National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25

National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin

Second Quarter 2024/25 Ethiopia: Macroeconomic and Social Indicators 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (2010) (2011) (2012) (2013) (2014) (2015) (2016)

1. Country Profile Land Area (total, In Sq.Km) 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million Arable Land (% of total area) 13 14.2 14.32 14.41 16.2 16.2 17.3 Agricultural Irrigated Land (% of totalAgricultural area) 4.0 4.0 4.7 5 6% 6.20% 6.20% Population Density (person per sq.km)* 106 109 112 115 123 127 132
2. Social Indicators Population total, in millions (Mid-Year population) 95.5 97.6 99.75 101.9 104.1 105.7 108.4 (o/w Urban Poulation, in %) 21 22.8 28.2 28.2 Working Age Population (In Millions) Urban 12 13.13 14.03 15.01 16.04 31.1 31.1 Rural 42 43.06 44.28 45.8 46.6 40.4 40.4 Total 56 56.19 58.31 60.81 62.64 61.7 61.7 Age Dependency Ratio 69 62 73 Life Expectancy at Birth (Male - Female) 62.4-66.6 62.4-66.6 62.4-66.7 65.5 69 Crude Birth Rate 27:1000 27:1000 27:1001 27:1002 27:1003 27:1000 31.8:1000 Crude Death Rate 6:03 6.00 6.:30 6.5 Natural Rate of Population Increase (In %) 2:07 4.6 Total Fertility Rate 3.5chil:W 4.6chil:W 4.6chil:W 4.1 4.6 People : Hospital Beds 3617:1 1,312 2750 2720 2900 3225: 1 bed 3650:1 Bed People : Physician1 26635:1 10,521:1 9977:1 8448:1 7576 5737 5,843 People : Nurse1 1780:1 1620:1 1705 1473 1415 983 999 Infant Mortality Rate 53.3:1000 53.3:1000 43.3:1000 47:1001 47:1000 34:1000 47:1000 Access to Safe Water (In %) Country Level 71 76 79.3 58.5 58.76 67.1 69.52 Urban Population 60 66 66.5 62.95 71.97 75.7 66.62 Rural Population 74 79 82.7 57.26 59.76 64.5 79.12 Student-Teacher Ratio Primary (1-8) 43 39 39 34.8 34.6 36.4 35.5 Secondary (9-12) 43 22.5 24 27.4 27.7 26.6 22.6 Technical & Vocational 26 13.3 13.3 1:11 1:11 1:18 1:17 Student-School Ratio Primary (1-8) 567 628 528 512.7 526.6 517.6 513.3 Secondary (9-12) 741 568 940 1017 1063 1009.6 864.9 Technical & Vocational 318 246.8:1 246.6:1 177 158 151.5 172.8 Indicators I National Bank of Ethiopia Quarterly Bulletin

2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (2010) (2011) (2012) (2013) (2014) (2015) (2016) 3. Macroeconomic Indicators 3.1. Real sector Development2 GDP at Current Market Price (In Mn. Birr) 2,202,373 2,696,223.0 3,374,747 4341387.1 6,157,538 8,722,308 11,752,138 Nominal GDP Growth Rate (In %) 20.2 22.4 25.5 28.6 41.8 42.4 35.6 Average Marginal Exchange Rate (Birr per USD) 26.1 28.1 31.3 39.0 48.57 53.283 55.96 GDP at Current Market Price (In Mn. USD) 84,355.6 95,951.0 107,673 111271.2 126,783 163,698 210,001 Nominal GDP per Capita (In USD) 2,018.1 2,228.3 1,080 2429.5 1,218 1,549 1,937 Real GDP per Capita (In Birr) 19,205 46,148.6 47,632.8 48,650.00 50,359.40 61,918.28 66,448.64 Real GDP per Capita Growth Rate (In %) 5 140 3 2.1 3.5 23.0 7.3 GDP Deflator (% change) 12.5 13.2 18.2 21.8 34.7 32.9 25.5 Real GDP at constant basic price (In Mn. Birr) 1,719,491 1,874,689.3 1,989,587.7 2,114,238.3 2,248,662.8 2,409,921.4 2,603,952.86 Real GDP at constant market price (In Mn. Birr) 1,834,066 1,987,157.5 2,109,180.1 2,228,170.1 2,346,748.0 2,501,498 2,684,525 Real GDP Growth Rate (In %) 7.7 9.0 6.1 6.3 6.1 7.2 8.1 Agriculture & Allied Activties(In Billion Birr) 600.9 623.8 650.3 686.4 728.4 774.0 827.9 Industrial Sector (In Billion Birr) 464 526.2 576.9 618.8 649.2 694.2 758.4 Service Sector(In Billion Birr) 674 745.7 786.8 836.2 899.8 971.3 1,046.1 Agriculture & Allied Activties (% of GDP) 34.9 33.3 32.7 32.5 32.4 32.1 31.8 Industrial Sector (% of GDP) 27.0 28.1 29.0 29.3 28.9 28.8 29.1 Service Sector (% of GDP) 39.2 39.8 39.5 39.6 40 40.3 40.2 Private Consumption Expenditure 1,441,581.1 1,848,070.0 2,360,896 3,134,994 4,764,429 6,882,737.92 9,422,416 Government Consumption Expenditure 225,523.2 247,362.0 307,769 383,565 453,263 551106.6 650,000 Investment 751,626.2 948,866.0 1,037,685 1,216,585 1,560,325 1,933,863 2,409,022 Exports 184,282.1 213,437.0 239,229 329,634 507,692 575,062 652,779 Imports 502,112.9 561,512.0 571,230 723,391 1,128,171 1,220,461 1,382,079 Resource Balance (317,831.0) (348,075.0) -329,096 -394,236 -620,479 -645,400 (729,300) Gross Private Consumption (% of GDP) 65.5 68.5 69.96 72 77.4 78.9 80.2 Gross Government Cosumption (% of GDP) 10.2 9.2 9.1 8.84 7.4 6.3 5.5 Gross Domestic Fixed Investment (% of GDP) 34.1 35.2 30.7 28.02 25.3 22.2 20.5 Resource Balance (% of GDP) (14.4) (12.9) (9.8) -9.08 -10.1 -7.4 -6.2 3.2. Monetary Indicators Narrow Money Supply (M1) (In Mn. Birr) 281,154.66 308,937.13 360,585.50 437,391.97 588,015.82 706,142.20 822,498.60 Broad Money Supply (M2) (In Mn. Birr) 740,572.88 886,752.53 1,037,646.33 1,348,266.15 1,715,310.03 2,170,848.37 2,477,891.90 Net Foreign Assets (In Mn. Birr) 39,376.20 14,506.19 (8,321.31) (812.32) (111,427.54) (160,097.68) (245,298.39) Reserve Requirement (CBs) 36,385.76 44,861.74 51,952.51 67,732.40 119,022.60 147,931.40 149,916.90 Interest Rate (In %) Minimum Deposit Rate 7 Lending Rate 13.5 13.5 14.25 Total Net Domestic Credit (in mn. Birr) 784,621.73 963,699.91 1,176,926.45 1,481,844.43 1,930,621.80 2,444,435.50 2,797,752.10 Government 102,002.83 109,799.21 137,082.91 214,275.16 422,864.02 573,675.72 745,541.10 Other Sectors 682,618.90 853,900.70 1,039,843.53 1,267,569.27 1,507,757.78 1,870,759.78 2,052,211.00 Indicators Continued…. Second Quarter 2024/25 II National Bank of Ethiopia Quarterly Bulletin

Continued…. 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (2010) (2011) (2012) (2013) (2014) (2015) (2016) 3.3. Inflation (CPI growth rate)3 Country Level -General inflation 14.60 12.60 19.90 20.20 33.80 32.50 26.60 -Food inflation 13.40 13.10 23.30 23.20 40.30 31.70 28.10 -Non-Food inflation (core inflation) 15.80 11.90 15.80 16.40 25.15 33.90 24.40 Addis Ababa -General inflation 16.5 14.6 18.8 19.5 29.8 37.3 31.20 -Food inflation 8.7 15 25.9 26.2 36.6 35.5 34.10 -Non-Food inflation (core inflation) 22.6 14 13.9 14.4 24.1 39.0 28.60 3.4. External Trade(In Mn.USD) Export of goods & services 7095.9 7694.9 7715.7 8498.9 10457.7 10855.8 11763.6 Import of goods & services 19707.4 20704.8 18828.3 19177.0 23845.0 23430.0 25128.0 Net trade in goods & services -12611.4 -13009.9 -11112.6 -10678.0 -13387.3 -12574.2 -13364.4 Current account balance including official transfers -5285.0 -4948.0 -4401.9 -3190.7 -5145.1 -4672.9 -5916.9 Capital account balance 6184.6 4822.4 4326.5 3785.8 2723.7 3547.3 4128.3 Overall balance of payments -201.6 -941.6 -833.4 298.7 -2149.8 -752.0 -1347.9 3.5. Government Finance (In Mn .Birr4 ) Total Revenue (including grants) 287,562.1 344,936.5 394,965.8 478,888.1 566,753.6 717,586.7 873,126.5 Total Revenue (excluding grants) 269,648.2 311,317.4 354,312.8 444,582.6 540,060.5 685,459.1 840,094.8 o/w Tax-Revenue 235,229.5 268,457.4 311,476.5 388,763.5 477,770.3 593,232.1 716,172.2 Tax-Revenue as % of GDP 10.7 10.0 9.2 9.0 7.8 6.8 6.1 Total Expenditures 354,205.3 413,105.7 488,243.2 599,006.7 779,099.0 938,771.6 1,120,077.3 Current Expenditures 210,470.2 238,156.6 280,667.0 363,596.9 517,043.4 582,854.6 652,619.7 Capital Expenditures 143,735.1 174,949.1 207,576.1 235,409.7 262,055.7 355,917.0 467,457.6 Equity Contribution (Sinking Fund) - - - - - - 0 Special Programs - - - - - - 0 Total Expenditures as % of GDP 16.1 15.4 14.5 13.8 12.7 10.8 9.5 Current Surplus/Deficit 77,091.9 106,779.9 114,298.8 115,291.2 49,710.3 134,732.1 220,506.9 Overall Budget Deficit (including grants) (66,643.2) (68,169.2) (93,277.4) (120,118.5) (212,345.4) (221,184.9) (246,950.7) Deficit as % of GDP (3.0) (2.5) (2.8) (2.8) (3.4) (2.5) (2.1) Overall Budget Deficit (excluding grants) (84,557.1) (101,788.3) (133,930.4) (154,424.0) (239,038.5) (253,312.4) (279,982.5) Deficit as % of GDP (3.8) (3.8) (4.0) (3.6) (3.9) (2.9) (2.4) 3.6. Exchange Rate (Birr/ USD) Inter-Bank Forex Market Rate5

• Period weighted Average 26.1082 28.0543 31.3427 39.0163 48.5673 53.2830 55.9623
• End period 27.2621 28.9109 34.9822 43.6910 51.9938 54.5943 57.3265 Indicators National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 III

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

1. Excluding manpower out side the Ministry of Health.
2. The GDP data series is revised on basis of 2015/16 =100 base year
3. Inflation data is calculated using the new base year (December 2016=100)
4. Figures for government finance are preliminary estimates from 1999/00 onwards.
5. Inter-bank money market was first introduced in Aug.1998 and Inter-bank forex market started as of September 1998, and the daily trasactions introduced beginning from october 24, 2001. *Mid year population was obtained from MoF Indicators Continued…. Second Quarter 2024/25 IV National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 1 National Bank of Ethiopia Quarterly Bulletin 1 | Second Quarter 2024/25 I. OVERVIEW 1.1. International Economic Developments According to European Central Bank (ECB) Economic Bulletin issues 8/2024 and 1/2025, global economic activity has remained robust though uneven across sectors and regions. The global composite output Purchasing Managers’ Index (PMI), excluding the euro area, remained at 53.2 in December 2024, mirroring its November level. This stability, however, masked an underlying divergence: solid growth in the services sector was counterbalanced by persistent weakness in manufacturing, whose output PMI stood at the neutral threshold of 50. Economic activity in the United States remains robust; although real GDP growth in the second quarter of 2024/25 decelerated to 0.6 percent quarter-on-quarter (down from 0.8 percent in the previous quarter), it nonetheless indicates strong underlying activity. China saw a rebound in economic activity towards the end of 2024, as quarterly GDP growth increased to 1.6 percent in the second quarter of 2024/25, up from 1.3 percent in the preceding quarter. Despite this, domestic demand remains weak. In United Kingdom, the Economic activity remains subdued amid persistent inflation. The UK economy continued to be sluggish in the second quarter of 2024/25. Despite an unexpected decline in October, UK real GDP saw a marginal increase in November. 1.2. Macroeconomic Developments in Ethiopia 1.2.1. Inflation In the second quarter of 2024/25, the year-on-year general inflation rate decreased to 17.7 percent from 28.8 percent in the same quarter of the previous year. Conversely, on a quarter-on-quarter basis, overall inflation increased to 5.4 percent from 3.8 percent in the preceding quarter due to 1.3 and 1.8 percentage points increase in non-food and food inflation, respectively. Food inflation was the primary contributor to this quarter-on￾quarter headline inflation, accounting for 62 percent, while non-food inflation contributed the remaining 38 percent.

National Bank of Ethiopia Quarterly Bulletin 2 Second Quarter 2024/25 National Bank of Ethiopia Quarterly Bulletin 2 | Second Quarter 2024/25 1.2.2. Monetary Developments The NBE has implemented new monetary policy framework as part of a broader macroeconomic reform and in line with its primary goal of ensuring low and stable inflation. Accordingly, since early July 2024, NBE has moved from monetary aggregate targeting framework to an interest-rate based monetary policy framework. Under the new policy framework, the National Bank Rate (NBR) serves as the primary means of signalling the NBE's policy stance and guiding the 7-day interbank interest rate (operational target), through which it influences other market rates. Following the adoption of this new framework, the NBE has begun utilizing indirect monetary policy tools, including Open Market Operations (OMOs) and Standing Facilities (SFs), to enhance the transmission and effectiveness of monetary policy. During the review period, the NBE maintained its policy interest rate (NBR) at 15.0 percent. Consequently, the standing lending facility (SLF) and standing deposit facility (SDF) interest rates were set at 18.0 percent and 12.0 percent, respectively. Broad money supply (M2) reached Birr 2.8 trillion at the end of the second quarter of 2024/25, representing an annual growth of 21.0 percent. This growth was primarily driven by an 18.1 percent increase in domestic credit, which outweighed a 79.1 percent contraction in net external assets and 452.3 percent in other net items. During the same period, net claims on government surged 137.5 percent, while credit to non-government declined by 20.1 percent. Reserve money reached Birr 557.9 billion during the review period, showing a 24.4 percent annual and 17.2 percent quarterly expansion. The money multiplier, measured as the ratio of broad money to reserve money, slightly increased to 5.0 from 4.9 a year earlier, indicating that commercial banks were responsible for a greater share of money creation than the NBE.

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 3 National Bank of Ethiopia Quarterly Bulletin 3 | Second Quarter 2024/25 1.2.3. Interest rate During the review period, average savings deposit rate remained unchanged at 8.0 percent, while average lending interest rate increased to 15.0 percent from 14.8 percent a year ago. Similarly, weighted average time deposit rate rose from 7.6 percent to 7.8 percent. At the same time, weighted average yield on T-bills increased to 12.8 percent from 9.5 percent. Given the 15.0 percent policy rate and a 17.5 percent headline inflation rate, the real interest rates on deposits, lending, and T-bill yields remained negative. 1.2.4. Financial Sector Developments a) Banks By the end of the second quarter of 2024/25, Ethiopia had 32 banks, (30 private banks and 2 state-owned) having 12,454 branches across the country, resulting in a population-to-bank￾branch ratio of 8,7921 . About 30.6 percent of all bank branches were located in Addis Ababa. The total capital of the banking system reached Birr 382.2 billion, with state-owned banks accounting for 40.7 percent and private banks 59.3 percent. During the review quarter, the banking sector disbursed Birr 170.5 billion in new loans, reflecting a 46.7 percent year-on-year increase. Of the new loans, the share of state-owned banks was 57.3 percent, and that of private banks 42.7 percent. The primary recipients of fresh loans were domestic trade (25.2 percent), international trade (18.8 percent), manufacturing sector (15.7 percent), agriculture (15 percent), financial institutions (8.4 percent), consumer and staff loan (6.9 percent), building and construction (4 percent). Meanwhile, the banking system collected Birr 122 billion in loans, demonstrating a robust (33.9 percent) annual growth. Of the total loan collection, 67.6 percent was by private banks and 32.4 percent by state owned banks. In contrast, total outstanding credit of the banking system experienced 18.8 percent annual decline primarily due to the conversion of corporate bonds thereby into government bonds, 1 Total population is 109,499,000 as ESS Estimation for 2024

National Bank of Ethiopia Quarterly Bulletin 4 Second Quarter 2024/25 National Bank of Ethiopia Quarterly Bulletin 4 | Second Quarter 2024/25 bringing it down to Birr 1.7 trillion. Approximately 99.5 percent of the total outstanding credit held by private banks comprised of claims to cooperatives and private enterprises. b) Insurance Sector The insurance sector, despite being a key component of the financial industry remained shallow and narrow over the past few decades. Currently, there are 18 insurance companies operating in the market, consisting of 17 private firms and one state-owned enterprise. The total number of branches has risen to 816, up from 779 a year earlier. About 57 percent of the insurance branches were located in Addis Ababa. In the meantime, the total capital of insurance companies has increased to Birr 25.7 billion, up from Birr 18.9 billion last year, with private insurance companies accounting for 80.9 percent of the total capital. c) Microfinance Institutions During the review quarter, the number of Micro Finance Institutions (MFIs) stood at 55. They mobilized about Birr 35.1 billion in saving deposit, showing a 34 percent annual growth. Their outstanding credit also increased by 24.2 percent and reached Birr 43.2 billion while their capital grew 39.9 percent to stand at Birr 13.5 billion. 1.2.5. External Sector and Foreign Exchange Developments a) External Sector Development Total receipts from export of goods reached USD 1.8 billion, reflecting a remarkable (128.5 percent) annual growth driven by strong increases in the export of gold (which grew over nine-fold), followed by coffee (79.8 percent), oil seeds (46.8 percent), meat and meat products (79.2 percent), live animals (169.4 percent), electricity (193.9 percent), flowers (9.6 percent), textiles and textile products (9.5 percent), and fruits and vegetables (6.4 percent). However, declines were observed in export receipts from pulses (20.0 percent), chat (32.0 percent), and leather and leather products (28.5 percent).

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 5 National Bank of Ethiopia Quarterly Bulletin 5 | Second Quarter 2024/25 The total merchandise import bill amounted to USD 5.1 billion, showing a modest (0.4 percent) annual growth, owing to higher import bills for capital goods, raw materials, and miscellaneous goods. During the review period, total transfer receipts rose by 10.7 percent, reaching USD 2.1 billion, driven by increases in both private transfers (12.3 percent) and official transfers (2.9 percent). Similarly, total transfer payments went up to USD 60.7 million from USD 31.8 million during the same period due to higher (4 percent) private payments and official transfer payments (403.2 percent). The current account balance (including official transfers) registered a deficit of USD 864.4 million compared to USD 2.2 billion gap a year ago mainly driven by narrowing of trade deficit coupled with higher private transfers and net services. Net inflows in the capital account decreased from 9.8 percent to USD 1.4 billion, primarily due to slowdown in foreign direct investment (3.8 percent) and a shift in short-term capital from a surplus of USD 155.6 million to a deficit of USD 340.8 million. However, net official long￾term capital increased to USD 241.2 million from USD 220.7 million. Other public sector long-term capital and private long-term capital surpluses or rose significantly. b) Exchange Rate Development In the foreign exchange market, weighted average official exchange rate of Birr reached 122.9650 USD reflecting a year-on-year depreciation of 121.1 percent. Similarly, the real effective exchange rate (REER) of the Birr experienced a year-on-year depreciation (47.8 percent) primarily due to the transition to a market-based exchange rate regime initiated on July 29, 2024, which resulted in a weakening of the Birr against the currencies of major trading partners. Additionally, this depreciation was influenced by slowdown in domestic inflation, which further impacted the REER. Similarly, nominal effective exchange rate index (NEERI) experienced 48.0 percent depreciation on an annual basis due to the weakening of trading partners' currencies against the US Dollar.

National Bank of Ethiopia Quarterly Bulletin 6 Second Quarter 2024/25 National Bank of Ethiopia Quarterly Bulletin 8 | Second Quarter 2024/25 1.2.6. Federal Government Fiscal Operations During the second quarter of 2024/25, the Federal government's total revenue and grants reached Birr 311.4 billion, reflecting 123.1 percent annual growth. At the same time, Federal government expenditure amounted to Birr 262.5 billion, showing a 45.8 percent increase. Consequently, Federal fiscal balance (including grants) resulted in a surplus of Birr 48.8 billion. 1.2.7. Investment During the review quarter, 11 investment projects became operational, with a total capital investment of Birr 1.9 billion. While the number of investment projects declined (8.3 percent) capital investment showed a significant annual growth (120.2 percent).

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 7 National Bank of Ethiopia Quarterly Bulletin 6 | Second Quarter 2024/25 II. ENERGY PRODUCTION AND PROCESSING 2.1. Import of Petroleum Products The volume of petroleum products imported during the second quarter of 2024/25 was about 1 million metric tons, which was 5.1 percent lower than a year earlier. This was attributed to the decrease in regular gasoline (19.4 percent) and gas oil (3.1 percent) while import of fuel oil rose (14.3 percent) and jet fuel (0.7 percent). Of the total petroleum imports, gas oil accounted for 61.4 percent, followed by jet fuel (20.7 percent), regular gasoline (15.7 percent) and fuel oil (2.2 percent) (Table 2.1). Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2023/24 2024/25 Percentage Qtr. II Qtr. I Qtr. II Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 198,679.4 18.5 152,915.2

15.0 160,088.2

15.7 -19.4 4.7 Jet Fuel 209,934.2 19.6 191,590.1

18.7 211,426.4

20.7 0.7 10.4 Fuel Oil 19,202.0 1.8 19,374.1

1.9 21,940.8

2.2 14.3 13.2 Gas Oil (ADO) 645,535.7 60.1 658,276.7

64.4 625,523.9

61.4 -3.1 -5.0 Total 1,073,351.3 100 1,022,156.1

100 1,018,979.3

100 -5.1 -0.3 Source: Ethiopian Petroleum Enterprise National Bank of Ethiopia Quarterly Bulletin 6 | Second Quarter 2024/25 II. ENERGY PRODUCTION AND PROCESSING 2.1. Import of Petroleum Products The volume of petroleum products imported during the second quarter of 2024/25 was about 1 million metric tons, which was 5.1 percent lower than a year earlier. This was attributed to the decrease in regular gasoline (19.4 percent) and gas oil (3.1 percent) while import of fuel oil rose (14.3 percent) and jet fuel (0.7 percent). Of the total petroleum imports, gas oil accounted for 61.4 percent, followed by jet fuel (20.7 percent), regular gasoline (15.7 percent) and fuel oil (2.2 percent) (Table 2.1). Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2023/24 2024/25 Percentage Qtr. II Qtr. I Qtr. II Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 198,679.4 18.5 152,915.2

15.0 160,088.2

15.7 -19.4 4.7 Jet Fuel 209,934.2 19.6 191,590.1

18.7 211,426.4

20.7 0.7 10.4 Fuel Oil 19,202.0 1.8 19,374.1

1.9 21,940.8

2.2 14.3 13.2 Gas Oil (ADO) 645,535.7 60.1 658,276.7

64.4 625,523.9

61.4 -3.1 -5.0 Total 1,073,351.3 100 1,022,156.1

100 1,018,979.3

100 -5.1 -0.3 Source: Ethiopian Petroleum Enterprise

National Bank of Ethiopia Quarterly Bulletin 8 Second Quarter 2024/25 National Bank of Ethiopia Quarterly Bulletin 7 | Second Quarter 2024/25 Fig.2.1: Trends in the Volume of Petroleum Products Imported

100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 I II III IV I II III IV I II III IV I II III IV I II 2020/21 2021/22 2022/23 2023/24 2024/25 MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise In the meantime, the value of petroleum products imported reached Birr 99.2 billion, signifying 77.2 percent annual and 24.3 percent quarterly increase on account of an increase in the value of all component of petroleum products (Table 2.2). Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum Products 2023/24 2024/25 Percentage Qtr. II Qtr. I Qtr. II Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 10,881,893.7 19.4 14,345,792.9 18.0 16,989,660.2 17.1 56.1 18.4 Jet Fuel 11,373,912.4 20.3 15,041,110.4 18.8 20,799,403.6 21.0 82.9 38.3 Fuel Oil 643,302.9 1.1 1,142,574.3 1.4 1,648,513.3 1.7 156.3 44.3 Gas Oil (ADO) 33,102,724.0 59.1 49,293,238.3 61.8 59,801,389.3 60.3 80.7 21.3 Total 56,001,833.0 100.0 79,822,715.9 100.0 99,238,966.4 100.0 77.2 24.3 Source: Ethiopian Petroleum Enterprise National Bank of Ethiopia Quarterly Bulletin 7 | Second Quarter 2024/25 Fig.2.1: Trends in the Volume of Petroleum Products Imported

100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 I II III IV I II III IV I II III IV I II III IV I II 2020/21 2021/22 2022/23 2023/24 2024/25 MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise In the meantime, the value of petroleum products imported reached Birr 99.2 billion, signifying 77.2 percent annual and 24.3 percent quarterly increase on account of an increase in the value of all component of petroleum products (Table 2.2). Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum Products 2023/24 2024/25 Percentage Qtr. II Qtr. I Qtr. II Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 10,881,893.7 19.4 14,345,792.9 18.0 16,989,660.2 17.1 56.1 18.4 Jet Fuel 11,373,912.4 20.3 15,041,110.4 18.8 20,799,403.6 21.0 82.9 38.3 Fuel Oil 643,302.9 1.1 1,142,574.3 1.4 1,648,513.3 1.7 156.3 44.3 Gas Oil (ADO) 33,102,724.0 59.1 49,293,238.3 61.8 59,801,389.3 60.3 80.7 21.3 Total 56,001,833.0 100.0 79,822,715.9 100.0 99,238,966.4 100.0 77.2 24.3 Source: Ethiopian Petroleum Enterprise In the meantime, the value of petroleum products imported reached Birr 99.2 billion, signifying 77.2 percent annual and 24.3 percent quarterly increase on account of an increase in the value of all component of petroleum products (Table 2.2).

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 9 National Bank of Ethiopia Quarterly Bulletin 8 | Second Quarter 2024/25 Fig.2.2: Trends in the Value of Petroleum Products Imported 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 I II III IV I II III I II III IV I II III IV I II 2020/21 2021/22 2022/23 2023/24 2024/25 in Million Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise The average FOB price of petroleum products dropped 13.5 percent on annual terms due to decline in FOB prices of all petroleum products except fuel oil. Likewise, average FOB price of petroleum products went down by 3.7 percent Vis-a-Vis the preceding quarter as a result of 4.7 percent decrease in regular gasoline followed by jet fuel (4.6 percent), gas oil (3.1 percent) and fuel oil (2.1 percent) (Table 2.3). Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2023/24 2024/25 Qtr. II Qtr. I Qtr. II Percentage Change A B C C/A C/B Regular Gasoline (MGR) 788.6 756.1 720.6 -8.6 -4.7 Jet Fuel 833.1 708.0 675.3 -19.0 -4.6 Fuel Oil 430.2 440.3 431.3 0.3 -2.1 Gas Oil (ADO) 1546.4 1326.9 1285.3 -16.9 -3.1 Average 899.6 807.8 778.1 -13.5 -3.7 Brent Crude Oil (USD/Barrel) 83.72 79.84 74.61 -10.9 -6.6 Source: Ethiopian Petroleum Enterprise National Bank of Ethiopia Quarterly Bulletin 8 | Second Quarter 2024/25 Fig.2.2: Trends in the Value of Petroleum Products Imported 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 I II III IV I II III I II III IV I II III IV I II 2020/21 2021/22 2022/23 2023/24 2024/25 in Million Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise The average FOB price of petroleum products dropped 13.5 percent on annual terms due to decline in FOB prices of all petroleum products except fuel oil. Likewise, average FOB price of petroleum products went down by 3.7 percent Vis-a-Vis the preceding quarter as a result of 4.7 percent decrease in regular gasoline followed by jet fuel (4.6 percent), gas oil (3.1 percent) and fuel oil (2.1 percent) (Table 2.3). Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2023/24 2024/25 Qtr. II Qtr. I Qtr. II Percentage Change A B C C/A C/B Regular Gasoline (MGR) 788.6 756.1 720.6 -8.6 -4.7 Jet Fuel 833.1 708.0 675.3 -19.0 -4.6 Fuel Oil 430.2 440.3 431.3 0.3 -2.1 Gas Oil (ADO) 1546.4 1326.9 1285.3 -16.9 -3.1 Average 899.6 807.8 778.1 -13.5 -3.7 Brent Crude Oil (USD/Barrel) 83.72 79.84 74.61 -10.9 -6.6 Source: Ethiopian Petroleum Enterprise

National Bank of Ethiopia Quarterly Bulletin 10 Second Quarter 2024/25 National Bank of Ethiopia Quarterly Bulletin 9 | Second Quarter 2024/25 Fig.2.3: Trends in the FOB Price of Imported Petroleum Products 0 500 1000 1500 2000 2500 I II III IV I II III IV I II III IV I II III IV I II 2020/21 2021/22 2022/23 2023/24 2024/25 USD/MT MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise The price of crude oil, a point of reference for international oil price decreased by 10.9 and reached USD 74.6 per barrel compared to USD 83.7 registered a year ago. In the same way, the crude oil price has declined (6.6 percent) relative to the previous quarter (Table 2.3). During the review quarter, average retail price of fuel in Addis Ababa was Birr 109.5 per litter compared to Birr 86.3 per litter a year ago; showing a 26.8 percent annual increase due to gradual lifting up of government fuel price subsidy (Table 2.4). Table 2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2023/24 2024/25 Qtr. II Qtr. I Qtr. II Percentage Change A B C C/A C/B Regular Gasoline (MGR) 77.65 82.6 91.14 17.4 10.3 Fuel Oil 123.52 129.7 197.87 60.2 52.6 Gas Oil (ADO) 79.75 83.74 90.28 13.2 7.8 Kerosene 79.75 83.74 90.28 13.2 7.8 Jet fuel 70.83 70.83 77.76 9.8 9.8 Average 86.30 90.12 109.47 26.8 21.5 Source: Ministry of Trade

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 11 National Bank of Ethiopia Quarterly Bulletin 10 | Second Quarter 2024/25 Fig.2.4: Trends of Addis Ababa Average Retail Prices 0 50 100 150 200 250 I II III IV I II III IV QI QII QIII IV I II III IV I II 2020/21 2021/22 2022/23 2023/24 2024/25 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade 2.2. Electric Power Generation Total electric power generated during the quarter under review went up about 43.9 percent on annual and 7.9 percent on quarterly basis to reach 7 billion KWH in the review quarter (Table 2.5). The year-on-year increase was attributed to 46.6 percent boast in electric production from hydropower production (Table 2.5). Table 2.5: Electricity Generation by Sources (In '000 of K.W.H) Power Source 2023/24 2024/25 Percentage Qtr. II Qtr. I Qtr. II Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 4,633,378.1 95.0 6,367,629.9 97.9 6,793,676.3 96.8 46.6 6.7 Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind 224,390.9 4.6 135,038.7 2.1 223,201.5 3.2 -0.5 65.3 Biomass 19,167.5 0.4 - 0.0 - - - - Total 4,876,936.5 100.0 6,502,668.6 100.0 7,016,877.8 100.0 43.9 7.9 Source: Ethiopian Electric Power National Bank of Ethiopia Quarterly Bulletin 10 | Second Quarter 2024/25 Fig.2.4: Trends of Addis Ababa Average Retail Prices 0 50 100 150 200 250 I II III IV I II III IV QI QII QIII IV I II III IV I II 2020/21 2021/22 2022/23 2023/24 2024/25 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade 2.2. Electric Power Generation Total electric power generated during the quarter under review went up about 43.9 percent on annual and 7.9 percent on quarterly basis to reach 7 billion KWH in the review quarter (Table 2.5). The year-on-year increase was attributed to 46.6 percent boast in electric production from hydropower production (Table 2.5). Table 2.5: Electricity Generation by Sources (In '000 of K.W.H) Power Source 2023/24 2024/25 Percentage Qtr. II Qtr. I Qtr. II Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 4,633,378.1 95.0 6,367,629.9 97.9 6,793,676.3 96.8 46.6 6.7 Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind 224,390.9 4.6 135,038.7 2.1 223,201.5 3.2 -0.5 65.3 Biomass 19,167.5 0.4 - 0.0 - - - - Total 4,876,936.5 100.0 6,502,668.6 100.0 7,016,877.8 100.0 43.9 7.9 Source: Ethiopian Electric Power National Bank of Ethiopia Quarterly Bulletin 10 | Second Quarter 2024/25 Fig.2.4: Trends of Addis Ababa Average Retail Prices 0 50 100 150 200 250 I II III IV I II III IV QI QII QIII IV I II III IV I II 2020/21 2021/22 2022/23 2023/24 2024/25 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade 2.2. Electric Power Generation Total electric power generated during the quarter under review went up about 43.9 percent on annual and 7.9 percent on quarterly basis to reach 7 billion KWH in the review quarter (Table 2.5). The year-on-year increase was attributed to 46.6 percent boast in electric production from hydropower production (Table 2.5). Table 2.5: Electricity Generation by Sources (In '000 of K.W.H) Power Source 2023/24 2024/25 Percentage Qtr. II Qtr. I Qtr. II Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 4,633,378.1 95.0 6,367,629.9 97.9 6,793,676.3 96.8 46.6 6.7 Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind 224,390.9 4.6 135,038.7 2.1 223,201.5 3.2 -0.5 65.3 Biomass 19,167.5 0.4 - 0.0 - - - - Total 4,876,936.5 100.0 6,502,668.6 100.0 7,016,877.8 100.0 43.9 7.9 Source: Ethiopian Electric Power

National Bank of Ethiopia Quarterly Bulletin 12 Second Quarter 2024/25 National Bank of Ethiopia Quarterly Bulletin 11 | Second Quarter 2024/25 Of the total energy generated, 96.8 percent was from hydropower and the remaining 3.2 percent was from wind source (Table 2.5). By system of generation, virtually all the power was generated through the interconnected systems (ICS) 2 (Table 2.6).

Table 2.6: Generation of Electricity Power in the Interconnected System (ICS) and Self-Contained System (SCS) Source: Ethiopian Electric Power 2 The generated power from different power stations stored in substations before distribution. System of Power supply 2023/24 2024/25 Percentage Qtr. II Qtr. I Qtr. II Share A Share (in %) B Share (in %) C Share (in %) C/A C/B ICS Hydro power 4,633,378.1 95.0 6,367,629.9 97.9 6,793,676.3 96.8 46.6 6.7 Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind 224,390.9 4.6 135,038.7 2.1 223,201.5 3.2 -0.5 65.3 Biomass 19,167.5 0.4 - - - - - - Sub-Total 4,876,936.5 100.0 6,502,668.6 100.0 7,016,877.8 100.0 43.9 7.9 SCS Hydro power - - - - - - - - Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind - - - - - - - - Sub-Total - - - - - - - - Grand Total 4,876,936.5 100.0 6,502,668.6 100.0 7,016,877.8 100.0 43.9 7.9 National Bank of Ethiopia Quarterly Bulletin 11 | Second Quarter 2024/25 Of the total energy generated, 96.8 percent was from hydropower and the remaining 3.2 percent was from wind source (Table 2.5). By system of generation, virtually all the power was generated through the interconnected systems (ICS) 2 (Table 2.6).

Table 2.6: Generation of Electricity Power in the Interconnected System (ICS) and Self-Contained System (SCS) Source: Ethiopian Electric Power 2 The generated power from different power stations stored in substations before distribution. System of Power supply 2023/24 2024/25 Percentage Qtr. II Qtr. I Qtr. II Share A Share (in %) B Share (in %) C Share (in %) C/A C/B ICS Hydro power 4,633,378.1 95.0 6,367,629.9 97.9 6,793,676.3 96.8 46.6 6.7 Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind 224,390.9 4.6 135,038.7 2.1 223,201.5 3.2 -0.5 65.3 Biomass 19,167.5 0.4 - - - - - - Sub-Total 4,876,936.5 100.0 6,502,668.6 100.0 7,016,877.8 100.0 43.9 7.9 SCS Hydro power - - - - - - - - Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind - - - - - - - - Sub-Total - - - - - - - - Grand Total 4,876,936.5 100.0 6,502,668.6 100.0 7,016,877.8 100.0 43.9 7.9

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 13 National Bank of Ethiopia Quarterly Bulletin 12 | Second Quarter 2024/25 Fig.2.5: Volume of Electricity Production by Type 0 1000000 2000000 3000000 4000000 5000000 6000000 7000000 8000000 Hydropower Thermal Power Geo- thermal Wind Biomass Source: Ethiopian Electric Power

National Bank of Ethiopia Quarterly Bulletin 14 Second Quarter 2024/25 National Bank of Ethiopia Quarterly Bulletin 13 | Second Quarter 2024/25 III. QUARTERLY PRICE DEVELOPMENTS 3.1. Developments in National Quarterly Inflation In the second quarter of 2024/25, annualized general inflation decreased to 17.7 percent from 28.8 percent of last year largely on account of 10.4 percentage points drop in food inflation and 12.0 percentage points in non-food inflation. Food inflation contributed about 66.4 percent to the general headline Inflation (Table 3.1). Table 3.1: Annualized Quarterly National Inflation (in %) Inflations Weights in % 2023/24 2024/25 Change in %age Points Contributions in (%) to QII-General QII QI QII Inflation A B C C-A C-B Absolute Relative Headline 100 28.8 17.7 17.7 -11.1 -0.03 17.7 100 Food 54 30.1 19.6 19.7 -10.4 -0.03 11.8 66.4 Non-food 46 26.8 14.9 14.8 -12.0 -0.1 5.9 33.6 Source: Ethiopian Statistical Service(ESS) and NBE compilation Source: ESS and NBE compilation 0 10 20 30 40 50 60 70 80 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2021/22 2022/23 2023/24 2024/25 % Fig.3.1: Trends in Contribution of Annualized quarterly Inflations(QII-2024/25) Food Non-food National Bank of Ethiopia Quarterly Bulletin 13 | Second Quarter 2024/25 III. QUARTERLY PRICE DEVELOPMENTS 3.1. Developments in National Quarterly Inflation In the second quarter of 2024/25, annualized general inflation decreased to 17.7 percent from 28.8 percent of last year largely on account of 10.4 percentage points drop in food inflation and 12.0 percentage points in non-food inflation. Food inflation contributed about 66.4 percent to the general headline Inflation (Table 3.1). Table 3.1: Annualized Quarterly National Inflation (in %) Inflations Weights in % 2023/24 2024/25 Change in %age Points Contributions in (%) to QII-General QII QI QII Inflation A B C C-A C-B Absolute Relative Headline 100 28.8 17.7 17.7 -11.1 -0.03 17.7 100 Food 54 30.1 19.6 19.7 -10.4 -0.03 11.8 66.4 Non-food 46 26.8 14.9 14.8 -12.0 -0.1 5.9 33.6 Source: Ethiopian Statistical Service(ESS) and NBE compilation Source: ESS and NBE compilation 0 10 20 30 40 50 60 70 80 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2021/22 2022/23 2023/24 2024/25 % Fig.3.1: Trends in Contribution of Annualized quarterly Inflations(QII-2024/25) Food Non-food National Bank of Ethiopia Quarterly Bulletin 13 | Second Quarter 2024/25 III. QUARTERLY PRICE DEVELOPMENTS 3.1. Developments in National Quarterly Inflation In the second quarter of 2024/25, annualized general inflation decreased to 17.7 percent from 28.8 percent of last year largely on account of 10.4 percentage points drop in food inflation and 12.0 percentage points in non-food inflation. Food inflation contributed about 66.4 percent to the general headline Inflation (Table 3.1). Table 3.1: Annualized Quarterly National Inflation (in %) Inflations Weights in % 2023/24 2024/25 Change in %age Points Contributions in (%) to QII-General QII QI QII Inflation A B C C-A C-B Absolute Relative Headline 100 28.8 17.7 17.7 -11.1 -0.03 17.7 100 Food 54 30.1 19.6 19.7 -10.4 -0.03 11.8 66.4 Non-food 46 26.8 14.9 14.8 -12.0 -0.1 5.9 33.6 Source: Ethiopian Statistical Service(ESS) and NBE compilation Source: ESS and NBE compilation 0 10 20 30 40 50 60 70 80 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2021/22 2022/23 2023/24 2024/25 % Fig.3.1: Trends in Contribution of Annualized quarterly Inflations(QII-2024/25) Food Non-food

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 15 National Bank of Ethiopia Quarterly Bulletin 14 | Second Quarter 2024/25 Quarter-on-quarter basis, the overall inflation increased to 5.4 percent from 3.8 percent in the preceding quarter with food inflation contributing a larger share (62 percent) as non￾food inflation shared to the quarterly inflation (Table 3.2). Quarter-on-quarter food and non-alcoholic beverages inflation rate also increased to 5.5 percent from 3.7 percent of the preceding quarter and from 5.47 percent of last year same quarter (Table 3.2). The increase in quarter-on-quarter inflation rate of food and non-alcoholic beverages was mainly driven by decrease in inflation of vegetables by 8.6 percentage points, food products by 4.4 percentage points and ‘oils & fats’ by 2.7 percentage points, despite decline of ‘bread & cereals’ by 2.2 percentage points (Table 3.3). Under this quarter, the largest weight contributors to affect quarter on quarter food inflation were vegetables (37.3%), nonalcoholic beverages (15.8%), ‘oils & fats’ (12.7%) and food products (11.9%) (Table 3.3). Quarter on quarter non-food inflation rate also increased to 5.2 percent from 3.9 percent of the preceding quarter but slightly decreased against same quarter of last year (Table 3.4). This quarter-on-quarter non-food inflation rate increment was mainly driven by the increment in quarterly inflation of transport to 22.6 percent, education 7.1 percent, ‘housing, water, electricity & gas fuels’ to 6.4 percent, and ‘hotel & restaurant’ to 5.2 percent (Table 3.4). The largest contributors of second quarter non-food inflation were: ‘housing, water, electricity, gas & other fuels’ (39.4%), ‘alcoholic beverages & tobacco’ (6.0%) and ‘transport 22.9% (Table 3.4).

National Bank of Ethiopia Quarterly Bulletin 16 Second Quarter 2024/25 15 | Second Quarter 2024/25 Table 3.2: Quarter on Quarter National Inflation (in %) Inflations Weights in % 2023/24 2024/25 Change in %age Points Contribution in (%) to QII General QII QI QII Inflation A B C C-A C-B Absolute Relative Headline 100 5.4 3.8 5.4 0.0 1.6 5.4 100 Food 54 5.5 3.7 5.5 0.0 1.8 3.34 62 Non-food 46 5.3 3.9 5.2 -0.1 1.3 2.05 38 Source: ESS and NBE compilation Source: ESS & NBE Compilation 0 2 4 6 8 10 12 14 QII QIII QIV QI QII QIII QIV QII QI QII 2022/23 2023/24 2024/25 % Fig.3.2: Trends in Quarter on Quarter National Inflations General Food Non-Food Bread & Cereals

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 17 16 | Second Quarter 2024/25 Table 3.3: Quarter-on-Quarter National Food & Non-alcoholic Beverages Inflation (In %) Food Items Weights 2023/24 2024/25 Change in %age points Contribution in % to Food QII QI QII Inflation A B C C-A C-B Absolute Relative Food and Non￾alcoholic Beverages 0.54 5.5 3.7 5.5 0.0 1.8 5.5 100.0 Bread and Cereals 0.17 8.7 4.1 1.9 -6.8 -2.2 0.8 14.4 Meat 0.04 3.1 3.5 2.8 -0.2 -0.7 0.2 4.1 Fish and Sea food 0.0002 1.5 0.3 0.9 -0.6 0.6 0.0 0.0 Milk, cheese and egg 0.03 4.0 2.1 2.7 -1.4 0.6 0.1 2.5 Oils & Fats 0.04 -6.0 7.3 10.1 16.0 2.7 0.7 12.7 Fruit 0.002 4.4 1.4 4.4 0.0 3.0 0.0 0.3 Vegetables 0.12 8.3 1.0 9.6 1.3 8.6 2.0 37.3 Sugar, honey, jam 0.01 2.0 3.9 3.5 1.5 -0.4 0.1 1.0 Food products 0.06 3.1 2.9 7.4 4.3 4.4 0.7 11.9 Non-alcoholic beverages 0.05 -1.0 9.3 12.7 13.7 3.5 0.9 15.8 Source: ESS & NBE Compilations Table 3.4: Quarter-on-Quarter National Non-food Inflations (In %) Source: ESS & NBE Compilations Non-food Item Weights 2023/24 2024/25 Change in %age points Contribution in % to Non￾QII QI QII food Inflation A B C C-A C-B Absolute Relative Non-Food Inflation 0.46 5.3 3.9 5.2 -0.1 1.31 5.4 100.0 Alcoholic Beverages and tobacco 0.05 4.3 2.4 2.8 -1.5 0.40 0.3 6 Clothing and Footwear 0.06 3.5 2.4 3.9 0.4 1.46 0.5 9.8 Water, electricity, Gas & other fuels 0.17 8.0 5.3 6.4 -1.6 1.07 2.1 39.4 Furnishings & housing Equipment 0.05 2.4 3.3 2.1 -0.3 -1.26 0.3 5.6 Health 0.01 3.2 5.7 1.7 -1.5 -4.02 0.0 0.8 Transport 0.02 7.5 2.4 22.6 15.0 20.14 1.2 22.9 Communication 0.02 3.6 1.3 -2.6 -6.2 -3.91 0.0 -0.5 Recreation & culture 0.004 -8.1 3.1 -0.5 7.5 -3.64 0.0 -0.1 Education 0.002 23.9 0.9 7.1 -16.8 6.22 0.1 1.0 Restaurant & hotel 0.05 4.7 5.2 5.5 0.8 0.26 0.7 14.3 Miscellaneous 0.03 5.1 1.7 3.5 -1.6 1.79 0.2 3.9

National Bank of Ethiopia Quarterly Bulletin 18 Second Quarter 2024/25 17 | Second Quarter 2024/25 3.2. Developments in Regional Quarterly Inflation In the second quarter of 2024/25, annualized average quarterly inflation rate in the regions significantly dropped to 17.8 percent from 30.0 percent a year ago owing to 15.1 percent decline in food inflation and 9.3 percent in non-food inflation (Table 3.5). Likewise, average quarter-on-quarter overall regional inflation rate decreased to 5.1 percent from 5.3 percent in the preceding quarter but higher than 4.5 percent last year same period (Table 3.6). Harari, Somali, SNNP, Gambella, Addis Ababa and Afar showed higher headline inflation than the regional average. The highest headline inflation (7.6 percent) was registered in Harari and the lowest (-0.3 percent) in Somali region. The deviation in the regional headline inflation from the average, as signified by standard deviation, increased to 2.3 percent from 1.8 percent in the preceding quarter and 1.9 percent a year earlier (Table 3.6). The regional quarterly average food & non-alcoholic beverage inflation rate decreased to 4.7 percent from 5.7 percent in preceding quarter. The quarterly food inflation rate in Addis Ababa, SNNP, Dire Dawa, Afar, and Amhara was higher than the regional average. The highest food inflation was recorded in Addis Ababa (7.4 percent) and the lowest in Somali (-1.9 percent), signifying a 9.3 percentage point range. The variation in food & non￾alcoholic beverages inflation, measured by standard deviation, decreased to 2.9 percent from 3.3 percent in the preceding quarter although it was slightly higher than 2.7 percent last year (Table 3.6). Quarterly regional average non-food inflation rose to 5.7 percent from 4.8 percent in the preceding quarter and from 3.3 percent a year ago. Harari, Addis Ababa, and Amhara saw higher non-food inflation than the regional average. The quarterly non-food inflation was the highest in Harari (13.2 percent) and the lowest in Dire Dawa (1.9 percent). The variation in regional non-food inflation, measured by the standard deviation, increased to 3.2 percent from 1.8 percent in the preceding quarter compared to 3.6 percent a year earlier.

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 19 National Bank of Ethiopia Quarterly Bulletin 18 | Second Quarter 2024/25 Table 3.5: Annualized Quarter-on-Quarter Regional General, Food and Non-food Inflation Rates (in %) (December 2016=100) Regions 2023/24 2024/25 Change in Percentage Points QII QI QII A B C C-A C-B General Food & Non- alcoholic beverages food

• Non General Food & Non- alcoholic beverages food
• Non General Food & Non- alcoholic beverages food
• Non General Food & Non- alcoholic beverages food
• Non General Food & Non- alcoholic beverages food
• Non SNNP 23.1 19.2 29.6 17.9 18.0 17.8 20.9 23.7 16.6 -2.2 4.5 -13.0 3.0 5.7 -1.2 Harari 23.6 33.8 14.6 11.4 20.7 2.6 19.0 17.1 21.1 -4.6 -16.7 6.5 7.6 -3.6 18.5 Oromia 28.3 29.3 26.5 19.4 21.2 16.4 20.0 23.5 14.0 -8.3 -5.8 -12.5 0.5 2.4 -2.4 Gambella 25.4 29.8 18.2 21.9 17.2 30.7 21.6 17.4 29.0 -3.8 -12.4 10.9 -0.3 0.3 -1.6 Addis Ababa 38.3 39.8 37.0 17.7 19.3 16.2 20.4 20.8 19.9 -18.0 -18.9 -17.1 2.7 1.5 3.7 Dire Dawa 25.8 32.2 19.0 17.9 22.6 12.6 20.0 24.7 14.5 -5.8 -7.5 -4.5 2.1 2.1 1.9 Benshangul Gumuz 41.0 43.9 37.4 13.8 12.4 15.6 14.3 11.9 17.4 -26.7 -32.0 -20.0 0.5 -0.6 1.8 Somali 23.3 29.1 15.5 13.5 19.8 5.0 6.0 5.5 6.7 -17.3 -23.6 -8.7 -7.5 -14.3 1.7 Afar 36.9 38.4 34.7 16.5 17.7 14.7 17.0 17.2 16.6 -19.9 -21.2 -18.1 0.5 -0.5 1.9 Amhara 34.8 37.0 31.8 20.0 23.5 15.4 18.5 20.0 16.4 -16.3 -17.0 -15.4 -1.5 -3.5 1.0 Regions Average 30.0 33.3 26.4 17.0 19.2 14.7 17.8 18.2 17.2 -12.3 -15.1 -9.2 0.8 -1.1 2.5 Standard deviation 7.0 7.0 9.0 3.2 3.2 7.6 4.7 5.9 5.7 Coefficient of variation 0.2 0.2 0.3 0.2 0.2 0.5 0.3 Source: ESS & NBE Compilations

National Bank of Ethiopia Quarterly Bulletin 20 Second Quarter 2024/25 National Bank of Ethiopia Quarterly Bulletin 19 | Second Quarter 2024/25 Table 3.6: Quarter-on-Quarter Regional General, Food and Non-food Inflation Rates (in %) (December 2016=100) Regions 2023/24 2024/25 Change in Percentage Points QII QI QII A B C C-A C-B General Food & Non- alcoholic beverages food

• Non General Food & Non- alcoholic beverages food
• Non General Food & Non- alcoholic beverages food
• Non General Food & Non- alcoholic beverages food
• Non General Food & Non- alcoholic beverages food
• Non SNNP 3.7 2.2 6.0 4.2 4.7 3.5 6.3 7.08 4.9 2.6 4.9 -1.1 2.0 2.4 1.5 Harari 0.6 5.7 -4.1 4.7 4.0 5.4 7.6 2.5 13.2 6.9 -3.2 17.3 2.9 -1.4 7.7 Oromia 5.6 4.6 7.5 4.6 4.3 5.2 6.1 6.6 5.2 0.5 2.0 -2.3 1.5 2.3 0.0 Gambella 4.5 3.1 7.1 7.7 7.2 8.3 4.2 3.4 5.7 -0.2 0.2 -1.3 -3.4 -3.9 -2.6 Addis Ababa 5.1 6.0 4.2 4.6 4.1 5.0 7.5 7.4 7.6 2.4 1.4 3.4 2.9 3.3 2.6 Dire Dawa 2.6 4.7 0.2 5.4 4.9 5.9 4.4 6.5 1.9 1.8 1.8 1.7 -1.0 1.5 -4.0 Benshangul Gumuz 3.5 3.9 3.0 8.8 14.3 2.6 3.9 3.4 4.6 0.4 -0.5 1.6 -4.9 -10.9 2.0 Somali 6.7 11.5 0.3 3.5 2.7 4.7 -0.3 -1.9 2.0 -7.1 -13.3 1.6 -3.8 -4.5 -2.8 Afar 5.4 6.8 3.5 6.2 7.0 5.2 5.9 6.3 5.2 0.5 -0.4 1.7 -0.4 -0.6 0.0 Amhara 7.0 8.3 5.2 3.0 3.7 2.1 5.7 5.3 6.2 -1.3 -3.1 1.0 2.6 1.6 4.1 Regions Average 4.5 5.7 3.3 5.3 5.7 4.8 5.1 4.7 5.7 0.6 -1.0 2.4 -0.1 -1.0 0.9 Standard deviation 1.9 2.7 3.6 1.8 3.3 1.8 2.3 2.9 3.2 Coefficient of variation 0.4 0.5 1.1 0.3 0.6 0.4 0.4 0.6 0.6 Source: ESS & NBE Compilations

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 21 National Bank of Ethiopia Quarterly Bulletin 20 | Second Quarter 2024/25 IV. MONETARY DEVELOPMENTS 4.1. Monetary Developments and Policy NBE has modernized its monetary policy framework since July 29, 2024, as part of a broader macroeconomic reform and in line with its primary goal of ensuring low and stable inflation. Accordingly, NBE has moved from monetary aggregate targeting framework to an interest-rate based monetary policy framework. Under the new policy framework, the policy interest rate namely, National Bank Rate (NBR), has been become the primary means of signalling its monetary policy stance and 7-day interbank interest rate as operational target through which it affects other market rates as well the broader monetary and credit conditions. Moreover, following the implementation of new monetary policy framework, NBE has implemented indirect monetary policy instruments such as Open Market Operations (OMOs) and Standing Facilities (SFs) to enhance the effectiveness of monetary policy transmission. Accordingly, during the review period, NBE held its policy interest rate (NBR) at 15.0 percent. Consequently, the standing lending facility (SLF) and standing deposit facility (SDF) interest rates stood at 18.0 percent and 12.0 percent, respectively. During the review period, NBE has continued its tight monetary policy stance. Accordingly, inflation has declined significantly over the review period. 4.2. Developments in Monetary Aggregates 4.2.1. Developments in Broad Money Broad money supply (M2) reached Birr 2.8 trillion at the end of the second quarter, marking a 21.0 percent annual and 5.6 percent quarterly growth. The annual growth was primarily driven by a 18.1 percent increase in domestic credit, which outweighed a significant contraction (79.1 percent) in external asset (net) and 452.3 percent in other item (net). Similarly, net claims on the government rose by 137.5 percent3 while credit to the non-government sector declined (20.1 percent) (Table 4.1). 3 The significant growth of claim on government and decline in claim on non-government sector was mainly due to CBE’s recapitalization which includes the conversion of SOEs loans into government bonds. National Bank of Ethiopia Quarterly Bulletin 20 | Second Quarter 2024/25 IV. MONETARY DEVELOPMENTS 4.1. Monetary Developments and Policy NBE has modernized its monetary policy framework since July 29, 2024, as part of a broader macroeconomic reform and in line with its primary goal of ensuring low and stable inflation. Accordingly, NBE has moved from monetary aggregate targeting framework to an interest-rate based monetary policy framework. Under the new policy framework, the policy interest rate namely, National Bank Rate (NBR), has been become the primary means of signalling its monetary policy stance and 7-day interbank interest rate as operational target through which it affects other market rates as well the broader monetary and credit conditions. Moreover, following the implementation of new monetary policy framework, NBE has implemented indirect monetary policy instruments such as Open Market Operations (OMOs) and Standing Facilities (SFs) to enhance the effectiveness of monetary policy transmission. Accordingly, during the review period, NBE held its policy interest rate (NBR) at 15.0 percent. Consequently, the standing lending facility (SLF) and standing deposit facility (SDF) interest rates stood at 18.0 percent and 12.0 percent, respectively. During the review period, NBE has continued its tight monetary policy stance. Accordingly, inflation has declined significantly over the review period. 4.2. Developments in Monetary Aggregates 4.2.1. Developments in Broad Money Broad money supply (M2) reached Birr 2.8 trillion at the end of the second quarter, marking a 21.0 percent annual and 5.6 percent quarterly growth. The annual growth was primarily driven by a 18.1 percent increase in domestic credit, which outweighed a significant contraction (79.1 percent) in external asset (net) and 452.3 percent in other item (net). Similarly, net claims on the government rose by 137.5 percent3 while credit to the non-government sector declined (20.1 percent) (Table 4.1). 3 The significant growth of claim on government and decline in claim on non-government sector was mainly due to CBE’s recapitalization which includes the conversion of SOEs loans into government bonds.

National Bank of Ethiopia Quarterly Bulletin 22 Second Quarter 2024/25 National Bank of Ethiopia Quarterly Bulletin 23 | Second Quarter 2024/25 Table 4.1: Factors Influencing Broad Money (In Millions of Birr) Particulars QII QI QII Percentage Change Contributions of Each Component to Broad Money growth (Dec 23) (Sep. 24) (Dec. 24) A B C C/A C/B Annual

1. External Assets (net) -238,309.66 -528,438.70 -426,809.46 79.1 -19.2 -38.8
2. Domestic Credit 2,594,360.77 3,046,113.60 3,063,146.10 18.1 0.6 96.6 Claims on Central Gov't (net) 628,010.35 1,589,506.40 1,489,909.78 137.5 -6.2 177.8 Claims on Non-Central Gov't 1,966,350.42 1,456,607.30 1,571,794.33 -20.1 7.9 -81.3 Financial Institutions 42,322.71 41,322.70 35,322.71 -16.5 -14.5 -1.4
3. Other Items (net) 45,376.92 -96,085.00 -159,866.49 -452.3 66.4 -42.3
4. Broad Money (M2) 2,310,674.20 2,613,779.90 2,796,203.13 21.0 6.98 100 Source: Staff Computation, NBE Fig.IV.1: Major Determinants of Monetary Expansion (Quarterly Growth in %) -220.0 -170.0 -120.0 -70.0 -20.0 30.0 80.0 130.0 180.0 230.0 -250.0 -200.0 -150.0 -100.0 -50.0 0.0 50.0 100.0 150.0 200.0 250.0 Net Foreign Assets (NFA) (in percent) Other than NFA Broad Money Domestic Credit Other Items Net Net Foreign Assets National Bank of Ethiopia Quarterly Bulletin 23 | Second Quarter 2024/25 Table 4.1: Factors Influencing Broad Money (In Millions of Birr) Particulars QII QI QII Percentage Change Contributions of Each Component to Broad Money growth (Dec 23) (Sep. 24) (Dec. 24) A B C C/A C/B Annual
5. External Assets (net) -238,309.66 -528,438.70 -426,809.46 79.1 -19.2 -38.8
6. Domestic Credit 2,594,360.77 3,046,113.60 3,063,146.10 18.1 0.6 96.6 Claims on Central Gov't (net) 628,010.35 1,589,506.40 1,489,909.78 137.5 -6.2 177.8 Claims on Non-Central Gov't 1,966,350.42 1,456,607.30 1,571,794.33 -20.1 7.9 -81.3 Financial Institutions 42,322.71 41,322.70 35,322.71 -16.5 -14.5 -1.4
7. Other Items (net) 45,376.92 -96,085.00 -159,866.49 -452.3 66.4 -42.3
8. Broad Money (M2) 2,310,674.20 2,613,779.90 2,796,203.13 21.0 6.98 100 Source: Staff Computation, NBE Fig.IV.1: Major Determinants of Monetary Expansion (Quarterly Growth in %) -220.0 -170.0 -120.0 -70.0 -20.0 30.0 80.0 130.0 180.0 230.0 -250.0 -200.0 -150.0 -100.0 -50.0 0.0 50.0 100.0 150.0 200.0 250.0 Net Foreign Assets (NFA) (in percent) Other than NFA Broad Money Domestic Credit Other Items Net Net Foreign Assets

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 23 National Bank of Ethiopia Quarterly Bulletin 24 | Second Quarter 2024/25 Fig.IV.2: Composition of Domestic Credit (Quarterly Growth in %) Source: Staff computation, NBE As for the components broad money, quasi-money supply grew 20.1 percent annually and 7.7 percent quarterly. Similarly, narrow money supply increased by 22.8 percent and 5.6 percent respectively. Narrow money contributed 29.2 percent to the growth of broad money, and quasi￾money 53.7 percent, largely due to a rise in savings deposits within the banking system (Table4.2). Table 4.2: Components of Broad Money (In millions of Birr, unless specified) Particulars QII QI QII Percentage Change Contributions of Each Component to Broad Money growth (Dec. 23) (Sep. 24) (Dec. 24) C/A C/B Annual A B C

1. Narrow Money Supply 747,975.13 870,074.50 918,802.97 22.8 5.6 29.2 . Currency outside banks 212,704.19 205,593.50 249,524.10 17.3 21.4 6.3 . Demand Deposits (net) 535,270.93 664,481.00 669,278.87 25 0.7 22.9
2. Quasi-Money 1,562,699.07 1,743,705.50 1,877,400.17 20.1 7.7 53.7 . Savings Deposits 1,397,037.33 1,552,920.50 1,667,746.62 19.4 7.4 46.2 . Time Deposits 165,661.74 190,785.00 209,653.54 26.6 9.9 7.5
3. Broad Money Supply 2,310,674.2 2,613,779.90 2,796,203.13 21.0 6.98 100 Source: Staff Computation, NBE -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 110.0 120.0 Growth in Percent Credit to Central Government Credit to Non-Central Government Domestic Credit National Bank of Ethiopia Quarterly Bulletin 24 | Second Quarter 2024/25 Fig.IV.2: Composition of Domestic Credit (Quarterly Growth in %) Source: Staff computation, NBE As for the components broad money, quasi-money supply grew 20.1 percent annually and 7.7 percent quarterly. Similarly, narrow money supply increased by 22.8 percent and 5.6 percent respectively. Narrow money contributed 29.2 percent to the growth of broad money, and quasi￾money 53.7 percent, largely due to a rise in savings deposits within the banking system (Table4.2). Table 4.2: Components of Broad Money (In millions of Birr, unless specified) Particulars QII QI QII Percentage Change Contributions of Each Component to Broad Money growth (Dec. 23) (Sep. 24) (Dec. 24) C/A C/B Annual A B C
4. Narrow Money Supply 747,975.13 870,074.50 918,802.97 22.8 5.6 29.2 . Currency outside banks 212,704.19 205,593.50 249,524.10 17.3 21.4 6.3 . Demand Deposits (net) 535,270.93 664,481.00 669,278.87 25 0.7 22.9
5. Quasi-Money 1,562,699.07 1,743,705.50 1,877,400.17 20.1 7.7 53.7 . Savings Deposits 1,397,037.33 1,552,920.50 1,667,746.62 19.4 7.4 46.2 . Time Deposits 165,661.74 190,785.00 209,653.54 26.6 9.9 7.5
6. Broad Money Supply 2,310,674.2 2,613,779.90 2,796,203.13 21.0 6.98 100 Source: Staff Computation, NBE -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 110.0 120.0 Growth in Percent Credit to Central Government Credit to Non-Central Government Domestic Credit National Bank of Ethiopia Quarterly Bulletin 24 | Second Quarter 2024/25 Fig.IV.2: Composition of Domestic Credit (Quarterly Growth in %) Source: Staff computation, NBE As for the components broad money, quasi-money supply grew 20.1 percent annually and 7.7 percent quarterly. Similarly, narrow money supply increased by 22.8 percent and 5.6 percent respectively. Narrow money contributed 29.2 percent to the growth of broad money, and quasi￾money 53.7 percent, largely due to a rise in savings deposits within the banking system (Table4.2). Table 4.2: Components of Broad Money (In millions of Birr, unless specified) Particulars QII QI QII Percentage Change Contributions of Each Component to Broad Money growth (Dec. 23) (Sep. 24) (Dec. 24) C/A C/B Annual A B C
7. Narrow Money Supply 747,975.13 870,074.50 918,802.97 22.8 5.6 29.2 . Currency outside banks 212,704.19 205,593.50 249,524.10 17.3 21.4 6.3 . Demand Deposits (net) 535,270.93 664,481.00 669,278.87 25 0.7 22.9
8. Quasi-Money 1,562,699.07 1,743,705.50 1,877,400.17 20.1 7.7 53.7 . Savings Deposits 1,397,037.33 1,552,920.50 1,667,746.62 19.4 7.4 46.2 . Time Deposits 165,661.74 190,785.00 209,653.54 26.6 9.9 7.5
9. Broad Money Supply 2,310,674.2 2,613,779.90 2,796,203.13 21.0 6.98 100 Source: Staff Computation, NBE -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 110.0 120.0 Growth in Percent Credit to Central Government Credit to Non-Central Government Domestic Credit

National Bank of Ethiopia Quarterly Bulletin 24 Second Quarter 2024/25 National Bank of Ethiopia Quarterly Bulletin 25 | Second Quarter 2024/25 Fig.IV.3: Composition of Monetary Stock (Value in Billions of Birr) Source: Staff Computation, NBE 4.3. Developments in Reserve Money and Monetary Ratio During the review period, reserve money amounted to Birr 557.9 billion, reflecting 24.4 percent annual and 17.2 percent quarterly expansion. The money multiplier, measured by the ratio of broad money to reserve money, rose from 5.0 to 5.5 over the past year (Table 4.3). 0.0 200.0 400.0 600.0 800.0 1,000.0 1,200.0 1,400.0 In Millions of Birr Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep.

