National Bank of Ethiopia Quarterly Bulletin First Quarter 2017/18

National Bank of Ethiopia Quarterly Bulletin First Quarter2017/18 Fiscal Year Series Volume 34 No. 1 Addis Ababa 2018 National Bank of Ethiopia Quarterly Bulletin Volume 34, No. 1

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National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin Volume 34, No. 1 First Quarter 2017/18 Fiscal Year Series Addis Ababa 2018

National Bank of Ethiopia Quarterly Bulletin Table of Contents Pages Ethiopia: Macroeconomic and Social Indicators-------------------------------------------------------------------i I. Overview------------------------------------------------------------------------------------------------------------1 1.1: International Economic Developments -------------------------------------------------------------------1 1.2: Macroeconomic Developments in Ethiopia--------------------------------------------------------------1 II. Energy Production and Processing------------------------------------------------------------------------4 2.1: Import of Petroleum Products---------------------------------------------------------------------------------4 2.2: Electric Power Generation--------------------------------------------------------------------------------------8 III. Quarterly Price Developments---------------------------------------------------------------------------- 9 3.1: Developments in National CPI------------------------------------------------------------------------------- 9 3.2: Developments in Regional CPI ------------------------------------------------------------------------------ 11 IV. Monetary Developments----------------------------------------------------------------------------------- 13 4.1: Money Supply and Credit---------------------------------------------------------------------------------------13 4.2: Developments in Reserve Money and Monetary Ratio-------------------------------------------------15 4.3: Interest Rate Developments -----------------------------------------------------------------------------------17 4.4: Developments in the Financial Sector----------------------------------------------------------------------- 18 4.5: Activities of the Banking System------------------------------------------------------------------------------21 4.5.1: Resource Mobilization-----------------------------------------------------------------------------------21 4.5.1.1: Deposit Mobilization --------------------------------------------------------------------------------------22 4.5.1.2: Collection of Loans -----------------------------------------------------------------------------------------22 4.5.1.3: Borrowing -----------------------------------------------------------------------------------------------------22 4.5.2: Disbursement of Fresh Loans ---------------------------------------------------------------------------23 4.5.3: Outstanding Credit ---------------------------------------------------------------------------------------24 4.6: Financial Activities of NBE --------------------------------------------------------------------------------------25 4.7: Developments in Financial Markets ----------------------------------------------------------------------25 4.7.1: Treasury Bills Market -------------------------------------------------------------------------------------25 4.7.2: Inter-bank Money Market ------------------------------------------------------------------------------27 4.7.3: Corporate Bond Market----------------------------------------------------------------------------------27

National Bank of Ethiopia Quarterly Bulletin V. External Sector Developments ---------------------------------------------------------------------------28 5.1: Balance of Payments -------------------------------------------------------------------------------28 5.2: Balance of Trade--------------------------------------------------------------------------------------30 5.2.1: Exports -------------------------------------------------------------------------------------------------- 31 5.2.2: Imports --------------------------------------------------------------------------------------------------34 5.2.3: Direction of Trade ------------------------------------------------------------------------------------35 5.2.3.1: Exports of goods ------------------------------------------------------------------------35 5.2.3.2: Imports of goods--------------------------------------------------------------------------37 5.3: Services and Transfers ----------------------------------------------------------------------------38 5.4: Current Account---------------------------------------------------------------------------------------41 5.5: Capital Account----------------------------------------------------------------------------------------41 5.6: Changes in Reserve Position ------------------------------------------------------------------41 5.7: Developments in Foreign Exchange Market-------------------------------------------41 5.7.1: Exchange Rate Movements -------------------------------------------------------41 5.7.2: Movements in the Real Effective Exchange Rate -----------------------45 5.7.3: Volume of Transactions --------------------------------------------------------------46 VI. Federal Government Finance----------------------------------------------------------------------------47 6.1: Revenue and Grants-------------------------------------------------------------------------------------48 6.2: Expenditure------------------------------------------------------------------------------------------------49 6.3: Deficit Financing----------------------------------------------------------------------------------------50 VII. Developments in Investment--------------------------------------------------------------------------52 VIII. International Economic Developments ---------------------------------------------------------55 8.1: Overview of the World Economy -------------------------------------------------------------------55 8.2: Inflation Developments--------------------------------------------------------------------------------55 8.3: Commodity Price ---------------------------------------------------------------------------------------55 8.4: Exchange Rate Developments --------------------------------------------------------------------56 8.5: Impact of Global Economic Development on Ethiopian Economy-------------------56 STATISTICAL TABLES--------------------------------------------------------------------------------------------57

National Bank of Ethiopia Quarterly Bulletin First Quarter 2017/18 i Indicators 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009)

1. Country Profile Land Area (total, In Sq.Km) 1.14 million 1.14 million 1.14 million 1.14million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million Arable Land ( % of total area ) 45.0 45.00 NA Irrigated Land ( % of total area ) 3.0 NA Population Density ( person per sq.km )* 85.6 88.1 90.7 93.2 95.8 99.7 101.2 99.6 102.1 104.7 107.40 110.14 112.94 115.76 118.61 121.50
2. Social Indicators Population total, in millions (Mid-Year population) 60.00 61.60 63.20 64.80 66.50 68.30 70.00 72.40 74.90 76.8 78.80 80.70 82.7 84.8 87.0 89.1 91.2 93.4 (o/w Urban Poulation, in %) 14.9 15.1 15.33 15.5 15.8 15.97 16.21 16.45 17 16.14 16.30 16.10 16.3 18.6 19.0 19.5 19.9 20.3 Working Age Population ( In Millions ) Urban 5.6 6.1 6.4 6.5 7 6.95 7.6 7.6 8.0 8.4 8.92 9.43 10.0 10.5 11.1 11.6 12.2 12.8 Rural 28.00 28.8 29.8 30.54 31.4 32.6 33.2 32.9 31.3 33.0 33.89 34.83 35.8 36.8 37.7 38.7 39.7 40.8 Total 33.8 34.9 36.2 37.04 38.4 39.6 40.7 40.6 39.3 41.4 42.82 44.26 45.7 47.3 48.8 50.4 52.0 53.6 Age Dependency Ratio 87.8 87.2 86.0 86.6 85.2 84.7 84.3 84.3 93.00 93.00 93.0 75.0 Life Expectancy at Birth ( Male - Female ) 50.9-53.0 53.4-55.4 53-55 53.42-55.42 55.6-57.9 55.6-57.9 53.4-55.4 58.4-60.4 53.4-55.4 60.2-64.2 Crude Birth Rate 44.2:1,000 39.9:1,000 35.7:1,000 36.9:1,000 36.9:1,000 35.7:1,000 35.7:1000 35.7:1000 33.6:1000 33.6:1000 30.3:1000 Crude Death Rate 15:1,000 12.6:1,000 12.6:1,000 12.6:1000 10.8:1,000 NA NA 9.2:1,000 9.2:1,000 7.2:1000 Natural Rate of Population Increase ( In % ) 2.9 2.7 2.60 2.40 2.40 2.31 Total Fertility Rate 6.5clild:W 5.8child:W 5.4child:W 5 child:W 4.8child:W 4.8child:W 3.94chil:W People : Hospital Beds 5,273:1 6,086.4:1 5740.4:1 6479.2:1 5721.4:1 5273.5:1 5028:1 5293:1 5698:1 5082:1 7815:1 NA NA 2516:1 NA NA 2850:1 2980:1 People : Physician1 50,273.2:1 47,836.0:1 35604:1 34005.1 36954:1 29777:1 35493:1 49888:1 36374:1 36175:1 56013:1 53642:1 28847:1 32132:1 20970:1 17160:1 14045:1 22766:1 People : Nurse 1 9,458.5:1 8,461.0:1 5236.0:1 4879:1 4621:1 3956.8:1 4206:1 4601:1 4524:1 3870:1 3012:1 2762:1 2299:1 1884:1 1995:1 1999:01:00 1999:1 1194:1 Infant Mortality Rate 110:1,000 97:1,000 97:1,001 97:1,002 97:1,003 80:1,000 77:1,000 73:1000 59:1000 62.2:1000 62.4:1000 62.4:100 Access to Safe Water ( In %) Country Level 30.00 27.90 28.4 NA 35.9 45.6 47.3 52.5 59.5 66.2 68.50 73.30 58.3 68.5 76.7 84.0 61.0 66.0 Urban Population 72.00 91.70 75.7 NA N.A 82 NA 82.0 86.2 88.6 91.50 92.50 78.7 81.3 84.2 91.0 52.5 55.0 Rural Population 24.00 17.10 19.9 NA 25.2 38.4 42.2 46.4 53.9 61.5 65.80 71.30 55.2 66.5 75.5 82.0 63.1 68.0 Student-Teacher Ratio Primary ( 1-8 ) 56:1 61:1 63:1 64:1 65:1 66:1 62:1 59:1 57:1 54:1 51:1 51:1 50:1 49:1 47:1 46:1 46:1 - Secondary ( 9-12 ) 43:1 52:1 54:1 45:1 48:1 51:1 57:1 48:1 43:1 41:1 36:1 31:1 29:1 28.7:1 27.8:1 26.4:1 26.5:1 - Technical & Vocational 7.6:1 9:1 17:1 25:1 22:1 21:1 20:1 27:1 25:1 34:1 NA 29:1 24.7:1 18.6:1 16.5:1 16.5:1 12.6:1 - Student-School Ratio Primary ( 1-8 ) 563:1 617.5:1 674.0:1 701:1 724:1 690:1 654:1 677:1 657:1 619:1 573:1 590:1 576:1 571:1 571:1 744.9:1 573:1 - Secondary ( 9-12 ) 982:1 1,531.2:1 1681.0:1 1222:1 1312:1 1350:1 1425:1 1440:1 1381:1 1345:1 1270:1 1160:1 1033:1 994:1 857:1 369:1 767.2:1 - Technical & Vocational 267:1 264.9:1 271.0:1 353:1 552:1 534:1 468:1 493:1 501:1 673:1 788:1 735:1 654:1 544:1 545:1 383:1 523:1 - ETHIOPIA: MACROECONOMIC AND SOCIAL INDICATORS

First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin ii 3. Macroeconomic Indicators 3.1 Real sector Development2 GDP at Current Market Price (In Mn. Birr) 65,986.0 67,351.0 65,895.0 72,703.0 85,800.0 105,415.0 130,334.0 170,281.0 245,836.0 332,060.0 379,135.00 515,078.5 747,326.5 866,921.1 1,060,825.4 1,297,961.4 1,528,044.2 1,806,656.0 Nominal GDP Growth Rate (In %) 9.0 2.1 (2.2) 10.3 18.0 22.9 23.6 30.6 44.4 35.1 14.18 35.9 45.1 15.3 22.4 22.4 18.2 17.9 Average Marginal Exchange Rate (Birr per USD) 8.1400 8.3300 8.5400 8.5800 8.6300 8.6518 8.6810 8.7943 9.2400 10.4200 12.89 16.1 17.3 18.3 19.1 20.1 21.1 22.4 GDP at Current Market Price (IN Mn. USD) 8,106.4 8,085.4 7,716.0 8,473.5 9,942.1 12,184.2 15,013.7 19,362.7 26,605.6 31,867.6 29,413.11 31,957.1 43,314.2 47,424.6 55,628.0 64,575.2 72,419.2 80,605.0 Nominal GDP per Capita (In USD) 135.1 131.3 122.1 130.8 149.5 178.4 214.5 267.4 355.2 415 373.26 396.1 523.5 559.1 639.6 725.0 794.0 863.0 Real GDP per Capita ( In Birr ) 3,313.8 3,495.7 3,458.8 3,300.5 3,652.6 3,976.7 4,300.5 4,634.2 4,962.8 5,266.1 5,776.60 5,895.00 6,947.5 7,299.1 7,625.2 8,571.2 8,864.0 18,257.5 Real GDP per Capita Growth Rate (In %) 4.8 5.5 (1.1) (4.6) 10.7 8.9 8.1 7.8 7.1 6.1 9.69 9.00 6.1 5.1 4.5 12.4 3.4 8.0 GDP Deflator (% change) 6.9 (5.8) (3.6) 12.8 3.9 9.9 11.6 17.2 30.3 24.2 1.70 20.08 33.5 4.9 11.0 10.8 9.5 6.3 Real GDP at constant basic price (In Mn. Birr) 184,625.4 198,320.9 201,561.3 197,331.5 220,477.2 248,354.8 277,013.3 309,686.8 344,331.9 378,907.4 418,946.95 475,647.50 517,026.5 568,432.3 626,977.4 692,221.7 747,309.2 1,577,107.0 Real GDP at constant market price (In Mn. Birr) 198,827.1 215,332.6 218,594.3 213,870.3 242,897.6 271,605.2 301,032.7 335,519.0 371,716.7 404,437.0 455,196.02 515,078.50 559,621.6 618,842.2 682,358.5 753,229.7 810,187.2 1,699,193.6 Real GDP Growth Rate (In %) 3.4 7.4 1.6 (2.1) 11.7 12.6 11.5 11.8 11.2 10.0 10.57 11.40 8.7 9.9 10.3 10.4 8.0 10.9 Agriculture & Allied Activties(In Billion Birr) 102.1 111.9 109.8 98.3 115.0 130.5 144.8 158.5 170.3 181.2 195.00 212.50 222.9 238.8 251.8 267.8 274.0 573.1 Industrial Sector (In Billion Birr) 17.7 18.6 20.2 21.4 23.7 25.9 28.4 30.6 33.9 37.3 41.99 49.80 59.6 73.9 86.5 103.7 125.0 404.3 Service Sector(In Billion Birr) 69.4 72.9 75.3 79.4 84.2 94.6 107.6 124.1 144.1 163.9 185.10 216.60 237.4 258.8 292.5 325.0 353.0 620.2 Agriculture & Allied Activties (% of GDP) 55.3 56.4 53.7 49.4 51.6 51.9 51.5 50.5 48.8 47.3 46.13 44.37 43.1 42.0 40.2 38.7 36.7 36.3 Industrial Sector ( % of GDP ) 9.7 9.5 10.0 11.0 10.9 10.6 10.4 10.2 10.1 10.1 10.17 10.40 11.5 13.0 13.8 15.0 16.7 25.6 Service Sector ( % of GDP ) 37.0 36.3 36.3 39.6 37.5 37.5 38.0 39.3 41.0 42.6 43.70 45.23 45.9 45.5 46.6 47.0 47.3 39.3 Private Consumption Expenditure 45,611.0 47,981.0 49,319.0 56,765.0 60,866.0 81,445.0 102,537.0 130,118.0 197,461.0 268,002.0 309,132.00 373,088.50 541,536.3 636,901.3 744,978.0 896,208.0 1,037,277.0 1,147,628.0 Government Consumption Expenditure 12,615.0 10,543.0 10,448.0 10,422.0 11,973.0 13,971.0 17,016.0 19,123.0 25,782.0 31,544.0 34,801.00 53,147.10 62,044.5 77,636.9 98,121.0 116,995.0 148,837.0 222,865.0 Investment 14,647.0 15,870.7 17,395.0 17,669.0 24,902.0 27,409.0 35,952.0 41,227.0 60,156.0 82,560.0 102,403.00 165,380.00 277,243.7 295,456.4 402,922.0 511,618.0 588,705.0 704,596.0 Exports 8,010.0 8,146.0 8,389.0 9,779.0 12,913.6 16,076.9 18,205.4 21,854.2 28,317.0 35,233.0 52,168.00 85,949.80 102,887.0 108,227.1 123,496.0 121,532.2 122,366.0 139,805.0 Imports 15,952.8 16,108.4 17,706.8 20,131.3 27,366.8 37,776.3 48,092.4 55,088.7 76,564.0 96,285.0 126,319.00 162,486.80 236,384.7 251,300.6 308,691.3 393,189.0 424,528.0 428,400.0 Resource Balance -7,942.8 -7,962.4 -9,317.8 -10,352.3 -14,453.2 -21,699.4 -29,887.0 -33,234.4 -48,247.0 -61,052.0 (74,151.00) (76,537.00) (133,498.0) (143,073.5) (185,195.3) (271,656.0) (302,163.0) (288,595.0) Gross Private Consumption (% of GDP) 69.1 71.2 74.8 78.1 70.9 77.3 78.7 76.4 80.3 80.7 81.54 72.43 72.5 73.5 70.2 69.0 67.9 63.5 Gross Government Cosumption (% of GDP) 19.1 15.7 15.9 14.3 14.0 13.3 13.1 11.2 10.5 9.5 9.18 10.32 8.3 9.0 9.2 9.0 9.7 12.3 Gross Domestic Fixed Investment (% of GDP) 22.2 23.6 26.4 24.3 29.0 26.0 27.6 24.2 24.5 24.9 27.01 32.11 37.1 34.1 38.0 39.4 38.5 39.0 Resource Balance (% of GDP) -12.0 -11.8 -14.1 -14.2 -16.8 -20.6 -22.9 -19.5 -19.6 -18.4 (19.56) (14.86) (17.9) (16.5) (17.5) (20.9) (19.8) (16.0) 3.2 Monetory Indictors Narrow Money Supply (M1) ( In Mn. Birr ) 13,050.2 13,745.8 15,182.4 16,446.7 19,065.9 21,289.8 23,811.9 29,773.4 36,875.5 42,112.7 52,434.6 76,171.00 94,849.88 114,745.69 134,063.78 154,706.34 178,609.66 216,769.62 Broad Money Supply (M2) ( In Mn. Birr ) 22,177.8 24,516.2 27,322.0 30,090.1 34,655.9 40,212.1 46,377.4 56,860.3 69,918.2 82,509.8 104,432.4 145,376.97 189,398.78 235,313.59 297,746.59 371,328.91 445,266.25 573,384.05 Net Foreign Assets ( In Mn. Birr ) 4,770.6 4,800.0 7,822.5 11,049.2 11,766.9 13,868.0 12,109.6 13,927.3 12,140.6 17,976.8 27,189.8 55,534.68 39,787.69 45,648.53 45,972.30 37,570.95 21,524.19 38,034.79 Reserve Requirement ( CBs ) 924.1 1,081.8 1,163.9 1,320.3 1549.35 1,828.4 2,120.9 2,592.5 9,112.9 11,183.3 14,368.0 20,495.20 18,080.56 11,708.82 14,479.39 18,250.35 21,745.43 28,278.91 Interest Rate ( In % ) Minimum Deposit Rate 6 6 3 4.0 4.0 5.00 Lending Rate 10.5-13.5 10.5-15.0 8.0-10.5 7-14 8-15 8-16.5 12.25 11.88 12.75 12.75 Total Net Domestic Credit (in mn. Birr) 26,271.0 27,551.6 27,550.2 28,202.3 31138.781 40305.8 49295.9 61585.0 80772.6 89,203.0 104,413.5 135,553.87 189,080.81 233,404.32 300,026.58 393,421.73 490,230.35 631,092.73 Government 14,775.7 15,171.0 15,985.1 17,229.8 19199.154 21663.8 25266.4 30290.2 34169.2 32,786.5 33,013.1 28,651.65 21,557.41 21,965.52 26,929.74 30,735.25 47,548.36 85,441.85 Indicators 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009)

First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin iii Other Sectors 11,495.3 12,380.6 11,565.1 10,972.6 11939.627 18642.0 24029.6 31294.8 46603.4 56,416.5 71,400.4 106,902.22 167,523.40 211,438.80 273,096.84 362,686.48 442,681.99 545,650.89 3.3 Inflation (CPI growth rate)3 Country Level -General inflation 5.4 -0.3 -10.6 10.9 7.3 6.1 10.6 15.8 25.3 36.4 2.8 18.1 34.1 13.5 8.1 7.7 9.7 7.2 -Food inflation 7.6 -1.7 -19.1 21.5 11.5 7.4 13.0 17.5 34.9 44.2 -5.4 15.7 42.9 12.6 5.9 7.4 11.2 7.4 -Non-Food inflation (core inflation) 2.5 1.4 0.3 0.2 2.2 4.4 7.1 13.5 12.5 23.8 18.2 21.8 22.4 14.8 10.6 7.9 8.1 7.0 Addis Ababa -General inflation 4.2 -1.4 -5.5 4.6 5.6 7.2 8.4 19.2 20.8 29.4 10.1 19.4 24.8 12.6 8.5 7.6 10.3 3.0 -Food inflation 7.2 -7.8 -10.7 9.4 8.6 5.7 13.0 25.4 32.1 41.5 4.1 14.8 30.6 13.1 4.6 12.2 16.6 1.3 -Non-Food inflation (core inflation) 0.6 5.6 -0.8 0.9 3.0 7.6 4.6 14.0 12.7 19.2 16.0 23.5 21.1 11.9 11.4 4.4 5.8 4.3 3.4 External Trade(In Mn.USD) Export of goods & services 984 979.1 982.7 1150.6 1520.6 1895.8 2149.5 2498.1 3127.9 3399.5 4,050.33 5,343.12 5,993.41 5,978.47 6,451.62 6,057.81 6,077.30 6,257.16 Import of goods & services 1,959.8 1,936.4 2,073.1 2,408.7 3,259.8 4,439.6 5,602.7 6,254.2 8,326.9 9,292.3 9,858.40 10,160.72 13,805.17 13,864.19 16,197.24 19,848.9 20,553.8 19,699.2 Net trade in goods & services -975.8 -957.3 -1,090.4 -1,258.1 -1,739.3 -2,543.8 -3,453.2 -3,756.1 -5,199.0 -5,892.8 -5,808.4 -4,817.6 -7,811.8 -7,885.7 -9,745.6 -13,791.1 -14,476.5 -13,442.0 Current account balance including official transfers (334.8) (242.4) (361.0) -93.8 -401.5 -771.3 -1,470.9 -991.3 -1,492.4 -1,634.7 -1,193.2 -201.9 -2,778.0 -2,780.3 -4,168.1 -7,401.6 -6,656.9 -6,528.4 Capital account balance 151.7 258.6 509.0 368.6 386.7 491.9 614.3 760.4 1,031.5 1648 2,421.02 2,995.93 2,283.28 3,291.23 4,134.57 8,285.61 6,509.19 6,831.49 Overall balance of payments (393.7) (70.5) 300.2 1381.894676 389.5463487 66.40934667 37 29.98 -251.6939401 18.7 316.68 1,384.20 (972.79) (6.52) (96.89) (521.41) (830.86) 658.62 3.5 Government Finance (In Mn .Birr4) Total Revenue (including grants) 11,222.0 12,805.0 12,833.0 15,703.0 17,918.0 20,147.0 23,225.0 29,381.0 39,705.0 40,421.9 66,237.44 85,611.00 115,658.50 137,192.00 158,076.52 199,639.11 243,671.56 269,105.94 Total Revenue (excluding grants) 9,498.0 10,177.0 10,409.0 11,149.0 13,917.0 15,582.0 19,493.0 21,797.0 29,794.0 31,924.0 53,861.34 69,120.00 102,863.65 124,077.00 146,172.77 186,618.69 230,657.28 256,629.04 o/w Tax-Revenue 6,782.0 7440.0 7,926.0 8243.0 10,906.0 12398.0 14122.0 17354.0 23801.0 23216.2 43,315.36 58,981.00 85,739.86 107,010.30 133,118.26 165,312.47 189,717.18 210,135.85 Tax-Revenue as % of GDP 10.3 11.0 12.0 11.3 12.7 11.8 10.8 10.2 9.7 7.0 11.42 11.45 11.47 12.50 12.71 13.37 12.40 11.6 Total Expenditures 17,183.6 15786.4 17,651.0 20517.0 20,520.0 24803.0 29325.0 35607.0 46915.0 43875.2 71,334.79 93,831.00 124,416.72 153,929.00 185,471.78 230,521.18 272,930.09 329,286.84 Current Expenditures 13,741.6 10,379.0 10,550.0 13,549.0 11,977.0 13,235.0 15,234.0 17,165.0 22,794.0 26315.5 32,012.38 40,535.00 51,445.45 62,745.80 78,086.90 113,375.50 131,902.78 176,703.00 Capital Expenditures 3,442.0 5,003.4 6,130.0 6,313.0 8,271.0 11,343.0 14,042.0 18,398.0 24,121.0 17,559.7 39,322.41 53,297.00 72,971.26 91,182.90 107,384.88 117,145.68 141,027.31 152,583.83 Equity Contribution ( Sinking Fund ) Special Programs - 404.0 971 655 272 224.0 50.0 44.0 0.0 - - - - - - - Total Expenditures as % of GDP 26.0 23.4 26.8 28.2 23.9 23.5 22.5 20.9 19.1 13.2 18.8 18.2 16.6 18.1 17.7 17.8 17.9 18.2 Current Surplus/Deficit -4,243.6 -202.0 -141.0 -2,400.0 1,940.0 6,652.7 4,259.0 4,632.0 7,000.0 5,608.5 34,225.1 45,076.5 64,213.0 74,447.0 79,989.6 86,263.6 111,768.8 92,402.9 Overall Budget Deficit ( including grants ) -5,961.6 -2,981.4 -4,818.0 4,815.0 -2,602.0 -4,655.0 -6,100.0 -6226.0 -7210.0 -3453.3 -5,097.4 (8,220.2) (8,758.2) (16,736.0) (27,395.3) (30,882.1) (29,258.5) (60,180.9) Deficit as % of GDP -9.0 -4.4 -7.3 6.6 -3.0 -4.4 -4.7 -3.7 -2.9 -1.0 -1.3 -1.6 -1.2 -2.0 -2.6 -2.4 -1.9 -3.3 Overall Budget Deficit ( excluding grants ) -7,685.6 -5,609.4 -7,242.0 -9,368.0 -6,603.0 -9,220.0 -9,832.0 -13,810.0 -17,121.0 -11951.1 -17473.5 (24,711.5) (21,553.1) (29,851.0) (39,299.0) (43,902.5) (42,272.8) (72,657.8) Deficit as % of GDP -11.6 -8.3 -11.0 -12.9 -7.7 -8.7 -7.5 -8.1 -7.0 -3.6 -4.6 -4.8 -2.9 -3.5 -3.8 -3.5 -2.8 -4.0 3.6 Exchange Rate (Birr/ USD) Inter-Bank Forex Market Rate5

• Period weighted Average 8.20 8.42 8.543 8.581 8.635 8.652 8.681 8.794 9.244 10.4205 12.8909 16.1178 17.2536 18.1947 19.0748 20.0956 21.1059 22.4137
• End period 8.22 8.46 8.566 8.600 8.630 8.660 8..69 9.030 9.610 11.3009 13.5321 16.9081 17.7305 18.6426 19.5771 20.5659 21.8004 23.1081 Indicators 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009)

First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin iV Source : Ministries of Agriculture, Finance and Economic Development, Health, and Education; National Bank of Ethiopia; Centeral Statistical Authority, … etc Note:- *population is estimated using component method after 2006/2007

1. Excluding manpower out side the Ministry of Health.
2. The GDP data series is revised on basis of 2010/11=100 base year
3. Inflation data is calculated using the new base year (December 2011=100)
4. Figures for government finance are preliminary estimates from 1999/00 onwards. 3.7
5. Inter-bank money market was first introduced in Aug.1998 and Inter-bank forex market started as of September 1998, and the daily trasactions introduced beginning from october 24, 2001. *Mid year population was obtained from MoFED Treasury Bill Market ( In Mn .Birr) T-Bills Demanded ( Total ) 18,322.8 18,205.5 26,089.1 38,633.6 61,143.2 56,896.2 60,603.5 78,922.0 59,888.5 46,767.2 51,258.02 55,760.03 77,194.80 109,184.60 113,527.98 136,536.80 161,575.24 225,321.24 T-Bills Sold 13,311.2 9,322.9 16,453.2 29,668.0 51,645.0 41,065.0 47,793.5 63,315.0 47,716.5 27,839.8 41,736.42 52,316.03 74,694.80 109,184.60 95,314.98 110,593.30 161,475.24 225,321.24 Average Weighted Yield (in %) 3.3 2.8 2.0 1.3 0.5 0.095 0.038 0.530 0.677 0.743 0.79 1.13 1.87 1.89 1.60 1.43 1.44 1.42 T-Bills Outstanding by holder 1,951.5 3,372.5 4,478.2 9,100.0 12485 6595 11638.5 11546 8239.5 7783.1 11,566.20 10,706.62 20,011.86 26,044.90 32,286.86 41,704.80 57,252.56 73,271.56 Banks 804.7 1,924.0 3,425.5 8,094.3 11418 6295 10612.3 9135 2739 1672 4,400.00 900.00 2,383.50 3,436.00 - - - - Non-Banks 1,146.8 1,448.5 1,052.7 1,005.7 1067 300 1026.2 2411 5500.5 6111.1 7,166.20 9,896.62 17,628.40 22,608.90 32,286.86 41,704.80 57,252.56 73,271.56 3.8 Inter Bank Money Market Rate5 11 8 7.5 _ _ 7.5 8.5 _ 3.9 Financial Institutions Number of Commercial Banks 8 9 9 10 11 11 12 14.00 17.00 17.00 18.00 ( o/w Private banks ) 7 8 9 9 10 12.00 14.00 16.00 Number of Bank Branches 267 283 295 339 358 389 421 487 562 636 681.00 970.00 1,289.00 1,724.00 2,208.00 2,693.00 3,301.00 4,257.00 Population : Bank Branch 224719:1 217668:1 214237:1 191150:1 185754.2:1 175778.4:1 166,270.8:1 148,665.3:1 133,274:1 120,754.7:1 115,712.2:1 83,195.9:1 64,158.3:1 49674.8:1 41,088 33,448.00 27,932.00 22,164.00 Number of Insurance Companies 9 10 12 12.00 14.00 15.00 16.00 17.00 ( o/w Private Insurance Companies ) 8 9 11 11.00 13.00 14.00 15.00 16.00 Number of Insurance Branches 91 95 101 105 121 133 139 146 172 194 207.00 221.00 243.00 273.00 332.00 377 426 492.00 Population : Insurance Branch 659341:1 648421:1 625743:1 617143:1 549587:1 513534:1 503597:1 495890:1 435465:1 395876:1 383844:1 366063:1 340329:1 314428.9:1 264918.8:1 238928:1 216443:1 191772:1 Number of Development Banks 1.00 1.00 Number of Development Bank Branches 32.00 32.00 32 110 110.00 Number of Micro-financial Institutions 16 19 21 22 22 26 27 28 28 30 30.00 31.00 35.00 Indicators 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009)

First Quarter 2017/18 1 National Bank of Ethiopia Quarterly Bulletin I. OVERVIEW 1.1. International Economic Developments In the first quarter of 2017/18, global economy showed sustained growth, according to the European Central Bank (ECB) Monthly Bulletin of 3/2017. During this period, the global composite output Purchasing Managers’ Index (PMI) excluding the Euro area remained at similar levels recorded in the previous quarters. The quarterly PMIs picked up in the United States, while it declined in Japan, to lesser extent in the United Kingdom compared with the previous quarter. Among emerging market economies, Quarterly PMIs increased in China, but improved marginally in Brazil, but declined in India and Russia. In United States, real GDP growth is expected to weaken temporarily in the first quarter of 2017/18, reflecting the economic impact of the recent hurricanes. The employment declined in September due to the influence of hurricanes. However, employment growth outside the affected areas was fairly robust, consistent with a further tightening of the labour market. The economic growth in Japan remains strong and the real GDP grew by 0.6 percent quarter on quarter, in the fourth quarter of 2016/17. The overall outlook of the economy remains favorable supported by accommodative policies, recovering foreign demand and a strong labour market. The unemployment rate stood at 2.8 percent in August 2017. In Euro area, real GDP increased by 0.7 percent in the fourth quarter of 2016/17, due to the strong positive contributions from domestic demand, while net trade contributed negatively and changes in inventories made neutral contribution to GDP growth. The latest economic indicators remain optimistic and point to robust growth in the first quarter of 2017/18, around the same rates as in the previous two quarters. In the United Kingdom, economic activity has slowed down markedly. The real GDP increased by 0.3 percent quarter on quarter in the fourth quarter of 2016/17, broadly in line with the previous quarter, but down from the 0.7 percent growth registered in the second quarter of 2016/17 due to the pass￾through of depreciation of pound to consumer prices which hurt consumption by eroding purchasing power. In China, economic growth remained robust as the real GDP 6.8 percent year on year growth registered in the first quarter, although marginally down from the 6.9 percent year on year growth in the previous quarter. The slight moderation was in line with recent data on industrial production, fixed asset investment and retail sales. 1.2. Macroeconomic Developments in Ethiopia A. Inflation Headline inflation declined to 3.8 percent in the first quarter of 2017/18 from 4.8 percent registered in the preceding quarter as food & non-alcoholic beverages inflation decelerated by 4.0 percentage points, more than offsetting the 2.3 percentage points rise in non￾food inflation. However, it was higher than the 2.6 percent headline inflation recorded last year same quarter due to the 1.8 percentage point increase in non-food inflation and 0.6 percentage rise in food & non-alcoholic beverages inflation. As a result, food & non-alcoholic beverages and non-food inflations contributed 2.4 and 1.4 percent respectively to the headline inflation registered during the review quarter B. Monetary Developments In the first quarter of 2017/18, broad money supply (M2 ) amounted to Birr 602.3 billion, registering a 29.9 percent growth over the corresponding quarter of last fiscal year. The increase in broad money was ascribed to 630.1 percent and 115.8 percent expansions in domestic credit and NFA respectively. The growth in domestic credit was driven by 93.1 percent upsurge in credit to central government and 23.2 percent credit to non-central government. Government’s measure to raise CBE’s capital by issuing non-interest bearing bond attributed to the expansion of credit to the central government. At the end of first quarter of 2017/18, reserve money reached Birr 152 billion, depicting 24.5 percent growth over last year same quarter. Component wise, both currency in circulation and bank deposits at NBE rose by 10.7 and 57.3 percent, respectively.

2 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin C. Interest rate During the first quarter of 2017/18, the average savings deposit and lending rates remained unchanged at 5.4 percent and 12.75 percent respectively while weighted average time deposit rate declined by 0.03 percentage points. In contrast, weighted average yield on T-bills slightly increased by 0.02 percentage point over last year same quarter. Hence, taking September 2017 headline inflation rate of 10.84 percent, all deposit rates and T-bill yields remained negative in real terms while average lending rate was about 1.91 percent positive. D. Financial Sector Developments

1. Banks As of end September 2017, the number of banks operating in Ethiopia remained at 18, of which 16 were private banks. These banks opened 204 new branches during the first quarter of 2017/18 thereby increasing the total number of bank branches to 4,461. Therefore, currently one branch serves 21,6511 people on average. Of the total bank branches, about 34.4 percent were located in Addis Ababa. Private banks accounted for about 67.5 percent of the total bank branches in the country. Total capital of the banking system reached Birr 80.2 billion, depicting 72.8 percent annual growth. Of the total capital, private banks accounted for 35.8 percent while that of public banks, namely Commercial Bank of Ethiopia and Development Bank of Ethiopia, stood at 64.2 percent and 9.6 percent, respectively. Meanwhile, the banking sector disbursed about Birr 22.8 billion in new loans, registering a 2 percent annual decline. Of the total new loan disbursement, the share of public banks was 33.1 percent and that of private banks 66.9 percent. Domestic trade was the largest beneficiary of the fresh loans accounting for 23.7 percent followed by international trade (18.9 percent), industry (16.5 percent), housing & construction (13.0 percent), agriculture (7.2 percent) and transport & communication (6.2 percent). The remaining balance was taken up by other economic sectors. At the same time, the banking sector collected Birr 1 Total population is 96,586,842 estimation for 2017/18. 23.8 billion in loans, about 10.8 percent higher than last year same period. Of the total collection, 60.5 percent was by private banks and 39.5 percent by public banks. Total outstanding credit of the banking system (excluding credit to government) increased to Birr 330.6 billion, showing a 23 percent year-on-year expansion. About 99.8 percent of the private banks’ and 50 percent of public banks’ loan went to finance the private sector.
2. Insurance Sector The number of insurance companies remained at 17, of which 16 were private. Their branches increased to 504 from 492 a year ago of which 53.8 percent were located in Addis Ababa. Total capital of the insurance companies reached Birr 4.6 billion, of which private insurance companies accounted for 75 percent.
3. Microfinance Institutions There were 35 micro-finance institutions (MFIs) operating in the country. These MFIs mobilized Birr 26.8 billion in saving deposit which was 47.6 percent higher than last year same period. Their outstanding credit also went up 33.3 percent to reach Birr 34.9 billion signifying the growing role of the institutions in poverty reduction and asset building among low income groups in both rural and urban areas. Their total assets too grew by 45.7 percent to Birr 53.7 billion by the end of September, 2017. E. External Sector and Foreign Exchange Developments
4. External Sector Development During the first quarter of 2017/18, total merchandise export earnings (including electricity) amounted to USD 678.5 million depicting 3.0 percent growth vis￾à-vis the same quarter of last year. This was due to higher earnings from export of coffee (19.1 percent), oilseeds (4.9 percent), leather & leather products (27.7 percent), fruit & vegetables (16.0 percent), meat & meat products (10.1 percent), flower (8.1 percent), electricity (23.8 percent) and other exports (35.1 percent). In the meantime, total merchandise import bill declined marginally by 1.5 percent to USD 4.0 billion compared with the same quarter of last year on account of lower imports of consumer goods (19.9

First Quarter 2017/18 3 National Bank of Ethiopia Quarterly Bulletin percent) and raw materials (18 percent) in contrast with the rise in imports of fuel (23.8 percent), capital goods (4.3 percent) and semi-finished goods (13.0 percent). The average price of Brent crude oil, used as a point of reference for international oil price, increased by 13 percent and reached USD 51.7 per barrel during the first quarter of 2017/18 compared with USD 45.8 a year ago. Accordingly average retail prices of fuel in Addis Ababa rose by 16.8 percent to Birr 16.04 per liter from Birr 13.73 per liter a year ago. This was due to the rise in prices of kerosene (31.5 percent), jet fuel (12.5 percent), gas oil (15.5 percent), regular gasoline (13 percent) and fuel oil (13.2 percent). Total transfer receipts increased by 6.8 percent to USD 2 billion wholly on account of 39.1 percent surge in private transfer receipts, offsetting the 65.3 percent decline in official transfers. Hence, the current account balance (including official transfers) registered USD 1.2 billion in deficit compared with USD 1.8 billion deficit a year ago. Meanwhile, capital account recorded about USD 1.2 billion surplus, although it was 36.6 percent lower than that of last year same period due to lower net other public long term capital (71.0 percent), private sector long term capital (39.5 percent), FDI inflows (39.3 percent) and short term capital (338.1 percent). As a result, the overall balance of payments recorded USD 321 million deficit showing a slight improvement over last year same quarter. 2. Exchange Rate Development The weighted average official exchange rate depreciated by 6.0 percent during the first quarter of 2017/18 against the corresponding quarter of last year and reached Birr 23.2488/USD. In contrast, the REERI appreciated by 7.2 percent, mainly due to a relatively higher domestic inflation and lower depreciation rate of Birr relative to that of Ethiopia’s major trading partner currencies. However, NEER appreciated negligibly (0.07 percent) during the same period. F. Federal Government Fiscal Operations Total revenue and grants of the Federal government increased by 5.4 percent in the first quarter of 2017/18 and amounted to Birr 47.9 billion. Similarly, its expenditure grew 35.9 percent to reach Birr 67.9 billion during the same period. As a result, the overall fiscal deficit (including grants) widened to Birr 20 billion from Birr 4.5 billion deficit recorded a year ago. G. Investment During the first quarter of 2017/18, 97 investment projects having investment capital of Birr 668.5 million became operational.

4 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin II. Energy Production and Processing 2.1. Import of Petroleum Products The volume of petroleum products imported during the first quarter of 2017/18 amounted to 884.1 thousand metric tons, which was 14 percent higher than last year same quarter. This growth in volume was attributed to increases in import of regular gasoline (29.9 percent), gas oil (26.3 percent) and fuel oil (10.6 percent). In contrast, jet fuel imports declined 20 percent. Of the total petroleum imports, gas oil accounted for 66.9 percent, followed by jet fuel (18.7 percent), regular gasoline (12.1 percent) and fuel oil (2.4 percent) (Table 2.1). Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2016/17 2017/18 Percentage Qtr. I Qtr. IV Qtr. I Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 82,152 10.6 88,011 10.0 106,706 12.1 29.9 21.2 Jet Fuel 206,560 26.6 170,308 19.4 165,269 18.7 -20.0 -3.0 Fuel Oil 18,987 2.4 17,311 2.0 21,005 2.4 10.6 21.3 Gas Oil (ADO) 468,051 60.3 601,081 68.6 591,077 66.9 26.3 -1.7 Total 775,751 100.0 876,711 100.0 884,058 100.0 14.0 0.8 Source: Ethiopian Petroleum Enterprise

100,000 200,000 300,000 400,000 500,000 600,000 700,000 I II III IV I II III IV I II III IV I II III IV I II III IV I 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 In Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Fig.2.1: Trends in the Volume of Petroleum Products Imported Source: Ethiopian Petroleum Enterprise

First Quarter 2017/18 5 National Bank of Ethiopia Quarterly Bulletin Petroleum import bill reached Birr 10.2 billion, showing a 38.6 percent growth over last year same quarter owing to a surge in international oil price and higher import volume. With the exception of jet fuel, all types of petroleum product saw

1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 I II III VI I II III IV I II III IV I II III IV I II III IV I 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 In '000 Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Fig.2.2: Trends in the Value of Petroleum Products Imported Source: Ethiopian Petroleum Enterprise Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum Products 2016/17 2017/18 Percentage Change Qtr. I Qtr. IV Qtr. I A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 845,005 11.5 1,126,520 11.4 1,439,863 14.1 70.4 27.8 Jet Fuel 2,100,240 28.5 2,060,306 20.8 1,946,721 19.1 -7.3 -5.5 Fuel Oil 142,260 1.9 163,245 1.7 202,621 2.0 42.4 24.1 Gas Oil (ADO) 4,282,735 58.1 6,540,180 66.1 6,628,347 64.9 54.8 1.3 Total 7,370,241 100.0 9,890,251 100.0 10,217,553 100.0 38.6 3.3 Source: Ethiopian Petroleum Enterprise higher import bill during the review quarter, where regular gasoline registered a 70.4 percent increase followed by gas oil (54.8 percent) and fuel oil (42.4 percent).(Table 2.2)

6 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin The average FOB price of petroleum products went up 20.2 percent over the same quarter of last year due to higher FOB prices of fuel oil (27.4 percent), regular gasoline (20.4 percent), jet fuel (18 percent) and gas oil (17.8 percent). This trend has also been reflected compared with that of the preceding quarter (Table 2.3). Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2016/17 2017/18 Percentage Change Qtr. I Qtr. IV Qtr. I A B C C/A C/B Regular Gasoline (MGR) 458.3 528.2 551.8 20.4 4.5 Jet Fuel 418.0 471.6 493.2 18.0 4.6 Fuel Oil 238.2 294.6 303.6 27.4 3.0 Gas Oil (ADO) 396.2 444.5 466.8 17.8 5.0 Average 377.7 434.7 453.8 20.2 4.4 Brent Crude Oil (USD/Barrel) 45.8 50.2 51.7 13.0 3.0 Source: Ethiopian Petroleum Enterprise 0.0 200.0 400.0 600.0 800.0 1000.0 1200.0 I II III IV I II III IV I II III IV I II III IV I II III IV I 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 USD per Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Fig.2.3: Trends in the FOB Price of Imported Petroleum Products Source: Ethiopian Petroleum Enterprise

First Quarter 2017/18 7 National Bank of Ethiopia Quarterly Bulletin During the first quarter of 2017/18, the average price of Brent crude oil, which is used as a point of reference for international oil price, increased by 13 percent and reached USD 51.7 per barrel compared with USD 45.8 a year ago. (Table 2.3) Accordingly, average retail price of fuel in Addis Ababa rose by 16.8 percent to Birr 16.04 per liter from Birr 13.73 a year ago. Specifically, the retail price of kerosene went up 31.5 percent followed by that of gas oil (15.5 percent), fuel oil (13.2 percent) regular gasoline (13 percent) and jet fuel (12.5 percent). With the exception of jet fuel, retail prices of all types of petroleum product were kept constant compared with the previous quarter which results merely 0.8 percent reduction in the average retail price of fuel (Table 2.4). Table 2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2016/17 2017/18 Percentage Change Qtr. I Qtr. IV Qtr. I A B C C/A C/B Regular Gasoline (MGR) 16.61 18.77 18.77 13.0 0.0 Fuel Oil 12.10 13.69 13.69 13.2 0.0 Gas Oil (ADO) 14.16 16.35 16.35 15.5 0.0 Kerosene 12.43 16.35 16.35 31.5 0.0 Jet fuel 13.36 15.70 15.04 12.5 -4.2 Average 13.73 16.17 16.04 16.8 -0.8 Source: Ministry of Trade Fig.2.4: Trends of Addis Ababa Average Retail Prices 0.0 5.0 10.0 15.0 20.0 25.0 I II III IV I II III IV I II III IV I II III IV I II III IV I 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Birr/liter Quarter MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade

8 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 2.2. Electric Power Generation Electric power generated during the first quarter of 2017/18 was 3.4 billion KWH, about 11.7 percent higher than a year ago. This was attributed to 11.9 percent increase in power generation from hydro sources despite 14.1 percent reduction in wind power. Energy generation from thermal source remained insignificant. Of the total energy generated, 95.9 percent was from hydropower and 3.3 percent from wind. The contribution of thermal power was about 0.8 percent (Table 2.5). By system of generation, virtually all of the power was generated through inter connected system (ICS)2 while self-contained system (SCS)3 had minimal share. (Table 2.6) 2 The generated power from different power stations stored in sub￾stations before distribution 3 Power stations distribute the generated power independently Table 2.5: Electricity Generation by Sources (In ‘000 of K.W.H) Power Source 2016/17 2017/18 Percentage Change Qtr. I Qtr. IV Qtr. I A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 2,924,400.7 95.7 3,155,462.7 95.0 3,273,054.3 95.9 11.9 3.7 Thermal Power 989.7 0.0 770.7 0.0 27,578.1 0.8 2,686.6 3,478.5 Geothermal 0.7 0.0 wind 129,442.6 4.2 164,516.5 5.0 111,217.7 3.3 -14.1 -32.4 Total 3,054,833.74 100.0 3,320,749.85 100.0 3,411,850.08 100.0 11.7 2.7 Source: Ethiopian Electric Power Fig.2.5: Volume of Electricity Production by Type Source: Ethiopian Electric Power

500,000.00 1,000,000.00 1,500,000.00 2,000,000.00 2,500,000.00 3,000,000.00 3,500,000.00 4,000,000.00 Thousand kwh Quarter Hydropower Thermal Power Geo- thermal Wind

First Quarter 2017/18 9 National Bank of Ethiopia Quarterly Bulletin III. Quarterly Price Developments 3.1 Developments in National CPI In the first quarter of 2017/18, headline inflation declined to 3.8 percent from 4.8 percent in the preceding quarter due to deceleration in food & non-alcoholic beverages inflation by 4.0 percentage points despite 2.3 percentage point rise in non-food inflation. Food & non-alcoholic beverages inflation dropped to 4.5 percent from 8.5 percent recorded in the previous quarter, owing to the reduction in CPI inflation for vegetable (11 percentage point), meat (3.4 percentage point), food products not classified elsewhere (3.7 percentage point), oil & fats (6.9 percentage point) and milk, cheese & egg (6 percentage point). In contrast, inflation rose up for non-alcoholic beverages (6.7 percentage point), sugar jam, honey & chocolate (3.0 percentage point), fruit (6.9 percentage point) and bread & cereals (0.1 percentage point) vis-à-vis the previous quarter (Table 3.2). In contrast, non-food inflation increased to 3.0 percent in the review quarter from 0.7 percent in the previous quarter on account of the rise in inflation for alcoholic beverages and tobacco (7.1 percentage point), housing, water, electricity, gas and other fuel (1.2 percentage point), clothing and footwear (1.8 percentage point), restaurant & hotel (3.1 percentage points), furnishings, household equipment & routine maintenance of houses (1.0 percentage point) and transport service (1.0 percentage point). However, CPI inflation dropped for health (9.3 percentage point), communication service (0.7 percentage point) and recreation & culture (3.3 percentage point) (Table 3.3). Yet, year-on-year terms, headline inflation scaled up by 1.2 percentage points due to the 1.8 percentage point increase in non-food inflation and 0.6 percentage rise in food & non-alcoholic beverages inflation. Food & non-alcoholic beverages inflation contributed 2.4 and non-food inflation 1.4 percent to the headline inflation registered during the review quarter (Table 3.1 and Fig 3.1). Source: CSA

10 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 3.1: Quarterly National General Consumer Prices (%) (Dec2011=100) Items 2016/17 2017/18 Change in % age Points Contribution Weights QI QIV QI A B C C-A C-B Headline Inflation Over QI 2016/17 Headline Inflation Over QIV 2016/17 QI 2017/18 Headline Inflation Headline 100 2.6 4.8 3.8 1.2 -1.0 1.2 -1.0 3.8 Food & Non-alcoholic bevarages 53 3.9 8.5 4.5 0.6 -4.0 0.3 -2.1 2.4 Non-food 47 1.2 0.7 3.0 1.8 2.3 0.8 1.1 1.4 Source: CSA and NBE Staff Computation Source: NBE Staff Computation Table 3.2: Quarterly National Food & non-alcoholic beverages CPI Inflation Dec2011=100) Item Weights 2016/17 2017/18 Change in %age points Contribution to QI QIV QI A B C C-A C-B Headline Inflation Over Q1 Headline Inflation Over QIV Food & Non-alcoholic beverages 52.8 3.9 8.5 4.5 0.6 -4.0 0.6 -4.0 Bread & Cereals 18.5 4.8 11.2 11.3 6.5 0.1 1.2 0.0 Meat 4.3 4.5 8.0 4.5 0.1 -3.4 0.0 -0.1 Milk, cheese & egg 2.2 -0.6 5.7 -0.3 0.3 -6.0 0.0 -0.1 Oils & Fats 3.7 0.2 5.3 -1.6 -1.8 -6.9 -0.1 -0.3 Fruit 0.3 2.8 4.5 11.4 8.7 6.9 0.0 0.0 Vegetables 13.5 3.8 9.4 -1.6 -5.4 -11.0 -0.7 -1.5 Sugar jam, honey, chocolet 1.0 3.3 -2.2 0.8 -2.5 3.0 0.0 0.0 Food products n.e.c 4.7 2.8 9.4 5.7 2.9 -3.7 0.1 -0.2 Non-alcoholic beverages 4.6 9.7 -1.5 5.2 -4.5 6.7 -0.2 0.3 Source: CSA and NBE Staff Computation

First Quarter 2017/18 11 National Bank of Ethiopia Quarterly Bulletin Table 3.3: Quarterly National Non-food CPI Inflations (Dec2011=100) Item Weights 2016/17 2017/18 Change in %age points Contribution to QI QIV QI A B C C-A C-B Headline Inflation Over Q1 Headline Inflation Over QIV Non-Food 47.2 1.2 0.7 3.0 1.8 2.3 1.8 2.3 Alcoholic Beverages and tobacco 4.9 7.1 6.4 13.5 6.3 7.1 0.3 0.3 Clothing and Footwear 6.6 1.0 0.4 2.1 1.1 1.8 0.1 0.1 Housing, Water, Electricity, Gas and other Fuel 16.3 3.6 0.2 1.4 -2.2 1.2 -0.4 0.2 Furnishings, Household Equipment and Routine maintenance of houses 5.4 3.2 1.5 2.5 -0.7 1.0 0.0 0.1 Health 1.1 2.0 4.2 -5.1 -7.1 -9.3 -0.1 -0.1 Transport 2.8 -1.1 1.2 2.3 3.3 1.0 0.1 0.0 communication 1.1 -0.9 0.3 -0.4 0.5 -0.7 0.0 0.0 Recreation and culture 0.6 3.3 4.9 1.6 -1.7 -3.3 0.0 0.0 Education 0.4 0.1 0.0 Restaurant & hotel 5.5 2.0 1.5 4.6 2.6 3.1 0.1 0.2 Miscellaneous Goods 2.6 0.9 0.5 0.7 -0.3 0.1 0.0 0.0 Source: CSA and NBE Staff Computation 3.2 Developments in Regional CPI In the first quarter of 2017/18, the regional average headline inflation climbed to 3.6 percent from 2.7 percent in the preceding quarter and it was higher than the 2.0 percent regional average headline inflation registered a year earlier. Headline inflation higher than the regional average headline inflation was registered in Benishangul, Amhara, Tigray, Gambella and Afar reginal states. While Benishangul experienced the highest headline inflation (8.3 percent), Dire Dawa saw the lowest (0.7 percent), resulting in a 7.6 percentage point margin between the rates of headline inflation in the two regions. The deviation4 in the regional headline inflation rates from the average as represented by standard deviation declined to 2.5 percent from the 2.9 percent recorded in the preceding quarter (Table 3.4). In contrast, the regional average food & non￾alcoholic beverages inflation scaled down to 4.9 percent in the first quarter of 2017/18 from 6.3 percent registered in the previous quarter but higher than the 3.8 percent regional average of last year same quarter. Regional states, such as Benishangul, 4 The standard deviation shows how much dispersion exists from the average value. Amhara, Gambella, Harari and Afar, registered food & non-alcoholic beverages inflation higher than the regional average. Food & non-alcoholic beverages inflation was the highest in Benishangul (11.8 percent) and the lowest in Somali (-1.8 percent), depicting 13.6 percentage point margin and standard deviation increased to 3.4 percent from 2.8 percent (Table 3.4). On the other hand, regional average non-food inflation rose to 3.3 percent from -1.4 percent in the previous quarter and -0.3 percent in the same quarter last year. The non-food inflation in Oromia, Tigray, Amhara, SNNP, Somali and Benishangul was higher than the regional average. Non-food inflation was the highest in Oromia (14.9 percent) and the lowest in Harari (-4.4 percent), leaving a 19.3 percentage point margin. The variation in non-food inflation measured by the standard deviation, declined to 4.9 percent from 5.6 percent in the previous quarter while it increased against the 2.8 percent variation recorded a year ago. (Table 3.4)

12 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 3.4: Annualized Regional General, Food & non-alcoholic beverages and Non-food Inflation Regions 2016/17 2017/18 Annual Change Quarterly Change QI A QIVB QI C C-A C-B General Food & Non- alcoholic beverages Non- food General Food & Non- alcoholic beverages Non- food General Food & Non- alcoholic beverages Non- food General Food & Non- alcoholic beverages Non-food General Food & Non- alcoholic beverages Non-food SNNP 1.4 1.4 1.3 6.1 11.9 1.1 3.0 2.4 3.7 1.6 1.0 2.4 -3.1 -9.5 2.6 Harari 1.8 5.1 -1.9 -1.9 6.0 -9.5 0.8 5.6 -4.4 -1.0 0.5 -2.5 2.7 -0.4 5.1 Oromia 1.2 2.2 -6.0 4.3 7.1 -9.1 3.0 4.2 14.9 1.8 2.0 20.9 -1.3 -2.9 24.0 Tigray 2.8 6.5 -0.2 -1.4 6.5 -7.9 5.4 4.6 6.1 2.6 -1.9 6.3 6.8 -1.9 14.0 Gambella 2.1 3.2 0.1 4.3 5.9 1.5 5.0 6.1 2.9 2.8 0.7 0.2 1.4 Addis Ababa 3.3 5.5 1.5 2.5 3.6 1.7 2.1 4.4 0.4 -1.2 -1.1 -1.1 -0.4 0.8 -1.3 Dire Dawa -1.4 3.1 -4.2 -0.2 5.1 -3.3 0.7 3.5 -1.1 2.1 0.4 3.1 0.9 -1.6 2.2 Ben. Gum 3.1 4.4 1.5 5.8 9.3 3.9 8.3 11.8 3.4 5.2 7.4 1.9 2.5 2.5 -0.5 Somali 0.8 2.1 -0.4 0.4 4.1 -3.1 0.8 -1.8 3.6 0.0 -3.9 4.0 0.4 -5.9 6.7 Afar 2.0 2.3 1.6 4.1 1.7 6.6 3.8 5.6 2.0 1.8 3.3 0.4 -0.3 3.9 -4.6 Amhara 5.1 6.5 3.8 5.3 7.6 3.0 6.7 7.9 5.3 1.6 1.4 1.5 1.4 0.3 2.3 Regions Average 2.0 3.8 -0.3 2.7 6.3 -1.4 3.6 4.9 3.3 Standard deviation 1.6 1.8 2.8 2.9 2.8 5.6 2.5 3.4 4.9 Coefficient of variation 0.8 0.5 -10.7 1.1 0.4 -4.1 0.7 0.7 1.5 Source: CSA and NBE Staff Computation

First Quarter 2017/18 13 National Bank of Ethiopia Quarterly Bulletin IV. MONETARY DEVELOPMENTS 4.1. Money Supply and Credit Broad money supply (M2 ) at Birr 602.3 billion, showed a 29.9 percent growth over the corresponding quarter of last fiscal year owing to a 30.1 percent expansion in domestic credit accompanied by 115.8 percent surge in NFA (Table 4.1). Table 4.1: Components of Broad Money (In Millions of Birr) Particulars Qtr. I Qtr. IV Qtr. I Percentage Change Contributions of Each Component to Broad Money Growth (Sep. 16) (Jun. 17) (Sep. 17) C/A C/B Annual A B C

1. External Assets (net) 14,357.8 38,034.8 30,984.6 115.8 -18.5 12.0
2. Domestic Credit 503,571.2 631,092.7 655,286.8 30.1 3.8 109.5 . Claims on Central Gov’t (net) 49,828.8 85,441.8 96,221.3 93.1 12.6 33.5 . Claims on Non-Central Gov’t 453,742.4 545,650.9 559,065.5 23.2 2.5 76.0 . Financial Institutions 25,607.0 27,226.0 27,226.0 6.3 0.0 1.2 . Others 428,135.4 518,424.9 531,839.5 24.2 2.6 74.9
3. Other Items (net) 54,160.0 95,743.5 83,966.4 55.0 -12.3 21.5
4. Broad Money (M2) 463,769.0 573,384.1 602,305.0 29.9 5.0 100.0 Source: Staff Computation, NBE Fig.IV.1: Major Determinants of Monetary Expansion (Quarterly Change in Percent) Source: Staff Computation, NBE

14 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Fig.IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE Component wise, in the first quarter of 2017/18, quasi-money supply shows an annual and quarterly expansion of 32.8 percent and 4.5 percent, respectively. Narrow money supply expands by 25.4 percent and 5.9 percent on annual and quarterly basis, respectively. Year-on-year basis, narrow money contributed 33.5 percent and quasi money 66.5 percent to the broad money growth. (Table 4.2) The surge in quasi-money was attributed to the banks’ efforts to expand their branch network in order to enhance their deposit mobilization through extended service outreach. NBE’s effort to maintain stable prices has also encouraged depositors. Table 4.2: Components of Broad Money (In millions of Birr, unless specified) Particulars Qtr. I Qtr. IV Qtr. I Percentage Change Contributions of Each Component to Broad Money Growth (Sep. 16) (Jun. 17) (Sep. 17) C/A C/B Annual A B C

1. Narrow Money Supply 183,048.4 216,769.6 229,515.0 25.4 5.9 33.5 . Currency outside banks 68,485.1 73,917.7 73,927.0 7.9 0.0 3.9 . Demand Deposits (net) 114,563.3 142,851.9 155,587.9 35.8 8.9 29.6
2. Quasi-Money 280,720.7 356,614.4 372,790.0 32.8 4.5 66.5 . Savings Deposits 228,607.1 293,431.7 306,899.4 34.2 4.6 56.5 . Time Deposits 52,113.6 63,182.7 65,890.6 26.4 4.3 9.9
3. Broad Money Supply 463,769.0 573,384.1 602,305.0 29.9 5.0 100.0 Source: Staff Computation, NBE

First Quarter 2017/18 15 National Bank of Ethiopia Quarterly Bulletin Fig.IV.3: Composition of Monetary Stock Source: Staff computation, NBE 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 152.0 billion in the first quarter of 2017/18, showing a 24.5 percent growth over last year same period. Similarly, excess reserves of commercial banks surged by 123.5 percent due to an increase in government deposit at commercial banks. The money multiplier, measured by the ratio of broad money to reserve money slightly rose while that of narrow money to reserve money depicted a 4.3 percent increase. This was a reflection of the commercial banks’ strong performance in mobilizing time and saving deposits. (Table 4.3) Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. I Qtr. IV Qtr. I Percentage Change (Sep. 16) (Jun. 17) (Sep. 17) A B C C/A C/B

1. Reserve Requirement (CB’s) 22,592.7 28,278.9 29,781.3 31.8 5.3
2. Actual Reserve (CB’s) 36,402.0 54,977.9 60,648.2 66.6 10.3
3. Excess Reserve (CB’s) 13,809.2 26,699.0 30,866.9 123.5 15.6
4. Reserve Money 122,076.3 146,257.9 152,004.9 24.5 3.9 . Currency in Circulation 85,811.9 94,245.5 94,962.7 10.7 0.8 . Banks deposits at NBE 36,264.4 52,012.4 57,042.2 57.3 9.7
5. Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.5 0.7 1.9 . Broad Money to Reserve Money 3.8 3.9 4.0 4.3 1.1
6. Other Monetary Ratios (%): . Currency to Narrow Money 46.9 43.5 41.4 -11.7 -4.8 . Currency to Broad Money 18.5 16.4 15.8 -14.8 -4.1 . Narrow Money to Broad Money 39.5 37.8 38.1 -3.5 0.8 . Quasi Money to Broad Money 60.5 62.2 61.9 2.3 -0.5 Source: Staff Computation, NBE

16 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Fig.IV.4: Quarterly Growth of Reserve Money and Its Components Source: Staff Computation NBE Fig.IV.5: Monetary Aggregates 0.0 10,000.0 20,000.0 30,000.0 40,000.0 50,000.0 60,000.0 70,000.0 In millions of Birr Required Reserve Actual Reserve Excess Reserve Source: Staff Computation NBE

First Quarter 2017/18 17 National Bank of Ethiopia Quarterly Bulletin 4.3. Interest Rate Developments Both average savings deposit rate and lending rate remained stable at 5.38 percent and 12.75 percent, respectively, while weighted average time deposit rate and the yield on T-bills slightly increased over last year same quarter. Hence, given a 10.8 percent headline inflation, all real deposit rates and T-bill yield remained negative while average real lending rate stood positive (Table 4.4). Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum) Particulars 2015/16 2016/17 2017/18 Percentage point Changes QI QIV QI Annual Quarterly

1. Savings Deposit Rate 1/ Minimum 5.00 - - Maximum 5.75 - - Average Saving Rate 5.38 - -
2. Time Deposits Up to 1yr 5.44 5.43 5.43 (0.01) 0.00 1-2 years 5.52 5.53 5.55 0.03 0.02 Over 2 yrs 5.54 5.58 5.60 0.06 0.02 Average Time Dep. Rate (Weighted) 5.50 5.51 5.53 0.03 0.02
3. Demand Deposit (Weighted) 0.04 (0.00) (0.00)
4. Lending Rate 2/ Minimum 7.50 - - Maximum 18.00 - - Average Lending Rate 12.75 - -
5. T-bills Rate (Weighted) 1.40 0.90 1.42 0.02 0.52
6. GERD Bond Yield 3/ 6.1 Maturity within 5 Years 5.50 - - 6.1 Maturity above 5 Years 6.00 - -
7. Headline Inflation (Year-on-year) 6.86 8.78 10.84 3.98 2.06
8. Food Inflation (Year-on-year) 6.03 11.20 13.24 7.21 2.04
9. Core/non-food Inflation (Year-on-year) 7.86 6.09 8.06 0.21 1.97 Source: Staff Computation NBE Source: NBE and Commercial Banks Fig IV.6: Interest Rate Structure of Commercial Banks (In percent per annum)

18 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Fig IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (in percent per annum) *While the inflation rate (core) is depicted on the right axis lending rate, 91 day T-bills yield and average saving deposit rate is depicted on the left axis Source: Staff computation, NBE 4.4. Developments in the Financial Sector The number of banks operating in Ethiopia as of September 2017 was 18 of which 16 were private and the remaining two public. 204 new bank branches were opened during the review period, raising the total number of bank branches to 4,461 of which 67.5 percent were that of private banks. As a result, population to bank branch ratio stood at 21,6515 . About 34.4 percent of the total bank branches were located in Addis Ababa. Total capital of the banking system reached Birr 80.2 billion, of which public banks accounted for 64.2 percent and private banks 35.8 percent. The share of Commercial Bank of Ethiopia, the biggest state owned bank in total capital of the banking system was 54.7 percent (Table 4.5). Meanwhile, the number of insurance companies stood at 17, of which 16 were private and one public. Their branches increased to 504 from 446 a year ago. Of the total branches, about 53.8 percent were situated in Addis Ababa. 5 Total population is 96,586,842 estimation for 2017/18. The total capital of insurance companies reached Birr 4.6 billion, of which 75 percent was that of private insurance companies (Table 4.6). The 35 micro-finance institutions (MFIs) operating in the country mobilized Birr 26.8 billion in saving deposit which was 47.6 percent higher than last year same period. Similarly, their outstanding credit increased by 33.3 percent to Birr 34.9 billion highlighting their growing role in poverty reduction and wealth creation among low income groups both in rural and urban areas. Their total asset also expanded by 45.7 percent to reach Birr 53.7 billion at the end of September, 2017 (Table 4.7). The top five largest MFIs (Amhara, Dedebit, Oromia, Omo & Addis Credit and Savings Institutions) accounted for 84.4 percent of the total capital, 92.5 percent of the deposits, 88.1 percent of the credit and 89.1 percent of the total assets of MFIs.

First Quarter 2017/18 19 National Bank of Ethiopia Quarterly Bulletin Capital 2017/18 933 271 1204 33.0 1,028 282 1,310 30.8 1,032 310 1,342 30.1 15,910.6 42,579.6 43,822.4 106 4 110 3.0 106 4 110 2.6 106 4 110 2.5 7,605.0 7,595.1 7,692.6 1,039 275 1,314 36 1,134 286 1,420 33.4 1,138 314 1,452 32.5 23,515.6 50,174.7 51,515.0 138 140 278 7.6 186 153 339 8.0 186 161 347 7.8 3,268.8 3,807.6 3,811.0 136 125 261 7.2 184 131 315 7.4 208 134 342 7.7 2,797.7 3,420.9 3,426.0 104 100 204 5.6 140 113 253 5.9 139 128 267 6.0 1,859.6 2,371.0 2,620.9 114 83 197 5.4 139 84 223 5.2 154 98 252 5.6 2,463.7 2,824.5 2,824.9 91 86 177 4.9 111 93 204 4.8 114 109 223 5.0 1,870.3 2,221.0 2,234.4 80 97 177 4.9 92 111 203 4.8 94 113 207 4.6 2,302.4 2,570.2 2,630.2 157 47 204 5.6 232 55 287 6.7 241 59 300 6.7 1,233.6 1,281.7 1,291.0 82 46 128 3.5 110 48 158 3.7 125 54 179 4.0 1,046.5 1,163.5 1,233.3 149 62 211 5.8 164 73 237 5.6 165 74 239 5.4 1,105.3 1,378.3 1,492.2 10 9 19 0.5 15 7 22 0.5 12 11 23 0.5 800.0 1,050.7 1,050.7 58 53 111 3.0 74 69 143 3.4 88 72 160 3.6 898.5 1,152.3 1,203.3 65 72 137 3.8 114 63 177 4.2 97 87 184 4.1 890.7 1,536.3 1,624.2 96 32 128 3.5 112 40 152 3.6 112 45 157 3.5 862.4 1,139.3 1,186.6 19 29 48 1.3 21 32 53 1.2 23 33 56 1.3 585.0 688.4 704.3 18 15 33 0.9 19 19 38 0.9 19 19 38 0.9 273.6 373.1 490.7 Enat Bank S.C 7 13 20 0.5 10 23 33 0.8 12 23 35 0.8 620.4 809.3 842.8 1,324 1,009 2,333 64 1,723 1,114 2,837 67 1,789 1,220 3,009 67.5 22,878.4 27,788.1 28,666.6 2,363 1,284 3,647 100 2,857 1,400 4,257 100.0 2,927 1,534 4,461 100.0 46,394.1 77,962.7 80,181.7 Reg % Share Branch Network Total Reg. A.A Total Reg. A.A Total

1. Public Banks Oromia International Bank Nib International Bank United Bank Wegagen Bank Lion International Bank Cooperative Bank of Oromiya Commercial Bank of Ethiopia Abyssinia Bank Development Bank of Ethiopia Dashen Bank
2. Private Banks Awash International Bank Total Public Banks 3.Grand Total Banks Zemen Bank Buna International Bank Addis Interational Bank Debub Global Bank Total Private Banks Abay Bank Berhan International Bank Quarter IV Quarter I % A.A Share % Share Quarter I Quarter IV Quarter I Quarter I 2016/17 2017/18 2016/17 Banks Table 4.5: Branch Network and Capital of the Banking System (Branch in Number & Capital in Millions of Birr) 64.0 66.6 67.5 49.3 35.6 35.8 36.0 33.4 32.5 50.7 64.4 64.2 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% percentage share from total Public Banks Private Banks Source: Bank Supervision Directorate, NBE Reg. Stands for Region and A.A for Addis Ababa Fig.IV.8: Branch Network and Capital of Banking System Source: Staff Compilation, NBE

20 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 2017/18 Quarter I Quarter IV Quarter I S.No. A.A Reg Total A.A Reg Total A.A Reg Total Capital 1 18 52 70 20 55 75 25 55 80 925 1,056 1,150 2 26 15 41 26 15 41 26 16 42 328 400 396 3 12 11 23 14 13 27 14 13 27 258 271 258 4 16 15 31 19 15 34 19 15 34 108 111 112 5 20 11 31 20 11 31 22 11 33 337 334 354 6 6 7 13 8 7 15 8 7 15 114 128 132 7 17 19 36 19 20 39 19 20 39 241 320 362 8 13 10 23 15 15 30 15 16 31 374 391 453 9 22 10 32 24 13 37 24 13 37 247 328 316 10 15 14 29 16 15 31 16 15 31 95 83 99 11 15 4 19 15 4 19 15 5 20 95 100 109 12 18 18 36 18 19 37 18 19 37 162 215 224 13 10 10 20 12 11 23 12 11 23 186 217 221 14 Berhan insurance S.C 7 1 8 9 2 11 9 2 11 77 91 101 15 8 4 12 10 5 15 10 6 16 89 98 112 16 Lucy 6 2 8 7 4 11 8 4 12 97 116 125 17 Bunna Insurance S.C. 11 3 14 11 5 16 11 5 16 58 73 74 TOTAL 240 206 446 263 229 492 271 233 504 3,790 4,332 4,598 United Insurance Company Global Insurance Company Nile Insurance Company Nyala Insurance Company Nib Insurance Company Ethio-Life Insurance Company Oromia Insurance Company Abay Insurance Company S.C. Lion Insurance Company Tsehay Insurance S.C. National Insurance Corporation of Ethiopia Quarter I Ethiopian Insurance Corporation Awash Insurance Company Africa Insurance Company Quarter IV Insurance Companies Branch Capital Quarter I 2016/17 2017/18 2016/17 Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) Source: Insurance Supervision Directorate, NBE Table 4.7: Microfinance Institutions Performance as of September 30, 2017 (In Thousands of Birr) 2017/18 Qtr.I Qtr.IV Qtr.I A B C C/A C/B Total Capital 9,021,648.8 10,720,058.6 11,726,337.3 30.0 9.4 Saving 18,170,221.5 26,323,896.4 26,826,176.8 47.6 1.9 Credit 26,184,689.0 32,398,857.4 34,896,856.2 33.3 7.7 Total Assets 36,858,625.5 49,551,770.7 53,710,083.4 45.7 8.4 Particulars % Change 2016/17 Source: Microfinance Supervision Directorate, NBE

First Quarter 2017/18 21 National Bank of Ethiopia Quarterly Bulletin 4.5. Activities of the Banking System 4.5.1. Resource Mobilization Total resources mobilized by the banking system (the sum of net change in deposit, loans collected Qtr.I 2016/17 Qtr.IV 2016/17 Qtr.I 2017/18 A B C C/A C/B 1.Deposits (net change) 17,853.4 17,293.1 21,652.1 12,511.2 17,111.6 39,505.5 29,804.3 74.2 -24.6 -Demand -908.1 12,467.0 7,947.5 1,120.5 3,142.2 7,039.5 13,587.5 332.4 93.0 -Saving 17,131.3 5,060.4 11,482.9 8,426.8 11,578.1 28,614.2 13,487.2 16.5 -52.9 -Time 1,630.2 -234.3 2,221.6 2,963.8 2,391.3 3,851.8 2,729.6 14.1 -29.1 2. Borrowing (net change) 790.3 655.1 0.0 0.0 2,512.4 790.3 655.1 -73.9 -17.1 -Local 794.3 380.9 0.0 0.0 2,443.5 794.3 380.9 -84.4 -52.0 -Foreign -4.1 274.2 0.0 0.0 68.9 -4.1 274.2 298.2 -6,856.5 3. Collection of Loans 14,182.8 9,407.8 16,346.6 14,399.9 21,491.0 30,529.4 23,807.7 10.8 -22.0 4. Total Resources Mobilized (1+2+3) 32,826.5 27,356.0 37,998.7 26,911.1 41,115.0 70,825.2 54,267.1 32.0 -23.4 5. Disbursement 14,524.6 7,556.0 14,487.0 15,249.3 23,264.2 29,011.5 22,805.3 -2.0 -21.4 6. Change in Liquidity (4-5) 18,301.9 19,800.1 23,511.7 11,661.8 17,850.7 41,813.6 31,461.9 76.3 -24.8 Memorandum Item: Outstanding Credit* 188,366.8 187,676.9 134,640.5 142,966.5 269,066.0 323,007.4 330,643.4 22.9 2.4 Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr. IV 2016/17 Qtr.I 2017/18 Qtr.IV 2016/17 Qtr.I 2017/18 and net change in borrowings) registered a 32 percent growth over the same quarter of last year (Table 4.8). Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Source: Commercial Banks and staff computation Notes: *Excludes bonds and treasury bills holding of commercial banks and Development Bank of Ethiopia (DBE) Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans (10,000.0)

10,000.0 20,000.0 30,000.0 40,000.0 50,000.0 60,000.0 70,000.0 80,000.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 In Millions of Birr Total Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: Staff computation, NBE

22 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 4.5.1.1. Deposit Mobilization Total deposit liabilities of the banking system reached Birr 598.6 billion by the close of the first quarter of 2017/18, indicating a 31.5 percent annual growth. This attributed to a combined effect of the expansion of bank branches and improved access to finance, growing saving culture of the society and an increase in per capita income. Demand deposits, which accounted for 37.7 percent of the total deposits, reached Birr 225.7 billion showing a 29.6 percent annual increase. Similarly, saving deposits went up 34.3 percent and accounted for 51.3 percent of the total deposits. Time deposits, with a 11.0 percent share in total deposits rose by 25.8 percent during the same period. The share of public banks in deposits outstanding was 64.2 percent and that of private banks 35.8 percent (Table 4.9). Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) Source: Commercial Banks and DBE -5.0 0.0 5.0 10.0 15.0 20.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 In percent Publlic Banks Private Banks All Banks Quarter I Quarter IV Quarter I 2016/17 2016/17 2017/18 A B C Demand Deposit 174,161.74 38.3 212,082.1 37.3 225,669.6 37.7 29.6 6.4 Saving Deposit 228,625.86 50.2 293,450.9 51.6 306,938.1 51.3 34.3 4.6 Time Deposit 52,476.71 11.5 63,285.8 11.1 66,015.3 11.0 25.8 4.3 Total 455,264.32 100.0 568,818.7 100.0 598,623.1 100.0 31.5 5.2 Share of Public Banks 65.7 65.6 64.2 Share of Private Banks 34.3 34.4 35.8 C/A C/B % Share Deposit by types % Share % Share Fig.IV.10: Quarterly Growth of Banks Deposit Liabilities by Ownership Source: Staff Computation, NBE 4.5.1.2. Collection of Loans The banking system collected loans amounting to Birr 23.8 billion during the review period, about 10.8 percent higher than that of a year earlier (Table 4.8). Of the total loan collection, private banks accounted for 60.5 percent and public banks 39.5 percent. About 94.6 percent of the loan was collected from private enterprises (Table 4.12). 4.5.1.3. Borrowing Outstanding borrowing of the banking system reached at Birr 40.5 billion, showing a 10.6 percent annual increase. Of the total borrowing, Birr 35.4 billion (87 percent) was from domestic and Birr 5.1 billion (13 percent) from external sources (Table 4.10).

