Annual Report 2024-25

2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (2011) (2012) (2013) (2014) (2015) (2016) (2017)

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) 14.2 14.32 14.41 16.2 16.2 17.3 NA Agricultural Irrigated Land (% of totalAgricultural area) 4.0 4.7 5% 6% 6.2% 6.2% NA Population Density (person per sq.km)* 109 112 115 123 127 132 135
2. Social Indicators Population total, in millions (Mid-Year population) 97.6 99.7 101.9 104.1 105.7 108.4 110.6 (o/w Urban Poulation, in %) 22.8 28.2 Working Age Population (In Millions) Urban 13.13 14.03 15.01 16.04 31.1 Rural 43.06 44.28 45.8 46.6 40.4 Total 56.2 58.3 60.8 62.6 71.5 Age Dependency Ratio 69 62 73.3 76.6 Life Expectancy at Birth (Male - Female) 62.4-66.6 62.4-66.7 65.5 69 64.8 Crude Birth Rate 27:1000 31.8:1000 32.7:1000 Crude Death Rate 6:03 6:00 6:30 6.5 7.0 Natural Rate of Population Increase (In %) 2 0 2.7 2.6 Total Fertility Rate 3.5chil:W 3.5chil:W 4.6chil:W 4.6chil:W 4.1Chil:W 4.6Chil:W 4.4Chil:W People : Hospital Beds 1,312 2750 2720 2900 3225 3650 6045 People : Physician1 10,521:1 9977:1 8448:1 7576:1 5737:1 5843:1 5029:1 People : Nurse1 1620:1 1705 1473 1415 983 999 1062 Infant Mortality Rate 53.3:1000 43.3:1000 47:1000 47:1000 34:1000 47:1000 36:1000 Access to Safe Water (In %) Country Level 76 79.3 58.5 58.76 67.1 69.52 72.65 Urban Population 66 66.5 62.95 71.97 75.7 79.12 84.31 Rural Population 79 82.7 57.26 59.76 64.5 66.62 69.03 Student-Teacher Ratio Primary (1-8) 39 39 34.8 34.6 36.4 35.5 37.8 Secondary (9-12) 22.5 24 27.4 27.7 26.6 22.6 21 Technical & Vocational 26:1 13.3:1 11:1 11:1 18:1 17:1 17:1 Student-School Ratio Primary (1-8) 628 528 512.7 526.6 517.6 513.3 524 Secondary (9-12) 568 940 1017 1063 1009.6 864.9 700 Technical & Vocational 246.8:1 246.6:1 177 158 152 172.8 170.2 Indicators Ethiopia: Macroeconomic and Social Indicators

2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (2011) (2012) (2013) (2014) (2015) (2016) (2017) 3. Macroeconomic Indicators 3.1. Real sector Development2 GDP at Current Market Price (In Mn. Birr) 2,696,223.0 3,374,746.94 4,341,024.22 6,157,015.23 8,723,116.78 11,784,561.45 15,094,419.03 Nominal GDP Growth Rate (In %) 22.42 25.17 28.63 41.83 41.68 35.10 28.09 Average Exchange Rate (Birr per USD) 28.10 31.34 39.02 48.57 53.28 55.96 119.31 GDP at Current Market Price (In Mn. USD) 95,951.0 107,672.6 111,261.9 126,765.8 163,712.9 210,580.3 126,519.2 Nominal GDP per Capita (In USD) 983.1 1,080.0 1,091.7 1,217.9 1,548.7 1,942.4 1,144.2 Real GDP per Capita (In Birr) 20,312.7 21,155.3 21,860.6 22,547.1 23,664.4 24,830.2 26,723.8 Real GDP per Capita Growth Rate (In %) 5.8 4.1 3.3 3.1 5.0 4.9 7.6 GDP Deflator (% change) 13.2 18.3 21.8 34.7 32.9 25.5 16.7 Real GDP at constant basic price (In Mn. Birr) 1,874,689.30 1,989,587.75 2,114,238.31 2,248,662.83 2,409,921.42 2,603,952.94 2,842,252.35 Real GDP at constant market price (In Mn. Birr) 1,982,516.72 2,109,180.10 2,227,894.72 2,346,748.00 2,501,498.34 2,691,931.77 2,954,974.37 Real GDP Growth Rate (In %) 9.0 6.1 6.3 6.4 7.2 8.1 9.2 Agriculture & Allied Activties(In Billion Birr) 623.80 650.3 686.4 728.4 774.0 827.9 888.6 Industrial Sector (In Billion Birr) 526.20 576.91 618.82 649.24 694.24 758.39 857.07 Service Sector (In Billion Birr) 745.72 786.87 836.20 899.83 971.28 1,046.08 1,124.78 Agriculture & Allied Activties (% of GDP) 33.27 32.69 32.47 32.39 32.12 31.79 31.26 Industrial Sector (% of GDP) 28.07 29.00 29.27 28.87 28.81 29.12 30.15 Service Sector (% of GDP) 39.78 39.55 39.55 40.02 40.30 40.17 39.57 Private Consumption Expenditure (Million Birr) 1,848,070.00 2,363,783.14 3,135,110.00 4,765,752.51 6,884,213.03 9,454,839.78 12,216,350.74 Government Consumption Expenditure (Million Birr) 247,362.00 308,096.68 383,565.00 453,263.13 551,106.62 650,000.00 881,424.02 Gross Capital Formation (Investment) (Million Birr) 948,866.00 1,031,962.81 1,216,585.00 1,560,324.77 1,933,863.00 2,424,729.18 3,036,992.91 Exports (Million Birr) 213,437.00 240,524.96 331,294.00 507,581.90 575,369.66 652,778.77 2,005,105.58 Imports (Million Birr) 561,512.00 569,620.65 725,530.00 1,129,907.07 1,221,435.52 1,397,786.28 3,045,454.22 Resource Balance (Million Birr) (348,075.00) (329,095.69) (394,236.00) (622,325.18) (646,065.86) (745,007.51) (1,040,348.64) Gross Private Consumption (% of GDP) 68.5 70.0 72.2 77.4 78.9 80.2 80.9 Gross Government Cosumption (% of GDP) 9.2 9.1 8.8 7.4 6.3 5.5 5.8 Gross Domestic Fixed Investment (% of GDP) 35.2 30.6 28.0 25.3 22.2 20.6 20.1 Resource Balance (% of GDP) (12.9) (9.8) (9.1) (10.1) (7.4) (6.3) (6.9) 3.2. Monetary Indicators Narrow Money Supply (M1) (In Mn. Birr) 308,937.13 360,585.50 437,391.97 588,015.82 706,142.20 822,498.60 1,128,963.90 Broad Money Supply (M2) (In Mn. Birr) 886,752.53 1,037,646.33 1,348,266.15 1,715,310.03 2,170,848.37 2,477,891.90 3,349,159.60 Net Foreign Assets (In Mn. Birr) 14,506.19 (8,321.31) (812.32) (111,427.54) (160,097.68) (245,298.39) (211,457.30) Reserve Requirement (CBs) 44,861.74 51,952.51 67,732.40 119,022.60 147,931.40 149,916.90 243,611.94 Interest Rate (In %) Minimum Deposit Rate 7.00 7 Average lending rate 13.50 14.25 14.75 15.75 Total Net Domestic Credit (in mn. Birr) 963,699.9 1,176,926.4 1,481,844.4 1,930,621.8 2,444,435.5 2,797,752.1 3,448,089.4 Government 109,799.21 137,082.91 214,275.16 422,864.02 573,675.72 745,541.10 1,586,725.90 Other Sectors 853,900.70 1,039,843.53 1,267,569.27 1,507,757.78 1,870,759.78 2,052,211.00 1,861,363.50 Indicators Continued….

Continued…. 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (2011) (2012) (2013) (2014) (2015) (2016) (2017) 3.3. Inflation (CPI growth rate)3 Country Level (Annual Average) -General inflation 12.57 19.91 20.20 33.79 32.55 26.57 16.00 -Food inflation 13.12 23.3 23.2 40.3 31.7 28.1 16.2 -Non-Food inflation (core inflation) 11.93 15.85 16.45 25.15 33.86 24.29 15.78 Addis Ababa (Annual Average) -General inflation 14.6 18.8 19.5 29.8 37.3 31.2 19.8 -Food inflation 15.0 25.9 26.2 36.6 35.5 34.1 19.0 -Non-Food inflation (core inflation) 14.3 13.9 14.4 24.1 39.0 28.6 20.5 3.4. External Trade(In Mn.USD) Export of goods & services 7,694.91 7,715.75 8,498.94 10,457.69 10,855.84 11,763.57 16,802.86 Import of goods & services 20,704.78 18,828.34 19,176.97 23,845.01 23,430.01 25,408.63 25,907.00 Net trade in goods & services (13,009.87) (11,112.60) (10,678.02) (13,387.32) (12,574.16) (13,645.05) (9,104.14) Current account balance including official transfers (4,947.98) (4,401.88) (3,190.73) (5,145.07) (4,672.94) (6,197.54) (289.34) Capital account balance 4,822.42 4,326.48 3,785.84 2,723.65 3,547.26 4,128.31 5,316.58 Overall balance of payments (941.64) (833.40) 298.71 (2,149.84) (752.05) (1,347.95) 2,830.03 3.5. Government Finance (In Mn .Birr4 ) Total Revenue (including grants) 344,936.5 394,965.83 478,888.13 566,753.63 717,586.69 873,126.53 1,571,509.58 Total Revenue (excluding grants) 311,317.4 354,312.80 444,582.64 540,060.53 685,459.13 840,094.82 1,386,477.23 o/w Tax-Revenue 268,457.4 311,476.46 388,763.46 477,770.34 593,232.07 716,172.16 1,171,780.95 Tax-Revenue as % of GDP 9.96 9.23 8.96 7.76 6.80 6.08 7.76 Total Expenditures 413,105.7 488,243.19 599,006.65 779,099.03 938,771.57 1,120,077.28 1,818,329.21 Current Expenditures 238,156.6 280,667.04 363,596.91 517,043.37 582,854.59 652,619.66 1,069,320.73 Capital Expenditures 174,949.1 207,576.15 235,409.74 262,055.65 355,916.99 467,457.62 749,008.47 Equity Contribution (Sinking Fund) - - - - - - - Special Programs - - - - - - - Total Expenditures as % of GDP 15.3 14.5 13.8 12.7 10.8 9.5 12.0 Current Surplus/Deficit( Including Grants) 106,779.9 114,298.78 115,291.22 49,710.26 134,732.10 220,506.87 502,188.85 Overall Budget Deficit (including grants) (68,169.2) (93,277.36) (120,118.53) (212,345.39) (221,184.89) (246,950.75) (246,819.63) Deficit as % of GDP (2.53) (2.76) (2.77) (3.45) (2.54) (2.10) (1.64) Overall Budget Deficit (excluding grants) (101,788.3) (133,930.40) (154,424.01) (239,038.50) (253,312.45) (279,982.46) (431,851.98) Deficit as % of GDP (3.78) (3.97) (3.56) (3.88) (2.90) (2.38) (2.86) 3.6. Exchange Rate (Birr/ USD) Inter-Bank Forex Market Rate5 (2.76) (2.77) (3.45) (2.54) (2.10) (1.64) *Average Weighted rate 28.0543 31.34 39.02 48.57 53.28 55.96 119.31

• Weighted Rate(End period) 28.9109 34.98 43.69 51.99 54.59 57.33 135.37 Indicators

2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (2011) (2012) (2013) (2014) (2015) (2016) (2017) 3.7. Treasury Bill Market (In Mn. Birr) T-Bills Demanded (Total) 422,633.54 242,155.1 284,783.6 599,478.6 595,231.3 812,892.1 390,608.3 T-Bills Sold 422,633.54 242,155.1 238,799.6 582,268.6 576,081.3 797,797.1 384,390.0 Average Weighted Yield (in %) 1.7 4.8 8.0 9.5 9.7 9.7 14.5 T-Bills Outstanding by holder 138,054.36 23,724.0 116,560.0 317,169.6 341,869.5 447,802.9 272,242.2 Banks 650.00 5,604.0 52,040.0 195,432.3 146,568.1 162,259.3 159,461.5 Non-Banks 137,404.36 18,120.0 64,520.0 121,737.3 195,301.5 285,543.6 112,780.7 3.8. Inter Bank Money Market Rate5 3.9. Financial Institutions Number of Commercial Banks 17.00 17.0 18.0 30.0 31.0 32.0 32.0 (o/w Private banks) 16.00 16.0 17.0 28.0 29.0 30.0 30.0 Number of Bank Branches 5,564.00 6,511.0 7,344.0 8,944.0 11,281.0 12,278.0 12,590.0 Population : Bank Branch 17,732.20 15,702.0 13,921.0 11,516.0 9,514.0 8,918.0 8,868.0 Number of Insurance Companies 17.00 18.0 (o/w Private Insurance Companies) 16.00 17.0 Number of Insurance Branches 568.00 605.0 635.0 690.0 741.0 799.0 839.0 Population : Insurance Branch 173,848.00 168,983.0 160,629.9 149,272.5 144,846.0 147,771.9 133,078.7 Number of Development Banks 1 1.0 Number of Development Bank Branches 107 93.0 82.0 83.0 83.0 105.0 104.0 Number of Micro-financial Institutions 38 39.0 39.0 43.0 47.0 48.0 64.0 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 1 | Annual Report 2024/25 I. THE OVERALL ECONOMIC PERFORMANCE I.1. Global Economic Environment According to the World Economic Outlook, October 2025 issue, global growth is projected to reach 3.2 percent in 2025, moderating slightly to 3.1 percent in 2026. Advanced Economies are expected to maintain steady growth at 1.6 percent in both years. In the United States, economic expansion is forecasted at 2.0 percent in 2025, edging up to 2.1 percent in 2026. The Euro area is anticipated to record modest growth of 1.2 percent in 2025 and slight decline to 1.1 percent in 2026. Emerging Market and Developing Economies are projected to expand to 4.2 percent in 2025 and 4.0 percent in 2026. Under the baseline scenario, global headline inflation is expected to decline to 4.2 percent in 2025 and further to 3.7 percent in 2026. I.2. Sub-Sahara African Developments Sub-Saharan Africa‘s growth is projected to reach 4.1 percent in 2025, rising to 4.4 percent in 2026. The region has demonstrated resilience despite facing a range of shocks in recent years. Fuel-exporting economies are likely to encounter challenges amid declining oil prices. Whereas, other commodity exporters, including cocoa, coffee, copper, and gold, are expected to benefit from improving prices. However, tight external borrowing conditions, market volatility, and the deterioration of global trade policies and aid landscape are expected to create headwinds for the region‘s economies (IMF Regional Economic Outlook, SSA, October 2025). I.3. Domestic Economic Performance The Ethiopian economy recorded robust growth of 9.2 percent in 2024/25, driven by industry (41.4 percent), services (32.7 percent), and agriculture (25.5 percent). Despite this strong performance, nominal GDP per capita fell sharply to USD 1,144 in 2024/25 from USD 1,942 in the previous year, depicting a 41.1 percent decline following the exchange rate policy reform. In 2025/26, the Ethiopian economy is expected to expand by 10.2 percent, exceeding the IMF‘s projected growth of 7.1 percent (WEO, October 2025).

National Bank of Ethiopia 2 | Annual Report 2024/25 Table 1.1: Sectoral Contributions to GDP and GDP Growth (In Billions of Birr) Items Year 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 Sector Agriculture 600.8 623.8 650.3 686.4 728.4 774.0 827.9 888.6 Industry 467.5 526.2 576.9 618.8 649.2 694.2 758.4 857.1 Services 671.8 747.3 786.9 836.2 899.8 971.3 1,046.1 1,124.8 Total

1,719.5

1,874.7

1,989.6

2,114.2

2,248.7

2,409.9

2,604.0

2,842.3 Less FISIM 19.8 21.0 24.5 27.2 28.8 29.6 28.4 28.2 Real GDP 1,719.5 1,874.7 1,989.6 2,114.2 2,248.7 2,409.9 2,604.0 2,842.3 Growth in Real GDP 7.7 9.0 6.1 6.3 6.4 7.2 8.1 9.2 Per capita GDP (USD) (Nominal) 883 985 1,080 1,092 1,218 1,549 1,942 1,144 Growth in per capita GDP 0.9 11.6 9.6 1.1 11.6 27.1 25.1 -40.9 Mid-year population (in millions) 95.5 97.6 99.7 101.9 104.1 105.7 108.4 110.6 Share in GDP (in %) Agriculture 34.9 33.3 32.7 32.5 32.4 32.1 31.8 31.3 Industry 27.0 28.1 29.0 29.3 28.9 28.8 29.1 30.2 Services 39.2 39.8 39.5 39.6 40.0 40.3 40.2 39.6 Agriculture Real Growth rate 3.5 3.8 4.3 5.6 6.1 6.3 7.0 7.3 Contribution to real GDP growth* 1.3 1.3 1.4 1.8 2.0 2.0 2.2 2.3 Growth contribution in percent 16.4 14.7 22.8 29.0 31.2 28.2 27.8 25.5 Industry Real Growth rate 12.7 12.6 9.6 7.3 4.9 6.9 9.2 13.0 Contribution to real GDP growth* 3.3 3.4 2.6 2.1 1.4 2.0 2.7 3.8 Growth contribution in percent 42.5 37.5 42.4 33.6 22.6 27.9 33.1 41.4 Services Real Growth rate 8.5 11.0 5.3 6.3 7.6 7.9 7.7 7.5 Contribution to real GDP growth* 3.3 4.3 2.1 2.4 3.0 3.1 3.1 3.0 Growth contribution in percent 42.3 48.2 34.0 39.1 46.7 43.8 38.1 32.7 Source: Ministry of Planning and Development (MoPD) Note: *Sectoral contributions will not add up to overall GDP growth because of FISIM (Financial Intermediary Service Indirect Measured).

National Bank of Ethiopia 3 | Annual Report 2024/25 I.4. GDP by Sector I.4.1. Agriculture In terms of sectoral distribution, agriculture‘s share in the economy declined slightly to 31.3 percent in 2024/25 from 31.8 percent a year earlier, contributing 25.5 percent to the real GDP growth. The sector‘s growth was mainly driven by a 7.5 percent expansion in crop production which accounted for 66.8 percent of total agricultural output. Meanwhile, livestock farming and hunting, as well as forestry, contributed 24.6 percent and 7.8 percent of agricultural production, respectively (Table 1.2). I.4.2. Industry Industrial activity maintained strong performance in 2024/25, recording an annual growth rate of 13 percent compared to the previous year. The sector contributed 41.4 percent to the overall economic growth during the period. Within the sector, construction remained the dominant component, expanding by 8.8 percent and accounting for approximately 48.9 percent of industrial output growth and 20.6 percent of total economic growth. The manufacturing sector also showed significant improvement, with a growth rate of 10.3 percent relative to the previous year and contributed about 18.4 percent to industrial output growth and 7.6 percent to real GDP growth. Overall, the industry sector‘s share in the total GDP improved to 30.2 percent in 2024/25 from 29.1 percent in the preceding fiscal year. I.4.3. Services The service sector continued to support economic activity in 2024/25, with annual growth rate of 7.5 percent, marginally lower than the 7.7 percent recorded in 2023/24. Despite the slight moderation, the sector remained a key driver of the economy, accounting for 39.6 percent of total output and 32.7 percent of overall GDP growth.

National Bank of Ethiopia 4 | Annual Report 2024/25 Fig.I.1: GDP Growth by Major Sectors Source: Ministry of planning and development (MoPD) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 2020/21 2021/22 2022/23 2023/24 2024/25 5.5 6.1 6.3 7.0 7.3 7.3 4.9 6.9 9.2 13.0 6.3 7.6 7.9 7.7 7.5 6.3 6.4 7.2 8.1 9.2 Agriculture Industry Service Real GDP

National Bank of Ethiopia 5 | Annual Report 2024/25 Table 1.2: Growth and Percentage Distribution of Major Agricultural, Industrial and Service Sub-sectors Sectors 2020/21 2021/22 2022/23 2023/24 2024/25 Growth rate Crop 5.7 6.9 7.1 7.8 7.5 Animal Farming and Hunting 5.8 4.6 4.4 5.3 6.5 Forestry 4.0 4.3 4.0 4.2 4.1 Fishing 1.7 21.9 38.6 29.6 94.1 Share in Agriculture Crop 65.1 65.6 66.1 66.7 66.8 Animal Farming and Hunting 26.0 25.6 25.2 24.8 24.6 Forestry 8.6 8.5 8.3 8.1 7.8 Fishing 0.2 0.3 0.4 0.4 0.8 Growth rate Mining and Quarrying 115.4 6.1 -7.1 18.4 205.4 Manufacturing 5.1 4.8 7.0 8.4 10.3 Electricity and Water 9.2 6.0 13.2 18.0 25.6 Construction 6.6 4.9 7.1 9.0 8.8 Share in Industry Mining and Quarrying 1.8 1.8 1.6 1.7 4.6 Manufacturing 23.4 23.2 22.6 Electricity and Water 2.7 2.7 2.9 3.1 3.4 Construction 72.2 72.1 69.4 Growth rate Wholesale and Retail Trade 6.3 7.9 7.6 7.8 7.6 Hotels and Restaurants 2.6 8.0 10.3 9.1 8.5 Transport and Communications 7.0 9.8 12.0 11.4 8.5 Real Estate, Renting and Business Activities 8.9 9.0 9.1 8.8 9.1 Public Administration and Defense 4.9 4.5 4.0 4.9 5.9 Others* 6.2 6.5 6.5 5.3 6.2 Share in Service Wholesale and Retail Trade 36.3 36.4 36.3 Hotels and Restaurants 6.0 6.1 6.2 6.3 6.3 Transport and Communications 13.5 13.8 14.3 14.8 14.9 Real Estate, Renting and Business Activities 11.4 11.5 11.7 11.8 12.0 Public Administration and Defense 10.7 10.4 10.0 9.8 9.6 Others* 22.0 21.8 21.5 21.0 20.8 Source: Ministry of Planning and Development (MoPD)

• Includes: financial intermediation, education, health and social work, private households with employed persons and other community, social and personal services.

National Bank of Ethiopia 6 | Annual Report 2024/25 I.5. GDP by Expenditure Components The expenditure components of GDP over the past five years depicted that Ethiopia‘s economic growth has been primarily driven by private consumption and investment spending, while net exports have continued to make a negative contribution due to persistent trade deficits. Private consumption remained the dominant component of GDP, accounting for 80.9 percent of total expenditure, slightly higher than 80.2 percent in 2023/24. Investment represented 20.1 percent of GDP during the review period, showing a slight decline compared to the previous year. Public consumption accounted for 5.8 percent of GDP, marking a modest increase from 5.5 percent in 2023/24. Meanwhile, net exports remained negative at –6.9 percent, indicating continued excess of import demand over export earnings. Nevertheless, the trade deficit narrowed considerably from –10.1 percent in 2021/22, signaling some improvement in the external balance (Table 1.3). The domestic absorption-to-GDP ratio also registered a marginal decline of 0.6 percentage points compared to the previous fiscal year, standing at 106.9 percent of GDP.

National Bank of Ethiopia 7 | Annual Report 2024/25 Table: 1.3: Expenditure on GDP and Gross Domestic Savings (As Percentage of GDP) Source: Ministry of Planning and Development (MoPD) Year Domestic Absorption Consumption Expenditure Gross Capital Formation Resource Balance Exports of Goods & Services Imports of Goods & Services Gross Domestic Total Govt. Pvt. Savings 2012/13 115.2 82.2 10.2 71.9 33.0 (16.1) 12.2 28.2 17.8 2013/14 116.2 79.3 10.6 68.8 36.8 (17.0) 11.3 28.4 20.7 2014/15 116.1 77.9 10.3 67.6 38.2 (20.4) 9.1 29.5 22.1 2015/16 115.0 77.6 11.1 66.5 37.3 (19.3) 7.8 27.1 22.4 2016/17 116.1 77.6 11.1 66.5 38.4 (15.8) 7.6 23.5 22.4 2017/18 109.8 75.7 10.2 65.5 34.1 (14.4) 8.4 22.8 24.3 2018/19 112.9 77.7 9.2 68.5 35.2 (12.9) 7.9 20.8 22.3 2019/20 109.8 79.2 9.1 70.0 30.6 (9.8) 7.1 16.9 20.8 2020/21 109.1 81.1 8.8 72.2 28.0 (9.1) 7.6 16.7 18.9 2021/22 110.1 84.8 7.4 77.4 25.3 (10.1) 8.2 18.4 15.2 2022/23 107.4 85.2 6.3 78.9 22.2 (7.4) 6.6 14.0 14.8 2023/24 106.3 85.7 5.5 80.2 20.6 (6.3) 5.5 11.9 14.3 2024/25 106.9 86.8 5.8 80.9 20.1 (6.9) 13.3 20.2 13.2 Average 2020/21- 2024/25 108.0 84.7 6.8 77.9 23.2 (8.0) 8.3 16.2 15.3 Average 2015/16- 2024/25 110.3 81.1 8.5 72.7 29.2 (11.2) 8.0 19.2 18.9

National Bank of Ethiopia 8 | Annual Report 2024/25 Fig.I.2: GDP Growth and Major Expenditure Components (Right scale Real GDP growth) Source: Ministry of Planning and Development (MoPD) I.6: Micro and Small-Scale Enterprises 344,233 new micro and small-scale enterprises (MSEs) were established during 2024/25. These enterprises created employment opportunities for 3.1 million people and secured over Birr 12.9 billion in loans to support their operations. Table 1.4: Numbers, Amount of Credit and Jobs Created through MSEs (Credit in Millions of Birr) Source: Federal Urban Job Creation and Food Security Agency (FeUJCFSA) Particulars 2022/23 2023/24 2024/25 No. of MSE's 208,667 282,193 344,233 Amount of credit 10,557 17,029 12,871 No of Total employment 4,467,023 2,568,340 3,095,452 6.3 6.4 7.2 8.1 9.2 0 4 8 12 -20 0 20 40 60 80 100 2020/21 2021/22 2022/23 2023/24 2024/25 Share of GDP (%) GDP growth ( %) Investment Private consumption Public consumption Net export

National Bank of Ethiopia 9 | Annual Report 2024/25 Table 1.5: Numbers, Amount of Credit and Jobs Created through MSEs by Region (Credit in Millions of Birr) Source: FeUJCFSA Addis Ababa Afar Amhar Benish a angul Gumu ze Dire Dawa Gamb ela Sidam Harari a Oromi Centra a l Ethiop ia South Ethiop ia Sidam a Somali South West Ethiop ia Tigray Total No. of MSEs 12,13 6 1,430 53,149 1,569 801 1,45 6 349 161,478 18,29 6 17,770 5,535 3,474 3,923 62,86 7

344,233 Amount of credit 2,829 76 1,549 23 646 8 10 3,145 260 409 147 702 108 2,961 12,871 No. of total Employ ment created by MSEs 68,66 3 29,06 2 473,88 4 12,87 1 6,51 8 5,74 5 1,41 3 2,022,249 171,3 19 138,56 8 29,83 3 24,52 5 38,74 5 72,05 7 3,095,45 2 Regional Percentage Share No. of MSEs 3.5

0.4

15.4

0.5

0.2

0.4

0.1

46.9

5.3

5.2

1.6

1.0

1.1

18.3

100 Amount of credit

22.0

0.6

12.0

0.2

5.0

0.1

0.1

24.4

2.0

3.2

1.1

5.5

0.8

23.0

100 No. of total Employ ment created by MSEs

2.2

0.9

15.3

0.4

0.2

0.2

0.0

65.3

5.5

4.5

1.0

0.8

1.3

2.3

100

National Bank of Ethiopia 10 | Annual Report 2024/25 In terms of regional distribution, 46.9 percent of the newly established MSEs were located in Oromia, followed by Tigray (18.3 percent), Amhara (15.4 percent), Central Ethiopia Region (5.3 percent), South Ethiopia Region (5.2 percent), Addis Ababa (3.5 percent). Sidama accounted (1.6 percent), Southwest Ethiopia (1.1 percent), Somali (1 percent), while the remaining regions collectively represented 1.6 percent. Regarding total loans, SMEs in Oromia received 24.4 percent, followed by Tigray (23 percent), Addis Ababa (22 percent), Amhara (12 percent), Somali (5.5 percent), Dire Dawa (5 percent), South Ethiopia region (3.2 percent). Central Ethiopia Region (2 percent) and, Sidama (1.1 percent), while the remaining regions accounted for 2 percent. Of the total jobs created by these enterprises, about 65.3 percent was in Oromia, 15.3 percent in Amhara, 5.5 percent in Central Ethiopia Region, 4.5 percent in South Ethiopia Region, 2.3 percent in Tigray, 2.2 percent in Addis Ababa, 1.3 percent in South-West Ethiopia, 1 percent in Sidama and other regions collectively accounted for 2.6 percent. Fig.I.3: Annual Distribution of Numbers of MSEs during 2024/25

20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 Source: FeUJCFSA

11 | Annual Report 2024/25 Fig.I.4: Annual Distribution of Amount of Credit during 2024/25 0.0 500.0 1000.0 1500.0 2000.0 2500.0 3000.0 3500.0 Addis Ababa Afar Amhara Ben.Gumuz Diredawa Gambela Harari Oromia Central Ethiopia South Ehiopia Sidama Somale South West Ethiopia Tigray Millions of Birr Source: FeUJCFSA

National Bank of Ethiopia 12 | Annual Report 2024/25 Fig.I.5: Annual Distribution of Employment Created during 2024/25 0 500000 1000000 1500000 2000000 2500000 Source: Federal Urban Job Creation and Food Security Agency FeUJCFSA I.7. Access to Water Supply The proportion of the population with access to potable water supply increased to 72.7 percent (69 percent in rural areas and 84.3 percent in urban areas), up from 69.5 percent a year earlier (66.6 percent in rural areas and 79.1 percent in urban areas) (Table 1.7). In terms of regional access, Oromia recorded the highest coverage of 88 percent, followed by Gambella (80 percent), Amhara (77 percent), Benishangul-Gumuz (73 percent), Dire Dawa (68 percent), Sidama (65 percent), Afar (59 percent), Addis Ababa (57 percent), Central Ethiopia (56 percent), Southern Ethiopia (54 percent), Somali (51 percent), South West Ethiopia (44 percent), and Harari (42 percent). Regarding access to potable water in urban areas, Oromia had 89.7 percent share followed by Benshangul Gumuz (77.2 percent), Amhara (77.1 percent), Sidama (69.2 percent), Gambella (68.8 percent), Central Ethiopia Region (67.1 percent), and Southern Ethiopia Region (65 percent), Afar (60.1 percent), South West Ethiopia (60 percent), Addis Ababa (57 percent), Somali (56.4 percent), Dire Dawa (45 percent) and Harari (28 percent).

