National Bank of Ethiopia Annual Report 2018-2019

Ethiopia: Macroeconomic and Social Indicators 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011)

1. Country Profile Land Area (total, In Sq.Km) 1.14 million 1.14 million 1.14 million 1.14million 1.14 million 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 ) 45.0 45.00 NA 15.20 15.2 Irrigated Land ( % of total area ) 3.0 NA 2,900.00 3,100.00 Population Density ( person per sq.km )* 85.6 88.1 90.7 93.2 95.8 99.7 101.2 99.6 102.1 104.7 107.40 110.14 112.94 115.76 118.61 121.50
2. Social Indicators Population total, in millions (Mid-Year population) 60.00 61.60 63.20 64.80 66.50 68.30 70.00 72.40 74.90 76.8 78.80 80.70 82.7 84.8 87.0 89.1 91.2 93.4 95.5 97.6 (o/w Urban Poulation, in %) 14.9 15.1 15.33 15.5 15.8 15.97 16.21 16.45 17 16.14 16.30 16.10 16.3 18.6 19.0 19.5 19.9 20.3 20.8 21 Working Age Population ( In Millions ) Urban 5.6 6.1 6.4 6.5 7 6.95 7.6 7.6 8.0 8.4 8.92 9.43 10.0 10.5 11.1 11.6 12.2 12.8 7 10.1 Rural 28.00 28.8 29.8 30.54 31.4 32.6 33.2 32.9 31.3 33.0 33.89 34.83 35.8 36.8 37.7 38.7 39.7 40.8 49 49.8 Total 33.8 34.9 36.2 37.04 38.4 39.6 40.7 40.6 39.3 41.4 42.82 44.26 45.7 47.3 48.8 50.4 52.0 53.6 56 59.9 Age Dependency Ratio 87.8 87.2 86.0 86.6 85.2 84.7 84.3 84.3 93.00 93.00 93.0 75.0 69 69 Life Expectancy at Birth ( Male - Female ) 50.9-53.0 53.4-55.4 53-55 53.42-55.42 55.6-57.9 55.6-57.9 53.4-55.4 58.4-60.4 53.4-55.4 60.2-64.2 62.4-66.6 62.4-66.6 Crude Birth Rate 44.2:1,000 39.9:1,000 35.7:1,000 36.9:1,000 36.9:1,000 35.7:1,000 35.7:1000 35.7:1000 33.6:1000 33.6:1000 30.3:1000 27:1000 27:1000 Crude Death Rate 15:1,000 12.6:1,000 12.6:1,000 12.6:1000 10.8:1,000 NA NA 9.2:1,000 9.2:1,000 7.2:1000 6.30 6 Natural Rate of Population Increase ( In % ) 2.9 2.7 2.60 2.40 2.40 2.31 2.07 2.07 Total Fertility Rate 6.5clild:W 5.8child:W 5.4child:W 5 child:W 4.8child:W 4.8child:W 3.94chil:W 3.45chil:W 3.45chil:W People : Hospital Beds 5,273:1 6,086.4:1 5740.4:1 6479.2:1 5721.4:1 5273.5:1 5028:1 5293:1 5698:1 5082:1 7815:1 NA NA 2516:1 NA NA 2850:1 2980:1 3617:1 3150:1 People : Physician1 50,273.2:1 47,836.0:1 35604:1 34005.1 36954:1 29777:1 35493:1 49888:1 36374:1 36175:1 56013:1 53642:1 28847:1 32132:1 20970:1 17160:1 14045:1 22766:1 26635:1 - People : Nurse 1 9,458.5:1 8,461.0:1 5236.0:1 4879:1 4621:1 3956.8:1 4206:1 4601:1 4524:1 3870:1 3012:1 2762:1 2299:1 1884:1 1995:1 1999:01:00 1999:1 1194:1 1780:1 1624:1 Infant Mortality Rate 110:1,000 97:1,000 97:1,001 97:1,002 97:1,003 80:1,000 77:1,000 73:1000 59:1000 62.2:1000 62.4:1000 62.4:100 53.3:1000 53.3:1000 Access to Safe Water ( In %) Country Level 30.00 27.90 28.4 NA 35.9 45.6 47.3 52.5 59.5 66.2 68.50 73.30 58.3 68.5 76.7 84.0 61.0 66.0 71.0 76 Urban Population 72.00 91.70 75.7 NA N.A 82 NA 82.0 86.2 88.6 91.50 92.50 78.7 81.3 84.2 91.0 52.5 55.0 60.0 66 Rural Population 24.00 17.10 19.9 NA 25.2 38.4 42.2 46.4 53.9 61.5 65.80 71.30 55.2 66.5 75.5 82.0 63.1 68.0 74.0 79 Student-Teacher Ratio Primary ( 1-8 ) 56:1 61:1 63:1 64:1 65:1 66:1 62:1 59:1 57:1 54:1 51:1 51:1 50:1 49:1 47:1 46:1 46:1 - 39 Secondary ( 9-12 ) 43:1 52:1 54:1 45:1 48:1 51:1 57:1 48:1 43:1 41:1 36:1 31:1 29:1 28.7:1 27.8:1 26.4:1 26.5:1 - 22.5 Technical & Vocational 7.6:1 9:1 17:1 25:1 22:1 21:1 20:1 27:1 25:1 34:1 NA 29:1 24.7:1 18.6:1 16.5:1 16.5፡1 12.6፡1 - 13.3 Student-School Ratio Primary ( 1-8 ) 563:1 617.5:1 674.0:1 701:1 724:1 690:1 654:1 677:1 657:1 619:1 573:1 590:1 576:1 571:1 571:1 744.9፡1 573፡1 - 628 Secondary ( 9-12 ) 982:1 1,531.2:1 1681.0:1 1222:1 1312:1 1350:1 1425:1 1440:1 1381:1 1345:1 1270:1 1160:1 1033:1 994:1 857:1 369:1 767.2፡1 - 568 Technical & Vocational 267:1 264.9:1 271.0:1 353:1 552:1 534:1 468:1 493:1 501:1 673:1 788:1 735:1 654:1 544:1 545:1 383:1 523፡1 - 246.8
3. Macroeconomic Indicators 3.1: Real sector Development2 GDP at Current Market Price (In Mn. Birr) 65,986.0 67,351.0 65,895.0 72,703.0 85,800.0 105,415.0 130,334.0 170,281.0 245,836.0 332,060.0 379,135.00 515,078.5 747,326.5 866,921.1 1,060,825.4 1,297,961.4 1,568,097.5 1,717,127.2 1,834,066.5 1987157.533 Nominal GDP Growth Rate (In %) 9.0 2.1 (2.2) 10.3 18.0 22.9 23.6 30.6 44.4 35.1 14.18 35.9 45.1 15.3 22.4 22.4 18.2 17.7 21.4 23.3 Average Marginal Exchange Rate (Birr per USD) 8.1400 8.3300 8.5400 8.5800 8.6300 8.6518 8.6810 8.7943 9.2400 10.4200 12.89 16.1 17.3 18.3 19.1 20.1 21.10 22.40 26.10 28.10 GDP at Current Market Price (IN Mn. USD) 8,106.4 8,085.4 7,716.0 8,473.5 9,942.1 12,184.2 15,013.7 19,362.7 26,605.6 31,867.6 29,413.11 31,957.1 43,314.2 47,424.6 55,628.0 64,575.2 74,297.0 81,760.0 84,356.0 96107.0 Nominal GDP per Capita (In USD) 135.1 131.3 122.1 130.8 149.5 178.4 214.5 267.4 355.2 415 373.26 396.1 523.5 559.1 639.6 725.0 815.0 876.0 883.0 985.0 Real GDP per Capita ( In Birr ) 3,313.8 3,495.7 3,458.8 3,300.5 3,652.6 3,976.7 4,300.5 4,634.2 4,962.8 5,266.1 5,776.60 5,895.00 6,947.5 7,299.1 7,625.2 8,571.2 8,864.0 18,257.5 19,204.9 20360.22063 Real GDP per Capita Growth Rate (In %) 4.8 5.5 (1.1) (4.6) 10.7 8.9 8.1 7.8 7.1 6.1 9.69 9.00 6.1 5.1 4.5 12.4 3.4 8.0 5.2 6.015844217 GDP Deflator (% change) 6.9 (5.8) (3.6) 12.8 3.9 9.9 11.6 17.2 30.3 24.2 1.70 20.08 33.5 4.9 11.0 10.8 9.5 6.7 12.5 20.08138958 Real GDP at constant basic price (In Mn. Birr) 184,625.4 198,320.9 201,561.3 197,331.5 220,477.2 248,354.8 277,013.3 309,686.8 344,331.9 378,907.4 418,946.95 475,647.50 517,026.5 568,432.3 626,977.4 692,221.7 1,449,397.5 1,596,481.6 1,719,491.3 1874689.297 Real GDP at constant market price (In Mn. Birr) 198,827.1 215,332.6 218,594.3 213,870.3 242,897.6 271,605.2 301,032.7 335,519.0 371,716.7 404,437.0 455,196.02 515,078.50 559,621.6 618,842.2 682,358.5 753,229.7 1,568,097.5 1,717,127.2 1,834,066.5 1987157.533 Real GDP Growth Rate (In %) 3.4 7.4 1.6 (2.1) 11.7 12.6 11.5 11.8 11.2 10.0 10.57 11.40 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9.0 Agriculture & Allied Activties(In Billion Birr) 102.1 111.9 109.8 98.3 115.0 130.5 144.8 158.5 170.3 181.2 195.00 212.50 222.9 238.8 251.8 267.8 544.1 580.4 600.9 624 Industrial Sector (In Billion Birr) 17.7 18.6 20.2 21.4 23.7 25.9 28.4 30.6 33.9 37.3 41.99 49.80 59.6 73.9 86.5 103.7 343.9 413.8 464.4 526.2 Service Sector(In Billion Birr) 69.4 72.9 75.3 79.4 84.2 94.6 107.6 124.1 144.1 163.9 185.10 216.60 237.4 258.8 292.5 325.0 575.9 619.3 673.9 745.7 Agriculture & Allied Activties (% of GDP) 55.3 56.4 53.7 49.4 51.6 51.9 51.5 50.5 48.8 47.3 46.13 44.37 43.1 42.0 40.2 38.7 37.5 36.4 34.9 33.3 Industrial Sector ( % of GDP ) 9.7 9.5 10.0 11.0 10.9 10.6 10.4 10.2 10.1 10.1 10.17 10.40 11.5 13.0 13.8 15.0 23.7 25.9 27.0 28.1 Service Sector ( % of GDP ) 37.0 36.3 36.3 39.6 37.5 37.5 38.0 39.3 41.0 42.6 43.70 45.23 45.9 45.5 46.6 47.0 39.7 38.8 39.2 40 Private Consumption Expenditure 45,611.0 47,981.0 49,319.0 56,765.0 60,866.0 81,445.0 102,537.0 130,118.0 197,461.0 268,002.0 309,132.00 373,088.50 541,536.3 636,901.3 744,978.0 1,042,265.0 1,219,366.0 1,147,628.0 1,441,581.0 1884070 Government Consumption Expenditure 12,615.0 10,543.0 10,448.0 10,422.0 11,973.0 13,971.0 17,016.0 19,123.0 25,782.0 31,544.0 34,801.00 53,147.10 62,044.5 77,636.9 98,121.0 116,995.0 174,599.0 203,608.0 225,523.0 247362 Investment 14,647.0 15,870.7 17,395.0 17,669.0 24,902.0 27,409.0 35,952.0 41,227.0 60,156.0 82,560.0 102,403.00 165,380.00 277,243.7 295,456.4 402,922.0 511,618.0 585,665.0 704,596.0 751,626.0 948866 Exports 8,010.0 8,146.0 8,389.0 9,779.0 12,913.6 16,076.9 18,205.4 21,854.2 28,317.0 35,233.0 52,168.00 85,949.80 102,887.0 108,227.1 123,496.0 121,532.2 122,501.0 139,830.0 184,282.0 213437 Imports 15,952.8 16,108.4 17,706.8 20,131.3 27,366.8 37,776.3 48,092.4 55,088.7 76,564.0 96,285.0 126,319.00 162,486.80 236,384.7 251,300.6 308,691.3 393,189.0 424,750.0 430,233.0 502,113.0 561512 Resource Balance -7,942.8 -7,962.4 -9,317.8 -10,352.3 -14,453.2 -21,699.4 -29,887.0 -33,234.4 -48,247.0 -61,052.0 (74,151.00) (76,537.00) (133,498.0) (143,073.5) (185,195.3) (271,656.0) (302,249.0) (290,403.0) (317,831.0) -348075 Gross Private Consumption (% of GDP) 69.1 71.2 74.8 78.1 70.9 77.3 78.7 76.4 80.3 80.7 81.54 72.43 72.5 73.5 70.2 69.0 67.9 63.5 75.7 94.81231199 Gross Government Cosumption (% of GDP) 19.1 15.7 15.9 14.3 14.0 13.3 13.1 11.2 10.5 9.5 9.18 10.32 8.3 9.0 9.2 9.0 9.7 12.3 10.2 12.44803172 Gross Domestic Fixed Investment (% of GDP) 22.2 23.6 26.4 24.3 29.0 26.0 27.6 24.2 24.5 24.9 27.01 32.11 37.1 34.1 38.0 39.4 37.3 38.4 34.1 47.74991334 Resource Balance (% of GDP) -12.0 -11.8 -14.1 -14.2 -16.8 -20.6 -22.9 -19.5 -19.6 -18.4 (19.56) (14.86) (17.9) (16.5) (17.5) (20.9) (19.3) (15.9) (14.4) -17.51622578 Indicators

1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) 3.2: Monetory Indictors Narrow Money Supply (M1) ( In Mn. Birr ) 13,050.2 13,745.8 15,182.4 16,446.7 19,065.9 21,289.8 23,811.9 29,773.4 36,875.5 42,112.7 52,434.6 76,171.00 94,849.88 114,745.69 134,063.78 154,706.34 178,609.66 216,794.60 281,154.70 308937.1 Broad Money Supply (M2) ( In Mn. Birr ) 22,177.8 24,516.2 27,322.0 30,090.1 34,655.9 40,212.1 46,377.4 56,860.3 69,918.2 82,509.8 104,432.4 145,376.97 189,398.78 235,313.59 297,746.59 371,328.91 445,266.25 573,408.60 740,572.50 886752.5 Net Foreign Assets ( In Mn. Birr ) 4,770.6 4,800.0 7,822.5 11,049.2 11,766.9 13,868.0 12,109.6 13,927.3 12,140.6 17,976.8 27,189.8 55,534.68 39,787.69 45,648.53 45,972.30 37,570.95 21,524.19 38,034.79 39,376.20 14505.2 Reserve Requirement ( CBs ) 924.1 1,081.8 1,163.9 1,320.3 1549.35 1,828.4 2,120.9 2,592.5 9,112.9 11,183.3 14,368.0 20,495.20 18,080.56 11,708.82 14,479.39 18,250.35 21,745.43 28,280.80 36,385.80 44861.8 Interest Rate ( In % ) Minimum Deposit Rate 6 6 3 4.0 4.0 5.00 7.00 7 Lending Rate 10.5-13.5 10.5-15.0 8.0-10.5 7-14 8-15 8-16.5 12.25 11.88 12.75 12.75 13.50 13.5 Total Net Domestic Credit (in mn. Birr) 26,271.0 27,551.6 27,550.2 28,202.3 31138.781 40305.8 49295.9 61585.0 80772.6 89,203.0 104,413.5 135,553.87 189,080.81 233,404.32 300,026.58 393,421.73 490,230.35 631,092.70 784,621.70 963699.9 Government 14,775.7 15,171.0 15,985.1 17,229.8 19199.154 21663.8 25266.4 30290.2 34169.2 32,786.5 33,013.1 28,651.65 21,557.41 21,965.52 26,929.74 30,735.25 47,548.36 85,441.85 102,002.80 109799.2 Other Sectors 11,495.3 12,380.6 11,565.1 10,972.6 11939.627 18642.0 24029.6 31294.8 46603.4 56,416.5 71,400.4 106,902.22 167,523.40 211,438.80 273,096.84 362,686.48 442,681.99 545,650.85 682,618.90 853900.7 3.3: Average annual inflation rate (CPI growth rate)3 Country Level -General inflation 5.4 -0.3 -10.6 10.9 7.3 6.1 10.6 15.8 25.3 36.4 2.8 18.1 34.1 13.5 8.1 7.7 9.7 7.4 14.6 12.6 -Food inflation 7.6 -1.7 -19.1 21.5 11.5 7.4 13.0 17.5 34.9 44.2 -5.4 15.7 42.9 12.6 5.9 7.4 11.2 7.2 13.4 13.1 -Non-food inflation (core inflation) 2.5 1.4 0.3 0.2 2.2 4.4 7.1 13.5 12.5 23.5 18.2 21.8 22.7 14.6 10.6 8 8.1 7.5 15.8 11.9 Addis Ababa -General inflation 4.2 -1.4 -5.5 4.6 5.6 7.2 8.4 19.2 20.8 29.4 10.1 19.4 24.8 12.6 8.5 7.6 10.3 2.3 16.5 14.6 -Food inflation 7.2 -7.8 -10.7 9.4 8.6 5.7 13.0 25.4 32.1 41.5 4.1 14.8 30.6 13.1 4.6 12.2 16.6 1.2 8.7 15 -Non-Food inflation (core inflation) 0.6 5.6 -0.8 0.9 3.0 7.6 4.6 14.0 12.7 19.2 16.0 23.5 21.1 11.9 11.4 4.4 5.8 3.2 22.6 14 3.4: External Trade(In Mn.USD) Export of goods & services 984 979.1 982.7 1150.6 1520.6 1895.8 2149.5 2498.1 3127.9 3399.5 4,050.33 5,343.12 5,993.41 5,978.47 6,451.62 6,046.51 6,077.3 6,257.2 7,095.9 7,694.9 Import of goods & services 1,959.8 1,936.4 2,073.1 2,408.7 3,259.8 4,439.6 5,602.7 6,254.2 8,326.9 9,292.3 9,858.40 10,160.72 13,805.17 13,864.19 16,197.24 19,842.8 20,552.1 19,714.0 19,707.4 20,691.0 Net trade in goods & services -975.8 -957.3 -1,090.4 -1,258.1 -1,739.3 -2,543.8 -3,453.2 -3,756.1 -5,199.0 -5,892.8 -5,808.4 -4,817.6 -7,811.8 -7,885.7 -9,745.6 -13,796.3 -14,474.7 -13,456.9 -12,611.4 -12,996.1 Current account balance including official transfers (334.8) (242.4) (361.0) -93.8 -401.5 -771.3 -1,470.9 -991.3 -1,492.4 -1,634.7 -1,193.2 -201.9 -2,778.0 -2,780.3 -4,168.1 -7,406.8 -6,655.1 -6,543.2 -5,285.0 -4,534.1 Capital account balance 151.7 258.6 509.0 368.6 386.7 491.9 614.3 760.4 1,031.5 1648 2,421.02 2,995.93 2,283.28 3,291.23 4,134.57 7,816.92 6,578.6 6,889.4 6,156.8 4,839.9 Overall balance of payments (393.7) (70.5) 300.2 1381.894676 389.5463487 66.40934667 37 29.98 -251.6939401 18.7 316.68 1,384.20 (972.79) -6.5 -96.9 -521.4 -830.9 658.6 -201.6 -941.6 3.5: Government Finance (In Mn .Birr4 ) Total Revenue (including grants) 11,222.0 12,805.0 12,833.0 15,703.0 17,918.0 20,147.0 23,225.0 29,381.0 39,705.0 40,421.9 66,237.44 85,611.00 115,658.50 137,192.00 158,076.52 199,639.11 243,671.56 269,105.94 287,562.14 344,936.50 Total Revenue (excluding grants) 9,498.0 10,177.0 10,409.0 11,149.0 13,917.0 15,582.0 19,493.0 21,797.0 29,794.0 31,924.0 53,861.34 69,120.00 102,863.65 124,077.00 146,172.77 186,618.69 230,657.28 256,629.04 269,648.19 311,317.43 o/w Tax-Revenue 6,782.0 7440.0 7,926.0 8243.0 10,906.0 12398.0 14122.0 17354.0 23801.0 23216.2 43,315.36 58,981.00 85,739.86 107,010.30 133,118.26 165,312.47 189,717.18 210,135.85 235,229.48 268,457.41 Tax-Revenue as % of GDP 10.3 11.0 12.0 11.3 12.7 11.8 10.8 10.2 9.7 7.0 11.42 11.45 11.47 12.50 12.71 15.09 14.71 14.00 12.26 11.55 Total Expenditures 17,183.6 15786.4 17,651.0 20517.0 20,520.0 24803.0 29325.0 35607.0 46915.0 43875.2 71,334.79 93,831.00 124,416.72 153,929.00 185,471.78 230,521.18 272,930.09 329,286.84 354,205.32 413,105.72 Current Expenditures 13,741.6 10,379.0 10,550.0 13,549.0 11,977.0 13,235.0 15,234.0 17,165.0 22,794.0 26315.5 32,012.38 40,535.00 51,445.45 62,745.80 78,086.90 113,375.50 131,902.78 176,703.00 210,470.21 238,156.59 Capital Expenditures 3,442.0 5,003.4 6,130.0 6,313.0 8,271.0 11,343.0 14,042.0 18,398.0 24,121.0 17,559.7 39,322.41 53,297.00 72,971.26 91,182.90 107,384.88 117,145.68 141,027.31 152,583.83 143,735.10 174,949.13 Equity Contribution ( Sinking Fund ) Special Programs - 404.0 971 655 272 224.0 50.0 44.0 0.0 - - - Total Expenditures as % of GDP 26.0 23.4 26.8 28.2 23.9 23.5 22.5 20.9 19.1 13.2 18.8 18.2 16.6 18.1 17.7 18.64 17.41 17.97 16.10 15.32 Current Surplus/Deficit -4,243.6 -202.0 -141.0 -2,400.0 1,940.0 6,652.7 4,259.0 4,632.0 7,000.0 5,608.5 34,225.1 45,076.5 64,213.0 74,447.0 79,989.6 86,263.61 111,768.78 92,402.94 77,091.92 106,779.91 Overall Budget Deficit ( including grants ) -5,961.6 -2,981.4 -4,818.0 4,815.0 -2,602.0 -4,655.0 -6,100.0 -6226.0 -7210.0 -3453.3 -5,097.4 (8,220.2) (8,758.2) (16,736.0) (27,395.3) (30,882.07) (29,258.53) (60,180.90) (66,643.18) (68,169.22) Deficit as % of GDP -9.0 -4.4 -7.3 6.6 -3.0 -4.4 -4.7 -3.7 -2.9 -1.0 -1.3 -1.6 -1.2 -2.0 -2.6 (2.50) (1.87) (3.28) (3.03) (2.53) Overall Budget Deficit ( excluding grants ) -7,685.6 -5,609.4 -7,242.0 -9,368.0 -6,603.0 -9,220.0 -9,832.0 -13,810.0 -17,121.0 -11951.1 -17473.5 (24,711.5) (21,553.1) (29,851.0) (39,299.0) (43,902.49) (42,272.81) (72,657.79) (84,557.13) (101,788.29) Deficit as % of GDP -11.6 -8.3 -11.0 -12.9 -7.7 -8.7 -7.5 -8.1 -7.0 -3.6 -4.6 -4.8 -2.9 -3.5 -3.8 (3.55) (2.70) (3.96) (3.84) (3.78) 3.6: Exchange Rate (Birr/ USD) Inter-Bank Forex Market Rate5

• Period weighted Average 8.20 8.42 8.543 8.581 8.635 8.652 8.681 8.794 9.244 10.4205 12.8909 16.1178 17.2536 18.1947 19.0748 20.0956 21.1059 22.4137 26.1082 28.0543
• End period 8.22 8.46 8.566 8.600 8.630 8.660 8..69 9.030 9.610 11.3009 13.5321 16.9081 17.7305 18.6426 19.5771 20.5659 21.8004 23.1081 27.3761 28.9109 Indicators Continued….

1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) 3.7: Treasury Bill Market ( In Mn .Birr) T-Bills Demanded ( Total ) 18,322.8 18,205.5 26,089.1 38,633.6 61,143.2 56,896.2 60,603.5 78,922.0 59,888.5 46,767.2 51,258.02 55,760.03 77,194.80 109,184.60 113,527.98 136,536.80 161,575.24 225,321.24 323,991.24 422633.54 T-Bills Sold 13,311.2 9,322.9 16,453.2 29,668.0 51,645.0 41,065.0 47,793.5 63,315.0 47,716.5 27,839.8 41,736.42 52,316.03 74,694.80 109,184.60 95,314.98 110,593.30 161,475.24 225,321.24 323,991.24 422633.54 Average Weighted Yield (in %) 3.3 2.8 2.0 1.3 0.5 0.095 0.038 0.530 0.677 0.743 0.79 1.13 1.87 1.89 1.60 1.43 1.44 1.42 1.42 1.741 T-Bills Outstanding by holder 1,951.5 3,372.5 4,478.2 9,100.0 12485 6595 11638.5 11546 8239.5 7783.1 11,566.20 10,706.62 20,011.86 26,044.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 138054.355 Banks 804.7 1,924.0 3,425.5 8,094.3 11418 6295 10612.3 9135 2739 1672 4,400.00 900.00 2,383.50 3,436.00 - - - - - 605 Non-Banks 1,146.8 1,448.5 1,052.7 1,005.7 1067 300 1026.2 2411 5500.5 6111.1 7,166.20 9,896.62 17,628.40 22,608.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 137404.36 3.8: Inter Bank Money Market Rate5 11 8 7.5 _ _ 7.5 8.5 _ 3.9: Financial Institutions Number of Commercial Banks 8 9 9 10 11 11 12.00 14.00 17.00 ( o/w Private banks ) 7 8 9 9 10.00 12.00 14.00 16.00 Number of Bank Branches 267 283 295 339 358 389 421 487 562 636.00 681.00 970.00 1,289.00 1,724.00 2,208.00 2,693.00 3,301.00 4,257.00 4,757.00 5,564.00 Population : Bank Branch 224719:1 217668:1 214237:1 191150:1 185754.2:1 175778.4:1 166,270.8:1 148,665.3:1 133,274:1 120,754.7:1 115,712.2:1 83,195.9:1 64,158.3:1 49674.8:1 41,088 33,448.00 27,932.00 22,164.00 20,286.50 17,732.20 Number of Insurance Companies 9 10 12.00 12.00 14.00 15.00 16.00 17.00 ( o/w Private Insurance Companies ) 8 9 11.00 11.00 13.00 14.00 15.00 16.00 Number of Insurance Branches 91 95 101 105 121 133 139 146 172 194.00 207.00 221.00 243.00 273.00 332.00 377 426 492.00 532.00 568.00 Population : Insurance Branch 659341:1 648421:1 625743:1 617143:1 549587:1 513534:1 503597:1 495890:1 435465:1 395876:1 383844:1 366063:1 340329:1 314428.9:1 264918.8:1 238,928.00 216,443.00 191,772.00 181,396.00 173,848.00 Number of Development Banks 1.00 1.00 Number of Development Bank Branches 32.00 32.00 32 110 110.00 107.00 107.00 Number of Micro-financial Institutions 16 19 21 22 22 26 27 28 28 30.00 30.00 31.00 35.00 38.00 38.00 Source : Ministries of Agriculture, Revenue, Health, and Education; National Bank of Ethiopia; Centeral Statistical Authority, … etc Note:- *population is estimated using component method after 2006/2007

1. Excluding manpower out side the Ministry of Health.
2. The GDP data series is revised on basis of 2010/11=100 base year
3. Inflation data is calculated using the new base year (December 2011=100)
4. Figures for government finance are preliminary estimates from 1999/00 onwards.
5. Inter-bank money market was first introduced in Aug.1998 and Inter-bank forex market started as of September 1998, and the daily trasactions introduced beginning from october 24, 2001. *Mid year population was obtained from MoFED Indicators Continued….

National Bank of Ethiopia 1 | A n n u a l R e p o r t 2 0 1 8 / 1 9

National Bank of Ethiopia 2 | A n n u a l R e p o r t 2 0 1 8 / 1 9

National Bank of Ethiopia 3 | A n n u a l R e p o r t 2 0 1 8 / 1 9

National Bank of Ethiopia 4 | A n n u a l R e p o r t 2 0 1 8 / 1 9 I. The overall Economic Performance 1.1. Economic Growth The Ethiopian economy which had exhibited 9.1 percent average annual growth during 2014/15-2018/19, registered 9 percent expansion in 2018/19, showing improvement relative to the 7.7 percent growth of last year although it was 2 percentage point lower than the base case scenario of GTP II target set for the year. It was also significantly higher than the 3.1 percent average growth estimated for Sub - Saharan Africa (World Economic Outlook Update, October 2018). The growth in real GDP was mainly attributed to 11 percent growth in services, 3.8 percent in agriculture and 12.6 percent in industrial sectors (Table 1.1). Nominal GDP per capita rose to USD 985, depicting 11.6 percent improvement over the previous year. The Ethiopian economy is projected to grow 10.8 percent in 2019/20 compared to 3.3 and 3.5 percent growth forecast for the world and Sub-Saharan Africa (SSA), respectively (WEO, April 2019).

National Bank of Ethiopia 5 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 1.1: Sectoral Contributions to GDP and GDP Growth (In Billions of Birr) Items 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Sector Agriculture 499.8 531.7 544.1 580.4 600.9 623.8 Industry 225.9 281.3 343.9 413.8 464.4 526.2 Services 479.5 530.0 575.9 619.3 673.9 745.7 Total 1,205.1 1,343.1 1,463.9 1,613.5 1,739.3 1895.7 Less FISIM 10.5 12.4 14.5 17.0 19.8 21.0 Real GDP 1,216.0 1,342.6 1,449.4 1,596.5 1,719.5 1874.7 Growth in Real GDP 10.3 10.4 8.0 10.1 7.7 9.0 Per capita GDP (USD) (Nominal) 656.4 744.1 815.0 876.0 883.0 985.0 Growth rate in Per capita GDP 14.4 13.4 9.5 7.5 0.9 11.6 Mid-year population(in millions) 87.0 89.1 91.2 93.4 95.5 97.6 Share in GDP (in %) Agriculture 41.1 39.6 37.5 36.3 34.9 33.3 Industry 18.6 21.0 23.7 25.9 27.0 28.1 Services 39.4 39.5 39.7 38.8 39.2 39.8 Agriculture Absolute Growth 5.5 6.4 2.3 6.7 3.5 3.8 Contribution to GDP growth 2.3 2.5 0.9 2.5 1.3 1.3 Contribution in % 22.3 24.0 11.3 24.6 16.5 14.6 Industry Absolute Growth 19.7 24.6 22.2 20.3 12.2 12.6 Contribution to GDP growth 2.2 2.7 4.7 4.8 3.1 3.6 Contribution in % 21.4 26.0 58.8 47.3 40.8 39.5 Services Absolute Growth 12.5 10.6 8.7 7.5 8.8 11.0 Contribution to GDP growth 4.9 4.2 3.4 3.0 3.4 4.1 Contribution in % 47.6 40.4 42.5 29.4 44.0 45.8 Source: Planning and Development Commission

National Bank of Ethiopia 6 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Fig.I.1: Real GDP Growth by Major Sectors Source: Planning and Development Commission During 2018/19, agricultural sector showed 3.8 percent growth which was marginally higher than the 3.5 percent expansion in 2017/18, but 4.1 percentage point lower than the 7.9 percent target set for the year. The total grain production reached 315.6 million quintals of which, cereal production accounted for 88 percent, pulses 9.5 percent and oil seeds 2.5 percent. Cereal production increased by 3.7 percent over the preceding year owing to 1.2 percent expansion in cultivated land area and improvement in productivity. The production of pulses increased 1.1 percent in contrast to 8.2 percent reduction in the production of oilseeds due to 11.7 percent contraction in cultivated land area (Table1.2). The total land area cultivated for crop production slightly (0.4 percent) increased to 12.7 million hectares of which cereal production covered 81.4 percent, pulses 12.7 percent and oil seeds 5.9 percent (Table 1.2).

National Bank of Ethiopia 7 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table1.2: Estimates of Agricultural Production and Cultivated Areas of Major Grain Crops for Private Peasant Holdings-Meher Season [Area in thousands of Hectares and Production in thousands of quintals] Agricultural Production 2015/16 2016/17 2017/18 2018/19 Cultivated Area Total Production Cultivated Area Total Production Cultivated Area Total Production Cultivated Area Total Production Cereals 9,974 231,288 10,219 253,847 10,232 267,789 10,358 277,638 (Annual % Change) -1.7 -2.0 2.5 9.8 0.1 5.5 1.2 3.7 Pulses 1,653 27,693 1,550 28,146 1,598 29,785 1,620 30,113 (Annual % Change) 6.1 3.6 -6.2 1.6 3.1 5.8 1.4 1.1 Oilseeds 859.1 7,848.1 805 8,392 846 8,550 747 7,850 (Annual % Change) 0.4 3.3 -6.3 6.9 5.1 1.9 -11.7 -8.2 Total 12,486 266,829 12,574 290,386 12,676 306,124 12,727 315,602 (Annual % Change) -0.6 -1.3 0.7 8.8 0.8 5.4 0.4 3.1 Source: Central Statistical Agency (CSA)

National Bank of Ethiopia 8 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Meanwhile, in 2018/19, the share of agriculture in GDP shrunk to 33.3 percent from 34.9 percent a year ago, but slightly lower than GTP II target of 34.4 percent. The contribution of agriculture to GDP growth was 14.6 percent (Table 1.1). The lion’s share of agricultural sector was crop production, accounting for 64.8 percent, followed by animal farming & hunting (26.2 percent) and forestry (8.8 percent). In terms of growth, crop production increased by 3 percent while animal farming & hunting and forestry expanded by 6 and 3.8 percent, respectively (Table 1.3). Industrial sector showed 12.6 percent growth and constituted 28.1 percent of the total GDP and it contributed 39.5 percent to the overall economic expansion (Table1.1). Yet, its performance was far below the 19.1 percent target although its share was higher than the 20.9 percent target set in GTP II. Manufacturing sector grew 7.7 percent and constituted 24.3 percent of the industrial output. Construction industry showed a 15 percent expansion and contributed 72.5 percent to the industrial output, signifying the leading role of the sector in roads, railways, dams and residential houses construction. Electricity & water and mining & quarrying had 2.7 and 0.5 percent contribution to the industrial production, respectively (Table1.3). Service sector continued dominating the economy as its share in GDP was about 39.8 percent and its contribution to GDP growth reached about 45.8 percent (Table 1.1). The 11 percent growth in service sector was largely attributed to the expansion of transport & communication (21 percent), wholesale & retail trade (11.7 percent), hotel & restaurant (9 percent), public administration & defense (9 percent), and real estate, renting & business activities (7.5 percent) (Table 1.3).

National Bank of Ethiopia 9 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 1.3: Growth and Percentage Distribution of Major Agricultural, Industrial and Service Sub-sectors Sectors 2014/15 2015/16 2016/17 2017/18 2018/19 Growth rate Crop 7.2 3.4 8.2 4.7 3.0 Animal Farming and Hunting 4.7 -1.5 4.2 0.6 6.0 Forestry 3.5 2.2 3.6 3.5 3.8 Fishing 30.6 0.1 0.5 11.3 2.3 Share in Agriculture Crop 63.0 63.6 64.5 65.3 64.8 Animal Farming and Hunting 28.1 27.0 26.4 25.6 26.2 Forestry 9.1 9.1 8.8 Fishing 0.3 0.3 0.2 0.3 0.3 Growth rate Mining and Quarrying -25.6 -3.3 -29.8 -20.8 -21.9 Manufacturing 18.2 18.4 24.7 5.5 7.7 Electricity and Water 4.5 15.0 4.9 3.3 4.0 Construction 31.6 25.0 20.7 15.7 15.0 Share in Industry Mining and Quarrying 2.2 1.8 1.0 0.7 0.5 Manufacturing 26.8 25.9 26.9 25.3 24.3 Electricity and Water 3.4 3.2 2.8 2.6 2.7 Construction 67.5 69.1 69.3 71.4 72.5 Growth rate Whole Sale and Retail Trade 12.3 8.2 6.5 12.3 11.7 Hotels and Restaurants 29.6 15.6 0.1 6.5 9.0 Transport and Communications 13.3 13.7 15.1 6.4 21.0 Real Estate, Renting and Business Activities 4.1 3.7 4.4 6.2 7.5 Public Administration and Defense 6.0 7.4 13.2 8.9 9.0 Others* 7.6 7.9 6.4 6.8 7.5 Share in Service Whole Sale and Retail Trade 35.3 35.1 34.8 35.9 35.9 Hotels and Restaurants 6.8 7.2 6.7 6.6 6.5 Transport and Communications 11.7 12.2 13.1 12.8 14.0 Real Estate, Renting and Business Activities 12.2 11.6 11.3 11.0 10.7 Public Administration and Defense 10.9 10.8 11.4 11.4 11.2 Others* 23.1 23.0 22.7 22.3 21.7 Source: Planning and Development Commission

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

National Bank of Ethiopia 10 | A n n u a l R e p o r t 2 0 1 8 / 1 9 1.2. GDP by Expenditure Components Total consumption expenditure (public and private) in percent of GDP rose to 77.7 percent in 2018/19 from 75.7 percent a year earlier wholly on account of 3.1 percentage point increase in private consumption expenditure in contrast to 1 percentage point contraction in public consumption expenditure. As a result, gross domestic saving to GDP ratio declined to 22.3 percent from 24.3 percent during the review period. It was also lower than the 27.4 percent GTP II target set for the fiscal year (Table 1.4). Domestic savings showed 12.2 percent increment and total consumption expenditure 25.7 percent expansion. During the year, gross capital formation to GDP ratio reached 35.2 percent, showing a 1.1 percentage point improvement over last year. Similarly, domestic absorption to GDP ratio rose to 112.9 percent from 109.8 percent a year ago.