First Quarter 2017/18 23 National Bank of Ethiopia Quarterly Bulletin Table 4.10: Public Outstanding Borrowing of the Banking System by Sources (In Millions of Birr) 2017/18 Quarter I Quarter IV Quarter I A B C C/B C/A Domestic Borrowing 31,771.8 34,984.44 35,365.3 1.1 11.3 Foreign Borrowing 4,795.7 4,822.20 5,096.4 5.7 6.3 Total 36,567.5 39,806.6 40,461.7 1.6 10.6 Banks Percentage change 2016/17 Source: Commercial Banks and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans Fresh loan disbursement during the review quarter stood at Birr 22.8 billion indicating a 2 percent yearly slowdown. Of the total new loans, the share of public banks was 33.1 percent and that of private banks 66.9 percent (Table 4.12). The major beneficiary of the fresh loans was domestic trade which took Birr 5.4 billion (23.7 percent) followed by international trade (Birr 5.4 billion or 23.7 percent), industry (Birr 3.8 billion or 16.5 percent), housing & construction (Birr 3 billion or 13 percent), and agriculture (Birr 1.6 billion or 7.2 percent).The remaining balance was taken up by other sectors (Table 4.11). Table 4.11: Summary of Banking System Loans & advances by receiving Sectors (In Millions of Birr) D** C** O/S** D** C** O/S ** D** C** O/S** Central Government * - - 37,907 - - - - - 37,907 Agriculture 1,475 3,486 17,165 172 132 1,650 1,647 3,618 18,815 Industry 2,474 2,521 116,000 1,289 1,191 14,946 3,762 3,711 130,945 Domestic Trade 112 444 4,054 5,284 4,938 39,807 5,396 5,382 43,861 International Trade 1,326 320 13,808 2,992 4,316 40,863 4,318 4,636 54,671 Export 22 182 5,547 1,391 2,389 23,533 1,413 2,571 29,080 Imports 1,304 138 8,261 1,601 1,927 17,330 2,905 2,065 25,591 Hotels and Tourism 204 309 2,468 310 281 4,357 513 590 6,825 Transport & Communication 27 243 2,805 1,392 943 11,094 1,418 1,186 13,898 Housing & Construction 629 1,438 18,898 2,332 1,482 20,776 2,961 2,920 39,675 Mines, Power & Water Res. 58 25 199 15 3 60 73 28 259 Others 1,228 606 11,349 703 851 5,498 1,931 1,458 16,847 Personal 25 15 932 760 263 3,916 786 278 4,848 Total 7,556 9,408 225,584 15,249 14,400 142,966 22,805 23,808 368,550 Borrowing Sector Public Banks Private Banks Total (1) (2) (3) Notes: Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE D* = Disbursement, C** = Collection, O/S**= Outstanding Credit

24 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 4.5.3. Outstanding Credit Outstanding credit of the banking system (excluding credit to government) increased to Birr 330 billion, about 22.9 percent higher than last year same quarter. About 99.8 percent of the outstanding loans made by private banks was claims on the private sector compared with 50 percent for public banks (Table 4.12). Of the total credit, industry took Birr 130.9 billion (39.6 percent) followed by international trade (Birr 54.7 billion or 16.5 percent), domestic trade (Birr 43.9 billion or 13.3 percent), housing & construction (Birr 39.7 billion or 12 percent), agriculture (Birr 18.8 billion or 5.7 percent). The remaining balance went to other sectors (Table4.11). Table 4.12: Breakdown of Banking System Credit by Clients (In Millions of Birr) Source: Staff computation, NBE Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share Public Banks 7,556.0 33.1 9,407.8 39.5 225,583.9 61.2 Central Government* 0.0 37,907.0 16.8 State Enterprises 2,334.0 30.9 1,252.0 13.3 93,827.4 41.6 Cooperatives 1,221.3 16.2 3,200.7 34.0 9,307.5 4.1 Private Enterprises 4,000.7 52.9 4,955.2 52.7 84,542.0 37.5 Private Banks 15,249.3 66.9 14,399.9 60.5 142,966.5 38.8 Central Government* 0.0 State Enterprises 87.4 0.6 25.4 0.2 221.7 0.2 Cooperatives 52.1 0.3 602.1 4.2 1,887.4 1.3 Private Enterprises 15,109.8 99.1 13,772.4 95.6 140,857.4 98.5 Grand Total 22,805.3 100.0 23,807.7 100.0 368,550.3 100.0 Source: Commercial banks and staff computation Notes: *Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 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 QI QII QIII QIV QI QII QIII QIV QI 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 Value in Percent Years/Quarters Total Public Total Private Fig.IV.11: Share of Public and Private Banks in Credit Outstanding

First Quarter 2017/18 25 National Bank of Ethiopia Quarterly Bulletin 4.6. Financial Activities of NBE Gross claims of NBE on the central government reached Birr 150.6 billion by end September 2017, about 30.3 percent higher than that of a year earlier. Of this sum, direct advances accounted for 94.8 percent and bonds 5.2 percent. (In Millions of Birr) 2017/18 Qtr.I Qtr.IV Qtr.I A B C C/A C/B 1.Loans and Advances 141,247.85 162,858.85 177,858.85 25.9 9.2 1.1. To Central Government 115,640.85 135,632.85 150,632.85 30.3 11.1 Direct Advances 107,764.95 127,764.95 142,764.95 32.5 11.7 Bonds 7,875.90 7,867.90 7,867.90 -0.1 0.0 1.2.To Development Bank of Ethiopia 25,607.00 27,226.00 27,226.00 6.3 0.0 2.Deposit Liabilities 55,321.33 67,093.25 76,678.53 38.6 14.3 2.1. Government 18,220.23 14,741.81 19,337.75 6.1 31.2 2.2. Financial Institutions 37,101.10 52,351.45 57,340.77 54.6 9.5 O/W: -Banks 36,975.11 52,315.46 57,306.53 55.0 9.5 -Insurance companies 126.0 36.0 34.2 -72.8 -4.9 3.Net Claims of NBE(1-2) 85,926.5 95,765.6 101,180.3 17.8 5.7 % Change Particulars Table 4 .13: Financial Activities of NBE during the First Quarter of 2017/18 2016/17 Direct advance to central government rose by 32.5 percent while financial institutions’ deposit at NBE surged by 54.6 percent. (Table 4.13) Source: NBE 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market The amount of T-bills supplied to the weekly T-bills auction market reached Birr 62.5 billion during the first quarter of current fiscal year reflecting a 35.7 percent surge over the same period last year. Similarly, the demand for T-bills rose by 41.9 percent to reach Birr 68.1 billion. (Table 4.14) All the T-bills issued were sold to non-bank institutions. The total outstanding T-bills at the end of the quarter reached Birr 79.1 billion, which was 34.1 percent higher than a year ago. Annual average weighted yield of T-bills stood at 1.420 percent showing a marginal increment from 1.400 percent recorded last year same quarter (Table 4.14).

26 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Source: NBE Fig.IV.12: Developments in T-Bills Market (In Millions of Birr) 2016/17 Quarter I Quarter IV Quarter I A B C C/A C/B Number of Bidders 51.00 44.00 47.00 -7.84 6.82 Public 51.00 44.00 47.00 -7.84 6.82 Private - - - 0.00 0.00 Number of Bids received 59.00 44.00 50.00 -15.25 13.64 Public 59.00 44.00 50.00 -15.25 13.64 Private - - - Amount Demanded (Mn. Birr) 47,988.56 59,699.56 68,092.56 41.89 14.06 28-day bill 240.00 0.00 0.00 91-day bill 44,482.56 58,774.56 64,586.56 45.20 9.89 182-day bill 516.00 685.00 516.00 0.00 -24.67 364-day bill 2,750.00 - 2,750.00 0.00 Amount Supplied (Mn. Birr) 46,061.56 55,868.56 62,480.56 35.65 11.83 28-day bill 240.00 260.00 240.00 0.00 -7.69 91-day bill 42,055.56 54,923.56 58,974.56 40.23 7.38 182-day bill 1,016.00 685.00 516.00 -49.21 -24.67 364-day bill 2,750.00 - 2,750.00 0.00 Amount Sold (Mn. Birr) 47,988.56 59,699.56 68,092.56 41.89 14.06 Banks - - - Non-Banks 47,988.56 59,699.56 68,092.56 41.89 14.06 28-day bill 99.94 -0.01 0.00 91-day bill 99.70 0.00 0.00 182-day bill 99.69 99.67 99.69 0.00 0.01 364-day bill 97.10 - 97.10 0.00 28-day bill 0.78 0.85 0.85 8.34 0.00 91-day bill 1.20 0.14 0.01 182-day bill 0.63 0.66 0.63 -0.01 -4.36 364-day bill 3.00 - 3.00 0.00 Banks - - - Non-Banks 58,979.56 73,271.56 73,271.56 24.23 0.00 2017/18 % Change Average Weighted Price for Successful bids (% ) 99.11 74.83 99.10 0.00 32.44 0.00 Average Weighted Yield for Successful bids (% ) 1.40 0.90 1.89 109.58 109.58 Outstanding bills at the end of Period (Mn.Br.) 58,979.56 73,271.56 73,271.56 24.23 Table 4.14: Results of Treasury Bills Auction 0 10000 20000 30000 40000 50000 60000 70000 80000 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I 2005/06 2006/07 2007/08 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/172017/18 Demand Supply Source: NBE

First Quarter 2017/18 27 National Bank of Ethiopia Quarterly Bulletin 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 I II III IV I II III Iv I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I 2006/07 2007/08 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day Fig.IV.13: Developments in Average Weighted Yields of T-bills with Different Maturities (In Percent) Source: NBE 4.7.2. Inter- Bank Money Market There was no inter-bank money market transaction during the quarter under review (Table 4.12) 4.7.3. Corporate Bond Market Corporate bond market is limited to a few public institutions and regional governments where the principal purchaser is the Commercial Bank of Ethiopia (CBE). During the quarter under review, CBE purchased corporate bonds worth Birr 13.4 billion, of which Ethiopian Electric Power Corporation (EEPCo) accounted for 56.0 percent and Addis Ababa Housing Development Agency 44.0 percent. The stock of corporate bonds held by the CBE stood at Birr 245.5 billion at the end of September 30, 2017, of which 83.8 percent was claims on public enterprises and the remaining balance on regional governments (Table 4.15). Corporate bonds issued by EEPCO accounted for 90.8 percent of the total bonds issued by public enterprises and 76.1 percent of the outstanding corporate bond balance. Table 4.15: Corporate Bond by holders (Millions of Birr) Source: NBE NP Red O/S NP Red O/S NP Red O/S 1.Puplic Enterprises 5,351.1 0.0 163,900.0 11,300.0 0.0 198,221.4 7,500.0 0.0 205,721.4 EEPCO 3,800.0 - 146,900.0 11,300.0 - 179,300.0 7,500.0 - 186,800.0 Railways Corporation 1,551.1 - 17,000.0 - - 18,921.4 - - 18,921.4 DBE - - - - - . - - . 2. Regional Governments 1,450.0 492.1 31,158.6 5,900.0 500.5 39,563.2 5,900.0 497.5 39,812.5 Oromia - 9.7 502.8 - 4.7 461.1 - 1.7 459.5 Amhara - - 0.2 - - 0.2 - - 0.2 Tigray - 2.5 178.0 - - 156.5 - - 156.5 SNNPRS - - 7.6 - - 7.6 - - 7.6 Dire Dawa - - - - - 0.0 - - 0.0 Harari - - - - - - - - - Addis Ababa Housing Development Agency 1,450.0 479.9 30,470.1 5,900.0 495.8 38,937.8 5,900.0 495.8 39,188.7 3.Grand Total (1+2) 6,801.1 492.1 195,058.6 17,200.0 500.5 237,784.6 13,400.0 497.5 245,533.9 Issuer of the Bond QI QIV QI 2016/17 2017/18 Note: NP= New Purchase, Red. = Redemption, O/S= outstanding

28 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin V. External Sector Developments 5.1. Balance of Payments During the first quarter of 2017/18, the overall balance of payments registered USD 321.0 million deficit compared to USD 336.3 million deficit a year ago. This was mainly attributed to 2.4 percent improvement in merchandise trade deficit, 158.1 percent rise in net services and 36.9 percent increase in net private transfers (Table 5.1). Table 5.1: Balance of Payments* (In Millions of USD) S/N Particulars 2016/17 2017/18 QI QIV QI Percentage Change A B C D=C/A E=C/B 1 Exports, f.o.b. 658.9 905.5 678.5 3.0 -25.1 Coffee 181.03 336.8 215.6 19.1 -36.0 Other 477.8 568.8 462.9 -3.1 -18.6 2 Imports 4,051.9 4,089.2 3,990.8 -1.5 -2.4 Fuel 372.7 476.6 461.4 23.8 -3.2 Cereals 207.2 77.6 196.5 -5.2 153.3 Aircraft 37.8 25.2 27.0 -28.5 7.2 Imports excl. fuel, cereals, aircraft 3,434.2 3,509.8 3,305.9 -3.7 -5.8 3 Trade Balance (1-2) -3,393.1 -3,183.7 -3,312.3 -2.4 4.0 4 Services, net -218.6 -102.2 126.9 -158.1 -224.2 Non-factor services, net -94.7 11.4 214.6 -326.8 1,778.0 Exports of non-factor services 860.7 818.4 1,012.4 17.6 23.7 Imports of non-factor services 955.4 806.9 797.7 -16.5 -1.1 Factor services (Investment income), net -123.9 -113.6 -87.7 -29.2 -22.8 Interest, net -120.0 -96.6 -87.7 -27.0 -9.2 Dividend, net -3.9 -17.0 -0.1 -98.6 -99.7 5 Private transfers, net 1,289.8 1,611.6 1,766.2 36.9 9.6 o/w: NGO’s,(Net) 287.7 297.2 463.4 61.1 55.9 Private Individuals 1,002.0 1,314.5 1,302.8 30.0 -0.9 6 Current account balance excluding official transfers (3+4+5) -2,321.9 -1,674.2 -1,419.2 -38.9 -15.2 7 Official transfers, net 560.1 264.3 198.8 -64.5 -24.8 8 Current account balance including official transfers(6+7) -1,761.7 -1,409.9 -1,220.4 -30.7 -13.4 9 Capital account 1,939.2 1,767.7 1,229.1 -36.6 -30.5 Official Long-term Capital, net 243.8 611.1 385.2 58.0 -37.0 Disbursements 265.7 644.5 411.1 54.7 -36.2 Amortization 21.9 33.5 25.9 18.4 -22.5 Other public long-term capital 148.6 249.9 43.1 -71.0 -82.8 Private sector, long term 77.7 67.9 47.0 -39.5 -30.8 Foreign Direct Investment, net 1,422.8 905.3 864.2 -39.3 -4.5 Short-term Capital 46.3 -66.4 -110.4 -338.1 66.1 10 Errors and omissions -513.8 167.5 -329.7 11 Overall balance (8+9+10) -336.3 525.4 -321.0 12 Financing 336.3 -525.4 321.0 13 Reserves [ Increase(-), Decrease (+)] 336.3 -525.4 321.0 14 Central Bank (NFA) 324.8 -409.3 282.8 Asset 3.1 -81.8 261.9 Liabilities 321.7 -327.5 20.9 15 Commercial banks (NFA) 11.5 -116.1 38.2 16 Debt Relief Principal Interest Memorandum Items Gross Reserve in months of imports of the next year (goods & services) 2.7 2.5 2.2 NBE’s Gross Reserve 3,398.5 3,196.8 2,935.0 Average Exchange Rates 21.9262 22.9225 23.2488 Export as percentage of GDP 3.3 4.5 3.0 Import as percentage of GDP 20.1 20.3 17.4 Trade balance as percentage of GDP -16.8 -15.8 -14.5 Net services as percentage of GDP -1.08 -0.51 0.6 Private Transfers as percentage of GDP 6.4 8.0 7.7 Official Transfers as percentage of GDP 2.78 1.31 0.9 Current account balance as percentage of GDP -8.7 -7.0 -5.3 Capital account balance as percentage of GDP 9.6 8.8 5.4 Overall balance as percentage of GDP -1.67 2.6 -1.4 Source: NBE Staff Compilation *preliminary

First Quarter 2017/18 29 National Bank of Ethiopia Quarterly Bulletin The total current account receipts amounted to USD 3.7 billion, 8.9 percent higher than a year earlier. This growth was attributed to 3.0 percent growth in merchandise exports, 18.1 percent increase in service exports and 39.1 percent rise in private transfers. Public transfers, however, dropped by 65.3 percent. On the other hand, the total current account payments declined to USD 4.9 billion due to 1.5 percent decrease in merchandise import payments, 17.5 percent slowdown in service payments and 86.1 percent fall in public transfers. Thus, the current account recorded USD 1.2 billion deficit which was 30.7 percent lower than a year ago (Table 5.2). Table 5.2 Current Receipts and Payments (In millions of USD) Particulars 2016/17 2017/18 Percentage Change QI QIV QI A B C D=C/A E=C/B

1. Current Receipts 3,399.24 3,642.28 3,701.67 8.9 1.6 Export Proceeds 658.9 905.5 678.5 3.0 -25.1 Service Proceeds 864.41 824.3 1,020.5 18.1 23.8 Private Transfers 1,294.24 1,641.1 1,800.8 39.1 9.7 Public Transfer 581.73 271.3 201.8 -65.3 -25.6
2. Current Payments 5,160.99 5,052.17 4,922.04 -4.6 -2.6 Import Payments 4,051.9 4,089.2 3,990.8 -1.5 -2.4 Service Payments 1,082.99 926.5 893.6 -17.5 -3.5 Private Transfers 4.48 29.5 34.6 672.8 17.4 Public Transfer 21.58 7.0 3.0 -86.1 -57.1
3. Net(1-2) -1,761.7 -1,409.9 -1,220.4 -30.7 -13.4 Source: NBE Staff Compilation Source: NBE Staff Compilation

30 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 5.2 Balance of Trade Merchandise trade deficit during the review quarter amounted to USD 3.3 billion, 2.4 percent lower than that of last year same period as the growth in merchandise import bills outweighed the increase in merchandise export earnings. 0.0 1000.0 2000.0 3000.0 4000.0 5000.0 6000.0 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 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Import Export Source: Ethiopian Revenue and Customs Authority 0 500 1000 1500 2000 2500 3000 3500 4000 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 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 In millions of USD Fig.V.3: Evolution of Trade Deficit Source: NBE Staff Computation

First Quarter 2017/18 31 National Bank of Ethiopia Quarterly Bulletin 5.2.1 Export of Goods Total earnings from goods export grew by 3.0 percent over the same quarter of last year on account of the rise in export earnings from coffee (19.1 percent), oilseeds (4.9 percent), leather & leather products (27.7 percent), fruits & vegetables (16.0 percent), meat & meat products (10.1 percent), flower (8.1 percent), electricity (23.8 percent) and other exports (35.1 percent). In contrast, export earnings from live animals, pulses, chat and gold slowed down by 9.7 percent, 10.3 percent, 15.2 percent and 56.2 percent, respectively. Earnings from coffee picked up 19.1 percent vis-à-vis last year same quarter and reached USD 215.6 million on account of a 16.5 percent rise in export volume and 2.2 percent increase in international price. As a result, the share of coffee in total merchandise export earnings increased to 31.8 percent from 27.5 percent a year earlier. Meanwhile, earnings from oilseeds export went up 4.9 percent as export volume increased by 10.6 percent despite 5.1 percent drop in unit price. Thus, the share of oilseeds in total merchandise export earnings slightly rose to 11.1 percent from 10.9 percent last year same quarter. Export earnings from leather & leather products surged by 27.7 percent due to 27.2 percent expansion in volume and 0.4 percent increase in international unit. Thus, export revenue from leather and leather products accounted for 4.9 percent of total export earnings. Receipts from meat & meat products grew by 10.1 percent owing to 4.4 percent growth in volume and 5.5 percent improvement in price. Hence, the share of meat & meat products in total merchandise export earnings stood at 3.6 percent. Revenue from fruits & vegetables export increased by 16.0 percent on account of 10.7 percent rise in volume and 4.7 percent increase in international price thereby raising the share of fruit & vegetable in total export earnings to 2.3 percent. Likewise, receipts from flower export increased by 8.1 percent owing to 6.3 percent increase in volume and 1.7 percent rise in price. As a result, the share of flower in total merchandise export was 8.0 percent. Export earnings from electricity rose 23.8 percent compared to last year same quarter as a result of 25.5 percent surge in volume despite 1.4 percent drop in price. Thus, the share of electricity in total export earnings increased to 3.3 percent from 2.7 percent last year same quarter. Revenue from export of live-animals declined by 9.7 percent on account of 15.0 percent fall in export volume despite 6.3 percent increase in price. As a result, the share of live animals in total merchandise exports dropped to 4.4 percent from 5.1 percent a year earlier. Earnings from export of pulses amounted to USD 45.9 million, about 10.3 percent lower than that of last year same quarter, due to 6.7 percent decline in export volume and 3.9 percent slowdown in unit price. As a result, the share of pulses in total export earnings decreased to 6.8 percent from 7.8 percent a year ago. Export earnings from gold also plummeted by 56.2 percent due to the sharp drop in volume (50.7 percent) and international price (11.1 percent). Thus, the share of gold in total merchandise export diminished to 4.2 percent from 9.9 percent compared to last year same quarter. Similarly, revenue from chat export dropped by 15.2 percent over last year same quarter due to 17.4 percent fall in volume despite 2.6 percent increase in price. As a result, the share of chat in total export earnings declined from 11.4 percent to 9.4 percent (Tables 5.3, 5.4 and 5.5).

32 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 5.3: Values of Major Export Items (In millions of USD) Particulars 2016/17 2017/18 Percentage Change QI QIV QI A %share B %share C %share C/A C/B Coffee 181.0 27.5 336.8 37.2 215.6 31.8 19.1 -36.0 Oilseeds 71.5 10.9 101.8 11.2 75.0 11.1 4.9 -26.3 Leather and Leather products 25.9 3.9 33.9 3.7 33.1 4.9 27.7 -2.3 Pulses 51.2 7.8 54.8 6.0 45.9 6.8 -10.3 -16.1 Meat & Meat Products 22.0 3.3 27.8 3.1 24.2 3.6 10.1 -12.9 Fruits & Vegetables 13.5 2.0 14.5 1.6 15.6 2.3 16.0 7.8 Live Animals 33.3 5.1 15.3 1.7 30.1 4.4 -9.7 96.6 Chat 75.1 11.4 65.6 7.2 63.6 9.4 -15.2 -2.9 Gold 65.2 9.9 64.5 7.1 28.6 4.2 -56.2 -55.7 Flower 50.4 7.7 60.6 6.7 54.5 8.0 8.1 -10.1 Electricity 18.0 2.7 24.9 2.7 22.3 3.3 23.8 -10.4 Others 51.7 7.9 105.3 11.6 69.9 10.3 35.1 -33.6 Total Export 658.9 100.0 905.5 100.0 678.5 100.0 3.0 -25.1 Source: Ethiopian Revenues and Customs Authority, Ethiopian Electric Utility and Ethiopian Electric Power Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2016/17 2017/18 Percentage Change QI QIV QI A B C C/A100-100 C/B100-100 Coffee 47.9 85.6 55.9 16.5 -34.7 Oilseeds 62.8 98.1 69.5 10.6 -29.2 Leather and Leather products 1.2 1.6 1.6 27.2 0.0 Pulses 73.7 71.0 68.8 -6.7 -3.1 Meat & Meat Products 4.5 5.4 4.7 4.4 -13.0 Fruits & Vegetables 42.3 47.5 46.8 10.7 -1.5 Live Animals 17.9 7.8 15.2 -15.0 94.9 Chat 13.6 11.6 11.2 -17.4 -3.4 Gold(in mill of grams) 1.7 1.9 0.8 -50.7 -57.9 Flower 11.6 13.9 12.4 6.3 -10.8 Electricity 324.3 439.7 407.1 25.5 -7.4 Source: Ethiopian Revenues and Customs Authority, Ethiopian Electric Utility and Ethiopian Electric Power 0 40 80 120 160 200 240 280 320 360 400 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 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Mill of USD Fig.V.4:Export Value of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Chat Source: NBE Staff Computation

First Quarter 2017/18 33 National Bank of Ethiopia Quarterly Bulletin 0 50 100 150 200 250 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Mill K.g Fig.V.5:Export Volume of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Chat Gold Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2016/17 2017/18 Percentage Change QI QIV QI A B C C/A100-100 C/B100-100 Coffee 3.8 3.9 3.9 2.21 -1.85 Oilseeds 1.1 1.0 1.1 -5.07 4.10 Leather and Leather products 20.9 20.8 21.0 0.38 1.06 Pulses 0.7 0.8 0.7 -3.86 -13.39 Meat & Meat Products 4.9 5.2 5.2 5.50 -0.45 Fruits & Vegetables 0.3 4.74 9.37 Live Animals 1.9 1.9 2.0 6.26 1.59 Chat 5.5 5.7 5.7 2.60 0.42 Gold 38.9 33.2 34.6 -11.09 3.96 Flower 4.3 4.3 4.4 1.65 1.24 Electricity 0.1 -1.37 -3.19 Source: NBE Staff Computation 0 5 10 15 20 25 30 35 40 45 50 55 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 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 USD/K.g, USD/gr.(Gold) Fig.V.6:Unit Value of Selected Export Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Chat Source: NBE Staff Computation

34 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 5.2.2 Import of Goods Meanwhile, total merchandise import bill stood at USD 4.0 billion, depicting a 1.5 percent decline due to the slowdown in imports of consumer goods and raw materials. Import payments for consumer goods decreased by 19.9 percent vis-à-vis same quarter of last year owing to 41.4 percent decline of payments for durable goods and 3.0 percent drop in non-durable goods. Thus, the share of consumer goods in total import bill stood at 30.3 percent compared with 37.2 percent a year ago. Likewise, import of raw materials dropped by 18.1 percent and their share in total merchandise import decreased to 0.8 percent. In contrast, import bills of capital goods increased by 4.3 percent due to 12.1 percent increase in import of industrial goods, while that of transport and agriculture capital goods went down by 15.6 and 54.4 percent, respectively. Consequently, the share of capital goods in total goods import bill went up to 37.1 percent from 35.0 percent a year earlier. At the same time, imports of semi-finished goods increased by 13.0 percent and their share in total imports rose to 17.8 percent from 15.5 percent a year ago. Fuel import also increased by 23.8 percent whose share in total imports rose to 11.6 percent from 9.2 percent a year earlier (Table 5.6). Meanwhile, total franco-valuta import declined by 2.9 percent and stood at USD 1.3 billion and accounted for 32.1 percent of the total imports. Table 5.6: Values of Major Import Items (In millions of USD) Particular 2016/17 2017/18 Percentage Changes Qtr I % share from total Import Qtr IV % share from total Import Qtr I % share from total Import A B C C/A C/B Raw Materials 38.2 0.9 30.3 0.7 31.3 0.8 -18.1 3.3 Semi-finished Goods 628.2 15.5 816.3 20.0 709.7 17.8 13.0 -13.1 Fertilizers 4.1 0.1 189.9 4.6 5.7 0.1 39.0 -97.0 Fuel 372.8 9.2 476.5 11.7 461.4 11.6 23.8 -3.2 Petroleum Products 356.3 8.8 451.7 11.0 439.5 11.0 23.4 -2.7 Others 16.5 0.4 24.8 0.6 21.9 0.5 32.7 -11.7 Capital Goods 1,418.90 35.0 1,548.50 37.9 1,480.10 37.1 4.3 -4.4 Transport 348.6 8.6 293.9 7.2 294.2 7.4 -15.6 0.1 Agricultural 21.7 0.5 13.4 0.3 9.9 0.2 -54.4 -26.1 Industrial 1,048.60 25.9 1,241.10 30.4 1,176.00 29.5 12.1 -5.2 Consumer Goods 1,507.40 37.2 1,142.00 27.9 1,207.80 30.3 -19.9 5.8 Durables 663.4 16.4 342.3 8.4 388.7 9.7 -41.4 13.6 Non-durables 844 20.8 799.7 19.6 819 20.5 -3.0 2.4 Miscellaneous 86.5 2.1 75.5 1.8 100.5 2.5 16.2 33.1 Total Imports 4,051.97 100 4,089.07 100 3,990.80 100 -1.5 -2.4 Source: Ethiopian Revenue & Customs Authority and Ethiopian Petroleum Enterprise

First Quarter 2017/18 35 National Bank of Ethiopia Quarterly Bulletin Table 5.7: Values of Franco-Valuta Imports (In millions of USD) Commodity Group 2016/17 2017/18 Percentage Change Qtr I Qtr IV Qtr I A B C C/A C/B Beverages 0.3 0.1 1.0 255.2 629.8 Chemicals 4.5 3.4 2.5 -44.2 -25.7 Clothing 15.1 16.6 15.1 0.4 -8.7 Food and live animals 103.0 73.0 94.3 -8.4 29.2 Textiles 4.7 8.1 5.2 10.2 -35.6 Tobacco 0.1 0.1 0.0 -71.7 -77.8 Soap & polish 0.2 0.4 0.2 -11.6 -52.9 Fertilizer 13.6 178.7 43.2 218.3 -75.8 Paper & paper manufacturing 0.7 0.3 0.6 -9.3 85.3 Metal & metal manufacturing 119.5 142.0 119.1 -0.3 -16.1 Medical and pharmaceuticals products 26.4 8.1 11.1 -57.9 37.7 Rubber products 12.6 11.4 9.5 -24.8 -16.6 Petroleum Crude 0.0 0.2 - -100.0 -100.0 Petroleum product 2.3 2.4 49.8 2,048.0 1,947.8 Glass & glass ware 3.6 5.1 7.2 96.7 40.9 Electrical material 151.6 115.6 95.9 -36.7 -17.0 Machine 37.0 345.1 456.9 1,133.2 32.4 Road & motor vehicles 64.4 51.3 42.8 -33.6 -16.5 Tele apparatus 329.5 3.1 4.2 -98.7 35.8 Cement 0.03 0.00 0.08 182.4 4,495.2 Others 429.6 262.5 321.2 -25.2 22.4 Total 1,318.7 1,227.3 1,279.9 -2.9 4.3 Source: Ethiopian Revenues and Customs Authority 5.2.3 Direction of Trade 5.2.3.1 Export of Goods Asia, Europe and Africa continued to be the major destinations for Ethiopian exports. Asia accounted for 36.2 percent, Europe 31.7 percent and Africa 21.3 percent of the total export earnings. China, with 22.1 percent share in total export earnings from Asia, mainly imported oilseeds, leather & leather products, mineral products, coffee and natural gum followed by Saudi Arabia, which with 15.9 percent share, largely imported coffee, meat & meat products, flower and live-animals. United Arab Emirates accounted for 12.5 percent of the total export earnings from Asia. It mainly imported meat & meat products, oilseeds, pulses, live animals and mineral products. Israel was the fourth largest market for Ethiopian products with a 7.3 percent share, mainly imported coffee, oilseed, flower, leather & leather products, and textile & textile products. Likewise, coffee, oilseeds, flower, leather & leather products and textile & garment products were the main exports to Japan, which had 7.1 percent share in total export earnings from Asia. Yemen with a 7.1 percent share in Ethiopia’s total export to Asia, mainly imported live animals, pulses, oilseeds, spices and chat. Indonesia had a 5.4 percent share in Ethiopia’s total export to Asia and it largely imported pulses, textile and garment, cotton and leather & leather products. South Korea having a 5.0 percent share, its imports largely constituted coffee, leather & leather products, textile and garment, flower and chat. All these 8 countries accounted for 82.5 percent of Ethiopia’s total export to Asia during the first quarter of 2017/18. Europe comprised 31.7 percent of Ethiopia’s total export earnings, with the Netherlands accounting for 22.1 percent, followed by Germany (20.2 percent), Switzerland (13.4 percent), Belgium (10.6 percent), United Kingdom (7.0 percent), Italy (6.8 percent), and France (4.6 percent). These 7 countries had 84.7 percent share of Ethiopia’s total exports to Europe.

36 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Main commodities exported to the Netherlands were flower, coffee, textile & garment, vegetables and oilseeds. Coffee, textile & garment, flower, pulses, oilseeds and spices were the main exports to Germany. Major exports to Switzerland included gold, cotton, pulses and coffee. Likewise, coffee, flower, pulses, oilseeds and vegetables went to Belgium. United Kingdom imported mainly coffee, flower, leather & leather products, textile & garment and oilseeds. Coffee, textile & garment, leather & leather products, flower and pulses were the major exports to Italy. France mainly imported coffee, textile & garment, chat and cotton. About 21.3 percent of Ethiopia’s export earnings originated from markets in Africa, mainly Somalia (44.0 percent), Djibouti (20.0 percent), Sudan (14.7 percent) and Kenya (10.7 percent) which altogether accounted for 89.3 percent of the total exports to Africa. The major exports to Somalia were chat, vegetables, live-animals and fruits. Djibouti imported electricity, chat, live animals and vegetables. Sudan imported largely electricity, coffee, pulses and spices, whereas Kenya imported pulses, cereals, leather & leather products and tea. America accounted for 9.7 percent of Ethiopia’s total export earning, of which 92.1 percent was from exports to the United States, and 6.6 percent to Canada. Coffee, leather & leather products, textile & garment, oilseeds, food and flower were the major export items to the United States, while Canada imported mainly coffee, leather & leather products pulses, textile & garment and flower. Source: NBE Staff Compilation

First Quarter 2017/18 37 National Bank of Ethiopia Quarterly Bulletin 5.2.3.2 Import of Goods During the first quarter of 2017/18, Asia accounted for 65 percent of the total imports of Ethiopia. The major imports from Asia originated from China (32 percent), India (9.3 percent), Saudi-Arabia (5.4 percent), Kuwait (4.8 percent), Japan (4.5 percent), South Korea (4.2 percent), Hong Kong (4.0 percent), Malaysia (2.6 percent), Thailand (2.3 percent), Pakistan (2.14 percent), Israel (2.05 percent), Indonesia (2.04 percent) and U.A.E. (2.01 percent), whose combined share was 77.3 percent. Major items imported from China were machinery including aircraft parts, electrical materials, metal & metal products, clothing and road motor vehicles. Similarly, metal & metal products, grains, fertilizer, machinery including aircraft parts, and road motor vehicles were imported from India. Petroleum products, beverages, fertilizer and machineries including aircraft parts were the major import items from Saudi Arabia. Major imports from Kuwait included petroleum products, chemicals and electrical materials. Likewise, imports from Japan constituted road motor vehicles, machineries including aircraft parts, rubber products, metal & metal products and electrical materials. Major items imported from South Korea were petroleum products, machinery including aircraft parts, electrical materials, electrical materials, chemicals and road motor vehicles. Likewise, metal & metal products, grains, machinery including aircraft parts and petroleum products were imported from Hong Kong. Soap & polish, chemicals, electrical materials, and rubber products were the major import items from Malaysia. Major imports from Thailand included machineries including aircraft parts, petroleum products, road motor vehicles, metal & metal products and rubber products. Likewise, imports from Pakistan include petroleum products, grain, textiles and road motor vehicles. Import from Israel consisted of road motor vehicles, machineries including aircraft parts, metal & metal products and electrical materials. Electrical materials, paper & paper products, soap & polish, chemicals and machineries including aircraft parts were imported from Indonesia, whereas machineries including aircraft parts, metal & metal products, petroleum product, rubber products and chemicals came from UAE. Imports from Europe accounted for 21.4 percent of Ethiopia’s total imports with the major countries, namely Turkey (20.7 percent), Italy (16.9 percent), United Kingdom (10 percent), Germany (8.1 percent), France (5.4 percent), Rumania (5.4 percent), Belgium (5.0 percent), Spain (4.9 percent), Ukraine (4.4 percent), Netherlands (3.5 percent) and Switzerland (3.0 percent). These countries jointly accounted for 87.2 percent of Ethiopia’s total imports from Europe. Major imports from Turkey included metal & metal products, machinery including aircraft parts, electrical materials and rubber products. Machines including aircraft parts, food & live animals, road motor vehicles, fertilizer, electrical materials and metal & metal products were the major imports from the Italy. Import items from United Kingdom were machinery including aircraft parts, electrical materials, food & live animals and road motor vehicles. Imports from Germany were machinery including aircraft parts, road motor vehicles, metal & metal products and electrical materials. Major imports from France were electrical materials, machinery including aircraft parts, telecomm apparatus, road motor vehicles and soap & polish, while food & live animals, machinery including aircraft parts and road motor vehicles were from Rumania. Fertilizers, medical & pharmaceuticals products, machineries including aircraft parts, electrical products and petroleum products were the major imports from Belgium. Major imported items from Spain included road motor vehicles, metal & metal products, electrical materials, machineries including aircraft parts and glass & glass ware. Imports from Ukraine were metal & metal products, food & live animals, electrical materials, machinery including aircraft parts and glass & glass ware. Imports from Netherlands comprised machinery including aircraft parts, food & live animals, road motor vehicles and fertilizer, while electrical materials, fertilizer, machinery including aircraft parts and metal & metal products were major imports from Switzerland. Imports from America accounted for 9.6 percent of the total import bill, of which the share of United States was 78.8 percent followed by Brazil and Canada by 15.2 percent and 4.1 percent, respectively. Machinery including aircraft parts,

38 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin food & live animals, electrical materials, petroleum products and metal & metal products materials were the major items imported from United States. Machinery including aircraft parts, road motor vehicles, rubber products and electrical materials were the main merchandise imports from Brazil, while machinery including aircraft parts, metal & metal products, electrical materials and fertilizer were the main imports from Canada. Africa accounted for about 3.9 percent of Ethiopia’s total merchandise import. The major countries of origin were South Africa (38.1 percent), Egypt (28.8 percent), Nigeria (20.7 percent), Kenya (5.9 percent) and Sudan (3.4 percent), which altogether constituted 98.8 percent of the total imports from the continent. Road motor vehicles, petroleum products, metal & metal products, electrical materials and machineries including aircraft parts were imported from South Africa. Food & live animals, metal & metal products, beverages, soap & polish and electrical materials were the major imports from Egypt. Petroleum products, electrical materials, machineries including aircraft parts and glass & glass ware were the main imports from Nigeria. Likewise, electrical materials, food & live animals, metal & metal products and fertilizers were imported from Kenya. Imports from Sudan constituted food & live animals, soap & polish, electrical materials and textiles. 5.3. Services and Transfers Net receipts from services trade stood at USD 126.9 million compared with USD 218.6 million net payments recorded last year same period. The 158.1 percent surge in net service receipts was attributed to improvement in net travel, net transport services, other services and investment income. Source: NBE Staff Compilation Source: NBE Staff Compilation

First Quarter 2017/18 39 National Bank of Ethiopia Quarterly Bulletin Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2016/17 2017/18 Percentage Change QI QIV QI A B C D=C/A E=C/B 1 Investment Income (2+5) -123.9 -113.6 -87.7 -29.2 -22.8 2 Interest, net (3-4) -120.0 -96.6 -87.7 -27.0 -9.2 3 Credit 3.7 5.9 8.2 123.0 37.7 4 Debit 123.7 102.5 95.8 -22.5 -6.5 5 Dividend, net -3.9 -17.0 -0.1 -98.6 -99.7 6 NON-FACTOR SERVICES, net (7-8) -94.7 11.4 214.6 -326.8 1778.0 7 Exports of non-factor services 860.7 818.4 1,012.4 17.6 23.7 8 Travel 94.6 84.4 121.6 28.6 44.2 9 Transport 1 636.5 613.1 768.1 20.7 25.3 10 Gov’t 2 78.3 67.5 57.5 -26.6 -14.9 11 Other 3 51.4 53.4 65.1 26.7 22.0 12 Imports of non-factor services 955.4 806.9 797.7 -16.5 -1.1 13 Travel 134.8 88.7 85.9 -36.3 -3.2 14 Transport 1 469.5 500.9 570.6 21.5 13.9 15 Gov’t 2 14.4 12.7 8.6 -39.9 -32.1 16 Other 3 336.8 204.6 132.6 -60.6 -35.2 17 Net Services (18+19+20+21+22) -218.6 -102.2 126.9 -158.1 -224.2 18 Travel (8-13) -40.2 -4.3 35.7 -188.9 -922.7 19 Transport (9-14) 167.0 112.2 197.5 18.3 76.1 20 Gov’t (10-15) 63.9 54.8 48.9 -23.6 -10.9 21 Other (11-16) -285.4 -151.2 -67.5 -76.4 -55.4 22 Investment Income (2+5) -123.9 -113.6 -87.7 -29.2 -22.8 Source: MoFEC, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation During the review period, total in bound transfers increased by 6.8 percent and reached USD 2.0 billion as a result of a 39.1 percent increase in private transfers where private individual transfers grew by 30 percent and NGO transfers rose by 70.4 percent. Official transfers, however, showed 65.3 percent decline. Similarly, total transfer payments increased by 44.3 percent due to 672.8 percent surge in private transfer payments, despite 86.1 percent decline in official transfer payments.

40 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2016/17 2017/18 Percentage Change QI % Share QIV % Share QI % Share A B C D=C/A E=C/B 1 Private transfers, net (2-5) 1,289.8 69.7 1,611.6 85.9 1,766.2 89.9 36.9 9.6 2 Credit (3+4) 1,294.2 68.99 1,641.1 85.8 1,800.8 89.9 39.1 9.7 3 NGO’s 292.2 288.1 326.6 316.0 498.0 460.0 70.4 52.5 4 Private individuals 1,002.0 988.1 1,314.5 1,271.5 1,302.8 1,203.4 30.0 -0.9 5 Debit 4.5 17.2 29.5 80.8 34.6 92.0 672.8 17.4 6 Official transfers, net (7-8) 560.1 30.3 264.3 14.1 198.8 10.1 -64.5 -24.8 7 Credit 581.7 31.0 271.3 14.2 201.8 10.1 -65.3 -25.6 8 Debit 21.6 82.8 7.0 19.2 3.0 7.99 -86.1 -57.1 9 Total Receipts 1,876.0 101.4 1,912.5 103.4 2,002.6 108.3 6.8 4.7 10 Total Payments 26.1 1.4 36.5 2.0 37.6 2.0 44.3 3.0 11 Net Transfers 1,849.9 100.0 1,876.0 100.0 1,965.0 100.0 6.2 4.7 Source: NBE Staff Computation Source: NBE Staff Compilation

First Quarter 2017/18 41 National Bank of Ethiopia Quarterly Bulletin 5.4. Current Account Balance The current account balance (including official transfers) registered USD 1.2 billion deficit during the first quarter of 2017/18, compared with USD 1.8 billion deficit a year ago (Table 5.1). 5.5. Capital Account In contrast, Capital account recorded USD 1.2 billion surplus, which was 36.6 percent lower than that of a year earlier. This slowdown in capital account balance was attributed to the lower net other public long term capital (71.0 percent), private sector long term capital (39.5 percent), foreign direct investment inflows (39.3 percent) and short term capital (338.1 percent) (Table 5.1). 5.6. Changes in Reserve Position Net foreign assets of the National Bank of Ethiopia and those of the commercial banks showed a decline of USD 282.8 million and USD 38.2 million, respectively. Thus, the country’s foreign reserve cover as of September 30, 2017 was 2.2 months of imports (Table 5.1). 5.7. Developments in the Foreign Exchange Market 5.7.1 Exchange Rate Movements During the first quarter of 2017/18, weighted average official exchange rate of the Birr in the inter￾bank forex market was Birr 23.2488/USD, showing a 6.0 percent annual depreciation of the Birr against USD. Likewise, the end period exchange rate at Birr 23.3854/USD, depicted the weakening of the Birr against USD by 6.0 percent. Table 5.10: Developments in 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 2016/17 23.1081 22.4137 12.6 0.0 Qtr. I C 22.0534 21.9262 3.10 0.00 July 21.8746 21.8453 1.00 0.00 August 21.9654 21.9216 1.10 0.00 September 22.0534 22.0116 1.00 0.00 Qtr. IV B 23.1081 22.9225 3.05 0.00 April 22.8561 22.8067 0.95 0.00 May 22.9705 22.9161 1.00 0.00 June 23.1081 23.0447 1.10 0.00 2017/18 Qtr. I A 23.3854 23.2488 3.10 0.00 July 23.1956 23.1539 1.05 0.00 August 23.2972 23.2486 1.15 0.00 September 23.3854 23.3438 0.90 0.00 Percentage Changes A/B 1.20 1.42 1.64 A/C 6.04 6.03 0.00 Source: National Bank of Ethiopia

42 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 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 2016/17 2017/18 Percentage Change Quarter I A Quarter IV B Quarter I C C/B C/A Purchases Sales Purchases Sales Purchases Sales Purchases Sales Purchases Sales 1 Commercial Bank of Ethiopia 71,117.5 31,875.1 53,655.7 25,012.3 60,986.8 9,570.0 13.66 -61.74 -14.24 -69.98 2 Bank of Abyssinia 3,407.3 2,964.5 1,202.6 2,263.8 614.8 7,048.6 -48.87 211.36 -81.96 137.77 3 Dashen Bank 3,854.0 6,953.4 2,807.8 3,873.7 2,947.1 4,174.9 4.96 7.77 -23.53 -39.96 4 Awash Bank 1,210.3 2,561.7 1,010.6 6,997.0 1,137.9 3,913.5 12.60 -44.07 -5.98 52.77 5 Wegagen Bank 1,133.1 1,932.0 1,616.3 1,441.7 993.4 2,102.9 -38.54 45.87 -12.33 8.85 6 United Bank 1,415.2 2,533.2 1,421.8 3,725.0 1,504.3 4,769.4 5.80 28.04 6.29 88.28 7 Development Bank - 50.6 - 48.7 0.3 85.3 75.04 68.44 8 Nib International Bank 447.4 1,691.2 383.2 2,493.1 298.8 1,605.9 -22.03 -35.59 -33.21 -5.04 9 Lion International Bank 7,470.7 1,627.0 5,380.7 1,484.4 2,494.1 1,774.0 -53.65 19.51 -66.62 9.03 10 Oromia International Bank 955.1 1,368.2 1,025.1 1,433.2 927.4 1,687.9 -9.53 17.77 -2.91 23.36 11 Zemen Bank 241.7 2,261.5 131.9 2,132.1 102.4 2,126.8 -22.32 -0.25 -57.63 -5.95 12 Cooperative Bank of Oromia 79.9 194.2 281.6 745.0 287.0 1,283.2 1.91 72.24 259.28 560.62 13 Buna International Bank 612.0 784.3 1,174.4 676.3 4,916.8 1,140.8 318.66 68.69 703.35 45.45 14 Birhan International Bank 432.2 594.8 124.1 941.6 157.7 1,006.2 - 6.86 -63.52 - 15 Abay Bank 373.2 266.1 68.1 459.0 374.9 389.9 450.48 -15.05 0.44 46.50 16 Addis International Bank 132.1 347.2 1,605.7 563.9 1,549.1 517.8 -3.52 -8.17 1073.09 49.16 17 Debub Global Bank 11.6 78.9 8.2 50.3 23.8 32.7 191.75 -35.11 104.56 -58.60 18 Enat Bank 50.5 108.9 67.9 155.1 202.2 342.0 198.00 120.46 300.41 213.97 Total 92,944.0 58,192.9 71,965.6 54,496.4 79,518.7 43,571.7 10.50 -20.05 -14.44 -25.13 Average Exchange Rate 21.9197 22.3599 22.9220 23.3693 23.2586 23.7021 1.47 1.42 6.11 6.00 Exchange Rate Spread (%)* 2.01 1.95 1.91 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 and Selling Rates of Forex Bureau of Commercial Banks Source: NBE Staff Compilation Meanwhile, in retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 23.2586 /USD, while the selling rate was Birr 23.7021/USD showing 6.1 percent and 6.0 percent respective depreciation compared to the same quarter of last year. Hence, the average spread between the buying and the selling rates went down to 1.91 percent from 2.0 percent recorded a year ago (Table 5.11).

First Quarter 2017/18 43 National Bank of Ethiopia Quarterly Bulletin In the official forex market, US dollar depreciated vis￾à-vis selected major currencies except Japanese yen and Pound Sterling. On yearly basis, USD weakened by 4.9 percent against Euro, 1.3 percent against Swiss Franc and 0.9 percent against SDR, whereas it appreciated by 7.7 percent against Table 5.12: Average Official Exchange Rates (USD per Major International Currencies) Period EURO JAPANESE YEN SDR POUNDSTELING SWISS FRANC Buying Selling Mid Rate Buying Selling Mid Rate Buying Selling Mid Rate Buying Selling Mid Rate Buying Selling Mid Rate 2016/17 QI C July 1.1196 0.0098 1.3962 1.3150 1.3149 1.3149 1.0248 August 1.1174 0.0096 1.3908 1.3181 1.0179 September 1.1212 0.0099 1.3992 1.3115 1.0310 QIV B 1.0989 1.0984 1.0987 0.0090 1.3730 1.3723 1.3726 1.2749 1.2742 1.2745 1.0146 1.0141 1.0143 April 1.0705 1.0688 1.0697 0.0091 1.3616 1.3594 1.3605 1.2623 1.2603 1.2613 0.9989 0.9973 0.9981 May 1.1047 0.0089 1.3744 1.2928 1.0134 June 1.1217 0.0090 0.0091 0.0091 1.3830 1.2695 1.0315 2017/18 QI A 1.1739 0.0090 1.4084 1.3085 1.0384 July 1.1492 0.0089 1.3940 1.2980 1.0411 August 1.1800 0.0091 1.4104 1.2967 1.0355 September 1.1925 0.0090 1.4206 1.3307 1.0386 Percentage Changes A/B 6.82 6.88 6.85 0.00 -0.07 -0.03 2.58 2.63 2.60 2.64 2.69 2.66 2.34 2.40 2.37 A/C 4.85 -7.65 0.88 -0.49 1.33 Source: National Bank of Ethiopia Japanese Yen and 0.5 percent against Pound Sterling. On quarterly terms, the US dollar depreciated against Euro (6.9 percent), Pound Sterling (2.7 percent), SDR (2.6 percent) and Swiss Franc (2.4 percent), while it marginally appreciated against Japanese Yen by 0.03 percent (Table5.12). Similarly on annual terms, the Birr depreciated by 11.2 percent against Euro, 7.4 percent against Swiss Franc, 7.0 percent against SDR, 6.0 percent against USD, 5.5 percent against Pound Sterling, while it depreciated by 2.0 percent against Japanese Yen. On quarterly basis, the Birr lost ground against Euro (8.4 percent), Pound Sterling (4.1 percent), SDR (4.0 percent), Swiss Franc (3.8 percent), USD (1.40 percent) and Japanese Yen (1.37 percent) (Table5.13).

44 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 5.13: Average Official Exchange Rates (Birr per Major Currencies) Period Currency USD EURO JAPANESE YEN SDR POUNDSTERLING SWISS FRANC Buying Selling Mid￾Rate Buying Selling Mid￾Rate Buying Selling Mid￾Rate Buying Selling Mid￾Rate Buying Selling Mid￾Rate Buying Selling Mid￾Rate 2016/17 QI C 21.9262 22.1454 22.0358 24.5500 24.7955 24.6727 0.2139 0.2160 0.2150 30.6131 30.9192 30.7662 28.8320 29.1186 28.9753 22.4687 22.6934 22.5810 July 21.8453 22.0638 21.9546 24.4103 24.6544 24.5323 0.2095 0.2116 0.2106 30.3821 30.6859 30.5340 28.7945 29.0824 28.9384 22.2362 22.4586 22.3474 August 21.9216 22.1408 22.0312 24.5782 24.8240 24.7011 0.2166 0.2188 0.2177 30.6736 30.9804 30.8270 28.7494 29.0369 28.8931 22.6017 22.8277 22.7147 September 22.0116 22.2317 22.1217 24.6614 24.9080 24.7847 0.2156 0.2177 0.2167 30.7836 31.0914 30.9375 28.9521 29.2367 29.0944 22.5682 22.7938 22.6810 QIV B 22.9226 23.1603 23.0415 25.1930 25.4409 25.3169 0.2065 0.2088 0.2076 31.4739 31.7832 31.6285 29.2231 29.5106 29.3669 23.2589 23.4877 23.3733 April 22.8067 23.0603 22.9335 24.4150 24.6472 24.5311 0.2069 0.2094 0.2081 31.0538 31.3480 31.2009 28.7892 29.0629 28.9261 22.7824 22.9988 22.8906 May 22.9189 23.1481 23.0335 25.3180 25.5712 25.4446 0.2042 0.2062 0.2052 31.5003 31.8153 31.6578 29.6289 29.9252 29.7771 23.2256 23.4579 23.3417 June 23.0421 23.2726 23.1574 25.8458 26.1043 25.9751 0.2085 0.2107 0.2096 31.8675 32.1862 32.0269 29.2513 29.5438 29.3975 23.7689 24.0066 23.8877 2017/18 QI A 23.2487 23.4812 23.3650 27.2933 27.5663 27.4298 0.2095 0.2115 0.2105 32.7437 33.0712 32.9075 30.4215 30.7258 30.5736 24.1414 24.3828 24.2621 July 23.1539 23.3854 23.2697 26.6090 26.8751 26.7420 0.2058 0.2078 0.2068 32.2777 32.6004 32.4391 30.0546 30.3551 30.2048 24.1045 24.3455 24.2250 August 23.2486 23.4811 23.3648 27.4329 27.7072 27.5700 0.2116 0.2137 0.2127 32.7907 33.1186 32.9547 30.1455 30.4470 30.2962 24.0741 24.3149 24.1945 September 23.3438 23.5772 23.4605 27.8381 28.1165 27.9773 0.2110 0.2131 0.2120 33.1628 33.4944 33.3286 31.0646 31.3752 31.2199 24.2455 24.4879 24.3667 Percentage Change A/B 1.42 1.39 1.40 8.34 8.35 8.35 1.43 1.32 1.37 4.03 4.05 4.04 4.10 4.12 4.11 3.79 3.81 3.80 A/C 6.03 11.17 -2.09 6.96 5.51 5.52 5.52 7.44 Source: NBE Staff Compilation Table 5.14: Birr per Unit of Currency End Period Mid-Market Rate Currency September 30, 2016 June 30, 2017 September 30, 2017 Percentage change C B A A/B A/C USD 22.1637 23.2237 23.5024 1.20 6.04 Pound 28.8106 30.1095 31.5261 4.70 9.43 Swedish Kroner 2.5809 2.7248 2.8890 6.03 11.94 Djibouti Frank 0.1244 0.1303 0.1319 1.19 6.03 Swiss Frank 22.8162 24.2191 24.1496 -0.29 5.84 Saudi Riyal 5.8986 6.1923 6.2668 1.20 6.24 UAE Dirham 6.0336 6.3222 6.3977 1.19 6.03 Canadian Dollar 16.9253 18.8260 18.8381 0.06 11.30 Japanese Yen 0.2177 0.2061 0.2086 1.21 -4.20 Euro 24.8322 26.4866 27.6834 4.52 11.48 SDR 30.9915 32.2251 33.1571 2.89 6.99 Source: NBE Staff Compilation

First Quarter 2017/18 45 National Bank of Ethiopia Quarterly Bulletin 5.7.2. Movements in the Real Effective Exchange Rate During the first quarter of 2017/18, the REERI of the Birr appreciated in the respective order by 7.2 percent and 0.01 percent on annual and quarterly basis mainly due to higher domestic inflation and lower depreciation of Birr relative to that of Ethiopia’s major trading partners’ currencies. Likewise, the NEERI slightly depreciated by 0.07 percent vis-à-vis last year same period due to relative strengthening of US dollar against trading partner currencies. NEERI also depreciated by 3.0 percent in line with the weakening of USD against some major currencies (Table 5.15). Table 5.15 Trends in the Real and Nominal Effective Exchange Rates Item 2016/17 2017/18 Percentage Change QI QIV QI A B C C/B C/A REERI 160.4 171.9 171.9 0.01 7.21 NEERI 40.6 41.8 40.5 -3.03 -0.07 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 0 50 100 150 200 250 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QII QIV QI QII QIII QIV QI 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 201516 2016/172017/18 NEERI REERI Source: NBE Staff Compilation

46 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 5.7.3 Volume of Transactions In the first quarter of 2017/18, the total amount of foreign exchange traded in the inter-bank foreign exchange market was USD 3.1 million, 1.6 percent lower than the amount traded in the previous 0 10 20 30 40 50 60 70 80 90 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 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/172017/18 (In Mill. USD) Total Amount Traded quarter, while it remained unchanged compared to last year same period. The total amount traded in the inter-bank market in the review quater was supplied solely by NBE (Table 5:10). Fig V.13 Foreign Exchange Trade in the Interbank Foreign Exchange Market Source: NBE Staff Compilation Meanwhile, forex bureaux of commercial banks purchased USD 79.5 million from and sold USD 43.6 million foreign exchange to their customers. Hence, the amount of forex purchased and sold was 14.4 percent and 25.1 percent lower than that of a year ago, respectively (Table 5.14).

First Quarter 2017/18 47 National Bank of Ethiopia Quarterly Bulletin VI. FEDERAL GOVERNMENT FINANCE Regarding Federal government fiscal operations, during the first quarter of 2017/18, total revenue and grants to the tune of Birr 47.9 billion were collected about 5.4 percent higher than a year earlier. Quarterly revenue performance was 21.4 percent of the total annual budget. Meanwhile, quarterly Federal government expenditure stood at Birr 67.9 billion showing 35.9 percent annual growth. Hence, the overall fiscal balance (including grants) depicted a Birr 20 billion deficit in the review period compared to Birr 23.8 billion deficit recorded a year ago (Table 6.1). Table 6.1 Summary of Quarterly Federal Government Finance (In millions of Birr) No Particulars 2016/17 2017/18 Percentage changes Performance rate A B C D D/A D/B D/C QI QIV Budget QI 1 Revenue and Grants 45,455.9 54,945.4 223,431.0 47,911.4 5.4 (12.8) 21.4 1.1 Total Revenue 45,455.9 54,945.4 221,167.7 47,911.4 5.4 (12.8) 21.7 Tax Revenue 39,154.6 42,550.7 196,382.7 40,208.0 2.7 (5.5) 20.5 Direct tax 11,521.7 11,653.7 52,729.6 10,875.3 (5.6) (6.7) 20.6 Indirect tax 27,632.9 30,897.0 143,653.1 29,332.6 6.2 (5.1) 20.4 Non-Tax Revenue 6,301.3 12,394.7 24,785.0 7,703.4 22.3 (37.8) 31.1 1.2 Grant & Relief - - 2,263.3 - - 2 Current Expenditure 13,955.5 18,620.1 76,922.5 16,527.4 18.4 (11.2) 21.5 3 Current Surplus/Deficit Including Grants 31,500.4 36,325.3 146,508.5 31,384.0 (0.4) (13.6) 21.4 Excluding Grants 31,500.4 36,325.3 144,245.2 31,384.0 (0.4) (13.6) 21.8 4 Capital Expenditure 15,094.8 26,671.5 100,361.3 22,276.9 47.6 (16.5) 22.2 5 Regional Transfers 20,927.6 33,467.6 122,104.1 29,122.3 39.2 (13.0) 23.9 6 Total Expenditure (2+4+5) 49,977.9 78,759.2 299,387.9 67,926.7 35.9 (13.8) 22.7 7 Overall Surplus/Deficit Including Grants (4,522.0) (23,813.8) (75,956.9) (20,015.3) 342.6 (16.0) 26.4 Excluding Grants (4,522.0) (23,813.8) (78,220.3) (20,015.3) 342.6 (16.0) 25.6 8 Total Financing 4,522.0 23,813.8 75,956.9 20,015.3 342.6 (16.0) 26.4 8.1 Net External Borrowings 3,057.6 11,377.6 22,673.1 4,376.4 43.1 (61.5) 19.3 External Borrowing 3,665.5 7,780.1 20,013.5 3,939.1 7.5 (49.4) 19.7 Amortization 607.9 892.2 4,321.4 983.0 61.7 10.2 22.7 8.2 Net Domestic Borrowings 17,829.6 3,769.6 53,283.8 16,394.2 (8.1) 334.9 30.8 Banking System 15,048.6 (103.4) - 11,324.2 (24.7) Non-Bank Sources 2,781.0 3,873.0 - 5,070.0 82.3 30.9 8.3 Privatization receipts - 5,429.2 - 0.0 8.4 Others and Residuals (16,365.2) 3,237.4 (0.0) (755.4) (95.4) (123.3) Source: Ministry of Finance and Economic cooperation

48 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 6.1 Revenue and Grants As indicated above, total revenue and grants mobilized during the review period reached Birr 47.9 billion. All the revenue was mobilized from domestic sources, as there were no external grants or relief during the review period. About 83.9 percent of the domestic revenue was from taxes and 16.1 percent from non-taxes. Table 6.2.Summary of Federal Government Revenue by Component (In Millions of Birr) No Particulars 2016/17 2017/18 Percentage Change Performance Rate QI QIV Budget QI A B C D D/A D/B D/C Total Revenue and Grants 45,455.9 54,945.4 223,431.0 47,911.4 5.4 (12.8) 21.4 Total Domestic Revenue 45,455.9 54,945.4 221,167.7 47,911.4 5.4 (12.8) 21.7 1 Tax Revenue 39,154.6 42,550.7 196,382.7 40,208.0 2.7 (5.5) 20.5 1.1 Direct Tax Revenue 11,521.7 11,653.7 52,729.6 10,875.3 (5.6) (6.7) 20.6 1.1.1 Income Taxes 10,253.1 9,767.8 45,925.7 9,320.8 (9.1) (4.6) 20.3

• Personal 1,490.5 1,864.4 6,655.1 1,866.0 25.2 0.1 28.0
• Business 8,762.6 7,903.3 39,270.7 7,454.8 (14.9) (5.7) 19.0 1.1.2 Others1 1,268.6 1,885.9 6,803.9 1,554.6 22.5 (17.6) 22.8 1.2 Indirect Taxes 27,632.9 30,897.0 143,653.1 29,332.6 6.2 (5.1) 20.4 1.2.1 Domestic Taxes 9,963.2 14,006.0 7,315.4 10,391.8 4.3 (25.8) 18.1 1.2.2 Foreign Trade Taxes 17,669.7 16,891.0 86,337.7 18,940.9 7.2 12.1 21.9
• Import 17,669.7 16,891.0 86,337.7 18,940.9 7.2 12.1 21.9 2 Non-Tax Revenue 6,301.3 12,394.7 24,785.0 7,703.4 22.3 (37.8) 31.1 3 Privatization - 5,429.2 4 Grants and Relief - - 2,263.3 Source: Ministry of Finance and Economic Cooperation 1/ includes Withholding tax on import, tax on dividend, royalty and interest income Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government

First Quarter 2017/18 49 National Bank of Ethiopia Quarterly Bulletin Tax revenues stood at Birr 40.2 billion about 2.7 percent higher than that of last year same period as indirect taxes rose by 6.2 percent. Total tax revenue performance was 20.5 percent of the annual plan (Table 6.2). 6.2 Expenditure Total Federal government expenditures, including regional transfers, reached Birr 67.9 billion showing a 35.9 percent growth over last year. Of the total expenditure, Birr 16.5 billion (or about 24.3 percent) went to finance current expenditures and Birr 22.2 million (or 32.8 percent) to development programs. The balance (42.9 percent) was allocated as regional transfers. Year-on-year basis, current expenditures and capital expenditure increased by 18.4 and 47.6 percent respectively, as a result of improvements in all components. Regional transfers also surged by 39.2 percent. Tale 6.3 Summary of Federal Government Expenditure by components (In Millions of Birr) No Particulars 2016/17 2017/18 Percentage Change Performance Rate QI QIV Budget QI [A] [B] [C] [D] [D/A] [D/B] [D/C] Total Expenditure 49,977.9 78,759.2 299,387.9 67,926.7 35.9 (13.8) 22.7 1 Current Expenditure 13,955.5 18,620.1 76,922.5 16,527.4 18.4 (11.2) 21.5 General Services 5,187.9 5,725.0 24,212.3 6,444.8 24.2 12.6 26.6 Economic Services 574.1 1,319.0 4,963.3 907.8 58.1 (31.2) 18.3 Social Services 6,411.8 8,415.5 24,189.1 6,946.1 8.3 (17.5) 28.7 Debt Service 1,781.7 3,160.6 23,557.9 2,228.8 25.1 (29.5) 9.5 2 Capital Expenditure 15,094.8 26,671.5 100,361.3 22,276.9 47.6 (16.5) 22.2 Economic Development 9,370.7 21,469.3 68,110.4 13,320.7 42.2 (38.0) 19.6 Social Development 5,111.3 4,348.1 23,959.2 7,446.8 45.7 71.3 31.1 General Development 612.9 854.1 8,291.7 1,509.4 146.3 76.7 18.2 3 Regional Transfers 20,927.6 33,467.6 122,104.1 29,122.3 39.2 (13.0) 23.9 Source: Ministry of Finance and Economic Co-operation Fig.VI.2: Domestic Revenue by Major Components During the First Quarter of 2017/18

50 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Fig 6.3: Major Components of Federal Government Expenditure During the First Quarter of 2017/18 Fig.VI.4: Quarterly Developments in Federal Government Expenditure by components 6.3 Deficit Financing Fiscal operations of the Federal government resulted in an overall deficit (including grant) of Birr 20 billion which was 16 percent wider than a year earlier. The deficit was financed by Birr 4.37 billion net external loan and Birr 16.4 billion net domestic borrowing. Current Expenditure 24.3% Capital Expenditure 32.8% Regional Transfer 42.9% Fig 6.3: Major Components of Federal Government Expenditure During the First Quarter of 2017/18

First Quarter 2017/18 51 National Bank of Ethiopia Quarterly Bulletin Fig.VI.5 Federal Government Finance during Fourth Quarter of F.Y 2017/18

52 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin VII. Developments in Investment During the first quarter of 2017/18, 97 investment projects having investment capital of Birr 668.5 million became operational. Compared to last year same quarter, both the number of investment projects and investment capital slowed down. Virtually, all of the investment projects were private, of which 99 percent were domestic and one percent foreign. Domestic investment projects had investment capital of Birr 663.8 million (99.3 percent) while that of foreign investment projects was Birr 4.7 million (0.7 percent). These investment projects have generated employment opportunities for 2,648 employees, about 66 percent lower than the previous year. Of the total employment created during the period, 58.5 percent was permanent and 41.5 percent casual (Table 7.1). Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr) Type of Projects Items 2016/17 2017/18 Percentage Changes QI QIV QI A B C Share C/A C/B

1. Total Investment Number of projects 156 59 97 100 -37.8 64.4 Capital 6,181.7 394.3 668.5 100 -89.2 69.5 Permanent Employment 3,312 924 1,549 100 -53.2 67.6 Temporary Employment 4,499 633 1,099 100 -75.6 73.6
2. Private Investment Number of projects 155 59 97 100 -37.4 64.4 Capital 1,181.7 394.3 668.5 100 -43.4 69.5 Permanent Employment 3,312 924 1,549 100 -53.2 67.6 Temporary Employment 4,499 633 1,099 100 -75.6 73.6 2.1 Domestic Investment Number of projects 150 55 96 99.0 -36.0 74.5 Capital 1,152.0 376.0 663.8 99.3 -42.4 76.5 Permanent Employment 3,115 820 1,519 98.1 -51.2 85.2 Temporary Employment 4,235 532 1,099 100.0 -74.0 106.6 2.2. Foreign Investment Number of projects 5 4 1 1.0 -80.0 -75.0 Capital 29.7 18.3 4.7 0.7 -84.2 -74.3 Permanent Employment 197 104 30 1.9 -84.8 -71.2 Temporary Employment 264 101 0 0 -100.0 -100.0
3. Public Investment Number of projects 1 Capital 5,000 Permanent Employment Temporary Employment Source: Ethiopian Investment Commission.

