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National Bank of Ethiopia Quarterly Bulletin First Quarter 2019/20

The National Bank of Ethiopia publishes the First Quarter 2019/20 Quarterly Bulletin, presenting macroeconomic and social indicators, energy production data, price developments, monetary trends, external sector performance, and government finance statistics for the period. The document provides detailed statistical tables covering GDP growth, inflation rates, money supply, interest rates, balance of payments, and banking system activities. It reports on international economic developments, including global PMI trends and OECD inflation metrics, alongside specific data on Ethiopia's trade, exchange rates, and treasury bill market.

Ethiopia

National Bank of Ethiopia

Addis Ababa 2020 Quarterly Bulletin First Quarter 2019/20 Fiscal Year Series Volume 36 No. 1 የኢትዮጵያ ብሔራዊ ባንክ National Bank of Ethiopia

National Bank of Ethiopia (Central Bank)

: nbe.edpc@ethionet.et : http://www.nbe.gov.et Prepared By: Domestic Economic Analysis & Publications Directorate Domestic Economic Analysis & Publications Directorate National Bank of Ethiopia P. O. Box 5550 Tel. 251 11 558 32 76/ 11 558 31 87 Addis Ababa, Ethiopia National Bank of Ethiopia E-mail Web Site  This Publication can be acquired by subscription or exchange. Please Contact: P.O. Box: 5550, Addis Ababa, Ethiopia Tel. 251-11-551 7430 Tel. 251-11-551 4588 Telegraphic Address: NATIONAL BANK, TELEX 21020, CODES USED PETERSON 3rd & 4th ED BENTLEY’S 2nd PHRAS A.B.C...6th H EDITION

NATIONAL BANK OF ETHIOPIA Quarterly Bulletin Volume 36, No.1 First Quarter 2019/20 Fiscal year Series Addis Ababa 2020 National Bank of Ethiopia (Central Bank)

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 .......................................................... 2 II. Energy Production and Processing .........................................................................................5 2.1: Import of Petroleum Products .................................................................................... 5 2.2: Electric Power Generation ......................................................................................... 9 III. Quarterly Price Developments ...............................................................................................11 3.1: Developments in National CPI .................................................................................. 11 3.2: Developments in Regional Inflation ......................................................................... 14 IV. Monetary Developments .......................................................................................................16 4.1: Money Supply and Credit........................................................................................... 16 4.2: Developments in Reserve Money and Monetary Ratio .......................................... 18 4.3: Interest Rate Developments ...................................................................................... 20 4.4: Developments in the Financial Sector ...................................................................... 22 4.5: Activities of the Banking System................................................................................. 25 4.5.1: Resource Mobilization ................................................................................... 25 4.5.1.1: Deposit Mobilization ................................................................................... 26 4.5.1.2: Collection of Loans ................................................................................ 27 4.5.1.3: Borrowing ................................................................................................ 27 4.5.2: Disbursement of Fresh Loans ....................................................................... 27 4.5.3: Outstanding Credit........................................................................................ 29 4.6: Financial Activities of NBE .......................................................................................... 30 4.7: Developments in Financial Markets .......................................................................... 30 4.7.1:Treasury Bills Market ........................................................................................ 30 4.7.2: Inter-bank Money Market ............................................................................ 33 4.7.3: Corporate Bond Market................................................................................ 33 V. External Sector Developments ...............................................................................................34 5.1: Balance of Payments ................................................................................................ 34 5.2: Balance of Trade ......................................................................................................... 36 5.2.1: Exports of Goods ...................................................................................................... 37 5.2.2: Imports of Goods ...................................................................................................... 41 5.2.3: Direction of Trade ................................................................................................... 43 5.2.3.1: Exports of goods ................................................................................................ 43

5.2.3.2: Imports of goods ............................................................................................... 44 5.3: Services and Transfers ................................................................................................. 45 5.4: Current Account Balance ......................................................................................... 48 5.5: Capital Account .......................................................................................................... 48 5.6: Changes in Reserve Position ..................................................................................... 48 5.7: Developments in Foreign Exchange Market ............................................................ 48 5.7.1: Exchange Rate Movements ........................................................................ 48 5.7.2: Movements in the Real Effective Exchange Rate .................................... 55 5.7.3: Volume of Transactions ................................................................................ 56 VI. Federal Government Finance ................................................................................................57 6.1: Revenue and Grants................................................................................................... 58 6.2: Expenditure................................................................................................................... 60 6.3: Deficit Financing .......................................................................................................... 63 VII. Developments in Investment.................................................................................................64 VIII. International Economic Developments...............................................................................67 8.1: Overview of the World Economy .............................................................................. 67 8.2: Inflation Developments ............................................................................................... 67 8.3: Commodity Price......................................................................................................... 68 8.4: Exchange Rate Development.................................................................................... 68 8.5: Impact of Global Economic Dev't on Ethiopian Economy .................................. 68 Statistical Tables .........................................................................................................................69

First Quarter 2019/20 | I Ethiopia: Macroeconomic and Social Indicators Indicators 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011)

Country Profile Land Area (total, In Sq.Km) 1.14million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million Arable Land ( % of total area ) 45.0 45.0 45.00 NA 15.20 15.2 Irrigated Land ( % of total area ) 3.0 3.0 NA 2,900.00 3,100.00 Population Density (person per sq.km)* 102.1 104.7 107.40 110.14 112.94 115.76 118.61 121.50
Social Indicators Population total, in millions (Mid-Year population) 74.90 76.8 78.80 80.70 82.7 84.8 87.0 89.1 91.2 93.4 95.5 97.6 (o/w Urban Poulation, in %) 17 16.14 16.30 16.10 16.3 18.6 19.0 19.5 19.9 20.3 20.8 21 Working Age Population ( In Millions ) Urban 8.0 8.4 8.92 9.43 10.0 10.5 11.1 11.6 12.2 12.8 7 10.1 Rural 31.3 33.0 33.89 34.83 35.8 36.8 37.7 38.7 39.7 40.8 49 49.8 Total 39.3 41.4 42.82 44.26 45.7 47.3 48.8 50.4 52.0 53.6 56 59.9 Age Dependency Ratio 93.00 93.00 93.0 75.0 69 69 Life Expectancy at Birth ( Male - Female ) 53.4-55.4 58.4-60.4 53.4-55.4 60.2-64.2 62.4-66.6 62.4-66.6 Crude Birth Rate 35.7:1,000 35.7:1000 35.7:1000 33.6:1000 33.6:1000 30.3:1000 27:1000 27:1000 Crude Death Rate 10.8:1,000 NA NA 9.2:1,000 9.2:1,000 7.2:1000 6.3:1000 6:1000 Natural Rate of Population Increase ( In % ) 2.7 2.7 2.60 2.40 2.40 2.31 2.07 2.07 Total Fertility Rate 5.4child:W 5.4child:W 5 child:W 4.8child:W 4.8child:W 3.94chil:W 3.45chil:W 3.45chil:W People : Hospital Beds 5698:1 5082:1 7815:1 NA NA 2516:1 NA NA 2850:1 2980:1 3617:1 3150:1 People : Physician1 36374:1 36175:1 56013:1 53642:1 28847:1 32132:1 20970:1 17160:1 14045:1 22766:1 26635:1 - People : Nurse 1 4524:1 3870:1 3012:1 2762:1 2299:1 1884:1 1995:1 1999:01:00 1999:1 1194:1 1780:1 1624:1 Infant Mortality Rate 77:1,000 73:1000 59:1000 62.2:1000 62.4:1000 62.4:100 53.3:1000 53.3:1000 Access to Safe Water ( In %) Country Level 59.5 66.2 68.50 73.30 58.3 68.5 76.7 84.0 61.0 66.00 71.00 76.00 Urban Population 86.2 88.6 91.50 92.50 78.7 81.3 84.2 91.0 52.5 55.00 60.00 66.00 Rural Population 53.9 61.5 65.80 71.30 55.2 66.5 75.5 82.0 63.1 68.00 74.00 79.00 Student-Teacher Ratio Primary ( 1-8 ) 57:1 54:1 51:1 51:1 50:1 49:1 47:1 46:1 46:1 43:1 43:1 39:1 Secondary ( 9-12 ) 43:1 41:1 36:1 31:1 29:1 28.7:1 27.8:1 26.4:1 26.5:1 26:1 26:1 22.5:1 Technical & Vocational 25:1 34:1 NA 29:1 24.7:1 18.6:1 16.5:1 16.5፡1 12.6:1 11:1 15:1 13.3:1 Student-School Ratio Primary ( 1-8 ) 657:1 619:1 573:1 590:1 576:1 571:1 571:1 744.9:1 573:1 580:1 567:1 628:1 Secondary ( 9-12 ) 1381:1 1345:1 1270:1 1160:1 1033:1 994:1 857:1 369:1 767.2:1 754.00 741:1 568:1 Technical & Vocational 501:1 673:1 788:1 735:1 654:1 544:1 545:1 383:1 523:1 329.00 318:1 246.8:1

II | National Bank of Ethiopia Quarterly Bulletin Indicators 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) 3.1 Real sector Development2 GDP at Current Market Price (In Mn. Birr) 256,766.1 346,823.9 395,991.17 528,579.8 766,915.5 889,644.9 1,088,631.8 1,331,983.7 1,568,097.45 1,832,553.7 2,202,373 2,696,223.0 Nominal GDP Growth Rate (In %) 44.4 35.1 14.2 33.5 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.4 Average Marginal Exchange Rate (Birr per USD) 9.2 10.4 12.9 16.1 17.3 18.3 19.1 20.1 21.1 22.4 26.1 28.1 GDP at Current Market Price (IN Mn. USD) 27,776.2 33,285.4 30,720.8 32,794.8 44,449.6 48,671.9 57,071.7 66,282.4 74,296.6 81,760.4 84,355.6 95,951.0 Nominal GDP per Capita (In USD) 370.8 432.9 389.2 406.5 537.2 573.7 656.4 744.1 814.6 875.8 883.3 983.1 Real GDP per Capita ( In Birr ) 9,088.1 9,741.5 10,491.4 11,434.1 12,119.0 12,995.1 13,985.2 15,072.1 15,890.9 17,101.6 18,005.1 19,207.9 Real GDP per Capita Growth Rate (In %) 9.8 7.2 7.7 9.0 6.0 7.2 7.6 7.8 5.4 7.6 5.3 6.7 GDP Deflator (% change) 30.3 24.1 1.4 20.2 33.5 4.9 11.0 10.8 9.5 6.7 12.5 13.2 Real GDP at constant basic price (In Mn. Birr) 680,706.9 749,058.8 828,212.74 922,512.81 1,002,766.9 1,102,467.8 1,216,015.3 1,342,555.9 1,449,397.5 1,596,481.6 1,719,491 1,874,689.3 Real GDP at constant market price (In Mn. Birr) 732,242.1 796,697.6 896,687.51 996,921.82 1,083,133.7 1,197,753.9 1,320,688.1 1,457,857.6 1,568,097.5 1,717,127.2 1,834,066 1,987,157.5 Real GDP Growth Rate (In %) 11.2 10.0 10.6 11.4 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9.0 Agriculture & Allied Activties(In Billion Birr) 337.9 359.5 386.9 421.7 442.5 473.9 499.8 531.7 544.1 580.4 600.9 623.8 Industrial Sector (In Billion Birr) 84.6 93.4 104.40 119.95 146.9 188.6 225.9 281.3 343.9 413.8 464 526.2 Service Sector(In Billion Birr) 255.1 289.1 322.50 357.36 393.4 426.3 479.5 530.0 575.9 619.3 674 745.7 Agriculture & Allied Activties (% of GDP) 49.6 48.0 46.7 45.7 44.1 43.0 41.1 39.6 37.5 36.4 34.9 33.3 Industrial Sector ( % of GDP ) 12.4 12.5 12.6 13.0 14.6 17.1 18.6 21.0 23.7 25.9 27.0 28.1 Service Sector ( % of GDP ) 37.5 38.6 38.9 38.7 39.2 38.7 39.4 39.5 39.7 38.8 39.2 39.8 Private Consumption Expenditure 186,181.4 252,692.2 291,473.3 374,882.4 544,140.3 639,963.8 748,560.3 900,516.9 1,042,264.6 1,219,365.9 1,441,581.1 1,848,070.0 Government Consumption Expenditure 36,834.7 45,067.5 49,720.8 62,346.1 72,783.5 91,074.7 115,104.0 137,245.8 174,598.8 203,607.9 225,523.2 247,362.0 Investment 70,003.5 96,074.6 119,166.6 164,525.7 275,811.3 293,930.7 400,841.2 508,975.9 585,665.0 704,596.0 751,626.2 948,866.0 Exports 28,317.5 35,233.2 52,168.4 85,950.4 102,886.6 108,227.1 123,496.0 121,532.2 122,500.8 139,830.1 184,282.1 213,437.0 Imports 76,564.3 96,285.3 126,319.4 162,487.1 236,383.9 251,300.6 308,691.3 393,188.5 424,749.9 430,233.2 502,112.9 561,512.0 Resource Balance (48,247.0) (61,052.0) (74,151.0) (76,537.0) (133,498.0) (143,073.5) (185,195.3) (271,656.0) (302,249.0) (290,403.0) (317,831.0) (348,075.0) Gross Private Consumption (% of GDP) 72.5 72.9 73.6 70.9 71.0 71.9 68.8 67.6 66.5 66.5 65.5 68.5 Gross Government Cosumption (% of GDP) 14.3 13.0 12.6 11.8 9.5 10.2 10.6 10.3 11.1 11.1 10.2 9.2 Gross Domestic Fixed Investment (% of GDP) 27.3 27.7 30.1 31.1 36.0 33.0 36.8 38.2 37.3 38.4 34.1 35.2 Resource Balance (% of GDP) (18.8) (17.6) (18.7) (14.5) (17.4) (16.1) (17.0) (20.4) (19.3) (15.8) (14.4) (12.9)

First Quarter 2019/20 | III Continued... Indicators 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) 3.2: Monetary Indicators Narrow Money Supply (M1) ( In Mn. Birr ) 36,875.5 42,112.7 52,434.6 76,171.00 94,849.88 114,745.69 134,063.78 154,706.34 178,609.66 216,794.60 281,154.70 308937.1 Broad Money Supply (M2) ( In Mn. Birr ) 69,918.2 82,509.8 104,432.4 145,376.97 189,398.78 235,313.59 297,746.59 371,328.91 445,266.25 573,408.60 740,572.50 886752.5 Net Foreign Assets ( In Mn. Birr ) 12,140.6 17,976.8 27,189.8 55,534.68 39,787.69 45,648.53 45,972.30 37,570.95 21,524.19 38,034.79 39,376.20 14505.2 Reserve Requirement ( CBs ) 9,112.9 11,183.3 14,368.0 20,495.20 18,080.56 11,708.82 14,479.39 18,250.35 21,745.43 28,280.80 36,385.80 44861.8 Interest Rate ( In % ) Minimum Deposit Rate 4 4.0 4.0 5.00 7.00 7.00 Lending Rate 8-15 8-16.5 12.25 11.88 12.75 12.75 13.50 13.5 Total Net Domestic Credit (in mn. Birr) 80772.6 89,203.0 104,413.5 135,553.87 189,080.81 233,404.32 300,026.58 393,421.73 490,230.35 631,092.70 784,621.70 963699.9 Government 34169.2 32,786.5 33,013.1 28,651.65 21,557.41 21,965.52 26,929.74 30,735.25 47,548.36 85,441.85 102,002.80 109799.2 Other Sectors 46603.4 56,416.5 71,400.4 106,902.22 167,523.40 211,438.80 273,096.84 362,686.48 442,681.99 545,650.85 682,618.90 853900.7 3.3: Average annual inflation rate (CPI growth rate)3 Country Level -General inflation 25.3 36.4 2.8 18.1 34.1 13.5 8.1 7.7 9.7 7.4 14.6 12.6 -Food inflation 34.9 44.2 -5.4 15.7 42.9 12.6 5.9 7.4 11.2 7.2 13.4 13.1 -Non-food inflation (core inflation) 12.5 23.5 18.2 21.8 22.7 14.6 10.6 8 8.1 7.5 15.8 11.9 Addis Ababa -General inflation 20.8 29.4 10.1 19.4 24.8 12.6 8.5 7.6 10.3 2.3 16.5 14.6 -Food inflation 32.1 41.5 4.1 14.8 30.6 13.1 4.6 12.2 16.6 1.2 8.7 15 -Non-Food inflation (core inflation) 12.7 19.2 16.0 23.5 21.1 11.9 11.4 4.4 5.8 3.2 22.6 14 3.4: External Trade(In Mn.USD) Export of goods & services 3127.9 3399.5 4,050.33 5,343.12 5,993.41 5,978.47 6,451.62 6,046.51 6,077.3 6,257.2 7,095.9 7,694.9 Import of goods & services 8,326.9 9,292.3 9,858.40 10,160.72 13,805.17 13,864.19 16,197.24 19,842.8 20,552.1 19,714.0 19,707.4 20,691.0 Net trade in goods & services -5,199.0 -5,892.8 -5,808.4 -4,817.6 -7,811.8 -7,885.7 -9,745.6 -13,796.3 -14,474.7 -13,456.9 -12,611.4 -12,996.1 Current account balance including official transfers -1,492.4 -1,634.7 -1,193.2 -201.9 -2,778.0 -2,780.3 -4,168.1 -7,406.8 -6,655.1 -6,543.2 -5,285.0 -4,534.1 Capital account balance 1,031.5 1648 2,421.02 2,995.93 2,283.28 3,291.23 4,134.57 7,816.92 6,578.6 6,889.4 6,156.8 4,839.9 Overall balance of payments -251.6939401 18.7 316.68 1,384.20 (972.79) -6.5 -96.9 -521.4 -830.9 658.6 -201.6 -941.6 3.5: Government Finance (In Mn .Birr4) Total Revenue (including grants) 39,705.0 40,421.9 66,237.44 85,611.00 115,658.50 137,192.00 158,076.52 199,639.11 243,671.56 269,105.94 287,562.14 344,936.50 Total Revenue (excluding grants) 29,794.0 31,924.0 53,861.34 69,120.00 102,863.65 124,077.00 146,172.77 186,618.69 230,657.28 256,629.04 269,648.19 311,317.43 o/w Tax-Revenue 23801.0 23216.2 43,315.36 58,981.00 85,739.86 107,010.30 133,118.26 165,312.47 189,717.18 210,135.85 235,229.48 268,457.41 Tax-Revenue as % of GDP 9.7 7.0 11.42 11.45 11.47 12.50 12.71 15.09 14.71 14.00 12.26 11.55 Total Expenditures 46915.0 43875.2 71,334.79 93,831.00 124,416.72 153,929.00 185,471.78 230,521.18 272,930.09 329,286.84 354,205.32 413,105.72 Current Expenditures 22,794.0 26315.5 32,012.38 40,535.00 51,445.45 62,745.80 78,086.90 113,375.50 131,902.78 176,703.00 210,470.21 238,156.59 Capital Expenditures 24,121.0 17,559.7 39,322.41 53,297.00 72,971.26 91,182.90 107,384.88 117,145.68 141,027.31 152,583.83 143,735.10 174,949.13

IV | National Bank of Ethiopia Quarterly Bulletin Continued... Indicators 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) Equity Contribution ( Sinking Fund ) Special Programs 0.0 - - - Total Expenditures as % of GDP 19.1 13.2 18.8 18.2 16.6 18.1 17.7 18.64 17.41 17.97 16.10 15.32 Current Surplus/Deficit 7,000.0 5,608.5 34,225.1 45,076.5 64,213.0 74,447.0 79,989.6 86,263.61 111,768.78 92,402.94 77,091.92 106,779.91 Overall Budget Deficit ( including grants ) -7210.0 -3453.3 -5,097.4 (8,220.2) (8,758.2) (16,736.0) (27,395.3) (30,882.07) (29,258.53) (60,180.90) (66,643.18) (68,169.22) Deficit as % of GDP -2.9 -1.0 -1.3 -1.6 -1.2 -2.0 -2.6 (2.50) (1.87) (3.28) (3.03) (2.53) Overall Budget Deficit ( excluding grants ) -17,121.0 -11951.1 -17473.5 (24,711.5) (21,553.1) (29,851.0) (39,299.0) (43,902.49) (42,272.81) (72,657.79) (84,557.13) (101,788.29) Deficit as % of GDP -7.0 -3.6 -4.6 -4.8 -2.9 -3.5 -3.8 (3.55) (2.70) (3.96) (3.84) (3.78) 3.6: Exchange Rate (Birr/ USD) Inter-Bank Forex Market Rate5 * Period weighted Average 9.244 10.4205 12.8909 16.1178 17.2536 18.1947 19.0748 20.0956 21.1059 22.4137 26.1082 28.0543 * End period 9.610 11.3009 13.5321 16.9081 17.7305 18.6426 19.5771 20.5659 21.8004 23.1081 27.3761 28.9109 3.7: Treasury Bill Market ( In Mn .Birr) T-Bills Demanded ( Total ) 59,888.5 46,767.2 51,258.02 55,760.03 77,194.80 109,184.60 113,527.98 136,536.80 161,575.24 225,321.24 323,991.24 422633.54 T-Bills Sold 47,716.5 27,839.8 41,736.42 52,316.03 74,694.80 109,184.60 95,314.98 110,593.30 161,475.24 225,321.24 323,991.24 422633.54 Average Weighted Yield (in %) 0.677 0.743 0.79 1.13 1.87 1.89 1.60 1.43 1.44 1.42 1.42 1.741 T-Bills Outstanding by holder 8239.5 7783.1 11,566.20 10,706.62 20,011.86 26,044.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 138054.355 Banks 2739 1672 4,400.00 900.00 2,383.50 3,436.00 - - - - - 605 Non-Banks 5500.5 6111.1 7,166.20 9,896.62 17,628.40 22,608.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 137404.36 3.8: Inter Bank Money Market Rate5 8.5 _ 3.9: Financial Institutions Number of Commercial Banks 11 12.00 14.00 17.00 ( o/w Private banks ) 9 10.00 12.00 14.00 16.00 Number of Bank Branches 562 636.00 681.00 970.00 1,289.00 1,724.00 2,208.00 2,693.00 3,301.00 4,257.00 4,757.00 5,564.00 Population : Bank Branch 133,274:1 120,754.7:1 115,712.2:1 83,195.9:1 64,158.3:1 49674.8:1 41,088 33,448.00 27,932.00 22,164.00 20,286.50 17,732.20 Number of Insurance Companies 10 12.00 12.00 14.00 15.00 16.00 17.00 ( o/w Private Insurance Companies ) 9 11.00 11.00 13.00 14.00 15.00 16.00 Number of Insurance Branches 172 194.00 207.00 221.00 243.00 273.00 332.00 377 426 492.00 532.00 568.00 Population : Insurance Branch 435465:1 395876:1 383844:1 366063:1 340329:1 314428.9:1 264918.8:1 238,928.00 216,443.00 191,772.00 181,396.00 173,848.00 Number of Development Banks 1 1.00 Number of Development Bank Branches 32 32.00 32 110 110.00 107.00 107.00 Number of Micro-financial Institutions 28 30.00 30.00 31.00 35.00 38.00 38.00 Note:- *population is estimated using component method after 2006/2007

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

First Quarter 2019/20 | 1 I. OVERVIEW 1.1. International Economic Developments According to European Central Bank monthly bulletin of 7/2019, global survey indicators of economic growth remained subdued but stabilizing economic activity in the first quarter of 2019/20. The global composite output Purchasing Managers’ Index (PMI) remained in expansionary territory in the first quarter of 2019/20 and was broadly unchanged compared with the previous quarter. In the first quarter of 2019/20 the composite output PMI increased in the United States, but decreased in Japan and fell below the expansionary threshold in the United Kingdom. In emerging market economies, the composite output PMI increased in Brazil and India. On the other hand, the composite output PMI point to decreased marginally in China and Russia. Global inflation declined to below 2% in August. Annual consumer price inflation in the countries of the Organization for Economic Co-operation and Development (OECD) declined to below 2% in August, driven in part by lower energy price inflation. Excluding food and energy prices, annual inflation in the OECD countries remained stable at 2.3 percent. Tight labor market conditions across major advanced economies have so far translated into only moderate wage increases, suggesting that the underlying inflation pressures remain subdued. In the United States, real GDP growth expanded at an annualized rate of 2 percent in the fourth quarter of 2018/19 following 3.1% in the previous quarter. The deceleration mainly reflects the reversal of temporary factors related to net exports and private inventories. By and large, a strong labor market, sustained consumer spending and the fiscal impulse from the lifting of spending caps in the fiscal year 2020/21 are expected to support the economy in the near term, more than offsetting the signs of weakness in the manufacturing sector. In the United Kingdom, growth of GDP slowed to 0.2 percent in the fourth quarter of 2018/19. Looking ahead, survey indicators suggest further weakening of consumption, business investment and export growth in the final quarters of 2018/19, as Brexitrelated uncertainty continues to weigh on sentiment. At the same time, further fiscal spending, announced by the Government in September, is expected to put GDP growth in positive territory for the remainder of the year. In Japan, economic activity remains subdued as weak exports offset robust domestic consumption. Real GDP grew at a quarterly rate of 0.3 percent in the fourth quarter of 2018/19, reflecting the rather weak underlying growth momentum. Annual headline CPI inflation eased further to 0.2 percent in September, while core inflation excluding food and energy slowed to 0.3 percent. In China growth was slowed down in the first quarter of 2019/20. Annual real GDP growth declined to 6.0 percent year-on-year from 6.2 percent in the fourth quarter of 2018/19. Decelerating net export was the main contributor to growth. Industrial production and investment softened further in August, highlighting the growing toll on Chinese manufacturers from the trade tensions with the United States. Continued... Indicators 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) Equity Contribution ( Sinking Fund ) Special Programs 0.0 - - - Total Expenditures as % of GDP 19.1 13.2 18.8 18.2 16.6 18.1 17.7 18.64 17.41 17.97 16.10 15.32 Current Surplus/Deficit 7,000.0 5,608.5 34,225.1 45,076.5 64,213.0 74,447.0 79,989.6 86,263.61 111,768.78 92,402.94 77,091.92 106,779.91 Overall Budget Deficit ( including grants ) -7210.0 -3453.3 -5,097.4 (8,220.2) (8,758.2) (16,736.0) (27,395.3) (30,882.07) (29,258.53) (60,180.90) (66,643.18) (68,169.22) Deficit as % of GDP -2.9 -1.0 -1.3 -1.6 -1.2 -2.0 -2.6 (2.50) (1.87) (3.28) (3.03) (2.53) Overall Budget Deficit ( excluding grants ) -17,121.0 -11951.1 -17473.5 (24,711.5) (21,553.1) (29,851.0) (39,299.0) (43,902.49) (42,272.81) (72,657.79) (84,557.13) (101,788.29) Deficit as % of GDP -7.0 -3.6 -4.6 -4.8 -2.9 -3.5 -3.8 (3.55) (2.70) (3.96) (3.84) (3.78) 3.6: Exchange Rate (Birr/ USD) Inter-Bank Forex Market Rate5

Period weighted Average 9.244 10.4205 12.8909 16.1178 17.2536 18.1947 19.0748 20.0956 21.1059 22.4137 26.1082 28.0543
End period 9.610 11.3009 13.5321 16.9081 17.7305 18.6426 19.5771 20.5659 21.8004 23.1081 27.3761 28.9109 3.7: Treasury Bill Market ( In Mn .Birr) T-Bills Demanded ( Total ) 59,888.5 46,767.2 51,258.02 55,760.03 77,194.80 109,184.60 113,527.98 136,536.80 161,575.24 225,321.24 323,991.24 422633.54 T-Bills Sold 47,716.5 27,839.8 41,736.42 52,316.03 74,694.80 109,184.60 95,314.98 110,593.30 161,475.24 225,321.24 323,991.24 422633.54 Average Weighted Yield (in %) 0.677 0.743 0.79 1.13 1.87 1.89 1.60 1.43 1.44 1.42 1.42 1.741 T-Bills Outstanding by holder 8239.5 7783.1 11,566.20 10,706.62 20,011.86 26,044.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 138054.355 Banks 2739 1672 4,400.00 900.00 2,383.50 3,436.00 - - - - - 605 Non-Banks 5500.5 6111.1 7,166.20 9,896.62 17,628.40 22,608.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 137404.36 3.8: Inter Bank Money Market Rate5 8.5 _ 3.9: Financial Institutions Number of Commercial Banks 11 12.00 14.00 17.00 ( o/w Private banks ) 9 10.00 12.00 14.00 16.00 Number of Bank Branches 562 636.00 681.00 970.00 1,289.00 1,724.00 2,208.00 2,693.00 3,301.00 4,257.00 4,757.00 5,564.00 Population : Bank Branch 133,274:1 120,754.7:1 115,712.2:1 83,195.9:1 64,158.3:1 49674.8:1 41,088 33,448.00 27,932.00 22,164.00 20,286.50 17,732.20 Number of Insurance Companies 10 12.00 12.00 14.00 15.00 16.00 17.00 ( o/w Private Insurance Companies ) 9 11.00 11.00 13.00 14.00 15.00 16.00 Number of Insurance Branches 172 194.00 207.00 221.00 243.00 273.00 332.00 377 426 492.00 532.00 568.00 Population : Insurance Branch 435465:1 395876:1 383844:1 366063:1 340329:1 314428.9:1 264918.8:1 238,928.00 216,443.00 191,772.00 181,396.00 173,848.00 Number of Development Banks 1 1.00 Number of Development Bank Branches 32 32.00 32 110 110.00 107.00 107.00 Number of Micro-financial Institutions 28 30.00 30.00 31.00 35.00 38.00 38.00 Note:- *population is estimated using component method after 2006/2007

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

2 | National Bank of Ethiopia Quarterly Bulletin In Euro area annual HICP inflation declined to 0.8 percent in September from 1.0 percent in August 2019, reflecting lower food and energy price inflation. On the basis of current futures prices for oil, headline inflation is likely to decline slightly further before rising again at the end of the year. Global economic activity remained to restrain the pace of growth. As the result weakened economic activity of Ethiopia’s export destination countries could have suppressing impact on additional receipt from merchandise export. Furthermore, Global headline inflation declined in most countries during the review quarter. This together with higher domestic price made the REER to appreciate by 15.4 percent which erodes international competitiveness of the country. On the other, stabilization of oil price during the review quarter helps the country to save additional payments caused by higher oil price and avoided further suppressing impact on current account balance. 1.2. Macroeconomic Developments in Ethiopia A. Inflation In the first quarter of 2019/20, headline inflation has slowdown to 6.0 percent from 6.9 percent in the preceding quarter on account of 2.9 percentage point decline in food & non-alcoholic beverages, which offset 1.2 percentage point surge in nonfood inflation. By contrast, the year-on-year headline inflation scaled up by 2.3 percentage points during the review period due to a 3.3 percentage point increase in food & non-alcoholic beverages inflation and 0.9 percentage points rise in non-food inflation. Accordingly, the respective contribution of food & non-alcoholic beverages and nonfood inflation to the headline inflation was 4 and 2 percent. B. Monetary Developments During the first quarter of 2019/20, broad money supply (M2) stood at Birr 909.94 billion, showing a 21.0 percent annual growth on account of 25.4 percent expansion in domestic credit in contrast to 144.9 percent contraction in net foreign assets (NFA). Likewise, reserve money amounted to Birr 186.8 billion, about 6.9 percent higher than a year ago. Excess reserve of commercial banks also expanded 47.2 percent annually although it contracted 12.1 percent on quarterly basis. C. Interest rate In the first quarter of 2019/20, average savings deposit rate stood at 8.0 percent and average lending rate at 13.5 percent, while weighted average time deposit rate declined by 0.05 percentage point. Weighted average yield on T-bills has slightly increased by 0.51 percentage point over last year same quarter. Considering the 18.6 percent headline inflation in September 2019, all real deposit rates and T-bill yields remained negative. Similarly, average real lending rate stood at negative 5.1 percent. D. Financial Sector Developments

Banks The number of banks in Ethiopia remained at 18 of which 16 were private and 2 public. These banks opened 476 new branches during the review period, thereby raising the total number of bank branches to 6,040. As a result, one bank branch served about 16, 335.31 people. About 33.2 percent of the total bank branches were located in Addis Ababa. Of the total bank branches, the share of public banks was 30.9 percent and that of private banks 69.1 percent. Meanwhile, the total capital of the banking system amounted to Birr 103.2 billion, of ________________________________________________ 1 Total population is 98,665,000 as CSA estimation for 2019

First Quarter 2019/20 | 3 which public banks accounted for 55.8 percent and private banks 44 percent. The share of Commercial Bank of Ethiopia, the biggest state owned bank, in total capital of the banking system was 48.4 percent. During the review quarter, Birr 39.6 billion was disbursed in fresh loans, indicating a 31.8 percent annual increase. Of the total new loans disbursed, the share of public banks was 29.5 percent and that of private banks 70.5 percent (Table 4.12). Domestic trade was the major beneficiary of the total new loans accounting for Birr 8.3 billion (21 percent) followed by international trade (Birr 7.7 billion or 19.6 percent), industry (Birr 7.2 billion or 18.2 percent) and agriculture (Birr 4.1 billion or 10.3 percent). During the review period, the loan collection of the banking system reached Birr 36.6 billion, about 23.8 percent higher than a year earlier. Of the total loan collected, 65.6 percent was by private banks and 34.4 percent by public banks. Meanwhile, total outstanding credit of the banking system (excluding credit to government) increased to Birr 574 billion, depicting a 28.1 percent annual growth. Out of the total outstanding loans and advances of the private banks, 52.8 percent was claims on the private sector and 22.9 percent on public banks. 2. Insurance Sector The number of insurance companies remained at 17, of which 16 were private and 1 state owned. The branches of insurance companies rose to 574 from 542 a year ago. Of the total branches, about 46 percent were located in Addis Ababa. Likewise, the total capital of insurance companies reached Birr 8.5 billion, of which 69 percent was that of private insurance companies. 3. Microfinance Institutions The 38 micro-finance institutions (MFIs) operating in in Ethiopia mobilized Birr 41.2 billion in saving deposit which grew 27.1 percent over last year same period. Their total outstanding credit increased 31.5 percent and reached to Birr 61.6 billion. Similarly, their total asset went up by 23.9 percent to reach Birr 83 billion at the end of September, 2019. E. External Sector and Foreign Exchange Developments

External Sector Development Total merchandise export earnings amounted to USD 723 million in the first quarter of 2019/20, showing 15.1 percent increment over last year same quarter. This was attributed to the rise in export receipts from coffee (13.5 percent), pulses (11.9 percent), fruits & vegetables (10.6 percent), flower (118.2 percent), chat (17.4 percent) and live-animals (65.6 percent). Similarly, total merchandise imports showed a marginal (0.5 percent) increase to USD 3.6 billion, on account of higher imports of semifinished goods (67.5 percent) and fuel (8.8 percent) outweighing slowdown in imports of capital goods (10.4 percent), consumer goods (21.4 percent) and raw materials (24.1 percent). Likewise, total merchandise import bill stood at USD 3.75 billion, depicting 1.7 percent year-on-year growth due to higher imports of semi-finished goods, consumer goods and miscellaneous goods. The average price of Brent crude oil, which is used as a benchmark for international oil price, depicted a 18 percent decline to USD 61.9 per barrel vis-à-vis USD 75.5 a year ago. It also showed a 10.2 percent reduction relative to the previous quarter. In contrast, the average retail price of petroleum products in Addis Ababa increased by 30 percent to Birr 23.32 per liter from Birr 17.93 a

4 | National Bank of Ethiopia Quarterly Bulletin year ago as the retail price of fuel oil surged 140.4 percent and that of regular gasoline, gas oil and kerosene increased by 14.7 percent each, and jet fuel 0.7 percent. During the review period, total current account receipts amounted to USD 3.5 billion, 14 percent lower than a year earlier. This was attributed to decline in service receipts (11.5 percent), private transfers (19.8 percent) and public transfers (48.2 percent) despite 15.1 percent increase in merchandise export proceeds. Meanwhile, total current account payments slightly rose to USD 5.0 billion due to 1.7 percent rise in merchandise import payments and 130.7 percent surge in private transfer payments. Consequently, the deficit in the current account balance (including official transfers) reached USD 1.5 billion compared with USD 839.9 million deficit a year ago. On the other hand, capital account registered USD 661.5 million in surplus, which was 31.4 percent lower than that of a year earlier. This was attributed to a decrease in net other public sector long term capital (365.2 percent), private sector long term capital (52.6 percent). While net short term capital out flow increased 28.2 percent, foreign direct investment and net official long term capital rose 1.6 percent and 5.0 percent, respectively. As a result, the deficit in the overall balance of payments was USD 870.5 million compared to USD 69.1 million deficit a year ago. 2. Exchange Rate Development During the first quarter of 2019/20, weighted average official exchange rate of the Birr showed a 6.1 percent annual depreciation and reached Birr 29.0947/USD. Meanwhile, real effective exchange rate index (REERI) of the Birr appreciated by 15.4 percent on annual basis mainly due to higher domestic inflation and strengthening of the US dollar vis-à-vis its trading partners’ currencies. Similarly, the nominal effective exchange rate index (NEERI) appreciated 5.9 percent over last year same quarter. F. Federal Government Fiscal Operations Total revenue and grants collected by the Federal government during the first quarter of 2019/20, witnessed 25.6 percent annual growth and reached Birr 65.9 billion. Similarly, total Federal government expenditure went up by 25.4 percent to Birr 86.7 billion. Consequently, the overall fiscal deficit (including grants) was Birr 20.7 billion compared to Birr 16.6 billion deficit a year ago. G. Investment During the first quarter of 2019/20, 9 investment projects having investment capital of Birr 60.7 million became operational. Both the number of investment projects and investment capital showed respective declines of 98.3 and 99 percent.

First Quarter 2019/20 | 5 II. ENERGY PRODUCTION AND PROCESSING 2.1. Import of Petroleum Products The volume of petroleum products imported during the first quarter of 2019/20 was 1 million tons, depicting 11.4 percent annual expansion due to higher import of gas oil (8.2 percent), regular gasoline (32.9 percent) and fuel oil (109.6 percent). Of the total petroleum imports, gas oil accounted for 61.1 percent, followed by jet fuel (20.8 percent), regular gasoline (15.8 percent) and fuel oil (2.3 percent) (Table 2.1). Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2018/19 2019/20 Percentage Change Qtr. I Qtr. IV Qtr. I A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 120,069.69 13.2 128,524.0 13.3 159,613.1 15.8 32.9 24.2 Jet Fuel 205,741.76 22.7 183,926.2 19.0 210,503.5 20.8 2.3 14.4 Fuel Oil 11,146.30 1.2 19,771.8 2.0 23,364.5 2.3 109.6 18.2 Gas Oil (ADO) 570,182.14 62.9 635,440.9 65.7 616,810.6 61.1 8.2 -2.9 Total 907,139.88 100 967,662.8 100 1,010,291.7 100.0 11.4 4.4 Source: Ethiopian Petroleum Enterprise Fig.2.1: Trends in the Volume of Petroleum Products Imported

100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I 2013/14 2014/15 2015/16 2016/17 2017/18 2018/192019/20 In Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise

6 | National Bank of Ethiopia Quarterly Bulletin Petroleum import bill amounted to Birr 16.7 billion, showing a 3.4 percent year-on-year in response to decline in international oil price. Fuel oil and regular gasoline imports bill rose 102.1 and 6.2 percent while that of jet fuel and gas oil dropped by 11.7 and 4.1 percent respectively (Table 2.2). Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum Products 2018/19 2019/20 Percentage Qtr. I Qtr. IV Qtr. I Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 2,486,744.50 14.4 2,470,359.37 14.1 2,640,279.67 15.8 6.2 6.9 Jet Fuel 4,057,131.97 23.5 3,427,524.93 19.6 3,580,975.14 21.4 -11.7 4.5 Fuel Oil 163,887.28 0.9 292,936.68 1.7 331,256.04 2.0 102.1 13.1 Gas Oil (ADO) 10,584,147.17 61.2 11,320,283.10 64.6 10,147,426.44 60.8 -4.1 -10.4 Total 17,291,910.9 100.0 17,511,104.1 100.0 16,699,937.3 100.0 -3.4 -4.6 Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported

2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 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 2013/14 2014/15 2015/16 2016/17 2017/18 2018/192019/20 In '000 Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise

First Quarter 2019/20 | 7 The average FOB price of petroleum products showed a 3.4 percent annual reduction owing to the decline in FOB prices of all types of petroleum products except regular gasoline which increased by 22.6 percent. Quarter-on- quarter terms, however, average FOB price of petroleum products, went up by 8.7 percent as a result of a 40.7 percent increase in the price of regular gasoline despite a reduction in that of fuel oil (4.7 percent), gas oil (3.8 percent) and jet fuel (3.4 percent) (Table 2.3). Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2018/19 2019/20 Percentage Change Qtr. I Qtr. IV Qtr. I C/A C/B A B C Regular Gasoline (MGR) 721.1 628.5 884.3 22.6 40.7 Jet Fuel 693.7 618.4 597.1 -13.9 -3.4 Fuel Oil 443.9 399.3 380.6 -14.3 -4.7 Gas Oil (ADO) 650.3 584.0 561.8 -13.6 -3.8 Average 627.3 557.6 606.0 -3.4 8.7 Brent Crude Oil (USD/Barrel) 75.5 68.9 61.9 -18.0 -10.2 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products 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 II III IV I 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 USD per Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise

8 | National Bank of Ethiopia Quarterly Bulletin The average price of Brent crude oil, used as a point of reference for the international oil price, went down by 18 percent and reached USD 61.9 per during the first quarter of 2019/20 barrel compared to USD 75.5 per barrel a year ago. The oil price also tended to decline vis-à-vis the previous quarter (Table2.3). In line with the movements in international oil prices and domestic macroeconomic conditions, domestic fuel retail prices were adjusted upwards against last year same quarter. Thus, the average retail price of petroleum products in Addis Ababa increased by 30 percent to Birr 23.32 per liter from Birr 17.93 a year ago. The retail price of fuel oil hiked by 140.4 percent while that of regular gasoline, gas oil and kerosene increased 14.7 percent each, and jet fuel by 0.7 percent. Similarly, the average retail price of petroleum products was higher than the previous quarter. (Table 2.4) Table 2.4: Addis Ababa Average Retail Prices of Fuel Petroleum Products 2018/19 2019/20 Percentage Change Qtr. I Qtr. IV Qtr. I A B C C/A C/B Regular Gasoline (MGR) 18.77 21.08 21.53 14.7 2.1 Fuel Oil 13.69 32.21 32.91 140.4 2.2 Gas Oil (ADO) 16.35 18.51 18.75 14.7 1.3 Kerosene 16.35 18.51 18.75 14.7 1.3 Jet fuel 24.50 25.44 24.68 0.7 -3.0 Average 17.93 23.15 23.32 30.1 0.7 Source: Ministry of Trade and industry Fig.2.4: Trends of Addis Ababa Average Retail Prices 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 I II III IV I II III IV I II III IV I II III IV I II III IV I 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade and industry

First Quarter 2019/20 | 9 2.2. Electric Power Generation About 3.7 billion KWH electric power was generated during the first quarter of 2019/20. This was 106.9 percent higher than the corresponding quarter of last year and it was attributed to 104.4 and 258.8 percent surge in electric power production from hydropower (104.4 percent) and wind sources (258.8 percent). Of the total electric power production, 95.5 percent was generated from hydropower, 3.2 percent from wind and 1.2 percent from biomass (Table 2.5). By system of generation, all the power was generated through the interconnected systems (ICS)2 (Table 2.6). Table 2.5: Electricity Generation by Sources (In '000 of K.W.H) Power Source 2018/19 2019/20 Percentage Change Qtr. I Qtr. IV Qtr. I A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 1,753,966.3 98.1 2,852,844.8 94.4 3,531,942.6 95.5 101.4 23.8 Thermal Power - - - - - - - - Geothermal - - - - - - - - wind 33,450.9 1.9 124,908.9 4.1 120,029.1 3.2 258.8 -3.9 Biomass - - 43,254.5 1.4 45,396 1.2 0.0 5.0 Total 1,787,417.2 100.0 3,021,008.2 100.0 3,697,367.7 100.0 106.9 22.4 Source: Ethiopian Electric Power ________________________________________________ 2 The generated power from different power stations stored in substations before distribution

10 | National Bank of Ethiopia Quarterly Bulletin Table 2.6: Generation of Electricity Power in the Interconnected System (ICS) and Self Contained System (SCS) (In'000 K.W.H.) System of Power supply 2018/19 2019/20 Percentage Share Qtr. I Qtr. IV Qtr. I A Share (in %) B Share (in %) C Share (In %) C/A C/B ICS Hydro power 1,753,966.3 98.1 2,852,844.8 94.4 3,531,942.6 95.5 101.37 23.8 Thermal Power Geothermal - Wind 33,450.9 1.9 124,908.9 4.1 120,029.1 3.2 258.82 -3.9 Biomass - - 43,254.5 1.4 45,396.0 1.2 Sub-Total 1,787,417.2 100.0 3,021,008.2 100.0 3,697,367.7 100.0 106.9 22.4 SCS Hydro power - 0.0 Thermal Power - 0 Geothermal - 0 Wind - 0 Sub-Total - - 0 Grand Total 1,787,417.2 100.0 3,021,008.2 100.0 3,697,367.7 100.0 106.9 22.4 Source: Ethiopian Electric Power (EEP) Fig.2.5: Volume of Electricity Production by Type (In '000 of K.W.H)

h dk h 0 500000 1000000 1500000 2000000 2500000 3000000 3500000 4000000 4500000 2013/14 Q1 Thousand kwh Hyd Q2 Q3 Q4 2014/15Q1 Q2 dropower The Q3 Q4 2015/16Q1 Q2 Q3 Q4 rmal Power Ge 2016/17Q1 Q2 Q3 Q4 2017/18Q1 Quarter eo- thermal W QII QIII QIV 2018/19Q1 QII Wind Biomass QIII QIV 2019/20 QI Source: Ethiopian Electric Power

First Quarter 2019/20 | 11 III. QUARTERLY PRICE DEVELOPMENTS 3.1 Developments in National CPI During the first quarter of 2019/20, headline inflation has decreased to 6.0 percent from 6.9 percent in the preceding quarter, although it was higher than 3.8 percent inflation recorded last year same quarter. The slowdown in quarterly headline inflation was attributed wholly to 2.9 percentage point decrease in food & non-alcoholic beverages, which offset 1.2 percentage point increase in non-food inflation. It, however, scaled up by 2.3 percentage points year-on-year terms on the account of a 3.3 percentage point increase in food & non-alcoholic beverages inflation and 0.9 percentage points in non-food inflation. Food & non-alcoholic beverages inflation and non-food inflation contributed 4 and 2 percent, respectively, to the headline inflation registered in the review quarter (Table 3.1 and Fig 3.1). In the review quarter, food & non-alcoholic beverages inflation decreased to 7.5 percent from 10.4 percent in the previous quarter, owing to lower inflation in the prices of vegetables (12.1 percentage point), milk, cheese & egg (4.7 percentage point), oil & fats (3.5 percentage point), meat (3.4 percentage point), fruits (2.9 percentage point) and sugar jam, honey & chocolate (2.0 percentage point). Inflation related to fish and sea food, however, scaled up to 2.8 percentage point, non-alcoholic beverages 3.0 percentage point and bread and cereals 1.6 percentage point (Table 3.2). Non-food inflation rose to 4.2 percent from 2.9 percent a quarter earlier and from 3.2 percent last year same quarter. The rise in quarterly non-food inflation was attributed mainly to higher inflation for health services (5.8 percentage point), restaurants & hotels (3.8 percentage point), housing, water, electricity, gas & other fuel (2.7 percentage point), clothing and footwear (2.7 percentage point), recreation & culture (0.8 percentage point) and transport service (0.2 percentage point), (Table 3.3).

Fig.3.1: Quarterly Movement in National Inflation -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/192019/20 Percent Headline Food & Non-alcoholic bevarages Bread & Cereals Non-Food Source: CSA

12 | National Bank of Ethiopia Quarterly Bulletin Table 3.1: Quarterly National General Consumer Prices (%) (Dec2011=100) Items Weights in % 2018/19 2019/20 Change in %age Points Contributions in (%) to QI QIV QI A B C C-A C-B Headline Inflation Change over QI2018/19 Headline Inflation Change Over QIV2018/19 QI-2019/20 Headline Inflation Absolute Relative Headline 100 3.8 6.9 6.0 2.3 -0.9 2.3 -0.9 6 100 Food & Nonalcoholic beverage 54 4.2 10.4 7.5 3.3 -2.9 1.8 -1.6 4 68.0 Non-food 46 3.2 2.9 4.2 0.9 1.2 0.4 0.6 2 32.0 Source: CSA and NBE Staff Computation Fig.3.2: Contribution of Food and Non-food Inflation to the Headline Inflation in First Quarter 2019/20 Non-food; 32.0% Source: NBE Staff Computation Food & Nonalcoholic beverage; 68.0%

First Quarter 2019/20 | 13 Table 3.2: Quarterly National Food & non-alcoholic beverages CPI Inflation Dec2011=100) Items Weights 2018/19 2019/20 Change in %age points Contribution to QI QIV QI A B C C-A C-B Headline Inflation Change over QI2018/19(%) Headline Inflation Change over QIV2018/19(%) Food & Non-alcoholic beverages Inflation 0.54 4.2 10.4 7.5 3.3 -2.9 1.8 -1.6 Bread & Cereals 0.17 4.4 10.4 11.9 7.5 1.6 1.3 0.3 Meat 0.04 4.2 11.2 7.9 3.7 -3.4 0.2 -0.1 Fish and sea food 0.00 1.2 -1.7 1.1 -0.1 2.8 0.0 0.0 Milk, cheese & egg 0.03 4.0 7.6 2.9 -1.1 -4.7 0.0 -0.1 Oils & Fats 0.04 0.8 6.7 3.1 2.3 -3.5 0.1 -0.2 Fruit 0.00 -0.5 8.3 5.4 5.9 -2.9 0.0 0.0 Vegetables 0.12 6.8 18.1 6.0 -0.8 -12.1 -0.1 -1.5 Sugar jam, honey, chocolate 0.01 4.1 5.0 2.9 -1.2 -2.0 0.0 0.0 Food products n.e.c 0.06 -0.4 3.4 3.4 3.7 0.0 0.2 0.0 Non-alcoholic beverages 0.05 5.7 2.9 5.9 0.2 3.0 0.0 0.2 Source: CSA and NBE Staff Computation Table 3.3: Quarterly National Non-food CPI Inflations (Dec2011=100) Items Weights 2018/19 2019/20 Change in %age points Contribution to QI QIV QI A B C C-A C-B Headline Inflation Change over QI2018/19 Headline Inflation Change over QIV2018/19(%) Non-Food Inflation 0.46 3.2 2.9 4.2 1.0 1.2 0.4 0.6 Alcoholic Beverages and tobacco 0.05 3.7 3.2 1.5 -2.2 -1.7 -0.1 -0.1 Clothing and Footwear 0.06 3.9 0.5 3.1 -0.8 2.7 0.0 0.2 Housing, Water, Electricity, Gas and other Fuel 0.17 2.8 3.0 5.7 2.9 2.7 0.5 0.5 Furnishings, Household Equipment and Routine maintenance of houses 0.05 3.8 4.2 1.8 -2.0 -2.4 -0.1 -0.1 Health 0.01 5.9 -1.1 4.8 -1.1 5.8 0.0 0.1 Transport 0.02 2.1 2.7 2.8 0.8 0.2 0.0 0.0 Communication 0.02 -0.5 3.9 0.2 0.6 -3.7 0.0 -0.1 Recreation and culture 0.00 1.4 0.9 1.6 0.3 0.8 0.0 0.0 Education 0.00 6.5 2.5 2.4 -4.1 -0.1 0.0 0.0 Restaurant & hotel 0.05 4.3 3.7 7.5 3.2 3.8 0.2 0.2 Miscellaneous Goods 0.03 3.4 6.3 3.1 -0.3 -3.2 0.0 -0.1 Source: CSA and NBE Staff Computation

14 | National Bank of Ethiopia Quarterly Bulletin 3.2 Developments in Regional CPI Regional average headline inflation increased to 7.1 percent from 6.7 percent in the preceding quarter and 4.3 percent last year same quarter. Harari, BenshangulGumuz, Somali, Tigray and Gambella saw higher headline inflation than the regional average during the review quarter. The highest headline inflation (9.6 percent) was witnessed in Harari, while the lowest headline inflation (4.0 percent) was in Addis Ababa. Hence, the margin between the highest and lowest headline inflation was 5.6 percentage point. The deviation in the regional headline inflation from the average, as signified by standard deviation, stood at 1.8 percent up from 0.8 percent in the preceding quarter (Table 3.4). The regional average food & non-alcoholic beverage inflation went up to 9.8 percent in the first quarter of 2019/20 from 9.1 percent a quarter earlier and 5.8 percent last year same quarter. Food & non-alcoholic beverages inflation in Benshangul Gumuz, Afar, Harari, Somali, Tigray and Addis Ababa was higher than the regional average. The highest food & non-alcoholic beverages inflation was recorded in Benshangul Gumuz (15.2 percent) and the lowest in Oromia (6.4 percent), showing 8.8 percentage point margin. The variation in food & non-alcoholic beverages inflation, measured by standard deviation was 2.3 percent compared to 2.1 percent last quarter and 1.6 percent a year ago (Table 3.4). Likewise, the regional average non-food inflation increased to 4.6 percent from 4.4 percent in the previous quarter and 2.7 percent last year same quarter. Harari, Somali, Gambella, Tigray, and SNNP registered higher non-food inflation than the regional average. The highest non-food inflation was in Harari (8.7 percent) and the lowest (1.7 percent) was in Addis Ababa with a 7.0 percentage point margin. Consequently, the variation in non-food inflation, measured by the standard deviation, decreased to 2.2 percent from 2.6 percent in the previous quarter and 2.3 percent last year same quarter (Table 3.4).

First Quarter 2019/20 | 15 Table 3.4: Quarterly Regional General, Food & non-alcoholic beverages and Non-food Inflation Regions 2018/19 2019/20 Annual Change Quarterly Change QI QIV QI A B C C-A C-B GeneralFood & Non- alcoholic beverages Nonfood GeneralFood & Non- alcoholic beverages Nonfood General Food & Non- alcoholic beverages Nonfood General Food & Non- alcoholic beverages Nonfood General Food & Non- alcoholic beverages Nonfood SNNP 2.7 3.2 2.2 6.8 9.7 2.9 6.8 8.2 4.8 4.1 5.0 2.6 0.0 -1.5 1.9 Harari 1.3 6.5 -2.4 6.1 10.3 3.0 9.6 10.8 8.7 8.3 4.3 11.1 3.5 0.5 5.7 Oromia 3.4 2.9 4.0 6.4 11.8 -0.2 5.5 6.4 4.3 2.1 3.5 0.3 -0.9 -5.4 4.5 Tigray 6.0 7.5 4.6 6.5 7.1 6.0 7.8 10.1 5.5 1.8 2.6 0.9 1.3 3.0 -0.5 Gambella 5.2 6.0 4.1 6.1 6.4 5.8 7.6 8.7 6.3 2.4 2.7 2.2 1.5 2.3 0.5 Addis Ababa 5.2 6.3 2.4 5.7 10.9 2.2 4.0 10.0 1.7 -1.2 3.7 -0.7 -1.7 -0.9 -0.5 Dire Dawa 5.3 5.3 3.3 7.7 12.3 3.8 5.5 8.2 3.0 0.2 2.9 -0.3 -2.2 -4.1 -0.8 Benshangul. Gumuz 4.2 6.5 2.0 6.4 7.6 5.4 9.2 15.2 3.6 5.0 8.7 1.6 2.8 7.6 -1.8 Somali 7.2 7.7 6.5 8.0 6.6 9.9 9.1 10.3 7.5 1.9 2.6 1.0 1.1 3.7 -2.4 Afar 3.4 6.9 0.2 6.0 8.0 4.0 6.7 11.4 1.8 3.3 4.5 1.6 0.7 3.4 -2.2 Amhara 3.9 4.9 2.8 7.4 9.3 5.3 6.00 8.10 3.70 2.1 3.2 0.9 -1.4 -1.2 -1.6 Regions Average 4.3 5.8 2.7 6.7 9.1 4.4 7.1 9.8 4.6 Standard deviation 1.7 1.6 2.3 0.8 2.1 2.6 1.8 2.3 2.2 Coefficient of variation 0.4 0.3 0.9 0.1 0.2 0.6 0.3 0.2 0.5 Source: CSA and NBE Staff Computation

16 | National Bank of Ethiopia Quarterly Bulletin IV. MONETARY DEVELOPMENTS 4.1. Money Supply and Credit Broad money supply (M2) stood at Birr 909.94 billion at the end of first quarter of 2019/20 showing a 21.0 percent annual growth. The annual growth in broad money was attributed to 25.4 percent expansion in domestic credit which offset the 144.9 percent contraction in external assets (net). 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 (Sept. 18) (June. 19) (Sept. 19) C/A C/B Annual A B C

External Assets (net) 37,942.3 14,505.2 (17,043.1) -144.9 -217.5 -34.8
Domestic Credit 796,994.9 963,699.9 999,176.7 25.4 3.7 128.1 .Claims on Central Gov't (net) 103,205.5 109,799.2 122,330.8 18.5 11.4 12.1 . Claims on Non-Central Gov't 693,789.3 853,900.7 876,845.9 23.1 2.7 101.5 . Financial Institutions 46,992.7 52,142.7 52,142.7 11.0 0.0 3.3 . Others 646,796.636 801,758.0 824,703.1 27.5 2.9 112.7
Other Items (net) 82,805.7 91,452.6 72,196.7 -12.8 -21.1 -6.5
Broad Money (M2) 752,131.4 886,752.5 909,936.9 21.0 2.6 100.0 Source: NBE Staff Computation Fig.IV.1: Major Determinants of Monetary Expansion (Quarterly Change in Percent) First Quarter (2019/20) Fig.IV.1: Major Determinants of Monetary Expansion (Quarterly Change in Percent) Source: Staff Computation, NBE

-200.0 -150.0 -100.0 -50.0 0.0 50.0 100.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 Net Foreign Assets (NFA) (in percent) Other than NFA Quarter Broad Money Domestic Credit Other Items Net Net Foreign Assets Source: NBE Staff Computation

First Quarter 2019/20 | 17 Fig.IV.2: Composition of Domestic Credit (Quarterly Change in Percent) First Quarter (2019/20) Fig.IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Credit to Central Government Domestic Credit Credit to Non-Central Government Source: NBE Staff computation Component wise, quasi-money supply showed 22.0 percent annual expansion while narrow money supply increased by 19.1 percent. Thus, narrow money contributed 32.3 percent to broad money growth, while that of quasi money was 67.7 percent (Table 4.2). The surge in quasi-money supply was ascribed to bank branch expansion to enhance deposit mobilization and improve financial inclusive. NBE’s policy of increasing the minimum deposit interest rate from 5 percent to 7 percent may has also contributed to this effort. 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 (Sept. 18) (June. 19) (Sept. 19) C/A C/B Annual A B C

Narrow Money Supply 266,262.2 308,937.1 317,191.7 19.1 2.7 32.3 . Currency outside banks 83,380.0 92,017.0 91,522.7 9.8 -0.5 5.2 . Demand Deposits (net) 182,882.2 216,920.2 225,668.9 23.4 4.0 27.1
Quasi-Money 485,869.2 577,815.4 592,745.2 22.0 2.6 67.7 . Savings Deposits 407,170.8 487,302.1 502,198.3 23.3 3.1 60.2 . Time Deposits 78,698.5 90,513.3 90,546.9 15.1 0.0 7.5
Broad Money Supply 752,131.4 886,752.5 909,936.9 21.0 2.6 100.0 Source: NBE Staff Computation

18 | National Bank of Ethiopia Quarterly Bulletin Fig.IV.3: Composition of Monetary Stock First Fig.IV.3: 10 20 30 40 50 60 Sou Quarter (20 Composition 0.0 00.0 urce: Staff com Time Dep. 018/19) n of Monetar mputation, NBE Curren ry Stock cy Outside Ban

ks Demand Dep.(net) Saving Dep. 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 186.8 billion in the first quarter of 2019/20, showing a 6.9 percent annual expansion. Excess reserve of commercial banks also went up 47.2 percent during the same period. Hence, the money multiplier, measured by the ratio of broad money to reserve money increased by 10.3 percent while the ratio of narrow money and reserve money declined. Commercial banks’ strong performance in mobilizing time and savings deposits has contributed to a higher money multiplier (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 (Sept. 18) (June. 19) (Sept. 19) A B C C/A C/B

Reserve Requirement (CB's) 37,381.3 44,861.8 45,753.3 22.4 2.0
Actual Reserve (CB's) 63,566.3 88,723.4 84,286.5 32.6 -5.0
Excess Reserve (CB's) 26,185.0 43,861.7 38,533.2 47.2 -12.1
Reserve Money 174,816.5 200,749.3 186,800.7 6.9 -6.9 . Currency in Circulation 110,876.5 121,800.0 123,976.3 11.8 1.8 . Banks deposits at NBE 63,940.0 78,949.2 62,824.4 -1.7 -20.4
Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.5 1.5 1.7 11.5 10.3 . Broad Money to Reserve Money 4.3 4.4 4.9 13.2 10.3
Other Monetary Ratios (%): . Currency to Narrow Money 41.6 39.4 39.1 -6.1 -0.9 . Currency to Broad Money 14.7 13.7 13.6 -7.6 -0.8 . Narrow Money to Broad Money 35.4 34.8 34.9 -1.5 0.1 . Quasi Money to Broad Money 64.6 65.2 65.1 0.8 0.0 Source: NBE Staff Computation

First Quarter 2019/20 | 19 Fig.IV.4: Quarterly Growth of Reserve Money and Its Components -30 -20 -10 0 10 20 30 40 50 60 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIII 2016/17 2017/18 2018/19 Percentage Changes Quarters Reserve Money Currency in Circulation Bank Deposits Source: NBE Staff Computation 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 80,000.0 90,000.0 100,000.0 In millions of Birr Required Reserve Actual Reserve Excess Reserve Source: NBE Staff Computation

20 | National Bank of Ethiopia Quarterly Bulletin 4.3. Interest Rate Developments Both average savings deposit rate and lending rate remained unchanged at 8.0 percent and 13.5 percent, respectively while weighted average time deposit rate witnessed minor decline. Weighted average yield on T-bills has slightly increased (by 0.51 percentage point) from last year same quarter. Consequently, given 18.6 percent inflation all deposit rates and T-bill yield remained negative in real terms (Table 4.4). Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum) Particulars 2018/19 2019/20 Percentage point Changes QI QIV QI Annual Quarterly

Savings Deposit Rate 1/ Minimum 7.00 - - Maximum 9.00 - - Average Saving Rate 8.00 - -
Time Deposits Up to 1yr 8.06 8.02 8.01 (0.05) (0.01) 1-2 years 8.10 8.07 8.06 (0.05) (0.01) Over 2 years 8.15 8.11 8.10 (0.05) (0.01) Average Time Dep. Rate (Weighted) 8.10 8.07 8.06 (0.05) (0.01)
Demand Deposit (Weighted) 0.04 0.04 0.05 0.01 0.01
Lending Rate 2/ Minimum 7.00 - - Maximum 20.00 - - Average Lending Rate 13.50 - -
T-bills Rate (Weighted) 1.40 1.91 1.91 0.51 -
GERD Bond Yield 3/ 6.1 Maturity within 5 Years 7.50 - - 6.1 Maturity above 5 Years 8.00 - -
Headline Inflation (Year-on-year) 11.8 15.4 18.6 6.80 3.20
Food Inflation (Year-on-year) 10.7 19.8 23.3 12.60 3.50
Core/non-food Inflation (Year-on-year) 13.2 10.2 13.1 (0.10) 2.90 Source: NBE Staff Computation 1/ Minimum interest rate on saving bond is set by NBE, whereas the maximum indicates the highest rate some banks are paying voluntarily. 2/ NBE has no control on lending rates and the minimum & maximum rates presented here are determined by the market. 3/ GERD stands for Grand Ethiopian Renaissance Dam

First Quarter 2019/20 | 21 Fig.IV.6: Interest Rate Structure of Commercial Banks (In percent per annum) Source: NBE and Commercial Banks Fig.IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (in percent per annum) *Iinflation rate (core) is depicted on the right axis while lending rate, 91 dayT-bill yield and average saving deposit rate are shown on the left axis Source: Staff computation, NBE

22 | National Bank of Ethiopia Quarterly Bulletin 4.4. Developments in the Financial Sector The number of banks at end of 2019 remained at 18 of which 16 were private and 2 public. These banks opened 476 new bank branches during the review period, thereby raising the total number of bank branches to 6,040. As a result, population to bank branch ratio stood at 16, 335.33 . About 33.2 percent of the total bank branches were located in Addis Ababa. Of the total bank branches, the share of public banks was 30.9 percent and that of private banks 69.1 percent. Total capital of the banking system amounted to Birr 103.2 billion, of which, public banks accounted for 55.8 percent and private banks 44 percent. The share of Commercial Bank of Ethiopia, the biggest state owned bank, in total capital of the banking system, was 48.4 percent (Table 4.5). Similarly, the number of insurance companies stood at 17, of which 16 were private and one state owned. Their branches increased to 574 from 542 a year ago and about 46 percent of them were located in Addis Ababa. Insurance companies had Birr 8.5 billion capital, of which 69 percent was that of private insurance companies (Table 4.6). There were 38 micro-finance institutions (MFIs) operating in Ethiopia. These institutions have mobilized Birr 41.2 billion in saving deposit which was 27.1 percent higher than last year same period. In the same vein, their outstanding credit increased 31.5 percent to Birr 61.6 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 23.9 percent to Birr 83 billion (Table 4.7). The top five largest MFIs (Amhara, Dedebit, Oromia, Omo & Addis Credit and Savings Institutions) accounted for 83.4 percent of the total capital, 91 percent of the deposits, 87.6 percent of the credit and 87.8 percent of the total assets of MFIs.

