National Bank of Ethiopia Quarterly Bulletin, First Quarter 2024/25 — NBE — ET

QUARTERLY BULLETIN
FIRST QUARTER 2024/25
FISCAL YEAR SERIES nbe.gov.et
VOLUME 41 | NO. 1

2 | First Quarter 2024/25 First Quarter 2024/25 | i Volume 41, No. 1 First Quarter 2024/25 Fiscal Year Series

2 | First Quarter 2024/25 First Quarter 2024/25 | i Volume 41, No. 1 First Quarter 2024/25 Fiscal Year Series 2 | First Quarter 2024/25 First Quarter 2024/25 | i Volume 41, No. 1 First Quarter 2024/25 Fiscal Year Series

National Bank of Ethiopia Quarterly Bulletin
First Quarter 2024/25

National Bank of Ethiopia Quarterly Bulletin
First Quarter 2024/25
National Bank of Ethiopia Quarterly Bulletin
First Quarter 2024/25
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 ........................................................................................................ 11
III. Quarterly Price Developments ..............................................................................................13
3.1: Developments in National Quarterly Inflation .......................................................................... 13
3.2:Developments in Regional Quarterly Inflation .......................................................................... 16
IV. Monetary Developments ......................................................................................................19
4.1. Monetary Developments and Policy .......................................................................................... 19
4.2. Developments in Monetary Aggregates..................................................................................... 19
4.3. Developments in Reserve Money and Monetary Ratio.............................................................. 23
4.4. Developments in Interest Rates ................................................................................................. 25
4.5. Developments in the Financial Sector........................................................................................ 26
4.6. Activities of the Banking System................................................................................................. 29
4.6.1. Resource Mobilization ....................................................................................................... 29
4.6.2. Disbursement of Fresh Loans............................................................................................. 33
4.6.3. Outstanding Credit............................................................................................................. 35
4.7. Financial Activities of NBE .......................................................................................................... 36
4.8. Developments in Financial Markets ........................................................................................... 37
4.8.1. Treasury Bills Market ......................................................................................................... 37
4.8.2. Inter- Bank Money Market............................................................................................... 39
4.8.3. Corporate Bond Market..................................................................................................... 39
V. External Sector Developments ...............................................................................................41
5.1: Balance of Payments ................................................................................................................. 41
5.2: Balance of Trade ........................................................................................................................ 44
5.2.1: Exports of Goods ............................................................................................................... 45
5.2.2: Imports of Goods .............................................................................................................. 50

National Bank of Ethiopia Quarterly Bulletin
First Quarter 2024/25
5.2.3: Direction of Trade .............................................................................................................. 53
5.2.3.1: Exports of goods ........................................................................................................ 53
5.2.3.2: Imports of goods ........................................................................................................ 54
5.3: Services and Transfers .............................................................................................................. 56
5.3.1: Net Services .................................................................................................................. 56
5.3.2:Transfers ........................................................................................................................ 57
5.4: Current Account Balance .......................................................................................................... 59
5.5: Capital Account.......................................................................................................................... 59
5.6: Changes in Reserve Position...................................................................................................... 59
5.7: Developments in Foreign Exchange Market.............................................................................. 60
5.7.1: Exchange Rate Movements ............................................................................................... 60
5.7.2: Movements in the Real Effective Exchange Rate .............................................................. 66
5.7.3: Volume of Transactions ..................................................................................................... 67
VI. Federal Government Finance.................................................................................................69
6.1: Revenue and Grants................................................................................................................... 70
6.2: Expenditure ................................................................................................................................ 72
6.3: Deficit Financing......................................................................................................................... 74
VII. Developments in Investment................................................................................................75
VIII. International Economic Developments................................................................................81
8.1: Overview of the World Economy .............................................................................................. 81
8.2: Inflation Developments............................................................................................................. 81
8.3: Commodity Price ....................................................................................................................... 82
8.4: Exchange Rate Development..................................................................................................... 82
8.5: Impact of Global Economic Dev't on Ethiopian Economy ......................................................... 83
Statistical Tables........................................................................................................................84

National Bank of Ethiopia Quarterly Bulletin
First Quarter 2024/25
5.2.3: Direction of Trade .............................................................................................................. 53
5.2.3.1: Exports of goods ........................................................................................................ 53
5.2.3.2: Imports of goods ........................................................................................................ 54
5.3: Services and Transfers .............................................................................................................. 56
5.3.1: Net Services .................................................................................................................. 56
5.3.2:Transfers ........................................................................................................................ 57
5.4: Current Account Balance .......................................................................................................... 59
5.5: Capital Account.......................................................................................................................... 59
5.6: Changes in Reserve Position...................................................................................................... 59
5.7: Developments in Foreign Exchange Market.............................................................................. 60
5.7.1: Exchange Rate Movements ............................................................................................... 60
5.7.2: Movements in the Real Effective Exchange Rate .............................................................. 66
5.7.3: Volume of Transactions ..................................................................................................... 67
VI. Federal Government Finance.................................................................................................69
6.1: Revenue and Grants................................................................................................................... 70
6.2: Expenditure ...............................................................................................................................
. 72
6.3: Deficit Financing......................................................................................................................... 74
VII. Developments in Investment................................................................................................75
VIII. International Economic Developments................................................................................81
8.1: Overview of the World Economy .............................................................................................. 81
8.2: Inflation Developments............................................................................................................. 81
8.3: Commodity Price ....................................................................................................................... 82
8.4: Exchange Rate Development..................................................................................................... 82
8.5: Impact of Global Economic Dev't on Ethiopian Economy ......................................................... 83
Statistical Tables........................................................................................................................84
First Quarter 2024/25 | i
Ethiopia: Macroeconomic and Social Indicators
Indicators 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (2011) (2012) (2013) (2014) (2015) (2016)

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

National Bank of Ethiopia Quarterly Bulletin
II | First Quarter 2024/25 First Quarter 2024/25 | III Continued…. Indicators 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (2011) (2012) (2013) (2014) (2015) (2016) 3. Macroeconomic Indicators 3.1. Real sector Development2 GDP at Current Market Price (In Mn. Birr) 2,696,223.0 3,374,747 4341387.1 6,157,538 8,722,308 11,752,138 Nominal GDP Growth Rate (In %) 22.4 25.5 28.6 41.8 42.4 35.6 Average Marginal Exchange Rate (Birr per USD) 28.1 31.3 39.0 48.57 53.283 55.96 GDP at Current Market Price (In Mn. USD) 95,951.0 107,673 111271.2 126,783 163,698 210,001 Nominal GDP per Capita (In USD) 2,228.3 1,080 2429.5 1,218 1,549 1,937 Real GDP per Capita (In Birr) 46,148.6 47,632.8 48,650.00 50,359.40 61,918.28 66,448.64 Real GDP per Capita Growth Rate (In %) 140 3 2.1 3.5 23.0 7.3 GDP Deflator (% change) 13.2 18.2 21.8 34.7 32.9 25.5 Agriculture & Allied Activties(In Billion Birr) 623.8 650.3 686.4 728.4 774.0 827.9 Industrial Sector (In Billion Birr) 526.2 576.9 618.8 649.2 694.2 758.4 Service Sector(In Billion Birr) 745.7 786.8 836.2 899.8 971.3 1,046.1 Agriculture & Allied Activties (% of GDP) 33.3 32.7 32.5 32.4 32.1 31.8 Industrial Sector (% of GDP) 28.1 29.0 29.3 28.9 28.8 29.1 Service Sector (% of GDP) 39.8 39.5 39.6 40 40.3 40.2 Private Consumption Expenditure 1,848,070.0 2,360,896 3,134,994 4,764,429 6,882,737.92 9,422,416 Government Consumption Expenditure 247,362.0 307,769 383,565 453,263 551106.6 650,000 Investment 948,866.0 1,037,685 1,216,585 1,560,325 1,933,863 2,409,022 Exports 213,437.0 239,229 329,634 507,692 575,062 652,779 Imports 561,512.0 571,230 723,391 1,128,171 1,220,461 1,382,079 Resource Balance (348,075.0) -329,096 -394,236 -620,479 -645,400 (729,300) Gross Private Consumption (% of GDP) 68.5 69.96 72 77.4 78.9 80.2 Gross Government Cosumption (% of GDP) 9.2 9.1 8.84 7.4 6.3 5.5 Gross Domestic Fixed Investment (% of GDP) 35.2 30.7 28.02 25.3 22.2 20.5 Resource Balance (% of GDP) (12.9) (9.8) -9.08 -10.1 -7.4 -6.2 3.2. Monetary Indicators Narrow Money Supply (M1) (In Mn. Birr) 308,937.13 360,585.50 437,391.97 588,015.82 706,142.20 822,498.60 Broad Money Supply (M2) (In Mn. Birr) 886,752.53 1,037,646.33 1,348,266.15 1,715,310.03 2,170,848.37 2,477,891.90 Net Foreign Assets (In Mn. Birr) 14,506.19 (8,321.31) (812.32) (111,427.54) (160,097.68) (245,298.39) Reserve Requirement (CBs) 44,861.74 51,952.51 67,732.40 119,022.60 147,931.40 149,916.90 Interest Rate (In %) Minimum Deposit Rate 7 Lending Rate 13.5 14.25 Total Net Domestic Credit (in mn. Birr) 963,699.91 1,176,926.45 1,481,844.43 1,930,621.80 2,444,435.50 2,797,752.10 Government 109,799.21 137,082.91 214,275.16 422,864.02 573,675.72 745,541.10 Other Sectors 853,900.70 1,039,843.53 1,267,569.27 1,507,757.78 1,870,759.78 2,052,211.00 II | First Quarter 2024/25 First Quarter 2024/25 | III Continued…. Indicators 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (2011) (2012) (2013) (2014) (2015) (2016) 3.3. Inflation (CPI growth rate)3 Country Level -General inflation 12.60 19.90
20.20 33.80 32.50 26.60 -Food inflation 13.10 23.30 23.20 40.30 31.70 28.10 -Non-Food inflation (core inflation) 11.90 15.80 16.40 25.15 33.90 24.40 Addis Ababa -General inflation 14.6 18.8 19.5 29.8 37.3 31.20 -Food inflation 15 25.9 26.2 36.6 35.5 34.10 -Non-Food inflation (core inflation) 14 13.9 14.4 24.1 39.0 28.60 3.4. External Trade(In Mn.USD) Export of goods & services 7694.9 7715.7 8498.9 10457.7 10855.8 11763.6 Import of goods & services 20704.8 18828.3 19177.0 23845.0 23430.0 25128.0 Net trade in goods & services -13009.9 -11112.6 -10678.0 -13387.3 -12574.2 -13364.4 Current account balance including official transfers -4948.0 -4401.9 -3190.7 -5145.1 -4672.9 -5916.9 Capital account balance 4822.4 4326.5 3785.8 2723.7 3547.3 4128.3 Overall balance of payments -941.6 -833.4 298.7 -2149.8 -752.0 -1347.9 3.5. Government Finance (In Mn .Birr4) Total Revenue (including grants) 344,936.5 394,965.8 478,888.1 566,753.6 717,586.7 873,126.5 Total Revenue (excluding grants) 311,317.4 354,312.8 444,582.6 540,060.5 685,459.1 840,094.8 o/w Tax-Revenue 268,457.4 311,476.5 388,763.5 477,770.3 593,232.1 716,172.2 Tax-Revenue as % of GDP 10.0 9.2 9.0 7.8 6.8 6.1 Total Expenditures 413,105.7 488,243.2 599,006.7 779,099.0 938,771.6 1,120,077.3 Current Expenditures 238,156.6 280,667.0 363,596.9 517,043.4 582,854.6 652,619.7 Capital Expenditures 174,949.1 207,576.1 235,409.7 262,055.7 355,917.0 467,457.6 Equity Contribution (Sinking Fund) - - - - - 0 Special Programs - - - - - 0 Total Expenditures as % of GDP 15.4 14.5 13.8 12.7 10.8 9.5 Current Surplus/Deficit 106,779.9 114,298.8 115,291.2 49,710.3 134,732.1 220,506.9 Overall Budget Deficit (including grants) (68,169.2) (93,277.4) (120,118.5) (212,345.4) (221,184.9) (246,950.7) Deficit as % of GDP (2.5) (2.8) (2.8) (3.4) (2.5) (2.1) Overall Budget Deficit (excluding grants) (101,788.3) (133,930.4) (154,424.0) (239,038.5) (253,312.4) (279,982.5) Deficit as % of GDP (3.8) (4.0) (3.6) (3.9) (2.9) (2.4) 3.6. Exchange Rate (Birr/ USD) Inter-Bank Forex Market Rate5 * Period weighted Average 28.0543 31.3427 39.0163 48.5673 53.2830 55.9623 * End period 28.9109 34.9822 43.6910 51.9938 54.5943 57.3265

National Bank of Ethiopia Quarterly Bulletin
IV | First Quarter 2024/25 First Quarter 2024/25 | 1 Continued…. Indicators 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (2011) (2012) (2013) (2014) (2015) (2016) 3.7. Treasury Bill Market (In Mn. Birr) T-Bills Demanded (Total) 422,633.54 242,155.09 284,783.55 599,478.63 595,231.34 812,892.09 T-Bills Sold 422,633.54 242,155.09 238,799.55 582,268.63 576,081.34 797,797.09 Average Weighted Yield (in %) 1.741 4.808 7.970 9.459 9.70 9.74 T-Bills Outstanding by holder 138,054.36 23,724.00 116,559.95 317,169.59 341,869.53 447,802.85 Banks 650.00 5,604.00 52,040.00 195,432.29 146,568.05 162,259.26 Non-Banks 137,404.36 18,120.00 64,519.95 121,737.30 195,301.48 285,543.59 3.8. Inter Bank Money Market Rate5 3.9. Financial Institutions Number of Commercial Banks 17.00 17.00 18.00 30.00 31.00 32.00 (o/w Private banks) 16.00 16.00 17.00 28.00 29.00 30.00 Number of Bank Branches 5,564.00 6,511.00 7,344.00 8,944.00 11,281.00 12,278.00 Population : Bank Branch 17,732.20 15,702.00 13,921.00 11,516.00 9,514.00 8,918.00 Number of Insurance Companies 17.00 18.00 (o/w Private Insurance Companies) 16.00 17.00 Number of Insurance Branches 568.00 605.00 635.00 690.00 741.00 799.00 Population : Insurance Branch 173,848.00 168,983.00 160,629.92 149,272.50 144,846.00 147,771.93 Number of Development Banks 1.00 Number of Development Bank Branches 107 93 82 83 83 105.00 Number of Micro-financial Institutions 38 39 39 43 47 48.00 Source : Ministries of Agriculture, Finance, Health, and Education, National Bank of Ethiopia, Ethiopian Statistical Services, … etc Note:- *population is estimated using component method after 2006/2007 1. Excluding manpower out side the Ministry of Health. 2. The GDP data series is revised on basis of 2015/16 =100 base year 3. Inflation data is calculated using the new base year (December 2016=100) 4. Figures for government finance are preliminary estimates from 1999/00 onwards. 5. Inter-bank money market was first introduced in Aug.1998 and Inter-bank forex market started as of September 1998, and the daily trasactions introduced beginning from october 24, 2001. *Mid year population was obtained from MoF National Bank of Ethiopia Quarterly Bulletin IV | First Quarter 2024/25 First Quarter 2024/25 | 1
I. OVERVIEW
1.1. International Economic Developments
According to European Central Bank (ECB)
Economic bulletin issue 7/2024, the Global economic activity has remained steady, albeit diverse trend across countries and sectors. The global composite output Purchasing Managers’ Index (PMI) remained in expansionary territory in September 2024 at 52.5, down from 53.2 in August 2024. However, the differences across sectors increased markedly, with the services component continuing to indicate expansion in the first quarter of 2024/25, despite a slight decline, and the manufacturing index weakening further to 50.5 in the first quarter, well below its fourth quarter of 2023/24 average of 52.9. In the United States, economic activity remains robust. In the first quarter of 2024/25, real GDP continued to grow at a steady pace of 0.7 percent quarter-on-quarters, supported by strong domestic private demand and government consumption. In China, economic growth momentum remains weak. Over recent months, subdued consumer sentiment amplified the slowing of retail sales, particularly in the automotive sector. The infrastructure investment also slowed markedly owing to greater financial constraints at the local government levels. At the same time, the real estate market remains a significant drag on overall activity. In the United Kingdom, economic activities remain slowed. In July 2024, the UK economy recorded zero GDP growth for second consecutive months, which implies a quarterly growth rate of only 0.1 percent for the first quarter of 2024/25. In Euro area, the ECB estimates indicated a steady economic growth, quarter-on-quarter growth with 0.9 percent in the first quarter of 2024/25. Headline inflation, as measured in terms of the Harmonised Index of Consumer Prices (HICP), declined to 1.7 percent in September 2024 from
2.2 percent in August 2024.
Continued….
Indicators 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 (2011) (2012) (2013) (2014) (2015) (2016)
3.7. Treasury Bill Market (In Mn. Birr)
T-Bills Demanded (Total) 422,633.54 242,155.09 284,783.55 599,478.63 595,231.34 812,892.09 T-Bills Sold 422,633.54 242,155.09 238,799.55 582,268.63 576,081.34 797,797.09 Average Weighted Yield (in %) 1.741 4.808 7.970 9.459 9.70 9.74 T-Bills Outstanding by holder 138,054.36 23,724.00 116,559.95 317,169.59 341,869.53 447,802.85 Banks 650.00 5,604.00 52,040.00 195,432.29 146,568.05 162,259.26 Non-Banks 137,404.36 18,120.00 64,519.95 121,737.30 195,301.48 285,543.59
3.8. Inter Bank Money Market Rate5
3.9. Financial Institutions
Number of Commercial Banks 17.00 17.00 18.00 30.00 31.00 32.00 (o/w Private banks) 16.00 16.00 17.00 28.00 29.00 30.00 Number of Bank Branches 5,564.00 6,511.00 7,344.00 8,944.00 11,281.00 12,278.00 Population : Bank Branch 17,732.20 15,702.00 13,921.00 11,516.00 9,514.00 8,918.00 Number of Insurance Companies 17.00 18.00 (o/w Private Insurance Companies) 16.00 17.00 Number of Insurance Branches 568.00 605.00 635.00 690.00 741.00 799.00 Population : Insurance Branch 173,848.00 168,983.00 160,629.92 149,272.50 144,846.00 147,771.93 Number of Development Banks 1.00 Number of Development Bank Branches 107 93 82 83 83 105.00 Number of Micro-financial Institutions 38 39 39 43 47 48.00 Source : Ministries of Agriculture, Finance, Health, and Education, National Bank of Ethiopia, Ethiopian Statistical Services, … etc Note:- *population is estimated using component method after 2006/2007

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

National Bank of Ethiopia Quarterly Bulletin
2 | First Quarter 2024/25
1.2. Macroeconomic Developments in Ethiopia
1.2.1. Inflation
In the first quarter of 2024/25, annualized average quarterly headline inflation rate decreased to
17.7 percent from 28.2 percent last year same
quarter. However, quarter- on- quarter inflation rate increased to 3.8 percent from 2.7 percent in the preceding quarter due to 2.7 and 0.1 percentage points increase in non-food and food inflation, respectively. Food inflation contributed 59.4 percent to the quarter-on-quarter headline inflation rate, nonfood inflation accounted for 40.6 percent.
1.2.2. Monetary Developments
As part of a broader macroeconomic reforms and its primary goal of ensuring low and stable inflation, the NBE has implemented new monetary policy framework. Starting from July 2024, NBE has moved from monetary aggregate targeting framework to an interest-rate based monetary policy regime. Under the new policy framework, the National Bank Rate (NBR) has been applied as the primary means of signalling its policy stance and to guide the 7-day interbank interest rate (operational target) through which it affects other market rates. Following the implementation of new monetary policy framework, NBE has begun implementing indirect monetary policy instruments such as Open Market Operations (OMOs) and Standing Facilities (SFs) to enhance the effectiveness of monetary policy transmission. Accordingly, during the review period, NBE held its policy interest rate (NBR) at 15.0 percent. Consequently, the standing lending facility (SLF) and standing deposit facility (SDF) interest rates stood at 18.0 percent and 12.0 percent, respectively. Broad money supply (M2) stood at Birr 2.6 trillion at the end of the first quarter of 2024/25 reflecting 18.0 percent annual growth. This growth was primarily driven by a 22.0 percent increase in domestic credit which outweighed the 147.6 percent contraction in external asset (net) and 232.3 percent in other items (net). During the same period, net claims on the government rose 161.4 percent while credit to the non-government sector declined by 22.9 percent. During the review period, reserve money reached Birr 476.8 billion, reflecting 7.6 percent annual and 0.8 percent quarterly expansion. The money multiplier, measured by the ratio of National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 3 broad money to reserve money, increased to 5.5 from 5.0 a year earlier reflecting the fact that more money has been created by commercial banks rather than by the NBE.
1.2.3. Interest rate
During the review period, average savings deposit rate remained unchanged at 8.0 percent while average lending interest rate increased to 15.0 percent while weighted average time deposit rate was stood at 7.8 percent and weighted average yield on T-bills at 10.7 percent. Given the 15.0 percent policy rate versus 17.5 percent headline inflation, the real interest rate on deposits, lending, and T-bills yields remained negative.
1.2.4. Financial Sector Developments
a) Banks
By the end of the first quarter of 2024/25, the number of banks in Ethiopia was 32, of which 30 were private and 2 state owned. These banks had 12,426 branches throughout the country. Thus, the ratio of population to bank branch reached 8,8121 reflecting that 1 branch serves 8812 people. Of the total bank branches, 30.9 percent were located in Addis Ababa. Meanwhile, total capital of the banking system stood at Birr 357.0 billion, of which, state owned banks accounted for 42 percent and private banks 58 percent. 1 Total population is 109,499,000 as ESS Estimation for 2024 The banking sector disbursed Birr 123.1 billion in new loans during the review quarter, indicating a
20.2 percent increase over last year same period.
Of the total new loans disbursed, the share of state owned banks was 40.8 percent and that of private banks 59.2 percent. The major beneficiaries of the fresh loans were domestic trade (Birr 35.9 Billion or 29.2 per cent), international trade (Birr 23.1 billion or 18.8 per cent), manufacturing (Birr 16.4 Billion or 13.3 per cent), building and construction (Birr 13.2 billion or 10.7 per cent), agriculture (Birr 12.7 billion or
10.3 per cent), consumer and staff loan (Birr 10.7
billion or 8.7 percent) while the remaining share was taken up by other economic sectors. In the meantime, the banking system collected Birr 119.3 billion in loans, showing a 14.4 percent annual growth. Of the total loan collection, 57.8 percent was undertaken by private banks and
42.2 percent by state owned banks.
Total outstanding credit of the banking system significantly declined (21.1 percent), due to the conversion of corporate bonds to government bonds, and reached Birr 1.6 trillion. About 99.9 percent of the total outstanding credit of private banks was claims on cooperatives and private enterprises.

National Bank of Ethiopia Quarterly Bulletin
4 | First Quarter 2024/25 b) Insurance Sector
The number of insurance companies remained at 18, of which 17 were private and 1 state owned. Their branches increased to 809 from 762 a year ago. Of the total branches, about
56.7 percent were located in Addis Ababa. The
total capital of insurance companies increased to Birr 24 billion from 18 billion last year, of which private insurance companies accounted for 79.9 percent. c) Microfinance Institutions During the review quarter, the number of Micro Finance Institutions (MFIs) stood at 48. They mobilized about Birr 32.1 billion in saving deposit, showing a 32.5 percent annual growth. Total outstanding credit of these institutions increased by 24.8 percent and reached Birr 41.0 billion. Their capital also grew 11.1 percent and stood at Birr 12.2 billion.
1.2.5. External Sector and Foreign Exchange
Developments a) External Sector Development
Total receipts from export of goods reached USD
1.5 billion depicting 81.9 percent annual growth
driven by higher export revenues from coffee
(47.8 percent), oil seeds (26.1 percent,) meat and meat products (51.8 percent), live- animals (115.5 percent), gold (612 percent), electricity (180 percent) and other exports (54.3 percent). In contrast, there were declines in export receipts from leather and leather products (33.8 percent), pulses (19.2 percent), fruits and vegetables (6.7 percent), textile & textile products (14.4 percent), chat (34.6 percent) and flower (8.2 percent). Total merchandise import bill amounted to USD
4.1 billion showing a 1.0 percent annual drop
due to decline in import bill for semi-finished goods and fuel.
During the review period, total transfer receipts increased by 75.8 percent and reached USD 2.9 billion on account of higher private transfers (13.9 percent) and public transfers (375.1 percent). Meanwhile, total transfer payments decreased from USD 19.5 million to USD 3.3 million owing to
65.3 percent decline in private and 94.8 percent
in public transfer payments.
National Bank of Ethiopia Quarterly Bulletin
First Quarter 2024/25 | 5
The current account balance (including official transfers) registered USD 707.4 million in surplus from USD 1.3 billion deficit a year ago due to narrowed merchandise trade deficit coupled with the rise in net private and official transfers. Similarly, capital account recorded a surplus of USD 1.3 billion, which was 144.5 percent higher than USD 521.3 million surplus a year earlier. The rise in surplus was mainly attributed to higher foreign direct investment, and net official longterm capital and net short-term capital. On the other hand, private sector long-term capital declined by 5.4 percent. The surplus in the overall balance of payments during the first quarter of FY 2024/25 reached USD 1.3 billion compared to USD 942.6 deficit a year ago. b) Exchange Rate Development On July 29, 2024, the NBE shifted the exchange rate regime toward a market-based exchange rate system. Consequently, in the forex market, the weighted average official exchange rate of Birr reached 94.1316/USD in the first quarter of 2024/25, a depicting 71.4 percent year-on-year depreciation. Similarly, the real effective exchange rate (REER) of Birr depreciated by 32.3 percent year-onyear, owing to sharp depreciation of Birr against Ethiopia’s major trading partner’s currencies inline with the NBE’s shift toward a marketbased exchange rate regime, which was further supported by a slowdown in domestic inflation. NEERI also depreciated by 32.0 percent on an annual basis due to the weakening of the Birr against the country’s trading partners’ currencies.
1.2.6. Federal Government Fiscal Operations
During the first quarter of 2024/25, total revenue and grants of the Federal government stood at Birr 177.1 billion which was about 77 percent higher than a year ago. Likewise, total expenditure reached Birr 198.1 billion showing a
40.2 percent annual growth resulting in Birr 20.9
billion deficit.
1.2.7. Investment
During the first quarter of 2024/25, 36 investment projects became operational. These projects raised a capital of Birr 155.5 billion. Year on year basis, the number of investment projects and their investment capital registered significant increase.

National Bank of Ethiopia Quarterly Bulletin
6 | First Quarter 2024/25
II. ENERGY PRODUCTION AND PROCESSING
2.1. Import of Petroleum Products
The volume of petroleum products imported during the first quarter of 2024/25 amounted to 1 million metric tons, showing 12 percent annual increase. This was attributed to higher import of gas oil (10.4 percent), jet fuel (31.3 percent) and fuel oil (26.6 percent) despite decline in volume of regular gasoline import (1.3 percent). With respect to the previous quarter, the amount of imports of petroleum products rose by 9.8 percent driven by higher imports of gas oil (14.5 percent), jet fuel (28.0 percent) and fuel oil (2.2 percent) slowdown in import of regular gasoline (18.5 percent). The share of gas oil import in total petroleum import was 64.4 percent, jet fuel (18.7 percent), regular gasoline (15.0 percent), and fuel oil (1.9 percent) (Table 2.1).
Table 2.1: Volume of Petroleum Products Imported
(In Metric Ton)
Petroleum
Products
2023/24 2024/25
Percentage Change
Qtr. I Qtr. IV Qtr. I
A Share
(In %) B Share
(In %) C Share
(In %) C/A C/B
Regular Gasoline
(MGR) 154,992.4 17.0 187,558.9 20.1 152,915.2 15.0 -1.3 -18.5 Jet Fuel 145,961.7 16.0 149,738.2 16.1 191,590.1 18.7 31.3 28.0 Fuel Oil 15,300.0 1.7 18,949.8 2.0 19,374.1 1.9 26.6 2.2 Gas Oil (ADO) 596,179.7 65.3 575,024.2 61.7 658,276.7 64.4 10.4 14.5 Total 912,433.8 100 931,271.1 100 1,022,156.1 100 12.0 9.8 Source: Ethiopian Petroleum Enterprise National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 7 Fig.2.1: Trends in the Volume of Petroleum Products Imported Source: Ethiopian Petroleum Enterprise Meanwhile, the total value of petroleum products imported during the period under review reached Birr 79.8 billion showing a 62.8 percent annual increase due to higher import value of all petroleum products (Table 2.2). Similarly, compared with previous quarter, the value of petroleum import rose 70.6 percent, on account of an increase in import value of gas oil (76.4 percent), jet fuel (104.7 percent), regular gasoline (33 percent) and fuel oil (60 percent) (Table 2.2).

National Bank of Ethiopia Quarterly Bulletin
8 | First Quarter 2024/25
Table 2.2: Value of Petroleum Products Imported
(In ‘000Birr)
Petroleum Products
2023/24 2024/25 Percentage Change Qtr. I Qtr. IV Qtr. I A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 8,908,906.4 18.2 10,783,893.9 23.0 14,345,792.9 18.0 61.0 33.0 Jet Fuel 8,038,817.6 16.4 7,347,902.7 15.7 15,041,110.4 18.8 87.1 104.7 Fuel Oil 555,946.6 1.1 714,033.6 1.5 1,142,574.3 1.4 105.5 60.0 Gas Oil (ADO) 31,533,265.6 64.3 27,939,121.7 59.7 49,293,238.4 61.8 56.3 76.4 Total 49,036,936.0 100 46,784,951.9 100 79,822,715.9 100 62.8 70.6 Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported Source: Ethiopian Petroleum Enterprise National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 9 The average FOB price of petroleum products dropped by 16.9 percent compared to last year same quarter due to lower FOB price of all petroleum products. Likewise, average FOB price of petroleum products went down by 6.4 percent Vis-a-Vis the preceding quarter (Table 2.3).
Table 2.3: FOB Price of Petroleum Products Imported
(In USD/ Metric Ton)
Petroleum Products
2023/24 2024/25
Percentage Change
Qtr. I Qtr. IV Qtr. I
A B C C/A C/B
Regular Gasoline (MGR) 902.8 824.5 756.1 -16.2 -8.3 Jet Fuel 854.9 745.4 708.0 -17.2 -5.0 Fuel Oil 493.7 480.7 440.3 -10.8 -8.4 Gas Oil (ADO) 1635.6 1417.2 1326.9 -18.9 -6.4 Average 971.7 866.9 807.8 -16.9 -6.8 Brent Crude Oil (USD/Barrel) 86.66 84.65 79.84 -7.9 -5.7 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products Source: Ethiopian Petroleum Enterprise

National Bank of Ethiopia Quarterly Bulletin
10 | First Quarter 2024/25
The average price of Brent crude oil, while serves as a point of reference for international oil price, went down by 7.9 percent on annual and 5.7 percent on quarterly basis (Table 2.3). During the review quarter, average retail price of fuel in Addis Ababa increased from Birr 82.9 percent to Birr 90.1 per litre depicting a 8.8 percent annual increase on account of higher retail prices of all petroleum products (Table 2.4).
Table 2.4: Addis Ababa Average Retail Prices of Fuel
(Birr/Litre)
Petroleum Products
2023/24 2024/25 Percentage Change Qtr. I Qtr. IV Qtr. I A B C C/A C/B (Regular Gasoline (MGR 74.01 79.64 82.60 11.6 3.7 Fuel Oil 120.47 125.58 129.70 7.7 3.3 (Gas Oil (ADO 75.75 81.08 83.74 10.6 3.3 Kerosene 75.75 81.08 83.74 10.6 3.3 Jet fuel 68.33 70.83 70.83 3.7 0.0 Average 82.9 87.6 90.1 8.8 2.8 Source: Ministry of Trade Fig.2.4: Trends of Addis Ababa Average Retail Prices Source: Ministry of Trade National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 11
2.2. Electric Power Generation
About 6.5 billion KWH electric power was generated during the first quarter of 2024/25. This was 39 percent higher than last year same quarter on account of 40.2 percent increase in electric production from hydropower and wind
10.5 percent from sources (Table 2.5).
Table 2.5: Electricity Generation by Sources
(In ‘000 of K.W.H)
Power Source
2023/24 2024/25
Percentage Change
Qtr. I Qtr. IV Qtr. I
A Share
(In %) B Share
(In %) C Share
(In %) C/A C/B
Hydropower 4,542,707.2 97.1 5,422,540.3 97.5 6,367,629.9 97.9 40.2 17.4 Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind 122,199.4 2.6 138,346.5 2.5 135,038.7 2.1 10.5 (2.4) Biomass 13,912.6 0.3 1,084.3 0.0 - - - - Total 4,678,819.2 100 5,561,971.0 100 6,502,668.6 100 39.0 16.9 Source: Ethiopian Electric Power

National Bank of Ethiopia Quarterly Bulletin
12 | First Quarter 2024/25
Of the total energy generated, 97.9 percent was from hydropower and 2.1 percent from wind source (Table 2.5). By system of generation, virtually all the power was generated through the interconnected systems (ICS)2 (Table 2.6).
Table 2.6: Generation of electricity power in the interconnected system (ICS) and self-contained system (SCS)
System of Power supply
2023/24 2024/25 Percentage Share Qtr. I Qtr. IV Qtr. I A Share (In %) B Share (In %) C Share (In %) C/A C/B ICS Hydro power 4,542,707.2 97.1 5,422,540.3 97.5 6,367,629.9 97.9 40.2 17.4 Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind 122,199.4 2.6 138,346.5 2.5 135,038.7 2.1 10.5 (2.4) Biomass 13,912.6 0.3 1,084.3 0.0 - - - - Sub-Total 4,678,819.2 100.0 5,561,971.0 100.0 6,502,668.6 100.0 39.0 16.9 SCS Hydro power - - - - - - - - Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind - - - - - - - - Sub-Total - - - - - - - - Grand Total 4,678,819.2 100 5,561,971.0 100 6,502,668.6 100 39.0 16.9 Source: Ethiopian Electric Power Fig.2.5: Volume of Electricity Production by Type National Bank of Ethiopia Quarterly Bulletin 13 | First Quarter 2024/25
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 1000000 2000000 3000000 4000000 5000000 6000000 7000000 Hydropower Thermal Power Geo- thermal Wind Biomass Source: Ethiopian Electric Power System of Power supply 2023/24 2024/25 Percentage Qtr. I Qtr. IV Qtr. I Share A Share (In %) B Share (In %) C Share (In %) C/A C/B ICS Hydro power 4,542,707.2 97.1 5,422,540.3 97.5 6,367,629.9 97.9 40.2 17.4 Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind 122,199.4 2.6 138,346.5 2.5 135,038.7 2.1 10.5 (2.4) Biomass 13,912.6 0.3 1,084.3 0.0 - - - - Sub-Total 4,678,819.2 100.0 5,561,971.0 100.0 6,502,668.6 100.0 39.0 16.9 SCS Hydro power - - - - - - - - Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind - - - - - - - - Sub-Total - - - - - - - - Grand Total 4,678,819.2 100 5,561,971.0 100 6,502,668.6 100 39.0 16.9 Source: Ethiopian Electric Power _________________ 2 The generated power from different power stations stored in substations before distribution. National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 13
III. QUARTERLY PRICE DEVELOPMENTS
3.1. Developments in National Quarterly Inflation
In the first quarter of 2024/25, average annualized quarterly general inflation rate decreased to
17.7 percent from 28.2 percent last year largely
due to 7.0 percentage point decrease in food inflation and 15.7 in non-food inflation. Quarter-on-quarter inflation, however, it increased to 3.8 percent from 2.7 percent of the preceding quarter. Moreover, average quarter-on-quarter headline inflation rate significantly dropped to 3.8 percent from 7.5 percent a year ago. Food inflation contributed 59.4 percent and non-food inflation
40.6 percent to the quarterly inflation (Table
3.1).
Quarter on quarter food inflation slightly rose to 3.7 percent from 3.6 percent the preceding quarter (QIV) while it was well below the 8.4 percent mark a year earlier (Table 3.1). The rise in quarter on quarter food inflation was mainly driven by higher inflation of nonalcoholic beverages (9.3 percent), ‘oils and fats’ (7.3 percent), ‘bread and cereals’ (4.1 percent), ‘sugar, honey & chocolates’ (3.9 percent) and meat (3.5 percent). The largest weight contributor to food inflation was ‘bread and cereals’ (45.5 percent) followed by non-alcoholic beverages (16.2 percent), ‘oils and fats’ (13.3 percent) and meat (7.6 percent) (Table 3.2). Similarly, quarter-on-quarter non-food inflation rate also increased to 3.9 percent from 1.2 percent in the preceding quarter (QIV) while it decreased from 6.3 percent recorded in the last year same period. The rise in quarter-on-quarter non-food inflation was mainly attributed to higher quarterly price inflation of health (5.7 percent), ‘housing, water, electricity and gas fuels’ (5.3 percent), ‘hotel & restaurant’ (5.0 percent) and transport (3.5 percent) (Table 3.3). The largest contributor of first quarter non-food inflation was ‘housing, water, electricity, gas & other fuels’ (43.4 percent), followed by ‘hotel & restaurant’ (17 percent) and ‘furnishings, house equipment & operations’ (12.1 percent).

National Bank of Ethiopia Quarterly Bulletin
14 | First Quarter 2024/25
Table 3.1: Quarter-on-Quarter National Inflation Rate
(December 2016=100)
Inflations
Weights in %
2023/24 2024/25 Change in
%age Points
Contribution (in%) to
QI QIV QI 2024/25 Inflation
A B C C-A C-B Absolute Relative
Headline 100 7.5 2.7 3.8 -3.7 1.1 3.8 100
Food 54 8.4 3.6 3.7 -4.7 0.1 2.3 59.4
Non-food 46 6.3 1.2 3.9 -2.3 2.7 1.5 40.6
Source: Ethiopian Statistical Service (ESS)
Source: ESS & NBE Compilation
National Bank of Ethiopia Quarterly Bulletin
First Quarter 2024/25 | 15
16 | First Quarter 2024/25
Source: ESS & NBE Compilation
Table 3.2: Quarter-on-Quarter National Food & Non-alcoholic Beverages Inflation

Items Weights
2023/24 2024/25 Change in %age points
Contribution in % to
QI QIV QI
A B C C-A C-B
Food
Inflation(
Absolute)
Food
Inflation
(Relative)
Food and Nonalcoholic Beverages 0.54

8.4 3.6 3.7 -4.7 0.1 3.7 100.0
Bread and Cereals 0.17 11.1 4.0 4.1 -7.0 0.2 1.7 45.5 Meat 0.04 7.2 8.4 3.5 -3.6 -4.9 0.3 7.6 Fish and Sea food 0.00 -11.6 3.3 0.3 11.9 -2.9 0.0 0.0 Milk, cheese and egg 0.03 6.3 1. 2
2.1 -4.2 0.9 0.1 3.0
Oils & Fats 0.04 8.5 7.5 7.3 -1.2 -0.2 0.5 13.3 Fruit 0.00 2.6 -1.7 1.4 -1.2 3.0 0.0 0.1 Vegetables 0.12 9.5 -2.7 1.0 -8.5 3.7 0.2 5.7 Sugar, honey, jam... 0.01 3.3 21.1 3.9 0.6 -17.2 0.1 1.7 Food products 0.06 1.8 11.0 2.9 1.1 -8.1 0.3 7.1 Non-alcoholic beverages 0.05 4.0 4.2 9.3 5.2 5.0 0.6 16.2 Source: ESS & NBE Compilations Food = 59.4% Non-food = 40.6% Fig.3.2: Contribution of Quarter-on-Quarter Food and Non-food Inflation Rates to the General Inflation Rate in QI- 2024/25 Source: ESS & NBE Compilation
Table 3.2: Quarter-on-Quarter National Food & Non-alcoholic Beverages Inflation

Items Weights
2023/24 2024/25 Change in % age points Contribution in % to QI QIV QI A B C C-A C-B Food Inflation (Absolute) Food Inflation (Relative) Food and Non-alcoholic Beverages 0.54 8.4 3.6 3.7 -4.7 0.1 3.7 100.0 Bread and Cereals 0.17 11.1 4.0 4.1 -7.0 0.2 1.7 45.5 Meat 0.04 7.2 8.4 3.5 -3.6 -4.9 0.3 7.6 Fish and Sea food 0.00 -11.6 3.3 0.3 11.9 -2.9 0.0 0.0 Milk, cheese and egg 0.03 6.3 1.2 2.1 -4.2 0.9 0.1 3.0 Oils & Fats 0.04 8.5 7.5 7.3 -1.2 -0.2 0.5 13.3 Fruit 0.00 2.6 -1.7 1.4 -1.2 3.0 0.0 0.1 Vegetables 0.12 9.5 -2.7 1.0 -8.5 3.7 0.2 5.7 Sugar, honey, jam... 0.01 3.3 21.1 3.9 0.6 -17.2 0.1 1.7 Food products 0.06 1.8 11.0 2.9 1.1 -8.1 0.3 7.1 Non-alcoholic beverages 0.05 4.0 4.2 9.3 5.2 5.0 0.6 16.2 Source: ESS & NBE Compilations

National Bank of Ethiopia Quarterly Bulletin
16 | First Quarter 2024/25
Table 3.3: Quarter-on-Quarter National Non-food Inflations
(December 2016=100)
Item Weights
2023/24 2024/25 Change in %age points Contribution in % to QI QIV QI A B C C-A C-B Non-food Inflation (Absolute) Non-Food Inflation (Relative) Non-Food Inflation 0.46 6.3 1.2 3.9 -2.3 2.7 3.9 100.0 Alcoholic Beverages and tobacco 0.05 7.8 1.8 2.4 -5.4 0.6 0.3 6.9 Clothing and Footwear 0.06 0.8 -3.4 2.4 1.6 5.9 0.3 8.3 Housing, Water, Electricity, Gas... 0.17 8.6 0.3 5.3 -3.2 5.0 1.7 43.4 Furnishings, Household Equipment … 0.05 5.4 2.5 3.3 -2.1 0.9 0.5 12.1 Health 0.01 12.6 5.8 5.7 -6.9 -0.1 0.1 3.7 Transport 0.02 2.4 0.0 3.5 1.1 3.5 0.2 4.8 Communication 0.02 21.0 -1.9 1.3 -19.7 3.2 0.0 0.3 Recreation and culture 0.00 0.6 -0.8 3.1 2.5 4.0 0.0 0.9 Education 0.00 -1.5 1.6 0.9 2.4 -0.7 0.0 0.2 Restaurant & hotel 0.05 6.0 5.2 5.0 -1.0 -0.3 0.7 17.0 Miscellaneous Goods 0.03 2.5 3.5 1.7 -0.8 -1.8 0.1 2.6 Source: ESS & NBE Compilations
3.2. Developments in Regional Quarterly Inflation
In the first quarter of 2024/25, annualized average quarterly inflation rate of the regions exhibited a dramatic drop to 16.9 percent from
32.0 percent a year ago on account of a slow in
food inflation (12.1 percentage point) and nonfood inflation (18.3 percentage points). The overall quarter-on-quarter average inflation, however, increased to 5.2 percent from 1.4 percent in the preceding fourth quarter while it significantly declined from 8.1 percent of a year ago. National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 17 Benishangul Gumuz, Gambella, Afar, and Dire Dawa showed higher headline inflation than the regional average. The highest headline inflation (7.7 percent) was registered in Gambella & Benishangul Gumuz and the lowest (3.0 percent) in Amhara region, showing a 4.7 percentage point range. The deviation in the regional headline inflation from the average, as signified by standard deviation, decreased to 1.6 percent from 3.0 percent in the preceding quarter and
4.6 percent a year earlier (Table 3.4).
The regional quarter-on-quarter average food
& non-alcoholic beverage inflation increased to
5.7 percent from 2.1 percent of the preceding
quarter but decreased from 9.7 percent in last a year ago.
The quarter-on quarter food & non-alcoholic beverages inflation rate in Benishangul Gumuz, Gambella and Afar was higher than the regional average. The highest food & non-alcoholic beverage inflation was recorded in Benishangul Gumuz (14.3 percent) and the lowest in Somali (2.7 percent), signifying 11.6 percentage points range. The variation in food & non-alcoholic beverages inflation, measured by standard deviation, decreased to 3.3 percent from 4.2 percent in the preceding quarter and 6.3 percent last year same quarter (Table 3.4). In the same way, quarter-on-quarter regional average non-food inflation rose to 4.6 percent from 0.7 percent in the preceding quarter but dropped from 6.2 percent last year same quarter. Gambella, Dire Dawa, Harari, Oromia, Afar, Addis Ababa, and Somali witnessed higher non-food inflation than the regional average. The quarterly non- food inflation was the highest in Gambella (8.3 percent) and the lowest in Benishangul Gumuz (0.2 percent), revealing a 8.1 percentage point range. The variation in regional non-food inflation, measured by the standard deviation, decreased to 2.2 percent from 3.8 percent in the preceding quarter (QIV) and from 3.5 percent a year ago.