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 25 National Bank of Ethiopia Quarterly Bulletin 26 | Second Quarter 2024/25 Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. II Qtr. I Qtr. II Percentage Change (Dec. 23) (Sep. 24) (Dec. 24) A B C C/A C/B

1. Reserve Requirement (CB's) 159,864.0 161,320.55 188,787.48 18.1 17.0
2. Actual Reserve (CB's) 193,981.7 219,924.8 257,743.3 32.9 17.2
3. Excess Reserve (CB's) 34,117.7 58,604.23 68,955.83 102.1 17.7
4. Reserve Money 448,504.3 476,792.9 557,950.3 24.4 17.0 . Currency in Circulation 254,152.7 261,186.9 300,655.6 18.3 15.1 . Banks deposits at NBE 194,351.6 215,606.0 257,294.7 32.4 19.3
5. Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.7 1.8 1.6 -1.3 -9.8 . Broad Money to Reserve Money 4.9 5.5 5.0 1.7 -8.6
6. Other Monetary Ratios (%): . Currency to Narrow Money 34.0 30.0 32.7 -3.7 9.0 . Currency to Broad Money 11.5 10.0 10.8 -6.5 7.6 . Narrow Money to Broad Money 33.8 33.3 32.9 -2.9 -1.3 . Quasi Money to Broad Money 70.7 66.7 67.1 -5.0 0.6 Source: Staff Computation, NBE Fig.IV.4: Quarterly Growth of Reserve Money and Its Components (%) Source: Staff Computation NBE -40 -20 0 20 40 60 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2021/22 2022/23 2023/24 2024/25 Percentage Changes Reserve Money Currency in Circulation Bank Deposits

National Bank of Ethiopia Quarterly Bulletin 26 Second Quarter 2024/25 National Bank of Ethiopia Quarterly Bulletin 27 | Second Quarter 2024/25 Fig.IV.5: Monetary Aggregates (In Millions of Birr) Source: Staff Computation NBE 4.4. Developments in Interest Rates Average savings deposit rate remained steady at 8.0 percent, while average lending interest rate slightly increased to 15.0 percent from 14.8 percent a year ago. Similarly, weighted average time deposit rate improved to 7.8 percent while weighted average yield on T-bills rose to 12.8 percent from 9.7 percent a year earlier. Yet, given the 15.0 percent policy rate and 17.5 percent headline inflation, all rates and T-bill yield remained negative in real terms (Table 4.4). (50,000.00)

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 2018/… Q2 Q3 Q4 2019/… Q2 Q3 Q4 2020/… Q2 Q3 Q4 2021/… Q2 Q3 Q4 2022/… Q2 Q3 Q4 20223… Q2 Q3 Q4 20224… Q2 In Millions of Birr Required reserve Actual reserve Excess reserve National Bank of Ethiopia Quarterly Bulletin 27 | Second Quarter 2024/25 Fig.IV.5: Monetary Aggregates (In Millions of Birr) Source: Staff Computation NBE 4.4. Developments in Interest Rates Average savings deposit rate remained steady at 8.0 percent, while average lending interest rate slightly increased to 15.0 percent from 14.8 percent a year ago. Similarly, weighted average time deposit rate improved to 7.8 percent while weighted average yield on T-bills rose to 12.8 percent from 9.7 percent a year earlier. Yet, given the 15.0 percent policy rate and 17.5 percent headline inflation, all rates and T-bill yield remained negative in real terms (Table 4.4). (50,000.00)

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 2018/… Q2 Q3 Q4 2019/… Q2 Q3 Q4 2020/… Q2 Q3 Q4 2021/… Q2 Q3 Q4 2022/… Q2 Q3 Q4 20223… Q2 Q3 Q4 20224… Q2 In Millions of Birr Required reserve Actual reserve Excess reserve

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 27 National Bank of Ethiopia Quarterly Bulletin 28 |Second Quarter 2024/25 Table 4.4: Interest Rate Development (Percent per annum) Particulars 2023/24 2024/25 Percentage point Changes QII QI QII Annual Quarterly

1. National Bank Rate (NBR) - - 15.0
2. Savings Deposit Rate 1/ Minimum 7.0 0.0 0.0 Maximum 9.0 0.0 0.0 Average Saving Rate 8.0 0.0 0.0
3. Time Deposits 0.0 0.0 Up to 1yr 7.5 7.6 7.7 0.2 0.1 1-2 years 7.6 7.7 7.8 0.2 0.1 Over 2 years 7.6 7.7 7.9 0.2 0.1 Average Time Dep. Rate (Weighted) 7.6 7.7 7.8 0.2 0.1
4. Demand Deposit (Weighted) 0.1 0.0 0.1 0.0 0.0
5. Lending Rate 2/ 0.0 0.0 Minimum 7.0 0.0 0.0 Maximum 22.5 22.5 23.0 0.5 0.5 Average Lending Rate 14.8 14.8 15.0 0.3 0.3
6. T-bills Rate (Weighted) 9.5 10.7 12.8 3.3 2.2 28-days 9.1 12.3 15.2 6.1 2.9 91-days 9.9 10.4 13.6 3.7 3.3 182-days 9.8 8.8 10.9 1.1 2.0 364-days 9.3 11.1 11.6 2.3 0.5
7. GERD Bond Yield 3/ 0.0 0.0 Maturity within 5 Years 7.5 0.0 0.0 Maturity above 5 Years 8.0 0.0 0.0
8. Headline Inflation (Y-o-Y) 27.7 19.9 17.5 -10.2 -2.4
9. Food Inflation (Y-o-Y) 26.1 22.7 19.6 -6.6 -3.1
10. Core/non-food Inflation (Y-o-Y) 30.1 15.8 14.4 -15.7 -1.3 Source: Staff Computation, NBE Fig.IV.6: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (%) Source: Staff computation, NBE 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 Av. Saving Dep.Rate Av. Lending Rate Av. 91 day T-bills yield Inflation rate (core)

National Bank of Ethiopia Quarterly Bulletin 28 Second Quarter 2024/25 National Bank of Ethiopia Quarterly Bulletin 29 |Second Quarter 2024/25 4.5. Developments in the Financial Sector The number of banks in Ethiopia has reached 32, of which, 30 were private and 2 state owned. These banks opened 28 new bank branches during the second quarter of 2024/25, thereby raising the number of bank branches to 12,454. As a result, population to bank branch ratio stood at 8,7924 . State owned banks accounted for 18.1 percent of the total bank branches while private banks took the lion’s share (81.9 percent). Of the total bank branches, 30.6 percent were located in Addis Ababa. State owned banks accounted for 40.7 percent and private banks 59.3 percent of the total banking sector capital (Table 4.5 and Fig IV.8). Meanwhile, the number of insurance companies remained at 18, of which 17 were private and 1 state owned. Their branch network increased to 816 from 779 a year ago of about 57 percent were located in Addis Ababa (Table 4.6). Similarly, total capital of insurance companies rose to Birr 25.7 billion from Birr 18.9 billion last year, of which, private insurance companies accounted for 80.9 percent (Table 4.6). At the end of the review quarter, the number of Micro Finance Institutions (MFIs) reahced 55. Their savings, credit, capital and total asset increased by 34 percent, 24.2 percent, 39.9 percent and 36.3 percent on annual basis respectively signifying the steadily growing role of micro-finance institutions in providing access to finance for low income groups both in rural and urban areas (Table 4.7).

4 Total population is 109,499,000 as CSA estimation for 2024

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 29 National Bank of Ethiopia Quarterly Bulletin 30 | Second Quarter 2024/25 Table 4.5: Branch Network and Capital of the Banking System (Branch in Number & Capital in Millions of Birr) Source: National Bank of Ethiopia (NBE) Note: ‘Reg’ Stands for Region and ‘A.A’ for Addis Ababa 2023/24

1. State own Banks Commercial Bank of Ethiopia 1,703 478 2,181 18.4 1,695 480 2,175 17.5 1,689 466 2,155 17.3 62,471 116,471 121,974 Development Bank of Ethiopia 99 6 105 0.9 99 6 105 0.8 99 6 105 0.8 32,149 33,454 33,728 Total State own Banks 1,802 484 2,286 19.3 1,794 486 2,280 18.3 1,788 472 2,260 18.1 94,619.4 149,924.7 155,701.7
2. Private Banks - - - - Awash Bank 635 303 938 7.9 681 306 987 7.9 685 305 990 7.9 26,484.2 27,389.7 34,290.0 Dashen Bank 619 271 890 7.5 631 280 911 7.3 643 282 925 7.4 18,934.3 20,559.8 20,824.3 Bank of Abyssinia 664 309 973 8.2 673 309 982 7.9 673 307 980 7.9 15,872.7 17,581.8 18,831.3 Wegagen Bank 299 152 451 3.8 313 155 468 3.8 317 154 471 3.8 6,828.3 7,904.7 8,882.5 Hibret Bank 264 233 497 4.2 274 236 510 4.1 274 237 511 4.1 8,807.0 10,270.0 11,173.5 Nib International Bank 236 225 461 3.9 234 223 457 3.7 234 218 452 3.6 8,986.1 10,237.8 10,268.7 Cooperative Bank of Oromia 576 187 763 6.4 595 187 782 6.3 596 186 782 6.3 13,859.5 14,807.1 15,193.8 Lion International Bank 218 90 308 2.6 243 93 336 2.7 245 94 339 2.7 3,583.2 4,074.3 4,493.5 Oromia Bank 387 179 566 4.8 393 177 570 4.6 389 170 559 4.5 8,046.1 8,672.9 9,068.3 Zemen Bank 45 73 118 1.0 47 75 122 1.0 47 80 127 1.0 8,972.3 9,773.6 12,174.6 Buna Bank 314 172 486 4.1 313 168 481 3.9 311 155 466 3.7 5,533.3 6,059.0 6,094.6 Berhan Bank 224 182 406 3.4 227 183 410 3.3 223 181 404 3.2 4,690.4 5,153.6 5,616.0 Abay Bank 374 167 541 4.6 385 171 556 4.5 388 172 560 4.5 7,070.1 7,930.1 8,705.4 Addis Interational Bank 66 77 143 1.2 79 80 159 1.3 84 79 163 1.3 2,314.0 2,505.3 2,663.7 Global Bank 79 93 172 1.4 101 141 242 1.9 101 142 243 2.0 2,989.7 3,132.1 3,280.7 Enat Bank 120 71 191 1.6 130 74 204 1.6 132 75 207 1.7 3,352.0 3,910.9 3,992.3 Hijra Bank 58 22 80 0.7 72 25 97 0.8 79 26 105 0.8 1,352.3 1,590.4 1,689.0 Zamzam Bank 45 38 83 0.7 60 48 108 0.9 66 39 105 0.8 1,875.3 2,210.5 2,286.6 Goh Betoch Bank 4 4 8 0.1 4 6 10 0.1 4 9 13 0.1 1,605.5 1,640.4 1,611.7 Siinqee Bank 322 68 390 3.3 342 73 415 3.3 359 77 436 3.5 8,133.5 9,081.1 9,433.1 Tseday Bank 395 51 446 3.8 487 67 554 4.5 495 68 563 4.5 11,331.3 11,331.3 12,001.0 Shebele Bank 22 4 26 0.2 32 4 36 0.3 32 4 36 0.3 688.6 1,528.3 1,496.1 Amahara Bank 194 127 321 2.7 201 126 327 2.6 202 127 329 2.6 6,188.4 6,682.0 7,003.5 Ahadu Bank 46 56 102 0.9 46 56 102 0.8 45 56 101 0.8 958.9 1,056.4 1,180.5 Tsehay Bank 53 37 90 0.8 55 40 95 0.8 55 40 95 0.8 1,337.3 1,552.0 1,552.3 Sidama Bank S.C 25 3 28 0.2 34 4 38 0.3 37 5 42 0.3 874.7 1,008.9 1,077.4 Omo Bank S.C - - - 46 4 50 0.4 46 5 51 0.4 921.5 922.0 2,879.7 Gadaa Bank 50 29 79 0.7 57 38 95 0.8 60 37 97 0.8 999.6 1,097.1 1,329.1 Siket bank - - 6,614.0 6,617.0 Ramis Bank S.C 22 5 27 0.2 35 7 42 0.3 35 7 42 0.3 636.1 713.3 756.1 Total Private Banks 6,356.0 3,228.0 9,584.0 80.7 6,790.0 3,356.0 10,146.0 81.7 6,857 3,337 10,194 81.9 183,226.1 206,990.3 226,466.4
3. Grand Total Banks 8,158 3,712 11,870 100 8,584 3,842 12,426 100 8,645 3,809 12,454 100 277,845 356,915.0 382,168.0 Capital Banks Branch Network Quarter II Quarter I Quarter II Quarter I Quarter II Reg A.A 2023/24 2024/25 2024/25 Quarter II % Share Reg. A.A Total % Total Share % Share Reg. A.A Total

National Bank of Ethiopia Quarterly Bulletin 30 Second Quarter 2024/25 National Bank of Ethiopia Quarterly Bulletin 31 | Second Quarter 2024/25 Fig.IV.8: Share of Branch Network and Capital of Banking System Source: NBE Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) Source: NBE 19.3 18.3 18.1 34.1 42.0 40.7 80.7 81.7 81.9 65.9 58.0 59.3 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2023/24 Qrt.II (Branch) 2024/25 Qrt.I (Branch) 2024/25 Qrt.II (Branch) 2023/24 Qrt.II (Capital ) 2024/25 Qrt.I (Capital) 2024/25 Qrt.II (Capital) Percentage share from total Private Banks State own Banks 2023/24 A.A Reg Total A.A Reg Total A.A Reg Total 1 Ethiopian Insurance Corporation 25 66 91 25 66 91 25 66 91 3,964 4,804 4,901 2 Awash Insurance Company S.C. 32 31 63 34 32 66 34 32 66 3,026 3,669 4,020 3 Africa Insurance Company S.C. 20 15 35 20 15 35 20 15 35 504 734 751 4 National Insurance Company of Ethiopia S.C. 25 17 42 25 17 42 25 17 42 385 521 587 5 United Insurance Company S.C. 34 17 51 34 18 52 34 19 53 1,529 1,558 1,906 6 Global Insurance Company S.C. 13 9 22 13 9 22 13 9 22 - 403 414 7 Nile Insurance Company S.C. 37 24 61 37 24 61 37 24 61 1,410 1,633 1,713 8 Nyala Insurance S.C. 20 20 40 20 20 40 20 20 40 1,716 2,199 2,504 9 Nib Insurance Company S.C. 31 16 47 31 16 47 31 16 47 1,158 1,549 1,225 10 Lion Insurance Company S.C. 19 22 41 20 24 44 20 24 44 564 844 810 11 E-Life & General Insurance S.C. 22 8 30 24 8 32 26 8 34 353 448 481 12 Oromia Insurance Company S.C. 29 31 60 29 32 61 29 32 61 1,443 2,000 2,062 13 Abay Insurance S.C. 21 16 37 25 17 42 25 17 42 821 924 1,040 14 Berhan Insurance S.C. 19 9 28 20 9 29 20 9 29 483 577 683 15 Tsehay Insurance S.C. 24 12 36 26 12 38 29 12 41 578 696 759 16 Lucy Insurance S.C. 27 7 34 31 9 40 31 9 40 221 290 366 17 Bunna Insurance S.C. 22 13 35 23 15 38 23 15 38 404 530 931 18 Zemen Insurance S.C. 20 6 26 22 7 29 23 7 30 291 518 523 440 339 779 459 350 809 465 351 816 18,850 23,898 25,678 2024/25 TOTAL Quarter I Branch Capital Quarter II Insurance Companies Quarter II Quarter I Quarter II Quarter II 2023/24 2024/25 National Bank of Ethiopia Quarterly Bulletin 31 | Second Quarter 2024/25 Fig.IV.8: Share of Branch Network and Capital of Banking System Source: NBE Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) Source: NBE 19.3 18.3 18.1 34.1 42.0 40.7 80.7 81.7 81.9 65.9 58.0 59.3 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2023/24 Qrt.II (Branch) 2024/25 Qrt.I (Branch) 2024/25 Qrt.II (Branch) 2023/24 Qrt.II (Capital ) 2024/25 Qrt.I (Capital) 2024/25 Qrt.II (Capital) Percentage share from total Private Banks State own Banks 2023/24 A.A Reg Total A.A Reg Total A.A Reg Total 1 Ethiopian Insurance Corporation 25 66 91 25 66 91 25 66 91 3,964 4,804 4,901 2 Awash Insurance Company S.C. 32 31 63 34 32 66 34 32 66 3,026 3,669 4,020 3 Africa Insurance Company S.C. 20 15 35 20 15 35 20 15 35 504 734 751 4 National Insurance Company of Ethiopia S.C. 25 17 42 25 17 42 25 17 42 385 521 587 5 United Insurance Company S.C. 34 17 51 34 18 52 34 19 53 1,529 1,558 1,906 6 Global Insurance Company S.C. 13 9 22 13 9 22 13 9 22 - 403 414 7 Nile Insurance Company S.C. 37 24 61 37 24 61 37 24 61 1,410 1,633 1,713 8 Nyala Insurance S.C. 20 20 40 20 20 40 20 20 40 1,716 2,199 2,504 9 Nib Insurance Company S.C. 31 16 47 31 16 47 31 16 47 1,158 1,549 1,225 10 Lion Insurance Company S.C. 19 22 41 20 24 44 20 24 44 564 844 810 11 E-Life & General Insurance S.C. 22 8 30 24 8 32 26 8 34 353 448 481 12 Oromia Insurance Company S.C. 29 31 60 29 32 61 29 32 61 1,443 2,000 2,062 13 Abay Insurance S.C. 21 16 37 25 17 42 25 17 42 821 924 1,040 14 Berhan Insurance S.C. 19 9 28 20 9 29 20 9 29 483 577 683 15 Tsehay Insurance S.C. 24 12 36 26 12 38 29 12 41 578 696 759 16 Lucy Insurance S.C. 27 7 34 31 9 40 31 9 40 221 290 366 17 Bunna Insurance S.C. 22 13 35 23 15 38 23 15 38 404 530 931 18 Zemen Insurance S.C. 20 6 26 22 7 29 23 7 30 291 518 523 440 339 779 459 350 809 465 351 816 18,850 23,898 25,678 2024/25 TOTAL Quarter I Branch Capital Quarter II Insurance Companies Quarter II Quarter I Quarter II Quarter II 2023/24 2024/25

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 31 National Bank of Ethiopia Quarterly Bulletin 32 | Second Quarter 2024/25 Table 4.7: Microfinance Institutions Performance (In thousands of Birr) Source: NBE 4.6. Activities of the Banking System 4.6.1. Resource Mobilization At the end of second quarter total resources mobilized by the banking system (the sum of net change in deposit, net change in borrowings and loans collected) showed an annual growth rate of 82.7 percent due to a very significant growth of net deposit registered in the reviewed quarter (Table 4.8). Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Source: Commercial Banks 2023/24 QII QI QII A B C D=C/A E=C/B Total Capital 9,644,042.9 12,205,768.1 13,487,218.0 39.9 10.5 Saving 26,161,394.6 32,088,546.9 35,061,368.3 34.0 9.3 Credit 34,823,349.8 41,045,538.7 43,249,254.3 24.2 5.4 Total Assets 50,772,359.8 62,878,680.0 69,213,953.4 36.3 10.1 2024/25 Particulars % Change Qtr.II 2023/24 Qtr.I 2024/25 Qtr.II 2024/25 Change % change Change % change A B C D=C-A E=D/A100 F=C-B G=F/B100 1.Deposits (net change) 85,984.2 160,189.9 104,845.4 71,445.5 97,733.6 190,829.6 231,635.5 133,901.9 137.0 40,805.8 21.4 -Demand 36,257.0 85,766.1 67,139.6 14,398.3 47,349.1 103,396.6 100,164.3 52,815.2 111.5 -3,232.3 -3.1 -Saving 48,173.5 70,191.6 42,987.6 43,334.0 31,845.3 91,161.1 113,525.6 81,680.3 256.5 22,364.5 24.5 -Time 1,553.8 4,232.3 -5,281.9 13,713.2 18,539.2 -3,728.1 17,945.5 -593.6 -3.2 21,673.7 581.4 2. Borrowing (net change) 3,223.3 2,127.5 0.0 0.0 5,877.1 3,223.3 2,127.5 -3,749.6 -63.8 -1,095.8 -34.0 -Local 334.7 -206.8 0.0 0.0 4,527.6 334.7 -206.8 -4,734.4 -104.6 -541.5 -161.8 -Foreign 2,888.6 2,334.3 0.0 0.0 1,349.5 2,888.6 2,334.3 984.8 73.0 -554.3 -19.2 3. Collection of Loans 50,361.9 39,495.3 68,922.1 82,548.0 91,158.1 119,284.0 122,043.3 30,885.2 33.9 2,759.3 2.3 4. Total Resources Mobilized (1+2+3) 139,569.4 201,812.7 173,767.5 153,993.5 194,768.8 313,336.9 355,806.2 161,037.5 82.7 42,469.3 13.6 5. Disbursement 50,201.5 97,670.7 72,944.4 72,783.9 116,212.1 123,145.9 170,454.6 54,242.5 46.7 47,308.7 38.4 6. Change in Liquidity (4-5) 89,368.0 104,141.9 100,823.1 81,209.7 78,556.7 190,191.0 185,351.6 106,795.0 135.9 -4,839.4 -2.5 Memorandum Item: 0.0 0.0 Outstanding Credit* 393,651.3 454,371.4 1,165,119.7 1,210,156.6 2,050,690.8 1,558,771.1 1,664,527.9 -386,162.9 -18.8 105,756.8 6.8 Particulars State own Banks Private Banks Grand Total 1 2 (3) = (1) + (2) Qtr.I 2024/25 Qtr.II 2024/25 Qtr.I 2024/25 Qtr.II 2024/25 Annual Quarter National Bank of Ethiopia Quarterly Bulletin 32 | Second Quarter 2024/25 Table 4.7: Microfinance Institutions Performance (In thousands of Birr) Source: NBE 4.6. Activities of the Banking System 4.6.1. Resource Mobilization At the end of second quarter total resources mobilized by the banking system (the sum of net change in deposit, net change in borrowings and loans collected) showed an annual growth rate of 82.7 percent due to a very significant growth of net deposit registered in the reviewed quarter (Table 4.8). Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Source: Commercial Banks 2023/24 QII QI QII A B C D=C/A E=C/B Total Capital 9,644,042.9 12,205,768.1 13,487,218.0 39.9 10.5 Saving 26,161,394.6 32,088,546.9 35,061,368.3 34.0 9.3 Credit 34,823,349.8 41,045,538.7 43,249,254.3 24.2 5.4 Total Assets 50,772,359.8 62,878,680.0 69,213,953.4 36.3 10.1 2024/25 Particulars % Change Qtr.II 2023/24 Qtr.I 2024/25 Qtr.II 2024/25 Change % change Change % change A B C D=C-A E=D/A100 F=C-B G=F/B100 1.Deposits (net change) 85,984.2 160,189.9 104,845.4 71,445.5 97,733.6 190,829.6 231,635.5 133,901.9 137.0 40,805.8 21.4 -Demand 36,257.0 85,766.1 67,139.6 14,398.3 47,349.1 103,396.6 100,164.3 52,815.2 111.5 -3,232.3 -3.1 -Saving 48,173.5 70,191.6 42,987.6 43,334.0 31,845.3 91,161.1 113,525.6 81,680.3 256.5 22,364.5 24.5 -Time 1,553.8 4,232.3 -5,281.9 13,713.2 18,539.2 -3,728.1 17,945.5 -593.6 -3.2 21,673.7 581.4 2. Borrowing (net change) 3,223.3 2,127.5 0.0 0.0 5,877.1 3,223.3 2,127.5 -3,749.6 -63.8 -1,095.8 -34.0 -Local 334.7 -206.8 0.0 0.0 4,527.6 334.7 -206.8 -4,734.4 -104.6 -541.5 -161.8 -Foreign 2,888.6 2,334.3 0.0 0.0 1,349.5 2,888.6 2,334.3 984.8 73.0 -554.3 -19.2 3. Collection of Loans 50,361.9 39,495.3 68,922.1 82,548.0 91,158.1 119,284.0 122,043.3 30,885.2 33.9 2,759.3 2.3 4. Total Resources Mobilized (1+2+3) 139,569.4 201,812.7 173,767.5 153,993.5 194,768.8 313,336.9 355,806.2 161,037.5 82.7 42,469.3 13.6 5. Disbursement 50,201.5 97,670.7 72,944.4 72,783.9 116,212.1 123,145.9 170,454.6 54,242.5 46.7 47,308.7 38.4 6. Change in Liquidity (4-5) 89,368.0 104,141.9 100,823.1 81,209.7 78,556.7 190,191.0 185,351.6 106,795.0 135.9 -4,839.4 -2.5 Memorandum Item: 0.0 0.0 Outstanding Credit* 393,651.3 454,371.4 1,165,119.7 1,210,156.6 2,050,690.8 1,558,771.1 1,664,527.9 -386,162.9 -18.8 105,756.8 6.8 Particulars State own Banks Private Banks Grand Total 1 2 (3) = (1) + (2) Qtr.I 2024/25 Qtr.II 2024/25 Qtr.I 2024/25 Qtr.II 2024/25 Annual Quarter

National Bank of Ethiopia Quarterly Bulletin 32 Second Quarter 2024/25 National Bank of Ethiopia Quarterly Bulletin 33 | Second Quarter 2024/25 Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans Source: CBEs and NBE 4.6.1.1. Deposit Mobilization Total deposit liabilities of the banking system reached Birr 2.9 trillion, depicting a 27 percent annual growth. Demand deposits, which accounted for 35.1 percent of the total deposits, amounted to Birr 1 trillion and had a 43.9 percent annual expansion. Similarly, saving deposit went up by 19.7 percent and stood at Birr 1.7 trillion accounting for 57.7 percent of the total deposits. Meanwhile, time deposits constituted 7.3 percent of the total deposit liabilities and rose (16.8 percent) to Birr 212.7 billion. the share of private banks total deposit was 51.3 percent and that of state owned banks 48.7 percent (Table 4.9). Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) Source: Commercial Banks and DBE

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 I II III IV I II III IV I II III IV I II III IV I II 2020/21 2021/22 2022/23 2023/24 2024/25 In Millions of Birr Total Resource Mobilization Net Deposit Collection of Loans Disbursement of Loans Quarter II Quarter I Quarter II 2023/24 2024/25 2024/25 A B C C/A C/B Demand Deposit 710,921.0 30.9 923,131.7 34.4 1,023,296.1 35.1 43.9 10.9 Saving Deposit 1,405,501.4 61.1 1,569,550.3 58.4 1,683,075.9 57.7 19.7 7.2 Time Deposit 182,103.6 7.9 194,724.0 7.2 212,669.6 7.3 16.8 9.2 Total 2,298,526.0 100.0 2,687,406.1 100.0 2,919,041.5 100.0 27.0 8.6 Share of state own Banks 48.9 47.0 48.7 Share of Private Banks 51.1 53.0 51.3 Deposit by types % Share % Share % Share Percentage Change ( Growth) National Bank of Ethiopia Quarterly Bulletin 33 | Second Quarter 2024/25 Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans Source: CBEs and NBE 4.6.1.1. Deposit Mobilization Total deposit liabilities of the banking system reached Birr 2.9 trillion, depicting a 27 percent annual growth. Demand deposits, which accounted for 35.1 percent of the total deposits, amounted to Birr 1 trillion and had a 43.9 percent annual expansion. Similarly, saving deposit went up by 19.7 percent and stood at Birr 1.7 trillion accounting for 57.7 percent of the total deposits. Meanwhile, time deposits constituted 7.3 percent of the total deposit liabilities and rose (16.8 percent) to Birr 212.7 billion. the share of private banks total deposit was 51.3 percent and that of state owned banks 48.7 percent (Table 4.9). Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) Source: Commercial Banks and DBE

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 I II III IV I II III IV I II III IV I II III IV I II 2020/21 2021/22 2022/23 2023/24 2024/25 In Millions of Birr Total Resource Mobilization Net Deposit Collection of Loans Disbursement of Loans Quarter II Quarter I Quarter II 2023/24 2024/25 2024/25 A B C C/A C/B Demand Deposit 710,921.0 30.9 923,131.7 34.4 1,023,296.1 35.1 43.9 10.9 Saving Deposit 1,405,501.4 61.1 1,569,550.3 58.4 1,683,075.9 57.7 19.7 7.2 Time Deposit 182,103.6 7.9 194,724.0 7.2 212,669.6 7.3 16.8 9.2 Total 2,298,526.0 100.0 2,687,406.1 100.0 2,919,041.5 100.0 27.0 8.6 Share of state own Banks 48.9 47.0 48.7 Share of Private Banks 51.1 53.0 51.3 Deposit by types % Share % Share % Share Percentage Change ( Growth) National Bank of Ethiopia Quarterly Bulletin 33 | Second Quarter 2024/25 Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans Source: CBEs and NBE 4.6.1.1. Deposit Mobilization Total deposit liabilities of the banking system reached Birr 2.9 trillion, depicting a 27 percent annual growth. Demand deposits, which accounted for 35.1 percent of the total deposits, amounted to Birr 1 trillion and had a 43.9 percent annual expansion. Similarly, saving deposit went up by 19.7 percent and stood at Birr 1.7 trillion accounting for 57.7 percent of the total deposits. Meanwhile, time deposits constituted 7.3 percent of the total deposit liabilities and rose (16.8 percent) to Birr 212.7 billion. the share of private banks total deposit was 51.3 percent and that of state owned banks 48.7 percent (Table 4.9). Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) Source: Commercial Banks and DBE

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 I II III IV I II III IV I II III IV I II III IV I II 2020/21 2021/22 2022/23 2023/24 2024/25 In Millions of Birr Total Resource Mobilization Net Deposit Collection of Loans Disbursement of Loans Quarter II Quarter I Quarter II 2023/24 2024/25 2024/25 A B C C/A C/B Demand Deposit 710,921.0 30.9 923,131.7 34.4 1,023,296.1 35.1 43.9 10.9 Saving Deposit 1,405,501.4 61.1 1,569,550.3 58.4 1,683,075.9 57.7 19.7 7.2 Time Deposit 182,103.6 7.9 194,724.0 7.2 212,669.6 7.3 16.8 9.2 Total 2,298,526.0 100.0 2,687,406.1 100.0 2,919,041.5 100.0 27.0 8.6 Share of state own Banks 48.9 47.0 48.7 Share of Private Banks 51.1 53.0 51.3 Deposit by types % Share % Share % Share Percentage Change ( Growth)

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 33 National Bank of Ethiopia Quarterly Bulletin 34 | Second Quarter 2024/25 Fig.IV.10: Quarterly Growth of Banks’ Deposit Liabilities by Ownership Source: CBEs & DBE 4.6.1.2. Collection of Loans During the review quarter, banks collected loans of Birr 122 billion which showed a 33.9 percent annual growth excluding corporate bond (Table 4.8). Of the total loan collection, private banks had 67.6 percent share while that of state own banks was 32.4 percent. 4.6.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 135.5 billion showing a 16.9 percent annual increase. Of the total borrowing, Birr 95.3 billion (70.3 percent) was from domestic and Birr 40.3 billion (29.7 percent) from external sources (Table4.10). Table 4.10: Banks’ Outstanding Borrowing by Source (In Millions of Birr) Source: Banks 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 I II III IV I II III IV I II III IV I II III IV I II 2020/2021 2021/2022 2022/2023 2023/2024 2024/2025 In percent State owned Banks Private Banks All Banks 2023/24 Quarter II Quarter I Quarter II A B C D=C/B E=C/A Domestic Borrowing 88,339.6 95,476.3 95,269.4 (0.2) 7.8 Foreign Borrowing 27,557.9 37,919.3 40,253.7 6.2 46.1 Total 115,897.5 133,395.6 135,523.1 1.6 16.9 Borrowing By Types Percentage Change 2024/25 National Bank of Ethiopia Quarterly Bulletin 34 | Second Quarter 2024/25 Fig.IV.10: Quarterly Growth of Banks’ Deposit Liabilities by Ownership Source: CBEs & DBE 4.6.1.2. Collection of Loans During the review quarter, banks collected loans of Birr 122 billion which showed a 33.9 percent annual growth excluding corporate bond (Table 4.8). Of the total loan collection, private banks had 67.6 percent share while that of state own banks was 32.4 percent. 4.6.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 135.5 billion showing a 16.9 percent annual increase. Of the total borrowing, Birr 95.3 billion (70.3 percent) was from domestic and Birr 40.3 billion (29.7 percent) from external sources (Table4.10). Table 4.10: Banks’ Outstanding Borrowing by Source (In Millions of Birr) Source: Banks 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 I II III IV I II III IV I II III IV I II III IV I II 2020/2021 2021/2022 2022/2023 2023/2024 2024/2025 In percent State owned Banks Private Banks All Banks 2023/24 Quarter II Quarter I Quarter II A B C D=C/B E=C/A Domestic Borrowing 88,339.6 95,476.3 95,269.4 (0.2) 7.8 Foreign Borrowing 27,557.9 37,919.3 40,253.7 6.2 46.1 Total 115,897.5 133,395.6 135,523.1 1.6 16.9 Borrowing By Types Percentage Change 2024/25 National Bank of Ethiopia Quarterly Bulletin 34 | Second Quarter 2024/25 Fig.IV.10: Quarterly Growth of Banks’ Deposit Liabilities by Ownership Source: CBEs & DBE 4.6.1.2. Collection of Loans During the review quarter, banks collected loans of Birr 122 billion which showed a 33.9 percent annual growth excluding corporate bond (Table 4.8). Of the total loan collection, private banks had 67.6 percent share while that of state own banks was 32.4 percent. 4.6.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 135.5 billion showing a 16.9 percent annual increase. Of the total borrowing, Birr 95.3 billion (70.3 percent) was from domestic and Birr 40.3 billion (29.7 percent) from external sources (Table4.10). Table 4.10: Banks’ Outstanding Borrowing by Source (In Millions of Birr) Source: Banks 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 I II III IV I II III IV I II III IV I II III IV I II 2020/2021 2021/2022 2022/2023 2023/2024 2024/2025 In percent State owned Banks Private Banks All Banks 2023/24 Quarter II Quarter I Quarter II A B C D=C/B E=C/A Domestic Borrowing 88,339.6 95,476.3 95,269.4 (0.2) 7.8 Foreign Borrowing 27,557.9 37,919.3 40,253.7 6.2 46.1 Total 115,897.5 133,395.6 135,523.1 1.6 16.9 Borrowing By Types Percentage Change 2024/25

National Bank of Ethiopia Quarterly Bulletin 34 Second Quarter 2024/25 National Bank of Ethiopia Quarterly Bulletin 35 | Second Quarter 2024/25 4.6.2. Disbursement of Fresh Loans During the review quarter, Birr 170.5 billion was disbursed in fresh loan indicating a 46.7 percent annual increase. Of the total new loans, the share of state owned banks was 57.3 percent and that of private banks 42.7 percent (Table 4.8, 4.11 & 4.12). The major beneficiaries of the fresh loans were domestic trade (Birr 42.9 Billion or 25.2 percent), international trade (Birr 32 billion or 18.8 percent), manufacturing (Birr 26.7 Billion or 15.7 percent), agriculture (Birr 25.5 billion or 15 percent), financial institutions (Birr 14.3 billion or 8.4 percent ), consumer and staff loan (Birr 11.7 billion or 6.9 percent), and building and construction (Birr 6.9 billion or 4 percent) (Table 4.11). Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership Source: Banks

20,000.00 40,000.00 60,000.00 80,000.00 100,000.00 120,000.00 140,000.00 160,000.00 180,000.00 200,000.00 QIII QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2020/21 2021/22 2022/23 2023/24 2024/25 Value in Million Birr Years/Quarters Total State own Banks Private Banks National Bank of Ethiopia Quarterly Bulletin 35 | Second Quarter 2024/25 4.6.2. Disbursement of Fresh Loans During the review quarter, Birr 170.5 billion was disbursed in fresh loan indicating a 46.7 percent annual increase. Of the total new loans, the share of state owned banks was 57.3 percent and that of private banks 42.7 percent (Table 4.8, 4.11 & 4.12). The major beneficiaries of the fresh loans were domestic trade (Birr 42.9 Billion or 25.2 percent), international trade (Birr 32 billion or 18.8 percent), manufacturing (Birr 26.7 Billion or 15.7 percent), agriculture (Birr 25.5 billion or 15 percent), financial institutions (Birr 14.3 billion or 8.4 percent ), consumer and staff loan (Birr 11.7 billion or 6.9 percent), and building and construction (Birr 6.9 billion or 4 percent) (Table 4.11). Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership Source: Banks

20,000.00 40,000.00 60,000.00 80,000.00 100,000.00 120,000.00 140,000.00 160,000.00 180,000.00 200,000.00 QIII QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2020/21 2021/22 2022/23 2023/24 2024/25 Value in Million Birr Years/Quarters Total State own Banks Private Banks

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 35 National Bank of Ethiopia Quarterly Bulletin 36 | Second Quarter 2024/25 Table 4.11: Banks’ Loans & Advances by Sectors in QII 2024/25 (In Millions of Birr) D*= Disbursement, C*= Collection, O/S*= Outstanding Credit. Source: Commercial Banks & DBE 4.6.3. Outstanding Credit Due to the conversion of corporate bonds to government bonds total outstanding credit of the banking system significantly declined (18.8 percent) on annual basis to reach Birr 1.7 trillion. About 99.5 percent of the total outstanding credit of private banks went to finance private enterprises and cooperatives (Table 4.8 & 4.12). Sector wise, the major holder of outstanding credit were international trade (Birr 370.9 billion or 22.3 percent), manufacturing (Birr 315.1 billion or 18.9 percent), domestic trade (Birr 305.6 billion or 18.4 percent), financial institutions (Birr 203.5 billion or 12.2 percent), and consumer & staff loans (Birr 202.6 billion or 12.2 percent) (Table 4.11). D* C* O/S* D* C* O/S * D* C* O/S* Agriculture 20,995.4 3,772.8 51,736.7 4,538.6 4,022.4 63,858.7 25,534.0 7,795.3 115,595.4 Manufacturing 20,208.4 13,082.2 128,021.1 6,483.2 9,395.7 187,032.2 26,691.7 22,477.9 315,053.3 Domestic Trade 25,030.3 10,055.1 65,305.7 17,853.3 20,726.0 240,339.2 42,883.6 30,781.1 305,644.9 International Trade 5,559.7 3,785.4 28,339.8 26,421.9 24,828.7 342,606.2 31,981.7 28,614.1 370,946.0 Export 5,101.1 3,435.2 15,291.5 20,869.8 16,299.1 213,936.0 25,971.0 19,734.3 229,227.5 Import 458.6 350.2 13,048.3 5,552.1 8,529.6 128,670.2 6,010.7 8,879.8 141,718.5 Hotels and Tourism 820.2 490.7 6,631.0 815.7 2,208.0 38,470.4 1,635.9 2,698.6 45,101.5 Building and Construction 3,121.3 440.9 2,714.3 3,752.7 5,301.4 43,928.3 6,874.0 5,742.3 46,642.6 Mines, Power and Water resources 148.7 85.2 1,413.0 154.2 276.6 6,992.9 302.9 361.7 8,405.9 Financial Institutions 11,415.0 850.5 69,950.8 2,911.1 5,600.6 133,519.6 14,326.1 6,451.1 203,470.4 Transport and Communication 429.6 191.9 3,989.2 1,366.3 1,315.4 516.6 1,795.9 1,507.3 4,505.8 Health and Education 2,223.7 264.6 16,818.7 420.0 308.0 3,588.9 2,643.7 572.5 20,407.6 Consumer and Staff Loans 6,523.0 6,239.2 76,317.3 5,190.2 6,074.5 126,252.3 11,713.2 12,313.6 202,569.6 Other Sectors 1,195.4 237.1 3,133.8 2,876.5 2,490.7 23,051.2 4,071.9 2,727.7 26,185.0 Total 97,670.7 39,495.3 454,371.4 72,783.9 82,548.0 1,210,156.6 170,454.6 122,043.3 1,664,527.9 Borrowing Sector Public Banks Private Banks Total (1) (2) (3)

National Bank of Ethiopia Quarterly Bulletin 36 Second Quarter 2024/25 37 | Second Quarter 2024/25 Table 4.12: Breakdown of Banking System Credit by Clients in QII-2024/25 (In Millions of Birr) Source: Commercial Banks &DBE Fig.IV.12: Share of Public and Private Banks in Credit Outstanding Source: NBE Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share State Owned Bank 97,670.7 57.3 39,495.3 32.4 454,371.4 27.3 Corporate Bonds* 0.0 State Enterprises 29,535.8 30.2 5,786.6 14.7 103,589.1 22.8 Cooperatives 951.5 1.0 208.3 0.5 12,087.0 2.7 Private Enterprises 67,183.4 68.8 33,500.4 84.8 338,695.2 74.5 Private Banks 72,783.9 42.7 82,548.0 67.6 1,210,156.6 72.7 Central Government* 0.0 State Enterprises 1.0 0.0 266.3 0.3 5,991.7 0.5 Cooperatives 1,534.2 2.1 885.9 1.1 10,688.4 0.9 Private Enterprises 71,248.6 97.9 81,395.8 98.6 1,193,476.4 98.6 Grand Total 170,454.6 100.0 122,043.3 100.0 1,664,527.9 100.0 0 10 20 30 40 50 60 70 80 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2020/21 2021/22 2022/23 2023/24 2024/25 In Percent Years/Quarters State own Bank Credit Outstanding Private Bank Credit Outstanding 37 | Second Quarter 2024/25 Table 4.12: Breakdown of Banking System Credit by Clients in QII-2024/25 (In Millions of Birr) Source: Commercial Banks &DBE Fig.IV.12: Share of Public and Private Banks in Credit Outstanding Source: NBE Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share State Owned Bank 97,670.7 57.3 39,495.3 32.4 454,371.4 27.3 Corporate Bonds* 0.0 State Enterprises 29,535.8 30.2 5,786.6 14.7 103,589.1 22.8 Cooperatives 951.5 1.0 208.3 0.5 12,087.0 2.7 Private Enterprises 67,183.4 68.8 33,500.4 84.8 338,695.2 74.5 Private Banks 72,783.9 42.7 82,548.0 67.6 1,210,156.6 72.7 Central Government* 0.0 State Enterprises 1.0 0.0 266.3 0.3 5,991.7 0.5 Cooperatives 1,534.2 2.1 885.9 1.1 10,688.4 0.9 Private Enterprises 71,248.6 97.9 81,395.8 98.6 1,193,476.4 98.6 Grand Total 170,454.6 100.0 122,043.3 100.0 1,664,527.9 100.0 0 10 20 30 40 50 60 70 80 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2020/21 2021/22 2022/23 2023/24 2024/25 In Percent Years/Quarters State own Bank Credit Outstanding Private Bank Credit Outstanding

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 37 38 | Second Quarter 2024/25 4.7. Financial Activities of NBE NBE’s gross claim on the central government stood at Birr 675.1 billion as of end of December 2024 which was 12.5 percent higher than a year earlier. Yet, no direct advance to the government was made during the preceding quarter. NBE’s deposit liabilities significantly increased (36.5 percent) over last year same quarter due to higher government deposit and bank reserve (Table 4.13). Table 4.13: Financial Activities of NBE (In Millions of Birr) Source: National Bank of Ethiopia (NBE) 4.8. Developments in Financial Markets 4.8.1. Treasury Bills Market During the second quarter of 2024/25, T-bills supplied to the auction reached Birr 114.6 billion, showing a 66 percent annual decrease. Similarly, demand for T-bills dropped (72.1 percent) to Birr 52.1 billion (Table 14.4) and the amount of T-bills sold to Birr 52.1 billion, (71.4 percent). Non-bank institutions bought T-bills worth Birr 32.2 billion while the share of banks was Birr 19.9 billion. In the meantime, Birr 47 billion was redeemed during the quarter under review. Treasury bills held by the Public Social Security Administration and the Private Social Security Administration converted into special government bonds. Hence, outstanding T-bills amounted to 2023/24 Qtr.II Qtr.I Qtr.II A B C D=C/A E=C/B 1.Loans and Advances 642,443.16 716,443.16 710,443.16 10.6 -0.8 1.1. To Central Government 600,120.45 675,120.45 675,120.45 12.5 0.0 1.2.To Development Bank of Ethiopia 42,322.71 41,322.71 35,322.71 -16.5 -14.5 2.Deposit Liabilities 237,555.37 267,298.44 324,187.78 36.5 21.3 2.1. Government 42,609.04 49,594.41 64,861.79 52.2 30.8 2.2. Financial Institutions 194,946.33 217,704.04 259,325.99 33.0 19.1 O/W: -Banks( Reserve) 194,933.48 217,683.85 259,319.83 33.0 19.1 -Insurance companies 12.8 20.2 6.2 -52.1 -69.5 3.Net Claims of NBE (1-2) 404,887.8 449,144.7 386,255.4 -4.6 -14.0 Particulars % Change 2024/25 38 | Second Quarter 2024/25 4.7. Financial Activities of NBE NBE’s gross claim on the central government stood at Birr 675.1 billion as of end of December 2024 which was 12.5 percent higher than a year earlier. Yet, no direct advance to the government was made during the preceding quarter. NBE’s deposit liabilities significantly increased (36.5 percent) over last year same quarter due to higher government deposit and bank reserve (Table 4.13). Table 4.13: Financial Activities of NBE (In Millions of Birr) Source: National Bank of Ethiopia (NBE) 4.8. Developments in Financial Markets 4.8.1. Treasury Bills Market During the second quarter of 2024/25, T-bills supplied to the auction reached Birr 114.6 billion, showing a 66 percent annual decrease. Similarly, demand for T-bills dropped (72.1 percent) to Birr 52.1 billion (Table 14.4) and the amount of T-bills sold to Birr 52.1 billion, (71.4 percent). Non-bank institutions bought T-bills worth Birr 32.2 billion while the share of banks was Birr 19.9 billion. In the meantime, Birr 47 billion was redeemed during the quarter under review. Treasury bills held by the Public Social Security Administration and the Private Social Security Administration converted into special government bonds. Hence, outstanding T-bills amounted to 2023/24 Qtr.II Qtr.I Qtr.II A B C D=C/A E=C/B 1.Loans and Advances 642,443.16 716,443.16 710,443.16 10.6 -0.8 1.1. To Central Government 600,120.45 675,120.45 675,120.45 12.5 0.0 1.2.To Development Bank of Ethiopia 42,322.71 41,322.71 35,322.71 -16.5 -14.5 2.Deposit Liabilities 237,555.37 267,298.44 324,187.78 36.5 21.3 2.1. Government 42,609.04 49,594.41 64,861.79 52.2 30.8 2.2. Financial Institutions 194,946.33 217,704.04 259,325.99 33.0 19.1 O/W: -Banks( Reserve) 194,933.48 217,683.85 259,319.83 33.0 19.1 -Insurance companies 12.8 20.2 6.2 -52.1 -69.5 3.Net Claims of NBE (1-2) 404,887.8 449,144.7 386,255.4 -4.6 -14.0 Particulars % Change 2024/25

National Bank of Ethiopia Quarterly Bulletin 38 Second Quarter 2024/25 33 | Second Quarter 2024/25 Birr 125.1 billion which was 66.3 percent lower than a year ago. Average weighted T-bills yield stood at 12.8 percent showing a 34.9 percent annual increase (Table 4.14). Table 4.14: Results of Second quarter Treasury Bills Auction Source: National Bank of Ethiopia 2023/24 Quarter II Quarter I Quarter II A B C C/A C/B Number of Bidders 145.00 54.00 41.00 (71.72) (24.07) Public 81.00 23.00 39.00 (51.85) 69.57 Private 64.00 31.00 2.00 - (93.55) Number of Bids received 145.00 54.00 41.00 (71.72) (24.07) Public 81.00 23.00 39.00 (51.85) 69.57 Private 64.00 31.00 2.00 (96.88) (93.55) Amount Demanded (Mn. Birr) 187,043.95 47,305.98 52,101.32 (72.14) 10.14 28-day bill 17,530.00 6,407.00 5,300.00 (69.77) (17.28) 91-day bill 61,006.89 6,054.00 8,652.00 (85.82) 42.91 182-day bill 45,267.00 21,750.00 9,658.00 (78.66) (55.60) 364-day bill 63,240.06 13,094.98 28,491.32 - 117.57 Amount Supplied (Mn. Birr) 336,850.46 114,457.00 114,579.32 (65.99) 0.11 28-day bill 28,687.92 6,709.99 6,865.55 (76.07) 2.32 91-day bill 116,059.87 12,461.41 12,750.31 (89.01) 2.32 182-day bill 104,035.61 42,564.25 28,019.83 (73.07) (34.17) 364-day bill 88,067.06 52,721.35 66,943.63 - 26.98 Amount Sold (Mn. Birr) 182,043.95 44,695.98 52,101.32 (71.38) 16.57 Banks 70,709.26 27,690.00 19,900.00 (71.86) (28.13) Non-Banks 111,334.69 17,005.98 32,201.32 (71.08) 89.35 Redemption (Mn. Birr) 182,597.95 96,286.19 46,978.53 (74.27) (51.21) 28-day bill 99.31 99.07 98.85 (0.47) (0.22) 91-day bill 97.59 97.49 96.71 (0.90) (0.79) 182-day bill 95.36 95.78 94.86 (0.52) (0.96) 364-day bill 91.52 90.01 89.64 (2.05) (0.41) 28-day bill 9.08 12.30 15.22 67.62 23.68 91-day bill 9.89 10.35 13.63 37.79 31.73 182-day bill 9.76 8.83 10.86 11.30 23.01 364-day bill 9.29 11.13 11.58 24.63 4.11 Banks 131,909.26 98,383.96 82,000.00 (37.84) (16.65) Non-Banks 239,305.10 21,552.96 43,059.71 (82.01) 99.79 Average Weighted Price for Successful bids (% ) 95.94 95.59 95.02 (0.97) (0.60) 4.27 Average Weighted Yield for Successful bids (% ) 9.51 10.65 12.82 34.89 20.39 Outstanding bills at the end of Period (Mn.Br.) 371,214.36 119,936.92 125,059.71 (66.31) Treasury Bill Particulars 2024/25 % Change

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 39 40 | Second Quarter 2024/25 Fig.IV.13: Development in Treasury- bills Markets (In Millions of Birr) Source: NBE Fig.IV.14: Developments in Average weighted Yields of T-bills Source: NBE 4.8.2. Inter- Bank Money Market Following the issuance of the Interbank Money Market Directive and Code of Conduct, interbank money market officially commenced operations beginning October 31, 2024. This event marked a major step toward strengthening liquidity management and improving overall efficiency within the banking sector.

100,000.00 200,000.00 300,000.00 400,000.00 500,000.00 600,000.00 700,000.00 800,000.00 I II III IV I II III IV I II III IV I II III IV I II 2020/21 2021/22 2022/23 2023/24 2024/25 Demand Supply

2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 I II III IV I II III IV I II III IV I II III IV I II 2020/21 2021/22 2022/23 2023/24 2024/25 In Percent 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day

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

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

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

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 450,000.00 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Supply Demand 40 | Second Quarter 2024/25 Fig.IV.13: Development in Treasury- bills Markets (In Millions of Birr) Source: NBE Fig.IV.14: Developments in Average weighted Yields of T-bills Source: NBE 4.8.2. Inter- Bank Money Market Following the issuance of the Interbank Money Market Directive and Code of Conduct, interbank money market officially commenced operations beginning October 31, 2024. This event marked a major step toward strengthening liquidity management and improving overall efficiency within the banking sector.

100,000.00 200,000.00 300,000.00 400,000.00 500,000.00 600,000.00 700,000.00 800,000.00 I II III IV I II III IV I II III IV I II III IV I II 2020/21 2021/22 2022/23 2023/24 2024/25 Demand Supply

2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 I II III IV I II III IV I II III IV I II III IV I II 2020/21 2021/22 2022/23 2023/24 2024/25 In Percent 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day

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

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

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

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

National Bank of Ethiopia Quarterly Bulletin 40 Second Quarter 2024/25 41 | Second Quarter 2024/25 Since then, the market has demonstrated promising initial activity with increasing engagement from commercial banks. A total of 227 transactions with a cumulative transaction value of Birr 129 billion were recorded reflecting strong early momentum and growing confidence in the newly established interbank money market. Interest rates on interbank placements ranged between 12 percent and 18 percent, which were within the interbank money market rate corridor set by the National Bank of Ethiopia. The weighted average interest rate stood at 17.71 percent, suggesting that most transactions were executed near the upper end of the corridor likely indicative of tight liquidity conditions prevailing in the market during the quarter. 4.8.3. Corporate Bond Market Corporate bond market remained undeveloped with major players being a few public institutions and regional governments. The purchaser of these bonds was solely the Commercial Bank of Ethiopia (CBE). Nonetheless, CBE did not buy any corporate bond in the second quarter of 2024/25. Existing Birr 34.1 billion from corporate bond of the Addis Ababa City Administration was converted in to term loan. Thus, CBE has no more stock of corporate bond in its balance sheet.

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 41 42 | Second Quarter 2024/25 Table 4.15: Corporate Bond Purchase, Redemption and Outstanding (In Millions of Birr) NP Red O/S NP Red O/S NP Red O/S 1.Puplic Enterprises 13,427.72 871.43 465,301.43 7,000.00 12.09 520,723.22 - - - EEP 11,000.00 - 368,864.97 7,000.00 12.09 243,530.71 - - Railway Corporations 2,427.72 871.43 96,436.46 - - - - - - DBE - - - - - - - - - Liability & Asset Management Corp. - - 277,192.50 - - - MoF 2. Regional Governments - 1,521.86 52,213.51 5,000.00 4,353.36 38,326.55 - 34,099.72 - Oromia - 37.43 228.13 - - - - - - Amhara - - - - - - - - Tigray - - - - - - - - - SNNPRS - - - - - - - - - Dire Dawa - - - - - - - - - Harari - - - - - - - - - Addia Ababa - 1,484.43 51,985.38 5,000.00 4,353.36 38,326.55 - 34,099.72 - 3.Grand Total(1+2) 13,427.72 2,393.28 517,514.95 12,000.00 4,365.45 559,049.77 - 34,099.72 - Corporate Bond Issuer 2022/23 2023/24 2024/25 Quarter II Quarter II Quarter II Note: NP= New Purchase, Red. = Redemption, O/S= outstanding Source: NBE

National Bank of Ethiopia Quarterly Bulletin 42 Second Quarter 2024/25 43 | Second Quarter 2024/25 V. EXTERNAL SECTOR DEVELOPMENTS 5.1. Balance of Payments Balance of payments (BOP) recorded USD 417 million surplus in the second quarter of 2024/25 compared to USD 389.5 million deficit a year ago. Similarly, current account balance (including official transfers) showed USD 864.4 million deficit which was much lower than 2.2 billion deficit last year. This reduction was primarily driven by narrowing of trade deficit (22.7 percent), increased private transfers (12.5 percent), rise in net services (63.9 percent) despite 5.4 percent decline in net official transfers. On the other hand, net inflows in capital account dropped (9.8 percent) to USD 1.4 billion, mainly due to 3.8 percent decrease in foreign direct investment and a shift in net short-term capital from surplus to a deficit despite increases in net surplus of official long-term capital rise in net other public sector long-term capital and private long-term capital (Table 5.1).

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 43 44 | Second Quarter 2024/25 Table 5.1: Balance of Payments (In Millions of USD) S/N Particulars 2023/24 2024/25 Percentage QII QI QII Change A B C D=C/A E=C/B 1 Exports, f.o.b. 770.7 1,515.9 1,761.2 128.5 16.2 Coffee 218.4 524.9 392.6 79.8 -25.2 Other 552.3 991.0 1,368.6 147.8 38.1 2 Imports 5,050.8 4,083.9 5,070.8 0.4 24.2 Fuel 1,039.6 878.5 820.9 -21.0 -6.6 Cereals 175.7 161.2 267.1 52.0 65.6 Aircraft 416.8 56.1 657.8 57.8 1,073.2 Imports excl. fuel, cereals, aircraft 3,418.7 2,988.1 3,325.0 -2.7 11.3 3 Trade Balance (1-2) -4,280.1 -2,568.0 -3,309.6 -22.7 28.9 4 Services, net 240.7 512.9 394.5 63.9 -23.1 Non-factor services, net 330.7 561.0 457.3 38.3 -18.5 Exports of non-factor services 1,914.1 2,092.5 1,982.7 3.6 -5.2 Imports of non-factor services 1,583.4 1,531.5 1,525.4 -3.7 -0.4 Factor services (Investment income), net -90.0 -48.1 -62.8 -30.2 30.6 Interest, net -89.8 -48.0 -62.8 -30.1 30.9 Dividend, net -0.2 -0.1 5 Private transfers, net 1,542.9 1,575.6 1,735.4 12.5 10.1 o/w: NGO’s, (Net) 163.4 206.9 261.4 59.9 26.3 Private Individuals 1,379.5 1,368.7 1,474.1 6.9 7.7 6 Current account balance excluding official transfers (3+4+5) -2,496.5 -479.5 -1,179.7 -52.7 146.0 7 Official transfers, net 333.4 1,316.4 315.3 -5.4 -76.0 8 Current account balance including official transfers (6+7) -2,163.0 836.9 -864.4 -60.0 -203.3 9 Capital account 1,542.6 1,312.1 1,390.6 -9.8 6.0 Official Long-term Capital, net 220.7 534.3 241.2 9.3 -54.9 Disbursements 348.7 668.0 371.5 6.5 -44.4 Amortization 128.0 133.7 130.3 1.8 -2.6 Other public long-term capital 66.3 -73.4 425.4 541.5 -679.7 Private sector, long term 41.3 16.8 46.3 12.1 175.6 Foreign Direct Investment, net 1,058.7 890.9 1,018.6 -3.8 14.3 Short-term Capital 155.6 -56.5 -340.8 -319.1 503.1 10 Errors and omissions 231.0 -863.9 -109.3 11 Overall balance (8+9+10) -389.5 1,285.1 417.0 12 Financing 389.5 -1,285.1 -417.0 13 Reserves [ Increase(-), Decrease (+)] 389.5 -1,285.1 -417.0 14 Central Bank (NFA) 498.4 -879.9 -155.6 Asset -1,538.3 -1,907.1 -434.0 Liabilities 2,036.6 1,027.3 278.4 15 Commercial banks (NFA) -108.9 -405.2 -261.3 16 Debt Relief Principal Interest Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin 44 Second Quarter 2024/25 45 | Second Quarter 2024/25 Total current receipts amounted to USD 5.9 billion showing a 28.3 percent annual increase owing to higher merchandise export (128.5 percent), service proceeds (5.7 percent), private transfers (12.3 percent) and public transfers (2.9 percent). On the other hand, total current payment remained almost flat at USD 6.8 billion with marginal increase in merchandise import and private transfers while public transfer payments significantly rose. In contrast, service payments showed a 2.6 percent annual decline (Table 5.2). Table 5.2: Current Receipts and Payments (In millions of USD) S/N Particulars 2023/24 2024/25 QII QI QII Percentage Change A B C D=C/A E=C/B 1 Current Receipts 4,613.1 6,549.7 5,917.2 28.3 -9.7 Export Proceeds 770.7 1,515.9 1,761.2 128.5 16.2 Service Proceeds 1,934.2 2,138.3 2,044.5 5.7 -4.4 Private Transfers 1,567.8 1,578.4 1,761.3 12.3 11.6 Public Transfer 340.3 1,317.0 350.2 2.9 -73.4 2 Current Payments 6,776.1 5,712.8 6,781.5 0.1 18.7 Import Payments 5,050.8 4,083.9 5,070.8 0.4 24.2 Service Payments 1,693.5 1,625.4 1,650.1 -2.6 1.5 Private Transfers 24.9 2.8 25.9 4.0 809.9 Public Transfer 6.9 0.6 34.8 403.2 5,526.1 3 Net, (1-2) -2,163.0 836.9 -864.4 -60.0 -203.3 Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 45 46 | Second Quarter 2024/25 Source: NBE Staff Compilation 5.2. Balance of Trade Merchandise trade deficit narrowed to USD 3.3 billion from USD 4.3 billion a year ago due to significant growth in export receipts. Source: Ethiopian Customs Commission

1,000.0 2,000.0 3,000.0 4,000.0 5,000.0 6,000.0 7,000.0 8,000.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 In Millions of USD Fig.V.1: Trends in Current Receipts and Payments Current Receipts Current Payments 0 1000 2000 3000 4000 5000 6000 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Export Import 46 | Second Quarter 2024/25 Source: NBE Staff Compilation 5.2. Balance of Trade Merchandise trade deficit narrowed to USD 3.3 billion from USD 4.3 billion a year ago due to significant growth in export receipts. Source: Ethiopian Customs Commission

1,000.0 2,000.0 3,000.0 4,000.0 5,000.0 6,000.0 7,000.0 8,000.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 In Millions of USD Fig.V.1: Trends in Current Receipts and Payments Current Receipts Current Payments 0 1000 2000 3000 4000 5000 6000 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Export Import

National Bank of Ethiopia Quarterly Bulletin 46 Second Quarter 2024/25 47 | Second Quarter 2024/25 Source: Ethiopian Customs Commission 5.2.1. Export of Goods Merchandise export earnings increased (128.5 percent) year-on-year driven by robust growth in revenue from gold led (with an over nine-fold increase), coffee (79.8 percent), oil seeds (46.8 percent), meat and meat products (79.2 percent), live- animals (169.4 percent), electricity (193.9 percent), flowers (9.6 percent), textiles and textile products (9.5 percent), and fruits and vegetables. However, declines were observed in export receipts from pulses (20.0 percent), chat (32.0 percent) and leather and leather products (28.5 percent). Revenue from gold export hiked due to a ten-fold increase in volume, despite 10.0 percent decline in international prices. Thus, the share of gold in total export earnings increased to 45.4 percent from 11.1 percent a year ago. Likewise, export revenues from coffee surged (79.8 percent), driven by 77.4 percent increase in export volume and 1.3 percent in price. Nonetheless, the share of coffee in total merchandise export earnings declined to 22.3 percent from 28.3 percent last year. 0 500 1000 1500 2000 2500 3000 3500 4000 4500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 47 48 | Second Quarter 2024/25 Export revenue from oilseeds saw a 46.8 percent annual growth due to 59.9 percent rise in volume despite 8.2 percent decrease in price. Thus, the share of oilseeds in total export earnings declined to 6.5 percent from 10.2 percent a year earlier. Likewise, export receipts from flower increased (9.6 percent) because of the rise in export volume (6.7 percent) and international price (2.7 percent). Nevertheless, its share in total export dropped by half (7.1 percent from 14.7 percent) a year ago. Similarly, export earnings from electricity surged by almost three-fold over last year same quarter due to significant improvement in volume (365.6 percent), despite slowdown in price (36.9 percent). Therefore, the share of electricity in total export earnings stood at 4.2 percent compared to 3.3 percent last year. Receipts from meat & meat products grew 79.2 percent on account of 89.8 percent rise in volume despite 5.6 percent decline in price. Its share in total merchandise declined to 1.6 percent. Export receipts from live-animals surged (169.4 percent), primarily due to 240.3 percent growth in export volume, despite 20.9 percent decline in price. Consequently, the share of live animals in total export earnings was 1.6 percent. Export proceeds from fruits & vegetables improved (6.4 percent) due to 15.8 percent rise in price, despite 8.0 percent decline in volume. Thus, its share dropped to 1.1 percent from 2.4 percent a year ago. Export income from textile & textile products grew by 9.5 percent because of 16.5 percent increase in export volume despite 6.0 percent decline in price. Thus, its share in total merchandise export declined to 1.8 percent from 3.7 percent last year same quarter. Export receipt from pulses was down (20.0 percent) owing to 26.6 percent decline in volume despite 9.0 percent rise in prices. Thus, its share declined to 4.0 percent from 11.5 percent a year earlier.