National Bank of Ethiopia 13 | Annual Report 2024/25 In terms of access to potable water in rural areas, Dire Dawa registered the highest (91 percent) followed by Oromia (89.1 percent), Gambella (87.5 percent), Amhara (76.9 percent), Benishangul Gumuz ( 70.9 percent), Sidama (60.8 percent), Afar (57.5 percent), Harari (57 percent), Central Ethiopia (53.7 percent), Southern Ethiopia (51 percent), Somali (48.5 percent) and South West Ethiopia (40.8 percent) (Table 1.7). Table 1.6: Percentages of People with Access to Potable Water by Region Regions 2023/24 2024/25 Change in percentage Rural Urban Total Rural Urban Total point A B C D E F D-A E-B F-C Tigray - - - - - - - - - Afar 54.2 55.1 54.7 57.5 60.1 59.0 3.3 5.0 4.3 Amhara 75.1 76.9 77.1 77.0 1.8 2.1 2.0 Oromia 88.5 89.4 87.4 89.1 89.7 88.0 0.5 0.3 0.6 Somali 45.7 51.4 47.4 48.5 56.4 51.0 2.8 5.0 3.6 B.Gumuz 68.4 72.1 69.4 70.9 77.2 73.0 2.5 5.1 3.6 Gambella 93.2 75.6 83.9 87.5 68.8 80.0 -5.7 -6.8 -3.9 Harari 53.0 26.0 40.0 57.0 28.0 42.0 4.0 2.0 2.0 D. Dawa 91.0 45.0 61.0 91.0 45.0 68.0 0.0 0.0 7.0 Sidama 58.4 66.7 60.4 60.8 69.2 65.0 2.4 2.5 4.6 South West Ethiopia 39.7 59.0 42.8 40.8 60.0 44.0 1.1 1.0 1.2 Central Ethiopia 51.0 63.3 53.4 53.7 67.1 56.0 2.7 3.8 2.6 South Ethiopia 50.0 62.0 52.0 51.0 65.0 54.0 1.0 3.0 2.0 AA 57.0 57.0 - 57.0 57.0 - - - Total 66.6 79.1 69.5 69.0 84.3 72.7 2.4 5.2 3.1 Source: Ministry of Water and Energy and NBE Staff Computation1

1 This result has been computed based on 2nd water supply inventory

National Bank of Ethiopia 14 | 2023/24 Annual Report Fig.I.6: Access to Water Supply by Region 2024/25 (in %) Source: Ministry of Water and Energy; and NBE Staff Computation I.8. Road Sector Development 1.8.1. Road Network Road transport remains the primary and most vital mode of transportation in Ethiopia. In recent decades, substantial improvements in the road transport network have facilitated greater mobility for people and commodities. In 2024/25, the total road network expanded to 180,232 km, representing a 5.3 percent increase over the previous year. The country‘s total road network consisted of 68,296 Km (37.9 percent), woreda road, 44,717 Km (24.8 percent), urban road, 36,395 Km (20.2 percent) rural road and 30,824 Km (17.1 percent) Federal roads which included 18,751 Km (60.8 percent) asphalt network & 12,073 Km (39.2 percent) gravel road. Total asphalt road accounted for about 10.4 percent of the total road network (Table 1.7).

10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 Rural Urban Average

National Bank of Ethiopia 15 | Annual Report 2024/25 Table 1.7: Classification of Road Network (Length in km) Year Federal Road Rural Roads Woreda Roads * Urban Roads Asphalt Gravel Total** Paved Coble Unpaved Length Growth rate Length Growth rate Length Growth rate Length Growth rate Length Growth rate 2011/12

9,875

19.0

14,675

3.8

31,550

2.7

6,983

717.7 NA

63,083

16.8 2012/13

11,301

14.4

14,455

(1.5)

32,582

3.3

27,628

295.6 NA

85,966

36.3 2013/14

12,640

11.8

14,217

(1.6)

33,609

3.2

39,056

41.4 NA

99,522

15.8 2014/15

13,551

7.2

14,055

(1.1)

30,641

(8.8)

46,810

19.9

1,693

850

2,814

110,414

10.9 2015/16

14,632

8.0

13,400

(4.7)

31,620

3.2

48,057

2.7

1,693

3,664

113,066

2.4 2016/17

15,886

8.6

12,813

(4.4)

33,367

5.5

52,748

9.8

1,693

2,814

3,664

120,171

6.3 2017/18

15,886

12,813

35,985

7.8

56,732

7.6

1,693

2,814

850

126,773

5.5 2018/19

15,886

12,813

35,806

(0.5)

55,808

(1.6)

1,914

5,200

15,583

144,028

13.6 2019/20

15,886

12,813

35,806

0.0

55,808

1,734

5,798

16,182

144,028

2020/21

16,225

2.1

12,491

(2.5)

38,547

7.7

59,604

6.8

1,771

6,568

20,624

155,830

8.2 2021/22

16,760

3.3

12,231

(2.1)

39,840

3.4

62,430

4.7

1,824

7,046

21,903

162,033

4.0 2022/23

18,621

11.1

12,144

(0.7)

32,859

(17.5)

64,567

3.4

1,805

7,206

28,661

171,368

5.8 2023/24

18,754

0.7

12,069

(0.6)

34,174

4.0

66,288

2.7

2,448

7,492

29,950

171,175

(0.1) 2024/25

18,751

(0.02)

12,073

0.04

36,395

6.5

68,296

3.0

2,408

8,703

33,606

180,232

5.3 Source: Ethiopian Roads Authority

• Includes community road, which was replaced by Woreda Road and registered as new road in 2010/11 ** Total road length does not include community road length till 2010/11as it is non-engineered road; but it includes Woreda road.

National Bank of Ethiopia 16 | Annual Report 2024/25 1.8.2 Road Density The proper level of road network is assessed by road density as measured by road length per 1,000 persons or by road length per 1,000 km2 . By the end of 2024/25, road density per 1,000 square kilometers reached 157 km, reflecting a 5.3 percent increase over the previous year. At the same time, road density per 1,000 population rose to 1.46 km, marking a 1.3 percent annual expansion (Table 1.8). Table 1.8: Road Densities Year Road Density /1000 person Road density /1000 sq. km 2011/12 0.75 57.3 2012/13 1 78.2 2013/14 1.1 90.5 2014/15 1.2 100.4 2015/16 1.23 102.8 2016/17 1.3 109.2 2017/18 1.3 115.2 2018/19 1.43 130.9 2019/20 1.41 131 2020/21 1.42 135.8 2021/22 1.43 141.0 2022/23 1.41 149.3 2023/24 1.44 149.1 2024/25 1.46 157.0 Growth rate 1.30 5.3 Source: Ethiopian Roads Authority

National Bank of Ethiopia 17 | Annual Report 2024/25 1.8.3 Road Accessibility The annual average distance from all -weather roads decreased by 3.5 percent from 4.4 Km in 2023/24 to 4.2 Km in 2024/25. Likewise, the proportion of area more than 5 km from all-weather roads fell from 32 percent to 30.8 percent over the same period (Table 1.9). Regarding, the status of road transport network about 22 percent of the asphalt road and 5 percent of the gravel road were in good condition (Figure I.6). Table 1.9: Road Accessibility Indicator 2023/24 2024/25 Percentage change Proportion of area more than 5Km from all-weather road 32.0 30.8 -3.7 Average distance from all-weather roads 4.4 4.2 -3.5 Source: Ethiopian Roads Authority Fig.I.7: Status of Roads Source: Ethiopian Roads Authority

10.0 20.0 30.0 40.0 50.0 60.0 70.0 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 Percentage Asphalt Roads in Good Condition Gravel Roads in Goods Condition Rural Roads in Good Condition URRAP Roads in Good Condition Total Roads Network in Good Condition Total road net work in acceptable condition

National Bank of Ethiopia 18 | Annual Report 2024/25 1.8.4 Road Sector Financing During the review period, total investment in road construction and expansion rose by 49.6 percent to Birr 123.4 billion from Birr 82.5 billion in the previous year (Table 1.10 and fig.I.7). Investment in federal road construction and expansion accounted for 84 percent of total road investment, amounting to Birr 103.7 billion, while woreda roads represented 8.6 percent and regional roads 7.4 percent (Table 1.10) and (Fig.1.7). Table 1.10: Investments in the Road Sector (In millions of Birr) Road type 2023/24 2024/25 Percentage A Share (In %) B change Share (In %) Federal roads 65,405.5 79.3 103,675.8 84.0 58.5 Regional road 9,024.8 10.9 9,088.9 7.4 0.7 Woreda road 8,033.3 9.7 10,633.2 8.6 32.4 Urban road* - - - - - Total 82,463.6 100.0 123,397.9 100.0 49.6 Source: Ethiopian Roads Authority

• All municipalities‘ maintenance.

National Bank of Ethiopia 19 | Annual Report 2024/25 Fig.I.8፡ Investment in Road Construction and Expansion Source: Ethiopian Roads Authority I.9. Telecommunication Expansion in telecom infrastructure is one of the major preconditions set to achieve the nations digital transformation objectives in the ―Digital Ethiopia 2030 Strategy‖, the government‘s long-term strategy to transform the economy, society, and public sector through digital technologies. Cognizant of this fact, the Ethiopian government has made major investment for improving service quality, expansion of service coverage and enhancing institutional capacity in the telecom sector. As a result, Ethio Telecom has set ambitious targets to enhance customer acquisition, customer satisfaction and provision of quality services to customers. In 2024/25 the total number of subscribers reached 83.2 million, reflecting a 6.2 percent increase compared to the previous year. This growth was driven by a 6.2 percent rise in mobile voice subscribers and 11 percent increase in internet and data subscribers, despite a 12.2 percent decline in fixed voice service subscribers. Of the total subscriber, mobile voice represented the dominant share of 80.3 million (96.6 percent) followed by internet & data 2.1 million (2.6 percent) while fixed voice service accounted 722 thousand (0.9 percent) (Table 1.13). 0 20000 40000 60000 80000 100000 120000 140000 Federal Road Regional Road woreda Road Total Investment

National Bank of Ethiopia 20 | Annual Report 2024/25 Table 1.11: Number of Subscribers (In 000’) Service Type 2023/24 2024/25 Percentage Change Total subscriber base 78,342 83,177 6.2 Mobile voice subscriber 75,594 80,316 6.2 Internet and data subscriber 1927 2139 11.0 Fixed voice service subscriber 822 722 -12.2 Internet and data user 41,193 47,400 15.1 Mobile voice 75,594 80,315 6.2 Residential 74599 79403 6.4 Enterprises 994 912 -8.2 Broad band & internet subscriber 1535 1630 6.2 Residential 1186 1225 3.3 Enterprises 349 405 16.0 Narrow band data & internet subscriber 392 508 29.6 Residential - - - Enterprises 392 508 29.6 Fixed voice 821 722 -12.1 Residential 464 374 -19.4 Enterprises 357 348 -2.5 Broad band data & internet user 40800 46891 14.9 Broad band data Residential 40000 46028 15.1 Broad band data enterprise 800 863 7.9 Narrow data & internet user 392 508 29.6 Narrow band residential - - - Narrow band enterprise 392 508 29.6 Source: Ethio-Telecom Note: Total subscriber base doesn't include internet and data user. The country‘s telecommunication penetration rate (telecom density) rose from 71 percent in 2023/24 to 74 percent in 2024/25 due to the improvement in mobile density to 72.6 percent in 2024/25 from 69.6 percent year ago. In the meantime, internet and data density increased to 42.5 percent from 37.4 percent during the same period. In contrast, fixed-line density declined to 0.6 per 100 subscribers, compared to 0.7 per 100 subscribers a year earlier (Table 1.14).

National Bank of Ethiopia 21 | Annual Report 2024/25 Table 1.12: Telecom Density Tele density/100 Subscribers* 2021/22 2022/23 2023/24 2024/25 Fixed line 0.8 0.8 0.7 0.6 Mobile 61.3 65.4 69.6 72.6 Total 63.3 66.2 71.0 74.0 Internet and data 21.5 31.5 37.4 42.5 Source: Ethio-Telecom *Tele-density is mobile plus fixed telephone subscribers per 100 inhabitants Income of Ethio-telecom increased by 70.7 percent to Birr 163.3 billion in 2024/25 vis-à-vis Birr 95.7 billion registered a year earlier. Likewise, its total expenses rose to Birr 131.5 billion depicting 128.7 percent annual growth. Accordingly, Ethio-telecom earned a gross profit of Birr 20.4 billion in 2024/25, which was 31.5 percent lower than the previous year (Table 1.16). Table 1.13: Financial Performance and Asset of Ethio -Telecom (In Billions of Birr) Finance and Asset 2022/23 2023/24 2024/25 Percentage Change A B C C/A

C/B Income 75.8 95.7 163.3 115.5 70.7 Expense 42.3 57.5 131.5 210.6 128.7 Gross Profit 28.7 29.8 20.4 -28.9 -31.5 Assets 143.3 156.2 219.3 53.0 40.4 Depreciation 6.2 8.4 11.4 84.2 36.8 Source: Ethio – Telecom

National Bank of Ethiopia 22 | Annual Report 2024/25 II. ENERGY PRODUCTION 2.1. Electric Power Generation Ethiopia has a potential to generate 45,000 MW of electric power, from hydroelectric power, as nine of its major rivers are suitable for hydroelectric power generation. The increasing power demand, and with a plan to have a better power generation mix, the country has been venturing to diversify its production of renewable energy to wind and geothermal sources. The total energy production from wind has reached 324 MW. Adama II wind farm has a generating capacity of 153 MW. Adama I and Ashegoda wind farms have a generating capacity of 51MW and 120 MW, respectively. In addition, the Aysha wind farm project, currently under construction, is anticipated to contribute another 300 MW upon completion. Ethiopia is recognized for its significant solar energy potential, due to its geographical proximity to the equator. In its bid to become a major power exporter in East Africa and green economy, the country is also building several geothermal power plants. In 2024/25, about 29.5 billion KWH of electric power was generated, depicting an annual growth of 43.1 percent. Of this total, about 97.3 percent was produced through hydropower, while the remaining 2.7 percent came from wind sources. The total electricity generated from hydropower increased to 28.7 billion KWH, up from 19.9 billion KWH the previous year, marking a 44.3 percent annual growth. This increase in hydropower production was primarily driven by the completion of the Grand Ethiopian Renaissance Dam (GERD). Meanwhile, energy production from wind sources increased by 16.5 percent (Table 2.1).

National Bank of Ethiopia 23 | Annual Report 2024/25 Table 2.1: Electric Power Generation in ICS and SCS (I n ‗000 KWH) Source 2022/23 2023/24 2024/25 Percentage Change [A] Share (In %) [B] Share (In %) [C] Share (In %) [C/A] [C/B] ICS Hydro Power

17,126,115.6

96.7

19,868,434.9

96.5

28,671,718.8

97.3

67.4 44.3 Thermal Power

Geothermal

Wind

575,617.1

3.3

684,651.1

3.3

797,840.4

2.7

38.6 16.5 Biomass

6,575.0

0.0

41,123.8

0.2

Sub Total

17,708,307.7

100

20,594,209.8

100

29,469,559.1

100

66.4 43.1 SCS Hydro Power

Thermal Power

Sub Total

Total Hydro Power

17,126,115.6

96.7

19,868,434.9

96.5

28,671,718.8

97.3

67.4 44.3 Thermal Power

Geothermal

Wind

575,617.1

3.3

684,651.1

3.3

797,840.4

2.7

38.6 16.5 Biomass

6,575.0

0.0

41,123.8

0.2

Grand Total

17,708,307.7

100

20,594,209.8

100

29,469,559.1

100

66.4 43.1 Source: Ethiopian Electric Power

National Bank of Ethiopia 24 | Annual Report 2024/25 2.2. Volume and Value of Petroleum Imports In 2024/25, the Ethiopian Petroleum Enterprise imported approximately 4.2 million metric tons of petroleum products valued at Birr 395.2 billion. This marked a significant increase (100.2 percent) in total import value compared to the previous year, primarily due to an increased volume of petroleum product imports, despite a decline in international oil prices. The year-on-year increase in the volume of petroleum product imports was driven by higher volume of all petroleum products, except for regular gasoline, which saw a 5.8 percent decrease. Similarly, the rise in the value of petroleum import was primarily attributed to substantial increases in the value of jet fuel imports (126.2 percent), fuel oil (122.4 percent), gas oil (99.5 percent) and regular gasoline (77.8 percent) (Table 2.2) (Fig.II.1 & Fig.II.2). Table 2.2፡ Volume and Value of Petroleum Imports (Volume in MT and Value in '000 Birr) Petroleum Products 2023/24 2024/25 Volume Value Volume Value Percentage Change A B C D C/A D/B Regular Gasoline (MGR)

708,492.8

39,841,056.0

667,354.7

70,826,939.2 (5.8) 77.8 Jet Fuel

672,561.0

35,283,000.2

847,728.3

79,807,091.4 26.0 126.2 Fuel Oil

69,380.6

2,455,560.3

74,201.5

5,461,012.6 6.9 122.4 Gas Oil (ADO)

2,362,773.6

119,875,256.5

2,609,349.8

239,137,765.1 10.4 99.5 Total

3,813,208.0

197,454,873.1

4,198,634.3

395,232,808.4 10.1 100.2 Source: Ethiopian Petroleum Enterprise

National Bank of Ethiopia 25 | Annual Report 2024/25 Fig.II.1: Trends in Volume of Petroleum Imports (In MT) 0 500 1000 1500 2000 2500 3000 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Fig.II.2: Trends in Value of Petroleum Imports (In ‘000) 0 50000000 100000000 150000000 200000000 250000000 300000000 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise After the lifting-up of the fuel subsidy, domestic retail prices increased despite the marginal decline in international oil prices. Consequently, the retail price of fuel oil rose by 53.4 percent, jet fuel (31.8 percent), regular gasoline (28.9 percent), and gas oil and kerosene each (23.6 percent) (Table 2.3).

National Bank of Ethiopia 26 | Annual Report 2024/25 Table 2.3: Annual Retail Prices of Petroleum Products in Addis Ababa (Birr/liter) Year Quarter Regular Gasoline (MGR) Fuel Oil Gas Oil Kerosene Jet fuel 2022/23 Qtr.1 50.90 105.47 52.65 52.65 94.03 Qtr.2 59.88 100.74 64.83 64.83 73.41 Qtr.3 61.29 98.37 67.30 67.30 70.60 Qtr.4 69.52 114.60 71.15 71.15 65.35 Average 60.40 104.79 63.98 63.98 75.85 2023/24 Qtr.1 74.01 120.47 75.75 75.75 68.33 Qtr.2 77.65 123.52 79.75 79.75 70.83 Qtr.3 77.65 123.52 79.75 79.75 70.83 Qtr.4 79.64 125.58 81.08 81.08 70.83 Average 77.24 123.27 79.08 79.08 70.21 2024/25 Qtr.1 82.6 129.70 83.74 83.74 70.83 Qtr.2 91.14 197.87 90.28 90.28 77.76 Qtr.3 105.20 214.84 101.96 101.96 110.77 Qtr.4 119.24 214.08 115.12 115.12 110.77 Average 99.55 189.12 97.78 97.78 92.53 Annual percentage change 28.9 53.4 23.6

23.6

31.8 Source: Ethiopian Petroleum Enterprise Fig.II.3: Trends in Average Fuel Price in Addis Ababa 0 20 40 60 80 100 120 140 160 180 200 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ethiopian Petroleum Enterprise.

National Bank of Ethiopia 27 | Annual Report 2024/25 III. PRICE DEVELOPMENTS 3.1. Developments in Consumer Price at National Level In 2024/25, the annualized average headline inflation rate dropped to 16.0 percent from 26.6 percent in the preceding year. This decline included a 9.7 percent contribution from food inflation and a 6.3 percent from non-food inflation. The decrease was primarily driven by a 12.0 percentage points reduction in the annual average food inflation rate and 8.5 percentage points decline in average annual non-food inflation (see Table 3.1). Compared to the previous year, the decline in food inflation in 2024/25 was attributed to significant decreases in specific categories such as ‗Breads & cereals‘ showed a reduction of 27.4 percentage points, vegetables by 25.4 percentage points, ‗Milk, cheese & egg‘ by 10.8 percentage points and meat by 10.2 percentage points. However, non￾alcoholic beverages experienced an increase of 32.3 percentage points and 'Oils fats' rose by 20.9 percentage points (see Table 3.3). Notably, bread & cereals constituted the highest contribution (4.5 percent) to the 16.2 percent annualized average inflation rate. Furthermore, the reduction in the annualized average non-food inflation rate was largely influenced by fall in inflation rate of communication (24.8 percentage points), health (23.1 percentage points), ‗Housing, water, gas & fuels‘ (11.6 percentage points), and ‗alcoholic beverages and tobacco‘ (10.7 percentage points) (Table 3.4). Among these categories, ‗housing, water, electricity, gas & other fuels‘ accounted for the biggest absolute contribution (5.3 percent) to the average annual non-food inflation of 16.0 percent recorded in 2024/25..

National Bank of Ethiopia 28 | Annual Report 2024/25 Table 3.1: National Annual Average Inflation Rates (in %) Items Weight(in%) 2023/24 2024/25 Change in percentage Points Contribution(in%) to annual average inflation 2024/25 A B B-A Absolute Relative Headline 100.0 26.6 16.0 -10.6 16.0 100 Food & Non￾alcoholic beverages 54.0 28.1 16.2 -12.0 9.7 60.7 Non-Food 46.0 24.3 15.8 -8.5 6.3 39.3 Source: Ethiopian Statistical Service (ESS) Year-on-year, headline inflation declined to 13.9 percent from 19.9 percent a year ago. The decline was primarily driven by 11.0 percentage points reduction in food inflation despite a slight increase in non- food inflation (1.5 percentage points). Food inflation contributed (7.1 percent), while non-food inflation accounted for (6.8 percent) (see Table 3.2). Table 3.2: National Annual Year-on Year Inflation Rates (in %) Items Weight (in %) 2023/24 2024/25 Change in percentag e points Contribution in % to annual inflation 2024/25 A B B-A Absolute Relative Headline 100 19.9 13.9 -6.0 13.9 100.00 Food & Non￾alcoholic beverages 54 22.7 11.7 -11.0 7.1 51.3 Non-Food 46 15.8 17.3 1.5 6.8 48.7 Source: ESS

National Bank of Ethiopia 29 | Annual Report 2024/25 Fig.3.1: Trends in Twelve Month Average Annualized Inflation Rates (National) Source: ESS Fig.3.2: Trends in Annual Year-on-Year Inflation Rates (National) 0 5 10 15 20 25 30 35 40 January February March April May June July August September October November December January February March April May June July August September October November December January February March April May June 2023 2024 2025 % Headline Food & Non-alcoholic bevarages Non-Food Source: ESS

National Bank of Ethiopia 30 | Annual Report 2024/25 Table 3.3: Twelve Month Average AnnualInflation Rates of Food & Non￾alcoholic Beverages December 2016=100 Inflations Weights (in%) 2023/24 2024/25 Change in %age points Contribution(in%) to Annual Average Inflation A B B-A Absolute Relative Food and Non-alcoholic Beverages 0.54 28.1 16.2 -12.0 16.3 100 Bread and cereals 0.17 38.5 11.0 -27.4 4.5 27.6 Meat 0.04 27.5 17.3 -10.2 1.4 8.4 Fish and sea food 0.00 -8.7 7.3 16.0 0.0 0.0 Milk, cheese and egg 0.03 22.0 11.2 -10.8 0.6 3.7 Oils &Fats 0.04 3.0 23.9 20.9 1.6 10.2 Fruit 0.00 17.4 9.9 -7.5 0.0 0.2 Vegetables 0.12 40.4 15.1 -25.4 3.4 20.9 Sugar jam, honey, chocolate 0.01 34.2 32.4 -1.8 0.5 2.8 Food products n.e.c 0.06 13.8 26.0 12.2 2.2 13.6 Non-alcoholic beverages 0.05 -0.6 31.7 32.3 2.2 13.6 Table 3.4: Twelve Month Average Annual Inflation of Non-food Items December 2016=100 Inflations Weights (in%) 2023/24 2024/25 Change in %age points Contribution(in%) to Annual Average Inflation A B B-A Absolute Relative Non-Food Inflation 0.46 24.3 15.8 -8.5 16.0 100 Alcoholic beverages and tobacco 0.05 27.7 17.0 -10.7 1.9 11.7 Clothing and footwear 0.06 14.6 8.0 -6.6 1.1 7.0 Housing, Water, Electricity, Gas and other Fuel 0.17 27.9 16.3 -11.6 5.3 33.1 Furnishings, household equipment and routine maintenance of houses 0.05 22.2 12.6 -9.6 1.8 11.2 Health 0.01 37.1 14.0 -23.1 0.3 2.2 Transport 0.02 17.1 34.3 17.2 1.8 11.3 Communication 0.02 28.6 3.8 -24.8 0.0 0.3 Recreation and culture 0 0.3 2.5 2.2 0.0 0.2 Education 0 23.1 16.6 -6.5 0.1 0.7 Hotel & restaurant 0.05 26.8 20.3 -6.5 2.6 16.8 Miscellaneous goods 0.03 20.7 15.4 -5.3 0.9 5.8 Source: ESS

National Bank of Ethiopia 31 | Annual Report 2024/25 3.2. Consumer Price Developments in Regional States In 2024/25 the annualized average headline inflation rate decreased to 16.6 percent, down from 25.7 percent in the previous year. The regions of Gambella (21.8%), SNNP (21.3%), Addis Ababa (19.8 %), Afar(17.8%) and Oromia (16.7%) registered annual average headline inflation rates exceeding the regional average. Gambella experienced the highest headline inflation of 21.8 percent while Dire Dawa recorded the lowest at 7.9 percent; revealing 13.9 percentage points range in the rates of inflation between regions with the highest and lowest headline inflation (Table 3.5). Table 3.5: Regional Average Annual Inflation (in %) Regions 2023/24 2024/25 Change in Percentage Points General Food &Non￾alcoholic beverages Non￾food General Food &Non￾alcoholic beverages Non￾food General Food &Non￾alcoholic beverages Non￾food A B C D E F D-A E-B F-C SNNP 21.9 18.2 28.2 21.3 23.2 18.3 -0.7 4.9 -9.9 Harari 19.9 30.7 10.5 18.4 16.8 20.1 -1.5 -13.9 9.6 Oromia 26.7 28.6 23.6 16.7 17.3 15.6 -10.1 -11.3 -8.0 Tigray Gambella 23.7 26.7 18.8 21.8 17.9 28.9 -1.9 -8.8 10.1 Addis Ababa 31.2 34.1 28.6 19.8 19.0 20.6 -11.4 -15.1 -8.1 Dire Dawa 9.6 30.3 18.9 7.9 19.6 14.5 -1.4 -10.7 -4.4 Ben. Gumuz 36.6 38.5 34.2 15.6 14.2 17.3 -21.0 -24.3 -16.9 Somali 22.9 26.4 18.1 9.8 9.3 10.7 -13.1 -17.1 -7.4 Afar 31.5 33.2 29.1 17.8 16.7 19.3 -13.7 -16.5 -9.8 Amhara 31.7 34.4 28.2 15.2 15.0 15.5 -16.5 -19.4 -12.8 Regions Average 25.7 30.1 23.8 16.6 16.9 18.1 Standard deviation 7.4 5.6 7.1 4.2 3.7 4.8 Coefficient of variation 0.3 0.2 0.3 0.3 0.2 0.3 Source: ESS

National Bank of Ethiopia 32 | Annual Report 2024/25 Source: ESS The regional average inflation for food & non-alcoholic beverages decreased to 16.9 percent in 2024/25, down from 30.1 percent in the previous year. Food & non-alcoholic beverages inflation in SNNP (23.2%), Dire Dawa (19.6%), Addis Ababa (19.0%), Gambella (17.9%), and Oromia (17.3%) was higher than the regional average. The highest food & non-alcoholic beverages inflation was registered in SNNP (23.2%) while the lowest was in Somali (9.3%), depicting 13.9 percentage point range among the regions (Fig:3.4). Source: ESS 21.9 19.9 26.7 23.7 31.2 11.0 36.6 22.9 31.5 31.7 21.3 18.4 16.7 21.8 19.8 9.6 15.6 9.8 17.8 15.2 0 5 10 15 20 25 30 35 40 SNNP Harari Oromia Tigray Gambe lla Addis Ababa Dire Dawa Ben. Gumuz Somali Afar Amhar a Fig. 3.3: Variation in Regional-Average-Annual Headline Inflation 2023/24 2024/25 18.2 30.7 28.6 26.7 34.1 30.3 38.5 26.4 33.2 34.4 23.2 16.8 17.3 17.9 19.0 19.6 14.2 9.3 16.7 15.0 0 5 10 15 20 25 30 35 40 45 Fig.3.4: Variation in Regional-Average-Annual Food and Non￾alcoholic Beverages Inflation 2023/24 2024/25

National Bank of Ethiopia 33 | Annual Report 2024/25 In 2024/25, the average annual regional non-food inflation decreased to 18.1 percent, down from 23.8 percent in 2023/24. Gambella (28.9%), Addis Ababa (20.6%), Harari (20.1%), Afar (19.3%) and ,SNNP (18.3%) recorded non-food inflation higher than the regional average. The highest non-food inflation was recorded in Gambella at 28.9%, while the lowest was in the Somali region at 10.7%, resulting in a range of 18.2 percentage points (Fig. 3.5) Source: ESS 28.2 10.5 23.6 18.8 28.6 18.9 34.2 18.1 29.1 28.2 18.3 20.1 15.6 28.9 20.6 14.5 17.3 10.7 19.3 15.5 0 5 10 15 20 25 30 35 40 Fig.3.5: Variation in Regional-Average-Annual Non-food Inflation 2023/24 2024/25

National Bank of Ethiopia 34 | Annual Report 2024/25

IV. MONETARY AND FINANCIAL DEVELOPMENTS 4.1. Monetary Developments and Policy As part of a broader macroeconomic reform and its primary goal of ensuring low and stable inflation, the National Bank of Ethiopia (NBE) has modernized its monetary policy framework. Early July 2024, NBE has moved from monetary aggregate targeting framework to an interest-rate based monetary policy framework. Under the new policy framework, the policy interest rate —National Bank Rate (NBR), has been applied as the primary means of signaling its policy stance and to guide the 7-day interbank interest rate (operational target) through which it affects other market rates, ultimately influencing broader monetary and credit conditions. Moreover, following the implementation of new monetary policy framework, NBE has implemented indirect monetary policy instruments such as Open Market Operations (OMOs) and Standing Facilities (SFs) to enhance the effectiveness of monetary policy transmission. In addition, the interbank money market has been introduced. During the review period, NBE maintained its tight monetary policy stance, resulting in a significant decline in inflation. 4.1.1 Developments in Monetary Aggregates At the end of 2024/25, domestic liquidity, as measured by broad money supply (M2), reached Birr 3.3 trillion reflecting a 35.2 percent annual growth2 . This was primarily driven by a 23.2 percent rise in domestic credit and a 13.8 percent increase in external assets (net), which offset the 250.9 percent annual decline in other items (net). The growth in domestic credit is attributed to a 112.8 percent surge in credit to the central government while credit to the non￾central government slowed down by 9.7 percent (Table 4.1).