National Bank of Ethiopia 11 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table: 1.4: Expenditure on GDP and Gross Domestic Savings (Percentage of GDP) Year Domestic Absorption Consumption Expenditure Gross Capital Formation Resource Balance Exports of Goods & Services Imports of Goods & Services Gross Domestic Total Govt. Pvt. Savings 2003/04 115.5 83.1

19.1

64.0 32.3

(16.1)

14.4

30.5 16.9 2004/05 116.8 87.9

18.1

69.7 29.0

(19.7)

14.6

34.3 12.1 2005/06 119.6 88.9

17.9

71.0 30.7

(22.0)

13.4

35.3 11.1 2006/07 111.3 84.3

15.4

69.0 27.0

(18.7)

12.3

31.0 15.7 2007/08 114.1 86.9

14.3

72.5 27.3

(18.8)

11.0

29.8 13.1 2008/09 113.6 85.9

13.0

72.9 27.7

(17.6)

10.2

27.8 14.1 2009/10 116.3 86.2

12.6

73.6 30.1

(18.7)

13.2

31.9 13.8 2010/11 113.8 82.7

11.8

70.9 31.1

(14.5)

16.3

30.7 17.3 2011/12 116.4 80.4

9.5

71.0 36.0

(17.4)

13.4

30.8 19.6 2012/13 115.2 82.2

10.2

71.9 33.0

(16.1)

12.2

28.2 17.8 2013/14 116.2 79.3

10.6

68.8 36.8

(17.0)

11.3

28.4 20.7 2014/15 116.1 77.9

10.3

67.6 38.2

(20.4)

9.1

29.5 22.1 2015/16 115.0 77.6

11.1

66.5 37.3

(19.3)

7.8

27.1 22.4 2016/17 116.1 77.6

11.1

66.5 38.4

(15.8)

7.6

23.5 22.4 2017/18 109.8 75.7

10.2

65.5 34.1

(14.4)

8.4

22.8 24.3 2018/19 112.9 77.7

9.2

68.5 35.2

(12.9)

7.9

20.8 22.3 Average 2013/14- 2017/18 114.0 77.3 10.4 66.9 36.7 -16.6 8.2 24.7 22.7 Average 2008/09- 2017/18 114.8 79.7 10.7 69.1 35.0 -16.7 10.7 27.4 20.3 Source: Planning and Development Commission

National Bank of Ethiopia 12 | A n n u a l R e p o r t 2 0 1 8 / 1 9 1.3. Micro and Small-Scale Enterprises A total of 110,253 new micro and small scale enterprises (MSEs) were established during 2018/19. These enterprises employed about 882.1 thousand people and received more than Birr 7.3 billion in loans for their own operations. Table 1.5: Numbers, Amount of Credit and Jobs Created through MSEs (Credit in Millions of Birr) Source: Federal Urban Job Creation and Food Security Agency (FeUJCFSA) Particulars 2016/17 2017/18 2018/19 No. of MSE's 157,768 144,107 110,253 Amount of Credit 7,075.8 8,633.7 7,311.8 No of Total Employment 1,172,678 187,945 882,098

National Bank of Ethiopia 13 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 1.6: Numbers, Amount of Credit and Jobs Created through MSEs by Region (Credit in Millions of Birr) Source: FeUJCFSA Looking at the regional distribution, 30 percent of the newly established MSEs were located in Oromia, 29.1 percent in Amhara, 21.1 percent in Tigray, 9.1 percent in SNNPR, and 6.1 percent in Addis Ababa. In terms of total loans, SMEs in Tigray received 35.5 percent, Addis Ababa 23.3 percent, Amhara 18 percent, SNNPR 8.5 percent, Oromia 8 percent, Harar 2.3 and Somali 1.9 percent. Of the total jobs created by these newly established SMEs, about 40.8 percent was in Oromia, 19.3 percent in Amhara, 14.1 percent in Addis Ababa, 11.9 percent in SNNPR, 8.1 percent in Tigray, 2.2 percent in Dire Dawa and 2 percent in Somali.

Particulars Addis Ababa Oromia SNNPR Amhara Tigray Dire Dawa Harari Benishangul Somali Gambela Afar Total No. of MSEs 6,730 33,047 10,021 32,123 23,256 1,157 465 821 2,053 580 - 110,253 Amount of Credit 1,706.9 583.0 621.5 1,318.1 2,594.0 115.8 168.9 9.6 139.4 30.1 24.6 7,311.8 No. of Total Employme nt Created by MSEs 124,368 359,669 104,613 170,633 71,399 19,673 5,257 2,197 17,400 4,574 2,315 882,098 Regional Percentage Share No. of MSEs 6.1 30.0 9.1 29.1 21.1 1.0 0.4 0.7 1.9 0.5 - 100 Amount of Credit 23.3 8.0 8.5 18.0 35.5 1.6 2.3 0.1 1.9 0.4 0.3 100 No. of Total Employme nt Created by MSEs 14.1 40.8 11.9 19.3 8.1 2.2 0.6 0.2 2.0 0.5 0.3 100

National Bank of Ethiopia 14 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Fig.I.1: Yearly Distribution of Numbers of MSEs during 2018/19 0 5000 10000 15000 20000 25000 30000 35000 Source: FeUJCFSA

Fig.I.2: Yearly Distribution of Amount of Credit during 2018/19 0.0 500.0 1000.0 1500.0 2000.0 2500.0 3000.0 Millions of Birr Source: FeUJCFSA

National Bank of Ethiopia 15 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Fig.I.3: Yearly Distribution of Employment Created during 2018/19 0 50000 100000 150000 200000 250000 300000 350000 400000 Source: FeUJCFSA

National Bank of Ethiopia 16 | A n n u a l R e p o r t 2 0 1 8 / 1 9 1.4. Access to Water Supply During 2018/19, the proportion of people having access to potable water supply improved by 4.8 percentage point to 76 percent (79 percent rural and 66 percent urban population); from the 71 percent (74 percent rural and 60 percent urban people) coverage last year (Table 1.7). This indicates that the rural areas had a relatively better access than the urban areas. However, the coverage of both urban and rural potable water supply showed 4 and 1 percentage point shortfall, respectively, from the GTP II target set for the year. The GTP II has set the national potable water supply coverage at 77 percent for the year which was 1 percentage point higher than the actual performance. In terms of regional states, Amhara registered 88 percent in accessibility to potable water followed by Addis Ababa (84 percent), Gambella and Harari each (70 percent), Tigray and Oromia each (66 percent), Benshangul Gumuz (62 percent) and Afar (60 percent). The accessibility to potable water improved in all regions relative to last year. No data was available for SNNPR and Somali regions. In terms of access to potable water in urban areas, Dire Dawa had the leading share of 90 percent followed by Addis Ababa (84 percent), Amhara (75 percent), Harari (69 percent), Afar (66 percent), Oromia (63 percent), Tigray (62 percent), Gambella (52 percent) and Benshangul Gumuz (43 percent). Access to portable water in rural areas was the highest in Amhara region (91 percent) followed by Gambella (79 percent), Harari (70 percent) and Oromia, Tigray and Benshangul Gumuz (67 percent each).

National Bank of Ethiopia 17 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 1.7: Percentages of People with Access to Potable Water by Region Regions 2017/18 2018/19 Change in percentage point Rural Urban Total Rural Urban Total A B C D E F D-A E-B F-C Tigray 60.6 54.1 58.9 67.2 61.7 65.6 6.6 7.6 6.7 Afar 53.5 54.1 54.0 59.1 65.6 60.4 5.6 11.5 6.4 Amhara 83.8 73.8 82.2 90.8 75.0 88.2 7.0 1.2 6.0 Oromia 64.0 62.2 63.8 66.7 62.7 66.1 2.7 0.5 2.3 SNNPR 54.6 80.1 57.6 NA - - - Somali 77.0 74.0 77.0 NA - - - Benishangul￾Gumuz 66.4 42.2 61.2 67.0 43.0 62.0 0.6 0.8 0.8 Gambella 74.9 43.1 66.3 79.4 52.3 69.5 4.5 9.2 3.2 Harar 68.0 65.0 66.5 70.0 69.0 69.5 2.0 4.0 3.0 Dre-Dawa 84.4 - 0.0 - 90.0 -84.4 90.0 0.0 A.A. 0.0 61.0 61.0 - 84.0 84.0 0.0 23.0 23.0 Total 73.9 60.2 71.1 78.7 65.5 75.9 4.8 5.3 4.8 Source: Ministry of Water, Irrigation and Energy and NBE Staff Computation

National Bank of Ethiopia 18 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Fig.I.5: Access to water supply by Region 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 Rural Urban Average Source: Ministry of Water, Irrigation & Energy and NBE Staff Computation 1.5. Road Sector Development 1.5.1. Road Network During 2018/19, total road network reached 138,127 Km, depicting 9 percent annual growth. The country’s total road network was consisted of 55,808 Km (40.4 percent) Woreda road, 30,924 Km (22.4 percent) rural road, 28,699 Km (20.8 percent) federal road and 22,697 Km (16.4 percent) urban road. The Federal road included 15,886 Km (55.4 percent) asphalt and 12,813 Km (44.6 percent) gravel. Asphalt road network accounted for about 11.5 percent of the road network which was lower than 15 percent GTPII target set for the fiscal year. During the review fiscal year, rural road network, administered by regional authorities, showed 14.1 percent annual decline and reached 30,924 Km while Woreda road stood at 55,808 Km (Table 1.8).

National Bank of Ethiopia 19 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 1.8: Classification of Road Network (Length in km) Federal Road Rural road Woreda road * Urban Roads Total** Year Asphalt Gravel Paved Cobel Unpave d Length Gro wth rate Length Gro wth rate Length Gro wth rate Length Growt h rate Lengt h Length Gro wth rate 2005/06

5,002

0.6

14,311

4.9

20,164

9.6 NA

39,477

6.6 2006/07

5,452

9.0

14,628

2.2

22,349

10.8

57,764 - NA

42,429

7.5 2007/08

6,066

11.3

14,363

(1.8)

23,930

7.1

70,038

21.2 NA

44,359

4.5 2008/09

6,938

14.4

14,234

(0.9)

25,640

7.1

85,767

22.5 NA

46,812

5.5 2009/10

7,476

7.8

14,373

1.0

26,944

5.1

100,385

17.0 NA

48,793

4.2 2010/11

8,295

11.0

14,136

(1.6)

30,712

14.0

854

(99.1) NA

53,997

10.7 2011/12

9,875

19.0

14,675

3.8

31,550

2.7

6,983

717.7 NA

63,083

16.8 2012/13

11,301

14.4

14,455

(1.5)

32,582

3.3

27,628

295.6 NA

85,966

36.3 2013/14

12,640

11.8

14,217

(1.6)

33,609

3.2

39,056

41.4 NA

99,522

15.8 2014/15

13,551

7.2

14,055

(1.1)

30,641

(8.8)

46,810

19.9

1,693 850

2,814

110,414

10.9 2015/16

14,632

8.0

13,400

(4.7)

31,620

3.2

48,057

2.7

1,693 NA

3,664

113,066

2.4 2016/17

15,886

8.6

12,813

(4.4)

33,367

5.5

52,748

9.8

1,693 NA

3,664

120,171

6.3 2017/18

15,886

12,813

35,985

7.8

56,732

7.6

1,693 2,814

850

126,773

5.5 2018/19

15,886

12,813

30,924

(14)

55,808

(1.6)

1,914

5,199.6

15,583

138,127 9.0 Source: Ethiopian Roads Authority

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

National Bank of Ethiopia 20 | A n n u a l R e p o r t 2 0 1 8 / 1 9 1.5.2. Road Density At the end of 2018/19, road density per 1,000 square Km increased to 125.6 km from 115.2 km a year ago showing 9 percent improvement over the previous year. Meanwhile, road density per 1,000 populations was 1.26 km which shows marginally down ward movement by 0.8 percent when compared with 1.27 km a year ago. Table 1.9: Road Densities Year Road Density /1000 person Road density /1000 sq. km 2005/06 0.53 35.90 2006/07 0.55 38.60 2007/08 0.56 40.30 2008/09 0.57 42.60 2009/10 0.60 44.40 2010/11 0.65 48.30 2011/12 0.75 57.30 2012/13 1.00 78.20 2013/14 1.10 90.50 2014/15 1.20 100.40 2015/16 1.23 102.80 2016/17 1.29 109.20 2017/18 1.27 115.20 2018/19 1.26 125.60 Growth rate -0.8 9.0 Source: Ethiopian Roads Authority

National Bank of Ethiopia 21 | A n n u a l R e p o r t 2 0 1 8 / 1 9 1.5.3 Road Accessibility In 2018/19, annual average distance from all-weather roads declined by 7 percent from 4.3 km in 2017/18 to 4 km. At the same time, the proportion of area more than 5km from all-weather roads dropped to 28.5 percent from 31.6 percent last year. (Table 1.10) Exclusively 73 percent of the asphalt road and 62 percent of the gravel road were in good condition during 2018/19 (Figure I.6). Table 1.10: Road Accessibility Indicator 2017/18 2018/19 Percentage change Proportion of area more than 5Km from all-weather road 31.6 28.5 -9.8 Average distance from all￾weather roads 4.3 4.0 -7.0 Source: Ethiopian Roads Authority Fig.I.6: Status of Road Source: Ethiopian Roads Authority

National Bank of Ethiopia 22 | A n n u a l R e p o r t 2 0 1 8 / 1 9 1.5.4. Road Sector Financing Construction and maintenance of roads remained one of the key investments for the Ethiopian government over the past decade. In 2018/19, total investment in road construction and expansion (excluding urban road) rose by 12.6 percent to Birr 37.3 billion from Birr 33.1 billion a year ago (Table 1.11 and fig.I.7). Investment in the Federal road construction and expansion accounted for 86.9 percent of the total road investment capital and reached at Birr 32.4 billion, while regional roads constituted 7.6 percent followed by Woreda road 5.4 percent. There was no investment in urban road construction and expansion during the review period (Table 1.11) and (Fig.1.7).

National Bank of Ethiopia 23 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 1.11: Investments in the Road Sector (In millions of Birr) Road type 2017/18 2018/19 Percentage A Share (In %) B change Share (In %) Federal roads 25,695.7 77.6 32,430.4 86.9 26.2 Regional road 3,794.6 11.5 2,851.5 7.6 (24.9) Woreda road 3,638.7 11.0 2,021.8 5.4 (44.4) Urban road* NA - NA - - Total 33,129.0 100 37,303.8 100 12.6 Source: Ethiopian Roads Authority

• All municipalities’ maintenance. Fig.I.7፡ Investment in Road Construction and Expansion Source: Ethiopian Roads Authority

National Bank of Ethiopia 24 | A n n u a l R e p o r t 2 0 1 8 / 1 9 1.6. Developments in Education Sector The education sector has been improving in terms of coverage during the last few years whose objectives are producing efficient, effective and innovative citizens which can contribute to the realization of the country’s vision to become a middle income country by 2025. During 2018/19, primary education (1- 8 grades) enrolments went down from 20.7 million in 2017/18 to 20 million in 2018/19; showing 3.4 percent decline compared to last year due to decline in gross enrolment ratio of grade (1-4) by 7.1 percent. During the review period, the number of primary schools reached 37,039 from 36,466 in the preceding year depicting the establishment of 573 new schools or 1.6 percent growth against the previous year. Of the total number of primary schools, 31,188 (84.2 percent) were located in rural areas and 5,799 (15.7 percent) in urban centers. On the other hand, secondary education enrolment shows improvements by 5.8 percent relative to last year and reached to 2.8 million. By the end of 2018/19 the number of secondary schools reached 3,739 exhibiting 4 percent growth over the previous year. During the review period, Technical & Vocational Education and Training (TVET) enrolment became 386,811; depicting 32.3 percent growth against the previous year. In 2018/19 there were 1,567 TVET institutions in the country under both government and non￾government ownership. Education share of the annual government expenditure was 24.9 percent which was slightly lower than the preceding year by 0.1 percentage point.

National Bank of Ethiopia 25 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 1.12: Education Sector data Indicators 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2005 2006 2007 2008 2009 2010 2011 Number of primary schools (urban, rural) & including others (in thousands) 30,534 32,048 33,373 34,867 35,887 36,466 37,039 i Urban 4,536 4,451 4,769 24,985 5,185 5,504 5,799 ii. Rural 25,998 27,597 28,604 29,856 30,654 30,933

31,188 Number of secondary schools(urban, rural ) & including others (in thousands) 1,912 2,329 2,830 3,156 3,380 3,594 3,739 i. Urban 1,451 1,636 1,891 1,973 20,53 2,171 2,242 ii. Rural 461 693 939 1,178 1,321 1,418 1,490 No of TVET centers (public, private, mission) 437 437 919 1,567 Number of tertiary level institutions (public, private) 99 124 171 172 171 177 227 Universities 32 33 33 37 37 49 50 Participation of women in higher education institutions (%) 29.5 32 35 34.1 34.9 34.1 35.5 Primary enrolment (in millions) 17.5 18.3 18.7 20.0 20.8 20.7 20.0 Secondary enrolment (in thousands) 1,900 1,998 2,108 2,421 2,559 2,666 2,820 TVET enrolment 237,877 238,049 265,745 304,139 302,083 292,378 386,811 Girls' primary enrolment (%) 48 48 47.2 47.1 46.9 46.9 79.8 Grades (1-4) gross enrolment ratio (%) 124.5 136.9 140.3 144.74 140.8 137.2 127.5 a. Girls' gross enrolment ratio (%) 119.4 130.5 132.7 6136.6 132.7 129.4 120.4 b. Boys' gross enrolment ratio (%) 129.4 143 147.6 152.5 148.8 144.9 134.4 Grades (5-8) gross enrolment ratio (%) 62.8 64.1 66.3 71.11 74.4 80 79.8 a. Girls' gross enrolment ratio (%) 62.2 63.4 64.8 68.9 71.4 75.4 76.2 b. Boys' gross enrolment ratio (%) 63.4 64.7 67.8 73.3 77.3 82.7 83.2 Girls’ gross primary enrolment ratio (%) 93 97.8 99.5 103.5 105.7 103.5 99.2 Boys' gross primary enrolment ratio (%) 97.9 104.8 108.5 113.7 117 115 109.9 Gross Primary Enrolment ratio (%) 95.5 104 108.7 109.3

National Bank of Ethiopia 26 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Indicators 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2005 2006 2007 2008 2009 2010 2011 101.3 111.4 104.6 Tigray 98.8 105.3 118.8 114.1 116.7 117.5 112.9 Afar 50.5 53.2 70.3 66.2 66.0 59.5 56.9 Amhar 100.7 106.7 110.3 111.6 112.1 107.7 102.5 Oromia 91.2 89.3 94.8 104.3 106.2 107.2 106.2 Somali 96.9 84.8 91.7 95.9 91.3 95.6 84.1 Ben.Gumuz 111.9 95.4 107.0 109.6 117.8 119.2 114.4 SNNPR 98.4 100.3 108.4 115.5 123.9 116.7 106.5 Gambella 126.6 136.4 151.4 154.4 150.3 145.7 148.3 Harari 87.1 98.1 101.8 107.9 110.7 110.8 121.3 A.A 99.2 163.6 150.6 146.3 138.8 134.9 135.0 Dire Dawa 84.9 91.4 67.5 70.2 108.6 105.8 110.4 Primary net enrolment rate (%) 85.9 89 94.3 100.3 99.9 100.0 94.7 No. of students registered in the first cycle primary schools(1-4) (in millions) 12.0 12.7 12.8 13.6 13.5 13.6 12.7 No. of students registered in the second cycle primary schools(5-8) (in millions) 5.5 5.6 5.9 6.4 7.3 7.2 7.3 Number of students registered in the first cycle secondary schools(9-10) (in millions) 1.5 1.6 1.7 1.9 2.0 2.1 2.2 Gross enrolment rate in (9-10 grades) % 38.4 39.3 39.8 44.8 47.1 47.6 48.5 Preparatory admission(in millions) 0.36 0.39 0.42 0.5 0.52 0.6 0.6 Completion rate of primary School (%) 52.8 46.7 51.3 54.3 54.1 57.7 62.1 Girls/boys ratio in primary schools (%) 94 91 89.8 89 88.4 88.1 88.1 Girls/boys ratio in secondary schools (%) 88 89 89.9 89.7 88.4 86.4 84.7 Girls/boys ratio in (9-10) (%) 90 90 92.9 91.1 89.7 89 86.8 Girls/boys ratio in (11-12) (%) 80 82 87.6 84.8 83.4 81 77.9 Girls/boys ratio in TVET (%) 105 105 109.7 108.1 105.4 103.4 81.8 Girls/boys ratio in higher education (%) 42 46 49.9 51.8 55.6 51.8 52.1 Grade 1-8(primary) repetition rates (%) 7.9 8.4 7.3 6.7 7.2 5.3 4.1 Primary school dropout rate (%) 15.7 7.9 9.9 10.1 11.7 11.1 17.5 1 st grade dropout rate (%) 25 22.5 23.9 19 16.8 19.5 25

National Bank of Ethiopia 27 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Indicators 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2005 2006 2007 2008 2009 2010 2011 Pupil to teacher ratio i. Grade (1-8) 49.4 47 46 46 43 43 39 ii. Grade (9-12) 28.7 27.8 26.4 26.5 26 26 22.5 iii. TEVT 18.6 18.6 16.5 12.6 11A9 15A9 13.3 iv. In higher education 24.4 25.9 26.4 20.1 13.3 17 20.3 Pupil to Section Ratio i. Grade (1-8) 54 55 43 56 53 ii. Grade (9-12) 59.3 56.9 57 54 57 56 49.7 Number of class rooms in primary schools 324,587 321,468 3,41086 365,530 457,309 380,979 502,738 Pupil to Textbook Ratio i. Grade(1-8) 1 1 4.2 3.8 4.2 4.1 4 ii. Grade(9-12) 1 1 13 11.8 10.3 12 10.9 Pupil to School Ratio i. Grade(1-8) 571 571 560 573 580 567 628 ii. Grade(9-12) 994 857 744.9 767.2 754 741 568 iii. TEVT 544 545 383 331 329 318 246.8 Proportion of pupils starting grade 1 who reach grade 5(%) 50.2 55.5 55.75 56.5 53.5 53 53 Percentage of female enrolled in under graduate degree (%) 30 30.3 34.7 34.1 35.7 36 37 Percentage of female graduated in under￾graduate degree (%) 28.7 25.6 28.5 33.4 31.3 33.2 35.8 Percentage of female enrolled in post￾graduate degree 20.6 19.5 23.8 23.1 17.8 16.6 18.1 Percentage of female graduated in post￾graduate degree 14.9 15 16.7 18.9 18.3 17.6 20 Annual education share of the national expenditure{%} 25.2 25 24.9 24.3 26.1 25 24.9

National Bank of Ethiopia 28 | A n n u a l R e p o r t 2 0 1 8 / 1 9 1.7. Telecommunication Telecommunication is one of the prime support services needed for rapid socio￾economic development and modernization of various sectors of the economy. Expansion of infrastructure development such as telecommunication would have significant impact on attracting investment, creating market opportunities, enhancing competitiveness and boosting regional economic integration. Cognizant of this fact, the Ethiopian government has heavily invested for improving service quality, expanding service coverage and enhancing institutional capacity in the telecom sector. As a result, Ethio Telecom has set ambitious targets to enhance customer acquisition, customer satisfaction and provision of quality services to customers. During 2018/19, total telecom subscribers reached 43.6 million depicting 5.6 percent growth over last year as the number of mobile voice subscribers rose by 5.3 percent while that of internet & data subscribers and fixed voice service subscribers surged by 26.4 and 8.4 percent, respectively. Of the total subscribers, mobile voice constituted 42 million (96.1 percent) followed by fixed voice service (1 million or 2.8 percent) and internet & data (502 thousand or 1.2 percent).1

1Ethio Telecom has started reform in line with International Telecom Union (ITU) procedure. Hence, the reporting formats and values have been changed since 2017/18.

National Bank of Ethiopia 29 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 1.13: Number of Subscribers Service Type 2017/18 2018/19 Percentage Change Total subscriber base 41,326 43,635 5.6 Mobile voice subscriber 39,806 41,916 5.3 Internet and data subscriber 397 502 26.4 Fixed voice service subscriber 1,123 1,217 8.4 Internet and data user 17,576 21,799 24.0 Mobile voice 39,805 41,916 5.3 Residential 39,483 41,498 5.1 Enterprises 322 418 29.8 Broad band & internet subscriber 164 216 31.7 Residential 80 112 40.0 Enterprises 84 104 23.8 Narrow band data & internet subscriber 233 286 22.7 Residential 1 2 100.0 Enterprises 232 284 22.4 Fixed voice 1,122 1,217 8.5 Residential 768 835 8.7 Enterprises 354 382 7.9 Broad band data & internet user 8,150 21,794 167.4 Broad band data Residential 8,030 21,657 169.7 Broad band data enterprise 120 137 14.2 Narrow data & internet user 9,425 4 (100.0) Narrow band residential 9,406 1 (100.0) Narrow band enterprise 19 3 (84.2) Source: Ethio-Telecom Note: Total subscriber base doesn't include internet and data user.

National Bank of Ethiopia 30 | A n n u a l R e p o r t 2 0 1 8 / 1 9 In 2018/19, the country’s telecommunication penetration rate (telecom density) increased to 43.1 percent from 41 percent in 2017/18 due to advancement in mobile density to 41.9 percent compared to 39.8 percent in the previous year. Likewise, internet and data density improved to 21.8 from 18.5 a year ago. On the other hand, fixed line density remained at 1.2 per 100 subscribers (Table 1.14). Table 1.14: Telecom Density Tele density/100 Subscribers* 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Fixed line 0.9 1.2 1.2 1.2 Mobile 27.6 33.3 43 61.6 39.8 41.9 Total 28.5 34.3 44 63.5 41.0 43.1 Internet and data 5.2 7.3 10 17.5 18.5 21.8 Source: Ethio-Telecom *Tele-density is mobile plus fixed telephone subscribers per 100 inhabitants During the review fiscal year, total voice traffic showed 16.7 percent improvement and reached 49.8 billion minutes compared to 42.7 billion minutes a year ago. Similarly, Total SMS in Billion-count and Interconnect incoming voice traffic in million minutes depicted 24.6 and 146.7 percent increment, respectively (Table 1.15).

National Bank of Ethiopia 31 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 1.15: Annual Traffic for Local and International Calls Annual Traffic 2017/18 2018/19 Percentage Change Total voice traffic(billion minute)

42.7 49.8 16.7 Total SMS(Billion-count)

3.5 4.4 24.6 Interconnect incoming voice traffic(Million minute)

19.3 47.7 146.7 Data traffic(TB)

19,343.0 47,710.0 146.7 Source: Ethio-Telecom Note: TB = Terabyte (10 to 12th power) Income of Ethio-Telecom rose 6.8 percent to Birr 36.3 billion in 2018/19 vis-à-vis Birr 34 billion in 2017/18 while its total expenses dropped strongly to Birr 20.5 billion, showing 17.1 percent reduction. As a result, its gross profit stood at Birr 15.7 billion in 2018/19 which was 69.7 percent higher than that of last year (Table 1.16).

National Bank of Ethiopia 32 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 1.16: Financial Performance and Asset of Ethio - Telecom (In Billion of Birr) Finance and Asset 2016/17 2017/18 2018/19 Percentage Change A B C C/A

C/B Income 30.2 34.0 36.3

20.3 6.8 Expense 16.6 24.7 20.5

23.6 -17.1 Gross Profit 13.6 9.3 15.7

15.6 69.7 Assets NA 49.5 54.1 - 9.3 Fixed Gross 32.4

47.2 NA - - Depreciation 2.4 4.3 4.7

95.8 9.3 Source: Ethio – Telecom

National Bank of Ethiopia 33 | A n n u a l R e p o r t 2 0 1 8 / 1 9 II. ENERGY PRODUCTION 2.1. Electric Power Generation According to the Ethiopian Electric Power (EEP), the country has an estimated hydro-power potential of 45,000 MW, geothermal 10,000 MW and wind farm 1.3 million MW. The country’s generating capacity is largely based on hydropower reservoirs as nine of its major rivers are suitable for hydroelectric power generation. Considering the increasing demand for power and the importance of having a better power generation mix, the country has been venturing to diversify its production of renewable energy to wind and geothermal sources. Adama II wind farm has 153 MW generating capacity. Combined with Adama I (51 MW) and Ashegoda (120 MW), the total energy production from wind has reached 324 MW. In addition, the construction of Aysha 300 MW wind power project is under way. Ethiopia is also identified as having a huge solar energy potential due to its geographical location near the equator. In its bid to become a major power exporter in East Africa and a green economy, the country is building several geothermal power plants. The amount of electric power generated during 2018/19 was about 13.8 billion KWH, which was slightly lower than that of last year. Of the total electric power production, 95.5 percent was generated from hydropower, 4.2 percent from wind and 0.3 percent from biomass sources. The production of energy generated from wind source has increased to 584.7 million KWH, showing 12.5 percent annual increment whereas energy production from hydro power has slightly (0.3 percent) declined (Table 2.1).

National Bank of Ethiopia 34 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 2.1: Electric Power Generation in ICS and SCS (I n ‘000 KWH) Sources 2016/17 2017/18 2018/19 Percentage Change [A] Share (In %) [B] Share (In %) [C] Share (In %) [C/A] [C/B] ICS Hydro Power 11,752,824.4 93.7 13,253,841.6 95.2 13,211,643.8 95.5 12.4 -0.3 Thermal Power 67.9 - 141,529.1 1.0 - - - - Geothermal - - - - - - - - Wind 783,797.7 6.3 519,605.0 3.7 584,735.3 4.2 -25.4 12.5 Biomass - - - - 43,254.5 0.3 - - Sub Total 12,536,690.0 100.0 13,914,975.8 100.0 13,839,633.7 100.0 10.4 -0.5 SCS Hydro Power - - - - - - - - Thermal Power 2,837.8 - 2,819.0 - - - - - Sub Total 2,837.8 - 2,819.0 - - - - - Total Hydro Power 11,752,824.4 93.7 13,253,841.6 95.2 13,211,643.8 95.5 12.4 -0.3 Thermal Power 2,905.6 - 144,348.1 1.0 - - - - Geothermal - - - - - - - - Wind 783,797.7 6.3 519,605.0 3.7 584,735.3 4.2 -25.4 12.5 Biomass - - - - 43,254.5 0.3 - - Grand Total 12,539,527.8 100 13,917,794.7 100 13,839,633.7 100 10.4 -0.6 Source: Ethiopian Electric Power

National Bank of Ethiopia 35 | A n n u a l R e p o r t 2 0 1 8 / 1 9 2.2. Volume and Value of Petroleum Imports During 2018/19, the Ethiopian Petroleum Enterprise has imported nearly 3.9 million metric tons of petroleum products worth Birr 70 billion. The total value of petroleum products imported showed 19.4 percent growth over last year owing to higher international oil price and a 3.2 percent increase in volume of petroleum imports. The volume of imported regular gasoline and jet fuel increased by 14.8 and 11.1 percent in contrast to the 20.6 and 0.4 percent reduction in that of fuel oil and gasoil, respectively. Likewise, the value of jet fuel surged by 28.4 percent, that of regular gasoline 23.8 percent and gas oil 16.2 percent, while that of fuel oil dropped 4.4 percent (Table 2.2). Table 2.2፡ Volume and Value of Petroleum Imports (Volume in MT and Value in '000 Birr) Petroleum Products 2017/18 2018/19 Volume Value Volume Value Percentage Change A B C D C/A D/B Regular Gasoline (MGR) 441,542.3 7,602,496.3 506,739.2 9,409,641.9 14.8 23.8 Jet Fuel 738,105.6 12,026,911.4 819,998.6 15,445,870.0 11.1 28.4 Fuel Oil 83,268.52 1,017,928.6 66,148.8 972,771.9 -20.6 -4.4 Gas Oil (ADO) 2,507,672.5 37,966,651.2 2,496,721.8 44,131,939.7 -0.4 16.2 Total 3,770,588.9 58,613,987.4 3,889,608.3 69,960,223.5 3.2 19.4 Source: Ethiopian Petroleum Enterprise

National Bank of Ethiopia 36 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Fig.II.1: Trends in Volume of Petroleum Imports (In ‘000)

0 500 1000 1500 2000 2500 3000 2010/112011/122012/132013/142014/152015/162016/172017/182018/19 Volume in MT Year MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Fig.II.2: Trends in Value of Petroleum Imports (In ‘000) 0 5000000 10000000 15000000 20000000 25000000 30000000 35000000 40000000 45000000 50000000 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise

National Bank of Ethiopia 37 | A n n u a l R e p o r t 2 0 1 8 / 1 9 In line with the increase in international oil prices, domestic retail prices were adjusted up wards. Accordingly, the retail prices of fuel oil surged 75.2 percent, jet fuel 26.5 percent, gas oil & kerosene each 7.2 percent and regular gasoline 5.6 percent (Table 2.3). Table 2.3: Annual Retail Prices of Petroleum Products in Addis Ababa (Birr/liter) Year Quarter Regular Gasoline (MGR) Fuel Oil Gas Oil Kerosene Jet fuel 2016/17 Qtr.1 16.61 12.10 14.16 12.43 13.36 Qtr.2 16.61 12.10 14.16 12.43 14.03 Qtr.3 18.32 13.46 15.76 15.25 15.74 Qtr.4 18.77 13.69 16.35 16.35 15.70 Average 17.58 12.84 15.11 14.12 14.71 2017/18 Qtr.1 18.77 13.69 16.35 16.35 15.04 Qtr.2 18.77 13.69 16.35 16.35 19.06 Qtr.3 18.77 13.69 16.35 16.35 22.59 Qtr.4 18.77 13.69 16.35 16.35 24.37 Average 18.77 13.69 16.35 16.35 20.27 2018/19 Qtr.1 18.77 13.69 16.35 16.35 24.50 Qtr.2 19.38 19.38 17.30 17.30 31.25 Qtr.3 20.02 30.64 17.95 17.95 21.33 Qtr.4 21.08 32.21 18.51 18.51 25.44 Average 19.82 23.98 17.53 17.53 25.63 Annual percentage change 5.6 75.2 7.2 7.2 26.5 Source: Ethiopian Petroleum Enterprise

National Bank of Ethiopia 38 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Fig.II.3: Trends in Average Fuel Price in Addis Ababa 0 5 10 15 20 25 30 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ethiopian Petroleum Enterprise.

National Bank of Ethiopia 39 | A n n u a l R e p o r t 2 0 1 8 / 1 9 III. PRICE DEVELOPMENTS 3.1. Developments in Consumer Price at National Level Annual average national headline inflation at the end of the fiscal year 2018/19 was 12.6 percent, depicting 2.0 percentage points decrease over the previous year. This was largely attributed to 3.9 percent decline in non￾food inflation from 15.8 percent to 11.9 percent and 0.3 percent drop in food & non-alcoholic beverages inflation from 13.4 to 13.1 percent (Table 3.1). Annualized food & non-alcoholic beverages inflation slightly scaled down to 13.1 percent from 13.4 percent in 2018/19 due to a significant decline in prices of bread & cereals, fruits, food products not classified elsewhere and non-alcoholic beverage. Meanwhile, annual average non-food inflation dropped by 3.9 percentage points to 11.9 percent on account of lower inflation of alcoholic beverage & tobacco, clothing & foot wear, housing, water, electricity, gas & other fuels, furnishings, household equipment & routine maintenance of the house, communication and recreation & culture (Table 3.1 and Fig 3.1). Similarly, year-on-year, headline inflation dropped to 15.3 percent from 16.8 percent a year ago as non-food inflation declined by 9.7 percentage points to 10.2 percent counterbalancing the 5.7 percentage increase in food & non-alcoholic beverages inflation to 19.8 percent (Table 3.2 and Fig.3.2).

National Bank of Ethiopia 40 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 3.1: Annual Average Inflation Rates (in %) Items Weight 2017/18 2018/19 Change(in %age Points) Contribution to Change in Headline Inflation( %age points) A B B-A C General 100 14.6 12.6 -2.0 -2.0 Food & Non￾alcoholic beverages 54 13.4 13.1 -0.3 -0.2 Non-Food 46 15.8 11.9 -3.9 -1.8 Source: CSA and NBE Staff Computation Fig.3.1: Developments in Average National Inflation Rates Source: CSA and NBE Staff Computation

National Bank of Ethiopia 41 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 3.2: Annual Inflation Rates (in %) Items Weight 2017/18 2018/19 Change (in %age Points) Contribution to Change in Headline Inflation( %age points) A B B-A C General 100 16.8 15.3 -1.4 -1.4 Food &Non￾alcoholic beverages 54 14.1 19.8 5.7 3.1 Non-Food 46 20.0 10.2 -9.7 -4.5 Source: CSA and NBE Staff Computation Fig.3.2: Development in Annual National Inflation Rate 0.0 5.0 10.0 15.0 20.0 25.0 January February March April May June July August September October November December January February March April May June July August September October November December January February March April May June 2017 2018 2019 Percent General Food & Non-alcoholic bevarages Non Food Source: CSA and NBE Staff Computation

National Bank of Ethiopia 42 | A n n u a l R e p o r t 2 0 1 8 / 1 9 3.2 Consumer Price Developments in Regional States In 2018/19, regional simple average general inflation slightly declined to 12.9 percent from 13 percent a year ago. Among the regional states, Tigray, Benshanlgul-Gomuz and Addis Ababa registered annual headline inflation rates greater than the regional average (Table 3.3). Tigray experienced the highest headline inflation (19.8 percent) while the lowest (9.4 percent) was seen in Afar, revealing 10.4 percentage point margin in the rates of inflation between regions. (Table 3.3) Table 3.3: Regional Average Annual Inflation (2018/19 FY) Regions 2017/18 2018/19 Change General Food & Non￾alcoholic beverages Non￾food General Food & Non￾alcoholic beverages Non￾food General Food & Non￾alcoholic beverages Non￾food A B C D E F G=D-A H=E-B I=F-C SNNP 14.7 16.7 12.4 10.0 9.6 10.4 -4.8 -7.1 -2.0 Harari 8.6 9.0 9.1 11.4 14.4 9.3 2.9 5.4 0.2 Oromia 12.4 11.7 13.2 12.5 11.4 14.0 0.1 -0.3 0.7 Tigray 13.9 13.9 13.6 19.8 23.3 16.6 5.9 9.4 2.9 Gambela 8.9 10.4 7.5 11.8 14.9 7.9 2.8 4.6 0.4 Addis Ababa 16.5 8.7 22.6 14.6 15.0 14.3 -1.9 6.3 -8.2 Dire Dawa 10.3 11.5 9.3 12.8 20.5 6.8 2.4 9.0 -2.5 Ben. Gumuz 13.8 16.3 11.7 15.0 11.4 18.6 1.2 -4.9 6.9 Somali 12.3 13.1 11.1 12.5 16.5 7.8 0.2 3.4 -3.3 Afar 10.6 10.5 10.7 9.4 11.3 7.6 -1.2 0.8 -3.1 Amhara 20.5 16.4 25.2 11.9 13.3 10.4 -8.6 -3.1 -14.8 Regions Average 13.0 12.6 13.3 12.9 14.7 11.2 Standard deviation 3.5 3.0 5.6 2.8 4.1 4.0 Coefficient of variation 0.3 0.2 0.4 0.2 0.3 0.4 Sources: CSA and NBE’s staff computation

National Bank of Ethiopia 43 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Fig.3.3: Variation in Regional Annual Average Headline Inflation Sources: CSA and NBE’s staff computation The regional simple average food & non￾alcoholic beverages inflation scaled up to 14.7 percent in 2018/19 from 12.6 percent recorded last year. Food & non-alcoholic beverages inflation in Tigray, Dire Dawa, Somali, Addis Ababa and Gambela was higher than the regional simple average. The highest food & non-alcoholic beverages inflation was recorded in Tigray (23.3 percent) and the lowest in SNNP (9.6 percent), depicting a 13.7 percentage point margin (Table 3.3).

National Bank of Ethiopia 44 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Fig.3.4: Variation in Regional Annual Average Food & Non-alcoholic Beverages Inflation 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 16.7 9.0 11.7 13.9 10.4 8.7 11.5 16.3 13.1 10.5 16.4 9.6 14.4 11.4 23.3 14.9 15.0 20.5 11.4 16.5 11.3 13.3 2018/19 2017/18 Sources: CSA and NBE’s staff computation In 2018/19, simple average regional non￾food inflation decreased to 11.2 percent from 13.3 percent last year. Benshanlgul￾Gomuz, Tigray, Addis Ababa, and Oromia saw non-food inflation higher than the regional average (Table 3.3). The highest increase in non-food inflation was recorded in Benshanlgul-Gomuz (18.6 percentage), and the lowest (6.8 percentage) in Dire Dawa revealing a 11.8 percentage point margin (Table 3.3).

