.7 QII 394.8 437.6 380.2 0.0 345.3 467.7 403.5 345.6 274.9 367.1 429.5 QIII 411.5 470.8 395.4 0.0 379.9 441.4 440.9 403.1 361.9 377.8 450.8 QIV 448.3 516.3 437.4 0.0 408.2 453.0 462.6 421.9 383.4 375.9 414.9 2023/24 QI 460.8 564.5 474.2 0.0 415.9 465.8 466.7 453.6 393.9 372.3 440.4 QII 470.8 587.5 500.3 0.0 415.7 461.2 485.5 483.3 409.0 376.7 421.7 QIII 482.2 609.5 526.7 0.0 451.4 485.3 478.8 526.8 409.5 374.4 379.4 QIV 519.4 636.3 573.0 0.0 475.8 496.6 452.0 547.9 551.2 391.7 413.6 Source: Ethiopian Statistical Service(ESS) SNNPR

National Bank of Ethiopia Quarterly Bulletin 139 Fourth Quarter 2023/24 Table 22 (F9): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2015/16 Q.I 89.3 98.2 94.1 81.1 94.8 94.8 91.9 73.2 91.9 106.5 Q.II 91.3 100.8 86.1 89.7 92.8 118.0 93.6 73.1 86.5 101.7 QIII 93.4 101.8 93.2 94.4 91.2 120.2 92.6 76.1 89.5 101.7 QIV 93.2 100.2 99.7 88.5 87.7 114.6 117.2 78.3 85.6 99.7 2016/17 QI 95.1 101.1 105.0 88.3 91.0 108.7 126.4 78.9 99.2 100.2 QII 99.5 100.5 102.4 101.2 94.6 98.7 106.2 94.5 98.5 104.1 QIII 102.8 104.2 94.7 0.0 105.3 100.3 99.2 102.8 99.3 103.2 101.9 QIV 104.7 106.4 108.1 0.0 103.6 100.0 107.4 113.5 96.3 124.6 101.5 2017/18 QI 106.9 106.5 112.9 0.0 98.2 100.1 113.2 159.1 95.5 126.6 100.4 QII 113.9 119.4 117.9 0.0 103.6 99.9 117.9 139.6 103.2 132.0 102.9 QIII 114.4 119.6 119.9 0.0 100.4 100.1 116.2 124.5 109.4 153.4 105.4 QIV 119.7 131.9 121.6 0.0 96.8 101.0 126.1 122.6 113.3 145.2 104.3 2018/19 QI 129.0 138.5 119.6 0.0 113.2 101.1 129.1 134.6 129.6 147.2 111.9 QII 128.6 137.9 117.9 0.0 108.2 100.8 117.0 128.8 136.1 147.6 114.3 QIII 131.9 137.5 132.7 0.0 116.5 112.6 121.6 131.3 136.1 175.8 108.7 QIV 140.6 146.9 142.9 0.0 126.4 113.5 127.1 162.8 136.1 188.6 113.7 2019/20 QI 155.1 166.0 159.1 0.0 141.5 125.8 148.2 185.2 136.1 199.5 124.8 QII 162.3 185.6 156.0 0.0 129.0 122.6 144.3 196.7 136.1 200.8 128.4 QIII 158.7 183.2 164.5 0.0 133.8 127.8 143.2 181.2 116.6 209.2 131.1 QIV 155.7 172.9 160.9 0.0 133.0 122.4 141.6 189.6 128.3 202.0 126.1 2020/21 QI 166.3 183.0 185.8 0.0 142.5 133.1 145.3 263.0 116.6 208.6 133.3 QII 167.5 187.4 183.2 0.0 161.3 139.2 148.4 208.9 116.6 192.7 127.8 QIII 181.0 207.3 185.1 0.0 201.8 108.9 151.6 212.6 116.6 189.7 133.0 QIV 206.8 249.0 190.8 0.0 214.6 137.8 144.6 250.1 116.6 200.4 142.0 2021/22 QI 235.9 310.0 214.0 0.0 198.6 157.8 173.5 262.4 116.6 227.3 159.1 QII 257.4 333.4 228.0 0.0 221.4 197.9 170.6 303.0 116.6 266.2 171.8 QIII 260.8 332.3 256.8 0.0 237.4 197.9 182.7 312.1 116.6 255.9 179.4 QIV 287.2 353.8 276.4 0.0 318.2 197.9 189.2 345.5 116.6 286.9 195.4 2022/23 QI 333.1 418.7 327.8 0.0 387.1 197.9 236.5 391.7 116.6 308.0 223.1 QII 352.5 459.6 323.9 0.0 394.4 197.9 281.8 369.2 116.6 319.1 261.3 QIII 363.0 466.6 347.8 0.0 423.9 197.9 304.1 379.2 116.6 326.3 300.2 QIV 380.9 496.9 385.1 0.0 411.9 162.2 331.4 485.5 116.6 347.3 309.8 2023/24 QI 408.4 528.2 406.0 0.0 470.4 154.2 341.4 544.5 116.6 355.8 316.4 QII 455.1 601.1 436.8 0.0 507.2 159.6 354.9 632.5 116.6 375.6 346.3 QIII 467.4 624.6 441.8 0.0 509.5 166.9 373.8 620.5 116.6 397.1 374.2 QIV 476.4 656.6 515.7 0.0 445.3 155.9 396.8 645.9 116.6 470.7 357.8 Source: Ethiopian Statistical Service(ESS) SOMALI

National Bank of Ethiopia Quarterly Bulletin 140 Fourth Quarter 2023/24 Table 22 (F10): Regional States' Consumer Price Index (Food) December 2016= 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2015/16 Q.I 92.0 95.1 90.0 100.4 101.8 74.3 98.2 74.8 75.6 99.3 Q.II 96.4 98.7 89.3 101.5 102.1 100.0 104.8 77.5 88.7 95.6 QIII 96.4 99.7 90.8 100.4 96.9 100.0 102.9 84.5 88.6 90.7 QIV 98.9 102.0 94.8 95.3 97.8 100.0 110.6 92.8 86.0 89.6 2016/17 QI 105.3 110.0 104.4 104.5 99.3 100.0 117.5 94.1 88.5 90.1 QII 103.3 107.1 103.4 106.1 100.3 100.0 102.2 97.6 97.6 97.0 QIII 101.1 102.8 100.9 0.0 104.2 101.9 99.1 97.0 94.3 100.0 105.0 QIV 104.8 109.1 106.1 0.0 106.9 106.5 102.8 99.5 95.6 99.9 103.0 2017/18 QI 111.5 116.7 123.7 0.0 111.9 108.0 108.6 107.2 102.4 95.7 101.7 QII 115.0 122.9 120.7 0.0 117.7 100.3 107.6 115.6 95.2 98.4 106.5 QIII 119.2 127.5 130.3 0.0 113.9 100.9 109.6 106.2 92.5 120.5 108.2 QIV 126.2 138.3 137.6 0.0 132.7 105.3 109.8 102.0 93.5 137.5 109.3 2018/19 QI 135.7 152.9 149.0 0.0 139.0 102.8 112.2 113.1 93.3 139.9 111.2 QII 144.7 170.4 151.5 0.0 146.1 106.3 140.4 121.9 93.5 143.3 110.1 QIII 145.5 170.1 152.1 0.0 144.6 106.7 145.7 118.6 93.9 153.6 111.6 QIV 155.9 180.3 168.3 0.0 153.0 109.4 159.9 135.6 100.3 155.3 114.7 2019/20 QI 169.6 196.7 183.7 0.0 179.9 109.7 161.5 160.4 104.0 157.3 114.5 QII 175.1 204.4 197.7 0.0 189.0 121.8 158.6 164.4 104.3 146.4 117.4 QIII 181.4 205.6 202.7 0.0 179.5 141.9 161.7 171.2 104.6 155.5 141.6 QIV 205.5 232.0 219.6 0.0 184.2 150.5 156.5 196.6 106.2 208.8 149.8 2020/21 QI 228.2 258.8 225.1 0.0 199.8 140.9 145.1 233.8 107.6 258.4 150.5 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 2021/22 QI 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 2022/23 QI 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 2023/24 QI 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 Source: Ethiopian Statistical Service(ESS) TIGRAY

