Fourth Quarter Report 2024-25

QUARTERLY BULLETIN nbe.gov.et
FISCAL YEAR SERIES
FOURTH QUARTER 2024/25
VOLUME 41 | NO. 4

2024 | 2025
Fourth Quarter Report
© 2026 National Bank of Ethiopia
Sudan Street, Addis Ababa, Ethiopia
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Addis Ababa, Ethiopia

ETHIOPIA: MACROECONOMIC AND SOCIAL INDICATORS i
I. OVERVIEW 1
1.1. International Economic Developments 1
1.2. Macroeconomic Developments in Ethiopia 1
1.2.1. Inflation 1
1.2.2. Monetary Developments 1
1.2.3. Financial Sector Developments 2
1.2.4. External Sector and Foreign Exchange Developments 4
1.2.5. Federal Government Fiscal Operations 5
1.2.6. Investment 5
II. ENERGY PRODUCTION AND PROCESSING 6
2.1. Import of Petroleum Products 6
2.2 Electric Power Genertion 9
III. QUARTERLY PRICE DEVELOPMENTS 11
3.1. Developments in National Quarterly Inflation 11
3.2. Developments in Regional Quarterly Inflation 14
IV. MONETARY DEVELOPMENTS 18
4.1. Monetary Developments and Policy 18
4.2. Developments in Monetary Aggregates 18
4.2.1 Developments in Broad Money 18
4.3. Developments in Reserve Money and Monetary Ratioc 21
4.4. Developments in Interest Rates 22
4.5. Developments in the Financial Sector 25
4.6. Activities of the Banking System 27
4.6.1. Resource Mobilization 27
4.6.2. Disbursement of Fresh Loans 29
4.6.3. Outstanding Credit 30
4.7. Financial Activities of NBE 31
4.8. Developments in Financial Markets 32
4.8.1. Treasury Bills Market 32
4.8.2. Inter- Bank Money Market 34
4.8.3. Corporate Bond Market 36
V. EXTERNAL SECTOR DEVELOPMENTS 37
5.1. Balance of Payments 37
5.2. Balance of Trade 40
5.2.1. Export of Goods 40
5.2.2. Import of Goods 46
5.2.3. Direction of Trade 48
CONTENTS

5.3. Services and Transfers 50
5.3.1. Net Services 50
5.3.2. Transfers 52
5.4. Current Account Balance 53
5.5. Capital Account 53
5.6. Changes in Reserve Position 53
5.7. Developments in the Foreign Exchange Market 53
5.7.1. Exchange Rate Movements 53
5.7.2. Movements in the Real Effective Exchange Rate 60
5.7.3. Volume of Transactions 61
VI. FEDERAL GOVERNMENT FINANCE 63
6.1. Revenue and Grants 64
6.2. Expenditure 65
6.3. Deficit Financing 67
VII. DEVELOPMENTS IN INVESTMENT 68
VIII. INTERNATIONAL ECONOMIC DEVELOPMENTS 72
8.1. Overview of the World Economy 72
8.2. Inflation Developments 72
8.3. Commodity Price 73
8.4. Exchange Rate Developments 73
8.5. Impact of Global Economic Development on Ethiopian Economy 74
STATISTICAL ANNEXES 75

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

Country Profile
Land Area (total, In Sq.Km) 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million Arable Land (% of total area) 13 14.2 14.32 14.41 16.2 16.2 17.3 NA Agricultural Irrigated Land (% of totalAgricultural area) 4.0 4.0 4.7 5 0.06 0.062 6.20% 6.2 Population Density (person per sq.km)* 106 109 112 115 123 127 132 135
Social Indicators
Population total, in millions (Mid-Year population) 95.5 97.6 99.75 101.9 104.1 105.7 108.4 110.6 (o/w Urban Poulation, in %) 21 22.8 28.2 Working Age Population (In Millions) Urban 12 13.13 14.03 15.01 16.04 31.1 Rural 42 43.06 44.28 45.8 46.6 40.4 Total 56 56.19 58.31 60.81 62.64 61.70 61.7 61.7 Age Dependency Ratio 69 62 73.3 76.6 Life Expectancy at Birth (Male - Female) 62.4-66.6 62.4-66.6 62.4-66.7 65.5 69 64.8 Crude Birth Rate 27:1000 27:1000 27:1001 27:1002 27:1003 27:1000 31.8:1000 32.7:1000 Crude Death Rate 6:03 6:00 6:30 6.5 7 Natural Rate of Population Increase (In %) 2 0 2.7 2.6 Total Fertility Rate 3.5chil:W 4.6chil:W 4.6chil:W 4.1 4.6 4.4 People : Hospital Beds 3617:1 1,312 2750 2720 2900 3225: 1 bed 3650:1 Bed 6045 People : Physician1 26635:1 10,521:1 9977:1 8448:1 7576 5737 5,843 5029 People : Nurse1 1780:1 1620:1 1705 1473 1415 983 999 1062 Infant Mortality Rate 53.3:1000 53.3:1000 43.3:1000 47:1001 47:1000 34:1000 47:1000 36:1000 Access to Safe Water (In %) Country Level 71 76 79.3 58.5 58.76 67.1 69.52 69.03 Urban Population 60 66 66.5 62.95 71.97 75.7 66.62 84.31% Rural Population 74 79 82.7 57.26 59.76 64.5 79.12 72.65% Student-Teacher Ratio Primary (1-8) 43 39 39 34.8 34.6 36.4 35.5 37.8 Secondary (9-12) 43 22.5 24 27.4 27.7 26.6 22.6 21 Technical & Vocational 26 13.3 13.3 1:11 1:11 1:18 1:17 Student-School Ratio Primary (1-8) 567 628 528 512.7 526.6 517.6 513.3 524 Secondary (9-12) 741 568 940 1017 1063 1009.6 864.9 700 Technical & Vocational 318 246.8:1 246.6:1 177 158 152 172.8 Indicators 4 i TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

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

Country Profile
Land Area (total, In Sq.Km) 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million Arable Land (% of total area) 13 14.2 14.32 14.41 16.2 16.2 17.3 NA Agricultural Irrigated Land (% of totalAgricultural area) 4.0 4.0 4.7 5 0.06 0.062 6.20% 6.2 Population Density (person per sq.km)* 106 109 112 115 123 127 132 135
Social Indicators
Population total, in millions (Mid-Year population) 95.5 97.6 99.75 101.9 104.1 105.7 108.4 110.6 (o/w Urban Poulation, in %) 21 22.8 28.2 Working Age Population (In Millions) Urban 12 13.13 14.03 15.01 16.04 31.1 Rural 42 43.06 44.28 45.8 46.6 40.4 Total 56 56.19 58.31 60.81 62.64 61.70 61.7 61.7 Age Dependency Ratio 69 62 73.3 76.6 Life Expectancy at Birth (Male - Female) 62.4-66.6 62.4-66.6 62.4-66.7 65.5 69 64.8 Crude Birth Rate 27:1000 27:1000 27:1001 27:1002 27:1003 27:1000 31.8:1000 32.7:1000 Crude Death Rate 6:03 6:00 6:30 6.5 7 Natural Rate of Population Increase (In %) 2 0 2.7 2.6 Total Fertility Rate 3.5chil:W 4.6chil:W 4.6chil:W 4.1 4.6 4.4 People : Hospital Beds 3617:1 1,312 2750 2720 2900 3225: 1 bed 3650:1 Bed 6045 People : Physician1 26635:1 10,521:1 9977:1 8448:1 7576 5737 5,843 5029 People : Nurse1 1780:1 1620:1 1705 1473 1415 983 999 1062 Infant Mortality Rate 53.3:1000 53.3:1000 43.3:1000 47:1001 47:1000 34:1000 47:1000 36:1000 Access to Safe Water (In %) Country Level 71 76 79.3 58.5 58.76 67.1 69.52 69.03 Urban Population 60 66 66.5 62.95 71.97 75.7 66.62 84.31% Rural Population 74 79 82.7 57.26 59.76 64.5 79.12 72.65% Student-Teacher Ratio Primary (1-8) 43 39 39 34.8 34.6 36.4 35.5 37.8 Secondary (9-12) 43 22.5 24 27.4 27.7 26.6 22.6 21 Technical & Vocational 26 13.3 13.3 1:11 1:11 1:18 1:17 Student-School Ratio Primary (1-8) 567 628 528 512.7 526.6 517.6 513.3 524 Secondary (9-12) 741 568 940 1017 1063 1009.6 864.9 700 Technical & Vocational 318 246.8:1 246.6:1 177 158 152 172.8 Indicators 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (2010) (2011) (2012) (2013) (2014) (2015) (2016) (2017)
Macroeconomic Indicators
3.1. Real sector Development2
GDP at Current Market Price (In Mn. Birr) 2,202,372.70 2,696,223.00 3,374,746.94 4,341,387.12 6,157,538.00 8,722,307.70 11,752,138.06 15,094,419.03 Nominal GDP Growth Rate (In %) 20.18 22.42 25.50 28.64 41.80 42.43 35.65 27.34 Average Marginal Exchange Rate (Birr per USD) 26.11 28.10 31.34 39.02 48.57 53.28 55.96 119.31 GDP at Current Market Price (In Mn. USD) 84,355.59 95,951.00 107,672.56 111,271.19 126,783.00 163,697.76 210,000.90 126,519.24 Nominal GDP per Capita (In USD) 2,018.08 2,228.31 1,080.00 2,429.50 1,218.00 1,548.60 1,937.04 1,144.20 Real GDP per Capita (In Birr) 19,204.88 46,148.57 47,632.79 48,650.00 22,543.21 23,664.40 24,830.23 26,717.67 Real GDP per Capita Growth Rate (In %) 5.19 140.30 3.22 2.14 3.11 4.97 4.93 7.60 GDP Deflator (% change) 12.52 13.20 18.20 21.78 34.70 32.90 25.54 16.68 Real GDP at constant basic price (In Mn. Birr) 1,719,491.33 1,874,689.30 1,989,587.75 2,114,238.31 2,248,662.83 2,409,921.42 2,603,952.86 2,842,252.35 Real GDP at constant market price (In Mn. Birr) 1,834,066.49 1,987,157.53 2,109,180.10 2,228,170.14 2,346,748.00 2,501,498.34 2,691,931.77 2,954,974.37 Real GDP Growth Rate (In %) 7.70 9.00 6.10 6.30 6.10 7.17 8.10 9.20 Agriculture & Allied Activties(In Billion Birr) 600.88 623.80 650.30 686.39 728.40 773.96 827.88 888.62 Industrial Sector (In Billion Birr) 464.43 526.20 576.90 618.78 649.20 694.24 758.38 857.07 Service Sector(In Billion Birr) 673.94 745.72 786.80 836.21 899.80 971.28 1,046.08 1,124.78 Agriculture & Allied Activties (% of GDP) 34.95 33.27 32.70 32.47 32.40 32.12 31.79 31.26 Industrial Sector (% of GDP) 27.01 28.07 29.00 29.27 28.90 28.81 29.12 30.15 Service Sector (% of GDP) 39.19 39.78 39.50 39.55 40.00 40.30 40.17 39.57 Private Consumption Expenditure 1,441,581.07 1,848,070.00 2,360,896.00 3,134,993.81 4,764,429.00 6,884,213.03 9,454,839.78 12,216,350.74 Government Consumption Expenditure 225,523.16 247,362.00 307,769.00 383,565.26 453,263.00 551,106.62 650,000.00 881,424.02 Investment 751,626.21 948,866.00 1,037,685.00 1,216,584.86 1,560,325.00 1,933,863.00 2,424,729.18 3,036,992.91 Exports 184,282.12 213,437.00 239,229.00 329,634.46 507,692.00 575,061.59 652,778.77 2,005,105.58 Imports 502,112.90 561,512.00 571,230.00 723,391.28 1,128,171.00 1,220,461.43 1,382,079.17 3,045,454.22 Resource Balance (317,831.00) (348,075.00) (329,096.00) (394,236.00) (620,479.00) (646,065.86) (745,007.51) (1,040,348.64) Gross Private Consumption (% of GDP) 65.46 68.54 69.96 72.21 77.38 78.93 80.45 80.93 Gross Government Cosumption (% of GDP) 10.24 9.17 9.12 8.84 7.36 6.32 5.53 5.84 Gross Domestic Fixed Investment (% of GDP) 34.13 35.19 30.75 28.02 25.34 22.17 20.63 20.12 Resource Balance (% of GDP) (14.43) (12.91) (9.75) (9.08) (10.08) (7.41) (6.34) (6.89)
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 1,128,963.80 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 3,349,159.60 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) (211,457.30) Reserve Requirement (CBs) 36,385.76 44,861.74 51,952.51 67,732.40 119,022.60 147,931.40 149,916.90 243,611.90 Interest Rate (In %) Minimum Deposit Rate 7.00 Lending Rate 13.50 13.50 14.25 15.80 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 3,448,089.50 Government 102,002.83 109,799.21 137,082.91 214,275.16 422,864.02 573,675.72 745,541.10 1,586,725.90 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 1,861,363.50 Indicators Continued…. 4TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA ii

2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (2010) (2011) (2012) (2013) (2014) (2015) (2016) (2017)
3. Macroeconomic Indicators
3.1. Real sector Development2
GDP at Current Market Price (In Mn. Birr) 2,202,372.70 2,696,223.00 3,374,746.94 4,341,387.12 6,157,538.00 8,722,307.70 11,752,138.06 15,094,419.03 Nominal GDP Growth Rate (In %) 20.18 22.42 25.50 28.64 41.80 42.43 35.65 27.34 Average Marginal Exchange Rate (Birr per USD) 26.11 28.10 31.34 39.02 48.57 53.28 55.96 119.31 GDP at Current Market Price (In Mn. USD) 84,355.59 95,951.00 107,672.56 111,271.19 126,783.00 163,697.76 210,000.90 126,519.24 Nominal GDP per Capita (In USD) 2,018.08 2,228.31 1,080.00 2,429.50 1,218.00 1,548.60 1,937.04 1,144.20 Real GDP per Capita (In Birr) 19,204.88 46,148.57 47,632.79 48,650.00 22,543.21 23,664.40 24,830.23 26,717.67 Real GDP per Capita Growth Rate (In %) 5.19 140.30 3.22 2.14 3.11 4.97 4.93 7.60 GDP Deflator (% change) 12.52 13.20 18.20 21.78 34.70 32.90 25.54 16.68 Real GDP at constant basic price (In Mn. Birr) 1,719,491.33 1,874,689.30 1,989,587.75 2,114,238.31 2,248,662.83 2,409,921.42 2,603,952.86 2,842,252.35 Real GDP at constant market price (In Mn. Birr) 1,834,066.49 1,987,157.53 2,109,180.10 2,228,170.14 2,346,748.00 2,501,498.34 2,691,931.77 2,954,974.37 Real GDP Growth Rate (In %) 7.70 9.00 6.10 6.30 6.10 7.17 8.10 9.20 Agriculture & Allied Activties(In Billion Birr) 600.88 623.80 650.30 686.39 728.40 773.96 827.88 888.62 Industrial Sector (In Billion Birr) 464.43 526.20 576.90 618.78 649.20 694.24 758.38 857.07 Service Sector(In Billion Birr) 673.94 745.72 786.80 836.21 899.80 971.28 1,046.08 1,124.78 Agriculture & Allied Activties (% of GDP) 34.95 33.27 32.70 32.47 32.40 32.12 31.79 31.26 Industrial Sector (% of GDP) 27.01 28.07 29.00 29.27 28.90 28.81 29.12 30.15 Service Sector (% of GDP) 39.19 39.78 39.50 39.55 40.00 40.30 40.17 39.57 Private Consumption Expenditure 1,441,581.07 1,848,070.00 2,360,896.00 3,134,993.81 4,764,429.00 6,884,213.03 9,454,839.78 12,216,350.74 Government Consumption Expenditure 225,523.16 247,362.00 307,769.00 383,565.26 453,263.00 551,106.62 650,000.00 881,424.02 Investment 751,626.21 948,866.00 1,037,685.00 1,216,584.86 1,560,325.00 1,933,863.00 2,424,729.18 3,036,992.91 Exports 184,282.12 213,437.00 239,229.00 329,634.46 507,692.00 575,061.59 652,778.77 2,005,105.58 Imports 502,112.90 561,512.00 571,230.00 723,391.28 1,128,171.00 1,220,461.43 1,382,079.17 3,045,454.22 Resource Balance (317,831.00) (348,075.00) (329,096.00) (394,236.00) (620,479.00) (646,065.86) (745,007.51) (1,040,348.64) Gross Private Consumption (% of GDP) 65.46 68.54 69.96 72.21 77.38 78.93 80.45 80.93 Gross Government Cosumption (% of GDP) 10.24 9.17 9.12 8.84 7.36 6.32 5.53 5.84 Gross Domestic Fixed Investment (% of GDP) 34.13 35.19 30.75 28.02 25.34 22.17 20.63 20.12 Resource Balance (% of GDP) (14.43) (12.91) (9.75) (9.08) (10.08) (7.41) (6.34) (6.89)
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 1,128,963.80 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 3,349,159.60 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) (211,457.30) Reserve Requirement (CBs) 36,385.76 44,861.74 51,952.51 67,732.40 119,022.60 147,931.40 149,916.90 243,611.90 Interest Rate (In %) Minimum Deposit Rate 7.00 Lending Rate 13.50 13.50 14.25 15.80 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 3,448,089.50 Government 102,002.83 109,799.21 137,082.91 214,275.16 422,864.02 573,675.72 745,541.10 1,586,725.90 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 1,861,363.50 Indicators Continued…. Continued…. 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (2010) (2011) (2012) (2013) (2014) (2015) (2016) (2017)
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 16.00 -Food inflation 13.40 13.10 23.30 23.20 40.30 31.70 28.10 16.20 -Non-Food inflation (core inflation) 15.80 11.90 15.80 16.40 25.15 33.90 24.40 15.80 Addis Ababa -General inflation 16.5 14.6 18.8 19.5 29.8 37.3 31.20 19.80 -Food inflation 8.7 15 25.9 26.2 36.6 35.5 34.10 19.00 -Non-Food inflation (core inflation) 22.6 14 13.9 14.4 24.1 39.0 28.60 20.60
3.4. External Trade(In Mn.USD)
Export of goods & services 7,095.9 7,694.9 7,715.75 8,498.94 10,457.69 10,855.84 11,763.57 16,802.86 Import of goods & services 19,715.2 20,704.8 18,828.34 19,176.97 23,845.01 23,430.01 25,408.63 25,907.00 Net trade in goods & services (12,619.3) (13,009.9) (11,112.60) (10,678.02) (13,387.32) (12,574.16) (13,645.05) (9,104.14) Current account balance including official transfers (5,292.8) (4,948.0) (4,401.88) (3,190.73) (5,145.07) (4,672.94) (6,197.54) (289.34) Capital account balance 6,185.9 4,822.4 4,326.48 3,785.84 2,723.65 3,547.26 4,128.31 5,316.58 Overall balance of payments (201.6) (941.6) (833.40) 298.71 (2,149.84) (752.05) (1,347.95) 2,830.03
3.5. Government Finance (In Mn .Birr4
)
Total Revenue (including grants) 287,562.1 344,936.5 394,965.83 478,888.13 566,753.63 717,586.69 873,126.53 1,571,509.60 Total Revenue (excluding grants) 269,648.2 311,317.4 354,312.80 444,582.64 540,060.53 685,459.13 840,094.82 1,386,477.20 o/w Tax-Revenue 235,229.5 268,457.4 311,476.46 388,763.46 477,770.34 593,232.07 716,172.16 1,171,780.90 Tax-Revenue as % of GDP 10.7 10.0 9.23 8.96 7.76 6.80 6.09 7.80 Total Expenditures 354,205.3 413,105.7 488,243.19 599,006.65 779,099.03 938,771.57 1,120,077.28 1,818,329.20 Current Expenditures 210,470.2 238,156.6 280,667.04 363,596.91 517,043.37 582,854.59 652,619.66 1,069,320.70 Capital Expenditures 143,735.1 174,949.1 207,576.15 235,409.74 262,055.65 355,916.99 467,457.62 749,008.50 Equity Contribution (Sinking Fund) - - - - - - - - Special Programs - - - - - - - - Total Expenditures as % of GDP 16.1 15.4 14.47 13.80 12.65 10.76 9.53 12.00 Current Surplus/Deficit 77,091.9 106,779.9 114,298.78 115,291.22 49,710.26 134,732.10 220,506.87 502,188.80 Overall Budget Deficit (including grants) (66,643.2) (68,169.2) (93,277.36) (120,118.53) (212,345.39) (221,184.89) (246,950.75) (246,819.60) Deficit as % of GDP (3.0) (2.5) (2.76) (2.77) (3.45) (2.54) (2.10) (1.60) Overall Budget Deficit (excluding grants) (84,557.1) (101,788.3) (133,930.40) (154,424.01) (239,038.50) (253,312.45) (279,982.46) (431,852.00) Deficit as % of GDP (3.8) (3.8) (3.97) (3.56) (3.88) (2.90) (2.38) (2.90)
3.6. Exchange Rate (Birr/ USD)
Inter-Bank Forex Market Rate5

Period weighted Average 26.1082 28.0543 31.34 39.02 48.57 53.28 55.96 135.37
End period 27.2621 28.9109 34.98 43.69 51.99 54.59 57.33 119.31
Indicators
4 iii TH QUARTERREPORT 2024/25
NATIONAL BANK OF ETHIOPIA

Continued….
2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (2010) (2011) (2012) (2013) (2014) (2015) (2016) (2017)
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 16.00 -Food inflation 13.40 13.10 23.30 23.20 40.30 31.70 28.10 16.20 -Non-Food inflation (core inflation) 15.80 11.90 15.80 16.40 25.15 33.90 24.40 15.80 Addis Ababa -General inflation 16.5 14.6 18.8 19.5 29.8 37.3 31.20 19.80 -Food inflation 8.7 15 25.9 26.2 36.6 35.5 34.10 19.00 -Non-Food inflation (core inflation) 22.6 14 13.9 14.4 24.1 39.0 28.60 20.60
3.4. External Trade(In Mn.USD)
Export of goods & services 7,095.9 7,694.9 7,715.75 8,498.94 10,457.69 10,855.84 11,763.57 16,802.86 Import of goods & services 19,715.2 20,704.8 18,828.34 19,176.97 23,845.01 23,430.01 25,408.63 25,907.00 Net trade in goods & services (12,619.3) (13,009.9) (11,112.60) (10,678.02) (13,387.32) (12,574.16) (13,645.05) (9,104.14) Current account balance including official transfers (5,292.8) (4,948.0) (4,401.88) (3,190.73) (5,145.07) (4,672.94) (6,197.54) (289.34) Capital account balance 6,185.9 4,822.4 4,326.48 3,785.84 2,723.65 3,547.26 4,128.31 5,316.58 Overall balance of payments (201.6) (941.6) (833.40) 298.71 (2,149.84) (752.05) (1,347.95) 2,830.03
3.5. Government Finance (In Mn .Birr4
)
Total Revenue (including grants) 287,562.1 344,936.5 394,965.83 478,888.13 566,753.63 717,586.69 873,126.53 1,571,509.60 Total Revenue (excluding grants) 269,648.2 311,317.4 354,312.80 444,582.64 540,060.53 685,459.13 840,094.82 1,386,477.20 o/w Tax-Revenue 235,229.5 268,457.4 311,476.46 388,763.46 477,770.34 593,232.07 716,172.16 1,171,780.90 Tax-Revenue as % of GDP 10.7 10.0 9.23 8.96 7.76 6.80 6.09 7.80 Total Expenditures 354,205.3 413,105.7 488,243.19 599,006.65 779,099.03 938,771.57 1,120,077.28 1,818,329.20 Current Expenditures 210,470.2 238,156.6 280,667.04 363,596.91 517,043.37 582,854.59 652,619.66 1,069,320.70 Capital Expenditures 143,735.1 174,949.1 207,576.15 235,409.74 262,055.65 355,916.99 467,457.62 749,008.50 Equity Contribution (Sinking Fund) - - - - - - - - Special Programs - - - - - - - - Total Expenditures as % of GDP 16.1 15.4 14.47 13.80 12.65 10.76 9.53 12.00 Current Surplus/Deficit 77,091.9 106,779.9 114,298.78 115,291.22 49,710.26 134,732.10 220,506.87 502,188.80 Overall Budget Deficit (including grants) (66,643.2) (68,169.2) (93,277.36) (120,118.53) (212,345.39) (221,184.89) (246,950.75) (246,819.60) Deficit as % of GDP (3.0) (2.5) (2.76) (2.77) (3.45) (2.54) (2.10) (1.60) Overall Budget Deficit (excluding grants) (84,557.1) (101,788.3) (133,930.40) (154,424.01) (239,038.50) (253,312.45) (279,982.46) (431,852.00) Deficit as % of GDP (3.8) (3.8) (3.97) (3.56) (3.88) (2.90) (2.38) (2.90)
3.6. Exchange Rate (Birr/ USD)
Inter-Bank Forex Market Rate5

Period weighted Average 26.1082 28.0543 31.34 39.02 48.57 53.28 55.96 135.37
End period 27.2621 28.9109 34.98 43.69 51.99 54.59 57.33 119.31
Indicators
2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (2010) (2011) (2012) (2013) (2014) (2015) (2016) (2017)
3.7. Treasury Bill Market (In Mn. Birr)
T-Bills Demanded (Total) 323,991.24 422,633.54 242,155.1 284,783.6 599,478.6 595,231.3 812,892.1 390,608.3 T-Bills Sold 323,991.24 422,633.54 242,155.1 238,799.6 582,268.6 576,081.3 797,797.1 384,390.0 Average Weighted Yield (in %) 1.420 1.741 4.8 8.0 9.5 9.7 9.7 T-Bills Outstanding by holder 111,213.56 138,054.36 23,724.0 116,560.0 317,169.6 341,869.5 447,802.9 272,242.2 Banks - 650.00 5,604.0 52,040.0 195,432.3 146,568.1 162,259.3 159,461.5 Non-Banks 111,213.56 137,404.36 18,120.0 64,520.0 121,737.3 195,301.5 285,543.6 112,780.7
3.8. Inter Bank Money Market Rate5
3.9. Financial Institutions
Number of Commercial Banks 17.00 17.00 17.0 18.0 30.0 31.0 32.0 32.0 (o/w Private banks) 16.00 16.00 16.0 17.0 28.0 29.0 30.0 30.0 Number of Bank Branches 4,757.00 5,564.00 6,511.0 7,344.0 8,944.0 11,281.0 12,278.0 12,590.0 Population : Bank Branch 20,286.50 17,732.20 15,702.0 13,921.0 11,516.0 9,514.0 8,918.0 8,868.0 Number of Insurance Companies 17.00 17.00 18.0 (o/w Private Insurance Companies) 16.00 16.00 17.0 Number of Insurance Branches 532.00 568.00 605.0 635.0 690.0 741.0 799.0 839.0 Population : Insurance Branch 181,396.00 173,848.00 168,983.0 160,629.9 149,272.5 144,846.0 147,771.9 Number of Development Banks 1.0 1.0 Number of Development Bank Branches 107 107 93.0 82.0 83.0 83.0 105.0 104.0 Number of Micro-financial Institutions 38 38 39.0 39.0 43.0 47.0 48.0 57.0 Source : Ministries of Agriculture, Finance, Health, and Education, National Bank of Ethiopia, Ethiopian Statistical Services, … etc Note:- *population is estimated using component method after 2006/2007

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

2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (2010) (2011) (2012) (2013) (2014) (2015) (2016) (2017)
3.7. Treasury Bill Market (In Mn. Birr)
T-Bills Demanded (Total) 323,991.24 422,633.54 242,155.1 284,783.6 599,478.6 595,231.3 812,892.1 390,608.3 T-Bills Sold 323,991.24 422,633.54 242,155.1 238,799.6 582,268.6 576,081.3 797,797.1 384,390.0 Average Weighted Yield (in %) 1.420 1.741 4.8 8.0 9.5 9.7 9.7 T-Bills Outstanding by holder 111,213.56 138,054.36 23,724.0 116,560.0 317,169.6 341,869.5 447,802.9 272,242.2 Banks - 650.00 5,604.0 52,040.0 195,432.3 146,568.1 162,259.3 159,461.5 Non-Banks 111,213.56 137,404.36 18,120.0 64,520.0 121,737.3 195,301.5 285,543.6 112,780.7
3.8. Inter Bank Money Market Rate5
3.9. Financial Institutions
Number of Commercial Banks 17.00 17.00 17.0 18.0 30.0 31.0 32.0 32.0 (o/w Private banks) 16.00 16.00 16.0 17.0 28.0 29.0 30.0 30.0 Number of Bank Branches 4,757.00 5,564.00 6,511.0 7,344.0 8,944.0 11,281.0 12,278.0 12,590.0 Population : Bank Branch 20,286.50 17,732.20 15,702.0 13,921.0 11,516.0 9,514.0 8,918.0 8,868.0 Number of Insurance Companies 17.00 17.00 18.0 (o/w Private Insurance Companies) 16.00 16.00 17.0 Number of Insurance Branches 532.00 568.00 605.0 635.0 690.0 741.0 799.0 839.0 Population : Insurance Branch 181,396.00 173,848.00 168,983.0 160,629.9 149,272.5 144,846.0 147,771.9 Number of Development Banks 1.0 1.0 Number of Development Bank Branches 107 107 93.0 82.0 83.0 83.0 105.0 104.0 Number of Micro-financial Institutions 38 38 39.0 39.0 43.0 47.0 48.0 57.0 Source : Ministries of Agriculture, Finance, Health, and Education, National Bank of Ethiopia, Ethiopian Statistical Services, … etc Note:- *population is estimated using component method after 2006/2007

Excluding manpower out side the Ministry of Health.
The GDP data series is revised on basis of 2015/16 =100 base year
Inflation data is calculated using the new base year (December 2016=100)
Figures for government finance are preliminary estimates from 1999/00 onwards.
Inter-bank money market was first introduced in Aug.1998 and Inter-bank forex market started as of September 1998, and the daily trasactions introduced beginning from october 24, 2001.
*Mid year population was obtained from MoF
Indicators
Continued….
I. OVERVIEW
1.1. International Economic Developments
Global GDP grew by 0.9 percent quarter -on-quarter in the fourth quarter, up from 0.7 percent in the third quarter of 2024/25.  The United States’ Economy experienced a rebound , with real GDP growth reaching
0.7 percent quarter -on-quarter in the fourth quarter of 2024/25 . This growth is
driven by a strong net trade contribution and reduction in inventories, which helped to counterbalance earlier challenges posed by tariff-related trade dynamics.  In China, real GDP growth slightly eased to 1.1 percent quarter -on-quarter down from 1.2 percent in the third quarter of 2024/25 . This slowdown was mitigated by a stronger -than-expected performance from net exports.  The United Kingdom showed a moderate economic growth, with real GDP growth increasing by 0.3 percent in the fourth quarter.
1.2. Macroeconomic Developments in Ethiopia
1.2.1. Inflation
The inflation landscape shifted significantly in the fourth quarter of 2024/2 5. The quarter-on-quarter inflation rate went up to 2.3 percent up from 2.0 percent in the preceding quarter. The uptick was primarily driven by substantial increase in food inflation at 12.0 and non-food inflation at 17.7 percentage points .
1.2.2. Monetary Developments
In response to evolving economic conditions, the National Bank of Ethiopia (NBE) has initiated a comprehensive macroeconomic reform, transitioning to an interest -rate based monetary policy framework aimed at achieving low and stable inflation. This transit ion took place in early July 2024, moving away from a monetary aggregate targeting approach. 4TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA 1

1.2.2.1 Policy Framework: Under the new framework, the National Bank Rate (NBR) has
become the principal tool for signaling policy stance and guiding the operational target — the 7 -day interbank interest rate — while also influencing other market rates.
1.2.2.2 Interest Rates: Throughout the review period, the NBE maintained its policy
interest rate at 15.0 percent. The standing lending facility (SLF) and standing deposit facility (SDF) interest rates were established at 18.0 percent and 12.0 percent, respectively. The average savings deposit rate remained at 8.0 percent, while the average lending interest rate rose to 15.8 percent up from 14.8 percent a year ago. The weighted average time deposit rate remained at 7.7 percent. The weighted average yield on T -bills for the quarter increased to 16.8 percent up from 10.6 percent in the same quarter of the previous year. Considering the 13.9 percent headline inflation rate at the end of June, the real lending interest rates in the T -bill market were positive while deposit interest rates remained negative .
1.2.2.3 Money Supply and Credit: Broad money supply (M2) reached Birr 3.35 trillion,
reflecting an impressive annual growth rate of 35.2 percent, driven by a 23.2 percent increase in domestic credit and a 13.8 percent increase in net external assets. Notably, net claims on the government surged by 113.1 percent, while credit extended to non - government entities saw a decline of 9.3 percent.
1.2.2.4 Reserve money & money multiplier: Reserve money reached Birr 787.3 billion
during the review period, reflecting annual and quarterly expansions of 66.4 percent and
20.9 percent, respectively. On the other hand, the money multiplier, which is measured
by the ratio of broad money to reserve money, decline d from 5.2 to 4.3 over the past year. This decline indicates a larger share of money creation occurring through NBE rather than the commercial banks.
1.2.3. Financial Sector Developments
a) Banks
By the end of the fourth quarter of 2024/25, Ethiopia had 32 banks operating through 12,590 branches across the country, consisting of 30 private banks and 2 state -owned 4TH QUARTER R EPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 2

banks. The total capital of the banking system reached Birr 460.8 billion, with state -owned banks accounting for 46.9 percent and private banks making up 53.1 percent. The banking sector disbursed Birr 251.8 billion in new loans, reflecting a year -on -year increase of 105.8 percent. Of these new loans, state -owned banks provided 51.1 percent, while private banks contributed a 48.9 percent share . The primary recipients of these fresh loans were agriculture (21.3 percent), domestic trade (18.8 percent), international trade (16.7 percent), manufacturing (16.0 percent), financial institutions (13.3 percent), and consumer and staff loan (6.4 percent) . Meanwhile, the banking sys tem collected Birr 235.9 billion in loans, reflecting an annual growth rate of 57.6 percent. Of this total loan collection, private banks accounted for 54.8 percent, while state -owned banks constituted
45.2 percent.
On the other hand, the total outstanding credit of the banking system declined by 9.6 percent, primarily due to the conversion of corporate bonds into government bonds, bringing it down to Birr 1.9 trillion. b) Insurance Sector The insurance sector, despite being a key component of the financial industry, has 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 - owne d. The total number of branches has increased to 839, up from 799 a year earlier, with approximately 57 percent of these branches being located in Addis Ababa. By the end of the quarter, the total capital of insurance companies rose to Birr 28.3 billion, w ith private insurance companies representing 84.8 percent of the total capital. c) Microfinance Institutions During the review quarter, the number of Micro Finance Institutions (MFIs) reached 57. These institutions mobilized approximately Birr 41.8 billion in savings deposits, reflecting a 33.2 percent annual growth. Their outstanding credit has also increased 23 .4 percent, reaching Birr 48.9 billion, while their capital grew 39.9 percent to stand at Birr 15.9 billion. 4 3 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

1.2.4. External Sector and Foreign Exchange Developments
a) External Sector Development
Total receipts from export of goods reached USD 3.0 billion, reflecting (139 percent) annual growth primarily driven by a nearly tenfold increase in gold exports, alongside significant gains in coffee (93.7 percent), flowers (9.5 percent), oilseeds (6.3 pe rcent), electricity (75.6 percent), meat and meat products (37.4 percent), textiles and textile products (3.1 percent), live animals (139.5 percent), chat (17.7 percent), and fruits and vegetables (71.4 percent). On the other hand, export receipts declined for pulses (49.7 percent), leather and leather products (4.0 percent), and other exports (11.2 percent). During the review period, the total merchandise import bill reached USD 4.5 billion, reflecting a 10.4 percent annual decline. The slowdown in import value was primarily due to reduced import bills for capital goods, consumer goods, semi -finished goods, fu el, and miscellaneous goods. In contrast, import payments on raw materials registered an increase during the review period. Meanwhile, total transfer receipts declined by 11.7 percent to USD 2.1 billion, mainly driven by a 66.3 percent drop in public trans fers, while private transfers remained unchanged from the previous year. Total transfer payments increased to USD 81.3 million from USD 14.4 million during the same period last year, attributed to a significant growth in private transfers, despite the 51.5 percent decline in official transfer payments. The current account balance (including official transfers) recorded a surplus of USD 756.3 million; a significant improvement compared to the USD 1.1 billion deficit from the previous year. This shift was primarily driven by a reduction in the trade defici t, despite the decline in net service, net private transfer and net official transfers. Similarly, net inflows in the capital account increased by 23.7 percent to USD 1.2 billion, driven by a rise in net official long -term capital, increase in private sect or long -term capital, and a shift in other public sector long -term capital from a net deficit to a net surplus. 4TH QUARTER R EPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 4

b) Exchange Rate Development
In the foreign exchange market, weighted average official exchange rate of Birr reached 132.7634/ USD reflecting a year -on -year depreciation of 133.0 percent. Similarly, the real effective exchange rate (REER) of the Birr experienced a year -on -year depreciati on (52.9 percent) primarily due to the shift to a market -based exchange rate regime introduced on July 29, 2024. Consequently, the Birr weakened against the currencies of major trading partners. In addition, moderation in domestic inflation contributed to the depreciation, thereby exerting further effects on the REER. Similarly, the Nominal Effective Exchange Rate Index (NEERI) declined by 52.7 percent over the same period, reflecting the weakening of the Ethiopian Birr against the currencies of major tr ading partners.
1.2.5. Federal Government Fiscal Operations
During the fourth quarter of 2024/25, the Federal government's total revenue and grants reached Birr 215.7 billion, reflecting a 56.1 percent annual growth. Likewise, Federal government expenditure amounted to Birr 387.9 billion, depicting a 85.9 percent annual increase. Consequently, Federal fiscal balance (including grants) resulted in a deficit of Birr
172.2 billion.
1.2.6. Investment
During the review quarter, 70 investment projects became operational, investing a total capital of Birr 7.1 billion. Although the number of investment projects increased by 204.3 percent, the capital investment experienced a 72.7 percent annual decline. 4 5 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

II. ENERGY PRODUCTION AND PROCESSING
2.1. Import of Petroleum Products
According to the Ethiopian Petroleum Enterprise (EPE), 1 million metric tons (MTs) of petroleum products were imported during the fourth quarter of the 2024/25; depicting a 17.4 percent annual growth. The increase in import volume was driven by a rise in t he import of all petroleum products despite the 4.5 percent drop down in import of gas oil. Similarly, the volume of petroleum products imported compared to the preceding quarter went up by 2.8 percent. In terms of import share, gas oil accounted for 62.4 percent of total petroleum imports, followed by jet fuel 19.3 percent, regular gasoline 16.4 percent and fuel oil 1.9 percent (Table 2.1).
Table 2.1: Volume of Petroleum Products Imported (In Metric Ton)
Source: Ethiopian Petroleum Enterprise
Fig.2.1: Trends in the Volume of Petroleum Products Imported

Source: Ethiopian Petroleum Enterprise
Petroleum
Products
2023/24 2024/25 Percentage
Qtr. IV Qtr. III Qtr. IV Change
A
Share
(In %)
B
Share
(In %)
C
Share
(In %) C/A C/B
Regular Gasoline
(MGR) 187,558.9
20.1 175,312.5 16.5 179,038.8 16.4
-4.5 2.1
Jet Fuel 149,738.2 16.1 233,796.1 22.0 210,915.7 19.3 40.9 -9.8 Fuel Oil 18,949.8 2.0 11,839.1 1.1 21,047.5 1.9 11.1 77.8 Gas Oil (ADO) 575,024.2 61.7 643,078.7 60.4 682,470.5 62.4 18.7 6.1 Total 931,271.1 100.0 1,064,026.4 100.0 1,093,472.6 100.0 17.4 2.8 4TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA 6

Total import bills of petroleum product reached Birr 106.8 billion, depicting a 128.3 percent annual increase due to higher import volume of all types of petroleum products, except regular gasoline. Conversely, the value of petroleum products has declined by 2.3 percent compared to the previous quarter (Table 2.2).
Table 2.2: Value of Petroleum Products Imported (In ‘000Birr)
Source: Ethiopian Petroleum Enterprise
Fig.2.2: Trends in the Value of Petroleum Products Imported Source: Ethiopian Petroleum Enterprise During the fourth quarter of 2024/25, the average FOB price of petroleum products reached USD 726.8 per metric ton showing a 16.2 percent from last year annual and 8.9 Petroleum Products 2023/24 2024/25 Percentage Qtr. IV Qtr. III Qtr. IV Change A Share (In %) B Shar e (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 10,783,893.9 23.0 20,173,715.0 18.4 19,317,771.1 18.1 79.1 -4.2 Jet Fuel 7,347,902.6 15.7 23,697,154.6 21.7 20,269,422.9 19.0 175.9 -14.5 Fuel Oil 714,033.6 1.5 959,144.2 0.9 1,710,780.9 1.6 139.6 78.4 Gas Oil (ADO) 27,939,121.7 59.7 64,530,701.3 59.0 65,512,436.2 61.3 134.5 1.5 Total 46,784,951. 9 100 109,360,715.0 100 106,810,411.0 100 128.3 -2.3 4 7 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

percent quarterly. Year on year decline in average FOB price was on account of a 17.9 percent decrease in regular gasoline price followed by jet fuel (16.9 percent), gas oil (15.6 percent) and fuel oil (13.9 percent) (Table 2.3).
Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton)
Petroleum Products
2023/24 2024/25
Qtr. IV Qtr. III Qtr. IV Percentage Change A B C C/A C/B Regular Gasoline (MGR) 824.5 732.5 677.2 -17.9 -7.5 Jet Fuel 745.3 686.4 619.3 -16.9 -9.8 Fuel Oil 480.7 454.8 414.1 -13.9 -8.9 Gas Oil (ADO) 1417.2 1318.5 1196.6 -15.6 -9.2 Average 866.9 798.0 726.8 -16.2 -8.9 Brent Crude Oil (USD/Barrel) 84.6 75.8 68.0 -19.7 -10.3 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products Source : Ethiopian Petroleum Enterprise The average price of Brent crude oil, which is used as a point of reference for international oil price, has declined by 19.7 percent and reached USD 68 per barrel comp ared with USD
84.6 per barrel year ago. It has also declined by 10.3 percent compared to the preceding
quarter (Table 2.3).
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The average retail price of fuel in Addis Ababa during the review period increased to Birr
134.9 per litter from Birr 87.6 per litter a year ago depicting a 53.9 percent annual increase
due to the withdrawal of fuel subsidy in retail price of all petroleum products (Table 2.4).
Table 2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter)
Petroleum Products
2023/24 2024/25
Qtr. IV Qtr. III Qtr. IV Percentage Change A B C C/A C/B Regular Gasoline (MGR) 79.64 105.20 119.24 49.7 13.3 Fuel Oil 125.58 214.84 214.08 70.5 -0.4 Gas Oil (ADO) 81.08 101.96 115.12 42.0 12.9 Kerosene 81.08 101.96 115.12 42.0 12.9 Jet fuel 70.83 110.77 110.77 56.4 0.0 Average 87.64 126.95 134.9 53.9 6.2 Source: Ministry of Trade Fig.2.4: Trends of Addis Ababa Average Retail Prices Source : Ministry of Trade
2.2. Electric Power Generation
Total electric power generat ion reached 8.2 billion KWH during the review period, which saw a 46.9 percent year -on -year and 5 percent quarter -on -quarter expansion . Hydropower is the primary contributor to the energy expansion demonstrating 47.5 percent a year -on -year growth followed by wind energy ( 22.6 percent ) (Table 2.5) . 4 9 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

Table 2.5: Electricity Generation by Sources (In '000 of K.W.H)
Power Source
2023/24 2024/25 Percentage
Qtr. IV Qtr. III Qtr. IV Change
A
Share
(In %)
B
Share
(In %)
C
Share
(In %) C/A C/B
Hydropower 5,422,540.
3
97.5 7,511,832.7 96.5 7,998,579.8 97.9 47.5 6.5
Thermal
Power

Geothermal

Wind 138,346.5 2.5 269,971.2 3.5 169,628.9 2.1 22.6 -37.2 Biomass 1,084.3 0.0 - - - - - - Total 5,561,971.0 100.0 7,781,804.0 100.0 8,168,208.7 100.0 46.9 5.0 Source: Ethiopian Electric Power Of the total energy generated, 97.9 percent was from hydropower and 2.1 percent from wind source s (Table 2.5). By system of generation, virtually all the power was generated through interconnected systems (ICS) 1(Table 2.6
Table 2.6: Generation of Electricity Power in the Interconnected System (ICS) and Self

contained system (SCS)
Source: Ethiopian Electric Power
Fig.2.5: Volume of Electricity Production by Type

Source: Ethiopian Electric Power 1
The generated power from different power stations stored in substations before distribution System of Power supply 2023/24 2024/25 Percentage Qtr. IV Qtr. III Qtr. IV Share A Share (in %) B Share (in %) C Share (In %) C/A C/B ICS Hydro power 5,422,540.3 97.5 7,511,832. 7
96.5 7,998,57
9.8
97.9 47.5 6.5
Thermal Power

Geothermal

Wind 138,346.5 2.5 269,971.2 3.5 169,628.
9
2.1 22.6

Biomass 1,084.3 0.0

37.2-
Total 5,561,971.0 100.0 7,781,80
4.0

0
8,168,20
8.7
100.0 46.9 5.0
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III. QUARTERLY PRICE DEVELOPMENTS
3.1. Developments in National Quarterly Inflation
In the fourth quarter of 2024/25, annualized quarter -on-quarter general inflation rate decreased to 14.2 percent from 22.0 percent last year same quarter largely on account of
13.0 percentage points decrease in food inflation. Food inflation contributed a bout 51.3
percent to the general inflation and 48.7 percent by non -food inflation (Table 3.1).
Table 3.1: Annualized Quarterly National Inflation (in %)
Source: Ethiopian Statistical Service(ESS) and NBE compilation

Source: Ethiopian Statistical Service(ESS) and NBE compilation Quarter-on-quarter basis, overall inflation dropped to 2.3 percent from 2.7 percent a year earlier though it marginally increased by 0.3 percentage points compared with the preceding quarter (QIII) (Table 3.2). 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 2021/22 2022/23 2023/24 2024/25 % Fig -3.1 Trends in Contribution of Annualized quarterly Inflations(QIV 2024/25) Food Non-food Inflations Weights in % 2023/24 2024/25 Change in %age Points Contributions in (%) to QIV QIII QIV QIV-General Inflation A B C C -A C -B Absolute Relative Headline 100 22.0 14.6 14.2 -7.8 -0.4 14.2 100 Food 54 25.1 14.0 12.0 -13.0 -2.0 7.3 51.3 Non-food 46 17.5 15.6 17.7 0.1 2.1 6.9 48.7 4 11 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

Non
-food inflation contributed 52.9 percent and food inflation 47.1percent to the quarter - on -quarter general inflation, (Table 3. 2). Moreover, q uarter -on -quarter food inflation decreased to 1.8 percent from 3.6 percent of last year same quarter while it increased by 1.3 percentage points compared with the preceding quarter. The decrease in quarter -on -quarter inflation rate against last year same quarter was mainly on account of slowdown in inflation rate s of sugar, honey & jam (17.5 percentage points ), food products (8.2 percentage points ) , bread & cereals (4.0 percentage points ), meat (6.0 percentage points ), and oils and fats (3.9 percentage points ) . The largest contributor s to the quarter -on -quarter food inflation were non -alcoholic beverages (39.9%), oils & fats (14.7% ) , food products (14.5% ), Milk, cheese & eg g (10.1%) and vegetables (7%) (Table 3. 3 ) . In contrast , quarter -on -quarter non -food inflation increased to 3.1 percent from 1.3 percent of last year same quarter while it decreased by 1.3 percentage points compared with the preceding quarter . Th e annual rise in quarter -on -quarter non -food inflatio n rate was predominantly driven higher quarterly inflation of clothing & footwear (6.7 percentage points ), transport (5.9 percentage points ), communication (5.2 percentage points ), and r ecreation & c ulture (5.0 percentage points ) (
Table 3.4
)
.
The largest contributor s of the quarter’s non -food inflation were:
housing, water, electricity, gas
& other fuels (
19.6 %)
, furnishings & housing equipment
(18.
9
% ), hotels & restaurant (17.3%) and transport (14.3%).
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Table 3.2: Quarter on Quarter National Inflation (in %)
Inflations
Weights in %
2023/24 2024/25 Change in
%age Points
Contribution in (%) to
QIV QIII QIV QIV General Inflation A B C C -A C -B Absolute Relative Headline 100 2.7 2.0 2.3 -0.4 0.3 2.3 100 Food 54 3.6 0.5 1.8 -1.8 1.3 1.1 47.1 Non -food 46 1.3 4.4 3.1 1.8 -1.3 1.2 52.9 Source: ESS and NBE compilation Source: ESS & NBE Compilation
Table
3.3
: Quarter
-on
-Quarter
National Food
&
Non

alcoholic
Beverage s Inflation (in %)
Food Items Weights
2023/24 2024/25 Change in %age points
Contribution in % to
Food Inflation of
-QIV

2024/25 QIV QIII QIV A B C C -A C -B Absolute Relative Food and Non - alcoholic Beverages 0.54 3.6 0.5 1.8 -1.8 1.3 1.8 100.0 Bread and Cereals 0.17 4.0 -4.9 0.0 -4.0 4.9 -0.001 -0.1 Meat 0.04 8.4 2.9 2.4 -6.0 -0.4 0.2 10.4 Fish and Sea food 0.0002 3.3 5.0 0.0 -3.2 -5.0 0.0 0.0 Milk, cheese and egg 0.03 1.2 1.9 3.7 2.5 1.7 0.2 10.1 Oils & Fats 0.04 7.5 3.9 3.6 -3.9 -0.3 0.3 14.7 Fruit 0.002 -1.7 6.5 1.5 3.2 -5.0 0.0 1 0.3 Vegetables 0.12 -2.7 2.1 0.6 3.3 -1.6 0.1 7.0 Sugar, honey, jam 0.01 21.1 6.5 3.5 -17.5 -2.9 0.1 3.1 Food products 0.06 11.0 5.2 2.8 -8.2 -2.4 0.3 14.5 Non -alcoholic beverages 0.05 4.2 11.0 9.1 4.9 -1.9 0.7 39.9 Source : ESS & NBE Compila tion s Fig. 3.2: Trends in Quarter on quarter National Infation 4 13 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

Table 3.4
: Quarter

on
-Quarter National Non
-food Inflations (in %)
Source
: ESS
& NBE Compilations
3.2 Developments in Regional Quarterly Inflation
In the fourth quarter of 2024/25, annualized average quarterly inflation rate of the regions was down to 18.6 percent from 20.1 percent a year ago due to a 7.5 percentage point decrease in food inflation (Table 3.5 ). Average quarter-on-quarter inflation, however, saw a 3.6 percent increase compared with
3.5 percent in the preceding quarter (Table 3.6 ).
Benshangul Gumuz, Dire Dawa , Gambella, SNNP, Afar and Addis Ababa showed higher headline inflation than the regional average . The highest headline inflation (6.7 percent ) was registered in Ben ishangul Gumuz and the lowest (1.4 percent ) in Amhara region , resulting in a 5.3 percentage point gap . The deviation in the regional headline inflation from the average decreased to 1.6 percent from 2.6 percent in the preceding quarter and 3.5 percent last year same quarter (Table 3.6). Non -food Item Weights 2023/24 2024/25 Change in %age points Contribution in % to Non -food Inflation -QIV - 2024/25 QIV QIII QIV A B C C -A C -B Absolute Relative Non -Food Inflation 0.46 1.3 4.4 3.1 1.8 -1.33 3.2 100.0 Alcoholic Beverages and tobacco 0.05 1.8 8.1 1.0 -0.8 -7.13 0.1 3. 6 Clothing and Footwear 0.06 -3.4 4.3 3.3 6.7 -1.03 0.4 13.9 Water, electricity, Gas & other fuels 0.17 0.3 4.0 1.9 1.6 -2.11 0.6 19.6 Furnishings & housing Equipment 0.05 2.5 4.6 4.2 1.8 -0.34 0.6 18. 9 Health 0.01 5.8 -2.8 2.6 -3.2 5.32 0.1 1.9 Transport 0.02 1.0 7.3 6.9 5.9 -0.37 0.4 14.3 Communication 0.02 -1.9 4.6 3.3 5.2 -1.30 0.0 1.0 Recreation & culture 0.004 -0.8 1.7 4.2 5.0 2.43 0.0 1.4 Education 0.002 1.6 3.3 2.4 0.8 -0.89 0.0 0.6 Restaurant & hotel 0.05 5.2 2.2 4.0 -1.2 1.82 0.5 17.3 Miscellaneous 0.03 3.5 6.7 5.9 2.5 -0.83 0.4 11.4 4TH QUARTER R EPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 14

The regional quarterly average food inflation rate also increased to 3.6 percent from 1.4 percent in the preceding quarter and 1.9 percent a year earlier . The quarterly food inflation rate in Afar, Dire Dawa , SNNP, Somali, Benshangul Gumuz, Gambella and Addis Ababa was hig her than the regional average. The highest food inflation was recorded in Afar (5.2 percent) and the lowest in Amhara (0.3 percent), signifying a 4.9 percentage points range. The varia tion in food inflation decreased to 1.7 percent from 2.8 percent in the preceding quarter and from 4.3 percent of last year same quarter (Table 3.6). On the other hand, q uarterly regional average non -food inflation decreased to 3.5 percent in the 4 th quarter from 6.3 percent in the preceding quarter . Benshangul Gumuz, Gambella, Oromia, Dire Dawa and Addis Ababa recorded higher non -food inflation than the regional average. The quarterly non -food inflation was the highest in Ben ishangul Gumuz with 9.6 percent and the lowest in Somali with 2.3 percent deflation , revealing a 11.9 percentage point range (Table 3.6). The variation in regional n on -food inflation decreased to 2.9 percent from 3.2 percent in the preceding quarter & from 4.5 percent last year same quarter (Table 3.6). 4 15 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

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 18.5 15.9 23.0 24.3 27.1 20.0 21.7 23.6 18.7 3.1 7.7 -4.3 -2.6 -3.5 -1.3 Harari 11.3 24.8 -0.7 18.9 15.3 22.5 23.9 14.5 34.5 12.6 -10.3 35.3 5.1 -0.8 12.1 Oromia 22.3 25.7 16.5 14.2 14.8 13.1 13.7 10.8 18.8 -8.6 -14.9 2.4 -0.5 -4.0 5.7 Gambella 20.1 18.8 22.2 20.4 15.7 28.8 23.4 21.1 27.3 3.3 2.3 5.1 3.0 5.4 -1.5 Addis Ababa 20.0 23.5 16.8 19.5 16.9 22.1 21.3 18.9 23.6 1.3 -4.6 6.8 1.8 2.0 1.6 Dire Dawa 17.8 24.2 10.9 15.8 17.1 14.3 15.5 14.8 16.3 -2.3 -9.3 5.5 -0.3 -2.3 2.0 Benshangul Gumuz 25.9 24.2 27.8 11.6 10.5 12.9 22.7 22.5 22.8 -3.2 -1.7 -5.0 11.1 12.0 9.9 Somali 18.0 25.1 8.4 4.5 1.1 9.7 11.2 8.0 16.1 -6.8 -17.1 7.7 6.7 7.0 6.5 Afar 19.5 22.5 15.5 15.4 12.3 19.7 22.3 19.9 25.8 2.8 -2.6 10.3 6.9 7.6 6.1 Amhara 27.8 32.4 21.8 12.9 10.9 15.7 10.3 7.4 14.4 -17.4 -25.0 -7.5 -2.6 -3.5 -1.4 Regions Average 20.1 23.7 16.2 15.7 14.2 17.9 18.6 16.2 21.8 -1.5 -7.6 5.6 2.9 2.0 4.0 Standard deviation 4.5 4.3 8.3 5.5 6.6 5.8 5.3 5.9 6.2 Coefficient of variation 0.2 0.2 0.5 0.3 0.5 0.3 0.3 0.4 0.3 4TH QUARTER R EPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 16

