Region

Jurisdiction

Regulator

2023-12-28

National Bank of Ethiopia Second Quarter Report 2023/24

The National Bank of Ethiopia issued its Second Quarter 2023/24 bulletin, reporting a headline inflation rate of 5.4 percent and broad money supply growth of 18.7 percent to Birr 2.31 trillion, driven by a 20.3 percent expansion in domestic credit. The banking sector disbursed Birr 116.2 billion in new loans, bringing total outstanding credit to Birr 2 trillion, while the inter-bank forex market recorded a 5.0 percent annual depreciation of the Birr to Birr 55.61 per USD. Concurrently, federal government revenues grew by 26.4 percent to Birr 139.6 billion, resulting in a Birr 40.4 billion fiscal deficit as the current account balance widened to USD 2.0 billion due to higher merchandise imports and declining transfer receipts.

Ethiopia

National Bank of Ethiopia

2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (2008) (2009) (2010) (2011) (2012) (2013) (2014) (2015)

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 1.14 million Arable Land (% of total area) NA 12.00 13 14.2 14.32 14.41 16.2 16.2 Agricultural Irrigated Land (% of totalAgricultural area) NA NA 4.0 4.0 4.7 5 6% 6.20% Population Density (person per sq.km)* 101.00 104.00 106 109 112 115 123 127
Social Indicators Population total, in millions (Mid-Year population) 91.2 93.4 95.5 97.6 99.75 101.9 104.1 105.7 (o/w Urban Poulation, in %) 19.9 20.3 21 22.8 28.2 Working Age Population (In Millions) Urban 12.2 12.8 12 13.13 14.03 15.01 16.04 31.1 Rural 39.7 40.8 42 43.06 44.28 45.8 46.6 40.4 Total 52.0 53.6 56 56.19 58.31 60.81 62.64 61.7 Age Dependency Ratio 75.0 75 69 62 Life Expectancy at Birth (Male - Female) 60.2-64.2 60.2-64.2 62.4-66.6 62.4-66.6 62.4-66.7 65.5 Crude Birth Rate 30.3:1000 30.3:1000 27:1000 27:1000 27:1001 27:1002 27:1003 27:1000 Crude Death Rate 7.2:1000 7.2:1000 6:03 6.00 6.30 Natural Rate of Population Increase (In %) 2.31 2.31 2:07 Total Fertility Rate 3.94chil:W 3.94chil:W 3.5chil:W 4.6chil:W 4.6chil:W 4.1 People : Hospital Beds 2850:1 2980:1 3617:1 1,312 2750 2720 2900 3225: 1 bed People : Physician1 14045:1 22766:1 26635:1 10,521:1 9977:1 8448:1 7576 5737 People : Nurse 1 1999:1 1194:1 1780:1 1620:1 1705 1473 1415 983 Infant Mortality Rate 62.4:1000 62.4:1000 53.3:1000 53.3:1000 43.3:1000 47:1001 47:1000 34:1000 Access to Safe Water (In %) Country Level 61.0 66.0 71 76 79.3 58.5 58.76 67.1 Urban Population 52.5 55.0 60 66 66.5 62.95 71.97 75.7 Rural Population 63.1 68.0 74 79 82.7 57.26 59.76 64.5 Student-Teacher Ratio Primary (1-8) 46:1 43.00 43 39 39 34.8 34.6 36.4 Secondary (9-12) 26.5:1 43.00 43 22.5 24 27.4 27.7 26.6 Technical & Vocational 12.6፡1 11.00 26 13.3 13.3 1:11 1:11 1:18 Student-School Ratio NA Primary (1-8) 573፡1 580.00 567 628 528 512.7 526.6 517.6 Secondary (9-12) 767.2፡1 754.00 741 568 940 1017 1063 1009.6 Technical & Vocational 523፡1 329.00 318 246.8:1 246.6:1 177 158 151.5 Ethiopia: Macroeconomic and Social Indicators Indicators

2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (2008) (2009) (2010) (2011) (2012) (2013) (2014) (2015) 3. Macroeconomic Indicators 3.1. Real sector Development2 GDP at Current Market Price (In Mn. Birr) 1,568,097.45 1,832,553.7 2,202,373 2,696,223.0 3,374,747 4341387.1 6,157,538 8,722,308 Nominal GDP Growth Rate (In %) 17.7 16.9 20.2 22.4 25.5 28.6 41.8 42.4 Average Marginal Exchange Rate (Birr per USD) 21.1 22.4 26.1 28.1 31.3 39.0 48.57 53.283 GDP at Current Market Price (In Mn. USD) 74,296.6 81,760.4 84,355.6 95,951.0 107,673 111271.2 126,783 163,698 Nominal GDP per Capita (In USD) 814.6 875.8 883.3 983.1 1,080 1091.8 1,218 1,549 Real GDP per Capita ( In Birr ) 8,864.0 18,257.5 19,205 20,360.2 21,144.7 21,863.35 22,542.21 22,798,071.26 Real GDP per Capita Growth Rate (In %) 3.4 8.0 5 6 4 3.4 3.1 101035.0 GDP Deflator (% change) 9.5 6.7 12.5 13.2 18.2 21.8 34.7 32.9 Real GDP at constant basic price (In Mn. Birr) 1,449,397.5 1,596,481.6 1,719,491 1,874,689.3 1,989,587.7 2,114,238.3 2,248,571.6 2,439,478,100.7 Real GDP at constant market price (In Mn. Birr) 1,568,097.5 1,717,127.2 1,834,066 1,987,157.5 2,109,180.1 2,228,170.1 2,346,644.1 2,409,921,417.8 Real GDP Growth Rate (In %) 8.0 10.1 7.7 9.0 6.1 6.3 6.1 7.2 Agriculture & Allied Activties(In Billion Birr) 544.1 580.4 600.9 623.8 650.3 686.4 728.4 774.0 Industrial Sector (In Billion Birr) 343.9 413.8 464 526.2 576.9 618.8 649.2 694.2 Service Sector(In Billion Birr) 575.9 619.3 674 745.7 786.8 836.2 899.8 971.3 Agriculture & Allied Activties (% of GDP) 37.5 36.4 34.9 33.3 32.7 32.5 32.4 32.1 Industrial Sector (% of GDP) 23.7 25.9 27.0 28.1 29.0 29.3 28.9 28.8 Service Sector (% of GDP) 39.7 38.8 39.2 39.8 39.5 39.6 40 40.3 Private Consumption Expenditure 1,042,264.6 1,219,365.9 1,441,581.1 1,848,070.0 2,360,896 3,134,994 4,764,429 6882737.9 Government Consumption Expenditure 174,598.8 203,607.9 225,523.2 247,362.0 307,769 383,565 453,263 551106.6 Investment 585,665.0 704,596.0 751,626.2 948,866.0 1,037,685 1,216,585 1,560,325 1,933,863 Exports 122,500.8 139,830.1 184,282.1 213,437.0 239,229 329,634 507,692 575,062 Imports 424,749.9 430,233.2 502,112.9 561,512.0 571,230 723,391 1,128,171 1,220,461 Resource Balance (302,249.0) (290,403.0) (317,831.0) (348,075.0) -329,096 -394,236 -620,479 -645,400 Gross Private Consumption (% of GDP) 66.5 66.5 65.5 68.5 69.96 72 77.4 78.9 Gross Government Cosumption (% of GDP) 11.1 11.1 10.2 9.2 9.1 8.84 7.4 6.3 Gross Domestic Fixed Investment (% of GDP) 37.3 38.4 34.1 35.2 30.7 28.02 25.3 22.2 Resource Balance (% of GDP) (19.3) (15.8) (14.4) (12.9) (9.8) -9.08 -10.1 -7.4 3.2. Monetory Indictors Narrow Money Supply (M1) (In Mn. Birr) 178,609.66 216,769.62 281,154.66 308,937.13 360,585.50 437,391.97 588,015.82 706,142.20 Broad Money Supply (M2) (In Mn. Birr) 445,266.25 573,384.05 740,572.88 886,752.53 1,037,646.33 1,348,266.15 1,715,310.03 2,170,848.37 Net Foreign Assets (In Mn. Birr) 21,524.19 38,034.79 39,376.20 14,506.19 (8,321.31) (812.32) (111,427.54) (160,097.68) Reserve Requirement (CBs) 21,745.43 28,278.91 36,385.76 44,861.74 51,952.51 67,732.37 119,022.55 150,325.15 Interest Rate (In %) Minimum Deposit Rate 5.00 5.00 7 Lending Rate 12.75 12.75 13.5 13.5 14.25 Total Net Domestic Credit (in mn. Birr) 490,230.35 631,092.73 784,621.73 963,699.91 1,176,926.45 1,481,844.43 1,930,621.80 2,444,435.50 Government 47,524.36 85,441.85 102,002.83 109,799.21 137,082.91 214,275.16 422,864.02 573,675.72 Other Sectors 442,705.99 545,650.89 682,618.90 853,900.70 1,039,843.53 1,267,569.27 1,507,757.78 1,870,759.78 Indicators Continued….

2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (2008) (2009) (2010) (2011) (2012) (2013) (2014) (2015) 3.3. Inflation (CPI growth rate)3 Country Level -General inflation 9.7 7.4 14.60 12.60 19.90 20.20 33.80 32.60 -Food inflation 11.2 7.2 13.40 13.10 23.30 23.20 40.30 31.70 -Non-Food inflation (core inflation) 8.1 7.5 15.80 11.90 15.80 16.40 25.15 33.90 Addis Ababa -General inflation 10.3 2.3 16.5 14.6 18.8 19.5 29.8 37.3 -Food inflation 16.6 1.2 8.7 15 25.9 26.2 36.6 35.5 -Non-Food inflation (core inflation) 5.8 3.2 22.6 14 13.9 14.4 24.1 39.0 3.4. External Trade(In Mn.USD) Export of goods & services 6077.3 6257.2 7095.9 7694.9 7715.7 8498.9 10457.7 10855.8 Import of goods & services 20552.1 19714.0 19707.4 20704.8 18828.3 19177.0 23845.0 23394.5 Net trade in goods & services -14474.7 -13456.9 -12611.4 -13009.9 -11112.6 -10678.0 -13387.3 -12538.6 Current account balance including official transfers -6655.1 -6543.2 -5285.0 -4948.0 -4401.9 -3190.7 -5145.1 -4637.4 Capital account balance 6554.1 6885.3 6184.6 4822.4 4326.5 3785.8 2723.7 3504.9 Overall balance of payments -830.9 658.6 -201.6 -941.6 -833.4 298.7 -2149.8 -752.0 3.5. Government Finance (In Mn .Birr4 ) Total Revenue (including grants) 243,671.6 269,105.9 287,562.1 344,936.5 394,965.8 478,888.1 566,753.6 717,586.7 Total Revenue (excluding grants) 230,657.3 256,629.0 269,648.2 311,317.4 354,312.8 444,582.6 540,060.5 685,459.1 o/w Tax-Revenue 189,717.2 210,135.9 235,229.5 268,457.4 311,476.5 388,763.5 477,770.3 593,232.1 Tax-Revenue as % of GDP 14.7 14.0 12.3 11.6 10.5 10.2 8.8 7.9 Total Expenditures 272,930.1 329,286.8 354,205.3 413,105.7 480,143.2 599,006.7 779,099.0 938,771.6 Current Expenditures 131,902.8 176,703.0 210,470.2 238,156.6 275,967.0 363,596.9 517,043.4 582,854.6 Capital Expenditures 141,027.3 152,583.8 143,735.1 174,949.1 204,176.1 235,409.7 262,055.7 355,917.0 Equity Contribution (Sinking Fund) Special Programs - - - - - - Total Expenditures as % of GDP 17.4 18.0 16.1 15.4 14.2 13.8 12.7 10.8 Current Surplus/Deficit 111,768.8 92,402.9 77,091.9 106,779.9 118,998.8 115,291.2 49,710.3 134,732.1 Overall Budget Deficit (including grants) (29,258.5) (60,180.9) (66,643.2) (68,169.2) (85,177.4) (120,118.5) (212,345.4) (221,184.9) Deficit as % of GDP (1.9) (3.3) (3.0) (2.5) (2.5) (2.8) (3.4) (2.6) Overall Budget Deficit (excluding grants) (42,272.8) (72,657.8) (84,557.1) (101,788.3) (125,830.4) (154,424.0) (239,038.5) (253,312.4) Deficit as % of GDP (2.7) (4.0) (3.8) (3.8) (3.7) (3.6) (3.9) (2.9) 3.6. Exchange Rate (Birr/ USD) Inter-Bank Forex Market Rate5

Period weighted Average 21.1059 22.4137 26.1082 28.0543 31.3427 39.0163 48.5673 53.2830
End period 21.8004 23.1081 27.2621 28.9109 34.9822 43.6910 51.9938 54.5943 Indicators Continued….

2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (2008) (2009) (2010) (2011) (2012) (2013) (2014) (2015) 3.7. Treasury Bill Market (In Mn .Birr) T-Bills Demanded (Total) 161,575.24 225,321.24 323,991.24 422,633.54 242,155.09 284,783.55 599,478.63 595,231.34 T-Bills Sold 161,475.24 225,321.24 323,991.24 422,633.54 242,155.09 238,799.55 582,268.63 576,081.34 Average Weighted Yield (in %) 1.438 1.424 1.420 1.741 4.808 7.970 9.459 9.70 T-Bills Outstanding by holder 57,252.56 73,271.56 111,213.56 138,054.36 23,724.00 116,559.95 317,169.59 341,869.53 Banks - - - 650.00 5,604.00 52,040.00 195,432.29 146,568.05 Non-Banks 57,252.56 73,271.56 111,213.56 137,404.36 18,120.00 64,519.95 121,737.30 195,301.48 3.8. Inter Bank Money Market Rate5 3.9. Financial Institutions Number of Commercial Banks 17.00 18.00 30.00 31.00 (o/w Private banks) 16.00 17.00 28.00 29.00 Number of Bank Branches 3,301.00 4,257.00 4,757.00 5,564.00 6,511.00 7,344.00 8,944.00 11,281.00 Population : Bank Branch 27,932.00 22,164.00 20,286.50 17,732.20 15,702.00 13,921.00 11,516.00 9,514.00 Number of Insurance Companies 17.00 18.00 (o/w Private Insurance Companies) 16.00 17.00 Number of Insurance Branches 426 492.00 532.00 568.00 605.00 635.00 690.00 741.00 Population : Insurance Branch 216,443.00 191,772.00 181,396.00 173,848.00 168,983.00 160,629.92 149,272.50 144,846.00 Number of Development Banks 1.00 1.00 1 Number of Development Bank Branches 110 110.00 107 107 93 82 83 83 Number of Micro-financial Institutions 35.00 35.00 38 38 39 39 43 47 Source : Ministries of Agriculture, Finance and Economic Development, Health, and Education, National Bank of Ethiopia, Centeral Statistical Authority, … etc Note:- *population is estimated using component method after 2006/2007

Excluding manpower out side the Ministry of Health.
The GDP data series is revised on basis of 2015/16 =100 base year
Inflation data is calculated using the new base year (December 2016=100)
Figures for government finance are preliminary estimates from 1999/00 onwards.
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 MoFED Indicators Continued….

National Bank of Ethiopia Quarterly Bulletin 1 | Second Quarter 2023/24 I. OVERVIEW 1.1. International Economic Developments According to European Central Bank monthly bulletin of 6-7/2023, global economic growth moderated during the second quarter of the FY 2023/24, as monetary policy tightening transmitted to the world economy. Growth in global real GDP is estimated to have slowed to 0.8 percent in the second quarter, down from 1.0 percent in the first quarter of the FY 2023/24. The global composite output Purchasing Managers’ Index (PMI) points to a decline in the rate of real GDP growth in the reporting period. In the United States, growth remains robust. High frequency indicators, such as consumer confidence and retail sales showed strong performance in the second quarter of 2023/24. In the United Kingdom, economic activity declined again in the second quarter. Real GDP growth surprised to the downside in the second quarter, standing at -0.3 percent, down from -0.1 percent in the first quarter In Japan, real GDP unexpectedly declined in the second quarter of 2023/24. Economic activity fell again in the second quarter, by 0.1 percent, after contracting by a downwardly revised 0.8 percent in the first quarter. This outcome reflects weakness in domestic demand which was relatively broad-based. In China, recent activity indicators provide mixed signals amid an on-going adjustment in the residential property market. While industrial production growth increased slightly to 6.5 percent in annual terms in December. In December 2023 core inflation across member countries of the Organisation for Economic Co-operation and Development (OECD) continued to decline. Annual headline consumer price index (CPI) inflation across OECD member countries excluding Türkiye decreased to 3.4 percent in November, down from 3.6 percent in October, owing to some easing in food price inflation. Core inflation (headline inflation excluding food and energy) also declined in November, falling 0.2 percentage points to 4.1 percent, but remains elevated.

National Bank of Ethiopia Quarterly Bulletin 2 | Second Quarter 2023/24 1.2. Macroeconomic Developments in Ethiopia 1.2.1. Inflation Quarterly average headline inflation rate decreased to 5.4 percent in the second quarter of 2023/24 from 7.5 percent inflation rate recorded in the preceding quarter on account of a 2.9 percentage point decrease in food inflation. Food & nonalcoholic beverages and non-food inflation contributed 54.6 percent and 45.4 percent, respectively, to the headline inflation registered in the review quarter. Compared to the previous year’s same quarter inflation of rate of 5.0 percent, inflation in the review quarter has depicted a marginal increment of 0.4 percentage points. 1.2.2. Monetary Developments Broad money supply (M2) stood at Birr 2.31 trillion at the end of the second quarter of 2023/24 reflecting a 18.7 percent annual growth mainly due to a 20.3 percent expansion in domestic credit, offsetting the 70.2 percent contraction in external asset (net) and 34.9 percent in other items (net). Meanwhile, net claims on government and credit to non-government sector grew by 33.7 and 16.6 percent, respectively.

National Bank of Ethiopia Quarterly Bulletin 3 | Second Quarter 2023/24 During the review period, reserve money reached Birr 448.5 billion, indicating 6.7 percent annual and 1.2 percent quarterly growth. Reserve money has registered a lower growth compared to 26.5 percent annual expansion a year ago due to NBE’s tight monetary policy stance. Regarding the money multiplier, measured by the ratio of broad money to reserve money, increased to 5.2 from 4.6 a year earlier reflecting the fact that more money is being created relatively by commercial banks rather than by NBE. 1.2.3. Interest rate During the review period, average savings deposit rate remained unchanged at 8.0 percent and the simple average lending interest rate increased to 14.75 percent while weighted average time deposit rate stood at 7.6 percent compared to 7.76 percent a year ago. On the other hand, weighted average yield on T-bills for the quarter was 9.51 percent versus 9.59 percent last year same quarter. Considering the 28.7 percent headline inflation in December 2023, real interest rates on deposit, lending and the T-bills yield remained negative. 1.2.4. Financial Sector Developments a) Banks By the end of the second quarter of 2023/24, the number of banks in Ethiopia reached 32, of which 30 were private and 2 state owned. These banks have opened 306 new bank branches during the review quarter, thereby increasing the total number of bank branches to 11,870. As a result, the ratio of population to bank branch stood at 9,0421 . Of the total bank branches, 31.3

1 Total population is 107,331,000 as CSA Estimation for 2023 percent were located in Addis Ababa. Meanwhile, total capital of the banking system reached Birr 277.8 billion of which private banks accounted for 65.9 percent and state owned banks (Commercial Bank of Ethiopia and Development Bank of Ethiopia) 22.5 percent. The banking sector disbursed Birr 116.2 billion in new loans during the review quarter, indicating 36.1 percent decline from last year same period. Of the total

National Bank of Ethiopia Quarterly Bulletin 4 | Second Quarter 2023/24 new loans disbursed, the share of state owned banks was 52.9 percent and that of private banks 47.1 percent. The major beneficiaries of the fresh loans were Domestic Trade (Birr 24.7 billion or 21.2 percent), International Trade (Birr 17.8 Billion or 15.4 percent), Agriculture (Birr 16.8 billion or 14.4 percent), Manufacturing (Birr 16.1 billion or 13.9 percent), Building and Construction (Birr 12.3 billion or 10.6 percent), Consumer and Staff Loans (Birr 11.6 Billion or 10 percent). In the meantime, the banking system collected Birr 91.2 billion in loans, showing a 17.4 percent annual growth. Of the total loan collection, 71.9 percent was collected by private banks and 28.1 percent was by state owned banks. Total outstanding credit of the banking system (including corporate bond) went up by 14.9 percent to reach Birr 2 trillion compared to last year same period. About 99.5 percent of the total outstanding credit of private banks was claims on cooperatives and private enterprises. b) Insurance Sector The number of insurance companies remained at 18, of which 17 were private and 1 state owned. Their branches increased to 779 from 717 a year ago. Of the total branches, about 56.5 percent were located in Addis Ababa. The total capital of insurance companies increased to Birr 18.9 billion from 14.4 billion last year, of which private insurance companies accounted for 79 percent of the total capital. c) Microfinance Institutions During the review quarter, the number of Micro Finance Institutions (MFIs) remained at 46 mobilized about Birr 26.2 billion in saving deposit, showing 11 percent annual growth. Total outstanding credit of these institutions declined by 1.6 percent and reached Birr 34.8 billion. Similarly, their capital showed a 27.2 percent decline and reached Birr 9.6 billion.

National Bank of Ethiopia Quarterly Bulletin 5 | Second Quarter 2023/24 1.2.5. External Sector and Foreign Exchange Developments a) External Sector Development Total receipts from export of goods stood at USD 770.7 million showing a 0.9 percent annual decline. This was attributed to lower revenues from coffee (7.0 percent), flower (15.7 percent), chat (13.9 percent), fruit & vegetables (58.1 percent), meat & meat products (39.2 percent), textile & textile products (45.1 percent), leather & leather products (29.9 percent) and other exports (21.8 percent). Meanwhile, there were improvements in export receipts from pulses (41.5 percent), gold (63.1 percent), oilseeds (101.9 percent), live-animals (216.6 percent) and electricity (18.3 percent). Total merchandise import bills amounted to USD 4.9 billion during the review quarter, which was 8.0 percent higher than last year same period due to higher import values of capital goods, fuel, semi-finished goods, raw materials and miscellaneous goods despite decline in import values of consumer goods. During the review period, total transfer receipts decreased by 8.4 percent and reached USD 1.9 billion on account of slowdown (3.8 percent) in private transfers (3.8 percent) and in public transfers (26.5 percent). Likewise, total transfer payments decreased from USD 75.6 million to USD 27.7 million owing to 90.5 percent decline in public transfer payments despite an increase in private transfer payments. The deficit in the current account balance (including official transfers) widened from USD 1.5 billion last year same period to USD 2.0 billion this quarter due to widening merchandise trade deficit, fall in net services surplus and decline in both private transfers and public transfers (Table 5.1). Capital account registered a surplus of USD 1.5 billion, which was 28.8 percent higher than USD 1.2 billion surplus recorded a year ago. The rise in surplus was mainly attributed an increase in net surplus of official long term capital, private sector long term capital and short term capital coupled with a shift in other public sector long-term capital from deficit (USD 44 million) a year ago to surplus (67.5 million) this year. On the other hand, net foreign direct investment decreased by 2.3 percent.

National Bank of Ethiopia Quarterly Bulletin 6 | Second Quarter 2023/24 As a result, the overall balance of payments recorded USD 389.5 million in deficits compared to USD 328.1 million deficit a year ago. b) Exchange Rate Development In the inter-bank forex market, weighted average official exchange rate of Birr stood at Birr 55.6146/USD in the second quarter of 2023/24, depicting a 5.0 percent annual depreciation. The real effective exchange rate index (REERI) depreciated by 9.5 percent, as a result of lower domestic inflation despite the appreciation of Birr against Ethiopia’s main trading partners’ currencies. On the other hand, the NEERI appreciated by 6.9 percent compared with last year same quarter due to weakening of trading partner’s currencies against the US dollar. 1.2.6. Federal Government Fiscal Operations During the second quarter of 2023/24, the total revenue and grants of the Federal government was Birr 139.6 billion, which exhibited a 26.4 percent annual growth. Likewise, Federal government expenditure increased by 8.4 percent and stood at Birr 180.1 billion during the review quarter. Hence, the overall fiscal balance (including grants) resulted in a Birr 40.4 billion deficit during the review period. 1.2.7. Investment During the second quarter of 2023/24, 12 investment projects having investment capital of Birr 846.7 million became operational. Compared to last year same quarter, the number of investment projects and investment capital slowed down by 25 and 70.6 percent respectively.

National Bank of Ethiopia Quarterly Bulletin 7 | Second Quarter 2023/24 II. ENERGY PRODUCTION AND PROCESSING 2.1. Import of Petroleum Products During the second quarter of 2023/24, about 1 billion metric tons of petroleum products were imported showing a 16.1 percent annual growth owing to higher imports except fuel oil. Similarly, the amount of petroleum products imported were 17.6 percent higher than the preceding quarter. Of the total imports during the period, gas oil constituted 60.1 percent followed by jet fuel (19.6 percent), regular gasoline (18.5 percent) and fuel oil (1.8 percent) (Table 2.1). Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2022/23 2023/24 Qtr. II Qtr. I Qtr. II Percentage Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 168,681.6 18.3 154,992.4 17.0 198,679.4 18.5 17.8 28.2 Jet Fuel 129,360.2 14.0 145,961.7 16.0 209,934.2 19.6 62.3 43.8 Fuel Oil 19,500.0 2.1 15,300.0 1.7 19,202.0 1.8 -1.5 25.5 Gas Oil (ADO) 606,671.5 65.6 596,179.7 65.3 645,535.7 60.1 6.4 8.3 Total 924,213.3 100 912,433.8 100 1,073,351.3 100 16.1 17.6 Source: Ethiopian Petroleum Enterprise

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

100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 I II III IV I II III IV I II III IV I II III IV I II 2019/20 2020/21 2021/22 2022/23 2023/24 MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Total petroleum import value at Birr 56 billion, was 17 percent higher than that of the same quarter of last year in response to an increase in volume of petroleum imports. The annual rise in the value of petroleum imports was on account of the increase in values of jet fuel (77 percent), regular gasoline (26.2 percent), fuel oil (26 percent), and gas oil (2.5 percent) (Table 2.2).

National Bank of Ethiopia Quarterly Bulletin 9 | Second Quarter 2023/24 Table 2.2: Value of Petroleum Products Imported (In ‘000’ Birr) Petrole um Produc ts 2022/23 2023/24 Percentage Qtr. II Qtr. I Qtr. II Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasolin e (MGR) 8,622,866.93 18.0 8,908,906.36 18.2 10,881,893.75 19.4 26.2 22.1 Jet Fuel 6,427,551.41 13.4 8,038,817.56 16.4 11,373,912.39 20.3 77.0 41.5 Fuel Oil 510,478.04 1.1 555,946.55 1.1 643,302.88 1.1 26.0 15.7 Gas Oil (ADO) 32,294,755.23 67.5 31,533,265.57 64.3 33,102,724.00 59.1 2.5 5.0 Total 47,855,651.62 100.0 49,036,936.04 100.0 56,001,833.02 100.0 17.0 14.2 Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 I II III IV I II III IV I II III I II III IV I II 2019/20 2020/21 2021/22 2022/23 2023/24 in 'Million Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise

National Bank of Ethiopia Quarterly Bulletin 10 | Second Quarter 2023/24 Average FOB price of petroleum products went down by 6.9 percent over last year same quarter due to lower FOB prices of gas oil (14 percent), jet fuel (5.9 percent) and regular gasoline (3.8 percent) despite price rises in fuel oil (19.3 percent). At the same time, average FOB price of petroleum products decreased (7.4 percent) vis - a- vis the previous quarter as a result of slowdown in FOB prices of all petroleum products (Table 2.3). Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2022/23 2023/24 Qtr. II Qtr. I Qtr. II Percentage Change A B C C/A C/B Regular Gasoline (MGR) 819.9 902.8 788.6 -3.8 -12.6 Jet Fuel 885.6 854.9 833.1 -5.9 -2.5 Fuel Oil 360.6 493.7 430.2 19.3 -12.9 Gas Oil (ADO) 1,798.4 1,635.5 1,546.4 -14.0 -5.5 Average 966.1 971.7 899.6 -6.9 -7.4 Brent Crude Oil (USD/Barrel) 88.6 86.7 83.7 -5.5 -3.4 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products 0 500 1000 1500 2000 2500 I II III IV I II III IV I II III IV I II III IV I II 2019/20 2020/21 2021/22 2022/23 2023/24 USD/MT MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise

National Bank of Ethiopia Quarterly Bulletin 11 | Second Quarter 2023/24 During the second quarter of 2023/24, the average price of Brent crude oil, which is used as a point of reference for international oil price, decreased by 5.5 percent and reached USD 83.7 per barrel. Likewise, when compared with the preceding quarter it moved down by 3.4 percent (Table 2.3). The average retail price of fuel in Addis Ababa during the review period raise in to Birr 86.3 per litter from Birr 72.7 per litter a year ago; depicting a 18.6 percent increase as a result of increase in retail price of all petroleum product except jet fuel (Table 2.4). Table 2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2022/23 2023/24 Qtr. II Qtr. I Qtr. II Percentage Change A B C C/A C/B Regular Gasoline (MGR)

59.9

74.0

77.7

29.7

4.9 Fuel Oil

100.7

120.5

123.5 22.6

2.5 Gas Oil (ADO)

64.8

75.7

79.8 23.0

5.3 Kerosene

64.8

75.7

79.8 23.0

5.3 Jet fuel

73.4

68.3

70.8

-3.5

3.7 Average 72.7

82.9

86.3

18.6

4.2 Source: Ministry of Trade

National Bank of Ethiopia Quarterly Bulletin 12 | Second Quarter 2023/24 Fig.2.4: Trends of Addis Ababa Average Retail Prices 0 20 40 60 80 100 120 140 I II III IV I II III IV I II III IV QI QII QIII IV I II 2019/20 2020/21 2021/22 2022/23 2023/24 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade 2.2. Electric Power Generation About 4.9 billion KWH electric power was generated during the second quarter of 2023/24. This was 14.6 percent higher than last year same quarter mainly attributed to 14.8 percent increase in hydroelectric production from (1.3 percent) wind sources (Table 2.5). Table 2.5: Electricity Generation by Sources (In '000 of K.W.H) Power Source 2022/23 2023/24 Percentage Qtr. II Qtr. I Qtr. II Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 4,034,999 94.8 4,542,707 97.1 4,633,378 95.0 14.8 2.0 Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind 221,504 5.2 122,199 2.6 224,391 4.6 1.3 83.6 Biomass - - 13,913 0.3 19,168 0.4 - 37.8 Total 4,256,504 100 4,678,819 100 4,876,937 100 14.6 4.2 Source: Ethiopian Electric Power

National Bank of Ethiopia Quarterly Bulletin 13 | Second Quarter 2023/24 Of the total energy generated, 95 percent was from hydropower and 4.6 percent from wind source (Table 2.5). By system of generation, virtually all the power was generated through the interconnected systems (ICS) 2 (Table 2.6).

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

National Bank of Ethiopia Quarterly Bulletin 14 | Second Quarter 2023/24 Table 2.6: Generation of electricity power in the interconnected system (ICS) and selfcontained system (SCS) Source: Ethiopian Electric Power System of Power supply 2022/23 2023/24 Percentage Qtr. II Qtr. I Qtr. II Share A Share (in %) B Share (in %) C Share (In %) C/A C/B ICS Hydro power 4,034,999.5 94.8 4,542,707.2 97.1 4,633,378 9 95.0 1 4.8 2 .0 Thermal Power

- - - - 0 - - Gethermal - - - - - 0 - - Wind 221,504.5 5.2 122,199.4 2.6 224,391 4 4.6 1 .3 8 3.6 Biomass
- 13,912.59 0.3 19,167.50.4 - - Sub-Total 4,256,504.0 100.0 4,678,819.2 100.0 4,876,936.5 100.0 14.6 4.2 SCS Hydro power - - - - - - - Thermal Power

Geothermal - - - - - - - - Wind - - - - - - - - Sub-Total - - - - - - - - Grand Total 4,256,504.0 100.0 4,678,819.2 100.0 4,876,936.5 100.0 14.6 4.2

National Bank of Ethiopia Quarterly Bulletin 15 | Second Quarter 2023/24 Fig.2.5: Volume of Electricity Production by Type Source: Ethiopian Electric Power 0 1000000 2000000 3000000 4000000 5000000 Hydropower Thermal Power Geo- thermal Wind Biomass

National Bank of Ethiopia Quarterly Bulletin 16 | Second Quarter 2023/24 III. QUARTERLY PRICE DEVELOPMENTS 3.1. Developments in Quarterly Inflation In the second quarter of 2023/24, average headline inflation rate dropped to 5.4 percent from 7.5 percent in the preceding quarter mainly due to 2.9 percentage point decrease in food inflation. ‘Food & non-alcoholic beverages’ played a major role (54.6 percent) in the quarterly headline inflation while nonfood inflation contributed 45.4 percent. Year-on-year basis, general inflation has slightly increased (0.4 percentage point) compared to 5.0 percent (Table 3.1 & Fig. 3.1). Quarterly food inflation rate decreased to 5.5 percent compared to 8.4 percent in the preceding quarter owing to lower price of ‘oil and fat’ (14.5 percentage point), ‘bread & cereals’ (2.4 percentage point), nonalcoholic beverages (5.0 percentage point), ‘milk, cheese & egg’ (2.2 percentage point), meat (4.1 percentage point), vegetables (1.2 percentage point) and ‘sugar jam, honey & chocolate’ (1.3 percentage point) (Table 3.2). Similarly, quarterly non-food inflation rate declined to 5.3 percent from 6.3 percent in the preceding quarter (QI) and 8.5 percent a year earlier mainly due to slowdown in quarterly inflation of a Alcoholic beverages and tobacco’ (3.5 percentage points), ‘housing, water, electricity, gas, and other fuel’ (0.6 percentage points), furnishing & household equipment (3.0 percentage points), health (9.4 percentage points), communication (17.4 percentage points), ‘recreation & culture’ (8.7 percentage points), and restaurants & hotels (1.3 percentage points) (Table 3.3).

17 | Second Quarter 2023/24 Source: Ethiopian Statistical Service(ESS) Table 3.1: Quarterly National Inflation Rate (December 2016=100) 2022/23 2023/24 Change in %age points Contributions in (%) to Weights in % QII QI QII A B C C-A C-B Inflation Change over QII2022/23 Inflation Change Over QI2023/24 QII-2023/24 National Inflation Absolute Relative Headline 100 5.0 7.5 5.4 0.4 -2.1 0.4 -2.1 5.4 100 Food & Non alcoholic beverage 54 2.7 8.4 5.5 2.8 -2.9 1.5 -1.6 3.0 54.6 Nonfood 46 8.5 6.3 5.3 -3.2 -0.9 -1.45 -0.4 2.5 45.4 Source: ESS 0.0 5.0 10.0 15.0 20.0 25.0 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2020/21 2021/22 2022/23 2023/24 % Fig.3.1: Quarterly Movement in National Inflation General Food Non-Food Bread & Cereals

18 | Second Quarter 2023/24 Source: NBE Computation Table 3.2: Quarterly National Food & Non-alcoholic Beverages CPI Inflation (December 2016=100) Items Weights 2022/23 2023/24 Change in QII QI QII %age points Contribution to A B C C-A C-B Food Inflation Change over QII2022/23 (%) Food Inflation Change over QI2023/24 (%) Food and Non-alcoholic Beverages 0.54 2.7 8.4 5.5 2.8 -2.9 1.5 -1.6 Bread and Cereals 0.17 3.3 11.1 8.7 5.4 -2.4 0.9 -0.4 Meat 0.04 4.3 7.2 3.1 -1.2 -4.1 -0.1 -0.2 Fish and Sea food 0.0002 9.0 -11.6 1.5 -7.5 13.1 0.0 0.0 Milk, cheese and egg 0.03 2.9 6.3 4.0 1.1 -2.2 0.0 -0.1 Oils & Fats 0.04 0.8 8.5 -6.0 -6.8 -14.5 -0.3 -0.6 Fruit 0.002 12.2 2.6 4.4 -7.7 1.9 0.0 0.0 Vegetables 0.12 0.9 9.5 8.3 7.4 -1.2 0.9 -0.1 Sugar jam, honey, chocolate 0.01 4.5 3.3 2.0 -2.5 -1.3 0.0 0.0 Food products 0.06 2.6 1.8 3.1 0.5 1.3 0.0 0.1 Non-alcoholic beverages 0.05 3.6 4.0 -1.0 -4.5 -5.0 -0.2 -0.3 Food = 54.6% Non-food=45.4% Fig.3.1: Contribution of Food and Non-food Inflation to the General Inflation in QII- 2023/24

19 | Second Quarter 2023/24 Source: ESS and NBE Computation

Table 3.3: Quarterly National Non-food CPI Inflations (December 2016=100) Source: ESS and NBE Computation Item Weights 2022/23 2023/24 Change in QII QI QII %age points Contribution to A B C C-A C-B Non-food Inflation Change over QII2022/23 (%) Non-Food Inflation Change over QI 2023/24 (%) Non-Food Inflation 0.46 8.5 6.3 5.3 -3.2 -0.9 -1.5 -0.4 Alcoholic Beverages and Tobacco 0.05 10.3 7.8 4.3 -6.0 -3.5 -0.3 -0.2 Clothing and Footwear 0.06 7.2 0.8 3.5 -3.7 2.6 -0.2 0.1 Housing, Water, Electricity, Gas and Other Fuel 0.17 8.7 8.6 8.0 -0.7 -0.6 -0.1 -0.1 Furnishings, Household Equipment and Routine maintenance of houses 0.05 10.2 5.4 2.4 -7.8 -3.0 -0.4 -0.1 Health 0.01 4.6 12.6 3.2 -1.4 -9.4 0.0 -0.1 Transport 0.02 5.2 2.4 7.5 2.3 5.1 0.1 0.1 Communication 0.02 -4.6 21.0 3.6 8.2 -17.4 0.2 -0.3 Recreation and Culture 0.004 22.4 0.6 -8.1 -30.5 -8.7 -0.1 0.0 Education 0.002 7.3 -1.5 23.9 16.6 25.4 0.0 0.1 Restaurant & Hotel 0.05 7.2 6.0 4.7 -2.5 -1.3 -0.1 -0.1 Miscellaneous Goods 0.03 13.5 2.5 5.1 -8.5 2.6 -0.2 0.1

20 | Second Quarter 2023/24 3.2. Developments in Regional Quarterly Inflation The regional average quarterly general inflation rate in the second quarter of 2023/24 decreased to 4.5 percent from 8.1 percent in the first quarter and 6.0 percent a year earlier. Amhara, Somali, Oromia, Afar and Addis Ababa saw higher headline inflation than the regional average. The highest headline inflation (7.0 percent) was in Amhara and the lowest (0.6 percent) in Harari region. Hence, the margin between the highest and the lowest headline inflation was 6.4 percentage points. The deviation in the regional headline inflation from the average, as signified by standard deviation, decreased to 1.9 percent from 4.6 percent in the preceding quarter and 3.0 percent last year same quarter (Table 3.4). The regional average food & non-alcoholic beverage inflation rate decreased to 5.7 percent in the second quarter of 2023/24 from 9.7 percent recorded in the preceding quarter while it increased by 4.1 percent over last year same quarter. Food & non-alcoholic beverages inflation rate in Somali, Amhara, Afar, and Addis Ababa was higher than the regional average. The highest food & non-alcoholic beverage inflation was in Somali (11.5 percent) and the lowest in SNNP (2.2 percent), signifying 9.3 percentage points margin. The variation in food & non-alcoholic beverages inflation, measured by standard deviation, declined to 2.7 percent from 6.3 percent in the preceding quarter but it has increased from 1.8 percent recorded a year ago (Table 3.4). Similarly, the regional average non-food inflation dropped to 3.3 percent from 6.2 percent in the previous quarter and 8.9 percent last year same quarter. Oromia, Gambela, SNNP, Amhara, Addis Ababa and Afar had higher non-food inflation than the regional average. Non-food inflation was the highest in Oromia (7.5 percent) and the lowest in Harari (-4.1 percent), revealing 11.6 percentage point margin. The variation in regional non-food inflation, measured by the standard deviation, slightly increase to 3.6 percent from 3.5 percent in the preceding quarter (QI) while it went down from 5.4 percent a year earlier.

