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National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21

The National Bank of Ethiopia publishes the First Quarter 2020/21 Quarterly Bulletin, presenting macroeconomic and social indicators, energy production data, price developments, monetary trends, external sector performance, and federal government finance statistics for the period. The document provides detailed statistical tables covering real sector development, money supply, inflation rates, balance of payments, and treasury bill market activities from fiscal year 2003/04 through 2019/20. It records specific values for GDP, exchange rates, reserve requirements, and budget deficits without introducing new regulatory rules or policy changes.

Ethiopia

National Bank of Ethiopia

Volume 37 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 37, No.1 First Quarter 2020/21 Fiscal Year Series Addis Ababa 2021 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 ......................................................................................... 6 2.1: Import of Petroleum Products .................................................................................... 6 2.2: Electric Power Generation ......................................................................................... 10 III. Quarterly Price Developments ...............................................................................................13 3.1: Developments in National CPI .................................................................................. 13 3.2: Developments in Regional Inflation ......................................................................... 16 IV. Monetary Developments .......................................................................................................19 4.1: Money Supply and Credit ........................................................................................... 19 4.2: Developments in Reserve Money and Monetary Ratio .......................................... 24 4.3: Interest Rate Developments ...................................................................................... 26 4.4: Developments in the Financial Sector ...................................................................... 28 4.5: Activities of the Banking System ................................................................................. 32 4.5.1: Resource Mobilization ................................................................................... 32 4.5.1.1: Deposit Mobilization ................................................................................... 33 4.5.1.2: Collection of Loans ................................................................................ 34 4.5.1.3: Borrowing ................................................................................................ 34 4.5.2: Disbursement of Fresh Loans ....................................................................... 35 4.5.3: Outstanding Credit ........................................................................................ 36 4.6: Financial Activities of NBE .......................................................................................... 38 4.7: Developments in Financial Markets .......................................................................... 39 4.7.1:Treasury Bills Market ........................................................................................ 39 4.7.2: Inter-bank Money Market ............................................................................ 42 4.7.3: Corporate Bond Market ................................................................................ 42 V. External Sector Developments ...............................................................................................44 5.1: Balance of Payments ................................................................................................ 44 5.2: Balance of Trade ......................................................................................................... 47 5.2.1: Exports of Goods ...................................................................................................... 48 5.2.2: Imports of Goods ...................................................................................................... 53 5.2.3: Direction of Trade ................................................................................................... 56 5.2.3.1: Exports of goods ................................................................................................ 56

5.2.3.2: Imports of goods ............................................................................................... 57 5.3: Services and Transfers ................................................................................................. 58 5.3.1: Net Services .................................................................................................. 58 5.3.2: Transfers ......................................................................................................... 61 5.4: Current Account Balance .................................................................................................... 62 5.5: Capital Account .......................................................................................................... 62 5.6: Changes in Reserve Position ..................................................................................... 62 5.7: Developments in Foreign Exchange Market ............................................................ 63 5.7.1: Exchange Rate Movements ........................................................................ 63 5.7.2: Movements in the Real Effective Exchange Rate .................................... 70 5.7.3: Volume of Transactions ................................................................................ 72 VI. Federal Government Finance ................................................................................................73 6.1: Revenue and Grants ................................................................................................... 75 6.2: Expenditure ................................................................................................................... 77 6.3: Deficit Financing .......................................................................................................... 80 VII. Developments in Investment .................................................................................................82 VIII. International Economic Developments ...............................................................................86 8.1: Overview of the World Economy ......................................................................................... 86 8.2: Inflation Developments ............................................................................................... 87 8.3: Commodity Price ......................................................................................................... 87 8.4: Exchange Rate Development .................................................................................... 88 8.5: Impact of Global Economic Dev't on Ethiopian Economy .................................. 88 Statistical Tables .........................................................................................................................89

First Quarter 2020/21 | I National Bank of Ethiopia Quarterly Bulletin Ethiopia: Macroeconomic and Social Indicators Indicators 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 2019/20 (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012)

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 1.14 million Arable Land ( % of total area ) 45.0 45.00 NA 15.20 15.2 10 Irrigated Land ( % of total area ) 3.0 NA 2,900.00 3,100.00 5.0 Population Density ( person per sq.km )* 95.8 99.7 101.2 99.6 102.1 104.7 107.40 110.14 112.94 115.76 118.61 121.50
Social Indicators Population total, in millions (Mid-Year population) 66.50 68.30 70.00 72.40 74.90 76.8 78.80 80.70 82.7 84.8 87.0 89.1 91.2 93.4 95.5 97.6 99.75 (o/w Urban Poulation, in %) 15.8 15.97 16.21 16.45 17 16.14 16.30 16.10 16.3 18.6 19.0 19.5 19.9 20.3 20.8 21 22.8 Working Age Population ( In Millions ) Urban 7 6.95 7.6 7.6 8.0 8.4 8.92 9.43 10.0 10.5 11.1 11.6 12.2 12.8 7 10.1 NA Rural 31.4 32.6 33.2 32.9 31.3 33.0 33.89 34.83 35.8 36.8 37.7 38.7 39.7 40.8 49 49.8 NA Total 38.4 39.6 40.7 40.6 39.3 41.4 42.82 44.26 45.7 47.3 48.8 50.4 52.0 53.6 56 59.9 NA Age Dependency Ratio 85.2 84.7 84.3 84.3 93.00 93.00 93.0 75.0 69 Life Expectancy at Birth ( Male - Female ) 53-55 53.42-55.42 55.6-57.9 55.6-57.9 53.4-55.4 58.4-60.4 53.4-55.4 60.2-64.2 62.4-66.6 62.4-66.6 62.4-66.7 Crude Birth Rate 39.9:1,000 35.7:1,000 36.9:1,000 36.9:1,000 35.7:1,000 35.7:1000 35.7:1000 33.6:1000 33.6:1000 30.3:1000 27:1000 27:1000 27:1001 Crude Death Rate 12.6:1000 12.6:1000 10.8:1,000 NA NA 9.2:1,000 9.2:1,000 7.2:1000 6.30 6 6 Natural Rate of Population Increase ( In % ) 2.7 2.60 2.40 2.40 2.31 2.07 Total Fertility Rate 5.8child:W 5.4child:W 5 child:W 4.8child:W 4.8child:W 3.94chil:W 3.45chil:W 3.45chil:W 3.5chil:W People : Hospital Beds 5721.4:1 5273.5:1 5028:1 5293:1 5698:1 5082:1 7815:1 NA NA 2516:1 NA NA 2850:1 2980:1 3617:1 3150:1 2750 People : Physician1 36954:1 29777:1 35493:1 49888:1 36374:1 36175:1 56013:1 53642:1 28847:1 32132:1 20970:1 17160:1 14045:1 22766:1 26635:1 - 9977 People : Nurse 1 4621:1 3956.8:1 4206:1 4601:1 4524:1 3870:1 3012:1 2762:1 2299:1 1884:1 1995:1 1999:01:00 1999:1 1194:1 1780:1 1624:1 1705 Infant Mortality Rate 97:1,003 80:1,000 77:1,000 73:1000 59:1000 62.2:1000 62.4:1000 62.4:100 53.3:1000 53.3:1000 43.3:1000 Access to Safe Water ( In %) Country Level 35.9 45.6 47.3 52.5 59.5 66.2 68.50 73.30 58.3 68.5 76.7 84.0 61.0 66.0 71.0 76 79 Urban Population N.A 82 NA 82.0 86.2 88.6 91.50 92.50 78.7 81.3 84.2 91.0 52.5 55.0 60.0 66 66.5 Rural Population 25.2 38.4 42.2 46.4 53.9 61.5 65.80 71.30 55.2 66.5 75.5 82.0 63.1 68.0 74.0 79 82.7 Student-Teacher Ratio Primary ( 1-8 ) 65:1 66:1 62:1 59:1 57:1 54:1 51:1 51:1 50:1 49:1 47:1 46:1 46:1 - 39 39 Secondary ( 9-12 ) 48:1 51:1 57:1 48:1 43:1 41:1 36:1 31:1 29:1 28.7:1 27.8:1 26.4:1 26.5:1 - 22.5 24 Technical & Vocational 22:1 21:1 20:1 27:1 25:1 34:1 NA 29:1 24.7:1 18.6:1 16.5:1 16.5:1 12.6:1 - 13.3 13.3 Student-School Ratio Primary ( 1-8 ) 724:1 690:1 654:1 677:1 657:1 619:1 573:1 590:1 576:1 571:1 571:1 744.9:1 573:1 - 628 528 Secondary ( 9-12 ) 1312:1 1350:1 1425:1 1440:1 1381:1 1345:1 1270:1 1160:1 1033:1 994:1 857:1 369:1 767.2:1 - 568 940 Technical & Vocational 552:1 534:1 468:1 493:1 501:1 673:1 788:1 735:1 654:1 544:1 545:1 383:1 523:1 - 246.8 NA

II | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin Continued... Indicators 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 2019/20 (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) 3. Macroeconomic Indicators 3.1: Real sector Development2 GDP at Current Market Price (In Mn. Birr) 85,800.0 105,415.0 130,334.0 170,281.0 245,836.0 332,060.0 379,135.00 515,078.5 747,326.5 866,921.1 1,060,825.4 1,297,961.4 1,568,097.5 1,717,127.2 1,834,066.5 1987157.5 3374349.0 Nominal GDP Growth Rate (In %) 18.0 22.9 23.6 30.6 44.4 35.1 14.18 35.9 45.1 15.3 22.4 22.4 18.2 17.7 21.4 23.3 25.5 Average Marginal Exchange Rate (Birr per USD) 8.6300 8.6518 8.6810 8.7943 9.2400 10.4200 12.89 16.1 17.3 18.3 19.1 20.1 21.10 22.40 26.10 28.10 31.34 GDP at Current Market Price (IN Mn. USD) 9,942.1 12,184.2 15,013.7 19,362.7 26,605.6 31,867.6 29,413.11 31,957.1 43,314.2 47,424.6 55,628.0 64,575.2 74,297.0 81,760.0 84,356.0 96107.0 107660.0 Nominal GDP per Capita (In USD) 149.5 178.4 214.5 267.4 355.2 415 373.26 396.1 523.5 559.1 639.6 725.0 815.0 876.0 883.0 985.0 1080.0 Real GDP per Capita ( In Birr ) 3,652.6 3,976.7 4,300.5 4,634.2 4,962.8 5,266.1 5,776.60 5,895.00 6,947.5 7,299.1 7,625.2 8,571.2 8,864.0 18,257.5 19,204.9 20360.2 21144.1 Real GDP per Capita Growth Rate (In %) 10.7 8.9 8.1 7.8 7.1 6.1 9.69 9.00 6.1 5.1 4.5 12.4 3.4 8.0 5.2 6.0 3.8 GDP Deflator (% change) 3.9 9.9 11.6 17.2 30.3 24.2 1.70 20.08 33.5 4.9 11.0 10.8 9.5 6.7 12.5 20.1 18.2 Real GDP at constant basic price (In Mn. Birr) 220,477.2 248,354.8 277,013.3 309,686.8 344,331.9 378,907.4 418,946.95 475,647.50 517,026.5 568,432.3 626,977.4 692,221.7 1,449,397.5 1,596,481.6 1,719,491.3 1874689.3 1989519005.0 Real GDP at constant market price (In Mn. Birr) 242,897.6 271,605.2 301,032.7 335,519.0 371,716.7 404,437.0 455,196.02 515,078.50 559,621.6 618,842.2 682,358.5 753,229.7 1,568,097.5 1,717,127.2 1,834,066.5 1,987,157.5 2,109,122.2 Real GDP Growth Rate (In %) 11.7 12.6 11.5 11.8 11.2 10.0 10.57 11.40 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9.0 6.1 Agriculture & Allied Activties(In Billion Birr) 115.0 130.5 144.8 158.5 170.3 181.2 195.00 212.50 222.9 238.8 251.8 267.8 544.1 580.4 600.9 624 650 Industrial Sector (In Billion Birr) 23.7 25.9 28.4 30.6 33.9 37.3 41.99 49.80 59.6 73.9 86.5 103.7 343.9 413.8 464.4 526.2 576.9 Service Sector(In Billion Birr) 84.2 94.6 107.6 124.1 144.1 163.9 185.10 216.60 237.4 258.8 292.5 325.0 575.9 619.3 673.9 745.7 786.8 Agriculture & Allied Activties (% of GDP) 51.6 51.9 51.5 50.5 48.8 47.3 46.13 44.37 43.1 42.0 40.2 38.7 37.5 36.4 34.9 33.3 32.7 Industrial Sector ( % of GDP ) 10.9 10.6 10.4 10.2 10.1 10.1 10.17 10.40 11.5 13.0 13.8 15.0 23.7 25.9 27.0 28.1 29 Service Sector ( % of GDP ) 37.5 37.5 38.0 39.3 41.0 42.6 43.70 45.23 45.9 45.5 46.6 47.0 39.7 38.8 39.2 40 40 Private Consumption Expenditure 60,866.0 81,445.0 102,537.0 130,118.0 197,461.0 268,002.0 309,132.00 373,088.50 541,536.3 636,901.3 744,978.0 1,042,265.0 1,219,366.0 1,147,628.0 1,441,581.0 1884070.0 2360896.0 Government Consumption Expenditure 11,973.0 13,971.0 17,016.0 19,123.0 25,782.0 31,544.0 34,801.00 53,147.10 62,044.5 77,636.9 98,121.0 116,995.0 174,599.0 203,608.0 225,523.0 247362.0 307769.0 Investment 24,902.0 27,409.0 35,952.0 41,227.0 60,156.0 82,560.0 102,403.00 165,380.00 277,243.7 295,456.4 402,922.0 511,618.0 585,665.0 704,596.0 751,626.0 948866.0 1037685.0 Exports 12,913.6 16,076.9 18,205.4 21,854.2 28,317.0 35,233.0 52,168.00 85,949.80 102,887.0 108,227.1 123,496.0 121,532.2 122,501.0 139,830.0 184,282.0 213437.0 239229.0 Imports 27,366.8 37,776.3 48,092.4 55,088.7 76,564.0 96,285.0 126,319.00 162,486.80 236,384.7 251,300.6 308,691.3 393,189.0 424,750.0 430,233.0 502,113.0 561512.0 571230.0 Resource Balance -14,453.2 -21,699.4 -29,887.0 -33,234.4 -48,247.0 -61,052.0 (74,151.00) (76,537.00) (133,498.0) (143,073.5) (185,195.3) (271,656.0) (302,249.0) (290,403.0) (317,831.0) -348075.0 -332001.0 Gross Private Consumption (% of GDP) 70.9 77.3 78.7 76.4 80.3 80.7 81.54 72.43 72.5 73.5 70.2 69.0 67.9 63.5 75.7 94.8 70.0 Gross Government Cosumption (% of GDP) 14.0 13.3 13.1 11.2 10.5 9.5 9.18 10.32 8.3 9.0 9.2 9.0 9.7 12.3 10.2 12.4 9.1 Gross Domestic Fixed Investment (% of GDP) 29.0 26.0 27.6 24.2 24.5 24.9 27.01 32.11 37.1 34.1 38.0 39.4 37.3 38.4 34.1 47.7 30.8 Resource Balance (% of GDP) -16.8 -20.6 -22.9 -19.5 -19.6 -18.4 (19.56) (14.86) (17.9) (16.5) (17.5) (20.9) (19.3) (15.9) (14.4) (17.5) (9.8)

First Quarter 2020/21 | III National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin Continued... Indicators 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 2019/20 (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) 3.2: Monetory Indictors Narrow Money Supply (M1) ( In Mn. Birr ) 19,065.9 21,289.8 23,811.9 29,773.4 36,875.5 42,112.7 52,434.6 76,171.00 94,849.88 114,745.69 134,063.78 154,706.34 178,609.66 216,794.60 281,154.70 308,937.1 360,585.5 Broad Money Supply (M2) ( In Mn. Birr ) 34,655.9 40,212.1 46,377.4 56,860.3 69,918.2 82,509.8 104,432.4 145,376.97 189,398.78 235,313.59 297,746.59 371,328.91 445,266.25 573,408.60 740,572.50 886,752.5 1,037,646.3 Net Foreign Assets ( In Mn. Birr ) 11,766.9 13,868.0 12,109.6 13,927.3 12,140.6 17,976.8 27,189.8 55,534.68 39,787.69 45,648.53 45,972.30 37,570.95 21,524.19 38,034.79 39,376.20 14,505.2 (22,101.0) Reserve Requirement ( CBs ) 1549.35 1,828.4 2,120.9 2,592.5 9,112.9 11,183.3 14,368.0 20,495.20 18,080.56 11,708.82 14,479.39 18,250.35 21,745.43 28,280.80 36,385.80 44,861.8 51,952.6 Interest Rate ( In % ) Minimum Deposit Rate 3 4.0 4.0 5.00 7.00 7.0 7.0 Lending Rate 8.0-10.5 7-14 8-15 8-16.5 12.25 11.88 12.75 12.75 13.50 13.5 14.3 Total Net Domestic Credit (in mn. Birr) 31138.781 40305.8 49295.9 61585.0 80772.6 89,203.0 104,413.5 135,553.87 189,080.81 233,404.32 300,026.58 393,421.73 490,230.35 631,092.70 784,621.70 963,699.9 1,190,705.1 Government 19199.154 21663.8 25266.4 30290.2 34169.2 32,786.5 33,013.1 28,651.65 21,557.41 21,965.52 26,929.74 30,735.25 47,548.36 85,441.85 102,002.80 109,799.2 150,861.6 Other Sectors 11939.627 18642.0 24029.6 31294.8 46603.4 56,416.5 71,400.4 106,902.22 167,523.40 211,438.80 273,096.84 362,686.48 442,681.99 545,650.85 682,618.90 853,900.7 1,039,843.5 3.3: Average annual inflation rate (CPI growth rate)3 Country Level -General inflation 7.3 6.1 10.6 15.8 25.3 36.4 2.8 18.1 34.1 13.5 8.1 7.7 9.7 7.4 14.6 12.6 19.9 -Food inflation 11.5 7.4 13.0 17.5 34.9 44.2 -5.4 15.7 42.9 12.6 5.9 7.4 11.2 7.2 13.4 13.1 23.3 -Non-food inflation (core inflation) 2.2 4.4 7.1 13.5 12.5 23.5 18.2 21.8 22.7 14.6 10.6 8 8.1 7.5 15.8 11.9 15.8 Addis Ababa -General inflation 5.6 7.2 8.4 19.2 20.8 29.4 10.1 19.4 24.8 12.6 8.5 7.6 10.3 2.3 16.5 14.6 18.8 -Food inflation 8.6 5.7 13.0 25.4 32.1 41.5 4.1 14.8 30.6 13.1 4.6 12.2 16.6 1.2 8.7 15.0 25.9 -Non-Food inflation (core inflation) 3.0 7.6 4.6 14.0 12.7 19.2 16.0 23.5 21.1 11.9 11.4 4.4 5.8 3.2 22.6 14.0 13.9 3.4: External Trade(In Mn.USD) Export of goods & services 1520.6 1895.8 2149.5 2498.1 3127.9 3399.5 4,050.33 5,343.12 5,993.41 5,978.47 6,451.62 6,046.51 6,077.3 6,257.2 7,095.9 7,694.9 7,715.7 Import of goods & services 3,259.8 4,439.6 5,602.7 6,254.2 8,326.9 9,292.3 9,858.40 10,160.72 13,805.17 13,864.19 16,197.24 19,842.8 20,552.1 19,714.0 19,707.4 20,691.0 18,822.8 Net trade in goods & services -1,739.3 -2,543.8 -3,453.2 -3,756.1 -5,199.0 -5,892.8 -5,808.4 -4,817.6 -7,811.8 -7,885.7 -9,745.6 -13,796.3 -14,474.7 -13,456.9 -12,611.4 -12,996.1 -11,107.1 Current account balance including official transfers -401.5 -771.3 -1,470.9 -991.3 -1,492.4 -1,634.7 -1,193.2 -201.9 -2,778.0 -2,780.3 -4,168.1 -7,406.8 -6,655.1 -6,543.2 -5,285.0 -4,934.2 -4,396.4 Capital account balance 386.7 491.9 614.3 760.4 1,031.5 1648 2,421.02 2,995.93 2,283.28 3,291.23 4,134.57 7,816.92 6,554.1 6,885.3 6,184.6 4,807.5 4,147.3 Overall balance of payments 389.5463487 66.40934667 37 29.98 -251.6939401 18.7 316.68 1,384.20 (972.79) -6.5 -96.9 -521.4 -830.9 658.6 -201.6 -941.6 -1227.3 3.5: Government Finance (In Mn .Birr4 ) Total Revenue (including grants) 17,918.0 20,147.0 23,225.0 29,381.0 39,705.0 40,421.9 66,237.44 85,611.00 115,658.50 137,192.00 158,076.52 199,639.11 243,671.56 269,105.94 287,562.14 344,936.50 394,965.83 Total Revenue (excluding grants) 13,917.0 15,582.0 19,493.0 21,797.0 29,794.0 31,924.0 53,861.34 69,120.00 102,863.65 124,077.00 146,172.77 186,618.69 230,657.28 256,629.04 269,648.19 311,317.43 354,312.80 o/w Tax-Revenue 10,906.0 12398.0 14122.0 17354.0 23801.0 23216.2 43,315.36 58,981.00 85,739.86 107,010.30 133,118.26 165,312.47 189,717.18 210,135.85 235,229.48 268,457.41 311,476.46 Tax-Revenue as % of GDP 12.7 11.8 10.8 10.2 9.7 7.0 11.42 11.45 11.47 12.50 12.71 15.09 14.71 14.00 12.26 11.55 10.50 Total Expenditures 20,520.0 24803.0 29325.0 35607.0 46915.0 43875.2 71,334.79 93,831.00 124,416.72 153,929.00 185,471.78 230,521.18 272,930.09 329,286.84 354,205.32 413,105.72 480,143.19 Current Expenditures 11,977.0 13,235.0 15,234.0 17,165.0 22,794.0 26315.5 32,012.38 40,535.00 51,445.45 62,745.80 78,086.90 113,375.50 131,902.78 176,703.00 210,470.21 238,156.59 275,967.04 Capital Expenditures 8,271.0 11,343.0 14,042.0 18,398.0 24,121.0 17,559.7 39,322.41 53,297.00 72,971.26 91,182.90 107,384.88 117,145.68 141,027.31 152,583.83 143,735.10 174,949.13 204,176.15 Equity Contribution ( Sinking Fund ) Special Programs 272 224.0 50.0 44.0 0.0 - - - Total Expenditures as % of GDP 23.9 23.5 22.5 20.9 19.1 13.2 18.8 18.2 16.6 18.1 17.7 18.64 17.41 17.97 16.10 15.32 14.23 Current Surplus/Deficit 1,940.0 6,652.7 4,259.0 4,632.0 7,000.0 5,608.5 34,225.1 45,076.5 64,213.0 74,447.0 79,989.6 86,263.61 111,768.78 92,402.94 77,091.92 106,779.91 118,998.78 Overall Budget Deficit ( including grants ) -2,602.0 -4,655.0 -6,100.0 -6226.0 -7210.0 -3453.3 -5,097.4 (8,220.2) (8,758.2) (16,736.0) (27,395.3) (30,882.07) (29,258.53) (60,180.90) (66,643.18) (68,169.22) (85,177.36) Deficit as % of GDP -3.0 -4.4 -4.7 -3.7 -2.9 -1.0 -1.3 -1.6 -1.2 -2.0 -2.6 (2.50) (1.87) (3.28) (3.03) (2.53) (2.52) Overall Budget Deficit ( excluding grants ) -6,603.0 -9,220.0 -9,832.0 -13,810.0 -17,121.0 -11951.1 -17473.5 (24,711.5) (21,553.1) (29,851.0) (39,299.0) (43,902.49) (42,272.81) (72,657.79) (84,557.13) (101,788.29) (125,830.40) Deficit as % of GDP -7.7 -8.7 -7.5 -8.1 -7.0 -3.6 -4.6 -4.8 -2.9 -3.5 -3.8 (3.55) (2.70) (3.96) (3.84) (3.78) (3.73) Inter-Bank Forex Market Rate5

Period weighted Average 8.635 8.652 8.681 8.794 9.244 10.4205 12.8909 16.1178 17.2536 18.1947 19.0748 20.0956 21.1059 22.4137 26.1082 28.0543 31.3427
End period 8.630 8.660 8..69 9.030 9.610 11.3009 13.5321 16.9081 17.7305 18.6426 19.5771 20.5659 21.8004 23.1081 27.2621 28.9109 34.9822

IV | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin Continued... Indicators 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 2019/20 (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) 3.7: Treasury Bill Market ( In Mn .Birr) T-Bills Demanded ( Total ) 61,143.2 56,896.2 60,603.5 78,922.0 59,888.5 46,767.2 51,258.02 55,760.03 77,194.80 109,184.60 113,527.98 136,536.80 161,575.24 225,321.24 323,991.24 422,633.54 242,155.09 T-Bills Sold 51,645.0 41,065.0 47,793.5 63,315.0 47,716.5 27,839.8 41,736.42 52,316.03 74,694.80 109,184.60 95,314.98 110,593.30 161,475.24 225,321.24 323,991.24 422,633.54 242,155.09 Average Weighted Yield (in %) 0.5 0.095 0.038 0.530 0.677 0.743 0.79 1.13 1.87 1.89 1.60 1.43 1.44 1.42 1.42 1.74 4.81 T-Bills Outstanding by holder 12485 6595 11638.5 11546 8239.5 7783.1 11,566.20 10,706.62 20,011.86 26,044.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 138,054.36 23,724.00 Banks 11418 6295 10612.3 9135 2739 1672 4,400.00 900.00 2,383.50 3,436.00 - - - - - 650.00 5,604.00 Non-Banks 1067 300 1026.2 2411 5500.5 6111.1 7,166.20 9,896.62 17,628.40 22,608.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 137,404.36 18,120.00 3.8: Inter Bank Money Market Rate5 7.5 _ _ 7.5 8.5 _ - - 3.9: Financial Institutions Number of Commercial Banks 9 9 10 11 11 12.00 14.00 17.00 ( o/w Private banks ) 7 7 8 9 9 10.00 12.00 14.00 16.00 Number of Bank Branches 358 389 421 487 562 636.00 681.00 970.00 1,289.00 1,724.00 2,208.00 2,693.00 3,301.00 4,257.00 4,757.00 5,564.00 6,511.00 Population : Bank Branch 185754.2:1 175778.4:1 166,270.8:1 148,665.3:1 133,274:1 120,754.7:1 115,712.2:1 83,195.9:1 64,158.3:1 49674.8:1 41,088 33,448.00 27,932.00 22,164.00 20,286.50 17,732.20 15,702.00 Number of Insurance Companies 9 10 12.00 12.00 14.00 15.00 16.00 17.00 18.00 ( o/w Private Insurance Companies ) 8 9 11.00 11.00 13.00 14.00 15.00 16.00 17.00 Number of Insurance Branches 121 133 139 146 172 194.00 207.00 221.00 243.00 273.00 332.00 377 426 492.00 532.00 568.00 605.00 Population : Insurance Branch 549587:1 513534:1 503597:1 495890:1 435465:1 395876:1 383844:1 366063:1 340329:1 314428.9:1 264918.8:1 238,928.00 216,443.00 191,772.00 181,396.00 173,848.00 168,983.00 Number of Development Banks 1.00 1.00 Number of Development Bank Branches 32.00 32.00 32 110 110.00 107.00 107.00 93.00 Number of Micro-financial Institutions 22 26 27 28 28 30.00 30.00 31.00 35.00 38.00 38.00 41.00 Source : Ministries of Agriculture, Revenue, Health, and Education; National Bank of Ethiopia; Centeral Statistical Authority, … etc Note:- *population is estimated using component method after 2006/2007 1. Excluding manpower out side the Ministry of Health. 2. The GDP data series is revised on basis of 2010/11=100 base year 3. Inflation data is calculated using the new base year (December 2011=100) 4. Figures for government finance are preliminary estimates from 1999/00 onwards. 5. Inter-bank money market was first introduced in Aug.1998 and Inter-bank forex market started as of September 1998, and the daily trasactions introduced beginning from october 24, 2001. *Mid year population was obtained from MoFED

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 1 I. OVERVIEW 1.1. International Economic Developments According to the European Central Bank’s monthly bulletin of 7/2020, after a sharp contraction in the third and fourth quarter of 2019/20, the global composite output PMI (excluding the euro area) rebounded considerably during the first quarter, to 51.8 compared to 37.9 in the previous quarter. According to the first estimate, US real GDP expanded by 33.1 percent on a quarter-on-quarter annualized basis, supported by a sharp rebound in domestic demand, but the recovery is losing momentum. In the United Kingdom, the rebound in activity shows signs of slowing by the end of the first quarter of 2020/21. Real UK GDP contracted in the third and fourth quarter of 2019/20 by around 22 percent compared to the level at the end of 2019. Monthly GDP data available until August showed that economic activity has been on a consistent recovery path since its trough in April, despite recent signs of a loss in momentum. Japan is seeing a gradual economic recovery as the resurgence in COVID-19 infections seen over the summer appears contained. Economic activity bottomed out and started to gradually resume since the end of the partial lockdown in May. Industrial production and real exports of goods have trended upwards since then, whilst imports have fallen for a fourth consecutive month in August. In China, real GDP growth during the first quarter of 2020/21 confirmed the persistence and broadening of the recovery. Although GDP growth was slightly below consensus forecasts, China’s economic recovery has continued consistently during the first quarter (4.9 percent year-on-year). Inflationary pressures remain muted across major advanced and emerging market economies and are expected to remain subdued in the short and medium term as a result of low demand. Annual consumer price inflation in Member countries of the Organization for Economic Co-operation and Development (OECD) remained unchanged at 1.2 percent in August. The downward pressure from annual energy price inflation continued in August, albeit at a decelerating pace, while food price inflation increased marginally. First Quarter 2020/21 | 1 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 2 Over all, the global economy during the first quarter of 2020/21 registered a fast rebound, but also to momentum slowing down afterwards. Likewise, global inflation remained stable. 1.2. Macroeconomic Developments in Ethiopia 1.2.1. Inflation In the first quarter of 2020/21, headline inflation has slowed down to 5.1 percent from 7.3 percent in the preceding quarter on account of 1.7 percentage point decline in food & non-alcoholic beverages and 2.8 percentage point decrease in non-food inflation. Similarly, year-on-year basis, headline inflation went down by 0.9 percentage point due to 0.3 percentage point decrease in food & non-alcoholic beverages inflation and 1.8 percentage point drop in non-food inflation. Consequently, food & nonalcoholic beverages and non-food inflations contributed 3.9 and 1.1 percent, respectively, to the headline inflation registered in the review quarter. 1.2.2. Monetary Developments Broad money supply (M2) stood at Birr 1.1 trillion, at the end of first quarter of 2020/21 showing a 19.2 percent growth over the corresponding quarter of last fiscal year owing to 136 percent spike in domestic credit. Similarly, reserve money at Birr 261.4 billion, depicted a 39.9 percent annual expansion while excess reserve of commercial banks increased 109.3 percent during the same period. 1.2.3. Interest rate Average savings deposit rate stood at 8 percent and average lending rate at 14.25 percent while weighted average time deposit rate decreased by 0.18 percent year-on-year basis. In contrast, the weighted average yield on T-bills has increased by 4.37 percentage point over last year same quarter. Yet, considering the 18.6 percent headline inflation in September 2020, real interest rates on deposit, lending and T-bill yields remained negative. 1.2.4. Financial Sector Developments a) Banks The number of banks operating in Ethiopia remained at 19 of which 17 were private and 2 state owed. These banks have opened 117 new bank branches during the review period thereby raising the total number of bank branches to 6,628. As a result, 2 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 3 population to bank branch ratio stood at 15,2131 . About 34.2 percent of the total bank branches were located in Addis Ababa. Of the total bank branches, the share of state owned banks was 28.7 percent and that of private banks 71.3 percent. Total capital of the banking system amounted to Birr 117.2 billion, of which state owned banks accounted for 50.9 percent and private banks 49.1 percent. The share of Commercial Bank of Ethiopia, the biggest state owned bank in total capital of the banking system, was 44.3 percent. During the review quarter, Birr 55 billion was disbursed in fresh loans, indicating a 16.8 percent annual increase. Of the total new loans disbursed, the share of state owned banks was 30.3 percent and that of private banks was 69.7 percent (Table 4.12). Of the total new loans, domestic trade was the major beneficiary, accounting for Birr 11.6 billion (21.2 percent) followed by international trade (Birr 10.8 billion or 19.7 percent), industry (Birr 9.6 billion or 17.5 percent), housing & construction (Birr 5.1 billion or 9.3 percent), and agriculture (Birr 4.4 billion or 8 percent).

1 Total population is 100,829,000 as CSA Estimation for 2020 During the review period, the banking system collected loans to the tune of Birr 35 billion, about 14.9 percent lower than a year earlier. Of the total loan, 60.6 percent was collected by private banks and 39.4 percent by state owned banks. Total outstanding credit of the banking system (including corporate bond) reached Birr 1.1 trillion, about 22.4 percent higher than last year same quarter. Out of the total outstanding credit, the share of private banks was 35.2 percent while that of state owned banks stood at 64.8 percent. b) Insurance Sector The number of insurance companies stood at 18, of which 17 were private and 1 state owned. Their branches increased to 616 from 574 a year ago. Of the total branches, about 54.5 percent were located in Addis Ababa. Likewise, the total capital of insurance companies reached Birr 10.3 billion, of which 71.7 percent was that of private insurance companies. c) Microfinance Institutions There were 39 micro-finance institutions (MFIs) operating in the country which mobilized Birr 47 billion in saving deposit which grew 13.9 percent over last year same period. Their total outstanding credit increased by 4.9 percent and reached Birr First Quarter 2020/21 | 3 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 4 64.6 billion while their total asset expanded 12.6 percent to Birr 93.4 billion as of September, 2020. 1.2.5. External Sector and Foreign Exchange Developments a) External Sector Development In the first quarter of 2020/21, merchandise export earnings amounted to USD 834.7 million, showing 15.4 percent growth compared to a year ago due to higher export receipts from gold (3,207.7 percent), electricity (127.6 percent), oilseeds (7.6 percent) and chat (2.4 percent). On the other hand, merchandise import bill at USD 3.5 billion, depicted a 7.1 percent decline as import values of raw materials, fuel, capital goods and miscellaneous goods tended to drop. Average price of brent crude oil, which is used as a benchmark for international oil price, decreased by 31 percent to USD 42.7 per barrel vis-à-vis USD 61.9 a year ago. In contrast, average retail prices of petroleum products in Ethiopia were allowed to increase. For instance, in Addis Ababa retail price of oil increased 1 percent to Birr 23.56 per liter from Birr 23.32 a year ago. During the review period, current account receipts amounted to USD 3.8 billion, 10.4 percent higher than a year earlier on account of a rise in receipts from goods (15.4 percent), private transfers (38.6 percent) and public transfers (26.5 percent). Meanwhile, total current account payments decreased by 9.5 percent relative to the same quarter of last year due to the drop in goods payment (7.1 percent), service payment (16.6 percent), and public transfers (19.6 percent) despite a 3.2 percent increase in private transfers. Therefore, current account balance (including official transfers) registered USD 785.5 million deficit compared to USD 1.6 billion deficit a year ago. On the other hand, capital account balance saw a USD 456.1 million surplus, about 34.5 percent lower than that of a year earlier. This was attributed to decrease in net official long term capital (79.5 percent), net other public sector long term capital (9.4 percent), private sector long term capital (8.2 percent), net foreign direct investment 4 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 5 (9.7 percent) and net short term capital (17.2 percent). As a result, the overall balance of payments recorded USD 177.4 million deficit compared to USD 870.5 million deficit a year earlier. b) Exchange Rate Development Weighted average official exchange rate of Birr during the first quarter of 2020/21 showed a 23 percent annual depreciation and reached Birr 35.7771/USD. Similarly, real effective exchange rate index (REERI) of the Birr depreciated by 25.6 percent on annual basis due to the weakening of the nominal effective exchanged rates of the Birr against major trading partner currencies. Likewise, the nominal effective exchange rate index (NEERI) depreciated 12.6 percent over last year same quarter. 1.2.6. Federal Government Fiscal Operations Total revenue and grants collected by the Federal government during the first quarter of 2020/21 showed a 22.9 percent annual growth to Birr 81.1 billion. Similarly, total Federal government expenditure increased by 2.5 percent to Birr 88.9 billion. As a result, the overall fiscal deficit (including grants) was Birr 7.7 billion during the review quarter. 1.2.7. Investment During the first quarter of 2020/21, 16 investment projects having investment capital of Birr 1.8 billion became operational. The number of investment projects declined by 97.1 percent and investment capital by 68.6 percent. First Quarter 2020/21 | 5 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 7 II. ENERGY PRODUCTION AND PROCESSING 2.1. Import of Petroleum Products During the first quarter of 2020/21, the volume of petroleum products imported amounted to 878.7 thousand metric tons, which was 13 percent lower than last year owing to slow down in importation of all types of petroleum products. Of the total petroleum imports, gas oil accounted for 69.9 percent, followed by regular gasoline (16.5 percent), jet fuel (11.3 percent), and fuel oil (2.3 percent) (Table 2.1). Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2019/20 2020/21 Qtr. I Qtr. IV Qtr. I Percentage Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 159,613.1 15.8 142,182.9 16.0 145,183.0 16.5 -9.0 2.1 Jet Fuel 210,503.5 20.8 84,127.5 9.5 99,180.5 11.3 -52.9 17.9 Fuel Oil 23,364.5 2.3 18,390.9 2.1 20,495.6 2.3 -12.3 11.4 Gas Oil (ADO) 616,810.6 61.1 643,282.9 72.4 613,828.1 69.9 -0.5 -4.6 Total 1,010,291.7 100 887,984.1 100 878,687.3 100 -13.0 -1.0 Source: Ethiopian Petroleum Enterprise National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 7 II. ENERGY PRODUCTION AND PROCESSING 2.1. Import of Petroleum Products During the first quarter of 2020/21, the volume of petroleum products imported amounted to 878.7 thousand metric tons, which was 13 percent lower than last year owing to slow down in importation of all types of petroleum products. Of the total petroleum imports, gas oil accounted for 69.9 percent, followed by regular gasoline (16.5 percent), jet fuel (11.3 percent), and fuel oil (2.3 percent) (Table 2.1). Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2019/20 2020/21 Qtr. I Qtr. IV Qtr. I Percentage Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 159,613.1 15.8 142,182.9 16.0 145,183.0 16.5 -9.0 2.1 Jet Fuel 210,503.5 20.8 84,127.5 9.5 99,180.5 11.3 -52.9 17.9 Fuel Oil 23,364.5 2.3 18,390.9 2.1 20,495.6 2.3 -12.3 11.4 Gas Oil (ADO) 616,810.6 61.1 643,282.9 72.4 613,828.1 69.9 -0.5 -4.6 Total 1,010,291.7 100 887,984.1 100 878,687.3 100 -13.0 -1.0 Source: Ethiopian Petroleum Enterprise 6 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 8 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 II III IV I 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/202020/21 In Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Total petroleum import bill reached Birr 12.8 billion, depicting a 23.4 percent annual drop owing to a decrease in international oil price and volume of petroleum imports. All types of petroleum products saw lower import bill during the review quarter. Jet fuel recorded 62.1 percent decrease followed by fuel oil (19.1 percent), gas oil (13.5 percent) and regular gasoline (9.4 percent). Compared with previous quarter; however, the values of petroleum imports increased by 28.1 percent, as a result of 52.7 percent rise in fuel oil followed by jet fuel (42.2 percent), regular gasoline (35.5 percent) and gas oil (23.8 percent) (Table 2.2). First Quarter 2020/21 | 7 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 9 Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleu m Products 2019/20 2020/21 Percentage Qtr. I Qtr. IV Qtr. I Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 2,640,279.67 15.8 1,764,785.98 17.7 2,391,824.17 18.7 -9.4 35.5 Jet Fuel 3,580,975.14 21.4 955,056.57 9.6 1,357,688.76 10.6 -62.1 42.2 Fuel Oil 331,256.04 2.0 175,453.37 1.8 267,938.38 2.1 -19.1 52.7 Gas Oil (ADO) 10,147,426.44 60.8 7,093,675.55 71.0 8,782,556.01 68.6 -13.5 23.8 Total 16,699,937.28 100 9,988,971.47 100 12,800,007.32 100 -23.4 28.1 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 II III IV I 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 In '000 Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Average FOB price of petroleum products registered 46.3 percent annual decline due to drop in FOB prices of all types of petroleum product. In contrast, average FOB price of petroleum products went up by 45 percent vis-a-vis the preceding quarter as a result of 209.2 percent surge in that of jet fuel followed by fuel oil (50 percent), gas oil (38.8 percent) and regular gasoline (1.9 percent) (Table 2.3). National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 9 Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleu m Products 2019/20 2020/21 Percentage Qtr. I Qtr. IV Qtr. I Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 2,640,279.67 15.8 1,764,785.98 17.7 2,391,824.17 18.7 -9.4 35.5 Jet Fuel 3,580,975.14 21.4 955,056.57 9.6 1,357,688.76 10.6 -62.1 42.2 Fuel Oil 331,256.04 2.0 175,453.37 1.8 267,938.38 2.1 -19.1 52.7 Gas Oil (ADO) 10,147,426.44 60.8 7,093,675.55 71.0 8,782,556.01 68.6 -13.5 23.8 Total 16,699,937.28 100 9,988,971.47 100 12,800,007.32 100 -23.4 28.1 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 II III IV I 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 In '000 Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Average FOB price of petroleum products registered 46.3 percent annual decline due to drop in FOB prices of all types of petroleum product. In contrast, average FOB price of petroleum products went up by 45 percent vis-a-vis the preceding quarter as a result of 209.2 percent surge in that of jet fuel followed by fuel oil (50 percent), gas oil (38.8 percent) and regular gasoline (1.9 percent) (Table 2.3). 8 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 10 Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2019/20 2020/21 Qtr. I Qtr. IV Qtr. I Percentage Change A B C C/A C/B Regular Gasoline (MGR) 884.3 380.9 388.2 -56.1 1.9 Jet Fuel 597.1 104.4 322.9 -45.9 209.2 Fuel Oil 380.6 164.2 246.4 -35.3 50.0 Gas Oil (ADO) 561.8 248.4 344.8 -38.6 38.8 Average 606.0 224.5 325.6 -46.3 45.0 Brent Crude Oil (USD/Barrel) 61.9 29.34 42.72 -31.0 45.6 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 II III IV I 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 USD per Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise During the first quarter of 2020/21, the average price of Brent crude oil, which is used as a benchmark for international oil price, decreased by 31 percent and reached USD 42.7 per barrel compared with USD 61.9 a year ago while it increased by 45.6 percent relative to the previous quarter. The average retail price of fuel in Addis Ababa rose 1 percent to Birr 23.56 per liter from Birr 23.32 last year due to 4.8 percent increase in jet fuel price (Table 2.4). National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 10 Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2019/20 2020/21 Qtr. I Qtr. IV Qtr. I Percentage Change A B C C/A C/B Regular Gasoline (MGR) 884.3 380.9 388.2 -56.1 1.9 Jet Fuel 597.1 104.4 322.9 -45.9 209.2 Fuel Oil 380.6 164.2 246.4 -35.3 50.0 Gas Oil (ADO) 561.8 248.4 344.8 -38.6 38.8 Average 606.0 224.5 325.6 -46.3 45.0 Brent Crude Oil (USD/Barrel) 61.9 29.34 42.72 -31.0 45.6 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 II III IV I 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 USD per Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise During the first quarter of 2020/21, the average price of Brent crude oil, which is used as a benchmark for international oil price, decreased by 31 percent and reached USD 42.7 per barrel compared with USD 61.9 a year ago while it increased by 45.6 percent relative to the previous quarter. The average retail price of fuel in Addis Ababa rose 1 percent to Birr 23.56 per liter from Birr 23.32 last year due to 4.8 percent increase in jet fuel price (Table 2.4). First Quarter 2020/21 | 9 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 11 Table 2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2019/20 2020/21 Qtr. I Qtr. IV Qtr. I Percentage Change A B C C/A C/B Regular Gasoline (MGR) 21.53 0.0 0.0 Fuel Oil 32.91 0.0 0.0 Gas Oil (ADO) 18.75 0.0 0.0 Kerosene 18.75 0.0 0.0 Jet fuel 24.68 22.62 25.87 4.8 14.4 Average 23.32 22.91 23.56 1.0 2.8 Source: Ministry of Trade Fig.2.4: Trends of Addis Ababa Average Retail Prices 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 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 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade 2.2. Electric Power Generation About 4 billion KWH electric power was generated during the first quarter of 2020/21 which was 9.6 percent higher than a year ago on account of 10.9 percent expansion in electric power production from hydro sources despite 50.9 and 5.7 percent drop in energy generation from biomass and wind sources respectively (table 2.5). 10 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 12 Table 2.5: Electricity Generation by Sources (In '000 of K.W.H) Power Source 2019/20 2020/21 Percentage Qtr. I Qtr. IV Qtr. I Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 3,531,942.6 95.5 3,632,638.5 96.2 3,918,091.3 96.7 10.9 7.9 Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind 120,029.1 3.25 111,031.5 2.9 113,199.8 2.8 -5.7 2.0 Biomass 45,396.0 1.2 32,217.6 0.9 22,287.00 0.5 -50.9 -30.8 Total 3,697,367.7 100 3,775,887.5 100 4,053,578.2 100 9.6 7.4 Source: Ethiopian Electric Power Of the total energy generated, 96.7 percent was from hydropower, 2.8 percent from wind and 0.5 percent from biomass source (Table 2.5). By system of generation, virtually all the power was generated through the interconnected systems (ICS) 2 (Table 2.6).

2 The generated power from different power stations stored in substations before distribution First Quarter 2020/21 | 11 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 13 Table 2.6: Generation of electricity power in the interconnected system (ICS) and selfcontained system (SCS) Source: Ethiopian Electric Power Fig.2.5: Volume of Electricity Production by Type 0 500000 1000000 1500000 2000000 2500000 3000000 3500000 4000000 4500000 2013/14 Q1 Q2 Q3 Q4 2014/15Q1 Q2 Q3 Q4 2015/16Q1 Q2 Q3 Q4 2016/17Q1 Q2 Q3 Q4 2017/18Q1 QII QIII QIV 2018/19Q1 QII QIII QIV 2019/20 QI QII QIII QIV 2020/21 QI Thousand kwh Quarter Hydropower Thermal Power Geo- thermal Wind Biomass Source: Ethiopian Electric Power System of Power supply 2019/20 2020/21 Percentage Share Qtr. I Qtr. IV Qtr. I A Share (in %) B Share (in %) C Share (In %) C/A C/B ICS Hydro power 3,531,942.6 95.5 3,632,638.5 96.2 3,918,091.3 96.7 10.9 7.9 Thermal Power - - - - - 0.0 Geothermal - - - - - 0.0 Wind 120,029.1 3.2 111,031.5 2.9 113,199.8 2.8 -5.7 2.0 Biomass 45,396.0 1.2 32,217.6 0.9 22,287.00 0.5 -50.9 0 Sub-Total 3,697,367.7 100.0 3,775,887.5 100.0 4,053,578.2 100.0 9.6 7.4 SCS Hydro power - - - - - - - Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind - - - - - - - - Sub-Total - - - - - - - - Grand Total 3,697,367.7 100.0 3,775,887.5 100.0 4,053,578.2 100.0 9.6 7.4 National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 13 Table 2.6: Generation of electricity power in the interconnected system (ICS) and selfcontained system (SCS) Source: Ethiopian Electric Power Fig.2.5: Volume of Electricity Production by Type 0 500000 1000000 1500000 2000000 2500000 3000000 3500000 4000000 4500000 2013/14 Q1 Q2 Q3 Q4 2014/15Q1 Q2 Q3 Q4 2015/16Q1 Q2 Q3 Q4 2016/17Q1 Q2 Q3 Q4 2017/18Q1 QII QIII QIV 2018/19Q1 QII QIII QIV 2019/20 QI QII QIII QIV 2020/21 QI Thousand kwh Quarter Hydropower Thermal Power Geo- thermal Wind Biomass Source: Ethiopian Electric Power System of Power supply 2019/20 2020/21 Percentage Share Qtr. I Qtr. IV Qtr. I A Share (in %) B Share (in %) C Share (In %) C/A C/B ICS Hydro power 3,531,942.6 95.5 3,632,638.5 96.2 3,918,091.3 96.7 10.9 7.9 Thermal Power - - - - - 0.0 Geothermal - - - - - 0.0 Wind 120,029.1 3.2 111,031.5 2.9 113,199.8 2.8 -5.7 2.0 Biomass 45,396.0 1.2 32,217.6 0.9 22,287.00 0.5 -50.9 0 Sub-Total 3,697,367.7 100.0 3,775,887.5 100.0 4,053,578.2 100.0 9.6 7.4 SCS Hydro power - - - - - - - Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind - - - - - - - - Sub-Total - - - - - - - - Grand Total 3,697,367.7 100.0 3,775,887.5 100.0 4,053,578.2 100.0 9.6 7.4 12 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 14 III. QUARTERLY PRICE DEVELOPMENTS 3.1. Developments in National CPI During the first quarter of 2020/21, headline inflation slowed down to 5.1 percent from 7.3 percent a quarter earlier and 6.0 percent last year same quarter. The decline in quarterly and annual headline inflation was attributed to a drop in both food & nonalcoholic beverages inflation and non-food inflation. Food & non-alcoholic beverages inflation subsided to 7.2 percent from 8.9 percent in the previous quarter, owing to lower price inflation of bread & cereals (2.6 percentage point), meat (4.2 percentage point), fish and sea food (5.0 percentage point), milk cheese and egg (0.8 percentage point), oils and fat (0.7 percentage point), fruits (5.5 percentage point), vegetables (0.3 percentage point), sugar jam, honey & chocolate (3.1 percentage point), and other food products (3.1 percentage point) (Table 3.2). Likewise, non-food inflation decreased to 2.4 percent from 5.2 percent a quarter earlier and 4.2 percent last year same quarter. The fall in quarterly non-food inflation was mainly due to lower inflation for alcoholic beverages and tobacco (21.4 percentage point), transport (18.0 percentage point), communication (8.9 percentage point), health (7.3 percentage point), education (4.9 percentage point), clothing and footwear (2.7 percentage point) and furnishings, household equipment & routine maintenance of houses (0.4 percentage point) (Table 3.3). Food & non-alcoholic beverages inflation and non-food inflation contributed 3.9 and 1.1 percent, respectively, to the headline inflation registered in the review quarter (Table 3.1 and Fig 3.1). First Quarter 2020/21 | 13 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

2019/20 2020/21 Change in %age Points Contributions in (%) to Weights in % QI QIV QI A B C C-A C-B Headline Inflation Change over QI2019/20 Headline Inflation Change Over QIV2019/20 QIV-2019/20 Headline Inflation Absolute Relative Headline 100 6.0 7.3 5.1 -0.9 -2.2 -0.9 -2.2 5.0 100 Food & Nonalcoholic beverage 54 7.5 8.9 7.2 -0.3 -1.7 -0.2 -0.9 3.9 77.9 Non-food 46 4.2 5.2 2.4 -1.8 -2.8 -0.8 -1.3 1.1 22.1 Source: CSA and NBE Staff Computation