Table 3.6: Quarter - on-Quarter Regional General, Food and Non -food Inflation Rates (December 2016=100)
Source : ESS & NBE Compilations
Regions
2023/24 2024/25
Change in Percentage Points QIV QIII QIV
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 6.2 7.7 3.9 5.6 5.3 6.3 4.0 4.8 2.8 -2.2 -3.0 -1.1 -1.6 -0.5 -3.5 Harari -0.9 4.3 -6.2 6.5 3.7 9.4 3.4 3.6 3.1 4.2 -0.7 9.3 -3.2 -0.1 -6.3 Oromia 2.3 4.2 -0.9 0.5 -0.9 3.1 1.9 0.6 4.1 -0.4 -3.6 5.0 1.4 1.5 1.0 Gambella 1.8 -0.7 6.2 5.4 5.0 5.9 4.3 4.0 4.9 2.6 4.6 -1.3 -1.0 -1.1 -1.0 Addis Ababa 2.3 2.1 2.5 4.0 2.5 5.4 3.8 1.5 1.7 1.3 -0.1 1.4 -1.6 Dire Dawa 4.8 6.9 2.2 0.5 -1.9 3.6 4.4 4.8 4.0 -0.3 -2.1 1.8 3.9 6.7 0.4 Benshangul Gumuz -2.9 -5.9 0.7 1.7 -0.6 4.4 6.7 4.3 9.6 9.6 10.2 8.9 5.1 4.9 5.1 Somali -4.4 -2.1 -7.7 6.0 2.4 11.3 1.7 4.7 -2.3 6.1 6.8 5.4 -4.3 2.2 -13.6 Afar -1.9 -1.4 -2.5 4.5 0.1 10.9 4.0 5.2 2.4 5.9 6.7 5.0 -0.5 5.1 -8.5 Amhara 3.7 3.6 4.0 0.0 -1.9 2.6 1.35 0.30 2.8 -2.4 -3.3 -1.2 1.3 2.2 0.1 Regions Average 1.1 1.9 0.2 3.5 1.4 6.3 3.6 3.6 3.5 2.5 1.7 3.3 0.1 2.2 -2.8 Standard deviation 3.5 4.3 4.5 2.6 2.8 3.2 1.60 1.7 2.9 Coefficient of variation 3.1 2.3 20.5 0.7 2.0 0.5 0.4 0.5 0.8 4 17 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

IV. MONETARY DEVELOPMENTS
4.1
. Monetary Developments and Policy
As part of a broader macroeconomic reforms and its primary goal of ensuring low and stable inflation, the NBE has modernized its monetary policy framework. Since, e arly July 2024, it has moved from monetary aggregate targeting to an interest -rate based monetary policy framework. Accordingly, it has applied policy interest rate (NBR) as the primary means of signalling its policy stance and to guide the 7 -day interbank interest rate (operational target) through which it affects other marke t rates and ultimately influence broader monetary and credit conditions. Moreover, following the implementation of the new monetary policy framework, NBE has introduced indirect monetary policy instruments such as Open Market Operations (OMOs) and Standing Facilities (SFs) to enhance the effectiveness of monetary policy transmission. During the review period, NBE’s Monetary Policy Committee (MPC) held its third meeting and kept the policy interest rate (NBR) at 15.0 percent. The Standing Lending Facility (SLF) and Standing Deposit F acility (SDF) interest rates also stood at 18.0 percent and 12.0 percent, respectively.
4.2. Developments in Monetary Aggregates
4.2.1 Developments in Broad Money
At t he end of the fourth quarter 2024/25, broad money supply (M2) reached Birr 3.35 trillion 2, marking an annual growth of 35.2 percent and quarter -on -quarter increase of 9.5 percent. This growth was primarily driven by a 23.2 percent increase in domestic credit and 13.8 percent rise in external asset (net) . During the same period, net claims on the 2 In July 2024, corporate bond and loans were converted into government bond related with CBE recapitalization. Accordingly, when the outstanding accrued interest and CBE’s recapitalization were excluded, the broad money growth was 23.3 percent. 4TH QUARTER R EPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 18

government rose by 113.1 percent while non -government sector declined by 9.3 percent 3 (Table 4.1).
Table 4.1: Factors Influencing Broad Money (In Millions of Birr)
Particulars
Qtr. IV Qtr. III Qtr. IV
Percentage
Change
Contributions of
Each
Component to
Broad Money
Growth
(June.24) (Mar. 25) (Jun. 25)
C/A C/B Annual
A B C

External Assets (net) -245,274.1 -344,838.6 -211,457.3 13.8 38.7 3.9
Domestic Credit 2,797,752.1 3,234,024.0 3,448,089.5 23.2 6.6 74.6
Claims on Central Gov't (net) 744,525.8 1,456,738.2 1,586,725.9 113.1 8.9 96.6 Claims on Non -Central Gov't 2,053,226.3 1,777,285.8 1,861,363.5 -9.3 4.7 -22.0 Financial Institutions 41,322.7 33,522.7 30,122.7 -27.1 -10.1 -1.3 Others 2,011,903.6 1,743,763.1 1,831,240.8 -9.0 5.0 -20.7
Other Items (net) 74,561.8 -170,277.8 -113,410.4 -252.1 33.4 -21.6
Broad Money (M2) 2,477,916.2 3,059,463.3 3,350,042.5 35.2 9.5 100.0
Source: Staff Computation, NBE
Fig.IV.1: Major Determinants of Monetary Expansion (Quarterly Growth in %) 0 1 2 3 4 5 6 7 8 9 10 -250 -200 -150 -100 -50 0 50 100 150 Q2 Q3 Q4 22-23Q1 Q2 Q3 Q4 23-24Q1 Q2 Q3 Q4 24-25Q1 Q2 Q3 Q4 Net Foreign Assets Domestic Credit Other Items Net Broad Money (RHS) 3The 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. 4 19 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

Fig.IV.2: Composition of Domestic Credit (Quarterly Growth in %) Source: Staff computation, NBE Quasi-money supply grew by 34.2 percent annually and 8.8 percent quarterly. Similarly, the narrow money supply increased by 37.3 percent year -on -year and 10.8 percent quarter -to -quarter. Narrow money contributed 35.1 percent and quasi -money 64.9 percent, to broad money growth largely due to a rise in savings deposits in the banking system (Table 4.2).
Table 4.2: Components of Broad Money (In millions of Birr, unless specified)
Particulars
Qtr. IV Qtr. III Qtr. IV Percentage
Change
Contributions of
Each
Component to
Broad Money growth
(Jun.24) (Mar. 25) (Jun. 25) C/A C/B Annual A B C

Narrow Money
Supply
822,498.6 1,018,727.3 1,129,023.8 37.3 10.8 35.1 . Currency outside banks 205,441.3 290,490.0 289,275.4 40.8 -0.4 9.6 . Demand Deposits (net) 617,057.3 728,237.4 839,748.4 36.1 15.3 25.5
Quasi
-Money 1,655,417.6 2,040,736.0 2,221,018.8 34.2 8.8 64.9 . Savings Deposits 1,461,904.1 1,819,579.1 1,976,712.2 35.2 8.6 59.0 . Time Deposits 193,513.5 221,156.8 244,306.6 26.2 10.5 5.8
Broad Money
Supply
2,477,916.2 3,059,463.3 3,350,042.5 35.2 9.5 100.0 Source: Staff Computation, NBE 4TH QUARTER R EPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 20

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 787.3 billion, reflecting a 66.4 annual and 20.9 percent quarterly expansion. The money multiplier, measured by the ratio of broad money to reserve money, decline d from 5.2 to 4.3 over the past year. This decline generally indicates a larger share of money creation was attributed to NBE operations rather than the commercial banks (Table 4.3).
Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated)
Particulars
Qtr. IV Qtr. III Qtr. IV Percentage
Change
Jun
-24 (Mar. 25) (Jun. 25) A B C C/A C/B

Reserve Requirement (CB's) 173,414 207,876 243,612 40.5 17.2
Actual Reserve (CB's) 211,215 298,239 425,141 101.3 42.6
Excess Reserve (CB's) 37,801 90,364 181,529 380.2 100.9
Reserve Money 473,223 646,549 787,343 66.4 21.8
. Currency in Circulation 257,296 348,309 346,921 34.8 -0.4 . Banks deposits at NBE 215,927 298,240 440,422 104.0 47.7
Money Multiplier (Ratio)
. Narrow Money to Reserve Money 1.7 1.6 1.4
-17.5
-9.0
. Broad Money to Reserve Money 5.2 4.7 4.3
-18.7
-10.1
Other Monetary Ratios (%)
. Currency to Narrow Money 31.3 34.2 30.7
-1.8
-10.1
. Currency to Broad Money 10.4 11.4 10.4
-0.3
-9.0
. Narrow Money to Broad Money 33.2 33.3 33.7 1.5 1.2 . Quasi Money to Broad Money 66.8 66.7 66.3 -0.8 -0.6 Source: Staff Computation, NBE 4 21 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

Fig.IV.4: Quarterly Growth of Reserve Money and Its Components (%) Source: Staff Computation NBE Fig.IV.5: Monetary Aggregates (In Billions of Birr) Source: Staff Computation NBE 4. 4 . Developments in Interest Rates During the fourth quarter of 2024/25 , the average savings deposit rate remained at 8.0 percent. Meanwhile, the average lending interest rate rose to 15.8 percent from 14.8 percent a year ago . Likewise, the weighted average time deposit rate stood at 7. 8 percent. The weighted average yield on treasury bills (T -bills) increased to 16.8 percent, up from
10.6 percent in the previous year. Given the headline inflation rate of 13.9 percent, the real
interest rate on lendi ng and T
-Bills remained positive ( Table 4.4) 4TH QUARTER R EPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 22

Table 4.4: Interest Rate Development (Percent per annum)
Particulars 2023/24 2024/25
Percentage point
Changes
QIV QIII QIV Annual Quarterly

National Bank Rate (NBR)

15.0 15.0 0.0

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
Time Deposits
Up to 1yr 7.6 7.7 7.7 1.3 0.0 1-2 years 7.7 0.0 0.0 Over 2 years 7.7 7.8 7.8 1.3 0.0 Average Time Dep. Rate (Weighted) 7.7 0.0 0.0
Demand Deposit (Weighted) 0.1 0.0 0.0
Lending Rate 2/
Minimum 7.0 0.0 0.0
Maximum 22.5 23.0 24.5 8.9 6.5
Average Lending Rate 14.8 15.0 15.8 6.8 5.0
T
-bills Rate (Weighted) 10.6 16.3 16.8 59.2 3.1 28 -days 11.5 16.3 15.5 35.2 (4.5) 91-days 10.3 15.8 16.8 63.3 6.3 182 -days 10.2 15.5 16.9 66.7 9.2 364 -days 10.3 17.6 18.0 74.6 2.1
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
Headline Inflation (Y

o
-Y) 19.9 13.5 13.9 (30.3) 3.1

Food Inflation (Y

o
-Y) 27.2 11.7 11.7 (48.4) 0.2

Core/non
-food Inflation (Y

o
-Y) 15.9 16.2 17.3 9.1 6.6
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 4 23 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

Developments in the Financial Sector
The number of banks in Ethiopia reached 32, of which, 30 were private and 2 state -owned . These banks opened 70 new bank branches during the fourth quarter alone, thereby raising the number of bank branches to 12,590. As a result, population to bank branch ratio stood at 8,868
State
-owned banks accounted for 17.7 percent of the total bank branches while private banks took 82.3 percent share. Of the total bank branches, 30.1 percent were in Addis Ababa. Due to CBE ’s recapitalization, state -owned banks took a
46.9 percent share in total capital of the banking system (excluding NBE), up from 32
percent in the same quarter last year
. The share of private banks remained at 53.1 percent (Table 4.5 and Fig IV.7).
The number of insurance companies stood at 18, of which 17 were private and 1 state - owned . Their branch network increased to 839 from 799 a year ago. About 56.9 percent of the insurance branches were found in Addis Ababa. Similarly, total capital of insurance companies reached Birr 28.3 billion , of which , private insurance companies accounted for
84.8 percent and Ethiopian Insurance Corporation, the only public insurance company
took 15.2 percent share (Table 4.6).
At the end of the review quarter, the number of Micro Finance Institutions (MFIs) was 57. Meanwhile t heir savings, credit, capital and total asset witnessed a 33.2 percent, 23.4 percent, 39.9 percent and 36.0 percent , respective annual growths . Micro -finance institutions are benefited in providing access to finance and financial inclusion both in rural and urban areas (Table 4.7). 4 Total population is 111, 652, 998 as ESS Projection for 2025. 4TH QUARTER R EPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 24

Table 4.5: Branch Network and Capital of the Banking System (Branch in Number & Capital in Millions of Birr)
Source: Commercial Banks and DBE
Note: ‘Reg’ Stands for Region and ‘A.A’ for Addis Ababa Fig .IV.7: Share of Branch Network and Capital of Banking System 4 25 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

Source: Staff computation, NBE
Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number &
Capital in Millions of Birr )
Source : Insurance Companies
Table 4.7: Microfinance Institutions Performance (In thousands of Birr)
Particulars
2023/24 2024/25 % Change
QIV QIII QIV
A B C D=C/A E=C/B
Total Capital 11,399,991.6 14,287,026.0 15,949,575.3 39.9 11.6 Saving 31,374,095.6 37,073,517.5 41,777,865.9 33.2 12.7 Credit 39,650,424.8 44,830,153.8 48,946,431.7 23.4 9.2 Total Assets 60,095,189.3 74,018,625.3 81,703,026.5 36.0 10.4 Source: Microfi nanc e Institutions
18.7 17.8 17.7
32.0 39.7 46.9
81.3 82.2 82.3
68.0 60.3 53.1
0%
20%
40%
60%
80%
100%
2023/24 Qrt.IV
(Branch)
2024/25 Qrt.III
(Branch)
2024/25 Qrt.IV
(Branch)
2023/24 Qrt.IV
(Capital )
2024/25 Qrt.III
(Capital)
2024/25 Qrt.IV
(Capital)
Percentage share from total
State own Banks Private Banks
4TH QUARTERREPORT 2024/25
NATIONAL BANK OF ETHIOPIA 26

100,000.00
200,000.00
300,000.00
400,000.00
500,000.00
600,000.00
I
III
I
III
I
III
I
III
I
III
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 IIIVIIIVIIIVIIIVIIIV
4. 6. Activities of the Banking System
4.6 .1. Resource Mobilization
Total resources mobilized by the banking system (the sum of net change in deposit, loans collected and net change in borrowings) the review quarter showed a 107.5 percent annual surge due to siginificant increase in loan collection (57.6 percent ) and net deposits (189.7 percent ) (Table 4.8).
Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System
(In Millions of Birr)
Source: Commercial Banks and DBE
Fig .IV.8: Trends in Resource Mobilization and Disbursement of Loans Source: CBEs and NBE 4 27 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

6.1.1. Deposit Mobilization
Total deposit liabilities of the banking system reached Birr 3.5 trillion, depicting a 40.7 percent annual growth. Demand deposits, which accounted for 35.7 percent of the total deposits, rose 53.2 percent to Birr 1.3 trillion. Similarly, saving deposit went up by 35.6 percent and amounted to Birr 2.0 trillion accounting for 57.1 percent of the total deposits. Time deposits increased 26.8 percent and constituted 7.2 percent of the total deposit liabilities. Of the total deposit, the share of private bank s was 51.8 percent and that of stateowned banks 48.2 percent (Table 4.9).
Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr)
Deposit by types
Quarter IV %
Shar e
Quarter III %
Share
Quarter IV %
Shar e
Percentage
Change ( Growth) 2023/24 2024/25 2024/25
A B C C/A C/B
Demand Deposit 819,735.1 32.8 1,148,448.
6
35.7 1,255,440.
0
35.7
53.2
9.3
Saving Deposit 1,478,389.1 59.2 1,841,158.3 57.3 2,004,84 7.5 57.1 35.6 8.9 Time Deposit 198,452.2 7.9 225,774.6 7.0 251,709.3 7.2 26.8 11.5 Total 2,496,576. 4 100. 0 3,215,381. 4 100. 0 3,511,996. 8 100. 0 40.7 9.2 Share of state own Banks
47.1 48.7 48.2
Share of Private Banks 52.9 51.3 51.8
Source: Commercial Banks and DBE
Fig. IV.9: Quarterly Growth of Banks’ Deposit Liabilities by Ownership Source: CBEs & DBE 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 III IV 2020/2021 2021/2022 2022/2023 2023/2024 2024/2025 In percent State owned Banks Private Banks All Banks 4TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA 28

6.1.2. Collection of Loans
During the review quarter, banks collected loans to the time of Birr 235.9 billion , a 57.6 percent annual growth (Table 4.8). Of the total loan collection, 54.8 percent was collected by private banks and 45.2 percent by the state -owned banks . 4.
6.1.3. Borrowing
Total outstanding borrowing of the banking system stood at Birr 131.6 billion showing a 1.1 percent annual increase . Of the total borrowing, Birr 92.2 billion (70.0 percent) was from domestic and Birr 39.4 billion (30.0 percent) from external sources (Table 4.10) .
Table 4.10: Banks’ Outstanding Borrowing by Source (In Millions of Birr)
Borrowing By Types
2023/24 2024/25
Quarter IV Quarter III Quarter IV Percentage change A B C D=C/B E=C/A Domestic Borrowing 95,141.6

97,900.8 92,157.7 (5.9) (3.1)
Foreign Borrowing 35,030.8

39,482.6 39,437.2 (0.1) 12.6
Total 130,172.3

137,383.4

131,594.9 (4.2) 1.1
Source: Banks
4.
6.2. Disbursement of Fresh Loans
During the review quarter, Birr 251.8 billion was disbursed in fresh loan indicating a 105.8 percent annual surge . Of the total new loans, the share of state -owned banks was 51.1 percent and that of private banks 48.9 percent (Table 4.8, 4.11 & 4.12). The major beneficiaries of the fresh loans were agriculture (Birr 53.6 billion or 21.3 percent), domestic trade (Birr 47.4 billion or 18.8 percent), international trade (Birr 42.1 billion or 16.7 percent), manufacturing (Birr 40.2 billion or 16.0 percent), financial institutions (Birr 33.5 billion or 13.3 percent), c onsumer and staff loan (Birr 16.0 billion or 6.4 percent) (Table 4.11). 4 29 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

Table 3.5: Annualized Quarter - on-Quarter Regional General, Food and Non -food Inflation Rates (in %) (December 2016=100)
Source : ESS & NBE Compilations
Regions
2023/24 2024/25
Change in Percentage Points QIV QIII QIV
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 18.5 15.9 23.0 24.3 27.1 20.0 21.7 23.6 18.7 3.1 7.7 -4.3 -2.6 -3.5 -1.3 Harari 11.3 24.8 -0.7 18.9 15.3 22.5 23.9 14.5 34.5 12.6 -10.3 35.3 5.1 -0.8 12.1 Oromia 22.3 25.7 16.5 14.2 14.8 13.1 13.7 10.8 18.8 -8.6 -14.9 2.4 -0.5 -4.0 5.7 Gambella 20.1 18.8 22.2 20.4 15.7 28.8 23.4 21.1 27.3 3.3 2.3 5.1 3.0 5.4 -1.5 Addis Ababa 20.0 23.5 16.8 19.5 16.9 22.1 21.3 18.9 23.6 1.3 -4.6 6.8 1.8 2.0 1.6 Dire Dawa 17.8 24.2 10.9 15.8 17.1 14.3 15.5 14.8 16.3 -2.3 -9.3 5.5 -0.3 -2.3 2.0 Benshangul Gumuz 25.9 24.2 27.8 11.6 10.5 12.9 22.7 22.5 22.8 -3.2 -1.7 -5.0 11.1 12.0 9.9 Somali 18.0 25.1 8.4 4.5 1.1 9.7 11.2 8.0 16.1 -6.8 -17.1 7.7 6.7 7.0 6.5 Afar 19.5 22.5 15.5 15.4 12.3 19.7 22.3 19.9 25.8 2.8 -2.6 10.3 6.9 7.6 6.1 Amhara 27.8 32.4 21.8 12.9 10.9 15.7 10.3 7.4 14.4 -17.4 -25.0 -7.5 -2.6 -3.5 -1.4 Regions Average 20.1 23.7 16.2 15.7 14.2 17.9 18.6 16.2 21.8 -1.5 -7.6 5.6 2.9 2.0 4.0 Standard deviation 4.5 4.3 8.3 5.5 6.6 5.8 5.3 5.9 6.2 Coefficient of variation 0.2 0.2 0.5 0.3 0.5 0.3 0.3 0.4 0.3 Fig. IV.10: Trends in Fresh Loan Disbursement by Ownership Source: Banks
Table 4.11: Banks’ Loans & Advances by Sectors in QIV 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 declined 9.6 percent on annual basis to reach Birr 1.9 trillion. About
99.3 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 recipients of outstanding credit were international trade (Birr 420.5 billion or 21.7 percent), manufacturing ( Birr 3 65.4 billion or 18.8 percent), d omestic trade (Birr 344.3 billion or 17.7 - 50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 QIII Q I QII QIII QIV Q I QII QIII QIV Q I QII QIII QIV Q I QII QIII QIV Q I QII QIII QIV 2020/21 2021/22 2022/23 2023/24 2024/25 (VALUE IN MILLION BIRR) YEARS/QUARTERS Total State own Banks Private Banks 4TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA 30

percent), financial i nstitutions (Birr 2 55.1 billion or 13.1 percent), consumer & staff loans ( Birr
218.3 billion or 11.2 percent), a griculture (Birr 166.3 billion or 8.6 percent) ( Table 4.11).
Table 4.12: Breakdown of Banking System Credit by Clients in QIV - 2024/25 (In Millions of Birr)
Particulars Loan
Disbursement % Share
Loan
Collection % Share
Outstanding
Loan % Share
State Owned Bank 128,631.5 51.1 106,549.9 45.2 614,464.6 31.7 State Enterprises 51,503.9 40.0 60,076.2 56.4 165,608.1 27.0 Cooperatives 214.5 0.2 490.3 0.5 11,486.4 1.9 Private Enterprises 76,913.1 59.8 45,983.4 43.2 437,370.1 71.2 Private Banks 123,201.7 48.9 129,310.1 54.8 1,326,892.4 68.3 State Enterprises 3,600.5 2.9 1,796.1 1.4 9,110.2 0.7 Cooperatives 1,223.6 1.0 978.4 0.8 13,098.4 1.0 Private Enterprises 118,377.7 96.1 126,535.6 97.9 1,304,683.8 98.3 Grand Total 251,833.2 100.0 235,860.0 100.0 1,941,357.0 100.0 Source: Commercial Banks & DBE Fig. IV.11: Share of Public and Private Banks in Credit Outstanding Source: NBE
4. 7. Financial Activities of NBE
NBE’s gross claim on the central government stood at Birr 675.1 billion, unchanged compared to the previous quarter and a year earlier as the government refrained from borrow ing direct advance from the National Bank of Ethiopia. 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 QIII QIV 2020/21 2021/22 2022/23 2023/24 2024/25 (In Percent) Years/Quarters State own Bank Credit Outstanding Private Bank Credit Outstanding 4 31 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

NBE’s deposit liabilities reached Birr 486.7 billion showing 87.9 percent annual incease due to a 104.5 percent growth in banks ’ reserve s (Table 4.13).
Table 4.13: Financial Activities of NBE (In Millions of Birr)
Particulars
2023/24 2024/25
Qtr
.IV Qtr.III Qtr.IV % Change A B C D=C/A E=C/B
1.Loans and Advances 716,443.16 708,643.15 705,243.16 -1.6 -0.5
1.1. To Central Government 675,120.45 0.0 0.0
1.2.To Development Bank of Ethiopia 41,322.71 33,522.70 30,122.71 -27.1 -10.1 2.Deposit Liabilities

258,994.10 378,624.83 486,671.46 87.9 28.5
2.1. Government 42,867.36 75,266.50 44,697.23 4.3
-40.6
2.2. Financial Institutions 216,126.75 303,358.33 441,974.23 104.5 45.7
O/W:

-Banks( Reserve) 216,109.02 303,349.47 441,957.88 104.5 45.7

-Insurance companies 17.7 8.9 16.4
-7.8 84.5
3.Net Claims of NBE(1
-2) 457,449.1 330,018.3 218,571.7
-52.2
-33.8
Source: National Bank of Ethiopia (NBE)
4.
8 . Developments in Financial Markets
4.
8.1. Treasury Bills Market
During the fourth quarter 2024/25, the amount of T -bills supplied to the auction reached Birr 140.4 billion, showing a 68.2 percent annual decrease. On the other hand, the demand for T -bills decreased 31.5 percent to Birr 172.6 billion (Table 14.4). The total amount of T -bills sold was Birr 170.0 billion, about 32.6 percent lower than a year ago. The non -bank institutions bought T -bills worth Birr 74.2 billion while banks purchased T - bills worth Birr 95.8 billion. In the meantime, Birr 65.9 billion was redeemed during the quarter under review. Outstanding T -bills at the end of the fourth quarter declined 39.2 percent annually to Birr
272.2 billion due to the conversion of the social security sector held T
-bills into special government bond. The average weighted yield for successful bids was 16.07 percent, about 59.22 percent higher than a year ago (Table 4.14). 4TH QUARTER R EPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 32

Table 4.14: Results of fourth quarter Treasury Bills Auction (In Millions of Birr)
Particulars
2023/24 2024/25 % Change
Quarter IV Quarter III Quarter IV A B C C/A C/B Number of Bidders 158.00 66.00 100.00 (36.71) 51.52 Public 77 54 62 -19.48 14.81 Private 81 12 38 -53.09 216.67 Number of Bids received 158 66 100 -36.71 51.52 Public 77 54 62 -19.48 14.81 Private 81 12 38 -53.09 216.67 Amount Demanded (Mn. Birr) 252,127.66 118,562.68 172,638.32 (31.53) 45.61 28 -day bill 77,505.00 11,119.30 32,745.32 -57.75 194.49 91-day bill 64,006.89 22,853.63 82,578.00 29.01 261.33 182 -day bill 50,766.77 37,264.38 40,417.71 (20.39) 8.46 364 -day bill 59,849.00 47,325.38 16,897.29 (71.77) (64.30) Amount Supplied (Mn. Birr) 441,119.39 129,430.00 140,440.52 (68.16) 8.51 28 -day bill 118,218.00 5,217.10 9,273.57 -92.16 77.75 91-day bill 125,961.89 9,688.90 17,218.44 -86.33 77.71 182 -day bill 103,784.50 37,232.50 36,610.13 -64.72 (1.67) 364 -day bill 93,155.00 77,291.50 77,338.38 -16.98 0.06 Amount Sold (Mn. Birr) 252,127.66 117,595.42 169,997.26 (32.57) 44.56 Banks 102,910.00 75,872.27 95,788.41 (6.92) 26.25 Non -Banks 149,217.66 41,723.15 74,208.85 (50.27) 77.86 Redemption (Mn. Birr) 189,322.75 74,550.36 65,859.83 (65.21) (11.66) Average Weighted Price for Successful bids (%) 95.63 93.22 92.96 (2.79) -0.28 28 -day bill 99.13 98.77 98.82 -0.31 0.06 91-day bill 97.50 96.21 95.98 -1.56 -0.24 182 -day bill 95.18 92.82 92.21 -3.12 -0.66 364 -day bill 90.70 85.08 84.82 -6.49 -0.31 Average Weighted Yield for Successful bids (%) 10.55 16.29 16.80 59.22 3.15 28 -day bill 11.49 16.26 15.53 35.08 -4.49 91-day bill 10.28 15.80 16.79 63.35 6.24 182 -day bill 10.16 15.51 16.94 66.75 9.21 364 -day bill 10.28 17.58 17.95 74.65 2.07 Outstanding bills at the end of Period (Mn.Br.) 447,802.85 168,104.77 272,242.20 -39.20 61.95 Banks 162,259.26 98,139.77 159,461.54 (1.72) 62.48 Non -Banks 285,543.59 69,965.01 112,780.66 (60.50) 61.20 Source: National Bank of Ethiopia Note: In this quarter the average weighted price and yield is calculated only by using successful competitive bids 4 33 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

Source: NBE
Fig.IV.12: Development in Treasury - bills Markets Millions of Birr) - 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 III IV 2020/21 2021/22 2022/23 2023/24 2024/25 Demand Supply Source: NBE Fig.IV.13: Developments in Average weighted Yields of T - bills 0.000 2.000 4.000 6.000 8.000 10.000 12.000 14.000 16.000 18.000 20.000 I II III IV I II III IV I II III IV I II III IV I II III IV 2020/21 2021/22 2022/23 2023/24 2024/25 28-day 91-day 182-day 364-day

4.8.2. Inter- Bank Money Market
During the fourth quarter of the 2024/25 , both seven day and overnight transaction volumes experienced a slight decline. Seven day volume dropped from Birr 260.45 billion to Birr 253.32 billion, representing a 2.74 percent decrease. Similarly, overnight volume declined 3.1 percent from Birr 92.20 billion to Birr 89.38 billion due to seasonality and tightening of liquidity in the market . 4TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA 34

Despite the drop in volume, the number of transactions has increased in both markets. Seven day transactions rose 8.1 percent from 582 to 629 and overnight transaction from 219 to 223, (an increase of 1.83 percent ). This divergence between volume and transaction implies broader participation from smaller players. The maximum interest rate remained unchanged at 18 percent for both seven day and overni ght tenors across QIII and QIV, reflecting a consistent monetary policy stance by the National Bank of Ethiopia. It may also indicate that lenders were not pressured to raise rates despite fluctuations in volume and transaction activity. In contrast to the stable maximum rates, minimum interest rates declined in both tenors. The seven -day minimum rate dropped 11.1 percent from 13.5 percent to 12 percent, while the overnight minimum rate fell 4 percent from 12.5 percent to 12 percent . These changes suggest an increased competition among lenders or a more accommodative stance aimed at stimulating borrowing. Lower minimum rates can make credit more accessible, especially for smaller borrowers. The weighted average interest rate saw a modest increase in both tenors. Seven -day tenor weighted average interest rate rose from 16.66 percent to 16.82 percent, while overnight weighted average interest rate increased from 15.71 percent to 15.83 percent . These slight rise in interest rates indicate that, on average, borrowing costs edged higher despite the drop - in minimum rates. This could be due to a shift in the distribution of transaction sizes or risk profiles, with more deals occurring at higher rates. The increase in average rates across both maturities may be due to the substantial decrease in volume, which points to shortage of liquidity conditions in QIV compared to QIII. 4 35 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

Table 4.15: Interbank Money Market Development by Tenor
Particulars
2024/25
QIII QIV % Change
S/D(A) O/N(B) S/D(C) O/N(D) C/A D/B
Volume (Billions of Birr) 260.45 92.20 253.32 89.38 -2.74 -3.06 Number of Transactions 582 219 629.00 223 8.08 1.83 Maximum Interest Rate 18.00 0.00 0.00 Minimum Interest Rate 13.50 12.50 12.00 12.00 -11.11 -4.00 Weighted Average Interest Rate 16.66 15.71 16.82 15.83 0.98 0.80 S/D= Seven Day, O/N= Overnight
4.8.3. Corporate Bond Market
Corporate bond market remained undeveloped with major players being a few public institutions and regional governments. CBE was the sole purchaser of these bonds. Yet, there have been no corporate bond sales during the fourth quarter . At the end of 2024/25’s fourth quarter, there has been no stock of corporate bond held by CBE .
Table 4.16: 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 22,106.88 9,387.36 523,235.31 - - 520,723.22 - - - EEP 13,500.00 - 208,978.05 243,530.71 Railway Corporations 8,603.01 1,069.09 - - - - DBE - - - - - - Liability & Asset Management Corp. 3.87 8,318.27 314,257.26 - - 277,192.50
2. Regional Governments - 8,692.28 43,902.94 - 1,457.34 34,408.64 - - -
Oromia - 7.32 210.72 - - - - - -
Amhara - - - - - - - - -
Tigray - - - - - - - - -
SNNPRS - - - - - - - - -
Dire Dawa - - - - - - - - -
Harari - - - - - - - - -
Addia Ababa - 8,684.96 43,692.22 1,457.34 34,408.64 3.Grand Total(1+2) 22,106.88 18,079.64 567,138.25 - 1,457.34 555,131.86 - - - Note : NP= New Purchase, Red. = Redemption, O/S= outstanding Source: NBE 2024/25 Issuer of the Bond QIV 2022/23 2023/24 QIV QIV 4TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA 36

V. EXTERNAL SECTOR DEVELOPMENTS
5.1. Balance of Payments
The overall BOP registered a surplus of USD 1.2 billion during the fourth quarter of 2024/25 compared to USD 59.4 million surplus a year ago. Moreover, the current account balance (including official transfer) shifted to a surplus of USD 756.3 million from a deficit of USD 1.1 billion last year the same period mainly driven by narrowed trade deficit (60.1 percent) . In contrast, net service, net private transfer and net official transfer exhibited decline of 25.4 percent, 3.6 percent and 66.7 percent, respec tively. Similarly, net inflows in capital account increased 23.7 percent to USD 1.2 billion, owing to higher net official long -term capital (87.8 percent) coupled with a shift in net deficit of other public sector long -term capital from deficit of USD 138.5 million last year to surplus of USD 81.9 million during the review quarter (Table 5.1). 4 37 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

Table 5.1: Balance of Payments
(In Millions of USD)
S/N Particulars
2023/24 2024/25 Percentage
QIV QIII QIV Change A B C D=C/A E=C/B
1 Exports, f.o.b. 1,267.4 2,041.0 3,029.3 139.0 48.4 Coffee 592.3 600.1 1,147.4 93.7 91.2 Other 675.1 1,440.8 1,881.8 178.7 30.6 2 Imports 5,074.3 5,090.4 4,548.5 -10.4 -10.6 Fuel 833.1 881.2 806.7 -3.2 -8.5 Cereals 201.7 147.2 129.7 -35.7 -11.9 Aircraft 127.6 222.1 324.4 154.2 46.1 Imports excl. fuel, cereals, aircraft 3,911.8 3,839.8 3,287.6 -16.0 -14.4 3 Trade Balance (1 -2) -3,806.9 - 3,049.4 -1,519.2 -60.1 -50.2 4 Services, net 325.5 405.2 242.9 -25.4 -40.1 Non -factor services, net 425.2 411.0 296.3 -30.3 -27.9 Exports of non -factor services 2,077.5 2,077.0 2,244.2 8.0 8.1 Imports of non -factor services 1,652.3 1,665.9 1,948.0 17.9 16.9 Factor services (Investment income), net -99.6 -5.8 -53.4 -46.5 820.3 Interest, net -99.6 -5.3 -53.9 -45.9 921.5 Dividend, net -0.5 0.6 5 Private transfers, net 1,965.7 1,793.8 1,894.6 -3.6 5.6 o/w: NGO's,(Net) 214.7 271.9 244.9 14.1 -9.9 Private Individuals 1,751.0 1,521.9 1,649.6 -5.8 8.4 6 Current account balance excluding official transfers (3+4+5) -1,515.6 -850.4 618.3 -140.8 -172.7 7 Official transfers, net 413.8 27.1 138.0 -66.7 409.0 8 Current account balance including official transfers(6+7) -1,101.8 -823.3 756.3 -168.6 -191.9 9 Capital account 1,001.2 1,337.8 1,238.7 23.7 -7.4 Official Long -term Capital, net 209.3 131.3 393.0 87.8 199.3 Disbursements 390.3 259.0 555.3 42.3 114.5 Amortization 181.0 127.6 162.3 -10.3 27.2 Other public long -term capital -138.5 16.8 81.9 -159.1 386.9 Private sector, long term 7.7 124.3 8.3 7.6 -93.3 Foreign Direct Investment, net 1,117.9 1,081.8 983.2 -12.0 -9.1 Short -term Capital -195.3 -16.4 -227.8 16.6 10 Errors and omissions 160.0 -597.6 -783.9 11 Overall balance (8+9+10) 59.4 -83.0 1,211.1 12 Financing -59.4 83.0 -1,211.1 13 Reserves [ Increase( -), Decrease (+)] -59.4 83.0 -1,211.1 14 Central Bank (NFA) 167.7 -109.6 -160.1 Asset 70.5 -399.6 -251.6 Liabilities 97.2 290.0 91.5 15 Commercial banks (NFA) -227.1 192.7 -1,050.9 16 Debt Relief Principal Interest Source : NBE Staff Compilation 4TH QUARTER R EPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 38

Total current receipts amounted to USD 7.5 billion showing a 29.2 percent annual increase owing to the rise in export (139 percent), and service proceeds (9.6 percent), albeit decline in public transfers a 66.3 percent. On the other hand, total current payments decreased by 2.5 percent and reached USD
6.7 billion down from USD 6.9 billion a year earlier. This was due to decline in import
payments (10.4 percent) and public transfers (51.5 percent) despite a 16 percent rise in service payments as well as the increase in private transfer payments to USD 76.6 million from USD 4.7 million last year same period (Table 5.2).
Table 5.2: Current Receipts and Payments (In millions of USD)
S/N Particulars
2023/24 2024/25
QIV QIII QIV Percentage Change
A B C D=C/A E=C/B
1 Current Receipts 5,770.9 6,121.4 7,455.6 29.2 21.8 Export Proceeds 1,267.4 2,041.0 3,029.3 139.0 48.4 Service Proceeds 2,109.6 2,146.9 2,312.5 9.6 7.7 Private Transfers 1,970.4 1,855.2 1,971.2 0.0 6.3 Public Transfer 423.5 78.4 142.7 -66.3 82.1 2 Current Payments 6,872.7 6,944.7 6,699.4 -2.5 -3.5 Import Payments 5,074.3 5,090.4 4,548.5 -10.4 -10.6 Service Payments 1,784.0 1,741.7 2,069.5 16.0 18.8 Private Transfers 4.7 61.4 76.6 1530 24.8 Public Transfer 9.7 51.3 4.7 -51.5 -90.8 3 Net, (1-2) -1,101.8 -823.3 756.3 -168.6 -191.9 Source : NBE Staff Compilation Source: NBE Staff Compilation - 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 Qtr III Qtr IV 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 4 39 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

5.2. Balance of Trade
During the fourth quarter of 2024/25, the merchandise trade deficit narrowed to USD 1.5 billion from USD 3.8 billion a year earlier as in export receipts outweigh ed import payments. Source: Ethiopian Customs Commission Source: Ethiopian Customs Commission
5.2.1. Export of Goods
Merchandise export earnings grew 139.0 percent year -on-year, primarily driven by a tenfold increase in gold exports, and significant growth in coffee proceeds (93.7 percent), flowers (9.5 percent), oilseeds (6.3 percent), electricity (75.6 percent), meat and meat products (37.4 percent), textiles and texti le products (3.1 percent), live animals (139.5 percent), chat (17.7 percent), and fruits and vegetables (71.4 percent). Conversely, export 0 1000 2000 3000 4000 5000 6000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 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 0 500 1000 1500 2000 2500 3000 3500 4000 4500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2024/25 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit 4TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA 40

receipts declined for pulses (49.7 percent), leather and leather products (4.0 percent) and other exports (11.2 percent). Export proceeds from gold surged nearly tenfold (869.8 percent), driven by elevenfold increase in export volume (988.7 percent), despite 10.9 percent decline in international price. Consequently, gold’s share in total export earnings rose sharply to 42.8 percent from 10.5 percent a year earlier. Export revenue from coffee improved 93.7 percent, driven by 36.8 percent increase in export volume and 41.7 percent rise in international price. However, coffee’s share in total merchandise export earnings declined to 37.9 percent from 46.7 percent in the same quarter last year. Export receipt from flowers increased 9.5 percent, supported by 11.9 percent rise in export volume despite 2.1 percent decline in international price . However, its share in total export earnings fell to 4.3 percent from 9.3 percent in the same quarter last year. Export earnings from electricity grew 75.6 percent over last year same quarter due to a substantial increase in export volume (452.1 percent) despite a 68.2 percent decline in international price. Consequently, electricity’s share in total export earnings dropped to
3.5 percent from 4.8 percent.
Oilseed export earnings rose 6.3 percent, driven by 12.3 pe rcent increase in export volume , despite 5.4 percent decline in global price. As a result , oilseeds’ share in total export revenue decreased to 2.4 percent from 5.4 percent a year earlier . Receipts from meat and meat products increased 37.4 percent, reflecting 33.5 percent growth in export volume and 2.9 percent rise in international price. Yet, their share in total merchandise export declined to 0.9 percent from 1.6 percent last year same quarter. Export proceeds from fruits and vegetables rose 71.4 percent, due to 52.2 percent increase in volume and 12.6 percent imp rovement in international price . Nevertheless, their share in total export earnings slightly declined to 0.6 percent from 0.8 percent a year earlier. 4 41 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

Export earnings from textiles and textile products went up 3.1 percent, largely reflecting a
5.1 percent increase in international price, despite 1.9 percent fall in export volume.
Consequently, their share in total merchandise exports went down to 1.0 percent from 2.2 percent last year. Export receipts from live -animals soar 139.5 percent over last year same quarter, driven by 77.6 percent increase in volume and 34.9 percent rise in international prices. Despite this strong growth, their share in total export earnings remained at 1.1 percent. Export earnings from chat increased 17.7 percent, supported by 11.8 percent growth in volume and 5.3 percent improvement in international price. Thus, its share in total export earnings contracted to 1.0 percent from 2.1 percent in the same quarter last year. Export receipts from pulses dropped 49.7 percent, primarily due to 54.1 percent decline in export volume, despite 9.6 percent increase in international price . Consequently, their share in total export earnings fell to 1.5 percent from 7.3 percent in the same quarter last year. Revenue from leather and leather export declined by 4.0 percent, mainly due to 33.9 percent drop in export volume, despite 45.2 percent increase in international price. As a result, their share in total merchandise export edged down slightly to 0.1 percent from 0.3 percent a year earlier (Tables 5.3, 5.4 and 5.5). 4TH QUARTER R EPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 42

Table 5.3: Values of Major Export Items (In Millions of USD)
Particulars
2023/24 2024/25 Percentage
QIV QIII QIV Change
A %share
B %share
C %share C/A C/B
Coffee 592.3 46.7 600.1 29.4 1,147.4 37.9 93.7 91.2 Oilseeds 69.0 5.4 104.5 5.1 73.3 2.4 6.3 (29.9) Leather and Leather Products 3.9 0.3 5.6 0.3 3.7 0.1 (4.0) (32.8) Pulses 92.1 7.3 87.6 4.3 46.3 1.5 (49.7) (47.2) Meat & Meat Products 20.1 1.6 33.9 1.7 27.7 0.9 37.4 (18.4) Fruits & Vegetables 10.7 0.8 20.6 1.0 18.3 0.6 71.4 (11.2) Textile & Textile Products 28.3 2.2 31.4 1.5 29.1 1.0 3.1 (7.2) Live Animals 14.3 1.1 33.3 1.6 34.2 1.1 139.5 2.4 Chat 26.4 2.1 30.6 1.5 31.1 1.0 17.7 1.5 Gold 133.6 10.5 823.9 40.4 1,295.4 42.8 869.8 57.2 Flower 118.2 9.3 132.9 6.5 129.5 4.3 9.5 (2.5) Electricity 60.4 4.8 96.7 4.7 106.1 3.5 75.6 9.8 Others 98.3 7.8 39.9 2.0 87.2 2.9 (11.2) 118.5 Total Export 1,267.4 100.0 2,041.0 100.0 3,029.3
100.0 139.0 48.4
Total Export
Excluding Electricity 1,207.0 1,944.3 2,923.2 142.2 50.3 Source : Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power Source : NBE Staff Compilation Fig.V. 4 : Export Value of Selected Commodities 4 43 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

Table 5.4: Volume of Major Export Items (In millions of Kg)
Particulars
2023/24 2024/25
Percentage Change
QIV QIII QIV A B C C/A C/B
Coffee 124.0 95.5 169.5 36.8 77.5
Oilseeds 41.9 63.3 47.0 12.3 (25.7)
Leather and Leather Products 0.5 0.4 0.3 (33.9) (25.9) Pulses 117.0 103.0 53.7 (54.1) (47.8) Meat & Meat Products 3.4 5.7 4.5 33.5 (21.8) Fruits & Vegetables 28.6 55.7 43.5 52.2 (21.9) Textile & Textile Products 7.5 8.2 7.3 (2) (11) Live Animals 20.3 37.8 36.1 77.6 (4.6) Chat 2.4 2.7 2.7 11.8 2.5 Gold(In mn. of grams ) 1.2 9.1 13.0 988.7 42.7 Flower 23.4 26.2 26.2 11.9 0.0 Electricity(In mn of kwh) 515.1 2,630.6 2,843.6 452.1 8.1 Source : Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation Fig.V. 5: Export Value of Selected Commodities 4TH QUARTER R EPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 44

Table 5.5: Unit Value of Major Export Items (In USD/kg)
Particulars
2023/24 2024/25
Percentage Change
QIV QIII QIV
A B C C/A C/B
Coffee 4.8 6.3 6.8 41.7 7.7
Oilseeds 1.6 1.7 1.6 (5.4) (5.7)
Leather and Leather Products 8.4 13.5 12.2 45.2 (9.4) Pulses 0.8 0.9 0.9 9.6 1.3 Meat & Meat Products 6.0 5.9 6.2 2.9 4.4 Fruits & Vegetables 0.4 12.6 13.7 Textile & Textile Products 3.8 3.8 4.0 5.1 3.9 Live Animals 0.7 0.9 0.9 34.9 7.3 Chat 10.8 11.5 11.4 5.3 (0.9) Gold (USD/grams ) 112.1 90.6 99.8 (10.9) 10.2 Flower 5.0 5.1 4.9 (2.1) (2.5) Electricity (USD/ kwh) 0.1 0.0 0.0 (68.2) 1.5 Source : Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 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 QIII QIV 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) Fig.V.6: Unit Value of Selected Export Commodities 4 45 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

5.2.2. Import of Goods
Ethiopia’s imports totalled USD 4.5 billion during the fourth quarter of 2024/25, reflecting a 10.4 percent year -on -year decline, primarily due to reduced import bills for capital goods, consumer goods, semi -finished goods, fuel, and miscellaneous goods. In contrast, import payments on raw materials registered an increase during the review period. Capital goods imports decli ned 6.8 percent year -on -year; mainly due to a 28.9 percent reduction in in dustrial capital goods payments despite a sharp increase in transport capital goods (88.1 percent) and agricultural capital goods (162.4 percent). Yet, the share of capital goods in total imports rose to 34.2 percent from 32.9 percent in the same quarter last year. Import bills for cons umer goods fell by 12.9 percent largely due to 17.8 percent reduction in n on -durable goods despite a slight increase (1.0 percent ) in durable goods. Consequently, the share of consumer goods in total imports declined to 27.5 percent from
28.3 percent a year ago
.
Import payments for semi
-finished goods fell 19.3 percent largely reflecting a 23.3 pe rcent drop in fertilizer import . As a result, their share in total imports declined to 19.0 percent from 21.2 percent a year earlier. Likewise, fuel import declined 3.2 percent compared to the same quarter last year. Yet, the share of f uel in total merchandise import increased to 17.7 percent from 16.4 percent a year ago . Miscellaneous goods imports declined 2.3 percent; however, their share in total imports increased slightly to 0.8 percent from 0.7 percent a year earlier. On the other hand, raw material imports increas ed 24.4 percent year -on -year bringing their share in total merchandise import bills up to 0.7 percent from 0.5 percent a year earlier. Franco valuta import declined 25.9 percent, reaching USD 1.4 billion, accounting 31.5 percent share in total import value (Tables 5.6 and 5.7). 4TH QUARTER R EPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 46

Table 5.6: Values of Major Import Items (In Millions of USD)
Particular
2023/24 2024/25 Percentage
QIV Share Changes (in %)
QIII Share (in %)
QIV Share (in %)
A
B
C C/A C/B
Raw Materials 27.2 0.5 28.6 0.6 33.8 0.7 24.4 18.1 Semi -finished Goods 1,073.3 21.2 1,153.9 22.7 865.9 19.0 -19.3 -25.0 Fertilizers 380.0 7.5 538.5 10.6 291.5 6.4 -23.3 -45.9 Fuel 833.1 16.4 881.2 17.3 806.7 17.7 -3.2 -8.5 Petroleum Products 821.3 16.2 858.5 16.9 804.5 17.7 -2.0 -6.3 Others 11.9 0.2 22.7 0.4 2.2 0.0 -81.2 -90.2 Capital Goods 1,670.7 32.9 1,891.4 37.2 1,557.6 34.2 -6.8 -17.7 Transport 291.7 5.7 412.2 8.1 548.7 12.1 88.1 33.1 Agricultural 14.7 0.3 40.7 0.8 38.5 0.8 162.4 -5.5 Industrial 1,364.3 26.9 1,438.5 28.3 970.4 21.3 -28.9 -32.5 Consumer Goods 1,433.7 28.3 1,110.3 21.8 1,249.2 27.5 -12.9 12.5 Durables 374.4 7.4 348.5 6.8 378.2 8.3 1.0 8.5 Non -durables 1,059.3 20.9 761.8 15.0 871.0 19.1 -17.8 14.3 Miscellaneous 36.3 0.7 24.9 0.5 35.4 0.8 -2.3 42.4 Total Imports 5,074.3 100.0 5,090.4 100.0 4,548.7 100.0 -10.4 -10.6 Source: Ethiopian Customs Commission
Table 5.7: Value of Franco Valuta Import (In Millions of USD
Commodity Group
2023/24 2024/25 Percentage Change
QIV QIII QIV A B C C/A C/B
Beverages 0.4 0.6 0.9 99.4 48.1
Chemicals 15.2 39.4 21.7 43.1 (45.0)
Clothing 4.8 9.2 18.2 276.7 97.8
Food and live animals 252.6 168.1 82.4 (67.4) (51.0) Textiles 53.7 52.8 58.5 9.1 10.9 Tobacco 0.4 0.0

(100.0) (100.0)
Soap & polish 5.2 6.1 5.7 9.0 (7.7)
Fertilizer 67.7 22.0 1.6 (97.6) (92.5)
Paper & paper manufacturing 6.4 9.9 12.9 101.1 29.7 Metal & metal manufacturing 106.9 119.7 112.2 5.0 (6.3) Medical and pharmaceuticals products
0.2 82.4 89.1 44,415.2 8.2
Rubber products 13.6 6.2 5.9 (56.5) (4.6)
Petroleum Crude

Petroleum product 10.3 8.0 9.9 (3.7) 24.0
Glass & glass ware 4.6 1.6 1.9 (57.4) 23.3
Electrical material 70.5 111.6 80.8 14.7 (27.6) Machine 675.9 815.8 660.9 (2.2) (19.0) Road & motor vehicles 20.6 35.0 79.7 286.6 127.3 Tele apparatus 3.0 119.6 76.7 2,467.6 (35.9) Cement 0.00 0.02 0.06 8,788.62 297.37 Others 625.3 170.8 115.8 (81.5) (32.2) Total 1,937.2 1,778.9 1,434.8 (25.9) (19.3) Source: Ethiopian Customs Commission 4 47 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

5.2.3. Direction of Trade
5.2.3.1. Export of Goods
During the fourth quarter of 2024/25, the major destinations 5 for Ethiopia’s export were Europe, Asia, America and Africa. Europe accounted for 63.0 percent of Ethiopia's total export revenue, with Switzerland taking a 67.9 percent share followed by Germany (11.5 percent), Belgium (5.3 percent), Netherlands (5.1 percent), Italy (2.7 percent), Russia (1.3 percent), Turkey (1.3 percent), United Kingdom (1.2 percent) and France (1.0 percent). These countries in total had 97 .2 percent share in Ethiopia's total export to Europe. Asia constituted 23.9 percent of Ethiopia's total export receipts, with Saudi Arabia being the main destination accounting for 20.8 percent share , followed by China (18.3 percent), United Arab Emirates (17.1 percent), South Korea (9.1 percent), Japan (6.8 percent), Singapore (4.2 percent), Taiwan (3.7 percent), India (3.7 percent), Israel (3.4 percent), Hong Kong (1.9 percent), Kuwait (1.6 percent), Yemen (1.2 percent) and Pakistan (1.0 percent). These Asian countries together had a 92.6 percent share in Et hiopia's total export to Asia. America had a 4.9 percent share in Ethiopia's total export earnings, of which 90.0 percent was from the United States followed by Canada (8.6 percent). These two countries constituted 98.6 percent of Ethiopia's total export earnings from America. About 4.2 percent of Ethiopia's export earnings originated from Africa, mainly Kenya (41.9 percent), Djibouti (33.3 percent), Somalia (8.0 percent), Sudan (5.0 percent), Egypt (3.2 percent) and South Africa (2.1 percent) which altogether accounted for 93.5 percent of the total exports to Africa. 5 The 3.1% unspecified amount is nutritional food sold to international humanitarian organizations operating in Ethiopia and Electric power sold to data mining companies. 4TH QUARTER R EPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 48

Source : NBE Staff Compilation
5.2.3.2. Import of Goods
During the fourth quarter of 2024/25, Asia remained Ethiopia’s dominant source of imports, accounting for 73.9 percent of the total. The bulk of these imports originated from China (46.9 percent), followed by Kuwait (14.1 percent), Saudi Arabia (13.3 percent), India (10.8 percent), th e United Arab Emirates (4.0 percent), Japan (1.9 percent), South Korea (1.8 percent), Indonesia (1.7 percent), and Malaysia (1.5 percent). Collectively, these countries represented 96.0 percent of Ethiopia’s imports from Asia. Imports from Europe constituted 11.9 percent of Ethiopia's total imports with major countries being Turkey (21.4 percent), Russia (14.2 percent), United Kingdom (12.2 percent), Italy (10.2 percent), Germany (8.6 percent), Ukraine (7.5 percent), France (6.3 percent), Netherlands (3.9 percent), Belgium (3.3 percent), Denmark (2.0 percent), Spain (1.5 percent), Ireland (1.3 percent) and Poland (1.1 percent). These countries jointly accounted for 93.4 percent of Ethiopia's total import from Europe. Africa's share in total merchandise imports to Ethiopia was 4.8 percent. The major countries of origin were Egypt (41.4 percent), Djibouti (39.9 percent), Kenya (7.2 percent), South Africa (6.9 percent) and Somalia (2.3 percent) which altogether represente d 97.6 percent of the total imports from the African continent. Fig.V.7: Export by Destination 4 49 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

4.8%
11.9%
4.8%
73.9%
0.2%
4.4%
Africa
Europe
America
Asia
Oceania
Unspecified
Fig. V.8: Import By Origin
Imports from America had 4.8 percent share in total imports, of which the share of United States was 83.6 percent followed by Canada (8.0 percent), Brazil (3.4 percent) and Mexico (3.0 percent). These countries jointly accounted for 98.1 percent of total i mports from America.