National Bank of Ethiopia Quarterly Bulletin 21 | Second Quarter 2023/24 Table 3.4: Quarterly Regional General, Food & non-alcoholic beverages and Non-food Inflation (December 2016=100) Regions 2022/23 2023/24 QII QI QII Annual Change Quarterly Change A B C C-A C-B General Food & Nonalcoholic beverage s Non-food General Food & Nonalcoho lic bever ages Non-food General Food & Nonalcoholi c beverag es Non-food General Food & Nonalcoho lic bever ages Non-food General Food & Nonalcoho lic bever ages Non-food SNNP 5.9 3.8 9.6 4.7 2.8 8.0 3.7 2.2 6.0 -2.3 -1.6 -3.6 -1.1 -0.6 -2.0 Harari 3.2 3.9 2.6 4.6 7.5 2.0 0.6 5.7 -4.1 -2.5 1.8 -6.7 -4.0 -1.8 -6.2 Oromia 4.5 2.4 8.1 7.1 8.2 5.3 5.6 4.6 7.5 1.2 2.2 -0.6 -1.5 -3.6 2.2 Gambella 3.5 2.8 4.8 6.1 8.8 1.3 4.5 3.1 7.1 1.0 0.4 2.3 -1.6 -5.6 5.7 Addis Ababa 4.7 3.4 5.9 6.6 7.7 5.6 5.1 6.0 4.2 0.4 2.6 -1.7 -1.5 -1.7 -1.4 Dire Dawa 11.1 7.4 15.1 5.3 6.3 4.3 2.6 4.7 0.2 -8.5 -2.8 -14.9 -2.7 -1.6 -4.0 Benishangul Gumuz 5.8 4.2 8.0 20.3 26.2 13.4 3.5 3.9 3.0 -2.3 -0.3 -4.9 -16.8 -22.3 - 10.4 Somali 11.9 5.8 21.1 7.6 7.2 8.1 6.7 11.5 0.3 -5.2 5.6 -20.7 -0.9 4.2 -7.8 Afar 5.7 5.7 5.8 9.0 11.3 5.9 5.4 6.8 3.5 -0.3 1.1 -2.3 -3.6 -4.5 -2.4 Amhara 4.1 1.6 7.7 9.7 11.1 7.8 7.0 8.3 5.2 2.9 6.7 -2.4 -2.7 -2.8 -2.6 Regions Average 6.0 4.1 8.9 8.1 9.7 6.2 4.5 5.7 3.3 Standard deviation 3.0 1.8 5.4 4.6 6.3 3.5 1.9 2.7 3.6 Coefficient of variation 0.5 0.4 0.6 0.4 0.5 1.1 Source: ESS and NBE Computation

22 | Second Quarter 2023/24 IV. MONETARY DEVELOPMENTS 4.1. Money Supply and Credit Broad money supply (M2) stood at Birr 2.31 trillion at the end of the second quarter of 2023/24 reflecting a 18.7 percent annual growth (Table 4.1) mainly due to a 20.3 percent expansion in domestic credit, offsetting 70.2 percent and 34.9 percent contraction in external asset (net) and other item (net), respectively. Meanwhile, net claims on government saw a 33.7 percent annual growth and credit 16.6 percent to non-government sector. Table 4.1: Factors Influencing Broad Money (In Millions of Birr) Particulars Qtr. II Qtr. I Qtr. II Percentage Change Contributions of Each Component to Broad Money growth (Dec. 22) (Sep. 23) (Dec. 23) C/A C/B Annual A B C

External Assets (net) (140,023.4) (213,430.1) (238,309.7) -70.2 -11.7 -27.0
Domestic Credit 2,156,496.6 2,496,465.5 2,594,360.8 20.3 3.9 120.3 Claims on Central Gov't (net) 469,794.0 620,885.7 628,010.4 33.7 1.1 43.5 Claims on Non-Central Gov't 1,686,702.6 1,875,579.9 1,966,350.4 16.6 4.8 76.8 . Financial Institutions 44,822.7 44,822.7 42,322.7 -5.6 -5.6 -0.7 . Others 1,641,879.9 1,830,757.1 1,924,027.7 17.2 5.1 77.5
Other Items (net) 69,719.4 72,613.3 45,376.9 -34.9 -37.5 -6.7
Broad Money (M2) 1,946,753.8 2,210,422.1 2,310,674.2 18.7 4.5 100.0 Source: Staff Computation, NBE

National Bank of Ethiopia Quarterly Bulletin 23 | Second Quarter 2023/24 Fig.IV.1: Major Determinants of Monetary Expansion (Quarterly Growth in %) Source: Staff Computation, NBE Fig.IV.2: Composition of Domestic Credit (Quarterly Growth in %) Source: Staff computation, NBE -6,000.0 -5,000.0 -4,000.0 -3,000.0 -2,000.0 -1,000.0 0.0 1,000.0 -60.0 -50.0 -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Net Foreign Assets (NFA) (in percent) Other than NFA Broad Money Domestic Credit Other Items Net Net Foreign Assets -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 Growth in Percent Credit to Central Government Credit to Non-Central Government Domestic Credit

National Bank of Ethiopia Quarterly Bulletin 24 | Second Quarter 2023/24 Component wise, quasi-money supply showed a 20.1 percent annual and 3.3 percent quarterly expansion while narrow money exhibited 15.9 percent and 7.3 percent annual and quarterly increment, respectively. The contribution of narrow money to broad money growth was 28.2 percent and that of quasi money 71.8 percent primarily reflecting the boost in savings deposits in the banking system. Table 4.2: Components of Broad Money (In millions of Birr, unless specified) Particulars Qtr. II Qtr. I Qtr. II Percentage Change Contributions of Each Component to M2 growth (Dec. 22) (Sep. 23) (Dec. 23) C/A C/B Annual A B C

Narrow Money Supply 645,355.8 697,193.4 747,975.1 15.9 7.3 28.2 . Currency outside banks 201,142.9 201,568.9 212,704.2 5.7 5.5 3.2 . Demand Deposits (net) 444,212.9 495,624.5 535,270.9 20.5 8.0 25.0
Quasi-Money 1,301,398.0 1,513,228.7 1,562,699.1 20.1 3.3 71.8 . Savings Deposits 1,175,651.2 1,366,264.3 1,397,037.3 18.8 2.3 60.8 . Time Deposits 125,746.8 146,964.4 165,661.7 31.7 12.7 11.0
Broad Money Supply 1,946,753.8 2,210,422.1 2,310,674.2 18.7 4.5 100.0 Source: Staff Computation, NBE Fig.IV.3: Composition of Monetary Stock (Value in Billions of Birr) Source: Staff Computation, NBE 0.0 200.0 400.0 600.0 800.0 1,000.0 1,200.0 1,400.0 In Millions of Birr Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep.

National Bank of Ethiopia Quarterly Bulletin 25 | Second Quarter 2023/24 4.2. Developments in Reserve Money and Monetary Ratio During the review period, the stock of reserve money stood at Birr 448.5 billion, indicating a 6.7 percent annual and 1.2 percent quarterly increase. Annual reserve money growth was lower compared to 26.5 percent last year same period due to NBE’s tight monetary policy stance (Table 4.3). Regarding the money multiplier, measured by the ratio of broad money to reserve money, rose to 5.2 from 4.6 a year ago indicating that a year ago more money is being created commercial banks create more money rather than the NBE. Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. II Qtr. I Qtr. II Percentage Change (Dec. 22) (Sep. 23) (Dec. 23) C/A C/B A B C

Reserve Requirement (CB's) 135,121.7 153,078.2 159,864.0 18.3 4.4
Actual Reserve (CB's) 186,027.9 199,893.0 193,981.7 4.3 -3.0
Excess Reserve (CB's) 50,906.2 46,814.9 34,117.7 -33.0 27.1
Reserve Money 420,369.6 443,290.2 448,504.3 6.7 1.2 . Currency in Circulation 235,833.6 245,315.1 254,152.7 7.8 3.6 . Banks deposits at NBE 184,536.0 197,975.0 194,351.6 5.3 -1.8
Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.5 1.6 1.7 8.6 6.0 . Broad Money to Reserve Money 4.6 5.0 5.2 11.2 3.3
Other Monetary Ratios (%): . Currency to Narrow Money 36.5 35.2 34.0 -7.0 -3.4 . Currency to Broad Money 12.1 11.1 11.0 -9.2 -0.9 . Narrow Money to Broad Money 33.2 31.5 32.4 -2.4 2.6 . Quasi Money to Broad Money 66.8 68.5 67.6 1.2 -1.2 Source: Staff Computation, NBE

National Bank of Ethiopia Quarterly Bulletin 26 | Second Quarter 2023/24 Fig.IV.4: Quarterly Growth of Reserve Money and Its Components Source: Staff Computation NBE Fig.IV.5: Monetary Aggregates (Value in Millions of Birr) Source: Staff Computation NBE -30 -20 -10 0 10 20 30 40 50 60 70 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 Percentage Changes Reserve Money Currency in Circulation Bank Deposits -50,000.00

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 In Millions of Birr Required reserve Actual reserve Excess reserve

National Bank of Ethiopia Quarterly Bulletin 27 | Second Quarter 2023/24 4.3. Interest Rate Developments In the second quarter, both minimum and maximum deposit interest rates were unchanged at 7.0 percent and 9.0 percent. Accordingly, average savings deposit rate remained constant at 8.0 percent. However, the simple average lending interest was increased to 14.75 percent while weighted average time deposit rate stood at 7.60 percent. On the other hand, weighted average yield on T-bills for the quarter was 9.51 percent. Thus, considering the 28.7 percent headline inflation in December 2023, real interest rates on deposit, lending and the T-bills yield remained negative (Table 4.4). Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum) Particulars 2022/23 2023/24 Percentage point Changes QII QI QII Annual Quarterly

Savings Deposit Rate 1/ Minimum 7.00 - - Maximum 9.00 - - Average Saving Rate 8.00 - -
Time Deposits Up to 1yr 7.71 7.55 7.55 (2.08) - 1-2 years 7.76 7.60 7.60 (2.06) - Over 2 years 7.80 7.64 7.65 (1.92) 0.13 Average Time Dep. Rate (Weighted) 7.76 7.60 7.60 (2.06) -
Demand Deposit (Weighted) 0.042 0.052 0.049 16.67 (5.77)
Lending Rate 2/ Minimum 7.00 - - Maximum 21.50 22.50 22.50 3.51 - Average Lending Rate 14.25 14.75 14.75 4.65 -
T-bills Rate (Weighted) 9.64 9.76 9.76 (1.24) -
GERD Bond Yield 3/ 6.1 Maturity within 5 Years 7.50 - - 6.1 Maturity above 5 Years 8.00 - -
Headline Inflation (Year-on-year) 33.8 27.7 28.7 (15.1) 3.6
Food Inflation (Year-on-year) 32.9 26.1 30.6 (7.0) 17.2
Core/non-food Inflation (Year-on-year) 35.2 30.1 26.1 (25.9) (13.3) 1/ Minimum interest rate on saving deposit is set by NBE, whereas the maximum indicates the highest rate some banks are paying voluntarily. 2/ NBE has no control on lending rates, hence the minimum & maximum rates presented here are mareket determined. 3/ GERD stands for Grand Ethiopian Renaissance Dam.

National Bank of Ethiopia Quarterly Bulletin 28 | Second Quarter 2023/24 Fig.IV.6: Interest Rate Structure of Commercial Banks (In percent per annum) Source: NBE and Commercial Banks Fig.IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate Source: Staff computation, NBE 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Value in Percent Simple Av. Sav. Dep. Rate Simple Av. Lend. Rate Bond Yield T-bills Yield 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 Av. Saving Dep.Rate Lending Rate 91 day T-bills yield Inflation rate (core)

National Bank of Ethiopia Quarterly Bulletin 29 | Second Quarter 2023/24 4.4. Developments in the Financial Sector The number of banks in Ethiopia reached 32, of which 30 were private and 2 state owned. These banks have opened 306 new bank branches during the second quarter 2023/24, thereby increasing the total number of bank branches to 11,870. As a result, population to bank branch ratio stood at 9,0423 . State owned banks accounted for 19.3 percent of the total bank branches while private banks took a 80.7 percent share. Of the total bank branches, 31.3 percent were located in Addis Ababa. About 91.2 percent of the new bank branches were opened by private banks (Table 4.5). Meanwhile, the banking sector’s capital continued to increase and reached Birr 277.8 billion of which state owned banks accounted for 34.1 percent and private banks 65.9 percent. The share of Commercial Bank of Ethiopia (CBE) in total capital of the banking system was 22.5 percent (Table 4.5). In the meantime, the number of insurance companies stood at 18, of which 17 were private and 1 state owned. While the number of insurance companies remained unchanged, their branch network increased to 779 from 717 a year ago. About 56.5 percent were

3 Total population is 107,331,000 as CSA Estimation for 2023 found in Addis Ababa. Total capital of insurance companies reached Birr 18.9 billion from Birr 14.4 billion a year ago, of which, private insurance companies accounted for 79 percent (Table 4.6). During the review quarter, the number of Micro Finance Institutions (MFIs) reached 46. Their savings increased by 11 percent while their credit declined by 1.6 percent. Their total asset also went down by 1.4 percent on annual basis. Their capital saw a 27.2 percent annual decrease to reach Birr 9.6 billion due to the transformation of Addis Credit & Savings Institution to a bank. Micro-finance institutions are known for providing access to financial services to low income social groups and micro and small-scale enterprises both in rural and urban areas (Table 4.7). Table 4.5: Branch Network and Capital of the Banking System

National Bank of Ethiopia Quarterly Bulletin 30 | Second Quarter 2023/24 Table 4.5: Branch Network and Capital of the Banking System Branch in Number and Capital in Millions of Birr) Capital 2022/23

State own Banks 1 Commercial Bank of Ethiopia 1,650 470 2,120 20.7 1,699 477 2,176 18.8 1,703 478 2,181 18.4 54,170 58,297 62,471 2 Development Bank of Ethiopia 77 6 83 0.8 77 6 83 0.7 99 6 105 0.9 30,116 32,149 32,149 Total State own Banks 1,727 476 2,203 21.6 1,776 483 2,259 19.5 1,802 484 2,286 19.3 84,286.4 90,445.8 94,619.4
Private Banks - - - - 3 Awash Bank 563 278 841 8.2 615 298 913 7.9 635 303 938 7.9 17,075.5 20,013.8 26,484.2 4 Dashen Bank 574 240 814 8.0 609 261 870 7.5 619 271 890 7.5 11,479.9 17,943.5 18,934.3 5 Bank of Abyssinia 585 290 875 8.6 656 304 960 8.3 664 309 973 8.2 12,373.8 14,343.2 15,872.7 6 Wegagen Bank 275 149 424 4.1 297 149 446 3.9 299 152 451 3.8 5,653.4 6,038.9 6,828.3 7 Hibret Bank 243 223 466 4.6 261 230 491 4.2 264 233 497 4.2 6,379.9 6,677.9 8,807.0 8 Nib International Bank 226 223 449 4.4 236 225 461 4.0 236 225 461 3.9 7,015.9 8,307.8 8,986.1 9 Cooperative Bank of Oromia 503 152 655 6.4 571 187 758 6.6 576 187 763 6.4 11,003.9 12,294.7 13,859.5 10 Lion International Bank 211 87 298 2.9 213 88 301 2.6 218 90 308 2.6 3,396.4 3,510.8 3,583.2 11 Oromia Bank 286 144 430 4.2 354 172 526 4.5 387 179 566 4.8 6,386.3 7,064.4 8,046.1 12 Zemen Bank 31 58 89 0.9 44 66 110 1.0 45 73 118 1.0 5,962.9 7,081.0 8,972.3 13 Buna Bank 295 169 464 4.5 314 171 485 4.2 314 172 486 4.1 5,015.8 5,373.7 5,533.3 14 Berhan Bank 203 164 367 3.6 224 181 405 3.5 224 182 406 3.4 4,237.1 4,335.5 4,690.4 15 Abay Bank 326 142 468 4.6 365 164 529 4.6 374 167 541 4.6 5,151.9 6,021.1 7,070.1 16 Addis Interational Bank 54 69 123 1.2 62 74 136 1.2 66 77 143 1.2 1,844.5 2,219.0 2,314.0 17 Global Bank 64 74 138 1.4 76 83 159 1.4 79 93 172 1.4 2,055.8 2,483.4 2,989.7 18 Enat Bank 75 53 128 1.3 110 65 175 1.5 120 71 191 1.6 2,743.5 3,044.4 3,352.0 19 Hijra Bank 39 15 54 0.5 56 20 76 0.7 58 22 80 0.7 1,125.6 1,308.5 1,352.3 20 Zamzam Bank 36 33 69 0.7 43 38 81 0.7 45 38 83 0.7 1,461.7 1,814.5 1,875.3 21 Goh Betoch Bank 4 3 7 0.1 4 4 8 0.1 4 4 8 0.1 1,060.4 1,376.4 1,605.5 22 Siinqee Bank 263 29 292 2.9 309 61 370 3.2 322 68 390 3.3 7,643.2 7,757.4 8,133.5 23 Tseday Bank 155 26 181 1.8 383 41 424 3.7 395 51 446 3.8 7,949.6 11,331.3 11,331.3 24 Shebele Bank - - 19 4 23 0.2 22 4 26 0.2 570.0 617.7 688.6 25 Amahara Bank 149 98 247 2.4 192 120 312 2.7 194 127 321 2.7 5,647.4 6,113.0 6,188.4 26 Ahadu Bank 13 23 36 0.4 37 48 85 0.7 46 56 102 0.9 596.3 768.2 958.9 27 Tsehay Bank 40 31 71 0.7 53 37 90 0.8 53 37 90 0.8 888.2 1,334.2 1,337.3 28 Sidama Bank S.C - - 23 1 24 0.2 25 3 28 0.2 680.9 887.4 874.7 29 Omo Bank S.C - - - - - - - - - 712.0 920.4 921.5 30 Gadaa Bank 21 11 32 0.3 49 22 71 0.6 50 29 79 0.7 674.5 1,009.1 999.6 31 Ramis Bank S.C - - - - 13 3 16 22 5 27 0.2 636.1 636.1 5,234.0 2,784.0 8,018.0 78.4 6,188.0 3,117.0 9,305.0 80.3 6,356 3,228 9,584 80.7 136,786.1 162,627.1 183,226.1 6,961 3,260 10,221 100 7,964 3,600 11,564 100 8,158 3,712 11,870 100 221,072 253,072.9 277,845.4 No Total Private Banks
Grand Total Banks Banks Branch Network Quarter II Quarter I Quarter II Quarter I 2022/23 2023/24 2023/24 Quarter II Reg A.A Total % Share Reg. Total % Share Quarter II A.A Total % Share Reg. A.A Source: National Bank of Ethiopia (NBE) Note: ‘Reg’ Stands for Region and ‘A.A’ for Addis Ababa

National Bank of Ethiopia Quarterly Bulletin 31 | Second Quarter 2023/24 Fig.IV.8: Share of Branch Network and Capital of Banking System

Source: NBE Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) 2022/23 A.A Reg Total A.A Reg Total A.A Reg Total 1 Ethiopian Insurance Corporation 25 66 91 25 66 91 25 66 91 3,554 3,935 3,964 2 Awash Insurance Company S.C. 32 26 58 32 29 61 32 31 63 2,161 2,802 3,026 3 Africa Insurance Company S.C. 19 14 33 20 15 35 20 15 35 406 448 504 4 National Insurance Company of Ethiopia S.C. 24 17 41 25 17 42 25 17 42 318 385 385 5 United Insurance Company S.C. 34 13 47 34 16 50 34 17 51 1,079 1,497 1,529 6 Global Insurance Company S.C. 13 8 21 13 9 22 13 9 22 299 271 - 7 Nile Insurance Company S.C. 34 24 58 36 24 60 37 24 61 855 1,306 1,410 8 Nyala Insurance S.C. 18 18 36 20 20 40 20 20 40 1,411 1,496 1,716 9 Nib Insurance Company S.C. 30 15 45 31 16 47 31 16 47 845 1,149 1,158 10 Lion Insurance Company S.C. 19 22 41 19 22 41 19 22 41 320 454 564 11 E-Life & General Insurance S.C. 21 8 29 22 8 30 22 8 30 239 331 353 12 Oromia Insurance Company S.C. 26 28 54 27 28 55 29 31 60 1,039 1,459 1,443 13 Abay Insurance S.C. 17 15 32 21 16 37 21 16 37 589 730 821 14 Berhan Insurance S.C. 19 8 27 19 9 28 19 9 28 304 405 483 15 Tsehay Insurance S.C. 23 10 33 24 11 35 24 12 36 405 541 578 16 Lucy Insurance S.C. 18 6 24 26 6 32 27 7 34 175 233 221 17 Bunna Insurance S.C. 18 12 30 21 13 34 22 13 35 249 362 404 18 Zemen Insurance S.C. 14 3 17 18 4 22 20 6 26 159 243 291 404 313 717 433 329 762 440 339 779 14,407 18,047 18,850 2023/24 TOTAL Quarter I Branch Capital Quarter II Insurance Companies Quarter II Quarter I Quarter II Quarter II 2022/23 2023/24 Source: NBE 21.6 19.5 19.3 38.1 35.7 34.1 78.4 80.5 80.7 61.9 64.3 65.9 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2022/23 Qrt.II (Branch) 2023/24 Qrt.I (Branch) 2023/24 Qrt.II (Branch) 2022/23 Qrt.II (Capital ) 2023/24 Qrt.I (Capital) 2023/24 Qrt.II (Capital) Percentage share from total Private Banks State own Banks

National Bank of Ethiopia Quarterly Bulletin 32 | Second Quarter 2023/24 Table 4.7: Microfinance Institutions Performance (In thousands of Birr) 2022/23 QII QI QII A B C D=C/A E=C/B Total Capital 13,242,802.0 10,984,748.7 9,644,042.9 -27.2 -12.2 Saving 23,569,676.7 24,216,996.2 26,161,394.6 11.0 8.0 Credit 35,375,453.6 32,880,779.6 34,823,349.8 -1.6 5.9 Total Assets 51,508,619.6 49,515,735.2 50,772,359.8 -1.4 2.5 % Change Particulars 2023/24 Source: NBE 4.5. Activities of the Banking System 4.5.1. Resource Mobilization Total resources mobilized by the banking system (the sum of net change in deposit, loans collected and net change in borrowings) at the end of the second quarter of 2023/24, showed a 30.3 annual decline due to 47.9 percent slowdown in net deposit and 46.5 percent in borrowing, offsetting 13 percent increase in collection of loans (Table 4.8). Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Qtr.II 2022/23 Qtr.I 2023/24 Qtr.II 2023/24 Change % change Change % change A B C D=C-A E=D/A100 F=C-B G=F/B100 1.Deposits (net change) 7,671.9 59,161.1 28,372.7 38,572.5 187,669.8 36,044.7 97,733.6 -89,936.2 -47.9 61,688.9 171.1 -Demand -27,858.5 42,119.1 6,165.0 5,230.0 55,978.7 -21,693.5 47,349.1 -8,629.5 -15.4 69,042.6 318.3 -Saving 30,548.5 15,023.3 20,266.4 16,821.9 119,506.5 50,814.9 31,845.3 -87,661.3 -73.4 -18,969.6 -37.3 -Time 4,981.9 2,018.7 1,941.3 16,520.5 12,184.6 6,923.3 18,539.2 6,354.6 52.2 11,615.9 167.8 2. Borrowing (net change) 1,158.4 5,877.1 0.0 0.0 10,988.3 1,158.4 5,877.1 -5,111.2 -46.5 4,718.7 407.3 -Local 1,302.4 4,527.6 0.0 0.0 7,592.6 1,302.4 4,527.6 -3,065.0 -40.4 3,225.2 247.6 -Foreign -144.0 1,349.5 0.0 0.0 3,395.7 -144.0 1,349.5 -2,046.2 -60.3 1,493.5 1,037.5 3. Collection of Loans 45,933.6 25,604.4 58,353.9 65,553.7 80,703.1 104,287.5 91,158.1 10,454.9 13.0 -13,129.4 -12.6 4. Total Resources Mobilized (1+2+3) 54,764.0 90,642.6 86,726.6 104,126.1 279,361.2 141,490.6 194,768.8 -84,592.5 -30.3 53,278.2 37.7 5. Disbursement 43,676.2 61,504.6 58,805.5 54,707.5 181,773.3 102,481.7 116,212.1 -65,561.2 -36.1 13,730.5 13.4 6. Change in Liquidity (4-5) 11,087.9 29,138.0 27,921.1 49,418.7 97,587.9 39,008.9 78,556.7 -19,031.2 -19.5 39,547.7 101.4 Memorandum Item: 0.0 0.0 Outstanding Credit* 952,051.6 998,877.4 1,024,205.0 1,051,813.4 1,784,631.3 1,976,256.6 2,050,690.8 266,059.5 14.9 74,434.2 3.8 Annual Quarter Particulars State own Banks Private Banks Grand Total 1 2 (3) = (1) + (2) Qtr.I 2022/23 Qtr.II 2023/24 Qtr.I 2022/23 Qtr.II 2023/24 Source: Commercial Banks & DBE Notes: *Includes corporate bonds of Commercial Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 33 | Second Quarter 2023/24 Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 III III IV III III IV III III IV III 2020/21 2021/22 2022/23 2023/24 In Millions of Birr Total Resource Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: CBEs and NBE 4.5.1.1. Deposit Mobilization The total deposit liabilities of the banking system reached Birr 2.3 trillion, depicting 16.7 percent annual growth. Demand deposits, which accounted for 30.9 percent of the total deposits, reached Birr 711.2 billion showing a 13.6 percent annual growth. Similarly, saving deposit went up by 16.7 percent to reach Birr 1.4 trillion and accounted for 61.2 percent of the total deposits. Time deposits at 7.9 percent of the total deposit liabilities increased by 31.2 percent to Birr 182.1 billion. About half of the deposits were in state owned banks (Table 4.9).

National Bank of Ethiopia Quarterly Bulletin 34 | Second Quarter 2023/24 Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) Quarter II Quarter I Quarter II 2022/23 2023/24 2023/24 A B C C/A C/B Demand Deposit 626,269.7 31.8 663,801.6 30.2 711,150.8 30.9 13.6 7.1 Saving Deposit 1,204,765.9 61.2 1,374,197.8 62.4 1,406,043.1 61.2 16.7 2.3 Time Deposit 138,782.4 7.0 163,564.4 7.4 182,103.6 7.9 31.2 11.3 Total 1,969,818.1 100.0 2,201,563.8 100.0 2,299,297.4 100.0 16.7 4.4 Share of state own Banks 49.8 48.3 48.8 Share of Private Banks 50.2 51.7 51.2 Deposit by types % Share % Share % Share Percentage Change ( Growth) Source: Commercial Banks and DBE Fig.IV.10: Quarterly Growth of Banks’ Deposit Liabilities by Ownership Source: CBEs & NBE 4.5.1.2. Collection of Loans During the review quarter, banks collected Birr 91.2 billion loans (including corporate bonds) which showed a 13 percent annual growth (Table 4.8). Of the total loan collection, private banks had 71.9 percent share while that of state own banks was 28.1 percent (Table 4.12). 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 115.9 billion showing a 17.4 percent annual growth. Of the total borrowing, Birr 88.3 billion (76.2 percent) was from domestic and Birr 27.6 billion (23.8 percent) from external sources (Table4.10) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 I II III IV I II III IV I II III IV I II 2020/2021 2021/2022 2022/2023 2023/2024 In percent State owned Banks Private Banks All Banks

National Bank of Ethiopia Quarterly Bulletin 35 | Second Quarter 2023/24 Table 4.10: Banks’ Outstanding Borrowing by Source (In Millions of Birr) 2022/23 Quarter II Quarter I Quarter II A B C D=C/B E=C/A Domestic Borrowing 74,787.8 83,812.0 88,339.6 5.4 18.1 Foreign Borrowing 23,958.5 26,208.4 27,557.9 5.1 15.0 Total 98,746.3 110,020.4 115,897.5 5.3 17.4 Borrowing By Types Percentage change 2023/24 Source: Commercial Bank of Ethiopia and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 116.2 billion was disbursed in fresh loans(including CBE’s bond purchase) indicating 36.1 percent annual decrease due to the 14 percent annual growth cap set by the National Bank of Ethiopia. Of the total new loans, the share of state owned banks was 52.9 percent and that of private banks 47.1 percent (Table 4.8, 4.11 & 4.12). The major beneficiaries of the fresh loans were domestic trade (Birr 24.7 billion or 21.2 percent), international trade (Birr 17.8 billion or 15.4 percent), agriculture (Birr 16.8 billion or 14.4 percent), manufacturing (Birr 16.1 billion or 13.9 percent), building and construction (Birr 12.3 billion or 10.6 percent), consumer and staff loans (Birr 11.6 billion or 10 percent) (Table 4.11). Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership Source: Commercial Banks and Development Bank of Ethiopia

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

National Bank of Ethiopia Quarterly Bulletin 36 | Second Quarter 2023/24 Table 4.11: Banks’ Loans & Advances by Sectors (Including corporate bond) in QII-2023/24 (In Millions of Birr) D* C* O/S* D* C* O/S * D* C* O/S* Corporate Bonds* 12,000.0 4,365.5 559,049.8 - - - 12,000.0 4,365.5 559,049.8 Agriculture 13,291.9 3,362.4 53,534.2 3,470.4 4,020.0 55,455.6 16,762.3 7,382.4 108,989.8 Manufacturing 12,404.6 5,783.1 220,487.8 3,741.9 7,290.1 153,904.2 16,146.5 13,073.2 374,392.0 Domestic Trade 12,634.8 4,496.7 33,319.4 12,028.2 15,848.0 205,487.8 24,663.0 20,344.7 238,807.2 International Trade 3,001.5 1,189.5 14,175.8 14,845.2 17,315.3 303,725.2 17,846.7 18,504.8 317,901.0 Export 1,587.1 1,100.7 8,939.8 11,261.5 11,048.2 197,911.8 12,848.7 12,148.9 206,851.6 Import 1,414.4 88.7 5,235.9 3,583.7 6,267.1 105,813.4 4,998.0 6,355.9 111,049.3 Hotels and Tourism 773.2 263.3 5,460.9 1,327.1 1,683.0 36,057.6 2,100.3 1,946.3 41,518.5 Building and Construction 6,118.0 5,201.8 66,369.7 6,154.0 7,926.0 127,497.1 12,272.1 13,127.8 193,866.8 Mines, Power and Water resources 7,225.2 469.8 246,254.9 30.7 56.4 532.9 7,255.9 526.2 246,787.7 Financial Institutions 1,832.3 540.1 13,339.5 61.7 229.3 3,368.8 1,894.0 769.5 16,708.3 Transport and Communication 303.9 49.3 1,522.9 2,032.1 2,363.9 33,385.5 2,336.0 2,413.2 34,908.4 Health and Education 118.7 99.7 1,159.9 361.7 309.9 4,837.5 480.4 409.6 5,997.4 Consumer and Staff Loans 3,710.5 4,117.7 62,699.0 7,872.0 5,226.6 106,451.5 11,582.5 9,344.3 169,150.5 Other Sectors 90.0 30.9 280,553.4 2,782.5 3,285.2 21,109.8 2,872.5 3,316.1 301,663.2 Of which LAMC* - - 277,192.5 - - - - - 277,192.5 Total 61,504.6 25,604.4 998,877.4 54,707.5 65,553.7 1,051,813.4 116,212.1 91,158.1 2,050,690.8 Borrowing Sector Public Banks Private Banks Total (1) (2) (3) D*= Disbursement, C*= Collection, O/S*= Outstanding Credit LAMC*= Liability and Asset Management Corporation Source: Commercial Banks & DBE 4.5.3. Outstanding Credit Total outstanding credit of the banking system (including corporate bond) went up by 14.9 percent to reach Birr 2 trillion compared to last year same period. About 99.5 percent of the total outstanding credit of private banks was claims on cooperatives and private enterprises (Table 4.8 & 4.12). Sector wise, the major holders of outstanding credit were ‘manufacturing’ (Birr 374.4 billion or 18.3 percent), international trade (Birr 317.9 billion or 15.5 percent), other sectors (Birr 301.6 billion or 14.7 percent). Of this sum, Liability and Asset Management Corporation (LAMC*) holds (Birr 277.2 billion or 13.5 percent), mines, power and water resources (Birr 246.8 billion or 12 percent), domestic trade (Birr 238.8 billion or 11.6 percent), building & construction (Birr 193.9 billion or 9.5 percent), and consumer & staff loans (Birr 169.2 billion or 8.2 percent) (Table 4.11).

37 | Second Quarter 2023/24 Table 4.12: Breakdown of Banking System Credit by Clients in QII-2023/24 (In Millions of Birr) Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share State Owned Bank 61,504.6 52.9 25,604.4 28.1 998,877.4 48.7 Corporate Bonds* 12,000.0 0.0 4,365.5 0.0 559,049.8 56.0 State Enterprises 27,632.9 44.9 7,664.1 29.9 749,694.1 75.1 Cooperatives 240.9 0.4 106.1 0.4 9,510.4 1.0 Private Enterprises 33,630.8 54.7 17,834.3 69.7 239,673.0 24.0 Private Banks 54,707.5 47.1 65,553.7 71.9 1,051,813.4 51.3 State Enterprises 75.0 0.1 381.5 0.6 5,036.5 0.5 Cooperatives 685.6 1.3 1,101.2 1.7 9,635.4 0.9 Private Enterprises 53,946.9 98.6 64,070.9 97.7 1,037,141.6 98.6 Grand Total 116,212.1 100.0 91,158.1 100.0 2,050,690.8 100.0 Source: Commercial Banks &DBE Fig.IV.12: Share of Public and Private Banks in Credit Outstanding Source: NBE 0 10 20 30 40 50 60 70 QI QII QIII QIVQI QII QIII QIVQI QII QIII QIVQI QII 2020/21 2021/22 2022/23 2023/24 In Percent Years/Quarters State own Bank Credit Outstanding Private Bank Credit Outstanding

38 | Second Quarter 2023/24 4.6. Financial Activities of NBE NBE’s gross claim on the central government as of end December 2023 stood at Birr 600.1 billion, about 26.6 percent higher than a year earlier. NBE’s deposit liabilities increased by 5.2 percent year-on-year due to 5.4 percent growth in commercial banks’ reserve (Table 4.13). Table 4.13: Financial Activities of NBE (In Millions of Birr) 2022/23 Qtr.II Qtr.I Qtr.II A B C D=C/A E=C/B 1.Loans and Advances 518,814.26 624,943.16 642,443.16 23.8 2.8 1.1. To Central Government 473,991.55 580,120.45 600,120.45 26.6 3.4 1.2.To Development Bank of Ethiopia 44,822.71 44,822.71 42,322.71 -5.6 -5.6 2.Deposit Liabilities 225,725.00 257,179.68 237,555.37 5.2 -7.6 2.1. Government 40,798.80 59,099.09 42,609.04 4.4 -27.9 2.2. Financial Institutions 184,926.20 198,080.59 194,946.33 5.4 -1.6 O/W: -Banks( Reserve) 184,912.61 198,068.91 194,933.48 5.4 -1.6 -Insurance companies 13.6 11.7 12.8 -5.5 10.0 3.Net Claims of NBE(1-2) 293,089.3 367,763.5 404,887.8 38.1 10.1 Particulars % Change 2023/24 Source: National Bank of Ethiopia (NBE) 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market During the second quarter of 2023/24, the amount of T-bills supplied to the auction reached Birr 336.9 billion, showing a 6.4 percent annual decline while demand for Tbills increased by 6.8 percent (Birr 187.0 billion) (Table 14.4). The total amount of Tbills sold during the review quarter was Birr 182.0 billion, about 5.7 percent higher than a year ago. Non-bank institutions bought Tbills worth Birr 111.4 billion while banks purchased T-bills worth of Birr 70.7 billion. Birr 182.6 billion was redeemed during the quarter under review. The total outstanding T-bills at the end of the quarter reached Birr 371.2 billion, reflecting a 20.1 percent annual increase. The average weighted T-bills yield stood at 9.506 percent which was 0.9 percentage points lower than that of a year earlier (Table 4.14).