14 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 16 Source: NBE Staff Computation Table 3.2: Quarterly National Food & non-alcoholic beverages CPI Inflation (Dec2016=100) Items Weights 2019/20 2020/21 Change in QI QIV QI %age points Contribution to A B C C-A C-B Food Inflation Change over QI2019/20(%) Food Inflation Change over QIV2019/20(%) Food and Non-alcoholic Beverages 0.54 7.5 8.9 7.2 -0.3 -1.7 -0.2 -0.9 Bread and Cereals 0.17 11.9 10.3 7.6 -4.3 -2.6 -0.7 -0.5 Meat 0.04 7.9 5.8 1.6 -6.2 -4.2 -0.3 -0.2 Fish and Sea food 0.00 1.1 13.3 8.3 7.2 -5.0 0.0 0.0 Milk, cheese and egg 0.03 2.9 3.6 2.8 -0.1 -0.8 0.0 0.0 Oils & Fats 0.04 3.1 5.0 4.3 1.2 -0.7 0.1 0.0 Fruit 0.00 5.4 -0.4 -5.9 -11.3 -5.5 0.0 0.0 Vegetables 0.12 6.0 10.4 10.1 4.1 -0.3 0.5 0.0 Sugar jam, honey, chocolate 0.01 2.9 2.2 -0.9 -3.8 -3.1 -0.1 0.0 Food products n.e.c 0.06 3.4 10.2 7.1 3.7 -3.1 0.2 -0.2 Non-alcoholic beverages 0.05 5.9 8.1 9.8 4.0 1.7 0.2 0.1 Source: CSA and NBE Staff Computation National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 16 Source: NBE Staff Computation Table 3.2: Quarterly National Food & non-alcoholic beverages CPI Inflation (Dec2016=100) Items Weights 2019/20 2020/21 Change in QI QIV QI %age points Contribution to A B C C-A C-B Food Inflation Change over QI2019/20(%) Food Inflation Change over QIV2019/20(%) Food and Non-alcoholic Beverages 0.54 7.5 8.9 7.2 -0.3 -1.7 -0.2 -0.9 Bread and Cereals 0.17 11.9 10.3 7.6 -4.3 -2.6 -0.7 -0.5 Meat 0.04 7.9 5.8 1.6 -6.2 -4.2 -0.3 -0.2 Fish and Sea food 0.00 1.1 13.3 8.3 7.2 -5.0 0.0 0.0 Milk, cheese and egg 0.03 2.9 3.6 2.8 -0.1 -0.8 0.0 0.0 Oils & Fats 0.04 3.1 5.0 4.3 1.2 -0.7 0.1 0.0 Fruit 0.00 5.4 -0.4 -5.9 -11.3 -5.5 0.0 0.0 Vegetables 0.12 6.0 10.4 10.1 4.1 -0.3 0.5 0.0 Sugar jam, honey, chocolate 0.01 2.9 2.2 -0.9 -3.8 -3.1 -0.1 0.0 Food products n.e.c 0.06 3.4 10.2 7.1 3.7 -3.1 0.2 -0.2 Non-alcoholic beverages 0.05 5.9 8.1 9.8 4.0 1.7 0.2 0.1 Source: CSA and NBE Staff Computation First Quarter 2020/21 | 15 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 17 Table 3.3: Quarterly National Non-food CPI Inflations (Dec 2016=100) Item Weights 2019/20 2020/21 Change in QI QIV QI %age points Contribution to A B C C-A C-B Non-food Inflation Change over QI2019/20 (%) Non-Food Inflation Change over QIV2019/20(%) Non-Food Inflation 0.46 4.2 5.2 2.4 -1.8 -2.8 -0.8 -1.3 Alcoholic Beverages and tobacco 0.05 1.5 18.6 -2.8 -4.3 -21.4 -0.2 -1.0 Clothing and Footwear 0.06 3.1 4.6 1.9 -1.3 -2.7 -0.1 -0.2 Housing, Water, Electricity, Gas and other Fuel 0.17 5.7 0.8 2.2 -3.5 1.4 -0.6 0.2 Furnishings, Household Equipment and Routine maintenance of houses 0.05 1.8 1.9 1.5 -0.3 -0.4 0.0 0.0 Health 0.01 4.8 10.1 2.8 -2.0 -7.3 0.0 -0.1 Transport 0.02 2.8 31.4 13.3 10.5 -18.0 0.3 -0.4 Communication 0.02 0.2 7.1 -1.9 -2.1 -8.9 0.0 -0.2 Recreation and culture 0.00 1.6 -2.0 -0.1 -1.7 1.9 0.0 0.0 Education 0.00 2.4 1.0 -3.9 -6.3 -4.9 0.0 0.0 Restaurant & hotel 0.05 7.5 1.7 3.7 -3.8 2.1 -0.2 0.1 Miscellaneous Goods 0.03 3.1 2.7 3.9 0.8 1.2 0.0 0.0 Source: CSA and NBE Staff Computation 3.2 Developments in Regional CPI Regional average headline inflation in the first quarter of 2020/21 declined from 7.8 percent to 6.7 percent in the preceding quarter and 7.2 percent last year same quarter. Benshangul Gumuz, Dire Dawa, Harari Afar and Tigray registered higher headline inflation than the regional average. The highest headline inflation (11.7 percent) was recorded in Benshangul Gumuz, and the lowest headline inflation (2.2 percent) in Somali. Hence, the margin between the highest and lowest headline inflation was 9.5 percentage points. The deviation in the regional headline inflation from the average, as signified by standard deviation, scaled up to 3.1 percent from 2.5 percent in the preceding quarter and 1.6 percent a year earlier (Table 3.4). Meanwhile, the regional average food & nonalcoholic beverage inflation scaled down to 8.6 percent from 10.0 percent in the preceding quarter and 9.8 percent last year same quarter. Food & non-alcoholic beverages inflation in Benshangul Gumuz, Dire Dawa, Addis National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 17 Table 3.3: Quarterly National Non-food CPI Inflations (Dec 2016=100) Item Weights 2019/20 2020/21 Change in QI QIV QI %age points Contribution to A B C C-A C-B Non-food Inflation Change over QI2019/20 (%) Non-Food Inflation Change over QIV2019/20(%) Non-Food Inflation 0.46 4.2 5.2 2.4 -1.8 -2.8 -0.8 -1.3 Alcoholic Beverages and tobacco 0.05 1.5 18.6 -2.8 -4.3 -21.4 -0.2 -1.0 Clothing and Footwear 0.06 3.1 4.6 1.9 -1.3 -2.7 -0.1 -0.2 Housing, Water, Electricity, Gas and other Fuel 0.17 5.7 0.8 2.2 -3.5 1.4 -0.6 0.2 Furnishings, Household Equipment and Routine maintenance of houses 0.05 1.8 1.9 1.5 -0.3 -0.4 0.0 0.0 Health 0.01 4.8 10.1 2.8 -2.0 -7.3 0.0 -0.1 Transport 0.02 2.8 31.4 13.3 10.5 -18.0 0.3 -0.4 Communication 0.02 0.2 7.1 -1.9 -2.1 -8.9 0.0 -0.2 Recreation and culture 0.00 1.6 -2.0 -0.1 -1.7 1.9 0.0 0.0 Education 0.00 2.4 1.0 -3.9 -6.3 -4.9 0.0 0.0 Restaurant & hotel 0.05 7.5 1.7 3.7 -3.8 2.1 -0.2 0.1 Miscellaneous Goods 0.03 3.1 2.7 3.9 0.8 1.2 0.0 0.0 Source: CSA and NBE Staff Computation 3.2 Developments in Regional CPI Regional average headline inflation in the first quarter of 2020/21 declined from 7.8 percent to 6.7 percent in the preceding quarter and 7.2 percent last year same quarter. Benshangul Gumuz, Dire Dawa, Harari Afar and Tigray registered higher headline inflation than the regional average. The highest headline inflation (11.7 percent) was recorded in Benshangul Gumuz, and the lowest headline inflation (2.2 percent) in Somali. Hence, the margin between the highest and lowest headline inflation was 9.5 percentage points. The deviation in the regional headline inflation from the average, as signified by standard deviation, scaled up to 3.1 percent from 2.5 percent in the preceding quarter and 1.6 percent a year earlier (Table 3.4). Meanwhile, the regional average food & nonalcoholic beverage inflation scaled down to 8.6 percent from 10.0 percent in the preceding quarter and 9.8 percent last year same quarter. Food & non-alcoholic beverages inflation in Benshangul Gumuz, Dire Dawa, Addis 16 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 18 Ababa, Harari and Tigray saw higher food and nn-alcoholic beverages inflation than the regional average whereby the highest was recorded in Benshangul Gumuz (16.6 percent) and the lowest in Somali & Afar (3.0 percent), implying a 13.6 percentage point margin. The variation in food & non-alcoholic beverages inflation was 4.4 percent compared to 3.4 percent a quarter earlier and 2.3 percent a year ago (Table 3.4). Similarly, regional average non-food inflation slowed down to 4.6 percent from 5.4 percent in the previous quarter. Afar, Harrari, Benshangul Gumuz and Dire Dawa recorded higher non-food inflation than the regional average. Non-food inflation was the highest in Afar (13.2 percent) and the lowest in Addis Ababa (-0.1 percent), revealing a 13.3 percentage point margin. The variation in non-food inflation increased to 4.2 percent from 2.6 percent in the previous quarter and 2.2 percent a year ago. First Quarter 2020/21 | 17 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 20 IV. MONETARY DEVELOPMENTS 4.1. Money Supply and Credit Broad money supply (M 2) stood at Birr 1.1 trillion at the end of first quarter of F.Y. 2020/21, showing a 19.2 percent annual expansion owing to 136.0 percent surge in domestic credit despite 9.9 percent decline in external asset (net). 21.3 percent growth in claims on government and 18.6 percent in increase in claims on non-central government were the major driving forces for the expansion in aggregate domestic credit. Source: Staff Computation, NBE Table 4.1: Factors Influencing Broad money In Millions of Birr Particulars

Qtr. I Qtr. IV Qtr. I Percentage Change Contributions of each component to Broad Money Growth (Sept. 19) (June. 20) (Sept. 20) A B C C/A C/B Annual

External Assets (net) (10,797.2) (22,101.0) (28,149.3) 160.7 27.4 -9.9
Domestic Credit 999,176.7 1,190,705.1 1,237,197.0 23.8 3.9 136.0 . Claims on Central Gov't (net) 122,330.8 150,861.6 148,399.1 21.3 -1.6 14.9 . Claims on Non-Central Gov't 876,845.9 1,039,843.5 1,088,797.9 18.6 4.7 93.1 . Financial Institutions 52,142.7 58,142.7 57,642.7 10.5 -0.9 3.1 . Others 824,703.1 981,700.8 1,031,155.2 25.0 5.0 117.9
Other Items (net) 78,442.6 130,957.8 124,059.0 58.2 -5.3 26.1
Broad Money (M2) 909,936.9 1,037,646.3 1,084,988.7 19.2 4.6 100.0 National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 19 Table 3.4: Quarterly Regional General, Food & non-alcoholic beverages and Non-food Inflation Source: CSA and NBE Staff Computation Regions 2019/20 2020/21 Annual Change Quarterly Change QI QIV QI A B C C-A C-B General Food & Non- alcoholic beverages Non-food General Food & Non- alcoholic beverages Non-food General Food & Non- alcoholic beverages Non-food General Food & Non- alcoholic beverages Non-food General Food & Non- alcoholic beverages Non-food SNNP 6.8 8.2 4.8 10.8 12.5 8.7 6.0 7.1 4.3 -0.8 -1.1 -0.5 -4.8 -5.4 -4.4 Harari 9.6 10.8 8.7 6.7 8.6 5.3 10.1 9.7 10.5 0.5 -1.1 1.8 3.4 1.1 5.2 Oromia 5.5 6.4 4.3 7.1 9.2 4.1 5.0 6.9 2.3 -0.5 0.5 -2.0 -2.1 -2.3 -1.8 Tigray 7.8 10.1 5.5 9.4 13.3 5.8 7.5 9.4 3.9 -0.3 -0.7 -1.6 -1.9 -3.9 -1.9 Gambella 7.6 8.7 6.3 11.2 13.9 7.7 4.8 6.0 3.1 -2.8 -2.7 -3.2 -6.4 -7.9 -4.6 Addis Ababa 5.2 10.0 1.7 9.3 11.0 7.9 4.6 10.7 -0.1 -0.6 0.7 -1.8 -4.7 -0.3 -8.0 Dire Dawa 5.5 8.2 3.0 9.2 12.0 6.5 10.6 15.5 5.9 5.1 7.3 2.9 1.4 3.5 -0.6 Benshangul. Gumuz 9.2 15.2 3.6 7.6 10.4 4.8 11.7 16.6 6.6 2.5 1.4 3.0 4.1 6.2 1.8 Somali 9.1 10.3 7.5 3.5 1.8 5.6 2.2 3.0 1.2 -6.9 -7.3 -6.3 -1.3 1.2 -4.4 Afar 6.7 11.4 1.8 5.0 10.1 -0.4 7.6 3.0 13.2 0.9 -8.4 11.4 2.6 -7.1 13.6 Amhara 6.0 8.1 3.7 5.5 7.6 2.9 3.80 6.70 0.1 -2.2 -1.4 -3.6 -1.7 -0.9 -2.8 Regions Average 7.2 9.8 4.6 7.8 10.0 5.4 6.7 8.6 4.6 Standard deviation 1.6 2.3 2.2 2.5 3.4 2.6 3.1 4.4 4.2 Coefficient of variation 0.2 0.2 0.5 0.3 0.3 0.5 0.9 18 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 20 IV. MONETARY DEVELOPMENTS 4.1. Money Supply and Credit Broad money supply (M2) stood at Birr 1.1 trillion at the end of first quarter of F.Y. 2020/21, showing a 19.2 percent annual expansion owing to 136.0 percent surge in domestic credit despite 9.9 percent decline in external asset (net). 21.3 percent growth in claims on government and 18.6 percent in increase in claims on non-central government were the major driving forces for the expansion in aggregate domestic credit. Source: Staff Computation, NBE Table 4.1: Factors Influencing Broad money In Millions of Birr Particulars

Qtr. I Qtr. IV Qtr. I Percentage Change Contributions of each component to Broad Money Growth (Sept. 19) (June. 20) (Sept. 20) A B C C/A C/B Annual

External Assets (net) (10,797.2) (22,101.0) (28,149.3) 160.7 27.4 -9.9
Domestic Credit 999,176.7 1,190,705.1 1,237,197.0 23.8 3.9 136.0 . Claims on Central Gov't (net) 122,330.8 150,861.6 148,399.1 21.3 -1.6 14.9 . Claims on Non-Central Gov't 876,845.9 1,039,843.5 1,088,797.9 18.6 4.7 93.1 . Financial Institutions 52,142.7 58,142.7 57,642.7 10.5 -0.9 3.1 . Others 824,703.1 981,700.8 1,031,155.2 25.0 5.0 117.9
Other Items (net) 78,442.6 130,957.8 124,059.0 58.2 -5.3 26.1
Broad Money (M2) 909,936.9 1,037,646.3 1,084,988.7 19.2 4.6 100.0 National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 20 IV. MONETARY DEVELOPMENTS 4.1. Money Supply and Credit Broad money supply (M2) stood at Birr 1.1 trillion at the end of first quarter of F.Y. 2020/21, showing a 19.2 percent annual expansion owing to 136.0 percent surge in domestic credit despite 9.9 percent decline in external asset (net). 21.3 percent growth in claims on government and 18.6 percent in increase in claims on non-central government were the major driving forces for the expansion in aggregate domestic credit. Source: Staff Computation, NBE Table 4.1: Factors Influencing Broad money In Millions of Birr Particulars

Qtr. I Qtr. IV Qtr. I Percentage Change Contributions of each component to Broad Money Growth (Sept. 19) (June. 20) (Sept. 20) A B C C/A C/B Annual

External Assets (net) (10,797.2) (22,101.0) (28,149.3) 160.7 27.4 -9.9
Domestic Credit 999,176.7 1,190,705.1 1,237,197.0 23.8 3.9 136.0 . Claims on Central Gov't (net) 122,330.8 150,861.6 148,399.1 21.3 -1.6 14.9 . Claims on Non-Central Gov't 876,845.9 1,039,843.5 1,088,797.9 18.6 4.7 93.1 . Financial Institutions 52,142.7 58,142.7 57,642.7 10.5 -0.9 3.1 . Others 824,703.1 981,700.8 1,031,155.2 25.0 5.0 117.9
Other Items (net) 78,442.6 130,957.8 124,059.0 58.2 -5.3 26.1
Broad Money (M2) 909,936.9 1,037,646.3 1,084,988.7 19.2 4.6 100.0 First Quarter 2020/21 | 19 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 21 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 -50.0 -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 Net Foreign Assets (NFA) (in percent) Other than NFA Broad Money Domestic Credit Other Items Net Net Foreign Assets 20 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 22 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 First Quarter 2020/21 | 21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 23 Quasi-money supply showed a 26.6 percent annual and 10.8 percent quarterly expansion while narrow money supply exhibited a 5.5 percent annual growth and 7.2 percent quarterly contraction mainly due to the imposition of cash withdrawal limit following the recent demonetization policy measures. Thus, at the end of September 2020, currency outside banks dropped 29.3 percent year-onyear and 40.7 percent compared to end June 2020 balance. Narrow money contributed 9.9 percent to broad money growth while that of quasi money was 90.1 percent (Table 4.2). The surge in quasi-money was the result of a successful effort made by banks in expanding their branch network and improving service outreach. Moreover, currency demonetization and cash withdrawal limit helped commercial banks to mobilize more fresh deposits. 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. 19) (June. 20) (Sept. 20) C/A C/B Annual A B C

Narrow Money Supply 317,191.7 360,585.5 334,583.2 5.5 -7.2 9.9 . Currency outside banks 91,522.7 109,071.8 64,666.1 -29.3 -40.7 -15.3 . Demand Deposits (net) 225,668.9 251,513.7 269,917.2 19.6 7.3 25.3
Quasi-Money 592,745.2 677,060.8 750,405.4 26.6 10.8 90.1 . Savings Deposits 502,198.3 589,174.1 658,821.5 31.2 11.8 89.5 . Time Deposits 90,546.9 87,886.8 91,583.9 1.1 4.2 0.6
Broad Money Supply 909,936.9 1,037,646.3 1,084,988.7 19.2 4.6 100.0 Source: Staff Computation, NBE 22 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 24 Fig.IV.3: Composition of Monetary Stock 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 Billions of Birr Period in Quarters Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep. First Quarter 2020/21 | 23 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 25 4.2. Developments in Reserve Money and Monetary Ratio Reserve money amounted to Birr 261.4 billion at the end of first quarter of 2020/21, showing 39.9 percent year-on-year and 6.0 percent quarterly growth. Similarly, excess reserve of commercial banks surged 109.3 percent on annual and 27.0 percent quarterly basis (Table 4.3). Demonetization measures as well as the NBE directives setting cash holding and cash withdrawal limits have aided commercial banks to significantly increase their deposit mobilization and to improve their liquidity position. Thus, money multiplier, measured by the ratio of broad money to reserve money and narrow money and reserve money declined on both annual and quarterly basis. Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars

Qtr. I Qtr. IV Qtr. I Percentage (Sept. 19) (June. 20) (Sept. 20) Change A B C C/A C/B

Reserve Requirement (CB's) 45,882.3 51,952.6 57,211.4 24.7 10.1
Actual Reserve (CB's) 78,256.6 105,289.1 124,961.2 59.7 18.7
Excess Reserve (CB's) 32,374.3 53,336.5 67,749.7 109.3 27.0
Reserve Money 186,800.7 246,545.4 261,352.9 39.9 6.0 . Currency in Circulation 123,976.3 140,521.1 124,403.5 0.3 -11.5 . Banks deposits at NBE 62,824.4 106,024.2 136,949.4 118.0 29.2
Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.7 1.5 1.3 -24.6 -12.5 . Broad Money to Reserve Money 4.9 4.2 4.2 -14.8 -1.4
Other Monetary Ratios (%): . Currency to Narrow Money 39.1 39.0 37.2 -4.9 -4.6 . Currency to Broad Money 13.6 13.5 11.5 -15.8 -15.3 . Narrow Money to Broad Money 34.9 34.8 30.8 -11.5 -11.3 . Quasi Money to Broad Money 65.1 65.2 69.2 6.2 6.0 Source: Staff Computation, NBE 24 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 5 (9.7 percent) and net short term capital (17.2 percent). As a result, the overall balance of payments recorded USD 177.4 million deficit compared to USD 870.5 million deficit a year earlier. b) Exchange Rate Development Weighted average official exchange rate of Birr during the first quarter of 2020/21 showed a 23 percent annual depreciation and reached Birr 35.7771/USD. Similarly, real effective exchange rate index (REERI) of the Birr depreciated by 25.6 percent on annual basis due to the weakening of the nominal effective exchanged rates of the Birr against major trading partner currencies. Likewise, the nominal effective exchange rate index (NEERI) depreciated 12.6 percent over last year same quarter. 1.2.6. Federal Government Fiscal Operations Total revenue and grants collected by the Federal government during the first quarter of 2020/21 showed a 22.9 percent annual growth to Birr 81.1 billion. Similarly, total Federal government expenditure increased by 2.5 percent to Birr 88.9 billion. As a result, the overall fiscal deficit (including grants) was Birr 7.7 billion during the review quarter. 1.2.7. Investment During the first quarter of 2020/21, 16 investment projects having investment capital of Birr 1.8 billion became operational. The number of investment projects declined by 97.1 percent and investment capital by 68.6 percent. National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 26 Fig. IV.4: Quarterly Growth of Reserve Money and Its Components -50 -40 -30 -20 -10 0 10 20 30 40 50 60 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 Percentage Changes Quarters Reserve Money Currency in Circulation Bank Deposits Source: Staff Computation NBE Fig.IV.5: Monetary Aggregates

20,000.0 40,000.0 60,000.0 80,000.0 100,000.0 120,000.0 140,000.0 In millions of Birr Required Reserve Actual Reserve Excess Reserve Source: Staff Computation NBE First Quarter 2020/21 | 25 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 28 4.3. Interest Rate Developments Average savings deposit rate and lending rate remained at 8.0 percent and 14.25 percent, respectively while that of time deposit rate slightly declined by 0.18 percent on annual basis. In contrast, weighted average yield on T-bills rose 4.37 percentage point owing to the government’s decision to sale treasury bills on market determined price. Considering 18.6 percent annual headline inflation, real interest rates on deposit, lending and the T-bills yield remained negative as of September 2020 (Table 4.4). Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum) Particulars 2019/20 2020/21 Percentage point Changes Q1 QIV QI Annual Quarterly

Savings Deposit Rate 1/ Minimum 7.00 - - Maximum 9.00 - - Average Saving Rate 8.00 - -
Time Deposits Up to 1yr 8.02 7.88 7.83 (0.19) (0.05) 1-2 years 8.07 7.94 7.88 (0.18) (0.05) Over 2 yrs 8.11 7.99 7.93 (0.18) (0.05) Average Time Dep. Rate (Weighted) 8.07 7.94 7.88 (0.18) (0.05)
Demand Deposit (Weighted) 0.04 0.00 -
Lending Rate 2/ Minimum 7.00 - - Maximum 20.00 21.50 21.50 1.50 - Average Lending Rate 13.50 14.25 14.25 0.75 -
T-bills Rate (Weighted) 1.91 6.60 6.28 4.37 (0.32)
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) 18.6 21.6 18.6 (2.1) (2.91)
Food Inflation (Year-on-year) 23.3 23.0 21.2 2.4 (1.81)
Core/non-food Inflation (Year-on-year) 13.1 19.7 15.4 0.1 (4.26) 1/ Minimum interest rate on savings is set by NBE. The maximum indicates the highest rate some banks are paying voluntarily. 2/ The minimum & maximum rates presented here are market determined. 3/ GERD stands for Grand Ethiopian Renaissance Dam. 26 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

Savings Deposit Rate 1/ Minimum 7.00 - - Maximum 9.00 - - Average Saving Rate 8.00 - -
Time Deposits Up to 1yr 8.02 7.88 7.83 (0.19) (0.05) 1-2 years 8.07 7.94 7.88 (0.18) (0.05) Over 2 yrs 8.11 7.99 7.93 (0.18) (0.05) Average Time Dep. Rate (Weighted) 8.07 7.94 7.88 (0.18) (0.05)
Demand Deposit (Weighted) 0.04 0.00 -
Lending Rate 2/ Minimum 7.00 - - Maximum 20.00 21.50 21.50 1.50 - Average Lending Rate 13.50 14.25 14.25 0.75 -
T-bills Rate (Weighted) 1.91 6.60 6.28 4.37 (0.32)
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) 18.6 21.6 18.6 (2.1) (2.91)
Food Inflation (Year-on-year) 23.3 23.0 21.2 2.4 (1.81)
Core/non-food Inflation (Year-on-year) 13.1 19.7 15.4 0.1 (4.26) 1/ Minimum interest rate on savings is set by NBE. The maximum indicates the highest rate some banks are paying voluntarily. 2/ The minimum & maximum rates presented here are market determined. 3/ GERD stands for Grand Ethiopian Renaissance Dam. National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 29 Fig. IV.6: Interest Rate Structure of Commercial Banks (In percent per annum) 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Value in Percent Quarters Simple Av. Sav. Dep. Rate Simple Av. Lend. Rate Bond Yield T-bills Yield Source: NBE and Commercial Banks First Quarter 2020/21 | 27 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 30 Fig. IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (In percent per annum) 0.00 5.00 10.00 15.00 20.00 25.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 inflation rate (core) Value in Percent Quarters Lending Rate 91 day T-bills yield Av. Saving Dep.Rate Inflation rate (core) *Core inflation rate is depicted on the right axis while lending rate, 91 dayT-bills yield and average saving deposit rate are shown on the left axis. Source: Staff computation, NBE 4.4. Developments in the Financial Sector The number of banks reached 19, of which 17 were private banks and 2 banks state owned. These banks opened 117 new bank branches during the review period, thereby raising the number of bank branches to 6,628. As a result, population to bank branch ratio stood at 15,2133 . About 34.2 percent of the total bank

3 Total population is 100,829,000 as CSA Estimation for 2020 branches were located in Addis Ababa. Of the total bank branches, the share of state owned banks was 28.7 percent while that of private banks constituted 71.3 percent. Total capital of the banking system reached Birr 117.2 billion, of which state owned banks accounted for 50.9 percent and private banks 49.1 percent. The share of Commercial Bank 28 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 31 of Ethiopia (CBE) in total capital of the banking system was 44.3 percent (Table 4.5). Similarly, the number of insurance companies stood at 18, of which 17 were private insurers while 1 insurer state owned whose branch network increased to 616 from 574 a year ago. Of the total branches, about 54.5 percent were situated in Addis Ababa. Meanwhile, total capital of these insurance companies reached Birr 10.3 billion compared to Birr 8.5 billion a year ago. Private insurance companies accounted for 71.7 percent of the total capital of the insurance sector (Table 4.6). During the review quarter, there were 39 micro-finance institutions (MFIs) which have mobilized close to Birr 47 billion in saving deposit, depicting a 13.9 percent annual increase. Similarly, their outstanding credit rose by 4.9 percent to Birr 64.6 billion. Their total asset also exhibited a 12.6 percent growth and reached Birr 93.4 billion and their capital increased to Birr 19.7 billion showing a 16.7 percent annual expansion (Table 4.7). The top five largest MFIs namely; Amhara, Dedebit, Oromia, Omo & Addis Credit and Savings Institutions accounted for 81.4 percent of the total capital, 89.9 percent of total deposit, 85.3 percent of total credit and 85.9 percent of total assets of MFIs. National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 30 Fig. IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (In percent per annum) 0.00 5.00 10.00 15.00 20.00 25.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 inflation rate (core) Value in Percent Quarters Lending Rate 91 day T-bills yield Av. Saving Dep.Rate Inflation rate (core) *Core inflation rate is depicted on the right axis while lending rate, 91 dayT-bills yield and average saving deposit rate are shown on the left axis. Source: Staff computation, NBE 4.4. Developments in the Financial Sector The number of banks reached 19, of which 17 were private banks and 2 banks state owned. These banks opened 117 new bank branches during the review period, thereby raising the number of bank branches to 6,628. As a result, population to bank branch ratio stood at 15,2133 . About 34.2 percent of the total bank

3 Total population is 100,829,000 as CSA Estimation for 2020 branches were located in Addis Ababa. Of the total bank branches, the share of state owned banks was 28.7 percent while that of private banks constituted 71.3 percent. Total capital of the banking system reached Birr 117.2 billion, of which state owned banks accounted for 50.9 percent and private banks 49.1 percent. The share of Commercial Bank First Quarter 2020/21 | 29 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 32 Table 4.5: Branch Network and Capital of the Banking System (Branch in Number & Capital in Millions of Birr) Capital 2020/21 1,406 371 1,777 29.4 1423 402 1,825 28.0 1,419 398 1,817 27.4 49,933.1 49,645.98 51,852.10 86 4 90 1.5 88 5 93 1.4 77 5 82 1.2 7,676.5 7,676.53 7,766.66 1,492 375 1,867 31 1,511 407 1,918 29 1,496 403 1,899 29 57,609.6 57,322.5 59,618.8

249 181 430 7.1 285 196 481 7.4 292 199 491 7.4 6,060.4 8,095.91 8,385.5 271 157 428 7.1 277 159 436 6.7 286 164 450 6.8 5,414.0 5,464.42 5,762.1 254 178 432 7.2 358 221 579 8.9 375 228 603 9.1 3,649.6 4,179.23 4,191.4 235 143 378 6.3 254 145 399 6.1 256 146 402 6.1 3,606.5 4,137.13 4,170.7 162 142 304 5.0 186 165 351 5.4 191 165 356 5.4 3,764.1 4,374.48 4,544.4 134 154 288 4.8 153 174 327 5.0 159 188 347 5.2 3,950.6 4,950.78 5,237.4 353 75 428 7.1 348 82 430 6.6 348 87 435 6.6 2,687.0 3,906.34 3,906.3 182 78 260 4.3 186 86 272 4.2 194 86 280 4.2 2,137.5 2,767.05 2,790.2 184 97 281 4.7 206 108 314 4.8 208 108 316 4.8 2,926.7 3,650.61 3,650.6 31 24 55 0.9 22 30 52 0.8 22 32 54 0.8 1,813.5 2,376.81 2,462.2 107 105 212 3.5 130 114 244 3.7 130 115 245 3.7 2,171.1 2,552.40 2,667.5 153 110 263 4.4 135 121 256 3.9 137 125 262 4.0 2,401.5 2,742.52 3,032.1 145 77 222 3.7 149 83 232 3.6 166 88 254 3.8 1,903.2 2,580.09 2,804.3 28 41 69 1.1 31 50 81 1.2 32 53 85 1.3 965.9 1,113.28 1,130.7 29 39 68 1.1 36 46 82 1.3 39 53 92 1.4 805.4 1,099.88 1,192.0 Enat Bank S.C 25 30 55 0.9 27 30 57 0.9 27 30 57 0.9 1,356.4 1,584.78 1,610.5 2,542 1,631 4,173 69 2,783 1,810 4,593 71 2,862 1,867 4,729 71 45,613 55,576 57,538 4,034 2,006 6,040 100 4,294 2,217 6,511 100 4,358 2,270 6,628 100 103,223 112,898 117,157 Quarter IV Quarter I % Share A.A % Share Quarter I Quarter IV Quarter I Quarter I Banks Branch Network Total

Public Banks Oromia International Bank Commercial Bank of Ethiopia Development Bank of
Private Banks Awash International Ban Dashen Bank Abyssinia Bank Wegagen Bank United Bank Nib International Bank Cooperative Bank of Oromiya Lion International Bank k Total Public Banks Zemen Bank Buna International Ban 3.Grand Total Banks k Berhan International Bank Abay Bank Addis Interational Bank Debub Global Bank Total Private Banks 2019/20 Reg % Share Reg. A.A Total Reg. A.A Total 2019/20 2020/21 Source: Bank Supervision Directorate (BSD), National Bank of Ethiopia (NBE) Note: ‘Reg’ stands for Region and ‘A.A’ for Addis Ababa 30 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 33 Fig.IV.8: Share of Branch Network and Capital of Banking System 30.9 29.5 28.7 55.8 50.8 50.9 69.1 70.5 71.3 44.2 49.2 49.1 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% percentage share from total Public Private Source: Staff Compilation, NBE Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) 2020/21 Quarter I Quarter IV Quarter I A.A Reg Total A.A Reg Total A.A Reg Total Capital 1.0 63 25 88 65 25 90 25 65 90 2,674 2,828 2,911 2.0 20 28 48 20 28 48 28 20 48 1,161 1,311 1,379 3.0 13 17 30 14 18 32 18 14 32 219 283 367 4.0 17 22 39 17 22 39 22 17 39 161 175 179 5.0 12 26 38 12 28 40 28 12 40 670 676 744 6.0 8 11 19 8 20 12 8 20 12 174 198 204 7.0 21 21 42 22 26 48 27 22 49 492 627 638 8.0 16 16 32 17 16 33 17 18 35 845 891 961 9.0 14 27 41 14 27 41 28 14 42 507 597 628 10.0 18 16 34 19 16 35 16 20 36 181 221 328 11.0 5 16 21 5 23 18 6 24 18 154 165 177 12.0 20 20 40 20 22 42 22 20 42 418 548 548 13.0 13 13 26 13 15 28 15 13 28 276 331 349 14.0 Berhan insurance S.C 5 11 16 7 19 13 8 21 12 139 162 169 15.0 8 16 24 9 27 18 9 27 18 180 212 267 16.0 Lucy Insurance S.C. 4 12 16 5 17 12 5 17 12 117 141 135 17.0 Bunna Insurance S.C. 7 13 20 9 23 16 9 25 14 140 169 171 18.0 Zemen Insurance S.C. - - 1 - 1 - - 115 119 TOTAL 310 264 574 329 276 605 336 280 616 8,508 9,650 10,274 United Insurance Company Global Insurance Company Nile Insurance Company Nyala Insurance Company Nib Insurance Company E-Life & General Insurance S.C. Oromia Insurance Company Abay Insurance Company S.C. Lion Insurance Company Tsehay Insurance S.C. National Insurance Corporation of Quarter I Ethiopian Insurance Corporation Awash Insurance Company Africa Insurance Company Quarter IV (Branch in number and Capital in Millions of Birr) Branch Capital Quarter I Insurance Companies 2019/20 2020/21 2019/20 Source: Bank Supervision Directorate, NBE National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 33 Fig.IV.8: Share of Branch Network and Capital of Banking System 30.9 29.5 28.7 55.8 50.8 50.9 69.1 70.5 71.3 44.2 49.2 49.1 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% percentage share from total Public Private Source: Staff Compilation, NBE Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) 2020/21 Quarter I Quarter IV Quarter I A.A Reg Total A.A Reg Total A.A Reg Total Capital 1.0 63 25 88 65 25 90 25 65 90 2,674 2,828 2,911 2.0 20 28 48 20 28 48 28 20 48 1,161 1,311 1,379 3.0 13 17 30 14 18 32 18 14 32 219 283 367 4.0 17 22 39 17 22 39 22 17 39 161 175 179 5.0 12 26 38 12 28 40 28 12 40 670 676 744 6.0 8 11 19 8 20 12 8 20 12 174 198 204 7.0 21 21 42 22 26 48 27 22 49 492 627 638 8.0 16 16 32 17 16 33 17 18 35 845 891 961 9.0 14 27 41 14 27 41 28 14 42 507 597 628 10.0 18 16 34 19 16 35 16 20 36 181 221 328 11.0 5 16 21 5 23 18 6 24 18 154 165 177 12.0 20 20 40 20 22 42 22 20 42 418 548 548 13.0 13 13 26 13 15 28 15 13 28 276 331 349 14.0 Berhan insurance S.C 5 11 16 7 19 13 8 21 12 139 162 169 15.0 8 16 24 9 27 18 9 27 18 180 212 267 16.0 Lucy Insurance S.C. 4 12 16 5 17 12 5 17 12 117 141 135 17.0 Bunna Insurance S.C. 7 13 20 9 23 16 9 25 14 140 169 171 18.0 Zemen Insurance S.C. - - 1 - 1 - - 115 119 TOTAL 310 264 574 329 276 605 336 280 616 8,508 9,650 10,274 United Insurance Company Global Insurance Company Nile Insurance Company Nyala Insurance Company Nib Insurance Company E-Life & General Insurance S.C. Oromia Insurance Company Abay Insurance Company S.C. Lion Insurance Company Tsehay Insurance S.C. National Insurance Corporation of Quarter I Ethiopian Insurance Corporation Awash Insurance Company Africa Insurance Company Quarter IV (Branch in number and Capital in Millions of Birr) Branch Capital Quarter I Insurance Companies 2019/20 2020/21 2019/20 Source: Bank Supervision Directorate, NBE First Quarter 2020/21 | 31 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 34 Table 4.7: Microfinance Institutions Performance as of September 30, 2020 (In Thousands of Birr) 2020/21 QI QIV QI A B C C/A C/B Total Capital 16,873,907.9 19,440,089.7 19,695,910.5 16.7 1.3 Saving 41,168,473.0 44,714,061.1 46,911,371.6 13.9 4.9 Credit 61,593,529.5 64,901,669.5 64,630,555.5 4.9 -0.4 Total Assets 82,988,456.7 92,200,086.4 93,405,604.6 12.6 1.3 % Change Particulars 2019/20 Source: Microfinance Supervision Directorate, NBE 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) rose by 132.5 percent over last year due to the policy change made by the National Bank of Ethiopia; with respect to Legal Tender Protection Directive that restricts cash holding and cash withdrawal limits and demonetization measures that led to result high deposit mobilization in the first quarter of 2020/21 (Table 4.8). Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Qtr.I 2019/20 Qtr.IV 2019/20 Qtr.I 2020/21 A B C C/A C/B 1.Deposits (net change) 13,635.3 59,327.2 38,580.7 45,691.5 17,573.3 52,216.0 105,018.7 497.6 101.1 -Demand -3,288.0 19,752.6 9,371.9 12,193.5 3,219.1 6,083.9 31,946.1 892.4 425.1 -Saving 15,680.6 37,592.2 23,174.2 31,979.3 14,657.5 38,854.8 69,571.5 374.6 79.1 -Time 1,242.6 1,982.3 6,034.6 1,518.8 -303.2 7,277.2 3,501.1 -1,254.7 -51.9 2. Borrowing (net change) 2,889.8 85.5 0.0 0.0 1,597.2 2,889.8 85.5 -94.6 -97.0 -Local 2,602.8 40.0 520.9 2,602.8 40.0 -92.3 -98.5 -Foreign 287.0 45.5 0.0 0.0 1,076.3 287.0 45.5 -95.8 -84.1 3. Collection of Loans 34,916.7 13,765.3 22,164.4 21,206.2 41,080.9 57,081.1 34,971.5 -14.9 -38.7 4. Total Resources Mobilized (1+2+3) 51,441.8 73,178.0 60,745.0 66,897.7 60,251.4 112,186.8 140,075.8 132.5 24.9 5. Disbursement 32,435.7 16,688.3 31,274.8 38,339.7 47,126.5 63,710.5 55,028.0 16.8 -13.6 6. Change in Liquidity (4-5) 19,006.1 56,489.8 29,470.3 28,558.0 13,124.8 48,476.4 85,047.8 548.0 75.4 Memorandum Item: Outstanding Credit* 685,084.6 696,481.2 347,108.1 377,813.2 877,791.0 1,032,192.7 1,074,294.4 22.4 4.1 Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.IV 2019/20 Qtr.I 2020/21 Qtr.IV 2019/20 Qtr.I 2020/21 Source: Commercial Banks and staff computation Notes: Includes Corporate bonds of CBE and Central Government Borrowing (treasury bills) National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 34 Table 4.7: Microfinance Institutions Performance as of September 30, 2020 (In Thousands of Birr) 2020/21 QI QIV QI A B C C/A C/B Total Capital 16,873,907.9 19,440,089.7 19,695,910.5 16.7 1.3 Saving 41,168,473.0 44,714,061.1 46,911,371.6 13.9 4.9 Credit 61,593,529.5 64,901,669.5 64,630,555.5 4.9 -0.4 Total Assets 82,988,456.7 92,200,086.4 93,405,604.6 12.6 1.3 % Change Particulars 2019/20 Source: Microfinance Supervision Directorate, NBE 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) rose by 132.5 percent over last year due to the policy change made by the National Bank of Ethiopia; with respect to Legal Tender Protection Directive that restricts cash holding and cash withdrawal limits and demonetization measures that led to result high deposit mobilization in the first quarter of 2020/21 (Table 4.8). Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Qtr.I 2019/20 Qtr.IV 2019/20 Qtr.I 2020/21 A B C C/A C/B 1.Deposits (net change) 13,635.3 59,327.2 38,580.7 45,691.5 17,573.3 52,216.0 105,018.7 497.6 101.1 -Demand -3,288.0 19,752.6 9,371.9 12,193.5 3,219.1 6,083.9 31,946.1 892.4 425.1 -Saving 15,680.6 37,592.2 23,174.2 31,979.3 14,657.5 38,854.8 69,571.5 374.6 79.1 -Time 1,242.6 1,982.3 6,034.6 1,518.8 -303.2 7,277.2 3,501.1 -1,254.7 -51.9 2. Borrowing (net change) 2,889.8 85.5 0.0 0.0 1,597.2 2,889.8 85.5 -94.6 -97.0 -Local 2,602.8 40.0 520.9 2,602.8 40.0 -92.3 -98.5 -Foreign 287.0 45.5 0.0 0.0 1,076.3 287.0 45.5 -95.8 -84.1 3. Collection of Loans 34,916.7 13,765.3 22,164.4 21,206.2 41,080.9 57,081.1 34,971.5 -14.9 -38.7 4. Total Resources Mobilized (1+2+3) 51,441.8 73,178.0 60,745.0 66,897.7 60,251.4 112,186.8 140,075.8 132.5 24.9 5. Disbursement 32,435.7 16,688.3 31,274.8 38,339.7 47,126.5 63,710.5 55,028.0 16.8 -13.6 6. Change in Liquidity (4-5) 19,006.1 56,489.8 29,470.3 28,558.0 13,124.8 48,476.4 85,047.8 548.0 75.4 Memorandum Item: Outstanding Credit 685,084.6 696,481.2 347,108.1 377,813.2 877,791.0 1,032,192.7 1,074,294.4 22.4 4.1 Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.IV 2019/20 Qtr.I 2020/21 Qtr.IV 2019/20 Qtr.I 2020/21 Source: Commercial Banks and staff computation Notes: Includes Corporate bonds of CBE and Central Government Borrowing (treasury bills) National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 34 Table 4.7: Microfinance Institutions Performance as of September 30, 2020 (In Thousands of Birr) 2020/21 QI QIV QI A B C C/A C/B Total Capital 16,873,907.9 19,440,089.7 19,695,910.5 16.7 1.3 Saving 41,168,473.0 44,714,061.1 46,911,371.6 13.9 4.9 Credit 61,593,529.5 64,901,669.5 64,630,555.5 4.9 -0.4 Total Assets 82,988,456.7 92,200,086.4 93,405,604.6 12.6 1.3 % Change Particulars 2019/20 Source: Microfinance Supervision Directorate, NBE 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) rose by 132.5 percent over last year due to the policy change made by the National Bank of Ethiopia; with respect to Legal Tender Protection Directive that restricts cash holding and cash withdrawal limits and demonetization measures that led to result high deposit mobilization in the first quarter of 2020/21 (Table 4.8). Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Qtr.I 2019/20 Qtr.IV 2019/20 Qtr.I 2020/21 A B C C/A C/B 1.Deposits (net change) 13,635.3 59,327.2 38,580.7 45,691.5 17,573.3 52,216.0 105,018.7 497.6 101.1 -Demand -3,288.0 19,752.6 9,371.9 12,193.5 3,219.1 6,083.9 31,946.1 892.4 425.1 -Saving 15,680.6 37,592.2 23,174.2 31,979.3 14,657.5 38,854.8 69,571.5 374.6 79.1 -Time 1,242.6 1,982.3 6,034.6 1,518.8 -303.2 7,277.2 3,501.1 -1,254.7 -51.9 2. Borrowing (net change) 2,889.8 85.5 0.0 0.0 1,597.2 2,889.8 85.5 -94.6 -97.0 -Local 2,602.8 40.0 520.9 2,602.8 40.0 -92.3 -98.5 -Foreign 287.0 45.5 0.0 0.0 1,076.3 287.0 45.5 -95.8 -84.1 3. Collection of Loans 34,916.7 13,765.3 22,164.4 21,206.2 41,080.9 57,081.1 34,971.5 -14.9 -38.7 4. Total Resources Mobilized (1+2+3) 51,441.8 73,178.0 60,745.0 66,897.7 60,251.4 112,186.8 140,075.8 132.5 24.9 5. Disbursement 32,435.7 16,688.3 31,274.8 38,339.7 47,126.5 63,710.5 55,028.0 16.8 -13.6 6. Change in Liquidity (4-5) 19,006.1 56,489.8 29,470.3 28,558.0 13,124.8 48,476.4 85,047.8 548.0 75.4 Memorandum Item: Outstanding Credit 685,084.6 696,481.2 347,108.1 377,813.2 877,791.0 1,032,192.7 1,074,294.4 22.4 4.1 Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.IV 2019/20 Qtr.I 2020/21 Qtr.IV 2019/20 Qtr.I 2020/21 Source: Commercial Banks and staff computation Notes: *Includes Corporate bonds of CBE and Central Government Borrowing (treasury bills) 32 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 35 Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans

20,000.00 40,000.00 60,000.00 80,000.00 100,000.00 120,000.00 140,000.00 160,000.00 I II III IV I II III IV I II III IV I II III IV I II III IV I 2015/16 2016/17 2017/18 2018/2019 2019/2020 2020/21 In Millions of Birr Total Resource Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: Staff compilation 4.5.1.1. Deposit Mobilization Total deposit liabilities reached Birr 1.1 trillion by the end of first quarter 2020/21 indicating 25.0 percent annual growth rate. NBE’s directives setting daily cash withdrawal and cash holding limits as well as demonetization measures have contributed to such a remarkable performance in deposit mobilization. Demand deposits, which accounted for 33.9 percent of the total deposits, reached Birr 388.3 billion showing a 22.1 percent annual increase. Similarly, saving deposits went up by 31.2 percent to Birr 659 billion and accounted for 57.5 percent of the total deposits. Time deposits, which constituted 8.6 percent of the total deposit liabilities, rose by 2.5 percent and reached Birr 99.1 billion. The share of state owned banks in total deposit was 57.3 percent while that of private banks was 42.7 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 2019/20 2019/20 2020/21 ABC Demand Deposit 318,005.5 34.7 356,328.6 34.2 388,274.7 33.9 22.1 9.0 Saving Deposit 502,459.1 54.8 589,465.0 56.6 659,036.5 57.5 31.2 11.8 Time Deposit 96,730.8 10.5 95,616.7 9.2 99,117.8 8.6 2.5 3.7 Total 917,195.4 100.0 1,041,410.3 100.0 1,146,429.0 100.0 25.0 10.1 Share of Public Banks 58.8 57.4 57.3 Share of Private Banks 41.2 42.6 42.7 C/A C/B % Share Deposit by types % Share % Share Source: Commercial Banks and DBE First Quarter 2020/21 | 33 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 36 Fig.IV.10: Quarterly Growth of Banks’ Deposit Liabilities by Ownership -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 I II III IV I II III IV I II III IV I II III IV I II III IV I 2015/16 2016/17 2017/18 2018/19 2019/2020 2020/21 In percent Publlic Banks Private Banks All Banks Source: Staff Computation, NBE 4.5.1.2. Collection of Loans During the review period, banks collected loans (including corporate bonds) close to Birr 35 billion, depicting a 14.9 percent decline compared with last year (Table 4.8). About 60 percent of the total loan was collected by private banks and 39.4 percent by state owned banks. Almost 95.6 percent of the total loan was collected from private sector (Table 4.12). 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 80.5 billion, showing a 9.2 percent annual growth. Of the total borrowing, Birr 68.5 billion (85 percent) was from domestic and Birr 12 billion (15 percent) from external sources (Table 4.10). Table 4.10: Banks’ Outstanding Borrowing by Sources (In Millions of Birr) 2020/21 Q u ar te r I Q u ar te r IV Q u ar te r I A B C C/B C/A D o m e s tic B o rro w in g 63,285.3 68,416.9 68,456.9 0.1 8.2 F o re ig n B o rro w in g 10,467.8 12,026.0 12,071.5 0.4 15.3 T otal 7 3 ,7 5 3 .2 8 0 ,4 4 2 .9 8 0 ,5 2 8 .4 0.1 9.2 B ank s P ercentag e chang e 2019/20 Source: Commercial Bank of Ethiopia and Development Bank of Ethiopia National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 36 Fig.IV.10: Quarterly Growth of Banks’ Deposit Liabilities by Ownership -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 I II III IV I II III IV I II III IV I II III IV I II III IV I 2015/16 2016/17 2017/18 2018/19 2019/2020 2020/21 In percent Publlic Banks Private Banks All Banks Source: Staff Computation, NBE 4.5.1.2. Collection of Loans During the review period, banks collected loans (including corporate bonds) close to Birr 35 billion, depicting a 14.9 percent decline compared with last year (Table 4.8). About 60 percent of the total loan was collected by private banks and 39.4 percent by state owned banks. Almost 95.6 percent of the total loan was collected from private sector (Table 4.12). 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 80.5 billion, showing a 9.2 percent annual growth. Of the total borrowing, Birr 68.5 billion (85 percent) was from domestic and Birr 12 billion (15 percent) from external sources (Table 4.10). Table 4.10: Banks’ Outstanding Borrowing by Sources (In Millions of Birr) 2020/21 Q u ar te r I Q u ar te r IV Q u ar te r I A B C C/B C/A D o m e s tic B o rro w in g 63,285.3 68,416.9 68,456.9 0.1 8.2 F o re ig n B o rro w in g 10,467.8 12,026.0 12,071.5 0.4 15.3 T otal 7 3 ,7 5 3 .2 8 0 ,4 4 2 .9 8 0 ,5 2 8 .4 0.1 9.2 B ank s P ercentag e chang e 2019/20 Source: Commercial Bank of Ethiopia and Development Bank of Ethiopia 34 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 37 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 55 billion was disbursed in fresh loans (including in CBE bonds), indicating a 16.8 percent annual increase. Of the total new loans disbursed, the share of state owned banks was 30.3 percent while that of private banks was 69.7 percent (Table 4.12). The major beneficiaries of the fresh loans were domestic trade (Birr 11.6 billion or 21.2 percent), international trade (Birr 10.8 billion or 19.7 percent), industry (Birr 9.6 billion or 17.5 percent), and housing & construction (Birr 5.1 billion or 9.3 percent). The share of agriculture stood at Birr 4.4 billion or 8 percent, while that of transport and communication was Birr 4.1 billion or 7.4 percent with personal loans being Birr 3 billion or 5.5 percent. The remaining balance was taken up by other sectors (Table 4.11). Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership

20,000.00 40,000.00 60,000.00 80,000.00 100,000.00 120,000.00 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI 2015/2016 2016/2017 2017/18 2018/19 2019/20 2020/21 Value in Million Birr Years/Quarters Total Public Banks Private Banks Source: Commercial Banks and Development Bank of Ethiopia National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 37 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 55 billion was disbursed in fresh loans (including in CBE bonds), indicating a 16.8 percent annual increase. Of the total new loans disbursed, the share of state owned banks was 30.3 percent while that of private banks was 69.7 percent (Table 4.12). The major beneficiaries of the fresh loans were domestic trade (Birr 11.6 billion or 21.2 percent), international trade (Birr 10.8 billion or 19.7 percent), industry (Birr 9.6 billion or 17.5 percent), and housing & construction (Birr 5.1 billion or 9.3 percent). The share of agriculture stood at Birr 4.4 billion or 8 percent, while that of transport and communication was Birr 4.1 billion or 7.4 percent with personal loans being Birr 3 billion or 5.5 percent. The remaining balance was taken up by other sectors (Table 4.11). Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership

20,000.00 40,000.00 60,000.00 80,000.00 100,000.00 120,000.00 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI 2015/2016 2016/2017 2017/18 2018/19 2019/20 2020/21 Value in Million Birr Years/Quarters Total Public Banks Private Banks Source: Commercial Banks and Development Bank of Ethiopia First Quarter 2020/21 | 35 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 38 Table 4.11: Banking Loans & advances by Sectors (including corporate bond) in QI-2020/21 (In Millions of Birr) D* C* O/S* D* C* O/S * D* C* O/S* Corporate Bonds* 5,845 414,262 1,182 - - 5,845 - 1,182 414,262 Agriculture 4,157 6,009 17,970 267 3,108 162 4,425 6,171 21,078 Industry 3,745 171,771 2,077 5,894 57,307 2,182 9,639 4,259 229,078 Domestic Trade 1,020 465 11,184 7,503 89,387 6,515 11,648 7,535 96,891 International Trade 230 23,896 10,730 95 120,666 7,079 10,825 7,309 144,563 Export 184 11,451 94 7,663 84,065 5,071 7,757 5,255 95,516 Imports 46 12,445 1 3,067 36,601 2,008 3,068 2,054 49,047 Hotels and Tourism 275 180 1,691 4,627 12,629 524 1,965 704 17,256 Transport & Communication 73 1,256 1,027 5 11,192 1,010 1,032 1,083 12,449 Housing & Construction 283 17,930 30 5,117 56,111 2,271 5,146 2,554 74,041 Mines, Power & Water Res. 138 40 1,166 - 377 10 40 148 1,543 Others 1,162 1,227 9,338 257 2,237 176 1,418 1,403 11,575 Personal 1,345 871 26,761 2,173 24,797 1,278 3,044 2,623 51,558 Total 16,688 13,765 696,481 38,340 377,813 21,206 55,028 34,972 1,074,294 Source: Commercial Banks and staff computation Borrowing Sector Public Banks Private Banks Total (1) (2) (3) D*= Disbursement, C*= Collection, O/S*= Outstanding Credit 4.5.3. Outstanding Credit Total outstanding credit of the banking system (including corporate bond) rose by about 22.4 percent to reach Birr 1.1 trillion. About 99.6 percent of the total outstanding credit of private banks was claims on the private sector compared with 19.6 percent for state owned banks (Table 4.12). With Birr 306.6 billion outstanding credit (or 28.5 percent), mines, power & water resources sector is the major holder of the credit outstanding followed by industry (Birr 229.1 billion or 21.3 percent), international trade (Birr 144.6 billion or 13.5 percent), housing & construction (Birr 119.2 billion or 11.1 percent), domestic trade (Birr 96.9 billion or 9 percent), and transport & communication (Birr 76.5 billion or 7.1 percent) (Table 4.11). National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 38 Table 4.11: Banking Loans & advances by Sectors (including corporate bond) in QI-2020/21 (In Millions of Birr) D* C* O/S* D* C* O/S * D* C* O/S* Corporate Bonds* 5,845 414,262 1,182 - - 5,845 - 1,182 414,262 Agriculture 4,157 6,009 17,970 267 3,108 162 4,425 6,171 21,078 Industry 3,745 171,771 2,077 5,894 57,307 2,182 9,639 4,259 229,078 Domestic Trade 1,020 465 11,184 7,503 89,387 6,515 11,648 7,535 96,891 International Trade 230 23,896 10,730 95 120,666 7,079 10,825 7,309 144,563 Export 184 11,451 94 7,663 84,065 5,071 7,757 5,255 95,516 Imports 46 12,445 1 3,067 36,601 2,008 3,068 2,054 49,047 Hotels and Tourism 275 180 1,691 4,627 12,629 524 1,965 704 17,256 Transport & Communication 73 1,256 1,027 5 11,192 1,010 1,032 1,083 12,449 Housing & Construction 283 17,930 30 5,117 56,111 2,271 5,146 2,554 74,041 Mines, Power & Water Res. 138 40 1,166 - 377 10 40 148 1,543 Others 1,162 1,227 9,338 257 2,237 176 1,418 1,403 11,575 Personal 1,345 871 26,761 2,173 24,797 1,278 3,044 2,623 51,558 Total 16,688 13,765 696,481 38,340 377,813 21,206 55,028 34,972 1,074,294 Source: Commercial Banks and staff computation Borrowing Sector Public Banks Private Banks Total (1) (2) (3) D*= Disbursement, C*= Collection, O/S*= Outstanding Credit 4.5.3. Outstanding Credit Total outstanding credit of the banking system (including corporate bond) rose by about 22.4 percent to reach Birr 1.1 trillion. About 99.6 percent of the total outstanding credit of private banks was claims on the private sector compared with 19.6 percent for state owned banks (Table 4.12). With Birr 306.6 billion outstanding credit (or 28.5 percent), mines, power & water resources sector is the major holder of the credit outstanding followed by industry (Birr 229.1 billion or 21.3 percent), international trade (Birr 144.6 billion or 13.5 percent), housing & construction (Birr 119.2 billion or 11.1 percent), domestic trade (Birr 96.9 billion or 9 percent), and transport & communication (Birr 76.5 billion or 7.1 percent) (Table 4.11). National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 39 Table 4.12: Breakdown of Banking System Credit by Clients in QI-2020/21 (In Millions of Birr) Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share Public Banks 16,688.2 30.3 13,765.3 39.4 696,481.2 64.8 Corporate Bonds* 5,844.9 0.0 1,182.1 0.0 414,262.2 59.5 State Enterprises 2,220.3 13.3 310.5 2.3 145,383.1 20.9 Cooperatives 5,065.4 30.4 6,937.6 50.4 13,644.4 2.0 Private Enterprises 3,557.6 21.3 5,335.1 38.8 123,191.5 17.7 Private Banks 38,339.7 69.7 21,206.2 60.6 377,813.2 35.2 State Enterprises 44.4 0.1 57.2 0.3 1,512.5 0.4 Cooperatives 218.5 0.6 653.3 3.1 3,811.9 1.0 Private Enterprises 38,076.8 99.3 20,495.7 96.6 372,488.8 98.6 Grand Total 55,027.9 100.0 34,971.5 100.0 1,074,294.4 100.0 Source: Commercial banks and staff computation Notes: *Corporate Bonds of Commercial Bank of Ethiopia Fig.IV.12: Share of Public and Private Banks in Credit Outstanding 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 90.00 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 Value in Percent Years/Quarters Total Public Total Private Source: Staff computation, NBE 36 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 39 Table 4.12: Breakdown of Banking System Credit by Clients in QI-2020/21 (In Millions of Birr) Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share Public Banks 16,688.2 30.3 13,765.3 39.4 696,481.2 64.8 Corporate Bonds* 5,844.9 0.0 1,182.1 0.0 414,262.2 59.5 State Enterprises 2,220.3 13.3 310.5 2.3 145,383.1 20.9 Cooperatives 5,065.4 30.4 6,937.6 50.4 13,644.4 2.0 Private Enterprises 3,557.6 21.3 5,335.1 38.8 123,191.5 17.7 Private Banks 38,339.7 69.7 21,206.2 60.6 377,813.2 35.2 State Enterprises 44.4 0.1 57.2 0.3 1,512.5 0.4 Cooperatives 218.5 0.6 653.3 3.1 3,811.9 1.0 Private Enterprises 38,076.8 99.3 20,495.7 96.6 372,488.8 98.6 Grand Total 55,027.9 100.0 34,971.5 100.0 1,074,294.4 100.0 Source: Commercial banks and staff computation Notes: Corporate Bonds of Commercial Bank of Ethiopia Fig.IV.12: Share of Public and Private Banks in Credit Outstanding 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 90.00 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 Value in Percent Years/Quarters Total Public Total Private Source: Staff computation, NBE National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 39 Table 4.12: Breakdown of Banking System Credit by Clients in QI-2020/21 (In Millions of Birr) Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share Public Banks 16,688.2 30.3 13,765.3 39.4 696,481.2 64.8 Corporate Bonds 5,844.9 0.0 1,182.1 0.0 414,262.2 59.5 State Enterprises 2,220.3 13.3 310.5 2.3 145,383.1 20.9 Cooperatives 5,065.4 30.4 6,937.6 50.4 13,644.4 2.0 Private Enterprises 3,557.6 21.3 5,335.1 38.8 123,191.5 17.7 Private Banks 38,339.7 69.7 21,206.2 60.6 377,813.2 35.2 State Enterprises 44.4 0.1 57.2 0.3 1,512.5 0.4 Cooperatives 218.5 0.6 653.3 3.1 3,811.9 1.0 Private Enterprises 38,076.8 99.3 20,495.7 96.6 372,488.8 98.6 Grand Total 55,027.9 100.0 34,971.5 100.0 1,074,294.4 100.0 Source: Commercial banks and staff computation Notes: *Corporate Bonds of Commercial Bank of Ethiopia Fig.IV.12: Share of Public and Private Banks in Credit Outstanding 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 90.00 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 Value in Percent Years/Quarters Total Public Total Private Source: Staff computation, NBE First Quarter 2020/21 | 37 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 40 4.6. Financial Activities of NBE NBE gross claims on the central government as of end September 2020 has reached Birr 243.1 billion about 22 percent higher than a year earlier. Of this sum, government bonds accounted for 81.6 percent while direct advance constituted the remaining 18.4 percent. The share of direct advance to central government dropped by 76.7 percent compared with last year due to its conversion to government bond, thereby increasing the share of bonds. Deposit of financial institution at the NBE surged 118.1 percent due to an increase in deposits of banks as their liquidity position improved as a result of NBE policy measures discussed earlier (Table 4.13). Table 4 .13: Financial Activities of NBE during the First Quarter of 2020/21 (In Millions of Birr) 2020/21 Qtr.I Qtr.IV Qtr.I A B C C/A C/B 1.Loans and Advances 251,380.46 302,159.12 300,784.02 19.7 -0.5 1.1. To Central Government 199,237.75 244,016.41 243,141.31 22.0 -0.4 Direct Advances 192,264.95 44,778.66 44,778.66 -76.7 0.0 Bonds 199, 6,972.80 237.75 198,362.65 2,744.8 -0.4 1.2.To Development Bank of Ethiopia 52,142.71 58,142.71 57,642.71 10.5 -0.9 2.Deposit Liabilities 83,329.50 142,563.35 170,701.77 104.9 19.7 2.1. Government 20,433.47 34,526.76 33,548.57 64.2 -2.8 2.2. Financial Institutions 62,896.03 108,036.59 137,153.20 118.1 27.0 O/W: -Banks 62,865.03 108,028.03 137,141.99 118.2 27.0 -Insurance companies 31.0 8.6 11.2 -63.8 31.0 3.Net Claims of NBE(1-2) 168,051.0 159,595.8 130,082.2 -22.6 -18.5 % Change Particulars 2019/20 Source: National Bank of Ethiopia (NBE)

38 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 41 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market The amount of T-bills supplied to the biweekly T-bills auction market reached Birr 33.2 billion during the first quarter of 2020/21 reflecting a 70.0 percent year-onyear contraction. Similarly, the demand for T-bills contracted by 54.4 percent to Birr 53.3 billion (Table 14) and the amount of Tbill sold at Birr 33.4 billion, showed a 71.4 percent decline compared to last year the same quarter. Non-bank institutions bought T-bills worth Birr 19 billion while the remaining balance (Birr 14.3 billion) was taken up by banks. Thus, total outstanding T-bills at the end of the first quarter reached Birr 38.8 billion, implying a 73.2 percent annual decrease. Average weighted T-bills yield stood at 6.28 percent which was significantly higher than 1.91 percent a year ago due to the policy change on the issuance of T-bill (Table 4.14). First Quarter 2020/21 | 39 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 42 Source NBE Table 14: Results of Treasury Bills Auction ( 2020/21 First Quarter) (In Millions)

2019/20 2020/21 % Change Quarter I Quarter IV Quarter I A B C C/A C/B Number of Bidders 47.00 41.00 159.00 238.30 287.80 Public 47.00 21.00 26.00 -44.68 23.81 Private - 20.00 133.00 0.00 - Number of Bids received 49.00 50.00 159.00 224.49 218.00 Public 49.00 21.00 26.00 -46.94 23.81 Private - 29.00 133.00 - -457.62 Amount Demanded (Mn. Birr) 116,759.56 26,634.00 53,261.00 -54.38 99.97 28-day bill 240.00 904.00 3,558.00 1382.50 293.58 91-day bill 113,533.56 17,150.00 34,967.00 -69.20 103.89 182-day bill 236.00 8,580.00 14,736.00 6,144.07 71.75 364-day bill 2,750.00 - - - - Amount Supplied (Mn. Birr) 110,383.36 27,791.00 33,173.00 -69.95 19.37 28-day bill 910.00 660.00 1,320.00 45.05 100.00 91-day bill 106,487.36 12,046.00 20,517.00 -80.73 70.32 182-day bill 236.00 15,085.00 11,336.00 4703.39 -24.85 364-day bill 2,750.00 - - - - Amount Sold (Mn. Birr) 116,759.56 20,534.00 33,350.00 -71.44 62.41 Banks - 5,644.00 14,343.86 154.14 Non-Banks 116,759.56 14,890.00 19,006.15 -83.72 27.64 Average Weighted Price for Successful bids (%)

98.64 98.13 98.21 -0.44 0.07 28-day bill 99.94 99.56 99.59 -0.35 0.03 91-day bill 99.70 98.33 98.40 -1.30 0.07 182-day bill 99.68 96.52 96.63 -3.06 0.12 364-day bill 95.25 - - - - Average Weighted Yield for Successful bids (%) 1.91 6.60 6.28 229.39 -4.85 28-day bill 0.78 5.75 5.34 582.77 -7.07 91-day bill 1.20 6.82 6.52 441.17 -4.46 182-day bill 0.64 7.24 6.99 986.40 -3.45 364-day bill 5.00 - -

- Outstanding bills at the end of Period (Mn.Br.) 144,725.56 28,474.00 38,760.00 -73.22 36.12 Banks - 5,604.00 12,982.04 - 131.66 Non-Banks 144,725.56 22,870.00 25,777.96 -82.19 12.72 40 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 43 Fig.IV.13: Development in Treasury- bills Markets Source NBE First Quarter 2020/21 | 41 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 44 Fig.IV.14: Weighted Yields Source NBE 4.7.2. Inter- Bank Money Market There has been no inter-bank money market transaction during the quarter under review. 4.7.3. Corporate Bond Market Commercial Bank of Ethiopia remained the sole purchaser of corporate bonds. Accordingly, CBE purchased corporate bonds worth Birr 5.8 billion during the review quarter of which Railways Corporation and Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) issued bond worth Birr 3.0 billion and Birr 2.8 billion, respectively. Hence, at the end of the review quarter, the stock of corporate bonds held by the CBE stood at Birr 414.3 42 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 45 billion, of which 89.1 percent was claims on public enterprises and the remaining balance on regional governments (Table 4.15). Corporate bonds issued by EEP&EEU accounted for 48.6 percent of the bonds issued by public enterprises and 73.6 percent of the total outstanding corporate bond balance (Table4.15).