2 Excluding accrued interest on loans and corporate bonds linked to CBE‘s recapitalization, broad money supply recorded an annual growth of 26.1 percent in FY 2024/25.

National Bank of Ethiopia 35 | Annual Report 2024/25 Table 4.1: Factors Influencing Broad Money (Value in millions of Birr) Particulars Year Ended June 30 Annual Percentage Change 2021/22 2022/23 2023/24 2024/25 2023/24 2024/25 External Assets (net) -111,427.5 -160,097.7 -245,298.39 -211,457.3 -53.2 13.8 Domestic Credit 1,930,621.8 2,444,435.5 2,797,752.1 3,448,089.5 14.5 23.2 Claims on Central Gov't (net) 422,864.0 573,675.7 745,541.1 1,586,725.9 30.0 112.8 Claims on Non-Central Gov't 1,507,757.8 1,870,759.8 2,052,211.0 1,861,363.5 9.7 -9.3 Other Items (net) 103,884.2 113,489.4 74,561.8 -112,527.4 -34.3 -250.9 Broad Money (M2) 1,715,310.0 2,170,848.4 2,477,891.2 3,349,159.6 14.1 35.2 Source: NBE Fig IV.1: Major Components of Broad Money (in Millions of Birr) Source: NBE Component analysis shows that narrow money grew by 37.3 percent, driven by higher demand deposits and currency outside banks, reflecting the growth in economic activities and the upsurge in money demand for transactions. Quasi-money, comprising savings and time deposits, expanded by 34.1 percent to Birr 2.22 trillion. Its contribution outweighed that of net demand deposits and currency outside banks, owing to improved deposit mobilization capacity of commercial banks (Table 4.2).

500,000.00 1,000,000.00 1,500,000.00 2,000,000.00 2,500,000.00 3,000,000.00 3,500,000.00 4,000,000.00 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 in Millions of Birr Quasi money Net demand deposit Currency outside bank

National Bank of Ethiopia 36 | Annual Report 2024/25 Table 4.2: Components of Broad Money Particulars Year Ended June 30 Annual Percentage Change 2022/23 2023/24 2024/25 2023/24 2024/25 Narrow Money Supply 706,142.2 822,498.6 1,128,963.8 16.5 37.3 Currency Outside Banks 211,636.8 205,441.3 289,236.6 -2.9 40.8 Demand Deposits (net) 494,505.4 617,057.3 839,727.3 24.8 36.1 Quasi-Money 1,464,706.2 1,655,417.6 2,220,195.7 13.0 34.1 Savings Deposits 1,315,260.4 1,461,904.1 1,976,712.2 11.1 35.2 Time Deposits 149,445.8 193,513.5 243,483.5 29.5 25.8 Broad Money Supply 2,170,848.4 2,477,891.9 3,349,159.6 14.1 35.2 Source: NBE Fig.IV.2: Major Determinants of Monetary Growth Source: NBE 4.1.2. Developments in Reserve Money and Monetary Ratios During the year under review, reserve money or base money surged by 66.4 percent and reached Birr 787.3 billion at the end of 2024/25. The surge in base money was attributed to 104.0 percent rise in deposits of banks at NBE, and currency in circulation (34.8 percent). Component-wise, the increase in reserve money was largely driven by the rise in other items net, primarily linked to NBE‘s gold purchase operation. In contrast, domestic credit declined due to the termination of direct advance to the government during the review period. Excess reserves of commercial banks reached Birr 181.5 billion at the end of June 2024/25 from Birr 61.2 billion a year ago. -200.0 -150.0 -100.0 -50.0 0.0 50.0 100.0 150.0 Annual Percentage Change Credit to Central Gov't Credit to Non-Central Gov't Broad Money Net Foreign Assets

National Bank of Ethiopia 36 | Annual Report 2024/25 The ratio of broad money supply (M2) to GDP3 , an indicator of financial deepening, went up by 5.6 percent (year-on-year) and reached 0.22, partly indicating a tight monetary policy measure taken to mitigate the inflationary pressure during the review period. The money multiplier, defined as broad money to reserve money ratio reached 4.3 from 5.2 registered last year at the same period, implying that money is relatively created by National Bank rather than commercial banks (Table 4.3). Table 4.3: Reserve Money and Monetary Ratios Particulars Year Ended June 30 Annual Percentage Change 2022/23 2023/24 2024/25 2023/24 2024/25 Reserve Requirement (CB's) 147,931.4 149,916.9 243,611.9 1.3 62.5 Actual Reserve (CB's) 221,837.7 211,215.4 425,141.3 -4.8 101.3 Excess Reserve (CB's) 73,906.3 61,298.4 181,529.3 -17.1 196.1 Reserve Money 478,471.7 473,223.2 787,343.0 -1.1 66.4 Currency in Circulation 254,316.1 257,296.3 346,920.9 1.2 34.8 Bank Deposits 224,155.7 215,926.9 440,422.1 -3.7 104.0 Money Multiplier (Ratio): Narrow Money to Reserve Money 1.5 1.7 1.4 17.6 -17.6 Broad Money to Reserve Money 4.5 5.2 4.3 15.4 -18.8 Other Monetary Ratios (%): Currency to Narrow Money 30.0 25.0 30.7 -16.6 23.0 Currency to Broad Money 9.8 8.3 10.4 -15.0 24.9 Narrow Money to Broad Money 32.5 33.2 33.7 2.0 1.5 Quasi Money to Broad Money 67.5 66.8 66.3 -1.0 -0.8 M2/GDP Ratio* 0.25 0.21 0.22 -15.5 5.6 Source: NBE

3 The 2024/25 GDP is measured at current market price obtained from MoNP.

National Bank of Ethiopia 37 | Annual Report 2024/25 Fig.IV.3: Reserve Money Source: NBE 4.2. Developments in Interest Rate NBE has introduced the policy rate or National Bank Rate (NBR), as the primary means of signaling its policy stance and guiding the 7-day interbank interest rate (operational target) through which it affects other market rates and ultimately influencing broader monetary and credit conditions. During the review period, NBE held its policy interest rate (NBR) at 15.0 percent. Consequently, interest rates on the standing lending facility (SLF) and standing deposit facility (SDF) stood at 18.0 percent and 12.0 percent, respectively. Accordingly, at the end of 2024/25, the 7-day interbank market weighted average rate was 17.0 percent which was within the NBE‘s interest rate corridor. Moreover, the minimum interest rate remained at 7 percent while the maximum saving deposit increased to 9 percent. Subsequently, the average saving deposit rate stood at 8.0 percent. The weighted average demand deposit rate and the weighted average time deposit rate showed slight increase to 0.01 from 0.05 and 7.7 percent from 7.6 percent a year earlier. The simple average lending interest rate surged to 15.8 percent. Consequently, commercial banks‘ real lending interest rates become positive while the real deposit interest rate remained negative given 13.9 percent headline inflation at the end of 2024/25 (Table 4.4).

100,000.00 200,000.00 300,000.00 400,000.00 500,000.00 600,000.00 700,000.00 800,000.00 900,000.00 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 value in million Birr Reserve Requirement (CB's) Actual Reserve (CB's) Excess Reserve (CB's) Reserve Money

National Bank of Ethiopia 38 | Annual Report 2024/25 Table 4.4: Interest Rates (In percent per annum) Particulars 2020/21 2021/22 2022/23 2023/24 2024/25

1. National Bank Rate (NBR) 15.0
2. Interbank Rate (7-day Weighted Average) 17.0
3. Deposit Rate 3.1 Savings Deposit (Simple Average) 8.0 Minimum 7.0 Maximum 9.0 3.2 Time deposit (Weighted Average) 7.8 7.7 7.6 7.7 7.7 Up to 1 year 7.8 7.7 7.6 7.6 7.7 1 -2 years 7.8 7.7 7.6 7.7 7.7 Over 2 years 7.9 7.8 7.7 7.7 7.8 3.3 Demand Deposit (Weighted Average) 0.0 0.0 0.1
4. Lending Rate (Average) 14.3 15.8 Minimum 7.0 Maximum 21.5 24.5
5. T-bills (Nominal) 8.0 9.6 9.7 9.7 13.4
6. Headline Inflation (Year-on Year) 24.5 34.7 29.3 19.9 13.9
7. Real Rate of Interest on: 7.1 Saving Deposit (3.1 - 6) -16.5 -26.7 -21.3 -11.9 -5.9 7.2 Time Deposit (3.2 - 6) -16.7 -27.0 -21.7 -12.2 -6.2 7.3 Lending (4 - 6) -10.3 -20.5 -15.1 -5.7 1.9

National Bank of Ethiopia 39 | Annual Report 2024/25 Fig.IV.4: Interest Rate Structure of Commercial Banks

Source: NBE 4.3 Developments in Financial Sector Banks, insurance companies and micro-finance institutions constitute the major financial institutions in Ethiopia. As of June 2024/25, the number of banks reached 32, insurance companies 18 and micro finance institutions 57. Banks opened 312 new branches in 2024/25 thereby raising the total number of branches to 12,590 from 12,278 a year ago. As a result, one bank branch serves about 8,8684 people. About 30.1 percent of bank branches were located in Addis Ababa. Major branch expansion was undertaken by Siinqee Bank (63 branches), followed by Omo Bank (51 branches), Awash Bank (39 branches), Tsedey Bank (38 branches) and Hijra Bank (31 branches). Contrary to branch expansion, the following banks closed branches due to their specific reasons; Commercial Bank of Ethiopia (55 branches), Buna Bank (18 branches), Nib International Bank (16 branches), Berhan Bank (11 branches) and Oromia Bank (10 branches). Thus, the share of private banks in total branch network slightly rose to 82.3 percent from 81.3 percent last year (Table 4.5). Due to the recapitalization of the Commercial Bank of Ethiopia, the banking industry's total capital increased 55.6 percent to Birr 460.8 billion (Table 4.5).

4 Total population is 111,652,998 as ESS Projection for 2025. 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 Value in Percent Average Saving Deposit Rate Weighted Average Time Deposit Rate Average Lending Rate

National Bank of Ethiopia 40 | Annual Report 2024/25 Unlike banks the number of insurance companies remained at 18, while their branches rose to 839 following the opening of 40 new branches. About 56.9 percent of insurance branches were found in Addis Ababa and 88.8 percent of the total branches were private. Their total capital increased by 26.3 percent to Birr 28.3 billion, of which, the share of private insurance companies was 84.8 percent and the remaining 15.2 percent public (Table 4.6). Fig.IV.5: Branch Network (BN) and Capital(C) of Banking System (2021/22-2024/25) Source: Commercial Banks including DBE 23.9 20.0 18.7 17.7 41.5 36.2 32.0 46.9 76.1 80.0 81.3 82.3 58.5 63.8 68.0 53.1 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% (Percentage share from total) Total Private Banks Total Public Banks

National Bank of Ethiopia 41 | Annual Report 2024/25 Table 4.5: Branch Network and Capital of the Banking System at the Close of June 30, 2025 (Branch in Number and Capital in Millions of Birr)

Banks Branch Network Capital 2023/24 2024/25 2023/24 2024/25 Regions Addis Ababa Total % Share Regions Addis Ababa Total % Share Total Capital % Share Total Capital % Share

1. State owned Banks Commercial Bank of Ethiopia 1705 480 2185 17.8 1681 449 2130 16.9 62,470.5 21.1 182,171.5 39.5 Development Bank of Ethiopia 99 6 105 0.9 98 6 104 0.8 32,405.0 10.9 33,727.7 7.3 Total State owned Banks 1804 486 2290 18.7 1779.0 455.0 2234.0 17.7 94,875.6 32.0 215899.2 46.9
2. Private Banks Awash Bank 657 305 962 7.8 696 305 1001 8.0 27,141.6 9.2 37,098.6 8.1 Dashen Bank 630 279 909 7.4 650 282 932 7.4 19,166.5 6.5 23,413.5 5.1 Bank of Abyssinia 667 308 975 7.9 675 309 984 7.8 17,579.0 5.9 19,433.0 4.2 Wegagen Bank 307 153 460 3.7 322 154 476 3.8 7,536.9 2.5 9,702.4 2.1 Hibret Bank 272 236 508 4.1 277 234 511 4.1 9,570.6 3.2 11,292.2 2.5 Nib International Bank 236 222 458 3.7 239 203 442 3.5 10,107.0 3.4 10,379.2 2.3 Cooperative Bank of Oromia 590 187 777 6.3 596 184 780 6.2 14,723.1 5.0 15,798.5 3.4 Lion International Bank 238 91 329 2.7 259 96 355 2.8 3,985.8 1.3 4,884.5 1.1 Oromia Bank 392 177 569 4.6 390 169 559 4.4 8,621.0 2.9 9,362.7 2.0 Zemen Bank 47 74 121 1.0 48 83 131 1.0 9,619.1 3.2 12,562.8 2.7 Buna Bank 312 168 480 3.9 310 152 462 3.7 5,902.5 2.0 6,313.8 1.4 Berhan Bank 227 182 409 3.3 228 170 398 3.2 4,751.9 1.6 6,390.5 1.4 Abay Bank 384 168 552 4.5 391 169 560 4.4 7,915.1 2.7 9,097.6 2.0 Addis International Bank 78 80 158 1.3 88 81 169 1.3 2,487.6 0.8 3,063.5 0.7 Debub Global Bank 101 139 240 2.0 106 141 247 2.0 3,111.7 1.1 5,752.6 1.2 Enat Bank 130 73 203 1.7 142 77 219 1.7 3,680.5 1.2 4,702.2 1.0 Hijra Bank 73 25 98 0.8 96 33 129 1.0 1,521.1 0.5 1,984.8 0.4 Zamzam Bank 57 47 104 0.8 74 41 115 0.9 2,118.4 0.7 2,712.3 0.6 Goh Betoch Bank 4 4 8 0.1 8 11 19 0.2 1,629.7 0.6 1,689.5 0.4 Siinqee Bank 338 70 408 3.3 388 83 471 3.7 8,886.9 3.0 9,761.0 2.1 Tseday Bank 481 60 541 4.4 510 69 579 4.6 11,331.3 3.8 12,051.3 2.6 Shebele Bank 30 4 34 0.3 34 4 38 0.3 789.1 0.3 2,253.7 0.5 Amahara Bank 198 126 324 2.6 205 124 329 2.6 6,683.3 2.3 7,903.4 1.7 Ahadu Bank 45 56 101 0.8 45 58 103 0.8 1,036.1 0.3 1,218.7 0.3 Tsehay Bank 55 39 94 0.8 55 40 95 0.8 1,340.7 0.5 1,666.5 0.4 Sidama Bank S.C 34 4 38 0.3 43 6 49 0.4 997.5 0.3 1,184.2 0.3 Omo Bank S.C 0 0.0 46 5 51 0.4 922.0 0.3 2,945.7 0.6 Gadaa Bank 55 36 91 0.7 65 40 105 0.8 1,071.9 0.4 1,449.3 0.3 Ramis Bank S.C 30 7 37 0.3 39 8 47 0.4 692.9 0.2 851.1 0.2 Siket bank 6,314.0 2.1 8,008.8 1.7 Total Private Banks 6,668 3,320 9,988 81.3 7,025 3,331 10,356 82.3 201,235.0 68.0 244,927.8 53.1
3. Grand Total Banks 8,472 3,806 12,278 100 8,804 3,786 12,590 100.0 296,110.6 100.0 460,827.1 100.0 Source: Commercial Banks & DBE

National Bank of Ethiopia 42 | Annual Report 2024/25 Table 4.6: Branch Network & Capital of Insurance Companies as at June 30, 2025 (Branch in Number and Capital in Millions of Birr) No. Insurance Companies Branch Capital 2023/24 2024/25 2023/24 2024/25 % Change A.A Regions Total A.A Regions Total A B B/A 1 Ethiopian Ins. Cor. 25 66 91 26 68 94 4,378 4,294 -1.9 2 Awash Ins.Com.S.C. 32 32 64 34 32 66 3,341 4,341 29.9 3 Africa Ins.Com S.C. 20 15 35 21 15 36 676 937 38.6 4 National Ins. Co. of Eth. 25 17 42 28 17 45 508 600 18.1 5 United Ins.Com. S.C 34 17 51 37 19 56 1,798 2,220 23.5 6 Global Ins. Com.S.C 13 9 22 15 9 24 354 456 28.8 7 Nile Ins.Com.S.C 37 24 61 37 24 61 1,597 1,948 22.0 8 Nyala Ins.Com.S.C 20 20 40 20 21 41 1,975 2,535 28.4 9 Nib Ins. Com.S.C 31 16 47 31 16 47 1,364 1,839 34.8 10 Lion Ins. Com.S.C 20 23 43 20 24 44 710 1,061 49.4 11 Ethio-Life Ins.Com.S.c 23 8 31 26 8 34 438 570 30.1 12 Oromia Ins.Com.S.c 29 32 61 29 32 61 1,837 2,629 43.1 13 Abay Insurance 23 17 40 27 21 48 886 1,188 34.1 14 Berhan insurance S.C 20 9 29 20 12 32 528 741 40.3 15 Tsehay Insurance S.C 26 12 38 29 12 41 687 792 15.3 16 Lucy Insurance 29 8 37 31 10 41 302 375 24.2 17 Bunna Insurance S.C. 23 15 38 23 15 38 512 1,063 107.6 18 Zemen Insurance S.C. 22 7 29 23 7 30 484 668 38.0 Total 452 347 799 477 362 839 22,375.0 28,257.0 26.3 Source: Insurance Companies Note: A.A=Addis Ababa

National Bank of Ethiopia 43 | Annual Report 2024/25 Fig.IV.6: Branch Network and Capital of Insurance Companies (2021/22-2024/25) Source: Insurance Companies By end of 2024/25, the number of micro-finance institutions (MFIs) reached 57. Their total capital increased by 39.9 percent and their total asset by 36.0 percent. At the same time, their deposit mobilization and credit facility expanded. Compared to last year, their deposit went up by 33.2 percent and reached Birr 41.8 billion while their outstanding credit rose 23.4 percent to Birr 48.9 billion indicating their expanded outreach (Table 4.7). Table 4.7: Microfinance Institutions Performance as of June 30, 2025 (In thousands of birr) Particulars 2023/24 2024/25 % Change A B C= B/A Total Capital 11,399,991.6 15,949,575.3 39.9 Saving 31,374,095.6 41,777,865.9 33.2 Credit 39,650,424.8 48,946,431.7 23.4 Total Assets 60,095,189.3 81,703,026.5 36.0 Source: MFIs 4.3.1 Resource Mobilization Total resources mobilized by the banking system in the form of deposit, borrowing and loan collection increased by 86.5 percent and reached Birr 1.6 trillion at the end of 2024/25 (Table 4.8). 13.2 12.3 11.4 11.2 25.2 21.1 19.6 15.2 86.8 87.7 88.6 88.8 74.8 78.9 80.4 84.8 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% (Percentage Share from total) State Owned Insurances Companies Private Insurances Companies

National Bank of Ethiopia 46 | Annual Report 2024/25 Aided by technology, deposit liabilities of the banking system topped Birr 3.5 trillion, reflecting 40.7 percent annual growth. Saving deposits increased by 35.6 percent, demand deposit by 53.2 percent and time deposit increased by 26.8 percent. Of the total deposits, saving deposits accounted for 57.1 percent, demand deposits 35.7 percent and time deposit 7.2 percent (Table 4.9). The share of private banks in total deposit mobilization raised 51.8 percent meanwhile that of public banks 48.2 percent. CBE alone mobilized 48.1 percent of the total deposits due to its extensive branch network. Raising funds through borrowing by the banking system remained insignificant as most of the banks were sufficiently liquid due to increased deposit mobilization and collection of loans. Their total outstanding borrowing at the end of the fiscal year was Birr 131.6 billion, slightly up from Birr 130.2 billion a year earlier. Of the total borrowing, domestic sources accounted for 70 percent and foreign sources 30 percent. The net borrowing in 2024/25 was Birr 1.4 billion (Table 4.8 & 4.9). Moreover, banks collected Birr 632.5 billion in 2024/25, showing a 39.3 percent annual increment. Private banks collected 59.5 percent of the loans previously disbursed (Table 4.8).

National Bank of Ethiopia 47 | Annual Report 2024/25 Table 4.8: Annual Resource Mobilization & Disbursing Activities of Commercial Banks and DBE (Specialized Bank) as at June 30, 2025 (In millions of birr) Source: commercial banks and DBE

Particulars 2022/23 2023/24 2024/25 Percent Change Public Banks Private Banks Total (A) Public Banks Private Banks Total (B) Public Banks Private Banks Total (C) C/A C/B

1. Deposits (net change) 164,146.8 296,342.8 460,489.6 119,927.3 211,129.9 331,057.2 515,544.8 499,875.7 1,015,420.4 120.5 206.7 Demand 45,059.5 72,075.4 117,135.0 63,857.7 70,382.3 134,240.0 235,058.0 200,647.0 435,705.0 272.0 224.6 Savings 117,549.8188,920.5 306,470.4 58,622.6 96,383.6 155,006.2 274,088.8 252,369.5 526,458.3 71.8 239.6 Time 1,537.4 35,346.9 36,884.3 (2,553.0) 44,364.0 41,811.0 6,398.0 46,859.2 53,257.2 44.4 27.4 2.Borrowing(net change) 22,788.9 - 22,788.9 21,310.4 - 21,310.4 1,422.6 - 1,422.6 (93.8) (93.3) Local 16,053.3 - 16,053.3 12,632.0 - 12,632.0 (2,983.9) - (2,983.9) (118.6) (123.6) Foreign 6,735.5 - 6,735.5 8,678.4 - 8,678.4 4,406.4 - 4,406.4 (34.6) (49.2)
2. Collection of Loans 142,098.0258,905.5 401,003.4 179,034.4 275,053.6 454,088.1 255,883.9 376,577.4 632,461.2 57.7 39.3
3. Total Resources Mobilized (1+2+3) 329,033.6555,248.3 884,282.0 320,272.1 486,183.6 806,455.7 772,851.2 876,453.0 1,649,304.2 86.5 104.5
4. Disbursement 160,127.0387,549.7 547,676.7 223,528.1 237,960.7 461,488.8 437,533.7 385,282.6 822,816.3 50.2 78.3
5. Change in Liquidity (4-5) 168,906.7167,698.6 336,605.3 96,744.1 248,222.8 344,966.9 335,317.5 491,170.4 826,487.9 145.5 139.6 Memorandum Item:
6. Outstanding Credit 948,485.21,002,084.6 1,950,569.8 1,029,119.0 1,119,132.1 2,148,251.1 614,464.6 1,326,892.4 1,941,357.0 (0.5) (9.6)

National Bank of Ethiopia 48 | Annual Report 2024/25 Table 4.9: Deposits and Borrowings of Commercial Banks and Specialized Bank as at June 30, 2025 (In Millions of Birr) Source: Commercial Banks & DBE

Particulars 2022/23 2023/24 2024/25 % Change A B C D=B/A E=C/B A. Deposits -Demand 685,495.1 819,735.1 1,255,440.0 19.6 53.2 -Savings 1,323,382.9 1,478,389.1 2,004,847.5 11.7 35.6 -Time 156,641.1 198,452.2 251,709.3 26.7 26.8 T o t a l 2,165,519.2 2,496,576.4 3,511,996.8 15.3 40.7 B. Borrowings -Local 82,509.6 95,141.6 92,157.7 15.3 -3.1 -Foreign 26,352.3 35,030.8 39,437.2 32.9 12.6 T o t a l 108,862.0 130,172.3 131,594.9 19.6 1.1

National Bank of Ethiopia 49 | Annual Report 2024/25 Table 4.10: Loans and Advances by Lenders (In Millions of Birr) Lenders 2023/24 2024/25 D* C* O/S* D* C* O/S* Percentage Change A B C D E F D/A E/B F/C A. Public Banks 1.Commercial Bank of Ethiopia 191,1 63.83 163,175.7 2 936,906.98 415,062.6 7 232,839.0 3 513,883.95 117.1 42.7 -45.2 2.Development Bank of Ethiopia 32,36 4.26 15,858.71 92,212.02 22,471.00 23,044.84 100,580.64 -30.6 45.3 9.1 Sub-Total 223,5 28.1 179,034.4 1,029,119.0 437,533.7 255,883.9 614,464.6 95.7 42.9 -40.3 B. Private Banks Awash Bank 3970 5.8 36829.7 183179.7 59184.6 46854.8 219084.2 49.1 27.2 19.6 Dashen Bank 4348 3.9 40941.4 116920.3 59862.7 55684.9 136523.5 37.7 36.0 16.8 Bank of Abyssinia 1717 3.9 17410.9 169167.4 21088.5 29433.5 199813.7 22.8 69.1 18.1 Wegagen Bank 9667. 3 12606.5 45068.3 15808.4 18070.3 53407.1 63.5 43.3 18.5 United Bank 1336 5.2 16248.4 69313.3 16363.4 22001.3 78836.8 22.4 35.4 13.7 NibInternationalbank 2489. 0 13517.0 48917.8 5637.4 16842.2 44687.0 126.5 24.6 -8.6 CooperativesBankof Oromia 2444. 8 24726.5 99018.6 25945.2 29854.3 117299.8 961.2 20.7 18.5 LionInternationan bank 5389. 3 5380.6 31891.0 8405.2 8815.3 37739.6 56.0 63.8 18.3 Zemen Bank 8908. 9 8816.8 36234.3 11332.8 11033.6 42318.0 27.2 25.1 16.8 Oromia Bank 5630. 7 10697.9 43562.6 7652.5 11823.8 45262.7 35.9 10.5 3.9 Berhan Bank 7685. 9 11189.9 30328.4 11200.7 12040.4 35371.3 45.7 7.6 16.6 Buna International Bank 4251. 9 5524.1 37938.5 3964.7 7104.9 40767.0 -6.8 28.6 7.5 Abay Bank 9535. 4 6950.6 40340.1 10212.8 9803.8 47354.7 7.1 41.0 17.4 Addis International Bank 942.6 1627.7 8673.5 1515.2 1926.2 9770.1 60.7 18.3 12.6 Debub Global Bank 3015. 1 3472.6 15963.8 4280.2 3611.5 20397.3 42.0 4.0 27.8 Enat Bank 2436. 8 3043.9 17495.5 2335.4 3529.5 20948.1 -4.2 16.0 19.7 ZemZem Bank 3195. 9 3267.8 4536.4 5244.3 4686.1 6561.7 64.1 43.4 44.6 Hijira Bank 2926. 0 2949.5 3409.1 5210.7 5252.3 4769.3 78.1 78.1 39.9 Goh Betoch Bank 257.1 233.0 1551.8 172.7 313.8 1672.0 -32.8 34.6 7.7 Tseday Bank 2247 8.8 21426.1 41683.4 24328.9 24187.8 45560.3 8.2 12.9 9.3 Shebelle Bank 560.5 565.8 1934.3 483.1 624.1 1807.6 -13.8 10.3 -6.5 Siinqee Bank 1520 6.6 16562.6 28065.9 48974.0 31048.0 56730.6 222.1 87.5 102. Amhara Bank 6185. 1 6 4448.6 20372.1 11896.6 10368.4 26064.1 92.3 133.1 27.9 Sidama Bank 800.7 565.6 1085.4 2109.8 1128.5 2416.5 163.5 99.5 122. 6 Omo Bank 3565. 7 3363.2 6431.1 3812.4 4063.0 6646.5 6.9 20.8 3.3 Tsehay Bank 1702. 9 459.9 2531.6 1610.3 967.7 3535.7 -5.4 110.4 39.7 Ahadu Bank 1445. 8 468.7 1765.8 2671.5 781.2 4426.0 84.8 66.7 150. Gadaa Bank 2053. 7 9 997.4 2495.7 1823.0 1477.9 3758.4 -11.2 48.2 50.6 Siket Bank 1358. 6 760.5 9163.0 4802.9 2779.0 11891.5 0.0 Rammis Bank 96.2 0.4 93.3 7352.7 469.7 1471.5 0.0 Sub-Total 237,9 60.7 275,053.6 1,119,132.1 385,282.6 376,577.4 1,326,892.4 61.9 36.9 18.6 Grand Total 461,4 88.8 454,088.1 2,148,251.1 822,816.3 632,461.2 1,941,357.0 78.3 39.3 -9.6 Source: Commercial Banks D*=Disbursement, C*=Collection, O/S*= Outstanding Credit