First Quarter 2017/18 53 National Bank of Ethiopia Quarterly Bulletin As for sectoral distribution, construction accounted for 54.6 percent of the total investment projects followed by manufacturing (25.8 percent), real estate, renting & business activities (17.5 percent), and health & social work, and mining & quarrying (1 percent each). Out of the total Birr 668.5 million capital invested, the share of manufacturing sector was 54.1 percent followed by construction (25.7 percent), real estate, renting & business activities (8.3 percent), health & social work, and mining & quarrying (6 percent each). About 55 percent of the permanent employment was created by manufacturing, 33.4 percent by construction, and 9.7 percent by real estate, renting & business activities. Similarly, the construction sector was the leading sector by employing 47.5 percent of temporary labor force followed by manufacturing (30.8 percent), mining & quarrying (13.6 percent) and real estate, renting & business activities (7.5 percent) (Table 7.2). Table 7.2: Investment Distribution by Sector during the First Quarter of 2017/18 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry Construction 53 54.6 171.8 25.7 518 33.4 522 47.5 Education Electricity, gas, steam and water supply Health and social work 1 1.0 40.0 6.0 4 0.3 6 0.5 Hotels and restaurants Manufacturing 25 25.8 361.4 54.1 852 55.0 339 30.8 Mining and quarrying 1 1.0 40.0 6.0 25 1.6 150 13.6 Other community, social and personal service activities Real estate, renting and business activities 17 17.5 55.2 8.3 150 9.7 82 7.5 Tour operation, transport, and communication Wholesale, retail trade & repair service Others Grand Total 97 100 668.5 100 1,549 100 1,099 100 Source: Ethiopian Investment Commission. About 85.6 percent of the total projects with 75.4 percent of total investment capital were operational in Addis Ababa, 8.2 percent of the projects having 22.2 percent of total capital in Tigray and others in Amhara and Afar only. This pattern was similar to the regions’ job creation (Table 7.3).

54 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 7.3: Performance of Operational Investment Projects by Region Capital in million Birr Region 2016/17 2017/18 Growth Rate QI QIV QI C/A C/B A B C Share In (%) No of Proj Capital Perm emp Tempemp No of Proj Capital Permemp Tempemp No of Proj Capital. Perm.emp Tempemp 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 132 6,071.7 2,976 3,965 52 362.0 830 435 83 503.9 1,237 679 85.6 75.4 79.9 61.8 -37.1 -91.7 -58.4 -82.9 59.6 39.2 49.0 56.1 Afar 2 7.0 25 65 2.1 1.0 1.6 5.9 Amhara 13 36.7 52 45 4 9.1 90 10 4.1 1.4 5.8 0.9 -69.2 -75.2 73.1 -77.8 B.Gumuz Dire Dawa Oromia 3 19.8 172 224 1 8.9 25 41 SNNPR 4 42.1 87 207 1 3.5 25 25 Gamb Somali Harari Tigray 4 11.4 25 58 5 19.9 44 132 8 148.5 197 345 8.2 22.2 12.7 31.4 100.0 1,204.0 688.0 494.8 60.0 646.2 347.7 161.4 Multi￾regional Grand Total 156 6,181.7 3,312 4,499 59 394.3 924 633 97 668.5 1,549 1,099 100 -37.8 -89.2 -53.2 -75.6 64.4 69.5 67.6 73.6 Source: Ethiopian Investment Commission

First Quarter 2017/18 55 National Bank of Ethiopia Quarterly Bulletin VIII. International Economic Developments 8.1 Overview of the World Economy6 In the first quarter of 2017/18, surveys showed sustained global growth. During this period, the global composite output Purchasing Managers’ Index (PMI) excluding the Euro area remained at levels similar to those recorded in the previous quarters. Quarterly PMIs picked up in the United States, while it declined in Japan, to lesser extent in the United Kingdom compared with the previous quarter. Among emerging market economies, Quarterly PMIs increased in China, improved marginally in Brazil, but declined in India and Russia. In United States, real GDP growth is expected to weaken temporarily in the first quarter of 2017/18, reflecting the economic impact of recent hurricanes. The overall decline in employment decline in September was also influenced by those hurricanes. However, employment growth outside the affected areas was fairly robust, consistent with a further tightening of the labour market. In Japan, economic activity remains strong. Real GDP increased by 0.6% quarter on quarter, in the fourth quarter of 2016/17. The overall outlook of the economy remains favorable supported by accommodative policies, recovering foreign demand and a strong labour market. The unemployment rate stood at 2.8% in August 2017. In Euro area real GDP continued to increase by 0.7% in the fourth quarter of 2016/17, due to the strong positive contributions from domestic demand. While, net trade contributed negatively and changes in inventories made neutral contribution to GDP growth. The latest economic indicators remain optimistic and point to robust growth in the first quarter of 2017/18, around the same rates as in the previous two quarters. In the United Kingdom, economic activity has slowed down markedly. In the fourth quarter of 2016/17, real GDP increased by 0.3% quarter on quarter, broadly in line with the previous quarter, but down from 0.7% in quarter 2 of 2016/17 due to the pass-through of depreciation of pound 6 Sections 8.1 – 8.4 are excerpted from European Central Bank month￾ly bulletin of 7/2017. to consumer prices which hurt consumption by eroding purchasing power. In China, during the first quarter of 2017/18, economic growth remained robust following with a real GDP growth of 6.8% year on year growth marginally down from 6.9% in the previous quarter. The slight moderation was in line with recent data on industrial production, fixed asset investment and retail sales. 8.2. Inflation Developments Global inflation has picked up in August supported by increase in energy prices. Annual consumer price inflation in the member countries of the Organization for Economic Co-operation and Development (OECD) increased to 2.2% in August, driven by a pick-up in energy prices, food prices also experienced a moderate increase. Excluding food and energy, annual inflation in the OECD remained at 1.8% in August. Annual CPI inflation in the United States increased to 2.2% in September due to a temporary increase in petrol prices following the hurricanes, while inflation excluding food and energy was stable at 1.7% for a fifth consecutive month. In Japan, headline CPI inflation rose further in August, standing at 0.7%, year on year, reflecting some upward momentum across measures of underlying inflation. In U.K, annual CPI inflation accelerated to 3.0% in September, driven largely by energy prices and the depreciation of the pound sterling since the UK referendum on EU membership. 8.3 Commodity Price Oil prices showed upward trends due to increase in further demand, the expectation of the markets to extend OPEC output cut agreement beyond March 2018, geopolitical tensions following the independence referendum of the Kurdistan region in Iraq and concerns about US sanction on Iran. Non-energy commodity prices rose by 2 % in the first quarter of 2017/18 with large variations among major groups. Metals prices increased by 10 % due

56 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin to strong demand, coupled with supply constraints due to curtailing excess capacity by the Chinese authorities. Agricultural prices declined nearly 1%. Food prices dropped 1%, reflecting softer prices for maize, rice, and other food items such as sugar. Oils and meals increased by 1% on the back of strengthening soybean prices due to a smaller than-expected North America crop. Beverage prices increased modestly due to an advance in coffee prices. Raw materials prices slipped marginally. Fertilizer prices edged up 2 %, with rises mainly in urea due to strong demand7 . 8.4 Exchange Rate Developments In foreign exchange markets, the euro has depreciated by 1.6% against US dollar, by 2.8% against pound sterling reflecting market expectations regarding the relative monetary policy stances of the respective countries. However, the Euro appreciated vis-à-vis most other major currencies. In bilateral terms, the euro has strengthened by 0.8% against the Chinese renminbi, by 3.1% against the Japanese yen and by 2.4% against the Swiss franc. 7 World Bank Commodity markets outlook, October, 2017 The euro also appreciated vis-à-vis the currencies of most emerging market economies as well as the currencies EU Member States outside the Euro area. 8.5. Impact of Global Economic Development on Ethiopian Economy During the first quarter of F.Y. 2017/18 global economic activities indicators pointed to a sustained momentum. The global composite output Purchasing Managers’ Index (PMI), which measures economic health of the manufacturing sector, remained at levels similar to those recorded in the previous three quarters. During same period, global inflation has picked up supported by the increase in energy prices. Non￾oil commodity prices including food prices have increased by around 2%. Thus, the observed increase in non-oil agricultural commodity prices could positively contribute to Ethiopia’s export revenue, while, the increase in energy and metal prices could increase the country’s import bills thereby resulting in a significant current account deficit.

First Quarter 2017/18 57 National Bank of Ethiopia Quarterly Bulletin Statistical Tables

58 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 1(a): Statement of Condition of National Bank of Ethipia: Assets (In Millions of Birr) End of Period  Foreign Assets Claims on Government Advance To DBE Silver Coins Other Total Gold Assets Reserve Tranche Foreign Exchange Others Total Bond Direct Advance Others 2007/08 Qtr.I 13021.8 375.8 102.1 12080.0 463.9 30269.3 9899.3 20370.0 2193.0 Qtr.II 12829.3 491.8 105.7 11759.6 472.2 31995.3 9899.3 22096.0 0.0 2159.2 Qtr.III 10875.9 502.5 113.7 9772.7 487.0 33917.3 9899.3 24018.0 0.0 2109.2 Qtr.IV 8708.7 5.5 114.0 8094.0 495.3 41563.1 9745.1 31818.0 0.0 2451.2 2008/09 Qtr.I 8636.7 15.0 110.8 8010.3 500.6 44271.0 9693.0 34578.0 0.0 2516.6 Qtr.II 9260.4 81.9 112.1 8551.4 515.0 42949.0 9693.0 33256.0 0.0 2567.9 Qtr.III 13284.9 8.6 120.4 12581.0 574.9 42249.0 9693.0 32556.0 0.0 2690.6 Qtr.IV 17214.6 18.2 127.5 16488.1 580.9 44498.7 9607.7 34891.0 0.0 2627.6 2009/10 Qtr.I 22262.1 120.3 143.9 21002.7 995.3 44326.6 9555.6 34771.0 0.0 2664.3 Qtr.II 23445.7 287.3 144.3 22018.3 995.8 43610.8 9555.6 34055.2 0.0 2705.6 Qtr.III 27286.0 267.7 148.2 24480.3 2389.8 45989.7 9555.6 36434.1 0.0 3048.6 Qtr.IV 27289.3 443.3 145.7 23490.2 3210.1 45522.8 9478.7 36044.1 0.0 3041.1 2010/11 Qtr.I 35852.2 490.5 184.3 31229.2 3948.2 47983.7 9426.6 38557.1 0.0 3150.6 Qtr.II 40042.0 444.2 184.6 34418.7 4994.5 50488.6 9426.6 41062.0 0.0 3269.7 Qtr.III 45367.3 1636.2 192.3 38413.9 5124.9 51930.6 9426.6 42504.0 0.0 7413.2 Qtr.IV 51551.4 1395.2 195.7 44738.8 5221.7 55614.6 9349.6 46265.0 0.0 6250.0 0.0 7650.2 2011/12 Qtr.I 59724.2 1037.6 195.2 53248.9 5242.4 55566.5 9301.5 46264.9 0.0 7400.0 0.0 7928.6 Qtr.II 51965.4 479.4 193.3 46056.2 5236.5 55562.5 9297.5 46264.9 0.0 10070.0 0.0 10747.9 Qtr.III 40349.9 669.3 195.8 34192.4 5292.4 55562.5 9297.5 46264.9 0.0 11870.0 0.0 10948.8 Qtr.IV 40101.4 2038.1 195.3 32528.8 5339.3 55562.5 9297.5 46264.9 0.0 12502.0 0.0 12951.3 2012/13 Qtr.I 44307.7 -24.3 201.5 38671.9 5458.7 55510.4 9245.4 46264.9 0.0 12502.0 0.0 16383.7 Qtr.II 46620.9 1964.3 204.0 38926.6 5526.1 55510.4 9245.4 46264.9 0.0 13307.0 0.0 20867.6 Qtr.III 50358.0 1310.3 201.4 43334.3 5512.0 59510.4 9245.4 50264.9 0.0 14807.0 0.0 25469.4 Qtr.IV 44140.0 2253.2 201.8 36078.4 5606.7 64510.4 9245.4 55264.9 0.0 16507.0 0.0 20560.9 2013/14 Qtr.I 46471.5 2656.2 209.9 37900.3 5705.2 64381.3 9116.4 55264.9 0.0 16807.0 0.0 25388.3 Qtr.II 49513.1 1522.5 214.3 41971.9 5804.4 64381.3 9116.4 55264.9 0.0 17207.0 0.0 28944.3 Qtr.III 45838.7 1333.6 217.0 38439.6 5848.5 73381.3 9116.4 64264.9 0.0 17507.0 0.0 26128.6 Qtr.IV 50624.5 1217.6 218.4 43237.4 5951.0 73304.4 9039.4 64264.9 0.0 20257.0 0.0 25566.6 2014/15 Qtr.I 52555.4 1217.6 215.1 45256.5 5866.3 73175.3 8910.4 64264.9 0.0 21957.0 0.0 26679.2 Qtr.II 74840.6 741.2 317.4 67914.1 5867.9 78175.3 8910.4 69264.9 0.0 22157.0 0.0 27953.0 Qtr.III 64152.0 206.9 307.1 57837.7 5800.3 81175.3 8910.4 72264.9 0.0 22857.0 0.0 33275.3 Qtr.IV 66817.7 79.3 315.3 60856.5 5566.6 92175.3 8910.4 83264.9 0.0 23357.0 0.0 27477.3 2015/16 Qtr.I 65085.6 -101.7 318.7 59349.3 5519.3 99657.3 8392.4 91264.9 0.0 23857.0 0.0 27240.7 Qtr.II 84226.5 222.9 319.1 78442.7 5241.8 104657.3 8392.4 96264.9 0.0 24857.0 0.0 36167.0 Qtr.III 72889.5 1137.0 325.7 66362.7 5064.2 104657.3 8392.4 96264.9 0.0 24857.0 0.0 49246.0 Qtr.IV 74156.7 1113.9 331.5 67851.7 4859.6 109080.4 8315.5 100764.9 0.0 25607.0 0.0 53471.2 2016/17 Qtr.I 74949.6 8.4 336.0 69963.9 4641.2 115640.8 7875.9 107764.9 0.0 25607.0 0.0 60022.9 Qtr.II 72397.4 1139.6 326.7 66561.1 4370.1 120640.8 7875.9 112764.9 0.0 26107.0 0.0 60244.2 Qtr.III 70874.6 1135.4 337.7 61851.1 7550.5 129640.8 7875.9 121764.9 0.0 26607.0 0.0 61151.5 Qtr.IV 73874.3 741.3 349.4 68851.8 3931.7 135632.8 7867.9 127764.9 0.0 27226.0 0.0 53200.6 2017/18 Qtr.I 68636.4 0.0 359.5 64643.5 3633.4 150632.8 7867.9 142764.9 0.0 27226.0 0.0 53714.6

First Quarter 2017/18 59 National Bank of Ethiopia Quarterly Bulletin Table 1(b): Statement of Condition of National Bank of Ethipia: Liabilities (In Millions of Birr) End of Period  Total Liab.= Assets Currency (Notes + Coins) Deposits Foreign Liabilities Capital Account Other Total Gov’t Banker Liab. Total Fund Credit Others 2007/08 Qtr.I 45484.1 14847.9 20238.4 8032.3 12206.1 2674.0 0.0 2674.0 3115.0 4608.8 Qtr.II 46983.8 16355.5 19216.4 6740.9 12475.5 2761.9 0.0 2761.9 3116.7 5533.2 Qtr.III 46902.3 18958.5 16917.7 5966.5 10951.2 3621.2 0.0 3621.2 2129.1 5275.8 Qtr.IV 52722.9 20216.4 21492.0 6157.3 15334.7 2768.0 0.0 2768.0 2124.4 6122.1 2008/09 Qtr.I 55424.3 19640.1 23366.0 7223.0 16143.0 3660.1 0.0 3660.1 3592.8 5165.4 Qtr.II 54777.3 20870.3 25148.9 6215.8 18933.1 3123.0 0.0 3123.0 2088.3 3546.7 Qtr.III 58224.5 23303.9 24710.3 6682.8 18027.5 3713.4 556.0 3157.4 2101.1 4395.8 Qtr.IV 64340.9 23836.4 27942.2 6671.5 21270.7 5380.9 588.4 4792.6 2094.8 5086.6 2009/10 Qtr.I 69253.0 22773.2 31494.5 7373.3 24121.2 8049.5 2127.2 5922.3 1588.5 5347.2 Qtr.II 69762.1 25663.2 28307.2 7785.9 20521.2 8693.1 2132.2 6560.9 1576.7 5521.9 Qtr.III 76324.3 27278.0 30107.7 7036.6 23071.1 10995.5 2188.9 8806.6 1576.2 6366.9 Qtr.IV 75853.2 28802.9 26804.0 6182.5 20621.5 11906.0 2152.3 9753.8 1574.9 6765.3 2010/11 Qtr.I 86986.5 29711.7 31872.5 8265.6 23606.9 12848.9 2722.7 10126.3 2809.7 9743.7 Qtr.II 93800.3 33949.0 32141.9 9369.8 22772.1 15062.7 4769.7 10292.9 2757.5 9889.2 Qtr.III 104711.1 37456.7 37453.9 11276.7 26177.3 15282.8 4972.0 10310.8 2757.5 11760.2 Qtr.IV 121066.2 39100.6 40233.5 10290.9 29942.5 18695.4 5058.2 13637.1 2749.7 20287.0 2011/12 Qtr.I 130619.2 38732.6 48523.3 19133.3 29390.0 20368.5 5047.3 15321.2 8848.1 14146.8 Qtr.II 128345.8 42048.1 43045.3 17307.1 25738.2 17289.7 4997.0 12292.8 8848.1 17114.5 Qtr.III 118731.1 44710.6 29832.3 11962.1 17870.2 15825.8 5060.9 10765.0 8831.8 19530.6 Qtr.IV 121117.3 45785.2 30405.8 10218.4 20187.4 18847.1 5049.3 13797.8 4841.5 21237.6 2012/13 Qtr.I 128703.8 46183.3 38073.2 17980.5 20092.7 19311.9 5209.1 14102.8 4841.9 20293.5 Qtr.II 136305.9 50971.9 36872.6 12778.1 24094.4 20263.3 5273.0 14990.3 4833.8 23364.4 Qtr.III 150144.9 54292.9 34503.6 17952.5 16551.1 20750.5 5181.2 15569.3 4833.8 35764.1 Qtr.IV 145718.3 54917.7 29031.4 9133.0 19898.4 19494.4 5297.8 14196.6 4834.5 37440.3 2013/14 Qtr.I 153048.1 50571.6 37323.2 16548.0 20775.2 23064.8 5426.5 17638.3 4842.1 37246.4 Qtr.II 160045.7 53864.1 32759.2 14339.9 18419.2 28216.0 5456.2 22759.8 4842.1 40364.4 Qtr.III 162855.7 61372.5 35971.7 12807.4 23164.4 22394.7 5468.9 16925.8 4842.1 38274.7 Qtr.IV 169752.5 64355.0 33761.0 8793.5 24967.5 23910.6 5685.4 18225.1 4849.1 42876.9 2014/15 Qtr.I 174366.9 63714.2 37053.8 14408.0 22645.8 25489.6 5577.3 19912.3 4849.1 43260.3 Qtr.II 203126.0 70709.1 33899.3 13882.2 20017.1 46447.1 5577.3 40869.8 4849.1 47221.4 Qtr.III 201459.7 74337.8 42291.5 21308.8 20982.7 36511.4 5490.5 31020.9 4849.1 43469.9 Qtr.IV 209827.3 75240.7 42325.6 15098.5 27227.1 36844.3 5034.0 31810.3 4849.1 50567.6 2015/16 Qtr.I 215840.7 74745.7 48887.1 31740.2 17146.9 36004.4 4988.4 31016.0 4849.2 51354.3 Qtr.II 249907.8 77830.0 49034.8 25739.4 23295.4 61731.8 4662.0 57069.8 4849.2 56462.0 Qtr.III 251649.9 80258.9 45004.0 20077.3 24926.8 59027.3 4479.6 54547.7 4849.2 62510.4 Qtr.IV 262315.3 82592.7 50614.3 14042.3 36572.0 63650.3 4271.5 59378.8 4849.2 60608.8 2016/17 Qtr.I 276220.4 85811.9 54484.7 18220.2 36264.4 71483.2 4027.7 67455.5 4849.2 59591.5 Qtr.II 279389.5 90247.0 53908.7 15628.1 38280.5 66855.6 3645.2 63210.4 4849.2 63529.0 Qtr.III 288273.9 92212.5 66239.2 19084.8 47154.4 56579.9 3434.9 53145.0 4849.2 68393.2 Qtr.IV 289933.7 94245.5 66754.2 14741.8 52012.4 49897.3 3296.0 46601.3 4849.2 74187.5 2017/18 Qtr.I 300209.9 94962.7 76380.0 19337.8 57042.2 50984.6 3036.7 47947.9 4849.2 73033.4

60 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 2(a): Statement of Condition of Commercial Banks: Assets (In Millions of Birr) End of Period Reserves Foreign Assets Claims On Gov’t Claims on Non-Central Gov’t  Other Assets Total (2+3) Cash in Hand Deposits with NBE Total Loans Invest- Commercial (7+8+9) &Adv. ment Banks 1 2 3 4 5 6 7 8 9 10 2007/08 Qtr.I 13865.3 1850.5 12014.8 6994.5 16049.9 32245.6 22920.8 8408.8 916.0 20572.9 Qtr.II 14355.5 1909.7 12445.8 6364.8 16074.0 36227.2 25761.0 9393.8 1072.4 22652.4 Qtr.III 12463.6 2186.0 10277.6 8129.8 12177.8 43758.4 31682.6 11075.1 1000.7 25215.0 Qtr.IV 17795.3 2562.3 15233.0 8026.8 6648.2 47826.8 33600.7 13292.9 933.2 26336.3 2008/09 Qtr.I 17673.9 3302.5 14371.4 7726.6 6234.9 50116.4 34397.6 14818.6 900.1 26922.8 Qtr.II 20659.3 3437.5 17221.8 6950.6 5547.2 54252.8 35946.7 17436.6 869.5 33601.8 Qtr.III 21886.7 4039.9 17846.8 8093.6 5548.9 57041.6 37079.8 18852.7 1109.1 31611.2 Qtr.IV 23690.7 4121.3 19569.4 9219.7 5409.4 57651.1 38802.0 17614.5 1234.5 49113.1 2009/10 Qtr.I 27119.0 4226.0 22893.0 9173.0 5740.1 60703.1 39701.4 19805.1 1196.7 40436.9 Qtr.II 24371.7 3907.3 20464.3 9731.2 5177.6 65942.8 44092.8 20297.5 1552.5 48475.0 Qtr.III 26921.1 4209.9 22711.2 12949.1 5627.9 70716.3 46900.7 21733.1 2082.5 48973.0 Qtr.IV 25217.1 4596.1 20620.9 15060.8 7415.3 73299.8 47540.2 23796.9 1962.8 36932.9 2010/11 Qtr.I 28768.1 5861.8 22906.3 19246.0 5480.7 75435.0 48437.0 25124.5 1873.5 38067.2 Qtr.II 27486.9 5636.7 21850.2 20194.1 4102.9 85357.1 55653.8 27485.9 2217.4 44732.2 Qtr.III 31482.2 6922.0 24560.2 21148.9 4953.2 100590.2 62088.8 35549.1 2952.2 52150.2 Qtr.IV 34283.0 6525.7 27757.3 28394.2 3568.7 110114.5 61871.3 45547.5 2695.7 49545.0 2011/12 Qtr.I 34514.4 6659.0 27855.4 22565.3 4121.7 118399.5 64979.0 50781.3 2639.2 51494.8 Qtr.II 30154.5 5773.5 24380.9 23089.6 2857.2 135328.5 75725.5 58171.1 1431.9 63801.9 Qtr.III 17652.5 6983.0 10669.5 28640.0 3068.3 156445.5 88608.3 66455.7 1381.5 70487.5 Qtr.IV 29039.9 7248.1 21791.8 24017.6 4421.2 170379.7 94617.0 73472.5 2290.1 105360.9 2012/13 Qtr.I 27882.5 8265.8 19616.7 20182.7 8511.9 171722.3 94081.9 75849.9 1790.5 83988.0 Qtr.II 33108.1 8294.9 24813.2 19475.2 6693.0 188001.7 102409.1 83727.1 1865.5 80835.2 Qtr.III 32417.5 9150.5 23267.0 23412.0 5407.5 208833.8 113423.1 92141.6 3269.1 103959.4 Qtr.IV 30375.3 9236.1 21139.2 28509.2 5700.0 222393.6 114378.4 99397.0 8618.2 82403.1 2013/14 Qtr.I 31747.7 9699.2 22048.6 22706.1 4089.1 228006.2 112907.0 106635.5 8463.7 75318.9 Qtr.II 29413.2 9778.4 19634.8 20171.0 3464.0 253312.6 127152.5 117797.6 8362.6 68754.5 Qtr.III 34921.8 11397.2 23524.6 21162.5 1753.8 272894.0 138291.2 126344.1 8258.7 66924.6 Qtr.IV 35672.3 11179.0 24493.3 27253.5 1629.7 288212.7 141975.8 136904.3 9332.6 70099.9 2014/15 Qtr.I 38690.7 12931.5 25759.2 19597.0 1227.5 297817.5 144435.1 144679.2 8703.3 69897.2 Qtr.II 35148.8 12580.2 22568.6 18800.8 1246.3 329512.5 162570.7 159004.3 7937.5 68417.4 Qtr.III 35280.7 13872.8 21407.9 15862.1 1252.3 355615.4 179552.3 173479.0 2584.1 78370.5 Qtr.IV 42342.4 14779.8 27562.6 15924.1 1256.0 379393.6 185501.9 191246.2 2645.4 79584.3 2015/16 Qtr.I 39809.6 15337.9 24471.7 15463.0 905.4 390966.4 188671.0 199896.8 2398.6 79531.9 Qtr.II 37943.4 14322.9 23620.5 18368.2 905.4 421417.5 206946.8 212968.8 1501.9 87671.2 Qtr.III 40401.9 14635.2 25766.8 21316.4 905.4 445653.5 219399.6 225001.9 1252.0 92444.7 Qtr.IV 50905.9 15906.5 34999.4 20898.3 785.7 461664.4 226849.2 231953.3 2861.9 98731.4 2016/17 Qtr.I 53728.8 17326.8 36402.0 21116.0 554.3 475564.6 231569.1 240872.1 3123.5 106597.1 Qtr.II 54499.8 16544.5 37955.3 20370.8 554.3 509890.5 253196.5 252915.4 3778.5 101539.0 Qtr.III 64854.5 17034.6 47820.0 20975.6 530.3 544327.9 272606.1 267906.0 3815.8 109207.7 Qtr.IV 75305.7 20327.8 54977.9 24876.5 21982.7 582426.7 283911.5 294089.2 4425.9 111779.1 2017/18 Qtr.I 81,683.9 21,035.7 60,648.2 25,253.4 22,208.8 594,600.0 288,878.5 300,579.2 5,142.3 110,830.2

First Quarter 2017/18 61 National Bank of Ethiopia Quarterly Bulletin Table 2(b): Statement of Condition of Commercial Banks: Liabilities (In Millions of Birr) End of Period Total (Liab.= Assets) Non-Central Gov’t Deposits Gov’t Depos. Foreign Liab. Capital Account Other Liab. Tota (3+4+5) Demand Time Saving Total (9+10+11) Capital Legal Reserve Others 1 2 3 4 5 6 7 8 9 10 11 12 2007/08 Qtr.I 89728.2 45987.1 17473.8 3519.0 24994.4 8168.9 2113.1 7946.8 6022.7 695.1 1229.0 25512.3 Qtr.II 95673.9 47523.9 17472.9 3750.4 26300.7 9083.0 2221.8 8502.6 6230.9 715.9 1555.8 28342.6 Qtr.III 101744.6 49881.9 18402.8 3649.3 27829.8 9410.2 2384.4 9480.3 6372.3 755.1 2352.8 30587.9 Qtr.IV 106633.3 51175.4 18343.6 3354.1 29477.6 8978.3 2301.9 8692.7 6650.6 1160.1 882.0 35485.1 2008/09 Qtr.I 108674.6 56010.6 21545.8 3001.2 31463.7 8410.6 2315.5 9645.2 6733.5 1230.0 1681.7 32292.7 Qtr.II 121011.7 59279.8 23758.2 2977.8 32543.8 10336.0 2854.6 10537.1 7140.8 1251.8 2144.5 38004.2 Qtr.III 124182.0 62157.9 24447.5 3051.3 34659.0 11766.0 2801.5 11577.3 7188.2 1251.9 3137.2 35879.2 Qtr.IV 145083.9 64134.2 23737.1 3248.4 37148.7 10450.1 3076.5 10286.3 7289.9 1817.1 1179.3 57136.9 2009/10 Qtr.I 143172.1 69799.5 26482.9 3502.1 39814.5 10193.0 3856.6 11615.7 7351.5 1865.0 2399.3 47707.3 Qtr.II 153698.3 70853.0 25540.1 3498.8 41814.1 12446.7 3690.8 12382.9 7779.3 1999.4 2604.2 54325.0 Qtr.III 165187.4 76069.0 28137.8 3568.7 44362.5 14542.9 3960.9 13733.7 7988.5 1999.4 3745.8 56880.9 Qtr.IV 157925.8 81081.4 29083.6 3956.2 48041.6 13742.5 3254.3 12410.9 8104.2 2627.1 1679.6 47436.8 2010/11 Qtr.I 166997.0 85850.7 30488.1 3901.3 51461.4 13830.7 4246.1 16074.7 8251.8 2800.1 5022.8 46994.8 Qtr.II 181873.2 90753.8 33017.7 3860.1 53876.0 17847.5 4942.6 15372.0 8814.8 2875.6 3681.6 52957.3 Qtr.III 210324.6 101160.6 36557.4 4462.7 60140.4 22023.3 5595.2 17203.7 8993.7 2875.6 5334.4 64341.7 Qtr.IV 225905.3 114155.4 44949.5 4666.4 64539.6 20240.7 5715.5 15598.3 9352.3 3720.0 2526.0 70195.3 2011/12 Qtr.I 231095.7 119908.9 47241.2 4679.9 67987.8 20211.7 6441.2 18039.7 9463.9 3874.0 4701.8 66494.3 Qtr.II 255231.8 120849.5 44105.8 5165.3 71578.4 27669.1 8419.7 20118.9 10273.8 4083.0 5762.2 78174.6 Qtr.III 276293.8 135663.6 49133.4 10136.4 76393.8 30994.8 7392.2 23505.5 10588.9 4083.0 8833.7 78737.7 Qtr.IV 333219.2 152894.7 58345.8 12061.1 82487.8 28207.9 5484.2 26333.7 10766.2 4341.9 11225.7 120298.7 2012/13 Qtr.I 312287.4 154727.0 55112.8 12112.5 87501.8 29561.0 5874.0 22096.5 10848.5 5848.5 5399.6 100028.9 Qtr.II 328113.3 163882.2 57818.5 12930.1 93133.7 35693.3 6078.3 23819.5 11410.2 6095.9 6313.4 98640.0 Qtr.III 374030.3 181078.6 66836.5 13515.7 100726.5 34173.1 6038.1 26732.9 11848.3 6095.8 8788.7 126007.5 Qtr.IV 369381.2 189762.8 69253.3 14278.7 106230.8 39111.8 7515.2 23668.9 16207.7 3737.1 3724.1 109322.4 2013/14 Qtr.I 361868.0 196547.0 67873.9 15611.6 113061.5 30347.6 7787.7 27244.9 16648.3 4289.3 6307.3 99940.8 Qtr.II 375115.3 208389.3 69703.1 15928.7 122757.5 35196.6 7933.5 29890.4 18021.3 4432.1 7436.9 93705.5 Qtr.III 397656.6 223632.1 71185.4 17192.6 135254.1 41483.1 7843.1 34089.2 19040.2 4452.9 10596.1 90609.0 Qtr.IV 422868.0 244630.1 80947.3 17872.3 145810.5 39210.8 7995.1 28116.6 19412.6 4874.1 3829.9 102915.4 2014/15 Qtr.I 427229.9 253720.4 79404.6 18878.4 155437.5 34524.9 7599.6 33579.7 19576.2 6809.3 7194.2 97805.3 Qtr.II 453125.9 267761.4 82145.6 21324.7 164291.1 41958.4 7784.8 35980.6 20786.7 7102.8 8091.1 99640.7 Qtr.III 486381.0 288748.6 87992.9 37731.1 163024.6 39876.9 7985.8 41100.7 21089.1 7150.1 12861.6 108668.9 Qtr.IV 518500.4 310905.5 94282.9 41990.6 174632.0 47597.6 8326.6 46346.0 21607.2 7657.4 17081.4 105324.8 2015/16 Qtr.I 526676.4 321277.1 94511.0 44846.8 181919.2 44750.6 8351.7 40988.3 21854.9 10061.0 9072.4 111308.7 Qtr.II 566305.7 333108.0 95784.9 45039.0 192284.2 54814.9 9418.3 44605.5 22365.6 10260.6 11979.3 124359.0 Qtr.III 600722.0 346500.8 97666.7 47318.8 201515.3 55903.5 10021.1 50099.9 23925.7 10503.5 15670.6 138196.7 Qtr.IV 632985.6 378580.1 111923.5 49622.3 217034.3 48275.4 9880.5 54282.7 24742.0 11066.2 18474.5 141967.0 2016/17 Qtr.I 657560.8 395284.0 114563.3 52113.6 228607.1 48122.1 10224.6 48306.1 25430.7 13555.8 9319.6 155624.1 Qtr.II 686854.4 422592.7 122551.6 56019.1 244021.9 59973.0 9442.5 53837.7 25907.5 14058.7 13871.5 141008.4 Qtr.III 739896.0 459035.8 134885.3 59330.9 264819.7 59514.1 9775.1 58827.9 28022.7 14160.6 16644.6 152743.1 Qtr.IV 816370.8 499497.5 142883.0 63182.7 293431.7 57431.9 10818.8 91591.8 60893.9 9875.3 20822.573 157030.8 2017/18 Qtr.I 834576.4 528378.0 155588.0 65890.6 306899.4 57282.7 11920.7 82506.0 61439.6 11571.2 9495.30 154489.1

62 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 3(a): Consolidated Statement of Condition of Development Bank of Ethipia: Assets (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 Public Enterprise Cooper￾atives Private & Individuals 2007/08 Qtr.I 481.2 184.5 80.8 4893.3 431.9 154.0 4307.4 824.4 6464.2 Qtr.II 565.8 157.1 253.9 5061.3 316.4 227.8 4517.0 828.8 6867.0 Qtr.III 444.8 144.0 253.9 5248.6 397.6 228.9 4622.1 764.0 6855.3 Qtr.IV 293.9 194.8 253.9 5389.2 518.9 200.6 4669.7 838.1 6970.0 2008/09 Qtr.I 639.1 226.8 253.9 5579.5 527.4 178.5 4873.6 688.6 7388.0 Qtr.II 320.4 243.7 237.5 5977.0 535.0 215.6 5226.4 864.9 7643.5 Qtr.III 174.7 248.8 219.4 6246.9 539.7 222.7 5484.6 834.9 7724.8 Qtr.IV 137.9 374.6 219.4 6435.9 546.2 193.1 5696.6 743.2 7911.1 2009/10 Qtr.I 205.3 549.7 219.4 7135.1 597.5 164.9 6372.8 720.6 8830.1 Qtr.II 303.6 595.2 218.8 7671.6 582.6 246.0 6843.0 1103.7 9893.0 Qtr.III 220.0 1513.0 203.0 8068.3 609.2 235.0 7224.0 1147.6 11151.8 Qtr.IV 422.8 1023.9 184.9 8787.2 699.6 202.5 7885.2 919.2 11338.1 2010/11 Qtr.I 505.4 1058.8 184.9 8952.8 703.9 144.0 8104.9 1140.2 11842.1 Qtr.II 200.5 1032.0 184.9 9516.1 711.1 226.5 8578.6 736.4 11669.9 Qtr.III 810.4 1175.3 176.4 10355.9 928.7 202.3 9224.9 995.5 13513.5 Qtr.IV 810.4 1175.3 176.4 10355.9 928.7 202.3 9224.9 995.5 13513.5 2011/12 Qtr.I 810.4 1175.3 176.4 10355.9 928.7 202.3 9224.9 995.5 13513.5 Qtr.II 810.4 1175.3 176.4 10355.9 928.7 202.3 9224.9 995.5 13513.5 Qtr.III 810.4 1175.3 176.4 10355.9 928.7 202.3 9224.9 995.5 13513.5 Qtr.IV 810.4 1175.3 176.4 10355.9 928.7 202.3 9224.9 995.5 13513.5 2012/13 Qtr.I 711.0 1122.0 7866.4 15323.9 1385.2 102.9 13835.8 1867.9 26891.2 Qtr.II 400.6 794.5 7832.5 16707.9 1770.7 147.1 14790.1 1341.2 27076.7 Qtr.III 281.1 190.2 8814.4 17657.9 1910.9 196.4 15550.6 856.2 27799.9 Qtr.IV 379.8 457.0 9819.4 17928.9 1660.2 87.8 16180.9 1374.8 29959.9 2013/14 Qtr.I 1948.0 350.9 8425.9 18556.5 1791.6 79.0 16685.9 1723.3 31004.7 Qtr.II 380.8 1575.5 9664.2 20103.2 1880.2 152.2 18070.9 1905.1 33628.9 Qtr.III 535.8 1888.6 9807.2 18542.2 1930.0 108.3 16503.8 2545.4 33319.2 Qtr.IV 1156.7 1890.6 11337.6 21443.0 2003.5 63.6 19376.0 1971.9 37799.8 2014/15 Qtr.I 1175.4 1511.3 13148.0 20197.6 1996.9 54.1 18146.6 2550.9 38583.3 Qtr.II 544.5 1744.2 13141.9 21381.4 2019.1 184.9 19177.4 2648.9 39460.9 Qtr.III 1143.6 1803.0 13112.1 22224.9 2002.2 165.6 20057.1 2719.2 41002.7 Qtr.IV 1173.9 1635.4 13289.1 25677.8 2675.5 130.9 22871.4 2343.6 44119.7 2015/16 Qtr.I 1175.4 1511.3 13148.0 20197.6 1996.9 54.1 18146.6 2550.9 38583.3 Qtr.II 544.5 1744.2 13141.9 21381.4 2019.1 184.9 19177.4 2648.9 39460.9 Qtr.III 1143.6 1803.0 13112.1 22224.9 2002.2 165.6 20057.1 2719.2 41002.7 Qtr.IV 1173.9 1635.4 13289.1 25677.8 2675.5 130.9 22871.4 2343.6 44119.7 2016/17 Qtr.I 2434.5 2430.8 15836.8 29770.3 2838.7 104.1 26827.4 3846.7 54319.2 Qtr.II 1585.1 2065.5 15836.8 30986.5 3007.7 106.3 27872.5 3940.1 54414.0 Qtr.III 1462.8 2849.6 15816.9 31734.1 2765.9 107.5 28860.7 4032.0 55895.4 QIV 1232.7 3225.5 15816.9 31590.8 2632.7 108.7 28849.4 5223.3 57089.2 2017/18 Qtr.I 824.9 2902.0 15816.9 32396.1 2605.8 127.1 29663.2 5273.6 57213.3

First Quarter 2017/18 63 National Bank of Ethiopia Quarterly Bulletin 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 Foreign Advance & Loan Other Liability Total N.B.E Others Items 2007/08 Qtr.I 6464.2 16.5 477.5 1867.2 1888.3 381.4 1506.9 0.7 434.3 1779.7 Qtr.II 6867.0 37.1 400.4 1883.0 2087.5 381.4 1706.1 0.7 457.1 2001.1 Qtr.III 6855.3 46.5 369.3 1916.2 2091.1 381.4 1709.7 0.7 505.4 1926.2 Qtr.IV 6970.0 126.0 374.5 1910.0 2102.2 381.4 1720.8 0.0 506.1 1951.1 2008/09 Qtr.I 7388.0 187.0 379.1 1915.9 2338.6 381.4 1957.2 0.0 523.0 2044.5 Qtr.II 7643.5 141.7 381.3 1943.5 2340.0 381.4 1958.7 0.0 523.0 2314.0 Qtr.III 7724.8 102.0 385.1 1948.8 2341.2 381.4 1959.8 0.0 647.3 2300.4 Qtr.IV 7911.1 124.7 369.4 1934.2 2341.6 381.4 1960.2 0.0 647.3 2493.9 2009/10 Qtr.I 8830.1 123.4 372.5 2014.7 2571.3 424.3 2147.0 0.0 887.9 2860.3 Qtr.II 9893.0 75.2 368.9 1943.1 3028.7 424.3 2604.4 0.0 900.5 3576.6 Qtr.III 11151.8 85.6 369.1 2084.5 4228.3 424.3 3804.0 884.5 3499.9 Qtr.IV 11338.1 179.0 376.2 2124.7 4618.9 381.4 4237.5 0.0 978.7 3060.7 2010/11 Qtr.I 11842.1 141.5 382.4 2357.4 4799.2 381.4 4417.9 0.0 985.0 3176.6 Qtr.II 11669.9 235.2 384.0 2223.6 4951.9 381.4 4570.5 0.0 909.0 2966.2 Qtr.III 13513.5 414.9 373.3 2224.9 6403.1 381.4 6021.7 0.0 997.7 3099.7 Qtr.IV 13513.5 414.9 373.3 2224.9 6403.1 381.4 6021.7 0.0 997.7 3099.7 2011/12 Qtr.I 13513.5 414.9 373.3 2224.9 6403.1 381.4 6021.7 0.0 997.7 3099.7 Qtr.II 13513.5 414.9 373.3 2224.9 6403.1 381.4 6021.7 0.0 997.7 3099.7 Qtr.III 13513.5 414.9 373.3 2224.9 6403.1 381.4 6021.7 0.0 997.7 3099.7 Qtr.IV 13513.5 414.9 373.3 2224.9 6403.1 381.4 6021.7 0.0 997.7 3099.7 2012/13 Qtr.I 26891.2 374.8 384.1 2739.0 17154.1 642.5 16511.7 0.0 1209.7 5029.5 Qtr.II 27076.7 376.3 384.4 2856.4 16348.8 644.0 15704.8 0.0 1539.1 5571.7 Qtr.III 27799.9 355.7 375.8 3157.2 18741.4 740.0 18001.5 0.0 1771.2 4360.5 Qtr.IV 29959.9 347.3 380.8 3150.3 20889.9 610.1 20279.8 0.0 2301.2 2677.8 2013/14 Qtr.I 31004.7 299.0 390.5 3390.9 21434.5 17667.5 3767.0 0.0 2371.6 2922.9 Qtr.II 33628.9 248.0 377.3 3620.2 21340.4 17792.1 3548.2 0.0 2928.6 5114.4 Qtr.III 33319.2 348.3 378.0 3763.5 21746.5 18101.6 3645.0 0.0 3105.7 3977.5 Qtr.IV 37799.8 634.9 376.9 3567.6 27234.6 20851.6 6383.1 0.0 3409.4 2576.3 2014/15 Qtr.I 38583.3 656.7 380.5 3895.2 25430.9 22551.6 2879.4 0.0 3621.7 4598.2 Qtr.II 39460.9 298.6 377.5 4086.6 25618.8 22751.2 2867.6 0.0 3770.0 5309.4 Qtr.III 41002.7 300.4 376.1 4082.9 26599.7 23451.6 3148.2 0.0 3880.6 5762.9 Qtr.IV 44119.7 427.2 376.4 4255.6 27411.0 23951.6 3459.4 0.0 4031.0 7618.5 2014/15 Qtr.I 47977.8 445.9 375.4 7688.5 27369.2 23857.0 3512.2 0.0 4018.5 8080.3 Qtr.II 50132.2 436.7 375.3 7792.1 28428.5 24857.0 3571.5 0.0 4627.5 8472.2 Qtr.III 51587.2 1006.5 376.3 7858.8 28464.9 24935.9 3529.0 0.0 4727.4 9153.3 Qtr.IV 52696.4 1040.1 376.6 7968.7 29328.4 29251.5 76.9 0.0 4726.8 9255.8 2016/17 Qtr.I 54319.2 1251.8 381.9 7834.4 31771.8 31711.6 60.2 0.0 4795.7 8283.6 Qtr.II 54414.0 903.6 380.5 7876.9 33091.6 33033.9 57.7 0.0 4816.9 7344.5 Qtr.III 55895.4 868.2 120.0 7960.9 34190.1 34131.5 58.6 0.0 4826.3 7929.9 QIV 57089.2 948.4 122.2 7918.9 34984.4 34309.7 674.7 0.0 4822.2 8293.1 2017/18 Qrt.I 57213.3 915.8 126.0 8032.8 35365.3 35304.9 60.4 0.0 5096.4 7677.0

64 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 4: Money Supply and its Determinants (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Net Foreign Assets Other Items Net Currency Outside Banks Net Demand Deposit Money Supply (1+2) Quasi￾Money Total Volume (3+4) Total Credit (7+10) Net Claims on Gov’t Claims on Non-Cen Gov’t Total (8+9) Nat. Bank Comm. Banks Total (13+12) Nat. Bank Comm. Banks 1 2 3 4 5 6 7 8 9 10 11 12 13 14 2007/08 Qtr.I 12997.4 16968.5 29966.0 28513.4 58479.4 61447.7 30118.0 22237.0 7881.0 31329.6 15229.2 10347.8 4881.4 18197.5 Qtr.II 14445.8 16652.0 31097.8 30051.0 61148.8 67400.1 32245.3 25254.4 6991.0 35154.8 14210.4 10067.4 4143.0 20461.7 Qtr.III 16772.6 17462.8 34235.3 31479.1 65714.4 73476.1 30718.4 27950.8 2767.6 42757.7 13000.1 7254.7 5745.4 20761.7 Qtr.IV 17654.1 17696.3 35350.4 32831.8 68182.1 79969.3 33075.7 35405.8 -2330.1 46893.6 11665.6 5940.7 5725.0 23452.7 2008/09 Qtr.I 16337.6 20633.9 36971.5 34464.8 71436.3 84088.6 34872.4 37048.0 -2175.7 49216.2 10387.8 4976.7 5411.1 23040.0 Qtr.II 17432.9 22949.2 40382.1 35521.6 75903.7 85327.7 31944.4 36733.1 -4788.8 53383.3 10233.5 6137.4 4096.0 19657.4 Qtr.III 19264.0 23589.2 42853.2 37710.3 80563.5 85281.6 29349.1 35566.2 -6217.1 55932.5 14863.6 9571.6 5292.0 19581.6 Qtr.IV 19715.0 22397.6 42112.7 40397.1 82509.8 89203.0 32786.5 37827.2 -5040.7 56416.5 17976.8 11833.7 6143.1 24670.1 2009/10 Qtr.I 18547.2 25572.4 44119.7 43316.6 87436.2 92006.9 32500.4 36953.3 -4452.9 59506.5 19529.0 14212.6 5316.3 24099.6 Qtr.II 21755.8 24372.3 46128.1 45312.9 91441.0 92946.2 28555.8 35824.9 -7269.1 64390.3 20793.0 14752.6 6040.4 22298.2 Qtr.III 23068.1 26271.8 49339.9 47931.1 97271.0 98671.9 30038.2 38953.2 -8915.0 68633.8 25278.6 16290.4 8988.2 26679.5 Qtr.IV 24206.8 27728.0 51934.8 51997.8 103932.6 104350.1 33013.1 39340.3 -6327.2 71337.0 27189.8 15383.3 11806.5 27607.3 2010/11 Qtr.I 23849.9 29249.4 53099.3 55362.7 108462.0 104929.6 31368.1 39718.0 -8349.9 73561.5 38003.2 23003.3 14999.9 34470.8 Qrt II 28312.3 31751.8 60064.2 57736.1 117800.2 110514.0 27374.2 41118.8 -13744.6 83139.7 40230.9 24979.3 15251.5 32944.6 Qtr.III 30534.7 35172.0 65706.7 64603.1 130309.8 121221.7 23583.8 40653.9 -17070.1 97638.0 45638.1 30084.5 15553.6 36550.1 Qtr.IV 32574.9 43596.1 76171.0 69206.0 145377.0 142320.4 28651.7 45323.7 -16672.1 113668.8 55534.7 32856.0 22678.7 52478.1 2011/12 Qtr.I 32073.6 46068.6 78142.2 72667.7 150809.9 143503.5 20343.1 36433.2 -16090.1 123160.3 55479.8 39355.7 16124.1 48173.4 Qtr.II 36274.6 42880.0 79154.6 76743.7 155898.2 157410.2 13443.6 38255.4 -24811.8 143966.6 49345.6 34675.7 14669.9 50857.5 Qtr.III 37727.7 47246.4 84974.1 86530.1 171504.3 182607.9 15673.9 43600.4 -27926.5 166934.0 45771.8 24524.1 21247.8 56875.5 Qtr.IV 38537.1 56312.7 94849.9 94548.9 189398.8 202149.0 21557.4 45344.1 -23786.7 180591.6 39787.7 21254.3 18533.4 52537.9 2012/13 Qtr.I 37917.5 54544.8 92462.3 99614.2 192076.5 198914.6 16480.8 37529.9 -21049.1 182433.8 39304.6 24995.8 14308.8 46142.7 Qtr.II 42677.0 57524.7 100201.7 106063.7 206265.4 213175.2 13732.0 42732.3 -29000.2 199443.2 39754.6 26357.6 13396.9 46664.4 Qtr.III 45142.4 66203.3 111345.7 114242.2 225587.9 233163.9 12792.2 41557.8 -28765.7 220371.7 46981.5 29607.5 17373.9 54557.5 Qtr.IV 45681.7 69052.4 114734.1 120509.5 235243.6 252247.9 21965.5 55377.3 -33411.8 230282.4 45639.6 24645.6 20994.0 62643.9 2013/14 Qtr.I 40872.5 67625.2 108497.7 128673.1 237170.8 257924.3 21574.8 47833.3 -26258.5 236349.5 38325.1 23406.7 14918.4 59078.5 Qtr.II 44085.7 69579.6 113665.3 138686.2 252351.5 280465.9 18308.9 50041.4 -31732.5 262157.1 33534.5 21297.0 12237.5 61648.9 Qtr.III 49975.3 71046.9 121022.2 152446.7 273468.9 302987.0 20844.6 60574.0 -39729.3 282142.3 36763.3 23444.0 13319.3 66281.3 Qtr.IV 53176.0 80887.8 134063.8 163682.8 297746.6 326066.9 26929.7 64510.9 -37581.2 299137.1 45972.3 26713.9 19258.4 74292.6 2014/15 Qtr.I 50782.7 79355.5 130138.2 174315.9 304454.1 336541.2 25470.0 58767.4 -33297.4 311071.2 39063.2 27065.8 11997.4 71150.4 Qtr.II 58128.9 82081.5 140210.4 185615.8 325826.2 367313.1 23581.1 64293.1 -40712.0 343732.0 39409.4 28393.5 11016.0 80896.4 Qtr.III 60465.0 87943.8 148408.8 200755.7 349164.5 397130.3 21242.0 59866.6 -38624.6 375888.3 35516.9 27640.6 7876.3 83482.7 Qtr.IV 60460.9 94245.4 154706.3 216622.6 371328.9 430840.4 30735.3 77076.8 -46341.6 400105.1 37570.9 29973.4 7597.6 97082.4 2015/16 Qtr.I 59407.7 94503.3 153911.1 226766.0 380677.1 436496.8 24072.0 67917.1 -43845.1 412424.8 36192.5 29081.2 7111.3 92012.2 Qtr.II 63507.1 95784.8 159291.9 237323.2 396615.0 469781.0 25008.5 78918.0 -53909.5 444772.6 31444.6 22494.7 8949.9 104610.6 Qtr.III 65623.8 97666.6 163290.4 248834.1 412124.5 498840.5 29582.0 84580.1 -54998.1 469258.5 25157.5 13862.2 11295.3 111873.5 Qtr.IV 66686.2 111923.5 178609.7 266656.6 445266.3 531957.9 47548.4 95038.1 -47489.7 484409.5 21524.2 10506.4 11017.8 108215.8 2016/17 Qtr.I 68485.1 114563.3 183048.4 280720.7 463769.0 547901.0 49852.8 97420.6 -47567.8 498048.1 14357.8 3466.4 10891.4 98489.8 Qtr.II 73702.5 122551.6 196254.2 300041.1 496295.2 577812.9 45594.0 105012.7 -59418.8 532219.0 16470.2 5541.9 10928.4 97987.9 Qtr.III 75177.9 134885.3 210063.2 324150.6 534213.8 618691.4 51572.3 110556.0 -58983.8 567119.1 25495.2 14294.7 11200.5 109972.8 QIV 73917.7 142883.0 216800.8 356614.4 573415.2 690668.6 85441.8 120891.0 -35449.2 605226.7 38034.8 23977.0 14057.8 155288.2 2017/18 Qtr.I 73927.0 155588.0 229515.0 372790.0 602305.0 712905.0 96221.3 131295.1 -35073.8 616683.7 30984.6 17651.9 13332.7 141584.6

First Quarter 2017/18 65 National Bank of Ethiopia Quarterly Bulletin Table 5: Seasonally adjusted data of Monetary Variables (1) (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Currency Outside Banks Net Demand Deposit Money Supply Quasi￾Money Total Volume Central Gov’t (Net) Non-Cent. Gov’t  Foreign Assets (Net) 2007/08 Qtr.I 13712.3 16510.4 30222.7 29425.8 59648.5 59174.1 33710.7 14665.8 Qtr.II 11480.1 16418.9 27898.9 29450.0 57349.0 67467.5 24608.4 14224.6 Qtr.III 16554.5 17986.7 34541.2 30912.4 65453.6 76782.5 32495.9 13585.1 Qtr.IV 20537.0 18123.4 38660.5 32831.8 71492.2 81092.0 65088.3 11829.4 2008/09 Qtr.I 17236.2 20076.8 37312.9 35567.7 72880.7 80977.3 52956.7 10003.4 Qtr.II 13853.9 22628.0 36481.9 34811.2 71293.0 85413.0 37368.3 10243.7 Qtr.III 19013.6 24296.9 43310.4 37031.6 80342.0 89119.2 42508.7 15532.5 Qtr.IV 22934.5 22938.3 45872.8 40397.1 86269.9 90455.4 78306.2 18229.2 2009/10 Qtr.I 19567.3 24882.0 44449.3 44486.1 88935.4 88602.6 64029.0 18806.4 Qtr.II 17289.4 24031.0 41320.4 44406.7 85727.1 93039.1 45073.2 20813.8 Qtr.III 21937.8 26455.7 48393.5 47835.2 96228.7 98671.9 52161.7 25278.6 Qtr.IV 28159.8 28397.3 56557.1 51997.8 108554.9 105815.2 99015.8 27571.5 2010/11 Qtr.I 25161.7 28459.7 53621.3 57134.3 110755.6 101047.2 79152.2 36597.1 Qrt.II 22499.8 31307.3 53807.1 56581.4 110388.5 110624.5 58197.8 40271.1 Qtr.III 30137.7 36227.1 66364.9 63440.3 129805.1 126676.7 74204.8 47691.8 Qtr.IV 37894.4 44648.5 82542.9 69206.0 151748.9 144318.6 157772.2 56314.4 2011/12 Qtr.I 33837.7 44824.7 78662.4 74993.0 153655.4 138193.8 132520.5 53427.1 Qtr.II 28827.4 42279.6 71107.1 75208.8 146315.9 157567.6 100776.6 49394.9 Qtr.III 37237.2 48663.8 85901.0 84972.6 170873.6 190825.3 126869.8 47831.6 Qtr.IV 44830.3 57672.1 102502.4 94548.9 197051.3 204987.1 250661.1 40346.3 2012/13 Qtr.I 40003.0 53072.0 93075.0 102801.9 195876.9 191554.8 196298.8 37850.3 Qtr.II 33915.4 56719.3 90634.7 103942.4 194577.2 213388.4 139610.2 39794.3 Qtr.III 44555.5 68189.4 112744.9 112185.8 224930.7 243656.3 167482.5 49095.7 Qtr.IV 53141.5 70719.3 123860.8 120509.5 244370.3 255789.4 319631.9 46280.4 2013/14 Qtr.I 43120.5 65799.3 108919.8 132790.7 241710.5 248381.1 254312.0 36907.1 Qtr.II 35034.9 68605.5 103640.4 135912.5 239552.8 280746.4 183509.9 33568.0 Qtr.III 49325.6 73178.3 122503.9 149702.7 272206.6 316621.4 214428.2 38417.7 Qtr.IV 61859.7 82840.4 144700.1 163682.8 308382.8 330644.9 415202.3 46617.8 2014/15 Qtr.I 53575.8 77212.9 130788.6 179894.0 310682.6 324089.2 334712.6 37617.9 Qtr.II 46195.0 80932.4 127127.4 181903.5 309030.9 367680.4 240612.4 39448.9 Qtr.III 59679.0 90582.1 150261.1 197142.1 347403.1 415001.2 285675.1 37115.2 Qtr.IV 70334.2 96520.5 166854.7 216622.6 383477.3 436889.4 555345.9 38098.4 2015/16 Qtr.I 62675.2 91951.7 154626.9 234022.6 388649.5 420346.5 443769.1 34853.4 Qtr.II 50469.1 94443.8 144912.9 232576.7 377489.6 470250.8 311340.8 31476.1 Qtr.III 64770.6 100596.6 165367.3 244355.1 409722.4 521288.3 356636.4 26289.6 Qtr.IV 77576.0 114625.3 192201.3 266656.6 458857.9 539426.6 672360.4 21826.4 2016/17 Qtr.I 72251.8 111470.1 183721.9 289703.7 473425.6 527628.6 535899.8 13826.6 Qtr.II 58571.4 120835.9 179407.3 294040.2 473447.6 578390.7 372553.3 16486.7 Qtr.III 74200.6 138931.8 213132.5 318315.8 531448.3 646532.5 431010.5 26642.5 QIV 85988.5 146332.2 232320.8 356614.4 588935.2 700365.6 840054.7 38568.8 2017/18 Qtr.I 77993.0 151387.1 229380.1 384719.3 614099.4 686527.5 663551.7 29838.2

66 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 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 Gross Reserves NBE Total Gold Foreign Exc. Others Reserve Tranche Posi. Total Liab. Comm. Banks NBE Total NBE Comm. Banks 1=2+6 2=3 to 5 3 4 5 6 7=8+9 8 9 10=11+12 11=2-9 12=6-8 2007/08 Qtr.I 20016.3 13021.8 375.8 12080.0 463.9 102.1 6994.5 4787.1 2113.1 2674.0 15229.2 10347.8 4881.4 Qtr.II 19194.1 12829.3 491.8 11759.6 472.2 105.7 6364.8 4983.7 2221.8 2761.9 14210.4 10067.4 4143.0 Qtr.III 19005.7 10875.9 502.5 9772.7 487.0 113.7 8129.8 6005.6 2384.4 3621.2 13000.1 7254.7 5745.4 Qtr.IV 16735.5 8708.7 5.5 8094.0 495.3 114.0 8026.8 5069.9 2301.9 2768.0 11665.6 5940.7 5725.0 2008/09 Qtr.I 16363.3 8636.7 15.0 8010.3 500.6 110.8 7726.6 5975.6 2315.5 3660.1 10387.8 4976.7 5411.1 Qtr.II 16211.1 9260.4 81.9 8551.4 515.0 112.1 6950.6 5977.6 2854.6 3123.0 10233.5 6137.4 4096.0 Qtr.III 21378.5 13284.9 8.6 12581.0 574.9 120.4 8093.6 6514.9 2801.5 3713.4 14863.6 9571.6 5292.0 Qtr.IV 26434.3 17214.6 18.2 16488.1 580.9 127.5 9219.7 8457.5 3076.5 5380.9 17976.8 11833.7 6143.1 2009/10 Qtr.I 31435.1 22262.1 120.3 21002.7 995.3 143.9 9173.0 11906.1 3856.6 8049.5 19529.0 14212.6 5316.3 Qtr.II 33176.9 23445.7 287.3 22018.3 995.8 144.3 9731.2 12383.9 3690.8 8693.1 20793.0 14752.6 6040.4 Qtr.III 40235.1 27286.0 267.7 24480.3 2389.8 148.2 12949.1 14956.5 3960.9 10995.5 25278.6 16290.4 8988.2 Qtr.IV 42350.1 27289.3 443.3 23490.2 3210.1 145.7 15060.8 15160.3 3254.3 11906.0 27189.8 15383.3 11806.5 2010/11 Qtr.I 55098.2 35852.2 490.5 31229.2 3948.2 184.3 19246.0 17095.0 4246.1 12848.9 38003.2 23003.3 14999.9 Qrt.II 60236.1 40042.0 444.2 34418.7 4994.5 184.6 20194.1 20005.2 4942.6 15062.7 40230.9 24979.3 15251.5 Qtr.III 66516.2 45367.3 1636.2 38413.9 5124.9 192.3 21148.9 20878.1 5595.2 15282.8 45638.1 30084.5 15553.6 Qtr.IV 79945.5 51551.4 1395.2 44738.8 5221.7 195.7 28394.2 24410.9 5715.5 18695.4 55534.7 32856.0 22678.7 2011/12 Qtr.I 82289.5 59724.2 1037.6 53248.9 5242.4 195.2 22565.3 26809.7 6441.2 20368.5 55479.8 39355.7 16124.1 Qtr.II 75055.0 51965.4 479.4 46056.2 5236.5 193.3 23089.6 25709.4 8419.7 17289.7 49345.6 34675.7 14669.9 Qtr.III 68989.9 40349.9 669.3 34192.4 5292.4 195.8 28640.0 23218.1 7392.2 15825.8 45771.8 24524.1 21247.8 Qtr.IV 64119.0 40101.4 2038.1 32528.8 5339.3 195.3 24017.6 24331.3 5484.2 18847.1 39787.7 21254.3 18533.4 2012/13 Qtr.I 64490.5 44307.7 -24.3 38671.9 5458.7 201.5 20182.7 25185.9 5874.0 19311.9 39304.6 24995.8 14308.8 Qtr.II 66096.2 46620.9 1964.3 38926.6 5526.1 204.0 19475.2 26341.6 6078.3 20263.3 39754.6 26357.6 13396.9 Qtr.III 73770.1 50358.0 1310.3 43334.3 5512.0 201.4 23412.0 26788.6 6038.1 20750.5 46981.5 29607.5 17373.9 Qtr.IV 72649.2 44140.0 2253.2 36078.4 5606.7 201.8 28509.2 27009.6 7515.2 19494.4 45639.6 24645.6 20994.0 2013/14 Qtr.I 69177.6 46471.5 2656.2 37900.3 5705.2 209.9 22706.1 30852.5 7787.7 23064.8 38325.1 23406.7 14918.4 Qtr.II 69684.0 49513.1 1522.5 41971.9 5804.4 214.3 20171.0 36149.5 7933.5 28216.0 33534.5 21297.0 12237.5 Qtr.III 67001.2 45838.7 1333.6 38439.6 5848.5 217.0 21162.5 30237.9 7843.1 22394.7 36763.3 23444.0 13319.3 Qtr.IV 77878.0 50624.5 1217.6 43237.4 5951.0 218.4 27253.5 31905.7 7995.1 23910.6 45972.3 26713.9 19258.4 2014/15 Qtr.I 72152.4 52555.4 1217.6 45256.5 5866.3 215.1 19597.0 33089.2 7599.6 25489.6 39063.2 27065.8 11997.4 Qtr.II 93641.4 74840.6 741.2 67914.1 5867.9 317.4 18800.8 54232.0 7784.8 46447.1 39409.4 28393.5 11016.0 Qtr.III 80014.2 64152.0 206.9 57837.7 5800.3 307.1 15862.1 44497.2 7985.8 36511.4 35516.9 27640.6 7876.3 Qtr.IV 82741.8 66817.7 79.3 60856.5 5566.6 315.3 15924.1 45170.9 8326.6 36844.3 37570.9 29973.4 7597.6 2015/16 Qtr.I 80548.6 65085.6 -101.7 59349.3 5519.3 318.7 15463.0 44356.1 8351.7 36004.4 36192.5 29081.2 7111.3 Qtr.II 102594.7 84226.5 222.9 78442.7 5241.8 319.1 18368.2 71150.1 9418.3 61731.8 31444.6 22494.7 8949.9 Qtr.III 94206.0 72889.5 1137.0 66362.7 5064.2 325.7 21316.4 69048.4 10021.1 59027.3 25157.5 13862.2 11295.3 Qtr.IV 95055.0 74156.7 1113.9 67851.7 4859.6 331.5 20898.3 73530.8 9880.5 63650.3 21524.2 10506.4 11017.8 2016/17 Qtr.I 96065.6 74949.6 8.4 69963.9 4641.2 336.0 21116.0 81707.8 10224.6 71483.2 14357.8 3466.4 10891.4 Qtr.III 92768.3 72397.4 1139.6 66561.1 4370.1 326.7 20370.8 76298.0 9442.5 66855.6 16470.2 5541.9 10928.4 Qtr.III 91850.2 70874.6 1135.4 61851.1 7550.5 337.7 20975.6 66355.0 9,775.1 56579.9 25495.2 14294.7 11200.5 QIV 98750.9 73874.3 741.3 68851.8 3931.7 349.4 24876.5 60716.1 10,818.8 49897.3 38034.8 23977.0 14057.8 2017/18 Qtr.I 93889.8 68636.4 0.0 64643.5 3633.4 359.5 25253.4 62905.2 11,920.7 50984.6 30984.6 17651.9 13332.7

First Quarter 2017/18 67 National Bank of Ethiopia Quarterly Bulletin Table 7: Domestic Credit by Sector (In Millions of Birr) End of Gross Claims on Central Gov’t Claims on Non-Central Gov’t Period Domestic Comm. Loans & Invest￾Credit Total NBE Banks Total Advances ments 1=2+5 2=3+4 3 4 5=6+7 6 7 2007/08 Qtr.I 77648.8 46319.1 30269.3 16049.9 31329.6 22920.8 8408.8 Qtr.II 83224.0 48069.2 31995.3 16074.0 35154.8 25761.0 9393.8 Qtr.III 88852.8 46095.1 33917.3 12177.8 42757.7 31682.6 11075.1 Qtr.IV 95104.8 48211.2 41563.1 6648.2 46893.6 33600.7 13292.9 2008/09 Qtr.I 99722.1 50505.9 44271.0 6234.9 49216.2 34397.6 14818.6 Qtr.II 101879.5 48496.2 42949.0 5547.2 53383.3 35946.7 17436.6 Qtr.III 103730.4 47797.9 42249.0 5548.9 55932.5 37079.8 18852.7 Qtr.IV 106324.6 49908.1 44498.7 5409.4 56416.5 38802.0 17614.5 2009/10 Qtr.I 109573.2 50066.7 44326.6 5740.1 59506.5 39701.4 19805.1 Qtr.II 113178.7 48788.4 43610.8 5177.6 64390.3 44092.8 20297.5 Qtr.III 120251.3 51617.6 45989.7 5627.9 68633.8 46900.7 21733.1 Qtr.IV 124275.1 52938.0 45522.8 7415.3 71337.0 47540.2 23796.9 2010/11 Qtr.I 127025.9 53464.4 47983.7 5480.7 73561.5 48437.0 25124.5 Qrt.II 137731.2 54591.4 50488.6 4102.9 83139.7 55653.8 27485.9 Qtr.III 154521.7 56883.8 51930.6 4953.2 97638.0 62088.8 35549.1 Qtr.IV 172852.1 59183.3 55614.6 3568.7 113668.8 68121.3 45547.5 2011/12 Qtr.I 182848.5 59688.2 55566.5 4121.7 123160.3 72379.0 50781.3 Qtr.II 202386.3 58419.7 55562.5 2857.2 143966.6 85795.5 58171.1 Qrt.III 225564.8 58630.8 55562.5 3068.3 166934.0 100478.3 66455.7 Qtr.IV 240575.2 59983.7 55562.5 4421.2 180591.6 107119.0 73472.5 2012/13 Qtr.I 246456.1 64022.3 55510.4 8511.9 182433.8 106583.9 75849.9 Qtr.II 261646.6 62203.4 55510.4 6693.0 199443.2 115716.1 83727.1 Qtr.III 285289.6 64917.9 59510.4 5407.5 220371.7 128230.1 92141.6 Qtr.IV 300492.7 70210.4 64510.4 5700.0 230282.4 130885.4 99397.0 2013/14 Qtr.I 304819.9 68470.4 64381.3 4089.1 236349.5 129714.0 106635.5 Qtr.II 330002.4 67845.4 64381.3 3464.0 262157.1 144359.5 117797.6 Qtr.III 357277.5 75135.1 73381.3 1753.8 282142.3 155798.2 126344.1 Qtr.IV 374071.2 74934.1 73304.4 1629.7 299137.1 162232.8 136904.3 2014/15 Qtr.I 385474.1 74402.8 73175.3 1227.5 311071.2 166392.1 144679.2 Qtr.II 423153.7 79421.7 78175.3 1246.3 343732.0 184727.7 159004.3 Qtr.III 458316.0 82427.7 81175.3 1252.3 375888.3 202409.3 173479.0 Qtr.IV 493536.5 93431.4 92175.3 1256.0 400105.1 208858.9 191246.2 2015/16 Qtr.I 512987.6 100562.8 99657.3 905.4 412424.8 212528.0 199896.8 Qtr.II 550335.4 105562.8 104657.3 905.4 444772.6 231803.8 212968.8 Qtr.III 574821.3 105562.8 104657.3 905.4 469258.5 244256.6 225001.9 Qtr.IV 594275.6 109866.0 109080.4 785.7 484409.5 252456.2 231953.3 2016/17 Qtr.I 614243.3 116195.1 115640.8 554.3 498048.1 257176.1 240872.1 Qtr.II 653414.1 121195.1 120640.8 554.3 532219.0 279303.5 252915.4 Qtr.III 697290.2 130171.1 129640.8 530.3 567119.1 299213.1 267906.0 QIV 762842.3 157615.6 135632.8 21982.7 605226.7 311137.5 294089.2 2017/18 Qtr.I 789525.4 172841.7 150632.8 22208.8 616683.7 316104.5 300579.2

68 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 8: Deposits by Type and Sector (In Millions of Birr) End of Period Total Deposits Non-Central Gov’t Deposits with CBs Central Gov’t Dep. with Total Net Demand Deposit Savings Deposit Time Dep. (30 days & over) Total National Bank Comm. Banks 1=2+6 2=3 to 5 3 4 5 6=7+8 7 8 2007/08 Qtr.I 61683.1 45481.9 16968.5 24994.4 3519.0 16201.1 8032.3 8168.9 Qtr.II 62527.0 46703.1 16652.0 26300.7 3750.4 15823.9 6740.9 9083.0 Qtr.III 64318.5 48941.8 17462.8 27829.8 3649.3 15376.7 5966.5 9410.2 Qtr.IV 65663.6 50528.0 17696.3 29477.6 3354.1 15135.6 6157.3 8978.3 2008/09 Qtr.I 70732.3 55098.7 20633.9 31463.7 3001.2 15633.6 7223.0 8410.6 Qtr.II 75022.7 58470.9 22949.2 32543.8 2977.8 16551.8 6215.8 10336.0 Qtr.III 79748.3 61299.5 23589.2 34659.0 3051.3 18448.8 6682.8 11766.0 Qtr.IV 79916.4 62794.8 22397.6 37148.8 3248.4 17121.6 6671.5 10450.1 2009/10 Qtr.I 86456.0 68889.7 25572.4 39815.2 3502.1 17566.3 7373.3 10193.0 Qtr.II 89917.8 69685.2 24372.3 41814.2 3498.8 20232.6 7785.9 12446.7 Qtr.III 95782.4 74203.0 26271.8 44362.5 3568.7 21579.4 7036.6 14542.9 Qtr.IV 99652.9 79727.9 27728.0 48043.7 3956.2 19925.0 6182.5 13742.5 2010/11 Qtr.I 107047.1 84950.8 29584.5 51465.0 3901.3 22096.3 8265.6 13830.7 Qrt.II 116681.8 89464.6 31725.0 53879.5 3860.1 27217.2 9369.8 17847.5 Qtr.III 132852.1 99552.1 34948.6 60140.8 4462.7 33300.0 11276.7 22023.3 Qtr.IV 143339.3 112807.6 43596.1 64545.1 4666.4 30531.7 10290.9 20240.7 2011/12 Qtr.I 158086.9 118741.9 46068.6 67993.4 4679.9 39345.0 19133.3 20211.7 Qtr.II 164606.2 119630.0 42880.0 71584.8 5165.3 44976.1 17307.1 27669.1 Qrt.III 176742.1 133785.2 47246.4 76402.4 10136.4 42956.9 11962.1 30994.8 Qtr.IV 189288.8 150862.5 56312.7 82488.7 12061.1 38426.3 10218.4 28207.9 2012/13 Qtr.I 201701.3 154159.9 54544.8 87502.7 12112.5 47541.4 17980.5 29561.0 Qtr.II 212060.4 163589.0 57524.7 93134.3 12930.1 48471.4 12778.1 35693.3 Qtr.III 232572.1 180446.4 66203.3 100727.5 13515.7 52125.7 17952.5 34173.1 Qtr.IV 237807.9 189563.1 69052.4 106232.0 14278.7 48244.8 9133.0 39111.8 2013/14 Qtr.I 243194.1 196298.5 67625.2 113061.7 15611.6 46895.7 16548.0 30347.6 Qtr.II 257802.6 208266.1 69579.6 122757.7 15928.7 49536.5 14339.9 35196.6 Qtr.III 277784.2 223493.7 71046.9 135254.2 17192.6 54290.5 12807.4 41483.1 Qtr.IV 292574.9 244570.6 80887.8 145810.5 17872.3 48004.3 8793.5 39210.8 2014/15 Qtr.I 302604.2 253671.4 79355.5 155437.5 18878.4 48932.8 14408.0 34524.9 Qtr.II 323538.0 267697.4 82081.5 164291.2 21324.7 55840.6 13882.2 41958.4 Qtr.III 349885.3 288699.6 87943.8 163024.7 37731.1 61185.7 21308.8 39876.9 Qtr.IV 373564.1 310868.0 94245.4 174632.0 41990.6 62696.1 15098.5 47597.6 2015/16 Qtr.I 397760.2 321269.4 94503.3 181919.2 44846.8 76490.8 31740.2 44750.6 Qtr.II 413662.3 333108.0 95784.8 192284.2 45039.0 80554.3 25739.4 54814.9 Qtr.III 422481.5 346500.7 97666.6 201515.3 47318.8 75980.8 20077.3 55903.5 Qtr.IV 440897.8 378580.1 111923.5 217034.3 49622.3 62317.7 14042.3 48275.4 2016/17 Qtr.I 461626.2 395284.0 114563.3 228607.1 52113.6 66342.3 18220.2 48122.1 Qtr.II 498193.9 422592.7 122551.6 244022.0 56019.1 75601.2 15628.1 59973.0 Qtr.III 537634.7 459035.8 134885.3 264819.7 59330.9 78598.9 19084.8 59514.1 QIV 571671.2 499497.5 142883.0 293431.7 63182.7 72173.7 14741.8 57,431.9 2017/18 Qtr.I 605014.1 528393.7 155588.0 306915.1 65890.6 76620.4 19337.8 57,282.7