Table 4.15 Corporate Bond Purchase, Redemption and Outstand during the first of 2020/21 In millions of Birr Issuer of the Bond 2019/20 2020/21 QI QI NP Red O/S NP Red O/S 1.Puplic Enterprises 0.0 0.9 306,826.0 5,844.9 121.4 369,130.5 EEP&EEU

0.92 263,920.30 2,840.22 121.43 305,064.52 Railways Corporation
42,905.70 3,004.71
64,065.99 DBE

Regional Governments 0.0 28.6 31,679.20

1,060.68

45,131.67 Oromia -

0.90 423.34

21.78

392.34 Amhara - - 0.21 - Tigray -

2.34 88.65

91.54 SNNPRS - - 7.61 - Dire Dawa - - Harari - - City Government of Addis Ababa -

25.36 31,159.40 - 1,038.90

44,647.79 3.Grand Total (1+2) 0.0 29.5 338,505.20 5,844.93 1,182.11 414,262.18 Source: NBE Note: NP= New Purchase, Red. = Redemption, O/S= outstanding National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 45 billion, of which 89.1 percent was claims on public enterprises and the remaining balance on regional governments (Table 4.15). Corporate bonds issued by EEP&EEU accounted for 48.6 percent of the bonds issued by public enterprises and 73.6 percent of the total outstanding corporate bond balance (Table4.15).

0.92 263,920.30 2,840.22 121.43 305,064.52 Railways Corporation
42,905.70 3,004.71
64,065.99 DBE

Regional Governments 0.0 28.6 31,679.20

1,060.68

45,131.67 Oromia -

0.90 423.34

21.78

392.34 Amhara - - 0.21 - Tigray -

2.34 88.65

91.54 SNNPRS - - 7.61 - Dire Dawa - - Harari - - City Government of Addis Ababa -

25.36 31,159.40 - 1,038.90

44,647.79 3.Grand Total (1+2) 0.0 29.5 338,505.20 5,844.93 1,182.11 414,262.18 Source: NBE Note: NP= New Purchase, Red. = Redemption, O/S= outstanding First Quarter 2020/21 | 43 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 46 V. EXTERNAL SECTOR DEVELOPMENTS 5.1. Balance of Payments The deficit in the overall balance of payments narrowed to USD 177.4 million during the first quarter of 2020/21 compared to USD 870.5 million deficit a year ago on account of slowdown in merchandise trade deficit coupled with an increase in net private transfers and net official transfers. In contrast, net service receipts and surplus of net capital account decreased during the review period (Table 5.1). 44 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 47 Table 5.1: Balance of Payments (In Millions of USD) S/N Particulars 2019/20 2020/21 Percentage Change QI QIV4 QI5 A B C D=C/A E=C/B 1 Exports, f.o.b. 723.0 942.9 834.7 15.4 -11.5 Coffee 232.1 293.1 185.3 -20.1 -36.8 Other 491.0 649.8 649.4 32.3 -0.1 2 Imports 3,746.4 2,688.7 3,480.3 -7.1 29.4 Fuel 593.7 308.6 377.9 -36.3 22.5 Cereals 287.2 134.2 195.7 -31.9 45.8 Aircraft 15.8 4.5 14.7 -7.3 224.4 Imports excl. fuel, cereals, aircraft 2,849.6 2,241.4 2,892.1 1.5 29.0 3 Trade Balance (1-2) -3,023.3 -1,745.8 -2,645.6 -12.5 51.5 4 Services, net 89.1 2.3 42.3 -52.5 1,769.4 Non-factor services, net 243.93 112.6 172.3 -29.4 53.0 Exports of non-factor services 1,313.07 987.8 1,079.3 -17.8 9.3 Imports of non-factor services 1,069.14 875.2 907.1 -15.2 3.6 Factor services (Investment income), net -154.78 -110.3 -129.9 -16.1 17.7 Interest, net -154.78 -110.3 -129.9 -16.1 17.7 Dividend, net 5 Private transfers, net 1,117.4 1,200.3 1,550.9 38.8 29.2 o/w: NGO's,(Net) 205.6 240.8 215.6 4.9 -10.5 Private Individuals 911.8 959.5 1,335.3 46.5 39.2 6 Current account balance excluding official transfers (3+4+5) -1,816.8 -543.2 -1,052.4 -42.1 93.7 7 Official transfers, net 194.4 619.9 266.8 37.2 -57.0 8 Current account balance including official transfers(6+7) -1,622.4 76.7 -785.5 -51.6 9 Capital account 696.1 1,229.2 456.1 -34.5 -62.9 Official Long-term Capital, net 252.8 985.9 51.9 -79.5 -94.7 Disbursements 306.6 1,024.9 196.7 -35.9 -80.8 Amortization 53.7 39.0 144.8 169.3 270.7 Other public long-term capital -233.3 -137.4 -211.4 -9.4 53.8 Private sector, long term 36.0 18.6 33.1 -8.2 77.8 Foreign Direct Investment, net 700.2 495.9 632.0 -9.7 27.4 Short-term Capital -59.7 -133.8 -49.4 -17.2 -63.1 10 Errors and Omissions [11-(9+8)] 55.8 -1,030.6 152.0 11 Overall balance (-13) -870.5 275.3 -177.4 12 Financing (13+16) 870.5 -275.3 177.4 13 Reserves [ Increase(-), Decrease (+)] (14+15) 870.5 -275.3 177.4 14 Central Bank (NFA) 758.0 -12.1 27.3 Asset 817.6 -669.5 -29.9 Liabilities -59.6 657.4 57.2 15 Commercial banks (NFA) 112.5 -263.2 150.1 16 Debt Relief Principal Interest Source: NBE Staff Compilation

4 Revised 5 Preliminary First Quarter 2020/21 | 45 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 48 Total current receipts amounted to USD 3.8 billion about 10.4 percent higher than a year earlier on account of growth in receipts from merchandise proceeds (15.4 percent), private transfers (38.6 percent) and public transfers (26.5 percent) despite a decrease in service export proceeds (19 percent). Similarly, total current payments dropped 9.5 percent to USD 4.6 billion due to lower merchandise import (7.1 percent), services payment (16.6 percent) and public transfers (19.6 percent). Thus, current account deficit narrowed to USD 785.5 million from USD 1.6 billion deficit a year ago (Table 5.2). Table 5.2: Current Receipts and Payments (In millions of USD) S/N Particulars 2019/20 2020/21 Percentage QI QIV QI Change A B C D=C/A E=C/B 1 Current Receipts 3,420.8 3,772.1 3,777.0 10.4 0.1 Goods Proceeds 723.0 942.9 834.7 15.4 -11.5 Service Proceeds 1,332.9 989.3 1,080.1 -19.0 9.2 Private Transfers 1,125.1 1,205.5 1,558.9 38.6 29.3 Public Transfers 239.7 634.3 303.2 26.5 -52.2 2 Current Payments 5,043.2 3,695.3 4,562.5 -9.5 23.5 Goods Payments 3,746.4 2,688.7 3,480.3 -7.1 29.4 Service Payments 1,243.8 987.1 1,037.8 -16.6 5.1 Private Transfers 7.8 5.2 8.0 3.2 52.9 Public Transfers 45.3 14.4 36.4 -19.6 152.8 3 Net, (1-2) -1,622.4 76.7 -785.5 -51.6 -1,123.8 Source: NBE Staff Compilation 46 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 49 Source: NBE Staff Compilation 5.2. Balance of Trade Merchandise trade deficit in the first quarter narrowed to USD 2.6 billion from USD 3.0 billion last year due to lower import payments versus 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 Q2 Q3 Q4 Q1 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Import Export Source: Ethiopian Ministry of Revenues First Quarter 2020/21 | 47 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 50 Source: Ethiopian Ministry of Revenues 5.2.1. Export of Goods Total receipts from export of goods increased by 15.4 percent over last year same quarter owing to higher export revenue from gold (3207.7 percent), oilseeds (7.6 percent), chat (2.4 percent) and electricity (127.6 percent). In contrast, receipts dropped from coffee (20.1 percent), pulses (4.1 percent), leather & leather products (60.7 percent), meat & meat products (13.7 percent), fruits & vegetables (19.2 percent), textile & textile products (20.0 percent), live-animals (48.7 percent), flower (11.2 percent) and others (3.3 percent). Export earnings from gold increased significantly by more than 32 fold on annual basis mainly as a result of 241.8 percent increase in export volume and 106 percent in international price. As a result, the share of gold in total merchandise export significantly increased to 24.4 percent from 0.9 percent last year same quarter. Likewise, export earnings from oilseeds grew by 7.6 percent over last year same quarter due to 31.9 percent increase in export volume despite 18.4 percent fall in price. Thus, the share of oilseeds in total export earnings decreased slightly to 7.0 percent from 7.5 percent. Earnings from chat export rose by 2.4 percent to USD 94.7 million due to marginal increase in price despite 39.2 percent decline in export volume. Consequently, the share of chat in total merchandise export earnings dropped to 0 500 1000 1500 2000 2500 3000 3500 4000 4500 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/202020/21 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit 48 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 51 11.3 percent from 12.8 percent a year ago. Similarly, export revenue from electricity surged by 127.6 percent owing to rise 127.6 percent in unit price and 157.5 percent in volume. Thus, the share of electricity in total export earnings went up to 2.8 percent from 1.4 percent a year earlier. In contrast, Export revenue from coffee slumped by 20.1 percent vis-à-vis the same quarter of last year due to 33.5 percent fall in export volume despite 20.1 percent increase in international price. As a result, the share of coffee in total export earnings decreased to 22.2 percent from 32.1 percent. Export revenue from pulses showed 4.1 percent decline over last year same quarter mainly because of 27.2 percent fall in export volume despite 31.8 percent rise in international price. Hence, the share of pulses in total merchandise export revenue decreased to 5.6 from 6.7 percent over a year ago. Likewise, export revenue from textile & textile products went down by 20.0 percent on account of 12.1 percent reduction in export volume and 9 percent in international price. As a result, its share in total merchandise export earnings decreased to 5.0 percent from 7.2 percent during the same period. Export revenue from fruits & vegetables stood at USD 13.2 million showing 19.2 percent annual decline owing to a 20.4 percent slowdown in export volume although international price increased by 1.5 percent. Hence, the share of fruits & vegetables in total merchandise export declined to 1.6 percent compared with 2.3 percent share a year ago. Receipts from export of leather & leather products decreased by 60.7 percent visà-vis the same quarter of last year as export volume and international price dropped by 50.9 percent and 20.0 percent, respectively. Thus, the share of these export items in total merchandise export declined to 1.1 percent from 3.3 percent during the review period. Likewise, export receipts from meat & meat products slowed down to USD 16.0 million showing 13.7 percent annual decline as export volume fell 12.3 percent and international price by 1.6 percent. As a result, the share of meat & meat products in total export earnings stood at 1.9 percent compared with 2.6 percent last year. Export revenue from live-animals showed 48.7 percent annual decline owing to 7.2 percent drop in First Quarter 2020/21 | 49 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 52 international price albeit 19.7 percent improvement in export volume. Hence, the share of live animals in total merchandise export went down to 1.5 percent from 3.3 percent a year earlier. Similarly, receipts from flower export decreased by 11.2 percent due to 36.2 percent decline in export volume despite 2.1 percent rise in international price. Consequently, the share of flower in total merchandise export declined to 12.3 percent from 16.0 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 2019/20 2020/21 Percentage Change QI QIV QI A %share B %share C %share C/A C/B Coffee 232.08 32.10 293.05 31.08 185.34 22.20 -20.14 -36.76 Oilseeds 53.92 7.46 109.19 11.58 58.02 6.95 7.62 -46.86 Leather and Leather products 23.59 3.26 8.73 0.93 9.28 1.11 -60.67 6.29 Pulses 48.69 6.73 70.15 7.44 46.71 5.60 -4.06 -33.41 Meat & Meat Products 18.50 2.56 15.25 1.62 15.97 1.91 -13.66 4.78 Fruits & Vegetables 16.38 2.26 12.98 1.38 13.23 1.59 -19.19 1.98 Textile & Textile Products 51.84 7.17 29.49 3.13 41.45 4.97 -20.04 40.54 Live Animals 24.17 3.34 12.95 1.37 12.40 1.49 -48.69 -4.25 Chat 92.50 12.79 68.49 7.26 94.69 11.34 2.37 38.25 Gold 6.15 0.85 169.42 17.97 203.30 24.35 3207.66 19.99 Flower 115.42 15.96 101.98 10.82 102.46 12.27 -11.23 0.47 Electricity 10.23 1.41 23.46 2.49 23.27 2.79 127.59 -0.79 Others 29.57 4.09 27.72 2.94 28.60 3.43 -3.28 3.17 Total Export 723.04 100.00 942.88 100.00 834.74 100.00 15.45 - 11.47 Total Export Excluding Electricity 712.81 919.42 811.47 13.84 - 11.74 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 52 international price albeit 19.7 percent improvement in export volume. Hence, the share of live animals in total merchandise export went down to 1.5 percent from 3.3 percent a year earlier. Similarly, receipts from flower export decreased by 11.2 percent due to 36.2 percent decline in export volume despite 2.1 percent rise in international price. Consequently, the share of flower in total merchandise export declined to 12.3 percent from 16.0 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 2019/20 2020/21 Percentage Change QI QIV QI A %share B %share C %share C/A C/B Coffee 232.08 32.10 293.05 31.08 185.34 22.20 -20.14 -36.76 Oilseeds 53.92 7.46 109.19 11.58 58.02 6.95 7.62 -46.86 Leather and Leather products 23.59 3.26 8.73 0.93 9.28 1.11 -60.67 6.29 Pulses 48.69 6.73 70.15 7.44 46.71 5.60 -4.06 -33.41 Meat & Meat Products 18.50 2.56 15.25 1.62 15.97 1.91 -13.66 4.78 Fruits & Vegetables 16.38 2.26 12.98 1.38 13.23 1.59 -19.19 1.98 Textile & Textile Products 51.84 7.17 29.49 3.13 41.45 4.97 -20.04 40.54 Live Animals 24.17 3.34 12.95 1.37 12.40 1.49 -48.69 -4.25 Chat 92.50 12.79 68.49 7.26 94.69 11.34 2.37 38.25 Gold 6.15 0.85 169.42 17.97 203.30 24.35 3207.66 19.99 Flower 115.42 15.96 101.98 10.82 102.46 12.27 -11.23 0.47 Electricity 10.23 1.41 23.46 2.49 23.27 2.79 127.59 -0.79 Others 29.57 4.09 27.72 2.94 28.60 3.43 -3.28 3.17 Total Export 723.04 100.00 942.88 100.00 834.74 100.00 15.45 - 11.47 Total Export Excluding Electricity 712.81 919.42 811.47 13.84 - 11.74 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power 50 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 53 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 QIV QI 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 (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 Compilation Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2019/20 2020/21 Percentage Change QI QIV QI A B C C/A C/B Coffee 80.53 76.93 53.53 -33.53 -30.42 Oilseeds 35.03 77.39 46.20 31.89 -40.31 Leather and Leather Products 1.12 0.51 0.55 -50.86 7.79 Pulses 87.60 97.00 63.77 -27.21 -34.26 Meat & Meat Products 3.65 2.88 3.20 -12.30 11.18 Fruits & Vegetables 48.81 51.68 38.86 -20.37 -24.79 Textile & Textile product 6.93 4.16 6.09 -12.13 46.61 Live Animals 5.78 7.34 6.91 19.70 -5.83 Chat 27.40 12.21 16.67 -39.18 36.51 Gold (In mn. of grams) 0.79 2.63 2.70 241.75 2.67 Flower 35.62 23.42 22.74 -36.16 -2.90 Electricity (In mn of kwh) 167.04 408.02 430.11 157.49 5.41 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 53 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 QIV QI 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 (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 Compilation Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2019/20 2020/21 Percentage Change QI QIV QI A B C C/A C/B Coffee 80.53 76.93 53.53 -33.53 -30.42 Oilseeds 35.03 77.39 46.20 31.89 -40.31 Leather and Leather Products 1.12 0.51 0.55 -50.86 7.79 Pulses 87.60 97.00 63.77 -27.21 -34.26 Meat & Meat Products 3.65 2.88 3.20 -12.30 11.18 Fruits & Vegetables 48.81 51.68 38.86 -20.37 -24.79 Textile & Textile product 6.93 4.16 6.09 -12.13 46.61 Live Animals 5.78 7.34 6.91 19.70 -5.83 Chat 27.40 12.21 16.67 -39.18 36.51 Gold (In mn. of grams) 0.79 2.63 2.70 241.75 2.67 Flower 35.62 23.42 22.74 -36.16 -2.90 Electricity (In mn of kwh) 167.04 408.02 430.11 157.49 5.41 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power First Quarter 2020/21 | 51 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 54 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 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 (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 2019/20 2020/21 Percentage Change QI QIV QI A B C C/A C/B Coffee 2.88 3.81 3.46 20.13 -9.11 Oilseeds 1.54 1.41 1.26 -18.40 -10.97 Leather and Leather Products 21.01 17.05 16.82 -19.98 -1.39 Pulses 0.56 97.00 0.73 31.81 -99.24 Meat & Meat Products 5.06 5.29 4.99 -1.55 -5.76 Fruits & Vegetables 0.34 0.25 0.34 1.48 35.60 Textile & Textile product 7.48 7.10 6.80 -9.00 -4.14 Live Animals 1.93 1.76 1.79 -7.23 1.68 Chat 5.68 5.61 5.68 0.02 1.28 Gold (in USD/gm) 36.52 64.36 75.22 105.97 16.87 Flower 4.42 4.35 4.51 2.05 3.47 Electricity(in USD/kwh) 0.02 0.06 0.05 127.59 -5.88 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 54 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 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 (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 2019/20 2020/21 Percentage Change QI QIV QI A B C C/A C/B Coffee 2.88 3.81 3.46 20.13 -9.11 Oilseeds 1.54 1.41 1.26 -18.40 -10.97 Leather and Leather Products 21.01 17.05 16.82 -19.98 -1.39 Pulses 0.56 97.00 0.73 31.81 -99.24 Meat & Meat Products 5.06 5.29 4.99 -1.55 -5.76 Fruits & Vegetables 0.34 0.25 0.34 1.48 35.60 Textile & Textile product 7.48 7.10 6.80 -9.00 -4.14 Live Animals 1.93 1.76 1.79 -7.23 1.68 Chat 5.68 5.61 5.68 0.02 1.28 Gold (in USD/gm) 36.52 64.36 75.22 105.97 16.87 Flower 4.42 4.35 4.51 2.05 3.47 Electricity(in USD/kwh) 0.02 0.06 0.05 127.59 -5.88 Source: Ministry of Revenues, Ethiopian Electric Utility and Ethiopian Electric Power 52 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 55 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 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 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 (USD/Kg) (USD/Kg, USD/Gr(Gold)) Fig.V.6. Unit Value of Selected Export Commodities Leather and Leather Products Gold Coffee (RHS) Oil Seeds (RHS) Pulses (RHS) Flower (RHS) Chat (RHS) Source: NBE Staff Computation 5.2.2. Import of Goods Total merchandise import stood at USD 3.5 billion during the first quarter of 2020/21, depicting 7.1 percent year-onyear decline due to lower import values of capital goods, fuel, semi-finished goods, raw materials and miscellaneous goods. Capital goods import decreased by 5.3 percent due to 22.9 percent fall in import bills of transport and 3.1 percent of industrial capital goods while that of agricultural capital goods increased by 24.7 percent. Hence, the share of import value of capital goods in total goods import stood at 27.8 percent compared with 27.2 percent last year. Likewise, as import value of fuel fell by 36.3 percent, its share in total import payments dropped to 10.9 percent from 15.8 percent a year ago. In the same way, import of semi-finished goods slowed down by 19.1 percent as import bill of fertilizer declined by 57.7 percent. Thus, the share of semi-finished goods in total merchandise import bill decreased to 16.5 percent from 18.9 percent a year earlier. Import of raw materials declined by 18.4 percent compared to same quarter last year and their share in total merchandise import marginally fell to 1.0 percent from 1.1 percent a year ago. National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 55 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 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 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 (USD/Kg) (USD/Kg, USD/Gr(Gold)) Fig.V.6. Unit Value of Selected Export Commodities Leather and Leather Products Gold Coffee (RHS) Oil Seeds (RHS) Pulses (RHS) Flower (RHS) Chat (RHS) Source: NBE Staff Computation 5.2.2. Import of Goods Total merchandise import stood at USD 3.5 billion during the first quarter of 2020/21, depicting 7.1 percent year-onyear decline due to lower import values of capital goods, fuel, semi-finished goods, raw materials and miscellaneous goods. Capital goods import decreased by 5.3 percent due to 22.9 percent fall in import bills of transport and 3.1 percent of industrial capital goods while that of agricultural capital goods increased by 24.7 percent. Hence, the share of import value of capital goods in total goods import stood at 27.8 percent compared with 27.2 percent last year. Likewise, as import value of fuel fell by 36.3 percent, its share in total import payments dropped to 10.9 percent from 15.8 percent a year ago. In the same way, import of semi-finished goods slowed down by 19.1 percent as import bill of fertilizer declined by 57.7 percent. Thus, the share of semi-finished goods in total merchandise import bill decreased to 16.5 percent from 18.9 percent a year earlier. Import of raw materials declined by 18.4 percent compared to same quarter last year and their share in total merchandise import marginally fell to 1.0 percent from 1.1 percent a year ago. First Quarter 2020/21 | 53 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 56 In contrast, import payments for consumer goods surged 29.7 percent over last year same quarter due to a 47.9 percent growth in import payments for non-durable goods, despite 26.4 percent durable goods import. As a result, the share of consumer goods in total imports hiked to 42.9 percent from 30.7 percent during the review quarter. Meanwhile, total franco-valuta import slowed by 8.2 percent and stood at USD 1.04 billion accounting for 29.8 percent of the total import value. Table 5.6: Values of Major Import Items (In millions Of USD) Source: Ministry of Revenues

Particular 2019/20 2020/21 Qtr. I Percentage Changes Share (%) Qtr. IV Share (%) Qtr. I Share (%) A B C C/A C/B Raw Materials 42.8 1.1 36.5 1.4 34.9 1.0 -18.4 -4.4 Semi-finished Goods 707.3 18.9 752.0 28.0 572.5 16.5 -19.1 -23.9 Fertilizers 22.6 0.6 230.8 8.6 9.6 0.3 -57.7 -95.9 Fuel 593.7 15.8 308.6 11.5 377.9 10.9 -36.3 22.5 Petroleum Products 574.2 15.3 294.6 11.0 358.3 10.3 -37.6 21.6 Others 19.5 0.5 14.0 0.5 19.7 0.6 0.8 40.8 Capital Goods 1,020.3 27.2 759.6 28.3 966.1 27.8 -5.3 27.2 Transport 138.2 3.7 52.5 2.0 106.6 3.1 -22.9 103.0 Agricultural 16.6 0.4 20.2 0.8 20.8 0.6 24.7 2.5 Industrial 865.5 23.1 686.8 25.5 838.7 24.1 -3.1 22.1 Consumer Goods 1,149.6 30.7 795.0 29.6 1,491.5 42.9 29.7 87.6 Durables 281.6 7.5 146.0 5.4 207.4 6.0 -26.4 42.0 Non-durables 868.1 23.2 649.0 24.1 1,284.2 36.9 47.9 97.9 Miscellaneous 232.5 6.2 37.0 1.4 37.3 1.1 -83.9 1.0 Total Imports 3,746.4 100 2,688.7 100 3,480.3 100 -7.1 29.4 National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 56 In contrast, import payments for consumer goods surged 29.7 percent over last year same quarter due to a 47.9 percent growth in import payments for non-durable goods, despite 26.4 percent durable goods import. As a result, the share of consumer goods in total imports hiked to 42.9 percent from 30.7 percent during the review quarter. Meanwhile, total franco-valuta import slowed by 8.2 percent and stood at USD 1.04 billion accounting for 29.8 percent of the total import value. Table 5.6: Values of Major Import Items (In millions Of USD) Source: Ministry of Revenues

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 57 Table 5.7: The Value of Franco Valuta Import (In Millions of USD Source: Ministry of Revenues

Commodity Group 2019/20 2020/21 Qtr. I Qtr. IV Qtr. I Percentage Change A B C C/A C/B Beverages 0.1 2.9 0.8 745.0 -74.2 Chemicals 4.8 3.0 8.0 67.3 165.8 Clothing 2.9 3.9 5.4 83.3 37.0 Food and Live animals 135.3 95.6 133.3 -1.5 39.5 Textiles 10.4 14.4 23.5 124.8 63.4 Tobacco 0.0 227.8 -23.9 Soap & Polish 0.3 0.3 0.7 129.7 149.0 Fertilizer 63.3 130.7 12.6 -80.1 -90.4 Paper & Paper Manufacturing 1.8 1.3 1.4 -22.7 1.7 Metal & Metal Manufacturing 83.0 101.5 103.6 24.8 2.1 Medical and Pharmaceuticals Products 6.5 11.2 23.7 264.3 112.1 Rubber Products 7.3 10.2 11.9 61.8 16.3 Petroleum Crude - - - 0.0 0.0 Petroleum Product 101.8 6.8 5.3 -94.8 -21.8 Glass & Glass Ware 3.4 2.8 2.4 -30.2 -14.3 Electrical Material 69.1 38.3 46.7 -32.4 22.1 Machine 350.0 189.9 204.7 -41.5 7.8 Road & Motor Vehicles 43.4 5.6 30.5 -29.8 442.7 Tele Apparatus 5.0 0.4 0.9 -81.5 108.1 Cement 0.08 0.0 0.0 Others 241.1 160.3 421.3 74.7 162.9 Total 1,129.7 779.1 1,036.6 -8.2 33.1 National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 57 Table 5.7: The Value of Franco Valuta Import (In Millions of USD Source: Ministry of Revenues

Commodity Group 2019/20 2020/21 Qtr. I Qtr. IV Qtr. I Percentage Change A B C C/A C/B Beverages 0.1 2.9 0.8 745.0 -74.2 Chemicals 4.8 3.0 8.0 67.3 165.8 Clothing 2.9 3.9 5.4 83.3 37.0 Food and Live animals 135.3 95.6 133.3 -1.5 39.5 Textiles 10.4 14.4 23.5 124.8 63.4 Tobacco 0.0 227.8 -23.9 Soap & Polish 0.3 0.3 0.7 129.7 149.0 Fertilizer 63.3 130.7 12.6 -80.1 -90.4 Paper & Paper Manufacturing 1.8 1.3 1.4 -22.7 1.7 Metal & Metal Manufacturing 83.0 101.5 103.6 24.8 2.1 Medical and Pharmaceuticals Products 6.5 11.2 23.7 264.3 112.1 Rubber Products 7.3 10.2 11.9 61.8 16.3 Petroleum Crude - - - 0.0 0.0 Petroleum Product 101.8 6.8 5.3 -94.8 -21.8 Glass & Glass Ware 3.4 2.8 2.4 -30.2 -14.3 Electrical Material 69.1 38.3 46.7 -32.4 22.1 Machine 350.0 189.9 204.7 -41.5 7.8 Road & Motor Vehicles 43.4 5.6 30.5 -29.8 442.7 Tele Apparatus 5.0 0.4 0.9 -81.5 108.1 Cement 0.08 0.0 0.0 Others 241.1 160.3 421.3 74.7 162.9 Total 1,129.7 779.1 1,036.6 -8.2 33.1 First Quarter 2020/21 | 55 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 58 5.2.3 Direction of Trade 5.2.3.1 Export of Goods The major destinations for Ethiopian exports were Europe, Asia and Africa. Europe constituted 45.8 percent of Ethiopia’s total export revenue, with Switzerland taking 53.5 percent share, followed by the Netherlands (20.6 percent), Germany (7.8 percent), Belgium (5.4 percent), Italy (2.8 percent), United Kingdom (2.4 percent), France (1.4 percent), Turkey (1.3 percent) and Spain (1.2 percent). These nine European countries together had 96.4 percent share of Ethiopia’s total exports to Europe. Asia accounted for 27.2 percent of the total export receipts with Saudi Arabia being the main destination for Ethiopia’s export having 23.5 percent share in Asia, followed by United Arab Emirates (14.1 percent), Japan (9.2 percent), Israel (7.9 percent), South Korea (6.7 percent), China (5.8 percent), India (4.2 percent), Yemen (4.2 percent), Indonesia (2.9 percent), Singapore (2.7 percent), Pakistan (2.4 percent), Taiwan (2.3 percent) and Hong Kong (1.6 percent). All these 13 countries forth 87.5 percent share in Ethiopia’s total export to Asia. About 18.4 percent of Ethiopia’s export earnings originated from Africa, mainly Somalia (22.5 percent), Sudan (15.1 percent) and Djibouti (13.7 percent) which altogether accounted for 51.3 percent of the total exports to Africa. America had 7.7 percent share in Ethiopia’s total export earnings, of which 91.2 percent was from the United States and 5.6 percent from Canada. Both countries had 96.8 percent share of Ethiopia’s total exports to America. 56 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 59 Source: NBE Staff Compilation 5.2.3.2. Import of Goods Asia accounted for 65.9 percent of the total imports of Ethiopia during the first quarter of 2020/21. Ethiopia’s major imports originated from China (40.0 percent), India (24.8 percent), Malaysia (5.5 percent), Kuwait (5.1 percent), U.A.E (5.0 percent), Indonesia (4.8 percent), Singapore (4.5 percent), Saudi Arabia (2.6 percent), South Korea (1.8 percent) and Japan (1.4 percent) whose combined share in total import value was 95.6 percent. Imports from Europe constituted 24.4 percent with major countries being Turkey (44.2 percent), Italy (9.8 percent), Germany (8.8 percent), United Kingdom (6.3 percent), France (6.0 percent), the Netherlands (3.8 percent), Rumania (3.6 percent), Ukraine (3.4 percent), Belgium (2.4 percent), Denmark (2.2 percent), Spain (1.9 percent), Ireland (1.2 percent) and Bulgaria (1.2 percent). These 12 countries jointly accounted for 94.7 percent of Ethiopia’s total imports from Europe. About 4.1 percent of Ethiopia’s total merchandise import came from Africa. The major countries of origin were Egypt (29.7 percent), South Africa (28.2 percent), Djibouti (15.9 percent), Sudan (13.6 percent) and Kenya (8.4 percent) which altogether represented 95.8 percent of the total imports from the continent. First Quarter 2020/21 | 57 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 60 Imports from America comprised 5.4 percent of the total import bills, of which the share of United States was 83.4 percent followed by Brazil (11.2 percent) and Canada (2.3 percent). Source: NBE Staff Compilation 5.3. Services and Transfers 5.3.1. Net Services In the review quarter, net receipts for services trade declined to USD 42.3 million compared to USD 89.1 million due to a 60 percent decrease in surplus of net transport services (60.1 percent), 118.4 percent surge the net other services payments and 16.2 percent drops in net investment income. In the meantime, net travel and net government services registered surplus vis-a-vis a deficit a year ago (Table 5.8). 58 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 61 Source: NBE Staff Compilation First Quarter 2020/21 | 59 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 62 Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2019/20 2020/21 QI QIV QI Percentage Change A B C D=C/A E=C/B 1 Investment Income (2+5) -154.8 -110.3 -129.9 -16.1 17.7 2 Interest, net (3-4) -154.8 -110.3 -129.9 -16.1 17.7 3 Credit 19.8 1.5 0.8 -96.1 -48.7 4 Debit 174.6 111.9 130.7 -25.2 16.8 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) 243.9 112.6 172.3 -29.4 53.0 7 Exports of non-factor services 1,313.1 987.8 1,079.3 -17.8 9.3 8 Travel 184.5 255.9 289.5 56.9 13.1 9 Transport 1 1,015.7 638.3 686.8 -32.4 7.6 10 Gov't 2 34.3 24.9 38.7 12.8 55.7 11 Other 3 78.5 68.7 64.3 -18.1 -6.4 12 Imports of non-factor services 1,069.1 875.2 907.1 -15.2 3.6 13 Travel 188.2 57.4 49.0 -74.0 -14.7 14 Transport 1 658.0 473.3 543.9 -17.3 14.9 15 Gov't 2 35.2 2.4 11.1 -68.3 364.7 16 Other 3 187.8 342.1 303.0 61.3 -11.4 17 Net Services (18+19+20+21+22) 89.1 2.3 42.3 -52.5 18 Travel (8-13) -3.7 198.5 240.5 21.2 19 Transport (9-14) 357.7 165.0 142.9 -60.1 -13.4 20 Gov't (10-15) -0.8 22.5 27.6 22.8 21 Other (11-16) -109.3 -273.4 -238.7 118.4 -12.7 22 Investment Income (2+5) -154.8 -110.3 -129.9 -16.1 17.7 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 60 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 63 5.3.2. Transfers During the first quarter of 2020/21, total transfer receipts depicted a 36.4 percent growth and amounted to USD 1.9 billion. This growth was attributed to 38.6 percent surge in private transfers and 26.5 percent in official transfers. Meanwhile, total transfer payments decreased by 16.3 percent owing to 19.6 percent decline in official transfers despite 3.2 percent rise in private transfers. As a result, net transfers surged by 38.6 percent and reached USD 1.8 billion (Table 5.9). Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2019/20 2020/21 Percentage Change QI Percent Share QIV Percent Share QI Percent A B C Share D=C/A E=C/B 1 Private transfers, net (2-5) 1,117.4 85.2 1,200.3 65.9 1,550.9 85.3 38.8 29.2 2 Credit (3+4) 1,125.1 82.4 1,205.5 65.5 1,558.9 83.7 38.6 29.3 3 NGO's 213.3 15.6 246.1 13.4 223.6 12.0 4.8 -9.1 4 Private individuals 911.8 66.8 959.5 52.1 1,335.3 71.7 46.5 39.2 5 Debit 7.8 14.6 5.2 26.7 8.0 18.0 3.2 52.9 6 Official transfers, net (7-8) 194.4 14.8 619.9 34.1 266.8 14.7 37.2 -57.0 7 Credit 239.7 17.6 634.3 34.5 303.2 16.3 26.5 -52.2 8 Debit 45.3 85.4 14.4 73.3 36.4 82.0 -19.6 152.8 9 Total Receipts 1,364.8 100.0 1,839.9 100.0 1,862.1 100.0 36.4 1.2 10 Total Payments 53.0 100.0 19.6 100.0 44.4 100.0 -16.3 126.2 11 Net Transfers 1,311.8 100.0 1,820.2 100.0 1,817.7 100.0 38.6 -0.1 Source: NBE Staff Computation National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 63 5.3.2. Transfers During the first quarter of 2020/21, total transfer receipts depicted a 36.4 percent growth and amounted to USD 1.9 billion. This growth was attributed to 38.6 percent surge in private transfers and 26.5 percent in official transfers. Meanwhile, total transfer payments decreased by 16.3 percent owing to 19.6 percent decline in official transfers despite 3.2 percent rise in private transfers. As a result, net transfers surged by 38.6 percent and reached USD 1.8 billion (Table 5.9). Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2019/20 2020/21 Percentage Change QI Percent Share QIV Percent Share QI Percent A B C Share D=C/A E=C/B 1 Private transfers, net (2-5) 1,117.4 85.2 1,200.3 65.9 1,550.9 85.3 38.8 29.2 2 Credit (3+4) 1,125.1 82.4 1,205.5 65.5 1,558.9 83.7 38.6 29.3 3 NGO's 213.3 15.6 246.1 13.4 223.6 12.0 4.8 -9.1 4 Private individuals 911.8 66.8 959.5 52.1 1,335.3 71.7 46.5 39.2 5 Debit 7.8 14.6 5.2 26.7 8.0 18.0 3.2 52.9 6 Official transfers, net (7-8) 194.4 14.8 619.9 34.1 266.8 14.7 37.2 -57.0 7 Credit 239.7 17.6 634.3 34.5 303.2 16.3 26.5 -52.2 8 Debit 45.3 85.4 14.4 73.3 36.4 82.0 -19.6 152.8 9 Total Receipts 1,364.8 100.0 1,839.9 100.0 1,862.1 100.0 36.4 1.2 10 Total Payments 53.0 100.0 19.6 100.0 44.4 100.0 -16.3 126.2 11 Net Transfers 1,311.8 100.0 1,820.2 100.0 1,817.7 100.0 38.6 -0.1 Source: NBE Staff Computation First Quarter 2020/21 | 61 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 64 Source: NBE Staff Compilation 5.4. Current Account Balance Current account balance (including official transfers) showed a deficit which narrowed to USD 785.5 million compared to USD 1.6 billion deficit a year ago. This was ascribed to lower merchandise trade deficit (12.5 percent) coupled with higher surplus in net private transfers (38.8 percent) and net official transfers (37.2 percent) (Table 5.1). 5.5. Capital Account The capital account recorded USD 456.1 million surplus which was 34.5 percent lower than that of a year earlier. The decline in surplus was attributed to decrease in net official long term capital (79.5 percent), foreign direct investment (9.7 percent) and private sector long term (8.2 percent) albeit decline in net deficit of other public sector long term capital and short-term capital by 9.4 5.6. Changes in Reserve Position The deficit in the overall balance of payments, thus, stood at USD 177.4 million compared to USD 870.5 million deficit last year same quarter. Consequently, net foreign assets of the National Bank of Ethiopia and commercial banks registered a USD 27.3 million and USD 150.1 million drawdowns, respectively. Therefore, NBE’s gross foreign reserve was equivalent to cover 2.4 months of imports of goods and non-factor services of next fiscal year (Table 5.1). 62 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin 65 | Fourth Quarter 2019/20 5.7. Developments in the Foreign Exchange Market 5.7.1. Exchange Rate Movements In the inter-bank forex market, weighted average official exchange rate of the Birr was Birr 35.7771/USD in the first quarter of 2020/21, depicting 23.0 percent annual depreciation. Meanwhile, end period exchange rate of the Birr was 36.7488/USD, indicating 25.5 percent year-on-year depreciation. 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 2019/20 34.9822 31.3427 12.6 0.0 Qtr. I C 29.2751 29.0947 3.20 0.00 July 29.0308 28.9732 1.10 0.00 August 29.1524 29.0943 1.10 0.00 September 29.2751 29.2167 1.00 0.00 Qtr. IV B 34.9822 33.8507 3.00 0.00 April 33.5347 33.1908 1.05 0.00 May 34.1621 33.8600 0.90 0.00 June 34.9822 34.5012 1.05 0.00 2020/21 Qtr. I A 36.7488 35.7771 3.10 0.00 July 35.2684 35.1278 1.00 0.00 August 36.1553 35.6843 1.05 0.00 September 36.7488 36.5192 1.05 0.00 Percentage Changes A/B 5.05 5.69 3.33 A/C 25.53 22.97 -3.13 Source: National Bank of Ethiopia In retail foreign exchange market, the average buying rate in the forex bureaus of commercial banks stood at Birr 35.6847/USD, showing 22.64 percent annual depreciation, while the selling rate at Birr 36.3587/USD, exhibited 22.58 percent depreciation over last year same quarter. Thus, the average spread between the buying and the selling rates was 1.89 percent compared to 1.94 percent a year ago (Table 5.11). First Quarter 2020/21 | 63 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 66 Table 5.11: Amount of Foreign Exchange Purchased and Sold by Forex Bureaus of Commercial Banks (In ‘000 of USD) No. Name of Forex Bureau 2019/20 2020/21 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 73,622.8 49,268.2 13,959.6 6,939.4 26,508.6 5,751.9 89.90 -17.11 -63.99 -88.33 2 Bank of Abyssinia 3,073.3 8,383.2 869.1 130.6 1,062.6 1,444.5 22.27 1006.47 -65.43 -82.77 3 Dashen Bank 4,127.2 9,269.3 803.9 313.5 2,571.7 2,060.7 219.91 557.23 -37.69 -77.77 4 Awash International Bank 2,814.2 17,775.8 437.4 248.4 839.2 1,651.7 91.8 565.0 -70.2 -90.7 5 Construction & Business Bank - - - 154.0 95.3 6 Wegagen Bank 4,988.1 2,645.5 823.3 64.3 2,797.6 690.4 239.8 973.3 -43.9 -73.9 7 United Bank 16,420.4 6,355.6 66,407.4 201.0 6,302.8 543.4 -90.5 170.3 -61.6 -91.4 8 Development Bank 0.2 158.6 - - 54.6 41.2 -74.0 9 Nib International Bank 928.6 2,407.9 439.3 65.8 777.6 267.4 77.0 306.8 -16.3 -88.9 10 Lion International Bank 14,236.1 1,776.1 101.7 0.9 3,044.2 197.1 2893.4 21805.3 -78.6 -88.9 11 Oromia International Bank 6,583.6 5,254.2 3,327.4 49.8 2,335.8 849.1 -29.8 1604.1 -64.5 -83.8 12 Zemen Bank 128.1 5,705.4 3.6 193.2 65.6 1,185.1 1733.4 513.5 -48.8 -79.2 13 Cooperative Bank of Oromia 199.4 4,398.5 4.2 - 90.7 410.9 2077.8 - -54.5 -90.7 14 Buna International Bank 3,531.7 1,169.3 1,514.4 - 296.6 54.9 -80.4 - -91.6 -95.3 15 Birhan International Bank 269.9 2,608.8 80.3 40.4 324.9 364.6 - 802.6 20.4 - 16 Abay Bank 401.2 316.3 917.8 4.8 602.6 67.1 -34.3 - 50.2 -78.8 17 Addis International Bank 1,456.5 1,058.0 694.8 12.7 990.9 238.5 42.6 1777.8 -32.0 -77.5 18 Debub Global Bank 232.4 782.3 104.4 21.9 53.4 99.5 -48.8 354.3 -77.0 -87.3 19 Enat Bank 576.3 1,199.1 34.5 11.0 3,659.5 1,561.1 10518.0 14117.8 535.0 30.2 Total 133,589.9 120,532.1 90,522.8 8,297.7 52,532.7 17,574.5 -42.0 111.8 -60.7 -85.4 Average Exchange Rate 29.0963 29.6605 33.8563 34.4745 35.6847 36.3587 5.4 5.5 22.6 22.6 Spread* 1.94 1.83 1.89 Source: National Bank of Ethiopia Note: * Refers to percentage spread between forex bureaus average buying and selling exchange rate in a given quarter. 64 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 67 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 0 5 10 15 20 25 30 35 40 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 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/202020/21 Percent Birr per USD Buying Rate Selling Rate Spread Source: NBE Staff Compilation In the official forex market, USD appreciated against Swiss Franc (7.0 percent), Euro (4.9 percent), Pound Sterling (4.7 percent), SDR (2.1 percent) and Japanese Yen (1.0 percent) on annual basis while, on quarterly terms, it depreciated against Euro (6.1 percent), Swiss Franc (4.8 percent), Pound Sterling (4.0 percent), SDR (2.6 percent) and Japanese Yen (1.3 percent) (Table 5.12). First Quarter 2020/21 | 65 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 68 Table 5.12: Average Official Exchange Rates (USD per Major International Currencies) Period EURO JAPANESE YEN SDR POUNDSTELING SWISS FRANK Buying Selling MidRate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate 2019/20 QI C 1.1124 1.1135 1.1129 0.0093 1.3750 1.3765 1.3758 1.2331 1.2344 1.2337 1.0147 1.0157 1.0152 July 1.1231 1.1266 1.1249 0.0092 0.0093 0.0093 1.3828 1.3871 1.3850 1.2507 1.2547 1.2527 1.0135 1.0166 1.0151 August 1.1129 0.0094 1.3734 1.2145 1.0209 September 1.1011 0.0093 1.3689 1.2339 1.0096 QIV B 1.1007 0.0093 1.3686 1.3687 1.3686 1.2415 1.0368 1.0369 1.0369 April 1.0873 0.0093 1.3637 1.2405 1.0305 May 1.0880 0.0093 1.3628 1.3627 1.3627 1.2292 1.0301 June 1.1269 0.0093 1.3794 1.3795 1.3795 1.2548 1.0500 2020/21 QI A 1.1678 0.0094 1.4039 1.2912 1.2910 1.2911 1.0861 1.0862 1.0862 July 1.1419 0.0093 1.3875 1.2611 1.0669 August 1.1818 0.0094 1.4108 1.3119 1.3112 1.3115 1.0977 September 1.1798 0.0095 1.4134 1.3006 1.0938 1.0940 1.0939 Percentage Changes A/B 6.10 1.26 1.28 1.27 2.58 4.00 3.98 3.99 4.75 4.76 4.76 A/C 4.99 4.88 4.93 1.03 0.94 0.99 2.10 1.99 2.05 4.71 4.58 4.65 7.04 6.94 6.99 Source: National Bank of Ethiopia 66 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 69 Similarly, the Birr depreciated against all major currencies on annual as well as quarterly basis. On yearly basis, it depreciated against Swiss Franc (31.7 percent), Euro (29.1 percent), Pound Sterling (28.8 percent), SDR (25.6 percent), Japanese Yen (24.3 percent) and USD (23.0 percent). While, on quarterly basis, it weakened against Euro (12.2 percent), Swiss Franc (10.7 percent), Pound Sterling (10.0 percent), SDR (8.4 percent), Japanese Yen (7.0 percent) and USD (5.7 percent) (Table5.13). First Quarter 2020/21 | 67 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 70 Table 5.13: Period Average Exchange Rates (Birr per Major Currencies) Period Currency USD EURO JAPANESE YEN SDR POUNDSTERLING SWISS FRANK Buying Selling MidRate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid - Rate Buying Selling Mid- Rate 2019/20 QI C 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 QIV B 33.8507 34.1890 34.0199 37.2488 37.6213 37.4350 0.3148 0.3179 0.3164 46.3261 46.7892 46.5576 41.9986 42.4190 42.2088 35.1040 35.4551 35.2795 April 33.1908 33.5227 33.3568 36.0868 36.4477 36.2672 0.3077 0.3108 0.3092 45.2638 45.7164 45.4901 41.1722 41.5840 41.3781 34.2023 34.5444 34.3733 May 33.8600 34.1986 34.0293 36.8420 37.2104 37.0262 0.3159 0.3191 0.3175 46.1427 46.6037 46.3732 41.6199 42.0360 41.8279 34.8789 35.2277 35.0533 June 34.5012 34.8458 34.6735 38.8175 39.2057 39.0116 0.3207 0.3239 0.3223 47.5718 48.0475 47.8097 43.2036 43.6369 43.4203 36.2308 36.5931 36.4120 2020/21 QI A 35.7771 36.1347 35.9559 41.7931 42.2110 42.0021 0.3369 0.3403 0.3386 50.2356 50.7379 50.4867 46.2075 46.6622 46.4349 38.8677 39.2589 39.0633 July 35.1278 35.4786 35.3032 40.1131 40.5140 40.3135 0.3284 0.3317 0.3301 48.7412 49.2286 48.9849 44.2995 44.7425 44.5210 37.4791 37.8538 37.6665 August 35.6843 36.0411 35.8627 42.1803 42.6022 42.3912 0.3363 0.3398 0.3381 50.3502 50.8537 50.6020 46.8297 47.2758 47.0527 39.1816 39.5734 39.3775 September 36.5192 36.8844 36.7018 43.0860 43.5169 43.3014 0.3460 0.3494 0.3477 51.6153 52.1315 51.8734 47.4935 47.9685 47.7310 39.9425 40.3494 40.1459 Percentage Change A/B 5.69 12.20 7.03 7.04 7.04 8.44 10.02 10.00 10.01 10.72 10.73 10.73 A/C 22.97 23.09 23.03 29.14 24.24 24.26 24.25 25.57 28.80 28.78 28.79 31.65 31.66 31.66 Source: National Bank of Ethiopia 68 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 71 Table 5.14: Birr per Unit of Currency End Period Mid-Market Rate Currency September 2019 June 2020 September 2020 Percentage Change A B C C/B C/A USD 29.4215 35.1571 36.9326 5.05 25.53 Pound 36.1649 43.3066 47.5027 9.69 31.35 Swedish Kroner 3.0041 3.7833 4.1032 8.46 36.59 Djibouti Frank 0.1651 0.1973 0.2073 5.04 25.57 Swiss Frank 29.6319 37.2230 40.0310 7.54 35.09 Saudi Riyal 7.8432 9.3708 9.8463 5.07 25.54 UAE Dirhams 8.0092 9.5705 10.0538 5.05 25.53 Canadian Dollar 22.1898 25.7429 27.6131 7.26 24.44 Japanese Yen 0.2721 0.3280 0.3496 6.57 28.49 Euro 32.1489 39.6713 43.2111 8.92 34.41 SDR 40.1515 48.4571 51.9494 7.21 29.38 Source: NBE Staff Compilation First Quarter 2020/21 | 69 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 72 5.7.2. Movements in the Real Effective Exchange Rate During the first quarter of 2020/21, the Birr depreciated by 25.6 percent in real terms largely due to the 12.6 percent weakening of the nominal effective exchanged rate of the Birr against major trading partner currencies and price advantage of Ethiopia over trading partners compared with last year same quarter (Table 5.15). 70 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 73 Table 5.15: Trends in the Real and Nominal Effective Exchange Rates Item 2019/20 2020/21 QI QIV QI Percentage Change A B C C/B C/A REERI 199.1 179.4 148.0 -17.5 -25.6 NEERI 41.6 38.6 36.4 -5.9 -12.6 Source: NBE Staff Compilation NB: REERI = Real Effective Exchange Rate Index, NEERI = Nominal Effective Exchange Rate Index A decrease in the REERI and NEERI implies depreciation and vice versa. Fig.V.12: Movements in the Real and Nominal Effective Exchange Rate 0 50 100 150 200 250 300 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 QII QIII QIV QI 2013/14 2014/15 201516 2016/17 2017/18 2018/19 2019/202020/21 NEERI REERI Source: NBE Staff Compilation First Quarter 2020/21 | 71 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 74 5.7.3. Volume of Transactions In the first quarter of 2020/21, the volume of foreign exchange traded in the inter-bank foreign exchange market amounted to USD 3.1 million about 3.1 percent lower than last year same quarter. The foreign exchange was exclusively supplied 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 QII QIII QIV QI 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/202020/21 (In Mill. USD) Total Amount Traded Amount Traded among CBs Source: NBE Staff Compilation In the same period, forex bureaus of commercial banks purchased USD 52.5 million and sold USD 17.6 million. Hence, the amount of forex purchased and sold decreased by 60.7 percent and 85.4 percent, respectively. The COVID-19 pandemic has largely impacted the performance of forex bureaus (Table 5.11). 72 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 75 VI. FEDERAL GOVERNMENT FINANCE During the first quarter of 2020/21, total revenue and grants raised by 22.9 percent to Birr 81.1 billion from Birr 65.9 billion compared to a year ago. Quarterly revenue performance was 24.9 percent of the total annual plan. On the other hand, quarterly Federal Government expenditure increased by 2.5 percent to Birr 88.9 billion from Birr 86.7 billon of last year the same period. The performance was 21.1 present of the annual plan. Hence, overall fiscal balance (including grants) of Federal Government depicted an overall deficit of Birr 7.7 billion ( table 6.1).