National Bank of Ethiopia Quarterly Bulletin 48 Second Quarter 2024/25 49 | Second Quarter 2024/25 Similarly, export earnings from chat declined (32.0 percent) owing to 38.1 percent drop in volume despite 9.9 percent increase in price. Hence, the share of chat in total export revenue shrank to 1.8 percent from 6.0 percent last year same quarter. Finally, revenues from leather & leather products experienced a 28.5 percent decline due to 33.9 percent decrease in international price although 8.1 percent rise in volume. Hence, their share in total merchandise export slightly decreased to 0.2 percent from 0.7 percent a year ago (Tables 5.3, 5.4 and 5.5). Table 5.3: Values of Major Export Items (In Millions of USD) Particulars 2023/24 2024/25 Percentage Change QII QI QII A %share B %share C %share C/A C/B Coffee 218.4 28.3 524.9 34.6 392.6 22.3 79.8 (25.2) Oilseeds 78.4 10.2 39.8 2.6 115.1 6.5 46.8 188.9 Leather and Leather Products 5.2 0.7 4.3 0.3 3.7 0.2 (28.5) (14.2) Pulses 88.4 11.5 69.1 4.6 70.7 4.0 (20.0) 2.2 Meat & Meat Products 15.3 2.0 20.7 1.4 27.4 1.6 79.2 32.7 Fruits & Vegetables 18.7 2.4 16.5 1.1 19.9 1.1 6.4 20.8 Textile & Textile Products 28.6 3.7 27.0 1.8 31.3 1.8 9.5 16.0 Live Animals 10.5 1.4 17.2 1.1 28.3 1.6 169.4 64.8 Chat 46.3 6.0 28.3 1.9 31.5 1.8 (32.0) 11.2 Gold 85.3 11.1 561.6 37.0 800.1 45.4 837.9 42.5 Flower 113.5 14.7 103.0 6.8 124.4 7.1 9.6 20.8 Electricity 25.1 3.3 60.1 4.0 73.6 4.2 193.9 22.5 Others 37.0 4.8 43.4 2.9 42.6 2.4 15.0 (1.8) Total Export 770.7 100.0 1,515.9 100.0 1,761.1 100.0 128.5 16.2 Total Export Excluding Electricity 745.6 1,455.8 1,687.5 126.3 15.9 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power 49 | Second Quarter 2024/25 Similarly, export earnings from chat declined (32.0 percent) owing to 38.1 percent drop in volume despite 9.9 percent increase in price. Hence, the share of chat in total export revenue shrank to 1.8 percent from 6.0 percent last year same quarter. Finally, revenues from leather & leather products experienced a 28.5 percent decline due to 33.9 percent decrease in international price although 8.1 percent rise in volume. Hence, their share in total merchandise export slightly decreased to 0.2 percent from 0.7 percent a year ago (Tables 5.3, 5.4 and 5.5). Table 5.3: Values of Major Export Items (In Millions of USD) Particulars 2023/24 2024/25 Percentage Change QII QI QII A %share B %share C %share C/A C/B Coffee 218.4 28.3 524.9 34.6 392.6 22.3 79.8 (25.2) Oilseeds 78.4 10.2 39.8 2.6 115.1 6.5 46.8 188.9 Leather and Leather Products 5.2 0.7 4.3 0.3 3.7 0.2 (28.5) (14.2) Pulses 88.4 11.5 69.1 4.6 70.7 4.0 (20.0) 2.2 Meat & Meat Products 15.3 2.0 20.7 1.4 27.4 1.6 79.2 32.7 Fruits & Vegetables 18.7 2.4 16.5 1.1 19.9 1.1 6.4 20.8 Textile & Textile Products 28.6 3.7 27.0 1.8 31.3 1.8 9.5 16.0 Live Animals 10.5 1.4 17.2 1.1 28.3 1.6 169.4 64.8 Chat 46.3 6.0 28.3 1.9 31.5 1.8 (32.0) 11.2 Gold 85.3 11.1 561.6 37.0 800.1 45.4 837.9 42.5 Flower 113.5 14.7 103.0 6.8 124.4 7.1 9.6 20.8 Electricity 25.1 3.3 60.1 4.0 73.6 4.2 193.9 22.5 Others 37.0 4.8 43.4 2.9 42.6 2.4 15.0 (1.8) Total Export 770.7 100.0 1,515.9 100.0 1,761.1 100.0 128.5 16.2 Total Export Excluding Electricity 745.6 1,455.8 1,687.5 126.3 15.9 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 49 50 | Second Quarter 2024/25 Source: NBE Staff Compilation Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2023/24 2024/25 Percentage Change QII QI QII A B C C/A C/B Coffee 50.4 116.2 89.5 77.4 (23.0) Oilseeds 44.0 26.9 70.3 59.9 161.2 Leather and Leather Products 0.3 0.4 0.4 8.1 4.5 Pulses 109.4 84.0 80.3 (26.6) (4.4) Meat & Meat Products 2.4 3.7 4.6 89.8 25.1 Fruits & Vegetables 53.1 38.1 48.8 (8.0) 28.1 Textile & Textile Products 7.3 6.6 8.5 16.5 28.5 Live Animals 9.2 18.5 31.2 240.3 68.6 Chat 4.6 2.6 2.9 (38.1) 11.0 Gold (In mn. of grams) 1.0 6.9 9.9 942.0 43.8 Flower 23.3 22.5 24.9 6.7 10.7 Electricity (In mn of kwh) 403.8 1,217.6 1,880.0 365.6 54.4 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power -80 20 120 220 320 420 520 620 720 820 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/242024/25 (Millions USD) Fig.V.4: Export Value of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Chat

National Bank of Ethiopia Quarterly Bulletin 50 Second Quarter 2024/25 Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2023/24 2024/25 Percentage Change QII QI QII A B C C/A C/B Coffee 4.3 4.5 4.4 1.3 (2.9) Oilseeds 1.8 1.5 1.6 (8.2) 10.6 Leather and Leather Products 15.3 12.3 10.1 (33.9) (17.9) Pulses 0.8 0.8 0.9 9.0 6.9 Meat & Meat Products 6.3 5.6 5.9 (5.6) 6.1 Fruits & Vegetables 0.4 15.8 (5.7) Textile & Textile Products 3.9 4.1 3.7 (6.0) (9.7) Live Animals 1.1 0.9 0.9 (20.9) (2.3) Chat 10.0 11.0 11.0 9.9 0.2 Gold (USD/grams) 89.5 81.3 80.5 (10.0) (0.9) Flower 4.9 4.6 5.0 2.7 9.1 Electricity (USD/kwh) 0.1 0.0 0.0 (36.9) (20.7) Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power 0.000 0.002 0.004 0.006 0.008 0.010 0.012 0 20 40 60 80 100 120 140 160 180 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (Gold, Million Kg.) (Millions Kg.) Fig.V.5: Export Volume of Selected Commodities Coffee Oil Seeds Leather & Leather Products Pulses Flower Chat Gold (SA) 51 | Second Quarter 2024/25 Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2023/24 2024/25 Percentage Change QII QI QII A B C C/A C/B Coffee 4.3 4.5 4.4 1.3 (2.9) Oilseeds 1.8 1.5 1.6 (8.2) 10.6 Leather and Leather Products 15.3 12.3 10.1 (33.9) (17.9) Pulses 0.8 0.8 0.9 9.0 6.9 Meat & Meat Products 6.3 5.6 5.9 (5.6) 6.1 Fruits & Vegetables 0.4 15.8 (5.7) Textile & Textile Products 3.9 4.1 3.7 (6.0) (9.7) Live Animals 1.1 0.9 0.9 (20.9) (2.3) Chat 10.0 11.0 11.0 9.9 0.2 Gold (USD/grams) 89.5 81.3 80.5 (10.0) (0.9) Flower 4.9 4.6 5.0 2.7 9.1 Electricity (USD/kwh) 0.1 0.0 0.0 (36.9) (20.7) Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power 0.000 0.002 0.004 0.006 0.008 0.010 0.012 0 20 40 60 80 100 120 140 160 180 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (Gold, Million Kg.) (Millions Kg.) Fig.V.5: Export Volume of Selected Commodities Coffee Oil Seeds Leather & Leather Products Pulses Flower Chat

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 51 52 | Second Quarter 2024/25 Source: NBE Staff Computation 5.2.2. Import of Goods Ethiopia imported goods worth USD 5.1 billion during the second quarter of FY2024/25, showing a marginal annual growth of 0.4 percent. This growth was attaributed to higher import bills for capital goods (25.4 percent) and raw materials (3.3 percent). Import bills for capital goods grew 25.4 percent year-on-year due to higher import payments for transport capital goods (46.1 percent), industrial capital goods (14.4 percent) and agricultural capital goods (63.3 percent). Consequently, the share of capital goods in total imports rose to 42.1 percent from 33.7 percent a year ago. Payments for raw material imports grew (3.3 percent) relative to last year same quarter. Yet, their share in total merchandise import bills remained minimal at 0.7 percent. In contrast, consumer goods import, declined (9.3 percent), primarily due to 13.6 percent drop in non-durable goods imports while imports of durable goods increased (3.4 percent). As a result, the share of consumer goods in total imports stood at 25.0 percent compared to 27.7 percent. 0.0 2.0 4.0 6.0 8.0 10.0 12.0 0 20 40 60 80 100 120 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (USD/Kg) (USD/kg,, USD/gm(Gold)) Fig.V.6: Unit Value of Selected Export Commodities Leather & Leather Products Gold Coffee (SA) Oil Seeds (SA) Pulses (SA) Flower (SA) Chat (SA) 52 | Second Quarter 2024/25 Source: NBE Staff Computation 5.2.2. Import of Goods Ethiopia imported goods worth USD 5.1 billion during the second quarter of FY2024/25, showing a marginal annual growth of 0.4 percent. This growth was attaributed to higher import bills for capital goods (25.4 percent) and raw materials (3.3 percent). Import bills for capital goods grew 25.4 percent year-on-year due to higher import payments for transport capital goods (46.1 percent), industrial capital goods (14.4 percent) and agricultural capital goods (63.3 percent). Consequently, the share of capital goods in total imports rose to 42.1 percent from 33.7 percent a year ago. Payments for raw material imports grew (3.3 percent) relative to last year same quarter. Yet, their share in total merchandise import bills remained minimal at 0.7 percent. In contrast, consumer goods import, declined (9.3 percent), primarily due to 13.6 percent drop in non-durable goods imports while imports of durable goods increased (3.4 percent). As a result, the share of consumer goods in total imports stood at 25.0 percent compared to 27.7 percent. 0.0 2.0 4.0 6.0 8.0 10.0 12.0 0 20 40 60 80 100 120 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (USD/Kg) (USD/kg,, USD/gm(Gold)) Fig.V.6: Unit Value of Selected Export Commodities Leather & Leather Products Gold Coffee (SA) Oil Seeds (SA) Pulses (SA) Flower (SA) Chat (SA)

National Bank of Ethiopia Quarterly Bulletin 52 Second Quarter 2024/25 53 | Second Quarter 2024/25 Similarly, payments for semi-finished goods declined (7.8 percent) due to a 47.4 percent drop in fertilizer import bill. Hence, its share in total import fell to 15.3 percent from 16.6 percent a year ago. Fuel imports exhibited a 21.0 percent slowdown. As a result, the share of fuel in total merchandise imports stood at 16.2 percent from 20.6 percent a year earlier. Meanwhile, Franco Valuta import rose (13.3 percent), to USD 2.4 billion, accounting for 47.8 percent of total import value (Tables 5.6 and 5.7). Table 5.6: Values of Major Import Items (In Millions of USD) Particular 2023/24 2024/25 Percentage QII Share Changes (percent) QI Share (percent) QII Share (percent) A B C C/A C/B Raw Materials 35.66 0.71 32.25 0.79 36.84 0.73 3.31 14.24 Semi-finished Goods 838.60 16.60 653.11 15.99 773.30 15.25 (7.79) 18.40 Fertilizers 248.07 4.91 86.86 2.13 130.50 2.57 (47.39) 50.24 Fuel 1,039.62 20.58 878.50 21.51 820.92 16.19 (21.04) (6.55) Petroleum Products 1,007.21 19.94 846.36 20.72 806.87 15.91 (19.89) (4.67) Others 32.41 0.64 32.14 0.79 14.05 0.28 (56.66) (56.30) Capital Goods 1,701.12 33.68 1,178.98 28.87 2,133.08 42.07 25.39 80.93 Transport 565.47 11.20 197.14 4.83 825.99 16.29 46.07 319.00 Agricultural 16.69 0.33 18.85 0.46 27.26 0.54 63.31 44.61 Industrial 1,118.95 22.15 962.99 23.58 1,279.83 25.24 14.38 32.90 Consumer Goods 1,399.46 27.71 1,316.10 32.23 1,268.92 25.02 (9.33) (3.59) Durables 350.87 6.95 380.93 9.33 362.83 7.16 3.41 (4.75) Non-durables 1,048.59 20.76 935.17 22.90 906.09 17.87 (13.59) (3.11) Miscellaneous 36.33 0.72 24.97 0.61 37.70 0.74 3.78 50.98 Total Imports 5,050.79 100.00 4,083.91 100.00 5,070.76 100.00 0.40 24.16 Source: Ethiopian Customs Commission 53 | Second Quarter 2024/25 Similarly, payments for semi-finished goods declined (7.8 percent) due to a 47.4 percent drop in fertilizer import bill. Hence, its share in total import fell to 15.3 percent from 16.6 percent a year ago. Fuel imports exhibited a 21.0 percent slowdown. As a result, the share of fuel in total merchandise imports stood at 16.2 percent from 20.6 percent a year earlier. Meanwhile, Franco Valuta import rose (13.3 percent), to USD 2.4 billion, accounting for 47.8 percent of total import value (Tables 5.6 and 5.7). Table 5.6: Values of Major Import Items (In Millions of USD) Particular 2023/24 2024/25 Percentage QII Share Changes (percent) QI Share (percent) QII Share (percent) A B C C/A C/B Raw Materials 35.66 0.71 32.25 0.79 36.84 0.73 3.31 14.24 Semi-finished Goods 838.60 16.60 653.11 15.99 773.30 15.25 (7.79) 18.40 Fertilizers 248.07 4.91 86.86 2.13 130.50 2.57 (47.39) 50.24 Fuel 1,039.62 20.58 878.50 21.51 820.92 16.19 (21.04) (6.55) Petroleum Products 1,007.21 19.94 846.36 20.72 806.87 15.91 (19.89) (4.67) Others 32.41 0.64 32.14 0.79 14.05 0.28 (56.66) (56.30) Capital Goods 1,701.12 33.68 1,178.98 28.87 2,133.08 42.07 25.39 80.93 Transport 565.47 11.20 197.14 4.83 825.99 16.29 46.07 319.00 Agricultural 16.69 0.33 18.85 0.46 27.26 0.54 63.31 44.61 Industrial 1,118.95 22.15 962.99 23.58 1,279.83 25.24 14.38 32.90 Consumer Goods 1,399.46 27.71 1,316.10 32.23 1,268.92 25.02 (9.33) (3.59) Durables 350.87 6.95 380.93 9.33 362.83 7.16 3.41 (4.75) Non-durables 1,048.59 20.76 935.17 22.90 906.09 17.87 (13.59) (3.11) Miscellaneous 36.33 0.72 24.97 0.61 37.70 0.74 3.78 50.98 Total Imports 5,050.79 100.00 4,083.91 100.00 5,070.76 100.00 0.40 24.16 Source: Ethiopian Customs Commission

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 53 54 | Second Quarter 2024/25 Table 5.7: Value of Franco Valuta Import (In Millions of USD) Commodity Group 2023/24 2024/25 Percentage Change QII QI QII A B C C/A C/B Beverages 1.7 0.9 1.2 (31.2) 27.4 Chemicals 11.0 38.3 44.2 302.6 15.5 Clothing 6.3 9.5 11.0 74.2 15.3 Food and live animals 135.9 454.2 415.2 205.7 (8.6) Textiles 63.6 48.9 53.1 (16.5) 8.5 Tobacco 0.2 0.0 0.0 (99.7) (43.7) Soap & polish 6.9 6.7 9.5 37.9 40.7 Fertilizer 88.7 6.0 1.1 (98.8) (82.2) Paper & paper manufacturing 7.3 16.1 9.7 33.4 (39.7) Metal & metal manufacturing 130.7 99.3 121.3 (7.2) 22.2 Medical and pharmaceuticals products 4.6 135.3 169.1 3,585.2 25.0 Rubber products 18.0 5.2 9.7 (46.3) 85.3 Petroleum Crude - - - - - Petroleum product 10.7 20.7 22.1 106.2 7.2 Glass & glass ware 4.0 2.6 5.8 45.0 123.8 Electrical material 80.6 103.0 85.8 6.5 (16.6) Machine & Aircraft 861.3 451.4 1,131.8 31.4 150.7 Road & motor vehicles 17.9 40.8 52.5 193.3 28.7 Tele apparatus 5.3 26.9 66.0 1,133.7 145.4 Cement 0.00 0.02 0.06 8,656.76 217.65 Others 683.5 211.6 213.8 (68.7) 1.0 Total 2,138.2 1,677.4 2,423.0 13.3 44.4 Source: Ethiopian Customs Commission

National Bank of Ethiopia Quarterly Bulletin 54 Second Quarter 2024/25 55 | Second Quarter 2024/25 5.2.3. Direction of Trade 5.2.3.1. Export of Goods The major destinations5 for Ethiopian exports were Europe, Asia, Africa and America. Europe accounted for 61.1 percent of Ethiopia's total export revenue, with Switzerland taking 74.4 percent share followed by Netherlands (8.3 percent), Germany (5.0 percent), Belgium (3.0 percent), Turkey (2.4 percent), Italy (1.8 percent), Russia (1.3 percent) and United Kingdom (1.0 percent) These countries in total had a 97.1 percent share in Ethiopia's total export to Europe. Asia constituted 24.3 percent of Ethiopia's total export, with Saudi Arabia being the main destination accounting for 28.6 percent followed by United Arab Emirates (19.2 percent), China (7.3 percent), Israel (6.9 percent), India (5.2 percent), South Korea (4.4 percent), Japan (3.8 percent), Yemen (3.3 percent), Singapore (2.4 percent), Hong Kong (1.9 percent), Taiwan (1.6 percent), Pakistan (1.4 percent) and Indonesia (1.3 percent). These Asian countries together had 88.7 percent share in Ethiopia's total export to Asia. About 7.3 percent of Ethiopia's exports were destined to Africa, mainly Kenya (34.7 percent), Djibouti (30.9 percent), Somalia (10.8 percent), Sudan (7.6 percent), Egypt (7.6 percent), Morocco (2.9 percent) and South Africa (2.7 percent), which altogether accounted for 97.0 percent of the total exports to Africa. America had 4.4 percent share in Ethiopia's total exports, of which 87.4 percent was to the United States followed by Canada (10.8 percent). These two countries constituted 98.2 percent of Ethiopia's total exports to America. 5 The 2.6% unspecified amount refers to electricity receipts, specifically foreign currency earnings from electricity used by data mining firms operating in Ethiopia

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 55 56 | Second Quarter 2024/25 7.3% 61.1% 4.4% 24.3% 0.5% 2.6% Fig.V.7: Export by Destinaton Africa Europe America Asia Oceania Unspecified Source: NBE Staff Compilation 5.2.3.2. Import of Goods Asia accounted for 65.8 percent of Ethiopia's total imports with the major imports originating from China (50.6 percent), Saudi Arabia (15.4 percent), India (10.7 percent), United Arab Emirates (6.2 percent), Kuwait (3.1 percent), Indonesia (2.2 percent), Malaysia (2.0 percent), Japan (1.9 percent) and South Korea (1.8 percent). The combined share these countries was 93.8 percent. Imports from Europe constituted 13.6 percent of Ethiopia's total imports. Major countries exporting to Ethiopia were United Kingdom (21.3 percent), Turkey (18.0 percent), Russia (14.2 percent), Italy (10.4 percent), Germany (9.6 percent), Netherlands (5.2 percent), France (4.0 percent), Belgium (3.3 percent), Spain (3.1 percent), Austria (1.6 percent), Sweden (1.3 percent), Czech Republic (1.1 percent) and Ukraine (1.0 percent). These countries jointly accounted for 94.1 percent of Ethiopia's total import from Europe. Africa's share in total merchandise imports was 3.3 percent. The major countries of origin were Djibouti (34.9 percent), Egypt (27.6 percent), South Africa (17.0 percent), Kenya 56 | Second Quarter 2024/25 7.3% 61.1% 4.4% 24.3% 0.5% 2.6% Fig.V.7: Export by Destinaton Africa Europe America Asia Oceania Unspecified Source: NBE Staff Compilation 5.2.3.2. Import of Goods Asia accounted for 65.8 percent of Ethiopia's total imports with the major imports originating from China (50.6 percent), Saudi Arabia (15.4 percent), India (10.7 percent), United Arab Emirates (6.2 percent), Kuwait (3.1 percent), Indonesia (2.2 percent), Malaysia (2.0 percent), Japan (1.9 percent) and South Korea (1.8 percent). The combined share these countries was 93.8 percent. Imports from Europe constituted 13.6 percent of Ethiopia's total imports. Major countries exporting to Ethiopia were United Kingdom (21.3 percent), Turkey (18.0 percent), Russia (14.2 percent), Italy (10.4 percent), Germany (9.6 percent), Netherlands (5.2 percent), France (4.0 percent), Belgium (3.3 percent), Spain (3.1 percent), Austria (1.6 percent), Sweden (1.3 percent), Czech Republic (1.1 percent) and Ukraine (1.0 percent). These countries jointly accounted for 94.1 percent of Ethiopia's total import from Europe. Africa's share in total merchandise imports was 3.3 percent. The major countries of origin were Djibouti (34.9 percent), Egypt (27.6 percent), South Africa (17.0 percent), Kenya

National Bank of Ethiopia Quarterly Bulletin 56 Second Quarter 2024/25 57 | Second Quarter 2024/25 (9.1 percent) and Rwanda (6.0 percent), which altogether represented 94.5 percent of the total imports from the African continent. Imports from America had 7.0 percent share in total imports, of which the share of United States was 85.8 percent followed by Brazil (4.3 percent) and Canada (3.2 percent). These countries jointly accounted for 93.2 percent of total imports from America. Source: NBE Staff Compilation 5.3. Services and Transfers 5.3.1. Net Services Net service registered USD 394.5 million in surplus which was 63.9 percent higher than a year earlier. This positive performance of the service sectors was attributed to a rise in transport services (44.7 percent) and government service (34.4 percent) in contrast with a decline in investment income deficit (30.2 percent) and net other services deficit (6.2 percent) (Table 5.8). 3.3% 13.6% 7.0% 65.8% 0.1% 10.3% Fig.V.8: Import by Origin Africa Europe America Asia Oceania Unspecified 57 | Second Quarter 2024/25 (9.1 percent) and Rwanda (6.0 percent), which altogether represented 94.5 percent of the total imports from the African continent. Imports from America had 7.0 percent share in total imports, of which the share of United States was 85.8 percent followed by Brazil (4.3 percent) and Canada (3.2 percent). These countries jointly accounted for 93.2 percent of total imports from America. Source: NBE Staff Compilation 5.3. Services and Transfers 5.3.1. Net Services Net service registered USD 394.5 million in surplus which was 63.9 percent higher than a year earlier. This positive performance of the service sectors was attributed to a rise in transport services (44.7 percent) and government service (34.4 percent) in contrast with a decline in investment income deficit (30.2 percent) and net other services deficit (6.2 percent) (Table 5.8). 3.3% 13.6% 7.0% 65.8% 0.1% 10.3% Fig.V.8: Import by Origin Africa Europe America Asia Oceania Unspecified 57 | Second Quarter 2024/25 (9.1 percent) and Rwanda (6.0 percent), which altogether represented 94.5 percent of the total imports from the African continent. Imports from America had 7.0 percent share in total imports, of which the share of United States was 85.8 percent followed by Brazil (4.3 percent) and Canada (3.2 percent). These countries jointly accounted for 93.2 percent of total imports from America. Source: NBE Staff Compilation 5.3. Services and Transfers 5.3.1. Net Services Net service registered USD 394.5 million in surplus which was 63.9 percent higher than a year earlier. This positive performance of the service sectors was attributed to a rise in transport services (44.7 percent) and government service (34.4 percent) in contrast with a decline in investment income deficit (30.2 percent) and net other services deficit (6.2 percent) (Table 5.8). 3.3% 13.6% 7.0% 65.8% 0.1% 10.3% Fig.V.8: Import by Origin Africa Europe America Asia Oceania Unspecified

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 57 58 | Second Quarter 2024/25 Source: NBE Staff Compilation -400 -300 -200 -100 0 100 200 300 400 500 600 700 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (In Million USD) Fig.V.9: Trends in Net Service Net Service Net Travel Net Transportation Net Government (n.i.e) Net Investment Income 59 | Second Quarter 2024/25 Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2023/24 2024/25 Percentage QII QI QII Change A B C D=C/A E=C/B 1 Investment Income (2+5) -90.0 -48.1 -62.8 -30.2 30.6 2 Interest, net (3-4) -89.8 -48.0 -62.8 -30.1 30.9 3 Credit 20.1 45.8 61.9 207.5 35.1 4 Debit 109.9 93.8 124.7 13.4 32.9 5 Dividend, net -0.2 -0.1 -100.0 6 NON-FACTOR SERVICES, net (7-8) 330.7 561.0 457.3 38.3 -18.5 7 Exports of non-factor services 1,914.1 2,092.5 1,982.7 3.6 -5.2 8 Travel 294.2 305.5 183.3 -37.7 -40.0 9 Transport 1 1444.1 1665.8 1,623.8 12.4 -2.5 10 Gov't 2 33.9 12.8 45.8 35.2 258.2 11 Other 3 141.9 108.4 129.8 -8.6 19.7 12 Imports of non-factor services 1,583.4 1,531.5 1,525.4 -3.7 -0.4 13 Travel 200.4 161.2 146.7 -26.8 -8.9 14 Transport 1 1,081.3 1,083.3 1,098.7 1.6 1.4 15 Gov't 2 0.2 0.0 0.5 16 Other 3 301.5 287.0 279.5 -7.3 -2.6 17 Net Services (18+19+20+21+22) 240.7 512.9 394.5 63.9 -23.1 18 Travel (8-13) 93.7 144.4 36.5 -61.0 -74.7 19 Transport (9-14) 362.8 582.5 525.1 44.7 -9.8 20 Gov't (10-15) 33.7 12.8 45.3 34.4 254.4 21 Other (11-16) -159.6 -178.6 -149.7 -6.2 -16.2 22 Investment Income (2+5) -90.0 -48.1 -62.8 -30.2 30.6 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business 5.3.2. Transfers Total transfer receipts increased by 10.7 percent to USD 2.1 billion due to the increase in both private (12.3 percent) and official transfers (2.9 percent). Likewise, total transfer payment increased to USD 60.7 million from USD 31.8 million last year as both private and official transfer payments went up 4 percent and 403.2 percent, respectively. Consequently, net transfers increased by 9.3 percent and reached USD 2.1 billion a year earlier (Table 5.9).

National Bank of Ethiopia Quarterly Bulletin 58 Second Quarter 2024/25 59 | Second Quarter 2024/25 Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2023/24 2024/25 Percentage QII QI QII Change A B C D=C/A E=C/B 1 Investment Income (2+5) -90.0 -48.1 -62.8 -30.2 30.6 2 Interest, net (3-4) -89.8 -48.0 -62.8 -30.1 30.9 3 Credit 20.1 45.8 61.9 207.5 35.1 4 Debit 109.9 93.8 124.7 13.4 32.9 5 Dividend, net -0.2 -0.1 -100.0 6 NON-FACTOR SERVICES, net (7-8) 330.7 561.0 457.3 38.3 -18.5 7 Exports of non-factor services 1,914.1 2,092.5 1,982.7 3.6 -5.2 8 Travel 294.2 305.5 183.3 -37.7 -40.0 9 Transport 1 1444.1 1665.8 1,623.8 12.4 -2.5 10 Gov't 2 33.9 12.8 45.8 35.2 258.2 11 Other 3 141.9 108.4 129.8 -8.6 19.7 12 Imports of non-factor services 1,583.4 1,531.5 1,525.4 -3.7 -0.4 13 Travel 200.4 161.2 146.7 -26.8 -8.9 14 Transport 1 1,081.3 1,083.3 1,098.7 1.6 1.4 15 Gov't 2 0.2 0.0 0.5 16 Other 3 301.5 287.0 279.5 -7.3 -2.6 17 Net Services (18+19+20+21+22) 240.7 512.9 394.5 63.9 -23.1 18 Travel (8-13) 93.7 144.4 36.5 -61.0 -74.7 19 Transport (9-14) 362.8 582.5 525.1 44.7 -9.8 20 Gov't (10-15) 33.7 12.8 45.3 34.4 254.4 21 Other (11-16) -159.6 -178.6 -149.7 -6.2 -16.2 22 Investment Income (2+5) -90.0 -48.1 -62.8 -30.2 30.6 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business 5.3.2. Transfers Total transfer receipts increased by 10.7 percent to USD 2.1 billion due to the increase in both private (12.3 percent) and official transfers (2.9 percent). Likewise, total transfer payment increased to USD 60.7 million from USD 31.8 million last year as both private and official transfer payments went up 4 percent and 403.2 percent, respectively. Consequently, net transfers increased by 9.3 percent and reached USD 2.1 billion a year earlier (Table 5.9). 60 | Second Quarter 2024/25 Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2023/24 2024/25 Percentage QII Share Change (In %) QI Share (In %) QII Share A B C (In %) D=C/A E=C/B 1 Private transfers, net (2-5) 1,542.9 82.2 1,575.6 -27.6 1,735.4 84.6 12.5 10.1 2 Credit (3+4) 1,567.8 82.2 1,578.4 54.5 1,761.3 83.4 12.3 11.6 3 NGO's 188.3 9.9 209.7 7.2 287.2 13.6 52.6 37.0 4 Private individuals 1,379.5 72.3 1,368.7 47.3 1,474.1 69.8 6.9 7.7 5 Debit 24.9 78.2 2.8 82.1 25.9 42.6 4.0 809.9 6 Official transfers, net (7-8) 333.4 17.8 1,316.4 45.5 315.3 15.4 -5.4 -76.0 7 Credit 340.3 17.8 1,317.0 45.5 350.2 16.6 2.9 -73.4 8 Debit 6.9 21.8 0.6 17.9 34.8 57.4 403.2 5526.1 9 Total Receipts 1,908.1 100.0 2,895.5 100.0 2,111.5 100.0 10.7 -27.1 10 Total Payments 31.8 100.0 3.5 100.0 60.7 100.0 90.9 1,652.9 11 Net Transfers 1,876.3 100.0 2,892.0 17.9 2,050.8 100.0 9.3 -29.1 Source: NBE Staff Computation Source: NBE Staff Compilation 5.4. Current Account Balance Current account balance (including official transfer) registered USD 864.4 million in deficit compared to USD 2.2 billion deficit last year same period mainly driven by the decline in trade deficit (22.7 percent) coupled with the rise in private transfers (12.5 percent) and net service (63.9 percent), net official transfers, however showed a 5.4 percent drop (Table 5.1). 0 500 1000 1500 2000 2500 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II QIII Qtr IV QI QII QIII Qtr IV Qtr I QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (In Millions of USD) Fig.V.10: Trends in Private and Official Transfers, (Receipts) Private Transfers Official Transfers 60 | Second Quarter 2024/25 Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2023/24 2024/25 Percentage QII Share Change (In %) QI Share (In %) QII Share A B C (In %) D=C/A E=C/B 1 Private transfers, net (2-5) 1,542.9 82.2 1,575.6 -27.6 1,735.4 84.6 12.5 10.1 2 Credit (3+4) 1,567.8 82.2 1,578.4 54.5 1,761.3 83.4 12.3 11.6 3 NGO's 188.3 9.9 209.7 7.2 287.2 13.6 52.6 37.0 4 Private individuals 1,379.5 72.3 1,368.7 47.3 1,474.1 69.8 6.9 7.7 5 Debit 24.9 78.2 2.8 82.1 25.9 42.6 4.0 809.9 6 Official transfers, net (7-8) 333.4 17.8 1,316.4 45.5 315.3 15.4 -5.4 -76.0 7 Credit 340.3 17.8 1,317.0 45.5 350.2 16.6 2.9 -73.4 8 Debit 6.9 21.8 0.6 17.9 34.8 57.4 403.2 5526.1 9 Total Receipts 1,908.1 100.0 2,895.5 100.0 2,111.5 100.0 10.7 -27.1 10 Total Payments 31.8 100.0 3.5 100.0 60.7 100.0 90.9 1,652.9 11 Net Transfers 1,876.3 100.0 2,892.0 17.9 2,050.8 100.0 9.3 -29.1 Source: NBE Staff Computation Source: NBE Staff Compilation 5.4. Current Account Balance Current account balance (including official transfer) registered USD 864.4 million in deficit compared to USD 2.2 billion deficit last year same period mainly driven by the decline in trade deficit (22.7 percent) coupled with the rise in private transfers (12.5 percent) and net service (63.9 percent), net official transfers, however showed a 5.4 percent drop (Table 5.1). 0 500 1000 1500 2000 2500 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II QIII Qtr IV QI QII QIII Qtr IV Qtr I QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (In Millions of USD) Fig.V.10: Trends in Private and Official Transfers, (Receipts) Private Transfers Official Transfers 60 | Second Quarter 2024/25 Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2023/24 2024/25 Percentage QII Share Change (In %) QI Share (In %) QII Share A B C (In %) D=C/A E=C/B 1 Private transfers, net (2-5) 1,542.9 82.2 1,575.6 -27.6 1,735.4 84.6 12.5 10.1 2 Credit (3+4) 1,567.8 82.2 1,578.4 54.5 1,761.3 83.4 12.3 11.6 3 NGO's 188.3 9.9 209.7 7.2 287.2 13.6 52.6 37.0 4 Private individuals 1,379.5 72.3 1,368.7 47.3 1,474.1 69.8 6.9 7.7 5 Debit 24.9 78.2 2.8 82.1 25.9 42.6 4.0 809.9 6 Official transfers, net (7-8) 333.4 17.8 1,316.4 45.5 315.3 15.4 -5.4 -76.0 7 Credit 340.3 17.8 1,317.0 45.5 350.2 16.6 2.9 -73.4 8 Debit 6.9 21.8 0.6 17.9 34.8 57.4 403.2 5526.1 9 Total Receipts 1,908.1 100.0 2,895.5 100.0 2,111.5 100.0 10.7 -27.1 10 Total Payments 31.8 100.0 3.5 100.0 60.7 100.0 90.9 1,652.9 11 Net Transfers 1,876.3 100.0 2,892.0 17.9 2,050.8 100.0 9.3 -29.1 Source: NBE Staff Computation Source: NBE Staff Compilation 5.4. Current Account Balance Current account balance (including official transfer) registered USD 864.4 million in deficit compared to USD 2.2 billion deficit last year same period mainly driven by the decline in trade deficit (22.7 percent) coupled with the rise in private transfers (12.5 percent) and net service (63.9 percent), net official transfers, however showed a 5.4 percent drop (Table 5.1). 0 500 1000 1500 2000 2500 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II QIII Qtr IV QI QII QIII Qtr IV Qtr I QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (In Millions of USD) Fig.V.10: Trends in Private and Official Transfers, (Receipts) Private Transfers Official Transfers

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 59 61 | Second Quarter 2024/25 5.5. Capital Account Net capital inflows decreased by 9.8 percent to USD 1.4 billion, mainly owing to a 3.8 percent decline in foreign direct investment. Meanwhile, short term capital shifted from USD 155.6 million surplus last year to a deficit USD 340.8 million deficit during the review period. Net official long-term capital, however, rose to USD 241.2 million from USD 220.7 million a year earlier. Other public sector long-term capital and private long term capital also recorded a 531.2 percent and 12.1 percent increase in their respective surpluses. 5.6. Changes in Reserve Position The surplus in the overall balance of payments reached USD 417 million during the second quarter of 2024/25 compared to USD 389.5 million deficit a year ago. Consequently, net foreign assets of the National Bank of Ethiopia and that of commercial banks’ showed a USD 155.6 million and USD 261.3 million build up, respectively (Table 5.1). 5.7. Developments in the Foreign Exchange Market 5.7.1. Exchange Rate Movements In the foreign exchange market, weighted average official exchange rate of Birr reached 122.9650/USD in the second quarter of 2024/25, depicting a 121.1 percent y￾o-y depreciation. Likewise, the end period exchange rate of Birr was 125.9644/USD, indicating a 124.9 percent annual depreciation. 61 | Second Quarter 2024/25 5.5. Capital Account Net capital inflows decreased by 9.8 percent to USD 1.4 billion, mainly owing to a 3.8 percent decline in foreign direct investment. Meanwhile, short term capital shifted from USD 155.6 million surplus last year to a deficit USD 340.8 million deficit during the review period. Net official long-term capital, however, rose to USD 241.2 million from USD 220.7 million a year earlier. Other public sector long-term capital and private long term capital also recorded a 531.2 percent and 12.1 percent increase in their respective surpluses. 5.6. Changes in Reserve Position The surplus in the overall balance of payments reached USD 417 million during the second quarter of 2024/25 compared to USD 389.5 million deficit a year ago. Consequently, net foreign assets of the National Bank of Ethiopia and that of commercial banks’ showed a USD 155.6 million and USD 261.3 million build up, respectively (Table 5.1). 5.7. Developments in the Foreign Exchange Market 5.7.1. Exchange Rate Movements In the foreign exchange market, weighted average official exchange rate of Birr reached 122.9650/USD in the second quarter of 2024/25, depicting a 121.1 percent y￾o-y depreciation. Likewise, the end period exchange rate of Birr was 125.9644/USD, indicating a 124.9 percent annual depreciation.

National Bank of Ethiopia Quarterly Bulletin 60 Second Quarter 2024/25 62 | Second Quarter 2024/25 Table 5.10: Developments of Forex Traded and Exchange Rates (USD/ETB) Period Official Market End Period Weighted Rate Average Weighted Rate Amount Traded in Millions of USD Total Among CBs 2023/24 Qtr. II C 55.9969 55.6146 3.25 0.00 October 55.5230 55.3722 1.10 0.00 November 55.6998 55.6229 1.10 0.00 December 55.9969 55.8488 1.05 0.00 2024/25 Qtr. I B 119.2766 94.1316 31.00 0.00 July 75.3302 59.7632 1.00 0.00 August 111.2108 105.9239 30.00 0.00 September 119.2766 116.7077 0.00 0.00 Qtr. II A 125.9644 122.9650 139.88 0.00 October 120.9588 120.7302 16.50 16.50 November 124.9256 122.6409 107.48 107.48 December 125.9644 125.5238 15.90 15.90 Percentage Changes A/B 5.6 30.6 351.2 A/C 124.9 121.1 4,203.9 Source: National Bank of Ethiopia In the retail foreign exchange market, the average buying rate at forex bureaus depreciated 117.7 percent to Birr 121.2735/USD and the selling rate 117 percent to Birr 123.2804/USD. Consequently, the average spread between the buying and selling rates slightly narrowed to 1.7 percent from 2.0 percent a year ago (Table 5.11). 62 | Second Quarter 2024/25 Table 5.10: Developments of Forex Traded and Exchange Rates (USD/ETB) Period Official Market End Period Weighted Rate Average Weighted Rate Amount Traded in Millions of USD Total Among CBs 2023/24 Qtr. II C 55.9969 55.6146 3.25 0.00 October 55.5230 55.3722 1.10 0.00 November 55.6998 55.6229 1.10 0.00 December 55.9969 55.8488 1.05 0.00 2024/25 Qtr. I B 119.2766 94.1316 31.00 0.00 July 75.3302 59.7632 1.00 0.00 August 111.2108 105.9239 30.00 0.00 September 119.2766 116.7077 0.00 0.00 Qtr. II A 125.9644 122.9650 139.88 0.00 October 120.9588 120.7302 16.50 16.50 November 124.9256 122.6409 107.48 107.48 December 125.9644 125.5238 15.90 15.90 Percentage Changes A/B 5.6 30.6 351.2 A/C 124.9 121.1 4,203.9 Source: National Bank of Ethiopia In the retail foreign exchange market, the average buying rate at forex bureaus depreciated 117.7 percent to Birr 121.2735/USD and the selling rate 117 percent to Birr 123.2804/USD. Consequently, the average spread between the buying and selling rates slightly narrowed to 1.7 percent from 2.0 percent a year ago (Table 5.11).

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 6163 | Second Quarter 2024/25 Table 5.11: Amount of Foreign Exchange Purchased and Sold by Forex Bureau of Commercial Banks (In ‘000 of USD) No. Name of Forex Bureaux 2023/24 2024/25 Percentage change Quarter II A Quarter I B Quarter II C C/B C/A Purchases Sales Purchases Sales Purchases Sales Purchases Sales Purchases Sales 1 Commercial Bank of Ethiopia 39396.8 36714.4 57713.7 46017.0 2727.5 14080.1 (95.3) (69.4) (93.1) (61.6) 2 Bank of Abyssinia 97.1 5244.3 7.6 0.1 10105.9 3644.6 10302.9 (30.5) 3 Dashen Bank 7285.8 5382.1 3225.2 1575.7 5577.6 3720.5 72.9 136.1 (23.4) (30.9) 4 Awash International Bank 312.6 4746.6 1588.6 1467.1 617.7 5289.3 (61.1) 260.5 97.6 11.4 6 Wegagen Bank 34.5 530.3 133.8 136.8 156.2 1305.0 16.8 853.8 353.1 146.1 7 United Bank 228.9 959.3 205.7 146.7 441.7 304.2 114.7 107.4 92.9 (68.3) 8 Development Bank 0.0 8.3 3.4 4.4 140.8 63.7 668.7 9 Nib International Bank 50.6 414.9 167.0 73.9 434.3 719.4 160.1 873.4 758.4 73.4 10 Lion International Bank 243.9 130.5 177.1 29.8 116.3 187.9 (34.3) 529.8 (52.3) 44.1 11 Oromia International Bank 1751.4 1782.4 1183.9 216.2 724.3 1097.2 (38.8) 407.5 (58.6) (38.4) 12 Zemen Bank 26.3 675.2 52.9 134.7 126.5 26999.9 139.1 380.9 3898.5 13 Cooperative Bank of Oromia 61.9 603.8 174.9 - 957.8 1691.4 447.7 1446.8 180.1 14 Buna International Bank 136.8 205.1 59.3 125.8 42.3 808.4 (28.7) 542.8 (69.1) 294.1 15 Birhan International Bank 21.4 778.2 85.0 172.7 300.5 639.5 253.5 270.4 1305.0 (17.8) 16 Abay Bank 20.6 312.8 58.1 51.8 172.6 3292.4 197.2 6255.9 738.2 952.7 17 Addis International Bank 44.6 232.4 77.0 100.2 97.1 339.2 26.1 238.6 117.6 45.9 18 Debube Global Bank 102.5 59.0 149.6 6.9 506.7 130.1 238.6 1798.8 394.1 120.6 19 Enat Bank 168.8 144.3 455.8 30.5 315.8 2963.1 (30.7) 9612.6 87.1 1953.7 20 Zamzam Bank 1.7 183.4 1.7 - 214.2 - 12713.2 21 Goh Betoch Bank 0.0 25.1 0.4 20.0 10.9 106.6 2815.4 432.8 324.6 22 Hijra Bank 83.2 32.9 29.3 0.0 42.3 2.4 44.3 (49.2) (92.7) 23 Amhara Bank 5.0 127.9 21.5 1.2 2.9 0.0 (86.7) (42.4) 24 Tsehay Bank 41.2 23.5 14.0 1.0 24.3 34.5 73.1 (41.1) 46.8 25 Siinqee Bank 30.3 46.9 12.7 9.9 7069.5 41.3 316.3 (11.9) 26 Geda Bank 10.0 27.9 6.4 1.4 65.4 44.8 919.0 3100.0 555.8 60.9 27 Ahadu Bank 1.5 32.3 97.2 26.9 120.6 853.0 24.1 7966.3 2540.7 28 Tseday Bank 4.4 0.0 29.3 0.3 13.4 30.8 (54.2) 208.5 29 Sidama Bank 1.1 28.6 8.3 1.0 28.5 7.9 244.0 687.7 2488.0 (72.5) 30 Rammis Bank 0.3 - 114.1 1.3 Total 50162.9 59452.4 65739.7 50351.9 31267.8 68398.3 (52.4) 35.8 (37.7) 15.0 Average Exchange Rate 55.7014 56.8042 94.3325 97.8370 121.2735 123.2804 28.6 26.0 117.7 117.0 Spread 2.0 3.7 1.7 Source: National Bank of Ethiopia Note: * Refers the percentage spread between forex bureaus average buying and selling exchange rate in each quarter.

National Bank of Ethiopia Quarterly Bulletin 62 Second Quarter 2024/25 64 | Second Quarter 2024/25 Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks Source: NBE Staff Compilation In the official forex market, the US dollar depreciated against Swiss Franc (0.3 percent), Pound Sterling (0.1 percent) and SDR (1.3 percent) while it appreciated against Euro (1.3 percent) and Japanese Yen (0.6 percent) on quarterly terms. Likewise, on annual basis, USD appreciated against Japanese Yen (3.3 percent), SDR (0.6 percent) and Euro (1.2 percent), while it depreciated against Swiss Franc (0.8 percent) and Pound Sterling (2.9 percent). 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 0 20 40 60 80 100 120 140 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (Spread, %) (Birr per USD) Buying Rate Selling Rate Spread

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 63 65 | Second Quarter 2024/25 Table 5.12: Average Official Exchange Rates (USD per Major International Currencies) Period EURO JAPANESE YEN SDR POUNDSTELING SWISS FRANK Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate 2023/24 QII C 1.0751 0.0068 1.3226 1.2405 1.1263 October 1.0557 1.0558 1.0558 0.0067 1.3115 1.2169 1.1055 November 1.0791 0.0067 1.3218 1.2391 1.1197 December 1.0905 0.0069 1.3346 1.2653 1.1536 2024/25 QI B 1.0980 1.0563 1.0771 0.0067 0.0064 0.0066 1.3222 1.2723 1.2972 1.2992 1.2499 1.2746 1.1540 1.1099 1.1320 July 1.0826 1.0819 1.0822 0.0063 1.3196 1.3188 1.3192 1.2837 1.2829 1.2833 1.1185 1.1178 1.1182 August 1.1007 1.0386 1.0697 0.0068 0.0064 0.0066 1.3341 1.2586 1.2964 1.2927 1.2197 1.2562 1.1639 1.0982 1.1310 September 1.1106 1.0483 1.0794 0.0070 0.0066 0.0068 1.3128 1.2394 1.2761 1.3212 1.2472 1.2842 1.1797 1.1136 1.1467 QII A 1.0682 1.0573 1.0627 0.0066 0.0065 0.0065 1.3208 1.3075 1.3142 1.2828 1.2697 1.2762 1.1409 1.1293 1.1351 October 1.0920 1.0643 1.0781 0.0067 0.0065 0.0066 1.3320 1.2983 1.3151 1.3071 1.2740 1.2905 1.1631 1.1336 1.1484 November 1.0645 1.0613 1.0629 0.0065 1.3197 1.3156 1.3177 1.2762 1.2722 1.2742 1.1371 1.1336 1.1354 December 1.0480 1.0463 1.0472 0.0065 1.3108 1.3086 1.3097 1.2650 1.2629 1.2639 1.1225 1.1206 1.1216 Percentage Changes A/B -2.71 0.10 -1.33 -2.01 0.90 -0.58 -0.10 2.77 1.30 -1.27 1.58 0.13 -1.14 1.75 0.28 A/C -0.64 -1.66 -1.15 -2.82 -3.81 -3.31 -0.14 -1.14 -0.64 3.41 2.36 2.88 1.30 0.27 0.79 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 64 Second Quarter 2024/25 66 | Second Quarter 2024/25 On the other hand, the stance of the Birr exchange rate fluctuated against major currencies on quarterly and annual basis. The Birr depreciated against Pound Sterling (126.0 percent), Swiss Franc (121.4 percent), USD (119.7 percent), SDR (118.3 percent), Euro (117.1 percent) and Yen (112.4 percent). Moreover, the Birr depreciated against SDR (32.8 percent), Pound Sterling (30.9 percent), Swiss Franc (30.6 percent), USD (30.5 percent), Euro (28.9 percent) and Japanese Yen (28.5 percent) on quarterly basis (Table 5.13).

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 6567 | Second Quarter 2024/25 Table 5.13: Period Average Exchange Rates (Birr per Major Currencies) Period Currency USD EURO JAPANESE YEN SDR POUNDSTERLING SWISS FRANK Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid-Rate 2023/24 QII C 55.6146 56.1708 55.8927 59.7947 60.3931 60.0939 0.3761 0.3799 0.3780 73.5597 74.2953 73.9275 68.9917 69.6813 69.3365 62.6414 63.2678 62.9546 October 55.3722 55.9259 55.6490 58.4590 59.0450 58.7520 0.3703 0.3740 0.3721 72.6221 73.3484 72.9852 67.3831 68.0559 67.7195 61.2129 61.8250 61.5189 November 55.6229 56.1791 55.9010 60.0210 60.6212 60.3211 0.3710 0.3747 0.3728 73.5215 74.2567 73.8891 68.9251 69.6143 69.2697 62.2805 62.9032 62.5919 December 55.8488 56.4073 56.1281 60.9041 61.5131 61.2086 0.3871 0.3910 0.3890 74.5356 75.2810 74.9083 70.6669 71.3736 71.0202 64.4308 65.0751 64.7529 2024/25 QI B 91.4488 96.7629 94.1059 100.6894 101.6963 101.1929 0.6214 0.6279 0.6247 120.9399 122.1493 121.5446 119.1354 120.3267 119.7310 106.1512 107.2127 106.6819 July 59.7225 60.3676 60.0450 64.6367 65.2830 64.9599 0.3775 0.3813 0.3794 78.8061 79.5941 79.2001 76.6512 77.4177 77.0345 66.8094 67.4775 67.1435 August 101.9612 109.3833 105.6723 112.3023 113.4254 112.8638 0.7007 0.7084 0.7046 136.1067 137.4677 136.7872 131.8802 133.1991 132.5396 118.7278 119.9150 119.3214 September 112.6628 120.5377 116.6002 125.1293 126.3806 125.7549 0.7861 0.7941 0.7901 147.9070 149.3860 148.6465 148.8746 150.3634 149.6190 132.9163 134.2455 133.5809 QII A 121.5814 124.0415 122.8115 129.8167 131.1149 130.4658 0.7988 0.8067 0.8027 160.5580 162.1636 161.3608 155.9042 157.4632 156.6837 138.6638 140.0504 139.3571 October 118.2042 122.5272 120.3657 129.0728 130.3635 129.7181 0.7921 0.8000 0.7961 157.4412 159.0156 158.2284 154.4984 156.0434 155.2709 137.4800 138.8547 138.1673 November 121.8270 123.4279 122.6275 129.6755 130.9723 130.3239 0.7925 0.8004 0.7965 160.7656 162.3733 161.5694 155.4574 157.0120 156.2347 138.5238 139.9091 139.2165 December 124.7129 126.1695 125.4412 130.7020 132.0090 131.3555 0.8116 0.8197 0.8157 163.4672 165.1018 164.2845 157.7567 159.3342 158.5455 139.9875 141.3873 140.6874 Percentage Change A/B 32.95 28.19 30.50 28.93 28.54 28.47 28.50 32.76 30.86 30.63 A/C 118.61 120.83 119.73 117.10 112.37 118.27 125.98 121.36 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 66 Second Quarter 2024/25 68 | Second Quarter 2024/25 Table 5.14: Birr per Unit of Currency End Period Mid-Market Rate Currency December 29, 2023 September 30, 2024 December 31, 2024 Percentage Change A B C C/B C/A USD 56.2769 120.3395 125.8553 4.6 123.6 Pound 71.7755 155.9386 158.3607 1.6 120.6 Swedish Kroner 5.6612 11.5111 11.4289 -0.7 101.9 Djibouti Frank 0.3183 0.6593 0.7111 7.9 123.4 Swiss Frank 67.2364 137.4688 139.3671 1.4 107.3 Saudi Riyal 15.0072 31.0657 33.4726 7.7 123.0 UAE Dirhams 15.3214 31.7288 34.2253 7.9 123.4 Canadian Dollar 42.5599 86.5163 87.4169 1.0 105.4 Japanese Yen 0.3993 0.8081 0.7971 -1.4 99.6 Euro 62.5293 130.0421 131.2800 1.0 109.9 SDR 75.5067 157.8150 163.9553 3.9 117.1 Source: NBE Staff Compilation 5.7.2. Movements in the Real Effective Exchange Rate During the second quarter of 2024/25, real effective exchange rate (REER) of the Birr depreciated (47.8 percent) year-on-year primarily due to the transition to a market-based exchange rate regime standing from July 29, 2024, which led to a weakening of the Birr against the currencies of major trading partners. Furthermore, slowdown in domestic inflation has contributed to the REER depreciation movement. NEERI also depreciated by 48.0 percent on an annual basis due to the weakening of Ethiopia’s trading partners' currencies against the US dollar, particularly the Turkish Lira (21.0 percent), Egyptian Pound (60.3 percent), South Korea Won (5.8 percent) and Japanese Yen (3.1 percent) (Table 5.15).