First Quarter 2017/18 69 National Bank of Ethiopia Quarterly Bulletin Table 9: Reserve and Liquidity Position of the Commercial Banks, and Turnover of Deposits (In Millions of Birr)

1. Actual Reserve: Reserves with the National Bank of Ethiopia Plus Cash in Hand (Local Currency).
2. Liquidity Ratio: Actual Reserves + Foreign Asset, net of short term liabilities, divided by Demand Deposits, net.
3. 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 + Timeand Savings Deposits + Government Deposits with commercial banks.
4. Debit Balance: Total Debit Balance less debit against the deposits of the commercial banks.
5. Turnover of Deposits: Debit Balances divided by Gross Demand Deposits of private and others + Government Deposits. End of Period Reserve Requir￾ments  Actual Rese. Excess Rese.  Foreign Assets Foreign Liabilities Actual Reserve+ Net For. Assets Liqui￾dity Ratio Ratio: Loans Adv. to Dep. Debit Balance Turn- Over of Deposit  Total Short Term Long Term 1 2 3=2-1 4 5=6+7 6 7 7=2+4-5 8 9 10 11 2007/08 Qtr.I 5365.1 13865.3 8500.2 6994.5 2113.1 2113.1 0.0 18746.7 41.2 42.7 76830.1 2.3 Qtr.II 5578.6 14355.5 8776.9 6364.8 2221.8 2221.8 0.0 18498.6 39.6 46.2 82185.6 2.5 Qtr.III 5835.2 12463.6 6628.4 8129.8 2384.4 2384.4 0.0 18209.0 37.2 54.3 90495.3 2.8 Qtr.IV 8925.9 17795.3 8869.3 8026.8 2301.9 2301.9 0.0 23520.2 46.5 56.5 90493.5 2.8 2008/09 Qtr.I 9526.4 17673.9 8147.5 7726.6 2315.5 2315.5 0.0 23085.0 41.9 54.2 93429.4 2.6 Qtr.II 10321.0 20659.3 10338.2 6950.6 2854.6 2854.6 0.0 24755.3 42.3 52.2 102944.0 2.6 Qtr.III 10959.8 21886.7 10926.9 8093.6 2801.5 2801.5 0.0 27178.8 44.3 50.7 105249.6 2.5 Qtr.IV 10986.7 23690.7 12704.0 9219.7 3076.5 3076.5 0.0 29833.9 47.5 53.0 124300.7 3.1 2009/10 Qtr.I 11399.0 27119.0 15720.0 9173.0 3856.6 3856.6 0.0 32435.4 48.6 51.3 119082.5 2.9 Qtr.II 11983.8 24371.7 12387.9 9731.2 3690.8 3690.8 0.0 30412.1 44.6 53.6 131681.5 3.0 Qtr.III 12695.8 26921.1 14225.3 12949.1 3960.9 3960.9 0.0 35909.3 50.5 54.0 140393.6 3.0 Qtr.IV 13973.2 25217.1 11243.9 15060.8 3254.3 3254.3 0.0 37023.5 47.1 52.6 135342.1 2.7 2010/11 Qtr.I 14425.7 28768.1 14342.4 19246.0 4246.1 4246.1 0.0 43768.0 52.2 50.0 142217.2 2.9 Qrt.II 15192.5 27486.9 12294.5 20194.1 4942.6 4942.6 0.0 42738.5 49.3 51.1 157805.6 2.9 Qtr.III 17642.8 31482.2 13839.4 21148.9 5595.2 5595.2 0.0 47035.8 48.7 51.8 182812.2 2.7 Qtr.IV 19025.6 34283.0 15257.4 28394.2 5715.5 5715.5 0.0 56961.7 53.0 51.3 195452.3 2.8 2011/12 Qtr.I 20126.7 34514.4 14387.7 22565.3 6441.2 6441.2 0.0 50638.5 43.7 52.7 -9492.7 -0.1 Qtr.II 21519.9 30154.5 8634.5 23089.6 8419.7 8419.7 0.0 44824.4 37.9 55.2 -2172.3 0.0 Qrt.III 23815.7 17652.5 -6163.2 28640.0 7392.2 7392.2 0.0 38900.2 29.9 60.5 17694.8 0.2 Qtr.IV 25253.9 29039.9 3786.0 24017.6 5484.2 5484.2 0.0 47573.3 33.7 61.6 4861.5 0.1 2012/13 Qtr.I 26887.0 27882.5 995.4 20182.7 5874.0 5874.0 0.0 42191.2 27.9 59.2 1243.9 0.0 Qtr.II 28886.9 33108.1 4221.3 19475.2 6078.3 6078.3 0.0 46505.0 29.5 58.1 -393.1 0.0 Qtr.III 31682.7 32417.5 734.9 23412.0 6038.1 6038.1 0.0 49791.5 28.6 59.2 9287.2 0.1 Qtr.IV 33194.0 30375.3 -2818.7 28509.2 7515.2 7515.2 0.0 51369.3 27.8 59.2 17366.3 0.1 2013/14 Qtr.I 11141.6 31747.7 20606.1 22706.1 7787.7 7787.7 0.0 46666.1 23.8 57.7 9229.0 0.1 Qtr.II 11623.5 29413.2 17789.7 20171.0 7933.5 7933.5 0.0 41650.7 20.9 59.2 5710.6 0.0 Qtr.III 12841.0 34921.8 22080.7 21162.5 7843.1 7843.1 0.0 48241.1 22.3 59.3 175.8 0.0 Qtr.IV 13653.8 35672.3 22018.5 27253.5 7995.1 7995.1 0.0 54930.7 23.4 58.5 4339.8 0.0 2014/15 Qtr.I 14375.9 38690.7 24314.8 19597.0 7599.6 7599.6 0.0 50688.1 19.9 57.3 2953.3 0.0 Qtr.II 14936.1 35148.8 20212.7 18800.8 7784.8 7784.8 0.0 46164.8 17.8 59.3 6009.6 0.0 Qtr.III 16089.2 35280.7 19191.4 15862.1 7985.8 7985.8 0.0 43157.0 15.5 61.6 18712.0 0.1 Qtr.IV 17277.4 42342.4 25064.9 15924.1 8326.6 8326.6 0.0 49939.9 16.8 60.2 15260.5 0.1 2015/16 Qtr.I 18154.8 39809.6 21654.8 15463.0 8351.7 8351.7 0.0 46920.9 14.7 58.0 12689.1 0.1 Qtr.II 18915.6 37943.4 19027.8 18368.2 9418.3 9418.3 0.0 46893.3 14.4 59.7 21979.3 0.1 Qtr.III 19737.1 40401.9 20664.9 21316.4 10021.1 10021.1 0.0 51697.2 15.4 60.8 21123.2 0.1 Qtr.IV 21091.1 50905.9 29814.8 20898.3 9880.5 9880.5 0.0 61923.7 17.3 59.0 11999.0 0.1 2016/17 Qtr.I 21608.0 53728.8 32120.8 21116.0 10224.6 10224.6 0.0 64620.2 16.6 59.1 9035.9 0.1 Qtr.II 23442.0 54499.8 31057.7 20370.8 9442.5 9442.5 0.0 65428.1 15.9 57.1 1283.9 0.0 Qtr.III 25206.4 64854.5 39648.1 20975.6 9775.1 9775.1 0.0 76055.0 17.2 57.4 6627.2 0.0 QIV 26950.8 75305.7 48354.8 24876.5 10818.8 10818.8 0.0 89,363.5 18.7 56.1 1282.9 0.0 2017/18 Qtr.I 28587.0 81683.9 53096.9 25253.4 11920.7 11920.7 0.0 95,016.7 18.3 54.9 -15668.4 -0.1

70 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin End of Period Value of Notes & Coins Denomination of Notes: Birr Denominations of Coins: Cents Total Value Total Value (Notes) 1 5 10 50 100 (Coins) 1 5 10 25 50 100(coin) 2007/08 Qtr.I 15130.3 14953.0 414.2 122.2 1809.0 2612.7 9994.9 177.3 0.8 28.3 65.6 32.1 50.7 Qtr.II 17852.4 17673.6 454.4 189.8 2415.8 2974.2 11639.3 178.7 0.8 28.5 66.2 32.1 51.1 Qtr.III 19492.3 19309.5 437.6 210.3 2697.2 3519.6 12444.9 182.8 0.8 28.9 66.6 33.4 53.1 Qtr.IV 19780.8 19591.5 414.9 188.2 2574.3 3459.4 12954.8 189.2 0.8 29.8 68.0 34.9 55.7 2008/09 Qtr.I 20388.5 20191.0 417.0 162.8 2456.7 3554.5 13600.0 197.5 0.8 30.4 69.6 37.8 58.9 Qtr.II 22129.9 21926.0 441.7 259.8 2514.7 3757.7 14952.0 203.9 0.8 31.3 71.5 39.4 60.8 Qtr.III 24028.8 23818.7 459.8 268.9 2581.7 3931.9 16576.4 210.1 0.8 32.2 73.0 41.3 62.8 Qtr.IV 24133.9 23918.2 449.0 245.7 2227.0 3897.3 17099.3 215.7 0.8 33.2 74.3 42.8 64.7 2009/10 Qtr.I 23036.3 22815.5 426.3 231.8 2023.7 3521.7 16612.0 220.7 0.9 33.9 75.6 44.1 66.2 Qtr.II 26011.3 25786.8 458.5 258.6 2023.7 3724.2 19321.9 224.5 0.9 34.3 76.8 45.2 67.3 Qtr.III 28333.2 28103.5 466.2 364.7 2943.1 3723.9 20605.6 229.6 0.9 34.8 78.9 45.9 69.2 Qtr.IV 28812.7 28576.9 462.6 356.9 2842.9 3383.9 21530.6 235.8 0.9 35.4 80.6 46.6 72.3 2010/11 Qtr.I 30620.0 30277.1 482.3 366.6 2618.5 3493.4 23316.4 342.9 1.0 36.2 83.5 52.0 127.7 42.5 Qrt.II 34074.7 33731.2 404.1 223.3 3124.9 4082.8 25896.0 343.5 1.0 36.2 83.6 50.9 122.9 49.0 Qtr.III 37477.8 37199.9 471.9 310.0 4012.5 4601.5 27803.9 278.0 1.0 36.3 83.9 26.1 73.1 57.6 Qtr.IV 39144.3 38848.3 482.9 293.4 3425.0 4283.8 30363.2 296.0 0.8 37.0 86.0 30.1 76.3 65.9 2011/12 Qtr.I 38781.8 38475.2 486.5 287.1 3526.7 4612.6 29562.4 306.6 0.8 37.2 86.8 31.0 77.6 73.2 Qtr.II 42056.0 41736.3 496.5 287.4 3563.9 5885.1 31503.3 319.7 0.8 37.2 87.0 32.4 81.3 80.9 Qrt.III 44718.0 44390.7 661.5 659.5 4605.1 7134.5 31330.1 327.3 0.8 37.2 87.7 33.9 84.5 83.1 Qtr.IV 45802.1 45468.4 626.3 514.8 1144.0 2482.0 40701.3 333.7 0.8 37.3 88.4 35.2 86.4 85.6 2012/13 Qtr.I 46238.6 45991.0 677.6 626.9 1545.6 3113.7 40027.1 247.6 0.8 27.3 69.6 6.9 55.8 87.3 Qtr II 50982.9 50727.7 700.2 465.3 2533.4 5065.1 41963.6 255.3 0.8 28.2 70.7 8.9 58.6 88.1 Qtr II 54337.6 54065.5 614.7 513.6 3368.2 6488.9 43080.0 272.2 0.8 28.5 73.8 14.2 66.9 88.0 Qtr.IV 54993.7 54632.8 659.6 533.0 3430.7 6602.4 43407.0 360.9 0.8 34.2 84.0 57.7 96.0 88.3 2013/14 Qtr.I 50591.9 50222.6 683.6 589.5 3222.9 6397.1 39329.5 369.3 0.8 34.2 84.9 59.0 98.1 92.2 Qtr.II 52495.9 52121.9 692.6 609.2 3321.6 6475.1 41023.4 374.0 0.8 34.4 85.3 59.6 99.1 94.9 Qtr.III 64642.3 64230.3 659.9 867.2 2421.4 6669.2 53612.6 412.0 0.8 39.3 94.9 61.9 100.1 114.9 Qtr.IV 64472.9 64048.1 634.9 906.9 2368.8 6773.2 53364.4 424.8 0.8 39.5 95.4 62.8 101.4 124.8 2014/15 Qtr.I 63846.6 63406.6 618.3 964.8 2339.5 6555.3 52928.7 440.1 0.8 39.7 95.9 63.9 102.9 136.8 Qtr.II 70841.5 70384.8 602.5 1097.3 2550.7 7607.6 58526.7 456.6 0.8 39.9 96.2 64.5 104.0 151.2 Qtr.III 74470.2 73989.1 589.0 1161.0 2695.0 7767.3 61776.9 481.1 0.8 40.0 96.7 65.6 105.9 172.1 Qtr.IV 75358.8 74846.9 557.8 1177.8 2675.6 7459.8 62975.8 511.9 0.8 40.1 97.1 66.4 107.3 200.1 2015/16 Qtr.I 74863.5 74313.7 538.9 1209.0 2725.7 7304.0 62536.1 549.8 0.8 40.3 97.6 67.1 108.6 235.4 Qtr.II 77947.8 77357.4 507.3 1306.8 2885.2 7573.2 65084.8 590.5 0.8 40.5 97.9 67.8 109.8 273.7 Qtr.III 80376.2 79731.9 479.6 1325.7 2807.1 7367.4 67752.0 644.4 0.8 40.6 98.3 68.3 110.7 325.6 Qtr.IV 82,765.0 82,067.9 455.8 1,337.4 2,766.9 7,906.8 69,600.9 697.1 0.8 40.7 98.4 68.7 111.5 376.9 2016/17 Qtr.I 85,984.2 85,243.1 439.3 1,355.6 2,793.4 8,911.7 71,743.1 741.0 0.8 40.9 98.7 69.4 112.5 418.7 Qtr.II 90,418.9 89,629.2 425.9 1,456.3 2,925.0 9,417.7 75,404.3 789.6 0.8 41.0 98.9 69.9 113.5 465.6 Qtr.III 92,383.1 91,541.2 411.7 1,461.3 2,982.7 9,615.2 77,070.3 841.8 0.8 41.1 99.1 70.6 114.7 515.5 QIV 94,415.6 93,527.6 403.8 1,418.7 3,010.1 9,722.2 78,972.8 888.0 0.8 41.2 99.4 71.4 115.8 559.3 2017/18 Qtr.I 95,132.8 94,206.5 396.4 1,396.7 3,025.7 9,678.2 79,709.5 926.3 0.8 41.3 99.6 72.0 116.8 595.8 Table 10: Circulating Notes and Coins by Denomination (In Millions of Birr)

First Quarter 2017/18 71 National Bank of Ethiopia Quarterly Bulletin Particulars Through September 30, 1992 Oct. 1, 1992- Sept.1,1994- Cooperatives State Private Aug 31, 1994 Jan. 1, 1995 Sector 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 NBE Lending to: Import trade (agricultural inputs) 5 6 7 14.0-15 CBEs/ Discount Rate/ 10.5 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 Table 11: NTEREST RATE STRUCTURE A. Lending rates (by CBE and specialized banks) Particulars Through September 30, 1992 Oct. 1, 1992- Sept.1,1994- Aug 31, 1994 Jan. 1, 1995 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 2.Savings deposits Differed by 10 10 ownership and maturity 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 B. Deposit rates Jan. 2, 1995- Dec. 1, 1995- June 1, 1996- Sep.16,1996- Jan. 1,1998- Mar. 4,2002- Aug. 2002 to 8-Feb-05 04-Jul-07 01-Dec-10 Particulars Nov. 30, 1995 May 30, 1996 Sep. 15, 1996 Dec. 31,1997 Mar. 3, 2002 August-02 7-Feb-05 04-Jul-07 30-Nov-10 to todate Minimum interest rates on Time and Savings Deposits 10 11 10 7 6 3 4 5 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 C. Minimum and Maximum Interest Rates

72 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin End of Period Total Gov’t Indebt￾edness National Bank of Ethiopia Commercial Banks Others NBE Total Direct Advance Gov’t Bonds 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 2007/08 Qtr.I 48586.6 30269.3 20370.0 9417.1 482.2 16049.9 4070.5 11979.4 2267.4 282.4 1985.0 Qtr.II 50558.8 31995.3 22096.0 9417.1 482.2 16074.0 4059.4 12014.6 2489.5 274.5 2215.0 Qtr.III 50549.4 33917.3 24018.0 9417.1 482.2 12177.8 4058.3 8119.5 4454.3 430.3 4024.0 Qtr.IV 54229.6 41563.1 31818.0 9270.9 474.2 6648.2 3914.0 2734.1 6018.3 430.3 5588.0 2008/09 Qtr.I 56674.5 44271.0 34578.0 9270.9 422.1 6234.9 3891.8 2343.1 6168.5 430.3 5738.2 Qtr.II 54951.3 42949.0 33256.0 9270.9 422.1 5547.2 3879.3 1668.0 6455.1 413.9 6041.2 Qtr.III 54449.5 42249.0 32556.0 9270.9 422.1 5548.9 3878.2 1670.7 6651.6 370.6 6281.0 Qtr.IV 56589.9 44498.7 34891.0 9193.6 414.1 5409.4 3741.6 1667.7 6681.8 370.6 6311.2 2009/10 Qtr.I 56667.5 44326.6 34771.0 9193.6 362.0 5740.1 3469.4 2270.7 6600.8 370.6 6230.2 Qtr.II 55892.6 43610.8 34055.2 9193.6 362.0 5177.6 3456.8 1720.7 7104.2 354.2 6750.0 Qtr.III 58880.0 45989.7 36434.1 9193.6 362.0 5627.9 3456.8 2171.0 7262.4 310.9 6951.5 Qtr.IV 59921.2 45522.8 36044.1 9124.7 354.0 7415.3 3319.4 4095.8 6983.1 310.9 6672.2 2010/11 Qtr.I 60527.5 47983.7 38557.1 9124.7 301.9 5480.7 3047.2 2433.5 7063.1 310.9 6752.2 Qtr.II 61613.2 50488.6 41062.0 9124.7 301.9 4102.9 2784.7 1318.2 7021.7 269.3 6752.4 Qtr.III 64015.5 51930.6 42504.0 9124.7 301.9 4953.2 2784.5 2168.7 7131.7 269.3 6862.4 Qtr.IV 69415.2 55614.6 46265.0 9055.7 293.9 3568.7 2670.3 898.4 10231.9 269.3 9962.6 2011/12 Qtr.I 71052.0 55566.5 46264.9 9055.7 245.8 4121.7 2424.6 1697.1 11363.8 251.2 11112.6 Qrt.II 71122.3 55562.5 46264.9 9055.7 241.8 2857.2 2423.2 434.0 12702.6 251.2 12451.4 Qrt.III 75502.2 55562.5 46264.9 9055.7 241.8 3068.3 2419.2 649.1 16871.4 200.0 16671.4 Qtr.IV 77812.0 55562.5 46264.9 9055.7 241.8 4421.2 2419.2 2002.0 17828.4 200.0 17628.4 2012/13 Qtr.I 82079.1 55510.4 46264.9 9055.7 189.7 8511.9 2455.9 6056.0 18056.8 200.0 17856.8 Qtr.II 81380.8 55510.4 46264.9 9055.7 189.7 6693.0 2397.6 4295.5 19177.4 200.0 18977.4 Qtr.III 85794.0 59510.4 50264.9 9055.7 189.7 5407.5 2419.7 2987.7 20876.1 200.0 20676.1 Qtr.IV 93019.2 64510.4 55264.9 9055.7 189.7 5700.0 2380.4 3319.6 22808.9 200.0 22608.9 2013/14 Qtr.I 91279.3 64381.3 55264.9 8986.8 129.6 4089.1 1753.9 2335.2 22808.9 200.0 22608.9 Qtr.II 90654.2 64381.3 55264.9 8986.8 129.6 3464.0 1753.8 1710.2 22808.9 200.0 22608.9 Qtr.III 97944.0 73381.3 64264.9 8986.8 129.6 1753.8 1753.8 0.0 22808.9 200.0 22608.9 Qtr.IV 107318.5 73304.4 64264.9 8917.8 121.6 1629.7 1629.7 0.0 32384.5 97.6 32286.9 2014/15 Qtr.I 109794.8 73175.3 64264.9 8848.9 61.5 1227.5 1227.5 0.0 35392.0 97.6 35294.4 Qtr.II 116383.3 78175.3 69264.9 8848.9 61.5 1246.3 1246.3 0.0 36961.7 54.3 36907.4 Qtr.III 121824.8 81175.3 72264.9 8848.9 61.5 1252.3 1252.3 0.0 39397.2 54.3 39342.9 Qtr.IV 135190.4 92175.3 83264.9 8848.9 61.5 1256.0 1256.0 0.0 41759.1 54.3 41704.8 2015/16 Qtr.I 144937.8 99657.3 91264.9 8344.4 48.0 905.4 905.4 0.0 44375.1 54.3 44320.8 Qtr.II 154426.6 104657.3 96264.9 8344.4 48.0 905.4 905.4 0.0 48863.9 54.3 48809.6 Qtr.III 159157.7 104657.3 96264.9 8344.4 48.0 905.4 905.4 0.0 53595.0 72.4 53522.6 Qtr.IV 163461.0 109080.4 100764.9 8275.5 40.0 785.7 785.7 0.0 53595.0 72.4 53522.6 2016/17 Qtr.I 161914.2 107764.9 107764.9 0.0 0.0 554.3 554.3 0.0 53595.0 72.4 53522.6 Qtr.II 171344.9 120640.8 112764.9 7839.9 36.0 554.3 554.3 0.0 50149.8 36.2 50113.6 Qtr.III 184406.9 129640.8 121764.9 7839.9 36.0 530.3 530.3 0.0 54235.8 36.2 54199.6 Qtr.IV 230923.3 135632.8 127764.9 7839.9 28.0 21982.7 21982.7 0.0 73,307.8 36.2 73271.6 2017/18 Qtr.I 251943.3 150632.8 142764.9 7839.9 28.0 22208.8 22208.8 0.0 79,101.7 18.1 79083.6 Table 12: Government Internal Debt by Holder (In Millions of Birr)

First Quarter 2017/18 73 National Bank of Ethiopia Quarterly Bulletin Ethiopian fiscal year 2008 2009 2010 Fiscal year ending July 7 2015-16 2016-17 2017/18 pre actual pre actual Pre actual Budget 3mon(Qrt.I) 6mon Qrt.II 9mon Qrt.III 12mon Qrt.IV Budget 3mon(Qrt.I) 6mon Qrt.II 9mon Qrt.III 12mon Qrt.IV Budget 3mon(Qrt.I) Tax revenue 195,035.8 44,330.4 90,780.8 46,450.4 141,733.3 50,952.5 189,717.2 47,983.9 226,894.4 50,826.0 103,832.8 53,006.8 152,466.0 48,633.2 210,135.9 57,669.8 262,309.4 53,367.7 Direct taxes 78,039.7 16,433.6 36,255.9 19,822.3 55,331.5 19,075.7 71,126.8 15,795.3 87,618.8 19,335.1 42,807.8 23,472.7 59,610.1 16,802.4 81,410.4 21,800.3 97,468.6 19,902.6 Income and profits tax 75,286.5 16,092.3 35,568.2 19,475.9 53,560.1 17,991.9 69,520.2 15,960.1 84,652.7 18,664.0 41,644.0 22,980.0 57,410.6 15,766.6 78,321.7 20,911.2 94,332.1 19,320.1 Personal income 25,787.0 5,212.2 10,295.4 5,083.2 19,169.0 8,873.6 25,171.2 6,002.3 26,618.5 5,517.1 11,247.9 5,730.8 18375.8 7,127.9 26,577.5 8,201.7 30,896.0 6,759.0 Rental income tax 1,462.1 690.5 938.1 247.7 1,277.2 339.1 1,364.4 87.2 1,767.4 823.5 1,372.6 549.2 1504.6 132.0 1,675.2 170.6 2,354.3 782.1 Business profits 41,366.3 8,820.5 21,306.5 12,485.9 28,554.7 7,248.2 36,445.7 7,891.0 48,148.4 10,789.9 25,674.3 14,884.4 32335.9 6,661.6 42,260.2 9,924.4 52,146.7 9,931.1 Withholding income tax on imports 2,873.6 725.7 1,438.0 712.3 2,102.0 664.0 2,810.6 708.6 3,440.1 813.0 1,596.8 783.7 2353.7 757.0 3,169.7 816.0 4,005.8 919.7 Agriculture income 515.1 11.3 124.5 113.2 295.3 170.7 331.4 36.2 548.9 12.6 127.4 114.8 331.8 204.3 423.1 91.3 617.8 9.3 Other income 2,633.6 402.3 1,061.0 658.7 1,495.4 434.4 2,533.5 1,038.2 3,345.4 378.8 1,160.9 782.1 1771.8 610.8 3,220.8 1,449.0 3,420.2 637.9 Interest income tax 565.4 177.0 306.8 129.8 497.0 190.2 631.7 134.7 676.4 287.6 375.7 88.1 584.8 209.1 792.1 207.3 799.9 247.3 Capital gains tax 83.3 53.0 98.0 45.1 169.6 71.6 231.6 62.0 107.6 41.4 88.3 46.9 152.2 63.9 203.1 50.9 91.4 33.7 Rural land use fee 377.3 22.2 113.1 90.9 296.2 183.1 330.0 33.7 437.8 14.2 113.8 99.6 297.6 183.7 410.9 113.3 486.1 10.6 Urban land lease fee 2,375.9 319.0 574.6 255.6 1,475.2 900.6 1,276.7 -198.6 2,528.2 656.9 1,050.0 393.0 1902.0 852.1 2,677.8 775.8 2,650.4 572.0 Domestic indirect taxes 57,688.5 12,273.5 22,852.3 10,578.8 38,918.5 16,066.2 55,867.4 16,948.9 67,594.2 13,821.3 27,248.8 13,427.5 43,544.5 16,295.7 62,523.1 18,978.5 78,503.1 14,524.3 Sales/TOT/excise taxes 26,907.4 4,655.8 9,355.7 4,700.0 15,568.5 6,212.8 21,152.8 5,584.3 33,586.8 5,294.3 10,764.6 5,470.3 17258.7 6,494.1 24,768.1 7,509.4 39,788.0 6,120.2 Petroleum products 548.3 60.4 626.2 565.8 254.0 -372.2 315.4 61.5 662.9 61.7 165.2 103.5 331.4 166.3 463.5 132.1 763.9 190.0 Alcohol and tobacco 5,094.4 41.8 1,934.5 1,892.7 3,014.6 1,080.1 4,010.5 996.0 6,163.0 1,109.9 2,591.5 1,481.7 3938.9 1,347.3 5,588.1 1,649.2 7,092.6 1,207.8 Other goods 21,264.6 4,553.5 6,795.0 2,241.5 12,300.0 5,505.0 16,826.8 4,526.8 26,760.9 4,122.8 8,007.9 3,885.2 12988.4 4,980.5 18,716.5 5,728.1 31,931.4 4,722.3 Services TOT/ sales tax 29,384.4 7,306.6 13,020.3 5,713.7 22,243.7 9,223.4 33,345.3 11,101.6 32,087.3 8,135.2 15,732.0 7,596.8 25224.5 9,492.5 36,190.3 10,965.9 36,303.7 8,052.1 Stamp duties 1,396.7 311.2 476.3 165.1 1,106.3 630.0 1,369.4 263.1 1,920.2 391.8 752.2 360.4 1061.3 309.1 1,564.6 503.3 2,411.4 352.0 Import duties and taxes 59,307.6 15,623.3 31,672.6 16,049.3 47,483.2 15,810.6 62,722.9 15,239.7 71,681.4 17,669.7 33,776.3 16,106.6 49,311.3 15,535.1 66,202.4 16,891.0 86,337.7 18,940.9 Custom duties 19,676.8 5,293.4 10,789.9 5,496.5 16,255.7 5,465.8 21,632.7 5,377.0 23,782.2 6,013.4 11,418.7 5,405.2 16884.2 5,465.6 22,655.0 5,770.7 28,644.8 6,471.8 Sales/excise taxes 28,060.6 7,428.8 14,930.9 7,502.1 22,258.4 7,327.5 29,223.2 6,964.8 33,915.1 8,246.6 15,811.9 7,565.3 22934.6 7,122.7 30,890.1 7,955.5 40,849.5 8,805.4 Petroleum products 3.0 0.3 3.8 3.4 1.4 -2.4 2.1 0.7 2,385.2 513.2 931.1 417.9 1362.4 431.3 1,824.7 462.4 2,872.9 384.8 Alcohol and tobacco 32.2 8.8 35.1 26.4 48.9 13.8 64.7 15.8 663.5 115.1 215.4 100.2 267.4 52.0 346.5 79.1 603.0 90.8 Other imports 4,900.4 1,105.9 1,942.5 836.5 3,804.4 1,861.9 4,900.3 1,095.9 30,866.5 7,618.3 14,665.5 7,047.2 21304.9 6,639.4 28,718.9 7,414.1 37,373.6 8,329.8 Surtax on imports 11,570.1 2,901.1 5,951.7 3,050.7 8,969.1 3,017.3 11,867.0 2,897.9 13,984.1 3,409.6 6,545.7 3,136.0 9492.5 2,946.8 12,657.3 3,164.7 16,843.4 3,663.7 Export taxes 0.0 Coffee duties 0.0 Coffee surtax 0.0 Other 0.0 Transaction tax 0.0 Non-tax revenue 25,326.3 6,195.7 12,441.3 6,245.5 18,817.6 6,376.3 40,940.1 22,122.5 40,794.8 8,688.0 20,414.7 11,726.7 30,146.7 9,732.0 46,493.2 16,346.5 44,793.9 10,085.4 Charges and fees 2,242.2 413.2 953.5 540.3 1,489.7 536.2 2,399.8 910.1 2,046.7 1,032.2 1,559.7 527.4 2178.0 618.3 3,567.8 1,389.8 2,697.3 478.5 Sales of goods & services 5,194.8 480.2 1,434.2 954.0 2,707.4 1,273.2 4,097.7 1,390.2 6,515.0 867.4 1,757.2 889.8 2962.8 1,205.6 4,956.9 1,994.1 5,679.5 665.2 Residual surplus, capital charge, interest payments and state dividend 10,084.5 4,051.1 4,332.6 281.4 7,234.1 2,901.6 15,431.8 8,197.6 15,419.1 4,750.4 9,405.5 4,655.0 14724.1 5,318.7 14,746.0 21.8 17,210.9 6,498.8 Reimbursement & property sales 197.3 23.0 41.9 18.9 69.7 27.8 117.7 48.0 253.2 35.6 54.8 19.2 82.0 27.2 145.9 63.9 286.6 15.6 Miscellaneous 3,479.3 439.5 -439.5 3,985.9 3,985.9 14,740.6 10,754.7 8,489.9 982.7 5,679.0 4,696.2 6699.5 1,020.6 17,886.0 11,186.5 9,722.9 1,503.1 Other extraordinary 0.0 0.0 3,984.9 3,984.9 0.0 -3,984.9 0.0 Privatization proceeds 0.0 6,000.0 5454.1 5,454.1 8,883.3 3,429.2 0.0 0.0 Other revenue 4,128.3 788.7 1,694.3 905.6 3,330.7 1,636.4 4,152.6 821.9 8,070.8 1,019.7 1,958.7 939.0 3500.2 1,541.6 5,190.6 1,690.3 9,196.8 924.1 Total revenue 220,362.1 50,526.1 103,222.1 52,695.9 160,550.8 57,328.8 230,657.3 70,106.5 267,689.2 59,514.1 124,247.5 64,733.5 182,612.7 58,365.2 256,629.0 74,016.3 307,103.3 63,453.1 External grants 14,135.9 2,077.3 5,586.0 3,508.7 9,378.9 3,792.9 13,014.3 3,635.3 16,108.4 2,238.0 6,182.5 3,944.5 10,378.8 4,196.3 12,476.9 2,098.1 17,176.7 2,386.1 Grants in kind/earmarked 13,061.5 2,077.3 5,193.3 3,116.0 9,088.3 3,895.0 12,723.7 3,635.3 13,987.5 2,238.0 5,595.0 3,357.0 9791.3 4,196.3 11,889.4 2,098.1 14,913.4 2,386.1 Untied cash & CPF/grants 1,074.4 0.0 290.6 0.0 2,120.9 0.0 587.5 0.0 587.5 0.0 2,263.3 0.0 Total revenue and grants 234,498.0 52,603.5 108,808.1 56,204.6 169,929.8 61,121.7 243,671.6 73,741.8 283,797.6 61,752.1 130,430.1 68,678.0 192,991.5 62,561.4 269,105.9 76,114.5 324,280.0 65,839.2 Table 13: General Government Quarterly Revenue (In million Birr) MoFEC and NBE’s staff compilation

74 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Ethiopian fiscal year 2008 2009 2010 Fiscal year ending July 7 2015-16 2016-17 2017-18 pre actual pre actual Pre actual Budget 3mon(Qrt.I) 6mon Qrt.II 9mon Qrt.III 12mon Qrt.IV Budget 3mon(Qrt.I) 6mon Qrt.II 9mon Qrt.III 12mon Qrt.IV Budget 3mon(Qrt.I) A. Capital Expenditure Economic development 91,826.6 14,390.1 31,597.9 17,207.8 52,283.9 20,686.0 89,934.9 37,651.1 110,301.9 12,557.2 35,728.8 23,171.5 57553.1 21,824.4 98,781.3 41,228.2 119,557.6 16,678.3 Agriculture 12,974.3 5,384.7 7,516.0 2,131.3 11,258.4 3,742.4 16,988.3 5,729.9 13,732.1 3,605.3 9,675.4 6,070.0 11288.2 1,612.8 17,589.5 6,301.3 17544.3 2128.7 Natural Resource 17,590.8 1,203.2 4,980.9 3,777.7 11,204.3 6,223.4 16,770.2 5,565.9 21,342.1 2,378.3 6,669.5 4,291.2 9465.6 2,796.1 18,351.3 8,885.6 21,455.7 1,832.6 o/w: Water 16,247.2 991.1 4,927.9 3,936.8 11,099.2 6,171.3 16,557.4 5,458.2 20,586.1 2,187.5 2,555.5 368.1 9335.4 6,779.9 17,652.4 8,317.0 20,854.8 1,823.3 Mines & Energy 1,137.3 284.7 553.7 269.0 1,198.8 645.1 2,067.3 868.5 398.5 360.3 1,268.3 908.0 1036.4 -231.9 1,143.5 107.2 97.0 598.1 Trade, Industry & Tourism 4,745.3 166.5 1,333.2 1,166.8 1,503.1 169.8 3,321.1 1,818.1 4,287.0 196.5 612.9 416.4 1738.7 1,125.8 3,625.8 1,887.1 5,823.5 343.2 Urban dev’t & housing 15,158.3 643.4 2,156.3 1,512.9 3,068.3 912.0 8,054.4 4,986.1 9,183.8 878.5 2,165.4 1,286.9 8869.2 6,703.8 8,502.4 -366.8 12,943.4 531.2 Road construction 38,690.2 6,470.9 14,328.4 7,857.5 21,914.1 7,585.7 40,253.8 18,339.7 60,017.1 4,843.2 14,281.3 9,438.1 23271.3 8,990.0 40,990.4 17,719.1 58,800.4 10,633.6 Transport & communication 1,530.5 236.7 729.3 492.7 2,136.8 1,407.5 2,479.8 342.9 1,341.4 295.0 1,056.0 761.0 1883.8 827.7 8,578.5 6,694.7 2,893.2 610.9 0.0 Social Development 39,058.2 4,702.6 13,218.6 8,516.0 21,589.2 8,370.6 38,214.0 16,624.9 47,032.6 7,076.5 17,416.3 10,339.8 28,919.9 11,503.6 39,869.0 10,949.1 45,711.1 9,405.2 Education 25,194.6 3,539.5 9,708.5 6,169.0 14,722.6 5,014.1 26,543.2 11,820.7 31,511.0 5,156.6 12,521.0 7,364.4 20899.9 8,378.9 28,078.3 7,178.4 28,662.7 7,346.5 Health 11,094.8 1,070.4 2,915.8 1,845.4 5,301.6 2,385.8 9,102.5 3,801.0 11,805.7 1,407.9 3,722.7 2,314.8 5911.8 2,189.1 8,906.5 2,994.7 12,508.4 1,479.2 Socail welfare 533.6 22.8 76.9 54.1 277.3 200.4 296.5 19.3 448.3 13.7 175.5 161.8 200.5 25.0 369.1 168.6 1,229.8 228.3 Culture & sport 2,235.2 69.9 517.4 447.5 1,287.8 770.4 2,271.7 984.0 3,267.6 498.2 997.0 498.7 1907.7 910.7 2,515.1 607.4 3,310.2 351.1 0.0 General Development 15,431.2 1,115.6 5,748.1 4,632.5 6,003.9 255.8 12,878.3 6,874.4 19,389.4 1,521.9 3,933.9 2,412.0 7049.8 3,115.9 13,933.6 6,883.8 23,744.1 2,491.9 Compensation payments 0.0 External assistance 12,983.3 2,077.3 5,193.3 3,116.0 9,088.3 3,895.0 12,723.7 3,635.3 13,987.5 2,238.0 5,595.0 3,357.0 9791.3 4,196.3 11,889.4 2,098.1 14,913.4 2,386.1 Sub Total Capital Expenditure 146,316.0 20,208.2 50,564.5 30,356.2 79,876.9 29,312.5 141,027.3 61,150.4 176,723.8 21,155.6 57,078.9 35,923.3 93,522.8 36,443.9 152,583.8 59,061.1 189,012.8 28,575.4 B. Current Expenditure General Services 37,136.9 7,350.0 18,112.5 10,762.5 28,787.4 10,675.0 41,444.5 12,657.0 43,459.0 9,718.8 22,477.9 12,759.1 35313.8 12,835.9 53,697.4 18,383.6 54,203.3 12,266.6 Organ of the State 4,351.1 1,147.3 3,052.9 1,905.6 4,790.4 1,737.5 6,812.8 2,022.4 5,113.4 1,300.2 3,166.6 1,866.4 5260.7 2,094.1 8,748.2 3,487.5 6,134.5 1,760.1 Justice 7,357.2 723.6 1,861.2 1,137.7 2,801.6 940.4 4,681.3 1,879.6 6,722.8 929.4 2,241.3 1,311.9 3843.2 1,601.9 5,807.6 1,964.4 7,779.4 1,217.2 Defence 9,500.0 1,656.7 3,732.4 2,075.7 6,982.3 3,249.9 9,498.1 2,515.8 11,000.0 2,484.3 6,148.1 3,663.7 9415.4 3,267.4 11,939.9 2,524.5 12,000.0 3164.7 Public order & security 6,174.0 1,766.0 4,371.1 2,605.0 6,419.5 2,048.4 9,400.6 2,981.1 8,829.0 2,142.6 4,856.5 2,713.9 7739.3 2,882.8 13,322.2 5,582.8 12,688.3 2944.1 Other General services 9,754.7 2,056.3 5,094.8 3,038.5 7,793.7 2,698.9 11,051.7 3,258.0 11,793.8 2,862.2 6,065.5 3,203.2 9055.2 2,989.7 13,879.6 4,824.4 15,601.1 3,180.6 Economic Services 19,609.3 3,383.1 11,118.3 7,735.3 17,067.5 5,949.2 22,342.3 5,274.8 22,551.9 3,446.2 8,593.8 5,147.6 14,542.9 5,949.2 23,536.3 8,993.3 30,787.4 4,903.3 Agriculture&natural resource 13,121.6 2,257.4 8,172.7 5,915.3 12,995.5 4,822.9 16,123.6 3,128.0 11,381.8 1,483.1 3,553.5 2,070.4 5,838.6 2,285.1 10,045.6 4,206.9 15,231.3 2,340.8 Natural resource 3,322.1 509.9 1,249.3 739.4 2,559.5 1,310.2 3,846.7 1,287.2 5,346.5 684.5 o/w: Water 2,873.5 288.1 1,022.8 734.7 2,194.4 1,171.6 2,987.9 793.5 2,781.4 371.7 926.3 554.6 2025.6 1,099.3 3,423.5 1,397.9 3,181.4 495.3 Trade, Industry & Tourism 3,152.1 558.3 1,521.2 962.9 2,271.5 750.3 3,356.5 1,085.0 3,615.2 757.3 1,932.5 1,175.2 3340.4 1,407.9 5,294.4 1,954.1 5,286.8 990.8 Mines & Energy 143.1 11.3 59.6 48.3 84.0 24.4 116.5 32.5 181.3 22.0 58.5 36.5 94.7 36.3 136.1 41.4 214.8 28.5 Tourism 1,298.3 0.0 Transport & communication 933.0 74.3 226.7 152.5 258.4 31.7 505.1 246.7 1,276.7 125.5 602.2 476.7 543.4 -58.7 696.8 153.3 1,193.7 83.6 Urban devt. & construction 1,841.2 301.7 826.7 524.9 1,221.5 394.8 1,941.4 719.9 2,388.5 477.4 1,078.1 600.7 1884.5 806.4 3,049.8 1,165.3 2,982.8 638.4 o/w: Road Construction 724.1 162.1 454.7 292.7 608.8 154.0 973.6 364.8 1,005.9 206.0 392.6 186.6 874.4 481.8 1,379.8 505.4 1,205.3 292.3 Economic development studies 418.3 180.0 311.5 131.5 236.5 -75.0 299.2 62.7 386.4 71.1 119.7 48.7 281.8 162.1 466.9 185.1 531.6 136.8 Social Services 60,532.3 9,689.4 24,721.5 15,032.0 39,084.0 14,362.5 57,682.0 18,598.0 70,690.4 16,060.2 37,375.1 21,314.9 58,584.6 21,209.5 86,659.4 28,074.8 92,624.3 18,450.5 Education & training 42,796.8 7,324.7 18,356.0 11,031.2 28,598.8 10,242.8 39,912.7 11,313.9 49,629.5 10,616.6 25,313.5 14,696.9 39539.5 14,225.9 57,901.0 18,361.5 67,010.8 12,387.3 Culture & sports 1,981.6 321.1 911.8 590.7 1,439.4 527.6 2,052.3 612.8 2,308.5 531.1 1,242.7 711.6 1880.7 638.0 2,878.2 997.5 3,061.3 574.2 Public health 14,190.6 1,873.2 5,050.1 3,176.9 8,111.6 3,061.5 12,178.3 4,066.6 16,898.5 2,333.4 6,094.9 3,761.5 9987.0 3,892.1 16,832.9 6,845.9 21,249.0 3,223.8 Labour & social welfare 1,280.3 119.4 303.1 183.7 471.3 168.1 691.5 220.2 1,487.1 136.3 328.6 192.3 539.5 211.0 843.4 303.8 778.5 161.3 Rehabilitation 283.1 51.0 100.5 49.5 462.8 362.3 2,847.2 2,384.4 366.8 2,442.8 4,395.4 1,952.6 6637.9 2,242.5 8,203.9 1,566.1 524.8 2,103.8 Interest & Charges 8,443.7 1,659.7 3,600.8 1,941.0 5,098.2 1,497.5 7,231.8 2,133.6 9,808.5 1,203.5 4,224.7 3,021.2 6,096.7 1,872.0 8,248.1 2,151.3 12,051.4 2,217.4 Internal debt 4,391.2 1,099.2 1,870.8 771.6 2,753.5 882.7 3,638.9 885.4 5,302.9 724.9 2,245.5 1,520.6 3376.8 1,131.3 4,125.8 749.0 6,938.8 1,361.0 External debt 4,052.5 560.6 1,730.0 1,169.4 2,344.7 614.7 3,592.9 1,248.2 4,505.6 478.6 1,979.2 1,500.6 2720.0 740.8 4,122.3 1,402.3 5,112.6 856.5 O/w: defence commercial Miscellaneous 10,423.7 395.4 1,238.8 843.4 1,714.0 475.2 3,202.2 1,488.2 23,214.3 373.5 1,089.2 715.7 2193.7 1,104.5 4,561.9 2,368.2 23,441.5 439.4 External assistance * 0.0 Sub Total Expenditure 136,146.0 22,477.6 58,791.9 36,314.3 91,751.1 32,959.3 131,902.8 40,151.6 169,724.2 30,802.2 73,760.7 42,958.5 116,731.8 42,971.0 176,703.0 59,971.3 213,108.0 38,277.2 Grand Total Expenditure 282,462.0 42,685.9 109,356.4 66,670.5 171,628.1 62,271.7 272,930.1 101,302.0 346,448.0 51,957.8 130,839.6 78,881.8 210,254.5 79,414.9 329,286.8 119,032.3 402,120.8 66,852.6 Table 14. General Government Quarterly Expenditure (In million Birr) MoFEC and NBE’s staff compilation

• Estimated value

First Quarter 2017/18 75 National Bank of Ethiopia Quarterly Bulletin End of Period Gasoline Regular Light Jet Fuel Heavy Jet Fuel Fuel Oil Asphalt Liquified Petroleum Gas Oil Kerosine 160/200 Total Refined** 2008/09 418,890.0 1,533,226.5 307,025.6 3,383,065.0 1,848,967.3 Qtr.I 29,907.1 38,126.2 281,623.3 349,656.6 Qtr.II 177,096.0 722,822.0 94,822.0 1,364,649.0 456,829.0 Qtr.III 171,188.3 680,808.8 133,999.7 1,415,943.2 511,260.2 Qtr.IV 40,698.6 129,595.7 40,077.7 320,849.5 531,221.5 2009/10 155,759.9 489,778.5 111,570.3 1,237,077.2 1,994,185.9 Qtr.I 29,177.6 103,453.7 8,711.0 304,391.2 445,733.4 Qtr.II 50,128.1 146,894.3 38,232.4 323,862.3 559,117.2 Qtr.III 34,311.2 124,473.7 41,446.0 292,199.0 492,429.9 Qtr.IV 42,142.9 114,956.8 23,180.9 316,624.7 496,905.3 2010/11 148,773.9 529,354.7 150,967.9 845,557.1 1,674,653.6 Qtr.I 34,775.1 173,261.4 31,202.1 184,166.3 423,404.9 Qtr.II 48,048.3 153,993.7 23,734.3 297,309.2 523,085.5 Qtr.III 32,966.8 101,025.1 58,800.1 192,791.9 385,583.9 Qtr.IV 32,983.8 101,074.5 37,231.4 171,289.7 342,579.3 2011/12 150,619.0 544,519.6 144,501.3 1,302,451.2 2,142,091.2 Qtr.I 33,381.2 126,523.8 34,684.5 260,608.1 455,197.6 Qtr.II 41,496.3 129,614.7 46,905.1 334,320.7 552,336.8 Qtr.III 40,160.9 144,199.0 16,360.2 338,249.5 538,969.7 Qtr.IV 35,580.7 144,182.1 46,551.5 369,272.7 595,587.0 2012/13 186,517.5 602,427.0 159,297.4 1,266,562.9 2,214,804.8 Qtr.I 48,367.8 148,668.1 51,231.8 285,788.9 534,056.6 Qtr.II 45,607.6 149,611.1 37,442.0 296,204.4 528,865.2 Qtr.III 52,070.4 156,140.9 37,332.8 360,766.1 606,310.2 Qtr.IV 40,471.7 148,006.8 33,290.8 323,803.5 545,572.8 2013/14 211,597.2 701,418.9 152,093.7 1,558,341.1 2,623,450.8 Qtr.I 52,821.0 185,032.1 43,486.4 388,200.8 669,540.3 Qtr.II 49,883.4 162,038.7 36,641.2 306,082.6 554,645.9 Qtr.III 55,536.1 192,607.7 43,928.5 400,794.6 692,867.0 Qtr.IV 53,356.7 161,740.3 28,037.6 463,263.1 706,397.7 2014/15 237,744.0 712,748.0 168,305.6 1,703,260.8 2,822,058.4 Qtr.I 52,223.0 169,004.8 43,174.9 359,514.0 623,916.7 Qtr.II 57,561.0 171,011.2 42,829.3 435,565.0 706,966.5 Qtr.III 64,895.0 207,909.1 42,621.7 369,681.0 685,106.8 Qtr.IV 63,065.0 164,822.9 39,679.7 538,500.8 806,068.3 2015/16 Qtr.I 72,312.7 213,015.5 30,650.2 398,136.4 714,114.9 Qtr.II 71,317.0 161,194.0 31,854.0 497,966.0 762,331.0 Qtr.III 77,271.8 197,134.4 24,995.0 509,229.5 808,630.6 Qtr.IV 77,966.0 164,577.8 19,479.2 496,459.6 758,482.6 2016/17 Qtr.I 82,152.2 206,560.2 18,987.3 468,051.3 775,750.9 Qtr.II 97,258.6 208,282.6 15,579.9 550,034.0 871,155.1 Qtr.III 96,423.6 215,632.5 23,405.8 580,188.0 915,649.9 Qtr.IV 88,010.8 170,307.9 17,310.7 601,081.2 876,710.6 2017/18 QI 106,706.3 10,763.3 10,241.3 21,004.7 591,077.3 739,793.0 Table 15: Domestic Refining and Imports of Ptroleum (In Metric Tons)

76 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Sectors/Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 Agriculture, Hunting and Forestry 98,109 114,884 130,614 145,042 158,646 170,428 181,074 194,869 212,252.7 222,664.5 238,438.0 251,340.0 267,269.0 535,674.7 571,718.2 Crop 55,555 69,752 83,361 95,838 106,406 114,904 122,343 133,040 146,760.0 154,081.7 166,698.9 177,663.1 190,421.6 346,292.7 374,386.0 Animal Farming and Hunting 26,980 29,142 30,872 32,385 34,936 37,494 40,137 42,619 45,806.1 48,287.7 50,777.2 51,834.8 54,250.1 138,553.0 144,763.2 Forestry 15,575 15,990 16,381 16,819 17,303 18,030 18,594 19,210 19,686.6 20,295.1 20,961.9 21,842.1 22,597.2 49,447.1 51,179.6 Fishing 148 111 120 110 119 159 202 205 217.0 263.2 314.1 416.3 543.8 1,381.9 1,389.4 Mining and Quarrying 2,271 2,317 2,413 2,585 2,187 2,656 2,995 4,317 6,809.7 7,675.1 8,156.9 7,898.4 5,876.4 6,116.8 4,296.9 Manufacturing 8,436 8,979 10,141 11,176 12,092 13,302 14,487 16,127 18,968.0 21,207.1 24,798.2 28,923.9 34,194.6 85,971.3 100,939.6 Large and Medium Scale Manufacturing 5,117 5,512 6,152 6,992 7,655 8,618 9,504 10,797 12,323.8 14,283.8 17,740.9 21,566.2 26,558.6 61,687.4 75,983.6 Small Scale and Cottage Industries 3,318 3,467 3,989 4,184 4,436 4,684 4,983 5,330 6,644.2 6,923.3 7,057.3 7,357.7 7,636.0 24,283.9 24,956.0 Electricity and Water 2,872 3,061 3,303 3,595 4,084 4,282 4,497 4,609 4,902.4 5,566.1 6,124.2 6,538.2 6,831.9 11,011.7 12,262.2 Construction 7,797 9,319 10,023 11,074 12,282 13,675 15,272 16,935 19,100.4 25,108.0 34,831.6 43,146.7 56,772.6 237,545.1 286,789.9 Whole Sale and Retail Trade 29,030 30,498 34,483 40,530 47,344 54,847 61,280 66,974 70,907.5 79,785.5 87,831.4 103,350.2 116,095.3 199,277.2 214,463.0 Hotels and Restaurants 3,987 4,235 4,724 5,647 7,198 8,876 10,994 13,664 17,029.3 18,740.8 22,326.5 28,267.0 36,630.6 30,074.8 33,407.5 Transport and Communications 8,646 9,470 11,293 11,935 13,049 14,545 15,842 18,130 19,890.5 22,391.7 26,087.9 29,395.7 33,312.8 69,350.8 77,743.6 Financial Intermediation 2,942 3,523 4,376 5,632 6,482 8,305 9,673 9,646 11,927.7 14,744.4 12,944.2 14,793.3 15,896.1 49,624.6 56,581.1 Real Estate, Renting and Business Activities 14,953 15,625 16,779 19,215 22,139 25,966 30,090 36,097 44,064.4 45,749.9 47,529.0 49,383.9 51,432.5 64,756.3 67,384.9 Public Administration and Defense 8,262 8,278 9,243 9,832 10,992 12,368 14,640 15,944 25,735.8 26,529.0 28,554.4 31,701.1 33,613.2 63,354.2 77,360.2 Education 3,840 4,281 4,820 5,235 6,347 7,284 8,230 9,626 10,772.2 11,252.5 12,386.7 12,706.6 13,875.9 39,379.5 43,701.2 Health and Social Work 1,279 1,482 1,732 1,902 2,202 2,544 3,064 3,494 4,132.3 4,520.0 5,075.4 6,053.5 6,840.7 13,899.3 15,988.3 Other Community , Social & Personal Services 6,484 6,796 7,343 8,016 8,697 9,714 10,331 11,164 11,035.9 12,404.2 14,686.9 15,248.3 15,811.7 16,472.5 17,090.7 Private Households with Employed Persons 802 815 841 896 932 981 1,018 1,067 1,121.0 1,301.5 1,407.7 1,469.7 1,533.7 16,091.1 16,495.4 Total 199,057 222,860 251,406 281,527 313,859 348,952 382,670 421,801 478,866.9 519,903.4 571,493.3 630,632.7 696,530.8 1,439,981.7 1,597,612.1 Less : FISIM 837 992 1,156 16,216 1,841 2,394 2,694 2,898 3,219.3 2,876.9 3,061.0 3,655.4 4,309.1 17,380.2 20,505.1 Gross Value Added at Constant Basic Prices 197,331 220,477 248,355 277,013 309,687 344,332 378,907 418,947 475,647.5 517,026.5 568,432.3 626,977.4 692,221.7 1,422,601.5 1,577,107.0 Taxes on Products 16,527 22,744 23,444 24,072 25,804 27,239 24,975 36,322 39,431.0 42,595.0 50,409.9 55,381.1 61,008.0 118,675.7 122,086.5 GDP at Constant Market Prices 213,859 243,221 271,799 301,085 335,490 371,571 403,883 455,269 515,078.5 559,621.6 618,842.2 682,358.5 753,229.7 1,541,277.2 1,699,193.6 Table 16: GDP By Economic Activity at Constant Prices (In million Birr) Source:MoFED

First Quarter 2017/18 77 National Bank of Ethiopia Quarterly Bulletin Industry/Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 Agriculture, Hunting and Forestry (10.5) 17.1 13.7 11.0 9.4 7.4 6.2 7.6 8.9 4.9 7.1 5.4 6.3 2.3 6.7 Crop (16.5) 25.6 19.5 15.0 11.0 8.0 6.5 8.7 10.3 5.0 8.2 6.6 7.2 3.4 8.1 Animal Farming and Hunting (3.6) 8.0 5.9 4.9 7.9 7.3 7.0 6.2 7.5 5.4 5.2 2.1 4.7 -1.5 4.5 Forestry 2.9 2.7 2.4 2.7 2.9 4.2 3.1 3.3 2.5 3.1 3.3 4.2 3.5 2.2 3.5 Fishing (20.1) (25.1) 8.6 (8.2) 7.7 34.0 26.5 1.7 5.9 21.3 19.4 32.5 30.6 0.1 0.5 Mining and Quarrying 4.1 2.0 4.1 7.2 (15.4) 21.4 12.8 44.2 57.7 12.7 6.3 (3.2) (25.6) -3.3 -29.8 Manufacturing 0.7 6.4 12.9 10.2 8.2 10.0 8.9 11.3 17.6 11.8 16.9 16.6 18.2 18.4 17.4 Large and Medium Scale Manufacturing 1.4 7.7 11.6 13.7 9.5 12.6 10.3 13.6 14.1 15.9 24.2 21.6 23.1 22.9 23.2 Small Scale and Cottage Industries (0.4) 4.5 15.0 4.9 6.0 5.6 6.4 7.0 24.7 4.2 1.9 4.3 3.8 2.5 2.8 Electricity and Water 4.8 6.6 7.9 8.8 13.6 4.8 5.0 2.5 6.4 13.5 10.0 6.8 4.5 15.0 11.4 Construction 13.6 19.5 7.5 10.5 10.9 11.3 11.7 10.9 12.8 31.5 38.7 23.9 31.6 25.0 20.7 Whole Sale and Retail Trade 3.1 5.1 13.1 17.5 16.8 15.8 11.7 9.3 5.9 12.5 10.1 17.7 12.3 8.2 7.6 Hotels and Restaurants 6.3 6.2 11.6 19.5 27.5 23.3 23.9 24.3 24.6 10.1 19.1 26.6 29.6 15.6 11.1 Transport and Communications 10.5 9.5 19.2 5.7 9.3 11.5 8.9 14.4 9.7 12.6 16.5 12.7 13.3 13.7 12.1 Financial Intermediation 10.8 19.7 24.2 28.7 15.1 28.1 16.5 (0.3) 23.7 23.6 (12.2) 14.3 7.5 9.6 14 Real Estate, Renting and Business Activities 9.7 4.5 7.4 14.5 15.2 17.3 15.9 20.0 22.1 3.8 3.9 3.9 4.1 3.7 4.1 Public Administration and Defense 1.4 0.2 11.6 6.4 11.8 12.5 18.4 8.9 61.4 3.1 7.6 11.0 6.0 7.4 22.1 Education 11.6 11.5 12.6 8.6 21.2 14.8 13.0 17.0 11.9 4.5 10.1 2.6 9.2 8.8 11 Health and Social Work (4.2) 15.9 16.9 9.8 15.8 15.5 20.4 14.0 18.3 9.4 12.3 19.3 13.0 10.8 15 Other Community , Social & Personal Services 1.5 4.8 8.0 9.2 8.5 11.7 6.4 8.1 (1.1) 12.4 18.4 3.8 3.7 3.0 3.8 Private Households with Employed Persons 4.5 1.6 3.2 6.6 4.0 5.3 3.8 4.8 5.1 16.1 8.2 4.4 4.4 4.3 2.5 Total (3.1) 12.0 12.8 12.0 11.5 11.2 9.7 10.2 13.5 8.6 9.9 10.3 10.4 8.0 10.9 Less : FISIM 14.7 18.5 16.5 1,303.2 (88.6) 30.0 12.5 7.6 11.1 (10.6) 6.4 19.4 17.9 16.9 18 Gross Value Added at Constant Basic Prices (2.1) 11.7 12.6 11.5 11.8 11.2 10.0 10.6 11.4 8.7 9.9 10.3 10.4 8.0 10.9 Taxes on Products (3.0) 37.6 3.1 2.7 7.2 5.6 (8.3) 45.4 8.6 8.0 18.3 9.9 10.2 3.1 2.9 GDP at Constant Market Prices (2.2) 13.7 11.7 10.8 11.4 10.8 8.7 12.7 13.1 8.6 10.6 10.3 10.4 7.6 10.2 T Source:MoFED able 17: Growth Rate Of GDP By Economic Activity at Constant Prices (%)

78 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Industry/Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 Agriculture, Hunting and Forestry 29,986 29,010 25,935 27,581 33,754 44,144 56,370 73,206 112,997 154,995 159,821 212,253 330,842 356,828 407,834 466,780 535,675 614,210 Crop 18,065 16,657 13,396 15,252 20,125 27,840 36,107 49,326 81,604 113,959 111,292 146,760 240,112 244,048 279,058 317,142 346,293 399,577 Animal Farming and Hunting 7,432 7,411 7,297 7,151 7,984 10,053 13,033 15,531 20,622 27,868 32,817 45,806 66,437 82,351 92,037 107,089 138,553 153,616 Forestry 4,581 5,126 5,350 5,460 6,185 6,707 7,462 8,988 12,695 15,475 16,801 19,687 24,293 30,429 36,739 42,550 49,447 58,757 Fishing 26 28 28 21 41 55 69 81 116 151 198 217 455 685 796 1,225 1,382 2,259 Mining and Quarrying 248 325 346 394 410 485 586 551 799 1,101 2,147 6,810 9,301 9,687 8,665 6,036 6,117 4,840 Manufacturing 3,674 3,858 3,751 4,135 4,508 5,007 5,917 7,630 9,892 12,631 14,778 18,968 25,559 32,095 42,341 57,170 85,971 102,920 Large and Medium Scale Manufacturing 2,592 2,691 2,517 2,920 3,228 3,439 4,181 5,599 7,359 8,844 1,038 12,324 17,161 23,032 32,093 46,438 61,687 77,447 Small Scale and Cottage Industries 1,096 1,176 1,226 1,231 1,304 1,571 1,759 2,096 2,634 3,823 4,448 6,644 8,398 9,063 10,247 10,732 24,284 25,473 Electricity and Water 1,400 1,462 1,543 1,650 1,901 2,047 2,429 3,289 3,651 3,899 4,608 4,902 6,187 7,355 8,234 8,087 11,012 13,105 Construction 2,516 2,702 3,053 3,518 4,407 5,250 6,593 8,829 11,431 15,312 15,130 19,100 29,771 45,744 83,665 140,246 237,545 292,902 Whole Sale and Retail Trade 8,086 8,056 7,734 9,173 10,465 12,641 16,678 22,961 33,125 50,478 56,713 70,908 102,632 113,402 146,757 181,227 199,277 224,851 Hotels and Restaurants 1,054 1,094 1,199 1,287 1,428 1,677 2,251 3,457 5,137 8,099 11,618 17,029 23,795 32,077 44,461 60,294 30,075 35,456 Transport and Communications 2,364 2,815 3,001 3,366 4,030 5,486 5,518 6,374 7,513 10,264 12,850 19,891 29,721 38,340 45,776 53,555 69,351 78,927 Financial Intermediation 1,527 1,618 1,178 1,633 1,445 2,254 3,048 3,684 5,014 7,965 8,163 11,928 18,919 26,536 32,219 43,504 49,625 57,080 Real Estate, Renting and Business Activities 3,404 3,869 4,958 5,561 5,859 6,494 7,911 11,608 17,338 21,077 31,423 44,064 51,656 59,192 65,179 69,009 64,756 68,077 Public Administration and Defense 4,497 4,247 4,250 4,523 4,501 5,146 5,980 6,964 9,191 11,332 13,395 25,736 29,274 34,582 40,353 50,328 63,354 90,125 Education 1,431 1,655 1,942 2,466 2,610 3,021 3,837 4,886 6,264 7,475 8,943 10,772 13,283 16,814 22,334 27,501 39,380 57,138 Health and Social Work 686 779 802 780 909 1,111 1,277 1,556 2,068 2,503 2,967 4,132 4,999 6,363 8,279 10,824 13,899 18,375 Other Community , Social & Personal Services 1,827 1,798 1,755 2,049 2,332 2,692 3,299 4,218 5,898 8,510 9,453 11,036 16,229 22,448 24,939 28,215 16,472 18,311 Private Households with Employed Persons 194 210 224 242 266 283 375 433 592 788 852 1,121 1,686 2,073 2,640 3,365 16,091 18,714 Total 61,817 62,564 61,075 67,522 78,396 96,978 120,819 158,212 229,133 313,270 351,145 478,867 694,309 804,221 984,472 1,207,368 1,439,982 1,697,292 Less : FISIM 530 522 326 444 518 595 878 1,046 1,449 2,218 2,453 3,219 3,864 7,918 9,745 14,535 17,380 20,444 Gross Value Added at Current Basic Prices 61,273 62,030 60,761 67,081 77,880 96,391 119,934 157,170 227,703 311,043 348,686 475,648 690,444 796,303 974,727 1,192,833 1,422,602 1,676,848 Taxes on Products 4,349 4,958 4,778 5,228 7,476 8,467 9,698 12,186 16,785 19,139 28,412 39,431 56,882 70,618 86,098 105,129 118,676 129,808 GDP at Current Market Prices 65,986 67,351 65,895 72,703 85,800 105,415 130,334 170,281 245,836 332,060 379,135 515,079 747,326 866,921 1,060,825 1,297,961 1,541,277 1,806,656 Table 18: GDP by Economic Activity at Current Prices (In million Birr) Source: MoFED

First Quarter 2017/18 79 National Bank of Ethiopia Quarterly Bulletin Sectors/Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 Agriculture, Hunting and Forestry -3.3 -10.6 6.3 22.4 30.8 27.7 29.9 54.4 37.2 3.1 32.8 55.9 7.9 14.3 14.5 12.1 14.7 Crop -7.8 -19.6 13.9 32.0 38.3 29.7 36.6 65.4 39.6 -2.3 31.9 63.6 1.6 14.3 13.6 11.9 15.4 Animal Farming and Hunting -0.3 -1.5 -2.0 11.6 25.9 29.7 19.2 32.8 35.1 17.8 39.6 45.0 24.0 11.8 16.4 11.1 10.9 Forestry 11.9 4.4 2.0 13.3 8.4 11.3 20.5 41.2 21.9 8.6 17.2 23.4 25.3 20.7 15.8 16.1 18.8 Fishing 6.1 -0.1 -25.3 97.2 33.8 24.5 17.4 43.3 30.5 31.3 9.6 109.5 50.8 16.2 53.8 12.8 63.5 Mining and Quarrying 31.2 6.5 13.8 4.1 18.4 20.8 -6.0 44.9 37.9 94.9 217.2 36.6 4.2 -10.5 -30.3 -2.3 -20.9 Manufacturing 5.0 -2.8 10.2 9.0 11.1 18.2 29.0 29.6 27.7 17.0 28.4 34.7 25.6 31.9 35.0 7.0 19.7 Large and Medium Scale Manufacturing 3.8 -6.5 16.0 10.5 6.6 21.6 33.9 31.4 20.2 -88.3 1087.5 39.3 34.2 39.3 44.7 6.3 25.5 Small Scale and Cottage Industries 7.3 4.2 0.4 6.0 20.4 12.0 19.2 25.7 45.1 16.4 49.4 26.4 7.9 13.1 4.7 10.4 4.9 Electricity and Water 4.4 5.6 6.9 15.2 7.7 18.7 35.4 11.0 6.8 18.2 6.4 26.2 18.9 12.0 -1.8 4.3 19.0 Construction 7.4 13.0 15.2 25.3 19.1 25.6 33.9 29.5 33.9 -1.2 26.2 55.9 53.7 82.9 67.6 60.3 23.3 Whole Sale and Retail Trade -0.4 -4.0 18.6 14.1 20.8 31.9 37.7 44.3 52.4 12.4 25.0 44.7 10.5 29.4 23.5 8.1 12.8 Hotels and Restaurants 3.8 9.5 7.4 11.0 17.4 34.2 53.6 48.6 57.7 43.5 46.6 39.7 34.8 38.6 35.6 22.9 17.9 Transport and Communications 19.1 6.6 12.2 19.7 36.2 0.6 15.5 17.9 36.6 25.2 54.8 49.4 29.0 19.4 17.0 22.4 13.8 Financial Intermediation 5.9 -27.2 38.6 -11.5 56.0 35.2 20.8 36.1 58.9 2.5 46.1 58.6 40.3 21.4 35.0 21.7 15.0 Real Estate, Renting and Business Activities 13.7 28.2 12.2 5.4 10.8 21.8 46.7 49.4 21.6 49.1 40.2 17.2 14.6 10.1 5.9 5.1 5.1 Public Administration and Defense -5.6 0.1 6.4 -0.5 14.3 16.2 16.5 32.0 23.3 18.2 92.1 13.7 18.1 16.7 24.7 20.8 42.3 Education 15.7 17.3 27.0 5.9 15.7 27.0 27.4 28.2 19.3 19.6 20.5 23.3 26.6 32.8 23.1 19.8 45.1 Health and Social Work 13.5 3.0 -2.7 16.5 22.3 14.9 21.9 32.9 21.0 18.5 39.3 21.0 27.3 30.1 30.7 21.3 32.2 Other Community , Social & Personal Services -1.6 -2.4 16.7 13.8 15.4 22.5 27.9 39.8 44.3 11.1 16.7 47.1 38.3 11.1 13.1 9.9 11.2 Private Households with Employed Persons 8.6 6.4 8.1 10.0 6.5 32.2 15.7 36.5 33.1 8.1 31.6 50.4 23.0 27.3 27.5 4.8 16.3 Total 1 (2) 11 16 24 25 31 45 37 12 36 45.0 15.8 22.4 22.6 18.2 17.9 Less : FISIM (2) (37) 36 17 15 47 19 38 53 11 31 20.0 104.9 23.1 49.2 24.6 17.6 Gross Value Added at Current Basic Prices 1 (2) 10 16 24 24 31 45 37 12 36 45.2 15.3 22.4 22.4 18.2 17.9 Taxes on Products 14 (4) 9 43 13 15 26 38 14 48 39 44.3 24.1 21.9 22.1 12.8 9.4 GDP at Current Market Prices 2 (2) 10 18 23 24 31 44 35 14 36 45.1 16.0 22.4 22.4 17.7 17.2 T Source: MoFED able 19: Growth Rates of GDP by Economic Activity at Current Prices (%)