National Bank of Ethiopia 45 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Fig.3.5: Variation in Regional Annual Average Non-food Inflation Source: CSA and NBE Staff Computation

National Bank of Ethiopia 46 | A n n u a l R e p o r t 2 0 1 8 / 1 9 IV. MONETARY AND FINANCIAL DEVELOPMENTS 4.1. Monetary Developments and Policy During 2018/19, the National Bank of Ethiopia continued to pursue tight monetary policy to bring down inflation to single digit target. However, despite tight monetary and fiscal policy stances, inflation has remained off-target for the past twelve consecutive months. 4.1.1. Developments in Monetary Aggregates At the end of 2018/19, domestic liquidity, as measured by broad money supply (M2), reached Birr 886.8 billion reflecting a 19.7 percent annual growth. This was mainly attributed to a 22.8 percent surge in domestic credit offsetting the 63.2 percent drop in NFA of the banking system. The high growth in domestic credit was ascribed to a 7.6 percent increase in credit to the central government and 25.1 percent rise in credit to the non-central government (Table 4.2). In 2018/19, all components of broad money have witnessed a surge. Narrow money rose by 9.9 percent driven by growth in both demand deposits and currency outside banks reflecting the growth in economic activities and improvements in money demand for transaction purposes. Similarly, quasi￾money that comprises savings and time deposits hiked by 25.8 percent and reached Birr 577.8 billion owing to increased capacity of commercial banks in deposit mobilization by opening new branches (Table 4.1).

National Bank of Ethiopia 47 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 4.1: Components of Broad Money Particulars Year Ended June 30 Annual Percentage Change 2015/16 2016/17 2017/18 2018/19 (In Millions of Birr) 2016/17 2017/18 2018/19 Narrow Money Supply 178,609.7 216,769.6 281,154.7 308,937.1 21.4 29.7 9.9 . Currency Outside Banks 66686.2 73917.7 86417.3 92017.0 10.8 16.9 6.5 . Demand Deposits (net) 111923.5 142851.9 194737.4 216920.2 27.6 36.3 11.4 Quasi-Money 266,656.6 356,614.4 459,418.2 577,815.4 33.7 28.8 25.8 . Savings Deposits 217,034.3 293,431.7 382,549.4 487,302.1 35.2 30.4 27.4 . Time Deposits 49,622.3 63,182.7 76,868.8 90,513.3 27.3 21.7 17.8 Broad Money Supply 445,266.3 573,384.1 740,572.9 886,752.5 28.8 29.2 19.7 Source: National Bank of Ethiopia (NBE) Source: NBE

National Bank of Ethiopia 48 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 4.2: Factors Influencing Broad Money Particulars Year Ended June 30 Annual Percentage Change 2015/16 2016/17 2017/18 2018/19 (In Millions of Birr) 2016/17 2017/18 2018/19 External Assets (net) 21,524.2 38,034.8 39,376.2 14,505.2 76.7 3.5 -63.2 Domestic Credit 490,230.3 631,092.7 784,633.1 963,699.9 28.7 24.3 22.8 . Claims on Central Gov't (net) 47,548.4 85,441.8 102,002.8 109799.2 79.7 19.4 7.6 . Claims on Non-Central Gov't 442,682.0 545,650.9 682,630.3 853,900.7 23.3 25.1 25.1 Other Items (net) 66,488.3 100,721.6 83,436.4 91,452.6 51.5 -17.2 9.6 Broad Money (M2) 445,266.3 573,384.1 740,572.9 886,752.5 28.8 29.2 19.7 Source: NBE Source: NBE

National Bank of Ethiopia 49 | A n n u a l R e p o r t 2 0 1 8 / 1 9 4.1.2. Developments in Reserve Money and Monetary Ratios During the fiscal year under review, reserve money or base money witnessed a 15.3 percent annual expansion and reached Birr 200.7 billion driven by 28.9 percent rise in deposits of banks at NBE and 7.9 percent increase in currency in circulation. The growth in reserve money was attributed to a 19.6 percent rise in NBE’s net domestic credit outweighing the 86.2 percent drop in NBE’s net foreign assets. Meanwhile excess reserves of commercial banks stood at Birr 43.9 billion. The ratio of broad money (M2) to GDP2 , which is an indicator of financial deepening, was 0.34 point, unchanged compared to the previous year balance, partly indicating the neutrality of monetary policy.

2 The 2018/19 GDP is estimated by assuming that 2017/18 GDP grew by an average GDP growth rates of 2015/16-2018/19. Similarly, the money multiplier, defined as narrow money to reserve money, slowed down to 1.54 from 1.61 a year earlier. Likewise, the ratio of broad money to reserve money increased to 4.42 from 4.25 during the same period, reflecting improvements in deposit mobilization (Table 4.3).

National Bank of Ethiopia 50 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 4.3: Reserve Money and Monetary Ratios (In Millions of Birr, where applicable) Particulars Year Ended June 30 Annual Percentage Change 2015/16 2016/17 2017/18 2018/19 2016/17 2017/18 2018/19 Reserve Requirement (CB's) 21,745.4 28,280.8 36,385.8 44,861.8 30.1 28.7 23.3 Actual Reserve (CB's) 34,999.4 54,977.9 63,117.8 88,723.4 57.1 14.8 40.6 Excess Reserve (CB's) 13,253.9 26,697.1 26,732.0 43,861.7 101.4 0.1 64.1 Reserve Money 119,164.7 146,257.9 174,175.4 200,749.3 22.7 19.1 15.3 . Currency in Circulation 82,592.7 94,245.5 112,911.0 121,800.0 14.1 19.8 7.9 . Bank Deposits 36,572.0 52,012.4 61,264.5 78,949.2 42.2 17.8 28.9 Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.50 1.48 1.61 1.54 -1.12 8.91 -4.66 . Broad Money to Reserve Money 3.74 3.92 4.25 4.42 4.92 8.46 3.89 Other Monetary Ratios (%): . Currency to Narrow Money 37.34 34.10 30.74 29.79 -8.67 -9.86 -3.10 . Currency to Broad Money 14.98 12.89 11.67 10.38 -13.92 -9.48 -11.07 . Narrow Money to Broad Money 40.11 37.81 37.96 34.84 -5.75 0.42 -8.23 . Quasi Money to Broad Money 59.89 62.19 62.04 65.16 3.85 -0.26 5.04 M2/GDP Ratio* 0.28 0.31 0.34 0.34 10.19 7.47 -0.37 Source: National Bank of Ethiopia (NBE)

• M2/GDP ratio was calculated on the basis of new GDP series. Source: NBE

National Bank of Ethiopia 51 | A n n u a l R e p o r t 2 0 1 8 / 1 9 4.2. Developments in Interest Rate The National Bank of Ethiopia has raised the minimum interest rate that financial institutions pay on saving and time deposit by 2.0 percentage points to 7.0 percent since October 2017. As a result, commercial banks have revised their interest rate structure. Consequently, average interest rate on savings deposit was set at 8.0 percent, which remained unchanged compared to previous year. Similarly, simple average lending interest rate reached 13.5 percent and remained the same vis-à-vis last year same period. In contrast, weighted annual average interest rates on time and demand deposits showed a slight change and reached 8.07 percent and 0.04 percent, respectively. Given the high inflation rate, all real interest rates were negative. Annual headline inflation declined to 15.4 percent from 16.8 percent. Thus, average real interest rate stood at negative 7.4 percent for saving deposit, 7.33 percent for time deposit and negative 1.9 percent for lending interest rate. (Table 4.4)

National Bank of Ethiopia 52 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 4.4: Interest Rate Structure of Commercial Banks (In percent per annum) Rates 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19

1. Deposit Rate 1.1. Savings Deposit (Simple Average) 5.38 8.00 8.00 Minimum 5.00 7.00 7.00 Maximum 5.75 9.00 9.00 1.2. Time deposit (Weighted Average) 5.66 5.66 5.77 5.59 5.54 8.09 8.07 Up to 1 year 5.57 5.55 5.71 5.53 5.43 8.05 8.02 1 -2 years 5.68 5.68 5.78 5.60 5.57 8.10 8.07 Over 2 years 5.74 5.74 5.81 5.64 5.63 8.13 8.11 1.3. Demand Deposit (Weighted Average) 0.03 0.03 0.04
2. Lending Rate (Average) 11.88 12.75 12.75 13.50 13.50 Minimum 7.50 7.00 7.00 Maximum 16.25 18.00 18.00 20.00 20.00
3. T-bills (Nominal) 1.86 1.59 1.43 1.44 1.42 1.42 1.74
4. Headline Inflation (Year-on Year) 7.4 22.4 10.4 7.5 8.8 16.8 15.4
5. Real Rate of Interest on: 5.1. Saving Deposit (1.1 - 4) -2.03 -17.07 -5.03 -2.13 -3.43 -8.80 -7.40 5.2. Time Deposit (1.2 - 4) -1.74 -16.79 -4.64 -1.91 -3.26 -8.71 -7.33 5.3. Lending (2 - 4) 4.47 -10.57 1.47 5.25 3.95 -3.30 -1.90 Source: NBE

National Bank of Ethiopia 53 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Source: NBE 4.3. Developments in Financial Sector Banks, insurance companies and micro￾finance institutions were the major financial institutions operating in Ethiopia. Of the 18 banks, 16 were private and 2 state-owned. Similarly, the number of insurance companies stood at 17 and that of micro finance institutions 38. In 2018/19, banks opened 807 new branches thereby raising the total number of branches to 5564 from 4757 a year earlier. As a result, one bank branch serves about 17 thousand people. About 34.6 percent of bank branches were located in Addis Ababa. Major branch expansion was undertaken by Commercial Bank of Ethiopia (203 branches), followed by Cooperative Bank of Oromia (73 branches), Abyssinia Bank (69 branches), Wegagen Bank (63 braches), United Bank (61 branches), Nib International Bank (52 branches), Berhan International Bank (49 branches), Awash Bank (41 branches), Dashen Bank (40 branches), Abay Bank (38 branches) and Lion International Bank (25 branches). The share of private banks in total branch network rose to 69.7 percent from 68.9 percent last year (Table 4.5). Total capital of the banking industry increased by 18.4 percent and reached Birr 101.5 billion by the end of June 2019 (Table 4.5).

National Bank of Ethiopia 54 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Although the number of insurance companies remained at 17, their branches rose to 568 following the opening of 36 new branches. About 53.7 percent of the branches were located in Addis Ababa and 84.5 percent of the total branches were private. Insurance companies increased their total capital by 49.5 percent to Birr 8.2 billion, of which, the share of private insurance companies was 68.3 percent and that of public insurance company was 31.7 percent (Table 4.6). Fig.IV.5: Branch Network and Capital of Banking System (2015/16-2018/19) Source: Commercial Banks including DBE & Staff Computation

National Bank of Ethiopia 55 | A n n u a l R e p o r t 2 0 1 8 / 1 9 1. Public Banks Commercial Bank of Ethiopia 1051 324 1375 28.9 1,235 343 1578 28.4 43,851.8 51.1 49,817.9 49.1 Development Bank of Ethiopia 103 4 107 2.2 103 4 107 1.9 7,676.5 9.0 7,676.5 7.6 Total Public Banks 1154 328 1482 31.2 1,338 347 1685 30.3 51,528.3 60.1 57,494.4 56.6 2. Private Banks Awash International Bank 213 169 382 8.0 245 178 423 7.6 4,210.0 4.9 6,024.1 5.9 Dashen Bank 238 143 381 8.0 265 156 421 7.6 3,725.6 4.3 5,210.2 5.1 Abyssinia Bank 144 140 284 6.0 195 158 353 6.3 3,265.8 3.8 3,647.4 3.6 Wegagen Bank 174 118 292 6.1 215 140 355 6.4 3,195.7 3.7 3,605.4 3.6 United Bank 116 117 233 4.9 151 143 294 5.3 2,579.9 3.0 3,241.0 3.2 Nib International Bank 101 127 228 4.8 132 148 280 5.0 2,991.4 3.5 3,782.9 3.7 Cooperative Bank of Oromiya 270 62 332 7.0 330 75 405 7.3 1,924.6 2.2 2,509.3 2.5 Lion International Bank 145 65 210 4.4 159 76 235 4.2 1,479.7 1.7 1,958.5 1.9 Oromia International Bank 171 89 260 5.5 180 97 277 5.0 1,890.0 2.2 2,851.0 2.8 Zemen Bank 12 13 25 0.5 20 24 44 0.8 1,391.8 1.6 1,793.1 1.8 Buna International Bank 96 80 176 3.7 106 103 209 3.8 1,667.7 1.9 2,042.0 2.0 Berhan International Bank 76 92 168 3.5 110 107 217 3.9 1,936.5 2.3 2,405.7 2.4 Abay Bank 109 53 162 3.4 126 74 200 3.6 1,514.7 1.8 1,902.5 1.9 Addis International Bank 24 35 59 1.2 27 41 68 1.2 789.6 0.9 938.4 0.9 Debub Global Bank 22 21 43 0.9 25 28 53 1.0 614.3 0.7 783.1 0.8 Enat Bank 15 25 40 0.8 16 29 45 0.8 1,045.4 1.2 1,309.8 1.3 Total Private Banks 1,926 1,349 3,275 68.8 2,302 1,577 3,879 69.7 34,222.8 39.9 44,004.2 43.4 3.Grand Total Banks 3,080 1677 4757 100 3,640 1,924 5564 100.0 85,751.2 100.0 101,498.6 100.0 % Share % Share Total Capital % Share Total Capital Source: Commercial Banks Capital 2016/17 2017/18 Table.4.5: Branch Network and Capital of the Banking System at the Close of June 30, 2019 (Branch in Number and Capital in Millions of Birr) 2017/18 2018/19 Banks Branch Network Regions Addis Ababa Total Addis Ababa Total % Share Regions

National Bank of Ethiopia 56 | A n n u a l R e p o r t 2 0 1 8 / 1 9 2016/17 2017/18 % Change A.A Regions Total A.A Regions Total A B B/A 1 Ethiopian Ins. Cor. 25 60 85 25 63 88 1,530.0 2,596.0 69.7 2 Awash Ins.Com.S.C. 27 17 44 28 19 47 439.0 1,161.0 164.5 3 Africa Ins.Com S.C. 15 13 28 16 13 29 294.0 249.0 -15.3 4 National Ins. Co. of Eth. 19 15 34 22 17 39 166.0 157.0 -5.4 5 United Ins.Com. S.C 25 12 37 26 12 38 368.0 601.0 63.3 6 Global Ins. Com.S.C 8 8 16 11 8 19 148.0 165.0 11.5 7 Nile Ins.Com.S.C 20 20 40 20 21 41 436.0 490.0 12.4 8 Nyala Ins.Com.S.C 15 16 31 15 16 31 516.0 801.0 55.2 9 Nib Ins. Com.S.C 26 13 39 27 14 41 313.0 468.0 49.5 10 Lion Ins. Com.S.C 16 15 31 16 18 34 131.0 170.0 29.8 11 Ethio-Life Ins.Com.S.c 15 5 20 16 5 21 112.0 144.0 28.6 12 Oromia Ins.Com.S.c 18 20 38 20 20 40 295.0 363.0 23.1 13 Abay Insurance 13 12 25 13 13 26 260.0 266.0 2.3 14 Berhan insurance S.C 9 4 13 10 5 15 112.0 130.0 16.1 15 Tsehay Insurance S.C 12 7 19 15 8 23 119.0 154.0 29.4 16 Lucy 11 4 15 12 4 16 129.0 133.0 3.1 17 Bunna Insurance S.C. 11 6 17 13 7 20 108.0 140.0 29.6 Total 285 247 532 305 263 568 5,476 8,188 49.5 Note: A.A=Addis Ababa Table.4.6: Branch Network & Capital of Insurance Companies as at June 30, 2019 No. Source: Insurance Companies Capital 2018/19 Insurance Companies 2017/18 (Branch in Number and Capital in Millions of Birr) Branch Fig.IV.6: Branch Network and Capital of Insurance Companies (2015/16-2018/19) Source: Insurance Companies& Staff Computation

National Bank of Ethiopia 57 | A n n u a l R e p o r t 2 0 1 8 / 1 9 By end 2018/19, the number of micro￾finance institutions (MFIs) reached 38. Their overall performance was encouraging as their total capital and total asset increased significantly by 20.3 and 24.1 percent and reached Birr 16.6 billion and Birr 83.5 billion, respectively. At the same time, their deposit mobilization and credit provision expanded remarkably. Compared to last year, their deposit surged by 26.1 percent and reached Birr 41.9 billion while their outstanding credit went up by 30.5 percent to Birr 58.7 billion. (Table 4.7) The five largest MFIs, namely Amhara, Dedebit, Oromia, Omo and Addis Credit and Savings institutions, accounted for 83.4 percent of the total capital, 91.4 percent of the savings, 87.7 percent of the credit and 88.1 percent of the total assets of MFIs at the end of 2018/19. Table 4.7: Microfinance Institutions Performance as of June 30, 2019 (In Thousands of Birr) Particulars 2017/18 2018/19 % Change A B B/A Total Capital 13,772,435.9 16,567,933.7 20.3 Saving 33,213,124.6 41,897,179.6 26.1 Credit 44,987,229.9 58,722,261.1 30.5 Total Assets 67,261,994.6 83,475,519.0 24.1 Source:MFIs 4.3.1. Resource Mobilization Total resources mobilized by the banking system in the form of deposit, borrowing and loan collection increased by 3.4 percent and reached Birr 308.3 billion at the end of 2018/19 (Table 4.8). Deposit liabilities of the banking system topped Birr 899.6 billion, reflecting 23.2 percent annual growth aided by remarkable branch expansion. Saving deposits grew by 27.4 percent followed by time deposits (25.6 percent) and demand deposits (16.5 percent). Of the total deposits, saving deposits accounted for 54.2 percent, demand deposits 35.1 percent and time deposit (10.8 percent) (Table 4.9).

National Bank of Ethiopia 58 | A n n u a l R e p o r t 2 0 1 8 / 1 9 The share of private banks in deposit mobilization increased to 29.1 percent due to opening of 604 new branches. CBE alone mobilized 60.3 percent of the total deposits due to its extensive branch network. Raising funds through borrowing by the banking system remained insignificant source of resource mobilization in Ethiopia as most of the banks were sufficiently liquid due to increased deposit mobilization and collection of loans. Their total outstanding borrowing at the end of the fiscal year was Birr 72.2 billion up from Birr 65 billion a year earlier due to borrowing by Development Bank of Ethiopia. Of the total borrowing, domestic sources accounted for 87 percent and foreign sources 13 percent (Table 4.9). On the other hand, banks’ loan collection reached Birr 131.8 billion, showing a 18.1 percent annual increment, of which 61.5 percent was collected by private banks (Table 4.8).

National Bank of Ethiopia 59 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Source: CommercialBanks & StaffComputation Public Banks Private Banks Total (A) Public Banks Private Banks Total (B) Public Banks Private Banks Total (C) C/A C/B

1. Deposits (net change) 76,058.3 54,607.7 130,666.0 87,120.9 74,318.1 161,439.0 89,057.9 80,312.8 169,370.7 29.6 4.9 Demand 27,103.6 13,959.0 41,062.6 39,481.4 19,106.5 58,587.9 26,635.9 18,046.6 44,682.5 8.8 (23.7) Savings 44,423.5 31,979.6 76,403.1 42,937.9 46,194.7 89,132.6 48,599.6 56,379.1 104,978.7 37.4 17.8 Time 4,531.2 8,669.1 13,200.3 4,701.6 9,016.9 13,718.5 13,822.4 5,887.1 19,709.5 49.3 43.7
2. Borrowing (net change) 5,751.5 - 5,751.5 25,167.5 - 25,167.5 7,181.8 - 7,181.8 24.9 (71.5) Local 5,656.1 - 5,656.1 23,140.7 - 23,140.7 4,639.3 - 4,639.3 (18.0) (80.0) Foreign 95.4 - 95.4 2,026.9 - 2,026.9 2,542.5 - 2,542.5 2,565.5 25.4
3. Collection of Loans 42,899.1 54,270.0 97,169.1 45,965.7 65,648.9 111,614.5 50,773.8 81,016.5 131,790.2 35.6 18.1
4. Total Resources Mobilized (1+2+3) 124,708.9 108,877.7 233,586.6 158,254.1 139,967.0 298,221.1 147,013.5 161,329.3 308,342.7 32.0 3.4
5. Disbursement 48,386.6 60,624.6 109,011.2 48,230.1 67,168.0 115,398.1 64,509.3 99,984.6 164,493.8 50.9 42.5
6. Change in Liquidity (4-5) 76,322.3 48,253.1 124,575.5 110,024.0 72,799.0 182,823.0 82,504.2 61,344.7 143,848.9 15.5 (21.3) Memorandum It em:
7. Outstanding Credit 188,366.8 134,640.5 323,007.4 212,449.7 182,105.8 394,555.5 244,462.4 257,940.7 502,403.1 55.5 27.3 (In Millions of Birr) Table 4.8: Annual Resource Mobilization & Disbursing Activities of Commercial Banks and DBE (Specialized Bank) as at June 30, 2019 Percent Change Particulars 2016/17 2017/18 2018/19

National Bank of Ethiopia 60 | A n n u a l R e p o r t 2 0 1 8 / 1 9 2016/17 2017/18 2018/19 S/R T/S R S T A. Deposits -Demand 212,082.1 270,670.0 315,352.5 27.6 16.5 -Savings 293,450.9 382,583.5 487,562.2 30.4 27.4 -Time 63,285.8 77,004.3 96,713.8 21.7 25.6 T o t a l 568,818.7 730,257.7 899,628.4 28.4 23.2 B. Borrowings -Local 34,984.4 58,125.1 62,764.4 66.1 8.0 -Foreign 4,822.2 6,849.1 9,391.5 42.0 37.1 T o t a l 39,806.6 64,974.2 72,156.0 63.2 11.1 (In Millions of Birr) Table 4.9: Deposits and Borrowings of Commercial Banks and Specialized Bank as at June 30, 2019 Source: Commercial Banks & Staff Computation

Table.4.10: Loans and Advances by Lenders 1/ D* C* O/S* D* C* O/S* A B C D E F D/A E/B F/C A.Public Banks 1.Commercial Bank of Ethiopia 41,281.62 41,414.63 173,294.36 53,745.19 45,786.04 196,885.27 30.2 10.6 13.6 2.Development Bank of Ethiopia 6,948.47 4,551.06 39,155.35 10,764.09 4,987.72 47,577.14 54.9 9.6 21.5 Sub-Total 48,230.1 45,965.7 212,449.7 64,509.3 50,773.8 244,462.4 33.8 10.5 15.1 B. Private Banks 3 Awash International Bank 4860.5 8333.5 31209.1 9126.3 9734.3 47135.3 87.8 16.8 51.0 4. Dashen Bank 9953.7 8392.3 23069.4 14267.4 11981.2 32626.7 43.3 42.8 41.4 5. Bank of Abyssinia 4681.4 3795.2 18023.5 6803.1 3923.2 23784.1 45.3 3.4 32.0 6. Wegagen Bank 6194.8 6021.5 15038.5 5613.7 6375.6 16504.3 -9.4 5.9 9.7 7. United Bank 4825.5 7230.3 14715.0 8387.2 7378.2 20869.1 73.8 2.0 41.8 8. Nib International Bank 6197.2 4926.9 13692.7 9175.6 5511.9 19448.9 48.1 11.9 42.0 9. Cooperative Bank of Oromia 8980.3 6587.9 15117.4 14556.4 9254.9 24390.6 62.1 40.5 61.3 10. Lion Interenational Bank 2998.0 3223.7 7560.3 3806.1 3460.3 11853.3 27.0 7.3 56.8 11. Oromia International Bank 2095.7 2158.8 5182.3 3565.0 3352.2 7777.8 70.1 55.3 50.1 12. Zemen Bank 5103.6 4535.3 11596.3 8720.7 6323.8 17381.5 70.9 39.4 49.9 13.Berhan International Bank 3550.1 3558.5 7144.3 5842.5 4530.7 10135.4 64.6 27.3 41.9 14.Bunna International Bank 2781.0 1811.9 6915.1 3096.6 2331.4 8248.9 11.3 28.7 19.3 15.Abay Bank 1827.9 2231.1 5854.7 2503.5 3017.6 7490.3 37.0 35.3 27.9 16. Addis International Bank 543.1 541.5 2053.6 602.4 667.4 2673.7 10.9 23.3 30.2 17. Debub Global Bank 1345.7 706.5 1584.2 2086.5 1557.7 2469.4 0.0 18. Enat Bank 1229.4 1594.0 3349.6 1831.4 1616.0 5151.6 0.0 Sub-Total 67,168.0 65,648.9 182,105.8 99,984.6 81,016.5 257,940.7 48.9 23.4 41.6 Grand Total 115,398.1 111,614.5 394,555.5 164,493.8 131,790.2 502,403.1 42.5 18.1 27.3 Source: Commercial Banks 1/ Outstanding Credit excludes central government borrowing D*=Disbursement, C*=Collection, O/S*= Outstanding Credit (In Millions of Birr) Lenders 2017/18 Percentage Change 2018/19

National Bank of Ethiopia 61 | A n n u a l R e p o r t 2 0 1 8 / 1 9 4.3.2. New Lending Activities Commercial banks and Development Bank of Ethiopia (DBE) disbursed Birr 164.5 billion in fresh loans which was 42.5 percent higher than that of a year ago. Of the total new loans, about 60.8 percent was provided by private banks and 39.2 percent by the two state owned banks (Table 4.10). Nearly, 25.3 percent of the loans went to finance industry sector followed by domestic trade (20 percent), international trade (16.8 percent), other sectors (10.5 percent), housing and construction (11.9 percent), and agriculture (10.9 percent). The remaining balance went to other economic sectors (Table 4.12). Fig.IV.7: Development in Deposit Mobilization, Lending and Loan Collection Activities of the Banking System (2010/11-2018/19) Source: Commercial Banks and DBE

National Bank of Ethiopia 62 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 4.11: Percentage Share of Loans and Advances by Lenders D* C* O/S* D* C* O/S* A B C D E F D/A E/B F/C A.Public Banks 1.Commercial Bank of Ethiopia 35.773 37.1 43.9 32.7 34.7 39.2 -8.7 -6.4 -10.8 2.Development Bank of Ethiopia 6.021 4.1 9.9 6.5 3.8 9.5 8.7 -7.2 -4.6 Sub-Total 41.8 41.2 53.8 39.2 38.5 48.7 -6.2 -6.5 -9.6 B.Private Banks 3 Awash International Bank 4.2 7.5 7.9 5.5 7.4 9.4 31.7 -1.1 18.6 4. Dashen Bank 8.6 7.5 5.8 8.7 9.1 6.5 0.6 20.9 11.1 5. Bank of Abyssinia 4.1 3.4 4.6 4.1 3.0 4.7 1.9 -12.5 3.6 6. Wegagen Bank 5.4 5.4 3.8 3.4 4.8 3.3 -36.4 -10.3 -13.8 7. United Bank 4.2 6.5 3.7 5.1 5.6 4.2 21.9 -13.6 11.4 8. Nib International Bank 5.4 4.4 3.5 5.6 4.2 3.9 3.9 -5.3 11.5 9. Cooperative Bank of Oromia 7.8 5.9 3.8 8.8 7.0 4.9 13.7 19.0 26.7 10. Lion Interenational Bank 2.6 2.9 1.9 2.3 2.6 2.4 -10.9 -9.1 23.1 11. Oromia International Bank 1.8 1.9 1.3 2.2 2.5 1.5 19.3 31.5 17.9 12. Zemen Bank 4.4 4.1 2.9 5.3 4.8 3.5 19.9 18.1 17.7 13.Berhan International Bank 3.1 3.2 1.8 3.6 3.4 2.0 15.5 7.8 11.4 14.Bunna International Bank 2.4 1.6 1.8 1.9 1.8 1.6 -21.9 9.0 -6.3 15. Abay Bank 1.6 2.0 1.5 1.5 2.3 1.5 -3.9 14.5 0.5 16. Addis International Bank 0.5 0.4 0.5 0.5 -22.2 4.4 2.2 17. Debub Global Bank 1.2 0.6 0.4 1.3 1.2 0.5 0.0 18. Enat Bank 1.1 1.4 0.8 1.1 1.2 1.0 0.0 Sub-Total 58.2 58.8 46.2 60.8 61.5 51.3 4.4 4.5 11.2 Grand Total 100.0 0.0 Source: Commercial Banks D*=Disbursement, C*=Collection, O/S*= Outstanding Credit Lenders 2017/18 Percentage change 2018/19 4.3.3. Outstanding Loans Total outstanding credit of the banking system (including to the central government) increased by 24 percent and reached Birr 556.6 billion at the end of June, 2019. Excluding central government, credit to industry accounted for 37.6 percent followed by international trade (20.3 percent), domestic trade (13 percent), housing and construction (10.2 percent), other sectors (1.2 percent) and agriculture (4.1 percent) (Table 4.12). The share of private sector in outstanding credit was Birr 377.6 billion (or 75.2 percent) reflecting 32.8 percent year-on￾year growth (Table 4.13).

National Bank of Ethiopia 63 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 4.12: Loans & Advances by Economic Sectors D* C* O/S* D* C* O/S* D* C* O/S* A B C D E F D/A E/B F/C Government Deficit Financing 0 0 54,398.5 0 0 54,238.4 - - (0.3) Agriculture 11,401.9 14,073.7 19,511.8 17,954.7 18,450.1 20,387.1 57.5 31.1 4.5 Industry 30,503.0 24,413.5 154,904.4 41,585.8 27,911.3 188,676.9 36.3 14.3 21.8 Domestic Trade 19,935.9 21,336.8 44,945.3 32,873.5 24,389.2 65,405.9 64.9 14.3 45.5 International Trade 18,606.2 23,135.2 77,976.5 27,673.1 26,495.4 102,235.2 48.7 14.5 31.1 Export 11,603.2 13,375.1 47,774.1 17,409.4 17,356.2 66,128.7 50.0 29.8 38.4 Import 7,003.0 9,760.1 30,202.5 10,263.7 9,139.2 36,106.5 46.6 (6.4) 19.5 Hotels and Tourism 2,197.9 2,629.0 9,856.6 4,937.1 4,270.3 13,740.5 124.6 62.4 39.4 Transport and Communication 4,525.6 5,644.1 13,826.9 2,654.6 6,512.3 12,355.0 (41.3) 15.4 (10.6) Housing and Construction 12,281.4 12,434.2 43,572.6 19,635.0 12,174.9 51,308.7 59.9 (2.1) 17.8 Mines, Power and Water resource 319.5 142.1 221.9 848.3 446.1 1,632.3 165.5 214.0 635.7 Others 12,674.1 6,353.8 23,044.3 4,898.6 3,395.7 5,907.2 (61.3) (46.6) (74.4) Personal 2,952.6 1,452.1 6,695.2 11,433.4 7,745.0 40,754.2 287.2 433.4 508.7 Total 115,398.1 111,614.5 448,954.1 164,493.9 131,790.3 556,641.5 42.5 18.1 24.0 D*=Disbursement, C*=Collection, O/S*= Outstanding Credit Source: Commercial Banks & Staff Computation 2017/18 2018/19 Percentage Change Economic Sectors (In Millions of Birr)

National Bank of Ethiopia 64 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Fig.IV.8: Sectoral Breakdown of Bank Credit (2006/07-2018/19) Source: Commercial Banks including DBE & Staff Computation Table 4.13: Loans and advance by Borrowers (in million of Birr) 2015/16 2016/17 2017/18 O/S* O/S* O/S* D* C* O/S* A B C E F G G/B G/C Central Government 16,471.6 42,593.8 54,398.5 - 0.0 54,238.4 27.3 -0.3 Public Enterprises 84,675.6 91,771.6 110,092.5 19,568.3 16,970.9 124,770.7 36.0 13.3 Cooperatives 13,704.4 13,477.1 16,724.6 18,790.7 15,288.0 18,532.1 37.5 10.8 Private & Individuals 165,467.4 217,758.7 267,738.5 126,134.8 99,531.3 359,100.3 64.9 34.1 Total 280,319.0 365,601.2 448,954.0 164,493.8 131,790.2 556,641.5 52.3 24.0 D*=Disbursement, C*=Collection, O/S*= Outstanding Credit 2018/19 Borrowing Sector Percentage change Source: Commercial Banks & Staff Computation

National Bank of Ethiopia 65 | A n n u a l R e p o r t 2 0 1 8 / 1 9 4.4. Financial Activities of NBE As of June 2019, gross claims of NBE on the central government reached Birr 194.7 billion which was 21.6 percent higher than a year earlier. Of the total credit to the central government, direct advance accounted for 96.2 percent and bond 3.8 percent. Similarly, NBE’s outstanding claim on DBE was Birr 52.1 billion showing 10.3 percent increase over last year same period. On the liability side, total deposits at NBE increased by 40.2 percent and stood at Birr 114.4 billion, as a result of 28.1 percent growth in deposits of financial institutions and 77.5 percent rise in government deposits (Table 4.14). 2016/17 2017/18 2018/19 A B C B/A C/B Loans and Advances (1+2) 162,247.8 207,421.6 246,828.0 27.8 19.0 1.Claims on Central Gov’t 135,640.8 160,128.8 194,685.3 18.1 21.6 1.1 Direct Advance 127,764.9 152,264.9 187,264.9 19.2 23.0 1.2 Bonds 7,875.9 7,863.9 7,420.4 -0.2 -5.6 2. Claims on DBE 26,607.0 47,292.7 52,142.7 77.7 10.3 3. Deposit Liabilities 75,987.7 81,596.5 114,391.9 7.4 40.2 3.1 Government 19,031.5 19,922.0 35,364.2 4.7 77.5 3.2 Financial Institutions 56,956.2 61,674.5 79,027.7 8.3 28.1 Particulars % Change Source: NBE and Staff Computation ( In Millions of Birr) Table 4.14: Financial Activities of National Bank of Ethiopia at the Close of June 30, 2019

National Bank of Ethiopia 66 | A n n u a l R e p o r t 2 0 1 8 / 1 9 4.5. Developments in Financial Markets Treasury bills and government bonds are the only securities issued in Ethiopia to finance government expenditures and/or to absorb excess liquidity in the banking system. Corporate bonds are also issued by a few institutional investors. No secondary market for securities trading exists in Ethiopia. 4.5.1. Treasury Bills Market Treasury bills market saw four types of maturities of bills namely of 28 days, 91 days, 182 days and 364 days. The amount of Treasury-bills issued weekly auction registered a 38.9 percent annual surge and reached Birr 397.96 billion. Yet, the amount of T-bills sold during the review period stood at Birr 422.6 billion, indicating the market was oversubscribed by Birr 24.6 billion (3.0 percent). Meanwhile, total outstanding T￾bills increased 24.1 percent and stood at Birr 138.1 billion. Non-bank institutions accounted for the Birr 137.40 billion or 99.5 percent of the total outstanding T￾bills while that of banks was Birr 650.0 million or 0.5 percent (Table 4.15). The average weighted yield of the T-bills increased to 1.741 from 1.416 percent (Table 4.15). The highest yield was offered for the 364-day T-bill while the lowest yield was for 28-day T-bill with respective rates of 4.325 and 0.798 percent.

National Bank of Ethiopia 67 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 5.15: Results of Treasury Bills Auction (Annually) Particulars 2016/17 2017/18 2018/19 Percentage Change A B C C/A C/B Number of Bidders 200 192.00 192.00 -4.0 0.0 Amount Demanded (Mn.Birr) 225,321.240 323,991.240 422,633.535 87.6 30.4 28-day bill 1,040.000 1,040.000 1,670.000 60.6 60.6 91-day bill 208,663.240 290,633.240 388,670.535 86.3 33.7 182-day bill 2,402.000 2,102.000 2,077.000 -13.5 -1.2 364-day bill 13,216.000 30,216.000 30,216.000 128.6 0.0 Amount Supplied (Mn.Birr) 210,382.240 286,494.240 397,958.240 89.2 38.9 28-day bill 1,060.0 1,060.0 1,040.0 -1.9 -1.9 91-day bill 193,204.2 269,791.2 364,184.2 88.5 35.0 182-day bill 2,902.0 2,427.0 2,022.0 -30.3 -16.7 364-day bill 13,216.0 13,216.0 30,712.0 132.4 132.4 Amount Sold (Mn.Birr) 225,321.240 323,991.240 422,633.535 87.6 30.4 Banks 0.0 0.0 650.0 0.0 - Non-Banks 225,321.2 323,991.2 421,983.535 87.3 30.2 Average Weighted Price for Successful bids(Birr) 99.100 99.106 98.797 -0.306 -0.312 28-day bill 99.937 99.936 99.939 0.002 0.003 91-day bill 99.701 0.000 0.000 182-day bill 99.666 99.691 99.682 0.016 -0.008 364-day bill 97.095 97.095 95.865 -1.266 -1.267 Average Weighted Yields for Successful bids (%) 1.424 1.416 1.741

9.121 22.979 28-day bill 0.821 0.839 0.798 -2.837 -4.880 91-day bill 1.203 0.036 0.044 182-day bill 0.672 0.622 0.639 -4.873 2.743 364-day bill 3.000 3.000 4.325 44.157 44.158 Outstanding bills at the end of period(Mn.Br.) 73,271.560 Share % 111,213.560 Share % 138,054.355 Share % 88.415 24.134 Banks 0.00 650.00 0.47 Non-Banks 73,271.56 100.00 111,213.56 100.00 137,404.36 99.53 87.528 23.550 Public Servants Social Security Agency 41,015.56 55.98 54,915.56 49.38 72,015.56 52.16 75.581 31.139 Development Bank of Ethiopia 13,216.00 18.04 30,216.00 27.17 30,216.00 21.89 128.632 0.000 Private Organizations’ Employees Social Security Agency 16,604.00 22.66 23,346.00 20.99 31,841.80 23.06 91.72 36.391 Other Public Non-Bank Institutions 2,436.00 3.32 2,736.00 2.46 3,331.00 2.41 36.741 21.747 Source: NBE

National Bank of Ethiopia 68 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Fig.IV.9: Treasury Bills Auction Result Source: NBE 4.5.2. NBE Bill Market NBE bill market was introduced on April 4, 2011 so as to mobilize financial resource from private banks for financing priority sectors identified as the driving forces of the economy. Following the introduction of the NBE Bill market, total NBE bill purchased by banks reached Birr 26.2 billion at the end of 2018/19. 0.00 0.50 1.00 1.50 2.00 2.50 3.00

20,000.00 40,000.00 60,000.00 80,000.00 100,000.00 120,000.00 140,000.00 160,000.00 Annual weighted yield Value in Millions of Birr Year Demand Supply Average Weighted Yield

National Bank of Ethiopia 69 | A n n u a l R e p o r t 2 0 1 8 / 1 9 4.5.3. Bonds Market Corporate bond purchase of CBE during 2018/19 showed a 25.0 percent annual increase and reached to Birr 71.8 billion. During the same period, the value of corporate bonds redeemed by the City administration of Addis Ababa, Railway Corporation, EEPCO and regional governments have reached Birr 24.6 billion. (Table 4.16) As a result, total outstanding bond holdings, grew 16.2 percent and stood at Birr 338.6 billion. The share of EEPCO in outstanding corporate bond was 77.95 percent followed by Railway Corporation (12.7 percent), City administration of Addis Ababa (9.2 percent) and Regional States (0.17 percent).