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National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 76 Table 6.1: Summary of Quarterly Federal Government Finance [in millions of Birr] No Finer points 2019/20 2020/21 Percentage changes performanc e rate QI QIV Budget QI A B C D D/A D/B D/C 1 Revenue and Grants 65,984.1 80,750.1 325,212.6 81,108.6 22.9 0.4 24.9 1.1 Total Revenue 65,659.2 59,238.1 304,552.2 75,074.7 14.3 26.7 24.7 Tax Revenue 55,781.4 49,557.3 271,748.2 61,909.9 11.0 24.9 22.8 Direct tax 16217.6 14,063.7 65,850.7 19,003.4 17.2 35.1 28.9 Indirect tax 39563.7 35,493.6 205,897.5 42,906.5 8.5 20.9 20.8 Non-Tax Revenue 9,877.8 9,680.8 32,804.0 13,164.8 33.3 36.0 40.1 1.2 Grant & Relief 324.9 21,512.0 20,660 6,034 1,757.3 (72.0) 29.2 2 Current Expenditure 25,739.9 31,978.2 115,891.2 24,487.3 (4.9) (23.4) 21.1 3 Current Surplus/Deficit - - - - - - - (Including Grants) 40,244.1 48,771.9 209,321.4 56,621.3 40.7 16.1 27.0 (Excluding Grants) 39,919.3 27,259.9 188,661.0 50,587.4 26.7 85.6 26.8 4 Capital Expenditure 27,165.0 40,212.5 136,794.0 22,225.3 (18.2) (44.7) 16.2 5 Regional Transfers 33,833.4 45,102.4 168,901.3 42,187.3 24.7 (6.5) 25.0 6 Total Expenditure 86,738.3 117,293.2 421,586.5 88,900.0 2.5 (24.2) 21.1 7 Overall Surplus/Deficit - - - - - - - (Including Grants) (20,754.2) (36,543.1) (96,373.9) (7,791.4) (62.5) (78.7) 8.1 (Excluding Grants) (21,079.1) (58,055.1) (117,034.3) (13,825.2) (34.4) (76.2) 11.8 8 Total Financing 20,754.2 36,543.1 96,374.1 7,791.4 (62.5) (78.7) 8.1 8.1 Net External Borrowings 5,012.0 37,484.9 31,044.2 2,902.6 (42.1) (92.3) 9.3 External Borrowing 5,511.1 11,677.7 21,557.2 3,130.3 (43.2) (73.2) 14.5 Amortization 1,787.4 1,373.4 11,755.4 586.7 (67.2) (57.3) 5.0 8.2 Net Domestic Borrowings 9,001.4 14,485.5 72,445.6 (1,837.2) (120.4) (112.7) (2.5) Banking System 4,280.2 (2,932.5) - (1,451.5) (133.9) (50.5) - Non-Bank Sources 4,721.2 17,418.0 - (386.0) (108.2) (102.2) - 8.3 Privatization receipts - - - - - - - 8.4 Others and Residuals 6,740.8 (15,427) (7,115.7) 6,726.0 (0.2) (143.6) (94.5) Source: Ministry of Finance National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 76 Table 6.1: Summary of Quarterly Federal Government Finance [in millions of Birr] No Finer points 2019/20 2020/21 Percentage changes performanc e rate QI QIV Budget QI A B C D D/A D/B D/C 1 Revenue and Grants 65,984.1 80,750.1 325,212.6 81,108.6 22.9 0.4 24.9 1.1 Total Revenue 65,659.2 59,238.1 304,552.2 75,074.7 14.3 26.7 24.7 Tax Revenue 55,781.4 49,557.3 271,748.2 61,909.9 11.0 24.9 22.8 Direct tax 16217.6 14,063.7 65,850.7 19,003.4 17.2 35.1 28.9 Indirect tax 39563.7 35,493.6 205,897.5 42,906.5 8.5 20.9 20.8 Non-Tax Revenue 9,877.8 9,680.8 32,804.0 13,164.8 33.3 36.0 40.1 1.2 Grant & Relief 324.9 21,512.0 20,660 6,034 1,757.3 (72.0) 29.2 2 Current Expenditure 25,739.9 31,978.2 115,891.2 24,487.3 (4.9) (23.4) 21.1 3 Current Surplus/Deficit - - - - - - - (Including Grants) 40,244.1 48,771.9 209,321.4 56,621.3 40.7 16.1 27.0 (Excluding Grants) 39,919.3 27,259.9 188,661.0 50,587.4 26.7 85.6 26.8 4 Capital Expenditure 27,165.0 40,212.5 136,794.0 22,225.3 (18.2) (44.7) 16.2 5 Regional Transfers 33,833.4 45,102.4 168,901.3 42,187.3 24.7 (6.5) 25.0 6 Total Expenditure 86,738.3 117,293.2 421,586.5 88,900.0 2.5 (24.2) 21.1 7 Overall Surplus/Deficit - - - - - - - (Including Grants) (20,754.2) (36,543.1) (96,373.9) (7,791.4) (62.5) (78.7) 8.1 (Excluding Grants) (21,079.1) (58,055.1) (117,034.3) (13,825.2) (34.4) (76.2) 11.8 8 Total Financing 20,754.2 36,543.1 96,374.1 7,791.4 (62.5) (78.7) 8.1 8.1 Net External Borrowings 5,012.0 37,484.9 31,044.2 2,902.6 (42.1) (92.3) 9.3 External Borrowing 5,511.1 11,677.7 21,557.2 3,130.3 (43.2) (73.2) 14.5 Amortization 1,787.4 1,373.4 11,755.4 586.7 (67.2) (57.3) 5.0 8.2 Net Domestic Borrowings 9,001.4 14,485.5 72,445.6 (1,837.2) (120.4) (112.7) (2.5) Banking System 4,280.2 (2,932.5) - (1,451.5) (133.9) (50.5) - Non-Bank Sources 4,721.2 17,418.0 - (386.0) (108.2) (102.2) - 8.3 Privatization receipts - - - - - - - 8.4 Others and Residuals 6,740.8 (15,427) (7,115.7) 6,726.0 (0.2) (143.6) (94.5) Source: Ministry of Finance 74 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 77 6.1. Revenue and Grants Total Federal government revenue and grants mobilized during the review period reached Birr 81.1 billion of which Birr 75.1 billion was from domestic sources and the remaining Birr 6.0 billion from grant and relief . About 82.5 percent of the domestic revenue was from taxes and 17.5 percent from non-taxes (Table 6.2). Table 6.2: Summary of Federal Government Revenue by component (In Millions of Birr) No Particulars 2019/20 2020/21 Percentage Change Performance Rate QI QIV Budget QI A B C D D/A D/B D/C

Total Revenue and Grants 65,984.1 80,750.1 325,212.6 81,108.6 22.9 0.4 24.9

Total Domestic Revenue 65,659.2 59,238.1 304,552.2 75,074.7 14.3 26.7 24.7 1 Tax Revenue 55,781.4 49,557.3 271,748.2 61,909.9 11.0 24.9 22.8 1.1 Direct Tax Revenue 16,217.6 14,063.7 65,850.7 19,003.4 17.2 35.1 28.9 1.1.1 Income Taxes 13,641.1 11,523.2 52,164.8 16,722.9 22.6 45.1 32.1

Personal 3,053.6 3125.6 15,255.1 4330.6 41.8 38.6 28.4
Business 10,587.5 8397.6 36,909.7 12392.3 17.0 47.6 33.6 1.1.2 Others1 2,576.5 2540.5 13,685.9 2,280.51 (11.5) (10.2) 16.7 1.2 Indirect Taxes 39,562.5 35,493.6 205,897.5 42,906.5 8.5 20.9 20.8 1.2.1 Domestic Taxes 14,499.6 13,783.3 84,518.0 16,597.5 14.5 20.4 19.6 1.2.2 Foreign Trade Taxes 25,062.9 21,710.3 121,379.5 26,309.0 5.0 21.2 21.7
Import 25,062.9 21,710.3 121,379.5 26,309.0 5.0 21.2 21.7 2 Non-Tax Revenue 9,877.8 9680.8 32,804.0 13164.8 33.3 36.0 40.1 3 Privatization - - - - - - - 4 Grants and Relief 324.9 21512.0 20,660.4 6,033.8 1,757.3 (72.0) 29.2 Source: Ministry of Finance 1/ includes Withholding tax on import, tax on dividend, royalty and interest income

Total Revenue and Grants 65,984.1 80,750.1 325,212.6 81,108.6 22.9 0.4 24.9

Personal 3,053.6 3125.6 15,255.1 4330.6 41.8 38.6 28.4
Business 10,587.5 8397.6 36,909.7 12392.3 17.0 47.6 33.6 1.1.2 Others1 2,576.5 2540.5 13,685.9 2,280.51 (11.5) (10.2) 16.7 1.2 Indirect Taxes 39,562.5 35,493.6 205,897.5 42,906.5 8.5 20.9 20.8 1.2.1 Domestic Taxes 14,499.6 13,783.3 84,518.0 16,597.5 14.5 20.4 19.6 1.2.2 Foreign Trade Taxes 25,062.9 21,710.3 121,379.5 26,309.0 5.0 21.2 21.7
Import 25,062.9 21,710.3 121,379.5 26,309.0 5.0 21.2 21.7 2 Non-Tax Revenue 9,877.8 9680.8 32,804.0 13164.8 33.3 36.0 40.1 3 Privatization - - - - - - - 4 Grants and Relief 324.9 21512.0 20,660.4 6,033.8 1,757.3 (72.0) 29.2 Source: Ministry of Finance 1/ includes Withholding tax on import, tax on dividend, royalty and interest income

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National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 78 Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government

0 10000 20000 30000 40000 50000 60000 70000 80000 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/202020/21 (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 2020/21 Direct Tax Revenue 25.3 Indirect Taxes 57.2 Non-Tax Revenue 17.5 76 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 79 Total tax revenues during the review period was Birr 61.9 billion depicting 11 percent annual growth due to 8.5 percent increase in indirect taxes and 17.2 percent in direct taxes. Total tax revenue accounted for 22.8 percent of the annual plan (Table6.2). 6.2. Expenditure Total Federal government expenditure (including regional transfers) reached Birr 88.9 billion, which was 24.2 percent lower than the previous quarter but 2.5 percent higher than a year ago. Of the total expenditure, Birr 24.4 billion (or about 27.5 percent) went to finance current expenditure, Birr 22.2 million (or 25 percent) to various development programs and the remaining balance Birr 42.2 billion or 47.5 percent for regional transfers. Year-on-year basis, current and capital expenditures decreased by 4.9 and 18.2 percent, respectively while regional transfers increased by 24.7 percent. Table 6.3: Summary of Federal Government Expenditure by Component (In Millions of Birr) No Particulars 2020/19 2020/21 Percentage Change Performance Rate QI QIV Budget QI A B C D D/A D/B D/C Total Expenditure 86,738.3 117,293.2 421,586.7 88,900.0 2.5 (24.2) 21.1 1 Current Expenditure 25,739.9 31,978.2 115,891.2 24,487.3 (4.9) (23.4) 21.1

General Services 7,184.4 9,996.6 38,254.2 9,720.4 35.3 (2.8) 25.4
Economic Services 929.6 3,085.2 6,770.2 1,954.0 110.2 (36.7) 28.9
Social Services 9,394.4 16,469.4 37,099.0 10,757.1 14.5 (34.7) 29.0
Others expenditure 125.3 547 14,002.8 236.8 89.0 (56.7) 1.7
Debt Service 8,106.3 1880.0 19,765.1 1,819.1 (77.6) (3.2) 9.2 2 Capital Expenditure 27,165.0 40,212.5 136,794.2 22,225.3 (18.2) (44.7) 16.2
Economic Development 18,133.9 28176.4 99,746.8 17,028.3 (6.1) (39.6) 17.1
Social Development 8,209.8 10765.0 29,180.2 4,691.2 (42.9) (56.4) 16.1
General Development 821.3 1271.1 7,867.1 505.8 (38.4) (60.2) 6.4 4 Regional Transfers 33,833.4 45102.4 168,901.3 42,187.3 24.7 (6.5) 25.0 Source: Ministry of Finance National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 79 Total tax revenues during the review period was Birr 61.9 billion depicting 11 percent annual growth due to 8.5 percent increase in indirect taxes and 17.2 percent in direct taxes. Total tax revenue accounted for 22.8 percent of the annual plan (Table6.2). 6.2. Expenditure Total Federal government expenditure (including regional transfers) reached Birr 88.9 billion, which was 24.2 percent lower than the previous quarter but 2.5 percent higher than a year ago. Of the total expenditure, Birr 24.4 billion (or about 27.5 percent) went to finance current expenditure, Birr 22.2 million (or 25 percent) to various development programs and the remaining balance Birr 42.2 billion or 47.5 percent for regional transfers. Year-on-year basis, current and capital expenditures decreased by 4.9 and 18.2 percent, respectively while regional transfers increased by 24.7 percent. Table 6.3: Summary of Federal Government Expenditure by Component (In Millions of Birr) No Particulars 2020/19 2020/21 Percentage Change Performance Rate QI QIV Budget QI A B C D D/A D/B D/C Total Expenditure 86,738.3 117,293.2 421,586.7 88,900.0 2.5 (24.2) 21.1 1 Current Expenditure 25,739.9 31,978.2 115,891.2 24,487.3 (4.9) (23.4) 21.1
General Services 7,184.4 9,996.6 38,254.2 9,720.4 35.3 (2.8) 25.4
Economic Services 929.6 3,085.2 6,770.2 1,954.0 110.2 (36.7) 28.9
Social Services 9,394.4 16,469.4 37,099.0 10,757.1 14.5 (34.7) 29.0
Others expenditure 125.3 547 14,002.8 236.8 89.0 (56.7) 1.7
Debt Service 8,106.3 1880.0 19,765.1 1,819.1 (77.6) (3.2) 9.2 2 Capital Expenditure 27,165.0 40,212.5 136,794.2 22,225.3 (18.2) (44.7) 16.2
Economic Development 18,133.9 28176.4 99,746.8 17,028.3 (6.1) (39.6) 17.1
Social Development 8,209.8 10765.0 29,180.2 4,691.2 (42.9) (56.4) 16.1
General Development 821.3 1271.1 7,867.1 505.8 (38.4) (60.2) 6.4 4 Regional Transfers 33,833.4 45102.4 168,901.3 42,187.3 24.7 (6.5) 25.0 Source: Ministry of Finance First Quarter 2020/21 | 77 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 80 Fig.VI.3: Major Components of Federal Governments Expenditure during the First Quarter of 2020/21 Current Expenditure 27.5% Capital Expenditure 25.0% Regional Transfer 47.5%

78 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 81 Fig.VI.4: Quarterly Developments in Federal Government Expenditure by Components (First Quarter 2020/21) 0 20000 40000 60000 80000 100000 120000 140000 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/202020/21 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers

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National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 82 6.3. Deficit Financing Federal government budgetary operations (including grant) resulted in an overall deficit of Birr 7.7 billion. The deficit was financed by net external borrowing and residuals with repayment to the banking and non-banking sources. 80 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 83 Fig.VI.5: Federal Government Finance during First Quarter of F.Y 2020/21 0 20000 40000 60000 80000 100000 120000 140000 160000 2008/092009/102010/112011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/182018/192019/202020/21 (In Millions of Birr) Quarters/Years Revenue Including Grants Deficit Expenditure First Quarter 2020/21 | 81 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 84 VII. DEVELOPMENTS IN INVESTMEN During the first quarter of 2020/21, 16 investment projects having investment capital of Birr 1.8 billion became operational. Compared to last year same quarter, both the number of investment projects and investment capital tended to slowdown. Virtually, all investment projects were private, of which 87.5 percent were domestic and 12.5 percent foreign. Domestic investment projects had investment capital of Birr 75.7 million (or 4.1 percent) while that of foreign investment projects was Birr 1.8 billion (or 95.9 percent). These investment projects have generated employment opportunities for 38 employees compared to over 17 thousand a year ago. Of the total employment created during the period, 94.7 percent was permanent and 5.3 percent casual (Table 7.1). 82 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 85 Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr) Type of Projects Items 2019/20 2020/21 Percentage Changes QI QIV QI A B C Share C/A C/B

Total Investment Number of projects 544 22 16 100 -97.1 -27.3 Capital 5,886.8 219.9 1,846.2 100 -68.6 739.4 Permanent Employment 12,506 44 36 100 -99.7 -18.2 Temporary Employment 5,174 36 2 100 -100 -94.4
Private Investment Number of projects 544 22 16 100 -97.1 -27.3 Capital 5,886.8 219.9 1,846.2 100 -68.6 739.4 Permanent Employment 12,506 44 36 100 -99.7 -18.2 Temporary Employment 5,174 36 2 100 -100 -94.4 2.1 Domestic Investment Number of projects 538 21 14 87.5 -97.4 -33.3 Capital 5,687.6 213.0 75.7 4.1 -98.7 -64.5 Permanent Employment 9,409 34 0 0.0 - - Temporary Employment 3,018 31 0 0.0 - - 2.2. Foreign Investment Number of projects 6 1 2 12.5 -66.7 100 Capital 199.2 7 1,770.5 95.9 788.8 25,315.4 Permanent Employment 3,097 10 36 100 -98.8 260.0 Temporary Employment 2,156 5 2 100 -99.9 -60.0
Public Investment Number of projects - - - - - - Capital - - - - - - Permanent Employment - - - - - - Temporary Employment - - - - - - Source: Ethiopian Investment Commission. As for sectoral distribution, construction sector accounted for 56.3 percent of total investment projects followed by real estate, renting and business activities (18.8 percent), tour operation, transport, and communication (12.5 percent), and manufacturing and others* (6.3 percent). Out of the total Birr 1.8 billion capital invested, Others* sector received 95.3 percent, construction 2.2 percent, real estate, renting & business activities and tour operation, transport, & communication 1.1 percent each and manufacturing 0.2 percent. Tour operation, transport, & communication sector created 91.7 percent of the total job opportunities and other sectors 8.3 percent. All of the temporary employment was created by other sectors (Table 7.2). First Quarter 2020/21 | 83 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 86 Table 7.2: Investment Distribution by Sector during the First Quarter of 2020/21 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry - - - - - - - - Construction 9 56.3 41.2 2.2 - - - - Education - - - - - - - - Electricity, gas, steam and water supply - - - - - - - - Health and social work - - - - - - - Hotels and restaurants - - - - - - - - Manufacturing 1 6.3 4.5 0.2 - - - - Mining and quarrying - - - - - - - - Other community, social and personal service activities - - - - - - - - Real estate, renting and business activities 3 18.8 20 1.1 0 - 0 - Tour operation, transport, and communication 2 12.5 20.8 1.1 33 91.7 - - Wholesale, retail trade & repair service - - - - - - - - Others* 1 6.3 1,759.7 95.3 3 8.3 2 100 Grand Total 16 100 1,846.2 100 36 100 2 100 Source: Ethiopian Investment Commission. Export of flowers, spices, cotton and cotton product, cly spots, wooden handicrafts, souvenirs and flower baskets, data center services. In terms of regional distribution, Addis Ababa constituted 87.5 percent of the total projects and 4.1 percent of total investment capital while multiregional projects had 12.5 percent share of the total projects and 95.9 percent of total investment capital. In terms of job opportunities, multiregional projects created all of the permanent and temporary employment during the review quarter (Table 7.3). National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 86 Table 7.2: Investment Distribution by Sector during the First Quarter of 2020/21 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry - - - - - - - - Construction 9 56.3 41.2 2.2 - - - - Education - - - - - - - - Electricity, gas, steam and water supply - - - - - - - - Health and social work - - - - - - - Hotels and restaurants - - - - - - - - Manufacturing 1 6.3 4.5 0.2 - - - - Mining and quarrying - - - - - - - - Other community, social and personal service activities - - - - - - - - Real estate, renting and business activities 3 18.8 20 1.1 0 - 0 - Tour operation, transport, and communication 2 12.5 20.8 1.1 33 91.7 - - Wholesale, retail trade & repair service - - - - - - - - Others 1 6.3 1,759.7 95.3 3 8.3 2 100 Grand Total 16 100 1,846.2 100 36 100 2 100 Source: Ethiopian Investment Commission. *Export of flowers, spices, cotton and cotton product, cly spots, wooden handicrafts, souvenirs and flower baskets, data center services. In terms of regional distribution, Addis Ababa constituted 87.5 percent of the total projects and 4.1 percent of total investment capital while multiregional projects had 12.5 percent share of the total projects and 95.9 percent of total investment capital. In terms of job opportunities, multiregional projects created all of the permanent and temporary employment during the review quarter (Table 7.3). 84 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 87 Table 7.3: Performance of Operational Investment Projects by Region Capital in million Birr VIII. International Economic Developments Region 2019/20 2020/21 Growth Rate QI QIV QI C/A C/B A B C Share In (%) No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital. Perm emp Temp emp No of Proj Capital. Perm emp Temp emp Addis Ababa 8 45.7 41 41 21 213.0 34.0 31. 0 14 76 0 0 87.5 4.1 - - 75.0 65.5 0.0 0.0

33.3 -64.5 0.0 0.0 Afar

Amhara

B.Gumuz

Dire Dawa

Oromia

SNNPR

Gamb

Somali

Harari

Tigray 1 15.0 10 20 - - - - - - - - - - - - - - - - - - - Multi-regional

- - - 1 7.0 10 5 2 1,770 36 2 12.5 95.9 100 100 - - - - 100 25,315. 4 260.0

60.0 Grand Total 9 60.7 51 61 22 219.9 44 36 16 1,846 36 2 100 77.8 2,939.8 -29.4 -96.7 -27.3 739.4 -18.2 -94.4 Source: Ethiopian Investment Commission First Quarter 2020/21 | 85 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 88 VIII. INTERNATIONAL ECONOMIC DEVELOPMENTS 8.1. Overview of the World Economy6 The global economy during the first quarter of 2020/21 showed a fast rebound, but also a momentum slowing down afterwards. After a sharp contraction in the third and fourth quarters of 2019/20, the global composite output PMI (excluding the euroarea) rebounded considerably during the first quarter to 51.8 compared to 37.9 in the previous quarter. However, it remained unchanged in September, as the marginal improvement in services was offset by a slight drop in the manufacturing output PMI. In the United States, the recovery is set to lose momentum slightly following strong growth in the first quarter of 2020/21. According to the first estimate, US real GDP expanded by 33.1 percent on a quarter-onquarter annualized basis, supported by a sharp rebound in domestic demand, but the recovery is losing momentum. Industrial production declined in September, following a marked slowdown in August, while retail

6 Sections 8.1– 8.3 are excerpted from European Central Bank monthly bulletin of 7/2020. sales recovered somewhat in September (in real terms) after two sets of weak results in previous months. In the United Kingdom, the rebound in activity shows signs of slowing by the end of the first quarter of 2020/21. Real UK GDP shrank in the third and fourth quarter of 2019/20 by around 22 percent compared to the level seen at the end of 2019. Monthly GDP data available until August showed that economic activity has been on a consistent recovery path since its trough in April, despite recent signs of a loss in momentum. PMIs also suggest a loss of momentum since August, even before the re-introduction of additional containment measures, which have been increasing considerably since the second half of September. Japan is seeing a gradual economic recovery as the resurgence in COVID-19 infections seen over the summer appears contained. Economic activity bottomed out and started to gradually resume since the end of the partial lockdown in May. Industrial production and real exports of goods have trended upwards since then, whilst imports have fallen for a fourth consecutive month in August. Although resurging domestic 86 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 89 COVID-19 cases and poor weather conditions temporarily eased the recovery pace early in the summer, since late July the containment of the pandemic has been associated with increased consumer sentiment supporting the recovery. In China, real GDP growth during the first quarter of 2020/21 confirmed the continuation and broadening of the recovery. Although GDP growth was slightly below consensus forecasts, China’s economic recovery has continued consistently during the first quarter (4.9 percent year-on-year). The recovery has also been broadening. 8.2. Inflation Developments Global inflation remained stable in August. Annual consumer price inflation in Member countries of the Organization for Economic Co-operation and Development (OECD) remained unchanged at 1.2 percent in August. The downward pressure from annual energy price inflation continued in August, albeit at a decelerating pace, while food price inflation increased marginally. Annual OECD CPI inflation excluding food and energy decreased slightly to 1.6 percent. Inflationary pressures remain muted across major advanced and emerging market economies and are expected to remain subdued in the short and medium term as a result of low demand. 8.3. Commodity Price Oil prices have increased slightly since the last Governing Council meeting, but remained range bound due to counteracting demand and supply dynamics. Since June, Brent oil prices have fluctuated between USD 35 and 45 per barrel and are currently around 7 percent higher than the values reported in the September Governing Council meeting. After the increase in global oil demand in July as coronavirus (COVID-19) restrictions eased, the International Energy Agency expects oil demand to decelerate amid an increase of COVID-19 cases worldwide. Lower oil supply continues to counteract downward pressures from demand, with oil supply falling in September as OPEC-plus countries improved the compliance rate with their production agreement. This adds to the substantial oil supply cuts following the OPEC-plus agreement in response to the pandemic and the significant shut-ins of oil production in the United States. Compared to pre-coronavirus levels, oil prices are still down by approximately a third. At the same time, metal prices have remained broadly First Quarter 2020/21 | 87 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin First Quarter 2020/21 90 stable since the last Governing Council meeting whereas food prices have increased somewhat. 8.4. Exchange Rate Developments In foreign exchange markets, the euro remained broadly stable in trade-weighted terms, with some bilateral exchange rates moving in opposite directions, reflecting differences in the outlook for the recovery from the COVID-19 crisis. Over the review period, the nominal effective exchange rate of the euro, as measured against the currencies of 42 of the euro area’s most important trading partners, depreciated by 0.3 percent. Regarding bilateral exchange rate developments, the euro depreciated against the Chinese renminbi (by 2.7 percent) and the currencies of other major emerging economies in Asia, reflecting the strong rebound in activity and economic sentiment in the Asian manufacturing hubs. The euro also depreciated against the Japanese yen (by 2.7 percent), the US dollar (by 1 percent) and the pound sterling (by 1 percent). By contrast, the euro appreciated vis-à-vis the currencies of most non-euro area EU Member States, most notably the Polish zloty (by 3.8 percent) and the Czech koruna (by 3.1 percent). It also continued to strengthen against the Turkish lira, the Brazilian real and the Russian ruble. 8.5. Impact of Global Economic Development on Ethiopian Economy After successive slump in the global economy during the second half of the previous year, it appears to register a fast rebound during the first quarter of 2020/21, though the momentum slowed down towards the end of the period. On the other hand, global inflation remained stable during the review period. During the review quarter, the REER depreciated by 25.6 percent due to fast depreciation of Birr coupled with Ethiopia’s price advantage over trading partners. This development is expected to enhance international competitiveness of the country in global market. On the other hand, the decline in crude oil prices helps the country to save additional payments caused by higher oil price and avoided further suppressing impact on current account balance compared to last year the same period 88 | First Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin

STATISTICAL TABLES First Quarter 2020/21 | 89

Table 1(a): Statement of Condition of National Bank of Ethipia: 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 5.47 113.96 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 8.60 120.45 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 41,971.87 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 8.43 336.04 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 0.01 359.52 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 0.01 420.35 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 110,973.71 750.54 423.72 105,145.06 4,654.41 178,685.30 7,420.35 171,264.95 - 52,092.71 - 57,949.69 Qtr.III 111,651.22 198.87 431.88 106,132.87 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 Qtr.II 94,289.16 19.38 478.35 88,749.48 5,041.96 204,237.75 6,972.80 197,264.95 - 55,942.71 - 115,902.36 Qtr.III 80,407.49 316.70 488.33 74,412.19 5,190.27 221,237.75 6,972.80 214,264.95 - 55,242.71 - 120,561.48 Qtr.IV 112,086.32 3,280.63 525.42 102,412.06 5,868.20 230,237.75 199,237.75 31,000.00 - 58,142.71 - 148,024.70 2020/21 Qtr.I 120,432.59 5,033.13 563.29 108,717.20 6,118.98 243,141.31 198,362.65 44,778.66 - 57,642.71 - 139,732.21 (In Millions of Birr) Other Assets Advance to DBE Silver Coins Assets End of Period Foreign Assets Claims on Government Total Gold Reserve Tranche Foreign Exchange Others Total Bond Direct Advance Others Table 1(b): Statement of Condition of National Bank of Ethiopia: Liabilities 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 288,273.8 8 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 289,933.7 4 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 341,446.0 8 112,910.96 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 Qtr.II 470,371.98 128,071.58 99,917.83 30,939.51 68,978.32 111,833.99 530.84 111,303.15 4,849.20 125,699.38 Qtr.III 477,449.43 139,106.29 109,747.07 26,131.42 83,615.66 110,558.25 6,560.60 103,997.65 4,849.20 113,188.61 Qtr.IV 548,491.47 140,521.13 140,553.83 34,529.59 106,024.24 127,307.32 6,670.16 120,637.16 4,849.20 135,260.00 2020/21 Qtr.I 560,948.82 124,403.48 170,497.94 33,548.57 136,949.38 154,135.85 24,550.96 129,584.89 4,849.20 107,062.35 (In Millions of Birr) Capital Account Other Liab. End of Period Total Liab.= Assets Currency (Notes

Coins) Total Gov't Banker Total Deposits Foreign Liabilities Fund Credit Others First Quarter 2020/21 | 91

Assets 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 Qtr.II 117,120.70 29,406.33 87,714.37 23,973.08 23,123.42 977,370.59 512,299.58 456,233.83 8,837.18 232,194.69 Qtr.III 114,998.82 29,771.00 85,227.82 24,606.29 22,927.78 1,025,047.29 528,438.89 487,766.96 8,841.44 257,616.79 Qtr.IV 136,738.41 31,449.32 105,289.09 35,116.52 28,838.49 1,074,869.20 571,811.98 490,492.71 12,564.51 219,185.38 2020/21 Qtr.I 184,698.60 59,737.43 124,961.18 33,204.14 36,506.06 1,126,390.63 611,983.47 500,592.74 13,814.42 233,131.04 Table 2(a): Statement of Condition of Commercial Banks: Other Assets 10 Claims on Non-Central Gov't Claims On Gov't 5 Total (7+8+9) 6 Loans & Adv. 7 Investment 8 Commercial Banks 9 (In Millions of Birr) End of Period Total (2+3) 1 Reserves Cash in Hand 2 Deposits with NBE 3 Foreign Assets 4 Table 2(b): Statement of Condition of Commercial Banks: Liabilities Total (3+4+5) 2 Demand 3 Time 4 Saving 5 Total (9+10+11) 8 Capital 9 Legal Reserve 10 Others 11 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 Qtr.II 1,373,782.48 851,887.36 233,018.82 89,720.91 529,147.63 85,267.44 21,056.84 123,826.12 77,283.99 23,471.46 23,070.67 291,744.72 Qtr.III 1,445,196.96 877,428.13 246,556.75 80,765.27 550,106.12 87,691.14 23,358.51 136,459.58 80,471.39 23,493.66 32,494.53 320,259.61 Qtr.IV 1,494,747.98 928,574.53 251,513.71 87,886.77 589,174.06 87,466.56 24,579.24 134,232.91 82,108.81 23,579.76 28,544.34 319,894.74 2020/21 Qtr.I 1613930.46 1020322.63 269917.20 91583.91 658821.52 97699.75 27650.16 132885.23 83326.31 26401.11 23157.80 335372.71 (In Millions of Birr) End of Period Total (Liab.= Assets) 1 Gov't Depos. 6 Foreign Liab. 7 Other Liab. 12 Non-Central Gov't Deposits Capital Account First Quarter 2020/21 | 93

Assets 2007/08 Qtr.I 481.15 184.54 80.84 4,893.32 431.94 153.96 4,307.41 824.36 6,464.22 Qtr.II 565.81 157.13 253.93 5,061.27 316.45 227.85 4,516.97 828.84 6,866.96 Qtr.III 444.82 143.95 253.93 5,248.60 397.64 228.90 4,622.06 764.01 6,855.30 Qtr.IV 293.85 194.84 253.93 5,389.25 518.92 200.61 4,669.72 838.10 6,969.97 2008/09 Qtr.I 639.13 226.80 253.93 5,579.55 527.45 178.53 4,873.57 688.57 7,387.97 Qtr.II 320.37 243.70 237.52 5,976.99 535.00 215.62 5,226.37 864.87 7,643.45 Qtr.III 174.66 248.80 219.42 6,246.95 539.70 222.66 5,484.59 834.94 7,724.78 Qtr.IV 137.89 374.59 219.42 6,435.92 546.22 193.14 5,696.57 743.24 7,911.07 2009/10 Qtr.I 205.29 549.70 219.42 7,135.13 597.47 164.88 6,372.78 720.57 8,830.11 Qtr.II 303.62 595.20 218.83 7,671.64 582.63 246.00 6,843.01 1,103.73 9,893.01 Qtr.III 219.98 1,513.01 203.02 8,068.25 609.20 235.01 7,224.04 1,147.57 11,151.83 Qtr.IV 422.78 1,023.91 184.92 8,787.24 699.57 202.47 7,885.20 919.24 11,338.08 2010/11 Qtr.I 505.43 1,058.79 184.92 8,952.77 703.88 143.97 8,104.93 1,140.16 11,842.07 Qtr.II 200.52 1,031.98 184.92 9,516.13 711.06 226.46 8,578.61 736.37 11,669.91 Qtr.III 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.IV 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 2011/12 Qtr.I 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.II 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.III 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.IV 810.38 1,175.29 176.42 10,355.88 928.65 202.34 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 Qtr.II 8,243.21 2,471.15 26,627.38 47,326.26 5,148.78 532.67 41,644.81 10,844.09 95,512.09 Qtr.III 8,447.33 2,301.93 32,663.59 48,471.20 5,417.10 694.38 42,359.71 10,051.30 101,935.35 Qtr.IV 8,022.54 4,718.27 33,036.37 51,103.50 3,519.43 889.98 46,694.08 7,209.88 104,090.56 2020/21 Qtr.I 8684.02 2625.89 33416.61 51992.48 4732.12 5476.46 41783.90 7416.75 104135.75 Table 3(a): Consolidated Statement of Condition of Development Bank of Ethiopia: Claims on Non-Central Gov't End of Period Cash & Banks Foreign Assets Claims on Central Gov't Total Public Enterprise Cooperatives Private & Individuals Other Assets Total Assets (In Millions of Birr) Total N.B.E Others 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 17,154.13 642.47 16,511.66 - 1,209.71 5,029.53 Qtr.II 27,076.70 376.31 384.43 2,856.36 16,348.79 643.96 15,704.84 - 1,539.14 5,571.66 Qtr.III 27,799.89 355.69 375.75 3,157.21 18,741.44 739.97 18,001.47 - 1,771.24 4,360.49 Qtr.IV 29,959.90 347.35 380.85 3,150.26 20,889.93 610.14 20,279.79 - 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 Qtr.II 95,512.09 581.89 121.27 7,023.65 61,046.46 60,986.28 60.18 - 10,476.70 16,262.12 Qrt.III 101,935.35 594.94 121.56 7,049.90 65,982.91 65,922.26 60.65 - 11,096.39 17,089.65 QIV 104,090.56 664.86 125.09 6,922.46 68,416.90 68,355.72 61.18 - 12,025.95 15,935.30 2020/21 - Qrt.I 104135.75 630.13 126.34 6731.18 68456.86 68395.75 61.10 - 12071.50 16119.76 Other Liability Items Table 3(b): Consolidated Statement of Condition of Development Bank of Ethiopia: End of Period Total Assets =Liab. Demand Deposits Time & Savings Deposits Capital Accounts Credit from Banks Credit from Gov't Foreign Advance & Loan (In Millions of Birr) Liablities First Quarter 2020/21 | 75

Table 4: Money Supply and its Determinants (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Net Foreign Assets Other Items Net 14 Currency Outside Banks 1 Net Demand Deposit 2 Money Supply (1+2) 3 QuasiMoney 4 Total Volume (3+4) 5 Total Credit (7+10) 6 Net Claims on Gov't Claims on Non-Cen Gov't 10 Total (8+9) 7 Nat. Bank 8 Comm. Banks 9 Total (13+12) 11 Nat. Bank 12 Comm. Banks 13 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 60,064.15 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 (29,000.23) 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 92,192.58 185,405.32 277,597.90 511,563.89 789,161.79 921,386.87 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 92,017.0 216,920.17 308,937.14 577,815.41 886,752.54 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 Qtr.II 98,665.25 233,018.82 331,684.07 618,868.54 950,552.61 1,135,630.34 111,154.23 173,298.24 (62,144.01) 1,024,476.11 (14,628.59) (17,544.83) 2,916.24 170,449.14 Qtr.III 109,335.29 246,556.75 355,892.04 630,871.38 986,763.42 1,201,791.53 130,342.97 195,106.33 (64,763.36) 1,071,448.56 (28,902.99) (30,150.76) 1,247.77 186,125.12 Qtr.IV 109,071.81 251,513.71 360,585.51 677,060.82 1,037,646.34 1,257,527.48 137,080.08 195,708.16 (58,628.07) 1,120,447.40 (4,683.72) (15,221.00) 10,537.27 215,197.43 2020/21 Qtr.I 64,666.05 269,917.20 334,583.25 750,405.43 1,084,988.68 1,318,617.97 148,399.05 209,592.74 (61,193.69) 1,170,218.92 (28,149.28) (33,703.26) 5,553.98 205,480.01 76 | National Bank of Ethiopia Quarterly Bulletin

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) Qtr.II 78,409.27 229,756.55 308,165.83 606,491.17 914,657.00 1,136,765.97 717,133.28 (14,643.22) Qtr.III 107,913.93 253,953.45 361,867.38 619,515.70 981,383.08 1,255,872.15 814,300.90 (30,203.62) QIV 126,883.23 257,585.25 384,468.48 677,060.82 1,061,529.30 1,275,183.17 1,555,180.99 (4,749.48) 2020/21 Qtr.I 68,222.69 262,629.43 330,852.12 774,418.40 1,105,270.52 1,269,829.10 1,259,155.56 (27,107.75) Table 5: Seasonally adjusted data of Monetary Variables (1) 1/ Obtained by multiplying each original observation by appropriate index for the month (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Currency Outside Banks Net Demand Deposit Money Supply Quasi Money Total Volume Central Gov't (Net) Non-Cent. Gov't Foreign Assets (Net) First Quarter 2020/21 | 77

Table 6: International Reserves and Net Foreign Assets of National Bank & Commercial Banks 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 8,093.97 5.47 495.26 113.96 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 60,856.52 79.30 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 69,963.93 8.43 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 64,643.51 0.01 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 77,584.06 0.01 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 80,464.52 81.43 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 95770.9 69790.0 15.3 64693.1 4646.3 435.4 25980.8 112814.0 18605.2 94208.8 -17043.1 -24418.7 7375.6 Qtr.II 118262.2 94289.2 19.4 88749.5 5042.0 478.3 23973.1 132890.8 21056.8 111834.0 -14628.6 -17544.8 2916.2 Qtr.III 105013.8 80407.5 316.7 74412.2 5190.3 488.3 24606.3 133916.8 23358.5 110558.3 -28903.0 -30150.8 1247.8 Qtr.IV 147202.8 112086.3 3280.6 102412.1 5868.2 525.4 35116.5 151886.6 24579.2 127307.3 -4683.7 -15221.0 10537.3 2020/21 Qtr.I 153,636.73 120,432.59 5,033.13 108,717.20 6,118.98 563.29 33,204.14 181,786.00 27,650.16 154,135.85 (28,149.28) (33,703.26) 5,553.98 (In Millions of Birr) Total 10=11+12 NBE 11=2-9 Net Foreign Assets Comm. Banks 12=6-8 Gold 3 Foreign Exc. 4 Gross Reserve End of Period Foreign Liabilities National Bank of Ethiopia International Reserves Others Reserve Tranche Posi. 5 Comm. Banks Reserve 6 Total Liab. 7=8+9 Comm. Banks 8 NBE 9 Gross Reserve 1=2+6 NBE Total 2=3 to 5 78 | National Bank of Ethiopia Quarterly Bulletin

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 Qtr.II 1,251,837.28 227,361.17 204,237.75 23,123.42 1,024,476.11 568,242.29 456,233.83 Qtr.III 1,315,614.08 244,165.52 221,237.75 22,927.78 1,071,448.56 583,681.60 487,766.96 QIV 1,379,523.63 259,076.23 230,237.75 28,838.49 1,120,447.40 629,954.69 490,492.71 2020/21 Qtr.I 1,449,866.28 279,647.36 243,141.31 36,506.06 1,170,218.92 669,626.18 500,592.74 (In Millions of Birr) Total 5=6+7 Loans & Advances 6 Investments 7 Claims on Non-Central Gov't Table 7: Domestic Credit by Sector End of Period Gross Domestic Credit 1=2+5 Claims on Central Gov't Total 2=3+4 NBE 3 Comm. Banks 4 First Quarter 2020/21 | 79

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 Qtr.II 968,377.71 852,170.77 233,018.82 529,431.05 89,720.91 116,206.94 30,939.51 85,267.44 Qtr.III 991,737.27 877,914.72 246,556.75 550,592.71 80,765.27 113,822.55 26,131.42 87,691.14 Qtr.IV 1,050,842.01 928,845.86 251,513.71 589,445.39 87,886.77 121,996.15 34,529.59 87,466.56 2020/21 Qtr.I 1,151,766.44 1,020,518.13 269,917.20 659,017.03 91,583.91 131,248.31 33,548.57 97,699.75 Table 8: Deposits by Type and Sector (In Millions of Birr) Central Gov't Dep. with End of Period Total Deposits 1=2+6 Total 2=3 to 5 Net Demand Deposit 3 Savings Deposit 4 Time Dep. (30 days & over) 5 Total 6=7+8 National Bank 7 Non-Central Gov't Deposits with CBs Comm. Banks 8 80 | National Bank of Ethiopia Quarterly Bulletin

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 (15,668.39) 54.86 (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 (1,452.41) 53.77 (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 (7,299.45) 55.08 (0.03) 2018/19 Qtr.I 36,595.29 91,062.85 54,467.56 30,835.45 14,163.89 14,163.89 - 107,734.41 16.13 (7,494.41) 54.41 (0.03) Qtr.II 38,073.40 85,123.08 47,049.67 28,357.05 15,913.29 15,913.29 - 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 Qtr.II 45,358.63 117,120.70 71,762.07 23,973.08 21,056.84 21,056.84 - 120,036.93 14.67 6,788.45 60.26 0.02 Qtr.III 47,088.05 114,998.82 67,910.77 24,606.29 23,358.51 23,358.51 - 116,246.59 13.63 30,715.28 62.54 0.09 Qtr.IV 49,370.84 136,738.41 87,367.57 35,116.52 24,579.24 24,579.24 - 147,275.68 16.61 (11,125.89) 62.77 (0.03) 2020/21 Qtr.I 53,516.97 184,698.60 131,181.63 33,204.14 27,650.16 27,650.16 - 190,252.58 19.61 (31,821.59) 60.67 (0.08) 5. Turnover of Deposits: Debit Balances divided by Gross Demand Deposits of private and others + Government Deposits. 3. Ratio of Loans and Advances to Deposits: Gross Commercial Bank Loans and discounts plus credit to Central Government divided by Gross Demand Deposits (of private and others) + Demand Deposits of domestic banks + Time and Savings Deposits + Government Deposits with commercial banks. 4. Debit Balance: Total Debit Balance less debit against the deposits of the commercial banks. (In Millions of Birr)

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. Actual Reserve+ Net For. Assets 7=2+4-5 Liquidity Ratio 8 Ratio: Loans Adv.to Dep. 9 Debit Balance 10 TurnOver of Deposit 11 Total 5=6+7 Foreign Liabilities Short Term 6 Long Term 7 Table 9: Reserve and Liquidity Position of the Commercial Banks, and Turnover of Deposits End of Period Reserve Requirments 1 Actual Rese. 2 Excess Rese. 3=2-1 Foreign Assets 4 First Quarter 2020/21 | 81

2007/08 Qtr.I 15,130.3 14,953.0 414.2 122.2 1,809.0 2,612.7 9,994.9 177.3 0.8 28.3 65.6 32.1 50.7 Qtr.II 17,852.4 17,673.6 454.4 189.8 2,415.8 2,974.2 11,639.3 178.7 0.8 28.5 66.2 32.1 51.1 Qtr.III 19,492.3 19,309.5 437.6 210.3 2,697.2 3,519.6 12,444.9 182.8 0.8 28.9 66.6 33.4 53.1 Qtr.IV 6,826.0 19,591.5 414.9 188.2 2,574.3 3,459.4 12,954.8 189.2 0.8 29.8 68.0 34.9 55.7 2008/09 Qtr.I 20,388.5 20,191.0 417.0 162.8 2,456.7 3,554.5 13,600.0 197.5 0.8 30.4 69.6 37.8 58.9 Qtr.II 22,129.9 21,926.0 441.7 259.8 2,514.7 3,757.7 14,952.0 203.9 0.8 31.3 71.5 39.4 60.8 Qtr.III 24,028.8 23,818.7 459.8 268.9 2,581.7 3,931.9 16,576.4 210.1 0.8 32.2 73.0 41.3 62.8 Qtr.IV 7,034.6 23,918.2 449.0 245.7 2,227.0 3,897.3 17,099.3 215.7 0.8 33.2 74.3 42.8 64.7 2009/10 Qtr.I 23,036.3 22,815.5 426.3 231.8 2,023.7 3,521.7 16,612.0 220.7 0.9 33.9 75.6 44.1 66.2 Qtr.II 26,011.3 25,786.8 458.5 258.6 2,023.7 3,724.2 19,321.9 224.5 0.9 34.3 76.8 45.2 67.3 Qtr.III 28,333.2 28,103.5 466.2 364.7 2,943.1 3,723.9 20,605.6 229.6 0.9 34.8 78.9 45.9 69.2 Qtr.IV 7,282.1 28,576.9 462.6 356.9 2,842.9 3,383.9 21,530.6 235.8 0.9 35.4 80.6 46.6 72.3 2010/11 Qtr.I 30,620.0 30,277.1 482.3 366.6 2,618.5 3,493.4 23,316.4 342.9 1.0 36.2 83.5 52.0 127.7 42.5 Qtr.II 34,074.7 33,731.2 404.1 223.3 3,124.9 4,082.8 25,896.0 343.5 1.0 36.2 83.6 50.9 122.9 49.0 Qtr.III 37,477.8 37,199.9 471.9 310.0 4,012.5 4,601.5 27,803.9 278.0 1.0 36.3 83.9 26.1 73.1 57.6 Qtr.IV 39,144.3 38,848.3 482.9 293.4 3,425.0 4,283.8 30,363.2 296.0 0.8 37.0 86.0 30.1 76.3 65.9 2011/12 Qtr.I 38,781.8 38,475.2 486.5 287.1 3,526.7 4,612.6 29,562.4 306.6 0.8 37.2 86.8 31.0 77.6 73.2 Qtr.II 42,056.0 41,736.3 496.5 287.4 3,563.9 5,885.1 31,503.3 319.7 0.8 37.2 87.0 32.4 81.3 80.9 Qtr.III 44,718.0 44,390.7 661.5 659.5 4,605.1 7,134.5 31,330.1 327.3 0.8 37.2 87.7 33.9 84.5 83.1 Qtr.IV 45,802.1 45,468.4 626.3 514.8 1,144.0 2,482.0 40,701.3 333.7 0.8 37.3 88.4 35.2 86.4 85.6 2012/13 Qtr.I 46,238.6 45,991.0 677.6 626.9 1,545.6 3,113.7 40,027.1 247.6 0.8 27.3 69.6 6.9 55.8 87.3 Qtr II 50,982.9 50,727.7 700.2 465.3 2,533.4 5,065.1 41,963.6 255.3 0.8 28.2 70.7 8.9 58.6 88.1 Qtr II 54,337.6 54,065.5 614.7 513.6 3,368.2 6,488.9 43,080.0 272.2 0.8 28.5 73.8 14.2 66.9 88.0 Qtr.IV 54,993.7 54,632.8 659.6 533.0 3,430.7 6,602.4 43,407.0 360.9 0.8 34.2 84.0 57.7 96.0 88.3 2013/14 Qtr.I 50,591.9 50,222.6 683.6 589.5 3,222.9 6,397.1 39,329.5 369.3 0.8 34.2 84.9 59.0 98.1 92.2 Qtr.II 52,495.9 52,121.9 692.6 609.2 3,321.6 6,475.1 41,023.4 374.0 0.8 34.4 85.3 59.6 99.1 94.9 Qtr.III 64,642.3 64,230.3 659.9 867.2 2,421.4 6,669.2 53,612.6 412.0 0.8 39.3 94.9 61.9 100.1 114.9 Qtr.IV 64,472.9 64,048.1 634.9 906.9 2,368.8 6,773.2 53,364.4 424.8 0.8 39.5 95.4 62.8 101.4 124.8 2014/15 Qtr.I 63,846.6 63,406.6 618.3 964.8 2,339.5 6,555.3 52,928.7 440.1 0.8 39.7 95.9 63.9 102.9 136.8 Qtr.II 70,841.5 70,384.8 602.5 1,097.3 2,550.7 7,607.6 58,526.7 456.6 0.8 39.9 96.2 64.5 104.0 151.2 Qtr.III 74,470.2 73,989.1 589.0 1,161.0 2,695.0 7,767.3 61,776.9 481.1 0.8 40.0 96.7 65.6 105.9 172.1 Qtr.IV 75,358.8 74,846.9 557.8 1,177.8 2,675.6 7,459.8 62,975.8 511.9 0.8 40.1 97.1 66.4 107.3 200.1 2015/16 Qtr.I 74,863.5 74,313.7 538.9 1,209.0 2,725.7 7,304.0 62,536.1 549.8 0.8 40.3 97.6 67.1 108.6 235.4 Qtr.II 77,947.8 77,357.4 507.3 1,306.8 2,885.2 7,573.2 65,084.8 590.5 0.8 40.5 97.9 67.8 109.8 273.7 Qtr.III 80,376.2 79,731.9 479.6 1,325.7 2,807.1 7,367.4 67,752.0 644.4 0.8 40.6 98.3 68.3 110.7 325.6 QIV 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 QII 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 QIII 92,383.1 91,541.2 411.7 1,461.3 2,982.7 9,615.2 77,070.3 841.8 0.8 41.1 99.1 70.6 114.7 515.5 QIV 94,415.6 93,527.6 403.8 1,418.7 3,010.1 9,722.2 78,972.8 888.0 0.8 41.2 99.4 71.4 115.8 559.3 2017/18 Qtr.I 95,132.8 94,206.5 396.4 1,396.7 3,025.7 9,678.2 79,709.5 926.3 0.8 41.3 99.6 72.0 116.8 595.8 QII 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 QIII 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 QIV 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 QII 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 QIII 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 QIV 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 QII 128,238.0 127,057.0 374.2 1,628.5 4,030.4 11,526.2 109,497.7 1,181.0 0.8 41.5 99.5 73.4 121.2 844.6 QIII 139,272.7 138,080.7 376.4 1,709.2 4,226.1 12,431.6 119,337.4 1,192.0 0.8 41.4 99.5 73.3 122.5 854.4 QIV 140,676.8 139,482.2 375.8 1,674.6 4,389.0 12,225.4 120,817.5 1,194.6 0.8 41.5 99.5 73.2 123.1 856.5 2020/21 Qtr.I 124,558.5 123,361.6 375.8 1,520.3 4,430.4 10,642.3 106,393.0 1,196.9 0.8 41.4 99.4 73.1 123.3 858.7 Table 10: Circulating Notes and Coins by Denomination Denomination of Notes: Birr (In Millions of Birr) 50 100(coin) Value of Notes & Coins Total Value (Notes) 1 5 10 50 100 Denominations of Coins: Cents End of Period 200 Total Value (Coins) 1 5 10 25 82 | National Bank of Ethiopia Quarterly Bulletin