80 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Description / Year 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2003/04 2004/05 2005/06 2006/07 2007/08 2008 /09 2009 /10 2010 /11 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 Gross Value Added at Current Basic Prices 77,880 96,391 119,934 157,170 227,703 311,073 348,686 475,648 690,445 796,303 974,727.0 1192833 1,422,602.0 1676848 Taxes on Products, net 7,476 8,467 9,698 12,186 16,785 19,139 28,412 39,431 56,882 70,618 86098 105129 118,676.0 129808 GDP at Current Market Prices 85,800 105,415 130,334 170,281 245,836 332,060 379,135 515,079 747,327 866,921 1,060,825 1,297,962 1,541,277.0 1806656 Incomes from ROW, net (562) 180 399 697 724 (57) (615) (1,120) (1,660) (1,943) (2,915) (5,275) (5,122.0) -11162 Gross National Income at Current Basic Prices 77,546 96,498 119,925 157,434 228,020 310,714 347,973 474,527 688,785 794,360 971813 1187558 1,417,479.0 1665686.4 Gross National Income at Current Market Prices 85,466 105,522 130,324 170,544 246,152 331,731 378,422 513,958 745,667 864,978 1057911 1292686 1,536,154.8 1795494.1 Current Transfers from ROW, net 9,436 15,335 18,163 25,444 34,194 44,191 59,485 74,261 86,850 93,355 106357.3 128401 155,964.0 154567 Gross National Disposable Income 94,901 120,857 148,487 195,989 280,346 375,922 437,907 588,220 832,517 958,333 1164268 1421087 1,692,119.0 1950061 Government Final Consumption Expenditure 11,973 13,971 17,016 19,123 25,782 31,544 34,801 53,147 62,045 77,637 98121 116995 174,120.0 222865 Private Final Consumption Expenditure 60,866 81,445 102,537 130,118 197,461 268,002 309,132 373,089 541,536 636,901 744978 896208 1,022,281.0 1147628 Gross Capital Formation (Investment) 24,902 27,409 35,952 41,227 60,156 82,560 102,403 165,380 277,243 295,456 402922 511618 585,665.0 704596 Exports of Goods and Services 12,914 16,077 18,205 21,854 28,317 35,233 52,168 85,950 102,887 108,227 123496 121532.2 122,501.0 139805 Imports of Goods and Services 27,367 37,776 48,092 55,089 76,564 96,285 126,319 162,487 236,384 251,301 308691.3 393189 424,750.0 428400 Resource Balance (14,453) (21,699) (29,887) (33,234) (48,247) (61,052) (74,151) (76,537) (133,497) (143,074) (185,195) (271,656) (302,249.0) -288594 Gross Domestic Savings 12,961 9,999 10,781 21,040 22,593 32,514 35,202 88,843 143,746 152,383 217726 284759 344,876.0 436163 Gross National Savings 22,062 25,441 28,934 46,748 57,103 76,376 93,973 161,984 228,936 243,795 321169 407884 495,718.0 579568 Mid-year Population (In Million) 67 68 70 72 75 77 79 81 83 85 87 89.1 91.2 93.4 Per Capita Nominal GDP (In Birr) 1,228 1,475 1,783 2,302 3,282 4,318 4,803 6,384 9,032 10,219 12,200 14571 16,898.0 19353 Per Capita Real GDP (In Birr) 3,315 3,636 3,957 4,277 4,597 4,934 5,317 6,384 6,763 7,295 7,848 8,456 16,898.0 18192.65044 Average Exchange Rate (Birr/USD) 8.6 8.7 8.7 8.8 9.2 10.4 12.9 16.1 17.2 18.3 19.1 20.1 21.1 22.4 Real GDP (In USD) 9,975 11,201 12,390 13,108 15,280 16,666 18,754 29,543 30,007 31,096 32,878 34,439 73,026.0 76042.5 Nominal GDP (In USD) 9,942 12,184 15,014 19,363 26,606 31,868 29,413 29,543 40,072 43,561 51,113 59,345 73,026.0 80605 Per Capita Nominal GDP (In USD) 142 171 205 262 355 414 373 396 524 559 640 725 801.0 863 Per Capita Real GDP (In USD) 150 164 177 181 204 217 238 396 392 399 411 421 801.0 814.2 GDP Deflator 35.3 38.8 43.3 50.8 66.2 82.2 83.3 100 134 140 155 172 100.0 106 Table 20: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices (In Millions of Birr) Source: MOFED

First Quarter 2017/18 81 National Bank of Ethiopia Quarterly Bulletin Period General Index Food and Non-Alcoholic Beverages Alcoholic Beverages and Tobacco Clothing & Foot￾wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 1997/98 Q.I 30.7 19.3 35.9 30.5 57.3 67.2 66.8 25.4 25.4 35.7 35.7 20.2 42.3 46.8 Q.II 30.1 19.0 35.6 30.0 55.5 66.7 64.0 25.1 25.1 42.5 42.5 19.4 39.8 45.7 Q.III 29.9 19.2 34.6 30.4 54.4 67.6 61.1 25.9 25.9 36.6 36.6 19.8 37.4 45.1 Q.IV 29.8 19.5 36.1 30.0 53.4 65.7 60.1 26.0 26.0 34.8 34.8 19.6 36.9 44.4 1998/99 Q.I 30.4 20.4 36.6 29.7 55.0 63.8 58.3 26.0 26.0 34.2 34.2 19.9 36.1 44.6 Q.II 30.4 20.2 35.7 29.0 55.2 66.1 56.6 27.1 27.1 32.6 32.6 20.5 36.9 44.8 Q.III 31.7 21.5 36.1 29.0 58.2 67.1 56.5 26.8 26.8 32.5 32.5 20.8 38.7 46.2 Q.IV 31.9 22.2 37.1 29.0 57.2 69.3 55.1 26.2 26.2 31.7 31.7 20.4 35.1 45.7 1999/00 Q.I 32.4 23.1 35.7 29.2 55.6 75.6 52.9 26.5 26.5 32.1 32.1 21.9 32.5 45.6 Q.II 32.1 21.9 35.2 29.7 55.9 79.6 54.1 30.6 30.6 31.8 31.8 21.9 33.1 46.6 Q.III 33.0 22.4 35.2 29.7 58.3 81.2 53.3 31.5 31.5 32.4 32.4 22.4 35.9 47.9 Q.IV 33.4 23.0 36.0 30.9 57.5 80.5 53.9 31.5 31.5 33.2 33.2 22.1 37.4 48.1 2000/01 Q.I 39.2 32.2 35.5 29.4 59.3 84.5 53.1 31.7 31.7 34.0 34.0 32.4 36.6 49.1 Q.II 29.5 20.3 34.7 29.0 48.1 65.8 52.0 32.1 32.1 34.9 34.9 22.7 32.9 42.5 Q.III 24.7 19.9 34.6 28.8 27.1 28.7 51.1 32.8 32.8 35.4 35.4 23.7 33.9 31.4 Q.IV 24.0 18.7 35.1 28.7 27.2 28.7 50.5 31.8 31.8 35.3 35.3 23.7 33.9 31.4 2001/02 Q.I 23.7 17.9 34.6 28.1 28.2 28.3 50.1 32.4 32.4 39.2 39.2 24.4 34.2 31.8 Q.II 23.8 18.0 34.3 28.7 28.4 28.5 50.3 32.5 32.5 38.8 38.8 24.8 34.1 32.0 Q.III 23.4 17.4 34.1 28.3 49.4 33.2 33.2 39.0 39.0 24.7 34.1 31.9 Q.IV 23.4 17.8 33.6 27.8 27.6 28.3 48.8 33.2 33.2 39.1 39.1 24.9 34.2 31.5 2002/03 Q.I 24.7 19.6 35.3 27.7 28.2 28.2 49.5 33.0 33.0 39.7 39.7 24.7 34.3 31.8 Q.II 25.5 20.9 34.5 27.6 28.4 27.9 50.2 34.4 34.4 39.7 39.7 24.6 34.3 31.9 Q.III 26.0 22.2 35.3 27.4 29.3 27.8 49.7 34.6 34.6 39.8 39.8 25.1 34.5 31.3 Q.IV 26.9 23.6 37.2 27.7 28.7 27.9 49.5 33.9 33.9 37.4 37.4 25.3 35.2 31.5 2003/04 Q.I 27.6 24.9 36.6 27.4 29.5 27.8 49.0 34.5 34.5 39.1 39.1 25.4 34.6 31.4 Q.II 27.1 23.9 34.7 27.2 30.3 27.7 48.7 34.7 34.7 38.8 38.8 25.9 35.0 31.6 Q.III 26.8 22.8 34.7 28.2 31.3 27.8 48.6 34.8 34.8 39.8 39.8 26.2 35.9 32.4 Q.IV 27.8 24.5 34.5 28.0 31.1 28.1 49.4 35.2 35.2 39.3 39.3 26.6 36.4 32.3 2004/05 Q.I 28.2 25.1 32.5 27.7 31.7 28.0 51.3 35.8 35.8 38.9 38.9 26.7 36.4 32.5 Q.II 28.6 25.4 32.7 27.9 32.5 28.1 51.2 37.4 37.4 40.5 40.5 27.0 37.1 33.1 Q.III 29.2 25.6 33.9 28.3 34.7 28.7 50.6 38.5 38.5 41.5 41.5 27.8 38.1 34.4 Q.IV 30.3 27.3 34.0 27.9 34.7 29.2 52.6 38.4 38.4 41.2 41.2 28.4 38.1 34.4 2005/06 Q.I 31.5 28.8 35.3 28.6 36.6 29.3 51.6 39.1 39.1 41.4 41.4 29.5 38.4 35.4 Q.II 31.5 28.7 36.0 27.9 36.9 29.7 51.5 39.2 39.2 41.9 41.9 30.1 38.5 35.5 Q.III 32.0 28.9 36.6 29.2 37.6 30.4 52.5 39.4 39.4 42.4 42.4 30.9 39.0 36.3 Q.IV 33.5 30.4 37.4 29.8 39.7 31.3 53.5 42.1 42.1 43.2 43.2 32.6 40.5 37.8 2006/07 Q.I 35.4 32.6 37.5 30.7 43.9 32.7 53.8 46.0 46.0 43.9 43.9 35.4 41.3 39.4 Q.II 36.1 33.5 37.6 30.6 45.2 33.4 53.8 49.1 49.1 45.2 45.2 36.5 41.8 39.9 Q.III 38.0 34.7 38.1 31.4 46.2 35.3 56.2 49.3 49.3 45.5 45.5 37.4 42.0 41.5 Q.IV 39.4 36.6 39.1 32.4 47.0 36.8 57.6 49.7 49.7 45.7 45.7 38.9 42.5 42.4 2007/08 Q.I 41.5 39.7 39.2 33.5 47.6 38.1 57.9 49.7 49.7 46.5 46.5 41.5 43.2 43.3 Q.II 43.1 42.0 39.5 34.7 48.5 40.0 58.6 49.7 49.7 47.7 47.7 41.6 43.8 44.2 Q.III 46.4 46.0 42.9 36.3 51.6 43.9 60.4 53.4 53.4 49.2 49.2 43.9 45.7 46.9 Q.IV 54.2 57.5 47.0 38.5 56.6 47.8 63.2 55.5 55.5 50.6 50.6 47.8 48.6 50.7 2008/09 Q.I 64.4 73.7 57.2 41.4 60.4 51.1 65.8 55.6 55.6 53.5 53.5 52.6 51.6 54.5 Q.II 62.3 67.5 58.8 44.5 62.4 53.0 67.3 58.9 58.9 55.8 55.8 54.8 52.4 56.7 Q.III 60.2 62.6 61.7 47.4 62.3 54.9 68.9 53.4 53.4 57.4 57.4 56.7 54.0 57.5 Q.IV 61.4 63.2 63.7 49.9 63.9 57.2 72.9 55.2 55.2 59.9 59.9 58.3 57.2 59.6 2009/10 Q.I 63.6 64.2 65.2 52.9 67.8 60.1 75.4 61.3 61.3 63.1 63.1 60.9 60.6 63.0 Q.II 64.5 62.8 66.1 55.8 71.7 62.7 77.9 66.2 66.2 64.6 64.6 63.7 63.4 66.2 Q.III 65.8 62.7 68.5 59.7 74.3 66.4 82.4 68.2 68.2 66.4 66.4 65.3 65.9 69.0 Q.IV 67.0 63.0 71.7 62.1 76.4 69.1 84.8 70.8 70.8 68.3 68.3 67.1 67.3 71.2 2010/11 Q.I 68.5 63.9 72.6 65.0 78.8 71.6 84.9 71.0 71.0 71.6 71.6 68.5 69.1 73.3 Q.II 72.8 67.0 80.1 70.4 84.1 77.7 89.0 77.5 77.5 82.4 82.4 73.3 75.6 79.0 Q.III 79.0 73.5 83.2 77.5 91.0 81.5 91.3 88.5 88.5 84.7 84.7 75.9 80.7 84.9 Q.IV 89.0 87.9 91.6 83.4 94.5 86.7 93.9 100.7 100.7 87.1 87.1 84.4 84.6 90.2 2011/12 Q.I 94.6 95.6 98.2 87.2 95.6 92.1 96.1 101.0 101.0 92.5 92.5 91.7 90.8 93.5 Q.II 98.8 100.2 99.5 95.0 97.6 97.1 98.6 98.4 98.4 97.8 97.8 97.3 97.5 97.3 Q.III 105.1 106.4 105.8 103.6 104.3 103.8 100.9 100.5 100.0 101.6 100.0 102.9 102.6 103.6 Q.IV 111.3 115.4 104.7 109.1 106.8 108.5 102.8 101.1 100.0 103.6 103.1 108.9 105.0 106.6 2012/13 Q.I 114.8 118.9 103.9 112.5 113.2 110.8 105.3 100.7 100.0 106.7 101.9 114.5 108.2 110.3 Q.II 115.7 116.8 108.8 113.4 117.9 116.6 124.8 102.2 100.1 107.0 101.9 119.0 110.5 114.4 Q.III 116.0 116.0 113.3 116.6 118.0 118.3 126.1 99.1 100.0 106.7 103.3 121.9 113.8 115.9 Q.IV 118.5 118.7 113.1 119.9 120.5 122.2 130.0 98.5 100.0 108.2 105.0 126.0 115.3 118.3 2013/14 Q.I 123.5 124.4 115.0 124.4 126.2 124.2 127.8 98.1 100.0 118.3 105.0 131.5 122.4 122.4 Q.II 125.0 124.8 123.0 127.8 128.2 126.4 137.9 100.2 100.0 121.7 105.0 134.9 119.0 125.3 Q.III 125.5 122.1 131.0 130.3 133.7 130.7 142.3 102.1 100.0 119.6 105.0 136.1 119.2 129.2 Q.IV 129.0 126.9 131.3 132.9 136.9 133.1 147.0 102.9 100.0 115.9 105.2 138.7 119.4 131.4 2014/15 Q.I 131.4 130.4 135.9 135.6 137.0 134.3 146.3 102.7 100.2 117.4 106.2 139.0 120.6 132.5 Q.II 132.7 130.6 137.9 140.3 139.7 136.5 148.7 103.0 100.0 119.0 105.4 141.2 122.4 135.0 Q.III 135.7 133.1 148.6 144.1 143.7 139.2 153.9 99.9 100.5 119.7 105.5 144.0 124.1 138.7 Q.IV 141.6 141.1 154.0 145.4 149.3 142.1 152.8 98.3 102.1 120.4 105.6 147.6 125.6 142.1 2015/16 Q.I 147.1 149.9 149.7 148.2 151.0 144.6 155.4 100.1 104.8 128.4 110.7 152.0 126.8 143.9 Q.II 146.8 148.0 151.3 149.1 151.1 147.4 163.1 101.9 102.2 135.4 120.8 157.0 127.9 145.6 Q.III 147.8 145.8 162.1 150.7 157.0 152.1 166.4 100.8 101.2 139.8 120.9 160.1 129.1 150.0 Q.IV 152.4 151.3 151.9 152.2 167.1 153.6 172.8 100.6 102.4 141.7 121.0 164.1 130.9 153.5 2016/17 QI 156.3 157.2 146.3 152.3 172.1 154.9 168.2 101.7 100.5 143.9 121.1 168.7 131.8 155.4 QII 156.3 155.2 155.6 152.8 172.5 157.2 175.3 103.0 100.8 151.0 121.1 171.3 132.4 157.5 QIII 158.4 156.7 166.8 156.0 173.8 159.2 181.6 107.6 102.2 152.9 121.1 170.8 136.1 160.4 QIV 165.6 170.0 152.8 156.6 174.0 167.3 181.3 113.8 109.4 157.6 121.2 176.9 139.2 161.5 2017/18 QI 172.3 177.6 173.5 160.0 176.4 171.5 172.0 116.4 108.9 160.2 121.2 185.1 140.1 166.3 Table 21 (A): National Non-Food Consumer Price Index, December 2011=100 Source: Central Statistical Agency and NBE Staff Compilation.

82 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 1997/98 Q.I 19.3 18.5 15.7 28.3 21.7 22.2 22.2 29.2 13.7 13.1 Q.II 19.0 18.9 15.5 28.2 21.0 20.6 20.6 35.0 12.4 12.9 Q.III 19.2 18.4 15.8 29.0 20.6 20.7 20.7 51.4 10.5 13.9 Q.IV 19.5 19.3 15.4 28.7 20.2 20.8 20.8 43.7 10.8 15.1 1998/99 Q.I 20.4 20.9 15.2 28.3 19.2 21.9 21.9 40.6 11.6 14.7 Q.II 20.2 20.2 15.9 28.4 19.5 22.8 22.8 36.1 11.8 14.1 Q.III 21.5 20.1 15.0 30.2 22.6 27.0 27.0 35.4 12.9 13.1 Q.IV 22.2 21.8 15.2 29.8 26.8 25.7 25.7 34.8 16.3 13.4 1999/00 Q.I 23.1 24.1 15.3 27.8 27.3 24.4 24.4 33.3 20.8 14.5 Q.II 21.9 22.5 15.5 27.9 26.3 23.4 23.4 32.4 19.1 14.2 Q.III 22.4 22.3 16.0 28.4 27.3 25.4 25.4 33.2 17.8 14.3 Q.IV 23.0 23.1 17.0 28.7 28.0 25.1 25.1 33.6 20.8 14.5 2000/01 Q.I 32.2 30.5 27.6 44.2 38.2 35.1 35.1 63.0 25.4 25.7 Q.II 20.3 21.3 17.5 28.4 23.0 20.3 20.3 36.4 17.0 14.6 Q.III 19.9 21.1 18.9 28.0 22.8 19.9 19.9 39.0 16.2 14.5 Q.IV 18.7 20.1 19.5 27.6 20.8 18.9 18.9 37.6 15.4 13.6 2001/02 Q.I 17.9 18.8 19.9 26.1 19.8 17.9 17.9 34.9 13.7 14.2 Q.II 18.0 18.6 19.6 26.6 20.6 18.8 18.8 34.1 13.7 13.5 Q.III 17.4 18.2 19.4 26.5 19.8 18.7 18.7 33.2 13.0 12.1 Q.IV 17.8 18.4 19.9 26.7 20.1 19.1 19.1 33.2 13.1 10.6 2002/03 Q.I 19.6 20.6 20.3 26.9 23.8 20.0 20.0 32.9 13.9 9.9 Q.II 20.9 21.9 20.3 27.2 24.2 21.4 21.4 33.4 14.3 10.2 Q.III 22.2 23.2 20.1 27.7 26.5 22.7 22.7 33.3 15.8 11.0 Q.IV 23.6 24.3 22.0 28.5 29.4 24.0 24.0 32.9 18.7 11.8 2003/04 Q.I 24.9 25.9 22.8 29.2 28.5 24.3 24.3 33.2 21.0 12.1 Q.II 23.9 24.4 22.5 29.0 28.3 23.3 23.3 36.5 20.1 12.8 Q.III 22.8 23.0 22.9 29.3 28.5 23.8 23.8 34.4 17.5 13.2 Q.IV 24.5 24.4 23.9 30.3 29.1 25.4 25.4 35.6 20.8 14.5 2004/05 Q.I 25.1 25.0 24.3 29.3 28.3 24.3 24.3 36.6 23.0 15.4 Q.II 25.4 25.2 24.2 29.5 28.9 24.3 24.3 37.5 24.5 15.5 Q.III 25.6 25.0 24.8 31.0 29.1 25.5 25.5 36.3 22.3 18.4 Q.IV 27.3 26.8 26.8 31.0 29.1 27.1 27.1 37.4 23.7 19.4 2005/06 Q.I 28.8 28.7 29.5 32.4 28.2 27.3 27.3 40.8 23.8 20.7 Q.II 28.7 28.9 30.5 32.2 28.1 28.2 28.2 38.9 23.6 20.9 Q.III 28.9 29.2 31.1 32.7 28.7 28.8 28.8 41.0 23.6 21.0 Q.IV 30.4 30.6 35.2 33.6 29.3 30.8 30.8 45.7 22.9 22.8 2006/07 Q.I 32.6 33.0 37.9 35.3 29.0 33.1 33.1 43.8 23.3 23.5 Q.II 33.5 33.5 38.4 36.7 30.4 34.0 34.0 42.4 24.0 23.4 Q.III 34.7 34.6 39.1 37.1 33.2 35.0 35.0 41.1 33.0 23.8 Q.IV 36.6 35.8 41.8 38.6 37.3 35.8 35.8 41.3 49.9 24.3 2007/08 Q.I 39.7 38.3 42.9 39.0 40.1 37.3 37.3 40.8 74.8 26.6 Q.II 42.0 41.0 43.9 40.3 44.6 40.9 40.9 39.8 77.4 28.4 Q.III 46.0 45.5 46.7 44.3 49.9 47.9 47.9 44.6 75.3 29.9 Q.IV 57.5 60.5 51.5 50.2 56.5 58.5 58.5 49.8 87.0 32.1 2008/09 Q.I 73.7 85.6 56.6 55.3 56.3 70.2 70.2 60.5 98.1 32.8 Q.II 67.5 80.6 57.1 57.1 53.9 65.2 65.2 64.1 75.8 33.0 Q.III 62.6 74.0 57.0 59.5 51.1 66.3 66.3 73.8 49.4 33.9 Q.IV 63.2 73.5 59.8 63.7 51.9 70.1 70.1 76.9 39.1 35.0 2009/10 Q.I 64.2 75.7 61.2 65.5 51.5 66.2 66.2 78.3 40.8 38.0 Q.II 62.8 73.1 61.4 66.8 51.3 64.8 64.8 80.0 46.3 41.8 QIII 62.7 71.7 63.2 69.5 52.0 65.8 65.8 84.1 52.8 42.6 QIV 63.0 70.1 65.6 70.2 54.9 65.2 65.2 86.3 69.9 42.3 2010/11 QI 63.9 69.0 67.9 73.2 58.5 68.0 68.0 85.7 79.4 47.3 Q.II 67.0 68.2 68.7 78.3 70.5 75.3 75.3 90.0 71.6 57.6 Q.III 73.5 71.5 63.0 85.5 77.5 85.0 85.0 87.5 74.6 77.3 Q.IV 87.9 83.1 71.0 91.8 105.7 93.4 93.4 91.6 107.5 90.9 2011/12 Q.I 95.6 92.3 88.8 95.7 106.0 90.9 90.9 93.5 122.5 91.9 Q.II 100.2 98.4 96.5 98.5 101.1 97.6 97.6 97.8 122.8 97.2 Q.III 106.4 104.3 107.9 110.0 104.6 104.1 111.8 101.0 107.4 97.9 Q.IV 115.4 113.8 127.9 119.8 112.9 105.0 122.9 104.3 116.9 90.3 2012/13 Q.I 118.9 121.0 137.3 120.8 109.0 117.4 123.6 105.3 120.1 88.2 Q.II 116.8 118.8 138.4 126.0 105.7 132.7 120.3 107.3 116.6 84.7 Q.III 116.0 116.4 142.5 131.6 106.3 128.6 120.3 111.3 113.9 80.2 Q.IV 118.7 121.4 145.7 132.9 109.7 123.1 121.3 111.8 117.5 78.7 2013/14 Q.I 124.4 130.5 151.0 136.2 108.5 121.3 127.8 113.5 120.0 79.4 Q.II 124.8 134.1 153.5 138.2 108.0 124.8 123.3 112.7 121.0 79.0 Q.III 122.1 120.0 155.3 143.4 111.1 127.8 130.6 111.6 119.0 79.1 Q.IV 126.9 125.3 159.2 145.5 116.1 124.1 130.1 113.2 129.4 94.3 2014/15 Q.I 130.4 130.7 161.1 150.4 123.9 129.6 127.5 112.8 140.1 99.3 Q.II 130.6 126.1 161.2 152.4 127.2 133.7 133.7 115.2 135.5 101.7 Q.III 133.1 121.6 164.8 160.9 134.2 143.7 144.5 114.7 142.2 95.9 Q.IV 141.1 126.0 171.3 175.4 144.4 141.3 153.6 116.8 172.4 91.1 2015/16 Q.I 149.9 133.0 179.7 176.6 146.6 148.4 157.3 116.5 226.6 87.2 QII 148.0 132.7 182.0 180.8 141.8 160.0 157.2 117.5 208.0 85.1 QIII 145.8 135.1 183.5 189.9 137.6 165.2 157.2 124.7 174.3 81.1 QIV 151.3 138.5 190.6 196.2 142.0 160.7 167.8 128.1 175.3 84.1 2016/17 Q.I 157.2 145.3 199.1 195.1 142.4 165.1 174.1 132.3 180.2 92.3 Q.II 155.2 144.8 198.9 197.7 141.4 166.6 162.9 144.4 181.9 99.3 Q.III 156.7 141.6 200.9 203.6 147.4 173.0 170.2 144.9 181.4 98.2 Q.IV 170.0 157.4 217.0 215.3 155.2 180.8 186.1 141.7 198.5 96.7 2017/18 QI 177.6 175.2 226.9 214.7 152.7 201.4 183.1 142.8 209.9 101.8 Table 21 (B): National Food Consumer Price Index, December 2011=100 Source: Central Statistical Agency and NBE Staff Compilation.

First Quarter 2017/18 83 National Bank of Ethiopia Quarterly Bulletin Period General Index Food & Non-alcoholic Beverages Alcoholic beverages & Tobacco Clothing & Foo-twear 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 1997/98 Q.I 26.6 22.5 29.8 31.9 32.0 30.8 33.1 25.9 25.9 39.8 39.8 20.8 38.7 31.7 Q.II 26.4 22.0 30.2 31.4 32.0 29.7 32.9 25.8 25.8 39.7 39.7 20.8 37.2 31.3 Q.III 26.1 21.7 30.2 30.9 31.7 29.4 31.6 26.1 26.1 39.8 39.8 19.2 36.9 31.1 Q.IV 26.6 22.3 30.5 30.3 33.7 29.4 31.1 25.7 25.7 39.7 39.7 20.8 35.8 31.4 1998/99 Q.I 27.2 23.6 30.0 29.5 33.7 28.6 30.3 25.8 25.8 36.8 36.8 20.8 33.1 30.7 Q.II 25.7 21.4 30.5 28.4 34.1 27.3 27.6 26.0 26.0 35.5 35.5 20.1 29.4 30.1 Q.III 26.3 22.5 30.6 28.2 34.4 27.5 27.8 25.9 25.9 34.4 34.4 20.4 29.2 30.1 Q.IV 27.6 24.6 31.9 28.1 34.3 27.5 27.7 25.9 25.9 34.5 34.5 20.9 29.1 30.1 1999/00 Q.I 28.4 26.0 31.1 27.5 34.1 27.6 27.1 26.8 26.8 33.9 33.9 20.6 29.2 29.9 Q.II 27.3 24.2 31.0 27.1 34.1 27.7 27.2 26.2 26.2 33.2 33.2 21.2 31.0 29.8 Q.III 27.1 23.5 31.2 27.6 35.1 27.8 26.2 28.0 28.0 35.2 35.2 21.3 31.1 30.6 Q.IV 28.4 24.9 32.5 27.3 36.8 28.7 27.6 28.8 28.8 37.6 37.6 21.4 30.9 31.5 2000/01 Q.I 28.6 24.8 31.8 26.4 37.9 29.5 28.3 31.1 31.1 38.0 38.0 22.1 29.5 32.1 Q.II 27.5 23.0 31.1 25.8 38.4 29.2 25.3 32.5 32.5 37.9 37.9 21.5 29.7 32.1 Q.III 27.0 21.9 30.8 25.9 38.3 30.4 24.6 33.8 33.8 37.3 37.3 22.1 30.8 32.4 Q.IV 26.5 21.3 31.8 25.4 37.4 30.9 24.4 32.7 32.7 38.2 38.2 21.3 30.7 32.1 2001/02 Q.I 26.0 20.7 32.0 25.9 37.6 28.2 23.9 33.0 33.0 37.5 37.5 22.7 30.2 31.8 Q.II 26.0 20.5 31.5 25.5 37.5 28.7 24.4 33.1 33.1 38.3 38.3 23.1 30.3 31.8 Q.III 25.9 20.2 31.6 25.9 37.6 28.9 25.0 33.1 33.1 38.1 38.1 23.2 31.4 32.0 Q.IV 25.6 19.7 31.4 25.9 38.0 28.4 24.9 32.8 32.8 37.5 37.5 23.6 31.8 32.0 2002/03 Q.I 26.3 21.0 31.4 25.6 38.5 28.3 25.1 33.0 33.0 37.5 37.5 22.8 31.9 32.0 Q.II 26.7 21.5 31.0 26.1 39.2 27.9 24.5 33.0 33.0 36.9 36.9 22.7 32.1 32.2 QIII 27.2 22.5 31.5 25.7 39.1 28.1 24.6 33.0 33.0 37.4 37.4 23.1 32.3 32.2 QIV 28.0 23.8 33.7 24.9 39.5 29.2 24.2 33.0 33.0 37.6 37.6 23.6 32.4 32.4 2003/04 Q.I 28.6 24.6 33.1 25.1 40.4 28.8 23.0 33.3 33.3 38.0 38.0 23.4 32.5 32.6 Q.II 28.5 24.1 32.0 24.8 42.1 28.9 23.2 33.3 33.3 36.8 36.8 23.9 32.5 32.9 Q.III 28.2 23.3 32.1 24.5 42.2 28.4 23.2 34.1 34.1 40.1 40.1 24.2 32.7 33.3 Q.IV 29.1 24.6 32.4 25.0 42.8 29.0 24.2 34.8 34.8 40.1 40.1 24.2 33.4 33.8 2004/05 Q.I 30.1 25.4 32.2 24.0 44.9 29.7 34.1 35.7 35.7 41.6 41.6 24.6 33.5 34.7 Q.II 30.6 25.4 32.4 24.2 46.3 29.8 36.1 36.7 36.7 45.1 45.1 24.7 33.7 35.7 Q.III 30.6 25.0 32.3 24.7 47.1 29.7 36.1 37.6 37.6 44.2 44.2 25.3 34.1 36.1 Q.IV 31.4 26.3 32.7 24.9 47.5 30.2 39.3 37.8 37.8 42.6 42.6 25.7 33.6 36.3 2005/06 Q.I 32.3 27.6 33.5 25.2 48.4 30.5 39.5 37.6 37.6 44.8 44.8 26.1 34.1 36.8 Q.II 32.5 28.1 32.8 25.0 48.4 30.3 39.7 38.2 38.2 44.1 44.1 27.2 33.7 36.7 Q.III 33.2 28.9 33.7 26.4 49.2 30.8 39.4 38.0 38.0 43.7 43.7 27.8 33.6 37.3 Q.IV 34.8 30.7 34.3 26.5 50.6 31.5 45.7 39.6 39.6 44.4 44.4 29.1 34.9 38.4 2006/07 Q.I 37.4 33.2 35.1 27.7 55.5 32.8 48.4 41.9 41.9 46.5 46.5 31.7 37.2 41.0 Q.II 39.2 35.1 35.5 28.3 57.0 33.7 49.7 44.7 44.7 50.7 50.7 32.9 36.9 42.5 Q.III 40.1 36.7 36.6 29.8 56.7 35.5 53.0 44.1 44.1 48.3 48.3 35.9 37.1 42.9 Q.IV 41.9 39.6 37.5 30.5 57.5 37.7 56.2 44.1 44.1 48.6 48.6 35.7 37.6 43.7 2007/08 Q.I 43.7 42.9 38.3 31.9 57.5 38.4 57.4 44.1 44.1 49.9 49.9 36.3 38.6 44.4 Q.II 44.5 43.2 39.6 35.9 56.1 42.0 60.4 43.9 43.9 51.5 51.5 38.3 39.6 45.6 Q.III 48.2 47.0 43.6 38.1 60.1 48.2 63.6 47.1 47.1 53.6 53.6 39.0 41.7 49.2 Q.IV 55.1 58.0 46.7 39.8 66.4 52.0 65.8 48.7 48.7 55.6 55.6 44.8 45.1 52.6 2008/09 Q.I 61.6 69.9 54.2 43.2 67.3 53.8 70.9 48.6 48.6 55.5 55.5 48.5 48.0 54.6 Q.II 62.3 68.1 57.4 45.7 69.6 55.9 72.4 54.2 54.2 60.3 60.3 50.6 48.7 57.5 Q.III 60.9 65.1 63.3 48.1 67.2 57.3 72.3 50.7 50.7 63.8 63.8 51.3 49.9 57.4 Q.IV 63.0 67.3 63.5 50.3 68.6 59.1 74.7 52.7 52.7 65.9 65.9 54.5 53.9 59.3 2009/10 Q.I 65.8 69.5 64.0 52.5 72.2 60.4 78.4 60.6 60.6 66.5 66.5 58.0 57.4 62.7 Q.II 67.8 70.5 64.8 53.6 74.9 64.4 79.3 65.7 65.7 68.9 68.9 63.4 60.9 65.6 Q.III 68.0 68.9 66.1 55.5 75.8 67.1 79.3 67.1 67.1 71.1 71.1 68.2 62.9 67.2 Q.IV 71.1 72.5 69.7 57.7 78.5 70.4 82.4 70.8 70.8 71.3 71.3 72.0 63.9 69.8 2010/11 Q.I 74.2 76.9 72.7 63.1 79.0 73.2 82.9 70.4 70.4 75.0 75.0 76.2 66.3 72.0 Q.II 79.1 78.8 81.8 70.6 86.8 79.5 85.2 78.3 78.3 86.2 86.2 79.4 71.6 79.4 Q.III 82.5 79.0 79.5 75.4 95.2 84.6 86.0 86.5 86.5 87.4 87.4 80.8 81.5 85.4 Q.IV 89.8 88.4 84.8 81.5 98.9 91.0 90.3 96.6 96.6 87.2 87.2 85.9 87.4 91.0 2011/12 Q.I 94.9 95.9 91.8 86.8 101.0 92.4 93.3 96.5 96.5 90.9 90.9 92.3 92.8 94.1 Q.II 99.0 102.4 96.1 95.1 100.5 97.0 98.0 97.1 97.1 99.6 99.6 97.1 97.9 97.8 Q.III 103.8 106.9 104.5 104.0 102.5 102.6 100.7 100.0 100.0 100.2 100.0 100.0 103.8 101.7 Q.IV 108.8 116.9 105.0 106.2 104.2 104.6 104.5 100.1 100.0 101.6 107.7 100.0 106.8 103.3 2012/13 Q.I 112.4 121.0 105.3 111.7 112.3 107.2 106.9 99.2 100.0 103.7 104.6 100.0 110.0 106.7 Q.II 113.8 118.8 106.1 119.2 116.3 108.9 109.7 99.2 100.0 107.3 104.6 109.9 114.0 110.5 Q.III 114.4 116.8 115.6 121.7 118.2 112.7 114.8 99.2 100.0 109.1 108.2 113.3 118.9 112.8 Q.IV 116.9 120.8 118.7 125.0 118.3 115.9 121.3 99.1 100.0 111.3 111.9 116.7 120.9 114.4 2013/14 Q.I 121.7 126.0 122.9 127.0 124.3 118.2 112.3 99.3 100.0 115.1 111.9 132.8 123.4 118.9 Q.II 123.3 124.4 130.8 129.4 128.8 120.2 115.2 102.6 100.0 123.6 111.9 140.0 126.6 122.6 Q.III 124.3 122.4 128.2 133.1 132.7 125.2 119.4 107.9 100.0 127.7 111.9 139.6 126.9 125.6 Q.IV 127.4 127.1 135.3 137.5 133.3 128.6 128.2 108.1 100.0 130.2 111.9 145.4 126.3 127.6 2014/15 Q.I 130.3 133.8 137.6 137.8 132.3 127.6 136.1 108.0 100.0 133.7 111.9 147.4 130.9 127.9 Q.II 130.6 134.4 137.7 138.5 132.5 128.3 141.5 107.3 100.0 129.8 111.9 147.6 131.8 128.2 Q.III 133.6 140.0 140.3 139.8 134.7 131.9 142.9 99.1 100.0 130.0 111.9 154.7 138.4 129.4 Q.IV 139.7 152.3 138.7 143.5 138.2 135.4 144.0 96.7 100.0 129.0 111.9 157.4 142.1 131.4 2015/16 Q.I 149.0 171.4 140.0 147.0 141.8 136.2 145.3 97.6 100.0 129.8 124.3 159.3 144.8 134.1 QII 150.6 174.4 141.8 148.2 140.6 136.2 147.4 97.7 100.0 130.4 136.7 161.2 145.0 134.7 QIII 146.0 158.5 145.5 148.1 142.4 141.6 151.2 97.9 100.0 132.2 149.1 169.0 147.1 137.7 QIV 145.4 156.3 145.3 148.6 142.2 144.9 151.7 97.1 100.0 132.6 149.1 170.5 148.5 138.1 2016/17 QI 144.5 154.8 144.1 149.4 140.0 147.1 153.5 96.2 100.0 134.2 149.1 170.1 149.8 137.6 QII 149.5 163.4 155.0 156.0 141.2 152.6 154.2 95.4 100.0 141.6 149.1 176.0 152.0 140.3 QIII 150.4 160.7 156.5 157.3 144.6 156.2 160.8 101.5 100.0 141.7 149.1 178.9 161.8 161.5 QIV 154.2 166.5 150.5 146.8 148.4 163.1 172.0 104.9 111.6 148.1 149.1 179.4 161.8 146.0 2017/18 QI 157.4 173.8 156.5 150.1 142.9 174.9 168.3 104.7 111.4 150.3 149.1 186.6 160.5 146.5 Table 21 (C): Addis Ababa Non-Food Consumer Price Index , December 2011=100 Source: Central Statistical Agency and NBE Staff Compilation.

84 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 1996/97 22.4 21.6 25.4 22.0 21.5 34.8 34.8 36.9 32.5 20.4 Q.I 24.3 24.4 25.1 22.2 22.1 35.6 35.6 42.6 37.3 21.1 Q.II 22.6 21.5 25.3 21.9 21.9 34.8 34.8 37.9 30.6 19.6 Q.III 21.2 19.5 25.1 22.1 21.5 35.0 35.0 34.4 28.6 19.7 Q.IV 21.7 20.9 26.2 21.6 20.7 33.8 33.8 32.8 33.7 20.9 1997/98 22.1 22.1 24.1 22.3 19.6 35.0 35.0 35.4 23.5 19.7 Q.I 22.5 22.2 25.4 22.0 18.9 32.7 32.7 32.1 27.2 20.8 Q.II 22.0 22.6 24.6 22.2 17.7 29.0 29.0 33.4 24.9 19.5 Q.III 21.7 21.6 23.9 22.1 17.4 31.3 31.3 39.7 19.0 19.1 Q.IV 22.3 21.8 22.7 22.9 17.7 35.5 35.5 36.5 23.0 19.4 1998/99 23.0 23.5 19.5 21.4 19.7 37.6 37.6 32.9 27.3 16.6 Q.I 23.6 22.9 22.2 22.4 16.8 39.6 39.6 34.7 32.8 18.4 Q.II 21.4 22.9 18.5 21.0 17.1 29.4 29.4 32.3 21.1 16.3 Q.III 22.5 22.6 18.7 20.7 19.4 44.8 44.8 34.0 20.9 16.0 Q.IV 24.6 25.4 18.8 21.3 25.5 36.6 36.6 30.6 34.5 15.7 1999/00 24.7 26.0 19.6 22.5 25.2 30.5 30.5 32.8 38.7 16.2 Q.I 26.0 26.9 19.0 22.8 27.4 29.5 29.5 31.7 44.4 15.8 Q.II 24.2 25.8 19.0 22.2 26.0 27.5 27.5 31.2 37.5 16.4 Q.III 23.5 25.0 19.9 22.0 22.9 31.0 31.0 35.1 32.6 16.7 Q.IV 24.9 26.2 20.5 22.9 24.3 34.1 34.1 33.1 40.2 15.9 2000/01 22.7 24.1 19.8 22.9 20.1 25.4 25.4 40.8 29.5 15.2 Q.I 24.8 25.9 20.0 23.0 22.2 27.5 27.5 43.9 38.9 16.1 Q.II 23.0 24.6 19.5 23.1 20.0 25.7 25.7 40.7 29.9 15.4 Q.III 21.9 23.3 19.8 22.5 19.9 23.6 23.6 42.0 24.7 14.7 Q.IV 21.3 22.8 20.0 23.2 18.4 24.7 24.7 36.5 24.5 14.5 2001/02 20.3 21.6 19.2 23.2 18.3 23.5 23.5 31.1 20.4 13.1 Q.I 20.7 22.2 19.6 22.7 18.3 22.7 22.7 31.2 22.7 14.2 Q.II 20.5 21.7 19.2 23.1 19.2 23.9 23.9 31.0 20.9 14.0 Q.III 20.2 21.5 19.0 23.7 17.8 24.4 24.4 30.9 20.3 13.0 Q.IV 19.7 21.0 19.2 23.2 17.8 23.0 23.0 31.1 17.7 11.0 2002/03 22.2 23.7 19.9 24.0 24.0 24.6 24.6 30.9 24.1 10.5 Q.I 21.0 22.3 19.6 23.5 22.4 22.3 22.3 31.1 20.4 10.0 Q.II 21.5 23.5 19.3 23.3 21.8 23.8 23.8 31.0 20.6 10.4 Q.III 22.5 24.2 19.9 24.6 24.5 25.0 25.0 30.9 24.6 10.7 Q.IV 23.8 24.8 20.7 24.6 27.2 30.7 30.9 11.0 2003/04 24.1 25.3 21.4 24.8 26.3 25.5 25.5 35.3 29.7 12.8 Q.I 24.6 26.1 21.2 24.2 27.0 24.5 24.5 31.0 34.8 11.8 Q.II 24.1 25.5 21.1 24.8 26.0 23.6 23.6 38.7 30.9 12.5 Q.III 23.3 24.2 21.1 24.5 25.9 26.3 26.3 34.4 24.4 12.7 Q.IV 24.6 25.4 22.3 25.7 26.3 27.8 27.8 37.1 28.8 14.2 2004/05 25.5 26.4 23.8 26.3 26.4 25.9 25.9 41.4 28.9 16.3 Q.I 25.4 26.1 23.0 26.2 26.2 25.0 25.0 41.1 32.7 14.7 Q.II 25.4 26.6 22.4 26.2 26.6 23.6 23.6 44.3 31.1 14.8 Q.III 25.0 25.9 23.6 26.7 26.2 25.9 25.9 39.5 25.7 17.9 Q.IV 26.3 27.0 26.0 26.2 26.5 29.0 29.0 40.8 26.2 17.8 2005/06 28.8 30.4 30.3 28.9 26.0 30.5 30.5 48.7 24.3 19.7 Q.I 27.6 28.7 27.9 27.7 25.9 27.6 27.6 48.1 25.4 18.9 Q.II 28.1 29.8 29.0 28.5 25.7 31.1 31.1 42.3 25.3 19.1 Q.III 28.9 30.2 30.2 29.4 26.2 32.0 32.0 50.0 24.8 19.9 Q.IV 30.7 32.7 34.2 29.8 26.2 31.2 31.2 54.3 21.8 20.8 2006/07 36.2 39.1 39.0 33.8 31.5 33.0 33.0 48.1 36.3 22.3 Q.I 33.2 36.4 37.0 31.4 26.5 29.5 29.5 49.8 25.7 21.3 Q.II 35.1 38.9 38.1 32.4 29.3 31.0 31.0 47.3 27.2 21.5 Q.III 36.7 39.8 38.9 33.5 32.7 36.1 36.1 47.3 36.4 23.0 Q.IV 39.6 41.4 41.9 37.9 37.3 35.2 35.2 47.8 55.7 23.3 2007/08 47.8 50.1 45.3 42.0 47.2 53.0 53.0 48.9 85.7 28.0 Q.I 42.9 42.7 42.7 39.3 40.1 39.5 39.5 46.5 90.3 24.8 Q.II 43.2 43.7 43.3 39.9 43.2 44.6 44.6 44.5 78.9 27.6 Q.III 47.0 48.1 44.4 41.6 48.0 60.7 60.7 51.3 79.3 29.2 Q.IV 58.0 65.8 50.8 47.1 57.7 67.0 67.0 53.3 94.4 30.6 2008/09 67.6 84.0 58.6 59.1 54.0 73.3 73.3 73.8 67.5 29.9 Q.I 69.9 84.6 58.4 56.0 56.3 70.7 70.7 65.3 100.8 30.4 Q.II 68.1 85.8 58.9 58.8 53.8 67.2 67.2 64.8 76.9 29.8 Q.III 65.1 82.1 57.2 59.2 51.1 73.5 73.5 79.6 51.8 29.6 Q.IV 67.3 83.6 59.9 62.4 55.0 81.8 81.8 85.6 40.4 29.8 2009/10 70.4 84.8 64.5 68.6 54.8 71.4 71.4 93.2 58.7 39.6 Q.I 69.5 87.4 62.8 68.7 54.5 71.2 71.2 87.4 42.1 36.3 Q.II 70.5 86.9 62.8 68.1 54.1 68.8 68.8 95.8 57.0 41.5 Q.III 68.9 81.9 63.7 67.5 54.9 69.6 69.6 94.0 56.9 41.0 QIV 72.5 82.8 68.7 70.2 55.8 76.1 76.1 95.4 78.8 39.6 2010/11 80.8 83.4 72.9 75.9 76.5 98.1 98.1 99.2 86.3 64.9 Q.I 76.9 82.3 71.8 72.4 59.1 90.7 90.7 101.6 88.5 44.1 Q.II 78.8 82.2 72.8 74.3 69.8 95.6 95.6 106.1 69.9 56.3 Q.III 79.0 80.2 72.4 77.0 74.6 101.5 101.5 93.6 76.1 72.5 Q.IV 88.4 89.0 74.7 80.2 102.3 104.4 104.4 95.6 110.6 86.7 2011/12 105.5 103.6 104.9 100.2 105.2 100.9 106.2 98.2 121.1 96.0 Q.I 95.9 94.5 88.3 88.2 106.0 91.0 91.0 96.1 129.2 90.0 Q.II 102.4 99.5 97.5 97.7 101.9 96.5 96.5 97.6 120.4 98.1 Q.III 106.9 104.1 106.1 105.0 103.8 106.6 114.0 98.9 115.3 99.6 Q.IV 116.9 116.4 127.7 109.9 109.1 109.5 123.4 100.2 119.7 96.2 2012/13 119.3 128.1 133.8 127.0 108.7 130.1 119.9 100.1 97.2 89.8 Q.I 121.0 125.5 132.0 119.2 107.1 120.8 129.4 100.2 111.5 93.9 Q.II 118.8 129.6 128.5 126.5 106.7 123.0 120.3 100.1 96.4 91.7 Q.III 116.8 127.5 136.3 130.5 108.7 135.4 107.7 100.1 91.8 88.5 Q.IV 120.8 129.6 138.2 131.8 112.2 141.3 122.2 100.2 89.2 84.8 2013/14 125.0 131.6 144.2 135.8 112.6 141.6 127.2 102.0 102.7 90.6 Q.I 126.0 133.7 140.8 135.0 112.2 140.6 136.3 100.2 96.0 86.6 Q.II 124.4 137.9 140.7 135.4 111.6 133.8 119.8 100.3 102.1 87.4 Q.III 122.4 126.8 144.3 134.6 111.7 145.3 126.9 100.6 92.4 89.1 Q.IV 127.1 128.2 151.0 138.0 114.9 146.8 125.9 106.7 120.3 99.4 2014/15 140.1 132.6 151.6 152.5 135.2 156.9 147.6 106.3 170.1 103.4 Q.I 133.8 133.6 151.5 142.5 122.4 141.9 129.9 106.6 160.8 101.1 Q.II 134.4 133.9 146.2 149.1 129.2 141.6 140.5 106.7 130.8 105.4 Q.III 140.0 129.7 151.3 151.9 137.5 173.6 155.8 104.8 152.2 105.1 Q.IV 152.3 133.4 157.5 166.5 151.9 170.6 164.1 107.3 236.8 101.8 2015/16 165.2 140.1 178.0 179.2 147.6 174.9 177.9 109.5 305.0 96.7 Q.I 171.4 137.1 174.6 177.4 152.1 171.5 178.4 107.8 399.1 98.2 Q.II 174.4 137.7 179.2 179.8 151.9 169.1 183.9 108.0 410.7 97.8 QIII 158.5 142.9 179.2 179.9 145.2 176.0 176.0 108.0 212.4 96.1 QIV 156.3 142.5 178.9 180.0 141.0 183.1 173.3 114.3 197.6 94.8 2016/17 161.4 158.9 186.3 187.9 141.2 188.7 184.6 125.9 136.1 103.8 QI 154.8 144.4 178.2 179.9 136.9 191.3 171.8 121.3 178.4 95.3 QII 163.4 166.2 187.6 187.6 140.4 163.0 181.7 124.5 140.9 108.0 QIII 160.7 159.8 181.7 192.3 141.5 194.5 187.6 129.2 117.5 108.0 QIV 166.5 165.3 197.7 192.0 146.1 205.9 197.3 128.5 107.5 104.0 2017/18 QI 173.8 179.9 212.9 197.6 150.7 231.7 192.0 129.5 107.6 111.6 Table 21(D): Addis Ababa Food Consumer Price Index , December 2011=100 Source: Central Statistical Agency and NBE staff computation.

First Quarter 2017/18 85 National Bank of Ethiopia Quarterly Bulletin Period General Index Food & Non-alcoholic 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 Non-Food Index AFAR 2000/01 Q.III 27.3 21.9 38.6 45.0 28.9 39.0 53.7 43.7 43.7 53.3 53.3 22.0 57.4 37.8 Q.IV 26.7 21.1 37.8 45.8 29.2 39.3 52.4 43.4 43.4 52.8 52.8 22.2 57.3 37.4 2001/02 Q.I 26.3 20.9 39.9 42.6 28.1 39.3 51.5 42.4 42.4 51.5 51.5 20.5 57.4 37.0 Q.II 25.5 20.2 40.2 41.5 26.9 39.2 51.7 43.1 43.1 51.2 51.2 20.2 56.7 36.3 Q.III 25.3 20.2 40.3 40.7 25.7 38.8 51.9 44.0 44.0 53.2 53.2 21.9 55.4 35.7 Q.IV 25.4 20.9 39.9 41.3 24.2 38.5 51.7 43.9 43.9 54.5 54.5 22.7 55.2 35.2 2002/03 Q.I 26.5 22.5 40.1 40.8 24.8 36.3 53.0 44.5 44.5 54.1 54.1 22.5 55.5 35.3 Q.II 27.4 23.0 40.6 40.8 26.7 36.4 52.7 43.8 43.8 58.6 58.6 22.5 55.6 36.5 Q.III 28.4 24.0 40.0 40.6 29.0 36.8 53.1 42.8 42.8 58.4 58.4 22.6 55.6 37.2 Q.IV 29.7 24.7 41.3 40.6 32.2 36.5 49.4 43.0 43.0 58.0 58.0 24.0 55.9 39.2 2003/04 Q.I 30.3 25.8 41.5 40.5 32.0 35.7 51.3 42.8 42.8 57.0 57.0 24.1 54.7 39.2 Q.II 30.1 25.6 40.9 39.5 32.1 36.6 55.0 43.4 43.4 57.3 57.3 25.1 53.9 38.8 Q.III 29.6 24.8 39.5 39.2 32.4 37.4 58.6 43.4 43.4 58.2 58.2 25.6 59.1 38.6 Q.IV 30.3 25.3 39.8 38.3 34.4 36.3 59.1 43.9 43.9 57.5 57.5 24.2 60.5 39.3 2004/05 Q.I 30.1 25.0 39.1 38.7 34.6 35.9 60.0 43.7 43.7 57.9 57.9 24.3 60.6 39.1 Q.II 31.2 25.4 39.3 37.9 38.9 35.6 62.9 45.0 45.0 56.6 56.6 25.0 60.4 40.8 Q.III 30.9 24.9 38.7 40.1 38.5 36.2 61.9 45.3 45.3 56.6 56.6 25.7 60.2 40.8 Q.IV 31.6 26.3 39.5 40.3 36.9 35.5 59.1 44.5 44.5 60.4 60.4 25.7 62.0 40.6 2005/06 Q.I 32.1 27.4 39.5 39.1 36.7 36.4 63.6 45.3 45.3 57.8 57.8 27.1 63.4 40.2 Q.II 33.0 27.8 42.9 40.9 38.6 36.6 59.7 45.3 45.3 57.8 57.8 28.5 63.4 41.8 Q.III 33.5 28.4 42.3 41.0 39.5 37.8 63.9 45.4 45.4 57.9 57.9 28.6 63.7 42.1 Q.IV 34.8 30.3 42.3 40.3 40.1 38.9 64.5 45.9 45.9 57.3 57.3 29.0 65.7 42.0 2006/07 Q.I 36.1 31.7 42.7 41.4 41.2 38.8 62.7 47.3 47.3 56.8 56.8 31.2 68.2 42.9 Q.II 37.2 33.0 42.7 42.4 42.3 39.6 63.1 49.1 49.1 57.1 57.1 35.1 69.5 43.8 Q.III 39.0 32.7 43.6 44.4 46.1 39.3 63.6 53.0 53.0 53.7 53.7 37.4 70.0 46.1 Q.IV 40.4 34.7 44.5 45.1 43.5 40.4 62.3 55.8 55.8 49.2 49.2 38.5 70.0 45.4 2007/08 Q.I 43.1 36.6 44.8 46.6 43.7 42.1 63.2 58.1 58.1 50.3 50.3 39.8 69.9 46.4 Q.II 44.2 37.8 44.8 46.8 45.1 42.1 63.5 58.4 58.4 52.7 52.7 39.9 73.3 47.2 Q.III 45.9 39.6 45.4 48.8 46.2 45.9 64.6 62.3 62.3 54.4 54.4 42.1 73.7 49.1 Q.IV 52.0 48.0 47.2 50.5 46.8 51.2 66.1 63.7 63.7 54.3 54.3 49.2 74.7 50.9 2008/09 Q.I 61.0 60.5 55.4 54.3 47.5 54.6 63.5 63.7 63.7 56.5 56.5 58.3 78.2 53.2 Q.II 59.1 58.7 56.5 54.0 46.6 55.8 71.7 58.0 58.0 60.0 60.0 59.9 79.2 52.8 Q.III 57.2 56.6 58.0 56.0 45.7 56.9 70.2 47.6 47.6 65.2 65.2 60.5 80.8 52.9 Q.IV 58.7 58.8 60.4 56.0 46.7 61.1 75.4 50.2 50.2 65.7 65.7 61.8 82.4 54.4 2009/10 Q.I 62.2 61.7 62.3 59.8 52.7 62.3 79.6 57.8 57.8 64.1 64.1 63.8 84.0 58.6 Q.II 66.6 64.7 63.5 62.9 60.5 70.7 79.4 64.0 64.0 64.2 64.2 69.6 84.7 64.5 Q.III 67.8 64.6 65.8 66.2 64.2 74.8 83.0 67.3 67.3 62.7 62.7 70.2 85.1 67.8 Q.IV 69.5 65.0 70.1 66.0 68.2 75.5 82.9 69.4 69.4 66.3 66.3 71.8 87.0 70.0 2010/11 Q.I 71.5 66.3 71.3 66.2 74.2 76.7 77.1 67.3 67.3 69.1 69.1 73.6 86.5 72.7 Q.II 75.9 69.7 80.7 71.9 82.7 79.7 77.8 76.8 76.8 78.4 78.4 81.3 91.0 79.3 Q.III 81.6 74.9 87.4 75.4 92.0 84.9 85.7 89.1 89.1 78.4 78.4 84.8 92.2 86.0 Q.IV 89.2 80.4 88.9 80.6 105.7 83.3 94.3 107.0 107.0 80.4 80.4 92.2 94.2 93.9 2011/12 Q.I 95.9 86.7 98.3 90.8 106.6 94.2 89.0 110.4 110.4 83.8 83.8 100.4 98.1 99.4 Q.II 99.9 95.4 100.9 99.8 99.5 99.9 92.2 97.7 97.7 92.4 92.4 103.0 98.7 99.3 Q.III 104.4 105.1 108.6 102.7 101.7 105.0 99.7 103.8 100.0 98.9 0.0 103.0 101.7 103.4 Q.IV 110.7 111.8 111.6 107.1 114.5 100.4 106.6 109.4 100.0 98.3 0.0 113.6 106.7 109.0 2012/13 Q.I 115.9 117.9 107.6 116.3 125.4 94.8 109.6 118.0 100.0 101.5 0.0 117.7 107.3 113.1 Q.II 120.8 117.9 106.0 147.7 139.8 102.2 112.6 125.8 100.0 105.3 0.0 125.4 108.5 125.0 Q.III 121.0 113.8 98.2 158.0 159.3 104.6 117.2 125.8 100.0 104.2 0.0 125.4 109.4 131.2 Q.IV 127.0 116.0 90.8 164.3 199.6 108.7 124.1 125.8 100.0 105.1 0.0 130.7 112.7 142.9 2013/14 Q.I 136.1 124.8 107.6 171.6 210.0 114.1 144.2 144.0 100.0 107.5 0.0 136.3 117.3 152.3 Q.II 138.5 126.0 117.4 172.7 217.0 114.5 149.9 144.0 100.0 116.2 0.0 135.3 120.8 156.4 Q.III 133.9 122.6 105.2 179.2 189.5 115.7 162.4 144.0 100.0 121.4 0.0 141.3 123.9 150.1 Q.IV 130.1 126.9 94.1 179.8 130.5 118.1 161.4 150.9 100.0 120.4 0.0 149.1 127.7 134.7 2014/15 Q.I 131.6 129.7 97.0 179.4 120.3 121.5 165.3 167.0 100.0 123.7 0.0 147.7 145.7 134.4 Q.II 132.9 129.1 96.3 185.1 132.9 124.8 171.6 166.6 100.0 124.8 0.0 149.6 125.1 138.4 Q.III 138.2 129.5 117.1 179.2 171.1 124.1 170.3 171.8 100.0 123.4 0.0 153.2 127.1 150.7 Q.IV 148.9 139.0 138.9 180.0 195.7 138.7 175.1 173.9 100.0 122.7 0.0 158.7 125.8 163.1 2015/16 Q.I 157.4 153.3 143.2 189.4 179.1 143.7 176.7 169.2 100.0 134.3 0.0 166.5 130.2 163.3 Q.II 160.0 155.9 140.6 190.6 184.8 145.5 178.1 171.0 100.0 137.5 0.0 175.7 130.8 165.8 Q.III 157.3 147.3 144.0 186.9 203.3 152.2 190.1 183.6 100.0 135.5 0.0 173.3 132.2 171.7 Q.IV 161.1 147.3 161.8 182.4 230.8 153.6 191.3 184.1 100.0 137.3 0.0 173.3 131.3 180.9 2016/17 QI 166.0 147.3 170.1 182.4 270.6 157.6 191.8 174.6 100.0 139.7 0.0 175.7 130.8 192.9 QII 173.8 153.6 166.1 191.1 301.9 160.4 161.8 179.2 100.0 137.6 0.0 187.4 132.9 202.9 QIII 173.7 148.7 157.0 193.2 330.5 160.5 165.6 173.3 100.0 141.9 0.0 192.0 133.9 209.6 QIV 180.8 151.2 163.2 188.5 380.8 163.9 165.0 190.7 100.0 149.4 0.0 191.5 129.5 223.3 2017/18 QI 187.6 159.6 188.9 186.3 383.8 161.5 151.9 204.9 100.0 150.6 0.0 191.4 132.9 227.8 Table 21 (E1): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Source: Central Statistical Agency

86 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Period General Index Food & Non-alcoholic 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 Non-Food Index AMHARA 2000/01 Q.III 22.3 19.6 37.2 28.4 25.2 31.4 68.9 31.4 31.4 45.1 45.1 22.6 39.6 30.7 Q.IV 21.1 17.8 36.9 28.7 26.1 32.6 67.3 30.9 30.9 44.9 44.9 23.0 39.7 31.2 2001/02 Q.I 20.8 16.8 36.7 29.4 29.3 31.4 67.9 31.3 31.3 43.3 43.3 23.8 39.3 32.6 Q.II 20.7 16.7 36.6 30.8 28.6 30.9 67.5 30.2 30.2 41.2 41.2 24.0 39.1 32.5 Q.III 19.9 15.9 36.5 30.3 27.7 30.2 66.1 33.6 33.6 40.4 40.4 24.1 38.8 32.0 Q.IV 20.1 16.6 36.4 29.5 26.0 30.1 67.0 34.3 34.3 40.8 40.8 24.2 38.8 31.1 2002/03 Q.I 22.5 19.5 37.5 29.0 27.0 30.5 66.6 35.1 35.1 41.0 41.0 24.2 38.8 31.4 Q.II 23.3 20.5 35.8 28.8 27.3 29.5 66.1 44.8 44.8 40.1 40.1 24.1 38.6 31.5 Q.III 24.3 21.8 37.2 28.5 27.5 29.4 66.2 46.2 46.2 40.3 40.3 24.6 38.6 31.6 Q.IV 25.5 23.3 40.7 29.5 27.5 29.5 63.1 46.2 46.2 39.4 39.4 25.3 33.9 31.7 2003/04 Q.I 27.4 25.6 38.7 29.1 28.5 30.1 65.9 46.6 46.6 40.0 40.0 26.1 39.0 32.4 Q.II 27.0 25.1 36.6 29.1 29.3 30.0 64.4 46.6 46.6 38.9 38.9 26.7 38.8 32.6 Q.III 26.2 23.7 36.4 29.4 30.5 30.2 65.4 46.0 46.0 39.0 39.0 27.2 38.7 33.2 Q.IV 27.5 25.8 36.3 28.6 28.4 30.9 65.9 45.4 45.4 39.7 39.7 27.8 39.8 32.2 2004/05 Q.I 28.5 26.8 36.0 28.5 30.3 30.6 65.6 45.4 45.4 38.5 38.5 28.3 39.0 32.9 Q.II 28.7 27.1 35.7 29.1 29.8 30.5 63.7 46.1 46.1 38.9 38.9 28.8 39.5 32.8 Q.III 27.8 25.6 36.0 30.0 30.6 31.1 63.2 45.8 45.8 40.1 40.1 28.9 39.3 33.5 Q.IV 29.8 28.3 37.0 30.1 30.5 31.9 64.3 45.6 45.6 40.8 40.8 30.1 39.5 33.7 2005/06 Q.I 31.9 30.7 37.1 29.6 32.7 32.3 62.7 45.7 45.7 40.9 40.9 30.8 39.6 34.5 Q.II 32.2 30.9 37.2 29.6 34.3 32.4 62.2 45.3 45.3 42.3 42.3 31.3 39.5 35.2 Q.III 32.1 30.5 38.4 31.7 34.5 33.6 63.0 45.9 45.9 43.2 43.2 32.1 40.5 36.2 Q.IV 33.7 31.6 39.0 32.3 38.4 35.0 64.0 53.8 53.8 44.5 44.5 33.6 41.8 38.5 2006/07 Q.I 36.5 33.9 38.9 33.4 45.9 36.3 62.8 59.0 59.0 45.4 45.4 35.5 42.9 42.2 Q.II 37.6 35.0 39.0 33.2 47.6 36.9 61.5 60.2 60.2 45.5 45.5 37.5 44.1 43.0 Q.III 39.1 36.7 40.2 33.5 49.1 37.3 62.1 59.8 59.8 45.4 45.4 38.3 44.9 43.9 Q.IV 41.0 39.3 41.6 34.3 49.1 38.7 60.7 62.2 62.2 46.6 46.6 39.0 45.4 44.4 2007/08 Q.I 44.1 43.6 41.8 35.9 49.9 40.1 64.2 59.9 59.9 46.8 46.8 42.1 45.4 45.3 Q.II 46.0 46.3 41.5 35.4 49.6 42.5 65.7 60.4 60.4 47.9 47.9 44.1 47.1 45.4 Q.III 47.9 48.1 45.4 36.9 51.2 46.1 70.7 66.9 66.9 49.6 49.6 46.8 50.0 47.4 Q.IV 55.5 58.7 51.4 37.8 52.1 49.9 74.8 70.3 70.3 51.5 51.5 50.5 53.0 49.2 2008/09 Q.I 69.2 77.0 67.4 39.8 55.9 53.7 73.2 70.3 70.3 53.5 53.5 56.9 55.2 53.5 Q.II 67.1 73.3 68.9 42.9 56.3 55.4 72.2 71.3 71.3 55.6 55.6 59.7 54.5 54.7 Q.III 62.2 65.5 69.3 45.3 56.3 59.4 76.6 65.3 65.3 58.3 58.3 61.2 56.1 55.7 Q.IV 62.2 64.3 73.0 48.4 58.6 62.1 81.1 66.5 66.5 63.1 63.1 62.0 58.5 58.1 2009/10 Q.I 65.0 66.5 73.1 51.1 63.8 64.7 83.6 70.2 70.2 65.8 65.8 64.9 62.1 62.1 Q.II 65.4 65.1 72.8 54.5 68.9 67.2 90.8 70.5 70.5 68.1 68.1 67.7 65.2 65.9 Q.III 65.5 64.1 73.9 58.7 70.9 69.7 96.0 73.6 73.6 68.7 68.7 69.5 67.4 68.4 Q.IV 66.7 65.1 80.5 61.9 71.7 71.9 98.3 76.6 76.6 70.8 70.8 69.6 68.1 69.9 2010/11 Q.I 68.5 66.3 82.2 64.4 75.6 73.9 99.5 75.1 75.1 76.3 76.3 71.2 70.1 73.0 Q.II 72.2 68.1 88.3 71.1 84.5 79.2 102.1 79.2 79.2 87.1 87.1 75.3 77.0 80.4 Q.III 76.5 71.4 89.9 78.1 91.8 83.7 102.4 98.7 98.7 87.6 87.6 78.1 81.5 86.8 Q.IV 87.3 85.9 98.8 84.3 93.2 89.1 104.1 108.9 108.9 91.0 91.0 83.8 84.2 90.2 2011/12 Q.I 95.2 95.7 107.6 89.9 95.3 94.9 105.0 109.5 109.5 95.3 95.3 91.2 93.9 94.1 Q.II 100.0 101.4 100.6 96.5 97.1 98.5 102.6 100.2 100.2 99.1 99.1 97.0 98.5 97.4 Q.III 103.3 104.3 104.1 101.1 102.6 102.2 104.2 101.5 100.0 103.7 100.0 102.0 100.0 102.2 Q.IV 109.0 113.0 112.2 103.5 102.9 105.8 106.5 101.3 100.0 109.9 100.0 106.6 102.1 105.0 2012/13 Q.I 114.1 120.1 117.6 104.9 105.0 107.6 109.1 102.9 100.0 109.9 100.0 111.9 103.5 107.8 Q.II 116.2 119.2 120.5 106.4 110.0 124.7 112.2 106.9 100.0 105.9 100.0 115.3 112.9 113.0 Q.III 116.9 118.6 122.4 107.4 109.9 130.8 121.9 104.6 100.0 107.5 100.0 120.8 114.6 115.2 Q.IV 120.0 122.0 126.4 111.1 111.5 133.7 129.9 100.5 100.0 110.1 100.0 125.8 116.6 118.0 2013/14 Q.I 123.4 127.0 130.4 112.6 112.1 134.7 134.6 95.0 100.0 109.8 100.0 129.6 117.6 119.6 Q.II 125.5 126.0 139.7 112.7 119.3 138.3 146.2 98.7 100.0 113.0 100.0 135.2 120.1 124.9 Q.III 126.2 123.9 144.1 115.9 125.0 142.2 151.6 101.2 100.0 114.6 100.0 136.5 121.0 128.5 Q.IV 128.2 125.6 143.4 116.9 128.9 149.1 155.2 101.6 100.0 114.6 100.0 137.5 121.9 130.8 2014/15 Q.I 129.6 127.3 145.9 119.1 128.3 150.0 157.6 101.8 101.7 115.1 108.3 140.0 122.3 132.0 Q.II 130.8 127.6 147.5 125.7 129.7 151.5 163.9 103.8 100.0 114.9 100.0 141.6 122.7 134.1 Q.III 132.9 128.7 149.1 129.4 134.8 154.8 165.5 103.9 103.5 116.4 100.0 143.6 123.7 137.3 Q.IV 136.2 131.1 154.9 128.6 141.3 159.6 158.5 103.3 114.4 117.3 100.0 148.1 124.7 141.4 2015/16 Q.I 142.4 139.0 154.1 131.3 148.2 163.2 159.4 114.0 125.0 113.1 100.0 152.7 123.8 145.8 Q.II 143.8 141.6 153.3 130.3 147.6 163.7 158.9 120.8 128.9 115.8 100.0 154.0 125.0 146.1 Q.III 145.1 140.6 156.5 127.8 153.5 169.3 162.8 122.6 112.8 125.1 100.0 160.4 123.7 149.9 Q.IV 146.4 141.1 159.7 128.9 156.9 171.1 166.2 119.9 112.9 125.9 100.0 162.0 125.3 152.0 2016/17 QI 146.7 141.2 159.8 129.7 157.3 171.9 172.3 116.3 113.0 125.6 100.0 162.7 125.6 152.4 QIII 160.5 155.4 159.7 126.9 185.0 180.7 176.7 122.9 114.3 128.6 100.0 177.8 131.0 165.8 QII 160.3 156.7 158.5 130.3 179.6 183.8 180.4 126.3 115.0 130.7 100.0 173.2 134.2 164.1 QIV 168.8 168.6 170.6 141.9 177.1 186.9 166.0 161.5 118.3 143.2 100.0 179.3 135.2 169.0 2017/18 QI 180.0 181.9 219.8 146.5 179.3 189.9 149.3 159.9 125.0 148.7 100.0 191.5 136.2 178.0 Table 21 (E2): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Source: Central Statistical Agency