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 67 69 | Second Quarter 2024/25 Table 5.15: Trends in the Real and Nominal Effective Exchange Rates Item 2023/24 2024/25 Percentage Change QII QI QII A B C C/B C/A REERI 354.7 234.5 185.2 -21.0 -47.8 NEERI 34.5 23.0 18.0 -21.8 -48.0 Source: NBE Staff Compilation NB:

• REERI = Real Effective Exchange Rate Index, NEERI = Nominal Effective Exchange Rate Index
• A decrease in the REERI and NEERI implies depreciation and vice versa. Fig.V.12: Movements in the Real and Nominal Effective Exchange Rate Source: NBE Staff Compilation 0 50 100 150 200 250 300 350 400 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 REERI NEERI 69 | Second Quarter 2024/25 Table 5.15: Trends in the Real and Nominal Effective Exchange Rates Item 2023/24 2024/25 Percentage Change QII QI QII A B C C/B C/A REERI 354.7 234.5 185.2 -21.0 -47.8 NEERI 34.5 23.0 18.0 -21.8 -48.0 Source: NBE Staff Compilation NB:
• REERI = Real Effective Exchange Rate Index, NEERI = Nominal Effective Exchange Rate Index
• A decrease in the REERI and NEERI implies depreciation and vice versa. Fig.V.12: Movements in the Real and Nominal Effective Exchange Rate Source: NBE Staff Compilation 0 50 100 150 200 250 300 350 400 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 REERI NEERI

National Bank of Ethiopia Quarterly Bulletin 68 Second Quarter 2024/25 70 | Second Quarter 2024/25 5.7.3. Volume of Transactions The volume of foreign exchange traded in the interbank market during the second quarter was USD 139.9 million, which was forty-three-fold increase compared to the same quarter of last year (Table 5:10 & Fig.V.13). Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market Source: NBE Staff Compilation Meanwhile, forex bureau of commercial banks purchased USD 31.3 million and sold USD 68.4 million. Hence, the amount of forex purchased declined by 37.7 percent, while the amount of sold increased by 15.0 percent during the review period (Table 5.11). 0 15 30 45 60 75 90 105 120 135 150 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (Mn USD) Total Amount Traded Amount Traded Among CBs 70 | Second Quarter 2024/25 5.7.3. Volume of Transactions The volume of foreign exchange traded in the interbank market during the second quarter was USD 139.9 million, which was forty-three-fold increase compared to the same quarter of last year (Table 5:10 & Fig.V.13). Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market Source: NBE Staff Compilation Meanwhile, forex bureau of commercial banks purchased USD 31.3 million and sold USD 68.4 million. Hence, the amount of forex purchased declined by 37.7 percent, while the amount of sold increased by 15.0 percent during the review period (Table 5.11). 0 15 30 45 60 75 90 105 120 135 150 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (Mn USD) Total Amount Traded Amount Traded Among CBs 70 | Second Quarter 2024/25 5.7.3. Volume of Transactions The volume of foreign exchange traded in the interbank market during the second quarter was USD 139.9 million, which was forty-three-fold increase compared to the same quarter of last year (Table 5:10 & Fig.V.13). Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market Source: NBE Staff Compilation Meanwhile, forex bureau of commercial banks purchased USD 31.3 million and sold USD 68.4 million. Hence, the amount of forex purchased declined by 37.7 percent, while the amount of sold increased by 15.0 percent during the review period (Table 5.11). 0 15 30 45 60 75 90 105 120 135 150 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (Mn USD) Total Amount Traded Amount Traded Among CBs

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 69 NATIONL BANK OF ETHIOPIA 71 | Second Quarter 2024/25 VI. FEDERAL GOVERNMENT FINANCE Total revenue and grants of the Federal government reached Birr 311.4 billion showing a 123.1 percent annual growth. Similarly, Federal government expenditure rose 45.8 percent to Birr 262.5 billion. Thus, the fiscal balance (including grants) recorded Birr 48.8 billion in surplus during the second quarter 2024/25 (Table 6.1). NATIONL BANK OF ETHIOPIA 72 | Second Quarter 2024/25 Table 6.1: Summary of Quarterly Federal Government Finance [In millions of Birr] No Finer points 2023/24 2024/25 Percentage changes performance rate QII QI Revised Budget QII A B C D D/A D/B D/C 1 Revenue and Grants 139,617.0 177,161.1 975,364.4 311,449.8 123.1 75.8 31.9 1.1 Total Revenue 139,617.0 165,389.8 845,104.4 256,983.7 84.1 55.4 30.4 Tax Revenue 132,605.7 153,711.8 783,535.0 237,714.4 79.3 54.6 30.3 Direct tax 61,655.4 35,328.4 241,844.4 75,426.4 22.3 113.5 31.2 Indirect tax 70,950.3 118,383.4 541,690.6 162,288.0 128.7 37.1 30.0 Non-Tax Revenue 7,011.3 11,677.9 61,569.4 19,269.3 174.8 65.0 31.3 1.2 Grant & Relief - 11,771.3 130,260.0 54,466.1 - 362.7 41.8 2 Current Expenditure 69,079.3 99,321.9 675,627.9 98,589.5 42.7 (0.7) 14.6 3 Current Surplus/Deficit - - - - - - - (Including Grants) 70,537.7 77,839.1 299,736.5 212,860.4 201.8 173.5 71.0 (Excluding Grants) 70,537.7 66,067.8 169,476.5 158,394.2 124.6 139.7 93.5 4 Capital Expenditure 55,932.6 44,529.8 340,502.6 94,350.8 68.7 111.9 27.7 5 Regional Transfers 55,053.2 54,278.2 229,293.1 69,658.6 26.5 28.3 30.4 6 Total Expenditure 180,065.1 198,129.9 1,245,423.6 262,598.8 45.8 32.5 21.1 7 Overall Surplus/Deficit - - - - - - - (Including Grants) (40,448.0) (20,968.9) (270,059.2) 48,851.0 (220.8) (333.0) (18.1) (Excluding Grants) (40,448.0) (32,740.2) (400,319.2) (5,615.1) (86.1) (82.8) 1.4 8 Total Financing 40,448.0 20,968.9 270,059.2 (48,851.0) (220.8) (333.0) (18.1) 8.1 Net External Borrowings 16,377.8 30,164.4 142,804.8 10,855.1 (33.7) (64.0) 7.6 External Borrowing 21,284.0 10,128.6 64,022.0 21,194.7 (0.4) 109.3 33.1 CPF Loan - 31,353.7 178,117.9 - - (100.0) - Amortization 4,906.3 11,317.9 99,335.1 10,339.6 110.7 (8.6) 10.4 8.2 Net Domestic Borrowings 28,042.2 (61,609.6) 127,254.4 (5,595.0) (120.0) (90.9) (4.4) Banking System 11,067.4 (69,250.1) - (24,062.9) (317.4) (65.3) - Non-Bank Sources 16,974.8 7,640.5 - 18,467.9 8.8 141.7 - 8.3 Privatization receipts - - - - - - - 8.4 Others and Residuals (3,971.9) 52,414.1 (0.0) (54,111.1) 1,262.3 (203.2) - Source: Ministry of Finance

National Bank of Ethiopia Quarterly Bulletin 70 Second Quarter 2024/25 NATIONL BANK OF ETHIOPIA 73 | Second Quarter 2024/25 6.1. Revenue and Grants Total Federal revenue (including Birr 54.4 billion grants and relief) during the review period reached Birr 311.4 billion of which revenue from domestic sources accounted for 82.5 percent and grant & relief 17.5 percent. About 92.5 percent of the total domestic revenue was collected from taxes and 7.5 percent from non-taxes. Indirect taxes accounted for 68.3 percent of the total tax revenue which showed a significant 128.7 percent growth compared to a year earlier. Similarly, direct tax revenue reached Birr 75.4 billion with a 22.3 percent annual increase. Thus, total revenue and grant accounted 31.9 percent of the annual revenue plan (Table 6.2). Table 6.2: Summary of Federal Government Revenue by Component (In Millions of Birr) No Particulars 2023/24 2024/25 Percentage Change Performance Rate QII QI Revised Budget QII A B C D D/A D/B D/C Total Revenue & Grants 139,617.0 177,161.1 975,364.4 311,449.8 123.1 75.8 31.9 Total Domestic Revenue 139,617.0 165,389.8 845,104.4 256,983.7 84.1 55.4 30.4 1 Tax Revenue 132,605.7 153,711.8 783,535.0 237,714.4 79.3 54.6 30.3 1.1 Direct Tax Revenue 61,655.4 35,328.4 241,844.4 75,426.4 22.3 113.5 31.2 1.1.1 Income Taxes 58,767.0 31,108.2 201,916.5 68,519.4 16.6 120.3 33.9

• Personal 9,635.6 11,829.0 49,607.4 12,820.6 33.1 8.4 25.8
• Business 49,131.4 19,279.2 152,309.0 55,698.8 13.4 188.9 36.6 1.1.2 Others1 2,888.4 4,220.3 39,928.0 6,907.0 139.1 63.7 17.3 1.2 Indirect Taxes 70,950.3 118,383.4 541,690.6 162,288.0 128.7 37.1 30.0 1.2.1 Domestic Taxes 27,452.1 35,395.3 191,031.7 51,536.4 87.7 45.6 27.0 1.2.2 Foreign Trade Taxes 43,498.2 82,988.1 350,658.9 110,751.5 154.6 33.5 31.6
• Import 43,498.2 82,981.6 350,637.7 110,740.0 154.6 33.5 31.6
• Export - 6.5 21.2 11.5 - 75.7 54.3 2 Non-Tax Revenue 7,011.3 11,677.9 61,569.4 19,269.3 174.8 65.0 31.3 3 Privatization - - - - - - - 4 Grants and Relief - 11,771.3 130,260.0 54,466.1 - 362.7 41.8 Source ministry of finance 1/ includes Withholding tax on import, tax on dividend, royalty and interest income NATIONL BANK OF ETHIOPIA 73 | Second Quarter 2024/25 6.1. Revenue and Grants Total Federal revenue (including Birr 54.4 billion grants and relief) during the review period reached Birr 311.4 billion of which revenue from domestic sources accounted for 82.5 percent and grant & relief 17.5 percent. About 92.5 percent of the total domestic revenue was collected from taxes and 7.5 percent from non-taxes. Indirect taxes accounted for 68.3 percent of the total tax revenue which showed a significant 128.7 percent growth compared to a year earlier. Similarly, direct tax revenue reached Birr 75.4 billion with a 22.3 percent annual increase. Thus, total revenue and grant accounted 31.9 percent of the annual revenue plan (Table 6.2). Table 6.2: Summary of Federal Government Revenue by Component (In Millions of Birr) No Particulars 2023/24 2024/25 Percentage Change Performance Rate QII QI Revised Budget QII A B C D D/A D/B D/C Total Revenue & Grants 139,617.0 177,161.1 975,364.4 311,449.8 123.1 75.8 31.9 Total Domestic Revenue 139,617.0 165,389.8 845,104.4 256,983.7 84.1 55.4 30.4 1 Tax Revenue 132,605.7 153,711.8 783,535.0 237,714.4 79.3 54.6 30.3 1.1 Direct Tax Revenue 61,655.4 35,328.4 241,844.4 75,426.4 22.3 113.5 31.2 1.1.1 Income Taxes 58,767.0 31,108.2 201,916.5 68,519.4 16.6 120.3 33.9
• Personal 9,635.6 11,829.0 49,607.4 12,820.6 33.1 8.4 25.8
• Business 49,131.4 19,279.2 152,309.0 55,698.8 13.4 188.9 36.6 1.1.2 Others1 2,888.4 4,220.3 39,928.0 6,907.0 139.1 63.7 17.3 1.2 Indirect Taxes 70,950.3 118,383.4 541,690.6 162,288.0 128.7 37.1 30.0 1.2.1 Domestic Taxes 27,452.1 35,395.3 191,031.7 51,536.4 87.7 45.6 27.0 1.2.2 Foreign Trade Taxes 43,498.2 82,988.1 350,658.9 110,751.5 154.6 33.5 31.6
• Import 43,498.2 82,981.6 350,637.7 110,740.0 154.6 33.5 31.6
• Export - 6.5 21.2 11.5 - 75.7 54.3 2 Non-Tax Revenue 7,011.3 11,677.9 61,569.4 19,269.3 174.8 65.0 31.3 3 Privatization - - - - - - - 4 Grants and Relief - 11,771.3 130,260.0 54,466.1 - 362.7 41.8 Source ministry of finance 1/ includes Withholding tax on import, tax on dividend, royalty and interest income

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 71 NATIONL BANK OF ETHIOPIA 74 | Second Quarter 2024/25 Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government

Fig.VI.2 Domestic Revenue of federal government by Major Components during the Second Quarter of 2024/25

50,000.0 100,000.0 150,000.0 200,000.0 250,000.0 300,000.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020/21 2021/22 2022/23 2023/24 2024/25 (In Millions of Birr) Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue Direct Tax Revenue 29.3 Indirect Taxes 63.2 Non-Tax Revenue 7.5 NATIONL BANK OF ETHIOPIA 74 | Second Quarter 2024/25 Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government

Fig.VI.2 Domestic Revenue of federal government by Major Components during the Second Quarter of 2024/25

50,000.0 100,000.0 150,000.0 200,000.0 250,000.0 300,000.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020/21 2021/22 2022/23 2023/24 2024/25 (In Millions of Birr) Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue Direct Tax Revenue 29.3 Indirect Taxes 63.2 Non-Tax Revenue 7.5

National Bank of Ethiopia Quarterly Bulletin 72 Second Quarter 2024/25 NATIONL BANK OF ETHIOPIA 75 | Second Quarter 2024/25 6.2. Expenditure Total Federal government expenditures (including regional transfers) was Birr 262.5 billion which went up by 45.8 percent annual and 32.5 percent on quarterly terms. Current expenditure at Birr 98.5 billion accounted for 37.5 percent of the total expenditure. Capital expenditure reached Birr 94.3 billion (35.9 percent) and regional transfers Birr 69.6 billion (26.5 percent) (Table 6.3). Tale 6.3: Summary of Federal Government Expenditure by components (In Millions of Birr) No Particulars 2023/24 2024/25 Percentage Change Performance Rate QII QI Revised Budget QII A B C D D/A D/B D/C Total Expenditure 180,065.1 198,129.9 1,245,423.6 262,598.8 45.8 32.5 21.1 1 Current Expenditure 69,079.3 99,321.9 675,627.9 98,589.5 42.7 (0.7) 14.6

• General Services 28,848.8 32,725.8 106,849.1 42,977.1 49.0 31.3 40.2
• Economic Services 2,110.6 15,394.2 8,467.1 2,672.0 26.6 (82.6) 31.6
• Social Services 10,742.9 21,536.3 68,190.7 19,533.9 81.8 (9.3) 28.6
• Others expenditure 10,139.9 4,600.6 316,489.5 10,761.2 6.1 133.9 3.4
• Debt Service 17,237.1 25,065.1 175,631.5 22,645.2 31.4 (9.7) 12.9 2 Capital Expenditure 55,932.6 44,529.8 340,502.6 94,350.8 68.7 111.9 27.7
• Economic Development 36,306.9 27,966.1 243,823.4 72,645.8 100.1 159.8 29.8
• Social Development 12,550.8 12,624.5 50,784.7 13,000.9 3.6 3.0 25.6
• General Development 7,074.8 3,939.1 45,894.5 8,704.1 23.0 121.0 19.0 3 Regional Transfers 55,053.2 54,278.2 229,293.1 69,658.6 26.5 28.3 30.4 Source: Ministry of Finance NATIONL BANK OF ETHIOPIA 75 | Second Quarter 2024/25 6.2. Expenditure Total Federal government expenditures (including regional transfers) was Birr 262.5 billion which went up by 45.8 percent annual and 32.5 percent on quarterly terms. Current expenditure at Birr 98.5 billion accounted for 37.5 percent of the total expenditure. Capital expenditure reached Birr 94.3 billion (35.9 percent) and regional transfers Birr 69.6 billion (26.5 percent) (Table 6.3). Tale 6.3: Summary of Federal Government Expenditure by components (In Millions of Birr) No Particulars 2023/24 2024/25 Percentage Change Performance Rate QII QI Revised Budget QII A B C D D/A D/B D/C Total Expenditure 180,065.1 198,129.9 1,245,423.6 262,598.8 45.8 32.5 21.1 1 Current Expenditure 69,079.3 99,321.9 675,627.9 98,589.5 42.7 (0.7) 14.6
• General Services 28,848.8 32,725.8 106,849.1 42,977.1 49.0 31.3 40.2
• Economic Services 2,110.6 15,394.2 8,467.1 2,672.0 26.6 (82.6) 31.6
• Social Services 10,742.9 21,536.3 68,190.7 19,533.9 81.8 (9.3) 28.6
• Others expenditure 10,139.9 4,600.6 316,489.5 10,761.2 6.1 133.9 3.4
• Debt Service 17,237.1 25,065.1 175,631.5 22,645.2 31.4 (9.7) 12.9 2 Capital Expenditure 55,932.6 44,529.8 340,502.6 94,350.8 68.7 111.9 27.7
• Economic Development 36,306.9 27,966.1 243,823.4 72,645.8 100.1 159.8 29.8
• Social Development 12,550.8 12,624.5 50,784.7 13,000.9 3.6 3.0 25.6
• General Development 7,074.8 3,939.1 45,894.5 8,704.1 23.0 121.0 19.0 3 Regional Transfers 55,053.2 54,278.2 229,293.1 69,658.6 26.5 28.3 30.4 Source: Ministry of Finance

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 73 NATIONL BANK OF ETHIOPIA 76 | Second Quarter 2024/25 Fig.VI.3: Major Components of Federal Governments Expenditure during the Second Quarter of 2024/25 Current Expenditure 37.5% Capital Expenditure 36.0% Regional Transfer 26.5% NATIONL BANK OF ETHIOPIA 77 | Second Quarter 2024/25 Fig.VI.4: Quarterly Development in Federal Government Expenditure by Components Second Quarter of 2024/25

6.3. Deficit Financing The Federal government fiscal operation resulted in Birr 48.8 billion surplus compared to Birr 40.4 billion deficit a year earlier.

50,000.0 100,000.0 150,000.0 200,000.0 250,000.0 300,000.0 2021/22 2022/23 2023/24 2024/25 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers

National Bank of Ethiopia Quarterly Bulletin 74 Second Quarter 2024/25 National Bank of Ethiopia Quarterly Bulletin 78 | 2024/25 Second Quarter Fig.VI.5: Federal Government Finance during Second Quarter of F.Y 2024/25

100,000.0 200,000.0 300,000.0 400,000.0 500,000.0 600,000.0 700,000.0 2020/21 2021/22 2022/23 2023/24 2024/25 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 75 National Bank of Ethiopia Quarterly Bulletin 79 | 2024/25 Second Quarter VII. DEVELOPMENTS IN INVESTMENT During the second quarter of 2024/25, 11 investment projects with investment capital of Birr 1.9 billion became operational. The number of investment project rose 8.3 percent compared to the same period last year while investment capital increased 120.2 percent (Table 8.1). All the investment projects were private, of which 6 with a 54.5 percent share were domestic while the remaining 5 foreign owned projects constituted a 45.5 percent share. Domestic investment projects registered an investment capital of Birr 1.7 billion representing 91.3 percent of the total private investment. On the other hand, Birr 161.4 million was invested by foreign firms constituting (8.7 percent) of the total private investment capital. These investment projects generated jobs for opportunities for 911 employees, about 11.9 percent lower than the same period last year. Of these employments 19.6 percent was permanent and 80.4 percent casual (Table 7.1).

National Bank of Ethiopia Quarterly Bulletin 76 Second Quarter 2024/25 National Bank of Ethiopia Quarterly Bulletin 80 | 2024/25 Second Quarter Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr) Type of Projects Items 2023/24 2024/25 QII QI QII Percentage Changes A B C Share C/A C/B

1. Total Investment Number of projects 12 36 11 100 -8.3 -69.4 Capital 846.7 155,515.4 1,864.6 100 120.2 -98.8 Permanent Employment 852 54467 179 100 -79.0 -99.7 Temporary Employment 182 60718 732 100 302.2 -98.8
2. Private Investment Number of projects 12 35 11 100 -8.3 -68.6 Capital 846.7 1,639.6 1,864.6 100 120.2 13.7 Permanent Employment 852 795 179 100 -79.0 -77.5 Temporary Employment 182 666 732 100 302.2 9.9 2.1. Domestic Investment Number of projects 6 29 6 54.5 0.0 -79.3 Capital 785.7 1,477.5 1,703.3 91.3 116.8 15.3 Permanent Employment 46 319 32 17.9 -30.4 -90.0 Temporary Employment 11 466 30 4.1 172.7 -93.6 2.2. Foreign Investment Number of projects 6 6 5 45.5 -16.7 -16.7 Capital 61.0 162.1 161.4 8.7 164.6 -0.5 Permanent Employment 806 476 147 82.1 -81.8 -69.1 Temporary Employment 171 200 702 95.9 310.5 251.0
3. Public Investment Number of projects - 1 - - - - Capital

153,875.8 - - - - Permanent Employment

53672 - - - - Temporary Employment

60052 - - - - Source: Ethiopian Investment Commission Regarding sectoral distribution, manufacturing accounted for (54.5 percent) share in the number of investment projects followed by real estate, renting and business activities (27.3 percent) and construction and hotels & restaurants (9.1 percent each). Of the total Birr 1.9 billion capital invested, real estate renting and business activities took a 81.5 percent share, with manufacturing sector projects having 11.4 percent, construction 5.5 percent and hotels and restaurants 1.6 percent (Table 8.2).

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 77 National Bank of Ethiopia Quarterly Bulletin 81 | 2024/25 Second Quarter About 68.2 percent of the permanent jobs was created by manufacturing projects, 29.1 percent by real estate, renting and business activities, and 2.8 percent by construction sector. On the other hand, real estate, renting and business activities had a 82.2 percent share in temporary employment followed by manufacturing (17.1 percent) and construction (0.7 percent) (Table 7.2). Table 7.2: Investment Distribution by Sector during the Second Quarter of 2024/25 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry - - - - - - - - Construction 1 9.1 102.0 5.5 5 2.8 5 0.7 Education - - - - - - - - Electricity, gas, steam and water supply - - - - - - - - Health and social work - - - - - - - - Hotels and restaurants 1 9.1 30.0 1.6 Manufacturing 6 54.5 212.7 11.4 122 68.2 125 17.1 Mining and quarrying - - - - - - - - Other community, social and personal service activities - - - - - - - - Real estate, renting and business activities 3 27.3 1,520.0 81.5 52 29.1 602 82.2 Tour operation, transport, and communication - - - - - - - - Wholesale, retail trade & repair service - - - - - - - - Others - - - - - - - - Grand Total 11 100 1,864.7 100 179 100 732 100 Source: Ethiopian Investment Commission In terms of regional distribution, Addis Ababa accounted for about 54.5 percent of the total projects with a 91.3 percent total investment capital while multiregional projects constituted 45.5 percent of the total projects with 8.7 percent of total investment capital. In terms of job creation Addis Ababa accounted for 17.9 percent permanent and 4.1 percent temporary employment. Multiregional projects on their parts constituted 82.1 percent permanent and 95.9 percent temporary employment (Table 7.3). National Bank of Ethiopia Quarterly Bulletin 81 | 2024/25 Second Quarter About 68.2 percent of the permanent jobs was created by manufacturing projects, 29.1 percent by real estate, renting and business activities, and 2.8 percent by construction sector. On the other hand, real estate, renting and business activities had a 82.2 percent share in temporary employment followed by manufacturing (17.1 percent) and construction (0.7 percent) (Table 7.2). Table 7.2: Investment Distribution by Sector during the Second Quarter of 2024/25 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry - - - - - - - - Construction 1 9.1 102.0 5.5 5 2.8 5 0.7 Education - - - - - - - - Electricity, gas, steam and water supply - - - - - - - - Health and social work - - - - - - - - Hotels and restaurants 1 9.1 30.0 1.6 Manufacturing 6 54.5 212.7 11.4 122 68.2 125 17.1 Mining and quarrying - - - - - - - - Other community, social and personal service activities - - - - - - - - Real estate, renting and business activities 3 27.3 1,520.0 81.5 52 29.1 602 82.2 Tour operation, transport, and communication - - - - - - - - Wholesale, retail trade & repair service - - - - - - - - Others - - - - - - - - Grand Total 11 100 1,864.7 100 179 100 732 100 Source: Ethiopian Investment Commission In terms of regional distribution, Addis Ababa accounted for about 54.5 percent of the total projects with a 91.3 percent total investment capital while multiregional projects constituted 45.5 percent of the total projects with 8.7 percent of total investment capital. In terms of job creation Addis Ababa accounted for 17.9 percent permanent and 4.1 percent temporary employment. Multiregional projects on their parts constituted 82.1 percent permanent and 95.9 percent temporary employment (Table 7.3). National Bank of Ethiopia Quarterly Bulletin 81 | 2024/25 Second Quarter About 68.2 percent of the permanent jobs was created by manufacturing projects, 29.1 percent by real estate, renting and business activities, and 2.8 percent by construction sector. On the other hand, real estate, renting and business activities had a 82.2 percent share in temporary employment followed by manufacturing (17.1 percent) and construction (0.7 percent) (Table 7.2). Table 7.2: Investment Distribution by Sector during the Second Quarter of 2024/25 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry - - - - - - - - Construction 1 9.1 102.0 5.5 5 2.8 5 0.7 Education - - - - - - - - Electricity, gas, steam and water supply - - - - - - - - Health and social work - - - - - - - - Hotels and restaurants 1 9.1 30.0 1.6 Manufacturing 6 54.5 212.7 11.4 122 68.2 125 17.1 Mining and quarrying - - - - - - - - Other community, social and personal service activities - - - - - - - - Real estate, renting and business activities 3 27.3 1,520.0 81.5 52 29.1 602 82.2 Tour operation, transport, and communication - - - - - - - - Wholesale, retail trade & repair service - - - - - - - - Others - - - - - - - - Grand Total 11 100 1,864.7 100 179 100 732 100 Source: Ethiopian Investment Commission In terms of regional distribution, Addis Ababa accounted for about 54.5 percent of the total projects with a 91.3 percent total investment capital while multiregional projects constituted 45.5 percent of the total projects with 8.7 percent of total investment capital. In terms of job creation Addis Ababa accounted for 17.9 percent permanent and 4.1 percent temporary employment. Multiregional projects on their parts constituted 82.1 percent permanent and 95.9 percent temporary employment (Table 7.3).

National Bank of Ethiopia Quarterly Bulletin 78 Second Quarter 2024/25 National Bank of Ethiopia Quarterly Bulletin 82 | Second Quarter 2024/25 Table 7.3: Performance of Operational Investment Region 2023/24 2024/25 Growth Rate QII QI QII C/A C/B A B C Share in (%) No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital.p Perm em Temp emp No of Proj Capital. Perm emp Temp emp Addis Ababa 6 785.7 46 11 29 1,477.5 319 466 6 1,703.3 32 30 54.5 91.3 17.9 4.1 - 116.8 -30.4 172.7 -79.3 15.3 -90.0 -93.6 Afar - - - - - - - - - - - - - - - - - - - - - - - - Amhara

---

B.Gum uz

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Dire Dawa - - - - - - - - - - - - - - - - - - - - - - - - Oromia

---

SNNPR

---

Gamb

---

Somali

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Harari

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Tigray - - - - - - - - - - - - - - - - - - - - - - - - Multi￾regional 6 61.0 806 171 7 154,037.9 54,148 60,252 5 161.4 147 702 45.5 8.7 82.1 95.9 -16.7 164.6 -81.8 310.5 -28.6 -99.9 -99.7 -98.8 Grand Total 12 846.7 852 182 36 155,515.4 54,467 60,718 11 1,864.6 179 732 100 -8.3 120.2 -79.0 302.2 -69.4 -98.8 -99.7 -98.8 Source: Ethiopian Investment Commission

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 79 National Bank of Ethiopia Quarterly Bulletin 83 | Second Quarter 2024/25 VIII.INTERNATIONAL ECONOMIC DEVELOPMENTS 8.1. Overview of the World Economy6 Growth in global activity has remained robust, albeit uneven across sectors and regions, In December 2024 the global composite output Purchasing Managers’ Index (PMI) (excluding the euro area) held steady at 53.2, unchanged from November 2024. Solid growth in the services sector was offset by the continued weakness in manufacturing (the manufacturing output PMI stood at the neutral threshold of 50). In the United States, economic activity remains robust. Real GDP decelerated in the second quarter of 2024/25 but remained robust, at 0.6 percent quarter on quarter, down from 0.8 percent in the previous quarter. In China, activity rebounded at the end of 2024, but domestic demand remains weak. Quarterly GDP growth increased to 1.6 percent in the second quarter of 2024/25, up from 1.3 percent in the previous quarter. In the United Kingdom, activity remains weak amid persistent inflation. The UK economy remained sluggish in the second quarter of 2024/25. After an unexpected decline in October, UK real GDP growth increased marginally in November. 8.2 Inflation Developments Headline inflation across the member countries of the Organisation for Economic Co-operation and Development (OECD) has increased, but core inflation continues to decline. In November 2024 the annual rate of consumer price index (CPI) inflation across OECD members (excluding Türkiye) rose to 2.7 percent, up from 2.6 percent in the previous month. In United State, headline inflation for November climbed to 2.4 percent due to higher energy prices, while core inflation remained at 2.8 percent, with core services declining to 2.5 percent. The December CPI points to a slight increase in headline inflation. 6 Sections 8.1 – 8.3 are excerpted from European Central Bank monthly bulletin of 8/2024 and 1/2025.

National Bank of Ethiopia Quarterly Bulletin 80 Second Quarter 2024/25 National Bank of Ethiopia Quarterly Bulletin 84 | Second Quarter 2024/25 In China, in December, consumer price inflation decelerated further to 0.1 percent, down from 0.2 percent in November. In the United Kingdom, headline CPI inflation eased slightly to 2.5 percent in December, down from 2.6 percent in November 2024, partly reflecting lower services inflation. 8.3. Commodity Price Since the October Governing Council meeting, Brent crude oil prices have fallen by 2.9 percent while European gas prices have risen by 17.7 percent. Oil prices experienced significant volatility during the review period, owing primarily to geopolitical tensions in the Middle East. European gas prices have risen by 17.7 driven by both supply and demand factors. Meanwhile, metal prices have declined (4.5 percent), with China’s stimulus package falling short of expectations. Food prices have increased by 15.9 percent, driven by supply-related factors. 8.4. Exchange Rate Developments In foreign exchange markets, the euro depreciated by 4.6 percent against the US dollar and by 2.0 percent in trade-weighted terms. During the review period, the nominal effective exchange rate of the euro as measured against the currencies of 41 of the euro area’s most important trading partners weakened by 2.0 percent. The euro also depreciated against the US dollar (by 4.6 percent), which was largely driven by an upward shift, in early November, in market participants’ expectations for the path of the Federal Reserve System’s policy rate following the US presidential elections, as well as expectations of potential changes in US trade, regulatory and fiscal policies. The euro depreciated by 2.4 percent against the pound sterling and by 1.4 percent against the Swiss franc, as well as against some emerging market currencies, reflecting changes in market participants’ views on the relative outlooks for the respective economies. The euro appreciated against the Japanese yen (by 2.1 percent), as the latter resumed its broad-based depreciation amid persistently lower policy rates in Japan than in other advanced economies.

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 81 National Bank of Ethiopia Quarterly Bulletin 85 | Second Quarter 2024/25 8.5. Impact of Global Economic Development on Ethiopian Economy Global economic activity has remained strong and inflation across the member countries of the Organisation for Economic Co-operation and Development (OECD) has increased although brent crude oil and metal prices have fallen. The rise in inflation within OECD countries might have contributed positively to the higher performance of Ethiopia’s export sector. Meanwhile, the decline in brent crude oil prices has benefited Ethiopia by reducing foreign exchange payments for fuel. This, in turn, could help partially offset the persistent deficit observed in the country’s current account balance.

STATISTICAL ANNEXES

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 83 Table 1(a): Statement of Condition of National Bank of Ethipia: Qtr.IV 56,154.3 129.2 795.0 51,803.0 3,427.2 563,991.5 433,991.5 130,000.0 0.0 44,822.7 0.0 162,596.3 April 49,221.1 572.9 797.7 43,841.0 4,009.6 533,991.5 433,991.5 100,000.0 0.0 44,822.7 0.0 165,718.0 May 57,379.3 166.5 785.6 53,130.9 3,296.4 543,991.5 433,991.5 110,000.0 0.0 44,822.7 0.0 169,602.8 June 56,154.3 129.2 795.0 51,803.0 3,427.2 563,991.5 433,991.5 130,000.0 0.0 44,822.7 0.0 162,596.3 2023/24 Qtr.I 27,100.6 730.6 791.7 22,146.4 3,431.9 580,120.4 433,120.4 147,000.0 0.0 44,822.7 0.0 166,980.1 July 37,921.9 143.6 804.9 32,776.2 4,197.1 573,120.4 433,120.4 140,000.0 0.0 44,822.7 0.0 161,970.1 August 30,839.0 144.1 796.1 26,499.1 3,399.7 580,120.4 433,120.4 147,000.0 0.0 44,822.7 0.0 161,723.9 September 27,100.6 730.6 791.7 22,146.4 3,431.9 580,120.4 433,120.4 147,000.0 0.0 44,822.7 0.0 166,980.1 Qtr.II 113,504.5 627.2 818.7 108,516.7 3,541.8 600,120.4 433,120.4 167,000.0 0.0 42,322.7 0.0 169,473.1 October 128,456.2 28.8 792.8 123,400.5 4,234.1 580,120.4 433,120.4 147,000.0 0.0 44,822.7 0.0 162,081.6 November 111,216.2 188.5 809.4 106,775.6 3,442.7 590,120.4 433,120.4 157,000.0 0.0 42,322.7 0.0 172,391.9 December 113,504.5 627.2 818.7 108,516.7 3,541.8 600,120.4 433,120.4 167,000.0 0.0 42,322.7 0.0 169,473.1 Qtr.III 85,624.2 696.9 817.6 80,548.8 3,560.9 630,120.4 433,120.4 197,000.0 0.0 41,322.7 0.0 174,991.4 January 102,573.3 272.0 813.5 97,192.0 4,295.8 610,120.4 433,120.4 177,000.0 0.0 42,322.7 0.0 169,627.2 February 90,430.1 694.6 817.4 85,381.8 3,536.3 620,120.4 433,120.4 187,000.0 0.0 41,322.7 0.0 168,253.1 March 85,624.2 696.9 817.6 80,548.8 3,560.9 630,120.4 433,120.4 197,000.0 0.0 41,322.7 0.0 174,991.4 QIV 82,159.3 220.1 816.8 77,486.4 3,636.0 675,120.4 433,120.4 242,000.0 0.0 41,322.7 0.0 178,612.1 April 85,713.8 923.5 817.2 79,723.2 4,249.9 650,120.4 433,120.4 217,000.0 0.0 41,322.7 0.0 180,921.5 May 73,183.5 2,136.2 822.7 66,668.5 3,556.1 650,120.4 433,120.4 217,000.0 0.0 41,322.7 0.0 182,115.0 June 82,159.3 220.1 816.8 77,486.4 3,636.0 675,120.4 433,120.4 242,000.0 0.0 41,322.7 0.0 178,612.1 2024/25 QI 407,797.4 9,833.3 1,711.2 389,225.5 7,027.4 675,120.4 433,120.4 242,000.0 0.0 41,322.7 0.0 194,646.3 July 102,866.5 220.1 1,074.8 96,218.5 5,353.1 675,120.4 433,120.4 242,000.0 0.0 41,322.7 0.0 191,821.1 August 390,212.2 1,618.3 1,573.0 379,269.0 7,751.9 675,120.4 433,120.4 242,000.0 0.0 41,322.7 0.0 179,609.2 September 407,797.4 9,833.3 1,711.2 389,225.5 7,027.4 675,120.4 433,120.4 242,000.0 0.0 41,322.7 0.0 194,646.3 QII 507383.23 32438.05 1777.77 465736.89 7430.52 675120.4 675120.45 0.0 0.0 35322.71 0.0 229957.64 October 426404.54 0.0 1737.91 416485.45 8181.19 675120.4 675120.45 0.0 0.0 35322.71 0.0 218690.46 November 447356.92 257.006 1778.05 438015.91 7305.96 675120.4 675120.45 0.0 0.0 35322.71 0.0 222585.88 December 507383.23 32438.05 1777.77 465736.89 7430.52 675120.4 675120.45 0.0 0.0 35322.71 0.0 229957.64 Assets (In Millions of Birr) End of Period Foreign Assets Claims on Government Advance to DBE Others Silver Coins Other Assets Total Gold Reserve Tranche Foreign Exchange Others Total Bond Direct Advance

National Bank of Ethiopia Quarterly Bulletin 84 Second Quarter 2024/25 Liabilities (In Millions of Birr) 2022/23 Qtr.I 690,028.1 207,614.8 215,401.9 48,571.3 166,830.6 219,918.1 12,569.8 207,348.3 4,389.9 42,703.5 July 671,552.1 206,426.9 203,094.0 39,751.9 163,342.1 216,349.0 12,843.2 203,505.8 4,389.9 41,292.3 August 671,087.5 200,685.6 206,636.1 29,922.6 176,713.5 219,176.8 12,794.7 206,382.2 4,389.9 40,199.1 September 690,028.1 207,614.8 215,401.9 48,571.3 166,830.6 219,918.1 12,569.8 207,348.3 4,389.9 42,703.5 Qtr.II 743,160.6 235,833.6 225,334.8 40,798.8 184,536.0 235,296.2 13,246.0 222,050.2 4,830.8 41,865.2 October 713,291.4 209,958.6 236,108.8 59,156.8 176,951.9 219,777.9 12,785.7 206,992.2 4,389.9 43,056.1 November 729,974.5 221,907.1 234,505.1 43,583.4 190,921.6 223,458.2 13,003.0 210,455.2 4,830.8 45,273.3 December 743,160.6 235,833.6 225,334.8 40,798.8 184,536.0 235,296.2 13,246.0 222,050.2 4,830.8 41,865.2 Qtr.III 781,013.8 258,331.6 234,682.3 44,121.5 190,560.9 234,984.6 13,356.5 221,628.1 4,830.8 48,184.5 January 767,686.8 247,929.2 231,275.5 45,869.4 185,406.1 239,030.0 13,324.6 225,705.4 4,830.8 44,621.3 February 780,778.3 253,774.3 230,632.3 62,006.8 168,625.5 244,281.9 13,205.9 231,076.0 4,830.8 47,258.9 March 781,013.8 258,331.6 234,682.3 44,121.5 190,560.9 234,984.6 13,356.5 221,628.1 4,830.8 48,184.5 QIV 827,564.9 254,316.1 266,847.2 42,691.6 224,155.7 247,577.5 13,419.8 234,157.7 4,830.8 53,993.4 April 793,753.4 269,451.0 230,650.8 50,711.8 179,939.0 239,472.4 13,452.7 226,019.7 4,830.8 49,348.3 May 815,796.3 259,711.5 250,742.7 52,806.3 197,936.4 245,944.9 13,304.3 232,640.6 4,830.8 54,566.5 June 827,564.9 254,316.1 266,847.2 42,691.6 224,155.7 247,577.5 13,419.8 234,157.7 4,830.8 53,993.4 2023/24 Qtr.I 819,023.8 245,315.1 257,074.1 59,099.1 197,975.0 253,530.3 13,379.0 240,151.3 4,830.8 58,273.4 July 817,835.2 250,442.1 264,324.5 53,124.1 211,200.5 242,398.2 13,542.4 228,855.8 4,830.8 55,839.5 August 817,506.0 241,058.0 265,771.0 51,034.8 214,736.2 249,093.7 13,433.3 235,660.3 4,830.8 56,752.5 September 819,023.8 245,315.1 257,074.1 59,099.1 197,975.0 253,530.3 13,379.0 240,151.3 4,830.8 58,273.4 Qtr.II 925,420.7 254,152.7 236,960.7 42,609.0 194,351.6 371,129.6 13,712.1 357,417.5 4,830.8 58,346.9 October 915,480.9 239,233.4 239,184.2 64,898.4 174,285.8 372,777.6 13,392.6 359,385.1 4,830.8 59,454.9 November 916,051.2 243,788.5 236,438.7 47,781.8 188,656.9 371,182.8 13,597.3 357,585.6 4,830.8 59,810.3 December 925,420.7 254,152.7 236,960.7 42,609.0 194,351.6 371,129.6 13,712.1 357,417.5 4,830.8 58,346.9 Qtr.III 932,058.8 269,026.5 236,683.5 43,991.2 192,692.3 361,012.7 13,698.1 347,314.6 4,830.8 60,505.3 January 924,643.6 267,007.4 234,236.1 50,315.6 183,920.5 362,947.2 13,648.4 349,298.8 4,830.8 55,622.1 February 920,126.4 268,747.9 228,329.1 46,372.8 181,956.3 361,331.8 13,695.9 347,635.8 4,830.8 56,886.8 March 932,058.8 269,026.5 236,683.5 43,991.2 192,692.3 361,012.7 13,698.1 347,314.6 4,830.8 60,505.3 QIV 977,214.6 257,296.3 258,794.3 42,867.4 215,926.9 371,068.8 13,688.4 357,380.4 3,494.8 86,560.5 April 958,078.5 272,033.8 258,060.9 64,136.3 193,924.6 362,611.4 13,693.3 348,918.1 4,830.8 60,541.5 May 946,741.7 263,500.9 257,164.0 58,105.7 199,058.3 356,079.1 13,761.8 342,317.4 4,830.8 65,166.9 June 977,214.6 257,296.3 258,794.3 42,867.4 215,926.9 371,068.8 13,688.4 357,380.4 3,494.8 86,560.5 2024/25 QI 1,318,886.9 261,186.9 265,200.4 49,594.4 215,606.0 1,075,304.4 145,716.5 929,588.0 1,547.7 (284,352.6) July 1,011,130.7 253,896.0 255,595.6 44,795.7 210,799.9 484,054.4 16,868.4 467,186.0 3,494.8 14,090.0 August 1,286,264.5 248,734.5 249,348.3 41,887.5 207,460.8 991,205.2 134,242.0 856,963.2 3,494.8 (206,518.2) September 1,318,886.9 261,186.9 265,200.4 49,594.4 215,606.0 1,075,304.4 145,716.5 929,588.0 1,547.7 (284,352.6) QII 1447784.027 300655.575 322156.48 64861.789 257294.691 1113977.586 193152.11 920825.476 1547.738 -290553.352 October 1355538.161 259852.36 294951.5 85691.916 209259.584 1088583.804 188901.997 899681.807 1547.738 -289397.241 November 1380385.959 275525.254 295690.057 63818.641 231871.416 1111885.782 193181.935 918703.847 1547.738 -304262.872 December 1447784.027 300655.575 322156.48 64861.789 257294.691 1113977.586 193152.11 920825.476 1547.738 -290553.352 Table 1(b): Statement of Condition of National Bank of Ethipia: End of Period Total Liab.= Assets Currency (Notes

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

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 85 Assets Loans & Adv. Invest￾ment Commercial Banks (2+3) 1 2 3 4 5 (7+8+9) 6 7 8 9 10 Qtr.II 221911.4 35883.6 186027.9 73187.5 189712.8 1677302.6 1108587.3 533292.6 35422.7 481804.4 October 211300.8 39544.0 171756.7 71093.3 184217.9 1598573.3 1038837.3 524946.2 34789.8 483649.7 November 229064.6 38113.0 190951.6 70417.0 175226.4 1627096.4 1070428.8 525999.3 30668.3 479570.3 December 221911.4 35883.6 186027.9 73187.5 189712.8 1677302.6 1108587.3 533292.6 35422.7 481804.4 Qtr.III 237841.3 43043.0 194798.3 63462.1 183196.8 1748913.9 1167755.7 545454.3 35704.0 509569.6 January 228297.5 42098.3 186199.1 71608.4 192953.2 1685183.5 1119382.0 532337.2 33464.3 507779.3 February 216253.0 42855.1 173397.9 60412.1 192573.7 1717093.1 1136959.5 545863.2 34270.4 510295.7 March 237841.3 43043.0 194798.3 63462.1 183196.8 1748913.9 1167755.7 545454.3 35704.0 509569.6 Qtr.IV 266011.2 44173.5 221837.7 74213.2 204362.1 1827480.8 1195992.2 593345.6 38143.0 494029.5 April 226142.2 43996.6 182145.6 73563.6 184917.6 1749261.7 1172304.3 544242.5 32714.9 511983.7 May 236964.5 44361.3 192603.2 71212.6 187729.0 1750804.6 1178641.3 538618.6 33544.7 531036.9 June 266011.2 44173.5 221837.7 74213.2 204362.1 1827480.8 1195992.2 593345.6 38143.0 494029.5 2023/24 Qtr.I 246478.7 46585.6 199893.0 55343.2 228852.7 1887071.5 1268551.0 574926.6 43593.8 560394.1 July 257216.0 46450.7 210765.4 69241.4 216308.4 1859345.0 1236222.7 578584.9 44537.4 518550.1 August 257925.9 42671.2 215254.8 59143.1 222578.1 1875537.4 1253955.0 578647.0 42935.4 557458.7 September 246478.7 46585.6 199893.0 55343.2 228852.7 1887071.5 1268551.0 574926.6 43593.8 560394.1 Qtr.II 237396.3 43414.6 193981.7 61645.0 219930.2 1973681.4 1332795.5 591232.2 49653.6 613509.2 October 219565.2 45358.0 174207.2 57977.2 220328.9 1901734.0 1282531.6 573646.8 45555.5 561826.9 November 240515.0 44920.6 195594.4 66307.2 214625.3 1915067.0 1296432.5 573163.6 45471.0 601363.4 December 237396.3 43414.6 193981.7 61645.0 219930.2 1973681.4 1332795.5 591232.2 49653.6 613509.2 Qtr.III 243388.2 51435.5 191952.6 70404.6 235027.7 2033122.9 1388345.9 591320.7 53456.4 645839.5 January 235881.8 48536.8 187344.9 57976.2 225330.4 1989429.4 1348135.8 591605.2 49688.4 631286.6 February 235268.8 49364.1 185904.7 57438.3 228946.9 2010705.5 1366904.7 591558.2 52242.5 640226.9 March 243388.2 51435.5 191952.6 70404.6 235027.7 2033122.9 1388345.9 591320.7 53456.4 645839.5 QIV 264143.5 52928.1 211215.4 89510.2 277467.0 2058867.3 1420711.9 590176.4 47978.9 664570.7 April 243860.9 53073.7 190787.2 69728.2 253002.0 2038971.3 1402015.5 590925.0 46030.8 646586.6 May 251334.1 54835.7 196498.4 75711.8 261017.7 2036256.4 1401155.4 590587.7 44513.3 658378.0 June 264143.5 52928.1 211215.4 89510.2 277467.0 2058867.3 1420711.9 590176.4 47978.9 664570.7 2024/25 QI 281728.5 61803.7 219924.8 239440.9 1128721.8 1468502.6 1342400.5 81614.0 44488.2 667132.7 July 262552.2 56887.1 205665.1 118588.8 1156670.0 1436407.5 1283826.6 107066.9 45514.0 545103.6 August 255542.8 51239.4 204303.4 195573.3 1142113.6 1441343.7 1305757.1 94301.8 41284.8 650832.1 September 281728.5 61803.7 219924.8 239440.9 1128721.8 1468502.6 1342400.5 81614.0 44488.2 667132.7 QII 316149.2 58405.9 257743.3 292695.5 1131952.8 1609618.5 1487432.8 81491.1 40694.6 744990.0 October 267993.7 58032.8 209960.9 265528.1 1126976.5 1472952.8 1352735.1 79660.1 40557.5 678234.4 November 286609.5 55535.7 231073.8 289105.7 1130512.5 1514904.3 1384324.0 94024.3 36556.1 698548.5 December 316149.2 58405.9 257743.3 292695.5 1131952.8 1609618.5 1487432.8 81491.1 40694.6 744990.0 Other Assets Reserves Total End of Period Foreign Assets Claims On Gov't Total Table 2(a): Statement of Condition of Commercial Banks: (In Millions of Birr)

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

National Bank of Ethiopia Quarterly Bulletin 86 Second Quarter 2024/25 Liabilities Total Demand Time Saving Total Capital Legal Reserve Others 1 (3+4+5) 2 3 4 5 6 7 (9+10+11) 8 9 10 11 12 Qtr.IV 2866975.1 1925617.9 494090.5 149218.6 1282308.8 151589.1 42887.7 261497.6 153210.8 43427.3 64,859.6 485382.7 April 2745368.4 1830998.5 455639.7 140289.2 1235069.7 144920.9 47626.5 267112.0 149466.5 39262.0 78,383.6 454710.4 May 2777677.2 1861478.2 469962.1 144921.0 1246595.1 134889.0 39717.0 251892.7 151752.1 43427.3 56,713.3 489700.3 June 2866975.1 1925617.9 494090.5 149218.6 1282308.8 151589.1 42887.7 261497.6 153210.8 43427.3 64,859.6 485382.7 2023/24 Qtr.I 2973999.9 2008851.5 495622.8 146964.4 1366264.3 141708.9 42343.5 270263.2 166890.7 45439.1 57933.4 510832.8 July 2917508.8 1958115.3 487447.2 144297.2 1326370.9 147938.6 41996.3 280778.3 164018.9 45905.5 70853.8 488680.3 August 2969860.6 1983993.2 487276.9 146927.2 1349789.0 151344.2 42083.1 286867.0 166199.6 45931.1 74736.3 505573.0 September 2973999.9 2008851.5 495622.8 146964.4 1366264.3 141708.9 42343.5 270263.2 166890.7 45439.1 57933.4 510832.8 Qtr.II 3101064.3 2097966.9 535267.9 165661.7 1397037.3 149431.2 42329.5 271127.7 179242.5 56049.7 35835.5 540208.9 October 2957145.7 2019447.1 492067.6 149601.9 1377777.6 139003.1 42068.4 268344.6 168117.9 46096.3 54130.4 488282.6 November 3033222.6 2035534.2 501460.3 155071.2 1379002.7 155695.7 44742.9 267740.0 173336.1 54883.0 39520.8 529509.9 December 3101064.3 2097966.9 535267.9 165661.7 1397037.3 149431.2 42329.5 271127.7 179242.5 56049.7 35835.5 540208.9 Qtr.III 3223433.8 2188479.5 571836.1 175345.3 1441298.1 153791.6 40190.7 297908.9 186952.1 56049.7 54907.0 543063.1 January 3134492.5 2111715.3 534389.2 169101.4 1408224.7 149756.8 41351.7 279810.0 182850.8 56049.7 40909.4 551858.8 February 3168530.5 2142991.9 551456.0 174561.7 1416974.2 146829.2 41321.6 289834.2 185864.3 56049.7 47920.2 547553.6 March 3223433.8 2188479.5 571836.1 175345.3 1441298.1 153791.6 40190.7 297908.9 186952.1 56049.7 54907.0 543063.1 QIV 3352026.1 2272346.3 617055.5 193386.7 1461904.1 164179.0 45900.8 329465.6 189993.4 56049.7 83422.5 540134.4 April 3247609.2 2199443.1 573587.0 187302.0 1438554.0 153100.2 40083.7 304891.0 187959.7 56049.7 60881.6 550091.1 May 3280388.0 2214591.7 582299.8 188807.2 1443484.7 166287.3 40998.6 314211.2 188834.9 56049.7 69326.5 544299.3 June 3352026.1 2272346.3 617055.5 193386.7 1461904.1 164179.0 45900.8 329465.6 189993.4 56049.7 83422.5 540134.4 2024/25 QI 3780223.9 2408001.9 664477.9 190603.5 1552920.5 164741.5 100352.5 371490.4 245842.0 58533.9 67114.5 735637.6 July 3517354.0 2310147.6 634451.4 193033.5 1482662.8 164216.5 64567.9 376073.2 245043.6 57877.9 73151.7 602348.7 August 3682786.4 2336188.5 647011.0 199645.0 1489532.6 169746.5 93463.4 369178.0 245532.6 57877.6 65767.7 714210.1 September 3780223.9 2408001.9 664477.9 190603.5 1552920.5 164741.5 100352.5 371490.4 245842.0 58533.9 67114.5 735637.6 QII 4087564.08 2546472.81 669254.11 209472.085 1667746.62 252301.695 110369.1 379293.846 261759.05 70642.787 46892.01 799126.62 October 3804572.82 2425885.91 652450.61 197196.249 1576239.05 179005.651 107582.94 354934.699 246138.71 65601.196 43194.79 737163.62 November 3910742.74 2442313.19 645988.36 202238.841 1594085.99 235586.49 112957.93 353909.712 250780.39 67244.457 35884.86 765975.42 December 4087564.08 2546472.81 669254.11 209472.085 1667746.62 252301.695 110369.1 379293.846 261759.05 70642.787 46892.01 799126.62 Table 2(b): Statement of Condition of Commercial Banks: (In Millions of Birr) End of Period Total (Liab.= Assets) Non-Central Gov't Deposits Gov't Depos. Foreign Liab. Capital Account Other Liab.

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 87 Assets Qtr.III 29,037.2 4,048.4 54,022.6 48,051.8 4,144.8 276.6 43,630.4 24,473.1 159,633.1 January 23,694.4 4,579.5 53,776.1 53,727.3 4,139.1 340.9 49,247.4 17,466.0 153,243.3 February 27,203.1 3,964.6 53,906.7 48,522.4 4,126.7 276.8 44,118.9 20,717.1 154,313.9 March 29,037.2 4,048.4 54,022.6 48,051.8 4,144.8 276.6 43,630.4 24,473.1 159,633.1 Qtr.IV 29,215.4 3,311.4 54,420.0 56,235.6 0.0 211.5 56,024.2 21,745.8 164,928.3 April 29,481.1 5,139.1 54,146.8 53,650.7 4,164.2 276.6 49,209.9 18,395.4 160,813.1 May 29,268.9 4,408.8 54,271.0 51,293.9 0.0 271.2 51,022.7 21,579.5 160,822.0 June 29,215.4 3,311.4 54,420.0 56,235.6 0.0 211.5 56,024.2 21,745.8 164,928.3 2023/24 Qtr.I 32,673.4 2,871.3 53,987.3 62,302.1 0.0 164.2 62,137.9 17,215.9 169,050.0 July 30,717.6 3,149.5 53,589.5 61,930.4 0.0 247.4 61,683.0 18,604.1 167,991.2 August 32,607.8 2,917.8 53,589.5 58,742.2 0.0 163.9 58,578.2 19,542.1 167,399.4 September 32,673.4 2,871.3 53,987.3 62,302.1 0.0 164.2 62,137.9 17,215.9 169,050.0 Qtr.II 32,864.2 2,453.2 53,458.5 74,363.2 0.0 160.3 74,203.0 10,902.9 174,042.0 October 30,218.7 3,526.5 54,163.5 70,991.2 0.0 164.9 70,826.3 11,063.2 169,963.1 November 26,175.1 3,442.2 54,339.8 71,585.5 0.0 515.4 71,070.1 11,192.1 166,734.8 December 32,864.2 2,453.2 53,458.5 74,363.2 0.0 160.3 74,203.0 10,902.9 174,042.0 Qtr.III 33,430.8 3,031.8 53,985.4 82,653.4 0.0 153.9 82,499.4 11,767.5 184,868.8 January 36,347.0 1,977.8 53,634.7 75,197.8 0.0 159.9 75,037.8 11,162.3 178,319.6 February 36,026.1 3,929.7 53,809.1 75,084.0 0.0 159.3 74,924.7 11,342.4 180,191.4 March 33,430.8 3,031.8 53,985.4 82,653.4 0.0 153.9 82,499.4 11,767.5 184,868.8 Qtr.IV 29,709.6 4,649.4 53,466.6 86,558.7 0.0 165.9 86,392.8 13,367.5 187,751.7 April 29,394.5 3,701.9 54,161.6 83,548.5 0.0 154.1 83,394.3 12,206.7 183,013.2 May 29,440.0 2,385.7 54,337.9 85,254.2 0.0 162.1 85,092.1 15,650.6 187,068.3 June 29,709.6 4,649.4 53,466.6 86,558.7 0.0 165.9 86,392.8 13,367.5 187,751.7 2024/25 Qtr.I 27,592.7 6,362.9 53,738.6 94,517.1 3,443.3 292.6 90,781.2 8,080.2 190,291.5 July 30,717.6 3,149.5 53,589.5 69,976.7 0.0 247.4 69,729.3 10,560.8 167,994.2 August 28,624.3 5,833.2 53,562.3 84,733.9 0.0 276.5 84,457.3 16,490.1 189,243.8 September 27,592.7 6,362.9 53,738.6 94,517.1 3,443.3 292.6 90,781.2 8,080.2 190,291.5 Qtr.II 24013.82 8095.48 53209.82 95062.55 1124.443 288.427 93649.684 11108.56 191490.237 October 18227.95 7538.813 53914.86 78353.78 3459.417 277.872 74616.493 27035.06 185070.464 November 18657.98 4989.84 54091.12 79591.95 3474.988 280.743 75836.222 29686.78 187017.672 December 24013.82 8095.48 53209.82 95062.55 1124.443 288.427 93649.684 11108.56 191490.237 Public Enterprise Cooper￾atives Private & Individuals Table 3(a): Consolidated Statement of Condition of Development Bank of Ethiopia: (In Millions of Birr) End of Period Cash & Banks Foreign Assets Claims on Central Gov't Claims on Non-Central Gov't Other Assets Total Assets Total

National Bank of Ethiopia Quarterly Bulletin 88 Second Quarter 2024/25 Total N.B.E Others Qrt.IV 164,928.3 1,543.8 40.5 38,935.3 82,509.6 56,054.6 26,455.0 0.0 26,352.3 15,546.7 April 160,813.1 1,017.9 46.3 36,440.4 81,775.3 56,752.5 25,022.8 0.0 26,138.9 15,394.4 May 160,822.0 1,008.9 42.7 36,882.7 81,770.3 56,573.9 25,196.4 0.0 26,167.5 14,950.0 June 164,928.3 1,543.8 40.5 38,935.3 82,509.6 56,054.6 26,455.0 0.0 26,352.3 15,546.7 2023/24 Qrt.I 169,050.0 2,011.7 50.3 37,169.1 83,812.0 57,065.6 26,746.4 0.0 26,208.4 19,798.4 July 167,991.2 1,566.0 39.7 36,917.7 81,300.8 56,195.2 25,105.6 0.0 26,295.5 21,871.6 August 167,399.4 1,344.9 56.9 39,608.7 82,939.2 56,393.3 26,545.9 0.0 26,304.0 17,145.6 September 169,050.0 2,011.7 50.3 37,169.1 83,812.0 57,065.6 26,746.4 0.0 26,208.4 19,798.4 Qrt.II 174,042.0 1,718.2 58.1 38,424.5 88,339.6 53,231.4 35,108.2 0.0 27,557.9 17,943.7 October 169,963.1 2,468.3 54.9 37,896.7 83,958.8 56,966.4 26,992.4 0.0 27,914.4 17,670.1 November 166,734.8 1,679.3 52.0 38,105.6 81,149.1 53,965.8 27,183.3 0.0 27,949.2 17,799.7 December 174,042.0 1,718.2 58.1 38,424.5 88,339.6 53,231.4 35,108.2 0.0 27,557.9 17,943.7 Qrt.III 184,868.8 917.0 60.2 39,723.1 94,330.3 53,164.8 41,165.5 0.0 34,008.1 15,830.1 January 178,319.6 1,563.5 53.3 38,913.9 93,209.1 53,526.9 39,682.3 0.0 27,410.6 17,169.2 February 180,191.4 1,014.3 57.4 39,200.7 93,256.1 52,794.5 40,461.6 0.0 29,652.3 17,010.5 March 184,868.8 917.0 60.2 39,723.1 94,330.3 53,164.8 41,165.5 0.0 34,008.1 15,830.1 Qrt.IV 187,751.7 625.1 55.4 39,370.4 95,141.6 52,913.3 42,228.3 0.0 35,030.8 17,528.5 April 183,013.2 1,003.3 54.8 39,963.4 94,818.8 15,007.2 79,811.6 0.0 34,794.3 12,378.6 May 187,068.3 604.6 60.2 41,004.0 95,471.8 53,644.4 41,827.4 0.0 34,878.6 15,049.2 June 187,751.7 625.1 55.4 39,370.4 95,141.6 52,913.3 42,228.3 0.0 35,030.8 17,528.5 2024/25 Qrt.I 190,291.5 1,163.1 71.3 38,942.6 95,476.3 53,728.0 41,748.3 0.0 37,919.3 16,718.9 July 167,994.2 1,566.0 39.7 36,917.7 81,300.8 56,195.2 25,105.6 0.0 28,295.5 19,874.6 August 189,243.8 1,142.9 52.8 40,177.6 94,896.6 53,448.9 41,447.7 0.0 37,682.7 15,291.2 September 190,291.5 1,163.1 71.3 38,942.6 95,476.3 53,728.0 41,748.3 0.0 37,919.3 16,718.9 Qrt.II 191490.237 1007.338 68.964 39214.1 95269.44 46786.55 48482.895 0 40253.656 15676.736 October 185070.464 1174.164 75.61 38872.858 89653.95 47589.73 42064.222 0 38927.287 16366.598 November 187017.672 1157.312 71.892 39117.531 89943.24 47582.42 42360.812 0 39138.412 17589.289 December 191490.237 1007.338 68.964 39214.1 95269.44 46786.55 48482.895 0 40253.656 15676.736 Foreign Advance & Loan Other Liability Items Table 3(b): Consolidated Statement of Condition of Development Bank of Ethiopia: Liablities (In Millions of Birr) End of Period Total Assets =Liab. Demand Deposits Time & Savings Deposits Capital Accounts Credit from Banks Credit from Gov't

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 89 Table 4: Money Supply and its Determinants 1.0 2.0 (1+2) 3 4.0 (3+4) 5 (7+10) 6 (8+9) 7 8.0 9.0 10.0 (13+12) 11 12.0 13.0 14.0 Qtr.IV 210142.6 494090.5 704233.0 1431527.4 2135760.5 2408233.5 574072.9 521300.0 52772.9 1,834,160.6 -1,312.8 -32638.2 31325.5 271160.3 April 225454.4 455639.6 681094.1 1375358.8 2056452.9 2284646.0 523276.4 483279.7 39996.7 1,761,369.6 -12,723.0 -38660.1 25937.1 215470.1 May 215350.2 469962.0 685312.2 1391516.1 2076828.3 2306107.9 544025.3 491185.3 52840.1 1,762,082.6 -4,010.0 -35505.6 31495.6 225269.6 June 210142.6 494090.5 704233.0 1431527.4 2135760.5 2408233.5 574072.9 521300.0 52772.9 1,834,160.6 -1,312.8 -32638.2 31325.5 271160.3 2023/24 Qtr.I 198729.5 495622.8 694352.3 1513228.7 2207581.0 2496465.5 608165.1 521021.4 87143.8 1888300.4 -213430.1 -226429.8 12999.7 75454.5 July 203991.4 487447.2 691438.6 1470668.1 2162106.7 2447996.6 588366.2 519996.4 68369.9 1859630.3 -177231.2 -204476.3 27245.1 108658.7 August 198386.9 487276.9 685663.8 1496716.3 2182380.1 2477744.2 600319.5 529085.6 71233.9 1877424.7 -201194.6 -218254.7 17060.1 94169.5 September 198729.5 495622.8 694352.3 1513228.7 2207581.0 2496465.5 608165.1 521021.4 87143.8 1888300.4 -213430.1 -226429.8 12999.7 75454.5 Qtr.II 210738.0 535267.9 746005.9 1562699.1 2308705.0 2594360.8 628010.4 557511.4 70499.0 1966350.4 -238309.7 -257625.2 19315.5 47346.1 October 193875.4 492067.6 685943.0 1527379.5 2213322.5 2497549.0 596547.9 515222.0 81325.9 1901001.2 -228412.6 -244321.4 15908.9 55814.0 November 198867.9 501460.3 700328.2 1534073.8 2234402.0 2513186.9 601268.2 542338.6 58929.6 1911918.7 -238402.4 -259966.7 21564.3 40382.5 December 210738.0 535267.9 746005.9 1562699.1 2308705.0 2594360.8 628010.4 557511.4 70499.0 1966350.4 -238309.7 -257625.2 19315.5 47346.1 Qtr.III 217590.9 571836.1 789427.0 1616643.4 2406070.4 2688354.7 667365.4 586129.3 81236.1 2020989.3 -245174.7 -275388.5 30213.8 37109.6 January 218470.5 534389.2 752859.7 1577326.1 2330185.8 2617442.2 635378.5 559804.9 75573.6 1982063.8 -243749.4 -260373.9 16624.5 43507.0 February 219383.9 551456.0 770839.9 1591535.9 2362375.8 2655651.1 655865.5 573747.7 82117.8 1999785.6 -254785.0 -270901.7 16116.7 38490.3 March 217590.9 571836.1 789427.0 1616643.4 2406070.4 2688354.7 667365.4 586129.3 81236.1 2020989.3 -245174.7 -275388.5 30213.8 37109.6 QIV 204368.2 617055.5 821423.7 1655290.8 2476714.5 2797752.1 745541.1 632253.1 113288.0 2052211.0 -245300.0 -288909.5 43609.5 75737.6 April 218960.0 573587.0 792547.1 1625856.1 2418403.1 2720149.1 685885.9 585984.2 99901.7 2034263.2 -247253.1 -276897.6 29644.5 54492.8 May 208665.1 582299.8 790964.9 1632291.9 2423256.8 2719810.9 686745.2 592014.7 94730.4 2033065.8 -248182.4 -282895.6 34713.1 48371.7 June 204368.2 617055.5 821423.7 1655290.8 2476714.5 2797752.1 745541.1 632253.1 113288.0 2052211.0 -245300.0 -288909.5 43609.5 75737.6 2024/25 QI 199383.2 664477.9 863861.1 1743524.0 2607385.0 3054843.5 1589506.4 625526.0 963980.3 1465337.1 -528418.7 -667507.0 139088.3 -80960.3 July 197008.9 634451.4 831460.3 1675696.2 2507156.5 3054994.4 1622778.2 630324.8 992453.4 1432216.2 -327167.1 -381187.9 54020.9 220670.8 August 197495.1 647011.0 844506.1 1689177.6 2533683.6 3046981.7 1605600.1 633232.9 972367.1 1441381.6 -498883.1 -600993.0 102109.9 14415.0 September 199383.2 664477.9 863861.1 1743524.0 2607385.0 3054843.5 1589506.4 625526.0 963980.3 1465337.1 -528418.7 -667507.0 139088.3 -80960.3 QII 242249.722 669254.106 911503.828 1877218.71 2788722.54 3094156.39 1489909.78 610258.656 879651.128 1604246.604 -424268 -606594.36 182326.363 -118834.14 October 201819.5452 652450.612 854270.157 1773435.3 2627705.46 3005117.36 1537399.37 589428.529 947970.836 1467717.998 -504234.13 -662179.26 157945.131 -126822.23 November 219989.548 645988.359 865977.907 1796324.83 2662302.74 3019898.7 1506227.77 611301.804 894925.965 1513670.934 -488381.09 -664528.86 176147.772 -130785.13 December 242249.722 669254.106 911503.828 1877218.71 2788722.54 3094156.39 1489909.78 610258.656 879651.128 1604246.604 -424268 -606594.36 182326.363 -118834.14 Nat. Bank Comm. Banks Total � (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Net Foreign Assets Other Items Net Currency Outside Banks Net Demand Deposit Money Supply Quasi- Money Total Volume Total Credit Net Claims on Gov't Nat. Bank Comm. Banks Claims on Non-Cen Gov't Total �

National Bank of Ethiopia Quarterly Bulletin 90 Second Quarter 2024/25 Table 5: Seasonally adjusted data of Monetary Variables (1) 2023/24 QI 209659.6 482241.0 691900.6 1561652.0 2253552.6 2404096.3 2031811.2 -205533.2 July 215822.9 485984.9 701807.7 1501552.1 2203359.8 2381900.7 2378467.2 -172446.0 August 209694.9 478505.9 688200.9 1537127.6 2225328.5 2391023.2 2177812.7 -194152.8 September 209659.6 482241.0 691900.6 1561652.0 2253552.6 2404096.3 2031811.2 -205533.2 QII 167473.5 527774.1 695247.6 1531445.1 2226692.7 2596955.1 1376445.3 -238548.0 October 198334.5 470416.6 668751.1 1507523.6 2176274.7 2402642.2 2155735.3 -219732.9 November 193697.3 482906.3 676603.6 1503392.4 2179996.0 2483028.7 1627042.8 -235541.6 December 167473.5 527774.1 695247.6 1531445.1 2226692.7 2596955.1 1376445.3 -238548.0 QIII 172919.5 563830.4 736749.9 1584310.5 2321060.4 2691043.0 1414692.5 -245419.9 January 223495.3 510876.1 734371.4 1556820.8 2291192.3 2517979.4 2247660.3 -234486.9 February 213679.9 531052.2 744732.0 1559705.2 2304437.2 2623783.3 1701817.6 -251727.5 March 172919.5 563830.4 736749.9 1584310.5 2321060.4 2691043.0 1414692.5 -245419.9 QIV 237741.5 631951.3 869692.7 1655290.8 2524983.5 2837032.6 2848468.9 -248744.0 April 209325.8 594236.2 803562.0 1624230.2 2427792.2 2847996.1 1983406.6 -258874.0 May 215342.4 590452.0 805794.4 1632291.9 2438086.3 2730690.2 2545398.3 -249175.2 June 237741.5 631951.3 869692.7 1655290.8 2524983.5 2837032.6 2848468.9 -248744.0 2024/25 QI 210349.2 646537.0 856886.3 1799316.7 2656203.0 2941814.3 1576702.7 -508867.2 July 208435.4 632548.0 840983.4 1710885.9 2551869.3 2972509.6 1831804.5 -318333.6 August 208752.3 635364.8 844117.1 1734785.4 2578902.5 2940337.3 1672002.7 -481422.2 September 210349.2 646537.0 856886.3 1799316.7 2656203.0 2941814.3 1576702.7 -508867.2 QII 192515.8541 659884.5485 852400.4026 1839674.333 2692074.736 3097250.544 1122972.623 -424692.2639 October 206461.3947 623742.7851 830204.1798 1750380.644 2580584.824 2890922.903 1664392.21 -485073.2319 November 214269.8198 622086.7897 836356.6095 1760398.337 2596754.947 2983659.918 1288133.965 -482520.5147 December 192515.8541 659884.5485 852400.4026 1839674.333 2692074.736 3097250.544 1122972.623 -424692.2639 1/ Obtained by multiplying each original observation by appropriate index for the month Central Gov't (Net) Non-Cent. Gov't Foreign Assets (Net) (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Currency Outside Banks Net Demand Deposit Money Supply Quasi Money Total Volume