Source : NBE Staff Compilation
5.3. Services and Transfers
5.3.1. Net Services
In the fourth quarter of 2024/25, net services recorded a surplus of USD 242.9 million, which was 25.4 percent lower than USD 325.5 million surplus registered in the same period a year earlier. The decline in the net services sector was mainly attributed to a shift in net travel payments to a deficit (USD 142.4 million ), compared to a surplus (USD 198.8 million) in the corresponding period last year. Yet, there has been a 33.1 percent increase in net transport services and 46.5 percent reduction in net inve stment payments. On the other hand, the government services surplus surged 221.5 percent, while the deficit in net other services narrowed slightly to 0.4 percent (Table 5.8). Fig.V.8: Import by Origin 4TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA 50

Source: NBE Staff Compilation
Table 5.8: Developments in Services Accounts (In Millions of USD)
S/N Particulars
2023/24 2024/25 Percentage
QIV QIII QIV Change
A B C D=C/A E=C/B
1 Investment Income (2+5) -99.6 -5.8 -53.4 -46.5 701.2 2 Interest, net (3 -4) -99.6 -5.3 -53.9 -45.9 768.2 3 Credit 32.1 70.0 68.2 112.5 60.7 4 Debit 131.8 75.2 122.2 -7.3 -109.7 5 Dividend, net -0.5 0.6 6 NON -FACTOR SERVICES, net (7 -8) 425.2 411.0 296.3 -30.3 -107.4 7 Exports of non -factor services 2,077.5 2,077.0 2,244.2 8.0 -99.6 8 Travel 378.6 65.2 61.9 -83.7 -228.2 9 Transport 1 1,539.4 1,506.7 1,737.6 12.9 -99.1 10 Gov't 2 36.3 196.3 116.7 221.3 12.7 11 Other 3 123.1 308.8 328.0 166.5 -46.1 12 Imports of non -factor services 1,652.3 1,665.9 1,948.0 17.9 -98.9 13 Travel 179.8 165.5 204.3 13.7 -91.7 14 Transport 1 1,142.4 1,150.8 1,209.2 5.8 -99.5 15 Gov't 2 0.1 8.6 0.3 16 Other 3 330.0 341.0 534.1 61.9 -81.9 17 Net Services (18+19+20+21+22) 325.5 405.2 242.9 -25.4 -106.3 18 Travel (8 -13) 198.8 -100.3 -142.4 -171.6 71.2 19 Transport (9 -14) 397.1 355.9 528.5 33.1 -90.7 20 Gov't (10-15) 36.2 187.7 116.4 221.5 18.0 21 Other (11-16) -206.9 -32.3 -206.2 -0.4 -98.9 22 Investment Income (2+5) -99.6 -5.8 -53.4 -46.5 701.2 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 -400.0 -200.0 0.0 200.0 400.0 600.0 800.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Q I Q II QIII Qtr IV QI Q II QIII Qtr IV QI Q II QIII Qtr IV 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 Fig.V.9: Trends in Net Service 4 51 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

5.3.2. Transfers
During the review period, total transfer receipts decreased 11.7 percent and reached USD
2.1 billion due to a 66.3 percent decrease in official transfer
s. On the other hand, total transfer payment rose to USD 81.3 million from USD 14.4 million last year same period due to higher private transfer payments from USD 4.7 million to USD 76.6 million. Consequently, net transfer s decreased 14.6 percent and showed a surplus of USD 2 billion which was lower than USD 2.4 billion a year earlier (Table 5.9).
Table 5.9: Developments in Transfer Accounts (In Millions of USD)
S/N Particulars
2023/24 2024/25 Percentage
QIV Change Share
(In %)
QIII Share
(In %)
QIV Share
(In %)
A
B
C D=C/A E=C/B
1 Private transfers, net (2

5) 1,965.7 82.6 1,793.8 41.5 1,894.6 93.2
-3.6 5.6
2 Credit (3+4) 1,970.4 82.3 1,855.2 95.9 1,971.2 93.2 0.0 6.3 3 NGO's 219.4 9.2 333.3 17.2 321.5 15.2 46.6 -3.5 4 Private individuals 1,751.0 73.1 1,521.9 78.7 1,649.6 78.0 -5.8 8.4 5 Debit 4.7 32.7 61.4 54.5 76.6 94.2 1,524.1 24.8 6 Official transfers, net (7 - 8) 413.8 17.4 27.1 1.5 138.0 6.8 -66.7 409.0 7 Credit 423.5 17.7 78.4 4.1 142.7 6.8 -66.3 82.1 8 Debit 9.7 67.3 51.3 45.5 4.7 5.8 -51.5 -90.8 9 Total Receipts 2,393.9 100.0 1,933.5 100.0 2,113.9 100.0 -11.7 9.3 10 Total Payments 14.4 100.0 112.6 100.0 81.3 100.0 464.2 -27.8 11 Net Transfers 2,379.5 100.0 1,820.9 42.9 2,032.6 100.0 -14.6 11.6 Source: NBE Staff Computation Source: NBE Staff Compilation Fig.V.10: Trends Private and Official Transfers, (Receipts) 4TH QUARTERREPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 52

5.4. Current Account Balance
During the fourth quarter of 2024/25, current account balance (including official transfers) shifted from a deficit of USD 1.1 billion last year same period to a surplus of USD 756.3 million due to a 60.1 percent decline in net merchandise trade deficit. On the other hand, net service trade, private and official transfers decreased by 25.4 percent, 3.6 percent and
66.7 percent, respectively (Table 5.1).
5.5. Capital Account
The capital account recorded a surplus of USD 1.2 billion, representing 23.7 percent increase compared to USD 1 billion surplus registered in the same period last year. This growth was mainly driven by 87.8 percent rise in net official long -term capital su rplus, 7.6 percent increase in private sector long -term capital, and a shift in other public long -term capital from a deficit of USD 138.5 million last year to a surplus of USD 81.9 million this year . Foreign direct investment declined 12 percent, while n et short -term capital deficit widened by 16.6 percent.
5.6. Changes in Reserve Position
The overall balance of payments registered a surplus of USD 1.2 billion during the fourth quarter of 2024/25, compared to a surplus of USD 59.4 million in the same period last year. Consequently, net foreign assets of the National Bank of Ethiopia and comm ercial banks increased by USD 160.1 million and USD 1.1 billion, respectively (Table 5.1).
5.7. Developments in the Foreign Exchange Market
5.7.1. Exchange Rate Movements
In the forex market, the weighted average official exchange rate of Birr stood at 132.7634 per USD during the fourth quarter of the 2024/25, reflecting a 133.0 percent year -on -year depreciation. Likewise, end period exchange rate of Birr was 135.3711 per USD, indicating a 136.1 percent depreciation against the same period last year. 4 53 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

Table 5.10: Developments of Inter

bank Market Forex Traded and Exchange Rates
(USD/ETB)
Period
Official Market
End Period
Weighted Rate
Average Weighted
Rate
Amount Traded in
Millions of USD
Total Among CBs
2023/24
Qtr. IV
C 57.3265 56.9876 3.05 0.00
April 56.9193 56.7751 1.05 0.00
May 57.0504 56.9874 1.00 0.00
June 57.3265 57.2004 1.00 0.00
2024/25
Qtr. III
B 129.9475 127.3614 84.29 24.29
January 126.3713 126.3500 8.11 8.11
February 126.5785 126.6057 65.01 5.01
March 129.9475 129.1284 11.17 11.17
Qtr. IV
A 135.3711 132.7634 339.67 9.67
April 131.5649 130.7075 120.00 0.00
May 134.3395 132.8649 114.42 4.42
June 135.3711 134.7177 105.25 5.25
Percentage Changes A/B 4.2 4.2 303.0
-60.2
A/C 136.1 133.0 11036.7
Source: National Bank of Ethiopia
In the retail foreign exchange market, the average buying rate at forex bureau of commercial banks stood at Birr 131.7456/USD, showing a 131.0 percent depreciation while the selling rate was Birr 133.5817/USD, depicting a 129.9 percent depreciation over last year same quarter. Meanwhile, average spread between the buying and selling rates declined to 1.4 percent from 1.9 percent a year ago (Table 5.11). 4TH QUARTER R EPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 54

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 IV
A
Quarter III
B
Quarter IV
C C/B C/A
Purchases Sales Purchases Sales Purchases Sales Purchases Sales Purchases Sales 1 Commercial Bank of Ethiopia 48,113.2 47,841.1 4,122.0 25,530.9 6,849.5 37,579.7 66.2 47.2 (85.8) (21.4) 2 Bank of Abyssinia 103.9 2,525.7 7,586.7 4,856.5 5,330.2 7,174.1 (29.7) 47.7 5,027.9 184.0 3 Dashen Bank 3,403.4 1,676.3 6,042.4 4,897.1 5,198.0 5,689.8 (14.0) 16.2 52.7 239.4 4 Awash International Bank 127.7 3,287.3 456.5 12,507.2 310.6 13,784.1 (32.0) 10.2 143.2 319.3 5 Wegagen Bank 231.4 267.9 183.6 1,653.8 83.7 2,711.4 (54.4) 63.9 (63.8) 912.0 6 United Bank 273.4 328.0 419.5 585.5 398.1 1,474.0 (5.1) 151.7 45.6 349.5 7 Development Bank - 4.2 258.7 16.0 314.0 151.6 21.4 847.3 3,536.6 8 Nib International Bank 35.2 222.7 404.3 480.3 233.4 314.4 (42.3) (34.5) 563.6 41.2 9 Lion International Bank 33.4 22.3 202.6 248.8 127.1 1,170.5 (37.2) 370.4 280.7 5,140.8 10 Oromia International Bank 1,081.8 454.2 474.7 917.2 254.8 490.3 (46.3) (46.5) (76.5) 8.0 11 Zem en Bank 109.7 444.1 118.8 1,208.7 55.1 1,418.5 (53.6) 17.4 (49.7) 219.4 12 Cooperative Bank of Oromia 128.7 165.9 746.4 2,001.9 165.2 17.9 (77.9) (99.1) 28.3 (89.2) 13 Buna International Bank 165.0 149.8 37.3 1,590.0 1.6 1,304.5 (95.7) (18.0) (99.0) 770.8 14 Birhan International Bank 24.1 117.9 541.9 1,248.7 550.9 2,333.1 1.7 86.8 2,188.7 1,878.5 15 Abay Bank 23.5 49.6 175.5 1,152.7 239.5 1,154.7 36.4 0.2 917.2 2,230.4 16 Addis International Bank 99.0 185.0 204.8 484.4 329.4 1,325.8 60.8 173.7 232.6 616.8 17 Debub Global Bank 40.4 71.8 165.0 - 65.3 - (60.4) 61.5 18 Enat Bank 198.1 82.3 48.0 - 41.0 - (14.7) (79.3) 19 Zamzam Bank 0.1 - 7.0 - 1.9 - (72.3) 1,845.9 20 Gohe Betoch Bank 0.2 5.5 3.4 69.7 7.9 32.0 131.3 (54.1) 3,278.9 481.8 21 Hijera Bank 247.7 22.5 67.4 - 213.5 - 216.7 (13.8) (100.0) 22 Amhara Bank 0.2 602.0 11.0 26.0 20.7 66.9 87.6 157.2 9,336.2 (88.9) 23 Tsehay Bank 115.4 21.1 8.9 20.9 8.1 24.5 (8.8) 17.1 (93.0) 16.2 24 Siinqee Bank 25.2 88.0 2,271.0 1.0 8,666.1 16.3 281.6 1,531.3 34,241.3 (81.5) 25 Geda Bank 28.4 8.8 158.1 62.7 75.3 192.5 (52.4) 207.2 164.7 2,086.9 26 Ahadu Bank 7.0 29.3 199.0 857.9 269.5 740.9 35.4 (13.6) 3,732.5 2,430.0 27 Tseday Bank 3.4 - 2.2 53.4 4.1 72.5 84.4 35.8 18.4 28 Sidama Bank 0.7 52.2 11.1 17.5 10.4 38.6 (6.6) 120.5 1,300.0 (26.0) 29 Rammis Bank - - 0.5 7.5 27.0 28.7 282.7 Total 54,620.5 58,725.4 24,928.7 60,496. 2 29,851.7 79,307.4 19.7 31.1 (45.3) 35.0 Average Exchange Rate 57.0230 58.0944 126.5543 128.4353 131.7456 133.5817 4.1 4.0 131.0 129.9 Spread 1.9 1.5 1.4 Source: National Bank of Ethiopia Note: * Refers the percentage spread between forex bureaus average buying and selling exchange rate in a given quarter . 4 55 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

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 IV
A
Quarter III
B
Quarter IV
C C/B C/A
Purchases Sales Purchases Sales Purchases Sales Purchases Sales Purchases Sales 1 Commercial Bank of Ethiopia 48,113.2 47,841.1 4,122.0 25,530.9 6,849.5 37,579.7 66.2 47.2 (85.8) (21.4) 2 Bank of Abyssinia 103.9 2,525.7 7,586.7 4,856.5 5,330.2 7,174.1 (29.7) 47.7 5,027.9 184.0 3 Dashen Bank 3,403.4 1,676.3 6,042.4 4,897.1 5,198.0 5,689.8 (14.0) 16.2 52.7 239.4 4 Awash International Bank 127.7 3,287.3 456.5 12,507.2 310.6 13,784.1 (32.0) 10.2 143.2 319.3 5 Wegagen Bank 231.4 267.9 183.6 1,653.8 83.7 2,711.4 (54.4) 63.9 (63.8) 912.0 6 United Bank 273.4 328.0 419.5 585.5 398.1 1,474.0 (5.1) 151.7 45.6 349.5 7 Development Bank - 4.2 258.7 16.0 314.0 151.6 21.4 847.3 3,536.6 8 Nib International Bank 35.2 222.7 404.3 480.3 233.4 314.4 (42.3) (34.5) 563.6 41.2 9 Lion International Bank 33.4 22.3 202.6 248.8 127.1 1,170.5 (37.2) 370.4 280.7 5,140.8 10 Oromia International Bank 1,081.8 454.2 474.7 917.2 254.8 490.3 (46.3) (46.5) (76.5) 8.0 11 Zem en Bank 109.7 444.1 118.8 1,208.7 55.1 1,418.5 (53.6) 17.4 (49.7) 219.4 12 Cooperative Bank of Oromia 128.7 165.9 746.4 2,001.9 165.2 17.9 (77.9) (99.1) 28.3 (89.2) 13 Buna International Bank 165.0 149.8 37.3 1,590.0 1.6 1,304.5 (95.7) (18.0) (99.0) 770.8 14 Birhan International Bank 24.1 117.9 541.9 1,248.7 550.9 2,333.1 1.7 86.8 2,188.7 1,878.5 15 Abay Bank 23.5 49.6 175.5 1,152.7 239.5 1,154.7 36.4 0.2 917.2 2,230.4 16 Addis International Bank 99.0 185.0 204.8 484.4 329.4 1,325.8 60.8 173.7 232.6 616.8 17 Debub Global Bank 40.4 71.8 165.0 - 65.3 - (60.4) 61.5 18 Enat Bank 198.1 82.3 48.0 - 41.0 - (14.7) (79.3) 19 Zamzam Bank 0.1 - 7.0 - 1.9 - (72.3) 1,845.9 20 Gohe Betoch Bank 0.2 5.5 3.4 69.7 7.9 32.0 131.3 (54.1) 3,278.9 481.8 21 Hijera Bank 247.7 22.5 67.4 - 213.5 - 216.7 (13.8) (100.0) 22 Amhara Bank 0.2 602.0 11.0 26.0 20.7 66.9 87.6 157.2 9,336.2 (88.9) 23 Tsehay Bank 115.4 21.1 8.9 20.9 8.1 24.5 (8.8) 17.1 (93.0) 16.2 24 Siinqee Bank 25.2 88.0 2,271.0 1.0 8,666.1 16.3 281.6 1,531.3 34,241.3 (81.5) 25 Geda Bank 28.4 8.8 158.1 62.7 75.3 192.5 (52.4) 207.2 164.7 2,086.9 26 Ahadu Bank 7.0 29.3 199.0 857.9 269.5 740.9 35.4 (13.6) 3,732.5 2,430.0 27 Tseday Bank 3.4 - 2.2 53.4 4.1 72.5 84.4 35.8 18.4 28 Sidama Bank 0.7 52.2 11.1 17.5 10.4 38.6 (6.6) 120.5 1,300.0 (26.0) 29 Rammis Bank - - 0.5 7.5 27.0 28.7 282.7 Total 54,620.5 58,725.4 24,928.7 60,496. 2 29,851.7 79,307.4 19.7 31.1 (45.3) 35.0 Average Exchange Rate 57.0230 58.0944 126.5543 128.4353 131.7456 133.5817 4.1 4.0 131.0 129.9 Spread 1.9 1.5 1.4 Source: National Bank of Ethiopia Note: * Refers the percentage spread between forex bureaus average buying and selling exchange rate in a given quarter . Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks Source: NBE Staff Compilation In the official forex market, US dollar depreciated against major currencies on quarterly annual basis. On quarterly basis, the US dollar depreciated against Swiss Franc (9.0 percent), Euro (8.0 percent), Pound sterling (6.4 percent), Japanese
Yen (5.8 per cent) and SDR (3.7 percent). Likewise, on annual basis, the US dollar depreciated against Swiss Franc (9.6 percent), Japanese Yen (8.0 percent), Pound Sterling (6.1 percent), Euro (5.5 percent) and SDR (3.0 percent). 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 0 20 40 60 80 100 120 140 160 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 QIII QIV 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 4TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA 56

Table 5.12: Average Official Exchange Rates (USD per Major International Currencies)
Period
EURO JAPANESE YEN SDR POUNDSTELING SWISS FRANK Buying Selling MidRate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate 2023/24 QIV C 1.0767 0.0064 1.3170 1.2620 1.1059 April 1.0727 0.0065 1.3218 1.2521 1.0997 May 1.0804 1.080 4 1.0804 0.0064 1.3222 1.2623 1.0994 June 1.0769 0.0063 1.3071 1.2717 1.1187 2024/25 QIII B 1.0515 0.0066 1.3071 1.3070 1.3070 1.2586 1.2585 1.2586 1.1118 1.1117 1.1117 January 1.0353 1.0343 1.0348 0.0064 1.3012 1.2999 1.3006 1.2349 1.2337 1.2343 1.0997 1.0986 1.0991 February 1.0409 1.040 9 1.0409 0.0066 1.3025 1.3026 1.3025 1.2521 1.2522 1.2522 1.1055 March 1.0785 1.0792 1.0788 0.0067 1.3176 1.3185 1.3180 1.2889 1.2897 1.2893 1.1302 1.1309 1.1305 QIV A 1.1323 1.1396 1.1359 0.0069 0.0070 0.0069 1.3517 1.3604 1.3560 1.3346 1.3432 1.3389 1.2082 1.2160 1.2121 April 1.1184 1.1245 1.1215 0.0069 0.0070 0.0069 1.3496 1.3569 1.3532 1.3130 1.3201 1.3165 1.1935 1.2000 1.1967 May 1.1281 1.1340 1.1310 0.0069 1.3468 1.3540 1.3504 1.3366 1.3437 1.3402 1.2046 1.2110 1.2078 June 1.1504 1.1602 1.1553 0.0069 0.0070 0.0069 1.3587 1.3702 1.3645 1.3543 1.3658 1.3600 1.2265 1.2369 1.2317 Percentage Changes A/B 7.7 8.4 8.0 5.5 6.2 5.8 3.4 4.1 3.7 6.0 6.7 6.4 8.7 9.4 9.0 A/C 5.2 5.8 5.5 7.7 8.4 8.0 2.6 3.3 3.0 5.8 6.4 6.1 9.2 9.9 9.6 Source : National Bank of Ethiopia 4 57 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

Similarly , the Birr exchange rate depreciated significantly against major currencies on both quarterly and annual basis. On annual basis, it weakened against Swiss Franc 154.0 percent , Japanese Yen (150.3 percent), Pound Sterling (145.8 percent) , Euro (144.5 percent) , SDR ( 138.5 percent ) and USD (131.7 percent) . On quarterly basis, the B irr depreciated against Swiss Franc (13.7 percent), Euro (12.6 percent), Pound Serling (10.9 percent), Yen (10.3 percent), SDR (8.2 percent) and USD (4.2 percent) (Table 5.13). 4TH QUARTER R EPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 58

Table 5.13: Period Average Exchange Rates (Birr per Major Currencies)
Period
Currency
USD EURO JAPANESE YEN SDR POUNDSTERLING SWISS FRANK Buying Selling MidRate Buying Selling Mid- Rate Buyin g Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate 2023/24 QIV C 56.9876 57.5575 57.2726 61.3577 61.9713 61.6645 0.3660 0.3697 0.3678 75.0525 75.8030 75.4278 71.9200 72.6391 72.2796 63.0248 63.6551 63.3400 April 56.7751 57.3429 57.0590 60.9020 61.5111 61.2066 0.3698 0.3735 0.3716 75.0452 75.7957 75.4205 71.0860 71.7968 71.4414 62.4326 63.0570 62.7448 May 56.9874 57.5572 57.2723 61.5707 62.1865 61.8786 0.3653 0.3690 0.3672 75.3459 76.0994 75.7227 71.9335 72.6528 72.2931 62.6518 63.2783 62.9650 June 57.2004 57.7724 57.4864 61.6004 62.2164 61.9084 0.3629 0.3665 0.3647 74.7664 75.5140 75.1402 72.7405 73.4677 73.1041 63.9901 64.6300 64.3100 2024/25 QIII B 126.6244 127.9024 127.2634 133.1810 134.5128 133.8469 0.8304 0.8387 0.8346 165.5245 167.1797 166.3521 159.4072 161.0012 160.2042 140.7982 142.2062 141.5022 January 125.4521 126.8319 126.1420 129.8774 131.1761 130.5267 0.8015 0.8095 0.8055 163.2378 164.8702 164.0540 154.9173 156.4665 155.6919 137.9577 139.3373 138.6475 February 125.8828 127.1347 126.5087 131.0312 132.3415 131.6863 0.8281 0.8364 0.8322 163.9657 165.6053 164.7855 157.6265 159.2028 158.4146 139.1613 140.5529 139.8571 March 128.5385 129.7406 129.1395 138.6345 140.0208 139.3277 0.8617 0.8703 0.8660 169.3699 171.0636 170.2168 165.6777 167.3345 166.5061 145.2756 146.7284 146.0020 QIV A 132.4448 132.9167 132.6807 150.0020 151.5020 150.7520 0.9161 0.9253 0.9207 179.0369 180.8272 179.9320 176.8054 178.5734 177.6894 160.0519 161.6547 160.8533 April 130.1558 130.7477 130.4518 145.6037 147.0597 146.3317 0.9008 0.9098 0.9053 175.6731 177.4299 176.5515 170.9128 172.6219 171.7673 155.3688 156.9225 156.1457 May 132.5668 133.1892 132.8780 149.5427 151.0381 150.2904 0.9163 0.9255 0.9209 178.5383 180.3237 179.4310 177.1981 178.9700 178.0841 159.6892 161.2929 160.4910 June 134.6117 134.8131 134.7124 154.8596 156.4082 155.6339 0.9313 0.9406 0.9359 182.8992 184.7281 183.8136 182.3053 184.1284 183.2168 165.0976 166.7486 165.9231 Percenta ge Change A/B 4.6 3.9 4.3 12.6 10.3 8.2 10.9 13.7 A/C 132.4 130.9 131.7 144.5 150.3 138.5 145.8 154.0 Source : National Bank of Ethiopia 4 59 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

Table 5.14: Birr per Unit of Currency End Period Mid
-Market Rate
Currency
June 28,
2024
March 31,
2025
June 30,
2025 Percentage Change
A
B
C C/B C/A
USD 57.6132 130.0013 135.3679 4.1 135.0
Pound 72.8288 168.7749 186.6105 10.6 156.2
Swedish Kroner 5.4349 12.9790 14.3443 10.5 163.9 Djibouti Frank 0.3259 0.7383 0.7691 4.2 136.0 Swiss Frank 64.1643 147.7583 170.2316 15.2 165.3 Saudi Riyal 15.3570 34.7977 36.2513 4.2 136.1 UAE Dirhams 15.6848 35.5347 37.0192 4.2 136.0 Canadian Dollar 42.0596 91.0630 99.5417 9.3 136.7 Japanese Yen 0.3589 0.8655 0.9408 8.7 162.1 Euro 61.6173 140.5675 159.2546 13.3 158.5 SDR 75.3292 172.5211 186.7737 8.3 147.9 Source: NBE Staff Compilation
5.7.2. Movements in the Real Effective Exchange Rate
During the fourth quarter of 2024/25, the real effective exchange rate (REER) of the Ethiopian Birr depreciated by 52.9 percent year -on -year. This significant depreciation is primarily attributed to the shift to a market -based exchange rate regime, implemented on July 29, 2024. The po licy transition led to a notable weakening of the Birr against the currencies of Ethiopia’s major trading partners. Additionally, the depreciation was further influenced by a slowdown in domestic inflation, which contributed to the downward movement of the REER. Similarly, the Nominal Effective Exchange Rate Index (NEERI) declined by 52.7 percent over the same period, reflecting the weakening of the Ethiopian B irr against the currencies of major trading partners (Table 5.15). 4TH QUARTER R EPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 60

Table 5.15: Trends in the Real and Nominal Effective Exchange Rates
Item
2023/24 2024/25
Percentage Change
QIV QIII QIV A B C C/B C/A
REERI 376.1 183.6 177.0
-3.6
-52.9
NEERI 37.3 17.9 17.7
-1.5
-52.7
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
5.7.3. Volume of Transactions
During the fourth quarter of 2024/25, the volume of foreign exchange traded in the interbank market was 339.7 million, which is 111 fold higher compared to the same quarter last year (Table 5:10 & Fig. V.13).
Table 1(a): Statement of Condition of National Bank of Ethiopia:
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 507,383.2 32,438.0 1,777.8 465,736.9 7,430.5 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 229,957.6 October 426,404.5 0.0 1,737.9 416,485.4 8,181.2 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 218,690.5 November 447,356.9 257.0 1,778.1 438,015.9 7,306.0 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 222,585.9 December 507,383.2 32,438.0 1,777.8 465,736.9 7,430.5 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 229,957.6 QIII 543,208.2 1,320.3 1,870.7 532,260.5 7,756.8 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 233,066.8 January 511,644.9 161.2 1,783.8 501,212.8 8,487.1 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 264,062.6 February 523,981.8 127.8 1,807.2 514,382.1 7,664.6 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 240,623.2 March 543,208.2 1,320.3 1,870.7 532,260.5 7,756.8 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 233,066.8 QIV 635,207.5 36,648.4 2,025.2 585,348.4 11,185.6 675,120.4 675,120.4 0.0 0.0 30,122.7 0.0 268,553.8 April
543,005.8 8.4 1,938.3 532,616.5 8,442.6 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 252,938.6 May 560,629.3 498.3 1,980.0 550,334.9 7,816.1 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 264,773.3 June 635,207.5 36,648.4 2,025.2 585,348.4 11,185.6 675,120.4 675,120.4 0.0 0.0 30,122.7 0.0 268,553.8 Silver Coins Other Assets Total Gold Reserve Tranche Foreign Exchange Others Total Bond Direct Advance Assets (In Millions of Birr) End of Period Foreign Assets Claims on Government Advance to DBE Others 4 61 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market Source: NBE Staff Compilation Meanwhile, forex bureau of commercial banks purchased foreign currency to the tune of
29.9 million and sold 79.3 million. Hence, the amount of forex purchased declined 45.3
percent, while forex sold increased 35.0 percent (Table 5.11).
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
QIII
QIV
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
Table 1(a): Statement of Condition of National Bank of Ethiopia:
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 507,383.2 32,438.0 1,777.8 465,736.9 7,430.5 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 229,957.6 October 426,404.5 0.0 1,737.9 416,485.4 8,181.2 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 218,690.5 November 447,356.9 257.0 1,778.1 438,015.9 7,306.0 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 222,585.9 December 507,383.2 32,438.0 1,777.8 465,736.9 7,430.5 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 229,957.6 QIII 543,208.2 1,320.3 1,870.7 532,260.5 7,756.8 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 233,066.8 January 511,644.9 161.2 1,783.8 501,212.8 8,487.1 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 264,062.6 February 523,981.8 127.8 1,807.2 514,382.1 7,664.6 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 240,623.2 March 543,208.2 1,320.3 1,870.7 532,260.5 7,756.8 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 233,066.8 QIV 635,207.5 36,648.4 2,025.2 585,348.4 11,185.6 675,120.4 675,120.4 0.0 0.0 30,122.7 0.0 268,553.8 April
543,005.8 8.4 1,938.3 532,616.5 8,442.6 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 252,938.6 May 560,629.3 498.3 1,980.0 550,334.9 7,816.1 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 264,773.3 June 635,207.5 36,648.4 2,025.2 585,348.4 11,185.6 675,120.4 675,120.4 0.0 0.0 30,122.7 0.0 268,553.8 Silver Coins Other Assets Total Gold Reserve Tranche Foreign Exchange Others Total Bond Direct Advance Assets (In Millions of Birr) End of Period Foreign Assets Claims on Government Advance to DBE Others 4TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA 62

VI. FEDERAL GOVERNMENT FINANCE
Total revenue and grants of
Federal government was Birr 215.7 billion during the fourth quarter of 2024/25 which was 56.1 percent higher than a year earlier (Table 6.1). Likewise, government expenditure reached Birr 387.9 billion and increased 85.9 percent compared to a year ago . Consequently, the overall fiscal balance (including grants) recorded a Birr 172.2 billion deficit (Table 6.1).
Table 6.1: Summary of Quarterly Federal Government Finance [In millions of Birr]
No Finer points
2023/24 2024/25 Percentage changes
Performance rate
QIV QIII Revised
Budget QIV
A
B
C
D D/A D/C D/B
1 Revenue and Grants 138,213.5 232,885.1 975,364.4 215,701.5 56.1 (7.4) 22.1
1.1 Total Revenue 138,213.5 176,963.4 845,104.4 215,701.5 56.1 21.9 25.5
Tax Revenue 116,987.2 150,890.2 783,535.0 192,512.0 64.6 27.6 24.6 Direct tax 36,744.6 31,004.2 241,844.4 60,438.7 64.5 94.9 25.0 Indirect tax 80,242.5 119,886.0 541,690.6 132,073.4 64.6 10.2 24.4 Non -Tax Revenue 21,226.3 26,073.2 61,569.4 23,189.4 9.2 (11.1) 37.7
1.2 Grant & Relief

55,921.7 130,260.0
(100.0)

2 Current Expenditure 80,899.8 222,765.2 620,510.6 171,871.4 112.4 (22.8) 27.7 3 Current Surplus/Deficit - - - - - - - (Including Grants) 57,313.6 10,119.9 354,853.8 43,830.0 (23.5) 333.1 12.4 (Excluding Grants) 57,313.6 (45,801.8) 224,593.8 43,830.0 (23.5) (195.7) 19.5 4 Capital Expenditure 76,465.1 98,689.4 340,502.6 133,389.9 74.4 35.2 39.2 5 Regional Transfers 51,326.9 77,163.6 284,410.4 82,645.2 61.0 7.1 29.1 6 Total Expenditure 208,691.8 398,618.2 1,245,423.6 387,906.5 85.9 (2.7) 31.1 7 Overall Surplus/Deficit - - - - - - - (Including Grants) (70,478.3) (165,733.2) (270,059.2) (172,205.0) 144.3 3.9 63.8 (Excluding Grants) (70,478.3) (221,654.8) (400,319.2) (172,205.0) 144.3 (22.3) 43.0 8 Total Financing 70,478.3 165,733.2 270,059.2 172,205.0 144.3 3.9 63.8 8.1 Net External Borrowings 6,986.3 60,525.0 142,804.8 21,551.4 208.5 (64.4) 15.1 External Borrowing 15,313.2 19,402.1 64,022.0 18,921.4 23.6 (2.5) 29.6 CPF Loan

64,094.7 178,117.9 24,092.1
13.5
Amortization 8,326.9 22,971.8 99,335.1 21,462.2 157.7 (6.6) 21.6 8.2 Net Domestic Borrowings 75,429.8 150,773.2 127,254.4 (36.5) (100.0) (100.0) (0.0) Banking System 49,993.9 108,421.6
(35,491.6) (171.0) (132.7)

Non
-Bank Sources 25,435.9 42,351.6

35,455.1 39.4 (16.3)

8.3 Privatization receipts

8.4 Others and Residuals (11,937.8) (45,565.0) (0.0) 150,690.1 (1,362.3) (430.7)

Source: Ministry of Finance
Table 1(a): Statement of Condition of National Bank of Ethiopia:
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 507,383.2 32,438.0 1,777.8 465,736.9 7,430.5 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 229,957.6 October 426,404.5 0.0 1,737.9 416,485.4 8,181.2 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 218,690.5 November 447,356.9 257.0 1,778.1 438,015.9 7,306.0 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 222,585.9 December 507,383.2 32,438.0 1,777.8 465,736.9 7,430.5 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 229,957.6 QIII 543,208.2 1,320.3 1,870.7 532,260.5 7,756.8 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 233,066.8 January 511,644.9 161.2 1,783.8 501,212.8 8,487.1 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 264,062.6 February 523,981.8 127.8 1,807.2 514,382.1 7,664.6 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 240,623.2 March 543,208.2 1,320.3 1,870.7 532,260.5 7,756.8 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 233,066.8 QIV 635,207.5 36,648.4 2,025.2 585,348.4 11,185.6 675,120.4 675,120.4 0.0 0.0 30,122.7 0.0 268,553.8 April
543,005.8 8.4 1,938.3 532,616.5 8,442.6 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 252,938.6 May 560,629.3 498.3 1,980.0 550,334.9 7,816.1 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 264,773.3 June 635,207.5 36,648.4 2,025.2 585,348.4 11,185.6 675,120.4 675,120.4 0.0 0.0 30,122.7 0.0 268,553.8 Silver Coins Other Assets Total Gold Reserve Tranche Foreign Exchange Others Total Bond Direct Advance Assets (In Millions of Birr) End of Period Foreign Assets Claims on Government Advance to DBE Others 4 63 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

6.1
. Revenue and Grants
During the review period
, total revenue and grants of
Federal government reached Birr
215.7 billion and showed a 56.1 percent annual growth.
Total domestic revenue was Birr 215.7 billion of which Birr 192.5 billion (89.2 percent) was from tax es and Birr 23.1 billion (10.8 percent) from non -taxes . Tax revenue from indirect taxes amounted to Birr 132.0 billion and direct taxes Birr 60.4 billion. Thus, the performance of t otal revenue and grant s was 22.1 percent of the annual budget (Table 6.2).
Table 6.2
: Summary of Federal Government Revenue by Component (In Millions of Birr) No Particulars 2023/24 2024/25 Performance Rate QIV QIII Revised Budget QIV Percentage Change A B C D [D/A] [D/B] [D/C] Total Revenue and Grants 138,213.5 232,885.1 975,364.4 215,701.5 56.1 (7.4) 22.1 Total Domestic Revenue 138,213.5 176,963.4 845,104.4 215,701.5 56.1 21.9 25.5 1 Tax Revenue 116,987.2 150,890.2 783,535.0 192,512.0 64.6 27.6 24.6 1.1 Direct Tax Revenue 36,744.6 31,004.2 241,844.4 60,438.7 64.5 94.9 25.0
1.1.1 Income Taxes 32,362.6 26,393.5 201,916.5 53,780.4 66.2 103.8 26.6

Personal 8,824.0 12,859.6 49,607.4 12,041.0 36.5 (6.4) 24.3
Business 23,538.6 13,533.9 152,309.0 41,739.4 77.3 208.4 27.4
1.1.2 Others1 4,382.0 4,610.7 39,928.0 6,658.3 51.9 44.4 16.7
1.2 Indirect Taxes 80,242.5 119,886.0 541,690.6 132,073.4 64.6 10.2 24.4
1.2.1 Domestic Taxes 30,134.2 31,699.4 191,031.7 40,942.4 35.9 29.2 21.4
1.2.2
Foreign Trade
Taxes 50,108.3 88,186.6 350,658.9 91,131.0 81.9 3.3 26.0
Import 50,108.3 88,170.2 350,637.7 91,117.3 81.8 3.3 26.0

-Export

16.4 21.2 13.8
(16.3) 65.0
2 Non
-Tax Revenue 21,226.3 26,073.2 61,569.4 23,189.4 9.2 (11.1) 37.7 3 Privatization - - - - - - - 4 Grants and Relief
55,921.7 130,260.0
(100.0) 0.0
Source: Ministry of Finance
1/ includes Withholding tax on import, tax on dividend, royalty and interest income 4TH QUARTER R EPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 64

Fig. VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government - 50,000.0 100,000.0 150,000.0 200,000.0 250,000.0 300,000.0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 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 Fig.VI.2: Domestic Revenue by Major Components during the Fourth Quarter of 2024/25 Direct Tax Revenue 28.0 Indirect Taxes 61.2 Non-Tax Revenue 10.8
6.2 . Expenditure
Total Federal g overnment expenditure including regional transfers reached Birr 387.9 billion under the review quarter which was 85.9 percent higher than a year earlier. Compared to the preceding quarter, however, it went down by 2.7 percent. Current expenditure amounted to Birr 171.8 billion and capital expenditure Birr 133. 3 billion where their share in total expenditure reached 44.3 percent and 34.4 percent, respectively. The remaining Birr 82.6 billion (21.3 percent) was allocated to regional transfers (Table 6.3). The performance of expenditure was 31.1 percent of the annual budget (Table 6.2). 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 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 4087564.1 2546472.8 669254.1 209472.1 1667746.6 252301.7 110369.1 379293.8 261759.1 70642.8 46892.0 799126.6 October 3804572.8 2425885.9 652450.6 197196.2 1576239.1 179005.7 107582.9 354934.7 246138.7 65601.2 43194.8 737163.6 November 3910742.7 2442313.2 645988.4 202238.8 1594086.0 235586.5 112957.9 353909.7 250780.4 67244.5 35884.9 765975.4 December 4087564.1 2546472.8 669254.1 209472.1 1667746.6 252301.7 110369.1 379293.8 261759.1 70642.8 46892.0 799126.6 QIII 4424868.9 2768749.1 728232.2 220937.8 1819579.1 319365.9 117419.8 420258.1 272337.6 71062.2 76858.3 799075.9 January 4197210.4 2594752.8 674858.6 214974.0 1704920.2 279311.3 116647.2 389985.3 264074.3 71062.2 54848.8 816513.8 February 4290409.5 2665317.9 701885.7 214136.8 1749295.5 318697.4 115260.2 405583.0 267792.7 71062.2 66728.2 785550.9 March 4424868.9 2768749.1 728232.2 220937.8 1819579.1 319365.9 117419.8 420258.1 272337.6 71062.2 76858.3 799075.9 QIV 4831815.4 3059923.0 839727.3 243483.5 1976712.2 310440.2 130767.0 528743.0 338828.8 72457.9 117456.4 801942.2 April 4483738.9 2812554.4 734393.0 230732.2 1847429.2 321770.1 119342.8 436789.9 274129.0 71062.2 91598.7 793281.7 May 4676091.4 2936510.9 800991.5 240890.9 1894628.6 304011.1 125164.9 510358.7 326345.7 71062.2 112950.8 800045.8 June 4831815.4 3059923.0 839727.3 243483.5 1976712.2 310440.2 130767.0 528743.0 338828.8 72457.9 117456.4 801942.2
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.
4 65 TH QUARTERREPORT 2024/25
NATIONAL BANK OF ETHIOPIA

Ta ble 6.3 : Summary of Federal Government Expenditure by components (In Millions of Birr) No Particulars 2023/24 2024/25 Percentage Change Performance Rate QIV QIII Revised Budget QIV A B C D [D/A] [D/B] [D/C] Total Expenditure 208,691.8 398,618.2 1,245,423.6 387,906.5 85.9 (2.7) 31.1 1 Current Expenditure 80,899.8 222,765.2 620,510.6 171,871.4 112.4 (22.8) 27.7

General Services 33,185.3 36,695.2 106,849.1 47,911.6 44.4 30.6 44.8
Economic
Services 2,124.5 1,804.3 8,467.1 3,469.3 63.3 92.3 41.0
Social Services 24,454.5 23,107.2 68,190.7 29,957.7 22.5 29.6 43.9
Others
expenditure 5,798.9 105,177.9 261,372.2 63,841.8 1,000.9 (39.3) 24.4
Debt Service 15,336.6 55,980.7 175,631.5 26,691.1 74.0 (52.3) 15.2
2 Capital Expenditure 76,465.1 98,689.4 340,502.6 133,389.9 74.4 35.2 39.2
Economic
Development 49,877.8 75,348.3 243,823.4 82,608.4 65.6 9.6 33.9
Social
Development 22,162.3 16,287.5 50,784.7 39,028.1 76.1 139.6 76.9
General
Development 4,425.0 7,053.6 45,894.5 11,753.4 165.6 66.6 25.6 3 Regional Transfers 51,326.9 77,163.6 284,410.4 82,645.2 61.0 7.1 29.1 Source: Ministry of Finance Fig.VI.3: Major Components of Federal Governments Expenditure during the Fourth Quarter of 2024/25 Current Expenditure 44.3% Capital Expenditure 34.4% Regional Transfer 21.3% 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 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 4087564.1 2546472.8 669254.1 209472.1 1667746.6 252301.7 110369.1 379293.8 261759.1 70642.8 46892.0 799126.6 October 3804572.8 2425885.9 652450.6 197196.2 1576239.1 179005.7 107582.9 354934.7 246138.7 65601.2 43194.8 737163.6
November 3910742.7 2442313.2 645988.4 202238.8 1594086.0 235586.5 112957.9 353909.7 250780.4 67244.5 35884.9 765975.4 December 4087564.1 2546472.8 669254.1 209472.1 1667746.6 252301.7 110369.1 379293.8 261759.1 70642.8 46892.0 799126.6 QIII 4424868.9 2768749.1 728232.2 220937.8 1819579.1 319365.9 117419.8 420258.1 272337.6 71062.2 76858.3 799075.9 January 4197210.4 2594752.8 674858.6 214974.0 1704920.2 279311.3 116647.2 389985.3 264074.3 71062.2 54848.8 816513.8 February 4290409.5 2665317.9 701885.7 214136.8 1749295.5 318697.4 115260.2 405583.0 267792.7 71062.2 66728.2 785550.9 March 4424868.9 2768749.1 728232.2 220937.8 1819579.1 319365.9 117419.8 420258.1 272337.6 71062.2 76858.3 799075.9 QIV 4831815.4 3059923.0 839727.3 243483.5 1976712.2 310440.2 130767.0 528743.0 338828.8 72457.9 117456.4 801942.2 April 4483738.9 2812554.4 734393.0 230732.2 1847429.2 321770.1 119342.8 436789.9 274129.0 71062.2 91598.7 793281.7 May 4676091.4 2936510.9 800991.5 240890.9 1894628.6 304011.1 125164.9 510358.7 326345.7 71062.2 112950.8 800045.8 June 4831815.4 3059923.0 839727.3 243483.5 1976712.2 310440.2 130767.0 528743.0 338828.8 72457.9 117456.4 801942.2
Table 2(b): Statement of Condition of Commercial Banks:
(In Millions of Birr)
End of
Period
Total
(Liab.=
Assets)
Non-Central Gov't Deposits Gov't
Depos.
Foreign
Liab.
Capital Account Other
Liab.
Assets
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 24,013.8 8,095.5 53,209.8 95,062.6 1,124.4 288.4 93,649.7 11,108.6 191,490.2 October 18,227.9 7,538.8 53,914.9 78,353.8 3,459.4 277.9 74,616.5 27,035.1 185,070.5 November 18,658.0 4,989.8 54,091.1 79,592.0 3,475.0 280.7 75,836.2 29,686.8 187,017.7 December 24,013.8 8,095.5 53,209.8 95,062.6 1,124.4 288.4 93,649.7 11,108.6 191,490.2 Qtr.III 25,581.6 8,134.0 53,736.7 97,020.8 5,857.8 292.1 90,871.0 9,290.2 193,763.3 January 27,290.7 7,648.4 53,386.1 96,854.4 6,606.4 286.8 89,961.2 9,613.5 194,793.1 February 26,550.1 7,330.2 53,560.5 95,889.0 6,117.2 286.4 89,485.4 8,965.1 192,294.8 March 25,581.6 8,134.0 53,736.7 97,020.8 5,857.8 292.1 90,871.0 9,290.2 193,763.3 Qtr.IV 18,850.4 8,570.4 53,207.9 71,263.5 5,972.0 279.7 65,011.8 38,630.3 190,522.6 April 23,718.8 8,729.9 53,913.0 97,619.8 6,086.4 281.7 91,251.6 9,683.2 193,664.7 May 22,906.9 8,914.5 54,089.2 70,905.0 5,409.8 284.3 65,210.9 37,973.6 194,789.2 June 18,850.4 8,570.4 53,207.9 71,263.5 5,972.0 279.7 65,011.8 38,630.3 190,522.6 Public Enterprise Cooperatives 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
4TH QUARTERREPORT 2024/25
NATIONAL BANK OF ETHIOPIA 66

Fig.VI.4 Quarterly Development in Federal Government Expenditure by Components 0 50000 100000 150000 200000 250000 300000 350000 400000 450000 2020/21 (In Millions of Birr) Q uarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers
6.3 . Deficit Financing
The Federal government budget operation depicted an overall deficit (including grant) of Birr 172.2 billion and which was higher than Birr 70.4 billion deficit recorded a year ago. The deficit was financed by net external borrowing while there was repayment of debt to the banking system (Table 6.1). Fig.VI.5: Federal Government Finance during Fourth Quarter of F.Y 2024/25 - 100,000.0 200,000.0 300,000.0 400,000.0 500,000.0 600,000.0 700,000.0 800,000.0 900,000.0 2020/21 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants 2021/22 2022/23 2023/24 2024/25 2021/22 202 2/23 202 3/24 202 4 /25 Assets 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 24,013.8 8,095.5 53,209.8 95,062.6 1,124.4 288.4 93,649.7 11,108.6 191,490.2 October 18,227.9 7,538.8 53,914.9 78,353.8 3,459.4 277.9 74,616.5 27,035.1 185,070.5 November 18,658.0 4,989.8 54,091.1 79,592.0 3,475.0 280.7 75,836.2 29,686.8 187,017.7 December 24,013.8 8,095.5 53,209.8 95,062.6 1,124.4 288.4 93,649.7 11,108.6 191,490.2 Qtr.III 25,581.6 8,134.0 53,736.7 97,020.8 5,857.8 292.1 90,871.0 9,290.2 193,763.3 January 27,290.7 7,648.4 53,386.1 96,854.4 6,606.4 286.8 89,961.2 9,613.5 194,793.1 February 26,550.1 7,330.2 53,560.5 95,889.0 6,117.2 286.4 89,485.4 8,965.1 192,294.8 March 25,581.6 8,134.0 53,736.7 97,020.8 5,857.8 292.1 90,871.0 9,290.2 193,763.3 Qtr.IV 18,850.4 8,570.4 53,207.9 71,263.5 5,972.0 279.7 65,011.8
38,630.3 190,522.6 April 23,718.8 8,729.9 53,913.0 97,619.8 6,086.4 281.7 91,251.6 9,683.2 193,664.7 May 22,906.9 8,914.5 54,089.2 70,905.0 5,409.8 284.3 65,210.9 37,973.6 194,789.2 June 18,850.4 8,570.4 53,207.9 71,263.5 5,972.0 279.7 65,011.8 38,630.3 190,522.6 Public Enterprise Cooperatives 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
Total N.B.E Others
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 191,490.2 1,007.3 69.0 39,214.1 95,269.4 46,786.5 48,482.9 0.0 40,253.7 15,676.7 October 185,070.5 1,174.2 75.6 38,872.9 89,653.9 47,589.7 42,064.2 0.0 38,927.3 16,366.6 November 187,017.7 1,157.3 71.9 39,117.5 89,943.2 47,582.4 42,360.8 0.0 39,138.4 17,589.3 December 191,490.2 1,007.3 69.0 39,214.1 95,269.4 46,786.5 48,482.9 0.0 40,253.7 15,676.7 Qrt.III 193,763.3 874.8 72.9 40,602.1 97,900.8 45,830.1 52,070.7 0.0 39,482.6 14,830.1 January 194,793.1 976.4 69.9 39,701.9 99,288.4 46,882.9 52,405.5 0.0 39,302.7 15,453.9 February 192,294.8 890.0 71.6 40,121.8 96,640.1 39,083.4 57,556.7 0.0 39,083.4 15,487.9 March 193,763.3 874.8 72.9 40,602.1 97,900.8 45,830.1 52,070.7 0.0 39,482.6 14,830.1 Qrt.IV 190,522.6 761.1 73.8 41,955.5 92,157.7 42,433.4 49,724.3 0.0 39,437.2 16,137.3 April 193,664.7 894.5 72.3 40,221.1 96,496.6 45,957.4 50,539.1 0.0 39,623.9 16,356.3 May 194,789.2 788.2 69.6 41,625.8 96,254.2 46,595.3 49,658.9 0.0 39,778.3 16,273.1 June 190,522.6 761.1 73.8 41,955.5 92,157.7 42,433.4 49,724.3 0.0 39,437.2 16,137.3 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
4 67 TH QUARTERREPORT 2024/25
NATIONAL BANK OF ETHIOPIA

VII. DEVELOPMENTS IN INVESTMENT
In the fourth quarter of 2024/25, 70 investment projects with a combined capital of Birr
7.1 billion became operational. The number of investment projects increase
d 204.3 percent year
-on
-year and 45.8 percent quarter
-on
-quarter basis.
Investment capital, despite substantial annual growth, declined 72.7 percent relative to the preceding quarter (Table 8.1). All investment projects w ere private where 66 (94.3 percent) were domestic and 4 (5.7 percent) fo reign. Domestic investment accounted for Birr 7 billion, representing 98.8 percent of the total capital, while foreign investments constituted Birr 87.6 million or 1.2 percent. In terms of employment, these projects created job opportunities for 2,233 individuals, of which 91.4 percent were permanent and 8.6 percent casual. The total number of jobs generated during the review quarter showed a significant increase compar ed to the same period last year (Table 7.1). Total N.B.E Others 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 191,490.2 1,007.3 69.0 39,214.1 95,269.4 46,786.5 48,482.9 0.0 40,253.7 15,676.7 October 185,070.5 1,174.2 75.6 38,872.9 89,653.9 47,589.7 42,064.2 0.0 38,927.3 16,366.6 November 187,017.7 1,157.3 71.9 39,117.5 89,943.2 47,582.4 42,360.8 0.0 39,138.4 17,589.3 December 191,490.2 1,007.3 69.0 39,214.1 95,269.4 46,786.5 48,482.9 0.0 40,253.7 15,676.7 Qrt.III 193,763.3 874.8 72.9 40,602.1 97,900.8 45,830.1 52,070.7 0.0 39,482.6 14,830.1 January 194,793.1 976.4 69.9 39,701.9 99,288.4 46,882.9 52,405.5 0.0 39,302.7
15,453.9 February 192,294.8 890.0 71.6 40,121.8 96,640.1 39,083.4 57,556.7 0.0 39,083.4 15,487.9 March 193,763.3 874.8 72.9 40,602.1 97,900.8 45,830.1 52,070.7 0.0 39,482.6 14,830.1 Qrt.IV 190,522.6 761.1 73.8 41,955.5 92,157.7 42,433.4 49,724.3 0.0 39,437.2 16,137.3 April 193,664.7 894.5 72.3 40,221.1 96,496.6 45,957.4 50,539.1 0.0 39,623.9 16,356.3 May 194,789.2 788.2 69.6 41,625.8 96,254.2 46,595.3 49,658.9 0.0 39,778.3 16,273.1 June 190,522.6 761.1 73.8 41,955.5 92,157.7 42,433.4 49,724.3 0.0 39,437.2 16,137.3 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
2023/24 QII 167473.5244 527774.0971 695247.6215 1531445.09 2226692.711 2596955.131 1376445.291 -238547.9656 October 198334.5148 470416.5912 668751.1059 1507523.586 2176274.692 2402642.181 2155735.309 -219732.8818 November 193697.322 482906.2668 676603.5888 1503392.371 2179995.96 2483028.702 1627042.839 -235541.5562 December 167473.5244 527774.0971 695247.6215 1531445.09 2226692.711 2596955.131 1376445.291 -238547.9656 QIII 172919.516 563830.3512 736749.8673 1584310.537 2321060.404 2691043.046 1414692.511 -245419.8501 January 223495.344 510876.0733 734371.4173 1556820.843 2291192.26 2517979.409 2247660.296 -234486.9402 February 213679.8738 531052.1473 744732.0211 1559705.184 2304437.205 2623783.269 1701817.568 -251727.5489 March 172919.516 563830.3512 736749.8673 1584310.537 2321060.404 2691043.046 1414692.511 -245419.8501 QIV 237741.4922 631951.2423 869692.7345 1655290.779 2524983.513 2837032.562 2848468.918 -248744.0341 April 209325.8002 594236.1693 803561.9694 1624230.203 2427792.172 2847996.064 1983406.587 -258873.9556 May 215342.4307 590451.9627 805794.3934 1632291.887 2438086.28 2730690.168 2545398.343 -249175.1775 June 237741.4922 631951.2423 869692.7345 1655290.779 2524983.513 2837032.562 2848468.918 -248744.0341 2024/25 QI 210349.2496 646537.0025 856886.2522 1799316.721 2656202.973 2941814.268 1576702.745 -508867.2139 July 208435.4109 632548.0219 840983.4328 1710885.863 2551869.295 2972509.587 1831804.544 -318333.5681 August 208752.327 635364.7539 844117.0809 1734785.38 2578902.461 2940337.315 1672002.673 -481422.1728 September 210349.2496 646537.0025 856886.2522 1799316.721 2656202.973 2941814.268 1576702.745 -508867.2139 QII 192515.8541 659884.5387 852400.3927 1839674.333 2692074.726 3097250.544 1122972.623 -424692.2639 October 206461.3947 623742.7755 830204.1703 1750380.644 2580584.814 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 659884.5387 852400.3927 1839674.333 2692074.726 3097250.544 1122972.623 -424692.2639 QIII 269990.209 718036.9591 988027.1681 1999706.537 2987733.705 3308932.292 1294221.894 -343190.6223 January 267735.5284 645164.8493 912900.3777 1894935.529 2807835.906 3054033.271 1901564.767 -358783.8636 February 280264.265 675915.9295 956180.1945 1924163.595 2880343.79 3180882.658 1513436.063 -305068.7363 March 269990.209 718036.9591 988027.1681 1999706.537 2987733.705 3308932.292 1294221.894 -343190.6223 QIV 331404.5742 859998.3221 1191402.896 2220195.743 3411598.639 3547229.86 2653009.85 -212337.9169 April 268875.4684 760831.1273 1029706.596 2076083.27 3105789.865 3475622.769 1818319.534 -369575.5667 May 290365.0721 812205.3354 1102570.407 2135519.477 3238089.884 3405514.78 2354723.569 -282172.1168 June 331404.5742 859998.3221 1191402.896 2220195.743 3411598.639 3547229.86 2653009.85 -212337.9169
Table 5: Seasonally adjusted data of Monetary Variables (1)
1/ Obtained by multiplying each original observation by appropriate index for the month (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Currency Outside Banks Net Demand Deposit Money Supply Quasi Money Total Volume Central Gov't (Net) Non-Cent. Gov't Foreign Assets (Net) 4TH QUARTER R EPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 68

Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr)
Type of
Projects Items
2023/24 2024/25
QIV QIII QIV Percentage Changes A B C Share C/A C/B

Total
Investment
Number of projects 23 48 70 100 204.3 45.8
Capital 364.5 26,095.8 7,124.6 100 1,854.5
-72.7
Permanent Employment 292 2291 2040 100 598.6
-11.0
Temporary Employment 162 837 193 100 19.1
-76.9
Private
Investment
Number of projects 23 48 70 100 204.3 45.8
Capital 364.5 26095.8 7124.6 100 1,854.5
-72.7
Permanent Employment 292 2291 2040 100 598.6
-11.0
Temporary Employment 162 837 193 100 19.1
-76.9
2.1 Domestic
Investment
Number of projects 19 47 66 94.3 247.4 40.4
Capital 337.5 26,011.6 7,037.0 98.8 1,985.3
-72.9
Permanent Employment 157 2281 1917 94.0 1,121.0 -16.0 Temporary Employment 139 832 182 94.3 30.9 -78.1
2.2. Foreign
Investment
Number of projects
4
1
4 5.7 0.0 300.0
Capital 27.1 84.27 87.6 1.2 223.6 3.9
Permanent Employment 135 10 123 6.0
-8.9 1,130.0
Temporary Employment 23
5 11 5.7
-52.2 120.0
Public
Investment
Number of projects