First Quarter 2017/18 87 National Bank of Ethiopia Quarterly Bulletin Period General Index Food & Non-alcoholic 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 Non-Food Index BENISHANGUL GUMUZ 2000/01 Q.III 58.5 13.9 41.1 26.2 40.4 30.3 73.3 42.5 42.5 45.1 45.1 24.5 30.5 36.3 Q.IV 57.5 13.6 42.3 25.9 39.8 29.9 73.1 38.1 38.1 46.2 46.2 24.2 30.4 36.0 2001/02 Q.I 59.4 14.3 39.9 25.5 41.9 31.2 64.7 40.2 40.2 44.1 44.1 24.5 30.0 35.9 Q.II 60.5 14.8 38.9 24.9 43.1 31.6 61.9 40.2 40.2 42.2 42.2 24.6 29.7 35.8 Q.III 59.2 14.0 39.6 25.9 46.5 30.3 62.9 42.2 42.2 42.4 42.4 23.9 29.6 36.8 Q.IV 58.0 13.7 40.1 24.6 45.8 29.9 64.4 43.1 43.1 41.8 41.8 24.0 29.4 36.1 2002/03 Q.I 61.1 15.1 41.5 23.8 44.5 29.8 64.6 43.6 43.6 41.4 41.4 24.3 29.6 35.5 Q.II 67.2 17.4 39.7 23.8 46.3 29.4 65.0 45.5 45.5 40.6 40.6 24.1 29.4 35.8 Q.III 70.8 18.7 40.3 23.4 48.6 29.9 63.4 45.5 45.5 40.2 40.2 24.4 29.4 36.2 Q.IV 72.5 19.2 35.7 24.2 49.4 29.9 63.7 45.4 45.4 39.2 39.2 24.6 29.3 36.4 2003/04 Q.I 78.9 21.8 43.6 23.5 49.6 30.1 63.3 45.9 45.9 39.6 39.6 26.3 29.4 36.7 Q.II 80.0 22.5 40.7 24.0 46.4 28.5 64.4 46.5 46.5 39.8 39.8 27.0 29.4 35.9 Q.III 78.7 22.0 39.6 23.5 46.5 29.5 63.4 43.3 43.3 38.2 38.2 26.4 31.5 35.7 Q.IV 80.8 22.9 39.0 23.7 43.8 28.1 62.8 41.9 41.9 38.7 38.7 27.3 34.1 35.1 2004/05 Q.I 83.6 24.0 38.4 23.3 44.6 28.8 65.6 48.4 48.4 38.7 38.7 27.5 36.5 35.4 Q.II 84.9 24.3 39.5 23.7 46.1 30.3 64.3 51.1 51.1 37.4 37.4 28.8 37.7 36.2 Q.III 81.3 22.4 40.1 24.1 51.0 29.5 64.3 54.0 54.0 39.8 39.8 29.0 37.8 37.4 Q.IV 83.2 23.1 40.7 24.4 51.3 28.9 63.3 55.3 55.3 41.2 41.2 30.0 40.5 37.8 2005/06 Q.I 86.6 24.4 41.0 24.3 51.0 29.2 62.1 56.2 56.2 41.3 41.3 31.1 41.7 37.8 Q.II 88.5 25.1 42.7 24.9 50.3 28.7 65.3 54.8 54.8 43.0 43.0 31.3 41.3 38.3 Q.III 90.0 25.4 43.9 25.5 52.9 29.6 68.8 55.0 55.0 42.5 42.5 32.1 41.7 39.5 Q.IV 94.7 27.0 43.3 25.4 55.3 31.2 69.5 60.3 60.3 42.6 42.6 34.9 42.0 40.2 2006/07 Q.I 96.9 27.7 43.6 24.6 56.9 32.0 68.5 65.4 65.4 43.1 43.1 36.0 42.3 40.5 Q.II 99.3 28.5 43.9 25.1 58.9 31.8 69.4 67.1 67.1 44.5 44.5 36.9 42.1 41.3 Q.III 35.6 29.0 44.2 26.0 71.0 31.4 67.9 67.2 67.2 44.9 44.9 36.8 42.0 44.4 Q.IV 37.0 30.8 46.4 26.8 71.0 32.7 68.3 67.5 67.5 47.0 47.0 39.3 42.4 45.2 2007/08 Q.I 41.0 35.6 46.1 28.1 81.1 33.7 69.8 68.5 68.5 47.4 47.4 39.7 42.7 48.2 Q.II 43.9 39.2 47.2 29.8 84.5 34.4 74.9 67.8 67.8 48.2 48.2 42.2 44.0 50.0 Q.III 47.6 44.3 50.4 32.6 84.1 36.4 77.8 67.4 67.4 52.0 52.0 45.1 47.1 51.9 Q.IV 52.7 51.2 53.6 34.7 87.4 39.5 83.0 67.4 67.4 53.6 53.6 49.3 50.0 54.7 2008/09 Q.I 68.6 75.0 63.4 36.3 92.5 46.8 93.0 67.4 67.4 67.7 67.7 53.7 52.6 60.1 Q.II 64.9 67.0 63.0 39.7 93.3 49.3 96.1 71.7 71.7 71.0 71.0 54.6 53.8 62.2 Q.III 60.5 58.2 65.9 41.3 94.7 51.1 103.4 65.4 65.4 71.6 71.6 57.9 55.2 63.5 Q.IV 61.9 59.6 69.9 40.7 99.7 51.3 102.4 65.8 65.8 74.0 74.0 59.6 56.1 65.0 2009/10 Q.I 66.1 65.0 70.5 41.6 101.9 57.7 104.2 70.6 70.6 74.5 74.5 63.2 58.9 67.6 Q.II 64.5 59.2 70.0 47.1 108.2 60.1 103.7 75.8 75.8 76.7 76.7 66.5 61.0 71.5 Q.III 61.9 53.5 75.0 52.8 103.2 62.5 109.3 78.9 78.9 77.9 77.9 71.1 63.4 72.9 Q.IV 61.8 51.8 82.0 53.7 107.0 64.2 106.4 80.8 80.8 79.2 79.2 78.4 64.9 75.1 2010/11 Q.I 61.5 50.0 81.9 59.2 102.3 70.0 104.6 79.9 79.9 81.7 81.7 81.1 64.8 76.9 Q.II 65.6 51.5 88.9 67.9 109.5 80.1 109.4 85.3 85.3 88.1 88.1 82.9 72.9 84.3 Q.III 70.1 57.8 90.7 74.3 104.2 82.7 111.3 91.9 91.9 88.9 88.9 75.2 78.0 86.4 Q.IV 84.3 79.4 104.3 78.5 106.1 87.4 109.0 105.0 105.0 92.0 92.0 94.8 85.9 90.8 2011/12 Q.I 93.2 93.1 102.1 82.9 99.1 95.3 95.2 105.0 105.0 95.7 95.7 103.2 94.2 93.4 Q.II 99.3 100.4 100.6 94.7 98.2 98.7 100.2 98.3 98.3 99.3 99.3 101.3 98.9 97.8 Q.III 102.7 99.8 108.0 103.4 114.3 107.0 100.8 104.2 100.0 101.3 0.0 103.2 102.6 107.0 Q.IV 109.3 106.4 119.1 110.8 123.4 112.4 101.6 112.7 100.0 100.4 0.0 105.6 108.2 113.6 2012/13 Q.I 113.6 110.9 125.8 110.6 133.9 112.7 102.7 112.8 100.0 102.8 0.0 108.3 108.7 117.5 Q.II 113.7 109.5 141.8 120.2 132.2 114.6 108.3 105.4 100.0 105.2 0.0 109.7 110.9 120.1 Q.III 112.5 104.9 144.9 121.2 146.0 112.5 110.7 102.1 100.0 107.3 0.0 111.2 111.3 124.1 Q.IV 113.0 104.4 140.7 121.4 150.9 113.3 121.0 102.8 100.0 108.7 0.0 113.1 110.9 125.9 2013/14 Q.I 119.8 114.4 141.0 123.3 152.1 116.4 124.7 103.6 100.0 109.4 0.0 117.9 113.9 128.1 Q.II 126.2 121.6 162.1 124.6 158.0 119.7 138.9 106.7 100.0 109.5 0.0 120.6 115.5 133.2 Q.III 123.4 111.5 177.1 134.0 176.6 119.5 140.8 109.0 100.0 110.1 0.0 120.7 116.3 141.1 Q.IV 124.4 112.1 190.5 139.2 173.3 120.3 140.9 109.3 100.0 110.3 0.0 125.2 117.6 143.0 2014/15 Q.I 121.8 110.0 181.3 140.4 161.5 125.0 139.8 107.9 100.0 110.2 0.0 123.3 116.7 139.5 Q.II 122.3 111.3 170.1 142.6 160.5 125.5 127.3 106.5 100.0 111.3 0.0 128.3 115.7 138.9 Q.III 123.3 115.6 173.4 146.8 139.6 130.0 128.0 106.3 100.0 111.8 0.0 128.5 116.6 134.9 Q.IV 126.1 118.9 177.9 148.0 143.1 131.0 128.9 105.4 100.0 112.6 0.0 131.2 115.8 136.9 2015/16 Q.I 134.5 131.0 170.6 150.4 152.4 135.6 131.0 105.7 100.0 113.5 0.0 128.8 116.7 139.7 Q.II 135.2 132.8 171.9 150.9 146.7 137.6 134.4 105.8 100.0 113.7 0.0 129.0 117.2 138.8 Q.III 136.3 129.8 179.7 153.3 166.4 138.4 144.8 109.8 100.0 114.5 0.0 129.1 120.5 146.1 Q.IV 135.5 128.4 182.7 153.3 163.2 140.6 145.1 109.9 100.0 115.4 0.0 131.2 121.7 146.2 2016/17 QI 134.2 126.2 187.6 152.7 159.5 142.5 147.8 109.4 100.0 116.3 0.0 133.1 120.2 146.1 QII 138.1 131.7 186.9 150.7 161.3 142.2 156.3 113.2 100.0 121.1 0.0 136.3 124.5 147.5 QIII 140.3 132.7 198.3 152.3 171.4 144.2 150.6 111.2 100.0 120.8 0.0 138.7 125.4 151.8 QIV 150.1 145.1 193.5 145.2 184.8 153.6 141.6 112.9 100.0 141.6 0.0 152.7 125.1 157.8 2017/18 QI 162.6 162.2 163.2 189.1 152.5 184.5 156.2 148.4 120.8 100.0 154.7 0.0 174.9 163.2 Table 21 (E3): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Source: Central Statistical Agency

88 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Period General Index Food & Non-alcoholic 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 Non-Food Index   DIRE DAWA 2000/01 Q.III 28.9 23.8 29.5 42.3 30.4 46.4 35.3 60.5 60.5 46.0 46.0 33.8 56.2 38.3 Q.IV 28.5 23.2 29.8 42.1 30.3 48.5 36.4 60.7 60.7 45.9 45.9 34.1 56.1 38.5 2001/02 Q.I 28.1 22.6 30.0 46.8 30.0 42.9 34.7 60.8 60.8 42.5 42.5 32.9 58.2 38.7 Q.II 27.5 21.8 30.6 47.2 29.8 44.4 35.0 60.5 60.5 41.1 41.1 30.0 56.9 38.8 Q.III 27.4 21.5 31.7 49.9 29.6 43.1 36.5 60.6 60.6 43.5 43.5 30.4 57.2 39.3 Q.IV 27.2 21.2 31.9 48.0 29.9 44.4 36.1 60.6 60.6 42.8 42.8 29.2 57.7 39.2 2002/03 Q.I 27.8 22.9 31.1 43.8 28.3 43.0 35.9 57.6 57.6 40.0 40.0 29.1 58.0 37.0 Q.II 28.8 23.8 30.9 45.1 29.9 42.7 36.1 55.6 55.6 42.4 42.4 30.3 58.0 38.0 Q.III 29.9 25.1 31.6 46.7 30.1 42.2 36.4 55.8 55.8 44.4 44.4 31.2 57.9 38.6 Q.IV 30.8 26.3 31.7 48.0 30.2 39.9 38.3 55.9 55.9 43.2 43.2 29.9 57.9 38.6 2003/04 Q.I 30.9 26.4 32.3 46.5 30.7 40.4 39.2 55.8 55.8 43.7 43.7 28.3 56.4 38.6 Q.II 30.0 25.1 32.1 46.8 29.9 42.2 41.1 58.1 58.1 48.6 48.6 29.6 56.9 38.8 Q.III 29.6 24.4 34.4 47.5 29.8 41.2 41.9 67.5 67.5 48.1 48.1 32.3 56.8 39.2 Q.IV 30.6 25.6 36.5 47.9 30.2 40.1 41.0 67.6 67.6 47.9 47.9 32.9 55.9 39.5 2004/05 Q.I 31.4 26.4 38.1 48.5 31.6 41.2 40.3 67.7 67.7 48.0 48.0 32.8 55.5 40.5 Q.II 31.4 26.0 37.3 48.2 33.2 41.5 39.5 67.3 67.3 47.1 47.1 32.8 56.8 41.2 Q.III 32.4 26.9 38.1 49.2 34.7 41.3 39.4 67.1 67.1 49.4 49.4 32.8 57.0 42.2 Q.IV 33.2 27.5 37.1 48.6 36.6 39.8 39.6 67.4 67.4 50.4 50.4 32.5 57.8 42.8 2005/06 Q.I 34.9 29.5 38.1 49.1 37.8 41.7 38.5 67.6 67.6 50.6 50.6 32.9 58.3 43.8 Q.II 35.1 29.8 37.9 49.4 37.3 43.0 39.5 67.8 67.8 55.2 55.2 32.9 59.0 44.0 Q.III 35.7 30.3 38.5 49.2 38.8 42.7 37.9 68.1 68.1 52.2 52.2 33.1 60.0 44.6 Q.IV 36.8 31.7 39.0 49.9 38.8 42.5 40.2 69.2 69.2 51.4 51.4 33.9 62.5 44.9 2006/07 Q.I 39.3 33.0 39.2 49.1 47.2 42.0 41.2 72.1 72.1 51.4 51.4 34.8 63.7 48.8 Q.II 40.2 33.9 39.2 48.8 48.5 42.4 43.4 74.3 74.3 53.1 53.1 35.1 64.1 49.6 Q.III 41.5 34.8 39.0 49.7 50.5 44.4 44.7 75.8 75.8 58.1 58.1 34.2 66.6 51.5 Q.IV 43.6 37.6 40.1 50.1 53.1 44.7 45.0 76.7 76.7 60.2 60.2 31.9 66.4 52.8 2007/08 Q.I 46.0 40.5 40.4 50.7 56.6 46.5 44.9 76.7 76.7 60.1 60.1 32.7 66.6 54.4 Q.II 47.4 41.5 41.0 52.9 57.5 51.8 50.7 76.7 76.7 61.3 61.3 37.0 67.2 56.5 Q.III 51.4 46.6 42.5 54.9 58.2 55.9 53.7 80.0 80.0 64.5 64.5 36.7 69.1 58.6 Q.IV 58.1 55.6 43.9 57.9 63.8 58.9 53.9 80.4 80.4 66.1 66.1 37.7 69.1 61.9 2008/09 Q.I 66.8 68.2 51.8 58.1 68.8 61.7 59.3 78.4 78.4 69.3 69.3 46.3 71.5 64.8 Q.II 67.8 68.4 52.5 62.9 68.7 65.8 60.6 76.2 76.2 72.9 72.9 58.2 72.3 66.8 Q.III 67.4 67.3 53.0 65.3 67.6 68.8 61.9 74.2 74.2 75.6 75.6 59.9 73.0 67.7 Q.IV 68.6 67.4 55.3 67.8 70.4 73.9 61.6 75.5 75.5 75.9 75.9 66.1 75.9 70.4 2009/10 Q.I 70.1 68.6 57.5 69.3 73.7 73.9 63.4 77.0 77.0 76.8 76.8 65.0 79.2 72.3 Q.II 70.5 67.3 60.0 73.6 74.8 78.9 65.5 79.0 79.0 85.0 85.0 64.0 80.3 75.4 Q.III 71.9 68.5 60.2 75.0 75.2 83.4 67.1 80.3 80.3 85.8 85.8 67.8 82.8 77.0 Q.IV 72.9 69.7 65.5 72.9 76.5 87.0 66.0 80.8 80.8 86.4 86.4 69.8 84.6 77.9 2010/11 Q.I 74.0 69.6 70.5 75.5 79.6 93.1 69.0 81.1 81.1 82.0 82.0 67.5 86.8 80.7 Q.II 79.0 73.5 75.1 80.5 88.4 100.2 69.3 85.0 85.0 94.1 94.1 76.5 87.8 87.4 Q.III 82.6 77.2 85.5 87.2 95.6 94.8 72.1 89.4 89.4 91.9 91.9 81.3 89.1 90.9 Q.IV 91.7 90.0 87.5 90.3 100.4 92.9 80.1 104.5 104.5 88.0 88.0 93.0 90.7 94.2 2011/12 Q.I 97.3 98.1 98.8 93.4 101.8 96.1 76.5 100.8 100.8 88.3 88.3 103.5 93.7 96.2 Q.II 99.6 100.4 100.8 96.2 100.3 98.5 88.3 100.2 100.2 99.5 99.5 100.3 98.3 98.4 Q.III 103.6 103.1 98.8 109.5 103.6 101.1 99.9 103.9 100.0 99.5 100.0 114.8 104.4 104.0 Q.IV 107.0 108.6 86.9 117.0 107.6 103.5 100.2 111.8 100.0 101.3 100.0 129.4 107.0 105.6 2012/13 Q.I 109.3 112.3 75.8 120.0 117.4 107.4 99.7 111.8 100.0 101.2 100.0 134.4 107.2 106.9 Q.II 113.8 112.1 103.3 132.2 118.1 107.8 102.2 114.2 100.0 103.9 100.0 135.4 107.5 115.1 Q.III 115.0 109.6 110.9 133.8 121.7 112.4 109.8 121.3 100.0 102.7 100.0 139.2 108.8 119.4 Q.IV 115.2 113.0 75.3 142.2 136.0 113.5 110.9 122.5 100.0 106.7 100.0 147.3 111.5 117.1 2013/14 Q.I 123.9 122.1 79.2 143.4 164.6 114.9 113.9 120.6 100.0 107.6 100.0 142.7 115.3 125.5 Q.II 134.7 121.8 121.8 156.1 187.8 117.5 116.8 122.5 100.0 113.2 100.0 156.3 119.1 145.3 Q.III 135.2 117.4 141.7 158.6 179.0 128.8 117.2 119.3 100.0 115.6 100.0 161.0 127.0 149.7 Q.IV 136.1 117.7 149.0 158.1 177.5 131.3 118.1 117.9 100.0 115.7 100.0 161.3 127.9 151.2 2014/15 Q.I 142.6 127.0 153.9 160.5 181.2 133.3 125.1 121.9 100.0 123.2 100.0 168.7 132.6 155.3 Q.II 141.4 129.4 140.6 161.8 181.5 134.6 125.3 126.2 100.0 123.2 100.0 155 134.8 151.2 Q.III 147.8 129.4 183.0 169.0 182.2 136.4 120.6 121.2 100.0 123.6 100.0 159.3 141.7 162.9 Q.IV 156.3 130.9 246.6 168.6 183.2 138.4 119.8 117.9 100.0 125.7 100.0 150.6 144.0 177.2 2015/16 Q.I 152.7 130.4 192.6 181.6 188.3 146.3 120.7 117.3 100.0 130.9 100.0 175.2 146.6 171.0 Q.II 153.5 129.7 196.8 183.6 187.1 146.1 120.7 117.3 100.0 130.9 100.0 184.8 145.7 173.0 Q.III 151.5 132.0 168.3 192.0 184.3 146.4 120.6 115.6 100.0 130.9 100.0 193.5 147.1 167.5 Q.IV 157.7 134.4 206.1 192.5 185.4 143.9 119.9 115.6 100.0 130.9 100.0 194.0 150.1 176.8 2016/17 QI 165.3 133.5 267.1 190.4 185.3 145.2 122.0 115.6 100.0 130.9 100.0 193.7 155.3 191.3 QII 168.2 146.5 216.3 205.0 190.0 153.8 123.3 122.5 100.0 131.8 100.0 210.3 168.3 186.2 QIII 175.2 143.8 274.3 210.4 193.1 157.9 121.5 124.3 100.0 135.5 100.0 205.0 171.7 201.0 QIV 174.9 151.1 240.8 211.4 193.9 153.2 123.5 115.6 115.0 133.8 100.0 214.5 172.5 194.4 2017/18 QI 176.1 156.5 192.2 217.5 222.1 192.4 162.7 134.4 117.9 115.0 130.9 100.0 224.8 192.2 Table 21 (E4): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Source: Central Statistical Agency

First Quarter 2017/18 89 National Bank of Ethiopia Quarterly Bulletin Period General Index Food & Non-alcoholic 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 Non-Food Index GAMBELLA 2000/01 Q.III 21.7 15.7 33.2 38.3 39.0 29.9 67.8 35.1 35.1 34.9 34.9 31.3 62.0 35.6 Q.IV 22.0 15.3 33.8 36.6 44.2 30.5 65.3 35.0 35.0 33.5 33.5 31.3 61.7 37.4 2001/02 Q.I 20.8 14.4 35.2 34.4 40.4 30.4 62.4 34.3 34.3 33.9 33.9 31.1 65.5 35.7 Q.II 20.5 14.8 35.0 35.9 35.3 30.1 61.4 36.1 36.1 34.1 34.1 31.3 67.8 34.0 Q.III 20.6 14.8 34.7 38.8 34.9 29.4 59.2 36.1 36.1 34.1 34.1 31.1 66.9 34.2 Q.IV 20.2 15.0 34.5 40.2 31.1 28.9 56.8 36.1 36.1 33.9 33.9 31.5 65.8 32.8 2002/03 Q.I 22.1 17.1 36.0 40.3 33.0 30.4 54.1 36.1 36.1 33.3 33.3 31.1 65.1 33.9 Q.II 23.1 18.3 36.1 40.1 33.7 30.6 55.5 36.1 36.1 31.7 31.7 31.1 65.2 34.1 Q.III 24.1 19.8 35.6 40.4 33.1 31.4 53.4 36.1 36.1 31.7 31.7 31.1 65.1 33.9 Q.IV 25.5 20.6 38.9 40.9 37.7 30.5 53.4 37.0 37.0 33.5 33.5 31.1 65.1 36.2 2003/04 Q.I 25.1 21.1 38.2 40.7 32.7 29.9 53.5 36.1 36.1 34.0 34.0 31.1 65.4 34.1 Q.II 24.3 20.0 35.8 40.0 33.0 31.7 52.0 36.0 36.0 31.7 31.7 33.2 63.7 33.9 Q.III 23.2 19.4 36.1 39.2 28.2 31.0 49.8 36.0 36.0 31.2 31.2 31.9 63.2 31.8 Q.IV 25.4 21.9 36.4 38.9 31.0 30.8 53.3 36.0 36.0 32.1 32.1 30.9 62.4 32.9 2004/05 Q.I 25.4 22.1 36.9 38.1 29.9 30.3 54.9 36.0 36.0 32.1 32.1 30.5 60.9 32.3 Q.II 26.9 23.4 35.7 40.6 33.2 31.4 55.2 36.0 36.0 32.0 32.0 33.4 61.0 34.0 Q.III 26.1 21.9 35.1 40.6 36.1 32.9 55.3 36.0 36.0 27.6 27.6 33.3 62.0 35.1 Q.IV 27.5 23.3 35.4 40.1 38.4 31.3 53.5 36.0 36.0 28.0 28.0 34.3 62.0 35.8 2005/06 Q.I 30.6 26.7 34.0 43.6 42.7 31.5 55.9 39.2 39.2 29.3 29.3 37.0 62.0 38.0 Q.II 30.1 25.3 35.4 46.4 45.4 31.4 50.2 40.3 40.3 30.6 30.6 35.3 62.0 39.8 Q.III 30.8 25.8 35.6 46.6 46.7 32.1 51.2 50.5 50.5 31.2 31.2 37.5 62.0 40.7 Q.IV 32.9 27.7 36.5 48.4 50.7 32.5 52.3 55.6 55.6 30.8 30.8 39.7 62.0 42.8 2006/07 Q.I 34.3 29.1 35.8 47.7 53.4 34.2 51.8 55.6 55.6 32.0 32.0 39.9 62.0 44.0 Q.II 35.0 29.8 36.3 48.8 54.3 33.8 52.5 55.6 55.6 32.2 32.2 38.4 62.6 44.6 Q.III 36.1 30.8 39.6 48.8 54.6 36.1 53.3 55.6 55.6 32.0 32.0 45.8 64.7 45.8 Q.IV 37.4 32.5 41.9 48.8 54.5 36.5 55.4 55.6 55.6 32.1 32.1 47.4 64.6 46.5 2007/08 Q.I 39.7 35.7 42.5 48.6 55.7 36.9 59.9 55.6 55.6 33.8 33.8 47.4 65.4 47.2 Q.II 41.1 37.6 41.6 51.0 56.0 38.3 60.2 55.6 55.6 34.0 34.0 49.5 66.2 47.7 Q.III 43.3 39.5 44.1 54.6 57.5 43.4 61.1 60.9 60.9 35.2 35.2 52.6 65.8 50.3 Q.IV 49.5 47.0 45.1 57.3 63.6 51.2 63.7 63.5 63.5 36.0 36.0 55.2 66.5 54.0 2008/09 Q.I 74.0 79.1 57.0 66.2 75.4 60.7 65.9 63.5 63.5 37.7 37.7 64.4 72.8 64.6 Q.II 69.6 69.3 63.2 71.1 82.7 60.1 68.3 62.8 62.8 44.6 44.6 64.2 72.8 70.0 Q.III 62.2 59.2 63.0 68.5 77.2 59.5 68.2 61.6 61.6 46.2 46.2 64.1 72.1 67.7 Q.IV 65.3 63.2 65.1 69.0 79.4 58.9 72.6 62.3 62.3 49.2 49.2 64.2 73.0 69.1 2009/10 Q.I 69.2 68.1 66.3 69.5 85.4 57.7 77.7 63.3 63.3 51.9 51.9 64.5 74.8 71.4 Q.II 64.5 60.9 67.9 71.2 79.3 62.1 80.9 73.2 73.2 51.7 51.7 65.8 76.7 71.1 Q.III 64.1 58.8 70.5 72.1 84.4 64.3 82.0 78.1 78.1 56.1 56.1 69.8 77.1 74.1 Q.IV 64.4 57.6 74.0 71.6 90.2 66.6 85.2 78.7 78.7 60.8 60.8 70.0 77.9 77.2 2010/11 Q.I 65.8 59.1 71.3 74.8 91.8 70.7 85.8 79.7 79.7 68.2 68.2 73.4 78.0 78.2 Q.II 69.6 62.3 75.9 81.6 97.3 74.7 90.2 81.6 81.6 73.2 73.2 84.6 81.0 83.0 Q.III 72.7 65.0 82.0 84.3 99.1 82.5 95.9 81.9 81.9 78.7 78.7 76.2 83.5 87.1 Q.IV 83.8 79.4 90.0 89.9 100.4 90.4 97.9 89.1 89.1 83.7 83.7 85.6 86.3 92.1 2011/12 Q.I 93.6 91.0 102.9 94.8 100.3 97.7 97.1 92.7 92.7 88.6 88.6 89.6 93.1 98.4 Q.II 100.1 99.5 100.3 98.1 105.4 100.0 99.0 95.5 95.5 95.1 95.1 96.4 98.3 101.2 Q.III 105.4 107.0 101.5 106.7 100.7 104.4 101.5 102.8 100.0 99.6 0.0 105.4 104.1 102.9 Q.IV 112.2 115.4 103.2 118.4 102.4 107.4 101.5 109.1 100.0 101.4 0.0 114.1 108.8 106.8 2012/13 Q.I 115.5 118.1 115.1 121.7 106.6 111.6 105.6 111.3 100.0 101.7 0.0 116.9 107.4 111.1 Q.II 113.1 112.5 116.7 130.5 104.6 115.5 113.9 112.7 100.0 109.9 0.0 122.2 118.7 114.1 Q.III 113.1 111.2 112.8 133.1 106.0 116.6 118.6 114.0 100.0 119.1 0.0 123.9 136.7 116.3 Q.IV 117.8 117.2 107.1 135.9 105.5 127.8 129.1 115.4 100.0 127.1 0.0 125.1 143.7 118.9 2013/14 Q.I 122.9 122.1 111.7 145.3 118.5 126.7 132.3 116.8 100.0 134.1 0.0 125.6 143.8 124.2 Q.II 124.6 123.4 116.6 151.6 119.1 128.3 136.8 117.5 100.0 133.6 0.0 130.3 144.6 126.6 Q.III 124.7 122.6 116.8 153.8 117.3 134.6 140.8 117.5 100.0 135.7 0.0 132.4 149.3 128.2 Q.IV 129.4 128.8 118.6 153.4 124.7 132.3 149.0 114.6 100.0 133.8 0.0 138.0 149.7 130.6 2014/15 Q.I 131.3 129.9 121.4 147.6 137.6 130.6 150.0 119.9 100.0 136.7 0.0 134.8 148.8 133.7 Q.II 126.8 126.0 121.3 149.3 115.8 130.6 151.7 121.9 100.0 138.1 0.0 139.3 144.1 128.1 Q.III 129.8 130.6 118.9 156.9 110.0 132.3 159.6 124.1 100.0 140.9 0.0 142.1 151.0 128.4 Q.IV 132.7 132.9 127.6 162.0 117.1 134.6 158.2 124.5 100.0 133.3 0.0 140.3 152.9 132.2 2015/16 Q.I 142.2 145.2 142.6 173.9 117.2 136.3 163.7 125.0 100.0 141.4 0.0 146.8 158.7 137.1 QII 140.5 142.3 139.0 171.0 120.7 134.4 160.6 125.2 100.0 143.5 0.0 148.4 162.7 137.3 QIII 139.8 139.1 133.4 176.3 120.0 141.2 172.4 150.9 100.0 145.8 0.0 159.2 158.7 140.9 QIV 140.4 139.4 134.3 177.0 120.5 142.2 172.3 159.8 100.0 145.8 0.0 162.1 154.7 142.0 2016/17 QI 139.6 139.6 130.8 170.2 119.7 142.7 170.1 145.6 100.0 145.8 0.0 162.6 151.5 139.6 QII 147.0 149.2 137.7 181.4 114.6 147.0 190.2 144.3 100.0 158.2 0.0 171.4 160.2 143.2 QIII 146.6 151.1 121.3 181.2 113.1 141.6 189.4 144.7 85.0 154.9 0.0 172.2 158.9 139.1 QIV 153.1 160.0 134.8 170.0 114.5 146.6 168.6 145.1 115.0 166.3 0.0 173.3 154.4 141.5 2017/18 QI 160.7 169.7 147.1 181.2 115.5 150.0 162.3 146.0 115.0 169.7 0.0 173.8 161.7 145.7 Table 21 (E5): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Source: Central Statistical Agency

90 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Period General Index Food & Non-alcoholic 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 Non-Food Index HARARI 2000/01 Q.III 23.8 18.8 28.6 35.1 28.9 51.0 34.9 52.1 52.1 48.8 48.8 27.7 29.3 33.2 Q.IV 23.2 18.2 29.5 34.1 28.4 50.4 35.6 51.2 51.2 48.9 48.9 26.5 29.3 32.7 2001/02 Q.I 22.8 17.6 30.2 36.6 28.4 44.5 35.3 51.8 51.8 46.2 46.2 27.5 29.0 32.5 Q.II 22.9 17.4 29.8 35.0 30.4 51.5 24.9 51.8 51.8 46.7 46.7 26.5 29.2 33.6 Q.III 22.5 17.1 29.6 35.0 30.5 49.3 35.0 51.8 51.8 46.6 46.6 25.6 29.2 33.6 Q.IV 22.3 16.9 30.4 34.4 29.9 48.9 34.8 51.8 51.8 47.0 47.0 23.5 29.2 33.2 2002/03 Q.I 23.6 18.3 30.2 34.8 30.6 48.9 35.4 51.8 51.8 46.9 46.9 24.4 29.3 33.6 Q.II 24.3 19.0 31.2 35.8 31.0 49.2 34.8 52.0 52.0 46.5 46.5 24.0 29.6 34.0 Q.III 25.6 20.5 30.6 35.7 32.0 48.9 34.5 52.0 52.0 47.6 47.6 24.7 29.8 34.4 Q.IV 26.2 21.1 30.9 36.0 31.4 49.4 34.5 52.0 52.0 47.5 47.5 24.8 31.8 34.3 2003/04 Q.I 26.4 21.3 30.0 37.1 31.3 49.1 34.8 52.0 52.0 47.6 47.6 24.3 32.7 34.5 Q.II 26.3 20.7 29.2 37.0 34.5 47.1 34.9 52.0 52.0 47.6 47.6 23.1 33.2 35.6 Q.III 26.1 20.4 29.4 37.8 33.2 49.2 35.9 50.7 50.7 53.6 53.6 20.9 31.9 35.7 Q.IV 25.8 20.0 30.1 36.7 35.4 48.5 34.3 52.7 52.7 46.5 46.5 20.9 33.7 36.1 2004/05 Q.I 27.2 21.2 30.2 35.8 39.3 48.0 35.2 53.0 53.0 46.3 46.3 20.1 33.6 37.6 Q.II 26.9 20.4 30.6 36.3 41.9 46.7 34.4 53.7 53.7 47.2 47.2 19.9 33.5 38.8 Q.III 28.3 21.8 30.9 38.7 42.2 46.6 33.6 54.5 54.5 47.7 47.7 21.4 33.5 39.5 Q.IV 28.3 22.3 32.7 37.6 39.5 46.6 34.2 53.7 53.7 47.6 47.6 24.2 34.2 38.0 2005/06 Q.I 30.0 24.0 33.1 38.2 41.2 46.8 32.5 54.5 54.5 49.9 49.9 26.2 35.3 39.1 Q.II 30.4 24.1 34.4 38.6 42.5 46.1 31.5 54.5 54.5 53.0 53.0 26.1 35.7 39.9 Q.III 31.0 24.7 34.9 40.5 43.1 48.1 32.6 54.5 54.5 51.9 51.9 26.3 35.8 40.7 Q.IV 33.2 26.6 36.2 40.9 47.0 48.3 34.3 56.2 56.2 50.6 50.6 26.5 36.2 42.6 2006/07 Q.I 35.0 28.0 37.0 41.3 51.7 49.0 35.3 58.2 58.2 51.0 51.0 30.6 36.6 45.0 Q.II 35.7 28.6 37.4 41.4 52.6 49.6 35.3 60.6 60.6 51.0 51.0 32.8 37.0 45.7 Q.III 36.0 29.4 38.4 38.9 52.9 48.5 35.7 60.6 60.6 50.5 50.5 33.8 37.3 44.4 Q.IV 36.1 29.6 38.3 38.8 52.7 48.5 35.0 60.6 60.6 51.5 51.5 35.8 38.0 44.5 2007/08 Q.I 38.3 32.3 39.2 40.4 54.6 50.1 35.3 60.6 60.6 51.4 51.4 36.9 38.9 45.7 Q.II 39.2 33.2 39.6 44.2 54.0 51.9 35.8 60.6 60.6 51.7 51.7 37.5 39.7 46.6 Q.III 42.0 36.1 39.3 46.5 58.1 54.4 35.1 69.1 69.1 51.3 51.3 40.7 40.1 49.4 Q.IV 51.1 47.7 41.7 50.9 67.5 59.4 33.6 73.4 73.4 54.0 54.0 47.1 43.0 54.8 2008/09 Q.I 60.4 60.0 52.1 56.8 70.1 62.5 34.6 79.0 79.0 56.0 56.0 55.8 45.8 58.6 Q.II 60.8 59.1 54.5 59.4 72.8 65.0 37.6 79.1 79.1 58.8 58.8 59.4 47.7 60.8 Q.III 60.2 57.3 65.6 63.6 69.7 68.0 37.7 71.9 71.9 60.6 60.6 59.4 48.0 61.2 Q.IV 61.6 58.3 69.6 66.3 69.5 71.7 37.1 72.3 72.3 64.0 64.0 59.9 48.4 62.8 2009/10 Q.I 63.2 58.7 70.6 69.3 73.0 75.1 70.8 77.6 77.6 67.7 67.7 61.3 49.6 66.2 Q.II 63.9 58.9 72.3 71.1 71.4 80.3 88.2 79.3 79.3 71.8 71.8 61.9 49.9 67.5 Q.III 65.7 61.1 73.3 70.9 74.0 82.3 89.1 77.5 77.5 72.3 72.3 63.9 50.6 68.6 Q.IV 66.9 61.9 73.1 72.4 77.8 83.0 88.7 77.7 77.7 77.0 77.0 66.5 50.3 70.6 2010/11 Q.I 69.1 64.2 76.7 75.5 79.6 83.9 89.6 77.5 77.5 79.5 79.5 69.3 50.9 72.4 Q.II 74.0 68.5 84.4 81.6 86.9 87.7 92.2 86.0 86.0 84.3 84.3 71.4 53.5 78.2 Q.III 79.8 75.3 87.7 83.1 95.2 85.1 101.7 86.3 86.3 88.0 88.0 72.6 64.2 81.9 Q.IV 86.6 82.0 91.8 87.1 104.0 94.1 97.9 91.3 91.3 93.4 93.4 79.8 80.6 88.3 2011/12 Q.I 91.2 88.0 98.5 91.3 100.5 97.2 100.3 99.1 99.1 95.9 95.9 96.1 88.3 89.9 Q.II 94.8 92.0 98.5 97.1 100.3 99.4 100.3 99.6 99.6 99.0 99.0 98.3 100.0 94.4 Q.III 102.3 102.8 103.0 103.0 100.2 103.7 108.1 100.0 100.0 94.3 100.0 102.7 105.8 102.0 Q.IV 107.9 114.0 101.3 105.4 100.5 106.0 102.2 103.0 100.0 92.3 100.0 111.0 106.3 102.3 2012/13 Q.I 109.0 117.8 94.6 108.7 100.1 105.4 101.4 105.2 100.0 95.9 100.0 118.4 111.2 100.8 Q.II 110.9 119.4 97.6 115.6 100.2 111.3 112.0 111.1 100.0 97.4 100.0 118.3 110.9 103.2 Q.III 113.3 116.0 117.4 120.8 100.0 114.7 121.7 111.1 100.0 100.2 100.0 121.3 112.4 110.7 Q.IV 110.8 122.9 81.0 125.4 99.8 120.0 146.0 107.1 100.0 105.4 100.0 122.8 114.3 99.7 2013/14 Q.I 118.5 132.3 95.7 126.4 101.9 123.5 111.0 107.1 100.0 114.0 100.0 132.2 116.2 105.8 Q.II 121.0 131.6 103.7 130.1 108.8 125.8 105.4 107.1 100.0 117.4 100.0 133.3 118.7 111.3 Q.III 126.2 129.1 133.9 133.4 113.2 127.2 105.4 109.3 100.0 117.4 100.0 136.3 123.7 123.6 Q.IV 125.5 133.0 115.1 136.2 114.9 133.9 98.4 105.8 100.0 116.8 100.0 139.8 124.0 118.6 2014/15 Q.I 128.6 142.4 105.9 136.0 115.9 135.9 105.4 107.1 100.0 113.1 100.0 138.3 124.7 116.0 Q.II 129.4 144.1 106.8 137.7 114.2 134.7 91.3 107.1 100.0 113.5 100.0 143.0 126.9 116.0 Q.III 135.8 144.8 144.1 143.7 109.5 133.5 84.3 107.1 100.0 113.8 100.0 147.2 128.1 127.5 Q.IV 136.6 151.2 131.6 144.9 107.7 137.8 84.3 107.1 100.0 116.0 100.0 146.6 130.6 123.2 2015/16 Q.I 136.2 152.1 121.7 147.9 107.7 145.9 84.3 107.1 100.0 153.3 100.0 153.3 133.4 121.6 Q.II 137.7 153.9 123.9 148.6 107.8 148.8 95.5 107.1 100.0 141.0 100.0 156.3 135.0 122.8 QIII 147.4 155.1 175.2 148.0 107.6 152.9 114.2 107.1 100.0 137.7 100.0 150.1 149.1 140.4 QIV 156.9 156.6 227.0 149.7 105.0 154.9 117.3 107.1 100.0 161.1 100 149.9 148.0 157.2 2016/17 QI 164.1 155.7 271.7 151.3 102.5 156.5 126.7 107.1 100.0 185.3 100 150.5 148.1 171.9 QIII 151.5 169.1 159.8 166.2 99.8 159.6 110.0 107.1 100.0 188.5 100 154.1 143.1 135.3 QII 163.5 165.8 227.1 160.5 111.1 161.7 110.5 107.1 100.0 190.0 100 162.3 144.0 161.3 QIV 160.3 175.8 174.8 163.2 117.9 165.1 81.9 88.9 100.0 201.8 115 155.8 142.6 146.0 2017/18 QI 161.6 185.6 156.7 164.2 117.9 160.3 80.3 88.9 115.0 194.1 100 152.7 143.0 139.5 Table 21 (E6): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Source: Central Statistical Agency

First Quarter 2017/18 91 National Bank of Ethiopia Quarterly Bulletin Period General Index Food & Non-alcoholic 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 Non-Food Index OROMIA 2000/01 Q.III 20.8 17.7 33.6 28.4 27.8 26.9 53.1 34.1 34.1 27.0 27.0 22.9 29.3 30.3 Q.IV 19.6 16.3 34.8 28.1 26.3 26.5 52.1 33.4 33.4 26.3 26.3 23.6 29.0 29.9 2001/02 Q.I 19.3 15.7 33.8 27.6 27.2 27.3 52.9 33.9 33.9 34.8 34.8 24.2 30.8 30.2 Q.II 19.2 15.6 33.5 28.1 26.9 27.3 53.2 34.2 34.2 33.9 33.9 24.7 30.5 30.3 Q.III 18.8 15.2 33.0 28.0 27.1 27.3 35.8 34.6 34.6 34.4 34.4 24.0 30.4 29.6 Q.IV 19.2 15.6 32.2 27.5 27.7 27.3 51.1 34.5 34.5 34.9 34.9 24.1 29.8 30.1 2002/03 Q.I 21.1 18.1 34.5 27.0 28.1 27.0 51.6 33.9 33.9 36.2 36.2 24.5 29.6 30.1 Q.II 22.5 19.7 33.5 27.5 28.7 27.1 52.8 34.1 34.1 36.6 36.6 24.1 29.8 30.5 Q.III 23.9 21.4 34.0 27.3 30.6 26.6 51.7 34.3 34.3 33.3 33.3 24.9 30.0 30.8 Q.IV 25.3 23.1 36.4 27.5 30.2 26.5 51.6 34.3 34.3 35.7 35.7 24.7 30.1 31.0 2003/04 Q.I 26.2 24.4 35.7 27.5 29.8 26.2 51.1 33.2 33.2 35.3 35.3 24.9 29.8 30.7 Q.II 24.6 22.3 33.5 27.3 30.6 26.3 50.9 33.5 33.5 35.6 35.6 25.4 30.3 30.8 Q.III 24.0 21.2 33.7 29.3 32.4 26.3 49.5 33.3 33.3 36.1 36.1 25.6 31.9 32.0 Q.IV 25.3 22.8 33.3 28.4 33.3 26.7 50.0 33.4 33.4 34.9 34.9 26.3 32.5 31.9 2004/05 Q.I 25.9 23.6 33.6 28.0 33.2 26.5 50.7 34.4 34.4 33.7 33.7 26.5 32.7 31.9 Q.II 26.1 23.6 34.0 28.6 34.0 27.0 50.5 36.8 36.8 34.8 34.8 26.8 33.2 32.5 Q.III 26.9 24.3 33.6 28.7 36.1 27.5 49.3 37.8 37.8 37.0 37.0 27.3 34.9 33.3 Q.IV 28.0 25.9 34.0 27.1 35.5 28.1 50.4 37.5 37.5 36.6 36.6 27.5 35.4 32.7 2005/06 Q.I 29.3 27.3 34.6 28.4 36.9 28.1 49.5 39.3 39.3 35.7 35.7 28.4 35.5 33.7 Q.II 28.7 26.8 34.9 27.1 34.5 29.3 49.4 39.5 39.5 36.8 36.8 29.0 35.7 32.8 Q.III 29.0 26.9 35.3 28.4 35.5 29.9 50.5 40.0 40.0 37.6 37.6 29.6 36.0 33.7 Q.IV 30.7 28.6 36.2 29.5 38.1 31.6 50.0 42.0 42.0 38.3 38.3 31.0 36.9 35.2 2006/07 Q.I 33.3 31.2 36.3 30.0 43.2 32.3 49.6 46.3 46.3 38.6 38.6 33.3 38.2 37.1 Q.II 34.3 32.3 36.9 29.8 44.5 32.9 49.2 49.8 49.8 39.3 39.3 34.9 38.6 37.7 Q.III 35.5 33.5 38.6 31.0 45.9 34.6 50.1 49.7 49.7 40.0 40.0 36.3 38.9 38.9 Q.IV 37.0 35.3 39.2 32.0 46.9 36.2 52.1 49.9 49.9 39.7 39.7 37.4 39.2 39.9 2007/08 Q.I 38.8 37.8 39.0 32.8 47.5 37.5 50.2 50.0 50.0 40.4 40.4 40.9 40.0 40.5 Q.II 40.8 40.4 39.3 34.4 47.7 38.9 51.6 50.7 50.7 42.1 42.1 41.2 40.1 41.4 Q.III 44.9 45.2 42.9 36.0 51.8 43.2 54.5 52.5 52.5 43.5 43.5 43.7 41.8 44.4 Q.IV 54.2 57.5 48.0 38.3 57.7 46.8 57.7 54.1 54.1 44.9 44.9 47.7 45.8 48.8 2008/09 Q.I 65.8 73.3 57.3 40.9 61.7 49.6 62.1 54.2 54.2 48.9 48.9 51.5 49.5 53.0 Q.II 61.9 65.9 59.5 43.7 63.6 51.3 64.5 57.1 57.1 50.1 50.1 53.6 50.5 55.1 Q.III 59.9 61.8 63.8 47.1 64.7 52.9 65.9 50.0 50.0 50.3 50.3 56.8 52.0 56.8 Q.IV 61.1 62.5 65.3 49.5 66.5 54.6 70.7 52.2 52.2 52.1 52.1 59.0 55.4 58.8 2009/10 Q.I 62.3 62.8 66.1 52.6 69.2 57.7 72.5 56.9 56.9 55.5 55.5 61.1 58.8 61.6 Q.II 61.6 60.2 66.9 55.3 72.4 59.9 73.8 61.9 61.9 56.9 56.9 63.8 59.3 63.9 Q.III 63.3 60.9 69.1 59.8 76.2 64.1 78.4 65.4 65.4 60.5 60.5 64.5 61.9 67.4 Q.IV 64.3 61.2 71.0 61.9 78.6 67.2 80.9 66.4 66.4 62.3 62.3 67.2 64.3 69.6 2010/11 Q.I 65.9 62.2 72.3 64.4 81.6 69.5 81.4 67.2 67.2 64.7 64.7 68.4 66.5 72.0 Q.II 70.1 66.1 80.6 68.4 85.0 76.9 85.8 73.4 73.4 77.8 77.8 74.3 72.8 76.8 Q.III 77.3 73.8 84.5 76.7 92.1 79.4 89.1 88.5 88.5 81.2 81.2 76.9 77.8 83.2 Q.IV 88.0 88.0 92.1 81.5 95.8 85.1 90.7 102.6 102.6 83.4 83.4 84.8 81.5 88.2 2011/12 Q.I 93.7 95.1 96.1 84.2 96.4 91.4 94.6 103.4 103.4 90.4 90.4 91.7 87.5 91.5 Q.II 98.4 99.6 98.8 93.0 97.6 96.5 97.7 99.0 99.0 96.4 96.4 97.6 96.6 96.2 Q.III 106.1 107.6 107.1 104.4 105.6 105.6 99.5 100.5 100.0 99.1 100.0 101.9 102.7 104.3 Q.IV 112.8 116.5 102.0 112.1 110.8 111.3 101.3 101.1 100.0 99.9 100.0 112.2 104.6 108.5 2012/13 Q.I 114.0 117.0 95.4 114.4 115.0 111.8 102.4 100.3 100.0 102.7 100.0 118.5 109.8 110.5 Q.II 113.7 114.9 102.5 110.0 116.2 115.9 115.6 101.2 100.0 93.5 100.0 122.1 112.0 112.3 Q.III 114.1 114.5 107.9 114.6 116.9 116.3 120.5 93.7 100.0 89.6 100.0 122.8 114.0 113.7 Q.IV 115.8 116.0 103.3 116.8 120.3 119.4 125.1 94.0 100.0 89.4 100.0 126.8 114.4 115.6 2013/14 Q.I 120.6 121.3 103.5 123.6 126.5 122.1 119.5 93.8 100.0 111.7 100.0 131.8 117.0 119.8 Q.II 122.7 124.6 112.3 128.9 121.1 123.7 132.3 94.0 100.0 116.5 100.0 132.6 118.1 120.6 Q.III 123.0 121.0 123.5 130.9 128.0 128.4 136.0 95.8 100.0 110.6 100.0 133.8 117.9 125.2 Q.IV 127.3 126.2 120.3 133.8 135.8 130.2 141.7 96.5 100.0 100.7 100.0 137.8 118.7 128.6 2014/15 Q.I 131.9 133.3 127.8 137.8 135.2 132.6 137.5 96.5 100.0 99.9 100.0 139.0 119.5 130.2 Q.II 133.9 134.3 132.7 142.9 139.6 135.3 138.1 96.1 100.0 100.9 100.0 139.6 121.1 133.5 Q.III 139.5 139.8 147.9 146.9 147.3 138.5 143.5 94.8 100.0 102.5 100.0 143.3 122.7 139.2 Q.IV 147.2 150.6 149.6 149.4 155.8 140.9 143.0 94.0 100.0 103.6 100.0 147.5 124.4 143.4 2015/16 Q.I 153.5 161.8 144.5 152.0 154.5 143.2 148.3 94.1 102.4 123.8 100.0 152.4 125.4 144.0 Q.II 155.4 164.5 143.8 153.1 155.6 144.2 150.7 94.1 102.4 127.2 100.0 154.3 125.6 144.9 QIII 150.6 154.7 148.7 153.5 153.1 147.8 163.0 94.0 100.0 132.3 100.0 158.3 127.8 146.0 QIV 150.6 153.9 152.3 153.8 153.1 150.1 160.5 94.5 100.0 134.4 100.0 159.5 128.6 146.8 2016/17 QI 151.6 154.0 155.1 155.6 157.0 151.3 159.9 94.1 100.0 136.5 100.0 160.1 128.8 149.0 QII 154.8 156.0 144.9 157.3 167.3 153.1 168.6 94.6 100.0 148.6 100.0 171.9 131.7 153.4 QIII 157.5 155.6 157.0 161.4 177.6 153.7 176.3 95.7 100.0 148.6 100.0 174.4 135.7 159.6 QIV 164.2 166.7 142.7 159.9 182.9 159.9 176.9 96.4 104.3 152.8 100.0 181.1 140.6 161.4 2017/18 QI 169.1 173.7 163.9 148.0 161.3 188.0 163.8 163.1 99.3 104.3 154.7 100.0 176.7 142.3 Table 21 (E7): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Source: Central Statistical Agency

92 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Period General Index Food & Non-alcoholic 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 Non-Food Index SNNPR 2000/01 Q.III 21.8 19.3 34.2 31.1 22.0 26.7 55.0 28.8 28.8 55.3 55.3 24.8 38.8 27.8 Q.IV 21.5 18.8 34.9 30.6 22.9 25.7 55.6 27.1 27.1 56.1 56.1 24.1 38.1 28.0 2001/02 Q.I 21.0 18.0 33.6 29.2 23.2 25.5 51.3 28.5 28.5 55.5 55.5 24.7 37.6 27.6 Q.II 21.7 18.5 33.6 29.4 24.7 26.6 51.2 28.8 28.8 54.3 54.3 25.1 38.4 28.5 Q.III 21.3 18.0 33.2 28.1 24.7 26.5 50.5 29.7 29.7 54.1 54.1 25.6 38.7 28.2 Q.IV 21.0 18.1 34.0 28.4 22.9 26.8 48.8 29.9 29.9 53.5 53.5 25.8 39.3 27.5 2002/03 Q.I 21.3 18.3 35.4 29.0 23.4 26.6 51.0 28.4 28.4 53.2 53.2 25.0 39.2 27.9 Q.II 22.1 19.7 33.4 28.1 23.1 26.6 52.4 27.9 27.9 53.4 53.4 25.2 39.3 27.5 Q.III 22.8 20.8 34.5 27.7 23.3 26.7 52.3 28.0 28.0 53.7 53.7 25.4 39.6 27.5 Q.IV 23.6 22.0 37.1 27.7 23.2 26.2 50.3 28.3 28.3 52.7 52.7 25.7 39.7 27.4 2003/04 Q.I 24.4 23.0 36.0 27.6 23.9 26.4 51.2 28.7 28.7 52.2 52.2 25.4 40.0 27.7 Q.II 24.0 22.2 33.4 27.1 25.0 26.0 49.9 29.2 29.2 51.5 51.5 25.9 39.7 27.9 Q.III 23.3 20.9 33.5 28.0 25.5 26.2 52.9 29.5 29.5 48.5 48.5 26.3 40.0 28.4 Q.IV 24.4 22.7 33.5 29.3 25.0 26.1 54.6 29.9 29.9 48.9 48.9 26.4 40.5 28.6 2004/05 Q.I 24.7 23.0 33.5 29.5 25.2 26.2 53.3 30.3 30.3 48.7 48.7 26.4 40.9 28.8 Q.II 25.5 23.7 33.4 28.5 27.1 26.2 51.8 32.6 32.6 49.2 49.2 26.7 41.6 29.4 Q.III 26.2 24.1 33.6 28.4 29.2 26.8 52.5 34.4 34.4 49.5 49.5 27.8 42.7 30.5 Q.IV 27.9 26.3 34.1 29.3 30.1 27.5 54.1 34.8 34.8 51.8 51.8 28.9 42.3 31.3 2005/06 Q.I 29.0 27.1 34.9 30.2 32.6 26.8 54.2 35.1 35.1 50.8 50.8 30.7 42.8 32.8 Q.II 29.4 27.3 34.7 28.7 34.6 26.3 52.9 34.6 34.6 53.2 53.2 31.2 42.2 33.2 Q.III 30.1 27.9 36.3 29.1 35.4 26.9 54.8 34.3 34.3 55.6 55.6 32.4 42.8 34.0 Q.IV 31.8 30.0 37.2 29.4 36.0 28.8 55.0 35.2 35.2 57.1 57.1 35.0 43.1 34.8 2006/07 Q.I 33.7 32.4 37.3 31.3 37.0 29.4 56.0 41.7 41.7 56.1 56.1 38.9 43.7 35.9 Q.II 34.8 33.3 37.4 31.4 38.9 30.9 57.8 47.8 47.8 55.9 55.9 39.0 44.1 37.0 Q.III 35.3 33.4 37.2 32.1 39.2 35.5 58.9 52.2 52.2 56.6 56.6 39.2 44.0 38.1 Q.IV 36.4 34.6 38.8 32.9 40.0 36.9 60.7 54.3 54.3 57.6 57.6 42.9 44.3 39.2 2007/08 Q.I 38.1 37.0 38.7 34.0 40.4 37.9 62.8 54.9 54.9 58.7 58.7 44.1 45.4 39.9 Q.II 39.9 38.6 39.2 35.6 43.5 40.3 60.9 54.3 54.3 58.8 58.8 39.0 46.4 41.9 Q.III 43.9 43.4 43.1 37.2 46.8 43.0 62.2 63.4 63.4 59.9 59.9 41.1 47.7 44.6 Q.IV 53.9 56.7 46.8 40.2 53.8 48.3 65.6 67.2 67.2 60.9 60.9 44.6 49.4 49.6 2008/09 Q.I 65.0 71.9 56.9 43.9 57.6 51.8 65.5 67.2 67.2 62.2 62.2 48.1 51.7 54.4 Q.II 60.5 62.6 58.3 47.6 60.6 54.3 67.0 68.7 68.7 66.3 66.3 49.5 52.9 57.2 Q.III 58.1 58.4 58.7 50.9 58.9 55.9 69.4 62.5 62.5 71.8 71.8 51.0 54.3 57.5 Q.IV 60.0 60.6 61.1 53.1 59.6 59.6 73.1 63.9 63.9 73.6 73.6 52.0 56.0 59.1 2009/10 Q.I 61.9 61.2 62.8 56.4 64.3 62.5 74.5 68.9 68.9 77.7 77.7 54.2 59.4 62.8 Q.II 63.3 60.9 64.0 59.4 69.8 64.9 76.9 74.3 74.3 79.8 79.8 57.2 67.9 67.0 Q.III 64.1 60.6 67.5 63.3 71.5 68.6 82.0 77.3 58.7 72.5 69.4 Q.IV 64.1 58.9 74.3 65.8 74.0 71.3 85.5 79.1 60.9 73.1 72.0 2010/11 Q.I 65.0 59.1 72.2 69.7 75.8 74.5 83.9 78.9 78.9 82.6 82.6 61.9 74.0 74.2 Q.II 69.3 63.0 81.1 74.9 81.3 78.4 88.8 83.7 83.7 89.0 89.0 67.1 80.0 79.1 Q.III 78.0 73.5 83.3 81.3 88.6 84.5 90.6 90.0 70.7 84.6 84.8 Q.IV 91.0 91.5 94.7 88.1 93.0 88.3 94.5 102.7 102.7 91.4 91.4 82.8 89.5 90.3 2011/12 Q.I 99.0 98.0 106.5 91.4 92.3 92.8 97.1 413.3 413.3 95.7 95.7 90.0 93.6 100.6 Q.II 99.2 100.5 103.3 97.0 96.5 97.8 98.6 99.7 99.7 99.1 99.1 96.5 97.5 97.2 Q.III 107.1 109.3 105.8 103.7 104.8 102.5 100.3 99.4 100.0 105.1 100.0 104.9 103.1 104.0 Q.IV 113.9 120.1 106.6 108.1 104.4 106.6 103.2 99.7 100.0 106.8 100.0 111.1 105.6 105.6 2012/13 Q.I 118.6 123.1 112.3 114.6 115.0 111.4 108.7 97.6 100.1 112.8 100.0 115.9 107.1 112.7 Q.II 120.8 121.7 114.5 120.3 124.4 113.9 168.7 101.3 100.3 117.8 100.0 118.4 102.2 119.6 Q.III 121.6 122.6 118.4 123.1 122.8 115.7 153.2 104.7 100.2 122.2 100.0 119.6 109.3 120.2 Q.IV 124.0 125.5 122.6 127.0 123.4 118.2 150.1 106.1 100.0 124.0 101.0 123.2 112.2 122.0 2013/14 Q.I 129.4 130.6 125.5 130.6 133.2 120.3 153.3 111.0 100.0 125.2 101.0 126.9 113.5 127.9 Q.II 130.6 129.7 126.5 132.8 140.3 121.2 160.4 108.8 100.0 127.3 101.0 128.9 114.6 131.8 Q.III 132.4 131.2 128.9 135.4 142.9 124.9 165.2 105.2 100.0 124.2 101.0 131.0 115.5 134.1 Q.IV 135.1 134.5 133.6 143.3 128.4 166.5 107.6 100.0 126.4 101.0 132.4 116.0 116.0 136.0 2014/15 Q.I 135.6 134.9 136.7 141.8 129.2 170.1 104.1 100.0 134.4 101.0 134.5 116.4 116.4 136.3 Q.II 135.2 134.0 137.3 145.3 139.0 131.2 172.1 106.8 100.0 140.3 101.0 135.2 118.3 136.1 Q.III 137.9 138.0 142.1 149.2 140.2 131.9 180.1 100.0 100.0 137.3 101.0 136.2 118.9 137.8 Q.IV 142.0 149.2 145.6 150.0 135.7 133.2 182.7 94.9 100.3 136.6 101.0 138.1 119.5 136.6 2015/16 Q.I 144.4 152.3 144.8 150.1 137.9 136.0 180.2 99.2 101.2 149.9 101.0 145.6 120.3 138.4 Q.II 143.1 150.3 146.1 150.8 135.0 136.7 182.2 99.8 101.3 148.7 101.0 148.3 120.9 137.8 QIII 145.1 148.1 150.2 153.4 143.2 140.5 187.7 101.9 100.0 143.1 101.0 149.8 121.7 142.9 QIV 145.4 148.9 150.5 153.7 142.4 140.9 189.4 102.5 96.6 144.3 101.0 150.3 122.9 142.7 2016/17 146.4 150.8 151.0 154.8 142.7 141.6 190.9 102.3 92.7 148.3 101.0 150.1 122.7 143.1 QII 154.0 162.6 159.7 157.2 145.3 146.1 205.9 114.2 89.0 155.5 101.0 160.4 124.0 147.6 QIII 159.3 172.5 171.1 162.6 140.9 149.3 213.5 132.6 98.1 155.3 101.0 165.1 126.4 149.5 QIV 168.9 193.0 147.2 165.3 142.5 168.4 226.6 136.0 102.7 166.6 101.0 174.4 129.3 151.1 2017/18 QI 174.1 197.5 173.7 169.0 143.1 172.4 226.8 147.2 102.7 169.2 101.0 184.9 130.5 156.6 Table 21 (E8): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Source: Central Statistical Agency

First Quarter 2017/18 93 National Bank of Ethiopia Quarterly Bulletin Period General Index Food & Non-alcoholic 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 Non-Food Index SOMALI 2000/01 Q.III 24.3 19.5 39.0 43.9 30.5 32.7 42.8 33.2 33.2 49.9 49.9 22.8 41.3 36.9 Q.IV 24.3 19.4 38.4 44.2 31.7 32.9 43.7 31.8 31.8 49.6 49.6 22.5 41.2 37.2 2001/02 Q.I 23.5 19.3 39.6 37.8 28.8 33.9 38.4 28.9 28.9 50.9 50.9 22.6 40.4 34.3 Q.II 23.4 19.0 39.2 39.0 29.5 32.9 39.5 30.0 30.0 50.8 50.8 22.8 40.9 34.9 Q.III 23.5 19.1 39.0 37.4 30.3 32.2 40.0 28.0 28.0 50.2 50.2 22.5 40.6 34.6 Q.IV 24.1 19.5 39.3 37.8 31.4 33.2 37.6 30.5 30.5 50.1 50.1 22.1 40.8 35.4 2002/03 Q.I 25.3 20.7 40.0 41.3 32.5 33.8 36.8 30.5 30.5 50.4 50.4 23.2 40.5 37.0 Q.II 26.1 21.9 40.2 39.2 32.5 33.7 37.4 30.7 30.7 49.9 49.9 23.2 40.7 36.5 Q.III 26.8 22.5 41.0 39.4 34.9 32.5 37.1 30.1 30.1 49.3 49.3 23.7 40.8 37.6 Q.IV 26.9 22.9 41.4 36.6 34.2 32.4 37.3 29.3 29.3 49.6 49.6 23.7 41.3 36.6 2003/04 Q.I 26.4 22.6 40.6 34.2 33.5 32.8 38.0 28.5 28.5 48.8 48.8 23.1 41.7 35.6 Q.II 26.2 22.4 39.7 33.3 33.9 32.0 39.5 28.5 28.5 46.9 46.9 23.2 41.5 35.2 Q.III 25.6 21.1 39.5 33.7 36.0 33.0 38.5 27.9 27.9 47.4 47.4 23.9 41.4 36.2 Q.IV 26.2 21.8 39.0 33.3 36.7 32.3 38.2 29.3 29.3 48.6 48.6 24.2 41.5 36.4 2004/05 Q.I 27.4 22.8 38.1 34.9 39.1 32.3 38.9 31.5 31.5 48.0 48.0 23.8 41.2 37.7 Q.II 28.2 23.9 38.2 34.0 39.1 32.7 40.5 34.3 34.3 48.2 48.2 23.9 41.3 37.6 Q.III 28.6 23.6 37.9 34.8 43.7 32.8 41.7 35.4 35.4 47.8 47.8 24.4 41.9 39.9 Q.IV 30.7 26.4 37.9 36.3 42.9 32.8 43.9 36.3 36.3 46.5 46.5 24.6 41.5 39.9 2005/06 Q.I 32.0 28.5 38.4 36.0 42.2 33.0 41.9 37.6 37.6 46.0 46.0 25.0 41.8 39.7 Q.II 31.9 28.4 39.6 36.0 40.9 33.4 42.5 38.3 38.3 46.6 46.6 23.5 42.8 39.4 Q.III 32.8 29.2 40.6 38.8 42.2 33.1 43.9 38.6 38.6 46.6 46.6 25.0 43.1 40.9 Q.IV 33.7 30.3 42.1 39.0 41.6 33.6 44.1 43.2 43.2 47.0 47.0 27.5 45.8 41.1 2006/07 Q.I 34.8 31.6 42.9 39.6 42.0 35.3 44.5 47.3 47.3 51.1 51.1 29.3 47.6 41.8 Q.II 34.9 31.7 43.0 40.5 41.8 36.1 42.4 50.3 50.3 52.4 52.4 30.7 47.9 42.0 Q.III 35.4 32.2 44.2 41.1 42.4 36.0 40.6 49.0 49.0 50.7 50.7 31.8 46.5 42.4 Q.IV 35.4 32.1 44.8 41.6 42.1 36.8 44.5 49.3 49.3 51.5 51.5 33.7 46.6 42.6 2007/08 Q.I 37.0 34.1 45.5 41.9 42.6 36.7 50.6 49.9 49.9 50.9 50.9 37.1 47.3 43.3 Q.II 38.2 35.3 47.1 43.8 43.6 37.4 53.7 49.4 49.4 51.2 51.2 36.0 48.4 44.5 Q.III 41.7 39.5 47.0 45.9 46.0 39.2 53.9 52.4 52.4 54.0 54.0 37.3 49.2 46.4 Q.IV 48.2 47.9 46.4 49.7 47.9 45.1 55.5 54.5 54.5 53.7 53.7 41.0 50.2 48.9 2008/09 Q.I 60.5 65.0 52.0 49.5 48.7 49.7 60.5 56.2 56.2 52.9 52.9 47.9 56.9 50.8 Q.II 58.1 59.4 55.7 51.5 55.3 52.6 64.1 58.0 58.0 56.1 56.1 48.6 60.4 55.0 Q.III 58.5 59.9 56.0 53.5 54.2 57.3 52.3 58.1 58.1 55.7 55.7 49.1 62.1 55.4 Q.IV 60.9 62.4 58.8 55.4 56.1 61.7 55.2 58.3 58.3 59.7 59.7 53.2 63.2 57.7 2009/10 Q.I 62.3 63.3 64.6 57.3 57.2 62.1 61.6 59.4 59.4 66.1 66.1 55.4 63.4 60.0 Q.II 63.9 63.9 65.4 62.8 61.2 64.4 72.2 61.8 61.8 68.8 68.8 61.0 66.8 63.8 Q.III 65.7 64.4 66.8 65.3 68.7 67.2 83.3 65.5 65.5 70.5 70.5 62.4 72.2 68.6 Q.IV 65.8 64.2 71.0 66.0 69.6 67.0 85.6 67.5 67.5 71.7 71.7 63.6 73.0 69.5 2010/11 Q.I 67.0 64.8 72.6 68.6 72.4 68.7 84.5 68.8 68.8 72.7 72.7 65.0 74.2 71.6 Q.II 75.4 75.1 74.7 75.0 75.8 73.7 87.0 71.6 71.6 85.2 85.2 68.3 84.2 76.1 Q.III 80.3 80.7 75.4 79.0 78.0 78.8 93.1 78.7 78.7 94.8 94.8 72.2 88.1 79.4 Q.IV 88.5 89.5 78.2 86.0 86.6 85.9 99.7 95.7 95.7 95.9 95.9 80.4 87.8 86.2 2011/12 Q.I 92.7 93.4 93.1 90.1 89.8 87.1 104.0 98.1 98.1 99.9 99.9 83.2 90.8 91.1 Q.II 96.6 96.5 97.0 95.1 97.8 96.4 97.2 97.9 97.9 96.3 96.3 93.5 92.9 96.8 Q.III 105.1 105.1 110.4 105.1 103.8 101.2 100.8 100.0 100.0 101.6 100.0 100.5 108.4 105.1 Q.IV 107.5 109.9 97.4 109.4 105.2 113.2 104.0 100.0 100.0 101.3 100.0 103.1 107.7 104.5 2012/13 Q.I 110.8 111.5 91.9 116.1 119.3 121.6 105.6 100.0 100.0 111.7 100.0 105.6 114.5 110.0 Q.II 117.5 116.7 94.7 121.6 135.4 127.7 121.6 110.3 100.0 136.7 100.0 112.2 117.8 118.5 Q.III 116.7 115.9 96.8 122.2 130.6 126.9 127.4 110.0 100.0 142.2 100.0 112.4 124.3 117.8 Q.IV 120.8 117.8 117.5 125.9 130.9 128.6 129.5 113.8 100.0 147.9 100.0 119.4 129.3 124.5 2013/14 Q.I 122.3 120.1 112.9 123.7 136.8 127.7 132.9 112.5 100.0 153.0 100.0 120.9 137.0 125.1 Q.II 128.5 122.9 129.5 124.6 150.2 137.6 133.5 126.0 100.0 149.1 100.0 121.9 134.9 135.5 Q.III 132.9 124.9 151.0 122.4 159.8 131.6 140.5 130.0 100.0 143.8 100.0 122.0 134.2 143.1 Q.IV 134.0 124.2 160.5 122.7 163.5 128.7 153.9 122.5 100.0 146.3 100.0 127.7 135.6 146.3 2014/15 Q.I 136.7 128.4 162.0 122.5 164.6 128.2 148.2 126.0 100.0 148.0 100.0 127.7 136.2 147.1 Q.II 137.1 129.1 156.6 127.1 165.9 129.2 160.9 126.0 100.0 157.0 100.0 129.8 135.7 147.2 Q.III 142.5 130.2 181.0 131.7 179.1 125.9 163.1 126.0 100.0 159.8 100.0 130.3 141.2 158.0 Q.IV 152.6 134.1 212.1 134.1 208.0 126.1 169.4 131.8 100.0 157.3 100.0 132.3 143.4 175.8 2015/16 Q.I 152.8 133.6 201.6 139.6 214.6 134.3 192.1 120.2 100.0 163.8 100.0 132.5 149.6 177.0 Q.II 150.8 134.9 188.4 141.4 204.3 134.1 197.3 120.2 100.0 163.8 100.0 131.5 151.9 170.8 QIII 149.6 136.7 200.1 144.4 177.6 131.0 181.1 126.0 100.0 161.4 100.0 134.1 157.7 165.8 QIV 153.7 138.1 224.1 144.7 182.4 131.2 178.4 126.0 100.0 162.7 100.0 134.6 155.4 173.3 2016/17 QI 155.1 139.8 228.5 145.6 181.6 132.0 181.8 126.0 100.0 162.7 100.0 134.4 156.0 174.4 QII 163.0 148.8 196.9 148.9 219.8 141.4 174.8 126.0 100.0 196.6 100.0 145.1 160.1 180.9 QIII 178.1 156.6 229.6 147.0 270.6 140.7 174.8 126.0 100.0 198.2 100.0 148.1 161.8 205.0 QIV 178.8 163.1 184.3 152.1 281.0 144.9 174.8 124.9 100.0 260.9 100.0 155.7 158.6 198.6 2017/18 QI 180.3 160.1 209.6 154.4 279.4 148.8 185.2 124.8 100.0 243.1 100.0 169.8 157.6 205.7 Table 21 (E9): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Source: Central Statistical Agency