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 91 Gross Reserve NBE Total Gold Foreign Exc. Reserve Tranche Posi. Total Liab. Comm. Banks NBE Total NBE Comm. Banks 1=2+6 2=3 to 5 3 4 5 6.00 7=8+9 8 9 10=11+12 11=2-9 12=6-8 Qtr.IV 130367.5 56154.3 129.2 51803.0 3427.2 795.0 74213.2 290465.2 42,887.7 247577.5 -160097.7 -191423.1 31325.5 April 122784.8 49221.1 572.9 43841.0 4009.6 797.7 73563.6 287099.0 47,626.5 239472.4 -164314.2 -190251.3 25937.1 May 128591.9 57379.3 166.5 53130.9 3296.4 785.6 71212.6 285661.9 39,717.0 245944.9 -157070.0 -188565.5 31495.6 June 130367.5 56154.3 129.2 51803.0 3427.2 795.0 74213.2 290465.2 42,887.7 247577.5 -160097.7 -191423.1 31325.5 2023/24 Qtr.I 82443.8 27100.6 730.6 22146.4 3431.9 791.7 55343.2 295873.8 42343.5 253530.3 -213430.1 -226429.8 12999.7 July 107163.3 37921.9 143.6 32776.2 4197.1 804.9 69241.4 284394.5 41996.3 242398.2 -177231.2 -204476.3 27245.1 August 89982.1 30839.0 144.1 26499.1 3399.7 796.1 59143.1 291176.7 42083.1 249093.7 -201194.6 -218254.7 17060.1 September 82443.8 27100.6 730.6 22146.4 3431.9 791.7 55343.2 295873.8 42343.5 253530.3 -213430.1 -226429.8 12999.7 Qtr.II 175149.5 113504.5 627.2 108516.7 3541.8 818.7 61645.0 413459.1 42329.5 371129.6 -238309.7 -257625.2 19315.5 October 186433.5 128456.2 28.8 123400.5 4234.1 792.8 57977.2 414846.0 42068.4 372777.6 -228412.6 -244321.4 15908.9 November 177523.3 111216.2 188.5 106775.6 3442.7 809.4 66307.2 415925.7 44742.9 371182.8 -238402.4 -259966.7 21564.3 December 175149.5 113504.5 627.2 108516.7 3541.8 818.7 61645.0 413459.1 42329.5 371129.6 -238309.7 -257625.2 19315.5 Qtr.III 156028.7 85624.2 696.9 80548.8 3560.9 817.6 70404.6 401203.4 40190.7 361012.7 -245174.7 -275388.5 30213.8 January 160549.5 102573.3 272.0 97192.0 4295.8 813.5 57976.2 404298.9 41351.7 362947.2 -243749.4 -260373.9 16624.5 Febraury 147868.3 90430.1 694.6 85381.8 3536.3 817.4 57438.3 402653.3 41321.6 361331.7 -254785.0 -270901.7 16116.7 March 156028.7 85624.2 696.9 80548.8 3560.9 817.6 70404.6 401203.4 40190.7 361012.7 -245174.7 -275388.5 30213.8 QIV 171669.5 82159.3 220.1 77486.4 3636.0 816.8 89510.2 416969.6 45900.8 371068.8 -245300.0 -288909.5 43609.5 April 155442.0 85713.8 923.5 79723.2 4249.9 817.2 69728.2 402695.1 40083.7 362611.4 -247253.1 -276897.6 29644.5 May 148895.3 73183.5 2136.2 66668.5 3556.1 822.7 75711.8 397077.8 40998.6 356079.1 -248182.4 -282895.6 34713.1 June 171669.5 82159.3 220.1 77486.4 3636.0 816.8 89510.2 416969.6 45900.8 371068.8 -245300.0 -288909.5 43609.5 2024/25 QI 647238.3 407797.4 9833.33 389225.5 7027.38 1711.19 239440.9 1175657 100352.5 1075304.4 -528418.7 -667507 139088.3 July 221455.2 102866.5 220.1 96218.5 5353.1 1074.8 118588.8 548622.3 64567.9 484054.4 -327167.1 -381187.9 54020.9 August 585785.5 390212.2 1618.3 379269.0 7751.9 1573.0 195573.3 1084668.6 93463.4 991205.2 -498883.1 -600993.0 102109.9 September 647238.3 407797.4 9833.3 389225.5 7027.4 1711.2 239440.9 1175657.0 100352.5 1075304.4 -528418.7 -667507.0 139088.3 QII 800078.69 507383.23 32438.05 465736.89 7430.519 1777.774 292695.46 1224346.69 110369.1 1113977.59 -424268 -606594.36 182326.4 October 691932.61 426404.54 0 416485.45 8181.187 1737.909 265528.07 1196166.74 107582.94 1088583.8 -504234.13 -662179.26 157945.1 November 736462.62 447356.92 257.006 438015.91 7305.957 1778.053 289105.7 1224843.71 112957.93 1111885.78 -488381.09 -664528.86 176147.8 December 800078.69 507383.23 32438.05 465736.89 7430.519 1777.774 292695.46 1224346.69 110369.1 1113977.59 -424268 -606594.36 182326.4 Table 6: International Reserves and Net Foreign Assets of National Bank & Commercial Banks (In Millions of Birr) End of Period Gross Reserve Foreign Liabilities Net Foreign Assets National Bank of Ethiopia International Reserves Comm. Banks Reserve Others

National Bank of Ethiopia Quarterly Bulletin 92 Second Quarter 2024/25 Qtr.IV 2,602,514.2 768,353.6 563,991.5 204,362.1 1,834,160.6 1,240,814.9 593,345.6 April 2,480,278.8 718,909.2 533,991.5 184,917.6 1,761,369.6 1,217,127.0 544,242.5 May 2,493,803.2 731,720.6 543,991.5 187,729.0 1,762,082.6 1,223,464.0 538,618.6 June 2,602,514.2 768,353.6 563,991.5 204,362.1 1,834,160.6 1,240,814.9 593,345.6 2023/24 QI 2,697,273.5 808,973.1 580,120.4 228,852.7 1,888,300.4 1,313,373.8 574,926.6 July 2,649,059.2 789,428.9 573,120.4 216,308.4 1,859,630.3 1,281,045.4 578,584.9 August 2,680,123.3 802,698.5 580,120.4 222,578.1 1,877,424.7 1,298,777.7 578,647.0 September 2,697,273.5 808,973.1 580,120.4 228,852.7 1,888,300.4 1,313,373.8 574,926.6 QII 2,786,401.0 820,050.6 600,120.4 219,930.2 1,966,350.4 1,375,118.3 591,232.2 October 2,701,450.5 800,449.4 580,120.4 220,328.9 1,901,001.2 1,327,354.3 573,646.8 November 2,716,664.4 804,745.7 590,120.4 214,625.3 1,911,918.7 1,338,755.2 573,163.6 December 2,786,401.0 820,050.6 600,120.4 219,930.2 1,966,350.4 1,375,118.3 591,232.2 QIII 2,886,137.5 865,148.2 630,120.4 235,027.7 2,020,989.3 1,429,668.6 591,320.7 January 2,817,514.6 835,450.8 610,120.4 225,330.4 1,982,063.8 1,390,458.6 591,605.2 February 2,848,853.0 849,067.4 620,120.4 228,946.9 1,999,785.6 1,408,227.5 591,558.2 March 2,886,137.5 865,148.2 630,120.4 235,027.7 2,020,989.3 1,429,668.6 591,320.7 QIV 3,004,798.5 952,587.4 675,120.4 277,467.0 2,052,211.0 1,462,034.6 590,176.4 April 2,937,385.6 903,122.4 650,120.4 253,002.0 2,034,263.2 1,443,338.2 590,925.0 May 2,944,203.9 911,138.2 650,120.4 261,017.7 2,033,065.8 1,442,478.1 590,587.7 June 3,004,798.5 952,587.4 675,120.4 277,467.0 2,052,211.0 1,462,034.6 590,176.4 2024/25 QI 3,269,179.4 1,803,842.3 675,120.4 1,128,721.8 1,465,337.1 1,383,723.2 81,614.0 July 3,264,006.6 1,831,790.4 675,120.4 1,156,670.0 1,432,216.2 1,325,149.3 107,066.9 August 3,258,615.7 1,817,234.0 675,120.4 1,142,113.6 1,441,381.6 1,347,079.9 94,301.8 September 3,269,179.4 1,803,842.3 675,120.4 1,128,721.8 1,465,337.1 1,383,723.2 81,614.0 QII 3411319.872 1807073.268 675120.445 1131952.823 1604246.604 1522755.497 81491.107 October 3269814.93 1802096.932 675120.445 1126976.487 1467717.998 1388057.851 79660.1474 November 3319303.834 1805632.9 675120.445 1130512.455 1513670.934 1419646.663 94024.2708 December 3411319.872 1807073.268 675120.445 1131952.823 1604246.604 1522755.497 81491.107 Loans & Advances Invest￾ments Table 7: Domestic Credit by Sector (In Millions of Birr) End of Period Gross Domestic Credit Claims on Central Gov't Claims on Non-Central Gov't Total NBE Comm. Banks Total

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 93 1=2+6 2=3 to 5 3 4 5 6=7+8 7 8 2023/24 QI 2212339.8 2011531.8 495622.8 1368944.7 146964.4 200808.0 59099.1 141708.9 July 2161864.2 1960801.6 487447.2 1329057.2 144297.2 201062.7 53124.1 147938.6 August 2192374.5 1989995.5 487276.9 1355791.3 146927.2 202379.1 51034.8 151344.2 September 2212339.8 2011531.8 495622.8 1368944.7 146964.4 200808.0 59099.1 141708.9 QII 2292822.5 2100782.2 535267.8 1399852.6 165661.7 192040.2 42609.0 149431.2 October 2226059.3 2022157.8 492067.6 1380488.3 149601.9 203901.5 64898.4 139003.1 November 2241373.8 2037896.3 501460.3 1381364.8 155071.2 203477.5 47781.8 155695.7 December 2292822.5 2100782.2 535267.8 1399852.6 165661.7 192040.2 42609.0 149431.2 QIII 2389168.5 2191385.7 571836.1 1444204.4 175345.3 197782.8 43991.2 153791.6 January 2314783.8 2114711.4 534389.2 1411220.9 169101.4 200072.3 50315.6 149756.8 Febraury 2338922.8 2145720.9 551456.0 1419703.2 174561.7 193201.9 46372.8 146829.2 March 2389168.5 2191385.7 571836.1 1444204.4 175345.3 197782.8 43991.2 153791.6 QIV 2484302.4 2277256.0 617055.5 1466813.8 193386.7 207046.3 42867.4 164179.0 April 2419760.5 2202524.0 573587.0 1441634.9 187302.0 217236.5 64136.3 153100.2 May 2442067.7 2217674.7 582299.8 1446567.7 188807.2 224393.0 58105.7 166287.3 June 2484302.4 2277256.0 617055.5 1466813.8 193386.7 207046.3 42867.4 164179.0 2024/25 QI 2627506.4 2413170.5 664477.9 1558089.1 190603.5 214335.9 49594.4 164741.5 July 2523828.3 2314816.1 634451.4 1487331.2 193033.5 209012.2 44795.7 164216.5 August 2552702.9 2341069.0 647010.9 1494413.0 199645.0 211634.0 41887.5 169746.5 September 2627506.4 2413170.5 664477.9 1558089.1 190603.5 214335.9 49594.4 164741.5 QII 2870294.46 2553131 669254.096 1674404.79 209472.0853 317163.48 64861.789 252301.7 October 2696185.06 2431487.5 652450.602 1581840.64 197196.249 264697.57 85691.916 179005.7 November 2748143.1 2448738 645988.349 1600510.78 202238.841 299405.13 63818.641 235586.5 December 2870294.46 2553131 669254.096 1674404.79 209472.0853 317163.48 64861.789 252301.7 Table 8: Deposits by Type and Sector (In Millions of Birr) End of Period Total Deposits Non-Central Gov't Deposits with CBs Central Gov't Dep. with Total Net Demand Deposit Savings Deposit Time Dep. (30 days & over) Total National Bank Comm. Banks

National Bank of Ethiopia Quarterly Bulletin 94 Second Quarter 2024/25 1 2 3=2-1 4 5=6+7 6 7 7=2+4-5 8 9 10 11 2023/24 Qtr.II 109679.6 235430.2 125750.6 61645.0 42329.5 42329.5 0.0 254745.7 12.5 61.0 -56489.3 -0.1 October 112510.7 218034.3 105523.6 57977.2 42068.4 42068.4 0.0 233943.2 11.1 61.1 2737383.0 3.8 November 108058.0 238924.6 130866.6 66307.2 44742.9 44742.9 0.0 260488.9 12.9 61.4 2792157.2 4.0 December 109679.6 235430.2 125750.6 61645.0 42329.5 42329.5 0.0 254745.7 12.5 61.0 -56489.3 -0.1 Qtr.III 114627.5 240196.5 125569.0 70404.6 40190.7 40190.7 0.0 270410.4 12.6 61.4 -56277.9 -0.1 January 117258.9 233259.4 116000.6 57976.2 41351.7 41351.7 0.0 249884.0 11.4 61.0 2897459.2 3.8 Febraury 113223.4 232453.5 119230.1 57438.3 41321.6 41321.6 0.0 248570.2 11.8 61.4 2930383.2 4.0 March 114627.5 240196.5 125569.0 70404.6 40190.7 40190.7 0.0 270410.4 12.6 61.4 -56277.9 -0.1 QIV 119198.1 263070.3 143872.2 89510.2 45900.8 45900.8 0.0 306679.8 13.8 60.5 -60321.9 -0.1 April 122071.8 240711.1 118639.4 69728.2 40083.7 40083.7 0.0 270355.6 11.9 59.9 3010791.2 3.7 May 117781.2 250165.8 132384.6 75711.8 40998.6 40998.6 0.0 284879.0 12.9 61.3 3039376.3 3.8 June 119198.1 263070.3 143872.2 89510.2 45900.8 45900.8 0.0 306679.8 13.8 60.5 -60321.9 -0.1 2024/25 QI 125540.8 275518.2 149977.4 239440.9 100352.5 100352.5 0.0 414606.5 17.7 53.7 74755.8 0.1 July 128895.6 261033.2 132137.6 118588.8 64567.9 64567.9 0.0 315054.1 13.1 53.7 2996430.1 3.4 August 123951.6 252400.8 128449.1 195573.3 93463.4 93463.4 0.0 354510.7 15.3 53.5 3034799.8 3.6 September 125540.8 275518.2 149977.4 239440.9 100352.5 100352.5 0.0 414606.5 17.7 53.7 74755.8 0.1 QII 134216.2 308885.4 174669.2 292695.5 110369.1 110369.1 0.0 491211.8 20.1 52.9 75527.0 0.1 October 140271.6 259906.3 119634.7 265528.1 107582.9 107582.9 0.0 417851.4 16.4 54.3 3554054.4 3.6 November 130524.7 276677.7 146153.1 289105.7 112957.9 112957.9 0.0 452825.5 18.6 53.2 3643112.9 4.0 December 134216.2 308885.4 174669.2 292695.5 110369.1 110369.1 0.0 491211.8 20.1 52.9 75527.0 0.1 Table 9: Reserve and Liquidity Position of the Commercial Banks, and Turnover of Deposits Note: Actual Reserve: Reserves with the National Bank of Ethiopia Plus Cash in Hand (Local Currency). Liquidity Ratio: Actual Reserves + Foreign Asset, net of short term liabilities, divided by Demand Deposits, net. Ratio of Loans and Advances to Deposits: Gross Commercial Bank Loans and discounts plus credit to Central Government divided by Gross Demand Deposits (of private and others) + Demand Deposits of domestic banks + Time and Savings Deposits + Government Deposits with commercial banks. Debit Balance: Total Debit Balance less debit against the deposits of the commercial banks. Turnover of Deposits: Debit Balances divided by Gross Demand Deposits of private and others + Government Deposits. (In Millions of Birr) End of Period Reserve Requir￾ments Actual Rese. Excess Rese. Foreign Assets Foreign Liabilities Actual Reserve+ Net For. Assets Liqui￾dity Ratio Ratio: Loans Adv. to Dep. Debit Bal￾ance Turn￾Over of Deposit Total Short Term Long Term

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 95 2022/23 Qtr.I 207,706.7 206,402.2 372.4 1,637.8 6,075.6 15,406.7 64,926.0 117,983.8 1,304.5 0.8 41.4 99.4 73.3 126.3 963.2 July 206,519.1 205,223.7 372.5 1,654.0 6,128.0 15,490.1 65,783.2 115,795.9 1,295.4 0.8 41.4 99.4 73.3 126.2 954.3 August 200,777.8 199,477.5 372.4 1,637.4 6,041.4 14,687.1 63,681.5 113,057.7 1,300.3 0.8 41.4 99.4 73.3 126.3 959.1 September 207,706.7 206,402.2 372.4 1,637.8 6,075.6 15,406.7 64,926.0 117,983.8 1,304.5 0.8 41.4 99.4 73.3 126.3 963.2 Qtr.II 235,831.2 234,512.0 369.3 1,669.4 6,356.9 17,775.5 70,868.3 137,472.6 1,319.2 0.8 41.5 99.5 73.3 126.5 977.7 October 209,959.3 208,649.3 369.3 1,636.9 6,036.8 15,370.2 65,279.2 119,956.8 1,310.0 0.8 41.5 99.5 73.3 126.4 968.5 November 221,904.6 220,591.6 369.3 1,649.6 6,188.2 16,413.8 68,188.1 127,782.7 1,313.0 0.8 41.5 99.5 73.3 126.4 971.6 December 235,831.2 234,512.0 369.3 1,669.4 6,356.9 17,775.5 70,868.3 137,472.6 1,319.2 0.8 41.5 99.5 73.3 126.5 977.7 Qtr.III 258,421.6 257,085.3 372.1 1,729.6 6,376.1 19,216.4 68,774.5 160,616.6 1,336.3 0.8 41.4 99.4 73.2 126.5 994.9 January 247,929.9 246,606.9 369.3 1,693.9 6,311.9 18,755.9 69,672.4 149,803.6 1,323.0 0.8 41.5 99.5 73.3 126.5 981.5 February 253,771.1 252,440.5 368.5 1,702.0 6,362.1 19,087.9 69,223.5 155,696.5 1,330.6 0.8 41.5 99.5 73.3 126.5 989.1 March 258,421.6 257,085.3 372.1 1,729.6 6,376.1 19,216.4 68,774.5 160,616.6 1,336.3 0.8 41.4 99.4 73.2 126.5 994.9 Qtr.IV 254,405.6 253,061.4 371.9 1,716.0 6,020.3 17,686.4 67,838.2 159,428.7 1,344.2 0.8 41.5 99.5 73.2 126.5 1,002.7 April 269,541.1 268,201.5 371.9 1,730.2 6,387.2 19,762.0 71,086.3 168,863.8 1,339.6 0.8 41.5 99.5 73.2 126.5 998.1 May 259,801.5 258,458.5 371.9 1,703.6 6,124.1 18,340.0 68,595.3 163,323.5 1,343.0 0.8 41.5 99.5 73.2 126.5 1,001.5 June 254,405.6 253,061.4 371.9 1,716.0 6,020.3 17,686.4 67,838.2 159,428.7 1,344.2 0.8 41.5 99.5 73.2 126.5 1,002.7 2023/24 Qtr.I 245,397.8 244,053.6 371.6 1,706.3 5,796.9 16,462.3 65,554.3 154,162.2 1,344.3 0.8 41.5 99.6 73.3 126.5 1,002.7 July 250,531.6 249,185.1 371.8 1,718.0 5,947.8 17,347.9 67,093.6 156,706.1 1,346.5 0.8 41.5 99.5 73.3 126.5 1,004.9 August 241,147.5 239,798.7 371.8 1,714.7 5,808.6 16,385.3 64,479.5 151,038.8 1,348.8 0.8 41.5 99.6 73.3 126.5 1,007.1 September 245,397.8 244,053.6 371.6 1,706.3 5,796.9 16,462.3 65,554.3 154,162.2 1,344.3 0.8 41.5 99.6 73.3 126.5 1,002.7 Qtr.II 254,241.5 252,884.5 372.1 1,709.7 5,805.4 16,547.4 69,629.8 158,820.0 1,357.0 0.8 41.5 99.5 73.2 126.4 1,015.6 October 239,233.4 237,882.0 368.7 1,701.9 5,732.4 15,276.5 63,438.8 151,363.8 1,351.4 0.8 41.5 99.6 73.2 126.5 1,009.7 November 243,788.5 242,434.1 368.6 1,702.4 5,780.6 15,796.1 65,665.8 153,120.6 1,354.4 0.8 41.5 99.5 73.2 126.5 1,012.8 December 254,241.5 252,884.5 372.1 1,709.7 5,805.4 16,547.4 69,629.8 158,820.0 1,357.0 0.8 41.5 99.5 73.2 126.4 1,015.6 Qtr.III 269,026.4 267,662.6 368.7 1,751.6 5,822.3 16,491.0 74,401.9 168,827.0 1,363.8 0.8 41.5 99.6 73.2 126.4 1,022.2 January 267,007.3 265,648.6 368.9 1,714.6 5,834.9 17,237.4 74,213.4 166,279.5 1,358.7 0.8 41.5 99.5 73.2 126.4 1,017.3 February 268,747.9 267,385.3 368.8 1,731.5 5,827.4 16,988.7 74,124.5 168,344.4 1,362.6 0.8 41.5 99.6 73.2 126.4 1,021.1 March 269,026.4 267,662.6 368.7 1,751.6 5,822.3 16,491.0 74,401.9 168,827.0 1,363.8 0.8 41.5 99.6 73.2 126.4 1,022.2 Qtr.IV 257,296.3 255,929.2 368.7 1,766.8 5,753.1 14,867.2 69,534.0 163,639.4 1,367.1 0.8 41.5 99.6 73.3 126.7 1,025.2 April 272,033.8 270,668.8 368.8 1,778.9 5,859.4 16,242.9 74,544.8 171,874.1 1,364.9 0.8 41.5 99.6 73.3 126.5 1,023.2 May 263,500.8 262,135.3 368.8 1,766.5 5,774.9 15,421.2 72,478.5 166,325.4 1,365.6 0.8 41.5 99.6 73.3 126.6 1,023.7 June 257,296.3 255,929.2 368.7 1,766.8 5,753.1 14,867.2 69,534.0 163,639.4 1,367.1 0.8 41.5 99.6 73.3 126.7 1,025.2 2024/25 Qtr.I 259,707.6 258,338.6 368.7 1,777.6 5,740.5 14,225.1 70,176.0 166,050.7 1,369.0 0.8 41.5 99.7 73.3 126.6 1,026.9 July 253,896.0 252,528.5 368.7 1,772.2 5,733.6 14,441.6 68,138.6 162,073.8 1,367.5 0.8 41.5 99.7 73.3 126.7 1,025.4 August 248,734.5 247,366.8 368.7 1,765.8 5,694.3 13,771.3 66,464.4 159,302.3 1,367.7 0.8 41.5 99.7 73.3 126.7 1,025.7 September 259,707.6 258,338.6 368.7 1,777.6 5,740.5 14,225.1 70,176.0 166,050.7 1,369.0 0.8 41.5 99.7 73.3 126.6 1,026.9 Qtr.II 300,715.8 299,346.3 368.9 1,860.1 5,905.7 16,537.1 81,713.6 192,960.9 1,369.5 0.8 41.5 99.8 73.4 126.6 1,027.4 October 259,912.6 258,542.8 369.1 1,836.8 5,811.1 14,168.8 69,825.9 166,531.2 1,369.9 0.8 41.5 99.8 73.4 126.6 1,027.7 November 275,585.5 274,215.6 369.0 1,846.4 5,845.8 15,087.9 74,184.7 176,881.9 1,369.9 0.8 41.5 99.8 73.4 126.6 1,027.7 December 300,715.8 299,346.3 368.9 1,860.1 5,905.7 16,537.1 81,713.6 192,960.9 1,369.5 0.8 41.5 99.8 73.4 126.6 1,027.4 Table 10: Circulating Notes and Coins by Denomination End of Period Value of Notes & Coins Denomination of Notes: Birr Denominations of Coins: Cents Total Value (Notes) 1 5 10 50 25 50 100(coin) 100 200 Total Value (Coins) 1 5 10

National Bank of Ethiopia Quarterly Bulletin 96 Second Quarter 2024/25 Agriculture 5 6 7 11.0-12 Lending to all sectors 14-15 Industry, mining, power, and water resources 6 8 9 13.0-14 Domestic trade 6 8 9.5 14.0-15 Lending to the Central Gov't 12-13 Transport and communications 6 8 8 13.0-14 Export trade 6 13.0-14 Import trade (agricultural inputs) 5 6 7 14.0-15 Import trade (other) 6 8 9.5 14.0-15 Hotels and tourism 6 8 9 14.0-15 Other Financial Inst. 10.5 Construction 6 8 9 11.0-12 Housing (1) purchase 6 6 8 11.0-12 Interbank Rate 10 (2) construction 4.5 4.5 7 11.0-12 Central Government -- 3.0-5.0 -- 12.0-13 Banks and financial institutions -- 2.5-4.5 -- 10.0 Personal loans -- -- 10 14.0-15 B. Deposit rates 1.Time deposits 30 days notice -- 10.5 10.5 3 months to less than 6 months -- 10.5 10.5 6 months to less than 12 months -- 11 11 1 year to less than 2 years Differed by 11.5 11.5 2 years and above ownership 12 12 and maturity Memorandum Items: Rate differentials for 1 year and over Financial institutions (1 year): 1.0 Gov'nt-owned under takings (1 year): 1.0 Individuals, savings and credit cooperatives;self-help organizations: 1 year 6.0 2 years 6.5 3 years 7.0 5 years 7.5 Others:1 year 4.0 2 years 0.8 3 years 5.0 5 years 5.5 10 10 Rate differentials: Individuals, savings and credit cooperatives; self-help organizations: Up to Br. 100,000 6.0 In excess of Br. 100,000 2.0 C. Minimum and Maximum Interest Rates Minimum interest rates on Time and Savings Deposits 10 11 10 7 6 3 4 5 7 Maximum lending rate by commercial banks & other financial institutions, 15 16 15 10.5 Market except for central government loan determined Central Government loan 12 6 6 5 3 01/12/2010 to 10-Oct-2017 11/10/2017 to todate Sep.16,1996- Dec. 31,1997 Jan. 1,1998- Mar. 3, 2002 Mar. 4,2002- 01/08/2002 Aug. 2002 to 07/02/2005 08/02/2005 04/07/2007 04/07/2007 30/11/2010 June 1, 1996- Sep. 15, 1996 NBE Lending to: CBEs/ Discount Rate/ 10.5 Deposit rates Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- Jan. 1, 1995 2.Savings deposits Differed by ownership and maturity Minimum and Maximum Interest Rates Jan. 2, 1995- Nov. 30, 1995 Dec. 1, 1995- May 30, 1996 Sept.1,1994- Jan. 1, 1995 Cooperatives State Private Table 11: Interest Rate Structures A. Lending rates (by CBE and specialized banks) Sector Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 97 Table 12: Government Internal Debt by Holder Non￾interest bearing Interest bearing Comm. Banks Total Gov't Bonds Treasury Bills Others Total Gov't Bonds Treasury Bills 1=2+6+9 2=3 to 5 3 4 5 6=7+8 7 8 9=10+11 10 11 2022/23 Qtr.I 752596.5 416991.5 219500.0 5226.6 192264.9 193191.5 26621.4 166,570.1 142,413.4 18.1 142395.3 July 718855.3 397427.1 199500.0 5662.2 192264.9 189596.8 26580.0 163,016.9 131,831.4 18.1 131813.3 August 728670.0 396991.5 199500.0 5226.6 192264.9 192382.0 26607.4 165,774.6 139,296.4 18.1 139278.3 Sebtember 752596.5 416991.5 219500.0 5226.6 192264.9 193191.5 26621.4 166,570.1 142,413.4 18.1 142395.3 Qtr.II 816290.9 473991.5 40000.0 5226.6 428764.9 185538.9 31999.1 153,539.8 156,760.4 18.1 156742.3 October 773897.9 443991.5 10000.0 5226.6 428764.9 184217.9 27487.3 156,730.7 145,688.4 18.1 145670.3 November 789349.4 463991.5 30000.0 5226.6 428764.9 175226.4 29062.5 146,164.0 150,131.4 18.1 150113.3 December 816290.9 473991.5 40000.0 5226.6 428764.9 185538.9 31999.1 153,539.8 156,760.4 18.1 156742.3 Qtr.III 848646.7 513991.5 80000.0 5226.6 428764.9 159934.9 24644.0 135,290.9 174,720.2 18.1 174702.1 January 834923.0 493991.5 60000.0 5226.6 428764.9 177440.5 34142.3 143,298.2 163,491.0 18.1 163472.9 February 849089.7 503991.5 70000.0 5226.6 428764.9 172547.5 24470.1 148,077.4 172,550.7 18.1 172532.6 March 848646.7 513991.5 80000.0 5226.6 428764.9 159934.9 24644.0 135,290.9 174,720.2 18.1 174702.1 Qtr.IV 923913.3 563991.5 130000.0 5226.6 428764.9 165652.2 24989.9 140,662.3 194,269.6 18.1 194251.5 April 870422.3 533991.5 100000.0 5226.6 428764.9 154903.2 24674.2 130,229.0 181,527.6 18.1 181509.5 May 886361.1 543991.5 110000.0 5226.6 428764.9 153130.0 24345.6 128,784.4 189,239.6 18.1 189221.5 June 923913.3 563991.5 130000.0 5226.6 428764.9 165652.2 24989.9 140,662.3 194,269.6 18.1 194251.5 2023/24 Qtr.I 975835.0 580120.4 147000.0 4355.5 428764.9 176238.8 22304.1 153934.7 219475.8 18.1 219457.7 July 947938.0 573120.4 140000.0 4355.5 428764.9 172068.8 22298.3 149770.5 202748.8 18.1 202730.7 August 969878.6 580120.4 147000.0 4355.5 428764.9 174717.4 22301.3 152416.1 215040.8 18.1 215022.7 Sebtember 975835.0 580120.4 147000.0 4355.5 428764.9 176238.8 22304.1 153934.7 219475.8 18.1 219457.7 Qtr.II 990553.2 600120.4 167000.0 4355.5 428764.9 153459.6 23623.2 129836.4 236973.2 18.1 236955.1 October 967153.3 580120.4 147000.0 4355.5 428764.9 163673.7 22307.1 141366.6 223359.2 18.1 223341.1 November 972068.4 590120.4 157000.0 4355.5 428764.9 153262.8 22309.9 130952.8 228685.2 18.1 228667.1 December 990553.2 600120.4 167000.0 4355.5 428764.9 153459.6 23623.2 129836.4 236973.2 18.1 236955.1 Qtr.III 1041337.0 630120.4 197000.0 4355.5 428764.9 154090.8 24305.3 129785.5 257125.8 18.1 257107.7 January 1014670.6 610120.4 177000.0 4355.5 428764.9 153795.8 23939.1 129856.7 250754.3 18.1 250736.2 Febraury 1028984.7 620120.4 187000.0 4355.5 428764.9 152239.9 23944.1 128295.8 256624.3 18.1 256606.2 March 1041337.0 630120.4 197000.0 4355.5 428764.9 154090.8 24305.3 129785.5 257125.8 18.1 257107.7 Qtr.IV 1140070.4 675120.4 242000.0 4355.5 428764.9 182388.3 24709.2 157679.1 282561.7 18.1 282543.6 April 1084374.3 650120.4 217000.0 4355.5 428764.9 166590.9 24310.4 142280.5 267662.9 18.1 267644.8 May 1094598.3 650120.4 217000.0 4355.5 428764.9 170091.9 24315.8 145776.1 274385.9 18.1 274367.8 June 1140070.4 675120.4 242000.0 4355.5 428764.9 182388.3 24709.2 157679.1 282561.7 18.1 282543.6 2024/25 Qtr.I 1715976.7 675120.4 242000.0 4355.5 428764.9 1016946.4 921346.6 95599.8 23909.9 18.1 23891.8 July 2022281.0 675120.4 242000.0 4355.5 428764.9 1056478.8 921336.1 135142.8 290681.7 18.1 290663.6 August 1732357.2 675120.4 242000.0 4355.5 428764.9 1037405.7 921428.3 115977.4 19831.1 18.1 19813.0 Sebtember 1715976.7 675120.4 242000.0 4355.5 428764.9 1016946.4 921346.6 95599.8 23909.9 18.1 23891.8 Qtr.II 1718033.0 675120.4 0.0 4355.5 670764.9 1000834.8 918936.3 81898.4 42077.8 18.1 42059.7 October 1718459.4 675120.4 0.0 4355.5 670764.9 1010071.6 921351.9 88719.7 33267.4 18.1 33249.3 November 1724478.4 675120.4 0.0 4355.5 670764.9 1008771.6 919937.0 88834.6 40586.4 18.1 40568.3 December 1718033.0 675120.4 0.0 4355.5 670764.9 1000834.8 918936.3 81898.4 42077.8 18.1 42059.7

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

National Bank of Ethiopia Quarterly Bulletin 98 Second Quarter 2024/25 Table 13: Quarterly General Government Revenue (In million Birr) Budget 3mon(QI) 6months (QII) 9Months (QIII) 12Months (QIV) Budget 3mon(QI) 6 Months (QII) Tax revenue 774,416.4 147,537.4 366,512.3 218,974.9 532,987.3 166,475.0 716,172.2 183,184.8 1,248,832.7 245,916.4 564,151.3 318,234.9 Direct taxes 353,003.3 59,366.8 180,833.8 121,467.0 250,301.5 69,467.7 340,600.2 90,298.7 559,493.2 92,128.5 249,420.4 157,292.0 Income and profits tax 337,876.4 57,544.0 176,634.8 119,090.8 244,688.8 68,054.1 330,391.6 85,702.8 515,677.6 88,674.7 241,076.5 152,401.8 Personal income 130,979.5 27,295.2 61,527.6 34,232.4 101,172.9 39,645.3 142,491.9 41,319.0 184,470.9 39,777.6 85,251.5 45,474.0 Rental income tax 10,002.8 2,394.5 5,927.4 3,532.9 7,605.3 1,677.9 8,173.8 568.5 14,616.4 4,444.4 10,855.7 6,411.3 Business profits 157,691.6 24,458.0 99,083.6 74,625.6 120,912.0 21,828.4 156,510.5 35,598.5 254,072.5 37,075.0 126,668.9 89,593.9 Withholding income tax on imports 10,527.6 199.2 1,785.5 1,586.3 2,105.4 319.9 2,490.6 385.2 17,072.7 909.9 3,626.3 2,716.4 Agriculture income 1,283.4 29.1 418.3 389.1 786.8 368.6 1,097.5 310.7 4,119.3 134.6 1,996.6 1,862.0 Other income 21,363.2 2,814.2 4,927.1 2,112.9 7,951.5 3,024.4 13,974.0 6,022.4 30,505.8 4,238.0 8,883.1 4,645.0 Interest income tax 4,887.2 111.4 2,610.5 2,499.1 3,614.0 1,003.5 4,942.7 1,328.7 9,264.0 1,971.2 3,587.2 1,616.0 Capital gains tax 1,141.3 242.4 354.7 112.4 540.9 186.1 710.7 169.8 1,556.0 124.0 207.2 83.2 Rural land use fee 516.5 12.0 443.0 431.1 697.5 254.4 1,026.5 329.0 3,648.6 267.9 1,976.2 1,708.3 Urban land lease fee 14,610.3 1,810.8 3,756.0 1,945.2 4,915.2 1,159.2 9,182.0 4,266.9 40,167.0 3,185.9 6,367.7 3,181.8 Domestic indirect taxes 233,824.4 41,590.8 95,600.5 54,009.7 154,255.2 58,654.6 197,033.0 42,777.8 338,680.7 70,799.8 137,472.7 66,673.0 Sales/TOT/excise taxes 120,444.9 18,189.2 41,748.9 23,559.7 71,895.6 30,146.7 82,286.7 10,391.1 178,794.7 32,316.7 64,358.6 32,041.9 Petroleum products 1,415.7 654.1 1,299.3 645.2 2,166.0 866.7 3,205.0 1,039.0 2,369.0 563.2 1,012.3 449.1 Alcohol and tobacco 6,441.9 1,826.7 6,672.9 4,846.2 5,637.6 (1,035.3) 7,436.4 1,798.8 10,402.0 2,202.0 3,798.0 1,596.0 Other goods 112,587.4 15,708.4 33,776.7 18,068.3 64,092.0 30,315.3 71,645.4 7,553.3 166,023.7 29,551.5 59,548.3 29,996.8 Services TOT/ sales tax 100,522.8 21,398.2 49,678.5 28,280.3 75,855.1 26,176.6 105,722.8 29,867.7 143,495.5 36,290.6 67,795.8 31,505.2 Stamp duties 12,856.8 2,003.4 4,173.1 2,169.8 6,504.4 2,331.3 9,023.5 2,519.0 16,390.5 2,192.5 5,318.4 3,125.8 Import duties and taxes 187,576.4 46,574.3 90,063.0 43,488.7 128,410.6 38,347.6 178,503.6 50,093.0 350,637.7 82,981.6 177,240.1 94,258.5 Custom duties 67,838.3 21,593.9 42,096.2 20,502.3 60,445.9 18,349.7 84,010.8 23,564.9 116,159.6 26,540.6 61,526.6 34,986.0 Sales/excise taxes 86,590.2 20,033.7 38,771.8 18,738.1 55,054.0 16,282.2 75,464.0 20,410.1 161,863.6 39,881.0 79,913.4 40,032.4 Petroleum products 4,619.1 672.9 2,003.8 1,330.9 2,570.3 566.5 3,289.6 719.3 8,634.6 1,065.9 2,782.9 1,717.0 Alcohol and tobacco 857.2 91.8 209.0 117.2 312.8 103.8 640.3 327.5 1,602.4 458.5 656.4 197.8 Other imports 81,113.8 19,269.0 36,559.0 17,290.0 52,170.9 15,611.9 71,534.2 19,363.2 151,626.6 38,356.6 76,474.1 38,117.5 Surtax on imports 33,147.9 4,946.7 9,195.0 4,248.3 12,910.7 3,715.7 19,028.7 6,118.0 46,534.6 6,498.4 13,477.6 6,979.3 Export taxes 12.4 5.5 15.0 9.5 20.1 5.1 35.5 15.4 21.2 6.5 18.0 11.5 Coffee duties - - - - Coffee surtax - - - - Other - - - - Transaction tax - - - - Social walfare levy 26,080.04 10,061.58 22,322.4 12,260.9 Non-tax revenue 157,622.1 15,835.3 44,986.5 29,151.2 80,657.2 35,670.7 123,922.7 43,265.5 245,032.5 33,690.3 82,508.1 48,817.8 Charges and fees 6,945.1 2,357.8 5,938.1 3,580.3 9,767.9 3,829.8 13,744.3 3,976.4 25,625.0 3,819.3 11,887.9 8,068.5 Sales of goods & services 12,951.1 2,126.3 5,829.2 3,703.0 10,328.0 4,498.7 21,355.8 11,027.8 36,977.6 3,589.8 15,016.9 11,427.1 Residual surplus, capital charge, interest payments and state dividend 23,474.4 141.0 847.1 706.1 6,094.9 5,247.8 16,465.7 10,370.9 27,478.4 2,848.0 3,873.0 1,025.0 Reimbursement & property sales 2,059.1 319.8 623.7 304.0 1,288.6 664.8 4,805.0 3,516.4 1,330.4 723.2 2,085.2 1,362.0 Miscellaneous 38,864.9 3,493.4 8,616.9 5,123.4 12,970.4 4,353.5 10,219.4 (2,751.0) 21,481.8 6,680.4 13,265.5 6,585.1 Other extraordinary - - - - - - - - - - - - Privatization proceeds - - - - - - - - - - - - Other revenue 73,327.4 7,397.0 23,131.4 15,734.4 40,207.5 17,076.1 57,332.5 17,125.0 132,139.2 16,029.6 36,379.6 20,349.96 Total revenue 932,038.5 163,372.6 411,498.8 248,126.2 613,644.5 202,145.7 840,094.8 226,450.3 1,493,865.3 279,606.6 646,659.4 367,052.71 External grants 41,119.6 0.0 14,951.2 14,951.2 24,339.2 9,388.0 33,031.7 8,692.6 214,091.0 67,725.5 102,284.8 34,559.21 Grants in kind/earmarked 34,770.2 - 14,951.20 14,951.20 24,339.2 9,388.0 33,031.7 8,692.6 83,831.0 17,604.5 36,047.3 18,442.82 Untied cash & CPF/grants 6,349.4 - - - - - - - 130,260.0 50,121.0 66,237.4 16,116.39 Total revenue and grants 973,158.2 163,372.6 426,450.0 263,077.4 637,983.7 211,533.7 873,126.5 235,142.8 1,707,956.3 347,332.2 748,944.11 401,611.92 Source: Ministry of Finance, National Bank of Ethiopia 2016 2023/24 Pre actual 2017 2024/25 Pre actual Ethiopian fiscal year, Fiscal year ending July 7

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 99 Table 14: General Government Quarterly Expenditure (In million Birr) Budget 3months (QI) 6months (QII) 9months (QIII) 12Months (QIV) Budget 3mon(QI) 6months (QII) A. Capital Expenditure Economic development 278,620.0 38,900.2 109,447.4 70,547.1 179,416.7 69,969.3 275,982.7 96,566.0 404,313.9 64,041.1 180,347.1 116,306.0 Agriculture 39,102.5 7,545.9 16,297.4 8,751.5 27,147.8 10,850.4 37,217.5 10,069.7 52,238.2 12,523.4 37,295.4 24,772.0 Natural Resource 56,359.6 5,311.6 26,458.2 21,146.6 38,435.8 11,977.7 62,557.7 24,121.9 80,075.4 12,537.5 32,904.0 20,366.5 o/w: Water 50,304.1 5,052.8 24,122.0 19,069.1 38,114.0 13,992.0 59,988.0 21,874.0 57,145.7 11,393.9 32,768.9 21,375.0 Mines & Energy 2,696.7 289.8 610.3 320.6 1,079.1 468.7 1,130.8 51.7 2,474.5 588.7 1,619.1 1,030.4 Trade, Industry & Tourism 8,145.4 381.9 3,497.2 3,115.3 6,294.2 2,797.0 10,246.7 3,952.5 16,300.6 2,021.2 6,016.0 3,994.8 Urban dev't & housing 20,477.3 12,832.2 30,003.4 17,171.2 49,267.0 19,263.6 71,527.1 22,260.1 100,353.5 15,617.7 47,401.1 31,783.3 Road construction 93,888.9 11,196.0 30,115.6 18,919.5 52,824.3 22,708.7 85,416.1 32,591.9 129,582.3 18,884.9 50,878.2 31,993.3 Transport & communication 57,949.7 1,342.8 2,465.3 1,122.5 4,368.6 1,903.2 7,886.7 3,518.2 23,289.4 1,867.7 4,233.3 2,365.6 Social Development 83,897.2 11,416.8 32,479.6 21,062.8 57,773.9 25,294.3 92,963.5 35,189.7 135,548.8 23,505.5 51,217.2 27,711.7 Education 40,736.7 6,541.8 20,188.2 13,646.4 35,655.2 15,467.0 58,626.3 22,971.1 59,990.1 12,260.5 25,922.2 13,661.7 Health 32,604.6 4,025.2 9,369.3 5,344.1 17,441.7 8,072.4 26,578.3 9,136.7 58,962.3 8,296.1 19,297.4 11,001.3 Socail welfare 3,426.8 450.4 1,821.9 1,371.5 2,881.0 1,059.1 4,156.9 1,275.9 7,283.9 1,673.7 3,561.9 1,888.2 Culture & sport 7,129.2 399.5 1,100.3 700.8 1,796.0 695.7 3,602.0 1,806.0 9,312.5 1,275.2 2,435.8 1,160.6 General Development 131,030.3 8,842.7 30,408.9 21,566.1 55,556.0 25,147.1 98,511.4 42,955.4 206,543.3 15,402.7 51,566.1 36,163.4 Compensation payments 0.0 - - - - - - - - External assistance 34,770.2 7,301.7 14,951.2 7,649.4 24,339.2 9,388.0 33,031.7 8,692.6 83,831.0 17,604.5 36,047.3 18,442.8 Sub Total Capital Expenditure 493,547.5 59,159.8 172,335.8 113,176.1 292,746.5 120,410.7 467,457.6 174,711.1 746,406.0 102,949.3 283,130.4 180,181.0 B. Current Expenditure General Services 179,175.4 44,467.7 100,130.8 55,663.2 150,256.6 50,125.8 230,741.7 80,485.2 258,843.1 55,575.3 134,685.7 79,110.4 Organ of the State 23,202.5 5,718.8 13,587.8 7,869.0 21,355.5 7,767.7 37,143.2 15,787.7 46,528.0 8,581.7 22,249.4 13,667.8 Justice 16,052.2 1,829.7 6,506.0 4,676.3 11,712.0 5,206.0 17,869.7 6,157.7 24,609.8 4,185.5 13,179.8 8,994.2 Defence 50,000.0 17,355.0 35,572.2 18,217.3 51,191.9 15,619.6 71,121.8 19,929.9 65,700.0 17,183.2 43,275.4 26,092.2 Public order & security 48,320.3 9,397.6 22,630.5 13,232.9 33,738.2 11,107.7 53,982.8 20,244.6 64,865.0 13,161.2 27,220.7 14,059.5 Other General services 41,600.4 10,166.6 21,834.3 11,667.7 32,259.1 10,424.7 50,624.2 18,365.1 57,140.3 12,463.7 28,760.4 16,296.7 Economic Services 81,574.3 11,552.2 32,434.3 20,882.2 48,938.9 16,504.5 63,103.7 14,164.8 73,446.4 17,342.9 34,383.0 17,040.0 Agriculture&natural resource 48,546.9 6,768.8 20,468.6 13,699.8 31,247.7 10,779.1 36,909.0 5,661.4 42,178.7 8,545.1 18,537.3 9,992.2 Agriculture 39,776.9 5,496.5 16,944.4 11,447.9 25,936.6 8,992.2 29,464.0 3,527.4 32,610.7 6,466.4 14,597.5 8,131.1 Natural resource 8,769.9 1,272.2 3,524.1 2,251.9 5,311.1 1,786.9 7,445.0 2,133.9 9,568.0 2,078.8 3,939.9 1,861.1 o/w: Water 7,146.2 1,116.2 2,690.8 1,574.6 5,483.2 2,792.4 7,303.6 1,820.4 4,859.6 611.1 3,522.9 2,911.8 Trade, Industry & Tourism 12,927.7 2,719.3 6,705.5 3,986.3 10,355.7 3,650.1 14,658.7 4,303.1 15,790.4 4,876.8 8,995.7 4,118.9 Mines & Energy 361.3 46.6 168.7 122.1 297.0 128.2 407.6 110.6 397.4 106.4 256.5 150.1 Tourism 618.8 11.7 185.8 174.1 334.2 148.3 575.4 241.2 582.0 107.9 449.2 341.3 Transport & communication 2,995.4 511.0 1,037.5 526.5 2,335.4 1,298.0 3,217.6 882.2 5,553.5 660.7 1,363.5 702.7 Urban devt. & construction 14,829.4 1,172.4 3,185.6 2,013.2 3,444.6 259.0 6,053.5 2,608.9 7,380.9 3,025.0 4,080.6 1,055.6 o/w: Road Construction 4,138.0 533.4 1,689.7 1,156.3 1,947.7 258.0 3,804.8 1,857.0 4,027.9 2,335.5 2,432.0 96.5 Economic development studies 1,294.8 322.4 682.6 360.2 924.4 241.7 1,281.9 357.5 1,563.5 20.9 700.1 679.2 Social Services 244,902.3 43,707.4 99,182.2 55,474.9 168,737.7 69,555.4 247,932.4 79,194.7 288,102.2 53,497.0 124,890.2 71,393.2 Education & training 159,685.1 28,746.4 66,198.1 37,451.7 110,728.1 44,530.0 162,057.1 51,329.0 178,057.9 35,435.8 78,392.5 42,956.7 Culture & sports 5,455.3 1,500.3 2,890.6 1,390.2 4,499.4 1,608.8 6,854.3 2,354.9 7,902.0 1,668.0 3,548.0 1,880.0 Public health 67,567.0 10,224.8 23,236.9 13,012.2 43,176.1 19,939.1 61,216.5 18,040.5 84,471.1 12,250.8 33,913.3 21,662.5 Labour & social welfare 2,632.5 647.2 1,441.1 793.9 2,202.3 761.2 3,713.6 1,511.3 5,725.1 951.7 2,343.7 1,392.0 Rehabilitation 9,562.3 2,588.6 5,415.6 2,826.9 8,131.8 2,716.2 14,090.9 5,959.2 11,946.2 3,190.7 6,692.7 3,502.0 Interest & Charges 105,470.0 12,032.3 29,269.4 17,237.1 53,551.6 24,282.2 68,888.3 15,336.6 175,631.5 25,311.2 47,710.3 22,399.1 Internal debt 88,458.0 10,892.7 25,230.6 14,337.9 42,853.9 17,623.3 56,774.2 13,920.3 148,033.1 19,782.5 36,047.5 16,265.0 External debt 17,012.0 1,139.6 4,038.8 2,899.2 10,697.8 6,659.0 12,114.1 1,416.3 27,598.4 5,528.7 11,662.8 6,134.1 O/w: defence commercial - - - - - Miscellaneous 95,805.8 3,167.7 18,744.5 15,576.8 29,909.3 11,164.8 41,953.6 12,044.2 435,586.3 8,843.6 25,177.2 16,333.6 External assistance * 0.0 - - - - - - - Sub Total Current Expenditure 706,927.8 114,927.2 279,761.3 164,834.1 451,394.1 171,632.8 652,619.7 201,225.5 1,231,609.4 160,570.2 366,846.4 206,276.3 Grand Total Expenditure 1,200,475.3 174,086.9 452,097.1 278,010.2 744,140.6 292,043.5 1,120,077.3 375,936.6 1,978,015.5 263,519.5 649,976.8 386,457.3 Source: Ministry of Finance, National Bank of Ethiopia * Estimated value 2016 2023/24 Pre-actual 2017 2024/25 Pre actual Ethiopian fiscal year, Fiscal year ending July 7

National Bank of Ethiopia Quarterly Bulletin 100 Second Quarter 2024/25 MGR Jet fuel Gasoil LFO HFO Total fuel oil Qtr.I 159,613.1 210,503.5 616,810.6 8,886.7 14,477.8 1,070,195.8 83,268.5 Qtr.II 133,745.9 212,529.5 648,408.0 10,582.6 8,425.3 1,077,952.0 83,268.5 Qtr.III 141,900.1 133,970.7 659,674.5 9,393.6 10,290.6 1,018,813.7 83,268.5 Qtr.IV 142,182.9 84,127.5 643,282.9 8,690.9 9,700.0 952,861.8 83,268.5 Qtr.I 145,183.0 99,180.5 613,828.1 8,195.6 12,300.0 941,460.1 83,268.5 Qtr.II 176,894.5 107,969.3 630,617.5 6,914.5 15,500.0 998,749.8 83,268.5 Qtr.III 154,240.3 129,945.4 654,442.0 7,750.0 13,602.4 1,021,896.2 83,268.5 Qtr.IV 176,255.2 106,927.1 636,567.6 7,300.0 16,010.8 1,003,018.4 83,268.5 Qtr.I 169,292.8 127,007.6 677,243.3 13,809.6 10,437.5 1,056,812.1 83,268.5 Qtr.II 169,625.8 126,027.1 625,325.9 9,985.0 12,995.0 1,004,247.3 83,268.5 Qtr.III 161,316.3 139,263.2 625,222.2 4,935.0 12,770.0 943,506.7 17,705.0 Qtr.IV 173,484.2 104,408.7 669,411.2 7,210.0 9,397.3 963,911.4 16,607.3 Qtr.I 166,296.6 147,176.4 649,322.3 4,500.0 2,000.0 969,295.3 6,500.0 Qtr.II 168,681.6 129,360.2 606,671.5 6,500.0 13,000.0 924,213.3 19,500.0 Qtr.III 187,823.6 150,727.4 684,586.0 6,672.2 13,440.1 1,043,249.3 20,112.3 Qtr.IV 183,697.6 194,451.4 606,270.1 6,179.0 13,150.8 1,003,748.8 19,329.7 Qtr.I 154,992.4 145,961.7 596,183.3 7,400.0 7,900.0 912,437.4 15,300.0 Qtr.II 198,679.4 209,934.2 645,535.7 7,698.2 11,503.8 1,073,351.3 19,202.0 Qtr.III 167,262.1 166,926.9 546,034.0 8,030.1 7,898.7 896,151.8 15,928.8 QIV 187,558.9 149,738.2 575,024.2 7,169.0 11,780.8 931,271.1 18,949.8 Qtr.I 152,915.2 191,590.1 658,276.7 6,788.8 12,585.3 1,022,156.1 19,374.1 Qtr.II 160,088.18 211,426.4 625,523.9 7,600.8 14,340.0 1,018,979.3 21,940.8 2023/24 2024/25 Table 15: Domestic Refining and Imports of Ptroleum Period 2022/23 (In Metric Tone) 2019/20 2020/21 2021/22

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 101 Table 16: GDP By Economic Activity at Constant Prices (In millions of Birr) 2009 2010 2011 2012 2013 2014 2015 2016 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 Agriculture, Hunting and Forestry 579,022.9 599,331.4 622,220.3 648,711.8 684,775.8 726,412.8 771,163.0 824,259.4 Crop 374,649.8 392,291.8 404,049.6 422,966.5 446,919.4 477,801.1 511,777.5 551,862.1 Animal Farming and Hunting 153,170.4 154,038.0 163,279.5 168,722.4 178,571.3 186,759.1 195,057.3 205,367.7 Forestry 51,202.7 53,001.7 54,891.1 57,022.9 59,285.2 61,852.6 64,328.3 67,029.7 Fishing 1,389.4 1,546.7 1,581.8 1,625.9 1,653.4 2,015.5 2,794.3 3,621.0 Mining and Quarrying 4,296.9 3,402.8 2,658.9 5,089.3 10,960.7 11,624.5 10,796.1 12,779.1 Manufacturing 111,249.6 117,410.7 127,986.7 137,601.5 144,618.9 151,583.9 162,125.7 175,745.9 Large and Medium Scale Manufacturing 73,528.2 77,966.5 87,691.9 96,268.6 102,266.2 108,223.9 117,266.1 129,228.4 Small Scale and Cottage Industries 37,721.5 39,444.2 40,294.7 41,332.9 42,352.7 43,360.1 44,859.6 46,517.6 Electricity and Water 11,552.5 11,929.0 14,115.4 15,136.4 16,522.3 17,593.6 19,826.3 23,400.1 Construction 286,749.6 331,691.4 381,443.8 419,078.0 446,721.7 468,435.8 501,490.4 546,459.8 Whole Sale and Retail Trade 215,351.0 241,936.3 268,037.0 285,293.1 303,204.7 327,260.0 352,241.8 379,833.4 Hotels and Restaurants 41,625.2 44,335.3 48,143.8 49,220.4 50,484.9 54,536.5 60,146.9 65,644.1 Transport and Communications 215,351.0 241,936.3 104,436.2 105,646.1 113,090.7 124,120.5 139,047.5 154,861.1 Financial Intermediation 41,625.2 44,335.3 57,368.6 65,274.3 71,158.1 78,636.2 86,092.9 91,275.5 Real Estate, Renting and Business Activities 70,005.2 74,364.3 79,942.0 87,510.2 95,299.7 103,829.9 113,274.2 123,259.3 Public Administration and Defense 70,488.5 76,754.1 83,662.0 85,612.2 89,770.1 93,768.3 97,515.9 102,314.6 Education 41,031.0 42,520.8 44,221.6 44,784.1 45,694.9 46,432.3 47,583.1 48,786.2 Health and Social Work 16,767.9 18,153.4 20,747.2 23,414.2 26,554.3 29,413.0 32,650.5 36,311.2 Other Community , Social & Personal Services 19,198.4 20,178.0 21,454.2 21,995.5 22,426.8 22,890.2 23,400.6 24,072.7 Private Households with Employed Persons 16,633.3 17,276.0 17,707.4 18,115.5 18,515.9 18,939.5 19,329.1 19,726.7 Total 1,613,519.9 1,739,254.9 1,895,726.7 2,014,108.6 2,141,452.8 2,277,492.4 2,439,478.1 2,632,350.2 Less : FISIM 17,038.3 19,763.6 21,037.4 24,520.9 27,214.5 28,829.5 29,556.7 28,397.3 Gross Value Added at Constant Basic Prices 1,596,481.6 1,719,491.3 1,874,689.3 1,989,587.7 2,114,238.3 2,248,662.8 2,409,921.4 2,603,952.9 Taxes on Products 120,645.6 114,575.2 112,468.2 119,592.3 113,931.8 98,085.2 91,585.7 80,572.4 GDP at Constant Market Prices 1,717,127.2 1,834,066.5 1,987,157.5 2,109,180.1 2,228,170.1 2,346,748.0 2,501,507.2 2,684,525.2 Source:MoPD Sectors/Year

National Bank of Ethiopia Quarterly Bulletin 102 Second Quarter 2024/25 Table 17: Growth Rate of GDP By Economic Activity at Constant Prices (In percent) 2009 2010 2011 2012 2013 2014 2015 2016 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 Agriculture, Hunting and Forestry 6.7 3.5 3.8 4.3 5.6 6.1 6.2 6.9 Crop 8.2 4.7 3 4.7 5.7 6.9 7.1 7.8 Animal Farming and Hunting 4.2 0.6 6 3.3 5.8 4.6 4.4 5.3 Forestry 3.6 3.5 3.8 3.9 4.0 4.3 4.0 4.2 Fishing 0.5 11.3 2.3 2.8 1.7 21.9 38.6 29.6 Mining and Quarrying -29.8 -20.8 -21.9 91.4 115.4 6.1 -7.1 18.4 Manufacturing 24.7 5.5 7.7 7.5 5.1 4.8 7.0 8.4 Large and Medium Scale Manufacturing 19.2 6.0 10 9.8 6.2 5.8 8.4 10.2 Small Scale and Cottage Industries 36.9 4.6 3 2.6 2.5 2.4 3.5 3.7 Electricity and Water 4.9 3.3 4 7.2 9.2 6.5 12.7 18.0 Construction 20.7 15.7 15 9.9 6.6 4.9 7.1 9.0 Whole Sale and Retail Trade 6.5 12.3 11.7 6.4 6.3 7.9 7.6 7.8 Hotels and Restaurants 0.1 6.5 9 2.2 2.6 8.0 10.3 9.1 Transport and Communications 15.1 6.4 21 1.2 7.0 9.8 12.0 11.4 Financial Intermediation 18.3 10.7 10.1 10.2 9.0 10.5 9.5 6.0 Real Estate, Renting and Business Activities 4.4 6.2 7.5 9.5 8.9 9.0 9.1 8.8 Public Administration and Defense 13.2 8.9 9 2.3 4.9 4.5 4.0 4.9 Education -3.2 3.6 4 1.8 2.0 1.6 2.5 2.5 Health and Social Work 7.0 8.3 14.3 12.9 13.4 10.8 11.0 11.2 Other Community , Social & Personal Services 4.5 5.1 6.3 2.5 2.0 2.1 2.2 2.9 Private Households with Employed Persons 3.5 3.9 2.5 2.3 2.2 2.3 2.1 2.1 Total 10.2 7.8 8.9 6.2 6.3 6.4 7.1 7.9 Less : FISIM 17.6 16.0 7 14.2 11.0 5.9 2.5 -3.9 Gross Value Added at Constant Basic Prices 10.1 7.7 9.0 6.1 6.3 6.4 7.2 8.1 Taxes on Products 1.6 -5.0 -1.8 6.3 -4.7 -13.9 -6.6 -12.0 GDP at Constant Market Prices 9.5 6.8 8.3 6.1 5.6 5.3 6.6 7.3 Source: MoPD Industry/Year

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 103 Table 18: GDP by Economic Activity at Current Prices (In million Birr) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 Agriculture, Hunting and Forestry 542,700 616,843 684,644 910,589.1 1,196,254.2 1,626,284.1 2,312,286.2 3,114,215.0 4,087,852.8 Crop 346,294 393,324 427,193 587,216.0 797,015.6 1,122,637.7 1,639,822.3 2,189,185.1 2,880,082.2 Animal Farming and Hunting 146,960 164,730 191,867 247,337.3 303,074.1 385,788.3 523,066.6 731,290.9 949,484.2 Forestry 49,447 58,788 65,584 76,035.8 96,164.4 117,858.2 149,397.2 193,738.9 258,286.3 Fishing 1,382 2,259 2,351 3,020.6 3,747.5 5,034.3 5,351.5 7,481.6 10,084.5 Mining and Quarrying 6,117 4,840 4,053 3,368.1 9,643.4 30,909.1 34,587.9 29,329.9 50,066.7 Manufacturing 89,247 113,387 128,200 150,530.5 178,972.3 199,934.1 261,122.9 390,709.0 517,803.5 Large and Medium Scale Manufacturing 61,687 74,763 84,791 104,723.1 125,757.6 141,915.1 185,656.5 285,203.1 381,197.6 Small Scale and Cottage Industries 27,559 38,624 43,410 45,807.5 53,214.7 58,019.0 75,466.4 105,505.9 136,605.9 Electricity and Water 11,015 13,714 15,026 18,726.4 23,826.9 30,434.9 34,860.6 53,134.9 64,312.8 Construction 237,545 300,209 452,978 495,283.1 567,201.4 687,236.9 1,068,150.2 1,661,757.3 2,355,789.2 Whole Sale and Retail Trade 202,241 225,076 275,513 360,656.3 444,506.1 554,457.8 801,596.4 1,129,865.3 1,604,889.0 Hotels and Restaurants 41,601 44,922 53,441 66,596.7 79,304.1 95,766.7 129,976.7 195,338.3 271,055.2 Transport and Communications 70,453 77,659 82,947 99,884.4 140,312.7 183,481.3 251,762.7 314,877.2 381,487.4 Financial Intermediation 39,769 51,810 69,359 85,044.1 102,994.4 122,893.7 180,666.7 238,373.1 331,181.7 Real Estate, Renting and Business Activities 67,063 70,793 79,553 106,157.2 154,804.2 228,594.8 404,030.6 715,651.7 1,032,988.6 Public Administration and Defense 62,259 80,817 94,614 103,262.3 120,235.7 159,154.9 188,988.2 260,507.3 307,964.0 Education 42,386 61,123 75,776 85,738.9 94,199.3 116,406.3 127,857.9 164,357.3 214,067.8 Health and Social Work 15,669 18,770 24,100 27,328.0 34,927.8 40,104.3 47,995.9 60,118.6 72,311.6 Other Community , Social & Personal Services 18,371 20,568 23,634 28,140.8 33,305.6 39,400.7 49,977.4 66,077.1 87,645.1 Private Households with Employed Persons 16,064 19,879 25,428 31,181.0 38,264.3 45,764.8 67,753.0 80,607.1 112,313.4 Total 1,463,883 1,722,669 2,091,618 2,575,507.5 3,222,499.9 4,165,858.8 5,966,964.9 8,482,400.7 11,501,813.4 Less : FISIM 14,486 18,870 26,829 31,884.3 39,104.0 46,801.9 67,289.5 79,436.0 102,399.8 Gross Value Added at Constant Basic Prices 1,449,397 1,703,798 2,064,789 2,543,623.2 3,183,395.8 4,119,057.0 5,899,675.3 8,402,964.6 11,399,413.6 Taxes on Products 118,700 128,755 137,583 152,599.6 191,351.1 221,967.3 257,339.9 319,343.1 352,724.5 GDP at Current Market Prices 1,568,097 1,832,554 2,202,373 2,696,222.7 3,374,746.9 4,341,024.2 6,157,015.2 8,722,307.7 11,752,138.1 Source: MoPD Industry/Year 1