Capital

Permanent Employment

Temporary Employment

Source: Ethiopian Investment Commission
Sector
-wise, manufacturing constituted the largest share in the investment projects, representing 48.6 percent , followed by construction (27.1 percent ). Real estate, renting, and business (12.9 percent ), health and social work (5.7 percent ), wholesale, retail trade, and repair services (2.9 percent ), and education , hotels and restaurants each (1.4 percent ). About 53 percent of the permanent employment was created by manufacturing followed by construction (21 percent), real estate, renting & business activities (17.9 percent), hotels and restaurant (3.9 percent), health & social work (2.8 percent), and wholesale, r etail trade & repair service (1.2 percent) (Table 7.2). In terms of temporary employment, construction accounted for 62.2 percent followed by wholesale, retail trade & repair service (31.1 percent), manufacturing (6.2 percent) and real estate, renting & business activities (0.5 percent) (Table 7.2). 2023/24 QII 167473.5244 527774.0971 695247.6215 1531445.09 2226692.711 2596955.131 1376445.291 -238547.9656 October 198334.5148 470416.5912 668751.1059 1507523.586 2176274.692 2402642.181 2155735.309 -219732.8818 November 193697.322 482906.2668 676603.5888 1503392.371 2179995.96 2483028.702 1627042.839 -235541.5562 December 167473.5244 527774.0971 695247.6215 1531445.09 2226692.711 2596955.131 1376445.291 -238547.9656 QIII 172919.516 563830.3512 736749.8673 1584310.537 2321060.404 2691043.046 1414692.511 -245419.8501 January 223495.344 510876.0733 734371.4173 1556820.843 2291192.26 2517979.409 2247660.296 -234486.9402 February 213679.8738 531052.1473 744732.0211 1559705.184 2304437.205 2623783.269 1701817.568 -251727.5489 March 172919.516 563830.3512 736749.8673 1584310.537 2321060.404 2691043.046 1414692.511 -245419.8501 QIV 237741.4922 631951.2423 869692.7345 1655290.779 2524983.513 2837032.562 2848468.918 -248744.0341 April 209325.8002 594236.1693 803561.9694 1624230.203 2427792.172 2847996.064 1983406.587 -258873.9556 May 215342.4307 590451.9627 805794.3934 1632291.887 2438086.28 2730690.168 2545398.343 -249175.1775 June 237741.4922 631951.2423 869692.7345 1655290.779 2524983.513 2837032.562 2848468.918 -248744.0341 2024/25 QI 210349.2496 646537.0025 856886.2522 1799316.721 2656202.973 2941814.268 1576702.745 -508867.2139 July 208435.4109 632548.0219 840983.4328 1710885.863 2551869.295 2972509.587 1831804.544 -318333.5681 August 208752.327 635364.7539 844117.0809 1734785.38 2578902.461 2940337.315 1672002.673 -481422.1728 September 210349.2496 646537.0025 856886.2522 1799316.721 2656202.973 2941814.268 1576702.745 -508867.2139 QII 192515.8541 659884.5387 852400.3927 1839674.333 2692074.726 3097250.544 1122972.623 -424692.2639 October 206461.3947 623742.7755 830204.1703 1750380.644 2580584.814 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 659884.5387 852400.3927 1839674.333 2692074.726 3097250.544 1122972.623 -424692.2639
QIII 269990.209 718036.9591 988027.1681 1999706.537 2987733.705 3308932.292 1294221.894 -343190.6223 January 267735.5284 645164.8493 912900.3777 1894935.529 2807835.906 3054033.271 1901564.767 -358783.8636 February 280264.265 675915.9295 956180.1945 1924163.595 2880343.79 3180882.658 1513436.063 -305068.7363 March 269990.209 718036.9591 988027.1681 1999706.537 2987733.705 3308932.292 1294221.894 -343190.6223 QIV 331404.5742 859998.3221 1191402.896 2220195.743 3411598.639 3547229.86 2653009.85 -212337.9169 April 268875.4684 760831.1273 1029706.596 2076083.27 3105789.865 3475622.769 1818319.534 -369575.5667 May 290365.0721 812205.3354 1102570.407 2135519.477 3238089.884 3405514.78 2354723.569 -282172.1168 June 331404.5742 859998.3221 1191402.896 2220195.743 3411598.639 3547229.86 2653009.85 -212337.9169
Table 5: Seasonally adjusted data of Monetary Variables (1)
1/ Obtained by multiplying each original observation by appropriate index for the month (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Currency Outside Banks Net Demand Deposit Money Supply Quasi Money Total Volume Central Gov't (Net) Non-Cent. Gov't Foreign Assets (Net) 4 69 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

Table 7.2: Investment Distribution by Sector during the Fourth 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 19 27.1 3,244.7 45.5 428 21.0 120 62.2 Education 1 1.4 150.0 2.1 3 0.1 Electricity, gas, steam and water supply - - - - - - - - Health and social work 4 5.7 29.4 0.4 57 2.8 Hotels and restaurants 1 1.4 35.0 0.5 80 3.9 Manufacturing 34 48.6 3,180.8 44.6 1,081 53.0 12 6.2 Mining and quarrying - - - - - - - - Other community, social and personal service activities - - - - - - - - Real estate, renting and business activities 9 12.9 459.9 6.5 366 17.9 1 0.5 Tour operation, transport, and communication - - - - - - - - Wholesale, retail trade & repair service 2 2.9 24.80 0.3 25 1.2 60 31.1 Others - - - - - - - - Grand Total 70 100 7,124.6 100 2,040 100 193 100 Source: Ethiopian Investment Commission Regarding regional distribution, Addis Ababa remained the leadin g hub for investment activities accounting for 92.9 percent of total projects and 98.8 percent of the total investment capital. Multi -regional projects represented 7.1 percent of the total projects and 1.2 percent of investment capital. In terms of job creation, Addis Ababa accounted for 93.5 percent of the total permanent and 68.4 percent of the temporary employment. The remaining share was attributed to multiregional projects (Table 7.3). 2023/24 QII 167473.5244 527774.0971 695247.6215 1531445.09 2226692.711 2596955.131 1376445.291 -238547.9656 October 198334.5148 470416.5912 668751.1059 1507523.586 2176274.692 2402642.181 2155735.309 -219732.8818 November 193697.322 482906.2668 676603.5888 1503392.371 2179995.96 2483028.702 1627042.839 -235541.5562 December 167473.5244 527774.0971 695247.6215 1531445.09 2226692.711 2596955.131 1376445.291 -238547.9656 QIII 172919.516 563830.3512 736749.8673 1584310.537 2321060.404 2691043.046 1414692.511 -245419.8501 January 223495.344 510876.0733 734371.4173 1556820.843 2291192.26 2517979.409 2247660.296 -234486.9402 February 213679.8738 531052.1473 744732.0211 1559705.184 2304437.205 2623783.269 1701817.568 -251727.5489 March 172919.516 563830.3512 736749.8673 1584310.537 2321060.404 2691043.046 1414692.511 -245419.8501 QIV 237741.4922 631951.2423 869692.7345 1655290.779 2524983.513 2837032.562 2848468.918 -248744.0341 April 209325.8002 594236.1693 803561.9694 1624230.203 2427792.172 2847996.064 1983406.587 -258873.9556 May 215342.4307 590451.9627 805794.3934 1632291.887 2438086.28 2730690.168 2545398.343 -249175.1775 June 237741.4922 631951.2423 869692.7345 1655290.779 2524983.513 2837032.562 2848468.918 -248744.0341 2024/25 QI 210349.2496 646537.0025 856886.2522 1799316.721 2656202.973 2941814.268 1576702.745 -508867.2139 July 208435.4109 632548.0219 840983.4328 1710885.863 2551869.295 2972509.587 1831804.544 -318333.5681 August 208752.327 635364.7539 844117.0809 1734785.38 2578902.461 2940337.315 1672002.673 -481422.1728 September 210349.2496 646537.0025 856886.2522 1799316.721 2656202.973 2941814.268 1576702.745 -508867.2139 QII 192515.8541 659884.5387 852400.3927 1839674.333 2692074.726 3097250.544 1122972.623 -424692.2639 October
206461.3947 623742.7755 830204.1703 1750380.644 2580584.814 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 659884.5387 852400.3927 1839674.333 2692074.726 3097250.544 1122972.623 -424692.2639 QIII 269990.209 718036.9591 988027.1681 1999706.537 2987733.705 3308932.292 1294221.894 -343190.6223 January 267735.5284 645164.8493 912900.3777 1894935.529 2807835.906 3054033.271 1901564.767 -358783.8636 February 280264.265 675915.9295 956180.1945 1924163.595 2880343.79 3180882.658 1513436.063 -305068.7363 March 269990.209 718036.9591 988027.1681 1999706.537 2987733.705 3308932.292 1294221.894 -343190.6223 QIV 331404.5742 859998.3221 1191402.896 2220195.743 3411598.639 3547229.86 2653009.85 -212337.9169 April 268875.4684 760831.1273 1029706.596 2076083.27 3105789.865 3475622.769 1818319.534 -369575.5667 May 290365.0721 812205.3354 1102570.407 2135519.477 3238089.884 3405514.78 2354723.569 -282172.1168 June 331404.5742 859998.3221 1191402.896 2220195.743 3411598.639 3547229.86 2653009.85 -212337.9169
Table 5: Seasonally adjusted data of Monetary Variables (1)
1/ Obtained by multiplying each original observation by appropriate index for the month (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Currency Outside Banks Net Demand Deposit Money Supply Quasi Money Total Volume Central Gov't (Net) Non-Cent. Gov't Foreign Assets (Net) Gross Reserve NBE Total Gold Foreign Exc. Reserve Tranche Posi. Total Liab. Comm. Banks NBE Total NBE Comm. Banks 1=2+6 2=3 to 5 3 4 5 6.00 7=8+9 8 9 10=11+12 11=2-9 12=6-8 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 407797.4 9833.33 389226 7027 1711 239440.9 1175657 100353 1075304.4 -528419 -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 800078.7 507383.2 32438.0 465736.9 7430.5 1777.8 292695.5 1224346.7 110369.1 1113977.6 -424268.0 -606594.4 182326.4 October 691932.6 426404.5 0.0 416485.4 8181.2 1737.9 265528.1 1196166.7 107582.9 1088583.8 -504234.1 -662179.3 157945.1 November 736462.6 447356.9 257.0 438015.9 7306.0 1778.1 289105.7 1224843.7 112957.9 1111885.8 -488381.1 -664528.9 176147.8 December 800078.7 507383.2 32438.0 465736.9 7430.5 1777.8 292695.5 1224346.7 110369.1 1113977.6 -424268.0 -606594.4 182326.4 QIII 823052.0 543208.2 1320.3 532260.5 7756.8 1870.7 279843.8 1165899.8 117419.8 1048480.0 -342847.8 -505271.8 162424.0 January 767206.3 511644.9 161.2 501212.8 8487.1 1783.8 255561.4 1201794.3 116647.2 1085147.1 -434588.1 -573502.2 138914.2 Febraury 768226.9 523981.8 127.8 514382.1 7664.6 1807.2 244245.1 1124390.8 115260.2 1009130.6 -356163.9 -485148.8 128984.9 March 823052.0 543208.2 1320.3 532260.5 7756.8 1870.7 279843.8 1165899.8 117419.8 1048480.0 -342847.8 -505271.8 162424.0 QIV 1025989.1 635207.5 36648.4 585348.4 11185.6 2025.2 390781.7 1235387.1 130767.0 1104620.1 -209398.0 -469412.7 260014.7 April 822228.7 543005.8 8.4 532616.5 8442.6 1938.3 279222.9 1175214.0 119342.8 1055871.2 -352985.3 -512865.4 159880.1 May 913771.2 560629.3 498.3 550334.9 7816.1 1980.0 353141.9 1194819.1 125164.9 1069654.2 -281047.9 -509024.9 227976.9 June 1025989.1 635207.5 36648.4 585348.4 11185.6 2025.2 390781.7 1235387.1 130767.0 1104620.1 -209398.0 -469412.7 260014.7
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 4TH QUARTER R EPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 70

Table 7.3: Performance of Operational Investment Projects by Region (Capital in million Birr)
Region
2023/24 2024/25 Growth Rate
QIV QIII QIV
C/A C/B A B C Share In (%)
No of Proj
Capital
Perm emp
Temp emp
No of Proj
Capital
Perm emp
Temp emp
No of Proj
Capital
Perm emp
Temp emp
No of Proj
Capital
Perm emp
Temp emp
No of Proj
Capital.
Perm emp
Temp emp
No of Proj
Capital.
Perm emp
Temp emp
Addis
Ababa 19 337 157
13
9 45 26,010.5
2,26
9 782 65 7,037.0 1,907 132
92.
9 98.8 93.5
68.
4 242.1 1,985.3 1,114.6 -5.0 44.4 -72.9 -16.0 -83.1 Afar - - - - - - - - - - - - - - - - - - - - - - - - Amhara - - - - 1 1.1 2 0 - - - - - - - - - - - - - - - - B.Gumuz - - - - - - - - - - - - - - - - - - - - - - - - Dire Dawa - - - - - - - - - - - - - - - - - - - - - - - - Oromia - - - - - - - - - - - - - - - - - - - - - - - - SNNPR - - - - - - - - - - - - - - - - - - - - - - - - Gamb - - - - - - - - - - - - - - - - - - - - - - - - Somali - - - - - - - - - - - - - - - - - - - - - - - - Harari - - - - - - - - - - - - - - - - - - - - - - - - Tigray - - - - - - - - - - - - - - - - - - - - - - - - Multiregional 4 27 135 23 2 84.3 20 55 5 87.6 133 61 7.1 1.2 6.5 31.6 25.0 223.6 -1.5 165.2 150.0 3.9 565.0 10.9 Grand Total 23 364.5 292 16 2 48 26,095. 8 2,291 837 70 7,124.6 2,040 193 100 267.1 2,208.9 1,113.2 160.2 45.8 -72.7 -11.0 - 76.9 Source : Ethiopian Investment Commission 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 407797.4 9833.33 389226 7027 1711 239440.9 1175657 100353 1075304.4 -528419 -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 800078.7 507383.2 32438.0 465736.9 7430.5 1777.8 292695.5 1224346.7 110369.1 1113977.6 -424268.0 -606594.4 182326.4 October 691932.6 426404.5 0.0 416485.4 8181.2 1737.9 265528.1 1196166.7 107582.9 1088583.8 -504234.1 -662179.3 157945.1 November 736462.6 447356.9 257.0 438015.9 7306.0 1778.1 289105.7 1224843.7 112957.9 1111885.8 -488381.1 -664528.9 176147.8 December 800078.7 507383.2 32438.0 465736.9 7430.5 1777.8 292695.5 1224346.7 110369.1 1113977.6 -424268.0 -606594.4 182326.4 QIII 823052.0 543208.2 1320.3 532260.5 7756.8 1870.7 279843.8 1165899.8 117419.8 1048480.0 -342847.8 -505271.8 162424.0 January 767206.3 511644.9 161.2 501212.8 8487.1 1783.8 255561.4 1201794.3 116647.2 1085147.1 -434588.1 -573502.2 138914.2 Febraury 768226.9 523981.8 127.8 514382.1 7664.6 1807.2 244245.1 1124390.8 115260.2 1009130.6 -356163.9 -485148.8 128984.9 March 823052.0 543208.2 1320.3 532260.5 7756.8 1870.7 279843.8 1165899.8 117419.8 1048480.0 -342847.8 -505271.8 162424.0 QIV 1025989.1 635207.5 36648.4 585348.4 11185.6 2025.2 390781.7 1235387.1 130767.0 1104620.1 -209398.0 -469412.7 260014.7 April 822228.7 543005.8 8.4 532616.5 8442.6 1938.3 279222.9 1175214.0 119342.8 1055871.2 -352985.3 -512865.4 159880.1 May 913771.2 560629.3 498.3 550334.9 7816.1 1980.0 353141.9 1194819.1 125164.9 1069654.2 -281047.9 -509024.9 227976.9 June 1025989.1 635207.5 36648.4 585348.4 11185.6 2025.2 390781.7 1235387.1 130767.0 1104620.1 -209398.0 -469412.7 260014.7
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 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 3,411,319.9 1,807,073.3 675,120.4 1,131,952.8 1,604,246.6 1,522,755.5 81,491.1 October 3,269,814.9 1,802,096.9 675,120.4 1,126,976.5 1,467,718.0 1,388,057.9 79,660.1 November 3,319,303.8 1,805,632.9 675,120.4 1,130,512.5 1,513,670.9 1,419,646.7 94,024.3 December 3,411,319.9 1,807,073.3 675,120.4 1,131,952.8 1,604,246.6 1,522,755.5 81,491.1 QIII 3,700,259.1 1,851,370.7 675,120.4 1,176,250.3 1,848,888.4 1,724,485.8 124,402.6 January 3,504,890.2 1,828,025.3 675,120.4 1,152,904.9 1,676,864.9 1,585,547.7 91,317.2 Febraury 3,613,920.9 1,835,500.1 675,120.4 1,160,379.7 1,778,420.8 1,663,459.8 114,960.9 March 3,700,259.1 1,851,370.7 675,120.4 1,176,250.3 1,848,888.4 1,724,485.8 124,402.6 QIV 3,853,253.7 1,941,863.3 675,120.4 1,266,742.9 1,911,390.4 1,810,997.0 100,393.4 April 3,731,796.1 1,866,853.0 675,120.4 1,191,732.5 1,864,943.1 1,751,707.8 113,235.3 May 3,784,265.1 1,903,495.5 675,120.4 1,228,375.1 1,880,769.6 1,782,488.3 98,281.3 June 3,853,253.7 1,941,863.3 675,120.4 1,266,742.9 1,911,390.4 1,810,997.0 100,393.4 Loans & Advances Investments
Table 7: Domestic Credit by Sector (In Millions of Birr)
End of
Period
Gross
Domestic Credit
Claims on Central Gov't Claims on Non-Central Gov't Total NBE Comm.Banks Total 4 71 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

VIII. INTERNATIONAL ECONOMIC DEVELOPMENTS
8.1. Overview of the World Economy
6
Global GDP grew by 0.9 percent quarter
-on
-quarter in the fourth quarter, up from 0.7 percent in the third quarter of 2024/25. In the United States, real GDP growth rebounded to 0.7 percent quarter -on -quarter in the fourth quarter of 2024/25, it was driven by a strong net trade contribution and falling inventories largely offsetting earlier tariff -related trade dynamics. In China, real GDP growth eased slightly to 1.1 percent quarter -on -quarter in the fourth quarter, from 1.2 percent in the third quarter of 2024/25, supported primarily by a stronger -than -expected contribution from net exports. In the United Kingdom, real GDP growth moderated in the fourth quarter. Output grew by
0.3 percent quarter
-on
-quarter in the fourth quarter.
8.2
. Inflation Developments
Headline inflation across members of the Organisation for Economic Co -operation and Development (OECD) continued to decline gradually. In June 2025 the annual rate of consumer price index (CPI) inflation across OECD member countries rose to 4 percent from 4.0 percent in May. Year -on -year energy inflation in the OECD turned positive in June, after having been negative in the two preceding months. Food inflation held steady at 4.6%, although 21 countries recorded an increase and only 12 a decrease. In United State, CPI headline and core inflation increased in June, starting to show some signs of the impact of tariffs. US personal consumption expenditure (PCE) headline inflation increased to 2.6 percent in June (up 0.3 percentage points compared with May), while core PCE inflation reached 2.8 percent (up 0.1 percentage points). 6Sections 8.1 – 8.3 are excerpted from European Central Bank monthly bulletin of 5 -6/2025. 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 3,411,319.9 1,807,073.3 675,120.4 1,131,952.8 1,604,246.6 1,522,755.5 81,491.1 October 3,269,814.9 1,802,096.9 675,120.4 1,126,976.5 1,467,718.0 1,388,057.9 79,660.1 November 3,319,303.8 1,805,632.9 675,120.4 1,130,512.5 1,513,670.9 1,419,646.7 94,024.3 December 3,411,319.9 1,807,073.3 675,120.4 1,131,952.8 1,604,246.6 1,522,755.5 81,491.1 QIII 3,700,259.1 1,851,370.7 675,120.4
1,176,250.3 1,848,888.4 1,724,485.8 124,402.6 January 3,504,890.2 1,828,025.3 675,120.4 1,152,904.9 1,676,864.9 1,585,547.7 91,317.2 Febraury 3,613,920.9 1,835,500.1 675,120.4 1,160,379.7 1,778,420.8 1,663,459.8 114,960.9 March 3,700,259.1 1,851,370.7 675,120.4 1,176,250.3 1,848,888.4 1,724,485.8 124,402.6 QIV 3,853,253.7 1,941,863.3 675,120.4 1,266,742.9 1,911,390.4 1,810,997.0 100,393.4 April 3,731,796.1 1,866,853.0 675,120.4 1,191,732.5 1,864,943.1 1,751,707.8 113,235.3 May 3,784,265.1 1,903,495.5 675,120.4 1,228,375.1 1,880,769.6 1,782,488.3 98,281.3 June 3,853,253.7 1,941,863.3 675,120.4 1,266,742.9 1,911,390.4 1,810,997.0 100,393.4 Loans & Advances Investments
Table 7: Domestic Credit by Sector (In Millions of Birr)
End of
Period
Gross
Domestic Credit
Claims on Central Gov't Claims on Non-Central Gov't Total NBE Comm.Banks Total 4TH QUARTER R EPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 72

In the United Kingdom, Annual headline inflation increased to 3.6 percent in June (from
3.4 percent previously) and remains significantly above the Bank of England’s target. This
was driven both by persistent transport and food & non -alcoholic beverages.
In the China, CPI inflation edged up slightly in June, while producer price index (PPI) inflation declined further. As US tariffs on Chinese imports remain elevated amid sluggish domestic demand, inflationary pressures are expected to remain subdued.
8.3. Commodity Price
Brent crude oil prices decreased as supply
-side factors outweighed the improved market sentiment while European gas prices increased (review period from 16 April to 4 June 2025). Metal and food prices also increased, driven primarily by demand factors. Foo d prices were supported by resilient demand for cocoa semi -finished products. Metal prices increased, driven by rising copper prices. The initial support came from sustained precautionary imports in the United States, driven by concerns over higher tariffs on imported copper. This was later reinforced by improved market sentiment following the easing of trade tensions between China and the United States.
8.4. Exchange Rate Developments
In foreign exchange markets, the euro appreciated significantly both against the US dollar and in trade -weighted terms. The nominal effective exchange rate of the euro as measured against the currencies of 41 of the euro area’s most important trading partn ers rose by 2.5 percent during the review period (from 6 March to 4 June 2025). A strong appreciation of 5.4 percent against the US dollar was largely driven by a shift in market expectations regarding the growth and inflation outlook for the United States . The euro also strengthened by 4.6 percent against the Chinese renminbi, with the latter initially weakening owing to the expected adverse impact of the US tariffs but recovering somewhat after a partial deescalation of the US -China trade tensions. The eu ro appreciated significantly against the currencies of emerging market economies, which were also weighed down by US tariff and global growth concerns. Conversely, it depreciated by 2.0 percent against the Swiss franc. 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 QIII 149631.9 308686.4 159054.4 279843.8
117419.8 117419.8 0.0 471110.4 17.6 55.6 28579.9 0.0 January 154778.2 385070.5 230292.2 317193.3 116647.2 116647.2 0.0 585616.5 21.1 55.7 3838101.4 3.4 Febraury 144059.7 391881.1 247821.4 291635.0 115260.2 115260.2 0.0 568255.9 21.8 55.0 3913227.2 3.9 March 149631.9 308686.4 159054.4 279843.8 117419.8 117419.8 0.0 471110.4 17.6 55.6 28579.9 0.0 QIV 162419.1 482786.8 320367.7 390781.7 130767.0 130767.0 0.0 742801.5 25.2 54.9 -122905.3 -0.1 April 169109.2 390317.6 221208.4 279222.9 119342.8 119342.8 0.0 550197.6 17.9 53.5 4100315.5 3.4 May 157117.4 437916.6 280799.2 353141.9 125164.9 125164.9 0.0 665893.6 23.6 55.7 4238836.1 3.7 June 162419.1 482786.8 320367.7 390781.7 130767.0 130767.0 0.0 742801.5 25.2 54.9 -122905.3 -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 Requirments Actual Rese. Excess Rese. Foreign Assets Foreign Liabilities Actual Reserve+ Net For. Assets Liquidity Ratio Ratio:
Loans
Adv. to
Dep.
Debit
Balance
TurnOver of
Deposit Total Short Term Long Term
4 73 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

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 QIII 149631.9 308686.4 159054.4 279843.8 117419.8 117419.8 0.0 471110.4 17.6 55.6 28579.9 0.0 January 154778.2 385070.5 230292.2 317193.3 116647.2 116647.2 0.0 585616.5 21.1 55.7 3838101.4 3.4 Febraury 144059.7 391881.1 247821.4 291635.0 115260.2 115260.2 0.0 568255.9 21.8 55.0 3913227.2 3.9 March 149631.9 308686.4 159054.4 279843.8 117419.8 117419.8 0.0 471110.4 17.6 55.6 28579.9 0.0 QIV 162419.1 482786.8 320367.7 390781.7 130767.0 130767.0 0.0 742801.5 25.2 54.9 -122905.3 -0.1 April 169109.2 390317.6 221208.4 279222.9 119342.8 119342.8 0.0 550197.6 17.9 53.5 4100315.5 3.4 May 157117.4 437916.6 280799.2 353141.9 125164.9 125164.9 0.0 665893.6 23.6 55.7 4238836.1 3.7 June 162419.1 482786.8 320367.7 390781.7 130767.0 130767.0 0.0 742801.5 25.2 54.9 -122905.3 -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 Requirments Actual Rese. Excess Rese. Foreign Assets Foreign Liabilities Actual Reserve+ Net For. Assets Liquidity Ratio Ratio:
Loans
Adv. to
Dep.
Debit
Balance
TurnOver of
Deposit Total Short Term Long Term
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 11.0 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 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 Qtr.III 348,309.0 346,939.2 369.0 1,950.3 6,208.3 17,755.7 93,527.4 227,128.6 1,369.8 0.8 41.6 99.8 73.4 126.6 1,027.7 January 321,143.7 319,774.0 369.0 1,899.2 6,039.1 17,123.4 87,226.8 207,116.3 1,369.7 0.8 41.5 99.8 73.4 126.6 1,027.7 February 338,542.6 337,172.8 369.0 1,933.3 6,136.0 17,653.1 91,951.8 219,129.7 1,369.7 0.8 41.5 99.8 73.4 126.5 1,027.7 March 348,309.0 346,939.2 369.0 1,950.3 6,208.3 17,755.7 93,527.4 227,128.6 1,369.8 0.8 41.6 99.8 73.4 126.6 1,027.7 Qtr.IV 346,882.5 345,513.7 368.8 1,974.0 6,227.5 16,692.5 90,604.4 229,646.5 1,368.8 0.8 41.5 99.7 73.3 126.5 1,026.9 April 351,794.8 350,425.5 368.9 1,957.1 6,231.3 17,532.5 93,361.1 230,974.6 1,369.2 0.8 41.5 99.8 73.3 126.5 1,027.2 May 348,831.6 347,462.9 368.9 1,965.9 6,253.2 16,911.7 91,313.8 230,649.4 1,368.7 0.8 41.5 99.7 73.3 126.5 1,026.7 June 346,882.5 345,513.7 368.8 1,974.0 6,227.5 16,692.5 90,604.4 229,646.5 1,368.8 0.8 41.5 99.7 73.3 126.5 1,026.9 10
Table 10: Circulating Notes and Coins by Denomination
End of
Period
Value of
Notes &
Coins
Denomination of Notes: Birr Denominations of Coins: Cents Total Value (Notes) 1 5 10 50 25 50100(coin) 100 200 Total Value (Coins) 1 5
8.5. Impact of Global Economic Development on Ethiopian
Economy
Global economic activity has continued to expand while inflation across OECD economies showed a declining trend despite slight month to month rise in June 2025. Furthermore, crude oil prices decreased while metal and food prices also increased during the fourth quarter of 2024/25. The decline in Brent crude oil prices helped Ethiopia’s to reduce its foreign exchange expenditure on fuel imports and easing pressure on the current account balance. Rising metal prices, particularly copper, increases costs for sectors dependent on import ed industrial inputs, while higher food prices which driven by strong global demand boosts Ethiopia’s agricultural export earnings, especially for commodities like coffee and oilseeds. Overall, the mixed commodity price trends present both opportunities an d challenges for Ethiopia’s trade and external balance. 4TH QUARTER R EPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 74

Table 1(a): Statement of Condition of National Bank of Ethiopia:
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 507,383.2 32,438.0 1,777.8 465,736.9 7,430.5 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 229,957.6 October 426,404.5 0.0 1,737.9 416,485.4 8,181.2 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 218,690.5 November 447,356.9 257.0 1,778.1 438,015.9 7,306.0 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 222,585.9 December 507,383.2 32,438.0 1,777.8 465,736.9 7,430.5 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 229,957.6 QIII 543,208.2 1,320.3 1,870.7 532,260.5 7,756.8 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 233,066.8 January 511,644.9 161.2 1,783.8 501,212.8 8,487.1 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 264,062.6 February 523,981.8 127.8 1,807.2 514,382.1 7,664.6 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 240,623.2 March 543,208.2 1,320.3 1,870.7 532,260.5 7,756.8 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 233,066.8 QIV 635,207.5 36,648.4 2,025.2 585,348.4 11,185.6 675,120.4 675,120.4 0.0 0.0 30,122.7 0.0 268,553.8 April
543,005.8 8.4 1,938.3 532,616.5 8,442.6 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 252,938.6 May 560,629.3 498.3 1,980.0 550,334.9 7,816.1 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 264,773.3 June 635,207.5 36,648.4 2,025.2 585,348.4 11,185.6 675,120.4 675,120.4 0.0 0.0 30,122.7 0.0 268,553.8 Silver Coins Other Assets Total Gold Reserve Tranche Foreign Exchange Others Total Bond Direct Advance Assets (In Millions of Birr) End of Period Foreign Assets Claims on Government Advance to DBE Others Agriculture 5 6 7 11.0-12 Lending to all sectors 14-15 Industry, mining, power, and water resources 6 8 9 13.0-14 Domestic trade 6 8 9.5 14.0-15 Lending to the Central Gov't 12-13 Transport and communications 6 8 8 13.0-14 Export trade 6 13.0-14 Import trade (agricultural inputs) 5 6 7 14.0-15 Import trade (other) 6 8 9.5 14.0-15 Hotels and tourism 6 8 9 14.0-15 Other Financial Inst. 10.5 Construction 6 8 9 11.0-12 Housing (1) purchase 6 6 8 11.0-12 Interbank Rate 10 (2) construction 4.5 4.5 7 11.0-12 Central Government -- 3.0-5.0 -- 12.0-13 Banks and financial institutions -- 2.5-4.5 -- 10.0 Personal loans -- -- 10 14.0-15 B. Deposit rates 1.Time deposits 30 days notice -- 10.5 10.5 3 months to less than 6 months -- 10.5 10.5 6 months to less than 12 months -- 11 11 1 year to less than 2 years Differed by 11.5 11.5 2 years and above ownership 12 12 and maturity Memorandum Items:
Rate differentials for 1 year and over
Financial institutions (1 year): 1.0
Gov'nt-owned under takings (1 year): 1.0
Individuals, savings and credit cooperatives;self-help organizations:
1 year 6.0
2 years 6.5
3 years 7.0
5 years 7.5
Others:1 year 4.0
2 years 0.8
3 years 5.0
5 years 5.5
10 10
Rate differentials:
Individuals, savings and credit cooperatives; self-help organizations:
Up to Br. 100,000 6.0 In excess of Br. 100,000 2.0
C. Minimum and Maximum Interest Rates
Minimum interest rates on Time and Savings Deposits 10 11 10 7 6 3 4 5 7 Maximum lending rate by commercial banks & other financial institutions, 15 16 15 10.5 Market except for central government loan determined Central Government loan 12 6 6 5 3 Sept.1,1994- Jan. 1, 1995 Cooperatives State Private
Table 11: Interest Rate Structures
A. Lending rates (by CBE and specialized banks) Sector Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 June 1, 1996- Sep. 15, 1996 NBE Lending to:
CBEs/ Discount 10.5
Deposit rates
Through
September 30,
1992
Oct. 1, 1992-
Aug 31, 1994 Sept.1,1994- Jan. 1, 1995
2.Savings deposits
Differed by ownership and maturity
Minimum and Maximum Interest Rates Jan. 2, 1995- Nov. 30, 1995 Dec. 1, 1995- May 30, 1996 01/12/2010 10/02/2017 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
Table 12: Government Internal Debt by Holder
Noninterest bearing
Interest bearing
Comm.
Banks
Total
Gov't
Bonds Treasury Bills Others Total Gov't Bonds Treasury Bills 1=2+6+9 2=3 to 5 3 4 5 6=7+8 7 8 9=10+11 10 11 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 Qtr.III 1762700.6 675120.4 0.0 4355.5 670764.9 1013665.5 919737.7 93927.8 73914.7 18.1 73896.6 January 1746680.7 675120.4 0.0 4355.5 670764.9 1010431.2 919344.0 91087.2 61129.1 18.1 61111.0 Febraury 1752587.8 675120.4 0.0 4355.5 670764.9 1008558.1 919527.4 89030.7 68909.3 18.1 68891.2 March 1762700.6 675120.4 0.0 4355.5 670764.9 1013665.5 919737.7 93927.8 73914.7 18.1 73896.6 Qtr.IV 1851816.6 675120.4 0.0 4355.5 670764.9 1074326.3 920684.6 153641.7 102369.8 18.1 102351.7 April 1775999.5 675120.4
0.0 4355.5 670764.9 1017061.5 920588.5 96473.0 83817.6 18.1 83799.5 May 1816214.6 675120.4 0.0 4355.5 670764.9 1045053.1 920505.4 124547.7 96041.1 18.1 96023.0 June 1851816.6 675120.4 0.0 4355.5 670764.9 1074326.3 920684.6 153641.7 102369.8 18.1 102351.7

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
Indebtedness
National Bank of Ethiopia
Commercial Banks Others
NBE
Total
Direct
Advance
Gov't Bonds
4TH QUARTERREPORT 2024/25
NATIONAL BANK OF ETHIOPIA 76

Table 1(a): Statement of Condition of National Bank of Ethiopia:
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 507,383.2 32,438.0 1,777.8 465,736.9 7,430.5 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 229,957.6 October 426,404.5 0.0 1,737.9 416,485.4 8,181.2 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 218,690.5 November 447,356.9 257.0 1,778.1 438,015.9 7,306.0 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 222,585.9 December 507,383.2 32,438.0 1,777.8 465,736.9 7,430.5 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 229,957.6 QIII 543,208.2 1,320.3 1,870.7 532,260.5 7,756.8 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 233,066.8 January 511,644.9 161.2 1,783.8 501,212.8 8,487.1 675,120.4 675,120.4 0.0 0.0 35,322.7 0.0 264,062.6 February 523,981.8 127.8 1,807.2 514,382.1 7,664.6 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 240,623.2 March 543,208.2 1,320.3 1,870.7 532,260.5 7,756.8 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 233,066.8 QIV 635,207.5 36,648.4 2,025.2 585,348.4 11,185.6 675,120.4 675,120.4 0.0 0.0 30,122.7 0.0 268,553.8 April
543,005.8 8.4 1,938.3 532,616.5 8,442.6 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 252,938.6 May 560,629.3 498.3 1,980.0 550,334.9 7,816.1 675,120.4 675,120.4 0.0 0.0 33,522.7 0.0 264,773.3 June 635,207.5 36,648.4 2,025.2 585,348.4 11,185.6 675,120.4 675,120.4 0.0 0.0 30,122.7 0.0 268,553.8 Silver Coins Other Assets Total Gold Reserve Tranche Foreign Exchange Others Total Bond Direct Advance Assets (In Millions of Birr) End of Period Foreign Assets Claims on Government Advance to DBE Others Liabilities (In Millions of Birr) 2022/23 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 1,447,784.0 300,655.6 322,156.5 64,861.8 257,294.7 1,113,977.6 193,152.1 920,825.5 1,547.7 (290,553.4) October 1,355,538.2 259,852.4 294,951.5 85,691.9 209,259.6 1,088,583.8 188,902.0 899,681.8 1,547.7 (289,397.2) November 1,380,386.0 275,525.3 295,690.1 63,818.6 231,871.4 1,111,885.8 193,181.9 918,703.8 1,547.7 (304,262.9) December 1,447,784.0 300,655.6 322,156.5 64,861.8 257,294.7 1,113,977.6 193,152.1 920,825.5 1,547.7 (290,553.4) QIII 1,484,918.2 348,309.0 378,418.2 75,266.5 303,151.7 1,048,480.0 236,126.4 812,353.6 5,112.0 (295,401.1) January 1,486,150.7 321,083.5 370,109.4 50,908.1 319,201.3 1,085,147.1 225,333.4 859,813.7 1,547.7 (291,737.1) February 1,473,248.2 338,542.6 413,228.2 75,706.6 337,521.6 1,009,130.6 228,242.5 780,888.1 3,564.9 (291,218.1) March 1,484,918.2 348,309.0 378,418.2 75,266.5 303,151.7 1,048,480.0 236,126.4 812,353.6 5,112.0 (295,401.1) QIV 1,609,004.4 346,882.0 485,119.3 44,697.2 440,422.1 1,104,620.1 255,334.5 849,285.6 (377,830.7) 50,213.7 April 1,504,587.5 351,794.8 420,793.3 90,424.5 330,368.8 1,055,871.2 244,529.6 811,341.5 5,112.0 (328,983.7) May 1,534,045.8 348,831.6 474,499.0 88,307.1 386,191.9 1,069,654.2 249,722.7 819,931.5 5,112.0 (364,051.0) June 1,609,004.4 346,882.0 485,119.3 44,697.2 440,422.1 1,104,620.1 255,334.5 849,285.6 (377,830.7) 50,213.7 Capital Account Other Liab. Total Gov't Banker Total Fund Credit Others
Table 1(b): Statement of Condition of National Bank of Ethiopia:
End of
Period
Total
Liab.=
Assets
Currency
(Notes

Coins)
Deposits Foreign Liabilities
Table 12: Government Internal Debt by Holder
Noninterest bearing
Interest bearing
Comm.
Banks
Total
Gov't
Bonds Treasury Bills Others Total Gov't Bonds Treasury Bills 1=2+6+9 2=3 to 5 3 4 5 6=7+8 7 8 9=10+11 10 11 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 Qtr.III 1762700.6 675120.4 0.0 4355.5 670764.9 1013665.5 919737.7 93927.8 73914.7 18.1 73896.6 January 1746680.7 675120.4 0.0 4355.5 670764.9 1010431.2 919344.0 91087.2 61129.1 18.1 61111.0 Febraury 1752587.8 675120.4 0.0 4355.5 670764.9 1008558.1 919527.4 89030.7 68909.3 18.1 68891.2 March 1762700.6 675120.4 0.0 4355.5 670764.9 1013665.5 919737.7 93927.8 73914.7 18.1 73896.6 Qtr.IV 1851816.6 675120.4 0.0 4355.5 670764.9 1074326.3 920684.6 153641.7 102369.8 18.1 102351.7 April 1775999.5 675120.4
0.0 4355.5 670764.9 1017061.5 920588.5 96473.0 83817.6 18.1 83799.5 May 1816214.6 675120.4 0.0 4355.5 670764.9 1045053.1 920505.4 124547.7 96041.1 18.1 96023.0 June 1851816.6 675120.4 0.0 4355.5 670764.9 1074326.3 920684.6 153641.7 102369.8 18.1 102351.7

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
Indebtedness
National Bank of Ethiopia
Commercial Banks Others
NBE
Total
Direct
Advance
Gov't Bonds
Table 14: General Government Quarterly Expenditure (In million Birr)
Budget 3months (QI) 6months (QII) 9months (QIII) 12Months (QIV) Budget 3mon(QI) 6months (QII) 9months (QIII) 12Months (QIV) 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 64,041.1 180,347.1 116,306.0 311,116.5 130,769.4 471,845.7 160,729.2 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 62,942.4 25,646.9 90,996.3 28,053.9 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 51,749.2 18,845.2 88,232.0 36,482.7 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 51,294.5 18,525.6 86,258.2 34,963.7 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 2,286.8 667.6 3,089.5 802.7 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 11,101.4 5,085.4 18,718.3 7,616.9 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 82,561.9 35,160.9 92,576.5 10,014.6 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 93,579.6 42,701.4 163,321.9 69,742.4 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 6,895.2 2,662.0 14,911.2 8,015.9 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 84,396.6 33,179.3 137,775.4 53,378.8 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 42,041.4 16,119.2 72,633.4 30,592.0 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 33,481.6 14,184.2 48,092.7 14,611.2 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 4,950.1 1,388.2 7,031.1 2,081.0 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 3,923.5 1,487.8 10,018.2 6,094.7 General Development 131,030.3 8,842.7 30,408.9 21,566.1 55,556.0 25,147.1 98,511.4 42,955.4 149,286.2 15,402.7 51,566.1 36,163.4 59,876.8 8,310.7 139,387.5 79,510.7 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 58,681.7 22,634.4 62,873.3 4,191.6 Sub Total Capital Expenditure 493,547.5 59,159.8 172,335.8 113,176.1 292,746.5 120,410.7 467,457.6 174,711.1 689,148.9 102,949.3 283,130.4 180,181.0 455,389.8 172,259.4 749,008.5 293,618.7 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 80,485.2 281,989.7
55,575.3 134,685.7 79,110.4 218,572.9 83,887.1 342,002.1 123,429.2 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 49,809.3 8,581.7 22,249.4 13,667.8 37,528.6 15,279.2 61,481.4 23,952.8 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 30,754.3 4,185.5 13,179.8 8,994.2 18,989.6 5,809.9 31,906.5 12,916.9 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 61,052.5 17,777.0 87,203.1 26,150.7 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 73,704.0 13,161.2 27,220.7 14,059.5 51,759.4 24,538.7 82,082.2 30,322.8 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 62,022.0 12,463.7 28,760.4 16,296.7 49,242.8 20,482.3 79,328.8 30,086.0 Economic Services 81,574.3 11,552.2 32,434.3 20,882.2 48,938.9 16,504.5 63,103.7 14,164.8 122,830.6 17,342.9 34,383.0 17,040.0 55,582.2 21,199.3 83,182.5 27,600.3 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 78,112.6 8,545.1 18,537.3 9,992.2 31,438.2 12,900.9 46,571.2 15,133.0 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 37,819.4 6,466.4 14,597.5 8,131.1 24,361.3 9,763.8 36,607.2 12,246.0 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 40,293.2 2,078.8 3,939.9 1,861.1 7,076.9 3,137.1 9,963.9 2,887.0 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 40,293.2 611.1 3,522.9 2,911.8 6,246.4 2,723.5 8,748.5 2,502.0 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 18,239.7 4,876.8 8,995.7 4,118.9 13,414.0 4,418.2 19,935.0 6,521.0 Mines & Energy 361.3 46.6 168.7 122.1 297.0 128.2 407.6 110.6 412.8 106.4 256.5 150.1 426.5 170.0 561.9 135.4 Tourism 618.8 11.7 185.8 174.1 334.2 148.3 575.4 241.2 657.8 107.9 449.2 341.3 769.9 320.7 1,397.2 627.3 Transport & communication 2,995.4 511.0 1,037.5 526.5 2,335.4 1,298.0 3,217.6 882.2 5,897.4 660.7 1,363.5 702.7 2,336.6 973.1 3,857.2 1,520.6 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 17,946.8 3,025.0 4,080.6 1,055.6 6,160.9 2,080.3 9,048.7 2,887.8 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 14,348.1 2,335.5 2,432.0 96.5 3,496.6 1,064.6 4,728.1 1,231.5 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 1,036.1 335.9 1,811.3 775.3 Social Services 244,902.3 43,707.4 99,182.2 55,474.9 168,737.7 69,555.4 247,932.4 79,194.7 321,350.7 53,497.0 124,890.2 71,393.2 206,823.5 81,933.3 321,187.9 114,364.4 Education & training 159,685.1 28,746.4 66,198.1 37,451.7 110,728.1 44,530.0 162,057.1 51,329.0 200,427.6 35,435.8 78,392.5 42,956.7 135,356.0 56,963.5 208,301.9 72,945.9 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 8,477.2
1,668.0 3,548.0 1,880.0 5,607.1 2,059.1 8,811.9 3,204.8 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 94,351.6 12,250.8 33,913.3 21,662.5 53,471.3 19,557.9 86,255.4 32,784.1 Labour & social welfare 2,632.5 647.2 1,441.1 793.9 2,202.3 761.2 3,713.6 1,511.3 5,995.3 951.7 2,343.7 1,392.0 4,018.7 1,675.1 6,361.0 2,342.3 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 12,099.0 3,190.7 6,692.7 3,502.0 8,370.3 1,677.7 11,457.7 3,087.4 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 22,399.1 103,691.0 55,980.7 120,768.8 17,077.8 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 85,678.7 49,631.1 94,858.3 9,179.7 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 18,012.3 6,349.6 25,910.5 7,898.2 O/w: defence commercial - - 0.0 0.0 Miscellaneous 95,805.8 3,167.7 18,744.5 15,576.8 29,909.3 11,164.8 41,953.6 12,044.2 444,321.2 8,843.6 25,177.2 16,333.6 136,287.9 111,110.7 202,179.4 65,891.5 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 1,346,123.6 160,570.2 366,846.4 206,276.3 720,957.5 354,111.1 1,069,320.7 348,363.2 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 2,035,272.6 263,519.5 649,976.8 386,457.3 1,176,347.3 526,370.5 1,818,329.2 641,981.9 Source: Ministry of Finance, National Bank of Ethiopia * Estimated value Pre-actual Ethiopian fiscal year, Fiscal year ending July 7 2023/24 2017 2024/25 Pre actual 2016 4 77 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

Table 2(a): Statement of Condition of Commercial Banks:
Assets
Loans &
Adv.
Investment
Commercial
Banks
(2+3)
1 2 3 4 5
(7+8+9)
6 7 8 9 10
2022/23 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 QIII 306810.0 8570.5 298239.5 279843.8 1176250.3 1868663.5 1690963.1 124402.6 53297.8 743964.2 January 379011.2 59367.4 319643.8 317193.3 1152904.9 1681007.4 1550225.0 91317.2 39465.2 737424.3 February 387698.2 50796.9 336901.3 291635.0 1160379.7 1785179.1 1629937.1 114960.9 40281.0 708948.2 March 306810.0 8570.5 298239.5 279843.8 1176250.3 1868663.5 1690963.1 124402.6 53297.8 743964.2 QIV 487140.2 61998.9 425141.3 390781.7 1266742.9 1939360.1 1780874.3 100393.4 58092.4 754804.6 April 401402.3 70544.3 330858.1 279222.9 1191732.5 1883985.8 1718185.1 113235.3 52565.4 737457.3 May 449702.5 67470.1 382232.5 353141.9 1228375.1 1902269.7 1748965.6 98281.3 55022.8 754324.5 June 487140.2 61998.9 425141.3 390781.7 1266742.9 1939360.1 1780874.3 100393.4 58092.4 754804.6 (In Millions of Birr) Cash in Hand Deposits with NBE Claims on Non-Central Gov't Other Assets Reserves Total End of Period Foreign Assets Claims On Gov't Total
Table 14: General Government Quarterly Expenditure (In million Birr)
Budget 3months (QI) 6months (QII) 9months (QIII) 12Months (QIV) Budget 3mon(QI) 6months (QII) 9months (QIII) 12Months (QIV) 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 64,041.1 180,347.1 116,306.0 311,116.5 130,769.4 471,845.7 160,729.2 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 62,942.4 25,646.9 90,996.3 28,053.9 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 51,749.2 18,845.2 88,232.0 36,482.7 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 51,294.5 18,525.6 86,258.2 34,963.7 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 2,286.8 667.6 3,089.5 802.7 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 11,101.4 5,085.4 18,718.3 7,616.9 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 82,561.9 35,160.9 92,576.5 10,014.6 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 93,579.6 42,701.4 163,321.9 69,742.4 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 6,895.2 2,662.0 14,911.2 8,015.9 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 84,396.6 33,179.3 137,775.4 53,378.8 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 42,041.4 16,119.2 72,633.4 30,592.0 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 33,481.6 14,184.2 48,092.7 14,611.2 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 4,950.1 1,388.2 7,031.1 2,081.0 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 3,923.5 1,487.8 10,018.2 6,094.7 General Development 131,030.3 8,842.7 30,408.9 21,566.1 55,556.0 25,147.1 98,511.4 42,955.4 149,286.2 15,402.7 51,566.1 36,163.4 59,876.8 8,310.7 139,387.5 79,510.7 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 58,681.7 22,634.4 62,873.3 4,191.6 Sub Total Capital Expenditure 493,547.5 59,159.8 172,335.8 113,176.1 292,746.5 120,410.7 467,457.6 174,711.1 689,148.9 102,949.3 283,130.4 180,181.0 455,389.8 172,259.4 749,008.5 293,618.7 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 80,485.2 281,989.7
55,575.3 134,685.7 79,110.4 218,572.9 83,887.1 342,002.1 123,429.2 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 49,809.3 8,581.7 22,249.4 13,667.8 37,528.6 15,279.2 61,481.4 23,952.8 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 30,754.3 4,185.5 13,179.8 8,994.2 18,989.6 5,809.9 31,906.5 12,916.9 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 61,052.5 17,777.0 87,203.1 26,150.7 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 73,704.0 13,161.2 27,220.7 14,059.5 51,759.4 24,538.7 82,082.2 30,322.8 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 62,022.0 12,463.7 28,760.4 16,296.7 49,242.8 20,482.3 79,328.8 30,086.0 Economic Services 81,574.3 11,552.2 32,434.3 20,882.2 48,938.9 16,504.5 63,103.7 14,164.8 122,830.6 17,342.9 34,383.0 17,040.0 55,582.2 21,199.3 83,182.5 27,600.3 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 78,112.6 8,545.1 18,537.3 9,992.2 31,438.2 12,900.9 46,571.2 15,133.0 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 37,819.4 6,466.4 14,597.5 8,131.1 24,361.3 9,763.8 36,607.2 12,246.0 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 40,293.2 2,078.8 3,939.9 1,861.1 7,076.9 3,137.1 9,963.9 2,887.0 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 40,293.2 611.1 3,522.9 2,911.8 6,246.4 2,723.5 8,748.5 2,502.0 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 18,239.7 4,876.8 8,995.7 4,118.9 13,414.0 4,418.2 19,935.0 6,521.0 Mines & Energy 361.3 46.6 168.7 122.1 297.0 128.2 407.6 110.6 412.8 106.4 256.5 150.1 426.5 170.0 561.9 135.4 Tourism 618.8 11.7 185.8 174.1 334.2 148.3 575.4 241.2 657.8 107.9 449.2 341.3 769.9 320.7 1,397.2 627.3 Transport & communication 2,995.4 511.0 1,037.5 526.5 2,335.4 1,298.0 3,217.6 882.2 5,897.4 660.7 1,363.5 702.7 2,336.6 973.1 3,857.2 1,520.6 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 17,946.8 3,025.0 4,080.6 1,055.6 6,160.9 2,080.3 9,048.7 2,887.8 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 14,348.1 2,335.5 2,432.0 96.5 3,496.6 1,064.6 4,728.1 1,231.5 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 1,036.1 335.9 1,811.3 775.3 Social Services 244,902.3 43,707.4 99,182.2 55,474.9 168,737.7 69,555.4 247,932.4 79,194.7 321,350.7 53,497.0 124,890.2 71,393.2 206,823.5 81,933.3 321,187.9 114,364.4 Education & training 159,685.1 28,746.4 66,198.1 37,451.7 110,728.1 44,530.0 162,057.1 51,329.0 200,427.6 35,435.8 78,392.5 42,956.7 135,356.0 56,963.5 208,301.9 72,945.9 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 8,477.2
1,668.0 3,548.0 1,880.0 5,607.1 2,059.1 8,811.9 3,204.8 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 94,351.6 12,250.8 33,913.3 21,662.5 53,471.3 19,557.9 86,255.4 32,784.1 Labour & social welfare 2,632.5 647.2 1,441.1 793.9 2,202.3 761.2 3,713.6 1,511.3 5,995.3 951.7 2,343.7 1,392.0 4,018.7 1,675.1 6,361.0 2,342.3 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 12,099.0 3,190.7 6,692.7 3,502.0 8,370.3 1,677.7 11,457.7 3,087.4 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 22,399.1 103,691.0 55,980.7 120,768.8 17,077.8 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 85,678.7 49,631.1 94,858.3 9,179.7 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 18,012.3 6,349.6 25,910.5 7,898.2 O/w: defence commercial - - 0.0 0.0 Miscellaneous 95,805.8 3,167.7 18,744.5 15,576.8 29,909.3 11,164.8 41,953.6 12,044.2 444,321.2 8,843.6 25,177.2 16,333.6 136,287.9 111,110.7 202,179.4 65,891.5 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 1,346,123.6 160,570.2 366,846.4 206,276.3 720,957.5 354,111.1 1,069,320.7 348,363.2 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 2,035,272.6 263,519.5 649,976.8 386,457.3 1,176,347.3 526,370.5 1,818,329.2 641,981.9 Source: Ministry of Finance, National Bank of Ethiopia * Estimated value Pre-actual Ethiopian fiscal year, Fiscal year ending July 7 2023/24 2017 2024/25 Pre actual 2016 4TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA 78