National Bank of Ethiopia 50 | Annual Report 2024/25 4.3.2 New Lending Activities Commercial banks and Development Bank of Ethiopia (DBE) disbursed Birr 822.8 billion in fresh loans which was 78.3 percent higher than a year ago (Table 4.10). Of the total new loans, about 46.8 percent was disbursed by private banks and 53.2 percent by state owned banks (i.e. CBE and DBE) (Table 4.11). Sector wise, the share of agriculture was (22.3 percent) followed by domestic trade (21.3 percent), international trade (18.2 percent), manufacturing (13.7 percent), financial institutions (8.7 percent), consumer & staff loan (6.7 percent), building & construction (3.8 percent), and the remaining balance was disbursed to other economic sectors (Table 4.12). Fig.IV.7: Development in Net Deposit, Lending and Loan Collection Activities of the Banking System (2022/23-2024/25) Source: Commercial Banks and DBE 0 100000 200000 300000 400000 500000 600000 (Value in Millions of Birr) Net Deposit Lending Loan collection

National Bank of Ethiopia 51 | Annual Report 2024/25 Table 4.11: Percentage Share of Loans and Advances by Lenders Lenders 2023/24 2024/25 D* C* O/S* D* C* O/S* Percentage Change A B C D E F D/A E/B F/C A.Public Banks 1.Commercial Bank of Ethiopia 41.4 35.9 43.6 50.4 36.8 26.5 21.8 2.4 (39.3) 2.Development Bank of Ethiopia 7.0 3.5 4.3 2.7 3.6 5.2 (61.1) 4.3 20.7 Sub-Total 48.4 39.4 47.9 53.2 40.5 31.7 9.8 2.6 (33.9) B.Private Banks Awash Bank 8.6 8.1 8.5 7.2 7.4 11.3 (16.4) (8.7) 32.3 Dashen Bank 9.4 9.0 5.4 7.3 8.8 7.0 (22.8) (2.3) 29.2 Bank of Abyssinia 3.7 3.8 7.9 2.6 4.7 10.3 (31.1) 21.4 30.7 Wegagen Bank 2.1 2.8 2.1 1.9 2.9 2.8 (8.3) 2.9 31.1 United Bank 2.9 3.6 3.2 2.0 3.5 4.1 (31.3) (2.8) 25.9 Nib International Bank 0.5 3.0 2.3 0.7 2.7 2.3 27.0 (10.5) 1.1 Cooperatives Bank of Oromia 0.5 5.4 4.6 3.2 4.7 6.0 495.2 (13.3) 31.1 Lion International Bank 1.2 1.2 1.5 1.0 1.4 1.9 (12.5) 17.6 31.0 Zemen Bank 1.9 1.9 1.7 1.4 1.7 2.2 (28.7) (10.2) 29.2 Oromia Bank 1.2 2.4 2.0 0.9 1.9 2.3 (23.8) (20.6) 15.0 Berhan Bank 1.7 2.5 1.4 1.4 1.9 1.8 (18.3) (22.7) 29.1 Buna International Bank 0.9 1.2 1.8 0.5 1.1 2.1 (47.7) (7.7) 18.9 Abay Bank 2.1 1.5 1.9 1.2 1.6 2.4 (39.9) 1.3 29.9 Addis International Bank 0.2 0.4 0.4 0.2 0.3 0.5 (9.8) (15.0) 24.6 Debub Global Bank 0.7 0.8 0.7 0.5 0.6 1.1 (20.4) (25.3) 41.4 Enat Bank 0.5 0.7 0.8 0.3 0.6 1.1 (46.2) (16.7) 32.5 ZemZem Bank 0.7 0.7 0.2 0.6 0.7 0.3 (8.0) 3.0 60.1 Hijira Bank 0.6 0.6 0.2 0.6 0.8 0.2 (0.1) 27.9 54.8 Goh Betoch Bank 0.1 0.0 0.0 0.1 (62.3) (3.3) 19.2 Tseday Bank 4.9 4.7 1.9 3.0 3.8 2.3 (39.3) (18.9) 20.9 Shebelle Bank 0.1 (51.7) (20.8) 3.4 Siinqee Bank 3.3 3.6 1.3 6.0 4.9 2.9 80.6 34.6 123.7 Amhara Bank 1.3 1.0 0.9 1.4 1.6 1.3 7.9 67.3 41.6 Sidama Bank 0.2 0.1 0.1 0.3 0.2 0.1 47.8 43.2 146.4 Omo Bank 0.8 0.7 0.3 0.5 0.6 0.3 (40.0) (13.3) 14.4 Tsehay Bank 0.4 0.1 0.1 0.2 (47.0) 51.1 54.5 Ahadu Bank 0.3 0.1 0.1 0.3 0.1 0.2 3.6 19.7 177.4 Gadaa Bank 0.4 0.2 0.1 0.2 (50.2) 6.4 66.6 Siket Bank 0.3 0.2 0.4 0.6 0.4 0.6 98.3 162.4 43.6 Rammis Bank 0.0 0.9 0.1 0.1 Sub-Total 51.6 60.6 52.1 46.8 59.5 68.3 (9.2) (1.7) 31.2 Grand Total 100.0

• Source: Commercial Banks D*=Disbursement, C*=Collection, O/S*= Outstanding Credit

National Bank of Ethiopia 52 | Annual Report 2024/25 4.3.3 Outstanding Loans By the end of June 2025, the banking system's outstanding credit dropped by 9.6 percent to Birr 1.94 trillion as a result of the corporate bonds being converted to government bonds. The share of private sector in outstanding credit was 91 percent and that of public sector 9 percent (Table 4.13). Sector wise, the major recipients of outstanding credit were international trade (Birr 420.5 billion or 21.7 percent), manufacturing (Birr 365.4 Billion or 18.8 percent), domestic trade (Birr 344.3 billion or 17.7 percent), financial institutions (Birr 255.1 billion or 13.1 percent), consumer & staff loans (Birr 218.3 billion or 11.2 percent), agriculture (Birr 166.3 billion or 8.6 percent) (Table 4.12). Table 4.12: Loans & Advances by Economic Sectors (In Millions of Birr) Economic Sectors 2023/24 2024/25 Percentage Change D* C* O/S* D* C* O/S* D* C* O/S* A B C D E F D/A E/B F/C Agriculture 107,232.2 106,530.6 105,128.4 183,596.7 138,123.3 166,255.0 71.2 29.7 58.1 Manufacturing 72,480.3 58,254.1 406,589.0 112,896.7 86,032.1 365,437.3 55.8 47.7 (10.1) Domestic Trade 86,108.5 85,723.8 261,669.4 175,522.5 134,614.3 344,253.6 103.8 57.0 31.6 International Trade 67,616.3 80,264.4 334,208.7 149,398.2 133,166.9 420,454.1 121.0 65.9 25.8 Export 50,723.9 54,343.9 212,097.3 115,702.3 96,894.8 267,522.5 128.1 78.3 26.1 Import 16,892.4 25,920.5 122,111.4 33,695.9 36,272.1 152,931.6 99.5 39.9 25.2 Hotels and Tourism 7,989.0 8,817.3 43,094.5 8,811.0 12,094.1 47,978.9 10.3 37.2 11.3 Building and Construction 35,026.5 46,245.7 202,480.5 31,648.5 21,439.9 58,745.5 (9.6) (53.6) (71.0) Mines, Power and Water resources 8,196.2 1,434.9 246,759.2 2,414.9 2,254.5 8,939.1 (70.5) 57.1 (96.4) Financial Institutions 7,773.2 6,935.3 18,958.4 71,867.0 31,924.5 255,077.6 824.6 360.3 1,245.5 Transportand Communication 11,216.7 10,027.6 40,599.7 4,480.1 5,207.1 4,565.2 (60.1) (48.1) (88.8) Health and Education 2,617.7 1,489.0 6,891.1 8,230.2 6,293.9 17,832.9 214.4 322.7 158.8 Consumer and Staff Loans 42,272.2 36,487.5 178,826.5 54,734.5 47,737.4 218,307.6 29.5 30.8 22.1 Other Sectors 12,960.2 11,877.9 303,045.7 19,216.1 13,573.2 33,510.3 48.3 14.3 (88.9) Total 461,488.8 454,088.1 2,148,251.1 822,816.3 632,461.2 1,941,357.0 78.3 39.3 (9.6) Source: Commercial Banks & DBE D*=Disbursement, C*=Collection, O/S*= Outstanding Credit

National Bank of Ethiopia 53 | Annual Report 2024/25 Fig.IV.8: Sectorial Breakdown of Bank Credit (2022/23-2024/25) Source: Commercial Banks including DBE Table 4.13: Loans and Advances by Borrowers (In Millions of Birr) Borrowing Sector 2021/22 2022/23 2023/24 2024/25 Percentage change O/S* O/S* O/S* D* C* O/S* A B C E F G G/B G/C Public Enterprises 700,732.7 747,220.6 745,921.7 189,529.5 108,949.9 174,718.3 -76.6 -76.6 Cooperatives 21,398.8 21,148.1 21,343.8 6,832.9 4,453.5 24,584.8 16.3 15.2 Private & Individuals 868,231.5 1,182,201.1 1,380,985.7 626,454.0 519,057.9 1,742,053.9 47.4 26.1 Total 1,590,362.9 1,950,569.8 2,148,251.1 822,816.3 632,461.2 1,941,357.0 -0.5 -9.6 Source: Commercial Banks & DBE D*=Disbursement, C*=Collection, O/S*= Outstanding Credit 0 500000 1000000 1500000 2000000 2500000 2022/23 2023/24 2024/25 (In Millions of Birr) Agriculture Others Housing & Construction International Trade Domestic Trade & Services Industry

National Bank of Ethiopia 54 | Annual Report 2024/25 4.4. Financial Activities of NBE As of June 2025, gross claims of NBE on the central government reached Birr 675.1 billion, unchanged from the previous year. NBE‘s outstanding claim on DBE was Birr 30.1 billion which decelerated by 27.1 percent over last year same period. On the liability side, total deposits at NBE increased by 87.9 percent and stood at Birr 486.7 billion, due to the 104.5 percent surge in deposit by the financial institutions (Table 4.14). Table 4.14: Financial Activities of National Bank of Ethiopia at the Close of June 30, 2025 (In Millions of Birr) Particulars 2022/23 2023/24 2024/25 % Change A B C B/A C/B Loans and Advances (1+2) 608,814.3 716,443.2

705,243.2 17.7 -1.6

1. Claims on Central Gov’t 563,991.5 675,120.4 675,120.4 19.7 0.0
2. Claims on DBE 44,822.7 41,322.7 30,122.7 -7.8 -27.1
3. Deposit Liabilities 266,929.9 258,994.1 486,671.5 -3.0 87.9 3.1 Government 42,691.6 42,867.4 44,697.2 0.4 4.3 3.2 Financial Institutions 224,238.3 216,126.7 441,974.2 -3.6 104.5 Source: NBE

National Bank of Ethiopia 55 | Annual Report 2024/25 4.5. Developments in Financial Markets In the absence of secondary market in Ethiopia, government securities were occasionally issued to finance fiscal deficit. Accordingly, commercial banks were mandated to purchase T-bills from their new monthly fresh disbursement until the practice was ended in June 2025. While treasury bills were auctioned on a bi-weekly basis at marketable rate. 4.5.1. Treasury Bills Market In 2024/25, T-bills supplied to the biweekly auctions amounted to Birr 498.9 billion, reflecting a 63.2 percent annual decline. At the same time, demand for T-bills decreased by 52 percent to Birr 390.6 billion, indicating the market was under-subscribed by Birr 108.3 billion (22 percent). Meanwhile, the amount of T-bills sold reached Birr 384.4 billion, of which Birr 219.3 billion were purchased by banks and the remaining Birr 165.1 billion by non-bank institutions. Birr 100.7 billion (net of redemption) was mobilized to finance the fiscal deficit through sale of T-bills during the fiscal year. Thus, total outstanding T-bills fell by 39.2 percent year-on-year to Birr 272.24 billion. Of this amount, banks held Birr 159.5 billion (58.6 percent), while non-bank institutions held Birr 112.8 billion (41.4 percent) (Table 5.15). The average weighted yield on T-bills increased to 14.5 percent, up from 10 percent the previous year, indicating 44.8 percent annual growth (Table 5.15). The highest yield (15.13 percent) was recorded for the 364-day T-bills, while the lowest (14.12 percent) was observed for the 91-day T-bills.

National Bank of Ethiopia 56 | Annual Report 2024/25 Treasury Bill Particulars Annual Percentage Change 2022/23 2023/24 2024/25 A B C C/A C/B Number of Bidders 634.00 533.00 261.00 (58.83) (51.03) Amount Demanded (Mn. Birr) 595,231.34 812,892.09 390,608.31 (34.38) (51.95) 28-day bill 77,059.00 126,925.00 55,571.62 (27.88) (56.22) 91-day bill 138,331.14 225,427.56 120,137.63 (13.15) (46.71) 182-day bill 171,949.92 216,976.91 109,090.09 (36.56) (49.72) 364-day bill 207,891.28 243,562.63 105,808.97 (49.10) (56.56) Amount Supplied (Mn. Birr) 1,278,068.29 1,354,852.17 498,906.83 (60.96) (63.18) 28-day bill 171,030.00 187,156.78 28,066.21 (83.59) (85.00) 91-day bill 355,267.56 424,265.54 52,119.06 (85.33) (87.72) 182-day bill 383,427.14 386,158.25 144,426.71 (62.33) (62.60) 364-day bill 368,343.59 357,271.60 274,294.85 (25.53) (23.23) Amount Sold (Mn. Birr) 576,081.34 797,797.09 384,389.99 (33.28) (51.82) Banks 268,255.11 321,319.26 219,250.68 (18.27) (31.77) Non-Banks 307,826.24 476,477.83 165,139.31 (46.35) (65.34) Redemption (Mn. Birr) 553,781.40 691,863.78 283,674.91 (48.77) (59.00) Banks 317,819.34 305,468.06 222,629.68 (29.95) (27.12) Non-Banks 235,962.06 386,395.72 61,045.23 (74.13) (84.20) Net Amount (Mn. Birr) 22,299.94 105,933.32 100,715.08 351.64 (4.93) Banks (49,564.24) 15,851.21 (3,379.00) 93.18 (121.32) Non-Banks 71,864.18 90,082.11 104,094.08 44.85 15.55

National Bank of Ethiopia 57 | Annual Report 2024/25 Average Weighted Price for Successful bids (Birr) 95.84 95.72 93.95 (1.98) (1.85) 28-day bill 99.29 99.23 98.88 (0.41) (0.35) 91-day bill 97.51 97.59 96.60 (0.94) (1.02) 182-day bill 95.39 95.26 93.42 (2.07) (1.93) 364-day bill 91.18 90.81 86.89 (4.71) (4.31) Average Weighted Yield for Successful bids(%) 9.74 10.04 14.54 49.20 44.82 28-day bill 9.36 10.12 14.77 57.73 45.97 91-day bill 10.23 9.90 14.12 38.06 42.65 182-day bill 9.68 9.99 14.13 45.92 41.50 364-day bill 9.70 10.15 15.13 55.99 49.05 Outstanding bills at the end of period (Mn.Br.) 341,869.53 Share % 447,802.85 Share % 272,242.20 Share % (20.37) (39.20) Banks 146,568.05 42.87 162,259.26 36.23 159,461.54 58.57 8.80 (1.72) Non-Banks 195,301.48 57.13 285,543.59 63.77 112,780.66 41.43 (42.25) (60.50) Public Servants Social Security Agency 134,327.92 39.29 185,246.00 41.37 43,400.00 15.94 (67.69) (76.57) Private Organizations‘ Employees Social Security Agency 60,873.56 17.81 93,961.00 20.98 45,878.79 16.85 (24.63) (51.17) Other Non-Bank Institutions 100.00 0.03 6,336.59 1.42 23,501.87 8.63 23,401.87 270.89 Source: NBE Note: The average weighted yield is calculated based on competitive bids

National Bank of Ethiopia 58 | Annual Report 2024/25

2.000 4.000 6.000 8.000 10.000 12.000 14.000 16.000

200,000.00 400,000.00 600,000.00 800,000.00 1,000,000.00 1,200,000.00 1,400,000.00 1,600,000.00 2019/2018 2020/2021 2021/2022 2022/2023 2023/2024 2024/2025 Annual weight Yeild) ( Value In Millions of Birr) Fig. IV. 9 : Annual trends of T-bills Market and Its Weight Yeild Demand Supply Average Weighted Yield Source: NBE 4.5.2. Bonds Market In 2024/25, no new corporate bonds were purchased. All outstanding corporate bond balances were either fully settled or converted into government bonds or term loans. As a result, CBE‘s outstanding corporate bond holdings declined from Birr 555.13 billion to zero as of June 30, 2025.

National Bank of Ethiopia 59 | Annual Report 2024/25 Table 13: Disbursement, Redemption and Outstanding of Coupon and Corporate Bond of CBE (In Millions of Birr) Particulars Annual Annual Percentage Change 2022/23 2023/24 2024/25 B/A Actual A B

1. Corporate Bond Purchases by holders 27,103.01 12,000.00 EEP 13,500.00 7,000.00 Regional governments 0.00 - Development Bank of Ethiopia 0.00 - City Government of Addis Ababa 5,000.00 5,000.00 Railway Corporation 8,603.01 - - Private Sector - - - Liability & Asset Management Corp. 0.00 - - -
2. Redemption of Bonds by Clients 25,095.95 14,506.39 555,131.86 3,726.8 EEP 12.09 243,530.72 2,013,647.12 Regional governments 79.39 210.72 Development Bank of Ethiopia 0.00 - - City Government of Addis Ababa 15,639.54 14,283.58 34,408.64 140.9 Railway Corporation 1,069.09 - - Private Sector - - Liability & Asset Management Corp. 8,307.93 - 277,192.50
3. Outstanding Bonds by Clients 567,138.25 555,131.86 EEP 208,978.05 243,530.71 Regional governments 210.72 - Development Bank of Ethiopia City Government of Addis Ababa 43,692.22 34,408.64 Railway Corporation Private Sector Liability & Asset Management Corp. 314,257.26 277,192.50 - Source: Commercial Bank of Ethiopia 4.5.3. Interbank money market Interbank money market commenced operations on October 31, 2024, and recorded substantial improvement over the reporting period. The total value of interbank transactions amounted to Birr 824.98 billion, of which Birr 591.29 billion was by seven-day transactions and Birr 233.70 billion by overnight transactions. A total of 1,880 transactions were executed during the fiscal year, comprising 1,329 seven-day transactions and 551 overnight transactions. Interest rates in the seven-day interbank money market ranged from 12 percent to 18 percent, with a weighted average rate of 16.89 percent.

National Bank of Ethiopia 60 | Annual Report 2024/25 Similarly, overnight interbank transactions recorded interest rates between 12 percent and 18 percent, with a weighted average interest rate of 16.13 percent. The interest rate was within the money market corridor (NBE rate+3%) i.e. 12 percent and 18 percent. The observed increase in transaction volumes and sustained market activity indicate strengthening liquidity management practices and growing participation of financial institutions.

National Bank of Ethiopia 61 | Annual Report 2024/25 V. DEVELOPMENTS IN EXTERNAL SECTOR 5.1 Overall Balance of Payments The overall balance of payments registered USD 2.8 billion in surplus in 2024/25 compared to USD 1.3 billion deficit a year earlier. This was attributed to narrowed current account deficit and a rise in capital account surplus. The current account deficit narrowed due to a decrease in merchandise trade deficit and a rise in net surplus of services trade, net private transfers, and official transfers. As a result, current account deficit (including official transfers) ratio to GDP reached 0.2 percent compared to 2.9 percent last year same period. On the other hand, capital account surplus increased by 28.8 percent mainly due to rise in net surplus of official long-term capital (105.9 percent), foreign direct investment (2.7 percent), private sector long term capital (169 percent) and a shift in net deficit of other public-sector long-term capital from USD 219.2 million to USD 450.8 million surplus in FY2024/25 (Table5.1).

National Bank of Ethiopia 62 | Annual Report 2024/25 Table 5.1: Balance of Payments1

(In Millions of USD) S/N Particulars 2022/23 2023/24R 2024/25P Percentage Change A B C B/A C/B 1 Exports, f.o.b. 3,624.3 3,798.7 8,347.2 4.8 119.7 Coffee 1,340.2 1,430.8 2,665.1 6.8 86.3 Other 2,284.1 2,367.9 5,682.1 3.7 140.0 2 Imports 17,148.5 18,721.7 18,793.5 9.2 0.4 Fuel 3,966.5 3,608.7 3,387.3 -9.0 -6.1 Cereals 1,038.7 678.6 705.3 -34.7 3.9 Aircraft 164.0 903.0 1,260.3 450.7 39.6 Imports excl. fuel, cereals, aircraft 11,979.3 13,531.4 13,440.6 13.0 -0.7 3 Trade Balance (1-2) -13,524.3 -14,923.1 -10,446.3 10.3 -30.0 4 Services, net 950.1 1,278.0 1,342.2 34.5 5.0 Non-factor services, net 1,399.1 1,610.4 1,514.6 15.1 -6.0 Exports of non-factor services 7,174.1 7,865.9 8,212.0 9.6 4.4 Imports of non-factor services 5,775.0 6,255.5 6,697.4 8.3 7.1 Income, net -449.0 -332.4 -172.4 -26.0 -48.1 o/w Gross official int. payment 504.9 430.0 415.9 -14.8 -3.3 Dividend, net -1.6 -1.3 -0.2 5 Private transfers, net 6,807.9 6,211.1 7,037.2 -8.8 13.3 o/w: Private Individuals 4,657.7 5,443.5 6,014.3 16.9 10.5 6 Current account balance excluding off. Transfers (3+4+5) -5,766.3 -7,434.0 -2,066.9 28.9 -72.2 7 Official transfers, net 1,093.3 1,236.4 1,777.6 13.1 43.8 8 Current account balance including official transfers (6+7) -4,672.9 -6,197.5 -289.3 32.6 -95.3 9 Capital account 3,547.3 4,128.3 5,316.6 16.4 28.8 Off. Long-term Cap., net 546.5 631.2 1,299.8 15.5 105.9 Disbursements 975.6 1,125.4 1,853.8 15.4 64.7 Amortization 429.2 494.2 554.0 15.2 12.1 Other pub. long-term cap. -390.5 -219.2 450.8 -43.9 -305.7 Private sector, long term 101.0 72.7 195.7 -28.0 169.0 Foreign Direct Investment(net) 3,428.0 3,905.8 4,011.8 13.9 2.7 Short-term Capital -137.7 -262.2 -641.5 90.4 144.6 10 Errors and Omissions [11-(9+8)]* 373.6 721.3 -2,197.2 11 Overall balance (-13) -752.0 -1,347.9 2,830.0 12 Financing (13+16) 752.0 1,347.9 -2,830.0 13 Reserves [ Increase(-), Decrease (+)] (14+15) 752.0 1,347.9 -2,830.0 14 Central Bank (NFA) 887.5 1,534.9 -1,305.2 Asset 469.2 -403.1 -2,992.3 Liabilities 418.2 1,938.0 1,687.1 15 Commercial banks (NFA) -135.4 -186.9 -1,524.8 16 Debt Relief Principal Interest Source: NBE Staff Compilation P 2024/25 data are Preliminary R Some items are revised

• Large error and omission have been recorded during the fiscal year 2024/25 due to time lag on commodity gold export processing and depositing in National Bank of Ethiopia’s reserve.

National Bank of Ethiopia 63 | Annual Report 2024/25 Table 5.2: Components of Current Account as Percentage of GDP Source: NBE Staff Compilation Source: NBE Staff Computations (15,000.0) (10,000.0) (5,000.0)

5,000.0 10,000.0 In Million of USD Fig. V.1 Trends in Components of Current Account Merchandise Trade Balance Net Services Net Private Transfers Net Official Transfers Particulars 2022/23 2023/24 2024/25 Percentage Change A B C B/A C/B Trade Balance -8.3 -7.1 -8.3 -14.2 16.5 Net Services 0.6 0.6 1.1 4.6 74.8 Net Private Transfers

4.2

2.9

5.6 -29.1 88.6 Net Official Transfers

0.7

0.6

1.4 -12.1 139.3 Current Account Deficit (excluding official transfers) -3.5 -3.5 -1.6 0.2 -53.7 Current Account Deficit (including official transfers) -2.9 -2.9 -0.2 3.1 -92.2

National Bank of Ethiopia 64 | Annual Report 2024/25 5.2. Developments in Merchandise Trade 5.2.1 Balance of Trade The merchandise trade deficit narrowed to USD 10.4 billion from USD 14.9 billion a year earlier, as a rise in merchandise export receipts outweighed rise of import bills. Whereas the merchandise trade deficit as a ratio of GDP slightly widened to 8.3 percent from 7.1 percent a year ago. 5.2.2 Merchandise Export Total merchandise export earnings reached USD 8.3 billion, exhibiting a substantial 119.7 percent increase compared to the same period last year. This growth was primarily driven by a more than eight-fold surge in gold exports and 86.3 percent rise in coffee exports. Other export items also recorded year-on-year growth, including flowers (4.2 percent), electricity (142.1 percent), meat and meat products (55.7 percent), fruits and vegetables (15.6 percent), live- animals (159.8 percent), and other items (12.2 percent). Conversely, export receipts from oilseeds (0.1 percent), pulses (20.4 percent), chat (26.1 percent), textiles and textile products (1.1 percent), and leather & leather products (12.7 percent) declined during the review period. Gold export receipts recorded a remarkable increase of more than eight-fold, driven by 823.1 percent rise in export volume, despite 7.7 percent decline in unit price. Consequently, gold‘s share in total merchandise export earnings surged to 41.7 percent, from 10.8 percent a year earlier. Export earnings from coffee rose by 86.3 percent, driven by 57.4 percent increase in export volume, supported by 18.3 percent rise in international price. However, the share of coffee in total merchandise exports declined to 31.9 percent from 37.7 percent a year ago. Likewise, flower export earnings rose by 4.2 percent year-on-year, due to a 4.5 percent increase in export volume despite 0.3 percent decline in international price. Nevertheless, the share of flowers in total merchandise export earnings fell to 5.9 percent from 12.4 percent during the same period last year.

National Bank of Ethiopia 65 | Annual Report 2024/25 Export earnings from electricity reached USD 336.4 million, representing 142.1 percent increase, driven by nearly five-fold rise in export volume despite 49.7 percent decline in international price. Consequently, electricity‘s share in total merchandise export earnings slightly grew to 4.0 percent from 3.7 percent a year earlier. Export revenue from live animals surged by 159.8 percent, on account of 137.5 percent increase in export volume and 9.4 percent rise in international price. As a result, the share of live animals in total merchandise export earnings marginally increased to 1.4 percent from 1.1 percent a year ago. Export earnings from meat and meat products increased 55.7 percent year-on-year, owing to 67.3 percent rise in export volume, despite 6.9 percent decline in international price. Hence, the share of meat and meat products in total merchandise export earnings fell to 1.3 percent from 1.9 percent a year earlier. Export revenue from fruits and vegetables also grew by 15.6 percent, supported by 0.7 percent increase in export volume and 14.8 percent rise in international price. However, the share of fruits and vegetables in total merchandise export receipts declined slightly to 0.9 percent from 1.7 percent a year earlier. In contrast, export revenue from oilseeds declined primarily due to 8.0 percent drop in international price, despite 8.6 percent increase in export volume. Therefore, the share of oilseeds in total export earnings fell to 4.0 percent from 8.8 percent during the review period. Likewise, export proceeds from pulses dropped by 20.4 percent, reaching USD 273.7 million, primarily due to 24.7 percent slowdown in export volume, despite 5.7 percent increase in international prices. Consequently, the share of pulses in total merchandise exports fell to 3.3 percent from 9.1 percent a year earlier. Earnings from chat export fell by 26.1 percent, mainly due to 31.5 percent drop in export volume, despite 7.9 percent increase in international prices. As a result, the share of chat in total merchandise exports dropped to 1.5 percent from 4.3 percent a year earlier.