National Bank of Ethiopia Quarterly Bulletin 104 Second Quarter 2024/25 Table 19: Growth Rates of GDP by Economic Activity at Current Prices (%) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 Agriculture, Hunting and Forestry 12.1 13.7 11.0 33.0 32.6 35.9 42.2 34.7 31.3 Crop 11.9 13.6 8.6 37.5 35.7 40.9 46.1 33.5 31.6 Animal Farming and Hunting 11.1 12.1 16.5 28.9 27.0 27.3 35.6 39.8 29.8 Forestry 16.1 18.9 11.6 16.2 26.5 22.6 26.8 29.7 33.3 Fishing 12.8 63.5 4.1 28.5 24.1 34.3 6.3 39.8 34.8 Mining and Quarrying -2.3 -20.9 -16.3 -16.9 186.3 220.5 11.9 (15.2) 70.7 Manufacturing 7.0 27.0 13.1 17.4 18.9 11.7 30.6 49.6 32.5 Large and Medium Scale Manufacturing 6.3 21.2 13.4 20.2 20.1 12.8 30.8 53.6 33.7 Small Scale and Cottage Industries 10.4 40.1 12.4 3.0 16.2 9.0 30.1 39.8 29.5 Electricity and Water 4.3 24.5 9.6 20.7 27.2 27.7 14.5 52.4 21.0 Construction 60.3 26.4 50.9 9.3 14.5 21.2 55.4 55.6 41.7 Whole Sale and Retail Trade 8.1 11.3 22.4 32.4 23.2 24.7 44.6 41.0 42.0 Hotels and Restaurants 22.9 8.0 19.0 25.1 19.1 20.8 35.7 50.3 38.8 Transport and Communications 22.4 10.2 6.8 20.4 40.5 30.8 37.2 25.1 21.2 Financial Intermediation 21.7 30.3 33.9 22.6 12.2 19.3 47.0 31.9 38.9 Real Estate, Renting and Business Activities 5.1 5.6 12.4 33.4 45.8 47.7 76.7 77.1 44.3 Public Administration and Defense 20.8 29.8 17.1 9.1 16.4 32.4 18.7 37.8 18.2 Education 19.8 44.2 24.0 13.1 11.3 23.6 9.8 28.5 30.2 Health and Social Work 21.3 19.8 28.4 13.4 27.8 14.8 19.7 25.3 20.3 Other Community , Social & Personal Services 9.9 12.0 14.9 19.1 18.4 18.3 26.8 32.2 32.6 Private Households with Employed Persons 4.8 23.7 27.9 22.6 22.7 19.6 48.0 19.0 39.3 Total 18.2 17.7 21.4 23.3 25.3 29.3 43.2 42.2 35.6 Less : FISIM 24.6 30.3 42.2 22.0 13.8 19.7 43.8 18.1 28.9 Gross Value Added at Current Basic Prices 18.2 17.6 21.2 23.3 25.4 29.4 43.2 42.4 35.6 Taxes on Products 12.8 12.9 6.9 10.9 25.4 16.0 15.9 24.1 10.5 GDP at Current Market Prices 17.7 16.9 20.2 22.4 25.2 28.6 41.8 41.7 34.7 Source: MoPD Sectors/Year 1

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 105 Table 20: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices (In Millions of Birr) 2004 2005 2006 2012 2013 2014 2015 2016 2011 /12 2012/13 2013/14 2019/20 2020/21 2021/22 2022/23 2023/24 Gross Value Added at Current Basic Prices 710,011.5 818,870.1 1,002,350.9 3,183,395.8 4,119,056.00 5,899,675.3 8,403,773.7 11,399,413.6 Taxes on Products, net 56,882.0 70,618.0 86,098.0 191,351.1 221,967.0 257,339.9 319,343.1 352,724.5 GDP at Current Market Prices 766,915.5 889,644.9 1,088,631.8 3,374,746.9 4,341,024.0 6,157,015.2 8,723,116.8 11,752,138.1 Incomes from ROW, net (1,659.8) (1,942.8) (2,914.6) (19,203.0) (22,381.0) (27,861.8) (23,923.3) (18,601.4) Gross National Income at Current Basic Prices 708,351.7 816,927.4 999,436.3 3,164,192.9 4,096,676.0 5,871,813.5 8,379,850.4 11,380,812.2 Gross National Income at Current Market Prices 765,255.7 887,702.1 1,085,717.2 3,355,544.0 4,318,643.7 6,129,153.5 8,699,193.5 11,733,536.7 Current Transfers from ROW, net 86,849.9 93,355.1 106,357.3 210,332.1 292,126.0 400,304.3 421,000.8 414,622.4 Gross National Disposable Income 852,105.6 981,057.2 1,192,074.5 3,565,876.0 4,610,770.0 6,529,457.8 9,120,194.3 12,148,159.1 Government Final Consumption Expenditure 72,783.5 91,074.7 115,104.0 308,096.7 383,565.0 453,263.1 551,106.6 650,000.0 Private Final Consumption Expenditure 544,140.3 639,963.8 748,560.3 2,363,783.1 3,135,110.0 4,765,752.5 6,884,213.0 9,422,416.4 Gross Capital Formation (Investment) 275,811.3 293,930.7 400,841.2 1,031,962.8 1,216,585.0 1,560,324.8 1,933,863.0 2,409,022.1 Exports of Goods and Services 102,886.6 108,227.1 123,496.0 240,525.0 331,294.0 507,581.9 575,369.7 652,778.8 Imports of Goods and Services 236,383.9 251,300.6 308,691.3 569,620.6 725,530.0 1,129,907.1 1,221,435.5 1,382,079.2 Resource Balance (133,497.3) (143,073.5) (185,195.3) (329,095.7) (394,236.0) (622,325.2) (646,065.9) (729,300.4) Gross Domestic Savings 149,991.7 158,606.3 224,967.5 702,867.1 822,349.0 937,999.6 1,287,797.1 1,679,721.7 Gross National Savings 235,181.8 250,018.7 328,410.1 893,996.2 1,092,095.0 1,310,442.1 1,684,874.6 2,075,742.7 Mid-year Population (In Million) 82.7 84.8 87.0 99.7 101.9 104.1 105.7 108.4 Per Capita Nominal GDP (In Birr) 9,268.6 10,486.5 12,520.2 33,849.0 42,595.0 59,155.4 82,521.5 108,401.1 Per Capita Real GDP (In Birr) 13,090.3 14,118.3 15,189.1 21,155.3 21,860.5 22,578.4 23,645.1 24,761.9 Average Exchange Rate (Birr/USD) 17.3 18.3 19.1 31.3 39.0 48.6 53.3 56.0 Real GDP (In USD) 62,777.3 65,528.4 69,237.3 67,294.2 57,101.7 48,387 46,909.2 47,970.2 Nominal GDP (In USD)(Million) 44,449.6 48,671.9 57,071.7 107,672.6 111,261.9 126,772.7 163,712.9 210,000.9 Per Capita Nominal GDP (In USD) 537.2 573.7 656.4 1,080.0 1,091.8 1,218.0 1,549.0 1,937.0 Per Capita Real GDP (In USD) 758.7 772.4 796.3 675.0 560.3 464.9 443.8 442.5 GDP Deflator 0.71 0.74 0.82 1.60 1.95 2.62 3.49 4.38 Source: MoPD Description / Year 1

National Bank of Ethiopia Quarterly Bulletin 106 Second Quarter 2024/25 Table 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings 2008 2009 2010 2011 2012 2013 2014 2015 2016 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 GDP at Current Basic Prices 18.2 17.6 21.2 23.3 25.2 29.4 43.2 42.4 35.6 Taxes on Products, net 12.9 8.5 6.9 10.9 25.4 16.0 15.9 24.1 10.5 GDP at Current Market Prices 17.7 16.9 20.2 22.5 25.2 28.6 41.8 41.7 34.7 Incomes from ROW, net (2.9) (112.5) (31.8) (33.0) 46.5 16.5 24.5 -20.9 22.2 Gross National Income at Current Basic Price 18.3 17.2 21.1 23.3 25.0 29.5 43.3 42.7 35.8 Gross National Income at Current Market Price 17.8 16.6 20.1 22.5 25.1 28.7 41.9 41.9 34.9 Current Transfers from ROW, net 21.5 (0.6) 21.7 25.7 (12.5) 38.9 37.0 5.0 -1.5 Gross National Disposable Income 18.1 15.0 20.2 22.8 22.0 29.3 41.6 39.7 33.2 Government Final Consumption Expenditure 27.2 16.6 10.8 9.7 24.6 24.5 18.2 21.6 17.9 Private Final Consumption Expenditure 15.7 17.0 18.2 27.9 27.9 32.6 52.0 44.4 36.9 Gross Capital Formation (Investment) 15.1 20.3 6.7 26.2 8.8 17.9 28.3 23.9 24.6 Exports of Goods and Services 0.8 14.1 31.8 15.9 12.7 37.7 53.2 13.3 13.5 Imports of Goods and Services 8.0 1.3 16.7 11.8 1.4 27.4 55.7 8.0 13.2 Resource Balance (11.3) 3.9 (9.4) (9.5) (5.5) 19.8 57.9 3.7 -12.9 Gross Domestic Savings 19.4 16.6 30.7 12.2 17.0 17.0 14.1 37.4 30.4 Gross National Savings 20.3 10.3 28.1 16.4 8.0 22.2 20.0 28.7 23.2 Mid-year Population (in Million) 2.4 2.4 2.3 2.2 2.1 1.5 2.6 Per Capita GDP (Birr) (Nominal) 15.0 14.2 17.5 19.8 22.5 25.8 38.9 39.5 31.4 Per Capita GDP (Birr) (Real) 5.0 7.0 4.4 5.8 4.1 3.3 3.3 4.7 -82.0 Average Exchange Rate (Birr/USD) 5.0 6.2 16.5 7.6 11.5 24.5 24.5 9.7 5.0 Real GDP (USD) 2.4 3.1 (8.3) 0.6 (4.8) -15.1 -15.3 -3.1 -83.0 GDP at Current Market Prices(USD) 12.1 10.0 3.2 13.7 12.0 3.3 13.9 29.1 24.4 Per Capita GDP (USD) (Nominal) 9.5 7.5 0.9 11.5 9.6 1.1 11.6 27.2 25.1 Per Capita GDP (USD) (Real) 0.0 0.7 (10.4) (1.5) (6.8) -17.0 -17.0 -4.5 -82.9 Percentage Change in GDP Deflator 9.5 6.7 12.5 13.3 17.6 21.8 34.5 33.2 631.8 Source:MoPD Description / Year

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 107 Period General Index Food and Non-Alcoholic Beverages Alcoholic Beverages and Tobacco Clothing & Foot-wear Hosing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 2015/16 Q.I 94.4 93.9 93.6 96.3 87.7 91.2 87.6 96.5 103.9 83.7 91.4 88.0 94.7 90.8 Q.II 94.3 94.8 94.6 96.8 87.7 92.8 92.0 98.2 101.3 88.2 99.8 90.8 95.6 91.8 Q.III 94.9 95.2 101.3 97.9 91.1 95.9 93.8 97.2 100.3 91.1 99.8 92.6 96.5 94.6 Q.IV 97.8 98.7 94.9 99.0 97.0 96.9 97.4 97.0 101.5 92.3 99.9 94.9 97.8 96.9 2016/17 QI 100.4 102.5 92.4 99.2 100.1 97.7 95.1 98.1 99.7 93.5 100.0 97.6 98.5 98.2 QII 100.4 101.3 97.3 99.5 100.1 99.2 98.8 99.3 99.9 98.4 100.0 99.1 99.0 99.4 QIII 102.4 103.0 104.4 100.7 102.3 101.2 104.3 103.9 99.8 99.0 100.0 98.1 100.9 101.7 QIV 106.5 109.5 98.3 102.1 102.8 107.9 113.4 104.7 102.1 111.6 99.4 101.6 101.9 103.0 2017/18 QI 112.0 113.9 104.5 116.0 113.3 111.1 97.0 106.3 101.7 113.1 106.0 107.9 102.2 109.9 QII 115.6 116.6 110.7 119.8 119.7 115.3 92.9 108.9 103.4 114.0 107.5 113.5 104.5 114.5 QIII 118.8 118.7 117.3 126.3 123.4 122.4 99.9 111.4 105.9 117.9 109.2 114.0 109.5 118.9 QIV 122.8 123.1 108.2 135.8 127.8 129.1 101.3 113.2 107.2 120.9 110.4 118.6 115.6 122.5 2018/19 QI 127.4 128.2 112.3 141.1 131.3 133.9 107.2 115.5 106.7 122.6 117.5 123.7 119.6 126.5 QII 127.9 128.3 112.3 144.7 130.0 136.3 110.6 119.7 101.1 124.9 125.8 128.1 119.8 127.4 QIII 131.9 132.0 121.2 150.7 133.1 141.5 116.0 128.9 101.5 126.6 126.3 130.8 123.6 131.8 QIV 141.0 145.6 125.1 151.6 137.0 147.4 114.8 132.3 105.5 127.7 129.5 135.7 131.4 135.7 2019/20 QI 149.5 156.6 127.0 156.4 144.7 150.0 120.2 136.0 105.6 129.8 132.6 145.9 135.6 141.4 QII 153.1 158.5 131.5 158.6 153.8 151.4 126.6 139.5 102.8 141.4 134.1 152.0 139.8 146.8 QIII 159.6 164.5 137.4 159.7 167.2 153.6 130.3 146.6 101.0 143.2 134.3 156.7 145.5 153.9 QIV 171.2 179.2 163.0 167.1 168.5 156.4 143.4 192.6 108.1 140.3 135.6 159.3 149.5 161.9 2020/21 QI 179.9 192.1 158.5 170.3 172.2 158.7 147.4 218.3 106.1 140.2 130.3 165.2 155.3 165.8 QII 181.9 193.7 168.8 177.3 174.8 159.8 155.9 171.1 104.3 153.9 145.6 176.7 161.3 168.3 QIII 191.9 201.8 176.8 185.6 188.5 173.6 170.6 200.0 117.3 163.1 149.9 183.3 169.3 180.4 QIV 207.7 224.0 184.0 199.0 189.2 196.7 189.6 209.5 125.9 175.6 152.8 192.8 184.7 188.9 2021/22 QI 234.9 263.5 202.5 213.2 202.0 217.8 206.3 209.0 119.9 189.2 164.9 205.3 195.1 201.8 QII 244.0 271.9 218.7 223.0 211.4 228.2 221.6 209.3 121.0 220.7 184.8 218.6 200.3 211.9 QIII 257.7 286.3 240.5 225.8 223.2 249.4 232.8 217.3 125.8 238.3 190.1 233.4 215.8 224.6 QIV 282.2 317.0 259.4 250.3 227.7 292.5 246.9 223.5 129.9 256.6 196.8 262.2 253.8 242.1 2022/23 QI 310.4 351.0 270.8 287.0 239.6 327.2 256.5 265.1 133.7 286.4 207.3 291.1 287.7 263.7 QII 325.9 360.4 298.9 307.6 260.5 360.7 268.2 278.8 127.5 350.6 222.5 312.1 326.5 286.1 QIII 343.8 378.0 324.1 327.9 276.2 386.7 293.6 276.8 128.3 359.9 223.5 335.5 351.5 304.4 QIV 370.1 410.0 333.5 351.6 295.1 416.3 329.7 290.3 133.4 357.7 231.3 361.3 369.4 324.2 2023/24 QI 398.0 444.5 359.5 354.6 320.4 438.9 371.2 297.2 161.4 359.9 227.8 382.9 378.6 344.5 QII 419.6 468.9 375.0 366.8 346.1 449.3 382.9 319.5 167.2 330.9 282.3 400.9 397.7 362.9 QIII 439.7 494.8 412.8 375.5 351.6 461.1 400.5 342.1 173.7 335.2 287.2 421.2 410.4 376.2 QIV 451.5 512.8 420.3 362.7 352.5 472.4 423.8 342.0 170.4 332.4 291.8 443.2 424.6 380.8 2024/25 QI 468.6 531.83 430.371 371.5 371.308 488.22902 447.9 354 172.6 342.8 294.4 465.1 431.7 395.8 QII 494 561.08 442.378 385.9 395.223 498.399172 455.3 433.7 168.2 341 315.3 491.8 446.7 416.7 Source: Ethiopian Statistical Service (ESS) and NBE Staff Compilation Table 22(A): National Non-Food Consumer Price Index,

National Bank of Ethiopia Quarterly Bulletin 108 Second Quarter 2024/25 December 2016=100 Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Fish & Sea Food Hosing,Water, Electricity, Gas and Other Fuels Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate & confectionery Food products Non-Alcoholic Beverages 2015/16 Q.I 97.9 94.3 90.9 90.1 102.9 88.7 96.6 76.3 131.6 87.8 QII 96.6 94.0 92.1 92.2 99.5 95.7 96.5 77.0 120.8 85.1 QIII 95.2 95.7 92.8 96.9 96.6 96.2 96.5 81.7 101.2 81.1 QIV 98.7 98.2 96.4 100.2 99.7 96.1 103.0 83.9 101.8 84.1 2016/17 Q.I 102.6 102.9 100.7 99.4 99.9 98.7 106.8 86.7 104.6 92.3 Q.II 101.3 102.7 100.6 100.0 100.8 99.3 99.6 100.0 94.6 105.6 99.3 Q.III 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 Q.IV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 113.9 123.6 113.8 101.1 108.5 100.5 119.5 110.2 94.4 122.0 101.3 QII 116.6 125.7 115.7 104.2 112.4 96.9 128.9 113.8 95.9 125.0 108.5 QIII 118.7 123.6 123.0 101.1 115.7 95.1 134.4 120.4 97.2 133.5 105.2 QIV 123.1 133.8 131.5 110.8 122.8 95.1 133.8 116.9 98.1 137.4 109.7 2018/19 QI 128.2 139.7 137.0 112.1 127.8 95.9 133.1 124.8 102.1 136.9 115.9 QII 128.3 140.0 137.1 114.2 129.8 97.5 141.0 124.3 105.3 137.8 112.1 QIII 132.0 142.1 142.0 115.3 135.3 98.0 147.9 133.6 106.7 143.2 106.5 QIV 145.7 156.8 157.9 113.3 145.6 104.6 160.2 157.8 112.0 148.1 109.6 2019/20 QI 156.6 175.6 170.3 114.5 149.8 107.8 168.7 167.2 115.3 153.1 116.0 QII 158.5 182.5 174.5 116.7 149.1 106.5 183.1 163.4 112.7 153.8 119.3 QIII 164.5 182.7 179.2 122.9 153.4 112.9 187.7 171.3 104.9 177.4 127.5 QIV 179.2 201.5 189.6 139.2 158.9 118.5 187.0 189.1 107.1 195.5 137.9 2020/21 QI 192.1 216.9 192.7 150.7 163.3 123.7 175.9 208.2 106.2 209.3 151.4 QII 193.7 223.7 196.3 148.8 172.5 135.7 182.6 192.9 114.1 210.0 159.7 QIII 201.8 233.6 200.6 158.4 191.7 147.3 195.4 202.0 117.9 213.4 159.4 QIV 224.0 265.3 225.7 161.6 216.8 181.1 204.5 212.4 120.3 234.8 170.8 2021/22 QI 263.5 320.2 252.0 188.2 223.4 241.9 219.6 235.9 124.5 284.7 210.2 QII 271.9 326.9 250.1 193.3 227.2 250.6 253.6 243.7 138.9 294.4 231.9 QIII 286.4 332.5 262.5 194.1 254.6 285.6 254.9 256.3 146.8 298.1 271.9 QIV 317.0 357.0 303.2 259.7 301.7 323.7 265.5 291.2 148.1 315.0 312.1 2022/23 QI 351.0 400.8 342.7 401.8 332.3 400.2 313.8 304.8 163.1 329.8 349.7 QII 360.4 414.1 357.3 437.9 342.0 403.6 352.0 307.5 170.5 338.3 362.2 QIII 378.0 441.6 374.0 459.8 366.3 392.6 381.0 339.1 193.3 342.6 346.1 QIV 410.0 492.3 417.6 435.9 384.2 384.2 395.9 384.7 218.8 349.6 347.1 2023/24 QI 444.5 547.0 447.5 385.4 408.4 417.0 406.0 421.1 226.0 355.9 361.0 QII 468.9 594.6 461.2 391.2 424.9 392.1 424.0 456.1 230.6 366.9 357.5 QIII 494.8 627.4 476.6 397.4 449.8 394.9 436.0 506.3 246.3 390.9 336.6 QIV 512.8 652.3 516.8 410.4 455.2 424.6 428.8 492.6 298.2 433.9 350.9 2024/25 QI 531.8 679.3 535.1 411.7 464.9 455.7 434.7 497.4 309.9 446.7 383.3 QII 561.1 692.5 550.3 415.4 477.3 501.6 453.8 544.9 320.7 479.6 432.2 Source: Ethiopian Statistical Service (ESS) and NBE Staff Compilation Table 22 (B): National Food Consumer Price Index,

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 109 Period General Index Food & Non-alcoholic Beverages Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 2015/16 Q.I 101.4 107.4 95.7 99.8 97.7 96.1 96.8 99.7 100.0 98.0 83.4 93.9 98.2 96.8 QII 100.8 103.3 99.4 100.5 98.2 98.0 99.9 100.0 100.0 99.6 100.0 98.0 99.2 98.9 QIII 98.2 97.0 98.4 101.4 96.5 103.8 102.3 98.3 100.0 101.3 100.0 99.4 101.6 99.2 QIV 100.6 101.7 100.4 103.5 96.4 105.4 102.7 97.5 100.0 103.5 100.0 100.5 102.5 99.7 2016/17 QI 103.9 107.3 109.8 105.0 97.9 107.8 103.6 97.5 100.0 105.0 100.0 103.3 102.1 101.3 QII 101.5 102.2 104.7 104.0 98.6 105.1 102.5 98.3 100.0 104.4 100.0 102.5 101.2 100.9 QIII 100.9 100.4 103.8 100.6 101.7 101.7 98.5 104.1 100.0 99.5 97.4 100.1 103.2 101.3 QIV 104.1 104.4 100.9 94.8 103.0 107.5 107.6 107.9 114.4 105.4 96.9 99.9 102.5 103.8 2017/18 QI 112.3 109.2 103.3 98.8 133.7 114.3 113.7 106.5 115.3 107.3 100.4 104.9 100.9 114.8 QII 117.6 110.3 103.0 101.2 151.3 120.5 113.9 106.9 116.5 107.3 99.9 118.5 106.5 123.1 QIII 121.1 113.1 112.7 104.8 158.3 126.6 117.3 107.7 116.8 109.7 99.7 120.2 111.3 127.2 QIV 127.1 117.7 114.1 111.3 170.0 132.4 131.8 109.4 116.8 112.2 100.1 127.5 119.4 134.2 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 137.4 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 140.0 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 145.1 QIV 145.3 141.4 127.1 121.1 188.3 153.5 139.6 121.5 118.0 115.7 121.9 142.9 130.7 148.2 2019/20 QI 152.8 155.5 126.7 123.3 192.5 155.8 140.5 123.6 118.3 118.2 125.4 144.9 134.5 150.8 QII 156.7 157.1 125.2 121.4 207.3 160.0 138.4 125.9 116.8 125.2 128.4 149.4 140.2 156.5 QIII 163.1 160.9 149.7 131.6 225.7 163.9 150.4 124.3 114.6 124.4 132.1 154.1 143.7 164.9 QIV 178.2 178.6 174.4 138.2 241.2 164.8 155.8 191.5 114.8 119.9 130.6 154.6 147.9 177.9 2020/21 QI 186.4 197.7 179.4 149.4 236.5 165.7 162.7 181.7 115.0 122.1 118.1 158.2 154.1 177.7 QII 185.7 194.4 175.0 155.2 243.1 169.9 169.6 149.6 115.5 132.1 143.2 160.8 159.0 179.2 QIII 193.6 201.4 188.1 165.5 254.3 181.6 184.4 155.2 115.6 131.1 150.5 167.2 166.7 187.7 QIV 212.2 229.5 209.6 176.6 267.7 202.7 188.3 161.4 116.8 135.2 148.7 179.1 180.8 199.0 2021/22 QI 234.8 265.3 218.9 191.5 281.4 221.6 208.1 161.7 117.7 153.3 161.3 198.6 192.5 211.7 QII 242.0 270.1 223.0 195.0 286.3 241.8 221.4 163.9 118.1 182.2 195.9 214.3 201.0 220.7 QIII 253.7 277.5 233.8 209.3 300.0 257.0 241.6 188.7 118.8 204.7 198.8 236.7 213.5 235.6 QIV 279.3 311.6 256.4 239.8 306.7 289.2 278.1 192.3 122.6 231.8 201.1 271.5 257.6 254.8 2022/23 QI 308.7 346.3 290.0 266.9 328.2 319.3 283.7 238.7 127.5 261.8 214.3 303.7 283.2 280.1 QII 323.2 358.0 312.9 312.6 327.6 355.8 327.1 260.9 129.6 280.3 212.0 309.3 322.0 296.7 QIII 355.7 381.5 331.8 357.8 402.9 382.5 341.4 273.6 131.2 295.3 217.4 345.0 361.7 336.1 QIV 399.1 438.2 349.0 389.4 458.9 408.6 368.7 303.2 131.9 286.5 227.4 384.0 381.0 369.3 2023/24 QI 425.4 471.9 382.2 405.5 502.5 417.1 394.0 295.4 135.4 343.3 228.5 397.0 406.7 390.1 QII 447.0 500.3 397.3 426.6 525.9 427.4 399.7 316.2 135.1 318.3 298.2 404.7 426.6 406.5 QIII 468.0 530.0 429.2 424.6 542.8 441.3 404.1 323.9 138.6 319.1 294.2 443.9 441.9 421.0 QIV 478.8 541.0 453.4 426.8 553.7 450.0 407.6 321.3 140.6 313.4 282.5 484.7 450.9 431.5 2024/25 QI 500.78 563 480.4 439.89 589.16 444.508 486.91 325.39 141.89 340.78 284.51 523.07 473.84 453.5 QII 538.4 604.55 511.38 460.27 602.86 458.855 495.8 504.61 142.9 350.88 289.22 566.76 500.32 488.13 Source: Ethiopian Statistical Service (ESS) and NBE Staff Compilation Table 22 (C): Addis Ababa Non-Food Consumer Price Index

National Bank of Ethiopia Quarterly Bulletin 110 Second Quarter 2024/25 Table 22(D): Addis Ababa Food Consumer Price Index Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 2016/17 QI 106.7 98.6 101.1 98.9 103.0 103.3 122.3 96.8 130.7 93.1 QII 101.8 102.3 100.8 100.0 99.8 102.1 96.9 100.8 96.5 112.0 97.4 QIII 100.4 98.6 97.6 91.6 101.8 105.0 108.8 105.5 100.0 93.8 97.7 QIV 104.4 101.8 106.4 99.9 102.2 107.3 118.7 112.6 99.0 86.1 94.2 2017/18 QI 109.2 109.9 114.6 101.9 105.6 109.5 134.3 111.4 100.0 86.6 100.4 QII 110.3 112.8 114.8 98.4 105.5 109.1 132.5 106.9 100.0 104.0 105.8 QIII 113.1 111.2 117.2 100.4 110.2 110.2 140.3 106.2 100.0 155.7 105.2 QIV 117.7 117.4 126.0 112.3 121.4 114.8 139.3 105.6 100.0 160.3 105.7 2018/19 QI 125.2 124.7 130.0 109.2 125.3 116.0 135.4 123.0 100.0 161.4 109.3 QII 123.7 125.5 127.9 110.4 129.0 116.1 138.4 117.6 100.0 154.7 109.6 QIII 127.5 129.6 135.4 119.4 128.7 117.3 151.8 121.0 100.0 154.9 109.6 QIV 141.4 136.3 151.8 114.2 134.9 122.0 170.9 155.0 114.1 154.1 112.8 2019/20 QI 155.5 155.6 164.5 133.0 142.5 131.2 176.5 171.6 114.1 162.7 116.0 QII 157.1 159.2 171.8 129.1 147.0 133.8 184.5 162.4 114.1 171.0 118.7 QIII 160.9 162.1 175.2 131.2 146.6 142.2 190.7 163.6 114.1 183.3 127.6 QIV 178.6 181.4 182.7 138.1 153.6 150.4 175.8 185.0 114.1 256.7 138.8 2020/21 QI 197.7 194.1 191.8 191.4 158.2 158.2 160.1 218.4 109.3 353.2 144.3 QII 211.7 220.8 213.6 181.0 174.8 184.7 205.2 185.9 141.3 414.7 163.2 QIII 201.4 212.8 197.9 188.5 170.7 174.0 205.1 180.1 141.3 369.3 161.4 QIV 229.5 233.9 238.1 179.6 185.1 204.9 211.6 195.0 141.0 501.2 167.2 2021/22 QI 265.3 255.7 267.8 259.0 211.7 236.2 218.5 225.8 143.6 705.6 202.2 QII 270.1 274.0 256.8 296.5 216.8 273.7 237.9 234.2 181.0 577.5 219.8 QIII 277.5 278.5 268.6 229.5 222.9 317.5 261.0 232.3 191.0 522.6 266.5 QIV 311.6 288.7 328.4 305.3 261.9 381.4 279.1 279.9 195.2 538.4 285.4 2022/23 QI 346.3 320.3 356.2 322.2 304.5 470.2 322.1 314.7 231.7 520.8 316.8 QII 358.0 336.7 379.4 317.8 320.4 493.8 359.1 298.3 234.9 543.8 339.9 QIII 381.5 392.0 406.5 334.8 343.2 415.7 417.1 312.8 332.2 542.1 348.2 QIV 438.2 463.4 454.9 346.3 377.9 426.6 405.9 409.1 336.4 550.4 353.3 2023/24 QI 471.9 497.6 472.9 337.6 406.0 455.0 413.6 464.1 346.7 596.1 367.3 QII 500.3 551.8 485.0 377.0 431.3 440.3 424.6 504.2 349.6 581.2 372.2 QIII 530.0 600.2 503.7 387.1 445.8 477.9 458.8 525.9 441.3 560.4 380.4 QIV 541.0 637.7 550.8 410.0 460.1 518.4 489.7 452.7 517.2 582.6 361.7 2024/25 QI 563.0 661.6 566.8 405.3 475.8 519.8 444.2 473.2 538.6 685.8 371.8 QII 604.5 697.4 572.0 404.8 501.5 559.1 442.9 528.2 586.7 833.0 437.5 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 111 Table 22 (E1): Regional States' Consumer Price Indices (Non-Food) Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2016/17 QI 103.1 104.0 102.2 97.6 97.8 108.0 101.6 114.6 95.8 100.0 99.3 0.0 96.1 96.8 QII 101.4 103.8 98.9 104.3 97.1 97.1 101.6 106.0 98.8 100.0 97.8 33.3 98.5 98.9 QIII 101.4 102.3 100.6 94.3 100.0 104.3 99.3 110.1 95.6 100.7 97.4 100.0 99.8 99.2 QIV 105.4 105.2 105.6 93.3 107.5 114.2 102.0 118.1 105.1 100.7 111.8 92.0 99.6 97.8 2017/18 QI 108.5 109.8 107.2 101.1 105.3 117.3 100.5 120.4 112.9 99.9 110.5 101.3 97.1 98.2 QII 112.8 115.8 109.9 101.1 114.6 117.7 103.4 107.2 123.3 99.8 119.5 98.5 103.5 103.4 QIII 116.8 117.0 116.6 131.6 120.9 114.2 106.8 107.7 123.3 99.9 129.7 95.5 114.9 110.0 QIV 116.7 116.2 117.2 120.4 121.4 120.2 110.8 108.6 123.3 100.5 130.5 93.5 111.4 118.4 2018/19 QI 120.7 124.2 117.4 115.0 124.5 117.8 116.7 109.1 118.8 100.5 132.5 101.9 117.2 118.8 QII 121.1 124.3 118.0 105.4 121.8 116.1 143.9 93.2 124.8 101.6 174.1 110.8 120.1 118.4 QIII 124.2 126.1 122.4 93.6 123.1 134.9 152.0 91.8 123.3 104.0 176.0 115.0 117.5 123.0 QIV 131.7 136.2 127.4 95.7 132.5 139.3 153.7 94.9 130.9 104.5 177.8 115.0 126.1 127.4 2019/20 QI 140.5 151.7 129.6 95.3 134.9 130.6 153.0 102.9 170.3 103.4 164.8 114.8 145.6 141.0 QII 134.9 142.0 128.1 97.7 131.2 135.2 154.0 96.9 149.2 103.6 172.8 114.5 134.2 132.6 QIII 151.1 158.7 143.8 116.7 154.4 135.7 165.2 109.7 218.4 103.6 192.1 118.7 165.5 148.0 QIV 158.7 174.6 143.2 134.0 156.7 125.6 169.5 101.2 222.3 104.6 192.7 127.2 153.7 150.3 2020/21 QI 170.8 179.9 162.0 159.3 168.1 152.7 170.6 106.4 322.8 104.6 189.5 141.0 165.7 150.7 QII 169.1 186.3 152.3 143.3 171.7 134.4 173.3 123.9 203.4 104.6 213.4 119.6 167.4 156.5 QIII 174.3 195.6 153.6 139.4 171.8 136.4 176.6 136.3 203.4 104.6 218.6 118.7 168.3 160.6 QIV 191.7 224.9 159.6 133.1 180.5 145.1 186.9 154.1 218.4 104.6 227.8 133.0 170.3 161.9 2021/22 QI 216.5 256.8 177.6 143.3 180.0 188.9 203.2 161.0 218.4 104.6 249.6 156.4 182.1 183.3 QII 223.0 268.3 179.1 156.8 188.8 173.8 214.1 155.7 203.4 104.6 303.9 171.2 191.3 193.7 QIII 233.3 274.4 193.5 172.7 197.0 197.1 228.9 165.1 218.4 104.6 319.7 175.3 196.8 208.5 QIV 268.7 313.4 225.5 193.3 237.8 245.6 276.5 161.8 218.4 104.6 358.9 226.0 212.1 239.4 2022/23 QI 300.1 356.1 245.9 189.2 258.5 253.3 328.6 189.6 256.2 104.6 419.2 240.7 255.4 279.4 QII 317.3 376.4 260.1 176.3 272.2 251.1 373.4 209.5 327.5 104.6 501.3 240.3 265.3 364.7 QIII 342.0 398.4 287.5 209.0 286.9 275.1 415.1 304.4 305.0 104.6 519.9 193.2 291.2 404.5 QIV 378.0 438.2 319.7 226.0 308.8 320.9 448.7 342.9 387.5 104.6 521.5 230.5 321.8 430.0 2023/24 QI 412.0 487.8 338.6 211.4 351.1 324.3 475.0 404.1 436.8 126.3 541.9 282.8 356.9 431.5 QII 434.3 521.0 350.4 208.2 418.2 300.8 491.8 431.3 457.9 152.2 504.5 365.1 363.4 452.6 QIII 460.3 544.5 378.9 281.4 403.1 373.5 516.8 389.4 397.8 158.1 480.4 393.3 375.2 468.0 QIV 451.6 536.8 369.2 301.9 334.2 381.1 499.0 366.4 346.7 110.8 429.8 432.7 422.4 475.5 2024/25 QI 479.8 574.2 388.4 343.7 342.9 379.3 519.6 392.3 346.7 121.2 427.7 427.5 495.3 491.7 QII 508.0 610.6 408.8 415.3 352.6 380.4 529.2 410.8 376.7 134.4 400.4 404.5 535.6 493.0 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation AFAR

National Bank of Ethiopia Quarterly Bulletin 112 Second Quarter 2024/25 Table 22 (E2): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2015/16 Q.I 89.7 91.5 87.8 95.8 103.5 79.6 90.1 90.0 94.4 108.7 86.6 100.0 86.5 92.7 Q.II 90.9 92.7 89.0 95.9 101.8 80.6 92.4 89.1 101.4 97.7 94.9 100.0 89.7 93.1 Q.III 92.4 93.0 91.7 99.3 102.2 84.5 94.9 97.3 96.3 98.3 96.2 100.0 92.1 94.1 Q.IV 94.9 95.1 94.5 98.9 103.3 89.1 96.1 94.4 101.9 98.8 93.8 100.0 95.3 95.1 2016/17 QI 99.8 101.3 98.1 97.1 101.4 96.9 97.8 88.7 103.5 98.3 97.6 100.0 99.2 96.4 QIII 101.1 102.3 99.8 99.3 100.0 99.4 99.7 99.8 101.7 99.4 98.5 100.0 100.7 98.1 QII 102.4 105.4 99.0 98.4 101.6 98.7 100.3 104.9 102.9 100.0 98.8 95.2 95.9 100.7 QIV 108.7 110.1 107.2 124.7 103.6 108.4 101.9 133.6 104.0 99.1 123.5 95.5 102.1 99.9 2017/18 QI 119.5 118.2 120.9 135.5 108.2 134.1 106.5 154.5 104.0 95.6 125.2 119.0 111.6 102.9 QII 122.4 119.9 125.2 140.4 115.0 138.9 110.2 119.9 105.1 102.7 127.4 119.0 119.5 105.2 QIII 125.5 122.0 129.4 144.8 119.5 145.7 121.2 150.8 105.4 112.8 133.4 119.0 111.1 112.4 QIV 129.0 127.7 130.5 139.8 127.3 145.8 126.1 131.4 106.3 122.3 138.0 119.0 111.6 115.4 2018/19 QI 134.1 133.9 134.2 141.6 132.6 148.5 127.8 155.4 106.9 128.9 140.9 119.0 114.4 124.2 QII 134.4 132.9 136.2 141.1 138.1 149.2 129.9 171.6 116.1 115.3 142.3 120.6 118.7 119.1 QIII 138.3 136.6 140.2 146.3 141.6 149.7 137.5 196.6 122.8 118.1 142.1 121.6 124.7 120.4 QIV 148.6 149.3 147.8 150.3 148.2 161.8 143.7 175.3 125.5 139.3 141.5 136.5 130.1 125.7 2019/20 QI 157.6 161.4 153.3 147.1 148.4 169.4 144.5 193.2 120.5 137.3 144.1 134.7 142.7 127.9 QII 159.7 161.0 158.3 155.1 150.0 176.1 146.8 200.8 123.1 126.3 148.9 138.8 150.3 129.9 QIII 169.7 174.2 164.8 181.6 152.4 180.5 149.5 207.8 148.4 120.4 161.7 126.0 155.8 133.3 QIV 179.0 187.5 169.6 207.9 157.9 180.0 153.4 199.3 190.2 160.6 150.6 142.0 151.5 140.0 2020/21 QI 185.8 200.0 169.8 193.7 159.8 177.8 155.2 222.7 215.2 149.4 140.2 132.7 153.3 150.5 QII 185.9 197.9 172.5 207.2 165.1 182.6 158.3 206.7 143.9 138.8 159.4 138.3 163.6 150.5 QIII 192.0 199.2 184.0 225.7 176.7 188.5 169.5 210.0 146.2 215.0 165.3 144.6 175.0 158.9 QIV 204.2 213.9 193.3 244.6 192.5 185.4 186.7 248.2 164.0 261.2 184.4 153.5 184.0 168.0 2021/22 QI 232.9 255.5 207.6 266.8 204.1 206.5 206.5 257.8 170.6 217.5 195.1 164.4 195.1 174.5 QII 244.2 264.5 221.4 297.2 213.2 219.5 214.7 280.2 193.8 220.8 213.5 164.6 212.0 170.0 QIII 260.6 279.3 239.7 317.5 229.3 236.4 234.6 298.0 192.8 245.7 227.3 187.6 234.5 189.8 QIV 283.1 302.6 261.2 354.1 253.2 240.1 279.6 281.3 192.0 257.3 243.5 207.4 276.0 231.8 2022/23 QI 313.1 344.3 278.1 394.9 275.8 228.9 315.7 307.5 243.9 257.3 272.1 205.7 313.6 269.0 QII 326.0 349.8 299.4 423.0 299.2 238.6 337.9 356.7 270.2 222.5 320.7 281.0 345.6 336.8 QIII 344.9 364.2 323.2 466.0 316.7 268.0 353.2 350.2 276.4 222.5 355.9 260.8 369.9 362.8 QIV 374.4 398.1 347.9 488.9 333.8 299.0 400.7 353.9 267.1 234.8 356.8 275.5 394.7 358.9 2023/24 QI 410.7 442.5 375.1 542.1 341.2 320.4 438.5 398.6 282.7 394.3 333.1 189.1 417.7 340.9 QII 439.4 479.3 394.7 580.6 347.4 344.8 442.9 413.9 294.4 417.2 318.8 320.4 436.1 366.4 QIII 461.2 508.9 407.7 621.8 359.1 345.8 461.0 440.5 339.0 451.2 328.3 359.0 448.0 374.1 QIV 478.4 527.0 423.9 613.6 362.5 373.2 464.6 476.3 404.3 421.2 306.2 404.4 462.6 400.9 2024/25 QI 492.8 546.4 432.9 587.0 376.7 382.8 494.0 439.1 424.9 426.3 315.4 359.6 479.4 395.4 QII 520.7 575.2 459.8 631.6 401.0 413.9 506.4 405.7 516.6 395.9 317.9 465.9 509.7 406.5 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation AMHARA

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 113 Table 22 (E3): Regional States' Consumer Price Indices (Non-Food) Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment & Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2016/17 QI 99.6 100.1 99.0 85.7 100.0 98.9 98.5 149.8 99.6 100.0 98.7 0.0 96.0 100.9 QII 99.8 100.4 99.0 92.2 100.2 99.0 99.6 102.4 106.9 100.0 100.0 33.3 97.6 102.1 QIII 103.3 103.0 101.7 104.4 100.7 102.3 101.2 104.3 103.9 99.8 99.0 100.0 98.1 100.9 QIV 106.5 109.5 103.0 98.3 102.1 102.8 107.9 113.4 104.7 102.1 111.6 99.4 101.6 101.9 2017/18 QI 111.4 117.8 105.4 91.6 96.2 100.7 114.1 98.9 113.9 100.0 161.4 100.0 123.5 103.2 QII 114.8 121.5 108.5 91.4 94.1 99.4 124.0 100.5 118.8 100.0 168.0 100.0 136.3 104.5 QIII 117.6 119.9 115.5 109.9 99.8 102.2 126.8 132.8 122.7 100.0 167.3 100.0 140.8 112.3 QIV 120.7 121.2 120.2 111.3 100.3 103.3 140.9 186.7 120.8 100.0 177.4 100.0 139.9 117.7 2018/19 QI 125.8 129.2 122.6 106.2 102.9 103.6 147.2 189.5 117.7 100.0 174.9 100.0 152.2 119.1 QII 130.0 130.2 129.9 110.3 114.7 101.7 147.5 191.0 119.0 97.8 177.6 100.0 187.4 117.8 QIII 134.8 132.8 136.6 115.1 119.8 103.4 150.0 188.8 121.6 97.8 180.8 112.5 213.6 122.5 QIV 143.4 142.9 143.9 127.9 119.7 110.8 165.9 189.9 127.5 100.0 184.4 104.2 218.8 132.1 2018/19 QI 156.5 164.5 149.1 130.8 134.1 122.3 172.6 196.4 129.1 100.0 200.9 100.0 210.4 135.8 QII 158.9 166.7 151.5 134.6 132.3 123.9 164.8 186.9 132.1 100.0 247.9 125.0 219.6 148.9 QIII 167.2 173.0 161.9 161.4 136.3 131.0 175.2 192.6 132.1 100.0 238.5 125.0 234.1 158.7 QIV 179.9 190.9 169.6 197.1 137.9 128.7 175.7 197.2 140.5 100.0 234.7 125.0 249.5 161.0 2020/21 QI 201.1 222.6 180.8 201.3 147.0 141.5 177.9 195.9 177.9 100.0 236.1 114.6 271.0 169.6 QII 203.4 220.5 187.2 210.7 149.5 153.1 183.1 198.8 132.7 100.0 268.6 125.0 288.0 170.6 QIII 203.7 217.6 190.7 193.5 166.8 188.3 198.5 204.0 139.2 100.0 282.7 125.0 235.4 182.7 QIV 218.6 233.9 204.3 201.8 181.8 172.7 230.5 225.2 140.6 100.0 309.8 125.0 295.6 188.2 2021/22 QI 258.1 289.1 229.0 221.0 201.2 201.4 258.3 239.3 140.6 100.0 311.5 141.7 339.2 205.6 QII 283.6 317.3 252.0 250.7 206.3 236.5 283.8 245.1 144.2 100.0 378.2 154.2 364.3 217.7 QIII 297.0 329.3 266.5 259.7 225.6 251.8 316.1 249.0 151.5 100.0 373.7 141.7 372.6 247.8 QIV 314.8 359.9 272.4 251.3 247.7 230.1 363.8 260.3 192.0 100.0 393.1 150.0 368.6 308.5 2022/23 QI 347.7 405.4 293.5 268.5 263.5 224.6 395.1 269.4 244.2 100.0 467.6 150.0 424.1 349.7 QII 368.0 422.3 316.9 321.0 292.8 235.5 428.6 267.2 255.9 100.0 588.0 170.8 427.4 426.8 QIII 394.5 426.9 364.1 347.8 319.6 247.8 469.3 291.3 266.3 100.0 590.5 158.3 599.4 467.0 QIV 416.8 463.6 372.8 316.2 346.0 225.4 510.1 310.0 279.3 100.0 589.1 150.0 652.9 494.2 2023/24 QI 501.3 584.9 422.7 422.8 395.2 310.5 564.4 356.0 292.1 100.0 615.5 150.0 651.5 459.2 QII 519.0 607.8 435.5 440.1 416.6 318.0 579.8 479.2 334.8 100.0 534.4 166.7 630.7 473.6 QIII 540.3 611.7 473.2 545.9 430.1 307.5 579.8 571.9 380.9 100.0 500.9 200.0 739.2 477.0 QIV 524.5 575.7 476.5 531.9 410.3 301.4 564.7 555.2 380.9 100.0 488.1 200.0 812.3 462.6 2024/25 QI 570.7 657.7 488.9 451.6 456.4 374.5 595.4 637.6 386.5 100.0 539.5 200.0 763.4 436.1 QII 593.3 680.1 511.8 507.4 483.9 404.7 602.3 665.7 399.5 106.3 532.3 216.7 773.1 425.8 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation BENISHANGUL GUMUZ

National Bank of Ethiopia Quarterly Bulletin 114 Second Quarter 2024/25 Table 22 (E4): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2016/17 QI 95.9 100.8 92.8 80.4 95.4 96.8 97.2 98.7 100.0 100.0 97.8 100.0 100.6 97.8 QII 99.8 101.5 98.7 95.2 100.8 98.3 99.9 98.6 100.0 100.0 98.6 100.0 103.0 100.6 QIII 103.4 101.5 104.8 121.4 106.5 101.9 100.1 99.4 100.1 100.0 102.6 99.8 101.6 100.6 QIV 102.8 103.3 102.4 98.5 106.9 106.3 99.4 93.8 95.1 100.0 106.0 101.6 104.0 103.6 2017/18 QI 104.8 105.8 104.1 104.1 97.1 117.2 106.3 103.2 97.6 95.3 100.0 106.8 103.1 105.5 QII 110.0 111.5 109.0 123.9 123.4 104.6 104.5 97.3 95.9 100.0 115.7 103.1 107.3 99.7 QIII 111.0 112.3 110.1 116.3 124.4 105.4 112.9 99.1 98.4 100.0 122.7 103.1 108.0 105.2 QIV 117.5 124.2 112.4 104.4 129.7 108.9 124.1 101.5 100.5 100.0 125.3 103.2 111.3 111.4 2018/19 QI 123.7 133.8 116.2 111.1 130.2 112.1 126.9 104.4 119.4 86.7 124.2 115.8 120.1 114.7 QII 120.0 129.1 113.2 106.5 128.3 114.5 125.2 108.0 107.2 60.2 115.8 112.7 120.2 115.1 QIII 123.4 133.8 115.7 110.6 126.4 117.3 122.9 116.8 115.5 60.2 136.6 122.4 123.6 118.2 QIV 132.9 150.3 120.0 111.0 133.0 123.2 132.0 118.4 111.1 60.2 133.3 124.5 128.4 125.1 2019/20 119.8 QI 140.3 162.6 123.7 104.7 142.0 129.9 138.7 120.4 114.8 60.2 127.9 146.9 133.3 126.1 QII 147.6 169.9 131.0 126.4 154.5 132.5 146.6 133.2 113.6 60.2 128.9 152.5 127.8 134.9 QIII 150.6 167.3 138.2 153.1 164.7 140.3 148.4 139.1 108.5 60.2 129.5 148.7 125.4 135.2 QIV 164.4 187.4 147.2 165.0 167.3 137.9 153.6 137.2 201.8 60.2 129.2 145.4 141.8 135.0 2020/21 QI 181.8 216.5 155.9 166.4 166.0 143.3 157.7 147.1 295.0 60.2 131.9 149.7 151.8 136.4 QII 172.5 204.1 149.0 157.8 154.7 143.2 153.4 168.9 211.2 60.2 142.4 166.0 160.2 135.6 QIII 178.7 215.4 151.3 170.5 160.2 143.1 166.0 176.7 168.6 60.2 151.6 155.3 167.9 131.5 QIV 189.0 233.7 155.6 162.4 168.3 147.0 182.1 166.0 168.6 60.2 186.8 165.8 171.8 138.4 2021/22 QI 217.7 279.7 171.5 190.4 185.7 158.6 196.3 239.2 173.3 60.2 197.4 187.4 185.4 150.8 QII 233.0 295.8 186.1 212.8 209.9 172.9 207.3 251.9 182.1 60.2 203.8 208.8 194.7 163.7 QIII 245.1 294.5 208.2 298.0 215.2 181.6 220.5 243.1 203.5 60.2 203.5 204.9 218.7 181.1 QIV 267.7 323.8 225.8 322.3 224.9 187.9 270.4 249.5 168.6 60.2 203.7 210.1 254.0 217.8 2022/23 QI 303.5 374.9 250.1 335.4 260.7 202.3 301.3 265.0 226.8 60.2 259.8 200.7 286.6 250.2 QII 337.0 402.8 288.0 367.0 372.7 208.2 348.4 249.0 269.3 60.2 322.3 196.3 307.9 318.6 QIII 362.2 426.0 314.6 406.8 420.7 207.3 382.0 262.4 338.0 60.2 316.3 196.5 325.3 368.3 QIV 392.4 478.8 327.8 425.7 438.7 215.0 404.1 286.0 285.0 60.2 339.3 206.2 348.7 407.7 2023/24 QI 413.2 508.8 341.9 436.9 399.4 227.7 426.3 308.0 355.8 60.2 389.9 227.1 385.7 437.3 QII 423.8 532.6 342.7 407.5 409.4 210.2 435.9 314.5 387.0 60.2 373.1 257.2 440.4 446.9 QIII 441.3 556.2 355.5 430.5 426.3 217.8 446.0 336.6 399.5 60.2 388.7 281.4 468.7 445.0 QIV 462.2 594.6 363.4 445.3 441.9 221.1 443.0 347.6 399.5 60.2 408.0 282.5 513.8 436.7 2024/25 QI 487.1 624.0 384.9 469.8 469.2 242.2 457.9 373.1 399.5 60.2 404.9 289.5 549.4 478.3 QII 508.6 664.3 392.3 406.4 485.9 251.1 480.0 405.2 441.4 65.5 422.8 295.6 580.1 519.8 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation DIRE DAWA

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 115 Table 22 (E5): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2016/17 QI 99.9 101.1 97.8 108.9 96.9 98.9 97.4 90.1 95.5 100.0 92.6 0.0 94.3 92.3 QII 99.7 99.5 100.1 110.9 98.1 101.0 98.8 94.4 99.8 100.0 97.6 33.3 97.3 95.5 QIII 101.2 102.2 100.1 108.2 100.6 100.3 95.7 95.3 100.1 100.0 84.9 100.0 98.7 97.3 QIV 103.8 106.5 100.8 114.7 99.8 100.7 99.3 85.0 100.4 100.0 111.9 100.0 98.3 94.2 2017/18 QI 107.7 111.7 103.0 122.0 111.6 101.4 101.9 81.5 101.0 100.4 116.3 100.0 99.7 96.1 QII 108.1 109.3 106.6 129.7 115.3 103.7 113.4 74.3 102.9 100.4 124.6 100.0 103.6 97.8 QIII 108.7 110.1 107.0 132.4 124.4 95.3 120.8 86.4 125.1 100.3 126.0 100.0 115.9 98.6 QIV 116.5 120.6 111.8 134.7 128.1 95.4 125.7 96.4 134.4 115.8 128.8 100.0 140.1 101.7 2018/19 QI 122.5 127.8 116.3 129.2 131.2 104.9 127.9 95.9 134.5 115.2 130.1 100.0 142.6 103.1 QII 119.6 125.0 113.4 134.0 133.5 96.9 131.8 90.1 134.4 109.8 127.0 103.6 143.5 104.8 QIII 121.6 129.1 113.0 144.8 130.8 93.1 137.9 89.4 136.0 97.9 122.9 117.1 146.0 106.1 QIV 129.0 137.3 119.6 151.8 134.2 102.8 138.6 110.2 136.1 95.8 125.9 107.0 148.7 110.3 2019/20 QI 138.9 149.2 127.1 155.7 144.4 109.9 143.2 130.9 149.8 98.2 131.0 143.3 157.4 116.3 QII 139.8 147.6 130.7 153.5 152.8 118.6 145.5 105.2 130.9 105.4 149.7 158.9 165.6 111.8 QIII 149.0 159.3 137.2 190.5 153.0 124.0 140.0 89.3 151.3 121.7 152.2 163.0 160.4 116.6 QIV 165.7 181.3 147.8 250.2 159.3 132.4 151.9 94.0 148.7 120.0 144.8 145.2 150.6 118.6 2020/21 QI 173.7 192.1 152.5 269.9 157.7 135.2 150.2 111.3 175.6 115.2 146.0 146.1 152.9 112.0 QII 173.6 190.6 154.1 265.4 164.6 134.5 151.6 117.9 180.2 118.8 191.2 160.9 161.5 116.6 QIII 184.6 203.3 163.0 283.9 169.5 139.3 163.3 128.4 195.1 124.9 217.1 167.9 178.4 123.5 QIV 193.4 217.9 165.1 280.3 187.8 131.6 194.9 140.4 200.9 131.0 217.0 184.4 182.0 128.2 2021/22 QI 220.2 260.9 173.3 270.4 219.3 137.0 219.5 147.3 209.6 137.0 227.7 202.0 185.8 145.2 QII 229.6 262.4 191.8 291.8 266.9 156.2 231.0 164.2 202.2 128.3 323.6 237.8 196.3 185.3 QIII 250.8 294.7 200.3 292.2 312.1 156.5 264.0 151.6 200.9 157.4 317.3 245.5 205.4 196.0 QIV 275.5 319.7 224.6 313.8 317.1 177.1 307.6 184.4 238.0 198.8 348.7 248.9 228.5 212.1 2022/23 QI 305.3 357.2 245.7 357.0 332.7 180.7 326.9 237.1 238.6 242.4 478.7 227.5 303.9 239.6 QII 316.1 367.1 257.5 370.2 355.4 183.5 335.2 216.2 259.0 235.2 604.7 234.8 344.3 294.7 QIII 335.9 391.2 272.3 400.3 363.6 191.7 378.0 230.4 249.4 244.9 574.7 229.3 347.3 347.7 QIV 357.7 424.9 280.4 447.9 382.8 178.4 400.0 264.6 280.4 262.7 560.0 229.3 371.1 359.6 2023/24 QI 379.4 462.1 284.2 466.6 391.9 169.2 425.8 275.3 258.3 283.0 585.4 252.3 390.9 378.1 QII 396.4 476.6 304.3 510.7 452.9 172.9 455.1 279.1 287.2 363.6 542.7 286.4 399.0 410.6 QIII 422.0 508.3 322.8 552.0 456.9 194.2 488.3 275.1 306.9 325.3 514.8 304.0 402.2 438.9 QIV 429.5 504.9 342.8 580.4 434.4 231.4 520.0 269.6 318.3 253.8 491.0 292.8 427.6 409.5 2024/25 QI 462.3 541.4 371.3 654.3 444.4 250.2 549.3 270.7 332.2 318.1 502.9 299.2 485.3 416.5 QII 481.9 559.7 392.6 695.6 489.3 261.3 584.5 285.7 336.1 322.0 429.4 312.5 526.8 442.9 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation GAMBELLA

National Bank of Ethiopia Quarterly Bulletin 116 Second Quarter 2024/25 Table 22 (E6): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2016/17 QI 97.8 102.3 93.1 84.4 99.0 100.0 97.5 116.5 100.0 100.0 99.7 100.0 99.2 99.2 QIII 97.4 100.7 93.9 85.8 102.3 99.9 98.8 104.3 100.0 100.0 99.5 100.0 97.6 100.6 QII 103.6 100.0 106.1 119.7 98.3 105.1 99.3 101.8 100.0 100.0 99.5 101.0 102.9 101.7 QIV 102.5 107.5 99.0 94.7 104.3 95.5 103.4 99.7 100.0 100.0 107.5 101.2 101.5 99.9 2017/18 QI 103.5 110.8 98.4 86.3 107.9 96.4 102.9 106.7 100.0 100.0 111.6 102.2 104.4 100.5 QII 105.1 110.6 101.3 91.6 111.3 94.0 110.1 106.4 102.3 100.0 111.3 115.5 108.1 104.4 QIII 112.7 110.1 114.4 131.7 115.5 99.6 116.0 111.7 111.7 100.0 113.5 119.2 113.2 106.5 QIV 114.6 116.0 113.6 120.1 115.3 101.4 122.2 111.3 111.7 100.0 114.6 120.3 117.6 113.3 2018/19 QI 116.0 123.5 110.8 93.8 121.4 107.3 128.6 110.9 111.6 100.0 110.4 135.6 121.7 116.9 QII 117.4 123.7 113.1 96.1 123.5 108.5 127.4 112.5 117.9 100.0 112.6 151.8 125.0 120.2 QIII 122.4 125.9 119.9 115.8 128.4 114.4 129.2 110.1 135.1 100.0 111.2 152.3 121.2 127.6 QIV 129.8 138.8 123.6 117.8 127.9 113.1 136.4 118.7 139.8 100.0 118.8 151.5 133.6 135.0 2019/20 QI 142.3 153.9 134.3 133.3 136.8 129.3 133.4 123.9 150.0 100.0 121.8 149.3 147.7 133.5 QII 145.9 160.0 136.0 106.0 136.3 155.8 132.2 139.7 150.0 100.0 138.3 137.6 161.6 133.6 QIII 151.8 159.2 146.6 128.9 140.7 166.1 134.0 144.9 156.0 100.0 143.8 139.8 170.7 139.8 QIV 162.0 173.0 154.4 140.7 141.6 156.6 142.3 150.3 320.1 100.0 142.9 130.3 171.6 144.7 2020/21 QI 178.4 189.7 170.5 175.1 143.0 172.2 151.8 156.8 423.3 100.0 129.9 129.3 170.4 157.7 QII 179.7 192.4 170.8 176.1 138.0 190.2 154.7 160.5 258.7 100.0 136.2 155.4 178.9 167.9 QIII 182.2 193.2 174.6 176.3 144.9 203.6 154.9 173.2 225.3 100.0 140.8 151.8 182.0 178.2 QIV 194.2 214.3 180.0 180.6 166.0 195.0 173.1 186.1 240.4 100.0 148.0 159.1 186.7 182.9 2021/22 QI 215.3 249.1 191.7 182.7 174.8 201.8 189.1 213.2 240.3 100.0 147.8 168.2 220.8 202.3 QII 245.3 276.6 223.4 278.0 188.2 208.4 202.8 225.9 247.2 100.0 184.3 200.8 234.9 220.5 QIII 261.8 283.4 246.6 348.5 205.7 203.5 227.4 251.9 256.3 100.0 187.2 197.6 243.8 243.8 QIV 283.8 307.9 267.0 374.1 216.0 204.5 259.5 265.4 279.0 100.0 193.4 203.5 283.8 296.4 2022/23 QI 306.3 348.6 276.7 322.0 228.4 214.2 293.4 306.2 353.1 100.0 220.3 201.3 345.0 330.3 QII 316.5 362.1 284.5 279.6 257.0 224.7 313.9 346.0 375.6 100.0 255.4 201.0 382.7 368.3 QIII 348.8 381.4 326.0 391.8 272.5 275.8 346.5 376.2 322.2 100.0 309.9 207.3 376.0 385.9 QIV 371.6 426.3 333.3 345.7 296.3 298.6 366.5 379.3 348.7 100.0 464.9 206.6 394.4 423.3 2023/24 QI 388.7 458.3 340.0 299.1 333.0 340.7 389.3 399.8 304.8 100.0 371.4 209.2 420.7 457.6 QII 391.2 484.4 326.0 239.8 326.3 338.8 393.6 415.7 304.8 100.0 303.4 226.8 431.3 453.3 QIII 417.4 510.0 352.5 320.4 351.5 323.9 400.6 421.6 304.8 100.0 305.0 226.6 468.3 467.9 QIV 413.7 532.1 330.8 246.4 313.8 294.1 391.4 422.7 414.5 100.0 508.3 233.2 462.2 461.5 2024/25 QI 433.0 553.2 348.8 291.7 335.0 312.7 387.6 443.7 414.5 100.0 507.8 269.3 459.9 468.8 QII 465.7 567.0 394.7 387.0 342.3 365.4 403.9 492.2 414.5 100.0 498.8 311.4 503.2 494.1 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation HARARI

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 117 Table 22 (E7): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2016/17 QI 101.9 104.9 98.5 85.5 99.0 102.5 99.8 94.7 98.8 100.0 96.1 100.0 96.7 99.9 QII 100.8 101.8 99.7 95.9 100.0 101.2 99.8 99.1 99.6 100.0 100.2 100.0 98.5 99.4 QIII 102.3 101.6 103.2 104.1 102.0 105.3 101.2 106.5 100.6 99.4 99.4 101.4 100.7 101.3 QIV 105.6 108.8 101.4 93.4 104.0 99.7 108.5 112.8 102.8 99.0 109.5 105.1 101.3 101.6 2017/18 QI 110.0 112.9 106.1 96.9 130.6 105.3 110.7 67.7 106.3 99.3 110.4 115.8 101.2 101.2 QII 114.2 116.2 111.6 99.0 133.8 115.7 116.4 69.5 111.3 100.2 112.6 114.5 102.8 101.9 QIII 116.4 116.6 116.2 106.6 143.8 117.3 122.8 70.6 115.1 102.5 115.5 119.1 108.0 105.8 QIV 121.1 120.3 122.1 100.0 157.0 126.3 129.1 71.8 115.9 101.3 117.4 120.0 115.5 111.9 2018/19 QI 125.1 123.7 126.9 103.4 164.8 130.4 135.8 75.0 119.4 102.6 119.2 130.2 122.6 114.9 QII 125.8 124.5 127.6 106.6 164.8 128.9 137.2 75.3 126.0 102.8 120.9 132.6 125.2 115.9 QIII 130.1 128.0 132.7 119.2 175.0 130.9 143.0 77.9 142.9 102.1 123.2 133.5 120.5 120.9 QIV 138.4 143.1 132.5 117.1 171.8 127.6 147.6 81.4 146.0 103.6 123.7 137.1 124.0 130.1 2018/19 QI 146.1 152.2 138.1 117.2 180.0 135.3 153.0 85.4 148.7 102.9 122.4 141.2 131.9 134.0 QII 148.8 154.8 141.1 125.3 183.0 136.7 152.0 93.5 149.9 101.8 137.6 133.3 138.0 138.1 QIII 154.6 160.7 146.7 127.6 178.9 149.4 153.0 95.6 159.0 100.7 134.0 136.4 142.4 144.6 QIV 165.5 175.5 152.7 147.7 190.3 140.8 156.4 124.8 211.0 102.3 131.4 139.6 148.1 148.3 2020/21 QI 173.8 187.6 156.2 145.1 190.6 144.4 159.0 121.8 244.2 101.3 137.4 147.8 151.6 152.5 QII 175.2 189.3 157.0 149.8 201.0 144.1 158.2 141.8 190.4 100.6 151.6 144.5 159.5 159.0 QIII 186.9 198.5 172.0 159.3 210.9 163.5 175.4 165.3 220.5 101.9 167.0 146.0 166.2 168.2 QIV 202.6 221.1 178.9 164.2 226.9 152.7 204.8 184.2 255.0 104.1 180.3 157.8 174.2 195.0 2021/22 QI 234.8 264.2 197.1 184.1 244.7 176.9 229.3 206.9 246.8 106.4 197.5 173.3 184.9 204.5 QII 243.8 271.6 208.2 206.2 259.0 185.8 236.1 219.7 249.0 108.6 231.8 179.0 198.8 211.4 QIII 257.1 287.3 218.4 213.6 248.0 200.7 262.8 233.1 255.3 110.3 255.6 183.3 211.0 223.2 QIV 284.2 319.9 238.3 214.3 277.3 214.8 311.0 257.5 255.8 114.2 275.0 193.9 236.7 267.0 2022/23 QI 315.5 355.4 264.2 218.3 336.2 233.8 346.1 255.5 292.4 121.6 299.1 207.3 262.0 310.6 QII 329.6 364.0 285.6 241.7 333.7 264.1 382.5 250.1 302.9 118.8 373.1 225.9 286.5 338.5 QIII 343.4 377.4 299.7 268.3 350.0 267.7 417.0 289.4 286.7 120.1 377.5 232.7 305.0 363.9 QIV 373.6 415.9 319.3 280.2 375.9 281.0 442.2 357.5 293.0 126.5 369.8 236.2 334.1 392.1 2023/24 QI 400.2 450.1 336.1 300.0 366.7 309.1 451.4 404.7 300.9 127.9 360.0 242.6 352.9 408.1 QII 422.8 470.8 361.3 313.6 391.5 345.0 464.8 422.1 330.4 129.5 318.5 283.8 383.2 429.5 QIII 446.6 502.1 375.3 340.9 400.6 352.3 478.3 439.9 357.5 130.9 326.3 288.1 408.9 447.2 QIV 456.8 522.9 371.9 379.5 362.6 332.4 493.6 448.8 336.7 137.7 328.5 285.1 433.8 463.6 2024/25 QI 478.0 545.5 391.4 407.9 366.0 354.1 515.1 477.8 347.0 139.1 336.2 305.3 468.7 476.1 QII 507.4 581.6 412.0 418.6 375.2 380.1 528.2 490.5 417.6 138.1 332.0 333.4 494.4 494.8 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation OROMIA