2007/08 Qtr.I 15,130.3 14,953.0 414.2 122.2 1,809.0 2,612.7 9,994.9 177.3 0.8 28.3 65.6 32.1 50.7 Qtr.II 17,852.4 17,673.6 454.4 189.8 2,415.8 2,974.2 11,639.3 178.7 0.8 28.5 66.2 32.1 51.1 Qtr.III 19,492.3 19,309.5 437.6 210.3 2,697.2 3,519.6 12,444.9 182.8 0.8 28.9 66.6 33.4 53.1 Qtr.IV 6,826.0 19,591.5 414.9 188.2 2,574.3 3,459.4 12,954.8 189.2 0.8 29.8 68.0 34.9 55.7 2008/09 Qtr.I 20,388.5 20,191.0 417.0 162.8 2,456.7 3,554.5 13,600.0 197.5 0.8 30.4 69.6 37.8 58.9 Qtr.II 22,129.9 21,926.0 441.7 259.8 2,514.7 3,757.7 14,952.0 203.9 0.8 31.3 71.5 39.4 60.8 Qtr.III 24,028.8 23,818.7 459.8 268.9 2,581.7 3,931.9 16,576.4 210.1 0.8 32.2 73.0 41.3 62.8 Qtr.IV 7,034.6 23,918.2 449.0 245.7 2,227.0 3,897.3 17,099.3 215.7 0.8 33.2 74.3 42.8 64.7 2009/10 Qtr.I 23,036.3 22,815.5 426.3 231.8 2,023.7 3,521.7 16,612.0 220.7 0.9 33.9 75.6 44.1 66.2 Qtr.II 26,011.3 25,786.8 458.5 258.6 2,023.7 3,724.2 19,321.9 224.5 0.9 34.3 76.8 45.2 67.3 Qtr.III 28,333.2 28,103.5 466.2 364.7 2,943.1 3,723.9 20,605.6 229.6 0.9 34.8 78.9 45.9 69.2 Qtr.IV 7,282.1 28,576.9 462.6 356.9 2,842.9 3,383.9 21,530.6 235.8 0.9 35.4 80.6 46.6 72.3 2010/11 Qtr.I 30,620.0 30,277.1 482.3 366.6 2,618.5 3,493.4 23,316.4 342.9 1.0 36.2 83.5 52.0 127.7 42.5 Qtr.II 34,074.7 33,731.2 404.1 223.3 3,124.9 4,082.8 25,896.0 343.5 1.0 36.2 83.6 50.9 122.9 49.0 Qtr.III 37,477.8 37,199.9 471.9 310.0 4,012.5 4,601.5 27,803.9 278.0 1.0 36.3 83.9 26.1 73.1 57.6 Qtr.IV 39,144.3 38,848.3 482.9 293.4 3,425.0 4,283.8 30,363.2 296.0 0.8 37.0 86.0 30.1 76.3 65.9 2011/12 Qtr.I 38,781.8 38,475.2 486.5 287.1 3,526.7 4,612.6 29,562.4 306.6 0.8 37.2 86.8 31.0 77.6 73.2 Qtr.II 42,056.0 41,736.3 496.5 287.4 3,563.9 5,885.1 31,503.3 319.7 0.8 37.2 87.0 32.4 81.3 80.9 Qtr.III 44,718.0 44,390.7 661.5 659.5 4,605.1 7,134.5 31,330.1 327.3 0.8 37.2 87.7 33.9 84.5 83.1 Qtr.IV 45,802.1 45,468.4 626.3 514.8 1,144.0 2,482.0 40,701.3 333.7 0.8 37.3 88.4 35.2 86.4 85.6 2012/13 Qtr.I 46,238.6 45,991.0 677.6 626.9 1,545.6 3,113.7 40,027.1 247.6 0.8 27.3 69.6 6.9 55.8 87.3 Qtr II 50,982.9 50,727.7 700.2 465.3 2,533.4 5,065.1 41,963.6 255.3 0.8 28.2 70.7 8.9 58.6 88.1 Qtr II 54,337.6 54,065.5 614.7 513.6 3,368.2 6,488.9 43,080.0 272.2 0.8 28.5 73.8 14.2 66.9 88.0 Qtr.IV 54,993.7 54,632.8 659.6 533.0 3,430.7 6,602.4 43,407.0 360.9 0.8 34.2 84.0 57.7 96.0 88.3 2013/14 Qtr.I 50,591.9 50,222.6 683.6 589.5 3,222.9 6,397.1 39,329.5 369.3 0.8 34.2 84.9 59.0 98.1 92.2 Qtr.II 52,495.9 52,121.9 692.6 609.2 3,321.6 6,475.1 41,023.4 374.0 0.8 34.4 85.3 59.6 99.1 94.9 Qtr.III 64,642.3 64,230.3 659.9 867.2 2,421.4 6,669.2 53,612.6 412.0 0.8 39.3 94.9 61.9 100.1 114.9 Qtr.IV 64,472.9 64,048.1 634.9 906.9 2,368.8 6,773.2 53,364.4 424.8 0.8 39.5 95.4 62.8 101.4 124.8 2014/15 Qtr.I 63,846.6 63,406.6 618.3 964.8 2,339.5 6,555.3 52,928.7 440.1 0.8 39.7 95.9 63.9 102.9 136.8 Qtr.II 70,841.5 70,384.8 602.5 1,097.3 2,550.7 7,607.6 58,526.7 456.6 0.8 39.9 96.2 64.5 104.0 151.2 Qtr.III 74,470.2 73,989.1 589.0 1,161.0 2,695.0 7,767.3 61,776.9 481.1 0.8 40.0 96.7 65.6 105.9 172.1 Qtr.IV 75,358.8 74,846.9 557.8 1,177.8 2,675.6 7,459.8 62,975.8 511.9 0.8 40.1 97.1 66.4 107.3 200.1 2015/16 Qtr.I 74,863.5 74,313.7 538.9 1,209.0 2,725.7 7,304.0 62,536.1 549.8 0.8 40.3 97.6 67.1 108.6 235.4 Qtr.II 77,947.8 77,357.4 507.3 1,306.8 2,885.2 7,573.2 65,084.8 590.5 0.8 40.5 97.9 67.8 109.8 273.7 Qtr.III 80,376.2 79,731.9 479.6 1,325.7 2,807.1 7,367.4 67,752.0 644.4 0.8 40.6 98.3 68.3 110.7 325.6 QIV 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 QII 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 QIII 92,383.1 91,541.2 411.7 1,461.3 2,982.7 9,615.2 77,070.3 841.8 0.8 41.1 99.1 70.6 114.7 515.5 QIV 94,415.6 93,527.6 403.8 1,418.7 3,010.1 9,722.2 78,972.8 888.0 0.8 41.2 99.4 71.4 115.8 559.3 2017/18 Qtr.I 95,132.8 94,206.5 396.4 1,396.7 3,025.7 9,678.2 79,709.5 926.3 0.8 41.3 99.6 72.0 116.8 595.8 QII 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 QIII 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 QIV 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 QII 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 QIII 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 QIV 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 QII 128,238.0 127,057.0 374.2 1,628.5 4,030.4 11,526.2 109,497.7 1,181.0 0.8 41.5 99.5 73.4 121.2 844.6 QIII 139,272.7 138,080.7 376.4 1,709.2 4,226.1 12,431.6 119,337.4 1,192.0 0.8 41.4 99.5 73.3 122.5 854.4 QIV 140,676.8 139,482.2 375.8 1,674.6 4,389.0 12,225.4 120,817.5 1,194.6 0.8 41.5 99.5 73.2 123.1 856.5 2020/21 Qtr.I 124,558.5 123,361.6 375.8 1,520.3 4,430.4 10,642.3 106,393.0 1,196.9 0.8 41.4 99.4 73.1 123.3 858.7 Table 10: Circulating Notes and Coins by Denomination Denomination of Notes: Birr (In Millions of Birr) 50 100(coin ) Value of Notes & Coins Total Value (Notes) 1 5 10 50 100 Denominations of Coins: Cents End of Period 200 Total Value (Coins) 1 5 10 25 Agriculture 5 6 7 11.0-12 Lending to all sectors 14-15 Industry, mining, power, and water resources 6 8 9 13.0-14 Domestic trade 6 8 9.5 14.0-15 Lending to the Central Gov't 12-13 Transport and communications 6 8 8 13.0-14 Export trade 6 13.0-14 Import trade (agricultural inputs) 5 6 7 14.0-15 Import trade (other) 6 8 9.5 14.0-15 Hotels and tourism 6 8 9 14.0-15 Other Financial Inst. 10.5 Construction 6 8 9 11.0-12 Housing (1) purchase 6 6 8 11.0-12 Interbank Rate 10 (2) construction 4.5 4.5 7 11.0-12 Central Government -- 3.0-5.0 -- 12.0-13 Banks and financial institutions -- 2.5-4.5 -- 10.0 Personal loans -- -- 10 14.0-15 B. Deposit rates 1.Time deposits 30 days notice -- 10.5 10.5 3 months to less than 6 months -- 10.5 10.5 6 months to less than 12 months -- 11 11 1 year to less than 2 years Differed by 11.5 11.5 2 years and above ownership 12 12 and maturity Memorandum Items: Rate differentials for 1 year and over Financial institutions (1 year): 1.0 Gov'nt-owned under takings (1 year): 1.0 Individuals, savings and credit cooperatives;self-help organizations: 1 year 6.0 2 years 6.5 3 years 7.0 5 years 7.5 Others:1 year 4.0 2 years 0.8 3 years 5.0 5 years 5.5 10 10 Rate differentials: Individuals, savings and credit cooperatives; self-help organizations: Up to Br. 100,000 6.0 In excess of Br. 100,000 2.0 C. Minimum and Maximum Interest Rates Minimum interest rates on Time and Savings Deposits 10 11 10 7 6 3 4 5 7 Maximum lending rate by commercial banks & other financial institutions, 15 16 15 10.5 Market except for central government loan determined Central Government loan 12 6 6 5 3 Table 11: Interest Rate Structures Deposit rates A. Lending rates (by CBE and specialized banks) Through September 30, 1992 Sector Through September 30, 1992 Cooperatives State Private NBE Lending to: CBEs/ Discount Rate/ 10.5 Sept.1,1994- Jan. 1, 1995 Oct. 1, 1992- Aug 31, 1994 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- Jan. 1, 1995 04/07/2007 30/11/2010 01/12/2010 to 10-Oct-2017 11/10/2017 to todate Differed by ownership and maturity 2.Savings deposits Sep.16,1996- Dec. 31,1997 Jan. 1,1998- Mar. 3, 2002 Mar. 4,2002- 01/08/2002 Aug. 2002 to 07/02/2005 08/02/2005 04/07/2007 Minimum and Maximum Interest Rates Jan. 2, 1995- Nov. 30, 1995 Dec. 1, 1995- May 30, 1996 June 1, 1996- Sep. 15, 1996 First Quarter 2020/21 | 83

Table 12: Government Internal Debt by Holder 2008/09 Qtr.I 56,674.45 44,270.98 34,578.00 9,270.88 422.10 6,234.94 3,891.83 2,343.11 6,168.53 430.32 5,738.21 Qtr.II 54,951.33 42,948.98 33,256.00 9,270.88 422.10 5,547.24 3,879.25 1,667.98 6,455.12 413.91 6,041.21 Qtr.III 54,449.46 42,248.98 32,556.00 9,270.88 422.10 5,548.90 3,878.19 1,670.71 6,651.58 370.61 6,280.97 Qtr.IV 56,589.88 44,498.73 34,891.00 9,193.63 414.10 5,409.36 3,741.62 1,667.73 6,681.79 370.61 6,311.18 2009/10 Qtr.I 56,667.53 44,326.63 34,771.00 9,193.63 362.00 5,740.11 3,469.42 2,270.69 6,600.79 370.61 6,230.18 Qtr.II 55,892.60 43,610.83 34,055.20 9,193.63 362.00 5,177.56 3,456.84 1,720.73 7,104.20 354.21 6,749.99 Qtr.III 58,879.96 45,989.73 36,434.10 9,193.63 362.00 5,627.86 3,456.84 2,171.02 7,262.37 310.91 6,951.46 Qtr.IV 59,921.16 45,522.78 36,044.10 9,124.68 354.00 7,415.27 3,319.45 4,095.82 6,983.11 310.91 6,672.20 2010/11 Qtr.I 60,527.51 47,983.68 38,557.10 9,124.68 301.90 5,480.72 3,047.24 2,433.48 7,063.11 310.91 6,752.20 Qtr.II 61,613.17 50,488.58 41,062.00 9,124.68 301.90 4,102.86 2,784.66 1,318.20 7,021.72 269.31 6,752.41 Qtr.III 64,015.49 51,930.58 42,504.00 9,124.68 4,953.20 301.90 2,784.45 2,168.75 7,131.71 269.30 6,862.41 Qtr.IV 69,415.23 55,614.64 46,265.00 9,055.74 3,568.67 293.90 2,670.28 10,231.92 898.39 269.30 9,962.62 2011/12 Qtr.I 71,051.95 55,566.48 46,264.95 9,055.74 4,121.67 245.80 2,424.58 1,697.09 11,363.80 251.20 11,112.60 Qrt.II 71,122.32 55,562.48 46,264.95 9,055.74 2,857.24 241.80 2,423.24 12,702.60 434.00 251.20 12,451.40 Qrt.III 75,502.17 55,562.48 46,264.95 9,055.74 3,068.28 241.80 2,419.19 16,871.40 649.10 200.00 16,671.40 Qtr.IV 77,812.02 55,562.48 46,264.95 9,055.74 4,421.18 241.80 2,419.19 2,001.99 17,828.36 200.00 17,628.36 2012/13 Qtr.I 82,079.07 55,510.38 46,264.95 9,055.74 8,511.89 189.70 2,455.93 6,055.97 18,056.80 200.00 17,856.80 Qtr.II 81,380.81 55,510.38 46,264.95 9,055.74 6,693.03 189.70 2,397.57 4,295.46 19,177.40 200.00 18,977.40 Qtr.III 85,794.00 59,510.38 50,264.95 9,055.74 5,407.49 189.70 2,419.75 2,987.74 20,876.14 200.00 20,676.14 Qtr.IV 93,019.21 64,510.38 55,264.95 9,055.74 5,699.97 189.70 2,380.36 3,319.61 22,808.86 200.00 22,608.86 2013/14 Qtr.I 91,279.30 64,381.33 55,264.95 8,986.79 4,089.11 129.60 1,753.86 2,335.24 22,808.86 200.00 22,608.86 Qtr.II 90,654.24 64,381.33 55,264.95 8,986.79 3,464.05 129.60 1,753.83 1,710.21 22,808.86 200.00 22,608.86 Qtr.III 97,944.00 73,381.33 64,264.95 8,986.79 1,753.80 129.60 1,753.80 - 22,808.86 200.00 22,608.86 Qtr.IV 107,318.52 73,304.39 64,264.95 8,917.84 1,629.68 121.60 1,629.68 - 32,384.46 97.60 32,286.86 2014/15 Qtr.I 109,794.80 73,175.34 64,264.95 8,848.89 1,227.50 61.50 1,227.50 - 35,391.96 97.60 35,294.36 Qtr.II 116,383.35 78,175.34 69,264.95 8,848.89 1,246.35 61.50 1,246.35 - 36,961.66 54.30 36,907.36 Qtr.III 121,824.85 81,175.34 72,264.95 8,848.89 1,252.35 61.50 1,252.35 - 39,397.16 54.30 39,342.86 Qtr.IV 135,190.41 92,175.34 83,264.95 8,848.89 1,256.02 61.50 1,256.02 - 41,759.05 54.30 41,704.76 2015/16 Qtr.I 144,937.83 99,657.34 91,264.95 8,344.40 48.00 905.43 905.43 - 44,375.06 54.30 44,320.76 Qtr.II 154,426.63 104,657.34 96,264.95 8,344.40 48.00 905.43 905.43 - 48,863.86 54.30 48,809.56 Qtr.III 159,157.73 104,657.34 96,264.95 8,344.40 48.00 905.43 905.43 - 53,594.96 72.40 53,522.56 Qtr.IV 163,461.01 109,080.40 100,764.95 8,275.45 40.00 785.65 785.65 - 53,594.96 72.40 53,522.56 2016/17 Qtr.I 161,914.19 107,764.95 107,764.95 - - 554.28 554.28 - 53,594.96 72.40 53,522.56 Qtr.II 171,344.89 120,640.85 112,764.95 7,839.90 36.00 554.28 554.28 - 50,149.76 36.20 50,113.56 Qtr.III 184,406.89 129,640.85 121,764.95 7,839.90 36.00 530.28 530.28 - 54,235.76 36.20 54,199.56 Qtr.IV 230,923.31 135,632.85 127,764.95 7,839.90 21,982.71 28.00 21,982.71 - 73,307.76 36.20 73,271.56 2017/18 Qtr.I 251,943.33 150,632.85 142,764.95 7,839.90 28.00 22,208.82 22,208.82 - 79,101.66 18.10 79,083.56 Qtr.II 264,416.12 160,128.85 152,264.95 7,839.90 22,186.62 24.00 22,186.62 - 82,100.66 18.10 82,082.56 Qtr.III 270,410.12 160,128.85 152,264.95 7,839.90 22,186.62 24.00 22,186.62 - 88,094.66 18.10 88,076.56 Qtr.IV 286,601.12 160,128.85 152,264.95 7,839.90 22,186.62 24.00 22,186.62 - 104,285.66 18.10 104,267.56 2018/19 Qtr.I 306,121.07 166,685.30 159,264.95 7,404.35 22,567.12 16.00 22,567.12 - 116,868.66 18.10 116,850.56 Qtr.II 324,319.68 178,685.30 171,264.95 7,404.35 22,521.73 16.00 22,521.73 - 123,112.66 18.10 123,094.56 Qtr.III 334,556.88 182,685.30 175,264.95 7,404.35 22,952.93 16.00 22,952.93 - 128,918.66 18.10 128,900.56 Qtr.IV 353,340.16 194,685.30 187,264.95 7,404.35 23,620.21 16.00 22,970.35 135,034.66 649.86 18.10 135,016.56 2019/20 Qtr.I 364,447.98 199,237.75 192,264.95 6,968.80 22,927.78 4.00 22,927.78 - 142,282.45 18.10 142,264.36 Qtr.II 377,411.83 204,237.75 197,264.95 6,968.80 23,123.42 4.00 22,927.78 150,050.66 195.65 18.10 150,032.56 Qtr.III 400,742.18 221,237.75 214,264.95 6,968.80 22,927.78 4.00 22,927.78 - 156,576.66 18.10 156,558.56 Qtr.IV 447,118.02 243,141.31 44,778.66 6,097.70 192,264.95 36,506.06 23,385.37 13,120.69 167,470.66 18.10 167,452.56 2020/21 Qtr.I 453,775.98 243,141.31 44,778.66 6,097.70 192,264.95 36,506.06 23,385.37 13,120.69 174,128.62 18.10 174,110.52 End of Period Total Gov't Indebtedness 1=2+6+9 National Bank of Ethiopia NBE Total 2=3 to 5 Direct Advance 3 Gov't Bonds Non-interest bearing 4 Interest bearing 5 Gov't Bonds 10 (In Millions of Birr) Treasury Bills 11 Commercial Banks Others Comm. Banks Total 6=7+8 Gov't Bonds 7 Treasury Bills 8 Others Total 9=10+11 84 | National Bank of Ethiopia Quarterly Bulletin

Table 13: General Government Quarterly Revenue 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 (QI) Tax revenue 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 73,522.2 167,547.4 94,025.2 241,294.5 73,747.1 311,476.5 70,181.9 374,730.1 82,539.4 Direct taxes 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 74,812.5 46,843.7 102,822.5 28,010.0 132,214.5 29,392.1 140,803.1 34,201.6 Income and profits tax 109,067.1 21,177.3 55,766.9 34,589.6 73,750.9 17,984.1 100,609.1 26,858.2 124,751.6 27,315.0 73,381.0 46,066.0 100,643.8 27,262.8 129,479.3 28,835.5 136,710.7 33,154.0 Personal income 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 22,964.8 13,795.2 35,965.2 13,000.4 49,869.6 13,904.3 55,133.8 13,232.5 Rental income tax 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 2,318.6 1,269.0 2,476.5 157.9 2,612.2 135.7 3,231.2 1,170.1 Business profits 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 42,088.1 27,841.6 52,963.0 10,875.0 64,664.1 11,701.1 57,750.9 16,148.3 Withholding income tax on imports 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 2,511.4 1,303.1 3,851.7 1,340.3 4,892.7 1,041.0 5,945.4 1,232.9 Agriculture income 698.1 7.1 59.9 52.8 229.3 169.5 352.2 122.8 565.0 10.7 59.5 48.8 252.6 193.1 365.3 112.7 660.3 10.5 Other income 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 2,152.0 1,167.8 2,947.5 795.5 4,347.0 1,399.4 10,928.8 689.3 Interest income tax 877.2 370.0 685.0 315.0 1,189.0 504.0 1,689.3 500.3 1,770.5 547.9 1,127.7 579.9 1,663.7 536.0 2,132.2 468.6 2,565.9 629.5 Capital gains tax 137.9 58.3 148.1 89.8 242.0 93.9 388.0 146.0 860.6 98.3 159.0 60.7 523.6 364.6 596.3 72.7 494.5 40.9 Rural land use fee 2,300.4 12.1 70.2 58.1 225.7 155.5 356.0 130.3 560.7 15.3 65.5 50.2 238.5 173.1 358.0 119.5 450.7 17.6 Urban land lease fee 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 1,366.0 727.4 1,940.1 574.1 2,377.3 437.2 3,641.7 1,030.0 Domestic indirect taxes 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 41,054.6 20,564.1 59,807.0 18,752.4 78,886.5 19,079.5 112,547.5 22,028.8 Sales/TOT/excise taxes 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 18,017.1 8,591.6 26,377.7 8,360.6 35,454.8 9,077.1 60,840.0 11,458.3 Petroleum products 820.3 160.4 386.0 225.5 522.6 136.7 629.1 106.4 688.3 140.9 323.1 182.2 358.2 35.1 398.2 40.0 863.2 33.8 Alcohol and tobacco 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 4,661.9 2,673.0 6,485.8 1,824.0 9,657.7 3,171.8 12,055.8 2,601.5 Other goods 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 13,032.1 5,736.4 19,533.7 6,501.5 25,398.9 5,865.2 47,920.9 8,823.0 Services TOT/ sales tax 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 21,399.5 10,946.3 31,013.8 9,614.2 40,264.6 9,250.8 47,743.5 9,853.3 Stamp duties 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 1,637.9 1,026.2 2,415.5 777.6 3,167.1 751.5 3,964.1 717.1 Import duties and taxes 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 51,680.4 26,617.4 78,665.1 26,984.7 100,375.4 21,710.3 121,379.5 26,309.0 Custom duties 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 17,603.9 8,971.4 26,846.9 9,243.0 34,060.5 7,213.6 44,995.9 9,078.3 Sales/excise taxes 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 24,042.2 12,458.4 36,383.1 12,340.9 46,560.0 10,176.8 51,611.1 12,084.0 Petroleum products 3,088.4 401.5 671.4 269.8 1,502.8 831.4 2,348.5 845.7 2,284.3 726.9 1,584.2 857.3 2,248.8 664.7 3,025.3 776.4 3,891.7 497.2 Alcohol and tobacco 648.2 82.2 207.9 125.7 306.0 98.0 430.9 125.0 445.9 124.1 217.8 93.6 309.7 91.9 356.0 46.4 825.0 128.2 Other imports 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 22,240.2 11,507.5 33,824.6 11,584.4 43,178.7 9,354.0 46,894.4 11,458.5 Surtax on imports 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 10,034.3 5,187.7 15,435.1 5,400.8 19,755.0 4,319.9 24,772.5 5,146.7 Export taxes 0.0 Coffee duties 0.0 Coffee surtax 0.0 Other 0.0 Transaction tax 0.0 Non-tax revenue 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 20,049.4 7,254.2 26,681.1 6,631.7 42,836.3 16,155.2 65,598.4 15,725.4 Charges and fees 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 2,222.8 1,137.7 3,400.7 1,177.9 4,095.2 694.5 3,800.2 507.4 Sales of goods & services 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 2,580.2 1,378.7 4,195.0 1,614.8 5,794.2 1,599.2 6,223.0 871.5 Residual surplus, capital charge, interest payments and state dividend 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 8,018.9 866.4 8,443.9 425.0 17,488.9 9,045.0 23,055.6 11,486.7 Reimbursement & property sales 323.1 13.1 32.6 19.5 80.9 48.3 245.9 165.0 543.4 25.7 159.1 133.4 178.8 19.7 203.4 24.6 524.1 144.3 Miscellaneous 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 3,677.1 1,673.2 5,889.0 2,211.9 7,199.8 1,310.8 12,656.5 1,711.7 Other extraordinary 0.0 Privatization proceeds 0.0 Other revenue 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 3,391.3 2,064.8 4,573.7 1,182.3 8,054.9 3,481.2 19,339.0 1,003.9 Total revenue 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 86,317.4 187,596.8 101,279.5 267,975.7 80,378.8 354,312.8 86,337.1 440,328.5 98,264.8 External grants 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 9,365.4 5,281.6 14,442.3 5,076.9 40,653.0 26,210.7 45,440.1 11,237.6 Grants in kind/earmarked 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 8,081.8 4,322.8 13,156.4 5,074.6 17,855.1 4,698.7 24,779.7 5,203.7 Untied cash & CPF/grants 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 1,283.6 958.7 1,285.9 2.3 22,797.9 21,512.0 20,660.4 6,033.8 Total revenue and grants 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 90,401.2 196,962.3 106,561.1 282,418.0 85,455.7 394,965.8 112,547.8 485,768.6 109,502.4 (In million Birr) Pre actual Pre actual Ethiopian fiscal year Fiscal year ending July 7 Pre actual 2018/19 2011 2019/20 2012 2013 2020/21 First Quarter 2020/21 | 85

Table 14: General Government Quarterly Expenditure Budget 3mon(Qrt.I.Re ) 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 3 Mon(QI) A. Capital Expenditure Economic development 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 51,179.8 28,317.1 78,260.3 27,080.5 132,629.1 54,368.8 168,099.0 23,577.2 Agriculture 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 8,652.0 4,763.1 13,675.0 5,023.0 22,383.7 8,708.8 22,672.1 6,421.7 Natural Resource 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 7,153.8 4,427.7 11,280.1 4,126.3 22,116.7 10,836.6 33,821.7 1,916.2 o/w: Water 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 7,071.8 4,347.8 11,273.4 4,201.6 21,921.9 10,648.5 30,066.6 1,839.9 Mines & Energy 76.5 790.6 781.5 -9.1 778.7 -2.8 788.1 9.4 49.8 2.5 15.6 13.1 23.6 8.0 34.6 11.1 59.4 402.3 Trade, Industry & Tourism 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 1,011.5 856.1 2,036.2 1,024.7 4,545.6 2,509.3 7,255.5 578.9 Urban dev't & housing 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 10,148.7 5,644.7 15,331.9 5,183.3 26,837.4 11,505.5 29,008.8 2,858.9 Road construction 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 21,974.5 10,663.4 32,503.1 10,528.6 51,429.1 18,926.0 70,137.9 11,164.4 Transport & communication 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 2,223.8 1,949.1 3,410.4 1,186.6 5,282.0 1,871.5 5,143.5 234.9 Social Development 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 22,661.2 11,901.3 31,965.7 9,304.5 51,316.1 19,350.4 61,251.9 8,312.4 Education 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 14,312.5 6,104.7 19,854.0 5,541.5 33,203.5 13,349.5 33,432.9 4,356.4 Health 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 6,882.8 4,766.3 10,354.1 3,471.3 15,019.3 4,665.2 21,848.3 3,523.8 Socail welfare 1,870.9 224.6 380.8 156.2 506.7 125.9 2,591.5 2,084.8 1,445.1 46.9 359.8 312.9 651.7 291.8 989.9 338.2 1,827.7 167.2 Culture & sport 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 1,106.1 717.4 1,105.9 2,103.4 997.5 4,143.0 265.1 General Development 29,753.4 1,053.4 4,095.2 3,041.8 8,591.2 4,496.0 20,539.8 11,948.6 22,926.5 1,887.6 5,061.0 3,173.4 8,448.4 3,387.4 20,231.0 11,782.5 28,972.1 1,422.2 Compensation payments 0.0 External assistance 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 8,081.8 4,322.8 13,156.4 5,074.6 17,855.1 4,698.7 24,779.7 5,203.7 Sub Total Capital Expenditure 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 78,902.0 43,391.9 118,674.4 39,772.4 204,176.1 85,501.7 258,322.9 33,311.8 B. Current Expenditure General Services 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 37,075.7 22,040.7 59,840.1 22,764.4 89,920.2 30,080.1 89,164.4 18,506.7 Organ of the State 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 5,858.3 3,526.2 9,894.5 4,036.2 15,302.1 5,407.6 14,761.4 2,675.3 Justice 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 4,808.7 3,217.8 7,926.9 3,118.2 10,377.0 2,450.1 11,361.5 1,890.3 Defence 15,000.0 3,629.9 6,865.6 3,235.7 10,483.6 3,618.0 15,605.0 5,121.4 15,000.0 3,586.8 7,443.2 3,856.4 12,131.0 4,687.7 16,908.2 4,777.3 16,500.0 1,937.8 Public order & security 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 8,984.3 5,108.6 14,226.8 5,242.5 24,174.2 9,947.4 23,719.3 7,091.6 Other General services 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 9,981.2 6,331.6 15,661.0 5,679.9 23,158.7 7,497.7 22,822.3 4,911.6 Economic Services 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 15,131.6 9,607.9 23,563.2 8,431.6 36,323.1 12,759.9 42,675.5 7,824.3 Agriculture&natural resource 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 9,753.6 6,394.5 14,930.4 5,176.8 23,198.7 8,268.3 28,137.2 5,044.8 Agriculture 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 7,360.7 4,393.2 11,453.5 4,092.8 17,895.3 6,441.7 23,283.2 4,536.5 Natural resource 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 2,392.8 2,001.3 3,476.9 1,084.1 5,303.5 1,826.6 4,854.0 508.3 o/w: Water 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 1,760.0 1,410.2 2,577.4 817.4 4,753.4 2,176.0 4,569.7 446.8 Trade, Industry & Tourism 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 3,173.0 1,973.3 5,127.0 1,954.0 7,795.5 2,668.6 6,370.0 1,381.6 Mines & Energy 208.1 36.3 61.0 24.7 103.8 42.8 153.6 49.8 192.4 48.2 102.0 53.8 148.3 46.2 188.8 40.5 233.7 73.4 Tourism 0.0 111.4 158.2 Transport & communication 1,622.8 167.9 309.4 141.5 470.2 160.8 684.6 214.4 1,497.1 146.9 355.6 208.7 585.6 230.0 927.3 341.7 2,411.5 186.3 Urban devt. & construction 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 1,527.1 911.8 2,348.3 821.2 3,667.0 1,318.7 4,672.7 814.6 o/w: Road Construction 1,278.4 270.2 765.8 495.7 1,224.9 459.1 1,732.4 507.5 1,361.6 305.4 856.3 550.9 1,298.6 442.4 2,029.5 730.8 2,008.7 459.0 Economic development studies 584.1 120.4 301.9 181.5 413.0 111.1 680.2 267.2 1,098.0 154.5 220.3 65.8 423.7 203.4 545.8 122.1 738.9 165.5 Social Services 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 54,534.3 31,874.7 84,026.8 29,492.5 130,356.0 46,329.2 158,327.1 29,828.8 Education & training 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 37,667.7 22,176.6 58,395.8 20,728.1 86,411.4 28,015.7 103,759.0 20,804.9 Culture & sports 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 1,251.7 688.6 2,006.2 754.4 2,817.6 811.4 3,199.3 603.0 Public health 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 11,735.4 7,596.5 19,227.6 7,492.2 33,464.7 14,237.1 37,521.0 6,428.1 Labour & social welfare 923.8 163.6 498.0 334.4 803.4 305.5 1,229.3 425.9 1,011.8 240.9 644.7 403.8 1,042.5 397.9 1,878.2 835.6 2,050.9 367.3 Rehabilitation 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 3,234.8 1,009.2 3,354.7 119.9 5,784.0 2,429.3 11,796.8 1,625.6 Interest & Charges 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 6,990.8 -1,115.5 11,341.6 4,350.8 13,481.1 2,139.5 19,765.1 1,819.1 Internal debt 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 3,658.4 -3,087.8 6,376.0 2,717.6 6,366.5 -9.5 10,012.5 988.5 External debt 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 3,332.3 1,972.3 4,965.6 1,633.2 7,114.6 2,149.0 9,752.6 830.6 O/w: defence commercial 0.0 0.0 Miscellaneous 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 2,414.4 1,588.2 3,934.1 1,519.6 5,886.6 1,952.5 14,002.8 1,163.1 External assistance * 0.0 Sub Total Current Expenditure 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 52,150.8 116,146.9 63,996.0 182,705.8 66,559.0 275,967.0 93,261.2 323,934.9 59,142.1 Grand Total Expenditure 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 87,660.9 195,048.9 107,388.0 301,380.3 106,331.4 480,143.2 178,762.9 582,257.9 92,453.9

Estimated value Re = First Quarter Capital part is reviesed Ethiopian fiscal year Fiscal year ending July 7 Pre actual 2018-19 2011 2013 2020/21 Pre actual 2012 2019-20 Pre actual 86 | National Bank of Ethiopia Quarterly Bulletin

Estimated value Re = First Quarter Capital part is reviesed Ethiopian fiscal year Fiscal year ending July 7 Pre actual 2018-19 2011 2013 2020/21 Pre actual 2012 2019-20 Pre actual Table 15: Domestic Refining and Imports of Ptroleum 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 QII 133,745.9 10,582.6 8,425.3 19,007.9 648,408.0 820,169.7 QIII 141,900.1 9,393.6 10,290.6 19,684.2 659,674.5 840,942.9 QIV 120,355.6 28,177.8 41,275.3 21,995.3 678,879.8 890,683.8 2020/21 Qtr.I 145,183.0 8,195.6 12,300.0 20,495.6 613,828.1 800,002.4 (In Metric Tons) End of Period Gasoline Regular Light Jet Fuel Heavy Jet Fuel Fuel Oil Asphalt Liquified Petroleum Gas Oil Kerosine 160/200 Total Refined** First Quarter 2020/21 | 87

Table 16 : GDP By Economic Activity at Constant Prices 2004 2005 2006 2007 2008 2009 2010 2011 2012 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Agriculture, Hunting and Forestry 441,832.9 473,132.2 498,733.6 530,341.5 542,700.2 579,022.9 599,331.4 622,220.3 648,711.8 Crop 270,881.6 293,063.1 312,338.7 334,768.6 346,293.6 374,649.8 392,291.8 404,049.6 422,966.5 Animal Farming and Hunting 132,843.6 139,692.4 142,601.9 149,246.8 146,959.5 153,170.4 154,038.0 163,279.5 168,722.4 Forestry 43,440.5 44,867.9 46,751.8 48,368.2 49,447.1 51,202.7 53,001.7 54,891.1 57,022.9 Fishing 668.4 797.8 1,057.4 1,381.1 1,381.9 1,389.4 1,546.7 1,581.8 1,614.0 Mining and Quarrying 8,265.7 8,784.6 8,506.2 6,328.5 6,116.8 4,296.9 3,402.8 2,658.9 5,089.3 Manufacturing 46,752.0 54,668.7 63,764.0 75,383.5 89,246.7 111,249.6 117,410.7 127,986.7 137,601.5 Large and Medium Scale Manufacturing 26,985.0 33,516.2 40,743.0 50,174.6 61,687.4 73,528.2 77,966.5 87,691.9 96,268.6 Small Scale and Cottage Industries 24,366.4 24,838.1 25,895.4 26,874.8 27,559.2 37,721.5 39,444.2 40,294.7 41,332.9 Electricity and Water 7,802.9 8,585.3 9,165.6 9,577.4 11,015.5 11,552.5 11,929.0 14,115.4 15,136.4 Construction 84,041.1 116,588.0 144,420.0 190,028.6 237,545.0 286,749.6 331,691.4 381,443.8 419,078.0 Whole Sale and Retail Trade 128,411.1 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 268,037.0 285,293.1 Hotels and Restaurants 18,403.7 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 48,143.8 49,220.4 Transport and Communications 128,411.1 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 104,436.2 105,579.6 Financial Intermediation 18,403.7 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 57,368.6 65,290.3 Real Estate, Renting and Business Activities 57,543.4 59,781.2 62,114.2 64,690.9 67,062.9 70,005.2 74,364.3 79,942.0 87,510.2 Public Administration and Defense 45,760.0 49,253.6 54,681.3 57,979.5 62,259.2 70,488.5 76,754.1 83,662.0 85,612.2 Education 31,596.6 34,781.5 35,679.7 38,963.0 42,385.6 41,031.0 42,520.8 44,221.6 44,784.1 Health and Social Work 9,341.3 10,489.0 12,510.3 14,137.2 15,669.4 16,767.9 18,153.4 20,747.2 23,414.2 Other Community , Social & Personal Services 13,986.4 16,560.4 17,193.4 17,828.7 18,371.3 19,198.4 20,178.0 21,454.2 21,995.5 Private Households with Employed Persons 13,069.3 14,136.1 14,758.3 15,401.2 16,063.8 16,633.3 17,276.0 17,707.4 18,115.5 Total 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 2,014,046.2 Less : FISIM 8,274.0 8,803.4 10,512.8 12,393.0 14,485.8 17,038.3 19,763.6 21,037.4 24,527.2 Gross Value Added at Constant Basic Prices 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 1,989,519.0 Taxes on Products 80,410.1 95,162.9 104,547.5 115,169.8 118,700.0 120,645.6 114,575.2 112,468.2 119,603.2 GDP at Constant Market Prices 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 2,109,122.2 Source:MoFED Sectors/Year (In millions of Birr) 88 | National Bank of Ethiopia Quarterly Bulletin

Table 17 : Growth Rate Of GDP By Economic Activity at Constant Prices ( In percent) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Agriculture, Hunting and Forestry 7.5 6.4 7.6 9.0 4.9 7.1 5.4 6.3 2.3 6.7 3.5 3.8 4.3 Crop 8.0 6.5 8.7 10.3 5.0 8.2 6.6 7.2 3.4 8.2 4.7 3 4.7 Animal Farming and Hunting 7.3 7.0 6.2 7.5 5.4 5.2 2.1 4.7 -1.5 4.2 0.6 6 3.3 Forestry 4.2 3.1 3.3 3.0 3.1 3.3 4.2 3.5 2.2 3.6 3.5 3.8 3.9 Fishing 34.0 26.5 1.7 5.9 21.3 19.4 32.5 30.6 0.1 0.5 11.3 2.3 2 Mining and Quarrying 21.4 12.8 44.2 57.7 12.7 6.3 -3.2 -25.6 -3.3 -29.8 -20.8 -21.9 91.4 Manufacturing 10.3 9.1 11.6 12.1 11.8 16.9 16.6 18.2 18.4 24.7 5.5 7.7 7.5 Large and Medium Scale Manufacturing 12.6 10.3 13.6 14.1 15.9 24.2 21.6 23.1 22.9 19.2 6.0 10 9.8 Small Scale and Cottage Industries 5.6 6.4 7.0 7.2 4.2 1.9 4.3 3.8 2.5 36.9 4.6 3 2.6 Electricity and Water 4.8 5.0 2.5 19.1 13.5 10.0 6.8 4.5 15.0 4.9 3.3 4 7.2 Construction 11.3 11.7 10.9 12.8 31.5 38.7 23.9 31.6 25.0 20.7 15.7 15 9.9 Whole Sale and Retail Trade 15.8 11.7 9.3 5.9 12.5 10.1 17.7 12.3 8.2 6.5 12.3 11.7 6.4 Hotels and Restaurants 23.3 23.9 24.3 24.6 10.1 19.1 26.6 29.6 15.6 0.1 6.5 9 2.2 Transport and Communications 11.5 8.9 14.4 9.7 12.6 16.5 12.7 13.3 13.7 15.1 6.4 21 1.1 Financial Intermediation 28.1 16.5 -0.3 23.7 23.6 -12.2 14.3 7.5 9.6 18.3 10.7 10.1 10.2 Real Estate, Renting and Business Activities 17.3 15.9 20.0 22.1 3.8 3.9 3.9 4.1 3.7 4.4 6.2 7.5 9.5 Public Administration and Defense 12.5 18.4 8.9 9.4 3.1 7.6 11.0 6.0 7.4 13.2 8.9 9 2.3 Education 14.8 13.0 17.0 4.4 4.5 10.1 2.6 9.2 8.8 -3.2 3.6 4 1.8 Health and Social Work 15.5 20.4 14.0 6.2 9.4 12.3 19.3 13.0 10.8 7.0 8.3 14.3 12.9 Other Community , Social & Personal Services 11.7 6.4 8.1 4.9 12.4 18.4 3.8 3.7 3.0 4.5 5.1 6.3 2.5 Private Households with Employed Persons 5.3 3.8 4.8 5.1 16.1 8.2 4.4 4.4 4.3 3.5 3.9 2.5 2.3 Total 11.4 10.1 10.5 11.4 8.6 9.9 10.3 10.4 8.0 10.2 7.8 8.9 6.2 Less : FISIM 30.0 12.5 7.6 11.1 -10.6 6.4 19.4 17.9 16.9 17.6 16.0 7 14.3 Gross Value Added at Constant Basic Prices 11.2 10.0 10.6 11.4 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9 6.1 Taxes on Products 5.6 -8.3 45.4 8.6 8.0 18.3 9.9 10.2 3.1 1.6 -5.0 -1.8 6.3 GDP at Constant Market Prices 10.8 8.8 12.6 11.2 8.6 10.6 10.3 10.4 7.6 9.5 6.8 8.3 6.1 Source:MoFED Industry/Year First Quarter 2020/21 | 89

Table 18: GDP by Economic Activity at Current Prices (In million Birr) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2008/09 2009/10 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Agriculture, Hunting and Forestry 160,639 165,642 220,095 343,066 370,012 422,902 484,026 542,700 616,843 684,644 910,589 1,196,254 Crop 111,154 108,553 143,154 234,212 238,052 272,201 309,349 346,294 393,324 427,193 587,216 797,016 Animal Farming and Hunting 34,425 40,539 56,584 82,070 101,728 113,693 132,287 146,960 164,730 191,867 247,337 303,074 Forestry 15,416 16,737 19,713 24,326 30,470 36,789 42,608 49,447 58,788 65,584 76,036 96,164 Fishing 151 198 217 455 685 796 1,225 1,382 2,259 2,351 3,021 3,720 Mining and Quarrying 1,142 2,226 7,062 9,645 10,045 8,986 6,259 6,117 4,840 4,053 3,368 9,643 Manufacturing 19,370 22,663 27,661 37,272 46,803 61,744 83,370 89,247 113,387 128,200 150,531 178,972 Large and Medium Scale Manufacturing 11,054 12,970 15,403 21,448 28,787 40,111 58,040 61,687 74,763 84,791 104,723 125,758 Small Scale and Cottage Industries 10,344 12,036 15,460 19,541 21,088 23,844 24,972 27,559 38,624 43,410 45,807 53,215 Electricity and Water 4,547 5,374 6,402 8,079 9,604 10,752 10,560 11,015 13,714 15,026 18,726 23,827 Construction 16,180 15,988 20,183 31,459 48,338 88,410 148,198 237,545 300,209 452,978 495,283 567,201 Whole Sale and Retail Trade 52,092 58,526 73,175 105,914 117,028 151,450 187,022 202,241 225,076 275,513 360,656 444,506 Hotels and Restaurants 4,546 6,521 9,558 13,355 18,004 24,954 33,841 41,601 44,922 53,441 66,597 79,304 Transport and Communications 11,035 13,815 21,385 31,954 41,221 49,215 57,579 70,453 77,659 82,947 99,884 140,237 Financial Intermediation 5,984 6,133 8,961 14,214 19,936 24,206 32,684 39,769 51,810 69,359 85,044 102,426 Real Estate, Renting and Business Activities 19,494 29,063 40,755 47,776 54,746 60,283 63,825 67,063 70,793 79,553 106,157 154,804 Public Administration and Defense 17,111 20,226 26,346 29,967 35,401 41,309 51,521 62,259 80,817 94,614 103,262 120,236 Education 10,311 12,336 13,862 17,092 21,637 28,739 35,388 42,386 61,123 75,776 85,739 94,199 Health and Social Work 3,326 3,942 4,931 5,966 7,593 9,881 12,917 15,669 18,770 24,100 27,328 34,928 Other Community , Social & Personal Services 4,754 5,281 6,540 9,618 13,303 14,779 16,721 18,371 20,568 23,634 28,141 33,306 Private Households with Employed Persons 3,587 3,879 5,105 7,678 9,443 12,024 15,327 16,064 19,879 25,428 31,181 38,264 Total 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 3,221,829 Less : FISIM 1,775 1,962 2,576 3,091 6,335 7,796 11,628 14,486 18,870 26,829 31,884 38,830 Gross Value Added at Current Basic Prices 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 3,182,998 Taxes on Products 19,139 28,412 39,431 56,882 70,618 86,098 105,129 118,700 128,755 137,583 152,600 191,351 GDP at Current Market Prices 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 3,374,349 Source: MoFED Industry/Year 90 | National Bank of Ethiopia Quarterly Bulletin

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Agriculture, Hunting and Forestry 32.9 55.9 7.9 14.3 14.5 12.1 13.7 11.0 33.0 32.6 Crop 31.9 63.6 1.6 14.3 13.6 11.9 13.6 8.6 37.5 35.7 Animal Farming and Hunting 39.6 45.0 24.0 11.8 16.4 11.1 12.1 16.5 28.9 27.0 Forestry 17.8 23.4 25.3 20.7 15.8 16.1 18.9 11.6 16.2 26.5 Fishing 9.6 109.5 50.8 16.2 53.8 12.8 63.5 4.1 28.5 23.2 Mining and Quarrying 217.2 36.6 4.2 -10.5 -30.3 -2.3 -20.9 -16.3 -16.9 186.3 Manufacturing 22.1 34.7 25.6 31.9 35.0 7.0 27.0 13.1 17.4 18.9 Large and Medium Scale Manufacturing 18.8 39.3 34.2 39.3 44.7 6.3 21.2 13.4 20.2 20.1 Small Scale and Cottage Industries 28.5 26.4 7.9 13.1 4.7 10.4 40.1 12.4 3.0 2.6 Electricity and Water 19.1 26.2 18.9 12.0 -1.8 4.3 24.5 9.6 20.7 27.2 Construction 26.2 55.9 53.7 82.9 67.6 60.3 26.4 50.9 9.3 9.9 Whole Sale and Retail Trade 25.0 44.7 10.5 29.4 23.5 8.1 11.3 22.4 32.4 23.2 Hotels and Restaurants 46.6 39.7 34.8 38.6 35.6 22.9 8.0 19.0 25.1 2.2 Transport and Communications 54.8 49.4 29.0 19.4 17.0 22.4 10.2 6.8 20.4 40.4 Financial Intermediation 46.1 58.6 40.3 21.4 35.0 21.7 30.3 33.9 22.6 10.2 Real Estate, Renting and Business Activities 40.2 17.2 14.6 10.1 5.9 5.1 5.6 12.4 33.4 45.8 Public Administration and Defense 30.3 13.7 18.1 16.7 24.7 20.8 29.8 17.1 9.1 16.4 Education 12.4 23.3 26.6 32.8 23.1 19.8 44.2 24.0 13.1 11.3 Health and Social Work 25.1 21.0 27.3 30.1 30.7 21.3 19.8 28.4 13.4 27.8 Other Community , Social & Personal Services 23.8 47.1 38.3 11.1 13.1 9.9 12.0 14.9 19.1 18.4 Private Households with Employed Persons 31.6 50.4 23.0 27.3 27.5 4.8 23.7 27.9 22.6 22.7 Total 34 45.0 15.8 22.4 22.6 18.2 17.7 21.4 23.3 25.2 Less : FISIM 31 20.0 104.9 23.1 49.2 24.6 30.3 42.2 22.0 13.0 Gross Value Added at Current Basic Prices 34 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 25.4 Taxes on Products 39 44.3 24.1 21.9 22.1 12.8 12.9 6.9 10.9 25.4 GDP at Current Market Prices 33 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.4 25.2 Source: MoFED Sectors/Year Table 19: Growth Rates of GDP by Economic Activity at Current Prices (%) First Quarter 2020/21 | 91

(In Millions of Birr) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Gross Value Added at Current Basic Prices 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 3,182,998.0 Taxes on Products, net 56,882.0 70,618.0 86,098.0 105,128.7 118,700.0 128,755.5 137,583.5 152,600.0 191,351.0 GDP at Current Market Prices 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 3,374,349.0 Incomes from ROW, net (1,659.8) (1,942.8) (2,914.6) (5,275.1) (5,122.4) (10,884.1) (14,349.1) (13,104.0) (18,270.0) Gross National Income at Current Basic Prices 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 3,164,728.0 Gross National Income at Current Market Prices 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 3,356,079.5 Current Transfers from ROW, net 86,849.9 93,355.1 106,357.3 128,400.8 155,964.2 154,959.4 188,527.3 240,392.0 218,029.0 Gross National Disposable Income 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 3,574,109.0 Government Final Consumption Expenditure 72,783.5 91,074.7 115,104.0 137,245.8 174,598.8 203,607.9 225,523.2 247,362.0 307,769.0 Private Final Consumption Expenditure 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 2,360,896.0 Gross Capital Formation (Investment) 275,811.3 293,930.7 400,841.2 508,975.9 585,665.0 704,596.0 751,626.2 948,866.0 1,037,685.0 Exports of Goods and Services 102,886.6 108,227.1 123,496.0 121,532.2 122,500.8 139,830.1 184,282.1 213,437.0 239,229.0 Imports of Goods and Services 236,383.9 251,300.6 308,691.3 393,188.5 424,749.9 430,233.2 502,112.9 561,512.0 571,230.0 Resource Balance (133,497.3) (143,073.5) (185,195.3) (271,656.3) (302,249.2) (290,403.1) (317,830.8) (348,075.0) (332,001.0) Gross Domestic Savings 149,991.7 158,606.3 224,967.5 294,221.0 351,234.0 409,579.8 535,268.5 600,791.0 705684 Gross National Savings 235,181.8 250,018.7 328,410.1 417,346.8 502,075.8 553,655.1 709,446.7 828,078.0 905,444.0 Mid-year Population (In Million) 82.7 84.8 87.0 89.1 91.2 93.4 95.5 97.6 99.7 Per Capita Nominal GDP (In Birr) 9,268.6 10,486.5 12,520.2 14,953.4 17,192.4 19,630.4 23,061.5 27,625.0 33,845.0 Per Capita Real GDP (In Birr) 13,090.3 14,118.3 15,189.1 16,366.5 17,192.4 18,393.9 19,204.9 20,312.5 21,153.1 Average Exchange Rate (Birr/USD) 17.3 18.3 19.1 20.1 21.1 22.4 26.1 28.1 31.3 Real GDP (In USD) 62,777.3 65,528.4 69,237.3 72,546.1 74,296.6 76,610.6 70,249.0 70,666.9 67,287.5 Nominal GDP (In USD)(Million) 44,449.6 48,671.9 57,071.7 66,282.4 74,296.6 81,760.4 84,356.0 96,107.0 107,660.0 Per Capita Nominal GDP (In USD) 537.2 573.7 656.4 744.1 814.6 875.8 883.3 985.0 1,080.0 Per Capita Real GDP (In USD) 758.7 772.4 796.3 814.4 814.6 820.7 735.6 724.3 675.0 GDP Deflator 0.71 0.74 0.82 0.91 1.00 1.07 1.20 1.36 1.60 Source: Planning commission Description / Year Table 20: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices 1 Table 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2007/08 2008 /09 2009 /10 2010/11 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 GDP at Current Basic Prices 44.9 36.6 12.1 33.8 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 25.4 Taxes on Products, net 37.7 14.0 48.5 38.8 44.3 24.1 21.9 22.1 12.9 8.5 6.9 10.9 25.4 GDP at Current Market Prices 44.4 35.1 14.2 33.5 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.5 25.4 Incomes from ROW, net 19.8 (204.1) (116.5) (57.1) (48.2) (17.0) (50.0) (81.0) (2.9) (112.5) (31.8) (33.0) (10.5) Gross National Income at Current Basic Price 44.8 36.3 12.0 33.8 45.2 15.3 22.3 22.2 18.3 17.2 21.1 23.3 25.5 Gross National Income at Current Market Price 44.3 34.8 14.1 33.4 45.1 16.0 22.3 22.2 17.8 16.6 20.1 22.5 25.5 Current Transfers from ROW, net 34.4 29.2 34.6 24.8 17.0 7.5 13.9 20.7 21.5 (0.6) 21.7 25.7 (3.6) Gross National Disposable Income 43.1 34.1 16.4 32.3 41.6 15.1 21.5 22.1 18.1 15.0 20.2 22.8 23.2 Government Final Consumption Expenditure 34.8 22.4 10.3 25.4 16.7 25.1 26.4 19.2 27.2 16.6 10.8 9.7 24.4 Private Final Consumption Expenditure 51.8 35.7 15.3 28.6 45.1 17.6 17.0 20.3 15.7 17.0 18.2 27.9 27.7 Gross Capital Formation (Investment) 45.9 37.2 24.0 38.1 67.6 6.6 36.4 27.0 15.1 20.3 6.7 26.2 9.4 Exports of Goods and Services 29.6 24.4 48.1 64.8 19.7 5.2 14.1 (1.6) 0.8 14.1 31.8 15.9 12.0 Imports of Goods and Services 39.0 25.8 31.2 28.6 45.5 6.3 22.8 27.4 8.0 1.3 16.7 11.8 1.7 Resource Balance (45.2) (26.5) (21.5) (3.2) (74.4) (7.2) (29.4) (46.7) (11.3) 3.9 (9.4) (9.5) 4.6 Gross Domestic Savings 21.2 45.4 11.7 66.7 64.2 5.7 41.8 30.8 19.4 16.6 30.7 12.2 17.5 Gross National Savings 27.5 36.1 22.2 44.8 43.0 6.3 31.4 27.1 20.3 10.3 28.1 16.4 12.5 Mid-year Population (in Million) 1.2 2.7 2.7 2.2 2.6 2.5 2.5 2.4 2.3 2.2 2.2 Per Capita GDP (Birr) (Nominal) 42.6 31.6 11.2 30.6 41.5 13.1 19.4 19.4 15.0 14.2 17.5 19.8 22.5 Per Capita GDP (Birr) (Real) 9.4 6.0 9.7 8.7 5.9 7.9 7.6 7.8 5.0 7.0 4.4 5.8 4.1 Average Exchange Rate (Birr/USD) 5.1 12.7 23.7 25.0 7.0 5.9 4.4 5.4 5.0 6.2 16.5 7.6 11.5 Real GDP (USD) 5.4 (3.5) (9.0) (11.2) 1.5 4.4 5.7 4.8 2.4 3.1 (8.3) 0.6 (4.8) GDP at Current Market Prices(USD) 37.3 19.8 (7.7) 6.8 35.5 9.5 17.3 16.1 12.1 10.0 3.2 13.7 12.2 Per Capita GDP (USD) (Nominal) 35.7 16.7 (10.1) 4.4 32.2 6.8 14.4 13.4 9.5 7.5 0.9 11.5 9.6 Per Capita GDP (USD) (Real) 4.1 (6.0) (11.3) (13.1) (1.0) 1.8 3.1 2.3 0.0 0.7 (10.4) (1.5) (6.8) Percentage Change in GDP Deflator 30.3 24.1 1.4 20.2 33.5 4.9 11.0 10.8 9.5 6.7 12.5 13.3 17.6 Source:Planning commission (In Percent) Description / Year First Quarter 2020/21 | 93

Period General Index Food and Non-Alcoholic Beverages Alcoholic Beverages and Tobacco Clothing & Foot-wear Housing,Water,Electricity,G as 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 QII 153.1 158.5 131.5 158.6 153.8 151.4 126.6 139.5 102.8 141.4 134.1 152.0 139.8 146.8 QIII 159.6 164.5 137.4 159.7 167.2 153.6 130.3 146.6 101.0 143.2 134.3 156.7 145.5 153.9 QIV 171.2 179.2 163.0 167.1 168.5 156.4 143.4 192.6 108.1 140.3 135.6 159.3 149.5 161.9 2020/21 QI 179.9 192.1 158.5 170.3 172.2 158.7 147.4 218.3 106.1 140.2 130.3 165.2 155.3 165.8 Source: Central Statistical Agency(CSA) and NBE Staff Compilation. December 2016=100 Table 22(A): National Non-Food Consumer Price Index, Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate & 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 QII 158.5 182.5 174.5 116.7 149.1 106.5 183.1 163.4 112.7 153.8 119.3 QIII 164.5 182.7 179.2 122.9 153.4 112.9 187.7 171.3 104.9 177.4 127.5 QIV 179.2 201.5 189.6 139.2 158.9 118.5 187.0 189.1 107.1 195.5 137.9 2020/21 QI 192.1 216.9 192.7 150.7 163.3 123.7 175.9 208.2 106.2 209.3 151.4 Source: CSA and NBE Staff Compilation December 2016=100 Table 22 (B): National Food Consumer Price Index, First Quarter 2020/21 | 95

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 QII 156.7 157.1 125.2 121.4 207.3 160.0 138.4 125.9 116.8 125.2 128.4 149.4 140.2 156.5 QIII 163.1 160.9 149.7 131.6 225.7 163.9 150.4 124.3 114.6 124.4 132.1 154.1 143.7 164.9 QIV 178.2 178.6 174.4 138.2 241.2 164.8 155.8 191.5 114.8 119.9 130.6 154.6 147.9 177.9 2020/21 QI 186.4 197.7 179.4 149.4 236.5 165.7 162.7 181.7 115.0 122.1 118.1 158.2 154.1 177.7 Source: Central Statistical Agency(CSA) and NBE Staff Compilation December 2016=100 Table 22 (C): Addis Ababa Non-Food Consumer Price Index , 96 | National Bank of Ethiopia Quarterly Bulletin

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 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 QII 157.1 159.2 171.8 129.1 147.0 133.8 184.5 162.4 114.1 171.0 118.7 QIII 160.9 162.1 175.2 131.2 146.6 142.2 190.7 163.6 114.1 183.3 127.6 QIV 178.6 181.4 182.7 138.1 153.6 150.4 175.8 185.0 114.1 256.7 138.8 2020/21 QI 197.7 194.1 191.8 191.4 158.2 158.2 160.1 218.4 109.3 353.2 144.3 Source: Central Statistical Agency & NBE staff Compilation December 2016=100 Table 22(D): Addis Ababa Food Consumer Price Index First Quarter 2020/21 | 97

Table 22 (E1): Regional States' Consumer Price Indices (Non-Food) Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 QII 134.9 142.0 128.1 97.7 131.2 135.2 154.0 96.9 149.2 103.6 172.8 114.5 134.2 132.6 QIII 151.1 158.7 143.8 116.7 154.4 135.7 165.2 109.7 218.4 103.6 192.1 118.7 165.5 148.0 QIV 158.7 174.6 143.2 134.0 156.7 125.6 169.5 101.2 222.3 104.6 192.7 127.2 153.7 150.3 2020/21 QI 170.8 179.9 162.0 159.3 168.1 152.7 170.6 106.4 322.8 104.6 189.5 141.0 165.7 150.7 Source: Central Statistical Agency December 2016 = 100 98 | National Bank of Ethiopia Quarterly Bulletin