National Bank of Ethiopia Quarterly Bulletin 141 Fourth Quarter 2023/24 Table 23 A1: Ethiopia: Direction of External Trade: EXPORT (In Thousands of Birr) Djibouti 3,735,439.1 3,502,027.2 3,422,940.0 5,013,370.7 8,971,437.9 6,412,804.1 Egypt 379,596.1 602,884.5 222,763.9 286,318.4 157,793.4 466,688.6 Ghana 57,554.1 18,798.4 19,029.4 50,862.8 60,573.1 18,499.9 Kenya 693,204.5 662,786.4 273,969.7 470,979.5 1,471,037.7 4,216,937.5 Libia - - - - - - Morocco 14,271.4 7,627.7 60,459.5 85,737.6 92,582.3 171,464.5 Nigeria 267,894.4 302,908.0 338,173.7 157,435.3 65,751.8 79,492.1 Ruwanda 134,233.8 4,579.0 43,122.8 6,902.4 8,309.0 5,342.8 Somali Land - - - - - - Somalia 6,745,127.6 7,180,188.1 5,963,824.1 13,782,154.5 14,344,822.0 6,301,990.3 South Africa 283,532.1 213,168.8 216,105.1 408,451.5 946,156.6 574,314.5 Sudan 2,560,191.8 1,732,344.2 2,893,902.1 3,420,125.6 4,427,003.8 3,945,185.2 Tanzania 10,846.1 28,426.6 99,256.8 8,006.8 11,526.3 3,152.4 Uganda 11,353.5 10,099.0 23,442.4 41,194.8 96,529.2 79,682.1 Zambia 83,656.4 11,008.3 149,686.8 2,915.9 3,946.9 47.8 Zembabwe 7,178.9 2,997.1 18,027.9 115,037.6 38,786.1 13,204.1 Others 1,221,482.3 1,330,556.9 6,723,137.4 4,474,290.7 1,511,672.7 3,992,412.9 Total 16,205,562.1 15,610,400.08 20,467,841.6 28,323,784.2 32,207,928.9 26,281,218.7 %Share Of Continent 21.9 19.7 18.0 16.5 15.7 14.1 Austria 6,572.3 2,199.9 678.3 3,248.0 9,338.1 34,965.1 Belgium 1,815,142.9 1,885,848.0 2,803,691.9 5,050,196.9 7,226,357.5 4,330,435.4 Bulgaria 91,753.3 80,097.1 96,294.6 147,290.7 150,621.7 191,128.3 Cyprus 17,019.5 14,580.4 16,821.9 - 16,485.7 10,989.9 Czech Republic 4,910.2 4,466.6 2,337.2 12,402.4 33,950.0 22,874.7 Slovakia 2,144.5 1,552.8 805.1 1,270.5 249.0 9,189.5 Denmark 25,631.4 32,806.9 32,645.8 41,439.0 53,458.0 118,625.2 Finland 110,724.0 91,036.7 118,222.5 140,201.3 196,585.8 135,187.8 France 717,334.7 751,487.7 789,673.0 1,577,024.4 1,997,864.2 1,880,683.7 Germany 4,217,307.3 4,135,208.4 4,523,931.9 9,829,924.3 13,142,188.6 7,582,026.6 Greece 186,258.5 230,314.9 146,873.3 384,503.7 349,639.4 513,592.4 Hungary 19,660.7 10,112.7 17,500.4 28,986.4 24,304.0 10,464.8 Ireland 13,537.1 17,485.0 4,780.1 5,271.1 20,997.4 9,892.6 Italy 1,442,089.8 1,359,779.2 1,494,410.9 2,608,263.8 4,196,415.2 3,329,995.5 Netherlands 5,256,676.3 7,828,660.8 11,179,122.0 13,729,201.1 21,554,570.4 19,184,980.8 Norway 162,162.0 312,830.2 374,409.1 454,761.5 841,926.4 608,891.6 Poland 18,237.2 23,765.7 24,019.7 43,840.5 61,614.9 224,652.3 Portugal 210,638.0 173,970.4 241,431.3 151,469.1 173,565.7 241,156.6 Rumania 20,038.6 11,055.3 19,221.3 28,389.0 49,520.0 78,177.9 Spain 406,304.2 513,868.4 521,805.4 781,071.6 857,371.7 642,085.9 Sweden 188,083.3 156,700.1 208,700.3 411,103.1 632,853.2 384,081.7 Switzerland 2,005,549.0 701,171.4 18,502,394.7 26,495,829.2 18,945,000.9 12,661,439.7 Turkey 1,163,249.4 1,066,064.8 1,163,636.0 1,608,316.9 1,267,476.2 2,787,049.5 Ukraine 27,800.3 42,717.8 56,395.9 244,549.4 11,761.6 33.3 United Kingdom 1,088,894.0 1,179,983.5 1,112,511.1 1,716,725.3 3,669,235.3 3,260,480.9 Russia 313,363.4 399,161.5 430,203.7 790,214.8 708,462.0 659,175.1 Yugoslavia - - - - - - Others 466,267.8 1,105,005.9 1,255,152.2 4,310,849.5 1,435,834.9 744,594.4 Total 19,997,349.8 22,131,932.3 45,137,669.7 70,596,343.6 77,627,647.8 59,656,850.9 %Share Of Continent 27.0 28.0 39.8 41.1 37.8 31.9 Brazil 163.0 77.1 - 2,659.9 953.4 207.7 Canada 477,155.3 382,747.5 556,491.0 887,863.9 1,499,453.4 1,448,800.7 Cuba - - - - - - Mexico 103,708.1 120,383.8 74,524.9 100,733.9 26,602.7 18,177.8 United States 6,565,250.9 6,071,240.4 7,994,968.3 13,866,697.5 18,888,809.2 14,315,211.8 Others 682,316.7 2,744,376.7 1,374,096.1 1,904,718.3 137,247.9 719,026.6 Total 7,828,594.0 9,318,825.6 10,000,080.3 16,762,673.5 20,553,066.5 16,501,424.6 %Share Of Continent 10.6 11.8 8.8 9.8 10.0 8.8 China, Mainland 4,754,322.7 3,152,537.0 2,538,974.1 3,165,786.7 6,379,187.8 5,736,538.3 China, Taiwan 376,886.5 449,378.2 787,312.2 1,128,549.5 1,713,411.6 1,610,162.5 Hong Kong 394,923.7 254,788.1 552,168.0 929,506.3 1,138,000.7 1,117,954.7 India 1,743,919.5 2,978,534.4 1,511,613.3 3,720,285.1 4,003,815.5 7,303,008.4 Indonesia 990,066.8 750,329.4 931,170.3 1,333,044.1 1,074,764.0 1,281,964.7 Israel 2,801,566.2 3,184,293.1 2,919,321.9 3,916,368.0 5,244,807.2 5,650,375.4 Japan 2,711,869.3 3,564,930.5 3,350,803.2 4,505,082.1 7,153,510.5 6,183,714.9 N.Korea, Pdrk 12,521.0 2,846.0 464.9 20,085.1 12,069.5 56.1 S.Korea 1,242,317.8 1,440,765.2 2,190,959.0 3,534,663.2 6,397,024.9 6,336,915.2 Kuwait 94,016.2 123,712.4 141,617.2 341,216.4 323,638.6 284,855.9 Lebanon 61,491.5 65,805.5 37,592.1 64,149.9 157,086.6 148,193.4 Malaysia 29,316.4 64,445.6 230,619.0 586,190.5 889,477.2 649,121.7 Pakistan 304,739.1 61,784.5 688,547.0 365,279.1 863,874.3 2,012,500.5 Saudi Arabia 4,974,581.1 5,667,200.5 7,175,544.1 10,160,101.3 16,324,509.2 18,183,430.1 Singapore 227,603.6 955,530.0 1,608,022.8 2,273,631.4 2,367,537.3 3,963,422.6 Yemen 1,180,754.7 1,697,120.6 1,047,539.2 1,053,818.9 964,890.9 1,271,951.1 Thailand 152,740.6 121,436.1 28,623.0 32,965.4 157,764.3 228,134.3 UAE 3,093,574.6 3,695,524.5 5,430,018.1 7,212,096.8 10,951,018.7 10,085,864.1 Others 4,174,926.4 3,200,481.5 5,990,857.1 10,184,707.2 6,236,276.0 7,804,783.7 Total 29,322,137.8 31,431,443.1 37,161,766.5 54,527,526.9 72,352,664.9 79,852,947.6 %Share Of Continent 39.6 39.7 32.7 31.8 35.3 42.7 Australia 443,828.2 516,438.5 528,841.3 1,122,336.2 1,572,759.9 1,400,004.0 Others 181,580.2 122,034.7 197,213.0 404,333.7 227,434.6 180,362.7 Total 625,408.4 638,473.2 726,054.2 1,526,669.9 1,800,194.5 1,580,366.8 %Share Of Continent 0.8 0.8 0.6 0.0 0.9 0.8 Unspecified 628,040.5 3,068,704.1 Grand Total 73,979,052.1 79,131,074.3 113,493,412.3 171,736,998.2 205,169,543.1 186,941,512.6 Note1: Data for the year 2013 and 2014 is based on updated data from Ethiopian Customs Commission Note2: The data for Czechoslovakia before 2013 represents the sum of Czech republic and Slovakia 2023 Africa Europe America Asia Oceania 2018 2019 2020 2021 2022 Source: Ethiopian Customs Commission Continents Country of Destination