National Bank of Ethiopia 70 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 13: Disbursement, Redemption and Outstanding of Coupon and Corporate Bond of CBE (In Millions of Birr) Particulars Annual Percentage Change 2016/17 2017/18 2018/19 Actual A B B/A

1. Corporate Bond Purchases by holders 47,951.1 57,448.9 71,800.0 25.0 EEPCO 32,100.0 37,100.00 47,800.00 - Regional governments - - Development Bank of Ethiopia - - - - City Government of Addis Ababa 12,300.0 9,300.00 9,000.00 - Railway Corporation 3,551.1 11,048.91 15,000.00 135.76 Private Sector 0.0 - - -
2. Redemption of Bonds by Clients 4,801.1 3,808.6 24,644.6 547.1 EEPCO 0.0 50.00 228.75 - Regional governments 74.7 36.49 20.29 -44.4 Development Bank of Ethiopia 0.0 - City Government of Addis Ababa 4,647.80 2,940.70 23,112.35 685.9 Railway Corporation 78.6 781.36 1,283.24 - Private Sector - - - -
3. Outstanding Bonds by Clients 237,784.6 291,425.0 338,580.4 16.2 EEPCO 179,300.0 216,350.0 263,921.3 22.0 Regional governments 625.4 589.0 568.7 -3.4 Development Bank of Ethiopia - - - 0.0 City Government of Addis Ababa 38,937.8 45,297.1 31,184.7 -31.2 Railway Corporation 18,921.4 29,189.0 42,905.7 47.0 Private Sector - - - - Source: Commercial Bank of Ethiopia 4.5.4. Inter-bank Money Market Interbank money market remained inactive since April 2008 in Ethiopia due to the existence of excess reserves in the banking system. Since its introduction in September 1998, merely twenty three transactions worth Birr 259.2 million were made with interest rates ranging between 7 to 11 percent per year. The maturity period of these loans widely spanned from overnight to 5 years (Table 4.17).

National Bank of Ethiopia 71 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 4.17: Interbank Money Market Transactions up to June 30, 2012 Borrower Lender Amount Borrowed (In Thousand Birr) Interest Rate % Date of Transaction Maturity Period Nib International Bank Awash International Bank 7,000.0 11 16/11/00 Overnight Wegagen Bank Commercial Bank of Ethiopia 10,000.0 8 3/1/2001 5 years Nib International Bank ,, 10,000.0 8 3/31/2001 3 months Wegagen Bank ,, 10,000.0 8 3/22/2001 1 year Nib International Bank ,, 3,600.0 8 5/31/2001 6 months Nib International Bank ,, 3,700.0 8 06/31/01 6 months Nib International Bank ,, 778.0 8 30-11-2001 6 months Nib International Bank Bank of Abyssinia 28,999.8 7 31/12/02 3.5 months Nib International Bank Bank of Abyssinia 19,046.9 7 31/01/03 3.5 months Nib International Bank Bank of Abyssinia 20,310.0 7 28/02/03 3.5 months Nib International Bank Bank of Abyssinia 28,987.0 7 31/03/03 3.5 months Nib International Bank Commercial Bank of Ethiopia 25,000.0 7.5 7/7/2003 5.2 months Nib International Bank Bank of Abyssinia 50.1 7.5 26/03/2005 open Nib International Bank Bank of Abyssinia 50.5 7.5 26/03/2005 open Wegagen Bank Awash International Bank 19,744.6 7.5 December, 2006 21/05/07 Wegagen Bank Awash International Bank 19,870.4 7.5 January, 2007 21/05/07 Wegagen Bank Awash International Bank 10,937.2 7.5 February, 2007 21/05/07 Awash International Bank Nib International Bank 30,000.0 7.5 February, 2007 18/08/07 Wegagen Bank Awash International Bank 10,931.4 7.5 March, 2007 21/05/07 Nib International Bank Awash International Bank 142.0 8.5 January, 2008 25/4/08 Nib International Bank Awash International Bank 7.0 8.5 February, 2008 25/04/08 Nib International Bank Awash International Bank 3.0 8.5 March, 2008 25/04/08 Nib International Bank Awash International Bank 17.0 8.5 April,2008 25/04/08 Total/Average - 259,174.8 7.87 - - Source: NBE

National Bank of Ethiopia 72 | A n n u a l R e p o r t 2 0 1 8 / 1 9 V. DEVELOPMENTS IN EXTERNAL SECTOR 5.1 Overall Balance of Payments The overall balance of payments registered USD 941.6 million deficit in 2018/19 compared to USD 201.6 million deficit a year earlier. This was attributed to fall in merchandise trade receipt, a deficit in net services as well as decrease in net private transfers receipt and surplus of net capital account. Net services registered USD 550.7 million deficit compared to USD 192.2 million shortfall last year and merchandise trade deficit slightly widened by 0.2 percent. In contrast, net official transfers increased by 66.7 percent, respectively. As a result, current account deficit (including official transfers) narrowed to USD 4.9 billion from USD 5.3 billion a year ago and its ratio to 2018/19 GDP was estimated at 5.2 percent (Table 5.1).

National Bank of Ethiopia 73 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 5.1: Balance of Payments1

(In Millions of USD) S/N Particulars 2016/17* 2017/18* 2018/19 Percentage Change A B C B/A C/B 1 Exports, f.o.b. 2,907.5 2,836.1 2,666.5 -2.5 -6.0 Coffee 883.2 839.0 764.1 -5.0 -8.9 Other 2,024.3 1,997.1 1,902.4 -1.3 -4.7 2 Imports 15,802.7 15,255.3 15,112.0 -3.5 -0.9 Fuel 1,823.7 2,319.3 2,600.7 27.2 12.1 Cereals 554.1 771.7 598.7 39.3 -22.4 Aircraft 150.3 282.3 870.3 87.8 208.2 Imports excl. fuel, cereals, aircraft 13,274.5 11,882.1 11,042.3 -10.5 -7.1 3 Trade Balance (1-2) -12,895.3 -12,419.3 -12,445.5 -3.7 0.2 4 Services, net -561.7 -192.2 -550.7 -65.8 186.6 Non-factor services, net -61.3 237.1 38.9 -486.5 -83.6 Exports of non-factor services 3,331.1 4,219.5 4,948.9 26.7 17.3 Imports of non-factor services 3,392.5 3,982.5 4,910.0 17.4 23.3 Income, net -500.3 -429.2 -589.6 -14.2 37.4 O/w Gross official int. payment 469.9 469.5 669.1 -0.1 42.5 Dividend, net -48.9 -0.1 -99.9 -100.0 5 Private transfers, net 5,485.3 6,074.8 6,975.2 10.7 -1.6 o/w: Private Individuals 4,427.5 5,121.4 5,292.4 15.7 3.3 6 Current account balance excluding off. Transfers (3+4+5) -7,971.63 -6,536.7 -6,020.9 -18.0 7.4 7 Official transfers, net 1,428.3 1,251.7 2,086.7 -12.4 66.7 8 Current account balance including official transfers(6+7) -6,543.3 -5,285.0 -4,934.2 -19.2 -6.6 9 Capital account 6,889.4 6,156.8 4,839.9 -10.6 -21.4 Off. Long-term Cap., net 1,420.6 1,650.7 1,340.6 16.2 -18.8 Disbursements 1,537.1 1,816.0 1,528.6 18.1 -15.8 Amortization 116.5 165.4 188.1 42.0 13.7 Other pub. long-term cap. 665.1 677.3 73.6 1.8 -89.1 Private sector, long term 502.8 250.7 264.2 5.4 Foreign Direct Investment(net) 4,170.80 3,723.44 3,015.40 -10.73 -19.0 Short-term Capital 130.0 -145.2 146.1 -211.7 -200.6 10 Errors and Omissions [11-(9+8)] 312.5 -1,073.4 -847.3 11 Overall balance (-13) 658.6 -201.6 -941.6 12 Financing (13+16) -658.6 201.6 941.6 13 Reserves [ Increase(-), Decrease (+)] (14+15) -658.6 201.6 941.6 14 Central Bank (NFA) -555.7 -17.3 916.7 Asset 204.7 349.8 -567.8 Liabilities -760.4 -367.1 1,484.5 15 Commercial banks (NFA) -103.0 218.9 25.0 16 Debt Relief Principal Interest Source: NBE Staff Compilation 1 2018/19 data are Preliminary and Private transfers is updated *Some items are revised

National Bank of Ethiopia 74 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 5.2: Components of Current Account as Percentage of GDP Particulars 2016/17 2017/18 2018/19 Percentage Change A B C B/A C/B Exports 3.6 3.4 2.8 -5.5 -17.1 Imports 19.3 18.1 15.8 -6.4 -12.6 Trade Balance -15.8 -14.7 -13.0 -6.7 -11.6 Net Services -0.7 -0.2 -0.6 -66.8 152.7 Net Private Transfers 6.7 7.2 6.7 7.3 -7.4 Current Account Deficit (excluding official transfers) -9.8 -7.7 -7.3 -20.5 -5.8 Current Account Deficit (including official transfers) -8.0 -6.3 -5.2 -21.7 -17.0 Source: NBE Staff Compilation *GDP is a forecast Source: NBE Staff Computations

National Bank of Ethiopia 75 | A n n u a l R e p o r t 2 0 1 8 / 1 9 5.2. Developments in Merchandise Trade 5.2.1 Balance of Trade Merchandise trade deficit widened to USD 12.44 billion from USD 12.42 billion a year earlier mainly due to the slowdown in goods export earnings. Merchandise import bills have also declined. Hence, merchandise trade deficit as a ratio of GDP stood at 13.0 percent. 5.2.2 Merchandise Export Total merchandise export earnings declined by 6.0 percent over last year same period due to lower export earnings from coffee (8.9 percent), oilseeds (8.4 percent), leather & leather products (11.4 percent), meat & meat products (12.8 percent), fruits & vegetables (0.9 percent), gold (72.1 percent), live-animals (25.0 percent) and electricity (30.8 percent). Hence, the ratio of merchandise export to GDP dropped to 2.8 percent from 3.4 percent a year ago. Specifically, export earnings from coffee went down by 8.9 percent owing to 5.9 percent decline in price and 3.2 percent drop in volume. As a result, the share of coffee in total merchandise export was 28.7 percent which was slightly lower than 29.6 percent last year same period. Export earnings from oilseeds also decreased by 8.4 percent and reached USD 387.8 million due to a 25.4 percent fall in export volume despite a 22.7 percent growth in international price. As a result, the share of oilseeds in total merchandise export earnings slightly decreased to 14.5 percent from 14.9 percent a year earlier. Likewise, gold generated USD 27.9 million which was 72.1 percent lower than last year same period. This was attributed to a 71.0 percent and 3.9 percent decline in volume and international price, respectively. The suspension of assertions of MIDROC Legadembi gold mine and the widespread illegal gold trade were the main reasons for the poor performance in gold exports. As a result, the share of gold in total merchandise export went down to 1.0 percent.

National Bank of Ethiopia 76 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Export earnings from leather & leather products declined by 11.4 percent as export volume dropped 12.7 percent despite 1.5 percent increase in international price. As a result, its share in total merchandise export was 4.4 percent, compared with 4.7 percent a year ago. Similarly, revenue from export of live￾animals plummeted by 25.0 percent as a result of a 23.8 percent decrease in export volume and 1.7 percent drop in international price. Hence, the share of live-animals in total merchandise export receipts decreased to 1.7 percent from 2.2 percent a year earlier. Receipts from meat & meat products dropped by 12.8 percent during the same period due to 11.2 percent and 1.8 percent decline in volume and unit price, respectively. As a result, the share of meat & meat products in total merchandise export earnings stood at 3.3 percent. Export earnings from fruits and vegetables decreased by 0.9 percent owing to 7.1 percent fall in export volume despite 6.6 percent rise in price. Thus, the share of fruits and vegetables in total merchandise export earnings reached 2.3 percent during the review period. Likewise, electricity export earnings went down by 30.8 percent over last year same period owing to 35.5 percent drop in export volume despite a 7.3 percent increase in unit price. As a result, the share of electricity in total merchandise export earnings decreased to 2.1 percent from 2.8 percent last year same period. In contrast, proceeds from pulses export increased by 1.1 percent and reached USD 272.3 million because of a 5.7 percent rise in export volume despite 4.3 percent drop in international price. Hence, the share of pulses in total merchandise export increased to 10.2 percent from 9.5 percent a year ago. In the same way, export revenue from flower grew by 12.3 percent as export volume increased by 15.5 percent, while international prices fell by 2.8 percent. Hence, the share of flower in total export earnings increased to 9.6 percent from 8.1 percent last year same period. Receipts from chat went up by 15.4 percent due to 13.9 percent increase in

National Bank of Ethiopia 77 | A n n u a l R e p o r t 2 0 1 8 / 1 9 volume and 1.3 percent rise in price. As a result, the share of chat in total merchandise export earnings increased to 11.4 percent from 9.3 percent a year earlier. Similarly, earnings from other export items increased by 3.9 percent and reached USD 285.7 million. Table 5.3 Values of Major Export Items (In millions of USD) Particulars 2016/17 2017/18 2018/19 Percentage Change A %share B %share C %share B/A C/B Coffee 883.2 30.4 839.0 29.6 764.1 28.7 -5.0 -8.9 Oilseeds 351.0 12.1 423.5 14.9 387.8 14.5 20.6 -8.4 Leather and Leather products 114.0 3.9 132.4 4.7 117.4 4.4 16.1 -11.4 Pulses 279.9 9.6 269.5 9.5 272.3 10.2 -3.7 1.1 Meat & Meat Products 98.7 3.4 101.7 3.6 88.6 3.3 3.1 -12.8 Fruits & Vegetables 56.1 1.9 61.4 2.2 60.9 2.3 9.5 -0.9 Live Animals 67.6 2.3 61.1 2.2 45.8 1.7 -9.6 -25.0 Chat 273.0 9.4 263.2 9.3 303.6 11.4 -3.6 15.4 Gold 208.8 7.2 100.2 3.5 27.9 1.0 -52.0 -72.1 Flower 218.5 7.5 228.6 8.1 256.6 9.6 4.6 12.3 Electricity 73.4 2.5 80.5 2.8 55.7 2.1 9.7 -30.8 Others 283.2 9.7 275.0 9.7 285.7 10.7 -2.9 3.9 Total Export 2,907.5 100.0 2,836.1 100.0 2,666.5 100.0 -2.5 -6.0 Total Export Excluding Electricity 2834.1 2755.6 2610.8 -2.8 -5.3 Source: Ethiopian Revenue and Customs Authority and Ethiopian Electric Power

National Bank of Ethiopia 78 | A n n u a l R e p o r t 2 0 1 8 / 1 9 0 200 400 600 800 1000 In Mill. of USD Fig.V.2: Foreign Exchange Earnings from Selected Export Items Coffee Oil Seeds Leather and Leather Products Pulses Flower Chat Gold Source: NBE Staff Computation Coffee 28.7 % Oil Seeds 14.5% Leather and Leather products 4.4% Pulses 10.2% Flower 9.6% Chat 11.4% Gold 1% others 10.7% Fig.V.3: Export Share of Selected Commodities Source: NBE Staff Computation

National Bank of Ethiopia 79 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 5.4: Volume of Major Exports (In millions of kg unless stated otherwise) Particulars 2016/17 2017/18 2018/19 Percentage Change A B C B/A100- 100 C/B100- 100 Coffee 225.7 238.6 230.9 5.7 -3.2 Oilseeds 333.5 348.5 260.0 4.5 -25.4 Leather and Leather products 5.9 6.4 5.6 8.7 -12.7 Pulses 392.7 438.1 462.8 11.5 5.7 Meat & Meat Products 19.6 20.0 17.7 2.0 -11.2 Fruits & Vegetables 178.6 189.0 175.6 5.8 -7.1 Live Animals 36.1 31.9 24.3 -11.4 -23.8 Chat 48.8 47.0 53.6 -3.7 13.9 Gold(in mill of grams) 6.0 2.8 0.8 -52.8 -71.0 Flower 49.4 50.1 57.8 1.5 15.5 Electricity(in mill of kwh) 1305.5 1438.4 928.0 10.2 -35.5 Source: Ethiopian Revenue and Customs Authority and Ethiopian Electric Power 0 100 200 300 400 500 In Mn of Kg Fig.V. 4: Export Volume of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Chat Gold Source: NBE Staff Computation

National Bank of Ethiopia 80 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 5.5: Unit Value of Major Export Items (In USD/kg unless stated otherwise) Particulars 2016/17 2017/18 2018/19 Percentage Change A B C B/A100-100 C/B100-100 Coffee 3.9 3.5 3.3 -10.1 -5.9 Oilseeds 1.1 1.2 1.5 15.4 22.7 Leather and Leather products 19.4 20.7 21.0 6.9 1.5 Pulses 0.7 0.6 0.6 -13.7 -4.3 Meat & Meat Products 5.0 5.1 5.0 1.0 -1.8 Fruits & Vegetables 0.3 3.5 6.6 Live Animals 1.9 2.1 -1.7 Chat 5.6 5.6 5.7 0.1 1.3 Gold (USD/gm) 35.0 35.5 34.1 1.6 -3.9 Flower 4.4 4.6 4.4 3.1 -2.8 Electricity (USD/Kwh) 0.1 -0.4 7.3 Source: Ethiopian Revenue and Customs Authority 0 10 20 30 40 50 60 USD/kg, for Gold in USD/gm Fig.V. 5: Unit Value of Selected Export Commodities Coffee Oil Seeds Leather and Leather Products Pulses Chat Gold Source: NBE Staff Computation

National Bank of Ethiopia 81 | A n n u a l R e p o r t 2 0 1 8 / 1 9 5.2.3. Import of Goods Total merchandise import bill reached USD 15.1 billion depicting a 0.9 percent decline over last year same period mainly due to lower import bill of capital, consumer and miscellaneous goods. Payments for fuel, semi-finished goods and raw materials however, tended to annual increase. Hence, import to GDP ratio declined to 15.8 percent compared with 18.1 percent a year ago. Capital goods import dropped 4.5 percent as the value of industrial capital goods declined 13.3 percent while transport and agricultural capital goods increased by 26.4 and 13.7 percent, respectively. Thus, the share of capital goods in total merchandise import slowed down to 33.3 percent from 34.5 percent. Likewise, consumer goods import was USD 4.3 billion, about 9.2 percent lower than last year due to the slowdown in import of durable goods (11.2 percent) and non-durable goods (8.4 percent). Thus, the share of consumer goods in total merchandise import bill slipped to 28.3 percent from 30.9 percent last year. On the other hand, semi-finished goods import was USD 2.8 billion, showed a 9.9 percent annual growth owing to 4.4 percent increase in fertilizer import. As a result, the share of semi-finished goods in total merchandise import rose to 18.4 percent from 16.6 percent last year. Similarly, fuel import increased by 12.1 percent and reached USD 2.6 billion. This was attributed to 7.9 percent rise in international price and 4.0 percent increase in volume. Hence, the share of fuel in total merchandise import bill went up to 17.2 percent from 15.2 percent last year same period. Import of raw materials also increased by 9.8 percent relative to the preceding year and accounted for 1.0 percent of total merchandise import bill of the review fiscal year.

National Bank of Ethiopia 82 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 5.6: Value of Imports by End Use (In Millions of USD) Source: Ethiopian Revenue and Customs Authority and Ethiopian petroleum Enterprise 5.2.4 Direction of Trade 5.2.4.1 Export of Goods The major destinations for Ethiopian merchandise export were Asia, Europe and Africa. Asia accounted for 41.6 percent of Ethiopia’s total exports. Saudi Arabia was the largest market for Ethiopia’s export with a 16.5 percent share in total export earnings from Asia, followed by China (13.1 percent), United Arab Emirates (11.9 percent), Japan (11.0 percent), Israel (9.5 percent), India (7.8 percent), Yemen (5.0 percent), South Korea (4.2 percent), Indonesia (2.6 percent), Singapore (2.0 percent), Taiwan (1.4 percent) and Hong Kong (1.0 percent). These countries altogether accounted for 86.1 percent of Ethiopia’s total export to Asia. Categories 2016/17 2017/18 2018/19 Percentage change A % share B % share C % share B/A C/B Raw Materials 125.6 0.8 138.0 0.9 151.5 1.0 9.8 9.8 Semi-finished Goods 2,620.6 16.6 2,527.8 16.6 2,778.8 18.4 -3.5 9.9 Fertilizers 367.9 2.3 478.5 3.1 499.7 3.3 30.0 4.4 Fuel 1,823.7 11.5 2,319.3 15.2 2,600.7 17.2 27.2 12.1 Petroleum Products 1,743.7 11.0 2,227.2 14.6 2,493.4 16.5 27.7 11.9 Others 79.9 0.5 92.0 0.6 107.3 0.7 15.1 16.7 Capital Goods 6,032.1 38.2 5,269.1 34.5 5,030.6 33.3 -12.7 -4.5 Transport 1,429.7 9.0 1,130.9 7.4 1,429.2 9.5 -20.9 26.4 Agricultural 75.8 0.5 51.5 0.3 58.6 0.4 -32.1 13.7 Industrial 4,526.7 28.6 4,086.7 26.8 3,542.9 23.4 -9.7 -13.3 Consumer Goods 4,898.3 31.0 4,707.0 30.9 4,273.1 28.3 -3.9 -9.2 Durables 1,707.8 10.8 1,351.7 8.9 1,200.7 7.9 -20.9 -11.2 Non-durables 3,190.5 20.2 3,355.3 22.0 3,072.3 20.3 5.2 -8.4 Miscellaneous 302.3 1.9 294.2 1.9 277.2 1.8 -2.7 -5.8 Total Imports 15,802.7 100.0 15,255.3 100.0 15,112.0 100.0 -3.5 -0.9

National Bank of Ethiopia 83 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Europe had 25.4 percent share in Ethiopia’s total export revenue, with the Netherlands taking a 31.1 percent portion, followed by Germany (16.6 percent), Belgium (9.0 percent), Italy (6.3 percent), United Kingdom (6.2 percent), Turkey (6.0 percent), Switzerland (4.3 percent), France (2.9 percent), Spain (2.6), Russia (1.8 percent), Greece (1.2 percent), Portugal (1.1 percent) and Norway (1.1 percent). These countries in total had a 90.3 percent share of Ethiopia’s total exports to Europe. About 20.8 percent of Ethiopia’s export earnings originated from Africa, mainly Somalia (46.4 percent), Djibouti (23.2 percent), Sudan (12.2 percent), Egypt (4.6 percent), Kenya (3.7 percent), Nigeria (2.1 percent), and South Africa (1.5 percent) which altogether accounted for 93.7 percent of the total exports to Africa. America accounted for 11.3 percent of Ethiopia’s total export earning, of which 64.4 percent was from exports to the United States, 4.7 percent to Canada and 1.6 percent to Mexico. These countries together had a 70.7 percent share of Ethiopia’s total exports to America. 20.8% 25.4% 11.3% 41.6% 1% Fig.V.6:Export by Destination Africa Europe America Asia Oceania Source: NBE Staff Compilation

National Bank of Ethiopia 84 | A n n u a l R e p o r t 2 0 1 8 / 1 9 5.2.4.2 Import of Goods In 2018/19, Asia accounted for 62.3 percent of the total imports of Ethiopia. The major imports from Asia originated from China (41.7 percent), Kuwait (17.6 percent), India (13.1 percent), U.A.E (5.8 percent), Japan (4.0 percent), Malaysia (3.4 percent), Indonesia (3.0 percent), Saudi-Arabia (2.6 percent), Thailand (1.9 percent) and South Korea (1.9 percent), and their combined share stood at 95.1 percent. The share of Ethiopia’s imports from Europe was 21.4 percent with the major trading countries being Turkey (18.7 percent), Belgium (10.6 percent), Italy (10.6 percent), United Kingdom (10.1 percent), Germany (9.9 percent), the Netherlands (5.7 percent), Ukraine (5.5 percent), France (4.8 percent), Rumania (4.1 percent), Russia (3.8 percent), Spain (2.3 Percent), Switzerland (1.9 percent), Denmark (1.7 percent) and Ireland (1.4 percent). These countries jointly accounted for 91.2 percent of Ethiopia’s total imports from Europe. Imports from America accounted for 10.0 percent of the total import bill, of which the share of United States was 90.5 percent followed by Brazil (4.6 percent) and Canada (3.3 percent). About 6.2 percent of Ethiopia’s total merchandise import came from Morocco (33.4 percent), South Africa (26.0 percent), Egypt (23.9 percent), Sudan (8.7 percent), Kenya (4.3 percent) and Djibouti (1.0 percent), which altogether constituted 97.4 percent of the total imports from the continent.

National Bank of Ethiopia 85 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Source: NBE Staff Compilation

National Bank of Ethiopia 86 | A n n u a l R e p o r t 2 0 1 8 / 1 9 5.3 Services and Transfers 5.3.1 Services In 2018/19, net services account recorded USD 550.7 million deficit, compared with USD 192.2 million deficit a year ago. This was attributed to 18.9 percent decline in surplus of net travel, 37.4 percent increase in the deficit of investment income and 44.3 percent gap in other services. Table 5.7 Services Accounts (In Millions of USD) No Particulars 2016/17 2017/18 2018/19 Percentage Change A B C D=B/A* 100-100 E=C/B* 100-100 1 Investment Income (2+5) -500.3 -429.2 -589.6 -14.2 37.4 2 Interest, net (3-4) -451.4 -429.2 -589.6 -4.9 37.4 3 Credit 18.5 40.3 79.5 117.4 97.2 4 Debit 469.9 469.5 669.1 -0.1 42.5 5 Dividend, net -48.9 -0.1 -99.9 -100.0 6 NON-FACTOR SERVICES, net (7-8) -61.3 237.1 38.9 -486.5 -83.6 7 Exports of non-factor services 3,331.1 4,219.5 4,948.9 26.7 17.3 Travel 340.4 749.0 868.1 120.0 15.9 Transport 1 2,304.0 2,919.6 3420.8 26.7 17.2 Gov't 2 460.3 295.3 354.6 -35.9 20.1 Other 3 226.4 255.6 305.4 12.9 19.5 8 Imports of non-factor services 3,392.5 3,982.5 4,910.0 17.4 23.3 Travel 382.9 475.3 646.2 24.1 36.0 Transport 1 1921.7 2402.8 2775.9 25.0 15.5 Gov't 2 75.5 79.2 71.8 4.9 -9.3 Other 3 1012.4 1025.3 1416.1 1.3 38.1 9 Net Services (10+11+12+13+14) -561.7 -192.2 -550.7 -65.8 186.6 10 Travel -42.5 273.7 221.9 -744.7 -18.9 11 Transport 382.3 516.9 644.9 35.2 24.8 12 Gov't 384.8 216.1 282.8 -43.8 30.9 13 Other -786.0 -769.6 -1110.7 -2.1 44.3 14 Investment Income -500.3 -429.2 -589.6 -14.2 37.4 Source: MoF, Transport and Telecommunication Companies, NBE- FEMEMD and Staff Compilation. 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business

National Bank of Ethiopia 87 | A n n u a l R e p o r t 2 0 1 8 / 1 9 5.3.2. Unrequited Transfers Net transfers grew by 10 percent in 2018/19 due 66.7 percent surge in net official transfers though net private transfers decline by 1.6 percent. Table 5.8 Unrequited Transfers (In Millions of USD) S/N Particulars 2016/17 2017/18 2018/19 Percentage Change A % share B % share C % share B/A C/B 1 Private Transfers, net 5,485.3 79.3 6,074.8 82.9 5,975.2 74.1 10.7 -1.6 1.1 Receipts 5,544.8 79.1 6,150.9 82.8 5,993.4 73.7 10.9 -2.6 NGO's 1,117.2 15.9 1,029.5 13.9 701.0 8.2 -7.9 -31.9 Cash 922.4 13.2 775.5 10.4 561.7 6.6 -15.9 -27.6 Food 194.8 2.8 254.0 3.4 139.3 1.6 30.4 -45.2 Other Private Individuals 4,427.5 63.1 5,121.4 69.0 5,292.4 65.0 15.7 3.3 1.2 Payments 59.5 60.9 76.2 76.2 18.2 24.5 28.1 -76.1 2 Official Transfers, net 1,428.3 20.7 1,251.7 17.1 2,086.7 24.7 -12.4 66.7 2.1 Receipts 1,466.5 20.9 1,275.5 17.2 2,142.6 25.1 -13.0 68.0 Cash 920.0 13.1 1,185.4 16.0 2,133.5 25.0 28.8 80.0 Food 3.2 Other 546.5 90.1 6.0 -83.5 -93.3 2.2 Payments 38.1 39.1 23.8 23.8 55.9 75.5 -37.6 135.1 Total Receipts 7,011.2 100.0 7,426.4 100.0 8,136.0 100.0 5.9 9.6 Total Payments 97.6 100.0 74.1 100.0 2.4 -25.8 3 Net Transfers 6,913.6 100.0 7,326.4 100.0 8,061.9 100.0 6.0 10.0 Source: National Disaster Risk Management Commission, MoF and NBE

National Bank of Ethiopia 88 | A n n u a l R e p o r t 2 0 1 8 / 1 9 5.4. Current Account The deficit in the current account balance including official transfers narrowed to USD 4.9 billion in 2018/19 from USD 5.3 billion last year, due to higher net official transfers in contrast with decline in private transfers and an increase in deficit of merchandise trade balance and net services. 5.5 Capital Account Capital account, however, showed USD 4.8 billion surplus, which was 21.4 percent lower than that of last year owing largely to 18.8 percent decline in net official long term capital, 89.1 percent drop in net other public sector long term capital and 19 percent slowdown in foreign direct investment. Private sector long term capital increased by 5.4 percent while net inflows of short term capital registered net inflow during the same period. 5.6 Changes in Reserve Position Net foreign assets of the banking system recorded reserve draw down. Net foreign assets of the National Bank of Ethiopia and that of commercial banks declined by USD 916.7 million and 25.0 million, respectively. Thus, gross international reserves were adequate to cover 2.4 months of prospective imports of goods and non-factor services. 5.7 External Debt Ethiopia’s external debt stock reached USD 27.0 billion in 2018/19, depicting 4.9 percent annual growth mainly due to higher debt owed to multilateral and commercial creditors. Hence, the country’s external debt stock to GDP ratio stood at 28.3 percent while its ratio to total receipts from export of goods and non-factor services slightly decline to 3.6 percent. Commercial debt stock, reached USD 6.9 billion showing a 2.7 percent annual increase and accounting for 25.7 percent of the total debt stock. Of the total debt stock, 43.2 percent was owed to multilateral and 31.1 percent to bilateral creditors. The country’s external debt burden, as measured by debt services to export of goods and non-factor services ratio, increased to 26.2 percent from 22.7 percent a year earlier.

National Bank of Ethiopia 89 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 5.9: External Public Debt* (In Millions of USD) Particulars 2016/17 2017/18 2018/19 Percentage Change A B C D=B/A E=C/B Annual Debt

2,930.6

3,505.1

2,804.4 19.6 -20.0 Debt Stock

23,337.2

25,773.5

27,039.3

10.4

4.9 Multilateral

9,105.1

10,491.8

11,683.6

15.2

11.4 Bilateral

8,139.4

8,526.6

8,420.3

4.8 -1.2 Commercial

6,092.7

6,755.1

6,935.4 10.9 2.7 Debt Services

1,288.1

1,602.6

1,995.7

24.4

24.5 Principal repayments

855.2

1,156.7

1,375.3

35.3

18.9 Interest payments

432.9

445.9

620.3

3.0 39.1 Debt Stock to GDP Ratio (in %)1/

28.5 30.6 28.3 7.0 -7.5 Debt stock to export of goods and non-factor services

3.7 3.7 3.6 -2.3 -2.8 Receipt from Goods & Non-factor Services

6,238.6

7,055.6

7,613.6

13.1

7.9 Debt service ratio (In percent )2/ 20.6 22.7 26.2 10.0 15.4 Arears Principal Interest Relief Principal Interest Source: MoF and NBE 1/ GDP is a forecast 2/ Ratio of debt service to receipts from export of goods and non-factor services *2016/17and 2017/18 data are revised according to MoF statistics 2018/19 data are Preliminary

National Bank of Ethiopia 90 | A n n u a l R e p o r t 2 0 1 8 / 1 9 5.8. Developments in Foreign Exchange Markets 5.8.1. Developments in Nominal Exchange Rate In 2018/19, weighted average exchange rate of Birr in the inter-bank foreign exchange market was Birr 28.0543/USD, showing a 7.5 percent annual depreciation (Table 5.10). In the retail foreign exchange market, the average buying and selling rates of the Birr in forex bureaus depreciated by 7.39 and 7.43 percent, respectively, with a spread margin of 1.95 percent. Table 5.10: Inter-Bank Exchange Rates of Birr per USD Period Average Weighted Rate Amount Traded in millions of USD Number of Trades Total o/w Among CBs Total o/w Among CBs 2016/17 22.4137 12.55 0.0 251.0 0.0 Qtr. I 21.9262 3.10 0.0 62.0 0.0 Qtr. II 22.2228 3.25 0.0 65.0 0.0 Qtr. III 22.5832 3.15 0.0 63.0 0.0 Qtr. IV 22.9225 3.05 0.0 61.0 0.0 2017/18 26.1082 12.50 0.0 250.0 0.0 Qtr. I 23.2488 3.10 0.0 62.0 0.0 Qtr. II 26.7099 3.20 0.0 64.0 0.0 Qtr. III 27.2250 3.15 0.0 63.0 0.0 Qtr. IV 27.2493 3.05 0.0 61.0 0.0 2018/19 28.0543 12.60 0.0 251 0 Qtr. I 27.4295 3.10 0.0 62.0 0.0 Qtr. II 27.8137 3.30 0.0 65.0 0.0 Qtr. III 28.2700 3.15 0.0 63.0 0.0 Qtr. IV 28.7039 3.05 0.0 61.0 0.0 Source: NBE, Foreign Exchange Monitoring & Reserve Management Directorate and staff Compilation

National Bank of Ethiopia 91 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 5.11: End Period Mid-Market Rates (USD per Unit of Foreign Currency) Currency 2016/17 2017/18 2018/19 Percentage Change A B C B/A C/B Pound Sterling 1.2965 1.3087 1.2701 0.94 -2.95 Swedish Kroner 0.1173 0.1112 0.1078 -5.22 -3.05 Djibouti Franc 0.0056 0.02 -0.03 Swiss Franc 1.0429 1.0018 1.0226 -3.94 2.08 Saudi Riyal 0.2666 0.00 0.00 UAE Dirham 0.2722 0.00 0.00 Canadian Dollar 0.8106 0.7521 0.7615 -7.22 1.25 Japanese Yen 0.0089 0.0091 0.0093 2.22 2.19 Euro 1.1405 1.1581 1.1371 1.54 -1.81 SDR 1.3876 1.4084 1.3896 1.50 -1.33 Source: Staff Compilation Measured at end period mid-market exchange rate of the US dollar appreciated against Swedish Kroner (3.1 percent), Pound Sterling (3.0 percent), Euro (1.8 percent), SDR (1.3 percent) and Djibouti Franc (0.03 percent), whereas it lost ground against Japanese Yen (2.2 percent), Swiss Franc (2.1 percent) and Canadian Dollar (1.3 percent). On the other hand, US dollar rate against Saudi Riyal and UAE Dirhams remained unchanged. (Table 5.11)

National Bank of Ethiopia 92 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 5.12: End Period Mid-Market Rates (Birr per Unit of Foreign Currency) Currency 2016/17 2017/18 2018/19 Percentage Change A B C B/A C/B USD 23.2237 27.3984 29.0555 17.98 6.05 Pound 30.1095 35.8563 36.9033 19.09 2.92 Swedish Kroner 2.7248 3.0469 3.1325 11.82 2.81 Djibouti Franc 0.1303 0.1538 0.1630 18.00 6.02 Swiss Franc 24.2191 27.4479 29.7121 13.33 8.25 Saudi Riyal 6.1923 7.3055 7.7471 17.98 6.04 UAE Dirhams 6.3222 7.4584 7.9095 17.97 6.05 Canadian Dollar 18.8260 20.6065 22.1257 9.46 7.37 Japanese Yen 0.2061 0.2486 0.2694 20.60 8.37 Euro 26.4866 31.7301 33.0390 19.80 4.12 SDR 32.2251 38.5879 40.3755 19.74 4.63 Source: Staff Compilation Similarly, the Birr depreciated against all major international currencies, specifically, Japanese Yen (8.4 percent), Swiss Franc (8.3 percent), Canadian Dollar (7.4 percent), USD (6.1 percent), UAE Dirham (6.1 percent), Saudi Riyal (6.0 percent), Djibouti Franc (6.0 percent), SDR (4.6 percent), Euro (4.1 percent), Pound Sterling (2.9 percent) and Swedish Kroner (2.8 percent) (Table 5. 12) 5.8.2. Movements in Real Effective Exchange Rate The real effective exchange rate (REER) of the Birr has been appreciating since 2010/11 as result of higher domestic inflation and strengthening of US dollar relative to that of its major trading partners. Accordingly, the REER appreciated by 21.1 percent in 2018/19 compared to 5.9 percent depreciation last year. This was largely attributed to the strengthening of US dollar against Sudanese Pound (154.1 percent), Turkish Lira (34.4 percent), Swedish Krona (9.0 percent), South Korean Won (8.0 percent) and Chinese Yuan (7.0 percent).

National Bank of Ethiopia 93 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Likewise, the nominal effective exchange rate (NEER) of the Birr appreciated by 13.9 percent vis-a-vis 10.9 percent depreciation during the same period. (Table 5.13) Table 5.13: Trends in Real and Nominal Effective Exchange Rates Fiscal Year REERI NEERI Percentage Change REERI NEERI 2010/11 122.8 42.9 1.33 -23.5 2011/12 139.4 43.2 13.49 0.7 2012/13 140.2 42 0.59 -2.7 2013/14 140.8 40.7 0.44 -3.3 2014/15 157.6 42.3 11.93 4 2015/16 159.3 41.2 1.1 -2.7 2016/17 171.9 41.8 7.9 1.6 2017/18 161.8 37.2 -5.9 -10.9 2018/19 196.0 42.4 21.1 13.9 Source: NBE Staff Compilation An increase in REERI and NEERI indicates appreciation and vice versa. Where: REERI = Real Effective Exchange Rate Index NEERI = Nominal Effective Exchange Rate Index 5.8.3. Foreign Exchange Transactions In 2018/19, USD 12.6 million was traded in the inter-bank foreign exchange market which was 0.8 percent higher than that of last year. All the foreign exchange traded in the inter-bank foreign exchange market was supplied by the National Bank of Ethiopia (Table 5.10). At the same time, forex bureaus of commercial banks purchased USD 620.7 million from customers, about 94.0 percent higher than a year ago. Their foreign exchange sales also surged by 51.4 percent to USD 409.1 million (Table 5.14).