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 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 QII 158.9 166.7 151.5 134.6 132.3 123.9 164.8 186.9 132.1 100.0 247.9 125.0 219.6 148.9 QIII 167.2 173.0 161.9 161.4 136.3 131.0 175.2 192.6 132.1 100.0 238.5 125.0 234.1 158.7 QIV 179.9 190.9 169.6 197.1 137.9 128.7 175.7 197.2 140.5 100.0 234.7 125.0 249.5 161.0 2020/21 QI 201.1 222.6 180.8 201.3 147.0 141.5 177.9 195.9 177.9 100.0 236.1 114.6 271.0 169.6 BENISHANGUL GUMUZ Source: Central Statistical Agency December 2016= 100 Table 22 (E3): Regional States' Consumer Price Indices (Non-Food) Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 QII 147.6 169.9 131.0 126.4 154.5 132.5 146.6 133.2 113.6 60.2 128.9 152.5 127.8 134.9 QIII 150.6 167.3 138.2 153.1 164.7 140.3 148.4 139.1 108.5 60.2 129.5 148.7 125.4 135.2 QIV 164.4 187.4 147.2 165.0 167.3 137.9 153.6 137.2 201.8 60.2 129.2 145.4 141.8 135.0 2020/21 QI 181.8 216.5 155.9 166.4 166.0 143.3 157.7 147.1 295.0 60.2 131.9 149.7 151.8 136.4 DIRE DAWA Source: Central Statistical Agency December 2016 = 100 Table 22 (E4): Regional States' Consumer Price Indices (Non-Food) First Quarter 2020/21 | 101

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 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 QII 139.8 147.6 130.7 153.5 152.8 118.6 145.5 105.2 130.9 105.4 149.7 158.9 165.6 111.8 QIII 149.0 159.3 137.2 190.5 153.0 124.0 140.0 89.3 151.3 121.7 152.2 163.0 160.4 116.6 QIV 165.7 181.3 147.8 250.2 159.3 132.4 151.9 94.0 148.7 120.0 144.8 145.2 150.6 118.6 2020/21 QI 173.7 192.1 152.5 269.9 157.7 135.2 150.2 111.3 175.6 115.2 146.0 146.1 152.9 112.0 GAMBELLA Source: Central Statistical Agency Table 22 (E5): 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 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 QII 145.9 160.0 136.0 106.0 136.3 155.8 132.2 139.7 150.0 100.0 138.3 137.6 161.6 133.6 QIII 151.8 159.2 146.6 128.9 140.7 166.1 134.0 144.9 156.0 100.0 143.8 139.8 170.7 139.8 QIV 162.0 173.0 154.4 140.7 141.6 156.6 142.3 150.3 320.1 100.0 142.9 130.3 171.6 144.7 2020/21 QI 178.4 189.7 170.5 175.1 143.0 172.2 151.8 156.8 423.3 100.0 129.9 129.3 170.4 157.7 HARARI December 2016 = 100 Table 22 (E6): Regional States' Consumer Price Indices (Non-Food) Source: Central Statistical Agency First Quarter 2020/21 | 103

Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,G as and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 QII 148.8 154.8 141.1 125.3 183.0 136.7 152.0 93.5 149.9 101.8 137.6 133.3 138.0 138.1 QIII 154.6 160.7 146.7 127.6 178.9 149.4 153.0 95.6 159.0 100.7 134.0 136.4 142.4 144.6 QIV 165.5 175.5 152.7 147.7 190.3 140.8 156.4 124.8 211.0 102.3 131.4 139.6 148.1 148.3 2020/21 QI 173.8 187.6 156.2 145.1 190.6 144.4 159.0 121.8 244.2 101.3 137.4 147.8 151.6 152.5 Table 22 (E7): Regional States' Consumer Price Indices (Non-Food) Source: Central Statistical Agency December 2016 = 100 Table 22 (E8): 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 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 QII 154.0 158.9 147.7 130.5 124.1 154.3 157.6 128.2 140.6 70.6 149.3 137.0 163.3 144.2 QIII 161.7 162.8 160.3 134.7 127.5 181.1 159.8 129.4 141.6 69.0 148.2 135.0 167.7 149.8 QIV 179.2 183.1 174.3 169.6 131.1 198.4 160.5 133.1 177.3 69.7 151.3 134.5 173.7 154.8 2020/21 QI 189.9 196.2 181.8 172.0 134.9 207.4 164.0 136.0 205.3 70.4 150.5 128.6 179.4 156.6 SNNPR December 2016 = 100 Source: Central Statistical Agency First Quarter 2020/21 | 105

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 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 Qtr.II 150.4 162.3 137.1 131.3 168.5 127.9 133.2 146.3 178.6 103.0 187.6 191.6 155.7 151.3 Qtr.III 148.6 158.7 137.5 119.2 176.8 134.7 132.3 133.1 184.2 102.8 200.5 201.3 158.5 154.7 Qtr.IV 153.8 161.5 145.1 151.7 179.0 128.4 133.9 131.4 209.2 102.8 193.7 203.7 157.3 154.2 2020/21 Qtr.I 157.1 166.3 146.9 132.9 196.9 133.6 135.7 137.3 281.7 103.1 197.6 187.6 166.7 168.0 SOMALI December 2016 = 100 Source: Central Statistical Agency Table 22 (E9): 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 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 QII 164.1 175.1 154.8 145.6 150.5 165.6 145.3 155.2 120.3 100.0 117.1 133.0 172.9 145.4 QIII 170.3 181.4 160.9 166.0 149.8 175.8 152.2 161.6 115.6 100.0 117.1 127.2 174.3 156.1 QIV 186.3 205.5 170.2 194.2 156.7 182.7 156.0 169.4 137.0 100.0 121.5 119.9 189.7 158.5 2020/21 QI 200.4 228.2 176.8 200.5 152.7 186.7 156.9 169.7 141.0 100.0 122.5 127.8 212.5 167.9 TIGRAY Source: Central Statistical Agency Table 22 (E10): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 First Quarter 2020/21 | 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 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 QII 159.8 179.7 197.0 183.7 129.1 168.3 128.4 199.1 113.3 100.3 127.6 QIII 158.7 180.3 210.5 178.2 121.2 161.1 138.1 189.9 115.7 100.2 137.1 QIV 174.6 200.4 209.9 188.5 127.9 172.6 140.5 214.7 144.4 140.6 146.7 2020/21 QI 179.9 188.1 210.0 195.2 136.9 172.5 141.2 266.7 145.7 182.4 146.9 AFAR Source: Central Statistical Agency December 2016 = 100 Table 22 (F1): Regional States' Consumer Price Index (Food) 108 | National Bank of Ethiopia Quarterly Bulletin

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 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 QII 166.7 201.4 179.2 135.0 123.1 122.9 129.7 183.9 126.2 161.4 104.1 QIII 173.0 204.4 182.3 135.0 123.6 129.3 132.6 183.3 126.5 207.0 115.3 QIV 190.9 216.0 187.0 149.5 127.3 144.7 161.1 208.5 123.0 271.6 127.6 2020/21 QI 222.6 251.8 204.9 152.3 130.8 150.9 143.8 259.4 128.9 347.7 135.7 BENISHANGUL GUMUZ December 2016= 100 Table 22 (F3): Regional States' Consumer Price Index (Food) Source: Central Statistical Agency 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 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 QII 169.9 175.6 178.9 148.1 162.2 115.5 176.9 184.3 110.0 220.9 133.6 QIII 167.3 177.1 190.2 154.8 155.7 114.7 192.8 162.5 109.7 236.2 139.4 QIV 173.0 179.9 190.2 159.0 155.4 121.4 191.7 173.2 110.8 261.0 145.2 2020/21 QI 216.5 202.8 208.1 159.5 168.3 133.6 177.9 267.6 120.0 433.4 152.0 DIRE DAWA Source: Central Statistical Agency December 2016 = 100 Table 22 (F4): Regional States' Consumer Price Index (Food) First Quarter 2020/21 | 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 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 QII 147.6 164.7 174.6 108.5 144.7 127.7 177.0 140.1 112.9 163.4 113.9 QIII 159.3 183.6 193.0 116.6 163.3 124.0 168.5 146.8 112.4 183.6 109.3 QIV 181.3 205.5 206.9 135.7 204.7 158.0 144.6 167.5 117.0 222.9 114.7 2020/21 QI 192.1 223.9 210.0 140.4 216.0 155.9 122.2 177.5 119.2 229.5 127.7 GAMBELLA Source: Central Statistical Agency December 2016 = 100 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 QII 160.0 175.5 158.2 0.0 162.7 117.4 181.3 158.3 142.3 147.7 107.1 QIII 159.2 176.1 162.5 0.0 161.0 117.7 183.1 143.0 145.9 157.1 119.2 QIV 173.0 191.5 166.4 0.0 165.0 117.9 187.4 178.9 129.4 170.6 127.4 2020/21 QI 189.7 207.7 179.8 0.0 165.7 118.2 166.3 225.9 120.5 199.6 125.3 HARARI Source: Central Statistical Agency Table 22 (F6): Regional States' Consumer Price Index (Food) First Quarter 2020/21 | 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 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 QII 154.5 181.7 162.7 0.0 151.7 87.9 188.7 172.0 83.8 159.8 115.0 QIII 160.7 182.3 163.7 0.0 157.9 95.1 189.7 185.5 83.7 171.4 122.0 QIV 175.5 203.1 172.6 0.0 164.9 97.5 187.0 209.9 86.7 178.9 128.5 2020/21 QI 187.6 217.7 174.3 0.0 166.3 102.3 187.4 225.3 84.9 194.7 145.3 OROMIA December 2016 = 100 Source: Central Statistical Agency Table 22 (F7): 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 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 QII 158.9 163.7 174.3 0.0 160.7 134.9 198.3 160.7 120.7 138.4 139.8 QIII 162.8 165.5 182.8 0.0 165.0 136.8 207.9 165.4 122.0 143.6 144.1 QIV 183.1 191.6 194.8 0.0 166.8 147.0 215.6 176.5 127.7 154.7 163.0 2020/21 QI 196.2 205.9 197.5 0.0 171.0 153.7 188.5 188.9 123.3 187.5 177.8 SNNPR December 2016 = 100 Source: Central Statistical Agency Table 22 (F8): Regional States' Consumer Price Index (Food) First Quarter 2020/21 | 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 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 QII 162.3 185.6 156.0 0.0 129.0 122.6 144.3 196.7 136.1 200.8 128.4 QIII 158.7 183.2 164.5 0.0 133.8 127.8 143.2 181.2 116.6 209.2 131.1 QIV 155.7 172.9 160.9 0.0 133.0 122.4 141.6 189.6 128.3 202.0 126.1 2020/21 QI 166.3 183.0 185.8 0.0 142.5 133.1 145.3 263.0 116.6 208.6 133.3 SOMALI December 2016 = 100 Source: Central Statistical Agency Table 22 (F9): 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 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 0.0 179.9 109.7 161.5 160.4 104.0 157.3 114.5 QII 175.1 204.4 197.7 0.0 189.0 121.8 158.6 164.4 104.3 146.4 117.4 QIII 181.4 205.6 202.7 0.0 179.5 141.9 161.7 171.2 104.6 155.5 141.6 QIV 205.5 232.0 219.6 0.0 184.2 150.5 156.5 196.6 106.2 208.8 149.8 2020/21 QI 228.2 258.8 225.1 0.0 199.8 140.9 145.1 233.8 107.6 258.4 150.5 Source: Central Statistical Agency December 2016= 100 Table 22 (F10): Regional States' Consumer Price Index (Food) First Quarter 2020/21 | 117

Table 23 A: Ethiopia: Direction of External Trade: EXPORT Djibouti 849,144.8 1,172,260.1 2,313,228.9 1,380,433.1 3,747,193.9 1,941,788.5 2,350,936.7 3,014,309.0 3,735,439.1 3,502,027.2 3,422,940.0 Egypt 585,058.5 764,013.2 768,260.3 818,229.2 1,012,133.0 684,520.9 315,108.1 202,450.4 379,596.1 602,884.5 222,763.9 Ghana 2,094.8 1,117.1 9,582.3 4,292.2 136.8 6,863.1 832.1 696.9 57,554.1 18,798.4 19,029.4 Kenya 54,434.1 176,485.4 190,932.3 269,555.1 431,754.9 656,490.8 625,147.6 1,190,543.3 693,204.5 662,786.4 273,969.7 Libia 1,834.5 2,297.5 68,040.2 - 4,163.4 - - - - - - Morocco 10,976.1 28,363.6 11,632.6 15,895.1 3,746.1 2,040.4 6,841.3 10,061.0 14,271.4 7,627.7 60,459.5 Nigeria 2,215.0 2,990.0 10,297.6 2,735.2 47,617.8 63,719.5 90,565.5 328,428.3 267,894.4 302,908.0 338,173.7 Ruwanda 569.9 1,114.0 993.9 9,793.9 28,670.2 42,368.3 57,909.1 94,341.6 134,233.8 4,579.0 43,122.8 Somali Land - - - - - - - - - - - Somalia 3,139,271.5 4,061,406.4 5,989,640.7 5,798,201.3 6,371,904.9 6,240,561.4 5,827,108.7 5,964,650.4 6,745,127.6 7,180,188.1 5,963,824.1 South Africa 1,030,363.9 89,326.4 194,964.0 218,061.1 257,504.8 226,770.4 260,057.5 426,332.0 283,532.1 213,168.8 216,105.1 Sudan 2,053,243.9 2,983,061.3 2,008,904.2 1,707,190.9 1,629,734.3 1,595,427.4 993,600.1 1,896,197.0 2,560,191.8 1,732,344.2 2,893,902.1 Tanzania 5,959.6 3,084.1 969.4 1,045.6 15,211.2 255.9 401.9 363.6 10,846.1 28,426.6 99,256.8 Uganda 24,333.6 14,963.0 7,044.1 2,765.9 10,051.8 4,295.5 5,913.3 4,864.9 11,353.5 10,099.0 23,442.4 Zambia 369.2 20.4 119.4 503.8 110.0 2,398.8 10,974.8 14,555.0 83,656.4 11,008.3 149,686.8 Zembabwe 1,147.8 3,549.5 788.6 3,632.8 4,272.4 6,716.0 4,025.0 2,602.9 7,178.9 2,997.1 18,027.9 Others 146,791.5 171,537.0 289,802.8 514,287.0 792,557.5 341,524.6 477,440.0 1,351,269.1 1,221,482.3 1,330,556.9 6,723,137.4 Total 7,907,808.6 9,475,589.2 11,865,201.5 10,746,622.1 14,328,992.6 11,815,745.3 11,026,861.7 14,501,665.3 16,205,562.1 15,610,400.08 20,467,841.6 %Share Of Continent 23.0 18.8 21.1 19.4 22.1 20.0 18.4 21.4 21.9 19.7 18.0 Austria 365.7 1,297.4 1,644.6 1,735.5 4,310.4 2,931.2 22,747.8 22,995.8 6,572.3 2,199.9 678.3 Belgium 766,865.8 1,129,952.5 1,206,977.6 1,025,131.4 1,087,850.9 1,182,982.5 1,436,499.1 1,965,237.5 1,815,142.9 1,885,848.0 2,803,691.9 Bulgaria 9,100.7 17,775.7 40,564.4 82,919.2 99,420.1 86,949.0 43,611.4 42,637.1 91,753.3 80,097.1 96,294.6 Cyprus 1,208.7 29.6 2,392.2 3,217.3 5,007.8 640.5 151.2 1,175.9 17,019.5 14,580.4 16,821.9 Czech Republic 5,564.4 3,925.4 7,320.4 5,569.1 13,779.0 21,577.7 22,939.8 18,599.1 4,910.2 4,466.6 2,337.2 Slovakia - - - 1,897.5 4,395.7 1,466.6 4,072.5 7,076.4 2,144.5 1,552.8 805.1 Denmark 18,362.4 14,816.2 35,758.1 32,455.9 17,723.0 20,802.4 30,025.0 28,201.3 25,631.4 32,806.9 32,645.8 Finland 38,401.9 157,776.1 87,678.9 51,661.1 80,304.0 90,939.5 90,178.8 123,908.3 110,724.0 91,036.7 118,222.5 France 505,675.0 823,513.2 812,971.3 530,534.4 877,613.3 682,717.6 807,422.0 827,504.6 717,334.7 751,487.7 789,673.0 Germany 3,676,129.0 5,412,655.7 5,190,387.9 3,730,991.2 3,754,508.5 4,271,155.2 3,486,254.3 3,943,246.8 4,217,307.3 4,135,208.4 4,523,931.9 Greece 104,335.8 161,358.8 136,034.9 260,072.5 235,797.7 214,131.5 209,499.8 235,931.1 186,258.5 230,314.9 146,873.3 Hungary 4,664.1 6,030.5 29,465.0 34,564.1 18,858.6 15,129.0 18,955.3 16,005.0 19,660.7 10,112.7 17,500.4 Ireland 225.2 4,981.1 1,335.4 4,968.8 4,393.8 11,865.0 10,363.8 15,763.6 13,537.1 17,485.0 4,780.1 Italy 767,672.2 1,830,342.8 1,265,069.2 1,127,453.5 1,244,816.9 1,071,373.1 1,101,650.8 1,347,709.3 1,442,089.8 1,359,779.2 1,494,410.9 Netherlands 2,325,158.7 3,589,200.5 3,513,356.8 3,160,616.3 3,899,530.0 3,910,613.0 3,911,035.2 4,177,990.4 5,256,676.3 7,828,660.8 11,179,122.0 Norway 83,421.5 114,266.4 152,810.3 141,325.7 202,256.0 193,648.3 190,592.2 184,970.7 162,162.0 312,830.2 374,409.1 Poland 20,903.7 10,005.3 2,097.0 17,660.3 23,192.2 18,930.3 9,048.4 13,435.8 18,237.2 23,765.7 24,019.7 Portugal 13,224.5 10,264.5 58,441.4 58,595.2 107,108.4 70,872.1 127,631.2 156,689.8 210,638.0 173,970.4 241,431.3 Rumania 26,297.6 64,555.6 79,944.9 62,136.7 63,661.9 35,255.4 12,665.6 23,638.2 20,038.6 11,055.3 19,221.3 Spain 82,768.8 202,110.6 278,937.8 188,107.6 157,484.0 312,381.6 266,256.9 262,739.3 406,304.2 513,868.4 521,805.4 Sweden 345,076.1 631,746.6 435,154.5 264,471.8 307,877.4 333,582.0 266,867.3 263,089.4 188,083.3 156,700.1 208,700.3 Switzerland 4,876,617.7 8,672,031.8 9,644,798.9 9,439,555.7 7,895,981.9 6,490,540.8 5,266,886.0 4,714,821.8 2,005,549.0 701,171.4 18,502,394.7 Turkey 448,459.6 793,508.0 918,743.3 1,460,875.2 1,267,997.9 854,569.2 463,675.1 659,682.4 1,163,249.4 1,066,064.8 1,163,636.0 Ukraine 1,647.3 549.2 3,605.7 1,288.6 1,569.6 9,366.3 14,853.7 24,420.6 27,800.3 42,717.8 56,395.9 United Kingdom 790,362.3 1,036,992.2 804,000.1 916,862.0 888,555.1 806,313.4 1,069,053.4 1,290,346.0 1,088,894.0 1,179,983.5 1,112,511.1 Russia 87,990.9 170,085.7 210,565.2 289,418.9 405,160.0 283,476.8 289,381.7 386,108.6 313,363.4 399,161.5 430,203.7 Yugoslavia - - - - - - - - - - - Others 32,888.7 129,769.9 228,751.3 106,316.3 121,332.5 270,792.0 639,646.5 1,181,451.6 466,267.8 1,105,005.9 1,255,152.2 Total 15,033,388.3 24,988,711.1 25,148,807.1 23,000,401.7 22,790,486.7 21,265,002.1 19,811,964.8 21,935,376.3 19,997,349.8 22,131,932.3 45,137,669.7 %Share Of Continent 43.8 49.7 44.7 41.4 35.2 36.0 33.1 32.4 27.0 28.0 39.8 Brazil - - - 50.0 - 8,764.8 9,178.4 9,179.6 163.0 77.1 - Canada 115,069.8 173,658.6 167,388.9 166,782.8 214,767.3 216,338.4 268,404.1 270,038.6 477,155.3 382,747.5 556,491.0 Cuba - - - 325.5 15,043.2 - - - - - - Mexico 15,924.2 41,359.7 21,189.4 15,661.3 12,529.3 37,776.3 40,458.2 63,779.1 103,708.1 120,383.8 74,524.9 United States 1,387,899.5 1,571,684.8 1,741,318.4 2,223,193.5 2,413,259.7 3,913,895.0 3,733,304.1 4,317,231.5 6,565,250.9 6,071,240.4 7,994,968.3 Others 40,185.0 165,850.0 147,274.5 66,745.5 886,388.5 189,789.5 231,818.7 458,804.3 682,316.7 2,744,376.7 1,374,096.1 Total 1,559,078.4 1,952,553.1 2,076,859.0 2,472,758.7 3,541,988.1 4,366,563.9 4,283,163.5 5,119,033.1 7,828,594.0 9,318,825.6 10,000,080.3 %Share Of Continent 4.5 3.9 3.7 4.5 5.5 7.4 7.2 7.6 10.6 11.8 8.8 China, Mainland 3,330,807.6 4,764,263.2 5,167,985.4 5,682,920.3 8,071,388.2 6,145,483.9 7,498,265.1 5,111,009.8 4,754,322.7 3,152,537.0 2,538,974.1 China, Taiwan 34,908.6 34,265.7 44,820.6 114,825.8 86,264.9 134,753.6 242,155.2 324,580.5 376,886.5 449,378.2 787,312.2 Hong Kong 98,715.7 378,664.7 523,566.5 655,428.0 342,188.3 434,907.0 390,835.7 419,795.4 394,923.7 254,788.1 552,168.0 India 401,662.3 553,031.3 667,923.1 659,101.4 947,722.2 1,323,550.6 1,440,185.8 1,168,606.9 1,743,919.5 2,978,534.4 1,511,613.3 Indonesia 131,343.7 219,306.2 260,365.2 442,638.8 579,643.5 419,364.5 581,396.8 575,381.8 990,066.8 750,329.4 931,170.3 Israel 752,915.3 1,079,551.0 1,112,383.2 1,822,061.3 2,016,939.4 1,697,745.0 1,366,387.4 1,487,480.1 2,801,566.2 3,184,293.1 2,919,321.9 Japan 535,178.4 596,903.3 1,260,749.0 1,423,109.6 1,884,123.0 1,388,756.3 1,541,929.9 2,233,317.5 2,711,869.3 3,564,930.5 3,350,803.2 N.Korea, Pdrk 16,724.9 54,732.0 24,451.6 40,602.6 223.3 10,146.1 31,494.6 17,897.9 12,521.0 2,846.0 464.9 S.Korea 132,137.3 235,899.3 336,747.5 428,910.5 660,360.4 902,688.1 1,114,526.1 1,224,971.5 1,242,317.8 1,440,765.2 2,190,959.0 Kuwait 9,424.2 45,894.4 38,566.8 53,491.8 54,954.6 59,591.3 28,418.5 36,687.4 94,016.2 123,712.4 141,617.2 Lebanon 10,467.2 79,992.5 41,232.7 104,309.0 90,398.2 15,787.8 16,460.4 30,659.0 61,491.5 65,805.5 37,592.1 Malaysia 9,871.6 5,929.0 12,398.4 57,837.7 45,580.5 5,556.5 107,335.2 78,417.2 29,316.4 64,445.6 230,619.0 Pakistan 333,743.0 192,626.5 768,074.1 896,279.3 678,817.2 855,052.2 1,441,769.4 1,084,808.0 304,739.1 61,784.5 688,547.0 Saudi Arabia 2,057,646.6 2,837,432.3 3,085,698.2 3,075,268.7 3,836,761.6 4,028,128.5 3,981,781.2 4,400,225.0 4,974,581.1 5,667,200.5 7,175,544.1 Singapore 90,801.2 46,255.1 27,476.5 14,236.7 22,061.2 204,215.6 128,152.6 93,295.4 227,603.6 955,530.0 1,608,022.8 Yemen 263,614.8 342,272.8 379,117.3 571,866.5 734,790.4 439,271.6 362,192.6 456,992.0 1,180,754.7 1,697,120.6 1,047,539.2 Thailand 35,140.8 155,088.6 140,299.9 147,971.0 111,444.1 105,215.7 94,324.3 87,940.9 152,740.6 121,436.1 28,623.0 UAE 1,119,157.4 1,284,684.7 1,340,649.8 1,395,130.2 1,931,357.2 1,791,062.6 1,982,406.3 2,694,755.9 3,093,574.6 3,695,524.5 5,430,018.1 Others 370,393.0 846,426.7 1,644,761.6 1,320,681.0 1,550,549.5 1,160,854.1 1,879,038.7 3,985,634.2 4,174,926.4 3,200,481.5 5,990,857.1 Total 9,737,177.2 13,654,330.2 16,785,231.9 18,906,670.1 23,645,567.4 21,122,130.8 24,229,055.8 25,512,456.4 29,322,137.8 31,431,443.1 37,161,766.5 %Share Of Continent 28.3 27.1 29.8 34.1 36.5 35.8 40.5 37.7 39.6 39.7 32.7 Australia 100,714.1 199,586.8 332,554.2 246,875.7 379,097.3 417,653.3 330,080.8 473,534.0 443,828.2 516,438.5 528,841.3 Others 15,655.1 55,913.1 67,670.3 127,756.1 77,090.7 84,325.8 157,422.4 112,992.7 181,580.2 122,034.7 197,213.0 Total 116,369.2 255,499.9 400,224.5 374,631.7 455,711.7 501,979.2 487,503.3 586,526.7 625,408.4 638,473.2 726,054.2 %Share Of Continent 0.3 0.5 0.7 0.8 0.8 0.9 0.8 0.8 0.6 Unspecified - - - - 00 0 Grand Total 34,353,821.8 50,326,683.5 56,276,324.1 55,501,084.2 64,762,746.5 59,071,421.3 59,838,549.1 67,655,057.8 73,979,052.1 79,131,074.3 113,493,412.3 Source: Ethiopian Customs Authority. Note1: Data for the year 2013 and 2014 is based on updated data from Ethiopian Revenue and Customs Authority Note2: The data for Czechoslovakia before 2013 represents the sum of Czech republic and Slovakia 2020 Africa Europe America Continents 2016 2017 2018 2019 Country of Destination 2010 2011 2012 (In Thousands of Birr) Asia Oceania 2013 2014 2015 118 | National Bank of Ethiopia Quarterly Bulletin

Continents Country 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Djibouti 152.1 4,634.1 1,880.1 19,785.9 7,252.7 4,050,783.9 13.9 1,374.8 14,392.9 642,854.3 2,266,288.6 Egypt 1,351,284.9 3,202.1 1,777,945.9 1,990,237.8 3,593,112.7 11,128.5 4,071,335.1 4,346,257.9 8,437,358.5 6,033,339.4 10,410,681.4 Ghana 3,387.4 546,341.8 2,384.4 5,687.9 1,666.1 738,056.4 2,514.6 9,412.4 3,362.3 5,384.8 24,816.0 Kenya 427,681.5 290,467.0 678,285.5 551,882.2 801,793.8 738,056.4 676,008.7 835,401.2 1,028,955.8 2,216,326.1 1,895,402.8 Libya 263,603.2 290,467.0 263,165.0 - - - 2.3 0.7 - - - Nigeria 656.3 134.8 12,412.0 82,933.2 62,055.7 220,674.6 45,219.0 940,652.6 97,234.5 3,924.2 4,438.6 Ruanda 0.6 - 28.8 378.2 59.7 32.9 68,067.4 731.4 354.6 929.2 4,365.6 Sudan 1,562,899.0 2,452,191.1 1,161,127.1 136,245.1 4,366,290.2 2,192,155.2 1,549,332.4 2,467,773.4 2,411,817.5 2,512,810.8 2,313,690.9 Tanzania 14,984.1 7,469.7 30,576.6 2,930.4 127,120.4 132,600.2 103,133.2 44,692.5 67,959.8 141,184.8 137,235.5 Uganda 8,266.7 4,869.5 1,561.2 5,177.3 3,125.9 7,381.5 6,962.2 5,846.1 18,620.8 14,951.7 78,110.9 Zambia 395.8 378.6 56.6 1,028.0 89,519.4 482.3 11,160.1 9,857.4 8,308.6 14,692.0 9,814.4 Others 2,571,172.1 3,324,070.6 5,564,554.6 2,636,616.0 4,880,495.6 8,224,429.0 8,258,583.7 13,223,694.2 13,817,153.2 15,946,009.4 20,369,845.5 Total 6,204,483.8 6,924,226.3 9,230,813.0 5,696,067.2 13,932,492.0 15,584,248.5 14,792,332.6 21,885,694.7 25,905,518.3 27,532,406.5 37,514,690.3 Austria 274,769.7 196,218.2 586,106.3 560,571.4 572,382.6 1,027,145.6 1,604,322.8 1,485,372.3 1,036,295.5 1,073,524.5 630,258.4 Belgium 1,237,381.5 1,446,630.4 2,645,543.2 1,798,980.7 4,218,543.5 5,435,019.7 5,044,164.5 4,151,772.7 5,753,624.6 8,634,959.5 5,848,999.6 Bulgaria 794,573.9 405,830.6 86,186.4 338,016.0 143,721.4 1,537,581.6 683,870.1 905,021.2 520,586.6 1,261,450.1 411,435.9 Cyprus 76,735.5 89,509.1 88,807.2 234,484.2 150,578.9 115,078.1 117,156.1 137,993.8 137,000.0 223,774.3 165,931.3 Czechoslovakia (former name) 50,204.8 191,298.4 90,640.3 118,980.3 1,130,726.8 276,843.1 531,941.0 561,777.1 725,051.0 595,259.1 481,128.9 Czech republic - - - - 1,012,206.1 236,047.0 441,959.6 531,412.2 591,755.2 521,779.0 448,591.6 Slovakia - - - - 118,520.7 40,796.1 89,981.4 30,364.9 133,295.8 73,480.1 32,537.3 Denmark 253,713.0 470,115.2 488,523.0 305,449.6 824,909.0 694,246.2 715,981.1 537,217.7 1,200,810.1 1,249,496.7 1,479,672.1 Finland 82,697.1 103,977.0 320,249.9 189,685.0 177,056.2 155,906.3 350,087.1 808,559.9 302,979.1 194,563.8 109,262.7 France 1,405,956.8 2,313,930.4 3,614,646.3 2,480,592.3 2,351,867.2 3,823,770.8 4,684,217.9 4,431,486.0 5,270,635.7 4,410,731.7 8,664,554.7 Germany 2,709,739.9 2,898,011.6 3,199,430.5 4,229,516.1 7,249,151.5 6,806,205.2 7,859,546.7 5,771,781.8 8,546,015.1 9,385,651.8 9,242,912.0 Greece 96,373.3 180,894.2 140,476.2 143,842.2 350,442.3 405,742.7 528,971.4 419,409.9 175,760.4 187,627.4 209,094.9 Hungary 47,255.7 86,698.4 212,739.3 154,821.1 294,461.0 490,887.6 530,673.3 325,514.2 426,822.1 378,765.9 513,225.0 Ireland 369,445.2 384,656.8 362,766.1 497,656.2 573,979.2 716,987.1 775,362.0 914,646.1 1,052,153.7 1,368,277.1 1,103,439.6 Italy 5,423,537.9 5,999,479.7 8,468,614.5 8,475,248.1 9,854,864.6 10,476,893.6 15,784,350.7 15,601,881.7 10,859,889.2 8,322,257.7 10,773,755.9 Netherlands 1,136,416.0 1,404,726.9 1,630,693.2 3,813,241.8 2,492,065.9 4,604,402.8 3,982,518.3 5,161,373.9 6,435,861.3 7,062,343.8 3,274,060.8 Norway 36,995.9 34,421.8 47,457.5 71,440.7 58,782.9 79,266.8 162,289.4 84,019.0 99,508.3 87,383.6 187,565.8 Poland 88,240.1 100,915.1 273,902.6 254,707.4 579,322.1 735,144.5 2,284,185.2 874,973.5 808,251.5 1,085,160.2 1,456,189.1 Portugal 107,604.0 39,090.7 77,822.2 136,508.8 215,656.2 318,933.8 243,435.8 332,054.0 267,455.3 379,815.9 243,893.1 Rumania 246,874.1 21,137.4 26,566.6 138,938.5 1,685,883.2 443,410.0 4,500,592.8 2,236,388.5 3,373,800.2 2,721,518.9 1,126,385.7 Spain 1,247,190.3 1,446,618.8 2,106,719.9 1,962,063.7 2,678,244.8 2,783,107.6 2,871,957.4 3,311,894.0 1,680,175.3 2,455,395.0 2,235,461.3 Sweden 921,184.7 1,265,562.3 1,139,661.0 1,323,169.7 844,072.1 13,232,214.3 9,427,026.6 1,154,426.4 938,218.8 1,884,142.5 1,169,306.1 Switzerland 480,341.9 474,076.0 621,634.5 783,765.0 904,299.4 1,194,286.5 1,223,807.0 1,465,077.7 1,215,947.3 2,087,148.6 2,463,804.1 Turkey 3,212,576.1 5,842,462.2 6,526,492.5 8,409,563.5 8,629,004.2 10,918,514.7 12,682,665.1 14,296,491.7 16,710,238.8 17,683,063.8 28,321,826.8 United kingdom 1,219,805.9 1,830,282.8 1,514,325.3 2,006,481.9 3,592,921.5 3,863,439.0 4,557,294.9 4,709,876.8 8,281,310.1 9,569,003.6 8,604,611.7 Russia 1,301,202.6 4,546,375.5 2,329,520.8 222,543.3 2,575,137.1 1,745,182.4 3,579,267.5 1,245,806.0 3,568,472.1 3,009,797.2 1,759,881.9 Yugoslavia 15,263.3 1,055.7 4.8 8.3 54.9 - 0.0 0.3 - - - Other 1,491,376.0 3,090,900.4 7,016,703.0 4,415,093.2 5,846,854.7 4,458,373.1 5,279,114.8 3,938,166.3 5,411,755.1 10,222,903.5 10,641,686.1 Total 24,327,455.4 34,864,875.6 43,616,233.1 43,065,369.1 57,994,983.5 76,615,426.4 90,536,740.4 74,862,982.4 84,798,617.1 95,534,016.3 101,118,343.6 Brazil 1,777,894.9 1,319,826.6 2,478,504.6 1,895,842.2 1,496,396.6 1,083,673.4 1,475,502.6 4,488,842.1 2,226,255.8 716,227.8 1,347,349.3 Canada 188,981.3 362,112.3 266,442.2 535,973.0 1,196,802.2 753,274.2 1,451,315.7 1,353,867.2 2,042,114.6 1,744,497.1 2,325,081.5 Cuba 4,401.7 927.4 306.3 3,419.1 1,558.3 3,976.4 1,294.5 15,130.0 1,851.3 2,641.6 2,031.7 Mexico 22,287.0 30,857.6 37,034.6 57,572.7 180,610.0 159,440.1 126,433.0 249,402.2 204,860.2 224,104.3 284,611.6 United states 6,307,462.0 6,964,847.9 6,741,540.1 9,427,071.5 15,380,630.1 18,383,911.5 28,006,664.4 30,200,872.0 43,410,573.0 25,735,703.1 28,278,445.3 Others 89,336.7 807,104.4 1,991,585.8 177,236.2 226,806.2 684,766.3 303,572.4 201,799.7 270,818.2 386,632.9 4,160,665.7 Total 8,390,363.6 9,485,676.2 11,515,413.5 12,097,114.8 18,482,803.4 21,069,041.8 31,364,782.7 36,509,913.2 48,156,473.2 28,809,806.7 36,398,185.0 China, mainland 20,602,808.4 24,964,592.5 38,886,267.6 50,218,738.1 100,672,421.4 127,862,137.6 112,557,147.3 107,569,979.9 108,861,577.7 113,000,343.3 119,518,584.0 China, Taiwan 376,922.5 494,760.7 1,070,584.7 1,106,850.9 1,333,948.4 1,427,654.5 1,106,997.8 1,297,890.5 1,284,754.0 2,229,952.5 2,336,180.0 Hong Kong 54,097.6 24,128.9 58,718.2 54,377.6 80,091.6 276,928.2 1,370,238.4 2,768,923.7 842,521.2 182,565.5 1,165,685.5 India 8,485,196.5 12,394,362.3 17,878,819.6 21,273,934.9 21,787,752.1 24,344,942.9 28,557,164.8 24,233,274.2 30,907,887.7 36,796,683.5 51,369,798.5 Israel 157,777.6 273,165.9 567,716.2 298,154.8 507,607.3 614,145.1 548,689.5 1,792,675.0 616,386.7 711,291.6 592,680.2 Japan 6,609,442.1 7,450,651.8 8,341,760.9 9,462,530.3 12,180,142.5 15,185,118.0 14,472,925.3 14,722,312.6 11,330,510.1 9,260,462.8 3,990,031.8 N.korea, pdrk 57,079.2 216,777.9 268,093.4 185,433.0 103,493.8 107,552.8 91,536.9 531,235.1 48,542.2 529,388.8 116,388.0 S.korea 1,297,821.7 2,686,000.2 3,835,763.8 3,118,319.6 4,771,125.3 4,962,100.1 3,961,888.7 5,588,986.2 5,048,443.2 4,835,162.6 6,559,501.4 Kuwait 43,653.2 3,749,483.5 12,995,081.0 4,762,763.2 13,571,707.6 13,326,143.0 13,519,748.9 22,424,256.5 43,310,223.7 46,876,977.5 12,333,071.7 Lebanon 19,775.1 28,525.2 51,159.7 42,125.5 80,978.2 167,754.4 106,810.2 842,739.1 44,331.3 40,490.3 26,980.9 Malaysia 3,130,091.0 4,397,300.9 3,014,971.9 2,718,544.1 2,864,220.8 3,588,092.8 6,251,135.7 7,515,151.6 10,079,304.3 5,928,016.9 10,744,285.1 Pakistan 717,542.9 1,824,377.7 878,501.4 964,168.7 1,175,982.7 1,011,155.3 746,091.4 1,937,665.6 2,555,083.2 814,628.1 1,261,370.2 Saudi arabia 14,585,404.2 15,067,036.6 28,393,519.1 16,170,927.0 24,724,120.4 10,284,257.6 6,497,893.0 12,937,477.5 6,956,990.3 10,277,787.4 12,108,482.4 Singapore 73,829.9 68,565.3 93,538.1 88,852.5 236,105.2 323,455.3 516,905.1 446,466.6 420,391.9 1,526,703.7 9,665,483.2 Yemen 115,687.0 217,722.0 469,194.0 214,434.9 661,267.0 132,071.4 91,481.4 434,498.0 51,446.3 67,926.9 115,865.8 Thailand 1,695,555.9 2,157,711.7 2,455,430.1 3,140,867.6 4,079,354.5 3,079,839.3 2,977,140.6 4,782,068.8 4,745,788.4 3,287,134.1 5,217,010.0 Others 21,375,395.7 30,072,336.9 24,120,693.6 49,942,427.1 21,445,674.0 23,351,348.7 26,277,780.3 35,575,126.7 33,814,176.7 34,876,835.4 45,287,736.4 Total 79,398,080.7 106,087,500.1 143,379,813.3 163,763,449.8 210,275,992.7 230,044,697.0 219,651,575.4 245,400,727.6 260,918,358.8 271,242,350.8 282,409,134.9 Australia 308,547.5 312,015.7 243,040.2 287,605.2 140,252.3 215,659.7 327,371.5 471,334.6 236,354.3 183,256.3 454,217.0 Others 57,613.8 47,482.6 116,775.0 58,518.3 220,646.7 120,412.3 136,368.6 125,049.3 - 134,316.0 156,031.4 Total 366,161.3 359,498.3 359,815.2 346,123.5 360,899.1 336,072.0 463,740.1 471,334.6 361,403.5 317,572.3 610,248.4 Grand total 118,686,544.73 157,721,776.48 208,102,088.03 224,968,124.45 301,047,170.69 343,649,485.7 356,809,171.2 379,130,652.5 420,140,371.0 423,436,152.7 458,050,602.2 Source: Ethiopian Customs Authority Africa (In thousands of Birr ) Table 23 B: Ethiopia: Direction of External Trade: IMPORT 2010 America Asia Oceania Europe First Quarter 2020/21 | 119

Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Y ZAB CDE F GH I J K LMNO P Djibouti 36.9 0.2 34.0 0.1 31.4 2.0 26.2 7.1 35.2 7.7 26.3 5.3 27.5 4.7 29.4 20.5 21.0 22.8 Egypt 1.7 53.5 4.3 57.1 17.0 63.8 2.4 49.8 0.8 43.3 1.0 51.4 2.8 95.3 0.7 102.3 1.4 42.4 Ghana 1.2 0.0 0.3 0.1 0.0 0.0 0.4 0.1 0.1 0.0 0.1 0.3 0.0 0.1 0.4 0.1 Kenya 6.2 10.8 2.2 10.3 4.3 9.3 7.7 10.3 6.0 13.0 4.8 41.3 2.3 17.4 1.4 13.7 1.9 12.0 Libia - - - - - - - - - - - - - - - - - - Morocco 0.0 0.7 0.4 0.8 0.1 130.2 0.0 182.0 0.0 0.0 0.1 0.4 - 284.7 0.3 140.1 0.5 1.4 Nigeria 2.5 1.4 3.8 0.1 3.3 0.0 2.2 0.0 3.3 0.1 1.7 0.1 5.4 0.1 0.9 0.0 3.2 0.0 Ruwanda 1.1 0.0 0.2 0.0 0.1 - 0.0 - 0.1 0.0 0.1 0.0 - 0.1 0.5 - Somali Land - 0.1 - 0.1 - 0.4 - 0.0 - 0.3 - 0.1 - 0.1 - 0.0 - 0.1 Somalia 70.0 - 66.7 - 59.4 - 61.1 - 78.7 - 48.1 - 47.3 - 56.6 - 34.5 - South Africa 2.0 46.9 2.3 53.6 2.5 106.1 1.7 37.7 2.0 35.2 1.1 54.7 2.2 64.0 1.6 29.9 1.6 40.3 Sudan 14.6 9.9 22.2 16.6 21.0 30.6 10.4 24.8 9.8 26.3 17.9 5.8 20.4 19.1 20.0 22.2 23.2 19.4 Tanzania 0.2 0.8 0.1 0.9 0.2 1.0 0.5 1.0 0.3 1.0 0.0 1.8 1.1 0.9 1.0 2.3 0.9 0.4 Uganda 0.1 0.2 0.1 0.4 0.1 0.2 0.1 0.2 0.1 0.1 0.3 0.7 Zambia 0.9 0.0 0.3 0.3 0.1 - 0.0 0.5 0.3 0.0 - 0.0 1.8 0.0 2.2 0.2 Zembabwe 0.1 0.0 0.1 0.0 0.1 - 0.0 - 0.0 0.2 0.0 0.3 0.0 - Others 5.4 3.2 7.3 6.7 5.7 1.8 9.9 4.7 10.5 1.2 30.2 1.3 43.8 19.7 17.8 1.0 61.8 3.1 Total 142.9 127.7 144.3 147.0 145.2 345.5 122.4 318.1 147.5 128.2 131.4 162.4 154.8 506.9 129.7 332.8 153.2 143.0 %Share Of Continent 22.75 0.00 24.68 3.31 21.13 9.69 16.01 9.28 20.40 3.42 23.28 4.25 20.43 13.98 13.76 12.38 18.36 4.11 Austria 0.0 9.3 0.0 4.5 0.0 11.3 0.0 11.7 0.0 6.8 0.0 7.3 0.0 6.3 0.0 3.0 0.0 6.0 Belgium 19.7 38.9 11.5 130.2 10.6 48.8 19.3 124.6 22.4 43.6 12.5 79.8 21.2 90.9 24.4 27.2 20.7 20.3 Bulgaria 0.9 16.2 0.5 1.4 1.2 14.0 0.8 13.2 0.5 7.0 0.3 8.9 1.3 0.3 0.5 0.5 0.6 10.2 Cyprus 0.2 1.1 - 1.0 0.1 1.9 0.2 1.2 0.1 1.5 - 3.1 0.3 1.4 0.3 0.7 - 1.6 Czech Republic 0.0 7.2 0.1 5.5 0.0 4.0 0.1 9.4 0.0 2.9 - 1.9 0.0 9.5 0.0 1.1 0.0 1.4 Slovakia 0.0 0.3 0.0 0.3 - 0.5 0.0 0.8 0.0 0.4 0.0 0.9 - 0.4 - 0.4 0.0 0.1 Denmark 0.1 7.6 0.2 25.6 0.3 12.4 0.5 10.6 0.2 7.0 0.2 13.2 0.2 13.4 0.2 7.1 0.3 18.7 Finland 1.6 4.8 0.1 1.9 1.5 2.3 1.6 0.4 0.1 3.7 0.0 0.3 1.1 0.6 2.4 1.2 0.0 0.5 France 6.0 43.2 4.0 56.1 3.4 28.6 6.7 28.1 6.2 37.0 9.3 56.9 5.4 31.0 7.5 133.5 5.5 50.8 Germany 35.5 79.6 18.0 82.9 22.0 79.9 37.0 79.3 49.2 68.1 33.2 95.5 36.7 75.7 41.6 57.1 29.8 74.5 Greece 0.8 1.9 0.7 1.2 2.8 2.4 3.4 1.1 1.0 1.1 0.8 1.8 1.1 2.5 1.2 0.9 0.8 1.6 Hungary 0.4 3.9 0.2 3.8 0.1 1.6 0.1 3.9 0.2 3.4 0.0 4.1 0.1 1.7 0.1 4.3 0.3 3.0 Ireland 0.2 14.9 0.2 8.5 0.2 12.6 0.2 10.5 0.1 11.0 0.1 12.9 0.1 8.4 0.0 6.6 0.0 10.2 Italy 12.6 91.8 5.0 99.0 8.0 85.5 17.5 66.1 11.1 71.9 9.2 63.5 7.2 76.9 16.7 50.9 10.8 83.3 Netherlands 45.1 30.3 43.0 27.6 53.2 20.7 69.3 105.2 81.2 95.4 65.5 22.3 82.5 23.7 79.2 13.5 78.7 31.8 Norway 1.5 0.7 1.4 1.3 1.7 0.8 2.6 0.2 3.6 1.3 2.9 0.7 2.8 3.0 3.0 0.3 2.2 1.9 Poland 0.3 10.3 0.0 6.2 0.1 11.5 0.1 5.9 0.3 7.0 0.3 12.8 0.1 5.0 0.2 4.2 0.2 8.8 Portugal 1.2 2.6 1.9 1.7 2.0 3.0 2.3 7.4 0.6 2.0 1.2 0.8 1.7 2.6 1.0 1.1 1.2 2.7 Rumania 0.0 73.3 0.4 15.0 0.0 9.9 - 33.1 0.1 38.6 0.3 12.2 0.3 0.5 0.1 0.2 0.0 30.9 Spain 5.2 15.8 2.9 22.4 4.8 21.7 4.6 15.9 4.2 17.8 3.7 28.6 3.7 17.5 3.4 17.1 4.6 15.7 Sweden 1.5 6.8 1.5 11.7 1.3 3.1 1.6 24.4 1.5 28.3 1.0 9.1 1.8 3.7 1.5 14.9 1.4 3.1 Switzerland 15.8 19.5 4.4 9.3 3.8 6.8 5.3 27.8 7.0 32.3 7.8 5.1 14.4 6.7 169.6 28.4 204.4 5.8 Turkey 2.6 160.9 13.7 166.4 19.6 137.7 4.7 142.1 3.8 151.0 8.2 176.0 13.5 158.0 8.5 126.6 4.9 375.5 Ukraine 0.3 38.3 0.1 71.3 0.4 36.7 0.5 32.1 0.4 140.6 0.2 106.0 0.3 40.0 0.3 52.0 0.4 29.1 United Kingdom 10.5 116.5 7.6 69.2 11.1 84.2 12.6 56.6 10.4 52.1 6.5 133.6 8.8 30.0 8.0 80.6 9.1 53.3 Russia 1.7 56.1 2.8 17.9 3.9 41.0 4.0 8.1 3.6 45.7 2.2 9.8 3.5 5.5 2.5 9.5 3.3 4.0 Yugoslavia - - - - - - - - - - - - - - - - - - Others 8.1 7.7 11.3 12.2 12.2 21.1 14.4 3.4 10.7 7.0 6.2 3.6 15.4 10.0 17.7 2.5 2.9 4.9 Total 171.4 859.3 131.6 854.1 164.5 704.0 209.4 823.2 218.3 884.6 171.5 870.8 223.5 625.4 389.7 645.5 382.2 849.5 %Share Of Continent 27.30 0.00 22.51 19.25 23.93 19.75 27.38 24.01 30.19 23.61 30.40 22.80 29.50 17.25 41.33 24.01 45.79 24.41 Brazil 0.0 41.8 0.0 11.2 0.0 7.7 0.0 9.4 - 3.8 - 3.9 - 5.1 - 4.2 - 21.2 Canada 4.4 12.1 2.9 21.3 2.4 5.6 4.4 11.2 2.8 4.8 3.3 37.8 4.2 26.6 4.2 7.6 3.6 4.3 Cuba - 0.0 - 0.0 - 0.0 - 0.1 - 0.0 - - - 0.1 - - - - Mexico 1.0 3.7 0.2 1.1 2.2 0.6 1.3 3.4 0.5 1.6 0.2 2.1 0.3 3.1 1.3 1.0 0.6 0.8 United States 50.6 166.1 25.5 949.8 47.7 180.9 69.5 73.0 42.6 307.3 39.1 316.7 46.3 299.8 84.5 147.2 59.0 157.5 Others 13.0 2.3 15.7 2.0 25.7 1.5 33.7 7.3 34.4 1.9 12.0 2.6 30.7 102.9 9.2 15.7 1.5 4.9 Total 69.0 226.0 44.2 985.4 78.0 196.3 109.0 104.4 80.3 319.4 54.5 363.1 81.4 437.6 99.2 175.6 64.7 188.7 %Share Of Continent 10.98 0.00 7.56 22.21 11.34 5.51 14.25 3.05 11.10 8.53 9.66 9.51 10.74 12.07 10.52 6.53 7.75 5.42 China, Mainland 40.6 1,083.1 35.4 959.8 34.5 1,001.0 35.3 876.1 19.4 933.9 20.0 1,072.7 23.3 894.5 21.2 710.4 13.1 918.0 China, Taiwan 5.2 12.5 2.1 16.5 2.6 12.7 5.6 10.9 4.9 25.5 2.4 26.9 3.3 13.5 11.7 23.8 5.2 17.8 Hong Kong 3.1 2.8 3.0 2.4 2.9 2.7 2.8 1.8 1.5 1.2 1.6 0.7 5.2 1.4 3.7 0.6 3.7 18.2 India 7.5 266.2 14.0 367.8 25.2 335.3 39.4 260.3 22.3 329.1 16.3 341.2 11.1 286.6 6.7 131.9 9.6 569.7 Indonesia 7.9 71.5 11.4 84.6 5.9 69.0 3.8 55.8 10.5 72.0 5.6 59.4 7.4 80.9 6.1 70.6 6.6 111.0 Israel 18.6 7.3 29.5 7.7 31.6 8.3 26.1 2.3 27.2 5.2 24.8 8.6 36.3 6.0 13.6 3.4 18.0 3.1 Japan 26.6 80.5 24.6 99.7 29.9 93.2 40.9 101.5 32.8 80.7 19.6 45.4 25.2 32.4 35.7 21.8 20.9 32.2 N.Korea, Pdrk 0.2 0.3 0.1 0.5 0.0 0.7 0.1 15.9 0.0 0.5 - 1.4 0.0 0.9 0.0 0.3 S.Korea 12.5 46.2 8.5 50.7 10.9 40.5 14.4 43.0 16.7 39.5 7.8 43.6 15.9 44.3 23.7 58.9 15.2 41.0 Kuwait 0.6 514.6 0.6 381.3 0.8 202.6 1.5 560.9 1.2 421.1 0.8 417.3 0.8 141.0 0.8 107.5 1.4 116.0 Lebanon 0.8 0.4 0.5 0.4 0.3 0.2 0.5 0.3 0.4 0.4 1.0 0.5 0.7 0.1 0.1 0.0 0.2 0.2 Malaysia 0.0 84.3 0.0 115.1 0.1 65.5 0.6 56.4 1.3 37.4 0.2 45.4 0.3 36.4 1.9 32.2 1.9 125.5 Pakistan 2.7 24.7 2.1 14.5 1.0 4.4 0.5 6.2 0.2 5.8 0.4 11.3 5.5 5.9 5.8 8.3 5.4 8.2 Saudi Arabia 42.2 41.4 45.5 89.8 47.8 85.2 47.5 28.2 55.3 56.5 44.7 181.7 55.5 121.7 51.5 97.6 53.3 60.2 Singapore 1.2 4.0 1.8 4.3 8.0 28.5 10.9 4.9 7.5 9.6 6.6 10.0 16.4 113.4 8.3 64.0 6.2 104.2 Yemen 11.3 0.6 10.3 0.7 17.5 0.7 16.4 0.6 18.5 0.7 6.3 0.4 6.7 0.6 6.8 0.7 9.5 1.3 Thailand 1.1 72.0 1.3 48.2 1.2 32.0 1.2 28.5 0.9 27.3 1.0 25.7 0.3 30.1 0.1 18.7 0.4 25.1 UAE 28.2 102.4 26.9 135.7 39.2 221.4 37.7 90.8 23.5 98.3 26.6 99.3 47.5 193.7 26.9 155.4 32.0 115.1 Others 25.0 51.5 43.7 63.7 37.2 113.4 30.2 35.4 25.7 265.6 18.2 30.3 33.3 50.4 93.7 22.4 24.5 25.9 Total 235.1 2,466.2 261.3 2,443.4 295.9 2,317.3 315.2 2,179.9 269.8 2,410.2 204.0 2,421.6 294.8 2,052.8 318.0 1,529.1 227.1 2,292.8 %Share Of Continent 37.44 0.00 44.69 55.08 43.04 65.00 41.21 63.58 37.32 64.33 36.15 63.39 38.91 56.61 33.72 56.87 27.21 65.88 Australia 7.3 2.2 3.0 4.4 2.7 1.3 7.6 1.7 5.0 2.2 2.5 1.1 2.5 2.1 4.9 4.3 6.2 5.5 Others 2.4 0.7 0.2 2.0 0.6 0.7 1.2 1.3 2.1 1.7 0.3 0.9 0.7 1.5 1.3 1.3 1.2 0.9 Total 9.7 2.9 3.3 6.4 3.9 2.0 8.8 3.0 7.1 4.0 2.9 2.0 3.2 3.6 6.3 5.7 7.5 6.3 % Share Of Continent 1.54 0.00 0.56 0.14 0.56 0.06 1.15 0.09 0.99 0.11 0.51 0.05 0.42 0.10 0.66 0.21 0.89 0.18 Unspecified Unspecified - - - - - - - - - - - - - - - - Grand Total Grand Total 628.0 3,682.1 584.6 4,436.3 687.5 3,565.0 764.9 3,428.6 723.0 3,746.4 564.2 3,820.0 757.6 3,626.3 942.9 2,688.7 834.7 3,480.3 Table 24: Direction of Trade** Source: Ethiopian Ministry of Revenues

Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise Country of Origin 2018/19 2019/20 2020/21 QII QIII QIV QI QIII QIV Europe: America: Asia: Oceania: QI Africa: QI QII 120 | 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 Cereals and Flour Natural Gum Civet July 18,421.7 22,651.0 536.0 19,149.2 1,468.1 16,544.7 5,114.0 0.1 - 3,788.0 4,136.4 - - 2.7 - 2,676.8 4,882.9 274.8 - August 20,725.9 23,644.8 599.0 25,091.6 1,928.7 17,652.8 8,529.4 0.4 - 9,204.1 5,441.3 - 18.0 31.0 650.8 1,347.1 994.2 140.8 - September 16,714.7 23,187.0 443.5 24,517.7 1,300.8 12,628.7 1,687.3 0.3 - 2,190.6 1,632.1 - - - 196.3 1,149.0 775.8 82.0 - 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 6,652.9 497.6 - October 18,908.4 23,403.8 530.8 28,865.5 1,385.9 15,119.8 1,127.0 0.1 - 2,317.9 3,450.6 - 71.5 333.8 54.0 1,141.2 730.3 355.0 - November 17,425.2 36,938.4 535.4 41,696.3 1,366.5 16,468.2 641.3 0.3 - 954.5 4,273.5 - 54.0 10.0 400.5 1,238.7 859.5 198.0 - December 15,177.6 57,316.3 608.5 39,830.5 1,406.9 15,779.2 950.5 0.1 - 1,078.7 3,452.2 - - 1,788.8 702.3 1,047.1 323.1 552.0 - 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 1,912.9 1,105.0 - January 13,515.2 35,701.9 511.7 47,978.4 1,655.1 14,180.6 2,518.4 0.8 - 940.2 3,916.7 - 33.5 227.4 262.8 1,257.8 452.1 176.1 - February 16,609.5 37,012.8 447.2 47,198.4 1,573.7 13,688.1 4,004.7 0.1 - 1,543.3 3,502.9 - 17.5 171.0 434.2 1,335.3 1,030.5 88.2 - March 22,242.5 32,791.0 505.6 53,332.5 1,787.3 16,286.3 1,755.4 0.4 - 1,970.4 4,601.9 - 65.5 235.4 569.6 1,398.1 1,017.0 167.3 - 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 2,499.6 431.6 - April 25,595.4 22,606.6 489.2 43,767.7 1,846.1 15,813.4 985.0 0.1 - 3,152.6 4,613.6 - 18.6 46.2 259.0 1,263.2 311.5 233.0 - May 26,151.6 13,867.1 566.3 32,307.4 2,292.8 18,497.4 5,120.0 0.1 - 2,280.2 3,640.8 - 47.1 2.0 - 1,474.0 339.8 62.0 - June 27,084.9 19,427.2 627.8 34,326.3 1,942.9 16,317.6 3,525.0 0.0 - 2,516.5 4,361.9 - 33.0 12.1 - 1,433.7 88.5 153.5 - 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 4,170.9 739.8 448.5 - July 17,934.6 18,222.7 527.9 23,847.8 1,406.3 13,267.2 2,805.1 0.2 - 2,306.7 4,246.8 - 35.0 2.0 97.6 1,620.6 227.5 16.0 - August 23,703.3 15,065.9 544.4 23,684.9 1,972.3 14,632.7 2,513.0 0.1 - 3,578.0 5,275.8 - - 30.4 84.4 1,592.0 97.6 18.1 - September 17,561.2 9,082.2 467.5 21,590.3 1,324.5 13,709.2 2,037.0 0.1 - 1,295.4 4,706.1 - 53.0 256.1 - 1,379.0 228.8 74.0 - 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 4,591.6 553.9 108.1 - October 17,698.7 7,939.5 669.5 35,875.3 1,433.1 15,615.0 1,711.4 0.1 - 983.5 5,174.6 - 5.0 10.4 - 1,611.7 63.2 109.1 - November 13,272.6 24,457.8 629.7 33,669.4 1,410.7 13,827.5 1,358.2 0.0 - 485.9 4,618.5 - 17.5 15.5 - 1,486.3 29.0 32.0 - December 13,003.9 28,310.9 426.3 40,001.6 1,490.7 12,977.1 5,775.1 0.0 - 850.6 4,467.6 - 9.3 19.1 - 1,704.1 172.0 56.3 - 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 - 4,802.1 264.2 197.4 - January 11,181.3 26,518.6 321.3 47,164.1 1,627.9 13,776.4 2,503.3 0.0 - 845.6 3,929.1 - 16.0 8.0 70.9 1,617.8 286.4 211.0 - February 16,218.2 27,807.6 410.7 54,974.1 1,382.1 13,509.9 5,001.7 0.0 - 2,336.5 4,249.3 - 36.0 11.5 - 1,621.3 811.2 18.2 - March 20,740.3 32,934.5 434.0 48,207.6 1,407.6 14,134.7 2,501.2 0.0 - 3,884.2 4,351.2 - 17.5 15.6 - 1,919.0 595.3 164.8 - 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 1,692.9 393.9 - April 21,830.5 30,188.3 374.8 50,499.5 1,540.6 16,332.3 7,500.3 0.0 - 2,754.2 4,422.8 - 40.4 10.0 - 1,882.4 328.3 113.2 - May 28,465.5 22,715.4 354.2 43,996.0 1,659.8 17,211.1 2,500.0 0.0 - 1,785.6 3,936.6 - 19.0 4.5 - 1,622.7 443.8 129.3 - June 29,321.4 16,758.4 430.0 39,311.0 1,063.6 16,626.7 7,500.0 0.1 - 3,240.3 4,187.6 - 34.5 3.0 - 1,831.8 297.0 169.5 - 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 1,069.0 411.9 - July 26,513.4 12,313.3 332.2 30,173.9 1,329.1 17,681.2 - 0.1 - 7,395.9 4,985.2 - 12.0 2.1 - 2,333.2 103.1 16.0 - August 30,304.2 13,750.8 429.6 32,588.5 1,420.4 18,119.0 5,000.0 0.1 - 1,712.3 6,583.5 - 36.0 7.7 - 2,562.1 344.8 174.9 - September 23,713.3 8,962.0 360.9 24,841.6 904.5 13,005.7 2,500.2 0.0 - 3,390.6 4,713.5 - 18.0 6.9 - 2,038.7 222.0 518.7 - 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 - 6,934.0 669.8 709.6 - October 19,978.8 6,860.2 486.2 32,704.2 12,325.4 925.0 1.6 0.0 - 1,673.1 4,707.5 - 44.0 8.5 - 1,783.5 57.6 140.6 - November 18,336.8 12,559.1 333.8 26,081.7 1,017.7 15,358.6 3.3 0.0 - 1,741.0 4,730.9 - - 6.7 - 2,122.9 72.3 112.0 - December 14,212.5 16,150.1 311.4 22,987.2 1,129.1 15,771.1 2,502.3 0.1 - 1,359.7 4,732.7 - - 2.0 - 1,883.5 34.7 59.0 - Qtr II 52,528.2 35,569.5 1,131.4 81,773.1 3,071.7 43,455.2 2,507.1 0.2 - 4,773.8 14,171.1 - 44.0 17.2 - 5,789.9 164.6 311.6 - January 16,602.3 28,869.8 276.1 22,254.3 1,131.0 11,624.2 2,502.9 0.1 - 1,815.4 4,777.9 - 23.0 2.3 - 1,983.9 194.8 150.0 - February 17,470.5 24,446.4 227.2 34,313.8 1,170.3 16,401.1 2,502.3 0.0 - 2,035.0 5,105.7 - - 8.0 - 2,046.2 547.9 16.6 - March 27,045.7 35,198.2 282.0 31,067.1 910.7 19,220.8 2.1 0.2 - 930.7 4,591.1 - 17.5 6.1 - 1,888.6 310.4 30.0 - Qtr III 61,118.6 88,514.3 785.3 87,635.3 3,211.9 47,246.0 5,007.3 0.3 - 4,781.0 14,474.7 - 40.5 16.4 - 5,918.7 1,053.1 196.6 - April 25,143.3 35,313.1 123.3 34,542.4 969.1 20,948.1 0.4 1.0 - 2,178.1 3,195.1 - 18.0 10.1 40.0 1,293.8 700.3 64.7 - May 25,982.6 27,132.5 172.9 38,098.8 1,042.9 21,648.9 2,500.0 0.8 - 2,540.8 4,537.2 - 72.0 2.0 40.0 1,405.0 1,049.1 86.1 - June 25,808.0 14,949.0 215.7 24,356.9 870.3 9,079.0 - 0.8 - 2,623.1 4,475.9 - 17.5 13.7 - 1,457.0 1,033.2 16.1 - Qtr IV 76,933.9 77,394.6 511.9 96,998.1 2,882.3 51,676.1 2,500.4 2.6 - 7,342.0 12,208.2 - 107.5 25.8 80.0 4,155.8 2,782.6 166.8 - July 19,045.3 10,723.8 233.5 19,346.9 1,222.3 14,729.8 2,500.0 1.0 2,878.0 - 4,216.8 - 31.5 5.3 - 2,265.5 1,088.0 43.5 - August 20,022.6 17,142.7 164.9 24,890.7 968.6 11,641.0 - 0.9 - 2,023.0 6,353.7 - 18.0 3.6 - 2,199.9 970.2 81.0 - September 39,067.8 27,866.4 398.4 44,237.6 2,190.9 26,370.7 2,500.0 0.8 - 4,901.0 10,570.5 - 49.5 9.0 - 4,465.4 2,058.1 124.5 - Qtr I 78,135.6 55,732.8 796.8 88,475.2 4,381.9 52,741.5 5,000.0 2.7 - 9,802.0 21,141.0 - 99.0 17.9 - 8,930.8 4,116.3 249.0 - Table 25: Volume of Exports, by Major Commodity Groups Source: Ethiopian Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) 2020/21 ( In metric tone) Period 2017/18 2018/19 2019/20 Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Y ZAB CDE F GH I J K LMNO P Djibouti 36.9 0.2 34.0 0.1 31.4 2.0 26.2 7.1 35.2 7.7 26.3 5.3 27.5 4.7 29.4 20.5 21.0 22.8 Egypt 1.7 53.5 4.3 57.1 17.0 63.8 2.4 49.8 0.8 43.3 1.0 51.4 2.8 95.3 0.7 102.3 1.4 42.4 Ghana 1.2 0.0 0.3 0.1 0.0 0.0 0.4 0.1 0.1 0.0 0.1 0.3 0.0 0.1 0.4 0.1 Kenya 6.2 10.8 2.2 10.3 4.3 9.3 7.7 10.3 6.0 13.0 4.8 41.3 2.3 17.4 1.4 13.7 1.9 12.0 Libia - - - - - - - - - - - - - - - - - - Morocco 0.0 0.7 0.4 0.8 0.1 130.2 0.0 182.0 0.0 0.0 0.1 0.4 - 284.7 0.3 140.1 0.5 1.4 Nigeria 2.5 1.4 3.8 0.1 3.3 0.0 2.2 0.0 3.3 0.1 1.7 0.1 5.4 0.1 0.9 0.0 3.2 0.0 Ruwanda 1.1 0.0 0.2 0.0 0.1 - 0.0 - 0.1 0.0 0.1 0.0 - 0.1 0.5 - Somali Land - 0.1 - 0.1 - 0.4 - 0.0 - 0.3 - 0.1 - 0.1 - 0.0 - 0.1 Somalia 70.0 - 66.7 - 59.4 - 61.1 - 78.7 - 48.1 - 47.3 - 56.6 - 34.5 - South Africa 2.0 46.9 2.3 53.6 2.5 106.1 1.7 37.7 2.0 35.2 1.1 54.7 2.2 64.0 1.6 29.9 1.6 40.3 Sudan 14.6 9.9 22.2 16.6 21.0 30.6 10.4 24.8 9.8 26.3 17.9 5.8 20.4 19.1 20.0 22.2 23.2 19.4 Tanzania 0.2 0.8 0.1 0.9 0.2 1.0 0.5 1.0 0.3 1.0 0.0 1.8 1.1 0.9 1.0 2.3 0.9 0.4 Uganda 0.1 0.2 0.1 0.4 0.1 0.2 0.1 0.2 0.1 0.1 0.3 0.7 Zambia 0.9 0.0 0.3 0.3 0.1 - 0.0 0.5 0.3 0.0 - 0.0 1.8 0.0 2.2 0.2 Zembabwe 0.1 0.0 0.1 0.0 0.1 - 0.0 - 0.0 0.2 0.0 0.3 0.0 - Others 5.4 3.2 7.3 6.7 5.7 1.8 9.9 4.7 10.5 1.2 30.2 1.3 43.8 19.7 17.8 1.0 61.8 3.1 Total 142.9 127.7 144.3 147.0 145.2 345.5 122.4 318.1 147.5 128.2 131.4 162.4 154.8 506.9 129.7 332.8 153.2 143.0 %Share Of Continent 22.75 0.00 24.68 3.31 21.13 9.69 16.01 9.28 20.40 3.42 23.28 4.25 20.43 13.98 13.76 12.38 18.36 4.11 Austria 0.0 9.3 0.0 4.5 0.0 11.3 0.0 11.7 0.0 6.8 0.0 7.3 0.0 6.3 0.0 3.0 0.0 6.0 Belgium 19.7 38.9 11.5 130.2 10.6 48.8 19.3 124.6 22.4 43.6 12.5 79.8 21.2 90.9 24.4 27.2 20.7 20.3 Bulgaria 0.9 16.2 0.5 1.4 1.2 14.0 0.8 13.2 0.5 7.0 0.3 8.9 1.3 0.3 0.5 0.5 0.6 10.2 Cyprus 0.2 1.1 - 1.0 0.1 1.9 0.2 1.2 0.1 1.5 - 3.1 0.3 1.4 0.3 0.7 - 1.6 Czech Republic 0.0 7.2 0.1 5.5 0.0 4.0 0.1 9.4 0.0 2.9 - 1.9 0.0 9.5 0.0 1.1 0.0 1.4 Slovakia 0.0 0.3 0.0 0.3 - 0.5 0.0 0.8 0.0 0.4 0.0 0.9 - 0.4 - 0.4 0.0 0.1 Denmark 0.1 7.6 0.2 25.6 0.3 12.4 0.5 10.6 0.2 7.0 0.2 13.2 0.2 13.4 0.2 7.1 0.3 18.7 Finland 1.6 4.8 0.1 1.9 1.5 2.3 1.6 0.4 0.1 3.7 0.0 0.3 1.1 0.6 2.4 1.2 0.0 0.5 France 6.0 43.2 4.0 56.1 3.4 28.6 6.7 28.1 6.2 37.0 9.3 56.9 5.4 31.0 7.5 133.5 5.5 50.8 Germany 35.5 79.6 18.0 82.9 22.0 79.9 37.0 79.3 49.2 68.1 33.2 95.5 36.7 75.7 41.6 57.1 29.8 74.5 Greece 0.8 1.9 0.7 1.2 2.8 2.4 3.4 1.1 1.0 1.1 0.8 1.8 1.1 2.5 1.2 0.9 0.8 1.6 Hungary 0.4 3.9 0.2 3.8 0.1 1.6 0.1 3.9 0.2 3.4 0.0 4.1 0.1 1.7 0.1 4.3 0.3 3.0 Ireland 0.2 14.9 0.2 8.5 0.2 12.6 0.2 10.5 0.1 11.0 0.1 12.9 0.1 8.4 0.0 6.6 0.0 10.2 Italy 12.6 91.8 5.0 99.0 8.0 85.5 17.5 66.1 11.1 71.9 9.2 63.5 7.2 76.9 16.7 50.9 10.8 83.3 Netherlands 45.1 30.3 43.0 27.6 53.2 20.7 69.3 105.2 81.2 95.4 65.5 22.3 82.5 23.7 79.2 13.5 78.7 31.8 Norway 1.5 0.7 1.4 1.3 1.7 0.8 2.6 0.2 3.6 1.3 2.9 0.7 2.8 3.0 3.0 0.3 2.2 1.9 Poland 0.3 10.3 0.0 6.2 0.1 11.5 0.1 5.9 0.3 7.0 0.3 12.8 0.1 5.0 0.2 4.2 0.2 8.8 Portugal 1.2 2.6 1.9 1.7 2.0 3.0 2.3 7.4 0.6 2.0 1.2 0.8 1.7 2.6 1.0 1.1 1.2 2.7 Rumania 0.0 73.3 0.4 15.0 0.0 9.9 - 33.1 0.1 38.6 0.3 12.2 0.3 0.5 0.1 0.2 0.0 30.9 Spain 5.2 15.8 2.9 22.4 4.8 21.7 4.6 15.9 4.2 17.8 3.7 28.6 3.7 17.5 3.4 17.1 4.6 15.7 Sweden 1.5 6.8 1.5 11.7 1.3 3.1 1.6 24.4 1.5 28.3 1.0 9.1 1.8 3.7 1.5 14.9 1.4 3.1 Switzerland 15.8 19.5 4.4 9.3 3.8 6.8 5.3 27.8 7.0 32.3 7.8 5.1 14.4 6.7 169.6 28.4 204.4 5.8 Turkey 2.6 160.9 13.7 166.4 19.6 137.7 4.7 142.1 3.8 151.0 8.2 176.0 13.5 158.0 8.5 126.6 4.9 375.5 Ukraine 0.3 38.3 0.1 71.3 0.4 36.7 0.5 32.1 0.4 140.6 0.2 106.0 0.3 40.0 0.3 52.0 0.4 29.1 United Kingdom 10.5 116.5 7.6 69.2 11.1 84.2 12.6 56.6 10.4 52.1 6.5 133.6 8.8 30.0 8.0 80.6 9.1 53.3 Russia 1.7 56.1 2.8 17.9 3.9 41.0 4.0 8.1 3.6 45.7 2.2 9.8 3.5 5.5 2.5 9.5 3.3 4.0 Yugoslavia - - - - - - - - - - - - - - - - - - Others 8.1 7.7 11.3 12.2 12.2 21.1 14.4 3.4 10.7 7.0 6.2 3.6 15.4 10.0 17.7 2.5 2.9 4.9 Total 171.4 859.3 131.6 854.1 164.5 704.0 209.4 823.2 218.3 884.6 171.5 870.8 223.5 625.4 389.7 645.5 382.2 849.5 %Share Of Continent 27.30 0.00 22.51 19.25 23.93 19.75 27.38 24.01 30.19 23.61 30.40 22.80 29.50 17.25 41.33 24.01 45.79 24.41 Brazil 0.0 41.8 0.0 11.2 0.0 7.7 0.0 9.4 - 3.8 - 3.9 - 5.1 - 4.2 - 21.2 Canada 4.4 12.1 2.9 21.3 2.4 5.6 4.4 11.2 2.8 4.8 3.3 37.8 4.2 26.6 4.2 7.6 3.6 4.3 Cuba - 0.0 - 0.0 - 0.0 - 0.1 - 0.0 - - - 0.1 - - - - Mexico 1.0 3.7 0.2 1.1 2.2 0.6 1.3 3.4 0.5 1.6 0.2 2.1 0.3 3.1 1.3 1.0 0.6 0.8 United States 50.6 166.1 25.5 949.8 47.7 180.9 69.5 73.0 42.6 307.3 39.1 316.7 46.3 299.8 84.5 147.2 59.0 157.5 Others 13.0 2.3 15.7 2.0 25.7 1.5 33.7 7.3 34.4 1.9 12.0 2.6 30.7 102.9 9.2 15.7 1.5 4.9 Total 69.0 226.0 44.2 985.4 78.0 196.3 109.0 104.4 80.3 319.4 54.5 363.1 81.4 437.6 99.2 175.6 64.7 188.7 %Share Of Continent 10.98 0.00 7.56 22.21 11.34 5.51 14.25 3.05 11.10 8.53 9.66 9.51 10.74 12.07 10.52 6.53 7.75 5.42 China, Mainland 40.6 1,083.1 35.4 959.8 34.5 1,001.0 35.3 876.1 19.4 933.9 20.0 1,072.7 23.3 894.5 21.2 710.4 13.1 918.0 China, Taiwan 5.2 12.5 2.1 16.5 2.6 12.7 5.6 10.9 4.9 25.5 2.4 26.9 3.3 13.5 11.7 23.8 5.2 17.8 Hong Kong 3.1 2.8 3.0 2.4 2.9 2.7 2.8 1.8 1.5 1.2 1.6 0.7 5.2 1.4 3.7 0.6 3.7 18.2 India 7.5 266.2 14.0 367.8 25.2 335.3 39.4 260.3 22.3 329.1 16.3 341.2 11.1 286.6 6.7 131.9 9.6 569.7 Indonesia 7.9 71.5 11.4 84.6 5.9 69.0 3.8 55.8 10.5 72.0 5.6 59.4 7.4 80.9 6.1 70.6 6.6 111.0 Israel 18.6 7.3 29.5 7.7 31.6 8.3 26.1 2.3 27.2 5.2 24.8 8.6 36.3 6.0 13.6 3.4 18.0 3.1 Japan 26.6 80.5 24.6 99.7 29.9 93.2 40.9 101.5 32.8 80.7 19.6 45.4 25.2 32.4 35.7 21.8 20.9 32.2 N.Korea, Pdrk 0.2 0.3 0.1 0.5 0.0 0.7 0.1 15.9 0.0 0.5 - 1.4 0.0 0.9 0.0 0.3 S.Korea 12.5 46.2 8.5 50.7 10.9 40.5 14.4 43.0 16.7 39.5 7.8 43.6 15.9 44.3 23.7 58.9 15.2 41.0 Kuwait 0.6 514.6 0.6 381.3 0.8 202.6 1.5 560.9 1.2 421.1 0.8 417.3 0.8 141.0 0.8 107.5 1.4 116.0 Lebanon 0.8 0.4 0.5 0.4 0.3 0.2 0.5 0.3 0.4 0.4 1.0 0.5 0.7 0.1 0.1 0.0 0.2 0.2 Malaysia 0.0 84.3 0.0 115.1 0.1 65.5 0.6 56.4 1.3 37.4 0.2 45.4 0.3 36.4 1.9 32.2 1.9 125.5 Pakistan 2.7 24.7 2.1 14.5 1.0 4.4 0.5 6.2 0.2 5.8 0.4 11.3 5.5 5.9 5.8 8.3 5.4 8.2 Saudi Arabia 42.2 41.4 45.5 89.8 47.8 85.2 47.5 28.2 55.3 56.5 44.7 181.7 55.5 121.7 51.5 97.6 53.3 60.2 Singapore 1.2 4.0 1.8 4.3 8.0 28.5 10.9 4.9 7.5 9.6 6.6 10.0 16.4 113.4 8.3 64.0 6.2 104.2 Yemen 11.3 0.6 10.3 0.7 17.5 0.7 16.4 0.6 18.5 0.7 6.3 0.4 6.7 0.6 6.8 0.7 9.5 1.3 Thailand 1.1 72.0 1.3 48.2 1.2 32.0 1.2 28.5 0.9 27.3 1.0 25.7 0.3 30.1 0.1 18.7 0.4 25.1 UAE 28.2 102.4 26.9 135.7 39.2 221.4 37.7 90.8 23.5 98.3 26.6 99.3 47.5 193.7 26.9 155.4 32.0 115.1 Others 25.0 51.5 43.7 63.7 37.2 113.4 30.2 35.4 25.7 265.6 18.2 30.3 33.3 50.4 93.7 22.4 24.5 25.9 Total 235.1 2,466.2 261.3 2,443.4 295.9 2,317.3 315.2 2,179.9 269.8 2,410.2 204.0 2,421.6 294.8 2,052.8 318.0 1,529.1 227.1 2,292.8 %Share Of Continent 37.44 0.00 44.69 55.08 43.04 65.00 41.21 63.58 37.32 64.33 36.15 63.39 38.91 56.61 33.72 56.87 27.21 65.88 Australia 7.3 2.2 3.0 4.4 2.7 1.3 7.6 1.7 5.0 2.2 2.5 1.1 2.5 2.1 4.9 4.3 6.2 5.5 Others 2.4 0.7 0.2 2.0 0.6 0.7 1.2 1.3 2.1 1.7 0.3 0.9 0.7 1.5 1.3 1.3 1.2 0.9 Total 9.7 2.9 3.3 6.4 3.9 2.0 8.8 3.0 7.1 4.0 2.9 2.0 3.2 3.6 6.3 5.7 7.5 6.3 % Share Of Continent 1.54 0.00 0.56 0.14 0.56 0.06 1.15 0.09 0.99 0.11 0.51 0.05 0.42 0.10 0.66 0.21 0.89 0.18 Unspecified Unspecified - - - - - - - - - - - - - - - - Grand Total Grand Total 628.0 3,682.1 584.6 4,436.3 687.5 3,565.0 764.9 3,428.6 723.0 3,746.4 564.2 3,820.0 757.6 3,626.3 942.9 2,688.7 834.7 3,480.3 Table 24: Direction of Trade** Source: Ethiopian Ministry of Revenues

Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise Country of Origin 2018/19 2019/20 2020/21 QII QIII QIV QI QIII QIV Europe: America: Asia: Oceania: QI Africa: QI QII First Quarter 2020/21 | 121

Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity(in '1000' kwh) Others* Re-Exports Grand Total* July - - 19.7 - 3,825.1 242.7 930.4 3,040.1 152,347.5 15,895.3 107,704.4 August - - 75.8 - 4,536.2 285.4 1,282.7 4,984.9 142,196.1 14,328.9 127,165.0 September - - 29.8 - 4,012.2 320.5 717.7 4,353.1 112,537.4 11,636.4 95,939.3 Qtr I - - 125.3 - 12,373.4 848.7 2,930.8 12,378.2 407,081.0 41,860.6 330,808.7 October - - 34.3 - 3,870.3 339.3 929.9 3,875.5 97,025.9 11,663.5 106,845.0 November - - 21.8 - 3,666.6 381.4 719.7 6,974.6 58,550.2 14,470.7 134,824.4 December - - 10.0 - 3,189.8 367.5 1,024.0 4,591.7 108,071.2 13,596.2 149,196.9 Qtr II - - 66.2 - 10,726.6 1,088.1 2,673.6 15,441.8 263,647.3 39,730.5 390,866.2 January - - 10.2 - 3,825.9 233.1 396.6 4,572.7 103,076.4 11,414.8 132,367.2 February - - 34.3 - 4,269.3 199.0 960.7 8,990.2 103,001.2 17,512.7 143,110.9 March - - 18.3 - 5,355.5 312.5 1,205.6 6,451.3 125,907.1 16,730.6 152,069.4 Qtr III - - 62.8 - 13,450.8 744.6 2,562.9 20,014.2 331,984.7 45,658.0 427,547.5 April - - 3.2 - 4,831.7 321.9 1,109.7 6,391.7 147,716.6 14,771.1 133,659.4 May - - 29.2 - 4,680.4 286.4 1,967.1 4,461.9 182,928.3 13,302.7 118,073.5 June - - 29.6 - 4,037.9 277.3 1,332.8 4,683.2 182,829.6 12,048.8 122,211.8 Qtr IV - - 62.0 - 13,550.1 885.5 4,409.6 15,536.9 513,474.6 40,122.6 373,944.7 July - - 10.2 - 3,330.0 395.7 1,162.3 3,698.4 118,494.6 10,560.3 95,160.5 August - - 3.4 - 4,721.5 264.7 1,163.1 2,867.4 111,798.3 10,842.6 101,812.9 September - - 2.8 - 4,070.8 329.6 1,120.6 2,912.8 63,475.8 10,374.4 82,201.0 Qtr I - - 16.4 - 12,122.2 989.9 3,446.0 9,478.5 293,768.7 31,777.2 - 279,174.3 October - - - - 4,134.0 525.2 1,059.9 23,760.3 118,379.4 31,273.8 118,379.4 November - - 2.1 - 3,970.0 132.4 591.8 21,464.4 121,471.1 27,723.4 121,471.1 December - - 42.9 - 3,894.8 374.7 665.1 18,683.6 132,925.7 25,612.6 132,925.7 Qtr II - - 45.0 - 11,998.8 1,032.3 2,316.8 63,908.3 372,776.2 84,609.8 - 372,776.2 January - - 0.2 - 4,346.8 381.6 502.7 22,162.1 137,471.3 85,227.5 193,111.2 February - - 25.9 - 4,694.2 298.4 526.4 17,762.3 151,695.5 93,748.3 219,674.4 March - - 46.3 - 4,744.0 355.7 987.4 22,330.1 159,771.0 101,787.5 230,400.2 Qtr III - - 72.5 - 13,785.0 1,035.8 2,016.5 62,254.4 448,937.7 280,763.3 - 643,185.9 April - - 0.1 - 4,674.5 413.2 931.6 12,813.8 156,650.9 85,227.5 220,711.3 May - - 0.6 - 4,295.1 468.8 1,205.9 18,832.3 149,646.2 93,748.3 216,391.6 June - - - - 10,973.6 464.9 1,673.0 13,721.4 147,607.8 101,787.5 220,261.1 Qtr IV - - 0.6 - 19,943.2 1,346.9 3,810.5 45,367.5 453,904.8 280,763.3 - 657,363.9 July - - 2.1 - 8,075.6 259.7 1,407.2 9,443.3 54,590.0 21,642.3 122,378.5 August - - 10.1 - 9,962.4 274.4 1,256.9 9,925.4 54,535.3 24,518.6 134,462.9 September - - 0.3 - 8,103.6 278.1 1,697.8 11,099.1 57,917.8 23,965.0 106,375.3 Qtr I - - 12.5 - 26,141.5 812.2 4,361.9 30,467.7 167,043.2 70,125.9 - 363,216.7 October - - 25.5 - 8,011.1 350.6 1,261.9 11,911.6 59,546.3 23,550.9 103,257.0 November - - 6.0 - 7,706.4 253.8 1,216.3 12,771.6 99,714.5 24,267.9 104,430.9 December - - 7.2 - 4,616.9 333.8 1,127.3 14,874.3 103,186.8 22,938.6 102,094.9 Qtr II - - 38.7 - 20,334.4 938.2 3,605.5 39,557.4 262,447.5 70,757.5 - 309,782.8 January - - 7.7 - 9,881.9 238.4 500.3 17,005.0 95,060.2 29,964.2 119,841.2 February - - 64.5 - 8,952.0 294.0 669.2 12,574.5 100,600.7 25,173.0 128,845.2 March - - 22.7 - 5,659.8 281.9 657.6 17,177.1 112,081.9 26,034.2 145,300.3 Qtr III - - 94.9 - 24,493.7 814.3 1,827.1 46,756.6 307,742.7 81,171.5 - 393,986.7 April - - - - 6,829.6 1,204.9 663.5 6,720.1 112,913.8 17,527.0 139,959.0 May - - - - 8,211.8 314.9 532.7 7,245.4 123,674.9 18,887.0 142,616.4 June - - 6.1 - 8,378.9 345.7 1,508.9 4,298.3 171,431.7 17,057.8 99,454.0 Qtr IV - - 6.1 - 23,420.3 1,865.6 2,705.1 18,263.8 408,020.5 53,471.9 - 382,029.4 July - - 0.6 - 7,523.7 271.0 823.9 3,862.7 18,351.5 15,884.2 90,812.9 August - - 0.2 - 7,421.2 324.7 1,108.7 7,359.0 16,605.3 19,468.4 102,694.4 September - - 0.9 - 14,944.9 595.6 1,932.5 11,221.7 8,054.6 35,352.7 193,506.3 Qtr I - - 1.7 - 29,889.8 1,191.2 3,865.1 22,443.4 43,011.4 70,705.3 387,013.7 Source: Ethiopian Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) 2020/21 ( In metric tone) Period 2017/18 2018/19 2019/20 Table 25: Volume of Exports, by Major Commodity Groups (continued): 122 | National Bank of Ethiopia Quarterly Bulletin

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 Cereals and Flour Natural Gum Civet July 1,791,960.4 531,052.0 250,153.2 329,161.4 170,893.8 120,568.3 11,337.7 52,622.3 168,598.6 539,047.2 - - 2,720.6 - 338,727.9 46,579.2 22,097.1 - August 1,850,384.8 608,236.6 289,538.9 410,403.8 232,938.0 128,541.2 59,793.9 359,804.7 426,477.2 701,025.7 - 3,557.0 29,805.0 28,848.0 197,410.8 10,089.8 10,188.3 - September 1,368,933.8 605,570.2 230,199.9 328,290.5 158,999.1 113,660.6 1,990.5 252,600.1 103,432.3 238,263.7 - - - 6,733.4 173,859.6 7,947.8 6,449.9 - Qtr I 5,011,278.9 1,744,858.8 769,892.0 1,067,855.7 562,830.8 362,770.1 73,122.1 665,027.0 - 698,508.0 1,478,336.7 - 3,557.0 32,525.6 35,581.4 709,998.2 64,616.7 38,735.4 - October 1,640,618.2 684,622.7 300,250.1 496,403.6 178,609.4 121,771.5 2,736.7 123,831.3 106,232.0 498,976.3 - 15,573.2 1,983.5 1,507.3 171,817.9 7,800.7 30,884.8 - Noveber 1,516,022.9 1,191,359.3 310,850.3 734,756.0 189,849.1 148,831.3 2,268.2 275,162.2 47,981.4 611,330.4 - 12,194.1 14,020.5 17,077.4 168,698.7 10,891.7 18,803.3 - December 1,286,557.4 1,958,253.8 338,725.7 607,979.8 195,027.4 147,016.7 2,749.8 102,650.2 58,246.8 530,764.9 - - 57,561.6 25,753.1 167,903.7 10,921.2 37,024.0 - Qtr II 4,443,198.4 3,834,235.8 949,826.1 1,839,139.4 563,485.9 417,619.4 7,754.8 501,643.7 - 212,460.2 1,641,071.6 - 27,767.3 73,565.6 44,337.8 508,420.2 29,613.6 86,712.0 - January 1,142,785.6 1,225,723.8 269,280.7 738,910.6 230,700.2 124,499.2 11,752.2 768,890.0 48,496.5 607,354.4 - 7,626.9 15,538.9 9,980.7 202,278.7 10,919.3 21,776.1 - February 1,582,298.9 1,320,467.8 252,278.2 722,443.6 210,711.0 112,063.8 10,819.3 58,833.6 75,084.4 540,352.4 - 4,145.1 3,016.5 17,676.7 212,256.6 15,728.8 12,752.2 - March 2,136,222.5 1,160,427.9 266,716.6 846,413.8 242,741.6 150,161.1 4,713.0 429,216.8 93,593.3 699,021.9 - 15,323.5 16,566.1 22,322.6 263,549.8 16,130.1 17,600.0 - Qtr III 4,861,307.1 3,706,619.5 788,275.5 2,307,768.0 684,152.8 386,724.1 27,284.5 1,256,940.4 - 217,174.2 1,846,728.6 - 27,095.5 35,121.5 49,980.0 678,085.1 42,778.3 52,128.3 - April 2,493,691.6 798,766.6 285,977.4 722,355.5 245,214.5 130,377.0 2,643.1 64,540.6 154,889.6 683,545.7 - 4,546.1 67,561.6 10,452.3 237,419.5 10,073.2 33,347.3 - May 2,577,700.2 434,471.4 304,439.6 551,305.7 320,620.2 159,665.0 13,505.1 70,023.1 122,192.1 563,138.4 - 10,686.3 6,084.0 - 294,034.0 5,671.0 5,758.4 - June 2,506,304.2 669,902.0 357,398.1 635,840.0 285,663.8 146,341.5 9,272.9 47,582.2 133,847.5 669,417.2 - 7,659.2 31,149.3 - 267,271.7 4,026.7 17,119.3 - Qtr IV 7,577,696.0 1,903,139.9 947,815.2 1,909,501.3 851,498.5 436,383.5 25,421.1 182,146.0 - 410,929.3 1,916,101.4 - 22,891.6 104,794.9 10,452.3 798,725.2 19,771.0 56,224.9 - July 1,795,821.9 689,166.9 340,008.9 424,701.5 197,822.4 118,514.3 7,211.6 195,038.2 129,937.5 639,809.7 - 8,101.9 4,740.4 3,527.2 338,071.5 4,903.2 2,275.2 - August 2,213,301.3 571,855.2 324,505.1 406,102.3 272,895.5 154,771.6 5,946.0 122,459.7 198,759.1 812,505.0 - - 22,670.3 3,419.9 336,046.5 4,386.7 3,151.4 - September 1,597,591.2 334,710.8 247,493.8 362,629.2 193,529.7 132,970.0 4,847.9 111,699.3 71,376.8 709,779.6 - 12,205.1 14,321.7 - 258,203.8 8,180.2 10,666.8 - Qtr I 5,606,714.4 1,595,732.9 912,007.8 1,193,432.9 664,247.5 406,255.9 18,005.5 429,197.2 - 400,073.4 2,162,094.3 - 20,306.9 41,732.4 6,947.0 932,321.8 17,470.2 16,093.4 - October 1,471,872.6 275,764.8 363,169.0 609,862.3 182,948.0 156,021.8 4,105.2 48,611.6 48,276.0 793,006.4 - 1,144.5 16,420.6 - 304,795.2 3,524.1 15,020.2 - Noveber 1,091,434.5 1,016,936.9 340,388.9 602,131.5 196,821.4 127,260.2 4,083.5 26,546.4 27,633.3 733,029.6 - 3,946.6 39,987.0 - 299,136.5 2,217.7 5,736.4 - December 1,049,421.6 1,240,321.2 236,232.2 705,620.5 209,850.9 125,366.4 13,973.7 28,039.0 48,301.5 718,147.1 - 2,862.4 46,558.5 - 360,147.1 4,772.0 10,080.8 - Qtr II 3,612,728.8 2,533,022.9 939,790.1 1,917,614.3 589,620.4 408,648.4 22,162.4 103,196.9 - 124,210.8 2,244,183.1 - 7,953.5 102,966.2 - 964,078.8 10,513.8 30,837.4 - January 949,812.3 1,130,806.2 191,325.6 846,042.1 214,772.4 127,371.9 6,097.4 34,902.9 49,244.6 643,262.4 - 3,806.6 20,245.2 1,625.2 369,231.6 7,600.3 28,441.0 - February 1,567,258.5 1,140,565.0 229,462.1 919,498.1 195,329.8 121,115.2 12,210.0 22,338.3 116,233.1 695,956.0 - 8,822.6 29,416.9 - 354,285.8 13,979.2 2,830.9 - March 2,157,765.6 1,411,935.7 267,487.3 784,569.8 202,860.0 145,236.1 6,150.3 40,215.8 195,349.4 708,665.5 - 4,178.2 32,825.2 - 415,595.9 11,916.8 18,036.7 - Qtr III 4,674,836.4 3,683,306.9 688,275.1 2,550,110.0 612,962.2 393,723.2 24,457.8 97,457.0 - 360,827.1 2,047,883.8 - 16,807.5 82,487.3 1,625.2 1,139,113.3 33,496.2 49,308.6 - April 2,133,145.6 1,309,472.1 225,725.3 789,954.9 217,857.3 171,554.8 18,499.2 33,086.8 145,326.6 715,884.8 - 9,498.7 28,938.8 - 432,516.3 5,818.3 16,071.9 - May 2,736,068.4 1,017,282.5 221,896.5 633,256.4 242,265.3 160,729.5 5,837.3 32,501.2 85,868.8 653,572.0 - 4,615.8 12,983.1 - 370,903.8 7,737.9 16,866.9 - June 2,727,215.3 782,506.4 297,779.0 575,182.7 157,995.9 168,556.7 17,748.3 80,266.6 171,648.0 687,503.5 - 8,475.4 5,184.1 - 457,329.5 6,904.1 15,744.7 - Qtr IV 7,596,429.3 3,109,261.0 745,400.8 1,998,393.9 618,118.6 500,841.0 42,084.8 145,854.6 - 402,843.3 2,056,960.3 - 22,589.9 47,105.9 - 1,260,749.6 20,460.3 48,683.5 - July 2,335,735.5 556,373.9 231,268.1 454,974.7 193,022.0 187,902.6 - 76,269.0 444,240.5 823,678.8 - 2,807.9 2,926.3 - 474,513.6 3,070.9 2,536.5 - August 2,537,404.9 606,226.6 251,681.2 529,494.9 212,785.3 169,236.9 11,749.7 79,223.3 89,063.3 1,066,955.7 - 8,580.5 15,472.7 - 631,180.0 8,431.1 25,456.6 - September 1,877,299.0 405,470.7 203,359.7 432,024.0 132,265.3 119,042.3 5,865.2 23,106.2 168,755.1 800,509.5 - 4,420.3 5,309.5 - 402,291.8 7,873.3 37,298.2 - Qtr I 6,750,439.4 1,568,071.1 686,309.1 1,416,493.6 538,072.5 476,181.9 17,614.9 178,598.5 - 702,058.9 2,691,144.0 - 15,808.7 23,708.4 - 1,507,985.5 19,375.3 65,291.3 - October 1,536,881.0 308,421.5 308,898.0 540,447.6 137,064.6 133,643.7 18.7 20,352.1 82,584.1 799,630.7 - 11,751.1 18,920.6 - 439,185.5 2,922.7 15,959.5 - Noveber 1,400,917.9 530,130.2 224,787.2 449,756.1 157,964.5 155,129.6 37.6 47,057.7 96,476.7 792,187.3 - - 10,781.5 - 464,877.8 3,427.1 12,459.4 - December 1,068,276.9 785,180.7 217,454.5 516,776.3 193,409.9 168,821.5 6,286.9 160,776.9 76,638.0 862,699.7 - - 1,135.6 - 468,999.1 2,626.5 9,051.9 - Qtr II 4,006,075.8 1,623,732.5 751,139.6 1,506,980.0 488,439.0 457,594.8 6,343.2 228,186.8 - 255,698.8 2,454,517.7 - 11,751.1 30,837.7 - 1,373,062.4 8,976.3 37,470.7 - January 1,373,638.4 1,357,089.8 174,965.1 561,881.1 198,412.1 137,677.5 6,914.0 103,554.6 99,351.2 885,016.0 - 5,792.1 4,411.0 - 479,260.2 5,208.4 17,942.7 - February 1,846,511.5 1,135,973.5 142,044.5 789,643.7 211,893.2 158,732.6 6,945.9 27,587.6 121,131.8 937,855.4 - - 18,005.4 - 458,032.3 16,423.6 3,479.8 - March 3,156,164.0 1,653,160.3 157,325.1 778,644.3 155,102.0 166,604.1 26.8 307,354.9 53,521.8 824,781.2 - 3,988.2 16,792.7 - 417,705.0 7,756.2 4,825.3 - Qtr III 6,376,313.9 4,146,223.6 474,334.7 2,130,169.1 565,407.2 463,014.2 13,886.7 438,497.1 - 274,004.9 2,647,652.6 - 9,780.3 39,209.0 - 1,354,997.5 29,388.3 26,247.9 - April 3,454,803.1 1,713,003.3 65,317.2 848,381.1 180,612.4 160,079.2 6.0 2,099,738.1 120,772.2 603,998.8 - 5,071.7 25,977.0 4,073.7 294,165.3 11,796.4 15,541.9 - May 3,312,947.4 1,296,788.7 104,917.8 928,481.5 199,556.3 179,499.9 7,238.7 1,852,305.0 148,926.5 868,150.6 - 19,050.1 2,184.4 4,145.1 353,987.0 24,347.0 10,896.7 - June 3,143,730.9 665,163.7 126,372.8 592,390.3 134,946.5 98,425.4 - 1,775,313.9 169,615.4 850,707.2 - 4,193.7 33,574.1 - 351,138.4 23,558.3 2,390.2 - Qtr IV 9,911,481.4 3,674,955.8 296,607.9 2,369,253.0 515,115.2 438,004.5 7,244.7 5,727,357.0 - 439,314.1 2,322,856.6 - 28,315.5 61,735.4 8,218.7 999,290.6 59,701.8 28,828.8 - July 2,253,111.2 501,603.4 120,006.3 469,340.2 207,566.3 148,956.2 7,523.7 2,512,614.9 189,967.1 860,893.1 - 8,073.1 16,381.1 - 539,007.9 25,453.9 5,442.6 - August 2,599,653.0 759,998.3 110,043.4 635,376.1 182,834.0 157,595.2 - 2,550,584.7 125,757.0 1,280,546.4 - 5,270.0 3,046.7 - 561,836.8 29,513.6 15,560.7 - September 1,765,567.8 819,729.3 101,448.2 567,801.2 180,492.7 167,145.6 23.0 2,201,827.9 126,741.1 1,252,666.5 - - 18,440.6 - 378,430.7 30,898.2 7,326.3 - Qtr I 6,618,332.1 2,081,331.0 331,497.9 1,672,517.6 570,893.0 473,697.0 7,546.7 7,265,027.5 - 442,465.2 3,394,106.0 - 13,343.0 37,868.3 - 1,479,275.5 85,865.7 28,329.5 - Source: Ethiopian Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) 2020/21 Table 26: Value of Exports, by Major Commodity Groups (In Thousands of Birr) Period 2017/18 2018/19 2019/20 Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity(in '1000' kwh) Others* Re-Exports Grand Total* July

19.7
3,825.1 242.7 930.4 3,040.1 152,347.5 15,895.3 107,704.4 August
75.8
4,536.2 285.4 1,282.7 4,984.9 142,196.1 14,328.9 127,165.0 September
29.8
4,012.2 320.5 717.7 4,353.1 112,537.4 11,636.4 95,939.3 Qtr I
125.3
12,373.4 848.7 2,930.8 12,378.2 407,081.0 41,860.6 330,808.7 October
34.3
3,870.3 339.3 929.9 3,875.5 97,025.9 11,663.5 106,845.0 November
21.8
3,666.6 381.4 719.7 6,974.6 58,550.2 14,470.7 134,824.4 December
10.0
3,189.8 367.5 1,024.0 4,591.7 108,071.2 13,596.2 149,196.9 Qtr II
66.2
10,726.6 1,088.1 2,673.6 15,441.8 263,647.3 39,730.5 390,866.2 January
10.2
3,825.9 233.1 396.6 4,572.7 103,076.4 11,414.8 132,367.2 February
34.3
4,269.3 199.0 960.7 8,990.2 103,001.2 17,512.7 143,110.9 March
18.3
5,355.5 312.5 1,205.6 6,451.3 125,907.1 16,730.6 152,069.4 Qtr III
62.8
13,450.8 744.6 2,562.9 20,014.2 331,984.7 45,658.0 427,547.5 April
3.2
4,831.7 321.9 1,109.7 6,391.7 147,716.6 14,771.1 133,659.4 May
29.2
4,680.4 286.4 1,967.1 4,461.9 182,928.3 13,302.7 118,073.5 June
29.6
4,037.9 277.3 1,332.8 4,683.2 182,829.6 12,048.8 122,211.8 Qtr IV
62.0
13,550.1 885.5 4,409.6 15,536.9 513,474.6 40,122.6 373,944.7 July
10.2
3,330.0 395.7 1,162.3 3,698.4 118,494.6 10,560.3 95,160.5 August
3.4
4,721.5 264.7 1,163.1 2,867.4 111,798.3 10,842.6 101,812.9 September
2.8
4,070.8 329.6 1,120.6 2,912.8 63,475.8 10,374.4 82,201.0 Qtr I
16.4
12,122.2 989.9 3,446.0 9,478.5 293,768.7 31,777.2
279,174.3 October
4,134.0 525.2 1,059.9 23,760.3 118,379.4 31,273.8 118,379.4 November
2.1
3,970.0 132.4 591.8 21,464.4 121,471.1 27,723.4 121,471.1 December
42.9
3,894.8 374.7 665.1 18,683.6 132,925.7 25,612.6 132,925.7 Qtr II
45.0
11,998.8 1,032.3 2,316.8 63,908.3 372,776.2 84,609.8
372,776.2 January
0.2
4,346.8 381.6 502.7 22,162.1 137,471.3 85,227.5 193,111.2 February
25.9
4,694.2 298.4 526.4 17,762.3 151,695.5 93,748.3 219,674.4 March
46.3
4,744.0 355.7 987.4 22,330.1 159,771.0 101,787.5 230,400.2 Qtr III
72.5
13,785.0 1,035.8 2,016.5 62,254.4 448,937.7 280,763.3
643,185.9 April
0.1
4,674.5 413.2 931.6 12,813.8 156,650.9 85,227.5 220,711.3 May
0.6
4,295.1 468.8 1,205.9 18,832.3 149,646.2 93,748.3 216,391.6 June
10,973.6 464.9 1,673.0 13,721.4 147,607.8 101,787.5 220,261.1 Qtr IV
0.6
19,943.2 1,346.9 3,810.5 45,367.5 453,904.8 280,763.3
657,363.9 July
2.1
8,075.6 259.7 1,407.2 9,443.3 54,590.0 21,642.3 122,378.5 August
10.1
9,962.4 274.4 1,256.9 9,925.4 54,535.3 24,518.6 134,462.9 September
0.3
8,103.6 278.1 1,697.8 11,099.1 57,917.8 23,965.0 106,375.3 Qtr I
12.5
26,141.5 812.2 4,361.9 30,467.7 167,043.2 70,125.9
363,216.7 October
25.5
8,011.1 350.6 1,261.9 11,911.6 59,546.3 23,550.9 103,257.0 November
6.0
7,706.4 253.8 1,216.3 12,771.6 99,714.5 24,267.9 104,430.9 December
7.2
4,616.9 333.8 1,127.3 14,874.3 103,186.8 22,938.6 102,094.9 Qtr II
38.7
20,334.4 938.2 3,605.5 39,557.4 262,447.5 70,757.5
309,782.8 January
7.7
9,881.9 238.4 500.3 17,005.0 95,060.2 29,964.2 119,841.2 February
64.5
8,952.0 294.0 669.2 12,574.5 100,600.7 25,173.0 128,845.2 March
22.7
5,659.8 281.9 657.6 17,177.1 112,081.9 26,034.2 145,300.3 Qtr III
94.9
24,493.7 814.3 1,827.1 46,756.6 307,742.7 81,171.5
393,986.7 April
6,829.6 1,204.9 663.5 6,720.1 112,913.8 17,527.0 139,959.0 May
8,211.8 314.9 532.7 7,245.4 123,674.9 18,887.0 142,616.4 June
6.1
8,378.9 345.7 1,508.9 4,298.3 171,431.7 17,057.8 99,454.0 Qtr IV
6.1
23,420.3 1,865.6 2,705.1 18,263.8 408,020.5 53,471.9
382,029.4 July
0.6
7,523.7 271.0 823.9 3,862.7 18,351.5 15,884.2 90,812.9 August
0.2
7,421.2 324.7 1,108.7 7,359.0 16,605.3 19,468.4 102,694.4 September
0.9
14,944.9 595.6 1,932.5 11,221.7 8,054.6 35,352.7 193,506.3 Qtr I
1.7
29,889.8 1,191.2 3,865.1 22,443.4 43,011.4 70,705.3 387,013.7 Source: Ethiopian Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) 2020/21 ( In metric tone) Period 2017/18 2018/19 2019/20 Table 25: Volume of Exports, by Major Commodity Groups (continued): First Quarter 2020/21 | 123

Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity Others* Re-Exports Grand Total July - - 1,209.6 - 403,652.0 6,547.5 29,700.5 160,726.4 192,141.1 1,204,101.8 5,169,496.6 August - - 6,088.1 - 464,458.5 8,017.4 48,414.7 130,437.8 180,461.5 1,114,219.9 6,184,921.6 September - - 2,827.2 - 398,235.9 8,234.1 22,994.8 152,143.6 145,079.8 924,506.0 4,326,446.6 Qtr I - - 10,124.9 - 1,266,346.4 22,799.0 101,110.0 443,307.7 517,682.4 3,242,827.7 - 15,680,864.8 October - - 2,379.6 - 437,234.8 12,326.0 34,128.1 90,459.3 139,454.1 929,975.9 5,099,600.8 Noveber - - 2,174.7 - 457,605.9 11,516.7 32,949.7 104,962.7 97,474.3 936,175.6 5,976,780.7 December - - 583.1 - 427,989.5 11,689.2 39,908.0 100,775.0 162,666.5 1,042,774.9 6,270,747.3 Qtr II - - 5,137.4 - 1,322,830.2 35,531.9 106,985.8 296,197.1 399,594.9 2,908,926.4 17,347,128.9 January - - 447.4 - 561,790.4 7,479.3 17,759.2 100,090.3 156,722.8 1,104,783.0 6,280,803.1 February - - 1,765.1 - 575,971.3 5,428.9 38,213.8 106,632.8 156,624.5 1,146,067.1 6,035,565.3 March - - 1,595.7 - 639,175.1 9,286.6 45,673.8 119,797.6 187,019.5 1,338,716.8 7,383,268.8 Qtr III - - 3,808.2 - 1,776,936.7 22,194.7 101,646.7 326,520.6 500,366.8 3,589,567.0 19,699,637.2 April - - 281.1 - 568,312.0 10,426.9 34,631.2 89,840.7 225,047.8 1,287,393.7 6,873,941.6 May - - 2,255.2 - 543,694.5 8,382.9 53,874.1 78,878.9 277,664.4 1,276,297.2 6,404,044.3 June - - 2,088.0 - 503,951.4 9,464.0 43,034.4 82,695.8 277,348.5 1,238,149.2 6,707,377.8 Qtr IV - - 4,624.3 - 1,615,957.9 28,273.8 131,539.8 251,415.4 780,060.6 3,801,840.0 19,985,363.7 July - - 679.3 - 423,926.8 8,518.2 36,005.0 87,610.5 181,020.7 1,091,277.8 5,637,412.5 August - - 331.1 - 557,098.3 8,240.6 42,523.6 114,483.5 171,930.7 1,264,282.6 6,347,383.3 September - - 464.8 - 470,187.4 8,798.1 34,803.4 75,572.0 103,794.5 984,992.6 4,763,826.1 Qtr I - - 1,475.1 - 1,451,212.5 25,556.9 113,332.0 277,666.0 456,745.8 3,340,553.0 16,748,621.9 October - - - - 484,371.0 12,612.0 35,320.0 190,016.0 148,415.8 1,210,494.8 5,165,277.1 Noveber - - 175.2 - 474,461.6 4,157.2 19,172.6 151,841.7 157,984.7 1,154,870.7 5,325,083.6 December - - 4,040.9 - 508,174.2 8,945.3 21,674.5 271,277.6 158,854.9 1,394,526.0 5,772,662.6 Qtr II - - 4,216.1 - 1,467,006.9 25,714.6 76,167.1 613,135.4 465,255.3 3,759,891.6 16,263,023.2 January - - 47.0 - 608,507.8 12,831.7 16,953.7 214,701.1 138,002.5 1,418,186.9 5,615,631.4 February - - 2,744.3 - 619,500.5 8,959.3 23,352.8 192,417.3 150,347.5 1,397,834.6 6,426,623.3 March - - 4,758.4 - 577,653.4 7,130.7 40,904.0 202,241.8 167,591.7 1,478,654.6 7,403,068.3 Qtr III - - 7,549.7 - 1,805,661.8 28,921.7 81,210.4 609,360.2 455,941.7 4,294,676.1 19,445,323.0 April - - 11.4 - 565,942.0 11,678.6 33,620.2 176,976.3 44,809.0 1,316,382.8 7,086,388.9 May - - 216.0 - 533,751.8 11,447.6 32,312.6 150,960.6 61,022.1 1,198,202.4 6,992,096.0 June - - - - 1,404,646.9 11,426.4 45,265.6 228,202.5 30,288.3 2,204,992.2 7,879,869.9 Qtr IV - - 227.4 - 2,504,340.8 34,552.6 111,198.4 556,139.5 136,119.4 4,719,577.3 21,958,354.8 July - - 150.4 - 1,040,559.7 7,738.0 45,868.2 327,599.5 96,778.7 2,001,741.7 7,308,014.8 August - - 808.6 - 1,276,629.9 9,388.0 39,421.6 130,777.6 97,122.5 2,234,688.6 7,797,090.8 September - - 52.1 - 1,040,802.3 3,156.2 40,966.6 111,947.3 103,629.0 1,753,326.5 5,925,443.8 Qtr I - - 1,011.1 - 3,357,992.0 20,282.2 126,256.4 570,324.4 297,530.2 5,989,756.8 21,030,549.4 October - - 2,748.8 1,058,003.6 - 11,833.9 33,452.2 103,956.4 104,082.7 1,791,065.8 5,670,758.9 Noveber - - 511.9 - 1,011,305.7 7,097.6 35,068.4 116,024.9 170,847.2 1,832,401.3 5,686,846.2 December - - 496.4 - 682,464.3 10,853.5 39,668.5 212,955.5 186,940.8 1,615,192.2 5,671,513.4 Qtr II - - 3,757.1 - 2,751,773.7 29,785.0 108,189.0 432,936.8 461,870.7 5,238,659.3 17,029,118.6 January - - 580.9 - 1,503,717.8 5,444.7 24,520.9 536,368.6 175,270.2 2,752,725.4 7,657,017.2 February - - 7,717.4 - 1,330,636.5 10,314.4 26,985.2 199,008.0 182,057.2 2,252,659.7 7,630,979.4 March - - 2,807.6 - 806,762.4 12,089.9 39,193.5 357,947.2 208,286.1 1,874,165.8 9,130,838.5 Qtr III - - 11,105.9 - 3,641,116.6 27,848.9 90,699.6 1,093,323.7 565,613.4 6,879,550.9 24,418,835.1 April - - - - 965,333.8 8,500.9 26,648.4 223,045.3 216,680.3 1,791,762.9 11,043,546.1 May - - - - 1,207,175.9 12,315.8 23,706.3 164,653.2 247,619.8 2,051,031.2 10,968,893.8 June - - 565.2 - 1,285,087.4 12,665.7 57,208.2 215,409.7 331,738.3 2,313,335.4 9,874,195.2 Qtr IV - - 565.2 - 3,457,597.0 33,482.3 107,563.0 603,108.1 796,038.4 6,156,129.5 31,886,635.1 July - - 284.3 - 1,173,301.1 11,707.5 37,510.4 230,621.6 343,493.4 2,383,203.7 9,662,859.1 August - - 13.3 - 1,201,339.5 30,788.5 43,301.2 264,971.2 317,539.7 2,467,911.2 10,875,569.3 September - - 216.6 - 1,292,527.3 10,917.4 35,117.1 183,406.1 167,796.9 2,125,077.1 9,308,520.6 Qtr I - - 514.2 - 3,667,167.9 53,413.4 115,928.7 678,998.9 828,830.0 6,976,192.0 29,846,949.0 Table 26: Value of Exports, by Major Commodity Groups (continued): Source: Ethiopian Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Period 2017/18 2018/19 2019/20 2020/21 (In Thusands of Birr) 124 | National Bank of Ethiopia Quarterly Bulletin