National Bank of Ethiopia Quarterly Bulletin 142 Fourth Quarter 2023/24 (In thousands of Birr ) Djibouti 4,050,783.9 13.9 1,374.8 14,392.9 642,854.3 2,266,288.6 11,043,674.1 28,152,472.80 19,682,606.03 Egypt 11,128.5 4,071,335.1 4,346,257.9 8,437,358.5 6,033,339.4 10,410,681.4 17,728,657.1 49,050,712.14 55,039,107.17 Ghana 738,056.4 2,514.6 9,412.4 3,362.3 5,384.8 24,816.0 29,743.2 50,796.57 19,978.14 Kenya 738,056.4 676,008.7 835,401.2 1,028,955.8 2,216,326.1 1,895,402.8 3,136,327.1 7,113,057.42 4,725,954.44 Libya - 2.3 0.7 - - - - - - Nigeria 220,674.6 45,219.0 940,652.6 97,234.5 3,924.2 4,438.6 21,952.0 3,293.43 3,166,759.25 Ruanda 32.9 68,067.4 731.4 354.6 929.2 4,365.6 1,256,479.2 1,730,827.32 181,091.44 Sudan 2,192,155.2 1,549,332.4 2,467,773.4 2,411,817.5 2,512,810.8 2,313,690.9 184,428.2 208,365.12 375,737.67 Tanzania 132,600.2 103,133.2 44,692.5 67,959.8 141,184.8 137,235.5 16,755.9 50,309.99 306,456.17 Uganda 7,381.5 6,962.2 5,846.1 18,620.8 14,951.7 78,110.9 98,520.6 164,270.56 258,019.04 Zambia 482.3 11,160.1 9,857.4 8,308.6 14,692.0 9,814.4 7,075.4 50,424.30 15,338.40 Others 8,224,429.0 8,258,583.7 13,223,694.2 13,817,153.2 15,946,009.4 20,369,845.5 29,387,714.9 71,838,497.29 74,356,823.03 Total 15,584,248.5 14,792,332.6 21,885,694.7 25,905,518.3 27,532,406.5 37,514,690.3 62,911,327.7 158,413,026.93 158,127,870.78 Austria 1,027,145.6 1,604,322.8 1,485,372.3 1,036,295.5 1,073,524.5 630,258.4 650,445.3 259,877.34 816,593.23 Belgium 5,435,019.7 5,044,164.5 4,151,772.7 5,753,624.6 8,634,959.5 5,848,999.6 9,163,579.4 5,179,586.93 3,465,996.64 Bulgaria 1,537,581.6 683,870.1 905,021.2 520,586.6 1,261,450.1 411,435.9 1,346,192.7 1,820,015.42 523,502.29 Cyprus 115,078.1 117,156.1 137,993.8 137,000.0 223,774.3 165,931.3 523,781.7 292,873.92 366,093.80 Czechoslovakia (former name) 276,843.1 531,941.0 561,777.1 725,051.0 595,259.1 481,128.9 485,046.1 461,548.28 770,932.41 Czech republic 236,047.0 441,959.6 531,412.2 591,755.2 521,779.0 448,591.6 372,216.5 307,686.49 532,379.61 Slovakia 40,796.1 89,981.4 30,364.9 133,295.8 73,480.1 32,537.3 112,829.5 1,280,925.43 1,379,450.05 Denmark 694,246.2 715,981.1 537,217.7 1,200,810.1 1,249,496.7 1,479,672.1 1,592,371.6 937,055.73 923,894.98 Finland 155,906.3 350,087.1 808,559.9 302,979.1 194,563.8 109,262.7 537,595.1 6,847,584.32 9,639,287.86 France 3,823,770.8 4,684,217.9 4,431,486.0 5,270,635.7 4,410,731.7 8,664,554.7 8,372,869.0 8,696,403.04 8,152,294.20 Germany 6,806,205.2 7,859,546.7 5,771,781.8 8,546,015.1 9,385,651.8 9,242,912.0 8,002,879.3 189,061.23 412,407.81 Greece 405,742.7 528,971.4 419,409.9 175,760.4 187,627.4 209,094.9 302,386.0 759,651.88 1,164,067.42 Hungary 490,887.6 530,673.3 325,514.2 426,822.1 378,765.9 513,225.0 1,095,652.0 1,517,853.80 2,472,479.81 Ireland 716,987.1 775,362.0 914,646.1 1,052,153.7 1,368,277.1 1,103,439.6 1,621,077.3 10,479,668.03 11,000,123.81 Italy 10,476,893.6 15,784,350.7 15,601,881.7 10,859,889.2 8,322,257.7 10,773,755.9 11,506,882.9 5,174,951.74 5,869,563.05 Netherlands 4,604,402.8 3,982,518.3 5,161,373.9 6,435,861.3 7,062,343.8 3,274,060.8 6,266,430.6 226,370.81 325,777.04 Norway 79,266.8 162,289.4 84,019.0 99,508.3 87,383.6 187,565.8 156,031.9 1,892,760.38 1,615,729.97 Poland 735,144.5 2,284,185.2 874,973.5 808,251.5 1,085,160.2 1,456,189.1 1,198,760.2 285,601.75 362,038.91 Portugal 318,933.8 243,435.8 332,054.0 267,455.3 379,815.9 243,893.1 500,387.6 1,371,788.85 2,046,126.56 Rumania 443,410.0 4,500,592.8 2,236,388.5 3,373,800.2 2,721,518.9 1,126,385.7 3,792,996.8 2,238,456.27 3,266,156.73 Spain 2,783,107.6 2,871,957.4 3,311,894.0 1,680,175.3 2,455,395.0 2,235,461.3 3,242,302.4 1,019,841.98 1,042,807.27 Sweden 13,232,214.3 9,427,026.6 1,154,426.4 938,218.8 1,884,142.5 1,169,306.1 771,149.2 1,744,006.40 2,551,348.25 Switzerland 1,194,286.5 1,223,807.0 1,465,077.7 1,215,947.3 2,087,148.6 2,463,804.1 2,139,347.0 52,066,001.23 34,364,366.93 Turkey 10,918,514.7 12,682,665.1 14,296,491.7 16,710,238.8 17,683,063.8 28,321,826.8 36,627,248.5 15,703,420.56 4,368,414.82 United kingdom 3,863,439.0 4,557,294.9 4,709,876.8 8,281,310.1 9,569,003.6 8,604,611.7 8,544,021.3 10,592,739.48 18,163,794.80 Russia 1,745,182.4 3,579,267.5 1,245,806.0 3,568,472.1 3,009,797.2 1,759,881.9 8,793,976.3 2,263,047.73 1,214,893.64 Yugoslavia - 0.0 0.3 - - - - - - Other 4,458,373.1 5,279,114.8 3,938,166.3 5,411,755.1 10,222,903.5 10,641,686.1 27,658,037.9 2,037,569.30 6,768,266.55 Total 76,338,583.3 90,004,799.4 74,862,982.4 84,798,617.1 95,534,016.3 101,118,343.6 144,891,448.1 135,646,348.35 123,578,788.44 Brazil 1,083,673.4 1,475,502.6 4,488,842.1 2,226,255.8 716,227.8 1,347,349.3 1,259,094.7 1,478,169.50 3,430,004.60 Canada 753,274.2 1,451,315.7 1,353,867.2 2,042,114.6 1,744,497.1 2,325,081.5 1,231,140.4 3,853,837.71 1,659,932.36 Cuba 3,976.4 1,294.5 15,130.0 1,851.3 2,641.6 2,031.7 1,812.8 852.11 1,874.07 Mexico 159,440.1 126,433.0 249,402.2 204,860.2 224,104.3 284,611.6 354,523.8 1,185,513.34 704,101.83 United states 18,383,911.5 28,006,664.4 30,200,872.0 43,410,573.0 25,735,703.1 28,278,445.3 50,946,210.6 50,924,527.65 45,612,153.77 Others 684,766.3 303,572.4 201,799.7 270,818.2 386,632.9 4,160,665.7 4,479,859.0 7,380,503.98 3,692,756.77 Total 21,069,041.8 31,364,782.7 36,509,913.2 48,156,473.2 28,809,806.7 36,398,185.0 58,272,641.5 64,823,404.29 55,100,823.40 China, mainland 127,862,137.6 112,557,147.3 107,569,979.9 108,861,577.7 113,000,343.3 119,518,584.0 134,767,597.7 182,720,391.36 220,935,690.84 China, Taiwan 1,427,654.5 1,106,997.8 1,297,890.5 1,284,754.0 2,229,952.5 2,336,180.0 2,519,446.3 1,513,510.90 1,079,963.69 Hong Kong 276,928.2 1,370,238.4 2,768,923.7 842,521.2 182,565.5 1,165,685.5 199,754.6 278,408.96 3,716,289.75 India 24,344,942.9 28,557,164.8 24,233,274.2 30,907,887.7 36,796,683.5 51,369,798.5 103,243,911.1 120,018,663.66 88,963,695.23 Israel 614,145.1 548,689.5 1,792,675.0 616,386.7 711,291.6 592,680.2 743,319.8 1,074,811.97 895,285.22 Japan 15,185,118.0 14,472,925.3 14,722,312.6 11,330,510.1 9,260,462.8 3,990,031.8 3,886,893.6 3,623,962.71 6,112,844.83 N.korea, pdrk 107,552.8 91,536.9 531,235.1 48,542.2 529,388.8 116,388.0 44,456.0 92,270.00 14,939.93 S.korea 4,962,100.1 3,961,888.7 5,588,986.2 5,048,443.2 4,835,162.6 6,559,501.4 10,517,267.1 6,906,383.37 7,553,543.16 Kuwait 13,326,143.0 13,519,748.9 22,424,256.5 43,310,223.7 46,876,977.5 12,333,071.7 36,139,876.7 46,117,801.75 28,168,501.41 Lebanon 167,754.4 106,810.2 842,739.1 44,331.3 40,490.3 26,980.9 55,135.9 357,813.04 90,611.42 Malaysia 3,588,092.8 6,251,135.7 7,515,151.6 10,079,304.3 5,928,016.9 10,744,285.1 37,955,879.4 40,451,782.47 21,618,188.28 Pakistan 1,011,155.3 746,091.4 1,937,665.6 2,555,083.2 814,628.1 1,261,370.2 2,749,543.4 1,810,973.39 2,972,301.73 Saudi arabia 10,284,257.6 6,497,893.0 12,937,477.5 6,956,990.3 10,277,787.4 12,108,482.4 24,640,270.4 99,277,034.57 74,992,135.29 Singapore 323,455.3 516,905.1 446,466.6 420,391.9 1,526,703.7 9,665,483.2 1,902,125.0 642,505.59 1,743,827.13 Yemen 132,071.4 91,481.4 434,498.0 51,446.3 67,926.9 115,865.8 113,975.5 343,400.08 145,815.16 Thailand 3,079,839.3 2,977,140.6 4,782,068.8 4,745,788.4 3,287,134.1 5,217,010.0 6,020,437.8 6,784,566.55 6,010,545.78 Others 23,628,191.8 26,809,721.3 35,575,126.7 33,814,176.7 34,876,835.4 45,287,736.4 69,549,459.2 95,717,714.90 131,001,958.09 Total 230,321,540.1 220,183,516.4 245,400,727.6 260,918,358.8 271,242,350.8 282,409,134.9 435,049,349.5 607,731,995.27 596,016,136.94 Australia 215,659.7 327,371.5 471,334.6 236,354.3 183,256.3 454,217.0 1,050,857.8 585,136.25 369,179.83 Others 120,412.3 136,368.6 - 125,049.3 134,316.0 156,031.4 147,274.5 137,640.97 327,867.76 336,072.0 463,740.1 471,334.6 361,403.5 317,572.3 610,248.4 1,198,132.3 722,777.21 697,047.60 343,649,485.7 356,809,171.2 379,130,652.5 420,140,371.0 423,436,152.7 458,050,602.2 702,322,899.1 967,337,552.07 933,520,667.16 Source: Ethiopian Customs Commission Grand Total America Asia Oceania Total Europe 2020 2021 2022 2023 Africa 2015 2016 2017 2018 2019 Table 23 A2: Ethiopia: Direction of External Trade: IMPORT Continents Country