94 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Period General Index Food & Non-alcoholic 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 Non-Food Index TIGRAY 2000/01 Q.III 26.7 25.0 30.5 26.7 36.9 32.4 37.7 30.1 30.1 61.2 61.2 22.1 32.7 32.0 Q.IV 27.0 24.8 31.2 27.7 40.2 32.3 39.6 28.3 28.3 59.2 59.2 23.6 32.9 33.5 2001/02 Q.I 25.0 22.9 30.9 24.4 38.9 32.5 36.7 29.0 29.0 58.3 58.3 25.2 32.9 31.8 Q.II 24.8 22.3 31.0 24.7 38.9 33.2 36.1 30.1 30.1 55.9 55.9 25.3 33.2 32.0 Q.III 24.4 21.8 31.1 24.4 39.7 31.9 36.4 30.0 30.0 57.0 57.0 25.6 33.0 32.0 Q.IV 25.2 22.9 31.4 23.4 39.6 32.0 38.9 29.9 29.9 58.1 58.1 26.1 33.0 31.7 2002/03 Q.I 27.8 26.3 31.9 23.4 40.1 32.1 39.4 30.0 30.0 59.0 59.0 25.9 33.1 31.9 Q.II 28.3 27.2 31.5 22.5 39.8 31.3 39.4 30.2 30.2 58.1 58.1 25.8 33.3 31.4 Q.III 28.2 26.9 31.4 22.6 40.2 31.4 44.1 30.6 30.6 56.6 56.6 25.9 33.4 31.6 Q.IV 29.0 28.5 31.7 22.3 37.8 30.3 46.0 30.7 30.7 54.0 54.0 25.8 33.3 30.5 2003/04 Q.I 30.9 30.6 31.3 22.4 39.9 30.8 47.3 30.4 30.4 54.2 54.2 26.0 33.6 31.3 Q.II 29.2 28.5 31.2 22.8 38.3 31.4 51.1 29.8 29.8 54.2 54.2 25.9 33.5 31.0 Q.III 27.9 26.8 31.4 22.7 37.6 31.0 62.2 30.0 30.0 53.5 53.5 26.2 33.6 30.8 Q.IV 29.8 29.2 31.8 22.4 38.8 31.1 61.6 31.8 31.8 54.2 54.2 26.5 33.8 31.2 2004/05 Q.I 31.6 31.2 32.2 22.8 41.8 30.9 60.0 33.5 33.5 54.1 54.1 27.2 33.8 32.4 Q.II 31.5 31.1 31.8 22.5 42.0 31.1 61.2 35.6 35.6 50.9 50.9 26.8 33.9 32.3 Q.III 32.0 30.7 31.9 22.9 47.9 30.9 58.8 36.7 36.7 50.8 50.8 27.4 33.7 34.5 Q.IV 33.0 32.4 31.9 23.3 45.4 31.0 57.7 37.8 37.8 52.3 52.3 27.4 33.9 33.8 2005/06 Q.I 35.5 35.4 32.2 24.3 47.7 31.1 59.0 37.4 37.4 50.8 50.8 28.0 34.4 35.0 Q.II 35.9 35.1 32.3 25.4 51.3 33.5 65.2 37.7 37.7 49.2 49.2 29.4 34.8 37.0 Q.III 35.8 34.7 32.3 27.1 51.6 34.8 65.3 37.3 37.3 49.3 49.3 30.5 35.3 37.9 Q.IV 36.8 35.7 34.0 27.0 53.0 36.3 66.2 42.4 42.4 51.7 51.7 31.4 36.9 39.0 2006/07 Q.I 38.3 37.2 33.5 27.4 55.7 35.5 66.6 48.8 48.8 54.6 54.6 32.7 38.3 40.3 Q.II 38.9 37.8 33.6 27.4 56.1 35.3 66.1 55.8 55.8 53.9 53.9 34.3 38.8 40.5 Q.III 39.5 38.8 33.2 27.7 54.9 35.9 69.7 54.1 54.1 54.4 54.4 34.8 40.6 40.5 Q.IV 41.4 41.2 33.5 29.3 56.5 36.6 69.4 53.1 53.1 53.3 53.3 36.2 41.4 41.6 2007/08 Q.I 44.8 46.4 33.9 30.8 56.4 38.2 70.1 53.3 53.3 54.2 54.2 38.8 42.6 42.5 Q.II 47.3 49.6 32.8 31.3 60.2 40.4 67.5 52.0 52.0 55.6 55.6 42.4 41.8 43.9 Q.III 50.1 53.6 35.7 31.6 59.9 42.9 67.0 56.8 56.8 55.6 55.6 44.3 43.6 44.8 Q.IV 59.3 66.6 40.5 34.8 64.1 47.8 68.3 58.9 58.9 57.0 57.0 48.1 45.3 48.4 2008/09 Q.I 74.8 89.5 50.3 39.1 70.7 50.9 68.0 58.9 58.9 58.7 58.7 54.1 47.8 53.2 Q.II 72.8 84.3 49.1 42.6 74.1 53.0 67.8 61.2 61.2 60.0 60.0 55.6 48.9 55.9 Q.III 67.9 75.9 49.9 44.6 72.8 53.3 69.7 53.2 53.2 58.8 58.8 57.1 50.5 56.1 Q.IV 68.0 74.1 55.5 47.0 75.0 56.6 71.9 53.1 53.1 62.5 62.5 57.6 56.8 59.0 2009/10 Q.I 70.2 74.9 62.5 51.1 79.0 60.0 73.2 62.4 62.4 67.2 67.2 62.7 62.6 63.3 Q.II 71.5 75.4 62.9 54.2 81.1 63.4 76.7 68.7 68.7 64.7 64.7 64.6 64.7 65.8 Q.III 71.1 73.5 66.9 55.9 81.4 67.9 82.1 72.1 72.1 67.3 67.3 66.2 65.4 67.7 Q.IV 73.3 75.8 66.7 59.0 83.3 69.1 85.7 74.8 74.8 70.2 70.2 68.0 65.7 69.7 2010/11 Q.I 73.5 75.8 69.0 61.8 80.6 69.7 83.4 74.3 74.3 74.7 74.7 68.8 67.1 70.2 Q.II 74.7 74.3 70.4 68.1 83.5 72.9 88.6 80.3 80.3 82.9 82.9 71.6 76.3 75.2 Q.III 77.9 76.6 70.2 73.4 88.1 77.0 89.8 88.2 88.2 84.3 84.3 74.1 78.9 79.7 Q.IV 87.8 88.8 77.2 82.2 93.1 82.0 95.2 102.5 102.5 91.3 91.3 85.4 83.6 86.4 2011/12 Q.I 95.3 98.1 91.3 87.3 97.3 87.4 92.1 102.9 102.9 94.3 94.3 94.2 88.9 91.2 Q.II 100.1 101.7 97.5 96.3 100.4 95.4 99.8 98.9 98.9 100.3 100.3 99.0 97.8 97.8 Q.III 104.8 106.0 99.4 103.7 102.9 102.8 108.9 100.0 100.0 103.8 100.0 110.3 103.7 103.7 Q.IV 111.4 115.6 101.4 110.3 105.2 107.6 105.3 102.7 100.0 104.9 100.0 114.3 107.9 107.2 2012/13 Q.I 118.7 122.9 103.6 115.7 117.9 113.0 111.3 103.5 100.0 110.9 100.0 125.5 109.4 114.5 Q.II 119.5 119.8 106.1 121.3 123.3 113.5 110.7 103.4 100.0 141.1 100.0 135.8 110.2 119.3 Q.III 119.5 118.2 113.9 126.4 123.4 111.6 108.1 103.4 100.0 140.9 100.0 136.9 113.4 120.8 Q.IV 125.5 124.3 116.6 133.5 132.0 126.3 115.9 98.6 100.0 144.5 100.0 138.0 115.0 126.7 2013/14 Q.I 132.5 136.2 120.7 137.4 132.2 126.8 112.5 94.6 100.0 148.7 100.0 144.5 119.2 128.8 Q.II 131.3 131.9 122.2 141.2 133.1 129.4 116.7 105.8 100.0 146.2 100.0 143.5 119.2 130.6 Q.III 130.1 124.6 121.8 144.4 144.0 136.4 123.1 104.8 100.0 147.8 100.0 145.6 118.0 135.4 Q.IV 130.5 128.1 128.7 145.3 135.3 130.3 128.2 107.8 100.0 145.2 103.3 147.9 114.1 132.9 2014/15 Q.I 133.3 130.4 134.6 148.5 149.2 129.9 126.6 109.2 100.0 145.3 106.0 130.7 119.8 136.1 Q.II 139.2 131.3 137.6 151.9 173.5 133.1 136.5 110.3 100.0 149.4 107.4 145.9 123.6 147.0 Q.III 136.4 127.2 139.8 155.5 162.1 137.6 149.0 109.2 100.0 151.8 109.2 147.5 123.8 145.4 Q.IV 140.5 129.2 137.8 154.7 181.1 143.5 136.1 106.7 100.0 154.3 111.1 148.6 125.5 151.5 2015/16 Q.I 145.7 139.6 131.7 162.0 178.3 140.8 133.9 106.7 102.9 156.7 112.5 149.9 128.4 151.6 Q.II 147.2 143.3 132.5 161.9 176.5 139.2 135.6 107.3 104.1 158.1 112.9 150.3 128.6 151.1 QIII 151.6 146.7 138.7 165.7 189.2 144.2 139.6 106.1 105.7 163.3 114.7 151.6 124.7 156.4 QIV 156.3 146.4 144.0 164.5 220.1 146.5 138.1 105.7 106.4 168.6 115.5 151.2 125.3 166.0 2016/17 QI 158.7 145.7 143.0 164.4 238.4 146.2 139.8 105.9 105.9 169.0 115.9 151.6 126.7 171.4 QII 174.4 156.9 138.9 173.8 293.8 161.8 159.9 103.9 105.7 200.3 119.0 149.3 129.9 191.6 QIII 168.2 153.9 143.3 170.7 258.5 166.6 157.4 107.6 106.1 214.3 119.6 148.0 132.0 182.3 QIV 165.8 163.9 110.9 160.7 216.0 175.1 114.6 109.7 124.9 190.1 120.0 152.5 136.0 167.8 2017/18 QI 174.8 171.4 149.5 170.4 222.7 177.0 122.1 112.2 105.9 189.9 120.8 184.4 134.4 178.0 Table 21 (E10): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Source: Central Statistical Agency

First Quarter 2017/18 95 National Bank of Ethiopia Quarterly Bulletin Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages AFAR 2000/01 Q.III 21.9 20.2 16.2 30.1 43.2 22.4 22.4 35.7 21.3 12.1 Q.IV 21.1 20.0 17.6 30.8 43.0 22.0 22.0 33.9 17.5 9.6 2001/02 Q.I 20.9 18.9 16.8 31.2 36.5 23.7 23.7 32.5 18.2 12.6 Q.II 20.2 19.0 17.6 30.7 33.5 21.9 21.9 32.3 16.7 11.4 Q.III 20.2 19.2 17.3 29.9 34.0 22.5 22.5 30.2 16.4 12.4 Q.IV 20.9 20.2 16.5 31.6 35.7 23.5 23.5 31.0 16.4 13.1 2002/03 Q.I 22.5 21.5 17.0 32.6 37.5 24.4 24.4 30.9 17.4 13.9 Q.II 23.0 21.7 18.7 32.3 37.6 24.5 24.5 31.2 17.1 14.7 Q.III 24.0 23.4 20.1 31.5 40.3 24.0 24.0 32.2 18.3 15.5 Q.IV 24.7 23.8 21.3 32.3 41.8 26.7 26.7 31.5 20.6 15.5 2003/04 Q.I 25.8 25.0 21.2 31.6 42.2 25.4 25.4 31.9 22.7 17.2 Q.II 25.6 24.3 23.0 30.8 41.2 23.9 23.9 34.6 24.1 17.4 Q.III 24.8 23.7 22.8 30.1 41.6 26.0 26.0 34.4 22.6 17.5 Q.IV 25.3 24.2 26.0 28.6 41.7 28.4 28.4 35.8 26.3 17.6 2004/05 Q.I 25.0 24.7 22.9 27.8 41.7 26.1 26.1 38.8 25.5 15.8 Q.II 25.4 24.6 21.1 27.9 44.1 24.7 24.7 40.0 26.4 16.8 Q.III 24.9 23.5 23.3 28.0 43.1 27.0 27.0 35.7 23.6 17.8 Q.IV 26.3 24.9 24.6 27.9 43.9 30.1 30.1 36.6 23.9 19.1 2005/06 Q.I 27.4 25.7 28.3 28.7 44.0 28.6 28.6 40.3 20.5 19.2 Q.II 27.8 25.4 28.5 28.0 42.9 30.0 30.0 38.7 20.4 21.5 Q.III 28.4 25.8 28.8 29.4 44.0 30.1 30.1 42.4 20.7 21.9 Q.IV 30.3 27.0 29.3 31.5 44.3 33.3 33.3 48.2 20.7 24.5 2006/07 Q.I 31.7 29.0 29.8 31.3 43.6 33.9 33.9 46.9 22.6 25.7 Q.II 33.0 30.9 30.5 31.6 43.8 34.5 34.5 45.9 23.8 25.9 Q.III 32.7 31.5 32.9 32.4 47.0 37.5 37.5 43.3 29.9 27.8 Q.IV 34.7 32.0 39.2 36.6 55.7 40.1 40.1 43.3 42.7 27.4 2007/08 Q.I 36.6 33.7 39.5 41.2 56.0 42.4 42.4 42.5 83.6 26.1 Q.II 37.8 34.7 41.2 42.7 61.7 45.7 45.7 40.4 81.4 26.4 Q.III 39.6 37.0 43.6 41.7 68.1 55.5 55.5 41.8 76.8 27.7 Q.IV 48.0 51.5 48.5 51.0 77.7 56.8 56.8 47.5 87.3 30.3 2008/09 Q.I 60.5 70.8 53.8 58.0 79.2 72.1 72.1 53.0 99.0 35.6 Q.II 58.7 68.7 51.2 55.9 74.5 69.0 69.0 56.3 75.4 36.4 Q.III 56.6 65.1 51.4 57.5 75.3 69.7 69.7 65.7 53.1 35.9 Q.IV 58.8 67.2 63.7 56.1 73.6 83.2 83.2 73.8 38.4 41.7 2009/10 Q.I 61.7 70.3 59.7 63.3 72.7 79.2 79.2 80.2 39.4 43.2 Q.II 64.7 71.0 60.2 74.0 71.6 73.6 73.6 83.5 48.2 45.3 Q.III 64.6 69.5 65.9 72.6 74.1 68.8 68.8 89.3 49.4 49.9 Q.IV 65.0 68.0 69.5 72.6 80.7 79.6 79.6 91.6 69.5 49.6 2010/11 Q.I 66.3 69.5 76.5 72.9 81.4 93.4 93.4 87.2 74.0 48.9 Q.II 69.7 67.6 81.5 76.1 94.6 96.0 96.0 91.5 63.4 57.9 Q.III 74.9 72.6 80.7 87.4 101.8 95.2 95.2 84.8 60.6 72.7 Q.IV 80.4 83.6 89.7 79.7 104.4 103.2 103.2 89.0 98.7 77.8 2011/12 Q.I 86.7 90.6 102.3 81.2 99.7 104.9 104.9 95.4 121.3 79.4 Q.II 95.4 99.8 101.6 99.3 100.1 99.9 99.9 104.5 118.3 88.8 Q.III 105.1 104.3 110.9 102.1 100.0 102.9 115.4 104.3 109.7 104.2 Q.IV 111.8 108.7 140.2 109.2 101.7 102.7 138.0 112.0 123.3 97.6 2012/13 Q.I 117.9 114.3 159.9 123.7 102.2 109.4 142.6 118.2 111.6 100.2 Q.II 117.9 115.2 154.4 133.7 101.6 111.6 128.2 112.9 106.3 96.1 Q.III 113.8 110.8 165.4 132.5 101.1 117.5 107.0 117.5 110.2 90.5 Q.IV 116.0 113.8 187.6 133.1 105.3 130.5 119.2 119.6 94.5 87.4 2013/14 Q.I 124.8 122.8 186.2 139.7 104.2 129.5 158.4 120.9 96.3 85.1 Q.II 126.0 131.4 185.4 145.4 104.2 129.3 117.9 119.5 104.4 85.4 Q.III 122.6 122.3 189.1 143.0 105.8 138.8 119.9 120.9 101.4 91.7 Q.IV 126.9 120.9 197.0 144.4 112.2 140.9 136.9 118.2 125.2 101.8 2014/15 Q.I 129.7 120.9 195.0 141.3 119.4 154.2 137.2 132.9 161.8 104.9 Q.II 129.1 118.7 201.3 140.5 110.8 151.3 146.6 148.3 144.1 108.9 Q.III 129.5 119.5 204.9 142.8 121.8 155.4 144.3 143.4 141.0 103.7 Q.IV 139.0 117.5 206.7 155.1 136.5 159.7 157.9 134.3 241.0 103.2 2015/16 Q.I 153.3 123.3 214.5 156.2 147.3 177.0 186.7 121.5 384.7 102.1 Q.II 155.9 124.6 204.4 156.2 143.3 171.2 195.4 119.5 412.6 102.7 Q.III 147.3 126.9 207.7 161.6 133.8 178.8 197.9 114.1 243.5 100.5 Q.IV 147.3 129.0 208.9 164.5 129.6 179.9 192.8 117.1 227.3 101.2 2016/17 QI 147.3 131.8 211.3 166.8 128.1 184.9 187.7 118.9 206.7 100.9 QII 153.6 135.3 244.0 189.5 141.9 181.1 198.8 130.1 149.6 107.0 QIII 148.7 130.7 235.7 183.1 153.0 183.8 187.8 141.2 126.1 106.8 QIV 151.2 137.1 267.7 169.5 169.9 191.8 196.3 143.3 129.3 107.4 2017/18 QI 159.6 154.5 285.6 169.2 171.3 209.5 204.5 144.1 124.3 109.3 Table 21 (F1): Regional States’ Consumer Price Index (Food) December 2011 = 100

96 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages AFAR 2000/01 Q.III 21.9 20.2 16.2 30.1 43.2 22.4 22.4 35.7 21.3 12.1 Q.IV 21.1 20.0 17.6 30.8 43.0 22.0 22.0 33.9 17.5 9.6 2001/02 Q.I 20.9 18.9 16.8 31.2 36.5 23.7 23.7 32.5 18.2 12.6 Q.II 20.2 19.0 17.6 30.7 33.5 21.9 21.9 32.3 16.7 11.4 Q.III 20.2 19.2 17.3 29.9 34.0 22.5 22.5 30.2 16.4 12.4 Q.IV 20.9 20.2 16.5 31.6 35.7 23.5 23.5 31.0 16.4 13.1 2002/03 Q.I 22.5 21.5 17.0 32.6 37.5 24.4 24.4 30.9 17.4 13.9 Q.II 23.0 21.7 18.7 32.3 37.6 24.5 24.5 31.2 17.1 14.7 Q.III 24.0 23.4 20.1 31.5 40.3 24.0 24.0 32.2 18.3 15.5 Q.IV 24.7 23.8 21.3 32.3 41.8 26.7 26.7 31.5 20.6 15.5 2003/04 Q.I 25.8 25.0 21.2 31.6 42.2 25.4 25.4 31.9 22.7 17.2 Q.II 25.6 24.3 23.0 30.8 41.2 23.9 23.9 34.6 24.1 17.4 Q.III 24.8 23.7 22.8 30.1 41.6 26.0 26.0 34.4 22.6 17.5 Q.IV 25.3 24.2 26.0 28.6 41.7 28.4 28.4 35.8 26.3 17.6 2004/05 Q.I 25.0 24.7 22.9 27.8 41.7 26.1 26.1 38.8 25.5 15.8 Q.II 25.4 24.6 21.1 27.9 44.1 24.7 24.7 40.0 26.4 16.8 Q.III 24.9 23.5 23.3 28.0 43.1 27.0 27.0 35.7 23.6 17.8 Q.IV 26.3 24.9 24.6 27.9 43.9 30.1 30.1 36.6 23.9 19.1 2005/06 Q.I 27.4 25.7 28.3 28.7 44.0 28.6 28.6 40.3 20.5 19.2 Q.II 27.8 25.4 28.5 28.0 42.9 30.0 30.0 38.7 20.4 21.5 Q.III 28.4 25.8 28.8 29.4 44.0 30.1 30.1 42.4 20.7 21.9 Q.IV 30.3 27.0 29.3 31.5 44.3 33.3 33.3 48.2 20.7 24.5 2006/07 Q.I 31.7 29.0 29.8 31.3 43.6 33.9 33.9 46.9 22.6 25.7 Q.II 33.0 30.9 30.5 31.6 43.8 34.5 34.5 45.9 23.8 25.9 Q.III 32.7 31.5 32.9 32.4 47.0 37.5 37.5 43.3 29.9 27.8 Q.IV 34.7 32.0 39.2 36.6 55.7 40.1 40.1 43.3 42.7 27.4 2007/08 Q.I 36.6 33.7 39.5 41.2 56.0 42.4 42.4 42.5 83.6 26.1 Q.II 37.8 34.7 41.2 42.7 61.7 45.7 45.7 40.4 81.4 26.4 Q.III 39.6 37.0 43.6 41.7 68.1 55.5 55.5 41.8 76.8 27.7 Q.IV 48.0 51.5 48.5 51.0 77.7 56.8 56.8 47.5 87.3 30.3 2008/09 Q.I 60.5 70.8 53.8 58.0 79.2 72.1 72.1 53.0 99.0 35.6 Q.II 58.7 68.7 51.2 55.9 74.5 69.0 69.0 56.3 75.4 36.4 Q.III 56.6 65.1 51.4 57.5 75.3 69.7 69.7 65.7 53.1 35.9 Q.IV 58.8 67.2 63.7 56.1 73.6 83.2 83.2 73.8 38.4 41.7 2009/10 Q.I 61.7 70.3 59.7 63.3 72.7 79.2 79.2 80.2 39.4 43.2 Q.II 64.7 71.0 60.2 74.0 71.6 73.6 73.6 83.5 48.2 45.3 Q.III 64.6 69.5 65.9 72.6 74.1 68.8 68.8 89.3 49.4 49.9 Q.IV 65.0 68.0 69.5 72.6 80.7 79.6 79.6 91.6 69.5 49.6 2010/11 Q.I 66.3 69.5 76.5 72.9 81.4 93.4 93.4 87.2 74.0 48.9 Q.II 69.7 67.6 81.5 76.1 94.6 96.0 96.0 91.5 63.4 57.9 Q.III 74.9 72.6 80.7 87.4 101.8 95.2 95.2 84.8 60.6 72.7 Q.IV 80.4 83.6 89.7 79.7 104.4 103.2 103.2 89.0 98.7 77.8 2011/12 Q.I 86.7 90.6 102.3 81.2 99.7 104.9 104.9 95.4 121.3 79.4 Q.II 95.4 99.8 101.6 99.3 100.1 99.9 99.9 104.5 118.3 88.8 Q.III 105.1 104.3 110.9 102.1 100.0 102.9 115.4 104.3 109.7 104.2 Q.IV 111.8 108.7 140.2 109.2 101.7 102.7 138.0 112.0 123.3 97.6 2012/13 Q.I 117.9 114.3 159.9 123.7 102.2 109.4 142.6 118.2 111.6 100.2 Q.II 117.9 115.2 154.4 133.7 101.6 111.6 128.2 112.9 106.3 96.1 Q.III 113.8 110.8 165.4 132.5 101.1 117.5 107.0 117.5 110.2 90.5 Q.IV 116.0 113.8 187.6 133.1 105.3 130.5 119.2 119.6 94.5 87.4 2013/14 Q.I 124.8 122.8 186.2 139.7 104.2 129.5 158.4 120.9 96.3 85.1 Q.II 126.0 131.4 185.4 145.4 104.2 129.3 117.9 119.5 104.4 85.4 Q.III 122.6 122.3 189.1 143.0 105.8 138.8 119.9 120.9 101.4 91.7 Q.IV 126.9 120.9 197.0 144.4 112.2 140.9 136.9 118.2 125.2 101.8 2014/15 Q.I 129.7 120.9 195.0 141.3 119.4 154.2 137.2 132.9 161.8 104.9 Q.II 129.1 118.7 201.3 140.5 110.8 151.3 146.6 148.3 144.1 108.9 Q.III 129.5 119.5 204.9 142.8 121.8 155.4 144.3 143.4 141.0 103.7 Q.IV 139.0 117.5 206.7 155.1 136.5 159.7 157.9 134.3 241.0 103.2 2015/16 Q.I 153.3 123.3 214.5 156.2 147.3 177.0 186.7 121.5 384.7 102.1 Q.II 155.9 124.6 204.4 156.2 143.3 171.2 195.4 119.5 412.6 102.7 Q.III 147.3 126.9 207.7 161.6 133.8 178.8 197.9 114.1 243.5 100.5 Q.IV 147.3 129.0 208.9 164.5 129.6 179.9 192.8 117.1 227.3 101.2 2016/17 QI 147.3 131.8 211.3 166.8 128.1 184.9 187.7 118.9 206.7 100.9 QII 153.6 135.3 244.0 189.5 141.9 181.1 198.8 130.1 149.6 107.0 QIII 148.7 130.7 235.7 183.1 153.0 183.8 187.8 141.2 126.1 106.8 QIV 151.2 137.1 267.7 169.5 169.9 191.8 196.3 143.3 129.3 107.4 2017/18 QI 159.6 154.5 285.6 169.2 171.3 209.5 204.5 144.1 124.3 109.3 Table 21 (F1): Regional States’ Consumer Price Index (Food) December 2011 = 100

First Quarter 2017/18 97 National Bank of Ethiopia Quarterly Bulletin Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages AMHARA 2000/01 Q.III 19.6 22.8 17.4 24.9 22.7 19.0 19.0 49.2 15.0 13.5 Q.IV 17.8 20.7 18.6 25.5 21.3 19.1 19.1 46.7 14.4 13.5 2001/02 Q.I 16.8 20.0 18.3 25.5 20.6 16.2 16.2 41.8 12.8 13.6 Q.II 16.7 19.6 18.6 24.8 20.9 17.9 17.9 40.1 13.2 13.2 Q.III 15.9 18.9 18.5 25.1 20.0 19.1 19.1 38.3 12.0 11.5 Q.IV 16.6 19.5 19.3 24.7 20.3 18.4 18.4 38.2 12.5 8.7 2002/03 Q.I 19.5 22.0 20.2 24.7 25.6 17.6 17.6 37.9 12.8 8.2 Q.II 20.5 23.0 19.7 25.2 25.7 18.3 18.3 37.7 13.5 8.6 Q.III 21.8 23.8 20.0 25.3 28.2 19.4 19.4 37.9 14.6 8.7 Q.IV 23.3 25.0 21.3 25.4 31.8 20.9 20.9 37.8 16.7 9.7 2003/04 Q.I 25.6 26.7 22.2 26.3 31.2 21.5 21.5 38.8 18.8 10.5 Q.II 25.1 26.2 22.3 26.8 30.2 21.9 21.9 41.4 17.9 10.9 Q.III 23.7 25.2 22.6 26.4 30.5 26.2 26.2 39.0 15.9 11.3 Q.IV 25.8 26.5 23.8 26.5 30.7 27.6 27.6 41.4 19.3 13.2 2004/05 Q.I 26.8 27.0 23.7 26.6 30.5 23.6 23.6 41.3 22.0 14.4 Q.II 27.1 27.3 23.8 26.8 30.2 23.1 23.1 40.9 24.4 14.4 Q.III 25.6 26.0 23.4 27.5 30.1 26.2 26.2 39.1 21.9 16.1 Q.IV 28.3 28.4 25.6 27.6 29.7 26.6 26.6 40.3 24.7 19.6 2005/06 Q.I 30.7 30.6 29.4 28.8 29.0 24.5 24.5 44.0 24.9 20.3 Q.II 30.9 30.8 31.2 29.8 28.5 29.2 29.2 41.4 25.0 21.2 Q.III 30.5 30.5 32.1 30.0 28.7 33.9 33.9 42.9 25.1 22.0 Q.IV 31.6 32.3 35.0 31.1 29.4 34.1 34.1 47.8 24.3 22.9 2006/07 Q.I 33.9 35.0 36.8 33.3 29.2 34.9 34.9 46.5 24.7 22.9 Q.II 35.0 36.6 37.2 34.4 30.5 34.7 34.7 45.8 25.4 22.9 Q.III 36.7 38.0 37.4 34.7 33.6 35.5 35.5 43.8 34.2 23.3 Q.IV 39.3 40.1 40.4 36.2 40.2 35.6 35.6 43.9 49.6 23.0 2007/08 Q.I 43.6 42.6 40.4 40.6 42.5 37.3 37.3 44.6 74.8 24.0 Q.II 46.3 45.7 42.8 42.1 47.2 42.9 75.6 28.3 Q.III 48.1 48.6 45.4 42.5 52.0 46.5 46.5 47.1 69.9 31.1 Q.IV 58.7 62.2 47.6 47.9 59.0 49.0 49.0 55.6 83.7 31.6 2008/09 Q.I 77.0 87.2 50.6 58.7 58.9 57.7 57.7 69.5 94.6 31.4 Q.II 73.3 86.0 52.9 59.8 57.2 53.6 53.6 77.3 74.8 32.5 Q.III 65.5 79.6 54.2 62.4 55.4 61.8 61.8 90.3 48.0 32.2 Q.IV 64.3 78.7 58.6 65.6 56.2 69.8 69.8 92.1 36.9 32.5 2009/10 Q.I 66.5 80.6 57.8 68.5 55.6 66.7 66.7 92.8 41.1 35.1 Q.II 65.1 78.8 59.8 71.0 52.4 62.6 62.6 94.9 45.7 43.2 Q.III 64.1 74.7 63.3 72.2 53.3 67.3 67.3 95.7 50.5 46.1 Q.IV 65.1 74.3 64.8 73.2 48.8 68.9 68.9 97.9 67.0 45.5 2010/11 Q.I 66.3 73.5 65.5 74.4 60.9 76.0 76.0 96.6 76.1 46.5 Q.II 68.1 72.1 66.7 81.0 72.9 86.2 86.2 98.2 73.4 52.2 Q.III 71.4 74.4 62.7 82.9 79.2 91.7 91.7 95.0 75.4 69.1 Q.IV 85.9 83.1 72.1 88.1 108.7 92.6 92.6 99.1 107.9 89.7 2011/12 Q.I 95.7 91.1 87.3 93.1 112.1 90.8 90.8 98.1 126.5 92.4 Q.II 101.4 98.7 96.4 98.5 103.7 94.4 94.4 99.4 127.8 97.9 Q.III 104.3 104.8 106.0 104.5 102.2 106.5 105.2 99.9 102.9 101.6 Q.IV 113.0 114.7 124.8 110.2 108.7 108.6 109.6 100.3 118.3 95.3 2012/13 Q.I 120.1 122.7 135.6 113.2 108.3 114.3 113.6 99.7 135.7 89.8 Q.II 119.2 123.7 136.5 130.8 105.7 135.1 106.8 99.5 138.5 86.6 Q.III 118.6 122.0 139.3 137.9 105.3 138.5 104.9 99.4 139.6 83.4 Q.IV 122.0 126.8 141.3 142.3 110.7 137.8 104.7 99.4 148.9 81.5 2013/14 Q.I 127.0 135.1 145.4 143.6 110.4 144.2 109.4 99.4 153.2 81.5 Q.II 126.0 137.6 145.0 146.4 109.9 152.1 103.2 99.3 151.5 82.7 Q.III 123.9 123.5 147.7 147.3 109.5 151.6 112.3 100.0 150.1 82.5 Q.IV 125.6 126.2 147.9 149.2 114.0 152.6 107.6 100.6 156.9 90.5 2014/15 Q.I 127.3 131.3 150.5 154.7 120.3 160.1 105.7 99.7 152.5 98.1 Q.II 127.6 128.9 149.6 155.4 122.6 152.4 110.0 99.9 150.3 101.8 Q.III 128.7 124.3 154.4 161.4 132.9 164.4 115.6 100.5 149.3 102.0 Q.IV 131.1 128.0 159.8 176.8 143.2 169.3 113.5 100.3 153.6 97.1 2015/16 Q.I 139.0 134.8 163.9 174.4 153.1 181.3 129.9 100.3 158.6 94.8 Q.II 141.6 137.3 165.5 172.8 152.6 187.8 135.2 100.3 160.6 93.9 Q.III 140.6 138.8 167.0 177.0 144.1 192.7 131.1 100.2 160.5 91.8 Q.IV 141.1 139.7 168.6 180.6 141.6 194.4 131.4 108.4 160.8 90.4 2016/17 QI 141.2 139.3 169.1 185.0 139.4 198.3 131.5 116.7 161.8 90.4 QII 155.4 143.2 192.6 197.9 140.7 211.2 134.1 118.2 215.9 102.0 QIII 156.7 141.8 195.6 204.4 145.0 217.8 133.4 125.2 221.3 104.3 QIV 168.6 154.5 218.3 224.9 148.3 231.5 131.1 125.0 256.7 101.4 2017/18 QI 181.9 175.5 223.4 229.1 147.6 266.5 135.4 125.0 285.7 104.7 Table 21 (F2): Regional States’ Consumer Price Index (Food) December 2011 = 100 Source: Central Statistical Agency

98 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages BENISHANGUL GUMUZ 2000/01 Q.III 13.9 16.3 18.0 26.1 20.0 23.1 23.1 40.9 14.8 9.7 Q.IV 13.6 16.6 18.7 25.7 17.9 20.4 20.4 35.5 15.0 10.3 2001/02 Q.I 14.3 17.5 17.7 23.8 15.3 19.4 19.4 34.5 13.0 9.9 Q.II 14.8 18.0 16.7 24.3 16.2 19.3 19.3 32.7 11.7 10.9 Q.III 14.0 16.7 17.0 23.7 16.9 20.9 20.9 32.3 11.7 10.4 Q.IV 13.7 16.7 18.2 24.4 18.6 22.7 22.7 31.8 12.2 8.0 2002/03 Q.I 15.1 18.4 18.1 25.0 20.0 23.3 23.3 32.1 12.6 7.8 Q.II 17.4 20.3 18.2 24.8 20.7 23.9 23.9 32.1 13.3 7.5 Q.III 18.7 21.8 18.4 26.4 22.3 25.8 25.8 32.1 14.8 7.7 Q.IV 19.2 21.9 19.7 27.3 24.7 25.7 25.7 32.9 17.0 8.3 2003/04 Q.I 21.8 24.0 22.1 30.7 23.6 26.7 26.7 34.2 17.7 9.7 Q.II 22.5 24.7 21.7 31.3 23.0 28.8 28.8 36.9 18.9 10.2 Q.III 22.0 23.8 23.4 32.5 23.6 34.8 34.8 35.6 18.3 10.5 Q.IV 22.9 25.1 24.8 32.5 24.6 30.9 30.9 35.8 17.7 11.9 2004/05 Q.I 24.0 26.8 25.8 31.7 22.9 26.9 26.9 37.2 17.9 12.4 Q.II 24.3 27.1 24.9 30.0 24.1 29.4 29.4 37.0 19.1 12.5 Q.III 22.4 24.3 27.7 31.1 25.9 33.5 33.5 37.7 20.3 15.1 Q.IV 23.1 24.7 30.8 30.7 25.7 28.7 28.7 39.1 23.3 18.3 2005/06 Q.I 24.4 26.1 33.4 31.3 22.9 25.6 25.6 41.3 21.2 19.4 Q.II 25.1 26.7 36.1 30.3 23.5 26.9 26.9 41.3 21.6 19.1 Q.III 25.4 27.1 36.2 30.6 24.2 27.4 27.4 43.6 21.7 19.3 Q.IV 27.0 27.7 37.7 33.4 26.5 31.2 31.2 46.4 21.6 19.5 2006/07 Q.I 27.7 28.8 38.6 33.4 27.2 34.4 34.4 44.6 21.1 19.3 Q.II 28.5 29.9 39.3 33.8 27.0 34.9 34.9 43.7 21.5 19.8 Q.III 29.0 30.0 40.8 33.4 27.7 35.7 35.7 43.3 26.7 20.0 Q.IV 30.8 31.2 44.9 32.3 31.5 38.2 38.2 44.6 39.8 21.6 2007/08 Q.I 35.6 35.5 49.9 34.6 33.5 39.7 39.7 43.3 65.2 24.4 Q.II 39.2 38.8 48.7 35.1 35.8 39.7 39.7 41.9 81.1 24.9 Q.III 44.3 45.6 50.4 36.0 39.9 44.7 44.7 47.4 83.2 25.8 Q.IV 51.2 55.3 57.0 38.9 44.4 45.9 45.9 49.7 82.7 27.0 2008/09 Q.I 75.0 85.7 67.5 49.2 45.9 58.2 58.2 62.5 99.3 28.2 Q.II 67.0 81.3 69.4 52.1 47.9 62.3 62.3 68.1 76.2 27.0 Q.III 58.2 72.5 67.3 54.4 45.9 62.6 62.6 77.2 61.3 25.1 Q.IV 59.6 73.8 66.7 55.7 51.0 60.8 60.8 80.6 47.1 26.6 2009/10 Q.I 65.0 78.3 70.9 60.8 47.8 61.4 61.4 81.3 44.1 31.9 Q.II 59.2 70.4 64.1 63.3 46.4 58.9 58.9 83.8 47.8 41.7 Q.III 53.5 61.7 62.7 69.7 49.1 57.9 57.9 88.7 60.5 39.5 Q.IV 51.8 55.5 68.6 67.2 52.3 61.8 61.8 90.9 81.3 39.2 2010/11 Q.I 50.0 53.2 69.0 70.6 49.8 68.7 68.7 88.1 69.1 45.7 Q.II 51.5 51.4 76.5 73.6 52.4 67.7 67.7 92.4 73.3 55.3 Q.III 57.8 57.3 68.0 75.8 78.7 78.9 78.9 84.6 74.6 68.5 Q.IV 79.4 74.7 77.0 80.4 99.5 89.9 89.9 96.6 107.5 96.2 2011/12 Q.I 93.1 91.7 91.8 86.3 87.6 85.5 85.5 94.8 114.6 102.1 Q.II 100.4 99.3 97.8 96.1 99.9 91.7 91.7 98.5 144.5 101.6 Q.III 99.8 95.2 102.2 101.1 103.6 129.7 106.5 100.6 110.4 81.4 Q.IV 106.4 102.3 118.8 105.7 103.2 169.7 107.9 106.5 128.7 77.0 2012/13 Q.I 110.9 105.6 131.9 107.9 107.3 170.1 115.6 110.1 127.4 77.1 Q.II 109.5 106.8 133.0 116.5 112.2 179.8 103.6 110.2 130.0 76.5 Q.III 104.9 98.8 139.7 137.4 118.2 178.6 92.3 108.3 129.1 74.4 Q.IV 104.4 100.0 134.0 145.8 110.9 169.9 93.1 105.6 128.9 73.7 2013/14 Q.I 114.4 122.1 137.6 148.8 109.6 151.1 102.8 105.3 122.3 72.7 Q.II 121.6 139.1 141.6 144.1 110.4 177.1 98.8 105.3 129.3 77.6 Q.III 111.5 110.9 136.8 142.6 113.7 199.6 101.4 102.5 127.6 81.7 Q.IV 112.1 106.5 141.0 149.3 111.4 164.9 104.2 106.6 132.9 90.6 2014/15 Q.I 110.0 104.6 141.6 130.6 108.6 138.9 102.1 100.5 129.3 93.0 Q.II 111.3 98.8 138.9 136.9 113.1 162.6 110.0 99.1 138.6 97.5 Q.III 115.6 101.3 145.5 138.0 113.3 172.1 123.3 102.6 145.9 82.7 Q.IV 118.9 95.5 155.7 142.8 119.8 169.0 125.8 100.0 177.8 80.3 2015/16 Q.I 131.0 102.7 167.7 142.9 114.9 169.9 139.6 102.7 227.9 80.3 Q.II 132.8 101.4 167.7 140.7 113.5 205.7 146.5 104.2 234.6 78.6 Q.III 129.8 103.8 174.8 129.4 111.0 217.3 137.4 105.3 215.1 76.6 Q.IV 128.4 103.8 172.4 130.5 112.5 201.8 136.6 106.8 206.4 76.7 2016/17 QI 126.2 101.2 175.3 131.6 113.7 209.3 133.6 112.7 196.6 76.7 QII 131.7 104.1 182.4 159.5 115.1 226.9 133.1 112.3 211.5 95.8 QIII 132.7 102.1 183.0 164.3 124.6 228.3 135.3 119.2 227.6 79.3 QIV 145.1 118.1 204.6 172.8 124.8 229.4 148.8 120.6 233.5 83.0 2017/18 QI 162.2 155.4 220.5 173.9 122.9 212.6 151.7 121.5 241.8 84.7 Table 21 (F3): Regional States’ Consumer Price Index (Food) December 2011 = 100

First Quarter 2017/18 99 National Bank of Ethiopia Quarterly Bulletin Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages DIRE DAWA 2000/01 Q.III 23.8 24.2 24.1 28.6 30.8 21.1 21.1 57.8 24.9 20.7 Q.IV 23.2 23.3 23.7 27.0 30.3 23.4 23.4 54.5 24.3 20.2 2001/02 Q.I 22.6 23.2 23.2 31.3 28.6 21.2 21.2 51.9 21.1 20.7 Q.II 21.8 21.8 20.8 28.5 28.7 20.9 20.9 52.7 20.8 20.8 Q.III 21.5 21.7 18.9 28.6 27.9 21.0 21.0 52.8 20.7 20.4 Q.IV 21.2 21.5 20.4 20.1 28.1 23.4 23.4 49.7 18.0 18.6 2002/03 Q.I 22.9 23.7 21.1 28.4 28.6 26.7 26.7 47.6 22.1 17.4 Q.II 23.8 25.0 20.2 29.7 32.6 25.6 25.6 55.8 22.5 18.1 Q.III 25.1 25.7 21.1 31.5 35.5 25.8 25.8 56.9 24.0 20.3 Q.IV 26.3 26.4 24.4 31.1 34.2 29.4 29.4 56.5 31.3 21.7 2003/04 Q.I 26.4 26.5 24.6 32.9 34.5 29.7 29.7 56.4 35.6 20.1 Q.II 25.4 25.7 24.5 30.8 35.2 25.1 25.1 64.5 32.8 19.4 Q.III 24.4 23.8 25.3 31.0 35.1 27.0 27.0 63.0 25.7 20.7 Q.IV 25.6 24.2 28.8 31.5 35.6 31.8 31.8 65.2 30.0 20.7 2004/05 Q.I 26.4 24.8 28.3 30.7 35.3 27.9 27.9 68.4 32.5 24.5 Q.II 26.0 25.1 25.7 30.0 34.8 25.5 25.5 69.7 32.1 23.5 Q.III 26.9 25.2 26.9 30.2 34.5 29.9 29.9 69.1 27.5 26.8 Q.IV 27.5 27.0 28.7 30.8 33.9 33.0 33.0 66.1 27.7 22.8 2005/06 Q.I 29.5 29.5 32.8 33.1 33.6 32.0 32.0 75.0 25.5 24.1 Q.II 29.8 29.8 33.4 32.8 33.4 30.6 30.6 72.8 26.8 25.7 Q.III 30.3 30.0 34.2 33.6 32.6 32.0 32.0 78.0 26.6 26.5 Q.IV 31.7 31.1 40.6 33.0 32.6 34.0 34.0 89.0 23.4 27.2 2006/07 Q.I 33.0 33.2 44.9 33.9 32.8 33.9 33.9 85.6 25.3 26.8 Q.II 33.9 34.6 44.7 34.0 34.1 34.3 34.3 84.3 26.5 26.8 Q.III 34.8 35.4 44.1 33.5 36.0 32.6 32.6 79.5 35.2 29.7 Q.IV 37.6 36.9 45.2 34.6 38.8 36.8 36.8 74.5 56.3 32.5 2007/08 Q.I 40.5 39.5 45.3 34.7 41.9 38.1 38.1 71.1 93.4 33.5 Q.II 41.5 40.2 46.0 36.1 48.8 39.9 39.9 71.5 86.2 34.8 Q.III 46.6 47.7 47.3 39.2 55.9 60.7 60.7 78.8 87.5 36.2 Q.IV 55.6 61.5 53.1 49.6 62.8 69.8 69.8 86.1 108.2 37.6 2008/09 Q.I 68.2 81.6 57.3 54.5 66.4 68.9 68.9 90.0 114.4 39.9 Q.II 68.4 86.2 57.4 59.2 62.4 63.4 63.4 90.9 90.2 43.3 Q.III 67.3 83.8 57.3 60.7 62.4 75.0 75.0 92.5 67.4 44.9 Q.IV 67.4 83.5 59.2 65.3 62.1 73.7 73.7 93.9 45.1 43.5 2009/10 Q.I 68.6 84.1 63.1 68.0 60.9 75.6 75.6 93.9 48.6 45.3 Q.II 67.3 81.7 58.9 72.8 60.2 57.3 57.3 94.2 52.3 51.0 Q.III 68.5 80.9 61.7 72.8 62.0 67.6 67.6 94.5 56.2 53.9 Q.IV 69.7 79.2 69.8 65.4 64.4 78.7 78.7 94.5 83.7 53.8 2010/11 Q.I 69.6 78.8 71.8 66.8 66.5 91.4 91.4 94.5 85.3 47.9 Q.II 73.5 79.9 72.6 73.0 78.9 102.5 102.5 95.7 74.6 48.9 Q.III 77.2 81.7 63.2 80.1 85.9 110.2 110.2 95.6 71.9 61.2 Q.IV 90.0 91.1 71.1 87.2 104.5 109.3 109.3 98.0 121.7 79.1 2011/12 Q.I 98.1 96.6 92.4 95.7 104.5 108.0 108.0 97.3 148.4 89.0 Q.II 100.4 100.6 100.2 94.7 96.7 101.4 101.4 100.2 133.8 94.7 Q.III 103.1 99.9 101.8 110.2 97.4 103.4 114.6 100.5 107.9 103.3 Q.IV 108.6 104.2 128.1 117.9 89.5 104.0 129.4 101.4 114.6 117.0 2012/13 Q.I 112.3 108.8 149.3 128.7 84.1 113.2 128.6 102.5 124.6 125.5 Q.II 112.1 110.7 147.8 129.3 86.0 123.8 117.5 101.4 126.2 129.7 Q.III 109.6 109.6 150.6 129.9 90.2 129.5 101.2 101.0 129.8 129.0 Q.IV 113.0 109.7 150.1 120.6 90.3 135.4 122.1 103.3 141.2 127.0 2013/14 Q.I 122.1 116.6 151.2 130.5 86.5 131.3 151.9 104.4 147.8 133.1 Q.II 121.8 122.9 149.8 126.7 89.6 128.5 125.9 106.8 147.9 137.3 Q.III 117.4 116.8 149.0 129.6 85.2 134.7 121.9 106.6 148.1 132.1 Q.IV 117.7 115.8 153.8 136.2 86.5 136.2 123.2 106.9 150.0 132.0 2014/15 Q.I 127.0 121.7 152.0 148.5 114.6 130.0 141.7 107.0 146.9 135.6 Q.II 129.4 124.0 163.6 149.0 114.7 142.1 144.7 113.6 148.1 135.2 Q.III 129.4 122.4 173.2 150.1 114.9 153.5 150.9 107.3 150.5 129.3 Q.IV 130.9 123.2 185.8 172.4 91.4 149.6 164.3 107.3 149.2 128.1 2015/16 Q.I 130.4 123.7 200.1 182.2 91.2 155.7 154.6 108.5 150.4 126.3 Q.II 129.7 123.2 200.0 173.1 91.2 154.9 154.6 110.6 149.9 127.1 Q.III 132.9 124.0 202.8 175.3 91.3 164.6 170.1 113.4 151.0 123.4 Q.IV 133.6 125.9 204.6 176.2 91.3 168.0 167.9 113.3 150.1 122.8 2016/17 QI 133.4 127.6 205.9 177.9 91.2 169.3 156.9 120.0 152.7 123.8 QII 146.5 130.7 228.2 199.6 101.4 163.7 196.3 134.0 194.8 139.4 QIII 143.8 127.8 228.0 198.8 101.6 182.9 178.6 141.4 217.7 143.6 QIV 151.1 131.8 234.8 197.5 102.3 198.7 194.3 144.3 271.4 147.6 2017/18 QI 156.5 138.0 244.1 208.8 102.4 238.0 187.0 146.3 304.4 157.5 Table 21 (F4): Regional States’ Consumer Price Index (Food) December 2011 = 100

100 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages GAMBELLA 2000/01 Q.III 15.7 18.0 16.5 23.1 74.3 16.9 16.9 33.5 15.1 11.3 Q.IV 15.3 17.2 17.1 23.2 67.5 16.5 16.5 29.0 14.2 12.6 2001/02 Q.I 14.4 15.8 17.1 24.2 60.2 15.0 15.0 30.5 13.3 12.6 Q.II 14.8 16.9 17.2 23.4 65.2 17.4 17.4 30.2 12.4 12.2 Q.III 14.8 16.7 16.6 21.9 69.4 17.7 17.7 29.4 13.7 9.3 Q.IV 15.0 17.5 16.8 22.8 70.7 17.3 17.3 29.0 12.2 7.6 2002/03 Q.I 17.1 19.2 16.9 23.1 74.6 17.2 17.2 29.6 12.1 8.4 Q.II 18.3 20.9 16.9 23.2 80.2 17.0 17.0 29.7 13.2 8.0 Q.III 19.8 22.5 16.9 23.9 89.2 17.0 17.0 29.8 14.7 8.2 Q.IV 20.6 23.8 17.3 23.2 92.3 18.2 18.2 29.9 16.3 8.5 2003/04 Q.I 21.1 24.0 17.4 22.6 93.5 18.6 18.6 29.5 16.4 10.5 Q.II 20.0 23.3 18.5 22.7 92.8 18.1 18.1 31.7 16.6 10.3 Q.III 19.4 22.9 19.8 24.4 91.1 18.0 18.0 28.6 17.7 9.9 Q.IV 21.9 24.0 22.2 28.7 90.0 19.3 19.3 28.6 22.6 12.5 2004/05 Q.I 22.1 24.1 22.0 29.6 90.0 18.8 18.8 28.4 23.5 12.8 Q.II 23.4 24.5 21.5 30.0 91.0 20.0 20.0 34.6 29.4 15.3 Q.III 21.9 21.8 22.3 27.4 90.8 19.3 19.3 34.7 39.6 17.5 Q.IV 23.3 22.5 25.0 26.9 94.9 20.2 20.2 33.8 34.3 18.7 2005/06 Q.I 26.7 24.8 26.5 26.7 93.6 23.0 23.0 35.4 24.3 22.2 Q.II 25.3 24.0 27.6 26.4 93.0 23.0 23.0 34.5 23.0 23.0 Q.III 25.8 24.5 28.5 26.0 98.1 23.7 23.7 36.4 23.5 23.6 Q.IV 27.7 25.8 32.5 26.3 101.5 24.6 24.6 41.5 23.5 24.2 2006/07 Q.I 29.1 27.1 34.6 26.7 101.1 25.0 25.0 41.0 23.5 24.5 Q.II 29.8 27.8 35.2 27.0 100.0 25.5 25.5 41.3 23.5 24.6 Q.III 30.8 30.5 38.1 28.7 114.5 28.2 28.2 40.4 31.6 24.7 Q.IV 32.5 31.0 43.1 32.9 130.7 28.3 28.3 40.8 55.0 25.5 2007/08 Q.I 35.7 33.6 45.9 35.3 135.0 28.7 28.7 40.9 85.7 26.6 Q.II 37.6 35.0 45.5 35.6 144.3 30.7 30.7 41.8 100.0 30.7 Q.III 39.5 35.6 46.1 35.4 154.5 40.6 40.6 48.3 100.0 31.7 Q.IV 47.0 57.1 49.6 34.2 166.6 42.5 42.5 54.2 100.6 32.7 2008/09 Q.I 79.1 95.5 50.9 40.9 169.4 54.7 54.7 64.6 101.9 32.8 Q.II 69.3 86.2 55.3 58.5 167.6 59.0 59.0 67.3 91.7 31.9 Q.III 59.2 76.7 56.6 57.5 169.4 55.3 55.3 69.9 51.4 28.3 Q.IV 63.2 80.6 55.1 58.0 165.4 56.4 56.4 71.2 49.4 27.5 2009/10 Q.I 68.1 85.6 58.1 61.1 159.5 56.0 56.0 75.1 39.9 34.3 Q.II 60.9 78.2 58.9 63.8 165.2 59.0 59.0 77.4 41.0 40.9 Q.III 58.8 75.5 59.3 69.2 166.2 57.7 57.7 78.3 45.7 36.6 Q.IV 57.6 72.6 67.0 72.3 173.5 60.6 60.6 81.3 66.7 37.5 2010/11 Q.I 59.1 69.6 67.2 78.1 175.8 62.9 62.9 79.2 82.8 46.7 Q.II 62.3 69.3 68.0 75.1 195.8 71.6 71.6 82.7 85.7 64.6 Q.III 65.0 71.5 66.9 77.5 219.8 70.2 70.2 82.9 86.0 81.3 Q.IV 79.4 83.1 67.6 79.7 266.2 74.6 74.6 90.3 117.8 97.1 2011/2012 Q.I 91.0 94.2 75.8 86.1 281.1 79.4 79.4 101.4 126.0 100.8 Q.II 99.5 100.2 94.0 94.7 304.2 95.0 95.0 98.2 130.2 108.7 Q.III 107.0 106.3 108.7 112.1 102.6 100.4 115.9 103.0 102.4 93.9 Q.IV 115.4 114.4 118.6 119.1 106.3 107.9 135.6 108.7 106.7 87.2 2012/13 Q.I 118.1 120.0 122.4 119.2 104.0 121.2 133.4 108.4 121.3 79.5 Q.II 112.5 100.1 130.8 117.8 104.4 125.9 127.7 108.0 131.4 77.4 Q.III 111.2 92.9 138.0 124.1 104.0 132.6 121.2 107.3 134.5 77.8 Q.IV 117.2 104.7 140.0 140.1 103.7 143.1 124.0 107.6 135.3 76.8 2013/14 Q.I 122.1 118.0 141.5 144.0 103.6 103.8 127.8 109.6 135.4 74.7 Q.II 123.4 119.8 142.0 147.7 103.6 76.1 131.3 111.2 136.5 77.6 Q.III 122.6 107.6 149.3 148.5 104.1 109.6 139.3 112.2 137.6 75.9 Q.IV 128.8 114.9 153.1 148.5 105.5 140.9 140.6 115.4 136.0 100.8 2014/15 Q.I 129.9 125.1 149.5 145.2 104.2 127.0 132.2 110.5 141.8 99.2 Q.II 126.0 106.7 152.4 144.8 101.5 137.2 137.1 115.8 142.5 111.5 Q.III 130.6 102.9 155.1 182.8 95.8 132.5 167.3 118.5 140.5 102.4 Q.IV 132.9 110.9 165.9 182.7 97.9 130.3 157.8 120.7 139.6 84.9 2015/16 Q.I 145.2 120.0 182.9 195.9 100.0 144.1 180.8 124.1 148.4 89.0 Q.II 142.3 114.1 181.6 196.2 100.4 145.8 179.6 123.3 147.0 85.0 QIII 140.9 110.5 179.8 200.3 101.0 145.5 182.2 122.1 141.3 84.3 QIV 139.8 108.7 179.2 202.9 100.9 145.0 180.0 122.8 140.5 83.0 2016/17 QI 139.1 109.8 177.8 203.9 100.3 145.3 175.9 123.5 143.6 79.2 QII 149.2 120.0 191.1 226.0 93.2 146.2 171.5 162.6 164.2 97.8 QIII 151.1 120.2 192.6 218.5 93.8 143.2 176.0 153.2 192.2 97.3 QIV 160.0 140.8 194.9 217.6 99.9 143.4 182.8 154.4 196.3 92.1 2017/18 QI 169.7 172.3 196.7 225.5 96.9 138.4 174.3 154.2 184.4 93.0 Table 21 (F5): Regional States’ Consumer Price Index (Food) December 2011 = 100

First Quarter 2017/18 101 National Bank of Ethiopia Quarterly Bulletin Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages HARARI 2000/01 Q.III 18.8 26.8 19.2 24.1 33.5 29.7 29.7 58.0 23.2 10.0 Q.IV 18.2 27.7 19.8 23.7 29.1 28.3 28.3 56.3 22.3 8.6 2001/02 Q.I 17.6 25.6 20.4 24.1 30.5 26.7 26.7 55.3 21.4 8.2 Q.II 17.4 25.1 19.9 22.3 29.4 26.5 26.5 50.2 30.3 8.5 Q.III 17.1 24.6 18.6 22.1 28.6 26.9 26.9 51.2 29.9 8.4 Q.IV 16.9 25.0 19.8 22.2 28.4 27.7 27.7 52.4 29.3 7.8 2002/03 Q.I 18.3 27.2 20.0 22.3 30.2 30.6 30.6 50.1 28.6 7.3 Q.II 19.0 28.6 20.0 22.2 31.9 30.3 30.3 58.1 23.5 7.4 Q.III 20.5 29.8 20.3 22.2 37.8 32.5 32.5 61.2 25.7 9.6 Q.IV 21.1 29.9 20.3 24.8 39.3 35.0 35.0 61.1 31.4 10.2 2003/04 Q.I 21.3 30.5 22.2 25.0 38.6 33.1 33.1 60.3 34.2 9.1 Q.II 20.7 29.7 21.3 24.8 38.7 28.8 28.8 67.7 31.2 9.4 Q.III 20.4 28.2 21.5 24.7 38.0 32.3 32.3 65.9 26.3 11.0 Q.IV 20.0 28.1 22.7 25.1 38.7 38.6 38.6 63.0 31.6 8.1 2004/05 Q.I 21.2 29.5 23.0 25.5 38.7 32.0 32.0 63.8 33.6 11.6 Q.II 20.4 29.7 22.5 25.5 38.8 31.0 31.0 64.1 33.0 9.0 Q.III 21.8 30.3 22.5 25.4 38.6 32.3 32.3 61.9 28.5 12.9 Q.IV 22.3 30.6 24.3 25.7 38.5 38.3 38.3 61.8 28.3 10.9 2005/06 Q.I 24.0 31.6 26.8 25.0 37.6 38.6 38.6 69.8 26.0 12.6 Q.II 24.1 31.7 26.3 25.1 36.9 36.6 36.6 73.0 25.4 12.8 Q.III 24.7 32.9 27.9 25.2 37.8 37.1 37.1 77.4 25.6 13.2 Q.IV 26.6 35.1 33.8 31.6 37.8 41.6 41.6 84.0 25.0 13.5 2006/07 Q.I 28.0 37.0 37.7 37.6 38.2 39.9 39.9 76.6 28.4 13.8 Q.II 28.6 37.9 38.2 38.4 38.3 39.5 39.5 76.6 30.3 13.7 Q.III 29.4 37.0 38.8 38.4 40.2 47.4 47.4 76.2 42.7 13.6 Q.IV 29.6 36.7 38.5 41.5 43.4 51.0 51.0 72.1 59.0 11.8 2007/08 Q.I 32.3 39.5 41.5 43.9 51.2 54.9 54.9 74.0 91.5 12.6 Q.II 33.2 40.7 40.5 43.7 56.1 56.6 56.6 74.8 86.0 13.2 Q.III 36.1 45.9 41.9 44.8 64.6 83.2 83.2 78.7 93.7 14.0 Q.IV 47.7 64.4 48.2 54.6 73.7 70.9 70.9 85.6 108.5 25.5 2008/09 Q.I 60.0 91.6 55.1 67.3 78.3 83.3 83.3 90.0 120.8 27.8 Q.II 59.1 92.0 55.0 61.5 72.8 75.7 75.7 92.8 98.3 28.3 Q.III 57.3 87.8 52.5 51.6 72.8 78.5 78.5 94.4 74.6 29.6 Q.IV 58.3 85.6 53.8 59.7 69.0 76.6 76.6 94.8 53.0 32.8 2009/10 Q.I 58.7 85.1 56.4 61.7 66.8 71.4 71.4 95.4 49.8 33.5 Q.II 58.9 81.9 56.6 61.8 68.0 69.4 69.4 94.4 49.7 36.8 Q.III 61.1 80.6 57.8 61.0 72.4 74.1 74.1 94.8 57.6 42.4 Q.IV 61.9 78.0 59.7 62.1 75.9 81.1 81.1 95.4 71.4 43.3 2010/11 Q.I 64.2 78.3 66.0 67.6 77.1 99.6 99.6 95.0 72.2 44.0 Q.II 68.5 78.2 70.4 69.7 89.3 111.6 111.6 95.8 67.2 50.1 Q.III 75.3 78.4 62.5 74.1 103.2 125.0 125.0 96.9 73.2 66.4 Q.IV 82.0 90.5 81.8 91.5 130.4 115.5 115.5 99.2 109.0 66.4 2011/12 Q.I 88.0 94.0 95.9 101.0 98.3 111.3 111.3 99.4 135.5 72.2 Q.II 92.0 99.9 98.6 101.2 100.2 102.5 102.5 99.8 137.7 78.4 Q.III 102.8 101.6 100.1 101.0 100.9 111.2 114.2 100.4 101.9 101.3 Q.IV 114.0 107.3 128.5 103.7 130.3 108.2 134.6 101.2 117.1 105.6 2012/13 Q.I 117.8 115.1 141.7 106.5 99.8 117.8 130.8 101.7 124.1 114.7 Q.II 119.4 118.1 144.4 114.0 98.7 109.1 127.1 101.2 113.9 115.3 Q.III 116.0 115.6 143.7 118.6 93.9 117.0 109.6 100.5 116.8 108.3 Q.IV 122.9 118.1 165.2 120.1 94.0 118.1 141.5 101.7 116.0 100.2 2013/14 Q.I 132.3 125.4 176.4 129.4 94.7 121.2 170.3 101.5 117.2 110.2 Q.II 131.6 132.9 168.5 120.6 94.8 107.6 146.3 100.7 115.3 104.0 Q.III 129.1 127.1 169.9 129.3 94.5 120.6 142.5 100.6 118.6 100.7 Q.IV 133.0 128.0 179.7 135.3 94.9 139.3 159.4 100.9 115.6 100.0 2014/15 Q.I 142.4 138.0 194.2 144.7 96.0 131.1 176.6 100.5 112.5 103.8 Q.II 144.1 142.3 187.7 137.9 96.1 128.2 182.4 101.4 117.6 100.7 Q.III 144.8 141.3 187.8 143.3 96.5 178.0 183.9 101.0 134.3 91.5 Q.IV 151.2 145.7 205.2 146.8 97.6 170.8 190.7 99.9 167.8 88.2 2015/16 Q.I 152.1 144.4 206.3 155.6 96.7 142.1 185.0 99.0 214.2 85.1 Q.II 153.9 146.1 206.4 156.3 97.6 137.1 190.8 99.9 216.5 85.8 QIII 155.1 142.1 208.1 165.2 98.4 137.7 209.6 99.4 224.1 85.8 QIV 156.6 144.0 207.6 165.1 98.4 146.5 214.8 108.2 218.4 83.9 2016/17 QI 155.7 143.8 206.7 165.4 98.4 151.3 207.7 116.6 211.9 83.7 QII 169.1 150.0 244.0 200.9 96.4 153.4 241.1 124.0 167.1 118.4 QIII 165.8 139.5 253.1 202.5 97.8 164.8 237.6 122.0 193.2 123.8 QIV 175.8 152.5 267.2 207.8 117.7 184.2 229.1 130.1 215.6 114.0 2017/18 QI 185.6 166.7 258.1 219.6 126.7 198.6 236.2 136.0 224.6 124.7 Table 21 (F6): Regional States’ Consumer Price Index (Food) December 2011 = 100

102 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages OROMIA 2000/01 Q.III 17.7 19.2 19.6 27.9 21.9 19.2 19.2 36.6 16.5 15.4 Q.IV 16.3 18.1 19.8 27.1 19.7 18.6 18.6 35.9 15.2 13.5 2001/02 Q.I 15.7 16.6 21.1 26.7 19.3 18.0 18.0 33.0 13.4 14.8 Q.II 15.6 16.8 20.3 26.7 19.6 18.9 18.9 32.4 12.8 14.2 Q.III 15.2 16.5 19.9 27.2 18.6 18.9 18.9 31.9 12.4 13.2 Q.IV 15.6 16.3 20.3 27.4 19.2 20.7 20.7 32.0 11.8 12.1 2002/03 Q.I 18.1 18.7 20.2 27.5 22.3 20.5 20.5 32.0 13.8 11.2 Q.II 19.7 20.0 20.6 27.6 22.7 21.4 21.4 32.5 14.6 11.6 Q.III 21.4 21.7 19.9 28.3 25.0 23.5 23.5 32.1 16.2 13.0 Q.IV 23.1 22.7 23.4 29.8 27.9 24.4 24.4 31.4 20.3 13.5 2003/04 Q.I 24.4 24.4 23.5 30.7 26.7 22.4 22.4 31.5 22.4 12.9 Q.II 22.3 22.2 22.9 30.1 26.9 22.1 22.1 34.6 22.2 14.4 Q.III 21.2 20.6 23.5 31.0 27.0 25.8 25.8 32.9 18.7 14.7 Q.IV 22.8 22.1 24.1 32.0 27.7 26.8 26.8 34.2 22.2 15.3 2004/05 Q.I 23.6 22.8 25.0 31.9 27.0 23.3 23.3 35.3 24.2 16.1 Q.II 23.6 22.8 24.9 31.8 27.5 22.7 22.7 36.6 24.8 16.4 Q.III 24.3 22.9 26.3 32.9 27.4 26.8 26.8 35.2 21.8 19.2 Q.IV 25.9 24.5 27.7 32.6 27.6 26.4 26.4 36.3 23.1 19.0 2005/06 Q.I 27.3 26.3 29.4 33.7 26.5 23.8 23.8 38.9 22.8 20.0 Q.II 26.8 26.4 29.5 33.0 26.5 24.3 24.3 37.0 22.2 20.1 Q.III 26.9 27.2 29.9 33.6 27.1 24.6 24.6 38.7 22.1 19.6 Q.IV 28.6 28.4 35.7 34.5 27.6 28.0 28.0 44.3 21.5 22.4 2006/07 Q.I 31.2 31.0 39.1 36.2 27.0 30.6 30.6 42.8 21.5 23.9 Q.II 32.3 32.1 40.0 38.1 28.6 31.4 31.4 42.3 22.0 23.7 Q.III 33.5 33.3 41.1 38.6 31.2 33.3 33.3 40.5 32.5 24.1 Q.IV 35.3 34.4 43.0 40.2 34.7 35.6 35.6 40.6 51.6 24.9 2007/08 Q.I 37.8 37.0 44.7 39.7 37.4 35.0 35.0 40.1 77.8 27.1 Q.II 40.4 40.0 44.7 40.8 42.2 39.1 39.1 39.3 79.9 28.5 Q.III 45.2 45.5 48.6 46.3 46.0 49.4 49.4 43.9 81.7 29.3 Q.IV 57.5 60.8 54.8 52.3 52.0 54.9 54.9 48.2 93.0 31.6 2008/09 Q.I 73.3 85.7 60.5 56.3 52.1 54.2 54.2 59.2 103.7 32.0 Q.II 65.9 79.2 60.6 58.0 49.1 53.2 53.2 61.8 77.9 33.0 Q.III 61.8 72.8 60.7 59.7 45.5 63.8 63.8 72.3 51.6 34.9 Q.IV 62.5 71.4 62.5 64.8 44.5 69.8 69.8 76.5 41.9 35.9 2009/10 Q.I 62.8 73.7 63.9 65.6 45.6 59.5 59.5 78.2 43.1 37.8 Q.II 60.2 70.5 63.3 65.6 46.0 58.9 58.9 78.3 48.4 41.4 Q.III 60.9 70.6 64.9 68.6 46.3 64.4 64.4 85.5 56.8 42.4 Q.IV 61.2 68.3 67.0 70.3 49.7 67.3 67.3 87.6 73.8 41.8 2010/11 Q.I 62.2 67.6 70.3 74.2 54.1 70.0 70.0 85.2 83.5 47.8 Q.II 66.1 67.1 70.1 78.3 66.5 83.3 83.3 88.8 74.5 59.0 Q.III 73.8 70.2 63.2 87.0 72.4 98.6 98.6 85.7 77.2 77.3 Q.IV 88.0 82.5 70.6 94.4 101.9 101.8 101.8 88.9 111.9 86.3 2011/12 Q.I 95.1 91.5 89.2 98.3 105.9 90.2 90.2 90.7 124.4 85.4 Q.II 99.6 98.3 95.6 99.3 100.8 94.8 94.8 97.2 123.4 94.3 Q.III 107.6 104.6 109.7 113.3 105.0 103.6 112.3 100.4 111.3 93.3 Q.IV 116.5 112.4 132.5 128.6 114.1 101.7 126.8 100.1 117.1 84.6 2012/13 Q.I 117.0 118.5 141.4 126.9 110.5 120.3 124.6 103.5 105.5 85.1 Q.II 114.9 118.2 143.6 128.4 105.5 138.4 114.6 108.2 97.9 81.7 Q.III 114.5 114.9 149.0 135.2 105.6 129.3 114.7 117.2 91.0 77.9 Q.IV 116.0 117.1 149.2 136.1 109.6 126.7 118.5 116.4 91.1 75.9 2013/14 Q.I 121.3 127.0 156.5 139.8 108.3 132.8 121.8 124.6 92.4 75.4 Q.II 124.6 134.4 159.5 140.3 107.2 130.7 118.4 123.4 94.3 76.3 Q.III 121.0 117.2 161.7 146.9 112.1 136.7 124.1 121.4 90.8 77.5 Q.IV 126.2 123.1 165.8 152.5 118.7 127.8 128.1 123.8 107.7 91.2 2014/15 Q.I 133.3 130.1 170.9 155.8 131.6 137.4 126.6 122.4 137.8 93.9 Q.II 134.3 127.8 172.3 158.0 134.7 135.0 134.5 127.4 126.8 95.9 Q.III 139.8 122.6 176.5 169.1 140.6 140.3 151.4 124.1 138.4 88.5 Q.IV 150.6 127.2 183.9 188.1 153.9 139.9 160.0 129.7 193.6 81.7 2015/16 Q.I 161.8 134.5 194.7 189.3 154.9 149.6 159.7 126.7 296.2 79.1 Q.II 164.5 134.7 197.9 189.8 154.2 153.6 163.2 127.7 318.8 79.4 QIII 154.7 135.1 199.6 196.8 148.1 159.5 158.0 127.4 202.6 78.1 QIV 153.9 135.5 200.0 199.7 147.2 159.9 156.3 129.7 188.0 77.0 2016/17 QI 154.0 135.4 200.1 203.6 146.3 161.5 159.1 134.6 175.4 75.2 QII 156.0 146.0 210.7 206.4 152.4 159.2 160.7 159.1 137.4 98.9 QIII 155.6 139.5 213.5 212.5 156.9 165.8 165.0 153.0 127.1 95.8 QIV 166.7 154.4 227.1 228.5 164.0 174.5 187.3 147.2 128.3 92.6 2017/18 QI 173.7 172.2 239.5 227.6 160.4 197.8 183.2 148.9 127.9 97.3 Table 21 (F7): Regional States’ Consumer Price Index (Food) December 2011 = 100

First Quarter 2017/18 103 National Bank of Ethiopia Quarterly Bulletin Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages SNNPR 2000/01 Q.III 19.3 18.7 19.1 30.9 26.2 19.6 19.6 39.0 13.4 12.5 Q.IV 18.8 17.9 19.1 30.1 23.7 17.9 17.9 38.2 13.4 13.1 2001/02 Q.I 18.0 15.6 18.5 23.2 22.0 17.4 17.4 38.3 11.1 12.9 Q.II 18.5 15.7 18.4 25.9 22.7 19.5 19.5 36.9 10.5 11.2 Q.III 18.0 15.3 18.7 25.1 22.9 19.7 19.7 36.6 11.3 9.2 Q.IV 18.1 15.8 18.9 25.4 22.9 19.1 19.1 36.4 11.9 7.8 2002/03 Q.I 18.3 17.1 18.7 25.6 25.1 18.7 18.7 35.6 11.1 7.5 Q.II 19.7 18.7 19.1 26.3 26.3 19.9 19.9 35.3 11.3 7.3 Q.III 20.8 20.5 19.4 26.9 28.1 19.8 19.8 35.2 13.6 7.9 Q.IV 22.0 22.1 20.0 25.9 30.6 21.4 21.4 34.9 16.8 8.9 2003/04 Q.I 23.0 23.7 20.5 27.2 29.0 20.3 20.3 35.2 19.5 10.6 Q.II 22.2 21.5 20.8 26.9 29.8 20.6 20.6 37.0 16.2 10.2 Q.III 20.9 19.9 20.7 27.0 30.5 20.7 20.7 35.0 16.2 11.0 Q.IV 22.7 21.6 21.7 28.5 31.7 21.9 21.9 34.8 19.2 13.5 2004/05 Q.I 23.0 22.5 22.4 27.9 30.3 21.3 21.3 35.3 21.0 14.5 Q.II 23.7 23.0 22.5 28.9 32.7 21.5 21.5 35.4 20.8 14.3 Q.III 24.1 23.1 22.7 28.4 34.1 22.4 22.4 34.6 19.3 17.8 Q.IV 26.3 25.2 25.3 29.0 34.4 23.5 23.5 36.4 19.5 19.8 2005/06 Q.I 27.1 25.8 27.4 30.3 33.1 23.6 23.6 38.0 20.7 22.4 Q.II 27.3 24.6 28.2 30.6 34.0 26.1 26.1 37.7 20.9 21.9 Q.III 27.9 25.7 28.9 31.5 35.1 26.7 26.7 38.7 20.8 22.2 Q.IV 30.0 28.2 33.6 31.9 36.7 29.6 29.6 39.8 20.8 22.8 2006/07 Q.I 32.4 31.1 36.8 33.1 36.6 31.0 31.0 39.4 20.8 22.9 Q.II 33.3 32.2 37.9 35.1 37.4 32.1 32.1 38.9 21.5 23.5 Q.III 33.4 32.2 39.4 35.7 39.3 32.8 32.8 39.2 27.8 23.8 Q.IV 34.6 33.0 42.0 37.6 42.2 32.2 32.2 40.1 39.9 24.7 2007/08 Q.I 37.0 35.4 42.9 38.6 45.5 33.1 33.1 39.0 49.8 28.3 Q.II 38.6 36.9 44.1 40.7 49.9 36.5 36.5 38.5 57.7 29.8 Q.III 43.4 40.3 46.2 42.7 58.7 46.1 46.1 43.9 57.4 31.6 Q.IV 56.7 58.3 52.8 48.2 64.6 55.4 55.4 50.5 65.9 34.6 2008/09 Q.I 71.9 84.6 60.2 52.1 63.0 49.1 49.1 59.6 73.9 36.9 Q.II 62.6 75.7 59.4 54.7 63.0 49.9 49.9 64.3 55.7 34.4 Q.III 58.4 67.6 55.6 58.9 61.4 55.0 55.0 71.9 38.8 31.9 Q.IV 60.6 69.4 58.5 61.4 67.3 59.9 59.9 73.3 30.4 33.0 2009/10 Q.I 61.2 71.6 62.1 64.9 63.5 54.7 54.7 74.2 29.8 40.7 Q.II 60.9 68.0 62.6 68.7 64.6 60.6 60.6 76.8 37.1 40.4 QIII 60.6 66.7 62.9 71.7 64.4 61.7 61.7 79.8 44.2 37.8 Q.IV 58.9 65.4 66.1 71.4 65.5 57.6 57.6 81.2 58.1 38.9 2010/11 Q.I 59.1 62.2 67.3 72.5 66.7 64.3 64.3 81.3 73.9 46.7 Q.II 63.0 62.9 68.7 79.0 78.6 74.1 74.1 86.2 58.3 56.9 Q.III 73.5 71.2 59.7 84.6 89.3 92.2 92.2 86.7 65.2 86.0 Q.IV 91.5 85.6 67.1 90.0 118.4 102.3 102.3 91.4 91.6 107.3 2011/12 Q.I 98.0 98.6 87.5 93.4 102.7 80.0 80.0 94.5 98.6 113.5 Q.II 100.5 99.6 97.1 98.0 98.9 96.9 96.9 97.4 102.1 107.3 Q.III 109.3 103.5 110.1 109.6 107.3 103.6 115.3 101.1 103.9 105.1 Q.IV 120.1 116.6 129.6 112.8 121.5 102.6 127.6 102.1 109.0 96.1 2012/13 Q.I 123.1 126.9 139.8 114.1 109.5 113.1 127.7 97.9 108.3 92.1 Q.II 121.7 111.2 140.9 118.6 107.2 132.6 136.0 99.5 105.1 87.5 Q.III 122.6 109.1 144.5 124.0 108.9 120.4 140.5 102.0 102.9 78.8 Q.IV 125.5 120.7 153.1 129.5 110.8 109.9 136.8 102.7 104.3 79.2 2013/14 Q.I 130.6 128.5 155.7 131.3 108.5 107.7 142.8 100.3 104.0 82.7 Q.II 129.7 123.5 164.1 134.5 109.9 119.8 142.3 100.1 108.0 78.1 Q.III 131.2 115.2 165.5 140.8 113.5 114.4 151.2 100.4 110.2 74.0 Q.IV 135.9 126.0 169.9 140.6 118.1 108.2 148.1 100.9 112.4 102.6 2014/15 Q.I 134.9 129.6 171.6 149.1 115.1 112.3 141.2 101.8 104.8 112.5 Q.II 134.0 115.0 174.1 152.5 120.9 128.5 146.0 105.1 116.5 113.8 Q.III 138.0 112.9 176.3 160.2 129.9 135.6 154.9 104.4 129.3 105.4 Q.IV 149.2 121.2 183.7 166.1 137.1 124.0 171.4 103.3 155.0 103.9 2015/16 Q.I 152.3 128.5 193.5 167.7 134.3 138.1 168.9 104.2 190.3 97.9 Q.II 150.3 124.4 196.0 168.4 135.0 143.8 165.3 105.5 202.1 95.1 QIII 148.1 123.9 194.5 172.6 132.3 151.9 163.7 102.3 193.6 82.8 QIV 148.9 126.3 195.3 175.8 130.5 152.7 165.3 101.5 183.1 81.2 2016/17 QI 150.8 127.5 195.3 180.6 129.7 151.3 168.4 104.8 187.5 81.4 QII 162.6 140.8 207.3 191.9 130.0 164.7 179.4 112.1 203.5 96.2 QIII 172.5 144.7 212.6 198.3 142.8 163.8 196.7 114.1 215.2 94.9 QIV 193.0 173.5 224.1 207.8 158.7 168.8 218.4 115.3 233.3 99.8 2017/18 QI 197.5 191.9 234.7 212.7 151.9 191.1 211.7 115.3 242.7 108.9 Table 21 (F8): Regional States’ Consumer Price Index (Food) December 2011 = 100