National Bank of Ethiopia Quarterly Bulletin
18 | First Quarter 2024/25 Table-3.4: Quarter-on-Quarter Regions’ General, Food & Non-alcoholic beverages and Non-food Inflation (December 2016=100) Regions 2023/24 2024/25 Percentage 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 4.7 2.8 8.0 6.2 7.7 3.9 4.2 4.7 3.5 -0.5 1.9 -4.5 -2.0 -3.0 -0.5 Harari 4.6 7.5 2.0 -0.9 4.3 -6.2 4.7 4.0 5.5 0.1 -3.5 3.5 5.6 -0.4 11.7 Oromia 7.1 8.2 5.3 2.3 4.2 -0.9 4.6 4.3 5.2 -2.5 -3.9 0.0 2.3 0.2 6.1 Gambella 6.1 8.8 1.3 1.8 -0.7 6.2 7.7 7.2 8.3 1.6 -1.5 7.0 5.9 7.9 2.1 Addis Ababa 6.6 7.7 5.6 2.3 2.1 2.5 4.6 4.1 5.1 -2.0 -3.6 -0.5 2.3 2.0 2.6 Dire Dawa 5.3 6.3 4.3 4.8 6.9 2.2 5.4 4.9 5.9 0.1 -1.3 1.6 0.6 -2.0 3.7 Benishangul Gumuz 20.3 26.2 13.4 -2.9 -5.9 0.7 7.7 14.3 0.2 -12.6 -11.9 -13.2 10.6 20.1 -0.5 Somali 7.6 7.2 8.1 -1.2 -0.3 -2.8 3.5 2.7 4.7 -4.1 -4.5 -3.4 4.7 2.9 7.5 Afar 9.0 11.3 5.9 -1.9 -1.4 -2.5 6.2 7.0 5.2 -2.8 -4.4 -0.7 8.1 8.4 7.8 Amhara 9.7 11.1 7.8 3.7 3.6 4.0 3.0 3.7 2.1 -6.7 -7.5 -5.7 -0.7 0.1 -1.9 Regions Average 8.1 9.7 6.2 1.4 2.1 0.7 5.2 5.7 4.6 Standard deviation 4.6 6.3 3.5 3.0 4.2 3.8 1.6 3.3 2.2 Coefficient of variation 0.6 2.1 2.0 5.3 0.3 0.6 0.5 Source: ESS & NBE Compilations National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 19
IV. MONETARY DEVELOPMENTS
4.1. Monetary Developments and Policy
As part of a broader macroeconomic reforms and its primary goal of ensuring low and stable inflation, the NBE has modernized its monetary policy framework since early July 2024 by moving from monetary aggregate targeting to an interest-rate based monetary policy framework. Under the new policy framework, the policy rate of the National Bank (NBR) has become the primary means of signalling the Bank’s policy stance and to guide the 7-day interbank interest rate (operational target) through which it affects other market rates, and ultimately to influence broader monetary and credit conditions. Moreover, following the implementation of the new monetary policy framework, NBE has implemented indirect monetary policy instruments such as Open Market Operations (OMOs) and Standing Facilities (SFs) to enhance the effectiveness of monetary policy transmission. Accordingly, during the review period, NBE held its policy interest rate (NBR) at 15.0 percent. Consequently, the standing lending facility (SLF) and standing deposit facility (SDF) interest rates stood at 18.0 percent and 12.0 percent, respectively. During the review period, NBE has continued its tight monetary policy stance. Accordingly, inflation has declined significantly over the review period.
4.2. Developments in Monetary Aggregates
4.2.1 Developments in Broad Money
At the end of the first quarter of 2024/25 broad money supply (M2) reached Birr 2.6 trillion, marking a 18.0 percent annual and 5.5 percent quarterly growth. This growth was primarily driven by a 22.0 percent increase in domestic credit, which outweighed the significant contraction (147.6 percent) in external asset (net) and other items net (232.3 percent). Similarly, net claims on the government surged 161.4 percent3 while credit to the non-government sector declined by 22.9 percent (Table 4.1). 3 The significant growth of claims on government and decline in claim on non-government sector was mainly due to CBE’s recapitalization which included the conversion of SOEs loans into government bonds.

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

External Assets (net) -213,395.0 -245,298.4 -528,438.7 -147.6 -115.4 -79.0
Domestic Credit 2,496,465.5 2,797,752.1 3,046,113.6 22.0 8.9 137.8
. Claims on Central Gov’t (net) 608,165.1 745,541.1 1,589,506.4 161.4 113.2 246.0 . Claims on Non-Central Gov’t 1,888,300.4 2,052,211.0 1,456,607.3 -22.9 -29.0 -108.2 . Financial Institutions 44,822.7 41,322.7 41,322.7 -7.8 0.0 -0.9
Other Items (net) 72,648.4 74,561.8 -96,085.0 -232.3 -228.9 -42.3
Broad Money (M2) 2,214,856.0 2,477,891.9 2,613,779.9 18.0 5.5 100
Source: Staff Computation, NBE
Fig.IV.1: Major Determinants of Monetary Expansion (Quarterly Growth in %) Fig.IV.1: Major Determinants of Monetary Expansion (Quarterly Growth in %)

-100.0
-50.0
0.0
50.0
100.0
150.0
200.0
Other than NFA
Broad Money Domestic Credit Other Items Net Net Foreign Assets

External Assets (net) -213,395.0 -245,298.4 -528,438.7 -147.6 -115.4 -79.0
Domestic Credit 2,496,465.5 2,797,752.1 3,046,113.6 22.0 8.9 137.8
. Claims on Central Gov’t (net) 608,165.1 745,541.1 1,589,506.4 161.4 113.2 246.0 . Claims on Non-Central Gov’t 1,888,300.4 2,052,211.0 1,456,607.3 -22.9 -29.0 -108.2 . Financial Institutions 44,822.7 41,322.7 41,322.7 -7.8 0.0 -0.9
Other Items (net) 72,648.4 74,561.8 -96,085.0 -232.3 -228.9 -42.3
Broad Money (M2) 2,214,856.0 2,477,891.9 2,613,779.9 18.0 5.5 100
Source: Staff Computation, NBE
Fig.IV.1: Major Determinants of Monetary Expansion (Quarterly Growth in %) Fig.IV.1: Major Determinants of Monetary Expansion (Quarterly Growth in %)

-100.0
-50.0
0.0
50.0
100.0
150.0
200.0
Other than NFA
Broad Money Domestic Credit Other Items Net Net Foreign Assets National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 21 Fig.IV.2: Composition of Domestic Credit (Quarterly Growth in %) National Bank of Ethiopia Quarterly Bulletin 22 | First Quarter 2024/25 Fig.IV.2: Composition of Domestic Credit (Quarterly Growth in %) Source: Staff computation, NBE Component-wise, quasi-money supply grew by 15.2 percent on annual and 5.3 percent on quarterly terms while narrow money supply increased by 24.8 percent 5.8 percent over the same period. Narrow money contributed 42.9 percent to the growth of broad money, while quasi-money accounted for 57.1 percent, largely due to a rise in savings deposits within the banking system (Table4.2). -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 Growth in Percent Credit to Central Government Credit to Non-Central Government Domestic Credit Source: Staff computation, NBE Component-wise, quasi-money supply grew by 15.2 percent on annual and 5.3 percent on quarterly terms while narrow money supply increased by 24.8 percent 5.8 percent over the same period. Narrow money contributed 42.9 percent to the growth of broad money, while quasi-money accounted for 57.1 percent, largely due to a rise in savings deposits within the banking system (Table4.2).

National Bank of Ethiopia Quarterly Bulletin
22 | First Quarter 2024/25
Table 4.2: Components of Broad Money
(In millions of Birr, unless specified)
Particulars
QI QIV QI Percentage Change
Contributions of Each
Component to Broad
Money growth
(Sep. 23) (Jun. 24) (Sep. 24) C/A C/B Annual
A B C
1. Narrow Money Supply 697,193.4 822,498.6 870,074.5 24.8 5.8 42.86
. Currency outside banks 201,568.9 205,441.3 205,593.5 2.0 0.1 1.00 . Demand Deposits (net) 495,624.5 617,057.3 664,481.0 34.1 7.7 41.86
2. Quasi-Money 1,513,228.7 1,655,393.3 1,743,705.4 15.2 5.3 57.14
. Savings Deposits 1,366,264.3 1,461,904.1 1,552,920.5 13.7 6.2 46.28 . Time Deposits 146,964.4 193,489.2 190,785.0 29.8 -1.4 10.86
3. Broad Money Supply 2,210,422.1 2,477,891.9 2,613,779.9 18.2 5.5 100
Source: Staff Computation, NBE
Fig.IV.3: Composition of Monetary Stock (Value in Billions of Birr) National Bank of Ethiopia Quarterly Bulletin 23 | First Quarter 2024/25
Table 4.2: Components of Broad Money (In millions of Birr, unless specified)
Particulars
QI QIV QI Percentage
Change
Contributions of
Each Component to Broad Money growth
(Sep. 23) (Jun. 24) (Sep. 24) C/A C/B Annual
A B C
1. Narrow Money Supply 697,193.4 822,498.6 870,074.5 24.8 5.8 42.86
. Currency outside banks 201,568.9 205,441.3 205,593.5 2.0 0.1 1.00 . Demand Deposits (net) 495,624.5 617,057.3 664,481.0 34.1 7.7 41.86
2. Quasi-Money 1,513,228.7 1,655,393.3 1,743,705.4 15.2 5.3 57.14
. Savings Deposits 1,366,264.3 1,461,904.1 1,552,920.5 13.7 6.2 46.28 . Time Deposits 146,964.4 193,489.2 190,785.0 29.8 -1.4 10.86
3. Broad Money Supply 2,210,422.1 2,477,891.9 2,613,779.9 18.2 5.5 100
Source: Staff Computation, NBE
Fig.IV.3: Composition of Monetary Stock (Value in Billions of Birr) Source: Staff Computation, NBE 0.0 200.0 400.0 600.0 800.0 1,000.0 1,200.0 1,400.0 1,600.0 In Millions of Birr Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep. Source: Staff Computation, NBE National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 23
4.3. Developments in Reserve Money and Monetary Ratio
During the review period, reserve money amounted to Birr 476.8 billion, reflecting 7.6 percent annual and 0.8 percent quarterly expansion. The money multiplier, measured by the ratio of broad money to reserve money, rose from 5.0 to 5.5 over the past year reflecting a more dynamic banking sector that is actively contributing to money creation and supporting economic growth. Consequently, a larger share of money creation is now occurring through commercial banks rather than the NBE (Table 4.3).
Table 4.3: Monetary Aggregates and Ratios
(In millions of Birr unless otherwise indicated) Particulars Qtr. I Qtr. IV Qtr. I Percentage Change (Sep. 23) (Jun. 23) (Sep. 24) A B C C/A C/B
1. Reserve Requirement (CB’s) 131,851.06 149,916.92 161,320.55 22.4 7.6
2. Actual Reserve (CB’s) 199,893.04 211,215.40 219,924.79 10.0 4.1
3. Excess Reserve (CB’s) 68,041.98 61,298.48 58,604.24 -13.9 -4.4
4. Reserve Money 443,290.17 473,223.20 476,792.87 7.6 0.8
. Currency in Circulation 245,315.14 257,296.30 261,186.90 6.5 1.5 . Banks deposits at NBE 197,975.03 215,926.90 215,605.98 8.9 -0.1
5. Money Multiplier (Ratio):
. Narrow Money to Reserve Money 1.6 1.7 1.8 16.03 5.0 . Broad Money to Reserve Money 5.0 5.2 5.5 9.94 4.7
6. Other Monetary Ratios (%):
. Currency to Narrow Money 35.2 31.3 30.0 -14.69 -4.0 . Currency to Broad Money 11.1 10.4 10.0 -9.96 -3.8 . Narrow Money to Broad Money 31.5 33.2 33.3 5.54 0.3 . Quasi Money to Broad Money 68.5 66.8 66.7 -2.6 -0.1 Source: Staff Computation, NBE

National Bank of Ethiopia Quarterly Bulletin
24 | First Quarter 2024/25
Fig.IV.4: Quarterly Growth of Reserve Money and Its Components (%) National Bank of Ethiopia Quarterly Bulletin 25 | First Quarter 2024/25 Fig.IV.4: Quarterly Growth of Reserve Money and Its Components (%) Source: Staff Computation NBE Fig.IV.5: Monetary Aggregates (In Millions of Birr) Source: Staff Computation NBE -20 -10 0 10 20 30 40 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI 2020/21 2021/22 2022/23 2023/24 2024/25 Reserve Money Currency in Circulation Bank Deposits -50000 0 50000 100000 150000 200000 250000 2018/1… Q2 Q3 Q4 2019/2… Q2 Q3 Q4 2020/2… Q2 Q3 Q4 2021/2… Q2 Q3 Q4 2022/2… Q2 Q3 Q4 20223/… Q2 Q3 Q4 20224/… In Millions of Birr Required reserve Actual reserve Excess reserve Source: Staff Computation NBE Fig.IV.5: Monetary Aggregates (In Millions of Birr) National Bank of Ethiopia Quarterly Bulletin 25 | First Quarter 2024/25 Fig.IV.4: Quarterly Growth of Reserve Money and Its Components (%) Source: Staff Computation NBE Fig.IV.5: Monetary Aggregates (In Millions of Birr) Source: Staff Computation NBE -20 -10 0 10 20 30 40 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI 2020/21 2021/22 2022/23 2023/24 2024/25 Reserve Money Currency in Circulation Bank Deposits -50000 0 50000 100000 150000 200000 250000 2018/1… Q2 Q3 Q4 2019/2… Q2 Q3 Q4 2020/2… Q2 Q3 Q4 2021/2… Q2 Q3 Q4 2022/2… Q2 Q3 Q4 20223/… Q2 Q3 Q4 20224/… In Millions of Birr Required reserve Actual reserve Excess reserve Source: Staff Computation NBE National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 25
4.4. Developments in Interest Rates
At the end of the first quarter of the 2024/25 fiscal year, the simple4 average savings deposit rate remained steady at 8.0 percent, while the average lending interest rate increased to 15.0 percent from 14.8 percent last year same period. The weighted average time deposit rate stood at 7.8 percent reflecting 0.2 percentage point improvement. Similarly, the weighted average yield on T-bills for the quarter increased to 10.7 percent from 9.8 percent a year ago. Given the 15.0 percent policy rate as well as 17.5 percent headline inflation, the real interest rates for T-bill market remained negative (Table 4.4).
Table 4.4: Interest Rate Development
(Percent per annum)
Particulars 2023/24 2024/25 Percentage point Changes QI QIV QI Annual Quarterly

National Bank Rate (NBR) - - 15.0
Savings Deposit Rate 1/
Minimum 7.0 0.0 0.0
Maximum 9.0 0.0 0.0
Average Saving Rate 8.0 0.0 0.0
Time Deposits 0.0 0.0
Up to 1yr 7.5 7.6 7.7 0.2 0.1
1-2 years 7.6 7.7 7.8 0.2 0.1
Over 2 years 7.6 7.7 7.9 0.2 0.1
Average Time Dep. Rate (Weighted) 7.6 7.7 7.8 0.2 0.1
Demand Deposit (Weighted) 0.1 0.0 0.1 0.0 0.0
Lending Rate 2/ 0.0 0.0
Minimum 7.0 0.0 0.0
Maximum 22.5 22.5 23.0 0.5 0.5
Average Lending Rate 14.8 14.8 15.0 0.3 0.3
T-bills Rate (Weighted) 9.8 10.2 10.7 1.0 0.5
28-days 9.3 10.7 12.3 3.0 1.6
91-days 10.4 10.3 10.4 -0.1 0.0
182-days 9.5 9.9 8.8 -0.7 -1.1
364-days 9.8 9.9 11.1 1.4 1.2
GERD Bond Yield 3/ 0.0 0.0
Maturity within 5 Years 7.5 0.0 0.0
Maturity above 5 Years 8.0 0.0 0.0
Headline Inflation (Y-o-Y) 27.7 19.9 17.5 -10.2 -2.4
Food Inflation (Y-o-Y) 26.1 22.7 19.6 -6.6 -3.1
Core/non-food Inflation (Y-o-Y) 30.1 15.8 14.4 -15.7 -1.3
Source: Staff Computation, NBE
4 Simple average of minimum and maximum interest rate

National Bank of Ethiopia Quarterly Bulletin
26 | First Quarter 2024/25
Fig.IV.6: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (%) National Bank of Ethiopia Quarterly Bulletin 28 |First Quarter 2024/25 Fig.IV.6: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (%) Source: Staff computation, NBE

0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
Av. Saving Dep.Rate Lending Rate
91 day T-bills yield Inflation rate (core)
Source: Staff computation, NBE
4.5. Developments in the Financial Sector
The number of banks in Ethiopia has reached
32, of which, 30 were private and 2 state owned. With the total number of bank branches reaching 12,426, population to bank branch ratio stood at 8,8125. State owned banks accounted for 18.3 percent of the total bank branches while private banks had a 81.7 percent share. Of the total bank branches, 30.9 percent were located in Addis Ababa. Total capital of of the banking system (excluding NBE) reached Birr 356.9 billion of which, state owned banks accounted for 42 percent and private banks 58 percent (Table 4.5 and Fig.IV.8). The number of insurance companies remained 18, of which 17 were private and 1 state owned. 5 Total population is 109,499,000 as ESS estimation for 2024 Their branch network increased to 809 from 762 a year ago. About 56.7 percent of the insurance branches were in Addis Ababa. Total capital of insurance companies reached Birr 24 billion of which private insurance companies accounted for 79.9 percent (Table 4.6). At the end of the review quarter, the number of Micro Finance Institutions (MFIs) was 48. Their savings, credit, capital and total asset witnessed a 32.5 percent, 24.8 percent, 11.1 percent and 27 percent respective annual growths signifying relative importance of micro-finance institutions in providing access to finance and financial inclusion both in rural and urban areas (Table 4.7).

State owned Banks
Commercial Bank of Ethiopia 1,699 477 2,176 18.8 1,705 480 2,185 17.8 1,695 2,175 480 17.5 58,297 62,471 116,471 Development Bank of Ethiopia 77 6 83 0.7 99 6 105 0.9 99 105 6 0.8 32,149 32,405 33,454 Total State owned Banks 483 1,776 2,259 19.5 1,804 486 2,290 18.7 1,794 2,280 486 18.3 90,445.8 94,875.6 149,924.7
Private Banks - - - -
Awash Bank 298 615 913 7.9 657 305 962 7.8 681 987 306 7.9 20,013.8 27,141.6 27,389.7 Dashen Bank 261 609 870 7.5 630 279 909 7.4 631 911 280 7.3 17,943.5 19,166.5 20,559.8 Bank of Abyssinia 304 656 960 8.3 667 308 975 7.9 673 982 309 7.9 14,343.2 17,579.0 17,581.8 Wegagen Bank 149 297 446 3.9 307 153 460 3.7 313 468 155 3.8 6,038.9 7,536.9 7,904.7 Hibret Bank 230 261 491 4.2 272 236 508 4.1 274 510 236 4.1 6,677.9 9,570.6 10,270.0 Nib International Bank 225 236 461 4.0 236 222 458 3.7 234 457 223 3.7 8,307.8 10,107.0 10,237.8 Cooperative Bank of Oromia 187 571 758 6.6 590 187 777 6.3 595 782 187 6.3 12,294.7 14,723.1 14,807.1 Lion International Bank 88 213 301 2.6 238 91 329 2.7 243 336 93 2.7 3,510.8 3,985.8 4,074.3 Oromia Bank 172 354 526 4.5 392 177 569 4.6 393 570 177 4.6 7,064.4 8,621.0 8,672.9 Zemen Bank 66 44 110 1.0 47 74 121 1.0 47 122 75 1.0 7,081.0 9,619.1 9,773.6 Buna Bank 171 314 485 4.2 312 168 480 3.9 313 481 168 3.9 5,373.7 5,902.5 6,059.0 Berhan Bank 181 224 405 3.5 227 182 409 3.3 227 410 183 3.3 4,335.5 4,751.9 5,153.6 Abay Bank 164 365 529 4.6 384 168 552 4.5 385 556 171 4.5 6,021.1 7,915.1 7,930.1 Addis Interational Bank 74 62 136 1.2 78 80 158 1.3 79 159 80 1.3 2,219.0 2,487.6 2,505.3 Global Bank 83 76 159 1.4 101 139 240 2.0 101 242 141 1.9 2,483.4 3,111.7 3,132.1 Enat Bank 65 110 175 1.5 130 73 203 1.7 130 204 74 1.6 3,044.4 3,680.5 3,910.9 Hijra Bank 56 20 76 0.7 73 25 98 0.8 72 97 25 0.8 1,308.5 1,521.1 1,590.4 Zamzam Bank 38 43 81 0.7 57 47 104 0.8 60 108 48 0.9 1,814.5 2,118.4 2,210.5 Goh Betoch Bank 4 4 8 0.1 4 4 8 0.1 4 10 6 0.1 1,376.4 1,629.7 1,640.4 Siinqee Bank 61 309 370 3.2 338 70 408 3.3 342 415 73 3.3 7,757.4 8,886.9 9,081.1 Tseday Bank 41 383 424 3.7 481 60 541 4.4 487 554 67 4.5 11,331.3 Shebele Bank 4 19 23 0.2 30 4 34 0.3 32 4 36 0.3 617.7 789.1 1,528.3 Amahara Bank 12 192 312 2.7 0 198 126 324 2.6 201 327 126 2.6 6,113. 0 6,683.3 6,682.0 Ahadu Bank 48 37 85 0.7 45 56 101 0.8 46 102 56 0.8 768.2 1,036.1 1,056.4 Tsehay Bank 37 53 90 0.8 55 39 94 0.8 55 95 40 0.8 1,334.2 1,340.7 1,552.0 Sidama Bank S.C 1 23 24 0.2 34 4 38 0.3 34 38 4 0.3 887.4 997.5 1,008.9 Omo Bank S.C - - - - - - 46 50 4 0.4 920.4 922.0 922.0 Gadaa Bank 22 49 71 0.6 55 36 91 0.7 57 95 38 0.8 1,009.1 1,071.9 1,097.1 Siket bank - - - 6,314.0 6,614.0 Ramis Bank S.C 3 13 16 0.1 30 7 37 0.3 35 42 7 0.3 636.1 692.9 713.3 Total Private Banks 3,117.0 6,188.0 9,305.0 80.5 6,668.0 3,320.0 9,988.0 81.3 6,790 10,146 3,356 162,627.1 81.7 206,990.3 201,235.0
Grand Total Banks 3,600 7,964 11,564 100 8,472 3,806 12,278 100 8,584 12,426 3,842 253,073 100 296,110.6 356,915.0
2023/24 2024/25 2023/24
Capital
Banks
Branch Network
Quarter I Quarter IV Quarter
I
Quarter
IV Quarter I
Reg A.A Total
%
Share Reg. A.A Total
Quarter I
%
Share Reg. A.A Total
%
Share
Source: National Bank of Ethiopia (NBE)
Note: ‘Reg’ Stands for Region and ‘A.A’ for Addis Ababa Source: National Bank of Ethiopia (NBE) Note: ‘Reg’ Stands for Region and ‘A.A’ for Addis Ababa

National Bank of Ethiopia Quarterly Bulletin
28 | First Quarter 2024/25
Fig.IV.8: Share of Branch Network and Capital of Banking System National Bank of Ethiopia Quarterly Bulletin 31 | First Quarter 2024/25 Fig.IV.8: Share of Branch Network and Capital of Banking System Source: NBE
Table 4.6: Branch Network & Capital of Insurance Companies
(Branch in Number & Capital in Millions of Birr) 2024/25 A.A Reg Total A.A Reg Total A.A Reg Total 1 Ethiopian Insurance Corporation 66 25 91 25 66 91 25 66 91 3,935 4,378 4,804 2 Awash Insurance Company S.C. 29 32 61 32 32 64 34 32 66 2,802 3,341 3,669 3 Africa Insurance Company S.C. 15 20 35 20 15 35 20 15 35 448 676 734 4 National Insurance Company of Ethiopia S.C. 17 25 42 25 17 42 25 17 42 385 508 521 5 United Insurance Company S.C. 16 34 50 34 17 51 34 18 52 1,497 1,798 1,558 6 Global Insurance Company S.C. 9 13 22 13 9 22 13 9 22 271 354 403 7 Nile Insurance Company S.C. 24 36 60 37 24 61 37 24 61 1,306 1,597 1,633 8 Nyala Insurance S.C. 20 20 40 20 20 40 20 20 40 1,496 1,975 2,199 9 Nib Insurance Company S.C. 16 31 47 31 16 47 31 16 47 1,149 1,364 1,549 10 Lion Insurance Company S.C. 22 19 41 20 23 43 20 24 44 454 710 844 11 E-Life & General Insurance S.C. 8 22 30 23 8 31 24 8 32 331 438 448 12 Oromia Insurance Company S.C. 28 27 55 29 32 61 29 32 61 1,459 1,837 2,000 13 Abay Insurance S.C. 16 21 37 23 17 40 25 17 42 730 886 924 14 Berhan Insurance S.C. 9 19 28 20 9 29 20 9 29 405 528 577 15 Tsehay Insurance S.C. 11 24 35 26 12 38 26 12 38 541 687 696 16 Lucy Insurance S.C. 6 26 32 29 8 37 31 9 40 233 302 290 17 Bunna Insurance S.C. 13 21 34 23 15 38 23 15 38 362 512 530 18 Zemen Insurance S.C. 4 18 22 22 7 29 22 7 29 243 484 518 433 329 762 452 347 799 459 350 809 18,047 22,375 23,898 2023/24 TOTAL Quarter IV Branch Capital Quarter I Insurance Companies Quarter I Quarter IV Quarter I Quarter I 2024/25 2023/24 Source: NBE
19.5 18.7 18.3
35.7 32.0 42.0
80.5 81.3 81.7
64.3 68.0 58.0
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2023/24 Qrt.I
(Branch)
2023/24 Qrt.IV
(Branch)
2024/25 Qrt.I
(Branch)
2023/24 Qrt.I
(Capital )
2023/24 Qrt.IV
(Capital)
2024/25 Qrt.I
(Capital)
Percentage share from total
Private Banks State own Banks
Source: NBE
Table 4.6: Branch Network & Capital of Insurance Companies
(Branch in Number & Capital in Millions of Birr) National Bank of Ethiopia Quarterly Bulletin 31 | First Quarter 2024/25 Fig.IV.8: Share of Branch Network and Capital of Banking System Source: NBE
Table 4.6: Branch Network & Capital of Insurance Companies
(Branch in Number & Capital in Millions of Birr) 2024/25 A.A Reg Total A.A Reg Total A.A Reg Total 1 Ethiopian Insurance Corporation 66 25 91 25 66 91 25 66 91 3,935 4,378 4,804 2 Awash Insurance Company S.C. 29 32 61 32 32 64 34 32 66 2,802 3,341 3,669 3 Africa Insurance Company S.C. 15 20 35 20 15 35 20 15 35 448 676 734 4 National Insurance Company of Ethiopia S.C. 17 25 42 25 17 42 25 17 42 385 508 521 5 United Insurance Company S.C. 16 34 50 34 17 51 34 18 52 1,497 1,798 1,558 6 Global Insurance Company S.C. 9 13 22 13 9 22 13 9 22 271 354 403 7 Nile Insurance Company S.C. 24 36 60 37 24 61 37 24 61 1,306 1,597 1,633 8 Nyala Insurance S.C. 20 20 40 20 20 40 20 20 40 1,496 1,975 2,199 9 Nib Insurance Company S.C. 16 31 47 31 16 47 31 16 47 1,149 1,364 1,549 10 Lion Insurance Company S.C. 22 19 41 20 23 43 20 24 44 454 710 844 11 E-Life & General Insurance S.C. 8 22 30 23 8 31 24 8 32 331 438 448 12 Oromia Insurance Company S.C. 28 27 55 29 32 61 29 32 61 1,459 1,837 2,000 13 Abay Insurance S.C. 16 21 37 23 17 40 25 17 42 730 886 924 14 Berhan Insurance S.C. 9 19 28 20 9 29 20 9 29 405 528 577 15 Tsehay Insurance S.C. 11 24 35 26 12 38 26 12 38 541 687 696 16 Lucy Insurance S.C. 6 26 32 29 8 37 31 9 40 233 302 290 17 Bunna Insurance S.C. 13 21 34 23 15 38 23 15 38 362 512 530 18 Zemen Insurance S.C. 4 18 22 22 7 29 22 7 29 243 484 518 433 329 762 452 347 799 459 350 809 18,047 22,375 23,898 2023/24 TOTAL Quarter IV Branch Capital Quarter I Insurance Companies Quarter I Quarter IV Quarter I Quarter I 2024/25 2023/24 Source: NBE
19.5 18.7 18.3
35.7 32.0 42.0
80.5 81.3 81.7
64.3 68.0 58.0
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2023/24 Qrt.I
(Branch)
2023/24 Qrt.IV
(Branch)
2024/25 Qrt.I
(Branch)
2023/24 Qrt.I
(Capital )
2023/24 Qrt.IV
(Capital)
2024/25 Qrt.I
(Capital)
Percentage share from total
Private Banks State own Banks
Source: NBE
National Bank of Ethiopia Quarterly Bulletin
First Quarter 2024/25 | 29
Table 4.7: Microfinance Institutions Performance
(In thousands of Birr)
National Bank of Ethiopia Quarterly Bulletin
32 | First Quarter 2024/25
Table 4.7: Microfinance Institutions Performance (In thousands of Birr)
2024/25
QI QIV QI
A B C D=C/A E=C/B
Total Capital 10,984,748.7 11,399,991.6 12,205,768.1 11.1 7.1 Saving 24,216,996.2 31,374,095.6 32,088,546.9 32.5 2.3 Credit 32,880,779.6 39,650,424.8 41,045,538.7 24.8 3.5 Total Assets 49,515,735.2 60,095,189.3 62,878,680.0 27.0 4.6 % Change Particulars 2023/24 Source: 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, net change in borrowings and loans collected) showed a 121.5 percent annual growth due to a very significant increase in net deposit registered during the reviewed quarter (Table 4.8).
Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System
(In Millions of Birr)
Qtr.I
2023/24
Qtr.IV
2023/24
Qtr.I
2024/25 Change % change Change % change
A B C D=C-A E=D/A100 F=C-B G=F/B100
1.Deposits (net change) 21,139.5 85,984.2 81,260.6 104,845.4 36,044.7 102,400.1 190,829.6 154,785.0 429.4 88,429.5 86.4 -Demand 32,427.5 36,257.0 35,026.7 67,139.6 -21,693.5 67,454.2 103,396.6 125,090.1 576.6 35,942.5 53.3 -Saving -905.2 48,173.5 29,139.2 42,987.6 50,814.9 28,234.0 91,161.1 40,346.2 79.4 62,927.1 222.9 -Time -10,382.9 1,553.8 17,094.8 -5,281.9 6,923.3 6,711.9 -3,728.1 -10,651.4 -153.8 -10,440.0 -155.5
2. Borrowing (net change) 1,834.0 3,223.3 0.0 0.0 1,158.4 1,834.0 3,223.3 2,064.9 178.2 1,389.3 75.8
-Local 811.3 334.7 0.0 0.0 1,302.4 811.3 334.7 -967.7 -74.3 -476.6 -58.7 -Foreign 1,022.7 2,888.6 0.0 0.0 -144.0 1,022.7 2,888.6 3,032.5 2,106.7 1,865.9 182.5
3. Collection of Loans 71,194.1 50,361.9 78,452.7 68,922.1 104,287.5 149,646.7 119,284.0 14,996.5 14.4 -30,362.7 -20.3
4. Total Resources
Mobilized (1+2+3) 94,167.5 139,569.4 159,713.3 173,767.5 141,490.6 253,880.8 313,336.9 171,846.3 121.5 59,456.1 23.4
5. Disbursement 55,722.3 50,201.5 66,652.2 72,944.4 102,481.7 122,374.5 123,145.9 20,664.2 20.2 771.4 0.6
6. Change in Liquidity (4-5) 38,445.3 89,368.0 93,061.1 100,823.1 39,008.9 131,506.3 190,191.0 151,182.1 387.6 58,684.7 44.6
Memorandum Item: 0.0 0.0
Outstanding Credit* 1,029,119.0 393,651.3 1,119,132.1 1,165,119.7 1,976,256.6 2,148,251.1 1,558,771.1 -417,485.6 -21.1 -589,480.0 -27.4 Annual Quarter Particulars State own Banks Private Banks Grand Total 1 2 (3) = (1) + (2) Qtr.IV 2023/24 Qtr.I 2024/25 Qtr.IV 2023/24 Qtr.I 2024/25 Source: Commercial Banks Notes: Includes corporate bonds of Commercial Bank of Ethiopia Source: NBE
4.6. Activities of the Banking System
4.6.1. Resource Mobilization
Total resources mobilized by the banking system (the sum of net change in deposit, net change in borrowings and loans collected) showed a 121.5 percent annual growth due to a very significant increase in net deposit registered during the reviewed quarter (Table 4.8).
Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System
(In Millions of Birr)
National Bank of Ethiopia Quarterly Bulletin
32 | First Quarter 2024/25
Table 4.7: Microfinance Institutions Performance (In thousands of Birr)
2024/25
QI QIV QI
A B C D=C/A E=C/B
Total Capital 10,984,748.7 11,399,991.6 12,205,768.1 11.1 7.1 Saving 24,216,996.2 31,374,095.6 32,088,546.9 32.5 2.3 Credit 32,880,779.6 39,650,424.8 41,045,538.7 24.8 3.5 Total Assets 49,515,735.2 60,095,189.3 62,878,680.0 27.0 4.6 % Change Particulars 2023/24 Source: 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, net change in borrowings and loans collected) showed a 121.5 percent annual growth due to a very significant increase in net deposit registered during the reviewed quarter (Table 4.8).
Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System
(In Millions of Birr)
Qtr.I
2023/24
Qtr.IV
2023/24
Qtr.I
2024/25 Change % change Change % change
A B C D=C-A E=D/A100 F=C-B G=F/B100
1.Deposits (net change) 21,139.5 85,984.2 81,260.6 104,845.4 36,044.7 102,400.1 190,829.6 154,785.0 429.4 88,429.5 86.4 -Demand 32,427.5 36,257.0 35,026.7 67,139.6 -21,693.5 67,454.2 103,396.6 125,090.1 576.6 35,942.5 53.3 -Saving -905.2 48,173.5 29,139.2 42,987.6 50,814.9 28,234.0 91,161.1 40,346.2 79.4 62,927.1 222.9 -Time -10,382.9 1,553.8 17,094.8 -5,281.9 6,923.3 6,711.9 -3,728.1 -10,651.4 -153.8 -10,440.0 -155.5
2. Borrowing (net change) 1,834.0 3,223.3 0.0 0.0 1,158.4 1,834.0 3,223.3 2,064.9 178.2 1,389.3 75.8
-Local 811.3 334.7 0.0 0.0 1,302.4 811.3 334.7 -967.7 -74.3 -476.6 -58.7 -Foreign 1,022.7 2,888.6 0.0 0.0 -144.0 1,022.7 2,888.6 3,032.5 2,106.7 1,865.9 182.5
3. Collection of Loans 71,194.1 50,361.9 78,452.7 68,922.1 104,287.5 149,646.7 119,284.0 14,996.5 14.4 -30,362.7 -20.3
4. Total Resources
Mobilized (1+2+3) 94,167.5 139,569.4 159,713.3 173,767.5 141,490.6 253,880.8 313,336.9 171,846.3 121.5 59,456.1 23.4
5. Disbursement 55,722.3 50,201.5 66,652.2 72,944.4 102,481.7 122,374.5 123,145.9 20,664.2 20.2 771.4 0.6
6. Change in Liquidity (4-5) 38,445.3 89,368.0 93,061.1 100,823.1 39,008.9 131,506.3 190,191.0 151,182.1 387.6 58,684.7 44.6
Memorandum Item: 0.0 0.0
Outstanding Credit 1,029,119.0 393,651.3 1,119,132.1 1,165,119.7 1,976,256.6 2,148,251.1 1,558,771.1 -417,485.6 -21.1 -589,480.0 -27.4 Annual Quarter Particulars State own Banks Private Banks Grand Total 1 2 (3) = (1) + (2) Qtr.IV 2023/24 Qtr.I 2024/25 Qtr.IV 2023/24 Qtr.I 2024/25 Source: Commercial Banks Notes: *Includes corporate bonds of Commercial Bank of Ethiopia Source: Commercial Banks Notes: *Includes corporate bonds of Commercial Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin
30 | First Quarter 2024/25
Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans National Bank of Ethiopia Quarterly Bulletin 33 | First Quarter 2024/25 Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans - 50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 I II III IV I II III IV I II III IV I II III IV I 2020/21 2021/22 2022/23 2023/24 2024/25 In Millions of Birr Total Resource Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: CBEs and NBE
4.5.1.1. Deposit Mobilization
Total deposit liabilities of the banking system reached Birr 2.7 trillion, depicting 22.1 percent annual growth. Demand deposits, which accounted for 34.4 percent of the total deposits, amounted to Birr 923.1 billion and grew 12.6 percent. Similarly, saving deposit went up by 6.2 percent and reached Birr 1.6 trillion, accounting for 58.4 percent of the total deposits. Meanwhile, time deposits constituted 7.2 percent of the total deposit liabilities and slightly declined (1.9 percent) to Birr 194.7 billion. Of the total deposits, the share of private banks was 53 percent and that of state owned banks 47 percent (Table 4.9). Source: CBEs and NBE
4.6.1.1. Deposit Mobilization
Total deposit liabilities of the banking system reached Birr 2.7 trillion, depicting 22.1 percent annual growth. Demand deposits, which accounted for 34.4 percent of the total deposits, amounted to Birr 923.1 billion and grew 12.6 percent. Similarly, saving deposit went up by 6.2 percent and reached Birr 1.6 trillion, accounting for 58.4 percent of the total deposits. Meanwhile, time deposits constituted 7.2 percent of the total deposit liabilities and slightly declined (1.9 percent) to Birr 194.7 billion. Of the total deposits, the share of private banks was 53 percent and that of state owned banks 47 percent (Table 4.9).
Table 4.9: Stock of Deposits Mobilized by the Banking System
(In Millions of Birr)
National Bank of Ethiopia Quarterly Bulletin
34 | First Quarter 2024/25
Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr)
Source: Commercial Banks and DBE
Fig.IV.10: Quarterly Growth of Banks’ Deposit Liabilities by Ownership Source: CBEs & DBE
4.5.1.2. Collection of Loans
During the review quarter, banks collected loans (including corporate bonds) amounting to Birr 119.3 billion which was a 14.4 percent higher than a year ago (Table 4.8). Of the total loan collection, private banks accounted for 57.8 percent and state owned banks 42.2 percent.
4.5.1.3. Borrowing
Total outstanding borrowing of the banking system stood at Birr 133.4 billion showing a
21.2 percent annual increase.
Of the total borrowing, Birr 95.5 billion (71.6 percent) was from domestic and Birr 38.0 billion (28.4 percent) from external sources (Table4.10). Quarter I Quarter IV Quarter I 2023/24 2023/24 2024/25 A B C C/A C/B Demand Deposit 663,801.6 30.2 819,735.1 32.8 923,131.7 34.4 39.1 12.6 Saving Deposit 1,374,197.8 62.4 1,478,389.1 59.2 1,569,550.3 58.4 14.2 6.2 Time Deposit 163,564.4 7.4 198,452.2 7.9 194,724.0 7.2 19.1 (1.9) Total 2,201,563.8 100.0 2,496,576.4 100.0 2,687,406.1 100.0 22.1 7.6 Share of state own Banks 48.3 47.1 47.0 Share of Private Banks 51.7 52.9 53.0 Deposit by types % Share % Share % Share Percentage Change ( Growth) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 I II III IV I II III IV I II III IV I II III IV I 2020/2021 2021/2022 2022/2023 2023/2024 2024/2025 In percent State owned Banks Private Banks All Banks Source: Commercial Banks and DBE National Bank of Ethiopia Quarterly Bulletin 31 | Second Quarter 2021/22 First Quarter 2024/25 | 31 Fig.IV.10: Quarterly Growth of Banks’ Deposit Liabilities by Ownership National Bank of Ethiopia Quarterly Bulletin 34 | First Quarter 2024/25
Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr)
Source: Commercial Banks and DBE
Fig.IV.10: Quarterly Growth of Banks’ Deposit Liabilities by Ownership Source: CBEs & DBE
4.5.1.2. Collection of Loans
During the review quarter, banks collected loans (including corporate bonds) amounting to Birr 119.3 billion which was a 14.4 percent higher than a year ago (Table 4.8). Of the total loan collection, private banks accounted for 57.8 percent and state owned banks 42.2 percent.
4.5.1.3. Borrowing
Total outstanding borrowing of the banking system stood at Birr 133.4 billion showing a
21.2 percent annual increase.
Of the total borrowing, Birr 95.5 billion (71.6 percent) was from domestic and Birr 38.0 billion (28.4 percent) from external sources (Table4.10). Quarter I Quarter IV Quarter I 2023/24 2023/24 2024/25 A B C C/A C/B Demand Deposit 663,801.6 30.2 819,735.1 32.8 923,131.7 34.4 39.1 12.6 Saving Deposit 1,374,197.8 62.4 1,478,389.1 59.2 1,569,550.3 58.4 14.2 6.2 Time Deposit 163,564.4 7.4 198,452.2 7.9 194,724.0 7.2 19.1 (1.9) Total 2,201,563.8 100.0 2,496,576.4 100.0 2,687,406.1 100.0 22.1 7.6 Share of state own Banks 48.3 47.1 47.0 Share of Private Banks 51.7 52.9 53.0 Deposit by types % Share % Share % Share Percentage Change ( Growth) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 I II III IV I II III IV I II III IV I II III IV I 2020/2021 2021/2022 2022/2023 2023/2024 2024/2025 In percent State owned Banks Private Banks All Banks Source: CBEs & DBE
4.6.1.2. Collection of Loans
During the review quarter, banks collected loans (including corporate bonds) amounting to Birr
119.3 billion which was a 14.4 percent higher
than a year ago (Table 4.8). Of the total loan collection, private banks accounted for 57.8 percent and state owned banks 42.2 percent.
4.6.1.3. Borrowing
Total outstanding borrowing of the banking system stood at Birr 133.4 billion showing a 21.2 percent annual increase. Of the total borrowing, Birr 95.5 billion (71.6 percent) was from domestic and Birr 38.0 billion (28.4 percent) from external sources (Table4.10).