National Bank of Ethiopia Quarterly Bulletin 143 Fourth Quarter 2023/24 Table 23B: Direction of Trade** (In Millions of USD) Export Import Export Import Export Import Export Import Export Import M N O P Q R S T U=S/K V=T/L Djibouti 29.1 83.3 31.2 87.4 32.2 101.3 35.5 132.4 22.7 69.2 Egypt 2.5 226.4 1.8 276.3 2.4 214.7 3.7 135.5 37.4 (44.8) Ghana 0.0 0.1 0.1 0.0 0.1 0.0 0.1 0.0 (21.5) (88.9) Kenya 13.1 15.3 20.6 26.6 28.6 25.1 36.9 17.8 87.2 (33.4) Libia - - - - - - - - - - Morocco 1.2 207.0 0.5 223.7 1.9 431.5 5.4 486.6 490.8 29.1 Nigeria 0.3 57.4 0.3 0.0 0.2 38.9 0.3 0.0 (34.3) (99.8) Ruwanda 0.0 0.5 0.0 0.7 16.7 8,136.5 400.0 Somali Land - 0.1 - 1.0 - 0.0 - 4.2 - 6,239.9 Somalia 22.4 - 30.5 - 30.1 - 5.6 - (75.9) - South Africa 1.9 32.7 2.0 63.1 3.5 24.0 2.6 23.0 (36.1) (73.9) Sudan 18.6 2.6 16.8 1.4 28.8 3.4 11.2 1.9 (15.3) (5.5) Tanzania - 0.3 0.0 4.4 - 0.3 0.0 1.6 (70.8) 360.6 Uganda 0.3 1.2 0.2 2.5 0.5 1.2 0.4 2.2 (37.2) 347.7 Zambia - 0.0 - 0.1 - - - 1.3 - 733.4 Zembabwe 0.0 1.1 0.1 0.4 0.0 0.6 0.0 0.5 (50.8) (20.8) Others 19.5 1.4 8.1 2.6 4.4 1.3 3.6 0.3 (81.5) (93.0) Total 109.0 629.7 112.1 689.5 133.3 842.3 106.0 824.1 (6.5) (0.4) %Share of Continent 13.08 15.26 14.54 14.18 14.37 19.25 8.36 16.24 - - Austria 0.2 3.4 0.2 2.1 - 2.1 0.1 2.7 (23.9) (0.0) Belgium 21.5 9.2 20.6 25.6 30.1 9.4 62.3 21.4 151.1 110.7 Bulgaria 1.2 2.1 0.6 0.9 0.9 1.6 0.8 1.6 12.5 (69.1) Cyprus 0.2 1.4 - 2.5 - 1.4 - 1.4 - (26.7) Czech Republic 0.1 5.6 0.0 2.0 0.1 2.0 0.3 1.8 94.8 (18.1) Slovakia - 1.9 0.1 1.8 0.1 0.3 0.1 0.3 55.2 (90.2) Denmark 0.8 5.0 0.1 8.3 0.8 7.2 0.4 4.9 (57.4) (35.8) Finland 0.0 0.4 0.0 1.5 1.2 7.7 0.9 0.8 (60.2) (41.5) France 9.3 55.7 7.7 35.2 9.1 49.7 13.9 19.3 14.0 (36.5) Germany 30.5 34.5 22.9 37.5 21.5 57.4 90.0 141.7 87.2 204.5 Greece 3.1 1.6 2.2 1.0 3.0 1.5 2.1 1.3 (24.9) (22.1) Hungary 0.1 4.4 0.0 3.9 0.1 4.1 0.3 5.1 214.5 (32.0) Ireland - 2.5 0.0 3.9 0.0 2.6 0.1 6.0 (69.3) 41.0 Italy 14.4 56.0 8.2 55.8 22.6 33.2 31.0 41.9 39.8 (26.5) Netherlands 79.2 31.1 77.6 21.3 86.2 16.3 87.2 36.8 (3.7) 97.1 Norway 2.3 0.5 2.3 1.0 2.3 0.6 3.0 0.4 (11.3) (82.0) Poland 1.2 6.5 0.5 9.1 0.5 2.5 1.5 4.2 4.0 (31.6) Portugal 0.8 0.6 0.9 0.6 1.5 2.2 1.0 0.6 (37.0) (86.7) Rumania 0.7 31.3 0.1 1.1 0.1 17.3 0.8 9.8 83.6 2,574.5 Spain 4.0 15.4 1.1 14.2 2.9 13.0 5.2 15.7 36.2 (18.4) Sweden 2.2 6.6 1.6 3.8 1.5 2.5 3.5 2.9 146.8 (61.6) Switzerland 79.6 2.7 86.1 5.2 111.0 2.7 134.6 4.7 182.1 (18.1) Turkey 7.0 142.6 14.7 262.3 22.2 162.9 14.7 200.7 24.4 73.3 Ukraine - 2.1 0.0 4.6 0.1 1.4 0.1 13.5 - (64.6) United Kingdom 14.2 55.1 12.5 204.2 11.4 90.0 13.9 159.8 (22.5) 736.0 Russia 0.9 0.2 3.6 16.7 5.5 57.3 10.9 106.7 253.5 18,436.4 Yugoslavia - - - - - - - - - - Others 2.4 4.2 2.5 100.6 2.8 1.5 6.6 1.7 71.8 (85.3) Total 275.9 483.5 266.1 826.8 337.7 550.5 485.3 807.6 60.9 87.2 %Share of Continent 33.11 11.72 34.53 17.00 36.42 12.58 38.29 15.92 - - Brazil 0.0 12.8 - 46.4 0.1 74.1 - 49.6 - 3,086.4 Canada 6.7 1.8 5.1 4.0 5.5 3.6 6.1 5.0 (21.4) 103.1 Cuba - - - 0.0 - 0.0 - - - - Mexico 0.0 2.3 0.2 3.9 0.2 1.6 0.2 3.2 117.2 169.5 United States 67.4 133.0 36.4 199.9 56.7 133.2 104.3 207.5 0.7 (15.6) Others 4.8 2.0 4.7 33.0 4.6 1.6 3.7 3.5 311.7 (77.1) Total 78.9 152.8 46.4 287.2 67.0 214.3 114.2 268.9 1.7 0.8 %Share of Continent 9.47 3.70 6.02 5.91 7.23 4.90 9.01 5.30 - - China, Mainland 27.3 1,156.5 25.9 1,098.3 25.9 1,021.9 27.3 1,305.6 (27.8) 31.2 China, Taiwan 7.0 4.1 4.2 2.9 6.9 3.7 15.8 3.9 5.9 (31.6) Hong Kong 6.6 1.1 6.1 61.4 7.5 2.3 5.9 0.9 54.0 (74.8) India 25.9 414.2 29.0 405.8 25.0 448.4 22.4 470.8 (28.4) 37.9 Indonesia 7.1 102.8 5.2 127.9 4.2 68.9 5.9 105.7 30.8 21.0 Israel 17.0 3.2 23.3 6.8 34.8 2.8 24.7 2.1 (16.2) (47.2) Japan 36.4 39.1 18.9 22.3 26.8 21.6 45.7 20.1 7.1 (17.4) N.Korea, Pdrk - 0.2 - - 0.0 0.1 0.0 0.1 - (26.5) S.Korea 45.5 31.1 20.5 36.3 23.5 21.9 52.8 40.0 41.2 12.6 Kuwait 1.5 146.8 1.2 1.0 2.0 0.1 2.7 0.1 63.9 394.0 Lebanon 0.8 0.3 0.7 0.4 1.3 0.3 1.0 0.2 201.1 (63.1) Malaysia 2.3 75.9 2.3 151.8 1.2 112.7 2.2 153.7 (55.5) 115.4 Pakistan 15.3 9.0 8.9 24.6 12.5 13.0 30.9 15.7 218.7 82.8 Saudi Arabia 86.7 267.0 78.7 617.3 74.8 215.0 115.6 95.7 47.9 (60.4) Singapore 13.8 21.9 15.8 4.3 19.5 4.0 14.4 8.5 (11.3) 103.9 Yemen 7.0 0.9 6.8 - 4.7 0.2 5.4 0.5 17.3 (58.4) Thailand 0.6 22.8 0.6 18.0 - 69.2 0.7 89.5 20.1 279.7 UAE 33.1 305.0 47.2 278.0 72.5 613.4 68.7 531.7 32.2 43.3 Others 25.7 135.3 35.2 199.2 42.0 148.3 31.2 323.9 (15.0) 102.6 Total 359.5 2,857.4 330.6 3,056.1 385.1 2,767.6 473.4 3,168.7 16.4 33.2 %Share of Continent 43.14 69.24 42.89 62.84 41.54 63.24 37.35 62.45 - - Australia 8.8 1.6 4.3 2.4 3.8 1.2 8.6 3.5 (6.7) 382.7 Others 1.3 1.8 0.7 1.5 0.3 0.4 0.8 1.5 (26.2) (11.6) Total 10.1 3.5 5.0 3.9 4.1 1.6 9.4 5.0 (8.7) 107.9 % Share of Continent 1.21 0.09 0.65 0.08 0.45 0.04 0.74 0.10 - -