National Bank of Ethiopia Quarterly Bulletin 118 Second Quarter 2024/25 Table 22 (E8): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2016/17 QI 99.2 97.6 100.6 97.1 96.5 105.9 99.7 92.5 85.3 99.5 98.0 100.0 96.4 98.9 QII 99.1 98.7 99.5 99.2 97.5 100.7 101.2 96.3 93.9 100.0 100.2 100.0 98.2 99.3 QIII 102.1 105.8 97.9 101.2 104.1 101.7 111.2 100.0 99.5 108.3 100.7 101.0 QIV 110.2 114.7 104.3 98.2 101.0 102.8 118.1 104.5 105.7 100.2 115.5 103.4 103.4 103.6 2017/18 QI 113.9 119.3 107.0 102.6 105.5 105.5 121.9 103.3 106.8 99.9 119.1 109.6 107.0 104.8 QII 115.6 118.8 111.6 104.7 108.9 113.2 124.0 109.3 107.3 100.0 115.6 111.9 111.0 106.2 QIII 118.2 118.6 117.8 111.9 114.6 118.7 130.2 113.5 110.6 100.5 119.2 115.9 124.8 114.0 QIV 123.4 125.5 120.5 114.5 119.8 118.4 139.1 119.0 114.2 100.6 122.7 113.8 131.8 118.8 2018/19 QI 126.7 129.5 123.2 116.4 122.7 120.9 143.5 116.1 115.6 89.0 125.5 119.5 134.3 121.8 QII 126.0 128.5 122.8 121.0 126.6 116.3 145.0 119.8 116.2 65.0 128.1 131.3 137.6 124.9 QIII 128.3 129.0 127.4 128.5 130.0 119.3 149.3 122.8 119.7 67.5 130.0 130.5 141.3 129.3 QIV 137.0 141.5 131.1 130.4 130.6 123.5 152.0 122.2 126.9 68.5 132.6 135.8 147.5 135.6 2018/19 QI 146.3 153.2 137.4 130.7 128.4 131.7 155.0 125.1 134.3 73.2 136.9 139.9 155.9 140.3 QII 154.0 158.9 147.7 130.5 124.1 154.3 157.6 128.2 140.6 70.6 149.3 137.0 163.3 144.2 QIII 161.7 162.8 160.3 134.7 127.5 181.1 159.8 129.4 141.6 69.0 148.2 135.0 167.7 149.8 QIV 179.2 183.1 174.3 169.6 131.1 198.4 160.5 133.1 177.3 69.7 151.3 134.5 173.7 154.8 2020/21 QI 189.9 196.2 181.8 172.0 134.9 207.4 164.0 136.0 205.3 70.4 150.5 128.6 179.4 156.6 QII 193.7 202.3 182.7 172.9 138.9 210.8 164.8 140.9 171.8 70.5 165.7 144.3 185.4 162.0 QIII 207.1 211.6 201.2 183.4 147.5 229.1 180.2 146.5 252.8 72.1 179.7 148.6 193.9 173.3 QIV 231.9 246.9 212.4 195.5 159.2 239.5 211.2 165.8 221.2 73.5 196.5 147.6 214.1 186.3 2021/22 QI 259.9 291.3 219.2 208.9 170.9 237.5 232.9 176.4 226.1 73.3 209.1 156.1 238.1 201.3 QII 266.8 296.5 228.4 218.6 178.7 248.0 250.3 202.2 209.4 72.1 263.5 172.6 250.4 209.8 QIII 278.8 308.8 239.9 230.9 191.9 257.2 274.6 202.0 214.4 71.9 282.6 177.3 260.9 235.8 QIV 304.6 344.9 252.4 248.4 206.6 253.5 326.8 212.7 230.2 71.1 302.0 181.3 290.6 276.5 2022/23 QI 336.3 380.3 279.4 266.8 226.9 280.4 369.2 234.3 273.8 71.1 336.5 195.2 319.8 307.9 QII 356.2 394.8 306.3 283.0 249.0 313.2 407.2 246.1 279.0 70.4 457.8 208.1 333.2 353.2 QIII 372.6 411.5 322.3 306.9 268.6 323.4 433.4 269.0 289.1 70.7 444.0 205.3 364.6 378.7 QIV 404.0 448.3 346.7 327.5 292.9 345.2 468.3 269.3 321.3 75.2 435.8 210.9 400.3 397.5 2023/24 QI 423.1 460.8 374.5 361.2 309.0 368.6 510.3 313.2 327.5 80.7 436.5 233.5 459.4 415.8 QII 438.6 470.8 397.1 378.9 326.7 398.0 526.0 296.6 341.0 84.7 394.4 240.5 478.1 437.7 QIII 450.9 482 410.3 407 341.1 408.07 532.41 324.5 359.5 84.67 404.7 235.4 503.7 452.9 QIV 478.9 519 426.5 439 359.5 418.34 540.992 388.5 367.9 86.1 407.5 258.4 539.8 466.1 2024/25 QI 499.1 544 441.3 435 374.3 433.17 552.812 432.4 393.2 86.45 416.9 271.7 569.6 479.7 QII 530.4 582 463.3 465 386.2 453.4 567.515 450.9 467.3 87.74 409 268.8 590.2 492.8 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation SNNPR

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 119 Table 22 (E9): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2016/17 Qtr.I 92.3 95.1 89.6 88.57 102.3 82.4 98.9 107.4 100.0 100.0 82.1 100.0 94.7 95.7 Qtr. II 96.7 99.5 94.0 94.32 100.9 88.8 101.4 101.5 100.0 98.1 99.6 Qtr. III 102.7 102.8 102.5 109.02 100.1 100.1 101.4 99.5 104.3 100.1 100.0 97.1 100.2 94.5 Qtr. IV 101.6 104.7 98.1 89.46 103.0 99.1 105.2 107.4 112.5 100.1 140.3 109.2 104.1 97.0 2017/18 Qtr.I 104.8 106.9 102.5 101.79 109.4 97.5 110.1 114.0 113.2 100.0 129.6 107.4 114.2 98.2 Qtr. II 111.8 113.9 109.5 123.39 113.2 98.5 108.3 120.4 113.4 100.6 137.8 125.4 104.2 105.6 Qtr. III 112.5 114.4 110.5 124.6 112.1 98.5 112.4 118.3 113.3 100.6 153.0 133.0 116.4 109.2 Qtr. IV 112.5 119.7 104.5 92.4 123.4 97.9 122.2 142.0 114.1 100.6 154.3 125.9 119.7 122.2 2018/19 Qtr.I 120.6 129.0 111.4 105.4 128.1 101.6 130.9 145.6 112.7 102.3 154.6 129.3 129.0 128.4 Qtr. II 119.9 128.6 110.2 95.6 149.4 98.6 125.4 155.1 122.6 101.9 156.9 133.0 132.8 124.2 Qtr. III 123.3 131.9 113.8 103.7 149.1 100.8 126.9 143.8 142.0 103.1 157.3 134.2 131.2 126.2 Qtr. IV 133.2 140.6 125.0 123.4 152.3 107.0 151.6 145.7 143.3 103.8 158.0 139.6 134.3 148.9 2018/19 Qtr.I 145.3 155.1 134.4 133.3 161.4 122.2 137.5 133.2 177.3 103.2 162.6 158.6 144.1 152.4 Qtr.II 150.4 162.3 137.1 131.3 168.5 127.9 133.2 146.3 178.6 103.0 187.6 191.6 155.7 151.3 Qtr.III 148.6 158.7 137.5 119.2 176.8 134.7 132.3 133.1 184.2 102.8 200.5 201.3 158.5 154.7 Qtr.IV 153.8 161.5 145.1 151.7 179.0 128.4 133.9 131.4 209.2 102.8 193.7 203.7 157.3 154.2 2020/21 Qtr.I 157.1 166.3 146.9 132.9 196.9 133.6 135.7 137.3 281.7 103.1 197.6 187.6 166.7 168.0 Qtr.II 161.3 167.5 154.4 161.3 184.2 135.8 143.4 141.7 243.6 103.0 213.1 210.9 181.3 176.8 Qtr.III 172.0 183.3 159.5 158.4 182.4 146.6 163.1 156.2 245.9 103.5 227.0 212.2 178.1 182.1 Qtr.IV 191.9 206.8 175.4 161.0 195.2 179.9 173.8 154.8 243.5 103.8 225.2 200.9 181.4 193.0 2021/22 Qtr.I 210.0 235.9 181.4 183.7 216.3 158.7 206.3 165.4 259.0 104.4 260.3 217.0 199.8 214.1 Qtr.II 223.3 257.4 185.5 175.4 218.3 171.2 218.6 183.9 252.5 104.7 296.4 261.8 201.9 218.1 Qtr.III 235.2 260.8 206.9 240.9 230.9 168.7 232.6 190.4 272.0 104.5 327.1 259.2 194.5 238.3 Qtr.IV 257.7 287.2 225.0 295.6 264.2 144.4 270.8 210.8 337.6 108.5 362.1 267.1 216.8 278.6 2022/23 Qtr.I 289.7 333.1 241.7 300.3 296.7 146.1 324.9 238.2 449.4 112.1 463.7 300.4 235.5 329.1 Qtr.II 324.1 352.5 292.6 364.1 425.3 164.5 393.3 245.5 459.1 114.5 566.4 365.6 259.2 379.1 Qtr.III 337.0 363.0 308.2 368.4 472.0 180.7 415.0 243.5 421.4 115.0 594.2 386.9 267.3 403.0 Qtr.IV 347.9 380.9 311.5 356.7 514.6 173.6 434.7 249.4 427.0 116.0 602.9 397.7 279.6 433.6 2023/24 Qtr.I 374.4 408.4 336.8 379.3 520.2 211.3 473.5 274.9 442.2 115.0 646.4 421.9 303.5 430.3 Qtr.II 399.5 455.1 337.9 392.4 443.8 221.5 476.5 296.0 537.5 116.0 653.6 423.7 332.1 446.5 Qtr.III 411.3 471.9 344.1 419.3 464.4 194.7 507.3 373.6 566.1 116.3 585.2 491.5 378.2 466.8 Qtr.IV 410.6 476.4 337.7 383.7 474.9 191.4 536.9 446.9 530.8 116.2 567.9 507.6 393.2 480.3 2024/25 QI 424.8 489.1 353.7 387.2 484.6 234.6 526.5 470.9 507.7 118.7 573.1 499.5 412.3 440.7 QII 423.3 480.0 360.5 347.2 517.4 276.7 494.3 536.1 458.1 118.6 556.8 513.2 427.5 459.2 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation SOMALI

National Bank of Ethiopia Quarterly Bulletin 120 Second Quarter 2024/25 Table 22 (E10): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2015/16 Q.I 83.6 92.0 77.2 93.8 92.5 60.5 78.6 84.9 102.3 97.5 71.5 94.5 94.2 97.8 Q.II 86.9 96.4 78.0 98.8 93.3 60.9 79.4 89.0 101.9 98.9 74.2 95.9 95.0 96.3 QIII 89.7 96.4 84.6 102.6 94.0 74.8 81.8 87.6 101.3 100.9 76.9 97.1 95.0 95.4 QIV 94.8 98.9 91.7 99.1 95.6 90.4 81.3 100.3 101.4 100.1 76.0 98.5 94.9 98.1 2016/17 QI 97.5 105.3 91.6 100.1 98.5 89.4 82.6 98.2 100.4 100.0 77.3 99.5 92.7 97.6 QII 100.1 103.3 97.7 98.9 99.3 99.8 90.3 101.4 99.7 100.1 91.3 100.0 93.8 98.9 QIII 100.2 101.1 99.4 103.4 97.7 102.7 97.2 101.6 102.0 100.0 95.8 100.0 93.5 101.1 QIV 102.5 104.8 100.5 94.6 92.8 103.1 102.5 106.5 102.8 100.0 84.0 83.3 99.8 105.1 2017/18 QI 110.9 111.5 110.3 103.7 100.6 119.1 101.0 107.8 106.1 100.0 83.3 61.6 115.6 104.3 QII 110.6 115.0 106.9 108.0 101.7 103.8 104.3 106.6 108.9 100.0 82.2 87.6 119.7 107.4 QIII 113.8 119.2 109.2 104.9 105.5 107.6 111.5 105.8 109.6 100.0 82.8 86.9 119.5 108.3 QIV 120.6 126.2 115.8 111.7 114.7 113.7 117.3 111.8 113.2 100.0 87.1 120.9 126.8 116.7 2018/19 QI 127.8 135.7 121.1 122.0 115.0 122.3 120.5 132.8 112.9 100.0 87.6 73.4 132.1 119.2 QII 134.4 144.7 125.6 119.9 120.7 127.5 126.3 130.1 110.7 100.0 92.6 117.2 139.9 120.2 QIII 137.4 145.5 130.5 122.3 127.8 131.3 128.1 137.5 115.3 100.0 96.2 132.1 149.4 123.7 QIV 146.4 155.9 138.3 132.3 130.3 147.1 132.2 131.9 110.0 100.0 96.6 115.4 154.9 131.0 2019/20 QI 157.7 171.6 145.9 143.5 138.1 152.9 137.7 132.1 106.6 100.0 103.5 103.6 172.5 136.8 QII 164.1 175.1 154.8 145.6 150.5 165.6 145.3 155.2 120.3 100.0 117.1 133.0 172.9 145.4 QIII 170.3 181.4 160.9 166.0 149.8 175.8 152.2 161.6 115.6 100.0 117.1 127.2 174.3 156.1 QIV 186.3 205.5 170.2 194.2 156.7 182.7 156.0 169.4 137.0 100.0 121.5 119.9 189.7 158.5 2020/21 QI 200.4 228.2 176.8 200.5 152.7 186.7 156.9 169.7 141.0 100.0 122.5 127.8 212.5 167.9 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIV 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 2021/22 QI 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIV 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 2022/23 QI 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIV 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 2023/24 QI 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIV 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 2024/25 QI 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation TIGRAY

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 121 Table 22 (F1): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non￾alcoholic Beverages Bread & Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2015/16 Q.I 103.7 92.3 86.8 87.9 99.4 98.2 103.6 86.7 296.9 97.7 Q.II 101.8 94.6 80.8 88.4 92.4 96.9 110.3 81.2 244.1 96.2 Q.III 99.6 98.7 85.5 93.8 86.4 102.5 104.2 84.9 159.5 96.6 Q.IV 101.6 95.6 96.3 101.0 88.9 100.9 118.8 86.3 142.8 96.3 2016/17 QI 104.0 99.0 97.9 97.1 93.4 100.7 135.7 85.1 137.8 97.7 QII 103.8 101.3 98.7 100.0 106.6 95.7 100.5 110.3 92.8 115.4 102.4 QIII 102.3 100.4 99.6 102.6 102.5 103.3 101.6 105.5 100.8 112.0 103.0 QIV 105.2 102.1 101.8 103.3 100.9 114.9 100.6 114.0 102.3 136.6 102.3 2017/18 QI 109.8 111.3 103.7 109.6 101.4 115.8 102.8 120.5 102.9 137.9 104.6 QII 115.8 119.6 118.4 116.3 103.4 107.1 105.8 126.4 115.2 139.3 112.7 QIII 117.0 120.5 127.9 137.4 104.5 113.5 109.2 117.8 125.4 141.4 112.9 QIV 116.2 121.3 139.0 157.3 105.5 98.1 113.8 116.3 97.3 141.0 116.5 2018/19 QI 124.2 134.6 140.1 156.7 105.7 105.7 123.1 148.0 81.3 129.2 119.2 QII 124.3 135.6 156.3 160.9 111.7 103.0 119.1 138.5 81.1 101.5 116.5 QIII 126.1 138.6 163.2 163.4 114.0 101.6 116.4 137.8 92.0 92.5 112.5 QIV 136.2 150.3 176.2 165.3 119.5 90.2 120.6 165.4 103.7 95.2 118.7 2019/20 QI 151.7 167.5 192.0 171.2 121.3 164.1 128.5 188.5 117.4 101.4 123.6 QII 159.8 179.7 197.0 183.7 129.1 168.3 128.4 199.1 113.3 100.3 127.6 QIII 158.7 180.3 210.5 178.2 121.2 161.1 138.1 189.9 115.7 100.2 137.1 QIV 174.6 200.4 209.9 188.5 127.9 172.6 140.5 214.7 144.4 140.6 146.7 2020/21 QI 179.9 188.1 210.0 195.2 136.9 172.5 141.2 266.7 145.7 182.4 146.9 QII 187.5 202.7 202.2 196.1 160.7 213.7 144.5 224.0 135.3 183.0 155.6 QIII 195.6 216.0 205.3 206.9 180.8 203.4 145.4 205.4 137.6 200.7 160.4 QIV 224.9 243.8 222.3 213.2 231.3 256.6 161.5 212.4 147.2 245.9 171.7 2021/22 QI 256.8 300.4 245.5 252.3 210.3 348.3 159.8 250.0 148.6 349.7 190.0 QII 268.3 312.1 255.9 243.3 208.9 300.2 169.7 304.0 194.0 303.9 219.5 QIII 274.4 308.4 249.9 254.6 239.4 313.4 178.5 271.6 213.2 297.9 254.6 QIV 313.4 323.7 302.3 238.0 277.1 466.1 187.8 357.0 233.9 302.0 282.4 2022/23 QI 356.1 369.2 385.0 263.8 332.8 480.3 229.7 394.3 247.6 322.9 303.2 QII 376.4 393.0 388.9 296.0 371.0 499.0 234.0 383.8 247.6 320.0 337.5 QIII 398.4 418.8 408.3 330.3 389.8 569.0 256.6 336.6 405.7 321.7 348.1 QIV 438.2 456.7 439.6 362.2 421.4 604.8 340.5 450.4 426.5 319.9 355.5 2023/24 QI 487.8 517.0 515.9 378.9 454.1 503.5 378.7 595.7 460.7 374.0 360.7 QII 521.0 599.7 488.9 326.8 471.7 465.6 400.9 617.1 495.3 324.9 370.0 QIII 544.5 660.7 422.6 495.2 481.8 475.1 422.9 614.7 502.0 363.7 384.3 QIV 536.8 663.9 558.8 714.3 476.9 427.1 401.5 520.2 476.2 370.0 362.7 2024/25 QI 574.2 683.3 549.6 707.1 528.4 521.1 407.5 609.9 499.0 403.6 381.9 QII 610.6 705.2 566.4 715.9 556.4 597.0 418.1 689.5 535.9 435.6 436.1 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation AFAR

National Bank of Ethiopia Quarterly Bulletin 122 Second Quarter 2024/25 Table 22 (F2): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 2015/16 Q.I 91.5 96.3 84.7 88.7 107.6 84.6 99.5 82.3 77.6 92.5 Q.II 92.7 99.0 85.7 88.9 104.3 89.1 101.6 82.2 77.9 89.6 Q.III 93.0 99.6 87.4 94.0 98.0 92.5 100.7 95.8 79.2 88.2 Q.IV 95.1 99.4 92.6 96.7 101.9 90.5 105.5 102.1 80.2 87.0 2016/17 QI 101.3 104.5 98.7 100.3 100.6 99.0 111.2 98.9 91.2 92.0 QII 102.3 102.3 99.6 100.6 98.9 98.5 102.6 97.0 105.6 99.5 QIII 105.4 101.2 102.1 98.9 103.3 104.5 100.3 104.8 102.7 114.6 100.2 QIV 110.1 108.2 108.9 100.4 112.1 103.0 107.6 102.0 102.6 125.6 98.8 2017/18 QI 118.2 128.1 116.5 101.1 118.5 103.0 128.7 104.0 102.8 128.8 101.7 QII 119.9 125.0 116.0 104.2 127.8 103.8 128.4 113.5 101.9 129.6 105.5 QIII 122.0 133.3 132.0 72.2 128.4 106.1 134.9 103.2 102.7 130.1 106.0 QIV 127.7 143.0 140.4 0.0 136.5 107.7 139.7 109.9 103.4 131.3 107.2 2018/19 QI 133.9 150.4 145.6 0.0 139.5 107.9 135.1 129.0 103.3 128.4 109.2 QII 132.9 149.6 144.4 0.0 143.8 143.8 107.0 135.7 121.2 103.9 132.6 QIII 136.6 153.6 148.7 0.0 143.6 107.8 142.8 128.4 103.7 135.1 108.4 QIV 149.3 169.1 170.1 0.0 152.7 111.3 155.2 144.0 115.3 144.6 108.8 2019/20 QI 161.4 190.2 178.9 0.0 164.5 115.1 179.7 159.9 120.5 149.0 110.4 QII 161.0 199.0 179.9 0.0 166.1 115.2 187.3 142.1 120.8 151.5 110.3 QIII 174.2 199.3 184.9 0.0 170.9 123.7 191.0 151.4 120.3 191.3 119.6 QIV 187.5 213.7 194.7 0.0 181.3 136.8 188.7 158.9 121.2 210.7 133.3 2020/21 QI 200.0 238.1 194.3 0.0 187.6 142.7 188.0 181.9 119.5 208.1 143.3 QII 197.9 245.6 202.5 0.0 192.4 150.7 197.8 159.9 139.0 200.8 150.2 QIII 199.2 252.1 204.8 0.0 198.3 165.8 211.8 157.3 151.8 192.2 158.8 QIV 213.9 275.0 234.5 0.0 214.5 208.7 217.6 157.3 153.3 200.7 164.2 2021/22 QI 255.5 330.4 260.7 0.0 243.5 280.4 246.8 191.7 166.7 241.1 180.1 QII 264.5 321.7 263.5 0.0 252.4 329.1 271.9 199.4 233.5 258.8 203.0 QIII 279.3 331.8 278.4 0.0 266.2 422.7 274.2 191.6 234.6 272.1 245.6 QIV 302.6 359.5 309.1 0.0 313.5 384.7 287.3 222.1 201.2 291.8 283.8 2022/23 QI 344.3 415.3 374.2 0.0 355.0 487.6 349.4 246.3 247.3 315.8 297.9 QII 349.8 421.5 387.8 0.0 369.3 522.2 378.6 228.1 247.1 328.1 310.5 QIII 364.2 463.2 411.5 0.0 386.7 470.2 416.5 232.6 276.8 332.8 313.0 QIV 398.1 522.2 473.9 0.0 414.5 492.2 438.6 267.8 329.2 334.6 318.9 2023/24 QI 442.5 587.6 502.0 0.0 443.7 522.4 466.3 353.2 370.3 340.1 325.4 QII 479.3 660.3 509.7 0.0 455.3 535.5 510.0 403.8 357.4 351.9 330.7 QIII 508.9 707.1 525.0 0.0 464.5 502.6 546.4 430.3 401.0 393.4 333.4 QIV 527.0 714.1 553.5 0.0 497.3 501.2 572.3 405.6 550.4 457.3 349.7 2024/25 QI 546.4 750.1 578.4 0.0 513.8 604.3 566.6 418.0 512.4 448.1 353.0 QII 575.2 774.0 587.8 0.0 543.0 676.6 577.2 477.1 515.1 453.9 383.2 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation AMHARA

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 123 Table 22 (F3): Regional States' Consumer Price Index (Food) December 2016= 100 Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2015/16 Q.I 99.9 99.3 92.1 92.0 100.4 70.8 104.3 92.3 109.5 84.0 Q.II 99.9 99.2 94.0 83.5 97.1 89.0 106.2 94.6 107.8 80.1 Q.III 94.6 92.7 96.2 84.7 99.3 87.3 99.8 101.3 94.5 80.3 Q.IV 95.9 87.6 99.2 99.6 102.3 83.6 104.8 108.3 98.9 80.1 2016/17 QI 100.1 94.1 102.9 102.7 100.3 95.1 113.5 105.5 93.9 89.3 QII 100.4 100.7 100.2 100.0 102.6 100.5 94.6 99.4 101.0 101.6 100.2 QIII 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 QIV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 117.8 142.8 119.5 106.7 107.4 106.6 90.1 117.7 109.2 87.4 92.1 QII 121.5 148.1 118.9 120.8 106.1 106.9 101.7 116.7 110.6 112.8 95.9 QIII 119.9 132.8 122.4 120.8 107.1 109.4 82.6 115.3 111.6 153.6 95.5 QIV 121.2 139.7 132.8 120.8 108.8 111.8 115.9 105.5 109.5 148.9 98.8 2018/19 QI 129.2 145.6 144.0 119.3 111.7 106.4 109.2 128.3 109.9 132.3 106.8 QII 130.2 148.6 144.2 120.8 114.3 110.1 118.9 129.0 111.4 135.2 100.7 QIII 132.8 150.3 148.0 120.8 115.4 117.4 168.2 126.9 109.4 154.2 99.3 QIV 142.9 152.8 161.0 129.3 117.8 119.6 166.1 156.3 120.6 156.9 100.2 2019/20 QI 164.5 186.6 179.5 138.0 120.3 124.8 126.0 194.2 125.8 160.1 101.3 QII 166.7 201.4 179.2 135.0 123.1 122.9 129.7 183.9 126.2 161.4 104.1 QIII 173.0 204.4 182.3 135.0 123.6 129.3 132.6 183.3 126.5 207.0 115.3 QIV 190.9 216.0 187.0 149.5 127.3 144.7 161.1 208.5 123.0 271.6 127.6 2020/21 QI 222.6 251.8 204.9 152.3 130.8 150.9 143.8 259.4 128.9 347.7 135.7 QII 220.5 261.9 220.9 143.8 122.0 167.3 143.0 220.1 150.5 335.3 153.8 QIII 217.6 248.2 213.4 155.3 113.6 174.3 203.4 214.4 160.3 367.4 153.1 QIV 233.9 261.6 251.3 166.8 122.3 203.1 227.2 213.5 159.1 446.7 154.4 2021/22 QI 289.1 353.3 300.9 178.3 132.2 199.5 187.8 250.2 156.5 589.0 191.3 QII 317.3 371.6 294.9 201.2 140.1 294.4 211.6 300.1 172.2 578.0 212.4 QIII 329.3 392.1 304.3 241.5 153.5 362.2 233.0 282.6 213.4 515.5 258.6 QIV 359.9 411.6 381.7 281.8 185.6 368.8 269.9 327.4 209.9 508.8 291.0 2022/23 QI 405.4 453.4 459.8 293.1 203.0 445.3 264.9 368.2 320.5 524.5 328.1 QII 422.3 489.6 458.0 352.0 198.0 496.6 301.8 365.7 279.6 528.4 349.3 QIII 426.9 504.4 479.0 361.1 227.0 464.5 429.9 369.3 328.1 534.4 321.1 QIV 463.6 551.9 519.4 345.7 246.0 524.9 451.0 405.7 377.1 562.0 326.9 2023/24 QI 584.9 801.9 525.4 483.1 263.1 616.2 435.0 519.7 435.4 650.1 354.7 QII 607.8 857.8 539.8 499.8 271.7 570.6 488.7 570.7 488.7 564.1 359.0 QIII 611.7 779.3 545.8 488.5 475.5 581.4 668.1 631.8 662.5 527.7 354.2 QIV 575.7 710.4 582.7 540.4 716.7 671.6 437.2 478.3 687.6 576.6 342.9 2024/25 QI 657.7 748.8 618.9 569.1 893.8 797.1 452.3 621.4 680.8 697.3 383.9 QII 680.1 710.8 621.1 615.3 1159.5 820.4 566.1 623.6 680.8 771.0 483.2 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation BENISHANGUL GUMUZ

National Bank of Ethiopia Quarterly Bulletin 124 Second Quarter 2024/25 Table 22 (F4): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2015/16 Q.I 90.4 95.1 89.0 91.9 89.9 94.9 83.7 80.9 76.9 90.4 Q.II 91.2 94.5 88.9 85.1 89.9 97.8 91.2 84.6 77.0 89.5 Q.III 92.4 98.1 91.6 89.7 89.9 103.3 84.9 89.4 78.1 88.6 Q.IV 97.7 98.0 95.5 96.2 90.1 105.0 103.9 100.0 79.0 99.0 2016/17 QI 100.8 102.1 100.2 100.3 96.6 107.3 104.4 100.0 79.7 101.3 QII 101.5 100.4 101.5 100.0 100.7 100.0 99.8 106.2 99.9 99.7 99.7 QIII 101.5 99.8 101.4 101.2 101.9 100.1 106.8 103.9 105.3 103.4 101.6 QIV 103.3 101.9 101.9 104.6 102.6 100.3 108.7 106.8 107.7 103.7 102.9 2017/18 QI 105.8 105.4 106.3 101.0 111.7 102.5 124.6 103.6 109.2 111.0 109.7 QII 111.5 111.4 110.3 125.9 112.1 103.1 128.7 113.4 110.8 114.0 114.0 QIII 112.3 112.6 113.1 134.3 115.0 105.2 143.1 113.6 109.1 105.3 115.3 QIV 124.2 122.4 129.5 130.8 122.6 108.1 133.8 124.1 94.4 187.4 117.2 2018/19 QI 133.8 130.5 135.7 133.3 131.4 109.6 129.5 139.4 95.0 220.2 118.7 QII 129.1 136.0 138.2 131.8 131.0 109.0 140.7 117.4 95.0 188.5 109.4 QIII 133.8 141.6 140.1 134.6 131.5 110.7 158.2 122.5 95.0 192.9 119.5 QIV 150.3 150.5 162.8 150.0 142.4 113.8 162.9 162.9 110.0 198.6 116.4 2019/20 QI 162.6 166.7 177.7 155.1 155.9 112.0 157.5 176.1 108.9 215.4 120.6 QII 169.9 175.6 178.9 148.1 162.2 115.5 176.9 184.3 110.0 220.9 133.6 QIII 167.3 177.1 190.2 154.8 155.7 114.7 192.8 162.5 109.7 236.2 139.4 QIV 173.0 179.9 190.2 159.0 155.4 121.4 191.7 173.2 110.8 261.0 145.2 2020/21 QI 216.5 202.8 208.1 159.5 168.3 133.6 177.9 267.6 120.0 433.4 152.0 QII 204.1 210.4 210.1 160.0 171.3 150.7 190.9 205.5 126.1 367.7 153.7 QIII 215.4 224.1 212.3 183.6 178.8 186.4 215.6 192.7 136.1 466.1 149.9 QIV 233.7 241.3 236.6 182.0 207.8 185.3 205.8 196.9 135.0 605.4 153.7 2021/22 QI 279.8 299.2 262.0 202.6 245.4 245.7 198.0 205.5 135.0 829.8 168.8 QII 295.8 312.9 230.9 214.4 237.5 321.6 227.2 260.4 141.2 690.3 182.9 QIII 294.5 318.8 241.9 226.4 241.3 341.8 253.4 237.3 175.0 616.2 204.6 QIV 323.8 351.3 285.2 264.8 289.6 350.9 260.8 262.1 177.8 634.3 256.0 2022/23 QI 374.9 391.4 319.6 308.9 322.9 532.3 326.2 309.0 225.0 638.6 288.5 QII 402.8 439.3 357.0 355.1 334.2 570.8 326.3 311.5 225.0 631.2 311.1 QIII 426.0 488.3 357.0 369.3 347.3 579.2 383.6 319.0 258.3 605.5 309.7 QIV 478.8 538.1 396.5 356.5 376.2 584.1 374.9 421.6 337.4 624.5 307.3 2023/24 QI 508.8 551.9 425.8 354.2 399.0 576.7 352.4 505.9 343.2 640.9 326.9 QII 532.6 600.4 420.0 361.7 448.6 494.2 392.3 554.7 346.6 586.1 335.7 QIII 556.2 616.3 448.8 396.6 459.3 623.5 443.1 563.4 346.6 619.4 319.1 QIV 594.6 649.9 486.4 387.6 486.4 886.7 449.2 546.0 346.6 670.9 310.4 2024/25 QI 624.0 664.0 508.5 387.6 515.1 910.0 366.9 571.5 443.9 844.0 330.2 QII 664.3 691.4 534.5 387.6 520.3 1002.7 433.0 609.3 575.0 927.0 338.8 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation DIRE DAWA

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 125 Table 22 (F5): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2015/16 Q.I 96.8 99.9 96.5 79.6 105.2 98.5 106.2 75.0 89.4 91.5 Q.II 93.2 90.5 94.5 82.4 106.1 99.2 105.8 74.2 84.7 85.4 QIII 93.1 95.8 93.7 84.2 105.1 99.6 99.1 78.0 86.2 74.4 QIV 98.0 102.6 95.5 86.7 109.3 99.7 107.3 91.6 90.9 78.2 2016/17 QI 101.1 104.6 97.1 92.2 104.3 99.6 110.4 101.7 99.2 88.8 QII 99.5 99.9 100.8 100.0 91.8 98.0 100.0 100.7 98.3 99.0 100.6 QIII 102.2 99.5 103.4 100.0 90.2 97.5 128.9 107.8 91.8 129.2 100.2 QIV 106.5 113.6 105.9 100.0 89.8 106.0 65.1 104.0 92.2 140.1 98.5 2017/18 QI 111.7 134.7 107.9 100.0 93.1 102.1 71.1 96.7 92.7 131.4 98.7 QII 109.3 118.1 114.2 102.3 93.9 106.5 82.9 101.1 109.0 133.8 103.5 QIII 110.1 119.6 118.1 96.4 96.5 113.5 94.2 99.0 97.6 137.6 103.4 QIV 120.6 138.5 131.7 106.9 104.8 118.3 108.7 103.0 96.7 138.9 110.1 2018/19 QI 127.8 148.3 137.7 109.4 120.8 119.1 121.8 107.1 95.8 135.5 122.5 QII 125.0 130.8 152.1 111.8 111.8 125.9 119.6 78.8 111.2 95.8 147.8 QIII 129.1 135.1 162.3 111.3 140.5 124.2 109.8 113.6 97.4 141.2 117.8 QIV 137.3 151.6 161.6 108.0 138.9 126.9 157.7 125.5 98.3 147.4 114.6 2019/20 QI 149.2 175.0 170.2 104.6 138.6 132.8 170.5 140.6 109.4 152.3 110.5 QII 147.6 164.7 174.6 108.5 144.7 127.7 177.0 140.1 112.9 163.4 113.9 QIII 159.3 183.6 193.0 116.6 163.3 124.0 168.5 146.8 112.4 183.6 109.3 QIV 181.3 205.5 206.9 135.7 204.7 158.0 144.6 167.5 117.0 222.9 114.7 2020/21 QI 192.1 223.9 210.0 140.4 216.0 155.9 122.2 177.5 119.2 229.5 127.7 QII 190.6 216.1 208.0 140.4 210.4 172.2 127.6 169.6 134.4 237.1 145.1 QIII 203.3 224.1 228.8 150.0 205.6 192.5 200.5 197.3 145.0 242.9 145.9 QIV 217.9 247.5 246.0 154.7 221.2 248.9 184.2 196.9 159.9 231.2 154.7 2021/22 QI 260.9 331.5 272.9 172.2 249.6 349.1 175.2 192.0 189.7 242.1 195.3 QII 262.4 305.8 288.7 169.2 259.5 346.9 178.3 210.0 212.5 273.6 216.1 QIII 294.7 351.6 349.1 178.5 277.5 394.8 257.4 234.9 198.1 284.5 230.5 QIV 319.7 381.5 368.1 248.9 290.6 410.3 295.5 258.6 144.0 315.4 261.0 2022/23 QI 357.2 418.6 389.6 438.2 320.0 553.1 200.4 254.7 214.7 317.3 288.5 QII 367.1 392.9 423.7 479.6 334.9 559.1 250.7 284.5 233.8 350.0 318.3 QIII 391.2 429.0 442.6 503.6 367.1 537.1 308.7 332.5 260.7 337.1 285.1 QIV 424.9 494.3 493.3 469.3 371.4 539.5 413.6 359.6 318.0 350.8 290.1 2023/24 QI 462.1 583.9 527.7 386.1 403.3 516.1 419.3 391.1 343.2 354.2 292.3 QII 476.6 586.6 524.2 386.1 469.8 494.8 450.8 419.2 377.7 370.6 299.5 QIII 508.3 621.9 550.6 386.1 477.4 523.4 505.6 494.4 372.2 371.9 292.9 QIV 504.9 625.6 559.8 386.1 488.1 517.2 308.9 461.1 484.3 368.8 291.1 2024/25 QI 541.4 651.7 611.2 386.1 477.9 679.0 505.2 503.6 518.6 358.1 335.2 QII 559.7 637.4 654.1 386.1 487.1 788.5 626.7 519.3 546.2 365.0 406.8 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation GAMBELLA

National Bank of Ethiopia Quarterly Bulletin 126 Second Quarter 2024/25 Table 22 (F6): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Fish & sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2016/17 QI 102.3 99.1 101.3 92.6 100.1 98.1 120.1 106.4 113.7 87.9 QII 100.7 99.6 99.3 98.6 100.1 96.2 108.2 104.5 96.5 100.3 QIII 100.0 95.3 102.9 0.0 99.5 101.7 103.3 107.7 102.8 102.1 102.4 QIV 107.5 106.3 108.5 0.0 102.2 125.2 121.2 108.3 109.7 106.2 97.2 2017/18 QI 110.8 112.9 105.2 0.0 108.4 135.9 143.1 101.6 114.7 110.2 99.5 QII 110.6 116.6 103.5 0.0 107.2 110.4 152.7 103.5 110.1 110.0 97.4 QIII 110.1 114.3 101.9 0.0 112.2 109.7 150.4 105.3 106.6 114.9 96.0 QIV 116.0 122.3 114.9 0.0 117.5 110.6 138.8 103.7 107.9 126.9 99.7 2018/19 QI 123.5 129.1 121.5 0.0 130.1 113.0 124.3 118.6 106.9 129.7 102.5 QII 123.7 135.0 122.5 0.0 132.2 112.6 129.0 103.9 108.2 127.7 98.2 QIII 125.9 136.6 119.5 0.0 135.8 113.7 137.6 110.9 109.1 130.8 99.6 QIV 138.8 140.5 146.3 0.0 146.3 116.5 170.2 147.5 116.8 141.6 100.7 2019/20 QI 153.9 161.0 157.2 0.0 160.0 118.9 170.5 164.9 121.9 148.7 106.4 QII 160.0 175.5 158.2 0.0 162.7 117.4 181.3 158.3 142.3 147.7 107.1 QIII 159.2 176.1 162.5 0.0 161.0 117.7 183.1 143.0 145.9 157.1 119.2 QIV 173.0 191.5 166.4 0.0 165.0 117.9 187.4 178.9 129.4 170.6 127.4 2020/21 QI 189.7 207.7 179.8 0.0 165.7 118.2 166.3 225.9 120.5 199.6 125.3 QII 192.4 219.6 180.5 0.0 180.0 118.6 185.7 192.7 159.1 201.6 126.2 QIII 193.2 223.3 183.8 0.0 187.2 118.5 217.7 174.3 159.9 208.2 134.0 QIV 214.3 242.9 216.5 0.0 223.7 121.6 248.8 196.2 154.5 241.3 139.1 2021/22 QI 249.1 286.8 238.9 0.0 243.9 187.5 221.7 190.6 178.0 408.8 154.1 QII 276.6 301.1 241.3 0.0 242.4 318.6 238.6 227.2 183.6 546.0 166.7 QIII 283.4 306.0 243.1 0.0 265.8 363.5 308.3 225.8 214.5 464.2 190.8 QIV 307.9 334.1 290.2 0.0 301.8 407.9 307.4 240.7 215.1 367.0 234.0 2022/23 QI 348.6 369.4 339.4 0.0 332.2 523.0 380.0 284.8 255.9 333.3 268.4 QII 362.1 400.5 357.0 0.0 324.6 555.9 371.8 262.5 255.9 328.8 281.5 QIII 381.4 434.6 385.9 0.0 329.2 510.9 461.9 266.3 287.5 343.1 298.1 QIV 426.3 457.9 451.6 0.0 330.4 514.8 423.1 411.8 454.4 341.4 282.0 2023/24 QI 458.3 518.4 424.7 0.0 331.2 574.6 412.3 439.6 434.9 348.0 305.6 QII 484.4 561.7 424.2 0.0 351.8 571.6 418.5 473.4 445.4 361.1 298.6 QIII 510.0 616.9 440.3 0.0 362.3 593.3 435.1 457.2 441.2 391.0 282.7 QIV 532.1 634.2 471.7 0.0 398.4 635.8 513.2 459.6 605.2 360.6 284.8 2024/25 QI 553.2 631.2 520.1 0.0 406.3 721.7 507.9 513.5 596.7 393.7 295.0 QII 567.0 656.1 496.8 405.3 804.3 567.3 491.9 605.8 442.3 318.8 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation HARARI

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 127 Table 22 (F7): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2016/17 QI 104.9 102.7 100.2 102.2 99.5 100.3 117.9 83.8 128.0 89.1 QII 101.8 103.5 99.3 101.2 99.4 100.3 102.3 92.2 110.9 98.0 QIII 101.6 99.1 98.9 0.0 104.6 100.8 104.5 107.8 89.1 107.1 95.3 QIV 108.8 110.1 104.2 0.0 112.3 96.3 106.9 120.7 85.7 116.2 93.2 2017/18 QI 112.9 123.9 108.0 0.0 112.6 94.5 124.6 113.4 86.7 124.1 97.7 QII 116.2 129.8 112.0 0.0 113.7 88.7 135.5 114.4 82.9 128.8 106.3 QIII 116.6 123.1 117.6 0.0 119.6 83.7 140.5 124.2 79.4 139.5 101.1 QIV 120.3 132.4 124.6 0.0 130.7 80.8 142.7 119.4 80.0 143.5 105.9 2018/19 QI 123.7 136.6 128.4 0.0 134.7 82.2 146.2 122.9 74.9 145.3 111.5 QII 124.5 137.2 129.1 0.0 137.0 85.1 148.7 124.7 76.5 143.4 109.6 QIII 128.0 138.6 135.0 0.0 143.0 83.8 153.0 136.0 79.6 152.7 102.3 QIV 143.1 154.9 147.1 0.0 155.3 93.4 164.7 167.3 87.3 152.9 105.2 2019/20 QI 152.2 173.8 158.5 0.0 152.9 92.6 181.5 172.9 92.3 159.1 111.5 QII 154.5 181.7 162.7 0.0 151.7 87.9 188.7 172.0 83.8 159.8 115.0 QIII 160.7 182.3 163.7 0.0 157.9 95.1 189.7 185.5 83.7 171.4 122.0 QIV 175.5 203.1 172.6 0.0 164.9 97.5 187.0 209.9 86.7 178.9 128.5 2020/21 QI 187.6 217.7 174.3 0.0 166.3 102.3 187.4 225.3 84.9 194.7 145.3 QII 189.3 224.8 176.8 0.0 170.6 114.1 185.3 207.0 93.7 199.7 154.4 QIII 198.5 233.2 183.1 0.0 188.2 127.1 188.6 217.9 99.6 213.6 153.9 QIV 221.1 264.7 206.0 0.0 218.2 160.6 198.7 226.4 104.7 240.1 164.6 2021/22 QI 264.2 327.0 236.6 0.0 223.2 231.7 225.0 245.0 111.8 285.9 208.3 QII 271.6 338.1 238.3 0.0 218.7 222.5 245.3 246.5 126.7 299.4 233.7 QIII 287.3 339.5 247.5 0.0 256.5 246.6 250.6 268.1 141.8 297.6 274.4 QIV 319.9 361.2 293.6 0.0 305.4 299.9 263.3 302.3 150.7 318.3 314.6 2022/23 QI 355.4 407.4 331.9 0.0 320.9 383.2 328.9 311.6 168.4 328.9 358.5 QII 364.0 420.9 352.0 0.0 323.6 368.9 384.2 317.6 186.7 334.9 375.7 QIII 377.4 444.3 365.3 0.0 345.3 376.9 388.0 350.5 208.1 338.1 333.8 QIV 415.9 503.3 410.4 0.0 367.1 352.6 399.7 414.7 258.5 354.0 347.3 2023/24 QI 450.1 567.4 453.9 0.0 383.6 401.3 413.5 428.0 263.4 359.9 360.2 QII 470.8 614.1 470.9 0.0 398.0 356.0 423.1 460.2 272.5 377.7 357.5 QIII 502.1 651.4 487.3 0.0 431.8 355.5 417.7 539.4 293.3 395.8 331.2 QIV 522.9 686.5 539.0 0.0 449.1 401.6 413.1 513.9 381.1 428.3 343.3 2024/25 QI 545.5 720.4 563.8 0.0 479.4 413.6 415.3 509.9 409.9 457.5 382.4 QII 581.6 741.3 578.1 0.0 483.3 450.8 424.1 558.9 419.7 522.6 445.3 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation OROMIA

National Bank of Ethiopia Quarterly Bulletin 128 Second Quarter 2024/25 Table 22 (F8): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2015/16 Q.I 92.4 91.1 95.4 86.4 101.4 84.5 90.8 97.0 94.5 104.9 Q.II 88.9 86.2 95.6 87.9 100.2 91.7 86.2 97.1 98.2 93.4 QIII 91.5 90.4 96.3 93.1 98.0 92.6 90.6 97.6 93.1 87.2 QIV 96.3 97.8 100.0 95.8 102.6 83.9 92.8 104.7 110.5 92.1 2016/17 QI 97.6 100.9 102.1 97.1 100.6 93.8 92.9 105.2 108.4 101.0 QII 98.7 99.8 102.2 98.9 98.2 100.8 96.5 104.4 101.1 103.1 QIII 102.1 102.4 104.2 0.0 102.0 105.0 102.7 110.6 106.2 103.9 97.9 QIV 114.7 121.8 109.1 0.0 106.4 114.4 104.5 117.4 107.3 107.7 103.7 2017/18 QI 119.3 134.0 114.0 0.0 107.9 111.8 113.4 106.9 107.4 109.9 110.4 QII 118.8 125.3 118.2 0.0 116.3 110.2 135.8 112.5 102.5 111.1 117.9 QIII 118.6 120.5 120.7 0.0 122.2 112.4 144.5 130.4 100.9 123.4 114.2 QIV 125.5 133.8 131.9 0.0 128.7 118.3 133.6 121.8 100.9 132.1 122.6 2018/19 QI 129.5 137.8 138.3 0.0 127.4 118.1 130.0 125.2 100.9 132.1 134.3 QII 128.5 133.3 137.9 0.0 132.5 118.3 147.8 126.7 101.0 132.1 122.4 QIII 129.0 135.9 141.5 0.0 138.6 120.4 151.5 138.6 101.6 129.9 113.3 QIV 141.5 154.3 157.2 0.0 148.4 124.5 161.3 157.3 108.7 133.5 119.2 2019/20 QI 153.2 169.6 171.3 0.0 153.8 131.2 165.0 161.2 118.2 137.1 131.6 QII 158.9 163.7 174.3 0.0 160.7 134.9 198.3 160.7 120.7 138.4 139.8 QIII 162.8 165.5 182.8 0.0 165.0 136.8 207.9 165.4 122.0 143.6 144.1 QIV 183.1 191.6 194.8 0.0 166.8 147.0 215.6 176.5 127.7 154.7 163.0 2020/21 QI 196.2 205.9 197.5 0.0 171.0 153.7 188.5 188.9 123.3 187.5 177.8 QII 202.3 210.3 202.2 0.0 182.9 157.2 195.9 187.0 139.2 211.3 186.7 QIII 211.6 226.9 206.7 0.0 197.5 177.1 211.0 206.2 150.1 219.0 178.2 QIV 246.9 279.0 236.0 0.0 221.5 214.3 227.7 225.0 153.6 258.7 200.5 2021/22 QI 291.3 337.9 267.9 0.0 250.9 268.8 239.9 251.2 160.0 345.0 259.6 QII 296.5 339.8 258.2 0.0 258.7 277.8 320.8 262.3 180.7 348.0 277.1 QIII 308.8 354.6 277.2 0.0 282.9 315.1 298.9 282.2 203.5 357.3 324.9 QIV 344.9 396.9 332.1 0.0 304.9 375.8 304.8 322.4 210.2 357.6 382.4 2022/23 QI 380.3 431.0 366.6 0.0 325.5 443.5 359.1 329.6 251.6 363.8 432.7 QII 394.8 437.6 380.2 0.0 345.3 467.7 403.5 345.6 274.9 367.1 429.5 QIII 411.5 470.8 395.4 0.0 379.9 441.4 440.9 403.1 361.9 377.8 450.8 QIV 448.3 516.3 437.4 0.0 408.2 453.0 462.6 421.9 383.4 375.9 414.9 2023/24 QI 460.8 564.5 474.2 0.0 415.9 465.8 466.7 453.6 393.9 372.3 440.4 QII 470.8 587.5 500.3 0.0 415.7 461.2 485.5 483.3 409.0 376.7 421.7 QIII 482.2 609.5 526.7 0.0 451.4 485.3 478.8 526.8 409.5 374.4 379.4 QIV 519.4 636.3 573.0 0.0 475.8 496.6 452.0 547.9 551.2 391.7 413.6 2024/25 QI 543.8 644.4 583.0 0.0 468.0 540.5 486.6 548.5 599.0 417.0 460.6 QII 582.2 642.1 621.1 0.0 489.0 608.7 524.8 601.7 669.4 446.8 495.7 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation SNNPR

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 129 Table 22 (F9): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2015/16 Q.I 89.3 98.2 94.1 81.1 94.8 94.8 91.9 73.2 91.9 106.5 Q.II 91.3 100.8 86.1 89.7 92.8 118.0 93.6 73.1 86.5 101.7 QIII 93.4 101.8 93.2 94.4 91.2 120.2 92.6 76.1 89.5 101.7 QIV 93.2 100.2 99.7 88.5 87.7 114.6 117.2 78.3 85.6 99.7 2016/17 QI 95.1 101.1 105.0 88.3 91.0 108.7 126.4 78.9 99.2 100.2 QII 99.5 100.5 102.4 101.2 94.6 98.7 106.2 94.5 98.5 104.1 QIII 102.8 104.2 94.7 0.0 105.3 100.3 99.2 102.8 99.3 103.2 101.9 QIV 104.7 106.4 108.1 0.0 103.6 100.0 107.4 113.5 96.3 124.6 101.5 2017/18 QI 106.9 106.5 112.9 0.0 98.2 100.1 113.2 159.1 95.5 126.6 100.4 QII 113.9 119.4 117.9 0.0 103.6 99.9 117.9 139.6 103.2 132.0 102.9 QIII 114.4 119.6 119.9 0.0 100.4 100.1 116.2 124.5 109.4 153.4 105.4 QIV 119.7 131.9 121.6 0.0 96.8 101.0 126.1 122.6 113.3 145.2 104.3 2018/19 QI 129.0 138.5 119.6 0.0 113.2 101.1 129.1 134.6 129.6 147.2 111.9 QII 128.6 137.9 117.9 0.0 108.2 100.8 117.0 128.8 136.1 147.6 114.3 QIII 131.9 137.5 132.7 0.0 116.5 112.6 121.6 131.3 136.1 175.8 108.7 QIV 140.6 146.9 142.9 0.0 126.4 113.5 127.1 162.8 136.1 188.6 113.7 2019/20 QI 155.1 166.0 159.1 0.0 141.5 125.8 148.2 185.2 136.1 199.5 124.8 QII 162.3 185.6 156.0 0.0 129.0 122.6 144.3 196.7 136.1 200.8 128.4 QIII 158.7 183.2 164.5 0.0 133.8 127.8 143.2 181.2 116.6 209.2 131.1 QIV 155.7 172.9 160.9 0.0 133.0 122.4 141.6 189.6 128.3 202.0 126.1 2020/21 QI 166.3 183.0 185.8 0.0 142.5 133.1 145.3 263.0 116.6 208.6 133.3 QII 167.5 187.4 183.2 0.0 161.3 139.2 148.4 208.9 116.6 192.7 127.8 QIII 181.0 207.3 185.1 0.0 201.8 108.9 151.6 212.6 116.6 189.7 133.0 QIV 206.8 249.0 190.8 0.0 214.6 137.8 144.6 250.1 116.6 200.4 142.0 2021/22 QI 235.9 310.0 214.0 0.0 198.6 157.8 173.5 262.4 116.6 227.3 159.1 QII 257.4 333.4 228.0 0.0 221.4 197.9 170.6 303.0 116.6 266.2 171.8 QIII 260.8 332.3 256.8 0.0 237.4 197.9 182.7 312.1 116.6 255.9 179.4 QIV 287.2 353.8 276.4 0.0 318.2 197.9 189.2 345.5 116.6 286.9 195.4 2022/23 QI 333.1 418.7 327.8 0.0 387.1 197.9 236.5 391.7 116.6 308.0 223.1 QII 352.5 459.6 323.9 0.0 394.4 197.9 281.8 369.2 116.6 319.1 261.3 QIII 363.0 466.6 347.8 0.0 423.9 197.9 304.1 379.2 116.6 326.3 300.2 QIV 380.9 496.9 385.1 0.0 411.9 162.2 331.4 485.5 116.6 347.3 309.8 2023/24 QI 408.4 528.2 406.0 0.0 470.4 154.2 341.4 544.5 116.6 355.8 316.4 QII 455.1 601.1 436.8 0.0 507.2 159.6 354.9 632.5 116.6 375.6 346.3 QIII 467.4 624.6 441.8 0.0 509.5 166.9 373.8 620.5 116.6 397.1 374.2 QIV 476.4 656.6 515.7 0.0 445.3 155.9 396.8 645.9 116.6 470.7 357.8 2024/25 QI 489.1 694.7 553.9 0.0 392.9 164.1 392.6 661.6 116.6 467.5 405.8 QII 480.0 679.7 558.7 0.0 397.2 184.0 391.6 583.4 116.6 465.3 420.9 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation SOMALI

National Bank of Ethiopia Quarterly Bulletin 130 Second Quarter 2024/25 Table 22 (F10): Regional States' Consumer Price Index (Food) December 2016= 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2015/16 Q.I 92.0 95.1 90.0 100.4 101.8 74.3 98.2 74.8 75.6 99.3 Q.II 96.4 98.7 89.3 101.5 102.1 100.0 104.8 77.5 88.7 95.6 QIII 96.4 99.7 90.8 100.4 96.9 100.0 102.9 84.5 88.6 90.7 QIV 98.9 102.0 94.8 95.3 97.8 100.0 110.6 92.8 86.0 89.6 2016/17 QI 105.3 110.0 104.4 104.5 99.3 100.0 117.5 94.1 88.5 90.1 QII 103.3 107.1 103.4 106.1 100.3 100.0 102.2 97.6 97.6 97.0 QIII 101.1 102.8 100.9 0.0 104.2 101.9 99.1 97.0 94.3 100.0 105.0 QIV 104.8 109.1 106.1 0.0 106.9 106.5 102.8 99.5 95.6 99.9 103.0 2017/18 QI 111.5 116.7 123.7 0.0 111.9 108.0 108.6 107.2 102.4 95.7 101.7 QII 115.0 122.9 120.7 0.0 117.7 100.3 107.6 115.6 95.2 98.4 106.5 QIII 119.2 127.5 130.3 0.0 113.9 100.9 109.6 106.2 92.5 120.5 108.2 QIV 126.2 138.3 137.6 0.0 132.7 105.3 109.8 102.0 93.5 137.5 109.3 2018/19 QI 135.7 152.9 149.0 0.0 139.0 102.8 112.2 113.1 93.3 139.9 111.2 QII 144.7 170.4 151.5 0.0 146.1 106.3 140.4 121.9 93.5 143.3 110.1 QIII 145.5 170.1 152.1 0.0 144.6 106.7 145.7 118.6 93.9 153.6 111.6 QIV 155.9 180.3 168.3 0.0 153.0 109.4 159.9 135.6 100.3 155.3 114.7 2019/20 QI 169.6 196.7 183.7 0.0 179.9 109.7 161.5 160.4 104.0 157.3 114.5 QII 175.1 204.4 197.7 0.0 189.0 121.8 158.6 164.4 104.3 146.4 117.4 QIII 181.4 205.6 202.7 0.0 179.5 141.9 161.7 171.2 104.6 155.5 141.6 QIV 205.5 232.0 219.6 0.0 184.2 150.5 156.5 196.6 106.2 208.8 149.8 2020/21 QI 228.2 258.8 225.1 0.0 199.8 140.9 145.1 233.8 107.6 258.4 150.5 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 2021/22 QI 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 2022/23 QI 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 2023/24 QI 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 2024/25 QI 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation TIGRAY

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 131 Table 23 A1: Ethiopia: Direction of External Trade: EXPORT (In Thousands of Birr) Djibouti 3,735,447.3 3,502,015.8 3,422,940.0 5,159,520.7 8,971,437.9 6,908,251.4 12,414,119.1 Egypt 379,597.8 602,881.0 222,763.9 308,910.2 157,793.4 472,779.2 2,210,349.5 Ghana 57,554.1 18,798.4 19,029.4 46,691.0 60,573.1 19,792.3 37,318.8 Kenya 693,204.7 662,784.6 273,969.6 488,940.0 1,471,037.7 4,240,620.1 12,637,067.5 Libia - - - - - - - Morocco 14,271.4 7,627.6 60,459.5 73,138.5 92,582.3 149,200.1 1,390,726.8 Nigeria 267,895.4 302,907.6 338,173.7 165,904.2 65,751.8 84,595.0 110,687.6 Ruwanda 134,233.8 4,579.0 43,122.8 9,921.5 8,309.0 4,930.6 84,194.1 Somali Land - - - - - - - Somalia 6,745,141.9 7,180,165.5 5,963,824.3 13,064,374.8 14,344,822.0 6,881,840.8 4,346,736.4 South Africa 283,532.5 226,816.6 216,105.1 410,124.8 946,156.6 570,274.4 1,012,120.8 Sudan 2,560,197.2 1,718,688.6 2,893,901.7 3,410,969.4 4,427,003.8 4,193,650.7 4,042,656.1 Tanzania 10,846.2 28,426.5 99,256.8 4,096.0 11,526.3 3,136.2 56,848.7 Uganda 11,353.5 10,099.0 23,442.4 36,019.4 96,529.2 75,684.8 65,005.8 Zambia 83,656.5 11,008.3 149,686.8 1,957.4 3,946.9 47.8 90.8 Zembabwe 7,179.0 2,997.1 18,027.9 41,804.1 38,786.1 13,220.8 6,701.2 Others 1,220,740.0 1,654,555.2 6,723,136.4 5,378,593.2 1,511,672.7 2,781,298.8 1,122,991.7 Total 16,204,851.2 15,934,350.72 20,467,840.4 28,600,965.1 32,207,928.9 26,399,322.8 39,537,614.9 %Share Of Continent 21.9 20.0 18.0 16.7 15.7 13.9 8.0 Austria 6,572.3 2,199.9 678.3 6,668.2 9,338.1 33,557.4 15,392.9 Belgium 1,815,145.1 1,885,843.0 2,803,691.8 5,082,654.8 7,226,357.5 4,594,699.0 14,827,423.3 Bulgaria 91,753.4 80,096.6 96,294.6 137,688.4 150,621.7 193,400.3 144,905.6 Cyprus 17,019.5 14,580.3 16,821.9 - 16,485.7 10,989.9 3,019.8 Czech Republic 4,910.2 4,466.6 2,337.2 7,653.5 33,950.0 23,398.1 38,486.5 Slovakia 2,144.5 1,552.8 805.1 1,270.5 249.0 19,101.5 12,756.7 Denmark 25,631.5 32,806.6 32,645.8 32,409.1 53,458.0 111,194.2 210,551.6 Finland 110,724.0 91,036.1 118,222.6 148,445.9 196,585.8 285,090.0 153,095.7 France 717,336.1 751,486.0 789,672.9 1,380,809.2 1,997,864.2 2,726,226.8 3,408,407.8 Germany 4,217,311.6 4,135,200.4 4,523,931.9 9,909,751.4 13,142,188.6 6,768,716.2 24,116,390.8 Greece 186,258.7 230,313.5 146,873.3 354,278.0 349,639.4 493,749.4 833,934.8 Hungary 19,660.8 10,112.7 17,500.4 27,452.7 24,304.0 10,413.1 60,862.7 Ireland 13,537.1 17,485.0 4,780.1 8,590.0 20,997.4 354,680.3 13,545.0 Italy 1,442,090.6 1,359,775.1 1,494,410.9 2,505,342.7 4,196,415.2 4,856,135.9 7,222,887.0 Netherlands 5,256,686.2 7,828,641.6 11,179,121.3 14,346,624.0 21,554,570.4 17,218,835.0 27,816,911.2 Norway 162,162.3 312,829.4 374,409.1 468,752.8 841,926.4 598,875.2 728,772.3 Poland 18,237.3 23,765.6 24,019.7 46,068.4 61,614.9 236,866.1 499,762.5 Portugal 210,638.6 173,969.2 241,431.3 160,701.5 173,565.7 232,006.4 1,068,107.6 Rumania 20,038.6 11,055.3 19,221.3 30,596.5 49,520.0 129,042.9 257,173.1 Spain 406,305.3 513,867.2 521,805.4 737,524.8 857,371.7 596,130.5 1,610,202.3 Sweden 188,083.4 156,699.7 208,700.3 399,572.3 632,853.2 405,088.1 838,774.2 Switzerland 2,005,549.8 700,416.8 18,502,392.6 26,353,905.5 18,945,000.9 13,512,999.9 173,677,150.4 Turkey 1,163,256.8 1,065,896.4 1,163,636.0 1,696,723.8 1,267,476.2 3,265,936.1 6,317,849.7 Ukraine 27,800.3 42,717.7 56,395.9 234,112.4 11,761.6 250,096.5 106,404.0 United Kingdom 1,088,895.5 1,179,977.9 1,112,511.1 1,659,295.2 3,669,235.3 2,924,411.6 3,865,193.5 Russia 313,364.1 399,159.9 430,203.7 820,038.9 708,462.0 984,543.3 3,446,908.2 Yugoslavia - - - - - - - Others 494,308.7 1,167,721.2 1,255,152.2 4,312,021.6 1,435,834.9 629,851.0 1,475,236.7 Total 20,025,422.2 22,193,672.7 45,137,666.9 70,868,952.1 77,627,647.8 61,466,034.4 272,770,106.0 %Share Of Continent 27.1 27.9 39.8 41.3 37.8 32.4 55.4 Brazil 163.0 77.1 - 2,659.9 953.4 207.7 15,453.2 Canada 477,156.0 382,746.8 556,490.9 858,150.3 1,499,453.4 1,452,718.0 2,432,441.2 Cuba - - - - - - - Mexico 103,708.1 120,382.1 74,524.9 75,662.2 26,602.7 20,969.4 36,670.8 United States 6,565,256.2 6,071,212.1 7,994,967.9 12,988,109.2 18,888,809.2 15,109,622.4 24,096,979.0 Others 682,322.7 2,744,367.1 1,374,096.1 1,887,090.0 137,247.9 263,757.8 541,740.7 Total 7,828,606.0 9,318,785.3 10,000,079.8 15,811,671.6 20,553,066.5 16,847,275.3 27,123,284.8 %Share Of Continent 10.6 11.7 8.8 9.2 10.0 8.9 5.5 China, Mainland 4,754,329.3 3,152,523.4 2,538,974.3 3,256,200.4 6,379,187.8 6,039,740.9 8,562,489.5 China, Taiwan 376,886.9 449,376.9 787,312.1 1,048,328.9 1,713,411.6 1,667,605.2 3,013,907.3 Hong Kong 394,924.5 254,786.9 552,168.0 964,564.8 1,138,000.7 1,173,395.8 2,466,395.0 India 1,743,922.8 2,978,523.5 1,505,702.2 3,731,448.9 4,003,815.5 7,265,284.0 6,736,699.1 Indonesia 990,069.2 750,327.8 931,170.3 1,354,241.6 1,074,764.0 1,313,103.8 1,949,665.1 Israel 2,801,575.6 3,184,280.8 2,919,321.9 4,218,285.1 5,244,807.2 5,715,187.1 9,020,378.9 Japan 2,711,874.6 3,564,916.0 3,350,803.0 4,419,984.8 7,153,510.5 6,321,924.9 9,233,348.5 N.Korea, Pdrk 12,521.0 2,846.0 464.9 29,380.5 12,069.5 56.1 259.6 S.Korea 1,242,319.1 1,440,757.9 2,190,959.0 3,319,582.5 6,397,024.9 6,629,227.1 9,843,731.7 Kuwait 94,016.3 123,712.1 141,617.1 287,088.5 323,638.6 282,116.7 1,183,414.5 Lebanon 61,491.5 65,805.4 37,592.1 83,936.3 157,086.6 150,767.3 226,730.9 Malaysia 29,316.4 64,445.6 230,618.9 684,883.2 889,477.2 658,387.6 862,060.7 Pakistan 304,739.5 61,784.2 688,547.0 454,173.5 863,874.3 2,069,908.2 5,344,441.8 Saudi Arabia 4,974,591.2 5,667,183.8 7,175,543.7 9,935,245.3 16,324,509.2 18,149,875.6 35,105,261.6 Singapore 227,604.0 955,527.3 1,608,022.9 1,970,924.9 2,367,537.3 4,015,680.0 3,778,295.1 Yemen 1,180,756.9 1,697,112.0 1,047,539.0 896,228.1 964,890.9 1,594,300.9 3,633,563.5 Thailand 152,740.8 121,435.7 28,623.0 34,217.1 157,764.3 250,075.7 484,309.9 UAE 3,093,582.5 3,695,506.7 5,430,018.1 7,612,677.6 10,951,018.7 9,646,513.6 22,421,394.9 Others 4,175,681.9 3,200,461.1 5,990,857.0 10,495,577.2 6,236,276.0 7,165,560.1 11,783,203.6 Total 29,322,944.0 31,431,312.8 37,155,854.4 54,796,969.0 72,352,664.9 80,108,710.6 135,649,551.2 %Share Of Continent 39.6 39.5 32.7 31.9 35.3 42.3 27.5 Australia 443,828.9 516,436.6 477,329.9 1,116,931.3 1,572,759.9 1,455,128.5 2,804,812.8 Others 181,580.3 122,038.6 248,724.3 429,983.0 227,434.6 183,417.5 248,780.3 Total 625,409.2 638,475.2 726,054.2 1,546,914.3 1,800,194.5 1,638,546.0 3,053,593.1 %Share Of Continent 0.8 0.8 0.6 0.0 0.9 0.9 0.6 Unspecified 0.00 628,040.5 3,068,704.1 14,306,437.9 Grand Total 74,007,232.6 79,516,596.6 113,487,495.6 171,625,472.1 205,169,543.1 189,528,593.2 492,440,587.9 Note1: Data for the year 2013 and 2014 is based on updated data from Ethiopian Customs Commission Note2: The data for Czechoslovakia before 2013 represents the sum of Czech republic and Slovakia Continents 2018 2019 Country of Destination Africa 2020 2021 2022 2023 2024 Europe America Asia Oceania Source: Ethiopian Customs Commission