National Bank of Ethiopia 94 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 5.14: Foreign Exchange Transactions by Forex Bureaus of Commercial Banks (In Millions of USD) Name of Forex Bureau 2016/17 2017/18 2018/19 Percentage Change A B C D E F E/C F/D Purchases Sales Purchases Sales Purchases Sales Purchases Sales Commercial Bank of Ethiopia 242.05 84.48 239.76 151.52 318.22 172.45 32.7 13.8 Bank of Abyssinia 6.32 11.32 2.89 14.69 16.27 29.36 462.9 99.8 Dashen Bank 12.97 20.59 14.12 20.77 26.19 29.89 85.5 43.9 Awash International Bank 4.85 16.70 5.44 16.31 27.99 45.89 414.5 181.4 Construction & Business Bank 0.00 - - Wegagen Bank 4.16 5.61 11.44 8.30 27.21 15.04 137.8 81.2 United Bank 6.03 13.10 10.00 16.15 38.00 26.94 280.0 66.8 Development Bank 0.00 0.28 0.00 0.33 0.05 7.08 Nib International Bank 1.35 7.60 2.29 4.83 10.23 7.49 346.8 55.1 Lion International Bank 25.59 5.61 8.32 3.73 65.83 5.34 691.2 43.2 Oromia International Bank 3.46 5.02 6.50 7.40 23.82 15.37 266.5 107.6 Zemen Bank 0.72 11.74 0.37 8.41 2.25 16.02 507.9 90.5 Cooperative Bank of Oromia 0.75 2.17 0.95 5.19 6.06 12.20 537.8 135.0 Buna International Bank 4.25 2.39 8.99 3.09 20.13 4.29 123.9 38.9 Birhan International Bank 0.68 2.38 0.98 4.34 4.14 9.96 322.5 129.4 Abay Bank 1.38 1.34 1.82 1.30 17.44 1.22 858.4 (6.3) Addis International Bank 3.20 1.55 4.37 1.90 10.39 3.50 137.9 84.1 Debub Global Bank 0.07 0.29 0.17 0.24 1.49 1.91 778.5 697.6 Enat Bank 0.25 0.52 1.62 1.70 5.03 5.14 210.5 202.4 Total 318.09 192.67 320.0 270.2 620.74 409.10 94.0 51.4 Average Exchange Rate 22.4111 22.8506 26.1467 26.6462 28.0298 28.5755 7.4 7.4 Source: Staff Compilation

National Bank of Ethiopia 95 | A n n u a l R e p o r t 2 0 1 8 / 1 9 VI. GENERAL GOVERNMENT FINANCE 6.1. General Overall fiscal performance of the general government depicted wider overall fiscal deficit (excluding grants) which reached Birr 101.7 billion in 2018/19 compared to Birr 84.5 billion deficit last year. Yet, the ratio of primary deficit to GDP tended declined from 3.0 percent to 2.5 percent General government revenue (including grants) grew 20.0 percent and its ratio to GDP reached 11.5 percent, which was lower than that of last fiscal year. Similarly general government expenditure increased 16.6 percent. Its ratio to GDP was 15.3 percent (Table 7.1).

National Bank of Ethiopia 96 | A n n u a l R e p o r t 2 0 1 8 / 1 9

Table 6.1 Measuring Fiscal Sustainability (In percent ) Fiscal Year PD/GDP IP/RR Debt/GDP R(Debt) R(GDP) Exp/GDP Rev/GDP R(OR) 2004/05 -4.5 6.5 38.2 29.4 22.9 23.5 14.7 11.1 2005/06 -4.7 5.4 37.8 22.3 23.6 22.5 15.0 26.3 2006/07 -3.7 5.5 36.3 25.5 30.6 20.9 12.8 11.6 2007/08 -2.9 3.8 32.5 29.3 44.4 19.1 12.1 36.7 2008/09 -0.9 3.2 26.9 11.5 35.1 17.4 12.1 34.8 2009/10 -1.3 2.9 27.5 17.1 14.2 18.8 14.2 34.1 2010/11 -1.6 2.8 26.8 29.8 33.4 18.6 13.7 28.3 2011/12 -1.2 2.2 25.6 39.5 46.1 16.8 13.9 48.8 2012/13 -2.0 2.4 27.4 23.4 15.5 18.1 14.6 20.6 2013/14 -2.6 2.6 28.6 28.4 21.1 17.5 13.8 17.8 2014/15 -2.5 2.9 31.8 31.1 16.6 18.6 15.1 27.7 2015/16 -1.9 3.1 32.1 24.6 23.6 17.9 15.1 23.6 2016/17 -3.3 3.2 34.9 28.7 18.2 18.2 14.2 11.3 2017/18 -3.0 4.3 35.6 24.3 20.2 16.1 12.2 5.1 2018/19 -2.5 4.3 35.7 22.8 16.3 15.3 11.5 15.5 Source: Staff Computation PD = Primary Deficit IP/RR = Share of interest payments in Recurrent revenue Debt/GDP = Ratio of Domestic Debt to GDP R(Debt) = Growth rate of Domestic Debt R(GDP) = Growth rate of GDP at current market price Exp/GDP = Ratio of General Government Expenditure to GDP Rev/GDP = Ratio of General Government Revenue to GDP R(OR) = Growth rate of ordinary Revenue

National Bank of Ethiopia 97 | A n n u a l R e p o r t 2 0 1 8 / 1 9 6.2 Revenue and Grants Total revenue (including grants), collected during 2018/19 amounted to Birr 344.9 billion which showed 20 percent annual growth. Total domestic revenue stood at Birr 311.3 billion, about 86.2 percent was generated through taxes, and 13.8 percent from non-taxes. Tax revenue rose 14.1 percent owing to 18.7 percent growth in direct taxes, which constituted income tax, profit tax and urban and rural land use fees. Income and profit taxes alone accounted for 97.4 percent of the direct taxes while the remaining balance (2.6 percent), was collected from rural and urban land use fee. Revenue from indirect taxes was Birr 152.5 billion and its share in total tax revenue reached 56.8 percent. About 49.0 percent of the indirect tax revenue was generated through import duties which showed 6.3 percent annual increase. Non-tax revenue stood at Birr 42.8 billion, about 24.5 percent higher than a year ago largely due to improvement in collection of income from government investment. External grants surged by 87.7 percent and reached Birr 33.6 billion, during the review period. All in all, total revenue performance rate was 92.9 percent of the annual target.

National Bank of Ethiopia 98 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 6.2: Summary of General Government Revenue by Component (In Millions of Birr) Particulars 2017/18 2018/19 Percentage Change Performance Rate [A] [B] C Pre. Act [C/A] Revised Budget Pre. Act [C/B] Total Revenue and Grants

287,562.1 371,475.0 344,936.5 20.0 92.9 Total Revenue 1/

269,648.2 335,333.7 311,317.4 15.5 92.8 Tax Revenue

235,229.5 289,521.3 268,457.4 14.1 92.7

1. Direct Tax Revenue

97,646.0 114,487.6 115,857.8 18.7 101.2 1.1 Income and Profit Taxes

94,837.3 109,067.1 112,798.6 18.9 103.4 Personal

34,810.6 36,708.6 41,202.5 18.4 112.2 Business

44,732.7 57,607.9 59,406.6 32.8 103.1 Others 2/

15,294.1 14,750.6 12,189.4 (20.3) 82.6 1.2 Rural Land Use Fee 376.3 2,300.4 356.0 (5.4) 15.5 1.3 Urban Land Use Fee 2,432.4 3,120.0 2,703.3 11.1 86.6 2. Indirect Taxes 137,583.5 175,033.8 152,599.6 10.9 87.2 2.1 Domestic Taxes

67,172.4 83,200.3 77,774.0 15.8 93.5 2.2 Foreign Trade Taxes

70,411.0 91,833.5 74,825.6 6.3 81.5 Import

70,411.0 91,833.5 74,825.6 6.3 81.5 Export 3. Non-Tax Revenue

34,418.7 45,812.3 42,860.0 24.5 93.6 3.1 Charges and Fees 4,182.5 3,115.8 4,428.6 5.9 142.1 3.2 Govt. Invt. Income 3/

12,222.8 15,668.4 15,821.6 29.4 101.0 3.3 Reimb. And Property Sales 121.2 323.1 245.9 102.9 76.1 3.4 Sales of Goods & Services 5,282.4 6,580.9 6,872.8 30.1 104.4 3.5 Others 4/

12,609.8 20,124.2 15,491.0 22.8 77.0 4. Grants 17,913.9 36,141.4 33,619.1 87.7 93.0 Source: Ministry of Finance 1/ It does not include privatization proceeds 2/ Others include rental income tax, with holding income tax on imports, interest income tax, capital gains tax, agricultural income and other incomes 3/Gov. Investment income includes : Residual surplus, capital charge, interest payments and state dividend 4/ Other extra ordinary, miscellaneous, pension contribution and other revenue

National Bank of Ethiopia 99 | A n n u a l R e p o r t 2 0 1 8 / 1 9 0 50000 100000 150000 200000 250000 300000 In million Birr Fiscal Year Fig.VI.1: Trend of General Government Revenue by Component Total Revenue and Grants Tax Revenue Direct tax revenue Indirect tax revenue Non-tax revenue Grants

National Bank of Ethiopia 100 | A n n u a l R e p o r t 2 0 1 8 / 1 9 6.3. Expenditure Total general government expenditure amounted to Birr 413.1 billion, depicting 16.6 percent annual growth. Current expenditure, accounting for 57.7 percent of the total expenditure, increased 13.2 percent annually of which the lion’s share (47.2 percent) went to finance social services. Capital expenditure reached Birr 174.9 billion compared to Birr 143.7 billion a year ago. About 60.9 percent of the capital expenditure was on economic development. In summary, expenditure performance rate was 87.7 percent of the annual budget.

National Bank of Ethiopia 101 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 6.3: Summary of General Government Expenditure (In Millions of Birr) Particulars 2017/18 2018/19 Percentage Change Performance [A] [B] [C] Rate Pre actual Revised Budget Pre actual [C/A] [C/B] Total Expenditure 354,205.3 471,195.8 413,105.7

16.6 87.7

1. Current Expenditure 210,470.2 273,441.9 238,156.6

13.2 87.1 General Services 62,715.7 65,473.6 74,660.4

19.0 114.0 Economic Services 26,503.3 33,618.9 31,233.4

17.8 92.9 Social Services 97,845.8 103,494.0 112,516.0

15.0 108.7 Interest and Charges 11,570.7 15,221.9 13,525.8

16.9 88.9 Others (miscellaneous) 11,834.9 55,633.5 6,221.0

(47.4) 11.2 2. Capital Expenditure 143,735.1 197,753.9 174,949.1

21.7 88.5 Economic Development 89,717.1 120,475.1 106,518.0

18.7 88.4 Social Development 37,477.1 47,525.4 47,891.4

27.8 100.8 General Development 16,540.9 29,753.4 20,539.8

24.2 69.0 3. Special programs Source: Ministry of Finance

National Bank of Ethiopia 102 | A n n u a l R e p o r t 2 0 1 8 / 1 9 0 50000 100000 150000 200000 250000 300000 350000 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Fig.VI.2: Trends in General Government Expenditure by Component Total Expenditure Current Expenditure Capital Expenditure

National Bank of Ethiopia 103 | A n n u a l R e p o r t 2 0 1 8 / 1 9 6.4. Deficit Financing General government budget operations resulted in Birr 68.1 billion deficit (including grants) which was 2.3 percent higher than a year earlier. The share of primary deficit in GDP was 2.5 percent. The deficit was financed by net external and domestic borrowings.

National Bank of Ethiopia 104 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 6.4: Summary of General Government Finance (In Millions of Birr) Particulars 2017/18 2018/19 Percentage Change performance rate [A] [B] [C] Pre. Act [C/A] [C/B] Revised Budget Pre. Act Revenue and Grants

287,562.1

371,475.0

344,936.5 20.0 92.9 Revenue

269,648.2

335,333.7

311,317.4 15.5 92.8 Grants

17,913.9

36,141.4

33,619.1 87.7 93.0 Total Expenditure

354,205.3

471,195.8

413,105.7 16.6 87.7 Current Expenditure

210,470.2

273,441.9

238,156.6 13.2 87.1 Capital Expenditure

143,735.1

197,753.9

174,949.1 21.7 88.5 Overall Surplus/ Deficit (Including Grants)

(66,643.2)

(99,720.8)

(68,169.2) 2.3 68.4 (Excluding Grants)

(84,557.1) (135,862.2) (101,788.3) 20.4 74.9 Total Financing

66,643.2

99,720.8

68,169.2 2.3 68.4 Net External Borrowings

28,134.7

40,414.3

35,401.7 25.8 87.6 Gross Borrowing

32,449.7

47,704.7

40,973.4 26.3 85.9 Amortization Paid

4,315.1

7,290.4

5,571.7 29.1 76.4 Net Domestic Borrowings

14,871.2

59,306.5

36,324.3 144.3 61.2 Banking System

(23,423.8)

10,188.5 (143.5) Non-Banking Systems

38,295.0

26,135.8 (31.8) Privatization Receipts

9,349.1 Others and Residuals

14,288.3

0

(3,556.8) (124.9) Source: Ministry of Finance

National Bank of Ethiopia 105 | A n n u a l R e p o r t 2 0 1 8 / 1 9 VII. INVESTMENT In 2018/19, 976 investment projects become operational. All the investment projects were private owned whose investment capital stood at Birr 9 billion. Of the total investment projects, 913 (93.5 percent) were domestic having investment capital of Birr 7.8 billion. The remaining 63 projects were foreign having Birr 1.2 billion capital. The average capital investment for domestic projects was Birr 8.6 million while that of foreign projects Birr 17.7 million. This implies that foreign investment projects were more of capital intensive than domestic ones. These investment projects created job opportunities for 22,631 permanent and 10,541 casual workers (Table 7.1).

National Bank of Ethiopia 106 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 7.1: Number of Projects, Capital and Jobs Created by Operational Investment (Capital in millions of Birr) Particulars 2016/17 2017/18 2018/19 Percentage change A B C Share C/A C/B

1. Total Investment Number 468 1,550 976 100 108.5 -37.0 Capital 8,896.9 25,876.3 8,951.7 100 0.6 -65.4 Permanent Workers 20,712 332,003 22,631 100 9.3 -93.2 Temporary Workers 9,775 36,214 10,541 100 7.8 -70.9 1.1. Total Private Number 467 1,550 976 100 109.0 -37.0 Capital 3,896.9 25,876.30 8,951.7 100 129.7 -65.4 Permanent Workers 20,692 332,003 22,631 100 9.4 -93.2 Temporary Workers 9,775 36,214 10,541 100 7.8 -70.9 1.1.1. Domestic Number 424 1,496 913 93.5 115.3 -39.0 Capital 3,295.0 20,698.2 7,836.4 87.5 137.8 -62.1 Permanent Workers 17,810 233,115 12,692 56.1 -28.7 -94.6 Temporary Workers 9,051 14,044 6,896 65.4 -23.8 -50.9 1.1.2. Foreign Number 43 54 63 6.5 46.5 16.7 Capital 602.0 5,178.1 1,115.3 12.5 85.3 -78.5 Permanent Workers 2,882 98,888 9,939 43.9 244.9 -89.9 Temporary Workers 724 22,170 3,645 34.6 403.5 -83.6 1.2. Public Number 1 - - - - - Capital 5,000.0 - - - - - Permanent Workers 20 - - - - - Temporary Workers - - - - - - Source: Ethiopian Investment Commission

National Bank of Ethiopia 107 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Fig.VII.1: Number of Operational Investment Projects by Type Source: Ethiopian Investment Commission. Fig.VII.2: Capital of Operational Investment Projects by Type Source: Ethiopian Investment Commission

National Bank of Ethiopia 108 | A n n u a l R e p o r t 2 0 1 8 / 1 9 7.1. Investment by Sector In terms of sectoral distribution, 41.4 percent of the total investment projects were in real estate, renting & business activities, 34.5 percent in manufacturing, 18 percent in construction, and 2.8 percent in agriculture, hunting & forestry. The rest of the sectors attracted just 3.3 percent of total investment projects. Of the total capital investment, manufacturing accounted for 51.6 percent followed by real estate, renting & business activities (21.3 percent), construction (19.5 percent), agriculture, hunting & forestry (3.3 percent) and the remaining sectors 3.9 percent (Table 7.2). Fig.VII.3: Distribution of Operational Investment capital by Sector in 2018/19 Source: Ethiopian Investment Commission. Others*: hotel & restaurant, education, health & social work, tour operation, transport & communication, mining & quarrying, others and other community, social and personal service activities.

National Bank of Ethiopia 109 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table: 7.2: Numbers and Capital of Operational Investment Projects by Sector (Capital in millions of Birr) Sectors

2016/17 2017/18 2018/19 Percentage share No. of Projects Investment Capital No. of Projects Investment Capital No. of Projects Investment Capital No. of Projects Investment Capital Manufacturing 149 1,888.0 578 14,494.8 337 4,647.0 34.5 51.9 Agriculture, hunting and forestry 14 119.6 42 322.8 27 297.7 2.8 3.3 Real estate, renting and Business activities 81 5,737.4 496 7,204.8 404 1,909.3 41.4 21.3 Hotel and restaurants 2 9.5 5 57.8 7 39.5 0.7 0.4 Education 4 6.1 7 67.8 6 68 0.6 0.8 Health and social work 3 13.7 15 276.4 5 25 0.5 0.3 Construction 199 1,081.9 344 3,002.1 176 1,745.7 18.0 19.5 Tour operation, transport and communication 3 14.7 5 11.4 5 20.0 0.5 0.2 Whole sale, retail trade and repair service - - 1 2.0 - - - - Mining and quarrying 8 18.7 7 81.0 4 38 0.4 0.4 Electricity, gas, steam and water supply - - 1 100.0 - - - - Other community, social and personal service activities 4 5.2 46 245.8 2 82 0.2 0.9 Others 1 1.9 3 9.5 3 79 0.3 0.9 Grand Total 468 8,896.9 1,550 25,876.2 976 8,951.7 100 100 Source: Ethiopian Investment Commission.

National Bank of Ethiopia 110 | A n n u a l R e p o r t 2 0 1 8 / 1 9 7.2. Distribution by Region Of the 976 investment projects, 681 (69.8 percent) having about Birr 6.8 billion capital (76.4 percent) were located in Addis Ababa, 157 projects (16.1 percent) with Birr 560.4 million capital in Oromia, 49 projects (5 percent) with Birr 265.6 million capital in Tigray and 20 projects (2 percent) with Birr 152.5 million capital in Amhara region. On the other hand, 69 projects (7.1 percent) with Birr 1.1 billion capital were multiregional. During the year, there were no investment projects in Afar, Somali, Benishangul-Gumuz, SNNPR, Gambella, Harari and Dire-Dawa (Table 7.3). Table 7.3: Number and Capital of Operational Projects by Region (Capital in millions of Birr) Regions 2016/17 2017/18 2018/19 Percentage share No. of project s Investment Capital No. of projects Investment Capital No. of projects Investment Capital No. of projects Investment Capital Tigray 21 65.9 66 395.3 49

265.6 5.0 3.0 Afar - - 46 380.0 - - - - Amhara 42 104.5 15 39.7 20

152.5 2.0 1.7 Oromia 19 335.6 - - 157

560.4 16.1 6.3 Somali - - - - - - - - Benishangul -Gumuz - - 1 2.0 - - - - SNNPR 10 83.5 1 2.5 - - - - Gambella - - - - - - - - Harari - - - - - - - - Addis Ababa 376 8,307.5

1,362 19,839.3

681

6,838.4 69.8 76.4 Dire Dawa - - - - - - - - Multiregiona l Projects - - 59 5,217.5 69 1,135

7.1 12.7 Grand Total 468 8,896.9

1,550 25,876.3

976

8,951.7 100 100 Source: Ethiopian Investment Commission.

National Bank of Ethiopia 111 | A n n u a l R e p o r t 2 0 1 8 / 1 9 VIII. INTERNATIONAL DEVELOPMENTS 8.1. International Economic Developments 8.1.1. Overview of the World Economy Global technology supply chains were threatened by the prospect of US sanctions, Brexit-related uncertainty continued, and rising geopolitical tensions roiled energy prices. As a result, global growth is projected to remain modest in 2019, at 3.2 percent, before picking up to 3.5 percent in 2020. For advanced economies, growth is projected at 1.9 percent in 2019 and 1.7 percent in 2020. The emerging market and developing economy group is expected to grow at 4.1 percent in 2019, rising to 4.7 percent in 2020. Growth is projected to continue in the United States supported by stronger-than￾anticipated first quarter performance and the headline number was strong on the back of robust exports and inventory accumulation despite softer than expected domestic demand and weaker imports in part reflecting the effect of tariffs. As a result, the 2019 growth is expected to be 2.6 percent, moderating to 1.9 percent in 2020 as the fiscal stimulus unwinds. Growth in the euro area is projected at 1.3 percent in 2019 and 1.6 percent in 2020. This is due to weaker-than-expected external demand, which also weighs on investment in Germany. Euro area growth is expected to pick up over the remainder of this year and into 2020, as external demand is projected to recover and temporary factors (including the dip in German car registrations and French street protests) continue to fade. The United Kingdom GDP is set to expand at 1.3 percent in 2019 and 1.4 percent in 2020 as a result of a stronger-than￾anticipated first quarter outturn boosted by pre-Brexit inventory accumulation and stockpiling. This is likely to be partially offset by payback over the remainder of the year. Monthly GDP for April recorded a sharp contraction, in part driven by major car manufacturers bringing forward regular annual shutdowns as part of Brexit contingency plans. The forecast assumes an orderly Brexit followed by a gradual transition to the new regime. However, as of mid-July, the ultimate form of Brexit remained highly uncertain.

National Bank of Ethiopia 112 | A n n u a l R e p o r t 2 0 1 8 / 1 9 In Japan, the economy is set to grow by 0.9 percent in 2019. The strong first quarter GDP release reflects inventory accumulation and a large contribution from net exports due to the sharp fall in imports, thus masking subdued underlying momentum. Growth is projected to decline to 0.4 percent in 2020, with fiscal measures expected to somewhat mitigate the volatility in growth from the forthcoming October 2019 increase in the consumption tax rate. The emerging market and developing economy group is expected to grow at 4.1 percent in 2019, rising to 4.7 percent in 2020 although higher growth in Emerging and developing Asia. Growth in emerging and developing Asia is expected to grow at 6.2 percent in 2019/20, largely reflecting the impact of tariffs on trade and investment. In China, the negative effects of escalating tariffs and weakening external demand have added pressure to an economy already in the midst of a structural slowdown and needed regulatory strengthening to rein in high dependence on debt. With policy stimulus expected to support activity in the face of the adverse external shock, growth is forecasted at 6.2 percent in 2019 and 6.0 percent in 2020. India’s economy is set to grow at 7.0 percent in 2019, picking up to 7.2 percent in 2020 which reflects a weaker￾than-expected outlook for domestic demand. Growth in the Middle East, North Africa, Afghanistan, and Pakistan region is expected to be 1.0 percent in 2019, rising to about 3.0 percent in 2020. The forecast for 2019 is owing to the crippling effect of tighter US sanctions on Iran. Civil strife across other economies, including Syria and Yemen, add to the difficult outlook for the region. Partially offsetting these developments are improved prospects for Saudi Arabia’s economy—the non-oil sector is expected to strengthen in 2019 with higher government spending and improved confidence, and in 2020 with an increase in oil sector growth. In Sub-Saharan Africa, growth is expected at 3.4 percent in 2019 and 3.6 percent in 2020, as strong growth in many non￾resource-intensive countries partially offsets the lackluster performance of the region’s largest economies. Higher, albeit volatile, oil prices have supported the outlook for Angola, Nigeria, and other oil-exporting countries in the region. But growth in South Africa is expected at a more subdued pace in following a larger-than-anticipated impact of strike activity and energy supply issues in mining and weak agricultural production.

National Bank of Ethiopia 113 | A n n u a l R e p o r t 2 0 1 8 / 1 9 Table 8.1: Overview of World Economic Outlook and Projection (Annual Percentage Change) Particulars 2017 2018 Projection 2019 2020 World Output 3.8 3.6 3.2 3.5 Advanced Economies 2.4 2.2 1.9 1.7 United States 2.2 2.9 2.6 1.9 Euro Area 2.4 1.9 1.3 1.6 Japan 1.9 0.8 0.9 0.4 United Kingdom 1.8 1.4 1.3 1.4 Emerging Market & Developing Economies 4.8 4.5 4.1 4.7 Middle East, North Africa, Afghanistan and Pakistan 2.1 1.6 1.0 3.0 Sub-Saharan Africa 2.9 3.1 3.4 3.6 Nigeria 0.8 1.9 2.3 2.6 South Africa 1.4 0.8 0.7 1.1 World Trade Volume (goods & services) * 5.4 3.8 3.4 3.9 Imports Advanced Economies 4.3 3.1 3.0 3.2 Emerging Market and Developing Economies 7.5 5.6 4.6 5.3 Exports Advanced Economies 4.4 3.1 2.7 3.1 Emerging Market and Developing Economies 7.2 4.3 4.0 4.8 Commodity Prices (US dollars) Oil 23.3 29.4 -4.1 -2.5 Non- fuel(average based on world commodity import weights) 6.4 1.6 -0.6 0.5 Consumer Prices* Advanced Economies 1.7 2.0 1.6 2.1 United States 2.1 2.4 2.0 2.7 Euro Area 1.5 1.8 1.3 1.6 United Kingdom 2.7 2.5 1.8 2.0 Japan 0.5 1.0 1.1 1.5 Emerging Market & Developing Economies 4.3 4.8 4.9 4.7 China 1.6 2.1 2.3 2.5 Mexico 6.0 4.9 3.8 3.1 Turkey 11.1 16.3 17.5 14.1 Brazil 3.4 3.7 3.6 4.1 Russia 3.7 2.9 5.0 4.5 Sub-Saharan Africa 11.0 8.5 8.1 7.4 Angola 29.8 19.6 17.5 11.1 Nigeria 16.5 12.1 11.7 11.7 Ghana 12.4 9.8 9.1 8.4 Source: IMF, World Economic Outlook, July, 2018 *IMF, World Economic Outlook, April, 2018

National Bank of Ethiopia 114 | A n n u a l R e p o r t 2 0 1 8 / 1 9 8.1.2. World Trade Global volume of world trade growth in goods and services is estimated to grow by 3.4 percent in 2019. Furthermore, it is projected to expand by 3.9 percent in 2020. Imports of goods and services by advanced economies rise by 3.0 percent in 2019 and by 3.2 percent in 2020. Similarly, imports by emerging market and developing economies forecasted to grow by 4.6 percent and 5.3 percent in 2019 and 2020, respectively. Likewise, export of goods and services from advanced economies and emerging and developing economies is forecasted to expand by 2.7 percent and 4.0 percent in 2019, respectively. 8.1.3. Inflation and Commodity Prices In advanced economies, inflation rate is forecasted to be 1.6 percent in 2019, down from 2.0 percent in 2018 but increases to 2.1 percent in 2020. However, inflation in emerging market and developing economies is projected to rise to 4.9 percent in 2019 from 4.8 percent in 2018. In 2020, inflation is expected to moderate to about 4.7 percent. In the United States, consumer price inflation is expected to decrease from 2.4 percent in 2018 to 2.0 percent in 2019 before rising to 2.7 percent in 2020. In Euro area inflation is expected to remain at about 1.3 percent in 2019 and it is expected to increase to 1.6 percent in 2020. In the United Kingdom, inflation in 2019 is projected at 1.8 percent, lower than 2.5 percent of 2018, before rising to 2.0 percent in 2020. While in Japan inflation is forecasted to be 1.1 percent in 2019 and 1.5 percent in 2020 from 1.0 percent in 2018. In emerging market economies, inflation development is diverse. In China inflation is expected to pick up to 2.3 percent in 2019 and 2.5 percent in 2020 from 2.1 percent in 2018. Inflation rate in Brazil is projected to be 3.6 percent in 2019 and further increased to 4.1 percent in 2020. Inflation in Russia is expected to be 5 percent in 2019 and slightly declines to 4.5 percent in 2020. In Mexico, the inflation rate is projected to decline to 3.8 percent in 2019 from 4.9 percent in 2018.

National Bank of Ethiopia 115 | A n n u a l R e p o r t 2 0 1 8 / 1 9 In Sub-Saharan Africa, inflation is expected to be 8.1 percent and 7.4 percent in 2019 and 2020, respectively. Since the beginning of 2019, oil prices have recovered somewhat thanks to production cuts by oil-exporting countries. However, its price is projected to decline by 4.1 percent in 2019 and 2.5 percent in 2020 despite it registered annual growth of 29.4 percent in 2018. Metal prices are expected to increase 2.4 percent year over year in 2019 and decline by 2.2 percent in 2020. Food prices are projected to decline 2.9 percent year over year in 2019 before increasing to 2.1 percent in 2020. 8.1.4. Exchange Rate With regard to major currencies, as of late March, the US dollar was back to its September 2018 level: the late-2018 appreciation reversed following a shift in market expectations about the pace and extent of monetary policy tightening. The euro depreciated by about 3 percent over this period, on weaker-than-expected macroeconomic data and concerns about Italy. The yen appreciated modestly, and the pound strengthened by about 3 percent on shifting expectations of the outcome of Brexit negotiations. Emerging market currencies generally strengthened, helped by the pause in interest rate hikes by the Federal Reserve and by the truce in the US– China trade dispute. This includes currencies that had come under more severe pressure in previous months—primarily the Argentine peso and the Turkish lira, but also the Brazilian real and the South African rand— as well as the Indian rupee and the Russian ruble. Most other Asian currencies also appreciated, with the Chinese renminbi strengthening by about 2 percent.

National Bank of Ethiopia 116 | A n n u a l R e p o r t 2 0 1 8 / 1 9 8.2. Implications of International Economic Developments on the Ethiopia Economy Global output growth was stable in the range between 3 percent and 4 percent in 2018 due to continued strong growth in emerging Asia. Growth of economic activity in both advanced economies and emerging & developing economies is forecasted to slowdown in 2019. In 2018 oil price grew by 29.4 percent. The increase in oil price in 2018/19 has suppressing impact on Ethiopia’s current account balance. However, in 2019 it will decrease by 4.1 percent which could have a positive impact on our current account. On the other hand, food prices are projected to decline by 2.9 percent year over year in 2019. The decline in the price of food in the international market will reduce Ethiopia’s export earnings from agricultural commodities which are the major export items of the country.

Table 1: Estimates of Agricultural Production and Cultivated Areas of Major Grain Crops (For Private Peasant Holdings) Cultivated area z Total productiony Cultivated area z Total productiony Cultivated area z Total productiony Cultivated area z Total productiony Cultivate d areaz Total productiony Cultivate d areaz Total productiony Cultivated area Total productiony Cultivated area z Total productiony Cultivated area Total productio n Cultivated area Total productio n Cultivated area Total production Cultivate d area Total production Cereals 8,706.0 136,456.0 8,770.0 144,964.0 9,233.0 155,342.0 9,690.0 177,613.0 9,588.9 188,099.6 9,601.0 196,511.5 9,848.7 215,835.2 10152.0 236076.6 9974.3 231288.0 10,219.4 ####### 10,232.5 267,789.7 10,358.8 277,638.3 Teff 2,565.0 29,929.0 2,481.0 30,280.0 2,589.0 31,794.0 2,761.0 34,835.0 2,731.0 34,976.9 2,730.3 37,652.4 3,016.5 44,186.4 3016.1 47506.6 2866.1 44713.8 3,017.9 50,204.4 3,023.3 52,834.0 3,076.5 54,034.7 Barley 985.0 13,548.0 978.0 15,194.0 1,129.0 17,504.0 1,047.0 17,034.0 948.0 15,852.9 1,018.8 17,816.5 1,019.5 19,082.6 993.9 19533.8 944.4 18567.0 959.3 20,249.2 951.9 20,529.9 811.7 17,675.1 Wheat 1,425.0 23,145.0 1,454.0 25,376.0 1,683.0 30,756.0 1,553.0 28,557.0 1,437.0 29,163.3 1,627.6 34,347.1 1,605.7 39,251.7 1663.8 42315.9 1664.6 42192.6 1,696.1 45,378.5 1,696.9 46,429.6 1,747.9 48,380.7 Maize 1,767.0 37,497.0 1,768.0 39,325.0 1,772.0 38,972.0 1,963.0 49,861.0 2,054.0 60,694.1 2,013.0 61,583.2 1,994.8 64,915.4 2114.9 72349.6 2111.5 71508.4 2,135.6 78,471.7 2,128.9 83,958.8 2,367.7 94,927.7 Sorghum 1,534.0 26,591.0 1,615.0 28,044.0 1,619.0 29,713.0 1,898.0 39,599.0 1,924.0 39,512.9 1,711.5 36,042.6 1,677.5 38,288.7 1834.7 43391.3 1854.7 43233.0 1,882.0 47,521.0 1,896.3 51,692.5 1,829.6 50,243.6 Millet 399.0 5,380.0 408.0 5,603.0 369.0 5,242.0 408.0 6,348.0 432.0 6,518.5 431.5 7,423.0 454.7 8,489.6 453.9 9153.1 465.5 9402.5 456.2 10,170.6 456.0 10,308.2 446.9 10,356.2 Oats 31.0 366.0 31.0 428.0 24.0 330.0 31.0 476.0 30.5 494.7 26.5 436.3 35.6 616.5 27.9 508.1 22.1 402.7 24.0 491.8 25.8 526.3 14.8 301.4 Rice 24.0 713.0 35.0 714.0 48.0 1,031.0 30.0 904.0 30.6 886.2 41.8 1,210.4 33.8 923.6 46.8 1318.2 45.5 1268.1 48.4 1,360.0 53.1 1,510.1 63.3 1,718.5 Pulses 1,479.0 17,534.0 1,551.0 19,270.0 1,489.0 18,908.0 1,357.0 19,532.0 1,616.8 23,162.0 1,863.4 27,510.3 1,742.6 28,588.8 1558.4 26718.3 1652.8 27692.7 1,549.9 28,146.3 1,598.8 29,785.8 1,620.4 30,113.4 Horse Beans 521.0 6,887.0 539.0 6,960.0 512.0 6,108.0 459.0 6,978.0 457.5 7,148.0 574.1 9,439.6 538.5 9,917.0 443.1 8389.4 444.0 8486.5 427.7 8,780.1 437.1 9,217.6 492.2 10,419.5 Chick Peas 227.0 2,868.0 233.0 3,121.0 213.0 2,846.0 208.0 3,228.0 231.3 4,002.0 239.5 4,097.3 229.7 4,238.0 239.8 4586.8 258.5 4726.1 225.6 4,441.5 242.7 4,994.2 2,397.0 4,591.7 Haricot Beans 231.0 2,414.0 267.0 3,298.0 244.0 3,629.0 237.0 3,402.0 331.7 3,878.0 366.9 4,630.1 326.5 4,574.1 323.3 5137.2 357.3 5402.4 290.2 4,839.2 306.1 5,209.7 288.6 4,883.1 Field Peas 212.0 2,319.0 231.0 2,671.0 226.0 2,359.0 204.0 2,570.0 212.8 2,632.0 256.0 3,273.8 275.4 3,798.1 230.7 3426.4 221.4 3233.9 212.5 3,481.4 220.5 3,685.1 216.7 3,608.1 Lentils 107.0 941.0 95.0 948.0 106.0 1,238.0 77.0 809.0 109.9 1,280.0 123.7 1,515.0 125.8 1,591.2 98.9 1373.5 100.7 1339.3 113.7 1,662.7 119.0 1,751.4 99.7 1,408.1 Soya beans 8.0 84.0 6.0 79.0 6.0 * 11.0 158.0 19.4 358.8 31.9 636.5 30.5 610.2 35.3 721.8 38.2 812.4 36.6 812.3 38.0 864.6 64.7 1,494.5 Grass peas 147.0 1,855.0 160.0 2,021.0 136.0 2,040.0 131.0 2,009.0 179.8 3,055.8 205.4 3,255.8 169.4 3,173.2 136.9 2514.4 159.1 2876.7 151.3 2,971.0 143.0 2,866.0 130.5 2,604.1 Gibto 26.0 166.0 20.0 172.0 25.0 417.0 14.0 196.0 34.2 443.7 33.2 368.8 22.4 230.4 15.5 176.9 16.8 187.2 19.9 274.1 17.8 246.2 17.5 239.5 Oil Seeds 745.0 6,664.0 855.0 6,557.0 781.0 6,435.0 775.0 6,340.0 880.7 7,308.0 818.4 7,266.6 816.1 7,112.6 855.8 7601.0 859.1 7848.1 804.8 8,392.0 846.4 8,550.7 747.8 7,850.1 Neug 285.0 1,598.0 313.0 1,908.0 257.0 1,578.0 248.0 1,448.0 309.0 1,863.0 303.6 2,124.2 285.3 2,202.1 252.6 2244.6 281.0 2563.3 281.2 3,024.3 290.4 3,233.4 257.9 2,963.2 Linseed/Flax 152.0 1,899.0 181.0 1,560.0 141.0 1,506.0 74.0 654.0 116.5 1,127.0 127.9 1,220.6 95.6 879.5 82.3 831.3 85.4 885.5 80.4 879.1 79.0 882.0 83.6 966.8 Rapeseed 35.0 477.0 33.0 387.0 21.0 226.0 13.0 193.0 45.1 746.7 45.8 731.1 44.0 624.5 30.1 537.0 30.0 550.4 23.7 434.0 18.0 328.6 20.6 382.1 Sunflower 9.0 81.0 8.0 66.0 5.0 56.0 6.0 51.0 8.2 88.7 11.4 132.8 11.5 83.5 5.6 63.3 7.4 67.3 6.7 79.5 7.9 95.7 6.4 80.3 Ground nuts 40.0 447.0 42.0 469.0 41.0 464.0 49.0 716.0 64.4 1,034.8 90.2 1,244.2 79.9 1120.9 64.6 1037.1 67.1 1039.4 74.9 1,296.4 80.8 1,451.7 84.2 1,440.9 Sesame 186.0 1,868.0 278.0 2,167.0 316.0 2,605.0 385.0 3,277.0 337.5 2,447.8 239.5 1,813.8 299.7 2,202.1 420.5 2887.7 388.2 2742.2 337.9 2,678.7 370.1 2,559.0 294.8 2,016.6 Total 10,930.0 160,654.0 11,176.0 170,791.0 11,503.0 180,685.0 11,822.0 203,485.0 12,086.4 218,569.6 12,282.9 231,288.5 12,407.5 251,536.6 12566.2 270396.0 12486.3 266828.8 12,574.1 ####### 12,677.8 306,126.3 12,727.1 315,602.0 Cereals 2.9 6.1 0.7 6.2 5.3 7.2 4.9 14.3 (1.0) 5.9 0.13 4.5 2.6 9.8 3.1 9.4 -1.8 -2.0 2.5 9.8 0.1 5.5 1.234302 3.68 Pulses #REF! #REF! 4.9 9.9 (4.0) (1.9) (8.9) 3.3 19.1 18.6 15.3 18.8 (6.5) 3.9 (10.6) (6.5) 6.1 3.6 (6.2) 1.6 3.2 5.8 1.4 1.1 Oil Seeds (1.8) 30.0 14.8 (1.6) (8.7) (1.9) (0.8) (1.5) 13.6 15.3 (7.1) (0.6) (0.3) (2.1) 4.9 6.9 0.4 3.3 -6.3 6.9 5.2 1.9 (11.6) (8.2) Total 3.3 7.5 2.3 6.3 2.9 5.8 2.8 12.6 2.2 7.4 1.6 5.8 1.0 8.8 1.3 7.5 -0.6 -1.3 0.7 8.8 0.8 5.4 0.4 3.1 Source: Central Statistical Authority (CSA). NOTE:-