104 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages SOMALI 2000/01 Q.III 19.5 20.9 18.6 22.8 32.8 25.2 25.2 23.5 24.9 25.7 Q.IV 19.4 21.3 18.3 22.8 31.1 24.6 24.6 22.1 24.4 23.6 2001/02 Q.I 19.3 19.2 17.5 23.6 28.5 23.9 23.9 20.5 24.6 27.3 Q.II 19.0 19.3 16.8 24.1 27.9 24.8 24.8 19.3 24.2 26.2 Q.III 19.1 19.8 15.2 21.8 28.2 27.0 27.0 19.6 22.0 24.8 Q.IV 19.5 20.5 16.0 22.7 28.0 27.5 27.5 19.2 15.7 24.4 2002/03 Q.I 20.7 21.8 16.4 22.9 26.8 26.6 26.6 18.8 13.7 25.2 Q.II 21.9 22.8 16.1 23.5 30.0 27.9 27.9 20.8 14.8 23.9 Q.III 22.5 23.0 16.8 24.3 31.9 29.8 29.8 21.4 17.3 24.8 Q.IV 22.9 22.7 16.9 26.4 31.2 31.7 31.7 20.9 21.5 26.5 2003/04 Q.I 22.6 22.8 18.1 25.7 29.6 30.9 30.9 21.0 25.3 24.2 Q.II 22.4 22.7 19.1 24.3 29.3 28.2 28.2 22.5 24.0 26.7 Q.III 21.1 21.9 19.0 24.0 28.6 29.6 29.6 21.0 19.0 25.0 Q.IV 21.8 22.2 20.5 26.1 29.6 32.0 32.0 21.8 18.2 25.6 2004/05 Q.I 22.8 23.2 21.5 26.1 30.0 31.1 31.1 23.5 19.4 25.8 Q.II 23.9 24.2 21.5 26.4 30.0 28.5 28.5 24.1 19.7 27.2 Q.III 23.6 23.3 21.8 26.2 29.6 31.6 31.6 23.7 20.0 30.3 Q.IV 26.4 26.6 21.6 28.1 29.7 35.7 35.7 24.0 20.6 26.1 2005/06 Q.I 28.5 28.1 22.2 28.6 30.1 38.1 38.1 26.5 23.0 27.2 Q.II 28.4 28.8 20.7 29.7 30.2 36.2 36.2 26.5 20.8 29.0 Q.III 29.2 29.7 21.4 29.5 31.3 37.1 37.1 28.7 21.3 30.4 Q.IV 30.3 30.1 23.4 31.8 32.2 38.8 38.8 31.7 21.2 32.5 2006/07 Q.I 31.6 31.1 26.4 33.8 32.5 38.7 38.7 32.2 21.0 36.0 Q.II 31.7 31.8 27.4 34.0 33.4 37.3 37.3 32.0 21.8 35.5 Q.III 32.2 32.9 27.9 33.0 33.9 38.3 38.3 31.5 26.7 35.2 Q.IV 32.1 33.5 28.1 29.8 34.3 40.4 40.4 30.2 44.0 35.2 2007/08 Q.I 34.1 34.9 30.6 29.6 37.6 40.4 40.4 30.6 72.7 37.3 Q.II 35.3 36.8 34.8 30.3 45.6 40.4 40.4 29.2 66.7 36.3 Q.III 39.5 40.6 35.4 35.0 50.0 56.0 56.0 32.9 57.0 42.7 Q.IV 47.9 51.3 38.2 42.2 58.3 64.0 64.0 38.4 65.3 46.9 2008/09 Q.I 65.0 78.9 44.4 51.2 63.7 71.1 71.1 43.8 79.4 42.8 Q.II 59.4 71.6 43.4 52.3 60.6 66.5 66.5 50.0 60.0 44.6 Q.III 59.9 69.4 46.1 58.7 59.0 69.9 69.9 50.0 53.7 58.3 Q.IV 62.4 69.8 50.2 66.3 58.7 75.0 75.0 50.1 44.2 64.1 2009/10 Q.I 63.3 71.0 51.3 64.9 57.0 71.8 71.8 50.3 36.4 62.3 Q.II 63.9 72.2 55.1 64.9 58.4 68.0 68.0 50.2 40.0 62.8 Q.III 64.4 73.8 55.1 69.6 60.0 63.3 63.3 50.4 40.6 71.0 Q.IV 64.2 72.7 61.1 59.5 63.0 71.2 71.2 52.8 52.9 68.5 2010/11 Q.I 64.8 67.9 68.0 64.1 65.4 83.2 83.2 60.4 71.5 69.3 Q.II 75.1 69.3 73.6 78.1 77.0 98.3 98.3 72.7 58.4 106.3 Q.III 80.7 75.1 63.7 85.0 89.9 99.0 99.0 78.2 61.0 111.9 Q.IV 89.5 83.8 74.8 89.7 98.2 114.0 114.0 83.0 86.3 108.0 2011/12 Q.I 93.4 94.1 93.5 89.7 105.5 106.4 106.4 94.7 114.5 81.1 Q.II 96.5 97.9 94.4 91.4 98.3 101.2 101.2 98.8 109.7 90.4 Q.III 105.1 104.1 110.4 106.1 100.9 126.5 112.5 102.8 110.0 118.7 Q.IV 109.9 104.9 127.3 106.5 100.5 119.0 133.7 115.8 119.4 123.0 2012/13 Q.I 111.5 105.2 137.0 108.5 102.0 127.3 136.1 114.9 119.1 161.1 Q.II 116.7 111.7 136.2 121.3 100.5 139.2 125.7 115.3 126.4 183.2 Q.III 115.9 110.4 144.9 124.0 101.2 145.5 105.4 115.5 127.4 181.0 Q.IV 117.8 111.9 150.3 116.5 100.6 130.3 134.4 118.3 133.9 192.2 2013/14 Q.I 120.1 115.1 157.9 118.2 96.5 154.9 157.7 113.4 139.5 200.2 Q.II 122.9 122.4 151.0 125.8 98.0 160.2 131.6 111.7 145.4 191.0 Q.III 124.9 123.2 141.5 133.3 97.7 178.1 139.0 110.2 155.3 203.8 Q.IV 124.2 123.5 146.3 123.5 97.6 183.7 144.6 110.8 156.1 208.8 2014/15 Q.I 128.4 128.0 151.9 131.3 104.9 224.5 152.9 110.7 154.2 203.7 Q.II 129.1 130.0 152.2 128.8 106.5 182.9 151.6 110.7 157.7 209.2 Q.III 130.2 127.1 156.7 135.4 106.1 210.9 158.2 114.4 156.8 214.4 Q.IV 134.1 129.9 154.3 147.7 107.2 227.2 166.6 114.1 163.8 217.9 2015/16 Q.I 133.6 129.3 165.3 142.0 109.5 202.5 153.1 117.7 164.8 223.4 Q.II 134.9 131.8 160.1 147.0 109.4 208.5 147.9 117.9 160.8 221.8 QIII 136.7 131.9 155.8 155.3 107.1 253.4 160.7 119.8 154.5 213.6 QIV 138.1 132.9 160.2 158.9 105.9 257.6 160.6 120.7 160.4 213.4 2016/17 QI 139.8 134.1 163.7 165.3 105.4 256.7 154.3 122.3 160.4 213.4 QII 148.8 132.4 179.9 177.3 109.2 210.8 176.9 151.9 176.6 218.3 QIII 156.6 138.5 173.6 190.4 129.2 235.3 171.1 159.6 187.4 222.3 QIV 163.1 146.0 220.9 194.4 140.0 256.3 185.7 154.8 206.9 206.7 2017/18 QI 160.1 147.0 217.6 173.3 141.9 240.9 191.7 153.5 208.3 200.7 Table 21 (F9): Regional States’ Consumer Price Index (Food) December 2011 = 100 Source: Ethiopian Customs Authority

First Quarter 2017/18 105 National Bank of Ethiopia Quarterly Bulletin Country of Destination 2010 2011 2012 2013 2014 2015 2016 Djibouti 849144.8 1172260.1 2313228.9 1380433.1 3747193.9 1941788.5 2350936.7 Egypt 585058.5 764013.2 768260.3 818229.2 1012133.0 684520.9 315108.1 Ghana 2094.8 1117.1 9582.3 4292.2 136.8 6863.1 832.1 Kenya 54434.1 176485.4 190932.3 269555.1 431754.9 656490.8 625147.6 Libia 1834.5 2297.5 68040.2 0.0 4163.4 0.0 0.0 Morocco 10976.1 28363.6 11632.6 15895.1 3746.1 2040.4 6841.3 Nigeria 2215.0 2990.0 10297.6 2735.2 47617.8 63719.5 90565.5 Ruwanda 569.9 1114.0 993.9 9793.9 28670.2 42368.3 57909.1 Somali Land 0.0 Somalia 3139271.5 4061406.4 5989640.7 5798201.3 6371904.9 6240561.4 5827108.7 South Africa 1030363.9 89326.4 194964.0 218061.1 257504.8 226770.4 260057.5 Sudan 2053243.9 2983061.3 2008904.2 1707190.9 1629734.3 1595427.4 993600.1 Tanzania 5959.6 3084.1 969.4 1045.6 15211.2 255.9 401.9 Uganda 24333.6 14963.0 7044.1 2765.9 10051.8 4295.5 5913.3 Zambia 369.2 20.4 119.4 503.8 110.0 2398.8 10974.8 Zembabwe 1147.8 3549.5 788.6 3632.8 4272.4 6716.0 4025.0 Others 146791.5 171537.0 289802.8 514287.0 792557.5 341524.6 477440.0 Total 7907808.6 9475589.2 11865201.5 10746622.1 14328992.6 11815745.3 11026861.7 %Share Of Continent 23.0 18.8 21.1 19.4 22.1 20.0 18.4 Austria 365.7 1297.4 1644.6 1735.5 4310.4 2931.2 22747.8 Belgium 766865.8 1129952.5 1206977.6 1025131.4 1087850.9 1182982.5 1436499.1 Bulgaria 9100.7 17775.7 40564.4 82919.2 99420.1 86949.0 43611.4 Cyprus 1208.7 29.6 2392.2 3217.3 5007.8 640.5 151.2 Czech Republic 5564.4 3925.4 7320.4 5569.1 13779.0 21577.7 22939.8 Slovakia 0.0 1897.5 4395.7 1466.6 4072.5 Denmark 18362.4 14816.2 35758.1 32455.9 17723.0 20802.4 30025.0 Finland 38401.9 157776.1 87678.9 51661.1 80304.0 90939.5 90178.8 France 505675.0 823513.2 812971.3 530534.4 877613.3 682717.6 807422.0 Germany 3676129.0 5412655.7 5190387.9 3730991.2 3754508.5 4271155.2 3486254.3 Greece 104335.8 161358.8 136034.9 260072.5 235797.7 214131.5 209499.8 Hungary 4664.1 6030.5 29465.0 34564.1 18858.6 15129.0 18955.3 Ireland 225.2 4981.1 1335.4 4968.8 4393.8 11865.0 10363.8 Italy 767672.2 1830342.8 1265069.2 1127453.5 1244816.9 1071373.1 1101650.8 Netherlands 2325158.7 3589200.5 3513356.8 3160616.3 3899530.0 3910613.0 3911035.2 Norway 83421.5 114266.4 152810.3 141325.7 202256.0 193648.3 190592.2 Poland 20903.7 10005.3 2097.0 17660.3 23192.2 18930.3 9048.4 Portugal 13224.5 10264.5 58441.4 58595.2 107108.4 70872.1 127631.2 Rumania 26297.6 64555.6 79944.9 62136.7 63661.9 35255.4 12665.6 Spain 82768.8 202110.6 278937.8 188107.6 157484.0 312381.6 266256.9 Sweden 345076.1 631746.6 435154.5 264471.8 307877.4 333582.0 266867.3 Switzerland 4876617.7 8672031.8 9644798.9 9439555.7 7895981.9 6490540.8 5266886.0 Turkey 448459.6 793508.0 918743.3 1460875.2 1267997.9 854569.2 463675.1 Ukraine 1647.3 549.2 3605.7 1288.6 1569.6 9366.3 14853.7 United Kingdom 790362.3 1036992.2 804000.1 916862.0 888555.1 806313.4 1069053.4 Russia 87990.9 170085.7 210565.2 289418.9 405160.0 283476.8 289381.7 Yugoslavia 0.0 Others 32888.7 129769.9 228751.3 106316.3 121332.5 270792.0 639646.5 Total 15033388.3 24988711.1 25148807.1 23000401.7 22790486.7 21265002.1 19811964.8 %Share Of Continent 43.8 49.7 44.7 41.4 35.2 36.0 33.1 Brazil 0.0 50.0 0.0 8764.8 9178.4 Canada 115069.8 173658.6 167388.9 166782.8 214767.3 216338.4 268404.1 Cuba 0.0 325.5 15043.2 0.0 0.0 Mexico 15924.2 41359.7 21189.4 15661.3 12529.3 37776.3 40458.2 United States 1387899.5 1571684.8 1741318.4 2223193.5 2413259.7 3913895.0 3733304.1 Others 40185.0 165850.0 147274.5 66745.5 886388.5 189789.5 231818.7 Total 1559078.4 1952553.1 2076859.0 2472758.7 3541988.1 4366563.9 4283163.5 %Share Of Continent 4.5 3.9 3.7 4.5 5.5 7.4 7.2 China, Mainland 3330807.6 4764263.2 5167985.4 5682920.3 8071388.2 6145483.9 7498265.1 China, Taiwan 34908.6 34265.7 44820.6 114825.8 86264.9 134753.6 242155.2 Hong Kong 98715.7 378664.7 523566.5 655428.0 342188.3 434907.0 390835.7 India 401662.3 553031.3 667923.1 659101.4 947722.2 1323550.6 1440185.8 Indonesia 131343.7 219306.2 260365.2 442638.8 579643.5 419364.5 581396.8 Israel 752915.3 1079551.0 1112383.2 1822061.3 2016939.4 1697745.0 1366387.4 Japan 535178.4 596903.3 1260749.0 1423109.6 1884123.0 1388756.3 1541929.9 N.Korea, Pdrk 16724.9 54732.0 24451.6 40602.6 223.3 10146.1 31494.6 S.Korea 132137.3 235899.3 336747.5 428910.5 660360.4 902688.1 1114526.1 Kuwait 9424.2 45894.4 38566.8 53491.8 54954.6 59591.3 28418.5 Lebanon 10467.2 79992.5 41232.7 104309.0 90398.2 15787.8 16460.4 Malaysia 9871.6 5929.0 12398.4 57837.7 45580.5 5556.5 107335.2 Pakistan 333743.0 192626.5 768074.1 896279.3 678817.2 855052.2 1441769.4 Saudi Arabia 2057646.6 2837432.3 3085698.2 3075268.7 3836761.6 4028128.5 3981781.2 Singapore 90801.2 46255.1 27476.5 14236.7 22061.2 204215.6 128152.6 Yemen 263614.8 342272.8 379117.3 571866.5 734790.4 439271.6 362192.6 Thailand 35140.8 155088.6 140299.9 147971.0 111444.1 105215.7 94324.3 UAE 1119157.4 1284684.7 1340649.8 1395130.2 1931357.2 1791062.6 1982406.3 Others 370393.0 846426.7 1644761.6 1320681.0 1550549.5 1160854.1 1879038.7 Total 9737177.2 13654330.2 16785231.9 18906670.1 23645567.4 21122130.8 24229055.8 %Share Of Continent 28.3 27.1 29.8 34.1 36.5 35.8 40.5 Australia 100714.1 199586.8 332554.2 246875.7 379097.3 417653.3 330080.8 Others 15655.1 55913.1 67670.3 127756.1 77090.7 84325.8 157422.4 Total 116369.2 255499.9 400224.5 374631.7 455711.7 501979.2 487503.3 %Share Of Continent 0.3 0.5 0.7 0.8 0.8 Unspecified 0.0 Grand Total 34353821.8 50326683.5 56276324.1 55501084.2 64762746.5 59071421.3 59838549.1 Table 22 A1: Ethiopia: Direction of External Trade: EXPORT In thousands of Birr Source: Ethiopian Customs Authority. Note1: Data for the year 2013 and 2014 is based on updated data from Ethiopian Revenue and Customs Authority Note2: The data for Czechoslovakia before 2013 represents the sum of Czech republic and Slovakia

106 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Continents Country 2010 2011 2012 2013 2014 2015 2016 Africa Djibouti 152.1 4,634.1 1,880.1 19,785.9 7,252.7 4,050,783.9 13.9 Egypt 1,351,284.9 3,202.1 1,777,945.9 1,990,237.8 3,593,112.7 11,128.5 4,071,335.1 Ghana 3,387.4 546,341.8 2,384.4 5,687.9 1,666.1 738,056.4 2,514.6 Kenya 427,681.5 290,467.0 678,285.5 551,882.2 801,793.8 738,056.4 676,008.7 Libya 263,603.2 290,467.0 - 263,165.0 - - 2.3 Nigeria 656.3 134.8 12,412.0 82,933.2 62,055.7 220,674.6 45,219.0 Ruanda 0.6 - 28.8 378.2 59.7 32.9 68,067.4 Sudan 1,562,899.0 2,452,191.1 1,161,127.1 136,245.1 4,366,290.2 2,192,155.2 1,549,332.4 Tanzania 14,984.1 7,469.7 30,576.6 2,930.4 127,120.4 132,600.2 103,133.2 Uganda 8,266.7 4,869.5 1,561.2 5,177.3 3,125.9 7,381.5 6,962.2 Zambia 395.8 378.6 56.6 1,028.0 89,519.4 482.3 11,160.1 Others 2,571,172.1 3,324,070.6 5,564,554.6 2,636,616.0 4,880,495.6 8,224,429.0 8,258,583.7 Total 6,204,483.8 6,924,226.3 9,230,813.0 5,696,067.2 13,932,492.0 15,584,248.5 14,792,332.6 Europe Austria 274,769.7 196,218.2 586,106.3 560,571.4 572,382.6 1,027,145.6 1,604,322.8 Belgium 1,237,381.5 1,446,630.4 2,645,543.2 1,798,980.7 4,218,543.5 5,435,019.7 5,044,164.5 Bulgaria 794,573.9 405,830.6 86,186.4 338,016.0 143,721.4 1,537,581.6 683,870.1 Cyprus 76,735.5 89,509.1 88,807.2 234,484.2 150,578.9 115,078.1 117,156.1 Czechoslovakia (former name) 50,204.8 191,298.4 90,640.3 118,980.3 1,130,726.8 276,843.1 531,941.0 Czech republic 1,012,206.1 236,047.0 441,959.6 Slovakia 118,520.7 40,796.1 89,981.4 Denmark 253,713.0 470,115.2 488,523.0 305,449.6 824,909.0 694,246.2 715,981.1 Finland 82,697.1 103,977.0 320,249.9 189,685.0 177,056.2 155,906.3 350,087.1 France 1,405,956.8 2,313,930.4 3,614,646.3 2,480,592.3 2,351,867.2 3,823,770.8 4,684,217.9 Germany 2,709,739.9 2,898,011.6 3,199,430.5 4,229,516.1 7,249,151.5 6,806,205.2 7,859,546.7 Greece 96,373.3 180,894.2 140,476.2 143,842.2 350,442.3 405,742.7 528,971.4 Hungary 47,255.7 86,698.4 212,739.3 154,821.1 294,461.0 490,887.6 530,673.3 Ireland 369,445.2 384,656.8 362,766.1 497,656.2 573,979.2 716,987.1 775,362.0 Italy 5,423,537.9 5,999,479.7 8,468,614.5 8,475,248.1 9,854,864.6 10,476,893.6 15,784,350.7 Netherlands 1,136,416.0 1,404,726.9 1,630,693.2 3,813,241.8 2,492,065.9 4,604,402.8 3,982,518.3 Norway 36,995.9 34,421.8 47,457.5 71,440.7 58,782.9 79,266.8 162,289.4 Poland 88,240.1 100,915.1 273,902.6 254,707.4 579,322.1 735,144.5 2,284,185.2 Portugal 107,604.0 39,090.7 77,822.2 136,508.8 215,656.2 318,933.8 243,435.8 Rumania 246,874.1 21,137.4 26,566.6 138,938.5 1,685,883.2 443,410.0 4,500,592.8 Spain 1,247,190.3 1,446,618.8 2,106,719.9 1,962,063.7 2,678,244.8 2,783,107.6 2,871,957.4 Sweden 921,184.7 1,265,562.3 1,139,661.0 1,323,169.7 844,072.1 13,232,214.3 9,427,026.6 Switzerland 480,341.9 474,076.0 621,634.5 783,765.0 904,299.4 1,194,286.5 1,223,807.0 Turkey 3,212,576.1 5,842,462.2 6,526,492.5 8,409,563.5 8,629,004.2 10,918,514.7 12,682,665.1 United kingdom 1,219,805.9 1,830,282.8 1,514,325.3 2,006,481.9 3,592,921.5 3,863,439.0 4,557,294.9 Russia 1,301,202.6 4,546,375.5 2,329,520.8 222,543.3 2,575,137.1 1,745,182.4 3,579,267.5 Yugoslavia 15,263.3 1,055.7 4.8 8.3 54.9 - 0.0 Other 1,491,376.0 3,090,900.4 7,016,703.0 4,415,093.2 5,846,854.7 4,458,373.1 5,279,114.8 Total 24,327,455.4 34,864,875.6 43,616,233.1 43,065,369.1 57,994,983.5 76,615,426.4 90,536,740.4 America Brazil 1,777,894.9 1,319,826.6 2,478,504.6 1,895,842.2 1,496,396.6 1,083,673.4 1,475,502.6 Canada 188,981.3 362,112.3 266,442.2 535,973.0 1,196,802.2 753,274.2 1,451,315.7 Cuba 4,401.7 927.4 306.3 3,419.1 1,558.3 3,976.4 1,294.5 Mexico 22,287.0 30,857.6 37,034.6 57,572.7 180,610.0 159,440.1 126,433.0 United states 6,307,462.0 6,964,847.9 6,741,540.1 9,427,071.5 15,380,630.1 18,383,911.5 28,006,664.4 Others 89,336.7 807,104.4 1,991,585.8 177,236.2 226,806.2 684,766.3 303,572.4 Total 8,390,363.6 9,485,676.2 11,515,413.5 12,097,114.8 18,482,803.4 21,069,041.8 31,364,782.7 Asia China, mainland 20,602,808.4 24,964,592.5 38,886,267.6 50,218,738.1 100,672,421.4 127,862,137.6 112,557,147.3 China, Taiwan 376,922.5 494,760.7 1,070,584.7 1,106,850.9 1,333,948.4 1,427,654.5 1,106,997.8 Hong Kong 54,097.6 24,128.9 58,718.2 54,377.6 80,091.6 276,928.2 1,370,238.4 India 8,485,196.5 12,394,362.3 17,878,819.6 21,273,934.9 21,787,752.1 24,344,942.9 28,557,164.8 Israel 157,777.6 273,165.9 567,716.2 298,154.8 507,607.3 614,145.1 548,689.5 Japan 6,609,442.1 7,450,651.8 8,341,760.9 9,462,530.3 12,180,142.5 15,185,118.0 14,472,925.3 N.korea, pdrk 57,079.2 216,777.9 268,093.4 185,433.0 103,493.8 107,552.8 91,536.9 S.korea 1,297,821.7 2,686,000.2 3,835,763.8 3,118,319.6 4,771,125.3 4,962,100.1 3,961,888.7 Kuwait 43,653.2 3,749,483.5 12,995,081.0 4,762,763.2 13,571,707.6 13,326,143.0 13,519,748.9 Lebanon 19,775.1 28,525.2 51,159.7 42,125.5 80,978.2 167,754.4 106,810.2 Malaysia 3,130,091.0 4,397,300.9 3,014,971.9 2,718,544.1 2,864,220.8 3,588,092.8 6,251,135.7 Pakistan 717,542.9 1,824,377.7 878,501.4 964,168.7 1,175,982.7 1,011,155.3 746,091.4 Saudi arabia 14,585,404.2 15,067,036.6 28,393,519.1 16,170,927.0 24,724,120.4 10,284,257.6 6,497,893.0 Singapore 73,829.9 68,565.3 93,538.1 88,852.5 236,105.2 323,455.3 516,905.1 Yemen 115,687.0 217,722.0 469,194.0 214,434.9 661,267.0 132,071.4 91,481.4 Thailand 1,695,555.9 2,157,711.7 2,455,430.1 3,140,867.6 4,079,354.5 3,079,839.3 2,977,140.6 Others 24,577,996.2 22,785,237.8 27,142,763.8 26,822,535.1 23,474,859.5 23,206,536.4 25,379,978.4 Total 82,600,681.2 98,800,401.1 146,401,883.6 140,643,557.9 212,305,178.3 229,899,884.7 218,753,773.5 Oceania Australia 308,547.5 312,015.7 243,040.2 287,605.2 140,252.3 215,659.7 327,371.5 Unspecified 57,613.8 47,482.6 116,775.0 58,518.3 220,646.7 120,412.3 136,368.6 Grand total 121,889,145.3 150,434,677.4 211,124,145.4 201,848,232.5 303,076,356.2 343,504,673.4 355,911,369.3 Table 22 A2: Ethiopia: Direction of External Trade: IMPORT In thousands of Birr

First Quarter 2017/18 107 National Bank of Ethiopia Quarterly Bulletin Country of Origin 2016/17 2017/18 Percentage change QI QII QIII QIV QI Export Import Export Import Export Import Export Import Export Import Export Import I J K L M N O P Q R S=Q/J V=R/J Africa: Djibouti 43.1 - 27.5 - 31.1 - 31.27 - 29.6 0.0 (31.3) Egypt 3.6 47.8 0.6 50.2 2.4 50.2 2.45 51.3 1.8 44.8 (51.2) (6.2) Ghana 0.0 0.00 0.2 0.0 0.0 363.6 339.4 Kenya 4.4 11.0 7.5 6.1 13.3 6.1 25.70 10.3 15.5 9.2 249.6 (16.9) Libia - 0.0 - - - - - - - - Morocco 0.0 0.2 0.1 35.7 0.2 35.7 0.07 141.5 0.1 0.0 230.7 (88.7) Nigeria 0.3 - 1.3 0.0 2.4 0.0 10.39 1.9 1.5 32.2 390.2 Ruwanda 0.5 0.0 0.4 3.0 1.1 3.0 2.19 0.0 0.5 0.0 (7.2) (99.4) Somali Land - - - - - - - 0.5 - 0.3 Somalia 79.5 0.4 61.9 0.6 60.9 0.6 63.53 - 63.5 - (20.2) (100.0) South Africa 2.9 48.0 1.8 38.9 5.2 38.9 3.07 61.8 1.5 59.3 (47.2) 23.4 Sudan 15.2 30.9 16.7 19.4 28.5 19.4 28.98 30.4 19.8 8.2 30.6 (73.6) Tanzania 0.0 0.7 0.0 0.3 0.0 0.3 - 0.0 0.0 0.2 (86.8) (70.8) Uganda 0.0 0.2 0.0 0.0 0.1 0.0 0.06 0.0 0.1 0.1 138.4 (62.8) Zambia 0.1 0.3 0.2 0.0 0.2 0.0 0.15 0.3 0.1 0.0 11.5 (86.1) Zembabwe 0.1 0.0 0.01 0.0 (18.0) (69.9) Others 7.9 4.5 13.2 7.3 6.3 7.3 17.71 2.0 9.7 1.1 22.0 (74.7) Total 157.8 144.2 131.4 161.5 151.6 161.5 183.21 300.1 143.7 155.5 (8.9) 7.8 %Share Of Continent 23.9 3.6 22.9 4.1 19.7 4.1 20.23 7.4 21.18 3.9 (11.5) 8.9 Europe: Austria 0.1 17.9 0.0 8.1 0.0 8.1 0.02 10.1 1.7 18.5 1,290.3 3.2 Belgium 17.7 50.5 10.9 57.5 26.8 57.5 31.79 46.3 22.7 42.7 28.1 (15.5) Bulgaria 0.3 12.4 0.4 12.9 0.8 12.9 0.41 1.2 0.3 25.0 8.3 101.7 Cyprus - 1.2 0.0 1.5 - 1.5 0.05 2.1 0.2 1.4 15.6 Czech Republic 0.3 6.3 0.3 4.0 0.2 4.0 0.13 8.5 0.1 4.5 (76.1) (28.7) Slovakia 0.0 2.3 0.1 0.5 0.1 0.5 0.10 0.2 0.1 0.3 262.0 (84.6) Denmark 0.3 8.1 0.3 9.5 0.4 9.5 0.31 4.9 0.4 9.0 65.6 11.0 Finland 1.0 3.8 0.0 3.7 1.9 3.7 2.54 7.8 0.4 6.1 (62.0) 58.2 France 8.9 49.6 6.6 54.6 9.1 54.6 12.03 45.7 9.9 46.1 10.3 (7.1) Germany 33.6 83.8 27.2 58.4 44.8 58.4 61.76 52.1 43.4 69.3 29.0 (17.3) Greece 2.1 3.3 2.4 5.5 1.8 5.5 4.17 4.1 3.5 3.5 72.4 6.3 Hungary 0.3 5.3 0.2 8.5 0.1 8.5 0.14 2.8 0.2 4.8 (42.9) (10.5) Ireland 0.0 8.7 0.1 8.1 0.1 8.1 0.43 16.4 0.0 8.3 (50.7) (4.3) Italy 12.2 144.8 9.3 203.9 17.0 203.9 20.36 209.9 14.6 143.9 19.6 (0.6) Netherlands 43.2 16.2 38.8 16.2 51.2 16.2 52.34 147.4 47.6 29.9 10.1 84.3 Norway 2.2 4.6 1.6 1.0 1.7 1.0 2.45 1.0 1.7 0.9 (22.1) (81.0) Poland 0.1 5.5 0.1 48.6 0.0 48.6 0.39 11.5 0.1 5.2 7.0 (6.0) Portugal 1.3 4.4 1.7 2.1 2.8 2.1 1.23 4.3 1.4 3.6 14.0 (19.5) Rumania 0.5 34.1 0.0 12.7 0.2 12.7 0.38 0.9 0.1 46.0 (89.6) 34.8 Spain 2.0 41.5 2.0 42.5 4.1 42.5 3.08 40.3 4.2 42.1 107.4 1.4 Sweden 3.7 356.0 3.0 34.2 2.5 34.2 2.36 8.9 3.9 12.5 6.6 (96.5) Switzerland 65.8 13.2 34.5 15.4 45.2 15.4 64.56 7.1 28.9 25.5 (56.1) 92.6 Turkey 1.6 123.1 5.5 125.0 10.5 125.0 9.13 147.2 7.9 176.4 399.2 43.3 Ukraine 0.4 19.0 0.1 48.7 0.3 48.7 0.27 26.3 0.3 37.5 (12.0) 97.2 United Kingdom 13.9 36.4 11.7 47.9 14.4 47.9 16.75 54.2 15.1 85.0 9.1 133.8 Russia 3.9 11.8 3.3 17.2 4.9 17.2 5.07 11.9 5.5 2.6 40.6 (77.7) Yugoslavia - - - - - - - 0.0 - - Others 15.4 39.3 6.5 10.8 7.1 10.8 5.18 6.3 0.8 3.2 (94.7) (91.9) Total 230.8 1,103.3 166.3 858.9 248.2 858.9 297.43 879.3 215.0 853.7 (6.8) (22.6) %Share Of Continent 35.0 27.4 28.9 21.9 32.3 21.9 32.85 21.6 31.70 21.4 (9.5) (21.8) America: Brazil 0.4 6.8 - 40.3 - 40.3 0.00 16.7 0.1 58.0 (82.7) 754.4 Canada 2.8 27.1 1.9 14.1 3.5 14.1 3.51 14.6 4.3 15.8 53.0 (41.7) Cuba - 0.0 - 0.0 - 0.0 - 0.5 - 0.1 6,873.8 Mexico 0.7 0.8 0.4 0.8 0.94 3.2 0.4 5.3 (42.0) 580.4 United States 35.4 229.6 19.3 291.0 49.4 291.0 77.34 247.4 60.8 301.1 71.7 31.1 Others 7.3 3.2 7.6 2.1 5.0 2.1 2.98 1.9 0.4 1.9 (95.0) (40.2) Total 46.7 267.4 29.2 348.5 58.7 348.5 84.77 284.4 66.0 382.1 41.4 42.9 %Share Of Continent 7.1 6.6 5.1 8.9 7.6 8.9 9.36 7.0 9.72 9.6 37.3 44.4 Asia: China, Mainland 44.6 1,272.2 36.9 1,253.8 74.6 1,253.8 65.89 1,326.1 54.3 829.6 21.8 (34.8) China, Taiwan 4.4 15.4 3.7 12.7 2.0 12.7 5.77 14.8 3.6 17.0 (19.9) 10.5 Hong Kong 4.2 1.7 3.8 2.0 3.9 2.0 6.54 1.8 4.7 104.1 9.8 6,110.4 India 19.0 346.6 7.6 329.1 15.4 329.1 10.11 263.4 9.7 240.6 (48.8) (30.6) Indonesia 8.9 84.1 6.6 76.2 3.2 76.2 7.08 73.6 13.3 53.0 49.0 (37.0) Israel 13.5 9.0 15.3 3.4 17.7 3.4 19.56 12.2 17.9 53.2 32.7 493.1 Japan 19.6 171.9 18.2 191.2 17.7 191.2 43.27 159.0 17.5 115.5 (10.7) (32.8) N.Korea, Pdrk 0.4 1.9 0.0 0.8 0.1 0.8 0.32 0.9 0.2 18.4 (46.6) 856.0 S.Korea 9.4 41.8 12.0 37.8 14.7 37.8 18.31 49.8 12.4 107.8 31.9 157.8 Kuwait 0.4 192.4 0.2 212.4 0.4 212.4 0.64 111.3 0.6 125.6 83.3 (34.8) Lebanon 0.1 1.4 0.2 0.6 0.3 0.6 0.74 1.3 0.5 34.6 455.2 2,442.7 Malaysia 2.2 68.4 0.7 79.0 0.2 79.0 0.43 88.6 0.0 67.3 (98.1) (1.6) Pakistan 10.6 5.5 20.9 10.0 15.7 10.0 1.47 10.0 3.6 55.6 (66.5) 906.4 Saudi Arabia 39.2 68.9 44.7 100.5 50.3 100.5 61.23 150.8 39.1 141.2 (0.5) 105.0 Singapore 0.5 9.9 0.6 3.5 0.8 3.5 2.29 6.2 2.6 3.6 455.1 (63.6) Yemen 3.4 1.3 5.7 0.5 4.5 0.5 6.68 1.1 17.4 16.0 415.6 1,111.5 Thailand 1.4 30.4 0.7 33.3 0.6 33.3 1.28 44.9 1.1 59.9 (17.8) 97.2 UAE 22.0 99.7 21.7 103.7 39.9 103.7 35.92 90.6 30.8 52.0 40.3 (47.8) Others 14.2 90.7 44.8 94.1 42.5 94.1 41.77 189.7 16.4 498.0 14.9 449.1 Total 218.0 2,513.2 244.4 2,544.4 304.6 2,544.4 329.32 2,596.1 245.6 2,593.1 12.7 3.2 %Share Of Continent 33.1 62.3 42.5 64.9 39.7 64.9 36.37 63.8 36.20 65.0 9.4 4.2 Oceania: Australia 4.3 1.8 2.5 6.0 4.6 6.0 9.52 7.8 5.6 4.5 31.1 146.3 Others 1.4 1.8 1.1 1.9 0.4 1.9 1.27 1.3 2.6 1.8 84.5 2.7 Total 5.6 3.6 3.7 7.9 5.0 7.9 10.79 9.0 8.1 6.4 44.3 75.6 % Share Of Continent 0.9 0.1 0.6 0.2 0.7 0.2 1.19 0.2 1.20 0.2 40.1 77.4 Unspecified Unspecified - - - - - - - - - Grand Total Grand Total 658.9 4,031.7 575.0 3,921.2 768.1 3,921.2 905.5 4,069.0 678.5 3,990.8 3.0 (1.0) Table 22 B: Direction of Trade* Source: Ethiopian Revenues and Customs Authority

• Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All import data are updated based on revised data from the Ethiopian Revenues and Customs Authority, while export data includes electricity export

108 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Period Coffee Oil Seeds Leather and Leather productsa Pulses Meat & Meat Prodts. Fruits & Veget. Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 2013/14 Qtr I 40,607.4 42,396.2 1,234.0 73,940.7 3,970.4 34,044.8 - 1.9 - 36,179.2 13,399.0 - 55.0 12.4 615.5 5,348.4 Qtr II 25,462.9 60,204.0 1,567.6 83,661.8 3,129.6 35,983.1 - 3.4 - 24,390.8 13,022.5 - 96.0 21.2 - 5,236.4 Qtr III 44,320.0 135,867.8 1,296.4 110,039.3 3,604.9 36,447.0 - 3.3 - 26,373.3 12,957.9 - 88.5 28.1 91.5 4,519.8 Qtr IV 79,279.1 75,058.6 1,475.0 85,380.4 4,267.0 38,961.4 - 3.0 - 18,884.1 12,310.4 - 95.2 26.2 44.9 3,533.7 2014/15 Qtr I 42,147.5 46,714.0 1,551.2 91,360.5 4,900.0 35,556.8 - 2.1 - 31,243.4 11,942.5 - 120.5 42.4 0.2 3,144.5 Qtr II 30,419.0 66,114.6 1,423.6 82,896.7 4,403.3 41,231.9 - 1.9 - 16,407.3 15,207.7 - 121.0 67.7 - 2,812.5 Qtr III 37,737.8 117,147.9 1,548.2 100,900.5 4,829.0 34,875.2 - 3.4 - 12,436.6 11,851.5 - 87.5 20.9 8.1 5,247.5 Qtr IV 73,566.5 89,485.4 1,651.9 65,579.2 4,902.2 38,484.8 - 1.7 - 17,773.1 10,202.4 - 191.4 16.7 - 3,653.8 2015/16 Qtr I 48,791.9 39,036.0 1,521.5 77,378.6 5,059.4 43,459.6 - 2.3 - 38,543.2 13,054.8 - 69.5 52.9 - 3,151.8 Qtr II 38,987.8 75,681.3 1,475.1 95,395.4 4,413.4 41,617.8 - 2.1 - 14,341.2 11,926.0 - 76.3 46.0 - 3,044.3 Qtr III 43,718.5 201,471.9 1,367.2 102,695.8 4,670.3 41,743.5 - 1.9 - 10,972.9 11,060.7 - 35.4 63.0 0.3 3,068.1 Qtr IV 67,160.0 120,384.3 1,619.6 99,955.3 4,822.0 40,255.5 - 2.4 - 13,921.7 10,958.7 - 86.5 24.0 - 3,017.3 2016/17 Qtr I 47,935.3 62,849.2 1,241.0 73,722.9 4,499.5 42,284.5 - 1.7 - 17,869.7 13,565.9 - 65.0 56.4 - 3,446.1 Qtr II 37,490.2 69,630.3 1,629.5 108,149.0 4,735.7 45,227.6 - 0.8 - 5,183.1 12,078.8 - 51.0 40.1 - 3,334.2 Qtr III 54,698.0 102,931.1 1,386.1 139,885.6 4,958.6 43,550.3 26,514.6 1.4 - 5,170.2 11,576.4 - 98.3 92.7 - 3,814.4 Qtr IV 85,623.5 98,103.5 1,633.5 70,985.8 5,371.1 47,506.8 24,612.0 1.9 - 7,843.6 11,597.1 - 88.0 40.1 - 5,598.2 2017/18 Qtr I 55,862.3 69,482.8 1,578.5 68,758.6 4,697.6 46,826.2 15,330.8 0.8 - 15,182.6 11,209.9 - 18.0 33.7 847.1 5,172.8 Period Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices others Electricity(in ‘1000’ kwh) others* Re￾Exports Grand Total* 2013/14 Qtr I 798.7 868.9 - - - 149.9 - 9,122.6 739.7 4,173.4 26,276.4 231,466.1 227,486.9 - 473,315.4 Qtr II 544.4 1,119.3 - - - 204.7 - 10,208.7 681.5 5,194.0 31,560.3 180,250.5 167,731.1 - 415,252.9 Qtr III 1,510.2 785.6 - - - 207.3 - 12,670.2 387.4 6,663.8 47,816.9 154,391.3 193,582.5 - 564,581.0 Qtr IV 16,794.7 629.2 - - - 180.5 - 12,719.0 393.2 5,230.0 65,437.2 216,445.6 243,120.7 - 558,834.9 2014/15 Qtr I 20,858.8 771.6 - - - 137.5 - 10,011.2 687.0 4,473.9 58,000.6 276,751.7 285,642.7 - 551,181.3 Qtr II 4,762.0 725.6 - - - 277.4 - 10,745.3 736.5 5,172.3 52,670.6 177,651.9 187,661.6 - 445,888.6 Qtr III 6,371.3 899.6 - - - 165.4 - 12,210.0 650.0 4,809.6 63,125.8 180,315.0 222,371.1 - 543,788.7 Qtr IV 7,179.9 1,075.9 - - - 100.9 - 13,364.2 916.5 4,690.7 52,407.4 100,549.2 150,380.1 - 452,218.5 2015/16 Qtr I 3,078.6 510.0 - - - 250.0 - 12,506.6 1,177.3 2,397.0 42,680.0 90,814.7 65,804.0 - 332,720.8 Qtr II 1,960.2 606.5 - - - 97.3 - 12,124.5 911.4 3,130.1 36,187.0 78,550.6 58,107.4 - 342,023.7 Qtr III 4,816.3 628.9 - - - 176.6 - 13,522.0 978.8 4,220.0 49,792.4 80,427.7 77,266.5 - 495,004.5 Qtr IV 1,548.4 605.5 - - - 68.7 - 12,476.0 1,146.1 3,627.7 55,732.5 252,509.6 78,246.4 - 437,412.3 2016/17 Qtr I 564.6 574.0 - - - 147.1 - 11,639.6 716.8 2,592.1 59,770.4 324,347.3 79,507.1 - 343,541.7 Qtr II 2,079.4 581.0 - - - 63.4 - 10,694.7 727.2 2,084.0 75,453.8 237,278.9 95,057.9 379,233.8 Qtr III 11,860.4 811.5 - - - 182.0 - 13,087.4 1,626.9 4,003.3 53,496.2 304,156,870.4 88,974.8 479,745.5 Qtr IV 14,504.4 1,966.6 - - - 392.5 - 35,421.8 3,070.9 8,679.4 188,720.3 304,718,496.6 263,539.8 1,202,521.0 2017/18 Qtr I 6,652.9 497.6 - - - 125.3 - 12,373.4 848.7 2,930.8 12,378.2 407,081.0 6,053.6 295,001.7 Table 23: Volume of Exports, by major commodity groups (In metric tone) Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Table 23 continued: Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU)

First Quarter 2017/18 109 National Bank of Ethiopia Quarterly Bulletin Period Coffee Oil Seeds Leather and Leather products Pulses Meat & Meat Prodts. Fruits & Vegetables Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 2013/14 Qtr I 2,571,879.0 1,368,355.6 599,030.0 888,604.3 376,049.1 185,036.5 - 1,465,413.1 - 1,196,022.7 1,427,123.2 - 8,236.9 3,479.0 16,932.1 535,850.0 Qtr II 1,613,907.4 2,590,227.1 665,155.3 1,129,528.2 298,628.0 262,105.3 - 2,225,243.1 - 788,435.1 1,370,729.0 - 14,174.6 20,383.5 - 553,399.1 Qtr III 3,166,700.9 5,770,739.3 614,057.6 1,569,048.7 331,095.2 237,001.3 - 2,407,850.1 - 874,204.6 1,425,240.4 - 14,660.4 34,634.0 2,026.1 497,720.3 Qtr IV 6,355,627.0 2,747,887.4 596,407.4 1,203,261.5 418,241.3 235,010.3 - 2,623,684.5 - 694,613.6 1,405,654.3 - 14,974.1 27,925.5 1,097.7 513,947.9 2014/15 Qtr I 3,601,606.6 1,782,898.7 650,939.8 1,231,102.4 472,079.6 202,646.3 - 1,548,672.6 - 1,182,546.9 1,316,314.0 - 21,439.2 74,818.5 4.7 420,448.1 Qtr II 2,518,466.4 2,455,328.1 599,692.0 1,157,023.0 416,795.9 256,407.2 - 1,283,486.7 - 615,036.7 1,658,532.6 - 21,584.3 82,407.5 - 364,718.9 Qtr III 3,450,896.6 3,515,303.7 693,219.4 1,243,523.4 473,887.8 245,897.6 - 2,365,432.6 - 462,946.5 1,325,665.8 - 16,251.3 23,524.2 231.2 779,611.1 Qtr IV 6,163,963.7 2,515,767.2 700,896.3 777,563.1 503,104.9 251,662.8 - 1,201,434.5 - 716,026.0 1,167,518.1 - 36,452.2 21,895.9 - 404,544.2 2015/16 Qtr I 3,833,482.6 1,117,113.7 611,869.3 1,008,591.8 536,437.9 284,426.1 - 1,533,270.3 - 1,513,932.1 1,513,299.6 - 12,738.4 43,474.1 - 462,484.5 Qtr II 2,483,305.9 1,744,207.0 599,845.6 1,270,029.4 461,902.7 285,570.3 - 1,353,852.9 - 562,849.1 1,382,213.4 - 14,306.0 40,780.4 - 399,474.2 Qtr III 3,468,404.8 4,246,993.0 565,811.7 1,296,829.9 503,926.1 283,215.6 - 1,428,736.5 - 444,847.3 1,286,804.4 - 7,269.8 44,244.5 11.6 384,833.8 Qtr IV 5,482,069.8 2,968,529.5 646,580.3 1,311,552.3 524,281.7 274,857.8 - 1,797,371.7 - 568,958.9 1,329,711.3 - 17,011.9 23,065.2 - 387,202.4 2016/17 Qtr I 3,967,681.8 1,566,890.8 568,470.1 1,122,225.5 481,858.7 294,980.9 - 1,429,988.7 - 729,289.6 1,646,044.2 - 12,745.7 41,717.5 - 461,145.8 Qtr II 2,947,226.4 1,545,549.7 642,588.0 1,736,431.3 533,074.7 325,785.5 - 751,520.3 - 214,348.9 1,504,475.1 - 10,395.4 29,485.2 - 457,402.5 Qtr III 5,262,982.6 2,447,326.6 570,064.3 2,162,962.1 562,140.8 305,094.6 59,869.5 1,020,138.3 - 212,897.5 1,460,530.3 - 19,689.2 33,777.3 - 516,886.8 Qtr IV 7,719,668.1 2,331,595.4 777,873.3 1,254,944.0 637,647.6 331,887.5 55,562.2 1,482,343.4 - 349,972.8 1,502,640.1 - 17,736.4 32,881.4 - 568,850.6 2017/18 Qtr I 5,011,278.9 1,744,858.8 769,892.0 1,067,855.7 562,830.8 362,770.1 73,122.1 665,027.0 - 698,508.0 1,478,336.7 - 3,557.0 32,525.6 35,581.4 709,998.2 Period Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity Others* Re￾Exports Grand Total 2013/14 Qtr I 27,777.7 56,608.7 - - - 9,910.9 - 739,115.1 19,556.9 98,147.1 232,015.9 246,301.2 556,261.1 - 10,642,011.4 Qtr II 12,120.4 65,847.1 - - - 12,728.3 - 854,266.7 19,129.7 127,691.9 281,688.8 195,216.0 573,782.6 - 11,531,915.6 Qtr III 25,020.0 60,823.9 - - - 13,211.0 - 1,144,376.3 10,384.1 178,127.8 338,092.0 177,870.4 534,380.4 - 16,944,978.8 Qtr IV 148,196.5 48,180.1 - - - 11,376.5 - 1,079,625.9 10,824.2 157,185.1 503,732.9 244,529.2 542,971.1 - 16,838,332.5 2014/15 Qtr I 150,602.4 48,948.6 - - - 9,515.4 - 863,071.8 17,535.0 139,740.1 478,824.0 301,877.0 495,271.3 - 12,505,517.4 Qtr II 45,667.0 50,931.2 - - - 18,480.8 - 941,129.2 19,768.7 214,032.2 317,035.8 205,459.1 447,126.3 - 11,429,479.3 Qtr III 56,976.5 61,952.4 - - 250.9 12,177.2 - 1,114,876.6 17,489.8 166,314.2 352,692.1 213,847.8 803,366.5 - 14,596,391.3 Qtr IV 66,311.1 69,121.8 - - - 5,966.7 - 1,167,788.6 25,107.6 127,762.9 308,093.4 136,269.2 426,440.1 - 14,460,828.7 2015/16 Qtr I 46,093.6 34,858.5 - - - 18,622.2 - 1,112,635.2 27,384.6 81,105.8 315,695.1 114,332.7 505,958.6 - 12,471,120.4 Qtr II 38,982.5 43,255.5 - - - 6,606.4 - 1,106,521.3 23,434.3 136,724.0 399,943.1 163,153.9 440,254.6 - 10,598,336.7 Qtr III 66,187.9 47,327.0 - - - 11,996.9 - 1,336,078.8 26,837.9 208,123.7 464,528.4 116,892.4 429,090.0 - 13,961,929.1 Qtr IV 33,947.1 50,557.3 - - - 4,703.2 - 1,182,616.7 32,124.9 140,268.6 366,561.1 322,189.2 410,267.5 - 15,331,192.7 2016/17 Qtr I 15,454.2 41,522.2 - - - 10,707.8 - 1,105,141.9 20,112.7 131,608.9 399,219.0 394,411.6 502,863.3 - 12,323,039.3 Qtr II 38,022.8 56,872.0 - - - 3,649.7 - 1,045,226.3 20,345.6 111,679.5 500,765.3 300,236.0 486,887.7 10,698,282.9 Qtr III 102,075.8 64,418.2 - - - 13,778.9 - 1,366,378.5 22,716.2 176,613.4 593,113.2 384,298,139.3 550,664.1 14,634,359.9 Qtr.IV 195,142.1 118,724.1 - - - 22,421.8 - 2,287,106.8 36,930.9 302,310.0 1,015,628.9 671,946,659.6 940,887.8 - 25,243,562.2 2017/18 Qtr I 64,616.7 38,735.4 - - - 10,124.9 - 1,266,346.4 22,799.0 101,110.0 443,307.7 517,682.4 778,105.2 - 13,216,142.3 Table 24: Value of Exports, by Major Commodity Groups Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU)

110 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 2013/14 Qtr I 1,214.50 162.82 18.60 0.01 11,977.88 673.82 1,533.76 689.91 466.97 1,446.02 512.47 Qtr II 3,912.89 123.78 26.57 0.00 10,005.69 899.34 3,727.56 746.96 580.05 1,624.78 563.80 Qtr III 2,580.66 139.43 31.77 - 12,565.02 899.46 1,062.07 421.08 600.64 1,361.11 501.89 Qtr IV 1,457.77 107.81 14.50 0.01 13,071.29 1,174.41 1,485.09 531.34 538.84 1,426.34 414.41 2014/15 Qtr I 3,614,064 169,116 18,366 45 11,125,318 929,302 1,310,143 242,236 483,501 1,587,620 522,434 Qtr II 3,357,999 148,421 22,050 71 11,793,269 954,461 1,081,713 1,269,710 607,792 1,426,216 514,790 Qtr III 3,352,714 165,580 29,315 - 7,415,455 899,651 2,045,870 209,194 582,277 1,477,470 578,833 Qtr IV 2,830,621 86,928 25,046 84 9,488,497 968,581 4,204,046 847,847 513,167 1,488,362 446,776 2015/16 Qtr I 2,723,464 177,134 37,401 47 7,269,778 910,225 1,649,390 328,325 582,691 1,649,379 495,802 Qtr II 5,738,333 204,992 48,584 50 7,186,215 723,846 1,859,882 1,191,311 680,624 1,572,598 567,087 Qtr II 9,814,431 198,590 31,413 5 5,534,198 816,529 1,861,968 292,866 692,295 1,603,370 691,583 Qtr IV 6,316,660 165,606 36,197,015,302 1,166,104 5,120,080 719,231 738,846 1,525,275 771,085 2016/17 Qtr I 5,174,484 178,486 25,900 25 7,368,400 981,066 1,535,843 645,674 921,470 1,676,917 638,321 Qtr II 2,903,309 161,168 32,573 7 9,329,022 668,951 3,447,434 897,417 664,975 1,619,764 666,069 Qtr III 4,038,531 155,586 27,239 84 10,738,561 610,163 2,208,577 279,284 585,677 1,659,964 602,408 Qtr IV 2,714,657 204,161 36,574 3,613 9,889,954 1,063,782 5,087,230 269,118 917,879 1,751,928 550,387 2017/18 Qtr I 5,097,596 242,383 22,093 - 10,217,553 964,874 2,132,654 332,193 714,235 1,687,081 657,329 Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 2013/14 Qtr I 898.34 1,449.01 512.14 6,152.31 6,034.47 5,872.10 3,262.23 979.20 119.79 11,695.40 54,692.57 Qtr II 1,598.12 1,402.83 511.06 6,756.67 9,088.29 6,467.33 4,629.24 3,057.44 43.64 13,375.43 66,084.04 Qtr III 1,115.79 1,245.78 441.22 6,679.06 10,213.75 5,180.81 9,587.40 1,013.71 59.85 16,003.64 70,690.42 Qtr IV 1,010.49 1,344.82 477.98 10,351.40 11,438.35 6,299.96 5,256.41 553.25 126.27 13,842.84 70,370.33 2014/15 Qtr I 1,382,449 1,854,400 607,650 11,404,893 9,246,269 5,960,021 6,591,109 689,775 68,975 15,229,957 72,347,869 Qtr II 1,413,409 1,762,478 648,320 12,737,671 12,380,955 8,060,575 11,072,288 610,477 452,791 17,934,138 87,639,117 Qtr III 1,543,161 1,637,457 641,197 12,771,367 12,115,191 8,753,874 12,305,462 791,821 473,791 17,664,885 84,662,746 Qtr IV 1,480,110 1,548,163 580,113 8,717,207 11,964,849 8,697,385 13,282,677 879,719 493,615 18,480,428 86,144,501 2015/16 Qtr I 1,398,135 2,064,413 627,591 12,299,464 11,948,027 8,470,542 15,447,371 818,473 149,425 17,180,363 85,408,968 Qtr II 1,579,650 2,135,932 729,110 11,408,166 13,931,995 11,836,615 8,447,821 905,411 757,068 16,688,579 87,288,459 Qtr III 1,460,601 1,806,638 616,393 12,441,279 19,369,129 6,876,924 6,173,385 1,067,599 190,054 22,173,067 92,644,720 Qtr IV 1,230,856 1,983,777 758,872 10,601,333 12,881,820 6,575,215 7,347,648 825,910 115,616 22,602,181 87,671,709 2016/17 Qtr I 1,383,978 2,192,374 808,926 10,290,955 12,737,311 7,965,263 7,595,439 988,419 7,308,290 23,229,128 92,658,249 Qtr II 1,645,039 2,105,322 833,900 11,428,967 13,511,699 9,629,018 7,410,779 926,544 223,723 19,981,624 74,681,931 QtrIII 1,150,448 1,981,457 935,599 9,347,851 14,717,861 8,580,209 5,905,610 1,009,261 59,694 19,971,213 83,556,015 Qtr IV 1,237,227 2,250,547 798,397 10,504,708 16,014,724 7,324,469 9,174,224 923,184 138,938 23,370,095 93,302,613 2017/18 Qtr I 1,317,775 2,341,556 851,532 10,705,075 17,029,020 7,851,355 7,957,574 1,406,934 131,105 22,507,995 92,760,976 Table 25: Value of Imports, by Major Commodity Groups** (In 000 birr) Source: Ethiopian Revenues and Customs Authority

• Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority Table 25 continued: Source: Ethiopian Revenues and Customs Authority
• Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority

First Quarter 2017/18 111 National Bank of Ethiopia Quarterly Bulletin Categories 2015/16 2016/17 2017/18 Qtr I Qtr II Qtr III Qtr IV Annual Qtr I Qtr II Qtr III Qtr IV Annual Qtr I Raw Materials 932.87 711.34 722.62 780.44 3,147.26 836.64 761.61 516.87 694.11 2,809.23 727.38 Semi-finished Goods 14,553.33 11,787.57 17,132.78 17,734.08 61,207.76 13,774.36 13,368.46 12,979.43 18,718.24 58,840.49 16,492.75 Chemicals 1,742.84 1,519.96 1,718.58 2,408.58 7,389.96 2,289.95 1,383.79 1,426.13 2,424.31 7,524.19 2,476.65 Fertilizers 199.33 474.66 4,787.39 3,706.22 9,167.59 88.79 1,509.88 2,406.27 4,349.93 8,354.88 132.00 Textile Materials 283.70 403.66 309.80 338.44 1,335.60 339.85 424.76 370.75 445.54 1,580.89 338.43 Others 12,327.46 9,389.30 10,317.01 11,280.84 43,314.60 11,055.77 10,050.03 8,776.28 11,498.44 41,380.52 13,545.67 Fuel 7,692.76 7,531.00 5,667.15 7,355.44 28,246.34 8,174.61 10,377.97 11,462.17 10,925.45 40,940.19 10,727.08 Crude petroleum 0.05 0.05 0.00 0.01 0.11 0.03 0.01 0.08 3.61 3.73 - Petroleum Products 7,269.78 7,186.22 5,534.20 7,015.30 27,005.49 7,812.91 9,779.33 11,196.39 10,354.65 39,143.28 10,217.55 Others 422.94 344.73 132.94 340.13 1,240.74 361.67 598.64 265.69 567.19 1,793.18 509.53 Capital Goods 38,414.82 38,285.67 36,607.93 30,635.05 143,943.46 31,112.00 35,495.51 33,157.35 35,520.33 135,285.20 34,396.82 Transport 7,997.99 11,079.66 6,546.50 6,738.71 32,362.86 7,642.28 9,673.61 7,953.13 6,736.56 32,005.58 6,837.73 Tyres for Heavy Vehicles 662.76 685.07 732.36 738.62 2,818.81 816.06 871.22 745.37 753.93 3,186.58 710.84 Heavy Road Motor Veh. 6,110.87 5,748.53 4,131.49 4,529.14 20,520.03 5,587.41 6,029.64 5,627.27 5,155.86 22,400.17 5,442.57 Aircraft 451.90 295.67 1,500.12 1,215.27 3,462.96 828.18 1,142.15 815.76 576.69 3,362.78 628.38 Others 772.46 4,350.40 182.52 255.68 5,561.06 410.63 1,630.60 764.73 250.08 3,056.05 55.94 Agricultural 485.43 399.57 321.67 554.70 1,761.37 476.95 553.55 352.96 307.92 1,691.39 230.80 Industrial 29,931.40 26,806.44 29,739.75 23,341.63 109,819.23 22,992.77 25,268.36 24,851.26 28,475.84 101,588.23 27,328.29 Consumer Goods 22,567.00 27,915.50 31,306.78 29,439.43 111,228.72 33,084.51 25,949.60 24,413.52 26,177.38 109,625.01 28,081.71 Durables 7,625.35 8,908.65 9,214.17 7,314.07 33,062.24 14,574.92 7,774.60 7,950.54 7,846.70 38,146.76 9,037.12 Radio & T.V. 682.43 1,162.79 596.10 628.18 3,069.50 7,769.98 713.57 490.66 582.46 9,556.66 960.20 Tyres for cars & Other Veh. 274.25 295.53 327.38 314.37 1,211.53 319.26 344.35 382.72 388.74 1,435.07 371.40 Cars & Other Veh. 2,161.20 2,556.27 2,615.23 2,009.62 9,342.33 2,355.92 2,770.67 2,373.24 2,417.90 9,917.73 2,778.88 Others 4,507.47 4,894.06 5,675.46 4,361.89 19,438.89 4,129.77 3,946.01 4,703.92 4,457.60 17,237.31 4,926.63 Non-durables 14,941.65 19,006.85 22,092.61 22,125.37 78,166.48 18,509.59 18,175.00 16,462.98 18,330.68 71,478.24 19,044.60 Cereals 2,475.92 5,020.68 9,251.20 5,108.93 21,856.74 4,545.45 2,686.95 3,355.88 1,775.40 12,363.68 4,570.44 Other Food 2,848.80 3,175.29 3,517.57 3,710.62 13,252.27 3,600.41 3,167.24 3,440.85 2,798.54 13,007.05 2,881.45 Medical & Pharmaceuticals 2,127.92 3,284.74 2,286.85 5,936.65 13,636.15 2,280.23 4,501.90 2,691.48 5,554.59 15,028.19 2,662.03 Textile Fabrics 3,442.98 3,381.36 3,029.47 3,202.31 13,056.13 3,328.01 3,166.57 3,068.68 3,416.06 12,979.33 3,714.83 Others 4,046.01 4,144.78 4,007.53 4,166.87 16,365.19 4,755.49 4,652.34 3,906.08 4,786.08 18,099.98 5,215.85 Miscellaneous 1,248.19 1,057.38 1,207.47 1,727.28 5,240.32 1,896.57 1,658.14 1,484.51 1,731.80 6,771.02 2,335.22 Total Imports 85,408.97 87,288.46 92,644.72 87,671.71 353,013.86 88,878.69 87,611.29 84,013.85 93,767.31 354,271.13 92,760.98 TABLE 26: Value Of Imports, bY End-Use** (In Millions of Birr) Source: Ethiopian Revenues and Customs Authority.

• Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority

112 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 2014/15 Qtr I 452,242 5,510 192 0 623,917 43,704 2,961 137 11,429 23,016 24,093 Qtr II 405,413 4,881 292 0 706,967 46,958 3,034 396 14,814 20,773 27,105 Qtr III 414,382 5,317 353 - 685,107 40,989 4,505 159 13,203 21,346 24,651 Qtr IV 284,718 3,349 312 7 806,068 50,393 3,304 258 12,106 22,484 20,575 2015/16 Qtr I 309,617 5,615 383 1 714,115 49,882 2,719 246 14,931 61,333 23,395 Qtr II 755,321 5,770 562 0 762,331 39,561 3,064 351 16,198 74,484 27,056 Qtr III 1,372,229 5,430 399 0 808,630 39,509 3,017 199 15,933 52,628 31,506 Qtr IV 725,765 5,419 375 0 758,484 56,525 5,355 485 19,263 53,955 38,983 2016/17 Qtr I 656,575 7,189 257 1 775,800 52,454 4,200 147 19,567 27,537 30,827 Qtr II 377,203 5,792 494 0 871,156 47,715 5,384 322 16,095 27,204 30,786 QIII 450,363 5909.05859 352 0.4621 915,650 31761.66576 5,462 183.12774 12,043 25729.27817 28,015 QIV 243,404 7731.98879 403 71.145 876,711 41864.5013 7,640 199.93632 17,801 27886.63827 24,745 2017/18 Qtr I 571,803 6,717 226 - 884,058 43,516 4,569 184 27,280 26,124 29,369 Table 28 (continued): Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 2014/15 Qtr I 18,944 13,854 57,150 446,523 132,764 43,686 31,154 64,668 71 546,488 2,477,835 Qtr II 21,253 73,876 57,016 391,995 57,415 57,023 36,316 56,541 125 867,567 2,793,218 Qtr III 21,377 11,655 50,110 385,687 52,948 49,581 40,602 63,652 119 796,687 2,618,778 Qtr IV 20,196 10,964 51,224 422,486 45,408 61,239 122,576 73,993 189 794,714 2,732,570 2015/16 Qtr I 20,088 16,100 54,112 607,536 56,640 61,333 33,241 68,343 181 726,416 2,757,885 Qtr II 26,322 15,053 62,474 440,523 63,679 74,484 30,871 74,409 114 681,956 3,080,173 Qtr III 24,294 12,265 57,804 597,514 73,222 52,628 33,303 88,324 144 982,143 4,162,797 Qtr IV 20,960 11,995 63,517 526,856 64,956 53,955 30,962 67,109 67 1,383,463 3,821,341 2016/17 Qtr I 25,573 13,743 82,721 529,924 137,363 63,505 33,925 81,636 92 821,925 3,283,325 Qtr II 34,732 12,758 88,206 516,123 67,011 79,084 29,758 80,150 61 945,041 3,154,925 Qtr III 21,762 11923.84086 87,517 341447.3752 64,339 151947.3262 28,805 94561.88505 43 852618.0043 3,035,870 Qtr IV 23,505 13512.66092 73,709 429517.7858 62,441 56958.21949 34,794 84698.61926 84 1204838.776 3,147,818 2017/18 Qtr I 25,188 14,863 73,124 473,736 64,428 60,789 34,883 126,289 50 817,233 3,158,141 Table 27: Volume of Imports, by Major Commodity Groups** (In Metric Tons) ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority

First Quarter 2017/18 113 National Bank of Ethiopia Quarterly Bulletin Sector/Sub-sector 2007 (2014/15) 2008 (2015/16) 2009(2016/17) 2010(2017/18) QII** QIII** QIV QI QII QIII QIV QI QII QIII QIV QI No of projects Investment capital No of projects Investment capital No of projects Investment capital No of projects Investmentb capital No of projects Investment capital No of projects Investment capital No of projects Investment capital No of projects Investment capital No of projects Investment capital No of projects Investment capital No of projects Investment capital No of projects Investment Capital Manufacturing 3 25.0 6 54.0 4 20.5 13 101.4 5 33.2 2 15.9 28 1332.5 49 552.409489 47 550.3 17 177.346146 18 247.079545 25 361.4 Agriculture, hunting and forestry 2 24.5 65 252.9 32 56.3 2 8.5 5 43.295 2 10.5 2 5.43 4 34.3 Real estate, renting and business activities 2 4.0 3 7.5 82 215.1 595 3365.4 5 7.4 11 54.0 22 117.0 26 5115.36854 11 46.2 33 535.254 8 29.6245 17 55.2 Hotels and restaurants 1 54.0 1 1.1 1 6.54 Education 3 7.1 4 6.121112 Health and social work 1 4.0 2 13.41 1 0.3 1 40.0 Construction 5 15.5 2 6.0 25 62.6 29 219.7 43 274.5 67 436.746625 60 347.6 44 126.306234 27 81.2485 53 171.8 Wholesale, retail trade and repair service Transport, storage and communication 1 0.9 1 0.9 2 5.7 1 2.4 2 2.6 1 3.325 1 4.4 Mining and Quarrying 1 0.6 1 1.1.0 3 9.5 2 7.1505 4 9.59836 2 2 1 40.0 Electricity, gas, steam and water supply Construction machinery leasing 1 6.2 2 6.4 Fishing Other community, social and personal service activities 1 2.5 2 0.9 1 4.0 2 1.53 3 8.1 Others 1 1.9 Grand Total 14 73.9 11 67.5 179.0 608.5 674.0 3750.0 14.0 54.3 16.0 77.2 104.0 1752.7 156 6181.7 124 962.9749009 105.0 864.5 394.292545 97 668.5 Table 28: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector (capital in millions of Birr) Source: Ethiopia Investment Agency. *Projects with Initial Investment Capital below Birr 250,000 are not included.

114 First Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Sector/Sub-sector 2008 (2015/16) 2009(2016/17) 2010(2017/18) QI QII QIII QIV QI QII QIII QIV QI Perm. Tempo. Perm. Tempo. Perm. Tempo. Perm. Tempo. Perm. Tempo. Perm. Tempo. Perm. Tempo. Perm. Tempo. Perm. Tempo. Manufacturing 516 204 660 140 8 2 1007 513 1760 1521 1921 1055 417 150 490 286 852 339 Agriculture, hunting and forestry 2644 14 10 87 190 21 525 5430 18 99 76 Real estate, renting and business activities 3286 3169 150 32 61 22 227 126 256 69 69 24 4569 44 62 40 150 82 Hotels and restaurants 50 50 10 25 Education 49 13 89 Health and social work 15 4 6 Construction 451 5 20 26 32 591 1549 1125 2619 1617 2291 324 161 250 111 518 522 Wholesale, retail trade and repair service Transport, storage and communication 13 2 7 3 14 12 15 15 3 2 Mining and Quarrying 3 60 11 70 23 10 48 63 16 44 35 135 23 120 25 150 Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities 10 6 15 20 16 7 22 1 Others 12 4 Grand Total 4,279 6,085 848 285 118 66 2,000 2,336 3,312 4,499 3,655 3,896 510 924 633 1,549 1,093 Table 29: Expected Employment Creation of Approved Domestic $ Foreign Investment Projects by Sector[PERMANENT & TEMPORARY] Source: Ethiopia Investment Agency. *Projects with Initial Investment Capital below Birr 250,000 are not included. 41

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National Bank of Ethiopia Quarterly Bulletin First Quarter2017/18 Fiscal Year Series Volume 34 No. 1 Addis Ababa 2018 National Bank of Ethiopia Quarterly Bulletin Volume 34, No. 1