Table 2(a): Statement of Condition of Commercial Banks:
Assets
Loans &
Adv.
Investment
Commercial
Banks
(2+3)
1
2
3
4
5
(7+8+9)
6
7
8
9 10
2022/23 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 QIII 306810.0 8570.5 298239.5 279843.8 1176250.3 1868663.5 1690963.1 124402.6 53297.8 743964.2 January 379011.2 59367.4 319643.8 317193.3 1152904.9 1681007.4 1550225.0 91317.2 39465.2 737424.3 February 387698.2 50796.9 336901.3 291635.0 1160379.7 1785179.1 1629937.1 114960.9 40281.0 708948.2 March 306810.0 8570.5 298239.5 279843.8 1176250.3 1868663.5 1690963.1 124402.6 53297.8 743964.2 QIV 487140.2 61998.9 425141.3 390781.7 1266742.9 1939360.1 1780874.3 100393.4 58092.4 754804.6 April 401402.3 70544.3 330858.1 279222.9 1191732.5 1883985.8 1718185.1 113235.3 52565.4 737457.3 May 449702.5 67470.1 382232.5 353141.9 1228375.1 1902269.7 1748965.6 98281.3 55022.8 754324.5 June 487140.2 61998.9 425141.3 390781.7 1266742.9 1939360.1 1780874.3 100393.4 58092.4 754804.6 (In Millions of Birr) Cash in Hand Deposits with NBE Claims on Non-Central Gov't Other Assets Reserves Total End of Period Foreign Assets Claims On Gov't Total 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 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 4087564.1 2546472.8 669254.1 209472.1 1667746.6 252301.7 110369.1 379293.8 261759.1 70642.8 46892.0 799126.6 October 3804572.8 2425885.9 652450.6 197196.2 1576239.1 179005.7 107582.9 354934.7 246138.7 65601.2 43194.8 737163.6 November 3910742.7 2442313.2 645988.4 202238.8 1594086.0 235586.5 112957.9 353909.7 250780.4 67244.5 35884.9 765975.4 December 4087564.1 2546472.8 669254.1 209472.1 1667746.6 252301.7 110369.1 379293.8 261759.1 70642.8 46892.0 799126.6 QIII 4424868.9 2768749.1 728232.2 220937.8 1819579.1 319365.9 117419.8 420258.1 272337.6 71062.2 76858.3 799075.9 January 4197210.4 2594752.8 674858.6 214974.0 1704920.2 279311.3 116647.2 389985.3 264074.3 71062.2 54848.8 816513.8 February 4290409.5 2665317.9 701885.7 214136.8 1749295.5 318697.4 115260.2 405583.0 267792.7 71062.2 66728.2 785550.9 March 4424868.9 2768749.1 728232.2 220937.8 1819579.1 319365.9 117419.8 420258.1 272337.6 71062.2 76858.3 799075.9 QIV 4831815.4 3059923.0 839727.3 243483.5 1976712.2 310440.2 130767.0 528743.0 338828.8 72457.9 117456.4 801942.2 April 4483738.9 2812554.4 734393.0 230732.2 1847429.2 321770.1 119342.8 436789.9 274129.0 71062.2 91598.7 793281.7 May 4676091.4 2936510.9 800991.5 240890.9 1894628.6 304011.1 125164.9 510358.7 326345.7 71062.2 112950.8 800045.8 June 4831815.4 3059923.0 839727.3 243483.5 1976712.2 310440.2 130767.0 528743.0 338828.8 72457.9 117456.4 801942.2
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.
Table 14: General Government Quarterly Expenditure (In million Birr)
Budget 3months (QI) 6months (QII) 9months (QIII) 12Months (QIV) Budget 3mon(QI) 6months (QII) 9months (QIII) 12Months (QIV) 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 64,041.1 180,347.1 116,306.0 311,116.5 130,769.4 471,845.7 160,729.2 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 62,942.4 25,646.9 90,996.3 28,053.9 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 51,749.2 18,845.2 88,232.0 36,482.7 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 51,294.5 18,525.6 86,258.2 34,963.7 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 2,286.8 667.6 3,089.5 802.7 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 11,101.4 5,085.4 18,718.3 7,616.9 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 82,561.9 35,160.9 92,576.5 10,014.6 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 93,579.6 42,701.4 163,321.9 69,742.4 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 6,895.2 2,662.0 14,911.2 8,015.9 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 84,396.6 33,179.3 137,775.4 53,378.8 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 42,041.4 16,119.2 72,633.4 30,592.0 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 33,481.6 14,184.2 48,092.7 14,611.2 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 4,950.1 1,388.2 7,031.1 2,081.0 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 3,923.5 1,487.8 10,018.2 6,094.7 General Development 131,030.3 8,842.7 30,408.9 21,566.1 55,556.0 25,147.1 98,511.4 42,955.4 149,286.2 15,402.7 51,566.1 36,163.4 59,876.8 8,310.7 139,387.5 79,510.7 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 58,681.7 22,634.4 62,873.3 4,191.6 Sub Total Capital Expenditure 493,547.5 59,159.8 172,335.8 113,176.1 292,746.5 120,410.7 467,457.6 174,711.1 689,148.9 102,949.3 283,130.4 180,181.0 455,389.8 172,259.4 749,008.5 293,618.7 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 80,485.2 281,989.7
55,575.3 134,685.7 79,110.4 218,572.9 83,887.1 342,002.1 123,429.2 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 49,809.3 8,581.7 22,249.4 13,667.8 37,528.6 15,279.2 61,481.4 23,952.8 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 30,754.3 4,185.5 13,179.8 8,994.2 18,989.6 5,809.9 31,906.5 12,916.9 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 61,052.5 17,777.0 87,203.1 26,150.7 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 73,704.0 13,161.2 27,220.7 14,059.5 51,759.4 24,538.7 82,082.2 30,322.8 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 62,022.0 12,463.7 28,760.4 16,296.7 49,242.8 20,482.3 79,328.8 30,086.0 Economic Services 81,574.3 11,552.2 32,434.3 20,882.2 48,938.9 16,504.5 63,103.7 14,164.8 122,830.6 17,342.9 34,383.0 17,040.0 55,582.2 21,199.3 83,182.5 27,600.3 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 78,112.6 8,545.1 18,537.3 9,992.2 31,438.2 12,900.9 46,571.2 15,133.0 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 37,819.4 6,466.4 14,597.5 8,131.1 24,361.3 9,763.8 36,607.2 12,246.0 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 40,293.2 2,078.8 3,939.9 1,861.1 7,076.9 3,137.1 9,963.9 2,887.0 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 40,293.2 611.1 3,522.9 2,911.8 6,246.4 2,723.5 8,748.5 2,502.0 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 18,239.7 4,876.8 8,995.7 4,118.9 13,414.0 4,418.2 19,935.0 6,521.0 Mines & Energy 361.3 46.6 168.7 122.1 297.0 128.2 407.6 110.6 412.8 106.4 256.5 150.1 426.5 170.0 561.9 135.4 Tourism 618.8 11.7 185.8 174.1 334.2 148.3 575.4 241.2 657.8 107.9 449.2 341.3 769.9 320.7 1,397.2 627.3 Transport & communication 2,995.4 511.0 1,037.5 526.5 2,335.4 1,298.0 3,217.6 882.2 5,897.4 660.7 1,363.5 702.7 2,336.6 973.1 3,857.2 1,520.6 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 17,946.8 3,025.0 4,080.6 1,055.6 6,160.9 2,080.3 9,048.7 2,887.8 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 14,348.1 2,335.5 2,432.0 96.5 3,496.6 1,064.6 4,728.1 1,231.5 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 1,036.1 335.9 1,811.3 775.3 Social Services 244,902.3 43,707.4 99,182.2 55,474.9 168,737.7 69,555.4 247,932.4 79,194.7 321,350.7 53,497.0 124,890.2 71,393.2 206,823.5 81,933.3 321,187.9 114,364.4 Education & training 159,685.1 28,746.4 66,198.1 37,451.7 110,728.1 44,530.0 162,057.1 51,329.0 200,427.6 35,435.8 78,392.5 42,956.7 135,356.0 56,963.5 208,301.9 72,945.9 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 8,477.2
1,668.0 3,548.0 1,880.0 5,607.1 2,059.1 8,811.9 3,204.8 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 94,351.6 12,250.8 33,913.3 21,662.5 53,471.3 19,557.9 86,255.4 32,784.1 Labour & social welfare 2,632.5 647.2 1,441.1 793.9 2,202.3 761.2 3,713.6 1,511.3 5,995.3 951.7 2,343.7 1,392.0 4,018.7 1,675.1 6,361.0 2,342.3 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 12,099.0 3,190.7 6,692.7 3,502.0 8,370.3 1,677.7 11,457.7 3,087.4 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 22,399.1 103,691.0 55,980.7 120,768.8 17,077.8 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 85,678.7 49,631.1 94,858.3 9,179.7 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 18,012.3 6,349.6 25,910.5 7,898.2 O/w: defence commercial - - 0.0 0.0 Miscellaneous 95,805.8 3,167.7 18,744.5 15,576.8 29,909.3 11,164.8 41,953.6 12,044.2 444,321.2 8,843.6 25,177.2 16,333.6 136,287.9 111,110.7 202,179.4 65,891.5 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 1,346,123.6 160,570.2 366,846.4 206,276.3 720,957.5 354,111.1 1,069,320.7 348,363.2 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 2,035,272.6 263,519.5 649,976.8 386,457.3 1,176,347.3 526,370.5 1,818,329.2 641,981.9 Source: Ministry of Finance, National Bank of Ethiopia * Estimated value Pre-actual Ethiopian fiscal year, Fiscal year ending July 7 2023/24 2017 2024/25 Pre actual 2016 4 79 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

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 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 4087564.1 2546472.8 669254.1 209472.1 1667746.6 252301.7 110369.1 379293.8 261759.1 70642.8 46892.0 799126.6 October 3804572.8 2425885.9 652450.6 197196.2 1576239.1 179005.7 107582.9 354934.7 246138.7 65601.2 43194.8 737163.6 November 3910742.7 2442313.2 645988.4 202238.8 1594086.0 235586.5 112957.9 353909.7 250780.4 67244.5 35884.9 765975.4 December 4087564.1 2546472.8 669254.1 209472.1 1667746.6 252301.7 110369.1 379293.8 261759.1 70642.8 46892.0 799126.6 QIII 4424868.9 2768749.1 728232.2 220937.8 1819579.1 319365.9 117419.8 420258.1 272337.6 71062.2 76858.3 799075.9
January 4197210.4 2594752.8 674858.6 214974.0 1704920.2 279311.3 116647.2 389985.3 264074.3 71062.2 54848.8 816513.8 February 4290409.5 2665317.9 701885.7 214136.8 1749295.5 318697.4 115260.2 405583.0 267792.7 71062.2 66728.2 785550.9 March 4424868.9 2768749.1 728232.2 220937.8 1819579.1 319365.9 117419.8 420258.1 272337.6 71062.2 76858.3 799075.9 QIV 4831815.4 3059923.0 839727.3 243483.5 1976712.2 310440.2 130767.0 528743.0 338828.8 72457.9 117456.4 801942.2 April 4483738.9 2812554.4 734393.0 230732.2 1847429.2 321770.1 119342.8 436789.9 274129.0 71062.2 91598.7 793281.7 May 4676091.4 2936510.9 800991.5 240890.9 1894628.6 304011.1 125164.9 510358.7 326345.7 71062.2 112950.8 800045.8 June 4831815.4 3059923.0 839727.3 243483.5 1976712.2 310440.2 130767.0 528743.0 338828.8 72457.9 117456.4 801942.2
Table 2(b): Statement of Condition of Commercial Banks:
(In Millions of Birr)
End of
Period
Total
(Liab.=
Assets)
Non-Central Gov't Deposits Gov't
Depos.
Foreign
Liab.
Capital Account Other
Liab.
Assets
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 24,013.8 8,095.5 53,209.8 95,062.6 1,124.4 288.4 93,649.7 11,108.6 191,490.2 October 18,227.9 7,538.8 53,914.9 78,353.8 3,459.4 277.9 74,616.5 27,035.1 185,070.5 November 18,658.0 4,989.8 54,091.1 79,592.0 3,475.0 280.7 75,836.2 29,686.8 187,017.7 December 24,013.8 8,095.5 53,209.8 95,062.6 1,124.4 288.4 93,649.7 11,108.6 191,490.2 Qtr.III 25,581.6 8,134.0 53,736.7 97,020.8 5,857.8 292.1 90,871.0 9,290.2 193,763.3 January 27,290.7 7,648.4 53,386.1 96,854.4 6,606.4 286.8 89,961.2 9,613.5 194,793.1 February 26,550.1 7,330.2 53,560.5 95,889.0 6,117.2 286.4 89,485.4 8,965.1 192,294.8 March 25,581.6 8,134.0 53,736.7 97,020.8 5,857.8 292.1 90,871.0 9,290.2 193,763.3 Qtr.IV 18,850.4 8,570.4 53,207.9 71,263.5 5,972.0 279.7 65,011.8 38,630.3 190,522.6 April 23,718.8 8,729.9 53,913.0 97,619.8 6,086.4 281.7 91,251.6 9,683.2 193,664.7 May 22,906.9 8,914.5 54,089.2 70,905.0 5,409.8 284.3 65,210.9 37,973.6 194,789.2 June 18,850.4 8,570.4 53,207.9 71,263.5 5,972.0 279.7 65,011.8 38,630.3 190,522.6 Public Enterprise Cooperatives 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
Table 16: GDP By Economic Activity at Constant Prices (In millions of Birr)
2009 2010 2011 2012 2013 2014 2015 2016 2017
2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 Agriculture, Hunting and Forestry 579,022.9 599,331.4 622,220.3 648,711.8 684,775.8 726,412.8 771,163.0 824,259.4 881,597.5 Crop 374,649.8 392,291.8 404,049.6 422,966.5 446,919.4 477,801.1 511,777.5 551,862.1 593,186.5 Animal Farming and Hunting 153,170.4 154,038.0 163,279.5 168,722.4 178,571.3 186,759.1 195,057.3 205,367.7 218,665.9 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 69,745.1 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 7,027.0 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 39,023.9 Manufacturing 111,249.6 117,410.7 127,986.7 137,601.5 144,618.9 151,583.9 162,125.7 175,745.9 193,907.6 Large and Medium Scale Manufacturing 73,528.2 77,966.5 87,691.9 96,268.6 102,266.2 108,223.9 117,266.1 129,228.4 145,456.8 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 48,450.8 Electricity and Water 11,552.5 11,929.0 14,115.4 15,136.4 16,522.3 17,593.6 19,826.3 23,400.2 29,390.1 Construction 286,749.6 331,691.4 381,443.8 419,078.0 446,721.7 468,435.8 501,490.4 546,459.8 594,749.4 Whole Sale and Retail Trade 215,351.0 241,936.3 268,037.0 285,293.1 303,204.7 327,260.0 352,241.8 379,833.4 408,799.7 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 71,239.5 Transport and Communications 215,351.0 241,936.3 104,436.2 105,646.1 113,090.7 124,120.5 139,047.5 154,861.1 168,006.1 Financial Intermediation 41,625.2 44,335.3 57,368.6 65,274.3 71,158.1 78,636.2 86,092.9 91,275.6 98,463.6 Real Estate, Renting and Business Activities 70,005.2 74,364.3 79,942.0 87,510.2 95,299.7 103,829.9 113,274.2 123,259.3 134,421.7 Public Administration and Defense 70,488.5 76,754.1 83,662.0 85,612.2 89,770.1 93,768.3 97,515.9 102,314.6 108,394.6 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 50,119.9 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 40,479.8 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 24,730.3 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 20,123.0 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 2,632,350.3 2,870,473.8 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 28,221.5 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 2,842,252.3 Taxes on Products 120,645.6 114,575.2 112,468.2 119,592.3 113,931.8 98,085.2 91,585.7 87,978.8 112,722.0 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 2,691,931.8 2,954,974.4 Source:MoPD Sectors/Year 4TH
QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA 80

Assets
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 24,013.8 8,095.5 53,209.8 95,062.6 1,124.4 288.4 93,649.7 11,108.6 191,490.2 October 18,227.9 7,538.8 53,914.9 78,353.8 3,459.4 277.9 74,616.5 27,035.1 185,070.5 November 18,658.0 4,989.8 54,091.1 79,592.0 3,475.0 280.7 75,836.2 29,686.8 187,017.7 December 24,013.8 8,095.5 53,209.8 95,062.6 1,124.4 288.4 93,649.7 11,108.6 191,490.2 Qtr.III 25,581.6 8,134.0 53,736.7 97,020.8 5,857.8 292.1 90,871.0 9,290.2 193,763.3 January 27,290.7 7,648.4 53,386.1 96,854.4 6,606.4 286.8 89,961.2 9,613.5 194,793.1 February 26,550.1 7,330.2 53,560.5 95,889.0 6,117.2 286.4 89,485.4 8,965.1 192,294.8 March 25,581.6 8,134.0 53,736.7 97,020.8 5,857.8 292.1 90,871.0 9,290.2 193,763.3 Qtr.IV 18,850.4 8,570.4 53,207.9 71,263.5 5,972.0 279.7 65,011.8 38,630.3 190,522.6 April 23,718.8 8,729.9 53,913.0 97,619.8 6,086.4 281.7 91,251.6 9,683.2 193,664.7 May 22,906.9 8,914.5 54,089.2 70,905.0 5,409.8 284.3 65,210.9 37,973.6 194,789.2 June 18,850.4 8,570.4 53,207.9 71,263.5 5,972.0 279.7 65,011.8 38,630.3 190,522.6 Public Enterprise Cooperatives 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
Total N.B.E Others
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 191,490.2 1,007.3 69.0 39,214.1 95,269.4 46,786.5 48,482.9 0.0 40,253.7 15,676.7 October 185,070.5 1,174.2 75.6 38,872.9 89,653.9 47,589.7 42,064.2 0.0 38,927.3 16,366.6 November 187,017.7 1,157.3 71.9 39,117.5 89,943.2 47,582.4 42,360.8 0.0 39,138.4 17,589.3 December 191,490.2 1,007.3 69.0 39,214.1 95,269.4 46,786.5 48,482.9 0.0 40,253.7 15,676.7 Qrt.III 193,763.3 874.8 72.9 40,602.1 97,900.8 45,830.1 52,070.7 0.0 39,482.6 14,830.1 January 194,793.1 976.4 69.9 39,701.9 99,288.4 46,882.9 52,405.5 0.0 39,302.7 15,453.9 February 192,294.8 890.0 71.6 40,121.8 96,640.1 39,083.4 57,556.7 0.0 39,083.4 15,487.9 March 193,763.3 874.8 72.9 40,602.1 97,900.8 45,830.1 52,070.7 0.0 39,482.6 14,830.1 Qrt.IV 190,522.6 761.1 73.8 41,955.5 92,157.7 42,433.4 49,724.3 0.0 39,437.2 16,137.3 April 193,664.7 894.5 72.3 40,221.1 96,496.6 45,957.4 50,539.1 0.0 39,623.9 16,356.3 May 194,789.2 788.2 69.6 41,625.8 96,254.2 46,595.3 49,658.9 0.0 39,778.3 16,273.1 June 190,522.6 761.1 73.8 41,955.5 92,157.7 42,433.4 49,724.3 0.0 39,437.2 16,137.3 Foreign Advance & Loan Other Liability Items
Table 3(b): Consolidated Statement of Condition of Development Bank of Ethiopia:
Liablities (In Millions of Birr)
End of
Period
Total Assets
=Liab.
Demand
Deposits
Time & Savings
Deposits
Capital
Accounts
Credit from Banks Credit from
Gov't
Table 16: GDP By Economic Activity at Constant Prices (In millions of Birr)
2009 2010 2011 2012 2013 2014 2015 2016 2017
2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 Agriculture, Hunting and Forestry 579,022.9 599,331.4 622,220.3 648,711.8 684,775.8 726,412.8 771,163.0 824,259.4 881,597.5 Crop 374,649.8 392,291.8 404,049.6 422,966.5 446,919.4 477,801.1 511,777.5 551,862.1 593,186.5 Animal Farming and Hunting 153,170.4 154,038.0 163,279.5 168,722.4 178,571.3 186,759.1 195,057.3 205,367.7 218,665.9 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 69,745.1 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 7,027.0 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 39,023.9 Manufacturing 111,249.6 117,410.7 127,986.7 137,601.5 144,618.9 151,583.9 162,125.7 175,745.9 193,907.6 Large and Medium Scale Manufacturing 73,528.2 77,966.5 87,691.9 96,268.6 102,266.2 108,223.9 117,266.1 129,228.4 145,456.8 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 48,450.8 Electricity and Water 11,552.5 11,929.0 14,115.4 15,136.4 16,522.3 17,593.6 19,826.3 23,400.2 29,390.1 Construction 286,749.6 331,691.4 381,443.8 419,078.0 446,721.7 468,435.8 501,490.4 546,459.8 594,749.4 Whole Sale and Retail Trade 215,351.0 241,936.3 268,037.0 285,293.1 303,204.7 327,260.0 352,241.8 379,833.4 408,799.7 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 71,239.5 Transport and Communications 215,351.0 241,936.3 104,436.2 105,646.1 113,090.7 124,120.5 139,047.5 154,861.1 168,006.1 Financial Intermediation 41,625.2 44,335.3 57,368.6 65,274.3 71,158.1 78,636.2 86,092.9 91,275.6 98,463.6 Real Estate, Renting and Business Activities 70,005.2 74,364.3 79,942.0 87,510.2 95,299.7 103,829.9 113,274.2 123,259.3 134,421.7 Public Administration and Defense 70,488.5 76,754.1 83,662.0 85,612.2 89,770.1 93,768.3 97,515.9 102,314.6 108,394.6 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 50,119.9 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 40,479.8 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 24,730.3 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 20,123.0 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 2,632,350.3 2,870,473.8 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 28,221.5 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 2,842,252.3 Taxes on Products 120,645.6 114,575.2 112,468.2 119,592.3 113,931.8 98,085.2 91,585.7 87,978.8 112,722.0 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 2,691,931.8 2,954,974.4 Source:MoPD Sectors/Year
Table 17: Growth Rate of GDP By Economic Activity at Constant Prices (In percent)
2009 2010 2011 2012 2013 2014 2015 2016 2017
2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 Agriculture, Hunting and Forestry 6.7 3.5 3.8 4.3 5.6 6.1 6.2 6.9 7.0 Crop 8.2 4.7 3 4.7 5.7 6.9 7.1 7.8 7.5 Animal Farming and Hunting 4.2 0.6 6 3.3 5.8 4.6 4.4 5.3 6.5 Forestry 3.6 3.5 3.8 3.9 4.0 4.3 4.0 4.2 4.1 Fishing 0.5 11.3 2.3 2.8 1.7 21.9 38.6 29.6 94.1 Mining and Quarrying -29.8 -20.8 -21.9 91.4 115.4 6.1 -7.1 18.4 205.4 Manufacturing 24.7 5.5 7.7 7.5 5.1 4.8 7.0 8.4 10.3 Large and Medium Scale Manufacturing 19.2 6.0 10 9.8 6.2 5.8 8.4 10.2 12.6 Small Scale and Cottage Industries 36.9 4.6 3 2.6 2.5 2.4 3.5 3.7 4.2 Electricity and Water 4.9 3.3 4 7.2 9.2 6.5 12.7 18.0 25.6 Construction 20.7 15.7 15 9.9 6.6 4.9 7.1 9.0 8.8 Whole Sale and Retail Trade 6.5 12.3 11.7 6.4 6.3 7.9 7.6 7.8 7.6 Hotels and Restaurants 0.1 6.5 9 2.2 2.6 8.0 10.3 9.1 8.5 Transport and Communications 15.1 6.4 21 1.2 7.0 9.8 12.0 11.4 8.5 Financial Intermediation 18.3 10.7 10.1 10.2 9.0 10.5 9.5 6.0 7.9 Real Estate, Renting and Business Activities 4.4 6.2 7.5 9.5 8.9 9.0 9.1 8.8 9.1 Public Administration and Defense 13.2 8.9 9 2.3 4.9 4.5 4.0 4.9 5.9 Education -3.2 3.6 4 1.8 2.0 1.6 2.5 2.5 2.7 Health and Social Work 7.0 8.3 14.3 12.9 13.4 10.8 11.0 11.2 11.5 Other Community , Social & Personal Services 4.5 5.1 6.3 2.5 2.0 2.1 2.2 2.9 2.7 Private Households with Employed Persons 3.5 3.9 2.5 2.3 2.2 2.3 2.1 2.1 2.0 Total 10.2 7.8 8.9 6.2 6.3 6.4 7.1 7.9 9.0 Less : FISIM 17.6 16.0 7 14.2 11.0 5.9 2.5 -3.9 -0.6 Gross Value Added at Constant Basic Prices 10.1 7.7 9.0 6.1 6.3 6.4 7.2 8.1 9.2 Taxes on Products 1.6 -5.0 -1.8 6.3 -4.7 -13.9 -6.6 -3.9 28.1 GDP at Constant Market Prices 9.5 6.8 8.3 6.1 5.6 5.3 6.6 7.6 9.8 Source: MoPD Industry/Year 4 81 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

Total N.B.E Others
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 191,490.2 1,007.3 69.0 39,214.1 95,269.4 46,786.5 48,482.9 0.0 40,253.7 15,676.7 October 185,070.5 1,174.2 75.6 38,872.9 89,653.9 47,589.7 42,064.2 0.0 38,927.3 16,366.6 November 187,017.7 1,157.3 71.9 39,117.5 89,943.2 47,582.4 42,360.8 0.0 39,138.4 17,589.3 December 191,490.2 1,007.3 69.0 39,214.1 95,269.4 46,786.5 48,482.9 0.0 40,253.7 15,676.7 Qrt.III 193,763.3 874.8 72.9 40,602.1 97,900.8 45,830.1 52,070.7 0.0 39,482.6 14,830.1 January 194,793.1 976.4 69.9 39,701.9 99,288.4 46,882.9 52,405.5 0.0 39,302.7 15,453.9 February 192,294.8 890.0 71.6 40,121.8 96,640.1 39,083.4 57,556.7 0.0 39,083.4 15,487.9 March 193,763.3 874.8 72.9 40,602.1 97,900.8 45,830.1 52,070.7 0.0 39,482.6 14,830.1 Qrt.IV 190,522.6 761.1 73.8 41,955.5 92,157.7 42,433.4 49,724.3 0.0 39,437.2 16,137.3 April 193,664.7 894.5 72.3 40,221.1 96,496.6 45,957.4 50,539.1 0.0 39,623.9 16,356.3 May 194,789.2 788.2 69.6 41,625.8 96,254.2 46,595.3 49,658.9 0.0 39,778.3 16,273.1 June 190,522.6 761.1 73.8 41,955.5 92,157.7 42,433.4 49,724.3 0.0 39,437.2 16,137.3 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
(In Millions of Birr)
1 2 3 4 5 6 7 8 9 10 11 12 13 14
2023/24 QI 198,729.51 495,622.78 694,352.29 1,513,228.67 2,207,580.96 2,496,465.52 608,165.13 521,021.36 87,143.77 1,888,300.39 (213,430.08) (226,429.77) 12,999.69 75,454.48 July 203,991.37 487,447.21 691,438.58 1,470,668.08 2,162,106.66 2,447,996.57 588,366.24 519,996.39 68,369.85 1,859,630.34 (177,231.20) -204476.3 27,245.14 108,658.72 August 198,386.87 487,276.93 685,663.80 1,496,716.27 2,182,380.07 2,477,744.20 600,319.48 529,085.62 71,233.86 1,877,424.72 (201,194.61) -218254.7 17,060.06 94,169.52 September 198,729.51 495,622.78 694,352.29 1,513,228.67 2,207,580.96 2,496,465.52 608,165.13 521,021.36 87,143.77 1,888,300.39 (213,430.08) -226429.8 12,999.69 75,454.48 QII 210,738.05 535,267.85 746,005.89 1,562,699.07 2,308,704.96 2,594,360.77 628,010.35 557,511.40 70,498.95 1,966,350.42 (238,309.66) (257,625.17) 19,315.51 47,346.15 October 193,875.38 492,067.56 685,942.95 1,527,379.52 2,213,322.46 2,497,549.04 596,547.89 515,222.01 81,325.88 1,901,001.15 (228,412.56) -244321.4 15,908.88 55,814.02 November 198,867.89 501,460.30 700,328.18 1,534,073.85 2,234,402.03 2,513,186.95 601,268.22 542,338.64 58,929.58 1,911,918.73 (238,402.38) -259966.7 21,564.28 40,382.53 December 210,738.05 535,267.85 746,005.89 1,562,699.07 2,308,704.96 2,594,360.77 628,010.35 557,511.40 70,498.95 1,966,350.42 (238,309.66) -257625.2 19,315.51 47,346.15 QIII 217,590.94 571,836.06 789,426.99 1,616,643.41 2,406,070.40 2,688,354.69 667,365.39 586,129.27 81,236.12 2,020,989.30 (245,174.68) (275,388.51) 30,213.83 37,109.62 January 218,470.52 534,389.20 752,859.72 1,577,326.08 2,330,185.80 2,617,442.21 635,378.46 559,804.85 75,573.61 1,982,063.75 (243,749.42) -260373.9 16,624.51 43,506.99 February 219,383.85 551,456.02 770,839.87 1,591,535.90 2,362,375.78 2,655,651.08 655,865.46 573,747.68 82,117.78 1,999,785.63 (254,784.97) -270901.7 16,116.71 38,490.34 March 217,590.94 571,836.06 789,426.99 1,616,643.41 2,406,070.40 2,688,354.69 667,365.39 586,129.27 81,236.12 2,020,989.30 (245,174.68) -275388.5 30,213.83 37,109.62 QIV 204,368.17 617,055.52 821,423.69 1,655,290.78 2,476,714.47 2,797,752.12 745,541.09 632,253.09 113,288.00 2,052,211.04 (245,300.02) (288,909.50) 43,609.48 75,737.63 April 218,960.04 573,587.04 792,547.08 1,625,856.06 2,418,403.14 2,720,149.06 685,885.89 585,984.17 99,901.73 2,034,263.17 (247,253.06) -276897.6 29,644.51 54,492.86 May 208,665.15 582,299.77 790,964.91 1,632,291.89 2,423,256.80 2,719,810.92 686,745.16 592,014.74 94,730.42 2,033,065.77 (248,182.45) -282895.6 34,713.14 48,371.68 June 204,368.17 617,055.52 821,423.69 1,655,290.78 2,476,714.47 2,797,752.12 745,541.09 632,253.09 113,288.00 2,052,211.04 (245,300.02) -288909.5 43,609.48 75,737.63 2024/25 QI 199,383.18 664,477.91 863,861.08 1,743,523.95 2,607,385.04 3,054,843.48 1,589,506.35 625,526.04 963,980.31 1,465,337.12 (528,418.71) (667,507.02) 139,088.31 (80,960.26) July 197,008.90 634,451.38 831,460.27 1,675,696.24 2,507,156.51 3,054,994.44 1,622,778.22 630,324.78 992,453.44 1,432,216.22
(327,167.08) -381187.9 54,020.86 220,670.85 August 197,495.11 647,010.95 844,506.06 1,689,177.59 2,533,683.64 3,046,981.67 1,605,600.06 633,232.94 972,367.12 1,441,381.61 (498,883.08) -600993.0 102,109.90 14,414.95 September 199,383.18 664,477.91 863,861.08 1,743,523.95 2,607,385.04 3,054,843.48 1,589,506.35 625,526.04 963,980.31 1,465,337.12 (528,418.71) -667507.0 139,088.31 (80,960.26) QII 242,249.72 669,254.10 911,503.82 1,877,218.71 2,788,722.53 3,094,156.39 1,489,909.78 610,258.66 879,651.13 1,604,246.60 (424,268.00) (606,594.36) 182,326.36 (118,834.13) October 201,819.55 652,450.60 854,270.15 1,773,435.30 2,627,705.45 3,005,117.36 1,537,399.37 589,428.53 947,970.84 1,467,718.00 (504,234.13) -662179.3 157,945.13 (126,822.22) November 219,989.55 645,988.36 865,977.91 1,796,324.83 2,662,302.74 3,019,898.70 1,506,227.77 611,301.80 894,925.97 1,513,670.93 (488,381.09) -664528.9 176,147.77 (130,785.13) December 242,249.72 669,254.10 911,503.82 1,877,218.71 2,788,722.53 3,094,156.39 1,489,909.78 610,258.66 879,651.13 1,604,246.60 (424,268.00) -606594.4 182,326.36 (118,834.13) QIII 339,738.53 728,232.21 1,067,970.74 2,040,516.87 3,108,487.61 3,305,626.67 1,456,738.25 599,853.91 856,884.34 1,848,888.42 (342,847.77) (505,271.82) 162,424.05 (145,708.72) January 261,716.06 674,858.63 936,574.69 1,919,894.15 2,856,468.84 3,174,670.76 1,497,805.89 624,212.35 873,593.54 1,676,864.87 (372,956.20) -573502.2 200,546.05 (54,754.28) February 287,745.65 701,885.70 989,631.35 1,963,432.24 2,953,063.59 3,219,516.86 1,441,096.11 599,413.83 841,682.27 1,778,420.76 (308,774.02) -485148.8 176,374.78 (42,320.76) March 339,738.53 728,232.21 1,067,970.74 2,040,516.87 3,108,487.61 3,305,626.67 1,456,738.25 599,853.91 856,884.34 1,848,888.42 (342,847.77) -505271.8 162,424.05 (145,708.72) QIV 284,883.16 839,727.31 1,124,610.46 2,220,195.74 3,344,806.20 3,498,116.31 1,586,725.93 630,423.22 956,302.71 1,911,390.38 (209,397.97) (469,412.66) 260,014.69 (56,087.86) April 281,250.49 734,392.98 1,015,643.47 2,078,161.43 3,093,804.90 3,319,601.50 1,454,658.39 584,695.98 869,962.41 1,864,943.11 (352,985.26) -512865.4 159,880.10 (127,188.66) May 281,361.50 800,991.46 1,082,352.96 2,135,519.48 3,217,872.44 3,391,946.99 1,511,177.37 586,813.35 924,364.02 1,880,769.62 (281,047.93) -509024.9 227,976.94 (106,973.37) June 284,883.16 839,727.31 1,124,610.46 2,220,195.74 3,344,806.20 3,498,116.31 1,586,725.93 630,423.22 956,302.71 1,911,390.38 (209,397.97) -469412.7 260,014.69 (56,087.86) Quasi-Money Total (13+12) Nat. Bank Comm. Banks Other Items Net
Table 4: Money Supply and its Determinants
Total
Volume
(3+4)
Total
Credit
(7+10)
Total
(8+9)
Nat.
Bank
Comm.
Banks
Claims on NonCen Gov't
Money and Quasi-Money Domestic Credit
End of Period
Net Claims on Gov't Net Foreign Assets Currency Outside Banks Net Demand Deposit Money Supply (1+2) 2023/24 QII 167473.5244 527774.0971 695247.6215 1531445.09 2226692.711 2596955.131 1376445.291 -238547.9656 October 198334.5148 470416.5912 668751.1059 1507523.586 2176274.692 2402642.181 2155735.309 -219732.8818 November 193697.322 482906.2668 676603.5888 1503392.371 2179995.96 2483028.702 1627042.839 -235541.5562 December 167473.5244 527774.0971 695247.6215 1531445.09 2226692.711 2596955.131 1376445.291 -238547.9656 QIII 172919.516 563830.3512 736749.8673 1584310.537 2321060.404 2691043.046 1414692.511 -245419.8501 January 223495.344 510876.0733 734371.4173 1556820.843 2291192.26 2517979.409 2247660.296 -234486.9402 February 213679.8738 531052.1473 744732.0211 1559705.184 2304437.205 2623783.269 1701817.568 -251727.5489 March 172919.516 563830.3512 736749.8673 1584310.537 2321060.404 2691043.046 1414692.511 -245419.8501 QIV 237741.4922 631951.2423 869692.7345 1655290.779 2524983.513 2837032.562 2848468.918 -248744.0341 April 209325.8002 594236.1693 803561.9694 1624230.203 2427792.172 2847996.064 1983406.587 -258873.9556 May 215342.4307 590451.9627 805794.3934 1632291.887 2438086.28 2730690.168 2545398.343 -249175.1775 June 237741.4922 631951.2423 869692.7345 1655290.779 2524983.513 2837032.562 2848468.918 -248744.0341 2024/25 QI 210349.2496 646537.0025 856886.2522 1799316.721 2656202.973 2941814.268 1576702.745 -508867.2139 July 208435.4109 632548.0219 840983.4328 1710885.863 2551869.295 2972509.587 1831804.544 -318333.5681 August 208752.327 635364.7539 844117.0809 1734785.38 2578902.461 2940337.315 1672002.673 -481422.1728 September 210349.2496 646537.0025 856886.2522 1799316.721 2656202.973 2941814.268 1576702.745 -508867.2139 QII 192515.8541 659884.5387 852400.3927 1839674.333 2692074.726 3097250.544 1122972.623 -424692.2639 October 206461.3947 623742.7755 830204.1703 1750380.644 2580584.814 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 659884.5387 852400.3927 1839674.333 2692074.726 3097250.544 1122972.623 -424692.2639 QIII 269990.209 718036.9591 988027.1681 1999706.537 2987733.705 3308932.292 1294221.894 -343190.6223 January 267735.5284 645164.8493 912900.3777 1894935.529 2807835.906 3054033.271 1901564.767 -358783.8636 February 280264.265 675915.9295 956180.1945 1924163.595 2880343.79 3180882.658 1513436.063 -305068.7363 March 269990.209 718036.9591 988027.1681 1999706.537 2987733.705 3308932.292 1294221.894 -343190.6223 QIV 331404.5742 859998.3221 1191402.896 2220195.743 3411598.639 3547229.86 2653009.85 -212337.9169 April 268875.4684 760831.1273 1029706.596 2076083.27 3105789.865 3475622.769 1818319.534 -369575.5667 May 290365.0721 812205.3354 1102570.407 2135519.477 3238089.884 3405514.78 2354723.569 -282172.1168 June 331404.5742 859998.3221 1191402.896 2220195.743 3411598.639 3547229.86 2653009.85 -212337.9169
Table 5: Seasonally adjusted data of Monetary Variables (1)
1/ Obtained by multiplying each original observation by appropriate index for the month (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Currency Outside Banks Net Demand Deposit Money Supply Quasi Money Total Volume Central Gov't (Net) Non-Cent. Gov't Foreign Assets (Net)
Table 17: Growth Rate of GDP By Economic Activity at Constant Prices (In percent)
2009 2010 2011 2012 2013 2014 2015 2016 2017
2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 Agriculture, Hunting and Forestry 6.7 3.5 3.8 4.3 5.6 6.1 6.2 6.9 7.0 Crop 8.2 4.7 3 4.7 5.7 6.9 7.1 7.8 7.5 Animal Farming and Hunting 4.2 0.6 6 3.3 5.8 4.6 4.4 5.3 6.5 Forestry 3.6 3.5 3.8 3.9 4.0 4.3 4.0 4.2 4.1 Fishing 0.5 11.3 2.3 2.8 1.7 21.9 38.6 29.6 94.1 Mining and Quarrying -29.8 -20.8 -21.9 91.4 115.4 6.1 -7.1 18.4 205.4 Manufacturing 24.7 5.5 7.7 7.5 5.1 4.8 7.0 8.4 10.3 Large and Medium Scale Manufacturing 19.2 6.0 10 9.8 6.2 5.8 8.4 10.2 12.6 Small Scale and Cottage Industries 36.9 4.6 3 2.6 2.5 2.4 3.5 3.7 4.2 Electricity and Water 4.9 3.3 4 7.2 9.2 6.5 12.7 18.0 25.6 Construction 20.7 15.7 15 9.9 6.6 4.9 7.1 9.0 8.8 Whole Sale and Retail Trade 6.5 12.3 11.7 6.4 6.3 7.9 7.6 7.8 7.6 Hotels and Restaurants 0.1 6.5 9 2.2 2.6 8.0 10.3 9.1 8.5 Transport and Communications 15.1 6.4 21 1.2 7.0 9.8 12.0 11.4 8.5 Financial Intermediation 18.3 10.7 10.1 10.2 9.0 10.5 9.5 6.0 7.9 Real Estate, Renting and Business Activities 4.4 6.2 7.5 9.5 8.9 9.0 9.1 8.8 9.1 Public Administration and Defense 13.2 8.9 9 2.3 4.9 4.5 4.0 4.9 5.9 Education -3.2 3.6 4 1.8 2.0 1.6 2.5 2.5 2.7 Health and Social Work 7.0 8.3 14.3 12.9 13.4 10.8 11.0 11.2 11.5 Other Community , Social & Personal Services 4.5 5.1 6.3 2.5 2.0 2.1 2.2 2.9 2.7 Private Households with Employed Persons 3.5 3.9 2.5 2.3 2.2 2.3 2.1 2.1 2.0 Total 10.2 7.8 8.9 6.2 6.3 6.4 7.1 7.9 9.0 Less : FISIM 17.6 16.0 7 14.2 11.0 5.9 2.5 -3.9 -0.6 Gross Value Added at Constant Basic Prices 10.1 7.7 9.0 6.1 6.3 6.4 7.2 8.1 9.2 Taxes on Products 1.6 -5.0 -1.8 6.3 -4.7 -13.9 -6.6 -3.9 28.1 GDP at Constant Market Prices 9.5 6.8 8.3 6.1 5.6 5.3 6.6 7.6 9.8 Source: MoPD Industry/Year 4TH QUARTER R EPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 82

(In Millions of Birr)
1 2 3 4 5 6 7 8 9 10 11 12 13 14
2023/24 QI 198,729.51 495,622.78 694,352.29 1,513,228.67 2,207,580.96 2,496,465.52 608,165.13 521,021.36 87,143.77 1,888,300.39 (213,430.08) (226,429.77) 12,999.69 75,454.48 July 203,991.37 487,447.21 691,438.58 1,470,668.08 2,162,106.66 2,447,996.57 588,366.24 519,996.39 68,369.85 1,859,630.34 (177,231.20) -204476.3 27,245.14 108,658.72 August 198,386.87 487,276.93 685,663.80 1,496,716.27 2,182,380.07 2,477,744.20 600,319.48 529,085.62 71,233.86 1,877,424.72 (201,194.61) -218254.7 17,060.06 94,169.52 September 198,729.51 495,622.78 694,352.29 1,513,228.67 2,207,580.96 2,496,465.52 608,165.13 521,021.36 87,143.77 1,888,300.39 (213,430.08) -226429.8 12,999.69 75,454.48 QII 210,738.05 535,267.85 746,005.89 1,562,699.07 2,308,704.96 2,594,360.77 628,010.35 557,511.40 70,498.95 1,966,350.42 (238,309.66) (257,625.17) 19,315.51 47,346.15 October 193,875.38 492,067.56 685,942.95 1,527,379.52 2,213,322.46 2,497,549.04 596,547.89 515,222.01 81,325.88 1,901,001.15 (228,412.56) -244321.4 15,908.88 55,814.02 November 198,867.89 501,460.30 700,328.18 1,534,073.85 2,234,402.03 2,513,186.95 601,268.22 542,338.64 58,929.58 1,911,918.73 (238,402.38) -259966.7 21,564.28 40,382.53 December 210,738.05 535,267.85 746,005.89 1,562,699.07 2,308,704.96 2,594,360.77 628,010.35 557,511.40 70,498.95 1,966,350.42 (238,309.66) -257625.2 19,315.51 47,346.15 QIII 217,590.94 571,836.06 789,426.99 1,616,643.41 2,406,070.40 2,688,354.69 667,365.39 586,129.27 81,236.12 2,020,989.30 (245,174.68) (275,388.51) 30,213.83 37,109.62 January 218,470.52 534,389.20 752,859.72 1,577,326.08 2,330,185.80 2,617,442.21 635,378.46 559,804.85 75,573.61 1,982,063.75 (243,749.42) -260373.9 16,624.51 43,506.99 February 219,383.85 551,456.02 770,839.87 1,591,535.90 2,362,375.78 2,655,651.08 655,865.46 573,747.68 82,117.78 1,999,785.63 (254,784.97) -270901.7 16,116.71 38,490.34 March 217,590.94 571,836.06 789,426.99 1,616,643.41 2,406,070.40 2,688,354.69 667,365.39 586,129.27 81,236.12 2,020,989.30 (245,174.68) -275388.5 30,213.83 37,109.62 QIV 204,368.17 617,055.52 821,423.69 1,655,290.78 2,476,714.47 2,797,752.12 745,541.09 632,253.09 113,288.00 2,052,211.04 (245,300.02) (288,909.50) 43,609.48 75,737.63 April 218,960.04 573,587.04 792,547.08 1,625,856.06 2,418,403.14 2,720,149.06 685,885.89 585,984.17 99,901.73 2,034,263.17 (247,253.06) -276897.6 29,644.51 54,492.86 May 208,665.15 582,299.77 790,964.91 1,632,291.89 2,423,256.80 2,719,810.92 686,745.16 592,014.74 94,730.42 2,033,065.77 (248,182.45) -282895.6 34,713.14 48,371.68 June 204,368.17 617,055.52 821,423.69 1,655,290.78 2,476,714.47 2,797,752.12 745,541.09 632,253.09 113,288.00 2,052,211.04 (245,300.02) -288909.5 43,609.48 75,737.63 2024/25 QI 199,383.18 664,477.91 863,861.08 1,743,523.95 2,607,385.04 3,054,843.48 1,589,506.35 625,526.04 963,980.31 1,465,337.12 (528,418.71) (667,507.02) 139,088.31 (80,960.26) July 197,008.90 634,451.38 831,460.27 1,675,696.24 2,507,156.51 3,054,994.44 1,622,778.22 630,324.78 992,453.44 1,432,216.22
(327,167.08) -381187.9 54,020.86 220,670.85 August 197,495.11 647,010.95 844,506.06 1,689,177.59 2,533,683.64 3,046,981.67 1,605,600.06 633,232.94 972,367.12 1,441,381.61 (498,883.08) -600993.0 102,109.90 14,414.95 September 199,383.18 664,477.91 863,861.08 1,743,523.95 2,607,385.04 3,054,843.48 1,589,506.35 625,526.04 963,980.31 1,465,337.12 (528,418.71) -667507.0 139,088.31 (80,960.26) QII 242,249.72 669,254.10 911,503.82 1,877,218.71 2,788,722.53 3,094,156.39 1,489,909.78 610,258.66 879,651.13 1,604,246.60 (424,268.00) (606,594.36) 182,326.36 (118,834.13) October 201,819.55 652,450.60 854,270.15 1,773,435.30 2,627,705.45 3,005,117.36 1,537,399.37 589,428.53 947,970.84 1,467,718.00 (504,234.13) -662179.3 157,945.13 (126,822.22) November 219,989.55 645,988.36 865,977.91 1,796,324.83 2,662,302.74 3,019,898.70 1,506,227.77 611,301.80 894,925.97 1,513,670.93 (488,381.09) -664528.9 176,147.77 (130,785.13) December 242,249.72 669,254.10 911,503.82 1,877,218.71 2,788,722.53 3,094,156.39 1,489,909.78 610,258.66 879,651.13 1,604,246.60 (424,268.00) -606594.4 182,326.36 (118,834.13) QIII 339,738.53 728,232.21 1,067,970.74 2,040,516.87 3,108,487.61 3,305,626.67 1,456,738.25 599,853.91 856,884.34 1,848,888.42 (342,847.77) (505,271.82) 162,424.05 (145,708.72) January 261,716.06 674,858.63 936,574.69 1,919,894.15 2,856,468.84 3,174,670.76 1,497,805.89 624,212.35 873,593.54 1,676,864.87 (372,956.20) -573502.2 200,546.05 (54,754.28) February 287,745.65 701,885.70 989,631.35 1,963,432.24 2,953,063.59 3,219,516.86 1,441,096.11 599,413.83 841,682.27 1,778,420.76 (308,774.02) -485148.8 176,374.78 (42,320.76) March 339,738.53 728,232.21 1,067,970.74 2,040,516.87 3,108,487.61 3,305,626.67 1,456,738.25 599,853.91 856,884.34 1,848,888.42 (342,847.77) -505271.8 162,424.05 (145,708.72) QIV 284,883.16 839,727.31 1,124,610.46 2,220,195.74 3,344,806.20 3,498,116.31 1,586,725.93 630,423.22 956,302.71 1,911,390.38 (209,397.97) (469,412.66) 260,014.69 (56,087.86) April 281,250.49 734,392.98 1,015,643.47 2,078,161.43 3,093,804.90 3,319,601.50 1,454,658.39 584,695.98 869,962.41 1,864,943.11 (352,985.26) -512865.4 159,880.10 (127,188.66) May 281,361.50 800,991.46 1,082,352.96 2,135,519.48 3,217,872.44 3,391,946.99 1,511,177.37 586,813.35 924,364.02 1,880,769.62 (281,047.93) -509024.9 227,976.94 (106,973.37) June 284,883.16 839,727.31 1,124,610.46 2,220,195.74 3,344,806.20 3,498,116.31 1,586,725.93 630,423.22 956,302.71 1,911,390.38 (209,397.97) -469412.7 260,014.69 (56,087.86) Quasi-Money Total (13+12) Nat. Bank Comm. Banks Other Items Net
Table 4: Money Supply and its Determinants
Total
Volume
(3+4)
Total
Credit
(7+10)
Total
(8+9)
Nat.
Bank
Comm.
Banks
Claims on NonCen Gov't
Money and Quasi-Money Domestic Credit
End of Period
Net Claims on Gov't Net Foreign Assets Currency Outside Banks Net Demand Deposit Money Supply (1+2) 2023/24 QII 167473.5244 527774.0971 695247.6215 1531445.09 2226692.711 2596955.131 1376445.291 -238547.9656 October 198334.5148 470416.5912 668751.1059 1507523.586 2176274.692 2402642.181 2155735.309 -219732.8818 November 193697.322 482906.2668 676603.5888 1503392.371 2179995.96 2483028.702 1627042.839 -235541.5562 December 167473.5244 527774.0971 695247.6215 1531445.09 2226692.711 2596955.131 1376445.291 -238547.9656 QIII 172919.516 563830.3512 736749.8673 1584310.537 2321060.404 2691043.046 1414692.511 -245419.8501 January 223495.344 510876.0733 734371.4173 1556820.843 2291192.26 2517979.409 2247660.296 -234486.9402 February 213679.8738 531052.1473 744732.0211 1559705.184 2304437.205 2623783.269 1701817.568 -251727.5489 March 172919.516 563830.3512 736749.8673 1584310.537 2321060.404 2691043.046 1414692.511 -245419.8501 QIV 237741.4922 631951.2423 869692.7345 1655290.779 2524983.513 2837032.562 2848468.918 -248744.0341 April 209325.8002 594236.1693 803561.9694 1624230.203 2427792.172 2847996.064 1983406.587 -258873.9556 May 215342.4307 590451.9627 805794.3934 1632291.887 2438086.28 2730690.168 2545398.343 -249175.1775 June 237741.4922 631951.2423 869692.7345 1655290.779 2524983.513 2837032.562 2848468.918 -248744.0341 2024/25 QI 210349.2496 646537.0025 856886.2522 1799316.721 2656202.973 2941814.268 1576702.745 -508867.2139 July 208435.4109 632548.0219 840983.4328 1710885.863 2551869.295 2972509.587 1831804.544 -318333.5681 August 208752.327 635364.7539 844117.0809 1734785.38 2578902.461 2940337.315 1672002.673 -481422.1728 September 210349.2496 646537.0025 856886.2522 1799316.721 2656202.973 2941814.268 1576702.745 -508867.2139 QII 192515.8541 659884.5387 852400.3927 1839674.333 2692074.726 3097250.544 1122972.623 -424692.2639 October 206461.3947 623742.7755 830204.1703 1750380.644 2580584.814 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 659884.5387 852400.3927 1839674.333 2692074.726 3097250.544 1122972.623 -424692.2639 QIII 269990.209 718036.9591 988027.1681 1999706.537 2987733.705 3308932.292 1294221.894 -343190.6223 January 267735.5284 645164.8493 912900.3777 1894935.529 2807835.906 3054033.271 1901564.767 -358783.8636 February 280264.265 675915.9295 956180.1945 1924163.595 2880343.79 3180882.658 1513436.063 -305068.7363 March 269990.209 718036.9591 988027.1681 1999706.537 2987733.705 3308932.292 1294221.894 -343190.6223 QIV 331404.5742 859998.3221 1191402.896 2220195.743 3411598.639 3547229.86 2653009.85 -212337.9169 April 268875.4684 760831.1273 1029706.596 2076083.27 3105789.865 3475622.769 1818319.534 -369575.5667 May 290365.0721 812205.3354 1102570.407 2135519.477 3238089.884 3405514.78 2354723.569 -282172.1168 June 331404.5742 859998.3221 1191402.896 2220195.743 3411598.639 3547229.86 2653009.85 -212337.9169
Table 5: Seasonally adjusted data of Monetary Variables (1)
1/ Obtained by multiplying each original observation by appropriate index for the month (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Currency Outside Banks Net Demand Deposit Money Supply Quasi Money Total Volume Central Gov't (Net) Non-Cent. Gov't Foreign Assets (Net) 4 83 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

2023/24 QII 167473.5244 527774.0971 695247.6215 1531445.09 2226692.711 2596955.131 1376445.291 -238547.9656 October 198334.5148 470416.5912 668751.1059 1507523.586 2176274.692 2402642.181 2155735.309 -219732.8818 November 193697.322 482906.2668 676603.5888 1503392.371 2179995.96 2483028.702 1627042.839 -235541.5562 December 167473.5244 527774.0971 695247.6215 1531445.09 2226692.711 2596955.131 1376445.291 -238547.9656 QIII 172919.516 563830.3512 736749.8673 1584310.537 2321060.404 2691043.046 1414692.511 -245419.8501 January 223495.344 510876.0733 734371.4173 1556820.843 2291192.26 2517979.409 2247660.296 -234486.9402 February 213679.8738 531052.1473 744732.0211 1559705.184 2304437.205 2623783.269 1701817.568 -251727.5489 March 172919.516 563830.3512 736749.8673 1584310.537 2321060.404 2691043.046 1414692.511 -245419.8501 QIV 237741.4922 631951.2423 869692.7345 1655290.779 2524983.513 2837032.562 2848468.918 -248744.0341 April 209325.8002 594236.1693 803561.9694 1624230.203 2427792.172 2847996.064 1983406.587 -258873.9556 May 215342.4307 590451.9627 805794.3934 1632291.887 2438086.28 2730690.168 2545398.343 -249175.1775 June 237741.4922 631951.2423 869692.7345 1655290.779 2524983.513 2837032.562 2848468.918 -248744.0341 2024/25 QI 210349.2496 646537.0025 856886.2522 1799316.721 2656202.973 2941814.268 1576702.745 -508867.2139 July 208435.4109 632548.0219 840983.4328 1710885.863 2551869.295 2972509.587 1831804.544 -318333.5681 August 208752.327 635364.7539 844117.0809 1734785.38 2578902.461 2940337.315 1672002.673 -481422.1728 September 210349.2496 646537.0025 856886.2522 1799316.721 2656202.973 2941814.268 1576702.745 -508867.2139 QII 192515.8541 659884.5387 852400.3927 1839674.333 2692074.726 3097250.544 1122972.623 -424692.2639 October 206461.3947 623742.7755 830204.1703 1750380.644 2580584.814 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 659884.5387 852400.3927 1839674.333 2692074.726 3097250.544 1122972.623 -424692.2639 QIII 269990.209 718036.9591 988027.1681 1999706.537 2987733.705 3308932.292 1294221.894 -343190.6223 January 267735.5284 645164.8493 912900.3777 1894935.529 2807835.906 3054033.271 1901564.767 -358783.8636 February 280264.265 675915.9295 956180.1945 1924163.595 2880343.79 3180882.658 1513436.063 -305068.7363 March 269990.209 718036.9591 988027.1681 1999706.537 2987733.705 3308932.292 1294221.894 -343190.6223 QIV 331404.5742 859998.3221 1191402.896 2220195.743 3411598.639 3547229.86 2653009.85 -212337.9169 April 268875.4684 760831.1273 1029706.596 2076083.27 3105789.865 3475622.769 1818319.534 -369575.5667 May 290365.0721 812205.3354 1102570.407 2135519.477 3238089.884 3405514.78 2354723.569 -282172.1168 June 331404.5742 859998.3221 1191402.896 2220195.743 3411598.639 3547229.86 2653009.85 -212337.9169
Table 5: Seasonally adjusted data of Monetary Variables (1)
1/ Obtained by multiplying each original observation by appropriate index for the month (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Currency Outside Banks Net Demand Deposit Money Supply Quasi Money Total Volume Central Gov't (Net) Non-Cent. Gov't Foreign Assets (Net) Gross Reserve NBE Total Gold Foreign Exc. Reserve Tranche Posi. Total Liab. Comm. Banks NBE Total NBE Comm. Banks 1=2+6 2=3 to 5 3 4 5 6.00 7=8+9 8 9 10=11+12 11=2-9 12=6-8 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 407797.4 9833.33 389226 7027 1711 239440.9 1175657 100353 1075304.4 -528419 -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 800078.7 507383.2 32438.0 465736.9 7430.5 1777.8 292695.5 1224346.7 110369.1 1113977.6 -424268.0 -606594.4 182326.4 October 691932.6 426404.5 0.0 416485.4 8181.2 1737.9 265528.1 1196166.7 107582.9 1088583.8 -504234.1 -662179.3 157945.1 November 736462.6 447356.9 257.0 438015.9 7306.0 1778.1 289105.7 1224843.7 112957.9 1111885.8 -488381.1 -664528.9 176147.8 December 800078.7 507383.2 32438.0 465736.9 7430.5 1777.8 292695.5 1224346.7 110369.1 1113977.6 -424268.0 -606594.4 182326.4 QIII 823052.0 543208.2 1320.3 532260.5 7756.8 1870.7 279843.8 1165899.8 117419.8 1048480.0 -342847.8 -505271.8 162424.0 January 767206.3 511644.9 161.2 501212.8 8487.1 1783.8 255561.4 1201794.3 116647.2 1085147.1 -434588.1 -573502.2 138914.2 Febraury 768226.9 523981.8 127.8 514382.1 7664.6 1807.2 244245.1 1124390.8 115260.2 1009130.6 -356163.9 -485148.8 128984.9 March 823052.0 543208.2 1320.3 532260.5 7756.8 1870.7 279843.8 1165899.8 117419.8 1048480.0 -342847.8 -505271.8 162424.0 QIV 1025989.1 635207.5 36648.4 585348.4 11185.6 2025.2 390781.7 1235387.1 130767.0 1104620.1 -209398.0 -469412.7 260014.7 April 822228.7 543005.8 8.4 532616.5 8442.6 1938.3 279222.9 1175214.0 119342.8 1055871.2 -352985.3 -512865.4 159880.1 May 913771.2 560629.3 498.3 550334.9 7816.1 1980.0 353141.9 1194819.1 125164.9 1069654.2 -281047.9 -509024.9 227976.9 June 1025989.1 635207.5 36648.4 585348.4 11185.6 2025.2 390781.7 1235387.1 130767.0 1104620.1 -209398.0 -469412.7 260014.7
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 4TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA 84