• Estimates are corrected and adjusted based on the previous survey of CSA and the 1993/94 MOA-CSA crop assessment result. ** Unreliable estimates but included in the total " Others ". ' Meher' Season refers to the period starting from the month of September to February. 2011/12 Years/ Variables 2007/08 2008/09 2009/10 2010/11 2018/19 2000 2001 2002 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18

y In Thousands of Quintals. 2009 2010 2011 Percentage change

z In Thousands of Hectars. 2003 2004 2005 2006 2007 2008

Table 2: GDP By Economic Activity at Constant Prices (In millions of Birr) 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Agriculture, Hunting and Forestry 202,209.4 221,688.4 217,528.4 194,735.5 227,784.5 258,637.3 286,869.8 313,975.7 337,502.8 358,944.5 386,339.2 421,172.8 441,832.9 473,132.2 498,733.6 530,341.5 542,700.2 579,022.9 599,331.4 622,220.3 Crop 105,595.3 121,439.5 116,945.1 97,662.7 122,621.7 146,545.6 168,479.8 187,053.1 201,996.9 215,075.1 233,879.2 258,009.7 270,881.6 293,063.1 312,338.7 334,768.6 346,293.6 374,649.8 392,291.8 404,049.6 Animal Farming and Hunting 75,017.0 76,857.0 76,997.8 74,223.4 80,172.8 84,931.4 89,093.2 96,111.9 103,150.3 110,419.1 117,249.1 126,016.6 132,843.6 139,692.4 142,601.9 149,246.8 146,959.5 153,170.4 154,038.0 163,279.5 Forestry 30,547.9 31,353.1 32,228.0 33,166.2 34,048.8 34,883.0 35,814.5 36,846.7 38,393.2 39,595.9 40,906.7 42,138.1 43,440.5 44,867.9 46,751.8 48,368.2 49,447.1 51,202.7 53,001.7 54,891.1 Fishing 479.2 470.3 469.7 375.4 281.2 305.4 280.3 301.9 404.5 511.9 520.3 551.2 668.4 797.8 1,057.4 1,381.1 1,381.9 1,389.4 1,546.7 1,581.8 Mining and Quarrying 2,020.3 2,125.5 2,349.6 2,445.5 2,495.1 2,598.2 2,784.4 2,355.4 2,859.8 3,225.2 4,649.7 7,333.7 8,265.7 8,784.6 8,506.2 6,328.5 6,116.8 4,296.9 3,402.8 2,658.9 Manufacturing 18,235.5 18,886.3 19,128.2 19,279.7 20,550.4 23,177.6 25,633.8 27,772.7 30,636.9 33,417.3 37,292.5 41,815.8 46,752.0 54,668.7 63,764.0 75,383.5 89,246.7 111,249.6 117,410.7 127,986.7 Large and Medium Scale Manufacturing 9,313.8 9,506.7 9,529.8 9,667.5 10,413.7 11,623.1 13,209.7 14,462.2 16,280.9 17,955.8 20,398.0 23,282.3 26,985.0 33,516.2 40,743.0 50,174.6 61,687.4 73,528.2 77,966.5 87,691.9 Small Scale and Cottage Industries 12,399.9 13,208.4 13,636.5 13,581.4 14,190.6 16,324.3 17,123.4 18,157.6 19,171.7 20,393.7 21,814.3 23,384.1 24,366.4 24,838.1 25,895.4 26,874.8 27,559.2 37,721.5 39,444.2 40,294.7 Electricity and Water 3,027.5 3,128.2 3,430.7 3,596.7 3,833.4 4,135.7 4,501.6 5,114.4 5,362.3 5,630.6 5,771.0 6,872.5 7,802.9 8,585.3 9,165.6 9,577.4 11,015.5 11,552.5 11,929.0 14,115.4 Construction 18,291.7 19,758.8 22,964.7 26,097.1 31,193.8 33,548.2 37,068.0 41,110.6 45,773.6 51,117.9 56,684.7 63,932.5 84,041.1 116,588.0 144,420.0 190,028.6 237,545.0 286,749.6 331,691.4 381,443.8 Whole Sale and Retail Trade 41,685.1 43,818.7 45,310.9 46,723.2 49,085.2 55,498.3 65,230.6 76,197.9 88,274.6 98,627.8 107,792.1 114,122.5 128,411.1 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 268,037.0 Hotels and Restaurants 3,244.6 3,509.8 3,684.1 3,915.8 4,158.5 4,639.2 5,545.2 7,068.2 8,716.5 10,795.9 13,417.9 16,723.1 18,403.7 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 48,143.8 Transport and Communications 12,122.7 43,818.7 45,310.9 46,723.2 49,085.2 55,498.3 65,230.6 76,197.9 88,274.6 98,627.8 107,792.1 114,122.5 128,411.1 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 104,436.2 Financial Intermediation 7,228.7 3,509.8 3,684.1 3,915.8 4,158.5 4,639.2 5,545.2 7,068.2 8,716.5 10,795.9 13,417.9 16,723.1 18,403.7 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 57,368.6 Real Estate, Renting and Business Activities 12,755.9 13,911.3 17,139.2 18,807.0 19,652.3 21,104.9 24,168.3 27,845.9 32,659.3 37,846.4 45,401.8 55,423.4 57,543.4 59,781.2 62,114.2 64,690.9 67,062.9 70,005.2 74,364.3 79,942.0 Public Administration and Defense 27,130.1 24,575.2 20,734.0 21,021.1 21,063.2 23,516.8 25,015.9 27,966.7 31,469.5 37,248.7 40,567.8 44,391.8 45,760.0 49,253.6 54,681.3 57,979.5 62,259.2 70,488.5 76,754.1 83,662.0 Education 8,646.7 9,624.5 10,362.0 11,559.4 12,886.2 14,508.7 15,757.7 19,105.0 21,925.3 24,773.6 28,976.1 30,247.9 31,596.6 34,781.5 35,679.7 38,963.0 42,385.6 41,031.0 42,520.8 44,221.6 Health and Social Work 2,791.3 3,075.8 3,072.0 2,943.2 3,410.8 3,985.6 4,377.5 5,067.3 5,854.2 7,049.6 8,038.8 8,540.0 9,341.3 10,489.0 12,510.3 14,137.2 15,669.4 16,767.9 18,153.4 20,747.2 Other Community , Social & Personal Services 6,221.4 6,461.1 6,791.9 6,893.0 7,224.2 7,805.7 8,521.3 9,244.9 10,326.0 10,981.8 11,867.6 12,443.7 13,986.4 16,560.4 17,193.4 17,828.7 18,371.3 19,198.4 20,178.0 21,454.2 Private Households with Employed Persons 6,655.7 6,931.4 7,714.1 8,057.7 8,186.5 8,444.9 9,000.3 9,358.5 9,851.6 10,224.1 10,714.0 11,256.4 13,069.3 14,136.1 14,758.3 15,401.2 16,063.8 16,633.3 17,276.0 17,707.4 Total 368,080.7 395,256.6 400,319.5 392,316.0 438,516.7 494,086.6 552,177.4 617,397.5 687,588.5 756,824.5 836,539.1 931,759.1 1,011,606.3 1,111,987.7 1,227,058.7 1,355,280.4 1,463,883.2 1,613,519.9 1,739,254.9 1,895,726.7 Less : FISIM 3,163.9 3,284.6 2,098.1 2,407.1 2,853.6 3,323.6 4,663.8 5,294.9 6,884.3 7,747.2 8,334.9 9,258.8 8,274.0 8,803.4 10,512.8 12,393.0 14,485.8 17,038.3 19,763.6 21,037.4 Gross Value Added at Constant Basic Prices 364,984.3 392,058.8 398,464.8 390,102.9 435,859.5 490,970.4 547,625.4 612,217.2 680,706.9 749,058.8 828,212.7 922,512.8 1,002,766.9 1,102,467.8 1,216,015.3 1,342,555.9 1,449,397.5 1,596,481.6 1,719,491.3 1,874,689.3 Taxes on Products 26,584.3 32,155.5 32,154.9 31,199.9 42,936.1 44,257.1 45,442.0 48,711.5 51,420.5 47,148.0 68,567.2 74,437.1 80,410.1 95,162.9 104,547.5 115,169.8 118,700.0 120,645.6 114,575.2 112,468.2 GDP at Constant Market Prices 391,668.2 424,182.3 430,607.4 421,301.7 478,482.2 535,033.3 593,002.2 660,936.6 732,242.1 796,697.6 896,687.5 996,921.8 1,083,133.7 1,197,753.9 1,320,688.1 1,457,857.6 1,568,097.5 1,717,127.2 1,834,066.5 1,987,157.5 Source:MoFED Sectors/Year

Table 3: Growth Rate of GDP By Economic Activity at Constant Prices ( In percent) 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Agriculture, Hunting and Forestry 9.6 -1.9 -10.5 17.0 13.5 10.9 9.4 7.5 6.4 7.6 9.0 4.9 7.1 5.4 6.3 2.3 6.7 3.5 3.8 Crop 15.0 -3.7 -16.5 25.6 19.5 15.0 11.0 8.0 6.5 8.7 10.3 5.0 8.2 6.6 7.2 3.4 8.2 4.7 3 Animal Farming and Hunting 2.5 0.2 -3.6 8.0 5.9 4.9 7.9 7.3 7.0 6.2 7.5 5.4 5.2 2.1 4.7 -1.5 4.2 0.6 6 Forestry 2.6 2.8 2.9 2.7 2.4 2.7 2.9 4.2 3.1 3.3 3.0 3.1 3.3 4.2 3.5 2.2 3.6 3.5 3.8 Fishing -1.9 -0.1 -20.1 -25.1 8.6 -8.2 7.7 34.0 26.5 1.7 5.9 21.3 19.4 32.5 30.6 0.1 0.5 11.3 2.3 Mining and Quarrying 5.2 10.5 4.1 2.0 4.1 7.2 -15.4 21.4 12.8 44.2 57.7 12.7 6.3 -3.2 -25.6 -3.3 -29.8 -20.8 -21.9 Manufacturing 3.6 1.3 0.8 6.6 12.8 10.6 8.3 10.3 9.1 11.6 12.1 11.8 16.9 16.6 18.2 18.4 24.7 5.5 7.7 Large and Medium Scale Manufacturing 2.1 0.2 1.4 7.7 11.6 13.7 9.5 12.6 10.3 13.6 14.1 15.9 24.2 21.6 23.1 22.9 19.2 6.0 10 Small Scale and Cottage Industries 6.5 3.2 -0.4 4.5 15.0 4.9 6.0 5.6 6.4 7.0 7.2 4.2 1.9 4.3 3.8 2.5 36.9 4.6 3 Electricity and Water 3.3 9.7 4.8 6.6 7.9 8.8 13.6 4.8 5.0 2.5 19.1 13.5 10.0 6.8 4.5 15.0 4.9 3.3 4 Construction 8.0 16.2 13.6 19.5 7.5 10.5 10.9 11.3 11.7 10.9 12.8 31.5 38.7 23.9 31.6 25.0 20.7 15.7 15 Whole Sale and Retail Trade 5.1 3.4 3.1 5.1 13.1 17.5 16.8 15.8 11.7 9.3 5.9 12.5 10.1 17.7 12.3 8.2 6.5 12.3 11.7 Hotels and Restaurants 8.2 5.0 6.3 6.2 11.6 19.5 27.5 23.3 23.9 24.3 24.6 10.1 19.1 26.6 29.6 15.6 0.1 6.5 9 Transport and Communications 13.7 5.6 10.5 9.5 19.2 5.7 9.3 11.5 8.9 14.4 9.7 12.6 16.5 12.7 13.3 13.7 15.1 6.4 21 Financial Intermediation 11.8 -25.0 10.8 19.7 24.2 28.7 15.1 28.1 16.5 -0.3 23.7 23.6 -12.2 14.3 7.5 9.6 18.3 10.7 10.1 Real Estate, Renting and Business Activities 9.1 23.2 9.7 4.5 7.4 14.5 15.2 17.3 15.9 20.0 22.1 3.8 3.9 3.9 4.1 3.7 4.4 6.2 7.5 Public Administration and Defense -9.4 -15.6 1.4 0.2 11.6 6.4 11.8 12.5 18.4 8.9 9.4 3.1 7.6 11.0 6.0 7.4 13.2 8.9 9 Education 11.3 7.7 11.6 11.5 12.6 8.6 21.2 14.8 13.0 17.0 4.4 4.5 10.1 2.6 9.2 8.8 -3.2 3.6 4 Health and Social Work 10.2 -0.1 -4.2 15.9 16.9 9.8 15.8 15.5 20.4 14.0 6.2 9.4 12.3 19.3 13.0 10.8 7.0 8.3 14.3 Other Community , Social & Personal Services 3.9 5.1 1.5 4.8 8.0 9.2 8.5 11.7 6.4 8.1 4.9 12.4 18.4 3.8 3.7 3.0 4.5 5.1 6.3 Private Households with Employed Persons 4.1 11.3 4.5 1.6 3.2 6.6 4.0 5.3 3.8 4.8 5.1 16.1 8.2 4.4 4.4 4.3 3.5 3.9 2.5 Total 7.4 1.3 -2.0 11.8 12.7 11.8 11.8 11.4 10.1 10.5 11.4 8.6 9.9 10.3 10.4 8.0 10.2 7.8 8.9 Less : FISIM 3.8 -36.1 14.7 18.5 16.5 40.3 13.5 30.0 12.5 7.6 11.1 -10.6 6.4 19.4 17.9 16.9 17.6 16.0 7 Gross Value Added at Constant Basic Prices 7.4 1.6 -2.1 11.7 12.6 11.5 11.8 11.2 10.0 10.6 11.4 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9 Taxes on Products 21.0 0.0 -3.0 37.6 3.1 2.7 7.2 5.6 -8.3 45.4 8.6 8.0 18.3 9.9 10.2 3.1 1.6 -5.0 -1.8 GDP at Constant Market Prices 8.3 1.5 -2.2 13.6 11.8 10.8 11.5 10.8 8.8 12.6 11.2 8.6 10.6 10.3 10.4 7.6 9.5 6.8 8.3 Source:MoFED Industry/Year

Table 4: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices (In Millions of Birr) 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008 /09 2009 /10 2010 /11 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Gross Value Added at Current Basic Prices 64,224.6 65,018.2 63,687.8 70,311.9 81,632.0 101,034.4 125,711.9 164,741.5 238,672.2 326,026.2 365,482.5 489,127.3 710,011.5 818,870.1 1,002,350.9 1,226,637.4 1,449,397.5 1,703,798.2 2,064,789.2 2,543,623.0 Taxes on Products, net 4,349.0 4,957.6 4,778.0 5,228.0 7,476.0 8,467.0 9,698.0 12,186.0 16,785.0 19,139.0 28,412.0 39,431.0 56,882.0 70,618.0 86,098.0 105,128.7 118,700.0 128,755.5 137,583.5 152,600.0 GDP at Current Market Prices 68,920.1 70,345.5 68,825.2 75,935.2 89,614.8 110,101.9 136,128.5 177,851.4 256,766.1 346,823.9 395,991.2 528,579.8 766,915.5 889,644.9 1,088,631.8 1,331,983.7 1,568,097.5 1,832,553.7 2,202,372.7 2,696,223.0 Incomes from ROW, net (204.0) (280.7) (209.4) (230.8) (334.5) 107.3 (9.5) 263.8 316.1 (329.3) (712.8) (1,120.2) (1,659.8) (1,942.8) (2,914.6) (5,275.1) (5,122.4) (10,884.1) (14,349.1) (13,104.0) Gross National Income at Current Basic Prices 64,020.6 64,737.5 63,478.4 70,081.1 81,297.5 101,141.7 125,702.3 165,005.3 238,988.4 325,696.9 364,769.7 488,007.1 708,351.7 816,927.4 999,436.3 1,221,362.3 1,444,275.0 1,692,914.1 2,050,440.2 2,530,519.0 Gross National Income at Current Market Prices 68,716.1 70,064.8 68,615.9 75,704.4 89,280.3 110,209.2 136,118.9 178,115.2 257,082.3 346,494.7 395,278.4 527,459.6 765,255.7 887,702.1 1,085,717.2 1,326,708.6 1,562,975.0 1,821,669.6 2,188,023.6 2,683,118.6 Current Transfers from ROW, net 5,652.3 6,434.1 6,635.8 9,387.6 9,435.8 15,334.7 18,162.9 25,444.4 34,193.9 44,191.0 59,484.8 74,261.2 86,849.9 93,355.1 106,357.3 128,400.8 155,964.2 154,959.4 188,527.3 240,392.0 Gross National Disposable Income 74,368.4 76,498.9 75,251.7 85,092.0 98,716.1 125,543.9 154,281.8 203,559.7 291,276.2 390,685.7 454,763.1 601,720.8 852,105.6 981,057.2 1,192,074.5 1,455,109.4 1,718,939.2 1,976,628.9 2,376,550.9 2,923,510.0 Government Final Consumption Expenditure 18,023.8 15,063.6 14,926.8 14,890.8 17,106.6 19,960.7 24,310.8 27,321.4 36,834.7 45,067.5 49,720.8 62,346.1 72,783.5 91,074.7 115,104.0 137,245.8 174,598.8 203,607.9 225,523.2 247,362.0 Private Final Consumption Expenditure 43,005.1 45,239.9 46,501.5 53,522.7 57,388.8 76,792.6 96,680.0 122,685.3 186,181.4 252,692.2 291,473.3 374,882.4 544,140.3 639,963.8 748,560.3 900,516.9 1,042,264.6 1,219,365.9 1,441,581.1 1,848,070.0 Gross Capital Formation (Investment) 17,044.9 18,468.1 20,242.8 20,561.4 28,978.0 31,895.7 41,836.6 47,975.7 70,003.5 96,074.6 119,166.6 164,525.7 275,811.3 293,930.7 400,841.2 508,975.9 585,665.0 704,596.0 751,626.2 948,866.0 Exports of Goods and Services 8,009.8 8,146.1 8,388.8 9,779.5 12,913.6 16,076.9 18,205.4 21,853.7 28,317.5 35,233.2 52,168.4 85,950.4 102,886.6 108,227.1 123,496.0 121,532.2 122,500.8 139,830.1 184,282.1 213,437.0 Imports of Goods and Services 15,952.8 16,108.4 17,706.8 20,131.3 27,366.8 37,776.3 48,092.4 55,087.8 76,564.3 96,285.3 126,319.4 162,487.1 236,383.9 251,300.6 308,691.3 393,188.5 424,749.9 430,233.2 502,112.9 561,512.0 Resource Balance (7,943.0) (7,962.2) (9,318.0) (10,351.8) (14,453.2) (21,699.4) (29,887.0) (33,234.1) (48,246.8) (61,052.1) (74,151.0) (76,536.7) (133,497.3) (143,073.5) (185,195.3) (271,656.3) (302,249.2) (290,403.1) (317,830.8) (348,075.0) Gross Domestic Savings 7,891.2 10,042.1 7,396.9 7,521.7 15,119.4 13,348.6 15,137.6 27,844.7 33,750.0 49,064.2 54,797.0 91,351.3 149,991.7 158,606.3 224,967.5 294,221.0 351,234.0 409,579.8 535,268.5 600,791.0 Gross National Savings 13,339.5 16,195.5 13,823.3 16,678.5 24,220.6 28,790.6 33,291.0 53,553.0 68,260.1 92,926.0 113,568.9 164,492.3 235,181.8 250,018.7 328,410.1 417,346.8 502,075.8 553,655.1 709,446.7 828,078.0 Mid-year Population (In Million) 62.7 64.6 66.4 68.1 69.8 71.5 73.1 74.0 74.9 76.9 78.9 80.7 82.7 84.8 87.0 89.1 91.2 93.4 95.5 97.6 Per Capita Nominal GDP (In Birr) 1,098.8 1,089.5 1,037.2 1,115.4 1,283.0 1,540.9 1,862.3 2,404.1 3,428.1 4,510.5 5,016.2 6,551.5 9,268.6 10,486.5 12,520.2 14,953.4 17,192.4 19,630.4 23,061.5 27,625.0 Per Capita Real GDP (In Birr) 6,244.4 6,569.6 6,489.5 6,188.4 6,850.2 7,487.9 8,112.3 8,934.3 9,777.1 10,363.0 11,367.2 12,356.3 13,090.3 14,118.3 15,189.1 16,366.5 17,192.4 18,393.9 19,204.9 20,312.5 Average Exchange Rate (Birr/USD) 8.1 8.3 8.5 8.6 8.6 8.7 8.7 8.8 9.2 10.4 12.9 16.1 17.3 18.3 19.1 20.1 21.1 22.4 26.1 28.1 Real GDP (In USD) 48,116.5 50,922.2 50,422.4 49,102.8 55,444.1 61,840.7 68,310.4 75,155.1 79,219.4 76,474.6 69,615.8 61,852.2 62,777.3 65,528.4 69,237.3 72,546.1 74,296.6 76,610.6 70,249.0 70,666.9 Nominal GDP (In USD)(Million) 8,466.8 8,444.8 8,059.2 8,850.3 10,384.1 12,725.9 15,681.2 20,223.5 27,776.2 33,285.4 30,720.8 32,794.8 44,449.6 48,671.9 57,071.7 66,282.4 74,296.6 81,760.4 84,356.0 96,107.0 Per Capita Nominal GDP (In USD) 135.0 130.8 121.5 130.0 148.7 178.1 214.5 273.4 370.8 432.9 389.2 406.5 537.2 573.7 656.4 744.1 814.6 875.8 883.3 985.0 Per Capita Real GDP (In USD) 767.1 788.7 759.9 721.3 793.8 865.5 934.5 1,015.9 1,057.7 994.6 881.9 766.6 758.7 772.4 796.3 814.4 814.6 820.7 735.6 724.3 GDP Deflator 0.18 0.17 0.16 0.18 0.19 0.21 0.23 0.27 0.35 0.44 0.44 0.53 0.71 0.74 0.82 0.91 1.00 1.07 1.20 1.36 Source: Planning commission Description / Year 4

Table 5: Growth Rates of Aggregate Output, Consumption, Investment and Savings ( Inpercent) 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008 /09 2009 /10 2010/11 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 GDP at Current Basic Prices 1.2 (2.0) 10.4 16.1 23.8 24.4 31.0 44.9 36.6 12.1 33.8 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 Taxes on Products, net 14.0 (3.6) 9.4 43.0 13.3 14.5 25.7 37.7 14.0 48.5 38.8 44.3 24.1 21.9 22.1 12.9 8.5 6.9 10.9 GDP at Current Market Prices 2.1 (2.2) 10.3 18.0 22.9 23.6 30.6 44.4 35.1 14.2 33.5 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.5 Incomes from ROW, net (37.6) 25.4 (10.2) (44.9) 132.1 (108.9) 2,862.9 19.8 (204.1) (116.5) (57.1) (48.2) (17.0) (50.0) (81.0) (2.9) (112.5) (31.8) (33.0) Gross National Income at Current Basic Price 1.1 (1.9) 10.4 16.0 24.4 24.3 31.3 44.8 36.3 12.0 33.8 45.2 15.3 22.3 22.2 18.3 17.2 21.1 23.3 Gross National Income at Current Market Price 2.0 (2.1) 10.3 17.9 23.4 23.5 30.9 44.3 34.8 14.1 33.4 45.1 16.0 22.3 22.2 17.8 16.6 20.1 22.5 Current Transfers from ROW, net 13.8 3.1 41.5 0.5 62.5 18.4 40.1 34.4 29.2 34.6 24.8 17.0 7.5 13.9 20.7 21.5 (0.6) 21.7 25.7 Gross National Disposable Income 2.9 (1.6) 13.1 16.0 27.2 22.9 31.9 43.1 34.1 16.4 32.3 41.6 15.1 21.5 22.1 18.1 15.0 20.2 22.8 Government Final Consumption Expenditure (16.4) (0.9) (0.2) 14.9 16.7 21.8 12.4 34.8 22.4 10.3 25.4 16.7 25.1 26.4 19.2 27.2 16.6 10.8 9.7 Private Final Consumption Expenditure 5.2 2.8 15.1 7.2 33.8 25.9 26.9 51.8 35.7 15.3 28.6 45.1 17.6 17.0 20.3 15.7 17.0 18.2 27.9 Gross Capital Formation (Investment) 8.3 9.6 1.6 40.9 10.1 31.2 14.7 45.9 37.2 24.0 38.1 67.6 6.6 36.4 27.0 15.1 20.3 6.7 26.2 Exports of Goods and Services 1.7 3.0 16.6 32.0 24.5 13.2 20.0 29.6 24.4 48.1 64.8 19.7 5.2 14.1 (1.6) 0.8 14.1 31.8 15.9 Imports of Goods and Services 1.0 9.9 13.7 35.9 38.0 27.3 14.5 39.0 25.8 31.2 28.6 45.5 6.3 22.8 27.4 8.0 1.3 16.7 11.8 Resource Balance (0.2) (17.0) (11.1) (39.6) (50.1) (37.7) (11.2) (45.2) (26.5) (21.5) (3.2) (74.4) (7.2) (29.4) (46.7) (11.3) 3.9 (9.4) (9.5) Gross Domestic Savings 27.3 (26.3) 1.7 101.0 (11.7) 13.4 83.9 21.2 45.4 11.7 66.7 64.2 5.7 41.8 30.8 19.4 16.6 30.7 12.2 Gross National Savings 21.4 (14.6) 20.7 45.2 18.9 15.6 60.9 27.5 36.1 22.2 44.8 43.0 6.3 31.4 27.1 20.3 10.3 28.1 16.4 Mid-year Population (in Million) 2.9 2.8 2.6 2.6 2.3 2.3 1.2 1.2 2.7 2.7 2.2 2.6 2.5 2.5 2.4 2.3 2.2 Per Capita GDP (Birr) (Nominal) (0.8) (4.8) 7.5 15.0 20.1 20.9 29.1 42.6 31.6 11.2 30.6 41.5 13.1 19.4 19.4 15.0 14.2 17.5 19.8 Per Capita GDP (Birr) (Real) 5.2 (1.2) (4.6) 10.7 9.3 8.3 10.1 9.4 6.0 9.7 8.7 5.9 7.9 7.6 7.8 5.0 7.0 4.4 5.8 Average Exchange Rate (Birr/USD) 2.3 2.5 0.5 0.6 0.3 0.3 1.3 5.1 12.7 23.7 25.0 7.0 5.9 4.4 5.4 5.0 6.2 16.5 7.6 Real GDP (USD) 5.8 (1.0) (2.6) 12.9 11.5 10.5 10.0 5.4 (3.5) (9.0) (11.2) 1.5 4.4 5.7 4.8 2.4 3.1 (8.3) 0.6 GDP at Current Market Prices(USD) (0.3) (4.6) 9.8 17.3 22.6 23.2 29.0 37.3 19.8 (7.7) 6.8 35.5 9.5 17.3 16.1 12.1 10.0 3.2 13.9 Per Capita GDP (USD) (Nominal) (3.1) (7.1) 7.0 14.4 19.8 20.4 27.4 35.7 16.7 (10.1) 4.4 32.2 6.8 14.4 13.4 9.5 7.5 0.9 11.5 Per Capita GDP (USD) (Real) 2.8 (3.6) (5.1) 10.1 9.0 8.0 8.7 4.1 (6.0) (11.3) (13.1) (1.0) 1.8 3.1 2.3 0.0 0.7 (10.4) (1.5) Percentage Change in GDP Deflator (5.8) (3.6) 12.8 3.9 9.9 11.6 17.2 30.3 24.1 1.4 20.2 33.5 4.9 11.0 10.8 9.5 6.7 12.5 13.3 Source:Planning commission Description / Year

(In Millions of Birr) 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 ,2013/14 ,2014/15 ,2015/16 ,2016/17 ,2017/18 ,2018/19 (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) EXTERNAL DEBT Disbursed * 63,077.6 51,193.0 52,073.2 20,354.9 25,579.0 45,351.8 72,617.8 125,841.3 153,361.2 204,193.8 268,378.0 382,564.9 463,831.9 539,279.4 702,638.5 781,899.5 Undisbursed n.a DRAWINGS (gross) 4,401.3 4,932.2 2,828.1 2,528.9 3,487.4 8,141.8 14,413.7 33,527.6 28,475.3 49,247.2 60,151.4 119,075.7 73,829.6 65,684.2 91,506.0 78,318.5 REPAYMENTS (1) -1054.0 -1125.9 -446.2 -155.4 -432.2 -231.4 -883.0 -2904.9 -5332.2 -7806.3 -9673.6 -13,967.5 -15,807.1 -18,934.6 -30,727.4 -38,645.8 DEBT SERVICING (2) 1,584.4 1,570.0 981.4 523.8 747.3 510.2 1,298.5 3,898.6 7,109.9 10,321.9 12,718.7 18,974.75 23,232.4 28,499.4 42,175.3 55,915.4 Principal 1,054.0 1,125.9 446.2 155.4 432.2 231.4 883.0 2,904.9 5,332.2 7,806.3 9,673.6 13,967.5 15,807.1 18,934.6 30,727.4 38,645.8 Interest (3) 530.4 444.1 535.2 368.4 315.1 278.7 415.5 993.7 1,777.6 2,515.6 3,045.1 5,007.2 7,425.3 9,564.8 11,447.9 17,269.7 DEBT SERVICE TO EXPORT OF GOODS RATIO 20.4 15.4 5.1 1.5 3.2 1.5 3.4 8.8 13.0 18.2 20.2 31.1 38.4 43.7 57.0 74.7 EXTERNAL DEBT TO TO GDP (%)** 81.0 53.1 43.4 13.0 11.2 14.6 19.0 24.4 20.5 23.6 25.6 29.5 30.1 29.4 31.9 29.1 EXPORT OF GOODS 5,175.0 7,329.7 8,683.5 10,422.3 13,549.5 15,088.1 25,822.1 44,277.5 54,771.8 56,690.5 62,947.9 61,064.4 60,526.4 65,167.1 74,044.8 74,807.7 GDP (Current Basic Price) 77,880.4 96,391.1 119,934.4 157,170.4 227,703.4 311,042.8 382,938.7 515,078.5 747,326.5 864,673.2 1,047,392.8 1,297,954.7 1,541,277.2 1,832,544.1 2,202,357.2 2,683,365.7 Source: Ministry of Finance *Excludes State defence Credits and Ruble denominated debt. (1)-on cash basis; includes repayments of Trust Fund Loans , and repurchases from IMF. (2)-on accrual basis; includes repayments of Trust Fund Loans, and repurchases from IMF. (3) - Includes IMF charges and interest. **Revised based on rebased GDP series NB:-USD to birr coversion is made by using annual average exchange rate. Components Table 6: Summary of External Public Debt

2003/04 2004/05 2005/06 2006/07 ,2007/08 ,2008/09 ,2009/10 ,2010/11 ,2011/12 ,2012/13 ,2013/14 ,2014/15 ,2015/16 ,2016/17 ,2017/18 ,2018/19 (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) TRADE BALANCE -17,121.4 -24,358.3 -31,186.6 -34,658.8 -49,410.0 -65,427.0 -80,771.4 -88,739.9 -136,073.2 -151,831.4 -198,611.2 -270,301.4 -292,474.9 -289,030.5 -324,244.9 -349,148.8 Export(f.o.b) 5,176.6 7,076.3 8,683.5 10,422.3 13,549.5 15,088.1 25,822.1 44,277.5 54,771.8 56,690.5 62,947.9 60,443.8 60,526.4 65,167.1 74,044.8 74,807.7 Coffee 1,940.8 2,900.1 3,075.2 3,730.4 4,848.4 3,916.7 6,810.4 13,567.6 14,373.2 13,584.5 13,626.8 15,683.9 15,253.7 19,795.6 21,905.1 21,436.5 Other Exports 3,270.5 4,429.7 5,608.3 6,691.8 8,701.1 11,171.3 19,011.8 30,709.9 40,398.6 43,105.9 49,321.1 44,759.9 45,272.7 45,371.5 52,139.7 53,371.2 Imports (c.i.f.) -22,298.0 -31,434.5 -39,870.1 -45,081.1 -62,959.6 -80,515.0 -106,593.6 -133,017.4 -190,845.0 -208,521.9 -261,559.1 -330,745.2 -353,001.4 -354,197.6 -398,289.7 -423,956.5 Fuel -2,676.5 -5,785.6 -7,469.1 -7,695.8 -14,988.2 -13,095.4 -16,896.1 -26,744.3 -36,658.8 -39,571.5 -49,081.4 -41,013.5 -28,260.8 -40,876.9 -60,553.0 -72,961.5 Other Imports -19,621.5 -25,648.9 -32,401.0 -37,385.3 -47,971.4 -67,419.6 -89,697.5 -106,273.1 -154,186.2 -168,950.4 -212,477.7 -289,731.7 -324,740.5 -313,320.8 -337,736.7 -350,995.0 Net Services 2,124.8 2,095.0 1,282.2 1,626.9 1,349.6 4,021.3 5,900.2 11,090.7 1,292.3 8,353.1 12,715.4 -6,943.6 -13,027.4 -12,588.8 -5,017.1 -15,448.3 Travel 868.2 986.6 524.3 558.4 1,383.8 2,167.5 2,890.1 9,266.1 8,500.8 5,844.1 5,602.3 1,681.7 -1,386.5 -951.7 7,146.7 6,225.9 Other Transportation 493.7 611.5 375.0 709.7 1,195.3 2,323.8 3,111.9 5,198.0 5,781.7 10,321.9 13,658.8 8,242.8 11,209.2 8,569.4 13,494.3 18,091.2 Government(n.i.e.) 1,495.5 1,530.1 2,417.7 1,933.0 1,242.4 1,671.4 2,901.7 3,987.5 3,483.5 3,644.4 5,551.5 3,661.7 7,600.2 8,625.2 5,641.9 7,935.0 Investment Income -548.0 -309.5 -14.8 267.3 190.4 -348.0 -712.9 -1,120.2 -1,659.8 -2,049.5 -2,914.6 -5,358.0 -7,849.3 -11,214.0 -11,206.1 -16,540.7 Other Services -184.6 -723.6 -2,020.1 -1,841.5 -2,662.3 -1,793.4 -2,290.7 -6,240.8 -14,813.9 -9,407.8 -9,182.6 -15,171.9 -22,601.0 -17,617.7 -20,094.0 -31,159.7 Net Goods & Services -14,996.6 -22,263.3 -29,904.4 -33,031.9 -48,060.4 -61,405.7 -74,871.3 -77,649.2 -134,780.9 -143,478.3 -185,895.8 -277,245.0 -305,502.3 -301,619.3 -329,261.9 -364,597.1 Private Transfers (net) 6,694.7 8,848.9 10,645.9 13,768.7 22,131.1 28,205.0 34,928.9 44,404.5 56,001.5 65,054.5 78,477.7 98,099.1 135,680.5 122,945.6 158,601.1 178,856.4 Current Account Balance -8,301.9 -13,414.3 -19,258.5 -19,263.2 -25,929.3 -33,200.7 -39,942.4 -33,244.7 -78,779.3 -78,423.8 -107,418.1 -179,145.9 -169,821.8 -178,673.7 -170,660.8 -185,740.6 Public Transfers (net) 4,917.9 6,488.2 6,562.1 10,545.6 12,132.4 16,166.3 24,564.9 29,991.2 30,848.5 27,836.5 27,911.7 30,301.9 29,359.9 32,014.6 32,678.7 58,540.8 Non Monetary Capital (net) 3,033.6 5,056.3 2,324.6 6,687.5 9,535.3 17,173.0 31,209.1 48,287.8 39,394.8 59,883.0 78,866.1 157,085.6 138,847.9 154,416.0 160,744.1 135,778.9 Public long-term (net)* 3,347.3 3,806.2 2,543.5 2,372.4 2,831.5 7,526.7 18,879.0 30,785.2 22,982.5 39,141.3 50,373.7 112,141.5 67,537.3 58,019.2 67,323.9 47,084.8 Short-term -313.8 -47.8 -218.9 -268.5 -826.4 333.5 -49.0 -2,523.7 -2,085.3 -1,667.4 510.3 690.1 2,322.0 2,913.8 -3,792.1 4,099.0 FDI 10.3 1,297.8 3,169.4 4,583.6 7,530.2 9,312.8 12,379.1 20,026.4 18,497.6 22,409.0 27,982.1 44,254.0 68,988.6 93,483.1 97,212.3 84,595.0 Net errors and Omissions 1,551.5 992.5 8,888.7 2,455.2 1,946.7 5,211.7 -11,749.8 -22,724.0 -8,248.0 -9,414.3 -1,207.8 -18,719.8 -15,922.0 7,005.2 -28,025.2 -34,996.1 Overall Balance 1,201.0 -877.4 -1,483.0 425.1 -2,315.0 5,350.3 4,081.8 22,310.3 -16,784.1 -118.6 -1,848.1 -10,478.1 -17,536.1 14,762.1 -5,263.3 -26,417.1 Financing : -1,201.0 877.4 1,483.0 -425.1 2,315.0 -5,350.3 -4,081.8 -22,310.3 16,784.1 118.6 1,848.1 10,478.1 17,536.1 -14,762.1 5,263.3 26,417.1 Monetary Authorities (Reseves), net -1,903.6 152.5 1,804.2 -161.5 2,587.6 -5,155.6 -3,927.6 -22,174.9 16,922.4 282.3 1,914.0 10,478.1 17,536.1 -14,762.1 5,263.3 26,417.1 Arrears Change 0.0 Debt Relief 702.5 724.8 -321.2 -263.7 -272.6 -194.7 -154.2 -135.4 -138.4 -163.8 -65.8 0.0 Cancellation 81.9 552.3 321.2 263.7 272.6 194.7 154.2 -135.4 -138.4 -163.8 -65.8 0.0 Rescheduling 620.6 172.5 0.0 Sorce: NBE Staff Compilation *Includes other public sector long-term loan and private loan NB:-USD to birr coversion is made by using annual average exchange rate. (In Millions of Birr) components Table 7: Balance of Payments

Table 8: Value of Major Exports (In Thousands of Birr) 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) Coffee 6,913,379.56 13,617,880.48 14,424,847.58 13,597,849.74 13,708,114.36 15,734,933.34 15,267,166.66 19,897,558.87 21,893,480.41 21,490,708.90 Oilseeds 4,670,848.56 5,282,979.34 8,174,105.27 8,096,548.09 12,477,209.28 10,269,297.66 10,076,702.84 7,891,362.52 11,188,854.01 10,921,323.83 Leather and Leather products 732,602.79 1,690,160.65 1,894,380.86 2,205,364.23 2,474,650.14 2,644,747.55 2,424,089.02 2,558,995.81 3,455,808.73 3,285,473.74 Pulses 1,677,731.48 2,232,691.58 2,762,646.37 4,251,495.82 4,790,442.64 4,409,211.94 4,886,962.93 6,276,562.90 7,124,264.40 7,659,551.18 Meat Products 440,952.18 1,024,706.39 1,358,079.34 1,350,633.52 1,424,013.49 1,865,868.21 2,026,532.53 2,214,721.73 2,661,968.01 2,484,948.68 Fruits & Vegetables 412,604.91 512,634.57 775,375.00 798,838.89 877,214.99 956,613.95 1,128,060.69 1,257,748.47 1,603,497.14 1,709,468.52 Sugar 124.42 - - 0.30 - - - 115,431.69 133,582.49 106,710.48 Gold 3,709,811.71 7,540,511.64 10,417,359.48 10,536,982.85 8,722,190.84 6,399,026.36 6,113,142.10 4,683,990.78 2,605,757.16 775,705.67 Oil Cakes - - - - - - - - - - Live Animals 1,177,285.50 2,387,245.58 3,565,928.36 3,022,720.80 3,553,276.02 2,976,556.06 3,090,572.25 1,506,508.86 1,539,071.60 1,287,954.60 Chat 2,710,332.16 3,836,251.05 4,144,328.09 4,936,460.20 5,670,685.50 5,468,030.50 5,511,986.74 6,113,689.63 6,882,238.26 8,511,121.49 Petroleum Products - - - - - - - - - - Bee's Wax 20,605.35 29,126.93 37,332.63 47,777.74 52,045.93 95,726.95 51,326.14 60,566.70 81,311.38 67,657.79 Tantalem 153,608.41 462,480.70 288,206.27 92,237.84 86,421.89 202,646.07 151,563.52 137,861.43 246,007.55 274,291.76 Cotton 137,759.27 8,650.79 3,258.68 157,790.28 20,055.91 235.98 11.59 - 140,351.44 8,572.19 Text. & Text. Prdts 297,312.21 1,000,167.84 1,460,989.37 1,773,244.47 2,100,917.34 1,969,322.21 1,633,981.37 2,004,285.73 2,695,228.78 4,296,263.54 Cereals and Flour 74,756.25 528,437.63 106,556.21 70,232.37 213,114.60 319,557.06 185,207.82 645,101.25 156,779.58 81,940.48 Natural Gum 163,963.77 206,788.47 202,776.59 204,687.95 231,459.79 230,954.03 175,997.81 266,180.07 233,800.60 144,922.84 Civet - - - - - - - - - - Hop - - - - - - - - - - Animal Fodder 61,654.31 429.57 74.61 217.19 - 250.92 - - - - Natural Honey 24,663.03 26,794.47 55,997.56 52,866.13 47,226.62 46,140.13 41,928.33 31,343.94 23,694.76 13,468.37 Marble - - - - - - - - - Flower 2,204,195.02 2,845,760.29 3,402,183.98 3,401,602.98 3,817,383.83 4,086,866.14 4,737,809.01 4,905,507.59 5,982,071.18 7,228,221.92 Beverage 22,095.53 33,876.92 76,520.85 92,156.78 59,894.91 79,901.17 109,780.86 90,513.17 108,799.36 114,745.83 Spices 242,479.62 567,237.67 620,121.26 546,642.49 561,151.95 647,849.48 566,214.94 554,729.09 441,282.28 381,907.86 Others 266,539.84 690,752.46 723,698.94 887,241.04 1,355,529.49 1,456,645.40 1,546,715.68 2,473,083.85 3,515,145.55 2,729,267.67 RE-exports - - - - - - - - - Total 26,115,305.87 44,525,565.04 54,494,767.31 56,123,591.72 62,242,999.54 59,860,381.12 59,725,752.81 63,685,744.10 72,712,994.65 73,574,227.33 Sources: Ethiopian Ministry of Revenue Commodity