National Bank of Ethiopia Quarterly Bulletin
32 | First Quarter 2024/25
Table 4.10: Banks’ Outstanding Borrowing by Source
(In Millions of Birr)
National Bank of Ethiopia Quarterly Bulletin
35 | First Quarter 2024/25
Table 4.10: Banks’ Outstanding Borrowing by Source (In Millions of Birr)

Source: Commercial Bank of Ethiopia and Development Bank of Ethiopia
4.5.2. Disbursement of Fresh Loans
During the review quarter, Birr 123.1 billion was disbursed in fresh loan indicating a 20.2 percent year-on-year growth. Of the total new loans, the share of state owned banks was 40.8 percent and that of private banks 59.2 percent (Table 4.8, 4.11 & 4.12). The major beneficiaries of the fresh loans were domestic trade (Birr 35.9 Billion or 29.2 percent), international trade (Birr 23.1 billion or 18.8 percent), manufacturing (Birr 16.4 Billion or 13.3 percent), building and construction (Birr 13.2 billion or 10.7 percent), agriculture (Birr 12.7 billion or 10.3 percent), and consumer and staff loan (Birr 10.7 billion or 8.7 percent) (Table 4.11). 2024/25 Quarter I Quarter IV Quarter I A B C D=C/B E=C/A Domestic Borrowing 83,812.0 95,141.6 95,476.3 0.4 13.9 Foreign Borrowing 26,208.4 35,030.8 37,919.3 8.2 44.7 Total 110,020.4 130,172.3 133,395.6 2.5 21.2 Borrowing By Types Percentage Change 2023/24 Source: Commercial Bank of Ethiopia and Development Bank of Ethiopia
4.6.2. Disbursement of Fresh Loans
During the review quarter, Birr 123.1 billion was disbursed in fresh loan indicating a 20.2 percent year-on-year growth. Of the total new loans, the share of state owned banks was 40.8 percent and that of private banks 59.2 percent (Table 4.8,
4.11 & 4.12).
The major beneficiaries of the fresh loans were domestic trade (Birr 35.9 Billion or 29.2 percent), international trade (Birr 23.1 billion or 18.8 percent), manufacturing (Birr 16.4 Billion or 13.3 percent), building and construction (Birr 13.2 billion or 10.7 percent), agriculture (Birr 12.7 billion or 10.3 percent), and consumer and staff loan (Birr 10.7 billion or 8.7 percent) (Table 4.11). National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 33 Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership National Bank of Ethiopia Quarterly Bulletin 36 | First Quarter 2024/25 Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership Source: Commercial Banks and Development Bank of Ethiopia
Table 4.11: Banks’ Loans & Advances by Sectors (Including Corporate Bond) in QI-2024/25
(In Millions of Birr)
D*= Disbursement, C*= Collection, O/S*= Outstanding Credit LAMC*= Liability and Asset Management Corporation Source: Commercial Banks & DBE D* C* O/S* D* C* O/S * D* C* O/S* Corporate Bonds* 308.9 - 34,099.7 - - - - 308.9 34,099.7 Agriculture 20,520.6 9,011.9 33,858.1 3,727.1 3,596.2 61,709.4 12,739.0 24,116.8 95,567.5 Manufacturing 9,095.0 7,884.9 116,449.2 7,264.8 8,774.3 178,785.9 16,359.8 16,659.2 295,235.1 Domestic Trade 13,005.0 8,385.3 48,448.9 22,894.8 16,305.3 233,306.9 35,899.7 24,690.7 281,755.8 International Trade 3,078.0 2,431.8 38,669.7 20,025.8 20,780.8 322,172.2 23,103.8 23,212.6 360,842.0 Export 2,494.9 2,143.1 11,784.5 13,060.3 15,073.5 201,621.1 15,555.2 17,216.6 213,405.6 Import 583.1 288.7 26,885.2 6,965.4 5,707.3 120,551.2 7,548.5 5,996.0 147,436.4 Hotels and Tourism 563.5 334.9 6,269.7 1,045.9 1,860.3 37,714.7 1,609.4 2,195.2 43,984.3 Building and Construction 7,970.0 1,479.4 58,497.8 5,260.4 6,704.4 138,342.0 13,230.4 8,183.8 196,839.8 Mines, Power and Water resources 636.9 121.7 3,335.6 19.4 44.7 455.1 656.4 166.4 3,790.7 Financial Institutions 1,645.0 2,457.0 13,994.8 608.1 222.9 3,785.7 2,253.1 2,679.9 17,780.5 Transport and Communication 110.1 67.3 1,135.3 2,152.9 3,023.0 41,728.1 2,220.2 3,133.2 42,863.4 Health and Education 186.1 82.0 1,317.6 564.4 351.3 6,459.9 750.5 433.3 7,777.6 Consumer and Staff Loans 4,474.1 5,965.8 70,275.3 6,180.8 5,323.3 114,445.4 10,654.8 11,289.0 184,720.6 Other Sectors 468.8 588.3 1,399.4 3,200.1 1,935.7 26,214.4 3,668.9 2,524.0 27,613.8 Total 50,201.5 50,361.9 393,651.3 72,944.4 68,922.1 1,165,119.7 123,145.9 119,284.0 1,558,771.1 Borrowing Sector Public Banks Private Banks Total (1) (2) (3) Source: Commercial Banks and Development Bank of Ethiopia
Table 4.11: Banks’ Loans & Advances by Sectors (Including Corporate Bond) in QI-2024/25
(In Millions of Birr)
National Bank of Ethiopia Quarterly Bulletin
36 | First Quarter 2024/25
Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership Source: Commercial Banks and Development Bank of Ethiopia
Table 4.11: Banks’ Loans & Advances by Sectors (Including Corporate Bond) in QI-2024/25
(In Millions of Birr)
D*= Disbursement, C*= Collection, O/S*= Outstanding Credit LAMC*= Liability and Asset Management Corporation Source: Commercial Banks & DBE D* C* O/S* D* C* O/S * D* C* O/S* Corporate Bonds* 308.9 - 34,099.7 - - - - 308.9 34,099.7 Agriculture 20,520.6 9,011.9 33,858.1 3,727.1 3,596.2 61,709.4 12,739.0 24,116.8 95,567.5 Manufacturing 9,095.0 7,884.9 116,449.2 7,264.8 8,774.3 178,785.9 16,359.8 16,659.2 295,235.1 Domestic Trade 13,005.0 8,385.3 48,448.9 22,894.8 16,305.3 233,306.9 35,899.7 24,690.7 281,755.8 International Trade 3,078.0 2,431.8 38,669.7 20,025.8 20,780.8 322,172.2 23,103.8 23,212.6 360,842.0 Export 2,494.9 2,143.1 11,784.5 13,060.3 15,073.5 201,621.1 15,555.2 17,216.6 213,405.6 Import 583.1 288.7 26,885.2 6,965.4 5,707.3 120,551.2 7,548.5 5,996.0 147,436.4 Hotels and Tourism 563.5 334.9 6,269.7 1,045.9 1,860.3 37,714.7 1,609.4 2,195.2 43,984.3 Building and Construction 7,970.0 1,479.4 58,497.8 5,260.4 6,704.4 138,342.0 13,230.4 8,183.8 196,839.8 Mines, Power and Water resources 636.9 121.7 3,335.6 19.4 44.7 455.1 656.4 166.4 3,790.7 Financial Institutions 1,645.0 2,457.0 13,994.8 608.1 222.9 3,785.7 2,253.1 2,679.9 17,780.5 Transport and Communication 110.1 67.3 1,135.3 2,152.9 3,023.0 41,728.1 2,220.2 3,133.2 42,863.4 Health and Education 186.1 82.0 1,317.6 564.4 351.3 6,459.9 750.5 433.3 7,777.6 Consumer and Staff Loans 4,474.1 5,965.8 70,275.3 6,180.8 5,323.3 114,445.4 10,654.8 11,289.0 184,720.6 Other Sectors 468.8 588.3 1,399.4 3,200.1 1,935.7 26,214.4 3,668.9 2,524.0 27,613.8 Total 50,201.5 50,361.9 393,651.3 72,944.4 68,922.1 1,165,119.7 123,145.9 119,284.0 1,558,771.1 Borrowing Sector Public Banks Private Banks Total (1) (2) (3) D*= Disbursement, C*= Collection, O/S*= Outstanding Credit LAMC*= Liability and Asset Management Corporation Source: Commercial Banks & DBE

National Bank of Ethiopia Quarterly Bulletin
34 | First Quarter 2024/25
4.6.3. Outstanding Credit
Due to the conversion of corporate bonds to government bonds, total outstanding credit of the banking system significantly declined (21.1 percent) and reached Birr 1.6 trillion by the end of first quarter of 2024/25. About 99.9 percent of the total outstanding credit of private banks went to finance private sector operations (Table
4.8 & 4.12).
Sector wise, the major recipients of outstanding credit were international trade (Birr 360.8 billion or 23.1 percent), manufacturing (Birr
295.2 billion or 18.9 percent), domestic trade
(Birr 281.8 billion or 18.1 percent), building & construction (Birr 196.8 billion or 12.6 percent), and consumer & staff loans (Birr 184.7 billion or
11.9 percent) (Table 4.11).
Table 4.12: Breakdown of Banking System Credit by Clients in QI-2024/25
(In Millions of Birr)
National Bank of Ethiopia Quarterly Bulletin
37 | First Quarter 2024/25
4.5.3. Outstanding Credit
Due to the conversion of corporate bonds to government bonds, total outstanding credit of the banking system significantly declined (21.1 percent) and reached Birr 1.6 trillion by the end of first quarter of 2024/25. About
99.9 percent of the total outstanding credit of
private banks went to finance private sector operations (Table 4.8 & 4.12). Sector wise, the major recipients of outstanding credit were international trade (Birr 360.8 billion or 23.1 percent), manufacturing (Birr 295.2 billion or 18.9 percent), domestic trade (Birr 281.8 billion or
18.1 percent), building & construction (Birr
196.8 billion or 12.6 percent), and consumer
& staff loans (Birr 184.7 billion or 11.9 percent) (Table 4.11).
Table 4.12: Breakdown of Banking System Credit by Clients in QI-2024/25
(In Millions of Birr)
Particulars Loan
Disbursement % Share
Loan
Collection % Share
Outstanding
Loan % Share
State Owned Bank 50,201.5 40.8 50,361.9 42.2 393,651.3 25.3 Corporate Bonds* 0.0 0.0 308.9 0.0 34,099.7 8.7 State Enterprises 14,769.6 29.4 20,473.9 40.7 94,327.6 24.0 Cooperatives 325.4 0.6 228.7 0.5 10,528.1 2.7 Private Enterprises 35,106.5 69.9 29,659.3 58.9 288,795.6 73.4 Private Banks 72,944.4 59.2 68,922.1 57.8 1,165,119.7 74.7 State Enterprises 36.3 0.0 302.0 0.4 4,569.6 0.4 Cooperatives 108.7 0.1 587.3 0.9 9,672.9 0.8 Private Enterprises 72,799.4 99.8 68,032.8 98.7 1,150,877.2 98.8 Grand Total 123,145.9 100.0 119,284.0 100.0 1,558,771.1 100.0 Source: Commercial Banks & DBE Source: Commercial Banks & DBE

Fig.IV.12: Share of Public and Private Banks in Credit Outstanding Source: NBE
4.6. Financial Activities of NBE
NBE’s gross claims on the central government stood at Birr 675.1 billion, about 16.4 percent higher than a year earlier. NBE’s deposit liabilities were up 3.9 percent over last year same quarter (Table 4.13). Source: NBE
4.7. Financial Activities of NBE
NBE’s gross claims on the central government stood at Birr 675.1 billion, about 16.4 percent higher than a year earlier. NBE’s deposit liabilities were up 3.9 percent over last year same quarter (Table 4.13).
Table 4.13: Financial Activities of NBE
(In Millions of Birr)
39 | First Quarter 2024/25
Table 4.13: Financial Activities of NBE (In Millions of Birr)
Source: National Bank of Ethiopia (NBE)
4.7. Developments in Financial Markets
4.7.1. Treasury Bills Market
During the first quarter of 2024/25, the amount of T-bills supplied to the auction reached Birr 114.5 billion, showing a 52.3 percent decrease year-on-year. In contrast, the demand for T-bills decreased by 72 percent to Birr 47.3 billion (Table 14.4). Similarly, the total amount of T-bills sold stood at Birr 44.7 billion, about 72 percent lower than a year ago. T-bills bought by nonbank institutions reached Birr 17 billion while banks purchased T-bills worth Birr
27.7 billion. In the meantime, T-bills worth
Birr 96.3 billion were redeemed during the quarter under review.
T-bills outstanding stood at Birr 119.9 billion following the conversion of Treasury bills held by the Public Service Social Security Administration (PSSA) and the Private Service Social Security Administration (POSSA) into special government bonds. Thus, percent, the average weighted T-bills yield at 10.65 was
9.13 percentage points higher than a year ago
(Table 4.14).
2024/25
Qtr.I Qtr.IV Qtr.I
A B C D=C/A E=C/B
1.Loans and Advances 624,943.16 716,443.16 716,443.16 14.6 0.0
1.1. To Central Government 580,120.45 675,120.45 675,120.45 16.4 0.0
1.2.To Development Bank of Ethiopia 44,822.71 41,322.71 41,322.71 -7.8 0.0 2.Deposit Liabilities 257,179.68 258,994.10 267,298.44 3.9 3.2
2.1. Government 59,099.09 42,867.36 49,594.41 -16.1 15.7
2.2. Financial Institutions 198,080.59 216,126.75 217,704.04 9.9 0.7
O/W:
-Banks( Reserve) 198,068.91 216,109.02 217,683.85 9.9 0.7 -Insurance companies 11.7 17.7 20.2 72.9 13.9 3.Net Claims of NBE (1-2) 367,763.5 457,449.1 449,144.7 22.1 -1.8 Particulars % Change 2023/24 Source: National Bank of Ethiopia (NBE)

National Bank of Ethiopia Quarterly Bulletin
36 | First Quarter 2024/25
4.8. Developments in Financial Markets
4.8.1. Treasury Bills Market
During the first quarter of 2024/25, the amount of T-bills supplied to the auction reached Birr
114.5 billion, showing a 52.3 percent decrease
year-on-year. In contrast, the demand for T-bills decreased by 72 percent to Birr 47.3 billion (Table 14.4). Similarly, the total amount of T-bills sold stood at Birr 44.7 billion, about 72 percent lower than a year ago. T-bills bought by non-bank institutions reached Birr 17 billion while banks purchased T-bills worth Birr 27.7 billion. In the meantime, T-bills worth Birr 96.3 billion were redeemed during the quarter under review. T-bills outstanding stood at Birr 119.9 billion following the conversion of Treasury bills held by the Public Service Social Security Administration (PSSA) and the Private Service Social Security Administration (POSSA) into special government bonds. Thus, percent, the average weighted T-bills yield at 10.65 was 9.13 percentage points higher than a year ago (Table 4.14).

Table 14: - Results of Treasury Bills Auction ( 2024/25 First Quarter) (In Millions)
2024/25
Quarter I Quarter IV Quarter I
A B C C/A C/B
Number of Bidders 129 158 54 -58.14 -65.82
Public 82 77 23 -71.95 (70.13)
Private 47 81 31 0.00 (61.73)
Number of Bids received 129 158 54 -58.14 -65.82 Public 82 77 23 -71.95 -70.13 Private 47 81 31 -34.04 (61.73) Amount Demanded (Mn. Birr) 168,805.21 252,127.66 47,305.98 -71.98 -81.24 28-day bill 25,775.00 77,505.00 6,407.00 -75.14 -91.73 91-day bill 47,006.89 64,006.89 6,054.00 -87.12 -90.54 182-day bill 58,771.57 50,766.77 21,750.00 (62.99) (57.16) 364-day bill 37,251.75 59,849.00 13,094.98 - (78.12) Amount Supplied (Mn. Birr) 239,859.60 441,119.39 114,457.00 -52.28 -74.05 28-day bill 22,715.00 118,218.00 6,709.99 -70.46 -94.32 91-day bill 72,456.89 125,961.89 12,461.41 -82.80 -90.11 182-day bill 84,671.57 103,784.50 42,564.25 -49.73 (58.99) 364-day bill 60,016.14 93,155.00 52,721.35 - (43.40) Amount Sold (Mn. Birr) 159,410.21 252,127.66 44,695.98 -71.96 -82.27 Banks 55,100.00 102,910.00 27,690.00 (49.75) -73.09 Non-Banks 104,310.21 149,217.66 17,005.98 (83.70) -88.60 Redemption (Mn. Birr) 129,511.38 189,322.75 96,286.19 (25.65) -49.14 28-day bill 99.29 99.18 99.07 -0.23 -0.12 91-day bill 97.47 97.49 97.49 0.01 0.00 182-day bill 95.46 95.29 95.78 0.34 0.52 364-day bill 91.12 90.98 90.01 -1.21 -1.07 28-day bill 9.33 10.73 12.30 31.92 14.66 91-day bill 10.41 10.33 10.35 -0.57 0.15 182-day bill 9.53 9.91 8.83 -7.40 -10.90 364-day bill 9.77 9.94 11.13 13.84 11.96 Banks 159,068.05 162,259.26 98,383.96 (38.15) (39.37) Non-Banks 215,600.30 285,543.59 21,552.96 (90.00) (92.45) Source: National Bank of Ethiopia -73.22 Average Weighted Yield for Successful bids (% ) 9.76 10.23 10.65 9.13 4.15 Outstanding bills at the end of Period (Mn.Br.) 374,668.35 447,802.85 119,936.92 -67.99 2023/24 % Change Average Weighted Price for Successful bids (% ) 95.84 95.74 95.59 (0.26) -0.16 Fig.IV.13: Development in Treasury- bills Markets (In Millions of Birr) 41 | First Quarter 2024/25 Fig.IV.13: Development in Treasury- bills Markets (In Millions of Birr) Source: NBE Fig.IV.14: Developments in Average weighted Yields of T-bills Source: NBE
4.7.2. Inter- Bank Money Market
No inter-bank money market transaction was held during the quarter under review.
4.7.3. Corporate Bond Market
Corporate bond market was limited to a few public institutions and regional governments. The sole purchaser of these corporate bonds was the Commercial Bank of Ethiopia (CBE). In the first quarter of 2024/25, CBE did not purchase corporate bonds while the existing corporate bonds held by EPP and Liability and - 100,000.00 200,000.00 300,000.00 400,000.00 500,000.00 600,000.00 700,000.00 800,000.00 I II III IV I II III IV I II III IV I II III IV I 2020/21 2021/22 2022/23 2023/24 2024/25 Supply Demand 0 2.5 5 7.5 10 12.5 15 I II III IV I II III IV I II III IV I II III IV I 2020/21 2021/22 2022/23 2023/24 2024/25 (In percent) 28-day 91-day 182-day 364-day Source: NBE

National Bank of Ethiopia Quarterly Bulletin
38 | First Quarter 2024/25
Fig.IV.14: Developments in Average weighted Yields of T-bills Source: NBE
4.8.2. Inter- Bank Money Market
No inter-bank money market transaction was held during the quarter under review.
4.8.3. Corporate Bond Market
Corporate bond market was limited to a few public institutions and regional governments. The sole purchaser of these corporate bonds was the Commercial Bank of Ethiopia (CBE). In the first quarter of 2024/25, CBE did not purchase corporate bonds while the existing corporate bonds held by EPP and Liability and Asset Management Corporation was converted in to government bond. In addition, Birr 308.2 million corporate bonds were redeemed by the Addis Ababa City Administration. Hence, the stock of corporate bonds held by CBE at the end of the specified quarter stood at Birr 34.1 billion all of which was from the Addis Ababa City Administration (Table 4.15). National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 39
Table 4.15: Corporate Bond Purchase, Redemption and Outstanding
(In Millions of Birr)
Issuer of the Bond
2022/23 2023/24 2024/25
QI
NP Red O/S NP Red O/S NP Red O/S
1.Puplic Enterprises 4,355.88 76.92 452,745.15 - - 513,735.31 - 520,723.22 - EEP - 76.92 357,864.97 - - 236,542.81 243,530.72 - Railway Corporations 4,355.88 - 94,880.17 - - - - - - DBE - - - - - - - - - Liability & Asset Management Corp. - - 277,192.50 - 277,192.50 - MoF - - -
2. Regional Governments - 376.88 53,735.37 - 6,223.0 37,679.9 - 308.9 34,099.7
Oromia - 24.55 265.56 - 210.72 - - - -
Amhara - - - - - - - -
Tigray - - - - - - - - -
SNNPRS - - - - - - - - -
Dire Dawa - - - - - - - - -
Harari - - - - - - - - -
Addis Ababa - 352.33 53,469.81 - 6,012.3 37,679.91 308.91 34,099.73 3.Grand Total(1+2) 4,355.9 453.8 506,480.5 - 6,223.0 551,415.2 - 521,032.13 34,099.7 Source: NBE Note: NP= New Purchase, Red. = Redemption, O/S= outstanding

National Bank of Ethiopia Quarterly Bulletin
40 | First Quarter 2024/25
V. EXTERNAL SECTOR DEVELOPMENTS
5.1. Balance of Payments
The overall BOP recorded a surplus of USD
1.3 billion in surplus during the first quarter
of 2024/25, compared to USD 942.6 million deficit a year ago. Similarly, the current account balance (including official transfers) showed a surplus of USD 707.4 million vis-à-vis USD
1.3 billion deficit during the same period last
year, owing to a narrowing trade deficit (22.0 percent), an increase in net private transfers (14.4 percent), and a significant rise in net official transfers (395.5 percent). Furthermore, net inflows in the capital account surged by 144.5 percent to USD 1.3 billion, largely due to an increase in foreign direct investment (15.4 percent) and net official long-term capital (rising to USD 523.4 million from USD 42.6 million), a decline in the net payment of other public sector long-term capital by 26.1 percent (Table 5.1).

S/N Particulars
2023/24 2024/25 Percentage Change
QI QIV QI
A B C D=C/A E=C/B
1 Exports, f.o.b. 833.4 1,267.4 1,515.9 81.9 19.6 Coffee 355.1 592.3 524.9 47.8 -11.4 Other 478.3 675.1 991.0 107.2 46.8 2 Imports 4,126.9 5,074.3 4,083.9 -1.0 -19.5 Fuel 914.5 833.1 878.5 -3.9 5.4 Cereals 107.3 201.7 161.2 50.3 -20.1 Aircraft 92.4 127.6 56.1 -39.4 -56.1 Imports excl. fuel, cereals, aircraft 3,012.6 3,911.8 2,988.1 -0.8 -23.6 3 Trade Balance (1-2) -3,293.5 -3,806.9 -2,568.0 -22.0 -32.5 4 Services, net 420.3 325.5 405.1 -3.6 24.4 Non-factor services, net 498.7 425.2 452.4 -9.3 6.4 Exports of non-factor services 2,061.8 2,077.5 2,046.8 -0.7 -1.5 Imports of non-factor services 1,563.2 1,652.3 1,594.4 2.0 -3.5 Factor services (Investment income), net -78.4 -99.6 -47.3 -39.7 -52.5 Interest, net -78.1 -99.6 -47.2 -39.6 -52.6 Dividend, net -0.3 -0.1 -65.9 5 Private transfers, net 1,346.5 1,965.7 1,539.8 14.4 -21.7 o/w: NGO’s,(Net) 224.2 214.7 171.1 -23.7 -20.3 Private Individuals 1,122.2 1,751.0 1,368.7 22.0 -21.8 6 Current account balance excluding official transfers (3+4+5) -1,526.8 -1,515.6 -623.1 -59.2 -58.9 7 Official transfers, net 268.5 413.8 1,330.4 395.5 221.5 8 Current account balance including official transfers (6+7) -1,258.3 -1,101.8 707.4 -156.2 -164.2 9 Capital account 521.3 1,001.2 1,274.8 144.5 27.3 Official Long-term Capital, net 42.6 209.3 523.4 1,128.7 150.1 Disbursements 159.1 390.3 657.1 313.2 68.4 Amortization 116.5 181.0 133.7 14.8 -26.1 Other public long-term capital -135.0 -138.5 -99.8 -26.1 -27.9 Private sector, long term 17.7 7.7 16.8 -5.4 116.8 Foreign Direct Investment, net 772.2 1,117.9 890.9 15.4 -20.3 Short-term Capital -176.2 -195.3 -56.5 -67.9 -71.1 10 Errors and omissions -205.7 160.0 -697.1 11 Overall balance (8+9+10) -942.6 59.4 1,285.1 12 Financing 942.6 -59.4 -1,285.1 13 Reserves [Increase (-), Decrease (+)] 942.6 -59.4 -1,285.1 14 Central Bank (NFA) 604.9 167.7 -879.9 Asset 548.7 70.5 -1,907.1 Liabilities 56.2 97.2 1,027.3 15 Commercial banks (NFA) 337.7 -227.1 -405.2 16 Debt Relief Principal Interest Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin
42 | First Quarter 2024/25
Total current receipts amounted to USD 6.5 billion, reflecting a 42.7 percent annual increase due to higher exports (81.9 percent), service proceeds (0.8 percent), private transfers (13.9 percent), and public transfers by 375.1 percent. On the other hand, total current payments marginally decreased (by 0.5 percent), reaching USD 5.77 billion, compared with USD 5.8 billion a year earlier. This decline was attributed to a decrease in import payments (1.0 percent) and private transfer payments, (from USD 7.8 million last year to USD 2.7 million), as well as public transfer payments (from USD 11.7 million to USD 0.6 million), despite a 1.9 percent increase in service payments (Table 5.2).
Table 5.2: Current Receipts and Payments (In millions of USD)
S/N Particulars
2023/24 2024/25 Percentage Change QI QIV QI
A B C D=C/A E=C/B
1 Current Receipts 4,543.7 5,770.9 6,482.1 42.7 12.3 Export Proceeds 833.4 1,267.4 1,515.9 81.9 19.6 Service Proceeds 2,075.8 2,109.6 2,092.6 0.8 -0.8 Private Transfers 1,354.3 1,970.4 1,542.5 13.9 -21.7 Public Transfer 280.2 423.5 1,331.0 375.1 214.3 2 Current Payments 5,801.9 6,872.7 5,774.7 -0.5 -16.0 Import Payments 4,126.9 5,074.3 4,083.9 -1.0 -19.5 Service Payments 1,655.5 1,784.0 1,687.5 1.9 -5.4 Private Transfers 7.8 4.7 2.7 -65.3 -42.5 Public Transfer 11.7 9.7 0.6 -94.8 -93.7 3 (Net, (1-2 -1,258.3 -1,101.8 707.4 -156.2 -164.2 Source: NBE Staff Compilation National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 43 47 | First Quarter 2024/25 Source: NBE Staff Compilation
5.2. Balance of Trade
Merchandise trade deficit narrowed to
USD 2.6 billion during the first quarter of 2024/25, from USD 3.3 billion a year ago due to higher export receipts and decline in import payments. Source: Ethiopian Customs Commission - 1,000.0 2,000.0 3,000.0 4,000.0 5,000.0 6,000.0 7,000.0 8,000.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/242024/25 In Millions of USD Fig.V.1: Trends in Current Receipts and Payments Current Receipts Current Payments 0 1000 2000 3000 4000 5000 6000 Q1 Q2Q3Q4Q1Q2Q3 Q4Q1Q2Q3Q4 Q1Q2Q3Q4Q1Q2 Q3Q4Q1Q2Q3 Q4Q1Q2Q3Q4Q1 Q2Q3Q4Q1 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/242024/25 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Export Import Source: NBE Staff Compilation
5.2. Balance of Trade
Merchandise trade deficit narrowed to USD 2.6 billion during the first quarter of 2024/25, from USD 3.3 billion a year ago due to higher export receipts and decline in import payments. Source: Ethiopian Customs Commission

National Bank of Ethiopia Quarterly Bulletin
4448 | First Quarter 2024/25 | First Quarter 2024/25 Source: Ethiopian Customs Commission
5.2.1. Export of Goods
Merchandise export earnings registered a significant 81.9 percent year-on-year growth, fuelled by substantial increase in export revenues. Coffee exports rose by
47.8 percent, while gold exports surged
more than six-fold, making it the topperforming sector. Other notable contributors included oil seeds (26.1 percent), meat and meat products (51.8 percent), live-animals (115.5 percent), and electricity (180.0 percent). Additionally, other exports recorded a
54.3 percent increase further bolstering
overall earnings.
On the other hand, flowers experienced a
8.2 percent decrease, while pulses
declined by 19.2 percent. Similarly, leather & leather products (33.8 percent), chat (34.6 percent), and textiles & textile products (14.4 percent) witnessed substantial declines with fruits and vegetables showing a modest (6.7 percent) fall. Export revenues from coffee increased
47.8 percent, driven by 71.5 percent rise
in export volume, despite 13.8 percent drop in international prices. However, due to stronger growth in other export sectors, coffee's share in total merchandise export earnings decreased to 34.6 percent from 42.6 percent a year ago. Export proceeds from gold surged more than six-fold, driven by 649.3 percent hike in export volume, despite 4.9 0 500 1000 1500 2000 2500 3000 3500 4000 4500 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/232024/25 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit Source: Ethiopian Customs Commission
5.2.1. Export of Goods
Merchandise export earnings registered a significant 81.9 percent year-on-year growth, fuelled by substantial increase in export revenues. Coffee exports rose by 47.8 percent, while gold exports surged more than six-fold, making it the top-performing sector. Other notable contributors included oil seeds (26.1 percent), meat and meat products (51.8 percent), live-animals (115.5 percent), and electricity (180.0 percent). Additionally, other exports recorded a 54.3 percent increase further bolstering overall earnings. On the other hand, flowers experienced a 8.2 percent decrease, while pulses declined by 19.2 percent. Similarly, leather & leather products (33.8 percent), chat (34.6 percent), and textiles & textile products (14.4 percent) witnessed substantial declines with fruits and vegetables showing a modest (6.7 percent) fall. Export revenues from coffee increased
47.8 percent, driven by 71.5 percent rise in
export volume, despite 13.8 percent drop in international prices. However, due to stronger growth in other export sectors, coffee’s share in total merchandise export earnings decreased to
34.6 percent from 42.6 percent a year ago.
Export proceeds from gold surged more than six-fold, driven by 649.3 percent hike in export volume, despite 4.9 percent decline in international price. As a result, the share of gold in total export earnings rose to 37.0 percent from 9.5 percent during the same period last year. Likewise, export earnings from oilseeds increased by 26.1 percent, supported by 52.2 percent rise in export volume, despite a 17.2 percent decrease in international price. Nevertheless, the share of oilseeds in total export earnings fell National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 45 to 2.6 percent from 3.8 percent a year ago. Receipts from meat and meat products grew by
51.8 percent, driven by 66.6 percent growth in
export volume, despite 8.9 percent decline in international price. However, its share in total merchandise export earnings decreased to 1.4 percent from 1.6 percent last year same period. Likewise, export receipts from live- animals increased 115.5 percent over last year same quarter due to a rise in both export volume (71.1 percent) and international price (26.0 percent). As a result, the share of live-animals in total export earnings slightly improved to 1.1 percent from 1.0 percent a year earlier. Similarly, export earnings from electricity surged
180.0 percent on annual basis as a result of a
significant increase in export volume (239.1 percent), despite a decline in international price (17.4 percent). Therefore, the share of electricity in total export earnings rose to 4.0 percent from
2.6 percent a year ago.
In contrast, export receipts from flowers declined (8.2 percent), on account of a drop in both export volume (5.1 percent) and international price (3.2 percent). Thus, the share of flowers in total exports fell to 6.8 percent from 13.5 percent last year same quarter. Likewise, export receipts from pulses fell by
19.2 percent, owing to a 23.5 percent decline in
volume, despite 5.7 percent rise in international price. Thus, their share declined to 4.6 percent from 10.3 percent a year earlier. Export earnings from chat went down by 34.6 percent, due to 39.5 percent drop in volume, despite 8.2 percent increase in international price. As a result, the share of chat in total export earnings shrank to 1.9 percent, down from 5.2 percent recorded a year ago. Furthermore, export earnings from textile & textile products declined by 14.4 percent as a result of 23.0 percent decline in exports volume, despite 11.6 percent rise in international price. Thus, their share in total merchandise exports dropped to 1.8 percent from 3.8 percent last year same quarter. Export proceeds from fruits & vegetables decreased by 6.7 percent due to 23.1 percent decline in volume, despite 21.3 percent rise in international price. As a result, their share in total exports stood at 1.1 percent. Finally, revenue from leather and leather products saw a 33.8 percent drop owing to 24.6 percent decline in volume and 12.2 percent in international price. Consequently, their share in total merchandise exports slightly decreased to
0.3 percent (Tables 5.3, 5.4 and 5.5).

National Bank of Ethiopia Quarterly Bulletin
46 | First Quarter 2024/25
Table 5.3: Values of Major Export Items
(In Millions of USD)
Particulars
2023/24 2024/25 Percentage Change
QI QIV QI
A %share B %share C %share C/A C/B
Coffee 355.1 42.6 592.3 46.7 524.9 34.6 47.8 (11.4) Oilseeds 31.6 3.8 69.0 5.4 39.8 2.6 26.1 (42.2) Leather and Leather Products 6.6 0.8 3.9 0.3 4.3 0.3 (33.8) 11.6 Pulses 85.5 10.3 92.1 7.3 69.1 4.6 (19.2) (24.9) Meat & Meat Products 13.6 1.6 20.1 1.6 20.7 1.4 51.8 2.7 Fruits & Vegetables 17.6 2.1 10.7 0.8 16.5 1.1 (6.7) 54.4 Textile & Textile Products 31.5 3.8 28.3 2.2 27.0 1.8 (14.4) (4.5) Live Animals 8.0 1.0 14.3 1.1 17.2 1.1 115.5 20.3 Chat 43.3 5.2 26.4 2.1 28.3 1.9 (34.6) 7.3 Gold 78.8 9.5 133.6 10.5 561.6 37.0 612.4 320.4 Flower 112.1 13.5 118.2 9.3 103.0 6.8 (8.2) (12.9) Electricity 21.5 2.6 60.4 4.8 60.1 4.0 180.0 (0.5) Others 28.1 3.4 98.3 7.8 43.4 2.9 54.3 (55.9) Total Export 833.4 100.0 1,267.4 100.0 1,515.9 100.0 81.9 19.6 Total Export Excluding Electricity 812.0 1,207.0 1,455.8 79.3 20.6 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power 51 | First Quarter 2024/25 Source: NBE Staff Compilation
Table 5.4: Volume of Major Export Items
(In millions of Kg)
Particulars
2023/24 2024/25
Percentage Change
QI QIV QI
A B C C/A C/B
Coffee 67.8 124.0 116.2 71.5 (6.3)
Oilseeds 17.7 41.9 26.9 52.2 (35.7)
Leather and Leather Products 0.5 0.5 0.4 (24.6) (23.9) Pulses 109.8 117.0 84.0 (23.5) (28.2) Meat & Meat Products 2.2 3.4 3.7 66.6 10.1 Fruits & Vegetables 49.5 28.6 38.1 (23.1) 33.2 Textile & Textile Products 8.6 7.5 6.6 (23) (12) Live Animals 10.8 20.3 18.5 71.1 (9.0) Chat 4.3 2.4 2.6 (39.5) 5.4 Gold(In mn. of grams) 0.9 1.2 6.9 649.3 479.8 Flower 23.7 23.4 22.5 (5.1) (4.1) Electricity(In mn of kwh) 359.0 515.1 1,217.6 239.1 136.4 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power 0 100 200 300 400 500 600 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 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/242024/25 (Millions USD) Fig.V.4: Export Value of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Chat Source: NBE Staff Compilation National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 47
Table 5.4: Volume of Major Export Items
(In millions of Kg)
Particulars
2023/24 2024/25
Percentage Change
QI QIV QI
A B C C/A C/B
Coffee 67.8 124.0 116.2 71.5 (6.3)
Oilseeds 17.7 41.9 26.9 52.2 (35.7)
Leather and Leather Products 0.5 0.5 0.4 (24.6) (23.9) Pulses 109.8 117.0 84.0 (23.5) (28.2) Meat & Meat Products 2.2 3.4 3.7 66.6 10.1 Fruits & Vegetables 49.5 28.6 38.1 (23.1) 33.2 Textile & Textile Products 8.6 7.5 6.6 (23) (12) Live Animals 10.8 20.3 18.5 71.1 (9.0) Chat 4.3 2.4 2.6 (39.5) 5.4 Gold (In mn. of grams) 0.9 1.2 6.9 649.3 479.8 Flower 23.7 23.4 22.5 (5.1) (4.1) Electricity (In mn of kwh) 359.0 515.1 1,217.6 239.1 136.4 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power 52 | First Quarter 2024/25 Source: NBE Staff Computation
Table 5.5: Unit Value of Major Export Items
(In USD/kg)
Particulars
2023/24 2024/25
Percentage Change QI QIV QI
A B C C/A C/B
Coffee 5.2 4.8 4.5 (13.8) (5.5)
Oilseeds 1.8 1.6 1.5 (17.2) (10.2)
Leather and Leather Products 14.1 8.4 12.3 (12.2) 46.7 Pulses 0.8 5.7 4.7 Meat & Meat Products 6.1 6.0 5.6 (8.9) (6.7) Fruits & Vegetables 0.4 21.3 15.9 Textile & Textile Products 3.7 3.8 4.1 11.6 8.1 Live Animals 0.7 0.7 0.9 26.0 32.3 Chat 10.1 10.8 11.0 8.2 1.8 Gold (USD/grams) 85.5 112.1 81.3 (4.9) (27.5) Flower 4.7 5.0 4.6 (3.2) (9.2) Electricity (USD/kwh) 0.1 0.1 0.0 (17.4) (57.9) Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power 0.000 1.000 2.000 3.000 4.000 5.000 6.000 7.000 8.000 0 20 40 60 80 100 120 140 160 180 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/242024/25 (Gold, Million Kg.) (Millions Kg.) Fig.V.5: Export Volume of Selected Commodities Coffee Oil Seeds Leather & Leather Products Pulses Flower Chat Gold (SA) NBE Staff Computation

National Bank of Ethiopia Quarterly Bulletin
48 | First Quarter 2024/25
Table 5.5: Unit Value of Major Export Items
(In USD/kg)
Particulars
2023/24 2024/25 Percentage Change QI QIV QI
A B C C/A C/B
Coffee 5.2 4.8 4.5 (13.8) (5.5)
Oilseeds 1.8 1.6 1.5 (17.2) (10.2)
Leather and Leather Products 14.1 8.4 12.3 (12.2) 46.7 Pulses 0.8 5.7 4.7 Meat & Meat Products 6.1 6.0 5.6 (8.9) (6.7) Fruits & Vegetables 0.4 21.3 15.9 Textile & Textile Products 3.7 3.8 4.1 11.6 8.1 Live Animals 0.7 0.7 0.9 26.0 32.3 Chat 10.1 10.8 11.0 8.2 1.8 Gold (USD/grams) 85.5 112.1 81.3 (4.9) (27.5) Flower 4.7 5.0 4.6 (3.2) (9.2) Electricity (USD/kwh) 0.1 0.1 0.0 (17.4) (57.9) Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 49
5.2.2. Import of Goods
Ethiopia’s import reached USD 4.1 billion in the first quarter of 2024/25, reflecting a 1.0 percent annual decline due to lower import bills for semi-finished goods, fuel, and miscellaneous goods, despite an increase in imports of capital goods, consumer goods and raw materials. Payments for semi-finished goods declined by
31.3 percent due to 74.6 percent slowdown in
fertilizer import; as a result, their share in total goods import declined to 16.0 percent from
23.0 percent a year ago.
Similarly, fuel imports showed a 3.9 percent decrease compared to the same quarter last year. Consequently, the share of fuel in total merchandise imports fell to 21.5 percent from
22.2 percent a year ago.
In contrast, capital goods imports, rose by 10.5 percent driven by higher payments for industrial capital goods (17.7 percent), despite a decline in payments for transport capital goods (13.8 percent) and agricultural capital goods (5.4 percent). Thus, the share of capital goods in total imports rose to 28.9 percent from 25.8 percent a year earlier. Consumer goods import depicted a 16.0 percent increase due to higher import bills for durable goods (12.8 percent) and non-durable goods (17.4 percent). Accordingly, the share of consumer goods in total imports rose to
32.2 percent from 27.5 percent last year same
quarter.
Likewise, imports of raw materials increased by
15.4 percent and their share in total merchandise
import stood at 0.8 percent.
Miscellaneous goods import fell by 24.8 percent, and their share in total imports decreased to 0.6 percent from 0.8 percent a year earlier. Franco valuta import increased by 36.2 percent, reaching USD 1.7 billion, and accounted for 41.1 percent of total imports (Tables 5.6 and 5.7).