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 407797.4 9833.33 389226 7027 1711 239440.9 1175657 100353 1075304.4 -528419 -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 800078.7 507383.2 32438.0 465736.9 7430.5 1777.8 292695.5 1224346.7 110369.1 1113977.6 -424268.0 -606594.4 182326.4 October 691932.6 426404.5 0.0 416485.4 8181.2 1737.9 265528.1 1196166.7 107582.9
1088583.8 -504234.1 -662179.3 157945.1 November 736462.6 447356.9 257.0 438015.9 7306.0 1778.1 289105.7 1224843.7 112957.9 1111885.8 -488381.1 -664528.9 176147.8 December 800078.7 507383.2 32438.0 465736.9 7430.5 1777.8 292695.5 1224346.7 110369.1 1113977.6 -424268.0 -606594.4 182326.4 QIII 823052.0 543208.2 1320.3 532260.5 7756.8 1870.7 279843.8 1165899.8 117419.8 1048480.0 -342847.8 -505271.8 162424.0 January 767206.3 511644.9 161.2 501212.8 8487.1 1783.8 255561.4 1201794.3 116647.2 1085147.1 -434588.1 -573502.2 138914.2 Febraury 768226.9 523981.8 127.8 514382.1 7664.6 1807.2 244245.1 1124390.8 115260.2 1009130.6 -356163.9 -485148.8 128984.9 March 823052.0 543208.2 1320.3 532260.5 7756.8 1870.7 279843.8 1165899.8 117419.8 1048480.0 -342847.8 -505271.8 162424.0 QIV 1025989.1 635207.5 36648.4 585348.4 11185.6 2025.2 390781.7 1235387.1 130767.0 1104620.1 -209398.0 -469412.7 260014.7 April 822228.7 543005.8 8.4 532616.5 8442.6 1938.3 279222.9 1175214.0 119342.8 1055871.2 -352985.3 -512865.4 159880.1 May 913771.2 560629.3 498.3 550334.9 7816.1 1980.0 353141.9 1194819.1 125164.9 1069654.2 -281047.9 -509024.9 227976.9 June 1025989.1 635207.5 36648.4 585348.4 11185.6 2025.2 390781.7 1235387.1 130767.0 1104620.1 -209398.0 -469412.7 260014.7
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 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 3,411,319.9 1,807,073.3 675,120.4 1,131,952.8 1,604,246.6 1,522,755.5 81,491.1 October 3,269,814.9 1,802,096.9 675,120.4 1,126,976.5 1,467,718.0 1,388,057.9 79,660.1 November 3,319,303.8 1,805,632.9 675,120.4 1,130,512.5 1,513,670.9 1,419,646.7 94,024.3 December 3,411,319.9 1,807,073.3 675,120.4 1,131,952.8 1,604,246.6 1,522,755.5 81,491.1 QIII 3,700,259.1 1,851,370.7 675,120.4 1,176,250.3 1,848,888.4 1,724,485.8 124,402.6 January 3,504,890.2 1,828,025.3 675,120.4 1,152,904.9 1,676,864.9 1,585,547.7 91,317.2 Febraury 3,613,920.9 1,835,500.1 675,120.4 1,160,379.7 1,778,420.8 1,663,459.8 114,960.9 March 3,700,259.1 1,851,370.7 675,120.4 1,176,250.3 1,848,888.4 1,724,485.8 124,402.6 QIV 3,853,253.7 1,941,863.3 675,120.4 1,266,742.9 1,911,390.4 1,810,997.0 100,393.4 April 3,731,796.1 1,866,853.0 675,120.4 1,191,732.5 1,864,943.1 1,751,707.8 113,235.3 May 3,784,265.1 1,903,495.5 675,120.4 1,228,375.1 1,880,769.6 1,782,488.3 98,281.3 June 3,853,253.7 1,941,863.3 675,120.4 1,266,742.9 1,911,390.4 1,810,997.0 100,393.4 Loans & Advances Investments
Table 7: Domestic Credit by Sector (In Millions of Birr)
End of
Period
Gross
Domestic Credit
Claims on Central Gov't Claims on Non-Central Gov't Total NBE Comm.Banks Total
Table 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 GDP at Current Basic Prices 18.2 17.6 21.2 23.3 25.2 29.4 43.2 42.4 35.6 27.4 Taxes on Products, net 12.9 8.5 6.9 10.9 25.4 16.0 15.9 24.1 20.6 49.5 GDP at Current Market Prices 17.7 16.9 20.2 22.5 25.2 28.6 41.8 41.7 35.1 28.1 Incomes from ROW, net (2.9) (112.5) (31.8) (33.0) 46.5 16.5 24.5 -20.9 -22.2 38.4 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 27.3 Gross National Income at Current Market Price 17.8 16.6 20.1 22.5 25.1 28.7 41.9 41.9 35.3 28.1 Current Transfers from ROW, net 21.5 (0.6) 21.7 25.7 (12.5) 38.9 37.0 5.0 -1.0 154.1 Gross National Disposable Income 18.1 15.0 20.2 22.8 22.0 29.3 41.6 39.7 33.6 32.4 Government Final Consumption Expenditure 27.2 16.6 10.8 9.7 24.6 24.5 18.2 21.6 17.9 35.6 Private Final Consumption Expenditure 15.7 17.0 18.2 27.9 27.9 32.6 52.0 44.4 37.3 29.2 Gross Capital Formation (Investment) 15.1 20.3 6.7 26.2 8.8 17.9 28.3 23.9 25.4 25.3 Exports of Goods and Services 0.8 14.1 31.8 15.9 12.7 37.7 53.2 13.3 13.5 207.2 Imports of Goods and Services 8.0 1.3 16.7 11.8 1.4 27.4 55.7 8.0 14.4 117.9 Resource Balance (11.3) 3.9 (9.4) (9.5) (5.5) 19.8 57.9 3.7 15.3 39.6 Gross Domestic Savings 19.4 16.6 30.7 12.2 17.0 17.0 14.1 37.4 30.4 18.9 Gross National Savings 20.3 10.3 28.1 16.4 8.0 22.2 20.0 28.7 23.3 45.8 Mid-year Population (in Million) 2.4 2.4 2.3 2.2 2.1 1.5 2.6 2.0 Per Capita GDP (Birr) (Nominal) 15.0 14.2 17.5 19.8 22.5 25.8 38.9 39.5 31.7 25.6 Per Capita GDP (Birr) (Real) 5.0 7.0 4.4 5.8 4.1 3.3 3.3 4.7 5.0 7.6 Average Exchange Rate (Birr/USD) 5.0 6.2 16.5 7.6 11.5 24.5 24.5 9.7 5.0 113.2 Real GDP (USD) 2.4 3.1 (8.3) 0.6 (4.8) -15.1 -15.3 -3.1 2.5 -48.5 GDP at Current Market Prices(USD) 12.1 10.0 3.2 13.7 12.0 3.3 13.9 29.1 28.6 -39.9 Per Capita GDP (USD) (Nominal) 9.5 7.5 0.9 11.5 9.6 1.1 11.6 27.2 25.4 -41.1 Per Capita GDP (USD) (Real) 0.0 0.7 (10.4) (1.5) (6.8) -17.0 -17.0 -4.5 0.0 -49.5 Percentage Change in GDP Deflator 9.5 6.7 12.5 13.3 17.6 21.8 34.5 33.2 25.4 16.7 Source:MoPD Description / Year 4 85 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

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 3,411,319.9 1,807,073.3 675,120.4 1,131,952.8 1,604,246.6 1,522,755.5 81,491.1 October 3,269,814.9 1,802,096.9 675,120.4 1,126,976.5 1,467,718.0 1,388,057.9 79,660.1 November 3,319,303.8 1,805,632.9 675,120.4 1,130,512.5 1,513,670.9 1,419,646.7 94,024.3 December 3,411,319.9 1,807,073.3 675,120.4 1,131,952.8 1,604,246.6 1,522,755.5 81,491.1 QIII 3,700,259.1 1,851,370.7 675,120.4 1,176,250.3 1,848,888.4 1,724,485.8 124,402.6 January 3,504,890.2 1,828,025.3 675,120.4 1,152,904.9 1,676,864.9 1,585,547.7 91,317.2 Febraury 3,613,920.9 1,835,500.1 675,120.4 1,160,379.7 1,778,420.8 1,663,459.8 114,960.9 March 3,700,259.1 1,851,370.7 675,120.4 1,176,250.3 1,848,888.4 1,724,485.8 124,402.6 QIV 3,853,253.7 1,941,863.3 675,120.4 1,266,742.9 1,911,390.4 1,810,997.0 100,393.4 April 3,731,796.1 1,866,853.0 675,120.4 1,191,732.5 1,864,943.1 1,751,707.8 113,235.3 May 3,784,265.1 1,903,495.5 675,120.4 1,228,375.1 1,880,769.6 1,782,488.3 98,281.3 June 3,853,253.7 1,941,863.3 675,120.4 1,266,742.9 1,911,390.4 1,810,997.0 100,393.4 Loans & Advances Investments
Table 7: Domestic Credit by Sector (In Millions of Birr)
End of
Period
Gross
Domestic Credit
Claims on Central Gov't Claims on Non-Central Gov't Total NBE Comm.Banks Total 1=2+6 2=3 to 5 3 4 5 6=7+8 7 8 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 2870294.5 2553131.0 669254.1 1674404.8 209472.1 317163.5 64861.8 252301.7 October 2696185.1 2431487.5 652450.6 1581840.6 197196.2 264697.6 85691.9 179005.7 November 2748143.1 2448738.0 645988.3 1600510.8 202238.8 299405.1 63818.6 235586.5 December 2870294.5 2553131.0 669254.1 1674404.8 209472.1 317163.5 64861.8 252301.7 QIII 3170831.2 2776198.7 728232.2 1827028.7 220937.8 394632.5 75266.5 319365.9 January 2932102.0 2601882.5 674858.6 1712049.9 214974.0 330219.4 50908.1 279311.3 Febraury 3068345.6 2673941.5 701885.7 1757919.1 214136.8 394404.0 75706.6 318697.4 March 3170831.2 2776198.7 728232.2 1827028.7 220937.8 394632.5 75266.5 319365.9 QIV 3426880.8 3071743.4 839727.3 1988532.5 243483.5 355137.4 44697.2 310440.2 April 3232773.4 2820578.8 734393.0 1855453.6 230732.2 412194.6 90424.5 321770.1 May 3336689.4 2944371.3 800991.4 1902489.0 240890.9 392318.1 88307.1 304011.1 June 3426880.8 3071743.4 839727.3 1988532.5 243483.5 355137.4 44697.2 310440.2 (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
Table 8: Deposits by Type and Sector
Table 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 GDP at Current Basic Prices 18.2 17.6 21.2 23.3 25.2 29.4 43.2 42.4 35.6 27.4 Taxes on Products, net 12.9 8.5 6.9 10.9 25.4 16.0 15.9 24.1 20.6 49.5 GDP at Current Market Prices 17.7 16.9 20.2 22.5 25.2 28.6 41.8 41.7 35.1 28.1 Incomes from ROW, net (2.9) (112.5) (31.8) (33.0) 46.5 16.5 24.5 -20.9 -22.2 38.4 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 27.3 Gross National Income at Current Market Price 17.8 16.6 20.1 22.5 25.1 28.7 41.9 41.9 35.3 28.1 Current Transfers from ROW, net 21.5 (0.6) 21.7 25.7 (12.5) 38.9 37.0 5.0 -1.0 154.1 Gross National Disposable Income 18.1 15.0 20.2 22.8 22.0 29.3 41.6 39.7 33.6 32.4 Government Final Consumption Expenditure 27.2 16.6 10.8 9.7 24.6 24.5 18.2 21.6 17.9 35.6 Private Final Consumption Expenditure 15.7 17.0 18.2 27.9 27.9 32.6 52.0 44.4 37.3 29.2 Gross Capital Formation (Investment) 15.1 20.3 6.7 26.2 8.8 17.9 28.3 23.9 25.4 25.3 Exports of Goods and Services 0.8 14.1 31.8 15.9 12.7 37.7 53.2 13.3 13.5 207.2 Imports of Goods and Services 8.0 1.3 16.7 11.8 1.4 27.4 55.7 8.0 14.4 117.9 Resource Balance (11.3) 3.9 (9.4) (9.5) (5.5) 19.8 57.9 3.7 15.3 39.6 Gross Domestic Savings 19.4 16.6 30.7 12.2 17.0 17.0 14.1 37.4 30.4 18.9 Gross National Savings 20.3 10.3 28.1 16.4 8.0 22.2 20.0 28.7 23.3 45.8 Mid-year Population (in Million) 2.4 2.4 2.3 2.2 2.1 1.5 2.6 2.0 Per Capita GDP (Birr) (Nominal) 15.0 14.2 17.5 19.8 22.5 25.8 38.9 39.5 31.7 25.6 Per Capita GDP (Birr) (Real) 5.0 7.0 4.4 5.8 4.1 3.3 3.3 4.7 5.0 7.6 Average Exchange Rate (Birr/USD) 5.0 6.2 16.5 7.6 11.5 24.5 24.5 9.7 5.0 113.2 Real GDP (USD) 2.4 3.1 (8.3) 0.6 (4.8) -15.1 -15.3 -3.1 2.5 -48.5 GDP at Current Market Prices(USD) 12.1 10.0 3.2 13.7 12.0 3.3 13.9 29.1 28.6 -39.9 Per Capita GDP (USD) (Nominal) 9.5 7.5 0.9 11.5 9.6 1.1 11.6 27.2 25.4 -41.1 Per Capita GDP (USD) (Real) 0.0 0.7 (10.4) (1.5) (6.8) -17.0 -17.0 -4.5 0.0 -49.5 Percentage Change in GDP Deflator 9.5 6.7 12.5 13.3 17.6 21.8 34.5 33.2 25.4 16.7 Source:MoPD Description / Year 4TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA 86

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 2870294.5 2553131.0 669254.1 1674404.8 209472.1 317163.5 64861.8 252301.7 October 2696185.1 2431487.5 652450.6 1581840.6 197196.2 264697.6 85691.9 179005.7 November 2748143.1 2448738.0 645988.3 1600510.8 202238.8 299405.1 63818.6 235586.5 December 2870294.5 2553131.0 669254.1 1674404.8 209472.1 317163.5 64861.8 252301.7 QIII 3170831.2 2776198.7 728232.2 1827028.7 220937.8 394632.5 75266.5 319365.9 January 2932102.0 2601882.5 674858.6 1712049.9 214974.0 330219.4 50908.1 279311.3 Febraury 3068345.6 2673941.5 701885.7 1757919.1 214136.8 394404.0 75706.6 318697.4 March 3170831.2 2776198.7 728232.2 1827028.7 220937.8 394632.5 75266.5 319365.9 QIV 3426880.8 3071743.4 839727.3 1988532.5 243483.5 355137.4 44697.2 310440.2 April 3232773.4 2820578.8 734393.0 1855453.6 230732.2 412194.6 90424.5 321770.1 May 3336689.4 2944371.3 800991.4 1902489.0 240890.9 392318.1 88307.1 304011.1 June 3426880.8 3071743.4 839727.3 1988532.5 243483.5 355137.4 44697.2 310440.2 (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
Table 8: Deposits by Type and Sector
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 QIII 149631.9 308686.4 159054.4 279843.8 117419.8 117419.8 0.0 471110.4 17.6 55.6 28579.9 0.0 January 154778.2 385070.5 230292.2 317193.3 116647.2 116647.2 0.0 585616.5 21.1 55.7 3838101.4 3.4 Febraury 144059.7 391881.1 247821.4 291635.0 115260.2 115260.2 0.0 568255.9 21.8 55.0 3913227.2 3.9 March 149631.9 308686.4 159054.4 279843.8 117419.8 117419.8 0.0 471110.4 17.6 55.6 28579.9 0.0 QIV 162419.1 482786.8 320367.7 390781.7 130767.0 130767.0 0.0 742801.5 25.2 54.9 -122905.3 -0.1 April 169109.2 390317.6 221208.4 279222.9 119342.8 119342.8 0.0 550197.6 17.9 53.5 4100315.5 3.4 May 157117.4 437916.6 280799.2 353141.9 125164.9 125164.9 0.0 665893.6 23.6 55.7 4238836.1 3.7 June 162419.1 482786.8 320367.7 390781.7 130767.0 130767.0 0.0 742801.5 25.2 54.9 -122905.3 -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 Requirments Actual Rese. Excess Rese. Foreign Assets Foreign Liabilities Actual Reserve+ Net For. Assets Liquidity Ratio Ratio:
Loans
Adv. to
Dep.
Debit
Balance
TurnOver of
Deposit Total Short Term Long Term
December 2016=100
Period
General Index
Food & Nonalcoholic Beverages
Alcoholic beverages
& Tobacco
Clothing & Footwear
Hosing, Water,
Electricity, Gas and
Other Fuels
Furnishings,
Household
Equipment and
Routine Maintenance
Health
Transport
Communication
Recreation and
Culture
Education
Restaurants and
Hotels
Miscellaneous Goods
Non-Food Index
2017/18
QI 112.3 109.2 114.8 103.3 98.8 133.7 114.3 113.7 106.5 115.3 107.3 100.4 104.9 100.9 QII 117.6 110.3 123.1 103.0 101.2 151.3 120.5 113.9 106.9 116.5 107.3 99.9 118.5 106.5 QIII 121.1 113.1 127.2 112.7 104.8 158.3 126.6 117.3 107.7 116.8 109.7 99.7 120.2 111.3 QIV 127.1 117.7 134.2 114.1 111.3 170.0 132.4 131.8 109.4 116.8 112.2 100.1 127.5 119.4 2018/19 QI 132.1 125.2 137.4 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 QII 133.0 123.7 140.0 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 QIII 137.5 127.5 145.1 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 QIV 145.3 141.4 148.2 127.1 121.1 188.3 153.5 139.6 121.5 118.0 115.7 121.9 142.9 130.7 2019/20 QI 152.8 155.5 150.8 126.7 123.3 192.5 155.8 140.5 123.6 118.3 118.2 125.4 144.9 134.5 QII 156.7 157.1 156.5 125.2 121.4 207.3 160.0 138.4 125.9 116.8 125.2 128.4 149.4 140.2 QIII 163.1 160.9 164.9 149.7 131.6 225.7 163.9 150.4 124.3 114.6 124.4 132.1 154.1 143.7 QIV 178.2 178.6 177.9 174.4 138.2 241.2 164.8 155.8 191.5 114.8 119.9 130.6 154.6 147.9 2020/21 QI 186.4 197.7 177.7 179.4 149.4 236.5 165.7 162.7 181.7 115.0 122.1 118.1 158.2 154.1 QII 185.7 194.4 179.2 175.0 155.2 243.1 169.9 169.6 149.6 115.5 132.1 143.2 160.8 159.0 QIII 193.6 201.4 187.7 188.1 165.5 254.3 181.6 184.4 155.2 115.6 131.1 150.5 167.2 166.7 QIV 212.2 229.5 199.0 209.6 176.6 267.7 202.7 188.3 161.4 116.8 135.2 148.7 179.1 180.8 2021/22 QI 234.8 265.3 211.7 218.9 191.5 281.4 221.6 208.1 161.7 117.7 153.3 161.3 198.6 192.5 QII 242.0 270.1 220.7 223.0 195.0 286.3 241.8 221.4 163.9 118.1 182.2 195.9 214.3 201.0 QIII 253.7 277.5 235.6 233.8 209.3 300.0 257.0 241.6 188.7 118.8 204.7 198.8 236.7 213.5 QIV 279.3 311.6 254.8 256.4 239.8 306.7 289.2 278.1 192.3 122.6 231.8 201.1 271.5 257.6 2022/23 QI 308.7 346.3 280.1 290.0 266.9 328.2 319.3 283.7 238.7 127.5 261.8 214.3 303.7 283.2 QII 323.2 358.0 296.7 312.9 312.6 327.6 355.8 327.1 260.9 129.6 280.3 212.0 309.3 322.0 QIII 355.7 381.5 336.1 331.8 357.8 402.9 382.5 341.4 273.6 131.2 295.3 217.4 345.0 361.7 QIV 399.1 438.2 369.3 349.0 389.4 458.9 408.6 368.7 303.2 131.9 286.5 227.4 384.0 381.0 2023/24 QI 425.4 471.9 390.1 382.2 405.5 502.5 417.1 394.0 295.4 135.4 343.3 228.5 397.0 406.7 QII 447.0 500.3 406.5 397.3 426.6 525.9 427.4 399.7 316.2 135.1 318.3 298.2 404.7 426.6 QIII 468.0 530.0 421.0 429.2 424.6 542.8 441.3 404.1 323.9 138.6 319.1 294.2 443.9 441.9 QIV 478.8 541.0 431.5 453.4 426.8 553.7 450.0 407.6 321.3 140.6 313.4 282.5 484.7 450.9 2024/25 QI 500.6 563.0 453.2 480.4 439.9 588.1 444.5 486.9 325.4 141.9 340.8 284.5 523.1 473.8 QII 538.1 604.5 487.5 511.4 460.3 600.7 458.9 495.8 504.6 142.9 350.9 289.2 566.8 500.3 QIII 559.5 619.6 513.8 571.5 488.8 617.8 478.3 537.4 590.2 144.7 378.2 318.1 572.3 540.0 QIV 580.7 643.3 533.1 591.7 506.1 642.6 497.7 528.4 601.1 145.5 387.6 327.2 609.4 563.2
Table 22 (C): Addis Ababa Non-Food Consumer Price Index,
4 87 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

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 QIII 149631.9 308686.4 159054.4 279843.8 117419.8 117419.8 0.0 471110.4 17.6 55.6 28579.9 0.0 January 154778.2 385070.5 230292.2 317193.3 116647.2 116647.2 0.0 585616.5 21.1 55.7 3838101.4 3.4 Febraury 144059.7 391881.1 247821.4 291635.0 115260.2 115260.2 0.0 568255.9 21.8 55.0 3913227.2 3.9 March 149631.9 308686.4 159054.4 279843.8 117419.8 117419.8 0.0 471110.4 17.6 55.6 28579.9 0.0 QIV 162419.1 482786.8 320367.7 390781.7 130767.0 130767.0 0.0 742801.5 25.2 54.9 -122905.3 -0.1 April 169109.2 390317.6 221208.4 279222.9 119342.8 119342.8 0.0 550197.6 17.9 53.5 4100315.5 3.4 May 157117.4 437916.6 280799.2 353141.9 125164.9 125164.9 0.0 665893.6 23.6 55.7 4238836.1 3.7 June 162419.1 482786.8 320367.7 390781.7 130767.0 130767.0 0.0 742801.5 25.2 54.9 -122905.3 -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 Requirments Actual Rese. Excess Rese. Foreign Assets Foreign Liabilities Actual Reserve+ Net For. Assets Liquidity Ratio Ratio:
Loans
Adv. to
Dep.
Debit
Balance
TurnOver of
Deposit Total Short Term Long Term
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 11.0 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 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 Qtr.III 348,309.0 346,939.2 369.0 1,950.3 6,208.3 17,755.7 93,527.4 227,128.6 1,369.8 0.8 41.6 99.8 73.4 126.6 1,027.7 January 321,143.7 319,774.0 369.0 1,899.2 6,039.1 17,123.4 87,226.8 207,116.3 1,369.7 0.8 41.5 99.8 73.4 126.6 1,027.7 February 338,542.6 337,172.8 369.0 1,933.3 6,136.0 17,653.1 91,951.8 219,129.7 1,369.7 0.8 41.5 99.8 73.4 126.5 1,027.7 March 348,309.0 346,939.2 369.0 1,950.3 6,208.3 17,755.7 93,527.4 227,128.6 1,369.8 0.8 41.6 99.8 73.4 126.6 1,027.7 Qtr.IV 346,882.5 345,513.7 368.8 1,974.0 6,227.5 16,692.5 90,604.4 229,646.5 1,368.8 0.8 41.5 99.7 73.3 126.5 1,026.9 April 351,794.8 350,425.5 368.9 1,957.1 6,231.3 17,532.5 93,361.1 230,974.6 1,369.2 0.8 41.5 99.8 73.3 126.5 1,027.2 May 348,831.6 347,462.9 368.9 1,965.9 6,253.2 16,911.7 91,313.8 230,649.4 1,368.7 0.8 41.5 99.7 73.3 126.5 1,026.7 June 346,882.5 345,513.7 368.8 1,974.0 6,227.5 16,692.5 90,604.4 229,646.5 1,368.8 0.8 41.5 99.7 73.3 126.5 1,026.9 10
Table 10: Circulating Notes and Coins by Denomination
End of
Period
Value of
Notes &
Coins
Denomination of Notes: Birr Denominations of Coins: Cents Total Value (Notes) 1 5 10 50 25 50100(coin) 100 200 Total Value (Coins) 1 5 December 2016=100 Period General Index Food & Nonalcoholic Beverages Alcoholic beverages & Tobacco Clothing & Footwear Hosing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 2017/18 QI 112.3 109.2 114.8 103.3 98.8 133.7 114.3 113.7 106.5 115.3 107.3 100.4 104.9 100.9 QII 117.6 110.3 123.1 103.0 101.2 151.3 120.5 113.9 106.9 116.5 107.3 99.9 118.5 106.5 QIII 121.1 113.1 127.2 112.7 104.8 158.3 126.6 117.3 107.7 116.8 109.7 99.7 120.2 111.3 QIV 127.1 117.7 134.2 114.1 111.3 170.0 132.4 131.8 109.4 116.8 112.2 100.1 127.5 119.4 2018/19 QI 132.1 125.2 137.4 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 QII 133.0 123.7 140.0 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 QIII 137.5 127.5 145.1 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 QIV 145.3 141.4 148.2 127.1 121.1 188.3 153.5 139.6 121.5 118.0 115.7 121.9 142.9 130.7 2019/20 QI 152.8 155.5 150.8 126.7 123.3 192.5 155.8 140.5 123.6 118.3 118.2 125.4 144.9 134.5 QII 156.7 157.1 156.5 125.2 121.4 207.3 160.0 138.4 125.9 116.8 125.2 128.4 149.4 140.2 QIII 163.1 160.9 164.9 149.7 131.6 225.7 163.9 150.4 124.3 114.6 124.4 132.1 154.1 143.7 QIV 178.2 178.6 177.9 174.4 138.2 241.2 164.8 155.8 191.5 114.8 119.9 130.6 154.6 147.9 2020/21 QI 186.4 197.7 177.7 179.4 149.4 236.5 165.7 162.7 181.7 115.0 122.1 118.1 158.2 154.1 QII 185.7 194.4 179.2 175.0 155.2 243.1 169.9 169.6 149.6 115.5 132.1 143.2 160.8 159.0 QIII 193.6 201.4 187.7 188.1 165.5 254.3 181.6 184.4 155.2 115.6 131.1 150.5 167.2 166.7 QIV 212.2 229.5 199.0 209.6 176.6 267.7 202.7 188.3 161.4 116.8 135.2 148.7 179.1 180.8 2021/22 QI 234.8 265.3 211.7 218.9 191.5 281.4 221.6 208.1 161.7 117.7 153.3 161.3 198.6 192.5 QII 242.0 270.1 220.7 223.0 195.0 286.3 241.8 221.4 163.9 118.1 182.2 195.9 214.3 201.0 QIII 253.7 277.5 235.6 233.8 209.3 300.0 257.0 241.6 188.7 118.8 204.7 198.8 236.7 213.5 QIV 279.3 311.6 254.8 256.4 239.8 306.7 289.2 278.1 192.3 122.6 231.8 201.1 271.5 257.6 2022/23 QI 308.7 346.3 280.1 290.0 266.9 328.2 319.3 283.7 238.7 127.5 261.8 214.3 303.7 283.2 QII 323.2 358.0 296.7 312.9 312.6 327.6 355.8 327.1 260.9 129.6 280.3 212.0 309.3 322.0 QIII 355.7 381.5 336.1 331.8 357.8 402.9 382.5 341.4 273.6 131.2 295.3 217.4 345.0 361.7 QIV 399.1 438.2 369.3 349.0 389.4 458.9 408.6 368.7 303.2 131.9 286.5 227.4 384.0 381.0 2023/24 QI 425.4 471.9 390.1 382.2 405.5 502.5 417.1 394.0 295.4 135.4 343.3 228.5 397.0 406.7 QII 447.0 500.3 406.5 397.3 426.6 525.9 427.4 399.7 316.2 135.1 318.3 298.2 404.7 426.6 QIII 468.0 530.0 421.0 429.2 424.6 542.8 441.3 404.1 323.9 138.6 319.1 294.2 443.9 441.9 QIV 478.8 541.0 431.5 453.4 426.8 553.7 450.0 407.6 321.3 140.6 313.4 282.5 484.7 450.9
2024/25 QI 500.6 563.0 453.2 480.4 439.9 588.1 444.5 486.9 325.4 141.9 340.8 284.5 523.1 473.8 QII 538.1 604.5 487.5 511.4 460.3 600.7 458.9 495.8 504.6 142.9 350.9 289.2 566.8 500.3 QIII 559.5 619.6 513.8 571.5 488.8 617.8 478.3 537.4 590.2 144.7 378.2 318.1 572.3 540.0 QIV 580.7 643.3 533.1 591.7 506.1 642.6 497.7 528.4 601.1 145.5 387.6 327.2 609.4 563.2
Table 22 (C): Addis Ababa Non-Food Consumer Price Index,
4TH QUARTERREPORT 2024/25
NATIONAL BANK OF ETHIOPIA 88

Agriculture 5 6 7 11.0-12 Lending to all sectors 14-15 Industry, mining, power, and water resources 6 8 9 13.0-14 Domestic trade 6 8 9.5 14.0-15 Lending to the Central Gov't 12-13 Transport and communications 6 8 8 13.0-14 Export trade 6 13.0-14 Import trade (agricultural inputs) 5 6 7 14.0-15 Import trade (other) 6 8 9.5 14.0-15 Hotels and tourism 6 8 9 14.0-15 Other Financial Inst. 10.5 Construction 6 8 9 11.0-12 Housing (1) purchase 6 6 8 11.0-12 Interbank Rate 10 (2) construction 4.5 4.5 7 11.0-12 Central Government -- 3.0-5.0 -- 12.0-13 Banks and financial institutions -- 2.5-4.5 -- 10.0 Personal loans -- -- 10 14.0-15 B. Deposit rates 1.Time deposits 30 days notice -- 10.5 10.5 3 months to less than 6 months -- 10.5 10.5 6 months to less than 12 months -- 11 11 1 year to less than 2 years Differed by 11.5 11.5 2 years and above ownership 12 12 and maturity Memorandum Items:
Rate differentials for 1 year and over
Financial institutions (1 year): 1.0
Gov'nt-owned under takings (1 year): 1.0
Individuals, savings and credit cooperatives;self-help organizations:
1 year 6.0
2 years 6.5
3 years 7.0
5 years 7.5
Others:1 year 4.0
2 years 0.8
3 years 5.0
5 years 5.5
10 10
Rate differentials:
Individuals, savings and credit cooperatives; self-help organizations:
Up to Br. 100,000 6.0 In excess of Br. 100,000 2.0
C. Minimum and Maximum Interest Rates
Minimum interest rates on Time and Savings Deposits 10 11 10 7 6 3 4 5 7 Maximum lending rate by commercial banks & other financial institutions, 15 16 15 10.5 Market except for central government loan determined Central Government loan 12 6 6 5 3 Sept.1,1994- Jan. 1, 1995 Cooperatives State Private
Table 11: Interest Rate Structures
A. Lending rates (by CBE and specialized banks) Sector Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 June 1, 1996- Sep. 15, 1996 NBE Lending to:
CBEs/ Discount 10.5
Deposit rates
Through
September 30,
1992
Oct. 1, 1992-
Aug 31, 1994 Sept.1,1994- Jan. 1, 1995
2.Savings deposits
Differed by ownership and maturity
Minimum and Maximum Interest Rates Jan. 2, 1995- Nov. 30, 1995 Dec. 1, 1995- May 30, 1996 01/12/2010 10/02/2017 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
Table 12: Government Internal Debt by Holder
Noninterest bearing
Interest bearing
Comm.
Banks
Total
Gov't
Bonds Treasury Bills Others Total Gov't Bonds Treasury Bills 1=2+6+9 2=3 to 5 3 4 5 6=7+8 7 8 9=10+11 10 11 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 Qtr.III 1762700.6 675120.4 0.0 4355.5 670764.9 1013665.5 919737.7 93927.8 73914.7 18.1 73896.6 January 1746680.7 675120.4 0.0 4355.5 670764.9 1010431.2 919344.0 91087.2 61129.1 18.1 61111.0 Febraury 1752587.8 675120.4 0.0 4355.5 670764.9 1008558.1 919527.4 89030.7 68909.3 18.1 68891.2 March 1762700.6 675120.4 0.0 4355.5 670764.9 1013665.5 919737.7 93927.8 73914.7 18.1 73896.6 Qtr.IV 1851816.6 675120.4 0.0 4355.5 670764.9 1074326.3 920684.6 153641.7 102369.8 18.1 102351.7 April 1775999.5 675120.4
0.0 4355.5 670764.9 1017061.5 920588.5 96473.0 83817.6 18.1 83799.5 May 1816214.6 675120.4 0.0 4355.5 670764.9 1045053.1 920505.4 124547.7 96041.1 18.1 96023.0 June 1851816.6 675120.4 0.0 4355.5 670764.9 1074326.3 920684.6 153641.7 102369.8 18.1 102351.7

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
Indebtedness
National Bank of Ethiopia
Commercial Banks Others
NBE
Total
Direct
Advance
Gov't Bonds
Table 13: Quarterly General Government Revenue (In million Birr)
Budget 3mon(QI) 6months (QII) 9Months (QIII) 12Months (QIV) Budget 3 Mon(QI) 6 Months (QII) 9Months 9Months(Rev) (QIII) 12Months QIV 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 1,248,832.7 245,916.4 564,151.3 318,234.9 830,670.0 830,637.1 266,485.8 1,171,780.9 341,143.8 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 92,128.5 249,420.4 157,292.0 357,356.5 357,356.5 107,936.0 520,884.5 163,528.1 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 88,674.7 241,076.5 152,401.8 346,650.3 346,650.3 105,573.8 476,812.3 130,162.0 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 45,474.0 144,130.5 144,130.5 58,879.0 194,262.3 50,131.8 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 12,745.0 12,745.0 1,889.3 14,238.2 1,493.2 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 89,593.9 161,590.7 161,590.7 34,921.8 229,619.8 68,029.1 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 5,363.0 5,363.0 1,736.6 7,080.3 1,717.3 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 3,053.7 3,053.7 1,057.1 3,993.6 939.9 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 14,228.9 14,228.9 5,345.9 20,079.7 5,850.7 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 5,080.9 5,080.9 1,493.7 6,767.5 1,686.6 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 83.2 457.6 457.6 250.4 770.9 313.3 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 3,107.1 3,107.1 1,130.9 3,936.7 829.6 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 7,599.0 7,599.0 1,231.3 40,135.6 32,536.5 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 66,673.0 211,737.9 211,714.6 74,241.9 298,189.8 86,475.1 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 97,411.1 97,387.8 33,029.2 141,750.4 44,362.6 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 1,488.7 1,488.7 476.4 2,261.0 772.2 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 6,412.9 6,389.6 2,591.6 9,463.2 3,073.6 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 89,509.4 89,509.4 29,961.1 130,026.2 40,516.8 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 31,505.2 105,061.6 105,061.6 37,265.8 142,878.7 37,817.1 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 9,265.2 9,265.2 3,946.9 13,560.7 4,295.5 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 94,258.5 261,541.2 261,531.6 84,291.5 352,658.4 91,126.9 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 85,172.8 85,172.8 23,646.2 115,486.6 30,313.8 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 40,032.4 121,867.4 121,857.8 41,944.4 164,909.1 43,051.2 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 4,237.3 4,237.3 1,454.3 5,468.6 1,231.4 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 1,138.2 1,128.6 472.2 1,128.6 - 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 38,117.5 116,492.0 116,492.0 40,017.9 158,311.9 41,819.9 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 19,722.0 19,722.0 6,244.4 25,404.8 5,682.8 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 34.5 34.5 16.4 48.2 13.8 Coffee duties 0.0 Coffee surtax 0.0 Other 0.0 Transaction tax 0.0 Social walfare levy 26,080.0 10,061.6 22,322.4 12,260.9 34,778.9 34,778.9 12,456.4 46,857.9 12,079.0 Non-tax revenue 157,622.1 15,835.3 44,986.5 29,151.2 80,657.2 35,670.7 123,922.7 43,265.5 302,289.6 33,690.3 76,578.5 42,888.2 150,504.8 143,879.5 67,301.1 214,696.3 70,816.8 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 25,514.9 25,514.9 13,627.0 39,436.8 13,921.9 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 9,087.3 5,497.5 21,696.7 15,767.1 6,679.8 32,796.2 17,029.1 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 19,134.5 19,134.5 15,261.5 20,033.6 899.2 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 3,276.2 2,580.5 495.3 4,674.8 2,094.2 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) 78,738.9 6,680.4 13,265.5 6,585.1 20,938.0 20,938.0 7,672.4 31,091.9 10,153.9 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 20,350.0 59,944.5 59,944.5 23,565.0 86,663.0 26,718.5 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 1,551,122.4 279,606.6 640,729.8 361,123.1 981,174.8 974,516.6 333,786.9 1,386,477.2 411,960.6 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 34,559.2 180,840.8 180,840.8 78,556.0 185,032.4 4,191.6 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 18,442.8 58,681.7 58,681.7 22,634.4 62,873.3 4,191.6 Untied cash & CPF/grants 6,349.4 - - - - - - - 130,260.0 50,121.0 66,237.4 16,116.4 122,159.1 122,159.1 55,921.7 122,159.1 - 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 1,765,213.4 347,332.2 743,014.5 395,682.3 1,162,015.6 1,155,357.4 412,342.9 1,571,509.6 416,152.1 Source: Ministry of Finance, National Bank of Ethiopia Ethiopian fiscal year, Fiscal year ending July 7 2023/24 Pre actual 2017 2024/25 Pre actual 2016 4TH QUARTER R EPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 90

Table 12: Government Internal Debt by Holder
Noninterest bearing
Interest bearing
Comm.
Banks
Total
Gov't
Bonds Treasury Bills Others Total Gov't Bonds Treasury Bills 1=2+6+9 2=3 to 5 3 4 5 6=7+8 7 8 9=10+11 10 11 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 Qtr.III 1762700.6 675120.4 0.0 4355.5 670764.9 1013665.5 919737.7 93927.8 73914.7 18.1 73896.6 January 1746680.7 675120.4 0.0 4355.5 670764.9 1010431.2 919344.0 91087.2 61129.1 18.1 61111.0 Febraury 1752587.8 675120.4 0.0 4355.5 670764.9 1008558.1 919527.4 89030.7 68909.3 18.1 68891.2 March 1762700.6 675120.4 0.0 4355.5 670764.9 1013665.5 919737.7 93927.8 73914.7 18.1 73896.6 Qtr.IV 1851816.6 675120.4 0.0 4355.5 670764.9 1074326.3 920684.6 153641.7 102369.8 18.1 102351.7 April 1775999.5 675120.4
0.0 4355.5 670764.9 1017061.5 920588.5 96473.0 83817.6 18.1 83799.5 May 1816214.6 675120.4 0.0 4355.5 670764.9 1045053.1 920505.4 124547.7 96041.1 18.1 96023.0 June 1851816.6 675120.4 0.0 4355.5 670764.9 1074326.3 920684.6 153641.7 102369.8 18.1 102351.7

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
Indebtedness
National Bank of Ethiopia
Commercial Banks Others
NBE
Total
Direct
Advance
Gov't Bonds
Table 13: Quarterly General Government Revenue (In million Birr)
Budget 3mon(QI) 6months (QII) 9Months (QIII) 12Months (QIV) Budget 3 Mon(QI) 6 Months (QII) 9Months 9Months(Rev) (QIII) 12Months QIV 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 1,248,832.7 245,916.4 564,151.3 318,234.9 830,670.0 830,637.1 266,485.8 1,171,780.9 341,143.8 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 92,128.5 249,420.4 157,292.0 357,356.5 357,356.5 107,936.0 520,884.5 163,528.1 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 88,674.7 241,076.5 152,401.8 346,650.3 346,650.3 105,573.8 476,812.3 130,162.0 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 45,474.0 144,130.5 144,130.5 58,879.0 194,262.3 50,131.8 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 12,745.0 12,745.0 1,889.3 14,238.2 1,493.2 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 89,593.9 161,590.7 161,590.7 34,921.8 229,619.8 68,029.1 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 5,363.0 5,363.0 1,736.6 7,080.3 1,717.3 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 3,053.7 3,053.7 1,057.1 3,993.6 939.9 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 14,228.9 14,228.9 5,345.9 20,079.7 5,850.7 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 5,080.9 5,080.9 1,493.7 6,767.5 1,686.6 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 83.2 457.6 457.6 250.4 770.9 313.3 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 3,107.1 3,107.1 1,130.9 3,936.7 829.6 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 7,599.0 7,599.0 1,231.3 40,135.6 32,536.5 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 66,673.0 211,737.9 211,714.6 74,241.9 298,189.8 86,475.1 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 97,411.1 97,387.8 33,029.2 141,750.4 44,362.6 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 1,488.7 1,488.7 476.4 2,261.0 772.2 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 6,412.9 6,389.6 2,591.6 9,463.2 3,073.6 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 89,509.4 89,509.4 29,961.1 130,026.2 40,516.8 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 31,505.2 105,061.6 105,061.6 37,265.8 142,878.7 37,817.1 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 9,265.2 9,265.2 3,946.9 13,560.7 4,295.5 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 94,258.5 261,541.2 261,531.6 84,291.5 352,658.4 91,126.9 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 85,172.8 85,172.8 23,646.2 115,486.6 30,313.8 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 40,032.4 121,867.4 121,857.8 41,944.4 164,909.1 43,051.2 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 4,237.3 4,237.3 1,454.3 5,468.6 1,231.4 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 1,138.2 1,128.6 472.2 1,128.6 - 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 38,117.5 116,492.0 116,492.0 40,017.9 158,311.9 41,819.9 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 19,722.0 19,722.0 6,244.4 25,404.8 5,682.8 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 34.5 34.5 16.4 48.2 13.8 Coffee duties 0.0 Coffee surtax 0.0 Other 0.0 Transaction tax 0.0 Social walfare levy 26,080.0 10,061.6 22,322.4 12,260.9 34,778.9 34,778.9 12,456.4 46,857.9 12,079.0 Non-tax revenue 157,622.1 15,835.3 44,986.5 29,151.2 80,657.2 35,670.7 123,922.7 43,265.5 302,289.6 33,690.3 76,578.5 42,888.2 150,504.8 143,879.5 67,301.1 214,696.3 70,816.8 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 25,514.9 25,514.9 13,627.0 39,436.8 13,921.9 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 9,087.3 5,497.5 21,696.7 15,767.1 6,679.8 32,796.2 17,029.1 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 19,134.5 19,134.5 15,261.5 20,033.6 899.2 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 3,276.2 2,580.5 495.3 4,674.8 2,094.2 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) 78,738.9 6,680.4 13,265.5 6,585.1 20,938.0 20,938.0 7,672.4 31,091.9 10,153.9 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 20,350.0 59,944.5 59,944.5 23,565.0 86,663.0 26,718.5 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 1,551,122.4 279,606.6 640,729.8 361,123.1 981,174.8 974,516.6 333,786.9 1,386,477.2 411,960.6 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 34,559.2 180,840.8 180,840.8 78,556.0 185,032.4 4,191.6 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 18,442.8 58,681.7 58,681.7 22,634.4 62,873.3 4,191.6 Untied cash & CPF/grants 6,349.4 - - - - - - - 130,260.0 50,121.0 66,237.4 16,116.4 122,159.1 122,159.1 55,921.7 122,159.1 - 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 1,765,213.4 347,332.2 743,014.5 395,682.3 1,162,015.6 1,155,357.4 412,342.9 1,571,509.6 416,152.1 Source: Ministry of Finance, National Bank of Ethiopia Ethiopian fiscal year, Fiscal year ending July 7 2023/24 Pre actual 2017 2024/25 Pre actual 2016
Table 14: General Government Quarterly Expenditure (In million Birr)
Budget 3months (QI) 6months (QII) 9months (QIII) 12Months (QIV) Budget 3mon(QI) 6months (QII) 9months (QIII) 12Months (QIV) 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 64,041.1 180,347.1 116,306.0 311,116.5 130,769.4 471,845.7 160,729.2 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 62,942.4 25,646.9 90,996.3 28,053.9 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 51,749.2 18,845.2 88,232.0 36,482.7 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 51,294.5 18,525.6 86,258.2 34,963.7 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 2,286.8 667.6 3,089.5 802.7 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 11,101.4 5,085.4 18,718.3 7,616.9 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 82,561.9 35,160.9 92,576.5 10,014.6 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 93,579.6 42,701.4 163,321.9 69,742.4 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 6,895.2 2,662.0 14,911.2 8,015.9 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 84,396.6 33,179.3 137,775.4 53,378.8 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 42,041.4 16,119.2 72,633.4 30,592.0 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 33,481.6 14,184.2 48,092.7 14,611.2 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 4,950.1 1,388.2 7,031.1 2,081.0 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 3,923.5 1,487.8 10,018.2 6,094.7 General Development 131,030.3 8,842.7 30,408.9 21,566.1 55,556.0 25,147.1 98,511.4 42,955.4 149,286.2 15,402.7 51,566.1 36,163.4 59,876.8 8,310.7 139,387.5 79,510.7 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 58,681.7 22,634.4 62,873.3 4,191.6 Sub Total Capital Expenditure 493,547.5 59,159.8 172,335.8 113,176.1 292,746.5 120,410.7 467,457.6 174,711.1 689,148.9 102,949.3 283,130.4 180,181.0 455,389.8 172,259.4 749,008.5 293,618.7 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 80,485.2 281,989.7
55,575.3 134,685.7 79,110.4 218,572.9 83,887.1 342,002.1 123,429.2 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 49,809.3 8,581.7 22,249.4 13,667.8 37,528.6 15,279.2 61,481.4 23,952.8 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 30,754.3 4,185.5 13,179.8 8,994.2 18,989.6 5,809.9 31,906.5 12,916.9 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 61,052.5 17,777.0 87,203.1 26,150.7 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 73,704.0 13,161.2 27,220.7 14,059.5 51,759.4 24,538.7 82,082.2 30,322.8 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 62,022.0 12,463.7 28,760.4 16,296.7 49,242.8 20,482.3 79,328.8 30,086.0 Economic Services 81,574.3 11,552.2 32,434.3 20,882.2 48,938.9 16,504.5 63,103.7 14,164.8 122,830.6 17,342.9 34,383.0 17,040.0 55,582.2 21,199.3 83,182.5 27,600.3 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 78,112.6 8,545.1 18,537.3 9,992.2 31,438.2 12,900.9 46,571.2 15,133.0 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 37,819.4 6,466.4 14,597.5 8,131.1 24,361.3 9,763.8 36,607.2 12,246.0 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 40,293.2 2,078.8 3,939.9 1,861.1 7,076.9 3,137.1 9,963.9 2,887.0 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 40,293.2 611.1 3,522.9 2,911.8 6,246.4 2,723.5 8,748.5 2,502.0 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 18,239.7 4,876.8 8,995.7 4,118.9 13,414.0 4,418.2 19,935.0 6,521.0 Mines & Energy 361.3 46.6 168.7 122.1 297.0 128.2 407.6 110.6 412.8 106.4 256.5 150.1 426.5 170.0 561.9 135.4 Tourism 618.8 11.7 185.8 174.1 334.2 148.3 575.4 241.2 657.8 107.9 449.2 341.3 769.9 320.7 1,397.2 627.3 Transport & communication 2,995.4 511.0 1,037.5 526.5 2,335.4 1,298.0 3,217.6 882.2 5,897.4 660.7 1,363.5 702.7 2,336.6 973.1 3,857.2 1,520.6 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 17,946.8 3,025.0 4,080.6 1,055.6 6,160.9 2,080.3 9,048.7 2,887.8 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 14,348.1 2,335.5 2,432.0 96.5 3,496.6 1,064.6 4,728.1 1,231.5 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 1,036.1 335.9 1,811.3 775.3 Social Services 244,902.3 43,707.4 99,182.2 55,474.9 168,737.7 69,555.4 247,932.4 79,194.7 321,350.7 53,497.0 124,890.2 71,393.2 206,823.5 81,933.3 321,187.9 114,364.4 Education & training 159,685.1 28,746.4 66,198.1 37,451.7 110,728.1 44,530.0 162,057.1 51,329.0 200,427.6 35,435.8 78,392.5 42,956.7 135,356.0 56,963.5 208,301.9 72,945.9 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 8,477.2
1,668.0 3,548.0 1,880.0 5,607.1 2,059.1 8,811.9 3,204.8 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 94,351.6 12,250.8 33,913.3 21,662.5 53,471.3 19,557.9 86,255.4 32,784.1 Labour & social welfare 2,632.5 647.2 1,441.1 793.9 2,202.3 761.2 3,713.6 1,511.3 5,995.3 951.7 2,343.7 1,392.0 4,018.7 1,675.1 6,361.0 2,342.3 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 12,099.0 3,190.7 6,692.7 3,502.0 8,370.3 1,677.7 11,457.7 3,087.4 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 22,399.1 103,691.0 55,980.7 120,768.8 17,077.8 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 85,678.7 49,631.1 94,858.3 9,179.7 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 18,012.3 6,349.6 25,910.5 7,898.2 O/w: defence commercial - - 0.0 0.0 Miscellaneous 95,805.8 3,167.7 18,744.5 15,576.8 29,909.3 11,164.8 41,953.6 12,044.2 444,321.2 8,843.6 25,177.2 16,333.6 136,287.9 111,110.7 202,179.4 65,891.5 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 1,346,123.6 160,570.2 366,846.4 206,276.3 720,957.5 354,111.1 1,069,320.7 348,363.2 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 2,035,272.6 263,519.5 649,976.8 386,457.3 1,176,347.3 526,370.5 1,818,329.2 641,981.9 Source: Ministry of Finance, National Bank of Ethiopia * Estimated value Pre-actual Ethiopian fiscal year, Fiscal year ending July 7 2023/24 2017 2024/25 Pre actual 2016 4 91 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