3 Total population is 98,665,000 as CSA estimation for 2019

First Quarter 2019/20 | 23 Table 4.5: Branch Network and Capital of the Banking System (Branch in Number & Capital in Millions of Birr) (Branch in Number & Capital in Millions of Birr) Branch Network Capital 2018/19 2019/20 2018/19 2019/20 Quarter I Quarter IV Quarter I Quarter I Quarter IV Quarter I Reg A.A Total % Share Reg. A.A Total % Share Reg. A.A Total % Share

Public Banks Commercial Bank of Ethiopia 1,093 327 1,420 28.5 1,235 343 1,578 28.4 1,406 371 1,777 29.4 45,801.6 49,817.9 49,933.1 Development Bank of Ethiopia 103 4 107 2.1 103 4 107 1.9 86 4 90 1.5 7,778.3 7,676.5 7,676.5 Total Public Banks 1,196 331 1,527 31 1,338 347 1,685 30 1,492 375 1,867 31 53,580.0 57,494.4 57,609.6
Private Banks - Awash International Bank 224 172 396 7.9 245 178 423 7.6 249 181 430 7.1 4,594.0 6,024.1 6,060.4 Dashen Bank 245 144 389 7.8 265 156 421 7.6 271 157 428 7.1 3,898.5 5,210.2 5,414.0 Abyssinia Bank 159 144 303 6.1 195 158 353 6.3 254 178 432 7.2 3,270.2 3,647.4 3,649.6 Wegagen Bank 197 128 325 6.5 215 140 355 6.4 235 143 378 6.3 3,196.9 3,605.4 3,606.5 United Bank 126 118 244 4.9 151 143 294 5.3 162 142 304 5.0 2,586.8 3,241.0 3,764.1 Nib International Bank 113 133 246 4.9 132 148 280 5.0 134 154 288 4.8 3,114.6 3,782.9 3,950.6 Cooperative Bank of Oromiya 281 65 346 6.9 330 75 405 7.3 353 75 428 7.1 1,980.3 2,509.3 2,687.0 Lion International Bank 152 68 220 4.4 159 76 235 4.2 182 78 260 4.3 1,614.2 1,958.5 2,137.5 Oromia International Bank 171 90 261 5.2 180 97 277 5.0 184 97 281 4.7 1,952.4 2,851.0 2,926.7 Zemen Bank 15 15 30 0.6 20 24 44 0.8 31 24 55 0.9 1,391.8 1,793.1 1,813.5 Buna International Bank 97 81 178 3.6 106 103 209 3.8 107 105 212 3.5 1,770.7 2,042.0 2,171.1 Berhan International Bank 101 94 195 3.9 110 107 217 3.9 153 110 263 4.4 2,022.4 2,405.7 2,401.5 Abay Bank 119 60 179 3.6 126 74 200 3.6 145 77 222 3.7 1,517.5 1,902.5 1,903.2 Addis Interational Bank 25 37 62 1.2 27 41 68 1.2 28 41 69 1.1 812.0 938.4 965.9 Debub Global Bank 23 22 45 0.9 25 28 53 1.0 29 39 68 1.1 640.3 783.1 805.4 Enat Bank S.C 15 25 40 0.8 16 29 45 0.8 25 30 55 0.9 1,072.3 1,309.8 1,356.4 Total Private Banks 2,063 1,396 3,459 69 2,302 1,577 3,879 70 2,542 1,631 4,173 69 35,434.9 44,004 45,613 3.Grand Total Banks 3,259 1,727 4,986 100 3,640 1,924 5,564 100 4,034 2,006 6,040 100 89,014.9 101,499 103,223 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 19.2 30.3 30.9 60.2 56.6 55.8 80.8 69.7 69.1 39.8 43.4 44.2 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% percentage share from total Series2 Series1 Source: NBE Staff Compilation

24 | National Bank of Ethiopia Quarterly Bulletin Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) 2019/20 Quarter I Quarter IV Quarter I S.No. A.A Reg Total A.A Reg Total A.A Reg Total Capital 1 60 25 85 25 63 88 25 63 88 1,571 2,596 2,674 2 18 27 45 28 19 47 28 20 48 1,025 1,161 1,161 3 13 16 29 16 13 29 17 13 30 236 249 219 4 16 21 37 22 17 39 22 17 39 168 157 161 5 12 25 37 26 12 38 26 12 38 444 601 670 68 8 16 11 8 19 11 8 19 154 165 174 7 20 20 40 20 21 41 21 21 42 468 490 492 8 16 15 31 15 16 31 16 16 32 694 801 845 9 13 26 39 27 14 41 27 14 41 330 468 507 10 15 16 31 16 18 34 16 18 34 153 170 181 11 5 15 20 16 5 21 16 5 21 119 144 154 12 20 19 39 20 20 40 20 20 40 290 363 418 13 12 13 25 13 13 26 13 13 26 286 266 276 14 Berhan insurance S.C 5 10 15 10 5 15 11 5 16 116 130 139 15 7 12 19 15 8 23 16 8 24 128 154 180 16 Lucy 4 12 16 12 4 16 12 4 16 141 133 117 17 Bunna Insurance S.C. 6 12 18 13 7 20 13 7 20 108 140 140 292 250 542 305 263 568 310 264 574 6,431 8,188 8,508 Table 4.6: Branch Network & Capital of Insurance Companies as at Sep 30, 2019 TOTAL 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 (Branch in number and Capital in Millions of Birr) Insurance Companies Branch Capital Quarter I 2018/19 2019/20 2018/19

Source: Insurance Supervision Directorate, NBE Table 4.7: Microfinance Institutions Performance as of September 30, 2019 (In Thousands of Birr) 2019/20 Qtr.I Qtr.IV Qtr.I A B C C/A C/B Total Capital 14,188,403.8 16,567,933.7 16,873,907.9 18.9 1.8 Saving 32,398,562.4 41,897,179.6 41,168,473.0 27.1 -1.7 Credit 46,851,910.5 58,722,261.1 61,593,529.5 31.5 4.9 Total Assets 66,990,442.4 83,475,519.0 82,988,456.7 23.9 -0.6 Particulars % Change 2018/19 Source: Microfinance Supervision Directorate, NBE

First Quarter 2019/20 | 25 4.5. Activities of the Banking System 4.5.1. Resource Mobilization Total resources mobilized by the banking system (the sum of net change in deposit, loans collected and net change in borrowings) dropped to 9.2 percent 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) Qtr.I 2018/19 Qtr.IV 2018/19 Qtr.I 2019/20 A B C C/A C/B 1.Deposits (net change) 37,481.6 -3,803.5 25,312.4 21,376.8 20,099.5 62,794.1 17,573.3 -12.6 -72.0 -Demand 23,254.7 -128.4 10,145.7 3,347.4 -6,366.3 33,400.4 3,219.1 -150.6 -90.4 -Saving 11,198.3 -1,268.4 13,259.1 15,925.8 24,624.7 24,457.4 14,657.5 -40.5 -40.1 -Time 3,028.6 -2,406.7 1,907.7 2,103.5 1,841.1 4,936.3 -303.2 -116.5 -106.1 2. Borrowing (net change) -437.1 1,597.2 0.0 0.0 1,385.2 -437.1 1,597.2 15.3 -465.4 -Local -1,276.4 520.9 0.0 0.0 122.4 -1,276.4 520.9 325.5 -140.8 -Foreign 839.3 1,076.3 0.0 0.0 1,262.8 839.3 1,076.3 -14.8 28.2 3. Collection of Loans 23,303.0 13,539.2 24,055.7 23,108.5 29,610.9 47,358.7 36,647.7 23.8 -22.6 4. Total Resources Mobilized (1+ 60,347.5 11,332.9 49,368.1 44,485.3 51,095.6 109,715.6 55,818.2 9.2 -49.1 5. Disbursement 22,406.0 12,081.9 27,945.0 27,544.6 30,065.1 50,350.9 39,626.5 31.8 -21.3 6. Change in Liquidity (4-5) 37,941.5 -749.0 21,423.2 16,940.7 21,030.6 59,364.7 16,191.6 -23.0 -72.7 Memorandum Item: Outstanding Credit* 244,462.4 244,427.3 257,940.7 275,188.4 405,738.3 502,403.1 519,615.6 28.1 3.4 Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.IV 2018/19 Qtr.I 2019/20 Qtr.IV 2018/19 Qtr.I 2019/20 Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans (20,000.0)

20,000.0 40,000.0 60,000.0 80,000.0 100,000.0 120,000.0 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 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 18/1919/20 In Millions of Birr Total Mobilization Net Deposit Source: Staff computation

26 | National Bank of Ethiopia Quarterly Bulletin 4.5.1.1. Deposit Mobilization Total deposit liabilities of the banking system reached Birr 917.2 billion by the end of September 2019, indicating a 22.2 percent annual growth due to cumulative effect of the expansion of bank branches, improved access to finance, growing saving culture of the society and an increase in per capita income. Demand deposits, which accounted for 34.7 percent of total deposits, reached Birr 318 billion showing a 20.3 percent annual increase. Similarly, saving deposits went up 23.4 percent and accounted for 54.8 percent of the total deposits while time deposits, which constituted 10.5 percent of the total deposit liabilities, increased 22.7 percent over the same period of last year. The share of public banks in total deposits outstanding was 59.1 percent while that of private banks stood at 40.9 percent (Table 4.9). Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) Quarter I Quarter IV Quarter I 2018/19 2018/19 2019/20 AB C Demand Deposit 264,303.7 35.2 315,352.5 35.1 318,005.5 34.7 20.3 0.8 Saving Deposit 407,208.2 54.3 487,562.2 54.2 502,459.1 54.8 23.4 3.1 Time Deposit 78,845.3 10.5 96,713.8 10.8 96,730.8 10.5 22.7 0.0 Total 750,357.3 100.0 899,628.4 100.0 917,195.4 100.0 22.2 2.0 Share of Public Banks 62.2 60.4 59.1 Share of Private Banks 37.8 39.6 40.9 C/A C/B % Share Deposit by types % Share % Share

Source: Commercial Banks and DBE Fig.IV.10: Quarterly Growth of Banks Deposit Liabilities by Ownership -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 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 18/19 19/20 In percent Publlic Banks Private Banks All Banks Source: NBE Staff Computation

First Quarter 2019/20 | 27 4.5.1.2. Collection of Loans During the review period, banks collected loans to the tune of Birr 36.6 billion, about 23.8 percent higher than a year earlier (Table 4.8). Of the total loans private banks collected 65.6 percent and state owned banks 34.4 percent. About 99.3 percent of the loan was collected from the private sector (Table 4.12). 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 73.8 billion, showing 11.1 percent annual increase. Of the total borrowing, Birr 73.8 billion (85.8 percent) was from domestic and Birr 9.4 billion (14.2 percent) from external sources (Table 4.10). Table 4.10: Public Outstanding Borrowing of the Banking System by Sources (In Millions of Birr) Table 4.10: Outstanding Borrowing of Banking System by Sources 2019/20 Quarter I Quarter IV Quarter I A B C C/B C/A Domestic Borrowing 58,247.5 62,764.4 63,285.3 0.8 8.6 Foreign Borrowing 8,111.9 9,391.5 10,467.8 11.5 29.0 Total 66,359.4 72,156.0 73,753.2 2.2 11.1 Banks Percentage change (In Millions of Birr) For the First quarter of 2019/20, Ended Sep 30, 2019 2018/19 Source: Commercial Banks and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the first quarter of 2019/20, Birr 39.6 billion was disbursed in fresh loans, indicating a 31.8 percent annual growth. Of the total new loans disbursed, the share of state owned banks was 29.5 percent and that of private banks was 70.5 percent (Table 4.12). The Lion’s share of the new loans went to finance domestic trade which accounted for Birr 8.3 billion (21 percent) followed by international trade (Birr 7.7 billion or 19.6 percent), industry (Birr 7.2 billion or 18.2 percent), agriculture (Birr 4.1 billion or 10.3 percent) and housing & construction (Birr 3.9billion or 9.8 percent).The remaining balance was taken up by other sectors (Table 4.11).

28 | National Bank of Ethiopia Quarterly Bulletin Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership

10,000.00 20,000.00 30,000.00 40,000.00 50,000.00 60,000.00 70,000.00 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 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 18/19 19/20 Value in Million Birr Years/Quarters Total Public Banks Private Banks Source: Commercial Banks and Development Bank of Ethiopia 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 * - - 54,424 - - - - - 54,424 Agriculture 5,682 3,815 16,607 224 266 2,089 4,081 5,906 18,696 Industry 3,801 3,304 150,521 3,898 2,599 44,088 6,400 7,202 194,609 Domestic Trade 594 793 5,976 7,547 7,090 62,826 7,684 8,340 68,803 International Trade 286 723 21,065 7,050 6,983 85,165 7,269 7,773 106,230 Export 242 703 9,472 4,903 4,729 59,289 4,971 5,606 68,761 Imports 43 20 11,593 2,147 2,255 26,285 2,298 2,167 37,879 Hotels and Tourism 522 244 4,828 1,439 9,113 863 1,683 1,385 13,941 Transport & Communica 316 112 1,270 1,406 636 11,032 1,518 952 12,302 Housing & Construction 246 270 12,834 3,635 2,490 40,526 2,760 3,882 53,360 Mines, Power & Water Re 173 102 1,500 8 4 98 106 181 1,598 Others 819 521 7,386 397 541 2,183 1,062 1,216 9,569 Personal 1,279 2,019 22,439 2,528 1,048 17,660 2,327 4,547 40,099 Total 13,539 12,082 298,852 27,545 23,109 275,188 39,627 36,648 574,040 519,615.65 Table 4.11: Summary of Loans and Advances by Banks and Receiving Sectors For the First quarter of 2019/20, Ended Sep 30, 2019 Borrowing Sector Public Banks Private Banks Total (1) (2) (3) (In Millions of Birr) 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

First Quarter 2019/20 | 29 4.5.3. Outstanding Credit Total outstanding credit of the banking system (excluding credit to government) increased to Birr 574 billion, about 28.1 percent higher than last year same quarter. About 52.8 percent of the total outstanding loans and advances was made by state owned banks and 47.9 percent by private banks (Table 4.12). Sector wise, credit to industry stood at Birr 194.6 billion (37.5 percent) followed by international trade (Birr 106.2 billion or 20.3percent), domestic trade (Birr 68.8 billion or 13.2 percent), housing & construction (Birr 53.4 billion or 10.3 percent) and agriculture (Birr 18.7 billion or 3.6 percent) and credit to other sectors took the remaining balance (Table4.11). Table 4.12: Breakdown of Banking System Credit by Clients (In Millions of Birr) (In Millions of Birr) Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share Public Banks 12,081.9 30.5 13,539.2 36.9 298,851.6 52.1 Central Government* 0.0 54,424.4 18.2 State Enterprises 624.0 5.2 240.8 1.8 125,196.0 41.9 Cooperatives 3,887.8 32.2 6,126.1 45.2 12,756.7 4.3 Private Enterprises 7,570.1 62.7 7,172.2 53.0 106,474.5 35.6 Private Banks 27,544.6 69.5 23,108.5 63.1 275,188.4 47.9 Central Government* 0.0 State Enterprises 18.5 0.1 29.5 0.1 706.9 0.3 Cooperatives 194.2 0.7 670.9 2.9 2,821.2 1.0 Private Enterprises 27,331.9 99.2 22,408.1 97.0 271,660.3 98.7 Grand Total 39,626.5 100.0 36,647.7 100.0 574,040.0 100.0 Notes: *Refers to government borrowing in the form of bonds and treasury bills from commercial banks and other sectors other than NBE. 519,615.6 0.0 0.0 Table 4.12: Breakdown of Loans & Advances of Banking System by Clients,during First quarter of 2019/20 Source: Commercial banks and staff computation Notes: *Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE Fig.IV.12: Share of Public and Private Banks in Credit Outstanding 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 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 18/19 19/20 Value in Percent Years/Quarters Total Public Total Private Source: NBE Staff computation

30 | National Bank of Ethiopia Quarterly Bulletin 4.6. Financial Activities of NBE Gross claims of NBE on the central government reached Birr 199.2 billion by the end of September 2019, depicting 20.7 percent annual growth. Of this sum, direct advances accounted for 96.5 percent and bonds 3.5 percent. Direct advance to central government decreased by 6 percent while deposits of financial institutions’ at the NBE dropped by 19 percent (table 4.13). Table 4.13: Financial Activities of NBE (In Millions of Birr) 2019/20 Qtr.I Qtr.IV Qtr.I A B C C/A C/B 1.Loans and Advances 213,678.01 246,828.01 251,380.46 17.6 1.8 1.1. To Central Government 166,685.30 194,685.30 199,237.75 19.5 2.3 Direct Advances 159,264.95 187,264.95 192,264.95 20.7 2.7 Bonds 7,420.35 7,420.35 6,972.80 -6.0 -6.0 1.2.To Development Bank of Ethiopia 46,992.71 52,142.71 52,142.71 11.0 0.0 2.Deposit Liabilities 83,694.85 101,541.60 83,329.50 -0.4 -17.9 2.1. Government 19,601.81 22,513.90 20,433.47 4.2 -9.2 2.2. Financial Institutions 64,093.04 79,027.70 62,896.03 -1.9 -20.4 O/W: -Banks 64,070.67 79,002.58 62,865.03 -1.9 -20.4 -Insurance companies 22.4 25.1 31.0 38.6 23.4 3.Net Claims of NBE(1-2) 129,983.2 145,286.4 168,051.0 29.3 15.7 % Change Particulars Table 4 .13: Financial Activities of NBE during the First Quarter of 2019/20 2018/19 Source: NBE 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market During the first quarter of 2019/20, the amount of T-bills supplied to the weekly auction market reached Birr 110.4 billion, reflecting a 32.3 percent annual increase. Similarly, demand for T-bills rose by 28.1 percent to Birr 116.8 billion (Table 14). The total amount of T-bills sold went up to Birr 116.8 billion, which was 28.1 percent higher than last year same quarter reflecting over subscription. The nonbank institutions bought entire amounts of the T-bills sold during review the quarter. Total outstanding T-bills at the end of the quarter stood at Birr 144.8 billion, depicting a 21.5 percent annual increase. Average weighted T-bill yields was 1.91 percent, about 35.8 percentage points higher than that of a year earlier (Table 4.14).

First Quarter 2019/20 | 31 Table 4.14: Results of Treasury Bills Auction ( 2019/20 first quarter) (In Millions) (In Millions of Birr) Items 2018/19 2019/20 % Change Quarter I Quarter IV Quarter I A B C C/A C/B Number of Bidders 46.00 48.00 47.00 2.17 -2.08 Public 46.00 48.00 47.00 2.17 -2.08 Private - - - 0.00 0.00 Number of Bids received 49.00 48.00 49.00 0.00 2.08 Public 49.00 48.00 49.00 0.00 2.08 Private - - - Amount Demanded (Mn. Birr) 91,142.56 124,762.36 116,759.56 28.11 -6.41 28-day bill 240.00 890.00 240.00 0.00 -73.03 91-day bill 87,636.56 106,212.36 113,533.56 29.55 6.89 182-day bill 516.00 660.00 236.00 -54.26 -64.24 364-day bill 2,750.00 17,000.00 2,750.00 - -83.82 Amount Supplied (Mn. Birr) 83,412.56 118,629.56 110,383.36 32.33 -6.95 28-day bill 260.00 240.00 910.00 250.00 279.17 91-day bill 80,016.56 100,654.56 106,487.36 33.08 5.79 182-day bill 386.00 735.00 236.00 -38.86 -67.89 364-day bill 2,750.00 17,000.00 2,750.00 - Amount Sold (Mn. Birr) 91,142.56 124,762.36 116,759.56 28.11 -6.41 Banks - 650.00 - Non-Banks 91,142.56 124,112.36 116,759.56 28.11 -5.92 Average Weighted Price for Successful bids (%) 99.11 98.65 98.64 -0.47 0.00 28-day bill 99.94 0.00 0.00 91-day bill 99.70 0.00 0.00 182-day bill 99.69 99.69 99.68 -0.01 -0.01 364-day bill 97.10 95.25 95.25 0.00 Average Weighted Yield for Successful bids (%) 1.40 1.91 1.91 35.80 -0.27 28-day bill 0.78 0.8292 0.78 0.00 -5.61 91-day bill 1.20 1.2035 1.20 0.09 0.08 182-day bill 0.63 0.6186 0.64 1.67 4.00 364-day bill 3.00 5.0000 5.00 0.00 Outstanding bills at the end of Period (Mn.Br.) 119,142.56 138,054.36 144,725.56 21.47 4.83 Banks - 650.00 - Non-Banks 119,142.56 137,404.36 144,725.56 21.47 5.33 Source: NBE

32 | National Bank of Ethiopia Quarterly Bulletin Fig.IV.15: Development in Treasury- bills Markets Source: NBE

First Quarter 2019/20 | 33 4.7.2. Inter- Bank Money Market No inter-bank money market transaction was conducted during the quarter under review 4.7.3. Corporate Bond Market While the corporate bond market remains shallow and narrow the big players in this market are few public institutions and regional governments. The purchaser of these bonds is solely the Commercial Bank of Ethiopia (CBE). During the first quarter, CBE purchased corporate bonds worth Birr 7.5 billion wholly issued by EEP. Hence at the end of September 2019, the stock of corporate bonds held by CBE has stood at Birr 341.6 billion, of which 92.0 percent was claims on public enterprises, and the rest on regional governments (Table 4.15). Table 4.17: Disbursement, Redemption and Outstanding of Coupon and Corporate Bond In millions of Birr Issuer of the Bond 2018/19 2018/19 2019/20 QI QIV QI NP Red O/S NP Red O/S NP Red O/S 1.Puplic Enterprises 2,600.0 0.0 248,139.0 20,175.2 100.1 306,826.99 7,500.0 122.4 314,204.6 EEPCO - 216,350.00 18,500.0 100.1 263,921.25 7,500.0 122.4 271,298.9 Railways Corporation 2,600.0 31,788.98 1,675.2 - 42,905.73 - 42,905.7 DBE - - - - - - - - - 2. Regional Governments 0.0 775.9 45,110.1 4,500.0 26.4 31,765.75 0.0 4,310.8 27,428.5 Oromia - 1.7 439.9 - 4.6 439.90 - 2.1 427.4 Amhara - - 0.2 - - 0.21 - 0.5 0.2 Tigray - 6.2 133.3 - 0.9 133.32 - 2.3 114.5 SNNPRS - - 7.6 - - 7.61 - - 7.6 Dire Dawa - - 0.0 - - - - - - Harari - - 0.0 - - - - - - City Government of Addis Ababa

768.0 44,529.0 4,500.0 20.9 31,184.71 - 4,305.9 26,878.8 3.Grand Total (1+2) 2,600.0 775.9 293,249.1 24,675.2 126.4 338,592.7 7,500.0 4,433.2 341,633.2 Source: NBE Note: NP= New Purchase, Red. = Redemption, O/S= outstanding

34 | National Bank of Ethiopia Quarterly Bulletin V. EXTERNAL SECTOR DEVELOPMENTS 5.1. Balance of Payments The overall balance of payments registered USD 870.5 million deficit during the first quarter of 2019/20 compared to USD 69.1 million deficits a year ago. This wider deficit was mainly attributed to decline in net private transfers, net official transfers and net capital account balance coupled with slowdown in surplus in net services. In contrast, merchandise trade deficit slightly narrowed during the review period (Table 5.1). Table 5.1: Balance of Payments* (In Millions of USD) S/N Particulars 2018/19 2019/20 Percentage Change QI QIV QI A B C D=C/A E=C/B 1 Exports, f.o.b. 628.0 766.7 723.0 15.1 -5.7 Coffee 204.43 264.55 232.1 13.5 -12.3 Other 423.6 502.2 491.0 15.9 -2.2 2 Imports 3,682.1 3,428.6 3,746.4 1.7 9.3 Fuel 663.3 631.3 593.7 -10.5 -6.0 Cereals 204.5 99.9 287.2 40.5 187.4 Aircraft 13.3 10.3 15.8 19.1 53.6 Imports excl. fuel, cereals, aircraft 2,800.9 2,687.1 2,849.6 1.7 6.0 3 Trade Balance (1-2) -3,054.0 -2,661.8 -3,023.3 -1.0 13.6 4 Services, net 264.0 -249.2 101.0 -61.7 -140.5 Non-factor services, net 348.2 -77.0 250.8 -28.0 -425.8 Exports of non-factor services 1,482.3 1,154.0 1,309.1 -11.7 13.4 Imports of non-factor services 1,134.1 1,231.0 1,058.3 -6.7 -14.0 Factor services (Investment income), net -84.2 -172.2 -149.8 77.9 -13.0 Interest, net -84.2 -172.2 169.6 -301.5 -198.5 Dividend, net 5 Private transfers, net 1,597.9 1,532.4 1,277.5 -20.1 -16.6 o/w: NGO's,(Net) 176.0 201.9 1,072.6 509.4 431.3 Private Individuals 1,421.9 1,330.5 -100.0 -100.0 6 Current account balance excluding official transfers (3+4+5) -1,192.1 -1,378.7 -1,644.8 38.0 19.3 7 Official transfers, net 352.3 411.9 174.4 -50.5 -57.6 8 Current account balance including official transfers(6+7) -839.9 -966.8 -1,470.3 75.1 52.1 9 Capital account 964.6 886.7 661.5 -31.4 -25.4 Official Long-term Capital, net 172.2 208.0 180.8 5.0 -13.1 Disbursements 216.7 261.9 317.9 46.7 21.4 Amortization 44.6 54.0 137.1 207.6 154.1 Other public long-term capital 73.9 2.4 -195.9 -365.2 -8,350.1 Private sector, long term 76.0 45.4 36.0 -52.6 -20.6 Foreign Direct Investment, net 689.0 565.4 700.2 1.6 23.9 Short-term Capital -46.5 65.6 -59.6 28.2 -190.8 10 Errors and Omissions [11-(9+8)] -193.8 -478.4 -61.7 11 Overall balance (-13) -69.1 -558.5 -870.5 12 Financing (13+16) 69.1 558.5 870.5 13 Reserves [ Increase(-), Decrease (+)] (14+15) 69.1 558.5 870.5 14 Central Bank (NFA) 283.9 584.9 758.0 Asset -897.4 504.7 817.6 Liabilities 1,181.4 80.1 -59.6 15 Commercial banks (NFA) -214.8 -26.4 112.5 16 Debt Relief Principal Interest Source: NBE Staff Compilation *preliminary

First Quarter 2019/20 | 35 Total current account receipts amounted to USD 3.5 billion, 14 percent lower than a year earlier. This was on account of a decline in receipts from services receipts (11.5 percent), private transfers (19.8 percent) and public transfers (48.2 percent) despite an increase in merchandise export proceeds (15.1 percent). Meanwhile, total current account payments increased 1.2 percent to reach USD 5.0 billion due to a 1.7 percent rise in merchandise import payments and 130.7 percent surge in private transfer payments. Thus, the current account balance recorded USD 1.5billion deficit which was 75.1 percent higher than that of a year ago. (Table 5.2) Table 5.2: Current Receipts and Payments (In millions of USD) S/N Particulars 2018/19 2019/20 Percentage Change QI QIV QI A B C D=C/A E=C/B 1 Current Receipts 4,102.0 3,893.8 3,528.5 -14.0 -9.4 Export Proceeds 628.0 766.7 723.0 15.1 -5.7 Service Proceeds 1,502.10 1,170.5 1,329.0 -11.5 13.5 Private Transfers 1,600.74 1,538.0 1,284.1 -19.8 -16.5 Public Transfers 371.1 418.7 192.4 -48.2 -54.1 2 Current Payments 4,941.9 4,860.6 4,998.8 1.2 2.8 Import Payments 3,682.1 3,428.6 3,746.4 1.7 9.3 Service Payments 1,238.09 1,419.7 1,228.0 -0.8 -13.5 Private Transfers 2.83 5.6 6.5 130.7 17.5 Public Transfers 18.86 6.8 17.9 -5.0 164.1 3 Net, (1-2) -839.9 -966.8 -1,470.3 75.1 52.1 Source: NBE Staff Compilation

36 | National Bank of Ethiopia Quarterly Bulletin 0.0 1000.0 2000.0 3000.0 4000.0 5000.0 6000.0 7000.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/192019/20 (In Millions of USD) Fig.V.1: Trends in Current Receipts and Payments Current Receipts Current Payments Current Payments Source: NBE Staff Compilation 5.2. Balance of Trade Merchandise trade deficit in the first quarter narrowed to USD 3.02 billion from USD 3.05 billion a year ago due to relatively higher merchandise export receipts. 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 Q2 Q3 Q4 Q1 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Import Export Source: Ethiopian Ministry of Revenue

First Quarter 2019/20 | 37

0 500 1000 1500 2000 2500 3000 3500 4000 4500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit Source: NBE Staff Compilation 5.2.1. Export of Goods Total receipts from export of goods increased by 15.1percent over last year same quarter owing to higher export revenue from coffee (13.5 percent), pulses (11.9 percent), fruits & vegetables (10.6 percent), flower (118.2 percent), chat (17.4 percent) and liveanimals (65.6 percent) slowdown was observed from other exports such as oilseeds (7.4 percent), leather & leather products (29.1 percent), meat & meat products (23.6 percent), gold (60.8 percent) and electricity (38.6 percent). Export earnings from coffee grew by 13.5 percent over last year same quarter due to 36.0 percent increase in export volume despite 16.5 percent decline in international price. Hence, the share of coffee in total export earnings remained close to 32 percent. Export revenue from pulses stood at USD 48.7 million, showing 11.9 percent annual growth owing to 26.7 percent increase in export volume despite 11.7 percent decrease in international price. Thus, the share of pulses in total merchandise export was 6.7 percent compared with 6.9 percent a year ago. Export revenue from fruits & vegetables saw 10.6 percent increase on account of 17.3 percent rise in export volume despite 5.7 percent drops in international price. As a result, its share in total merchandise export earnings slightly decreased to 2.3 percent from 2.4 percent during the same period. Similarly, export revenue from flower surged by 118.2 percent vis-à-vis the same quarter of last year due to a 115.6 percent growth in export volume and 1.2 percent rise in international price. Thus, the share of flower in total export earnings increased to 16.0 percent from 8.4 percent a year earlier. Revenue from export of live-animals increased by 65.6 percent as export volume went up by 74.1 percent in spite of 4.9 percent decline in international price. Consequently, the share of live-animals in total merchandise export increased to 3.3 percent from 2.3 percent a year ago. Export revenue from chat showed 17.4 percent annual growth owing to 2.6 percent increase in international price and 14.4 percent rise in volume. As result, the share of chat in total merchandise export earnings went up to 12.8 percent from 12.5 percent a

38 | National Bank of Ethiopia Quarterly Bulletin year earlier. In contrast, earnings from oilseeds export fell by 7.4 percent and reached USD 53.9 million because of 17.3 percent drop in export volume despite 12 percent increase in price. Hence, the share of oilseeds in total merchandise export earnings decreased to 7.5 percent from 9.3 percent during the review period. Export earnings from gold slowed down by 60.8 percent on annual basis mainly due to 64.2 percent drop in export volume although international price increased by 9.5 percent. As a result, the share of gold in total merchandise export went down to 0.9 percent from 2.5 percent last year same quarter. Receipts from export of leather & leather products decreased by 29.1 percent export volume fell by 27 percent and international price by 2.7 percent. Thus, the share of these export items in total merchandise export declined to 3.3 percent from 5.3 percent. Likewise, export receipts from meat & meat products slowed down to USD 18.5 million showing a 23.6 percent annual decline as international price fell 1.7 percent and export volume by 22.3 percent. As a result, the share of meat & meat products in total export earnings stood at to 2.6 percent compared with 3.9 percent a year ago. Export revenue from electricity showed a 38.6 percent decline over last year same quarter meanly because of 43.1 percent decrease in export volume despite 7.9 percent rise in international price. Hence, the share of electricity in total merchandise export revenue went down to 1.4 percent from 2.7 percent a year ago (Tables 5.3, 5.4 and 5.5). Table 5.3: Values of Major Export Items (In millions of USD) Particulars 2018/19 2019/20 Percentage QI QIV QI Change A %share B %share C %share C/A C/B Coffee 204.4 32.6 264.5 34.5 232.1 32.1 13.5 -12.3 Oilseeds 58.2 9.3 108.4 14.1 53.9 7.5 -7.4 -50.3 Leather and Leather products 33.3 5.3 26.0 3.4 23.6 3.3 -29.1 -9.1 Pulses 43.5 6.9 69.7 9.1 48.7 6.7 11.9 -30.1 Meat & Meat Products 24.2 3.9 21.5 2.8 18.5 2.6 -23.6 -14.1 Fruits & Vegetables 14.8 2.4 17.4 2.3 16.4 2.3 10.6 -6.1 Live Animals 14.6 2.3 14.0 1.8 24.2 3.3 65.6 72.3 Chat 78.8 12.5 71.7 9.3 92.5 12.8 17.4 29.1 Gold 15.7 2.5 5.1 0.7 6.1 0.9 -60.8 20.5 Flower 52.9 8.4 87.1 11.4 115.4 16.0 118.2 32.5 Electricity 16.7 2.7 6.6 0.9 10.2 1.4 -38.6 55.9 Others 70.9 11.3 74.7 9.7 81.4 11.3 14.8 9.0 Total Export 628.0 100 766.7 100 723.0 100 15.1 -5.7 Total Export excluding Electricity 611.4 760.2 712.8 16.6 -6.2 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power

First Quarter 2019/20 | 39 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 QII QIII IV QI 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (Mn 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 Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2018/19 2019/20 Percentage Change QI QIV QI A B C C/A C/B Coffee 59.2 79.6 80.5 36.0 1.1 Oilseeds 42.4 69.7 35.0 -17.3 -49.7 Leather and Leather Products 1.5 1.2 1.1 -27.1 -3.1 Pulses 69.1 133.8 87.6 26.7 -34.5 Meat & Meat Products 4.7 4.3 3.7 -22.3 -14.3 Fruits & Vegetables 41.6 50.2 48.8 17.3 -2.7 Live Animals 7.2 7.8 12.5 74.1 60.7 Chat 14.2 12.5 16.3 14.4 29.8 Gold(In mn. of grams) 0.5 0.1 0.2 -64.2 15.6 Flower 12.1 19.9 26.1 115.6 31.1 Electricity(Inmn of kwh) 293.8 102.7 167.0 -43.1 62.7 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power

40 | 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 QII QIII QIV QI 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (Mn. Kg) Fig.V.5: Export Volume of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Chat Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2018/19 2019/20 Percentage Change QI QIV QI A B C C/A C/B Coffee 3.5 3.3 2.9 -16.5 -13.3 Oilseeds 1.4 1.6 1.5 12.0 -1.1 Leather and Leather Products 21.6 22.4 21.0 -2.7 -6.2 Pulses 0.6 0.5 0.6 -11.7 6.8 Meat & Meat Products 5.1 -1.7 0.2 Fruits & Vegetables 0.4 0.3 0.3 -5.7 -3.5 Live Animals 2.0 1.8 1.9 -4.9 7.2 Chat 5.5 5.7 5.7 2.6 -0.5 Gold (in USD/gm) 33.3 35.0 36.5 9.5 4.3 Flower 4.4 1.2 1.1 Electricity 0.1 7.9 -4.1 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power

First Quarter 2019/20 | 41 0 1 2 3 4 5 6 7 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 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (USD/K.G) (USD/K.g, USD/gr.(Gold)) Fig.V.6. Unit Value of Selected Export Commodities Leather and Leather Products Gold Coffee Oil Seeds Pulses Flower Chat Left Axis: Gold & Leather , Right Axis: All Other Items Source: NBE Staff Computation 5.2.2 Import of Goods Total merchandise import stood at USD 3.7 billion during the first quarter of 2019/20, depicting 1.7 percent year-on-year increase due to higher import values of semi-finished goods, consumer goods and miscellaneous goods. Import of semi-finished goods increased by 27.6 percent as a result of 196.2 percent surge in import bill of fertilizer. Thus, the share of semi-finished goods in total goods import bill rose to 18.9 percent from 15.0 percent a year earlier. Similarly, import payments for consumer goods slightly increased (0.1 percent) over last year same quarter due to higher import payments for non- durable goods. Consequently, the share of consumer goods in total imports dropped to 30.7 percent from 31.2 percent a year ago. Likewise, imports of miscellaneous goods increased significantly (232.2 percent) and their share in total imports rose to 6.2 percent from 1.9 percent during the same period. On the other hand, import bill of capital goods fell 14.7 percent due to 16.7 percent fall in payment for import of industrial goods and 1.3 percent decline in transport capital goods. Import of agricultural capital goods, however, rose by 1.2 percent. Hence, the share of capital goods in total goods import bill stood at 27.2 percent compared with 32.5 percent a year earlier. Likewise, import value of fuel decreased by 10.5 percent during the review period and its share in total import payments fell to 15.8 percent from 18.0 percent a during the review period. Similarly, import of raw materials decreased by 15.0 percent compared to same quarter last year and their share in total merchandise import bill fall to 1.1 percent from 1.4 percent a year ago. Meanwhile, total franco-valuta import increased by 3.6 percent and stood at USD 1.1 billion accounting for 30.2 percent of the total imports.

42 | National Bank of Ethiopia Quarterly Bulletin Table 5.6: Values of Major Import Items (In millions Of USD) Particular 2018/19 2019/20 Percentage Qtr. I Changes Share (%) Qtr. IV Share (%) Qtr. I Share (%) A B C C/A C/B Raw Materials 50.4 1.4 30.1 0.9 42.8 1.1 -15.0 42.4 Semi-finished Goods 554.1 15.0 747.9 21.8 707.3 18.9 27.6 -5.4 Fertilizers 7.6 0.2 222.2 6.5 22.6 0.6 196.2 -89.8 Fuel 663.3 18.0 631.3 18.4 593.7 15.8 -10.5 -6.0 Petroleum Products 630.3 17.1 609.9 17.8 574.2 15.3 -8.9 -5.9 Others 33.1 0.9 21.4 0.6 19.5 0.5 -41.0 -8.8 Capital Goods 1,195.8 32.5 894.3 26.1 1,020.3 27.2 -14.7 14.1 Transport 140.1 3.8 172.9 5.0 138.2 3.7 -1.3 -20.0 Agricultural 16.4 0.4 13.4 0.4 16.6 0.4 1.2 23.9 Industrial 1,039.2 28.2 708.0 20.6 865.5 23.1 -16.7 22.2 Consumer Goods 1,148.4 31.2 1,056.4 30.8 1,149.6 30.7 0.1 8.8 Durables 295.0 8.0 309.2 9.0 281.6 7.5 -4.6 -9.0 Non-durables 853.4 23.2 747.2 21.8 868.1 23.2 1.7 16.2 Miscellaneous 70.0 1.9 68.6 2.0 232.5 6.2 232.2 238.9 Total Imports 3,682.1 100 3,428.6 100 3,746.4 100 1.7 9.3 Source: Ministry of Revenues Table 5.7: The Value of Franco Valuta Import (In Millions of USD Commodity Group 2018/19 2019/20 Percentage Change Qtr. I Qtr. IV Qtr. I A B C C/A C/B Beverages 0.1 44.8 -29.2 Chemicals 6.1 3.9 4.8 -22.0 23.4 Clothing 12.5 6.6 2.9 -76.4 -55.2 Food and Live animals 84.6 72.6 135.3 59.9 86.5 Textiles 8.6 5.3 10.4 20.8 97.1 Tobacco 0.0 0.1 0.0 -80.4 -89.2 Soap & polish 0.5 0.4 0.3 -42.7 -28.4 Fertilizer 60.6 226.4 63.3 4.5 -72.0 Paper & Paper Manufacturing 1.8 1.1 1.8 -2.2 67.9 Metal & Metal Manufacturing 86.4 58.5 83.0 -3.9 41.9 Medical and Pharmaceuticals Products 14.0 13.9 6.5 -53.5 -53.2 Rubber products 14.2 7.3 7.3 -48.4 0.9 Petroleum Crude - - - - - Petroleum product 7.4 6.8 101.8 1268.3 1392.3 Glass & glass ware 3.6 4.2 3.4 -6.1 -18.3 Electrical material 96.4 58.6 69.1 -28.3 18.0 Machine 408.0 213.3 350.0 -14.2 64.1 Road & motor vehicles 53.7 48.8 43.4 -19.1 -11.1 Tele apparatus 1.2 20.3 5.0 330.5 -75.3 Cement 0.08 0.0 0.0 Others 230.6 156.7 241.1 4.6 53.9 Total 1,090.4 904.6 1,129.7 3.6 24.9 Source: Ministry of Revenues

First Quarter 2019/20 | 43 5.2.3 Direction of Trade 5.2.3.1 Export of Goods The major destinations for Ethiopian exports were Asia, Europe and Africa where Asia accounted for 37.3 percent of the total exports with Saudi Arabia being the main destination for Ethiopia’s export having a 20.5 percent share in Asia, followed by Japan (12.2 percent), Israel (10.1 percent), United Arab Emirates (8.7 percent), India (8.3 percent), China (7.2 percent), Yemen (6.9 percent),South Korea (6.2 percent), Indonesia (3.9 percent) and Singapore (2.8 percent). All these countries accounted for 86.6 percent of Ethiopia’s total export to Asia. Europe constituted 30.2 percent of Ethiopia’s total export revenue, with the Netherlands taking a 37.2 percent share, followed by Germany (22.5 percent), Belgium (10.3 percent), Italy (5.1 percent), United Kingdom (4.8 percent), Switzerland (3.2 percent), France (2.8 percent), Spain (1.9 percent), Turkey (1.7 percent), Russia (1.7 percent) and Norway (1.6 percent). These European countries together had a 92.8 percent share of Ethiopia’s total exports to Europe. About 20.4percent of Ethiopia’s export earnings originated from markets in Africa, mainly Somalia (53.4 percent), Djibouti (23.9 percent), Sudan(6.6 percent), Kenya (4.1 percent), Nigeria (2.2 percent) and South Africa (1.4 percent)which altogether accounted for 91.5 percent of the total exports to Africa. America had 11.1 percent share in Ethiopia’s total export earnings, of which 53.0 percent was from exports to the United States and 3.4 percent to Canada. Both countries accounted for 56.4 percent of Ethiopia’s total exports to America. 20.4% 30.2% 11.1% 37.3% 1% Fig.V.7: Export By Destination Africa Europe America Asia Oceania Source: NBE Staff Compilation

44 | National Bank of Ethiopia Quarterly Bulletin 5.2.3.2 Import of Goods During the first quarter of 2019/20, Asia accounted for 64.3 percent of the total imports of Ethiopia with the major imports coming from China (38.8 percent), Kuwait (17.5 percent), India (13.7 percent), U.A.E (4.1 percent), Japan (3.4 percent), Indonesia (3.0 percent), Saudi Arabia (2.3 percent), South Korea (1.6 percent), Malaysia (1.6 percent) and Thailand (1.1 percent) whose combined share was 86.9 percent. Imports from Europe constituted 23.6 percent of Ethiopia’s total imports with the major countries being Turkey (17.1percent),Ukraine (15.9 percent), Netherlands (10.8 percent), Italy (8.1 percent), Germany (7.7 percent), United Kingdom (5.9 percent), Russia(5.2 percent), Belgium (4.9 percent), Rumania (4.4 percent), France (4.2 percent), Switzerland (3.6 percent), Sweden (3.2percent), Spain (2.0 percent) and Ireland (1.2 percent).These countries jointly accounted for 94.2 percent of Ethiopia’s total imports from Europe. Imports from America comprised 8.5 percent of the total import bill, of which the share of United States was 96.2 percent followed by Canada (1.5 percent) and Brazil (1.2 percent). Africa accounted for about 3.4 percent of Ethiopia’s total merchandise import. The major countries of origin were Egypt (33.7 percent), South Africa (27.5 percent), Sudan (20.5 percent), Kenya (10.2 percent) and Djibouti (6.0 percent) which altogether represented 97.9 percent of the total imports from the continent. 3.4% 23.6% 8.5% 64.3% 0.1% Fig.V.8: Import by Origion Source: NBE Staff Compilation

First Quarter 2019/20 | 45 5.3. Services and Transfers Net payments for services trade resulted in USD 101 million deficit compared with USD 264 million deficit a year ago due to 97 percent decrease in surplus of net travel services and a movement of net government services from surplus to deficit coupled with a 77.9 percent increase in deficit of investment income. In contrast, surplus of net transport services grew 36.7 percent and net other service payments 38.1 percent (Table 5.8). -400.0 -300.0 -200.0 -100.0 0.0 100.0 200.0 300.0 400.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Million USD) Fig.V.9: Trends in Net Service Net Travel Transportation Government (n.i.e) Source: NBE Staff Compilation

46 | National Bank of Ethiopia Quarterly Bulletin Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2018/19 2019/20 Percentage QI QIV QI Change A B C D=C/A E=C/B 1 Investment Income (2+5) -84.2 -172.2 -149.8 77.9 -13.0 2 Interest, net (3-4) -84.2 -172.2 -149.8 77.9 -13.0 3 Credit 19.8 16.5 19.9 0.2 20.6 4 Debit 104.0 188.7 169.6 63.1 -10.1 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) 348.2 -77.0 250.8 -28.0 -425.9 7 Exports of non-factor services 1,482.3 1,154.0 1,309.1 -11.7 13.4 8 Travel 292.6 200.4 181.5 -38.0 -9.4 9 Transport 1 965.7 828.1 1014.7 5.1 22.5 10 Gov't 2 126.6 43.0 34.4 -72.8 -20.1 11 Other 3 97.3 82.5 78.5 -19.3 -4.8 12 Imports of non-factor services 1,134.1 1,231.0 1,058.3 -6.7 -14.0 13 Travel 152.5 178.0 177.4 16.3 -0.4 14 Transport 1 705.3 713.2 658.9 -6.6 -7.6 15 Gov't 2 3.9 24.6 35.3 795.8 43.3 16 Other 3 272.3 315.1 186.9 -31.4 -40.7 17 Net Services (18+19+20+21+22) 264.0 -249.2 101.0 -61.7 -140.5 18 Travel (8-13) 140.1 22.4 4.2 -97.0 -81.3 19 Transport (9-14) 260.3 114.9 355.8 36.7 209.8 20 Gov't (10-15) 122.7 18.4 -0.9 -100.7 -104.7 21 Other (11-16) -175.0 -232.7 -108.3 -38.1 -53.4 22 Investment Income (2+5) -84.2 -172.2 -149.8 77.9 -13.0 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business During the review period, total transfer receipts slowed down to USD 1.5 billion due to a 45.3 percent decline in receipts from official transfers and 19.8 percent in private transfers. Meanwhile, total transfer payments increased by 5.5 percent owing to 130.7 percent growth in private transfers, although official transfers decreased 13.3 percent. As a result, net transfers dropped by 24.9 percent and reached USD 1.46 billion (Table 5.9).

First Quarter 2019/20 | 47 Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2018/19 2019/20 Percentage QI Percent Change Share QIV Percent Share QI Percent A B C Share D=C/A E=C/B 1 Private transfers, net (2-5) 1,597.9 81.9 1,532.4 78.8 1,277.5 87.2 -20.1 -16.6 2 Credit (3+4) 1,600.7 81.2 1,538.0 78.6 1,284.1 86.3 -19.8 -16.5 3 NGO's 178.8 9.1 207.4 10.6 211.5 14.2 18.3 1.9 4 Private individuals 1,421.9 72.1 1,330.5 68.0 1,072.6 72.1 -24.6 -19.4 5 Debit 2.8 13.0 5.6 45.0 6.5 28.5 130.7 17.5 6 Official transfers, net (7-8) 352.3 18.1 411.9 21.2 186.8 12.8 -47.0 -54.6 7 Credit 371.1 18.8 418.7 21.4 203.1 13.7 -45.3 -51.5 8 Debit 18.9 87.0 6.8 55.0 16.4 71.5 -13.3 141.0 9 Total Receipts 1,971.9 100.0 1,956.6 100.0 1,487.2 100.0 -24.6 -24.0 10 Total Payments 21.7 100.0 12.3 100.0 22.9 100.0 5.5 85.4 11 Net Transfers 1,950.2 100.0 1,944.3 100.0 1,464.3 100.0 -24.9 -24.7 Source: NBE Staff Computation 0 500 1000 1500 2000 2500 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I (In Millions of USD) 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Fig.V.10: Trends in Private and Official Transfers, (Receipts) Private Transfers Official Transfers Source: NBE Staff Compilation

48 | National Bank of Ethiopia Quarterly Bulletin 5.4. Current Account Balance The current account balance (including official transfers) saw USD 1.5 billion in deficit compared with USD 839.9 million deficit a year ago (Table 5.1). 5.5. Capital Account In contrast, the capital account recorded USD 661.5 million in surplus, which was 31.4 percent lower than that of a year earlier. The slow in surplus was attributed to decrease in net other public sector long term capital (365.2 percent), and private sector long term capital (52.6 percent) coupled with higher net short term capital out flow (28.2 percent). Foreign direct investment and net official long term capital however, rose by 1.6 percent and 5.0 percent, respectively (Table 5.1). 5.6. Changes in Reserve Position Net foreign assets of the National Bank of Ethiopia and the commercial banks decreased by USD 758.0 million and USD 112.5 million, respectively. Thus, as of September 30, 2019 gross foreign reserve coverage stood at 1.7 months of imports of goods and non-factor services of next fiscal year (Table 5.1). 5.7. Developments in the Foreign Exchange Market 5.7.1. Exchange Rate Movements In the inter-bank forex market, the weighted average official exchange rate of Birr reached Birr 29.0947/USD in the first quarter of 2019/20, depicting a 6.1percent annual depreciation. The end period exchange rate of the Birr was 29.2751/USD, indicating the Birr weakened against USD by 6.1 percent vis-à-vis last year same period.

First Quarter 2019/20 | 49 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 2018/19 28.9109 28.0543 12.6 0.0 Qtr. I C 27.5889 27.4295 3.10 0.00 July August September 27.3703 27.4849 27.5889 27.3186 27.4302 27.5398 1.10 1.10 0.90 0.00 Qtr. IV B 28.9109 28.7039 3.05 0.00 April May June 28.6293 28.7739 28.9109 28.5607 28.7050 28.8460 1.05 1.05 0.95 0.00 2019/20 Qtr. I A 29.2751 29.0947 3.20 0.00 July August September 29.0308 29.1524 29.2751 28.9732 29.0943 29.2167 1.10 1.10 1.00 0.00 Percentage Changes A/B 1.26 1.36 4.92 A/C 6.11 6.07 3.23 Source: National Bank of Ethiopia In retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 29.0963/ USD, showing 6.1 percent depreciation, while the selling rate was Birr 29.6605/ USD,depicting 6.1 percent depreciation over last year same quarter. Thus, the average spread between the buying and the selling rates was 1.94 percent up from 1.89 percent a year ago (Table 5.11).

50 | 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 2018/19 2019/20 Percentage Change Quarter I Quarter IV Quarter I A B C C/B C/A Purchases Sales Purchases Sales Purchases Sales Purchases Sales Purchases Sales 1 Commercial Bank of Ethiopia 122,586.5 41,748.8 59,486.9 51,835.1 51,652.0 48,967.5 -13.17 -5.53 -57.86 17.29 2 Bank of Abyssinia 7,990.5 5,633.6 2,805.5 9,699.8 3,073.3 8,383.2 9.55 -13.57 -61.54 48.81 3 Dashen Bank 13,770.7 7,881.6 3,869.1 5,982.0 4,127.2 9,269.3 6.67 54.95 -70.03 17.61 4 Awash International Bank 19,759.3 15,392.8 2,336.6 13,185.9 2,814.2 17,775.8 20.4 34.8 -85.8 15.5 5 Construction & Business Bank - - - - - - 6 Wegagen Bank 10,007.0 3,227.6 4,580.7 4,512.8 4,988.1 2,645.5 8.9 -41.4 -50.2 -18.0 7 United Bank 9,961.6 6,173.0 9,794.6 4,756.1 16,420.4 6,355.6 67.6 33.6 64.8 3.0 8 Development Bank 4.7 75.3 - 83.1 0.2 158.6 90.9 110.6 9 Nib International Bank 3,647.8 1,947.3 1,539.8 1,864.4 928.6 2,407.9 -39.7 29.2 -74.5 23.7 10 Lion International Bank 8,021.9 1,399.9 21,676.7 1,129.2 14,236.1 1,776.1 -34.3 57.3 77.5 26.9 11 Oromia International Bank 6,044.2 4,208.3 6,714.1 4,590.7 6,583.6 5,254.2 -1.9 14.5 8.9 24.9 12 Zemen Bank 1,539.2 4,344.3 81.9 4,327.5 128.1 5,705.4 56.3 31.8 -91.7 31.3 13 Cooperative Bank of Oromia 5,211.6 1,796.3 115.1 4,127.0 199.4 4,398.5 73.2 6.6 -96.2 144.9 14 Buna International Bank 11,342.1 1,940.6 221.5 1,065.0 3,531.7 1,169.3 1494.2 9.8 -68.9 -39.7 15 Birhan International Bank 2,838.0 2,225.9 340.9 2,632.9 269.9 2,608.8 - -0.9 -90.5 - 16 Abay Bank 12,026.2 381.6 459.4 1.0 401.2 316.3 -12.7 - -96.7 -17.1 17 Addis International Bank 3,751.4 756.5 2,510.3 1,121.7 1,456.5 1,058.0 -42.0 -5.7 -61.2 39.9 18 Debub Global Bank 494.2 249.5 343.7 445.9 232.4 782.3 -32.4 75.5 -53.0 213.5 19 Enat Bank 1,505.3 1,040.4 1,588.1 1,466.0 576.3 1,199.1 -63.7 -18.2 -61.7 15.3 Total 240,502.1 100,423.2 118,465.0 112,826.0 111,619.0 137,693.9 -5.8 22.0 -53.6 37.1 Average Exchange Rate 27.4341 27.9518 28.7061 29.2757 29.0963 29.6605 1.4 1.3 6.1 6.1 Spread* 1.89 1.98 1.94 Source: National Bank of Ethiopia Note: * refers the percentage spread between forex bureaus average buying and selling exchange rate in a given quarter.

First Quarter 2019/20 | 51 Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks 1.7 1.7 1.8 1.8 1.9 1.9 2.0 2.0 2.1 2.1 2.2 0 10 20 30 40 50 60 70 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Percent Birr per USD Selling Rate Buying Rate Spread Source: NBE Staff Compilation In the official forex market, US dollar has appreciated on annual basis against almost all major currencies. On annual basis, USD appreciated against Pound Sterling (5.3 percent), Euro (4.3 percent), SDR (1.8 percent) and Swiss Franc (0.1 percent), while it depreciated vis-à-vis Japanese Yen (4.0 percent). Likewise, on quarterly basis, USD appreciated against Pound Sterling (4.1 percent), Euro (0.9 percent), SDR (0.7 percent) and while it depreciated against Japanese Yen (2.5 percent) and Swiss Franc (1.8 percent)(Table 5.12).

52 | National Bank of Ethiopia Quarterly Bulletin Table 5.12: Average Official Exchange Rates (USD per Major International Currencies) Period EURO JAPANESE YEN SDR POUNDSTELING SWISS FRANK Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate 2018/19 QI C 1.1630 0.0090 1.4007 1.3032 1.0164 July August September 1.1676 1.1551 1.1664 1.1676 1.1551 1.1664 1.1676 1.1551 1.1664 0.0090 0.0090 0.0089 0.0090 0.0090 0.0089 0.0089 0.0090 0.0089 1.4055 1.3958 1.4007 1.4055 1.3958 1.4007 1.4055 1.3958 1.4007 1.3167 1.2884 1.3044 1.3167 1.2884 1.3044 1.3167 1.2884 1.3044 1.0049 1.0106 1.0338 1.0049 1.0106 1.0338 1.0049 1.0106 1.0338 QIV B 1.1237 1.1243 1.1240 0.0091 1.3849 1.3857 1.3853 1.2862 1.2869 1.2865 0.9971 0.9976 0.9973 April May June 1.1245 1.1185 1.1280 1.1245 1.1203 1.1280 1.1245 1.1194 1.1280 0.0090 0.0091 0.0092 0.0090 0.0091 0.0092 0.0089 0.0090 0.0092 1.3880 1.3824 1.3844 1.3880 1.3846 1.3844 1.3880 1.3835 1.3844 1.3051 1.2868 1.2667 1.3051 1.2889 1.2667 1.3051 1.2879 1.2667 0.9940 0.9877 1.0095 0.9940 0.9893 1.0095 0.9940 0.9885 1.0095 2019/20 QI A 1.1125 1.1138 1.1133 0.0093 1.3751 1.3766 1.3758 1.2331 1.2345 1.2338 1.0148 1.0159 1.0154 July August September 1.1231 1.1129 1.1015 1.1266 1.1129 1.1020 1.1249 1.1129 1.1020 0.0092 0.0094 0.0093 0.0093 0.0094 0.0093 0.0092 0.0094 0.0093 1.3828 1.3734 1.3691 1.3871 1.3734 1.3691 1.3850 1.3734 1.3691 1.2507 1.2145 1.2341 1.2547 1.2145 1.2341 1.2527 1.2145 1.2341 1.0135 1.0209 1.0101 1.0166 1.0209 1.0101 1.0151 1.0209 1.0101 Percentage Changes A/B -0.99 -0.93 -0.95 2.51 2.56 2.54 -0.71 -0.66 -0.68 -4.13 -4.07 -4.10 1.78 1.83 1.81 A/C -4.34 -4.23 -4.28 3.90 4.00 3.95 -1.82 -1.72 -1.77 -5.37 -5.27 -5.32 -0.16 -0.05 -0.10 Source: National Bank of Ethiopia

First Quarter 2019/20 | 53 On the other hand, the Birr has depreciated against the major currencies on annual basis as well as quarterly basis. On quarterly basis, it depreciated by 3.9 percent against Japanese Yen, 3.2 percent against Swiss Franc, 1.3 percent against USD, 0.6 percent against SDR and 0.3 percent against Euro. Whereas, Birr has strengthened by 2.8 percent against Pound Sterling. On yearly basis, the Birr weakened against Japanese Yen (10.2 percent), USD (6.0 Percent), Swiss Franc (5.9 percent), SDR (4.1 percent), Euro (1.4 percent) and Pound Sterling (0.4 percent (Table 5.13).