Table 9: Quantity of Major Exports ( In Metric Tons ) 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2014/15 2016/17 2017/18 2018/19 (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2007) (2009) (2010) (2011) Coffee 161,060.55 147,724.98 176,438.02 170,741.18 133,997.69 172,217.23 172,217.23 169,408.06 199,127.77 189,669.31 183,870.70 198,658.11 225,747.01 238,572.83 230,931.42 Oilseeds 170,797.64 265,649.05 234,976.09 152,091.12 286,986.63 298,998.08 254,186.46 367,436.15 283,853.59 313,526.60 319,461.91 436,573.50 333,514.13 348,548.01 260,001.58 Leather and Leather products 15,644.15 15,396.47 15,773.77 12,298.76 7,292.95 2,906.04 5,167.39 4,435.66 4,614.91 5,573.06 6,174.96 5,983.46 5,890.12 6,400.79 5,590.40 Pulses 121,652.98 110,437.68 158,751.81 233,021.05 137,968.66 225,663.01 224,482.34 226,157.63 357,518.78 353,022.19 340,736.88 375,425.13 392,743.28 438,061.53 462,821.56 Meat Products 7,274.47 7,955.34 5,849.77 6,484.28 7,476.57 10,182.20 16,877.37 17,665.96 15,466.31 14,971.98 19,034.52 18,965.08 19,564.98 19,954.85 17,719.23 Fruits & Vegetables 37,906.33 34,797.25 40,920.50 39,918.24 38,477.85 66,336.56 91,587.26 123,538.30 135,184.35 145,436.23 150,148.72 167,076.37 178,569.19 188,976.92 175,619.64 Sugar 15,001.29 - - 63,391.93 47,646.06 4.00 - 11.18 0.02 - - - 51,126.64 35,958.09 43,706.24 Gold 5.99 4.97 5.58 3.76 4.87 8.91 11.18 12.19 12.31 11.64 9.04 8.58 5.97 2.82 0.82 Oil Cakes - - - - - - - - - - - - - - - Live Animals 21,225.97 33,294.12 43,665.07 39,968.83 36,728.82 67,930.48 112,802.55 144,885.27 100,888.37 105,827.48 77,860.31 77,779.01 36,066.48 31,936.99 24,346.65 Chat 19,389.92 22,258.79 22,666.78 22,405.69 25,399.82 36,087.68 40,971.74 41,052.87 47,163.67 51,689.76 49,204.18 47,000.13 48,818.10 47,023.94 53,565.91 Petroleum Products - - - - - - - - - - - - - - Bee's Wax 382.54 334.86 414.76 239.39 341.49 363.39 362.51 367.09 411.93 334.70 520.38 267.65 302.34 358.70 283.18 Tantalem - - - - - 258.37 331.17 294.58 75.72 87.91 147.79 185.90 229.30 2,860.36 386.20 Cotton - - - - - 7,822.75 152.17 126.93 5,673.61 751.98 8.29 0.34 - 3,529.38 252.91 Text. & Text. Prdts - - - - - 6,418.52 8,537.56 10,799.76 15,935.97 18,638.34 14,858.30 12,281.54 16,192.82 16,761.81 19,888.80 Cereals and Flour - - - - - 14,147.53 122,344.23 12,265.32 6,819.15 19,968.19 39,171.91 11,403.59 71,737.19 11,805.28 3,579.95 Natural Gum - - - - - 4,374.29 4,416.78 3,503.66 3,268.07 3,402.88 3,472.77 2,351.01 3,383.90 2,482.77 1,111.41 Civet - - - - - - - - - - - - - - - Hop - - - - - - - - - - - - - - - Animal Fodder - - - - - 26,462.37 286.61 48.93 40.01 - - - - - - Natural Honey - - - - - 561.61 520.30 876.66 839.54 742.35 681.18 592.53 444.10 316.30 134.43 Marble - - - - - - - - - - - - - - - Flower - 6,257.85 13,601.24 22,402.58 29,166.11 35,958.90 41,562.61 46,797.66 42,438.23 44,720.52 46,330.67 50,629.10 49,356.08 50,100.88 57,849.31 Beverage - - - - - 1,993.05 2,739.15 3,829.13 3,971.20 2,201.69 2,990.00 4,213.56 3,943.14 3,566.97 4,404.93 Spices - - - - - 15,595.18 12,803.27 17,207.29 24,239.60 21,261.15 19,146.48 13,374.79 12,427.56 12,576.85 11,589.88 Ethiopian Ministry of Revenue Commodity

Table 10: Unit Value of Export Items (Birr/Kg) 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2014/15 2016/17 2017/18 2018/19 (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2007) (2009) (2010) (2011) Coffee 18.01 20.83 21.21 28.68 29.35 40.14 79.07 85.15 68.29 72.27 85.58 76.85 88.14 91.77 93.06 OIlseeds 6.34 6.91 7.04 13.39 13.31 15.62 20.78 22.25 28.52 39.80 32.15 23.08 23.66 32.10 42.00 Hides & Skins 37.41 42.30 50.03 74.60 104.72 252.10 327.08 427.08 477.88 444.04 428.30 405.13 434.46 539.90 587.70 Pulses 2.52 2.91 3.90 5.72 6.86 7.43 9.95 12.22 11.89 13.57 12.94 13.02 15.98 16.26 16.55 Meat Products 17.34 20.22 23.17 29.91 36.58 43.31 60.71 76.88 87.33 95.11 98.03 106.86 113.20 133.40 140.24 Fruits & Vegetables 3.67 3.29 3.48 2.97 3.22 6.22 5.60 6.28 5.91 6.03 6.37 6.75 7.04 8.49 9.73 Sugar 0.35 - - 0.28 3.75 31.11 - - 12.31 - - - 2.26 3.71 2.44 Gold (Birr/kg) 85,698.86 112,997.71 154,842.87 195,766.75 212,353.76 416,272.78 674,351.38 854,697.83 856,074.12 749,397.85 708,167.65 712,719.12 784,603.30 923,962.14 948,817.70 Oil Cakes - - - - - - - - - - - - - - - Live Animals 5.22 7.19 7.40 9.42 14.70 17.33 21.16 24.61 29.96 33.58 38.23 39.74 41.77 48.19 52.90 Chat 44.70 34.74 36.04 44.67 57.01 75.10 93.63 100.95 104.67 109.71 111.13 117.28 125.23 146.36 158.89 Petroleum Products - - - - - - - - - - - - - - - Bee's Wax 25.06 37.48 38.79 71.40 48.13 56.70 80.35 101.70 115.99 155.50 183.96 191.77 200.33 226.68 238.92 Tantalem - - - - - 594.53 1,396.52 978.36 1,218.19 983.12 1,371.18 815.30 601.23 86.01 710.24 Cotton - - - - - 17.61 56.85 25.67 27.81 26.67 28.47 33.79 - 39.77 33.89 Text. & Text. Prdts - - - - - 46.32 117.15 135.28 111.27 112.72 132.54 133.04 123.78 160.80 216.01 Cereals and Flour - - - - - 5.28 4.32 8.69 10.30 10.67 8.16 16.24 8.99 13.28 22.89 Natural Gum - - - - - 37.48 46.82 57.88 62.63 68.02 66.50 74.86 78.66 94.17 130.40 Civet - - - - - - - - - - - - - - - Hop - - - - - - - - - - - - - - - Animal Fodder - - - - - 2.33 1.50 1.52 5.43 - - - - - - Natural Honey - - - - - 43.91 51.50 63.88 62.97 63.62 67.74 70.76 70.58 74.91 100.19 Marble - - - - - - - - - - - - - - - Flower - 30.20 41.27 46.33 47.12 61.30 68.47 72.70 80.15 85.36 88.21 93.58 99.39 119.40 124.95 Beverage - - - - - 11.09 12.37 19.98 23.21 27.20 26.72 26.05 22.95 30.50 26.05 Spices - - - - - 15.55 44.30 36.04 22.55 26.39 33.84 42.33 44.64 35.09 32.95 Ethiopian Ministry of Revenue Commodity

(in Thousands of Birr) Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 1979/80 72,251 1,161 10,745 244,973 94,411 113,242 81,458 68,816 14,318 35,221 22,762 1980/81 88,901 2,470 15,860 287,469 57,853 85,478 3,963 40,901 18,941 38,531 33,352 1981/82 135,534 1,446 21,853 329,322 32,131 89,453 16,211 48,163 26,521 44,430 24,946 1982/83 174,476 1,663 17,017 360,414 36,578 136,636 28,969 38,918 24,246 35,719 16,886 1983/84 168,465 6,449 13,382 325,649 52,739 107,212 26,272 51,615 15,666 38,976 26,071 1984/85 345,020 1,805 12,827 281,751 36,174 76,716 36,103 41,980 6,174 41,477 11,762 1985/86 530,599 4,962 2,835 220,261 32,273 87,935 44,685 58,513 6,683 45,569 34,944 1986/87 320,380 6,157 6,261 163,341 62,483 115,166 29,929 68,638 10,572 60,018 23,909 1987/88 246,454 7,858 11,788 181,842 34,728 110,729 72,521 50,280 10,804 51,106 29,796 1988/89 294,652 21,877 560 175,339 37,512 142,131 69,846 58,440 9,079 46,798 28,094 1989/90 106,320 25,972 6,432 188,581 36,500 124,181 71,893 64,550 19,374 33,342 39,840 1990/91 263,350 16,163 3,564 185,376 25,050 85,072 79,548 36,305 26,013 41,867 27,775 1991/92 14,402 6,291 1,105 92,246 100,907 42,580 150 48,294 14,433 35,740 11,760 1992/93 497,536 20,867 4,845 444,282 376,808 135,269 13,106 131,578 37,490 73,278 30,565 1993/94 574,094 8,581 20,271 406,531 331,036 228,155 89,678 187,200 58,522 156,585 61,251 1994/95 906,743 13,305 10,580 522,564 471,350 179,614 343,947 193,305 30,818 184,843 53,780 1995/96 575,263 21,210 7,241 445,953 485,912 161,265 330,578 165,785 64,023 279,453 81,700 1996/97 37,222 8,590 93 76,900 1,427,200 47,021 173,813 77,317 55,593 188,170 78,351 1997/98 72,853 35,583 18,402 166,469 2,099,046 99,001 51,224 142,163 81,408 274,938 169,841 1998/99 558,422 37,405 26,393 2,281 1,306,707 142,008 377,582 315,940 100,718 345,274 199,440 1999/00 766,560 34,647 27,129 31 2,012,189 140,912 336,379 246,179 92,105 273,429 163,924 2000/01 641,597 34,628 28,561 0 2,151,326 153,782 126,860 293,784 140,236 408,838 217,050 2001/02 1,365,581 35,886 48,550 0 2,202,554 145,066 560,257 358,994 128,513 340,956 269,684 2002/03 1,697,566 33,509 35,614 0 2,463,917 165,902 462,662 352,193 145,207 376,787 218,152 2003/04 1,981,297 36,937 37,348 0 2,608,285 201,668 923,523 636,324 173,378 417,410 329,915 2004/05 1,566,093 52,090 52,034 0 5,736,666 250,951 1,055,294 671,524 240,863 536,827 434,417 2005/06 2,139,779 45,715 77,860 0 7,422,807 348,264 1,180,768 1,212,655 337,445 730,113 517,374 2006/07 1,799,700 68,204 74,841 0 7,524,664 399,852 933,867 1,410,844 328,116 838,145 565,483 2007/08 2,499,134 97,080 115,642 0 15,076,123 488,539 2,828,101 1,848,363 377,282 1,030,557 770,591 2008/09 7,251,053 89,171 104,398 0 17,219,182 677,521 3,008,355 2,771,689 552,503 1,422,155 819,639 2009/10 7,713,047 142,346 177,543 0 18,891,592 888,064 3,221,932 3,936,222 530,093 2,220,337 1,188,178 2010/11 3,966,149 167,354 230,682 0 22,299,884 1,118,884 5,665,269 5,054,381 685,949 2,515,039 1,137,791 2011/12 12,692,391 206,514 270,210 0 35,868,583 1,357,151 10,503,430 6,488,435 1,128,549 3,373,729 1,843,948 2012/13 11,635,650 261,691 193,101 0 26,565,255 2,092,402 5,332,244 7,169,253 907,442 4,030,338 2,064,095 2013/14 9,165,826 533,829 91,441 18 47,619,870 3,647,031 7,808,484 2,389,297 2,186,493 5,858,244 1,992,580 2014/15 13,155,398 570,045 94,776 200 39,822,539 3,751,995 8,641,772 2,568,987 2,186,737 5,979,668 2,062,833 2015/16 24,592,888 746,323 153,595 109 27,005,493 3,616,705 10,491,320 2,531,734 2,694,456 6,350,622 2,525,557 2016/17 14,830,981 699,400 122,286 3,729 39,143,280 3,323,962 12,279,084 2,091,492 3,090,001 6,708,574 2,457,186 2017/18 22,346,613 843,503 107,047 1,795 58,613,987 4,277,092 12,361,827 1,495,997 3,299,739 6,438,707 2,180,534 2018/19 19,283,197 547,466 107,233 885 69,942,603 5,355,212 17,709,856 2,431,705 3,923,383 7,698,856 2,964,510

• Included in "Food & Live Animals" Sources: Ethiopian Ministry of Revenue Table 11: Value of Major Imports

Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 1979/80 57,367 6,832 5,559 104,162 202,231 135,789 44,976 40,179 13,346 103,238 1,432,858 1980/81 59,820 4,315 7,480 100,111 213,390 165,328 35,137 44,374 20,114 104,820 1,384,234 1981/82 71,538 6,077 3,464 76,848 227,599 259,372 43,613 76,919 29,186 153,954 1,641,661 1982/83 55,213 5,557 4,986 145,946 234,440 164,765 81,786 118,846 19,765 168,965 1,752,945 1983/84 58,643 3,810 6,563 162,901 519,770 210,621 97,873 114,595 23,204 149,124 2,065,005 1984/85 69,041 7,709 4,195 143,378 225,132 179,589 56,143 257,865 30,419 163,038 1,770,433 1985/86 79,186 3,476 3,690 166,878 274,699 287,134 76,691 382,447 45,754 194,498 2,201,265 1986/87 58,479 4,558 5,742 156,406 327,659 339,324 102,472 280,296 74,507 301,145 2,236,946 1987/88 69,510 2,673 4,563 174,624 465,211 369,944 81,220 177,566 88,323 210,677 2,274,651 1988/89 62,156 8,319 2,761 172,831 335,284 279,220 83,705 228,633 59,141 222,608 2,110,353 1989/90 55,404 2,742 6,937 212,696 304,650 189,288 101,802 72,882 49,759 183,856 1,824,119 1990/91 44,920 14,488 5,180 153,769 562,457 249,844 58,889 202,106 48,189 202,486 2,130,305 1991/92 73,571 14,705 3,517 49,487 189,544 177,203 42,756 1,019 32,882 859,324 1,810,897 1992/93 130,409 15,514 9,035 172,058 699,420 402,403 97,670 418,157 47,669 278,915 3,618,718 1993/94 186,946 34,117 14,809 496,052 367,949 825,890 192,150 483,624 25,562 474,589 4,739,967 1994/95 229,950 54,033 24,368 563,219 710,882 1,015,951 286,193 586,760 20,677 730,150 6,546,274 1995/96 308,065 76,391 32,944 709,985 854,155 1,393,422 328,577 506,124 51,400 1,334,922 7,708,246 1996/97 414,162 69,542 40,789 973,897 1,414,978 1,117,480 636,728 8,328 17,108 1,837,538 8,505,200 1997/98 396,757 114,866 41,452 969,100 1,099,417 795,978 776,492 18,160 14,950 1,918,519 9,338,459 1998/99 473,804 230,897 69,704 1,416,817 1,375,843 1,390,946 1,032,004 340,647 42,305 2,257,512 11,702,004 1999/00 433,134 279,885 58,403 919,528 1,351,512 1,548,459 938,299 646,316 32,656 1,783,302 11,438,661 2000/01 461,188 345,433 88,056 1,188,971 1,480,393 1,456,285 782,018 461,335 66,419 2,248,531 12,313,956 2001/02 471,499 467,110 72,787 1,359,231 1,667,774 1,435,245 893,039 1,246,119 101,456 3,364,964 14,485,289 2002/03 599,604 478,039 78,075 1,311,504 1,963,002 1,817,630 1,059,754 1,580,973 111,634 2,696,596 16,067,348 2003/04 606,295 601,949 104,362 2,012,945 2,397,183 2,124,501 2,447,540 1,573,618 502,494 4,152,333 22,295,690 2004/05 774,285 836,015 125,294 3,476,768 4,553,244 2,811,972 3,062,726 1,334,778 344,108 4,853,003 31,434,174 2005/06 1,065,381 1,291,287 145,048 4,157,675 5,305,516 4,183,804 2,978,793 1,621,232 365,874 6,366,919 39,873,075 2006/07 808,907 1,523,051 163,834 4,460,322 7,036,854 6,062,546 2,968,701 1,323,878 329,270 7,829,238 45,126,438 2007/08 986,145 1,198,037 243,667 7,051,109 7,118,469 4,279,547 4,404,967 1,902,765 243,818 12,489,774 63,146,946 2008/09 1,023,983 1,124,962 235,344 7,990,303 8,713,241 4,859,888 5,866,530 6,285,857 51,369 20,895,905 84,677,193 2009/10 1,476,236 2,433,694 267,320 11,618,002 12,278,627 8,503,493 7,728,010 6,190,933 102,036 25,639,499 108,956,272 2010/11 1,982,717 2,430,231 334,932 10,778,367 16,015,252 13,180,603 7,195,551 2,739,632 73,258 34,861,069 129,693,362 2011/12 2,892,344 4,218,310 522,024 19,678,247 20,529,023 17,831,730 8,696,845 10,436,910 80,038 43,405,637 191,587,139 2012/13 2,744,224 4,449,522 722,828 21,688,480 28,035,377 20,493,273 11,912,689 9,865,215 96,583 46,476,571 196,871,016 2013/14 4,622,749 5,442,436 1,942,407 29,939,445 36,774,861 23,820,186 22,735,293 5,603,599 349,551 54,917,318 261,837,358 2014/15 5,819,130 6,802,500 2,477,281 45,631,138 45,707,264 31,471,855 43,251,536 2,971,791 1,489,172 69,309,407 330,794,233 2015/16 5,669,241 7,990,759 2,731,966 46,750,241 58,130,972 33,759,296 37,416,225 3,617,393 1,212,163 78,644,190 353,013,856 2016/17 5,416,692 8,529,700 3,376,822 41,572,482 56,981,595 33,498,960 30,086,052 3,847,407 7,730,645 82,328,213 354,271,135 2017/18 5,039,340 9,639,953 3,159,828 37,072,741 65,746,027 27,957,776 28,222,631 5,975,107 428,242 107,882,087 397,115,468 2018/19 6,145,566 6,571,190 2,989,311 40,675,845 59,368,139 22,151,317 27,929,885 4,653,401 1,364,754 126,233,238 423,394,151

• Included in "Food & Live Animals". Sources: Ethiopian Ministry of Revenue Table 11 continued:

Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod. Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. 1979/80 128,453.0 389.0 896.0 671,245.0 94,652.0 33,264.0 125,845.0 1,580.0 9,753.0 6,871.0 1980/81 124,219.0 478.0 1,443.0 690,482.0 56,602.0 34,286.0 6,845.0 2,849.0 11,764.0 6,724.0 1981/82 178,264.0 661.0 1,033.0 713,236.0 18,409.0 3,572.0 29,393.0 2,887.0 17,283.0 8,567.0 1982/83 259,465.0 393.0 1,032.0 778,898.0 20,796.0 40,440.0 41,651.0 1,796.0 15,253.0 7,712.0 1983/84 289,533.0 1,035.0 1,104.0 785,158.0 55,168.0 47,274.0 36,078.0 2,829.0 8,378.0 9,170.0 1984/85 601,897.0 429.0 886.0 718,827.0 19,615.0 38,060.0 72,828.0 2,736.0 4,240.0 8,899.0 1985/86 846,775.0 1,077.0 117.0 727,531.0 16,176.0 43,618.0 108,079.0 3,925.0 5,314.0 15,244.0 1986/87 599,912.0 1,074.0 604.0 813,554.0 20,463.0 45,782.0 39,217.0 4,326.0 17,705.0 11,330.0 1987/88 565,624.0 920.0 2,389.0 73,226.0 19,007.0 41,520.0 152,777.0 3,784.0 13,093.0 10,325.0 1988/89 551,147.0 507.0 19.0 769,438.0 20,510.0 39,050.0 112,897.0 5,888.0 5,438.0 9,157.0 1989/90 128,060.0 2,058.0 1,167.0 776,307.0 34,604.0 46,591.0 131,988.0 5,352.0 16,685.0 5,725.0 1990/91 401,515.0 1,720.1 779.6 494,081.0 12,724.0 27,984.0 91,966.0 11,647.0 19,185.0 6,484.0 1991/92 12,828.0 388.3 76.3 302,583.0 146,439.0 8,782.0 125.0 1,946.0 14,713.0 4,367.0 1992/93 440,582.2 610.5 256.3 740,043.1 332,905.0 22,856.8 10,308.4 2,587.2 20,773.6 6,888.9 1993/94 411,187.6 312.4 1,145.8 688,343.9 276,575.7 34,665.9 100,566.2 2,760.2 18,365.7 8,047.4 1994/95 622,468.5 478.7 696.0 674,312.5 471,183.5 22,459.1 218,133.1 4,037.9 9,498.4 10,009.4 1995/96 322,279.3 1,589.7 489.6 417,100.0 333,631.8 33,876.5 115,377.2 2,109.7 17,644.6 14,374.7 1996/97 13,068.9 1,175.9 232.7 34,924.2 914,285.0 15,796.1 101,305.4 3,662.9 30,290.4 23,098.5 1997/98 30,835.0 1,666.7 350.6 159,816.5 1,857,647.0 16,769.7 36,225.9 2,167.7 18,148.7 14,799.5 1998/99 225,025.9 3,170.5 693.2 3,006.8 1,064,451.0 121,440.1 175,442.2 6,260.4 23,958.4 15,148.1 1999/00 391,278.7 2,618.3 933.1 - 1,094,883.2 34,236.7 233,847.8 3,125.8 18,317.2 53,466.7 2000/01 420,439.3 1,746.6 1,006.0 - 950,043.7 30,294.1 79,524.9 2,820.2 28,859.6 22,398.6 2001/02 738,091.7 1,079.4 1,784.2 - 944,921.6 18,907.8 302,409.4 4,136.9 25,648.9 17,583.4 2002/03 645,141.6 1,252.6 724.4 - 1,460,960.0 19,577.6 252,258.6 3,502.5 27,847.2 18,395.7 2003/04 691,588.7 1,433.2 738.4 - 1,033,738.3 23,114.6 382,673.3 8,119.1 33,670.2 21,253.7 2004/05 576,638.2 1,806.5 919.7 - 1,823,335.6 29,232.2 352,064.6 4,580.7 42,352.6 26,637.1 2005/06 819,011.5 1,306.9 2,045.4 - 1,229,077.8 46,714.6 396,794.8 6,993.8 59,404.1 72,211.5 2006/07 597,407.9 2,222.9 1,565.8 - 1,454,121.6 42,222.5 272,802.8 7,010.7 49,042.3 31,256.4 2007/08 506,952.6 2,608.9 2,749.1 - 1,619,430.5 47,665.6 479,485.9 7,959.6 43,334.9 32,450.0 2008/09 1,834,398.8 2,024.2 1,767.6 - 1,404,122.1 53,302.7 528,635.4 11,796.6 51,938.2 37,305.6 2009/10 1,781,546.2 2,415.7 2,659.8 - 2,365,707.0 73,106.4 615,917.4 9,746.8 38,977.5 49,583.9 2010/11 547,512.7 2,308.8 2,228.5 - 1,795,018.8 56,496.0 622,239.2 15,022.9 34,381.8 37,465.4 2011/12 1,818,239.2 3,380.2 2,114.6 - 2,160,455.6 65,088.8 907,129.9 15,442.9 52,956.6 38,732.2 2012/13 1,105,099.7 13,902.5 7,115.5 7,384.2 1,506,402.8 92,926.1 402,556.6 23,612.5 162,562.4 32,775.3 2013/14 1,098,316.9 15,727.9 1,258.8 0.3 2,623,450.8 183,439.5 11,765.6 924.0 43,511.0 84,386.5 2014/15 1,556,755.8 19,058.0 1,148.3 7.4 2,822,058.9 182,043.5 13,804.2 950.6 51,552.3 87,619.2 2015/16 3,162,932.8 22,234.2 1,719.1 1.3 3,043,561.0 185,477.7 14,155.6 1,280.9 66,325.2 242,399.6 2016/17 1,863,068.2 25,010.1 1,440.2 2.6 3,445,456.0 174,373.4 23,800.8 842.3 62,997.9 106,916.3 2017/18 2,217,510.2 26,551.5 1,202.6 50.9 3,770,588.9 183,265.1 15,421.0 1,105.1 84,336.7 124,577.2 2018/19 1,822,744.5 16,807.4 1,164.8 30.0 3,820,223.0 199,647.8 33,959.8 1,150.6 114,565.9 97,938.9 (in metric tones) Table 12: Volume of Major Imports

Period Paper & Paper Manfc. Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. 1979/80 12,246.0 18,044.0 366.0 3,500.0 57,045.0 21,934.0 14,287.0 5,391.0 106,331.0 372.0 1980/81 13,719.0 14,799.0 135.0 4,250.0 55,122.0 16,115.0 14,667.0 4,514.0 64,044.0 666.0 1981/82 12,935.0 22,466.0 270.0 1,191.0 38,674.0 19,094.0 19,497.0 4,625.0 154,477.0 541.0 1982/83 7,262.0 19,467.0 111.0 3,589.0 84,345.0 10,851.0 24,867.0 7,961.0 241,059.0 321.0 1983/84 13,761.0 25,754.0 126.0 6,979.0 81,360.0 22,894.0 23,201.0 13,146.0 264,712.0 741.0 1984/85 21,815.0 313,855.0 257.0 2,630.0 84,583.0 21,164.0 18,115.0 6,771.0 537,737.0 531.0 1985/86 19,406.0 20,797.0 143.0 2,428.0 72,348.0 33,926.0 31,983.0 9,367.0 704,059.0 466.0 1986/87 11,517.0 14,672.0 66.0 2,302.0 81,054.0 25,108.0 29,853.0 20,273.0 551,880.0 2,724.0 1987/88 13,186.0 20,299.0 145.0 1,876.0 77,731.0 24,219.0 48,171.0 10,759.0 448,158.0 1,128.0 1988/89 11,359.0 36,867.0 299.0 970.0 77,324.0 13,937.0 16,867.0 8,136.0 423,204.0 2,191.0 1989/90 13,865.0 10,332.0 90.0 2,822.0 82,229.0 15,469.0 11,490.0 12,983.0 118,560.0 1,547.0 1990/91 9,906.0 6,126.0 299.2 2,475.0 45,954.0 11,887.0 21,224.0 6,017.0 374,114.0 1,399.0 1991/92 3,924.0 7,854.0 424.0 472.0 17,175.0 2,951.0 15,188.0 3,685.0 1,947.9 449.0 1992/93 7,781.5 17,577.9 317.6 2,446.8 43,720.9 7,248.5 32,394.1 6,632.2 421,496.9 7,225.4 1993/94 10,062.4 12,709.9 1,073.4 2,110.6 113,445.5 8,542.6 32,362.4 9,448.6 382,632.5 310.2 1994/95 6,264.8 17,505.4 1,581.9 2,039.5 116,919.2 28,712.2 32,497.8 83,301.9 590,328.1 82.4 1995/96 7,835.1 16,501.0 4,808.1 5,878.8 119,762.0 42,304.6 41,188.0 12,487.6 313,282.0 96.4 1996/97 22,807.0 42,304.8 7,500.8 6,327.6 194,750.1 24,358.1 38,937.0 46,950.6 4,019.3 131.1 1997/98 20,312.6 26,681.1 4,685.1 6,170.6 163,616.8 24,115.4 20,482.3 20,525.1 22,928.5 104.6 1998/99 160,611.8 39,073.2 6,886.9 10,194.2 217,971.0 28,591.4 73,864.5 36,830.9 219,044.0 470.0 1999/00 413,422.2 71,001.9 10,177.6 10,486.0 198,761.7 28,817.5 80,219.1 21,369.7 360,118.1 1,232.4 2000/01 100,301.6 20,680.2 20,562.4 15,254.5 261,843.0 26,964.1 91,784.3 24,421.1 360,317.7 20,588.3 2001/02 32,216.0 26,630.1 19,361.3 11,900.4 273,464.6 23,962.2 47,917.1 25,206.4 693,514.9 329.9 2002/03 35,925.8 33,900.4 18,225.4 13,799.4 256,989.9 29,572.1 34,348.0 29,328.9 620,999.6 716.3 2003/04 46,047.8 40,618.7 30,837.4 20,092.7 293,701.2 38,653.1 41,688.9 54,920.2 628,811.6 3,327.3 2004/05 53,790.6 90,527.2 27,149.6 22,345.8 539,108.0 53,641.5 47,555.0 58,571.1 535,237.2 89,892.7 2005/06 66,235.9 53,927.3 36,103.9 27,558.3 578,956.7 77,915.9 1,130,445.5 83,658.3 715,902.1 6,065.5 2006/07 67,729.3 38,935.4 33,617.9 29,546.8 795,736.4 101,880.8 114,151.2 64,490.1 507,199.0 6,161.8 2007/08 78,419.8 41,135.5 30,473.6 38,345.1 732,819.0 103,879.9 73,545.7 64,580.6 433,009.5 4,251.1 2008/09 90,504.2 36,349.3 24,278.1 33,469.0 641,508.0 108,046.9 84,279.6 87,896.5 1,731,465.1 1,794.6 2009/10 238,737.5 37,964.1 33,454.5 28,208.1 836,745.9 141,184.6 204,618.5 194,059.8 1,567,321.8 1,428.2 2010/11 57,452.1 38,370.2 31,669.4 25,489.8 772,360.7 231,077.7 133,737.9 64,156.8 438,137.4 1,134.6 2011/12 89,205.8 46,129.4 37,796.9 45,244.9 904,607.4 151,778.3 241,940.5 76,974.4 1,679,919.7 917.4 2012/13 94,055.2 41,858.8 36,103.1 56,403.7 992,746.4 207,980.6 177,514.2 89,945.7 1,252,139.3 1,102.4 2013/14 113,120.3 66,313.0 41,513.8 188,603.6 1,392,828.4 367,372.0 186,099.4 173,869.1 735,463.4 533.9 2014/15 96,423.9 81,769.5 110,349.1 215,500.2 1,646,691.0 288,534.3 211,528.3 230,648.1 258,852.9 503.6 2015/16 120,939.2 535,911.0 511,001.1 1,450,218.2 11,290,987.4 2,226,215.5 1,435,282.4 1,341,928.8 3,281,134.3 3,618.7 2016/17 122,068.3 105,571.3 51,937.5 332,152.8 1,817,012.2 331,153.8 351,494.6 127,280.9 341,047.4 280.1 2017/18 89,634.4 88,081.1 50,756.5 232,072.1 1,381,381.2 255,910.3 204,680.5 119,953.9 640,192.1 264.5 2018/19 105,345.9 140,618.8 45,285.6 194,706.0 1,695,672.5 234,828.2 159,140.1 131,509.1 538,413.5 280.4

• Included in "Food & Live Animals". Sources: Ethiopian Ministry of Revenue Table 12 continued:

(in Thousands of Birr) 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) RAW MATERIALS 424.92 670.51 1,310.85 2,384.59 3,645.27 2,699.27 2,997.30 3,439.17 2,644.61 3,182.93 3,426.40 3,147.26 2,809.23 3,617.87 4,233.32 SEMI-FINISHED GOODS 5,750.62 7,132.95 7,058.77 11,682.43 11,993.63 15,794.98 20,000.25 33,857.33 31,912.83 42,595.61 51,856.36 61,207.76 58,840.49 65,669.07 78,116.49 Chemicals 571.90 998.21 871.03 1,063.29 1,218.33 1,475.99 2,113.70 2,668.09 3,433.70 5,664.36 6,398.19 7,389.96 7,524.19 8,910.53 10,858.90 Fertilizers 1,055.14 1,180.42 1,245.77 2,827.87 3,008.22 3,221.86 5,664.73 10,502.73 5,331.49 7,643.53 10,163.58 9,167.59 8,354.88 13,001.60 14,219.85 Textile Materials 203.79 332.41 116.59 252.59 197.59 303.91 463.32 706.01 2,644.61 983.69 1,311.24 1,335.60 1,580.89 1,589.57 2,276.95 Others 3,919.80 4,621.91 4,825.37 7,538.69 7,569.49 10,793.23 11,758.50 19,980.50 22,468.87 28,304.02 33,983.34 43,314.60 41,380.52 42,167.37 50,760.78 FUEL 5,785.61 7,472.51 7,688.11 15,076.12 17,562.74 19,209.68 23,024.96 37,247.92 27,635.13 49,114.62 40,943.09 28,246.34 40,940.19 61,013.95 72,941.90 Crude Petroleum - - - - 0.17 0.09 0.35 0.25 0.21 321.46 0.20 0.11 3.73 1.80 0.88 Petroleum Products 5,773.86 7,438.12 7,663.95 12,457.03 17,463.59 19,110.03 22,854.05 36,449.26 2,644.61 47,619.87 39,822.54 27,005.49 39,143.28 58,613.99 69,942.60 Others 11.75 34.39 24.17 54.06 98.98 99.55 170.57 798.41 647.97 1,173.29 1,120.35 1,240.74 1,793.18 2,398.17 2,998.41 CAPITAL GOODS 10,376.31 12,614.13 16,453.26 16,415.81 24,594.75 37,152.72 44,656.79 50,600.88 64,987.53 92,665.43 138,421.22 143,943.46 135,285.20 136,684.08 140,570.41 Transport 3,214.88 3,732.51 5,574.08 3,519.20 3,999.54 6,601.10 11,124.06 13,977.45 16,444.78 20,793.33 34,176.24 32,362.86 32,005.58 29,339.13 39,817.70 Tyres for Heavy Vehicle 473.06 424.45 479.50 575.73 848.52 1,307.44 1,380.55 1,842.37 2,644.61 3,089.21 2,741.61 2,818.81 3,186.58 2,628.97 3,172.73 Heavy Road Motor Vehicle 1,509.38 2,712.14 4,290.62 2,744.09 3,009.66 5,237.84 9,289.92 11,269.70 13,787.48 15,448.45 19,986.57 20,520.03 22,400.17 18,666.44 11,441.56 Aircraft 1,207.20 585.51 333.28 113.43 32.41 10.81 411.73 721.86 140.70 673.64 3,826.27 3,462.96 3,362.78 7,529.52 24,229.19 Others 25.24 10.41 470.68 85.95 108.96 45.01 41.86 143.52 220.14 1,582.03 7,621.78 5,561.06 3,056.05 514.20 974.22 Agricultural 210.86 336.20 290.07 378.56 330.91 772.18 1,024.68 2,064.85 2,644.61 3,218.25 1,444.71 1,761.37 1,691.39 1,343.02 1,616.02 Industrial 6,950.57 8,545.41 10,589.11 12,518.05 20,264.30 29,779.43 32,508.04 34,558.58 46,188.42 68,653.85 102,800.27 109,819.23 101,588.23 106,001.93 99,136.69 CONSUMER GOODS 8,531.91 11,127.85 11,590.42 14,036.99 23,532.61 32,582.12 36,901.63 59,934.54 62,793.03 70,444.68 90,614.30 111,228.72 109,625.01 122,572.11 119,758.04 Consumer Durables 2,918.47 3,609.19 4,578.07 4,244.24 5,885.09 11,203.41 13,995.34 18,128.55 19,837.29 22,458.80 32,305.54 33,062.24 38,146.76 35,022.62 33,670.41 Radio & Television 508.81 491.27 494.48 321.88 133.92 162.17 268.89 265.48 2,644.61 1,617.33 3,008.95 3,069.50 9,556.66 2,836.57 3,417.15 Tyres, Cars & Other Veh. 110.46 131.34 169.29 210.03 283.98 522.68 563.67 785.66 847.37 1,426.90 1,258.24 1,211.53 1,435.07 1,624.56 1,511.83 Cars & Other Vehicles 1,024.11 1,231.77 1,530.85 1,284.44 1,643.81 2,808.55 3,510.63 4,659.06 4,861.04 7,267.45 7,305.98 9,342.33 9,917.73 12,001.85 9,999.35 Others 1,275.09 1,754.82 2,383.44 2,427.89 3,823.38 7,710.00 9,652.16 12,418.34 13,824.23 12,147.13 20,732.38 19,438.89 17,237.31 18,559.64 18,742.09 Consumer Non- Durables 5,613.44 7,518.66 7,012.35 9,792.75 17,647.51 21,378.72 22,906.29 41,806.00 2,644.61 47,985.88 58,308.75 78,166.48 71,478.24 87,549.49 86,087.63 Cereals 1,383.03 1,692.87 1,414.31 1,937.49 6,473.56 6,670.39 3,176.90 11,225.67 10,222.56 8,440.07 12,065.34 21,856.74 12,363.68 20,043.62 16,734.20 Other Food 755.24 1,194.32 862.44 1,435.79 2,013.68 2,750.02 3,973.27 6,602.99 6,608.10 7,230.47 8,988.00 13,252.27 13,007.05 16,254.14 15,642.11 Medical & Pharmaceutical 738.65 1,285.86 1,510.42 1,959.45 2,949.03 4,153.35 5,344.08 6,713.27 7,647.19 10,820.18 11,823.44 13,636.15 15,028.19 14,814.52 21,133.74 Textile Fabrics 1,415.04 1,775.78 1,679.85 1,920.04 2,010.20 2,966.25 3,791.31 5,994.13 2,644.61 8,957.03 11,523.90 13,056.13 12,979.33 14,797.76 11,089.57 Others 1,321.48 1,569.83 1,545.33 2,539.97 4,201.04 4,838.70 6,620.73 11,269.93 11,453.90 12,538.12 13,908.07 16,365.19 18,099.98 21,639.45 21,488.01 MISCELLANEOUS 564.78 855.13 1,025.04 3,551.00 3,348.23 1,517.56 2,112.43 6,507.29 6,897.89 3,834.08 5,532.88 5,240.32 6,771.02 7,558.39 7,773.99 TOTAL IMPORTS 31,434.16 39,873.07 45,126.44 63,146.95 84,677.23 108,956.34 129,693.36 191,587.14 196,871.02 261,837.36 330,794.23 353,013.86 354,271.13 397,115.5 423,394.15 Sources: Ethiopian Ministry of Revenue Components Table 13: Value of Imports, by End Use