• • 10.5 - - - 79.1 - 73.3 - 833.4 4,126.9 770.7 4,863.6 927.2 4,376.3 1,267.4 5,074.3 28.0 29.9 Source: Ethiopian Customs Commission

• Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All import data are updated based on revised data from the Ethiopian Customs Commission 2023/24 QI QII QIII QIV Percentage Change Grand Total Country of Origin Unspecified America: Asia: Oceania: Africa: Europe:

National Bank of Ethiopia Quarterly Bulletin 144 Fourth Quarter 2023/24 Coffee Oil Seeds Leather and Leather Productsa Pulses Meat & Meat Prodts. Fruits & Veget. Wheat Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton July 22,799.2 7,920.2 116.7 35,849.6 843.5 12,604.7 - - 0.3 - 6,281.3 1,368.0 - 18.0 3.4 - August 27,183.0 5,729.4 182.0 37,737.1 729.9 21,343.0 - - 0.4 - 1,911.3 1,542.4 - 18.0 400.0 - September 17,791.8 4,046.3 168.0 36,237.4 642.0 15,590.3 - - 0.3 - 2,606.9 1,354.3 - 18.0 8.2 - Qtr I 67,774.1 17,695.9 466.7 109,824.2 2,215.4 49,538.0 - 0.9 - 10,799.5 4,264.8 - 54.0 411.6 - October 20,138.1 4,910.9 121.2 42,879.3 670.0 16,096.6 - - 0.2 - 1,779.8 1,343.9 - - 8.9 - November 16,325.2 11,862.9 146.7 35,516.5 972.6 19,444.5 - - 0.3 - 2,721.8 1,533.5 - - 11.6 - December 13,982.8 27,211.8 72.1 31,007.6 789.8 17,521.7 - - 0.5 - 4,651.8 1,751.1 - - 29.7 - Qtr II 50,446.1 43,985.6 340.0 109,403.4 2,432.4 53,062.8 - 1.0 - 9,153.4 4,628.5 - - 50.2 - January 13,256.9 38,197.1 143.0 27,281.0 751.8 16,381.9 - - 0.4 - 4,764.2 1,843.3 - 38.0 34.4 - February 19,353.1 27,017.8 158.4 31,258.0 1,019.8 21,389.9 - - 0.4 - 3,392.5 1,499.8 - - 13.7 - March 24,187.2 22,412.8 63.6 31,208.8 1,293.0 15,867.4 - - 0.4 - 3,572.5 1,158.5 - 18.0 - - Qtr III 56,797.2 87,627.7 364.9 89,747.8 3,064.6 53,639.2 - 1.1 - 11,729.1 4,501.6 - 56.0 48.1 - April 34,397.3 17,172.3 289.2 36,554.8 965.3 10,575.2 - - 0.3 - 3,817.7 935.9 - 36.0 84.7 - May 43,519.9 12,422.4 98.7 37,905.1 1,145.4 9,398.8 - - 0.4 - 10,713.8 706.4 - - 35.7 - June 46,039.4 12,268.4 74.6 42,551.2 1,241.6 8,623.5 61,380.0 - 0.5 - 5,780.0 805.5 - 36.0 13.0 - Qtr IV 123,956.6 41,863.1 462.5 117,011.1 3,352.3 28,597.5 61,380.0 - 1.2 - 20,311.5 2,447.8 - 72.0 133.4 - Table 24 continued:Text. & Text. Prdts Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity (in '1000' kwh) Others* Re-Exports Grand Total* July 2,401.3 445.9 30.0 - - - 0.0 - 7,255.9 411.6 466.5 8,568.0 111,766.0 3.4 87,804.90 August 3,381.4 3,044.3 237.1 - - - 5.0 - 8,225.8 353.4 1,245.7 9,279.6 129,073.7 400.0 96,776.46 September 2,820.7 1,488.6 30.0 - - - 0.7 - 8,181.7 184.2 769.8 8,465.4 118,209.1 8.2 78,463.57 Qtr I 8,603.4 4,978.9 297.1 - - - 5.7 - 23,663.4 949.3 2,482.0 26,313.1 359,048.9 411.6 263,044.93 October 3,101.1 4,649.5 28.7 - - - 1.0 - 7,275.1 373.9 652.8 7,480.1 105,750.9 8.9 87,948.94 November 2,575.4 1,965.7 14.0 - - - - - 7,980.7 174.8 773.6 6,490.0 119,042.3 11.6 88,535.56 December 1,600.7 244.7 60.0 - - - 0.0 - 8,035.6 212.0 338.9 7,173.6 178,987.6 29.7 97,018.84 Qtr II 7,277.2 6,859.9 102.7 - - - 1.0 - 23,291.5 760.7 1,765.2 21,143.7 403,780.8 50.2 273,503.33 January 2,779.6 274.8 27.0 - - - 2.1 - 8,556.8 237.9 394.5 6,616.7 175,836.0 34.4 102,691.97 February 2,412.9 3,310.3 76.8 - - - 0.2 - 8,441.3 331.1 690.3 7,107.5 165,468.6 13.7 105,103.26 March 2,267.6 2,818.4 44.0 - - - 5.0 - 8,057.8 271.8 931.2 5,982.8 160,300.5 - 99,782.13 Qtr III 7,460.1 6,403.5 147.8 - - - 7.3 - 25,055.9 840.8 2,016.0 19,706.9 501,605.1 48.1 307,577.36 April 2,436.9 5,663.0 71.0 - - - - - 7,824.8 576.8 804.4 8,066.8 169,832.8 84.7 104,828.65 May 2,863.6 2,472.2 70.0 - - - 1.4 - 8,210.7 203.5 911.2 7,609.5 181,521.6 35.7 115,946.57 June 2,166.9 1,574.5 52.4 - - - 0.3 - 7,376.2 271.8 863.0 4,768.2 163,738.8 13.0 178,813.77 Qtr IV 7,467.3 9,709.8 193.4 - - - 1.7 - 23,411.7 1,052.0 2,578.6 20,444.6 515,093.2 133.4 399,588.98 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) 2023/24 2023/24 Period Table 24: Volume of Exports, by Major Commodity Groups (In metric tone) Period