54 | National Bank of Ethiopia Quarterly Bulletin Table 5.13: Period Average Exchange Rates (Birr per Major Currencies) Period Currency USD EURO JAPANESE YEN SDR POUNDSTERLING SWISS FRANK Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid -Rate Buying Selling Mid- Rate 2018/19 QI C 27.4295 27.7038 27.5667 31.9013 32.2203 32.0608 0.2461 0.2486 0.2473 38.4198 38.8040 38.6119 35.7445 36.1019 35.9232 27.8813 28.1601 28.0207 July 27.3186 27.5918 27.4552 31.8968 32.2158 32.0563 0.2452 0.2476 0.2464 38.3961 38.7801 38.5881 35.9716 36.3314 36.1515 27.4519 27.7264 27.5892 August 27.4302 27.7045 27.5673 31.6838 32.0007 31.8422 0.2469 0.2494 0.2481 38.2876 38.6705 38.4790 35.3397 35.6931 35.5164 27.7209 27.9981 27.8595 September 27.5398 27.8152 27.6775 32.1233 32.4446 32.2840 0.2463 0.2488 0.2475 38.5758 38.9616 38.7687 35.9220 36.2812 36.1016 28.4710 28.7557 28.6134 QIV B 28.7039 28.9732 28.8380 32.2543 32.5768 32.4155 0.2611 0.2637 0.2624 39.7506 40.1480 39.9493 36.9183 37.2874 37.1029 28.6212 28.9075 28.7644 April 28.5607 28.8463 28.7035 32.1177 32.4389 32.2783 0.2559 0.2585 0.2572 39.6419 40.0383 39.8401 37.2733 37.6460 37.4597 28.3888 28.6728 28.5308 May 28.7050 28.9388 28.8202 32.1063 32.4273 32.2668 0.2606 0.2632 0.2619 39.6747 40.0711 39.8729 36.9424 37.3118 37.1271 28.3550 28.6385 28.4967 June 28.8460 29.1345 28.9902 32.5388 32.8642 32.7015 0.2667 0.2694 0.2680 39.9353 40.3347 40.1350 36.5391 36.9045 36.7218 29.1199 29.4111 29.2655 2019/20 QI A 29.0947 29.3566 29.2257 32.3629 32.6865 32.5247 0.2712 0.2739 0.2725 40.0061 40.4062 40.2061 35.8741 36.2329 36.0535 29.5225 29.8177 29.6701 July 28.9732 29.1757 29.0744 32.5401 32.8655 32.7028 0.2678 0.2705 0.2692 40.0656 40.4663 40.2660 36.2342 36.5966 36.4154 29.3682 29.6619 29.5151 August 29.0943 29.3852 29.2398 32.3783 32.7021 32.5402 0.2736 0.2763 0.2749 39.9586 40.3582 40.1584 35.3364 35.6898 35.5131 29.7034 30.0004 29.8519 September 29.2167 29.5089 29.3628 32.1704 32.4921 32.3312 0.2721 0.2749 0.2735 39.9941 40.3940 40.1940 36.0517 36.4122 36.2320 29.4959 29.7909 29.6434 Percentage Change A/B 1.36 1.32 1.34 0.34 3.88 0.64 -2.83 3.15 A/C 6.07 5.97 6.02 1.45 10.19 10.18 10.18 4.13 0.36 5.89 Source: National Bank of Ethiopia

First Quarter 2019/20 | 55 Table 5.14: Birr per Unit of Currency End Period Mid-Market Rate Currency Sep 2018 June 2019 Sep 2019 Percentage Change A B C B/A C/A USD 27.7269 29.0555 29.4215 1.26 6.11 Pound 36.4692 36.9033 36.1649 -2.00 -0.83 Swedish Kroner 3.1404 3.1325 3.0041 -4.10 -4.34 Djibouti Frank 0.1556 0.1630 0.1651 1.26 6.07 Swiss Frank 28.6316 29.7121 29.6319 -0.27 3.49 Saudi Riyal 7.3931 7.7471 7.8432 1.24 6.09 UAE Dirham 7.5487 7.9095 8.0092 1.26 6.10 Canadian Dollar 21.4057 22.1257 22.1898 0.29 3.66 Japanese Yen 0.2455 0.2694 0.2721 1.00 10.84 Euro 32.5763 33.0390 32.1489 -2.69 -1.31 SDR 38.9285 40.3755 40.1515 -0.55 3.14 Source: NBE Staff Compilation 5.7.2. Movements in the Real Effective Exchange Rate During the first quarter of 2019/20, the Birr appreciated by15.4 percent in real terms largely due to higher domestic inflation (18.6 percent) and strengthening of the US dollar vis-à-vis trading partner currencies such as Sudanese Pound (151.2 percent), Swedish Krona (7.2 percent), South Korean Won (6.5 percent), British Pound (5.8 percent), Euro (3.8 percent), Chinese Yuan (3.1 percent), Kenya shilling (2.7 percent), Indian Rupee (0.4 percent), Swiss franc (0.2 percent) and Turkish Lira (0.1 percent). Likewise, the NEERI appreciated by 5.9percent compared with last year same quarter (Table 5.15). Table 5.15: Trends in the Real and Nominal Effective Exchange Rates Item 2018/19 2019/20 Percentage Change QI QIV QI A B C C/B C/A REERI 169.5 196.0 196.0 0.0 15.4 NEERI 39.3 42.4 41.6 -1.9 5.9 I 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.

56 | National Bank of Ethiopia Quarterly Bulletin Fig.V.12: Movements in the Real and Nominal Effective Exchange Rate 0 50 100 150 200 250 300 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI 2012/13 2013/14 2014/15 201516 2016/17 2017/18 2018/192019/20 NEERI REERI Source: NBE Staff Compilation 5.7.3. Volume of Transactions In the first quarter of 2019/20, the volume of foreign exchange traded in the inter-bank foreign exchange market reached USD 3.2 million, which was 3.2 percent higher than that of last year same quarter. The foreign exchange was supplied exclusively by NBE in order to stabilize the foreign exchange market (Table 5:10). Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market 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 QII QIII QIV QI 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/192019/20 (In Mill. USD) Total Amount Traded Source: NBE Staff Compilation In the same period, forex bureaus of commercial banks purchased USD 111.6 million and sold USD 137.7 million. Hence, the amount of forex purchased decreased 53.6 percent while, the forex sold increased by 37.1 percent (Table 5.11).

First Quarter 2019/20 | 57 VI. FEDERAL GOVERNMENT FINANCE Total Federal government revenue and grants reached Birr 65.9 billion during the first quarter of 2019/20 and showed a 25.6 percent annual growth (Table 6.1). Similarly, Federal government expenditure went up by 25.4 percent on annual terms and stood at Birr 86.7 billion. Accordingly, the overall fiscal balance (including grants) resulted in a deficit of Birr 20.7 billion which was higher than Birr 16.6 billion deficit recorded a year ago (Table 6.1). Table 6.1: Summary of Quarterly Federal Government Finance (In millions of Birr) No Finer points 2018/19 2019/20 Percentage changes performance rate A B C D D/A D/B D/C QI QIV Budget QI 1 Revenue and Grants 52,531.7 64,248.1 271,009.4 65,984.1 25.6 2.7 24.3 1.1 Total Revenue 52,531.7 60,720.0 253,010.6 65,659.2 25.0 8.1 26.0 Tax Revenue 43,802.7 51,048.3 224,815.9 55,781.4 27.3 9.3 24.8 Direct tax 13,449.8 15,509.3 67,912.7 16217.6 20.6 4.6 23.9 Indirect tax 30,352.8 35,538.9 156,903.2 39563.7 30.3 11.3 25.2 Non-Tax Revenue 8,729.0 9,671.7 28,194.7 9,877.8 13.2 2.1 35.0 1.2 Grant & Relief 3,528.0 17,998.8 324.877328 (90.8) 1.8 2 Current Expenditure 17,490.7 33,357.0 101,656.0 25,739.9 47.2 (22.8) 25.3 3 Current Surplus/ Deficit (Including Grants) 35,040.9 30,891.1 169,353.4 40,244.1 14.8 30.3 23.8 (Excluding Grants) 35,040.9 27,363.0 151,354.6 39,919.3 13.9 45.9 26.4 4 Capital Expenditure 21,130.6 19,354.3 112,260.4 27,165.0 28.6 40.4 24.2 5 Regional Transfers 30,561.4 32,090.7 143,779.6 33,833.4 10.7 5.4 23.5 6 Total Expenditure (2+4+5) 69,182.7 84,802.0 357,696.0 86,738.3 25.4 2.3 24.2 7 Overall Surplus/ Deficit (Including Grants) (16,651.1) (20,553.9) (86,686.6) (20,754.2) 24.6 1.0 23.9 (Excluding Grants) (16,651.1) (24,082.0) (104,685.4) (21,079.1) 26.6 (12.5) 20.1 8 Total Financing 16,651.1 20,553.9 86,686.6 20,754.2 24.6 1.0 23.9 8.1 Net External Borrowings 2,707.6 17,065.7 30,323.3 5,012.0 85.1 (70.6) 16.5 External Borrowing 3,983.9 2,930.2 17,746.3 5,511.1 38.3 88.1 31.1 Amortization 1,387.1 1,673.3 7,349.0 1,787.4 28.9 6.8 24.3 8.2 Net Domestic Borrowings 18,372.4 14,397.5 56,363.3 9,001.4 (51.0) (37.5) 16.0 Banking System 11,439.4 8,241.7 - 4,280.2 (62.6) (48.1) Non-Bank Sources 6,933.0 6,155.8 - 4,721.2 (31.9) (23.3) 8.3 Others and Residuals (4,428.9) (10,909.2) 0 6,740.8 (252.2) (161.8) Source: Ministry of finance

58 | National Bank of Ethiopia Quarterly Bulletin 6.1. Revenue and Grants Of the total Birr 65.9 billion revenue and grants mobilized during the first quarter of 2019/20, about Birr 65.6 billion (99.5 percent) was obtained from domestic sources, and of which, 84.9 percent was from taxes and the remaining 15.05 percent from non-taxes (Table 6.2). Table 6.2: Summary of Quarterly Federal Government Revenue by components (Millions of Birr) No Particulars 2018/19 2019/20 Percentage Change Performance Rate QI QIV Budget QI D/A D/B D/C A B C D Total Revenue and Grants 52,531.7 64,248.1 271,009.4 65,982.9 25.6 2.7 24.3 Total Domestic Revenue 52,531.7 60,720.0 253,010.6 65,658.0 25.0 8.1 26.0 1 Tax Revenue 43,802.7 51,048.3 224,815.9 55,780.2 27.3 9.3 24.8 1.1 Direct Tax Revenue 13,449.8 15,509.3 67,912.7 16,217.6 20.6 4.6 23.9 1.1.1 Income Taxes 11,953.4 12,794.8 58,776.3 13,641.1 14.1 6.6 23.2

Personal 2,325.5 2,955.8 11,229.4 3,053.6 31.3 3.3 27.2
Business 9,627.9 9,839.0 47,546.9 10,587.5 10.0 7.6 22.3 1.1.2 Others1 1,496.4 2,714.6 9,136.4 2,576.5 72.2 (5.1) 28.2 1.2 Indirect Taxes 30,352.8 35,538.9 156,903.2 39,562.5 30.3 11.3 25.2 1.2.1 Domestic Taxes 12,168.5 15,636.1 65,569.9 14,499.6 19.2 (7.3) 22.1 1.2.2 Foreign Trade Taxes 18,184.3 19,902.8 91,333.3 25,062.9 37.8 25.9 27.4 -Import 18,184.3 19,902.8 91,333.3 25,062.9 37.8 25.9 27.4 2 Non-Tax Revenue 8,729.0 9,671.7 28,194.7 9,877.8 13.2 2.1 35.0 3 Grants and Relief 3,528.0 17,998.8 324.9 (90.8) 1.8 Source: Ministry of Finance 1/ includes Withholding tax on import, tax on dividend royalty and interest income

First Quarter 2019/20 | 59 Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government ~ 1 ~ 0 10000 20000 30000 40000 50000 60000 70000 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (In Millions of Birr) Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue Fig.VI.2: Domestic Revenue by Major Components during the First Quarter of 2019/20 ~ 2 ~ Direct Tax Revenue 24.7% Indirect Taxes 60.3% Non-Tax Revenue 15.0% Total domestic revenue showed a 25 percent annual growth due to 27.3 percent increase in tax revenue which reached Birr 55.7 billion at the close of the first quarter on account of 30.3 percent increase in indirect taxes and 20.6 percent rise in direct taxes. Thus, indirect taxes constituted 70.9 percent of the total tax revenue while direct taxes contributed 29.1 percent.

60 | National Bank of Ethiopia Quarterly Bulletin Component wise, income taxes contributed about 84.1 percent to the direct tax revenue while foreign trade taxes, particularly import taxes, made up 63.4 percent of the indirect taxes. 6.2. Expenditure Total Federal government expenditure, including regional transfers, stood at Birr 86.7 billion depicting 25.4 percent annual increase owing to 47.2 percent rise in current expenditure, 28.6 percent growth in capital expenditure and 10.7 percent hike in regional transfers (Table 6.3). Of the total government expenditure, 39.0 percent went to regional transfers followed by capital expenditure (31.3 percent) and current expenditure (29.7 percent) (Fig VI.3). The performance rate of total government expenditure was 24.2 percent of the annual plan. Table 6.3: Summary of Federal Government Expenditure by Component (In Millions of Birr) No Particulars 2018/19 2019/20 Percentage Change Performance QI QIV Rate Budget QI A B C D D/A D/B D/C Total Expenditure 69,182.7 84,802.0 357,696.0 86,738.3 25.4 2.3 24.2 1 Current Expenditure 17,490.7 33,357.0 101,656.0 25,739.9 47.2 (22.8) 25.3

General Services 6,905.7 9,505.4 33,495.5 7,184.4 4.0 (24.4) 21.4
Economic Services 847.0 1,125.7 5,240.2 929.6 9.8 (17.4) 17.7
Social Services 6,695.0 17,052.4 31,103.3 9,394.4 40.3 (44.9) 30.2
Others expenditure 192.4 1,473.7 14,409.1 125.3 (34.9) (91.5) 0.9
Debt Service 2,850.7 4,199.9 17,407.8 8,106.3 184.4 93.0 46.6 2 Capital Expenditure 21,130.6 19,354.3 112,260.4 27,165.0 28.6 40.4 24.2
Economic Development 14,616.1 11,286.3 79,800.7 18,133.9 24.1 60.7 22.7
Social Development 6,071.0 7,029.0 27,281.2 8,209.8 35.2 16.8 30.1
General Development 443.5 1,038.9 5,178.4 821.3 85.2 (21.0) 15.9 3 Regional Transfers 30,561.4 32,090.7 143,779.6 33,833.4 10.7 5.4 23.5 Source: Ministry of Finance

First Quarter 2019/20 | 61 Fig.VI.3: Major Components of Federal Governments Expenditure during the first Quarter of 2019/20

~ 3 ~ Current Expenditure 29.7% Capital Expenditure 31.3% Regional Transfer 39.0%

62 | National Bank of Ethiopia Quarterly Bulletin Fig.VI.4: Quarterly Development in Federal Government Expenditure by Components

~ 4 ~ 0 10000 20000 30000 40000 50000 60000 70000 80000 90000 100000 2012/13 2013/14 2014/15 2015/162016/17 2017/18 2018/192019/20 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers

First Quarter 2019/20 | 63 6.3 Deficit Financing Federal government budgetary operations (including grant) resulted in an overall deficit of Birr 20.7 billion compared to Birr 16.6 billion deficit a year ago. The deficit was financed by net external borrowing, net domestic borrowing and others.

Fig.VI.5: Federal Government Finance during First Quarter of F.Y 2019/20 ~ 5 ~ 0 20000 40000 60000 80000 100000 120000 140000 160000 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/192019/20 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants

64 | National Bank of Ethiopia Quarterly Bulletin VII. Developments in Investment During the first quarter of 2019/20, 9 investment projects with investment capital of Birr 60.7 million became operational. Both the number of investment projects and investment capital showed 98.3 and 99 percent decline relative to last year same quarter. All investment projects were private and domestic. These investment projects have generated employment opportunities for 112 employees of which 45.5 percent was permanent and 54.5 percent casual (Table 7.1). Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr) Type of Projects Items 2018/19 2019/20 Percentage QI QIV QI Changes A B C Share C/A C/B

Total Investment Number of projects 544 112 9 100 -98.3 -92.0 Capital 5,886.8 898.4 60.7 100 -99.0 -93.2 Permanent Employment 12,506 4,262 51 100 -99.6 -98.8 Temporary Employment 5,174 2,392 61 100 -98.8 -97.4
Private Investment Number of projects 544 112 9 100 -98.3 -92.0 Capital 5,886.8 898.4 60.7 100 -99.0 -93.2 Permanent Employment 12,506 4,262 51 100 -99.6 -98.8 Temporary Employment 5,174 2,392 61 100 -98.8 -97.4 2.1 Domestic Investment Number of projects 538 108 9 100 -98.3 -91.7 Capital 5,687.6 878.3 60.7 100 -98.9 -93.1 Permanent Employment 9,409 720 51 100 -99.5 -92.9 Temporary Employment 3,018 831 61 100 -98.0 -92.7 2.2. Foreign Investment Number of projects 6 4 - - - - Capital 199.2 20.1 - - - - Permanent Employment 3,097 3,542 - - - - Temporary Employment 2,156 1,561 - - - -
Public Investment Number of projects - - - - - - Capital - - - - - - Permanent Employment - - - - - - Source: Ethiopian Investment Commission

First Quarter 2019/20 | 65 As for sectoral distribution, manufacturing constituted 55.6 percent of the total investment projects while construction and real estate, renting & business activities took 22.2 percent share each. Of the Birr 60.7 million capital invested, the share of manufacturing sector was 66.4 percent, and that of real estate, renting & business activities 26.3 percent and construction 7.2 percent. About 76.5 percent of the permanent employment was created by manufacturing sector while real estate, renting & business activities created 23.5 percent. Likewise, manufacturing sector was the leading sector by employing 67.2 percent of temporary labor force followed by real estate, renting & business activities which constituted 32.8 percent (Table 7.2). Table 7.2: Investment Distribution by Sector during the First Quarter of 2019/20 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry - - - - - - - - Construction 2 22.2 4.4 7.2 0.0 - 0.0 - Education - - - - - - - - Electricity, gas, steam and water supply - - - - - - - - Health and social work - - - - - - - - Hotels and restaurants - - - - - - - - Manufacturing 5.0 55.6 40.3 66.4 39.0 76.5 41.0 67.2 Mining and quarrying - - - - - - - - Other community, social and personal service activities

Real estate, renting and business activities 2.0 22.2 16.0 26.3 12.0 23.5 20.0 32.8 Tour operation, transport, and communication - - - - - - - - Wholesale, retail trade & repair service - - - - - - - - Others - - - - - - - - Grand Total 9.0 100 60.7 100 51 100 61 100 Source: Ethiopian Investment Commission In terms of regional distribution, 88.9 percent of the total projects with 75.3 percent of total investment capital, were in Addis Ababa, and 11.1 percent of total projects with 24.7 percent of capital in Tigray. In terms of job creation Addis Ababa received 80.4 percent of the permanent employment and 67.2 percent temporary employment while that of Tigray region was 19.6 and 32.8 percent (Table 7.3).

66 | National Bank of Ethiopia Quarterly Bulletin . Table 7.3: Performance of Operational Investment Projects by Region Capital in million Birr Region 2018/19 2019/20 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 533 5,700 9,500 2,861 96 775.5 599 393 8 45.7 41 41 88.9 75.3 80.4 67.2 -98.5 -99.2 -99.6 -98.6 -91.7 -94.1 -93.2 -89.6 Afar - - - - - - - - - - - - - - - - - - - - - - - - Amhara 1 39.9 1000 2000 - - - - - - - - - - - - - - - - - - - - B.Gumuz - - - - - - - - - - - - - - - - - - - - - - - - Dire Dawa - - - - - - - - - - - - - - - - - - - - - - - - Oromia 1 112.9 483 0 - - - - - - - - - - - - - - - - - - - - SNNPR - - - - - - - - - - - - - - - - - - - - - - - - Gamb - - - - - - - - - - - - - - - - - - - - - - - - Somali - - - - - - - - - - - - - - - - - - - - - - - - Harari - - - - - - - - - - - - - - - - - - - - - - - - Tigray 9 34.3 1523 313 12 102.9 121 438 1 15.0 10 20 11.1 24.7 19.6 32.8 -88.9 -56.3 -99.3 -93.6 -91.7 -85.4 -91.7 -95.4 Multiregional - - - - 4 20.1 3,542 1,561 - - - - - - - - - - - - - - - - Grand Total 544 5,886.8 12,506 5,174 112 898.4 4,262 2,392 9 60.7 51 61 100 -98.3 -99.0 -99.6 -98.8 -92.0 -93.2 -98.8 -97.4 Source: Ethiopian Investment Commission

First Quarter 2019/20 | 67 VIII. International Economic Developments 8.1. Overview of the World Economy During the first quarter of 2019/20, global economic activity remained subdued but stabilizing. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area remained in the expansionary territory during the quarter, and remained unchanged compared with the previous quarter. In the first quarter of 2019/20 the composite output PMI increased in the United States, but decreased in Japan and fell below the expansionary threshold in the United Kingdom. In emerging market economies, the composite output PMI increased in Brazil and India – and decreased marginally in China and Russia. In the United States real GDP expanded at an annualized rate of 2.0 percent in the fourth quarter of 2018/19, following 3.1 percent in the previous quarter. The deceleration mainly reflects the reversal of temporary factors – related to net exports and private inventories – that supported GDP growth in the third quarter of 2018/19. Overall, a strong labour market, sustained consumer spending and the fiscal impulse from the lifting of spending caps in the fiscal year 2020/21 are expected to support the economy in the near term. In the United Kingdom, real GDP declined by 0.2percent in quarter-on-quarter terms in the fourth quarter of 2018/19. This reflected, in large part, an offset to the stronger growth seen in the third quarter, which was mainly supported by stock building in the run-up to the initial Brexit deadline at the end of March. Survey indicators suggest further weakening of consumption, business investment and export growth in the future. In Japan, economic activity remains subdued as weak exports offset robust domestic consumption. Real GDP grew at a quarterly rate of 0.3 percent in the fourth quarter of 2018/19, reflecting the rather weak underlying growth momentum. The global economic slowdown had a negative impact on Japan’s export-oriented economy, which dampened business sentiment among large manufacturers. In China growth slowed in the first quarter of 2019/20. Annual real GDP growth declined to 6.0 percent year-on-year from 6.2 percent in the fourth quarter of 2018/19. Decelerating net export was the main contributor to growth. Industrial production and investment softened further in August, highlighting the growing toll on Chinese manufacturers from the trade tensions with the United States. 8.2. Inflation Developments Global inflation remains subdued, in spite of tight labour market conditions in major advanced economies. Annual consumer price inflation in the countries of the Organization for Economic Co-operation and Development (OECD) declined to below 2 percent in August. The decline is partly due to lower energy price inflation, while inflation excluding food and energy remained stable at 2.3 percent. Inflationary pressures across major advanced economies remain muted despite the tight labour market conditions, which have so far translated into only moderate wage increases. Over the short and medium term, the underlying inflation pressures are expected to remain subdued.

68 | National Bank of Ethiopia Quarterly Bulletin In Japan, inflation remained subdued, despite a tight labour market. Annual headline CPI inflation eased further to 0.2 percent in September, while core inflation excluding food and energy slowed to 0.3 percent. In Euro area annual HICP inflation decreased from 1.0percent in August 2019 to 0.8 percent in September, reflecting lower food and energy price inflation. On the basis of current futures prices for oil, headline inflation is likely to decline slightly further before rising again at the end of the year. Measures of underlying inflation remained generally muted and indicators of inflation expectations stand at low levels. 8.3. Commodity Price Oil prices have remained broadly unchanged amid short-term volatility. The attack of Saudi Arabian oil facilities on September 14, 2019 reduced the global oil supply by approximately 6 percent. After the attack the price of oil increased sharply, but had moved back to the levels seen before the attack by 30 September as Saudi Arabia used spare capacity and inventories to stabilize oil supply amid concerns about global oil demand. Non-oil commodity prices remained mixed, with metal prices having declined and food prices having increased. 8.4. Exchange Rate Developments In foreign exchange markets, the euro broadly strengthened in trade-weighted terms over the review period, supported by an increase in interest rate differentials. The nominal effective exchange rate of the euro, as measured against the currencies of 38 of the euro area’s most important trading partners, appreciated by 0.6 percent. This reflects a strengthening of the euro against major currencies, including the US dollar (by 1.5 percent), the Chinese renminbi (by 1.3 percent), the Japanese yen (by 2.1 percent) and the Swiss franc (by 1.0 percent). The euro also appreciated vis-à-vis the currencies of most emerging market economies. Over the same period, the euro weakened against the pound sterling (by 2.8 percent), and also depreciated slightly against the Polish zloty (by 1.2 percent), the Czech koruna (by 0.7 percent) and the Hungarian forint (by 0.5 percent). 8.5. Impact of Global Economic Development on Ethiopian Economy During the first quarter of 2019/20, global economic activity remained subdued but stabilizing. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area remained in the expansionary territory during the quarter and remained unchanged compared with the previous quarter. Slowed growth of Ethiopia’s export destination countries economy like China could have suppressing impact on additional receipt from merchandise export. Global headline inflation declined in most countries during the review quarter. This together with higher domestic price made the REER to appreciate by 15.4 percent which erodes international competitiveness of the country. On the other, stabilization of oil price during the review quarter helps the country to save additional payments caused by higher oil price and avoided further suppressing impact on current account balance.

STATISTICAL TABLES First Quarter 2019/20 | 69

Table 1(a): Statement of Condition of National Bank of Ethipia: Reserve Foreign Direct Advance Silver Other End of Total Gold Tranche Exchange Total Bond Advance Others To DBE Coins Assets Period 2007/08 Qtr.I 13,021.85 375.82 102.13 12,080.02 463.88 30,269.27 9,899.27 20,370.00 - - - 2,193.03 Qtr.II 12,829.31 491.81 105.68 11,759.64 472.18 31,995.27 9,899.27 22,096.00 - - - 2,159.20 Qtr.III 10,875.89 502.52 113.69 9,772.72 486.96 33,917.27 9,899.27 24,018.00 - - - 2,109.17 Qtr.IV 8,708.66 113.96 5.47 8,093.97 495.26 41,563.08 9,745.08 31,818.00 - - - 2,451.20 2008/09 Qtr.I 8,636.72 15.01 110.78 8,010.33 500.60 44,270.98 9,692.98 34,578.00 - - - 2,516.61 Qtr.II 9,260.43 81.90 112.13 8,551.39 515.01 42,948.98 9,692.98 33,256.00 - - - 2,567.86 Qtr.III 13,284.94 120.45 8.60 12,580.96 574.93 42,248.98 9,692.98 32,556.00 - - - 2,690.57 Qtr.IV 17,214.61 18.17 127.45 16,488.13 580.86 44,498.73 9,607.73 34,891.00 - - - 2,627.60 2009/10 Qtr.I 22,262.14 120.26 143.91 21,002.66 995.32 44,326.63 9,555.63 34,771.00 - - - 2,664.26 Qtr.II 23,445.68 287.33 144.34 22,018.26 995.76 43,610.83 9,555.63 34,055.20 - - - 2,705.57 Qtr.III 27,285.95 267.70 148.18 24,480.32 2,389.76 45,989.73 9,555.63 36,434.10 - - - 3,048.61 Qtr.IV 27,289.34 443.30 145.70 23,490.22 3,210.12 45,522.78 9,478.68 36,044.10 - - - 3,041.10 2010/11 Qtr.I 35,852.22 490.52 184.31 31,229.17 3,948.22 47,983.68 9,426.58 38,557.10 - - - 3,150.64 Qtr.II 40,042.00 444.17 184.63 34,418.71 4,994.49 50,488.58 9,426.58 41,062.00 - - - 3,269.68 Qtr.III 45,367.31 1,636.24 192.33 38,413.88 5,124.86 51,930.58 9,426.58 42,504.00 - - - 7,413.23 Qtr.IV 51,551.39 1,395.23 195.67 44,738.80 5,221.68 55,614.64 9,349.64 46,265.00 6,250.00 - 7,650.19 - 2011/12 Qtr.I 59,724.20 1,037.56 195.24 53,248.95 5,242.45 55,566.48 9,301.54 46,264.95 7,400.00 - 7,928.55 - Qtr.II 51,965.40 479.44 193.30 46,056.19 5,236.48 55,562.48 9,297.54 46,264.95 10,070.00 - 10,747.88 - Qtr.III 40,349.89 669.26 195.77 34,192.43 5,292.44 55,562.48 9,297.54 46,264.95 11,870.00 - 10,948.76 - Qtr.IV 40,101.45 2,038.08 195.32 32,528.76 5,339.29 55,562.48 9,297.54 46,264.95 12,502.00 - 12,951.32 - 2012/13 Qtr.I 44,307.75 (24.32) 201.51 38,671.89 5,458.67 55,510.38 9,245.44 46,264.95 12,502.00 - 16,383.71 - Qtr.II 46,620.93 1,964.27 203.98 38,926.61 5,526.08 55,510.38 9,245.44 46,264.95 13,307.00 - 20,867.63 - Qtr.III 50,358.05 1,310.29 201.42 43,334.32 5,512.02 59,510.38 9,245.44 50,264.95 14,807.00 - 25,469.44 - Qtr.IV 44,140.03 2,253.17 201.78 36,078.39 5,606.69 64,510.38 9,245.44 55,264.95 16,507.00 - 20,560.93 - 2013/14 Qtr.I 46,471.52 2,656.15 209.91 37,900.27 5,705.18 64,381.33 9,116.39 55,264.95 16,807.00 - 25,388.28 - Qtr.II 49,513.05 1,522.50 214.30 5,804.38 - 64,381.33 9,116.39 55,264.95 17,207.00 - 28,944.33 - Qtr.III 45,838.73 1,333.55 217.05 38,439.61 5,848.52 73,381.33 9,116.39 64,264.95 17,507.00 - 26,128.62 - Qtr.IV 50,624.47 1,217.59 218.41 43,237.44 5,951.02 73,304.39 9,039.44 64,264.95 20,257.00 - 25,566.64 - 2014/15 Qtr.I 52,555.40 1,217.59 215.08 45,256.47 5,866.25 73,175.34 8,910.39 64,264.95 21,957.00 - 26,679.17 - Qtr.II 74,840.58 741.24 317.35 67,914.12 5,867.87 78,175.34 8,910.39 69,264.95 22,157.00 - 27,953.04 - Qtr.III 64,152.02 206.89 307.11 57,837.68 5,800.34 81,175.34 8,910.39 72,264.95 22,857.00 - 33,275.33 - Qtr.IV 66,817.67 79.30 315.26 60,856.52 5,566.59 92,175.34 8,910.39 83,264.95 23,357.00 - 27,477.29 - 2015/16 Qtr.I 65,085.59 (101.65) 318.69 59,349.29 5,519.27 99,657.34 8,392.40 91,264.95 23,857.00 - 27,240.74 - Qtr.II 84,226.48 222.87 319.06 78,442.72 5,241.83 104,657.34 8,392.40 96,264.95 24,857.00 - 36,166.96 - Qtr.III 72,889.54 1,136.99 325.65 66,362.68 5,064.22 104,657.34 8,392.40 96,264.95 24,857.00 - 49,245.99 - Qtr.IV 74,156.73 1,113.92 331.50 67,851.69 4,859.62 109,080.40 8,315.45 100,764.95 25,607.00 - 53,471.19 - 2016/17 Qtr.I 74,949.60 336.04 8.43 69,963.93 4,641.20 115,640.85 7,875.90 107,764.95 25,607.00 - 60,022.94 - Qtr.II 72,397.44 1,139.58 326.66 66,561.06 4,370.15 120,640.85 7,875.90 112,764.95 26,107.00 - 60,244.19 - Qtr.III 70,874.56 1,135.37 337.66 61,851.06 7,550.46 129,640.85 7,875.90 121,764.95 26,607.00 - 61,151.48 - Qtr.IV 73,874.32 741.33 349.42 68,851.84 3,931.73 135,632.85 7,867.90 127,764.95 27,226.00 - 53,200.57 - 2017/18 Qtr.I 68,636.42 359.52 0.01 64,643.51 3,633.38 150,632.85 7,867.90 142,764.95 27,226.00 - 53,714.62 - Qtr.II 82,254.04 420.35 0.01 77,584.06 4,249.63 160,128.85 7,863.90 152,264.95 28,055.71 - 55,288.17 - Qtr.III 85,287.93 81.43 432.67 80,464.52 4,309.30 160,128.85 7,863.90 152,264.95 29,992.71 - 54,691.37 - Qtr.IV 77,617.37 750.54 418.41 72,217.34 4,231.09 160,128.85 7,863.90 152,264.95 47,292.71 - 56,407.16 - 2018/19 Qtr.I 103,307.08 750.99 422.10 97,678.76 4,455.23 166,685.30 7,420.35 159,264.95 46,992.71 - 56,965.81 - Qtr.II 110,973.71 750.54 105,145.06 423.72 4,654.41 178,685.30 7,420.35 171,264.95 52,092.71 - 57,949.69 - Qtr.III 111,651.22 198.87 106,132.87 431.88 4,887.60 182,685.30 7,420.35 175,264.95 52,792.71 - 76,825.13 - Qtr.IV 98,726.63 804.88 437.79 92,853.80 4,630.17 194,685.30 7,420.35 187,264.95 52,142.71 - 95,430.96 - 2019/20 Qtr.I 69,790.04 15.26 435.36 64,693.13 4,646.29 199,237.75 6,972.80 - 192,264.95 52,142.71 106,893.95 - Assets Foreign Assets Claims on Government (In Millions of Birr) Others Table 1(b): Statement of Condition of National Bank of Ethipia: Total Currency End of Liab.= (Notes + Fund Capital Other Period Assets Coins) Total Gov't Banker Total Credit Others Account Liab. 2007/08 Qtr.I 45,484.15 14,847.95 20,238.35 8,032.28 12,206.08 2,674.04 2,674.04 - 3,115.04 4,608.76 Qtr.II 46,983.78 16,355.52 19,216.37 6,740.91 12,475.46 2,761.94 2,761.94 - 3,116.72 5,533.24 Qtr.III 46,902.32 18,958.53 16,917.68 5,966.52 10,951.16 3,621.19 3,621.19 - 2,129.14 5,275.79 Qtr.IV 52,722.94 20,216.39 21,492.02 6,157.32 15,334.70 2,768.01 2,768.01 - 2,124.40 6,122.12 2008/09 Qtr.I 55,424.30 19,640.12 23,365.96 7,222.97 16,143.00 3,660.06 3,660.06 - 3,592.76 5,165.40 Qtr.II 54,777.27 20,870.35 25,148.92 6,215.84 18,933.09 3,123.02 3,123.02 - 2,088.31 3,546.68 Qtr.III 58,224.49 23,303.92 24,710.29 6,682.81 18,027.48 3,713.38 556.02 3,157.36 2,101.15 4,395.76 Qtr.IV 64,340.94 23,836.35 27,942.19 6,671.53 21,270.67 5,380.94 588.35 4,792.59 2,094.84 5,086.60 2009/10 Qtr.I 69,253.03 22,773.23 31,494.51 7,373.32 24,121.19 8,049.53 2,127.19 5,922.33 1,588.53 5,347.24 Qtr.II 69,762.08 25,663.17 28,307.16 7,785.92 20,521.24 8,693.10 2,132.24 6,560.86 1,576.74 5,521.92 Qtr.III 76,324.29 27,277.96 30,107.70 7,036.56 23,071.13 10,995.53 2,188.91 8,806.62 1,576.18 6,366.93 Qtr.IV 75,853.22 28,802.93 26,803.98 6,182.46 20,621.52 11,906.03 2,152.27 9,753.76 1,574.95 6,765.34 2010/11 Qtr.I 86,986.54 29,711.72 31,872.51 8,265.64 23,606.88 12,848.92 2,722.65 10,126.26 2,809.67 9,743.72 Qtr.II 93,800.26 33,949.03 32,141.88 9,369.75 22,772.12 15,062.65 4,769.71 10,292.95 2,757.53 9,889.18 Qtr.III 104,711.13 37,456.68 37,453.93 11,276.68 26,177.25 15,282.84 4,972.05 10,310.80 2,757.53 11,760.16 Qtr.IV 121,066.21 39,100.58 40,233.45 10,290.93 29,942.52 18,695.39 5,058.24 13,637.15 2,749.74 20,287.05 2011/12 Qtr.I 130,619.23 38,732.57 48,523.29 19,133.30 29,389.99 20,368.49 5,047.27 15,321.22 8,848.06 14,146.82 Qtr.II 128,345.76 42,048.13 43,045.28 17,307.05 25,738.23 17,289.74 4,996.96 12,292.78 8,848.06 17,114.54 Qtr.III 118,731.13 44,710.64 29,832.27 11,962.11 17,870.17 15,825.84 5,060.88 10,764.96 8,831.80 19,530.58 Qtr.IV 121,117.25 45,785.24 30,405.78 10,218.40 20,187.38 18,847.12 5,049.31 13,797.81 4,841.48 21,237.65 2012/13 Qtr.I 128,703.84 46,183.34 38,073.19 17,980.48 20,092.72 19,311.91 5,209.14 14,102.77 4,841.92 20,293.48 Qtr.II 136,305.95 50,971.94 36,872.57 12,778.13 24,094.44 20,263.30 5,273.03 14,990.27 4,833.78 23,364.36 Qtr.III 150,144.87 54,292.91 34,503.60 17,952.55 16,551.06 20,750.51 5,181.16 15,569.34 4,833.78 35,764.07 Qtr.IV 145,718.34 54,917.74 29,031.39 9,133.04 19,898.35 19,494.41 5,297.81 14,196.60 4,834.47 37,440.33 2013/14 Qtr.I 153,048.13 50,571.65 37,323.17 16,548.01 20,775.16 23,064.82 5,426.52 17,638.30 4,842.06 37,246.44 Qtr.II 160,045.71 53,864.09 32,759.15 14,339.95 18,419.21 28,216.04 5,456.21 22,759.83 4,842.06 40,364.38 Qtr.III 162,855.69 61,372.47 35,971.75 12,807.36 23,164.39 22,394.73 5,468.90 16,925.83 4,842.06 38,274.68 Qtr.IV 169,752.50 64,355.05 33,760.96 8,793.48 24,967.48 23,910.57 5,685.44 18,225.13 4,849.06 42,876.86 2014/15 Qtr.I 174,366.91 63,714.21 37,053.76 14,407.98 22,645.78 25,489.57 5,577.32 19,912.25 4,849.07 43,260.30 Qtr.II 203,125.95 70,709.06 33,899.35 13,882.20 20,017.15 46,447.12 5,577.32 40,869.81 4,849.07 47,221.36 Qtr.III 201,459.69 74,337.79 42,291.49 21,308.75 20,982.74 36,511.44 5,490.54 31,020.90 4,849.07 43,469.91 Qtr.IV 209,827.30 75,240.70 42,325.60 15,098.54 27,227.06 36,844.30 5,034.04 31,810.26 4,849.07 50,567.64 2015/16 Qtr.I 215,840.68 74,745.66 48,887.10 31,740.19 17,146.91 36,004.39 4,988.41 31,015.98 4,849.20 51,354.33 Qtr.II 249,907.78 77,830.00 49,034.83 25,739.39 23,295.44 61,731.80 4,662.00 57,069.80 4,849.20 56,461.95 Qtr.III 251,649.87 80,258.93 45,004.03 20,077.26 24,926.76 59,027.31 4,479.63 54,547.68 4,849.20 62,510.41 Qtr.IV 262,315.31 82,592.70 50,614.34 14,042.32 36,572.02 63,650.30 4,271.47 59,378.84 4,849.20 60,608.76 2016/17 Qtr.I 276,220.38 85,811.90 54,484.65 18,220.23 36,264.42 71,483.16 4,027.65 67,455.51 4,849.20 59,591.48 Qtr.II 279,389.48 90,247.04 53,908.66 15,628.13 38,280.53 66,855.56 3,645.20 63,210.36 4,849.20 63,529.02 Qtr.III 288,273.88 92,212.49 66,239.19 19,084.80 47,154.39 56,579.86 3,434.90 53,144.96 4,849.20 68,393.15 Qtr.IV 289,933.74 94,245.51 66,754.22 14,741.81 52,012.41 49,897.29 3,296.00 46,601.29 4,849.20 74,187.52 2017/18 Qtr.I 300,209.88 94,962.74 76,379.95 19,337.75 57,042.20 50,984.56 3,036.68 47,947.88 4,849.20 73,033.43 Qtr.II 325,726.77 105,936.80 61,913.44 16,680.94 45,232.50 70,862.22 3,239.47 67,622.75 4,849.20 82,165.11 Qtr.III 330,100.86 112,438.63 68,720.48 18,874.93 49,845.54 59,522.34 2,907.62 56,614.71 4,849.20 84,570.22 Qtr.IV 341,446.08 112,910.96 81,186.45 19,921.99 61,264.46 48,857.99 2,502.21 46,355.78 4,849.20 93,641.49 2018/19 Qtr.I 373,950.89 110,876.51 83,541.82 19,601.81 63,940.01 82,036.37 2,107.92 79,928.45 4,849.20 92,646.99 Qtr.II 399,701.41 120,349.03 73,912.83 23,783.26 50,129.57 99,909.75 1,802.49 98,107.25 4,849.20 100,680.60 Qtr.III 423,954.35 125,298.33 90,171.76 37,661.76 52,510.00 93,865.15 1,705.62 92,159.53 4,849.20 109,769.91 Qtr.IV 440,985.60 121,800.02 101,463.14 22,513.90 78,949.25 94,758.88 1,106.63 93,652.25 4,849.20 118,114.36 2019/20 Qtr.I 428,064.45 123,976.32 83,257.85 20,433.47 62,824.38 94,208.78 805.24 93,403.54 4,849.20 121,772.30 Liabilities (In Millions of Birr) Deposits Foreign Liabilities First Quarter 2019/20 | 71

Table 2(a): Statement of Condition of Commercial Banks: Total Cash in Deposits Total Loans Invest- Commercial (2+3) Hand with NBE (7+8+9) &Adv. ment Banks 1 2 3 4 5 6 7 8 9 10 2007/08 Qtr.I 13,865.27 1,850.51 12,014.76 6,994.50 16,049.88 32,245.60 22,920.83 8,408.81 915.96 20,572.93 Qtr.II 14,355.51 1,909.73 12,445.78 6,364.83 16,073.96 36,227.19 25,761.00 9,393.79 1,072.39 22,652.37 Qtr.III 12,463.60 2,185.95 10,277.65 8,129.78 12,177.81 43,758.44 31,682.65 11,075.06 1,000.74 25,214.98 Qtr.IV 17,795.25 2,562.29 15,232.97 8,026.85 6,648.16 47,826.76 33,600.67 13,292.93 933.17 26,336.28 2008/09 Qtr.I 17,673.90 3,302.53 14,371.38 7,726.62 6,234.94 50,116.36 34,397.64 14,818.58 900.13 26,922.77 Qtr.II 20,659.25 3,437.48 17,221.77 6,950.64 5,547.24 54,252.77 35,946.71 17,436.57 869.49 33,601.83 Qtr.III 21,886.74 4,039.91 17,846.83 8,093.58 5,548.90 57,041.57 37,079.81 18,852.70 1,109.06 31,611.17 Qtr.IV 23,690.72 4,121.34 19,569.38 9,219.66 5,409.36 57,651.07 38,802.03 17,614.51 1,234.53 49,113.08 2009/10 Qtr.I 27,119.02 4,226.02 22,893.00 9,172.96 5,740.11 60,703.15 39,701.38 19,805.10 1,196.66 40,436.92 Qtr.II 24,371.67 3,907.33 20,464.34 9,731.23 5,177.56 65,942.83 44,092.84 20,297.50 1,552.48 48,475.03 Qtr.III 26,921.09 4,209.86 22,711.23 12,949.12 5,627.86 70,716.27 46,900.67 21,733.09 2,082.51 48,973.02 Qtr.IV 25,217.08 4,596.14 20,620.94 15,060.75 7,415.27 73,299.81 47,540.18 23,796.85 1,962.79 36,932.92 2010/11 Qtr.I 28,768.06 5,861.80 22,906.26 19,245.97 5,480.72 75,434.99 48,436.98 25,124.50 1,873.51 38,067.24 Qtr.II 27,486.93 5,636.70 21,850.23 20,194.12 4,102.86 85,357.09 55,653.80 27,485.93 2,217.36 44,732.22 Qtr.III 31,482.17 6,921.98 24,560.19 21,148.87 4,953.20 100,590.17 62,088.83 35,549.12 2,952.21 52,150.16 Qtr.IV 34,282.97 6,525.71 27,757.27 28,394.16 3,568.67 110,114.46 61,871.31 45,547.45 2,695.70 49,545.00 2011/12 Qtr.I 34,514.38 6,658.96 27,855.43 22,565.30 4,121.67 118,399.53 64,979.01 50,781.33 2,639.19 51,494.85 Qtr.II 30,154.47 5,773.53 24,380.95 23,089.59 2,857.24 135,328.52 75,725.46 58,171.12 1,431.94 63,801.94 Qtr.III 17,652.45 6,982.96 10,669.49 28,640.04 3,068.28 156,445.50 88,608.28 66,455.73 1,381.50 70,487.48 Qtr.IV 29,039.93 7,248.10 21,791.83 24,017.57 4,421.18 170,379.68 94,617.04 73,472.51 2,290.12 105,360.90 2012/13 Qtr.I 27,882.48 8,265.81 19,616.67 20,182.74 8,511.89 171,722.32 94,081.93 75,849.86 1,790.53 83,987.99 Qtr.II 33,108.11 8,294.92 24,813.19 19,475.22 6,693.03 188,001.68 102,409.08 83,727.13 1,865.48 80,835.23 Qtr.III 32,417.53 9,150.51 23,267.02 23,412.02 5,407.49 208,833.85 113,423.09 92,141.62 3,269.14 103,959.36 Qtr.IV 30,375.31 9,236.07 21,139.24 28,509.18 5,699.97 222,393.59 114,378.39 99,396.97 8,618.23 82,403.13 2013/14 Qtr.I 31,747.72 9,699.16 22,048.56 22,706.08 4,089.11 228,006.18 112,906.99 106,635.50 8,463.70 75,318.88 Qtr.II 29,413.17 9,778.39 19,634.78 20,170.98 3,464.05 253,312.63 127,152.46 117,797.59 8,362.58 68,754.51 Qtr.III 34,921.78 11,397.19 23,524.59 21,162.46 1,753.80 272,894.01 138,291.24 126,344.08 8,258.68 66,924.58 Qtr.IV 35,672.30 11,179.02 24,493.28 27,253.50 1,629.68 288,212.71 141,975.83 136,904.30 9,332.58 70,099.87 2014/15 Qtr.I 38,690.72 12,931.48 25,759.24 19,597.01 1,227.50 297,817.51 144,435.07 144,679.15 8,703.29 69,897.16 Qtr.II 35,148.79 12,580.20 22,568.59 18,800.84 1,246.35 329,512.50 162,570.66 159,004.32 7,937.52 68,417.37 Qtr.III 35,280.66 13,872.76 21,407.90 15,862.13 1,252.35 355,615.38 179,552.27 173,479.03 2,584.09 78,370.49 Qtr.IV 42,342.37 14,779.78 27,562.60 15,924.15 1,256.02 379,393.58 185,501.92 191,246.21 2,645.44 79,584.26 2015/16 Qtr.I 39,809.59 15,337.93 24,471.66 15,463.04 905.43 390,966.45 188,671.02 199,896.80 2,398.62 79,531.91 Qtr.II 37,943.40 14,322.94 23,620.46 18,368.24 905.43 421,417.51 206,946.76 212,968.82 1,501.93 87,671.16 Qtr.III 40,401.93 14,635.18 25,766.75 21,316.42 905.43 445,653.52 219,399.61 225,001.87 1,252.04 92,444.68 Qtr.IV 50,905.91 15,906.53 34,999.38 20,898.27 785.65 461,664.43 226,849.25 231,953.28 2,861.91 98,731.37 2016/17 Qtr.I 53,728.78 17,326.81 36,401.97 21,116.01 554.28 475,564.62 231,569.06 240,872.08 3,123.48 106,597.14 Qtr.II 54,499.76 16,544.49 37,955.27 20,370.84 554.28 509,890.48 253,196.53 252,915.43 3,778.52 101,539.01 Qtr.III 64,854.52 17,034.56 47,819.97 20,975.60 530.28 544,327.92 272,606.06 267,906.04 3,815.82 109,207.67 Qtr.IV 75,305.69 20,327.77 54,977.93 24,876.54 21,982.71 582,426.70 283,911.51 294,089.24 4,425.95 111,779.13 2017/18 Qtr.I 81,683.92 21,035.73 60,648.19 25,253.39 22,208.82 594,599.99 288,878.52 300,579.22 5,142.26 110,830.25 Qtr.II 68,091.41 19,152.65 48,938.76 26,326.86 22,186.62 635,646.86 308,050.08 322,392.50 5,204.29 120,419.44 Qtr.III 74,352.05 21,843.87 52,508.19 24,664.20 22,186.62 673,008.41 327,935.85 338,881.74 6,190.82 129,191.54 Qtr.IV 89,611.48 26,493.67 63,117.81 25,121.57 22,186.62 714,685.11 346,314.30 359,418.93 8,951.88 137,783.39 2018/19 Qtr.I 91,062.85 27,496.50 63,566.35 30,835.45 22,567.12 731,013.59 355,971.41 364,102.91 10,939.27 151,722.28 Qtr.II 85,123.08 28,156.45 56,966.63 28,357.05 22,521.73 779,265.80 392,263.57 378,472.13 8,530.10 165,243.37 Qtr.III 82,819.61 28,223.23 54,596.39 26,880.84 22,952.93 843,659.70 418,777.00 417,474.71 7,408.00 168,443.19 Qtr.IV 118,506.49 29,783.05 88,723.44 28,543.82 23,620.21 898,733.08 443,362.21 447,380.43 7,990.45 170,578.44 2019/20 Qtr.I 116,740.09 32,453.58 84,286.52 25,980.84 22,927.78 928,496.12 463,151.74 456,261.93 9,082.46 211,425.69 End of Period Assets (In Millions of Birr) Reserves Claims on Gov't Foreign Assets Claims on Non-Central Gov't Other Assets Table 2(b): Statement of Condition of Commercial Banks: Total Capital Account End of (Liab.= Total Gov't Foreign Total Capital Legal Other Period Assets) (3+4+5) Demand Time Saving Depos. Liab. (9+10+11) Reserve Others Liab. 1 2 3 4 5 6 7 8 9 10 11 12 2007/08 Qtr.I 89,728.17 45,987.14 17,473.75 3,518.97 24,994.42 8,168.85 2,113.06 7,946.79 6,022.73 695.08 1,228.98 25,512.32 Qtr.II 95,673.86 47,523.93 17,472.88 3,750.36 26,300.69 9,082.98 2,221.78 8,502.57 6,230.90 715.86 1,555.81 28,342.59 Qtr.III 101,744.62 49,881.89 18,402.82 3,649.27 27,829.80 9,410.19 2,384.41 9,480.25 6,372.34 755.06 2,352.85 30,587.89 Qtr.IV 106,633.30 51,175.42 18,343.64 3,354.13 29,477.65 8,978.26 2,301.87 8,692.68 6,650.58 1,160.15 881.95 35,485.08 2008/09 Qtr.I 108,674.58 56,010.62 21,545.78 3,001.17 31,463.68 8,410.60 2,315.51 9,645.17 6,733.48 1,230.03 1,681.66 32,292.69 Qtr.II 121,011.72 59,279.79 23,758.17 2,977.84 32,543.78 10,336.00 2,854.59 10,537.09 7,140.83 1,251.78 2,144.49 38,004.24 Qtr.III 124,181.95 62,157.88 24,447.53 3,051.31 34,659.04 11,766.01 2,801.54 11,577.30 7,188.23 1,251.88 3,137.19 35,879.23 Qtr.IV 145,083.89 64,134.18 23,737.09 3,248.37 37,148.72 10,450.06 3,076.51 10,286.27 7,289.87 1,817.11 1,179.29 57,136.87 2009/10 Qtr.I 143,172.15 69,799.47 26,482.89 3,502.06 39,814.53 10,193.02 3,856.62 11,615.74 7,351.48 1,864.96 2,399.30 47,707.30 Qtr.II 153,698.31 70,853.05 25,540.12 3,498.80 41,814.13 12,446.66 3,690.78 12,382.87 7,779.28 1,999.39 2,604.20 54,324.95 Qtr.III 165,187.35 76,068.96 28,137.85 3,568.66 44,362.45 14,542.87 3,960.93 13,733.68 7,988.50 1,999.39 3,745.79 56,880.92 Qtr.IV 157,925.83 81,081.39 29,083.62 3,956.21 48,041.57 13,742.50 3,254.28 12,410.85 8,104.15 2,627.14 1,679.56 47,436.80 2010/11 Qtr.I 166,996.99 85,850.72 30,488.06 3,901.29 51,461.37 13,830.65 4,246.06 16,074.71 8,251.77 2,800.15 5,022.79 46,994.83 Qtr.II 181,873.22 90,753.82 33,017.73 3,860.06 53,876.03 17,847.47 4,942.59 15,372.02 8,814.85 2,875.59 3,681.59 52,957.32 Qtr.III 210,324.55 101,160.55 36,557.44 4,462.70 60,140.41 22,023.33 5,595.24 17,203.71 8,993.68 2,875.59 5,334.44 64,341.73 Qtr.IV 225,905.26 114,155.42 44,949.45 4,666.41 64,539.56 20,240.72 5,715.48 15,598.31 9,352.31 3,720.04 2,525.97 70,195.32 2011/12 Qtr.I 231,095.73 119,908.86 47,241.19 4,679.92 67,987.76 20,211.73 6,441.17 18,039.70 9,463.93 3,873.96 4,701.81 66,494.27 Qtr.II 255,231.76 120,849.46 44,105.79 5,165.29 71,578.38 27,669.07 8,419.69 20,118.90 10,273.75 4,082.96 5,762.20 78,174.64 Qtr.III 276,293.75 135,663.57 49,133.42 10,136.38 76,393.77 30,994.76 7,392.24 23,505.51 10,588.88 4,082.96 8,833.67 78,737.68 Qtr.IV 333,219.25 152,894.71 58,345.81 12,061.06 82,487.84 28,207.85 5,484.21 26,333.75 10,766.19 4,341.88 11,225.68 120,298.72 2012/13 Qtr.I 312,287.41 154,727.02 55,112.80 12,112.46 87,501.75 29,560.96 5,873.98 22,096.52 10,848.48 5,848.45 5,399.59 100,028.94 Qtr.II 328,113.27 163,882.22 57,818.51 12,930.05 93,133.66 35,693.26 6,078.30 23,819.49 11,410.19 6,095.88 6,313.43 98,639.99 Qtr.III 374,030.25 181,078.62 66,836.46 13,515.66 100,726.49 34,173.15 6,038.08 26,732.87 11,848.34 6,095.79 8,788.74 126,007.54 Qtr.IV 369,381.17 189,762.82 69,253.31 14,278.69 106,230.82 39,111.79 7,515.18 23,668.93 16,207.65 3,737.13 3,724.15 109,322.44 2013/14 Qtr.I 361,867.96 196,546.98 67,873.86 15,611.58 113,061.54 30,347.65 7,787.68 27,244.86 16,648.31 4,289.25 6,307.29 99,940.79 Qtr.II 375,115.34 208,389.34 69,703.14 15,928.74 122,757.46 35,196.57 7,933.50 29,890.38 18,021.29 4,432.14 7,436.95 93,705.55 Qtr.III 397,656.63 223,632.13 71,185.39 17,192.59 135,254.15 41,483.14 7,843.13 34,089.20 19,040.22 4,452.88 10,596.10 90,609.01 Qtr.IV 422,868.05 244,630.10 80,947.33 17,872.27 145,810.51 39,210.84 7,995.09 28,116.57 19,412.60 4,874.11 3,829.87 102,915.44 2014/15 Qtr.I 427,229.91 253,720.44 79,404.57 18,878.38 155,437.49 34,524.85 7,599.61 33,579.69 19,576.17 6,809.31 7,194.22 97,805.31 Qtr.II 453,125.86 267,761.37 82,145.60 21,324.70 164,291.07 41,958.38 7,784.85 35,980.61 20,786.66 7,102.85 8,091.10 99,640.66 Qtr.III 486,381.01 288,748.61 87,992.92 37,731.13 163,024.57 39,876.94 7,985.81 41,100.74 21,089.10 7,150.07 12,861.57 108,668.91 Qtr.IV 518,500.38 310,905.47 94,282.90 41,990.59 174,631.98 47,597.57 8,326.57 46,345.99 21,607.18 7,657.37 17,081.44 105,324.78 2015/16 Qtr.I 526,676.42 321,277.08 94,511.03 44,846.83 181,919.21 44,750.57 8,351.74 40,988.33 21,854.91 10,061.03 9,072.39 111,308.70 Qtr.II 566,305.74 333,108.04 95,784.87 45,039.02 192,284.15 54,814.93 9,418.30 44,605.48 22,365.60 10,260.55 11,979.33 124,358.98 Qtr.III 600,721.98 346,500.77 97,666.68 47,318.84 201,515.25 55,903.51 10,021.13 50,099.86 23,925.73 10,503.55 15,670.58 138,196.72 Qtr.IV 632,985.63 378,580.10 111,923.51 49,622.31 217,034.28 48,275.36 9,880.50 54,282.67 24,741.97 11,066.22 18,474.49 141,967.00 2016/17 Qtr.I 657,560.82 395,283.96 114,563.30 52,113.56 228,607.10 48,122.05 10,224.60 48,306.09 25,430.72 13,555.78 9,319.59 155,624.12 Qtr.II 686,854.36 422,592.69 122,551.62 56,019.12 244,021.95 59,973.04 9,442.47 53,837.72 25,907.50 14,058.71 13,871.51 141,008.44 Qtr.III 739,896.00 459,035.83 134,885.28 59,330.90 264,819.66 59,514.06 9,775.10 58,827.88 28,022.68 14,160.64 16,644.56 152,743.14 Qtr.IV 816,370.77 499,497.48 142,883.04 63,182.74 293,431.70 57,431.90 10,818.77 91,591.79 60,893.89 9,875.33 20,822.57 157,030.82 2017/18 Qtr.I 834,576.37 528,377.97 155,587.95 65,890.63 306,899.39 57,282.65 11,920.65 82,506.03 61,439.56 11,571.16 9,495.31 154,489.07 Qtr.II 872,671.18 557,368.92 161,094.75 71,726.79 324,547.38 65,662.50 15,190.78 82,934.75 62,190.72 12,080.49 8,663.54 151,514.23 Qtr.III 923,402.82 605,324.66 178,222.22 74,478.38 352,624.07 66,838.21 14,436.48 88,987.79 63,762.86 12,299.12 12,925.81 147,815.69 Qtr.IV 989,388.16 654,155.59 194,737.37 76,868.79 382,549.43 60,390.64 14,504.75 95,507.04 66,196.61 12,595.70 16,714.73 164,830.14 2018/19 Qtr.I 1,027,201.29 668,751.40 182,882.17 78,698.46 407,170.77 66,445.07 14,163.89 94,700.64 67,062.59 14,917.55 12,720.51 183,140.28 Qtr.II 1,080,511.02 696,969.21 185,405.32 81,465.14 430,098.75 78,865.30 15,913.29 103,262.58 69,816.60 16,293.97 17,152.00 185,500.64 Qtr.III 1,144,756.26 734,934.84 186,067.65 86,071.53 462,795.66 84,437.25 17,251.34 114,740.74 71,712.80 17,604.93 25,423.00 193,392.10 Qtr.IV 1,239,982.05 794,735.58 216,920.17 90,513.29 487,302.12 85,992.40 18,006.38 123,412.65 73,711.99 17,916.21 31,784.45 217,835.04 2019/20 Qtr.I 1,305,570.51 818,414.16 225,668.94 90,546.90 502,198.32 79,401.21 18,605.21 120,129.32 74,852.82 21,407.51 23,869.00 269,020.62 Non-Central Gov't Deposits Liabilities (In Millions of Birr) First Quarter 2019/20 | 73