National Bank of Ethiopia 66 | Annual Report 2024/25 Similarly, export earnings from leather & leather products declined by 12.7 percent, due to a 12.0 percent decrease in export volume and 0.8 percent in international price. As a result, their share in total merchandise export earnings slightly decreased to 0.2 percent from 0.5 percent a year ago. Receipt from textiles & textile products declined by 1.1 percent, due to a 0.7 percent fall in export volume and 0.4 percent in international price. As a result, the share of textiles & textile products in total merchandise export earnings down to 1.4 percent from 3.2 percent a year ago. Table 5.3: Values of Major Export Items (In millions of USD) Particulars 2022/23 2023/24 2024/25 Percentage Change A %share B %share C %share B/A C/B Coffee 1,340.2 37.0 1,430.8 37.7 2,665.1 31.9 6.8 86.3 Oilseeds 258.0 7.1 333.2 8.8 332.7 4.0 29.2 (0.1) Leather and Leather Products 24.7 0.7 19.9 0.5 17.4 0.2 (19.5) (12.7) Pulses 324.5 9.0 343.8 9.1 273.7 3.3 5.9 (20.4) Meat & Meat Products 81.7 2.3 70.4 1.9 109.7 1.3 (13.8) 55.7 Fruits & Vegetables 92.5 2.6 65.1 1.7 75.2 0.9 (29.6) 15.6 Textile & Textile Prod. 148.7 4.1 120.1 3.2 118.8 1.4 (19.2) (1.1) Live Animals 17.5 0.5 43.5 1.1 112.9 1.4 148.9 159.8 Chat 247.5 6.8 164.5 4.3 121.5 1.5 (33.6) (26.1) Gold 197.0 5.4 408.6 10.8 3,480.9 41.7 107.4 752.0 Flower 567.8 15.7 469.9 12.4 489.7 5.9 (17.2) 4.2 Electricity 102.2 2.8 139.0 3.7 336.4 4.0 36.0 142.1 Others 222.0 6.1 189.9 5.0 213.1 2.6 (14.4) 12.2 Total Export 3,624.3 100.0 3,798.7 100.0 8,347.2 100.0 4.8 119.7 Source: Ethiopian Customs Commission, NBE and Ethiopian Electric Power

National Bank of Ethiopia 67 | Annual Report 2024/25 Source: NBE Staff Computation Source: NBE Staff Computation

500.0 1,000.0 1,500.0 2,000.0 2,500.0 3,000.0 3,500.0 4,000.0 (Millions USD) Fig.V.2: Foreign Exchange Earning from Selected Export Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Chat Coffee 31.9% Oilseeds 4.0% Pulses Chat 3.3% 1.5% Gold 41.7% Flower 5.9% Electricity 4.0% Others 7.8% Fig.V.3: Eport Share of Selected Commodities (FY2024/25)

National Bank of Ethiopia 68 | Annual Report 2024/25 Table 5.4: Volume of Major Exports (In millions of kg unless stated otherwise) Particulars 2022/23 2023/24 2024/25 Percentage Change A B C B/A C/B Coffee 241.7 299.0 470.7 23.7 57.4 Oilseeds 150.3 191.2 207.6 27.2 8.6 Leather and Leather Products 1.7 1.6 1.4 (3.6) (12.0) Pulses 396.2 426.0 320.9 7.5 (24.7) Meat & Meat Products 11.5 11.1 18.5 (4.0) 67.3 Fruit & Vegetables 177.2 184.8 186.1 4.3 0.7 Textile & Textile Prod. 31.4 30.8 30.6 (1.8) (0.7) Live Animals 7.9 52.0 123.5 560.4 137.5 Chat 31.3 15.8 10.8 (49.4) (31.5) Gold (In mn. of grams) 3.5 4.2 38.9 21.8 823.1 Flower 113.0 95.4 99.7 (15.5) 4.5 Electricity (In mn of kwh) 1,750.0 1,779.5 8,569.9 1.7 381.6 Source: Ethiopian Customs Commission and Ethiopian Electric Power Source: NBE Staff Computation 0 100 200 300 400 500 (Millions Kg.) Fig.V.5: Export Volume of Selected Commodities Coffee Oil Seeds Leather and Leather products Pulses Flower Chat Gold

National Bank of Ethiopia 69 | Annual Report 2024/25 Table 5.5: Unit Value of Major Export Items (In USD/kg unless stated otherwise) Particulars 2022/23 2023/24 2024/25 Percentage Change A B C B/A C/B Coffee 5.5 4.8 5.7 (13.7) 18.3 Oilseeds 1.7 1.7 1.6 1.5 (8.0) Leather and Leather Products 14.6 12.2 12.1 (16.5) (0.8) Pulses 0.8 0.8 0.9 (1.5) 5.7 Meat & Meat Products 7.1 6.4 5.9 (10.1) (6.9) Fruit & Vegetables 0.5 0.4 0.4 (32.5) 14.8 Textile & Textile Prod. 4.7 3.9 3.9 (17.7) (0.4) Live Animals 2.2 0.8 0.9 (62.3) 9.4 Chat 7.9 10.4 11.2 31.3 7.9 Gold (USD/grams) 56.9 96.9 89.4 70.2 (7.7) Flower 5.0 4.9 4.9 (2.0) (0.3) Electricity (USD/kwh) 0.1 0.1 0.0 33.7 (49.7) Source: Ethiopian Customs Commission and Ethiopian Electric Power Source: NBE Staff Computation

20.0 40.0 60.0 80.0 100.0 120.0 USD/kg, USD/gm(Gold) Fig.V.6: Unit Value of Selected Export Commodities Coffee (SA) Oil Seeds (SA) Leather & Leather Products Pulses (SA) Flower (SA) Gold Chat (SA)

National Bank of Ethiopia 70 | Annual Report 2024/25 5.2.3. Import of Goods The total merchandise import bills reached USD 18.8 billion, reflecting a modest increase of 0.4 percent, primarily driven by higher import payments for capital goods and raw materials. Conversely, payments for consumer goods, semi-finished goods, fuel, and miscellaneous goods declined during the review period. As a result, the import-to-GDP ratio rose to 14.9 percent from 8.9 percent a year earlier. Capital goods import bills grew by 14.3 percent, driven by significant increases in agricultural (93.8 percent), transport (32.9 percent), and industrial (6.7 percent) during the review period. Consequently, the share of capital goods in total merchandise imports expanded to 36.0 percent from 31.6 percent in the same period last year. Likewise, import bills of raw materials increased by 10.8 percent relative to the preceding year and accounted for 0.7 percent of the total merchandise import bill in 2024/25. In contrast, consumer goods import bills amounted to USD 4.9 billion, marking a 3.8 percent decline from last year. This decrease was primarily driven by 7.2 percent reduction in imports of non-durable goods, while import bills for durable goods increased by 5.2 percent. Consequently, the share of consumer goods in the total merchandise import bill fell to 26.3 percent from 27.5 percent in 2023/24. Semi-finished goods import bills reached USD 3.4 billion, reflecting 9.4 percent y-o-y decrease as import bills for fertilizer fell by 20.4 percent. As a result, the share of semi￾finished goods in total merchandise imports declined to 18.3 percent from 20.3 percent last year. Likewise, fuel import value fell down to 6.1 percent, amounting to USD 3.4 billion. This decrease was mainly due to 13.6 percent drop in unit price, despite 8.7 percent increase in import volume. Consequently, the share of fuel in total merchandise import bill fell to 18.0 percent from 19.3 percent in the previous fiscal year (Table 5.6).

National Bank of Ethiopia 71 | Annual Report 2024/25 Table 5.6: Value of Imports by End Use (In Millions of USD) Source: Ethiopian Customs Commission and Ethiopian Petroleum Enterprise 5.2.4 Direction of Trade 5.2.4.1 Export of Goods The major destinations5 for Ethiopian merchandise exports were Europe, Asia, Africa and America. Europe accounted for 60.8 percent of Ethiopia‘s total export revenue, with Switzerland taking a 68.6 percent share, followed by Germany (9.2 percent), the Netherlands (7.0 percent), Belgium (4.7 percent), Italy (2.4 percent), Turkey (2.1 percent), United Kingdom (1.2 percent), Russia (1.1 percent) and France (1.0 percent). These countries together accounted for 97.4 percent of Ethiopia‘s total exports to Europe. Asia had 24.5 percent share in Ethiopia‘s total exports. Saudi Arabia was the largest market for Ethiopia‘s exports, with 24.0 percent share in total export earnings from Asia,

5 Electricity export receipts from data miners and receipts from Hilina‘s enriched foods sold to humanitarian organization operating in Ethiopia is included to export receipts and categorized under unspecified during 2024/25. Categories 2022/23 2023/24 2024/25 Percentage change A % share B % share C % share B/A C/B Raw Materials 107.9 0.6 118.7 0.6 131.6 0.7 10.0 10.8 Semi-finished Goods 3,258.2 19.0 3,802.3 20.3 3,446.2 18.3 16.7 -9.4 Fertilizers 921.0 5.4 1,315.3 7.0 1,047.4 5.6 42.8 -20.4 Fuel 3,966.5 23.1 3,608.7 19.3 3,387.3 18.0 -9.0 -6.1 Petroleum Products 3,829.4 22.3 3,530.9 18.9 3,316.2 17.6 -7.8 -6.1 Others 137.1 0.8 77.8 0.4 71.1 0.4 -43.2 -8.6 Capital Goods 3,798.0 22.1 5,917.1 31.6 6,761.0 36.0 55.8 14.3 Transport 728.0 4.2 1,493.4 8.0 1,984.0 10.6 105.1 32.9 Agricultural 93.4 0.5 64.7 0.3 125.3 0.7 -30.8 93.8 Industrial 2,976.6 17.4 4,359.0 23.3 4,651.7 24.8 46.4 6.7 Consumer Goods 5,904.6 34.4 5,140.2 27.5 4,944.6 26.3 -12.9 -3.8 Durables 1,447.3 8.4 1,397.8 7.5 1,470.5 7.8 -3.4 5.2 Non-durables 4,457.3 26.0 3,742.4 20.0 3,474.1 18.5 -16.0 -7.2 Miscellaneous 113.3 0.7 134.7 0.7 123.0 0.7 18.9 -8.7 Total Import 17,148.5 100.0 18,721.7 100.0 18,793.7 100.0 9.2 0.4

National Bank of Ethiopia 72 | Annual Report 2024/25 followed by the United Arab Emirates (16.3 percent), China (13.0 percent), South Korea (7.8 percent), Japan (6.3 percent), Israel (5.1 percent), India (4.2 percent), Singapore (3.2 percent), Taiwan (2.8 percent), Hong Kong (2.2 percent), Yemen (2.1 percent), Pakistan (2.0 percent), Kuwait (1.5 percent) and Indonesia (1.2 percent). These countries in total constitute 91.7 percent of Ethiopia‘s total exports to Asia. About 5.8 percent of Ethiopia‘s export earnings originated from Africa, mainly Kenya (37.5 percent), Djibouti (32.0 percent), Somalia (9.0 percent), Sudan (6.3 percent), Egypt (6.1 percent), South Africa (2.4 percent) and Morocco (2.3 percent), which altogether accounted for 95.6 percent of the total exports to Africa. North America accounted for 5.2 percent of Ethiopia‘s total export earnings, of which 89.6 percent was from the United States and 8.5 percent from Canada. These two countries had a 98.1 percent share in Ethiopia‘s total exports to North America.

National Bank of Ethiopia 73 | Annual Report 2024/25 Source: NBE Staff Compilation 5.2.4.2 Import of Goods During 2024/25, Asia accounted for 71.7 percent of the total import bills of Ethiopia. The major imports were from Asia mainly from China (46.9 percent), Saudi Arabia (11.9 percent), Kuwait (11.7 percent), India (10.3 percent), U.A.E. (6.1 percent), (Japan 2.1 percent), Indonesia (1.9 percent), Malaysia (1.8 percent), and South Korea (1.7 percent). Their combined share stood at 94.4 percent. Ethiopia‘s import bills from Europe were 13.4 percent, with the major trading countries being Turkey (19.9 percent), Russia (18.1 percent), United Kingdom (14.7 percent), Germany (10.7 percent), Italy (9.4 percent), France (4.3 percent), the Netherlands (3.5 percent), Belgium (3.2 percent), Spain (2.6 percent), Ukraine (2.2 percent), Ireland (2.1 percent), Austria (1.3 percent) and Poland (1.0 percent) These countries jointly accounted for 93.0 percent of Ethiopia‘s total imports from Europe. 5.8% 60.8% 5.2% 24.5% 0.7% 3.0% Africa Europe America Asia Oceania Unspecified Fig.V.7: Export by Destination

National Bank of Ethiopia 74 | Annual Report 2024/25 Imports from America accounted for 5.8 percent of the total import bill, of which the share of the United States was 84.5 percent, followed by Brazil (5.6 percent), Canada (4.5 percent) and Mexico (1.6 percent). These altogether constituted 96.1 percent of the total imports from the continent. The share of Ethiopia‘s total merchandise imports from Africa was 4.4 percent. The major countries of origin are Djibouti (37.3 percent), Egypt (26.0 percent), South Africa (15.2 percent), Kenya (7.9 percent), Morocco (5.6 percent), Rwanda (3.1 percent) and Somalia (1.9 percent) which together constituted 97.1 percent of the total imports from the continent. Source: NBE Staff Compilation 5.3 Services and Transfers 5.3.1 Services During 2024/25, net services account recorded USD 1.34 billion surplus, compared with USD 1.28 billion surplus a year ago. 4.4% 13.4% 5.8% 71.7% 0.1% 4.7% Fig.V.7: Import by Origin Africa Europe America Asia Oceania Unspecified

National Bank of Ethiopia 75 | Annual Report 2024/25 This was attributed to 24.2 percent improvement in surplus of net transport services, net government services (186.3 percent) coupled with contraction in deficit of net investment payments (48.1 percent) and other services payment by 4.7 percent albeit decline in net travel services by 149.3 percent. Table 5.7 Services Accounts (In Millions of USD) No Particulars 2022/23 2023/24 2024/25 Percentage Change A B C D=B/A E=C/B 1 Investment Income (2+5) -449.0 -332.4 -172.4 -26.0 -48.1 2 Interest, net (3-4) -447.4 -331.1 -172.2 -26.0 -48.0 3 Credit 57.5 99.0 99.0 72.2 4 Debit 504.9 430.0 430.0 -14.8 5 Dividend, net -1.6 -1.3 -1.3 -16.9 6 NON-FACTOR SERVICES, net (7-8) 1,399.1 1,610.4 1,514.6 15.1 -6.0 7 Exports of non-factor services 7,174.1 7,865.9 8,212.0 9.6 4.4 Travel 1,140.5 1,274.0 420.6 11.7 -67.0 Transport 1 5,479.2 5,946.6 6,533.9 8.5 9.9 Gov't 2 208.9 127.6 371.2 -38.9 190.9 Other 3 345.4 517.7 886.3 49.9 71.2 8 Imports of non-factor services 5,775.0 6,255.5 6,697.4 8.3 7.1 Travel 614.0 771.0 668.6 25.6 -13.3 Transport 1 4,124.9 4,335.0 4,532.2 5.1 4.5 Gov't 2 0.8 1.2 9.4 54.9 656.8 Other 3 1,035.3 1,148.2 1,487.3 10.9 29.5 9 Net Services (10+11+12+13+14) 950.1 1,278.0 1,342.2 34.5

5.0 10 Travel 526.5 503.0 -247.9 -4.5 -149.3 11 Transport 1,354.3 1,611.6 2,001.7 19.0 24.2 12 Gov't 208.1 126.3 361.8 -39.3 186.3 13 Other -689.9 -630.5 -601.0 -8.6 -4.7 14 Investment Income -449.0 -332.4 -172.4 -26.0 -48.1 Source: MoF, Transport and Telecommunication Companies, NBE- FEMEMD 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 76 | Annual Report 2024/25 5.3.2. Unrequited Transfers Net transfers rose 18.4 percent and reached USD 8.8 billion in 2024/25, as a result of increases net private transfers (13.3 percent) and net official transfers (43.8 percent). Receipts from private transfers, which comprised 79.2 percent of total transfers during the period, stood at USD 7.2 billion showing a 15.1 percent annual growth. Likewise, official transfers increased by 48 percent and reached USD 1.9 billion. Furthermore, transfers payment increased from USD 82.9 million last year to USD 269.7 million as a result of higher private and official transfer payments. Table 5.8 Unrequited Transfers (In Millions of USD) S/N Particulars 2022/23 2023/24 2024/25 Percentage Change A % share B % share C % share B/A C/B 1 Private Transfers, net

6,807.9

86.2

6,211.1

83.4

7,037.2

79.8 -8.8 13.3 1.1 Receipts

6,849.9

83.9

6,254.9

83.1

7,196.3

79.2 -8.7 15.1 NGO's

2,192.2

26.8

811.3

10.8

1,182.0

13.0 -63.0 45.7 Cash

780.3

9.6

741.0

9.8

1,041.5

11.5 -5.0 40.6 Food

1,411.9

17.3

70.4

0.9

140.5

1.5 -95.0 99.7 Other

Private Individuals

4,657.7

57.0

5,443.5

72.3

6,014.3

66.2 16.9 10.5 1.2 Payments

42.0

15.8

43.8

52.8

159.1

59.0 4.2 263.4 2 Official Transfers, net

1,093.3

13.8

1,236.4

16.6

1,777.6

20.2 13.1 43.8 2.1 Receipts

1,317.9

16.1

1,275.5

16.9

1,888.3

20.8 -3.2 48.0 Cash

1,317.9

16.1

1,275.5

16.9

1,863.8

20.5 -3.2 46.1 Food

Other

24.5 2.2 Payments

224.6

84.2

39.1

47.2

110.7

41.0 -82.6 182.8 Total Receipts

8,167.8

100.0

7,530.4

100.0

9,084.5

100.0 -7.8 20.6 Total Payments 266.5 100.0 82.9 100.0 269.7 100.0 -68.9 225.4 3 Net Transfers

7,901.2

100.0

7,447.5

100.0

8,814.8

100.0 -5.7 18.4 Source: National Disaster Risk Management Commission (NDRMC), MoF and NBE

National Bank of Ethiopia 77 | Annual Report 2024/25 5.4. Current Account The deficit in the current account balance, including official transfers, significantly narrowed to USD 289.3 million from USD 6.2 billion last year. It resulted from narrowed merchandise trade deficit (29.9 percent) and a rise in net services (5 percent), net private transfers (13.3 percent) and net official transfers (43.8 percent) (Table 5.1). 5.5 Capital Account Net capital accounts showed USD 5.3 billion in surplus, which was 28.8 percent higher than that of last year. This was largely attributed to the rise in net official long-term capital (105.9 percent) and net foreign direct investment (2.7 percent), private sector long-term capital (169 percent) coupled with a shift in net other public sector long term capital from USD 219.2 million deficit last year to a surplus of USD 450.8 million. However, short term capital outflow rose to USD 641.5 million compared to USD 262.2 million last year (Table 5.1). 5.6 Changes in Reserve Position Net foreign assets of the banking system recorded reserve build-up of USD 2.8 billion whereby net foreign asset of the National Bank of Ethiopia increased by USD 1.3 billion and that of commercial banks by USD 1.5 billion (Table 5.1). 5.7 External Debt Ethiopia‘s external debt stock reached USD 34.1 billion in 2024/25, depicting a 14.8 percent annual rise mainly due to increase in external debt from multilateral (22.3 percent), bilateral (1.7 percent) and commercial creditors (13.8 percent). Hence, the country‘s external debt stock to GDP ratio stood at 26.9 percent. Commercial debt reached USD 6.5 billion and accounted for 19.1 percent of the total debt stock. Of the total debt stock, 55.8 percent was owed to multilateral and the remaining 25.1 percent to bilateral creditors. The country‘s external debt burden; measured by debt services to export of goods and non-factor services ratio, decreased to 7 percent from 10.3 percent a year earlier (Table 5.9).

National Bank of Ethiopia 78 | Annual Report 2024/25 Table 5.9: External Public Debt (In Millions of USD) Particulars 2022/23 2023/24 2024/25 Percentage Change A B C D=B/A E=C/B Annual Debt 1,615.8 1,507.9 4,231.1 161.9 180.6 Debt Stock 28,733.8 29,681.4 34,078.0 18.6 14.8 Multilateral 15,277.9 15,563.7 19,028.9 24.6 22.3 Bilateral 7,848.7 8,396.6 8,537.3 8.8 1.7 Commercial 5,607.2 5,721.1 6,511.8 16.1 13.8 Debt Services 1,686.5 1,201.0 1,166.1 -30.9 -2.9 Principal repayments 1,264.0 916.9 907.8 -28.2 -1.00 Interest payments 422.5 284.0 258.3 -38.9 -9.06 Debt Stock to GDP Ratio (in %) 17.6 14.1 26.9 53.5 91.1 Debt stock to export of goods and non￾factor services 2.7 2.5 2 .1 -22.7 -19.1 Receipt from Goods & Non-factor Services 10,798.4 11,664.6 16,559.2 53.3 42.0 Debt service ratio (In percent )1/ 15.6 10.3 7.0 -54.9 -31.6 Arrears Principal Interest Relief Principal Interest Source: MoF and NBE 1/ Ratio of debt service to receipts from export of goods and non-factor services 5.8. Developments in Foreign Exchange Markets 5.8.1. Developments in Nominal Exchange Rate During 2024/25, weighted average exchange rate of Birr in the inter-bank foreign exchange market stood at Birr 119.3053/USD, depicting a 113.2 percent annual depreciation (Table 5.10).

National Bank of Ethiopia 79 | Annual Report 2024/25 In the retail foreign exchange market, the average buying and selling rates (USD/ETB) of forex bureaus depreciated by 111.3 percent and 109.6 percent, respectively. Table 5.10: Official Exchange Rates of Birr per USD Period Average Weighted Rate Amount Traded in millions of USD Number of Trades Total o/w Among CBs Total o/w Among CBs 2022/23 53.2830 12.7 0.0 253.0 0.0 Qtr. I 52.3035 3.3 0.0 65.0 0.0 Qtr. II 52.9654 3.3 0.0 65.0 0.0 Qtr. III 53.6179 3.2 0.0 63.0 0.0 Qtr. IV 54.2454 3.0 0.0 60.0 0.0 2023/24 55.9623 12.7 0.0 254.0 0.0 Qtr. I 54.9259 3.1 0.0 62.0 0.0 Qtr. II 55.6146 3.3 0.0 66.0 0.0 Qtr. III 56.3211 3.3 0.0 65.0 0.0 Qtr. IV 56.9876 3.1 0.0 61.0 0.0 2024/25 119.3053 594.8 173.8 193.0 63.0 Qtr. I 94.1316 31.0 0.0 28.0 0.0 Qtr. II 122.9650 139.9 139.9 27.0 27.0 Qtr. III 127.3614 84.3 24.3 36.0 26.0 Qtr. IV 132.7634 339.7 9.7 102.0 10.0 Source: NBE, Foreign Exchange Monitoring & Reserve Management Directorate and Staff Compilation Table 5.11: End Period Mid-Market Rates (USD per Unit of Foreign Currency) Currency 2022/23 2023/24 2024/25 Percentage Change A B C B/A C/B Pound Sterling 1.2659 1.2641 1.3785 (0.1) 9.1 Swedish Kroner 0.0926 0.0943 0.1060 1.9 12.3 Djibouti Franc 0.0057 0.0 0.4 Swiss Franc 1.1176 1.1137 1.2575 (0.3) 12.9 Saudi Riyal 0.2666 0.2666 0.2678 (0.0) 0.5 UAE Dirham 0.2722 0.2722 0.2735 0.0 0.5 Canadian Dollar 0.7542 0.7300 0.7353 (3.2) 0.7 Japanese Yen 0.0069 0.0062 0.0069 (10.1) 11.6 Euro 1.0936 1.0695 1.1765 (2.2) 10.0 SDR 1.3363 1.3075 1.3797 (2.2) 5.5 Source: Staff Compilation

National Bank of Ethiopia 80 | Annual Report 2024/25 At end-period mid-market exchange rate, the US dollar depreciated against the Swiss Franc (12.9 percent), Swedish Kroner (12.3 percent), Japanese Yen (11.6 percent), Euro (10.0 percent), Pound Sterling (9.1 percent), SDR (5.5 percent), Canadian Dollar (0.7 percent), Saudi Riyal (0.5 percent), UAE Dirhams (0.5 percent) and Djibouti Franc (0.4 percent) (Table 5.11). Table 5.12: End Period Mid-Market Rates (Birr per Unit of Foreign Currency) Currency 2022/23 2023/24 2024/25 Percentage Change A B C B/A C/B USD 54.8673 57.6132 135.3679 5.0 135.0 Pound 69.4565 72.8288 186.6105 4.9 156.2 Swedish Kroner 5.0805 5.4349 14.3443 7.0 163.9 Djibouti Franc 0.3104 0.3259 0.7691 5.0 136.0 Swiss Franc 61.3180 64.1643 170.2316 4.6 165.3 Saudi Riyal 14.6290 15.3570 36.2513 5.0 136.1 UAE Dirhams 14.9364 15.6848 37.0192 5.0 136.0 Canadian Dollar 41.3812 42.0596 99.5417 1.6 136.7 Japanese Yen 0.3804 0.3589 0.9408 (5.7) 162.1 Euro 60.0029 61.6173 159.2546 2.7 158.5 SDR 73.3192 75.3292 186.7737 2.7 147.9 Source: Staff Compilation Likewise, the Birr depreciated against almost all major international currencies, such as the Swiss Franc (165.3 percent), Swedish Kroner (163.9 percent), Japanese Yen (162.1 percent), Euro (158.5 percent), Pound Sterling (156.2 percent), SDR (147.9 percent), Saudi Riyal (136.1 percent), Canadian Dollar (136.7 percent), Djibouti Franc (136.0 percent), UAE (136.0 percent) and USD (135.0 percent) (Table 5.12). 5.8.2. Movements in Real Effective Exchange Rate The real effective exchange rate (REER) of the Birr has generally appreciated since 2015/16, driven by higher domestic inflation and strengthening of the U.S. dollar relative to currencies of Ethiopia‘s major trading partners. However, the Birr experienced real depreciation during 2017/18, 2019/20, 2020/21, and notably in 2024/25 following changes in the foreign exchange regime when the Birr depreciated by 52.9 percent in real terms.

National Bank of Ethiopia 81 | Annual Report 2024/25 This was primarily due to the easing of domestic inflation inertia and the Birr‘s depreciation against its trading partners. Similarly, the nominal effective exchange rate (NEER) of the Birr fell by 52.7 percent in 2024/25, compared to a 23.4 percent appreciation in the previous year (Table 5.13). Table 5.13: Trends in Real and Nominal Effective Exchange Rates Fiscal Year REERI NEERI Percentage Change REERI NEERI 2015/16 165.1 40.4 1.7 -2.8 2016/17 178.5 41.0 8.2 1.6 2017/18 169.2 34.7 -5.3 -15.4 2018/19 192.8 35.5 14.0 2.4 2019/20 202.4 31.5 5.0 -11.3 2020/21 192.6 25.4 -4.8 -19.2 2021/22 235.4 27.1 22.2 6.7 2022/23 305.5 30.2 29.7 11.4 2023/24 376.1 37.3 23.1 23.4 2024/25 177.0 17.7 -52.9 -52.7 Source: NBE Staff Compilation An increase in REERI and NEERI indicates appreciation and vice versa. Where: REERI = Real Effective Exchange Rate Index NEERI = Nominal Effective Exchange Rate Index 5.8.3. Foreign Exchange Transactions During 2024/25, a total of USD 594.8 million was traded in the inter-bank foreign exchange market. Of this amount, 30 percent (USD 173.8 million) was traded among commercial banks, reflecting improved FX market liquidity following the recent market reforms. The remaining USD 421 million was supplied entirely by the NBE through the FX auction (Table 5.10). At the same time, forex bureaus of commercial banks purchased USD 147.6 million from customers, which was 34.8 percent lower than last year. Their foreign exchange sales also decreased by 8.0 percent to USD 232.4 million (Table 5.14).

National Bank of Ethiopia 82 | Annual Report 2024/25 Table 5.14: Foreign Exchange Transactions by Forex Bureaus of Commercial Banks (In millions USD) Name of Forex Bureau 2022/23 2023/24 2024/25 Percentage Change A B C D E F G=E/C H=F/D Purchases Sales Purchases Sales Purchases Sales Purchases Sales Commercial Bank of Ethiopia 142.7 127.3 192.3 169.4 67.3 97.1 -65.0 -42.7 Bank of Abyssinia 1.1 17.8 0.5 17.3 23.0 15.7 4910.7 -9.1 Dashen Bank 13.9 17.3 19.4 15.6 20.0 15.9 3.2 1.5 Awash International Bank 2.2 25.3 0.8 21.9 3.0 33.0 258.5 50.8 Wegagen Bank 1.3 4.9 0.4 2.9 0.6 5.8 47.5 102.8 United Bank 1.8 3.3 1.4 3.3 1.5 2.5 1.6 -22.9 Development Bank 0.0 0.1 0.0 0.1 0.7 0.2 17367.9 96.7 Nib International Bank 2.2 3.7 0.2 1.5 1.2 1.6 472.7 8.8 Lion International Bank 0.7 0.4 0.8 0.6 0.6 1.6 -24.2 172.3 Oromia International Bank 11.0 5.4 5.9 4.7 2.6 2.7 -55.4 -41.6 Zemen Bank 0.3 3.8 0.2 2.2 0.4 29.8 68.9 1276.2 Cooperative Bank of Oromia 0.5 4.0 0.3 1.6 2.0 3.7 494.9 126.9 Buna International Bank 0.4 1.1 0.5 3.7 0.1 3.8 -74.3 4.9 Birhan International Bank 0.5 3.2 0.1 1.9 1.5 4.4 983.1 137.0 Abay Bank 0.8 0.9 0.1 1.2 0.6 5.7 470.9 368.3 Addis International Bank 2.1 1.2 0.4 1.1 0.7 2.2 81.6 104.7 Debub Global Bank 1.1 0.8 0.4 0.3 0.9 0.1 130.6 -59.5 Enat Bank 1.0 0.9 0.7 0.6 0.9 3.0 28.5 435.8 Zamzam Bank 0.01 0.5 0.0 0.7 0.2 0.0 11245.1 -100.0 Gohe Betoch Bank 0.00 0.1 0.0 0.1 0.0 0.2 218.4 210.1 Hijra Bank 0.24 0.1 1.0 0.1 0.4 0.0 -65.7 -98.3 Amhara Bank 0.02 0.4 0.0 1.0 0.1 0.1 771.2 -90.3 Tsehay Bank 0.04 0.1 0.3 0.1 -81.8 -45.6 Siinqee Bank 0.04 0.0 0.4 0.6 18.0 0.1 4982.9 -88.1 Geda Bank 0.02 0.0 0.1 0.1 0.3 0.3 214.5 247.7 Ahadu Bank 0.01 0.0 0.0 0.2 0.7 2.5 4434.8 958.1 Tseday Bank 0.00 0.0 0.2 421.7 - Sidama Bank 0.0 0.12 0.1 0.1 - - Rammis Bank - 0.1 0.0 - - Total 184.0 222.5 226.4 252.7 147.6 232.4 -34.8 -8.0 Average Exchange Rate 53.6201 54.7222 55.9951 57.1230 118.3012 119.7361 111.3 109.6 Source: Staff Compilation

National Bank of Ethiopia 83 | Annual Report 2024/25 VI. GENERAL GOVERNMENT FINANCE 6.1 General Overall fiscal deficit of the general government (including grants) reached Birr 246.8 billion or 1.6 percent of GDP in 2024/25 compared to 2.1 percent a year ago. Total revenue (including grants) depicted 80 percent annual growth. Its ratio to GDP reached 9.2 percent from 7.1 percent last fiscal year (Table 6.1). Likewise, the general government expenditure rose by 62.3 percent compared to last year. Thus, the ratio of expenditure to GDP was 12 percent relative to 9.5 percent a year earlier and total public debt to GDP ratio 47.1 percent during the review period (Table 6.1). Table 6.1: Measuring Fiscal Sustainability (In Percent)

Fiscal Year OD/ GDP PD/ GDP IP/RR Ddebt/ GDP Edebt/ GDP Pdebt /GDP R(Pdebt) R(GDP) Exp/ GDP Rev/ GDP R(OR) 2015/16 (1.9) (1.4) 3.1 25.0 29.7 54.7 22.4 18.2 17.4 14.7 23.6 2016/17 (3.3) (2.8) 3.2 28.2 29.5 57.7 23.5 17.6 18.0 14.0 11.3 2017/18 (3.0) (2.5) 4.3 29.1 32.0 61.1 26.9 21.0 16.1 12.3 5.1 2018/19 (2.5) (2.0) 4.3 24.7 29.1 53.8 7.9 23.1 15.4 11.6 15.5 2019/20 (2.5) (2.1) 3.8 27.2 29.9 57.1 33.0 25.4 14.2 10.5 13.8 2020/21 (2.8) (2.2) 5.4 27.1 29.7 56.8 27.8 28.6 13.8 10.2 25.5 2021/22 (3.4) (2.8) 7.1 24.9 23.6 48.5 21.1 41.8 12.7 8.8 21.5 2022/23 (2.5) (1.9) 8.0 22.0 17.2 39.2 14.6 41.7 10.8 7.9 26.9 2023/24 (2.1) (1.5) 8.2 19.1 13.7 32.8 13.0 35.1 9.5 7.1 22.6 2024/25 (1.6) (0.8) 8.7 16.6 30.5 47.1 84.0 28.1 12.0 9.2 65.0 Source: Staff Computation OD=Overall Deficit PD = Primary Deficit IP/RR = Share of interest payments in Recurrent revenue Ddebt/GDP = Ratio of Domestic Debt to GDP Edebt/GDP = Ratio of External Debt to GDP Pdebt/GDP = Ratio of Public Debt to GDP R(Pdebt) = Growth rate of Public Debt R(GDP) = Growth rate of GDP at current market price Exp/GDP = Ratio of General Government Expenditure to GDP Rev/GDP = Ratio of General Government Revenue to GDP R(OR) = Growth rate of ordinary Revenue

National Bank of Ethiopia 84 | Annual Report 2024/25 6.2 Revenue and Grants General government revenue (including grants) registered Birr 1.5 trillion and depicted 80 percent of annual growth. Tax revenue as a percentage of GDP was 9.2 percent compared to 7.1 percent in the previous year (see Table 6.1). Total domestic revenue reached Birr 1.3 trillion and showed a 65 percent annual growth. Tax revenue was Birr 1.1 trillion (84.5 percent) and went up by 63.6 percent, and the remaining Birr 214.6 billion (15.5 percent) was collected from non-taxes, which exhibited a 73.3 percent year-on-year increase mainly due to improvements in charges and fees. Tax revenue from direct was Birr 520.8 billion and from indirect taxes Birr 650.8 billion. Grants stood at Birr 185 billion, which was 460 percent higher than the previous year. All in all, the performance of total revenue, including grants, was 89 percent of the annual budget (Table 6.2).