National Bank of Ethiopia Quarterly Bulletin 39 | Second Quarter 2023/24 Table 4.14: Results of Treasury Bills Auction (In Millions of Birr)

National Bank of Ethiopia Quarterly Bulletin 40 | Second Quarter 2023/24 2022/23 Quarter II Quarter I Quarter II A B C C/A C/B Number of Bidders 316 129.00 145.00 -54.11 12.40 Public 63 82.00 81.00 28.57 (1.22) Private 253 47.00 64.00 0.00 36.17 Number of Bids received 316 129.00 145.00 -54.11 12.40 Public 63 82.00 81.00 28.57 -1.22 Private 253 47.00 64.00 -74.70 36.17 Amount Demanded (Mn. Birr) 175,225.00 168,805.21 187,043.95 6.75 10.80 28-day bill 26,350.00 25,775.00 17,530.00 -33.47 -31.99 91-day bill 39,273.95 47,006.89 61,006.89 55.34 29.78 182-day bill 32,077.00 58,771.57 45,267.00 41.12 (22.98) 364-day bill 77,524.05 37,251.75 63,240.06 - 69.76 Amount Supplied (Mn. Birr) 360,037.94 239,859.60 336,850.46 -6.44 40.44 28-day bill 32,710.00 22,715.00 28,687.92 -12.30 26.30 91-day bill 106,656.89 72,456.89 116,059.87 8.82 60.18 182-day bill 110,017.00 84,671.57 104,035.61 -5.44 22.87 364-day bill 110,654.05 60,016.14 88,067.06 - 46.74 Amount Sold (Mn. Birr) 172,225.00 159,410.21 182,043.95 5.70 14.20 Banks 110,205.11 55,100.00 70,709.26 (35.84) 28.33 Non-Banks 62,019.89 104,310.21 111,334.69 79.51 6.73 Redemption (Mn. Birr) 171,692.18 129,511.38 182,597.95 6.35 40.99 28-day bill 99.30 99.29 99.31 0.01 0.02 91-day bill 97.40 97.47 97.59 0.20 0.13 182-day bill 95.33 95.46 95.36 0.03 -0.11 364-day bill 92.04 91.12 91.52 -0.56 0.44 28-day bill 9.164 9.327 9.079 -0.93 -2.66 91-day bill 10.700 10.407 9.893 -7.54 -4.94 182-day bill 9.825 9.534 9.758 -0.68 2.35 364-day bill 8.678 9.772 9.294 7.10 -4.89 Banks 152,468.05 159,068.05 131,909.26 (13.48) (17.07) Non-Banks 156,742.30 215,600.30 239,305.10 52.67 10.99 % Change Average Weighted Price for Successful bids (% ) 96.02 95.84 95.94 (0.08) 0.11 2023/24 -0.92 Average Weighted Yield for Successful bids (% ) 9.592 9.760 9.506 -0.89 -2.60 Outstanding bills at the end of Period (Mn.Br.) 309,210.35 374,668.35 371,214.36 20.05 Source: National Bank of Ethiopia (NBE)

Fig.IV.13: Development in Treasury- bills Markets (In Millions of Birr)

National Bank of Ethiopia Quarterly Bulletin 41 | Second Quarter 2023/24 Source: NBE Fig.IV.14: Developments in Average weighted Yields of T-bills Source: NBE 4.7.2. Inter- Bank Money Market There has been no inter-bank money market

100,000.00 200,000.00 300,000.00 400,000.00 500,000.00 600,000.00 700,000.00 III IV I II III IV I II III IV I II III IV I II 2019/20 2020/21 2021/22 2022/23 2023/24 Supply Demand 0 2.5 5 7.5 10 12.5 III IV I II III IV I II III IV I II III IV I II 2019/20 2020/21 2021/22 2022/23 2023/24 (In percent) 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day

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

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

National Bank of Ethiopia Quarterly Bulletin 42 | Second Quarter 2023/24 transaction during the quarter under review. 4.7.3. Corporate Bond Market Corporate bond market remained undeveloped whereby major players being a few public institutions and regional governments. The purchaser of these bonds was solely the Commercial Bank of Ethiopia (CBE). During the second quarter of 2023/24, CBE purchased corporate bonds worth Birr 12.0 billion, of which, Birr 7.0 billion was from Ethiopian Electric Power (EEP) and Birr 5.0 billion from Addis Ababa City Administration. In the meantime, the amount of corporate bond redeemed stood at Birr 4.4 billion, of which, Birr 4.4 billion was by Addis Ababa City Administration and Birr 12.1 million by EEP. The stock of corporate bonds held by CBE stood at Birr 559.0 billion, of which, 93.1 percent was claims on public enterprises and the remaining balance on regional governments (Table 4.15). EEP held 43.6 percent of the total outstanding corporate bond balance.

National Bank of Ethiopia Quarterly Bulletin 43 | Second Quarter 2023/24 Table 4.15: Corporate Bond Purchase, Redemption and Outstanding (in millions of Birr) NP Red O/S NP Red O/S NP Red O/S 1.Puplic Enterprises 25,213.96 - 425,342.09 13,427.72 871.43 465,301.43 7,000.00 12.09 520,723.22 EEP 12,200.00 - 340,941.90 11,000.00 - 368,864.97 7,000.00 12.09 243,530.71 Railway Corporations 13,013.96 - 84,400.19 2,427.72 871.43 96,436.46 - - - DBE - - - - - - - Liability & Asset Management Corp. - - 277,192.50 2. Regional Governments 2,500.00 947.21 51,786.02 - 1,521.86 52,213.51 5,000.00 4,353.36 38,326.55 Oromia - 0.12 372.34 - 37.43 228.13 - - - Amhara - - - - - - - - Tigray - - 91.54 - - - - - - SNNPRS - - - - - - - - - Dire Dawa - - 0.00 - - - - - - Harari - - 0.00 - - - - - - Addia Ababa 2,500.00 947.09 51,322.14 - 1,484.43 51,985.38 5,000.00 4,353.36 38,326.55 3.Grand Total(1+2) 27,713.96 947.21 477,128.11 13,427.72 2,393.28 517,514.95 12,000.00 4,365.45 559,049.77 Issuer of the Bond 2021/22 2022/23 2023/24 QII Note: NP= New Purchase, Red. = Redemption, O/S= outstanding Source: NBE

National Bank of Ethiopia Quarterly Bulletin 44 | Second Quarter 2023/24 V. EXTERNAL SECTOR DEVELOPMENTS 5.1. Balance of Payments During the second quarter, the overall BOP registered a deficit of USD 389.5 million compared to USD 328.1 million deficit a year ago. Meanwhile, the current account balance (including official transfers) widened from USD 1.5 billion last year to USD 2 billion during the reporting quarter. This was mainly driven by higher trade deficit (9.8 percent) coupled with lower net service surplus (5.8 percent) and slowdown in both net private transfers (4.9 percent) and net official transfers (13.2 percent) (Table 5.1).

National Bank of Ethiopia Quarterly Bulletin 45 | Second Quarter 2023/24 Table 5.1: Balance of Payments (In Millions of USD) S/N Particulars 2022/23 2023/24 Percentage Change QII QI QII A B C D=C/A E=C/B 1 Exports, f.o.b. 778.0 834.0 770.7 -0.9 -7.6 Coffee 234.8 355.1 218.4 -7.0 -38.5 Other 543.2 478.8 552.3 1.7 15.3 2 Imports 4,503.9 4,126.9 4,863.6 8.0 17.9 Fuel 946.1 914.5 1,039.6 9.9 13.7 Cereals 343.2 107.3 175.7 -48.8 63.8 Aircraft 43.9 92.4 229.6 423.3 148.3 Imports excl. fuel, cereals, aircraft 3,170.7 3,012.6 3,418.7 7.8 13.5 3 Trade Balance (1-2) -3,725.9 -3,292.9 -4,092.9 9.8 24.3 4 Services, net 240.9 449.6 226.9 -5.8 -49.5 Non-factor services, net 344.4 519.1 315.5 -8.4 -39.2 Exports of non-factor services 1,841.0 2,042.4 1,896.3 3.0 -7.2 Imports of non-factor services 1,496.5 1,523.3 1,580.8 5.6 3.8 Factor services (Investment income), net -103.5 -69.5 -88.6 -14.4 27.4 Interest, net -103.2 -69.5 -88.6 -14.2 27.4 Dividend, net -0.3 0.0 5 Private transfers, net 1,640.9 1,214.2 1,561.2 -4.9 28.6 o/w: NGO's,(Net) 512.1 202.6 151.7 -70.4 -25.1 Private Individuals 1,128.7 1,011.6 1,409.5 24.9 39.3 6 Current account balance excluding official transfers (3+4+5) -1,844.2 -1,629.1 -2,304.8 25.0 41.5 7 Official transfers, net 344.9 267.7 299.4 -13.2 11.8 8 Current account balance including official transfers(6+7) -1,499.2 -1,361.4 -2,005.4 33.8 47.3 9 Capital account 1,197.1 516.8 1,542.1 28.8 198.4 Official Long-term Capital, net 100.2 35.3 219.0 118.6 520.7 Disbursements 215.4 151.7 346.8 61.0 128.5 Amortization 115.2 116.5 127.8 11.0 9.7 Other public long-term capital -44.0 -126.2 67.5 -253.3 -153.5 Private sector, long term 14.9 17.7 41.3 177.6 132.6 Foreign Direct Investment, net 1,083.8 766.1 1,058.7 -2.3 38.2 Short-term Capital 42.3 -176.2 155.6 267.6 -188.3 10 Errors and Omissions [11-(9+8)] -26.0 -98.1 73.8 11 Overall balance (-13) -328.1 -942.6 -389.5 12 Financing (13+16) 328.1 942.6 389.5 13 Reserves [ Increase(-), Decrease (+)] (14+15) 328.1 942.6 389.5 14 Central Bank (NFA) 273.6 604.9 498.4 Asset 44.0 548.7 -1,538.3 Liabilities 229.6 56.2 2,036.6 15 Commercial banks (NFA) 54.5 337.7 -108.9 16 Debt Relief Principal Interest Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin 46 | Second Quarter 2023/24 Total current receipts amounted to USD 4.6 billion showing 2.5 percent annual decline owing to fall in export proceed (0.9 percent), private transfers (3.8 percent) and public transfers (26.5 percent) despite a rise in services proceeds (3.4 percent). On the other hand, total current payments increased by 6.3 percent to USD 6.6 billion due to higher import payments (8 percent), services payments (4.7 percent) and private transfer payments (from USD 3.8 million last year the same period to USD 20.9 million) in spite of slowdown in public transfer payments (90.5 percent) (Table 5.2). Table 5.2: Current Receipts and Payments (In millions of USD) S/N Particulars 2022/23 2023/24 Percentage Change QII QI QII A B C D=C/A E=C/B 1 Current Receipts 4,693.2 4,389.5 4,575.4 -2.5 4.2 Export Proceeds 778.0 834.0 770.7 -0.9 -7.6 Services Proceeds 1,853.8 2,056.4 1,916.4 3.4 -6.8 Private Transfers 1,644.6 1,219.9 1,582.1 -3.8 29.7 Public Transfers 416.8 279.2 306.3 -26.5 9.7 2 Current Payments 6,192.4 5,750.9 6,580.8 6.3 14.4 Import Payments 4,503.9 4,126.9 4,863.6 8.0 17.9 Services Payments 1,612.9 1,606.8 1,689.5 4.7 5.1 Private Transfers 3.8 5.7 20.9 451.7 267.0 Public Transfers 71.8 11.5 6.8 -90.5 -40.6 3 Net (1-2) -1,499.2 -1,361.4 -2,005.4 33.8 47.3 Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin 47 | Second Quarter 2023/24 Source: NBE Staff Compilation 5.2. Balance of Trade Merchandise trade deficit widened to USD 4.1 billion from USD 3.7 billion a year ago due to higher merchandise import bills coupled with the decline in export receipts.

Source: Ethiopian Customs Commission

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

National Bank of Ethiopia Quarterly Bulletin 48 | Second Quarter 2023/24 Source: Ethiopian Customs Commission 5.2.1. Export of Goods Merchandise export earnings declined marginally (0.9 percent) on account of lower revenues from coffee (7.0 percent), flower (15.7 percent), chat (13.9 percent), fruits & vegetables (58.1 percent), meat & meat products (39.2 percent), textile & textile products (45.1 percent), leather & leather products (29.9 percent) and other exports (21.8 percent). On the other hand, there were improvements in export receipts from pulses (41.5 percent), gold (63.1 percent), oilseeds (101.9 percent), liveanimals (216.6 percent) and electricity (18.3 percent). receipts from coffee export saw a 7.0 percent annual drop owing to 16.5 percent decline in international price despite 11.4 percent rise in export volume. As a result, the share of coffee in total merchandise export earnings declined to 28.3 percent from 30.2 percent a year earlier. Likewise, export receipts from flower decreased 15.7 percent on account of lower export volume (5.6 percent) and international price (10.7 percent). Accordingly, the share of flower in total merchandise export declined to 14.7 percent from 17.3 percent a year ago. Earnings from chat export went down (13.9 percent) as export volume declined (37.8 percent) in spite of 38.4 percent rise in international price. Therefore, the share of chat in total merchandise export earnings was 6.0 percent relative to 6.9 percent a year ago. 0 500 1000 1500 2000 2500 3000 3500 4000 4500 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit

National Bank of Ethiopia Quarterly Bulletin 49 | Second Quarter 2023/24 Export receipts from meat & meat products declined by 39.2 percent to USD 15.3 million due to the decline in export volume (12.5 percent) and international price (30.5 percent). As a result, the share of meat & meat products in total export earnings stood at 2.0 percent from 3.2 percent a year earlier. Receipts from fruits & vegetables export declined from 58.1 percent to USD 18.7 million owing to the fall in international price (68.9 percent) in spite of higher export volume (34.8 percent). Thus, the share of fruits & vegetables in total merchandise export receipt dropped to 2.4 percent from 5.7 percent a year earlier. Revenue from textile & textile products fell by 45.1 percent on account of the drop in international price (43.1 percent) and export volume (4 percent). Therefore, its share in total merchandise export earnings decreased to 3.7 percent from 6.7 percent a year earlier. Similarly, receipts from export of leather & leather products declined by 29.9 percent vis-à-vis same quarter last year due to lower in international price (7.0 percent) and export volume (24.6 percent). Hence, its share in total merchandise export slightly declined to 0.7 percent from 1.0 percent a year ago. On the other hand, proceeds from pulses export grew by 41.5 percent over last year same quarter as a result of higher export volume (36.4 percent) and international price (3.8 percent). Therefore, the share of pulses in total goods export revenue increased to 11.5 percent from 8.0 percent a year ago. Likewise, earnings from oilseeds export surged by 101.9 percent attributed to the rise in export volume (84.8 percent) and international price (9.2 percent). Thus, the share of oilseeds in total export earnings doubled to 10.2 percent from 5.0 percent a year earlier. Likewise, export earnings from gold rose 63.1 percent mainly due to an increase in international price (59.8 percent) and export volume (2.1 percent). Hence, its contribution to the total merchandise export receipts increased to 11.1 percent from 6.7 percent last year same quarter. Export receipts from live-animals grew substantially (by 216.6 percent) owing to more than five-fold increase in export volume despite 50.6 percent decrease in

National Bank of Ethiopia Quarterly Bulletin 50 | Second Quarter 2023/24 international price. As a result, the share of live-animals in total merchandise export earnings increased to 1.4 percent from 0.4 percent a year ago. Moreover, export receipts from electricity witnessed 18.3 percent growth due to increased export volume (7.6 percent) and international price (10.0 percent). Hence, the share of electricity in total export earnings expanded to 3.3 from 2.7 percent a year ago (Tables 5.3, 5.4 and 5.5). Table 5.3: Values of Major Export Items (In Millions of USD) Particulars 2022/23 2023/24 Percentage Change QII QI QII A %share B %share C %share C/A C/B Coffee 234.8 30.2 355.1 42.6 218.4 28.3 (7.0) (38.5) Oilseeds 38.8 5.0 31.6 3.8 78.4 10.2 101.9 148.1 Leather and Leather Products 7.4 1.0 6.6 0.8 5.2 0.7 (29.9) (20.6) Pulses 62.5 8.0 85.5 10.3 88.4 11.5 41.5 3.3 Meat & Meat Products 25.2 3.2 13.6 1.6 15.3 2.0 (39.2) 12.4 Fruits & Vegetables 44.6 5.7 17.6 2.1 18.7 2.4 (58.1) 5.9 Textile & Textile Products 52.1 6.7 31.5 3.8 28.6 3.7 (45.1) (9.3) Live Animals 3.3 0.4 8.0 1.0 10.5 1.4 216.6 31.8 Chat 53.8 6.9 43.3 5.2 46.3 6.0 (13.9) 7.0 Gold 52.3 6.7 78.8 9.5 85.3 11.1 63.1 8.2 Flower 134.6 17.3 112.1 13.4 113.5 14.7 (15.7) 1.2 Electricity 21.2 2.7 22.0 2.6 25.1 3.3 18.3 13.8 Others 47.4 6.1 28.1 3.4 37.0 4.8 (21.8) 31.8 Total Export 778.0 100.0 834.0 100.0 770.7 100.0 (0.9) (7.6) Total Export Excluding Electricity 756.8 812.0 745.6 (1.5) (8.2) Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power

National Bank of Ethiopia Quarterly Bulletin 51 | Second Quarter 2023/24 Source: NBE Staff Compilation Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2022/23 2023/24 Percentage Change QII QI QII A B C C/A C/B Coffee 45.3 67.8 50.4 11.4 (25.6) Oilseeds 23.8 17.7 44.0 84.8 148.6 Leather and Leather Products 0.5 0.5 0.3 (24.6) (27.1) Pulses 80.2 109.8 109.4 36.4 (0.4) Meat & Meat Products 2.8 2.2 2.4 (12.5) 9.8 Fruits & Vegetables 39.4 49.5 53.1 34.8 7.1 Textile & Textile Products 7.5 8.6 7.3 (4) (15) Live Animals 1.4 10.8 9.2 541.2 (15.2) Chat 7.4 4.3 4.6 (37.8) 8.5 Gold(In mn. of grams) 0.9 0.9 1.0 2.1 3.4 Flower 24.7 23.7 23.3 (5.6) (1.6) Electricity(In mn of kwh) 371.7 359.0 399.8 7.6 11.3 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power 0 100 200 300 400 500 600 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (Millions USD) Fig.V.4: Export Value of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Chat

National Bank of Ethiopia Quarterly Bulletin 52 | Second Quarter 2023/24 Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2022/23 2023/24 Percentage Change QII QI QII A B C C/A C/B Coffee 5.2 5.2 4.3 (16.5) (17.4) Oilseeds 1.6 1.8 1.8 9.2 (0.2) Leather and Leather Products 16.5 14.1 15.3 (7.0) 9.0 Pulses 0.8 3.8 3.7 Meat & Meat Products 9.1 6.1 6.3 (30.5) 2.4 Fruits & Vegetables 1.1 0.4 0.4 (68.9) (1.1) Textile & Textile Products 6.9 3.7 3.9 (43.1) 7.2 Live Animals 2.3 0.7 1.1 (50.6) 55.5 Chat 7.2 10.1 10.0 38.4 (1.4) Gold (USD/grams) 56.0 85.5 89.5 59.8 4.7 Flower 5.5 4.7 4.9 (10.7) 2.9 Electricity (USD/kwh) 0.1 10.0 6.2 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power 0.000 0.001 0.001 0.002 0.002 0.003 0.003 0.004 0 20 40 60 80 100 120 140 160 180 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (Gold, Million Kg.) (Millions Kg.) Fig.V.5: Export Volume of Selected Commodities Coffee Oil Seeds Leather & Leather Products Pulses Flower Chat Gold (SA)

National Bank of Ethiopia Quarterly Bulletin 53 | Second Quarter 2023/24 Source: NBE Staff Computation 5.2.2. Import of Goods Goods valued at USD 4.9 billion were imported during the review quarter, which was 8.0 percent higher than last year same period due to higher import values of capital goods, fuel, semifinished goods, raw materials and miscellaneous goods. Import values of consumer goods, however, tended to decrease. Capital goods imported surged 48.8 percent owing to the rise in import bills of transport capital goods (87.4 percent) and industrial capital goods (42.1 percent) despite the fall in agricultural capital goods (39.9 percent). As a result, the share of capital goods in the total goods import increased to 31.1 percent from 22.6 percent a year earlier. Likewise, payments for fuel grew by 9.9 percent and its share in total import payments slightly rose to 21.4 percent from 21.0 percent a year ago. Payments for semi-finished goods increased by 22.2 percent as import bills of fertilizer went up by 144.7 percent. Hence, the share of semi-finished goods in total merchandise import bills rose to 17.2 percent from 15.2 percent a year earlier. Import bill of raw materials increased 19.6 percent relative to same quarter of last year while their share in total 0.0 2.0 4.0 6.0 8.0 10.0 12.0 0 10 20 30 40 50 60 70 80 90 100 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (USD/Kg) (USD/kg,, USD/gm(Gold)) Fig.V.6: Unit Value of Selected Export Commodities Leather & Leather Products Gold Coffee (SA) Oil Seeds (SA) Pulses (SA) Flower (SA) Chat (SA)

National Bank of Ethiopia Quarterly Bulletin 54 | Second Quarter 2023/24 merchandise import remained at 0.7 percent. On the other hand, consumer goods import bill fell 22.0 percent relative to last year same period due to lower import value of non-durable goods (24.4 percent) and durable goods (13.7 percent). Hence, the share of consumer goods in total import dropped to 28.8 percent from 39.8 percent a year ago. Meanwhile, total franco-valuta import increased by 5.6 percent and stood at USD 2.0 billion accounting for 40.1 percent of the total import value. Table 5.6: Values of Major Import Items (In Millions of USD) Particular 2022/23 2023/24 Percentage Changes QII Share (%) QI Share (%) QII Share (%) A B C C/A C/B Raw Materials 29.8 0.7 28.0 0.7 35.7 0.7 19.6 27.6 Semi-finished Goods 686.1 15.2 950.2 23.0 838.6 17.2 22.2 -11.7 Fertilizers 101.4 2.3 341.3 8.3 248.1 5.1 144.7 -27.3 Fuel 946.1 21.0 914.5 22.2 1,039.6 21.4 9.9 13.7 Petroleum Products 903.7 20.1 892.5 21.6 1,007.2 20.7 11.4 12.9 Others 42.3 0.9 22.1 0.5 32.4 0.7 -23.5 46.9 Capital Goods 1,017.3 22.6 1,066.6 25.8 1,513.9 31.1 48.8 41.9 Transport 201.9 4.5 228.7 5.5 378.3 7.8 87.4 65.4 Agricultural 27.8 0.6 19.9 0.5 16.7 0.3 -39.9 -16.2 Industrial 787.7 17.5 817.9 19.8 1,119.0 23.0 42.1 36.8 Consumer Goods 1,793.1 39.8 1,134.4 27.5 1,399.5 28.8 -22.0 23.4 Durables 406.7 9.0 337.8 8.2 350.9 7.2 -13.7 3.9 Non-durables 1,386.5 30.8 796.6 19.3 1,048.6 21.6 -24.4 31.6 Miscellaneous 31.4 0.7 33.2 0.8 36.3 0.7 15.6 9.4 Total Imports 4,503.9 100.0 4,126.9 100.0 4,863.6 100.0 8.0 17.9 Source: Ethiopian Customs Commission

National Bank of Ethiopia Quarterly Bulletin 55 | Second Quarter 2023/24 Table 5.7: Value of Franco Valuta Import (In Millions of USD Commodity Group 2022/23 2023/24 Percentage Change QII QI QII A B C C/A C/B Beverages 0.9 0.2 1.7 98.0 796.0 Chemicals 16.8 10.2 11.0 (34.6) 7.5 Clothing 7.3 5.9 6.3 (13.1) 6.0 Food and live animals 435.5 83.1 135.9 (68.8) 63.4 Textiles 42.6 58.6 63.6 49.4 8.4 Tobacco 0.1 0.1 0.2 224.6 358.9 Soap & polish 13.9 10.1 6.9 (50.4) (31.7) Fertilizer 74.4 74.2 88.7 19.2 19.5 Paper & paper manufacturing 7.5 13.8 7.3 (3.6) (47.4) Metal & metal manufacturing 65.8 121.5 130.7 98.7 7.6 Medical and pharmaceuticals products 0.2 0.3 4.6 1,778.1 1,373.0 Rubber products 22.2 17.6 18.0 (18.9) 2.4 Petroleum Crude 0.0 0.0 - (100.0) (100.0) Petroleum product 8.9 20.6 10.7 21.1 (47.8) Glass & glass ware 3.7 2.3 4.0 6.3 76.2 Electrical material 87.9 58.6 80.6 (8.3) 37.6 Machine 214.5 213.8 674.1 214.3 215.3 Road & motor vehicles 5.8 20.9 17.9 207.8 (14.3) Tele apparatus 1.1 0.7 5.3 399.7 681.0 Cement 0.1 0.0 0.0 (99.1) (1.2) Others 837.9 519.5 683.5 (18.4) 31.6 Total 1,847.0 1,232.0 1,951.0 5.6 58.4 Source: Ethiopian Customs Commission

National Bank of Ethiopia Quarterly Bulletin 56 | Second Quarter 2023/24 5.2.3. Direction of Trade 5.2.3.1. Export of Goods The major destinations for Ethiopian export were Asia, Europe and Africa. Asia accounted for 42.9 percent of Ethiopia’s total export revenue, with Saudi Arabia taking 23.8 percent share, followed by UAE (14.3 percent), India (8.8 percent), China (7.8 percent), Israel (7.1 percent), South Korea (6.2 percent), Japan (5.7 percent), Singapore (4.8 percent), Pakistan (2.7 percent), Yemen (2.1 percent), Hong Kong (1.8 percent), Indonesia (1.6 percent) and Taiwan (1.3 percent). These countries in total had 87.9 percent share in Ethiopia’s total export to Asia. Europe constituted 34.5 percent of Ethiopia’s total export receipts, with the Switzerland being the main destination accounting for 32.4 percent share followed by Netherlands (29.1 percent), Germany (8.6 percent), Belgium (7.8 percent), Turkey (5.5 percent), United Kingdom (4.7 percent), Italy (3.1 percent), France (2.9 percent), Russia (1.3 percent) and Norway (0.9 percent). These European countries together had 96.2 percent share in Ethiopia’s total exports to Europe. About 14.5 percent of Ethiopia’s export earnings originated from Africa, mainly Djibouti (27.8 percent), Somalia (27.2 percent), Kenya (18.3 percent), Sudan (15.0 percent), South Africa (1.8 percent) and Egypt (1.6 percent), which altogether accounted for 91.7 percent of the total exports to Africa. America had 6.0 percent share in Ethiopia’s total export earnings, of which, 78.4 percent was from the United States followed by Canada (10.9 percent). These two countries constituted 89.3 percent of Ethiopia’s total exports earnings from America.

National Bank of Ethiopia Quarterly Bulletin 57 | Second Quarter 2023/24 Source: NBE Staff Compilation 5.2.3.2. Import of Goods Asia accounted for 62.8 percent of Ethiopia’s total import bills with the major import payments made for China (35.9 percent), Saudi Arabia (20.2 percent), India (13.3 percent), UAE (9.1 percent), Malaysia (5.0 percent), Indonesia (4.2 percent), Hong Kong (2.0 percent) and South Korea (1.2 percent) whose combined share was 90.9 percent. Import payments for Europe constituted 17.0 percent of Ethiopia’s total import bills with the major countries being Turkey (31.7 percent), United Kingdom (24.7 percent), Italy (6.7 percent), Germany (4.5 percent), France (4.3 percent), Belgium (3.1 percent), Netherlands (2.6 percent), Russia (2.0 percent), Spain (1.7 percent), Poland (1.1 percent) and Denmark (1.0 percent). These countries jointly accounted for 83.5 percent of Ethiopia’s total import bills for Europe. Africa’s share in total value of merchandise imports of Ethiopia was 14.2 percent. The major countries of origin were Egypt (40.1 percent), Morocco (32.4 percent), Djibouti (12.7 14.5% 34.5% 6.0% 42.9% 0.6% 1.4% Fig.V.7: Export By Destination Africa Europe America Asia Oceania Unspecified

National Bank of Ethiopia Quarterly Bulletin 58 | Second Quarter 2023/24 percent), South Africa (9.2 percent) and Kenya (3.9 percent) which altogether represented 98.2 percent of the total import bills made for African continent. Import bills for America had 5.9 percent share in total import bills, of which the share of United States was 69.6 percent followed by Brazil (16.2 percent), Canada (1.4 percent) and Mexico (1.4 percent). These countries jointly accounted for 88.6 percent of Ethiopia’s total import bills for America. Source: NBE Staff Compilation 14.2% 17.0% 5.9% 62.8% 0.1% Fig.V.8: Import By Origin Africa Europe America Asia Oceania

National Bank of Ethiopia Quarterly Bulletin 59 | Second Quarter 2023/24 5.3. Services and Transfers 5.3.1. Net Services During the review quarter, net services recorded a surplus of USD 226.9 million which was 5.8 percent lower than USD 240.9 million surplus recorded a year ago. The slowdown in net services surplus was attributed to lower in net travel (40.7 percent) and net government services (26.4 percent). Net transport services, however, increased by 3.3 percent while the deficit in net other services and investment income declined by 11.6 percent and 14.4 percent, respectively (Table 5.8). Source: NBE Staff Compilation -400.0 -300.0 -200.0 -100.0 0.0 100.0 200.0 300.0 400.0 500.0 600.0 Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Q I Q II QIII Qtr IV QI Q II 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Million USD) Fig.V.9: Trends in Net Service Net Service Net Travel Net Transportation Net Government (n.i.e) Net Investment Income

National Bank of Ethiopia Quarterly Bulletin 60 | Second Quarter 2023/24 Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2022/23 2023/24 QII QI QII Percentage Change A B C D=C/A E=C/B 1 Investment Income (2+5) -103.5 -69.5 -88.6 -14.4 27.4 2 Interest, net (3-4) -103.2 -69.5 -88.6 -14.2 27.4 3 Credit 12.8 14.0 20.1 56.8 44.0 4 Debit 116.1 83.5 108.7 -6.3 30.2 5 Dividend, net -0.3 0.0 6 NON-FACTOR SERVICES, net (7-8) 344.4 519.1 315.5 -8.4 -39.2 7 Exports of non-factor services 1,841.0 2,042.4 1,896.3 3.0 -7.2 8 Travel 307.5 275.6 278.4 -9.5 1.0 9 Transport 1 1,404.6 1,624.0 1,444.1 2.8 -11.1 10 Gov't 2 44.6 23.7 32.9 -26.2 39.1 11 Other 3 84.3 119.2 140.9 67.2 18.2 12 Imports of non-factor services 1,496.5 1,523.3 1,580.8 5.6 3.8 13 Travel 187.4 169.7 207.2 10.5 22.0 14 Transport 1 1,053.5 1,090.8 1,081.3 2.6 -0.9 15 Gov't 2 0.1 0.1 0.2 20.4 24.1 16 Other 3 255.4 262.6 292.2 14.4 11.3 17 Net Services (18+19+20+21+22) 240.9 449.6 226.9 -5.8 -49.5 18 Travel (8-13) 120.0 105.8 71.2 -40.7 -32.7 19 Transport (9-14) 351.1 533.2 362.8 3.3 -32.0 20 Gov't (10-15) 44.5 23.5 32.7 -26.4 39.2 21 Other (11-16) -171.2 -143.4 -151.2 -11.6 5.5 22 Investment Income (2+5) -103.5 -69.5 -88.6 -14.4 27.4 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business 5.3.2. Transfers During the review period, total transfer receipts decreased by 8.4 percent and reached USD 1.9 billion due to 3.8 percent decline in private transfers and 26.5 percent in official transfers. Likewise, total transfer payments decreased to USD 27.7 million from USD 75.6 million as a result of lower official transfer payments (90.5 percent) in spite of rise in private transfer payments (from USD 3.8 million to USD 20.9 million). Hence, net transfers declined by 6.3 percent and reached USD 1.9 billion from USD 2 billion last year same period (Table 5).

National Bank of Ethiopia Quarterly Bulletin 61 | Second Quarter 2023/24 Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2022/23 2023/24 Percentage Change QII Share (In %) QI Share (In %) QII Share A (In %) B C D=C/A E=C/B 1 Private transfers, net (2-5) 1,640.9 82.6 1,214.2 81.9 1,561.2 83.9 -4.9 28.6 2 Credit (3+4) 1,644.6 79.8 1,219.9 81.4 1582.1 83.8 -3.8 29.7 3 NGO's 515.9 25.0 208.3 13.9 172.6 9.1 -66.5 -17.2 4 Private individuals 1,128.7 54.8 1,011.6 67.5 1,409.5 74.6 24.9 39.3 5 Debit 3.8 5.0 5.7 33.1 20.9 75.3 451.7 267.0 6 Official transfers, net (7-8) 344.9 17.4 267.7 18.1 299.4 16.1 -13.2 11.8 7 Credit 416.8 20.2 279.2 18.6 306.3 16.2 -26.5 9.7 8 Debit 71.8 95.0 11.5 66.9 6.8 24.7 -90.5 -40.6 9 Total Receipts 2,061.4 100.0 1,499.1 100.0 1,888.3 100.0 -8.4 26.0 10 Total Payments 75.6 100.0 17.2 100.0 27.7 100.0 -63.4 61.1 11 Net Transfers 1,985.8 100.0 1,481.9 100.0 1,860.6 100.0 -6.3 25.6 Source: NBE Staff Computation Source: NBE Staff Compilation 0 500 1000 1500 2000 2500 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II QIII Qtr IV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Millions of USD) Fig.V.10: Trends in Private and Official Transfers, (Receipts) Private Transfers Official Transfers

National Bank of Ethiopia Quarterly Bulletin 62 | Second Quarter 2023/24 5.4. Current Account Balance Current account balance (including official transfers) widened to USD 2 billion from USD 1.5 billion last year same period due to higher merchandise trade deficit, fall in net services surplus and decline in both private transfers and public transfers (Table 5.1). 5.5. Capital Account Capital account registered a surplus of USD 1.5 billion, which is 28.8 percent higher than USD 1.2 billion surplus recorded a year ago. The rise in surplus was mainly attributed to increase in net surplus of official long term capital from USD 100.2 million to USD 219 million this year, private sector long term capital and short term capital (267.6) coupled with a shift in other public sector long-term capital from deficit of USD 44 million a year ago to surplus of 67.5 million this year. On the other hand, net foreign direct investment decreased by 2.3 percent. 5.6. Changes in Reserve Position The overall balance of payments during the second quarter of the FY 2023/24 exhibited USD 389.5 million in deficit compared to USD 328.1 million deficit a year earlier. Consequently, net foreign asset of the National Bank of Ethiopia showed USD 498.4 million drawdown while net foreign asset of commercial banks showed USD 108.9 million build up (Table 5.1).

National Bank of Ethiopia Quarterly Bulletin 63 | Second Quarter 2023/24 5.7. Developments in the Foreign Exchange Market 5.7.1. Exchange Rate Movements In the inter-bank forex market, weighted average official exchange rate of Birr stood at Birr 55.6146/USD in the second quarter of 2023/24, depicting a 5.0 percent annual depreciation. The end period exchange rate of the Birr was 55.9969/USD, indicating a 5.0 percent annual depreciation of the Birr against USD. Table 5.10: Developments of Inter-bank Market Forex Traded and Exchange Rates (USD/ETB) Period Official Market End Period Weighted Rate Average Weighted Rate Amount Traded in Millions of USD Total Among CBs 2022/23 54.5943 53.2830 12.7 0.00 Qtr. II C 53.3387 52.9654 3.25 0.00 October 52.8777 52.7413 1.05 0.00 November 53.0339 52.9601 1.10 0.00 December 53.3387 53.1947 1.10 0.00 2023/24 Qtr. I B 55.2224 54.9259 3.10 0.00 July 54.7611 54.6826 1.05 0.00 August 55.0944 54.9330 1.15 0.00 September 55.2224 55.1620 0.90 0.00 Qtr. II A 55.9969 55.6146 3.25 0.00 October 55.5230 55.3722 1.10 0.00 November 55.6998 55.6229 1.10 0.00 December 55.9969 55.8488 1.05 0.00 Percentage Changes A/B 1.40 1.25 4.84 A/C 4.98 5.00 0.00 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 64 | Second Quarter 2023/24 In retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 55.7014/USD, showing 4.8 percent annual depreciation, while the selling rate (at Birr 56.8042/USD), depreciated 4.7 percent. Therefore, the average spread between the buying and the selling rates remained at 2.0 percent (Table 5.11).

National Bank of Ethiopia Quarterly Bulletin 65 | Second Quarter 2023/24 Table 5.11: Amount of Foreign Exchange Purchased and Sold by Forex Bureau of Commercial Banks (In ‘000 of USD) No. Name of Forex Bureaux 2022/23 2023/24 Percentage change Quarter II A Quarter I B Quarter II C C/B C/A Purchases Sales Purchases Sales Purchases Sales Purchases Sales Purchases Sales 1 Commercial Bank of Ethiopia 35,986.4 32,341.2 49,926.6 42,819.4 39,396.8 36,714.4 (21.1) (14.3) 9.5 13.5 2 Bank of Abyssinia 348.9 6,508.9 120.1 4,282.9 97.1 5,244.3 (19.1) 22.4 (72.2) (19.4) 3 Dashen Bank 3,916.5 4,437.4 3,556.1 3,321.0 7,285.8 5,382.1 104.9 62.1 86.0 21.3 4 Awash International Bank 546.5 8,124.8 200.4 8,341.5 312.6 4,746.6 56.0 (43.1) (42.8) (41.6) 5 Wegagen Bank 180.1 1,626.8 80.9 1,176.1 34.5 530.3 (57.4) (54.9) (80.9) (67.4) 6 United Bank 560.5 826.6 326.7 861.6 228.9 959.3 (29.9) 11.3 (59.2) 16.1 7 Development Bank 34.4 27.3 3.9 98.5 - 8.3 (100.0) (91.6) (100.0) (69.6) 8 Nib International Bank 800.6 1,076.1 63.7 598.9 50.6 414.9 (20.6) (30.7) (93.7) (61.4) 9 Lion International Bank 53.7 45.0 406.1 300.9 243.9 130.5 (39.9) (56.6) 354.0 189.9 10 Oromia International Bank 3,825.8 1,513.8 1,789.8 1,293.2 1,751.4 1,782.4 (2.1) 37.8 (54.2) 17.7 11 Zemen Bank 68.0 947.9 39.3 475.0 26.3 675.2 (33.1) 42.2 (61.3) (28.8) 12 Cooperative Bank of Oromia 152.1 1,067.1 75.5 320.2 61.9 603.8 (18.0) 88.6 (59.3) (43.4) 13 Buna International Bank 225.9 265.9 88.7 314.8 136.8 205.1 54.3 (34.8) (39.4) (22.9) 14 Birhan International Bank 110.4 565.6 30.1 483.0 21.4 778.2 (29.0) 61.1 (80.6) 37.6 15 Abay Bank 214.1 256.7 18.5 331.6 20.6 312.8 11.3 (5.7) (90.4) 21.9 16 Addis International Bank 524.8 369.0 201.3 203.1 44.6 232.4 (77.8) 14.4 (91.5) (37.0) 17 Debub Global Bank 206.6 169.4 140.9 133.8 102.5 59.0 (27.2) (55.9) (50.4) (65.2) 18 Enat Bank 274.8 232.1 149.6 192.0 168.8 144.3 12.9 (24.8) (38.6) (37.8) 19 Zamzam Bank 4.9 95.6 0.2 150.7 1.7 183.4 695.9 21.7 (65.6) 91.9 20 Gohe Betoch Bank 0.4 67.1 6.9 33.3 - 25.1 (100.0) (24.6) (62.6) 21 Hijera Bank 25.6 48.5 540.6 52.3 83.2 32.9 (84.6) (37.0) 225.2 (32.2) 22 Amhara Bank 14.2 93.6 0.3 165.9 5.0 127.9 1,615.2 (22.9) (65.1) 36.6 23 Tsehay Bank 0.2 - 20.1 48.2 41.2 23.5 104.5 (51.3) - 24 Siinqee Bank 7.2 0.5 284.7 211.0 30.3 46.9 (89.3) (77.8) 319.7 - 25 Geda Bank - - 41.5 24.2 10.0 27.9 (76.0) 15.0 26 Ahadu Bank - - 3.1 55.2 1.5 32.3 (52.2) (41.5) 27 Tseday Bank - - 1.5 23.9 1.1 28.6 (26.6) 19.9 28 Sidama Bank - - 0.1 - 4.4 - - - Total 48,082.5 60,706.9 58,117.2 66,312.3 50,162.9 59,452.4 (13.7) (10.3) 4.3 (2.1) Average Exchange Rate 53.1549 54.2324 54.9813 56.1051 55.7014 56.8042 1.3 1.2 4.8 4.7 Spread 2.0 Source: National Bank of Ethiopia Note: * Refers the percentage spread between forex bureaus average buying and selling exchange rate in a given quarter.