Assets (In Millions of Birr) Claims on Private Cash & Foreign Central Public Cooper- & Other Total Period Banks Assets Gov't Total Enterprise atives Individuals Assets Assets 2007/08 Qtr.I 481.15 184.54 4,893.32 80.84 431.94 153.96 4,307.41 824.36 6,464.22 Qtr.II 565.81 157.13 5,061.27 253.93 316.45 227.85 4,516.97 828.84 6,866.96 Qtr.III 444.82 143.95 5,248.60 253.93 397.64 228.90 4,622.06 764.01 6,855.30 Qtr.IV 293.85 194.84 5,389.25 253.93 518.92 200.61 4,669.72 838.10 6,969.97 2008/09 Qtr.I 639.13 226.80 5,579.55 253.93 527.45 178.53 4,873.57 688.57 7,387.97 Qtr.II 320.37 243.70 5,976.99 237.52 535.00 215.62 5,226.37 864.87 7,643.45 Qtr.III 174.66 248.80 6,246.95 219.42 539.70 222.66 5,484.59 834.94 7,724.78 Qtr.IV 137.89 374.59 6,435.92 219.42 546.22 193.14 5,696.57 743.24 7,911.07 2009/10 Qtr.I 205.29 549.70 7,135.13 219.42 597.47 164.88 6,372.78 720.57 8,830.11 Qtr.II 303.62 595.20 7,671.64 218.83 582.63 246.00 6,843.01 1,103.73 9,893.01 Qtr.III 219.98 1,513.01 8,068.25 203.02 609.20 235.01 7,224.04 1,147.57 11,151.83 Qtr.IV 422.78 1,023.91 8,787.24 184.92 699.57 202.47 7,885.20 919.24 11,338.08 2010/11 Qtr.I 505.43 1,058.79 8,952.77 184.92 703.88 143.97 8,104.93 1,140.16 11,842.07 Qtr.II 200.52 1,031.98 9,516.13 184.92 711.06 226.46 8,578.61 736.37 11,669.91 Qtr.III 810.38 1,175.29 10,355.88 176.42 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.IV 810.38 1,175.29 10,355.88 176.42 928.65 202.34 9,224.88 995.52 13,513.49 2011/12 Qtr.I 810.38 1,175.29 10,355.88 176.42 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.II 810.38 1,175.29 10,355.88 176.42 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.III 810.38 1,175.29 10,355.88 176.42 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.IV 810.38 1,175.29 10,355.88 176.42 928.65 202.34 9,224.88 995.52 13,513.49 2012/13 Qtr.I 710.96 1,122.00 7,866.42 15,323.90 1,385.16 102.91 13,835.83 1,867.93 26,891.21 Qtr.II 400.61 794.52 7,832.51 16,707.86 1,770.72 147.06 14,790.08 1,341.19 27,076.70 Qtr.III 281.13 190.20 8,814.41 17,657.91 1,910.88 196.39 15,550.65 856.25 27,799.89 Qtr.IV 379.77 457.00 9,819.44 17,928.90 1,660.21 87.79 16,180.91 1,374.79 29,959.90 2013/14 Qtr.I 1,948.03 350.90 8,425.93 18,556.52 1,791.63 78.99 16,685.89 1,723.32 31,004.70 Qtr.II 380.83 1,575.49 9,664.19 20,103.24 1,880.18 152.18 18,070.87 1,905.11 33,628.87 Qtr.III 535.83 1,888.62 9,807.16 18,542.19 1,930.05 108.33 16,503.81 2,545.42 33,319.20 Qtr.IV 1,156.66 1,890.59 11,337.60 21,443.02 2,003.46 63.56 19,376.00 1,971.93 37,799.81 2014/15 Qtr.I 1,175.45 1,511.30 13,148.05 20,197.59 1,996.89 54.11 18,146.59 2,550.90 38,583.28 Qtr.II 544.45 1,744.17 13,141.88 21,381.44 2,019.13 184.95 19,177.37 2,648.93 39,460.87 Qtr.III 1,143.62 1,803.01 13,112.08 22,224.86 2,002.19 165.61 20,057.07 2,719.16 41,002.74 Qtr.IV 1,173.92 1,635.37 13,289.06 25,677.84 2,675.48 130.93 22,871.43 2,343.58 44,119.75 2015/16 Qtr.I 1,175.45 1,511.30 13,148.05 20,197.59 1,996.89 54.11 18,146.59 2,550.90 38,583.28 Qtr.II 544.45 1,744.17 13,141.88 21,381.44 2,019.13 184.95 19,177.37 2,648.93 39,460.87 Qtr.III 1,143.62 1,803.01 13,112.08 22,224.86 2,002.19 165.61 20,057.07 2,719.16 41,002.74 Qtr.IV 1,173.92 1,635.37 13,289.06 25,677.84 2,675.48 130.93 22,871.43 2,343.58 44,119.75 2016/17 Qtr.I 2,434.51 2,430.84 15,836.85 29,770.27 2,838.72 104.12 26,827.43 3,846.72 54,319.19 Qtr.II 1,585.15 2,065.49 15,836.85 30,986.45 3,007.68 106.31 27,872.46 3,940.08 54,414.01 Qtr.III 1,462.81 2,849.59 15,816.87 31,734.09 2,765.88 107.49 28,860.71 4,032.03 55,895.39 Qtr.IV 1,232.72 3,225.53 15,816.87 31,590.85 2,632.74 108.69 28,849.42 5,223.28 57,089.25 2017/18 Qtr.I 824.85 2,902.01 15,816.87 32,396.06 2,605.80 127.06 29,663.20 5,273.55 57,213.34 Qtr.II 888.91 3,223.37 15,816.87 35,413.14 3,992.24 116.26 31,304.64 4,229.09 59,571.38 Qtr.III 1,049.8 4,813.1 15,796.9 37,322.9 4,081.2 108.8 33,132.8 6,278.0 65,260.8 Qtr.IV 2,703.06 4,387.68 32,797.34 39,155.36 4,113.94 438.25 34,603.17 4,804.21 83,847.64 2018/19 Qtr.I 956.91 4,783.60 32,796.90 40,801.82 4,158.57 487.14 36,156.11 4,950.16 84,289.39 Qtr.II 4,779.94 4,389.26 32,794.45 45,856.04 4,341.33 542.46 40,972.25 5,907.38 93,727.06 Qtr.III 3,626.79 5,565.72 32,717.96 44,217.12 4,419.41 620.85 39,176.87 43,323.30 129,450.88 Qtr.IV 2,144.76 5,383.60 31,993.93 47,577.14 4,895.24 310.46 42,371.44 5,623.22 92,722.64 2019/20 Qtr.I 4,681.92 4,548.77 32,110.73 45,107.52 4,996.09 424.00 39,687.43 7,843.40 94,292.34 Table 3(a): Consolidated Statement of Condition of Development Bank of Ethipia: End of Claims on Non-Central Gov't Liablities (In Millions of Birr) End of Total Demand Time & Capital Credit Foreign Other Period Assets Deposits Savings Accounts from Advance Liability =Liab. Deposits Total N.B.E Others Gov't & Loan Items 2007/08 Qtr.I 6,464.22 16.49 477.48 1,867.24 1,888.28 381.38 1,506.91 0.73 434.30 1,779.70 Qtr.II 6,866.96 37.08 400.44 1,883.01 2,087.51 381.38 1,706.13 0.73 457.07 2,001.12 Qtr.III 6,855.30 46.45 369.30 1,916.16 2,091.11 381.38 1,709.73 0.73 505.37 1,926.19 Qtr.IV 6,969.97 126.04 374.55 1,910.00 2,102.17 381.38 1,720.80 - 506.10 1,951.11 2008/09 Qtr.I 7,387.97 186.97 379.06 1,915.86 2,338.59 381.38 1,957.21 - 522.99 2,044.51 Qtr.II 7,643.45 141.72 381.25 1,943.46 2,340.03 381.38 1,958.66 - 522.99 2,314.00 Qtr.III 7,724.78 101.98 385.09 1,948.81 2,341.20 381.38 1,959.83 - 647.27 2,300.42 Qtr.IV 7,911.07 124.71 369.44 1,934.17 2,341.61 381.38 1,960.23 - 647.27 2,493.87 2009/10 Qtr.I 8,830.11 123.42 372.51 2,014.71 2,571.28 424.28 2,147.00 - 887.86 2,860.32 Qtr.II 9,893.01 75.21 368.93 1,943.13 3,028.71 424.28 2,604.43 - 900.46 3,576.57 Qtr.III 11,151.83 85.62 369.09 2,084.50 4,228.26 424.28 3,803.98 884.48 3,499.86 Qtr.IV 11,338.08 178.96 376.24 2,124.68 4,618.87 381.38 4,237.49 - 978.67 3,060.66 2010/11 Qtr.I 11,842.07 141.50 382.37 2,357.45 4,799.25 381.38 4,417.87 - 984.95 3,176.56 Qtr.II 11,669.91 235.16 384.03 2,223.63 4,951.89 381.38 4,570.51 - 908.98 2,966.22 Qtr.III 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.IV 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 2011/12 Qtr.I 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.II 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.III 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.IV 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 2012/13 Qtr.I 26,891.21 374.79 384.09 2,738.96 17,154.13 16,511.66 642.47 - 1,209.71 5,029.53 Qtr.II 27,076.70 376.31 384.43 2,856.36 16,348.79 15,704.84 643.96 - 1,539.14 5,571.66 Qtr.III 27,799.89 355.69 375.75 3,157.21 18,741.44 18,001.47 739.97 - 1,771.24 4,360.49 Qtr.IV 29,959.90 347.35 380.85 3,150.26 20,889.93 20,279.79 610.14 - 2,301.22 2,677.78 2013/14 Qtr.I 31,004.70 298.98 390.46 3,390.94 21,434.53 17,667.54 3,766.99 2,371.60 - 2,922.88 Qtr.II 33,628.87 248.02 377.34 3,620.17 21,340.36 17,792.14 3,548.22 2,928.57 - 5,114.42 Qtr.III 33,319.20 348.34 378.01 3,763.50 21,746.54 18,101.57 3,644.98 3,105.66 - 3,977.49 Qtr.IV 37,799.81 634.91 376.94 3,567.64 27,234.63 20,851.57 6,383.06 3,409.38 - 2,576.31 2014/15 Qtr.I 38,583.28 656.73 380.48 3,895.22 25,430.93 22,551.57 2,879.37 3,621.73 - 4,598.20 Qtr.II 39,460.87 298.59 377.50 4,086.65 25,618.79 22,751.16 2,867.64 3,769.99 - 5,309.35 Qtr.III 41,002.74 300.40 376.13 4,082.93 26,599.74 23,451.57 3,148.17 3,880.62 - 5,762.93 Qtr.IV 44,119.75 427.25 376.39 4,255.64 27,411.00 23,951.57 3,459.43 4,030.99 - 7,618.49 2014/15 Qtr.I 47,977.82 445.92 375.43 7,688.46 27,369.19 23,857.00 3,512.19 4,018.53 - 8,080.30 Qtr.II 50,132.21 436.66 375.25 7,792.09 28,428.52 24,857.00 3,571.52 4,627.47 - 8,472.23 Qtr.III 51,587.15 1,006.51 376.27 7,858.82 28,464.89 24,935.93 3,528.96 4,727.40 - 9,153.27 Qtr.IV 52,696.45 1,040.13 376.63 7,968.72 29,328.36 29,251.50 76.86 4,726.81 - 9,255.80 2016/17 Qtr.I 54,319.19 1,251.79 381.92 7,834.36 31,771.85 31,711.64 60.21 4,795.67 - 8,283.60 Qtr.II 54,414.01 903.62 380.51 7,876.92 33,091.64 33,033.92 57.72 4,816.88 - 7,344.45 Qtr.III 55,895.39 868.19 120.03 7,960.91 34,190.12 34,131.51 58.61 4,826.26 - 7,929.88 Qtr.IV 57,089.25 948.38 122.21 7,918.92 34,984.44 34,309.69 674.75 4,822.20 - 8,293.11 2017/18 Qrt.I 57,213.34 915.76 126.04 8,032.78 35,365.33 35,304.91 60.42 5,096.40 - 7,677.04 Qtr.II 59,571.38 1,130.53 125.90 7,999.87 37,888.62 37,832.63 55.99 5,226.40 - 7,200.05 Qtr.III 65,260.76 1,102.03 125.95 8,048.34 40,102.10 40,043.12 58.98 6,291.98 - 9,590.37 Qtr.IV 83,847.64 1,081.46 125.29 8,043.84 58,125.10 58,064.08 61.02 6,849.05 - 9,622.90 2018/19 Qtr.I 84,289.39 867.51 129.39 7,461.41 58,247.52 58,185.11 62.41 8,111.85 - 9,471.70 Qtr.II 93,727.06 818.33 128.26 2,718.41 63,592.57 63,529.89 62.69 8,195.19 - 18,274.31 Qtr.III 129,450.88 805.96 123.96 6,315.02 64,040.86 63,982.41 58.45 8,552.23 - 49,612.86 Qtr.IV 92,722.64 770.33 123.73 7,403.15 62,764.43 62,704.89 59.54 9,391.53 - 12,269.47 2019/20 Qrt.I 94,292.34 653.41 121.49 7,873.78 63,285.34 63,225.60 59.74 10,467.84 - 11,890.49 Table 3(b): Consolidated Statement of Condition of Development Bank of Ethiopia: Credit from Banks First Quarter 2019/20 | 75

Table 4: Money Supply and its Determinants Currency Net Money Quasi- Total Total Net Claims on Gov't Other End of Outside Demand Supply Money Volume Credit Total Nat. Comm. Total Nat. Comm. Items Period Banks Deposit (1+2) (3+4) (7+10) (8+9) Bank Banks (13+12) Bank Banks Net 1 2 3 4 5 6 7 8 9 10 11 12 13 14 2007/08 Qtr.I 12,997.43 16,968.54 29,965.97 28,513.39 58,479.36 61,447.66 30,118.02 22,236.99 7,881.02 31,329.65 15,229.24 10,347.81 4,881.43 18,197.54 Qtr.II 14,445.79 16,652.00 31,097.79 30,051.05 61,148.84 67,400.14 32,245.35 25,254.37 6,990.98 35,154.79 14,210.43 10,067.38 4,143.05 20,461.73 Qtr.III 16,772.57 17,462.77 34,235.35 31,479.07 65,714.42 73,476.09 30,718.38 27,950.75 2,767.63 42,757.71 13,000.07 7,254.70 5,745.37 20,761.74 Qtr.IV 17,654.10 17,696.26 35,350.36 32,831.78 68,182.14 79,969.25 33,075.66 35,405.76 (2,330.10) 46,893.59 11,665.63 5,940.65 5,724.98 23,452.75 2008/09 Qtr.I 16,337.59 20,633.90 36,971.49 34,464.85 71,436.34 84,088.59 34,872.36 37,048.01 (2,175.65) 49,216.23 10,387.77 4,976.66 5,411.11 23,040.02 Qtr.II 17,432.87 22,949.25 40,382.11 35,521.62 75,903.73 85,327.66 31,944.38 36,733.14 (4,788.76) 53,383.28 10,233.46 6,137.41 4,096.05 19,657.39 Qtr.III 19,264.00 23,589.18 42,853.18 37,710.34 80,563.52 85,281.56 29,349.06 35,566.17 (6,217.11) 55,932.51 14,863.60 9,571.56 5,292.04 19,581.64 Qtr.IV 19,715.01 22,397.64 42,112.66 40,397.09 82,509.75 89,203.04 32,786.50 37,827.20 (5,040.70) 56,416.54 17,976.81 11,833.66 6,143.15 24,670.10 2009/10 Qtr.I 18,547.21 25,572.45 44,119.66 43,316.58 87,436.24 92,006.88 32,500.40 36,953.31 (4,452.91) 59,506.48 19,528.96 14,212.62 5,316.34 24,099.60 Qtr.II 21,755.84 24,372.26 46,128.10 45,312.93 91,441.03 92,946.17 28,555.82 35,824.91 (7,269.09) 64,390.35 20,793.03 14,752.59 6,040.45 22,298.18 Qtr.III 23,068.09 26,271.82 49,339.91 47,931.11 97,271.03 98,671.91 30,038.16 38,953.17 (8,915.01) 68,633.76 25,278.62 16,290.43 8,988.19 26,679.50 Qtr.IV 24,206.80 27,727.99 51,934.78 51,997.77 103,932.56 104,350.11 33,013.08 39,340.32 (6,327.24) 71,337.03 27,189.78 15,383.31 11,806.47 27,607.34 2010/11 Qtr.I 23,849.92 29,249.39 53,099.31 55,362.66 108,461.97 104,929.59 31,368.11 39,718.05 (8,349.93) 73,561.48 38,003.21 23,003.30 14,999.91 34,470.83 Qrt II 28,312.32 31,751.83 60,064.16 57,736.08 117,800.24 110,513.95 27,374.22 41,118.83 (13,744.61) 83,139.73 40,230.88 24,979.34 15,251.53 32,944.59 Qtr.III 30,534.69 35,171.96 65,706.66 64,603.11 130,309.77 121,221.73 23,583.78 40,653.91 (17,070.13) 97,637.96 45,638.10 30,084.47 15,553.63 36,550.06 Qtr.IV 32,574.88 43,596.12 76,171.00 69,205.97 145,376.97 142,320.42 28,651.65 45,323.71 (16,672.05) 113,668.76 55,534.68 32,856.00 22,678.68 52,478.12 2011/12 Qtr.I 32,073.62 46,068.57 78,142.18 72,667.68 150,809.86 143,503.46 20,343.12 36,433.18 (16,090.06) 123,160.34 55,479.84 39,355.70 16,124.13 48,173.44 Qtr.II 36,274.61 42,879.96 79,154.57 76,743.67 155,898.24 157,410.18 13,443.60 38,255.43 (24,811.83) 143,966.58 49,345.56 34,675.66 14,669.91 50,857.50 Qtr.III 37,727.68 47,246.43 84,974.11 86,530.15 171,504.25 182,607.91 15,673.90 43,600.37 (27,926.47) 166,934.01 45,771.85 24,524.05 21,247.79 56,875.50 Qtr.IV 38,537.14 56,312.74 94,849.88 94,548.90 189,398.78 202,148.96 21,557.41 45,344.08 (23,786.67) 180,591.55 39,787.69 21,254.33 18,533.36 52,537.88 2012/13 Qtr.I 37,917.53 54,544.75 92,462.28 99,614.21 192,076.50 198,914.63 16,480.84 37,529.91 (21,049.06) 182,433.79 39,304.60 24,995.84 14,308.76 46,142.73 Qtr.II 42,677.02 57,524.67 100,201.69 106,063.71 206,265.39 213,175.22 13,732.02 42,732.25 (29,000.24) 199,443.21 39,754.55 26,357.64 13,396.92 46,664.38 Qtr.III 45,142.40 66,203.30 111,345.70 114,242.15 225,587.85 233,163.88 12,792.18 41,557.83 (28,765.66) 220,371.71 46,981.49 29,607.54 17,373.94 54,557.52 Qtr.IV 45,681.67 69,052.38 114,734.05 120,509.51 235,243.56 252,247.88 21,965.52 55,377.34 (33,411.82) 230,282.36 45,639.62 24,645.62 20,994.00 62,643.94 2013/14 Qtr.I 40,872.49 67,625.20 108,497.69 128,673.13 237,170.82 257,924.26 21,574.78 47,833.32 (26,258.54) 236,349.48 38,325.10 23,406.69 14,918.40 59,078.54 Qtr.II 44,085.69 69,579.58 113,665.27 138,686.20 252,351.47 280,465.92 18,308.87 50,041.39 (31,732.52) 262,157.05 33,534.49 21,297.01 12,237.48 61,648.94 Qtr.III 49,975.27 71,046.94 121,022.21 152,446.74 273,468.95 302,986.96 20,844.63 60,573.97 (39,729.34) 282,142.33 36,763.33 23,444.00 13,319.32 66,281.33 Qtr.IV 53,176.03 80,887.76 134,063.78 163,682.78 297,746.56 326,066.87 26,929.74 64,510.91 (37,581.17) 299,137.13 45,972.30 26,713.89 19,258.41 74,292.61 2014/15 Qtr.I 50,782.73 79,355.45 130,138.19 174,315.87 304,454.06 336,541.23 25,470.01 58,767.36 (33,297.35) 311,071.22 39,063.23 27,065.83 11,997.40 71,150.40 Qtr.II 58,128.86 82,081.55 140,210.40 185,615.77 325,826.17 367,313.10 23,581.11 64,293.14 (40,712.03) 343,731.98 39,409.45 28,393.45 11,015.99 80,896.38 Qtr.III 60,465.03 87,943.76 148,408.79 200,755.69 349,164.48 397,130.29 21,241.99 59,866.59 (38,624.59) 375,888.30 35,516.90 27,640.58 7,876.32 83,482.71 Qtr.IV 60,460.92 94,245.42 154,706.34 216,622.57 371,328.91 430,840.39 30,735.25 77,076.80 (46,341.55) 400,105.14 37,570.95 29,973.37 7,597.57 97,082.42 2015/16 Qtr.I 59,407.73 94,503.33 153,911.06 226,766.04 380,677.10 436,496.83 24,072.01 67,917.15 (43,845.14) 412,424.83 36,192.52 29,081.21 7,111.31 92,012.25 Qtr.II 63,507.06 95,784.79 159,291.85 237,323.17 396,615.02 469,781.03 25,008.45 78,917.95 (53,909.50) 444,772.58 31,444.63 22,494.68 8,949.94 104,610.63 Qtr.III 65,623.75 97,666.63 163,290.39 248,834.10 412,124.48 498,840.49 29,582.00 84,580.08 (54,998.07) 469,258.48 25,157.52 13,862.23 11,295.29 111,873.52 Qtr.IV 66,686.17 111,923.49 178,609.66 266,656.59 445,266.25 531,957.89 47,548.36 95,038.07 (47,489.71) 484,409.53 21,524.19 10,506.42 11,017.77 108,215.83 2016/17 Qtr.I 68,485.09 114,563.29 183,048.38 280,720.66 463,769.04 547,900.98 49,852.85 97,420.62 (47,567.77) 498,048.14 14,357.85 3,466.44 10,891.41 98,489.79 Qtr.II 73,702.55 122,551.62 196,254.17 300,041.07 496,295.24 577,812.91 45,593.96 105,012.72 (59,418.76) 532,218.95 16,470.24 5,541.88 10,928.36 97,987.92 Qtr.III 75,177.93 134,885.28 210,063.21 324,150.56 534,213.77 618,691.36 51,572.27 110,556.05 (58,983.78) 567,119.09 25,495.21 14,294.70 11,200.51 109,972.80 Qtr.IV 73,917.75 142,883.04 216,800.79 356,614.44 573,415.22 690,668.59 85,441.85 120,891.04 (35,449.19) 605,226.75 38,034.79 23,977.03 14,057.76 155,288.16 2017/18 Qtr.I 73,927.01 155,587.95 229,514.96 372,790.02 602,304.98 712,905.00 96,221.26 131,295.09 (35,073.83) 616,683.74 30,984.60 17,651.86 13,332.74 141,584.62 Qtr.II 86,784.15 161,094.75 247,878.90 396,274.17 644,153.07 758,470.30 99,972.02 143,447.90 (43,475.88) 658,498.28 22,527.90 11,391.82 11,136.08 136,845.13 Qtr.III 90,594.76 178,222.22 268,816.98 427,102.45 695,919.43 793,412.62 96,602.32 141,253.91 (44,651.59) 696,810.30 35,993.32 25,765.59 10,227.72 133,486.51 Qtr.IV 86,417.30 194,737.37 281,154.67 459,418.22 740,572.89 855,028.77 102,002.83 140,206.86 (38,204.03) 753,025.94 39,376.20 28,759.38 10,616.82 153,832.08 2018/19 Qtr.I 83,380.01 182,882.17 266,262.18 485,869.24 752,131.42 870,272.56 103,205.53 147,083.49 (43,877.95) 767,067.02 37,942.27 21,270.71 16,671.56 156,083.41 Qtr.II 92,192.59 185,405.32 277,597.90 511,563.89 789,161.79 921,386.87 98,558.46 154,902.04 (56,343.57) 822,828.41 23,507.72 11,063.97 12,443.76 155,732.81 Qtr.III 97,075.11 186,067.65 283,142.75 548,867.19 832,009.94 972,583.62 83,539.21 145,023.53 (61,484.32) 889,044.41 27,415.57 17,786.07 9,629.50 167,989.25 Qtr.IV 92,016.97 216,920.17 308,937.14 577,815.41 886,752.54 1,052,684.55 109,799.21 172,171.40 (62,372.19) 942,885.35 14,505.19 3,967.75 10,537.44 180,437.20 2019/20 Qtr.I 91,522.75 225,668.94 317,191.69 592,745.22 909,936.90 1,093,887.22 122,330.84 178,804.28 (56,473.43) 971,556.37 (17,043.11) (24,418.74) 7,375.63 166,907.21 Money and Quasi-Money Domestic Credit Net Foreign Assets (In Millions of Birr) Claims on Non Cen Gov't Table 5: Seasonally adjusted data of Monetary Variables (1) Currency Net Central Non-Cent. Foreign Outside Demand Money Quasi- Total Gov't Gov't Assets Banks Deposit Supply Money Volume (Net) (Net) 2007/08 Qtr.I 13,712.29 16,510.38 30,222.68 29,425.82 59,648.49 59,174.10 33,710.70 14,665.76 Qtr.II 11,480.07 16,418.87 27,898.94 29,450.03 57,348.97 67,467.54 24,608.36 14,224.64 Qtr.III 16,554.53 17,986.66 34,541.18 30,912.45 65,453.63 76,782.51 32,495.86 13,585.07 Qtr.IV 20,537.02 18,123.44 38,660.46 32,831.78 71,492.24 81,092.02 65,088.31 11,829.42 2008/09 Qtr.I 17,236.16 20,076.78 37,312.94 35,567.72 72,880.66 80,977.31 52,956.66 10,003.42 Qtr.II 13,853.90 22,627.96 36,481.86 34,811.19 71,293.04 85,412.99 37,368.30 10,243.69 Qtr.III 19,013.57 24,296.85 43,310.42 37,031.56 80,341.98 89,119.23 42,508.70 15,532.46 Qtr.IV 22,934.47 22,938.32 45,872.80 40,397.09 86,269.89 90,455.45 78,306.15 18,229.20 2009/10 Qtr.I 19,567.31 24,881.99 44,449.30 44,486.13 88,935.43 88,602.63 64,028.97 18,806.39 Qtr.II 17,289.37 24,031.04 41,320.41 44,406.67 85,727.08 93,039.12 45,073.24 20,813.83 Qtr.III 21,937.76 26,455.72 48,393.48 47,835.25 96,228.73 98,671.91 52,161.65 25,278.62 Qtr.IV 28,159.77 28,397.34 56,557.11 51,997.77 108,554.88 105,815.19 99,015.79 27,571.53 2010/11 Qtr.I 25,161.66 28,459.66 53,621.32 57,134.27 110,755.59 101,047.20 79,152.15 36,597.10 Qrt.II 22,499.80 31,307.31 53,807.11 56,581.36 110,388.47 110,624.46 58,197.81 40,271.11 Qtr.III 30,137.74 36,227.12 66,364.87 63,440.25 129,805.12 126,676.71 74,204.85 47,691.82 Qtr.IV 37,894.35 44,648.53 82,542.89 69,205.97 151,748.85 144,318.59 157,772.24 56,314.38 2011/12 Qtr.I 33,837.67 44,824.71 78,662.38 74,993.04 153,655.42 138,193.83 132,520.53 53,427.08 Qtr.II 28,827.43 42,279.64 71,107.07 75,208.80 146,315.87 157,567.59 100,776.61 49,394.91 Qtr.III 37,237.22 48,663.82 85,901.04 84,972.60 170,873.64 190,825.26 126,869.85 47,831.58 Qtr.IV 44,830.25 57,672.13 102,502.38 94,548.90 197,051.28 204,987.13 250,661.08 40,346.31 2012/13 Qtr.I 40,003.00 53,072.04 93,075.04 102,801.87 195,876.91 191,554.79 196,298.76 37,850.33 Qtr.II 33,915.43 56,719.32 90,634.75 103,942.43 194,577.18 213,388.40 139,610.24 39,794.31 Qtr.III 44,555.55 68,189.40 112,744.94 112,185.79 224,930.74 243,656.26 167,482.50 49,095.65 Qtr.IV 53,141.49 70,719.31 123,860.79 120,509.51 244,370.30 255,789.44 319,631.91 46,280.40 2013/14 Qtr.I 43,120.48 65,799.32 108,919.80 132,790.67 241,710.46 248,381.06 254,312.04 36,907.07 Qtr.II 35,034.90 68,605.47 103,640.37 135,912.48 239,552.84 280,746.38 183,509.94 33,568.03 Qtr.III 49,325.59 73,178.35 122,503.94 149,702.70 272,206.64 316,621.37 214,428.17 38,417.68 Qtr.IV 61,859.67 82,840.39 144,700.06 163,682.78 308,382.84 330,644.85 415,202.34 46,617.75 2014/15 Qtr.I 53,575.78 77,212.86 130,788.64 179,893.98 310,682.62 324,089.21 334,712.63 37,617.89 Qtr.II 46,195.00 80,932.40 127,127.41 181,903.45 309,030.86 367,680.41 240,612.39 39,448.86 Qtr.III 59,678.99 90,582.08 150,261.06 197,142.09 347,403.15 415,001.15 285,675.10 37,115.16 Qtr.IV 70,334.19 96,520.51 166,854.69 216,622.57 383,477.26 436,889.39 555,345.93 38,098.44 2015/16 Qtr.I 62,675.16 91,951.74 154,626.90 234,022.56 388,649.45 420,346.45 443,769.11 34,853.39 Qtr.II 50,469.06 94,443.80 144,912.87 232,576.71 377,489.57 470,250.81 311,340.80 31,476.07 Qtr.III 64,770.64 100,596.63 165,367.28 244,355.08 409,722.36 521,288.31 356,636.45 26,289.61 Qtr.IV 77,576.03 114,625.32 192,201.35 266,656.59 458,857.94 539,426.58 672,360.42 21,826.39 2016/17 Qtr.I 72,251.77 111,470.08 183,721.85 289,703.72 473,425.57 527,628.65 535,899.79 13,826.61 Qtr.II 58,571.42 120,835.90 179,407.32 294,040.25 473,447.56 578,390.72 372,553.27 16,486.71 Qtr.III 74,200.62 138,931.83 213,132.45 318,315.85 531,448.30 646,532.47 431,010.51 26,642.49 Qtr.IV 85,988.51 146,332.24 232,320.75 356,614.44 588,935.19 700,365.58 840,054.73 38,568.80 2017/18 Qtr.I 77,993.00 151,387.08 229,380.07 384,719.30 614,099.37 686,527.51 663,551.70 29,838.17 Qtr.II 68,967.37 158,839.42 227,806.79 388,348.68 616,155.47 759,228.77 460,948.80 22,550.43 Qtr.III 89,417.03 183,568.88 272,985.92 419,414.60 692,400.52 829,116.19 37,613.02 Qtr.IV 100,529.24 199,438.33 299,967.57 459,418.22 759,385.79 867,033.37 1,045,200.01 39,929.04 2018/19 Qtr.I 87,965.91 177,944.35 265,910.26 501,417.05 767,327.31 838,072.47 825,364.12 36,538.41 Qtr.II 73,265.45 182,809.64 256,075.09 501,332.61 757,407.70 922,308.26 575,979.89 23,531.23 Qtr.III 95,813.13 191,649.68 287,462.80 538,987.58 826,450.38 1,016,349.89 675,673.75 28,649.27 Qtr.IV 107,043.34 222,156.62 329,199.96 577,815.41 907,015.37 1,067,464.25 1,308,724.86 14,708.85 2019/20 Qtr.I 96,556.50 219,575.88 316,132.37 611,713.06 927,845.44 1,053,413.39 1,045,394.66 (16,412.51) 1/ Obtained by multiplying each original observation by appropriate index for the month Money and Quasi-Money Domestic Credit (In Millions of Birr) End of Period First Quarter 2019/20 | 77

Net Foreign Assets End of Reserve Period Gross NBE Foreign Tranche Total Comm. NBE Total NBE Comm. Reserves Total Gold Exc. Others Posi. Liab. Banks 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 20,016.34 13,021.85 375.82 12,080.02 463.88 102.13 6,994.50 4,787.11 2,113.06 2,674.04 15,229.24 10,347.81 4,881.43 Qtr.II 19,194.15 12,829.31 491.81 11,759.64 472.18 105.68 6,364.83 4,983.72 2,221.78 2,761.94 14,210.43 10,067.38 4,143.05 Qtr.III 19,005.66 10,875.89 502.52 9,772.72 486.96 113.69 8,129.78 6,005.59 2,384.41 3,621.19 13,000.07 7,254.70 5,745.37 Qtr.IV 16,735.51 8,708.66 5.47 8,093.97 495.26 113.96 8,026.85 5,069.87 2,301.87 2,768.01 11,665.63 5,940.65 5,724.98 2008/09 Qtr.I 16,363.33 8,636.72 15.01 8,010.33 500.60 110.78 7,726.62 5,975.57 2,315.51 3,660.06 10,387.77 4,976.66 5,411.11 Qtr.II 16,211.07 9,260.43 81.90 8,551.39 515.01 112.13 6,950.64 5,977.61 2,854.59 3,123.02 10,233.46 6,137.41 4,096.05 Qtr.III 21,378.52 13,284.94 8.60 12,580.96 574.93 120.45 8,093.58 6,514.92 2,801.54 3,713.38 14,863.60 9,571.56 5,292.04 Qtr.IV 26,434.27 17,214.61 18.17 16,488.13 580.86 127.45 9,219.66 8,457.46 3,076.51 5,380.94 17,976.81 11,833.66 6,143.15 2009/10 Qtr.I 31,435.10 22,262.14 120.26 21,002.66 995.32 143.91 9,172.96 11,906.14 3,856.62 8,049.53 19,528.96 14,212.62 5,316.34 Qtr.II 33,176.91 23,445.68 287.33 22,018.26 995.76 144.34 9,731.23 12,383.88 3,690.78 8,693.10 20,793.03 14,752.59 6,040.45 Qtr.III 40,235.07 27,285.95 267.70 24,480.32 2,389.76 148.18 12,949.12 14,956.45 3,960.93 10,995.53 25,278.62 16,290.43 8,988.19 Qtr.IV 42,350.09 27,289.34 443.30 23,490.22 3,210.12 145.70 15,060.75 15,160.31 3,254.28 11,906.03 27,189.78 15,383.31 11,806.47 2010/11 Qtr.I 55,098.19 35,852.22 490.52 31,229.17 3,948.22 184.31 19,245.97 17,094.98 4,246.06 12,848.92 38,003.21 23,003.30 14,999.91 Qrt.II 60,236.11 40,042.00 444.17 34,418.71 4,994.49 184.63 20,194.12 20,005.24 4,942.59 15,062.65 40,230.88 24,979.34 15,251.53 Qtr.III 66,516.18 45,367.31 1,636.24 38,413.88 5,124.86 192.33 21,148.87 20,878.08 5,595.24 15,282.84 45,638.10 30,084.47 15,553.63 Qtr.IV 79,945.54 51,551.39 1,395.23 44,738.80 5,221.68 195.67 28,394.16 24,410.87 5,715.48 18,695.39 55,534.68 32,856.00 22,678.68 2011/12 Qtr.I 82,289.50 59,724.20 1,037.56 53,248.95 5,242.45 195.24 22,565.30 26,809.66 6,441.17 20,368.49 55,479.84 39,355.70 16,124.13 Qtr.II 75,054.99 51,965.40 479.44 46,056.19 5,236.48 193.30 23,089.59 25,709.43 8,419.69 17,289.74 49,345.56 34,675.66 14,669.91 Qtr.III 68,989.93 40,349.89 669.26 34,192.43 5,292.44 195.77 28,640.04 23,218.08 7,392.24 15,825.84 45,771.85 24,524.05 21,247.79 Qtr.IV 64,119.02 40,101.45 2,038.08 32,528.76 5,339.29 195.32 24,017.57 24,331.33 5,484.21 18,847.12 39,787.69 21,254.33 18,533.36 2012/13 Qtr.I 64,490.48 44,307.75 (24.32) 38,671.89 5,458.67 201.51 20,182.74 25,185.88 5,873.98 19,311.91 39,304.60 24,995.84 14,308.76 Qtr.II 66,096.15 46,620.93 1,964.27 38,926.61 5,526.08 203.98 19,475.22 26,341.60 6,078.30 20,263.30 39,754.55 26,357.64 13,396.92 Qtr.III 73,770.07 50,358.05 1,310.29 43,334.32 5,512.02 201.42 23,412.02 26,788.59 6,038.08 20,750.51 46,981.49 29,607.54 17,373.94 Qtr.IV 72,649.20 44,140.03 2,253.17 36,078.39 5,606.69 201.78 28,509.18 27,009.59 7,515.18 19,494.41 45,639.62 24,645.62 20,994.00 2013/14 Qtr.I 69,177.60 46,471.52 2,656.15 37,900.27 5,705.18 209.91 22,706.08 30,852.50 7,787.68 23,064.82 38,325.10 23,406.69 14,918.40 Qtr.II 69,684.03 49,513.05 1,522.50 41,971.87 5,804.38 214.30 20,170.98 36,149.54 7,933.50 28,216.04 33,534.49 21,297.01 12,237.48 Qtr.III 67,001.19 45,838.73 1,333.55 38,439.61 5,848.52 217.05 21,162.46 30,237.86 7,843.13 22,394.73 36,763.33 23,444.00 13,319.32 Qtr.IV 77,877.97 50,624.47 1,217.59 43,237.44 5,951.02 218.41 27,253.50 31,905.67 7,995.09 23,910.57 45,972.30 26,713.89 19,258.41 2014/15 Qtr.I 72,152.41 52,555.40 1,217.59 45,256.47 5,866.25 215.08 19,597.01 33,089.18 7,599.61 25,489.57 39,063.23 27,065.83 11,997.40 Qtr.II 93,641.42 74,840.58 741.24 67,914.12 5,867.87 317.35 18,800.84 54,231.97 7,784.85 46,447.12 39,409.45 28,393.45 11,015.99 Qtr.III 80,014.15 64,152.02 206.89 57,837.68 5,800.34 307.11 15,862.13 44,497.25 7,985.81 36,511.44 35,516.90 27,640.58 7,876.32 Qtr.IV 82,741.82 66,817.67 79.30 60,856.52 5,566.59 315.26 15,924.15 45,170.87 8,326.57 36,844.30 37,570.95 29,973.37 7,597.57 2015/16 Qtr.I 80,548.64 65,085.59 (101.65) 59,349.29 5,519.27 318.69 15,463.04 44,356.12 8,351.74 36,004.39 36,192.52 29,081.21 7,111.31 Qtr.II 102,594.72 84,226.48 222.87 78,442.72 5,241.83 319.06 18,368.24 71,150.10 9,418.30 61,731.80 31,444.63 22,494.68 8,949.94 Qtr.III 94,205.95 72,889.54 1,136.99 66,362.68 5,064.22 325.65 21,316.42 69,048.43 10,021.13 59,027.31 25,157.52 13,862.23 11,295.29 Qtr.IV 95,054.99 74,156.73 1,113.92 67,851.69 4,859.62 331.50 20,898.27 73,530.80 9,880.50 63,650.30 21,524.19 10,506.42 11,017.77 2016/17 Qtr.I 96,065.61 74,949.60 8.43 69,963.93 4,641.20 336.04 21,116.01 81,707.76 10,224.60 71,483.16 14,357.85 3,466.44 10,891.41 Qtr.III 92,768.28 72,397.44 1,139.58 66,561.06 4,370.15 326.66 20,370.84 76,298.03 9,442.47 66,855.56 16,470.24 5,541.88 10,928.36 Qtr.III 91,850.16 70,874.56 1,135.37 61,851.06 7,550.46 337.66 20,975.60 66,354.95 9,775.10 56,579.86 25,495.21 14,294.70 11,200.51 Qtr.IV 98,750.85 73,874.32 741.33 68,851.84 3,931.73 349.42 24,876.54 60,716.07 10,818.77 49,897.29 38,034.79 23,977.03 14,057.76 2017/18 Qtr.I 93,889.81 68,636.42 0.01 64,643.51 3,633.38 359.52 25,253.39 62,905.21 11,920.65 50,984.56 30,984.60 17,651.86 13,332.74 Qtr.II 108,580.90 82,254.04 0.01 77,584.06 4,249.63 420.35 26,326.86 86,053.00 15,190.78 70,862.22 22,527.90 11,391.82 11,136.08 Qtr.III 109,952.13 85,287.93 81.43 80,464.52 4,309.30 432.67 24,664.20 73,958.81 14,436.48 59,522.34 35,993.32 25,765.59 10,227.72 Qtr.IV 102,738.94 77,617.37 750.54 72,217.34 4,231.09 418.41 25,121.57 63,362.74 14,504.75 48,857.99 39,376.20 28,759.38 10,616.82 2017/18 Qtr.I 134,142.53 103,307.08 750.99 97,678.76 4,455.23 422.10 30,835.45 96,200.25 14,163.89 82,036.37 37,942.27 21,270.71 16,671.56 Qtr.II 139,330.76 110,973.71 750.54 105,145.06 4,654.41 423.72 28,357.05 115,823.04 15,913.29 99,909.75 23,507.72 11,063.97 12,443.76 Qtr.III 138,532.05 111,651.22 198.87 106,132.87 4,887.60 431.88 26,880.84 111,116.48 17,251.34 93,865.15 27,415.57 17,786.07 9,629.50 Qtr.IV 127,270.46 98,726.63 804.88 92,853.80 4,630.17 437.79 28,543.82 112,765.27 18,006.38 94,758.88 14,505.19 3,967.75 10,537.44 2019/20 Qtr.I 95,770.88 69,790.04 15.26 64,693.13 4,646.29 435.36 25,980.84 112,813.99 18,605.21 94,208.78 (17,043.11) (24,418.74) 7,375.63 Gross Reserve Foreign Liabilities Table 6: International Reserves and Net Foreign Assets of National Bank & Commercial Banks (In Millions of Birr) National Bank of Ethiopia international Reserves Comm. Banks Reserve 78 | National Bank of Ethiopia Quarterly Bulletin

Table 7: Domestic Credit by Sector End of Gross Claims on Central Gov't Claims on Non-Central Gov't Period Domestic Comm. Loans & InvestCredit Total NBE Banks Total Advances ments 1=2+5 2=3+4 3 4 5=6+7 6 7 2007/08 Qtr.I 77,648.79 46,319.15 30,269.27 16,049.88 31,329.65 22,920.83 8,408.81 Qtr.II 83,224.02 48,069.23 31,995.27 16,073.96 35,154.79 25,761.00 9,393.79 Qtr.III 88,852.79 46,095.09 33,917.27 12,177.81 42,757.71 31,682.65 11,075.06 Qtr.IV 95,104.83 48,211.24 41,563.08 6,648.16 46,893.59 33,600.67 13,292.93 2008/09 Qtr.I 99,722.15 50,505.92 44,270.98 6,234.94 49,216.23 34,397.64 14,818.58 Qtr.II 101,879.50 48,496.21 42,948.98 5,547.24 53,383.28 35,946.71 17,436.57 Qtr.III 103,730.38 47,797.88 42,248.98 5,548.90 55,932.51 37,079.81 18,852.70 Qtr.IV 106,324.63 49,908.09 44,498.73 5,409.36 56,416.54 38,802.03 17,614.51 2009/10 Qtr.I 109,573.22 50,066.74 44,326.63 5,740.11 59,506.48 39,701.38 19,805.10 Qtr.II 113,178.74 48,788.40 43,610.83 5,177.56 64,390.35 44,092.84 20,297.50 Qtr.III 120,251.34 51,617.59 45,989.73 5,627.86 68,633.76 46,900.67 21,733.09 Qtr.IV 124,275.08 52,938.05 45,522.78 7,415.27 71,337.03 47,540.18 23,796.85 2010/11 Qtr.I 127,025.88 53,464.40 47,983.68 5,480.72 73,561.48 48,436.98 25,124.50 Qrt.II 137,731.17 54,591.45 50,488.58 4,102.86 83,139.73 55,653.80 27,485.93 Qtr.III 154,521.74 56,883.78 51,930.58 4,953.20 97,637.96 62,088.83 35,549.12 Qtr.IV 172,852.07 59,183.31 55,614.64 3,568.67 113,668.76 68,121.31 45,547.45 2011/12 Qtr.I 182,848.50 59,688.15 55,566.48 4,121.67 123,160.34 72,379.01 50,781.33 Qtr.II 202,386.30 58,419.72 55,562.48 2,857.24 143,966.58 85,795.46 58,171.12 Qrt.III 225,564.77 58,630.77 55,562.48 3,068.28 166,934.01 100,478.28 66,455.73 Qtr.IV 240,575.21 59,983.66 55,562.48 4,421.18 180,591.55 107,119.04 73,472.51 2012/13 Qtr.I 246,456.06 64,022.27 55,510.38 8,511.89 182,433.79 106,583.93 75,849.86 Qtr.II 261,646.62 62,203.41 55,510.38 6,693.03 199,443.21 115,716.08 83,727.13 Qtr.III 285,289.57 64,917.87 59,510.38 5,407.49 220,371.71 128,230.09 92,141.62 Qtr.IV 300,492.71 70,210.35 64,510.38 5,699.97 230,282.36 130,885.39 99,396.97 2013/14 Qtr.I 304,819.92 68,470.44 64,381.33 4,089.11 236,349.48 129,713.99 106,635.50 Qtr.II 330,002.44 67,845.38 64,381.33 3,464.05 262,157.05 144,359.46 117,797.59 Qtr.III 357,277.46 75,135.14 73,381.33 1,753.80 282,142.33 155,798.24 126,344.08 Qtr.IV 374,071.19 74,934.06 73,304.39 1,629.68 299,137.13 162,232.83 136,904.30 2014/15 Qtr.I 385,474.06 74,402.84 73,175.34 1,227.50 311,071.22 166,392.07 144,679.15 Qtr.II 423,153.67 79,421.69 78,175.34 1,246.35 343,731.98 184,727.66 159,004.32 Qtr.III 458,315.98 82,427.69 81,175.34 1,252.35 375,888.30 202,409.27 173,479.03 Qtr.IV 493,536.50 93,431.36 92,175.34 1,256.02 400,105.14 208,858.92 191,246.21 2015/16 Qtr.I 512,987.60 100,562.77 99,657.34 905.43 412,424.83 212,528.02 199,896.80 Qtr.II 550,335.35 105,562.77 104,657.34 905.43 444,772.58 231,803.76 212,968.82 Qtr.III 574,821.26 105,562.77 104,657.34 905.43 469,258.48 244,256.61 225,001.87 Qtr.IV 594,275.57 109,866.05 109,080.40 785.65 484,409.53 252,456.25 231,953.28 2016/17 Qtr.I 614,243.26 116,195.13 115,640.85 554.28 498,048.14 257,176.06 240,872.08 Qtr.II 653,414.08 121,195.13 120,640.85 554.28 532,218.95 279,303.53 252,915.43 Qtr.III 697,290.22 130,171.13 129,640.85 530.28 567,119.09 299,213.06 267,906.04 Qtr.IV 762,842.31 157,615.56 135,632.85 21,982.71 605,226.75 311,137.51 294,089.24 2017/18 Qtr.I 789,525.40 172,841.67 150,632.85 22,208.82 616,683.74 316,104.52 300,579.22 Qtr.II 840,813.75 182,315.46 160,128.85 22,186.62 658,498.28 336,105.79 322,392.50 Qtr.III 879,125.76 182,315.46 160,128.85 22,186.62 696,810.30 357,928.56 338,881.74 Qtr.IV 935,341.40 182,315.46 160,128.85 22,186.62 753,025.94 393,607.01 359,418.93 2018/19 Qtr.I 956,319.44 189,252.41 166,685.30 22,567.12 767,067.02 402,964.12 364,102.91 Qtr.II 1,024,035.43 201,207.02 178,685.30 22,521.73 822,828.41 444,356.28 378,472.13 Qtr.III 1,094,682.64 205,638.22 182,685.30 22,952.93 889,044.41 471,569.71 417,474.71 Qtr.IV 1,161,190.85 218,305.50 194,685.30 23,620.21 942,885.35 495,504.92 447,380.43 2019/20 Qtr.I 1,193,721.90 222,165.52 199,237.75 22,927.78 971,556.37 515,294.45 456,261.93 (In Millions of Birr) First Quarter 2019/20 | 79

Non-Central Gov't Deposits with CBs Total Net Time Dep. End of Deposits Total Demand Savings (30 days Total National Comm. Period Deposit Deposit & over) Bank Banks 1=2+6 2=3 to 5 3 4 5 6=7+8 7 8 2007/08 Qtr.I 61,683.06 45,481.93 16,968.54 24,994.43 3,518.97 16,201.13 8,032.28 8,168.85 Qtr.II 62,526.95 46,703.07 16,652.00 26,300.71 3,750.36 15,823.89 6,740.91 9,082.98 Qtr.III 64,318.55 48,941.84 17,462.77 27,829.80 3,649.27 15,376.71 5,966.52 9,410.19 Qtr.IV 65,663.61 50,528.03 17,696.26 29,477.65 3,354.13 15,135.58 6,157.32 8,978.26 2008/09 Qtr.I 70,732.30 55,098.74 20,633.90 31,463.68 3,001.17 15,633.56 7,222.97 8,410.60 Qtr.II 75,022.70 58,470.86 22,949.25 32,543.78 2,977.84 16,551.83 10,336.00 6,215.84 Qtr.III 79,748.34 61,299.52 23,589.18 34,659.04 3,051.31 18,448.82 11,766.01 6,682.81 Qtr.IV 79,916.41 62,794.83 22,397.64 37,148.81 3,248.37 17,121.59 10,450.06 6,671.53 2009/10 Qtr.I 86,455.99 68,889.65 25,572.45 39,815.15 3,502.06 17,566.34 10,193.02 7,373.32 Qtr.II 89,917.82 69,685.24 24,372.26 41,814.19 3,498.80 20,232.57 12,446.66 7,785.92 Qtr.III 95,782.45 74,203.02 26,271.82 44,362.54 3,568.66 21,579.43 14,542.87 7,036.56 Qtr.IV 99,652.87 79,727.91 27,727.99 48,043.71 3,956.21 19,924.97 13,742.50 6,182.46 2010/11 Qtr.I 107,047.07 84,950.78 29,584.52 51,464.97 3,901.29 22,096.29 13,830.65 8,265.64 Qrt.II 116,681.78 89,464.56 31,725.01 53,879.49 3,860.06 27,217.22 17,847.47 9,369.75 Qtr.III 132,852.12 99,552.12 34,948.61 60,140.80 4,462.70 33,300.00 11,276.68 22,023.33 Qtr.IV 143,339.26 112,807.61 43,596.12 64,545.08 4,666.41 30,531.65 10,290.93 20,240.72 2011/12 Qtr.I 158,086.94 118,741.91 46,068.57 67,993.43 4,679.92 39,345.03 19,133.30 20,211.73 Qtr.II 164,606.16 119,630.04 42,879.96 71,584.79 5,165.29 44,976.12 17,307.05 27,669.07 Qrt.III 176,742.06 133,785.19 47,246.43 76,402.38 10,136.38 42,956.87 11,962.11 30,994.76 Qtr.IV 189,288.75 150,862.50 56,312.74 82,488.70 12,061.06 38,426.25 10,218.40 28,207.85 2012/13 Qtr.I 201,701.35 154,159.92 54,544.75 87,502.71 12,112.46 47,541.43 17,980.48 29,560.96 Qtr.II 212,060.37 163,588.98 57,524.67 93,134.26 12,930.05 48,471.40 12,778.13 35,693.26 Qtr.III 232,572.14 180,446.45 66,203.30 100,727.49 13,515.66 52,125.69 17,952.55 34,173.15 Qtr.IV 237,807.95 189,563.12 69,052.38 106,232.04 14,278.69 48,244.83 39,111.79 9,133.04 2013/14 Qtr.I 243,194.15 196,298.49 67,625.20 113,061.71 15,611.58 46,895.66 16,548.01 30,347.65 Qtr.II 257,802.58 208,266.07 69,579.58 122,757.75 15,928.74 49,536.52 14,339.95 35,196.57 Qtr.III 277,784.24 223,493.74 71,046.94 135,254.21 17,192.59 54,290.51 12,807.36 41,483.14 Qtr.IV 292,574.89 244,570.57 80,887.76 145,810.54 17,872.27 48,004.32 39,210.84 8,793.48 2014/15 Qtr.I 302,604.19 253,671.36 79,355.45 155,437.52 18,878.38 48,932.83 14,407.98 34,524.85 Qtr.II 323,537.99 267,697.42 82,081.55 164,291.18 21,324.70 55,840.58 13,882.20 41,958.38 Qtr.III 349,885.26 288,699.57 87,943.76 163,024.68 37,731.13 61,185.70 21,308.75 39,876.94 Qtr.IV 373,564.10 310,867.99 94,245.42 174,631.98 41,990.59 62,696.11 15,098.54 47,597.57 2015/16 Qtr.I 397,760.17 321,269.40 94,503.33 181,919.24 44,846.83 76,490.77 31,740.19 44,750.57 Qtr.II 413,662.32 333,107.99 95,784.79 192,284.18 45,039.02 80,554.32 25,739.39 54,814.93 Qtr.III 422,481.50 346,500.73 97,666.63 201,515.25 47,318.84 75,980.77 20,077.26 55,903.51 Qtr.IV 440,897.76 378,580.08 111,923.49 217,034.28 49,622.31 62,317.68 14,042.32 48,275.36 2016/17 Qtr.I 461,626.23 395,283.95 114,563.29 228,607.10 52,113.56 66,342.28 18,220.23 48,122.05 Qtr.II 498,193.86 422,592.69 122,551.62 244,021.95 56,019.12 75,601.17 15,628.13 59,973.04 Qtr.III 537,634.69 459,035.83 134,885.28 264,819.66 59,330.90 78,598.86 19,084.80 59,514.06 Qtr.IV 571,671.19 499,497.48 142,883.04 293,431.70 63,182.74 72,173.71 14,741.81 57,431.90 2017/18 Qtr.I 605,014.07 528,393.66 155,587.95 306,915.08 65,890.63 76,620.40 19,337.75 57,282.65 Qtr.II 639,712.39 557,368.95 161,094.75 324,547.41 71,726.79 82,343.44 16,680.94 65,662.50 Qtr.III 691,047.39 605,334.25 178,222.22 352,633.66 74,478.38 85,713.14 18,874.93 66,838.21 Qtr.IV 734,482.46 654,169.83 194,737.37 382,563.67 76,868.79 80,312.63 19,921.99 60,390.64 2018/19 Qtr.I 754,813.22 668,766.34 182,882.17 407,185.70 78,698.46 86,046.88 19,601.81 66,445.07 Qtr.II 799,642.99 696,994.43 185,405.32 430,123.97 81,465.14 102,648.56 23,783.26 78,865.30 Qtr.III 857,091.15 734,992.14 186,067.65 462,852.96 86,071.53 122,099.01 37,661.76 84,437.25 Qtr.IV 903,483.68 794,977.38 216,920.17 487,543.93 90,513.29 108,506.29 22,513.90 85,992.40 2019/20 Qtr.I 918,495.03 818,660.35 225,668.94 502,444.51 90,546.90 99,834.68 20,433.47 79,401.21 Central Gov't Dep. with (In Millions of Birr) Table 8: Deposits by Type and Sector 80 | National Bank of Ethiopia Quarterly Bulletin

Actual Liqui- Ratio: Debit TurnReserve Reserve+ dity Loans Bal- Over of End of Requir- Actual Excess Foreign Short Long Net For. Ratio Adv.to ance Deposit Period ments Rese. Rese. Assets Total Term Term Assets Dep. 1 2 3=2-1 4 5=6+7 6 7 7=2+4-5 8 9 10 11 2007/08 Qtr.I 5,365.08 13,865.27 8,500.19 6,994.50 2,113.06 2,113.06 18,746.71 - 41.22 76,830.15 42.72 2.32 Qtr.II 5,578.60 14,355.51 8,776.91 6,364.83 2,221.78 2,221.78 18,498.56 - 39.61 82,185.63 46.18 2.53 Qtr.III 5,835.20 12,463.60 6,628.40 8,129.78 2,384.41 2,384.41 18,208.97 - 37.21 90,495.30 54.30 2.76 Qtr.IV 8,925.94 17,795.25 8,869.31 8,026.85 2,301.87 2,301.87 23,520.23 - 46.55 90,493.46 56.47 2.76 2008/09 Qtr.I 9,526.40 17,673.90 8,147.50 7,726.62 2,315.51 2,315.51 23,085.01 - 41.90 93,429.37 54.16 2.58 Qtr.II 10,321.03 20,659.25 10,338.22 6,950.64 2,854.59 2,854.59 24,755.30 - 42.34 102,943.96 52.24 2.61 Qtr.III 10,959.83 21,886.74 10,926.91 8,093.58 2,801.54 2,801.54 27,178.78 - 44.34 105,249.56 50.75 2.50 Qtr.IV 10,986.73 23,690.72 12,703.99 9,219.66 3,076.51 3,076.51 29,833.87 - 47.51 124,300.65 52.98 3.15 2009/10 Qtr.I 11,398.99 27,119.02 15,720.02 9,172.96 3,856.62 3,856.62 32,435.36 - 48.58 119,082.48 51.27 2.93 Qtr.II 11,983.78 24,371.67 12,387.89 9,731.23 3,690.78 3,690.78 30,412.11 - 44.65 131,681.49 53.63 3.04 Qtr.III 12,695.80 26,921.09 14,225.29 12,949.12 3,960.93 3,960.93 35,909.28 - 50.53 140,393.61 54.01 3.01 Qtr.IV 13,973.16 25,217.08 11,243.92 15,060.75 3,254.28 3,254.28 37,023.55 - 47.14 135,342.10 52.64 2.72 2010/11 Qtr.I 14,425.68 28,768.06 14,342.38 19,245.97 4,246.06 4,246.06 43,767.97 - 52.16 142,217.22 50.04 2.86 Qrt.II 15,192.46 27,486.93 12,294.47 20,194.12 4,942.59 4,942.59 42,738.46 - 49.33 157,805.63 51.14 2.92 Qtr.III 17,642.76 31,482.17 13,839.40 21,148.87 5,595.24 5,595.24 47,035.80 - 48.70 182,812.16 51.76 2.73 Qtr.IV 19,025.55 34,282.97 15,257.42 28,394.16 5,715.48 5,715.48 56,961.65 - 53.00 195,452.30 51.32 2.84 2011/12 Qtr.I 20,126.73 34,514.38 14,387.65 22,565.30 6,441.17 6,441.17 50,638.52 - 43.68 (9,492.66) 52.65 (0.11) Qtr.II 21,519.95 30,154.47 8,634.53 23,089.59 8,419.69 8,419.69 44,824.38 - 37.92 (2,172.31) 55.15 (0.02) Qrt.III 23,815.67 17,652.45 (6,163.22) 28,640.04 7,392.24 7,392.24 38,900.24 - 29.94 17,694.84 60.46 0.19 Qtr.IV 25,253.90 29,039.93 3,786.03 24,017.57 5,484.21 5,484.21 47,573.29 - 33.72 4,861.45 61.61 0.05 2012/13 Qtr.I 26,887.04 27,882.48 20,182.74 995.43 5,873.98 5,873.98 42,191.23 - 27.86 1,243.93 59.18 0.01 Qtr.II 28,886.85 33,108.11 4,221.25 19,475.22 6,078.30 6,078.30 46,505.03 - 29.49 58.13 (393.14) (0.00) Qtr.III 31,682.68 32,417.53 23,412.02 734.85 6,038.08 6,038.08 49,791.47 - 28.61 9,287.24 59.23 0.08 Qtr.IV 33,194.01 30,375.31 (2,818.70) 28,509.18 7,515.18 7,515.18 51,369.31 - 27.80 17,366.28 59.17 0.15 2013/14 Qtr.I 11,141.57 31,747.72 20,606.14 22,706.08 7,787.68 7,787.68 46,666.12 - 23.76 9,229.02 57.70 0.08 Qtr.II 11,623.52 29,413.17 17,789.65 20,170.98 7,933.50 7,933.50 41,650.65 - 20.86 5,710.64 59.24 0.05 Qtr.III 12,841.04 34,921.78 22,080.74 21,162.46 7,843.13 7,843.13 48,241.10 - 22.27 59.34 175.83 0.00 Qtr.IV 13,653.84 35,672.30 22,018.46 27,253.50 7,995.09 7,995.09 54,930.71 - 23.40 4,339.82 58.46 0.03 2014/15 Qtr.I 14,375.89 38,690.72 24,314.83 19,597.01 7,599.61 7,599.61 50,688.12 - 19.88 2,953.29 57.30 0.02 Qtr.II 14,936.11 35,148.79 20,212.68 18,800.84 7,784.85 7,784.85 46,164.79 - 17.77 6,009.59 59.30 0.04 Qtr.III 16,089.21 35,280.66 19,191.45 15,862.13 7,985.81 7,985.81 43,156.97 - 15.51 18,711.98 61.63 0.13 Qtr.IV 17,277.43 42,342.37 25,064.94 15,924.15 8,326.57 8,326.57 49,939.95 - 16.80 15,260.52 60.16 0.10 2015/16 Qtr.I 18,154.75 39,809.59 21,654.84 15,463.04 8,351.74 8,351.74 46,920.90 - 14.65 12,689.06 58.02 0.07 Qtr.II 18,915.62 37,943.40 19,027.78 18,368.24 9,418.30 9,418.30 46,893.34 - 14.39 21,979.28 59.75 0.13 Qtr.III 19,737.07 40,401.93 20,664.86 21,316.42 10,021.13 10,021.13 51,697.22 - 15.38 21,123.17 60.76 0.12 Qtr.IV 21,091.12 50,905.91 29,814.79 20,898.27 9,880.50 9,880.50 61,923.67 - 17.26 11,998.99 59.00 0.07 2016/17 Qtr.I 21,607.98 53,728.78 32,120.80 21,116.01 10,224.60 10,224.60 64,620.18 - 16.58 9,035.88 59.07 0.05 Qtr.II 23,442.03 54,499.76 31,057.72 20,370.84 9,442.47 9,442.47 65,428.12 - 15.95 1,283.95 57.14 0.01 Qtr.III 25,206.43 64,854.52 39,648.09 20,975.60 9,775.10 9,775.10 76,055.03 - 17.20 6,627.15 57.42 0.03 Qtr.IV 26,950.85 75,305.69 48,354.85 24,876.54 10,818.77 10,818.77 89,363.46 - 18.71 1,282.86 56.11 0.01 2017/18 Qtr.I 28,587.02 81,683.92 53,096.91 25,253.39 11,920.65 11,920.65 95,016.66 - 18.28 54.86 (15,668.39) (0.07) Qtr.II 30,398.50 68,091.41 37,692.91 26,326.86 15,190.78 15,190.78 79,227.48 - 14.73 54.20 (443.57) (0.00) Qtr.III 32,735.93 74,352.05 41,616.12 24,664.20 14,436.48 14,436.48 84,579.78 - 14.43 53.77 (1,452.41) (0.01) Qtr.IV 34,423.80 89,611.48 55,187.68 25,121.57 14,504.75 14,504.75 100,228.29 - 16.02 55.08 (7,299.45) (0.03) 2018/19 Qtr.I 36,595.29 91,062.85 54,467.56 30,835.45 14,163.89 14,163.89 0.0 107,734.41 16.13 54.41 (7,494.41) (0.03) Qtr.II 38,073.40 85,123.08 47,049.67 28,357.05 15,913.29 15,913.29 0.0 97,566.83 14.26 2,464.99 55.87 0.01 Qtr.III 39,995.88 82,819.61 42,823.73 26,880.84 17,251.34 17,251.34 92,449.11 - 12.90 8,337.54 57.40 0.03 Qtr.IV 41,140.08 118,506.49 77,366.41 28,543.82 18,006.38 18,006.38 129,043.93 - 17.23 (26,020.41) 58.71 (0.09) 2019/20 Qtr.I 43,740.81 116,740.09 72,999.28 25,980.84 18,605.21 18,605.21 124,115.72 - 15.70 2,290.04 57.37 0.01

Actual Reserve: Reserves with the National Bank of Ethiopia Plus Cash in Hand (Local Currency).
Liquidity Ratio: Actual Reserves + Foreign Asset, net of short term liabilities, divided by Demand Deposits, net.
Ratio of Loans and Advances to Deposits: Gross Commercial Bank Loans and discounts plus credit to Central Government divided by Gross Demand Deposits (of private and others) + Demand Deposits of domestic banks + Time and Savings Deposits + Government Deposits with commercial banks.
Debit Balance: Total Debit Balance less debit against the deposits of the commercial banks.
Turnover of Deposits: Debit Balances divided by Gross Demand Deposits of private and others + Government Deposits. Table 9: Reserve and Liquidity Position of the Commercial Banks, and Turnover of Deposits (In Millions of Birr) Foreign Liabilities First Quarter 2019/20 | 81