National Bank of Ethiopia Quarterly Bulletin
50 | First Quarter 2024/25
Table 5.6: Values of Major Import Items
(In Millions of USD)
Particular
2023/24 2024/25
Percentage Changes QI Share
(%)
QIV Share
(%)
QI Share (%)
A B C C/A C/B
Raw Materials 28.0 0.7 27.2 0.5 32.2 0.8 15.4 18.6 Semi-finished Goods 950.2 23.0 1,073.3 21.2 653.1 16.0 -31.3 -39.1 Fertilizers 341.3 8.3 380.0 7.5 86.9 2.1 -74.6 -77.1 Fuel 914.5 22.2 833.1 16.4 878.5 21.5 -3.9 5.4 Petroleum Products 892.5 21.6 821.3 16.2 846.4 20.7 -5.2 3.1 Others 22.1 0.5 11.9 0.2 31.5 0.8 42.6 165.3 Capital Goods 1,066.6 25.8 1,670.7 32.9 1,179.0 28.9 10.5 -29.4 Transport 228.7 5.5 291.7 5.7 197.1 4.8 -13.8 -32.4 Agricultural 19.9 0.5 14.7 0.3 18.9 0.5 -5.4 28.5 Industrial 817.9 19.8 1,364.3 26.9 963.0 23.6 17.7 -29.4 Consumer Goods 1,134.4 27.5 1,433.7 28.3 1,316.1 32.2 16.0 -8.2 Durables 337.8 8.2 374.4 7.4 380.9 9.3 12.8 1.7 Non-durables 796.6 19.3 1,059.3 20.9 935.2 22.9 17.4 -11.7 Miscellaneous 33.2 0.8 36.3 0.7 25.0 0.6 -24.8 -31.1 Total Imports 4,126.9 100.0 5,074.3 100.0 4,083.9 100.0 -1.0 -19.5 Source: Ethiopian Customs Commission National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 51
Table 5.7: Value of Franco Valuta Import
(In Millions of USD)
Commodity Group
2023/24 2024/25 Percentage Change
Qtr. I Qtr. IV Qtr. I
A B C C/A C/B
Beverages 0.2 0.4 0.9 383.9 110.2
Chemicals 10.2 15.2 38.3 274.8 152.4
Clothing 5.9 4.8 9.5 60.1 97.2
Food and live animals 83.1 252.6 454.2 446.4 79.8 Textiles 58.6 53.7 48.9 (16.6) (8.8) Tobacco 0.1 0.4 0.0 (97.4) (99.6) Soap & polish 10.1 5.2 6.7 (33.1) 29.7 Fertilizer 74.2 67.7 6.0 (91.9) (91.2) Paper & paper manufacturing 13.8 6.4 16.1 16.4 151.8 Metal & metal manufacturing 121.5 106.9 99.3 (18.3) (7.1) Medical and pharmaceuticals products 0.3 0.2 135.3 43,319.9 67,503.1 Rubber products 17.6 13.6 5.2 (70.3) (61.8) Petroleum Crude 0.0 - - - - Petroleum product 20.6 10.3 20.7 0.4 101.2 Glass & glass ware 2.3 4.6 2.6 14.1 (43.4) Electrical material 58.6 70.5 103.0 75.8 46.0 Machine 213.8 675.9 451.4 111.1 (33.2) Road & motor vehicles 20.9 20.6 40.8 95.4 98.1 Tele apparatus 0.7 3.0 26.9 799.9 Cement 0.00 0.00 0.02 2,724.8 Others 519.5 625.3 211.6 (59.3) (66.2) Total 1,232.0 1,937.2 1,677.4 36.2 (13.4) Source: Ethiopian Customs Commission

National Bank of Ethiopia Quarterly Bulletin
52 | First Quarter 2024/25
5.2.3. Direction of Trade
5.2.3.1. Export of Goods
During the first quarter of 2024/25, the major destinations6 for Ethiopian exports were Europe, Asia, Africa and America. Europe accounted for
59.7 percent of Ethiopia’s total export revenue,
with Switzerland taking 62.1 percent share followed by Germany (12.9 percent), Netherlands (8.0 percent), Belgium (6.6 percent), Italy (2.3 percent), France (1.5 percent), United Kingdom (1.4 percent) and Turkey (1.3 percent). These countries as a group account for 96.2 percent of Ethiopia’s total export to Europe. Asia constituted 24.5 percent of Ethiopia’s total export receipts, with Saudi Arabia accounting for 26.5 percent share followed by United Arab Emirates (12.2 percent), South Korea (9.9 percent), Japan (9.8 percent), Israel (5.8 percent), Pakistan (5.7 percent), China (4.7 percent), India (3.5 percent), Yemen (2.7 percent), Taiwan (2.6 percent), Indonesia (2.3 percent), Hong Kong (1.9 percent) and Singapore (1.7 percent). These Asian countries together had 89.3 percent share in Ethiopia’s total export to Asia. 6 The 2.7% unspecified amount is nutritional food sold for international humanitarian organizations operating in Ethiopia. About 7.0 percent of Ethiopia’s export earnings originated from Africa, mainly Djibouti (35.1 percent), Kenya (32.1 percent), Egypt (7.0 percent), Sudan (6.8 percent), Somalia (6.3 percent), Morocco (5.0 percent) and South Africa (2.3 percent), which altogether accounted for 94.5 percent of the total exports to Africa. America had a 5.2 percent share in Ethiopia’s total export, of whichUSA accounted for 87.5 percent and Canada (10.4 percent). These two countries constituted 97.9 percent of Ethiopia’s total exports to America. National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 53 57 | First Quarter 2024/25 Source: NBE Staff Compilation
5.2.3.2. Import of Goods
Asia accounted for 73.8 percent of
Ethiopia's total imports during the first quarter of 2024/25 with the major imports originating from China (45.1 percent), Kuwait (19.6 percent), India (11.5 percent), United Arab Emirates (6.4 percent), Saudi Arabia (6.3 percent), Japan (2.9 percent), South Korea (1.9 percent), Malaysia (1.9 percent) and Indonesia (1.5 percent) whose combined share was 97.1 percent. Imports from Europe constituted 14.2 percent of Ethiopia's total imports with the major countries being Turkey (23.9 percent), Russia (15.8 percent), United Kingdom (14.3 percent), Germany (11.9 percent), Italy (9.0 percent), Belgium (4.8 percent), France (3.0 percent), Netherlands (2.7 percent), Spain (2.0 percent), Romania (1.9 percent), Ireland (1.6 percent) and Austria (1.6 percent). These countries jointly accounted for 7.0% 59.7% 5.2% 24.5% 0.8% 2.7% Fig.V.7: Export by Destination Africa Europe America Asia Oceania Unspecified Source: NBE Staff Compilation
5.2.3.2. Import of Goods
Asia accounted for 73.8 percent of Ethiopia’s total imports during the first quarter of 2024/25 with the major imports originating from China (45.1 percent), Kuwait (19.6 percent), India (11.5 percent), United Arab Emirates (6.4 percent), Saudi Arabia (6.3 percent), Japan (2.9 percent), South Korea (1.9 percent), Malaysia (1.9 percent) and Indonesia (1.5 percent) whose combined share was 97.1 percent. Imports from Europe constituted 14.2 percent of Ethiopia’s total imports with the major countries being Turkey (23.9 percent), Russia (15.8 percent), United Kingdom (14.3 percent), Germany (11.9 percent), Italy (9.0 percent), Belgium (4.8 percent), France (3.0 percent), Netherlands (2.7 percent), Spain (2.0 percent), Romania (1.9 percent), Ireland (1.6 percent) and Austria (1.6 percent). These countries jointly accounted for 92.5 percent of Ethiopia’s total import from Europe. The share of Ethiopia’s imports from Africa stood at 6.2 percent. The major countries of origin were Djibouti (30.4 percent), Egypt (18.7 percent), Morocco (18.3 percent), South Africa (14.0 percent), Kenya (9.3 percent), Rwanda (3.5 percent) and Somalia (3.4 percent) which altogether represented 97.6 percent of Ethiopia’s total imports from the African continent. Imports from America had a 5.8 percent share

National Bank of Ethiopia Quarterly Bulletin
54 | First Quarter 2024/25 in total imports, of which USA accounted for
77.2 percent followed by Brazil (10.8 percent),
Canada (3.7 percent) and Mexico (1.8 percent).
These countries jointly accounted for 93.5 percent of total imports from America. 58 | First Quarter 2024/25
92.5 percent of Ethiopia's total import
from Europe.
The share of Ethiopia’s imports from
Africa stood at 6.2 percent. The major countries of origin were Djibouti (30.4 percent), Egypt (18.7 percent), Morocco (18.3 percent), South Africa (14.0 percent), Kenya (9.3 percent), Rwanda (3.5 percent) and Somalia (3.4 percent) which altogether represented 97.6 percent of Ethiopia’s total imports from the African continent. Imports from America had a 5.8 percent share in total imports, of which USA accounted for 77.2 percent followed by Brazil (10.8 percent), Canada (3.7 percent) and Mexico (1.8 percent). These countries jointly accounted for
93.5 percent of total imports from
America.
Source: NBE Staff Compilation
6.2%
14.2%
5.8%
73.8%
0.1%
Fig.V.7: Import by Origin
Africa
Europe
America
Asia
Oceania
Source: NBE Staff Compilation
National Bank of Ethiopia Quarterly Bulletin
First Quarter 2024/25 | 55
5.3. Services and Transfers
5.3.1. Net Services
Net service recorded USD 405.1 million in surplus during the first quarter of 2024/25, which was 3.6 percent lower than the USD 420.3 million surplus a year earlier. This was attributed to a decline in net travel services (47.4 percent), and net government services (54.3 percent), Conversely, net transport services experienced a 9.2 percent decrease accompanied by a 39.7 percent decline in net investment payments (Table 5.8). 59 | First Quarter 2024/25
5.3. Services and Transfers
5.3.1. Net Services
Net service recorded USD 405.1 million in surplus during the first quarter of 2024/25, which was 3.6 percent lower than the USD 420.3 million surplus a year earlier. This was attributed to a decline in net travel services (47.4 percent), and net government services (54.3 percent), Conversely, net transport services experienced a 9.2 percent decrease accompanied by a 39.7 percent decline in net investment payments (Table 5.8). Source: NBE Staff Compilation -400.0 -300.0 -200.0 -100.0 0.0 100.0 200.0 300.0 400.0 500.0 600.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Q I Q II QIII Qtr IV QI Q II QIII Qtr IV Qtr I 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/242024/25 (In Million USD) Fig.V.9: Trends in Net Service Net Service Net Travel Net Transportation Net Government (n.i.e) Net Investment Income Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin
56 | First Quarter 2024/25
Table 5.8: Developments in Services Accounts
(In Millions of USD)
S/N Particulars
2023/24 2024/25 Percentage Change QI QIV QI
A B C D=C/A E=C/B
1 Investment Income (2+5) -78.4 -99.6 -47.3 -39.7 -52.5 2 Interest, net (3-4) -78.1 -99.6 -47.2 -39.6 -52.6 3 Credit 14.0 32.1 45.8 227.9 42.6 4 Debit 92.1 131.8 93.0 1.0 -29.4 5 Dividend, net -0.3 -0.1 -65.9 6 NON-FACTOR SERVICES, net (7-8) 498.7 425.2 452.4 -9.3 6.4 7 Exports of non-factor services 2,061.8 2,077.5 2,046.8 -0.7 -1.5 8 Travel 289.9 378.6 269.5 -7.0 -28.8 9 Transport 1 1,624.0 1,539.4 1,665.8 2.6 8.2 10 Gov’t 2 24.0 36.3 10.9 -54.6 -70.0 11 Other 3 124.0 123.1 100.6 -18.8 -18.2 12 Imports of non-factor services 1,563.2 1,652.3 1,594.4 2.0 -3.5 13 Travel 205.5 179.8 225.1 9.5 25.2 14 Transport 1 1,090.8 1,142.4 1,083.3 -0.7 -5.2 15 Gov’t 2 0.1 0.1 0.0 -98.3 16 Other 3 266.7 330.0 285.9 7.2 -13.4 17 Net Services (18+19+20+21+22) 420.3 325.5 405.1 -3.6 24.4 18 Travel (8-13) 84.4 198.8 44.4 -47.4 -77.7 19 Transport (9-14) 533.2 397.1 582.5 9.2 46.7 20 Gov’t (10-15) 23.9 36.2 10.9 -54.3 -69.9 21 Other (11-16) -142.7 -206.9 -185.3 29.8 -10.5 22 Investment Income (2+5) -78.4 -99.6 -47.3 -39.7 -52.5 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business
5.3.2. Transfers
Meanwhile, total transfer receipts rose by 75.8 percent, reaching USD 2.9 billion during the review quarter driven by higher private transfers (13.9 percent) and official transfers (375.1 percent). In contrast, total transfer payments fell to USD 3.3 million from USD 19.5 million due to declines in both private transfer payments (65.3 percent) and official transfer payments (94.8 percent). Consequently, net transfers increased by 77.7 percent, reaching USD 2.9 billion, up from USD 1.6 billion a year earlier (Table 5.9). National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 57
Table 5.9: Developments in Transfer Accounts
(In Millions of USD)
S/N Particulars
2023/24 2024/25
Percentage Change QI Share (In
%)
QIV Share (In
%)
QI Share (In
%) A B C D=C/A E=C/B
1 Private transfers, net (2-5) 1,346.5 83.4 1,965.7 49.6 1,539.8 53.6 14.4 -21.7 2 Credit (3+4) 1,354.3 82.9 1,970.4 82.3 1,542.5 53.7 13.9 -21.7 3 NGO’s 232.1 14.2 219.4 9.2 173.8 6.0 -25.1 -20.8 4 Private individuals 1,122.2 68.7 1,751.0 73.1 1,368.7 47.6 22.0 -21.8 5 Debit 7.8 40.2 4.7 32.7 2.7 81.7 -65.3 -42.5 6 Official transfers, net (7-8) 268.5 16.6 413.8 17.4 1,330.4 46.4 395.5 221.5 7 Credit 280.2 17.1 423.5 17.7 1,331.0 46.3 375.1 214.3 8 Debit 11.7 59.8 9.7 67.3 0.6 18.3 -94.8 -93.7 9 Total Receipts 1,634.4 100.0 2,393.9 100.0 2,873.5 100.0 75.8 20.0 10 Total Payments 19.5 100.0 14.4 100.0 3.3 100.0 -82.9 -76.9 11 Net Transfers 1,615.0 100.0 2,379.5 67.0 2,870.2 100.0 77.7 20.6 Source: NBE Staff Computation 61 | First Quarter 2024/25
Table 5.9: Developments in Transfer Accounts
(In Millions of USD)
S/N Particulars
2023/24 2024/25 Percentage
QI Change Share
(In %)
QIV Share
(In %)
QI Share
(In %) A B C D=C/A E=C/B
1 Private transfers, net (2-5) 1,346.5 83.4 1,965.7 49.6 1,539.8 53.6 14.4 -21.7 2 Credit (3+4) 1,354.3 82.9 1,970.4 82.3 1,542.5 53.7 13.9 -21.7 3 NGO's 232.1 14.2 219.4 9.2 173.8 6.0 -25.1 -20.8 4 Private individuals 1,122.2 68.7 1,751.0 73.1 1,368.7 47.6 22.0 -21.8 5 Debit 7.8 40.2 4.7 32.7 2.7 81.7 -65.3 -42.5 6 Official transfers, net (7-8) 268.5 16.6 413.8 17.4 1,330.4 46.4 395.5 221.5 7 Credit 280.2 17.1 423.5 17.7 1,331.0 46.3 375.1 214.3 8 Debit 11.7 59.8 9.7 67.3 0.6 18.3 -94.8 -93.7 9 Total Receipts 1,634.4 100.0 2,393.9 100.0 2,873.5 100.0 75.8 20.0 10 Total Payments 19.5 100.0 14.4 100.0 3.3 100.0 -82.9 -76.9 11 Net Transfers 1,615.0 100.0 2,379.5 67.0 2,870.2 100.0 77.7 20.6 Source: NBE Staff Computation Source: NBE Staff Compilation 0 500 1000 1500 2000 2500 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II QIII Qtr IV QI QII QIII Qtr IV Qtr I 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/242024/25 (In Millions of USD) Fig.V.10: Trends in Private and Official Transfers, (Receipts) Private Transfers Official Transfers Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin
58 | First Quarter 2024/25
5.4. Current Account Balance
During the first quarter of 2024/25, the current account balance (including official transfers) registered USD 707.4 million in surplus compared with USD 1.3 billion in deficit a year ago. This was attributed to narrowing in merchandise trade deficit (22.0 percent) coupled with higher net private transfers (14.4 percent) and official transfers (395.5 percent). On the other hand, net service trade declined by 3.6 percent (Table 5.1).
5.5. Capital Account
Capital account recorded USD 1.3 billion in surplus, which was 144.5 percent higher than the USD 521.3 million surplus a year earlier. The growth surplus was mainly linked with an increase in foreign direct investment (15.4 percent) and net official long term capital (from USD 42.6 million to USD 523.4 million) coupled with a decline in the net deficit of other public long-term capital (26.1 percent) and net shortterm capital (67.9 percent). Private sector longterm capital, however, declined by 5.4 percent.
5.6. Changes in Reserve Position
The surplus in the overall balance of payments reached USD 1.3 billion in surplus compared to USD of 942.6 million deficit a year ago. Consequently, net foreign assets of the National Bank of Ethiopia showed USD 879.9 million build-up and that of commercial banks USD
405.2 million (Table 5.1).
National Bank of Ethiopia Quarterly Bulletin
First Quarter 2024/25 | 59
5.7. Developments in the Foreign Exchange Market
5.7.1. Exchange Rate Movements
Since July 29, 2024, the NBE has shifted the exchange rate system, to a market-based exchange rate regime. As a result, weighted average official exchange rate of Birr reached 94.1316/USD in the first quarter of 2024/25, depicting a 71.4 percent year-on-year depreciation. Likewise, end period exchange rate of Birr was 119.2766/USD, indicating 116.0 percent year-on-year depreciation against USD.
Table 5.10: Developments of Inter-bank Market Forex Traded and Exchange Rates
(USD/ETB)
Period
Official Market
End Period Weighted
Rate Average Weighted Rate
Amount Traded in Millions of USD
Total Among CBs
2023/24 57.3265 55.9623 12.7 0.00
Qtr. I C 55.2224 54.9259 3.10 0.00
July 54.7611 54.6826 1.05 0.00
August 55.0944 54.9330 1.15 0.00
September 55.2224 55.1620 0.90 0.00
Qtr. IV B 57.3265 56.9876 3.05 0.00
April 56.9193 56.7751 1.05 0.00
May 57.0504 56.9874 1.00 0.00
June 57.3265 57.2004 1.00 0.00
2024/25
Qtr. I A 119.2766 94.1316 31.00 0.00
July 75.3302 59.7632 1.00 0.00
August 111.2108 105.9239 30.00 0.00
September 119.2766 116.7077 0.00 0.00
Percentage Changes
A/B 108.1 65.2 916.4
A/C 116.0 71.4 900.0
Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin
60 | First Quarter 2024/25
In retail foreign exchange market, the average buying and selling rates of bank affiliated forex bureaus were 94.3325/USD and 97.8370/USD, reflecting a respective annual depreciation rate of 71.6 percent and 74.4 percent. Thus, average spread between the buying and selling rates rose to 3.7 percent from 2.0 percent a year ago (Table 5.11). National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 61
Table 5.11: Amount of Foreign Exchange Purchased and Sold by Forex Bureau of Commercial Banks
(In ‘000 of USD)
No. Name of Forex Bureaux
2023/24 2024/25
Percentage change
Quarter I
A
Quarter IV
B
Quarter I
C C/B C/A
Purchases Sales Purchases Sales Purchases Sales Purchases Sales Purchases Sales 1 Commercial Bank of Ethiopia 49,926.6 42,819.4 48,113.2 47,841.1 57,713.7 46,017.0 20.0 (3.8) 15.6 7.5 2 Bank of Abyssinia 120.1 4,282.9 103.9 2,525.7 7.6 0.1 (92.7) (100.0) (93.7) (100.0) 3 Dashen Bank 3,556.1 3,321.0 3,403.4 1,676.3 3,225.2 1,575.7 (5.2) (6.0) (9.3) (52.6) 4 Awash International Bank 200.4 8,341.5 127.7 3,287.3 1,588.6 1,467.1 1,143.7 (55.4) 692.8 (82.4) 5 Wegagen Bank 80.9 1,176.1 231.4 267.9 133.8 136.8 (42.2) (48.9) 65.4 (88.4) 6 United Bank 326.7 861.6 273.4 328.0 205.7 146.7 (24.8) (55.3) (37.0) (83.0) 7 Development Bank 3.9 98.5 - 4.2 3.4 4.4 4.3 (13.5) (95.6) 8 Nib International Bank 63.7 598.9 35.2 222.7 167.0 73.9 374.7 (66.8) 162.1 (87.7) 9 Lion International Bank 406.1 300.9 33.4 22.3 177.1 29.8 430.3 33.6 (56.4) (90.1) 10 Oromia International Bank 1,789.8 1,293.2 1,081.8 454.2 1,183.9 216.2 9.4 (52.4) (33.8) (83.3) 11 Zemen Bank 39.3 475.0 109.7 444.1 52.9 134.7 (51.8) (69.7) 34.6 (71.6) 12 Cooperative Bank of Oromia 75.5 320.2 128.7 165.9 174.9 - 35.9 - 131.5 13 Buna International Bank 88.7 314.8 165.0 149.8 59.3 125.8 (64.0) (16.0) (33.1) (60.0) 14 Birhan International Bank 30.1 483.0 24.1 117.9 85.0 172.7 253.2 46.4 182.0 (64.3) 15 Abay Bank 18.5 331.6 23.5 49.6 58.1 51.8 146.6 4.5 214.0 (84.4) 16 Addis International Bank 201.3 203.1 99.0 185.0 77.0 100.2 (22.2) (45.8) (61.7) (50.7) 17 Debub Global Bank 140.9 133.8 40.4 71.8 149.6 6.9 270.3 (90.5) 6.2 (94.9) 18 Enat Bank 149.6 192.0 198.1 82.3 455.8 30.5 130.1 (63.0) 204.8 (84.1) 19 Zamzam Bank 0.2 150.7 0.1 - 1.7 - 1,551.8 - 686.6 20 Gohe Betoch Bank 6.9 33.3 0.2 5.5 0.4 20.0 60.0 263.6 (94.5) (40.0) 21 Hijera Bank 540.6 52.3 247.7 22.5 29.3 - (88.2) (100.0) (94.6) 22 Amhara Bank 0.3 165.9 0.2 602.0 21.5 1.2 9,686.5 (99.8) 7,323.3 (99.3) 23 Tsehay Bank 20.1 48.2 115.4 21.1 14.0 1.0 (87.9) (95.2) (30.4) (97.9) 24 Siinqee Bank 284.7 211.0 25.2 88.0 12.7 9.9 (49.7) (88.7) (95.5) (95.3) 25 Geda Bank 41.5 24.2 28.4 8.8 6.4 1.4 (77.4) (84.1) (84.5) (94.2) 26 Ahadu Bank 3.1 55.2 7.0 29.3 97.2 26.9 1,283.1 (8.1) 3,007.1 (51.3) 27 Tseday Bank 0.1 - 3.4 - 29.3 0.3 753.7 29,196.8 28 Sidama Bank 1.5 23.9 0.7 52.2 8.3 1.0 1,017.9 (98.1) 452.2 (95.8) 29 Rammis Bank 0.3 - - Total 58,117.2 66,312.3 54,620.5 58,725.4 65,739.7 50,351.9 20.4 (14.3) 13.1 (24.1) Average Exchange Rate 54.9813 56.1051 57.0230 58.0944 94.3325 97.8370 65.4 68.4 71.6 74.4 Spread 2.0 1.9 3.7 Source: National Bank of Ethiopia Note: * Refers the percentage spread between forex bureaus average buying and selling exchange rate in a given quarter.

National Bank of Ethiopia Quarterly Bulletin
62 | First Quarter 2024/25
Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks 66 | First Quarter 2024/25

Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks Source: NBE Staff Compilation In the official forex market, US dollar fluctuated against major currencies on quarterly and annual basis. On quarterly basis, the US dollar depreciated against Pound sterling (2.7 percent), Japanese Yen (2.6 percent) and Swiss Franc (1.4 percent), while it appreciated against SDR (1.6 percent) and Euro (0.04 percent). Likewise, on annual basis, USD appreciated against Swiss Franc (21.6 percent), Pound Sterling (15.4 percent), Japanese Yen (3.7 percent), SDR (2.8 percent) and Euro (1.2 percent) 0.0 0.5 1.0 1.5 2.0 2.5 0 20 40 60 80 100 120 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/242024/25 (Spread, %) (Birr per USD) Buying Rate Selling Rate Spread (RA) Source: NBE Staff Compilation In the official forex market, US dollar fluctuated against major currencies on quarterly and annual basis. On quarterly basis, the US dollar depreciated against Pound sterling (2.7 percent), Japanese Yen (2.6 percent) and Swiss Franc (1.4 percent), while it appreciated against SDR (1.6 percent) and Euro (0.04 percent). Likewise, on annual basis, USD appreciated against Swiss Franc (21.6 percent), Pound Sterling (15.4 percent), Japanese Yen (3.7 percent), SDR (2.8 percent) and Euro (1.2 percent). National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 63
Table 5.12: Average Official Exchange Rates (USD per Major International Currencies)
Period
EURO JAPANESE YEN SDR POUNDSTELING SWISS FRANK Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate Buying Selling Mid- Rate 2023/24 QI C 1.0894 1.0893 1.0894 0.0064 1.3331 1.1634 1.1328 July 1.1050 0.0064 1.3441 1.1647 1.1426 August 1.0919 1.0917 1.0918 0.0063 1.3344 1.1642 1.1386 September 1.0712 0.0063 1.3208 1.1614 1.1173 QIV B 1.0767 0.0060 1.3170 0.9587 0.8763 April 1.0727 0.0061 1.3218 0.9473 0.8783 May 1.0804 0.0059 1.3222 0.9547 0.8710 June 1.0769 0.0059 1.3071 0.9743 0.9742 0.9743 0.8797 2024/25 QI A 1.0980 1.0562 1.0763 0.0061 1.3222 1.2723 1.2963 0.9846 0.8882 July 1.0826 1.0819 1.0822 0.0058 1.3196 1.3188 1.3192 0.9730 0.8713 August 1.1007 1.0386 1.0684 0.0062 1.3341 1.2586 1.2948 0.9692 0.9004 September 1.1106 1.0481 1.0782 0.0063 1.3128 1.2394 1.2748 1.0116 0.8930 Percentage Changes A/B 2.0 -1.9 0.0 2.6 0.4 -3.4 -1.6 2.7 1.4 A/C 0.8 -3.0 -1.2 -3.8 -3.7 -3.7 -0.8 -4.6 -2.8 -15.4 -21.6 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin
64 | First Quarter 2024/25
On the other hand, the Birr exchange rate markedly depreciated against major currencies on quarterly and annual basis. On annual basis, it depreciated by against Pound Sterling (71.2 percent), Swiss Franc (70.6 percent), USD (70.5 percent), Euro (68.3 percent), SDR (65.2 percent) and Japanese Yen (63.4 percent). Similarly, on quarterly basis, the Birr depreciated against Japanese Yen (69.8 percent), Swiss Franc (68.4 percent), Pound Sterling (65.6 percent), USD (64.3 percent) and Euro (64.1 percent), SDR (61.1 percent) (Table 5.13). National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 65
Table 5.13: Period Average Exchange Rates (Birr per Major Currencies)
Period
Currency
USD EURO JAPANESE YEN SDR POUNDSTERLING SWISS FRANK Buying Selling Mid- Rate Buying Selling Mid-Rate Buying Selling Mid-Rate Buying Selling Mid-Rate Buying Selling Mid-Rate Buying Selling Mid-Rate 2023/24 Q1 C 54.9259 55.4751 55.2005 59.8292 60.4275 60.1283 0.3804 0.3842 0.3823 73.2186 73.9508 73.5847 69.6080 70.3041 69.9560 62.2187 62.8409 62.5298 July 54.6826 55.2294 54.9560 60.4270 61.0313 60.7292 0.3873 0.3912 0.3892 73.4988 74.2338 73.8663 70.3776 71.0814 70.7295 62.4787 63.1034 62.7911 August 54.9330 55.4823 55.2077 59.9710 60.5707 60.2709 0.3798 0.3836 0.3817 73.3017 74.0348 73.6683 69.8156 70.5138 70.1647 62.5475 63.1730 62.8603 September 55.1620 55.7136 55.4378 59.0896 59.6805 59.3850 0.3742 0.3779 0.3761 72.8552 73.5838 73.2195 68.6308 69.3171 68.9739 61.6299 62.2462 61.9380 QIV B 56.9876 57.5575 57.2726 61.3577 61.9713 61.6645 0.3660 0.3697 0.3678 75.0525 75.8030 75.4278 71.9200 72.6391 72.2796 63.0248 63.6551 63.3400 April 56.7751 57.3429 57.0590 60.9020 61.5111 61.2066 0.3698 0.3735 0.3716 75.0452 75.7957 75.4205 71.0860 71.7968 71.4414 62.4326 63.0570 62.7448 May 56.9874 57.5572 57.2723 61.5707 62.1865 61.8786 0.3653 0.3690 0.3672 75.3459 76.0994 75.7227 71.9335 72.6528 72.2931 62.6518 63.2783 62.9650 June 57.2004 57.7724 57.4864 61.6004 62.2164 61.9084 0.3629 0.3665 0.3647 74.7664 75.5140 75.1402 72.7405 73.4677 73.1041 63.9901 64.6300 64.3100 2024/25 QI A 91.4488 96.7629 94.1059 100.6894 101.6870 101.1882 0.6214 0.6279 0.6247 120.9399 122.1493 121.5446 119.1354 120.3267 119.7310 106.1512 107.2127 106.6819 July 59.7225 60.3676 60.0450 64.6367 65.2830 64.9599 0.3775 0.3813 0.3794 78.8061 79.5941 79.2001 76.6512 77.4177 77.0345 66.8094 67.4775 67.1435 August 101.9612 109.3833 105.6723 112.3023 113.4254 112.8638 0.7007 0.7084 0.7046 136.1067 137.4677 136.7872 131.8802 133.1991 132.5396 118.7278 119.9150 119.3214 September 112.6628 120.5377 116.6002 125.1293 126.3525 125.7409 0.7861 0.7941 0.7901 147.9070 149.3860 148.6465 148.8746 150.3634 149.6190 132.9163 134.2455 133.5809 Percentage Change A/B 60.5 68.1 64.3 64.1 69.8 69.9 69.8 61.1 65.6 68.4 A/C 66.5 74.4 70.5 68.3 63.3 63.4 63.4 65.2 71.2 70.6 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin
66 | First Quarter 2024/25
Table 5.14: Birr per Unit of Currency End Period Mid-Market Rate
Currency September 29,
2023 June 28, 2024 September
30, 2024 Percentage change
A B C C/B C/A
USD 55.4985 57.6132 120.3395 108.9 116.8
Pound 67.6028 72.8288 155.9386 114.1 130.7
Swedish Kroner 5.0421 5.4349 11.5111 111.8 128.3 Djibouti Frank 0.3140 0.3259 0.6593 102.3 110.0 Swiss Frank 60.8070 64.1643 137.4688 114.2 126.1 Saudi Riyal 14.7937 15.3570 31.0657 102.3 110.0 UAE Dirhams 15.1074 15.6848 31.7288 102.3 110.0 Canadian Dollar 41.1161 42.0596 86.5163 105.7 110.4 Japanese Yen 0.3728 0.3589 0.8081 125.1 116.8 Euro 58.8173 61.6173 130.0421 111.0 121.1 SDR 73.0139 75.3292 157.8150 109.5 116.1 Source: NBE Staff Compilation
5.7.2. Movements in the Real Effective Exchange Rate
During the first quarter of the 2024/25, the real effective exchange rate (REER) of Birr showed a
32.3 percent annual depreciation due to a sharp
depreciation of Birr against trading partners’ currencies in relation to the NBE’s shift toward a market-based exchange rate regime, and slowdown in domestic inflation. Furthermore, NEERI has depreciated by 32.0 percent on an annual basis due to the weakening of the Birr against trading partners’ currencies, despite sizable deprecation of trading partners’ currencies against US dollar, such as Turkish Lira (25.0 percent) and Egyptian Pound (57.1 percent)(Table 5.15).

A decrease in the REERI and NEERI implies depreciation and vice versa.
Fig.V.12: Movements in the Real and Nominal Effective Exchange Rate Fig.V.12: Movements in the Real and Nominal Effective Exchange Rate

Source: NBE Staff Compilation
0
50
100
150
200
250
300
350
400
QI
QII
QIII
QIV
QI
QII
QIII
QIV
QI
QII
QIII
QIV
QI
QII
QIII
QIV
QI
QII
QIII
QIV
QI
QII
QIII
QIV
QI
QII
QIII
QIV
QI
QII
QIII
QIV
QI
2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/242024/25 REERI NEERI Source: NBE Staff Compilation
5.7.3. Volume of Transactions
During the first quarter of the 2024/25, the volume of foreign exchange traded in the interbank market was USD 31 million, which was nine-fold higher than that of last year same quarter (Table 5:10 & Fig.V.13).