National Bank of Ethiopia Quarterly Bulletin 145 Fourth Quarter 2023/24 Coffee Oil Seeds Leather and Leather products Pulses Meat & Meat Prodts. Fruits & Vegetables Wheat Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton July 6,910,044.4 732,275.0 106,818.9 1,505,440.7 237,556.4 241,394.6 - - 1,425,012.6 214,975.6 758,775.6 - 7,958.3 10,244.6 - August 7,724,828.7 595,448.9 124,675.0 1,673,350.5 276,490.0 414,359.1 - - 1,642,067.5 119,401.6 863,692.3 - 8,065.8 3,983.1 - September 4,861,843.2 406,422.8 128,813.7 1,520,081.8 234,165.2 313,717.6 - - 1,262,060.2 102,457.7 755,018.6 - 7,521.5 21,546.9 - Qtr I 19,496,716.4 1,734,146.7 360,307.6 4,698,873.0 748,211.5 969,471.3 - 4,329,140.3 - 436,834.9 2,377,486.5 - 23,545.6 35,774.7 - October 5,192,245.1 444,854.8 104,216.6 1,834,243.2 261,980.7 316,860.3 - - 840,526.7 147,492.1 729,154.4 - - 46,016.3 - November 3,830,364.7 1,186,236.0 105,180.6 1,599,083.6 303,034.8 380,018.4 - - 1,476,041.7 159,324.0 851,232.5 - - 21,165.9 - December 3,113,157.9 2,738,304.8 80,242.3 1,478,895.5 286,669.9 342,264.3 - - 2,434,626.2 277,507.7 997,290.5 - - 27,288.2 - Qtr II 12,135,767.8 4,369,395.7 289,639.5 4,912,222.3 851,685.4 1,039,143.1 - 4,751,194.6 - 584,323.8 2,577,677.4 - - 94,470.4 - January 3,173,151.6 3,816,699.5 86,087.1 1,389,997.8 302,083.4 311,334.8 - - 2,069,901.8 242,761.2 1,116,485.9 - 14,921.2 60,721.8 - February 5,032,097.2 2,705,734.4 80,300.8 1,525,294.1 393,907.7 402,923.0 - - 2,179,649.7 181,678.5 913,427.8 - - 26,438.9 - March 6,733,246.4 2,159,757.5 71,876.9 1,471,243.6 509,235.7 303,923.5 - - 1,993,130.3 180,507.6 696,611.2 - 8,142.7 - - Qtr III 14,938,495.3 8,682,191.4 238,264.8 4,386,535.4 1,205,226.8 1,018,181.3 - 6,242,681.9 - 604,947.3 2,726,524.9 - 23,064.0 87,160.8 - April 9,314,358.4 1,632,202.3 95,718.7 1,602,407.4 348,868.8 208,684.4 - - 1,847,591.1 134,110.3 569,675.1 - 15,741.5 116,431.1 - May 11,963,816.8 1,134,752.2 55,430.4 1,710,788.4 382,526.9 213,221.5 - - 2,734,119.8 424,802.2 442,756.9 - - 34,718.8 - June 12,485,842.1 1,161,285.1 70,499.8 1,934,252.2 415,944.3 185,716.2 1,931,028.3 - 3,035,153.0 254,248.7 492,087.0 - 15,856.0 31,893.9 - Qtr IV 33,764,017.3 3,928,239.6 221,649.0 5,247,448.0 1,147,340.0 607,622.1 - 7,616,863.8 - 813,161.2 1,504,519.1 - 31,597.4 183,043.7 - Table 25 continued: Text. & Text. Prdts Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity Others* Re-Exports Grand Total July 521,265.9 40,757.1 10,015.0 - - - 27.2 - 1,911,962.8 22,228.3 17,822.3 363,491.1 359,563.8 10,244.6 12,150,496.6 August 661,723.3 119,668.6 32,792.9 - - - 4,725.1 - 2,126,528.3 20,443.6 53,411.0 331,786.5 424,731.3 3,983.1 13,446,362.7 September 549,515.5 71,741.6 13,832.8 - - - 443.4 - 2,120,787.9 7,389.5 40,656.1 333,408.9 395,130.7 21,546.9 9,613,649.2 Qtr I 1,732,504.7 232,167.3 56,640.7 - - - 5,195.7 - 6,159,278.9 50,061.4 111,889.4 1,028,686.4 1,179,425.7 35,774.7 - 35,210,508.5 October 613,917.8 167,354.5 2,203.7 - - - 421.4 - 1,894,430.7 20,614.5 35,356.9 340,820.1 353,622.0 46,016.3 9,917,590.3 November 543,579.9 105,733.7 1,051.3 - - - - - 2,138,296.5 10,772.7 35,415.6 870,962.6 411,064.2 21,165.9 9,911,682.5 December 432,577.4 24,917.3 4,661.4 - - - 3.2 - 2,282,387.0 12,897.8 29,716.4 301,831.4 630,024.0 27,288.2 11,776,247.3 Qtr II 1,590,075.1 298,005.4 7,916.4 - - - 424.6 - 6,315,114.2 44,285.0 100,488.9 1,513,614.1 1,394,710.2 94,470.4 - 31,605,520.0 January 627,332.8 33,019.9 2,044.7 - - - 1,905.9 - 2,480,041.2 14,259.2 16,710.8 278,408.6 624,797.7 60,721.8 12,584,146.2 February 587,621.1 126,363.4 26,997.3 - - - 54.1 - 2,345,635.8 20,580.0 30,872.2 318,763.6 595,146.0 26,438.9 13,441,452.2 March 570,464.9 105,535.2 11,303.7 - - - 2,544.6 - 2,274,582.4 15,568.0 32,089.1 345,300.3 583,282.7 - 14,127,675.4 Qtr III 1,785,418.8 264,918.5 40,345.7 - - - 4,504.6 - 7,100,259.3 50,407.2 79,672.1 942,472.5 1,803,226.4 87,160.8 - 40,153,273.7 April 502,877.7 207,892.1 10,450.0 - - - - - 2,276,860.7 28,557.6 47,930.1 735,513.3 623,326.1 116,431.1 15,885,789.0 May 591,427.5 104,382.8 17,286.5 - - - 1,116.4 - 2,332,450.4 15,028.9 51,342.0 741,169.3 675,226.8 34,718.8 19,096,934.0 June 515,893.0 62,803.0 9,251.6 - - - 137.3 - 2,125,954.8 19,574.2 57,748.6 1,352,702.3 2,150,758.8 31,893.9 22,013,806.6 Qtr IV 1,610,198.2 375,077.9 36,988.1 - - - 1,253.6 - 6,735,265.9 63,160.7 157,020.7 2,829,384.8 3,449,311.7 183,043.7 - 56,996,529.6 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) 2023/24 Period 2023/24 Table 25: Value of Exports, by Major Commodity Groups (In Thusands of Birr) Period