Table 10: Circulating Notes and Coins by Denomination End of Value of Period Notes & Total Value Total Value Coins (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 Qtr.IV 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 Qtr.II 106,106.9 105,137.4 393.8 1,506.7 3,423.5 10,701.5 89,111.8 969.5 0.8 41.3 99.7 72.4 117.7 637.6 Qtr.III 112,608.7 111,589.8 388.2 1,507.8 3,487.4 11,017.1 95,189.3 1,018.9 0.8 41.4 99.8 72.7 118.6 685.5 QtrIV 113,081.0 112,020.6 384.1 1,467.8 3,512.8 11,143.4 95,512.5 1,060.4 0.8 41.4 99.8 73.0 118.9 726.5 2018/19 Qtr.I 111,045.7 109,958.3 380.4 1,464.1 3,497.5 10,696.4 93,919.9 1,087.3 0.8 41.4 99.8 73.2 119.9 752.2 Qtr.II 120,517.6 119,396.7 378.1 1,525.6 3,764.1 11,944.2 101,784.7 1,120.9 0.8 41.5 99.7 73.5 120.5 784.9 Qtr.III 125,466.5 124,323.0 375.4 1,533.0 3,747.1 11,896.4 106,771.2 1,143.5 0.8 41.5 99.7 73.4 120.6 807.5 QtrIV 121,967.5 120,805.0 374.5 1,535.7 3,724.9 11,387.5 103,782.4 1,162.5 0.8 41.4 99.6 73.4 120.7 826.5 2019/20 Qtr.I 124,143.8 122,970.8 374.8 1,551.8 3,766.4 11,166.3 106,111.5 1,173.0 0.8 41.5 99.5 73.3 121.0 836.9 (In Millions of Birr) Denomination of Notes: Birr Denominations of Coins: Cents 82 | National Bank of Ethiopia Quarterly Bulletin

Table 11: Interest Rate Structures Oct. 1, 1992- Sept.1,1994- Aug 31, 1994 Jan. 1, 1995 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 B. Deposit rates 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 C. Minimum and Maximum Interest 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 11-Oct-17 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 10-Oct -2017 to todate Minimum interest rates on Time and Savings Deposits 10 11 10 7 6 333457 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 653333 Minimum and Maximum Interest Rates Deposit rates A. Lending rates (by CBE and specialized banks) Through September 30, 1992 Sector Through September 30, 1992 Cooperatives State Private First Quarter 2019/20 | 83

Table 12: Government Internal Debt by Holder (In Millions of Birr) Total National Bank of Ethiopia Gov't Gov't Bonds Indebt- NBE Direct Noninterest Interest Comm. edness Total Advance bearing bearing Banks Gov't Treasury Others Gov't Treasury End of Total Bonds Bills Total Bonds Bills Period 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 73307.8 36.2 73271.6 2017/18 Qtr.I 251943.3 150632.8 142764.9 7839.9 28.0 22208.8 22208.8 0.0 79101.7 18.1 79083.6 Qtr.II 264416.1 160128.8 152264.9 7839.9 24.0 22186.6 22186.6 0.0 82100.7 18.1 82082.6 Qtr.III 270410.1 160128.8 152264.9 7839.9 24.0 22186.6 22186.6 0.0 88094.7 18.1 88076.6 Qtr.IV 286601.1 160128.8 152264.9 7839.9 24.0 22186.6 22186.6 0.0 104285.7 18.1 104267.6 2018/19 Qtr.I 306121.1 166685.3 159264.9 7404.4 16.0 22567.1 22567.1 0.0 116868.7 18.1 116850.6 Qtr.II 324319.7 178685.3 171264.9 7404.4 16.0 22521.7 22521.7 0.0 123112.7 18.1 123094.6 Qtr.III 334556.9 182685.3 175264.9 7404.4 16.0 22952.9 22952.9 0.0 128918.7 18.1 128900.6 Qtr.IV 353340.2 194685.3 187264.9 7404.4 16.0 23620.2 22970.3 649.9 135034.7 18.1 135016.6 2019/20 Qtr.I 364448.0 199237.7 192264.9 6968.8 4.0 22927.8 22927.8 0.0 142282.5 18.1 142264.4 Commercial Banks Others 84 | National Bank of Ethiopia Quarterly Bulletin

Ethiopian fiscal year Fiscal year ending July 7 Budget 3mon(Qrt.I) 6mon Qrt.II 9mon Qrt.III 12 Mon Qrt.IV Budget 3mon(Qrt.I) 6mon Qrt.II 9mon Qrt.III 12 Mon Qrt.IV Budget 3mon(Qrt.I) Tax revenue 266,609.4 53,367.7 119,446.2 66,078.5 177,027.8 57,581.6 235229.5 58,201.7 289,521.3 60,080.5 135,807.6 75,727.1 194,642.5 58,834.8 268,457.4 73,815.0 311,067.9 73,522.2 Direct taxes 101,768.6 19,902.6 50,054.4 30,151.8 74,130.6 24,076.3 97646.0 23,515.4 114,487.6 24,546.3 63,348.8 38,802.4 84,463.6 21,114.8 115,857.8 31,394.2 127,778.3 27,968.8 Income and profits tax 98,632.1 19,320.1 48,693.0 29,373.0 72,068.6 23,375.5 94837.3 22,768.8 109,067.1 23,865.0 61,802.0 37,936.9 82,227.3 20,425.3 100,609.1 18,381.8 124,751.6 27,315.0 Personal income 30,896.0 6,759.0 15,302.6 8,543.6 24,487.7 9,185.1 34810.6 10,322.9 36,708.6 8,326.0 19,071.6 10,745.6 27,792.3 8,720.7 41,202.5 13,410.2 44,392.5 9,169.6 Rental income tax 2,354.3 782.1 1,362.6 580.5 1,610.5 248.0 1727.2 116.7 2,488.1 913.8 1,850.1 936.3 1,942.6 92.5 2,137.6 195.0 2,556.5 1,049.6 Business profits 52,146.7 9,931.1 28,118.6 18,187.6 35,219.0 7,100.3 44732.7 9,513.7 57,607.9 12,851.3 36,695.3 23,844.0 45,958.7 9,263.4 59,406.6 13,448.0 65,411.5 14,246.5 Withholding income tax on imports 4,005.8 919.7 1,782.1 862.4 2,528.0 745.9 3308.6 780.5 2,916.9 889.0 1,742.0 853.0 2,654.7 912.7 3,648.5 993.8 3,806.8 1,208.3 Agriculture income 617.8 9.3 103.1 93.8 272.0 168.9 401.0 129.0 698.1 7.1 59.9 52.8 229.3 169.5 352.2 122.8 565.0 10.7 Other income 7,720.2 637.9 1,408.7 770.8 6,851.0 5,442.3 8356.9 1,505.9 7,632.4 449.7 1,550.0 1,100.4 2,218.7 668.7 3,973.9 1,755.2 5,388.2 984.2 Interest income tax 799.9 247.3 517.0 269.7 957.2 440.1 1261.8 304.6 877.2 370.0 685.0 315.0 1,189.0 504.0 1,689.3 500.3 1,770.5 547.9 Capital gains tax 91.4 33.7 98.2 64.5 143.2 45.0 238.7 95.5 137.9 58.3 148.1 89.8 242.0 93.9 388.0 146.0 860.6 98.3 Rural land use fee 486.1 10.6 85.9 75.3 243.2 157.3 376.3 133.1 2,300.4 12.1 70.2 58.1 225.7 155.5 356.0 130.3 560.7 15.3 Urban land lease fee 2,650.4 572.0 1,275.4 703.5 1,818.8 543.4 2,432.4 613.6 3,120.0 669.2 1,476.6 807.3 2,010.6 534.0 2,703.3 692.7 2,465.9 638.6 Domestic indirect taxes 78,503.1 14,524.3 30,824.7 16,300.4 48,018.7 17,194.0 67172.4 19,153.7 83,200.3 17,349.9 36,708.9 19,359.1 55,256.1 18,547.2 77,774.0 22,517.9 91,956.4 20,490.4 Sales/TOT/excise taxes 39,788.0 6,120.2 12,739.3 6,619.2 20,821.0 8,081.7 28849.4 8,028.4 40,833.5 7,266.0 15,452.7 8,186.7 24,627.7 9,175.0 35,541.9 10,914.2 45,973.6 9,425.5 Petroleum products 763.9 190.0 347.7 157.7 491.0 143.3 610.6 119.6 820.3 160.4 386.0 225.5 522.6 136.7 629.1 106.4 688.3 140.9 Alcohol and tobacco 7,092.6 1,207.8 2,827.8 1,620.0 4,634.2 1,806.4 6483.4 1,849.2 7,638.8 1,459.2 3,504.8 2,045.7 5,947.2 2,442.4 8,408.9 2,461.7 8,826.5 1,988.8 Other goods 31,931.4 4,722.3 9,563.9 4,841.6 15,695.8 6,131.9 21755.3 6,059.5 32,374.4 5,646.4 11,561.9 5,915.5 18,157.8 6,595.9 26,503.9 8,346.1 36,458.8 7,295.8 Services TOT/ sales tax 36,303.7 8,052.1 17,319.3 9,267.3 26,043.7 8,724.3 36587.7 10,544.0 38,999.8 9,638.3 19,934.8 10,296.5 28,672.4 8,737.6 39,400.5 10,728.1 43,707.3 10,453.2 Stamp duties 2,411.4 352.0 766.0 414.0 1,154.0 388.0 1735.4 581.4 3,367.0 445.5 1,321.4 875.9 1,956.0 634.6 2,831.6 875.6 2,275.4 611.7 Import duties and taxes 86,337.7 18,940.9 38,567.2 19,626.3 54,878.4 16,311.3 70411.0 15,532.6 91,833.5 18,184.3 35,749.9 17,565.6 54,922.7 19,172.8 74,825.6 19,902.8 91,333.3 25,062.9 Custom duties 28,644.8 6,471.8 13,382.6 6,910.8 19,136.6 5,754.0 24393.7 5,257.1 30,548.3 6,171.2 12,037.4 5,866.2 18,318.8 6,281.4 24,883.6 6,564.8 31,303.5 8,632.5 Sales/excise taxes 40,849.5 8,805.4 17,699.3 8,893.9 25,013.2 7,313.8 32188.5 7,175.3 43,423.5 8,418.9 16,773.5 8,354.6 25,993.9 9,220.4 35,544.1 9,550.2 42,430.6 11,583.8 Petroleum products 2,872.9 384.8 477.6 92.8 944.2 466.6 1340.7 396.5 3,088.4 401.5 671.4 269.8 1,502.8 831.4 2,348.5 845.7 2,284.3 726.9 Alcohol and tobacco 603.0 90.8 151.4 60.6 225.0 73.5 307.7 82.8 648.2 82.2 207.9 125.7 306.0 98.0 430.9 125.0 445.9 124.1 Other imports 37,373.6 8,329.8 17,070.3 8,740.5 23,844.0 6,773.7 30540.1 6,696.0 39,686.9 7,935.1 15,894.2 7,959.1 24,185.1 8,290.9 32,764.6 8,579.5 39,700.4 10,732.8 Surtax on imports 16,843.4 3,663.7 7,485.2 3,821.5 10,728.6 3,243.4 13828.8 3,100.2 17,861.7 3,594.2 6,938.9 3,344.8 10,610.0 3,671.1 14,397.9 3,787.9 17,599.1 4,846.6 Export taxes 0.0 Coffee duties 0.0 Coffee surtax 0.0 Other 0.0 Transaction tax 0.0 Non-tax revenue 54,493.9 10,085.4 18,164.4 8,079.0 25,210.0 7,045.7 34418.7 9,208.7 45,812.3 11,306.6 17,819.3 6,512.7 24,861.8 7,042.5 42,860.0 17,998.2 54,136.2 12,795.2 Charges and fees 2,697.3 478.5 1,730.5 1,252.0 3,086.9 1,356.4 4182.5 1,095.6 3,115.8 587.9 1,232.5 644.6 2,172.1 939.6 4,428.6 2,256.5 3,492.5 1,085.0 Sales of goods & services 5,679.5 665.2 2,071.7 1,406.5 3,145.6 1,074.0 5282.4 2,136.8 6,580.9 922.1 2,218.2 1,296.2 3,720.9 1,502.7 6,872.8 3,151.9 4,474.2 1,201.5 Residual surplus, capital charge, interest 0.0 payments and state dividend 17,210.9 6,498.8 8,776.8 2,278.0 10,956.4 2,179.5 12222.8 1,266.4 15,668.4 7,612.2 8,939.2 1,327.0 10,369.0 1,429.7 15,821.6 5,452.7 19,454.4 7,152.5 Reimbursement & property sales 9,986.6 15.6 40.8 25.2 86.5 45.6 121.2 34.8 323.1 13.1 32.6 19.5 80.9 48.3 245.9 165.0 543.4 25.7 Miscellaneous 9,722.9 1,503.1 3,018.0 1,514.9 3,828.4 810.4 6168.1 2,339.7 9,686.5 885.0 2,363.5 1,478.5 3,475.2 1,111.7 7,197.0 3,721.8 10,619.2 2,003.9 Other extraordinary 0.0 Privatization proceeds 0.0 7,990.2 7,990.1 9349.1 1,358.9 0.0 Other revenue 9,196.8 924.1 2,526.6 1,602.5 4,106.3 1,579.7 6441.7 2,335.4 10,437.6 1,286.3 3,033.2 1,746.9 5,043.7 2,010.5 8,293.9 3,250.2 15,552.5 1,326.5 Total revenue 321,103.3 63,453.1 137,610.6 74,157.5 202,237.8 64,627.2 269648.2 67,410.4 335,333.7 71,387.1 153,626.9 82,239.9 219,504.3 65,877.3 311,317.4 91,813.1 365,204.1 86,317.4 External grants 17,176.7 2,386.1 8,512.2 6,126.0 13,732.4 5,220.3 17913.9 4,181.5 19,148.0 3,362.7 8,619.3 5,256.6 26,728.3 18,109.0 33,619.1 6,890.8 36,793.6 4,083.9 Grants in kind/earmarked 14,913.4 2,386.1 5,965.4 3,579.2 11,185.0 5,219.7 14167.7 2,982.7 16,813.6 3,362.7 7,229.8 3,867.1 12,610.2 5,380.3 15,972.9 3,362.7 18,794.9 3,759.0 Untied cash & CPF/grants 2,263.3 0.0 2,546.8 2,546.8 2,547.4 0.6 3746.2 1,198.8 2,334.4 0.0 1,389.5 1,389.5 14,118.1 12,728.7 17,646.2 3,528.0 17,998.8 324.9 Total revenue and grants 338,280.0 65,839.2 146,122.7 80,283.5 215,970.2 69,847.5 287562.1 71,591.9 354,481.7 74,749.8 162,246.2 87,496.4 246,232.6 83,986.4 344,936.5 98,703.9 401,997.7 90,401.2 (In million Birr) Table 13: General Government Quarterly Revenue 2012 2019/20 Pre actual 2017/18 Pre actual 2010 2011 2018/19 Pre actual First Quarter 2019/20 | 85

Ethiopian fiscal year Fiscal year ending July 7 Budget 3mon(Qrt.I) 6mon Qrt.II 9mon Qrt.III 12 mon Qrt.IV Budget 3mon(Qrt.I.Re ) 6mon Qrt.II 9mon Qrt.III 12 mon Qrt.IV Budget 3mon(Qrt.I) A. Capital Expenditure Economic development 119,557.6 16,678.3 38,346.6 21,668.2 63,162.9 24,816.3 89,717.1 26,554.2 120,235.1 17,474.0 40,767.4 23,293.4 67,803.8 27,036.4 106,518.0 38,714.2 145,030.4 22,862.7 Agriculture 17544.3 2128.7 5,415.9 3,287.2 10,687.3 10,687.3 16,487.9 5,800.6 19,508.6 1,905.5 5,888.6 3,983.1 13,078.0 7,189.5 22,228.9 9,150.9 20,861.6 3,888.9 Natural Resource 21,455.7 1,832.6 7,453.5 5,620.9 12,748.3 12,748.3 18,038.9 5,290.6 25,213.1 1,442.3 6,064.0 4,621.7 11,202.2 5,138.2 20,563.1 9,360.9 30,003.2 2,726.1 o/w: Water 20,854.8 1,823.3 6,734.2 4,910.9 8,648.6 11,450.1 17,904.5 9,255.9 23,109.2 1,025.2 5,977.3 4,952.1 11,067.2 5,090.0 19,699.8 8,632.6 29,957.3 2,724.0 Mines & Energy 97.0 598.1 1,541.5 943.4 2,279.3 2,279.3 2,476.0 196.6 76.5 790.6 781.5 -9.1 778.7 -2.8 788.1 9.4 49.8 2.5 Trade, Industry & Tourism 5,823.5 343.2 1,548.7 1,205.5 2,233.5 0.0 3,396.9 1,163.4 4,681.0 1,336.2 2,191.5 855.3 4,327.5 2,136.0 6,237.0 1,909.5 6,790.8 155.4 Urban dev't & housing 12,943.4 531.2 2,725.2 2,193.9 4,612.6 2,233.5 7,762.6 3,150.0 13,637.5 2,214.8 5,350.5 3,135.6 6,416.9 1,066.4 12,619.5 6,202.6 25,269.8 4,504.0 Road construction 58,800.4 10,633.6 18,148.8 7,515.2 28,713.8 4,612.6 37,827.4 9,113.6 52,194.7 9,675.7 19,494.8 9,819.2 30,356.7 10,861.9 39,585.9 9,229.1 57,637.5 11,311.1 Transport & communication 2,893.2 610.9 1,513.0 902.1 1,888.0 28,713.8 3,727.4 1,839.4 4,923.7 108.9 996.5 887.6 1,643.7 647.2 4,495.5 2,851.8 4,417.7 274.7 Social Development 45,711.1 9,405.2 19481.8 10,076.6 26,860.5 7,378.7 37,477.1 10,616.5 47,525.4 8,921.2 18,585.7 9,664.4 29,144.7 10,559.0 47,891.4 18,746.7 51,314.6 10,759.9 Education 28,662.7 7,346.5 14613.9 7,267.4 18,110.6 3,496.7 23,346.9 5,236.3 25,729.5 6,099.7 12,374.0 6,274.3 19,077.4 6,703.4 30,109.1 11,031.7 29,380.8 8,207.8 Health 12,508.4 1,479.2 3,812.3 2,333.0 6,833.3 3,021.0 11,126.7 4,293.4 14,470.9 2,274.1 4,798.4 2,524.3 7,868.0 3,069.6 12,863.1 4,995.1 15,626.4 2,116.4 Socail welfare 1,229.8 228.3 93.1 -135.2 203.3 110.1 706.2 502.9 1,870.9 224.6 380.8 156.2 506.7 125.9 2,591.5 2,084.8 1,445.1 46.9 Culture & sport 3,310.2 351.1 962.4 611.4 1,713.4 750.9 2,297.3 583.9 5,454.1 322.8 1,032.4 709.6 1,692.6 660.2 2,327.8 635.1 4,862.3 388.7 General Development 23,744.1 2,491.9 6,117.4 3,625.5 9,487.7 3,370.3 16,540.9 7,053.2 29,753.4 1,053.4 4,095.2 3,041.8 8,591.2 4,496.0 20,539.8 11,948.6 22,926.48 1,887.6 Compensation payments 0.0 External assistance 14,913.4 2,386.1 5,965.4 3,579.2 11,185.0 5,219.7 14,167.7 2,982.7 16,813.6 3,362.7 7,229.8 3,867.1 12,610.2 5,380.3 15,972.9 3,362.7 18,794.9 3,759.0 Sub Total Capital Expenditure 189,012.8 28,575.4 63,945.7 35,370.3 99,511.1 35,565.4 143,735.1 44,224.0 197,513.9 27,448.6 63,448.3 35,999.7 105,539.7 42,091.4 174,949.1 69,409.4 219,271.5 35,510.1 B. Current Expenditure General Services 54,203.3 12,266.6 27,759.4 15,492.8 42,958.4 27,759.4 62,715.7 19,757.2 65,473.6 13,122.9 29,343.0 16,220.2 48,149.1 18,806.1 74,660.4 26,511.3 77,008.6 15,035.1 Organ of the State 6,134.5 1,760.1 4,397.7 2,637.6 6,765.9 4,397.7 9,979.3 3,213.4 9,594.5 1,643.7 4,313.5 2,669.8 7,534.8 3,221.3 12,175.0 4,640.2 12,632.8 2,332.1 Justice 7,779.4 1,217.2 3,155.7 1,938.5 5,166.1 3,155.7 8,079.5 2,913.4 7,215.3 1,331.6 3,427.5 2,095.9 5,399.5 1,972.0 9,295.7 3,896.2 8,575.5 1,590.9 Defence 12,000.0 3164.7 6,411.3 3,246.7 9,570.9 6,411.3 12,813.6 3,242.7 15,000.0 3,629.9 6,865.6 3,235.7 10,483.6 3,618.0 15605.0 5,121.4 15,000.0 3,586.8 Public order & security 12,688.3 2944.1 6,439.5 3,495.4 9,988.7 6,439.5 14,171.0 4,182.2 15,932.4 2,982.2 6,882.5 3,900.2 11,671.8 4,789.4 17,221.1 5,549.3 20,581.8 3,875.7 Other General services 15,601.1 3,180.6 7,355.2 4,174.6 11,466.8 7,355.2 17,672.3 6,205.5 17,731.4 3,535.4 7,854.0 4,318.6 13,059.4 5,205.4 20,363.6 7,304.2 20,218.5 3,649.5 Economic Services 30,787.4 4,903.3 12,602.1 16,588.1 19,463.6 6,861.5 26,503.3 7,039.6 33,618.9 4,710.5 12,622.0 7,911.4 19,554.4 6,932.4 31,233.4 11,679.0 37,281.8 5,523.7 Agriculture&natural resource 15,231.3 2,340.8 7,524.5 5,183.8 11,690.5 4,166.0 16,553.4 4,862.9 21,817.0 2,721.1 7,809.6 5,088.5 12,089.5 4,279.9 20,182.5 8,093.0 24,511.7 3,359.1 Agriculture 5,795.3 5,795.3 8,677.4 2,882.1 12,214.4 3,537.0 17,056.5 2,053.9 5,757.7 3,703.7 9,122.2 3,364.6 15,397.6 6,275.3 19,298.3 2,967.6 Natural resource 5,346.5 684.5 1,729.2 1,044.8 3,013.2 1,283.9 4,339.0 1,325.8 4,760.5 667.1 2,052.0 1,384.8 2,967.3 915.3 4,784.9 1,817.7 5,213.4 391.5 o/w: Water 3,181.4 495.3 1,500.8 1,005.5 2,326.6 825.8 3,390.4 1,063.7 3,947.2 452.9 1,560.2 1,107.3 2,217.6 657.4 3,746.1 1,528.5 5,128.5 349.8 Trade, Industry & Tourism 5,286.8 990.8 3,047.3 2,056.5 4,393.4 1,346.2 5,434.8 1,041.4 5,930.0 1,016.3 2,579.9 1,563.6 4,053.4 1,473.5 6,058.1 2,004.7 6,595.2 1,199.7 Mines & Energy 214.8 28.5 64.8 36.3 112.7 47.9 164.0 51.3 208.1 36.3 61.0 24.7 103.8 42.8 153.6 49.8 192.4 48.2 Tourism 0.0 Transport & communication 1,193.7 83.6 278.1 194.4 466.9 188.9 644.4 177.4 1,622.8 167.9 309.4 141.5 470.2 160.8 684.6 214.4 1,497.1 146.9 Urban devt. & construction 2,982.8 638.4 1,416.6 778.2 2,424.9 1,008.3 3,256.5 831.6 3,456.9 648.5 1,560.1 911.6 2,424.4 864.2 3,474.4 1,050.0 3,387.4 615.3 o/w: Road Construction 1,205.3 292.3 651.6 359.3 1,039.2 387.6 1,497.0 457.7 1,278.4 270.2 765.8 495.7 1,224.9 459.1 1,732.4 507.5 1,361.6 305.4 Economic development studies 531.6 136.8 270.9 134.1 375.1 104.2 450.2 75.1 584.1 120.4 301.9 181.5 413.0 111.1 680.2 267.2 1,098.0 154.5 Social Services 92,624.3 18,450.5 44,609.5 26,159.0 69,744.5 25,135.0 97,845.8 28,101.3 103,494.0 17,866.8 43,262.2 25,395.4 68,985.0 25,722.8 112,516.0 43,531.1 114,933.3 22,659.6 Education & training 67,010.8 12,387.3 29,720.2 17,332.9 46,095.6 16,375.4 65,313.7 19,218.1 72,855.0 12,691.2 29,786.4 17,095.2 48,033.0 18,246.5 72,707.2 24,674.2 80,686.1 15,491.1 Culture & sports 3,061.3 574.2 1,533.3 959.1 2,383.6 850.3 3,361.5 977.9 3,662.1 598.5 1,516.5 918.0 2,393.2 876.7 3,470.6 1,077.4 3,539.6 563.1 Public health 21,249.0 3,223.8 8,656.6 5,432.8 13,894.8 5,238.2 20,702.5 6,807.7 25,517.3 3,350.5 9,486.4 6,135.9 15,094.0 5,607.7 25,518.5 10,424.5 29,071.1 4,138.9 Labour & social welfare 778.5 161.3 432.7 271.5 686.9 254.2 993.0 306.1 923.8 163.6 498.0 334.4 803.4 305.5 1,229.3 425.9 1,011.8 240.9 Rehabilitation 524.8 2,103.8 4,266.7 2,162.8 6,683.5 2,416.9 7,475.0 791.5 535.7 1,063.1 1,974.9 911.9 2,661.4 686.4 9,590.4 6,929.1 624.7 2,225.6 Interest & Charges 12,051.4 2,217.4 6,299.9 4,082.5 7,908.9 1,609.0 11,570.7 3,661.7 15,221.9 2,850.7 6,323.5 3,472.8 9,326.0 3,002.4 13,525.8 4,199.9 17,407.8 8,106.3 Internal debt 6,938.8 1,361.0 2,858.4 1,497.4 3,988.9 1,130.6 6,180.7 2,191.7 7,765.3 1,638.2 3,395.4 1,757.2 5,223.3 1,827.9 7,436.1 2,212.8 9,351.2 6,746.2 External debt 5,112.6 856.5 3,441.5 2,585.1 3,920.0 478.4 5,390.0 1,470.0 7,456.6 1,212.5 2,928.1 1,715.6 4,102.7 1,174.6 6,089.8 1,987.1 8,056.6 1,360.0 O/w: defence commercial Miscellaneous 23,441.5 439.4 1,503.6 1,064.2 2,840.1 1,336.5 11,834.9 8,994.7 21,886.9 652.3 1,966.0 1,313.7 4,481.3 2,515.3 6,221.0 1,739.7 24,422.6 826.2 External assistance * 0.0 Sub Total Expenditure 213,108.0 38,277.2 92,774.5 54,497.3 142,915.6 50,141.0 210,470.2 67,554.7 239,695.2 39,203.2 93,516.7 54,313.6 150,495.7 56,979.0 238,156.6 87,660.9 271,054.2 52,150.8 Grand Total Expenditure 402,120.8 66,852.6 156,720.2 89,867.6 242,426.7 85,706.5 354,205.3 111,778.6 437,209.2 66,651.8 156,965.0 90,313.3 256,035.4 99,070.4 413,105.7 157,070.3 490,325.7 87,660.9 Table 14: General Government Quarterly Expenditure

Estimated value Re = First Quarter Capital part is reviesed (In million Birr) Pre actual 2012 2019-20 Pre actual 2017-18 2010 2011 2018-19 Pre actual 86 | National Bank of Ethiopia Quarterly Bulletin

Estimated value Re = First Quarter Capital part is reviesed (In million Birr) Pre actual 2012 2019-20 Pre actual 2017-18 2010 2011 2018-19 Pre actual Table 15: Domestic Refining and Imports of Ptroleum (In Metric Tons) End of Gasoline Light Heavy Liquified Kerosine Total Period Regular Jet Fuel Jet Fuel Fuel Oil Asphalt Petroleum Gas Oil 160/200 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 Qtr.I 106,706.3 10,763.3 10,241.3 21,004.7 591,077.3 739,793.0 Qtr.II 99,641.2 8,174.2 10,396.3 629,694.8 608,690.1 1,356,596.5 Qtr.III 114,839.2 9,240.3 20,637.6 21,698.1 629,025.2 795,440.4 Qtr.IV 120,355.6 28,177.8 41,275.3 21,995.3 678,879.8 890,683.8 2018/19 Qtr.I 120,069.7 6,646.3 4,500.0 11,146.3 570,182.1 712,544.4 Qtr.II 122,357.9 9,751.8 9,596.8 19,348.6 600,552.3 761,607.4 Qtr.III 135,787.6 5,987.2 9,894.9 19,348.6 690,546.5 861,564.9 QIV 128,524.0 8,695.8 11,076.0 19,771.8 635,440.9 803,508.4 2019/20 QI 159,613.1 8,886.7 14,477.8 23,364.5 616,810.6 823,152.8 First Quarter 2019/20 | 87

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

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Agriculture, Hunting and Forestry 13.5 10.9 9.4 7.5 6.4 7.6 9.0 4.9 7.1 5.4 6.3 2.3 6.7 3.5 3.8 Crop 19.5 15.0 11.0 8.0 6.5 8.7 10.3 5.0 8.2 6.6 7.2 3.4 8.2 4.7 3 Animal Farming and Hunting 5.9 4.9 7.9 7.3 7.0 6.2 7.5 5.4 5.2 2.1 4.7 -1.5 4.2 0.6 6 Forestry 2.4 2.7 2.9 4.2 3.1 3.3 3.0 3.1 3.3 4.2 3.5 2.2 3.6 3.5 3.8 Fishing 8.6 -8.2 7.7 34.0 26.5 1.7 5.9 21.3 19.4 32.5 30.6 0.1 0.5 11.3 2.3 Mining and Quarrying 4.1 7.2 -15.4 21.4 12.8 44.2 57.7 12.7 6.3 -3.2 -25.6 -3.3 -29.8 -20.8 -21.9 Manufacturing 12.8 10.6 8.3 10.3 9.1 11.6 12.1 11.8 16.9 16.6 18.2 18.4 24.7 5.5 7.7 Large and Medium Scale Manufacturing 11.6 13.7 9.5 12.6 10.3 13.6 14.1 15.9 24.2 21.6 23.1 22.9 19.2 6.0 10 Small Scale and Cottage Industries 15.0 4.9 6.0 5.6 6.4 7.0 7.2 4.2 1.9 4.3 3.8 2.5 36.9 4.6 3 Electricity and Water 7.9 8.8 13.6 4.8 5.0 2.5 19.1 13.5 10.0 6.8 4.5 15.0 4.9 3.3 4 Construction 7.5 10.5 10.9 11.3 11.7 10.9 12.8 31.5 38.7 23.9 31.6 25.0 20.7 15.7 15 Whole Sale and Retail Trade 13.1 17.5 16.8 15.8 11.7 9.3 5.9 12.5 10.1 17.7 12.3 8.2 6.5 12.3 11.7 Hotels and Restaurants 11.6 19.5 27.5 23.3 23.9 24.3 24.6 10.1 19.1 26.6 29.6 15.6 0.1 6.5 9 Transport and Communications 19.2 5.7 9.3 11.5 8.9 14.4 9.7 12.6 16.5 12.7 13.3 13.7 15.1 6.4 21 Financial Intermediation 24.2 28.7 15.1 28.1 16.5 -0.3 23.7 23.6 -12.2 14.3 7.5 9.6 18.3 10.7 10.1 Real Estate, Renting and Business Activities 7.4 14.5 15.2 17.3 15.9 20.0 22.1 3.8 3.9 3.9 4.1 3.7 4.4 6.2 7.5 Public Administration and Defense 11.6 6.4 11.8 12.5 18.4 8.9 9.4 3.1 7.6 11.0 6.0 7.4 13.2 8.9 9 Education 12.6 8.6 21.2 14.8 13.0 17.0 4.4 4.5 10.1 2.6 9.2 8.8 -3.2 3.6 4 Health and Social Work 16.9 9.8 15.8 15.5 20.4 14.0 6.2 9.4 12.3 19.3 13.0 10.8 7.0 8.3 14.3 Other Community , Social & Personal Services 8.0 9.2 8.5 11.7 6.4 8.1 4.9 12.4 18.4 3.8 3.7 3.0 4.5 5.1 6.3 Private Households with Employed Persons 3.2 6.6 4.0 5.3 3.8 4.8 5.1 16.1 8.2 4.4 4.4 4.3 3.5 3.9 2.5 Total 12.7 11.8 11.8 11.4 10.1 10.5 11.4 8.6 9.9 10.3 10.4 8.0 10.2 7.8 8.9 Less : FISIM 16.5 40.3 13.5 30.0 12.5 7.6 11.1 -10.6 6.4 19.4 17.9 16.9 17.6 16.0 7 Gross Value Added at Constant Basic Prices 12.6 11.5 11.8 11.2 10.0 10.6 11.4 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9 Taxes on Products 3.1 2.7 7.2 5.6 -8.3 45.4 8.6 8.0 18.3 9.9 10.2 3.1 1.6 -5.0 -1.8 GDP at Constant Market Prices 11.8 10.8 11.5 10.8 8.8 12.6 11.2 8.6 10.6 10.3 10.4 7.6 9.5 6.8 8.3 Source:MoF Industry/Year Table 17 : Growth Rate of GDP by Economic Activity at Constant Prices ( In percent) First Quarter 2019/20 | 89

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 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 2017/18 2018/19 45,752 58,423 75,872 117,112 160,639 165,642 220,095 343,066 370,012 422,902 484,026 542,700 616,843 684,644 910,589 Crop 27,155 35,218 48,112 79,596 111,154 108,553 143,154 234,212 238,052 272,201 309,349 346,294 393,324 427,193 587,216 Animal Farming and Hunting 12,418 16,100 19,185 25,474 34,425 40,539 56,584 82,070 101,728 113,693 132,287 146,960 164,730 191,867 247,337 Forestry 6,681 7,434 8,954 12,646 15,416 16,737 19,713 24,326 30,470 36,789 42,608 49,447 58,788 65,584 76,036 Fishing 55 69 81 116 151 198 217 455 685 796 1,225 1,382 2,259 2,351 3,021 Mining and Quarrying 503 608 572 828 1,142 2,226 7,062 9,645 10,045 8,986 6,259 6,117 4,840 4,053 3,368 Manufacturing 7,679 9,073 11,701 15,170 19,370 22,663 27,661 37,272 46,803 61,744 83,370 89,247 113,387 128,200 150,531 Large and Medium Scale Manufacturing 4,299 5,226 6,997 9,197 11,054 12,970 15,403 21,448 28,787 40,111 58,040 61,687 74,763 84,791 104,723 Small Scale and Cottage Industries 4,250 4,759 5,671 7,126 10,344 12,036 15,460 19,541 21,088 23,844 24,972 27,559 38,624 43,410 45,807 Electricity and Water 2,388 2,833 3,836 4,259 4,547 5,374 6,402 8,079 9,604 10,752 10,560 11,015 13,714 15,026 18,726 Construction 5,547 6,967 9,330 12,080 16,180 15,988 20,183 31,459 48,338 88,410 148,198 237,545 300,209 452,978 495,283 Whole Sale and Retail Trade 13,046 17,211 23,695 34,184 52,092 58,526 73,175 105,914 117,028 151,450 187,022 202,241 225,076 275,513 360,656 Hotels and Restaurants 941 1,263 1,940 2,883 4,546 6,521 9,558 13,355 18,004 24,954 33,841 41,601 44,922 53,441 66,597 Transport and Communications 5,898 5,933 6,853 8,078 11,035 13,815 21,385 31,954 41,221 49,215 57,579 70,453 77,659 82,947 99,884 Financial Intermediation 1,693 2,290 2,768 3,767 5,984 6,133 8,961 14,214 19,936 24,206 32,684 39,769 51,810 69,359 85,044 Real Estate, Renting and Business Activities 6,006 7,317 10,736 16,035 19,494 29,063 40,755 47,776 54,746 60,283 63,825 67,063 70,793 79,553 106,157 Public Administration and Defense 7,771 9,030 10,516 13,878 17,111 20,226 26,346 29,967 35,401 41,309 51,521 62,259 80,817 94,614 103,262 Education 4,167 5,292 6,740 8,641 10,311 12,336 13,862 17,092 21,637 28,739 35,388 42,386 61,123 75,776 85,739 Health and Social Work 1,477 1,697 2,068 2,748 3,326 3,942 4,931 5,966 7,593 9,881 12,917 15,669 18,770 24,100 27,328 Other Community , Social & Personal Services 1,504 1,843 2,357 3,295 4,754 5,281 6,540 9,618 13,303 14,779 16,721 18,371 20,568 23,634 28,141 Private Households with Employed Persons 1,290 1,706 1,974 2,694 3,587 3,879 5,105 7,678 9,443 12,024 15,327 16,064 19,879 25,428 31,181 Total 101,350 126,266 165,345 239,463 327,394 366,976 491,051 711,975 824,684 1,009,521 1,238,088 1,463,883 1,722,669 2,091,618 2,575,507 Less : FISIM 476 702 837 1,156 1,775 1,962 2,576 3,091 6,335 7,796 11,628 14,486 18,870 26,829 31,884 Gross Value Added at Current Basic Prices 101,034 125,712 164,742 238,672 326,026 365,483 489,127 710,012 818,870 1,002,351 1,226,637 1,449,397 1,703,798 2,064,789 2,543,623 Taxes on Products 8,467 9,698 12,186 16,785 19,139 28,412 39,431 56,882 70,618 86,098 105,129 118,700 128,755 137,583 152,600 GDP at Current Market Prices 110,102 136,128 177,851 256,766 346,824 395,991 528,580 766,915 889,645 1,088,632 1,331,984 1,568,097 1,832,554 2,202,373 2,696,223 Source: MoF Industry/Year (In million Birr) Table 18: GDP b y Economic Activity at Current Prices 90 | National Bank of Ethiopia Quarterly Bulletin

Table 19: Growth Rates of GDP by Economic Activity at Current Prices (%) 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Sectors/Year 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 2017/18 2018/19 Agriculture, Hunting and Forestry 30.8 27.7 29.9 54.4 37.2 3.1 32.9 55.9 7.9 14.3 14.5 12.1 13.7 11.0 33.0 Crop 38.3 29.7 36.6 65.4 39.6 -2.3 31.9 63.6 1.6 14.3 13.6 11.9 13.6 8.6 37.5 Animal Farming and Hunting 25.9 29.7 19.2 32.8 35.1 17.8 39.6 45.0 24.0 11.8 16.4 11.1 12.1 16.5 28.9 Forestry 9.3 11.3 20.5 41.2 21.9 8.6 17.8 23.4 25.3 20.7 15.8 16.1 18.9 11.6 16.2 Fishing 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 4.1 28.5 Mining and Quarrying 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 -16.3 -16.9 Manufacturing 11.1 18.2 29.0 29.6 27.7 17.0 22.1 34.7 25.6 31.9 35.0 7.0 27.0 13.1 17.4 Large and Medium Scale Manufacturing 6.6 21.6 33.9 31.4 20.2 17.3 18.8 39.3 34.2 39.3 44.7 6.3 21.2 13.4 20.2 Small Scale and Cottage Industries 20.4 12.0 19.2 25.7 45.1 16.4 28.5 26.4 7.9 13.1 4.7 10.4 40.1 12.4 3.0 Electricity and Water 7.7 18.7 35.4 11.0 6.8 18.2 19.1 26.2 18.9 12.0 -1.8 4.3 24.5 9.6 20.7 Construction 19.1 25.6 33.9 29.5 33.9 -1.2 26.2 55.9 53.7 82.9 67.6 60.3 26.4 50.9 9.3 Whole Sale and Retail Trade 20.8 31.9 37.7 44.3 52.4 12.4 25.0 44.7 10.5 29.4 23.5 8.1 11.3 22.4 32.4 Hotels and Restaurants 17.4 34.2 53.6 48.6 57.7 43.5 46.6 39.7 34.8 38.6 35.6 22.9 8.0 19.0 25.1 Transport and Communications 36.2 0.6 15.5 17.9 36.6 25.2 54.8 49.4 29.0 19.4 17.0 22.4 10.2 6.8 20.4 Financial Intermediation 22.2 35.2 20.8 36.1 58.9 2.5 46.1 58.6 40.3 21.4 35.0 21.7 30.3 33.9 22.6 Real Estate, Renting and Business Activities 10.8 21.8 46.7 49.4 21.6 49.1 40.2 17.2 14.6 10.1 5.9 5.1 5.6 12.4 33.4 Public Administration and Defense 14.3 16.2 16.5 32.0 23.3 18.2 30.3 13.7 18.1 16.7 24.7 20.8 29.8 17.1 9.1 Education 15.7 27.0 27.4 28.2 19.3 19.6 12.4 23.3 26.6 32.8 23.1 19.8 44.2 24.0 13.1 Health and Social Work 22.3 14.9 21.9 32.9 21.0 18.5 25.1 21.0 27.3 30.1 30.7 21.3 19.8 28.4 13.4 Other Community , Social & Personal Services 15.4 22.5 27.9 39.8 44.3 11.1 23.8 47.1 38.3 11.1 13.1 9.9 12.0 14.9 19.1 Private Households with Employed Persons 6.5 32.2 15.7 36.5 33.1 8.1 31.6 50.4 23.0 27.3 27.5 4.8 23.7 27.9 22.6 Total 24 25 31 45 37 12 34 45.0 15.8 22.4 22.6 18.2 17.7 21.4 23.3 Less : FISIM 15 47 19 38 54 11 31 20.0 104.9 23.1 49.2 24.6 30.3 42.2 22.0 Gross Value Added at Current Basic Prices 24 24 31 45 37 12 34 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 Taxes on Products 13 15 26 38 14 48 39 44.3 24.1 21.9 22.1 12.8 12.9 6.9 10.9 GDP at Current Market Prices 23 24 31 44 35 14 33 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.4 Source: MoF 1 First Quarter 2019/20 | 91

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2004/05 2005/06 2006/07 2007/08 2008 /09 2009 /10 2010 /11 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Gross Value Added at Current Basic Prices 101,034.4 125,711.9 164,741.5 238,672.2 326,026.2 365,482.5 489,127.3 710,011.5 818,870.1 1,002,350.9 1,226,637.4 1,449,397.5 1,703,798.2 2,064,789.2 2,543,623.0 Taxes on Products, net 8,467.0 9,698.0 12,186.0 16,785.0 19,139.0 28,412.0 39,431.0 56,882.0 70,618.0 86,098.0 105,128.7 118,700.0 128,755.5 137,583.5 152,600.0 GDP at Current Market Prices 110,101.9 136,128.5 177,851.4 256,766.1 346,823.9 395,991.2 528,579.8 766,915.5 889,644.9 1,088,631.8 1,331,983.7 1,568,097.5 1,832,553.7 2,202,372.7 2,696,223.0 Incomes from ROW, net 107.3 (9.5) 263.8 316.1 (329.3) (712.8) (1,120.2) (1,659.8) (1,942.8) (2,914.6) (5,275.1) (5,122.4) (10,884.1) (14,349.1) (13,104.0) Gross National Income at Current Basic Prices 101,141.7 125,702.3 165,005.3 238,988.4 325,696.9 364,769.7 488,007.1 708,351.7 816,927.4 999,436.3 1,221,362.3 1,444,275.0 1,692,914.1 2,050,440.2 2,530,519.0 Gross National Income at Current Market Prices 110,209.2 136,118.9 178,115.2 257,082.3 346,494.7 395,278.4 527,459.6 765,255.7 887,702.1 1,085,717.2 1,326,708.6 1,562,975.0 1,821,669.6 2,188,023.6 2,683,118.6 Current Transfers from ROW, net 15,334.7 18,162.9 25,444.4 34,193.9 44,191.0 59,484.8 74,261.2 86,849.9 93,355.1 106,357.3 128,400.8 155,964.2 154,959.4 188,527.3 240,392.0 Gross National Disposable Income 125,543.9 154,281.8 203,559.7 291,276.2 390,685.7 454,763.1 601,720.8 852,105.6 981,057.2 1,192,074.5 1,455,109.4 1,718,939.2 1,976,628.9 2,376,550.9 2,923,510.0 Government Final Consumption Expenditure 19,960.7 24,310.8 27,321.4 36,834.7 45,067.5 49,720.8 62,346.1 72,783.5 91,074.7 115,104.0 137,245.8 174,598.8 203,607.9 225,523.2 247,362.0 Private Final Consumption Expenditure 76,792.6 96,680.0 122,685.3 186,181.4 252,692.2 291,473.3 374,882.4 544,140.3 639,963.8 748,560.3 900,516.9 1,042,264.6 1,219,365.9 1,441,581.1 1,848,070.0 Gross Capital Formation (Investment) 31,895.7 41,836.6 47,975.7 70,003.5 96,074.6 119,166.6 164,525.7 275,811.3 293,930.7 400,841.2 508,975.9 585,665.0 704,596.0 751,626.2 948,866.0 Exports of Goods and Services 16,076.9 18,205.4 21,853.7 28,317.5 35,233.2 52,168.4 85,950.4 102,886.6 108,227.1 123,496.0 121,532.2 122,500.8 139,830.1 184,282.1 213,437.0 Imports of Goods and Services 37,776.3 48,092.4 55,087.8 76,564.3 96,285.3 126,319.4 162,487.1 236,383.9 251,300.6 308,691.3 393,188.5 424,749.9 430,233.2 502,112.9 561,512.0 Resource Balance (21,699.4) (29,887.0) (33,234.1) (48,246.8) (61,052.1) (74,151.0) (76,536.7) (133,497.3) (143,073.5) (185,195.3) (271,656.3) (302,249.2) (290,403.1) (317,830.8) (348,075.0) Gross Domestic Savings 13,348.6 15,137.6 27,844.7 33,750.0 49,064.2 54,797.0 91,351.3 149,991.7 158,606.3 224,967.5 294,221.0 351,234.0 409,579.8 535,268.5 600,791.0 Gross National Savings 28,790.6 33,291.0 53,553.0 68,260.1 92,926.0 113,568.9 164,492.3 235,181.8 250,018.7 328,410.1 417,346.8 502,075.8 553,655.1 709,446.7 828,078.0 Mid-year Population (In Million) 71.5 73.1 74.0 74.9 76.9 78.9 80.7 82.7 84.8 87.0 89.1 91.2 93.4 95.5 97.6 Per Capita Nominal GDP (In Birr) 1,540.9 1,862.3 2,404.1 3,428.1 4,510.5 5,016.2 6,551.5 9,268.6 10,486.5 12,520.2 14,953.4 17,192.4 19,630.4 23,061.5 27,625.0 Per Capita Real GDP (In Birr) 7,487.9 8,112.3 8,934.3 9,777.1 10,363.0 11,367.2 12,356.3 13,090.3 14,118.3 15,189.1 16,366.5 17,192.4 18,393.9 19,204.9 20,312.5 Average Exchange Rate (Birr/USD) 8.7 8.7 8.8 9.2 10.4 12.9 16.1 17.3 18.3 19.1 20.1 21.1 22.4 26.1 28.1 Real GDP (In USD) 61,840.7 68,310.4 75,155.1 79,219.4 76,474.6 69,615.8 61,852.2 62,777.3 65,528.4 69,237.3 72,546.1 74,296.6 76,610.6 70,249.0 70,666.9 Nominal GDP (In USD)(Million) 12,725.9 15,681.2 20,223.5 27,776.2 33,285.4 30,720.8 32,794.8 44,449.6 48,671.9 57,071.7 66,282.4 74,296.6 81,760.4 84,356.0 96,107.0 Per Capita Nominal GDP (In USD) 178.1 214.5 273.4 370.8 432.9 389.2 406.5 537.2 573.7 656.4 744.1 814.6 875.8 883.3 985.0 Per Capita Real GDP (In USD) 865.5 934.5 1,015.9 1,057.7 994.6 881.9 766.6 758.7 772.4 796.3 814.4 814.6 820.7 735.6 724.3 GDP Deflator 0.21 0.23 0.27 0.35 0.44 0.44 0.53 0.71 0.74 0.82 0.91 1.00 1.07 1.20 1.36 Source: Planning Commission Description / Year Table 20: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices (In Millions of Birr) 1 Table 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008 /09 2009 /10 2010/11 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 GDP at Current Basic Prices 1.2 (2.0) 10.4 16.1 23.8 24.4 31.0 44.9 36.6 12.1 33.8 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 Taxes on Products, net 14.0 (3.6) 9.4 43.0 13.3 14.5 25.7 37.7 14.0 48.5 38.8 44.3 24.1 21.9 22.1 12.9 8.5 6.9 10.9 GDP at Current Market Prices 2.1 (2.2) 10.3 18.0 22.9 23.6 30.6 44.4 35.1 14.2 33.5 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.5 Incomes from ROW, net (37.6) 25.4 (10.2) (44.9) 132.1 (108.9) 2,862.9 19.8 (204.1) (116.5) (57.1) (48.2) (17.0) (50.0) (81.0) (2.9) (112.5) (31.8) (33.0) Gross National Income at Current Basic Price 1.1 (1.9) 10.4 16.0 24.4 24.3 31.3 44.8 36.3 12.0 33.8 45.2 15.3 22.3 22.2 18.3 17.2 21.1 23.3 Gross National Income at Current Market Price 2.0 (2.1) 10.3 17.9 23.4 23.5 30.9 44.3 34.8 14.1 33.4 45.1 16.0 22.3 22.2 17.8 16.6 20.1 22.5 Current Transfers from ROW, net 13.8 3.1 41.5 0.5 62.5 18.4 40.1 34.4 29.2 34.6 24.8 17.0 7.5 13.9 20.7 21.5 (0.6) 21.7 25.7 Gross National Disposable Income 2.9 (1.6) 13.1 16.0 27.2 22.9 31.9 43.1 34.1 16.4 32.3 41.6 15.1 21.5 22.1 18.1 15.0 20.2 22.8 Government Final Consumption Expenditure (16.4) (0.9) (0.2) 14.9 16.7 21.8 12.4 34.8 22.4 10.3 25.4 16.7 25.1 26.4 19.2 27.2 16.6 10.8 9.7 Private Final Consumption Expenditure 5.2 2.8 15.1 7.2 33.8 25.9 26.9 51.8 35.7 15.3 28.6 45.1 17.6 17.0 20.3 15.7 17.0 18.2 27.9 Gross Capital Formation (Investment) 8.3 9.6 1.6 40.9 10.1 31.2 14.7 45.9 37.2 24.0 38.1 67.6 6.6 36.4 27.0 15.1 20.3 6.7 26.2 Exports of Goods and Services 1.7 3.0 16.6 32.0 24.5 13.2 20.0 29.6 24.4 48.1 64.8 19.7 5.2 14.1 (1.6) 0.8 14.1 31.8 15.9 Imports of Goods and Services 1.0 9.9 13.7 35.9 38.0 27.3 14.5 39.0 25.8 31.2 28.6 45.5 6.3 22.8 27.4 8.0 1.3 16.7 11.8 Resource Balance (0.2) (17.0) (11.1) (39.6) (50.1) (37.7) (11.2) (45.2) (26.5) (21.5) (3.2) (74.4) (7.2) (29.4) (46.7) (11.3) 3.9 (9.4) (9.5) Gross Domestic Savings 27.3 (26.3) 1.7 101.0 (11.7) 13.4 83.9 21.2 45.4 11.7 66.7 64.2 5.7 41.8 30.8 19.4 16.6 30.7 12.2 Gross National Savings 21.4 (14.6) 20.7 45.2 18.9 15.6 60.9 27.5 36.1 22.2 44.8 43.0 6.3 31.4 27.1 20.3 10.3 28.1 16.4 Mid-year Population (in Million) 2.9 2.8 2.6 2.6 2.3 2.3 1.2 1.2 2.7 2.7 2.2 2.6 2.5 2.5 2.4 2.3 2.2 Per Capita GDP (Birr) (Nominal) (0.8) (4.8) 7.5 15.0 20.1 20.9 29.1 42.6 31.6 11.2 30.6 41.5 13.1 19.4 19.4 15.0 14.2 17.5 19.8 Per Capita GDP (Birr) (Real) 5.2 (1.2) (4.6) 10.7 9.3 8.3 10.1 9.4 6.0 9.7 8.7 5.9 7.9 7.6 7.8 5.0 7.0 4.4 5.8 Average Exchange Rate (Birr/USD) 2.3 2.5 0.5 0.6 0.3 0.3 1.3 5.1 12.7 23.7 25.0 7.0 5.9 4.4 5.4 5.0 6.2 16.5 7.6 Real GDP (USD) 5.8 (1.0) (2.6) 12.9 11.5 10.5 10.0 5.4 (3.5) (9.0) (11.2) 1.5 4.4 5.7 4.8 2.4 3.1 (8.3) 0.6 GDP at Current Market Prices(USD) (0.3) (4.6) 9.8 17.3 22.6 23.2 29.0 37.3 19.8 (7.7) 6.8 35.5 9.5 17.3 16.1 12.1 10.0 3.2 13.9 Per Capita GDP (USD) (Nominal) (3.1) (7.1) 7.0 14.4 19.8 20.4 27.4 35.7 16.7 (10.1) 4.4 32.2 6.8 14.4 13.4 9.5 7.5 0.9 11.5 Per Capita GDP (USD) (Real) 2.8 (3.6) (5.1) 10.1 9.0 8.0 8.7 4.1 (6.0) (11.3) (13.1) (1.0) 1.8 3.1 2.3 0.0 0.7 (10.4) (1.5) Percentage Change in GDP Deflator (5.8) (3.6) 12.8 3.9 9.9 11.6 17.2 30.3 24.1 1.4 20.2 33.5 4.9 11.0 10.8 9.5 6.7 12.5 13.3 Source:Planning commission Description / Year ( Inpercent) First Quarter 2019/20 | 93

December 2016=100 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 2007/08 Q.I 26.3 28.0 24.5 21.8 27.6 24.0 32.6 42.7 104.6 29.1 40.0 24.0 32.3 27.1 Q.II 27.4 28.6 24.7 22.6 28.2 25.2 33.0 42.5 107.7 29.4 41.5 24.1 32.7 27.7 Q.III 29.7 30.4 26.8 23.6 29.9 27.7 34.1 46.2 108.1 30.1 42.7 25.4 34.2 29.4 Q.IV 35.1 32.8 29.4 25.0 32.8 30.1 35.6 48.2 107.0 30.6 44.1 27.7 36.3 31.8 2008/09 Q.I 42.5 35.3 35.7 26.9 35.1 32.2 37.1 48.2 107.4 31.6 47.5 30.5 38.6 34.1 Q.II 40.6 36.8 36.8 28.9 36.3 33.5 38.0 52.1 106.4 33.5 49.0 31.7 39.1 35.5 Q.III 38.9 37.4 38.6 30.8 36.2 34.6 38.8 46.5 105.3 35.3 49.6 32.8 40.3 36.1 Q.IV 39.6 38.7 39.8 32.4 37.1 36.1 41.1 48.4 104.1 37.1 51.4 33.7 42.7 37.4 2009/10 Q.I 40.9 40.9 40.7 34.4 39.3 37.9 42.5 55.0 103.4 39.4 53.9 35.2 45.2 39.6 Q.II 41.1 43.0 41.3 36.3 41.6 39.5 43.9 60.2 104.8 39.9 55.6 36.9 47.4 41.6 Q.III 41.8 44.9 42.8 38.8 43.1 41.9 46.4 62.4 103.0 40.8 57.3 37.8 49.3 43.4 Q.IV 42.5 46.3 44.8 40.4 44.3 43.6 47.8 65.3 101.1 43.2 57.7 38.8 50.3 44.8 2010/11 Q.I 43.4 47.8 45.4 42.3 45.7 45.2 47.9 65.7 100.4 44.6 61.3 39.6 51.7 46.1 Q.II 45.9 51.4 50.1 45.7 48.8 49.0 50.2 72.5 100.7 49.5 72.3 42.4 56.5 49.7 Q.III 50.0 55.4 52.0 50.4 52.9 51.4 51.5 83.8 100.3 52.8 72.3 43.9 60.3 53.4 Q.IV 56.9 58.7 57.2 54.2 54.9 54.7 52.9 96.6 100.0 54.3 74.5 48.9 63.3 56.8 2011/12 Q.I 60.7 60.6 61.4 56.7 55.5 58.1 54.2 97.2 99.5 58.9 77.8 53.1 67.8 58.9 Q.II 63.5 63.3 62.2 61.7 56.7 61.2 55.6 94.7 99.2 61.9 82.7 56.3 72.8 61.3 Q.III 67.5 67.6 66.1 67.3 60.6 65.5 56.8 96.9 99.1 66.2 82.6 59.6 76.7 65.3 Q.IV 71.5 69.6 65.5 70.9 62.0 68.5 58.0 97.5 99.1 67.5 85.1 63.1 78.5 67.2 2012/13 Q.I 73.7 72.0 64.9 73.1 65.7 69.9 59.4 97.1 99.1 69.5 84.1 66.2 80.9 69.6 Q.II 74.3 74.7 68.0 73.7 68.4 73.6 70.3 98.5 99.2 72.4 84.1 68.9 82.6 72.2 Q.III 74.5 75.7 70.8 75.9 68.5 74.7 71.1 95.6 99.1 73.4 85.3 70.6 85.0 73.2 Q.IV 76.2 77.3 70.7 78.0 70.0 77.1 73.3 95.0 99.1 74.6 86.7 72.9 86.2 74.7 2013/14 Q.I 79.2 79.8 71.9 80.9 73.3 78.4 72.0 94.6 99.1 77.1 86.7 76.1 88.0 77.1 Q.II 80.3 81.8 76.9 82.9 74.4 79.9 77.7 96.7 99.1 79.3 86.7 78.1 89.0 79.0 Q.III 80.6 84.4 81.9 84.7 77.6 82.4 80.2 98.5 99.1 77.9 86.7 78.8 89.1 81.5 Q.IV 82.9 85.8 82.1 86.4 79.5 83.8 82.9 99.2 99.1 75.5 86.9 80.3 89.2 82.9 2014/15 Q.I 84.5 86.7 85.0 88.2 79.5 84.8 82.5 99.0 99.3 76.5 87.7 81.3 90.0 83.7 Q.II 85.3 88.2 86.2 91.2 81.1 86.1 83.8 99.3 99.1 79.0 87.0 81.7 91.5 85.2 Q.III 87.2 90.6 92.9 93.6 83.4 87.8 86.7 96.3 99.6 78.0 87.1 83.3 92.7 87.5 Q.IV 91.0 92.8 96.2 94.5 86.7 89.7 86.1 94.8 101.2 78.4 87.2 85.4 93.9 89.7 2015/16 Q.I 94.4 93.9 93.6 96.3 87.7 91.2 87.6 96.5 103.9 83.7 91.4 88.0 94.7 90.8 Q.II 94.3 94.8 94.6 96.8 87.7 92.8 92.0 98.2 101.3 88.2 99.8 90.8 95.6 91.8 Q.III 94.9 95.2 101.3 97.9 91.1 95.9 93.8 97.2 100.3 91.1 99.8 92.6 96.5 94.6 Q.IV 97.8 98.7 94.9 99.0 97.0 96.9 97.4 97.0 101.5 92.3 99.9 94.9 97.8 96.9 2016/17 QI 100.4 102.5 92.4 99.2 100.1 97.7 95.1 98.1 99.7 93.5 100.0 97.6 98.5 98.2 QII 100.4 101.3 97.3 99.5 100.1 99.2 98.8 99.3 99.9 98.4 100.0 99.1 99.0 99.4 QIII 102.4 103.0 104.4 100.7 102.3 101.2 104.3 103.9 99.8 99.0 100.0 98.1 100.9 101.7 QIV 106.5 109.5 98.3 102.1 102.8 107.9 113.4 104.7 102.1 111.6 99.4 101.6 101.9 103.0 2017/18 QI 112.0 113.9 104.5 116.0 113.3 111.1 97.0 106.3 101.7 113.1 106.0 107.9 102.2 109.9 QII 115.6 116.6 110.7 119.8 119.7 115.3 92.9 108.9 103.4 114.0 107.5 113.5 104.5 114.5 QIII 118.8 118.7 117.3 126.3 123.4 122.4 99.9 111.4 105.9 117.9 109.2 114.0 109.5 118.9 QIV 122.8 123.1 108.2 135.8 127.8 129.1 101.3 113.2 107.2 120.9 110.4 118.6 115.6 122.5 2018/19 QI 127.4 128.2 112.3 141.1 131.3 133.9 107.2 115.5 106.7 122.6 117.5 123.7 119.6 126.5 QII 127.9 128.3 112.3 144.7 130.0 136.3 110.6 119.7 101.1 124.9 125.8 128.1 119.8 127.4 QIII 131.9 132.0 121.2 150.7 133.1 141.5 116.0 128.9 101.5 126.6 126.3 130.8 123.6 131.8 QIV 141.0 145.6 125.1 151.6 137.0 147.4 114.8 132.3 105.5 127.7 129.5 135.7 131.4 135.7 2019/20 QI 149.5 156.6 127.0 156.4 144.7 150.0 120.2 136.0 105.6 129.8 132.6 145.9 135.6 141.4 Source: Central Statistical Agency(CSA) and NBE Staff Compilation. Table 22(A): National Non-Food Consumer Price Index, Table 22 (B): National Food Consumer Price Index, December 2016=100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate & confectionery Food products Non-Alcoholic Beverages 2007/08 Q.I 25.9 27.2 21.7 19.9 28.2 19.8 21.4 26.7 43.4 26.5 Q.II 27.4 29.1 22.2 20.6 31.3 21.0 22.8 26.1 45.0 28.4 Q.III 30.0 32.2 23.6 22.6 35.0 24.4 25.9 29.2 43.7 29.8 Q.IV 37.5 42.9 26.1 25.6 39.6 25.7 30.2 32.6 50.5 32.1 2008/09 Q.I 48.1 60.7 28.7 28.2 39.5 28.7 33.1 39.6 57.0 32.8 Q.II 44.1 57.2 28.9 29.1 37.9 34.0 32.5 42.0 44.0 33.0 Q.III 40.9 52.5 28.9 30.3 35.9 33.0 34.5 48.4 28.7 33.9 Q.IV 41.3 52.1 30.3 32.5 36.5 31.7 36.7 50.3 22.7 34.9 2009/10 Q.I 41.9 53.7 31.0 33.4 36.1 34.4 34.1 51.3 23.7 38.0 Q.II 41.0 51.8 31.1 34.1 36.0 36.0 34.7 52.4 26.9 41.8 QIII 40.9 50.9 31.9 35.4 36.5 37.4 35.6 55.1 30.7 42.6 QIV 41.1 49.7 33.2 35.8 38.6 35.6 36.2 56.5 40.6 42.3 2010/11 QI 41.7 48.9 34.4 37.3 41.0 36.4 38.3 56.1 46.1 47.3 Q.II 43.7 48.3 34.8 40.0 49.5 42.3 43.1 59.0 41.6 57.6 Q.III 48.0 50.7 31.9 43.6 54.4 37.9 48.8 57.3 43.3 77.3 Q.IV 57.4 58.9 35.9 46.8 74.2 40.1 56.5 60.0 62.4 90.9 2011/12 Q.I 62.4 65.4 44.9 48.8 74.4 47.4 56.9 61.2 71.1 91.8 Q.II 65.4 69.7 48.8 50.3 71.0 57.7 61.1 64.1 71.3 97.1 Q.III 69.5 74.0 54.6 56.1 73.4 62.2 68.6 66.1 62.4 97.9 Q.IV 75.4 80.7 64.7 61.1 79.2 62.8 75.4 68.3 67.9 90.3 2012/13 Q.I 77.6 85.8 69.5 61.6 76.6 70.2 75.8 69.0 69.7 88.2 Q.II 76.3 84.2 70.0 64.3 74.2 79.3 73.8 70.3 67.7 84.7 Q.III 75.7 82.5 72.1 67.1 74.6 76.9 73.8 72.9 66.1 80.2 Q.IV 77.5 86.1 73.7 67.8 77.0 73.6 74.5 73.2 68.2 78.7 2013/14 Q.I 81.2 92.5 76.4 69.4 76.2 72.5 78.4 74.4 69.7 79.3 Q.II 81.4 95.1 77.7 70.5 75.8 74.6 75.7 73.8 70.2 78.9 Q.III 79.7 85.1 78.6 73.1 78.0 76.4 80.1 73.1 69.1 79.1 Q.IV 82.9 88.9 80.5 74.2 81.5 74.2 79.8 74.2 75.1 94.3 2014/15 Q.I 85.2 92.7 81.5 76.7 87.0 77.5 78.2 73.9 81.8 99.3 Q.II 85.3 89.4 81.5 77.7 89.3 79.9 82.1 75.5 78.7 101.7 Q.III 86.9 86.2 83.4 82.1 94.2 85.9 88.7 75.1 82.6 95.9 Q.IV 92.1 89.3 86.7 89.5 101.4 84.5 94.3 76.5 100.1 91.1 2015/16 Q.I 97.9 94.3 90.9 90.1 102.9 88.7 96.6 76.3 131.6 87.8 QII 96.6 94.0 92.1 92.2 99.5 95.7 96.5 77.0 120.8 85.1 QIII 95.2 95.7 92.8 96.9 96.6 96.2 96.5 81.7 101.2 81.1 QIV 98.7 98.2 96.4 100.2 99.7 96.1 103.0 83.9 101.8 84.1 2016/17 Q.I 102.6 102.9 100.7 99.4 99.9 98.7 106.8 86.7 104.6 92.3 Q.II 101.3 102.7 100.6 100.0 100.8 99.3 99.6 100.0 94.6 105.6 99.3 Q.III 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 Q.IV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 113.9 123.6 113.8 101.1 108.5 100.5 119.5 110.2 94.4 122.0 101.3 QII 116.6 125.7 115.7 104.2 112.4 96.9 128.9 113.8 95.9 125.0 108.5 QIII 118.7 123.6 123.0 101.1 115.7 95.1 134.4 120.4 97.2 133.5 105.2 QIV 123.1 133.8 131.5 110.8 122.8 95.1 133.8 116.9 98.1 137.4 109.7 2018/19 QI 128.2 139.7 137.0 112.1 127.8 95.9 133.1 124.8 102.1 136.9 115.9 QII 128.3 140.0 137.1 114.2 129.8 97.5 141.0 124.3 105.3 137.8 112.1 QIII 132.0 142.1 142.0 115.3 135.3 98.0 147.9 133.6 106.7 143.2 106.5 QIV 145.7 156.8 157.9 113.3 145.6 104.6 160.2 157.8 112.0 148.1 109.6 2019/20 QI 156.6 175.6 170.3 114.5 149.8 107.8 168.7 167.2 115.3 153.1 116.0 Source: CSA and NBE Staff Compilation. First Quarter 2019/20 | 95