National Bank of Ethiopia Quarterly Bulletin
68 | First Quarter 2024/25
Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market 4 | First Quarter 2024/25
5.7.3. Volume of Transactions
During the first quarter of the 2024/25, the volume of foreign exchange traded in the interbank market was USD 31 million, which was nine-fold higher than that of last year same quarter (Table 5:10 & Fig.V.13). Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market Source: NBE Staff Compilation Meanwhile, forex bureau of commercial banks purchased USD 65.7 million and sold USD 50.4 million. Hence, the amount of forex purchased increased by 13.1 percent, while forex sold decreased by 24.1 percent (Table 5.11). 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/242024/25 (Mn USD) Total Amount Traded Amount Traded among CBs Source: NBE Staff Compilation Meanwhile, forex bureau of commercial banks purchased USD 65.7 million and sold USD 50.4 million. Hence, the amount of forex purchased increased by 13.1 percent, while forex sold decreased by 24.1 percent (Table 5.11). National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 69
VI. FEDERAL GOVERNMENT FINANCE
The Federal government revenue and grants during the first quarter of 2024/25 stood at Birr 177.1 billion about 77 percent higher than a year earlier. Meanwhile, total expenditure reached Birr
198.1 billion.
Hence, the overall fiscal balance (including grants) showed a Birr 20.9 billion in deficit (Table 6.1).
Table 6.1: Summary of Quarterly Federal Government Finance
]In Millions of Birr[
No Finer points
2023/24 2024/25 Percentage changes performance rate QI QIV Budget QI D/A D/B D/C A B C D 1 Revenue and Grants 100,068.9 138,213.5 570,898.0 177,161.1 77.0 28.2 31.0
1.1 Total Revenue 100,068.9 138,213.5 563,605.6 165,389.8 65.3 19.7 29.3
Tax Revenue 95,125.1 116,987.2 502,036.2 153,711.8 61.6 31.4 30.6 Direct tax 25,850.8 36,744.6 161,126.8 35,328.4 36.7 (3.9) 21.9 Indirect tax 69,274.3 80,242.5 340,909.5 118,383.4 70.9 47.5 34.7 Non-Tax Revenue 4,943.7 21,226.3 61,569.4 11,677.9 136.2 (45.0) 19.0
1.2 Grant & Relief - - 7,292.4 11,771.3 - - 161.4
2 Current Expenditure 62,295.9 80,899.8 401,627.9 99,321.9 59.4 22.8 24.7 3 Current Surplus/Deficit - - - - - - - (Including Grants) 37,772.9 57,313.6 169,270.1 77,839.1 106.1 35.8 46.0 (Excluding Grants) 37,772.9 57,313.6 161,977.7 66,067.8 74.9 15.3 40.8 4 Capital Expenditure 26,370.9 76,465.1 243,362.4 44,529.8 68.9 (41.8) 18.3 5 Regional Transfers 52,641.5 51,326.9 229,293.1 54,278.2 3.1 5.8 23.7 6 Total Expenditure 141,308.3 208,691.8 874,283.4 198,129.9 40.2 (5.1) 22.7 7 Overall Surplus/Deficit - - - - - - - (Including Grants) (41,239.5) (70,478.3) (303,385.4) (20,968.9) (49.2) (70.2) 6.9 (Excluding Grants) (41,239.5) (70,478.3) (310,677.8) (32,740.2) (20.6) (53.5) 10.5 8 Total Financing 41,239.5 70,478.3 303,385.4 20,968.9 (49.2) (70.2) 6.9
8.1 Net External Borrowings 3,696.1 6,986.3 (18,851.4) 30,164.4 716.1 331.8 (160.0)
External Borrowing 6,259.2 15,313.2 26,881.8 10,128.6 61.8 (33.9) 37.7 CPF Loan - - 601.9 31,353.7 - - 5,208.9 Amortization 2,563.1 8,326.9 46,335.1 11,317.9 341.6 35.9 24.4
8.2 Net Domestic Borrowings 64,062.7 75,429.8 322,236.8 (61,609.6) (196.2) (181.7) (19.1)
Banking System 38,433.9 49,993.9 - (69,250.1) (280.2) (238.5) - Non-Bank Sources 25,628.8 25,435.9 - 7,640.5 (70.2) (70.0) -
8.3 Privatization receipts - - - - - - -
8.4 Others and Residuals (26,519.3) (11,937.8) (0.0) 52,414.1 (297.6) (539.1) -
Source: Ministry of Finance

National Bank of Ethiopia Quarterly Bulletin
70 | First Quarter 2024/25
6.1. Revenue and Grants
Total Federal government revenue and grants reached Birr 177.1 billon during the review period which was 77 percent higher than a year ago. The share of domestic revenue was Birr
165.3 billion and the remaining Birr 11.7
billion was from grants and reliefs. Total domestic revenue at Birr 165.3 billion of which tax and non-tax revenues rose by 61.6 and 136.2 percent annually. The shares of direct and indirect taxes in total revenue were 22.9 and 77 percent, respectively (Table 6.2). The performance of total revenue and grants (including grants) was 31 percent of the annual budget.
Table 6.2: Summary of Federal Government Revenue by component
(In Millions of Birr)
No Particulars
2023/24 2024/25 Percentage Change Performance Rate QI QIV Budget QI D/A D/B D/C A B C D Total Revenue and Grants 100,068.9 138,198.1 570,898.0 177,161.1 77.0 28.2 31.0 Total Domestic Revenue 100,068.9 138,198.1 563,605.6 165,389.8 65.3 19.7 29.3 1 Tax Revenue 95,125.1 116,971.8 502,036.2 153,711.8 61.6 31.4 30.6
1.1 Direct Tax Revenue 25,850.8 36,744.6 161,126.8 35,328.4 36.7 (3.9) 21.9
1.1.1 Income Taxes 22,691.0 32,362.6 134,525.1 31,108.2 37.1 (3.9) 23.1

Personal 8,188.9 8,824.0 33,050.5 11,829.0 44.5 34.1 35.8
Business 14,502.1 23,538.6 101,474.6 19,279.2 32.9 (18.1) 19.0
1.1.2 Others1 3,159.8 4,382.0 26,601.7 4,220.3 33.6 (3.7) 15.9
1.2 Indirect Taxes 69,274.3 80,227.2 340,909.5 118,383.4 70.9 47.6 34.7
1.2.1 Domestic Taxes 22,694.6 30,134.2 127,273.2 35,395.3 56.0 17.5 27.8
1.2.2 Foreign Trade Taxes 46,579.8 50,108.3 213,636.2 82,988.1 78.2 65.6 38.8
Import 46,574.3 50,093.0 213,622.1 82,981.6 78.2 65.7 38.8
Export 5.5 15.4 14.1 6.5 18.4 (57.4) 46.4
2 Non-Tax Revenue 4,943.7 21,226.3 61,569.4 11,677.9 136.2 (45.0) 19.0 3 Privatization - - - - - - 4 Grants and Relief - - 7,292.4 11,771.3 - - 161.4 Source: Ministry of Finance 1/includes Withholding tax on import, tax on dividend, royalty and interest income

Personal 8,188.9 8,824.0 33,050.5 11,829.0 44.5 34.1 35.8
Business 14,502.1 23,538.6 101,474.6 19,279.2 32.9 (18.1) 19.0
1.1.2 Others1 3,159.8 4,382.0 26,601.7 4,220.3 33.6 (3.7) 15.9
1.2 Indirect Taxes 69,274.3 80,227.2 340,909.5 118,383.4 70.9 47.6 34.7
1.2.1 Domestic Taxes 22,694.6 30,134.2 127,273.2 35,395.3 56.0 17.5 27.8
1.2.2 Foreign Trade Taxes 46,579.8 50,108.3 213,636.2 82,988.1 78.2 65.6 38.8
Import 46,574.3 50,093.0 213,622.1 82,981.6 78.2 65.7 38.8
Export 5.5 15.4 14.1 6.5 18.4 (57.4) 46.4
2 Non-Tax Revenue 4,943.7 21,226.3 61,569.4 11,677.9 136.2 (45.0) 19.0 3 Privatization - - - - - - 4 Grants and Relief - - 7,292.4 11,771.3 - - 161.4 Source: Ministry of Finance 1/includes Withholding tax on import, tax on dividend, royalty and interest income National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 71 Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government Fig.VI.2: Domestic Revenue by Major Components during the First Quarter of 2024/25 National Bank of Ethiopia Quarterly Bulletin 7 | First Quarter 2024/25 Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government Fig.VI.2: Domestic Revenue by Major Components during the First Quarter of 2024/25 0 20000 40000 60000 80000 100000 120000 140000 160000 180000 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (In Millions of Birr) Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue Direct Tax Revenue 21.3 Indirect Taxes 71.6 Non-Tax Revenue 7.1

National Bank of Ethiopia Quarterly Bulletin
72 | First Quarter 2024/25
6.2. Expenditure
Total Federal government expenditure, including regional transfers, stood at Birr
198.1 billion. It was 40.2 percent higher than
a year ago. Of the total expenditure, Birr
99.3 billion (or about 50.1 percent) went to
finance current expenditure, Birr 44.5 billion (or 22.5 percent) to development programs and Birr 54.2 billion (27.4 percent) to regional transfers. Capital expenditure and current expenditure went up 68.9 percent and 59.4 parent on annual basis, respectively while regional transfers grew 3.1 percent. Total expenditure performance was 22.7 percent of the annual budget.
Table 6.3: Summary of Federal Government Expenditure by Component
(In Millions of Birr)
No Particulars
2023/24 2024/25 Percentage Change Performance
Rate
QI QIV Budget QI D/A D/B D/C A B C D
Total Expenditure 141,308.3 208,691.8 874,283.4 198,129.9 40.2 (5.1) 22.7 1 Current Expenditure 62,295.9 80,899.8 401,627.9 99,321.9 59.4 22.8 24.7 General Services 26,728.2 33,185.3 106,849.1 32,725.8 22.4 (1.4) 30.6 Economic Services 1,771.1 2,124.5 8,467.1 15,394.2 769.2 624.6 181.8 Social Services 21,162.2 24,454.5 68,190.7 21,536.3 1.8 (11.9) 31.6 Others expenditure 602.2 5,798.9 128,489.5 4,600.6 664.0 (20.7) 3.6 Debt Service 12,032.3 15,336.6 89,631.5 25,065.1 108.3 63.4 28.0 2 Capital Expenditure 26,370.9 76,465.1 243,362.4 44,529.8 68.9 (41.8) 18.3 Economic Development 18,080.5 49,877.8 149,612.6 27,966.1 54.7 (43.9) 18.7 Social Development 6,860.0 22,162.3 50,414.1 12,624.5 84.0 (43.0) 25.0 General Development 1,430.4 4,425.0 43,335.6 3,939.1 175.4 (11.0) 9.1 4 Regional Transfers 52,641.5 51,326.9 229,293.1 54,278.2 3.1 5.8 23.7 Source: Ministry of Finance

Fig.VI.4: Quarterly Development in Federal Government Expenditure by Components

0
50000
100000
150000
200000
250000
2020/21 2021/22 2022/23 2023/24 2024/25
(In Millions of Birr)
Quarters/Years
Total Expenditure Current Expenditure Capital Expenditure Regional Transfers

National Bank of Ethiopia Quarterly Bulletin
74 | First Quarter 2024/25
6.3. Deficit Financing
The budget operations of the Federal government resulted in Birr 20.9 billion deficit. The deficit was financed by net external borrowing and net repayment to the banking sector. Fig.VI.5: Federal Government Finance during First Quarter of F.Y 2024/25 National Bank of Ethiopia Quarterly Bulletin 10 | First Quarter 2024/25
6.3. Deficit Financing
The budget operations of the Federal government resulted in Birr 20.9 billion deficit. The deficit was financed by net external borrowing and net repayment to the banking sector. Fig.VI.5: Federal Government Finance during First Quarter of F.Y 2024/25 - 50,000.0 100,000.0 150,000.0 200,000.0 250,000.0 300,000.0 350,000.0 400,000.0 450,000.0 500,000.0 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 75
VII. DEVELOPMENTS IN INVESTMENT
During the first quarter of 2024/25, 36 investment projects have become operational. These projects had a total investment capital of Birr 155.5 billion. In terms of ownership, 35 of the projects were private and 1 public. Domestic investment projects accounted for 82.9 percent of the total projects with a capital of Birr 1.5 billion. Foreign investment accounted for about 17.1 percent of the private investments with a registered capital of Birr 162 million. These investment projects created employment opportunities for 115,185 employees, of which,
47.3 percent were permanent and 52.7 percent
casual (Table 7.1).

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

Total Investment
Number of projects 19 23 36 100 89.5 56.5
Capital 1,677 365 155,515 100 9,172.6 42,562.1 Permanent Employment 1,567 292 54,467 100 3,375.9 18,553.1 Temporary Employment 639 162 60,718 100 9,402.0 37,380.2
Private Investment
Number of projects 19 23 35 97.2 84.2 52.2
Capital 1,677 365 1,640 1.1 (2.2) 349.8
Permanent Employment 1,567 292 795 1.5 (49.3) 172.3 Temporary Employment 639 162 666 1.1 4.2 311.1
2.1. Domestic Investment
Number of projects 4 19 29 80.6 625.0 52.6
Capital 268 337 1,478 1.0 452.2 337.8
Permanent Employment 157 319 0.6 - 103.2
Temporary Employment 139 466 0.8 - 235.3
2.2. Foreign Investment
Number of projects 15 4 6 16.7 (60.0) 50.0
Capital 1,410 27 162 0.1 (88.5) 499.0
Permanent Employment 1,567 135 476 0.9 (69.6) 252.6 Temporary Employment 639 23 200 0.3 (68.7) 769.6
Public Investment
Number of projects - - 1 2.8 - -
Capital - - 153,876 98.9 - -
Permanent Employment - - 53,672 98.5 - -
Temporary Employment - - 60,052 98.9 - -
Source: Ethiopian Investment Commission

Total Investment
Number of projects 19 23 36 100 89.5 56.5
Capital 1,677 365 155,515 100 9,172.6 42,562.1 Permanent Employment 1,567 292 54,467 100 3,375.9 18,553.1 Temporary Employment 639 162 60,718 100 9,402.0 37,380.2
Private Investment
Number of projects 19 23 35 97.2 84.2 52.2
Capital 1,677 365 1,640 1.1 (2.2) 349.8
Permanent Employment 1,567 292 795 1.5 (49.3) 172.3 Temporary Employment 639 162 666 1.1 4.2 311.1
2.1. Domestic Investment
Number of projects 4 19 29 80.6 625.0 52.6
Capital 268 337 1,478 1.0 452.2 337.8
Permanent Employment 157 319 0.6 - 103.2
Temporary Employment 139 466 0.8 - 235.3
2.2. Foreign Investment
Number of projects 15 4 6 16.7 (60.0) 50.0
Capital 1,410 27 162 0.1 (88.5) 499.0
Permanent Employment 1,567 135 476 0.9 (69.6) 252.6 Temporary Employment 639 23 200 0.3 (68.7) 769.6
Public Investment
Number of projects - - 1 2.8 - -
Capital - - 153,876 98.9 - -
Permanent Employment - - 53,672 98.5 - -
Temporary Employment - - 60,052 98.9 - -
Source: Ethiopian Investment Commission
National Bank of Ethiopia Quarterly Bulletin
First Quarter 2024/25 | 77
As for sectoral distribution, manufacturing sector constituted 41.7 percent of the total investment projects followed by construction (25 percent), real estate, renting and business activities (16.7 percent), health and social work (11.1 percent) and hotels and restaurants and tour operation, transport, and communication (2.8 percent each). Out of the total Birr 155.5 billion capital invested, the real estate, renting & business activities sector alone took about 99.5 percent share. With regard to employment, about 98.7 percent of the permanent employment was created by real estate, renting & business activities followed by manufacturing (1 percent), construction (0.2 percent) and health and social work (0.1 percent). Similarly, real estate, renting & business activities were the leading casual employers (99.2 percent) followed by manufacturing (0.5 percent) and construction (0.3 percent) (Table 7.2).

National Bank of Ethiopia Quarterly Bulletin
78 | First Quarter 2024/25
Table 7.2: Investment Distribution by Sector during the First Quarter of 2024/25
Sectors No. of
Proj. Share (%)
Capital (in
Million
Birr)
Share
(%)
Perm.
Emp. Share (%) Temp.
Emp. Share (%)
Agriculture, hunting and forestry - - - - - - - - Construction 9 25.0 349.5 0.2 131 0.2 185 0.3 Education - - - - - - - - Electricity, gas, steam and water supply - - - - - - - - Health and social work 4 11.1 9.2 - 31 0.1 28 0.0 Hotels and restaurants 1 2.8 40.0 - 2 - 8 0.0 Manufacturing 15 41.7 329.1 0.2 518 1.0 289 0.5 Mining and quarrying - - - - - - - - Other community, social and personal service activities

Real estate, renting and business activities 6 16.7 154774.6 99.5 53,775 98.7 60,203 99.2 Tour operation, transport, and communication 1 2.8 13.0 - 10 - 5 - Wholesale, retail trade & repair service - - - - - - - - Others* - - - - - - - - Grand Total 36 100 155,515.4 100 54,467 100 60,718 100 Source: Ethiopian Investment Commission *Export of flowers, spices, cotton and cotton product, clay spots, wooden handicrafts, souvenirs and flower baskets, data center services. National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 79 In terms of regional distribution, Addis Ababa accounted for about 80.6 percent of the total projects and 1 percent of the total investment capital while multiregional projects constituted
19.4 percent of the total projects with 99
percent investment capital.
In terms of jobs, only 0.6 and 0.8 percent of the total permanent and temporary employment were created in Addis Ababa while multiregional projects constituted 99.4 percent and of permanent and 99.2 percent temporary employment (Table 7.3).

National Bank of Ethiopia Quarterly Bulletin
80 | First Quarter 2024/25 Table 7.3: Performance of Operational Investment Projects by Region Capital in Million Birr Region 2023/24 2024/25 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 4 268 0 0 19 337 157 139 29 1,478 319 466 80.6 1.0 0.6 0.8 625 452 0 0 53 338 103 235 Afar - - - - - - - - - - - - - - - - - - - - - - - - Amhara - - - - - - - - - - - - - - - - - - - - - - - - B.Gumuz - - - - - - - - - - - - - - - - - - - - - - - - DireDawa - - - - - - - - - - - - - - - - - - - - - - - - Oromia - - - - - - - - - - - - - - - - - - - - - - - - SNNPR - - - - - - - - - - - - - - - - - - - - - - - - Gamb. - - - - - - - - - - - - - - - - - - - - - - - - Somali - - - - - - - - - - - - - - - - - - - - - - - - Harari - - - - - - - - - - - - - - - - - - - - - - - - Tigray - - - - - - - - - - - - - - - - - - - - - - - - Multi-regional 15 1410 1567 639 4 27 135 23 7 154,038 54,148 60,252 19.4 99.0 99.4 99.2 -53 10,828 3,356 9,329 75 568,989 40,010 261,865 Grand Total 19 1,677 1,567 639 23 365 292 162 36 155,515 54,467 60,718 100 89 9,173 3,376 9,402 57 42,562 18,553 37,380 National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 81
VIII. INTERNATIONAL ECONOMIC DEVELOPMENTS
8.1. Overview of the World Economy7
Global economic activity has remained steady, albeit uneven across sectors. The global (excluding the euro area) composite output Purchasing Managers’ Index (PMI) remained in expansionary territory in September 2024 at 52.5, down from 53.2 in August. However, the differences across sectors increased markedly, with the services component continuing to indicate expansion in the first quarter of 2024/25, despite a slight decline, and the manufacturing index weakening further to 50.5 in the first quarter, well below its fourth quarter of 2023/24 average of 52.9. In the United States, economic activity remains robust. In the first quarter of 2024/25 real GDP continued to grow at a steady pace of 0.7 percent quarter on quarter, supported by strong domestic private demand and government consumption. In China, economic growth momentum remains weak. Over recent months, subdued consumer sentiment amplified the slowing of retail sales, particularly in the automotive sector. 7 Sections 8.1 – 8.3 are excerpted from European Central Bank monthly bulletin of 6-8/2024. In the United Kingdom, economic activities remain slowed. In July the UK economy recorded a second consecutive month of zero GDP growth, which, if unadjusted, implies a quarterly growth rate for the first quarter of 2024/25 of only 0.1 percent.
8.2. Inflation Developments
Euro area headline inflation, as measured in terms of the Harmonised Index of Consumer Prices (HICP), declined to 1.7 percent in September 2024 from 2.2 percent in August 2024. In United State, headline CPI inflation fell to 2.4 percent in September, while core inflation rose marginally to 3.3 percent from 3.2 percent in August. In the United Kingdom, headline inflation remained at 2.2 percent in August, while core inflation rose to 3.6 percent, driven by services inflation.

National Bank of Ethiopia Quarterly Bulletin
82 | First Quarter 2024/25
8.3. Commodity Price
The rapid decline in global oil demand growth in recent months, led by China, has fuelled a sharp sell-off in oil markets. Brent crude oil futures have plunged from a high of more than USD 82/ bbl in early August to a near three-year low at just below USD 70/bbl on 11 September, despite hefty supply losses in Libya and continued crude oil inventory draws. The recent slowdown in China has seen its oil consumption declining y-o-y for a fourth consecutive month in July, 2024. This was due to the broad-based economic slowdown and accelerating substitution away from oil in favour of alternative fuels weighs on consumption. On the other hand, primary commodity prices increased in August and September, 2024, driven by precious metal, and beverage prices.
8.4. Exchange Rate Developments
In foreign exchange markets, the euro appreciated by 1.6 percent against the US dollar but remained broadly stable in trade weighted terms. During the review period, the nominal effective exchange rate of the euro as measured against the currencies of 41 of the euro area’s most important trading partners appreciated by
0.3 percent.
The appreciation of the euro against the US dollar (1.6 percent) was largely driven by a downward re-pricing of market participants’ expectations regarding the path of the Federal Reserve System’s policy rate in early August amid signs that the US labour market was cooling. The euro also appreciated against some emerging market currencies. By contrast, the euro depreciated markedly against the Japanese yen (-7.7 percent) and the Swiss franc (-3.4 percent) following the unwinding of carry trades funded by the latter two currencies during the episode of heightened financial market volatility in early August. Moreover, the euro depreciated by 0.8 percent against the pound sterling. National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 83
8.5. Impact of Global Economic Development on Ethiopian Economy
Global economic activity remained stable, while headline inflation in the Euro area decreased in September 2024. Meanwhile, energy price, specifically the year-on-year growth rate for gas prices, declined during the first quarter of FY 2024/25. While, the price of non-energy commodities increased during the review period. Fluctuations in the prices of both energy and non-energy goods had positive impacts on the trade sector’s performance of Ethiopia. As a positive impact, the rise of non-energy commodities in the international market helped the country to generate significant foreign exchange. Meanwhile, the fall in oil price help the country’s to save foreign exchange for its fuel import payments and results in positive impact on the trade balance.

National Bank of Ethiopia Quarterly Bulletin
84 | First Quarter 2024/25

STATISTICAL
ANNEXES

National Bank of Ethiopia Quarterly Bulletin
84 | First Quarter 2024/25

STATISTICAL
ANNEXES
National Bank of Ethiopia Quarterly Bulletin
First Quarter 2024/25 | 85
Table 1(a): Statement of Condition of National Bank of Ethiopia:
Assets
(In Millions of Birr)
End of
Period
Foreign Assets Claims on Government
Advance to DBE
Silver
Coins
Other
Assets
Total Gold Reserve
Tranche
Foreign
Exchange Others Total Bond Direct
Advance Others
2022/23 Qtr.I 64,408.6 32.7 726.0 55,744.7 7,905.1 416,991.5 197,491.5 219,500.0 0.0 44,822.7 0.0 163,805.3 July 65,152.1 1,039.7 748.2 55,325.5 8,038.7 397,427.1 197,927.1 199,500.0 0.0 44,822.7 0.0 164,150.2 August 65,676.2 32.7 744.3 57,046.3 7,852.9 396,991.5 197,491.5 199,500.0 0.0 44,822.7 0.0 163,597.1 September 64,408.6 32.7 726.0 55,744.7 7,905.1 416,991.5 197,491.5 219,500.0 0.0 44,822.7 0.0 163,805.3 Qtr.II 62,948.1 2.2 780.9 56,164.2 6,000.8 473,991.5 433,991.5 40,000.0 0.0 44,822.7 0.0 161,398.3 October 62,910.8 777.2 743.6 53,077.9 8,312.2 443,991.5 433,991.5 10,000.0 0.0 44,822.7 0.0 161,566.3 November 63,456.5 8.1 761.2 57,170.3 5,516.9 463,991.5 433,991.5 30,000.0 0.0 44,822.7 0.0 157,703.8 December 62,948.1 2.2 780.9 56,164.2 6,000.8 473,991.5 433,991.5 40,000.0 0.0 44,822.7 0.0 161,398.3 Qtr.III 48,984.7 43.7 789.9 44,826.2 3,325.0 513,991.5 433,991.5 80,000.0 0.0 44,822.7 0.0 173,214.8 January 65,641.5 25.3 787.3 58,213.2 6,615.8 493,991.5 433,991.5 60,000.0 0.0 44,822.7 0.0 163,231.0 February 63,155.7 38.8 777.6 56,328.4 6,010.8 503,991.5 433,991.5 70,000.0 0.0 44,822.7 0.0 168,808.3 March 48,984.7 43.7 789.9 44,826.2 3,325.0 513,991.5 433,991.5 80,000.0 0.0 44,822.7 0.0 173,214.8 Qtr.IV 56,154.3 129.2 795.0 51,803.0 3,427.2 563,991.5 433,991.5 130,000.0 0.0 44,822.7 0.0 162,596.3 April 49,221.1 572.9 797.7 43,841.0 4,009.6 533,991.5 433,991.5 100,000.0 0.0 44,822.7 0.0 165,718.0 May 57,379.3 166.5 785.6 53,130.9 3,296.4 543,991.5 433,991.5 110,000.0 0.0 44,822.7 0.0 169,602.8 June 56,154.3 129.2 795.0 51,803.0 3,427.2 563,991.5 433,991.5 130,000.0 0.0 44,822.7 0.0 162,596.3 2023/24 Qtr.I 27,100.6 730.6 791.7 22,146.4 3,431.9 580,120.4 433,120.4 147,000.0 0.0 44,822.7 0.0 166,980.1 July 37,921.9 143.6 804.9 32,776.2 4,197.1 573,120.4 433,120.4 140,000.0 0.0 44,822.7 0.0 161,970.1 August 30,839.0 144.1 796.1 26,499.1 3,399.7 580,120.4 433,120.4 147,000.0 0.0 44,822.7 0.0 161,723.9 September 27,100.6 730.6 791.7 22,146.4 3,431.9 580,120.4 433,120.4 147,000.0 0.0 44,822.7 0.0 166,980.1 Qtr.II 113,504.5 627.2 818.7 108,516.7 3,541.8 600,120.4 433,120.4 167,000.0 0.0 42,322.7 0.0 169,473.1 October 128,456.2 28.8 792.8 123,400.5 4,234.1 580,120.4 433,120.4 147,000.0 0.0 44,822.7 0.0 162,081.6 November 111,216.2 188.5 809.4 106,775.6 3,442.7 590,120.4 433,120.4 157,000.0 0.0 42,322.7 0.0 172,391.9 December 113,504.5 627.2 818.7 108,516.7 3,541.8 600,120.4 433,120.4 167,000.0 0.0 42,322.7 0.0 169,473.1 Qtr.III 85,624.2 696.9 817.6 80,548.8 3,560.9 630,120.4 433,120.4 197,000.0 0.0 41,322.7 0.0 174,991.4 January 102,573.3 272.0 813.5 97,192.0 4,295.8 610,120.4 433,120.4 177,000.0 0.0 42,322.7 0.0 169,627.2 February 90,430.1 694.6 817.4 85,381.8 3,536.3 620,120.4 433,120.4 187,000.0 0.0 41,322.7 0.0 168,253.1 March 85,624.2 696.9 817.6 80,548.8 3,560.9 630,120.4 433,120.4 197,000.0 0.0 41,322.7 0.0 174,991.4 QIV 82,159.3 220.1 816.8 77,486.4 3,636.0 675,120.4 433,120.4 242,000.0 0.0 41,322.7 0.0 178,612.1 April 85,713.8 923.5 817.2
79,723.2 4,249.9 650,120.4 433,120.4 217,000.0 0.0 41,322.7 0.0 180,921.5 May 73,183.5 2,136.2 822.7 66,668.5 3,556.1 650,120.4 433,120.4 217,000.0 0.0 41,322.7 0.0 182,115.0 June 82,159.3 220.1 816.8 77,486.4 3,636.0 675,120.4 433,120.4 242,000.0 0.0 41,322.7 0.0 178,612.1 2024/25 QI 407,797.4 9,833.3 1,711.2 389,225.5 7,027.4 675,120.4 433,120.4 242,000.0 0.0 41,322.7 0.0 194,646.3 July 102,866.5 220.1 1,074.8 96,218.5 5,353.1 675,120.4 433,120.4 242,000.0 0.0 41,322.7 0.0 191,821.1 August 390,212.2 1,618.3 1,573.0 379,269.0 7,751.9 675,120.4 433,120.4 242,000.0 0.0 41,322.7 0.0 179,609.2 September 407,797.4 9,833.3 1,711.2 389,225.5 7,027.4 675,120.4 433,120.4 242,000.0 0.0 41,322.7 0.0 194,646.3

National Bank of Ethiopia Quarterly Bulletin
86 | First Quarter 2024/25 Table 1(b): Statement of Condition of National Bank of Ethipia: Liabilities (In Millions of Birr) End of Period Total Liab.= Assets Currency (Notes + Coins) Deposits Foreign Liabilities Capital Account Other Liab. Total Gov't Banker Total Fund Credit Others 2022/23 Qtr.I 690,028.1 207,614.8 215,401.9 48,571.3 166,830.6 219,918.1 12,569.8 207,348.3 4,389.9 42,703.5 July 671,552.1 206,426.9 203,094.0 39,751.9 163,342.1 216,349.0 12,843.2 203,505.8 4,389.9 41,292.3 August 671,087.5 200,685.6 206,636.1 29,922.6 176,713.5 219,176.8 12,794.7 206,382.2 4,389.9 40,199.1 September 690,028.1 207,614.8 215,401.9 48,571.3 166,830.6 219,918.1 12,569.8 207,348.3 4,389.9 42,703.5 Qtr.II 743,160.6 235,833.6 225,334.8 40,798.8 184,536.0 235,296.2 13,246.0 222,050.2 4,830.8 41,865.2 October 713,291.4 209,958.6 236,108.8 59,156.8 176,951.9 219,777.9 12,785.7 206,992.2 4,389.9 43,056.1 November 729,974.5 221,907.1 234,505.1 43,583.4 190,921.6 223,458.2 13,003.0 210,455.2 4,830.8 45,273.3 December 743,160.6 235,833.6 225,334.8 40,798.8 184,536.0 235,296.2 13,246.0 222,050.2 4,830.8 41,865.2 Qtr.III 781,013.8 258,331.6 234,682.3 44,121.5 190,560.9 234,984.6 13,356.5 221,628.1 4,830.8 48,184.5 January 767,686.8 247,929.2 231,275.5 45,869.4 185,406.1 239,030.0 13,324.6 225,705.4 4,830.8 44,621.3 February 780,778.3 253,774.3 230,632.3 62,006.8 168,625.5 244,281.9 13,205.9 231,076.0 4,830.8 47,258.9 March 781,013.8 258,331.6 234,682.3 44,121.5 190,560.9 234,984.6 13,356.5 221,628.1 4,830.8 48,184.5 QIV 827,564.9 254,316.1 266,847.2 42,691.6 224,155.7 247,577.5 13,419.8 234,157.7 4,830.8 53,993.4 April 793,753.4 269,451.0 230,650.8 50,711.8 179,939.0 239,472.4 13,452.7 226,019.7 4,830.8 49,348.3 May 815,796.3 259,711.5 250,742.7 52,806.3 197,936.4 245,944.9 13,304.3 232,640.6 4,830.8 54,566.5 June 827,564.9 254,316.1 266,847.2 42,691.6 224,155.7 247,577.5 13,419.8 234,157.7 4,830.8 53,993.4 2023/24 Qtr.I 819,023.8 245,315.1 257,074.1 59,099.1 197,975.0 253,530.3 13,379.0 240,151.3 4,830.8 58,273.4 July 817,835.2 250,442.1 264,324.5 53,124.1 211,200.5 242,398.2 13,542.4 228,855.8 4,830.8 55,839.5 August 817,506.0 241,058.0 265,771.0 51,034.8 214,736.2 249,093.7 13,433.3 235,660.3 4,830.8 56,752.5 September 819,023.8 245,315.1 257,074.1 59,099.1 197,975.0 253,530.3 13,379.0 240,151.3 4,830.8 58,273.4 Qtr.II 925,420.7 254,152.7 236,960.7 42,609.0 194,351.6 371,129.6 13,712.1 357,417.5 4,830.8 58,346.9 October 915,480.9 239,233.4 239,184.2 64,898.4 174,285.8 372,777.6 13,392.6 359,385.1 4,830.8 59,454.9 November 916,051.2 243,788.5 236,438.7 47,781.8 188,656.9 371,182.8 13,597.3 357,585.6 4,830.8 59,810.3 December 925,420.7 254,152.7 236,960.7 42,609.0 194,351.6 371,129.6 13,712.1 357,417.5 4,830.8 58,346.9 Qtr.III 932,058.8 269,026.5 236,683.5 43,991.2 192,692.3 361,012.7 13,698.1 347,314.6 4,830.8 60,505.3 January 924,643.6 267,007.4 234,236.1 50,315.6 183,920.5 362,947.2 13,648.4 349,298.8 4,830.8 55,622.1 February 920,126.4 268,747.9 228,329.1
46,372.8 181,956.3 361,331.8 13,695.9 347,635.8 4,830.8 56,886.8 March 932,058.8 269,026.5 236,683.5 43,991.2 192,692.3 361,012.7 13,698.1 347,314.6 4,830.8 60,505.3 QIV 977,214.6 257,296.3 258,794.3 42,867.4 215,926.9 371,068.8 13,688.4 357,380.4 3,494.8 86,560.5 April 958,078.5 272,033.8 258,060.9 64,136.3 193,924.6 362,611.4 13,693.3 348,918.1 4,830.8 60,541.5 May 946,741.7 263,500.9 257,164.0 58,105.7 199,058.3 356,079.1 13,761.8 342,317.4 4,830.8 65,166.9 June 977,214.6 257,296.3 258,794.3 42,867.4 215,926.9 371,068.8 13,688.4 357,380.4 3,494.8 86,560.5 2024/25 QI 1,318,886.9 261,186.9 265,200.4 49,594.4 215,606.0 1,075,304.4 145,716.5 929,588.0 1,547.7 (284,352.6) July 1,011,130.7 253,896.0 255,595.6 44,795.7 210,799.9 484,054.4 16,868.4 467,186.0 3,494.8 14,090.0 August 1,286,264.5 248,734.5 249,348.3 41,887.5 207,460.8 991,205.2 134,242.0 856,963.2 3,494.8 (206,518.2) September 1,318,886.9 261,186.9 265,200.4 49,594.4 215,606.0 1,075,304.4 145,716.5 929,588.0 1,547.7 (284,352.6) National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 87
Table 2(a): Statement of Condition of Commercial Banks:
Assets
(In Millions of Birr
End of
Period
Total
Reserves
Foreign
Assets
Claims
On Gov't Total Claims on Non-Central Gov't Other Assets Cash in Hand Deposits with NBE Loans & Adv. Investment Commercial Banks (2+3) 1 2 3 4 5 (7+8+9) 6 7 8 9 10 2022/23 Qtr.I 208830.0 39088.3 169741.7 75823.9 193191.5 1554554.0 998971.4 519483.2 36099.5 477130.1 July 203201.4 36173.2 167028.2 62201.0 189596.8 1502214.3 958443.3 513542.5 30228.5 452786.1 August 210301.0 34669.7 175631.3 65216.2 192382.0 1519582.1 974906.6 513402.7 31272.8 529796.8 September 208830.0 39088.3 169741.7 75823.9 193191.5 1554554.0 998971.4 519483.2 36099.5 477130.1 Qtr.II 221911.4 35883.6 186027.9 73187.5 189712.8 1677302.6 1108587.3 533292.6 35422.7 481804.4 October 211300.8 39544.0 171756.7 71093.3 184217.9 1598573.3 1038837.3 524946.2 34789.8 483649.7 November 229064.6 38113.0 190951.6 70417.0 175226.4 1627096.4 1070428.8 525999.3 30668.3 479570.3 December 221911.4 35883.6 186027.9 73187.5 189712.8 1677302.6 1108587.3 533292.6 35422.7 481804.4 Qtr.III 237841.3 43043.0 194798.3 63462.1 183196.8 1748913.9 1167755.7 545454.3 35704.0 509569.6 January 228297.5 42098.3 186199.1 71608.4 192953.2 1685183.5 1119382.0 532337.2 33464.3 507779.3 February 216253.0 42855.1 173397.9 60412.1 192573.7 1717093.1 1136959.5 545863.2 34270.4 510295.7 March 237841.3 43043.0 194798.3 63462.1 183196.8 1748913.9 1167755.7 545454.3 35704.0 509569.6 Qtr.IV 266011.2 44173.5 221837.7 74213.2 204362.1 1827480.8 1195992.2 593345.6 38143.0 494029.5 April 226142.2 43996.6 182145.6 73563.6 184917.6 1749261.7 1172304.3 544242.5 32714.9 511983.7 May 236964.5 44361.3 192603.2 71212.6 187729.0 1750804.6 1178641.3 538618.6 33544.7 531036.9 June 266011.2 44173.5 221837.7 74213.2 204362.1 1827480.8 1195992.2 593345.6 38143.0 494029.5 2023/24 Qtr.I 246478.7 46585.6 199893.0 55343.2 228852.7 1887071.5 1268551.0 574926.6 43593.8 560394.1 July 257216.0 46450.7 210765.4 69241.4 216308.4 1859345.0 1236222.7 578584.9 44537.4 518550.1 August 257925.9 42671.2 215254.8 59143.1 222578.1 1875537.4 1253955.0 578647.0 42935.4 557458.7 September 246478.7 46585.6 199893.0 55343.2 228852.7 1887071.5 1268551.0 574926.6 43593.8 560394.1 Qtr.II 237396.3 43414.6 193981.7 61645.0 219930.2 1973681.4 1332795.5 591232.2 49653.6 613509.2 October 219565.2 45358.0 174207.2 57977.2 220328.9 1901734.0 1282531.6 573646.8 45555.5 561826.9 November 240515.0 44920.6 195594.4 66307.2 214625.3 1915067.0 1296432.5 573163.6 45471.0 601363.4 December 237396.3 43414.6 193981.7 61645.0 219930.2 1973681.4 1332795.5 591232.2 49653.6 613509.2 Qtr.III 243388.2 51435.5 191952.6 70404.6 235027.7 2033122.9 1388345.9 591320.7 53456.4 645839.5 January 235881.8 48536.8 187344.9 57976.2 225330.4 1989429.4 1348135.8 591605.2 49688.4 631286.6 February 235268.8 49364.1 185904.7 57438.3 228946.9 2010705.5 1366904.7 591558.2 52242.5 640226.9 March 243388.2 51435.5 191952.6 70404.6 235027.7 2033122.9 1388345.9 591320.7 53456.4 645839.5 QIV 264143.5 52928.1 211215.4 89510.2 277467.0 2058867.3 1420711.9 590176.4 47978.9 664570.7 April 243860.9 53073.7 190787.2
69728.2 253002.0 2038971.3 1402015.5 590925.0 46030.8 646586.6 May 251334.1 54835.7 196498.4 75711.8 261017.7 2036256.4 1401155.4 590587.7 44513.3 658378.0 June 264143.5 52928.1 211215.4 89510.2 277467.0 2058867.3 1420711.9 590176.4 47978.9 664570.7 2024/25 QI 281728.5 61803.7 219924.8 239440.9 1128721.8 1468502.6 1342400.5 81614.0 44488.2 667132.7 July 262552.2 56887.1 205665.1 118588.8 1156670.0 1436407.5 1283826.6 107066.9 45514.0 545103.6 August 255542.8 51239.4 204303.4 195573.3 1142113.6 1441343.7 1305757.1 94301.8 41284.8 650832.1 September 281728.5 61803.7 219924.8 239440.9 1128721.8 1468502.6 1342400.5 81614.0 44488.2 667132.7

National Bank of Ethiopia Quarterly Bulletin
88 | First Quarter 2024/25
Table 2(b): Statement of Condition of Commercial Banks:
Liabilities (In Millions of Birr)
End of
Period
Total
(Liab.=
Assets)
Non-Central Gov’t Deposits Gov’t
Depos.
Foreign
Liab.
Capital Account Other
Liab.
Total Demand Time Saving Total Capital Legal
Reserve Others
1 (3+4+5) 2 3 4 5 6 7 (9+10+11)
8 9 10 11 12
2022/23 Qtr.I 2509609.6 1629988.4 427123.7 118190.3 1084674.4 110362.7 41086.3 244300.4 132259.8 34557.8 77,482.8 483871.9 July 2408949.9 1555553.0 413489.9 113173.1 1028889.9 98870.2 39931.9 236042.0 129825.4 34450.7 71,765.9 478552.8 August 2516843.7 1586649.1 413649.6 116003.3 1056996.3 110024.2 41790.9 240688.4 130564.0 34454.9 75,669.5 537691.1 September 2509609.6 1629988.4 427123.7 118190.3 1084674.4 110362.7 41086.3 244300.4 132259.8 34557.8 77,482.8 483871.9 Qtr.II 2644193.3 1745608.0 444210.1 125746.8 1175651.2 148937.7 40862.8 242852.9 139347.5 39262.0 64,243.4 465931.9 October 2549024.2 1659692.7 434118.5 119822.0 1105752.3 127673.6 40655.1 246159.0 131909.1 35473.3 78,776.6 474843.7 November 2581703.6 1683543.3 428546.6 120046.9 1134949.8 151582.6 40740.9 241313.6 134393.0 38788.9 68,131.7 464523.3 December 2644193.3 1745608.0 444210.1 125746.8 1175651.2 148937.7 40862.8 242852.9 139347.5 39262.0 64,243.4 465931.9 Qtr.III 2742922.1 1839212.3 468943.3 139043.6 1231225.4 138227.6 39043.8 262260.7 148684.9 39262.0 74,313.8 464177.7 January 2685814.7 1766334.0 443363.0 131695.1 1191275.9 147875.9 41389.3 250792.8 142250.6 39262.0 69,280.3 479422.7 February 2696811.6 1777099.0 441651.8 135482.9 1199964.4 145460.5 39232.9 256529.8 143870.8 39262.0 73,397.0 478489.4 March 2742922.1 1839212.3 468943.3 139043.6 1231225.4 138227.6 39043.8 262260.7 148684.9 39262.0 74,313.8 464177.7 Qtr.IV 2866975.1 1925617.9 494090.5 149218.6 1282308.8 151589.1 42887.7 261497.6 153210.8 43427.3 64,859.6 485382.7 April 2745368.4 1830998.5 455639.7 140289.2 1235069.7 144920.9 47626.5 267112.0 149466.5 39262.0 78,383.6 454710.4 May 2777677.2 1861478.2 469962.1 144921.0 1246595.1 134889.0 39717.0 251892.7 151752.1 43427.3 56,713.3 489700.3 June 2866975.1 1925617.9 494090.5 149218.6 1282308.8 151589.1 42887.7 261497.6 153210.8 43427.3 64,859.6 485382.7 2023/24 Qtr.I 2973999.9 2008851.5 495622.8 146964.4 1366264.3 141708.9 42343.5 270263.2 166890.7 45439.1 57933.4 510832.8 July 2917508.8 1958115.3 487447.2 144297.2 1326370.9 147938.6 41996.3 280778.3 164018.9 45905.5 70853.8 488680.3 August 2969860.6 1983993.2 487276.9 146927.2 1349789.0 151344.2 42083.1 286867.0 166199.6 45931.1 74736.3 505573.0 September 2973999.9 2008851.5 495622.8 146964.4 1366264.3 141708.9 42343.5 270263.2 166890.7 45439.1 57933.4 510832.8 Qtr.II 3101064.3 2097966.9 535267.9 165661.7 1397037.3 149431.2 42329.5 271127.7 179242.5 56049.7 35835.5 540208.9 October 2957145.7 2019447.1 492067.6 149601.9 1377777.6 139003.1 42068.4 268344.6 168117.9 46096.3 54130.4 488282.6 November 3033222.6 2035534.2 501460.3 155071.2 1379002.7 155695.7 44742.9 267740.0 173336.1 54883.0 39520.8 529509.9 December 3101064.3 2097966.9 535267.9 165661.7 1397037.3 149431.2 42329.5 271127.7 179242.5 56049.7 35835.5 540208.9 Qtr.III 3223433.8 2188479.5 571836.1 175345.3 1441298.1 153791.6 40190.7 297908.9 186952.1 56049.7 54907.0 543063.1 January 3134492.5 2111715.3 534389.2 169101.4 1408224.7 149756.8 41351.7 279810.0
182850.8 56049.7 40909.4 551858.8 February 3168530.5 2142991.9 551456.0 174561.7 1416974.2 146829.2 41321.6 289834.2 185864.3 56049.7 47920.2 547553.6 March 3223433.8 2188479.5 571836.1 175345.3 1441298.1 153791.6 40190.7 297908.9 186952.1 56049.7 54907.0 543063.1 QIV 3352026.1 2272346.3 617055.5 193386.7 1461904.1 164179.0 45900.8 329465.6 189993.4 56049.7 83422.5 540134.4 April 3247609.2 2199443.1 573587.0 187302.0 1438554.0 153100.2 40083.7 304891.0 187959.7 56049.7 60881.6 550091.1 May 3280388.0 2214591.7 582299.8 188807.2 1443484.7 166287.3 40998.6 314211.2 188834.9 56049.7 69326.5 544299.3 June 3352026.1 2272346.3 617055.5 193386.7 1461904.1 164179.0 45900.8 329465.6 189993.4 56049.7 83422.5 540134.4 2024/25 QI 3780223.9 2408001.9 664477.9 190603.5 1552920.5 164741.5 100352.5 371490.4 245842.0 58533.9 67114.5 735637.6 July 3517354.0 2310147.6 634451.4 193033.5 1482662.8 164216.5 64567.9 376073.2 245043.6 57877.9 73151.7 602348.7 August 3682786.4 2336188.5 647011.0 199645.0 1489532.6 169746.5 93463.4 369178.0 245532.6 57877.6 65767.7 714210.1 September 3780223.9 2408001.9 664477.9 190603.5 1552920.5 164741.5 100352.5 371490.4 245842.0 58533.9 67114.5 735637.6 National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 89
Table 3(a): Consolidated Statement of Condition of Development Bank of Ethiopia:
Assets (In Millions of Birr)
End of
Period
Cash &
Banks
Foreign
Assets
Claims on
Central
Gov't
Claims on Non-Central Gov't
Other
Assets Total Assets
Total Public
Enterprise
Cooperatives
Private &
Individuals
2022/23 Qtr.I 12,296.0 3,617.4 54,028.6 47,331.8 4,120.6 273.8 42,937.4 19,466.8 136,740.6 July 9,721.3 3,121.4 53,772.0 44,119.0 5,595.6 270.0 38,253.4 23,594.8 134,328.4 August 10,832.1 5,194.5 53,900.3 46,753.6 5,627.5 276.2 40,849.8 21,124.0 137,804.6 September 12,296.0 3,617.4 54,028.6 47,331.8 4,120.6 273.8 42,937.4 19,466.8 136,740.6 Qtr.II 21,431.4 4,984.4 53,647.8 51,920.3 8,389.3 292.0 43,238.9 17,458.0 149,441.9 October 12,303.7 3,594.1 54,152.8 51,714.1 8,079.1 286.9 43,348.1 15,709.5 137,474.2 November 18,452.3 5,150.4 54,281.1 52,132.1 7,994.1 290.3 43,847.6 15,018.0 145,033.9 December 21,431.4 4,984.4 53,647.8 51,920.3 8,389.3 292.0 43,238.9 17,458.0 149,441.9 Qtr.III 29,037.2 4,048.4 54,022.6 48,051.8 4,144.8 276.6 43,630.4 24,473.1 159,633.1 January 23,694.4 4,579.5 53,776.1 53,727.3 4,139.1 340.9 49,247.4 17,466.0 153,243.3 February 27,203.1 3,964.6 53,906.7 48,522.4 4,126.7 276.8 44,118.9 20,717.1 154,313.9 March 29,037.2 4,048.4 54,022.6 48,051.8 4,144.8 276.6 43,630.4 24,473.1 159,633.1 Qtr.IV 29,215.4 3,311.4 54,420.0 56,235.6 0.0 211.5 56,024.2 21,745.8 164,928.3 April 29,481.1 5,139.1 54,146.8 53,650.7 4,164.2 276.6 49,209.9 18,395.4 160,813.1 May 29,268.9 4,408.8 54,271.0 51,293.9 0.0 271.2 51,022.7 21,579.5 160,822.0 June 29,215.4 3,311.4 54,420.0 56,235.6 0.0 211.5 56,024.2 21,745.8 164,928.3 2023/24 Qtr.I 32,673.4 2,871.3 53,987.3 62,302.1 0.0 164.2 62,137.9 17,215.9 169,050.0 July 30,717.6 3,149.5 53,589.5 61,930.4 0.0 247.4 61,683.0 18,604.1 167,991.2 August 32,607.8 2,917.8 53,589.5 58,742.2 0.0 163.9 58,578.2 19,542.1 167,399.4 September 32,673.4 2,871.3 53,987.3 62,302.1 0.0 164.2 62,137.9 17,215.9 169,050.0 Qtr.II 32,864.2 2,453.2 53,458.5 74,363.2 0.0 160.3 74,203.0 10,902.9 174,042.0 October 30,218.7 3,526.5 54,163.5 70,991.2 0.0 164.9 70,826.3 11,063.2 169,963.1 November 26,175.1 3,442.2 54,339.8 71,585.5 0.0 515.4 71,070.1 11,192.1 166,734.8 December 32,864.2 2,453.2 53,458.5 74,363.2 0.0 160.3 74,203.0 10,902.9 174,042.0 Qtr.III 33,430.8 3,031.8 53,985.4 82,653.4 0.0 153.9 82,499.4 11,767.5 184,868.8 January 36,347.0 1,977.8 53,634.7 75,197.8 0.0 159.9 75,037.8 11,162.3 178,319.6 February 36,026.1 3,929.7 53,809.1 75,084.0 0.0 159.3 74,924.7 11,342.4 180,191.4 March 33,430.8 3,031.8 53,985.4 82,653.4 0.0 153.9 82,499.4 11,767.5 184,868.8 Qtr.IV 29,709.6 4,649.4 53,466.6 86,558.7 0.0 165.9 86,392.8 13,367.5 187,751.7 April 29,394.5 3,701.9 54,161.6 83,548.5 0.0 154.1 83,394.3 12,206.7 183,013.2 May 29,440.0 2,385.7 54,337.9 85,254.2 0.0 162.1 85,092.1 15,650.6 187,068.3 June 29,709.6 4,649.4 53,466.6 86,558.7 0.0 165.9 86,392.8 13,367.5 187,751.7 2024/25 Qtr.I 24,013.8 8,095.5 53,209.8 91,138.3 1,124.4 288.4 89,725.4 15,033.3 191,490.7 July 30,717.6 3,149.5 53,589.5 69,976.7 0.0 247.4 69,729.3 10,560.8 167,994.2 August 28,624.3 5,833.2 53,562.3 84,733.9 0.0 276.5 84,457.3 16,490.1 189,243.8 September 24,013.8 8,095.5 53,209.8 91,138.3 1,124.4 288.4 89,725.4 15,033.3 191,490.7