National Bank of Ethiopia Quarterly Bulletin 132 Second Quarter 2024/25 Table 23 A2: Ethiopia: Direction of External Trade: IMPORT (In thousands of Birr ) Djibouti 14,392.9 642,854.3 2,266,288.6 11,043,674.1 28,152,472.80 19,682,606.03 27,725,614.42 Egypt 8,475,970.6 6,033,339.4 10,410,681.4 17,728,657.1 49,050,712.14 55,039,107.17 30,302,103.25 Ghana 3,373.5 5,384.8 24,816.0 29,743.2 50,796.57 19,978.14 30,162.88 Kenya 1,031,939.8 2,216,326.1 1,895,402.8 3,136,327.1 7,113,057.42 4,725,954.44 6,486,079.26 Libya - - - - - - - Nigeria 97,972.4 3,924.2 4,438.6 21,952.0 3,293.43 3,166,759.25 2,207,693.71 Ruanda 354.6 929.2 4,365.6 1,256,479.2 1,730,827.32 181,091.44 3,114,950.86 Sudan 2,414,048.4 2,512,810.8 2,313,690.9 184,428.2 208,365.12 375,737.67 334,156.82 Tanzania 68,036.6 141,184.8 137,235.5 16,755.9 50,309.99 306,456.17 357,413.89 Uganda 18,647.3 14,951.7 78,110.9 98,520.6 164,270.56 258,019.04 326,160.11 Zambia 8,312.0 14,692.0 9,814.4 7,075.4 50,424.30 15,338.40 87,845.59 Others 13,917,599.7 15,946,009.4 20,369,845.5 29,387,714.9 71,838,497.3 74,356,823.0 67,079,680.2 Total 26,050,647.9 27,532,406.5 37,514,690.3 62,911,327.7 158,413,026.93 158,127,870.78 138,051,860.95 Austria 1,040,661.1 1,073,524.5 630,258.4 650,445.3 259,877.34 816,593.23 2,484,689.68 Belgium 5,759,928.0 8,634,959.5 5,848,999.6 9,163,579.4 5,179,586.93 3,465,996.64 7,160,296.47 Bulgaria 520,743.2 1,261,450.1 411,435.9 1,346,192.7 1,820,015.42 523,502.29 333,217.12 Cyprus 137,000.3 223,774.3 165,931.3 523,781.7 292,873.92 366,093.80 662,305.72 Czechoslovakia (former name) 726,203.9 595,259.1 481,128.9 485,046.1 769,234.77 1,303,312.02 1,762,018.52 Czech republic 592,351.5 521,779.0 448,591.6 372,216.5 461,548.28 770,932.41 1,601,767.87 Slovakia 133,852.4 73,480.1 32,537.3 112,829.5 307,686.49 532,379.61 160,250.65 Denmark 1,202,904.0 1,249,496.7 1,479,672.1 1,592,371.6 1,280,925.43 1,379,450.05 1,464,396.04 Finland 303,300.5 194,563.8 109,262.7 537,595.1 937,055.73 923,894.98 1,218,969.80 France 5,284,049.7 4,410,731.7 8,664,554.7 8,372,869.0 6,847,584.32 9,639,287.86 8,801,564.66 Germany 8,565,154.3 9,385,651.8 9,242,912.0 8,002,879.3 8,696,403.04 8,152,294.20 26,585,498.52 Greece 176,150.5 187,627.4 209,094.9 302,386.0 189,061.23 412,407.81 436,286.37 Hungary 427,285.7 378,765.9 513,225.0 1,095,652.0 759,651.88 1,164,067.42 1,639,381.66 Ireland 1,052,850.4 1,368,277.1 1,103,439.6 1,621,077.3 1,517,853.80 2,472,479.81 1,633,352.61 Italy 10,871,815.0 8,322,257.7 10,773,755.9 11,506,882.9 10,479,668.03 11,000,123.81 17,849,236.98 Netherlands 6,445,594.1 7,062,343.8 3,274,060.8 6,266,430.6 5,174,951.74 5,869,563.05 8,926,291.70 Norway 99,827.2 87,383.6 187,565.8 156,031.9 226,370.81 325,777.04 228,298.98 Poland 811,113.3 1,085,160.2 1,456,189.1 1,198,760.2 1,892,760.38 1,615,729.97 1,421,319.49 Portugal 268,020.5 379,815.9 243,893.1 500,387.6 285,601.75 362,038.91 300,263.14 Rumania 3,373,945.7 2,721,518.9 1,126,385.7 3,792,996.8 1,371,788.85 2,046,126.56 3,100,608.49 Spain 1,683,250.0 2,455,395.0 2,235,461.3 3,242,302.4 2,238,456.27 3,266,156.73 5,258,718.97 Sweden 940,177.3 1,884,142.5 1,169,306.1 771,149.2 1,019,841.98 1,042,807.27 1,724,854.33 Switzerland 1,217,600.4 2,087,148.6 2,463,804.1 2,139,347.0 1,744,006.40 2,551,348.25 1,065,551.04 Turkey 16,746,946.1 17,683,063.8 28,321,826.8 36,627,248.5 52,066,001.23 34,364,366.93 48,967,814.11 United kingdom 8,288,135.5 9,569,003.6 8,604,611.7 8,544,021.3 10,592,739.48 18,163,794.80 37,837,323.90 Russia 3,569,242.3 3,009,797.2 1,759,881.9 8,793,976.3 2,263,047.73 1,214,893.64 30,481,951.14 Yugoslavia - - - - - - - Other 5,415,508.4 10,223,485.8 10,641,702.7 27,659,316.6 17,740,989.9 11,136,681.4 3,718,936.10 Total 84,927,407.3 95,534,598.6 101,118,360.3 144,892,726.8 135,646,348.4 123,578,788.4 215,063,145.5 Brazil 2,232,527.8 716,227.8 1,347,349.3 1,259,094.7 1,478,169.50 3,430,004.60 11,184,566.87 Canada 2,042,770.2 1,744,497.1 2,325,081.5 1,231,140.4 3,853,837.71 1,659,932.36 2,679,698.71 Cuba 1,877.7 2,641.6 2,031.7 1,812.8 852.11 1,874.07 129.03 Mexico 205,236.3 224,104.3 284,611.6 354,523.8 1,185,513.34 704,101.83 1,029,959.09 United states 43,437,677.3 25,735,703.1 28,278,445.3 50,946,210.6 50,924,527.65 45,612,153.77 71,305,559.06 Others 273,342.6 386,632.9 4,160,665.7 4,479,859.0 7,380,503.98 3,692,756.77 4,295,751.56 Total 48,193,432.0 28,809,806.7 36,398,185.0 58,272,641.5 64,823,404.29 55,100,823.40 90,495,664.31 China, mainland 108,996,524.2 113,000,343.3 119,518,584.0 134,767,597.7 182,720,391.36 220,935,690.84 462,999,496.37 China, Taiwan 1,287,314.4 2,229,952.5 2,336,180.0 2,519,446.3 1,513,510.90 1,079,963.69 1,742,215.43 Hong Kong 842,633.5 182,565.5 1,165,685.5 199,754.6 278,408.96 3,716,289.75 782,283.99 India 30,949,325.7 36,796,683.5 51,369,798.5 103,243,911.1 120,018,663.66 88,963,695.23 127,312,973.52 Israel 618,133.9 711,291.6 592,680.2 743,319.8 1,074,811.97 895,285.22 994,501.91 Japan 11,333,679.9 9,260,462.8 3,990,031.8 3,886,893.6 3,623,962.71 6,112,844.83 17,556,218.40 N.korea, pdrk 48,756.1 529,388.8 116,388.0 44,456.0 92,270.00 14,939.93 33,383.56 S.korea 5,054,086.0 4,835,162.6 6,559,501.4 10,517,267.1 6,906,383.37 7,553,543.16 15,582,001.66 Kuwait 43,326,855.2 46,876,977.5 12,333,071.7 36,139,876.7 46,117,801.75 28,168,501.41 64,988,736.69 Lebanon 44,398.0 40,490.3 26,980.9 55,135.9 357,813.04 90,611.42 78,139.61 Malaysia 10,137,602.3 5,928,016.9 10,744,285.1 37,955,879.4 40,451,782.47 21,618,188.28 28,619,565.11 Pakistan 2,573,458.2 814,628.1 1,261,370.2 2,749,543.4 1,810,973.39 2,972,301.73 4,907,178.43 Saudi arabia 6,988,734.0 10,277,787.4 12,108,482.4 24,640,270.4 99,277,034.57 74,992,135.29 100,727,476.62 Singapore 422,232.8 1,526,703.7 9,665,483.2 1,902,125.0 642,505.59 1,743,827.13 2,211,472.38 Yemen 51,659.0 67,926.9 115,865.8 113,975.5 343,400.08 145,815.16 93,025.92 Thailand 4,753,644.6 3,287,134.1 5,217,010.0 6,020,437.8 6,784,566.55 6,010,545.78 13,871,175.28 Others 33,208,245.5 35,030,531.9 45,287,719.7 69,548,180.5 95,717,714.90 131,001,958.09 180,085,060.92 Total 260,637,283.3 271,396,047.4 282,409,118.3 435,048,070.8 607,731,995.27 596,016,136.94 1,022,584,905.81 Australia 237,964.4 183,256.3 454,217.0 1,050,857.8 585,136.25 369,179.83 728,940.86 Others 123,890.3 134,316.0 156,031.4 147,274.5 137,640.97 327,867.76 315,260.92 361,854.7 317,572.3 610,248.4 1,198,132.3 722,777.21 697,047.60 1,044,201.77 Unspecified 10,455,453.85 69,290,879.01 420,170,625.2 423,590,431.5 458,050,602.2 702,322,899.1 967,337,552.07 943,976,121.01 1,536,530,657.41 Source: Ethiopian Customs Commission Continents Country 2023 2024 Africa Europe America 2018 2019 2020 2021 Asia Oceania Total Grand Total 2022

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 133 (In Millions of USD) Export Import Export Import Export Import Export Import Export Import Export Import O P Q R S T U V W X Y=W/O Z=X/P Djibouti 31.2 87.4 32.2 101.3 35.5 132.4 37.8 76.5 39.6 58.0 26.9 (33.7) Egypt 1.8 276.3 2.4 214.7 3.7 135.5 7.5 47.0 9.7 45.9 433.9 (83.4) Ghana 0.1 0.0 0.1 0.0 0.1 0.0 0.2 0.1 8.6 320.1 Kenya 20.6 26.6 28.6 25.1 36.9 17.8 34.7 23.6 44.4 15.2 116.1 (42.8) Libia - - - - - - - - - - Morocco 0.5 223.7 1.9 431.5 5.4 486.6 5.3 46.1 3.7 0.1 586.6 (100.0) Nigeria 0.3 0.0 0.2 38.9 0.3 0.0 0.3 0.2 0.4 0.0 43.4 (45.0) Ruwanda 0.0 0.0 0.5 0.0 0.7 16.7 0.1 8.8 0.1 10.0 167.4 Somali Land - 1.0 - 0.0 - 4.2 - - - - (100.0) Somalia 30.5 - 30.1 - 5.6 - 6.7 8.7 13.8 1.3 (54.7) South Africa 2.0 63.1 3.5 24.0 2.6 23.0 2.5 35.3 3.4 28.2 72.3 (55.3) Sudan 16.8 1.4 28.8 3.4 11.2 1.9 7.2 0.4 9.7 - (42.2) (100.0) Tanzania 0.0 4.4 - 0.3 0.0 1.6 0.0 0.5 0.5 1.6 (64.2) Uganda 0.2 2.5 0.5 1.2 0.4 2.2 0.1 0.6 0.1 0.6 (67.9) (77.3) Zambia - 0.1 - - - 1.3 - 0.1 0.0 0.0 (66.8) Zembabwe 0.1 0.4 0.0 0.6 0.0 0.5 0.0 0.2 (67.5) (38.5) Others 8.1 2.6 4.4 1.3 3.6 0.3 4.3 4.2 2.7 5.2 (66.5) 102.1 Total 112.1 689.5 133.3 842.3 106.0 824.1 106.6 252.0 128.2 166.3 14.3 (75.9) %Share Of Continent 14.54 13.65 14.37 18.84 8.36 16.24 7.0 6.2 7.3 3.3 Austria 0.2 2.1 - 2.1 0.1 2.7 0.0 9.0 0.0 11.1 (74.8) 422.7 Belgium 20.6 25.6 30.1 9.4 62.3 21.4 60.0 27.8 32.1 23.0 55.7 (10.3) Bulgaria 0.6 0.9 0.9 1.6 0.8 1.6 0.1 0.2 0.3 1.1 (47.7) 12.0 Cyprus - 2.5 - 1.4 - 1.4 0.0 3.0 - 1.7 (32.7) Czech Republic 0.0 2.0 0.1 2.0 0.3 1.8 0.1 5.0 0.1 7.4 39.3 273.3 Slovakia 0.1 1.8 0.1 0.3 0.1 0.3 - 0.7 - 0.5 (100.0) (71.8) Denmark 0.1 8.3 0.8 7.2 0.4 4.9 0.2 3.1 1.0 4.2 1,021.4 (49.7) Finland 0.0 1.5 1.2 7.7 0.9 0.8 0.3 4.4 0.2 2.5 1,158.0 60.7 France 7.7 35.2 9.1 49.7 13.9 19.3 14.0 17.3 6.7 27.3 (12.7) (22.3) Germany 22.9 37.5 21.5 57.4 90.0 141.7 117.1 69.3 53.7 66.1 134.5 76.3 Greece 2.2 1.0 3.0 1.5 2.1 1.3 3.9 1.7 1.2 0.9 (46.0) (8.5) Hungary 0.0 3.9 0.1 4.1 0.3 5.1 0.2 4.3 0.2 5.8 523.1 48.0 Ireland 0.0 3.9 0.0 2.6 0.1 6.0 0.0 9.2 0.1 2.5 (34.5) Italy 8.2 55.8 22.6 33.2 31.0 41.9 20.7 52.0 18.9 71.4 129.6 28.0 Netherlands 77.6 21.3 86.2 16.3 87.2 36.8 72.7 15.5 89.2 35.9 15.0 68.3 Norway 2.3 1.0 2.3 0.6 3.0 0.4 1.9 0.6 2.0 1.0 (13.4) (3.1) Poland 0.5 9.1 0.5 2.5 1.5 4.2 2.0 2.7 1.5 6.6 194.9 (27.7) Portugal 0.9 0.6 1.5 2.2 1.0 0.6 4.2 0.6 4.0 0.7 356.9 22.9 Rumania 0.1 1.1 0.1 17.3 0.8 9.8 0.3 11.1 1.4 3.0 1,783.6 162.9 Spain 1.1 14.2 2.9 13.0 5.2 15.7 4.6 11.7 6.2 21.1 451.8 49.0 Sweden 1.6 3.8 1.5 2.5 3.5 2.9 3.6 3.1 1.8 9.1 14.6 143.2 Switzerland 86.1 5.2 111.0 2.7 134.6 4.7 562.4 2.2 800.3 3.4 829.3 (35.4) Turkey 14.7 262.3 22.2 162.9 14.7 200.7 11.4 138.9 25.4 124.1 73.4 (52.7) Ukraine 0.0 4.6 0.1 1.4 0.1 13.5 0.2 3.2 0.6 7.0 54.1 United Kingdom 12.5 204.2 11.4 90.0 13.9 159.8 12.7 83.0 10.5 146.2 (15.8) (28.4) Russia 3.6 16.7 5.5 57.3 10.9 106.7 8.1 91.7 13.9 97.5 291.6 482.9 Yugoslavia - - - - - - - - - - #DIV/0! Others 2.5 100.6 2.8 1.5 6.6 1.7 4.8 8.9 4.1 6.9 60.9 (93.2) Total 266.1 826.8 337.7 550.5 485.3 807.6 905.6 580.2 1,075.4 688.0 304.0 (16.8) %Share Of Continent 34.53 16.37 36.42 12.32 38.29 15.92 59.74 14.21 61.06 13.57 Brazil - 46.4 0.1 74.1 - 49.6 - 25.6 0.1 15.3 (67.0) Canada 5.1 4.0 5.5 3.6 6.1 5.0 8.2 8.8 8.3 11.2 63.5 179.5 Cuba - 0.0 - 0.0 - - - - - 0.0 (96.0) Mexico 0.2 3.9 0.2 1.6 0.2 3.2 0.0 4.2 0.1 3.2 (48.4) (18.2) United States 36.4 199.9 56.7 133.2 104.3 207.5 69.6 182.1 67.0 304.4 84.1 52.3 Others 4.7 33.0 4.6 1.6 3.7 3.5 1.4 15.2 1.1 20.8 (75.6) (36.9) Total 46.4 287.2 67.0 214.3 114.2 268.9 79.2 235.9 76.6 355.0 65.2 23.6 %Share Of Continent 6.02 5.69 7.23 4.79 9.01 5.30 5.23 5.78 4.35 7.00 China, Mainland 25.9 1,098.3 25.9 1,021.9 27.3 1,305.6 17.4 1,357.9 31.3 1,690.0 20.8 53.9 China, Taiwan 4.2 2.9 6.9 3.7 15.8 3.9 9.7 6.3 6.8 6.2 60.7 115.8 Hong Kong 6.1 61.4 7.5 2.3 5.9 0.9 7.0 1.5 8.0 3.9 31.7 (93.7) India 29.0 405.8 25.0 448.4 22.4 470.8 13.3 346.5 22.1 356.6 (23.8) (12.1) Indonesia 5.2 127.9 4.2 68.9 5.9 105.7 8.4 44.8 5.5 73.4 6.2 (42.6) Israel 23.3 6.8 34.8 2.8 24.7 2.1 21.5 2.8 29.7 3.4 27.4 (48.9) Japan 18.9 22.3 26.8 21.6 45.7 20.1 36.5 87.0 16.2 62.1 (14.3) 178.7 N.Korea, Pdrk - - 0.0 0.1 0.0 0.1 - 0.2 - 0.0 S.Korea 20.5 36.3 23.5 21.9 52.8 40.0 36.7 58.4 18.7 58.7 (8.7) 61.4 Kuwait 1.2 1.0 2.0 0.1 2.7 0.1 2.6 589.7 5.5 102.5 364.6 ####### Lebanon 0.7 0.4 1.3 0.3 1.0 0.2 0.5 0.3 0.4 0.2 (48.3) (51.2) Malaysia 2.3 151.8 1.2 112.7 2.2 153.7 2.0 57.0 3.8 65.6 63.8 (56.8) Pakistan 8.9 24.6 12.5 13.0 30.9 15.7 22.7 20.4 6.1 11.7 (32.1) (52.3) Saudi Arabia 78.7 617.3 74.8 215.0 115.6 95.7 98.5 190.2 122.3 513.5 55.4 (16.8) Singapore 15.8 4.3 19.5 4.0 14.4 8.5 6.2 4.5 10.4 9.5 (34.0) 120.9 Yemen 6.8 - 4.7 0.2 5.4 0.5 10.8 0.3 14.3 0.2 108.8 Thailand 0.6 18.0 - 69.2 0.7 89.5 1.6 12.8 2.3 30.2 310.6 67.2 UAE 47.2 278.0 72.5 613.4 68.7 531.7 45.4 192.8 82.3 208.5 74.4 (25.0) Others 35.2 199.2 42.0 148.3 31.2 323.9 30.4 39.1 41.8 141.4 18.7 (29.0) Total 330.6 3,056.1 385.1 2,767.6 473.4 3,168.7 371.3 3,012.6 427.5 3,337.6 29.3 9.2 %Share Of Continent 42.89 60.51 41.54 61.92 37.35 62.45 24.49 73.77 24.27 65.82 Australia 4.3 2.4 3.8 1.2 8.6 3.5 11.9 1.4 7.3 2.8 69.7 16.2 Others 0.7 1.5 0.3 0.4 0.8 1.5 0.8 1.8 0.9 0.5 27.0 (67.0) Total 5.0 3.9 4.1 1.6 9.4 5.0 12.7 3.2 8.2 3.3 63.7 (15.9) % Share Of Continent 0.65 0.08 0.45 0.03 0.74 0.10 0.84 0.08 0.46 0.06 Unspecified 10.5 187.2 93.5 79.1 - 40.5 - 45.3 520.6 331.3 178.1 Grand Total Grand Total 770.7 5,050.8 927.2 4,469.8 1,267.4 5,074.3 1,515.9 4,083.9 1,761.1 5,070.8 128.5 0.4 Source: Ethiopian Customs Commission

• Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise. ** All import data are updated based on revised data from the Ethiopian Customs Commission. Table 23B: Direction of Trade** Period Country of Origin 2024/25 Percentage Change 2023/24 QI QII Africa: Europe: QII America: Asia: Oceania: QIII QIV 10,668.8

National Bank of Ethiopia Quarterly Bulletin 134 Second Quarter 2024/25 Table 24: Volume of Exports, by Major Commodity Groups (In metric tone) Coffee Oil Seeds Leather and Leather Productsa Pulses Meat & Meat Prodts. Fruits & Veget. Wheat Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton October 20,138.1 4,910.9 121.2 42,879.3 670.0 16,096.6 - - 0.2 - 1,779.8 1,343.9 - - 8.9 - November 16,325.2 11,862.9 146.7 35,516.5 972.6 19,444.5 - - 0.3 - 2,721.8 1,533.5 - - 11.6 - December 13,982.8 27,211.8 72.1 31,007.6 789.8 17,521.7 - - 0.5 - 4,651.8 1,751.1 - - 29.7 - Qtr II 50,446.1 43,985.6 340.0 109,403.4 2,432.4 53,062.8 - 1.0 - 9,153.4 4,628.5 - - 50.2 - January 13,256.9 38,197.1 143.0 27,281.0 751.8 16,381.9 - - 0.4 - 4,764.2 1,843.3 - 38.0 34.4 - February 19,353.1 27,017.8 158.4 31,258.0 1,019.8 21,389.9 - - 0.4 - 3,392.5 1,499.8 - - 13.7 - March 24,187.2 22,412.8 63.6 31,208.8 1,293.0 15,867.4 - - 0.4 - 3,572.5 1,158.5 - 18.0 - - Qtr III 56,797.2 87,627.7 364.9 89,747.8 3,064.6 53,639.2 - 1.1 - 11,729.1 4,501.6 - 56.0 48.1 - April 34,397.3 17,172.3 289.2 36,554.8 965.3 10,575.2 - - 0.3 - 3,817.7 935.9 - 36.0 84.7 - May 43,519.9 12,422.4 98.7 37,905.1 1,145.4 9,398.8 - - 0.4 - 10,713.8 706.4 - - 35.7 - June 46,039.4 12,268.4 74.6 42,551.2 1,241.6 8,623.5 61,380.0 - 0.5 - 5,780.0 805.5 - 36.0 13.0 - Qtr IV 123,956.6 41,863.1 462.5 117,011.1 3,352.3 28,597.5 - 1.2 - 20,311.5 2,447.8 - 72.0 133.4 - July 40,594.2 9,750.2 132.9 26,759.1 1,068.3 9,628.9 - - 0.4 - 7,417.1 788.9 - - 262.3 - August 42,794.7 9,119.5 150.4 32,603.8 1,083.7 13,887.4 - - 2.2 - 4,065.7 932.3 - - 30.7 - September 32,816.7 8,060.6 68.5 24,601.0 1,538.5 14,586.2 - - 4.3 - 6,995.4 858.5 - - 125.1 - Qtr I 116,205.6 26,930.4 351.8 83,963.9 3,690.5 38,102.6 - 6.9 - 18,478.2 2,579.7 - - 418.1 - October 35,457.0 17,242.1 107.6 25,012.2 1,152.5 17,004.6 - - 2.2 - 12,349.0 893.3 - 18.0 14.7 - November 28,426.5 24,146.2 127.5 27,744.7 1,709.9 16,200.1 - - 3.6 - 7,344.6 949.5 - 25.5 78.5 - December 25,611.5 28,945.4 132.5 27,537.1 1,753.3 15,587.6 - - 4.2 - 11,459.6 1,020.9 - - 95.8 - Qtr II 89,494.9 70,333.7 367.7 80,294.0 4,615.7 48,792.3 - - 9.9 - 31,153.2 2,863.6 - 43.5 189.0 - Table 24 continued: Text. & Text. Prdts Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity(in '1000' kwh) Others* Re-Exports Grand Total* October 3,101.1 4,649.5 28.7 - - - 1.0 - 7,275.1 373.9 652.8 7,480.1 105,750.9 8.9 87,948.94 November 2,575.4 1,965.7 14.0 - - - - - 7,980.7 174.8 773.6 6,490.0 119,042.3 11.6 88,535.56 December 1,600.7 244.7 60.0 - - - 0.0 - 8,035.6 212.0 338.9 7,173.6 178,987.6 29.7 97,018.84 Qtr II 7,277.2 6,859.9 102.7 - - - 1.0 - 23,291.5 760.7 1,765.2 21,143.7 403,780.8 50.2 273,503.33 January 2,779.6 274.8 27.0 - - - 2.1 - 8,556.8 237.9 394.5 6,616.7 175,836.0 34.4 102,691.97 February 2,412.9 3,310.3 76.8 - - - 0.2 - 8,441.3 331.1 690.3 7,107.5 165,468.6 13.7 105,103.26 March 2,267.6 2,818.4 44.0 - - - 5.0 - 8,057.8 271.8 931.2 5,982.8 160,300.5 - 99,782.13 Qtr III 7,460.1 6,403.5 147.8 - - - 7.3 - 25,055.9 840.8 2,016.0 19,706.9 501,605.1 48.1 307,577.36 April 2,436.9 5,663.0 71.0 - - - - - 7,824.8 576.8 804.4 8,066.8 169,832.8 84.7 104,828.65 May 2,863.6 2,472.2 70.0 - - - 1.4 - 8,210.7 203.5 911.2 7,609.5 181,521.6 35.7 115,946.57 June 2,166.9 1,574.5 52.4 - - - 0.3 - 7,376.2 271.8 863.0 4,768.2 163,738.8 13.0 178,813.77 Qtr IV 7,467.3 9,709.8 193.4 - - - 1.7 - 23,411.7 1,052.0 2,578.6 20,444.6 515,093.2 133.4 399,588.98 July 2,175.7 324.5 66.3 - - - 0.6 - 7,083.4 133.3 880.3 5,733.4 148,806.4 262.3 96,402.21 August 2,398.4 4,018.3 15.2 - - - - - 7,934.4 251.3 936.6 5,585.2 502,644.4 30.7 104,670.55 September 2,021.0 905.6 127.0 - - - 0.3 - 7,441.4 221.7 1,603.7 6,182.0 566,142.4 125.1 89,654.92 Qtr I 6,595.1 5,248.4 208.5 - - - 0.9 - 22,459.2 606.3 3,420.6 17,500.5 1,217,593.2 418.1 290,727.68 October 3,175.3 448.1 - - - - 0.0 - 8,420.9 75.6 3,138.1 6,803.3 591,343.0 14.7 109,253.1 November 2,806.3 6,088.0 20.0 - - - 0.0 - 8,345.7 214.2 1,016.4 9,385.3 614,088.5 78.5 106,756.5 December 2,494.7 1,272.1 111.0 - - - 5.0 - 8,087.4 201.7 1,383.6 9,367.7 674,612.7 95.8 112,147.8 Qtr II 8,476.3 7,808.2 131.0 - - - 5.0 - 24,854.0 491.6 5,538.0 25,556.2 1,880,044.3 189.0 - 328,157.5 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) 2024/25Period 2023/24 2024/25Period 2023/24

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 135 Coffee Oil Seeds Leather and Leather products Pulses Meat & Meat Prodts. Fruits & Vegetables Wheat Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton July 6,910,044.4 732,275.0 106,818.9 1,505,440.7 237,556.4 241,394.6 - - 1,425,012.6 214,975.6 758,775.6 - 7,958.3 10,244.6 - August 7,724,828.7 595,448.9 124,675.0 1,673,350.5 276,490.0 414,359.1 - - 1,642,067.5 119,401.6 863,692.3 - 8,065.8 3,983.1 - September 4,861,843.2 406,422.8 128,813.7 1,520,081.8 234,165.2 313,717.6 - - 1,262,060.2 102,457.7 755,018.6 - 7,521.5 21,546.9 - Qtr I 19,496,716.4 1,734,146.7 360,307.6 4,698,873.0 748,211.5 969,471.3 - 4,329,140.3 - 436,834.9 2,377,486.5 - 23,545.6 35,774.7 - October 5,192,245.1 444,854.8 104,216.6 1,834,243.2 261,980.7 316,860.3 - - 840,526.7 147,492.1 729,154.4 - - 46,016.3 - November 3,830,364.7 1,186,236.0 105,180.6 1,599,083.6 303,034.8 380,018.4 - - 1,476,041.7 159,324.0 851,232.5 - - 21,165.9 - December 3,113,157.9 2,738,304.8 80,242.3 1,478,895.5 286,669.9 342,264.3 - - 2,434,626.2 277,507.7 997,290.5 - - 27,288.2 - Qtr II 12,135,767.8 4,369,395.7 289,639.5 4,912,222.3 851,685.4 1,039,143.1 - 4,751,194.6 - 584,323.8 2,577,677.4 - - 94,470.4 - January 3,173,151.6 3,816,699.5 86,087.1 1,389,997.8 302,083.4 311,334.8 - - 2,069,901.8 242,761.2 1,116,485.9 - 14,921.2 60,721.8 - February 5,032,097.2 2,705,734.4 80,300.8 1,525,294.1 393,907.7 402,923.0 - - 2,179,649.7 181,678.5 913,427.8 - - 26,438.9 - March 6,733,246.4 2,159,757.5 71,876.9 1,471,243.6 509,235.7 303,923.5 - - 1,993,130.3 180,507.6 696,611.2 - 8,142.7 - - Qtr III 14,938,495.3 8,682,191.4 238,264.8 4,386,535.4 1,205,226.8 1,018,181.3 - 6,242,681.9 - 604,947.3 2,726,524.9 - 23,064.0 87,160.8 - April 9,314,358.4 1,632,202.3 95,718.7 1,602,407.4 348,868.8 208,684.4 - - 1,847,591.1 134,110.3 569,675.1 - 15,741.5 116,431.1 - May 11,963,816.8 1,134,752.2 55,430.4 1,710,788.4 382,526.9 213,221.5 - - 2,734,119.8 424,802.2 442,756.9 - - 34,718.8 - June 12,485,842.1 1,161,285.1 70,499.8 1,934,252.2 415,944.3 185,716.2 1,931,028.3 - 3,035,153.0 254,248.7 492,087.0 - 15,856.0 31,893.9 - Qtr IV 33,764,017.3 3,928,239.6 221,649.0 5,247,448.0 1,147,340.0 607,622.1 - 7,616,863.8 - 813,161.2 1,504,519.1 - 31,597.4 183,043.7 - July 10,808,449.6 841,293.2 63,334.3 1,309,011.9 357,315.0 263,090.5 - - 2,935,559.4 316,456.7 501,064.3 - - 46,538.8 - August 21,078,473.8 1,426,971.3 193,744.3 2,857,555.6 773,007.5 613,433.9 - - 18,129,730.7 398,126.5 1,102,538.9 - - 19,220.8 - September 16,933,323.3 1,433,860.8 169,623.0 2,365,031.3 864,281.7 731,952.0 - - 39,831,289.2 946,184.9 1,111,989.4 - - 227,116.8 - Qtr I 48,820,246.8 3,702,125.3 426,701.6 6,531,598.8 1,994,604.2 1,608,476.4 - 60,896,579.3 - 1,660,768.1 2,715,592.6 - - 292,876.5 - October 19,018,183.8 3,252,498.8 123,808.1 2,529,374.7 918,258.9 831,905.5 - - 21,490,597.9 1,409,062.9 1,152,078.2 - 16,308.5 115,617.8 - November 15,152,297.8 4,773,025.9 135,113.9 3,014,206.5 1,116,677.9 851,835.5 - - 35,724,106.1 872,089.6 1,255,703.8 - 27,103.6 463,898.5 - December 14,008,802.5 6,178,827.0 200,486.2 3,156,838.2 1,347,283.2 759,901.8 - - 41,534,744.9 1,192,494.3 1,471,215.9 - - 149,968.9 - Qtr II 48,179,284.0 14,204,351.6 459,408.2 8,700,419.5 3,382,220.0 2,443,642.8 - - 98,749,448.9 - 3,473,646.8 3,878,997.9 - 43,412.1 729,485.2 - Table 25 continued:Text. & Text. Prdts Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity Others* Re-Exports Grand Total July 521,265.9 40,757.1 10,015.0 - - - 27.2 - 1,911,962.8 22,228.3 17,822.3 363,491.1 359,563.8 10,244.6 12,150,496.6 August 661,723.3 119,668.6 32,792.9 - - - 4,725.1 - 2,126,528.3 20,443.6 53,411.0 331,786.5 424,731.3 3,983.1 13,446,362.7 September 549,515.5 71,741.6 13,832.8 - - - 443.4 - 2,120,787.9 7,389.5 40,656.1 333,408.9 395,130.7 21,546.9 9,613,649.2 Qtr I 1,732,504.7 232,167.3 56,640.7 - - - 5,195.7 - 6,159,278.9 50,061.4 111,889.4 1,028,686.4 1,179,425.7 35,774.7 - 35,210,508.5 October 613,917.8 167,354.5 2,203.7 - - - 421.4 - 1,894,430.7 20,614.5 35,356.9 340,820.1 353,622.0 46,016.3 9,917,590.3 November 543,579.9 105,733.7 1,051.3 - - - - - 2,138,296.5 10,772.7 35,415.6 870,962.6 411,064.2 21,165.9 9,911,682.5 December 432,577.4 24,917.3 4,661.4 - - - 3.2 - 2,282,387.0 12,897.8 29,716.4 301,831.4 630,024.0 27,288.2 11,776,247.3 Qtr II 1,590,075.1 298,005.4 7,916.4 - - - 424.6 - 6,315,114.2 44,285.0 100,488.9 1,513,614.1 1,394,710.2 94,470.4 - 31,605,520.0 January 627,332.8 33,019.9 2,044.7 - - - 1,905.9 - 2,480,041.2 14,259.2 16,710.8 278,408.6 624,797.7 60,721.8 12,584,146.2 February 587,621.1 126,363.4 26,997.3 - - - 54.1 - 2,345,635.8 20,580.0 30,872.2 318,763.6 595,146.0 26,438.9 13,441,452.2 March 570,464.9 105,535.2 11,303.7 - - - 2,544.6 - 2,274,582.4 15,568.0 32,089.1 345,300.3 583,282.7 - 14,127,675.4 Qtr III 1,785,418.8 264,918.5 40,345.7 - - - 4,504.6 - 7,100,259.3 50,407.2 79,672.1 942,472.5 1,803,226.4 87,160.8 - 40,153,273.7 April 502,877.7 207,892.1 10,450.0 - - - - - 2,276,860.7 28,557.6 47,930.1 735,513.3 623,326.1 116,431.1 15,885,789.0 May 591,427.5 104,382.8 17,286.5 - - - 1,116.4 - 2,332,450.4 15,028.9 51,342.0 741,169.3 675,226.8 34,718.8 19,096,934.0 June 515,893.0 62,803.0 9,251.6 - - - 137.3 - 2,125,954.8 19,574.2 57,748.6 1,352,702.3 2,150,758.8 31,893.9 22,013,806.6 Qtr IV 1,610,198.2 375,077.9 36,988.1 - - - 1,253.6 - 6,735,265.9 63,160.7 157,020.7 2,829,384.8 3,449,311.7 183,043.7 - 56,996,529.6 July 546,432.7 31,287.0 24,046.3 - - - 408.2 - 1,773,097.7 8,104.1 54,682.7 467,976.2 934,383.4 46,538.8 17,442,113.8 August 1,049,656.7 305,697.2 11,747.0 - - - - - 3,837,539.7 38,887.3 86,031.4 757,749.0 2,262,303.1 19,220.8 46,592,803.4 September 925,700.8 113,401.4 72,083.0 - - - 63.0 - 4,328,239.2 25,974.6 85,049.4 1,958,645.7 2,699,640.7 227,116.8 64,614,652.4 Qtr I 2,521,790.3 450,385.6 107,876.3 - - - 471.2 - 9,938,876.6 72,965.9 225,763.4 3,184,371.0 5,896,327.1 292,876.5 - 128,649,569.5 October 1,295,191.3 75,701.8 - - - - 6.0 - 4,997,346.8 11,622.1 76,745.3 824,951.1 2,846,224.4 115,617.8 50,857,695.1 November 1,258,980.1 518,050.7 3,311.3 - - - 1.5 - 5,152,103.3 31,381.8 45,850.2 1,304,473.3 2,988,651.6 463,898.5 63,386,059.2 December 1,295,844.4 104,186.4 73,199.2 - - - 9,640.5 - 5,146,363.7 40,129.4 91,981.8 1,261,564.5 3,228,415.4 149,968.9 70,000,562.8 Qtr II 3,850,015.8 697,938.9 76,510.5 - - - 9,648.1 - 15,295,813.8 83,133.3 214,577.3 3,390,988.9 9,063,291.4 729,485.2 - 184,244,317.1 Table 25: Value of Exports, by Major Commodity Groups (In Thusands of Birr) 2024/25 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Period 2023/24 2024/25Period 2023/24

National Bank of Ethiopia Quarterly Bulletin 136 Second Quarter 2024/25 Food & Live Animals** Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. July 7,314,082.24 97,524.81 38,940.81 - 12,124,977.46 2,598,127.67 12,003,607.30 3,591,694.44 500,561.49 1,052,244.94 1,124,838.22 August 8,932,237.89 105,860.47 44,546.56 - 20,764,825.88 2,659,534.00 6,442,558.39 4,188,816.50 676,911.89 919,136.47 1,467,431.93 September 7,215,832.01 125,229.84 5,524.22 - 16,147,132.70 2,379,200.77 59,541.73 2,262,838.78 683,223.39 657,549.51 1,396,777.82 QI 23,462,152.14 328,615.11 89,011.59 - 49,036,936.04 7,636,862.44 18,505,707.42 10,043,349.72 1,860,696.77 2,628,930.92 3,989,047.97 October 12,030,992.85 154,627.04 75,033.73 - 20,491,172.47 2,852,588.94 1,562,851.09 4,360,838.80 812,899.16 861,860.59 1,985,133.98 November 11,070,808.22 77,180.80 92,563.18 - 18,079,983.14 2,185,228.92 6,431,523.36 4,318,368.03 651,592.80 770,449.15 2,119,059.95 December 11,574,489.53 64,787.17 28,234.99 - 17,430,677.32 1,781,709.97 5,668,016.58 3,237,803.92 479,045.38 565,363.04 1,577,670.30 QII 34,676,290.59 296,595.01 195,831.90 - 56,001,832.94 6,819,527.82 13,662,391.02 11,917,010.75 1,943,537.33 2,197,672.78 5,681,864.23 January 10,413,158.55 30,703.70 16,981.74 - 12,870,954.23 3,043,287.97 10,278,610.35 2,716,394.41 559,560.76 759,307.17 639,941.71 February 10,026,617.34 9,959.77 20,095.52 - 16,887,525.70 1,766,019.50 4,875,186.01 2,462,295.37 445,881.48 646,264.87 661,835.12 March 11,175,017.87 27,758.38 15,932.75 - 15,872,672.22 3,371,691.00 4,157,191.33 3,691,708.94 619,432.96 858,107.17 756,796.37 QIII 31,614,793.76 68,421.86 53,010.01 - 45,631,152.15 8,180,998.47 19,310,987.70 8,870,398.71 1,624,875.20 2,263,679.22 2,058,573.20 April 12,605,403.33 112,086.04 40,392.08 - 17,624,718.85 4,147,855.88 7,247,973.84 3,701,007.84 780,647.52 1,088,079.00 1,020,010.68 May 13,364,762.61 103,575.04 74,865.68 - 16,169,505.68 3,390,510.62 5,149,638.62 3,895,523.03 336,600.17 962,933.45 779,110.84 June 13,310,775.90 178,224.72 8,334.31 - 12,990,727.35 3,237,701.89 9,114,229.77 4,019,573.59 522,305.24 898,048.76 874,429.69 QIV 39,280,941.84 393,885.81 123,592.07 - 46,784,951.87 10,776,068.39 21,511,842.23 11,616,104.46 1,639,552.93 2,949,061.20 2,673,551.21 Annual 129,034,178.32 1,087,517.79 461,445.56 - 197,454,873.00 33,413,457.12 72,990,928.36 42,446,863.64 7,068,662.23 10,039,344.12 14,403,036.61 July 11,160,977.51 63,974.47 25,632.82 - 16,494,641.56 2,983,864.87 2,849,117.74 4,738,001.40 510,764.82 1,050,745.59 917,189.27 August 20,699,240.49 121,579.83 - - 31,530,480.62 3,391,502.84 818,763.34 8,059,125.19 709,521.08 1,209,624.63 3,683,850.46 September 19,442,236.18 175,671.73 79,780.11 - 31,768,449.86 4,114,374.56 3,424,955.17 7,458,555.84 724,008.52 1,215,674.42 4,489,609.19 QI 51,302,454.18 361,226.02 105,412.92 - 79,793,572.04 10,489,742.27 7,092,836.25 20,255,682.43 1,944,294.42 3,476,044.63 9,090,648.91 October 24,778,042.34 79,364.31 242,023.21 - 28,847,018.65 5,390,609.20 3,531,945.29 10,387,851.14 1,551,913.98 2,118,489.26 2,010,392.80 November 25,151,831.54 95,292.82 47,240.51 - 38,200,392.95 5,179,693.92 2,528,815.43 11,862,604.17 1,352,936.69 2,435,370.99 1,454,139.89 December 16,821,965.96 91,518.58 15.59 - 32,209,082.17 5,381,701.01 10,153,828.47 10,667,846.83 954,491.91 1,733,621.93 1,572,905.14 QII 66,751,839.84 266,175.70 289,279.31 - 99,256,493.78 15,952,004.13 16,214,589.19 32,918,302.14 3,859,342.58 6,287,482.18 5,037,437.83 Table 26 continued: Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL October 2,375,694.50 1,208,124.03 329,249.90 6,339,008.93 17,538,239.35 5,918,603.18 4,143,803.03 4,047,434.63 1,543,146.97 8,566,696.44 93,150,564.99 November 1,799,205.29 1,299,091.81 235,834.66 6,084,599.46 13,899,825.86 4,747,004.93 3,700,136.34 2,939,357.40 1,320,690.16 8,081,784.39 86,964,930.41 December 1,350,662.27 1,074,508.33 229,397.51 4,797,630.57 32,319,917.16 5,041,409.20 5,042,963.97 3,212,029.73 2,024,010.92 6,521,862.31 100,810,160.42 QII 5,525,562.05 3,581,724.17 794,482.08 17,221,238.95 63,757,982.37 15,707,017.31 12,886,903.33 10,198,821.76 4,887,848.05 23,170,343.14 280,925,655.82 January 2,137,627.56 990,227.71 163,306.93 4,749,754.59 19,767,189.00 4,792,551.84 4,140,666.97 3,926,884.50 3,219,719.91 6,333,409.51 87,623,354.62 February 1,421,672.57 1,225,868.55 112,418.65 5,870,526.86 11,440,966.88 4,181,731.99 2,919,099.36 3,724,251.14 1,821,299.47 4,986,133.55 71,781,398.56 March 2,060,254.22 1,351,075.05 379,134.05 8,224,506.59 20,489,224.61 4,720,466.72 5,262,627.07 4,605,242.88 1,971,987.17 7,348,755.51 92,354,339.96 QIII 5,619,554.35 3,567,171.31 654,859.63 18,844,788.04 51,697,380.49 13,694,750.55 12,322,393.39 12,256,378.51 7,013,006.55 18,668,298.57 251,759,093.14 April 1,939,448.10 1,351,320.40 485,603.83 6,133,253.96 24,747,114.11 5,899,616.88 4,416,141.19 4,202,163.34 1,995,647.34 7,083,865.55 102,420,186.43 May 2,078,401.06 1,541,402.83 398,460.78 5,819,176.03 13,031,327.41 5,579,972.34 7,561,334.61 5,485,834.14 2,094,720.54 7,505,826.12 89,837,647.44 June 2,019,466.38 1,652,211.52 386,271.61 5,933,612.95 18,841,992.42 5,750,930.03 6,328,012.95 4,205,700.83 1,784,713.42 9,037,587.65 96,889,150.13 QIV 6,037,315.54 4,544,934.75 1,270,336.23 17,886,042.94 56,620,433.93 17,230,519.25 18,305,488.74 13,893,698.31 5,875,081.30 23,627,279.32 289,146,984.00 Annual 23,033,249.19 15,486,338.74 3,511,605.16 70,188,047.74 199,665,957.14 61,037,437.62 56,970,215.29 42,567,573.10 22,745,092.61 87,437,728.23 1,048,475,978.46 July 2,489,312.88 1,758,602.58 490,923.03 7,045,353.75 15,887,015.10 9,295,453.22 5,878,568.89 2,785,410.79 2,074,061.97 9,529,264.31 95,243,465.77 August 3,130,486.84 1,438,820.62 474,788.14 10,046,840.30 17,807,586.01 7,172,972.85 8,219,086.00 7,226,179.26 2,389,665.35 12,868,117.31 133,772,051.88 September 3,046,175.49 1,308,279.13 792,614.66 7,988,921.04 22,413,655.53 10,198,947.73 10,254,527.20 7,072,746.95 1,359,848.04 12,653,408.24 142,909,692.64 QI 8,665,975.21 4,505,702.33 1,758,325.84 25,081,115.09 56,108,256.64 26,667,373.81 24,352,182.10 17,084,337.00 5,823,575.35 35,050,789.86 371,925,210.29 October 4,142,627.53 1,417,638.09 546,801.38 13,167,141.07 48,690,933.44 15,485,655.21 10,916,013.67 14,854,616.47 3,663,528.66 16,945,390.69 193,913,379.91 November 3,970,848.70 1,250,659.61 1,162,593.98 14,292,905.67 63,472,521.50 11,387,237.65 14,171,909.30 11,429,489.88 5,664,491.45 18,565,614.75 222,247,101.50 December 3,997,375.51 1,844,172.36 608,307.28 14,662,759.11 63,567,943.53 9,316,932.61 12,913,422.14 8,040,326.02 3,997,410.39 17,043,588.06 207,538,888.57 QII 12,110,851.74 4,512,470.05 2,317,702.64 42,122,805.84 175,731,398.47 36,189,825.47 38,001,345.11 34,324,432.38 13,325,430.49 52,554,593.49 623,699,369.98 Table 26: Value of Imports by Major Commodity Groups 2023-24 (In Thousands of Birr) Period 2023-24 2024-25 Period 2024-25

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 137 (In Metric Ton) Food & Live Animals** Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. October 310,802.98 646.62 111.68 - 370,412.97 28,851.02 53,136.86 3,532.46 11,488.69 11,020.43 18,918.73 November 285,481.05 305.46 235.67 - 350,100.55 18,744.94 218,865.19 2,328.67 9,027.21 6,804.93 17,659.22 December 310,203.27 581.76 12.69 - 352,921.90 16,125.51 168,644.74 2,201.83 6,034.62 3,872.47 11,582.41 QII 906,487.29 1,533.84 360.04 - 1,073,435.43 63,721.47 440,646.78 8,062.96 26,550.52 21,697.83 48,160.36 January 302,892.82 308.66 102.46 - 256,184.35 17,851.33 331,552.35 3,021.03 8,468.50 5,021.42 7,258.23 February 315,637.59 79.59 85.44 - 329,265.76 11,349.89 169,561.02 1,840.46 7,780.51 5,052.57 6,577.56 March 321,823.77 405.54 57.61 - 311,045.35 19,506.00 134,934.14 3,025.76 7,709.62 4,610.35 8,609.79 QIII 940,354.18 793.80 245.51 - 896,495.45 48,707.22 636,047.50 7,887.26 23,958.63 14,684.35 22,445.59 April 333,356.41 886.25 117.07 - 337,402.77 23,221.39 205,429.89 2,624.00 13,363.96 31,105.06 12,433.67 May 368,159.03 802.45 267.42 - 327,193.16 25,103.43 149,836.89 2,793.78 5,235.49 4,866.19 7,425.71 June 314,324.26 1,636.34 18.81 - 266,859.77 21,141.23 333,706.47 2,798.11 7,343.46 4,291.05 7,759.49 QIV 1,015,839.69 3,325.04 403.30 - 931,455.70 69,466.05 688,973.24 8,215.89 25,942.90 40,262.30 27,618.88 Annual 3,422,125.73 6,821.64 1,186.04 - 3,813,830.86 253,016.28 2,260,862.52 34,188.40 108,874.52 92,279.83 153,086.54 July 266,606.22 426.91 56.44 - 319,457.50 20,215.86 79,486.73 2,727.57 7,886.34 7,696.26 9,552.85 August 286,982.74 945.81 - - 352,841.60 15,226.74 10,161.55 2,611.65 5,628.49 5,976.43 14,025.53 September 284,987.13 875.16 96.12 - 349,877.18 15,000.48 75,349.83 2,484.58 6,218.94 4,461.00 12,138.76 QI 838,576.09 2,247.88 152.56 - 1,022,176.28 50,443.08 164,998.10 7,823.80 19,733.77 18,133.69 35,717.14 October 412,799.19 427.02 311.52 - 301,445.38 21,301.01 80,245.81 3,667.90 10,857.62 5,726.34 10,327.37 November 703,809.30 729.97 79.08 - 395,386.35 21,640.88 48,477.16 24,739.40 9,883.92 7,981.72 6,893.47 December 230,135.47 290.78 0.00 - 322,147.52 17,147.22 111,736.87 2,823.08 6,376.09 4,498.05 10,080.25 QII 1,346,743.96 1,447.76 390.60 - 1,018,979.25 60,089.11 240,459.85 31,230.38 27,117.63 18,206.11 27,301.08 Table 26 continued: Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL October 17,527.50 4,360.61 6,648.14 2,803,785.17 21,647.77 18,470.50 9,807.45 140,623.22 1,330.30 144,823.91 3,837,323.78 November 13,520.27 4,226.51 6,932.41 703,693.16 19,161.25 18,260.41 7,763.61 114,051.96 1,999.02 138,366.70 1,823,476.21 December 10,342.33 3,949.35 4,823.93 75,546.16 17,507.81 196,795.69 10,092.95 131,747.56 1,579.83 113,911.79 1,306,731.04 QII 41,390.09 12,536.48 18,404.48 3,583,024.49 58,316.82 233,526.60 27,664.01 386,422.74 4,909.15 397,102.39 6,967,531.04 January 15,190.43 3,814.49 3,411.22 81,082.34 22,674.70 17,594.57 9,715.96 144,441.24 1,587.25 82,127.57 1,169,859.69 February 11,073.72 3,922.51 3,112.48 271,304.39 11,239.25 18,204.47 7,288.36 139,654.63 1,036.07 187,231.62 1,361,643.25 March 13,989.55 4,919.74 6,828.68 130,865.43 19,102.46 15,379.79 10,804.38 166,062.90 2,069.02 77,755.35 1,093,442.35 QIII 40,253.70 12,656.75 13,352.38 483,252.17 53,016.40 51,178.82 27,808.71 450,158.77 4,692.33 347,114.54 3,624,945.29 April 15,034.99 4,939.08 9,365.35 103,729.55 21,457.12 17,565.41 11,192.59 155,960.28 1,824.50 80,108.49 1,225,157.55 May 13,913.35 4,364.37 6,634.30 105,841.99 15,836.14 16,750.66 13,798.63 212,744.48 1,892.50 80,822.87 1,151,538.35 June 13,649.85 5,058.25 7,752.88 82,806.68 15,074.02 14,965.65 14,566.92 147,604.52 1,374.37 135,551.76 1,250,679.38 QIV 42,598.19 14,361.70 23,752.54 292,378.22 52,367.28 49,281.72 39,558.15 516,309.28 5,091.36 296,483.12 3,627,375.28 Annual 167,546.99 52,550.57 77,297.09 5,983,138.78 215,630.30 446,368.56 120,504.06 1,569,130.87 19,749.55 1,606,945.05 18,836,003.29 July 17,161.68 6,784.30 9,386.82 142,875.65 16,048.51 31,561.75 12,074.13 98,763.60 1,952.23 149,987.62 1,101,945.38 August 13,424.46 4,885.19 7,217.27 112,953.13 14,040.52 15,568.51 10,093.53 151,301.80 1,496.56 491,998.60 1,366,078.33 September 10,446.08 2,069.69 10,313.62 119,207.60 16,158.06 22,488.79 8,937.71 148,570.89 894.98 102,745.98 1,044,751.69 QI 41,032.22 13,739.19 26,917.71 375,036.39 46,247.10 69,619.05 31,105.37 398,636.29 4,343.77 744,732.21 3,512,775.40 October 16,036.37 3,256.41 6,571.91 120,604.25 31,379.04 23,638.97 11,848.02 296,209.71 1,160.19 92,605.16 1,154,209.46 November 14,835.67 2,757.25 9,356.01 139,907.72 23,835.91 18,164.22 16,493.62 378,382.78 1,641.91 159,794.41 1,606,407.97 December 14,731.60 3,368.94 6,069.11 124,833.81 30,590.52 14,165.64 14,539.57 148,763.08 1,048.60 84,261.53 998,844.65 QII 45,603.64 9,382.60 21,997.03 385,345.78 85,805.46 55,968.83 42,881.21 823,355.58 3,850.70 336,661.10 3,759,462.08 2023-24 2023-24 2024-25 Period Table 27: Volume of Imports by Major Commodity 2024-25 Period

National Bank of Ethiopia Quarterly Bulletin 138 Second Quarter 2024/25 (In Millions of Birr) QI QII QIII Qtr IV Annual QI QII Raw Materials 1,534.74 1,982.70 1,570.56 1,549.16 6,637.16 3,052.19 4,529.53 Semi-finished Goods 52,143.33 46,636.87 52,936.02 61,165.70 212,881.92 57,974.13 95,236.32 Chemicals 8,121.14 7,029.29 8,593.57 11,191.52 34,935.51 11,088.67 16,462.91 Fertilizers 18,695.30 13,814.23 19,457.14 21,662.89 73,629.55 7,298.07 16,183.93 Textile Materials 2,395.25 2,278.47 2,120.55 2,512.58 9,306.84 3,859.02 6,059.24 Others 22,931.65 23,514.89 22,764.77 25,798.72 95,010.02 35,728.37 56,530.23 Fuel 50,248.69 57,804.42 46,274.91 47,462.87 201,790.89 82,776.24 100,981.29 Crude petroleum 1.43 - - - 1.43 70.61 - Petroleum Products* 49,036.94 56,001.83 45,631.15 46,784.95 197,454.87 79,793.57 99,256.49 Others 1,210.33 1,802.58 643.76 677.91 4,334.59 2,912.06 1,724.80 Capital Goods 58,596.03 94,666.81 83,284.54 95,194.02 331,741.40 105,989.80 262,541.82 Transport 12,567.11 31,480.08 22,952.01 16,625.05 83,624.25 17,071.26 101,537.24 Tyres for Heavy Vehicles 1,105.34 1,057.23 1,223.83 1,476.81 4,863.21 1,917.98 3,231.70 Heavy Road Motor Veh. 6,260.06 7,103.18 6,453.29 7,573.66 27,390.18 9,427.50 17,010.38 Aircraft 5,081.39 23,215.88 14,991.32 7,273.70 50,562.29 4,861.56 80,925.24 Others 120.32 103.79 283.57 300.88 808.57 864.22 369.91 Agricultural 1,093.99 927.75 753.71 835.36 3,610.81 1,829.79 3,352.52 Industrial 44,934.94 62,258.97 59,578.82 77,733.61 244,506.34 87,088.75 157,652.06 Consumer Goods 62,298.21 77,815.35 66,063.26 81,709.36 287,886.18 119,888.57 155,766.75 Durables 18,549.87 19,509.97 18,857.15 21,339.12 78,256.11 32,981.83 44,569.24 Radio & T.V. 1,427.11 1,477.67 1,389.48 1,770.40 6,064.65 2,327.31 4,167.51 Tyres for cars & Other Veh. 651.16 536.37 594.14 688.91 2,470.57 815.16 1,340.17 Cars & Other Veh. 7,540.18 8,388.08 6,916.69 9,319.91 32,164.87 16,326.14 18,161.86 Others 8,931.43 9,107.84 9,956.85 9,559.90 37,556.02 13,513.21 20,899.71 Non-durables 43,748.34 58,305.38 47,206.11 60,370.24 209,630.07 86,906.74 111,197.51 Cereals 5,888.33 9,769.12 10,918.56 11,497.53 38,073.55 15,823.99 32,702.65 Other Food 9,011.11 12,154.00 11,151.15 14,660.58 46,976.84 15,404.73 15,459.53 Medical & Pharmaceuticals 8,427.72 10,267.94 7,044.84 9,694.27 35,434.77 16,668.99 26,810.17 Textile Fabrics 6,598.08 6,280.21 6,264.30 7,471.60 26,614.19 7,736.35 8,895.64 Others 13,823.10 19,834.10 11,827.24 17,046.27 62,530.71 31,272.69 27,329.51 Miscellaneous 1,823.24 2,019.51 1,629.81 2,065.87 7,538.43 2,244.28 4,643.67 Total Imports 226,644.25 280,925.66 251,759.09 289,146.98 1,048,475.98 371,925.21 623,699.37 Source: Ethiopian Customs Commission

• Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Customs Commission 2023/24 2024/25 TABLE 28: Value of Imports, bY End-Use** Categories Table 28: Value of Imports, bY End-Use**

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2024/25 139 Table 29: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector (In Millions of Birr) Manufacturing 19 1,677 4 531.4 7 796.9 11 185.7 15.0 329.1 6 212.7 Agriculture, hunting and forestry Real estate, renting and business activities 4 42.6 10 635.2 5 122.0 6.0 154,774.6 3 1,520.0 Hotels and restaurants 1 147.22 1 10.10 1.0 40.0 1 30.00 Education 1 70 Health and social work 1 118 5 34.3 4.0 9.2 Construction 1 2 5 60010.5 1 12.5 9.0 349.5 1 102.0 Wholesale, retail trade and repair service Transport, storage and communication 1.0 13.0 Mining and Quarrying Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities Others 1 5.5 Grand Total 19 1,677 12 846.716 23 61512.6 23 364.5 36 155,515.4 11.0 1,864.7 Source: Ethiopia Investment Agency *Projects with Initial Investment Capital below Birr 250,000 are not included. QII No of projects Investment Capital 2024/25 QI QII 2023/24 Sector/Sub-sector Investment Capital No of projects Investment Capital No of projects Investment Capital No of projects Investment Capital QI No of projects QIV QIII Investment Capital No of projects

National Bank of Ethiopia Quarterly Bulletin 140 Second Quarter 2024/25 Table 30: Expected Employment Creation of Approved Domestic $ Foreign Investment Projects by Sector[PERMANENT & TEMPORARY] Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Manufacturing 1,567 639 644 28 181 197 97 67 518 289 122 125 Agriculture, hunting and forestry Real estate, renting and business activities 192 146 127 206 128 70 53775 60203 52 602 Hotels and restaurants 57 13 2 8 Education Health and social work 2 3 10 12 31 28 Construction 11 14 131 185 Wholesale, retail trade and repair service Transport, storage and communication 10 5 Mining and Quarrying Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities Others 14 5 Grand Total 1,567 639 852 182 319 417 292 162 54467 60718 179 732 Source: Ethiopia Investment Agency *Projects with Initial Investment Capital below Birr 250,000 are not included. QII 2024/25 2023/24 QIV Sector/Sub-sector QI QII QIII QI