National Bank of Ethiopia 85 | Annual Report 2024/25 Table 6.2: Summaryof General Government Revenue by Component(In Millions of Birr) Particulars 2023/24 2024/25 Percentage Change Performance Rate [A] [B] C [C/A] [C/B] Pre. Act Annual Budget Pre. Act Total Revenue and Grants 873,126.5 1,765,213.4 1,571,509.6 80.0 89.0 Total Domestic Revenue 1/ 840,094.8 1,551,122.4 1,386,477.2 65.0 89.4 Tax Revenue 716,172.2 1,248,832.7 1,171,780.9 63.6 93.8

1. Direct Tax Revenue 340,600.2 559,493.2 520,884.5 52.9 93.1 1.1 Income and Profit Taxes 330,391.6 515,677.6 476,812.3 44.3 92.5 Personal 142,491.9 184,470.9 194,262.3 36.3 105.3 Business 156,510.5 254,072.5 229,619.8 46.7 90.4 Others 2/ 31,389.3 77,134.2 52,930.1 68.6 68.6 1.2 Rural Land Use Fee 1,026.5 3,648.6 3,936.7 283.5 107.9 1.3 Urban Land Use Fee 9,182.0 40,167.0 40,135.6 337.1 99.9
2. Indirect Taxes 375,572.0 689,339.6 650,896.4 73.3 94.4 2.1 Domestic Taxes 197,033.0 338,680.7 298,189.8 51.3 88.0 2.2 Foreign Trade Taxes 178,539.0 350,658.9 352,706.7 97.6 100.6 Import 178,503.6 350,637.7 352,658.4 97.6 100.6 Export 35.5 21.2 48.2 228.0
3. Non-Tax Revenue 123,922.7 302,289.6 214,696.3 73.3 71.0 3.1 Charges and Fees 13,744.3 25,625.0 39,436.8 186.9 153.9 3.2 Govt. Invt. Income 3/ 16,465.7 27,478.4 20,033.6 21.7 72.9 3.3 Reimb. And Property Sales 4,805.0 1,330.4 4,674.8 (2.7) 351.4 3.4 Sales of Goods & Services 21,355.8 36,977.6 32,796.2 53.6 88.7 3.5 Others 4/ 67,551.9 210,878.1 117,754.9 74.3 55.8
4. Grants 33,031.7 214,091.0 185,032.4 460.2 86.4 Source: Ministry of Finance 1/ It does not include privatization proceeds 2/ Others include rental income tax, withholding income tax on imports, interest income tax, capital gains tax, agricultural income and other income 3/ Government investment income includes: residual surplus, capital charge, interest payments and state dividend. 4/Other extraordinary, miscellaneous and pension contribution

National Bank of Ethiopia 86 | Annual Report 2024/25 6.3 Expenditure Total expenditure at Birr 1.8 trillion in the review period increased 62.3 percent relative to last year. Total expenditure to GDP ratio was 12 percent (Table 6.1). Meanwhile, current expenditure stood at Birr 1.07 trillion showing a 63.9 percent annual growth and it accounted for 58.8 percent of the total expenditure. Likewise, capital expenditure at Birr 749 billion depicted a 60.2 percent growth over last year. It was 41.2 percent of total expenditure. Hence, the performance of general government expenditure was 89.3 percent of the annual budget (Table 6.3). 0.0 200000.0 400000.0 600000.0 800000.0 1000000.0 1200000.0 1400000.0 1600000.0 1800000.0 In million Birr Fiscal Year Fig.VI.1: Trend of General Government Revenue by Component ( In Million Birr) Total Revenue and Grants Tax Revenue Direct tax revenue Indirect tax revenue Non-tax revenue Grants

National Bank of Ethiopia 87 | Annual Report 2024/25 Table 6.3: Summary of General Government Expenditure (In Millions of Birr) Particulars 2023/24 2024/25 Percentage Change Performance [A] [B] [C] Rate Pre Actual [C/A] Annual Budget Pre Actual [C/B] Total Expenditure 1,120,077.3 2,035,272.6 1,818,329.2 62.3 89.3

1. Current Expenditure 652,619.7 1,346,123.6 1,069,320.7 63.9 79.4 General Services 230,741.7 281,989.7 342,002.1 48.2 121.3 Economic Services 63,103.7 122,830.6 83,182.5 31.8 67.7 Social Services 247,932.4 321,350.7 321,187.9 29.5 99.9 Interest and Charges 68,888.3 175,631.5 120,768.8 75.3 68.8 External Assistance1* - - - - - Social Safety Net - - - - - Others (miscellaneous) 41,953.6 444,321.2 202,179.4 381.9 45.5
2. Capital Expenditure 467,457.6 689,148.9 749,008.5 60.2 108.7 Economic Development 275,982.7 404,313.9 471,845.7 71.0 116.7 Social Development 92,963.5 135,548.8 137,775.4 48.2 101.6 General Development 98,511.4 149,286.2 139,387.5 41.5 93.4 3,Special programs - - - - - Source: Ministry of Finance Note: 1/ Includes mapping, science and technology, public buildings, etc

National Bank of Ethiopia 88 | Annual Report 2024/25 0.0 200000.0 400000.0 600000.0 800000.0 1000000.0 1200000.0 1400000.0 1600000.0 1800000.0 2000000.0 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 In Million Birr Fig.VI.2: Trends in General Government Expenditure by Component Total Expenditure Current Expenditure Capital Expenditure

National Bank of Ethiopia 89 | Annual Report 2024/25 6.4 Deficit Financing The general government fiscal deficit (including grants) was Birr 246.8 billion which was financed by net external and domestic borrowings (Table 6.4).

5.0 10.0 15.0 20.0 25.0 30.0 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 In Percent of GDP Fiscal Year Fig.VI.3: Trends in General Government Expenditure and Revenue (% of GDP) Expenditure/GDP Revenue/GDP

National Bank of Ethiopia 90 | 2024/25 Annual Report Table 6.4: Summary of General Government Finance (In Millions of Birr) Particulars 2023/24 2024/25 Percentage Change performance rate [A] [B] [C] [C/A] [C/B] Pre. Act Annual Budget Pre. Act Total Revenue and Grants 873,126.5 1,765,213.4 1,571,509.6 80.0 89.0 Revenue 840,094.8 1,551,122.4 1,386,477.2 65.0 89.4 Grants 33,031.7 214,091.0 185,032.4 460.2 86.4 Total Expenditure 1,120,077.3 2,035,272.6 1,818,329.2 62.3 89.3 Current Expenditure 652,619.7 1,346,123.6 1,069,320.7 63.9 79.4 Capital Expenditure 467,457.6 689,148.9 749,008.5 60.2 108.7 Special Programs - - - - - Overall Surplus/ Deficit (Including Grants) (246,950.7) (270,059.2) (246,819.6) (0.1) 91.4 (Excluding Grants) (279,982.5) (484,150.2) (431,852.0) 54.2 89.2 Total Financing 246,950.7 270,059.2 246,819.6 (0.1) 91.4 Net External Borrowings 29,289.1 142,804.8 136,051.7 364.5 95.3 Gross Borrowing 52,615.4 242,139.9 202,143.2 284.2 83.5 o/w Special Programs - - - - - Amortization Paid 23,326.3 99,335.1 66,091.5 183.3 66.5 HIPC relief & MDRI - - - - - Net Domestic Borrowings 228,045.2 127,254.4 163,686.4 (28.2) 128.6 Banking System 139,753.1 - 59,771.3 (57.2) - Non-Banking Systems 88,292.1 - 103,915.1 17.7 - Privatization Receipts - - - - - Others and Residuals (10,383.6) 0.0 (52,918.5) 409.6 - Source: Ministry of Finance

National Bank of Ethiopia 91 | 2024/25 Annual Report Fig.VI.4: General Government Deficit Finance of F.Y 2024/25

500,000.0 1,000,000.0 1,500,000.0 2,000,000.0 2,500,000.0 3,000,000.0 3,500,000.0 4,000,000.0 (In Millions of Birr) Years Expenditure Deficit Revenue Including Grants

National Bank of Ethiopia 92 | 2024/25 Annual Report VII. INVESTMENT In the 2024/25 fiscal year a total of 204 projects become operational under the Ethiopian Investment Commission and regional investment offices, more than doubling the total from the previous year with a 102 percent increase. Private investors accounted for 99.5 percent of these projects, while only one public investment project was recorded during the period. The total investment capital reached Birr 206 billion, reflecting a 171.1 percent year-on-year growth. Of the total investment projects, 153 projects were domestic (75 percent) with a capital of Birr 37 billion (18 percent); and 50 projects (24.5 percent) were foreign with a capital of Birr 15 billion. The average capital per project for domestic private investors was Birr 242.2 million and Birr 301 million for foreign investors, signifying that foreign investment projects were more capital intensive than the domestic ones. These investment projects have created new job opportunities for about 63,041 permanent and 62,711 casual workers (Table 7.1).

National Bank of Ethiopia 93 | 2024/25 Annual Report Table 7.1: Number of Projects, Capital and Jobs Created by Operational Investment (Capital in millions of Birr) 2022/23 2023/24 2024/25 Percentage change A B C Share C/A C/B

1. Total Investment Number 112 101 204 100 82.1 102.0 Capital 2,183.8 75,991.7 205,987.8 100 9,332.4 171.1 Permanent Workers 12,914 5,706 63,041 100 388.2 1,004.8 Temporary Workers 3,452 2,169 62,711 100 1,716.7 2,791.2 1.1. Total Private Number 112 101 203 99.5 81.3 101.0 Capital 2,183.8 75,991.7 52,112.0 25.3 2,286.3 -31.4 Permanent Workers 6,849 5,706 9,369 14.9 36.8 64.2 Temporary Workers 9,431 2,169 2,659 4.2 -71.8 22.6 1.1.1. Domestic Number 37 49 153 75.0 313.5 212.2 Capital 5,026.2 62,422.4 37,063.5 18.0 637.4 -40.6 Permanent Workers 915 316 5,249 8.3 473.7 1,561.1 Temporary Workers 6,619 339 1,850 3.0 -72.1 445.7 1.1.2. Foreign Number 67 52 50 24.5 -25.4 -3.8 Capital 57,463.7 13,569.3 15,048.5 7.3 -73.8 10.9 Permanent Workers 5,934 5,390 4,120 6.5 -30.6 -23.6 Temporary Workers 2,812 1,830 809 1.3 -71.2 -55.8 1.2.Public Number - - 1 0.5 - - Capital - - 153,875.8 74.7 - - Permanent Workers - - 53,672 85.1 - - Temporary Workers - - 60,052 95.8 - - Source: Ethiopian Investment Commission

National Bank of Ethiopia 94 | 2024/25 Annual Report Fig.VII.1: Number of Operational Investment Projects by Type Source: Ethiopian Investment Commission Fig.VII.2: Capital of Operational Investment Projects by Type Source: Ethiopian Investment Commission 0 100 200 300 400 500 600 700 800 2019/20 2020/21 2020/22 2022/23 2023/24 2024/25 Number of projects Year Domestic Foreign Public 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 Millions of Birr Year Domestic Foreign Public

National Bank of Ethiopia 95 | 2024/25 Annual Report 7.1. Investment by Sector Of the total investment projects, 54.4 percent were in manufacturing, followed by construction (18.6 percent) and real estate, renting, and business activities (14.2 percent). Health and social work accounted for 5.9 percent, hotels and restaurants for 2.5 percent, and wholesale, retail trade, and repair services for 2 percent. Education, tour operations, and transport and communication each constituted 1 percent. In terms of investment capital, the real estate, renting, and business activities sector alone accounted for 76.2 percent, followed by construction at 11.8 percent and manufacturing at 9.9 percent. The remaining 2.1 percent was attributed to other sectors (Table 7.2). Table: 7.2: Numbers and Capital of Operational Investment Projects by Sector (Capital in millions of Birr) Sectors 2022/23 2023/24 2024/25 Percentage share No. of Projects Investment Capital No. of Projects Investment Capital No. of Projects Investment Capital No. of Projects Investment Capital Manufacturing 59 2,765.5 64 14,770.7 111 20,297.5 54.4 9.9 Agriculture, hunting and forestry 1 20.0 - - 1 3,110.0 0.5 1.5 Real estate, renting and Business activities 14 56,150.9 20 810.9 29 156,939.1 14.2 76.2 Hotel and restaurants 2 30.4 2 157.3 5 136.9 2.5 0.1 Education 1 1,500.0 1 70.0 2 334.0 1.0 0.2 Health and social work 3 48.7 6 152.3 12 412.3 5.9 0.2 Construction 14 118.2 7 60,025.0 38 24,370.0 18.6 11.8 Tour operation, transport and communication 6 1,139.5 - - 2 213.0 1.0 0.1 Wholesale, retail trade and repair service - - - - 4 174.8 2.0 0.1 Mining and quarrying - - - - - - - - Electricity, gas, steam and water supply - - - - - - - - Other community, social and personal service activities - - 1 5.5 - - - - Others 4 716.7 - - - - Grand Total 104 62,490.0 101 75,991.7 204 205,987.8 100.0 100.0 Source: Ethiopian Investment Commission

National Bank of Ethiopia 96 | 2024/25 Annual Report Fig.VII.3: Distribution of Operational Investment Capital by Sector in 2024/25 Source: Ethiopian Investment Commission Others*: Agriculture, hunting and forestry, Hotel & restaurants, Education, Health & social work, Tour operation, transport and communication and Whole sale, retail trade and repair service 7.2. Distribution by Region Of the total operational projects in 2024/25, 147 projects (72.1 percent), with a capital of Birr 36.8 billion, were established in Addis Ababa. The remaining 56 projects (27.5 percent) having Birr 169.2 billion capital went operational in multi-regional projects, while the remaining 1 project (0.5 percent) was established in Amhara region (Table 7.4). Manufacturing 10% Real estate, renting and Business activities 76% Construction 12% Others 2%

National Bank of Ethiopia 97 | Annual Report 2024/25 Table 7.3: Number and Capital of Operational Projects by Region (Capital in millions of Birr) Regions 2022/23 2023/24 2024/25 Percentage share No. of projects Investment Capital No. of projects Investment Capital No. of projects Investment Capital No. of projects Investment Capital Tigray - - - - - - - - Afar - - - - - - - - Amhara - - - - 1 1.1 - - Oromia - - - - - - - - Somali - - - - - - - - Benishangu l-Gumuz - - - - - - - - Gambella - - - - - - - - Harari - - - - - - - - Addis Ababa 35

5,010.3 49

62,422.4 147 36,756.8 72.1 17.8 Dire Dawa - - - - - - - - Sidama - - - - - - - - Central Ethiopia region - - - - - - - - South Ethiopia region - - - - - - - - South west Ethiopia region - - - - - - - - Multiregion al Projects 69

57,479.7 52

13,569.3 56 169,230.3 27.5 82.2 Grand Total 104

62,490.0 101 75,991.7 204 205,988.1 100 100 Source: Ethiopian Investment Commission

National Bank of Ethiopia 98 | Annual Report 2024/25 VIII. INTERNATIONAL DEVELOPMENTS 8.1. International Economic Developments 8.1.1. Overview of the World Economy Global growth is projected to marginally fall from 3.3 percent in 2024 to 3.2 percent in 2025 on annual average basis. Likewise, for advanced economies, the growth projection will fell from 1.8 percent in 2024 to 1.6 percent in 2025. Furthermore, for emerging markets and developing economies, the growth outlook is projected to slow from 4.3 percent in 2024 to 4.2 percent in 2025. In the United States, growth is projected to slow to 2.0 percent in 2025. This projection marks a significant slowdown from 2024; the downward revision is mainly a result of greater policy uncertainty, higher trade barriers, and lower growth in both the labor force and employment. Growth in the euro area is expected to pick up modestly to 1.2 percent in 2025 from 0.9 percent in 2024. In Japan, growth is expected to accelerate from 0.1 percent in 2024 to 1.1 percent in 2025. These dynamics are driven by an expected pickup in real wage growth supporting private consumption, despite headwinds from elevated trade policy uncertainty and softening external demand. Growth in the Middle East and Central Asia is projected to accelerate, from 2.6 percent in 2024 to 3.5 percent in 2025, as the effects of disruptions to oil production and shipping dissipate and the impacts of ongoing conflicts abate. In Sub-Saharan Africa, growth is expected to remain subdued, unchanged in 2025 from 4.1 percent in 2024.

National Bank of Ethiopia 99 | Annual Report 2024/25 Table 8.1: Overview of World Economic Outlook and Projection (Annual Percentage Change) Particulars 2023 2024 Projection 2025 2026 World Output 3.5 3.3 3.2 3.1 Advanced Economies 1.7 1.8 1.6 1.6 United States 2.9 2.8 2.0 2.1 Euro Area 0.4 0.9 1.2 1.1 Japan 1.2 0.1 1.1 0.6 United Kingdom 0.4 1.1 1.3 1.3 Emerging Market & Developing Economies 4.7 4.3 4.2 4.0 Middle East and Central Asia 2.6 2.6 3.5 3.8 Sub-Saharan Africa 4.1 4.0 Nigeria 3.7 4.1 3.9 4.4 South Africa 0.8 0.5 1.1 1.2 World Trade Volume (goods & services) 1.0 3.5 3.6 2.3 Import Advanced Economies -0.7 2.1 3.1 1.3 Emerging Market and Developing Economies 3.7 5.6 4.3 4.0 Export Advanced Economies 0.9 1.8 2.1 1.7 Emerging Market and Developing Economies 1.4 6.5 5.9 3.3 Commodity Prices (US dollars) Oil -16.4 -1.8 -12.9 -4.5 Non- fuel (average based on world commodity import weights) -5.7 3.7 7.4 4.1 World Consumer Price 6.7 5.8 4.2 3.7 Advanced Economies 4.6 2.6 2.5 2.2 United States 4.1 3.0 2.7 2.4 Euro Area 5.4 2.4 2.1 1.9 Japan 3.3 2.7 3.3 2.1 Emerging Market & Developing Economies 8.1 7.9 5.3 4.7 China 2.0 0.2 0.2 0.0 Mexico 5.5 4.7 3.9 3.3 Turkey 53.9 58.5 34.9 24.7 Brazil 4.4 3.3 1.4 1.9 Russia 10.4 5.6 7.3 6.7 Sub-Sahara Africa 19.4 20.3 13.1 10.9 Angola 13.6 28.2 21.6 16.3 Nigeria 24.7 31.4 23.0 22.0 Ghana 39.2 22.9 16.6 9.9 Source: IMF, World Economic Outlook October, 2025

National Bank of Ethiopia 100 | Annual Report 2024/25 8.1.2. World Trade World trade volume is forecast to grow at an average rate of 3.6 percent in 2025, still higher than the 3.5 percent growth rate in 2024. 8.1.3. Inflation and Commodity Prices Global headline inflation is projected to decline to 4.2 percent in 2025 from 5.8 percent in 2024. In the United States, inflation is expected to pick up beginning in the second half of 2025 while decline to 2.7 percent in 2025 compared to 3.0 percent in 2024, as the impact of tariffs is no longer absorbed within supply chains and instead passed on to consumers. Headline inflation in Japan forecasted to rise by 3.3 percent in 2025 from 2.7 percent in 2024. Inflation is expected to decline to 13.1 percent in 2025 from 20.3 percent 2024 in Sub-Saharan Africa. Oil prices are projected to decline by about 12.9 percent in 2025 from fall in 2024 by 1.8 percent. On the other hand, nonfuel commodity prices are expected to rise in 2025 by 7.4 percent from 3.7 in 2024. 8.1.4. Exchange Rate In foreign exchange markets, the euro appreciated significantly both against the US dollar and in trade-weighted terms. The nominal effective exchange rate of the euro as measured against the currencies of 41 of the euro area‘s most important trading partners rose by 2.5 percent during the review period (from 6 March to 4 June 2025). A strong appreciation of 5.4 percent against the US dollar was largely driven by a shift in market expectations regarding the growth and inflation outlook for the United States. The euro also strengthened by 4.6 percent against the Chinese renminbi, with the latter initially weakening owing to the expected adverse impact of the US tariffs but recovering somewhat after a partial de-escalation of the US-China trade tensions. The euro appreciated significantly against the currencies of emerging market economies, which were also weighed down by US tariff and global growth concerns. Conversely, it depreciated by 2.0 percent against the Swiss franc.

National Bank of Ethiopia 101 | Annual Report 2024/25 8.2. Implications of International Economic Developments on the Ethiopia Economy During FY 2024/25, the global economy is projected to slow dawn, and non-fuel commodities are expected to increase in 2025 albeit decline on oil price by 2025. The higher price of non-oil commodities enforce the country to pay more for its capital goods import which in turn results in higher pressure in the country‘s trade balance. On the other hand, lower in oil price could have positive effect for Ethiopia in decline the forex payment for fuel imports as well as partly counterbalances improve in Ethiopia‘s current account balance.

STATISTICAL ANNEXES

Table 1: GDP By Economic Activity at Constant Prices (In millions of Birr) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 Agriculture, Hunting and Forestry 579,022.90 599,331.45 622,220.30 648,711.84 684,775.80 726,412.79 771,163.00 824,259.40 881,597.50 Crop 374,649.80 392,291.81 404,049.60 422,966.50 446,919.36 477,801.09 511,777.47 551,862.07 593,186.47 Animal Farming and Hunting 153,170.43 154,037.95 163,279.50 168,722.41 178,571.27 186,759.11 195,057.29 205,367.67 218,665.90 Forestry 51,202.67 53,001.69 54,891.10 57,022.93 59,285.17 61,852.59 64,328.25 67,029.66 69,745.13 Fishing 1,389.44 1,546.68 1,581.80 1,625.85 1,653.41 2,015.51 2,794.26 3,620.97 7,026.99 Mining and Quarrying 4,296.93 3,402.76 2,658.90 5,089.31 10,960.70 11,624.46 10,796.09 12,779.08 39,023.89 Manufacturing 111,249.64 117,410.68 127,986.70 137,601.52 144,618.85 151,583.94 162,125.66 175,745.94 193,907.58 Large and Medium Scale Manufacturing 73,528.19 77,966.48 87,691.90 96,268.62 102,266.16 108,223.88 117,266.06 129,228.37 145,456.82 Small Scale and Cottage Industries 37,721.46 39,444.20 40,294.70 41,332.90 42,352.69 43,360.05 44,859.60 46,517.57 48,450.76 Electricity and Water 11,552.49 11,928.97 14,115.40 15,136.39 16,522.31 17,593.58 19,826.26 23,400.20 29,390.11 Construction 286,749.58 331,691.44 381,443.80 419,077.98 446,721.67 468,435.77 501,490.45 546,459.79 594,749.36 Whole Sale and Retail Trade 215,351.04 241,936.26 268,037.00 285,293.09 303,204.72 327,259.96 352,241.84 379,833.41 408,799.73 Hotels and Restaurants 41,625.20 44,335.30 48,143.80 49,220.36 50,484.92 54,536.48 60,146.85 65,644.15 71,239.54 Transport and Communications 215,351.04 241,936.26 104,436.20 105,646.15 113,090.66 124,120.55 139,047.45 154,861.11 168,006.09 Financial Intermediation 41,625.20 44,335.30 57,368.60 65,274.31 71,158.13 78,636.16 86,092.88 91,275.56 98,463.62 Real Estate, Renting and Business Activities 70,005.18 74,364.29 79,942.00 87,510.16 95,299.71 103,829.90 113,274.22 123,259.28 134,421.70 Public Administration and Defense 70,488.49 76,754.11 83,662.00 85,612.22 89,770.08 93,768.28 97,515.89 102,314.63 108,394.60 Education 41,031.02 42,520.77 44,221.60 44,784.14 45,694.89 46,432.34 47,583.05 48,786.21 50,119.95 Health and Social Work 16,767.91 18,153.38 20,747.20 23,414.24 26,554.25 29,412.96 32,650.49 36,311.16 40,479.84 Other Community , Social & Personal Services 19,198.41 20,177.97 21,454.20 21,995.54 22,426.85 22,890.17 23,400.63 24,072.74 24,730.33 Private Households with Employed Persons 16,633.25 17,276.03 17,707.40 18,115.52 18,515.90 18,939.52 19,329.08 19,726.68 20,123.02 Total 1,613,519.95 1,739,254.94 1,895,726.70 2,014,108.60 2,141,452.85 2,277,492.37 2,439,478.10 2,632,350.29 2,870,473.83 Less : FISIM 17,038.32 19,763.61 21,037.40 24,520.85 27,214.54 28,829.54 29,556.68 28,397.35 28,221.48 Gross Value Added at Constant Basic Prices 1,596,481.63 1,719,491.33 1,874,689.30 1,989,587.75 2,114,238.31 2,248,662.83 2,409,921.42 2,603,952.94 2,842,252.35 Taxes on Products 120,645.59 114,575.16 112,468.20 119,592.35 113,931.83 98,085.18 91,585.74 87,978.83 112,722.02 GDP at Constant Market Prices 1,717,127.21 1,834,066.5 1,987,157.5 2,109,180.1 2,228,170.1 2,346,748.0 2,501,507.2 2,691,931.77 2,954,974.37 Source:MoPD Sectors/Year

Table 2: Growth Rate of GDP By Economic Activity at Constant Prices (In percent) 2010 2011 2012 2013 2014 2015 2016 2017 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 Agriculture, Hunting and Forestry 3.51 3.80 4.26 5.55 6.08 6.16 6.89 6.96 Crop 4.71 3.00 4.68 5.66 6.91 7.11 7.83 7.49 Animal Farming and Hunting 0.57 6.00 3.33 5.84 4.59 4.44 5.29 6.48 Forestry 3.51 3.80 3.88 4.00 4.33 4.00 4.20 4.05 Fishing 11.32 2.30 2.79 1.69 21.90 38.64 29.59 94.06 Mining and Quarrying - 20.81 - 21.90 91.41 115.37 6.06 - 7.13 18.37 205.37 Manufacturing 5.54 7.70 7.51 5.10 4.82 6.95 8.40 10.33 Large and Medium Scale Manufacturing 6.04 10.00 9.78 6.23 5.83 8.36 10.20 12.56 Small Scale and Cottage Industries 4.57 3.00 2.58 2.47 2.38 3.46 3.70 4.16 Electricity and Water 3.26 4.00 7.23 9.20 6.48 12.69 18.03 25.60 Construction 15.67 15.00 9.87 6.60 4.86 7.06 8.97 8.84 Whole Sale and Retail Trade 12.35 11.70 6.44 6.28 7.93 7.63 7.83 7.63 Hotels and Restaurants 6.51 9.00 2.24 2.57 8.03 10.29 9.14 8.52 Transport and Communications 6.43 21.00 1.16 7.05 9.75 12.03 11.37 8.49 Financial Intermediation 10.74 10.10 10.22 9.01 10.51 9.48 6.02 7.88 Real Estate, Renting and Business Activities 6.23 7.50 9.47 8.90 8.95 9.10 8.81 9.06 Public Administration and Defense 8.89 9.00 2.33 4.86 4.45 4.00 4.92 5.94 Education 3.63 4.00 1.79 2.03 1.61 2.48 2.53 2.73 Health and Social Work 8.26 14.30 12.85 13.41 10.77 11.01 11.21 11.48 Other Community , Social & Personal Services 5.10 6.30 2.52 1.96 2.07 2.23 2.87 2.73 Private Households with Employed Persons 3.86 2.50 2.30 2.21 2.29 2.06 2.06 2.01 Total 7.79 8.90 6.15 6.32 6.35 7.11 7.91 9.05 Less : FISIM 16.00 7.00 14.24 10.99 5.93 2.52 - 3.92 - 0.62 Gross Value Added at Constant Basic Prices 7.7 9.0 6.1 6.3 6.4 7.2 8.1 9.2 Taxes on Products -5.0 -1.8 6.3 -4.7 -13.9 -6.6 -3.9 28.1 GDP at Constant Market Prices 6.81 8.35 6.1 5.6 5.3 6.6 7.61 9.77 Source: MoPD Industry/Year