National Bank of Ethiopia Quarterly Bulletin
90 | First Quarter 2024/25
Table 3(b): Consolidated Statement of Condition of Development Bank of Ethiopia:
Liablities
(In Millions of Birr)
End of
Period
Total
Assets
=Liab.
Demand
Deposits
Time &
Savings
Deposits
Capital
Accounts
Credit from Banks Credit from
Gov't
Foreign
Advance
& Loan
Other
Liability
Items Total N.B.E Others
2022/23 Qrt.I 136,740.6 673.2 37.7 34,982.3 67,195.2 56,512.3 10,683.0 0.0 20,562.7 13,289.4 July 134,328.4 633.6 34.7 34,901.9 66,319.0 55,953.6 10,365.4 0.0 19,729.2 12,710.1 August 137,804.6 2,251.1 33.8 35,180.5 66,816.1 56,210.4 10,605.7 0.0 20,512.9 13,010.2 September 136,740.6 673.2 37.7 34,982.3 67,195.2 56,512.3 10,683.0 0.0 20,562.7 13,289.4 Qrt.II 149,441.9 883.3 43.7 35,618.5 74,787.8 56,510.9 18,276.9 0.0 23,958.5 14,150.2 October 137,474.2 1,061.6 47.0 35,134.9 67,182.1 56,345.4 10,836.7 0.0 20,938.8 13,109.8 November 145,033.9 930.9 40.5 35,414.8 71,095.6 56,301.2 14,794.4 0.0 22,779.5 14,772.6 December 149,441.9 883.3 43.7 35,618.5 74,787.8 56,510.9 18,276.9 0.0 23,958.5 14,150.2 Qrt.III 159,633.1 3,087.4 47.0 36,085.2 81,550.4 56,702.0 24,848.3 0.0 24,530.7 14,332.5 January 153,243.3 952.3 42.7 35,663.1 78,095.9 56,598.1 21,497.8 0.0 23,785.3 14,704.1 February 154,313.9 935.6 48.0 35,929.3 79,238.3 56,471.1 22,767.2 0.0 23,655.2 14,507.5 March 159,633.1 3,087.4 47.0 36,085.2 81,550.4 56,702.0 24,848.3 0.0 24,530.7 14,332.5 Qrt.IV 164,928.3 1,543.8 40.5 38,935.3 82,509.6 56,054.6 26,455.0 0.0 26,352.3 15,546.7 April 160,813.1 1,017.9 46.3 36,440.4 81,775.3 56,752.5 25,022.8 0.0 26,138.9 15,394.4 May 160,822.0 1,008.9 42.7 36,882.7 81,770.3 56,573.9 25,196.4 0.0 26,167.5 14,950.0 June 164,928.3 1,543.8 40.5 38,935.3 82,509.6 56,054.6 26,455.0 0.0 26,352.3 15,546.7 2023/24 Qrt.I 169,050.0 2,011.7 50.3 37,169.1 83,812.0 57,065.6 26,746.4 0.0 26,208.4 19,798.4 July 167,991.2 1,566.0 39.7 36,917.7 81,300.8 56,195.2 25,105.6 0.0 26,295.5 21,871.6 August 167,399.4 1,344.9 56.9 39,608.7 82,939.2 56,393.3 26,545.9 0.0 26,304.0 17,145.6 September 169,050.0 2,011.7 50.3 37,169.1 83,812.0 57,065.6 26,746.4 0.0 26,208.4 19,798.4 Qrt.II 174,042.0 1,718.2 58.1 38,424.5 88,339.6 53,231.4 35,108.2 0.0 27,557.9 17,943.7 October 169,963.1 2,468.3 54.9 37,896.7 83,958.8 56,966.4 26,992.4 0.0 27,914.4 17,670.1 November 166,734.8 1,679.3 52.0 38,105.6 81,149.1 53,965.8 27,183.3 0.0 27,949.2 17,799.7 December 174,042.0 1,718.2 58.1 38,424.5 88,339.6 53,231.4 35,108.2 0.0 27,557.9 17,943.7 Qrt.III 184,868.8 917.0 60.2 39,723.1 94,330.3 53,164.8 41,165.5 0.0 34,008.1 15,830.1 January 178,319.6 1,563.5 53.3 38,913.9 93,209.1 53,526.9 39,682.3 0.0 27,410.6 17,169.2 February 180,191.4 1,014.3 57.4 39,200.7 93,256.1 52,794.5 40,461.6 0.0 29,652.3 17,010.5 March 184,868.8 917.0 60.2 39,723.1 94,330.3 53,164.8 41,165.5 0.0 34,008.1 15,830.1 Qrt.IV 187,751.7 625.1 55.4 39,370.4 95,141.6 52,913.3 42,228.3 0.0 35,030.8 17,528.5 April 183,013.2 1,003.3 54.8 39,963.4 94,818.8 15,007.2 79,811.6 0.0 34,794.3 12,378.6 May 187,068.3 604.6 60.2 41,004.0 95,471.8 53,644.4 41,827.4 0.0 34,878.6 15,049.2 June 187,751.7 625.1 55.4 39,370.4 95,141.6 52,913.3 42,228.3 0.0 35,030.8 17,528.5 2024/25 Qrt.I 191,490.7 1,007.3 69.0 39,214.1 95,269.4 46,786.5 48,482.9 0.0 40,253.7 15,677.2 July 167,994.2 1,566.0 39.7 36,917.7 81,300.8 56,195.2 25,105.6 0.0 28,295.5 19,874.6 August
189,243.8 1,142.9 52.8 40,177.6 94,896.6 53,448.9 41,447.7 0.0 37,682.7 15,291.2 September 191,490.7 1,007.3 69.0 39,214.1 95,269.4 46,786.5 48,482.9 0.0 40,253.7 15,677.2 National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 91
Table 4: Money Supply and its Determinants
(In Millions of Birr)
End of
Period
Money and Quasi-Money Domestic Credit
Net Foreign Assets Other
Items
Net
Currency
Outside
Banks
Net
Demand
Deposit
Money
Supply
QuasiMoney
Total
Volume Total
Credit
Net Claims on Gov't Claims on
Non-Cen
Total Gov't Nat.
Bank
Comm.
Banks Total Nat.
Bank
Comm.
Banks
1.0 2.0 (1+2)
3 4.0 (3+4)
5 (7+10) 6 (8+9) 7 8.0 9.0 10.0 (13+12)
11 12.0 13.0 14.0
2022/23 Qtr.I 168526.5 427123.7 595650.2 1202864.7 1798514.9 2014526.3 451249.1 368420.3 82828.8 1,563,277.3 2,099.4 -32638.2 34737.7 218110.9 July 170253.7 413489.9 583743.5 1142063.1 1725806.6 1965210.3 448401.8 357675.2 90726.7 1,516,808.5 -16,391.0 -38660.1 22269.1 223012.7 August 166015.8 413649.5 579665.4 1172999.6 1752665.0 1982558.8 449426.8 367069.0 82357.8 1,533,132.0 -12,080.3 -35505.6 23425.3 217813.6 September 168526.5 427123.7 595650.2 1202864.7 1798514.9 2014526.3 451249.1 368420.3 82828.8 1,563,277.3 2,099.4 -32638.2 34737.7 218110.9 Qtr.II 199950.1 444210.1 644160.1 1301398.0 1945558.1 2160670.5 473967.9 433192.7 40775.2 1,686,702.6 -313.5 -32638.2 32324.7 214798.9 October 170414.6 434118.5 604533.1 1225574.2 1830107.4 2049985.3 441379.0 384834.7 56544.3 1,608,606.2 -8,222.0 -38660.1 30438.1 211656.0 November 183794.1 428546.6 612340.7 1254996.7 1867337.4 2085302.8 444051.9 420408.1 23643.8 1,641,250.8 -5,829.5 -35505.6 29676.1 212135.9 December 199950.1 444210.1 644160.1 1301398.0 1945558.1 2160670.5 473967.9 433192.7 40775.2 1,686,702.6 -313.5 -32638.2 32324.7 214798.9 Qtr.III 215288.6 468943.3 684231.9 1370269.0 2054500.9 2272872.0 514839.3 469870.1 44969.3 1,758,032.7 -8,219.9 -32638.2 24418.3 210151.2 January 205830.9 443363.0 649193.9 1322971.0 1972164.9 2189741.5 493199.5 448122.2 45077.4 1,696,541.9 -8,441.1 -38660.1 30219.0 209135.5 February 210919.3 441651.8 652571.0 1335447.3 1988018.3 2216743.3 489097.9 441984.7 47113.2 1,727,645.4 -14,326.4 -35505.6 21179.2 214398.6 March 215288.6 468943.3 684231.9 1370269.0 2054500.9 2272872.0 514839.3 469870.1 44969.3 1,758,032.7 -8,219.9 -32638.2 24418.3 210151.2 Qtr.IV 210142.6 494090.5 704233.0 1431527.4 2135760.5 2408233.5 574072.9 521300.0 52772.9 1,834,160.6 -1,312.8 -32638.2 31325.5 271160.3 April 225454.4 455639.6 681094.1 1375358.8 2056452.9 2284646.0 523276.4 483279.7 39996.7 1,761,369.6 -12,723.0 -38660.1 25937.1 215470.1 May 215350.2 469962.0 685312.2 1391516.1 2076828.3 2306107.9 544025.3 491185.3 52840.1 1,762,082.6 -4,010.0 -35505.6 31495.6 225269.6 June 210142.6 494090.5 704233.0 1431527.4 2135760.5 2408233.5 574072.9 521300.0 52772.9 1,834,160.6 -1,312.8 -32638.2 31325.5 271160.3 2023/24 Qtr.I 198729.5 495622.8 694352.3 1513228.7 2207581.0 2496465.5 608165.1 521021.4 87143.8 1888300.4 -213430.1 -226429.8 12999.7 75454.5 July 203991.4 487447.2 691438.6 1470668.1 2162106.7 2447996.6 588366.2 519996.4 68369.9 1859630.3 -177231.2 -204476.3 27245.1 108658.7 August 198386.9 487276.9 685663.8 1496716.3 2182380.1 2477744.2 600319.5 529085.6 71233.9 1877424.7 -201194.6 -218254.7 17060.1 94169.5 September 198729.5 495622.8 694352.3 1513228.7 2207581.0 2496465.5 608165.1 521021.4 87143.8 1888300.4 -213430.1 -226429.8 12999.7 75454.5 Qtr.II 210738.0 535267.9 746005.9 1562699.1 2308705.0 2594360.8 628010.4 557511.4 70499.0 1966350.4 -238309.7 -257625.2 19315.5 47346.1 October 193875.4 492067.6 685943.0 1527379.5 2213322.5 2497549.0 596547.9 515222.0 81325.9 1901001.2 -228412.6
-244321.4 15908.9 55814.0 November 198867.9 501460.3 700328.2 1534073.8 2234402.0 2513186.9 601268.2 542338.6 58929.6 1911918.7 -238402.4 -259966.7 21564.3 40382.5 December 210738.0 535267.9 746005.9 1562699.1 2308705.0 2594360.8 628010.4 557511.4 70499.0 1966350.4 -238309.7 -257625.2 19315.5 47346.1 Qtr.III 217590.9 571836.1 789427.0 1616643.4 2406070.4 2688354.7 667365.4 586129.3 81236.1 2020989.3 -245174.7 -275388.5 30213.8 37109.6 January 218470.5 534389.2 752859.7 1577326.1 2330185.8 2617442.2 635378.5 559804.9 75573.6 1982063.8 -243749.4 -260373.9 16624.5 43507.0 February 219383.9 551456.0 770839.9 1591535.9 2362375.8 2655651.1 655865.5 573747.7 82117.8 1999785.6 -254785.0 -270901.7 16116.7 38490.3 March 217590.9 571836.1 789427.0 1616643.4 2406070.4 2688354.7 667365.4 586129.3 81236.1 2020989.3 -245174.7 -275388.5 30213.8 37109.6 QIV 204368.2 617055.5 821423.7 1655290.8 2476714.5 2797752.1 745541.1 632253.1 113288.0 2052211.0 -245300.0 -288909.5 43609.5 75737.6 April 218960.0 573587.0 792547.1 1625856.1 2418403.1 2720149.1 685885.9 585984.2 99901.7 2034263.2 -247253.1 -276897.6 29644.5 54492.8 May 208665.1 582299.8 790964.9 1632291.9 2423256.8 2719810.9 686745.2 592014.7 94730.4 2033065.8 -248182.4 -282895.6 34713.1 48371.7 June 204368.2 617055.5 821423.7 1655290.8 2476714.5 2797752.1 745541.1 632253.1 113288.0 2052211.0 -245300.0 -288909.5 43609.5 75737.6 2024/25 QI 199383.2 664477.9 863861.1 1743524.0 2607385.0 3054843.5 1589506.4 625526.0 963980.3 1465337.1 -528418.7 -667507.0 139088.3 -80960.3 July 197008.9 634451.4 831460.3 1675696.2 2507156.5 3054994.4 1622778.2 630324.8 992453.4 1432216.2 -327167.1 -381187.9 54020.9 220670.8 August 197495.1 647011.0 844506.1 1689177.6 2533683.6 3046981.7 1605600.1 633232.9 972367.1 1441381.6 -498883.1 -600993.0 102109.9 14415.0 September 199383.2 664477.9 863861.1 1743524.0 2607385.0 3054843.5 1589506.4 625526.0 963980.3 1465337.1 -528418.7 -667507.0 139088.3 -80960.3

National Bank of Ethiopia Quarterly Bulletin
92 | First Quarter 2024/25
Table 5: Seasonally adjusted data of Monetary Variables (1)
(In Millions of Birr)
End of
Period
Money and Quasi-Money Domestic Credit
Currency
Outside
Banks
Net
Demand
Deposit
Money
Supply
Quasi
Money
Total
Volume
Central
Gov't
(Net)
Non-Cent.
Gov't
Foreign
Assets
(Net)
2022/23 Qtr.I 177795.4 415591.3 593386.8 1241356.4 1834743.2 1939988.9 1682086.3 2021.7 July 180128.4 412249.4 592377.8 1166046.4 1758424.2 1912149.6 1939998.1 -15948.4 August 175478.7 406203.9 581682.6 1204670.6 1786353.2 1913169.3 1778433.2 -11657.5 September 177795.4 415591.3 593386.8 1241356.4 1834743.2 1939988.9 1682086.3 2021.7 Qtr.II 158900.3 437991.1 596891.4 1275370.0 1872261.5 2162831.2 1180691.8 -313.8 October 174334.2 415017.3 589351.4 1209641.8 1798993.2 1972085.8 1824159.5 -7909.5 November 179015.4 412690.4 591705.9 1229896.7 1821602.6 2060279.1 1396704.5 -5759.5 December 158900.3 437991.1 596891.4 1275370.0 1872261.5 2162831.2 1180691.8 -313.8 Qtr.III 171089.9 462378.1 633468.0 1342863.6 1976331.6 2275144.9 1230622.9 -8228.1 January 210565.0 423855.0 634420.0 1305772.4 1940192.4 2106531.3 1923878.6 -8120.3 February 205435.4 425310.7 630746.0 1308738.3 1939484.3 2190142.4 1470226.2 -14154.5 March 171089.9 462378.1 633468.0 1342863.6 1976331.6 2275144.9 1230622.9 -8228.1 QIV 244458.8 506017.8 750476.7 1431527.4 2182004.1 2442045.1 2545814.9 -162345.5 April 215534.4 472042.7 687577.1 1373983.5 2061560.6 2392024.4 1717335.3 -172037.0 May 222241.4 476541.5 698782.9 1391516.1 2090299.0 2315332.4 2206127.4 -157698.2 June 244458.8 506017.8 750476.7 1431527.4 2182004.1 2442045.1 2545814.9 -162345.5 2023/24 QI 209659.6 482241.0 691900.6 1561652.0 2253552.6 2404096.3 2031811.2 -205533.2 July 215822.9 485984.9 701807.7 1501552.1 2203359.8 2381900.7 2378467.2 -172446.0 August 209694.9 478505.9 688200.9 1537127.6 2225328.5 2391023.2 2177812.7 -194152.8 September 209659.6 482241.0 691900.6 1561652.0 2253552.6 2404096.3 2031811.2 -205533.2 QII 167473.5 527774.1 695247.6 1531445.1 2226692.7 2596955.1 1376445.3 -238548.0 October 198334.5 470416.6 668751.1 1507523.6 2176274.7 2402642.2 2155735.3 -219732.9 November 193697.3 482906.3 676603.6 1503392.4 2179996.0 2483028.7 1627042.8 -235541.6 December 167473.5 527774.1 695247.6 1531445.1 2226692.7 2596955.1 1376445.3 -238548.0 QIII 172919.5 563830.4 736749.9 1584310.5 2321060.4 2691043.0 1414692.5 -245419.9 January 223495.3 510876.1 734371.4 1556820.8 2291192.3 2517979.4 2247660.3 -234486.9 February 213679.9 531052.2 744732.0 1559705.2 2304437.2 2623783.3 1701817.6 -251727.5 March 172919.5 563830.4 736749.9 1584310.5 2321060.4 2691043.0 1414692.5 -245419.9 QIV 237741.5 631951.3 869692.7 1655290.8 2524983.5 2837032.6 2848468.9 -248744.0 April 209325.8 594236.2 803562.0 1624230.2 2427792.2 2847996.1 1983406.6 -258874.0 May 215342.4 590452.0 805794.4 1632291.9 2438086.3 2730690.2 2545398.3 -249175.2 June 237741.5 631951.3 869692.7 1655290.8 2524983.5 2837032.6 2848468.9 -248744.0 2024/25 QI 210349.2 646537.0 856886.3 1799316.7 2656203.0 2941814.3 1576702.7 -508867.2 July 208435.4 632548.0 840983.4 1710885.9 2551869.3 2972509.6 1831804.5 -318333.6 August 208752.3 635364.8 844117.1 1734785.4 2578902.5 2940337.3 1672002.7 -481422.2 September 210349.2 646537.0 856886.3 1799316.7 2656203.0 2941814.3 1576702.7
-508867.2 1/ Obtained by multiplying each original observation by appropriate index for the month National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 93
Table 6: International Reserves and Net Foreign Assets of National Bank & Commercial Banks
(In Millions of Birr)
End of
Period
Gross Reserve
Foreign Liabilities Net Foreign Assets
National Bank of Ethiopia International Reserves Comm.
Banks
Reserve Gross
Reserve
NBE
Total Gold Foreign
Exc.
Others
Reserve
Tranche
Posi.
Total
Liab.
Comm.
Banks NBE Total NBE Comm.
Banks
1=2+6 2=3 to 5 3 4 5 6.00 7=8+9 8 9 10=11+12 11=2-9 12=6-8 2022/23 Qtr.I 140232.5 64408.6 32.7 55744.7 7905.1 726.0 75823.9 261004.3 41,086.3 219918.1 -120771.8 -155509.5 34737.7 July 127353.1 65152.1 1039.7 55325.5 8038.7 748.2 62201.0 256281.0 39,931.9 216349.0 -128927.8 -151196.9 22269.1 August 130892.4 65676.2 32.7 57046.3 7852.9 744.3 65216.2 260967.7 41,790.9 219176.8 -130075.3 -153500.7 23425.3 September 140232.5 64408.6 32.7 55744.7 7905.1 726.0 75823.9 261004.3 41,086.3 219918.1 -120771.8 -155509.5 34737.7 Qtr.II 136135.6 62948.1 2.2 56164.2 6000.8 780.9 73187.5 276159.0 40,862.8 235296.2 -140023.4 -172348.2 32324.7 October 134004.1 62910.8 777.2 53077.9 8312.2 743.6 71093.3 260433.1 40,655.1 219777.9 -126429.0 -156867.2 30438.1 November 133873.4 63456.5 8.1 57170.3 5516.9 761.2 70417.0 264199.1 40,740.9 223458.2 -130325.6 -160001.8 29676.1 December 136135.6 62948.1 2.2 56164.2 6000.8 780.9 73187.5 276159.0 40,862.8 235296.2 -140023.4 -172348.2 32324.7 Qtr.III 112446.9 48984.7 43.7 44826.2 3325.0 789.9 63462.1 274028.4 39,043.8 234984.6 -161581.5 -185999.8 24418.3 January 137249.9 65641.5 25.3 58213.2 6615.8 787.3 71608.4 280419.3 41,389.3 239030.0 -143169.4 -173388.5 30219.0 Febraury 123567.8 63155.7 38.8 56328.4 6010.8 777.6 60412.1 283514.8 39,232.9 244281.9 -159947.0 -181126.2 21179.2 March 112446.9 48984.7 43.7 44826.2 3325.0 789.9 63462.1 274028.4 39,043.8 234984.6 -161581.5 -185999.8 24418.3 Qtr.IV 130367.5 56154.3 129.2 51803.0 3427.2 795.0 74213.2 290465.2 42,887.7 247577.5 -160097.7 -191423.1 31325.5 April 122784.8 49221.1 572.9 43841.0 4009.6 797.7 73563.6 287099.0 47,626.5 239472.4 -164314.2 -190251.3 25937.1 May 128591.9 57379.3 166.5 53130.9 3296.4 785.6 71212.6 285661.9 39,717.0 245944.9 -157070.0 -188565.5 31495.6 June 130367.5 56154.3 129.2 51803.0 3427.2 795.0 74213.2 290465.2 42,887.7 247577.5 -160097.7 -191423.1 31325.5 2023/24 Qtr.I 82443.8 27100.6 730.6 22146.4 3431.9 791.7 55343.2 295873.8 42343.5 253530.3 -213430.1 -226429.8 12999.7 July 107163.3 37921.9 143.6 32776.2 4197.1 804.9 69241.4 284394.5 41996.3 242398.2 -177231.2 -204476.3 27245.1 August 89982.1 30839.0 144.1 26499.1 3399.7 796.1 59143.1 291176.7 42083.1 249093.7 -201194.6 -218254.7 17060.1 September 82443.8 27100.6 730.6 22146.4 3431.9 791.7 55343.2 295873.8 42343.5 253530.3 -213430.1 -226429.8 12999.7 Qtr.II 175149.5 113504.5 627.2 108516.7 3541.8 818.7 61645.0 413459.1 42329.5 371129.6 -238309.7 -257625.2 19315.5 October 186433.5 128456.2 28.8 123400.5 4234.1 792.8 57977.2 414846.0 42068.4 372777.6 -228412.6 -244321.4 15908.9 November 177523.3 111216.2 188.5 106775.6 3442.7 809.4 66307.2 415925.7 44742.9 371182.8 -238402.4 -259966.7 21564.3 December 175149.5 113504.5 627.2 108516.7 3541.8 818.7 61645.0 413459.1 42329.5 371129.6 -238309.7 -257625.2 19315.5 Qtr.III 156028.7 85624.2 696.9 80548.8 3560.9 817.6 70404.6 401203.4 40190.7 361012.7 -245174.7 -275388.5 30213.8 January 160549.5 102573.3 272.0 97192.0 4295.8 813.5 57976.2 404298.9 41351.7
362947.2 -243749.4 -260373.9 16624.5 Febraury 147868.3 90430.1 694.6 85381.8 3536.3 817.4 57438.3 402653.3 41321.6 361331.7 -254785.0 -270901.7 16116.7 March 156028.7 85624.2 696.9 80548.8 3560.9 817.6 70404.6 401203.4 40190.7 361012.7 -245174.7 -275388.5 30213.8 QIV 171669.5 82159.3 220.1 77486.4 3636.0 816.8 89510.2 416969.6 45900.8 371068.8 -245300.0 -288909.5 43609.5 April 155442.0 85713.8 923.5 79723.2 4249.9 817.2 69728.2 402695.1 40083.7 362611.4 -247253.1 -276897.6 29644.5 May 148895.3 73183.5 2136.2 66668.5 3556.1 822.7 75711.8 397077.8 40998.6 356079.1 -248182.4 -282895.6 34713.1 June 171669.5 82159.3 220.1 77486.4 3636.0 816.8 89510.2 416969.6 45900.8 371068.8 -245300.0 -288909.5 43609.5 2024/25 QI 647238.3 407797.4 9833.325 389225.5 7027.381 1711.194 239440.9 1175656.99 100352.5 1075304.44 -528418.71 -667507.02 139088.3 July 221455.2 102866.5 220.1 96218.5 5353.1 1074.8 118588.8 548622.3 64567.9 484054.4 -327167.1 -381187.9 54020.9 August 585785.5 390212.2 1618.3 379269.0 7751.9 1573.0 195573.3 1084668.6 93463.4 991205.2 -498883.1 -600993.0 102109.9 September 647238.3 407797.4 9833.3 389225.5 7027.4 1711.2 239440.9 1175657.0 100352.5 1075304.4 -528418.7 -667507.0 139088.3

National Bank of Ethiopia Quarterly Bulletin
94 | First Quarter 2024/25
Table 7: Domestic Credit by Sector
(In Millions of Birr)
End of
Period
Gross
Domestic
Credit
Claims on Central Gov't Claims on Non-Central Gov't Total NBE Comm.
Banks Total Loans &
Advances
Investments
2022/23 Qtr.I 2,173,460.3 610,183.1 416,991.5 193,191.5 1,563,277.3 1,043,794.1 519,483.2 July 2,103,832.4 587,023.9 397,427.1 189,596.8 1,516,808.5 1,003,266.0 513,542.5 August 2,122,505.6 589,373.6 396,991.5 192,382.0 1,533,132.0 1,019,729.3 513,402.7 September 2,173,460.3 610,183.1 416,991.5 193,191.5 1,563,277.3 1,043,794.1 519,483.2 Qtr.II 2,350,407.0 663,704.4 473,991.5 189,712.8 1,686,702.6 1,153,410.0 533,292.6 October 2,236,815.7 628,209.5 443,991.5 184,217.9 1,608,606.2 1,083,660.0 524,946.2 November 2,280,468.8 639,218.0 463,991.5 175,226.4 1,641,250.8 1,115,251.5 525,999.3 December 2,350,407.0 663,704.4 473,991.5 189,712.8 1,686,702.6 1,153,410.0 533,292.6 Qtr.III 2,455,221.1 697,188.4 513,991.5 183,196.8 1,758,032.7 1,212,578.4 545,454.3 January 2,383,486.7 686,944.8 493,991.5 192,953.2 1,696,541.9 1,164,204.7 532,337.2 Febraury 2,424,210.6 696,565.2 503,991.5 192,573.7 1,727,645.4 1,181,782.2 545,863.2 March 2,455,221.1 697,188.4 513,991.5 183,196.8 1,758,032.7 1,212,578.4 545,454.3 Qtr.IV 2,602,514.2 768,353.6 563,991.5 204,362.1 1,834,160.6 1,240,814.9 593,345.6 April 2,480,278.8 718,909.2 533,991.5 184,917.6 1,761,369.6 1,217,127.0 544,242.5 May 2,493,803.2 731,720.6 543,991.5 187,729.0 1,762,082.6 1,223,464.0 538,618.6 June 2,602,514.2 768,353.6 563,991.5 204,362.1 1,834,160.6 1,240,814.9 593,345.6 2023/24 QI 2,697,273.5 808,973.1 580,120.4 228,852.7 1,888,300.4 1,313,373.8 574,926.6 July 2,649,059.2 789,428.9 573,120.4 216,308.4 1,859,630.3 1,281,045.4 578,584.9 August 2,680,123.3 802,698.5 580,120.4 222,578.1 1,877,424.7 1,298,777.7 578,647.0 September 2,697,273.5 808,973.1 580,120.4 228,852.7 1,888,300.4 1,313,373.8 574,926.6 QII 2,786,401.0 820,050.6 600,120.4 219,930.2 1,966,350.4 1,375,118.3 591,232.2 October 2,701,450.5 800,449.4 580,120.4 220,328.9 1,901,001.2 1,327,354.3 573,646.8 November 2,716,664.4 804,745.7 590,120.4 214,625.3 1,911,918.7 1,338,755.2 573,163.6 December 2,786,401.0 820,050.6 600,120.4 219,930.2 1,966,350.4 1,375,118.3 591,232.2 QIII 2,886,137.5 865,148.2 630,120.4 235,027.7 2,020,989.3 1,429,668.6 591,320.7 January 2,817,514.6 835,450.8 610,120.4 225,330.4 1,982,063.8 1,390,458.6 591,605.2 February 2,848,853.0 849,067.4 620,120.4 228,946.9 1,999,785.6 1,408,227.5 591,558.2 March 2,886,137.5 865,148.2 630,120.4 235,027.7 2,020,989.3 1,429,668.6 591,320.7 QIV 3,004,798.5 952,587.4 675,120.4 277,467.0 2,052,211.0 1,462,034.6 590,176.4 April 2,937,385.6 903,122.4 650,120.4 253,002.0 2,034,263.2 1,443,338.2 590,925.0 May 2,944,203.9 911,138.2 650,120.4 261,017.7 2,033,065.8 1,442,478.1 590,587.7 June 3,004,798.5 952,587.4 675,120.4 277,467.0 2,052,211.0 1,462,034.6 590,176.4 2024/25 QI 3,269,179.4 1,803,842.3 675,120.4 1,128,721.8 1,465,337.1 1,383,723.2 81,614.0 July 3,264,006.6 1,831,790.4 675,120.4 1,156,670.0 1,432,216.2 1,325,149.3 107,066.9 August 3,258,615.7 1,817,234.0 675,120.4 1,142,113.6 1,441,381.6 1,347,079.9 94,301.8 September 3,269,179.4 1,803,842.3 675,120.4 1,128,721.8 1,465,337.1
1,383,723.2 81,614.0 National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 95
Table 8: Deposits by Type and Sector
(In Millions of Birr)
End of
Period
Total
Deposits
Non-Central Gov't Deposits with CBs Central Gov't Dep. with Total Net Demand Deposit Savings Deposit Time Dep. (30 days & over) Total National Bank Comm. Banks 1=2+6 2=3 to 5 3 4 5 6=7+8 7 8 2022/23 Qtr.I 1789469.7 1630535.7 427123.7 1085221.7 118190.3 158934.0 48571.3 110362.7 July 1694761.7 1556139.6 413489.9 1029476.6 113173.1 138622.1 39751.9 98870.2 August 1727178.4 1587231.6 413649.5 1057578.8 116003.3 139946.8 29922.6 110024.2 September 1789469.7 1630535.7 427123.7 1085221.7 118190.3 158934.0 48571.3 110362.7 Qtr.II 1935969.4 1746232.9 444210.1 1176276.0 125746.8 189736.5 40798.8 148937.7 October 1847045.7 1660215.3 434118.5 1106274.8 119822.0 186830.4 59156.8 127673.6 November 1880660.4 1685494.3 428546.6 1136900.8 120046.9 195166.1 43583.4 151582.6 December 1935969.4 1746232.9 444210.1 1176276.0 125746.8 189736.5 40798.8 148937.7 Qtr.III 2022319.0 1839969.9 468943.3 1231983.0 139043.6 182349.0 44121.5 138227.6 January 1962387.6 1768642.3 443363.0 1193584.3 131695.1 193745.2 45869.4 147875.9 Febraury 1985364.0 1777896.7 441651.8 1200762.0 135482.9 207467.3 62006.8 145460.5 March 2022319.0 1839969.9 468943.3 1231983.0 139043.6 182349.0 44121.5 138227.6 Qtr.IV 2122285.8 1928005.2 494090.5 1284696.1 149218.6 194280.7 42691.6 151589.1 April 2029667.2 1834034.5 455639.6 1238105.7 140289.2 195632.8 50711.8 144920.9 May 2050611.6 1862916.3 469962.0 1248033.3 144921.0 187695.3 52806.3 134889.0 June 2122285.8 1928005.2 494090.5 1284696.1 149218.6 194280.7 42691.6 151589.1 2023/24 QI 2212339.8 2011531.8 495622.8 1368944.7 146964.4 200808.0 59099.1 141708.9 July 2161864.2 1960801.6 487447.2 1329057.2 144297.2 201062.7 53124.1 147938.6 August 2192374.5 1989995.5 487276.9 1355791.3 146927.2 202379.1 51034.8 151344.2 September 2212339.8 2011531.8 495622.8 1368944.7 146964.4 200808.0 59099.1 141708.9 QII 2292822.5 2100782.2 535267.8 1399852.6 165661.7 192040.2 42609.0 149431.2 October 2226059.3 2022157.8 492067.6 1380488.3 149601.9 203901.5 64898.4 139003.1 November 2241373.8 2037896.3 501460.3 1381364.8 155071.2 203477.5 47781.8 155695.7 December 2292822.5 2100782.2 535267.8 1399852.6 165661.7 192040.2 42609.0 149431.2 QIII 2389168.5 2191385.7 571836.1 1444204.4 175345.3 197782.8 43991.2 153791.6 January 2314783.8 2114711.4 534389.2 1411220.9 169101.4 200072.3 50315.6 149756.8 Febraury 2338922.8 2145720.9 551456.0 1419703.2 174561.7 193201.9 46372.8 146829.2 March 2389168.5 2191385.7 571836.1 1444204.4 175345.3 197782.8 43991.2 153791.6 QIV 2484302.4 2277256.0 617055.5 1466813.8 193386.7 207046.3 42867.4 164179.0 April 2419760.5 2202524.0 573587.0 1441634.9 187302.0 217236.5 64136.3 153100.2 May 2442067.7 2217674.7 582299.8 1446567.7 188807.2 224393.0 58105.7 166287.3 June 2484302.4 2277256.0 617055.5 1466813.8 193386.7 207046.3 42867.4 164179.0 2024/25 QI 2627506.4 2413170.5 664477.9 1558089.1 190603.5 214335.9 49594.4 164741.5 July 2523828.3 2314816.1 634451.4 1487331.2 193033.5 209012.2 44795.7 164216.5 August 2552702.9 2341069.0 647010.9 1494413.0
199645.0 211634.0 41887.5 169746.5 September 2627506.4 2413170.5 664477.9 1558089.1 190603.5 214335.9 49594.4 164741.5