Table 27: Value of Imports, by Major Commodity Groups** Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. July 1,089,707.45 84,676.68 3,435.90 - 3,142,005.97 378,435.74 339,638.71 217,226.98 153,448.09 555,397.16 215,659.91 August 2,198,161.27 90,264.88 8,309.27 - 3,877,280.06 330,506.09 733,410.79 41,962.55 269,943.73 649,275.06 262,981.50 September 1,809,727.58 67,441.31 10,347.50 - 3,198,266.50 255,932.50 1,059,604.75 73,003.17 290,843.36 482,408.35 178,687.12 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 October 3,232,419.16 60,809.48 8,542.17 25.79 3,821,721.18 326,372.12 843,812.02 305,251.49 389,950.26 668,010.92 200,645.16 November 1,520,426.98 66,631.91 5,410.82 - 5,781,524.58 317,567.60 548,479.22 73,158.66 285,902.58 528,559.55 178,212.32 December 1,791,662.32 88,694.89 12,944.39 146.14 4,878,591.33 450,367.32 391,822.08 273,209.05 299,617.81 590,072.20 235,493.97 QII 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 January 1,212,497.95 63,240.52 8,198.93 - 5,430,140.28 350,995.63 1,068,541.07 34,263.90 261,403.05 485,406.22 194,383.70 February 1,347,069.08 66,701.85 11,568.03 - 5,068,958.47 358,111.22 265,044.78 117,560.78 330,418.23 455,544.96 163,370.65 March 1,315,592.10 101,993.57 6,026.66 1,527.29 4,863,751.07 336,620.14 1,824,776.97 49,021.62 142,812.04 490,545.14 118,849.40 QIII 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 April 1,995,570.12 49,012.72 3,037.56 - 5,373,689.31 340,276.72 3,532,024.89 127,336.61 330,602.85 537,104.91 137,286.16 May 2,830,932.32 61,144.82 12,815.97 95.92 6,509,558.86 462,950.88 594,500.14 95,696.88 357,748.69 542,061.67 129,507.73 June 2,002,846.81 42,890.38 16,409.55 - 6,668,499.82 368,956.50 1,160,171.29 88,305.56 187,047.91 454,321.34 165,455.96 QIV 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 July 2,520,138.71 71,506.62 1,097.30 - 5,689,527.03 430,997.74 1,097,109.77 117,762.99 491,788.57 649,268.20 163,475.59 August 1,633,503.93 54,998.45 5,154.24 - 4,843,054.32 812,110.29 608,047.24 142,351.42 358,336.74 674,181.73 249,577.16 September 1,954,862.50 44,889.69 12,674.46 - 6,759,329.56 397,107.76 1,495,128.60 276,903.78 147,234.47 615,052.33 150,533.58 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 October 1,130,885.81 55,166.84 7,168.55 - 6,656,347.85 515,407.75 1,516,994.42 32,680.53 262,466.10 843,651.90 316,165.24 November 1,401,812.38 34,150.84 10,451.99 - 5,913,029.02 484,440.28 784,289.53 699,111.97 290,110.85 567,760.97 281,130.13 December 1,868,234.16 29,913.21 17,507.63 875.65 5,063,463.00 406,483.29 2,653,800.85 269,890.33 339,392.52 706,088.62 268,718.10 QII 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 January 2,159,292.64 33,964.39 10,430.05 - 4,790,433.12 347,466.40 417,432.54 130,847.83 333,935.03 634,434.63 290,924.08 February 1,839,086.03 32,986.46 15,128.38 - 5,916,273.72 490,012.75 502,465.46 207,743.76 378,021.89 606,379.50 176,880.78 March 1,009,509.50 25,996.13 2,494.79 - 6,800,030.04 341,755.34 965,754.11 108,839.35 301,497.57 552,163.77 225,644.29 QIII 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 April 724,051.78 33,317.94 13,155.70 - 5,073,513.28 371,295.88 2,270,300.10 146,450.89 277,872.01 676,838.03 308,123.58 May 1,321,420.10 77,730.24 9,102.60 - 6,338,637.29 328,392.58 4,013,254.27 148,413.28 333,611.54 604,992.90 253,662.98 June 1,720,399.58 52,844.77 2,867.42 9.09 6,098,964.68 429,741.90 1,385,279.08 150,708.90 409,115.71 568,043.68 279,674.13 QIV 3,765,871 163,893 25,126 9.1 17,511,115 1,129,430 7,668,833 445,573 1,020,599 1,849,875 841,461 July 597,447.96 86,879.22 13,833.57 - 6,017,918.91 465,806.84 926,244.79 172,887.39 436,159.09 711,181.12 339,264.90 August 3,584,464.51 54,792.82 8,191.86 - 5,939,930.79 593,011.17 1,139,272.06 47,921.62 380,916.38 749,958.71 290,997.79 September 4,904,828.59 62,589.42 7,017.06 - 4,742,083.72 420,246.83 1,516,637.04 46,962.64 457,279.45 577,348.96 412,587.85 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 October 2,843,810.90 73,460.34 12,409.34 193.70 5,850,587.30 667,933.26 1,533,505.12 527,158.80 341,838.96 748,039.48 465,740.94 November 2,663,218.36 72,958.16 5,424.48 63.53 5,123,894.95 456,005.45 828,753.76 174,181.09 360,461.08 725,607.30 308,070.39 December 1,565,174.47 112,907.25 14,286.81 - 7,641,872.02 667,282.42 1,404,011.45 272,126.09 581,664.74 711,746.37 505,002.15 QII 7,072,204 259,326 32,121 257 18,616,354 1,791,221 3,766,270 973,466 1,283,965 2,185,393 1,278,813 January 2,495,827.56 97,156.75 9,277.41 - 6,487,817.69 597,585.70 876,139.59 659,365.67 521,293.15 1,207,454.74 404,570.19 February 2,151,699.31 51,331.09 17,902.24 1,706.73 6,337,408.03 408,095.30 690,157.41 397,216.12 357,411.36 999,294.49 375,661.68 March 3,881,288.55 84,152.51 9,505.19 - 3,926,397.84 397,763.41 1,946,567.36 319,672.93 372,854.99 656,003.99 327,587.01 QIII 8,528,815 232,640 36,685 1,707 16,751,624 1,403,444 3,512,864 1,376,255 1,251,560 2,862,753 1,107,819 April 1,246,212.81 39,302.92 4,300.72 - 3,472,574.48 253,222.71 4,684,132.29 226,720.78 301,503.92 556,234.22 315,286.43 May 3,340,209.98 36,915.09 6,590.67 - 2,048,652.55 427,827.92 422,897.65 57,810.88 230,068.17 579,107.40 221,083.55 June 1,261,172.83 149,476.82 5,077.65 - 4,467,752.81 460,398.82 855,034.63 190,251.89 197,845.11 1,213,782.63 297,388.27 QIV 5,847,596 225,695 15,969 - 9,988,980 1,141,449 5,962,065 474,784 729,417 2,349,124 833,758 July 3,802,288.04 84,732.80 17,565.38 - 4,005,416.36 615,364.65 1,159,645.62 401,377.31 409,559.56 1,104,217.48 242,986.67 August 3,496,842.68 87,967.27 11,681.66 - 5,314,851.02 609,000.61 907,318.48 431,280.83 466,233.37 915,914.38 227,110.57 September 1,701,755.83 83,051.38 10,190.22 - 3,479,758.58 517,095.97 645,456.60 184,966.63 476,132.30 1,000,469.93 268,285.98 Qtr I 9,000,887 255,751 39,437 - 12,800,026 1,741,461 2,712,421 1,017,625 1,351,925 3,020,602 738,383 Source ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority : Ethiopian Revenues and Customs Authority (In 000 birr)

Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise 2020/21 Period 2017/18 2018/19 2019/20 Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity Others* Re-Exports Grand Total July - - 1,209.6 - 403,652.0 6,547.5 29,700.5 160,726.4 192,141.1 1,204,101.8 5,169,496.6 August - - 6,088.1 - 464,458.5 8,017.4 48,414.7 130,437.8 180,461.5 1,114,219.9 6,184,921.6 September - - 2,827.2 - 398,235.9 8,234.1 22,994.8 152,143.6 145,079.8 924,506.0 4,326,446.6 Qtr I - - 10,124.9 - 1,266,346.4 22,799.0 101,110.0 443,307.7 517,682.4 3,242,827.7 - 15,680,864.8 October - - 2,379.6 - 437,234.8 12,326.0 34,128.1 90,459.3 139,454.1 929,975.9 5,099,600.8 Noveber - - 2,174.7 - 457,605.9 11,516.7 32,949.7 104,962.7 97,474.3 936,175.6 5,976,780.7 December - - 583.1 - 427,989.5 11,689.2 39,908.0 100,775.0 162,666.5 1,042,774.9 6,270,747.3 Qtr II - - 5,137.4 - 1,322,830.2 35,531.9 106,985.8 296,197.1 399,594.9 2,908,926.4 17,347,128.9 January - - 447.4 - 561,790.4 7,479.3 17,759.2 100,090.3 156,722.8 1,104,783.0 6,280,803.1 February - - 1,765.1 - 575,971.3 5,428.9 38,213.8 106,632.8 156,624.5 1,146,067.1 6,035,565.3 March - - 1,595.7 - 639,175.1 9,286.6 45,673.8 119,797.6 187,019.5 1,338,716.8 7,383,268.8 Qtr III - - 3,808.2 - 1,776,936.7 22,194.7 101,646.7 326,520.6 500,366.8 3,589,567.0 19,699,637.2 April - - 281.1 - 568,312.0 10,426.9 34,631.2 89,840.7 225,047.8 1,287,393.7 6,873,941.6 May - - 2,255.2 - 543,694.5 8,382.9 53,874.1 78,878.9 277,664.4 1,276,297.2 6,404,044.3 June - - 2,088.0 - 503,951.4 9,464.0 43,034.4 82,695.8 277,348.5 1,238,149.2 6,707,377.8 Qtr IV - - 4,624.3 - 1,615,957.9 28,273.8 131,539.8 251,415.4 780,060.6 3,801,840.0 19,985,363.7 July - - 679.3 - 423,926.8 8,518.2 36,005.0 87,610.5 181,020.7 1,091,277.8 5,637,412.5 August - - 331.1 - 557,098.3 8,240.6 42,523.6 114,483.5 171,930.7 1,264,282.6 6,347,383.3 September - - 464.8 - 470,187.4 8,798.1 34,803.4 75,572.0 103,794.5 984,992.6 4,763,826.1 Qtr I - - 1,475.1 - 1,451,212.5 25,556.9 113,332.0 277,666.0 456,745.8 3,340,553.0 16,748,621.9 October - - - - 484,371.0 12,612.0 35,320.0 190,016.0 148,415.8 1,210,494.8 5,165,277.1 Noveber - - 175.2 - 474,461.6 4,157.2 19,172.6 151,841.7 157,984.7 1,154,870.7 5,325,083.6 December - - 4,040.9 - 508,174.2 8,945.3 21,674.5 271,277.6 158,854.9 1,394,526.0 5,772,662.6 Qtr II - - 4,216.1 - 1,467,006.9 25,714.6 76,167.1 613,135.4 465,255.3 3,759,891.6 16,263,023.2 January - - 47.0 - 608,507.8 12,831.7 16,953.7 214,701.1 138,002.5 1,418,186.9 5,615,631.4 February - - 2,744.3 - 619,500.5 8,959.3 23,352.8 192,417.3 150,347.5 1,397,834.6 6,426,623.3 March - - 4,758.4 - 577,653.4 7,130.7 40,904.0 202,241.8 167,591.7 1,478,654.6 7,403,068.3 Qtr III - - 7,549.7 - 1,805,661.8 28,921.7 81,210.4 609,360.2 455,941.7 4,294,676.1 19,445,323.0 April - - 11.4 - 565,942.0 11,678.6 33,620.2 176,976.3 44,809.0 1,316,382.8 7,086,388.9 May - - 216.0 - 533,751.8 11,447.6 32,312.6 150,960.6 61,022.1 1,198,202.4 6,992,096.0 June - - - - 1,404,646.9 11,426.4 45,265.6 228,202.5 30,288.3 2,204,992.2 7,879,869.9 Qtr IV - - 227.4 - 2,504,340.8 34,552.6 111,198.4 556,139.5 136,119.4 4,719,577.3 21,958,354.8 July - - 150.4 - 1,040,559.7 7,738.0 45,868.2 327,599.5 96,778.7 2,001,741.7 7,308,014.8 August - - 808.6 - 1,276,629.9 9,388.0 39,421.6 130,777.6 97,122.5 2,234,688.6 7,797,090.8 September - - 52.1 - 1,040,802.3 3,156.2 40,966.6 111,947.3 103,629.0 1,753,326.5 5,925,443.8 Qtr I - - 1,011.1 - 3,357,992.0 20,282.2 126,256.4 570,324.4 297,530.2 5,989,756.8 21,030,549.4 October - - 2,748.8 - 1,058,003.6 11,833.9 33,452.2 103,956.4 104,082.7 1,791,065.8 5,670,758.9 Noveber - - 511.9 - 1,011,305.7 7,097.6 35,068.4 116,024.9 170,847.2 1,832,401.3 5,686,846.2 December - - 496.4 - 682,464.3 10,853.5 39,668.5 212,955.5 186,940.8 1,615,192.2 5,671,513.4 Qtr II - - 3,757.1 - 2,751,773.7 29,785.0 108,189.0 432,936.8 461,870.7 5,238,659.3 17,029,118.6 January - - 580.9 - 1,503,717.8 5,444.7 24,520.9 536,368.6 175,270.2 2,752,725.4 7,657,017.2 February - - 7,717.4 - 1,330,636.5 10,314.4 26,985.2 199,008.0 182,057.2 2,252,659.7 7,630,979.4 March - - 2,807.6 - 806,762.4 12,089.9 39,193.5 357,947.2 208,286.1 1,874,165.8 9,130,838.5 Qtr III - - 11,105.9 - 3,641,116.6 27,848.9 90,699.6 1,093,323.7 565,613.4 6,879,550.9 24,418,835.1 April - - - - 965,333.8 8,500.9 26,648.4 223,045.3 216,680.3 1,791,762.9 11,043,546.1 May - - - - 1,207,175.9 12,315.8 23,706.3 164,653.2 247,619.8 2,051,031.2 10,968,893.8 June - - 565.2 - 1,285,087.4 12,665.7 57,208.2 215,409.7 331,738.3 2,313,335.4 9,874,195.2 Qtr IV - - 565.2 - 3,457,597.0 33,482.3 107,563.0 603,108.1 796,038.4 6,156,129.5 31,886,635.1 July - - 284.3 - 1,173,301.1 11,707.5 37,510.4 230,621.6 343,493.4 2,383,203.7 9,662,859.1 August - - 13.3 - 1,201,339.5 30,788.5 43,301.2 264,971.2 317,539.7 2,467,911.2 10,875,569.3 September - - 216.6 - 1,292,527.3 10,917.4 35,117.1 183,406.1 167,796.9 2,125,077.1 9,308,520.6 Qtr I - - 514.2 - 3,667,167.9 53,413.4 115,928.7 678,998.9 828,830.0 6,976,192.0 29,846,949.0 Table 26: Value of Exports, by Major Commodity Groups (continued): Source: Ethiopian Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Period 2017/18 2018/19 2019/20 2020/21 (In Thusands of Birr) First Quarter 2020/21 | 125

(In 000 birr) Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL July 368,905.12 695,391.98 256,404.54 4,229,951.53 5,971,491.78 2,624,828.54 3,194,935.63 393,104.32 67,486.97 7,517,549.28 31,106,577.97 August 501,090.27 1,048,567.54 321,483.81 3,938,113.21 6,437,821.59 2,998,654.22 2,498,820.84 572,642.78 35,122.13 8,996,573.47 35,238,342.28 September 447,779.78 597,596.24 273,643.53 2,537,010.05 4,619,706.15 2,227,872.62 2,263,817.96 441,186.63 28,495.56 5,993,871.93 26,416,055.95 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 October 380,588.81 722,615.35 369,159.03 3,853,627.35 6,024,798.72 3,400,732.50 2,794,454.82 427,832.37 54,300.53 8,485,538.11 35,943,375.00 November 310,689.84 715,719.21 298,545.72 2,988,952.97 5,209,316.41 2,443,138.31 2,265,670.19 524,718.70 23,969.01 12,859,341.54 36,421,217.43 December 573,668.96 910,814.58 365,625.28 2,620,890.83 5,664,821.49 2,819,985.45 2,137,399.19 423,042.40 37,533.42 9,266,784.68 33,410,145.39 QII 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 January 427,409.25 1,123,934.62 273,285.62 2,682,476.37 6,379,580.36 1,999,076.30 2,069,908.98 509,253.72 24,720.51 8,358,349.60 32,447,812.85 February 342,211.20 607,838.82 229,440.62 3,104,920.86 6,399,481.55 1,713,580.93 2,501,967.11 425,565.25 34,594.30 8,160,889.17 31,279,272.61 March 400,097.24 1,389,211.62 193,032.22 3,187,575.22 4,169,762.52 2,829,694.39 2,403,622.59 474,978.50 39,249.86 8,936,492.51 32,800,254.18 QIII 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 April 382,735.19 442,806.66 195,278.00 2,474,847.75 5,684,774.75 1,756,379.69 1,975,424.66 521,139.15 18,062.72 9,192,751.24 34,549,002.51 May 454,288.75 625,995.66 206,810.32 2,657,433.79 4,776,276.12 1,547,291.55 2,457,205.50 453,990.55 24,044.65 9,609,820.46 33,956,180.68 June 449,875.69 759,461.06 177,119.40 2,796,941.51 4,408,195.23 1,596,541.54 1,659,403.41 807,652.85 40,662.75 7,690,342.54 30,733,448.24 QIV 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 July 555,208.24 675,485.82 231,208.55 3,729,553.27 5,467,277.63 1,693,401.64 2,512,725.05 710,714.35 19,247.37 8,332,975.70 34,449,755.79 August 502,183.50 1,023,602.09 248,293.25 3,341,191.43 7,309,664.16 1,863,839.59 3,435,302.39 354,636.65 39,168.03 8,359,137.86 35,503,697.81 September 505,078.61 464,604.84 222,138.59 2,556,710.13 5,073,466.42 1,384,011.95 1,776,683.07 186,270.32 21,836.50 7,170,781.39 31,029,028.21 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 October 558,521.84 340,072.64 275,180.73 3,610,580.87 4,616,027.23 1,992,264.54 2,633,828.80 396,381.33 42,765.59 9,704,936.96 35,111,114.19 November 524,007.07 274,617.02 232,419.27 3,200,276.34 3,762,139.13 1,731,305.31 1,958,279.34 223,522.27 16,868.65 30,044,302.84 52,210,502.92 December 649,618.21 733,770.67 235,308.02 4,194,923.34 5,701,216.54 1,897,465.64 2,222,913.64 322,461.94 13,936.09 8,796,781.46 36,070,300.97 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 January 525,846.35 454,629.93 284,540.55 4,034,733.44 5,718,662.86 1,729,782.75 2,778,846.50 331,728.65 77,793.19 8,825,848.76 33,579,845.02 February 621,872.62 557,225.24 231,098.06 3,124,246.08 4,882,135.54 1,778,524.51 2,790,848.04 896,114.62 227,613.99 10,361,252.63 34,739,795.42 March 531,672.26 222,462.01 222,356.24 3,577,363.06 4,600,707.05 1,774,666.82 1,978,340.05 160,503.50 234,926.87 8,979,136.65 32,455,315.89 QIII 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 April 630,265.80 462,738.61 249,563.18 3,630,274.17 3,853,586.38 2,542,322.76 1,851,261.85 212,992.81 579,527.70 7,971,856.18 31,666,315.82 May 635,739.65 761,256.09 273,269.93 3,018,981.85 4,974,986.27 2,418,668.89 2,364,523.51 605,145.86 11,488.92 9,787,012.93 37,675,145.82 June 505,428.07 600,724.93 283,935.07 2,657,011.22 3,408,269.54 1,345,062.85 1,626,332.87 252,928.70 79,581.50 7,299,337.76 28,903,332.78 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 July 749,146.32 545,933.94 404,214.30 4,049,320.53 4,590,863.51 2,546,554.97 2,587,634.20 359,518.64 57,047.88 9,197,075.84 34,495,415.29 August 811,243.09 469,454.73 261,035.61 3,687,181.33 8,658,198.96 1,021,729.13 1,871,647.97 129,401.89 160,373.93 10,945,794.43 40,676,116.89 September 725,471.32 447,364.19 215,215.58 3,013,102.90 3,033,913.36 912,460.77 1,443,092.47 302,751.37 30,775.35 10,852,595.23 33,821,572.73 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 October 793,202.83 569,209.84 289,656.20 5,076,459.12 6,811,160.21 921,954.23 2,350,818.51 204,736.97 28,334.97 8,636,876.91 38,542,350.95 November 743,172.80 425,350.33 312,140.72 3,955,796.60 8,362,020.20 1,076,547.00 3,402,493.96 561,846.24 45,001.30 7,055,971.32 36,097,132.78 December 987,551.13 809,339.97 325,069.27 5,392,178.97 8,080,630.53 648,674.18 2,631,484.76 333,374.66 96,169.56 8,336,641.11 40,783,813.26 Qtr II 2,523,927 1,803,900 926,866 14,424,435 23,253,811 2,647,175 8,384,797 1,099,958 169,506 24,029,489 115,423,297 January 1,052,973.72 682,963.35 374,670.76 4,198,127.88 5,901,786.02 629,139.05 2,278,111.39 238,443.17 43,030.51 13,349,264.45 41,866,555.59 February 829,649.68 348,050.02 227,838.04 6,033,833.69 5,776,514.04 750,667.17 2,153,392.64 663,210.32 73,444.34 10,645,128.17 38,626,401.55 March 787,121.46 202,319.34 273,751.58 4,872,349.53 6,259,672.58 429,865.54 1,902,437.16 403,285.60 22,999.01 9,598,834.16 36,271,144.14 QIII 2,669,745 1,233,333 876,260 15,104,311 17,937,973 1,809,672 6,333,941 1,304,939 139,474 33,593,227 116,764,101 April 449,416.26 364,131.30 154,464.66 4,309,492.94 4,815,092.76 135,928.90 1,215,949.45 524,506.91 18,496.08 9,143,391.26 31,705,854.89 May 607,431.40 526,863.46 212,646.49 3,056,103.37 3,519,036.75 179,510.46 1,552,510.39 767,562.31 14,752.16 9,418,824.28 26,458,842.63 June 852,672.99 519,212.08 225,669.52 3,664,129.47 4,123,241.52 244,792.15 1,612,555.57 185,861.97 20,167.63 12,483,528.96 32,844,151.35 QIV 1,909,521 1,410,207 592,781 11,029,726 12,457,371 560,232 4,381,015 1,477,931 53,416 31,045,744 91,008,849 July 902,516 755,276 279,186 4,108,277 3,526,870 371,658 3,041,143 1,454,745 39,726 14,947,713 39,815,519 August 928,966 642,861 246,472 5,338,083 4,859,479 950,531 2,048,972 1,818,542 76,406 19,178,571 46,738,542 September 1,111,745 762,188 332,190 4,890,623 7,828,973 741,157 2,239,114 250,257 16,005 11,584,901 37,874,060 Qtr I 2,943,227 2,160,325 857,848 14,336,983 16,215,322 2,063,347 7,329,228 3,523,544 132,138 45,711,184 124,428,121 Table 27: Value of Imports, by Major Commodity Groups** (continued): Source: Ethiopian Revenues and Customs Authority

Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority 2020/21 Period 2017/18 2018/19 2019/20 126 | National Bank of Ethiopia Quarterly Bulletin

Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. July 99,461.76 2,147.18 23.24 - 289,886.07 17,683.44 1,925.84 66.40 16,894.75 8,930.86 9,591.42 August 283,637.29 2,687.62 118.33 - 334,359.56 14,106.08 1,778.88 59.42 5,527.74 9,907.41 11,586.89 September 188,704.00 1,882.41 84.81 - 259,811.90 11,726.75 864.09 57.94 4,857.29 7,285.98 8,191.10 Qtr I 571,803 6,717 226 - 884,058 43,516 4,569 184 27,280 26,124 29,369 October 340,352.32 1,992.85 76.02 0.02 273,969.29 11,898.73 1,554.00 190.82 11,363.91 8,723.02 8,599.60 November 146,305.79 1,736.88 75.73 - 380,216.49 13,755.94 1,776.81 67.17 5,037.63 6,441.76 7,255.29 December 120,431.69 2,499.48 195.15 1.62 307,247.91 15,826.71 1,234.26 76.26 7,041.75 7,561.38 8,970.12 QII 607,090 6,229 347 2 961,434 41,481 4,565 334 23,443 22,726 24,825 January 114,109.95 2,585.44 79.20 - 318,933.50 17,230.64 989.74 30.51 5,617.56 45,266.74 7,882.34 February 117,604.00 1,993.76 129.89 - 304,520.22 12,082.78 850.40 68.78 4,471.66 5,712.04 6,472.23 March 140,256.47 3,020.87 72.55 49.15 291,981.48 15,575.03 1,041.89 52.81 3,324.83 6,153.47 4,444.25 QIII 371,970 7,600 282 49 915,435 44,888 2,882 152 13,414 57,132 18,799 April 182,923.35 1,665.64 31.84 - 308,415.01 15,846.22 476.59 330.57 6,429.50 6,319.87 5,230.43 May 227,664.47 1,609.47 100.77 0.12 343,679.30 21,667.50 1,263.35 37.31 6,301.93 6,223.39 5,019.93 June 256,059.09 2,729.86 215.02 - 357,568.14 15,865.28 1,665.16 67.15 7,468.18 6,051.26 6,390.84 QIV 666,647 6,005 348 0 1,009,662 53,379 3,405 435 20,200 18,595 16,641 July 273,948.45 3,095.71 29.92 - 308,791.32 18,548.46 1,514.50 93.42 10,881.88 8,453.69 6,430.83 August 174,339.75 1,284.25 59.53 - 257,690.82 28,524.31 1,592.66 128.02 4,802.35 8,600.68 9,544.27 September 178,426.00 1,085.76 150.52 - 340,657.75 13,991.07 15,125.74 27.99 3,455.90 7,257.67 5,395.66 Qtr I 626,714 5,466 240 - 907,140 61,064 18,233 249 19,140 24,312 21,371 October 95,471.95 1,340.32 52.20 - 321,462.87 25,792.17 1,393.01 35.89 7,666.59 9,965.95 11,259.09 November 130,726.08 784.13 83.12 - 320,661.43 17,399.70 1,754.37 79.34 5,270.09 7,597.28 9,743.61 December 169,746.17 926.21 246.62 29.81 322,028.82 12,784.37 1,654.67 232.07 7,753.71 9,250.61 9,287.73 QII 395,944 3,051 382 30 964,153 55,976 4,802 347 20,690 26,814 30,290 January 178,057.32 1,263.69 112.79 - 317,858.53 12,335.93 1,579.35 92.54 34,702.21 7,780.07 10,606.49 February 131,176.38 997.46 153.05 - 354,236.00 16,550.46 1,538.79 141.26 8,249.00 8,466.72 6,521.01 March 123,618.00 898.37 44.60 - 378,558.07 13,131.22 1,979.19 74.38 7,337.11 6,561.50 7,619.28 QIII 432,852 3,160 310 - 1,050,653 42,018 5,097 308 50,288 22,808 24,747 April 99,107.29 1,273.44 140.69 - 270,374.33 11,684.19 3,348.94 101.69 6,326.79 8,467.73 10,972.44 May 109,881.31 1,888.73 62.43 - 270,374.33 14,574.27 1,500.00 81.00 7,729.93 7,989.39 8,596.71 June 158,245.81 1,969.34 29.31 0.21 357,528.76 14,331.63 978.59 62.98 10,390.30 7,547.63 9,368.79 QIV 367,234 5,132 232 0 898,277 40,590 5,828 246 24,447 24,005 28,938 July 68,497.0 2,399.8 204.4 - 330,084.4 17,270.5 2,304.3 101.7 9,759.5 8,773.2 11,463.6 August 389,998.9 1,278.0 44.6 - 416,968.0 25,692.6 2,015.7 128.9 7,395.8 9,562.0 10,572.5 September 469,170.9 1,187.1 45.0 - 263,239.4 17,795.9 1,934.8 16.0 12,141.7 7,826.4 15,389.5 Qtr I 927,666.8 4,864.8 294.0 - 1,010,291.7 60,758.9 6,254.8 246.6 29,296.9 26,161.5 37,425.6 October 244,695.2 1,360.9 100.0 16.0 325,943.9 23,847.3 2,461.5 30,093.9 5,274.7 14,132.1 15,042.5 November 281,455.5 1,367.6 67.0 0.2 286,716.0 16,188.4 2,777.8 359.6 9,092.3 9,239.2 11,625.9 December 134,217.0 2,200.0 133.9 - 401,031.4 531,088.3 1,356.0 75.6 9,700.6 8,295.5 16,067.5 QII 660,367.6 4,928.5 300.9 16.2 1,013,691.3 571,124.0 6,595.3 30,529.1 24,067.6 31,666.9 42,735.8 January 189,833.4 1,647.7 61.3 - 324,441.9 19,311.0 2,061.2 129.5 7,958.6 11,605.3 11,491.0 February 182,671.1 986.8 145.5 37.7 346,615.1 12,449.5 2,043.3 531.5 6,294.7 10,524.9 10,221.8 March 285,691.5 1,228.9 74.2 - 284,172.4 14,288.7 1,522.6 125.2 6,882.3 7,622.8 10,359.6 QIII 658,195.9 3,863.4 281.0 37.7 955,229.4 46,049.3 5,627.1 786.2 21,135.6 29,753.0 32,072.4 April 194,586.6 744.6 28.2 - 334,935.9 11,251.3 2,986.2 108.9 3,814.3 5,671.3 10,227.1 May 187,968.5 753.1 60.9 - 227,020.2 15,491.7 974.1 32.6 3,727.1 8,097.0 7,390.5 June 144,767.8 1,671.5 45.0 - 326,027.5 14,257.1 1,634.3 63.0 3,643.2 10,219.8 8,359.1 QIV 527,322.9 3,169.1 134.1 - 887,983.6 41,000.1 5,594.6 204.5 11,184.6 23,988.1 25,976.7 July 608,995.1 1,409.9 109.1 - 272,666.7 20,117.3 1,184.6 77.4 6,735.6 14,090.3 77,678.8 August 324,306.1 1,170.3 80.1 - 357,700.9 17,370.6 1,609.2 108.1 9,710.4 8,678.1 7,025.8 September 250,296.1 1,304.2 70.4 - 248,319.6 16,695.3 1,370.5 56.4 9,305.8 10,397.5 7,767.0 Qtr I 1,183,597.3 3,884.4 259.6 - 878,687.3 54,183.2 4,164.3 242.0 25,751.8 33,166.0 92,471.6 Table 28: Volume of Imports, by Major Commodity Groups** ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority 2020/21 (In Metric Tons) Period 2017/18 2018/19 2019/20 (In 000 birr) Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL July 368,905.12 695,391.98 256,404.54 4,229,951.53 5,971,491.78 2,624,828.54 3,194,935.63 393,104.32 67,486.97 7,517,549.28 31,106,577.97 August 501,090.27 1,048,567.54 321,483.81 3,938,113.21 6,437,821.59 2,998,654.22 2,498,820.84 572,642.78 35,122.13 8,996,573.47 35,238,342.28 September 447,779.78 597,596.24 273,643.53 2,537,010.05 4,619,706.15 2,227,872.62 2,263,817.96 441,186.63 28,495.56 5,993,871.93 26,416,055.95 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 October 380,588.81 722,615.35 369,159.03 3,853,627.35 6,024,798.72 3,400,732.50 2,794,454.82 427,832.37 54,300.53 8,485,538.11 35,943,375.00 November 310,689.84 715,719.21 298,545.72 2,988,952.97 5,209,316.41 2,443,138.31 2,265,670.19 524,718.70 23,969.01 12,859,341.54 36,421,217.43 December 573,668.96 910,814.58 365,625.28 2,620,890.83 5,664,821.49 2,819,985.45 2,137,399.19 423,042.40 37,533.42 9,266,784.68 33,410,145.39 QII 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 January 427,409.25 1,123,934.62 273,285.62 2,682,476.37 6,379,580.36 1,999,076.30 2,069,908.98 509,253.72 24,720.51 8,358,349.60 32,447,812.85 February 342,211.20 607,838.82 229,440.62 3,104,920.86 6,399,481.55 1,713,580.93 2,501,967.11 425,565.25 34,594.30 8,160,889.17 31,279,272.61 March 400,097.24 1,389,211.62 193,032.22 3,187,575.22 4,169,762.52 2,829,694.39 2,403,622.59 474,978.50 39,249.86 8,936,492.51 32,800,254.18 QIII 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 April 382,735.19 442,806.66 195,278.00 2,474,847.75 5,684,774.75 1,756,379.69 1,975,424.66 521,139.15 18,062.72 9,192,751.24 34,549,002.51 May 454,288.75 625,995.66 206,810.32 2,657,433.79 4,776,276.12 1,547,291.55 2,457,205.50 453,990.55 24,044.65 9,609,820.46 33,956,180.68 June 449,875.69 759,461.06 177,119.40 2,796,941.51 4,408,195.23 1,596,541.54 1,659,403.41 807,652.85 40,662.75 7,690,342.54 30,733,448.24 QIV 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 July 555,208.24 675,485.82 231,208.55 3,729,553.27 5,467,277.63 1,693,401.64 2,512,725.05 710,714.35 19,247.37 8,332,975.70 34,449,755.79 August 502,183.50 1,023,602.09 248,293.25 3,341,191.43 7,309,664.16 1,863,839.59 3,435,302.39 354,636.65 39,168.03 8,359,137.86 35,503,697.81 September 505,078.61 464,604.84 222,138.59 2,556,710.13 5,073,466.42 1,384,011.95 1,776,683.07 186,270.32 21,836.50 7,170,781.39 31,029,028.21 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 October 558,521.84 340,072.64 275,180.73 3,610,580.87 4,616,027.23 1,992,264.54 2,633,828.80 396,381.33 42,765.59 9,704,936.96 35,111,114.19 November 524,007.07 274,617.02 232,419.27 3,200,276.34 3,762,139.13 1,731,305.31 1,958,279.34 223,522.27 16,868.65 30,044,302.84 52,210,502.92 December 649,618.21 733,770.67 235,308.02 4,194,923.34 5,701,216.54 1,897,465.64 2,222,913.64 322,461.94 13,936.09 8,796,781.46 36,070,300.97 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 January 525,846.35 454,629.93 284,540.55 4,034,733.44 5,718,662.86 1,729,782.75 2,778,846.50 331,728.65 77,793.19 8,825,848.76 33,579,845.02 February 621,872.62 557,225.24 231,098.06 3,124,246.08 4,882,135.54 1,778,524.51 2,790,848.04 896,114.62 227,613.99 10,361,252.63 34,739,795.42 March 531,672.26 222,462.01 222,356.24 3,577,363.06 4,600,707.05 1,774,666.82 1,978,340.05 160,503.50 234,926.87 8,979,136.65 32,455,315.89 QIII 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 April 630,265.80 462,738.61 249,563.18 3,630,274.17 3,853,586.38 2,542,322.76 1,851,261.85 212,992.81 579,527.70 7,971,856.18 31,666,315.82 May 635,739.65 761,256.09 273,269.93 3,018,981.85 4,974,986.27 2,418,668.89 2,364,523.51 605,145.86 11,488.92 9,787,012.93 37,675,145.82 June 505,428.07 600,724.93 283,935.07 2,657,011.22 3,408,269.54 1,345,062.85 1,626,332.87 252,928.70 79,581.50 7,299,337.76 28,903,332.78 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 July 749,146.32 545,933.94 404,214.30 4,049,320.53 4,590,863.51 2,546,554.97 2,587,634.20 359,518.64 57,047.88 9,197,075.84 34,495,415.29 August 811,243.09 469,454.73 261,035.61 3,687,181.33 8,658,198.96 1,021,729.13 1,871,647.97 129,401.89 160,373.93 10,945,794.43 40,676,116.89 September 725,471.32 447,364.19 215,215.58 3,013,102.90 3,033,913.36 912,460.77 1,443,092.47 302,751.37 30,775.35 10,852,595.23 33,821,572.73 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 October 793,202.83 569,209.84 289,656.20 5,076,459.12 6,811,160.21 921,954.23 2,350,818.51 204,736.97 28,334.97 8,636,876.91 38,542,350.95 November 743,172.80 425,350.33 312,140.72 3,955,796.60 8,362,020.20 1,076,547.00 3,402,493.96 561,846.24 45,001.30 7,055,971.32 36,097,132.78 December 987,551.13 809,339.97 325,069.27 5,392,178.97 8,080,630.53 648,674.18 2,631,484.76 333,374.66 96,169.56 8,336,641.11 40,783,813.26 Qtr II 2,523,927 1,803,900 926,866 14,424,435 23,253,811 2,647,175 8,384,797 1,099,958 169,506 24,029,489 115,423,297 January 1,052,973.72 682,963.35 374,670.76 4,198,127.88 5,901,786.02 629,139.05 2,278,111.39 238,443.17 43,030.51 13,349,264.45 41,866,555.59 February 829,649.68 348,050.02 227,838.04 6,033,833.69 5,776,514.04 750,667.17 2,153,392.64 663,210.32 73,444.34 10,645,128.17 38,626,401.55 March 787,121.46 202,319.34 273,751.58 4,872,349.53 6,259,672.58 429,865.54 1,902,437.16 403,285.60 22,999.01 9,598,834.16 36,271,144.14 QIII 2,669,745 1,233,333 876,260 15,104,311 17,937,973 1,809,672 6,333,941 1,304,939 139,474 33,593,227 116,764,101 April 449,416.26 364,131.30 154,464.66 4,309,492.94 4,815,092.76 135,928.90 1,215,949.45 524,506.91 18,496.08 9,143,391.26 31,705,854.89 May 607,431.40 526,863.46 212,646.49 3,056,103.37 3,519,036.75 179,510.46 1,552,510.39 767,562.31 14,752.16 9,418,824.28 26,458,842.63 June 852,672.99 519,212.08 225,669.52 3,664,129.47 4,123,241.52 244,792.15 1,612,555.57 185,861.97 20,167.63 12,483,528.96 32,844,151.35 QIV 1,909,521 1,410,207 592,781 11,029,726 12,457,371 560,232 4,381,015 1,477,931 53,416 31,045,744 91,008,849 July 902,516 755,276 279,186 4,108,277 3,526,870 371,658 3,041,143 1,454,745 39,726 14,947,713 39,815,519 August 928,966 642,861 246,472 5,338,083 4,859,479 950,531 2,048,972 1,818,542 76,406 19,178,571 46,738,542 September 1,111,745 762,188 332,190 4,890,623 7,828,973 741,157 2,239,114 250,257 16,005 11,584,901 37,874,060 Qtr I 2,943,227 2,160,325 857,848 14,336,983 16,215,322 2,063,347 7,329,228 3,523,544 132,138 45,711,184 124,428,121 Table 27: Value of Imports, by Major Commodity Groups** (continued): Source: Ethiopian Revenues and Customs Authority

Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority 2020/21 Period 2017/18 2018/19 2019/20 First Quarter 2020/21 | 127

Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL July 6,640.59 4,403.82 21,165.13 198,981.14 20,779.94 21,413.70 12,345.31 38,228.35 6.74 280,225.43 1,012,572.75 August 9,458.16 7,047.81 28,109.85 170,174.66 24,405.30 22,969.20 12,384.58 49,623.23 25.30 294,915.31 1,233,259.37 September 9,088.99 3,411.64 23,848.64 104,579.97 19,242.86 16,406.17 10,153.59 38,437.91 18.18 242,092.59 912,308.90 Qtr I 25,188 14,863 73,124 473,736 64,428 60,789 34,883 126,289 50 817,233 3,158,141 October 6,488.69 4,001.22 27,502.92 165,644.26 25,712.87 23,844.30 13,135.99 35,933.04 25.30 361,521.96 1,286,598.08 November 5,231.89 3,352.81 18,327.98 101,690.82 22,662.99 15,619.76 8,137.71 43,651.71 13.40 226,639.76 964,346.62 December 9,651.98 5,042.65 29,570.43 78,621.64 24,937.81 19,271.84 9,897.32 35,560.46 6.57 437,804.57 1,085,891.12 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 January 7,415.26 5,452.53 18,364.93 74,358.76 23,994.48 14,530.66 15,736.96 47,677.64 28.00 600,144.82 1,272,752.02 February 6,038.23 3,061.16 14,370.28 65,963.60 22,270.81 12,281.17 9,081.45 33,686.65 30.90 369,350.92 956,354.27 March 6,669.34 4,916.97 14,645.52 97,168.74 17,158.44 14,546.18 8,300.34 66,716.55 61.93 407,645.47 1,037,085.75 QIII 20,123 13,431 47,381 237,491 63,424 41,358 33,119 148,081 121 1,377,141 3,266,192 April 6,366.50 2,379.62 9,892.35 71,993.07 22,209.71 14,175.22 5,978.00 46,904.87 7.83 552,147.13 1,212,818.46 May 7,801.49 3,214.88 13,314.57 114,670.11 17,614.97 15,623.33 8,697.32 52,828.49 16.89 532,627.20 1,327,148.29 June 7,230.00 4,471.39 12,959.49 137,534.42 14,920.11 13,998.94 6,105.37 150,943.22 23.46 323,953.22 1,175,276.38 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 July 35,551.48 4,267.00 13,764.31 160,655.00 16,463.86 12,922.66 16,188.13 110,755.51 13.13 292,573.05 1,184,186.81 August 8,832.84 5,212.36 15,697.47 101,259.25 21,381.64 10,714.30 12,176.17 33,417.07 29.80 323,257.57 985,128.03 September 9,268.63 2,376.98 15,714.43 91,850.37 21,003.44 11,111.95 8,367.49 11,395.90 27.91 245,406.25 970,701.51 Qtr I 53,653 11,856 45,176 353,765 58,849 34,749 36,732 155,568 71 861,237 3,140,016 October 10,054.77 2,085.05 16,535.13 138,919.43 19,740.33 15,889.03 14,855.07 35,114.84 20.38 292,113.61 984,652.84 November 8,936.16 1,631.69 14,480.15 103,806.30 29,184.86 12,249.93 8,833.49 28,439.43 13.00 338,384.77 1,011,619.50 December 11,686.88 9,904.58 15,006.96 174,721.91 20,951.22 15,727.75 12,625.41 24,568.90 18.96 344,381.04 1,138,965.49 Qtr II 30,678 13,621 46,022 417,448 69,876 43,867 36,314 88,123 52 974,879 3,135,238 January 8,911.21 2,316.51 21,160.74 130,570.67 20,729.91 13,579.88 8,531.48 35,439.64 39.45 417,579.50 1,187,808.27 February 9,217.85 2,740.12 16,288.87 122,815.56 18,869.43 12,822.82 11,106.24 65,165.33 73.72 387,341.43 1,109,306.17 March 9,339.71 1,240.16 15,183.35 137,327.47 18,757.15 12,576.54 6,916.00 36,218.61 14.86 416,976.54 1,158,153.50 QIII 27,469 6,297 52,633 390,714 58,356 38,979 26,554 136,824 128 1,221,897 3,455,268 April 9,834.38 1,986.31 14,315.75 174,958.31 16,552.98 15,858.55 10,498.03 70,461.17 5.30 356,886.10 1,012,693.22 May 10,760.51 3,761.35 16,607.52 149,265.86 16,309.64 16,064.17 12,190.84 43,069.79 17.98 516,910.35 1,164,566.34 June 8,224.38 7,763.54 19,951.35 209,522.34 14,883.75 9,622.46 9,220.75 44,367.29 5.87 351,400.71 1,191,048.49 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 July 11,062.23 3,199.14 26,698.17 151,321.52 21,025.03 27,363.34 16,572.30 50,710.19 34.75 269,904.88 978,039.66 August 13,207.50 2,269.87 15,207.75 213,442.16 16,060.46 16,439.95 9,355.91 60,409.58 22.39 318,861.63 1,468,524.51 September 10,225.00 1,940.01 10,541.99 112,342.54 16,130.61 5,792.14 7,541.56 33,083.26 36.96 302,420.53 1,255,717.99 Qtr I 34,495 7,409 52,448 477,106 53,216 49,595 33,470 144,203 94 891,187 3,702,282 October 11,241.89 2,720.15 15,573.94 220,258.25 17,851.20 5,932.43 12,469.36 47,599.10 27.20 776,008.61 1,725,051.03 November 10,400.91 2,728.90 16,106.41 142,440.35 33,539.99 7,885.84 21,811.73 71,596.03 74.00 249,668.52 1,103,546.12 December 12,727.19 3,109.78 15,719.48 170,321.28 22,448.07 4,635.72 9,538.88 54,787.50 41.09 230,033.13 1,572,740.31 Qtr II 34,370 8,559 47,400 533,020 73,839 18,454 43,820 173,983 142 1,255,710 4,401,337 January 11,668.71 2,780.06 16,338.11 121,088.00 17,520.49 3,890.49 11,300.35 30,576.85 56.62 602,680.29 1,355,863.85 February 11,008.83 2,179.79 12,699.29 139,101.97 23,621.36 5,190.46 10,672.37 65,190.98 99.74 523,073.93 1,300,169.73 March 8,814.04 1,211.40 12,252.41 145,953.00 18,020.56 2,859.76 7,537.74 43,240.33 10.19 433,045.06 1,241,672.29 QIII 31,492 6,171 41,290 406,143 59,162 11,941 29,510 139,008 167 1,558,799 3,897,706 April 5,716.39 1,676.09 5,573.92 153,176.87 8,996.85 632.38 3,992.70 149,414.29 7.96 490,376.46 1,234,504.06 May 7,080.06 1,798.89 8,064.90 82,767.45 12,193.91 1,334.31 6,148.46 71,727.01 12.64 326,640.73 897,557.09 June 7,102.28 1,681.21 6,917.14 90,911.28 16,518.37 1,205.80 5,747.71 59,701.80 7.03 1,283,200.87 1,923,979.95 Qtr IV 19,899 5,156 20,556 326,856 37,709 3,172 15,889 280,843 28 2,100,218 4,056,041 July 10,826.37 2,621.75 9,160.80 118,533.01 14,243.50 2,260.49 10,533.13 495,349.89 24.76 997,404.38 2,168,673.02 August 10,057.25 2,371.77 10,823.69 142,660.37 15,888.10 7,458.31 7,812.30 181,365.39 21.46 919,417.60 1,844,270.47 September 10,998.02 2,778.36 10,690.63 142,615.18 20,431.99 4,336.00 7,067.45 153,822.78 2.95 396,748.58 1,141,252.15 Qtr I 31,882 7,772 30,675 403,809 50,564 14,055 25,413 830,538 49 2,313,571 5,154,196 Table 28: Volume of Imports, by Major Commodity Groups** (continued): (In Metric Tons) ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority Period 2017/18 2018/19 2019/20 2020/21 128 | National Bank of Ethiopia Quarterly Bulletin

2020/21 Qtr I Qtr II QIII Qtr IV Annual Qtr I Qtr II QIII Qtr IV Annual QI Raw Materials 1,382.74 1,151.76 835.52 863.31 4,233.32 1,246.52 1,328.60 1,258.09 1,237.67 5,070.88 1,247.87 Semi-finished Goods 15,194.93 17,589.88 23,876.85 21,454.84 78,116.49 20,576.67 21,285.22 30,481.29 25,452.87 97,796.04 20,476.47 Chemicals 2,996.00 2,917.90 2,372.24 2,572.77 10,858.90 5,879.40 3,564.76 3,304.81 3,994.34 16,743.30 4,749.23 Fertilizers 209.45 193.32 7,439.91 6,377.18 14,219.85 657.48 269.57 10,787.89 7,802.05 19,517.00 342.90 Textile Materials 515.15 652.90 524.03 584.87 2,276.95 816.41 755.30 1,090.54 823.25 3,485.51 1,060.09 Others 11,474.33 13,825.77 13,540.67 11,920.01 50,760.78 13,223.37 16,695.59 15,298.05 12,833.23 58,050.24 14,324.26 Fuel 18,198.76 18,727.02 17,890.37 18,125.75 72,941.90 17,268.47 19,365.31 17,590.10 10,461.60 64,685.48 13,503.83 Crude petroleum - 0.88 - 0.01 0.88 - 0.26 1.71 - 1.96 - Petroleum Products 17,291.91 17,632.84 17,506.74 17,511.12 69,942.60 16,699.93 18,616.35 16,751.62 9,988.98 62,056.89 12,800.03 Others 906.85 1,093.30 383.63 614.63 2,998.41 568.54 748.69 836.77 472.62 2,626.62 703.80 Capital Goods 32,791.25 50,759.84 31,527.12 25,492.20 140,570.41 29,668.84 39,592.26 33,220.65 25,748.05 128,229.80 34,627.81 Transport 3,841.91 25,889.34 5,238.93 4,847.52 39,817.70 4,017.79 3,279.03 3,169.64 1,782.96 12,249.42 3,818.00 Tyres for Heavy Vehicles 732.70 888.63 751.55 799.85 3,172.73 833.18 939.29 1,218.87 1,200.00 4,191.33 1,486.78 Heavy Road Motor Veh. 2,157.72 2,748.20 2,843.47 3,692.17 11,441.56 2,632.86 1,334.55 1,278.05 406.69 5,652.14 998.70 Aircraft 364.25 21,987.41 1,583.85 293.68 24,229.19 460.65 884.88 537.36 150.83 2,033.72 528.70 Others 587.23 265.10 60.06 61.82 974.22 91.10 120.30 135.37 25.45 372.22 803.82 Agricultural 451.15 389.55 413.81 361.50 1,616.02 484.19 933.41 645.06 682.99 2,745.65 748.34 Industrial 28,498.18 24,480.95 25,874.38 20,283.18 99,136.69 25,166.87 35,379.83 29,405.95 23,282.09 113,234.74 30,061.47 Consumer Goods 31,495.66 33,094.30 24,831.12 30,336.96 119,758.04 33,456.83 31,708.67 32,693.08 26,856.10 124,714.69 53,233.28 Durables 8,090.79 8,803.07 7,912.65 8,863.90 33,670.41 8,185.50 7,433.48 7,944.02 4,962.80 28,525.81 7,429.57 Radio & T.V. 652.88 635.72 941.39 1,187.16 3,417.15 682.68 768.96 309.54 186.31 1,947.48 336.84 Tyres for cars & Other Veh. 355.13 324.58 458.72 373.39 1,511.83 343.29 438.93 508.47 306.07 1,596.76 381.78 Cars & Other Veh. 2,212.74 2,721.97 2,482.96 2,581.68 9,999.35 1,931.12 1,151.77 313.54 59.14 3,455.56 169.43 Others 4,870.05 5,120.80 4,029.57 4,721.66 18,742.09 5,228.42 5,073.83 6,812.48 4,411.28 21,526.01 6,541.53 Non-durables 23,404.87 24,291.23 16,918.47 21,473.06 86,087.63 25,271.33 24,275.19 24,749.06 21,893.30 96,188.88 45,803.71 Cereals 5,607.41 3,963.48 4,289.46 2,873.85 16,734.20 8,375.00 6,079.64 7,056.97 4,543.41 26,055.01 6,965.06 Other Food 4,408.68 5,079.67 3,007.04 3,146.73 15,642.11 4,341.13 4,872.30 4,136.69 3,388.37 16,738.49 13,375.35 Medical & Pharmaceuticals 4,038.30 6,336.62 2,534.04 8,224.78 21,133.74 4,363.84 4,985.29 5,315.43 6,692.12 21,356.68 3,933.58 Textile Fabrics 3,363.54 2,351.60 2,211.08 3,163.35 11,089.57 3,173.08 3,406.18 2,925.20 2,795.98 12,300.45 4,546.57 Others 5,986.94 6,559.86 4,876.85 4,064.35 21,488.01 5,018.28 4,931.77 5,314.78 4,473.42 19,738.25 16,983.15 Miscellaneous 1,919.15 2,069.12 1,813.98 1,971.74 7,773.99 6,775.77 2,143.24 1,520.90 1,252.56 11,692.47 1,338.86 Total Imports 100,982.48 123,391.92 100,774.96 98,244.79 423,394.15 108,993.10 115,423.30 116,764.10 91,008.85 432,189.35 124,428.12 Table 29: Value of Imports, bY End-Use** ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority Categories 2018/19 2019/20 (In Millions of Birr) Source: Ethiopian Revenues and Customs Authority

Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise First Quarter 2020/21 | 129

Manufacturing 31.0 292.5 5.0 40.3 2 19.9 11 173.9 1 4.5 Agriculture, hunting and forestry 1 3.3 1 10.5 Real estate, renting and business activities 54 221.98 2 16 2 23.9 2 33.9 1 1.6 3 20 Hotels and restaurants Education 1 40 1 2.5 Health and social work 12 2 302 3 18 Construction 23 334.5 2 4.4 5 49.9 1 3.6 5 13.4 9 41.17 Wholesale, retail trade and repair service Transport, storage and communication 1 6.0 1 11.9 2 20.76 Mining and Quarrying 14 Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities Others 1 9.6 1 1759.74 Grand Total 112.0 898.5 9.0 60.7 10 99.7 7 361.0 22 219.9 16 1846.17 (Capital in Millions of Birr) Investment Capital No of projects No of projects QIV Investment Capital QI No of projects Investment Capital Source: *Projects with Initial Investment Capital below Birr 250,000 are not included. Ethiopia Investment Agency Sector/Sub-sector Table 30: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector 2013(2020/21) 2011(2018/19) Investment Capital QI QII QIII 2012(2019/20) QIV No of projects Investment Capital No of projects Investment Capital No of projects 130 | National Bank of Ethiopia Quarterly Bulletin

Table 31: Expected Employment Creation of Approved Domestic $ Foreign Investment Projects by Sector[PERMANENT & TEMPORARY] Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Manufacturing 3920 1749 39 41 359 500 25 21 Agriculture, hunting and forestry 6 300 35 Real estate, renting and business activities 135 89.0 12 20 12 Hotels and restaurants Education 50 4 22 Health and social work 8 8 66 Construction 133 212.0 12 160 2182 Wholesale, retail trade and repair service Transport, storage and communication 4 117 33 Mining and Quarrying 10 30 Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities Others 27 5 3 2 Grand Total 4262 2392 51 61 387 660 146 6 44 36 36 2 Source: Ethiopia Investment Agency *Projects with Initial Investment Capital below Birr 250,000 are not included. 2011(2018/19) QIV QI QII QIII QIV 2012(2019/20) 2013(2020/21) QI Sector/Sub-sector First Quarter 2020/21 | 131

Currency and Time Currency Currency Unit: Birr (Br) Exchange Rate: Look at Page 63 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 10 132 | National Bank of Ethiopia Quarterly Bulletin

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