National Bank of Ethiopia Quarterly Bulletin 146 Fourth Quarter 2023/24 Table 26: Value of Imports, by Major Commodity Groups** Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. July 3,902,792 116,045 24,410 - 12,124,977 1,395,095 3,345,965 69,358 650,761 1,473,041 909,171 August 2,738,992 176,861 18,305 1,933 20,764,826 1,140,982 2,712,220 28,199 937,162 1,656,015 972,149 September 2,790,263 180,334 59,969 - 16,147,133 1,609,954 1,947,163 64,753 854,962 1,168,780 862,222 Qtr I 9,432,047 473,240 102,684 1,933 49,036,936 4,146,031 8,005,348 162,310 2,442,885 4,297,836 2,743,542 October 4,336,980 141,484 27,227 - 20,491,172 1,257,193 2,556,637 170,456 570,526 1,074,295 646,558 November 3,705,942 224,985 20,519 - 18,079,983 1,175,329 3,179,593 90,026 787,122 1,646,070 550,955 December 4,198,234 268,347 21,511 - 17,430,677 921,368 2,780,464 170,717 527,452 1,097,398 485,186 Qtr II 12,241,155 634,817 69,257 - 56,001,833 3,353,889 8,516,694 431,199 1,885,100 3,817,763 1,682,699 January 5,422,820 175,897 8,014 - 12,870,954 1,291,671 2,272,064 15,077 511,721 1,589,353 525,302 February 5,209,569 26,287 9,814 - 16,887,526 763,114 2,047,847 45,442 491,118 1,172,521 273,184 March 5,301,848 38,538 836 - 15,872,672 1,088,340 3,289,842 201,860 624,887 1,755,526 456,894 Qtr III 15,934,237.43 240,722.40 18,663.63 - 45,631,152.15 3,143,125.30 7,609,752.88 262,379.08 1,627,725.12 4,517,400.37 1,255,378.87 April 4,419,895.33 264,205.23 24,949.04 - 17,624,718.85 976,683.26 3,434,752.22 35,921.98 1,348,945.82 1,620,236.42 844,736.07 May 6,767,407.39 247,060.70 33,138.26 - 16,169,505.68 1,310,290.33 2,685,603.59 27,817.22 482,193.92 1,761,609.32 525,201.35 June 4,969,040.16 311,681.44 84,630.52 - 12,990,727.35 1,188,373.15 3,149,699.12 108,464.35 598,611.45 1,499,865.19 453,226.08 QIV 16,156,342.88 822,947.37 142,717.81 - 46,784,951.87 3,475,346.74 9,270,054.94 172,203.56 2,429,751.20 4,881,710.94 1,823,163.51 Table 26 continued: Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL July 1,532,642 576,433 422,998 5,232,989 6,079,407 1,240,205 3,506,233 906,338 181,506 30,186,850 72,970,877 August 1,910,284 1,013,366 554,431 7,740,774 8,150,532 1,285,473 3,744,463 1,827,879 256,219 31,634,710 87,437,896 September 1,889,203 634,789 597,469 6,790,419 9,407,928 1,153,726 2,715,335 1,270,466 175,232 17,185,838 66,235,472 Qtr I 5,332,129 2,224,588 1,574,898 19,764,182 23,637,867 3,679,404 9,966,032 4,004,683 612,957 79,007,397 226,644,245 October 2,401,818 487,707 411,629 5,859,190 10,913,463 1,079,921 2,771,583 2,158,042 26,609 37,926,117 93,150,565 November 3,423,696 703,357 557,286 7,286,176 12,662,128 770,972 3,164,114 1,826,568 161,856 28,774,823 86,964,930 December 2,447,702 584,700 355,327 5,711,856 21,918,406 1,049,193 3,295,997 1,354,703 381,357 26,708,811 90,354,707 Qtr II 8,273,217 1,775,764 1,324,242 18,857,222 45,493,997 2,900,086 9,231,695 5,339,313 569,822 93,409,750 270,470,202 January 1,940,331 611,888 276,061 5,758,798 14,765,520 1,101,782 5,518,335 1,853,857 237,111 30,117,194 85,009,893 February 1,606,352 926,049 211,793 7,687,765 8,893,277 967,958 2,070,529 2,652,644 289,437 22,201,818 71,781,399 March 1,551,769 824,855 709,663 10,521,038 16,904,218 1,849,757 2,533,032 2,085,010 103,261 26,075,157 89,703,991 Qtr III 5,098,450.99 2,362,792.34 1,197,516.55 23,967,600.67 40,563,014.31 3,919,497.25 10,121,895.75 6,591,511.49 629,809.03 78,394,169.12 246,495,283.24 April 1,829,306.24 766,287.88 691,940.81 6,823,662.00 25,493,961.62 1,810,665.49 2,377,274.73 1,328,265.89 208,464.79 31,823,578.64 102,420,186.43 May 2,207,058.50 947,008.25 771,600.12 7,613,522.03 10,269,452.77 1,375,668.76 4,083,587.73 2,025,434.41 378,468.70 32,181,452.80 89,837,647.44 June 1,856,709.99 1,137,316.92 647,415.62 7,360,928.99 18,646,953.10 1,454,176.73 3,242,201.96 889,744.76 73,933.40 37,115,194.62 96,889,150.13 QIV 5,893,074.73 2,850,613.05 2,110,956.55 21,798,113.02 54,410,367.49 4,640,510.98 9,703,064.42 4,243,445.06 660,866.89 101,120,226.06 289,146,984.00 ** All the data are updated based on revised data from the Ethiopian Customs Commission 2023/24 2023/24 Period (In 000 birr) Period