National Bank of Ethiopia Quarterly Bulletin
96 | First Quarter 2024/25
Table 9: Reserve and Liquidity Position of the Commercial Banks, and Turnover of Deposits
(In Millions of Birr)
End of
Period
Reserve
Requirments
Actual
Rese.
Excess
Rese.
Foreign
Assets
Foreign Liabilities Actual
Reserve+
Net For.
Assets
Liqui-dity
Ratio
Ratio:Loans
Adv. toDep.
Debit Balance
Turn-Over of
Deposit
Total Short Term Long Term
1 2 3=2-1 4 5=6+7 6 7 7=2+4-5 8 9 10 11
2022/23 Qtr.I 84862.8 207769.1 122906.3 75823.9 41086.3 41086.3 0.0 242,506.7 15.3 60.1 -33346.6 -0.1 July 87044.9 201755.8 114710.8 62201.0 39931.9 39931.9 0.0 224,024.9 13.7 60.0 2211693.1 3.8 August 82750.5 209231.7 126481.2 65216.2 41790.9 41790.9 0.0 232,657.0 15.0 60.6 2309939.7 4.2 September 84862.8 207769.1 122906.3 75823.9 41086.3 41086.3 0.0 242,506.7 15.3 60.1 -33346.6 -0.1 Qtr.II 91853.8 220718.6 128864.7 73187.5 40862.8 40862.8 0.0 253,043.3 15.0 60.7 -70872.4 -0.1 October 94758.5 210168.0 115409.5 71093.3 40655.1 40655.1 0.0 240,606.1 13.8 60.9 2342477.7 3.7 November 89394.4 227924.7 138530.3 70417.0 40740.9 40740.9 0.0 257,600.9 15.5 60.6 2360083.7 3.8 December 91853.8 220718.6 128864.7 73187.5 40862.8 40862.8 0.0 253,043.3 15.0 60.7 -70872.4 -0.1 Qtr.III 96167.9 235879.5 139711.7 63462.1 39043.8 39043.8 0.0 260,297.8 14.6 61.4 -81400.4 -0.1 January 98909.9 226696.1 127786.2 71608.4 41389.3 41389.3 0.0 256,915.1 14.0 61.3 2466151.3 3.8 Febraury 95825.9 214744.4 118918.5 60412.1 39232.9 39232.9 0.0 235,923.6 13.3 60.7 2489143.3 3.9 March 96167.9 235879.5 139711.7 63462.1 39043.8 39043.8 0.0 260,297.8 14.6 61.4 -81400.4 -0.1 Qtr.IV 99890.3 263875.8 163985.5 74213.2 42887.7 42887.7 0.0 295,201.2 15.8 61.2 -90194.4 -0.1 April 103979.7 223806.8 119827.1 73563.6 47626.5 47626.5 0.0 249,743.9 13.0 59.7 2530508.0 3.7 May 98947.8 234711.1 135763.3 71212.6 39717.0 39717.0 0.0 266,206.6 14.5 61.5 2551529.3 3.9 June 99890.3 263875.8 163985.5 74213.2 42887.7 42887.7 0.0 295,201.2 15.8 61.2 -90194.4 -0.1 2023/24 Qtr.I 107067.0 243639.3 136572.3 55343.2 42343.5 42343.5 0.0 256639.0 12.9 60.7 -73695.8 -0.1 July 107662.0 254829.4 147167.4 69241.4 41996.3 41996.3 0.0 282074.6 14.0 61.0 2662206.0 3.8 August 105437.0 255326.8 149889.8 59143.1 42083.1 42083.1 0.0 272386.9 13.9 60.7 2711670.4 3.9 September 107067.0 243639.3 136572.3 55343.2 42343.5 42343.5 0.0 256639.0 12.9 60.7 -73695.8 -0.1 Qtr.II 109679.6 235430.2 125750.6 61645.0 42329.5 42329.5 0.0 254745.7 12.5 61.0 -56489.3 -0.1 October 112510.7 218034.3 105523.6 57977.2 42068.4 42068.4 0.0 233943.2 11.1 61.1 2737383.0 3.8 November 108058.0 238924.6 130866.6 66307.2 44742.9 44742.9 0.0 260488.9 12.9 61.4 2792157.2 4.0 December 109679.6 235430.2 125750.6 61645.0 42329.5 42329.5 0.0 254745.7 12.5 61.0 -56489.3 -0.1 Qtr.III 114627.5 240196.5 125569.0 70404.6 40190.7 40190.7 0.0 270410.4 12.6 61.4 -56277.9 -0.1 January 117258.9 233259.4 116000.6 57976.2 41351.7 41351.7 0.0 249884.0 11.4 61.0 2897459.2 3.8 Febraury 113223.4 232453.5 119230.1 57438.3 41321.6 41321.6 0.0 248570.2 11.8 61.4 2930383.2 4.0 March 114627.5 240196.5 125569.0 70404.6 40190.7 40190.7 0.0 270410.4 12.6 61.4 -56277.9 -0.1 QIV 119198.1 263070.3 143872.2 89510.2 45900.8 45900.8 0.0 306679.8 13.8 60.5 -60321.9 -0.1 April 122071.8 240711.1 118639.4 69728.2 40083.7 40083.7 0.0 270355.6 11.9 59.9 3010791.2 3.7 May 117781.2 250165.8 132384.6 75711.8 40998.6 40998.6 0.0 284879.0 12.9 61.3 3039376.3 3.8 June 119198.1 263070.3 143872.2
89510.2 45900.8 45900.8 0.0 306679.8 13.8 60.5 -60321.9 -0.1 2024/25 QI 125540.8 275518.2 149977.4 239440.9 100352.5 100352.5 0.0 414606.5 17.7 53.7 74755.8 0.1 July 128895.6 261033.2 132137.6 118588.8 64567.9 64567.9 0.0 315054.1 13.1 53.7 2996430.1 3.4 August 123951.6 252400.8 128449.1 195573.3 93463.4 93463.4 0.0 354510.7 15.3 53.5 3034799.8 3.6 September 125540.8 275518.2 149977.4 239440.9 100352.5 100352.5 0.0 414606.5 17.7 53.7 74755.8 0.1 Note:
Actual Reserve: Reserves with the National Bank of Ethiopia Plus Cash in Hand (Local Currency). Liquidity Ratio: Actual Reserves + Foreign Asset, net of short term liabilities, divided by Demand Deposits, net. Ratio of Loans and Advances to Deposits: Gross Commercial Bank Loans and discounts plus credit to Central Government divided by Gross Demand Deposits (of private and others) + Demand Deposits of domestic banks + Time and Savings Deposits + Government Deposits with commercial banks. Debit Balance: Total Debit Balance less debit against the deposits of the commercial banks. Turnover of Deposits: Debit Balances divided by Gross Demand Deposits of private and others + Government Deposits. National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 97
Table 10: Circulating Notes and Coins by Denomination
End of
Period
Value of
Notes &
Coins
Denomination of Notes: Birr Denominations of Coins: Cents Total Value (Notes) 1 5 10 50 100 200 Total Value (Coins) 1 5 10 25 50 100(coin) 2022/23 Qtr.I 207,706.7 206,402.2 372.4 1,637.8 6,075.6 15,406.7 64,926.0 117,983.8 1,304.5 0.8 41.4 99.4 73.3 126.3 963.2 July 206,519.1 205,223.7 372.5 1,654.0 6,128.0 15,490.1 65,783.2 115,795.9 1,295.4 0.8 41.4 99.4 73.3 126.2 954.3 August 200,777.8 199,477.5 372.4 1,637.4 6,041.4 14,687.1 63,681.5 113,057.7 1,300.3 0.8 41.4 99.4 73.3 126.3 959.1 September 207,706.7 206,402.2 372.4 1,637.8 6,075.6 15,406.7 64,926.0 117,983.8 1,304.5 0.8 41.4 99.4 73.3 126.3 963.2 Qtr.II 235,831.2 234,512.0 369.3 1,669.4 6,356.9 17,775.5 70,868.3 137,472.6 1,319.2 0.8 41.5 99.5 73.3 126.5 977.7 October 209,959.3 208,649.3 369.3 1,636.9 6,036.8 15,370.2 65,279.2 119,956.8 1,310.0 0.8 41.5 99.5 73.3 126.4 968.5 November 221,904.6 220,591.6 369.3 1,649.6 6,188.2 16,413.8 68,188.1 127,782.7 1,313.0 0.8 41.5 99.5 73.3 126.4 971.6 December 235,831.2 234,512.0 369.3 1,669.4 6,356.9 17,775.5 70,868.3 137,472.6 1,319.2 0.8 41.5 99.5 73.3 126.5 977.7 Qtr.III 258,421.6 257,085.3 372.1 1,729.6 6,376.1 19,216.4 68,774.5 160,616.6 1,336.3 0.8 41.4 99.4 73.2 126.5 994.9 January 247,929.9 246,606.9 369.3 1,693.9 6,311.9 18,755.9 69,672.4 149,803.6 1,323.0 0.8 41.5 99.5 73.3 126.5 981.5 February 253,771.1 252,440.5 368.5 1,702.0 6,362.1 19,087.9 69,223.5 155,696.5 1,330.6 0.8 41.5 99.5 73.3 126.5 989.1 March 258,421.6 257,085.3 372.1 1,729.6 6,376.1 19,216.4 68,774.5 160,616.6 1,336.3 0.8 41.4 99.4 73.2 126.5 994.9 Qtr.IV 254,405.6 253,061.4 371.9 1,716.0 6,020.3 17,686.4 67,838.2 159,428.7 1,344.2 0.8 41.5 99.5 73.2 126.5 1,002.7 April 269,541.1 268,201.5 371.9 1,730.2 6,387.2 19,762.0 71,086.3 168,863.8 1,339.6 0.8 41.5 99.5 73.2 126.5 998.1 May 259,801.5 258,458.5 371.9 1,703.6 6,124.1 18,340.0 68,595.3 163,323.5 1,343.0 0.8 41.5 99.5 73.2 126.5 1,001.5 June 254,405.6 253,061.4 371.9 1,716.0 6,020.3 17,686.4 67,838.2 159,428.7 1,344.2 0.8 41.5 99.5 73.2 126.5 1,002.7 2023/24 Qtr.I 245,397.8 244,053.6 371.6 1,706.3 5,796.9 16,462.3 65,554.3 154,162.2 1,344.3 0.8 41.5 99.6 73.3 126.5 1,002.7 July 250,531.6 249,185.1 371.8 1,718.0 5,947.8 17,347.9 67,093.6 156,706.1 1,346.5 0.8 41.5 99.5 73.3 126.5 1,004.9 August 241,147.5 239,798.7 371.8 1,714.7 5,808.6 16,385.3 64,479.5 151,038.8 1,348.8 0.8 41.5 99.6 73.3 126.5 1,007.1 September 245,397.8 244,053.6 371.6 1,706.3 5,796.9 16,462.3 65,554.3 154,162.2 1,344.3 0.8 41.5 99.6 73.3 126.5 1,002.7 Qtr.II 254,241.5 252,884.5 372.1 1,709.7 5,805.4 16,547.4 69,629.8 158,820.0 1,357.0 0.8 41.5 99.5 73.2 126.4 1,015.6 October 239,233.4 237,882.0 368.7 1,701.9 5,732.4 15,276.5 63,438.8 151,363.8 1,351.4 0.8 41.5 99.6 73.2 126.5 1,009.7 November 243,788.5 242,434.1 368.6 1,702.4 5,780.6 15,796.1 65,665.8 153,120.6 1,354.4 0.8 41.5 99.5 73.2 126.5 1,012.8 December 254,241.5 252,884.5 372.1 1,709.7 5,805.4 16,547.4 69,629.8 158,820.0 1,357.0 0.8 41.5 99.5 73.2 126.4 1,015.6 Qtr.III 269,026.4 267,662.6
368.7 1,751.6 5,822.3 16,491.0 74,401.9 168,827.0 1,363.8 0.8 41.5 99.6 73.2 126.4 1,022.2 January 267,007.3 265,648.6 368.9 1,714.6 5,834.9 17,237.4 74,213.4 166,279.5 1,358.7 0.8 41.5 99.5 73.2 126.4 1,017.3 February 268,747.9 267,385.3 368.8 1,731.5 5,827.4 16,988.7 74,124.5 168,344.4 1,362.6 0.8 41.5 99.6 73.2 126.4 1,021.1 March 269,026.4 267,662.6 368.7 1,751.6 5,822.3 16,491.0 74,401.9 168,827.0 1,363.8 0.8 41.5 99.6 73.2 126.4 1,022.2 Qtr.IV 257,296.3 255,929.2 368.7 1,766.8 5,753.1 14,867.2 69,534.0 163,639.4 1,367.1 0.8 41.5 99.6 73.3 126.7 1,025.2 April 272,033.8 270,668.8 368.8 1,778.9 5,859.4 16,242.9 74,544.8 171,874.1 1,364.9 0.8 41.5 99.6 73.3 126.5 1,023.2 May 263,500.8 262,135.3 368.8 1,766.5 5,774.9 15,421.2 72,478.5 166,325.4 1,365.6 0.8 41.5 99.6 73.3 126.6 1,023.7 June 257,296.3 255,929.2 368.7 1,766.8 5,753.1 14,867.2 69,534.0 163,639.4 1,367.1 0.8 41.5 99.6 73.3 126.7 1,025.2 2024/25 Qtr.I 259,707.6 258,338.6 368.7 1,777.6 5,740.5 14,225.1 70,176.0 166,050.7 1,369.0 0.8 41.5 99.7 73.3 126.6 1,026.9 July 253,896.0 252,528.5 368.7 1,772.2 5,733.6 14,441.6 68,138.6 162,073.8 1,367.5 0.8 41.5 99.7 73.3 126.7 1,025.4 August 248,734.5 247,366.8 368.7 1,765.8 5,694.3 13,771.3 66,464.4 159,302.3 1,367.7 0.8 41.5 99.7 73.3 126.7 1,025.7 September 259,707.6 258,338.6 368.7 1,777.6 5,740.5 14,225.1 70,176.0 166,050.7 1,369.0 0.8 41.5 99.7 73.3 126.6 1,026.9

National Bank of Ethiopia Quarterly Bulletin
98 | First Quarter 2024/25
Table 11: Interest Rate Structures
A. Lending rates (by CBE and specialized banks) Sector Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- Cooperatives Jan. 1, 1995 State Private Agriculture 5 6 7 11.0-12 Lending to all sectors 14-15 Industry, mining, power, and water resources 6 8 9 13.0-14 Domestic trade 6 8 9.5 14.0-15 Lending to the Central Gov't 12-13 Transport and communications 6 8 8 13.0-14 Export trade 6 13.0-14 NBE Lending to:
CBEs/ Discount Rate/ 10.5
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 Deposit rates Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- Jan. 1, 1995 1.Time deposits 30 days notice -- 10.5 10.5 3 months to less than 6 months -- 10.5 10.5 6 months to less than 12 months -- 11 11 1 year to less than 2 years Differed by 11.5 11.5 2 years and above ownership 12 12 and maturity Memorandum Items:
Rate differentials for 1 year and over
Financial institutions (1 year): 1.0
Gov'nt-owned under takings
(1 year): 1.0
Individuals, savings and credit cooperatives;self-help organizations:
1 year 6.0
2 years 6.5
3 years 7.0
5 years 7.5
Others:1 year 4.0
2 years 0.8
3 years 5.0
5 years 5.5
2.Savings deposits Differed by ownership and maturity 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 and
Maximum Interest Rates
Jan. 2, 1995-
Nov. 30,1995
Dec. 1,
1995-
May 30,
1996
June 1,
1996-
Sep. 15,
1996
Sep.16,1996-
Dec. 31,1997
Jan. 1,1998-
Mar. 3, 2002
Mar. 4,2002-
01/08/2002
Aug. 2002 to
07/02/2005
08/02/2005
04/07/2007
04/07/2007
30/11/2010
01/12/2010 to 10-Oct2017
11/10/2017 to todate
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 National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 99
Table 12: Government Internal Debt by Holder
(In Millions of Birr)
End of
Period
Total
Gov't
Indebtedness
National Bank of Ethiopia
Commercial Banks Others
NBE
Total
Direct
Advance
Gov't Bonds
Noninterest bearing
Interest bearing
Comm.
Banks
Total
Gov't
Bonds Treasury
Bills
Others
Total
Gov't
Bonds
Treasury
Bills
1=2+6+9 2=3 to 5 3 4 5 6=7+8 7 8 9=10+11 10 11 2022/23 Qtr.I 752596.5 416991.5 219500.0 5226.6 192264.9 193191.5 26621.4 166,570.1 142,413.4 18.1 142395.3 July 718855.3 397427.1 199500.0 5662.2 192264.9 189596.8 26580.0 163,016.9 131,831.4 18.1 131813.3 August 728670.0 396991.5 199500.0 5226.6 192264.9 192382.0 26607.4 165,774.6 139,296.4 18.1 139278.3 Sebtember 752596.5 416991.5 219500.0 5226.6 192264.9 193191.5 26621.4 166,570.1 142,413.4 18.1 142395.3 Qtr.II 816290.9 473991.5 40000.0 5226.6 428764.9 185538.9 31999.1 153,539.8 156,760.4 18.1 156742.3 October 773897.9 443991.5 10000.0 5226.6 428764.9 184217.9 27487.3 156,730.7 145,688.4 18.1 145670.3 November 789349.4 463991.5 30000.0 5226.6 428764.9 175226.4 29062.5 146,164.0 150,131.4 18.1 150113.3 December 816290.9 473991.5 40000.0 5226.6 428764.9 185538.9 31999.1 153,539.8 156,760.4 18.1 156742.3 Qtr.III 848646.7 513991.5 80000.0 5226.6 428764.9 159934.9 24644.0 135,290.9 174,720.2 18.1 174702.1 January 834923.0 493991.5 60000.0 5226.6 428764.9 177440.5 34142.3 143,298.2 163,491.0 18.1 163472.9 February 849089.7 503991.5 70000.0 5226.6 428764.9 172547.5 24470.1 148,077.4 172,550.7 18.1 172532.6 March 848646.7 513991.5 80000.0 5226.6 428764.9 159934.9 24644.0 135,290.9 174,720.2 18.1 174702.1 Qtr.IV 923913.3 563991.5 130000.0 5226.6 428764.9 165652.2 24989.9 140,662.3 194,269.6 18.1 194251.5 April 870422.3 533991.5 100000.0 5226.6 428764.9 154903.2 24674.2 130,229.0 181,527.6 18.1 181509.5 May 886361.1 543991.5 110000.0 5226.6 428764.9 153130.0 24345.6 128,784.4 189,239.6 18.1 189221.5 June 923913.3 563991.5 130000.0 5226.6 428764.9 165652.2 24989.9 140,662.3 194,269.6 18.1 194251.5 2023/24 Qtr.I 975835.0 580120.4 147000.0 4355.5 428764.9 176238.8 22304.1 153934.7 219475.8 18.1 219457.7 July 947938.0 573120.4 140000.0 4355.5 428764.9 172068.8 22298.3 149770.5 202748.8 18.1 202730.7 August 969878.6 580120.4 147000.0 4355.5 428764.9 174717.4 22301.3 152416.1 215040.8 18.1 215022.7 Sebtember 975835.0 580120.4 147000.0 4355.5 428764.9 176238.8 22304.1 153934.7 219475.8 18.1 219457.7 Qtr.II 990553.2 600120.4 167000.0 4355.5 428764.9 153459.6 23623.2 129836.4 236973.2 18.1 236955.1 October 967153.3 580120.4 147000.0 4355.5 428764.9 163673.7 22307.1 141366.6 223359.2 18.1 223341.1 November 972068.4 590120.4 157000.0 4355.5 428764.9 153262.8 22309.9 130952.8 228685.2 18.1 228667.1 December 990553.2 600120.4 167000.0 4355.5 428764.9 153459.6 23623.2 129836.4 236973.2 18.1 236955.1 Qtr.III 1041337.0 630120.4 197000.0 4355.5 428764.9 154090.8 24305.3 129785.5 257125.8 18.1 257107.7 January 1014670.6 610120.4 177000.0 4355.5 428764.9 153795.8 23939.1 129856.7 250754.3 18.1 250736.2 Febraury 1028984.7 620120.4 187000.0 4355.5 428764.9 152239.9 23944.1 128295.8 256624.3 18.1 256606.2 March 1041337.0 630120.4 197000.0 4355.5 428764.9 154090.8 24305.3 129785.5 257125.8 18.1 257107.7 Qtr.IV 1140070.4 675120.4 242000.0 4355.5 428764.9 182388.3 24709.2 157679.1 282561.7 18.1 282543.6 April 1084374.3 650120.4
217000.0 4355.5 428764.9 166590.9 24310.4 142280.5 267662.9 18.1 267644.8 May 1094598.3 650120.4 217000.0 4355.5 428764.9 170091.9 24315.8 145776.1 274385.9 18.1 274367.8 June 1140070.4 675120.4 242000.0 4355.5 428764.9 182388.3 24709.2 157679.1 282561.7 18.1 282543.6 2024/25 Qtr.I 1715976.7 675120.4 242000.0 4355.5 428764.9 1016946.4 921346.6 95599.8 23909.9 18.1 23891.8 July 2022281.0 675120.4 242000.0 4355.5 428764.9 1056478.8 921336.1 135142.8 290681.7 18.1 290663.6 August 1732357.2 675120.4 242000.0 4355.5 428764.9 1037405.7 921428.3 115977.4 19831.1 18.1 19813.0 Sebtember 1715976.7 675120.4 242000.0 4355.5 428764.9 1016946.4 921346.6 95599.8 23909.9 18.1 23891.8

Since December 2019, Gov't Treasury bills to others includes Both Treasury bills and Notes

National Bank of Ethiopia Quarterly Bulletin
100 | First Quarter 2024/25
Table 13: General Government Quarterly Revenue
(In million Birr)
Ethiopian fiscal year 2015 2016 2017
Fiscal year ending
July 7 2022/23 2023/24 2024/25
Pre-Actual Pre actual Pre actual
9Month (QIII) 12Month (QIV) Budget 3mon(QI) 6months (QII) 9Months (QIII) 12Months (QIV) Budget 3Months (QI) Tax revenue 429,935.5 133,557.8 593,232.1 163,296.6 774,416.4 147,537.4 366,512.3 218,974.9 532,987.3 166,475.0 716,172.2 183,184.8 1,248,832.7 258,535.3 Direct taxes 189,835.1 45,815.1 263,958.6 74,123.5 353,003.3 59,366.8 180,833.8 121,467.0 250,301.5 69,467.7 340,600.2 90,298.7 559,493.2 98,783.6 Income and profits tax 186,269.6 44,934.0 254,984.3 68,714.7 337,876.4 57,544.0 176,634.8 119,090.8 244,688.8 68,054.1 330,391.6 85,702.8 515,677.6 95,179.7 Personal income 71,944.6 21,997.6 108,234.1 36,289.5 130,979.5 27,295.2 61,527.6 34,232.4 101,172.9 39,645.3 142,491.9 41,319.0 184,470.9 44,004.6 Rental income tax 5,746.5 762.7 6,502.5 755.9 10,002.8 2,394.5 5,927.4 3,532.9 7,605.3 1,677.9 8,173.8 568.5 14,616.4 4,624.0 Business profits 96,972.4 17,321.8 123,422.3 26,449.9 157,691.6 24,458.0 99,083.6 74,625.6 120,912.0 21,828.4 156,510.5 35,598.5 254,072.5 38,809.4 Withholding income tax on imports 2,028.9 902.8 1,517.0 (511.9) 10,527.6 199.2 1,785.5 1,586.3 2,105.4 319.9 2,490.6 385.2 17,072.7 919.7 Agriculture income 441.5 254.2 563.1 121.5 1,283.4 29.1 418.3 389.1 786.8 368.6 1,097.5 310.7 4,119.3 195.1 Other income 5,554.7 2,241.8 9,647.4 4,092.8 21,363.2 2,814.2 4,927.1 2,112.9 7,951.5 3,024.4 13,974.0 6,022.4 30,505.8 4,476.7 Interest income tax 3,196.5 1,301.5 4,510.5 1,314.1 4,887.2 111.4 2,610.5 2,499.1 3,614.0 1,003.5 4,942.7 1,328.7 9,264.0 2,005.1 Capital gains tax 384.4 151.6 587.4 203.0 1,141.3 242.4 354.7 112.4 540.9 186.1 710.7 169.8 1,556.0 145.0 Rural land use fee 398.5 189.6 511.6 113.1 516.5 12.0 443.0 431.1 697.5 254.4 1,026.5 329.0 3,648.6 413.0 Urban land lease fee 3,167.0 691.5 8,462.7 5,295.7 14,610.3 1,810.8 3,756.0 1,945.2 4,915.2 1,159.2 9,182.0 4,266.9 40,167.0 3,191.0 Domestic indirect taxes 113,711.9 44,508.9 160,720.8 47,008.9 233,824.4 41,590.8 95,600.5 54,009.7 154,255.2 58,654.6 197,033.0 42,777.8 338,680.7 76,763.6 Sales/TOT/ excise taxes 49,783.1 23,593.6 65,316.5 15,533.5 120,444.9 18,189.2 41,748.9 23,559.7 71,895.6 30,146.7 82,286.7 10,391.1 178,794.7 37,571.5 Petroleum products 996.5 535.4 1,858.8 862.3 1,415.7 654.1 1,299.3 645.2 2,166.0 866.7 3,205.0 1,039.0 2,369.0 593.4 Alcohol and tobacco 4,564.6 1,932.7 8,051.3 3,486.6 6,441.9 1,826.7 6,672.9 4,846.2 5,637.6 (1,035.3) 7,436.4 1,798.8 10,402.0 3,368.7 Other goods 44,221.9 21,125.5 55,406.5 11,184.6 112,587.4 15,708.4 33,776.7 18,068.3 64,092.0 30,315.3 71,645.4 7,553.3 166,023.7 33,609.4 Services TOT/ sales tax 58,156.4 19,085.2 87,374.6 29,218.2 100,522.8 21,398.2 49,678.5 28,280.3 75,855.1 26,176.6 105,722.8 29,867.7 143,495.5 36,745.6 Stamp duties 5,772.4 1,830.2 8,029.7 2,257.3 12,856.8 2,003.4 4,173.1 2,169.8 6,504.4 2,331.3 9,023.5 2,519.0 16,390.5 2,446.5 Import duties and taxes 126,388.5 43,233.7 168,552.6 42,164.1 187,576.4 46,574.3 90,063.0 43,488.7 128,410.6 38,347.6 178,503.6 50,093.0 350,637.7 82,981.6 Custom duties 48,818.8
17,036.6 64,255.5 15,436.7 67,838.3 21,593.9 42,096.2 20,502.3 60,445.9 18,349.7 84,010.8 23,564.9 116,159.6 26,540.6 Sales/excise taxes 61,131.6 20,106.2 79,698.7 18,567.1 86,590.2 20,033.7 38,771.8 18,738.1 55,054.0 16,282.2 75,464.0 20,410.1 161,863.6 39,881.0 Petroleum products 3,150.4 528.3 3,852.4 702.0 4,619.1 672.9 2,003.8 1,330.9 2,570.3 566.5 3,289.6 719.3 8,634.6 1,065.9 Alcohol and tobacco 455.4 78.1 622.4 167.0 857.2 91.8 209.0 117.2 312.8 103.8 640.3 327.5 1,602.4 458.5 Other imports 57,525.9 19,499.8 75,223.9 17,698.1 81,113.8 19,269.0 36,559.0 17,290.0 52,170.9 15,611.9 71,534.2 19,363.2 151,626.6 38,356.6 Surtax on imports 16,438.1 6,090.9 24,598.4 8,160.4 33,147.9 4,946.7 9,195.0 4,248.3 12,910.7 3,715.7 19,028.7 6,118.0 46,534.6 6,498.4 Export taxes 12.4 5.5 15.0 9.5 20.1 5.1 35.5 15.4 21.2 6.5 Coffee duties 0.0 0.0 Coffee surtax 0.0 0.0 Other 0.0 0.0 Transaction tax 0.0 0.0 Social walfare levy 26,080.0 10,061.6 Non-tax revenue 48,115.2 14,953.6 92,227.1 44,111.9 157,622.1 15,835.3 44,986.5 29,151.2 80,657.2 35,670.7 123,922.7 43,265.5 245,032.5 38,146.8 Charges and fees 3,911.9 1,311.6 7,148.0 3,236.1 6,945.1 2,357.8 5,938.1 3,580.3 9,767.9 3,829.8 13,744.3 3,976.4 25,625.0 4,075.0 Sales of goods & services 7,890.0 2,902.8 12,844.5 4,954.4 12,951.1 2,126.3 5,829.2 3,703.0 10,328.0 4,498.7 21,355.8 11,027.8 36,977.6 4,639.5 Residual surplus, capital charge, interest payments and state dividend 3,465.0 304.3 16,679.0 13,214.1 23,474.4 141.0 847.1 706.1 6,094.9 5,247.8 16,465.7 10,370.9 27,478.4 2,865.5 Reimbursement & property sales 940.6 260.3 1,477.5 536.9 2,059.1 319.8 623.7 304.0 1,288.6 664.8 4,805.0 3,516.4 1,330.4 728.2 Miscellaneous 11,218.6 3,329.7 20,236.9 9,018.3 38,864.9 3,493.4 8,616.9 5,123.4 12,970.4 4,353.5 10,219.4 (2,751.0) 21,481.8 7,548.6 Other extraordinary 0.0 - - - - - - - - - - - 0.0 0.0 Privatization proceeds 0.0 - - - - - - - - - - - 0.0 0.0 Other revenue 20,689.1 6,845.0 33,841.2 13,152.1 73,327.4 7,397.0 23,131.4 15,734.4 40,207.5 17,076.1 57,332.5 17,125.0 132,139.2 18,290.0 Total revenue 478,050.7 148,511.4 685,459.1 207,408.4 932,038.5 163,372.6 411,498.8 248,126.2 613,644.5 202,145.7 840,094.8 226,450.3 1,493,865.3 296,682.1 External grants 21,885.3 8,441.5 32,127.6 10,242.3 41,119.6 0.0 14,951.2 14,951.2 24,339.2 9,388.0 33,031.7 8,692.6 214,091.0 58,898.9 Grants in kind/ earmarked 21,885.3 8,441.5 29,701.5 7,816.2 34,770.2 - 14,951.20 14,951.20 24,339.2 9,388.0 33,031.7 8,692.6 83,831.0 8,777.9 Untied cash & CPF/grants 0.0 0.0 2,426.1 2,426.1 6,349.4 - - - - - - - 130,260.0 50,121.0 Total revenue and grants 499,936.0 156,952.9 717,586.7 217,650.7 973,158.2 163,372.6 426,450.0 263,077.4 637,983.7 211,533.7 873,126.5 235,142.8 1,707,956.3 355,581.0 Source: Ministry of Finance, National Bank of Ethiopia National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 101
Table 14: General Government Quarterly Expenditure
(In million Birr)
Ethiopian fiscal year 2015 2016 2017
Fiscal year ending
July 7 2022/23 2023/24 2024/25
Pre-Actual Pre-actual Pre-actual
Revised 6
Month
Revised
(QII) 9Month (QIII) 12Month QIV Budget 3months (QI) 6months (QII) 9months (QIII) 12Months (QIV) Budget 3months (QI) A. Capital Expenditure Economic development 77,313.0 50,344.3 127,087.1 49,774.1 216,131.9 89,044.8 278,620.0 38,900.2 109,447.4 70,547.1 179,416.7 69,969.3 275,982.7 96,566.0 404,313.9 58,876.8 Agriculture 10,332.0 5,839.1 18,455.4 8,123.4 27,566.4 9,111.0 39,102.5 7,545.9 16,297.4 8,751.5 27,147.8 10,850.4 37,217.5 10,069.7 52,238.2 11,041.1 Natural Resource 15,726.3 11,690.2 28,516.2 12,789.9 47,356.3 18,840.1 56,359.6 5,311.6 26,458.2 21,146.6 38,435.8 11,977.7 62,557.7 24,121.9 80,075.4 11,461.7 o/w: Water 15,274.1 12,366.1 27,032.9 11,758.7 46,424.6 19,391.7 50,304.1 5,052.8 24,122.0 19,069.1 38,114.0 13,992.0 59,988.0 21,874.0 57,145.7 10,314.1 Mines & Energy 1,036.6 1,034.0 1,531.6 495.0 1,669.9 138.3 2,696.7 289.8 610.3 320.6 1,079.1 468.7 1,130.8 51.7 2,474.5 588.7 Trade, Industry & Tourism 688.8 434.4 1,617.0 928.2 8,975.4 7,358.4 8,145.4 381.9 3,497.2 3,115.3 6,294.2 2,797.0 10,246.7 3,952.5 16,300.6 2,021.2 Urban dev't & housing 19,357.0 12,126.6 26,901.7 7,544.7 44,390.0 17,488.2 20,477.3 12,832.2 30,003.4 17,171.2 49,267.0 19,263.6 71,527.1 22,260.1 100,353.5 13,699.4 Road construction 29,525.5 18,745.5 48,840.9 19,315.5 78,597.6 29,756.6 93,888.9 11,196.0 30,115.6 18,919.5 52,824.3 22,708.7 85,416.1 32,591.9 129,582.3 18,197.0 Transport & communication 646.8 474.7 1,224.2 577.4 7,576.4 6,352.2 57,949.7 1,342.8 2,465.3 1,122.5 4,368.6 1,903.2 7,886.7 3,518.2 23,289.4 1,867.7 Social Development 29,001.7 20,966.5 44,311.2 15,309.6 74,773.2 30,462.0 83,897.2 11,416.8 32,479.6 21,062.8 57,773.9 25,294.3 92,963.5 35,189.7 135,548.8 20,128.5 Education 19,754.9 15,108.2 29,403.8 9,648.9 50,860.6 21,456.8 40,736.7 6,541.8 20,188.2 13,646.4 35,655.2 15,467.0 58,626.3 22,971.1 59,990.1 12,313.8 Health 7,810.5 4,982.7 12,435.4 4,624.9 19,094.2 6,658.8 32,604.6 4,025.2 9,369.3 5,344.1 17,441.7 8,072.4 26,578.3 9,136.7 58,962.3 4,906.2 Socail welfare 730.3 360.3 1,144.4 414.1 2,444.6 1,300.3 3,426.8 450.4 1,821.9 1,371.5 2,881.0 1,059.1 4,156.9 1,275.9 7,283.9 1,644.4 Culture & sport 705.9 515.3 1,327.6 621.7 2,373.7 1,046.1 7,129.2 399.5 1,100.3 700.8 1,796.0 695.7 3,602.0 1,806.0 9,312.5 1,264.0 General Development 17,078.8 11,795.5 30,205.0 13,126.1 65,011.8 34,806.8 131,030.3 8,842.7 30,408.9 21,566.1 55,556.0 25,147.1 98,511.4 42,955.4 206,543.3 52,784.2 Compensation payments 0.0 - - - - 0.0 0.0 External assistance 13,443.8 6,878.2 21,885.3 8,441.5 29,701.5 7,816.2 34,770.2 7,301.7 14,951.2 7,649.4 24,339.2 9,388.0 33,031.7 8,692.6 83,831.0 8,777.9 Sub Total Capital Expenditure 123,393.5 83,106.3 201,603.4 78,209.8 355,917.0 154,313.6 493,547.5 59,159.8 172,335.8 113,176.1 292,746.5 120,410.7 467,457.6 174,711.1 746,406.0 131,789.5 B. Current Expenditure General Services 95,686.5 52,457.6 145,612.0 49,925.5 215,850.3 70,238.3 179,175.4 44,467.7 100,130.8 55,663.2 150,256.6 50,125.8 230,741.7 80,485.2 258,843.1 57,713.5 Organ
of the State 10,948.7 5,901.3 16,252.2 5,303.5 27,366.7 11,114.5 23,202.5 5,718.8 13,587.8 7,869.0 21,355.5 7,767.7 37,143.2 15,787.7 46,528.0 8,909.1 Justice 6,447.8 3,128.3 10,131.3 3,683.4 14,411.4 4,280.2 16,052.2 1,829.7 6,506.0 4,676.3 11,712.0 5,206.0 17,869.7 6,157.7 24,609.8 5,008.5 Defence 39,541.6 22,214.9 59,448.1 19,906.5 82,824.7 23,376.5 50,000.0 17,355.0 35,572.2 18,217.3 51,191.9 15,619.6 71,121.8 19,929.9 65,700.0 17,194.5 Public order & security 21,358.8 12,944.2 33,364.5 12,005.6 50,390.2 17,025.7 48,320.3 9,397.6 22,630.5 13,232.9 33,738.2 11,107.7 53,982.8 20,244.6 64,865.0 13,056.4 Other General services 17,389.5 8,268.9 26,415.9 9,026.4 40,857.3 14,441.4 41,600.4 10,166.6 21,834.3 11,667.7 32,259.1 10,424.7 50,624.2 18,365.1 57,140.3 13,544.9 Economic Services 25,763.0 13,325.4 39,124.1 13,361.1 55,863.0 16,738.9 81,574.3 11,552.2 32,434.3 20,882.2 48,938.9 16,504.5 63,103.7 14,164.8 73,446.4 27,058.3 Agriculture&natural resource 15,156.5 8,286.3 22,926.9 7,770.4 32,714.1 9,787.2 48,546.9 6,768.8 20,468.6 13,699.8 31,247.7 10,779.1 36,909.0 5,661.4 42,178.7 11,160.1 Agriculture 12,239.5 6,504.2 18,429.4 6,189.9 25,819.4 7,389.9 39,776.9 5,496.5 16,944.4 11,447.9 25,936.6 8,992.2 29,464.0 3,527.4 32,610.7 7,160.5 Natural resource 2,917.0 1,782.0 4,497.5 1,580.5 6,894.7 2,397.2 8,769.9 1,272.2 3,524.1 2,251.9 5,311.1 1,786.9 7,445.0 2,133.9 9,568.0 3,999.6 o/w: Water 2,882.6 1,859.6 4,466.1 1,583.5 6,876.2 2,410.0 7,146.2 1,116.2 2,690.8 1,574.6 5,483.2 2,792.4 7,303.6 1,820.4 4,859.6 2,532.0 Trade, Industry & Tourism 5,550.6 2,595.7 8,655.5 3,104.9 12,366.0 3,710.5 12,927.7 2,719.3 6,705.5 3,986.3 10,355.7 3,650.1 14,658.7 4,303.1 15,790.4 5,053.6 Mines & Energy 139.9 75.6 240.8 100.9 330.2 89.4 361.3 46.6 168.7 122.1 297.0 128.2 407.6 110.6 397.4 143.8 Tourism 187.8 111.7 288.6 100.8 485.9 197.3 618.8 11.7 185.8 174.1 334.2 148.3 575.4 241.2 582.0 107.9 Transport & communication 1,419.1 562.1 2,069.5 650.4 3,286.7 1,217.2 2,995.4 511.0 1,037.5 526.5 2,335.4 1,298.0 3,217.6 882.2 5,553.5 1,028.6 Urban devt. & construction 2,615.2 1,372.5 3,889.4 1,274.3 5,330.4 1,441.0 14,829.4 1,172.4 3,185.6 2,013.2 3,444.6 259.0 6,053.5 2,608.9 7,380.9 9,101.9 o/w: Road Construction 1,209.9 652.6 1,771.8 561.9 2,123.7 351.9 4,138.0 533.4 1,689.7 1,156.3 1,947.7 258.0 3,804.8 1,857.0 4,027.9 7,544.9 Economic development studies 693.9 321.5 1,053.3 359.5 1,349.6 296.3 1,294.8 322.4 682.6 360.2 924.4 241.7 1,281.9 357.5 1,563.5 462.4 Social Services 101,248.0 47,260.1 150,895.5 49,647.5 217,279.4 66,383.9 244,902.3 43,707.4 99,182.2 55,474.9 168,737.7 69,555.4 247,932.4 79,194.7 288,102.2 55,565.4 Education & training 65,774.1 31,029.4 99,736.0 33,962.0 142,805.6 43,069.6 159,685.1 28,746.4 66,198.1 37,451.7 110,728.1 44,530.0 162,057.1 51,329.0 178,057.9 36,696.9 Culture & sports 2,495.8 1,354.9 3,753.5 1,257.7 5,528.1 1,774.5 5,455.3 1,500.3 2,890.6 1,390.2 4,499.4 1,608.8 6,854.3 2,354.9 7,902.0 1,765.6 Public health 23,442.5 11,580.8
35,913.2 12,470.8 53,144.4 17,231.2 67,567.0 10,224.8 23,236.9 13,012.2 43,176.1 19,939.1 61,216.5 18,040.5 84,471.1 12,368.3 Labour & social welfare 1,339.3 604.7 2,306.9 967.6 3,804.1 1,497.2 2,632.5 647.2 1,441.1 793.9 2,202.3 761.2 3,713.6 1,511.3 5,725.1 1,267.1 Rehabilitation 8,196.3 2,690.4 9,185.8 989.5 11,997.2 2,811.5 9,562.3 2,588.6 5,415.6 2,826.9 8,131.8 2,716.2 14,090.9 5,959.2 11,946.2 3,467.6 Interest & Charges 29,064.7 18,063.0 39,454.4 10,389.7 54,544.0 15,089.6 105,470.0 12,032.3 29,269.4 17,237.1 53,551.6 24,282.2 68,888.3 15,336.6 175,631.5 25,065.1 Internal debt 21,347.7 13,467.5 30,195.7 8,847.9 41,556.6 11,361.0 88,458.0 10,892.7 25,230.6 14,337.9 42,853.9 17,623.3 56,774.2 13,920.3 148,033.1 19,782.5 External debt 7,717.0 4,595.5 9,258.7 1,541.7 12,987.4 3,728.7 17,012.0 1,139.6 4,038.8 2,899.2 10,697.8 6,659.0 12,114.1 1,416.3 27,598.4 5,282.5 O/w: defence commercial - - - Miscellaneous 28,190.3 19,730.6 33,140.1 4,949.8 39,317.9 6,177.8 95,805.8 3,167.7 18,744.5 15,576.8 29,909.3 11,164.8 41,953.6 12,044.2 435,586.3 8,843.6 External assistance * 0.0 Sub Total Current Expenditure 279,952.5 150,836.7 408,226.1 128,273.6 582,854.6 174,628.5 706,927.8 114,927.2 279,761.3 164,834.1 451,394.1 171,632.8 652,619.7 201,225.5 1,231,609.4 174,245.8 Grand Total Expenditure 403,346.0 233,943.1 609,829.4 206,483.4 938,771.6 328,942.2 1,200,475.3 174,086.9 452,097.1 278,010.2 744,140.6 292,043.5 1,120,077.3 375,936.6 1,978,015.5 306,035.3 Source: Ministry of Finance, National Bank of Ethiopia