Table 3: GDP by Economic Activity at Current Prices (In million Birr) 2011 2012 2013 2014 2015 2016 2017 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 Agriculture, Hunting and Forestry 910,589.11 1,196,254.18 1,626,284.12 2,312,286.18 3,114,214.95 4,087,852.75 4,934,577.48 Crop 587,215.95 797,015.64 1,122,637.67 1,639,822.32 2,189,185.09 2,880,082.24 3,411,873.31 Animal Farming and Hunting 247,337.34 303,074.09 385,788.26 523,066.61 731,290.92 949,484.17 1,201,088.96 Forestry 76,035.82 96,164.45 117,858.19 149,397.24 193,738.95 258,286.34 321,615.22 Fishing 3,020.56 3,747.45 5,034.31 5,351.46 7,481.56 10,084.51 19,201.74 Mining and Quarrying 3,368.05 9,643.41 30,909.10 34,587.89 29,329.89 50,066.72 400,072.11 Manufacturing 150,530.54 178,972.31 199,934.05 261,122.85 390,709.00 517,803.50 634,337.60 Large and Medium Scale Manufacturing 104,723.05 125,757.60 141,915.10 185,656.49 285,203.06 381,197.58 475,252.56 Small Scale and Cottage Industries 45,807.49 53,214.71 58,018.95 75,466.36 105,505.94 136,605.92 159,085.04 Electricity and Water 18,726.40 23,826.92 30,434.89 34,860.63 53,134.88 64,312.82 103,063.41 Construction 495,283.11 567,201.36 687,236.89 1,068,150.23 1,662,566.43 2,355,789.17 3,053,299.50 Whole Sale and Retail Trade 360,656.28 444,506.05 554,457.83 801,596.42 1,129,865.30 1,604,889.03 1,960,042.54 Hotels and Restaurants 66,596.74 79,304.07 95,766.72 129,976.75 195,338.34 271,055.22 353,343.57 Transport and Communications 99,884.39 140,312.71 183,481.31 251,762.70 314,877.16 381,487.44 479,010.32 Financial Intermediation 85,044.07 102,994.45 122,893.68 180,666.70 238,373.15 331,181.67 476,025.09 Real Estate, Renting and Business Activities 106,157.21 154,804.23 228,594.81 404,030.59 715,651.69 1,032,988.62 1,252,520.02 Public Administration and Defense 103,262.31 120,235.73 159,154.93 188,988.20 260,507.28 307,963.95 387,604.89 Education 85,738.95 94,199.32 116,406.32 127,857.93 164,357.32 214,067.77 272,956.20 Health and Social Work 27,327.96 34,927.80 40,104.30 47,995.94 60,118.58 72,311.64 85,949.36 Other Community , Social & Personal Services 28,140.79 33,305.56 39,400.72 49,977.38 66,077.14 87,645.14 104,204.52 Private Households with Employed Persons 31,181.00 38,264.32 45,764.85 67,753.00 80,607.09 112,313.40 149,074.08 Total 2,575,507.46 3,222,499.87 4,165,858.83 5,966,964.86 8,483,209.75 11,501,813.35 14,665,282.43 Less : FISIM 31,884.31 39,104.02 46,801.87 67,289.54 79,436.05 102,399.80 146,663.14 Gross Value Added at Constant Basic Prices 2,543,623.15 3,183,395.85 4,119,056.96 5,899,675.32 8,403,773.70 11,399,413.54 14,518,619.29 Taxes on Products 152,599.59 191,351.09 221,967.26 257,339.91 319,343.08 385,147.91 575,799.74 GDP at Current Market Prices 2,696,222.7 3,374,746.9 4,341,024.2 6,157,015.23 8,723,116.78 11,784,561.45 15,094,419.03 Source: MoPD Industry/Year 3

Table 4: Growth Rates of GDP by Economic Activity at Current Prices (%) 2010 2011 2012 2013 2014 2015 2016 2017 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 Agriculture, Hunting and Forestry 11.00 33.00 32.63 35.94 42.18 34.68 31.26 20.71 Crop 8.60 37.50 35.73 40.86 46.07 33.50 31.56 18.46 Animal Farming and Hunting 16.50 28.90 26.96 27.29 35.58 39.81 29.84 26.50 Forestry 11.60 16.20 26.47 22.60 26.76 29.68 33.32 24.52 Fishing 4.10 28.50 24.06 34.34 6.30 39.80 34.79 90.41 Mining and Quarrying - 16.30 - 16.90 186.32 220.52 11.90 - 15.20 70.70 699.08 Manufacturing 13.10 17.40 18.89 11.71 30.60 49.63 32.53 22.51 Large and Medium Scale Manufacturing 13.40 20.20 20.09 12.85 30.82 53.62 33.66 24.67 Small Scale and Cottage Industries 12.40 3.00 16.17 9.03 30.07 39.81 29.48 16.46 Electricity and Water 9.60 20.70 27.24 27.70 14.54 52.42 21.04 60.25 Construction 50.90 9.30 14.52 21.16 55.43 55.65 41.70 29.61 Whole Sale and Retail Trade 22.40 32.40 23.25 24.70 44.57 40.95 42.04 22.13 Hotels and Restaurants 19.00 25.10 19.08 20.76 35.72 50.29 38.76 30.36 Transport and Communications 6.80 20.40 40.48 30.77 37.21 25.07 21.15 25.56 Financial Intermediation 33.90 22.60 12.19 19.32 47.01 31.94 38.93 43.74 Real Estate, Renting and Business Activities 12.40 33.40 45.83 47.67 76.75 77.13 44.34 21.25 Public Administration and Defense 17.10 9.10 16.44 32.37 18.74 37.84 18.22 25.86 Education 24.00 13.10 11.33 23.57 9.84 28.55 30.25 27.51 Health and Social Work 28.40 13.40 27.81 14.82 19.68 25.26 20.28 18.86 Other Community , Social & Personal Services 14.90 19.10 18.35 18.30 26.84 32.21 32.64 18.89 Private Households with Employed Persons 27.90 22.60 22.72 19.60 48.05 18.97 39.33 32.73 Total 21.40 23.30 25.27 29.29 43.23 42.17 35.58 27.50 Less : FISIM 42.20 22.00 13.79 19.69 43.78 18.05 28.91 43.23 Gross Value Added at Current Basic Prices 21.20 23.30 25.42 29.40 43.23 42.44 35.65 27.36 Taxes on Products 6.86 10.90 25.39 16.00 15.94 24.09 20.61 49.50 GDP at Current Market Prices 20.2 22.4 25.2 28.6 41.8 41.7 35.1 28.1 Source: MoPD Sectors/Year 4

Table 5: Summary of External Public Debt (In Millions of Birr) 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (2010) (2011) (2012) (2013) (2014) (2015) (2016) (2017) EXTERNAL DEBT Disbursed * 703,675.6 782,908.8 1,008,444.2 1,291,945.2 1,467,808.0 1,568,702.6 1,701,869.1 4,610,322.0 Undisbursed n.a DRAWINGS (gross) 92,796.0 79,206.1 106,602.6 56,470.0 58,019.6 86,578.5 84,836.1 454,762.1 REPAYMENTS (1) -30,619.4 -40,234.6 -44,671.8 -51,481.4 -77,287.9 -68,140.4 -52,063.5 -109,591.5 DEBT SERVICING (2) 42,480.4 58,214.7 64,117.0 71,085.0 101,575.9 90,953.7 68,186.9 141,163.6 Principal 30,619.4 40,234.6 44,671.8 51,481.4 77,287.9 68,140.4 52,063.5 109,591.5 Interest (3) 11,861.0 17,980.1 19,445.1 19,603.6 24,288.1 22,813.3 16,123.4 31,572.1 DEBT SERVICE TO EXPORT OF GOODS RATIO 57.4 77.8 68.5 50.7 51.0 47.1 32.1 14.2 EXTERNAL DEBT TO TO GDP (%)** 32.0 29.1 29.9 29.8 23.8 18.0 14.4 30.5 EXPORT OF GOODS 74,044.8 74,807.7 93,641.5 140,326.9 199,196.9 193,112.5 212,581.9 995,862.9 GDP (Current Current Price) 2,200,120.6 2,690,751.4 3,374,746.9 4,341,024.2 6,157,015.2 8,723,116.8 11,784,561.4 15,094,419.0 Source: Ministry of Finance and Economic Development *Excludes State defence Credits and Ruble denominated debt. (1)-on cash basis; includes repayments of Trust Fund Loans , and repurchases from IMF. (2)-on accrual basis; includes repayments of Trust Fund Loans, and repurchases from IMF. (3) - Includes IMF charges and interest. **Revised based on rebased GDP series NB: USD to birr coversion is made by using annual average exchange rate.

Table 6: Balance of Payments (In Millions of Birr) G.C. 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 EFY (2010) (2011) (2012) (2013) (2014) (2015) (2016) (2017) TRADE BALANCE -324,244.9 -349,149.7 -341,436.0 -417,133.0 -681,230.3 -720,613.4 -835,130.5 -1,246,303.2 Export(f.o.b) 74,044.8 74,806.8 93,641.5 140,326.9 199,196.9 193,112.5 212,581.9 995,862.9 Coffee 21,905.1 21,436.5 26,824.8 35,480.3 69,485.0 71,409.4 80,069.0 317,956.4 Other Exports 52,139.7 53,370.3 66,816.7 104,846.6 129,711.9 121,703.1 132,512.9 677,906.5 Imports (c.i.f.) -398,289.7 -423,956.5 -435,077.5 -557,459.9 -880,427.2 -913,725.9 -1,047,712.4 -2,242,166.1 Fuel -60,553.0 -72,961.5 -65,445.6 -75,723.5 -168,062.8 -211,347.3 -201,952.9 -404,126.7 Other Imports -337,736.7 -350,995.0 -369,632.0 -481,736.4 -712,364.4 -702,378.6 -845,759.6 -1,838,039.4 Net Services -5,221.1 -15,833.5 -6,862.8 516.4 31,043.3 50,623.7 71,521.6 160,131.0 Travel 7,146.7 6,225.9 10,431.2 26,800.9 22,577.5 28,054.5 28,148.9 -29,580.3 Other Transportation 13,494.3 18,091.2 27,972.4 28,743.3 53,574.7 72,162.5 90,188.8 238,817.1 Government(n.i.e.) 5,641.9 7,935.0 1,878.4 6,314.9 9,019.8 11,089.2 7,070.4 43,160.2 Investment Income -11,410.1 -16,925.9 -19,203.0 -22,380.5 -27,861.8 -23,923.3 -18,601.4 -20,567.6 Other Services -20,094.0 -31,159.7 -27,942.0 -38,962.2 -26,266.8 -36,759.2 -35,285.0 -71,698.4 Net Goods & Services -329,466.0 -364,983.2 -348,298.9 -416,616.7 -650,186.9 -669,989.7 -763,608.8 -1,086,172.2 Private Transfers (net) 158,601.1 167,629.9 162,534.4 238,717.8 345,119.1 362,745.1 347,587.3 839,576.8 Current Account Balance -170,864.9 -197,353.3 -185,764.5 -177,898.8 -305,067.8 -307,244.6 -416,021.6 -246,595.5 Public Transfers (net) 32,678.7 58,540.8 47,797.8 53,408.5 55,185.2 58,256.0 69,192.8 212,075.5 Non Monetary Capital (net) 161,503.2 135,289.6 135,603.6 147,709.5 132,280.5 189,008.7 231,030.1 634,296.0 Public long-term (net)* 68,083.1 46,595.6 64,463.4 6,465.0 -22,774.0 13,692.7 27,127.0 232,195.2 Short-term -3,792.1 4,099.0 -4,682.9 -13,081.3 -5,601.1 -7,339.7 -14,674.2 -76,531.1 FDI 97,212.3 84,595.0 75,823.1 154,325.7 160,655.6 182,655.7 218,577.2 478,631.9 Net errors and Omissions -28,580.3 -22,894.2 -23,758.0 -11,564.6 13,189.8 19,908 40,364 -262,139 Overall Balance -5,263.3 -26,417.1 -26,121.1 11,654.6 -104,412.3 -40,071.4 -75,434.2 337,637.4 Financing : 5,263.3 26,417.1 26,121.1 -11,654.6 104,412.3 40,071.4 75,434.2 -337,637.4 Monetary Authorities (Reseves), net 5,263.3 26,417.1 26,121.1 -11,654.6 104,412.3 40,071.4 75,434.2 -337,637.4 Arrears Change 0.0 Debt Relief 0.0 Cancellation 0.0 Rescheduling 0.0 Sorce: NBE Staff Compilation *Includes other public sector long-term loan and private loan NB: USD to birr coversion is made by using annual average exchange rate.

Table 7: Value of Major Exports Commodity 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (2012) (2013) (2014) (2015) (2016) (2017) Coffee 27,044,310.5 36,367,828.0 70,175,272.0 71,425,122.0 80,334,996.8 326,093,806.2 Oilseeds 11,012,982.9 13,180,233.0 12,896,678.4 13,781,966.4 18,713,973.4 40,916,916.5 Leather and Leather products 2,208,391.3 1,425,336.1 1,609,850.6 1,315,467.5 1,109,860.8 2,094,773.5 Pulses 7,422,895.7 9,243,279.1 10,711,389.3 17,370,062.4 19,245,078.7 32,504,154.3 Meat Products 2,107,034.0 2,964,430.2 5,329,508.5 4,345,071.3 3,952,463.7 13,367,697.0 Fruits & Vegetables 1,834,795.4 2,730,982.1 4,272,817.6 4,921,869.7 3,634,417.8 9,101,126.2 Wheat 1,701,716.9 1,931,028.3 - Sugar 45,089.5 7,832.9 614.7 15,127.5 - - Gold 6,572,639.3 25,378,419.0 26,464,048.5 10,491,436.8 22,939,880.7 437,033,047.5 Oil Cakes - - - - - - Live Animals 1,671,076.6 1,758,839.4 1,437,406.1 931,096.6 2,439,267.3 13,907,831.7 Chat 10,116,170.9 15,808,881.6 18,910,324.2 13,154,557.3 9,186,207.9 14,619,207.9 Petroleum Products - - - - - - Bee's Wax 65,655.6 69,226.8 58,907.4 58,881.0 78,207.0 97,209.8 Tantalem 155,490.6 179,801.6 464,712.4 902,447.4 400,449.6 1,827,987.5 Cotton 8,218.7 - - - - - Text. & Text. Prdts 5,235,336.0 5,725,100.5 8,529,908.7 7,911,617.6 6,718,196.9 14,237,574.0 Cereals and Flour 117,441.6 758,212.7 1,642,831.6 1,738,883.7 1,170,169.2 4,533,482.9 Natural Gum 157,838.7 137,246.6 107,704.1 55,155.3 141,890.9 302,359.4 Civet - - - - - - Hop - - - - - - Animal Fodder - - - - - - Natural Honey 16,439.3 3,036.6 10,592.0 11,932.7 11,378.5 13,758.2 Marble - - - - - - Flower 13,208,479.3 18,461,631.4 26,445,082.3 30,210,536.2 26,309,918.4 59,355,436.4 Beverage 111,398.5 191,924.6 223,891.9 270,324.6 207,914.3 387,258.7 Spices 432,708.0 620,629.5 807,366.2 559,747.4 449,071.1 1,838,726.7 Others 4,820,745.8 6,688,537.9 9,896,132.5 11,999,651.7 14,140,831.9 58,567,594.6 Others 24,264,096.5 32,766,121.4 48,128,221.7 53,660,296.8 49,549,820.6 141,064,178.4 RE-exports - - - - - Total 94,365,138.2 141,701,409.6 199,995,038.97 193,172,672.28 213,115,202.95 1,030,799,949.14 Source: Ethiopian Customs Commission

Table 8: Quantity of Major Exports Commodity 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (2012) (2013) (2014) (2015) (2016) (2017) Coffee 271,111.52 248,653.58 303,235.24 241,700.46 298,973.93 470,714.88 Oilseeds 236,504.53 245,479.33 172,139.72 150,286.63 191,172.23 207,554.13 Leather and Leather products 3,551.27 2,290.59 2,239.29 1,695.73 1,634.15 1,437.80 Pulses 354,010.48 280,603.44 213,873.61 396,224.76 425,986.37 320,934.48 Meat Products 12,819.96 14,631.78 19,012.08 11,527.96 11,064.75 18,511.37 Fruits & Vegetables 191,183.11 221,695.57 222,650.42 177,240.33 184,837.51 186,104.88 Wheat 62,478.90 61,380.00 - Sugar 17,515.03 2,511.84 10.00 19.99 - - Gold 3.32 9.56 8.68 3.46 4.22 38.92 Oil Cakes - - - - - - Live Animals 29,395.64 26,262.97 17,266.04 7,873.21 51,993.54 123,495.28 Chat 57,136.13 71,209.90 56,331.21 31,310.12 15,842.71 10,848.47 Petroleum Products - - - - - - Bee's Wax 258.01 229.00 158.02 139.22 182.00 97.50 Tantalem 76.08 66.77 161.47 1,534.87 643.19 1,074.47 Cotton 80.00 - - - - - Text. & Text. Prdts 22,798.39 24,045.62 35,234.52 31,382.08 30,808.02 30,597.92 Cereals and Flour 4,670.14 25,144.37 38,367.58 39,005.50 27,952.16 70,806.72 Natural Gum 1,384.59 769.68 472.71 308.66 741.04 584.97 Civet - - - - - - Hop - - - - - - Animal Fodder - - - - - - Natural Honey 152.14 15.61 53.91 37.78 15.68 8.16 Marble - - - - - - Flower 94,389.84 101,578.88 114,253.02 112,989.70 95,422.48 99,724.89 Beverage 4,430.26 5,310.98 5,439.07 4,502.34 3,602.80 3,091.09 Spices 12,499.67 12,823.23 8,667.63 6,429.37 8,841.78 15,612.53 Source: Ethiopian Customs Commission

Table 9: Value of Major Imports (Thousands of Birr) Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 2009/10 7,713,047.02 142,345.85 177,543.30 - 18,891,592.39 888,063.74 3,221,932.02 3,936,221.51 530,092.55 2,220,337.33 1,188,178.35 2010/11 3,966,148.96 167,353.94 230,682.29 - 22,299,883.74 1,118,884.43 5,665,268.99 5,054,381.20 685,948.71 2,515,039.17 1,137,791.11 2011/12 12,692,390.69 206,513.87 270,209.78 - 35,868,583.27 1,357,151.47 10,503,429.68 6,488,435.26 1,128,548.64 3,373,728.88 1,843,947.92 2012/13 11,635,649.89 261,690.71 193,100.93 - 26,565,254.55 2,092,401.97 5,332,244.36 7,169,252.70 907,441.55 4,030,338.06 2,064,095.36 2013/14 23,799,878.74 650,943.12 311,530.16 - 47,621,418.79 5,444,248.89 7,645,486.21 12,765,541.31 1,240,505.27 5,413,564.51 3,432,173.71 2014/15 30,357,772.78 741,100.66 361,694.04 - 39,838,008.67 5,978,499.34 10,163,376.17 13,831,267.94 1,491,621.66 5,027,502.88 3,272,982.54 2015/16 46,130,163.54 931,151.43 283,715.55 - 27,005,613.58 6,942,663.74 9,178,605.92 15,632,270.17 1,840,643.22 4,995,973.95 4,090,488.80 2016/17 36,937,089.98 1,021,284.47 335,255.18 - 39,143,280.38 7,049,394.35 8,357,496.40 16,839,378.49 1,881,778.89 5,675,630.76 4,563,314.64 2017/18 51,976,046.67 1,132,806.09 386,608.72 - 58,666,275.34 8,430,429.17 13,004,531.54 16,783,904.10 2,356,939.35 5,546,483.35 4,351,026.46 2018/19 47,707,850.56 911,322.26 538,741.77 - 69,942,602.90 10,157,083.75 14,224,839.93 25,225,831.44 2,534,964.25 6,046,906.00 5,517,578.23 2019/20 52,460,676.77 937,130.66 545,100.69 - 62,056,891.09 14,814,421.80 17,459,167.41 23,177,785.51 2,752,420.67 6,987,059.46 6,546,568.85 2020/21 115,413,573.05 1,025,315.80 226,741.79 - 72,597,463.88 15,834,849.44 23,105,655.46 28,787,491.34 3,547,951.99 7,116,241.75 4,414,867.50 2021/22 224,546,575.31 1,311,169.89 307,030.49 - 165,014,805.96 21,187,517.11 56,609,111.47 53,251,625.44 5,065,774.30 9,701,018.87 7,018,000.76 2022/23 169,395,504.08 1,401,201.80 387,024.13 - 203,796,295.02 25,763,429.62 48,809,160.87 42,049,276.36 5,018,930.04 10,245,932.92 10,989,264.83 2023/24 129,034,178.32 1,087,517.79 461,445.56 - 197,454,873.00 33,413,457.12 72,990,928.36 42,446,863.64 7,068,662.23 10,039,344.12 14,403,036.61 2024/25 257,050,773.35 1,210,217.83 421,000.91 - 395,221,191.88 56,841,694.88 130,893,620.55 98,483,288.30 11,547,377.28 21,173,188.21 22,804,751.84 Table 9 Continued: Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 2009/10 1,476,236.23 2,433,693.85 267,320.39 11,618,002.04 12,278,627.49 8,503,492.57 7,728,010.09 6,190,932.74 102,036.38 23,358,711.06 106,675,484.15 2010/11 1,982,717.20 2,430,230.93 334,931.95 10,778,367.33 16,015,251.53 13,180,602.99 7,195,551.18 2,739,632.49 73,257.53 38,806,941.81 133,639,235.00 2011/12 2,892,343.80 4,218,310.39 522,023.57 19,678,246.84 20,529,023.32 17,831,730.22 8,696,845.47 10,436,909.80 80,038.32 42,824,530.92 191,006,032.32 2012/13 2,744,223.83 4,449,521.68 722,828.43 21,688,479.54 28,035,376.81 20,493,273.26 11,912,688.51 9,865,215.47 96,583.36 58,096,033.86 208,490,479.34 2013/14 3,816,303.87 7,518,452.30 1,078,168.56 30,632,912.60 37,788,048.93 25,240,309.38 14,834,215.29 9,221,444.86 9,338,872.21 23,274,977.70 261,847,551.58 2014/15 5,281,382.03 9,232,020.04 1,294,893.17 46,295,278.51 49,814,950.03 28,117,142.85 31,139,945.38 12,922,543.23 20,942,618.89 27,756,897.12 330,938,954.68 2015/16 4,915,011.72 11,425,975.14 1,454,583.21 47,654,788.02 61,867,496.90 30,925,870.68 23,695,862.10 22,888,267.67 21,260,460.74 32,785,280.48 353,016,618.90 2016/17 5,025,821.08 11,811,265.30 1,633,228.46 42,438,362.32 68,598,136.64 33,248,531.13 26,617,502.74 13,359,345.30 13,839,892.51 29,254,491.18 354,271,134.89 2017/18 4,868,803.74 14,346,572.13 1,811,641.24 38,679,935.83 73,281,242.55 31,088,474.16 24,436,467.06 21,755,870.33 7,109,710.19 38,909,857.85 397,167,755.55 2018/19 5,864,104.33 10,255,807.51 2,023,486.66 41,701,871.02 84,119,269.68 22,066,396.54 24,750,276.07 18,579,014.14 6,831,056.63 43,128,439.93 423,548,429.47 2019/20 8,113,212.11 10,003,402.45 2,572,076.61 48,808,346.11 70,717,290.28 28,759,386.69 21,929,986.50 26,430,475.35 7,724,017.93 45,824,410.45 432,189,352.04 2020/21 12,306,287.08 13,663,674.57 2,130,339.33 47,843,331.12 79,822,335.65 37,111,884.27 28,337,123.39 47,304,681.63 15,471,996.05 50,584,021.65 559,341,145.10 2021/22 16,878,750.93 12,391,136.78 3,112,041.27 53,040,561.65 72,902,783.75 54,660,015.07 34,904,261.69 88,848,225.05 17,314,917.79 74,802,391.04 884,019,489.57 2022/23 21,772,350.63 16,034,677.64 3,134,407.09 55,240,874.97 90,556,225.04 61,480,686.52 39,665,730.82 56,057,123.76 24,639,007.98 82,603,707.88 912,983,688.23 2023/24 23,033,249.19 15,486,338.74 3,511,605.16 70,188,047.74 199,665,957.14 61,037,437.62 56,970,215.29 42,567,573.10 22,745,092.61 87,437,728.23 1,048,475,978.46 2024/25 46,605,637.34 25,449,321.45 7,589,307.11 157,293,670.26 490,264,526.49 156,107,012.25 135,658,307.78 91,369,082.89 52,744,470.43 180,586,856.60 2,247,946,214.73

• Included in "Food & Live Animals". \1. Adjusted unrecorded import of Birr740.38 million. \2. Adjusted unrecorded Aircraft imports of Birr510.0 million. a: Petroleum product adjusted by the recent data from IBOD Source: Ethiopian Customs Commission

Table 10: Volume of Major Imports (in Metric Tones) Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod. Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. 2011/12 1,818,239.24 3,380.24 2,114.63 - 2,160,455.59 65,088.82 907,129.90 15,442.88 52,956.56 38,732.23 2012/13 1,105,099.75 13,902.55 7,115.52 7,384.23 1,506,402.75 92,926.13 402,556.61 23,612.49 162,562.45 32,775.30 2013/14 1,882,941.23 17,798.71 2,172.14 - 2,623,450.80 171,106.49 853,656.14 33,494.97 43,254.62 73,697.98 2014/15 2,544,223.69 20,303.34 2,391.25 - 2,822,058.40 160,620.80 959,073.54 19,896.86 53,489.65 57,317.22 2015/16 4,415,089.92 24,227.26 1,769.47 - 3,043,560.96 196,917.29 883,747.79 21,089.82 71,682.39 62,919.18 2016/17 2,893,063.99 37,609.31 2,264.38 - 3,439,289.84 169,680.40 1,046,640.69 28,611.30 69,403.10 71,797.88 2017/18 3,617,742.87 42,302.64 1,536.23 - 3,770,588.86 192,699.71 1,318,169.19 21,339.65 78,927.17 60,383.09 2018/19 3,165,738.53 19,639.61 2,743.04 - 3,889,608.34 211,596.46 1,196,526.03 41,876.75 89,174.29 74,450.97 2019/20 5,273,106.52 17,298.11 2,472.09 - 3,867,196.05 752,106.98 1,534,659.83 34,002.15 87,389.81 90,271.50 2020/21 7,335,018.53 20,078.32 914.92 - 3,719,623.14 198,621.45 1,576,103.85 27,892.17 88,963.61 66,709.16 2021/22 7,264,669.39 9,245.11 566.74 - 3,911,168.76 209,641.14 1,349,231.68 33,901.88 77,009.21 58,016.62 2022/23 4,119,561.76 16,162.11 654.49 - 3,940,881.71 232,089.47 1,104,807.65 33,763.12 70,619.49 71,773.43 2023/24 3,422,125.73 6,821.64 1,186.04 - 3,813,830.86 253,016.28 2,260,862.52 34,188.40 108,874.52 92,279.83 2024/25 3,096,733.49 4,715.81 564.74 - 3,471,242.56 180,399.52 1,336,883.38 48,957.39 74,105.44 55,761.22 Table 10: Continued: Period Paper & Paper Manfc. Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. 2011/12 89,205.81 46,129.43 37,796.85 45,244.94 904,607.39 151,778.26 241,940.54 76,974.41 1,679,919.70 917.37 2012/13 94,055.25 41,858.84 36,103.13 56,403.71 992,746.36 207,980.64 177,514.16 89,945.74 1,252,139.28 1,102.41 2013/14 150,904.41 55,403.94 64,820.88 67,452.64 1,440,073.16 324,447.76 189,586.42 175,816.19 1,077,855.82 16,479.17 2014/15 112,785.26 76,284.14 137,743.01 83,071.22 1,661,613.15 277,489.69 206,335.39 236,986.12 1,564,475.70 33,652.85 2015/16 148,315.77 79,714.45 95,612.75 88,331.33 2,196,125.42 242,898.01 233,784.15 142,044.14 3,076,636.88 29,489.15 2016/17 160,185.90 96,517.46 86,110.24 102,413.37 1,834,801.71 262,051.28 411,234.20 140,016.24 1,662,204.75 19,288.19 2017/18 123,871.31 93,108.00 92,008.47 92,111.78 1,431,550.56 239,803.18 433,689.55 117,945.36 2,235,344.92 18,784.76 2018/19 137,169.81 136,851.21 78,766.06 97,019.80 1,713,951.65 221,542.56 159,677.56 129,826.52 1,778,046.17 18,416.58 2019/20 164,476.48 114,236.82 57,163.91 120,799.12 1,830,641.44 206,076.46 184,945.25 128,567.29 2,594,477.78 18,880.12 2020/21 162,243.11 128,174.59 53,033.67 67,489.01 1,607,506.72 182,434.03 169,163.34 108,962.84 3,635,178.14 45,886.42 2021/22 97,879.03 144,133.40 47,851.57 64,564.73 1,002,703.24 157,202.79 194,261.31 78,849.29 3,621,673.82 13,710.19 2022/23 319,401.62 165,067.69 53,832.35 76,578.35 2,312,006.48 200,008.20 221,320.05 101,039.35 1,826,134.19 17,674.51 2023/24 153,086.54 167,546.99 52,550.57 77,297.09 5,983,138.78 215,630.30 446,368.56 120,504.06 1,569,130.87 19,749.55 2024/25 92,753.47 151,852.47 38,164.15 71,974.68 1,274,220.07 225,339.12 210,061.40 130,791.51 1,593,917.35 13,889.51