(in Thousands of Birr) 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Djibouti 468,910 726,236 489,067 248 745 613 1,464 4,194 14,656 6,060 13,765 25.5 54.6 7,505.5 269,451.0 Kenya 220,729 323,436 433,896 310,421 271,334 404,038 479,355 652,128 571,875 670,751 775,309 704,623.9 775,026.6 883,937.3 1,139,053.5 Sudan 433,620 225,298 440,442 1,316,789 865,409 1,280,691 2,379,923 1,899,249 175,036 3,372,556 2,782,296 885,021.3 2,697,548.6 2,500,770.0 2,303,862.7 U.A.E 1,902,736 2,551,785 2,366,158 6,185,088 4,590,216 5,410,863 8,814,413 4,072,607 6,225,994 13,411,898 9,493,860 9,676,619.7 8,283,685.2 14,283,917.6 15,436,918.6 France 654,753 776,264 805,939 830,261 1,274,036 1,047,157 2,140,545 2,572,641 3,382,183 2,476,004 3,416,216 4,176,288.1 4,505,121.3 4,756,805.0 4,355,547.8 Germany 1,043,711 1,497,594 1,656,840 2,074,085 1,769,858 2,486,242 2,958,633 3,130,180 3,635,738 6,647,651 6,916,081 7,849,773.2 5,711,671.2 7,256,006.1 9,018,930.8 Italy 1,334,427 2,198,689 3,474,463 3,255,577 4,828,243 5,237,869 5,782,030 6,782,256 8,869,965 9,435,122 10,188,233 13,340,823.0 15,518,259.6 13,370,601.9 9,585,488.8 Netherlands 461,105 620,995 619,844 400,232 696,441 943,605 1,471,114 1,585,694 1,712,577 3,608,203 5,311,881 4,140,318.9 4,540,832.5 6,172,113.2 5,203,113.3 U.K. 865,102 873,197 776,746 897,037 729,809 1,117,723 1,497,189 1,769,438 1,479,938 2,785,358 4,386,801 4,277,114.5 3,750,299.2 5,981,832.7 9,114,791.7 Russia 373,248 286,005 434,169 965,361 1,981,096 1,290,521 368,456 6,209,616 397,293 1,007,404 2,402,659 3,983,984.5 947,736.5 2,472,934.4 3,422,604.1 Yugoslavia 5,427 1,154 8,468 256 0 6,819 9,455 49 0 8 55 0.0 0.3 0.0 0.0 U.S.A. 3,317,965 3,181,562 1,698,913 2,756,286 3,510,082 6,728,159 4,394,329 7,831,544 7,082,276 13,436,708 15,043,777 26,691,945.0 22,894,078.3 31,244,388.2 38,161,945.4 China, P. Rep. 3,622,994 5,007,634 7,494,616 9,861,833 12,929,079 19,098,742 20,203,760 31,790,965 44,773,247 72,643,511 126,572,346 117,251,124.0 114,932,245.7 100,864,789.1 109,790,427.2 Japan 1,052,279 1,281,164 2,788,275 3,067,246 3,217,408 5,420,113 7,036,611 7,914,136 8,268,087 11,421,006 13,244,072 14,792,746.8 15,545,024.5 13,546,649.0 10,523,030.1 Saudi Arabia 5,348,311 7,335,352 6,829,549 8,320,018 12,778,050 13,834,142 11,630,212 26,664,514 20,459,836 21,229,838 16,717,802 7,964,804.7 10,728,630.6 9,089,126.5 6,854,464.4 Rest of the World 10,329,057 12,983,984 14,809,054 22,906,209 35,235,387 44,648,975 60,525,873 88,707,927 89,822,314 99,685,280 113,529,081 137,278,642.6 143,440,920.4 184,684,091.2 198,214,521.2 Total Import 31,434,374 39,870,350 45,126,438 63,146,946 84,677,193 108,956,272 129,693,362 191,587,139 196,871,016 261,837,358 330,794,233 353,013,855.7 354,271,134.9 397,115,467.6 423,394,150.7 Sources: Ethiopian Ministry of Revenue countries Table 14: Value of Imports, by Country of Origin:

Table 15: Values of Export by Countries of Destination* (In Thousand of Birr) 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) Djibouti 359,202 498,349 434,264 485,403 463,894 649,142 1,002,921 1,459,098 2,237,359 3,657,884 1,594,047 2,205,921 2,283,065 3,312,768 3,572,337 Kenya 17,923 21,123 32,806 28,805 31,735 57,321 127,738 176,617 190,938 383,110 586,440 618,827 1,186,102 1,057,669 566,102 Sudan 146,581 219,224 457,061 508,868 718,602 1,500,562 2,275,081 3,012,327 1,675,097 1,550,096 1,649,715 1,333,608 983,314 2,690,710 1,945,939 U.A.R 230,342 251,161 273,830 515,832 601,556 1,001,752 1,210,935 1,327,262 1,434,080 1,505,223 1,968,395 1,663,203 2,694,756 2,890,041 3,660,308 France 127,221 177,958 212,074 231,308 171,181 310,655 757,780 932,783 602,490 685,633 721,353 679,966 827,505 815,455 556,438 Germany 1,068,688 875,993 1,230,053 1,403,462 1,389,204 2,577,168 5,154,884 5,321,133 4,200,734 3,578,888 4,206,156 3,374,501 3,943,247 4,729,676 3,117,964 Italy 384,792 473,896 662,970 668,249 618,165 603,375 1,707,725 1,390,960 1,185,007 1,193,640 1,089,195 966,201 1,347,709 1,485,536 1,195,539 Netherlands 259,359 334,933 497,756 849,033 1,279,583 2,067,342 2,668,056 3,722,699 3,029,773 3,733,608 3,590,928 3,705,136 4,177,990 5,001,314 5,843,402 U.K. 219,673 238,064 295,283 314,553 623,890 565,172 921,147 980,160 859,631 1,034,641 701,778 807,237 1,290,346 1,158,598 1,158,806 Russia 17,913 14,396 30,831 46,340 41,278 98,095 125,733 212,833 215,319 382,323 305,929 332,653 386,109 471,865 344,778 Yugoslavia 0 287 874 0 - - 0 45,940 U.S.A. 389,938 418,041 522,777 915,718 626,461 1,008,695 1,941,403 1,533,048 2,055,430 2,528,811 3,516,787 3,284,623 4,317,231 6,649,832 5,358,010 China, P.Rep. 363,121 1,166,677 526,539 583,046 1,966,171 2,838,166 4,024,701 5,669,068 4,660,202 7,588,195 7,378,001 6,430,788 5,111,010 6,301,807 4,035,157 Japan 554,687 676,177 640,340 861,305 67,358 311,632 628,239 796,091 1,617,076 1,304,904 1,965,575 1,212,783 2,233,317 2,377,677 3,385,579 Saudi Arabia 438,190 531,000 645,957 1,000,488 1,167,946 1,593,421 2,227,262 3,551,459 2,754,806 3,516,771 4,039,152 3,642,647 4,400,225 4,971,483 5,072,646 Rest of the World 2,753,627 2,788,385 3,995,074 5,218,877 5,450,022 10,932,808 19,751,961 24,409,230 29,405,617 29,599,272 26,546,929 29,421,718 28,503,818 28,798,566 33,761,221 Total Export 7,331,258 8,685,376 10,457,615 13,631,575 15,217,920 26,115,306 44,525,565 54,494,767 56,123,558 62,242,999 59,860,381 59,725,753 63,685,744 72,712,995 73,574,227

• Export value of Gold is not included in this table for the years before 2003/04 Sources: Ethiopian Customs Authority countries

(In Thousand of Birr) 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 '(1997) '(1998) '(1999) '(2000) '(2001) '(2002) '(2003) '(2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) Djibouti (109,708.40) (227,886.98) (54,802.98) 485,155.80 463,149.06 648,529.24 1,001,457.15 1,454,904.13 2,222,702.71 3,651,824.36 1,580,282.16 2,205,895.91 2,283,009.94 3,305,262.37 3,302,886.37 Kenya (202,805.77) (302,312.60) (401,089.88) (281,616.20) (239,599.15) (346,716.12) (351,617.60) (475,510.76) (380,937.75) (287,641.33) (188,868.43) (85,796.43) 411,075.40 173,731.42 (572,951.51) Sudan (287,039.55) (6,074.50) 16,618.44 (807,920.94) (146,807.40) 219,871.32 (104,841.61) 1,113,078.02 1,500,060.96 (1,822,459.92) (1,132,580.04) 448,586.45 (1,714,234.10) 189,939.59 (357,923.38) U.A.R (1,672,394.38) (2,300,624.91) (2,092,327.71) (5,669,255.49) (3,988,660.17) (4,409,111.82) (7,603,477.98) (2,745,344.93) (4,791,914.45) (11,906,674.53) (7,525,465.25) (8,013,416.29) (5,588,929.30) (11,393,876.20) (11,776,610.13) France (527,531.44) (598,306.35) (593,865.25) (598,953.08) (1,102,854.82) (736,501.88) (1,382,765.13) (1,639,858.10) (2,779,693.14) (1,790,370.93) (2,694,863.31) (3,496,322.40) (3,677,616.68) (3,941,350.04) (3,799,109.79) Germany 24,976.64 (621,601.18) (426,786.80) (670,623.02) (380,653.97) 90,926.39 2,196,251.31 2,190,952.75 564,995.40 (3,068,763.28) (2,709,924.55) (4,475,272.13) (1,768,424.37) (2,526,330.43) (5,900,966.85) Italy (949,634.60) (1,724,793.44) (2,811,492.76) (2,587,327.50) (4,210,077.33) (4,634,493.66) (4,074,305.46) (5,391,295.81) (7,684,957.61) (8,241,481.74) (9,099,038.57) (12,374,622.20) (14,170,550.33) (11,885,066.35) (8,389,949.56) Netherlands (201,745.96) (286,061.76) (122,087.45) 448,800.41 583,141.73 1,123,736.81 1,196,942.26 2,137,005.00 1,317,196.72 125,404.59 (1,720,952.73) (435,183.35) (362,842.14) (1,170,799.45) 640,289.00 U.K. (645,429.55) (635,132.90) (481,463.36) (582,484.62) (105,918.95) (552,551.56) (576,042.47) (789,278.06) (620,306.94) (1,750,717.36) (3,685,023.03) (3,469,877.49) (2,459,953.18) (4,823,234.75) (7,955,985.63) Russia (355,334.76) (271,608.89) (403,338.23) (919,020.46) (1,939,817.46) (1,192,426.11) (242,723.10) (5,996,783.27) (181,974.19) (625,081.70) (2,096,729.94) (3,651,331.50) (561,627.87) (2,001,069.82) (3,077,825.86) Yugoslavia (5,427.25) (1,153.82) (8,468.06) 30.72 873.76 (6,819.32) (9,455.16) (49.32) 0.00 (8.33) (54.91) 45,939.89 (0.26) (0.00) 0.00 U.S.A. (2,928,026.67) (2,763,521.46) (1,176,135.92) (1,840,567.46) (2,883,621.12) (5,719,464.51) (2,452,925.40) (6,298,496.38) (5,026,845.96) (10,907,897.53) (11,526,989.74) (23,407,322.41) (18,576,846.83) (24,594,555.74) (32,803,935.54) China, P.Rep. (3,259,872.06) (3,840,956.80) (6,968,076.80) (9,278,787.21) (10,962,907.89) (16,260,576.42) (16,179,059.20) (26,121,896.74) (40,113,045.09) (65,055,315.19) (119,194,344.43) (110,820,335.54) (109,821,235.92) (94,562,982.35) (105,755,270.19) Japan (497,591.98) (604,986.74) (2,147,934.29) (2,205,940.40) (3,150,049.47) (5,108,481.62) (6,408,372.10) (7,118,045.15) (6,651,011.06) (10,116,101.13) (11,278,497.81) (13,579,963.40) (13,311,707.06) (11,168,972.25) (7,137,451.56) Saudi Arabia (4,910,121.48) (6,804,352.22) (6,183,591.34) (7,319,529.38) (11,610,104.68) (12,240,720.34) (9,402,950.19) (23,113,054.98) (17,705,030.25) (17,713,067.00) (12,678,649.53) (4,322,157.28) (6,328,405.58) (4,117,643.77) (1,781,818.42) Rest of the World (7,575,429.42) (10,195,599.36) (10,813,980.41) (17,687,332.55) (29,785,364.95) (33,716,166.87) (40,773,912.16) (64,298,697.82) (60,416,697.69) (70,086,007.68) (86,982,151.66) (107,856,924.66) (114,937,102.51) (155,885,525.19) (164,453,300.28) OverallTrade Balance (24,103,116.61) (31,184,973.91) (34,668,822.80) (49,515,371.38) (69,459,272.82) (82,840,966.47) (85,167,796.83) (137,092,371.41) (140,747,458.32) (199,594,358.71) (270,933,851.78) (293,288,102.85) (290,585,390.79) (324,402,472.98) (349,819,923.32) Sources: Ethiopian Customs Authority Trading Country Table 16: Trade Balance with Major Trading Partners

End of period Currency outside Banks Net Demand Deposit Money Supply Quasi Money Broad Money 1 2 3=1+2 4 5=3+4 1979/80 1,062.8 435.8 1,498.6 610.2 2,108.8 1980/81 1,027.1 688.2 1,715.3 662.3 2,377.6 1981/82 1,129.8 762.4 1,892.2 751.5 2,643.7 1982/83 1,258.2 922.2 2,180.4 860.1 3,040.5 1983/84 1,282.9 1,096.4 2,379.3 1,004.4 3,383.7 1984/85 1,358.5 1,333.6 2,692.1 1,156.9 3,849.0 1985/86 1,591.9 1,587.7 3,179.6 1,268.6 4,448.2 1986/87 1,743.5 1,820.0 3,563.5 1,245.2 4,808.7 1987/88 1,908.3 2,002.5 3,910.8 1,327.9 5,238.7 1988/89 2,181.8 1,992.0 4,173.8 1,530.6 5,704.4 1989/90 2,736.3 2,253.7 4,990.0 1,718.2 6,708.2 1990/91 3,820.8 2,314.0 6,134.8 1,827.4 7,962.2 1991/92 4,315.8 2,529.5 6,845.3 2,165.6 9,010.9 1992/93 4,883.2 2,697.5 7,580.7 2,556.0 10,136.7 1993/94 5,158.9 3,214.3 8,373.2 3,225.5 11,598.7 1994/95 5,833.8 4,088.6 9,922.4 4,486.0 14,408.4 1995/96 5,656.9 4,260.5 9,917.4 5,737.5 15,654.9 1996/97 5,176.3 4,847.7 10,024.0 6,524.8 16,548.8 1997/98 4,716.8 6,377.2 11,094.0 7,549.3 18,643.3 1998/99 5,196.4 6,182.5 11,378.9 8,020.5 19,399.4 1999/00 5,914.3 7,136.0 13,050.3 9,127.5 22,177.8 2000/01 5,911.8 7,834.0 13,745.8 10,770.4 24,516.2 2001/02 5,461.9 8,690.6 14,152.5 12,139.5 26,292.1 2002/03 6,582.0 8,834.8 15,416.8 13,643.4 29,060.2 2003/04 7,843.9 10,192.1 18,036.0 15,590.0 33,626.0 2004/05 10,026.0 11,265.1 21,291.1 18,920.7 40,211.7 2005/06 11,422.9 12,389.0 23,811.9 22,565.5 46,377.4 2006/07 13,708.4 15,909.3 29,617.7 27,034.2 56,651.9 2007/08 17,654.1 17,696.3 35,350.4 32,831.8 68,182.1 2008/09 19,715.0 22,397.6 42,112.7 40,397.1 82,509.8 2009/10 24,206.8 28,227.8 52,434.6 51,997.8 104,432.4 2010/11 32,574.9 43,596.1 76,171.0 69,206.0 145,377.0 2011/12 38,537.1 56,312.7 94,849.9 94,548.9 189,398.8 2012/13 45,671.0 69,074.7 114,745.7 120,567.9 235,313.6 2013/14 53,161.4 80,887.8 134,063.8 163,682.8 297,746.6 2014/15 60,460.9 94,245.4 154,706.3 216,622.6 371,328.9 2015/16 66,686.2 111,923.5 178,609.7 266,656.6 445,266.3 2016/17 73,917.7 142,851.9 216,769.6 356,614.4 573,384.1 2017/18 86,417.3 194,737.4 281,154.7 459,418.2 740,572.9 2018/19 92,017.0 216,920.2 308,937.1 577,815.4 886,752.5 Source: National Bank of Ethiopia (In Millions of Birr) Table 17: Components of Broad Money

Gross Grand Total Total National Bank Comm. Banks Total Loans & Advances Bills Disc. Invest￾ments Priority sec. loan to DBE 1=2+5 2=3+4 3 4 5 = 6 to 9 6* 7 8 9 1979/80 2,638.3 1,176.6 915.0 261.6 1,461.7 1,444.1 0.4 17.2 - 1980/81 2,908.7 1,388.1 1,125.8 262.3 1,520.6 1,519.5 0.1 1.0 - 1981/82 3,125.2 1,394.6 1,066.0 328.6 1,730.6 1,729.4 - 1.2 - 1982/83 3,891.7 2,322.2 1,408.1 914.1 1,569.5 1,568.3 - 1.2 - 1983/84 4,356.7 2,558.3 1,642.1 916.2 1,798.4 1,797.2 - 1.2 - 1984/85 4,816.9 2,961.2 1,501.0 1,460.2 1,855.7 1,854.5 - 1.2 - 1985/86 5,375.6 3,314.1 1,862.9 1,451.2 2,061.5 2,060.3 - 1.2 - 1986/87 6,063.1 3,716.7 2,265.1 1,451.6 2,346.4 2,345.2 - 1.2 - 1987/88 6,798.1 4,007.8 2,510.1 1,497.7 2,790.3 2,789.1 - 1.2 - 1988/89 7,354.8 4,452.7 2,584.1 1,868.6 2,902.1 2,900.9 - 1.2 - 1989/90 8,598.4 5,670.9 3,431.6 2,239.3 2,927.5 2,926.3 - 1.2 - 1990/91 10,149.5 6,917.8 4,288.1 2,629.7 3,231.7 3,230.5 - 1.2 - 1991/92 11,479.5 8,062.8 5,433.1 2,629.7 3,416.7 3,415.5 - 1.2 - 1992/93 12,907.1 10,401.5 7,784.1 2,617.4 2,505.6 2,504.5 - 1.1 - 1993/94 14,573.3 11,400.2 8,783.1 2,617.1 3,173.1 3,168.0 - 5.1 - 1994/95 16,840.8 11,324.0 8,703.1 2,620.9 5,516.8 5,512.7 - 4.1 - 1995/96 19,384.0 11,575.7 8,725.4 2,850.3 7,808.3 7,802.9 - 5.4 - 1996/97 19,803.4 10,975.8 8,838.9 2,136.9 8,827.6 8,822.5 - 5.1 - 1997/98 22,050.8 12,032.4 9,819.3 2,213.1 10,018.4 10,015.4 - 3.0 - 1998/99 23,942.7 13,053.8 10,562.2 2,491.6 10,888.9 10,883.2 - 5.7 - 1999/00 31,283.7 19,423.4 16,533.1 2,890.3 11,860.3 11,854.6 - 5.7 - 2000/01 34,035.1 21,357.4 14,342.5 7,014.9 12,677.7 12,670.0 - 7.7 - 2001/02 28,099.0 15,985.1 8,986.7 6,998.4 12,113.9 12,084.8 - 29.0 - 2002/03 28,689.4 17,229.8 9,387.6 7,842.2 11,459.7 11,419.5 - 40.2 - 2003/04 31,653.0 19,199.2 9,389.2 9,809.9 12,453.8 12,247.8 - 206.0 - 2004/05 40,873.5 21,673.8 19,540.0 2,133.9 19,199.7 15,929.6 - 3,270.1 - 2005/06 49,295.9 25,266.4 19,095.7 6,170.6 24,029.6 19,431.1 - 4,598.4 - 2006/07 61,844.2 30,337.6 24,855.6 5,482.1 31,506.6 23,493.8 - 8,012.8 - 2007/08 79,969.2 33,075.7 35,405.8 (2,330.1) 46,893.5 33,600.6 - 13,292.9 - 2008/09 89,203.0 32,786.5 37,827.2 (5,040.7) 56,416.5 38,802.0 - 17,614.5 - 2009/10 104,413.5 33,013.1 39,340.3 (6,327.2) 71,400.4 47,603.6 - 23,796.9 - 2010/11 135,553.9 28,651.7 45,323.71 (16,672.1) 106,902.2 61,871.3 - 38780.9 6250.0 2011/12 189,080.8 21,557.4 45,344.08 (23,786.7) 167,523.4 94,617.0 - 60404.4 12502.0 2012/13 233,404.3 21,963.5 55,377.34 (33,413.8) 211,440.8 114,384.6 - 80549.2 16507.0 2013/14 300,026.6 26,927.7 64,510.91 (37,583.2) 273,098.8 141,975.8 - 110866.0 20257.0 2014/15 393,421.7 30,717.3 77,076.80 (46,359.6) 362,704.5 185,501.9 - 153845.6 23357.0 2015/16 490,230.3 47,524.4 95,038.07 (47,513.7) 442,706.0 226,849.2 - 190249.7 25607.0 2016/17 631,092.7 85,441.8 120,891.04 (35,449.2) 545,650.9 283,835.2 - 234589.7 27226.0 2017/18 784,633.1 102,002.8 140,206.86 (38,204.0) 682,630.3 346,314.3 - 289023.3 47292.7 2018/19 963,699.9 109,799.2 172,171.40 (62,372.2) 853,900.7 443,362.2 - 358395.8 52142.7 Source: National Bank of Ethiopia

• Includes Claims on Other Financial Institutions Table 18: Domestic Credit by Sector (In Millions of Birr) Claims on Central Gov't Claims on Non-Central Gov't End of Period

NBE Total Gold Foreign Exchange Reserve Tranche Total Liab. Comm. Banks NBE Total NBE Comm. Banks 1=2+6 2=3 to 5 3 4 5 6 7=8+9 8 9 10=11+12 11=2-9 12=6-8 1979/80 525.6 323.0 50.5 272.5 - 202.6 159.3 49.1 110.2 366.3 212.8 153.5 1980/81 476.7 284.8 48.2 236.6 - 191.9 246.6 57.1 189.5 230.1 95.3 134.8 1981/82 754.6 541.7 44.0 497.7 - 212.9 424.1 106.7 317.4 330.5 224.3 106.2 1982/83 615.7 439.0 44.0 395.0 - 176.7 391.6 137.7 253.9 224.1 185.1 39.0 1983/84 446.4 224.1 44.0 180.1 - 222.3 310.1 107.1 203.0 136.3 21.1 115.2 1984/85 479.9 310.7 44.0 266.7 - 169.2 247.8 97.2 150.6 232.1 160.1 72.0 1985/86 838.5 620.9 44.0 576.9 - 217.6 259.3 83.5 175.8 579.2 445.1 134.1 1986/87 752.5 556.0 42.0 514.0 - 196.5 216.1 69.7 146.4 536.4 409.6 126.8 1987/88 594.2 388.8 194.8 194.0 - 205.4 291.9 107.1 184.8 302.3 204.0 98.3 1988/89 421.4 169.0 44.0 125.0 - 252.4 218.4 102.9 115.5 203.0 53.5 149.5 1989/90 190.2 41.8 23.1 18.7 - 148.4 143.7 71.5 72.2 46.5 -30.4 76.9 1990/91 446.9 177.7 31.3 146.4 - 269.2 158.6 118.4 40.2 288.3 137.5 150.8 1991/92 729.9 346.7 44.0 302.7 - 383.2 326.8 88.6 238.2 403.1 108.5 294.6 1992/93 2,316.3 1,342.9 57.0 1,236.6 49.3 973.4 1,449.1 266.9 1,182.2 867.2 160.7 706.5 1993/94 5,286.9 3,193.4 64.5 3,071.7 57.2 2,093.5 1,519.5 469.2 1,050.3 3,767.4 2,143.1 1,624.3 1994/95 7,399.6 3,895.6 71.1 3,755.9 68.6 3,504.0 1,690.3 799.6 890.7 5,709.3 3,004.9 2,704.4 1995/96 8,107.6 5,718.2 23.1 5,630.7 64.4 2,389.4 1,871.8 1,055.0 816.8 6,235.8 4,901.4 1,334.4 1996/97 8,237.9 3,968.7 2.5 3,899.2 67.0 4,269.2 2,612.3 1,514.1 1,098.2 5,625.6 2,870.5 2,755.1 1997/98 8,843.6 3,105.7 2.5 3,036.8 66.4 5,737.9 3,012.6 2,072.5 940.1 5,831.0 2,165.6 3,665.4 1998/99 8,839.9 3,588.8 2.8 3,508.9 77.1 5,251.1 2,752.1 1,685.1 1,067.0 6,087.8 2,521.8 3,566.0 1999/00 7,814.5 2,921.7 2.8 2,840.5 78.4 4,892.8 3,043.9 2,089.5 954.4 4,770.6 1,967.3 2,803.3 2000/01 7,829.5 2,907.8 2.9 2,829.6 75.3 4,921.7 3,029.5 1,815.4 1,214.1 4,800.0 1,693.7 3,106.3 2001/02 11,470.7 5,743.6 2.9 5,660.0 80.7 5,727.1 3,648.3 1,703.3 1,945.0 7,822.4 3,798.6 4,023.8 2002/03 14,427.2 7,988.2 2.9 7,899.3 86.0 6,439.0 3,378.1 1,674.7 1,703.4 11,049.1 6,284.8 4,764.3 2003/04 17,449.8 11,307.3 2.5 11,213.3 91.6 6,142.5 4,452.0 1,889.5 2,562.4 12,997.8 8,744.9 4,253.0 2004/05 19,963.5 13,704.9 57.0 13,556.5 91.3 6,258.6 6,095.5 1,979.8 4,115.7 13,868.0 9,589.2 4,278.8 2005/06 16,759.0 10,071.7 89.2 9,889.6 92.8 6,687.3 4,649.5 1,735.8 2,913.6 12,109.6 7,158.0 4,951.5 2006/07 19,514.9 11,977.3 429.3 11,448.5 99.5 7,537.7 6,174.6 1,986.3 4,188.3 13,340.4 7,789.0 5,551.4 2007/08 16,735.5 8,708.7 5.5 8,589.2 114.0 8,026.8 5,069.9 2,301.9 2,768.0 11,665.6 5,940.7 5,725.0 2008/09 26,434.3 17,214.6 18.2 17,069.0 127.5 9,219.7 8,457.5 3,076.5 5,380.9 17,976.8 11,833.7 6,143.1 2009/10 42,350.1 27,289.3 443.3 26,700.3 145.7 15,060.8 15,160.3 3,254.3 11,906.0 27,189.8 15,383.3 11,806.5 2010/11 79,945.5 51,551.4 1,395.2 49,960.5 195.7 28,394.2 24,410.9 5,715.5 18,695.4 55,534.7 32,856.0 22,678.7 2011/12 64,119.0 40,101.4 2,038.1 37,868.1 195.3 24,017.6 26,738.5 5,484.2 21,254.3 37,380.5 18,847.1 18,533.4 2012/13 72,658.1 44,140.0 2,253.2 41,685.1 201.8 28,518.1 27,009.6 7,515.2 19,494.4 45,648.5 24,645.6 21,002.9 2013/14 77,878.0 50,624.5 1,217.6 49,188.5 218.4 27,253.5 31,905.7 7,995.1 23,910.6 45,972.3 26,713.9 19,258.4 2014/15 82,741.8 66,817.7 79.3 66,423.1 315.3 15,924.1 45,170.9 8,326.6 36,844.3 37,570.9 29,973.4 7,597.6 2015/16 95,055.0 74,156.7 1,113.9 72,711.3 331.5 20,898.3 73,530.8 9,880.5 63,650.3 21,524.2 10,506.4 11,017.8 2016/17 98,750.9 73,874.3 741.3 72,783.6 349.4 24,876.5 60,716.1 10,818.8 49,897.3 38,034.8 23,977.0 14,057.8 2017/18 102,738.9 77,617.4 750.5 76,448.4 418.4 25,121.6 63,362.7 14,504.8 48,858.0 39,376.2 28,759.4 10,616.8 2018/19 127,270.5 98,726.6 804.9 97,484.0 437.8 28,543.8 112,765.3 18,006.4 94,758.9 14,505.2 3,967.8 10,537.4 Source: National Bank of Ethiopia (NBE) CBs' = Commercial Banks' Net Gold & Foreign Exchange Table 19: Gold & Foreign Exchange Holdings of the National Bank of Ethiopia and Commercial Banks End of Fisical Year Gross Total National Bank of Ethiopia International Reserves CBs' Foreign Exchange Foreign Liabilities Gross Gold and Foreign Exchange Holdings

1994/95 1,580.0 14.0 24.0 38.0 1,636.0 648.5 2,284.5 797.4 598.1 1,395.5 4.2 1995/96 4,526.0 22.0 60.0 82.0 4,552.5 2,117.4 6,669.9 2,623.4 1,902.6 4,526.0 4.8 1996/97 8,519.0 38.0 96.0 134.0 2,460.7 4,278.9 6,739.6 1,456.3 3,233.9 4,690.2 3.9 1997/98 5,086.0 98.0 116.0 214.0 2,386.7 3,705.3 6,092.0 1,521.6 3,033.9 4,555.5 3.7 1998/99 13,435.5 88.0 193.0 282.0 6,231.3 6,986.2 13,217.5 5,261.2 6,333.0 11,594.2 3.6 1999/00 16,147.0 110.0 162.0 272.0 10,772.3 7,550.5 18,322.8 7,954.4 5,356.8 13,311.2 3.3 2000/01 12,100.0 133.0 208.0 346.0 10,361.0 7,844.0 18,205.0 5,087.7 4,235.3 9,322.9 2.8 2001/02 16,625.0 152.0 166.0 326.0 18,632.6 6,216.0 26,089.1 12,176.4 3,996.8 16,453.2 2.0 2002/03 29,818.0 174.0 122.0 296.0 33,488.0 5,341.8 38,829.8 26,987.6 2,830.4 29,818.0 1.3 2003/04 51,645.0 152.0 120.0 272.0 56,481.0 4,960.0 61,441.0 47,921.8 3,710.2 51,632.0 1.0 2004/05 41,262.5 175.0 94.0 269.0 49,658.5 7,237.7 56,896.2 37,783.9 3,281.1 41,065.0 0.2 2005/06 47,793.5 142.0 45.0 187.0 56,687.5 3,916.0 60,603.5 44,465.6 3,327.9 47,793.5 0.0 2006/07 69,487.0 99.0 68.0 167.0 71,259.0 7,663.0 78,922.0 58,599.6 6,715.4 65,315.0 0.5 2007/08 48,889.0 92.0 88.0 180.0 46,761.0 13,127.5 59,888.5 35,613.0 12,103.5 47,716.5 0.7 2008/09 28,471.9 83.0 178.0 261.0 21,974.5 24,792.7 46,767.2 2,672.0 25,167.8 27,839.8 0.5 2009/10 55,203.3 82.0 198.0 280.0 23,386.9 27,871.2 51,258.1 13,902.0 27,834.5 41,736.5 0.7 2010/11 83,390.7 65.0 155.0 220.0 23,715.3 32,044.8 55,760.0 20,271.3 32,044.8 52,316.0 1.3 2011/12 96,511.9 202.0 204.0 406.0 26,712.7 50,482.1 77,194.8 24,212.7 50,482.1 74,694.8 1.9 2012/13 107,484.5 394.0 210.0 604.0 51,493.5 62,185.7 109,184.5 51,493.5 62,185.7 109,184.5 2.2 2013/14 88,074.9 226.0 240.0 466.0 31,226.0 81,608.6 112,834.6 16,989.0 76,933.5 94,233.3 1.5 2014/15 100,739.4 - 248.0 248.0 - 136,536.8 136,536.8 - 110,593.3 110,593.3 1.3 2015/16 145,877.4 - 217.0 217.0 - 161,575.2 161,575.2 - 199,200.0 199,200.0 1.3 2016/17 204,543.2 - 200.0 200.0 - 225,321.2 225,321.2 - 225,321.2 225,321.2 1.3 2017/18 286,494.2 - 192.0 192.0 - 323,991.2 323,991.2 - 323,991.2 323,991.2 1.3 2018/19 397,958.2 3.0 189.0 192.0 650.0 421,983.5 422,633.5 650.0 421,983.5 422,633.5 1.4 Annual Weighted Yield Table 20: Treasury Bills Auction Results Amount Demanded in millions of Birr Amount Sold in millions of Birr Period Amount Offered Number of Bidders Bank Non-bank Total Bank Non-bank Total Bank Non-bank Total

Annex 21: Employment Created by Domestic & Foreign Investment Projects Which Have Commenced Operation, by Sector Perm. Empl. Temp. Emp Perm. Empl. Temp. Emp Perm. Empl. Temp. Emp Perm. Empl. Temp. Emp Perm. Empl. Temp. Emp Perm. Empl. Temp. Emp Perm. Empl. Temp. Emp Perm. Empl. Temp. Emp Perm. Empl. Temp. Emp Agriculture, hunting and forestry 143 2,260 89 510 156 3,432 1,265 6,458 290 2,834 6,082 859 259 2428 536 1,862 Construction 26 50 105 50 24 10 441 1148 508 1,154 1,073 2,412 3,346 5,232 1664 2738 3,368 1,788 Education 10 5 26 6 189 12 9 8 49 13 89 0 16 23 200 154 Electricity, gas, steam and water supply 0 250 Fishing Health and social work 20 8 31 5 2 5 79 2 20 5 44 220 43 8 Hotels and restaurants 15 45 10 181 150 100 55 400 80 23 35 97 64 173 75 Manufacturing 309 146 1,193 527 1357 704 2642 872 7,586 1,189 7,007 3,753 6,016 3,143 123,353 8,070 15,918 5,142 Mining and quarrying 40 30 10 30 85 203 74 299 96 414 35 92 Other community, social and personal service activities 128 340 21 268 13 3 25 26 37 8 125,002 109 19 12 Real estate, renting and business activities 23 121 643 610 241 134 276 496 1,649 1,596 3,761 3,372 4,989 187 81,347 21,710 2,269 1,303 Transport, Storage and Communication 42 69 54 34 9 12 13 2 18 40 34 17 28 7 23 28 44 Wholesale, retail trade & repair service 17 103 5 7 5 10 2 0 Others* 8 100 160 26 105 Grand Total 625 2,784 2,109 1,746 1,861 1,221 3,936 6,425 11,227 10,505 12,724 12,710 20,712 9,775 332,003 36,214 22,631 10,541 2003(2010/11) 2004(2011/12) 2005(2012/13) 2006(2013/14) 2007(2014/15) 2008(2015/16) 2009(2016/17) 2010(2017/18) 2011(2018/19) Sector

Annex 22: Number and Investment Capital of Domestic & Foreign Investment Projects Which Have Commenced Operation by Sector [in millions of Birr] No. of Projects Investment Capital No. of Projects Investment Capital No. of Projects Investment Capital No. of Projects Investment Capital No. of Projects Investment Capital No. of Projects Investment Capital No. of Projects Investment Capital No. of Projects Investment Capital No. of Projects Investment Capital Agriculture, hunting and forestry 20 35 6 16 13 70.1 107 521.7 35 66.0 14 119.6 42 322.8 27 297.7 Construction 1 1 4 244 3 22 58 2,811.2 50 132.8 75 506.7 199 1,081.9 344 3,002.1 176 1,745.7 Education 1 1,700 2 5 2 25.4 1 79.8 3 7.1 4 6.1 7 67.8 6 68 Electricity, gas, steam and water supply 1.0 100.0 Fishing Health and social work 1 2 2 7 2 4 1 0.2 1 4.0 3 13.7 15 276.4 5 25 Hotels and restaurants 6 153 2 3 6 44.1 5 105.8 3 10.8 2 9.5 5 57.8 7 39.5 Manufacturing 18 146 24 1,371 38 516.8 39 2,707.2 85 2,539.5 149 1,888.0 578 14,494.8 337 4,647.0 Mining and quarrying 1.1 6 12.1 8 18.7 7 81.0 4 38 Other community, social and personal service activities 2 14 3 9.1 4 14.5 3 4.9 4 5.2 46 245.8 2 82 Real estate, renting and business activities 7 16 32 223 17 89 36 2,135.3 197 563 637 3,551 81 5,737.4 496 7,204.8 404 1909.30534 Transport, Storage and Communication 7 15 5 11 3 5 4 12.1 3 5.8 5 10.7 3 14.7 5 11.4 5 20.0 Wholesale, retail trade & repair service 4 7 1 0 1 10.9 1 2.0 Others* 1 1.9 3 9.5 3 79 Grand Total 48.0 231.9 68.0 647.7 55.0 1511.7 163.0 5636.2 407.0 4135.0 852 6,708.6 468 8,896.9 1,550 25,876.2 976 8952 2003(2010/11) 2004(2011/12) 2005(2012/13) 2006(2013/14) 2007(2014/15) 2008(2015/16) 2009(2016/17) 2010(2017/18) 2011(2018/19) Sector

Annex 23: Number and Capitalof Domestic & Foreign Investment Projects Which Have Commenced Operation, by Region [in millions of Birr] No. of Projects Investment Capital No. of Projects Investment Capital No. of Projects Investment Capital No. of Projects Investment Capital No. of Projects Investment Capital No. of Projects Investment Capital No. of Projects Investment Capital No. of Projects Investment Capital No. of Projects Investment Capital Addis Ababa 24 190 52 498 37 201 101 5,262.0 31 2,381.5 755 6,147.6 376 8307.5 1,362 19,839.3 681 6,838.4 Afar 2 11 7 56 1 1 12 21.1 15 97.5 6 16.0 46 380.0 Amhara 31 112.7 4 10.0 7 13.6 42 104.5 15 39.7 20 152.5 B.Gumze 1 2.0 Dire Dawa 1 6 11 68.8 Gambella Harari 3.0 26.5 Multiregional 59.0 5,217.5 69 1,135 Oromia 2 10 6 85 16 1,308 7 139.3 304 1,398.4 26 345.9 19 336 157 560.4 SNNPR 1 10.9 1 14 2 5 10 83.5 1 2.5 Somali Tigray 20 20 2 3 1 1 11 90.2 49 207.3 45 111.5 21 65.9 66 395.3 49 265.6 Grand Total 48 232 68 648 55 1,512 163 5,636.2 407 4,135 852 6,709 468 8896.9 1,550 25,876.3 976 8,951.7 2003(2010/11) 2004(2011/12) 2005(2012/13) 2006(2013/14) 2007(2014/15) 2008(2015/16) 2009(2016/17) 2010(2017/18) 2011(2018/19) Sector