December 2016=100 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 2006/07 Q.I 25.4 20.8 24.0 18.8 38.3 23.1 32.3 42.8 41.9 35.1 31.2 18.7 25.2 29.6 Q.II 26.6 22.0 24.2 19.2 39.3 23.8 33.1 45.6 44.7 38.2 34.0 19.4 25.0 30.7 Q.III 27.3 23.0 25.0 20.2 39.1 25.0 35.3 45.0 44.1 36.4 32.4 21.2 25.1 30.9 Q.IV 28.5 24.8 25.6 20.7 39.6 26.6 37.5 45.0 44.1 36.7 32.6 21.0 25.5 31.6 2007/08 Q.I 29.7 26.9 26.2 21.6 39.6 27.1 38.3 45.1 44.1 37.7 33.5 21.4 26.2 32.0 Q.II 30.3 27.0 27.1 24.4 38.6 29.6 40.3 44.8 43.9 38.9 34.5 22.6 26.9 32.9 Q.III 32.8 29.5 29.8 25.8 41.4 34.0 42.4 48.1 47.1 40.4 35.9 23.0 28.2 35.5 Q.IV 37.5 36.3 31.9 27.0 45.7 36.7 43.9 49.7 48.7 42.0 37.3 26.4 30.5 38.0 2008/09 Q.I 41.9 43.8 37.0 29.3 46.4 38.0 47.3 49.7 48.6 41.9 37.2 28.6 32.5 39.4 Q.II 42.4 42.7 39.2 31.0 48.0 39.4 48.3 55.4 54.2 45.5 40.4 29.8 33.0 41.5 Q.III 41.4 40.8 43.2 32.7 46.3 40.4 48.2 51.8 50.7 48.1 42.8 30.2 33.8 41.4 Q.IV 42.8 42.2 43.4 34.1 47.2 41.7 49.8 53.8 52.7 49.7 44.2 32.1 36.5 42.8 2009/10 Q.I 44.8 43.6 43.7 35.6 49.8 42.6 52.3 61.9 60.6 50.2 44.6 34.2 38.9 45.3 Q.II 46.1 44.2 44.3 36.4 51.6 45.4 52.9 67.1 65.7 52.0 46.2 37.4 41.3 47.3 Q.III 46.2 43.2 45.1 37.7 52.3 47.4 52.9 68.5 67.1 53.6 47.7 40.2 42.6 48.5 Q.IV 48.3 45.5 47.6 39.1 54.1 49.7 55.0 72.3 70.8 53.8 47.8 42.5 43.3 50.4 2010/11 Q.I 50.5 48.2 49.7 42.8 54.4 51.6 55.3 71.9 70.4 56.6 50.3 44.9 44.9 52.0 Q.II 53.8 49.4 55.9 47.9 59.9 56.1 56.8 80.0 78.3 65.0 57.8 46.8 48.6 57.3 Q.III 56.1 49.5 54.3 51.1 65.6 59.7 57.3 88.3 86.5 66.0 58.6 47.6 55.3 61.6 Q.IV 61.1 55.4 57.9 55.3 68.2 64.2 60.2 98.7 96.6 65.8 58.5 50.7 59.2 65.7 2011/12 Q.I 64.6 60.1 62.7 58.9 69.6 65.2 62.2 98.6 96.5 68.6 61.0 54.4 62.9 67.9 Q.II 67.3 64.2 65.6 64.5 69.2 68.5 65.3 99.1 97.1 75.1 66.8 57.3 66.4 70.6 Q.III 70.6 67.0 71.4 70.5 70.6 72.4 67.1 102.2 100.0 75.6 67.1 59.0 70.4 73.4 Q.IV 74.0 73.3 71.7 72.1 71.8 73.8 69.6 102.2 100.0 76.7 72.2 59.0 72.4 74.6 2012/13 Q.I 76.5 75.8 72.0 75.8 77.4 75.6 71.3 101.3 100.0 78.2 70.2 59.0 74.6 77.0 Q.II 77.4 74.4 72.4 80.9 80.1 76.8 73.1 101.3 100.0 81.0 70.2 64.8 77.3 79.7 Q.III 77.8 73.2 79.0 82.6 81.5 79.5 76.5 101.3 100.0 82.4 72.6 66.8 80.6 81.4 Q.IV 79.6 75.7 81.1 84.8 81.5 81.8 80.9 101.2 100.0 84.0 75.0 68.8 82.0 82.5 2013/14 Q.I 82.8 78.9 84.0 86.2 85.7 83.4 74.9 101.4 100.0 86.9 75.1 78.3 83.6 85.8 Q.II 83.8 77.6 88.6 87.4 88.7 84.8 77.2 106.0 100.0 94.4 75.1 82.8 85.6 88.6 Q.III 84.6 76.7 87.6 90.3 91.5 88.3 79.6 110.2 100.0 96.4 75.1 82.3 86.0 90.6 Q.IV 86.7 79.6 92.4 93.3 91.9 90.8 85.5 110.4 100.0 98.3 75.1 85.8 85.6 92.1 2014/15 Q.I 88.6 83.9 94.0 93.5 91.2 90.0 90.7 110.3 100.0 100.9 75.1 86.9 88.8 92.3 Q.II 88.9 84.2 94.1 94.0 91.3 90.6 94.3 109.6 100.0 97.9 75.1 87.0 89.3 92.5 Q.III 90.9 87.7 95.9 94.8 92.8 93.1 95.3 101.2 100.0 98.1 75.1 91.2 93.8 93.4 Q.IV 95.1 95.4 94.8 97.4 95.2 95.5 96.0 98.8 100.0 97.4 75.1 92.8 96.3 94.8 2015/16 Q.I 101.4 107.4 95.7 99.8 97.7 96.1 96.8 99.7 100.0 98.0 83.4 93.9 98.2 96.8 QII 100.8 103.3 99.4 100.5 98.2 98.0 99.9 100.0 100.0 99.6 100.0 98.0 99.2 98.9 QIII 98.2 97.0 98.4 101.4 96.5 103.8 102.3 98.3 100.0 101.3 100.0 99.4 101.6 99.2 QIV 100.6 101.7 100.4 103.5 96.4 105.4 102.7 97.5 100.0 103.5 100.0 100.5 102.5 99.7 2016/17 QI 103.9 107.3 109.8 105.0 97.9 107.8 103.6 97.5 100.0 105.0 100.0 103.3 102.1 101.3 QII 101.5 102.2 104.7 104.0 98.6 105.1 102.5 98.3 100.0 104.4 100.0 102.5 101.2 100.9 QIII 100.9 100.4 103.8 100.6 101.7 101.7 98.5 104.1 100.0 99.5 97.4 100.1 103.2 101.3 QIV 104.1 104.4 100.9 94.8 103.0 107.5 107.6 107.9 114.4 105.4 96.9 99.9 102.5 103.8 2017/18 QI 112.3 109.2 103.3 98.8 133.7 114.3 113.7 106.5 115.3 107.3 100.4 104.9 100.9 114.8 QII 117.6 110.3 103.0 101.2 151.3 120.5 113.9 106.9 116.5 107.3 99.9 118.5 106.5 123.1 QIII 121.1 113.1 112.7 104.8 158.3 126.6 117.3 107.7 116.8 109.7 99.7 120.2 111.3 127.2 QIV 127.1 117.7 114.1 111.3 170.0 132.4 131.8 109.4 116.8 112.2 100.1 127.5 119.4 134.2 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 137.4 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 140.0 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 145.1 QIV 145.3 141.4 127.1 121.1 188.3 153.5 139.6 121.5 118.0 115.7 121.9 142.9 130.7 148.2 2019/20 QI 152.8 155.5 126.7 123.3 192.5 155.8 140.5 123.6 118.3 118.2 125.4 144.9 134.5 150.8 Source: Central Statistical Agency(CSA) and NBE Staff Compilation. Table 22 (C): Addis Ababa Non-Food Consumer Price Index , 96 | National Bank of Ethiopia Quarterly Bulletin

December 2016=100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 2006/07 Q.I 20.7 22.4 19.9 16.7 19.3 17.5 16.3 38.6 20.5 19.2 Q.II 21.9 23.9 20.5 17.2 21.3 18.4 17.2 36.7 21.6 19.4 Q.III 22.9 24.5 20.9 17.8 23.8 21.5 20.0 36.7 28.9 20.7 Q.IV 24.7 25.5 22.5 20.2 27.1 20.9 19.5 37.0 44.3 21.0 2007/08 Q.I 26.7 26.3 23.0 20.9 29.2 23.4 21.9 36.1 71.8 22.3 Q.II 26.9 26.9 23.3 21.2 31.4 26.5 24.8 34.5 62.7 24.8 Q.III 29.3 29.6 23.9 22.1 34.9 36.1 33.7 39.8 63.0 26.3 Q.IV 36.1 40.5 27.3 25.0 41.9 39.8 37.2 41.3 75.1 27.5 2008/09 Q.I 43.5 52.1 31.4 29.8 40.9 42.0 39.2 50.6 80.2 27.4 Q.II 42.4 52.8 31.7 31.3 39.1 39.9 37.3 50.2 61.1 26.9 Q.III 40.6 50.5 30.7 31.5 37.2 43.7 40.8 61.7 41.2 26.7 Q.IV 41.9 51.4 32.2 33.2 40.0 48.6 45.4 66.3 32.1 26.9 2009/10 Q.I 43.3 53.8 33.7 36.6 39.6 42.3 39.5 67.7 33.5 32.7 Q.II 43.9 53.5 33.7 36.2 39.4 40.9 38.2 74.2 45.3 37.4 Q.III 42.9 50.4 34.3 35.9 39.9 41.3 38.6 72.8 45.2 37.0 QIV 45.2 51.0 36.9 37.3 40.6 45.2 42.2 73.9 62.7 35.7 2010/11 Q.I 47.9 50.7 38.6 38.5 42.9 53.9 50.4 78.7 70.3 39.7 Q.II 49.1 50.6 39.2 39.5 50.8 56.8 53.0 82.2 55.6 50.7 Q.III 49.2 49.4 38.9 40.9 54.3 60.3 56.3 72.5 60.5 65.4 Q.IV 55.0 54.8 40.1 42.6 74.4 62.1 58.0 74.1 87.9 78.1 2011/12 Q.I 59.7 58.2 47.5 46.9 77.1 54.1 50.5 74.4 102.7 81.1 Q.II 63.8 61.2 52.4 52.0 74.1 57.3 53.5 75.6 95.7 88.4 Q.III 66.6 64.1 57.0 55.8 75.5 63.3 63.3 76.7 91.6 89.7 Q.IV 72.8 71.7 68.6 58.5 79.3 65.0 68.5 77.6 95.2 86.7 2012/13 Q.I 75.4 77.3 70.9 63.4 77.9 71.8 71.8 77.6 88.6 84.6 Q.II 74.0 79.7 69.1 67.3 77.6 73.1 66.8 77.6 76.6 82.7 Q.III 72.7 78.5 73.3 69.4 79.0 80.4 59.7 77.6 73.0 79.7 Q.IV 75.2 79.8 74.3 70.1 81.6 84.0 67.8 77.6 70.9 76.4 2013/14 Q.I 78.5 82.3 75.7 71.8 81.6 83.5 75.6 77.6 76.3 78.0 Q.II 77.1 84.0 75.4 71.5 81.1 79.1 67.2 77.8 79.4 78.7 Q.III 76.2 78.1 77.6 71.6 81.2 86.3 70.4 78.0 73.4 80.3 Q.IV 79.1 78.9 81.1 73.4 83.6 87.2 69.9 82.7 95.6 89.6 2014/15 Q.I 83.3 82.2 81.4 75.8 89.0 84.3 72.1 82.6 127.8 91.1 Q.II 83.7 82.4 78.6 79.3 94.0 84.1 78.0 82.7 104.0 95.0 Q.III 87.2 79.8 81.3 80.8 99.9 103.1 86.5 81.2 120.9 94.7 Q.IV 94.8 82.1 84.6 88.6 110.4 101.4 91.1 83.1 188.2 91.7 2015/16 Q.I 106.7 84.4 93.8 94.3 110.6 101.9 99.0 83.5 317.2 88.5 Q.II 102.7 86.1 96.9 95.8 108.1 101.0 100.3 83.6 229.0 87.6 QIII 96.4 88.9 95.8 95.7 99.6 113.7 95.4 94.0 141.8 85.8 QIV 101.1 93.3 98.4 96.7 101.7 113.7 108.3 99.8 130.6 88.6 2016/17 QI 106.7 98.6 101.1 98.9 103.0 103.3 122.3 96.8 130.7 93.1 QII 101.8 102.3 100.8 100.0 99.8 102.1 96.9 100.8 96.5 112.0 97.4 QIII 100.4 98.6 97.6 91.6 101.8 105.0 108.8 105.5 100.0 93.8 97.7 QIV 104.4 101.8 106.4 99.9 102.2 107.3 118.7 112.6 99.0 86.1 94.2 2017/18 QI 109.2 109.9 114.6 101.9 105.6 109.5 134.3 111.4 100.0 86.6 100.4 QII 110.3 112.8 114.8 98.4 105.5 109.1 132.5 106.9 100.0 104.0 105.8 QIII 113.1 111.2 117.2 100.4 110.2 110.2 140.3 106.2 100.0 155.7 105.2 QIV 117.7 117.4 126.0 112.3 121.4 114.8 139.3 105.6 100.0 160.3 105.7 2018/19 QI 125.2 124.7 130.0 109.2 125.3 116.0 135.4 123.0 100.0 161.4 109.3 QII 123.7 125.5 127.9 110.4 129.0 116.1 138.4 117.6 100.0 154.7 109.6 QIII 127.5 129.6 135.4 119.4 128.7 117.3 151.8 121.0 100.0 154.9 109.6 QIV 141.4 136.3 151.8 114.2 134.9 122.0 170.9 155.0 114.1 154.1 112.8 2019/20 QI 155.5 155.6 164.5 133.0 142.5 131.2 176.5 171.6 114.1 162.7 116.0 Source: Central Statistical Agency & NBE staff Compilation Table 22(D): Addis Ababa Food Consumer Price Index First Quarter 2019/20 | 97

Table 22 (E1): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2007/08 Q.I 25.2 24.7 22.6 28.1 23.7 14.1 26.7 41.4 32.0 58.1 35.7 50.3 20.9 52.1 Q.II 25.8 25.6 23.0 28.2 23.8 14.5 26.7 41.6 32.2 58.4 37.5 52.7 21.0 54.6 Q.III 26.8 26.8 23.9 28.5 24.8 14.9 29.0 42.4 34.3 62.3 38.6 54.4 22.1 54.8 Q.IV 30.4 32.4 24.8 29.7 25.6 15.1 32.4 43.3 35.1 63.7 38.6 54.3 25.8 55.6 2008/09 Q.I 35.6 40.9 25.9 34.8 27.6 15.3 34.6 41.6 35.1 63.7 40.1 56.5 30.6 58.2 Q.II 34.5 39.7 25.8 35.5 27.4 15.0 35.3 47.0 31.9 58.0 42.6 60.0 31.5 59.0 Q.III 33.4 38.3 25.8 36.5 28.4 14.7 36.0 46.0 26.2 47.6 46.3 65.2 31.8 60.1 Q.IV 34.3 39.7 26.5 38.0 28.4 15.0 38.7 49.4 27.7 50.2 46.6 65.7 32.5 61.4 2009/10 Q.I 36.3 41.7 28.6 39.1 30.4 17.0 39.4 52.1 31.9 57.8 45.5 64.1 33.5 62.6 Q.II 38.8 43.7 31.5 39.9 32.0 19.5 44.8 52.0 35.3 64.0 45.6 64.2 36.6 63.0 Q.III 39.6 43.6 33.1 41.3 33.6 20.7 47.3 54.4 37.1 67.3 44.5 62.7 36.9 63.4 Q.IV 40.6 43.9 34.1 44.0 33.5 21.9 47.8 54.4 38.2 69.4 47.1 66.3 37.7 64.8 2010/11 Q.I 41.7 44.8 35.5 44.8 33.6 23.9 48.6 50.5 37.1 67.3 49.1 69.1 38.7 64.4 Q.II 44.3 47.1 38.7 50.7 36.5 26.6 50.5 51.0 42.3 76.8 55.7 78.4 42.7 67.7 Q.III 47.6 50.6 41.9 54.9 38.3 29.6 53.8 56.2 49.1 89.1 55.7 78.4 44.6 68.7 Q.IV 52.1 54.4 45.8 55.9 40.9 34.0 52.8 61.8 59.0 107.0 57.1 80.4 48.4 70.1 2011/12 Q.I 56.0 58.6 48.4 61.8 46.1 34.3 59.7 58.4 60.9 110.4 59.6 83.8 52.8 73.0 Q.II 58.3 64.5 48.4 63.4 50.7 32.0 63.3 60.4 53.9 97.7 65.6 92.4 54.1 73.5 Q.III 60.9 71.1 50.4 68.2 52.1 32.7 66.5 65.3 57.2 100.0 70.2 0.0 54.1 75.7 Q.IV 64.5 75.6 53.2 70.1 54.4 36.8 63.6 69.9 60.3 100.0 69.8 0.0 59.7 79.4 2012/13 Q.I 67.5 79.7 55.1 67.6 59.1 40.3 60.0 71.8 65.1 100.0 72.1 0.0 61.8 79.9 Q.II 70.8 79.7 60.9 66.6 75.0 45.0 64.7 73.8 69.3 100.0 74.8 0.0 65.9 80.8 Q.III 71.2 77.0 64.0 61.7 80.2 51.3 66.2 76.8 69.3 100.0 74.0 0.0 65.9 81.5 Q.IV 75.1 78.4 69.7 57.0 83.4 64.2 68.9 81.3 69.3 100.0 74.7 0.0 68.6 83.9 2013/14 Q.I 80.4 84.4 74.3 67.6 87.2 67.6 72.3 94.5 79.4 100.0 76.3 0.0 71.6 87.3 Q.II 81.2 84.3 75.7 72.4 87.3 68.7 71.7 98.7 79.4 100.0 84.8 0.0 72.7 89.8 Q.III 79.1 82.9 73.2 66.1 91.0 61.0 73.3 106.4 79.4 100.0 86.2 0.0 74.2 92.3 Q.IV 76.2 85.8 65.7 59.1 91.3 42.0 74.8 105.8 83.2 100.0 85.5 0.0 78.3 95.0 2014/15 Q.I 77.0 87.7 65.5 60.9 91.1 38.7 77.0 108.3 92.0 100.0 87.9 0.0 77.6 108.5 Q.II 77.9 87.3 67.5 60.5 94.0 42.8 79.0 112.5 91.8 100.0 88.6 0.0 78.6 93.1 Q.III 81.4 87.6 73.5 73.6 91.0 55.0 78.6 111.6 94.7 100.0 87.6 0.0 80.5 94.6 Q.IV 87.8 94.0 79.5 87.3 91.4 63.0 87.9 114.7 95.8 100.0 87.1 0.0 83.4 93.7 2015/16 Q.I 92.2 103.7 79.6 90.0 96.2 57.6 91.0 115.8 93.2 100.0 95.4 0.0 87.5 97.0 Q.II 92.5 101.8 81.6 83.0 96.8 61.9 94.7 121.8 99.3 100.0 95.7 0.0 93.1 97.6 Q.III 96.9 99.6 94.1 106.9 92.6 87.1 99.8 125.7 96.2 100.0 99.2 0.0 92.3 97.4 Q.IV 101.2 101.6 100.7 99.9 98.6 103.0 100.7 122.6 96.9 100.0 100.5 0.0 94.4 95.2 2016/17 QI 103.1 104.0 102.2 97.6 97.8 108.0 101.6 114.6 95.8 100.0 99.3 0.0 96.1 96.8 QII 101.4 103.8 98.9 104.3 97.1 97.1 101.6 106.0 98.8 100.0 97.8 33.3 98.5 98.9 QIII 101.4 102.3 100.6 94.3 100.0 104.3 99.3 110.1 95.6 100.7 97.4 100.0 99.8 99.2 QIV 105.4 105.2 105.6 93.3 107.5 114.2 102.0 118.1 105.1 100.7 111.8 92.0 99.6 97.8 2017/18 QI 108.5 109.8 107.2 101.1 105.3 117.3 100.5 120.4 112.9 99.9 110.5 101.3 97.1 98.2 QII 112.8 115.8 109.9 101.1 114.6 117.7 103.4 107.2 123.3 99.8 119.5 98.5 103.5 103.4 QIII 116.8 117.0 116.6 131.6 120.9 114.2 106.8 107.7 123.3 99.9 129.7 95.5 114.9 110.0 QIV 116.7 116.2 117.2 120.4 121.4 120.2 110.8 108.6 123.3 100.5 130.5 93.5 111.4 118.4 2018/19 QI 120.7 124.2 117.4 115.0 124.5 117.8 116.7 109.1 118.8 100.5 132.5 101.9 117.2 118.8 QII 121.1 124.3 118.0 105.4 121.8 116.1 143.9 93.2 124.8 101.6 174.1 110.8 120.1 118.4 QIII 124.2 126.1 122.4 93.6 123.1 134.9 152.0 91.8 123.3 104.0 176.0 115.0 117.5 123.0 QIV 131.7 136.2 127.4 95.7 132.5 139.3 153.7 94.9 130.9 104.5 177.8 115.0 126.1 127.4 2019/20 QI 140.5 151.7 129.6 95.3 134.9 130.6 153.0 102.9 170.3 103.4 164.8 114.8 145.6 141.0 AFAR Source: Central Statistical Agency 98 | National Bank of Ethiopia Quarterly Bulletin

Table 22 (E2): Regional States' Consumer Price Indices (Non-Food) Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2007/08 Q.I 28.0 28.7 27.2 26.0 28.3 26.8 22.1 36.2 49.6 52.1 35.9 46.8 23.8 34.0 Q.II 28.9 30.5 27.3 25.8 27.9 26.6 23.4 37.1 50.0 52.5 36.7 47.9 25.0 35.3 Q.III 30.1 31.7 28.5 28.2 29.1 27.5 25.4 39.9 55.4 58.2 38.0 49.6 26.5 37.4 Q.IV 34.0 38.6 29.6 31.9 29.8 28.0 27.5 42.2 58.2 61.1 39.4 51.5 28.6 39.7 2008/09 Q.I 41.2 50.7 32.2 41.9 31.4 30.0 29.6 41.3 58.2 61.1 41.0 53.5 32.2 41.3 Q.II 40.4 48.2 32.9 42.9 33.8 30.3 30.6 40.8 59.0 62.0 42.6 55.6 33.8 40.9 Q.III 38.2 43.1 33.5 43.1 35.7 30.3 32.8 43.3 54.0 56.7 44.6 58.3 34.7 42.0 Q.IV 38.6 42.3 35.0 45.4 38.1 31.5 34.3 45.8 55.0 57.8 48.3 63.1 35.1 43.8 2009/10 Q.I 40.5 43.8 37.3 45.4 40.3 34.3 35.7 47.2 58.1 61.1 50.4 65.8 36.7 46.5 Q.II 41.3 42.9 39.7 45.3 42.9 37.0 37.1 51.2 58.3 61.3 52.1 68.1 38.3 48.9 Q.III 41.7 42.2 41.2 46.0 46.3 38.1 38.5 54.2 60.9 64.0 52.6 68.7 39.4 50.5 Q.IV 42.5 42.8 42.1 50.1 48.7 38.5 39.7 55.5 63.5 66.6 54.3 70.8 39.4 51.0 2010/11 Q.I 43.8 43.6 43.9 51.1 50.7 40.6 40.8 56.2 62.2 65.3 58.4 76.3 40.3 52.5 Q.II 46.7 44.8 48.4 54.9 56.0 45.4 43.7 57.6 65.6 68.9 66.7 87.1 42.7 57.7 Q.III 49.7 47.0 52.2 55.9 61.5 49.3 46.2 57.8 81.7 85.8 67.1 87.6 44.2 61.0 Q.IV 55.4 56.6 54.3 61.4 66.4 50.1 49.2 58.8 90.2 94.7 69.7 91.0 47.5 63.1 2011/12 Q.I 59.8 63.0 56.6 66.9 70.8 51.2 52.3 59.3 90.6 95.2 73.0 95.3 51.7 70.3 Q.II 62.6 66.7 58.6 62.5 76.1 52.2 54.4 58.0 82.9 87.1 75.9 99.1 54.9 73.8 Q.III 65.1 68.6 61.5 64.7 79.7 55.1 56.4 58.8 84.0 87.0 79.4 100.0 57.8 74.9 Q.IV 68.7 74.4 63.2 69.7 81.6 55.3 58.4 60.1 83.9 87.0 84.2 100.0 60.4 76.5 2012/13 Q.I 71.9 79.1 64.9 73.1 82.7 56.4 59.4 61.6 85.2 87.0 84.2 100.0 63.4 77.5 Q.II 73.2 78.5 68.0 74.9 83.9 59.1 68.8 63.4 88.5 87.0 81.1 100.0 65.3 84.5 Q.III 73.6 78.1 69.3 76.1 84.6 59.0 72.2 68.8 86.6 87.0 82.3 100.0 68.4 85.8 Q.IV 75.6 80.3 71.0 78.6 87.5 59.9 73.8 73.3 83.2 87.0 84.3 100.0 71.2 87.3 2013/14 Q.I 77.7 83.6 72.0 81.1 88.7 60.2 74.3 76.0 78.7 87.0 84.1 100.0 73.4 88.1 Q.II 79.1 83.0 75.171978 86.8 88.8 64.1 76.3 82.5 81.7 87.0 86.5 100.0 76.6 89.9 Q.III 79.5 81.5 77.366135 89.6 91.3 67.2 78.5 85.6 83.8 87.0 87.7 100.0 77.3 90.6 Q.IV 80.8 82.7 78.769566 89.1 92.1 69.3 82.3 87.6 84.1 87.0 87.8 100.0 77.9 91.3 2014/15 Q.I 81.6 83.8 79.4 90.7 93.9 68.9 82.8 89.0 84.3 88.4 88.1 108.3 79.3 91.6 Q.II 82.4 84.0 80.7 91.7 99.1 69.7 83.6 92.6 85.9 87.0 88.0 100.0 80.2 91.9 Q.III 83.7 84.7 82.6 92.7 101.9 72.4 85.4 93.5 86.0 90.0 89.2 100.0 81.3 92.6 Q.IV 85.8 86.3 85.1 96.3 101.3 75.9 88.1 89.5 85.5 99.5 89.8 100.0 83.9 93.4 2015/16 Q.I 89.7 91.5 87.8 95.8 103.5 79.6 90.1 90.0 94.4 108.7 86.6 100.0 86.5 92.7 Q.II 90.9 92.7 89.0 95.9 101.8 80.6 92.4 89.1 101.4 97.7 94.9 100.0 89.7 93.1 Q.III 92.4 93.0 91.7 99.3 102.2 84.5 94.9 97.3 96.3 98.3 96.2 100.0 92.1 94.1 Q.IV 94.9 95.1 94.5 98.9 103.3 89.1 96.1 94.4 101.9 98.8 93.8 100.0 95.3 95.1 2016/17 QI 99.8 101.3 98.1 97.1 101.4 96.9 97.8 88.7 103.5 98.3 97.6 100.0 99.2 96.4 QIII 101.1 102.3 99.8 99.3 100.0 99.4 99.7 99.8 101.7 99.4 98.5 100.0 100.7 98.1 QII 102.4 105.4 99.0 98.4 101.6 98.7 100.3 104.9 102.9 100.0 98.8 95.2 95.9 100.7 QIV 108.7 110.1 107.2 124.7 103.6 108.4 101.9 133.6 104.0 99.1 123.5 95.5 102.1 99.9 2017/18 QI 119.5 118.2 120.9 135.5 108.2 134.1 106.5 154.5 104.0 95.6 125.2 119.0 111.6 102.9 QII 122.4 119.9 125.2 140.4 115.0 138.9 110.2 119.9 105.1 102.7 127.4 119.0 119.5 105.2 QIII 125.5 122.0 129.4 144.8 119.5 145.7 121.2 150.8 105.4 112.8 133.4 119.0 111.1 112.4 QIV 129.0 127.7 130.5 139.8 127.3 145.8 126.1 131.4 106.3 122.3 138.0 119.0 111.6 115.4 2018/19 QI 134.1 133.9 134.2 141.6 132.6 148.5 127.8 155.4 106.9 128.9 140.9 119.0 114.4 124.2 QII 134.4 132.9 136.2 141.1 138.1 149.2 129.9 171.6 116.1 115.3 142.3 120.6 118.7 119.1 QIII 138.3 136.6 140.2 146.3 141.6 149.7 137.5 196.6 122.8 118.1 142.1 121.6 124.7 120.4 QIV 148.6 149.3 147.8 150.3 148.2 161.8 143.7 175.3 125.5 139.3 141.5 136.5 130.1 125.7 2019/20 QI 157.6 161.4 153.3 147.1 148.4 169.4 144.5 193.2 120.5 137.3 144.1 134.7 142.7 127.9 AMHARA Source: Central Statistical Agency December 2016 = 100 First Quarter 2019/20 | 99

Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment & Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2007/08 Q.I 28.9 27.1 32.3 22.7 18.7 49.8 23.6 45.8 64.7 68.5 39.2 47.4 28.4 35.0 Q.II 31.0 29.9 33.6 23.3 19.8 51.9 24.1 49.0 64.0 67.8 39.8 48.2 30.2 36.1 Q.III 33.6 33.8 34.8 24.8 21.7 51.6 25.5 51.0 63.6 67.4 43.0 52.0 32.3 38.6 Q.IV 37.3 39.1 36.7 26.5 23.1 53.7 27.6 54.4 63.6 67.4 44.3 53.6 35.3 41.0 2008/09 Q.I 48.7 57.2 40.3 31.3 24.1 56.8 32.7 61.0 63.6 67.4 56.0 67.7 38.4 43.2 Q.II 46.0 51.0 41.7 31.1 26.4 57.3 34.5 63.0 67.7 71.7 58.7 71.0 39.1 44.2 Q.III 42.8 44.4 42.6 32.5 27.4 58.2 35.8 67.8 61.7 65.4 59.1 71.6 41.4 45.3 Q.IV 43.8 45.4 43.6 34.5 27.1 61.2 35.9 67.1 62.1 65.8 61.1 74.0 42.6 46.0 2009/10 Q.I 46.8 49.5 45.4 34.8 27.7 62.6 40.4 68.3 66.6 70.6 61.5 74.5 45.3 48.3 Q.II 45.6 45.1 48.0 34.5 31.3 66.5 42.1 68.0 71.5 75.8 63.3 76.7 47.6 50.0 Q.III 43.6 40.8 48.9 37.0 35.1 63.4 43.8 71.6 74.5 78.9 64.4 77.9 50.9 52.0 Q.IV 43.6 39.5 50.4 40.4 35.7 65.7 45.0 69.7 76.2 80.8 65.4 79.2 56.1 53.2 2010/11 Q.I 43.3 38.1 51.6 40.4 39.4 62.8 49.0 68.5 75.4 79.9 67.5 81.7 58.1 53.1 Q.II 46.2 39.2 56.6 43.8 45.1 67.3 56.1 71.7 80.5 85.3 72.8 88.1 59.4 59.8 Q.III 49.4 44.0 58.0 44.7 49.4 64.0 57.9 73.0 86.8 91.9 73.4 88.9 53.8 64.0 Q.IV 59.6 60.5 60.9 51.5 52.2 65.1 61.2 71.4 99.1 105.0 76.0 92.0 67.9 70.5 2011/12 Q.I 66.0 70.9 62.6 50.4 55.1 60.8 66.7 62.4 99.1 105.0 79.1 95.7 73.9 77.3 Q.II 70.8 76.5 65.6 49.6 63.0 60.3 69.1 65.7 92.8 98.3 82.1 99.3 72.5 81.2 Q.III 74.2 76.1 71.8 53.3 68.7 70.2 74.9 66.0 98.4 100.0 83.7 0.0 73.8 84.2 Q.IV 79.0 81.1 76.2 58.8 73.7 75.8 78.7 66.6 106.4 100.0 82.9 0.0 75.6 88.7 2012/13 Q.I 82.1 84.6 78.8 62.1 73.5 82.2 78.9 67.3 106.5 100.0 85.0 0.0 77.6 89.2 Q.II 82.2 83.4 80.6 69.9 79.9 81.2 80.2 71.0 99.5 100.0 86.9 0.0 78.6 90.9 Q.III 81.4 79.9 83.3 71.5 80.6 89.6 78.7 72.6 96.4 100.0 88.6 0.0 79.6 91.3 Q.IV 81.7 79.6 84.5 69.4 80.7 92.7 79.4 79.3 97.1 100.0 89.8 0.0 81.0 91.0 2013/14 Q.I 86.6 87.2 85.9 69.5 82.0 93.4 81.5 81.7 97.8 100.0 90.4 0.0 84.4 93.4 Q.II 91.3 92.7 89.4 80.0 82.8 97.0 83.8 91.0 100.7 100.0 90.5 0.0 86.3 94.7 Q.III 89.2 85.0 94.7 87.4 89.1 108.4 83.7 92.3 102.9 100.0 90.9 0.0 86.4 95.4 Q.IV 89.9 85.4 95.9 94.0 92.6 106.4 84.2 92.4 103.2 100.0 91.1 0.0 89.6 96.5 2014/15 Q.I 88.0 83.9 93.6 89.4 93.4 99.1 87.5 91.6 101.9 100.0 91.0 0.0 88.3 95.8 Q.II 88.4 84.9 93.2 83.9 94.8 98.5 87.9 83.4 100.5 100.0 92.0 0.0 91.8 94.9 Q.III 89.1 88.1 90.5 85.5 97.6 85.7 91.0 83.9 100.3 100.0 92.4 0.0 92.0 95.7 Q.IV 91.2 90.6 91.9 87.7 98.4 87.9 91.7 84.5 99.5 100.0 93.0 0.0 93.9 95.0 2015/16 Q.I 97.2 99.9 93.7 84.1 100.0 93.6 94.9 85.9 99.8 100.0 93.8 0.0 92.2 95.8 Q.II 98.4 99.9 96.4 88.6 101.5 97.6 97.0 94.3 100.1 100.0 94.0 0.0 92.1 98.3 Q.III 96.1 94.6 98.0 92.5 101.5 98.0 99.7 96.8 103.3 100.0 96.1 0.0 95.2 98.7 Q.IV 96.6 95.9 97.5 92.8 101.7 91.6 101.0 134.6 99.1 100.0 96.6 0.0 94.4 101.4 2016/17 QI 99.6 100.1 99.0 85.7 100.0 98.9 98.5 149.8 99.6 100.0 98.7 0.0 96.0 100.9 QII 99.8 100.4 99.0 92.2 100.2 99.0 99.6 102.4 106.9 100.0 100.0 33.3 97.6 102.1 QIII 103.3 103.0 101.7 104.4 100.7 102.3 101.2 104.3 103.9 99.8 99.0 100.0 98.1 100.9 QIV 106.5 109.5 103.0 98.3 102.1 102.8 107.9 113.4 104.7 102.1 111.6 99.4 101.6 101.9 2017/18 QI 111.4 117.8 105.4 91.6 96.2 100.7 114.1 98.9 113.9 100.0 161.4 100.0 123.5 103.2 QII 114.8 121.5 108.5 91.4 94.1 99.4 124.0 100.5 118.8 100.0 168.0 100.0 136.3 104.5 QIII 117.6 119.9 115.5 109.9 99.8 102.2 126.8 132.8 122.7 100.0 167.3 100.0 140.8 112.3 QIV 120.7 121.2 120.2 111.3 100.3 103.3 140.9 186.7 120.8 100.0 177.4 100.0 139.9 117.7 2018/19 QI 125.8 129.2 122.6 106.2 102.9 103.6 147.2 189.5 117.7 100.0 174.9 100.0 152.2 119.1 QII 130.0 130.2 129.9 110.3 114.7 101.7 147.5 191.0 119.0 97.8 177.6 100.0 187.4 117.8 QIII 134.8 132.8 136.6 115.1 119.8 103.4 150.0 188.8 121.6 97.8 180.8 112.5 213.6 122.5 QIV 143.4 142.9 143.9 127.9 119.7 110.8 165.9 189.9 127.5 100.0 184.4 104.2 218.8 132.1 2018/19 QI 156.5 164.5 149.1 130.8 134.1 122.3 172.6 196.4 129.1 100.0 200.9 100.0 210.4 135.8 Source: Central Statistical Agency BENISHANGUL GUMUZ Table 22 (E3): Regional States' Consumer Price Indices (Non-Food) December 2016= 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2007/08 Q.I 27.3 28.0 28.8 17.8 24.9 29.3 30.2 35.9 62.6 76.7 44.9 60.1 16.0 39.8 Q.II 28.1 28.7 30.0 18.1 26.0 29.8 33.6 40.5 62.6 76.7 45.8 61.3 18.1 40.2 Q.III 30.5 32.3 31.1 18.7 27.0 30.1 36.3 42.9 65.3 80.0 48.2 64.5 18.0 41.3 Q.IV 34.5 38.5 32.8 19.3 28.5 33.0 38.3 43.1 65.6 80.4 49.5 66.1 18.5 41.3 2008/09 Q.I 39.6 47.2 34.4 22.8 28.6 35.6 40.0 47.4 64.0 78.4 51.8 69.3 22.7 42.7 Q.II 40.2 47.4 35.4 23.1 30.9 35.5 42.7 48.4 62.2 76.2 54.5 72.9 28.5 43.2 Q.III 40.0 46.6 35.9 23.3 32.1 35.0 44.7 49.5 60.5 74.2 56.5 75.6 29.3 43.6 Q.IV 40.7 46.7 37.3 24.3 33.3 36.4 48.0 49.3 61.6 75.5 56.7 75.9 32.3 45.4 2009/10 Q.I 41.5 47.5 38.3 25.3 34.1 38.1 48.0 50.7 62.8 77.0 57.4 76.8 31.8 47.4 Q.II 41.8 46.6 40.0 26.4 36.2 38.7 51.2 52.3 64.5 79.0 63.5 85.0 31.3 48.0 Q.III 42.6 47.5 40.9 26.5 36.9 38.9 54.2 53.6 65.5 80.3 64.1 85.8 33.2 49.5 Q.IV 43.3 48.3 41.3 28.8 35.9 39.6 56.5 52.7 66.0 80.8 64.6 86.4 34.1 50.6 2010/11 Q.I 43.9 48.3 42.8 31.0 37.1 41.2 60.5 55.1 66.2 81.1 61.3 82.0 33.0 51.9 Q.II 46.9 50.9 46.4 33.1 39.6 45.8 65.1 55.4 69.4 85.0 70.3 94.1 37.4 52.5 Q.III 49.0 53.5 48.2 37.6 42.9 49.4 61.6 57.6 73.0 89.4 68.7 91.9 39.8 53.3 Q.IV 54.4 62.4 50.0 38.5 44.4 52.0 60.3 64.0 85.3 104.5 65.8 88.0 45.5 54.2 2011/12 Q.I 57.7 68.0 51.0 43.5 46.0 52.7 62.4 61.1 82.3 100.8 66.0 88.3 50.7 56.0 Q.II 59.1 69.6 52.2 44.4 47.3 51.9 64.0 70.6 81.8 100.2 74.4 99.5 49.1 58.7 Q.III 61.4 71.4 55.2 43.5 53.8 53.6 65.7 79.8 84.8 100.0 74.4 100.0 56.2 62.4 Q.IV 63.5 75.3 56.0 38.2 57.5 55.7 67.2 80.1 91.2 100.0 75.7 100.0 63.4 64.0 2012/13 Q.I 64.8 77.8 56.7 33.4 59.0 60.8 69.7 79.7 91.2 100.0 75.7 100.0 65.8 64.1 Q.II 67.5 77.7 61.1 45.5 65.0 61.1 70.0 81.7 93.2 100.0 77.7 100.0 66.3 64.2 Q.III 68.2 76.0 63.4 48.8 65.8 63.0 73.0 87.7 99.0 100.0 76.8 100.0 68.2 65.1 Q.IV 68.3 78.3 62.1 33.1 69.9 70.4 73.7 88.7 100.0 100.0 79.8 100.0 72.1 66.7 2013/14 Q.I 73.5 84.6 66.6 34.9 70.5 85.2 74.6 91.0 98.4 100.0 80.5 100.0 69.9 68.9 Q.II 79.9 84.4 77.1 53.6 76.8 97.2 76.3 93.3 100.0 100.0 84.7 100.0 76.6 71.2 Q.III 80.2 81.4 79.5 62.4 78.0 92.6 83.7 93.7 97.4 100.0 86.5 100.0 78.8 75.9 Q.IV 80.7 81.6 80.2 65.6 77.7 91.9 85.3 94.4 96.2 100.0 86.5 100.0 79.0 76.5 2014/15 Q.I 84.6 88.0 82.4 67.7 78.9 93.8 86.6 100.0 99.5 100.0 92.1 100.0 82.6 79.3 Q.II 83.8 89.7 80.2 61.9 79.6 93.9 87.4 100.2 103.0 100.0 92.1 100.0 75.9 80.6 Q.III 87.7 89.7 86.4 80.5 83.1 94.3 88.6 96.3 98.9 100.0 92.4 100.0 78.0 84.7 Q.IV 92.7 90.7 94.0 108.5 82.9 94.8 89.9 95.7 96.2 100.0 94.0 100.0 73.7 86.1 2015/16 Q.I 90.6 90.4 90.7 84.8 89.3 97.4 95.0 96.5 95.7 100.0 97.9 100.0 85.8 87.6 Q.II 90.4 91.2 89.9 79.0 93.6 95.6 94.6 96.1 94.3 100.0 97.9 100.0 93.2 87.1 Q.III 97.0 92.4 99.8 111.4 94.0 95.7 95.2 97.9 96.2 100.0 97.8 100.0 94.0 93.3 Q.IV 97.2 97.7 96.9 97.2 95.9 95.2 99.4 99.1 96.2 100.0 97.8 100.0 99.1 95.0 2016/17 QI 95.9 100.8 92.8 80.4 95.4 96.8 97.2 98.7 100.0 100.0 97.8 100.0 100.6 97.8 QII 99.8 101.5 98.7 95.2 100.8 98.3 99.9 98.6 100.0 100.0 98.6 100.0 103.0 100.6 QIII 103.4 101.5 104.8 121.4 106.5 101.9 100.1 99.4 100.1 100.0 102.6 99.8 101.6 100.6 QIV 102.8 103.3 102.4 98.5 106.9 106.3 99.4 93.8 95.1 100.0 106.0 101.6 104.0 103.6 2017/18 QI 104.8 105.8 104.1 104.1 97.1 117.2 106.3 103.2 97.6 95.3 100.0 106.8 103.1 105.5 QII 110.0 111.5 109.0 123.9 123.4 104.6 104.5 97.3 95.9 100.0 115.7 103.1 107.3 99.7 QIII 111.0 112.3 110.1 116.3 124.4 105.4 112.9 99.1 98.4 100.0 122.7 103.1 108.0 105.2 QIV 117.5 124.2 112.4 104.4 129.7 108.9 124.1 101.5 100.5 100.0 125.3 103.2 111.3 111.4 2018/19 QI 123.7 133.8 116.2 111.1 130.2 112.1 126.9 104.4 119.4 86.7 124.2 115.8 120.1 114.7 QII 120.0 129.1 113.2 106.5 128.3 114.5 125.2 108.0 107.2 60.2 115.8 112.7 120.2 115.1 QIII 123.4 133.8 115.7 110.6 126.4 117.3 122.9 116.8 115.5 60.2 136.6 122.4 123.6 118.2 QIV 132.9 150.3 120.0 111.0 133.0 123.2 132.0 118.4 111.1 60.2 133.3 124.5 128.4 125.1 2019/20 119.8 QI 140.3 162.6 123.7 104.7 142.0 129.9 138.7 120.4 114.8 60.2 127.9 146.9 133.3 126.1 Source: Central Statistical Agency DIRE DAWA Table 22 (E4): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 First Quarter 2019/20 | 101

Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2007/08 Q.I 26.9 23.8 33.0 34.2 26.3 49.1 24.8 29.7 38.5 55.6 20.8 33.8 26.9 39.0 Q.II 27.9 25.1 33.3 33.5 27.6 49.4 25.8 29.9 38.5 55.6 21.0 34.0 28.1 39.5 Q.III 29.3 26.3 35.2 35.5 29.5 50.7 29.2 30.3 42.1 60.9 21.7 35.2 29.8 39.2 Q.IV 33.6 31.4 37.8 36.4 31.0 56.1 34.4 31.6 43.9 63.5 22.2 36.0 31.3 39.7 2008/09 Q.I 50.2 52.7 45.1 45.9 35.8 66.5 40.8 32.7 43.9 63.5 23.3 37.7 36.5 43.4 Q.II 47.2 46.2 48.9 50.9 38.4 72.9 40.4 33.9 43.4 62.8 27.5 44.6 36.4 43.4 Q.III 42.2 39.5 47.3 50.7 37.0 68.1 40.0 33.9 42.6 61.6 28.5 46.2 36.4 43.0 Q.IV 44.3 42.1 48.3 52.5 37.3 70.0 39.6 36.1 43.1 62.3 30.4 49.2 36.5 43.6 2009/10 Q.I 47.0 45.4 49.9 53.4 37.6 75.3 38.8 38.6 43.8 63.3 32.0 51.9 36.6 44.6 Q.II 43.7 40.6 49.7 54.7 38.5 69.9 41.7 40.2 50.6 73.2 31.9 51.7 37.3 45.8 Q.III 43.5 39.2 51.7 56.8 39.0 74.4 43.2 40.7 54.1 78.1 34.6 56.1 39.6 46.0 Q.IV 43.7 38.4 53.9 59.7 38.7 79.5 44.8 42.3 54.4 78.7 37.5 60.8 39.7 46.5 2010/11 Q.I 44.6 39.4 54.6 57.5 40.4 80.9 47.5 42.6 55.2 79.7 42.0 68.2 41.6 46.5 Q.II 47.2 41.6 58.0 61.2 44.1 85.8 50.2 44.8 56.5 81.6 45.2 73.2 48.0 48.3 Q.III 49.3 43.4 60.9 66.1 45.6 87.4 55.5 47.6 56.6 81.9 48.6 78.7 43.3 49.8 Q.IV 56.8 52.9 64.3 72.5 48.6 88.5 60.8 48.6 61.6 89.1 51.6 83.7 48.6 51.5 2011/12 Q.I 63.5 60.7 68.7 82.9 51.3 88.5 65.6 48.2 64.1 92.7 54.7 88.6 50.8 55.6 Q.II 67.9 66.3 70.7 80.8 53.1 92.9 67.2 49.1 66.1 95.5 58.7 95.1 54.7 58.7 Q.III 71.2 71.3 71.9 81.7 57.7 88.8 70.2 50.4 71.1 100.0 61.5 0.0 59.8 62.1 Q.IV 75.5 76.9 74.6 83.1 64.0 90.3 72.2 50.3 75.5 100.0 62.6 0.0 64.7 64.9 2012/13 Q.I 77.9 78.8 77.6 92.8 65.8 93.9 75.0 52.4 77.0 100.0 62.8 0.0 66.4 64.1 Q.II 76.8 75.0 79.7 94.0 70.5 92.2 77.6 56.5 78.0 100.0 67.8 0.0 69.4 70.8 Q.III 77.0 74.1 81.2 90.9 72.0 93.5 78.4 58.8 78.9 100.0 73.5 0.0 70.3 81.5 Q.IV 80.0 78.1 83.1 86.3 73.5 93.0 85.9 64.1 79.8 100.0 78.4 0.0 71.0 85.7 2013/14 Q.I 83.5 81.4 86.8 90.0 78.6 104.4 85.1 65.6 80.8 100.0 82.8 0.0 71.3 85.8 Q.II 84.7 82.3 88.4 93.9 82.0 105.0 86.2 67.9 81.3 100.0 82.5 0.0 74.0 86.2 Q.III 84.9 81.7 89.5 94.1 83.2 103.4 90.4 69.9 81.3 100.0 83.7 0.0 75.2 89.0 Q.IV 87.9 85.9 91.2 95.6 82.9 110.0 88.9 74.0 79.3 100.0 82.5 0.0 78.3 89.3 2014/15 Q.I 89.3 86.6 93.4 97.8 79.8 121.3 87.8 74.4 83.0 100.0 84.3 0.0 76.5 88.7 Q.II 86.1 84.0 89.5 97.7 80.7 102.1 87.8 75.3 84.3 100.0 85.2 0.0 79.0 86.0 Q.III 87.9 87.1 89.7 95.8 84.8 96.9 88.9 79.2 85.9 100.0 86.9 0.0 80.7 90.1 Q.IV 90.0 88.8 92.4 102.8 87.6 103.3 90.5 78.5 86.1 100.0 82.2 0.0 79.6 91.2 2015/16 Q.I 95.9 96.8 95.8 114.9 94.0 103.3 91.6 81.2 86.5 100.0 87.3 0.0 83.3 94.7 QII 94.9 93.2 97.9 111.0 92.3 106.2 92.8 82.0 100.5 100.0 89.9 0.0 89.0 98.0 QIII 94.7 93.1 97.6 105.4 92.0 105.6 95.9 84.4 100.7 100.0 90.0 0.0 92.3 90.4 QIV 97.9 98.0 97.7 111.6 93.0 100.9 98.6 87.9 91.3 100.0 91.5 0.0 92.5 92.4 2016/17 QI 99.9 101.1 97.8 108.9 96.9 98.9 97.4 90.1 95.5 100.0 92.6 0.0 94.3 92.3 QII 99.7 99.5 100.1 110.9 98.1 101.0 98.8 94.4 99.8 100.0 97.6 33.3 97.3 95.5 QIII 101.2 102.2 100.1 108.2 100.6 100.3 95.7 95.3 100.1 100.0 84.9 100.0 98.7 97.3 QIV 103.8 106.5 100.8 114.7 99.8 100.7 99.3 85.0 100.4 100.0 111.9 100.0 98.3 94.2 2017/18 QI 107.7 111.7 103.0 122.0 111.6 101.4 101.9 81.5 101.0 100.4 116.3 100.0 99.7 96.1 QII 108.1 109.3 106.6 129.7 115.3 103.7 113.4 74.3 102.9 100.4 124.6 100.0 103.6 97.8 QIII 108.7 110.1 107.0 132.4 124.4 95.3 120.8 86.4 125.1 100.3 126.0 100.0 115.9 98.6 QIV 116.5 120.6 111.8 134.7 128.1 95.4 125.7 96.4 134.4 115.8 128.8 100.0 140.1 101.7 2018/19 QI 122.5 127.8 116.3 129.2 131.2 104.9 127.9 95.9 134.5 115.2 130.1 100.0 142.6 103.1 QII 119.6 125.0 113.4 134.0 133.5 96.9 131.8 90.1 134.4 109.8 127.0 103.6 143.5 104.8 QIII 121.6 129.1 113.0 144.8 130.8 93.1 137.9 89.4 136.0 97.9 122.9 117.1 146.0 106.1 QIV 129.0 137.3 119.6 151.8 134.2 102.8 138.6 110.2 136.1 95.8 125.9 107.0 148.7 110.3 2019/20 QI 138.9 149.2 127.1 155.7 144.4 109.9 143.2 130.9 149.8 98.2 131.0 143.3 157.4 116.3 Source: Central Statistical Agency GAMBELLA Table 22 (E5): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2007/08 Q.I 24.6 19.2 31.8 21.0 24.9 54.7 31.0 33.5 56.6 60.6 27.1 51.4 23.4 27.4 Q.II 25.2 19.7 32.4 21.3 27.2 54.0 32.1 34.0 56.6 60.6 27.3 51.7 23.8 27.9 Q.III 27.0 21.5 34.3 21.1 28.6 58.2 33.7 33.3 64.6 69.1 27.1 51.3 25.8 28.2 Q.IV 32.9 28.4 38.1 22.4 31.3 67.6 36.8 31.9 68.6 73.4 28.5 54.0 29.9 30.2 2008/09 Q.I 38.8 35.7 40.7 28.0 35.0 70.2 38.7 32.8 73.8 79.0 29.5 56.0 35.4 32.2 Q.II 39.1 35.2 42.2 29.3 36.6 72.9 40.2 35.7 73.9 79.1 31.0 58.8 37.6 33.6 Q.III 38.7 34.1 42.5 35.2 39.1 69.8 42.1 35.7 67.2 71.9 32.0 60.6 37.6 33.7 Q.IV 39.6 34.7 43.6 37.4 40.8 69.6 44.4 35.2 67.6 72.3 33.8 64.0 37.9 34.0 2009/10 Q.I 40.6 35.0 46.0 37.9 42.7 73.1 46.5 67.2 72.5 77.6 35.7 67.7 38.8 34.8 Q.II 41.1 35.1 46.9 38.8 43.8 71.5 49.7 83.6 74.1 79.3 37.9 71.8 39.2 35.1 Q.III 42.2 36.4 47.6 39.4 43.7 74.2 50.9 84.5 72.4 77.5 38.1 72.3 40.5 35.6 Q.IV 43.0 36.8 49.0 39.3 44.6 77.9 51.4 84.1 72.6 77.7 40.6 77.0 42.1 35.4 2010/11 Q.I 44.4 38.2 50.3 41.2 46.5 79.8 51.9 85.0 72.4 77.5 42.0 79.5 43.9 35.8 Q.II 47.6 40.8 54.3 45.3 50.2 87.1 54.3 87.5 80.4 86.0 44.5 84.3 45.2 37.6 Q.III 51.3 44.8 56.9 47.1 51.1 95.4 52.7 96.5 80.6 86.3 46.4 88.0 46.0 45.1 Q.IV 55.7 48.8 61.3 49.3 53.6 104.1 58.3 92.8 85.2 91.3 49.3 93.4 50.5 56.7 2011/12 Q.I 58.7 52.4 62.4 52.9 56.2 100.7 60.2 95.2 92.6 99.1 50.6 95.9 60.9 62.0 Q.II 61.0 54.8 65.6 52.9 59.8 100.5 61.5 95.2 93.0 99.6 52.2 99.0 62.3 70.3 Q.III 65.8 61.2 70.8 55.3 63.4 100.3 64.2 102.6 93.4 100.0 49.8 100.0 65.0 74.4 Q.IV 69.4 67.9 71.1 54.4 64.9 100.7 65.6 96.9 96.2 100.0 48.7 100.0 70.3 74.7 2012/13 Q.I 70.1 70.1 70.0 50.8 66.9 100.2 65.2 96.2 98.3 100.0 50.6 100.0 75.0 78.2 Q.II 71.3 71.1 71.7 52.4 71.2 100.3 68.9 106.3 103.8 100.0 51.4 100.0 74.9 78.0 Q.III 72.9 69.1 76.9 63.0 74.4 100.2 71.0 115.4 103.8 100.0 52.9 100.0 76.8 79.0 Q.IV 71.3 73.2 69.3 43.5 77.2 99.9 74.3 138.5 100.0 100.0 55.6 100.0 77.8 80.3 2013/14 Q.I 76.2 78.7 73.5 51.4 77.8 102.0 76.4 105.3 100.0 100.0 60.1 100.0 83.7 81.7 Q.II 77.9 78.4 77.3 55.7 80.1 109.0 77.8 100.0 61.9 100.0 84.4 83.5 Q.III 81.2 76.9 85.8 71.9 82.1 113.3 78.7 100.0 102.1 100.0 61.9 100.0 86.3 87.0 Q.IV 80.7 79.2 82.4 61.8 83.9 115.1 82.9 93.3 98.8 100.0 61.6 100.0 88.5 87.2 2014/15 Q.I 82.8 84.8 80.6 56.9 83.7 116.1 84.1 100.0 59.7 100.0 87.6 87.6 Q.II 83.3 85.8 80.6 57.4 84.8 114.4 83.4 86.6 100.0 100.0 59.9 100.0 90.6 89.2 Q.III 87.4 86.2 88.6 77.4 88.5 109.7 82.6 80.0 100.0 100.0 60.1 100.0 93.2 90.0 Q.IV 87.9 90.0 85.6 70.7 89.2 107.9 85.3 80.0 100.0 100.0 61.2 100.0 92.8 91.8 2015/16 Q.I 87.6 90.6 84.5 65.3 91.0 107.9 90.3 80.0 100.0 100.0 80.9 100.0 97.1 93.8 Q.II 89.4 92.1 86.4 68.7 91.6 107.8 94.4 106.0 100.0 100.0 61.1 100.0 97.6 98.0 QIII 105.6 92.7 119.4 145.9 93.2 102.6 96.8 120.2 100.0 100.0 97.8 100.0 95.3 104.1 QIV 96.1 97.3 94.8 90.0 94.3 100.1 98.5 100.0 99.6 100.0 96.8 99.1 2016/17 QI 97.8 102.3 93.1 84.4 99.0 100.0 97.5 116.5 100.0 100.0 99.7 100.0 99.2 99.2 QIII 97.4 100.7 93.9 85.8 102.3 99.9 98.8 104.3 100.0 100.0 99.5 100.0 97.6 100.6 QII 103.6 100.0 106.1 119.7 98.3 105.1 99.3 101.8 100.0 100.0 99.5 101.0 102.9 101.7 QIV 102.5 107.5 99.0 94.7 104.3 95.5 103.4 99.7 100.0 100.0 107.5 101.2 101.5 99.9 2017/18 QI 103.5 110.8 98.4 86.3 107.9 96.4 102.9 106.7 100.0 100.0 111.6 102.2 104.4 100.5 QII 105.1 110.6 101.3 91.6 111.3 94.0 110.1 106.4 102.3 100.0 111.3 115.5 108.1 104.4 QIII 112.7 110.1 114.4 131.7 115.5 99.6 116.0 111.7 111.7 100.0 113.5 119.2 113.2 106.5 QIV 114.6 116.0 113.6 120.1 115.3 101.4 122.2 111.3 111.7 100.0 114.6 120.3 117.6 113.3 2018/19 QI 116.0 123.5 110.8 93.8 121.4 107.3 128.6 110.9 111.6 100.0 110.4 135.6 121.7 116.9 QII 117.4 123.7 113.1 96.1 123.5 108.5 127.4 112.5 117.9 100.0 112.6 151.8 125.0 120.2 QIII 122.4 125.9 119.9 115.8 128.4 114.4 129.2 110.1 135.1 100.0 111.2 152.3 121.2 127.6 QIV 129.8 138.8 123.6 117.8 127.9 113.1 136.4 118.7 139.8 100.0 118.8 151.5 133.6 135.0 2019/20 QI 142.3 153.9 134.3 133.3 136.8 129.3 133.4 123.9 150.0 100.0 121.8 149.3 147.7 133.5 HARARI Table 22 (E6): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 First Quarter 2019/20 | 103

Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2007/08 Q.I 25.3 24.7 26.3 25.8 20.8 28.7 24.5 29.5 52.6 50.0 27.2 40.4 23.4 30.2 Q.II 26.6 26.4 26.9 26.0 21.9 28.9 25.4 30.3 53.3 50.7 28.4 42.1 23.6 30.2 Q.III 29.3 29.5 28.9 28.4 22.9 31.3 28.2 32.0 55.2 52.5 29.4 43.5 25.0 31.6 Q.IV 35.3 37.5 31.7 31.8 24.4 34.9 30.5 33.9 57.0 54.1 30.3 44.9 27.3 34.6 2008/09 Q.I 42.9 47.9 34.5 37.9 26.0 37.4 32.3 36.5 57.1 54.2 32.9 48.9 29.5 37.3 Q.II 40.3 43.0 35.8 39.4 27.8 38.5 33.4 37.9 60.1 57.1 33.8 50.1 30.7 38.1 Q.III 39.1 40.3 37.0 42.2 29.9 39.1 34.5 38.7 52.6 50.0 33.9 50.3 32.5 39.2 Q.IV 39.8 40.8 38.2 43.2 31.5 40.2 35.6 41.6 54.9 52.2 35.1 52.1 33.8 41.8 2009/10 Q.I 40.6 41.0 40.0 43.7 33.5 41.9 37.6 42.6 59.9 56.9 37.4 55.5 35.0 44.4 Q.II 40.1 39.3 41.6 44.3 35.1 43.8 39.0 43.4 65.1 61.9 38.4 56.9 36.5 44.7 Q.III 41.2 39.7 43.8 45.7 38.0 46.1 41.8 46.1 68.8 65.4 40.8 60.5 36.9 46.7 Q.IV 41.9 39.9 45.3 47.0 39.4 47.5 43.8 47.5 69.9 66.4 42.0 62.3 38.5 48.5 2010/11 Q.I 42.9 40.6 46.8 47.9 40.9 49.4 45.3 47.8 70.7 67.2 43.6 64.7 39.2 50.2 Q.II 45.7 43.2 50.0 53.4 43.5 51.5 50.1 50.4 77.3 73.4 52.5 77.8 42.6 54.9 Q.III 50.3 48.2 54.1 55.9 48.8 55.8 51.7 52.4 93.2 88.5 54.7 81.2 44.0 58.7 Q.IV 57.4 61.0 51.8 58.0 55.5 53.3 108.0 102.6 56.2 83.4 48.6 61.5 2011/12 Q.I 61.1 62.1 59.5 63.6 53.5 58.4 59.5 55.6 108.8 103.4 60.9 90.4 52.5 66.0 Q.II 64.1 65.1 62.5 65.3 59.1 59.1 62.9 57.4 104.2 99.0 65.0 96.4 55.9 72.9 Q.III 69.1 70.3 67.8 70.8 66.4 63.9 68.8 58.5 105.8 100.0 66.8 100.0 58.3 77.5 Q.IV 73.5 76.1 70.6 67.5 71.3 67.0 72.5 59.5 106.4 100.0 67.3 100.0 64.3 78.9 2012/13 Q.I 74.2 76.4 71.9 63.1 72.7 69.6 72.9 60.2 105.6 100.0 69.2 100.0 67.9 82.8 Q.II 74.1 75.0 73.0 67.8 69.9 70.3 75.6 67.9 106.5 100.0 63.0 100.0 69.9 84.5 Q.III 74.3 74.7 73.9 71.4 72.8 70.7 75.8 70.8 98.6 100.0 60.4 100.0 70.3 86.0 Q.IV 75.4 75.7 75.1 68.4 74.2 72.8 77.9 73.5 98.9 100.0 60.3 100.0 72.6 86.3 2013/14 Q.I 78.6 79.2 77.9 68.5 78.6 76.5 79.6 70.2 98.7 100.0 75.3 100.0 75.5 88.3 Q.II 79.9 81.3 78.4 74.3 82.0 73.3 80.7 77.7 98.9 100.0 78.5 100.0 76.0 89.1 Q.III 80.1 79.0 81.4 81.7 83.2 77.4 83.7 79.9 100.9 100.0 74.5 100.0 76.6 89.0 Q.IV 83.0 82.4 83.6 79.6 85.0 82.2 84.9 83.3 101.6 100.0 67.9 100.0 78.9 89.6 2014/15 Q.I 86.0 87.0 84.8 84.6 87.6 81.8 86.4 80.8 101.5 100.0 78.5 100.0 79.6 90.1 Q.II 87.3 87.7 86.9 87.8 90.9 84.5 88.2 81.1 101.1 100.0 79.2 100.0 80.0 91.4 Q.III 91.0 91.3 90.7 97.8 93.4 89.1 90.3 84.3 99.8 100.0 80.2 100.0 82.1 92.6 Q.IV 96.0 98.3 93.4 99.0 95.0 94.3 91.9 84.0 98.9 100.0 81.0 100.0 84.5 93.9 2015/16 Q.I 100.0 105.6 93.6 95.6 96.6 93.5 93.3 87.1 99.1 102.4 83.5 100.0 87.3 94.6 Q.II 99.6 104.0 94.7 97.3 97.5 93.3 95.2 93.9 98.8 100.0 88.7 100.0 89.8 96.1 QIII 98.8 100.5 96.9 102.7 98.9 95.0 98.7 93.9 99.1 100.0 92.0 100.0 91.7 97.2 QIV 100.7 102.7 98.4 90.9 99.8 101.2 99.1 98.1 96.1 100.0 95.4 100.0 94.3 98.8 2016/17 QI 101.9 104.9 98.5 85.5 99.0 102.5 99.8 94.7 98.8 100.0 96.1 100.0 96.7 99.9 QII 100.8 101.8 99.7 95.9 100.0 101.2 99.8 99.1 99.6 100.0 100.2 100.0 98.5 99.4 QIII 102.3 101.6 103.2 104.1 102.0 105.3 101.2 106.5 100.6 99.4 99.4 101.4 100.7 101.3 QIV 105.6 108.8 101.4 93.4 104.0 99.7 108.5 112.8 102.8 99.0 109.5 105.1 101.3 101.6 2017/18 QI 110.0 112.9 106.1 96.9 130.6 105.3 110.7 67.7 106.3 99.3 110.4 115.8 101.2 101.2 QII 114.2 116.2 111.6 99.0 133.8 115.7 116.4 69.5 111.3 100.2 112.6 114.5 102.8 101.9 QIII 116.4 116.6 116.2 106.6 143.8 117.3 122.8 70.6 115.1 102.5 115.5 119.1 108.0 105.8 QIV 121.1 120.3 122.1 100.0 157.0 126.3 129.1 71.8 115.9 101.3 117.4 120.0 115.5 111.9 2018/19 QI 125.1 123.7 126.9 103.4 164.8 130.4 135.8 75.0 119.4 102.6 119.2 130.2 122.6 114.9 QII 125.8 124.5 127.6 106.6 164.8 128.9 137.2 75.3 126.0 102.8 120.9 132.6 125.2 115.9 QIII 130.1 128.0 132.7 119.2 175.0 130.9 143.0 77.9 142.9 102.1 123.2 133.5 120.5 120.9 QIV 138.4 143.1 132.5 117.1 171.8 127.6 147.6 81.4 146.0 103.6 123.7 137.1 124.0 130.1 2018/19 QI 146.1 152.2 138.1 117.2 180.0 135.3 153.0 85.4 148.7 102.9 122.4 141.2 131.9 134.0 Source: Central Statistical Agency OROMIA Table 22 (E7): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2007/08 Q.I 24.5 22.4 26.9 24.0 20.9 28.0 26.3 29.4 45.1 61.7 37.8 58.2 27.0 36.4 Q.II 25.7 23.4 28.2 24.3 21.8 30.1 27.9 28.5 44.7 61.1 37.9 58.2 23.9 37.2 Q.III 28.2 26.3 30.1 26.7 22.8 32.4 29.8 29.1 52.2 71.3 38.6 59.4 25.1 38.2 Q.IV 34.7 34.4 33.4 29.1 24.7 37.3 33.5 30.7 55.3 75.6 39.2 60.3 27.3 39.6 2008/09 Q.I 41.8 43.6 36.6 35.3 26.9 39.9 35.9 30.6 55.3 75.6 40.0 61.6 29.4 41.4 Q.II 38.9 38.0 38.5 36.2 29.2 42.0 37.7 31.3 56.5 77.2 42.7 65.7 30.3 42.4 Q.III 37.4 35.5 38.7 36.5 31.2 40.8 38.7 32.5 51.4 70.3 46.2 71.1 31.2 43.5 Q.IV 38.6 36.8 39.8 37.9 32.6 41.3 41.3 34.2 52.5 71.8 47.4 72.9 31.8 44.9 2009/10 Q.I 39.8 37.2 42.3 39.0 34.6 44.6 43.3 34.8 56.7 77.4 50.0 76.9 33.2 47.6 Q.II 40.7 37.0 45.1 39.7 36.5 48.4 45.0 36.0 61.1 83.5 51.4 79.0 35.0 54.4 Q.III 41.2 36.8 46.7 41.9 38.8 49.5 47.5 38.4 63.6 86.9 49.8 76.6 35.9 58.0 Q.IV 41.2 35.8 48.5 46.2 40.4 51.3 49.4 40.0 65.1 88.9 50.9 78.3 37.3 58.6 2010/11 Q.I 41.8 35.9 49.9 44.8 42.8 52.5 51.6 39.2 64.9 88.7 53.2 81.9 37.9 59.3 Q.II 44.6 38.2 53.3 50.4 46.0 56.4 54.3 41.5 68.9 94.1 57.3 88.2 41.1 64.1 Q.III 50.2 44.6 57.1 51.8 49.9 61.4 58.6 42.4 74.0 101.1 58.0 89.2 43.3 67.8 Q.IV 58.5 55.5 60.8 58.8 54.1 64.4 61.2 44.2 84.5 115.5 58.9 90.6 50.7 71.7 2011/12 Q.I 63.7 59.5 67.8 66.1 56.1 64.0 64.3 45.4 340.0 464.6 61.6 94.8 55.1 75.0 Q.II 63.8 61.0 65.4 64.1 59.5 66.9 67.8 46.1 82.1 112.1 63.8 98.1 59.0 78.1 Q.III 68.9 66.4 70.0 65.7 63.6 72.6 71.0 46.9 81.8 112.4 67.7 99.0 64.2 82.5 Q.IV 73.3 72.9 71.1 66.2 66.4 72.4 73.8 48.3 82.0 112.4 68.8 99.0 68.0 84.6 2012/13 Q.I 76.3 74.7 75.9 69.7 70.4 79.7 77.2 50.8 80.3 112.5 72.6 99.0 70.9 85.8 Q.II 77.7 73.8 80.6 71.1 73.9 86.2 78.9 78.9 83.3 112.8 75.8 99.0 72.5 81.9 Q.III 78.2 74.4 80.9 73.6 75.6 85.1 80.2 71.7 86.1 112.7 78.7 99.0 73.2 87.5 Q.IV 79.8 76.1 82.2 76.1 77.9 85.5 81.9 70.2 87.3 112.4 79.9 100.0 75.4 89.9 2013/14 Q.I 83.3 79.2 86.1 78.0 80.2 92.3 83.3 71.7 91.3 112.4 80.6 100.0 77.7 90.9 Q.II 84.0 78.7 88.8 78.6 81.5 97.2 84.0 75.0 89.5 112.4 82.0 100.0 78.9 91.8 Q.III 85.2 79.6 90.3 80.1 83.1 99.0 86.5 77.3 86.5 112.4 80.0 100.0 80.2 92.5 Q.IV 86.9 81.6 91.6 83.0 99.3 89.0 77.9 88.5 112.4 81.4 100.0 81.0 93.0 93.0 2014/15 Q.I 87.3 81.8 91.8 84.9 98.3 89.5 79.6 85.6 112.4 86.5 100.0 82.3 93.3 93.3 Q.II 87.0 81.3 91.6 85.3 89.2 96.3 90.9 80.5 87.8 112.4 90.3 100.0 82.8 94.8 Q.III 88.7 83.7 92.8 88.3 91.6 97.2 91.4 84.2 82.3 112.4 88.4 100.0 83.3 95.3 Q.IV 91.3 90.5 92.0 90.4 92.1 94.1 92.7 85.4 78.1 112.8 87.9 100.0 84.5 95.7 2015/16 Q.I 92.9 92.4 93.2 89.9 92.1 95.6 94.3 84.3 81.6 113.8 96.5 100.0 89.1 96.4 Q.II 92.1 88.9 94.8 92.6 93.5 96.7 96.5 87.1 84.4 112.9 91.8 100.0 91.5 97.1 QIII 94.2 91.5 96.3 93.8 95.0 98.9 98.1 89.3 84.2 104.2 95.5 100.0 91.8 98.3 QIV 97.9 96.3 99.3 95.1 95.0 103.9 99.8 93.6 86.4 112.4 96.3 100.0 94.1 98.3 2016/17 QII 99.1 98.7 99.5 99.2 97.5 100.7 101.2 96.3 93.9 100.0 100.2 100.0 98.2 99.3 QIII 102.1 105.8 97.9 101.2 104.1 101.7 111.2 100.0 99.5 108.3 100.7 101.0 QIV 110.2 114.7 104.3 98.2 101.0 102.8 118.1 104.5 105.7 100.2 115.5 103.4 103.4 103.6 2017/18 QI 113.9 119.3 107.0 102.6 105.5 105.5 121.9 103.3 106.8 99.9 119.1 109.6 107.0 104.8 QII 115.6 118.8 111.6 104.7 108.9 113.2 124.0 109.3 107.3 100.0 115.6 111.9 111.0 106.2 QIII 118.2 118.6 117.8 111.9 114.6 118.7 130.2 113.5 110.6 100.5 119.2 115.9 124.8 114.0 QIV 123.4 125.5 120.5 114.5 119.8 118.4 139.1 119.0 114.2 100.6 122.7 113.8 131.8 118.8 2018/19 QI 126.7 129.5 123.2 116.4 122.7 120.9 143.5 116.1 115.6 89.0 125.5 119.5 134.3 121.8 QII 126.0 128.5 122.8 121.0 126.6 116.3 145.0 119.8 116.2 65.0 128.1 131.3 137.6 124.9 QIII 128.3 129.0 127.4 128.5 130.0 119.3 149.3 122.8 119.7 67.5 130.0 130.5 141.3 129.3 QIV 137.0 141.5 131.1 130.4 130.6 123.5 152.0 122.2 126.9 68.5 132.6 135.8 147.5 135.6 2018/19 QI 146.3 153.2 137.4 130.7 128.4 131.7 155.0 125.1 134.3 73.2 136.9 139.9 155.9 140.3 Source: Central Statistical Agency SNNPR Table 22 (E8): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 First Quarter 2019/20 | 105 2019/20

Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2007/08 Q.I 21.9 22.8 22.5 21.78 28.4 17.2 26.4 29.4 39.6 49.9 25.9 50.9 25.1 29.4 Q.II 22.7 23.6 23.1 22.54 29.7 17.6 26.9 31.2 39.2 49.4 26.0 51.2 24.3 30.1 Q.III 24.7 26.4 24.1 22.50 31.1 18.6 28.1 31.3 41.6 52.4 27.5 54.0 25.3 30.6 Q.IV 28.6 32.0 25.4 22.23 33.6 19.3 32.4 32.3 43.2 54.5 27.3 53.7 27.7 31.2 2008/09 Q.I 35.9 43.4 26.4 24.92 33.6 19.7 35.7 35.2 44.6 56.2 26.9 52.9 32.4 35.4 Q.II 34.5 39.7 28.6 26.66 34.9 22.3 37.7 37.3 46.0 58.0 28.5 56.1 32.9 37.6 Q.III 34.7 40.0 28.8 26.84 36.2 21.9 41.1 30.4 46.1 58.1 28.3 55.7 33.2 38.6 Q.IV 36.2 41.7 30.0 28.18 37.6 22.7 44.2 32.1 46.3 58.3 30.4 59.7 36.0 39.4 2009/10 Q.I 36.9 42.3 31.2 30.95 38.8 23.1 44.6 35.8 47.1 59.4 33.6 66.1 37.5 39.5 Q.II 37.9 42.7 33.2 31.31 42.5 24.7 46.2 41.9 49.0 61.8 35.0 68.8 41.2 41.6 Q.III 39.0 43.1 35.6 32.02 44.2 27.7 48.2 48.4 52.0 65.5 35.9 70.5 42.2 44.9 Q.IV 39.1 42.9 36.1 33.99 44.7 28.1 48.1 49.7 53.6 67.5 36.4 71.7 43.0 45.5 2010/11 Q.I 39.7 43.3 37.2 34.80 46.5 29.2 49.3 49.1 54.6 68.8 36.9 72.7 44.0 46.2 Q.II 44.8 50.2 39.6 35.80 50.8 30.6 52.9 50.6 56.8 71.6 43.3 85.2 46.2 52.4 Q.III 47.6 54.0 41.3 36.11 53.5 31.5 56.5 54.1 62.5 78.7 48.2 94.8 48.8 54.8 Q.IV 52.5 59.8 44.8 37.47 58.3 35.0 61.6 57.9 75.9 95.7 48.7 95.9 54.4 54.6 2011/12 Q.I 55.0 62.5 47.4 44.58 61.0 36.3 62.5 60.4 77.9 98.1 50.8 99.9 56.3 56.5 Q.II 57.3 64.5 50.4 46.46 64.4 39.5 69.2 56.5 77.7 97.9 49.0 96.3 63.2 57.8 Q.III 62.4 70.3 54.6 52.88 71.2 42.0 72.6 58.6 79.3 100.0 51.7 100.0 68.0 67.5 Q.IV 63.8 73.5 54.3 46.65 74.1 42.5 81.2 60.4 79.3 100.0 51.5 100.0 69.8 67.0 2012/13 Q.I 65.8 74.5 57.2 44.01 78.7 48.2 87.2 61.4 79.3 100.0 56.8 100.0 71.4 71.3 Q.II 69.7 78.0 61.6 45.37 82.4 54.7 91.6 70.7 87.5 100.0 69.5 100.0 75.9 73.3 Q.III 69.3 77.5 61.2 46.37 82.8 52.8 91.0 74.0 87.3 100.0 72.3 100.0 76.0 77.4 Q.IV 71.7 78.8 64.7 56.28 85.3 52.9 92.3 75.2 90.3 100.0 75.2 100.0 80.7 80.5 2013/14 Q.I 72.6 80.3 65.1 54.09 83.8 55.3 91.6 77.2 89.3 100.0 77.8 100.0 81.8 85.3 Q.II 76.2 82.2 70.4 62.01 84.4 60.7 98.7 77.5 100.0 100.0 75.8 100.0 82.5 84.0 Q.III 78.9 83.5 74.4 72.32 83.0 64.6 94.4 81.6 103.2 100.0 73.1 100.0 82.5 83.5 Q.IV 79.5 83.0 76.1 76.87 83.1 66.1 92.3 89.4 97.2 100.0 74.4 100.0 86.4 84.4 2014/15 Q.I 81.1 85.8 76.5 77.58 83.0 66.5 92.0 86.1 100.0 100.0 75.3 100.0 86.4 84.8 Q.II 81.3 86.3 76.5 74.99 86.1 67.0 92.7 93.5 100.0 100.0 79.8 100.0 87.8 84.5 Q.III 84.6 87.0 82.2 86.71 89.2 72.4 90.3 94.7 100.0 100.0 81.3 100.0 88.1 87.9 Q.IV 90.5 89.6 91.4 101.60 90.8 84.0 90.5 98.4 104.6 100.0 80.0 100.0 89.5 89.2 2015/16 Q.I 90.7 89.3 92.0 96.54 94.6 86.7 96.4 111.6 95.4 100.0 83.3 100.0 89.6 93.1 Q.II 88.4 91.3 85.5 91.42 96.6 73.5 93.4 107.2 100.0 100.0 81.4 100.0 90.1 98.1 QIII 92.0 93.4 90.7 109.44 98.7 73.4 94.7 105.6 100.0 100.0 82.7 100.0 90.9 97.1 QIV 91.5 93.2 89.9 101.42 100.8 74.6 100.4 107.8 100.0 100.0 87.3 100.0 92.3 100.1 2016/17 QI 92.3 95.1 89.6 88.57 102.3 82.4 98.9 107.4 100.0 100.0 82.1 100.0 94.7 95.7 QII 96.7 99.5 94.0 94.32 100.9 88.8 101.4 101.5 100.0 98.1 99.6 QIII 102.7 102.8 102.5 109.02 100.1 100.1 101.4 99.5 104.3 100.1 100.0 97.1 100.2 94.5 QIV 101.6 104.7 98.1 89.46 103.0 99.1 105.2 107.4 112.5 100.1 140.3 109.2 104.1 97.0 2017/18 Qtr.I 104.8 106.9 102.5 101.79 109.4 97.5 110.1 114.0 113.2 100.0 129.6 107.4 114.2 98.2 Qtr. II 111.8 113.9 109.5 123.39 113.2 98.5 108.3 120.4 113.4 100.6 137.8 125.4 104.2 105.6 Qtr. III 112.5 114.4 110.5 124.6 112.1 98.5 112.4 118.3 113.3 100.6 153.0 133.0 116.4 109.2 Qtr. IV 112.5 119.7 104.5 92.4 123.4 97.9 122.2 142.0 114.1 100.6 154.3 125.9 119.7 122.2 2018/19 Qtr.I 120.6 129.0 111.4 105.4 128.1 101.6 130.9 145.6 112.7 102.3 154.6 129.3 129.0 128.4 Qtr. II 119.9 128.6 110.2 95.6 149.4 98.6 125.4 155.1 122.6 101.9 156.9 133.0 132.8 124.2 Qtr. III 123.3 131.9 113.8 103.7 149.1 100.8 126.9 143.8 142.0 103.1 157.3 134.2 131.2 126.2 Qtr. IV 133.2 140.6 125.0 123.4 152.3 107.0 151.6 145.7 143.3 103.8 158.0 139.6 134.3 148.9 2018/19 Qtr.I 145.3 155.1 134.4 133.3 161.4 122.2 137.5 133.2 177.3 103.2 162.6 158.6 144.1 152.4 Source: Central Statistical Agency SOMALI Table 22 (E9): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2007/08 Q.I 25.7 30.5 21.7 24.2 17.6 19.2 21.3 44.4 51.1 50.5 24.7 45.5 24.4 32.5 Q.II 27.1 32.7 22.4 23.4 17.9 20.4 22.6 42.8 49.8 49.3 25.3 46.7 26.6 31.9 Q.III 28.7 35.3 22.8 25.4 18.1 20.4 23.9 42.5 54.4 53.8 25.3 46.7 27.8 33.2 Q.IV 34.0 43.9 24.7 28.9 19.9 21.8 26.7 43.3 56.4 55.8 26.0 47.9 30.2 34.5 2008/09 Q.I 42.9 58.9 27.1 35.8 22.3 24.0 28.4 43.1 56.5 55.8 26.8 49.3 34.0 36.4 Q.II 41.8 55.5 28.5 35.0 24.3 25.2 29.6 43.0 58.7 58.0 27.3 50.4 34.9 37.3 Q.III 39.0 50.0 28.6 35.5 25.5 24.7 29.7 44.2 51.0 50.4 26.8 49.5 35.8 38.4 Q.IV 39.0 48.8 30.1 39.5 26.9 25.5 31.6 45.6 51.0 50.3 28.5 52.5 36.2 43.3 2009/10 Q.I 40.3 49.3 32.3 44.5 29.2 26.8 33.5 46.4 59.9 59.1 30.7 56.5 39.4 47.6 Q.II 41.0 49.6 33.6 44.8 30.9 27.5 35.4 48.6 65.9 65.1 29.5 54.3 40.6 49.3 Q.III 40.8 48.4 34.5 47.7 32.0 27.7 37.9 52.1 69.2 68.4 30.7 56.6 41.6 49.8 Q.IV 42.1 49.9 35.5 47.5 33.7 28.3 38.6 54.3 71.7 70.9 32.0 59.0 42.7 50.1 2010/11 Q.I 42.2 49.9 35.8 49.1 35.3 27.4 38.9 52.9 71.2 70.4 34.1 62.8 43.2 51.1 Q.II 42.9 48.9 38.3 50.1 38.9 28.4 40.7 56.2 77.0 76.1 37.8 69.6 45.0 58.1 Q.III 44.7 50.5 40.6 50.0 41.9 29.9 43.0 56.9 84.6 83.6 38.4 70.9 46.5 60.1 Q.IV 50.4 58.5 44.0 55.0 47.0 31.6 45.8 60.3 98.3 97.2 41.6 76.7 53.7 63.7 2011/12 Q.I 54.7 64.6 46.5 65.1 49.9 33.0 48.8 58.4 98.6 97.4 43.0 79.2 59.2 67.7 Q.II 57.5 67.0 49.8 69.5 55.0 34.1 53.3 63.2 94.8 93.7 45.7 84.3 62.2 74.5 Q.III 60.2 69.8 52.8 70.8 59.3 34.9 57.4 69.0 95.9 94.7 47.3 84.0 69.3 79.0 Q.IV 63.9 76.2 54.6 72.2 63.0 35.7 60.0 66.7 98.5 94.7 47.8 84.0 71.8 82.2 2012/13 Q.I 68.1 81.0 58.4 73.8 66.1 40.0 63.1 70.6 99.2 94.7 50.6 84.0 78.8 83.3 Q.II 68.6 78.9 60.8 75.6 69.3 41.9 63.3 70.2 99.1 94.7 64.3 84.0 85.3 83.9 Q.III 68.6 77.9 61.5 81.2 72.2 41.9 62.3 68.5 99.1 94.7 64.2 84.0 86.0 86.3 Q.IV 72.1 81.9 64.6 83.1 76.3 44.8 70.5 73.5 94.5 94.7 65.9 84.0 86.7 87.6 2013/14 Q.I 76.0 89.7 65.6 86.0 78.5 44.9 70.8 71.3 90.7 94.7 67.8 84.0 90.8 90.8 Q.II 75.4 86.9 66.6 87.0 80.7 45.2 72.2 74.0 101.4 94.7 66.6 84.0 90.1 90.8 Q.III 74.6 82.0 69.0 86.7 82.5 48.9 76.2 78.0 100.5 94.7 67.4 84.0 91.5 89.9 Q.IV 74.9 84.4 67.7 91.7 83.0 46.0 72.8 81.3 103.4 94.7 66.2 86.8 92.9 86.9 2014/15 Q.I 76.5 85.9 69.3 95.9 84.9 50.7 72.5 80.2 104.7 94.7 66.2 89.1 82.1 91.2 Q.II 79.9 86.5 74.9 98.0 86.8 58.9 74.3 86.5 105.8 94.7 68.1 90.3 91.7 94.2 Q.III 78.3 83.8 74.1 99.6 88.8 55.1 76.8 94.5 104.7 94.7 69.2 91.8 92.6 94.3 Q.IV 80.6 85.1 77.2 98.1 88.4 61.5 80.1 86.3 102.3 94.7 70.3 93.4 93.4 95.5 2015/16 Q.I 83.6 92.0 77.2 93.8 92.5 60.5 78.6 84.9 102.3 97.5 71.5 94.5 94.2 97.8 Q.II 86.9 96.4 78.0 98.8 93.3 60.9 79.4 89.0 101.9 98.9 74.2 95.9 95.0 96.3 QIII 89.7 96.4 84.6 102.6 94.0 74.8 81.8 87.6 101.3 100.9 76.9 97.1 95.0 95.4 QIV 94.8 98.9 91.7 99.1 95.6 90.4 81.3 100.3 101.4 100.1 76.0 98.5 94.9 98.1 2016/17 QI 97.5 105.3 91.6 100.1 98.5 89.4 82.6 98.2 100.4 100.0 77.3 99.5 92.7 97.6 QII 100.1 103.3 97.7 98.9 99.3 99.8 90.3 101.4 99.7 100.1 91.3 100.0 93.8 98.9 QIII 100.2 101.1 99.4 103.4 97.7 102.7 97.2 101.6 102.0 100.0 95.8 100.0 93.5 101.1 QIV 102.5 104.8 100.5 94.6 92.8 103.1 102.5 106.5 102.8 100.0 84.0 83.3 99.8 105.1 2017/18 QI 110.9 111.5 110.3 103.7 100.6 119.1 101.0 107.8 106.1 100.0 83.3 61.6 115.6 104.3 QII 110.6 115.0 106.9 108.0 101.7 103.8 104.3 106.6 108.9 100.0 82.2 87.6 119.7 107.4 QIII 113.8 119.2 109.2 104.9 105.5 107.6 111.5 105.8 109.6 100.0 82.8 86.9 119.5 108.3 QIV 120.6 126.2 115.8 111.7 114.7 113.7 117.3 111.8 113.2 100.0 87.1 120.9 126.8 116.7 2018/19 QI 127.8 135.7 121.1 122.0 115.0 122.3 120.5 132.8 112.9 100.0 87.6 73.4 132.1 119.2 QII 134.4 144.7 125.6 119.9 120.7 127.5 126.3 130.1 110.7 100.0 92.6 117.2 139.9 120.2 QIII 137.4 145.5 130.5 122.3 127.8 131.3 128.1 137.5 115.3 100.0 96.2 132.1 149.4 123.7 QIV 146.4 155.9 138.3 132.3 130.3 147.1 132.2 131.9 110.0 100.0 96.6 115.4 154.9 131.0 2019/20 QI 157.7 171.6 145.9 143.5 138.1 152.9 137.7 132.1 106.6 100.0 103.5 103.6 172.5 136.8 Source: Central Statistical Agency TIGRAY Table 22 (E10): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 First Quarter 2019/20 | 107

Period Food & Non-alcoholic Beverages Bread & Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2007/08 Q.I 24.7 25.3 16.0 23.2 37.8 23.5 23.5 30.3 64.5 25.0 Q.II 25.6 26.0 16.7 24.0 41.6 25.4 25.4 28.8 62.8 25.2 Q.III 26.8 27.7 17.6 23.5 46.0 30.8 30.8 29.8 59.2 26.5 Q.IV 32.4 38.6 19.6 28.7 52.4 31.5 31.5 33.9 67.4 29.1 2008/09 Q.I 40.9 53.0 21.7 32.6 53.5 40.0 40.0 37.8 76.4 34.0 Q.II 39.7 51.4 20.7 31.4 50.3 38.3 38.3 40.2 58.2 34.8 Q.III 38.3 48.8 20.8 32.3 50.8 38.7 38.7 46.9 41.0 34.4 Q.IV 39.7 50.3 25.7 31.6 49.6 46.1 46.2 52.7 29.6 39.9 2009/10 Q.I 41.7 52.6 24.1 35.6 49.0 43.9 43.9 57.3 30.4 41.4 Q.II 43.7 53.1 24.4 41.6 48.3 40.8 40.8 59.6 37.2 43.3 Q.III 43.6 52.0 26.7 40.8 50.0 38.2 38.2 63.7 38.1 47.8 Q.IV 43.9 50.9 28.1 40.8 54.4 44.1 44.2 65.4 53.6 47.5 2010/11 Q.I 44.8 52.0 30.9 41.0 54.9 51.8 51.8 62.2 57.1 46.8 Q.II 47.1 50.6 33.0 42.8 63.8 53.3 53.3 65.3 48.9 55.4 Q.III 50.6 54.3 32.6 49.1 68.7 52.8 52.8 60.6 46.7 69.6 Q.IV 54.4 62.6 36.3 44.8 70.5 57.3 57.3 63.5 76.2 74.5 2011/12 Q.I 58.6 67.8 41.4 45.7 67.3 58.2 58.2 68.1 93.6 76.0 Q.II 64.5 74.8 41.1 55.8 67.5 55.4 55.5 74.6 91.3 85.0 Q.III 71.1 78.1 44.9 57.4 67.5 57.1 64.1 74.5 84.7 99.8 Q.IV 75.6 81.4 56.7 61.4 68.6 56.9 76.6 80.0 95.2 93.5 2012/13 Q.I 79.7 85.6 64.7 69.6 69.0 60.6 79.2 84.3 86.1 95.9 Q.II 79.7 86.3 62.4 75.2 68.5 61.9 71.1 80.6 82.0 92.0 Q.III 77.0 83.0 66.9 74.5 68.2 65.2 59.4 83.9 85.0 86.6 Q.IV 78.4 85.2 75.9 74.8 71.1 72.4 66.1 85.4 72.9 83.7 2013/14 Q.I 84.4 91.9 75.3 78.6 70.3 71.8 87.9 86.3 74.3 81.5 Q.II 84.3 96.1 73.5 81.7 70.4 73.3 64.6 86.0 80.3 83.4 Q.III 82.9 91.5 76.5 80.4 71.4 77.0 66.5 86.3 78.3 87.8 Q.IV 85.8 90.5 79.7 81.2 75.7 78.1 76.0 84.4 96.6 97.4 2014/15 Q.I 87.7 90.5 78.9 79.5 80.5 85.5 76.1 94.8 124.9 100.4 Q.II 87.3 88.9 81.4 79.0 74.7 83.9 81.3 105.9 111.2 104.2 Q.III 87.6 89.5 82.9 80.3 82.1 86.2 80.1 102.4 108.8 99.3 Q.IV 94.0 88.0 83.6 87.2 92.1 88.6 87.6 95.9 185.9 98.8 2015/16 Q.I 103.7 92.3 86.8 87.9 99.4 98.2 103.6 86.7 296.9 97.7 Q.II 101.8 94.6 80.8 88.4 92.4 96.9 110.3 81.2 244.1 96.2 Q.III 99.6 98.7 85.5 93.8 86.4 102.5 104.2 84.9 159.5 96.6 Q.IV 101.6 95.6 96.3 101.0 88.9 100.9 118.8 86.3 142.8 96.3 2016/17 QI 104.0 99.0 97.9 97.1 93.4 100.7 135.7 85.1 137.8 97.7 QII 103.8 101.3 98.7 100.0 106.6 95.7 100.5 110.3 92.8 115.4 102.4 QIII 102.3 100.4 99.6 102.6 102.5 103.3 101.6 105.5 100.8 112.0 103.0 QIV 105.2 102.1 101.8 103.3 100.9 114.9 100.6 114.0 102.3 136.6 102.3 2017/18 QI 109.8 111.3 103.7 109.6 101.4 115.8 102.8 120.5 102.9 137.9 104.6 QII 115.8 119.6 118.4 116.3 103.4 107.1 105.8 126.4 115.2 139.3 112.7 QIII 117.0 120.5 127.9 137.4 104.5 113.5 109.2 117.8 125.4 141.4 112.9 QIV 116.2 121.3 139.0 157.3 105.5 98.1 113.8 116.3 97.3 141.0 116.5 2018/19 QI 124.2 134.6 140.1 156.7 105.7 105.7 123.1 148.0 81.3 129.2 119.2 QII 124.3 135.6 156.3 160.9 111.7 103.0 119.1 138.5 81.1 101.5 116.5 QIII 126.1 138.6 163.2 163.4 114.0 101.6 116.4 137.8 92.0 92.5 112.5 QIV 136.2 150.3 176.2 165.3 119.5 90.2 120.6 165.4 103.7 95.2 118.7 2019/20 QI 151.7 167.5 192.0 171.2 121.3 164.1 128.5 188.5 117.4 101.4 123.6 Source: Central Statistical Agency AFAR Table 22 (F1): Regional States' Consumer Price Index (Food) December 2016 = 100 108 | National Bank of Ethiopia Quarterly Bulletin

December 2016= 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2007/08 Q.I 27.1 34.4 27.4 22.3 29.3 16.5 29.6 38.9 31.3 25.6 Q.II 29.9 37.5 26.8 22.6 31.2 16.6 29.7 37.6 39.0 26.0 Q.III 33.8 44.1 27.7 23.2 34.8 18.7 33.4 42.6 40.0 27.0 Q.IV 39.1 53.4 31.3 25.0 38.8 19.2 34.3 44.6 39.7 28.3 2008/09 Q.I 57.2 82.9 37.1 31.7 40.1 24.3 43.5 56.1 47.7 29.5 Q.II 51.0 78.6 38.1 33.6 41.9 26.0 46.5 61.2 36.6 28.2 Q.III 44.4 70.2 36.9 35.0 40.1 26.1 46.8 69.4 29.4 26.3 Q.IV 45.4 71.4 36.6 35.9 44.6 25.4 45.4 72.4 22.6 27.8 2009/10 Q.I 49.5 75.8 38.9 39.1 41.8 25.6 45.9 73.0 21.2 33.4 Q.II 45.1 68.1 35.2 40.7 40.5 24.6 44.0 75.3 23.0 43.6 Q.III 40.8 59.7 34.4 44.8 42.9 24.2 43.3 79.7 29.1 41.3 Q.IV 39.5 53.6 37.7 43.3 45.7 25.8 46.2 81.7 39.0 41.0 2010/11 Q.I 38.1 51.4 37.9 45.4 43.5 28.7 51.3 79.2 33.2 47.8 Q.II 39.2 49.7 42.0 47.4 45.8 28.2 50.6 83.1 35.2 57.8 Q.III 44.0 55.4 37.3 48.8 68.8 32.9 58.9 76.0 35.8 71.7 Q.IV 60.5 72.3 42.3 51.7 86.9 37.5 67.2 86.8 51.6 100.7 2011/12 Q.I 70.9 88.7 50.4 55.6 76.5 35.6 63.8 85.2 55.1 106.9 Q.II 76.5 96.0 53.7 61.8 87.3 38.2 68.5 88.5 69.4 106.3 Q.III 76.1 92.1 56.1 65.1 90.5 54.1 79.5 90.4 53.0 85.1 Q.IV 81.1 98.9 65.2 68.0 90.1 70.7 80.6 95.7 61.8 80.6 2012/13 Q.I 84.6 102.1 72.4 69.4 93.7 70.9 86.4 98.9 61.2 80.7 Q.II 83.4 103.3 73.0 75.0 98.0 75.0 77.4 99.0 62.4 80.1 Q.III 79.9 95.5 76.7 88.5 103.2 74.5 68.9 97.3 62.0 77.9 Q.IV 79.6 96.7 73.6 93.8 96.9 70.8 69.5 94.9 61.9 77.1 2013/14 Q.I 87.2 118.1 75.6 95.8 95.7 63.0 76.8 94.7 58.8 76.1 Q.II 92.7 134.5 77.7 92.7 96.4 73.8 73.8 94.6 62.1 81.2 Q.III 85.0 107.3 75.1 91.7 99.3 83.2 75.7 92.1 61.3 85.5 Q.IV 85.4 103.0 77.4 96.1 97.3 68.8 77.9 95.8 63.9 94.8 2014/15 Q.I 83.9 101.2 77.7 84.0 94.8 57.9 76.3 90.3 62.1 97.3 Q.II 84.9 95.5 76.3 88.1 98.8 67.8 82.2 89.0 66.6 102.0 Q.III 88.1 97.9 79.9 88.8 99.0 71.7 92.1 92.2 70.1 86.5 Q.IV 90.6 92.3 85.5 91.9 104.6 70.5 94.0 89.9 85.4 84.0 2015/16 Q.I 99.9 99.3 92.1 92.0 100.4 70.8 104.3 92.3 109.5 84.0 Q.II 99.9 99.2 94.0 83.5 97.1 89.0 106.2 94.6 107.8 80.1 Q.III 94.6 92.7 96.2 84.7 99.3 87.3 99.8 101.3 94.5 80.3 Q.IV 95.9 87.6 99.2 99.6 102.3 83.6 104.8 108.3 98.9 80.1 2016/17 QI 100.1 94.1 102.9 102.7 100.3 95.1 113.5 105.5 93.9 89.3 QII 100.4 100.7 100.2 100.0 102.6 100.5 94.6 99.4 101.0 101.6 100.2 QIII 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 QIV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 117.8 142.8 119.5 106.7 107.4 106.6 90.1 117.7 109.2 87.4 92.1 QII 121.5 148.1 118.9 120.8 106.1 106.9 101.7 116.7 110.6 112.8 95.9 QIII 119.9 132.8 122.4 120.8 107.1 109.4 82.6 115.3 111.6 153.6 95.5 QIV 121.2 139.7 132.8 120.8 108.8 111.8 115.9 105.5 109.5 148.9 98.8 2018/19 QI 129.2 145.6 144.0 119.3 111.7 106.4 109.2 128.3 109.9 132.3 106.8 QII 130.2 148.6 144.2 120.8 114.3 110.1 118.9 129.0 111.4 135.2 100.7 QIII 132.8 150.3 148.0 120.8 115.4 117.4 168.2 126.9 109.4 154.2 99.3 QIV 142.9 152.8 161.0 129.3 117.8 119.6 166.1 156.3 120.6 156.9 100.2 2019/20 QI 164.5 186.6 179.5 138.0 120.3 124.8 126.0 194.2 125.8 160.1 101.3 Source: Central Statistical Agency BENISHANGUL GUMUZ Table 22 (F3): Regional States' Consumer Price Index (Food) Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2007/08 Q.I 28.0 30.3 20.1 17.5 41.3 23.2 20.6 53.0 47.8 23.9 Q.II 28.7 30.9 20.5 18.2 48.1 24.4 21.6 53.3 44.1 24.9 Q.III 32.3 36.7 21.0 19.8 55.1 37.0 32.8 58.7 44.8 25.9 Q.IV 38.5 47.2 23.6 25.0 61.9 42.6 37.8 64.2 55.4 26.9 2008/09 Q.I 47.2 62.7 25.5 27.5 65.5 42.0 37.3 67.1 58.6 28.6 Q.II 47.4 66.3 25.5 29.9 61.5 38.7 34.3 67.8 46.1 31.0 Q.III 46.6 64.4 25.5 30.6 61.5 45.7 40.6 68.9 34.5 32.1 Q.IV 46.7 64.2 26.3 32.9 61.2 44.9 39.9 70.0 23.1 31.1 2009/10 Q.I 47.5 64.6 28.1 34.3 60.0 46.1 40.9 70.0 24.9 32.4 Q.II 46.6 62.8 26.2 36.7 59.3 35.0 31.0 70.2 26.8 36.5 Q.III 47.5 62.2 27.5 36.7 61.1 41.2 36.6 70.4 28.7 38.6 Q.IV 48.3 60.9 31.0 33.0 63.4 48.0 42.6 70.4 42.9 38.5 2010/11 Q.I 48.3 60.5 31.9 33.7 65.5 55.8 49.5 70.4 43.7 34.3 Q.II 50.9 61.4 32.3 36.8 77.8 62.5 55.5 71.3 38.2 35.0 Q.III 53.5 62.8 28.1 40.4 84.7 67.2 59.7 71.2 36.8 43.8 Q.IV 62.4 70.0 31.6 44.0 103.0 66.7 59.2 73.1 62.3 56.6 2011/12 Q.I 68.0 74.2 41.1 48.3 103.0 65.9 58.5 72.5 75.9 63.7 Q.II 69.6 77.3 44.6 47.8 95.3 61.9 54.9 74.7 68.5 67.8 Q.III 71.4 76.8 45.3 55.6 96.0 63.1 62.0 74.9 55.2 73.9 Q.IV 75.3 80.1 57.0 59.5 88.2 63.4 70.0 75.5 58.6 83.7 2012/13 Q.I 77.8 83.6 66.4 64.9 82.9 69.0 69.6 76.4 63.8 89.8 Q.II 77.7 85.1 65.7 65.2 84.8 75.5 63.6 75.6 64.6 92.8 Q.III 76.0 84.2 67.0 65.5 88.9 79.0 54.8 75.3 66.4 92.3 Q.IV 78.3 84.3 66.8 60.8 89.0 82.6 66.1 77.0 72.2 90.9 2013/14 Q.I 84.6 89.6 67.3 65.8 85.3 80.1 82.2 77.8 75.6 95.3 Q.II 84.4 94.4 66.6 63.9 88.3 78.4 68.1 79.6 75.7 98.3 Q.III 81.4 89.8 66.3 65.4 84.0 82.2 66.0 79.5 75.8 94.6 Q.IV 81.6 89.0 68.4 68.7 85.3 83.1 66.7 79.7 76.8 94.5 2014/15 Q.I 88.0 93.5 67.6 74.9 113.0 79.3 76.7 79.7 75.2 97.0 Q.II 89.7 95.3 72.8 75.2 113.1 86.7 78.3 84.6 75.8 96.7 Q.III 89.7 94.1 77.5 75.7 113.2 93.6 81.7 80.0 77.0 92.5 Q.IV 90.7 94.7 82.6 87.0 90.1 91.3 88.9 80.0 76.3 91.7 2015/16 Q.I 90.4 95.1 89.0 91.9 89.9 94.9 83.7 80.9 76.9 90.4 Q.II 91.2 94.5 88.9 85.1 89.9 97.8 91.2 84.6 77.0 89.5 Q.III 92.4 98.1 91.6 89.7 89.9 103.3 84.9 89.4 78.1 88.6 Q.IV 97.7 98.0 95.5 96.2 90.1 105.0 103.9 100.0 79.0 99.0 2016/17 QI 100.8 102.1 100.2 100.3 96.6 107.3 104.4 100.0 79.7 101.3 QII 101.5 100.4 101.5 100.0 100.7 100.0 99.8 106.2 99.9 99.7 99.7 QIII 101.5 99.8 101.4 101.2 101.9 100.1 106.8 103.9 105.3 103.4 101.6 QIV 103.3 101.9 101.9 104.6 102.6 100.3 108.7 106.8 107.7 103.7 102.9 2017/18 QI 105.8 105.4 106.3 101.0 111.7 102.5 124.6 103.6 109.2 111.0 109.7 QII 111.5 111.4 110.3 125.9 112.1 103.1 128.7 113.4 110.8 114.0 114.0 QIII 112.3 112.6 113.1 134.3 115.0 105.2 143.1 113.6 109.1 105.3 115.3 QIV 124.2 122.4 129.5 130.8 122.6 108.1 133.8 124.1 94.4 187.4 117.2 2018/19 QI 133.8 130.5 135.7 133.3 131.4 109.6 129.5 139.4 95.0 220.2 118.7 QII 129.1 136.0 138.2 131.8 131.0 109.0 140.7 117.4 95.0 188.5 109.4 QIII 133.8 141.6 140.1 134.6 131.5 110.7 158.2 122.5 95.0 192.9 119.5 QIV 150.3 150.5 162.8 150.0 142.4 113.8 162.9 162.9 110.0 198.6 116.4 2019/20 QI 162.6 166.7 177.7 155.1 155.9 112.0 157.5 176.1 108.9 215.4 120.6 Source: Central Statistical Agency DIRE DAWA Table 22 (F4): Regional States' Consumer Price Index (Food) December 2016 = 100 First Quarter 2019/20 | 111

Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2007/08 Q.I 23.8 28.0 24.2 14.3 142.0 19.7 16.9 24.7 51.7 27.4 Q.II 25.1 29.1 24.0 14.4 151.7 21.0 18.0 25.3 60.3 31.5 Q.III 26.3 29.6 24.3 14.4 162.5 27.8 23.9 29.2 60.3 32.6 Q.IV 31.4 47.6 26.2 13.9 175.2 29.1 25.0 32.8 60.6 33.6 2008/09 Q.I 52.7 79.5 26.8 16.6 178.2 37.4 32.2 39.0 61.4 33.8 Q.II 46.2 71.8 29.2 23.7 176.3 40.4 34.7 40.7 55.3 32.8 Q.III 39.5 63.8 29.8 23.4 178.1 37.8 32.5 42.3 31.0 29.1 Q.IV 42.1 67.1 29.1 23.5 173.9 38.6 33.2 43.1 29.8 28.2 2009/10 Q.I 45.4 71.3 30.7 24.8 167.7 38.3 32.9 45.4 24.0 35.2 Q.II 40.6 65.1 31.1 25.9 173.7 40.3 34.6 46.8 24.7 42.0 Q.III 39.2 62.8 31.3 28.1 174.8 39.5 33.9 47.4 27.5 37.7 Q.IV 38.4 60.4 35.3 29.4 182.5 41.5 35.6 49.2 40.2 38.6 2010/11 Q.I 39.4 57.9 35.5 31.7 184.8 43.0 37.0 47.9 49.9 48.0 Q.II 41.6 57.7 35.9 30.5 206.0 49.0 42.1 50.0 51.6 66.5 Q.III 43.4 59.5 35.3 31.5 231.1 48.0 41.3 50.1 51.8 83.6 Q.IV 52.9 69.2 35.7 32.4 280.0 51.0 43.8 54.6 71.0 99.9 2011/2012 Q.I 60.7 78.4 40.0 35.0 295.6 54.3 46.6 61.3 75.9 103.7 Q.II 66.3 83.4 49.6 38.5 319.9 65.0 55.8 59.4 78.4 111.9 Q.III 71.3 88.5 57.4 45.5 107.9 68.6 68.1 62.3 61.7 96.5 Q.IV 76.9 95.2 62.6 48.4 111.8 73.8 79.6 65.8 64.3 89.7 2012/13 Q.I 78.8 99.9 64.6 48.4 109.4 82.9 78.4 65.5 73.1 81.8 Q.II 75.0 83.3 69.0 47.9 109.8 86.1 75.0 65.3 79.2 79.6 Q.III 74.1 77.3 72.8 50.4 109.4 90.7 71.2 64.9 81.1 80.0 Q.IV 78.1 87.1 73.9 56.9 109.1 97.9 72.8 65.0 81.5 79.0 2013/14 Q.I 81.4 98.2 74.7 58.5 108.9 71.0 75.1 66.3 81.6 76.8 Q.II 82.3 99.7 74.9 60.0 109.0 52.1 77.1 67.2 82.2 79.8 Q.III 81.7 89.6 78.8 60.3 109.5 75.0 81.8 67.9 82.9 78.0 Q.IV 85.9 95.6 80.8 60.3 111.0 96.4 82.6 69.8 82.0 103.7 2014/15 Q.I 86.6 104.2 78.9 59.0 109.6 86.9 77.7 66.8 85.4 102.1 Q.II 84.0 88.8 80.4 58.8 106.7 93.8 80.5 70.0 85.9 114.7 Q.III 87.1 85.7 81.9 74.3 100.8 90.7 98.3 71.7 84.7 105.3 Q.IV 88.8 92.3 87.9 74.2 103.0 89.1 92.7 73.0 84.2 87.3 2015/16 Q.I 96.8 99.9 96.5 79.6 105.2 98.5 106.2 75.0 89.4 91.5 Q.II 93.2 90.5 94.5 82.4 106.1 99.2 105.8 74.2 84.7 85.4 QIII 93.1 95.8 93.7 84.2 105.1 99.6 99.1 78.0 86.2 74.4 QIV 98.0 102.6 95.5 86.7 109.3 99.7 107.3 91.6 90.9 78.2 2016/17 QI 101.1 104.6 97.1 92.2 104.3 99.6 110.4 101.7 99.2 88.8 QII 99.5 99.9 100.8 100.0 91.8 98.0 100.0 100.7 98.3 99.0 100.6 QIII 102.2 99.5 103.4 100.0 90.2 97.5 128.9 107.8 91.8 129.2 100.2 QIV 106.5 113.6 105.9 100.0 89.8 106.0 65.1 104.0 92.2 140.1 98.5 2017/18 QI 111.7 134.7 107.9 100.0 93.1 102.1 71.1 96.7 92.7 131.4 98.7 QII 109.3 118.1 114.2 102.3 93.9 106.5 82.9 101.1 109.0 133.8 103.5 QIII 110.1 119.6 118.1 96.4 96.5 113.5 94.2 99.0 97.6 137.6 103.4 QIV 120.6 138.5 131.7 106.9 104.8 118.3 108.7 103.0 96.7 138.9 110.1 2018/19 QI 127.8 148.3 137.7 109.4 120.8 119.1 121.8 107.1 95.8 135.5 122.5 QII 125.0 130.8 152.1 111.8 111.8 125.9 119.6 78.8 111.2 95.8 147.8 QIII 129.1 135.1 162.3 111.3 140.5 124.2 109.8 113.6 97.4 141.2 117.8 QIV 137.3 151.6 161.6 108.0 138.9 126.9 157.7 125.5 98.3 147.4 114.6 2019/20 QI 149.2 175.0 170.2 104.6 138.6 132.8 170.5 140.6 109.4 152.3 110.5 Source: Central Statistical Agency GAMBELLA Table 22 (F5): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2007/08 Q.I 19.2 26.3 16.9 21.6 53.1 34.4 24.6 62.4 52.9 10.7 Q.II 19.7 27.1 16.5 21.5 58.2 35.5 25.4 63.1 49.7 11.2 Q.III 21.5 30.5 17.1 22.0 67.0 52.2 37.4 66.3 54.2 11.9 Q.IV 28.4 42.8 19.6 26.8 76.5 44.5 31.8 72.2 62.7 21.6 2008/09 Q.I 35.7 60.9 22.4 33.0 81.2 52.3 37.4 75.8 69.8 23.5 Q.II 35.2 61.1 22.4 30.2 75.6 47.5 34.0 78.2 56.8 23.9 Q.III 34.1 58.3 21.3 25.3 75.6 49.2 35.2 79.5 43.1 25.0 Q.IV 34.7 56.9 21.9 29.3 71.6 48.0 34.4 79.9 30.6 27.8 2009/10 Q.I 35.0 56.6 22.9 30.3 69.3 44.8 32.0 80.4 28.8 28.3 Q.II 35.1 54.4 23.0 30.3 70.6 43.6 31.2 79.5 28.7 31.2 Q.III 36.4 53.6 23.5 29.9 75.1 46.5 33.3 79.9 33.3 35.9 Q.IV 36.8 51.8 24.3 30.5 78.8 50.9 36.4 80.4 41.3 36.7 2010/11 Q.I 38.2 52.0 26.8 33.2 80.0 62.5 44.7 80.1 41.7 37.2 Q.II 40.8 51.9 28.6 34.2 92.7 70.0 50.1 80.8 38.8 42.4 Q.III 44.8 52.1 25.4 36.4 107.1 78.4 56.1 81.7 42.3 56.3 Q.IV 48.8 60.1 33.3 44.9 135.3 72.4 51.8 83.6 63.0 56.2 2011/12 Q.I 52.4 62.4 39.0 49.6 102.0 69.8 50.0 83.8 78.3 61.1 Q.II 54.8 66.4 40.1 49.7 104.0 64.3 46.0 84.1 79.5 66.4 Q.III 61.2 67.5 40.7 49.6 104.7 69.7 51.3 84.6 58.9 85.8 Q.IV 67.9 71.3 52.3 50.9 135.2 67.8 60.4 85.3 67.6 89.4 2012/13 Q.I 70.1 76.5 57.6 52.3 103.5 73.9 58.7 85.7 71.7 97.1 Q.II 71.1 78.5 58.8 56.0 102.4 68.4 57.1 85.3 65.8 97.7 Q.III 69.1 76.8 58.4 58.2 97.5 73.4 49.2 84.7 67.5 91.7 Q.IV 73.2 78.4 67.2 59.0 97.6 74.1 63.5 85.7 67.0 84.8 2013/14 Q.I 78.7 83.3 71.8 63.5 98.2 76.0 76.5 85.6 67.7 93.3 Q.II 78.4 88.3 68.5 59.2 98.3 67.5 65.7 84.9 66.6 88.1 Q.III 76.9 84.4 69.1 63.5 98.1 75.6 64.0 84.8 68.5 85.2 Q.IV 79.2 85.0 73.1 66.4 98.5 87.4 71.6 85.1 66.8 84.7 2014/15 Q.I 84.8 91.7 79.0 71.0 99.6 82.3 79.3 84.7 65.0 87.9 Q.II 85.8 94.5 76.4 67.7 99.7 80.4 81.9 85.5 67.9 85.2 Q.III 86.2 93.9 76.4 70.4 100.2 111.7 82.6 85.1 77.6 77.5 Q.IV 90.0 96.8 83.5 72.1 101.3 107.2 85.6 84.2 97.0 74.7 2015/16 Q.I 90.6 95.9 83.9 76.4 100.4 89.1 83.1 83.4 123.8 72.1 Q.II 92.1 95.1 84.7 80.1 102.1 83.0 91.2 84.5 128.3 73.4 QIII 92.7 95.5 84.1 81.2 102.1 94.9 93.3 98.3 122.4 70.8 QIV 97.3 93.0 94.4 87.8 100.1 110.4 110.2 105.7 136.2 83.7 2016/17 QI 102.3 99.1 101.3 92.6 100.1 98.1 120.1 106.4 113.7 87.9 QII 100.7 99.6 99.3 98.6 100.1 96.2 108.2 104.5 96.5 100.3 QIII 100.0 95.3 102.9 0.0 99.5 101.7 103.3 107.7 102.8 102.1 102.4 QIV 107.5 106.3 108.5 0.0 102.2 125.2 121.2 108.3 109.7 106.2 97.2 2017/18 QI 110.8 112.9 105.2 0.0 108.4 135.9 143.1 101.6 114.7 110.2 99.5 QII 110.6 116.6 103.5 0.0 107.2 110.4 152.7 103.5 110.1 110.0 97.4 QIII 110.1 114.3 101.9 0.0 112.2 109.7 150.4 105.3 106.6 114.9 96.0 QIV 116.0 122.3 114.9 0.0 117.5 110.6 138.8 103.7 107.9 126.9 99.7 2018/19 QI 123.5 129.1 121.5 0.0 130.1 113.0 124.3 118.6 106.9 129.7 102.5 QII 123.7 135.0 122.5 0.0 132.2 112.6 129.0 103.9 108.2 127.7 98.2 QIII 125.9 136.6 119.5 0.0 135.8 113.7 137.6 110.9 109.1 130.8 99.6 QIV 138.8 140.5 146.3 0.0 146.3 116.5 170.2 147.5 116.8 141.6 100.7 2019/20 QI 153.9 161.0 157.2 0.0 160.0 118.9 170.5 164.9 121.9 148.7 106.4 Source: Central Statistical Agency HARARI Table 22 (F6): Regional States' Consumer Price Index (Food) December 2016 = 100 First Quarter 2019/20 | 113

Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2007/08 Q.I 24.7 26.3 21.1 19.5 24.4 22.0 22.3 23.2 62.8 26.9 Q.II 26.4 28.3 21.1 20.0 27.5 24.7 24.9 22.8 64.4 28.2 Q.III 29.5 32.3 22.9 22.7 30.0 31.1 31.4 25.4 65.9 29.0 Q.IV 37.5 43.1 25.8 25.6 33.9 34.6 35.0 27.9 75.0 31.3 2008/09 Q.I 47.9 60.7 28.5 27.6 33.9 34.1 34.5 34.3 83.7 31.7 Q.II 43.0 56.1 28.6 28.4 32.0 33.5 33.9 35.8 62.9 32.6 Q.III 40.3 51.6 28.6 29.3 29.7 40.2 40.6 41.9 41.6 34.6 Q.IV 40.8 50.6 29.5 31.7 29.0 44.0 44.4 44.3 33.8 35.6 2009/10 Q.I 41.0 52.2 30.1 32.1 29.8 37.5 37.9 45.3 34.8 37.4 Q.II 39.3 50.0 29.8 32.2 30.0 37.1 37.5 45.4 39.1 41.0 Q.III 39.7 50.0 30.6 33.6 30.2 40.5 41.0 49.6 45.8 42.0 Q.IV 39.9 48.4 31.6 34.5 32.4 42.4 42.9 50.8 59.6 41.4 2010/11 Q.I 40.6 47.9 33.1 36.4 35.3 44.1 44.6 49.4 67.4 47.3 Q.II 43.2 47.5 33.0 38.4 43.3 52.5 53.0 51.5 60.1 58.4 Q.III 48.2 49.8 29.8 42.6 47.2 62.1 62.8 49.6 62.3 76.6 Q.IV 57.4 58.5 33.3 46.3 66.4 64.1 64.8 51.5 90.2 85.4 2011/12 Q.I 62.1 64.9 42.0 48.2 69.0 56.8 57.4 52.6 100.3 84.6 Q.II 65.1 69.7 45.0 48.7 65.7 59.7 60.3 56.3 99.6 93.5 Q.III 70.3 74.2 51.7 55.5 68.5 65.2 71.5 58.2 89.8 92.4 Q.IV 76.1 79.7 62.4 63.1 74.4 64.1 80.7 58.0 94.5 83.8 2012/13 Q.I 76.4 84.0 66.6 62.2 72.0 75.8 79.3 60.0 85.1 84.3 Q.II 75.0 83.8 67.6 62.9 68.8 87.2 72.9 62.7 79.0 80.9 Q.III 74.7 81.5 70.2 66.3 68.8 81.4 73.0 67.9 73.4 77.1 Q.IV 75.7 83.0 70.3 66.7 71.4 79.8 75.4 67.4 73.5 75.2 2013/14 Q.I 79.2 90.0 73.7 68.5 70.6 83.7 77.5 72.2 74.5 74.7 Q.II 81.3 95.3 75.1 68.8 69.9 82.3 75.3 71.5 76.1 75.6 Q.III 79.0 83.1 76.2 72.0 73.1 86.1 79.0 70.4 73.3 76.7 Q.IV 82.4 87.3 78.1 74.7 77.4 80.5 81.5 71.7 86.9 90.4 2014/15 Q.I 87.0 92.2 80.5 76.4 85.8 86.5 80.6 70.9 111.2 93.1 Q.II 87.7 90.6 81.1 77.5 87.8 85.1 85.6 73.8 102.3 95.0 Q.III 91.3 86.9 83.2 82.9 91.7 88.4 96.4 71.9 111.6 87.7 Q.IV 98.3 90.2 86.6 92.2 100.3 88.1 101.8 75.2 156.2 80.9 2015/16 Q.I 105.6 95.4 91.7 92.8 101.0 94.2 101.6 73.4 238.9 78.3 Q.II 104.0 95.0 94.0 94.8 96.5 99.1 105.0 74.7 202.7 78.8 QIII 100.5 96.0 94.2 99.8 95.4 101.7 101.3 78.0 141.5 74.5 QIV 102.7 97.8 96.4 104.9 98.5 102.4 112.3 77.4 134.9 78.8 2016/17 QI 104.9 102.7 100.2 102.2 99.5 100.3 117.9 83.8 128.0 89.1 QII 101.8 103.5 99.3 101.2 99.4 100.3 102.3 92.2 110.9 98.0 QIII 101.6 99.1 98.9 0.0 104.6 100.8 104.5 107.8 89.1 107.1 95.3 QIV 108.8 110.1 104.2 0.0 112.3 96.3 106.9 120.7 85.7 116.2 93.2 2017/18 QI 112.9 123.9 108.0 0.0 112.6 94.5 124.6 113.4 86.7 124.1 97.7 QII 116.2 129.8 112.0 0.0 113.7 88.7 135.5 114.4 82.9 128.8 106.3 QIII 116.6 123.1 117.6 0.0 119.6 83.7 140.5 124.2 79.4 139.5 101.1 QIV 120.3 132.4 124.6 0.0 130.7 80.8 142.7 119.4 80.0 143.5 105.9 2018/19 QI 123.7 136.6 128.4 0.0 134.7 82.2 146.2 122.9 74.9 145.3 111.5 QII 124.5 137.2 129.1 0.0 137.0 85.1 148.7 124.7 76.5 143.4 109.6 QIII 128.0 138.6 135.0 0.0 143.0 83.8 153.0 136.0 79.6 152.7 102.3 QIV 143.1 154.9 147.1 0.0 155.3 93.4 164.7 167.3 87.3 152.9 105.2 2019/20 QI 152.2 173.8 158.5 0.0 152.9 92.6 181.5 172.9 92.3 159.1 111.5 Source: Central Statistical Agency OROMIA Table 22 (F7): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2007/08 Q.I 22.4 25.1 21.1 19.9 34.3 20.3 17.8 36.3 24.7 30.4 Q.II 23.4 26.2 21.7 21.0 37.7 22.3 19.6 35.9 28.7 31.9 Q.III 26.3 28.6 22.8 22.0 44.4 28.2 24.8 40.9 28.5 33.8 Q.IV 34.4 41.3 26.0 24.8 48.8 33.9 29.8 47.1 32.7 37.0 2008/09 Q.I 43.6 59.9 29.7 26.8 47.6 30.1 26.4 55.5 36.7 39.5 Q.II 38.0 53.7 29.3 28.2 47.6 30.6 26.9 59.9 27.7 36.9 Q.III 35.5 47.9 27.4 30.3 46.4 33.7 29.6 66.9 19.2 34.2 Q.IV 36.8 49.2 28.8 31.6 50.8 36.7 32.2 68.2 15.1 35.4 2009/10 Q.I 37.2 50.8 30.6 33.4 48.0 33.5 29.4 69.1 14.8 43.6 Q.II 37.0 48.2 30.8 35.4 48.8 37.1 32.6 71.5 18.4 43.3 QIII 36.8 47.3 31.0 36.9 48.7 37.8 33.2 74.3 21.9 40.5 Q.IV 35.8 46.3 32.6 36.8 49.5 35.3 31.0 75.6 28.8 41.7 2010/11 Q.I 35.9 44.1 33.2 37.3 50.4 39.3 34.6 75.7 36.7 50.1 Q.II 38.2 44.6 33.9 40.7 59.4 45.3 39.8 80.2 29.0 61.0 Q.III 44.6 50.5 29.4 43.6 67.5 56.4 49.6 80.7 32.4 92.1 Q.IV 55.5 60.7 33.1 46.4 89.5 62.6 55.0 85.1 45.5 115.0 2011/12 Q.I 59.5 69.9 43.1 48.1 77.6 48.9 43.0 88.0 49.0 121.7 Q.II 61.0 70.6 47.8 50.5 74.7 59.3 52.1 90.7 50.7 115.0 Q.III 66.4 73.3 54.3 56.5 81.1 63.4 62.0 94.1 51.6 112.6 Q.IV 72.9 82.7 63.9 58.1 91.8 62.8 68.6 95.1 54.1 103.0 2012/13 Q.I 74.7 89.9 68.9 58.8 82.7 69.2 68.7 91.2 53.8 98.7 Q.II 73.8 78.8 69.4 61.1 81.0 81.2 73.1 92.6 52.2 93.7 Q.III 74.4 77.4 71.2 63.9 82.3 73.7 75.6 94.9 51.1 84.4 Q.IV 76.1 85.6 75.5 66.7 83.7 67.2 73.6 95.6 51.8 84.9 2013/14 Q.I 79.2 91.1 76.8 67.7 82.0 65.9 76.8 93.4 51.7 88.6 Q.II 78.7 87.5 80.9 69.3 83.0 73.3 76.5 93.2 53.7 83.7 Q.III 79.6 81.7 81.6 72.6 85.8 70.0 81.3 93.5 54.7 79.3 Q.IV 82.5 89.3 83.7 72.4 89.3 66.2 79.7 93.9 55.8 110.0 2014/15 Q.I 81.8 91.9 84.6 76.8 86.9 68.7 75.9 94.8 52.0 120.6 Q.II 81.3 81.5 85.8 78.6 91.3 78.6 78.5 97.9 57.8 122.0 Q.III 83.7 80.0 86.9 82.5 98.1 83.0 83.3 97.2 64.2 112.9 Q.IV 90.5 85.9 90.5 85.5 103.6 75.9 92.2 96.2 77.0 111.4 2015/16 Q.I 92.4 91.1 95.4 86.4 101.4 84.5 90.8 97.0 94.5 104.9 Q.II 88.9 86.2 95.6 87.9 100.2 91.7 86.2 97.1 98.2 93.4 QIII 91.5 90.4 96.3 93.1 98.0 92.6 90.6 97.6 93.1 87.2 QIV 96.3 97.8 100.0 95.8 102.6 83.9 92.8 104.7 110.5 92.1 2016/17 QI 97.6 100.9 102.1 97.1 100.6 93.8 92.9 105.2 108.4 101.0 QII 98.7 99.8 102.2 98.9 98.2 100.8 96.5 104.4 101.1 103.1 QIII 102.1 102.4 104.2 0.0 102.0 105.0 102.7 110.6 106.2 103.9 97.9 QIV 114.7 121.8 109.1 0.0 106.4 114.4 104.5 117.4 107.3 107.7 103.7 2017/18 QI 119.3 134.0 114.0 0.0 107.9 111.8 113.4 106.9 107.4 109.9 110.4 QII 118.8 125.3 118.2 0.0 116.3 110.2 135.8 112.5 102.5 111.1 117.9 QIII 118.6 120.5 120.7 0.0 122.2 112.4 144.5 130.4 100.9 123.4 114.2 QIV 125.5 133.8 131.9 0.0 128.7 118.3 133.6 121.8 100.9 132.1 122.6 2018/19 QI 129.5 137.8 138.3 0.0 127.4 118.1 130.0 125.2 100.9 132.1 134.3 QII 128.5 133.3 137.9 0.0 132.5 118.3 147.8 126.7 101.0 132.1 122.4 QIII 129.0 135.9 141.5 0.0 138.6 120.4 151.5 138.6 101.6 129.9 113.3 QIV 141.5 154.3 157.2 0.0 148.4 124.5 161.3 157.3 108.7 133.5 119.2 2019/20 QI 153.2 169.6 171.3 0.0 153.8 131.2 165.0 161.2 118.2 137.1 131.6 Source: Central Statistical Agency SNNPR Table 22 (F8): Regional States' Consumer Price Index (Food) December 2016 = 100 First Quarter 2019/20 | 115

Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2007/08 Q.I 22.8 26.5 17.4 16.9 32.6 18.9 24.2 19.0 40.6 17.8 Q.II 23.6 27.9 19.8 17.3 39.5 18.9 24.2 18.2 37.2 17.3 Q.III 26.4 30.8 20.1 20.0 43.3 26.2 33.6 20.5 31.8 20.4 Q.IV 32.0 38.9 21.7 24.1 50.5 30.0 38.4 23.9 36.4 22.3 2008/09 Q.I 43.4 59.9 25.3 29.2 55.1 33.3 42.7 27.3 44.3 20.4 Q.II 39.7 54.4 24.7 29.9 52.5 31.1 39.9 31.1 33.5 21.3 Q.III 40.0 52.7 26.2 33.5 51.1 32.8 42.0 31.1 30.0 27.8 Q.IV 41.7 53.0 28.6 37.9 50.8 35.1 45.0 31.2 24.7 30.6 2009/10 Q.I 42.3 53.9 29.2 37.1 49.3 33.6 43.1 31.3 20.3 29.7 Q.II 42.7 54.8 31.4 37.1 50.6 31.8 40.8 31.2 22.3 29.9 Q.III 43.1 56.1 31.4 39.8 51.9 29.7 38.0 31.4 22.7 33.9 Q.IV 42.9 55.2 34.8 34.0 54.5 33.4 42.8 32.8 29.5 32.7 2010/11 Q.I 43.3 51.5 38.7 36.6 56.6 39.0 50.0 37.6 39.9 33.0 Q.II 50.2 52.6 41.9 44.6 66.7 46.0 59.0 45.2 32.6 50.7 Q.III 54.0 57.0 36.3 48.6 77.8 46.3 59.4 48.6 34.0 53.3 Q.IV 59.8 63.6 42.6 51.2 85.0 53.4 68.4 51.6 48.1 51.5 2011/12 Q.I 62.5 71.4 53.2 51.2 91.4 49.8 63.9 58.9 63.9 38.6 Q.II 64.5 74.3 53.8 52.2 85.1 47.4 60.8 61.5 61.2 43.1 Q.III 70.3 79.0 62.8 60.6 87.4 59.3 67.5 63.9 61.4 56.6 Q.IV 73.5 79.6 72.5 60.8 87.0 55.7 80.3 72.0 66.6 58.6 2012/13 Q.I 74.5 79.9 78.0 62.0 88.3 59.6 81.7 71.5 66.5 76.8 Q.II 78.0 84.8 77.5 69.3 87.0 65.2 75.5 71.7 70.5 87.3 Q.III 77.5 83.8 82.5 70.8 87.7 68.2 63.3 71.9 71.1 86.3 Q.IV 78.8 85.0 85.6 66.6 87.1 61.0 80.7 73.6 74.7 91.6 2013/14 Q.I 80.3 87.3 89.9 67.5 83.6 72.5 94.7 70.5 77.8 95.4 Q.II 82.2 92.9 86.0 71.9 84.8 75.0 79.0 69.5 81.1 91.1 Q.III 83.5 93.5 80.6 76.1 84.6 83.4 83.4 68.6 86.7 97.1 Q.IV 83.0 93.7 83.3 70.6 84.5 86.0 86.8 68.9 87.1 99.5 2014/15 Q.I 85.8 97.1 86.5 75.0 90.8 105.1 91.8 68.9 86.0 97.1 Q.II 86.3 98.7 86.7 73.6 92.2 85.7 91.0 68.9 88.0 99.7 Q.III 87.0 96.5 89.2 77.3 91.8 98.8 95.0 71.2 87.5 102.2 Q.IV 89.6 98.6 87.9 84.4 92.8 106.4 100.0 71.0 91.4 103.9 2015/16 Q.I 89.3 98.2 94.1 81.1 94.8 94.8 91.9 73.2 91.9 106.5 Q.II 91.3 100.8 86.1 89.7 92.8 118.0 93.6 73.1 86.5 101.7 QIII 93.4 101.8 93.2 94.4 91.2 120.2 92.6 76.1 89.5 101.7 QIV 93.2 100.2 99.7 88.5 87.7 114.6 117.2 78.3 85.6 99.7 2016/17 QI 95.1 101.1 105.0 88.3 91.0 108.7 126.4 78.9 99.2 100.2 QII 99.5 100.5 102.4 101.2 94.6 98.7 106.2 94.5 98.5 104.1 QIII 102.8 104.2 94.7 0.0 105.3 100.3 99.2 102.8 99.3 103.2 101.9 QIV 104.7 106.4 108.1 0.0 103.6 100.0 107.4 113.5 96.3 124.6 101.5 2017/18 QI 106.9 106.5 112.9 0.0 98.2 100.1 113.2 159.1 95.5 126.6 100.4 QII 113.9 119.4 117.9 0.0 103.6 99.9 117.9 139.6 103.2 132.0 102.9 QIII 114.4 119.6 119.9 0.0 100.4 100.1 116.2 124.5 109.4 153.4 105.4 QIV 119.7 131.9 121.6 0.0 96.8 101.0 126.1 122.6 113.3 145.2 104.3 2018/19 QI 129.0 138.5 119.6 0.0 113.2 101.1 129.1 134.6 129.6 147.2 111.9 QII 128.6 137.9 117.9 0.0 108.2 100.8 117.0 128.8 136.1 147.6 114.3 QIII 131.9 137.5 132.7 0.0 116.5 112.6 121.6 131.3 136.1 175.8 108.7 QIV 140.6 146.9 142.9 0.0 126.4 113.5 127.1 162.8 136.1 188.6 113.7 2019/20 QI 155.1 166.0 159.1 0.0 141.5 125.8 148.2 185.2 136.1 199.5 124.8 Source: Central Statistical Agency SOMALI Table 22 (F9): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 2007/08 Q.I 30.5 26.0 25.3 24.3 36.6 34.1 28.7 34.2 45.6 24.8 Q.II 32.7 27.9 25.4 24.7 40.3 38.7 32.5 33.8 49.2 28.7 Q.III 35.3 31.3 25.6 25.6 49.2 39.5 33.2 37.4 45.1 30.6 Q.IV 43.9 40.4 27.7 28.3 55.2 44.4 37.3 41.0 50.0 33.4 2008/09 Q.I 58.9 57.5 29.9 33.7 54.7 51.6 43.3 50.0 59.3 34.8 Q.II 55.5 55.4 29.4 36.2 51.1 51.8 43.6 50.0 48.0 32.8 Q.III 50.0 51.0 29.3 35.6 49.1 52.5 44.1 58.5 28.5 33.7 Q.IV 48.8 51.9 30.5 36.8 48.1 58.3 49.1 61.3 22.2 34.9 2009/10 QI 49.3 52.9 33.2 40.1 44.8 59.0 49.6 63.6 21.7 36.0 QII 49.6 52.5 32.3 41.5 46.4 49.0 41.2 68.1 22.3 45.2 QIII 48.4 51.7 31.9 39.8 48.5 50.4 42.4 70.8 25.8 46.9 Q.IV 49.9 52.1 34.6 43.1 52.0 54.7 46.0 74.6 35.6 47.2 2010/11 Q.I 49.9 52.2 36.7 44.6 54.3 62.1 52.2 70.1 37.0 46.8 Q.II 48.9 49.5 37.6 49.9 67.0 66.0 55.5 72.0 34.5 52.9 Q.III 50.5 49.9 37.5 49.3 71.5 65.8 55.3 69.7 34.4 75.3 Q.IV 58.5 56.0 42.4 51.2 91.1 74.8 62.9 75.8 50.8 104.6 2011/12 Q.I 64.6 60.1 54.2 60.0 86.3 82.4 69.3 71.3 61.4 105.8 Q.II 67.0 65.0 58.3 62.8 84.5 79.6 66.9 73.0 58.8 110.6 Q.III 69.8 72.9 61.5 64.5 90.0 74.9 71.6 75.4 48.2 117.2 Q.IV 76.2 82.0 71.5 71.9 90.8 79.8 76.0 74.0 51.0 114.3 2012/13 Q.I 81.0 87.6 77.9 77.2 93.1 89.9 79.6 75.0 60.5 97.4 Q.II 78.9 90.4 79.0 83.4 89.3 96.3 65.6 74.5 55.8 90.3 Q.III 77.9 91.2 79.0 81.9 90.5 96.3 58.5 76.9 54.9 88.3 Q.IV 81.9 98.6 80.9 82.6 92.4 78.2 62.9 77.1 55.7 86.2 2013/14 Q.I 89.7 107.0 87.9 88.8 92.0 54.1 82.3 74.4 57.5 87.4 Q.II 86.9 106.1 87.6 90.2 90.2 59.0 69.1 74.9 56.7 84.1 Q.III 82.0 94.5 87.1 86.5 94.4 59.0 68.3 74.5 55.8 85.9 Q.IV 84.4 96.6 91.4 83.3 95.7 59.0 70.2 74.4 56.8 95.1 2014/15 Q.I 85.9 97.8 88.0 92.3 98.4 66.5 73.4 75.1 58.5 103.0 Q.II 86.5 94.5 87.2 97.2 96.0 76.4 84.8 73.7 58.4 106.8 Q.III 83.8 88.0 87.7 89.8 99.2 81.7 82.5 74.7 60.0 104.8 Q.IV 85.1 87.6 89.9 93.3 95.3 81.7 86.9 74.8 64.0 104.3 2015/16 Q.I 92.0 95.1 90.0 100.4 101.8 74.3 98.2 74.8 75.6 99.3 Q.II 96.4 98.7 89.3 101.5 102.1 100.0 104.8 77.5 88.7 95.6 QIII 96.4 99.7 90.8 100.4 96.9 100.0 102.9 84.5 88.6 90.7 QIV 98.9 102.0 94.8 95.3 97.8 100.0 110.6 92.8 86.0 89.6 2016/17 QI 105.3 110.0 104.4 104.5 99.3 100.0 117.5 94.1 88.5 90.1 QII 103.3 107.1 103.4 106.1 100.3 100.0 102.2 97.6 97.6 97.0 QIII 101.1 102.8 100.9 0.0 104.2 101.9 99.1 97.0 94.3 100.0 105.0 QIV 104.8 109.1 106.1 0.0 106.9 106.5 102.8 99.5 95.6 99.9 103.0 2017/18 QI 111.5 116.7 123.7 0.0 111.9 108.0 108.6 107.2 102.4 95.7 101.7 QII 115.0 122.9 120.7 0.0 117.7 100.3 107.6 115.6 95.2 98.4 106.5 QIII 119.2 127.5 130.3 0.0 113.9 100.9 109.6 106.2 92.5 120.5 108.2 QIV 126.2 138.3 137.6 0.0 132.7 105.3 109.8 102.0 93.5 137.5 109.3 2018/19 QI 135.7 152.9 149.0 0.0 139.0 102.8 112.2 113.1 93.3 139.9 111.2 QII 144.7 170.4 151.5 0.0 146.1 106.3 140.4 121.9 93.5 143.3 110.1 QIII 145.5 170.1 152.1 0.0 144.6 106.7 145.7 118.6 93.9 153.6 111.6 QIV 155.9 180.3 168.3 0.0 153.0 109.4 159.9 135.6 100.3 155.3 114.7 2019/20 QI 169.6 196.7 183.7 0.0 179.9 109.7 161.5 160.4 104.0 157.3 114.7 Source: Central Statistical Agency TIGRAY Table 22 (F10):: Regional States' Consumer Price Index (Food) December 2016= 100 First Quarter 2019/20 | 117

Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import E F G H A B C D E F E F G H I=G/Y J=H/Z Djibouti 26.8 38.1 0.1 36.9 0.1 34.0 0.2 31.4 2.0 26.2 0.1 35.2 7.1 7.7 (4.4) 4,717.3 Egypt 58.5 4.5 139.1 3.3 53.5 1.7 57.1 4.3 17.0 63.8 2.4 49.8 43.3 0.8 (55.2) (19.1) Ghana 0.0 0.1 0.6 0.0 1.2 0.0 0.3 0.1 0.0 0.0 0.4 0.1 (66.8) 475.7 Kenya 9.1 9.1 7.8 7.3 6.2 10.8 10.3 2.2 4.3 9.3 7.7 10.3 13.0 6.0 20.8 (2.4) Libia - - - - - - - - 0.0 0.0 - - - - -- Morocco 105.5 0.1 107.8 0.1 0.7 0.0 0.4 0.8 0.1 130.2 0.0 182.0 0.0 0.0 9.1 (98.4) Nigeria 1.4 2.1 1.3 0.7 2.5 1.4 3.8 0.1 3.3 0.0 2.2 0.0 3.3 0.1 33.1 (95.7) Ruwanda 0.0 1.0 2.6 0.0 1.1 0.0 0.2 0.0 0.1 0.0 0.0 - 0.1 0.0 (92.7) 32.4 Somali Land 0.0 - - 0.3 - 0.1 - 0.1 0.0 0.4 - 0.0 - 0.3 - 419.3 Somalia 43.7 65.4 - 70.0 - 66.7 - 59.4 0.0 61.1 - - 78.7 - 12.5 - South Africa 56.0 2.7 120.9 3.3 46.9 2.0 53.6 2.3 2.5 106.1 1.7 37.7 35.2 2.0 (25.0) 1.6 Sudan 27.6 28.5 32.5 34.1 14.6 22.2 9.9 16.6 21.0 30.6 10.4 24.8 26.3 9.8 (33.2) 165.8 Tanzania 0.8 0.1 - 0.0 0.2 0.8 0.1 0.9 0.2 1.0 0.5 1.0 0.3 1.0 40.4 20.5 Uganda 0.0 0.1 0.1 0.0 0.1 0.2 0.1 0.4 0.1 0.2 0.1 (58.7) (70.8) Zambia 0.0 0.2 1.6 0.0 0.9 0.0 0.3 0.3 0.1 0.0 0.0 0.5 0.3 0.0 (67.0) 5.2 Zembabwe 0.0 0.1 0.0 0.1 0.0 0.1 - 0.0 0.0 (87.1) 251.0 Others 25.8 6.3 1.2 1.8 5.4 3.2 7.3 6.7 5.7 1.8 9.9 4.7 10.5 1.2 95.5 (63.5) Total 260.3 144.7 163.2 412.1 142.9 127.7 144.3 147.0 145.2 345.5 318.1 122.4 147.5 128.2 0.4 3.3 %Share Of Continent 19.57 21.69 7.34 11.32 22.75 24.68 3.47 3.31 21.1 9.7 9.28 16.01 20.40 3.42 (10.32) - Austria 13.5 0.1 10.6 0.1 9.3 0.0 0.0 4.5 0.0 11.3 0.0 11.7 6.8 0.0 (68.0) (27.1) Belgium 14.7 14.6 20.4 24.2 19.7 38.9 11.5 130.2 10.6 48.8 19.3 124.6 43.6 22.4 14.0 12.1 Bulgaria 1.0 0.9 1.0 0.5 0.9 16.2 1.4 0.5 1.2 14.0 0.8 13.2 7.0 0.5 (41.5) (56.8) Cyprus 1.5 0.2 0.3 1.3 0.2 1.1 - 1.0 0.1 1.9 0.2 1.2 0.1 1.5 (19.5) 34.0 Czech Republic 4.9 0.0 0.1 4.0 0.0 7.2 0.1 5.5 0.0 4.0 0.1 9.4 0.0 2.9 (41.6) (59.7) Slovakia 3.6 0.0 0.0 0.6 0.0 0.3 0.0 0.3 0.0 0.5 0.0 0.8 0.0 0.4 268.8 6.9 Denmark 4.2 0.1 0.6 6.1 0.1 7.6 0.2 25.6 0.3 12.4 0.5 10.6 7.0 0.2 187.8 (7.6) Finland 1.5 0.8 1.5 2.8 1.6 4.8 0.1 1.9 1.5 2.3 1.6 0.4 0.1 3.7 (95.8) (22.8) France 54.0 7.2 38.8 9.2 43.2 6.0 56.1 4.0 3.4 28.6 6.7 28.1 37.0 6.2 (14.3) 2.5 Germany 71.5 40.7 57.3 77.6 35.5 79.6 18.0 82.9 22.0 79.9 37.0 79.3 49.2 68.1 38.6 (14.4) Greece 2.1 3.7 1.6 1.2 0.8 1.9 0.7 1.2 2.8 2.4 3.4 1.1 1.0 1.1 19.8 (40.2) Hungary 5.2 0.0 0.1 2.7 0.4 3.9 0.2 3.8 0.1 1.6 0.1 3.9 0.2 3.4 (57.2) (12.8) Ireland 7.5 0.1 0.0 7.5 0.2 14.9 8.5 0.2 0.2 12.6 0.2 10.5 11.0 0.1 (52.2) (26.3) Italy 110.2 10.9 95.0 23.1 12.6 91.8 99.0 5.0 8.0 85.5 17.5 66.1 11.1 71.9 (12.4) (21.7) Netherlands 26.2 53.6 50.1 151.3 30.3 45.1 43.0 27.6 53.2 20.7 69.3 105.2 95.4 81.2 80.1 215.5 Norway 1.4 1.3 1.7 0.2 1.5 0.7 1.4 1.3 1.7 0.8 2.6 0.2 3.6 1.3 135.0 96.4 Poland 6.4 0.1 0.3 6.5 0.3 10.3 6.2 0.0 0.1 11.5 0.1 5.9 0.3 7.0 0.4 (31.7) Portugal 2.5 1.7 2.7 2.9 1.2 2.6 1.9 1.7 2.0 3.0 2.3 7.4 0.6 2.0 (53.3) (24.1) Rumania 1.7 0.2 0.1 33.0 73.3 0.0 15.0 0.4 0.0 9.9 - 33.1 38.6 0.1 - (47.3) Spain 12.7 2.4 10.2 4.3 15.8 5.2 22.4 2.9 4.8 21.7 4.6 15.9 17.8 4.2 (18.3) 13.2 Sweden 10.1 1.6 5.6 2.2 1.5 6.8 1.5 11.7 1.3 3.1 1.6 24.4 28.3 1.5 318.2 (0.6) Switzerland 46.3 6.9 5.9 9.7 15.8 19.5 9.3 4.4 3.8 6.8 5.3 27.8 32.3 7.0 (55.9) 66.2 Turkey 157.2 18.2 124.3 7.5 160.9 2.6 166.4 13.7 19.6 137.7 4.7 142.1 151.0 3.8 (6.1) 43.2 Ukraine 14.8 0.1 33.6 0.5 38.3 0.3 71.3 0.1 0.4 36.7 0.5 32.1 140.6 0.4 267.4 12.7 United Kingdom 63.2 8.6 12.9 52.9 10.5 116.5 69.2 7.6 11.1 84.2 12.6 56.6 10.4 52.1 (55.3) (1.0) Russia 35.2 3.1 21.1 3.8 56.1 1.7 17.9 2.8 3.9 41.0 4.0 8.1 3.6 45.7 113.7 (18.5) Yugoslavia - - - - - - - - 0.0 0.0 - - - - -- Others 15.3 0.9 3.3 2.1 8.1 7.7 11.3 12.2 12.2 21.1 14.4 10.7 3.4 7.0 32.3 (9.2) Total 648.1 217.6 210.6 727.6 171.4 859.3 131.6 854.1 164.5 704.0 823.2 209.4 218.3 884.6 3.0 27.3 %Share Of Continent 18.28 29.44 27.98 19.98 27.30 23.34 22.51 19.25 23.9 19.7 24.01 27.38 30.19 23.61 10.59 - Brazil 16.7 - 11.6 0.0 41.8 0.0 11.2 0.0 0.0 7.7 0.0 9.4 - 3.8 (100.0) (91.0) Canada 17.8 3.8 23.3 6.2 12.1 4.4 21.3 2.9 2.4 5.6 4.4 11.2 4.8 2.8 (37.1) (60.1) Cuba 0.0 - - 0.0 - 0.0 - 0.0 - 0.1 - 0.0 - 49.5 Mexico 1.2 1.0 1.6 1.4 1.0 3.7 0.2 1.1 2.2 0.6 1.3 3.4 0.5 1.6 (50.8) (58.3) United States 247.0 65.0 209.6 92.3 166.1 50.6 949.8 25.5 47.7 180.9 69.5 73.0 42.6 307.3 85.1 (15.8) Others 3.2 0.7 2.2 2.4 13.0 15.7 2.3 25.7 1.5 33.7 2.0 34.4 7.3 1.9 165.6 (17.8) Total 285.9 70.5 102.3 248.2 226.0 69.0 985.4 44.2 78.0 196.3 104.4 109.0 319.4 80.3 41.3 16.4 %Share Of Continent 8.07 9.53 13.60 10.98 6.82 7.56 6.14 22.21 11.3 5.5 14.25 11.10 3.05 8.53 1.14 - China, Mainland 1,066.8 63.4 859.2 33.3 1,083.1 40.6 959.8 35.4 34.5 1001.0 35.3 876.1 933.9 19.4 (13.8) (52.2) China, Taiwan 8.9 1.3 5.2 8.8 5.2 12.5 16.5 2.1 2.6 12.7 5.6 10.9 25.5 4.9 103.5 (5.0) Hong Kong 0.7 3.5 4.8 24.9 2.8 3.1 3.0 2.4 2.9 2.7 2.8 1.8 1.5 1.2 (49.3) (58.4) India 238.8 29.3 252.3 12.9 266.2 7.5 367.8 14.0 25.2 335.3 39.4 260.3 329.1 22.3 197.5 23.6 Indonesia 57.0 8.4 63.9 8.3 71.5 7.9 11.4 84.6 5.9 69.0 3.8 55.8 10.5 72.0 32.2 0.7 Israel 31.8 22.2 3.3 18.6 4.2 29.5 7.3 31.6 8.3 26.1 7.7 27.2 2.3 5.2 45.8 (28.4) Japan 135.1 16.7 98.1 30.9 26.6 80.5 24.6 99.7 29.9 93.2 40.9 101.5 80.7 32.8 23.4 0.2 N.Korea, Pdrk 0.6 0.2 0.0 0.4 0.2 0.3 0.1 0.5 0.0 0.7 0.1 15.9 0.5 0.0 (93.2) 61.5 S.Korea 40.2 10.7 13.4 46.9 12.5 46.2 50.7 8.5 10.9 40.5 14.4 43.0 16.7 39.5 33.8 (14.6) Kuwait 329.2 0.4 354.3 1.9 514.6 0.6 381.3 0.6 0.8 202.6 1.5 560.9 421.1 1.2 111.5 (18.2) Lebanon 0.3 0.8 0.2 0.4 0.8 0.4 0.5 0.4 0.3 0.2 0.5 0.3 0.4 0.4 (45.1) (8.2) Malaysia 84.1 0.5 83.6 0.5 84.3 0.0 115.1 0.0 0.1 65.5 0.6 56.4 37.4 1.3 - (55.6) Pakistan 23.2 4.1 30.9 2.2 24.7 2.7 14.5 2.1 1.0 4.4 0.5 6.2 0.2 5.8 (93.5) (76.4) Saudi Arabia 32.9 51.2 42.5 88.9 42.2 41.4 45.5 89.8 47.8 85.2 47.5 28.2 55.3 56.5 31.1 36.5 Singapore 3.9 2.6 2.7 3.1 1.2 4.0 1.8 4.3 8.0 28.5 10.9 7.5 4.9 9.6 522.8 139.3 Yemen 0.1 9.4 12.1 11.3 0.4 10.3 0.6 17.5 0.7 16.4 0.7 18.5 0.6 0.7 64.4 2.9 Thailand 26.8 1.6 25.8 1.5 72.0 1.1 48.2 1.3 1.2 32.0 1.2 28.5 27.3 0.9 (17.6) (62.1) UAE 195.3 24.2 221.4 33.5 102.4 28.2 135.7 26.9 39.2 221.4 37.7 90.8 23.5 98.3 (16.7) (4.0) Others 102.2 44.2 84.4 40.6 25.0 51.5 43.7 63.7 37.2 113.4 30.2 35.4 25.7 265.6 416.1 2.7 Total 2,349.4 304.3 2,252.0 268.7 2,466.2 235.1 2,443.4 261.3 295.9 2317.3 2,179.9 315.2 2,410.2 269.8 (2.3) 14.8 %Share Of Continent 66.26 41.15 35.71 61.83 37.44 66.98 44.69 55.08 43.0 65.0 63.58 41.21 37.32 64.33 (0.31) - Australia 0.8 1.8 4.1 1.2 7.3 2.2 3.0 4.4 2.7 1.3 7.6 1.7 5.0 2.2 (30.9) 1.8 Others 1.0 0.5 3.6 0.8 2.4 0.7 0.2 2.0 0.6 0.7 1.2 1.3 2.1 1.7 (11.5) 133.1 Total 1.8 2.3 7.6 2.0 9.7 2.9 3.3 6.4 3.9 2.0 3.0 8.8 7.1 4.0 34.8 (26.1) % Share Of Continent 0.05 0.31 1.01 0.05 1.54 0.08 0.56 0.14 0.6 0.1 0.09 1.15 0.99 0.11 (35.8) - Unspecified Unspecified - - - - - - - -- - - - -- Grand Total Grand Total 3,545.5 739.3 3,641.9 752.5 3,682.1 628.0 4,436.3 584.6 3,565.0 687.5 3,428.6 764.9 3,746.4 723.0 1.7 15.1 Source: Ministry of Revenues

Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All import data are updated based on revised data from the Ministry of Revenues, while export data includes electricity export Asia: Oceania: QIII QIV QI Africa: Europe: America: Country of Origin 2017/18 2019/20 (In millions of USD) Table 23: Direction of Trade** Percentage Change QIV QI 2018/19 QII QIII 118 | National Bank of Ethiopia Quarterly Bulletin

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 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 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 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 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 Qtr II 51,511.3 117,658.6 1,674.6 110,392.2 4,159.4 47,367.3 2,718.8 0.5 - 4,351.2 11,176.4 - 125.5 2,132.6 1,156.7 3,427.0 Qtr III 52,367.3 105,505.6 1,464.4 148,509.3 5,016.1 44,155.0 8,278.5 1.3 - 4,454.0 12,021.5 - 116.5 633.7 1,266.6 3,991.2 Qtr IV 78,831.9 55,900.9 1,683.2 110,401.4 6,081.8 50,628.4 9,630.0 0.2 - 7,949.2 12,616.2 - 98.7 60.4 259.0 4,170.9 Qtr I 59,199.0 42,370.8 1,539.8 69,123.1 4,703.0 41,609.1 7,355.1 0.5 - 7,180.1 14,228.7 - 88.0 288.6 182.0 4,591.6 Qtr II 43,975.2 60,708.1 1,725.6 109,546.3 4,334.4 42,419.5 8,844.6 0.1 - 2,320.1 14,260.7 - 31.8 44.9 - 4,802.1 Qtr III 48,139.8 87,260.6 1,166.0 150,345.7 4,417.6 41,420.9 10,006.2 0.1 - 7,066.4 12,529.6 - 69.5 35.1 70.9 5,158.2 Qtr IV 79,617.4 69,662.1 1,159.0 133,806.5 4,264.1 50,170.1 17,500.3 0.1 - 7,780.1 12,547.0 - 93.9 17.5 - 5,336.9 2019/20 Qtr I 80,530.9 35,026.1 1,122.7 87,604.0 3,654.0 48,805.8 7,500.2 0.2 - 12,498.8 16,282.2 - 66.0 16.7 - 6,934.0 Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) ** Others refer the summation of export volumes from Tantalum to Electricity Table 24 continued: 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* 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 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 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 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 Qtr II 1,912.9 1,105.0 - - - 66.2 - 10,726.6 1,088.1 2,673.6 15,441.8 263,647.3 39,730.5 390,866.2 Qtr III 2,499.6 431.6 - - - 62.8 - 13,450.8 744.6 2,562.9 20,014.2 331,984.7 5,891.5 387,781.0 Qtr IV 739.8 448.5 - - - 62.0 - 13,550.1 885.5 4,409.6 15,536.9 513,474.6 4,490.2 338,312.3 Qtr I 553.9 108.1 - - - 16.4 - 12,122.2 989.9 3,446.0 9,478.5 293,768.7 5,062.2 - 252,459.3 Qtr II 264.2 197.4 - - - 45.0 - 11,998.8 1,032.3 2,316.8 17,858.8 298,893.7 38,560.4 - 326,726.8 Qtr III 1,692.9 393.9 - - - 72.5 - 13,785.0 1,035.8 2,016.5 20,034.3 280,763,322.9 280,763.3 - 643,185.9 Qtr IV 1,069.0 411.9 - - - 0.6 - 19,943.2 1,346.9 3,810.5 45,367.5 453,904.8 280,763.3 - 657,363.9 2019/20 Qtr I 669.8 709.6 - - - 12.5 - 26,141.5 812.2 4,361.9 30,467.7 167,043.2 70,125.9 363,216.7 Source: Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) ** Others refer the summation of export volumes from Tantalum to Electricity 2016/17 2017/18 2018/19 Table 24: Volume of Exports, by major commodity groups Period 2014/15 2015/16 2014/15 2015/16 Period 2016/17 2017/18 2018/19 (In metric tone) First Quarter 2019/20 | 119

Table 25: Value of Exports, by Major Commodity Groups (In Thusands of Birr) Coffee Oil Seeds Leather and Leather products Pulses Meat & Meat Prodts. Fruits & Vegetables Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts Qtr I 3,601,606.60 1,782,898.66 650,939.82 1,231,102.44 472,079.61 202,646.32 - 1,548,672.59 - 1,182,546.88 1,316,313.98 - 21,439.25 74,818.49 4.74 420,448.06 Qtr II 2,518,466.43 2,455,328.14 599,692.01 1,157,023.03 416,795.93 256,407.19 - 1,283,486.68 - 615,036.67 1,658,532.63 - 21,584.25 82,407.47 - 364,718.87 Qtr III 3,450,896.65 3,515,303.69 693,219.39 1,243,523.40 473,887.80 245,897.65 - 2,365,432.58 - 462,946.54 1,325,665.80 - 16,251.30 23,524.21 231.25 779,611.07 Qtr IV 6,163,963.66 2,515,767.17 700,896.33 777,563.07 503,104.87 251,662.78 - 1,201,434.50 - 716,025.97 1,167,518.10 - 36,452.15 21,895.90 - 404,544.21 Qtr I 3,833,482.55 1,117,113.73 611,869.33 1,008,591.81 536,437.89 284,426.10 - 1,533,270.26 - 1,513,932.09 1,513,299.59 - 12,738.43 43,474.09 - 462,484.53 Qtr II 2,483,305.88 1,744,206.98 599,845.57 1,270,029.37 461,902.72 285,570.28 - 1,353,852.86 - 562,849.10 1,382,213.41 - 14,305.96 40,780.40 - 399,474.19 Qtr III 3,468,404.77 4,246,993.00 565,811.69 1,296,829.87 503,926.11 283,215.63 - 1,428,736.52 - 444,847.26 1,286,804.44 - 7,269.83 44,244.54 11.59 384,833.83 Qtr IV 5,482,069.78 2,968,529.53 646,580.27 1,311,552.35 524,281.73 274,857.76 - 1,797,371.68 - 568,958.88 1,329,711.26 - 17,011.91 23,065.16 - 387,202.37 Qtr I 3,967,681.81 1,566,890.84 568,470.09 1,122,225.51 481,858.65 294,980.86 - 1,429,988.74 - 729,289.63 1,646,044.16 - 12,745.69 41,717.52 - 461,145.78 Qtr II 2,947,226.42 1,545,549.69 642,588.05 1,736,431.27 533,074.66 325,785.53 - 751,520.29 - 214,348.91 1,504,475.06 - 10,395.38 29,485.20 - 457,402.49 Qtr III 5,262,982.58 2,447,326.56 570,064.32 2,162,962.11 562,140.77 305,094.56 59,869.51 1,020,138.31 - 212,897.51 1,460,530.31 - 19,689.21 33,777.29 - 516,886.85 Qtr IV 7,719,668.05 2,331,595.43 777,873.35 1,254,944.02 637,647.65 331,887.52 55,562.19 1,482,343.45 - 349,972.81 1,502,640.11 - 17,736.43 32,881.43 - 568,850.61 Qtr I 5,011,278.90 1,744,858.76 769,891.95 1,067,855.73 562,830.79 362,770.12 73,122.09 665,027.05 - 698,508.03 1,478,336.66 - 3,557.04 32,525.56 35,581.39 709,998.20 Qtr II 4,443,198.44 3,834,235.78 949,826.11 1,839,139.38 563,485.93 417,619.41 7,754.76 501,643.73 - 212,460.16 1,641,071.57 - 27,767.27 73,565.65 44,337.81 508,420.22 Qtr III 4,861,307.06 3,706,619.53 788,275.50 2,307,768.02 684,152.76 386,724.14 27,284.49 1,256,940.42 - 217,174.16 1,846,728.64 - 27,095.50 35,121.47 49,979.95 678,085.12 Qtr IV 7,577,696.00 1,903,139.95 947,815.16 1,909,501.27 851,498.53 436,383.47 25,421.15 182,145.95 - 410,929.25 1,916,101.39 - 22,891.58 104,794.87 10,452.29 798,725.24 Qtr I 5,606,714.42 1,595,732.93 912,007.83 1,193,432.93 664,247.51 406,255.91 18,005.50 429,197.17 - 400,073.40 2,162,094.27 - 20,306.93 41,732.37 6,947.01 932,321.83 Qtr II 3,612,728.79 2,533,022.91 939,790.06 1,917,614.35 589,620.38 408,648.39 22,162.45 103,196.93 - 124,210.78 2,244,183.10 - 7,953.53 102,966.16 - 964,078.79 Qtr III 4,674,836.41 3,683,306.94 688,275.06 2,550,109.98 612,962.22 393,723.19 24,457.76 97,457.01 - 360,827.07 2,047,883.83 - 16,807.45 82,487.28 1,625.18 1,139,113.35 Qtr IV 7,596,429.28 3,109,261.04 745,400.80 1,998,393.93 618,118.57 500,841.03 42,084.77 145,854.56 - 402,843.34 2,056,960.28 - 22,589.88 47,105.95 - 1,260,749.58 2019/20 Qtr I 6,750,439.44 1,568,071.12 686,309.06 1,416,493.64 538,072.54 476,181.88 17,614.88 178,598.49 - 702,058.85 2,691,144.01 - 15,808.72 23,708.43 - 1,507,985.47 Source: Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) 2016/17 Period 2014/15 2015/16 2017/18 2018/19 120 | National Bank of Ethiopia Quarterly Bulletin

Table 25 continued: Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity Others* Re-Exports Grand Total Qtr I 150,602.42 48,948.61 - - - 9,515.37 - 863,071.79 17,535.03 139,740.12 478,824.02 301,876.97 495,271.29 - 12,505,517.44 Qtr II 45,667.00 50,931.24 - - - 18,480.82 - 941,129.15 19,768.74 214,032.25 317,035.83 205,459.11 447,126.34 - 11,429,479.30 Qtr III 56,976.52 61,952.36 - - 250.92 12,177.23 - 1,114,876.62 17,489.82 166,314.22 352,692.15 213,847.85 803,366.52 - 14,596,391.33 Qtr IV 66,311.12 69,121.82 - - - 5,966.71 - 1,167,788.58 25,107.58 127,762.90 308,093.40 136,269.21 426,440.11 - 14,460,828.72 Qtr I 46,093.59 34,858.54 - - - 18,622.23 - 1,112,635.18 27,384.59 81,105.78 315,695.13 114,332.66 505,958.62 - 12,471,120.40 Qtr II 38,982.52 43,255.52 - - - 6,606.44 - 1,106,521.26 23,434.28 136,724.05 399,943.14 163,153.89 440,254.59 - 10,598,336.69 Qtr III 66,187.87 47,327.01 - - - 11,996.87 - 1,336,078.82 26,837.95 208,123.71 464,528.36 116,892.36 429,089.96 - 13,961,929.09 Qtr IV 33,947.12 50,557.29 - - - 4,703.20 - 1,182,616.71 32,124.90 140,268.60 366,561.08 322,189.21 410,267.52 - 15,331,192.67 Qtr I 15,454.20 41,522.18 - - - 10,707.79 - 1,105,141.90 20,112.72 131,608.91 399,218.95 394,411.57 502,863.29 - 12,323,039.26 Qtr II 38,022.84 56,872.05 - - - 3,649.66 - 1,045,226.32 20,345.58 111,679.53 500,765.25 300,235.98 486,887.69 10,698,282.95 Qtr III 102,075.77 64,418.22 - - - 13,778.95 - 1,366,378.54 22,716.24 176,613.38 593,113.21 384,298,139.26 550,664.13 14,634,359.88 Qtr.IV 195,142.14 118,724.11 - - - 22,421.80 - 2,287,106.82 36,930.87 302,310.02 1,015,628.87 671,946,659.59 940,887.77 - 25,243,562.23 Qtr I 64,616.68 38,735.39 - - - 10,124.92 - 1,266,346.36 22,798.98 101,110.03 443,307.74 517,682.43 778,105.16 - 13,216,142.28 Qtr II 29,613.61 86,711.99 - - - 5,137.37 - 1,322,830.19 35,531.87 106,985.75 296,197.05 399,594.85 2,908,926.36 17,347,128.89 Qtr III 42,778.32 52,128.29 - - - 3,808.18 - 1,776,936.74 22,194.74 101,646.73 326,520.65 500,366.79 763,186.55 16,873,256.77 Qtr.IV 19,770.96 56,224.93 - - - 4,624.29 - 1,615,957.90 28,273.77 131,539.76 251,415.39 780,060.63 3,801,840.03 19,985,363.74 Qtr I 17,470.15 16,093.37 - - - 1,475.15 - 1,451,212.49 25,556.93 113,331.98 277,665.97 456,745.80 3,340,553.05 16,748,621.86 Qtr II 10,513.78 30,837.40 - - - 4,216.15 - 1,467,006.89 25,714.57 76,167.11 295,922.64 465,255.34 3,442,678.83 15,945,810.49 Qtr.III 33,496.23 49,308.62 - - - 7,549.68 - 1,805,661.75 28,921.70 81,210.40 384,709.47 455,941.67 4,070,025.33 19,220,672.25 Qtr.IV 20,460.31 48,683.46 - - - 227.39 - 2,504,340.79 34,552.63 111,198.37 556,139.47 136,119.39 4,719,577.34 21,958,354.82 2019/20 Qtr I 19,375.25 65,291.30 - - - 1,011.08 - 3,357,991.98 20,282.22 126,256.43 570,324.43 297,530.17 5,989,756.76 21,030,549.39 Source: Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) 2018/19 Period 2014/15 2015/16 2016/17 2017/18 First Quarter 2019/20 | 121

Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 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 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 Qtr I 5,174,484 178,486 25,900 25 7,812,912 981,066 1,535,843 645,674 921,470 1,676,917 638,321 Qtr II 2,903,309 161,168 32,573 7 9,779,325 668,951 3,447,434 897,417 664,975 1,619,764 666,069 Qtr III 4,038,531 155,586 27,239 84 11,196,395 610,163 2,208,577 279,284 585,677 1,659,964 602,408 Qtr IV 2,714,657 204,161 36,574 3,613 10,354,648 1,063,782 5,087,230 269,118 917,879 1,751,928 550,387 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 Qtr II 6,544,508 216,136 26,897 172 14,481,837 1,094,307 1,784,113 651,619 975,471 1,786,643 614,351 Qtr III 3,875,159 231,936 25,794 1,527 15,362,850 1,045,727 3,158,363 200,846 734,633 1,431,496 476,604 Qtr IV 6,829,349 153,048 32,263 96 18,551,748 1,172,184 5,286,696 311,339 875,399 1,533,488 432,250 Qtr I 6,108,505 171,395 18,926 - 17,291,911 1,640,216 3,200,286 537,018 997,360 1,938,502 563,586 Qtr II 4,400,932 119,231 35,128 876 17,632,840 1,406,331 4,955,085 1,001,683 891,969 2,117,501 866,013 Qtr III 5,007,888 92,947 28,053 - 17,506,737 1,179,234 1,885,652 447,431 1,013,454 1,792,978 693,449 Qtr IV 3,765,871 163,893 25,126 9 17,511,115 1,129,430 7,668,833 445,573 1,020,599 1,849,875 841,461 2019/20 Qtr I 9,086,741 204,261 29,042 - 16,699,933 1,479,065 3,582,154 267,772 1,274,355 2,038,489 1,042,851 Table 26: Value of Imports, by Major Commodity Groups** (In 000 birr) 2017/18 2018/19 Period 2014/15 2015/16 2016/17 122 | National Bank of Ethiopia Quarterly Bulletin

Table 26: (continued) Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 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 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 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 19,005,059 88,878,692 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 87,611,064 Qtr III 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 84,013,849 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 93,767,307 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 Qtr II 1,264,948 2,349,149 1,033,330 9,463,471 16,898,937 8,663,856 7,197,524 1,375,593 115,803 30,611,664 105,774,738 Qtr III 1,169,718 3,120,985 695,758 8,974,972 16,948,824 6,542,352 6,975,499 1,409,797 98,565 25,455,731 96,527,340 Qtr IV 1,286,900 1,828,263 579,208 7,929,223 14,869,246 4,900,213 6,092,034 1,782,783 82,770 26,492,914 99,238,631 Qtr I 1,562,470 2,163,693 701,640 9,627,455 17,850,408 4,941,253 7,724,711 1,251,621 80,252 23,862,895 100,982,482 Qtr II 1,732,147 1,348,460 742,908 11,005,781 14,079,383 5,621,035 6,815,022 942,366 73,570 48,546,021 123,391,918 Qtr III 1,679,391 1,234,317 737,995 10,736,343 15,201,505 5,282,974 7,548,035 1,388,347 540,334 28,166,238 100,774,956 QIV 1,771,434 1,824,720 806,768 9,306,267 12,236,842 6,306,055 5,842,118 1,071,067 670,598 25,058,207 98,244,794 2019/20 Qtr I 2,285,861 1,462,753 880,465 10,749,605 16,282,976 4,480,745 5,902,375 791,672 248,197 30,995,465 108,993,105 Source: Ministry of Revenues

Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ministry of Revenues 2017/18 2018/19 Period 2014/15 2015/16 2016/17 First Quarter 2019/20 | 123

(In Metric Tons) Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 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 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 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 Qtr III 450,363 5,909 352 0 915,650 31,762 5,462 183 12,043 25,729 28,015 Qtr IV 243,404 7,732 403 71 876,711 41,865 7,640 200 17,801 27,887 24,745 Qtr I 571,803 6,717 226 - 884,058 43,516 4,569 184 27,280 26,124 29,369 Qtr II 607,090 6,229 347 2 961,434 41,481 4,565 334 23,443 22,726 24,825 Qtr III 371,970 7,600 282 49 915,435 44,888 2,882 152 13,414 57,132 18,799 Qtr IV 666,647 6,005 348 0 1,009,662 53,379 3,405 435 20,200 18,595 16,641 Qtr I 626,714 5,466 240 - 907,140 61,064 18,233 249 19,140 24,312 21,371 Qtr II 395,944 3,051 382 30 964,153 55,976 4,802 347 20,690 26,814 30,290 Qtr III 432,852 3,160 310 - 1,050,653 42,018 5,097 308 50,288 22,808 24,747 QIV 367,234 5,132 232 0 898,277 40,590 5,828 246 24,447 24,005 28,938 2019/20 Qtr I 927666.7966 4864.80528 294.01579 0 1010291.733 60758.93548 6254.78407 246.64965 29296.94142 26161.52269 37425.64591 Table 27: Volume of Imports, by Major Commodity Groups** Period 2014/15 2015/16 2016/17 2017/18 2018/19 124 | National Bank of Ethiopia Quarterly Bulletin

Table 27: (continued) Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 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 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 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 11,924 87,517 341,447 64,339 151,947 28,805 94,562 43 852,618 3,035,870 Qtr IV 23,505 13,513 73,709 429,518 62,441 56,958 34,794 84,699 84 1,204,839 3,147,818 Qtr I 25,188 14,863 73,124 473,736 64,428 60,789 34,883 126,289 50 817,233 3,158,141 Qtr II 21,373 12,397 75,401 345,957 73,314 58,736 31,171 115,145 45 1,025,966 3,336,836 Qtr III 20,123 13,431 47,381 237,491 63,424 41,358 33,119 148,081 121 1,377,141 3,266,192 Qtr IV 21,398 10,066 36,166 324,198 54,745 43,797 20,781 250,677 48 1,408,728 3,715,243 Qtr I 53,653 11,856 45,176 353,765 58,849 34,749 36,732 155,568 71 861,237 3,140,016 Qtr II 30,678 13,621 46,022 417,448 69,876 43,867 36,314 88,123 52 974,879 3,135,238 Qtr III 27,469 6,297 52,633 390,714 58,356 38,979 26,554 136,824 128 1,221,897 3,455,268 Qtr IV 28,819 13,511 50,875 533,747 47,746 41,545 31,910 157,898 29 1,225,197 3,368,308 2019/20 Qtr I 34,495 7,409 52,448 477,106 53,216 49,595 33,470 144,203 94 891,187 3,702,282 ** All the data are updated based on revised data from the Ministry of Revenues 2017/18 Period 2014/15 2015/16 2016/17 2018/19 First Quarter 2019/20 | 125

2019/20 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II QIII Qtr IV Qtr I Raw Materials 836.6 761.6 516.9 694.1 727.4 751.6 1,059.7 1,077.3 1,382.7 1,151.8 835.5 863.31 1,246.52 Semi-finished Goods 13,774.4 13,368.5 12,979.4 18,718.2 16,492.8 15,732.0 13,722.9 19,306.6 15,194.9 17,589.9 23,876.8 21,454.84 20,576.67 Chemicals 2,290.0 1,383.8 1,426.1 2,424.3 2,476.7 2,038.5 1,807.5 2,553.4 2,996.0 2,917.9 2,372.2 2,572.77 5,879.40 Fertilizers 88.8 1,509.9 2,406.3 4,349.9 132.0 2,157.1 3,446.6 7,265.5 209.4 193.3 7,439.9 6,377.18 657.48 Textile Materials 339.8 424.8 370.7 445.5 338.4 380.9 335.9 540.2 515.1 652.9 524.0 584.87 816.41 Others 11,055.8 10,050.0 8,776.3 11,498.4 13,545.7 11,155.5 8,132.8 8,947.4 11,474.3 13,825.8 13,540.7 11,920.01 13,223.37 Fuel 8,174.6 10,378.0 11,462.2 10,925.4 10,727.1 15,290.9 15,824.7 19,170.1 18,198.8 18,727.0 17,890.4 18,125.75 17,268.47 Crude petroleum 0.0 0.0 0.1 3.6 - 0.2 1.5 0.1 - 0.9 - 0.01 - Petroleum Products 7,812.9 9,779.3 11,196.4 10,354.6 10,217.6 14,481.8 15,362.8 18,551.7 17,291.9 17,632.8 17,506.7 17,511.12 16,699.93 Others 361.7 598.6 265.7 567.2 509.5 808.9 460.4 618.2 906.9 1,093.3 383.6 614.63 568.54 Capital Goods 31,112.0 35,495.5 33,157.4 35,520.3 34,396.8 39,709.9 33,914.6 27,346.3 32,791.2 50,759.8 31,527.1 25,492.20 29,668.84 Transport 7,642.3 9,673.6 7,953.1 6,736.6 6,837.7 12,695.3 4,821.6 4,042.7 3,841.9 25,889.3 5,238.9 4,847.52 4,017.79 Tyres for Heavy Vehicles 816.1 871.2 745.4 753.9 710.8 752.6 511.4 642.8 732.7 888.6 751.5 799.85 833.18 Heavy Road Motor Veh. 5,587.4 6,029.6 5,627.3 5,155.9 5,442.6 5,819.5 3,537.4 2,937.0 2,157.7 2,748.2 2,843.5 3,692.17 2,632.86 Aircraft 828.2 1,142.1 815.8 576.7 628.4 5,990.6 536.6 374.0 364.3 21,987.4 1,583.8 293.68 460.65 Others 410.6 1,630.6 764.7 250.1 55.9 132.7 236.2 89.0 587.2 265.1 60.1 61.82 91.10 Agricultural 477.0 553.5 353.0 307.9 230.8 611.6 239.4 256.9 451.2 389.6 413.8 361.50 484.19 Industrial 22,992.8 25,268.4 24,851.3 28,475.8 27,328.3 26,402.9 28,853.6 23,046.7 28,498.2 24,480.9 25,874.4 20,283.18 25,166.87 Consumer Goods 33,084.5 25,949.6 24,413.5 26,177.4 28,081.7 32,276.2 30,435.7 30,721.6 31,495.7 33,094.3 24,831.1 30,336.96 33,456.83 Durables 14,574.9 7,774.6 7,950.5 7,846.7 9,037.1 9,825.5 8,803.0 6,778.1 8,090.8 8,803.1 7,912.6 8,863.90 8,185.50 Radio & T.V. 7,770.0 713.6 490.7 582.5 960.2 710.4 663.1 490.3 652.9 635.7 941.4 1,187.16 682.68 Tyres for cars & Other Veh. 319.3 344.4 382.7 388.7 371.4 462.2 372.8 408.2 355.1 324.6 458.7 373.39 343.29 Cars & Other Veh. 2,355.9 2,770.7 2,373.2 2,417.9 2,778.9 3,592.5 3,021.8 2,202.2 2,212.7 2,722.0 2,483.0 2,581.68 1,931.12 Others 4,129.8 3,946.0 4,703.9 4,457.6 4,926.6 5,060.4 4,745.4 3,677.3 4,870.0 5,120.8 4,029.6 4,721.66 5,228.42 Non-durables 18,509.6 18,175.0 16,463.0 18,330.7 19,044.6 22,450.7 21,632.7 23,943.5 23,404.9 24,291.2 16,918.5 21,473.06 25,271.33 Cereals 4,545.5 2,686.9 3,355.9 1,775.4 4,570.4 5,866.1 3,368.7 6,047.1 5,607.4 3,963.5 4,289.5 2,873.85 8,375.00 Other Food 3,600.4 3,167.2 3,440.9 2,798.5 2,881.5 4,369.3 4,895.4 4,061.5 4,408.7 5,079.7 3,007.0 3,146.73 4,341.13 Medical & Pharmaceuticals 2,280.2 4,501.9 2,691.5 5,554.6 2,662.0 2,756.4 3,617.9 5,771.1 4,038.3 6,336.6 2,534.0 8,224.78 4,363.84 Textile Fabrics 3,328.0 3,166.6 3,068.7 3,416.1 3,714.8 3,687.9 4,518.5 2,841.6 3,363.5 2,351.6 2,211.1 3,163.35 3,173.08 Others 4,755.5 4,652.3 3,906.1 4,786.1 5,215.9 5,770.9 5,232.2 5,222.1 5,986.9 6,559.9 4,876.9 4,064.35 5,018.28 Miscellaneous 1,896.6 1,658.1 1,484.5 1,731.8 2,335.2 2,014.2 1,569.8 1,616.9 1,919.2 2,069.1 1,814.0 1,971.74 6,775.77 Total Imports 88,878.7 87,611.3 84,013.8 93,767.3 92,761.0 105,774.7 96,527.3 99,238.6 100,982.5 123,391.9 100,775.0 98,244.79 108,993.10 Source: Ministry of Revenues

Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ministry of Revenues 2017/18 2016/17 Categories 2018/19 Table 28: Value of Imports by End-Use** (In Millions of Birr) Manufacturing 215 2901.3 278 6036.541963 232 3435.7 19.0 274.6 13.0 135.2 31.0 292.5 5.0 40.3 Agriculture, hunting and forestry 9 105.3 7 190.997666 8 58.2 7.0 12.5 7.0 4.0 1 3.3 Real estate, renting and business activities 229 2873.7 208 4069.373636 169 1076.8 135.0 470.0 9.0 26.79 54 221.98 2 16 Hotels and restaurants 2 19.8 2 21.1 Education 2 16.0 3 50 3 13.1 2.0 15.0 1 40 Health and social work 2 24.3 8 200.9 3 22.3 12 Construction 97 443.9 143 2076.304382 122 1243.6 13.0 36.0 9.0 53.0 23 334.5 2 4.4 Wholesale, retail trade and repair service 1 2.0 169 1076.8 Transport, storage and communication 3 10.9 Mining and Quarrying 4 21.76555 1 3 2 31 1 4 Electricity, gas, steam and water supply 1 100 Construction machinery leasing Fishing Other community, social and personal service activities 45 244.811372 1 4,525.60 Others 1.0 6.0 Grand Total 557 6,386.4 697 12990.69457 544 5886.8 177.0 814.1 40.0 250.0 112.0 898.5 9.0 60.7 Source: Ethiopia Investment Agency. Table 29: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector *Projects with Initial Investment Capital below Birr 250,000 are not included. Sector/Sub-sector No of projects Investment Capital No of projects Investment Capital Investment Capital No of projects QIII 2010(2017/18) No of projects Investment Capital QIII QIV QI 2011(2018/19) 2012(2019/20) No of projects Investment Capital QI QII QIII No of projects Investment Capital No of projects Investment Capital 126 | National Bank of Ethiopia Quarterly Bulletin

Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ministry of Revenues 2017/18 2016/17 Categories 2018/19 Table 28: Value of Imports by End-Use** (In Millions of Birr) Manufacturing 215 2901.3 278 6036.541963 232 3435.7 19.0 274.6 13.0 135.2 31.0 292.5 5.0 40.3 Agriculture, hunting and forestry 9 105.3 7 190.997666 8 58.2 7.0 12.5 7.0 4.0 1 3.3 Real estate, renting and business activities 229 2873.7 208 4069.373636 169 1076.8 135.0 470.0 9.0 26.79 54 221.98 2 16 Hotels and restaurants 2 19.8 2 21.1 Education 2 16.0 3 50 3 13.1 2.0 15.0 1 40 Health and social work 2 24.3 8 200.9 3 22.3 12 Construction 97 443.9 143 2076.304382 122 1243.6 13.0 36.0 9.0 53.0 23 334.5 2 4.4 Wholesale, retail trade and repair service 1 2.0 169 1076.8 Transport, storage and communication 3 10.9 Mining and Quarrying 4 21.76555 1 3 2 31 1 4 Electricity, gas, steam and water supply 1 100 Construction machinery leasing Fishing Other community, social and personal service activities 45 244.811372 1 4,525.60 Others 1.0 6.0 Grand Total 557 6,386.4 697 12990.69457 544 5886.8 177.0 814.1 40.0 250.0 112.0 898.5 9.0 60.7 Source: Ethiopia Investment Agency. Table 29: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector *Projects with Initial Investment Capital below Birr 250,000 are not included. Sector/Sub-sector No of projects Investment Capital No of projects Investment Capital Investment Capital No of projects QIII 2010(2017/18) No of projects Investment Capital QIII QIV QI 2011(2018/19) 2012(2019/20) No of projects Investment Capital QI QII QIII No of projects Investment Capital No of projects Investment Capital First Quarter 2019/20 | 127

Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Manufacturing 3657 624 100,039 5220 8377 3556 1416 172 773 169 3920 1749 39 41 Agriculture, hunting and forestry 91 225 28 308 50 225 48.0 710.0 42 560 6 300 Real estate, renting and business activities 829 389 54 560 1,036 408 537 710 405 20 135 89.0 12 20 Hotels and restaurants 21 35 18 Education 7 5 6 18 20 132.0 130.0 50 4 Health and social work 4 203 25 88 Construction 575 465 125 877 2,940 965 57.0 60.0 85 296 133 212.0 Wholesale, retail trade and repair service 2 Transport, storage and communication 30 Mining and Quarrying 52 184 25 62 10 30 Electricity, gas, steam and water supply 250 Construction machinery leasing Fishing Other community, social and personal service activities 125,000 107 12 Others 12.0 105.0 Grand Total 5186 1743 225298 7715 12506 5174 2202 1887 1330 1107 4262 2392 51 61 Table 30: Expected Employment Creation of Approved Domestic $ Foreign Investment Projects by Sector Source: Ethiopia Investment Agency. *Projects with Initial Investment Capital below Birr 250,000 are not included. [PERMANENT & TEMPORARY] Sector/Sub-sector 2011(2018/19) 2012(2019/20) 2010(2017/18) QII QIII QIV QI QIII QIV QI 128 | National Bank of Ethiopia Quarterly Bulletin

Currency and Time Currency Currency Unit: Birr (Br) Exchange Rate: Lookat Page 48 Time ** There is a difference of about 73/4 Years between Gregorian and Ethiopian Calendar Fisical Year: July 8th to July 7th Coffee Year: October to September Calendar Year: September 11 to September 10

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