National Bank of Ethiopia Quarterly Bulletin 66 | Second Quarter 2023/24 Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks Source: NBE Staff Compilation In the official forex market, US dollar fluctuated against major currencies. On quarterly basis, it appreciated against Euro (1.3 percent), Japanese Yen (1.1 percent), Pound Sterling (0.8 percent), SDR (0.8 percent) and Swiss Franc (0.6 percent). On annual basis, USD depreciated against Swiss Franc (8.7 percent), Euro (5.5 percent), SDR (1.4 percent) and Pound Sterling (0.4 percent), while it appreciated against Japanese Yen by 9.3 percent (Table 5.12). 1.8 1.8 1.9 1.9 2.0 2.0 2.1 2.1 2.2 0 10 20 30 40 50 60 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (Spread, %) (Birr per USD) Buying Rate Selling Rate Spread

National Bank of Ethiopia Quarterly Bulletin 67 | Second Quarter 2023/24 Table 5.12: Average Official Exchange Rates (USD per Major International Currencies) Period EURO JAPANESE YEN SDR POUNDSTELING SWISS FRANK Buying Selling MidRate Buying Selling MidRate Buying Selling MidRate Buying Selling MidRate Buying Selling MidRate 2022/23 QII C 1.0188 0.0069 1.3038 1.1498 1.0364 October 0.9818 0.0069 1.2805 1.1471 1.0045 November 1.0175 0.0069 1.2985 1.1511 1.0334 December 1.0571 0.0070 1.3325 1.1513 1.0713 2023/24 QI B 1.0894 1.0893 1.0894 0.0064 1.3331 1.1634 1.1328 July 1.1050 0.0064 1.3441 1.1647 1.1426 August 1.0919 1.0917 1.0918 0.0063 1.3344 1.1642 1.1386 September 1.0712 0.0063 1.3208 1.1614 1.1173 QII A 1.0751 0.0063 1.3226 1.1538 1.1263 October 1.0557 1.0558 1.0558 0.0063 1.3115 1.1527 1.1526 1.1526 1.1055 November 1.0791 0.0062 1.3218 1.1483 1.1197 December 1.0905 0.0064 1.3346 1.1604 1.1536 Percentage Changes A/B -1.31 -1.30 -1.31 -1.08 -1.07 -1.08 -0.78 -0.83 -0.58 A/C 5.53 -9.33 1.44 0.35 8.67 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 68 | Second Quarter 2023/24 On the other hand, the Birr exchange rate weakened against major currencies both on quarterly and annual bases. On annual terms, it depreciated against Swiss Franc (14.1 percent), Pound Sterling (11.2 percent), Euro (10.8 percent), SDR (6.5 percent), USD (5.0 percent) and Japanese Yen (0.4 percent). Moreover, the Birr depreciated against USD (1.3 percent), Swiss Franc (0.7 percent), and SDR (0.5 percent), whereas it appreciated against Japanese Yen (1.1 percent), Pound Sterling (0.9 percent) and Euro (0.1 percent) (Table5.13).

National Bank of Ethiopia Quarterly Bulletin 69 | Second Quarter 2023/24 Table 5.13: Period Average Exchange Rates (Birr per Major Currencies) Period Currency USD EURO JAPANESE YEN SDR POUNDSTERLING SWISS FRANK Buying Selling MidRate Buying Selling MidRate Buying Selling MidRate Buying Selling MidRate Buying Selling MidRate Buying Selling MidRate 2022/23 QII C 52.9654 53.4950 53.2302 53.9676 54.5072 54.2374 0.3745 0.3782 0.3763 69.0627 69.7533 69.4080 62.0535 62.6741 62.3638 54.8980 55.4470 55.1725 October 52.7413 53.2687 53.0050 51.7832 52.3010 52.0421 0.3586 0.3622 0.3604 67.5329 68.2083 67.8706 59.4007 59.9947 59.6977 52.9777 53.5075 53.2426 November 52.9601 53.4897 53.2249 53.8870 54.4259 54.1565 0.3712 0.3749 0.3731 68.7711 69.4588 69.1149 62.0265 62.6467 62.3366 54.7287 55.2760 55.0023 December 53.1947 53.7267 53.4607 56.2326 56.7945 56.5136 0.3936 0.3975 0.3955 70.8840 71.5928 71.2384 64.7335 65.3808 65.0572 56.9877 57.5576 57.2727 2023/24 QI B 54.9259 55.4751 55.2005 59.8292 60.4275 60.1283 0.3804 0.3842 0.3823 73.2186 73.9508 73.5847 69.6080 70.3041 69.9560 62.2187 62.8409 62.5298 July 54.6826 55.2294 54.9560 60.4270 61.0313 60.7292 0.3873 0.3912 0.3892 73.4988 74.2338 73.8663 70.3776 71.0814 70.7295 62.4787 63.1034 62.7911 August 54.9330 55.4823 55.2077 59.9710 60.5707 60.2709 0.3798 0.3836 0.3817 73.3017 74.0348 73.6683 69.8156 70.5138 70.1647 62.5475 63.1730 62.8603 September 55.1620 55.7136 55.4378 59.0896 59.6805 59.3850 0.3742 0.3779 0.3761 72.8552 73.5838 73.2195 68.6308 69.3171 68.9739 61.6299 62.2462 61.9380 QII A 55.6146 56.1708 55.8927 59.7947 60.3931 60.0939 0.3761 0.3799 0.3780 73.5597 74.2953 73.9275 68.9917 69.6813 69.3365 62.6414 63.2678 62.9546 October 55.3722 55.9259 55.6490 58.4590 59.0450 58.7520 0.3703 0.3740 0.3721 72.6221 73.3484 72.9852 67.3831 68.0559 67.7195 61.2129 61.8250 61.5189 November 55.6229 56.1791 55.9010 60.0210 60.6212 60.3211 0.3710 0.3747 0.3728 73.5215 74.2567 73.8891 68.9251 69.6143 69.2697 62.2805 62.9032 62.5919 December 55.8488 56.4073 56.1281 60.9041 61.5131 61.2086 0.3871 0.3910 0.3890 74.5356 75.2810 74.9083 70.6669 71.3736 71.0202 64.4308 65.0751 64.7529 Percentage Change A/B 1.25 -0.06 -1.14 0.47 -0.89 0.68 A/C 5.00 10.80 0.44 6.51 11.18 14.10 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 70 | Second Quarter 2023/24 Table 5.14: Birr per Unit of Currency End Period Mid-Market Rate Currency December 31, 2022 September 30, 2023 December 31, 2023 Percentage Change A B C C/B C/A USD 53.6054 54.8673 56.2769 2.6 5.0 Pound 64.5034 69.4565 71.7755 3.3 11.3 Swedish Kroner 5.1114 5.0805 5.6612 11.4 10.8 Djibouti Frank 0.3008 0.3104 0.3183 2.6 5.8 Swiss Frank 57.9080 61.3180 67.2364 9.7 16.1 Saudi Riyal 14.2587 14.6290 15.0072 2.6 5.2 UAE Dirhams 14.5953 14.9364 15.3214 2.6 5.0 Canadian Dollar 39.4331 41.3812 42.5599 2.8 7.9 Japanese Yen 0.4006 0.3804 0.3687 -3.1 -8.0 Euro 57.0094 60.0029 62.5293 4.2 9.7 SDR 72.0188 73.3192 75.5067 3.0 4.8 Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin 71 | Second Quarter 2023/24 5.7.2. Movements in the Real Effective Exchange Rate During the second quarter of the FY 2023/24, REER depreciated by 9.5 percent as result of lower domestic inflation relative to that of trading partners On the other hand, NEERI has appreciated by 6.9 percent on annual basis due to weakening of trading partner’s currencies against US dollar, particularly Turkish Lira (53.2 percent), Egyptian Pound (33.6 percent) and Israel Shekel (9.2 percent) (Table 5.15).

National Bank of Ethiopia Quarterly Bulletin 72 | Second Quarter 2023/24 Table 5.15: Trends in the Real and Nominal Effective Exchange Rates Item 2022/23 2023/24 Percentage Change QII QI QII A B C C/B C/A REERI 126.9 114.7 114.8 0.1 -9.5 NEERI 78.9 84.3 84.3 0.0 6.9 Source: NBE Staff Compilation NB:

REERI = Real Effective Exchange Rate Index, NEERI = Nominal Effective Exchange Rate Index
A decrease in the REERI and NEERI implies depreciation and vice versa.
Sudan inflation for QII 2023/24 is estimate Fig.V.12: Movements in the Real and Nominal Effective Exchange Rate Source: NBE Staff Compilation 0 50 100 150 200 250 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 REERI NEERI

National Bank of Ethiopia Quarterly Bulletin 73 | Second Quarter 2023/24 5.7.3. Volume of Transactions The volume of foreign exchange traded in the inter-bank foreign exchange market during the second quarter of the FY 2023/24 reached USD 3.3 million which remained unchanged compared with last year same quarter. All the foreign exchange was supplied exclusively by the National Bank of Ethiopia with a view to collect an indicative rate in the foreign exchange interbank market (Table 5:10 & fig. v.13). Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market Source: NBE Staff Compilation In the same period, forex bureaus of commercial banks purchased USD 50.2 million and sold USD 59.5 million. Hence, the amount of forex purchased rose 4.3 percent, while the amount sold declined (2.1 percent) (Table 5.11). 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Mn USD) Total Amount Traded Amount Traded among CBs

National Bank of Ethiopia Quarterly Bulletin 74 | Second Quarter 2023/24 VI. FEDERAL GOVERNMENT FINANCE Total revenue and grants of the federal government was Birr 139.6 billion and depicted 26.4 percent annual growth during the second quarter of 2023/24. Its performance was 28.7 percent of the annual plan (Table 6.1). Similarly, Federal government expenditure showed 8.4 percent yearly growth. The performance was 25.5 percent against the annual plan. Consequently, the fiscal balance (including grants) was Birr 40.4 billion deficits (Table 6.1).

National Bank of Ethiopia Quarterly Bulletin 75 | Second Quarter 2023/24 Table 6.1: Summary of Quarterly Federal Government Finance [In millions of Birr] No Finer points 2022/23 2023/24 Percentage changes performance rate QII QI Budget QII A B C D D/A D/B D/C 1 Revenue and Grants 110,459.4 100,068.9 485,836.2 139,617.0 26.4 39.5 28.7 1.1 Total Revenue 110,459.4 100,068.9 479,486.8 139,617.0 26.4 39.5 29.1 Tax Revenue 105,222.1 95,125.1 440,825.7 132,605.7 26.0 39.4 30.1 Direct tax 44,450.1 25,850.8 141,481.5 61,655.4

38.7 138.5 43.6 Indirect tax 60,772.1 69,274.3 299,344.2 70,950.3

16.7 2.4 23.7 Non-Tax Revenue 5,237.3 4,943.7 38,661.1 7,011.3 33.9 41.8 18.1 1.2 Grant & Relief - - 6,349.4 - - 2 Current Expenditure 80,585.1 62,295.9 316,406.5 69,079.3 (14.3) 10.9 21.8 3 Current Surplus/Deficit (Including Grants) 29,874.3 37,772.9 169,429.7 70,537.7

136.1 86.7 41.6 (Excluding Grants) 29,874.3 37,772.9 163,080.3 70,537.7

136.1 86.7 43.3 4 Capital Expenditure 50,239.0 26,370.9 171,833.7 55,932.6

11.3 112.1 32.6 5 Regional Transfers 35,217.1 52,641.5 219,041.0 55,053.2

56.3 4.6 25.1 6 Total Expenditure 166,041.2 141,308.3 707,281.2 180,065.1 8.4 27.4 25.5 7 Overall Surplus/Deficit (Including Grants) (55,581.8) (41,239.5) (221,445.0) (40,448.0) (27.2) (1.9) 18.3 (Excluding Grants) (55,581.8) (41,239.5) (227,794.4) (40,448.0)

(27.2) (1.9) 17.8 8 Total Financing 55,581.8 41,239.5 221,445.0 40,448.0 (27.2) (1.9) 18.3 8.1 Net External Borrowings 2,864.3 3,696.1 (17,248.4) 16,377.8 471.8 343.1 (95.0) External Borrowing 9,054.0 6,259.2 25,699.3 21,284.0

135.1 240.0 82.8 Amortization 6,189.6 2,563.1 50,384.0 4,906.3

(20.7) 91.4 9.7 8.2 Net Domestic Borrowings 69,425.3 64,062.7 238,693.4 28,042.2 (59.6) (56.2) 11.7 Banking System 55,078.3 38,433.9 11,067.4

(79.9) (71.2) - Non-Bank Sources 14,347.0 25,628.8 16,974.8

18.3 (33.8) - 8.3 Privatization receipts 8.4 Others and Residuals (16,707.8) (26,519.3) (0.0) (3,971.9) (76.2) (85.0) Source: Ministry of Finance

National Bank of Ethiopia Quarterly Bulletin 76 | Second Quarter 2023/24 6.1. Revenue and Grants Total revenue (excluding grants) during the second quarter of the current fiscal year reached Birr 139.6 billion. There were no grants during the review period. Of the total domestic revenue, Birr 86.9 billion (95.0 percent) was from taxes and Birr 7.0 billion (5.0 percent) from non-tax sources. The quarterly performance of total revenue was 28.7 percent of the annual plan (Table 6.2).

National Bank of Ethiopia Quarterly Bulletin 77 | Second Quarter 2023/24 Table 6.2: Summary of Federal Government Revenue by Component (In Millions of Birr) No Particulars 2022/23 2023/24 Percentage Change Performance Rate QII QI Budget QII A B C D D/A D/B D/C Total Revenue and Grants

110,459.4

100,068.9

485,836.2

139,617.0

26.4

39.5 28.7 Total Domestic Revenue

110,459.4

100,068.9

479,486.8

139,617.0

26.4

39.5 29.1 1 Tax Revenue

105,222.1

95,125.1

440,825.7

132,605.7

26.0

39.4 30.1 1.1 Direct Tax Revenue

44,450.1

25,850.8

141,481.5

61,655.4

38.7

138.5 43.6 1.1.1 Income Taxes

43,373.2

22,691.0

118,955.7

58,767.0

35.5

159.0 49.4

Personal

8,181.6

8,188.9

29,853.4

9,635.6

17.8

17.7 32.3

Business

35,191.6

14,502.1

89,102.3

49,131.4

39.6

238.8 55.1 1.1.2 Others1

1,076.9

3,159.8

22,525.7

2,888.4

168.2

(8.6) 12.8 1.2 Indirect Taxes

60,772.1

69,274.3

299,344.2

70,950.3

16.7

2.4 23.7 1.2.1 Domestic Taxes

17,539.4

22,694.6

111,755.5

27,452.1

56.5

21.0 24.6 1.2.2 Foreign Trade Taxes

43,232.6

46,579.8

187,588.7

43,498.2

0.6

(6.6) 23.2

Import

43,232.6

46,579.8

187,588.7

43,498.2

0.6

(6.6) 23.2 2 Non-Tax Revenue

5,237.3

4,943.7

38,661.1 7,011.3

33.9

41.8 18.1 3 Privatization

4 Grants and Relief

6,349.4

Source ministry of finance 1 includes Withholding tax on import, tax on dividend, royalty and interest income

National Bank of Ethiopia Quarterly Bulletin 78 | Second Quarter 2023/24 Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government Indirect taxes accounted for 53.3 percent of total tax revenue. Revenue from indirect taxes went up by 16.7 percent compared to a year ago. About 61.3 percent of indirect tax was on foreign trade taxes. Direct tax surged by about 38.7 percent compared to last year same period stood at Birr 61.66 billion. 0 20000 40000 60000 80000 100000 120000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Millions of Birr) Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue

National Bank of Ethiopia Quarterly Bulletin 79 | Second Quarter 2023/24 Fig.VI.2: Domestic Revenue of federal government by Major Components during the Second Quarter of 2023/24 Direct Tax Revenue 44.2 Indirect Taxes 50.8 Non-Tax Revenue 5.0

National Bank of Ethiopia Quarterly Bulletin 80 | Second Quarter 2023/24 6.2 Expenditure Total Federal government expenditure (including regional transfers) reached Birr 180.0 billion under the review period showing a 8.4 percent annual and 27.4 percent quarterly growth. The growth in annual expenditure was attributed to higher capital expenditure and regional transfers. Looking at the structure of expenditure, current expenditure with Birr 69.0 billion accounted for 38.4 percent of the total expenditure while capital expenditure at Birr 55.9 billion (constituted 31.0 percent). The remaining Birr 55.0 billion or 30.6 percent was regional transfer (Table 6.3). Tale 6.3: Summary of Federal Government Expenditure by components (In Millions of Birr) No Particulars 2022/23 2023/24 Percentage Change Performance Rate QII QI Budget QII A B C D D/A D/B D/C Total Expenditure 166,041.2 141,308.3 707,281.2 180,065.1 8.4 27.4 25.5 1 Current Expenditure 80,585.1 62,295.9 316,406.5 69,079.3 (14.3) 10.9 21.8

General Services 29,737.5 26,728.2 80,613.3 28,848.8 (3.0) 7.9 35.8
Economic Services 2,591.1 1,771.1 6,896.8 2,110.6 (18.5) 19.2 30.6
Social Services 13,919.4 21,162.2 54,236.1 10,742.9 (22.8) (49.2) 19.8
Others expenditure 16,274.1 602.2 69,190.2 10,139.9 (37.7) 1,583.9 14.7
Debt Service 18,063.0 12,032.3 105,470.0 17,237.1 (4.6) 43.3 16.3 2 Capital Expenditure 50,239.0 26,370.9 171,833.7 55,932.6 11.3 112.1 32.6
Economic Development 32,908.7 18,080.5 116,015.6 36,306.9 10.3 100.8 31.3
Social Development 15,103.1 6,860.0 24,403.5 12,550.8 (16.9) 83.0 51.4
General Development 2,227.2 1,430.4 31,414.6 7,074.8 217.7 394.6 22.5 3 Regional Transfers 35,217.1 52,641.5 219,041.0 55,053.2 56.3 4.6 25.1 Source: Ministry of Finance

National Bank of Ethiopia Quarterly Bulletin 81 | Second Quarter 2023/24 Fig.VI.3: Major Components of Federal Governments Expenditure during the Second Quarter of 2023/24 Current Expenditure 38.4% Capital Expenditure 31.0% Regional Transfer 30.6%

National Bank of Ethiopia Quarterly Bulletin 82 | Second Quarter 2023/24 Fig.VI.4: Quarterly Development in Federal Government Expenditure by Components Second Quarter of 2023/24 0 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers

National Bank of Ethiopia Quarterly Bulletin 83 | Second Quarter 2023/24 6.3. Deficit Financing The Federal government budget operation resulted in overall deficit (including grant) of Birr 40.4 billion, which was lower than Birr 55.5 billion deficit a year ago. The deficit was financed from net external and domestic borrowing.

National Bank of Ethiopia Quarterly Bulletin 84 | Second Quarter 2023/24 Fig.VI.5: Federal Government Finance during Second Quarter of F.Y 2023/24 -50000 0 50000 100000 150000 200000 250000 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants

National Bank of Ethiopia Quarterly Bulletin 85 | Second Quarter 2023/24 VII. DEVELOPMENTS IN INVESTMENT During the second quarter of 2023/24, 12 investment projects having investment capital of Birr 846.7 million became operational. Compared to last year same quarter, the number of investment projects and investment capital slowed down by 25 and 70.6 percent respectively. Virtually, all investment projects were private, of which 50 percent were domestic and 50 percent foreign. Domestic investment projects had investment capital of Birr 785.7 million or 92.8 percent while that of foreign investment projects was Birr 61 million or 7.2 percent. There was no public investment projects reported during the period under review. These investment projects have generated employment opportunities for 1,034 employees which was 64.3 percent lower than the same quarter of last year. Of the total employment created during the period, 82.4 percent was permanent and 17.6 percent casual (Table 7.1).

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

Total Investment Number of projects 16 19 12 100 -25.0 -36.8 Capital 2,879.6 1,677.2 846.7 100 -70.6 -49.5 Permanent Employment 438 1567 852 100 94.5 -45.6 Temporary Employment 2461 639 182 100 -92.6 -71.5
Private Investment Number of projects 16 19 12 100 -25.0 -36.8 Capital 2,879.6 1,677.2 846.7 100 -70.6 -49.5 Permanent Employment 438 1567 852 100 94.5 -45.6 Temporary Employment 2461 639 182 100 -92.6 -71.5 2.1 Domestic Investment Number of projects 9 4 6 50.0 -33.3 50.0 Capital 2,179.2 267.6 785.7 92.8 -63.9 193.7 Permanent Employment 223 46 5.4 -79.4 0.0 Temporary Employment 2377 11 6.0 -99.5 0.0 2.2. Foreign Investment Number of projects 7 15 6 50.0 -14.3 -60.0 Capital 700.4 1,409.6 61.0 7.2 -91.3 -95.7 Permanent Employment 215 1567 806 94.6 274.9 -48.6 Temporary Employment 84 639 171 94.0 103.6 -73.2
Public Investment Number of projects - - - - - - Capital - - - - - - Permanent Employment - - - - - - Temporary Employment - - - - - - Source: Ethiopian Investment Commission. As for sectoral distribution, manufacturing and real estate, renting and business activities constituted the largest share by accounting 33.3 percent each of total investment projects while that of construction, health & social work, hotels & restaurants, and other* sector on their parts constitute 8.3 percent each. Out of the total Birr 846.7 million capital invested, manufacturing received 62.8 percent, hotels and restaurants 17.4 percent, health and social work 13.9 percent, real estate, renting and business activities 5 percent and the remaining 0.8 percent constituted by construction and others* sectors.

National Bank of Ethiopia Quarterly Bulletin 87 | Second Quarter 2023/24 About 75.6 percent of the permanent employment was created by manufacturing, 22.5 percent by real estate, renting and business activities, 1.6 percent by other* sectors and 0.2 percent by health and social work. On the other hand, real estate, renting and business activities are the leading sector by accounting 80.2 percent of temporary employment followed by manufacturing (15.4 percent), others* (2.7 percent) and health and social work (1.6 percent) (Table 7.2). Table 7.2: Investment Distribution by Sector during the Second Quarter of 2023/24 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry - - - - - - - - Construction 1 8.3 2.0 0.2 0 Education - - - - - - - - Electricity, gas, steam and water supply - - - - - - - - Health and social work 1 8.3 118.0 13.9 2 0.2 3 1.6 Hotels and restaurants 1 8.3 147.2 17.4 0 - - - Manufacturing 4 33.3 531.4 62.8 644 75.6 28 15.4 Mining and quarrying - - - - - - - - Other community, social and personal service activities - - - - - - - - Real estate, renting and business activities 4 33.3 42.6 5.0 192 22.5 146 80.2 Tour operation, transport, and communication - - - - - - - - Wholesale, retail trade & repair service - - - - - - - - Others* 1 8.3 5.5 0.6 14 1.6 5 2.7 Grand Total 12 100 846.7 100 852 100 182 100 Source: Ethiopian Investment Commission. *Export of flowers, spices, cotton and cotton product, clay spots, wooden handicrafts, souvenirs and flower baskets, data center services.

National Bank of Ethiopia Quarterly Bulletin 88 | Second Quarter 2023/24 In terms of regional distribution, Addis Ababa account about 50 percent of the total projects with 92.8 percent of total investment capital while multiregional projects constitute 50 percent of the total projects with 7.2 percent of total investment capital. In terms of job creation multiregional projects accounted for 94.6 and 94 percent of the total permanent and temporary employments respectively while Addis Ababa on its part constituted 5.4 and 6 percent of total permanent and temporary employment respectively (Table 7.3).

National Bank of Ethiopia Quarterly Bulletin 89 | Second Quarter 2023/24 Table 7.3: Performance of Operational Investment Projects by Region Region 2022/23 2023/24 Growth Rate QII QI QII C/A C/B A B C Share in (%) No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital. Perm emp Temp emp No of Proj Capital. Perm emp Temp emp Addis Ababa 9 2,179 223 2,377 4 267.6 - - 6 785.7 46 11 50.0 92.8 5.4 6.0 -33.3 -63.9 -79.4 -99.5 50.0 193.7 - - Afar - - - - - - - - - - - - - - - - - - - - - - - - Amhara - - - - - - - - - - - - - - - - - - - - - - - - B.Gumuz - - - - - - - - - - - - - - - - - - - - - - - - Dire Dawa - - - - - - - - - - - - - - - - - - - - - - - - Oromia - - - - - - - - - - - - - - - - - - - - - - - - SNNPR - - - - - - - - - - - - - - - - - - - - - - - - Gamb - - - - - - - - - - - - - - - - - - - - - - - - Somali - - - - - - - - - - - - - - - - - - - - - - - - Harari - - - - - - - - - - - - - - - - - - - - - - - - Tigray - - - - - - - - - - - - - - - - - - - - - - - - Multiregional 7 700 215 84 15 1409.6 1567 639 6 61.0 806 171 50.0 7.2 94.6 94.0 -14.3 -91.3 274.9 103.6 -60.0 -95.7 -48.6 -73.2 Grand Total 16 2,880 438 2,461 19 1,677 1,567 639 12 846.7 852 182 100 (25.0) (70.6) 94.5 (92.6) (36.8 (49.5) (45.6) (71.5) Source: Ethiopian Investment Commission

National Bank of Ethiopia Quarterly Bulletin 90 | Second Quarter 2023/24 VIII. INTERNATIONAL ECONOMIC DEVELOPMENTS 8.1. Overview of the World Economy4 Global economic growth moderated during the second quarter of the FY 2023/24, as monetary policy tightening transmitted to the world economy. Growth in global real GDP is estimated to have slowed to 0.8 percent in the second quarter, down from 1.0 percent in the first quarter of the FY 2023/24. The global composite output Purchasing Managers’ Index (PMI) points to a decline in the rate of real GDP growth in the reporting period. In the United States, growth remains robust. High frequency indicators, such as consumer confidence and retail sales showed strong performance in the second quarter of 2023/24. In the United Kingdom, economic activity declined again in the second quarter. Real GDP growth surprised to the downside in the second quarter, standing at -0.3 percent, down from -0.1 percent in the first quarter. In Japan, real GDP unexpectedly declined in the second quarter of 2023/24. Economic activity fell again in the second quarter, by 0.1 percent, after contracting by a

4 Sections 8.1 - 8.3 are excerpted from European Central Bank monthly bulletin of 6-7/2023.Bulletin Issue 1-2/ 2024 downwardly revised 0.8 percent in the first quarter. This outcome reflects weakness in domestic demand which was relatively broad-based. In China, recent activity indicators provide mixed signals amid an ongoing adjustment in the residential property market. While industrial production growth increased slightly to 6.5 percent in annual terms in December.

National Bank of Ethiopia Quarterly Bulletin 91 | Second Quarter 2023/24 8.2. Inflation Developments In December 2023 core inflation across member countries of the Organisation for Economic Co-operation and Development (OECD) continued to decline. Annual headline consumer price index (CPI) inflation across OECD member countries excluding Türkiye decreased to 3.4 percent in November, down from 3.6 percent in October, owing to some easing in food price inflation. Core inflation (headline inflation excluding food and energy) also declined in November, falling 0.2 percentage points to 4.1 percent, but remains elevated. The PMI input and output price indices, which have strong leading indicator properties for global core goods and services inflation, point to core services inflation continuing to be persistent and slow to return to its long-term average. This partly reflects easing, albeit still tight, labour markets. In the United State, in December 2023 US headline CPI inflation rose by 0.3 percentage points, up to 3.4 percent, as the contribution of energy prices became less negative. Core inflation fell by 0.1 percentage points to 3.9 percent, as core services inflation continued to move back, albeit slowly. In the United Kingdom, headline CPI inflation surprised mildly on the upside in December, rising by 0.1 percentage points year on year, up to 4.0 percent, having fallen sharply in previous months. Inflation is expected to continue to decline in the months ahead, albeit more slowly, as pressures stemming from still elevated wage growth are expected to persist, reflecting continued tightness in the labour market. In the Japan, headline consumer price inflation slowed in December to 2.6 percent, down from 2.8 percent in the previous month. At the same time, core inflation picked up slightly by 0.1 percentage points, to reach 2.8 percent in December, signalling persistent underlying price pressures. In the China, annual headline CPI inflation rates remained in negative territory in the second quarter, with prices falling by 0.3 percent in December, owing primarily to lower food prices. By contrast, annual core inflation remained positive at 0.6 percent in the same month.

National Bank of Ethiopia Quarterly Bulletin 92 | Second Quarter 2023/24 8.3. Commodity Price Developments in energy commodity prices have been mixed since the Governing Council’s meeting in December 2023, amid higher oil prices and lower gas prices. Oil prices in US dollars raised by 10.4 percent amid concerns that attacks on ships in the Red Sea could affect shipments of oil through the Suez Canal, which serves as a key passage for global oil traded by sea. Non-energy commodity prices have been stable amid slightly higher metal prices, but lower food prices. Since the December meeting of the Governing Council, metal prices have increased by 1 percent, driven mainly by higher prices for tin, lead and aluminium. Some volatility was seen in aluminium prices owing to worries about growing tightness in the aluminium market as the UK government imposed sanctions on Russian metals trading, and an explosion at a fuel depot in Guinea in December raised fears of a bauxite shortage that could affect aluminium production in China. Food commodity prices have declined by 1.7 percent on the back of falling soybean and grain prices. 8.4. Exchange Rate Developments In foreign exchange markets, the euro appreciated slightly 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 appreciated by 0.4 percent over the review period. Expected monetary policy developments remained a major driver of exchange rate fluctuations and generated some volatility. That said, the euro was fairly stable against the US dollar, depreciating by only 0.1 percent as expectations for lower US rates were partly dialled back from the start of the year following the Federal Open Market Committee meeting in December 2023. In terms of bilateral exchange rate movements against other major currencies, the euro appreciated against the Turkish lira (by 3.9 percent) and the Japanese yen (by 3.7 percent), while it depreciated against the Swiss franc (by 0.8 percent) and the Pound sterling (by 0.5 percent).

National Bank of Ethiopia Quarterly Bulletin 93 | Second Quarter 2023/24 8.5. Impact of Global Economic Development on Ethiopian Economy Global economic growth is moderating in the second quarter of 2023/24, while annual headline consumer price index (CPI) inflation across OECD member countries excluding Türkiye decreased in November compare to October, owing to some easing in food price inflation. On the other hand, higher oil price while non-energy commodity prices have been stable. This decline in price of food items played its own role for inadequate performance of the Ethiopia’s export sector. Moreover, the high oil price had negative effect for Ethiopia in raising its forex payment for fuel import which partly explaining the widening of the merchandise trade deficit observed in Ethiopia’s current account balance during the reporting period.

STATISTICAL ANNEXES

Table 1(a): Statement of Condition of National Bank of Ethipia: 2022/23 Qtr.I 64,408.6 32.7 726.0 55,744.7 7,905.1 416,991.5 197,491.5 219,500.0 0.0 44,822.7 0.0 163,805.3 July 65,152.1 1,039.7 748.2 55,325.5 8,038.7 397,427.1 197,927.1 199,500.0 0.0 44,822.7 0.0 164,150.2 August 65,676.2 32.7 744.3 57,046.3 7,852.9 396,991.5 197,491.5 199,500.0 0.0 44,822.7 0.0 163,597.1 September 64,408.6 32.7 726.0 55,744.7 7,905.1 416,991.5 197,491.5 219,500.0 0.0 44,822.7 0.0 163,805.3 Qtr.II 62,948.1 2.2 780.9 56,164.2 6,000.8 473,991.5 433,991.5 40,000.0 0.0 44,822.7 0.0 161,398.3 October 62,910.8 777.2 743.6 53,077.9 8,312.2 443,991.5 433,991.5 10,000.0 0.0 44,822.7 0.0 161,566.3 November 63,456.5 8.1 761.2 57,170.3 5,516.9 463,991.5 433,991.5 30,000.0 0.0 44,822.7 0.0 157,703.8 December 62,948.1 2.2 780.9 56,164.2 6,000.8 473,991.5 433,991.5 40,000.0 0.0 44,822.7 0.0 161,398.3 Qtr.III 48,984.7 43.7 789.9 44,826.2 3,325.0 513,991.5 433,991.5 80,000.0 0.0 44,822.7 0.0 173,214.8 January 65,641.5 25.3 787.3 58,213.2 6,615.8 493,991.5 433,991.5 60,000.0 0.0 44,822.7 0.0 163,231.0 February 63,155.7 38.8 777.6 56,328.4 6,010.8 503,991.5 433,991.5 70,000.0 0.0 44,822.7 0.0 168,808.3 March 48,984.7 43.7 789.9 44,826.2 3,325.0 513,991.5 433,991.5 80,000.0 0.0 44,822.7 0.0 173,214.8 Qtr.IV 56,154.3 129.2 795.0 51,803.0 3,427.2 563,991.5 433,991.5 130,000.0 0.0 44,822.7 0.0 162,596.3 April 49,221.1 572.9 797.7 43,841.0 4,009.6 533,991.5 433,991.5 100,000.0 0.0 44,822.7 0.0 165,718.0 May 57,379.3 166.5 785.6 53,130.9 3,296.4 543,991.5 433,991.5 110,000.0 0.0 44,822.7 0.0 169,602.8 June 56,154.3 129.2 795.0 51,803.0 3,427.2 563,991.5 433,991.5 130,000.0 0.0 44,822.7 0.0 162,596.3 2023/24 Qtr.I 27,100.6 730.6 791.7 22,146.4 3,431.9 580,120.4 433,120.4 147,000.0 0.0 44,822.7 0.0 166,980.1 July 37,921.9 143.6 804.9 32,776.2 4,197.1 573,120.4 433,120.4 140,000.0 0.0 44,822.7 0.0 161,970.1 August 30,839.0 144.1 796.1 26,499.1 3,399.7 580,120.4 433,120.4 147,000.0 0.0 44,822.7 0.0 161,723.9 September 27,100.6 730.6 791.7 22,146.4 3,431.9 580,120.4 433,120.4 147,000.0 0.0 44,822.7 0.0 166,980.1 QII 113,504.5 627.2 818.7 108,516.7 3,541.8 600,120.4 433,120.4 167,000.0 0.0 42,322.7 0.0 169,473.1 October 128,456.2 28.8 792.8 123,400.5 4,234.1 580,120.4 433,120.4 147,000.0 0.0 44,822.7 0.0 162,081.6 November 111,216.2 188.5 809.4 106,775.6 3,442.7 590,120.4 433,120.4 157,000.0 0.0 42,322.7 0.0 172,391.9 December 113,504.5 627.2 818.7 108,516.7 3,541.8 600,120.4 433,120.4 167,000.0 0.0 42,322.7 0.0 169,473.1 Assets (In Millions of Birr) End of Period Foreign Assets Claims on Government Advance Others to DBE Silver Coins Other Assets Total Gold Reserve Tranche Foreign Exchange Others Total Bond Direct Advance

Liabilities (In Millions of Birr) 2022/23 Qtr.I 690,028.13 207,614.79 215,401.88 48,571.29 166,830.59 219,918.06 12,569.76 207,348.30 4,389.91 42,703.50 July 671,552.14 206,426.87 203,094.01 39,751.92 163,342.10 216,349.04 12,843.22 203,505.82 4,389.91 41,292.31 August 671,087.54 200,685.59 206,636.08 29,922.58 176,713.50 219,176.85 12,794.66 206,382.19 4,389.91 40,199.11 September 690,028.13 207,614.79 215,401.88 48,571.29 166,830.59 219,918.06 12,569.76 207,348.30 4,389.91 42,703.50 Qtr.II 743,160.62 235,833.63 225,334.80 40,798.80 184,536.00 235,296.22 13,246.02 222,050.20 4,830.82 41,865.15 October 713,291.36 209,958.64 236,108.79 59,156.84 176,951.95 219,777.94 12,785.73 206,992.21 4,389.91 43,056.08 November 729,974.49 221,907.10 234,505.06 43,583.44 190,921.62 223,458.22 13,002.98 210,455.24 4,830.82 45,273.29 December 743,160.62 235,833.63 225,334.80 40,798.80 184,536.00 235,296.22 13,246.02 222,050.20 4,830.82 41,865.15 Qtr.III 781,013.84 258,331.60 234,682.34 44,121.49 190,560.85 234,984.60 13,356.48 221,628.12 4,830.82 48,184.47 January 767,686.77 247,929.23 231,275.46 45,869.39 185,406.07 239,029.99 13,324.58 225,705.41 4,830.82 44,621.27 February 780,778.33 253,774.35 230,632.32 62,006.82 168,625.50 244,281.94 13,205.92 231,076.02 4,830.82 47,258.91 March 781,013.84 258,331.60 234,682.34 44,121.49 190,560.85 234,984.60 13,356.48 221,628.12 4,830.82 48,184.47 QIV 827,564.90 254,316.05 266,847.22 42,691.56 224,155.66 247,577.45 13,419.79 234,157.66 4,830.82 53,993.35 April 793,753.42 269,451.04 230,650.83 50,711.81 179,939.03 239,472.44 13,452.70 226,019.74 4,830.82 49,348.29 May 815,796.33 259,711.46 250,742.68 52,806.30 197,936.38 245,944.85 13,304.26 232,640.59 4,830.82 54,566.52 June 827,564.90 254,316.05 266,847.22 42,691.56 224,155.66 247,577.45 13,419.79 234,157.66 4,830.82 53,993.35 2023/24 Qtr.I 819,023.79 245,315.14 257,074.12 59,099.09 197,975.03 253,530.32 13,378.99 240,151.33 4,830.82 58,273.39 July 817,835.15 250,442.05 264,324.54 53,124.06 211,200.48 242,398.22 13,542.40 228,855.82 4,830.82 55,839.52 August 817,506.04 241,058.04 265,771.05 51,034.83 214,736.22 249,093.67 13,433.34 235,660.33 4,830.82 56,752.47 September 819,023.79 245,315.14 257,074.12 59,099.09 197,975.03 253,530.32 13,378.99 240,151.33 4,830.82 58,273.39 QII 925,420.74 254,152.67 236,960.68 42,609.04 194,351.63 371,129.65 13,712.14 357,417.51 4,830.82 58,346.92 October 915,480.94 239,233.38 239,184.22 64,898.44 174,285.78 372,777.64 13,392.58 359,385.07 4,830.82 59,454.87 November 916,051.18 243,788.50 236,438.74 47,781.81 188,656.93 371,182.82 13,597.26 357,585.56 4,830.82 59,810.31 December 925,420.74 254,152.67 236,960.68 42,609.04 194,351.63 371,129.65 13,712.14 357,417.51 4,830.82 58,346.92 Table 1(b): Statement of Condition of National Bank of Ethipia: End of Period Total Liab.= Assets Currency (Notes