National Bank of Ethiopia Quarterly Bulletin 147 Fourth Quarter 2023/24 Table 27: Volume of Imports, by Major Commodity Groups** (In Metric Tons) Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. July 112,485.2 1,026.4 47.4 - 257,232.7 18,301.1 3,140.9 23.7 6,898.2 9,245.9 12,895.3 August 73,802.2 1,467.8 187.5 18.9 374,791.7 15,141.1 3,124.3 8.9 10,203.0 8,799.2 13,602.6 September 80,419.9 1,366.4 129.3 - 280,419.9 23,207.2 2,283.0 63.1 10,772.0 6,389.6 10,781.6 Qtr I 266,707.29 3,860.58 364.24 18.88 912,444.28 56,649.38 8,548.13 95.76 27,873.20 24,434.68 37,279.39 October 145,740.9 1,493.7 73.4 - 370,413.0 17,351.0 2,804.4 65.0 7,323.8 13,338.1 10,302.9 November 107,520.3 1,608.0 46.5 - 350,100.6 16,778.4 1,830.4 36.2 7,954.3 10,838.9 6,803.1 December 176,536.8 1,961.4 104.0 - 352,921.9 16,039.0 1,950.8 97.8 5,592.8 8,005.5 7,614.6 Qtr II 429,798.0 5,063.0 223.9 - 1,073,435.4 50,168.4 6,585.6 198.9 20,870.9 32,182.5 24,720.6 January 163,893.9 1,123.1 33.2 - 256,184.4 13,083.3 2,373.1 2.7 6,005.8 9,260.6 5,652.1 February 157,637.0 165.2 49.5 - 329,265.8 10,329.5 1,547.6 18.4 6,220.0 7,322.4 3,165.4 March 141,589.1 801.6 26.1 - 311,045.3 13,930.6 2,731.8 69.2 6,434.4 8,365.3 5,606.6 Qtr III 463,120.0 2,089.9 108.8 - 896,495.5 37,343.4 6,652.5 90.2 18,660.2 24,948.3 14,424.1 April 133,388.5 1,982.6 118.6 - 337,402.8 12,086.1 2,340.8 14.1 12,471.6 8,676.7 10,646.9 May 199,033.8 1,377.5 110.0 - 327,193.2 16,095.0 2,356.4 59.7 5,194.0 8,639.3 5,522.1 June 142,558.8 2,164.0 205.1 - 266,859.8 12,815.5 2,322.3 49.5 5,759.0 7,155.6 4,529.2 QIV 474,981.06 5,523.97 433.74 - 931,455.70 40,996.53 7,019.51 123.33 23,424.59 24,471.67 20,698.12 Table 27 continued: Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL July 11,643.3 1,765.4 9,678.4 82,828.7 15,953.6 4,191.2 6,457.0 24,866.8 31.5 563,403.6 1,117,249.4 August 13,163.6 2,098.5 12,132.4 437,636.1 18,563.7 4,620.6 6,828.2 47,367.3 30.3 461,904.2 1,458,124.8 September 13,803.5 1,670.1 12,004.6 1,370,026.0 19,432.7 4,289.5 5,997.7 34,613.3 27.2 197,694.1 2,040,777.4 Qtr I 38,610.47 5,534.04 33,815.32 1,890,490.82 53,950.05 13,101.34 19,282.89 106,847.32 89.07 1,223,001.87 4,616,151.68 October 16,536.0 1,845.1 9,276.3 2,559,009.6 19,995.4 3,855.5 6,290.5 74,977.1 12.0 651,597.3 3,837,323.8 November 16,416.0 1,970.3 13,091.4 743,135.9 19,808.5 2,498.8 6,035.4 50,642.7 21.7 516,981.7 1,823,476.2 December 16,063.3 2,012.2 7,904.6 98,875.0 22,599.4 3,555.6 6,794.0 56,358.4 44.9 578,057.3 1,306,731.0 Qtr II 49,015.36 5,827.56 30,272.29 3,401,020.53 62,403.32 9,909.96 19,119.89 181,978.20 78.59 1,746,636.25 6,967,531.04 January 13,000.4 1,846.5 5,030.6 83,554.2 21,399.7 4,117.3 7,501.3 50,331.9 30.2 575,767.4 1,169,859.7 February 11,103.9 1,771.6 6,401.5 303,037.3 25,720.9 3,934.6 4,137.2 77,965.3 37.4 489,778.0 1,361,643.3 March 10,359.8 2,020.5 10,736.6 146,577.7 21,234.8 5,476.2 6,509.7 55,595.0 24.2 399,902.9 1,093,442.4 Qtr III 34,464.06 5,638.64 22,168.71 533,169.12 68,355.45 13,528.15 18,148.22 183,892.13 91.79 1,465,448.35 3,624,945.29 April 14,214.3 2,349.3 13,226.2 111,265.3 23,549.6 6,628.0 5,663.6 33,167.8 29.6 529,103.0 1,225,157.5 May 13,292.7 2,014.5 13,459.3 121,060.3 17,508.8 3,870.6 6,090.0 50,617.9 62.6 408,598.6 1,151,538.3 June 11,462.4 2,435.2 11,078.4 87,787.0 13,711.2 4,554.1 7,241.1 21,992.0 15.8 667,975.6 1,250,679.4 QIV 38,969.46 6,798.98 37,763.94 320,112.57 54,769.54 15,052.73 18,994.68 105,777.72 108.04 1,605,677.14 3,627,375.28 ** All the data are updated based on revised data from the Ethiopian Customs Commission 2023/24 Period 2023/24 Period

National Bank of Ethiopia Quarterly Bulletin 148 Fourth Quarter 2023/24 Table 28: Value of Imports by End-Use** (In Millions of Birr) QI QII QIII Qtr IV Annual Raw Materials 1,534.74 1,982.70 1,570.56 1,549.16 6,637.16 Semi-finished Goods 52,143.33 46,636.87 52,936.02 61,165.70 212,881.92 Chemicals 8,121.14 7,029.29 8,593.57 11,191.52 34,935.51 Fertilizers 18,695.30 13,814.23 19,457.14 21,662.89 73,629.55 Textile Materials 2,395.25 2,278.47 2,120.55 2,512.58 9,306.84 Others 22,931.65 23,514.89 22,764.77 25,798.72 95,010.02 Fuel 50,248.69 57,804.42 46,274.91 47,462.87 201,790.89 Crude petroleum 1.43 - - - 1.43 Petroleum Products* 49,036.94 56,001.83 45,631.15 46,784.95 197,454.87 Others 1,210.33 1,802.58 643.76 677.91 4,334.59 Capital Goods 58,596.03 84,211.36 78,020.73 95,194.02 316,022.14 Transport 12,567.11 21,024.63 17,688.20 16,625.05 67,904.99 Tyres for Heavy Vehicles 1,105.34 1,057.23 1,223.83 1,476.81 4,863.21 Heavy Road Motor Veh. 6,260.06 7,103.18 6,453.29 7,573.66 27,390.18 Aircraft 5,081.39 12,760.43 9,727.51 7,273.70 34,843.03 Others 120.32 103.79 283.57 300.88 808.57 Agricultural 1,093.99 927.75 753.71 835.36 3,610.81 Industrial 44,934.94 62,258.97 59,578.82 77,733.61 244,506.34 Consumer Goods 62,298.21 77,815.35 66,063.26 81,709.36 287,886.18 Durables 18,549.87 19,509.97 18,857.15 21,339.12 78,256.11 Radio & T.V. 1,427.11 1,477.67 1,389.48 1,770.40 6,064.65 Tyres for cars & Other Veh. 651.16 536.37 594.14 688.91 2,470.57 Cars & Other Veh. 7,540.18 8,388.08 6,916.69 9,319.91 32,164.87 Others 8,931.43 9,107.84 9,956.85 9,559.90 37,556.02 Non-durables 43,748.34 58,305.38 47,206.11 60,370.24 209,630.07 Cereals 5,888.33 9,769.12 10,918.56 11,497.53 38,073.55 Other Food 9,011.11 12,154.00 11,151.15 14,660.58 46,976.84 Medical & Pharmaceuticals 8,427.72 10,267.94 7,044.84 9,694.27 35,434.77 Textile Fabrics 6,598.08 6,280.21 6,264.30 7,471.60 26,614.19 Others 13,823.10 19,834.10 11,827.24 17,046.27 62,530.71 Miscellaneous 1,823.24 2,019.51 1,629.81 2,065.87 7,538.43 Total Imports 226,644.25 270,470.20 246,495.28 289,146.98 1,032,756.71 Source: Ethiopian Customs Commission

• Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Customs Commission 2023/24 Categories

National Bank of Ethiopia Quarterly Bulletin 149 Fourth Quarter 2023/24 Table 29: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector (In Millions of Birr) Manufacturing 5 193 7 60.5 4 33.2 5 77.0 19 1,677 4 531.4 7 796.9 11 185.7 Agriculture, hunting and forestry 1 20 Real estate, renting and business activities 5 34 4 636.2 1 7.0 3 2513.6 4 42.6 10 635.2 5 122.0 Hotels and restaurants 1 15 1 147.22 1 10.10 Education 1 1500.0 1 70 Health and social work 1 3 1 5.0 1 40.7 1 118 5 34.3 Construction 7 25 1 10.6 3 51.7 3 30.8 1 2 5 60010.5 1 12.5 Wholesale, retail trade and repair service Transport, storage and communication 4 111 Mining and Quarrying Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities Others 1 33 2 667.2 1 16.5 1 5.5 Grand Total 24 434 16 2879.6 9 132.6 12 2638.0 19 1,677 12 846.716 23 61512.6 23 364.5 Source: Ethiopia Investment Agency *Projects with Initial Investment Capital below Birr 250,000 are not included. No of projects QIII 2022/23 Investment Capital No of projects Investment Capital No of projects Investment Capital No of projects Investment Capital Investment Capital No of projects Investment Capital No of projects Investment Capital No of projects Sector/Sub-sector 2023/24 QIV No of projects Investment Capital QIII QIV QI QII QI QII

National Bank of Ethiopia Quarterly Bulletin 150 Fourth Quarter 2023/24 Table 30: Expected Employment Creation of Approved Domestic $ Foreign Investment Projects by Sector[PERMANENT & TEMPORARY] Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Manufacturing 702 115 162 49 253 77 352 72 1,567 639 644 28 181 197 97 67 Agriculture, hunting and forestry Real estate, renting and business activities 85 55 72 2300 448 2020 192 146 127 206 128 70 Hotels and restaurants 87 57 13 Education 120 40 Health and social work 2 5 12 20 52 102 2 3 10 12 Construction 2 5 30 30 28 10 705 310 11 14 Wholesale, retail trade and repair service Transport, storage and communication Mining and Quarrying Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities Others 6 30 42 22 22 14 5 Grand Total 884 210 438 2461 333 189 1527 2402 1,567 639 852 182 319 417 292 162 Source: Ethiopia Investment Agency. *Projects with Initial Investment Capital below Birr 250,000 are not included. QII QIII QI QII QIII QIV QI 2022/23 2023/24 QIV Sector/Sub-sector