Table 2(a): Statement of Condition of Commercial Banks:
Assets
Loans &
Adv.
Investment
Commercial
Banks
(2+3)
1
2
3
4
5
(7+8+9)
6
7
8
9 10
2022/23 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 QIII 306810.0 8570.5 298239.5 279843.8 1176250.3 1868663.5 1690963.1 124402.6 53297.8 743964.2 January 379011.2 59367.4 319643.8 317193.3 1152904.9 1681007.4 1550225.0 91317.2 39465.2 737424.3 February 387698.2 50796.9 336901.3 291635.0 1160379.7 1785179.1 1629937.1 114960.9 40281.0 708948.2 March 306810.0 8570.5 298239.5 279843.8 1176250.3 1868663.5 1690963.1 124402.6 53297.8 743964.2 QIV 487140.2 61998.9 425141.3 390781.7 1266742.9 1939360.1 1780874.3 100393.4 58092.4 754804.6 April 401402.3 70544.3 330858.1 279222.9 1191732.5 1883985.8 1718185.1 113235.3 52565.4 737457.3 May 449702.5 67470.1 382232.5 353141.9 1228375.1 1902269.7 1748965.6 98281.3 55022.8 754324.5 June 487140.2 61998.9 425141.3 390781.7 1266742.9 1939360.1 1780874.3 100393.4 58092.4 754804.6 (In Millions of Birr) Cash in Hand Deposits with NBE Claims on Non-Central Gov't Other Assets Reserves Total End of Period Foreign Assets Claims On Gov't Total
Table 14: General Government Quarterly Expenditure (In million Birr)
Budget 3months (QI) 6months (QII) 9months (QIII) 12Months (QIV) Budget 3mon(QI) 6months (QII) 9months (QIII) 12Months (QIV) 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 64,041.1 180,347.1 116,306.0 311,116.5 130,769.4 471,845.7 160,729.2 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 62,942.4 25,646.9 90,996.3 28,053.9 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 51,749.2 18,845.2 88,232.0 36,482.7 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 51,294.5 18,525.6 86,258.2 34,963.7 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 2,286.8 667.6 3,089.5 802.7 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 11,101.4 5,085.4 18,718.3 7,616.9 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 82,561.9 35,160.9 92,576.5 10,014.6 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 93,579.6 42,701.4 163,321.9 69,742.4 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 6,895.2 2,662.0 14,911.2 8,015.9 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 84,396.6 33,179.3 137,775.4 53,378.8 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 42,041.4 16,119.2 72,633.4 30,592.0 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 33,481.6 14,184.2 48,092.7 14,611.2 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 4,950.1 1,388.2 7,031.1 2,081.0 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 3,923.5 1,487.8 10,018.2 6,094.7 General Development 131,030.3 8,842.7 30,408.9 21,566.1 55,556.0 25,147.1 98,511.4 42,955.4 149,286.2 15,402.7 51,566.1 36,163.4 59,876.8 8,310.7 139,387.5 79,510.7 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 58,681.7 22,634.4 62,873.3 4,191.6 Sub Total Capital Expenditure 493,547.5 59,159.8 172,335.8 113,176.1 292,746.5 120,410.7 467,457.6 174,711.1 689,148.9 102,949.3 283,130.4 180,181.0 455,389.8 172,259.4 749,008.5 293,618.7 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 80,485.2 281,989.7
55,575.3 134,685.7 79,110.4 218,572.9 83,887.1 342,002.1 123,429.2 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 49,809.3 8,581.7 22,249.4 13,667.8 37,528.6 15,279.2 61,481.4 23,952.8 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 30,754.3 4,185.5 13,179.8 8,994.2 18,989.6 5,809.9 31,906.5 12,916.9 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 61,052.5 17,777.0 87,203.1 26,150.7 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 73,704.0 13,161.2 27,220.7 14,059.5 51,759.4 24,538.7 82,082.2 30,322.8 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 62,022.0 12,463.7 28,760.4 16,296.7 49,242.8 20,482.3 79,328.8 30,086.0 Economic Services 81,574.3 11,552.2 32,434.3 20,882.2 48,938.9 16,504.5 63,103.7 14,164.8 122,830.6 17,342.9 34,383.0 17,040.0 55,582.2 21,199.3 83,182.5 27,600.3 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 78,112.6 8,545.1 18,537.3 9,992.2 31,438.2 12,900.9 46,571.2 15,133.0 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 37,819.4 6,466.4 14,597.5 8,131.1 24,361.3 9,763.8 36,607.2 12,246.0 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 40,293.2 2,078.8 3,939.9 1,861.1 7,076.9 3,137.1 9,963.9 2,887.0 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 40,293.2 611.1 3,522.9 2,911.8 6,246.4 2,723.5 8,748.5 2,502.0 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 18,239.7 4,876.8 8,995.7 4,118.9 13,414.0 4,418.2 19,935.0 6,521.0 Mines & Energy 361.3 46.6 168.7 122.1 297.0 128.2 407.6 110.6 412.8 106.4 256.5 150.1 426.5 170.0 561.9 135.4 Tourism 618.8 11.7 185.8 174.1 334.2 148.3 575.4 241.2 657.8 107.9 449.2 341.3 769.9 320.7 1,397.2 627.3 Transport & communication 2,995.4 511.0 1,037.5 526.5 2,335.4 1,298.0 3,217.6 882.2 5,897.4 660.7 1,363.5 702.7 2,336.6 973.1 3,857.2 1,520.6 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 17,946.8 3,025.0 4,080.6 1,055.6 6,160.9 2,080.3 9,048.7 2,887.8 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 14,348.1 2,335.5 2,432.0 96.5 3,496.6 1,064.6 4,728.1 1,231.5 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 1,036.1 335.9 1,811.3 775.3 Social Services 244,902.3 43,707.4 99,182.2 55,474.9 168,737.7 69,555.4 247,932.4 79,194.7 321,350.7 53,497.0 124,890.2 71,393.2 206,823.5 81,933.3 321,187.9 114,364.4 Education & training 159,685.1 28,746.4 66,198.1 37,451.7 110,728.1 44,530.0 162,057.1 51,329.0 200,427.6 35,435.8 78,392.5 42,956.7 135,356.0 56,963.5 208,301.9 72,945.9 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 8,477.2
1,668.0 3,548.0 1,880.0 5,607.1 2,059.1 8,811.9 3,204.8 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 94,351.6 12,250.8 33,913.3 21,662.5 53,471.3 19,557.9 86,255.4 32,784.1 Labour & social welfare 2,632.5 647.2 1,441.1 793.9 2,202.3 761.2 3,713.6 1,511.3 5,995.3 951.7 2,343.7 1,392.0 4,018.7 1,675.1 6,361.0 2,342.3 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 12,099.0 3,190.7 6,692.7 3,502.0 8,370.3 1,677.7 11,457.7 3,087.4 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 22,399.1 103,691.0 55,980.7 120,768.8 17,077.8 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 85,678.7 49,631.1 94,858.3 9,179.7 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 18,012.3 6,349.6 25,910.5 7,898.2 O/w: defence commercial - - 0.0 0.0 Miscellaneous 95,805.8 3,167.7 18,744.5 15,576.8 29,909.3 11,164.8 41,953.6 12,044.2 444,321.2 8,843.6 25,177.2 16,333.6 136,287.9 111,110.7 202,179.4 65,891.5 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 1,346,123.6 160,570.2 366,846.4 206,276.3 720,957.5 354,111.1 1,069,320.7 348,363.2 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 2,035,272.6 263,519.5 649,976.8 386,457.3 1,176,347.3 526,370.5 1,818,329.2 641,981.9 Source: Ministry of Finance, National Bank of Ethiopia * Estimated value Pre-actual Ethiopian fiscal year, Fiscal year ending July 7 2023/24 2017 2024/25 Pre actual 2016 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 160,088.2 211,426.4 625,523.9 7,600.8 14,340.0 1,018,979.3 21,940.8 Qtr.III 175,312.5 233,796.1 643,078.7 4,150.0 7,689.1 1,064,026.4 11,839.1 Qtr.IV 179,038.8 210,915.8 682,470.5 8,150.0 12,897.5 1,093,472.6 21,047.5 2024/25
Table 15: Domestic Refining and Imports of Ptroleum
Period
2022/23
(In Metric Tone)
2019/20
2020/21
2021/22
2023/24
4 93 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

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 160,088.2 211,426.4 625,523.9 7,600.8 14,340.0 1,018,979.3 21,940.8 Qtr.III 175,312.5 233,796.1 643,078.7 4,150.0 7,689.1 1,064,026.4 11,839.1 Qtr.IV 179,038.8 210,915.8 682,470.5 8,150.0 12,897.5 1,093,472.6 21,047.5 2024/25
Table 15: Domestic Refining and Imports of Ptroleum
Period
2022/23
(In Metric Tone)
2019/20
2020/21
2021/22
2023/24
Table 16: GDP By Economic Activity at Constant Prices (In millions of Birr)
2009 2010 2011 2012 2013 2014 2015 2016 2017
2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 Agriculture, Hunting and Forestry 579,022.9 599,331.4 622,220.3 648,711.8 684,775.8 726,412.8 771,163.0 824,259.4 881,597.5 Crop 374,649.8 392,291.8 404,049.6 422,966.5 446,919.4 477,801.1 511,777.5 551,862.1 593,186.5 Animal Farming and Hunting 153,170.4 154,038.0 163,279.5 168,722.4 178,571.3 186,759.1 195,057.3 205,367.7 218,665.9 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 69,745.1 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 7,027.0 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 39,023.9 Manufacturing 111,249.6 117,410.7 127,986.7 137,601.5 144,618.9 151,583.9 162,125.7 175,745.9 193,907.6 Large and Medium Scale Manufacturing 73,528.2 77,966.5 87,691.9 96,268.6 102,266.2 108,223.9 117,266.1 129,228.4 145,456.8 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 48,450.8 Electricity and Water 11,552.5 11,929.0 14,115.4 15,136.4 16,522.3 17,593.6 19,826.3 23,400.2 29,390.1 Construction 286,749.6 331,691.4 381,443.8 419,078.0 446,721.7 468,435.8 501,490.4 546,459.8 594,749.4 Whole Sale and Retail Trade 215,351.0 241,936.3 268,037.0 285,293.1 303,204.7 327,260.0 352,241.8 379,833.4 408,799.7 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 71,239.5 Transport and Communications 215,351.0 241,936.3 104,436.2 105,646.1 113,090.7 124,120.5 139,047.5 154,861.1 168,006.1 Financial Intermediation 41,625.2 44,335.3 57,368.6 65,274.3 71,158.1 78,636.2 86,092.9 91,275.6 98,463.6 Real Estate, Renting and Business Activities 70,005.2 74,364.3 79,942.0 87,510.2 95,299.7 103,829.9 113,274.2 123,259.3 134,421.7 Public Administration and Defense 70,488.5 76,754.1 83,662.0 85,612.2 89,770.1 93,768.3 97,515.9 102,314.6 108,394.6 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 50,119.9 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 40,479.8 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 24,730.3 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 20,123.0 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 2,632,350.3 2,870,473.8 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 28,221.5 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 2,842,252.3 Taxes on Products 120,645.6 114,575.2 112,468.2 119,592.3 113,931.8 98,085.2 91,585.7 87,978.8 112,722.0 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 2,691,931.8 2,954,974.4 Source:MoPD Sectors/Year 4TH QUARTER
R EPO RT 2024/2 5 N ATIONAL BANK OF ETHIOPIA 94

Table 16: GDP By Economic Activity at Constant Prices (In millions of Birr)
2009 2010 2011 2012 2013 2014 2015 2016 2017
2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 Agriculture, Hunting and Forestry 579,022.9 599,331.4 622,220.3 648,711.8 684,775.8 726,412.8 771,163.0 824,259.4 881,597.5 Crop 374,649.8 392,291.8 404,049.6 422,966.5 446,919.4 477,801.1 511,777.5 551,862.1 593,186.5 Animal Farming and Hunting 153,170.4 154,038.0 163,279.5 168,722.4 178,571.3 186,759.1 195,057.3 205,367.7 218,665.9 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 69,745.1 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 7,027.0 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 39,023.9 Manufacturing 111,249.6 117,410.7 127,986.7 137,601.5 144,618.9 151,583.9 162,125.7 175,745.9 193,907.6 Large and Medium Scale Manufacturing 73,528.2 77,966.5 87,691.9 96,268.6 102,266.2 108,223.9 117,266.1 129,228.4 145,456.8 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 48,450.8 Electricity and Water 11,552.5 11,929.0 14,115.4 15,136.4 16,522.3 17,593.6 19,826.3 23,400.2 29,390.1 Construction 286,749.6 331,691.4 381,443.8 419,078.0 446,721.7 468,435.8 501,490.4 546,459.8 594,749.4 Whole Sale and Retail Trade 215,351.0 241,936.3 268,037.0 285,293.1 303,204.7 327,260.0 352,241.8 379,833.4 408,799.7 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 71,239.5 Transport and Communications 215,351.0 241,936.3 104,436.2 105,646.1 113,090.7 124,120.5 139,047.5 154,861.1 168,006.1 Financial Intermediation 41,625.2 44,335.3 57,368.6 65,274.3 71,158.1 78,636.2 86,092.9 91,275.6 98,463.6 Real Estate, Renting and Business Activities 70,005.2 74,364.3 79,942.0 87,510.2 95,299.7 103,829.9 113,274.2 123,259.3 134,421.7 Public Administration and Defense 70,488.5 76,754.1 83,662.0 85,612.2 89,770.1 93,768.3 97,515.9 102,314.6 108,394.6 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 50,119.9 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 40,479.8 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 24,730.3 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 20,123.0 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 2,632,350.3 2,870,473.8 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 28,221.5 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 2,842,252.3 Taxes on Products 120,645.6 114,575.2 112,468.2 119,592.3 113,931.8 98,085.2 91,585.7 87,978.8 112,722.0 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 2,691,931.8 2,954,974.4 Source:MoPD Sectors/Year
Table 17: Growth Rate of GDP By Economic Activity at Constant Prices (In percent)
2009 2010 2011 2012 2013 2014 2015 2016 2017
2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 Agriculture, Hunting and Forestry 6.7 3.5 3.8 4.3 5.6 6.1 6.2 6.9 7.0 Crop 8.2 4.7 3 4.7 5.7 6.9 7.1 7.8 7.5 Animal Farming and Hunting 4.2 0.6 6 3.3 5.8 4.6 4.4 5.3 6.5 Forestry 3.6 3.5 3.8 3.9 4.0 4.3 4.0 4.2 4.1 Fishing 0.5 11.3 2.3 2.8 1.7 21.9 38.6 29.6 94.1 Mining and Quarrying -29.8 -20.8 -21.9 91.4 115.4 6.1 -7.1 18.4 205.4 Manufacturing 24.7 5.5 7.7 7.5 5.1 4.8 7.0 8.4 10.3 Large and Medium Scale Manufacturing 19.2 6.0 10 9.8 6.2 5.8 8.4 10.2 12.6 Small Scale and Cottage Industries 36.9 4.6 3 2.6 2.5 2.4 3.5 3.7 4.2 Electricity and Water 4.9 3.3 4 7.2 9.2 6.5 12.7 18.0 25.6 Construction 20.7 15.7 15 9.9 6.6 4.9 7.1 9.0 8.8 Whole Sale and Retail Trade 6.5 12.3 11.7 6.4 6.3 7.9 7.6 7.8 7.6 Hotels and Restaurants 0.1 6.5 9 2.2 2.6 8.0 10.3 9.1 8.5 Transport and Communications 15.1 6.4 21 1.2 7.0 9.8 12.0 11.4 8.5 Financial Intermediation 18.3 10.7 10.1 10.2 9.0 10.5 9.5 6.0 7.9 Real Estate, Renting and Business Activities 4.4 6.2 7.5 9.5 8.9 9.0 9.1 8.8 9.1 Public Administration and Defense 13.2 8.9 9 2.3 4.9 4.5 4.0 4.9 5.9 Education -3.2 3.6 4 1.8 2.0 1.6 2.5 2.5 2.7 Health and Social Work 7.0 8.3 14.3 12.9 13.4 10.8 11.0 11.2 11.5 Other Community , Social & Personal Services 4.5 5.1 6.3 2.5 2.0 2.1 2.2 2.9 2.7 Private Households with Employed Persons 3.5 3.9 2.5 2.3 2.2 2.3 2.1 2.1 2.0 Total 10.2 7.8 8.9 6.2 6.3 6.4 7.1 7.9 9.0 Less : FISIM 17.6 16.0 7 14.2 11.0 5.9 2.5 -3.9 -0.6 Gross Value Added at Constant Basic Prices 10.1 7.7 9.0 6.1 6.3 6.4 7.2 8.1 9.2 Taxes on Products 1.6 -5.0 -1.8 6.3 -4.7 -13.9 -6.6 -3.9 28.1 GDP at Constant Market Prices 9.5 6.8 8.3 6.1 5.6 5.3 6.6 7.6 9.8 Source: MoPD Industry/Year 4 95 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

Table 17: Growth Rate of GDP By Economic Activity at Constant Prices (In percent)
2009 2010 2011 2012 2013 2014 2015 2016 2017
2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 Agriculture, Hunting and Forestry 6.7 3.5 3.8 4.3 5.6 6.1 6.2 6.9 7.0 Crop 8.2 4.7 3 4.7 5.7 6.9 7.1 7.8 7.5 Animal Farming and Hunting 4.2 0.6 6 3.3 5.8 4.6 4.4 5.3 6.5 Forestry 3.6 3.5 3.8 3.9 4.0 4.3 4.0 4.2 4.1 Fishing 0.5 11.3 2.3 2.8 1.7 21.9 38.6 29.6 94.1 Mining and Quarrying -29.8 -20.8 -21.9 91.4 115.4 6.1 -7.1 18.4 205.4 Manufacturing 24.7 5.5 7.7 7.5 5.1 4.8 7.0 8.4 10.3 Large and Medium Scale Manufacturing 19.2 6.0 10 9.8 6.2 5.8 8.4 10.2 12.6 Small Scale and Cottage Industries 36.9 4.6 3 2.6 2.5 2.4 3.5 3.7 4.2 Electricity and Water 4.9 3.3 4 7.2 9.2 6.5 12.7 18.0 25.6 Construction 20.7 15.7 15 9.9 6.6 4.9 7.1 9.0 8.8 Whole Sale and Retail Trade 6.5 12.3 11.7 6.4 6.3 7.9 7.6 7.8 7.6 Hotels and Restaurants 0.1 6.5 9 2.2 2.6 8.0 10.3 9.1 8.5 Transport and Communications 15.1 6.4 21 1.2 7.0 9.8 12.0 11.4 8.5 Financial Intermediation 18.3 10.7 10.1 10.2 9.0 10.5 9.5 6.0 7.9 Real Estate, Renting and Business Activities 4.4 6.2 7.5 9.5 8.9 9.0 9.1 8.8 9.1 Public Administration and Defense 13.2 8.9 9 2.3 4.9 4.5 4.0 4.9 5.9 Education -3.2 3.6 4 1.8 2.0 1.6 2.5 2.5 2.7 Health and Social Work 7.0 8.3 14.3 12.9 13.4 10.8 11.0 11.2 11.5 Other Community , Social & Personal Services 4.5 5.1 6.3 2.5 2.0 2.1 2.2 2.9 2.7 Private Households with Employed Persons 3.5 3.9 2.5 2.3 2.2 2.3 2.1 2.1 2.0 Total 10.2 7.8 8.9 6.2 6.3 6.4 7.1 7.9 9.0 Less : FISIM 17.6 16.0 7 14.2 11.0 5.9 2.5 -3.9 -0.6 Gross Value Added at Constant Basic Prices 10.1 7.7 9.0 6.1 6.3 6.4 7.2 8.1 9.2 Taxes on Products 1.6 -5.0 -1.8 6.3 -4.7 -13.9 -6.6 -3.9 28.1 GDP at Constant Market Prices 9.5 6.8 8.3 6.1 5.6 5.3 6.6 7.6 9.8 Source: MoPD Industry/Year
Table 18: GDP by Economic Activity at Current Prices (In million Birr)
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 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 4,934,577.5 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 3,411,873.3 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 1,201,089.0 Forestry 49,447 58,788 65,584 76,035.8 96,164.4 117,858.2 149,397.2 193,738.9 258,286.3 321,615.2 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 19,201.7 Mining and Quarrying 6,117 4,840 4,053 3,368.1 9,643.4 30,909.1 34,587.9 29,329.9 50,066.7 400,072.1 Manufacturing 89,247 113,387 128,200 150,530.5 178,972.3 199,934.1 261,122.9 390,709.0 517,803.5 634,337.6 Large and Medium Scale Manufacturing 61,687 74,763 84,791 104,723.1 125,757.6 141,915.1 185,656.5 285,203.1 381,197.6 475,252.6 Small Scale and Cottage Industries 27,559 38,624 43,410 45,807.5 53,214.7 58,019.0 75,466.4 105,505.9 136,605.9 159,085.0 Electricity and Water 11,015 13,714 15,026 18,726.4 23,826.9 30,434.9 34,860.6 53,134.9 64,312.8 103,063.4 Construction 237,545 300,209 452,978 495,283.1 567,201.4 687,236.9 1,068,150.2 1,662,566.4 2,355,789.2 3,053,299.5 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 1,960,042.5 Hotels and Restaurants 41,601 44,922 53,441 66,596.7 79,304.1 95,766.7 129,976.7 195,338.3 271,055.2 353,343.6 Transport and Communications 70,453 77,659 82,947 99,884.4 140,312.7 183,481.3 251,762.7 314,877.2 381,487.4 479,010.3 Financial Intermediation 39,769 51,810 69,359 85,044.1 102,994.4 122,893.7 180,666.7 238,373.1 331,181.7 476,025.1 Real Estate, Renting and Business Activities 67,063 70,793 79,553 106,157.2 154,804.2 228,594.8 404,030.6 715,651.7 1,032,988.6 1,252,520.0 Public Administration and Defense 62,259 80,817 94,614 103,262.3 120,235.7 159,154.9 188,988.2 260,507.3 307,964.0 387,604.9 Education 42,386 61,123 75,776 85,738.9 94,199.3 116,406.3 127,857.9 164,357.3 214,067.8 272,956.2 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 85,949.4 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 87,645.1 104,204.5 Private Households with Employed Persons 16,064 19,879 25,428 31,181.0 38,264.3 45,764.8 67,753.0 80,607.1 112,313.4 149,074.1 Total 1,463,883 1,722,669 2,091,618 2,575,507.5 3,222,499.9 4,165,858.8 5,966,964.9 8,483,209.8 11,501,813.3 14,665,282.4 Less : FISIM 14,486 18,870 26,829 31,884.3 39,104.0 46,801.9 67,289.5 79,436.0 102,399.8 146,663.1 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 8,403,773.7 11,399,413.5 14,518,619.3 Taxes on Products 118,700 128,755 137,583 152,599.6
191,351.1 221,967.3 257,339.9 319,343.1 385,147.9 575,799.7 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 8,723,116.8 11,784,561.4 15,094,419.0 Source: MoPD Industry/Year 22 4TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA 96

Table 19: Growth Rates of GDP by Economic Activity at Current Prices (%)
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 Agriculture, Hunting and Forestry 12.1 13.7 11.0 33.0 32.6 35.9 42.2 34.7 31.3 20.7 Crop 11.9 13.6 8.6 37.5 35.7 40.9 46.1 33.5 31.6 18.5 Animal Farming and Hunting 11.1 12.1 16.5 28.9 27.0 27.3 35.6 39.8 29.8 26.5 Forestry 16.1 18.9 11.6 16.2 26.5 22.6 26.8 29.7 33.3 24.5 Fishing 12.8 63.5 4.1 28.5 24.1 34.3 6.3 39.8 34.8 90.4 Mining and Quarrying -2.3 -20.9 -16.3 -16.9 186.3 220.5 11.9 (15.2) 70.7 699.1 Manufacturing 7.0 27.0 13.1 17.4 18.9 11.7 30.6 49.6 32.5 22.5 Large and Medium Scale Manufacturing 6.3 21.2 13.4 20.2 20.1 12.8 30.8 53.6 33.7 24.7 Small Scale and Cottage Industries 10.4 40.1 12.4 3.0 16.2 9.0 30.1 39.8 29.5 16.5 Electricity and Water 4.3 24.5 9.6 20.7 27.2 27.7 14.5 52.4 21.0 60.3 Construction 60.3 26.4 50.9 9.3 14.5 21.2 55.4 55.6 41.7 29.6 Whole Sale and Retail Trade 8.1 11.3 22.4 32.4 23.2 24.7 44.6 41.0 42.0 22.1 Hotels and Restaurants 22.9 8.0 19.0 25.1 19.1 20.8 35.7 50.3 38.8 30.4 Transport and Communications 22.4 10.2 6.8 20.4 40.5 30.8 37.2 25.1 21.2 25.6 Financial Intermediation 21.7 30.3 33.9 22.6 12.2 19.3 47.0 31.9 38.9 43.7 Real Estate, Renting and Business Activities 5.1 5.6 12.4 33.4 45.8 47.7 76.7 77.1 44.3 21.3 Public Administration and Defense 20.8 29.8 17.1 9.1 16.4 32.4 18.7 37.8 18.2 25.9 Education 19.8 44.2 24.0 13.1 11.3 23.6 9.8 28.5 30.2 27.5 Health and Social Work 21.3 19.8 28.4 13.4 27.8 14.8 19.7 25.3 20.3 18.9 Other Community , Social & Personal Services 9.9 12.0 14.9 19.1 18.4 18.3 26.8 32.2 32.6 18.9 Private Households with Employed Persons 4.8 23.7 27.9 22.6 22.7 19.6 48.0 19.0 39.3 32.7 Total 18.2 17.7 21.4 23.3 25.3 29.3 43.2 42.2 35.6 27.5 Less : FISIM 24.6 30.3 42.2 22.0 13.8 19.7 43.8 18.1 28.9 43.2 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 27.4 Taxes on Products 12.8 12.9 6.9 10.9 25.4 16.0 15.9 24.1 20.6 49.5 GDP at Current Market Prices 17.7 16.9 20.2 22.4 25.2 28.6 41.8 41.7 35.1 28.1 Source: MoPD Sectors/Year 23 4 97 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

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 2017
2011 /12 2012/13 2013/14 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 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 11,399,413.5 14,518,619.3 Taxes on Products, net 56,882.0 70,618.0 86,098.0 191,351.1 221,967.0 257,339.9 319,343.1 385,147.9 575,799.7 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 11,784,561.4 15,094,419.0 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) (25,744.7) 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 11,380,812.1 14,492,874.6 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 11,765,960.0 15,068,674.3 Current Transfers from ROW, net 86,849.9 93,355.1 106,357.3 210,332.1 292,126.0 400,304.3 421,000.8 416,780.2 1,058,888.5 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 12,182,740.2 16,127,562.8 Government Final Consumption Expenditure 72,783.5 91,074.7 115,104.0 308,096.7 383,565.0 453,263.1 551,106.6 650,000.0 881,424.0 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 9,454,839.8 12,216,350.7 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 2,424,729.2 3,036,992.9 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 2,005,105.6 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 1,397,786.3 3,045,454.2 Resource Balance (133,497.3) (143,073.5) (185,195.3) (329,095.7) (394,236.0) (622,325.2) (646,065.9) (745,007.5) (1,040,348.6) 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 1,996,644.3 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 2,077,900.4 3,029,788.1 Mid-year Population (In Million) 82.7 84.8 87.0 99.7 101.9 104.1 105.7 108.4 110.6 Per Capita Nominal GDP (In Birr) 9,268.6 10,486.5 12,520.2 33,849.0 42,595.0 59,155.4 82,521.5 108,700.1 136,509.0 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 24,830.2 26,723.8 Average Exchange Rate (Birr/USD) 17.3 18.3 19.1 31.3 39.0 48.6 53.3 56.0 119.3 Real GDP (In USD) 62,777.3 65,528.4 69,237.3 67,294.2 57,101.7 48,387 46,909.2 48,102.6 24,768.2 Nominal GDP (In USD)(Million) 44,449.6 48,671.9 57,071.7 107,672.6 111,261.9 126,772.7 163,712.9 210,580.3 126,519.2 Per Capita Nominal GDP (In USD) 537.2 573.7 656.4 1,080.0 1,091.8 1,218.0 1,549.0 1,942.4 1,144.2 Per Capita Real GDP (In USD) 758.7 772.4 796.3 675.0 560.3 464.9 443.8 443.7 224.0 GDP Deflator 0.71 0.74 0.82 1.60 1.95
2.62 3.49 4.38 5.1 Source: MoPD Description / Year 24
Table 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 GDP at Current Basic Prices 18.2 17.6 21.2 23.3 25.2 29.4 43.2 42.4 35.6 27.4 Taxes on Products, net 12.9 8.5 6.9 10.9 25.4 16.0 15.9 24.1 20.6 49.5 GDP at Current Market Prices 17.7 16.9 20.2 22.5 25.2 28.6 41.8 41.7 35.1 28.1 Incomes from ROW, net (2.9) (112.5) (31.8) (33.0) 46.5 16.5 24.5 -20.9 -22.2 38.4 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 27.3 Gross National Income at Current Market Price 17.8 16.6 20.1 22.5 25.1 28.7 41.9 41.9 35.3 28.1 Current Transfers from ROW, net 21.5 (0.6) 21.7 25.7 (12.5) 38.9 37.0 5.0 -1.0 154.1 Gross National Disposable Income 18.1 15.0 20.2 22.8 22.0 29.3 41.6 39.7 33.6 32.4 Government Final Consumption Expenditure 27.2 16.6 10.8 9.7 24.6 24.5 18.2 21.6 17.9 35.6 Private Final Consumption Expenditure 15.7 17.0 18.2 27.9 27.9 32.6 52.0 44.4 37.3 29.2 Gross Capital Formation (Investment) 15.1 20.3 6.7 26.2 8.8 17.9 28.3 23.9 25.4 25.3 Exports of Goods and Services 0.8 14.1 31.8 15.9 12.7 37.7 53.2 13.3 13.5 207.2 Imports of Goods and Services 8.0 1.3 16.7 11.8 1.4 27.4 55.7 8.0 14.4 117.9 Resource Balance (11.3) 3.9 (9.4) (9.5) (5.5) 19.8 57.9 3.7 15.3 39.6 Gross Domestic Savings 19.4 16.6 30.7 12.2 17.0 17.0 14.1 37.4 30.4 18.9 Gross National Savings 20.3 10.3 28.1 16.4 8.0 22.2 20.0 28.7 23.3 45.8 Mid-year Population (in Million) 2.4 2.4 2.3 2.2 2.1 1.5 2.6 2.0 Per Capita GDP (Birr) (Nominal) 15.0 14.2 17.5 19.8 22.5 25.8 38.9 39.5 31.7 25.6 Per Capita GDP (Birr) (Real) 5.0 7.0 4.4 5.8 4.1 3.3 3.3 4.7 5.0 7.6 Average Exchange Rate (Birr/USD) 5.0 6.2 16.5 7.6 11.5 24.5 24.5 9.7 5.0 113.2 Real GDP (USD) 2.4 3.1 (8.3) 0.6 (4.8) -15.1 -15.3 -3.1 2.5 -48.5 GDP at Current Market Prices(USD) 12.1 10.0 3.2 13.7 12.0 3.3 13.9 29.1 28.6 -39.9 Per Capita GDP (USD) (Nominal) 9.5 7.5 0.9 11.5 9.6 1.1 11.6 27.2 25.4 -41.1 Per Capita GDP (USD) (Real) 0.0 0.7 (10.4) (1.5) (6.8) -17.0 -17.0 -4.5 0.0 -49.5 Percentage Change in GDP Deflator 9.5 6.7 12.5 13.3 17.6 21.8 34.5 33.2 25.4 16.7 Source:MoPD Description / Year 4 99 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

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 2870294.5 2553131.0 669254.1 1674404.8 209472.1 317163.5 64861.8 252301.7 October 2696185.1 2431487.5 652450.6 1581840.6 197196.2 264697.6 85691.9 179005.7 November 2748143.1 2448738.0 645988.3 1600510.8 202238.8 299405.1 63818.6 235586.5 December 2870294.5 2553131.0 669254.1 1674404.8 209472.1 317163.5 64861.8 252301.7 QIII 3170831.2 2776198.7 728232.2 1827028.7 220937.8 394632.5 75266.5 319365.9 January 2932102.0 2601882.5 674858.6 1712049.9 214974.0 330219.4 50908.1 279311.3 Febraury 3068345.6 2673941.5 701885.7 1757919.1 214136.8 394404.0 75706.6 318697.4 March 3170831.2 2776198.7 728232.2 1827028.7 220937.8 394632.5 75266.5 319365.9 QIV 3426880.8 3071743.4 839727.3 1988532.5 243483.5 355137.4 44697.2 310440.2 April 3232773.4 2820578.8 734393.0 1855453.6 230732.2 412194.6 90424.5 321770.1 May 3336689.4 2944371.3 800991.4 1902489.0 240890.9 392318.1 88307.1 304011.1 June 3426880.8 3071743.4 839727.3 1988532.5 243483.5 355137.4 44697.2 310440.2 (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
Table 8: Deposits by Type and Sector
Table 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 GDP at Current Basic Prices 18.2 17.6 21.2 23.3 25.2 29.4 43.2 42.4 35.6 27.4 Taxes on Products, net 12.9 8.5 6.9 10.9 25.4 16.0 15.9 24.1 20.6 49.5 GDP at Current Market Prices 17.7 16.9 20.2 22.5 25.2 28.6 41.8 41.7 35.1 28.1 Incomes from ROW, net (2.9) (112.5) (31.8) (33.0) 46.5 16.5 24.5 -20.9 -22.2 38.4 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 27.3 Gross National Income at Current Market Price 17.8 16.6 20.1 22.5 25.1 28.7 41.9 41.9 35.3 28.1 Current Transfers from ROW, net 21.5 (0.6) 21.7 25.7 (12.5) 38.9 37.0 5.0 -1.0 154.1 Gross National Disposable Income 18.1 15.0 20.2 22.8 22.0 29.3 41.6 39.7 33.6 32.4 Government Final Consumption Expenditure 27.2 16.6 10.8 9.7 24.6 24.5 18.2 21.6 17.9 35.6 Private Final Consumption Expenditure 15.7 17.0 18.2 27.9 27.9 32.6 52.0 44.4 37.3 29.2 Gross Capital Formation (Investment) 15.1 20.3 6.7 26.2 8.8 17.9 28.3 23.9 25.4 25.3 Exports of Goods and Services 0.8 14.1 31.8 15.9 12.7 37.7 53.2 13.3 13.5 207.2 Imports of Goods and Services 8.0 1.3 16.7 11.8 1.4 27.4 55.7 8.0 14.4 117.9 Resource Balance (11.3) 3.9 (9.4) (9.5) (5.5) 19.8 57.9 3.7 15.3 39.6 Gross Domestic Savings 19.4 16.6 30.7 12.2 17.0 17.0 14.1 37.4 30.4 18.9 Gross National Savings 20.3 10.3 28.1 16.4 8.0 22.2 20.0 28.7 23.3 45.8 Mid-year Population (in Million) 2.4 2.4 2.3 2.2 2.1 1.5 2.6 2.0 Per Capita GDP (Birr) (Nominal) 15.0 14.2 17.5 19.8 22.5 25.8 38.9 39.5 31.7 25.6 Per Capita GDP (Birr) (Real) 5.0 7.0 4.4 5.8 4.1 3.3 3.3 4.7 5.0 7.6 Average Exchange Rate (Birr/USD) 5.0 6.2 16.5 7.6 11.5 24.5 24.5 9.7 5.0 113.2 Real GDP (USD) 2.4 3.1 (8.3) 0.6 (4.8) -15.1 -15.3 -3.1 2.5 -48.5 GDP at Current Market Prices(USD) 12.1 10.0 3.2 13.7 12.0 3.3 13.9 29.1 28.6 -39.9 Per Capita GDP (USD) (Nominal) 9.5 7.5 0.9 11.5 9.6 1.1 11.6 27.2 25.4 -41.1 Per Capita GDP (USD) (Real) 0.0 0.7 (10.4) (1.5) (6.8) -17.0 -17.0 -4.5 0.0 -49.5 Percentage Change in GDP Deflator 9.5 6.7 12.5 13.3 17.6 21.8 34.5 33.2 25.4 16.7 Source:MoPD Description / Year Period General Index Food and NonAlcoholic 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 QI 100.4 102.5 98.2 92.4 99.2 100.1 97.7 95.1 98.1 99.7 93.5 100.0 97.6 98.5 QII 100.4 101.3 99.4 97.3 99.5 100.1 99.2 98.8 99.3 99.9 98.4 100.0 99.1 99.0 QIII 102.4 103.0 101.7 104.4 100.7 102.3 101.2 104.3 103.9 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 112.0 113.9 109.9 104.5 116.0 113.3 111.1 97.0 106.3 101.7 113.1 106.0 107.9 102.2 QII 115.6 116.6 114.5 110.7 119.8 119.7 115.3 92.9 108.9 103.4 114.0 107.5 113.5
104.5 QIII 118.8 118.7 118.9 117.3 126.3 123.4 122.4 99.9 111.4 105.9 117.9 109.2 114.0 109.5 QIV 122.8 123.1 122.5 108.2 135.8 127.8 129.1 101.3 113.2 107.2 120.9 110.4 118.6 115.6 2018/19 QI 127.4 128.2 126.5 112.3 141.1 131.3 133.9 107.2 115.5 106.7 122.6 117.5 123.7 119.6 QII 127.9 128.3 127.4 112.3 144.7 130.0 136.3 110.6 119.7 101.1 124.9 125.8 128.1 119.8 QIII 131.9 132.0 131.8 121.2 150.7 133.1 141.5 116.0 128.9 101.5 126.6 126.3 130.8 123.6 QIV 141.0 145.6 135.7 125.1 151.6 137.0 147.4 114.8 132.3 105.5 127.7 129.5 135.7 131.4 2019/20 QI 149.5 156.6 141.4 127.0 156.4 144.7 150.0 120.2 136.0 105.6 129.8 132.6 145.9 135.6 QII 153.1 158.5 146.8 131.5 158.6 153.8 151.4 126.6 139.5 102.8 141.4 134.1 152.0 139.8 QIII 159.6 164.5 153.9 137.4 159.7 167.2 153.6 130.3 146.6 101.0 143.2 134.3 156.7 145.5 QIV 171.2 179.2 161.9 163.0 167.1 168.5 156.4 143.4 192.6 108.1 140.3 135.6 159.3 149.5 2020/21 QI 179.9 192.1 165.8 158.5 170.3 172.2 158.7 147.4 218.3 106.1 140.2 130.3 165.2 155.3 QII 181.9 193.7 168.3 168.8 177.3 174.8 159.8 155.9 171.1 104.3 153.9 145.6 176.7 161.3 QIII 191.9 201.8 180.4 176.8 185.6 188.5 173.6 170.6 200.0 117.3 163.1 149.9 183.3 169.3 QIV 207.7 224.0 188.9 184.0 199.0 189.2 196.7 189.6 209.5 125.9 175.6 152.8 192.8 184.7 2021/22 QI 234.9 263.5 201.8 202.5 213.2 202.0 217.8 206.3 209.0 119.9 189.2 164.9 205.3 195.1 QII 244.0 271.9 211.9 218.7 223.0 211.4 228.2 221.6 209.3 121.0 220.7 184.8 218.6 200.3 QIII 257.7 286.3 224.6 240.5 225.8 223.2 249.4 232.8 217.3 125.8 238.3 190.1 233.4 215.8 QIV 282.2 317.0 242.1 259.4 250.3 227.7 292.5 246.9 223.5 129.9 256.6 196.8 262.2 253.8 2022/23 QI 310.4 351.0 263.7 270.8 287.0 239.6 327.5 256.5 265.1 133.7 286.4 207.3 291.1 287.7 QII 325.9 360.4 286.1 298.9 307.6 260.5 360.7 268.2 278.8 127.5 350.6 222.5 312.1 326.5 QIII 343.8 378.0 304.4 324.1 327.9 276.2 386.7 293.6 276.8 128.3 359.9 223.5 335.5 351.5 QIV 370.1 410.0 324.2 333.5 351.6 295.1 416.3 329.7 290.3 133.4 357.7 231.3 361.3 369.4 2023/24 QI 398.0 444.5 344.5 359.5 354.6 320.4 438.9 371.2 297.2 161.4 359.9 227.8 382.9 378.6 QII 419.6 468.9 362.9 375.0 366.8 346.1 449.3 382.9 319.5 167.2 330.9 282.3 400.9 397.7 QIII 439.7 494.8 376.2 412.8 375.5 351.6 460.9 400.5 342.1 173.7 335.2 287.2 421.2 410.4 QIV 451.5 512.8 380.8 420.3 362.7 352.5 472.4 423.8 342.0 170.4 332.4 291.8 443.2 424.6 2024/25 QI 468.7 531.8 395.9 430.4 371.5 371.2 488.2 447.9 354.0 172.6 342.8 294.4 466.3 431.7 QII 493.9 561.1 416.6 442.4 385.9 394.8 498.4 455.3 433.9 168.1 341.0 315.3 491.8 446.7 QIII 504.0 564.0 434.9 478.2 402.6 410.4 521.2 442.8 465.6 175.9 346.9 325.8 502.5 476.8 QIV 515.8 574.4 448.4 482.6 419.4 417.4 543.3 454.2 497.3 181.8 361.4 333.8 521.8 505.1 Source: Ethiopian Statistical Service (ESS)
Table 22(A): National Non-Food Consumer Price Index,
4TH QUARTERREPORT 2024/25
NATIONAL BANK OF ETHIOPIA 100

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 2870294.5 2553131.0 669254.1 1674404.8 209472.1 317163.5 64861.8 252301.7 October 2696185.1 2431487.5 652450.6 1581840.6 197196.2 264697.6 85691.9 179005.7 November 2748143.1 2448738.0 645988.3 1600510.8 202238.8 299405.1 63818.6 235586.5 December 2870294.5 2553131.0 669254.1 1674404.8 209472.1 317163.5 64861.8 252301.7 QIII 3170831.2 2776198.7 728232.2 1827028.7 220937.8 394632.5 75266.5 319365.9 January 2932102.0 2601882.5 674858.6 1712049.9 214974.0 330219.4 50908.1 279311.3 Febraury 3068345.6 2673941.5 701885.7 1757919.1 214136.8 394404.0 75706.6 318697.4 March 3170831.2 2776198.7 728232.2 1827028.7 220937.8 394632.5 75266.5 319365.9 QIV 3426880.8 3071743.4 839727.3 1988532.5 243483.5 355137.4 44697.2 310440.2 April 3232773.4 2820578.8 734393.0 1855453.6 230732.2 412194.6 90424.5 321770.1 May 3336689.4 2944371.3 800991.4 1902489.0 240890.9 392318.1 88307.1 304011.1 June 3426880.8 3071743.4 839727.3 1988532.5 243483.5 355137.4 44697.2 310440.2 (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
Table 8: Deposits by Type and Sector
December 2016=100
Period
Food & Nonalcoholic
Beverages
Bread and
Cereals
Meat
Fish & Sea
Food
Hosing,Water,
Electricity, Gas and Other
Fuels
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate & confectionery
Food products
Non-Alcoholic
Beverages
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 QIII 564.0 658.3 566.0 436.4 486.6 521.0 483.3 556.6 341.4 504.6 479.8 QIV 574.4 658.3 580.2 436.5 504.5 539.7 490.7 559.8 353.5 518.9 523.5 Source: Ethiopian Statistical Service (ESS)
Table 22 (B): National Food Consumer Price Index,
December 2016=100
Period
General Index
Food & Nonalcoholic Beverages
Alcoholic beverages
& Tobacco
Clothing & Footwear
Hosing, Water,
Electricity, Gas and
Other Fuels
Furnishings,
Household
Equipment and
Routine Maintenance
Health
Transport
Communication
Recreation and
Culture
Education
Restaurants and
Hotels
Miscellaneous Goods
Non-Food Index
2017/18
QI 112.3 109.2 114.8 103.3 98.8 133.7 114.3 113.7 106.5 115.3 107.3 100.4 104.9 100.9 QII 117.6 110.3 123.1 103.0 101.2 151.3 120.5 113.9 106.9 116.5 107.3 99.9 118.5 106.5 QIII 121.1 113.1 127.2 112.7 104.8 158.3 126.6 117.3 107.7 116.8 109.7 99.7 120.2 111.3 QIV 127.1 117.7 134.2 114.1 111.3 170.0 132.4 131.8 109.4 116.8 112.2 100.1 127.5 119.4 2018/19 QI 132.1 125.2 137.4 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 QII 133.0 123.7 140.0 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 QIII 137.5 127.5 145.1 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 QIV 145.3 141.4 148.2 127.1 121.1 188.3 153.5 139.6 121.5 118.0 115.7 121.9 142.9 130.7 2019/20 QI 152.8 155.5 150.8 126.7 123.3 192.5 155.8 140.5 123.6 118.3 118.2 125.4 144.9 134.5 QII 156.7 157.1 156.5 125.2 121.4 207.3 160.0 138.4 125.9 116.8 125.2 128.4 149.4 140.2 QIII 163.1 160.9 164.9 149.7 131.6 225.7 163.9 150.4 124.3 114.6 124.4 132.1 154.1 143.7 QIV 178.2 178.6 177.9 174.4 138.2 241.2 164.8 155.8 191.5 114.8 119.9 130.6 154.6 147.9 2020/21 QI 186.4 197.7 177.7 179.4 149.4 236.5 165.7 162.7 181.7 115.0 122.1 118.1 158.2 154.1 QII 185.7 194.4 179.2 175.0 155.2 243.1 169.9 169.6 149.6 115.5 132.1 143.2 160.8 159.0 QIII 193.6 201.4 187.7 188.1 165.5 254.3 181.6 184.4 155.2 115.6 131.1 150.5 167.2 166.7 QIV 212.2 229.5 199.0 209.6 176.6 267.7 202.7 188.3 161.4 116.8 135.2 148.7 179.1 180.8 2021/22 QI 234.8 265.3 211.7 218.9 191.5 281.4 221.6 208.1 161.7 117.7 153.3 161.3 198.6 192.5 QII 242.0 270.1 220.7 223.0 195.0 286.3 241.8 221.4 163.9 118.1 182.2 195.9 214.3 201.0 QIII 253.7 277.5 235.6 233.8 209.3 300.0 257.0 241.6 188.7 118.8 204.7 198.8 236.7 213.5 QIV 279.3 311.6 254.8 256.4 239.8 306.7 289.2 278.1 192.3 122.6 231.8 201.1 271.5 257.6 2022/23 QI 308.7 346.3 280.1 290.0 266.9 328.2 319.3 283.7 238.7 127.5 261.8 214.3 303.7 283.2 QII 323.2 358.0 296.7 312.9 312.6 327.6 355.8 327.1 260.9 129.6 280.3 212.0 309.3 322.0 QIII 355.7 381.5 336.1 331.8 357.8 402.9 382.5 341.4 273.6 131.2 295.3 217.4 345.0 361.7 QIV 399.1 438.2 369.3 349.0 389.4 458.9 408.6 368.7 303.2 131.9 286.5 227.4 384.0 381.0 2023/24 QI 425.4 471.9 390.1 382.2 405.5 502.5 417.1 394.0 295.4 135.4 343.3 228.5 397.0 406.7 QII 447.0 500.3 406.5 397.3 426.6 525.9 427.4 399.7 316.2 135.1 318.3 298.2 404.7 426.6 QIII 468.0 530.0 421.0 429.2 424.6 542.8 441.3 404.1 323.9 138.6 319.1 294.2 443.9 441.9 QIV 478.8 541.0 431.5 453.4 426.8 553.7 450.0 407.6 321.3 140.6 313.4 282.5 484.7 450.9 2024/25 QI 500.6 563.0 453.2 480.4 439.9 588.1 444.5 486.9 325.4 141.9 340.8 284.5 523.1 473.8 QII 538.1 604.5 487.5 511.4 460.3 600.7 458.9 495.8 504.6 142.9 350.9 289.2 566.8 500.3 QIII 559.5 619.6 513.8 571.5 488.8 617.8 478.3 537.4 590.2 144.7 378.2 318.1 572.3 540.0 QIV 580.7 643.3 533.1 591.7 506.1 642.6 497.7 528.4 601.1 145.5 387.6 327.2 609.4 563.2
Table 22 (C): Addis Ababa Non-Food Consumer Price Index,
4 101 TH QUARTERREPORT 2024/25
NATIONAL BANK OF ETHIOPIA

Agriculture 5 6 7 11.0-12 Lending to all sectors 14-15 Industry, mining, power, and water resources 6 8 9 13.0-14 Domestic trade 6 8 9.5 14.0-15 Lending to the Central Gov't 12-13 Transport and communications 6 8 8 13.0-14 Export trade 6 13.0-14 Import trade (agricultural inputs) 5 6 7 14.0-15 Import trade (other) 6 8 9.5 14.0-15 Hotels and tourism 6 8 9 14.0-15 Other Financial Inst. 10.5 Construction 6 8 9 11.0-12 Housing (1) purchase 6 6 8 11.0-12 Interbank Rate 10 (2) construction 4.5 4.5 7 11.0-12 Central Government -- 3.0-5.0 -- 12.0-13 Banks and financial institutions -- 2.5-4.5 -- 10.0 Personal loans -- -- 10 14.0-15 B. Deposit rates 1.Time deposits 30 days notice -- 10.5 10.5 3 months to less than 6 months -- 10.5 10.5 6 months to less than 12 months -- 11 11 1 year to less than 2 years Differed by 11.5 11.5 2 years and above ownership 12 12 and maturity Memorandum Items:
Rate differentials for 1 year and over
Financial institutions (1 year): 1.0
Gov'nt-owned under takings (1 year): 1.0
Individuals, savings and credit cooperatives;self-help organizations:
1 year 6.0
2 years 6.5
3 years 7.0
5 years 7.5
Others:1 year 4.0
2 years 0.8
3 years 5.0
5 years 5.5
10 10
Rate differentials:
Individuals, savings and credit cooperatives; self-help organizations:
Up to Br. 100,000 6.0 In excess of Br. 100,000 2.0
C. Minimum and Maximum Interest Rates
Minimum interest rates on Time and Savings Deposits 10 11 10 7 6 3 4 5 7 Maximum lending rate by commercial banks & other financial institutions, 15 16 15 10.5 Market except for central government loan determined Central Government loan 12 6 6 5 3 Sept.1,1994- Jan. 1, 1995 Cooperatives State Private
Table 11: Interest Rate Structures
A. Lending rates (by CBE and specialized banks) Sector Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 June 1, 1996- Sep. 15, 1996 NBE Lending to:
CBEs/ Discount 10.5
Deposit rates
Through
September 30,
1992
Oct. 1, 1992-
Aug 31, 1994 Sept.1,1994- Jan. 1, 1995
2.Savings deposits
Differed by ownership and maturity
Minimum and Maximum Interest Rates Jan. 2, 1995- Nov. 30, 1995 Dec. 1, 1995- May 30, 1996 01/12/2010 10/02/2017 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
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 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 QIII 619.6 671.9 605.9 450.4 526.0 579.7 519.9 559.4 599.2 886.3 504.3 QIV 643.3 674.5 638.5 479.2 548.9 605.5 529.0 580.3 614.7 983.1 570.9 Source: Ethiopian Statistical Service (ESS) 4 103 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

Agriculture 5 6 7 11.0-12 Lending to all sectors 14-15 Industry, mining, power, and water resources 6 8 9 13.0-14 Domestic trade 6 8 9.5 14.0-15 Lending to the Central Gov't 12-13 Transport and communications 6 8 8 13.0-14 Export trade 6 13.0-14 Import trade (agricultural inputs) 5 6 7 14.0-15 Import trade (other) 6 8 9.5 14.0-15 Hotels and tourism 6 8 9 14.0-15 Other Financial Inst. 10.5 Construction 6 8 9 11.0-12 Housing (1) purchase 6 6 8 11.0-12 Interbank Rate 10 (2) construction 4.5 4.5 7 11.0-12 Central Government -- 3.0-5.0 -- 12.0-13 Banks and financial institutions -- 2.5-4.5 -- 10.0 Personal loans -- -- 10 14.0-15 B. Deposit rates 1.Time deposits 30 days notice -- 10.5 10.5 3 months to less than 6 months -- 10.5 10.5 6 months to less than 12 months -- 11 11 1 year to less than 2 years Differed by 11.5 11.5 2 years and above ownership 12 12 and maturity Memorandum Items:
Rate differentials for 1 year and over
Financial institutions (1 year): 1.0
Gov'nt-owned under takings (1 year): 1.0
Individuals, savings and credit cooperatives;self-help organizations:
1 year 6.0
2 years 6.5
3 years 7.0
5 years 7.5
Others:1 year 4.0
2 years 0.8
3 years 5.0
5 years 5.5
10 10
Rate differentials:
Individuals, savings and credit cooperatives; self-help organizations:
Up to Br. 100,000 6.0 In excess of Br. 100,000 2.0
C. Minimum and Maximum Interest Rates
Minimum interest rates on Time and Savings Deposits 10 11 10 7 6 3 4 5 7 Maximum lending rate by commercial banks & other financial institutions, 15 16 15 10.5 Market except for central government loan determined Central Government loan 12 6 6 5 3 Sept.1,1994- Jan. 1, 1995 Cooperatives State Private
Table 11: Interest Rate Structures
A. Lending rates (by CBE and specialized banks) Sector Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 June 1, 1996- Sep. 15, 1996 NBE Lending to:
CBEs/ Discount 10.5
Deposit rates
Through
September 30,
1992
Oct. 1, 1992-
Aug 31, 1994 Sept.1,1994- Jan. 1, 1995
2.Savings deposits
Differed by ownership and maturity
Minimum and Maximum Interest Rates Jan. 2, 1995- Nov. 30, 1995 Dec. 1, 1995- May 30, 1996 01/12/2010 10/02/2017 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
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
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 508.0 610.6 408.7 415.3 352.6 380.2 529.2 410.8 376.7 134.4 400.4 404.5 535.6 493.0 QIII 531.1 611.4 453.4 501.8 399.4 426.4 569.8 490.0 376.7 135.6 411.9 518.8 552.7 495.2 QIV 553.7 646.1 464.3 450.3 425.5 447.7 615.9 485.5 442.4 140.1 419.6 437.0 554.5 503.7 Source: Ethiopian Statistical Service (ESS) AFAR 4TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA 104

Table 14: General Government Quarterly Expenditure (In million Birr)
Budget 3months (QI) 6months (QII) 9months (QIII) 12Months (QIV) Budget 3mon(QI) 6months (QII) 9months (QIII) 12Months (QIV) 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 64,041.1 180,347.1 116,306.0 311,116.5 130,769.4 471,845.7 160,729.2 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 62,942.4 25,646.9 90,996.3 28,053.9 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 51,749.2 18,845.2 88,232.0 36,482.7 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 51,294.5 18,525.6 86,258.2 34,963.7 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 2,286.8 667.6 3,089.5 802.7 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 11,101.4 5,085.4 18,718.3 7,616.9 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 82,561.9 35,160.9 92,576.5 10,014.6 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 93,579.6 42,701.4 163,321.9 69,742.4 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 6,895.2 2,662.0 14,911.2 8,015.9 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 84,396.6 33,179.3 137,775.4 53,378.8 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 42,041.4 16,119.2 72,633.4 30,592.0 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 33,481.6 14,184.2 48,092.7 14,611.2 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 4,950.1 1,388.2 7,031.1 2,081.0 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 3,923.5 1,487.8 10,018.2 6,094.7 General Development 131,030.3 8,842.7 30,408.9 21,566.1 55,556.0 25,147.1 98,511.4 42,955.4 149,286.2 15,402.7 51,566.1 36,163.4 59,876.8 8,310.7 139,387.5 79,510.7 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 58,681.7 22,634.4 62,873.3 4,191.6 Sub Total Capital Expenditure 493,547.5 59,159.8 172,335.8 113,176.1 292,746.5 120,410.7 467,457.6 174,711.1 689,148.9 102,949.3 283,130.4 180,181.0 455,389.8 172,259.4 749,008.5 293,618.7 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 80,485.2 281,989.7
55,575.3 134,685.7 79,110.4 218,572.9 83,887.1 342,002.1 123,429.2 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 49,809.3 8,581.7 22,249.4 13,667.8 37,528.6 15,279.2 61,481.4 23,952.8 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 30,754.3 4,185.5 13,179.8 8,994.2 18,989.6 5,809.9 31,906.5 12,916.9 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 61,052.5 17,777.0 87,203.1 26,150.7 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 73,704.0 13,161.2 27,220.7 14,059.5 51,759.4 24,538.7 82,082.2 30,322.8 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 62,022.0 12,463.7 28,760.4 16,296.7 49,242.8 20,482.3 79,328.8 30,086.0 Economic Services 81,574.3 11,552.2 32,434.3 20,882.2 48,938.9 16,504.5 63,103.7 14,164.8 122,830.6 17,342.9 34,383.0 17,040.0 55,582.2 21,199.3 83,182.5 27,600.3 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 78,112.6 8,545.1 18,537.3 9,992.2 31,438.2 12,900.9 46,571.2 15,133.0 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 37,819.4 6,466.4 14,597.5 8,131.1 24,361.3 9,763.8 36,607.2 12,246.0 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 40,293.2 2,078.8 3,939.9 1,861.1 7,076.9 3,137.1 9,963.9 2,887.0 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 40,293.2 611.1 3,522.9 2,911.8 6,246.4 2,723.5 8,748.5 2,502.0 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 18,239.7 4,876.8 8,995.7 4,118.9 13,414.0 4,418.2 19,935.0 6,521.0 Mines & Energy 361.3 46.6 168.7 122.1 297.0 128.2 407.6 110.6 412.8 106.4 256.5 150.1 426.5 170.0 561.9 135.4 Tourism 618.8 11.7 185.8 174.1 334.2 148.3 575.4 241.2 657.8 107.9 449.2 341.3 769.9 320.7 1,397.2 627.3 Transport & communication 2,995.4 511.0 1,037.5 526.5 2,335.4 1,298.0 3,217.6 882.2 5,897.4 660.7 1,363.5 702.7 2,336.6 973.1 3,857.2 1,520.6 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 17,946.8 3,025.0 4,080.6 1,055.6 6,160.9 2,080.3 9,048.7 2,887.8 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 14,348.1 2,335.5 2,432.0 96.5 3,496.6 1,064.6 4,728.1 1,231.5 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 1,036.1 335.9 1,811.3 775.3 Social Services 244,902.3 43,707.4 99,182.2 55,474.9 168,737.7 69,555.4 247,932.4 79,194.7 321,350.7 53,497.0 124,890.2 71,393.2 206,823.5 81,933.3 321,187.9 114,364.4 Education & training 159,685.1 28,746.4 66,198.1 37,451.7 110,728.1 44,530.0 162,057.1 51,329.0 200,427.6 35,435.8 78,392.5 42,956.7 135,356.0 56,963.5 208,301.9 72,945.9 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 8,477.2
1,668.0 3,548.0 1,880.0 5,607.1 2,059.1 8,811.9 3,204.8 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 94,351.6 12,250.8 33,913.3 21,662.5 53,471.3 19,557.9 86,255.4 32,784.1 Labour & social welfare 2,632.5 647.2 1,441.1 793.9 2,202.3 761.2 3,713.6 1,511.3 5,995.3 951.7 2,343.7 1,392.0 4,018.7 1,675.1 6,361.0 2,342.3 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 12,099.0 3,190.7 6,692.7 3,502.0 8,370.3 1,677.7 11,457.7 3,087.4 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 22,399.1 103,691.0 55,980.7 120,768.8 17,077.8 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 85,678.7 49,631.1 94,858.3 9,179.7 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 18,012.3 6,349.6 25,910.5 7,898.2 O/w: defence commercial - - 0.0 0.0 Miscellaneous 95,805.8 3,167.7 18,744.5 15,576.8 29,909.3 11,164.8 41,953.6 12,044.2 444,321.2 8,843.6 25,177.2 16,333.6 136,287.9 111,110.7 202,179.4 65,891.5 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 1,346,123.6 160,570.2 366,846.4 206,276.3 720,957.5 354,111.1 1,069,320.7 348,363.2 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 2,035,272.6 263,519.5 649,976.8 386,457.3 1,176,347.3 526,370.5 1,818,329.2 641,981.9 Source: Ministry of Finance, National Bank of Ethiopia * Estimated value Pre-actual Ethiopian fiscal year, Fiscal year ending July 7 2023/24 2017 2024/25 Pre actual 2016
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
Health
Transport
Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
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 520.7 575.2 459.7 631.6 401.0 413.7 506.4 405.7 516.6 395.9 317.9 465.9 509.7 406.5 QIII 520.7 564.4 471.8 653.4 406.9 427.4 523.5 493.6 478.4 428.5 322.6 397.5 510.1 432.9 QIV 527.4 566.1 484.0 667.7 416.3 432.7 536.0 536.0 460.9 448.0 365.1 442.0 528.4 471.7 Source: Ethiopian Statistical Service (ESS) AMHARA 4 105 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