Coins) Deposits Foreign Liabilities Capital Account Other Liab. Total Gov't Banker Total Fund Credit Others

Assets Loans & Adv. Investment Commercial Banks (2+3) 1 2 3 4 5 (7+8+9) 6 7 8 9 10 2022/23 QI 208830.0 39088.3 169741.7 75823.9 193191.5 1554554.0 998971.4 519483.2 36099.5 477130.1 July 203201.4 36173.2 167028.2 62201.0 189596.8 1502214.3 958443.3 513542.5 30228.5 452786.1 August 210301.0 34669.7 175631.3 65216.2 192382.0 1519582.1 974906.6 513402.7 31272.8 529796.8 September 208830.0 39088.3 169741.7 75823.9 193191.5 1554554.0 998971.4 519483.2 36099.5 477130.1 QII 221911.4 35883.6 186027.9 73187.5 189712.8 1677302.6 1108587.3 533292.6 35422.7 481804.4 October 211300.8 39544.0 171756.7 71093.3 184217.9 1598573.3 1038837.3 524946.2 34789.8 483649.7 November 229064.6 38113.0 190951.6 70417.0 175226.4 1627096.4 1070428.8 525999.3 30668.3 479570.3 December 221911.4 35883.6 186027.9 73187.5 189712.8 1677302.6 1108587.3 533292.6 35422.7 481804.4 QIII 237841.3 43043.0 194798.3 63462.1 183196.8 1748913.9 1167755.7 545454.3 35704.0 509569.6 January 228297.5 42098.3 186199.1 71608.4 192953.2 1685183.5 1119382.0 532337.2 33464.3 507779.3 February 216253.0 42855.1 173397.9 60412.1 192573.7 1717093.1 1136959.5 545863.2 34270.4 510295.7 March 237841.3 43043.0 194798.3 63462.1 183196.8 1748913.9 1167755.7 545454.3 35704.0 509569.6 QIV 266011.2 44173.5 221837.7 74213.2 204362.1 1827480.8 1195992.2 593345.6 38143.0 494029.5 April 226142.2 43996.6 182145.6 73563.6 184917.6 1749261.7 1172304.3 544242.5 32714.9 511983.7 May 236964.5 44361.3 192603.2 71212.6 187729.0 1750804.6 1178641.3 538618.6 33544.7 531036.9 June 266011.2 44173.5 221837.7 74213.2 204362.1 1827480.8 1195992.2 593345.6 38143.0 494029.5 2023/24 QI 246478.7 46585.6 199893.0 55343.2 228852.7 1887071.5 1268551.0 574926.6 43593.8 560394.1 July 257216.0 46450.7 210765.4 69241.4 216308.4 1859345.0 1236222.7 578584.9 44537.4 518550.1 August 257925.9 42671.2 215254.8 59143.1 222578.1 1875537.4 1253955.0 578647.0 42935.4 557458.7 September 246478.7 46585.6 199893.0 55343.2 228852.7 1887071.5 1268551.0 574926.6 43593.8 560394.1 QII 237396.3 43414.6 193981.7 61645.0 219930.2 1973681.4 1332795.5 591232.2 49653.6 613509.2 October 219565.2 45358.0 174207.2 57977.2 220328.9 1901734.0 1282531.6 573646.8 45555.5 561826.9 November 240515.0 44920.6 195594.4 66307.2 214625.3 1915067.0 1296432.5 573163.6 45471.0 601363.4 December 237396.3 43414.6 193981.7 61645.0 219930.2 1973681.4 1332795.5 591232.2 49653.6 613509.2 Other Assets Reserves Total End of Period Foreign Assets Claims On Gov't Total Table 2(a): Statement of Condition of Commercial Banks: (In Millions of Birr)

Cash in Hand Deposits with NBE Claims on Non-Central Gov't

Liabilities Total Demand Time Saving Total Capital Legal Reserve Others 1 (3+4+5) 2 3 4 5 6 7 (9+10+11) 8 9 10 11 12 2022/23 QI 2509609.6 1629988.4 427123.7 118190.3 1084674.4 110362.7 41086.3 244300.4 132259.8 34557.8 77,482.8 483871.9 July 2408949.9 1555553.0 413489.9 113173.1 1028889.9 98870.2 39931.9 236042.0 129825.4 34450.7 71,765.9 478552.8 August 2516843.7 1586649.1 413649.6 116003.3 1056996.3 110024.2 41790.9 240688.4 130564.0 34454.9 75,669.5 537691.1 September 2509609.6 1629988.4 427123.7 118190.3 1084674.4 110362.7 41086.3 244300.4 132259.8 34557.8 77,482.8 483871.9 QII 2644193.3 1745608.0 444210.1 125746.8 1175651.2 148937.7 40862.8 242852.9 139347.5 39262.0 64,243.4 465931.9 October 2549024.2 1659692.7 434118.5 119822.0 1105752.3 127673.6 40655.1 246159.0 131909.1 35473.3 78,776.6 474843.7 November 2581703.6 1683543.3 428546.6 120046.9 1134949.8 151582.6 40740.9 241313.6 134393.0 38788.9 68,131.7 464523.3 December 2644193.3 1745608.0 444210.1 125746.8 1175651.2 148937.7 40862.8 242852.9 139347.5 39262.0 64,243.4 465931.9 QIII 2742922.1 1839212.3 468943.3 139043.6 1231225.4 138227.6 39043.8 262260.7 148684.9 39262.0 74,313.8 464177.7 January 2685814.7 1766334.0 443363.0 131695.1 1191275.9 147875.9 41389.3 250792.8 142250.6 39262.0 69,280.3 479422.7 February 2696811.6 1777099.0 441651.8 135482.9 1199964.4 145460.5 39232.9 256529.8 143870.8 39262.0 73,397.0 478489.4 March 2742922.1 1839212.3 468943.3 139043.6 1231225.4 138227.6 39043.8 262260.7 148684.9 39262.0 74,313.8 464177.7 QIV 2866975.1 1925617.9 494090.5 149218.6 1282308.8 151589.1 42887.7 261497.6 153210.8 43427.3 64,859.6 485382.7 April 2745368.4 1830998.5 455639.7 140289.2 1235069.7 144920.9 47626.5 267112.0 149466.5 39262.0 78,383.6 454710.4 May 2777677.2 1861478.2 469962.1 144921.0 1246595.1 134889.0 39717.0 251892.7 151752.1 43427.3 56,713.3 489700.3 June 2866975.1 1925617.9 494090.5 149218.6 1282308.8 151589.1 42887.7 261497.6 153210.8 43427.3 64,859.6 485382.7 2023/24 QI 2973999.9 2008851.5 495622.8 146964.4 1366264.3 141708.9 42343.5 270263.2 166890.7 45439.1 57933.4 510832.8 July 2917508.8 1958115.3 487447.2 144297.2 1326370.9 147938.6 41996.3 280778.3 164018.9 45905.5 70853.8 488680.3 August 2969860.6 1983993.2 487276.9 146927.2 1349789.0 151344.2 42083.1 286867.0 166199.6 45931.1 74736.3 505573.0 September 2973999.9 2008851.5 495622.8 146964.4 1366264.3 141708.9 42343.5 270263.2 166890.7 45439.1 57933.4 510832.8 QII 3101064.3 2097966.9 535267.9 165661.7 1397037.3 149431.2 42329.5 271127.7 179242.5 56049.7 35835.5 540208.9 October 2957145.7 2019447.1 492067.6 149601.9 1377777.6 139003.1 42068.4 268344.6 168117.9 46096.3 54130.4 488282.6 November 3033222.6 2035534.2 501460.3 155071.2 1379002.7 155695.7 44742.9 267740.0 173336.1 54883.0 39520.8 529509.9 December 3101064.3 2097966.9 535267.9 165661.7 1397037.3 149431.2 42329.5 271127.7 179242.5 56049.7 35835.5 540208.9 Table 2(b): Statement of Condition of Commercial Banks: (In Millions of Birr) End of Period Total (Liab.= Assets) Non-Central Gov't Deposits Gov't Depos. Foreign Liab. Capital Account Other Liab.

Assets 2022/23 Qtr.I 12,296.0 3,617.4 54,028.6 47,331.8 4,120.6 273.8 42,937.4 19,466.8 136,740.6 July 9,721.3 3,121.4 53,772.0 44,119.0 5,595.6 270.0 38,253.4 23,594.8 134,328.4 August 10,832.1 5,194.5 53,900.3 46,753.6 5,627.5 276.2 40,849.8 21,124.0 137,804.6 September 12,296.0 3,617.4 54,028.6 47,331.8 4,120.6 273.8 42,937.4 19,466.8 136,740.6 Qtr.II 21,431.4 4,984.4 53,647.8 51,920.3 8,389.3 292.0 43,238.9 17,458.0 149,441.9 October 12,303.7 3,594.1 54,152.8 51,714.1 8,079.1 286.9 43,348.1 15,709.5 137,474.2 November 18,452.3 5,150.4 54,281.1 52,132.1 7,994.1 290.3 43,847.6 15,018.0 145,033.9 December 21,431.4 4,984.4 53,647.8 51,920.3 8,389.3 292.0 43,238.9 17,458.0 149,441.9 Qtr.III 29,037.2 4,048.4 54,022.6 48,051.8 4,144.8 276.6 43,630.4 24,473.1 159,633.1 January 23,694.4 4,579.5 53,776.1 53,727.3 4,139.1 340.9 49,247.4 17,466.0 153,243.3 February 27,203.1 3,964.6 53,906.7 48,522.4 4,126.7 276.8 44,118.9 20,717.1 154,313.9 March 29,037.2 4,048.4 54,022.6 48,051.8 4,144.8 276.6 43,630.4 24,473.1 159,633.1 Qtr.IV 29,215.4 3,311.4 54,420.0 56,235.6 0.0 211.5 56,024.2 21,745.8 164,928.3 April 29,481.1 5,139.1 54,146.8 53,650.7 4,164.2 276.6 49,209.9 18,395.4 160,813.1 May 29,268.9 4,408.8 54,271.0 51,293.9 0.0 271.2 51,022.7 21,579.5 160,822.0 June 29,215.4 3,311.4 54,420.0 56,235.6 0.0 211.5 56,024.2 21,745.8 164,928.3 2023/24 Qtr.I 32,673.4 2,871.3 53,987.3 62,302.1 0.0 164.2 62,137.9 17,215.9 169,050.0 July 30,717.6 3,149.5 53,589.5 61,930.4 0.0 247.4 61,683.0 18,604.1 167,991.2 August 32,607.8 2,917.8 53,589.5 58,742.2 0.0 163.9 58,578.2 19,542.1 167,399.4 September 32,673.4 2,871.3 53,987.3 62,302.1 0.0 164.2 62,137.9 17,215.9 169,050.0 Qtr.II 32,864.2 2,453.2 53,458.5 74,363.2 0.0 160.3 74,203.0 10,902.9 174,042.0 October 30,218.7 3,526.5 54,163.5 70,991.2 0.0 164.9 70,826.3 11,063.2 169,963.1 November 26,175.1 3,442.2 54,339.8 71,585.5 0.0 515.4 71,070.1 11,192.1 166,734.8 December 32,864.2 2,453.2 53,458.5 74,363.2 0.0 160.3 74,203.0 10,902.9 174,042.0 Public Enterprise Cooperatives Private & Individuals Table 3(a): Consolidated Statement of Condition of Development Bank of Ethipia: (In Millions of Birr) End of Period Cash & Banks Foreign Assets Claims on Central Gov't Claims on Non-Central Gov't Other Assets Total Assets Total

Total N.B.E Others 2022/23 Qrt.I 136,740.6 673.2 37.7 34,982.3 67,195.2 56,512.3 10,683.0 0.0 20,562.7 13,289.4 July 134,328.4 633.6 34.7 34,901.9 66,319.0 55,953.6 10,365.4 0.0 19,729.2 12,710.1 August 137,804.6 2,251.1 33.8 35,180.5 66,816.1 56,210.4 10,605.7 0.0 20,512.9 13,010.2 September 136,740.6 673.2 37.7 34,982.3 67,195.2 56,512.3 10,683.0 0.0 20,562.7 13,289.4 Qrt.II 149,441.9 883.3 43.7 35,618.5 74,787.8 56,510.9 18,276.9 0.0 23,958.5 14,150.2 October 137,474.2 1,061.6 47.0 35,134.9 67,182.1 56,345.4 10,836.7 0.0 20,938.8 13,109.8 November 145,033.9 930.9 40.5 35,414.8 71,095.6 56,301.2 14,794.4 0.0 22,779.5 14,772.6 December 149,441.9 883.3 43.7 35,618.5 74,787.8 56,510.9 18,276.9 0.0 23,958.5 14,150.2 Qrt.III 159,633.1 3,087.4 47.0 36,085.2 81,550.4 56,702.0 24,848.3 0.0 24,530.7 14,332.5 January 153,243.3 952.3 42.7 35,663.1 78,095.9 56,598.1 21,497.8 0.0 23,785.3 14,704.1 February 154,313.9 935.6 48.0 35,929.3 79,238.3 56,471.1 22,767.2 0.0 23,655.2 14,507.5 March 159,633.1 3,087.4 47.0 36,085.2 81,550.4 56,702.0 24,848.3 0.0 24,530.7 14,332.5 Qrt.IV 164,928.3 1,543.8 40.5 38,935.3 82,509.6 56,054.6 26,455.0 0.0 26,352.3 15,546.7 April 160,813.1 1,017.9 46.3 36,440.4 81,775.3 56,752.5 25,022.8 0.0 26,138.9 15,394.4 May 160,822.0 1,008.9 42.7 36,882.7 81,770.3 56,573.9 25,196.4 0.0 26,167.5 14,950.0 June 164,928.3 1,543.8 40.5 38,935.3 82,509.6 56,054.6 26,455.0 0.0 26,352.3 15,546.7 2023/24 Qrt.I 169,050.0 2,011.7 50.3 37,169.1 83,812.0 57,065.6 26,746.4 0.0 26,208.4 19,798.4 July 167,991.2 1,566.0 39.7 36,917.7 81,300.8 56,195.2 25,105.6 0.0 26,295.5 21,871.6 August 167,399.4 1,344.9 56.9 39,608.7 82,939.2 56,393.3 26,545.9 0.0 26,304.0 17,145.6 September 169,050.0 2,011.7 50.3 37,169.1 83,812.0 57,065.6 26,746.4 0.0 26,208.4 19,798.4 Qrt.II 174,042.0 1,718.2 58.1 38,424.5 88,339.6 53,231.4 35,108.2 0.0 27,557.9 17,943.7 October 169,963.1 2,468.3 54.9 37,896.7 83,958.8 56,966.4 26,992.4 0.0 27,914.4 17,670.1 November 166,734.8 1,679.3 52.0 38,105.6 81,149.1 53,965.8 27,183.3 0.0 27,949.2 17,799.7 December 174,042.0 1,718.2 58.1 38,424.5 88,339.6 53,231.4 35,108.2 0.0 27,557.9 17,943.7 Foreign Advance & Loan Other Liability Items Table 3(b): Consolidated Statement of Condition of Development Bank of Ethiopia: Liablities (In Millions of Birr) End of Period Total Assets =Liab. Demand Deposits Time & Savings Deposits Capital Accounts Credit from Banks Credit from Gov't

Table 4: Money Supply and its Determinants 1.0 2.0 (1+2) 3 4.0 (3+4) 5 (7+10) 6 (8+9) 7 8.0 9.0 10.0 (13+12) 11 12.0 13.0 14.0 2022/23 QI 168526.5 427123.7 595650.2 1202864.7 1798514.9 2014526.3 451249.1 368420.3 82828.8 1,563,277.3 2,099.4 -32638.2 34737.7 218110.9 July 170253.7 413489.9 583743.5 1142063.1 1725806.6 1965210.3 448401.8 357675.2 90726.7 1,516,808.5 -16,391.0 -38660.1 22269.1 223012.7 August 166015.8 413649.5 579665.4 1172999.6 1752665.0 1982558.8 449426.8 367069.0 82357.8 1,533,132.0 -12,080.3 -35505.6 23425.3 217813.6 September 168526.5 427123.7 595650.2 1202864.7 1798514.9 2014526.3 451249.1 368420.3 82828.8 1,563,277.3 2,099.4 -32638.2 34737.7 218110.9 QII 199950.1 444210.1 644160.1 1301398.0 1945558.1 2160670.5 473967.9 433192.7 40775.2 1,686,702.6 -313.5 -32638.2 32324.7 214798.9 October 170414.6 434118.5 604533.1 1225574.2 1830107.4 2049985.3 441379.0 384834.7 56544.3 1,608,606.2 -8,222.0 -38660.1 30438.1 211656.0 November 183794.1 428546.6 612340.7 1254996.7 1867337.4 2085302.8 444051.9 420408.1 23643.8 1,641,250.8 -5,829.5 -35505.6 29676.1 212135.9 December 199950.1 444210.1 644160.1 1301398.0 1945558.1 2160670.5 473967.9 433192.7 40775.2 1,686,702.6 -313.5 -32638.2 32324.7 214798.9 QIII 215288.6 468943.3 684231.9 1370269.0 2054500.9 2272872.0 514839.3 469870.1 44969.3 1,758,032.7 -8,219.9 -32638.2 24418.3 210151.2 January 205830.9 443363.0 649193.9 1322971.0 1972164.9 2189741.5 493199.5 448122.2 45077.4 1,696,541.9 -8,441.1 -38660.1 30219.0 209135.5 February 210919.3 441651.8 652571.0 1335447.3 1988018.3 2216743.3 489097.9 441984.7 47113.2 1,727,645.4 -14,326.4 -35505.6 21179.2 214398.6 March 215288.6 468943.3 684231.9 1370269.0 2054500.9 2272872.0 514839.3 469870.1 44969.3 1,758,032.7 -8,219.9 -32638.2 24418.3 210151.2 QIV 210142.6 494090.5 704233.0 1431527.4 2135760.5 2408233.5 574072.9 521300.0 52772.9 1,834,160.6 -1,312.8 -32638.2 31325.5 271160.3 April 225454.4 455639.6 681094.1 1375358.8 2056452.9 2284646.0 523276.4 483279.7 39996.7 1,761,369.6 -12,723.0 -38660.1 25937.1 215470.1 May 215350.2 469962.0 685312.2 1391516.1 2076828.3 2306107.9 544025.3 491185.3 52840.1 1,762,082.6 -4,010.0 -35505.6 31495.6 225269.6 June 210142.6 494090.5 704233.0 1431527.4 2135760.5 2408233.5 574072.9 521300.0 52772.9 1,834,160.6 -1,312.8 -32638.2 31325.5 271160.3 2023/24 QI 198729.5 495622.8 694352.3 1513228.7 2207581.0 2496465.5 608165.1 521021.4 87143.8 1888300.4 -213430.1 -226429.8 12999.7 75454.5 July 203991.4 487447.2 691438.6 1470668.1 2162106.7 2447996.6 588366.2 519996.4 68369.9 1859630.3 -177231.2 -204476.3 27245.1 108658.7 August 198386.9 487276.9 685663.8 1496716.3 2182380.1 2477744.2 600319.5 529085.6 71233.9 1877424.7 -201194.6 -218254.7 17060.1 94169.5 September 198729.5 495622.8 694352.3 1513228.7 2207581.0 2496465.5 608165.1 521021.4 87143.8 1888300.4 -213430.1 -226429.8 12999.7 75454.5 QII 210738.0 535267.9 746005.9 1562699.1 2308705.0 2594360.8 628010.4 557511.4 70499.0 1966350.4 -238309.7 -257625.2 19315.5 47346.1 October 193875.4 492067.6 685943.0 1527379.5 2213322.5 2497549.0 596547.9 515222.0 81325.9 1901001.2 -228412.6 -244321.4 15908.9 55814.0 November 198867.9 501460.3 700328.2 1534073.8 2234402.0 2513186.9 601268.2 542338.6 58929.6 1911918.7 -238402.4 -259966.7 21564.3 40382.5 December 210738.0 535267.9 746005.9 1562699.1 2308705.0 2594360.8 628010.4 557511.4 70499.0 1966350.4 -238309.7 -257625.2 19315.5 47346.1 End of Period Money and Quasi-Money Domestic Credit Net Foreign Assets Other Items Net Currency Outside Banks Net Demand Deposit Money Supply QuasiMoney Total Volume Total Credit Net Claims on Gov't Nat. Bank Comm. Banks Claims on Non-Cen Gov't Total Nat. Bank Comm. Banks Total (In Millions of Birr)

2022/23 QI 177795.4 415591.3 593386.8 1241356.4 1834743.2 1939988.9 1682086.3 2021.7 July 180128.4 412249.4 592377.8 1166046.4 1758424.2 1912149.6 1939998.1 -15948.4 August 175478.7 406203.9 581682.6 1204670.6 1786353.2 1913169.3 1778433.2 -11657.5 September 177795.4 415591.3 593386.8 1241356.4 1834743.2 1939988.9 1682086.3 2021.7 QII 158900.3 437991.1 596891.4 1275370.0 1872261.5 2162831.2 1180691.8 -313.8 October 174334.2 415017.3 589351.4 1209641.8 1798993.2 1972085.8 1824159.5 -7909.5 November 179015.4 412690.4 591705.9 1229896.7 1821602.6 2060279.1 1396704.5 -5759.5 December 158900.3 437991.1 596891.4 1275370.0 1872261.5 2162831.2 1180691.8 -313.8 QIII 171089.9 462378.1 633468.0 1342863.6 1976331.6 2275144.9 1230622.9 -8228.1 January 210565.0 423855.0 634420.0 1305772.4 1940192.4 2106531.3 1923878.6 -8120.3 February 205435.4 425310.7 630746.0 1308738.3 1939484.3 2190142.4 1470226.2 -14154.5 March 171089.9 462378.1 633468.0 1342863.6 1976331.6 2275144.9 1230622.9 -8228.1 QIV 244458.8 506017.8 750476.7 1431527.4 2182004.1 2442045.1 2545814.9 -162345.5 April 215534.4 472042.7 687577.1 1373983.5 2061560.6 2392024.4 1717335.3 -172037.0 May 222241.4 476541.5 698782.9 1391516.1 2090299.0 2315332.4 2206127.4 -157698.2 June 244458.8 506017.8 750476.7 1431527.4 2182004.1 2442045.1 2545814.9 -162345.5 2023/24 QI 209659.6 482241.0 691900.6 1561652.0 2253552.6 2404096.3 2031811.2 -205533.2 July 215822.9 485984.9 701807.7 1501552.1 2203359.8 2381900.7 2378467.2 -172446.0 August 209694.9 478505.9 688200.9 1537127.6 2225328.5 2391023.2 2177812.7 -194152.8 September 209659.6 482241.0 691900.6 1561652.0 2253552.6 2404096.3 2031811.2 -205533.2 QII 167473.5 527774.1 695247.6 1531445.1 2226692.7 2596955.1 1376445.3 -238548.0 October 198334.5 470416.6 668751.1 1507523.6 2176274.7 2402642.2 2155735.3 -219732.9 November 193697.3 482906.3 676603.6 1503392.4 2179996.0 2483028.7 1627042.8 -235541.6 December 167473.5 527774.1 695247.6 1531445.1 2226692.7 2596955.1 1376445.3 -238548.0 1/ Obtained by multiplying each original observation by appropriate index for the month Table 5: Seasonally adjusted data of Monetary Variables (1) (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Currency Outside Banks Net Demand Deposit Money Supply Quasi Money Total Volume Central Gov't (Net) Non-Cent. Gov't Foreign Assets (Net)

Gross Reserve NBE Total Gold Foreign Exc. Reserve Tranche Posi. Total Liab. Comm. Banks NBE Total NBE Comm. Banks 1=2+6 2=3 to 5 3 4 5 6.00 7=8+9 8 9 10=11+12 11=2-9 12=6-8 2022/23 QI 140232.5 64408.6 32.7 55744.7 7905.1 726.0 75823.9 261004.3 41,086.3 219918.1 -120771.8 -155509.5 34737.7 July 127353.1 65152.1 1039.7 55325.5 8038.7 748.2 62201.0 256281.0 39,931.9 216349.0 -128927.8 -151196.9 22269.1 August 130892.4 65676.2 32.7 57046.3 7852.9 744.3 65216.2 260967.7 41,790.9 219176.8 -130075.3 -153500.7 23425.3 September 140232.5 64408.6 32.7 55744.7 7905.1 726.0 75823.9 261004.3 41,086.3 219918.1 -120771.8 -155509.5 34737.7 QII 136135.6 62948.1 2.2 56164.2 6000.8 780.9 73187.5 276159.0 40,862.8 235296.2 -140023.4 -172348.2 32324.7 October 134004.1 62910.8 777.2 53077.9 8312.2 743.6 71093.3 260433.1 40,655.1 219777.9 -126429.0 -156867.2 30438.1 November 133873.4 63456.5 8.1 57170.3 5516.9 761.2 70417.0 264199.1 40,740.9 223458.2 -130325.6 -160001.8 29676.1 December 136135.6 62948.1 2.2 56164.2 6000.8 780.9 73187.5 276159.0 40,862.8 235296.2 -140023.4 -172348.2 32324.7 QIII 112446.9 48984.7 43.7 44826.2 3325.0 789.9 63462.1 274028.4 39,043.8 234984.6 -161581.5 -185999.8 24418.3 January 137249.9 65641.5 25.3 58213.2 6615.8 787.3 71608.4 280419.3 41,389.3 239030.0 -143169.4 -173388.5 30219.0 Febraury 123567.8 63155.7 38.8 56328.4 6010.8 777.6 60412.1 283514.8 39,232.9 244281.9 -159947.0 -181126.2 21179.2 March 112446.9 48984.7 43.7 44826.2 3325.0 789.9 63462.1 274028.4 39,043.8 234984.6 -161581.5 -185999.8 24418.3 QIV 130367.5 56154.3 129.2 51803.0 3427.2 795.0 74213.2 290465.2 42,887.7 247577.5 -160097.7 -191423.1 31325.5 April 122784.8 49221.1 572.9 43841.0 4009.6 797.7 73563.6 287099.0 47,626.5 239472.4 -164314.2 -190251.3 25937.1 May 128591.9 57379.3 166.5 53130.9 3296.4 785.6 71212.6 285661.9 39,717.0 245944.9 -157070.0 -188565.5 31495.6 June 130367.5 56154.3 129.2 51803.0 3427.2 795.0 74213.2 290465.2 42,887.7 247577.5 -160097.7 -191423.1 31325.5 2023/24 QI 82443.8 27100.6 730.6 22146.4 3431.9 791.7 55343.2 295873.8 42343.5 253530.3 -213430.1 -226429.8 12999.7 July 107163.3 37921.9 143.6 32776.2 4197.1 804.9 69241.4 284394.5 41996.3 242398.2 -177231.2 -204476.3 27245.1 August 89982.1 30839.0 144.1 26499.1 3399.7 796.1 59143.1 291176.7 42083.1 249093.7 -201194.6 -218254.7 17060.1 September 82443.8 27100.6 730.6 22146.4 3431.9 791.7 55343.2 295873.8 42343.5 253530.3 -213430.1 -226429.8 12999.7 QII 175149.5 113504.5 627.2 108516.7 3541.8 818.7 61645.0 413459.1 42329.5 371129.6 -238309.7 -257625.2 19315.5 October 186433.5 128456.2 28.8 123400.5 4234.1 792.8 57977.2 414846.0 42068.4 372777.6 -228412.6 -244321.4 15908.9 November 177523.3 111216.2 188.5 106775.6 3442.7 809.4 66307.2 415925.7 44742.9 371182.8 -238402.4 -259966.7 21564.3 December 175149.5 113504.5 627.2 108516.7 3541.8 818.7 61645.0 413459.1 42329.5 371129.6 -238309.7 -257625.2 19315.5 Table 6: International Reserves and Net Foreign Assets of National Bank & Commercial Banks (In Millions of Birr) End of Period Gross Reserve National Bank of Ethiopia International Foreign Liabilities Net Foreign Assets Reserves Comm. Banks Reserve Others

2022/23 QI 2,173,460.3 610,183.1 416,991.5 193,191.5 1,563,277.3 1,043,794.1 519,483.2 July 2,103,832.4 587,023.9 397,427.1 189,596.8 1,516,808.5 1,003,266.0 513,542.5 August 2,122,505.6 589,373.6 396,991.5 192,382.0 1,533,132.0 1,019,729.3 513,402.7 September 2,173,460.3 610,183.1 416,991.5 193,191.5 1,563,277.3 1,043,794.1 519,483.2 QII 2,350,407.0 663,704.4 473,991.5 189,712.8 1,686,702.6 1,153,410.0 533,292.6 October 2,236,815.7 628,209.5 443,991.5 184,217.9 1,608,606.2 1,083,660.0 524,946.2 November 2,280,468.8 639,218.0 463,991.5 175,226.4 1,641,250.8 1,115,251.5 525,999.3 December 2,350,407.0 663,704.4 473,991.5 189,712.8 1,686,702.6 1,153,410.0 533,292.6 QIII 2,455,221.1 697,188.4 513,991.5 183,196.8 1,758,032.7 1,212,578.4 545,454.3 January 2,383,486.7 686,944.8 493,991.5 192,953.2 1,696,541.9 1,164,204.7 532,337.2 Febraury 2,424,210.6 696,565.2 503,991.5 192,573.7 1,727,645.4 1,181,782.2 545,863.2 March 2,455,221.1 697,188.4 513,991.5 183,196.8 1,758,032.7 1,212,578.4 545,454.3 QIV 2,602,514.2 768,353.6 563,991.5 204,362.1 1,834,160.6 1,240,814.9 593,345.6 April 2,480,278.8 718,909.2 533,991.5 184,917.6 1,761,369.6 1,217,127.0 544,242.5 May 2,493,803.2 731,720.6 543,991.5 187,729.0 1,762,082.6 1,223,464.0 538,618.6 June 2,602,514.2 768,353.6 563,991.5 204,362.1 1,834,160.6 1,240,814.9 593,345.6 2023/24 QI 2,697,273.5 808,973.1 580,120.4 228,852.7 1,888,300.4 1,313,373.8 574,926.6 July 2,649,059.2 789,428.9 573,120.4 216,308.4 1,859,630.3 1,281,045.4 578,584.9 August 2,680,123.3 802,698.5 580,120.4 222,578.1 1,877,424.7 1,298,777.7 578,647.0 September 2,697,273.5 808,973.1 580,120.4 228,852.7 1,888,300.4 1,313,373.8 574,926.6 QII 2,786,401.0 820,050.6 600,120.4 219,930.2 1,966,350.4 1,375,118.3 591,232.2 October 2,701,450.5 800,449.4 580,120.4 220,328.9 1,901,001.2 1,327,354.3 573,646.8 November 2,716,664.4 804,745.7 590,120.4 214,625.3 1,911,918.7 1,338,755.2 573,163.6 December 2,786,401.0 820,050.6 600,120.4 219,930.2 1,966,350.4 1,375,118.3 591,232.2 Loans & Advances Investments Table 7: Domestic Credit by Sector (In Millions of Birr) End of Period Gross Domestic Credit Claims on Central Gov't Claims on Non-Central Gov't Total NBE Comm. Banks Total

1=2+6 2=3 to 5 3 4 5 6=7+8 7 8 2022/23 QI 1789469.7 1630535.7 427123.7 1085221.7 118190.3 158934.0 48571.3 110362.7 July 1694761.7 1556139.6 413489.9 1029476.6 113173.1 138622.1 39751.9 98870.2 August 1727178.4 1587231.6 413649.5 1057578.8 116003.3 139946.8 29922.6 110024.2 September 1789469.7 1630535.7 427123.7 1085221.7 118190.3 158934.0 48571.3 110362.7 QII 1935969.4 1746232.9 444210.1 1176276.0 125746.8 189736.5 40798.8 148937.7 October 1847045.7 1660215.3 434118.5 1106274.8 119822.0 186830.4 59156.8 127673.6 November 1880660.4 1685494.3 428546.6 1136900.8 120046.9 195166.1 43583.4 151582.6 December 1935969.4 1746232.9 444210.1 1176276.0 125746.8 189736.5 40798.8 148937.7 QIII 2022319.0 1839969.9 468943.3 1231983.0 139043.6 182349.0 44121.5 138227.6 January 1962387.6 1768642.3 443363.0 1193584.3 131695.1 193745.2 45869.4 147875.9 Febraury 1985364.0 1777896.7 441651.8 1200762.0 135482.9 207467.3 62006.8 145460.5 March 2022319.0 1839969.9 468943.3 1231983.0 139043.6 182349.0 44121.5 138227.6 QIV 2122285.8 1928005.2 494090.5 1284696.1 149218.6 194280.7 42691.6 151589.1 April 2029667.2 1834034.5 455639.6 1238105.7 140289.2 195632.8 50711.8 144920.9 May 2050611.6 1862916.3 469962.0 1248033.3 144921.0 187695.3 52806.3 134889.0 June 2122285.8 1928005.2 494090.5 1284696.1 149218.6 194280.7 42691.6 151589.1 2023/24 QI 2212339.8 2011531.8 495622.8 1368944.7 146964.4 200808.0 59099.1 141708.9 July 2161864.2 1960801.6 487447.2 1329057.2 144297.2 201062.7 53124.1 147938.6 August 2192374.5 1989995.5 487276.9 1355791.3 146927.2 202379.1 51034.8 151344.2 September 2212339.8 2011531.8 495622.8 1368944.7 146964.4 200808.0 59099.1 141708.9 QII 2292822.5 2100782.2 535267.8 1399852.6 165661.7 192040.2 42609.0 149431.2 October 2226059.3 2022157.8 492067.6 1380488.3 149601.9 203901.5 64898.4 139003.1 November 2241373.8 2037896.3 501460.3 1381364.8 155071.2 203477.5 47781.8 155695.7 December 2292822.5 2100782.2 535267.8 1399852.6 165661.7 192040.2 42609.0 149431.2 Table 8: Deposits by Type and Sector (In Millions of Birr) End of Period Total Deposits Non-Central Gov't Deposits with CBs Central Gov't Dep. with Total Net Demand Deposit Savings Deposit Time Dep. (30 days & over) Total National Bank Comm. Banks

1 2 3=2-1 4 5=6+7 6 7 7=2+4-5 8 9 10 11 2022/23 QI 84862.8 207769.1 122906.3 75823.9 41086.3 41086.3 0.0 242,506.7 15.3 60.1 -33346.6 -0.1 July 87044.9 201755.8 114710.8 62201.0 39931.9 39931.9 0.0 224,024.9 13.7 60.0 2211693.1 3.8 August 82750.5 209231.7 126481.2 65216.2 41790.9 41790.9 0.0 232,657.0 15.0 60.6 2309939.7 4.2 September 84862.8 207769.1 122906.3 75823.9 41086.3 41086.3 0.0 242,506.7 15.3 60.1 -33346.6 -0.1 QII 91853.8 220718.6 128864.7 73187.5 40862.8 40862.8 0.0 253,043.3 15.0 60.7 -70872.4 -0.1 October 94758.5 210168.0 115409.5 71093.3 40655.1 40655.1 0.0 240,606.1 13.8 60.9 2342477.7 3.7 November 89394.4 227924.7 138530.3 70417.0 40740.9 40740.9 0.0 257,600.9 15.5 60.6 2360083.7 3.8 December 91853.8 220718.6 128864.7 73187.5 40862.8 40862.8 0.0 253,043.3 15.0 60.7 -70872.4 -0.1 QIII 96167.9 235879.5 139711.7 63462.1 39043.8 39043.8 0.0 260,297.8 14.6 61.4 -81400.4 -0.1 January 98909.9 226696.1 127786.2 71608.4 41389.3 41389.3 0.0 256,915.1 14.0 61.3 2466151.3 3.8 Febraury 95825.9 214744.4 118918.5 60412.1 39232.9 39232.9 0.0 235,923.6 13.3 60.7 2489143.3 3.9 March 96167.9 235879.5 139711.7 63462.1 39043.8 39043.8 0.0 260,297.8 14.6 61.4 -81400.4 -0.1 QIV 99890.3 263875.8 163985.5 74213.2 42887.7 42887.7 0.0 295,201.2 15.8 61.2 -90194.4 -0.1 April 103979.7 223806.8 119827.1 73563.6 47626.5 47626.5 0.0 249,743.9 13.0 59.7 2530508.0 3.7 May 98947.8 234711.1 135763.3 71212.6 39717.0 39717.0 0.0 266,206.6 14.5 61.5 2551529.3 3.9 June 99890.3 263875.8 163985.5 74213.2 42887.7 42887.7 0.0 295,201.2 15.8 61.2 -90194.4 -0.1 2023/24 QI 107067.0 243639.3 136572.3 55343.2 42343.5 42343.5 0.0 256639.0 12.9 60.7 -73695.8 -0.1 July 107662.0 254829.4 147167.4 69241.4 41996.3 41996.3 0.0 282074.6 14.0 61.0 2662206.0 3.8 August 105437.0 255326.8 149889.8 59143.1 42083.1 42083.1 0.0 272386.9 13.9 60.7 2711670.4 3.9 September 107067.0 243639.3 136572.3 55343.2 42343.5 42343.5 0.0 256639.0 12.9 60.7 -73695.8 -0.1 QII 109679.6 235430.2 125750.6 61645.0 42329.5 42329.5 0.0 254745.7 12.5 61.0 -56489.3 -0.1 October 112510.7 218034.3 105523.6 57977.2 42068.4 42068.4 0.0 233943.2 11.1 61.1 2737383.0 3.8 November 108058.0 238924.6 130866.6 66307.2 44742.9 44742.9 0.0 260488.9 12.9 61.4 2792157.2 4.0 December 109679.6 235430.2 125750.6 61645.0 42329.5 42329.5 0.0 254745.7 12.5 61.0 -56489.3 -0.1 Note: Actual Reserve: Reserves with the National Bank of Ethiopia Plus Cash in Hand (Local Currency). Liquidity Ratio: Actual Reserves + Foreign Asset, net of short term liabilities, divided by Demand Deposits, net. Ratio of Loans and Advances to Deposits: Gross Commercial Bank Loans and discounts plus credit to Central Government divided by Gross Demand Deposits (of private and others) + Demand Deposits of domestic banks + Time and Savings Deposits + Government Deposits with commercial banks. Debit Balance: Total Debit Balance less debit against the deposits of the commercial banks. Turnover of Deposits: Debit Balances divided by Gross Demand Deposits of private and others + Government Deposits. Table 9: Reserve and Liquidity Position of the Commercial Banks, and Turnover of Deposits (In Millions of Birr) End of Period Reserve Requirments Actual Rese. Excess Rese. Foreign Assets Foreign Liabilities Actual Reserve+ Net For. Assets Liquidity Ratio Ratio: Loans Adv. to Dep. Debit Balance TurnOver of Deposit Total Short Term Long Term