• Included in "Food & Live Animals". Source: Ethiopian Customs Commission

Table 11: Value of Imports, By End Use (In Millions of Birr) 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 2010 2011 2012 2013 2014 2015 2016 2017 RAW MATERIALS 3,617.87 4,233.32 5,070.88 5,400.91 5,577.02 5,752.90 6,637.16 15,713.66 SEMI-FINISHED GOODS 65,669.07 78,124.87 97,796.04 105,406.69 184,980.29 173,829.41 212,881.92 415,291.01 Chemicals 8,910.53 10,868.22 16,743.30 18,890.76 24,699.48 27,517.04 34,935.51 60,948.97 Fertilizers 13,001.60 14,219.85 19,517.00 28,031.17 70,195.28 49,289.35 73,629.55 131,019.36 Textile Materials 1,589.57 2,276.95 3,485.51 5,359.73 9,507.58 10,364.29 9,306.84 23,117.84 Others 42,167.37 50,759.84 58,050.24 53,125.03 80,577.94 86,658.73 95,010.02 200,204.85 FUEL 61,066.24 72,941.90 64,685.48 76,625.78 169,859.55 211,126.40 201,790.89 403,097.59 Crude Petroleum 1.80 0.88 1.96 10.32 7.18 7.64 1.43 74.14 Petroleum Products 58,666.28 69,942.60 62,056.89 72,597.46 165,014.81 203,796.30 197,454.87 395,221.19 Others 2,398.17 2,998.41 2,626.62 4,017.99 4,837.57 7,322.46 4,334.59 7,802.26 CAPITAL GOODS 136,684.08 140,735.46 128,229.80 151,669.63 148,132.94 202,143.52 331,741.40 816,279.19 Transport 29,339.13 39,925.34 12,249.42 13,690.16 15,688.20 38,728.67 83,624.25 244,004.94 Tyres for Heavy Vehicle 2,628.97 3,172.78 4,191.33 4,299.83 4,394.44 4,354.59 4,863.21 10,852.98 Heavy Road Motor Vehicle 18,666.44 11,547.46 5,652.14 2,954.13 4,175.33 25,107.09 27,390.18 73,997.08 Aircraft 7,529.52 24,230.88 2,033.72 5,328.32 6,624.19 8,685.05 50,562.29 157,178.89 Others 514.20 974.22 372.22 1,107.88 494.24 581.94 808.57 1,975.98 Agricultural 1,343.02 1,639.92 2,745.65 3,422.46 2,678.25 4,987.84 3,610.81 15,453.16 Industrial 106,001.93 99,170.20 113,234.74 134,557.01 129,766.49 158,427.01 244,506.34 556,821.10 CONSUMER GOODS 122,572.11 119,742.43 124,714.69 213,380.89 368,192.64 314,095.72 287,886.18 582,805.16 Consumer Durables 35,022.62 33,680.58 28,525.81 31,313.80 39,701.10 77,073.09 78,256.11 172,099.65 Radio & Television 2,836.57 3,417.15 1,947.48 2,061.47 2,348.43 6,094.82 6,064.65 15,769.96 Tyres, Cars & Other Veh. 1,624.56 1,511.83 1,596.76 1,477.42 2,202.90 2,321.72 2,470.57 4,544.02 Cars & Other Vehicles 12,001.85 10,008.97 3,455.56 812.32 852.77 34,113.23 32,164.87 74,107.27 Others 18,559.64 18,742.63 21,526.01 26,962.59 34,296.99 34,543.31 37,556.02 77,678.40 Consumer Non- Durables 87,549.49 86,061.85 96,188.88 182,067.09 328,491.55 237,022.64 209,630.07 410,705.52 Cereals 20,043.62 16,734.20 26,055.01 53,253.48 105,138.02 55,245.36 38,073.55 84,428.20 Other Food 16,254.14 15,615.52 16,738.49 32,012.30 68,806.45 56,686.47 46,976.84 79,535.09 Medical & Pharmaceutical 14,814.52 21,134.62 21,356.68 26,642.51 38,536.00 36,071.23 35,434.77 78,297.37 Textile Fabrics 14,797.76 11,089.56 12,300.45 18,599.28 16,603.16 22,416.79 26,614.19 41,890.51 Others 21,639.45 21,487.95 19,738.25 51,559.52 99,407.91 66,602.79 62,530.71 126,554.34 MISCELLANEOUS 7,558.39 7,770.44 11,692.47 6,857.24 7,277.05 6,035.74 7,538.43 14,759.60 TOTAL IMPORTS 397167.7556 423548.4295 432189.352 559341.1451 884019.4896 912983.6882 1048475.978 2247946.215 particulars

Table 12: Value of Imports, By Country of Origin (Thousands of Birr) 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 2010 2011 2012 2013 2014 2015 2016 2017 Djibouti 7,704.73 273,928.89 997,355.09 3,898,759.44 14,160,536.98 14,926,873.02 12,622,322.41 36,856,646.32 Kenya 916,790.30 1,159,662.20 2,597,499.75 2,096,354.09 4,711,514.12 5,186,335.92 5,262,171.83 7,452,831.08 Sudan 2,743,402.78 2,340,587.60 2,242,394.02 1,046,195.87 214,056.14 285,088.19 601,726.50 134,002.23 U.A.E 14,758,830.95 15,469,880.56 16,533,592.74 36,578,710.25 59,500,836.64 78,872,469.75 98,711,167.92 98,253,153.44 France 4,797,023.94 4,361,078.81 7,621,766.41 6,391,405.06 6,213,026.22 7,585,756.99 11,551,897.61 13,160,879.73 Germany 7,299,539.57 9,023,931.73 8,487,018.80 7,845,454.10 8,490,998.89 9,285,909.62 16,045,837.72 32,740,061.37 Italy 13,661,473.65 9,617,222.70 8,370,919.70 13,422,443.62 10,079,219.27 12,775,798.67 12,065,522.65 28,483,902.33 Netherlands 6,272,363.32 5,306,050.29 4,542,207.54 3,306,068.68 12,882,963.11 5,346,094.72 5,339,591.77 10,820,539.20 U.K. 6,032,370.33 9,132,231.06 9,297,234.54 11,231,795.73 6,524,137.98 12,037,277.14 30,704,284.87 41,975,724.75 Russia 2,495,514.33 3,423,319.87 2,177,821.35 4,533,019.95 6,077,940.29 1,758,068.23 10,785,884.14 55,584,272.80 Yugoslavia 0.00 - - - - - - - U.S.A. 30,906,670.57 38,175,289.39 31,620,348.79 35,127,687.82 48,045,191.21 60,512,353.85 53,160,125.19 107,402,310.33 China, P. Rep. 113,206,651.53 110,849,316.71 119,683,399.12 147,248,592.75 197,994,871.04 243,325,082.74 312,550,256.66 755,707,444.60 Japan 15,680,920.50 10,526,671.22 14,669,468.58 13,051,036.52 14,971,552.10 15,867,403.41 17,795,153.99 33,397,115.60 Saudi Arabia 10,316,798.42 6,860,188.21 13,565,133.18 18,829,712.07 55,060,595.21 72,236,581.71 61,405,821.05 199,941,421.68 Rest of the World 168,071,700.63 198,462,661.32 193,378,047.28 254,733,909.15 439,092,050.38 372,982,594.26 399,874,214.14 826,035,909.28 Total Import 397167755.6 423548429.5 432189352 559341145.1 884019489.6 912983688.2 1048475978 2247946215 Source: Ethiopian Customs Commission Countries

Table 13: Values of Export by Destination* (In Thousand of Birr) 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 2012 2013 2014 2015 2016 2017 Djibouti 3,702,736.38 4,497,508.42 7,134,466.75 8,051,547.09 7,795,067.85 18,423,016.73 Kenya 439,608.98 1,616,543.83 839,355.85 3,292,962.19 5,581,604.49 22,131,959.68 Sudan 2,168,104.20 3,168,442.13 3,966,853.42 4,351,639.74 4,220,278.89 3,509,857.38 U.A.E 3,936,157.32 7,145,156.74 9,434,519.67 10,634,159.31 12,329,884.03 41,226,755.71 France 890,052.65 2,181,537.62 1,930,292.02 1,886,179.67 2,238,826.28 6,225,444.64 Germany 5,026,821.22 5,745,974.74 13,556,631.77 10,822,944.68 9,303,696.81 56,545,202.34 Italy 1,401,024.67 2,839,821.38 3,960,106.10 3,713,587.66 4,288,136.04 15,127,234.59 Netherlands 9,670,552.91 10,695,072.67 18,873,683.49 21,196,275.42 18,529,862.05 42,928,302.51 U.K. 1,052,198.43 2,357,712.88 2,716,091.84 3,758,214.72 2,904,726.27 7,513,763.91 Russia 369,994.74 1,891,810.42 727,549.06 890,187.54 1,178,327.28 7,041,605.62 Yugoslavia - - - - - - U.S.A. 5,031,320.40 8,495,485.57 17,573,400.57 16,893,169.12 15,467,328.44 47,469,791.54 China, P.Rep. 2,500,656.61 3,731,565.04 5,219,670.18 5,713,898.39 6,145,161.99 34,000,371.84 Japan 3,431,246.97 3,495,238.42 7,439,739.86 5,950,702.86 7,162,005.73 14,987,879.49 Saudi Arabia 6,349,911.15 7,463,486.06 13,653,789.93 17,402,426.71 19,971,587.27 59,599,175.25 Rest of the World 48,394,751.61 76,376,053.73 92,968,888.47 78,614,777.16 95,998,709.54 654,069,587.91 Total Export 94,365,138.28 141,701,409.65 199,995,038.97 193,172,672.28 213,115,202.95 1,030,799,949.14

• Export value of gold is not included in this table for the years before 2003/04 Source: Ethiopian Customs Commission Countries

Table 14: Trade Balance with Major Trading Partners (InThousands of Birr) 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 2011 2012 2013 2014 2015 2016 2017 Djibouti 3,298,408.48 2,705,381.30 598,748.98 - 7,026,070.24 - 6,875,325.92 - 4,827,254.56 - 18,433,629.60 Kenya - 593,560.22 - 2,157,890.77 - 479,810.26 - 3,872,158.27 - 1,893,373.73 319,432.66 14,679,128.60 Sudan - 394,648.25 - 74,289.82 2,122,246.26 3,752,797.29 4,066,551.55 3,618,552.38 3,375,855.16 U.A.E - 11,809,572.12 - 12,597,435.41 - 29,433,553.51 - 50,066,316.97 - 68,238,310.44 - 86,381,283.89 - 57,026,397.73 France - 3,804,640.80 - 6,731,713.76 - 4,209,867.44 - 4,282,734.21 - 5,699,577.32 - 9,313,071.33 - 6,935,435.09 Germany - 5,905,967.79 - 3,460,197.58 - 2,099,479.36 5,065,632.88 1,537,035.06 - 6,742,140.92 23,805,140.97 Italy - 8,421,683.44 - 6,969,895.03 - 10,582,622.25 - 6,119,113.17 - 9,062,211.01 - 7,777,386.60 - 13,356,667.73 Netherlands 537,352.03 5,128,345.37 7,389,003.99 5,990,720.39 15,850,180.71 13,190,270.29 32,107,763.31 U.K. - 7,973,424.96 - 8,245,036.11 - 8,874,082.85 - 3,808,046.14 - 8,279,062.42 - 27,799,558.60 - 34,461,960.84 Russia - 3,078,541.61 - 1,807,826.61 - 2,641,209.53 - 5,350,391.23 - 867,880.70 - 9,607,556.86 - 48,542,667.18 Yugoslavia - - - - - - - U.S.A. - 32,867,097.44 - 26,589,028.39 - 26,632,202.25 - 30,471,790.64 - 43,619,184.73 - 37,692,796.75 - 59,932,518.79 China, P.Rep. - 106,863,977.60 - 117,182,742.51 - 143,517,027.71 - 192,775,200.86 - 237,611,184.35 - 306,405,094.67 - 721,707,072.75 Japan - 7,190,910.54 - 11,238,221.60 - 9,555,798.11 - 7,531,812.24 - 9,916,700.55 - 10,633,148.27 - 18,409,236.11 Saudi Arabia - 1,837,360.11 - 7,215,222.03 - 11,366,226.01 - 41,406,805.28 - 54,834,155.00 - 41,434,233.78 - 140,342,246.43 Rest of the World - 163,143,973.18 - 144,983,295.67 - 178,357,855.41 - 346,123,161.91 - 294,367,817.10 - 303,875,504.60 - 171,966,321.36 Overall Trade Balance -348616006.5 -337824213.8 -417639735.5 -684024450.6 -719811016 -835360775.5 -1217146266 Source: Ethiopian Customs Commission Trading Country

Annex 15 : Components of Broad Money (In Millions of Birr) End of Currency Net Narrow Quasi- Broad period outside Demand Money Banks Deposit 1 2 3=1+2 4 5=3+4 1999/00 5,914.30 7,136.00 13,050.30 9,127.50 22,177.80 2000/01 5,911.80 7,834.00 13,745.80 10,770.40 24,516.20 2001/02 5,461.92 8,690.60 14,152.52 12,139.54 26,292.06 2002/03 6,582.00 8,834.76 15,416.77 13,643.39 29,060.16 2003/04 7,843.89 10,192.12 18,036.01 15,589.96 33,625.97 2004/05 10,025.95 11,265.13 21,291.08 18,920.67 40,211.75 2005/06 11,422.91 12,388.96 23,811.87 22,565.51 46,377.38 2006/07 13,708.39 15,909.29 29,617.68 27,034.20 56,651.89 2007/08 17,654.10 17,696.26 35,350.36 32,831.78 68,182.14 2008/09 19,715.01 22,397.64 42,112.66 40,397.09 82,509.75 2009/10 24,206.80 28,227.84 52,434.63 51,997.77 104,432.40 2010/11 32,574.88 43,596.12 76,171.00 69,205.97 145,376.97 2011/12 38,537.14 56,312.74 94,849.88 94,548.90 189,398.78 2012/13 45,671.00 69,074.69 114,745.69 120,567.90 235,313.59 2013/14 53,161.44 80,887.76 134,049.20 163,682.81 297,732.01 2014/15 60,460.92 94,245.42 154,706.34 216,622.57 371,328.91 2015/16 66,686.17 111,923.49 178,609.66 266,656.59 445,266.25 2016/17 73,917.75 142,851.87 216,769.62 356,614.44 573,384.05 2017/18 86,417.30 194,737.36 281,154.66 459,418.22 740,572.88 2018/19 92,016.97 216,920.16 308,937.13 577,815.41 886,752.53 2019/20 109,071.81 251,513.70 360,585.50 677,060.82 1,037,646.33 2020/21 133,621.30 303,770.67 437,391.97 910,874.18 1,348,266.15 2021/22 173,382.78 414,633.04 588,015.82 1,127,294.21 1,715,310.03 2022/23 211,636.83 494,505.38 706,142.20 1,464,706.17 2,170,848.37 2023/24 205,441.29 617,057.27 822,498.57 1,655,417.63 2,477,916.20 2024/25 289,275.40 839,581.36 1,128,856.76 2,221,018.79 3,349,875.55 Source: National Bank of Ethiopia

Table 16: Domestic Credit by Sector (In Millions of Birr) Gross Priority End of Grand National Comm. Loans & Bills Invest- sec. loan Period Total Total Bank Banks Total Advances Disc. ments to DBE 1=2+5 2=3+4 3 4 5=6to9 6* 7 8 9 1998/99 23,942.70 13,053.80 10,562.20 2,491.60 10,888.90 10,883.20 - 5.70 - 1999/00 31,283.70 19,423.40 16,533.10 2,890.30 11,860.30 11,852.14 - 8.16 - 2000/01 34,035.10 21,357.40 14,342.50 7,014.90 12,677.70 12,667.58 - 10.12 - 2001/02 28,098.96 15,985.10 8,986.68 6,998.42 12,113.86 12,082.39 - 31.47 - 2002/03 28,689.43 17,229.76 9,387.57 7,842.18 11,459.67 11,417.07 - 42.60 - 2003/04 31,652.96 19,199.16 9,389.23 9,809.93 12,453.80 12,245.09 - 208.71 - 2004/05 40,873.53 21,673.85 19,539.97 2,133.88 19,199.68 15,927.02 - 3,272.66 - 2005/06 49,298.60 25,266.35 19,095.75 6,170.60 24,032.25 19,431.14 - 4,601.11 - 2006/07 61,846.88 30,337.64 24,855.58 5,482.06 31,509.23 23,493.75 - 8,015.48 - 2007/08 78,475.08 33,075.66 35,405.76 - 2,330.10 45,399.42 33,600.61 - 11,798.81 - 2008/09 89,205.89 32,786.50 37,827.20 - 5,040.70 56,419.39 38,802.03 - 17,617.36 - 2009/10 104,416.17 33,013.08 39,340.32 - 6,327.24 71,403.09 47,603.55 - 23,799.53 - 2010/11 135,558.56 28,651.65 45,323.71 - 16,672.05 106,906.91 61,871.31 - 38,785.60 6,250.00 2011/12 189,122.06 21,557.41 45,344.08 - 23,786.67 167,564.65 94,617.04 - 60,445.61 12,502.00 2012/13 233,406.35 21,965.52 55,377.34 - 33,411.82 211,440.83 114,384.58 - 80,549.25 16,507.00 2013/14 299,729.65 26,630.78 64,211.94 - 37,581.17 273,098.87 141,975.83 - 110,866.04 20,257.00 2014/15 393,439.76 30,735.25 77,076.80 - 46,341.55 362,704.51 185,501.92 - 153,845.59 23,357.00 2015/16 490,230.38 47,524.36 95,038.07 - 47,513.71 442,706.02 226,849.25 - 190,249.77 25,607.00 2016/17 631,092.76 85,441.85 120,891.04 - 35,449.19 545,650.92 283,835.16 - 234,589.76 27,226.00 2017/18 784,621.75 102,002.83 140,206.86 - 38,204.03 682,618.92 346,302.91 - 289,023.30 47,292.71 2018/19 963,699.94 109,799.21 172,171.40 - 62,372.19 853,900.73 443,362.21 - 358,395.82 52,142.71 2019/20 1,302,948.27 137,082.91 195,710.99 - 58,628.07 1,165,865.36 588,391.22 - 519,331.43 58,142.71 2020/21 1,659,218.41 214,275.16 245,019.19 - 30,744.03 1,444,943.25 778,613.16 - 609,687.39 56,642.71 2021/22 2,195,732.48 422,864.02 326,216.31 96,647.71 1,772,868.46 996,662.17 - 731,383.58 44,822.71 2022/23 2,711,304.05 573,675.72 521,299.99 52,375.73 2,137,628.33 1,293,479.26 - 799,326.36 44,822.71 2023/24 3,134,751.57 745,541.09 632,253.09 113,288.00 2,389,210.48 1,480,244.34 - 867,643.43 41,322.71 2024/25 4832345.631 1586725.925 630423.215 956302.71 3245619.706 1827443.081 - 1388053.915 30122.71

• Includes Claims on Other Financial Institutions Source: National Bank of Ethiopia Claims on Central Gov't Claims on Non-Central Gov't

(In Millions of Birr) CBs' NBE Foreign Reserve Foreign Total Comm. Comm. Total Gold Exchange Tranche Exchange Liab. Banks NBE Total NBE Banks 1=2+6 2=3to5 3 4 5 6 7=8+9 8 9 10=11+12 11=2-9 12=6-8 2000/01 7,829.50 2,907.80 2.90 2,829.60 75.30 4,921.70 3,029.50 1,815.40 1,214.10 4,800.00 1,693.70 3,106.30 2001/02 11,470.69 5,743.59 2.89 5,660.00 80.70 5,727.10 3,648.28 1,703.30 1,944.99 7,822.40 3,798.60 4,023.80 2002/03 14,427.18 7,988.21 2.90 7,899.31 86.00 6,438.98 3,378.06 1,674.66 1,703.40 11,049.13 6,284.81 4,764.32 2003/04 17,449.79 11,307.29 2.49 11,213.25 91.56 6,142.50 4,451.95 1,889.52 2,562.43 12,997.84 8,744.86 4,252.98 2004/05 19,963.48 13,704.89 57.04 13,556.51 91.34 6,258.59 6,095.48 1,979.79 4,115.69 13,868.00 9,589.20 4,278.80 2005/06 16,759.04 10,071.69 89.21 9,889.65 92.83 6,687.35 4,649.48 1,735.83 2,913.65 12,109.56 7,158.05 4,951.51 2006/07 19,514.94 11,977.29 429.28 11,448.50 99.50 7,537.65 6,174.58 1,986.26 4,188.32 13,340.36 7,788.96 5,551.40 2007/08 16,735.51 8,708.66 5.47 8,589.23 113.96 8,026.85 5,069.87 2,301.87 2,768.01 11,665.63 5,940.65 5,724.98 2008/09 26,434.27 17,214.61 18.17 17,068.99 127.45 9,219.66 8,457.46 3,076.51 5,380.94 17,976.81 11,833.66 6,143.15 2009/10 42,350.09 27,289.34 443.30 26,700.34 145.70 15,060.75 15,160.31 3,254.28 11,906.03 27,189.78 15,383.31 11,806.47 2010/11 79,945.54 51,551.39 1,395.23 49,960.48 195.67 28,394.16 24,410.87 5,715.48 18,695.39 55,534.68 32,856.00 22,678.68 2011/12 64,119.02 40,101.45 2,038.08 37,868.05 195.32 24,017.57 26,738.54 5,484.21 21,254.33 37,380.48 18,847.12 18,533.36 2012/13 72,658.12 44,140.03 2,253.17 41,685.08 201.78 28,518.09 27,009.59 7,515.18 19,494.41 45,648.53 24,645.62 21,002.91 2013/14 77,877.97 50,624.47 1,217.59 49,188.46 218.41 27,253.50 31,905.67 7,995.09 23,910.57 45,972.30 26,713.89 19,258.41 2014/15 82,741.82 66,817.67 79.30 66,423.11 315.26 15,924.15 45,170.87 8,326.57 36,844.30 37,570.95 29,973.37 7,597.57 2015/16 95,054.96 74,156.73 1,113.92 72,711.31 331.50 20,898.24 73,530.80 9,880.50 63,650.30 21,524.16 10,506.42 11,017.74 2016/17 98,750.83 73,874.32 741.33 72,783.57 349.42 24,876.51 60,716.07 10,818.77 49,897.29 38,034.76 23,977.03 14,057.74 2017/18 102,738.91 77,617.37 750.54 76,448.42 418.41 25,121.54 63,362.74 14,504.75 48,857.99 39,376.17 28,759.38 10,616.79 2018/19 127,270.43 98,726.63 804.88 97,483.96 437.79 28,543.79 112,765.27 18,006.38 94,758.88 14,505.16 3,967.75 10,537.41 2019/20 150,483.56 115,367.05 3,280.63 111,560.99 525.42 35,116.52 155,524.24 24,578.24 130,945.99 - 5,040.67 - 15,578.95 10,538.27 2020/21 203,432.98 126,487.86 628.17 125,179.52 680.17 76,945.12 203,617.13 33,850.44 169,766.69 - 184.15 - 43,278.83 43,094.68 2021/22 145,816.65 81,884.95 2,065.31 79,062.50 757.13 63,931.70 255,178.88 41,140.56 214,038.32 - 109,362.23 - 132,153.37 22,791.14 2022/23 130,496.65 56,283.45 129.15 55,359.30 795.00 74,213.20 290,465.18 42,887.73 247,577.45 - 159,968.52 - 191,294.00 31,325.47 2023/24 171,889.65 82,379.41 220.11 81,342.50 816.80 89,510.24 416,943.63 45,876.47 371,067.16 - 245,053.98 - 288,687.76 43,633.78 2024/25 1062637.504 671855.8133 36648.357 633182.262 2025.1943 390781.691 1237613.478 132993.3637 1104620.114 -174975.9734 -432764.3007 257788.3273 Source: National Bank of Ethiopia (NBE) Net Gold & Foreign Exchange Table 17: Gold & Foreign Exchange Holdings of the National Bank of Ethiopia and Commercial Banks Gross Total End of the year Gross Gold and Foreign Exchange Holdings National Bank of Ethiopia International Reserves Foreign Liabilities

Table 18: Treasury Bills Auction Results Annual Amount Bank Non-bank Total Bank Non-bank Total Bank Non-bank Total Weighted Offered Total Yield 2005/06 47,793.50 142 45.00 187.00 56,687.50 3,916 60,604 44,466 3,328 47,794 0.04 2006/07 69487.0 99 68.0 167.0 71259.0 7663.0 78922.0 58599.6 6715.4 65315.0 0.5 2007/08 48889.0 92 88.0 180.0 46761.0 13127.5 59888.5 35613.0 12103.5 47716.5 0.7 2008/09 28471.9 83 178.0 261.0 21974.5 24792.7 46767.2 2672.0 25167.8 27839.8 0.5 2009/10 55203.3 82 198.0 280.0 23386.9 27871.2 51258.1 13902.0 27834.5 41736.5 0.7 2010/11 83390.7 65 155.0 220.0 23715.3 32044.8 55760.0 20271.3 32044.8 52316.0 1.3 2011/12 96511.9 202.0 204.0 406.0 26712.7 50482.1 77194.8 24212.7 50482.1 74694.8 1.9 2012/13 107484.5 394.0 210.0 604.0 51493.5 62185.7 109184.5 51493.5 62185.7 109184.5 2.2 2013/14 88074.9 226.0 240.0 466.0 31226.0 81608.6 112834.6 16989.0 76933.5 94233.3 1.5 2014/15 100739.4 0.0 248.0 248.0 0.0 136536.8 136536.8 0.0 110593.3 110593.3 1.3 2015/16 145877.4 0.0 217.0 217.0 0.0 161575.2 161575.2 0.0 199200.0 199200.0 1.3 2016/17 204543.2 0.0 200.0 200.0 0.0 225321.2 225321.2 0.0 225321.2 225321.2 1.3 2017/18 286494.2 0.0 192.0 192 0.0 323991.2 323991.2 0.0 323991.2 323991.2 1.3 2018/19 397958.2 3.0 189.0 192 650 421983.535 422633.535 650 421983.535 422633.535 1.4 2019/20 231,486.88 35.00 128.00 163.00 11,143.00 232,012 243,155 5,980 228,859 234,839 4.5 2020/21 330673.0 286.0 117.0 403.0 127679.0 157104.6 284783.6 109655.9 129143.7 238799.6 8.0 2021/22 858468.8 412.0 174.0 586.0 365432.3 234046.3 599478.6 357032.3 225236.3 582268.6 9.0 2022/23 1278068.3 414.0 235.0 649.0 287405.1 307826.2 595231.3 268255.1 307826.2 576081.3 9.4 2023/24 1354852.2 270.0 263.0 533.0 333009.3 479882.8 812892.1 321319.3 476477.8 797797.1 10.0 2024/25 498,906.83 118.00 143.00 261.00 224,919 165,689 390,608 219,251 165,139 384,389.99 14.54 Period Number of Bidders Amount Demanded Amount Sold

Table 19: Employment Created by Domestic & Foreign Investment Projects Which Have Commenced Operation, by Sector Perm. Empl. Temp.Emp Perm. Empl. Temp.Empl. Perm. Empl. Temp. Empl. Perm. Empl. Temp.Empl Agriculture, hunting and forestry - - 100.00 Construction 30.00 24.00 765.00 355.00 11.00 14.00 714.00 551.00 Education 17.00 120.00 40.00 8.00 - Electricity, gas, steam and water supply - - Fishing - - Health and social work 20.00 - 66.00 127.00 12.00 15.00 317.00 63.00 Hotels and restaurants 60.00 80.00 107.00 5.00 57.00 13.00 193.00 104.00 Manufacturing 8,747.00 1,566.00 5,031.00 4,445.00 5,045.00 1,690.00 6,637.00 1,459.00 Mining and quarrying - - Other community, social and personal service activities - - 14.00 5.00 Real estate, renting and business activities 1,109.00 426.00 625.00 4,375.00 567.00 432.00 54,407.00 60,289.00 Transport, Storage and Communication 3.00 2.00 65.00 32.00 510.00 35.00 Wholesale, retail trade & repair service 3.00 30.00 155.00 210.00 Others* 2,925.00 1,324.00 70.00 52.00 Grand Total 12914 3452 6849 9431 5706 2169 63041 62711 2017(2024/25) Sector 2014(2021/22) 2015(2022/23) 2016(2023/24)

No. of Projects Investment Capital No. of Projects Investment Capital No. of Projects Investment Capital No. of Projects Investment Capital Agriculture, hunting and forestry - - 1.00 20.00 1.00 3,110.02 Construction 47.00 482.10 14.00 118.17 7.00 60,025.00 38.00 24,370.03 Education 1.00 20.58 1.00 1,500.00 1.00 70.00 2.00 334.00 Electricity, gas, steam and water supply - - Fishing - - Health and social work 1.00 6.99 3.00 48.70 6.00 152.28 12.00 412.35 Hotels and restaurants 1.00 105.37 2.00 30.44 2.00 157.32 5.00 136.93 Manufacturing 26.00 1,308.25 59.00 2,765.51 64.00 14,770.70 111.00 20,297.49 Mining and quarrying - - Other community, social and personal service activities - - 1.00 5.50 Real estate, renting and business activities 23.00 130.70 14.00 56,150.88 20.00 810.90 29.00 156,939.08 Transport, Storage and Communication 8.00 62.50 6.00 1,139.51 2.00 213.02 Wholesale, retail trade & repair service 1.00 1.65 4.00 174.84 Others* 4.00 65.72 4.00 716.73 Grand Total 112 2183.856544 104 62489.953 101 75991.69859 204 205987.7543 Table 20: Number and Investment Capital of Domestic & Foreign Investment Projects Which Have Commenced Operation by Sector ( In millions of Birr) 2017(2024/2025) Sector 2014(2021/2022) 2015(2023/2024) 2016(2022/2023)

Annex 21: Number and Capitalof Domestic & Foreign Investment Projects Which Have Commenced Operation, by Region (In millions of Birr) No. of Projects Investment Capital No. of Projects Investment Capital No. of Projects Investment Capital No. of Projects Investment Capital No. of Projects Investment Capital Addis Ababa 711.00 30,820.39 64.00 750.04 35.00 5,010.28 49.00 62,422.44 147.00 36,756.77 Afar - - Amhara 41.00 285.22 1.00 1.65 1.00 1.05 B.Gumze - - Dire Dawa - - Gambella - - Harari - - Multiregional 33.00 2,967.74 46.00 1,326.78 69.00 57,479.68 52.00 13,569.29 56.00 169,230.27 Oromia - - SNNPR 1.00 105.37 Somali - - Tigray - - Grand Total 785.00 34,073.36 112.00 2,183.83 104.00 62,489.95 101.00 75,991.73 204.00 205,988.09 2017(2024/25) Sector 2013(2020/21) 2014(2021/22) 2015(2022/23) 2016(2023/24)