Table 14: General Government Quarterly Expenditure (In million Birr)
Budget 3months (QI) 6months (QII) 9months (QIII) 12Months (QIV) Budget 3mon(QI) 6months (QII) 9months (QIII) 12Months (QIV) 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 64,041.1 180,347.1 116,306.0 311,116.5 130,769.4 471,845.7 160,729.2 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 62,942.4 25,646.9 90,996.3 28,053.9 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 51,749.2 18,845.2 88,232.0 36,482.7 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 51,294.5 18,525.6 86,258.2 34,963.7 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 2,286.8 667.6 3,089.5 802.7 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 11,101.4 5,085.4 18,718.3 7,616.9 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 82,561.9 35,160.9 92,576.5 10,014.6 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 93,579.6 42,701.4 163,321.9 69,742.4 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 6,895.2 2,662.0 14,911.2 8,015.9 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 84,396.6 33,179.3 137,775.4 53,378.8 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 42,041.4 16,119.2 72,633.4 30,592.0 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 33,481.6 14,184.2 48,092.7 14,611.2 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 4,950.1 1,388.2 7,031.1 2,081.0 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 3,923.5 1,487.8 10,018.2 6,094.7 General Development 131,030.3 8,842.7 30,408.9 21,566.1 55,556.0 25,147.1 98,511.4 42,955.4 149,286.2 15,402.7 51,566.1 36,163.4 59,876.8 8,310.7 139,387.5 79,510.7 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 58,681.7 22,634.4 62,873.3 4,191.6 Sub Total Capital Expenditure 493,547.5 59,159.8 172,335.8 113,176.1 292,746.5 120,410.7 467,457.6 174,711.1 689,148.9 102,949.3 283,130.4 180,181.0 455,389.8 172,259.4 749,008.5 293,618.7 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 80,485.2 281,989.7
55,575.3 134,685.7 79,110.4 218,572.9 83,887.1 342,002.1 123,429.2 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 49,809.3 8,581.7 22,249.4 13,667.8 37,528.6 15,279.2 61,481.4 23,952.8 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 30,754.3 4,185.5 13,179.8 8,994.2 18,989.6 5,809.9 31,906.5 12,916.9 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 61,052.5 17,777.0 87,203.1 26,150.7 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 73,704.0 13,161.2 27,220.7 14,059.5 51,759.4 24,538.7 82,082.2 30,322.8 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 62,022.0 12,463.7 28,760.4 16,296.7 49,242.8 20,482.3 79,328.8 30,086.0 Economic Services 81,574.3 11,552.2 32,434.3 20,882.2 48,938.9 16,504.5 63,103.7 14,164.8 122,830.6 17,342.9 34,383.0 17,040.0 55,582.2 21,199.3 83,182.5 27,600.3 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 78,112.6 8,545.1 18,537.3 9,992.2 31,438.2 12,900.9 46,571.2 15,133.0 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 37,819.4 6,466.4 14,597.5 8,131.1 24,361.3 9,763.8 36,607.2 12,246.0 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 40,293.2 2,078.8 3,939.9 1,861.1 7,076.9 3,137.1 9,963.9 2,887.0 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 40,293.2 611.1 3,522.9 2,911.8 6,246.4 2,723.5 8,748.5 2,502.0 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 18,239.7 4,876.8 8,995.7 4,118.9 13,414.0 4,418.2 19,935.0 6,521.0 Mines & Energy 361.3 46.6 168.7 122.1 297.0 128.2 407.6 110.6 412.8 106.4 256.5 150.1 426.5 170.0 561.9 135.4 Tourism 618.8 11.7 185.8 174.1 334.2 148.3 575.4 241.2 657.8 107.9 449.2 341.3 769.9 320.7 1,397.2 627.3 Transport & communication 2,995.4 511.0 1,037.5 526.5 2,335.4 1,298.0 3,217.6 882.2 5,897.4 660.7 1,363.5 702.7 2,336.6 973.1 3,857.2 1,520.6 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 17,946.8 3,025.0 4,080.6 1,055.6 6,160.9 2,080.3 9,048.7 2,887.8 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 14,348.1 2,335.5 2,432.0 96.5 3,496.6 1,064.6 4,728.1 1,231.5 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 1,036.1 335.9 1,811.3 775.3 Social Services 244,902.3 43,707.4 99,182.2 55,474.9 168,737.7 69,555.4 247,932.4 79,194.7 321,350.7 53,497.0 124,890.2 71,393.2 206,823.5 81,933.3 321,187.9 114,364.4 Education & training 159,685.1 28,746.4 66,198.1 37,451.7 110,728.1 44,530.0 162,057.1 51,329.0 200,427.6 35,435.8 78,392.5 42,956.7 135,356.0 56,963.5 208,301.9 72,945.9 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 8,477.2
1,668.0 3,548.0 1,880.0 5,607.1 2,059.1 8,811.9 3,204.8 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 94,351.6 12,250.8 33,913.3 21,662.5 53,471.3 19,557.9 86,255.4 32,784.1 Labour & social welfare 2,632.5 647.2 1,441.1 793.9 2,202.3 761.2 3,713.6 1,511.3 5,995.3 951.7 2,343.7 1,392.0 4,018.7 1,675.1 6,361.0 2,342.3 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 12,099.0 3,190.7 6,692.7 3,502.0 8,370.3 1,677.7 11,457.7 3,087.4 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 22,399.1 103,691.0 55,980.7 120,768.8 17,077.8 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 85,678.7 49,631.1 94,858.3 9,179.7 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 18,012.3 6,349.6 25,910.5 7,898.2 O/w: defence commercial - - 0.0 0.0 Miscellaneous 95,805.8 3,167.7 18,744.5 15,576.8 29,909.3 11,164.8 41,953.6 12,044.2 444,321.2 8,843.6 25,177.2 16,333.6 136,287.9 111,110.7 202,179.4 65,891.5 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 1,346,123.6 160,570.2 366,846.4 206,276.3 720,957.5 354,111.1 1,069,320.7 348,363.2 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 2,035,272.6 263,519.5 649,976.8 386,457.3 1,176,347.3 526,370.5 1,818,329.2 641,981.9 Source: Ministry of Finance, National Bank of Ethiopia * Estimated value Pre-actual Ethiopian fiscal year, Fiscal year ending July 7 2023/24 2017 2024/25 Pre actual 2016
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 Health Transport
Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
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 593.2 680.1 511.5 507.4 483.9 404.5 602.3 665.7 399.5 100.0 532.3 216.7 773.1 425.8 QIII 602.9 676.1 534.2 556.0 527.0 384.1 684.0 553.4 409.5 100.0 589.9 250.0 828.6 478.5 QIV 643.4 705.2 585.3 657.0 550.0 398.5 719.0 561.8 453.3 100.0 621.8 250.0 953.2 537.9 Source: Ethiopian Statistical Service (ESS) BENISHANGUL GUMUZ
Table 22 (E4): Regional States' Consumer Price Indices (Non-Food)
December 2016 = 100
Period
General Index
Food & Non-alcoholic
Index
Non-Food Index
Alcoholic beverages &
Tobacco
Clothing & Foot-wear
Housing,Water,
Electricity, Gas and
Other Fuels
Furnishings, Household
Equipment and Routine
Maintenance of the
Health
Transport
Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
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 509 664.3 392.3 406 485.9 251.1 480 405.25 441 65.5 423 296 580.1 519.8 QIII 511.2 651.6 406.4 434.1 496.4 243.9 502.5 428.1 530.6 75.9 401.1 302.7 591.9 519.9 QIV 534.2 682.9 423.2 482.2 493.7 252.0 529.6 450.9 536.6 75.9 429.0 307.5 607.6 536.0 Source: Ethiopian Statistical Service (ESS) DIRE DAWA 4TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA 106

Table 14: General Government Quarterly Expenditure (In million Birr)
Budget 3months (QI) 6months (QII) 9months (QIII) 12Months (QIV) Budget 3mon(QI) 6months (QII) 9months (QIII) 12Months (QIV) 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 64,041.1 180,347.1 116,306.0 311,116.5 130,769.4 471,845.7 160,729.2 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 62,942.4 25,646.9 90,996.3 28,053.9 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 51,749.2 18,845.2 88,232.0 36,482.7 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 51,294.5 18,525.6 86,258.2 34,963.7 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 2,286.8 667.6 3,089.5 802.7 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 11,101.4 5,085.4 18,718.3 7,616.9 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 82,561.9 35,160.9 92,576.5 10,014.6 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 93,579.6 42,701.4 163,321.9 69,742.4 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 6,895.2 2,662.0 14,911.2 8,015.9 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 84,396.6 33,179.3 137,775.4 53,378.8 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 42,041.4 16,119.2 72,633.4 30,592.0 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 33,481.6 14,184.2 48,092.7 14,611.2 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 4,950.1 1,388.2 7,031.1 2,081.0 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 3,923.5 1,487.8 10,018.2 6,094.7 General Development 131,030.3 8,842.7 30,408.9 21,566.1 55,556.0 25,147.1 98,511.4 42,955.4 149,286.2 15,402.7 51,566.1 36,163.4 59,876.8 8,310.7 139,387.5 79,510.7 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 58,681.7 22,634.4 62,873.3 4,191.6 Sub Total Capital Expenditure 493,547.5 59,159.8 172,335.8 113,176.1 292,746.5 120,410.7 467,457.6 174,711.1 689,148.9 102,949.3 283,130.4 180,181.0 455,389.8 172,259.4 749,008.5 293,618.7 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 80,485.2 281,989.7
55,575.3 134,685.7 79,110.4 218,572.9 83,887.1 342,002.1 123,429.2 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 49,809.3 8,581.7 22,249.4 13,667.8 37,528.6 15,279.2 61,481.4 23,952.8 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 30,754.3 4,185.5 13,179.8 8,994.2 18,989.6 5,809.9 31,906.5 12,916.9 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 61,052.5 17,777.0 87,203.1 26,150.7 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 73,704.0 13,161.2 27,220.7 14,059.5 51,759.4 24,538.7 82,082.2 30,322.8 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 62,022.0 12,463.7 28,760.4 16,296.7 49,242.8 20,482.3 79,328.8 30,086.0 Economic Services 81,574.3 11,552.2 32,434.3 20,882.2 48,938.9 16,504.5 63,103.7 14,164.8 122,830.6 17,342.9 34,383.0 17,040.0 55,582.2 21,199.3 83,182.5 27,600.3 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 78,112.6 8,545.1 18,537.3 9,992.2 31,438.2 12,900.9 46,571.2 15,133.0 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 37,819.4 6,466.4 14,597.5 8,131.1 24,361.3 9,763.8 36,607.2 12,246.0 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 40,293.2 2,078.8 3,939.9 1,861.1 7,076.9 3,137.1 9,963.9 2,887.0 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 40,293.2 611.1 3,522.9 2,911.8 6,246.4 2,723.5 8,748.5 2,502.0 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 18,239.7 4,876.8 8,995.7 4,118.9 13,414.0 4,418.2 19,935.0 6,521.0 Mines & Energy 361.3 46.6 168.7 122.1 297.0 128.2 407.6 110.6 412.8 106.4 256.5 150.1 426.5 170.0 561.9 135.4 Tourism 618.8 11.7 185.8 174.1 334.2 148.3 575.4 241.2 657.8 107.9 449.2 341.3 769.9 320.7 1,397.2 627.3 Transport & communication 2,995.4 511.0 1,037.5 526.5 2,335.4 1,298.0 3,217.6 882.2 5,897.4 660.7 1,363.5 702.7 2,336.6 973.1 3,857.2 1,520.6 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 17,946.8 3,025.0 4,080.6 1,055.6 6,160.9 2,080.3 9,048.7 2,887.8 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 14,348.1 2,335.5 2,432.0 96.5 3,496.6 1,064.6 4,728.1 1,231.5 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 1,036.1 335.9 1,811.3 775.3 Social Services 244,902.3 43,707.4 99,182.2 55,474.9 168,737.7 69,555.4 247,932.4 79,194.7 321,350.7 53,497.0 124,890.2 71,393.2 206,823.5 81,933.3 321,187.9 114,364.4 Education & training 159,685.1 28,746.4 66,198.1 37,451.7 110,728.1 44,530.0 162,057.1 51,329.0 200,427.6 35,435.8 78,392.5 42,956.7 135,356.0 56,963.5 208,301.9 72,945.9 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 8,477.2
1,668.0 3,548.0 1,880.0 5,607.1 2,059.1 8,811.9 3,204.8 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 94,351.6 12,250.8 33,913.3 21,662.5 53,471.3 19,557.9 86,255.4 32,784.1 Labour & social welfare 2,632.5 647.2 1,441.1 793.9 2,202.3 761.2 3,713.6 1,511.3 5,995.3 951.7 2,343.7 1,392.0 4,018.7 1,675.1 6,361.0 2,342.3 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 12,099.0 3,190.7 6,692.7 3,502.0 8,370.3 1,677.7 11,457.7 3,087.4 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 22,399.1 103,691.0 55,980.7 120,768.8 17,077.8 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 85,678.7 49,631.1 94,858.3 9,179.7 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 18,012.3 6,349.6 25,910.5 7,898.2 O/w: defence commercial - - 0.0 0.0 Miscellaneous 95,805.8 3,167.7 18,744.5 15,576.8 29,909.3 11,164.8 41,953.6 12,044.2 444,321.2 8,843.6 25,177.2 16,333.6 136,287.9 111,110.7 202,179.4 65,891.5 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 1,346,123.6 160,570.2 366,846.4 206,276.3 720,957.5 354,111.1 1,069,320.7 348,363.2 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 2,035,272.6 263,519.5 649,976.8 386,457.3 1,176,347.3 526,370.5 1,818,329.2 641,981.9 Source: Ministry of Finance, National Bank of Ethiopia * Estimated value Pre-actual Ethiopian fiscal year, Fiscal year ending July 7 2023/24 2017 2024/25 Pre actual 2016
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
Health
Transport
Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
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 509 664.3 392.3 406 485.9 251.1 480 405.25 441 65.5 423 296 580.1 519.8 QIII 511.2 651.6 406.4 434.1 496.4 243.9 502.5 428.1 530.6 75.9 401.1 302.7 591.9 519.9 QIV 534.2 682.9 423.2 482.2 493.7 252.0 529.6 450.9 536.6 75.9 429.0 307.5 607.6 536.0 Source: Ethiopian Statistical Service (ESS) DIRE DAWA 4 107 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

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
Health
Transport
Communication
Recreation and
Culture
Education
Restaurants and
Hotels
Miscellaneous Goods
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 QIII 507.9 587.9 415.8 730.0 544.4 262.1 610.9 290.3 337.1 369.8 434.8 290.5 635.0 476.1 QIV 529.9 611.3 436.3 738.9 560.0 287.1 621.0 288.5 342.2 409.3 451.4 301.4 676.6 484.5 Source: Ethiopian Statistical Service (ESS) GAMBELLA 4TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA 108

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
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 QIII 496.1 588.1 431.6 435.4 378.1 410.3 431.0 498.9 341.4 100.0 503.3 317.1 563.0 542.1 QIV 512.7 609.4 445.1 466.0 386.8 393.7 460.9 531.9 304.8 100.0 512.0 318.2 595.8 564.2 Source: Ethiopian Statistical Service (ESS) HARARI 4 109 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

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
Health
Transport
Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
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 2023/2 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 507.3 581.6 411.9 418.6 375.2 379.6 528.2 490.5 417.6 138.1 332.0 333.4 494.4 494.8 QIII 509.8 576.2 424.5 444.9 384.4 388.2 555.8 422.1 462.1 141.0 331.1 343.1 503.5 528.2 QIV 519.7 579.4 443.1 444.8 405.9 400.0 589.5 429.5 530.7 142.2 339.6 349.5 524.0 568.6 Source: Ethiopian Statistical Service (ESS) OROMIA
Table 22 (E8): Regional States' Consumer Price Indices (Non-Food)
December 2016 = 100
Period
General Index
Food & Non-alcoholic Index
Non-Food Index
Alcoholic beverages &
Tobacco
Clothing & Foot-wear
Housing,Water, Electricity,
Gas and Other Fuels
Furnishings, Household
Equipment and Routine
Maintenance of the House
Health
Transport
Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
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 451 482 410 407 341 408 532.4 324 359 84.7 405 235 504 453 QIV 479 519 426 439 360 418 541 388 368 86.1 408 258 540 466 2024/25 QI 499 544 441 435 374 433 552.8 432 393 86.5 417 272 570 480 QII 530 582 463 465 386 453 567.5 451 467 87.7 409 269 590 493 QIII 560 613 492 512 411 477 597.8 451 509 94.1 412 277 649 530 QIV 582 642 505 530 427 484 617.9 462 535 106 424 281 658 554 Source: Ethiopian Statistical Service (ESS) SNNPR 4TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA 110

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
Health
Transport
Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
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 2023/2 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 507.3 581.6 411.9 418.6 375.2 379.6 528.2 490.5 417.6 138.1 332.0 333.4 494.4 494.8 QIII 509.8 576.2 424.5 444.9 384.4 388.2 555.8 422.1 462.1 141.0 331.1 343.1 503.5 528.2 QIV 519.7 579.4 443.1 444.8 405.9 400.0 589.5 429.5 530.7 142.2 339.6 349.5 524.0 568.6 Source: Ethiopian Statistical Service (ESS) OROMIA
Table 22 (E8): Regional States' Consumer Price Indices (Non-Food)
December 2016 = 100
Period
General Index
Food & Non-alcoholic Index
Non-Food Index
Alcoholic beverages &
Tobacco
Clothing & Foot-wear
Housing,Water, Electricity,
Gas and Other Fuels
Furnishings, Household
Equipment and Routine
Maintenance of the House
Health
Transport
Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
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 451 482 410 407 341 408 532.4 324 359 84.7 405 235 504 453 QIV 479 519 426 439 360 418 541 388 368 86.1 408 258 540 466 2024/25 QI 499 544 441 435 374 433 552.8 432 393 86.5 417 272 570 480 QII 530 582 463 465 386 453 567.5 451 467 87.7 409 269 590 493 QIII 560 613 492 512 411 477 597.8 451 509 94.1 412 277 649 530 QIV 582 642 505 530 427 484 617.9 462 535 106 424 281 658 554 Source: Ethiopian Statistical Service (ESS) SNNPR 4 111 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

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
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 451 482 410 407 341 408 532.4 324 359 84.7 405 235 504 453 QIV 479 519 426 439 360 418 541 388 368 86.1 408 258 540 466 2024/25 QI 499 544 441 435 374 433 552.8 432 393 86.5 417 272 570 480 QII 530 582 463 465 386 453 567.5 451 467 87.7 409 269 590 493 QIII 560 613 492 512 411 477 597.8 451 509 94.1 412 277 649 530 QIV 582 642 505 530 427 484 617.9 462 535 106 424 281 658 554 Source: Ethiopian Statistical Service (ESS) SNNPR
Table 22 (E9): Regional States' Consumer Price Indices (Non-Food)
December 2016 = 100
Period
General Index
Food & Non-alcoholic
Index
Non-Food Index
Alcoholic beverages &
Tobacco
Clothing & Foot-wear
Housing, Water,
Electricity, Gas and Other
Fuels
Furnishings, Household
Equipment and Routine
Maintenance of the
House
Health
Transport
Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
2016/17
Qtr.I 92.3 95.1 89.6 88.57 102.3 82.4 98.9 107.4 100.0 100.0 82.1 100.0 94.7 95.7 Qtr. II 96.7 99.5 94.0 94.32 100.9 88.8 101.4 101.5 100.0 98.1 99.6 Qtr. III 102.7 102.8 102.5 109.02 100.1 100.1 101.4 99.5 104.3 100.1 100.0 97.1 100.2 94.5 Qtr. IV 101.6 104.7 98.1 89.46 103.0 99.1 105.2 107.4 112.5 100.1 140.3 109.2 104.1 97.0 2017/18 Qtr.I 104.8 106.9 102.5 101.79 109.4 97.5 110.1 114.0 113.2 100.0 129.6 107.4 114.2 98.2 Qtr. II 111.8 113.9 109.5 123.39 113.2 98.5 108.3 120.4 113.4 100.6 137.8 125.4 104.2 105.6 Qtr. III 112.5 114.4 110.5 124.6 112.1 98.5 112.4 118.3 113.3 100.6 153.0 133.0 116.4 109.2 Qtr. IV 112.5 119.7 104.5 92.4 123.4 97.9 122.2 142.0 114.1 100.6 154.3 125.9 119.7 122.2 2018/19 Qtr.I 120.6 129.0 111.4 105.4 128.1 101.6 130.9 145.6 112.7 102.3 154.6 129.3 129.0 128.4 Qtr. II 119.9 128.6 110.2 95.6 149.4 98.6 125.4 155.1 122.6 101.9 156.9 133.0 132.8 124.2 Qtr. III 123.3 131.9 113.8 103.7 149.1 100.8 126.9 143.8 142.0 103.1 157.3 134.2 131.2 126.2 Qtr. IV 133.2 140.6 125.0 123.4 152.3 107.0 151.6 145.7 143.3 103.8 158.0 139.6 134.3 148.9 2018/19 Qtr.I 145.3 155.1 134.4 133.3 161.4 122.2 137.5 133.2 177.3 103.2 162.6 158.6 144.1 152.4 Qtr.II 150.4 162.3 137.1 131.3 168.5 127.9 133.2 146.3 178.6 103.0 187.6 191.6 155.7 151.3 Qtr.III 148.6 158.7 137.5 119.2 176.8 134.7 132.3 133.1 184.2 102.8 200.5 201.3 158.5 154.7 Qtr.IV 153.8 161.5 145.1 151.7 179.0 128.4 133.9 131.4 209.2 102.8 193.7 203.7 157.3 154.2 2020/21 Qtr.I 157.1 166.3 146.9 132.9 196.9 133.6 135.7 137.3 281.7 103.1 197.6 187.6 166.7 168.0 Qtr.II 161.3 167.5 154.4 161.3 184.2 135.8 143.4 141.7 243.6 103.0 213.1 210.9 181.3 176.8 Qtr.III 172.0 183.3 159.5 158.4 182.4 146.6 163.1 156.2 245.9 103.5 227.0 212.2 178.1 182.1 Qtr.IV 191.9 206.8 175.4 161.0 195.2 179.9 173.8 154.8 243.5 103.8 225.2 200.9 181.4 193.0 2021/22 Qtr.I 210.0 235.9 181.4 183.7 216.3 158.7 206.3 165.4 259.0 104.4 260.3 217.0 199.8 214.1 Qtr.II 223.3 257.4 185.5 175.4 218.3 171.2 218.6 183.9 252.5 104.7 296.4 261.8 201.9 218.1 Qtr.III 235.2 260.8 206.9 240.9 230.9 168.7 232.6 190.4 272.0 104.5 327.1 259.2 194.5 238.3 Qtr.IV 257.7 287.2 225.0 295.6 264.2 144.4 270.8 210.8 337.6 108.5 362.1 267.1 216.8 278.6 2022/23 Qtr.I 289.7 333.1 241.7 300.3 296.7 146.1 324.9 238.2 449.4 112.1 463.7 300.4 235.5 329.1 Qtr.II 324.1 352.5 292.6 364.1 425.3 164.5 393.3 245.5 459.1 114.5 566.4 365.6 259.2 379.1 Qtr.III 337.0 363.0 308.2 368.4 472.0 180.7 415.0 243.5 421.4 115.0 594.2 386.9 267.3 403.0 Qtr.IV 347.9 380.9 311.5 356.7 514.6 173.6 434.7 249.4 427.0 116.0 602.9 397.7 279.6 433.6 2023/24 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 423.4 480.0 360.6 347.2 517.4 276.6 494.3 536.1 465.4 118.6 556.8 513.2 427.5 459.2 QIII 448.9 491.7 401.4 404.9 572.9 324.4 492.9 538.1 393.7 116.2 568.7 654.4 397.9 504.7 QIV 456.5 514.6 392.1 395.9 594.4 297.2 492.7 538.0 402.0 116.5 523.0 509.7 411.4 509.4 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation SOMALI 4TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA 112

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 423.4 480.0 360.6 347.2 517.4 276.6 494.3 536.1 465.4 118.6 556.8 513.2 427.5 459.2 QIII 448.9 491.7 401.4 404.9 572.9 324.4 492.9 538.1 393.7 116.2 568.7 654.4 397.9 504.7 QIV 456.5 514.6 392.1 395.9 594.4 297.2 492.7 538.0 402.0 116.5 523.0 509.7 411.4 509.4 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation SOMALI
Table 22 (E10): Regional States' Consumer Price Indices (Non-Food)
December 2016 = 100
Period
General Index
Food & Nonalcoholic Index
Non-Food Index
Alcoholic beverages
& Tobacco
Clothing & Footwear
Housing, Water,
Electricity, Gas and
Other Fuels
Furnishings,
Household
Equipment and
Routine
Health
Transport
Communication
Recreation and
Culture
Education
Restaurants and
Hotels
Miscellaneous
Goods
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 Coffee Oil Seeds Leather and Leather Productsa Pulses Meat & Meat Prodts. Fruits & Veget. Wheat Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton July 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 - January 18,888.4 27,125.8 59.5 35,495.3 1,627.2 15,671.6 - - 2.9 - 13,426.4 877.2 - - 80.6 - February 34,243.4 19,506.1 118.5 39,962.9 2,094.7 19,924.8 - - 2.7 - 14,530.2 958.5 - 18.0 61.9 - March 42,367.4 16,644.3 234.5 27,509.8 2,006.3 20,094.3 - - 3.5 - 9,839.2 833.9 - 36.0 51.7 - Qtr III 95,499.2 63,276.3 412.5 102,968.0 5,728.3 55,690.7 - - 9.1 - 37,795.8 2,669.6 - 54.0 194.2 - April 54,720.8 16,091.6 83.5 23,095.8 1,536.7 14,691.5 - - 3.5 - 8,851.9 891.6 - - 175.5 - May 55,339.6 17,844.4 127.7 17,409.6 1,580.0 16,237.2 - - 4.3 - 20,209.4 911.0 - - 71.2 - June 59,454.7 13,077.8 94.6 13,203.2 1,360.2 12,590.7 - - 5.2 - 7,006.7 932.9 - - 26.5 - Qtr IV 169,515.2 47,013.8 305.8 53,708.6 4,476.8 43,519.3 - - 13.0 - 36,068.1 2,735.5 - - 273.2 -
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*
ReExports Grand Total*
July 2,175.7 324.5 66.3 - - - 0.6 - 7,083.4 133.3 880.3 5,733.4 148,806.4 16,659.7 - 112,799.58 August 2,398.4 4,018.3 15.2 - - - - - 7,934.4 251.3 936.6 5,585.2 502,644.4 21,170.0 - 125,809.90 September 2,021.0 905.6 127.0 - - - 0.3 - 7,441.4 221.7 1,603.7 6,182.0 566,142.4 18,627.9 - 108,157.69 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 56,457.6 - 346,767.17 October 3,175.3 448.1 - - - - 0.0 - 8,420.9 75.6 3,138.1 6,803.3 591,343.0 22,076.0 - 131,314.38 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 27,954.4 - 134,632.44 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 23,019.0 - 135,070.98 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 73,049.3 - 401,017.81 January 2,886.5 3,909.8 32.0 - - - - - 8,357.1 780.4 816.0 9,661.4 858,995.9 80.6 113,254.93 February 2,716.2 2,579.7 74.2 - - - 0.3 - 9,191.7 184.3 1,523.1 10,348.6 866,846.3 61.9 131,421.78 March 2,597.9 4,188.4 0.7 - - - - - 8,656.3 156.7 889.7 8,412.5 904,772.6 51.7 119,621.03 Qtr III 8,200.6 10,677.9 106.9 - - - 0.3 - 26,205.1 1,121.5 3,228.9 28,422.5 2,630,614.8 194.2 - 364,297.74 April 2,183.1 4,535.4 14.3 - - - - - 8,393.6 145.2 1,268.1 7,133.3 897,305.8 175.5 120,142.25 May 2,652.0 25,422.5 50.0 - - - 2.0 - 9,037.2 484.6 1,490.5 9,322.2 993,622.7 71.2 129,734.53 June 2,490.8 17,114.2 74.3 - - - - - 8,775.8 242.0 666.5 12,294.2 952,719.6 26.5 107,752.53 Qtr IV 7,326.0 47,072.2 138.6 - - - 2.0 - 26,206.6 871.8 3,425.1 28,749.7 2,843,648.1 273.2 - 357,629.30 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU)
Table 24: Volume of Exports, By Major Commodity Groups (In metric tone)
Period
Period
2024/25
2024/25
4 113 TH QUARTERREPORT 2024/25
NATIONAL BANK OF ETHIOPIA

Table 22 (F1): Regional States' Consumer Price Index (Food)
December 2016 = 100
Period
Food & Nonalcoholic
Beverages
Bread & Cereals
Meat
Fish & Sea Food
Milk, Cheese &
Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 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 QIII 611.4 683.0 615.1 763.4 551.0 668.8 445.8 641.8 573.0 470.4 492.3 QIV 646.1 690.3 712.2 759.9 579.2 741.7 424.6 687.0 619.1 530.2 558.8 Source: Ethiopian Statistical Service (ESS) AFAR Coffee Oil Seeds Leather and Leather Productsa Pulses Meat & Meat Prodts. Fruits & Veget. Wheat Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton July 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 - January 18,888.4 27,125.8 59.5 35,495.3 1,627.2 15,671.6 - - 2.9 - 13,426.4 877.2 - - 80.6 - February 34,243.4 19,506.1 118.5 39,962.9 2,094.7 19,924.8 - - 2.7 - 14,530.2 958.5 - 18.0 61.9 - March 42,367.4 16,644.3 234.5 27,509.8 2,006.3 20,094.3 - - 3.5 - 9,839.2 833.9 - 36.0 51.7 - Qtr III 95,499.2 63,276.3 412.5 102,968.0 5,728.3 55,690.7 - - 9.1 - 37,795.8 2,669.6 - 54.0 194.2 - April 54,720.8 16,091.6 83.5 23,095.8 1,536.7 14,691.5 - - 3.5 - 8,851.9 891.6 - - 175.5 - May 55,339.6 17,844.4 127.7 17,409.6 1,580.0 16,237.2 - - 4.3 - 20,209.4 911.0 - - 71.2 - June 59,454.7 13,077.8 94.6 13,203.2 1,360.2 12,590.7 - - 5.2 - 7,006.7 932.9 - - 26.5 - Qtr IV 169,515.2 47,013.8 305.8 53,708.6 4,476.8 43,519.3 - - 13.0 - 36,068.1 2,735.5 - - 273.2 -
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*
ReExports Grand Total*
July 2,175.7 324.5 66.3 - - - 0.6 - 7,083.4 133.3 880.3 5,733.4 148,806.4 16,659.7 - 112,799.58 August 2,398.4 4,018.3 15.2 - - - - - 7,934.4 251.3 936.6 5,585.2 502,644.4 21,170.0 - 125,809.90 September 2,021.0 905.6 127.0 - - - 0.3 - 7,441.4 221.7 1,603.7 6,182.0 566,142.4 18,627.9 - 108,157.69 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 56,457.6 - 346,767.17 October 3,175.3 448.1 - - - - 0.0 - 8,420.9 75.6 3,138.1 6,803.3 591,343.0 22,076.0 - 131,314.38 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 27,954.4 - 134,632.44 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 23,019.0 - 135,070.98 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 73,049.3 - 401,017.81 January 2,886.5 3,909.8 32.0 - - - - - 8,357.1 780.4 816.0 9,661.4 858,995.9 80.6 113,254.93 February 2,716.2 2,579.7 74.2 - - - 0.3 - 9,191.7 184.3 1,523.1 10,348.6 866,846.3 61.9 131,421.78 March 2,597.9 4,188.4 0.7 - - - - - 8,656.3 156.7 889.7 8,412.5 904,772.6 51.7 119,621.03 Qtr III 8,200.6 10,677.9 106.9 - - - 0.3 - 26,205.1 1,121.5 3,228.9 28,422.5 2,630,614.8 194.2 - 364,297.74 April 2,183.1 4,535.4 14.3 - - - - - 8,393.6 145.2 1,268.1 7,133.3 897,305.8 175.5 120,142.25 May 2,652.0 25,422.5 50.0 - - - 2.0 - 9,037.2 484.6 1,490.5 9,322.2 993,622.7 71.2 129,734.53 June 2,490.8 17,114.2 74.3 - - - - - 8,775.8 242.0 666.5 12,294.2 952,719.6 26.5 107,752.53 Qtr IV 7,326.0 47,072.2 138.6 - - - 2.0 - 26,206.6 871.8 3,425.1 28,749.7 2,843,648.1 273.2 - 357,629.30 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU)
Table 24: Volume of Exports, By Major Commodity Groups (In metric tone)
Period
Period
2024/25
2024/25
4TH QUARTERREPORT 2024/25
NATIONAL BANK OF ETHIOPIA 114

December 2016=100
Period
General Index
Food & Nonalcoholic Beverages
Alcoholic beverages
& Tobacco
Clothing & Footwear
Hosing, Water,
Electricity, Gas and
Other Fuels
Furnishings,
Household
Equipment and
Routine Maintenance
Health
Transport
Communication
Recreation and
Culture
Education
Restaurants and
Hotels
Miscellaneous Goods
Non-Food Index
2017/18
QI 112.3 109.2 114.8 103.3 98.8 133.7 114.3 113.7 106.5 115.3 107.3 100.4 104.9 100.9 QII 117.6 110.3 123.1 103.0 101.2 151.3 120.5 113.9 106.9 116.5 107.3 99.9 118.5 106.5 QIII 121.1 113.1 127.2 112.7 104.8 158.3 126.6 117.3 107.7 116.8 109.7 99.7 120.2 111.3 QIV 127.1 117.7 134.2 114.1 111.3 170.0 132.4 131.8 109.4 116.8 112.2 100.1 127.5 119.4 2018/19 QI 132.1 125.2 137.4 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 QII 133.0 123.7 140.0 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 QIII 137.5 127.5 145.1 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 QIV 145.3 141.4 148.2 127.1 121.1 188.3 153.5 139.6 121.5 118.0 115.7 121.9 142.9 130.7 2019/20 QI 152.8 155.5 150.8 126.7 123.3 192.5 155.8 140.5 123.6 118.3 118.2 125.4 144.9 134.5 QII 156.7 157.1 156.5 125.2 121.4 207.3 160.0 138.4 125.9 116.8 125.2 128.4 149.4 140.2 QIII 163.1 160.9 164.9 149.7 131.6 225.7 163.9 150.4 124.3 114.6 124.4 132.1 154.1 143.7 QIV 178.2 178.6 177.9 174.4 138.2 241.2 164.8 155.8 191.5 114.8 119.9 130.6 154.6 147.9 2020/21 QI 186.4 197.7 177.7 179.4 149.4 236.5 165.7 162.7 181.7 115.0 122.1 118.1 158.2 154.1 QII 185.7 194.4 179.2 175.0 155.2 243.1 169.9 169.6 149.6 115.5 132.1 143.2 160.8 159.0 QIII 193.6 201.4 187.7 188.1 165.5 254.3 181.6 184.4 155.2 115.6 131.1 150.5 167.2 166.7 QIV 212.2 229.5 199.0 209.6 176.6 267.7 202.7 188.3 161.4 116.8 135.2 148.7 179.1 180.8 2021/22 QI 234.8 265.3 211.7 218.9 191.5 281.4 221.6 208.1 161.7 117.7 153.3 161.3 198.6 192.5 QII 242.0 270.1 220.7 223.0 195.0 286.3 241.8 221.4 163.9 118.1 182.2 195.9 214.3 201.0 QIII 253.7 277.5 235.6 233.8 209.3 300.0 257.0 241.6 188.7 118.8 204.7 198.8 236.7 213.5 QIV 279.3 311.6 254.8 256.4 239.8 306.7 289.2 278.1 192.3 122.6 231.8 201.1 271.5 257.6 2022/23 QI 308.7 346.3 280.1 290.0 266.9 328.2 319.3 283.7 238.7 127.5 261.8 214.3 303.7 283.2 QII 323.2 358.0 296.7 312.9 312.6 327.6 355.8 327.1 260.9 129.6 280.3 212.0 309.3 322.0 QIII 355.7 381.5 336.1 331.8 357.8 402.9 382.5 341.4 273.6 131.2 295.3 217.4 345.0 361.7 QIV 399.1 438.2 369.3 349.0 389.4 458.9 408.6 368.7 303.2 131.9 286.5 227.4 384.0 381.0 2023/24 QI 425.4 471.9 390.1 382.2 405.5 502.5 417.1 394.0 295.4 135.4 343.3 228.5 397.0 406.7 QII 447.0 500.3 406.5 397.3 426.6 525.9 427.4 399.7 316.2 135.1 318.3 298.2 404.7 426.6 QIII 468.0 530.0 421.0 429.2 424.6 542.8 441.3 404.1 323.9 138.6 319.1 294.2 443.9 441.9 QIV 478.8 541.0 431.5 453.4 426.8 553.7 450.0 407.6 321.3 140.6 313.4 282.5 484.7 450.9 2024/25 QI 500.6 563.0 453.2 480.4 439.9 588.1 444.5 486.9 325.4 141.9 340.8 284.5 523.1 473.8 QII 538.1 604.5 487.5 511.4 460.3 600.7 458.9 495.8 504.6 142.9 350.9 289.2 566.8 500.3 QIII 559.5 619.6 513.8 571.5 488.8 617.8 478.3 537.4 590.2 144.7 378.2 318.1 572.3 540.0 QIV 580.7 643.3 533.1 591.7 506.1 642.6 497.7 528.4 601.1 145.5 387.6 327.2 609.4 563.2
Table 22 (C): Addis Ababa Non-Food Consumer Price Index,
Table 22 (F1): Regional States' Consumer Price Index (Food)
December 2016 = 100
Period
Food & Nonalcoholic
Beverages
Bread & Cereals
Meat
Fish & Sea Food
Milk, Cheese &
Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 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 QIII 611.4 683.0 615.1 763.4 551.0 668.8 445.8 641.8 573.0 470.4 492.3 QIV 646.1 690.3 712.2 759.9 579.2 741.7 424.6 687.0 619.1 530.2 558.8 Source: Ethiopian Statistical Service (ESS) AFAR
Table 22 (F2): Regional States' Consumer Price Index (Food)
December 2016 = 100
Period
Food & Nonalcoholic
Beverages
Bread and
Cereals
Meat
Fish and Sea food
Milk, Cheese
& Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 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 QIII 564.4 715.1 588.2 0.0 532.9 613.0 590.1 470.9 633.8 478.9 441.1 QIV 566.1 698.8 601.8 0.0 542.0 614.2 600.0 473.5 654.6 485.3 476.1 Source: Ethiopian Statistical Service (ESS) AMHARA 4 115 TH QUARTERREPORT 2024/25 NATIONAL BANK OF ETHIOPIA

December 2016=100
Period
General Index
Food & Nonalcoholic Beverages
Alcoholic beverages
& Tobacco
Clothing & Footwear
Hosing, Water,
Electricity, Gas and
Other Fuels
Furnishings,
Household
Equipment and
Routine Maintenance
Health
Transport
Communication
Recreation and
Culture
Education
Restaurants and
Hotels
Miscellaneous Goods
Non-Food Index
2017/18
QI 112.3 109.2 114.8 103.3 98.8 133.7 114.3 113.7 106.5 115.3 107.3 100.4 104.9 100.9 QII 117.6 110.3 123.1 103.0 101.2 151.3 120.5 113.9 106.9 116.5 107.3 99.9 118.5 106.5 QIII 121.1 113.1 127.2 112.7 104.8 158.3 126.6 117.3 107.7 116.8 109.7 99.7 120.2 111.3 QIV 127.1 117.7 134.2 114.1 111.3 170.0 132.4 131.8 109.4 116.8 112.2 100.1 127.5 119.4 2018/19 QI 132.1 125.2 137.4 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 QII 133.0 123.7 140.0 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 QIII 137.5 127.5 145.1 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 QIV 145.3 141.4 148.2 127.1 121.1 188.3 153.5 139.6 121.5 118.0 115.7 121.9 142.9 130.7 2019/20 QI 152.8 155.5 150.8 126.7 123.3 192.5 155.8 140.5 123.6 118.3 118.2 125.4 144.9 134.5 QII 156.7 157.1 156.5 125.2 121.4 207.3 160.0 138.4 125.9 116.8 125.2 128.4 149.4 140.2 QIII 163.1 160.9 164.9 149.7 131.6 225.7 163.9 150.4 124.3 114.6 124.4 132.1 154.1 143.7 QIV 178.2 178.6 177.9 174.4 138.2 241.2 164.8 155.8 191.5 114.8 119.9 130.6 154.6 147.9 2020/21 QI 186.4 197.7 177.7 179.4 149.4 236.5 165.7 162.7 181.7 115.0 122.1 118.1 158.2 154.1 QII 185.7 194.4 179.2 175.0 155.2 243.1 169.9 169.6 149.6 115.5 132.1 143.2 160.8 159.0 QIII 193.6 201.4 187.7 188.1 165.5 254.3 181.6 184.4 155.2 115.6 131.1 150.5 167.2 166.7 QIV 212.2 229.5 199.0 209.6 176.6 267.7 202.7 188.3 161.4 116.8 135.2 148.7 179.1 180.8 2021/22 QI 234.8 265.3 211.7 218.9 191.5 281.4 221.6 208.1 161.7 117.7 153.3 161.3 198.6 192.5 QII 242.0 270.1 220.7 223.0 195.0 286.3 241.8 221.4 163.9 118.1 182.2 195.9 214.3 201.0 QIII 253.7 277.5 235.6 233.8 209.3 300.0 257.0 241.6 188.7 118.8 204.7 198.8 236.7 213.5 QIV 279.3 311.6 254.8 256.4 239.8 306.7 289.2 278.1 192.3 122.6 231.8 201.1 271.5 257.6 2022/23 QI 308.7 346.3 280.1 290.0 266.9 328.2 319.3 283.7 238.7 127.5 261.8 214.3 303.7 283.2 QII 323.2 358.0 296.7 312.9 312.6 327.6 355.8 327.1 260.9 129.6 280.3 212.0 309.3 322.0 QIII 355.7 381.5 336.1 331.8 357.8 402.9 382.5 341.4 273.6 131.2 295.3 217.4 345.0 361.7 QIV 399.1 438.2 369.3 349.0 389.4 458.9 408.6 368.7 303.2 131.9 286.5 227.4 384.0 381.0 2023/24 QI 425.4 471.9 390.1 382.2 405.5 502.5 417.1 394.0 295.4 135.4 343.3 228.5 397.0 406.7 QII 447.0 500.3 406.5 397.3 426.6 525.9 427.4 399.7 316.2 135.1 318.3 298.2 404.7 426.6 QIII 468.0 530.0 421.0 429.2 424.6 542.8 441.3 404.1 323.9 138.6 319.1 294.2 443.9 441.9 QIV 478.8 541.0 431.5 453.4 426.8 553.7 450.0 407.6 321.3 140.6 313.4 282.5 484.7 450.9 2024/25 QI 500.6 563.0 453.2 480.4 439.9 588.1 444.5 486.9 325.4 141.9 340.8 284.5 523.1 473.8 QII 538.1 604.5 487.5 511.4 460.3 600.7 458.9 495.8 504.6 142.9 350.9 289.2 566.8 500.3 QIII 559.5 619.6 513.8 571.5 488.8 617.8 478.3 537.4 590.2 144.7 378.2 318.1 572.3 540.0 QIV 580.7 643.3 533.1 591.7 506.1 642.6 497.7 528.4 601.1 145.5 387.6 327.2 609.4 563.2
Table 22 (C): Addis Ababa Non-Food Consumer Price Index,
Table 22 (F3): Regional States' Consumer Price Index (Food)
December 2016= 100
Period
Food & Nonalcoholic
Beverages
Bread and
Cereals
Meat
Fish and sea food
Milk, Cheese &
Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery 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 QIII 676.1 691 642.2 786 452 929.6 700.6 627.5 771.605 823 567.4 QIV 705.2 698.6 704.2 713.4 532.3 1006.6 708.3 617.4 817.0 894.7 623.9 Source: Ethiopian Statistical Service (ESS) BENISHANGUL GUMUZ (In Metric Ton) Food & Live Animals Beverages Tobacco
Petroleum Crude Petroleum Prod. Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 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 January 208,000.02 547.81 0.01 - 386,139.39 18,369.06 324,198.82 2,523.86 7,559.82 5,839.86 8,144.69 February 160,203.81 115.76 18.72 - 298,784.11 15,792.47 268,770.02 2,509.81 4,243.64 3,777.29 5,873.93 March 238,318.54 115.37 0.04 - 379,102.91 16,031.30 274,797.69 2,703.60 7,042.41 5,639.26 6,105.50 QIII 606,522.37 778.94 18.78 - 1,064,026.41 50,192.83 867,766.53 7,737.27 18,845.87 15,256.41 20,124.12 April 304,891.07 241.23 2.80 - 366,060.61 19,674.50 63,658.89 2,165.94 8,408.17 4,165.01 9,611.14 May 241,900.15 710.00 - - 361,226.04 19,851.17 117,845.89 2,361.14 5,243.29 6,395.27 6,408.34 June 228,393.44 280.84 - - 366,185.54 16,556.56 270,393.19 1,791.99 3,842.62 3,319.90 4,950.65 QIV 775,184.67 1,232.08 2.80 - 1,093,472.19 56,082.23 451,897.97 6,319.08 17,494.08 13,880.19 20,970.12
Table 27 continued:
Textiles Clothings
Glass &
Glass Ware
Metal & Metal
Manfc.
Machinery &
Aircraft
Road Motor
Vehicles
Electrical
Materials Grain*
Telecomm.
Appara. Others GRAND TOTAL
July 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 January 16,362.08 2,974.99 7,201.60 130,587.15 25,470.89 19,209.62 17,116.11 129,393.91 1,917.27 146,860.41 1,329,023.47 February 13,736.59 3,412.79 4,514.00 136,594.10 20,837.89 22,288.27 12,513.25 52,768.58 1,123.39 135,856.38 1,110,966.23 March 14,419.67 3,456.49 5,246.43 127,019.87 25,231.78 21,123.73 14,543.69 80,746.32 1,135.52 86,211.65 1,228,245.44 QIII 44,518.34 9,844.27 16,962.03 394,201.12 71,540.56 62,621.62 44,173.05 262,908.80 4,176.18 368,928.44 3,668,235.14 April 20,698.27 5,198.11 6,097.91 119,636.78 21,746.01 21,851.90 12,631.87 109,016.69 1,518.86 81,723.71 1,069,982.79 May 17,868.65 4,598.32 4,818.90 136,537.79 27,805.16 24,782.51 10,282.68 114,553.12 1,361.12 87,620.51 1,077,616.94 June 13,239.14 4,232.04 6,274.01 115,331.48 22,152.72 23,266.85 9,688.43 104,631.08 1,411.56 81,573.82 1,172,884.77 QIV 51,806.06 14,028.47 17,190.82 371,506.06 71,703.89 69,901.25 32,602.98 328,200.89 4,291.54 250,918.04 3,320,484.51 Period
Table 27: Volume of Imports by Major Commodity
Period
2024-25
2024-25
4TH QUARTERREPORT 2024/25
NATIONAL BANK OF ETHIOPIA 116

Table 22 (F4): Regional States' Consumer Price Index (Food)
December 2016 = 100
Period
Food & Nonalcoholic
Beverages
Bread and Cereals
Meat
Fish and sea food
Milk, Cheese &
Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 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 QIII 651.6 665.0 559.3 387.6 545.8 1149.8 495.0 519.0 575.0 956.6 365.3 QIV 682.9 670.4 593.4 443.2 559.7 1304.5 474.0 520.7 589.5 1160.2 392.9 Source: Ethiopian Statistical Service (ESS) & NBE staff Compilation DIRE DAWA QI QII QIII Qtr IV Annual QI QII QIII Qtr IV Annual Raw Materials 1,534.74 1,982.70 1,570.56 1,549.16 6,637.16 3,052.19 4,529.53 3,646.84 4,485.11 15,713.66 Semi-finished Goods 52,143.33 46,636.87 52,936.02 61,165.70 212,881.92 57,974.13 95,236.32 146,939.13 115,141.44 415,291.01 Chemicals 8,121.14 7,029.29 8,593.57 11,191.52 34,935.51 11,088.67 16,462.91 16,069.67 17,327.72 60,948.97 Fertilizers 18,695.30 13,814.23 19,457.14 21,662.89 73,629.55 7,298.07 16,183.93 68,595.76 38,941.60 131,019.36 Textile Materials 2,395.25
2,278.47 2,120.55 2,512.58 9,306.84 3,859.02 6,059.24 6,180.13 7,019.45 23,117.84 Others 22,931.65 23,514.89 22,764.77 25,798.72 95,010.02 35,728.37 56,530.23 56,093.58 51,852.67 200,204.85 Fuel 50,248.69 57,804.42 46,274.91 47,462.87 201,790.89 82,776.24 100,981.29 112,234.23 107,105.83 403,097.59 Crude petroleum 1.43 - - - 1.43 70.61 - 3.53 - 74.14 Petroleum Products* 49,036.94 56,001.83 45,631.15 46,784.95 197,454.87 79,793.57 99,256.49 109,360.72 106,810.41 395,221.19 Others 1,210.33 1,802.58 643.76 677.91 4,334.59 2,912.06 1,724.80 2,869.99 295.41 7,802.26 Capital Goods 58,596.03 94,666.81 83,284.54 95,194.02 331,741.40 105,989.80 262,541.82 240,676.70 207,070.87 816,279.19 Transport 12,567.11 31,480.08 22,952.01 16,625.05 83,624.25 17,071.26 101,537.24 52,326.15 73,070.29 244,004.94 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 2,951.74 2,751.56 10,852.98 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 20,955.17 26,604.03 73,997.08 Aircraft 5,081.39 23,215.88 14,991.32 7,273.70 50,562.29 4,861.56 80,925.24 28,101.35 43,290.73 157,178.89 Others 120.32 103.79 283.57 300.88 808.57 864.22 369.91 317.89 423.96 1,975.98 Agricultural 1,093.99 927.75 753.71 835.36 3,610.81 1,829.79 3,352.52 5,195.60 5,075.26 15,453.16 Industrial 44,934.94 62,258.97 59,578.82 77,733.61 244,506.34 87,088.75 157,652.06 183,154.96 128,925.33 556,821.10 Consumer Goods 62,298.21 77,815.35 66,063.26 81,709.36 287,886.18 119,888.57 155,766.75 141,449.20 165,700.64 582,805.16 Durables 18,549.87 19,509.97 18,857.15 21,339.12 78,256.11 32,981.83 44,569.24 44,378.47 50,170.11 172,099.65 Radio & T.V. 1,427.11 1,477.67 1,389.48 1,770.40 6,064.65 2,327.31 4,167.51 3,905.69 5,369.44 15,769.96 Tyres for cars & Other Veh. 651.16 536.37 594.14 688.91 2,470.57 815.16 1,340.17 1,120.17 1,268.52 4,544.02 Cars & Other Veh. 7,540.18 8,388.08 6,916.69 9,319.91 32,164.87 16,326.14 18,161.86 18,021.12 21,598.16 74,107.27 Others 8,931.43 9,107.84 9,956.85 9,559.90 37,556.02 13,513.21 20,899.71 21,331.49 21,933.99 77,678.40 Non-durables 43,748.34 58,305.38 47,206.11 60,370.24 209,630.07 86,906.74 111,197.51 97,070.73 115,530.53 410,705.52 Cereals 5,888.33 9,769.12 10,918.56 11,497.53 38,073.55 15,823.99 32,702.65 18,684.28 17,217.28 84,428.20 Other Food 9,011.11 12,154.00 11,151.15 14,660.58 46,976.84 15,404.73 15,459.53 20,708.60 27,962.23 79,535.09 Medical & Pharmaceuticals 8,427.72 10,267.94 7,044.84 9,694.27 35,434.77 16,668.99 26,810.17 16,418.00 18,400.20 78,297.37 Textile Fabrics 6,598.08 6,280.21 6,264.30 7,471.60 26,614.19 7,736.35 8,895.64 10,700.74 14,557.79 41,890.51 Others 13,823.10 19,834.10 11,827.24 17,046.27 62,530.71 31,272.69 27,329.51 30,559.11 37,393.04 126,554.34 Miscellaneous 1,823.24 2,019.51 1,629.81 2,065.87 7,538.43 2,244.28 4,643.67 3,165.95 4,705.70 14,759.60 Total Imports 226,644.25 280,925.66 251,759.09 289,146.98 1,048,475.98 371,925.21 623,699.37 648,112.04 604,209.59 2,247,946.21
Source: Ethiopian Customs Commission
Table 28: Value of Imports, by End-Use

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 (In Millions of Birr) Categories 2024/25 2023/24 4 117 TH QUARTERREPORT 2024/25 ANK OF ETHIOPIA

Table 2.5: Electricity Generation by Sources (In '000 of K.W.H) Power Source 2023/24 2024/25 Percentage Qtr. IV Qtr. III Qtr. IV Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 5,422,540. 3 97.5 7,511,832.7 96.5 7,998,579.8 97.9 47.5 6.5 Thermal Power

Geothermal

Geothermal

Wind 138,346.5 2.5 269,971.2 3.5 169,628. 9 2.1 22.6

Biomass 1,084.3 0.0

8.3 Privatization receipts

8.4 Others and Residuals (11,937.8) (45,565.0) (0.0) 150,690.1 (1,362.3) (430.7)

Capital

Permanent Employment

Temporary Employment

Table 7.2: Investment Distribution by Sector during the Fourth Quarter of 2024/25 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry

Table 2.5: Electricity Generation by Sources (In '000 of K.W.H)
Power Source
2023/24 2024/25 Percentage
Qtr. IV Qtr. III Qtr. IV Change
A
Share
(In %)
B
Share
(In %)
C
Share
(In %) C/A C/B
Hydropower 5,422,540.
3
97.5 7,511,832.7 96.5 7,998,579.8 97.9 47.5 6.5
Thermal
Power

Wind 138,346.5 2.5 269,971.2 3.5 169,628.
9
2.1 22.6

Table 7.2: Investment Distribution by Sector during the Fourth Quarter of 2024/25
Sectors No. of
Proj.
Share
(%)
Capital (in
Million Birr)
Share
(%)
Perm.
Emp.
Share
(%)
Temp.
Emp.
Share
(%)
Agriculture, hunting and forestry