2022/23 Qtr.I 207,706.7 206,402.2 372.4 1,637.8 6,075.6 15,406.7 64,926.0 117,983.8 1,304.5 0.8 41.4 99.4 73.3 126.3 963.2 July 206,519.1 205,223.7 372.5 1,654.0 6,128.0 15,490.1 65,783.2 115,795.9 1,295.4 0.8 41.4 99.4 73.3 126.2 954.3 August 200,777.8 199,477.5 372.4 1,637.4 6,041.4 14,687.1 63,681.5 113,057.7 1,300.3 0.8 41.4 99.4 73.3 126.3 959.1 September 207,706.7 206,402.2 372.4 1,637.8 6,075.6 15,406.7 64,926.0 117,983.8 1,304.5 0.8 41.4 99.4 73.3 126.3 963.2 Qtr.II 235,831.2 234,512.0 369.3 1,669.4 6,356.9 17,775.5 70,868.3 137,472.6 1,319.2 0.8 41.5 99.5 73.3 126.5 977.7 October 209,959.3 208,649.3 369.3 1,636.9 6,036.8 15,370.2 65,279.2 119,956.8 1,310.0 0.8 41.5 99.5 73.3 126.4 968.5 November 221,904.6 220,591.6 369.3 1,649.6 6,188.2 16,413.8 68,188.1 127,782.7 1,313.0 0.8 41.5 99.5 73.3 126.4 971.6 December 235,831.2 234,512.0 369.3 1,669.4 6,356.9 17,775.5 70,868.3 137,472.6 1,319.2 0.8 41.5 99.5 73.3 126.5 977.7 Qtr.III 258,421.6 257,085.3 372.1 1,729.6 6,376.1 19,216.4 68,774.5 160,616.6 1,336.3 0.8 41.4 99.4 73.2 126.5 994.9 January 247,929.9 246,606.9 369.3 1,693.9 6,311.9 18,755.9 69,672.4 149,803.6 1,323.0 0.8 41.5 99.5 73.3 126.5 981.5 February 253,771.1 252,440.5 368.5 1,702.0 6,362.1 19,087.9 69,223.5 155,696.5 1,330.6 0.8 41.5 99.5 73.3 126.5 989.1 March 258,421.6 257,085.3 372.1 1,729.6 6,376.1 19,216.4 68,774.5 160,616.6 1,336.3 0.8 41.4 99.4 73.2 126.5 994.9 Qtr.IV 254,405.6 253,061.4 371.9 1,716.0 6,020.3 17,686.4 67,838.2 159,428.7 1,344.2 0.8 41.5 99.5 73.2 126.5 1,002.7 April 269,541.1 268,201.5 371.9 1,730.2 6,387.2 19,762.0 71,086.3 168,863.8 1,339.6 0.8 41.5 99.5 73.2 126.5 998.1 May 259,801.5 258,458.5 371.9 1,703.6 6,124.1 18,340.0 68,595.3 163,323.5 1,343.0 0.8 41.5 99.5 73.2 126.5 1,001.5 June 254,405.6 253,061.4 371.9 1,716.0 6,020.3 17,686.4 67,838.2 159,428.7 1,344.2 0.8 41.5 99.5 73.2 126.5 1,002.7 2023/24 Qtr.I 245,397.8 244,053.6 371.6 1,706.3 5,796.9 16,462.3 65,554.3 154,162.2 1,344.3 0.8 41.5 99.6 73.3 126.5 1,002.7 July 250,531.6 249,185.1 371.8 1,718.0 5,947.8 17,347.9 67,093.6 156,706.1 1,346.5 0.8 41.5 99.5 73.3 126.5 1,004.9 August 241,147.5 239,798.7 371.8 1,714.7 5,808.6 16,385.3 64,479.5 151,038.8 1,348.8 0.8 41.5 99.6 73.3 126.5 1,007.1 September 245,397.8 244,053.6 371.6 1,706.3 5,796.9 16,462.3 65,554.3 154,162.2 1,344.3 0.8 41.5 99.6 73.3 126.5 1,002.7 Qtr.II 254,241.5 252,884.5 372.1 1,709.7 5,805.4 16,547.4 69,629.8 158,820.0 1,357.0 0.8 41.5 99.5 73.2 126.4 1,015.6 October 239,233.4 237,882.0 368.7 1,701.9 5,732.4 15,276.5 63,438.8 151,363.8 1,351.4 0.8 41.5 99.6 73.2 126.5 1,009.7 November 243,788.5 242,434.1 368.6 1,702.4 5,780.6 15,796.1 65,665.8 153,120.6 1,354.4 0.8 41.5 99.5 73.2 126.5 1,012.8 December 254,241.5 252,884.5 372.1 1,709.7 5,805.4 16,547.4 69,629.8 158,820.0 1,357.0 0.8 41.5 99.5 73.2 126.4 1,015.6 100 200 Total Value (Coins) 1 5 10 Table 10: Circulating Notes and Coins by Denomination End of Period Value of Notes & Coins Denomination of Notes: Birr Denominations of Coins: Cents Total Value (Notes) 1 5 10 50 25 50 100(coin)

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

Table 12: Government Internal Debt by Holder Noninterest bearing Interest bearing Comm. Banks Total Gov't Bonds Treasury Bills Others Total Gov't Bonds Treasury Bills 1=2+6+9 2=3 to 5 3 4 5 6=7+8 7 8 9=10+11 10 11 2022/23 Qtr.I 752596.5 416991.5 219500.0 5226.6 192264.9 193191.5 26621.4 166,570.1 142,413.4 18.1 142395.3 July 718855.3 397427.1 199500.0 5662.2 192264.9 189596.8 26580.0 163,016.9 131,831.4 18.1 131813.3 August 728670.0 396991.5 199500.0 5226.6 192264.9 192382.0 26607.4 165,774.6 139,296.4 18.1 139278.3 Sebtember 752596.5 416991.5 219500.0 5226.6 192264.9 193191.5 26621.4 166,570.1 142,413.4 18.1 142395.3 Qtr.II 816290.9 473991.5 40000.0 5226.6 428764.9 185538.9 31999.1 153,539.8 156,760.4 18.1 156742.3 October 773897.9 443991.5 10000.0 5226.6 428764.9 184217.9 27487.3 156,730.7 145,688.4 18.1 145670.3 November 789349.4 463991.5 30000.0 5226.6 428764.9 175226.4 29062.5 146,164.0 150,131.4 18.1 150113.3 December 816290.9 473991.5 40000.0 5226.6 428764.9 185538.9 31999.1 153,539.8 156,760.4 18.1 156742.3 Qtr.III 848646.7 513991.5 80000.0 5226.6 428764.9 159934.9 24644.0 135,290.9 174,720.2 18.1 174702.1 January 834923.0 493991.5 60000.0 5226.6 428764.9 177440.5 34142.3 143,298.2 163,491.0 18.1 163472.9 February 849089.7 503991.5 70000.0 5226.6 428764.9 172547.5 24470.1 148,077.4 172,550.7 18.1 172532.6 March 848646.7 513991.5 80000.0 5226.6 428764.9 159934.9 24644.0 135,290.9 174,720.2 18.1 174702.1 Qtr.IV 923913.3 563991.5 130000.0 5226.6 428764.9 165652.2 24989.9 140,662.3 194,269.6 18.1 194251.5 April 870422.3 533991.5 100000.0 5226.6 428764.9 154903.2 24674.2 130,229.0 181,527.6 18.1 181509.5 May 886361.1 543991.5 110000.0 5226.6 428764.9 153130.0 24345.6 128,784.4 189,239.6 18.1 189221.5 June 923913.3 563991.5 130000.0 5226.6 428764.9 165652.2 24989.9 140,662.3 194,269.6 18.1 194251.5 2023/24 Qtr.I 975835.0 580120.4 147000.0 4355.5 428764.9 176238.8 22304.1 153934.7 219475.8 18.1 219457.7 July 947938.0 573120.4 140000.0 4355.5 428764.9 172068.8 22298.3 149770.5 202748.8 18.1 202730.7 August 969878.6 580120.4 147000.0 4355.5 428764.9 174717.4 22301.3 152416.1 215040.8 18.1 215022.7 Sebtember 975835.0 580120.4 147000.0 4355.5 428764.9 176238.8 22304.1 153934.7 219475.8 18.1 219457.7 Qtr.II 990553.2 600120.4 167000.0 4355.5 428764.9 153459.6 23623.2 129836.4 236973.2 18.1 236955.1 October 967153.3 580120.4 147000.0 4355.5 428764.9 163673.7 22307.1 141366.6 223359.2 18.1 223341.1 November 972068.4 590120.4 157000.0 4355.5 428764.9 153262.8 22309.9 130952.8 228685.2 18.1 228667.1 December 990553.2 600120.4 167000.0 4355.5 428764.9 153459.6 23623.2 129836.4 236973.2 18.1 236955.1

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

Table 13: General Government Quarterly Revenue (In million Birr) Ethiopian fiscal year Fiscal year ending July 7 Budget Revised Budget Revised 3Mon(QI) Revised 6 Month Revised (QII) 9Month (QIII) 12Month (QIV) Budget 3mon(QI) 6months (QII) Tax revenue 593,695.1 614,207.3 127,517.5 296,377.7 168,860.2 429,935.5 133,557.8 593,232.1 163,296.6 774,416.4 147,537.4 366,512.3 218,974.9 Direct taxes 257,572.6 267,470.3 57,170.1 144,020.0 86,849.9 189,835.1 45,815.1 263,958.6 74,123.5 353,003.3 59,366.8 180,833.8 121,467.0 Income and profits tax 248,870.9 258,230.6 55,712.6 141,335.5 85,623.0 186,269.6 44,934.0 254,984.3 68,714.7 337,876.4 57,544.0 176,634.8 119,090.8 Personal income 98,435.1 102,025.3 24,245.2 49,947.1 25,701.9 71,944.6 21,997.6 108,234.1 36,289.5 130,979.5 27,295.2 61,527.6 34,232.4 Rental income tax 5,862.2 7,522.6 2,015.3 4,983.8 2,968.5 5,746.5 762.7 6,502.5 755.9 10,002.8 2,394.5 5,927.4 3,532.9 Business profits 118,775.9 121,930.8 26,154.3 79,650.6 53,496.3 96,972.4 17,321.8 123,422.3 26,449.9 157,691.6 24,458.0 99,083.6 74,625.6 Withholding income tax on imports 8,482.5 8,517.5 423.4 1,126.1 702.7 2,028.9 902.8 1,517.0 (511.9) 10,527.6 199.2 1,785.5 1,586.3 Agriculture income 562.7 867.9 34.0 187.3 153.4 441.5 254.2 563.1 121.5 1,283.4 29.1 418.3 389.1 Other income 12,246.1 12,585.7 1,880.3 3,312.9 1,432.6 5,554.7 2,241.8 9,647.4 4,092.8 21,363.2 2,814.2 4,927.1 2,112.9 Interest income tax 4,077.4 4,138.0 864.8 1,894.9 1,030.1 3,196.5 1,301.5 4,510.5 1,314.1 4,887.2 111.4 2,610.5 2,499.1 Capital gains tax 428.9 642.6 95.3 232.8 137.5 384.4 151.6 587.4 203.0 1,141.3 242.4 354.7 112.4 Rural land use fee 385.1 921.4 48.3 208.9 160.6 398.5 189.6 511.6 113.1 516.5 12.0 443.0 431.1 Urban land lease fee 8,316.6 8,318.3 1,409.2 2,475.5 1,066.3 3,167.0 691.5 8,462.7 5,295.7 14,610.3 1,810.8 3,756.0 1,945.2 Domestic indirect taxes 164,017.6 174,632.1 30,425.3 69,203.0 38,777.7 113,711.9 44,508.9 160,720.8 47,008.9 233,824.4 41,590.8 95,600.5 54,009.7 Sales/TOT/excise taxes 82,997.1 92,062.8 12,926.7 26,189.5 13,262.8 49,783.1 23,593.6 65,316.5 15,533.5 120,444.9 18,189.2 41,748.9 23,559.7 Petroleum products 1,248.9 1,289.9 94.8 461.2 366.3 996.5 535.4 1,858.8 862.3 1,415.7 654.1 1,299.3 645.2 Alcohol and tobacco 5,743.5 5,749.7 1,192.3 2,631.9 1,439.7 4,564.6 1,932.7 8,051.3 3,486.6 6,441.9 1,826.7 6,672.9 4,846.2 Other goods 76,004.7 85,023.3 11,639.6 23,096.4 11,456.8 44,221.9 21,125.5 55,406.5 11,184.6 112,587.4 15,708.4 33,776.7 18,068.3 Services TOT/ sales tax 75,546.7 76,347.0 15,638.8 39,071.3 23,432.5 58,156.4 19,085.2 87,374.6 29,218.2 100,522.8 21,398.2 49,678.5 28,280.3 Stamp duties 5,473.7 6,222.2 1,859.8 3,942.2 2,082.4 5,772.4 1,830.2 8,029.7 2,257.3 12,856.8 2,003.4 4,173.1 2,169.8 Import duties and taxes 172,104.9 172,104.9 39,922.1 83,154.7 43,232.6 126,388.5 43,233.7 168,552.6 42,164.1 187,576.4 46,574.3 90,063.0 43,488.7 Custom duties 62,238.8 62,238.8 14,889.1 31,782.2 16,893.2 48,818.8 17,036.6 64,255.5 15,436.7 67,838.3 21,593.9 42,096.2 20,502.3 Sales/excise taxes 79,454.3 79,454.3 20,024.1 41,025.4 21,001.3 61,131.6 20,106.2 79,698.7 18,567.1 86,590.2 20,033.7 38,771.8 18,738.1 Petroleum products 4,237.9 4,237.9 1,378.5 2,622.1 1,243.6 3,150.4 528.3 3,852.4 702.0 4,619.1 672.9 2,003.8 1,330.9 Alcohol and tobacco 786.5 786.5 197.5 377.3 179.8 455.4 78.1 622.4 167.0 857.2 91.8 209.0 117.2 Other imports 74,429.9 74,429.9 18,448.1 38,026.0 19,577.9 57,525.9 19,499.8 75,223.9 17,698.1 81,113.8 19,269.0 36,559.0 17,290.0 Surtax on imports 30,411.9 30,411.9 5,009.0 10,347.2 5,338.2 16,438.1 6,090.9 24,598.4 8,160.4 33,147.9 4,946.7 9,195.0 4,248.3 Export taxes 12.4 5.5 15.0 9.5 Coffee duties Coffee surtax Other Transaction tax Non-tax revenue 99,321.0 98,582.9 15,851.5 33,161.5 17,310.1 48,115.2 14,953.6 92,227.1 44,111.9 157,622.1 15,835.3 44,986.5 29,151.2 Charges and fees 7,027.9 7,334.3 1,254.6 2,600.3 1,345.7 3,911.9 1,311.6 7,148.0 3,236.1 6,945.1 2,357.8 5,938.1 3,580.3 Sales of goods & services 11,691.6 14,844.3 2,142.0 4,987.2 2,845.1 7,890.0 2,902.8 12,844.5 4,954.4 12,951.1 2,126.3 5,829.2 3,703.0 Residual surplus, capital charge, interest payments and state dividend 23,508.3 23,436.4 1,975.2 3,160.7 1,185.4 3,465.0 304.3 16,679.0 13,214.1 23,474.4 141.0 847.1 706.1 Reimbursement & property sales 1,908.8 2,047.3 272.4 680.3 407.9 940.6 260.3 1,477.5 536.9 2,059.1 319.8 623.7 304.0 Miscellaneous 34,506.2 26,765.9 3,797.2 7,888.9 4,091.8 11,218.6 3,329.7 20,236.9 9,018.3 38,864.9 3,493.4 8,616.9 5,123.4 Other extraordinary 0.0 - - - - - - - Privatization proceeds 0.0 - - - - - - - Other revenue 20,678.3 24,154.7 6,410.0 13,844.1 7,434.1 20,689.1 6,845.0 33,841.2 13,152.1 73,327.4 7,397.0 23,131.4 15,734.4 Total revenue 693,016.1 712,790.2 143,369.0 329,539.2 186,170.3 478,050.7 148,511.4 685,459.1 207,408.4 932,038.5 163,372.6 411,498.8 248,126.2 External grants 38,924.0 38,924.0 6,565.6 13,443.8 6,878.2 21,885.3 8,441.5 32,127.6 10,242.3 41,119.6 0.0 14,951.2 14,951.2 Grants in kind/earmarked 31,264.7 31,264.7 6,565.6 13,443.8 6,878.2 21,885.3 8,441.5 29,701.5 7,816.2 34,770.2 - 14,951.2 14,951.2 Untied cash & CPF/grants 7,659.3 7,659.3 0.0 2,426.1 2,426.1 6,349.4 - - - Total revenue and grants 731,940.1 751,714.2 149,934.6 342,983.1 193,048.5 499,936.0 156,952.9 717,586.7 217,650.7 973,158.2 163,372.6 426,450.0 263,077.4 Source: Ministry of Finance, National Bank of Ethiopia Pre-Actual Pre actual 2022/23 2023/24 2015 2016

Table 14: General Government Quarterly Expenditure (In million Birr) Ethiopian fiscal year Fiscal year ending July 7 Revised 6 Month Revised (QII) 9Month (QIII) 12Month QIV Budget 3months(QI) 6months (QII) A. Capital Expenditure Economic development 77,313.0 50,344.3 127,087.1 49,774.1 216,131.9 89,044.8 278,620.0 38,900.2 109,447.4 70,547.1 Agriculture 10,332.0 5,839.1 18,455.4 8,123.4 27,566.4 9,111.0 39,102.5 7,545.9 16,297.4 8,751.5 Natural Resource 15,726.3 11,690.2 28,516.2 12,789.9 47,356.3 18,840.1 56,359.6 5,311.6 26,458.2 21,146.6 o/w: Water 15,274.1 12,366.1 27,032.9 11,758.7 46,424.6 19,391.7 50,304.1 5,052.8 24,122.0 19,069.1 Mines & Energy 1,036.6 1,034.0 1,531.6 495.0 1,669.9 138.3 2,696.7 289.8 610.3 320.6 Trade, Industry & Tourism 688.8 434.4 1,617.0 928.2 8,975.4 7,358.4 8,145.4 381.9 3,497.2 3,115.3 Urban dev't & housing 19,357.0 12,126.6 26,901.7 7,544.7 44,390.0 17,488.2 20,477.3 12,832.2 30,003.4 17,171.2 Road construction 29,525.5 18,745.5 48,840.9 19,315.5 78,597.6 29,756.6 93,888.9 11,196.0 30,115.6 18,919.5 Transport & communication 646.8 474.7 1,224.2 577.4 7,576.4 6,352.2 57,949.7 1,342.8 2,465.3 1,122.5 Social Development 29,001.7 20,966.5 44,311.2 15,309.6 74,773.2 30,462.0 83,897.2 11,416.8 32,479.6 21,062.8 Education 19,754.9 15,108.2 29,403.8 9,648.9 50,860.6 21,456.8 40,736.7 6,541.8 20,188.2 13,646.4 Health 7,810.5 4,982.7 12,435.4 4,624.9 19,094.2 6,658.8 32,604.6 4,025.2 9,369.3 5,344.1 Socail welfare 730.3 360.3 1,144.4 414.1 2,444.6 1,300.3 3,426.8 450.4 1,821.9 1,371.5 Culture & sport 705.9 515.3 1,327.6 621.7 2,373.7 1,046.1 7,129.2 399.5 1,100.3 700.8 General Development 17,078.8 11,795.5 30,205.0 13,126.1 65,011.8 34,806.8 131,030.3 8,842.7 30,408.9 21,566.1 Compensation payments 0.0 External assistance 13,443.8 6,878.2 21,885.3 8,441.5 29,701.5 7,816.2 34,770.2 7,301.7 14,951.2 7,649.4 Sub Total Capital Expenditure 123,393.5 83,106.3 201,603.4 78,209.8 355,917.0 154,313.6 493,547.5 59,159.8 172,335.8 113,176.1 B. Current Expenditure General Services 95,686.5 52,457.6 145,612.0 49,925.5 215,850.3 70,238.3 179,175.4 44,467.7 100,130.8 55,663.2 Organ of the State 10,948.7 5,901.3 16,252.2 5,303.5 27,366.7 11,114.5 23,202.5 5,718.8 13,587.8 7,869.0 Justice 6,447.8 3,128.3 10,131.3 3,683.4 14,411.4 4,280.2 16,052.2 1,829.7 6,506.0 4,676.3 Defence 39,541.6 22,214.9 59,448.1 19,906.5 82,824.7 23,376.5 50,000.0 17,355.0 35,572.2 18,217.3 Public order & security 21,358.8 12,944.2 33,364.5 12,005.6 50,390.2 17,025.7 48,320.3 9,397.6 22,630.5 13,232.9 Other General services 17,389.5 8,268.9 26,415.9 9,026.4 40,857.3 14,441.4 41,600.4 10,166.6 21,834.3 11,667.7 Economic Services 25,763.0 13,325.4 39,124.1 13,361.1 55,863.0 16,738.9 81,574.3 11,552.2 32,434.3 20,882.2 Agriculture&natural resource 15,156.5 8,286.3 22,926.9 7,770.4 32,714.1 9,787.2 48,546.9 6,768.8 20,468.6 13,699.8 Agriculture 12,239.5 6,504.2 18,429.4 6,189.9 25,819.4 7,389.9 39,776.9 5,496.5 16,944.4 11,447.9 Natural resource 2,917.0 1,782.0 4,497.5 1,580.5 6,894.7 2,397.2 8,769.9 1,272.2 3,524.1 2,251.9 o/w: Water 2,882.6 1,859.6 4,466.1 1,583.5 6,876.2 2,410.0 7,146.2 1,116.2 2,690.8 1,574.6 Trade, Industry & Tourism 5,550.6 2,595.7 8,655.5 3,104.9 12,366.0 3,710.5 12,927.7 2,719.3 6,705.5 3,986.3 Mines & Energy 139.9 75.6 240.8 100.9 330.2 89.4 361.3 46.6 168.7 122.1 Tourism 187.8 111.7 288.6 100.8 485.9 197.3 618.8 11.7 185.8 174.1 Transport & communication 1,419.1 562.1 2,069.5 650.4 3,286.7 1,217.2 2,995.4 511.0 1,037.5 526.5 Urban devt. & construction 2,615.2 1,372.5 3,889.4 1,274.3 5,330.4 1,441.0 14,829.4 1,172.4 3,185.6 2,013.2 o/w: Road Construction 1,209.9 652.6 1,771.8 561.9 2,123.7 351.9 4,138.0 533.4 1,689.7 1,156.3 Economic development studies 693.9 321.5 1,053.3 359.5 1,349.6 296.3 1,294.8 322.4 682.6 360.2 Social Services 101,248.0 47,260.1 150,895.5 49,647.5 217,279.4 66,383.9 244,902.3 43,707.4 99,182.2 55,474.9 Education & training 65,774.1 31,029.4 99,736.0 33,962.0 142,805.6 43,069.6 159,685.1 28,746.4 66,198.1 37,451.7 Culture & sports 2,495.8 1,354.9 3,753.5 1,257.7 5,528.1 1,774.5 5,455.3 1,500.3 2,890.6 1,390.2 Public health 23,442.5 11,580.8 35,913.2 12,470.8 53,144.4 17,231.2 67,567.0 10,224.8 23,236.9 13,012.2 Labour & social welfare 1,339.3 604.7 2,306.9 967.6 3,804.1 1,497.2 2,632.5 647.2 1,441.1 793.9 Rehabilitation 8,196.3 2,690.4 9,185.8 989.5 11,997.2 2,811.5 9,562.3 2,588.6 5,415.6 2,826.9 Interest & Charges 29,064.7 18,063.0 39,454.4 10,389.7 54,544.0 15,089.6 105,470.0 12,032.3 29,269.4 17,237.1 Internal debt 21,347.7 13,467.5 30,195.7 8,847.9 41,556.6 11,361.0 88,458.0 10,892.7 25,230.6 14,337.9 External debt 7,717.0 4,595.5 9,258.7 1,541.7 12,987.4 3,728.7 17,012.0 1,139.6 4,038.8 2,899.2 O/w: defence commercial Miscellaneous 28,190.3 19,730.6 33,140.1 4,949.8 39,317.9 6,177.8 95,805.8 3,167.7 18,744.5 15,576.8 External assistance * 0.0 Sub Total Current Expenditure 279,952.5 150,836.7 408,226.1 128,273.6 582,854.6 174,628.5 706,927.8 114,927.2 279,761.3 164,834.1 Grand Total Expenditure 403,346.0 233,943.1 609,829.4 206,483.4 938,771.6 328,942.2 1,200,475.3 174,086.9 452,097.1 278,010.2 Source: Ministry of Finance, National Bank of Ethiopia

Estimated value

Pre-Actual 2016 2023/24 Pre-actual 2022/23 2015

MGR Jet fuel Gasoil LFO HFO Total fuel oil Qtr.I 106,706.3 165,269.2 591,077.3 10,763.3 10,241.3 884,057.5 21,004.7 Qtr.II 99,641.2 234,532.1 608,690.1 8,174.2 10,396.3 961,433.8 18,570.5 Qtr.III 114,839.2 149,872.7 629,025.2 9,240.3 12,457.8 915,435.2 21,698.1 Qtr.IV 120,355.6 188,431.8 678,879.8 7,607.5 14,387.8 1,009,662.5 21,995.3 Qtr.I 120,069.7 205,741.8 570,182.1 6,646.3 4,500.0 979,262.1 83,268.5 Qtr.II 122,357.9 221,894.3 600,552.3 9,751.8 9,596.8 1,028,073.0 83,268.5 Qtr.III 135,787.6 208,436.3 690,546.5 5,987.2 9,894.9 1,118,039.0 83,268.5 Qtr.IV 128,524.0 183,926.2 635,440.9 8,695.8 11,076.0 1,031,159.5 83,268.5 Qtr.I 159,613.1 210,503.5 616,810.6 8,886.7 14,477.8 1,070,195.8 83,268.5 Qtr.II 133,745.9 212,529.5 648,408.0 10,582.6 8,425.3 1,077,952.0 83,268.5 Qtr.III 141,900.1 133,970.7 659,674.5 9,393.6 10,290.6 1,018,813.7 83,268.5 Qtr.IV 142,182.9 84,127.5 643,282.9 8,690.9 9,700.0 952,861.8 83,268.5 Qtr.I 145,183.0 99,180.5 613,828.1 8,195.6 12,300.0 941,460.1 83,268.5 Qtr.II 176,894.5 107,969.3 630,617.5 6,914.5 15,500.0 998,749.8 83,268.5 Qtr.III 154,240.3 129,945.4 654,442.0 7,750.0 13,602.4 1,021,896.2 83,268.5 Qtr.IV 176,255.2 106,927.1 636,567.6 7,300.0 16,010.8 1,003,018.4 83,268.5 Qtr.I 169,292.8 127,007.6 677,243.3 13,809.6 10,437.5 1,056,812.1 83,268.5 Qtr.II 169,625.8 126,027.1 625,325.9 9,985.0 12,995.0 1,004,247.3 83,268.5 Qtr.III 161,316.3 139,263.2 625,222.2 4,935.0 12,770.0 943,506.7 17,705.0 Qtr.IV 173,484.2 104,408.7 669,411.2 7,210.0 9,397.3 963,911.4 16,607.3 Qtr.I 166,296.6 147,176.4 649,322.3 4,500.0 2,000.0 969,295.3 6,500.0 Qtr.II 168,681.6 129,360.2 606,671.5 6,500.0 13,000.0 924,213.3 19,500.0 Qtr.III 187,823.6 150,727.4 684,586.0 6,672.2 13,440.1 1,043,249.3 20,112.3 Qtr.IV 183,697.6 194,451.4 606,270.1 6,179.0 13,150.8 1,003,748.8 19,329.7 Qtr.I 154,992.4 145,961.7 596,183.3 7,400.0 7,900.0 912,437.4 15,300.0 Qtr.II 198,679.4 209,934.2 645,535.7 7,698.2 11,503.8 1,073,351.3 19,202.0 2019/20 2023/24 Table 15: Domestic Refining and Imports of Ptroleum Period 2022/23 (In Metric Tone) 2021/22 2020/21 2017/18 2018/19

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

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

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

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

Table 20: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices (In Millions of Birr) 2008 2009 2010 2011 2012 2013 2014 2015 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Gross Value Added at Current Basic Prices 1,449,397.5 1,703,798.2 2,064,789.2 2,543,623.0 3,183,395.8 4,119,056.00 5,899,675.3 8,402,964.6 Taxes on Products, net 118,700.0 128,755.5 137,583.5 152,600.0 191,351.1 221,967.0 257,339.9 319,343.1 GDP at Current Market Prices 1,568,097.5 1,832,553.7 2,202,372.7 2,696,223.0 3,374,746.9 4,341,024.0 6,157,015.2 8,722,307.7 Incomes from ROW, net (5,122.4) (10,884.1) (14,349.1) (13,104.0) (19,203.0) (22,381.0) (27,861.8) (22,028.7) Gross National Income at Current Basic Prices 1,444,275.0 1,692,914.1 2,050,440.2 2,530,519.0 3,164,192.9 4,096,676.0 5,871,813.5 8,380,935.9 Gross National Income at Current Market Prices 1,562,975.0 1,821,669.6 2,188,023.6 2,683,118.6 3,355,544.0 4,318,643.7 6,129,153.5 8,700,279.0 Current Transfers from ROW, net 155,964.2 154,959.4 188,527.3 240,392.0 210,332.1 292,126.0 400,304.3 420,452.7 Gross National Disposable Income 1,718,939.2 1,976,628.9 2,376,550.9 2,923,510.0 3,565,876.0 4,610,770.0 6,529,457.8 9,120,731.7 Government Final Consumption Expenditure 174,598.8 203,607.9 225,523.2 247,362.0 308,096.7 383,565.0 453,263.1 551,106.6 Private Final Consumption Expenditure 1,042,264.6 1,219,365.9 1,441,581.1 1,848,070.0 2,363,783.1 3,135,110.0 4,765,752.5 6,882,737.9 Gross Capital Formation (Investment) 585,665.0 704,596.0 751,626.2 948,866.0 1,031,962.8 1,216,585.0 1,560,324.8 1,933,863.0 Exports of Goods and Services 122,500.8 139,830.1 184,282.1 213,437.0 240,525.0 331,294.0 507,581.9 575,061.6 Imports of Goods and Services 424,749.9 430,233.2 502,112.9 561,512.0 569,620.6 725,530.0 1,129,907.1 1,220,461.4 Resource Balance (302,249.2) (290,403.1) (317,830.8) (348,075.0) (329,095.7) (394,236.0) (622,325.2) (645,399.8) Gross Domestic Savings 351,234.0 409,579.8 535,268.5 600,791.0 702,867.1 822,349.0 937,999.6 1,288,463.2 Gross National Savings 502,075.8 553,655.1 709,446.7 828,078.0 893,996.2 1,092,095.0 1,310,442.1 1,686,887.2 Mid-year Population (In Million) 91.2 93.4 95.5 97.6 99.7 101.9 104.1 105.7 Per Capita Nominal GDP (In Birr) 17,192.4 19,630.4 23,061.5 27,625.0 33,849.0 42,595.0 59,155.4 82,513.8 Per Capita Real GDP (In Birr) 17,192.4 18,393.9 19,204.9 20,312.5 21,155.3 21,860.5 22,578.4 23,642.9 Average Exchange Rate (Birr/USD) 21.1 22.4 26.1 28.1 31.3 39.0 48.6 53.3 Real GDP (In USD) 74,296.6 76,610.6 70,249.0 70,666.9 67,294.2 57,101.7 48,386.5 46,904.8 Nominal GDP (In USD)(Million) 74,296.6 81,760.4 84,356.0 96,107.0 107,672.6 111,261.9 126,772.7 163,697.8 Per Capita Nominal GDP (In USD) 814.6 875.8 883.3 985.0 1,080.0 1,091.8 1,218.0 1,549.0 Per Capita Real GDP (In USD) 814.6 820.7 735.6 724.3 675.0 560.3 464.9 443.8 GDP Deflator 1.00 1.07 1.20 1.36 1.60 1.95 2.62 3.49 Source: MoPD Description / Year 24

Table 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings 2008 2009 2010 2011 2012 2013 2014 2015 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2021/23 GDP at Current Basic Prices 18.2 17.6 21.2 23.3 25.2 29.4 43.2 42.4 Taxes on Products, net 12.9 8.5 6.9 10.9 25.4 16.0 15.9 24.1 GDP at Current Market Prices 17.7 16.9 20.2 22.5 25.2 28.6 41.8 41.7 Incomes from ROW, net (2.9) (112.5) (31.8) (33.0) 46.5 16.5 24.5 -20.9 Gross National Income at Current Basic Price 18.3 17.2 21.1 23.3 25.0 29.5 43.3 42.7 Gross National Income at Current Market Price 17.8 16.6 20.1 22.5 25.1 28.7 41.9 41.9 Current Transfers from ROW, net 21.5 (0.6) 21.7 25.7 (12.5) 38.9 37.0 5.0 Gross National Disposable Income 18.1 15.0 20.2 22.8 22.0 29.3 41.6 39.7 Government Final Consumption Expenditure 27.2 16.6 10.8 9.7 24.6 24.5 18.2 21.6 Private Final Consumption Expenditure 15.7 17.0 18.2 27.9 27.9 32.6 52.0 44.4 Gross Capital Formation (Investment) 15.1 20.3 6.7 26.2 8.8 17.9 28.3 23.9 Exports of Goods and Services 0.8 14.1 31.8 15.9 12.7 37.7 53.2 13.3 Imports of Goods and Services 8.0 1.3 16.7 11.8 1.4 27.4 55.7 8.0 Resource Balance (11.3) 3.9 (9.4) (9.5) (5.5) 19.8 57.9 3.7 Gross Domestic Savings 19.4 16.6 30.7 12.2 17.0 17.0 14.1 37.4 Gross National Savings 20.3 10.3 28.1 16.4 8.0 22.2 20.0 28.7 Mid-year Population (in Million) 2.4 2.4 2.3 2.2 2.1 1.5 Per Capita GDP (Birr) (Nominal) 15.0 14.2 17.5 19.8 22.5 25.8 38.9 39.5 Per Capita GDP (Birr) (Real) 5.0 7.0 4.4 5.8 4.1 3.3 3.3 4.7 Average Exchange Rate (Birr/USD) 5.0 6.2 16.5 7.6 11.5 24.5 24.5 9.7 Real GDP (USD) 2.4 3.1 (8.3) 0.6 (4.8) -15.1 -15.3 -3.1 GDP at Current Market Prices(USD) 12.1 10.0 3.2 13.7 12.0 3.3 13.9 29.1 Per Capita GDP (USD) (Nominal) 9.5 7.5 0.9 11.5 9.6 1.1 11.6 27.2 Per Capita GDP (USD) (Real) 0.0 0.7 (10.4) (1.5) (6.8) -17.0 -17.0 -4.5 Percentage Change in GDP Deflator 9.5 6.7 12.5 13.3 17.6 21.8 34.5 33.2 Source:MoPD Description / Year

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

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

Period General Index Food & Non-alcoholic Beverages Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 2015/16 Q.I 101.4 107.4 95.7 99.8 97.7 96.1 96.8 99.7 100.0 98.0 83.4 93.9 98.2 96.8 QII 100.8 103.3 99.4 100.5 98.2 98.0 99.9 100.0 100.0 99.6 100.0 98.0 99.2 98.9 QIII 98.2 97.0 98.4 101.4 96.5 103.8 102.3 98.3 100.0 101.3 100.0 99.4 101.6 99.2 QIV 100.6 101.7 100.4 103.5 96.4 105.4 102.7 97.5 100.0 103.5 100.0 100.5 102.5 99.7 2016/17 QI 103.9 107.3 109.8 105.0 97.9 107.8 103.6 97.5 100.0 105.0 100.0 103.3 102.1 101.3 QII 101.5 102.2 104.7 104.0 98.6 105.1 102.5 98.3 100.0 104.4 100.0 102.5 101.2 100.9 QIII 100.9 100.4 103.8 100.6 101.7 101.7 98.5 104.1 100.0 99.5 97.4 100.1 103.2 101.3 QIV 104.1 104.4 100.9 94.8 103.0 107.5 107.6 107.9 114.4 105.4 96.9 99.9 102.5 103.8 2017/18 QI 112.3 109.2 103.3 98.8 133.7 114.3 113.7 106.5 115.3 107.3 100.4 104.9 100.9 114.8 QII 117.6 110.3 103.0 101.2 151.3 120.5 113.9 106.9 116.5 107.3 99.9 118.5 106.5 123.1 QIII 121.1 113.1 112.7 104.8 158.3 126.6 117.3 107.7 116.8 109.7 99.7 120.2 111.3 127.2 QIV 127.1 117.7 114.1 111.3 170.0 132.4 131.8 109.4 116.8 112.2 100.1 127.5 119.4 134.2 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 137.4 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 140.0 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 145.1 QIV 145.3 141.4 127.1 121.1 188.3 153.5 139.6 121.5 118.0 115.7 121.9 142.9 130.7 148.2 2019/20 QI 152.8 155.5 126.7 123.3 192.5 155.8 140.5 123.6 118.3 118.2 125.4 144.9 134.5 150.8 QII 156.7 157.1 125.2 121.4 207.3 160.0 138.4 125.9 116.8 125.2 128.4 149.4 140.2 156.5 QIII 163.1 160.9 149.7 131.6 225.7 163.9 150.4 124.3 114.6 124.4 132.1 154.1 143.7 164.9 QIV 178.2 178.6 174.4 138.2 241.2 164.8 155.8 191.5 114.8 119.9 130.6 154.6 147.9 177.9 2020/21 QI 186.4 197.7 179.4 149.4 236.5 165.7 162.7 181.7 115.0 122.1 118.1 158.2 154.1 177.7 QII 185.7 194.4 175.0 155.2 243.1 169.9 169.6 149.6 115.5 132.1 143.2 160.8 159.0 179.2 QIII 193.6 201.4 188.1 165.5 254.3 181.6 184.4 155.2 115.6 131.1 150.5 167.2 166.7 187.7 QIV 212.2 229.5 209.6 176.6 267.7 202.7 188.3 161.4 116.8 135.2 148.7 179.1 180.8 199.0 2021/22 QI 234.8 265.3 218.9 191.5 281.4 221.6 208.1 161.7 117.7 153.3 161.3 198.6 192.5 211.7 QII 242.0 270.1 223.0 195.0 286.3 241.8 221.4 163.9 118.1 182.2 195.9 214.3 201.0 220.7 QIII 253.7 277.5 233.8 209.3 300.0 257.0 241.6 188.7 118.8 204.7 198.8 236.7 213.5 235.6 QIV 279.3 311.6 256.4 239.8 306.7 289.2 278.1 192.3 122.6 231.8 201.1 271.5 257.6 254.8 2022/23 QI 308.7 346.3 290.0 266.9 328.2 319.3 283.7 238.7 127.5 261.8 214.3 303.7 283.2 280.1 QII 323.2 358.0 312.9 312.6 327.6 355.8 327.1 260.9 129.6 280.3 212.0 309.3 322.0 296.7 QIII 355.7 381.5 331.8 357.8 402.9 382.5 341.4 273.6 131.2 295.3 217.4 345.0 361.7 336.1 QIV 399.1 438.2 349.0 389.4 458.9 408.6 368.7 303.2 131.9 286.5 227.4 384.0 381.0 369.3 2023/24 QI 425.4 471.9 390.1 382.2 405.5 502.5 417.1 394.0 295.4 135.4 343.3 228.5 397.0 406.7 QII 447.0 500.3 406.5 397.3 426.6 525.9 427.4 399.7 316.2 135.1 318.3 298.2 404.7 426.6 Table 22 (C): Addis Ababa Non-Food Consumer Price Index

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

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

Table 22 (E2): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2015/16 Q.I 89.7 91.5 87.8 95.8 103.5 79.6 90.1 90.0 94.4 108.7 86.6 100.0 86.5 92.7 Q.II 90.9 92.7 89.0 95.9 101.8 80.6 92.4 89.1 101.4 97.7 94.9 100.0 89.7 93.1 Q.III 92.4 93.0 91.7 99.3 102.2 84.5 94.9 97.3 96.3 98.3 96.2 100.0 92.1 94.1 Q.IV 94.9 95.1 94.5 98.9 103.3 89.1 96.1 94.4 101.9 98.8 93.8 100.0 95.3 95.1 2016/17 QI 99.8 101.3 98.1 97.1 101.4 96.9 97.8 88.7 103.5 98.3 97.6 100.0 99.2 96.4 QIII 101.1 102.3 99.8 99.3 100.0 99.4 99.7 99.8 101.7 99.4 98.5 100.0 100.7 98.1 QII 102.4 105.4 99.0 98.4 101.6 98.7 100.3 104.9 102.9 100.0 98.8 95.2 95.9 100.7 QIV 108.7 110.1 107.2 124.7 103.6 108.4 101.9 133.6 104.0 99.1 123.5 95.5 102.1 99.9 2017/18 QI 119.5 118.2 120.9 135.5 108.2 134.1 106.5 154.5 104.0 95.6 125.2 119.0 111.6 102.9 QII 122.4 119.9 125.2 140.4 115.0 138.9 110.2 119.9 105.1 102.7 127.4 119.0 119.5 105.2 QIII 125.5 122.0 129.4 144.8 119.5 145.7 121.2 150.8 105.4 112.8 133.4 119.0 111.1 112.4 QIV 129.0 127.7 130.5 139.8 127.3 145.8 126.1 131.4 106.3 122.3 138.0 119.0 111.6 115.4 2018/19 QI 134.1 133.9 134.2 141.6 132.6 148.5 127.8 155.4 106.9 128.9 140.9 119.0 114.4 124.2 QII 134.4 132.9 136.2 141.1 138.1 149.2 129.9 171.6 116.1 115.3 142.3 120.6 118.7 119.1 QIII 138.3 136.6 140.2 146.3 141.6 149.7 137.5 196.6 122.8 118.1 142.1 121.6 124.7 120.4 QIV 148.6 149.3 147.8 150.3 148.2 161.8 143.7 175.3 125.5 139.3 141.5 136.5 130.1 125.7 2019/20 QI 157.6 161.4 153.3 147.1 148.4 169.4 144.5 193.2 120.5 137.3 144.1 134.7 142.7 127.9 QII 159.7 161.0 158.3 155.1 150.0 176.1 146.8 200.8 123.1 126.3 148.9 138.8 150.3 129.9 QIII 169.7 174.2 164.8 181.6 152.4 180.5 149.5 207.8 148.4 120.4 161.7 126.0 155.8 133.3 QIV 179.0 187.5 169.6 207.9 157.9 180.0 153.4 199.3 190.2 160.6 150.6 142.0 151.5 140.0 2020/21 QI 185.8 200.0 169.8 193.7 159.8 177.8 155.2 222.7 215.2 149.4 140.2 132.7 153.3 150.5 QII 185.9 197.9 172.5 207.2 165.1 182.6 158.3 206.7 143.9 138.8 159.4 138.3 163.6 150.5 QIII 192.0 199.2 184.0 225.7 176.7 188.5 169.5 210.0 146.2 215.0 165.3 144.6 175.0 158.9 QIV 204.2 213.9 193.3 244.6 192.5 185.4 186.7 248.2 164.0 261.2 184.4 153.5 184.0 168.0 2021/22 QI 232.9 255.5 207.6 266.8 204.1 206.5 206.5 257.8 170.6 217.5 195.1 164.4 195.1 174.5 QII 244.2 264.5 221.4 297.2 213.2 219.5 214.7 280.2 193.8 220.8 213.5 164.6 212.0 170.0 QIII 260.6 279.3 239.7 317.5 229.3 236.4 234.6 298.0 192.8 245.7 227.3 187.6 234.5 189.8 QIV 283.1 302.6 261.2 354.1 253.2 240.1 279.6 281.3 192.0 257.3 243.5 207.4 276.0 231.8 2022/23 QI 313.1 344.3 278.1 394.9 275.8 228.9 315.7 307.5 243.9 257.3 272.1 205.7 313.6 269.0 QII 326.0 349.8 299.4 423.0 299.2 238.6 337.9 356.7 270.2 222.5 320.7 281.0 345.6 336.8 QIII 344.9 364.2 323.2 466.0 316.7 268.0 353.2 350.2 276.4 222.5 355.9 260.8 369.9 362.8 QIV 374.4 398.1 347.9 488.9 333.8 299.0 400.7 353.9 267.1 234.8 356.8 275.5 394.7 358.9 2023/24 QI 410.7 442.5 375.1 542.1 341.2 320.4 438.5 398.6 282.7 394.3 333.1 189.1 417.7 340.9 QII 439.4 479.3 394.7 580.6 347.4 344.8 442.9 413.9 294.4 417.2 318.8 320.4 436.1 366.4 AMHARA

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

Table 22 (E4): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2016/17 QI 95.9 100.8 92.8 80.4 95.4 96.8 97.2 98.7 100.0 100.0 97.8 100.0 100.6 97.8 QII 99.8 101.5 98.7 95.2 100.8 98.3 99.9 98.6 100.0 100.0 98.6 100.0 103.0 100.6 QIII 103.4 101.5 104.8 121.4 106.5 101.9 100.1 99.4 100.1 100.0 102.6 99.8 101.6 100.6 QIV 102.8 103.3 102.4 98.5 106.9 106.3 99.4 93.8 95.1 100.0 106.0 101.6 104.0 103.6 2017/18 QI 104.8 105.8 104.1 104.1 97.1 117.2 106.3 103.2 97.6 95.3 100.0 106.8 103.1 105.5 QII 110.0 111.5 109.0 123.9 123.4 104.6 104.5 97.3 95.9 100.0 115.7 103.1 107.3 99.7 QIII 111.0 112.3 110.1 116.3 124.4 105.4 112.9 99.1 98.4 100.0 122.7 103.1 108.0 105.2 QIV 117.5 124.2 112.4 104.4 129.7 108.9 124.1 101.5 100.5 100.0 125.3 103.2 111.3 111.4 2018/19 QI 123.7 133.8 116.2 111.1 130.2 112.1 126.9 104.4 119.4 86.7 124.2 115.8 120.1 114.7 QII 120.0 129.1 113.2 106.5 128.3 114.5 125.2 108.0 107.2 60.2 115.8 112.7 120.2 115.1 QIII 123.4 133.8 115.7 110.6 126.4 117.3 122.9 116.8 115.5 60.2 136.6 122.4 123.6 118.2 QIV 132.9 150.3 120.0 111.0 133.0 123.2 132.0 118.4 111.1 60.2 133.3 124.5 128.4 125.1 2019/20 119.8 QI 140.3 162.6 123.7 104.7 142.0 129.9 138.7 120.4 114.8 60.2 127.9 146.9 133.3 126.1 QII 147.6 169.9 131.0 126.4 154.5 132.5 146.6 133.2 113.6 60.2 128.9 152.5 127.8 134.9 QIII 150.6 167.3 138.2 153.1 164.7 140.3 148.4 139.1 108.5 60.2 129.5 148.7 125.4 135.2 QIV 164.4 187.4 147.2 165.0 167.3 137.9 153.6 137.2 201.8 60.2 129.2 145.4 141.8 135.0 2020/21 QI 181.8 216.5 155.9 166.4 166.0 143.3 157.7 147.1 295.0 60.2 131.9 149.7 151.8 136.4 QII 172.5 204.1 149.0 157.8 154.7 143.2 153.4 168.9 211.2 60.2 142.4 166.0 160.2 135.6 QIII 178.7 215.4 151.3 170.5 160.2 143.1 166.0 176.7 168.6 60.2 151.6 155.3 167.9 131.5 QIV 189.0 233.7 155.6 162.4 168.3 147.0 182.1 166.0 168.6 60.2 186.8 165.8 171.8 138.4 2021/22 QI 217.7 279.7 171.5 190.4 185.7 158.6 196.3 239.2 173.3 60.2 197.4 187.4 185.4 150.8 QII 233.0 295.8 186.1 212.8 209.9 172.9 207.3 251.9 182.1 60.2 203.8 208.8 194.7 163.7 QIII 245.1 294.5 208.2 298.0 215.2 181.6 220.5 243.1 203.5 60.2 203.5 204.9 218.7 181.1 QIV 267.7 323.8 225.8 322.3 224.9 187.9 270.4 249.5 168.6 60.2 203.7 210.1 254.0 217.8 2022/23 QI 303.5 374.9 250.1 335.4 260.7 202.3 301.3 265.0 226.8 60.2 259.8 200.7 286.6 250.2 QII 337.0 402.8 288.0 367.0 372.7 208.2 348.4 249.0 269.3 60.2 322.3 196.3 307.9 318.6 QIII 362.2 426.0 314.6 406.8 420.7 207.3 382.0 262.4 338.0 60.2 316.3 196.5 325.3 368.3 QIV 392.4 478.8 327.8 425.7 438.7 215.0 404.1 286.0 285.0 60.2 339.3 206.2 348.7 407.7 2023/24 QI 413.2 508.8 341.9 436.9 399.4 227.7 426.3 308.0 355.8 60.2 389.9 227.1 385.7 437.3 QII 423.8 532.6 342.7 407.5 409.4 210.2 435.9 314.5 387.0 60.2 373.1 257.2 440.4 446.9 Source: Central Statistical Agency DIRE DAWA

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

Table 22 (E6): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2016/17 QI 97.8 102.3 93.1 84.4 99.0 100.0 97.5 116.5 100.0 100.0 99.7 100.0 99.2 99.2 QIII 97.4 100.7 93.9 85.8 102.3 99.9 98.8 104.3 100.0 100.0 99.5 100.0 97.6 100.6 QII 103.6 100.0 106.1 119.7 98.3 105.1 99.3 101.8 100.0 100.0 99.5 101.0 102.9 101.7 QIV 102.5 107.5 99.0 94.7 104.3 95.5 103.4 99.7 100.0 100.0 107.5 101.2 101.5 99.9 2017/18 QI 103.5 110.8 98.4 86.3 107.9 96.4 102.9 106.7 100.0 100.0 111.6 102.2 104.4 100.5 QII 105.1 110.6 101.3 91.6 111.3 94.0 110.1 106.4 102.3 100.0 111.3 115.5 108.1 104.4 QIII 112.7 110.1 114.4 131.7 115.5 99.6 116.0 111.7 111.7 100.0 113.5 119.2 113.2 106.5 QIV 114.6 116.0 113.6 120.1 115.3 101.4 122.2 111.3 111.7 100.0 114.6 120.3 117.6 113.3 2018/19 QI 116.0 123.5 110.8 93.8 121.4 107.3 128.6 110.9 111.6 100.0 110.4 135.6 121.7 116.9 QII 117.4 123.7 113.1 96.1 123.5 108.5 127.4 112.5 117.9 100.0 112.6 151.8 125.0 120.2 QIII 122.4 125.9 119.9 115.8 128.4 114.4 129.2 110.1 135.1 100.0 111.2 152.3 121.2 127.6 QIV 129.8 138.8 123.6 117.8 127.9 113.1 136.4 118.7 139.8 100.0 118.8 151.5 133.6 135.0 2019/20 QI 142.3 153.9 134.3 133.3 136.8 129.3 133.4 123.9 150.0 100.0 121.8 149.3 147.7 133.5 QII 145.9 160.0 136.0 106.0 136.3 155.8 132.2 139.7 150.0 100.0 138.3 137.6 161.6 133.6 QIII 151.8 159.2 146.6 128.9 140.7 166.1 134.0 144.9 156.0 100.0 143.8 139.8 170.7 139.8 QIV 162.0 173.0 154.4 140.7 141.6 156.6 142.3 150.3 320.1 100.0 142.9 130.3 171.6 144.7 2020/21 QI 178.4 189.7 170.5 175.1 143.0 172.2 151.8 156.8 423.3 100.0 129.9 129.3 170.4 157.7 QII 179.7 192.4 170.8 176.1 138.0 190.2 154.7 160.5 258.7 100.0 136.2 155.4 178.9 167.9 QIII 182.2 193.2 174.6 176.3 144.9 203.6 154.9 173.2 225.3 100.0 140.8 151.8 182.0 178.2 QIV 194.2 214.3 180.0 180.6 166.0 195.0 173.1 186.1 240.4 100.0 148.0 159.1 186.7 182.9 2021/22 QI 215.3 249.1 191.7 182.7 174.8 201.8 189.1 213.2 240.3 100.0 147.8 168.2 220.8 202.3 QII 245.3 276.6 223.4 278.0 188.2 208.4 202.8 225.9 247.2 100.0 184.3 200.8 234.9 220.5 QIII 261.8 283.4 246.6 348.5 205.7 203.5 227.4 251.9 256.3 100.0 187.2 197.6 243.8 243.8 QIV 283.8 307.9 267.0 374.1 216.0 204.5 259.5 265.4 279.0 100.0 193.4 203.5 283.8 296.4 2022/23 QI 306.3 348.6 276.7 322.0 228.4 214.2 293.4 306.2 353.1 100.0 220.3 201.3 345.0 330.3 QII 316.5 362.1 284.5 279.6 257.0 224.7 313.9 346.0 375.6 100.0 255.4 201.0 382.7 368.3 QIII 348.8 381.4 326.0 391.8 272.5 275.8 346.5 376.2 322.2 100.0 309.9 207.3 376.0 385.9 QIV 371.6 426.3 333.3 345.7 296.3 298.6 366.5 379.3 348.7 100.0 464.9 206.6 394.4 423.3 2023/24 QI 388.7 458.3 340.0 299.1 333.0 340.7 389.3 399.8 304.8 100.0 371.4 209.2 420.7 457.6 QII 391.2 484.4 326.0 239.8 326.3 338.8 393.6 415.7 304.8 100.0 303.4 226.8 431.3 453.3 Source: Central Statistical Agency HARARI

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

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

Table 22 (E9): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2016/17 Qtr.I 92.3 95.1 89.6 88.57 102.3 82.4 98.9 107.4 100.0 100.0 82.1 100.0 94.7 95.7 Qtr. II 96.7 99.5 94.0 94.32 100.9 88.8 101.4 101.5 100.0 98.1 99.6 Qtr. III 102.7 102.8 102.5 109.02 100.1 100.1 101.4 99.5 104.3 100.1 100.0 97.1 100.2 94.5 Qtr. IV 101.6 104.7 98.1 89.46 103.0 99.1 105.2 107.4 112.5 100.1 140.3 109.2 104.1 97.0 2017/18 Qtr.I 104.8 106.9 102.5 101.79 109.4 97.5 110.1 114.0 113.2 100.0 129.6 107.4 114.2 98.2 Qtr. II 111.8 113.9 109.5 123.39 113.2 98.5 108.3 120.4 113.4 100.6 137.8 125.4 104.2 105.6 Qtr. III 112.5 114.4 110.5 124.6 112.1 98.5 112.4 118.3 113.3 100.6 153.0 133.0 116.4 109.2 Qtr. IV 112.5 119.7 104.5 92.4 123.4 97.9 122.2 142.0 114.1 100.6 154.3 125.9 119.7 122.2 2018/19 Qtr.I 120.6 129.0 111.4 105.4 128.1 101.6 130.9 145.6 112.7 102.3 154.6 129.3 129.0 128.4 Qtr. II 119.9 128.6 110.2 95.6 149.4 98.6 125.4 155.1 122.6 101.9 156.9 133.0 132.8 124.2 Qtr. III 123.3 131.9 113.8 103.7 149.1 100.8 126.9 143.8 142.0 103.1 157.3 134.2 131.2 126.2 Qtr. IV 133.2 140.6 125.0 123.4 152.3 107.0 151.6 145.7 143.3 103.8 158.0 139.6 134.3 148.9 2018/19 Qtr.I 145.3 155.1 134.4 133.3 161.4 122.2 137.5 133.2 177.3 103.2 162.6 158.6 144.1 152.4 Qtr.II 150.4 162.3 137.1 131.3 168.5 127.9 133.2 146.3 178.6 103.0 187.6 191.6 155.7 151.3 Qtr.III 148.6 158.7 137.5 119.2 176.8 134.7 132.3 133.1 184.2 102.8 200.5 201.3 158.5 154.7 Qtr.IV 153.8 161.5 145.1 151.7 179.0 128.4 133.9 131.4 209.2 102.8 193.7 203.7 157.3 154.2 2020/21 Qtr.I 157.1 166.3 146.9 132.9 196.9 133.6 135.7 137.3 281.7 103.1 197.6 187.6 166.7 168.0 Qtr.II 161.3 167.5 154.4 161.3 184.2 135.8 143.4 141.7 243.6 103.0 213.1 210.9 181.3 176.8 Qtr.III 172.0 183.3 159.5 158.4 182.4 146.6 163.1 156.2 245.9 103.5 227.0 212.2 178.1 182.1 Qtr.IV 191.9 206.8 175.4 161.0 195.2 179.9 173.8 154.8 243.5 103.8 225.2 200.9 181.4 193.0 2021/22 Qtr.I 210.0 235.9 181.4 183.7 216.3 158.7 206.3 165.4 259.0 104.4 260.3 217.0 199.8 214.1 Qtr.II 223.3 257.4 185.5 175.4 218.3 171.2 218.6 183.9 252.5 104.7 296.4 261.8 201.9 218.1 Qtr.III 235.2 260.8 206.9 240.9 230.9 168.7 232.6 190.4 272.0 104.5 327.1 259.2 194.5 238.3 Qtr.IV 257.7 287.2 225.0 295.6 264.2 144.4 270.8 210.8 337.6 108.5 362.1 267.1 216.8 278.6 2022/23 Qtr.I 289.7 333.1 241.7 300.3 296.7 146.1 324.9 238.2 449.4 112.1 463.7 300.4 235.5 329.1 Qtr.II 324.1 352.5 292.6 364.1 425.3 164.5 393.3 245.5 459.1 114.5 566.4 365.6 259.2 379.1 Qtr.III 337.0 363.0 308.2 368.4 472.0 180.7 415.0 243.5 421.4 115.0 594.2 386.9 267.3 403.0 Qtr.IV 347.9 380.9 311.5 356.7 514.6 173.6 434.7 249.4 427.0 116.0 602.9 397.7 279.6 433.6 2023/24 QI 374.4 408.4 336.8 379.3 520.2 211.3 473.5 274.9 442.2 115.0 646.4 421.9 303.5 430.3 QII 399.5 455.1 337.9 392.4 443.8 221.5 476.5 296.0 537.5 116.0 653.6 423.7 332.1 446.5 Source: Central Statistical Agency SOMALI

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

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

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

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

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

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

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

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

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

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

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

Table 23 A1: Ethiopia: Direction of External Trade: EXPORT (In Thousands of Birr) Djibouti 1,941,788.5 2,350,936.7 3,014,309.0 3,735,439.1 3,502,027.2 3,422,940.0 5,013,370.7 8,971,437.9 6,412,804.1 Egypt 684,520.9 315,108.1 202,450.4 379,596.1 602,884.5 222,763.9 286,318.4 157,793.4 466,688.6 Ghana 6,863.1 832.1 696.9 57,554.1 18,798.4 19,029.4 50,862.8 60,573.1 18,499.9 Kenya 656,490.8 625,147.6 1,190,543.3 693,204.5 662,786.4 273,969.7 470,979.5 1,471,037.7 4,216,937.5 Libia - - - - - - - - - Morocco 2,040.4 6,841.3 10,061.0 14,271.4 7,627.7 60,459.5 85,737.6 92,582.3 171,464.5 Nigeria 63,719.5 90,565.5 328,428.3 267,894.4 302,908.0 338,173.7 157,435.3 65,751.8 79,492.1 Ruwanda 42,368.3 57,909.1 94,341.6 134,233.8 4,579.0 43,122.8 6,902.4 8,309.0 5,342.8 Somali Land - - - - - - - - - Somalia 6,240,561.4 5,827,108.7 5,964,650.4 6,745,127.6 7,180,188.1 5,963,824.1 13,782,154.5 14,344,822.0 6,301,990.3 South Africa 226,770.4 260,057.5 426,332.0 283,532.1 213,168.8 216,105.1 408,451.5 946,156.6 574,314.5 Sudan 1,595,427.4 993,600.1 1,896,197.0 2,560,191.8 1,732,344.2 2,893,902.1 3,420,125.6 4,427,003.8 3,945,185.2 Tanzania 255.9 401.9 363.6 10,846.1 28,426.6 99,256.8 8,006.8 11,526.3 3,152.4 Uganda 4,295.5 5,913.3 4,864.9 11,353.5 10,099.0 23,442.4 41,194.8 96,529.2 79,682.1 Zambia 2,398.8 10,974.8 14,555.0 83,656.4 11,008.3 149,686.8 2,915.9 3,946.9 47.8 Zembabwe 6,716.0 4,025.0 2,602.9 7,178.9 2,997.1 18,027.9 115,037.6 38,786.1 13,204.1 Others 341,524.6 477,440.0 1,351,269.1 1,221,482.3 1,330,556.9 6,723,137.4 4,474,290.7 1,511,672.7 3,992,412.9 Total 11,815,745.3 11,026,861.7 14,501,665.3 ########## 15,610,400.08 20,467,841.6 28,323,784.2 32,207,928.9 26,281,218.7 %Share Of Continent 20.0 18.4 21.4 21.9 19.7 18.0 16.5 15.7 14.1 Austria 2,931.2 22,747.8 22,995.8 6,572.3 2,199.9 678.3 3,248.0 9,338.1 34,965.1 Belgium 1,182,982.5 1,436,499.1 1,965,237.5 1,815,142.9 1,885,848.0 2,803,691.9 5,050,196.9 7,226,357.5 4,330,435.4 Bulgaria 86,949.0 43,611.4 42,637.1 91,753.3 80,097.1 96,294.6 147,290.7 150,621.7 191,128.3 Cyprus 640.5 151.2 1,175.9 17,019.5 14,580.4 16,821.9 - 16,485.7 10,989.9 Czech Republic 21,577.7 22,939.8 18,599.1 4,910.2 4,466.6 2,337.2 12,402.4 33,950.0 22,874.7 Slovakia 1,466.6 4,072.5 7,076.4 2,144.5 1,552.8 805.1 1,270.5 249.0 9,189.5 Denmark 20,802.4 30,025.0 28,201.3 25,631.4 32,806.9 32,645.8 41,439.0 53,458.0 118,625.2 Finland 90,939.5 90,178.8 123,908.3 110,724.0 91,036.7 118,222.5 140,201.3 196,585.8 135,187.8 France 682,717.6 807,422.0 827,504.6 717,334.7 751,487.7 789,673.0 1,577,024.4 1,997,864.2 1,880,683.7 Germany 4,271,155.2 3,486,254.3 3,943,246.8 4,217,307.3 4,135,208.4 4,523,931.9 9,829,924.3 13,142,188.6 7,582,026.6 Greece 214,131.5 209,499.8 235,931.1 186,258.5 230,314.9 146,873.3 384,503.7 349,639.4 513,592.4 Hungary 15,129.0 18,955.3 16,005.0 19,660.7 10,112.7 17,500.4 28,986.4 24,304.0 10,464.8 Ireland 11,865.0 10,363.8 15,763.6 13,537.1 17,485.0 4,780.1 5,271.1 20,997.4 9,892.6 Italy 1,071,373.1 1,101,650.8 1,347,709.3 1,442,089.8 1,359,779.2 1,494,410.9 2,608,263.8 4,196,415.2 3,329,995.5 Netherlands 3,910,613.0 3,911,035.2 4,177,990.4 5,256,676.3 7,828,660.8 11,179,122.0 13,729,201.1 21,554,570.4 19,184,980.8 Norway 193,648.3 190,592.2 184,970.7 162,162.0 312,830.2 374,409.1 454,761.5 841,926.4 608,891.6 Poland 18,930.3 9,048.4 13,435.8 18,237.2 23,765.7 24,019.7 43,840.5 61,614.9 224,652.3 Portugal 70,872.1 127,631.2 156,689.8 210,638.0 173,970.4 241,431.3 151,469.1 173,565.7 241,156.6 Rumania 35,255.4 12,665.6 23,638.2 20,038.6 11,055.3 19,221.3 28,389.0 49,520.0 78,177.9 Spain 312,381.6 266,256.9 262,739.3 406,304.2 513,868.4 521,805.4 781,071.6 857,371.7 642,085.9 Sweden 333,582.0 266,867.3 263,089.4 188,083.3 156,700.1 208,700.3 411,103.1 632,853.2 384,081.7 Switzerland 6,490,540.8 5,266,886.0 4,714,821.8 2,005,549.0 701,171.4 18,502,394.7 26,495,829.2 18,945,000.9 12,661,439.7 Turkey 854,569.2 463,675.1 659,682.4 1,163,249.4 1,066,064.8 1,163,636.0 1,608,316.9 1,267,476.2 2,787,049.5 Ukraine 9,366.3 14,853.7 24,420.6 27,800.3 42,717.8 56,395.9 244,549.4 11,761.6 33.3 United Kingdom 806,313.4 1,069,053.4 1,290,346.0 1,088,894.0 1,179,983.5 1,112,511.1 1,716,725.3 3,669,235.3 3,260,480.9 Russia 283,476.8 289,381.7 386,108.6 313,363.4 399,161.5 430,203.7 790,214.8 708,462.0 659,175.1 Yugoslavia - - - - - - - - - Others 270,792.0 639,646.5 1,181,451.6 466,267.8 1,105,005.9 1,255,152.2 4,310,849.5 1,435,834.9 744,594.4 Total 21,265,002.1 19,811,964.8 21,935,376.3 ########## 22,131,932.3 45,137,669.7 70,596,343.6 77,627,647.8 59,656,850.9 %Share Of Continent 36.0 33.1 32.4 27.0 28.0 39.8 41.1 37.8 31.9 Brazil 8,764.8 9,178.4 9,179.6 163.0 77.1 - 2,659.9 953.4 207.7 Canada 216,338.4 268,404.1 270,038.6 477,155.3 382,747.5 556,491.0 887,863.9 1,499,453.4 1,448,800.7 Cuba - - - - - - - - - Mexico 37,776.3 40,458.2 63,779.1 103,708.1 120,383.8 74,524.9 100,733.9 26,602.7 18,177.8 United States 3,913,895.0 3,733,304.1 4,317,231.5 6,565,250.9 6,071,240.4 7,994,968.3 13,866,697.5 18,888,809.2 14,315,211.8 Others 189,789.5 231,818.7 458,804.3 682,316.7 2,744,376.7 1,374,096.1 1,904,718.3 137,247.9 719,026.6 Total 4,366,563.9 4,283,163.5 5,119,033.1 7,828,594.0 9,318,825.6 10,000,080.3 16,762,673.5 20,553,066.5 16,501,424.6 %Share Of Continent 7.4 7.2 7.6 10.6 11.8 8.8 9.8 10.0 8.8 China, Mainland 6,145,483.9 7,498,265.1 5,111,009.8 4,754,322.7 3,152,537.0 2,538,974.1 3,165,786.7 6,379,187.8 5,736,538.3 China, Taiwan 134,753.6 242,155.2 324,580.5 376,886.5 449,378.2 787,312.2 1,128,549.5 1,713,411.6 1,610,162.5 Hong Kong 434,907.0 390,835.7 419,795.4 394,923.7 254,788.1 552,168.0 929,506.3 1,138,000.7 1,117,954.7 India 1,323,550.6 1,440,185.8 1,168,606.9 1,743,919.5 2,978,534.4 1,511,613.3 3,720,285.1 4,003,815.5 7,303,008.4 Indonesia 419,364.5 581,396.8 575,381.8 990,066.8 750,329.4 931,170.3 1,333,044.1 1,074,764.0 1,281,964.7 Israel 1,697,745.0 1,366,387.4 1,487,480.1 2,801,566.2 3,184,293.1 2,919,321.9 3,916,368.0 5,244,807.2 5,650,375.4 Japan 1,388,756.3 1,541,929.9 2,233,317.5 2,711,869.3 3,564,930.5 3,350,803.2 4,505,082.1 7,153,510.5 6,183,714.9 N.Korea, Pdrk 10,146.1 31,494.6 17,897.9 12,521.0 2,846.0 464.9 20,085.1 12,069.5 56.1 S.Korea 902,688.1 1,114,526.1 1,224,971.5 1,242,317.8 1,440,765.2 2,190,959.0 3,534,663.2 6,397,024.9 6,336,915.2 Kuwait 59,591.3 28,418.5 36,687.4 94,016.2 123,712.4 141,617.2 341,216.4 323,638.6 284,855.9 Lebanon 15,787.8 16,460.4 30,659.0 61,491.5 65,805.5 37,592.1 64,149.9 157,086.6 148,193.4 Malaysia 5,556.5 107,335.2 78,417.2 29,316.4 64,445.6 230,619.0 586,190.5 889,477.2 649,121.7 Pakistan 855,052.2 1,441,769.4 1,084,808.0 304,739.1 61,784.5 688,547.0 365,279.1 863,874.3 2,012,500.5 Saudi Arabia 4,028,128.5 3,981,781.2 4,400,225.0 4,974,581.1 5,667,200.5 7,175,544.1 10,160,101.3 16,324,509.2 18,183,430.1 Singapore 204,215.6 128,152.6 93,295.4 227,603.6 955,530.0 1,608,022.8 2,273,631.4 2,367,537.3 3,963,422.6 Yemen 439,271.6 362,192.6 456,992.0 1,180,754.7 1,697,120.6 1,047,539.2 1,053,818.9 964,890.9 1,271,951.1 Thailand 105,215.7 94,324.3 87,940.9 152,740.6 121,436.1 28,623.0 32,965.4 157,764.3 228,134.3 UAE 1,791,062.6 1,982,406.3 2,694,755.9 3,093,574.6 3,695,524.5 5,430,018.1 7,212,096.8 10,951,018.7 10,085,864.1 Others 1,160,854.1 1,879,038.7 3,985,634.2 4,174,926.4 3,200,481.5 5,990,857.1 10,184,707.2 6,236,276.0 7,804,783.7 Total 21,122,130.8 24,229,055.8 25,512,456.4 ########## 31,431,443.1 37,161,766.5 54,527,526.9 72,352,664.9 79,852,947.6 %Share Of Continent 35.8 40.5 37.7 39.6 39.7 32.7 31.8 35.3 42.7 Australia 417,653.3 330,080.8 473,534.0 443,828.2 516,438.5 528,841.3 1,122,336.2 1,572,759.9 1,400,004.0 Others 84,325.8 157,422.4 112,992.7 181,580.2 122,034.7 197,213.0 404,333.7 227,434.6 180,362.7 Total 501,979.2 487,503.3 586,526.7 625,408.4 638,473.2 726,054.2 1,526,669.9 1,800,194.5 1,580,366.8 %Share Of Continent 0.8 0.8 0.9 0.8 0.8 0.6 0.0 0.9 0.8 Unspecified - 628,040.5 3,068,704.1 Grand Total 59,071,421.3 59,838,549.1 67,655,057.8 ########## 79,131,074.3 113,493,412.3 ########### 205,169,543.1 186,941,512.6 Note1: Data for the year 2013 and 2014 is based on updated data from Ethiopian Customs Commission Note2: The data for Czechoslovakia before 2013 represents the sum of Czech republic and Slovakia 2023 Africa Europe America Asia Oceania 2015 2016 2017 2018 2019 2020 2021 2022 Source: Ethiopian Customs Commission Continents Country of Destination

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

Table 23B: Direction of Trade** (In Millions of USD) Export Import Export Import Export Import Export Import Export Import Export Import Export Import E F G H I J K L M N O P Q=O/G R=P/H Djibouti 32.6 144.5 61.2 128.5 28.5 112.0 29.0 78.3 29.6 83.3 31.2 87.4 (49.1) (31.9) Egypt 0.6 290.8 0.8 127.1 1.5 259.5 2.7 245.4 2.5 226.4 1.8 276.3 119.4 117.5 Ghana 0.2 0.2 0.1 0.2 0.1 0.2 0.1 0.1 0.0 0.1 0.1 0.0 2.4 (84.5) Kenya 8.8 31.6 8.7 36.5 24.3 17.7 19.7 26.8 13.1 15.3 20.6 26.6 136.3 (27.2) Libia - - - - - - - - - - - - Morocco 0.9 0.1 0.2 148.0 0.1 300.5 0.9 376.8 1.2 207.0 0.5 223.7 179.6 51.1 Nigeria 0.3 0.0 0.3 0.0 0.4 0.1 0.5 0.4 0.3 57.4 0.3 0.0 1.5 40.3 Ruwanda 0.0 19.7 0.0 13.2 0.0 3.3 0.0 (30.6) (100.0) Somali Land - 0.0 - 0.0 - - - 0.1 - 0.1 - 1.0 Somalia 65.8 - 41.0 - 40.9 - 23.1 - 22.4 - 30.5 - (25.6) South Africa 8.4 46.8 1.5 72.2 2.5 55.7 4.0 88.0 1.9 32.7 2.0 63.1 31.0 (12.6) Sudan 14.2 0.6 25.8 0.6 22.3 0.8 13.2 2.0 18.6 2.6 16.8 1.4 (34.9) 126.8 Tanzania 0.0 0.2 0.1 0.0 - 0.5 0.1 0.3 - 0.3 0.0 4.4 (99.8) ####### Uganda 0.8 1.4 0.4 0.5 0.3 0.6 0.6 0.5 0.3 1.2 0.2 2.5 (60.2) 410.6 Zambia 0.0 0.4 0.0 0.3 0.0 0.0 - 0.2 - 0.0 - 0.1 (62.6) Zembabwe 0.0 0.6 0.0 - 0.1 - 0.0 0.6 0.0 1.1 0.1 0.4 80.0 Others 6.6 88.7 9.4 7.3 22.9 4.2 19.4 4.9 19.5 1.4 8.1 2.6 (13.9) (65.2) Total 139.2 625.5 149.6 534.5 143.9 751.8 113.3 827.7 109.5 629.7 112.1 689.5 (25.1) 29.0 %Share Of Continent 14.25 13.74 19.23 11.87 16.48 17.96 11.44 21.18 13.13 15.26 14.54 14.18 Austria 0.0 2.4 0.0 1.2 0.1 6.9 0.2 2.7 0.2 3.4 0.2 2.1 ####### 76.4 Belgium 45.9 22.6 18.1 43.7 17.2 18.2 24.8 10.2 21.5 9.2 20.6 25.6 13.8 (41.5) Bulgaria 0.4 0.3 0.5 3.8 1.0 1.5 0.7 5.1 1.2 2.1 0.6 0.9 17.4 (75.2) Cyprus - 1.7 - 0.6 - 0.9 - 1.9 0.2 1.4 - 2.5 316.4 Czech Republic 0.1 2.4 0.1 3.1 0.1 4.4 0.1 2.1 0.1 5.6 0.0 2.0 (65.2) (36.6) Slovakia - 1.3 - 0.6 0.0 2.9 0.1 3.2 - 1.9 0.1 1.8 206.2 Denmark 0.2 5.1 0.1 7.6 0.4 4.2 0.9 7.7 0.8 5.0 0.1 8.3 16.0 9.3 Finland 0.0 6.6 0.0 4.3 0.3 13.9 2.2 1.3 0.0 0.4 0.0 1.5 (10.3) (64.0) France 10.7 38.0 6.1 44.2 6.5 55.4 12.2 30.4 9.3 55.7 7.7 35.2 27.0 (20.4) Germany 77.0 37.9 38.7 46.5 39.4 30.6 48.1 46.5 30.5 34.5 22.9 37.5 (40.7) (19.3) Greece 1.5 0.5 0.6 0.2 1.2 3.3 2.8 1.7 3.1 1.6 2.2 1.0 258.4 374.9 Hungary 0.0 1.5 0.0 7.8 0.0 5.5 0.1 7.5 0.1 4.4 0.0 3.9 13.8 (49.4) Ireland 0.3 5.5 0.0 8.7 - 35.3 0.2 4.2 - 2.5 0.0 3.9 54.1 (55.4) Italy 20.4 62.7 11.2 53.3 15.7 32.2 22.2 57.0 14.4 56.0 8.2 55.8 (26.3) 4.7 Netherlands 120.9 35.1 85.1 13.8 101.7 36.5 90.6 18.7 79.2 31.1 77.6 21.3 (8.9) 54.2 Norway 4.6 0.8 3.2 1.6 3.5 2.5 3.4 2.0 2.3 0.5 2.3 1.0 (28.8) (36.5) Poland 0.4 10.2 0.1 9.5 1.4 7.8 1.5 6.1 1.2 6.5 0.5 9.1 263.0 (5.0) Portugal 0.9 2.0 0.8 1.3 1.1 0.5 1.6 4.9 0.8 0.6 0.9 0.6 11.4 (52.3) Rumania 0.2 17.1 0.5 6.4 0.3 4.7 0.5 0.4 0.7 31.3 0.1 1.1 (86.2) (82.4) Spain 3.0 12.2 2.5 14.6 3.0 11.0 3.8 19.2 4.0 15.4 1.1 14.2 (55.7) (3.3) Sweden 3.6 2.1 2.0 6.8 1.7 1.1 1.4 7.6 2.2 6.6 1.6 3.8 (19.9) (44.5) Switzerland 51.1 4.1 52.8 21.6 47.4 33.6 47.7 5.8 79.6 2.7 86.1 5.2 63.2 (75.7) Turkey 5.9 308.5 5.8 224.0 16.0 105.3 11.8 115.8 7.0 142.6 14.7 262.3 154.6 17.1 Ukraine - 68.1 0.0 88.3 0.0 36.0 - 38.2 - 2.1 0.0 4.6 (50.6) (94.8) United Kingdom 19.5 66.6 17.5 63.4 15.7 50.5 17.9 19.1 14.2 55.1 12.5 204.2 (28.7) 222.1 Russia 5.3 1.3 3.7 28.2 4.6 4.5 3.1 0.6 0.9 0.2 3.6 16.7 (3.1) (40.6) Yugoslavia - - - - - - - - - - - - Others 18.3 7.6 1.7 20.8 3.9 4.6 3.8 11.6 2.4 4.2 2.5 100.6 46.5 384.8 Total 390.4 724.1 251.2 725.8 282.2 514.1 301.6 431.3 275.9 483.5 266.1 826.8 5.9 13.9 %Share Of Continent 39.95 15.91 32.29 16.11 32.31 12.28 30.47 11.04 33.09 11.72 34.53 17.00 Brazil - 12.6 0.0 9.7 - 1.1 - 1.6 0.0 12.8 - 46.4 (100.0) 378.1 Canada 5.8 8.1 9.6 8.3 7.1 22.3 7.7 2.5 6.7 1.8 5.1 4.0 (47.4) (51.8) Cuba - - - 0.0 - - - 0.0 - - - 0.0 (0.2) Mexico 0.1 11.7 0.1 3.5 0.0 5.5 0.1 1.2 0.0 2.3 0.2 3.9 114.4 10.4 United States 77.4 258.3 72.9 297.2 62.8 258.9 103.6 246.0 67.4 133.0 36.4 199.9 (50.1) (32.7) Others 0.5 3.1 0.9 21.5 1.8 15.9 0.9 15.4 4.8 2.0 4.7 33.0 414.2 53.8 Total 83.9 293.8 83.6 340.3 71.7 303.9 112.2 266.6 78.9 152.8 46.4 287.2 (44.5) (15.6) %Share Of Continent 8.58 6.45 10.75 7.56 8.21 7.26 11.34 6.82 9.46 3.70 6.02 5.91 China, Mainland 34.5 869.6 17.5 941.4 16.6 790.4 37.8 995.0 27.3 1,156.5 25.9 1,098.3 47.6 16.7 China, Taiwan 7.7 3.2 3.8 7.0 4.4 7.2 14.9 5.7 7.0 4.1 4.2 2.9 11.2 (59.0) Hong Kong 6.5 0.6 4.4 0.5 4.0 0.7 3.8 3.6 6.6 1.1 6.1 61.4 37.3 ####### India 10.6 495.7 19.2 632.2 45.7 468.2 31.3 341.4 25.9 414.2 29.0 405.8 51.0 (35.8) Indonesia 3.9 67.7 4.3 70.3 7.2 74.7 4.5 87.4 7.1 102.8 5.2 127.9 20.3 81.8 Israel 23.0 7.5 25.0 2.6 34.2 2.5 29.5 3.9 17.0 3.2 23.3 6.8 (6.6) 160.4 Japan 28.0 21.9 22.9 18.0 17.9 26.3 42.6 24.3 36.4 39.1 18.9 22.3 (17.7) 23.9 N.Korea, Pdrk 0.0 0.2 - 0.3 0.0 0.0 - 0.1 - 0.2 - - S.Korea 33.3 28.4 20.9 26.4 17.9 35.5 37.4 35.5 45.5 31.1 20.5 36.3 (2.0) 37.9 Kuwait 1.5 181.1 1.8 100.5 0.8 374.6 1.6 0.0 1.5 146.8 1.2 1.0 (33.8) (99.1) Lebanon 0.9 1.6 0.5 1.0 0.9 0.4 0.3 0.6 0.8 0.3 0.7 0.4 43.0 (63.9) Malaysia 3.5 175.7 2.5 210.7 2.4 95.5 5.0 71.3 2.3 75.9 2.3 151.8 (7.6) (27.9) Pakistan 1.6 7.9 2.6 5.8 3.2 12.2 9.7 8.6 15.3 9.0 8.9 24.6 244.9 325.4 Saudi Arabia 72.4 577.5 85.8 401.1 88.4 241.3 78.1 241.7 86.7 267.0 78.7 617.3 (8.2) 53.9 Singapore 15.2 1.7 11.1 1.1 27.7 1.4 16.3 4.2 13.8 21.9 15.8 4.3 41.8 307.8 Yemen 1.8 - 3.4 0.5 5.7 0.5 4.6 1.3 7.0 0.9 6.8 - 100.7 (100.0) Thailand 0.6 27.7 0.2 37.1 2.7 46.1 0.6 23.6 0.6 22.8 0.6 18.0 238.5 (51.4) UAE 63.2 346.4 37.1 347.2 46.5 372.2 52.0 371.0 33.1 305.0 47.2 278.0 27.2 (19.9) Others 31.7 91.5 23.2 97.7 44.6 63.2 36.7 159.9 25.7 135.3 35.2 199.2 51.7 103.9 Total 340.1 2,905.8 286.3 2,901.4 371.0 2,612.7 406.9 2,379.1 359.5 2,857.4 330.6 3,056.1 15.4 5.3 %Share Of Continent 34.81 63.84 36.80 64.42 42.47 62.42 41.10 60.89 43.11 69.24 42.89 62.84 Australia 10.2 2.1 6.8 1.8 4.4 2.0 9.2 0.7 8.8 1.6 4.3 2.4 (36.4) 33.9 Others 1.3 0.7 0.4 0.2 0.3 0.9 1.1 1.7 1.3 1.8 0.7 1.5 74.8 531.6 Total 11.5 2.8 7.2 2.0 4.6 2.9 10.3 2.4 10.1 3.5 5.0 3.9 (30.1) 92.4 % Share Of Continent 1.18 0.06 0.92 0.05 0.53 0.07 1.04 0.06 1.21 0.09 0.65 0.08 Unspecified 12.0 - - - 45.6 - - - 10.5 - 977.0 4,552.0 778.0 4,503.9 873.5 4,185.4 990.0 3,907.2 834.0 4,126.9 770.7 4,863.6 (0.9) 8.0 Source: Ethiopian Customs Commission ** All import data are updated based on revised data from the Ethiopian Customs Commission Oceania: Country of Origin Grand Total QI QII Africa: Europe: America: Asia: QI QII QIII QIV Percentage Change 2022/23 2023/24

Coffee Oil Seeds Leather and Leather Productsa Pulses Meat & Meat Prodts. Fruits & Veget. Wheat Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton October 22,268 8,097 138 23,948 974 14,012 - 0 - 786 3,034 - - 22 - November 14,033 4,239 162 27,911 855 12,063 1 0 - 396 2,615 - 11 3 - December 8,981 11,461 151 28,378 952 13,289 12 0 - 245 1,791 - 56 20 - QII 45,282 23,797 451 80,237 2,781 39,364 13 1 - 1,427 7,440 - 67 44 - January 8,743 18,337 176 46,730 878 15,414 6 0 - 663 2,621 - 18 24 - February 17,162 20,704 110 56,294 887 14,788 1 0 - 1,542 2,180 - - 132 - March 19,643 15,870 142 56,272 923 15,934 0 0 - 169 1,988 - - 754 - QIII 45,548 54,910 428 159,296 2,688 46,136 7 1 - 2,373 6,789 - 18 910 - April 17,608 11,218 99 29,861 776 16,794 - 0 - 382 1,568 - - 256 - May 27,503 14,826 127 42,311 674 20,895 0 0 - 894 1,265 - - 280 - June 32,810 13,434 124 41,299 882 12,762 62,479 - 0 - 811 1,433 - 18 6 - Qtr IV 77,922 39,477 349 113,470 2,333 50,451 62,479 0 1 - 2,087 4,265 - 18 541 - July 22,799 7,920 117 35,850 843 12,605 - - 0 - 6,281 1,368 - 18 3 - August 27,183 5,729 182 37,737 730 21,343 - - 0 - 1,911 1,542 - 18 400 - September 17,792 4,046 168 36,237 642 15,590 - - 0 - 2,607 1,354 - 18 8 - Qtr I 67,774 17,696 467 109,824 2,215 49,538 - 1 - 10,800 4,265 - 54 412 - October 20,138 4,911 121 42,879 670 16,097 - - 0 - 1,780 1,344 - - 9 - November 16,325 11,863 147 35,517 973 19,445 - - 0 - 2,722 1,533 - - 12 - December 13,983 27,212 72 31,008 790 17,522 - - 0 - 4,652 1,751 - - 30 - Qtr II 50,446 43,986 340 109,403 2,432 53,063 - 1 - 9,153 4,628 - - 50 - Table 24 (continued): Text. & Text. Prdts Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity (in '1000' kwh) Others* Re-Exports Grand Total* October 2,883.9 3,195.6 34.5 - - - 0.5 - 8,905.1 380.5 440.8 6,696.3 124,304.9 22,559.3 95,817.72 November 2,475.2 407.1 0.4 - - - 5.0 - 9,137.5 446.3 508.1 11,435.8 119,532.3 24,418.3 86,705.62 December 2,182.9 1,449.5 - - - - 0.7 - 6,618.3 881.3 262.9 7,319.7 127,833.7 18,734.9 84,050.16 QII 7,542 5,052 35 - - - 6 - 24,661 1,708 1,212 25,452 371,671 65,713 266,573 January 2,664 2,439 0 - - - - - 8,955 222 563 10,380 128,801 25,248 118,833 February 3,180 5,504 66 - - - 1 - 9,648 274 715 9,460 344,864 28,980 142,648 March 3,258 7,333 75 - - - 1 - 9,246 263 313 10,929 244,903 32,172 143,114 QIII 9,102 15,276 141 - - - 2 - 27,849 760 1,592 30,769 718,568 86,401 404,594 April 2,083 3,542 31 - - - - - 10,285 275 299 6,430 124,692 23,201 101,506 May 2,193 6,017 84 - - - - - 8,004 295 442 12,544 91,104 29,859 138,354 June 2,356 3,892 0 - - - 0 - 7,797 603 687 10,343 102,010 25,684 191,736 Qtr IV 6,633 13,451 115 - - - 0 - 26,086 1,173 1,428 29,316 317,806 78,744 - 431,596 July 2,401 446 30 - - - 0 - 7,256 412 467 8,568 111,760 19,583 107,384 August 3,381 3,044 237 - - - 5 - 8,226 353 1,246 9,280 129,081 26,172 122,549 September 2,821 1,489 30 - - - 1 - 8,182 184 770 8,465 118,204 21,949 100,405 Qtr I 8,603 4,979 297 - - - 6 - 23,663 949 2,482 26,313 359,045 67,704 330,338 October 3,101 4,650 29 - - - 1 - 7,275 374 653 7,480 101,743 23,571 111,511 November 2,575 1,966 14 - - - - - 7,981 175 774 6,490 119,025 19,986 108,510 December 1,601 245 60 - - - 0 - 8,036 212 339 7,174 178,988 17,695 114,684 Qtr II 7,277 6,860 103 - - - 1 - 23,291 761 1,765 21,144 399,755 61,252 334,705 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) 2023/24 2022/23 Period 2023/24 2022/23 Table 24: Volume of Exports, By Major Commodity Groups (In metric tone) Period

Table 25: Value of Exports, by Major Commodity Groups (In Thusands of Birr) Coffee Oil Seeds Leather and Leather products Pulses Meat & Meat Prodts. Fruits & Vegetables Wheat Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton October 6,153,208.2 688,440.0 115,671.9 940,543.1 440,752.0 580,301.3 - 861,030.2 89,624.3 983,465.2 - - 98,970.8 - November 3,901,570.3 384,035.0 145,652.9 1,082,543.5 432,304.3 711,593.0 1,616.3 961,571.9 43,437.3 879,385.4 - 4,340.3 1,562.2 - December 2,363,052.8 985,277.0 132,638.4 1,286,366.6 460,356.9 1,073,233.4 13,144.4 948,511.9 42,341.6 987,647.4 - 23,521.5 88,827.4 - Qtr II 12,417,831.4 2,057,752.0 393,963.2 3,309,453.2 1,333,413.3 2,365,127.7 14,760.7 2,771,114.0 - 175,403.3 2,850,497.9 - 27,861.9 189,360.4 - January 2,326,842.6 1,617,450.3 93,710.7 1,888,880.9 333,644.1 277,120.7 346.5 1,025,435.5 80,982.5 1,408,157.0 - 7,772.8 109,310.4 - February 4,616,844.1 1,884,602.9 115,066.3 2,489,095.0 326,277.7 274,104.0 19.0 698,268.7 183,211.7 1,194,707.6 - - 117,803.1 - March 5,805,297.5 1,483,609.5 113,995.8 2,513,191.2 367,399.1 294,832.6 1.0 811,558.2 30,475.2 1,108,485.3 - - 127,067.9 - Qtr III 12,748,984.1 4,985,662.7 322,772.8 6,891,167.1 1,027,320.8 846,057.3 366.4 2,535,262.3 - 294,669.4 3,711,349.9 - 7,772.8 354,181.4 - April 5,451,983.2 1,110,266.4 82,921.8 1,498,358.2 307,542.4 311,113.7 - 734,596.9 56,512.6 867,815.1 - - 10,688.7 - May 8,556,888.7 1,537,543.1 104,158.3 1,832,302.6 228,053.2 361,666.3 0.4 882,541.0 111,372.7 696,875.0 - - 105,392.0 - June 9,928,362.2 1,314,177.8 81,567.5 1,735,021.1 312,377.3 236,597.6 1,701,716.9 - 923,134.1 66,930.4 798,018.1 - 8,007.0 10,825.2 - Qtr IV 23,937,234.0 3,961,987.3 268,647.6 5,065,682.0 847,972.9 909,377.6 1,701,716.9 0.4 2,540,271.9 - 234,815.8 2,362,708.3 - 8,007.0 126,905.9 - July 6,910,044.4 732,275.0 106,818.9 1,505,440.7 237,556.4 241,394.6 - - 1,425,012.6 214,975.6 758,775.6 - 7,958.3 10,244.6 - August 7,724,828.7 595,448.9 124,675.0 1,673,350.5 276,490.0 414,359.1 - - 1,642,067.5 119,401.6 863,692.3 - 8,065.8 3,983.1 - September 4,861,843.2 406,422.8 128,813.7 1,520,081.8 234,165.2 313,717.6 - - 1,262,060.2 102,457.7 755,018.6 - 7,521.5 21,546.9 - Qtr I 19,496,716.4 1,734,146.7 360,307.6 4,698,873.0 748,211.5 969,471.3 - 4,329,140.3 - 436,834.9 2,377,486.5 - 23,545.6 35,774.7 - October 5,192,245.1 444,854.8 104,216.6 1,834,243.2 261,980.7 316,860.3 - - 840,526.7 147,492.1 729,154.4 - - 46,016.3 - November 3,830,364.7 1,186,236.0 105,180.6 1,599,083.6 303,034.8 380,018.4 - - 1,476,041.7 159,324.0 851,232.5 - - 21,165.9 - December 3,113,157.9 2,738,304.8 80,242.3 1,478,895.5 286,669.9 342,264.3 - - 2,434,626.2 277,507.7 997,290.5 - - 27,288.2 - Qtr II 12,135,767.8 4,369,395.7 289,639.5 4,912,222.3 851,685.4 1,039,143.1 - 4,751,194.6 - 584,323.8 2,577,677.4 - - 94,470.4 - Table 25 (continued): Text. & Text. Prdts Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity Others* Re-Exports Grand Total October 901,795.7 207,805.7 9,668.4 - - - 480.5 - 2,516,781.8 37,759.7 88,480.8 451,012.0 362,788.3 4,675,543.6 15,528,580.0 November 970,440.9 117,009.5 1,333.9 - - - 4,236.8 - 2,649,810.0 46,940.9 101,647.3 655,819.9 368,067.5 4,916,868.9 13,464,919.2 December 887,761.7 93,840.2 - - - - 741.5 - 1,959,960.8 40,077.9 43,088.8 377,018.3 390,690.6 3,882,007.2 12,198,099.1 Qtr II 2,759,998.2 418,655.4 11,002.3 - - - 5,458.8 - 7,126,552.6 124,778.6 233,216.9 1,483,850.1 1,121,546.4 13,474,419.7 - 41,191,598.4 January 579,371.0 96,148.4 173.8 - - - - - 2,442,856.7 11,394.9 36,468.4 338,284.0 422,452.7 4,036,460.3 13,096,803.6 February 628,261.0 222,728.7 3,037.7 - - - 108.2 - 2,563,417.5 12,949.6 48,618.5 367,892.4 615,130.0 4,579,946.6 16,362,143.6 March 608,067.6 284,087.3 9,376.5 - - - 209.6 - 2,607,251.0 15,504.6 22,820.5 381,885.4 806,852.0 4,863,122.5 17,391,967.8 Qtr III 1,815,699.6 602,964.4 12,588.0 - - - 317.8 - 7,613,525.2 39,849.2 107,907.4 1,088,061.8 1,844,434.7 13,479,529.4 - 46,850,915.0 April 492,359.1 134,680.5 9,348.8 - - - - - 2,651,162.6 12,912.7 22,158.1 265,662.0 557,096.9 4,156,069.5 14,577,179.8 May 490,376.4 222,053.7 15,531.1 - - - - - 2,046,671.9 16,772.0 20,557.5 381,142.0 440,357.2 3,738,853.9 18,050,255.2 June 538,947.0 153,199.5 111.6 - - - 90.2 - 2,018,538.2 26,790.3 41,804.9 1,033,462.4 484,051.0 4,307,820.4 21,413,730.4 Qtr IV 1,521,682.5 509,933.8 24,991.5 - - - 90.2 - 6,716,372.6 56,475.0 84,520.6 1,680,266.5 1,481,505.1 12,202,743.7 - 54,041,165.4 July 521,265.9 40,757.1 10,015.0 - - - 27.2 - 1,911,962.8 22,228.3 17,822.3 363,491.1 389,895.4 3,287,709.7 15,427,961.7 August 661,723.3 119,668.6 32,792.9 - - - 4,725.1 - 2,126,528.3 20,443.6 53,411.0 331,786.5 424,750.2 3,779,812.6 17,222,192.2 September 549,515.5 71,741.6 13,832.8 - - - 443.4 - 2,120,787.9 7,389.5 40,656.1 333,408.9 395,117.2 3,554,439.7 13,146,541.9 Qtr I 1,732,504.7 232,167.3 56,640.7 - - - 5,195.7 - 6,159,278.9 50,061.4 111,889.4 1,028,686.4 1,209,762.8 10,621,962.0 - 45,796,695.8 October 613,917.8 167,354.5 2,203.7 - - - 421.4 - 1,894,430.7 20,614.5 35,356.9 340,820.1 353,599.4 3,474,735.3 13,346,309.3 November 543,579.9 105,733.7 1,051.3 - - - - - 2,138,296.5 10,772.7 35,415.6 870,962.6 411,015.4 4,137,993.6 14,028,510.1 December 432,577.4 24,917.3 4,661.4 - - - 3.2 - 2,282,387.0 12,897.8 29,716.4 301,831.4 630,024.0 3,746,304.1 15,495,263.2 Qtr II 1,590,075.1 298,005.4 7,916.4 - - - 424.6 - 6,315,114.2 44,285.0 100,488.9 1,513,614.1 1,394,638.8 11,359,033.0 - 42,870,082.6 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) 2023/24 2023/24 2022/23 2022/23

Table 26: Value of Imports, by Major Commodity Groups** (In Thusands of Birr) Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. October 11,273,025 132,193 26,704 2,021 16,397,006 1,078,250 2,099,216 4,471 622,520 1,530,615 627,800 November 8,042,285 102,018 21,188 - 17,602,993 1,126,311 1,781,301 12,857 571,067 1,311,295 731,263 December 8,872,358 125,168 38,827 - 13,855,652 1,186,109 3,786,209 11,390 841,584 1,459,988 790,376 Qtr II 28,187,669 359,380 86,719 2,021 47,855,652 3,390,671 7,666,726 28,719 2,035,171 4,301,897 2,149,440 January 3,802,929 43,678 20,509 - 15,365,622 1,127,792 2,238,202 2,718 769,824 1,096,546 808,116 February 5,010,526 94,456 21,865 3,201 14,587,235 1,453,159 2,610,463 6,116 921,844 1,000,044 883,643 March 5,090,787 124,461 37,562 - 22,886,531 1,621,606 3,005,076 29,274 529,142 1,311,450 1,193,131 Qtr III 13,904,242 262,594 79,936 3,201 52,839,388 4,202,557 7,853,742 38,108 2,220,810 3,408,040 2,884,890 April 9,096,417 23,996 42,313 - 22,976,201 903,745 2,028,985 14,782 628,841 1,106,648 864,035 May 6,965,233 166,688 16,797 - 16,138,358 1,312,571 2,545,414 1,081 575,420 1,428,982 658,056 June 2,465,215 73,293 50,711 - 12,239,788 1,039,227 3,598,530 39,382 812,290 951,496 613,837 Qtr IV 18,526,865 263,976 109,821 - 51,354,346 3,255,544 8,172,928 55,245 2,016,550 3,487,126 2,135,928 July 3902792.066 116044.7102 24409.61607 0 12124977.46 1395094.683 3345965.395 69357.61447 650760.5546 1473040.965 909170.78 August 2738992.025 176860.8239 18304.86679 1932.665596 20764825.88 1140982.425 2712220.037 28198.77196 937162.4321 1656015.274 972148.7288 September 2790262.627 180334.4953 59969.27592 0 16147132.7 1609954.276 1947163.059 64753.20114 854961.7169 1168779.904 862222.3205 Qtr I 21236545.02 370659.3457 125769.5275 4278.870888 56937646.8 3231386.899 5092089.161 61854.35669 1193076.211 3478814.735 1493720.544 October 4336979.543 141484.1089 27226.71184 0 20491172.47 1257192.564 2556637.391 170455.6837 570526.412 1074294.726 646558.451 November 3705941.68 224985.2588 20518.96042 0 18079983.14 1175328.549 3179592.727 90026.0859 787121.5478 1646069.983 550954.5812 December 4198234.202 268347.4327 21511.36436 0 17430677.32 921368.1395 2780463.896 170717.364 527452.0283 1097398.047 485186.4257 Qtr II 12241155.42 634816.8005 69257.03662 0 56001832.94 3353889.252 8516694.014 431199.1336 1885099.988 3817762.756 1682699.458 Table 26 (continued): Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL October 1,639,788 490,472 553,607 4,477,090 8,691,543 327,558 3,286,198 2,909,541 198,596 32,404,958 85,863,633 November 1,577,299 483,432 458,010 5,018,734 7,729,305 826,815 5,214,421 821,322 207,678 22,300,320 75,118,592 December 1,549,602 716,421 489,055 4,506,076 6,735,475 862,067 3,533,204 516,240 695,734 27,475,949 77,531,244 Qtr II 4,766,689 1,690,324 1,500,673 14,001,901 23,156,323 2,016,439 12,033,822 4,247,102 1,102,008 82,181,227 238,513,469 January 1,788,974 541,501 422,654 3,760,946 6,393,209 350,395 2,604,315 1,193,094 124,735 35,379,151 76,641,816 February 1,279,927 504,151 481,763 4,338,345 7,610,995 366,471 1,940,404 606,744 250,318 22,025,374 65,390,302 March 1,733,159 890,859 557,913 7,730,538 5,705,915 389,817 2,856,110 1,316,734 289,051 26,418,989 82,401,370 Qtr III 4,802,060 1,936,510 1,462,331 15,829,828 19,710,119 1,106,683 7,400,830 3,116,572 664,103 83,823,514 224,433,488 April 1,612,363 1,163,483 401,604 4,921,484 5,513,639 447,737 2,282,145 1,214,334 88,599 8,372,093 62,489,111 May 2,214,149 1,244,397 387,011 7,329,760 8,248,675 934,082 3,437,178 1,457,803 364,670 25,132,915 79,101,437 June 1,995,309 727,200 402,281 4,499,026 6,288,540 885,645 3,258,074 1,658,885 245,627 30,196,714 70,382,184 Qtr IV 5,821,822 3,135,080 1,190,896 16,750,270 20,050,854 2,267,464 8,977,397 4,331,022 698,897 63,701,722 211,972,731 July 1532642.013 576432.8089 422998.3994 5232989.465 6079406.791 1240205.285 3506233.297 906337.8838 181505.8122 30186849.65 72970877.37 August 1910283.845 1013366.214 554431.0429 7740773.621 8150531.924 1285473.228 3744463.323 1827878.955 256219.175 31634709.82 87437896.12 September 1889202.956 634788.5432 597468.6756 6790419.031 9407928.498 1153725.798 2715335.481 1270465.994 175231.8208 17185837.62 66235472 Qtr I 4863377.639 1958875.674 1249917.992 17112153.64 25152881.55 1387144.628 12886015.12 7703006.829 870116.9239 79398189.34 226644245.5 October 2401818.392 487706.6827 411629.4584 5859190.119 10913462.79 1079921.023 2771583.034 2158041.504 26608.90521 37926116.52 93150564.99 November 3423696.007 703357.4057 557285.5105 7286175.575 12662128.14 770971.9128 3164114.366 1826567.953 161856.4647 28774822.52 86964930.41 December 2447702.358 584699.9523 355327.4796 5711855.922 21918406.16 1049192.813 3295997.377 1354703.056 381356.9419 26708811.35 90354706.57 Qtr II 8273216.758 1775764.041 1324242.448 18857221.62 45493997.09 2900085.749 9231694.778 5339312.512 569822.3118 93409750.38 270470202 Note: Food and Live animal also includes Grain Source: Ethiopian Customs Commission *** Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Customs Commission 2022/23 2023/24 2022/23 Period 2023/24 Period

Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. October 313,825.1 1,409.1 99.9 18.8 307,111.0 18,761.9 2,992.5 1.0 5,174.9 8,420.1 8,311.2 November 207,644.7 772.1 42.9 - 324,893.8 17,173.2 1,843.8 26.7 5,973.9 6,299.8 9,546.8 December 195,585.1 879.4 117.8 - 292,381.9 16,032.4 1,852.9 8.8 5,684.6 6,765.7 9,429.9 Qtr II 717,054.9 3,060.7 260.6 18.8 924,386.8 51,967.5 6,689.2 36.5 16,833.4 21,485.5 27,288.0 January 100,416.3 459.0 1,419.8 - 297,441.7 16,077.6 2,250.5 7.5 5,057.7 7,046.2 11,477.5 February 122,874.4 896.2 49.7 34.3 282,360.0 21,039.6 2,660.0 5.6 5,839.0 5,566.0 13,454.5 March 116,745.1 1,068.3 111.8 - 463,556.4 22,121.5 4,038.4 24.1 5,798.4 7,503.7 13,382.9 Qtr III 340,035.7 2,423.5 1,581.3 34.3 1,043,358.0 59,238.7 8,948.9 37.1 16,695.1 20,115.8 38,315.0 April 238,042.9 288.8 105.5 - 359,972.0 13,748.6 2,370.0 5.5 5,318.4 8,211.5 10,674.5 May 166,644.4 1,249.1 45.4 - 369,098.1 16,633.7 1,709.7 0.7 6,098.2 12,589.2 7,348.3 June 68,060.6 507.3 112.0 - 274,772.6 15,193.6 4,716.6 12.8 5,360.0 6,694.4 9,281.7 Qtr IV 472,747.9 2,045.2 262.9 - 1,003,842.7 45,575.9 8,796.3 19.0 16,776.6 27,495.2 27,304.5 July 112,485.2 1,026.4 47.4 - 257,232.7 18,301.1 3,140.9 23.7 6,898.2 9,245.9 12,895.3 August 73,802.2 1,467.8 187.5 18.9 374,791.7 15,141.1 3,124.3 8.9 10,203.0 8,799.2 13,602.6 September 80,419.9 1,366.4 129.3 - 280,419.9 23,207.2 2,283.0 63.1 10,772.0 6,389.6 10,781.6 Qtr I 266,707.3 3,860.6 364.2 18.9 912,444.3 56,649.4 8,548.1 95.8 27,873.2 24,434.7 37,279.4 October 145,740.9 1,493.7 73.4 - 370,413.0 17,351.0 2,804.4 65.0 7,323.8 13,338.1 10,302.9 November 107,520.3 1,608.0 46.5 - 350,100.6 16,778.4 1,830.4 36.2 7,954.3 10,838.9 6,803.1 December 176,536.8 1,961.4 104.0 - 352,921.9 16,039.0 1,950.8 97.8 5,592.8 8,005.5 7,614.6 Qtr II 717,054.9 3,060.7 260.6 18.8 924,386.8 51,967.5 6,689.2 36.5 16,833.4 21,485.5 27,288.0 Table 27 (continued): Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL October 11,705.8 1,253.7 12,762.4 166,628.9 23,787.6 1,515.2 6,848.1 105,134.9 36.4 578,970.1 1,469,633.7 November 10,273.5 1,220.8 11,586.3 121,884.2 16,182.0 2,095.2 5,554.6 27,441.0 33.2 336,124.9 1,079,172.7 December 10,378.5 1,730.0 11,191.9 73,524.4 14,457.6 3,435.5 4,203.5 23,168.1 60.6 443,472.5 1,091,193.1 Qtr II 32,357.81 4,204.58 35,540.65 362,037.45 54,427.20 7,045.88 16,606.22 155,743.91 130.27 1,358,567.51 3,639,999.45 January 13,582.9 1,338.0 8,677.8 207,281.2 12,764.0 1,289.8 8,049.2 40,269.2 42.4 543,518.4 1,238,197.6 February 10,600.3 1,253.5 9,009.3 72,111.8 13,194.7 1,229.6 8,085.5 17,578.6 62.8 319,577.8 889,904.5 March 12,911.4 1,860.1 10,210.7 74,509.7 17,184.2 1,582.7 6,236.2 37,703.2 36.6 332,952.5 1,091,834.6 Qtr III 37,094.54 4,451.59 27,897.85 353,902.72 43,142.96 4,102.09 22,370.84 95,551.04 141.78 1,196,048.74 3,219,936.64 April 12,606.7 1,606.6 9,584.6 70,639.5 16,084.5 1,265.9 4,040.2 37,547.2 24.3 170,400.7 924,990.7 May 14,974.1 2,924.6 7,745.6 298,405.2 24,635.6 2,531.9 6,830.2 43,617.0 5.9 398,234.5 1,337,704.3 June 13,934.5 2,346.6 11,029.6 264,040.6 18,288.5 3,644.2 5,220.2 47,613.0 57.3 599,470.5 1,302,743.6 Qtr IV 41,515.30 6,877.73 28,359.79 633,085.32 59,008.57 7,441.97 16,090.64 128,777.27 87.56 1,168,105.58 3,565,438.58 July 11,643.3 1,765.4 9,678.4 82,828.7 15,953.6 4,191.2 6,457.0 24,866.8 31.5 563,403.6 1,117,249.4 August 13,163.6 2,098.5 12,132.4 437,636.1 18,563.7 4,620.6 6,828.2 47,367.3 30.3 461,904.2 1,458,124.8 September 13,803.5 1,670.1 12,004.6 1,370,026.0 19,432.7 4,289.5 5,997.7 34,613.3 27.2 197,694.1 2,040,777.4 Qtr I 38,610.47 5,534.04 33,815.32 1,890,490.82 53,950.05 13,101.34 19,282.89 106,847.32 89.07 1,223,001.87 4,616,151.68 October 16,536.0 1,845.1 9,276.3 2,559,009.6 19,995.4 3,855.5 6,290.5 74,977.1 12.0 651,597.3 3,837,323.8 November 16,416.0 1,970.3 13,091.4 743,135.9 19,808.5 2,498.8 6,035.4 50,642.7 21.7 516,981.7 1,823,476.2 December 16,063.3 2,012.2 7,904.6 98,875.0 22,599.4 3,555.6 6,794.0 56,358.4 44.9 578,057.3 1,306,731.0 Qtr II 32,357.81 4,204.58 35,540.65 362,037.45 54,427.20 7,045.88 16,606.22 155,743.91 130.27 1,358,567.51 6,967,531.04 Note : Food and Live animal also includes Grain Source: Ethiopian Customs Commission *** Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Customs Commission 2023/24 2022/23 Table 27: Volume of Imports, by Major Commodity Groups** (In Metric Tons) Period 2023/24 2022/23 Period

Table 28: Value of Imports, by End-Use** Qtr IV Annual QI QII Qtr III Qtr IV Annual QI QII Raw Materials 1,432.28 5,577.02 1,143.14 1,579.44 1,756.38 1,273.94 5,752.90 1,534.74 1,982.70 Semi-finished Goods 71,649.42 184,980.29 40,612.47 36,351.09 48,358.41 48,507.44 173,829.41 52,143.33 46,636.87 Chemicals 5,222.49 24,699.48 6,794.20 6,359.63 7,364.22 6,998.98 27,517.04 8,121.14 7,029.29 Fertilizers 45,457.98 70,195.28 10,197.31 5,388.90 16,520.96 17,182.19 49,289.35 18,695.30 13,814.23 Textile Materials 2,661.97 9,507.58 2,662.59 2,501.00 2,531.48 2,669.22 10,364.29 2,395.25 2,278.47 Others 18,306.98 80,577.94 20,958.37 22,101.56 21,941.75 21,657.05 86,658.73 22,931.65 23,514.89 Fuel 61,029.88 169,859.55 58,792.87 50,104.09 54,307.65 47,921.79 211,126.40 50,248.69 57,804.42 Crude petroleum 3.92 7.18 3.37 1.65 2.62 - 7.64 1.43 - Petroleum Products* 59,026.72 165,014.81 57,581.73 47,855.65 52,839.39 45,519.53 203,796.30 49,036.94 56,001.83 Others 1,999.24 4,837.57 1,207.77 2,246.78 1,465.64 2,402.26 7,322.46 1,210.33 1,802.58 Capital Goods 46,717.86 148,132.94 55,181.93 53,879.47 45,353.93 47,728.19 202,143.52 58,596.03 84,211.36 Transport 2,233.57 15,688.20 11,008.31 10,697.42 8,554.25 8,468.69 38,728.67 12,567.11 21,024.63 Tyres for Heavy Vehicles 869.01 4,394.44 992.00 1,376.97 937.24 1,048.38 4,354.59 1,105.34 1,057.23 Heavy Road Motor Veh. 861.06 4,175.33 6,286.64 6,897.51 5,865.87 6,057.07 25,107.09 6,260.06 7,103.18 Aircraft 451.48 6,624.19 3,674.01 2,324.56 1,658.33 1,028.15 8,685.05 5,081.39 12,760.43 Others 52.01 494.24 55.66 98.38 92.81 335.09 581.94 120.32 103.79 Agricultural 726.41 2,678.25 861.95 1,471.06 1,320.32 1,334.51 4,987.84 1,093.99 927.75 Industrial 43,757.88 129,766.49 43,311.67 41,711.00 35,479.36 37,924.99 158,427.01 44,934.94 62,258.97 Consumer Goods 75,259.02 368,192.64 80,967.21 94,934.42 73,035.45 65,158.65 314,095.72 62,298.21 77,815.35 Durables 10,297.72 39,701.10 19,111.01 21,544.43 18,590.29 17,827.36 77,073.09 18,549.87 19,509.97 Radio & T.V. 614.77 2,348.43 1,333.01 1,673.41 1,404.23 1,684.18 6,094.82 1,427.11 1,477.67 Tyres for cars & Other Veh. 405.69 2,202.90 579.55 565.18 589.29 587.70 2,321.72 651.16 536.37 Cars & Other Veh. 198.53 852.77 8,907.97 9,104.83 8,161.36 7,939.07 34,113.23 7,540.18 8,388.08 Others 9,078.72 34,296.99 8,290.47 10,201.02 8,435.41 7,616.41 34,543.31 8,931.43 9,107.84 Non-durables 64,961.30 328,491.55 61,856.20 73,389.99 54,445.16 47,331.29 237,022.64 43,748.34 58,305.38 Cereals 17,866.08 105,138.02 14,316.83 18,165.97 9,900.14 12,862.42 55,245.36 5,888.33 9,769.12 Other Food 13,820.13 68,806.45 11,831.00 21,266.11 14,239.12 9,350.23 56,686.47 9,011.11 12,154.00 Medical & Pharmaceuticals 5,658.09 38,536.00 9,271.70 7,503.94 11,112.87 8,182.71 36,071.23 8,427.72 10,267.94 Textile Fabrics 4,342.16 16,603.16 4,981.47 5,053.82 5,653.93 6,727.56 22,416.79 6,598.08 6,280.21 Others 23,274.84 99,407.91 21,455.18 21,400.16 13,539.09 10,208.36 66,602.79 13,823.10 19,834.10 Miscellaneous 2,221.65 7,277.05 1,366.37 1,664.96 1,621.68 1,382.73 6,035.74 1,823.24 2,019.51 Total Imports 258,310.12 884,019.49 238,064.00 238,513.47 224,433.49 211,972.73 912,983.69 226,644.25 270,470.20 Source: Ethiopian Customs Commission

Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Customs Commission 2022/23 2023/24 Categories 2021/22

Table 29: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector Manufacturing 5 193 7 60.5 4 33.2 5 77.0 19 1,677 4 531.4 Agriculture, hunting and forestry 1 20 Real estate, renting and business activities 5 34 4 636.2 1 7.0 3 2513.6 4 42.6 Hotels and restaurants 1 15 1 147.22 Education 1 1500.0 Health and social work 1 3 1 5.0 1 40.7 1 118 Construction 7 25 1 10.6 3 51.7 3 30.8 1 2 Wholesale, retail trade and repair service Transport, storage and communication 4 111 Mining and Quarrying Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities Others 1 33 2 667.2 1 16.5 1 5.5 Grand Total 24 434 16 2879.6 9 132.6 12 2638.0 19 1,677 12 846.716 Source: Ethiopia Investment Agency Investment Capital No of projects Investment Capital (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 QI QII 2022/23 2023/24 Sector/Sub-sector QIII QIV QI QII

Table 30: Expected Employment Creation of Approved Domestic $ Foreign Investment Projects by Sector[PERMANENT & TEMPORARY] Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Manufacturing 1916 72 479 70 702 115 162 49 253 77 352 72 1,567 639 644 28 Agriculture, hunting and forestry Real estate, renting and business activities 102 23 742 102 99 219 85 55 72 2300 448 2020 192 146 Hotels and restaurants 60 80 87 Education 120 40 Health and social work 2 5 12 20 52 102 2 3 Construction 30 24 2 5 30 30 28 10 705 310 Wholesale, retail trade and repair service Transport, storage and communication Mining and Quarrying Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities 350 3 Others 6 30 42 22 22 14 5 Grand Total 162 103 3038 201 578 289 884 210 438 2461 333 189 1527 2402 1,567 639 852 182 Source: Ethiopia Investment Agency QII QIII QIV QI QII QIII QIV QI QII 2014(2021/22) 2022/23 2023/24 Sector/Sub-sector