Estimated value

National Bank of Ethiopia Quarterly Bulletin
102 | First Quarter 2024/25
Table 15: Domestic Refining and Imports of Ptroleum
(In Metric Tone)
Period MGR Jet fuel Gasoil LFO HFO Total fuel oil 2018/19 Qtr.I 120,069.7 205,741.8 570,182.1 6,646.3 4,500.0 979,262.1 83,268.5 Qtr.II 122,357.9 221,894.3 600,552.3 9,751.8 9,596.8 1,028,073.0 83,268.5 Qtr.III 135,787.6 208,436.3 690,546.5 5,987.2 9,894.9 1,118,039.0 83,268.5 Qtr.IV 128,524.0 183,926.2 635,440.9 8,695.8 11,076.0 1,031,159.5 83,268.5 2019/20 Qtr.I 159,613.1 210,503.5 616,810.6 8,886.7 14,477.8 1,070,195.8 83,268.5 Qtr.II 133,745.9 212,529.5 648,408.0 10,582.6 8,425.3 1,077,952.0 83,268.5 Qtr.III 141,900.1 133,970.7 659,674.5 9,393.6 10,290.6 1,018,813.7 83,268.5 Qtr.IV 142,182.9 84,127.5 643,282.9 8,690.9 9,700.0 952,861.8 83,268.5 2020/21 Qtr.I 145,183.0 99,180.5 613,828.1 8,195.6 12,300.0 941,460.1 83,268.5 Qtr.II 176,894.5 107,969.3 630,617.5 6,914.5 15,500.0 998,749.8 83,268.5 Qtr.III 154,240.3 129,945.4 654,442.0 7,750.0 13,602.4 1,021,896.2 83,268.5 Qtr.IV 176,255.2 106,927.1 636,567.6 7,300.0 16,010.8 1,003,018.4 83,268.5 2021/22 Qtr.I 169,292.8 127,007.6 677,243.3 13,809.6 10,437.5 1,056,812.1 83,268.5 Qtr.II 169,625.8 126,027.1 625,325.9 9,985.0 12,995.0 1,004,247.3 83,268.5 Qtr.III 161,316.3 139,263.2 625,222.2 4,935.0 12,770.0 943,506.7 17,705.0 Qtr.IV 173,484.2 104,408.7 669,411.2 7,210.0 9,397.3 963,911.4 16,607.3 2022/23 Qtr.I 166,296.6 147,176.4 649,322.3 4,500.0 2,000.0 969,295.3 6,500.0 Qtr.II 168,681.6 129,360.2 606,671.5 6,500.0 13,000.0 924,213.3 19,500.0 Qtr.III 187,823.6 150,727.4 684,586.0 6,672.2 13,440.1 1,043,249.3 20,112.3 Qtr.IV 183,697.6 194,451.4 606,270.1 6,179.0 13,150.8 1,003,748.8 19,329.7 2023/24 Qtr.I 154,992.4 145,961.7 596,183.3 7,400.0 7,900.0 912,437.4 15,300.0 Qtr.II 198,679.4 209,934.2 645,535.7 7,698.2 11,503.8 1,073,351.3 19,202.0 Qtr.III 167,262.1 166,926.9 546,034.0 8,030.1 7,898.7 896,151.8 15,928.8 QIV 187,558.9 149,738.2 575,024.2 7,169.0 11,780.8 931,271.1 18,949.8 Annual 708,492.8 672,561.0 2,362,773.6 30,297.4 39,083.3 3,813,208.0 69,380.6 2024/25 QI 152,915.2 191,590.1 658,276.7 6,788.8 12,585.3 1,022,156.1 19,374.1 National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 103
Table 16: GDP By Economic Activity at Constant Prices
(In millions of Birr)
Sectors/Year
2009 2010 2011 2012 2013 2014 2015 2016
2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 Agriculture, Hunting and Forestry 579,022.9 599,331.4 622,220.3 648,711.8 684,775.8 726,412.8 771,163.0 824,259.4 Crop 374,649.8 392,291.8 404,049.6 422,966.5 446,919.4 477,801.1 511,777.5 551,862.1 Animal Farming and Hunting 153,170.4 154,038.0 163,279.5 168,722.4 178,571.3 186,759.1 195,057.3 205,367.7 Forestry 51,202.7 53,001.7 54,891.1 57,022.9 59,285.2 61,852.6 64,328.3 67,029.7 Fishing 1,389.4 1,546.7 1,581.8 1,625.9 1,653.4 2,015.5 2,794.3 3,621.0 Mining and Quarrying 4,296.9 3,402.8 2,658.9 5,089.3 10,960.7 11,624.5 10,796.1 12,779.1 Manufacturing 111,249.6 117,410.7 127,986.7 137,601.5 144,618.9 151,583.9 162,125.7 175,745.9 Large and Medium Scale Manufacturing 73,528.2 77,966.5 87,691.9 96,268.6 102,266.2 108,223.9 117,266.1 129,228.4 Small Scale and Cottage Industries 37,721.5 39,444.2 40,294.7 41,332.9 42,352.7 43,360.1 44,859.6 46,517.6 Electricity and Water 11,552.5 11,929.0 14,115.4 15,136.4 16,522.3 17,593.6 19,826.3 23,400.1 Construction 286,749.6 331,691.4 381,443.8 419,078.0 446,721.7 468,435.8 501,490.4 546,459.8 Whole Sale and Retail Trade 215,351.0 241,936.3 268,037.0 285,293.1 303,204.7 327,260.0 352,241.8 379,833.4 Hotels and Restaurants 41,625.2 44,335.3 48,143.8 49,220.4 50,484.9 54,536.5 60,146.9 65,644.1 Transport and Communications 215,351.0 241,936.3 104,436.2 105,646.1 113,090.7 124,120.5 139,047.5 154,861.1 Financial Intermediation 41,625.2 44,335.3 57,368.6 65,274.3 71,158.1 78,636.2 86,092.9 91,275.5 Real Estate, Renting and Business Activities 70,005.2 74,364.3 79,942.0 87,510.2 95,299.7 103,829.9 113,274.2 123,259.3 Public Administration and Defense 70,488.5 76,754.1 83,662.0 85,612.2 89,770.1 93,768.3 97,515.9 102,314.6 Education 41,031.0 42,520.8 44,221.6 44,784.1 45,694.9 46,432.3 47,583.1 48,786.2 Health and Social Work 16,767.9 18,153.4 20,747.2 23,414.2 26,554.3 29,413.0 32,650.5 36,311.2 Other Community , Social & Personal Services 19,198.4 20,178.0 21,454.2 21,995.5 22,426.8 22,890.2 23,400.6 24,072.7 Private Households with Employed Persons 16,633.3 17,276.0 17,707.4 18,115.5 18,515.9 18,939.5 19,329.1 19,726.7 Total 1,613,519.9 1,739,254.9 1,895,726.7 2,014,108.6 2,141,452.8 2,277,492.4 2,439,478.1 2,632,350.2 Less : FISIM 17,038.3 19,763.6 21,037.4 24,520.9 27,214.5 28,829.5 29,556.7 28,397.3 Gross Value Added at Constant Basic Prices 1,596,481.6 1,719,491.3 1,874,689.3 1,989,587.7 2,114,238.3 2,248,662.8 2,409,921.4 2,603,952.9 Taxes on Products 120,645.6 114,575.2 112,468.2 119,592.3 113,931.8 98,085.2 91,585.7 80,572.4 GDP at Constant Market Prices 1,717,127.2 1,834,066.5 1,987,157.5 2,109,180.1 2,228,170.1 2,346,748.0 2,501,507.2 2,684,525.2 Source: MoPD

National Bank of Ethiopia Quarterly Bulletin
104 | First Quarter 2024/25
Table 17: Growth Rate of GDP By Economic Activity at Constant Prices
(In percent)
Industry/Year
2009 2010 2011 2012 2013 2014 2015 2016
2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 Agriculture, Hunting and Forestry 6.7 3.5 3.8 4.3 5.6 6.1 6.2 6.9 Crop 8.2 4.7 3 4.7 5.7 6.9 7.1 7.8 Animal Farming and Hunting 4.2 0.6 6 3.3 5.8 4.6 4.4 5.3 Forestry 3.6 3.5 3.8 3.9 4.0 4.3 4.0 4.2 Fishing 0.5 11.3 2.3 2.8 1.7 21.9 38.6 29.6 Mining and Quarrying -29.8 -20.8 -21.9 91.4 115.4 6.1 -7.1 18.4 Manufacturing 24.7 5.5 7.7 7.5 5.1 4.8 7.0 8.4 Large and Medium Scale Manufacturing 19.2 6.0 10 9.8 6.2 5.8 8.4 10.2 Small Scale and Cottage Industries 36.9 4.6 3 2.6 2.5 2.4 3.5 3.7 Electricity and Water 4.9 3.3 4 7.2 9.2 6.5 12.7 18.0 Construction 20.7 15.7 15 9.9 6.6 4.9 7.1 9.0 Whole Sale and Retail Trade 6.5 12.3 11.7 6.4 6.3 7.9 7.6 7.8 Hotels and Restaurants 0.1 6.5 9 2.2 2.6 8.0 10.3 9.1 Transport and Communications 15.1 6.4 21 1.2 7.0 9.8 12.0 11.4 Financial Intermediation 18.3 10.7 10.1 10.2 9.0 10.5 9.5 6.0 Real Estate, Renting and Business Activities 4.4 6.2 7.5 9.5 8.9 9.0 9.1 8.8 Public Administration and Defense 13.2 8.9 9 2.3 4.9 4.5 4.0 4.9 Education -3.2 3.6 4 1.8 2.0 1.6 2.5 2.5 Health and Social Work 7.0 8.3 14.3 12.9 13.4 10.8 11.0 11.2 Other Community , Social & Personal Services
4.5 5.1 6.3 2.5 2.0 2.1 2.2 2.9
Private Households with Employed Persons 3.5 3.9 2.5 2.3 2.2 2.3 2.1 2.1 Total 10.2 7.8 8.9 6.2 6.3 6.4 7.1 7.9 Less : FISIM 17.6 16.0 7 14.2 11.0 5.9 2.5 -3.9 Gross Value Added at Constant Basic Prices
10.1 7.7 9.0 6.1 6.3 6.4 7.2 8.1
Taxes on Products 1.6 -5.0 -1.8 6.3 -4.7 -13.9 -6.6 -12.0 GDP at Constant Market Prices 9.5 6.8 8.3 6.1 5.6 5.3 6.6 7.3 Source: MoPD National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 105
Table 18: GDP by Economic Activity at Current Prices
(In million Birr)
Industry/Year
2008 2009 2010 2011 2012 2013 2014 2015 2016
2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 Agriculture, Hunting and Forestry 542,700 616,843 684,644 910,589.1 1,196,254.2 1,626,284.1 2,312,286.2 3,114,215.0 4,087,852.8 Crop 346,294 393,324 427,193 587,216.0 797,015.6 1,122,637.7 1,639,822.3 2,189,185.1 2,880,082.2 Animal Farming and Hunting 146,960 164,730 191,867 247,337.3 303,074.1 385,788.3 523,066.6 731,290.9 949,484.2 Forestry 49,447 58,788 65,584 76,035.8 96,164.4 117,858.2 149,397.2 193,738.9 258,286.3 Fishing 1,382 2,259 2,351 3,020.6 3,747.5 5,034.3 5,351.5 7,481.6 10,084.5 Mining and Quarrying 6,117 4,840 4,053 3,368.1 9,643.4 30,909.1 34,587.9 29,329.9 50,066.7 Manufacturing 89,247 113,387 128,200 150,530.5 178,972.3 199,934.1 261,122.9 390,709.0 517,803.5 Large and Medium Scale Manufacturing 61,687 74,763 84,791 104,723.1 125,757.6 141,915.1 185,656.5 285,203.1 381,197.6 Small Scale and Cottage Industries 27,559 38,624 43,410 45,807.5 53,214.7 58,019.0 75,466.4 105,505.9 136,605.9 Electricity and Water 11,015 13,714 15,026 18,726.4 23,826.9 30,434.9 34,860.6 53,134.9 64,312.8 Construction 237,545 300,209 452,978 495,283.1 567,201.4 687,236.9 1,068,150.2 1,661,757.3 2,355,789.2 Whole Sale and Retail Trade 202,241 225,076 275,513 360,656.3 444,506.1 554,457.8 801,596.4 1,129,865.3 1,604,889.0 Hotels and Restaurants 41,601 44,922 53,441 66,596.7 79,304.1 95,766.7 129,976.7 195,338.3 271,055.2 Transport and Communications 70,453 77,659 82,947 99,884.4 140,312.7 183,481.3 251,762.7 314,877.2 381,487.4 Financial Intermediation 39,769 51,810 69,359 85,044.1 102,994.4 122,893.7 180,666.7 238,373.1 331,181.7 Real Estate, Renting and Business Activities 67,063 70,793 79,553 106,157.2 154,804.2 228,594.8 404,030.6 715,651.7 1,032,988.6 Public Administration and Defense 62,259 80,817 94,614 103,262.3 120,235.7 159,154.9 188,988.2 260,507.3 307,964.0 Education 42,386 61,123 75,776 85,738.9 94,199.3 116,406.3 127,857.9 164,357.3 214,067.8 Health and Social Work 15,669 18,770 24,100 27,328.0 34,927.8 40,104.3 47,995.9 60,118.6 72,311.6 Other Community , Social & Personal Services 18,371 20,568 23,634 28,140.8 33,305.6 39,400.7 49,977.4 66,077.1 87,645.1 Private Households with Employed Persons 16,064 19,879 25,428 31,181.0 38,264.3 45,764.8 67,753.0 80,607.1 112,313.4 Total 1,463,883 1,722,669 2,091,618 2,575,507.5 3,222,499.9 4,165,858.8 5,966,964.9 8,482,400.7 11,501,813.4 Less : FISIM 14,486 18,870 26,829 31,884.3 39,104.0 46,801.9 67,289.5 79,436.0 102,399.8 Gross Value Added at Constant Basic Prices 1,449,397 1,703,798 2,064,789 2,543,623.2 3,183,395.8 4,119,057.0 5,899,675.3 8,402,964.6 11,399,413.6 Taxes on Products 118,700 128,755 137,583 152,599.6 191,351.1 221,967.3 257,339.9 319,343.1 352,724.5 GDP at Current Market Prices 1,568,097 1,832,554 2,202,373 2,696,222.7 3,374,746.9 4,341,024.2 6,157,015.2 8,722,307.7 11,752,138.1 Source: MoPD

National Bank of Ethiopia Quarterly Bulletin
106 | First Quarter 2024/25
Table 19: Growth Rates of GDP by Economic Activity at Current Prices (%)
Sectors/Year
2008 2009 2010 2011 2012 2013 2014 2015 2016
2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 Agriculture, Hunting and Forestry 12.1 13.7 11.0 33.0 32.6 35.9 42.2 34.7 31.3 Crop 11.9 13.6 8.6 37.5 35.7 40.9 46.1 33.5 31.6 Animal Farming and Hunting 11.1 12.1 16.5 28.9 27.0 27.3 35.6 39.8 29.8 Forestry 16.1 18.9 11.6 16.2 26.5 22.6 26.8 29.7 33.3 Fishing 12.8 63.5 4.1 28.5 24.1 34.3 6.3 39.8 34.8 Mining and Quarrying -2.3 -20.9 -16.3 -16.9 186.3 220.5 11.9 (15.2) 70.7 Manufacturing 7.0 27.0 13.1 17.4 18.9 11.7 30.6 49.6 32.5 Large and Medium Scale Manufacturing 6.3 21.2 13.4 20.2 20.1 12.8 30.8 53.6 33.7 Small Scale and Cottage Industries 10.4 40.1 12.4 3.0 16.2 9.0 30.1 39.8 29.5 Electricity and Water 4.3 24.5 9.6 20.7 27.2 27.7 14.5 52.4 21.0 Construction 60.3 26.4 50.9 9.3 14.5 21.2 55.4 55.6 41.7 Whole Sale and Retail Trade 8.1 11.3 22.4 32.4 23.2 24.7 44.6 41.0 42.0 Hotels and Restaurants 22.9 8.0 19.0 25.1 19.1 20.8 35.7 50.3 38.8 Transport and Communications 22.4 10.2 6.8 20.4 40.5 30.8 37.2 25.1 21.2 Financial Intermediation 21.7 30.3 33.9 22.6 12.2 19.3 47.0 31.9 38.9 Real Estate, Renting and Business Activities 5.1 5.6 12.4 33.4 45.8 47.7 76.7 77.1 44.3 Public Administration and Defense 20.8 29.8 17.1 9.1 16.4 32.4 18.7 37.8 18.2 Education 19.8 44.2 24.0 13.1 11.3 23.6 9.8 28.5 30.2 Health and Social Work 21.3 19.8 28.4 13.4 27.8 14.8 19.7 25.3 20.3 Other Community , Social & Personal Services
9.9 12.0 14.9 19.1 18.4 18.3 26.8 32.2 32.6
Private Households with Employed Persons 4.8 23.7 27.9 22.6 22.7 19.6 48.0 19.0 39.3 Total 18.2 17.7 21.4 23.3 25.3 29.3 43.2 42.2 35.6 Less : FISIM 24.6 30.3 42.2 22.0 13.8 19.7 43.8 18.1 28.9 Gross Value Added at Current Basic Prices 18.2 17.6 21.2 23.3 25.4 29.4 43.2 42.4 35.6 Taxes on Products 12.8 12.9 6.9 10.9 25.4 16.0 15.9 24.1 10.5 GDP at Current Market Prices 17.7 16.9 20.2 22.4 25.2 28.6 41.8 41.7 34.7 Source: MoPD National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 107
Table 20: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices
(In Millions of Birr)
Description/Year
2004 2005 2006 2012 2013 2014 2015 2016
2011/12 2012/13 2013/14 2019/20 2020/21 2021/22 2022/23 2023/24 GrossValueAddedatCurrentBasicPrices 710,011.5 818,870.1 1,002,350.9 3,183,395.8 4,119,056.00 5,899,675.3 8,403,773.7 11,399,413.6 TaxesonProducts,net 56,882.0 70,618.0 86,098.0 191,351.1 221,967.0 257,339.9 319,343.1 352,724.5 GDPatCurrentMarketPrices 766,915.5 889,644.9 1,088,631.8 3,374,746.9 4,341,024.0 6,157,015.2 8,723,116.8 11,752,138.1 IncomesfromROW,net (1,659.8) (1,942.8) (2,914.6) (19,203.0) (22,381.0) (27,861.8) (23,923.3) (18,601.4) GrossNationalIncomeatCurrentBasicPrices 708,351.7 816,927.4 999,436.3 3,164,192.9 4,096,676.0 5,871,813.5 8,379,850.4 11,380,812.2 GrossNationalIncomeatCurrentMarketPrices 765,255.7 887,702.1 1,085,717.2 3,355,544.0 4,318,643.7 6,129,153.5 8,699,193.5 11,733,536.7 CurrentTransfersfromROW,net 86,849.9 93,355.1 106,357.3 210,332.1 292,126.0 400,304.3 421,000.8 414,622.4 GrossNationalDisposableIncome 852,105.6 981,057.2 1,192,074.5 3,565,876.0 4,610,770.0 6,529,457.8 9,120,194.3 12,148,159.1 GovernmentFinalConsumptionExpenditure 72,783.5 91,074.7 115,104.0 308,096.7 383,565.0 453,263.1 551,106.6 650,000.0 PrivateFinalConsumptionExpenditure 544,140.3 639,963.8 748,560.3 2,363,783.1 3,135,110.0 4,765,752.5 6,884,213.0 9,422,416.4 GrossCapitalFormation(Investment) 275,811.3 293,930.7 400,841.2 1,031,962.8 1,216,585.0 1,560,324.8 1,933,863.0 2,409,022.1 ExportsofGoodsandServices 102,886.6 108,227.1 123,496.0 240,525.0 331,294.0 507,581.9 575,369.7 652,778.8 ImportsofGoodsandServices 236,383.9 251,300.6 308,691.3 569,620.6 725,530.0 1,129,907.1 1,221,435.5 1,382,079.2 ResourceBalance (133,497.3) (143,073.5) (185,195.3) (329,095.7) (394,236.0) (622,325.2) (646,065.9) (729,300.4) GrossDomesticSavings 149,991.7 158,606.3 224,967.5 702,867.1 822,349.0 937,999.6 1,287,797.1 1,679,721.7 GrossNationalSavings 235,181.8 250,018.7 328,410.1 893,996.2 1,092,095.0 1,310,442.1 1,684,874.6 2,075,742.7 Mid-yearPopulation(InMillion) 82.7 84.8 87.0 99.7 101.9 104.1 105.7 108.4 PerCapitaNominalGDP(InBirr) 9,268.6 10,486.5 12,520.2 33,849.0 42,595.0 59,155.4 82,521.5 108,401.1 PerCapitaRealGDP(InBirr) 13,090.3 14,118.3 15,189.1 21,155.3 21,860.5 22,578.4 23,645.1 24,761.9 AverageExchangeRate(Birr/USD) 17.3 18.3 19.1 31.3 39.0 48.6 53.3 56.0 RealGDP(InUSD) 62,777.3 65,528.4 69,237.3 67,294.2 57,101.7 48,387 46,909.2 47,970.2 NominalGDP(InUSD)(Million) 44,449.6 48,671.9 57,071.7 107,672.6 111,261.9 126,772.7 163,712.9 210,000.9 PerCapitaNominalGDP(InUSD) 537.2 573.7 656.4 1,080.0 1,091.8 1,218.0 1,549.0 1,937.0 PerCapitaRealGDP(InUSD) 758.7 772.4 796.3 675.0 560.3 464.9 443.8 442.5 GDPDeflator 0.71 0.74 0.82 1.60 1.95 2.62 3.49 4.38 Source: MoPD

National Bank of Ethiopia Quarterly Bulletin
108 | First Quarter 2024/25
Table 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings
Description / Year
2008 2009 2010 2011 2012 2013 2014 2015 2016
2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 GDP at Current Basic Prices 18.2 17.6 21.2 23.3 25.2 29.4 43.2 42.4 35.6 Taxes on Products, net 12.9 8.5 6.9 10.9 25.4 16.0 15.9 24.1 10.5 GDP at Current Market Prices 17.7 16.9 20.2 22.5 25.2 28.6 41.8 41.7 34.7 Incomes from ROW, net (2.9) (112.5) (31.8) (33.0) 46.5 16.5 24.5 -20.9 22.2 Gross National Income at Current Basic Price 18.3 17.2 21.1 23.3 25.0 29.5 43.3 42.7 35.8 Gross National Income at Current Market Price 17.8 16.6 20.1 22.5 25.1 28.7 41.9 41.9 34.9 Current Transfers from ROW, net 21.5 (0.6) 21.7 25.7 (12.5) 38.9 37.0 5.0 -1.5 Gross National Disposable Income 18.1 15.0 20.2 22.8 22.0 29.3 41.6 39.7 33.2 Government Final Consumption Expenditure 27.2 16.6 10.8 9.7 24.6 24.5 18.2 21.6 17.9 Private Final Consumption Expenditure 15.7 17.0 18.2 27.9 27.9 32.6 52.0 44.4 36.9 Gross Capital Formation (Investment) 15.1 20.3 6.7 26.2 8.8 17.9 28.3 23.9 24.6 Exports of Goods and Services 0.8 14.1 31.8 15.9 12.7 37.7 53.2 13.3 13.5 Imports of Goods and Services 8.0 1.3 16.7 11.8 1.4 27.4 55.7 8.0 13.2 Resource Balance (11.3) 3.9 (9.4) (9.5) (5.5) 19.8 57.9 3.7 -12.9 Gross Domestic Savings 19.4 16.6 30.7 12.2 17.0 17.0 14.1 37.4 30.4 Gross National Savings 20.3 10.3 28.1 16.4 8.0 22.2 20.0 28.7 23.2 Mid-year Population (in Million) 2.4 2.4 2.3 2.2 2.1 1.5 2.6 Per Capita GDP (Birr) (Nominal) 15.0 14.2 17.5 19.8 22.5 25.8 38.9 39.5 31.4 Per Capita GDP (Birr) (Real) 5.0 7.0 4.4 5.8 4.1 3.3 3.3 4.7 -82.0 Average Exchange Rate (Birr/USD) 5.0 6.2 16.5 7.6 11.5 24.5 24.5 9.7 5.0 Real GDP (USD) 2.4 3.1 (8.3) 0.6 (4.8) -15.1 -15.3 -3.1 -83.0 GDP at Current Market Prices(USD) 12.1 10.0 3.2 13.7 12.0 3.3 13.9 29.1 24.4 Per Capita GDP (USD) (Nominal) 9.5 7.5 0.9 11.5 9.6 1.1 11.6 27.2 25.1 Per Capita GDP (USD) (Real) 0.0 0.7 (10.4) (1.5) (6.8) -17.0 -17.0 -4.5 -82.9 Percentage Change in GDP Deflator 9.5 6.7 12.5 13.3 17.6 21.8 34.5 33.2 631.8 Source:MoPD National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 109
Table 22(A): National Non-Food Consumer Price Index, Period General Index Food and Non-Alcoholic Beverages Alcoholic Beverages and Tobacco Clothing & Foot-wear Hosing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health
Transport
Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
Non-Food Index
2015/16
Q.I 94.4 93.9 93.6 96.3 87.7 91.2 87.6 96.5 103.9 83.7 91.4 88.0 94.7 90.8 Q.II 94.3 94.8 94.6 96.8 87.7 92.8 92.0 98.2 101.3 88.2 99.8 90.8 95.6 91.8 Q.III 94.9 95.2 101.3 97.9 91.1 95.9 93.8 97.2 100.3 91.1 99.8 92.6 96.5 94.6 Q.IV 97.8 98.7 94.9 99.0 97.0 96.9 97.4 97.0 101.5 92.3 99.9 94.9 97.8 96.9 2016/17 QI 100.4 102.5 92.4 99.2 100.1 97.7 95.1 98.1 99.7 93.5 100.0 97.6 98.5 98.2 QII 100.4 101.3 97.3 99.5 100.1 99.2 98.8 99.3 99.9 98.4 100.0 99.1 99.0 99.4 QIII 102.4 103.0 104.4 100.7 102.3 101.2 104.3 103.9 99.8 99.0 100.0 98.1 100.9 101.7 QIV 106.5 109.5 98.3 102.1 102.8 107.9 113.4 104.7 102.1 111.6 99.4 101.6 101.9 103.0 2017/18 QI 112.0 113.9 104.5 116.0 113.3 111.1 97.0 106.3 101.7 113.1 106.0 107.9 102.2 109.9 QII 115.6 116.6 110.7 119.8 119.7 115.3 92.9 108.9 103.4 114.0 107.5 113.5 104.5 114.5 QIII 118.8 118.7 117.3 126.3 123.4 122.4 99.9 111.4 105.9 117.9 109.2 114.0 109.5 118.9 QIV 122.8 123.1 108.2 135.8 127.8 129.1 101.3 113.2 107.2 120.9 110.4 118.6 115.6 122.5 2018/19 QI 127.4 128.2 112.3 141.1 131.3 133.9 107.2 115.5 106.7 122.6 117.5 123.7 119.6 126.5 QII 127.9 128.3 112.3 144.7 130.0 136.3 110.6 119.7 101.1 124.9 125.8 128.1 119.8 127.4 QIII 131.9 132.0 121.2 150.7 133.1 141.5 116.0 128.9 101.5 126.6 126.3 130.8 123.6 131.8 QIV 141.0 145.6 125.1 151.6 137.0 147.4 114.8 132.3 105.5 127.7 129.5 135.7 131.4 135.7 2019/20 QI 149.5 156.6 127.0 156.4 144.7 150.0 120.2 136.0 105.6 129.8 132.6 145.9 135.6 141.4 QII 153.1 158.5 131.5 158.6 153.8 151.4 126.6 139.5 102.8 141.4 134.1 152.0 139.8 146.8 QIII 159.6 164.5 137.4 159.7 167.2 153.6 130.3 146.6 101.0 143.2 134.3 156.7 145.5 153.9 QIV 171.2 179.2 163.0 167.1 168.5 156.4 143.4 192.6 108.1 140.3 135.6 159.3 149.5 161.9 2020/21 QI 179.9 192.1 158.5 170.3 172.2 158.7 147.4 218.3 106.1 140.2 130.3 165.2 155.3 165.8 QII 181.9 193.7 168.8 177.3 174.8 159.8 155.9 171.1 104.3 153.9 145.6 176.7 161.3 168.3 QIII 191.9 201.8 176.8 185.6 188.5 173.6 170.6 200.0 117.3 163.1 149.9 183.3 169.3 180.4 QIV 207.7 224.0 184.0 199.0 189.2 196.7 189.6 209.5 125.9 175.6 152.8 192.8 184.7 188.9 2021/22 QI 234.9 263.5 202.5 213.2 202.0 217.8 206.3 209.0 119.9 189.2 164.9 205.3 195.1 201.8 QII 244.0 271.9 218.7 223.0 211.4 228.2 221.6 209.3 121.0 220.7 184.8 218.6 200.3 211.9 QIII 257.7 286.3 240.5 225.8 223.2 249.4 232.8 217.3 125.8 238.3 190.1 233.4 215.8 224.6 QIV 282.2 317.0 259.4 250.3 227.7 292.5 246.9 223.5 129.9 256.6 196.8 262.2 253.8 242.1 2022/23 QI 310.4 351.0 270.8 287.0 239.6 327.2 256.5 265.1 133.7 286.4 207.3 291.1 287.7 263.7 QII 325.9 360.4 298.9 307.6 260.5 360.7 268.2 278.8 127.5 350.6 222.5 312.1 326.5 286.1 QIII 343.8 378.0 324.1 327.9 276.2 386.7 293.6 276.8 128.3 359.9 223.5 335.5 351.5 304.4 QIV 370.1 410.0 333.5 351.6 295.1 416.3 329.7 290.3 133.4 357.7 231.3 361.3 369.4 324.2 2023/24 QI 398.0 444.5 359.5 354.6 320.4 438.9 371.2 297.2 161.4 359.9 227.8 382.9 378.6 344.5 QII 419.6 468.9 375.0 366.8 346.1 449.3 382.9 319.5 167.2 330.9 282.3 400.9 397.7 362.9 QIII 439.7 494.8
412.8 375.5 351.6 461.1 400.5 342.1 173.7 335.2 287.2 421.2 410.4 376.2 QIV 451.5 512.8 420.3 362.7 352.5 472.4 423.8 342.0 170.4 332.4 291.8 443.2 424.6 380.8 2024/25 QI 468.6 531.8 430.4 371.5 371.3 488.2 447.9 354.0 172.6 342.8 294.4 465.1 431.7 395.8 Source: Ethiopian Statistical Service(ESS) and NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin
110 | First Quarter 2024/25
Table 22 (B): National Food Consumer Price Index,
December 2016=100
Period
Food & Nonalcoholic
Beverages
Bread and Cereals
Meat
Fish & Sea Food
Hosing,Water,
Electricity, Gas and
Other Fuels
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate & confectionery
Food products
Non-Alcoholic
Beverages
2015/16
Q.I 97.9 94.3 90.9 90.1 102.9 88.7 96.6 76.3 131.6 87.8 QII 96.6 94.0 92.1 92.2 99.5 95.7 96.5 77.0 120.8 85.1 QIII 95.2 95.7 92.8 96.9 96.6 96.2 96.5 81.7 101.2 81.1 QIV 98.7 98.2 96.4 100.2 99.7 96.1 103.0 83.9 101.8 84.1 2016/17 Q.I 102.6 102.9 100.7 99.4 99.9 98.7 106.8 86.7 104.6 92.3 Q.II 101.3 102.7 100.6 100.0 100.8 99.3 99.6 100.0 94.6 105.6 99.3 Q.III 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 Q.IV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 113.9 123.6 113.8 101.1 108.5 100.5 119.5 110.2 94.4 122.0 101.3 QII 116.6 125.7 115.7 104.2 112.4 96.9 128.9 113.8 95.9 125.0 108.5 QIII 118.7 123.6 123.0 101.1 115.7 95.1 134.4 120.4 97.2 133.5 105.2 QIV 123.1 133.8 131.5 110.8 122.8 95.1 133.8 116.9 98.1 137.4 109.7 2018/19 QI 128.2 139.7 137.0 112.1 127.8 95.9 133.1 124.8 102.1 136.9 115.9 QII 128.3 140.0 137.1 114.2 129.8 97.5 141.0 124.3 105.3 137.8 112.1 QIII 132.0 142.1 142.0 115.3 135.3 98.0 147.9 133.6 106.7 143.2 106.5 QIV 145.7 156.8 157.9 113.3 145.6 104.6 160.2 157.8 112.0 148.1 109.6 2019/20 QI 156.6 175.6 170.3 114.5 149.8 107.8 168.7 167.2 115.3 153.1 116.0 QII 158.5 182.5 174.5 116.7 149.1 106.5 183.1 163.4 112.7 153.8 119.3 QIII 164.5 182.7 179.2 122.9 153.4 112.9 187.7 171.3 104.9 177.4 127.5 QIV 179.2 201.5 189.6 139.2 158.9 118.5 187.0 189.1 107.1 195.5 137.9 2020/21 QI 192.1 216.9 192.7 150.7 163.3 123.7 175.9 208.2 106.2 209.3 151.4 QII 193.7 223.7 196.3 148.8 172.5 135.7 182.6 192.9 114.1 210.0 159.7 QIII 201.8 233.6 200.6 158.4 191.7 147.3 195.4 202.0 117.9 213.4 159.4 QIV 224.0 265.3 225.7 161.6 216.8 181.1 204.5 212.4 120.3 234.8 170.8 2021/22 QI 263.5 320.2 252.0 188.2 223.4 241.9 219.6 235.9 124.5 284.7 210.2 QII 271.9 326.9 250.1 193.3 227.2 250.6 253.6 243.7 138.9 294.4 231.9 QIII 286.4 332.5 262.5 194.1 254.6 285.6 254.9 256.3 146.8 298.1 271.9 QIV 317.0 357.0 303.2 259.7 301.7 323.7 265.5 291.2 148.1 315.0 312.1 2022/23 QI 351.0 400.8 342.7 401.8 332.3 400.2 313.8 304.8 163.1 329.8 349.7 QII 360.4 414.1 357.3 437.9 342.0 403.6 352.0 307.5 170.5 338.3 362.2 QIII 378.0 441.6 374.0 459.8 366.3 392.6 381.0 339.1 193.3 342.6 346.1 QIV 410.0 492.3 417.6 435.9 384.2 384.2 395.9 384.7 218.8 349.6 347.1 2023/24 QI 444.5 547.0 447.5 385.4 408.4 417.0 406.0 421.1 226.0 355.9 361.0 QII 468.9 594.6 461.2 391.2 424.9 392.1 424.0 456.1 230.6 366.9 357.5 QIII 494.8 627.4 476.6 397.4 449.8 394.9 436.0 506.3 246.3 390.9 336.6 QIV 512.8 652.3 516.8 410.4 455.2 424.6 428.8 492.6 298.2 433.9 350.9 2024/25 QI 531.8 679.3 535.1 411.7 464.9 455.7 434.7 497.4 309.9 446.7 383.3 Source: Ethiopian Statistical Service(ESS)and NBE Staff Compilation. National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 111
Table 22 (C): Addis Ababa Non-Food Consumer Price Index Period General Index Food & Non-alcoholic Beverages Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
Non-Food Index
2015/16
Q.I 101.4 107.4 95.7 99.8 97.7 96.1 96.8 99.7 100.0 98.0 83.4 93.9 98.2 96.8 QII 100.8 103.3 99.4 100.5 98.2 98.0 99.9 100.0 100.0 99.6 100.0 98.0 99.2 98.9 QIII 98.2 97.0 98.4 101.4 96.5 103.8 102.3 98.3 100.0 101.3 100.0 99.4 101.6 99.2 QIV 100.6 101.7 100.4 103.5 96.4 105.4 102.7 97.5 100.0 103.5 100.0 100.5 102.5 99.7 2016/17 QI 103.9 107.3 109.8 105.0 97.9 107.8 103.6 97.5 100.0 105.0 100.0 103.3 102.1 101.3 QII 101.5 102.2 104.7 104.0 98.6 105.1 102.5 98.3 100.0 104.4 100.0 102.5 101.2 100.9 QIII 100.9 100.4 103.8 100.6 101.7 101.7 98.5 104.1 100.0 99.5 97.4 100.1 103.2 101.3 QIV 104.1 104.4 100.9 94.8 103.0 107.5 107.6 107.9 114.4 105.4 96.9 99.9 102.5 103.8 2017/18 QI 112.3 109.2 103.3 98.8 133.7 114.3 113.7 106.5 115.3 107.3 100.4 104.9 100.9 114.8 QII 117.6 110.3 103.0 101.2 151.3 120.5 113.9 106.9 116.5 107.3 99.9 118.5 106.5 123.1 QIII 121.1 113.1 112.7 104.8 158.3 126.6 117.3 107.7 116.8 109.7 99.7 120.2 111.3 127.2 QIV 127.1 117.7 114.1 111.3 170.0 132.4 131.8 109.4 116.8 112.2 100.1 127.5 119.4 134.2 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 137.4 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 140.0 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 145.1 QIV 145.3 141.4 127.1 121.1 188.3 153.5 139.6 121.5 118.0 115.7 121.9 142.9 130.7 148.2 2019/20 QI 152.8 155.5 126.7 123.3 192.5 155.8 140.5 123.6 118.3 118.2 125.4 144.9 134.5 150.8 QII 156.7 157.1 125.2 121.4 207.3 160.0 138.4 125.9 116.8 125.2 128.4 149.4 140.2 156.5 QIII 163.1 160.9 149.7 131.6 225.7 163.9 150.4 124.3 114.6 124.4 132.1 154.1 143.7 164.9 QIV 178.2 178.6 174.4 138.2 241.2 164.8 155.8 191.5 114.8 119.9 130.6 154.6 147.9 177.9 2020/21 QI 186.4 197.7 179.4 149.4 236.5 165.7 162.7 181.7 115.0 122.1 118.1 158.2 154.1 177.7 QII 185.7 194.4 175.0 155.2 243.1 169.9 169.6 149.6 115.5 132.1 143.2 160.8 159.0 179.2 QIII 193.6 201.4 188.1 165.5 254.3 181.6 184.4 155.2 115.6 131.1 150.5 167.2 166.7 187.7 QIV 212.2 229.5 209.6 176.6 267.7 202.7 188.3 161.4 116.8 135.2 148.7 179.1 180.8 199.0 2021/22 QI 234.8 265.3 218.9 191.5 281.4 221.6 208.1 161.7 117.7 153.3 161.3 198.6 192.5 211.7 QII 242.0 270.1 223.0 195.0 286.3 241.8 221.4 163.9 118.1 182.2 195.9 214.3 201.0 220.7 QIII 253.7 277.5 233.8 209.3 300.0 257.0 241.6 188.7 118.8 204.7 198.8 236.7 213.5 235.6 QIV 279.3 311.6 256.4 239.8 306.7 289.2 278.1 192.3 122.6 231.8 201.1 271.5 257.6 254.8 2022/23 QI 308.7 346.3 290.0 266.9 328.2 319.3 283.7 238.7 127.5 261.8 214.3 303.7 283.2 280.1 QII 323.2 358.0 312.9 312.6 327.6 355.8 327.1 260.9 129.6 280.3 212.0 309.3 322.0 296.7 QIII 355.7 381.5 331.8 357.8 402.9 382.5 341.4 273.6 131.2 295.3 217.4 345.0 361.7 336.1 QIV 399.1 438.2 349.0 389.4 458.9 408.6 368.7 303.2 131.9 286.5 227.4 384.0 381.0 369.3 2023/24 QI 425.4 471.9 382.2 405.5 502.5 417.1 394.0 295.4 135.4 343.3 228.5 397.0 406.7 390.1 QII 447.0 500.3 397.3 426.6 525.9 427.4 399.7 316.2 135.1 318.3 298.2
404.7 426.6 406.5 QIII 468.0 530.0 429.2 424.6 542.8 441.3 404.1 323.9 138.6 319.1 294.2 443.9 441.9 421.0 QIV 478.8 541.0 453.4 426.8 553.7 450.0 407.6 321.3 140.6 313.4 282.5 484.7 450.9 431.5 2024/25 QI 500.78 563 480.4 439.89 589.16 444.508 486.91 325.39 141.89 340.78 284.51 523.07 473.84 453.5 Source: Ethiopian Statistical Service (ESS) and NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin
112 | First Quarter 2024/25
Table 22(D): Addis Ababa Food Consumer Price Index Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 2016/17 QI 106.7 98.6 101.1 98.9 103.0 103.3 122.3 96.8 130.7 93.1 QII 101.8 102.3 100.8 100.0 99.8 102.1 96.9 100.8 96.5 112.0 97.4 QIII 100.4 98.6 97.6 91.6 101.8 105.0 108.8 105.5 100.0 93.8 97.7 QIV 104.4 101.8 106.4 99.9 102.2 107.3 118.7 112.6 99.0 86.1 94.2 2017/18 QI 109.2 109.9 114.6 101.9 105.6 109.5 134.3 111.4 100.0 86.6 100.4 QII 110.3 112.8 114.8 98.4 105.5 109.1 132.5 106.9 100.0 104.0 105.8 QIII 113.1 111.2 117.2 100.4 110.2 110.2 140.3 106.2 100.0 155.7 105.2 QIV 117.7 117.4 126.0 112.3 121.4 114.8 139.3 105.6 100.0 160.3 105.7 2018/19 QI 125.2 124.7 130.0 109.2 125.3 116.0 135.4 123.0 100.0 161.4 109.3 QII 123.7 125.5 127.9 110.4 129.0 116.1 138.4 117.6 100.0 154.7 109.6 QIII 127.5 129.6 135.4 119.4 128.7 117.3 151.8 121.0 100.0 154.9 109.6 QIV 141.4 136.3 151.8 114.2 134.9 122.0 170.9 155.0 114.1 154.1 112.8 2019/20 QI 155.5 155.6 164.5 133.0 142.5 131.2 176.5 171.6 114.1 162.7 116.0 QII 157.1 159.2 171.8 129.1 147.0 133.8 184.5 162.4 114.1 171.0 118.7 QIII 160.9 162.1 175.2 131.2 146.6 142.2 190.7 163.6 114.1 183.3 127.6 QIV 178.6 181.4 182.7 138.1 153.6 150.4 175.8 185.0 114.1 256.7 138.8 2020/21 QI 197.7 194.1 191.8 191.4 158.2 158.2 160.1 218.4 109.3 353.2 144.3 QII 211.7 220.8 213.6 181.0 174.8 184.7 205.2 185.9 141.3 414.7 163.2 QIII 201.4 212.8 197.9 188.5 170.7 174.0 205.1 180.1 141.3 369.3 161.4 QIV 229.5 233.9 238.1 179.6 185.1 204.9 211.6 195.0 141.0 501.2 167.2 2021/22 QI 265.3 255.7 267.8 259.0 211.7 236.2 218.5 225.8 143.6 705.6 202.2 QII 270.1 274.0 256.8 296.5 216.8 273.7 237.9 234.2 181.0 577.5 219.8 QIII 277.5 278.5 268.6 229.5 222.9 317.5 261.0 232.3 191.0 522.6 266.5 QIV 311.6 288.7 328.4 305.3 261.9 381.4 279.1 279.9 195.2 538.4 285.4 2022/23 QI 346.3 320.3 356.2 322.2 304.5 470.2 322.1 314.7 231.7 520.8 316.8 QII 358.0 336.7 379.4 317.8 320.4 493.8 359.1 298.3 234.9 543.8 339.9 QIII 381.5 392.0 406.5 334.8 343.2 415.7 417.1 312.8 332.2 542.1 348.2 QIV 438.2 463.4 454.9 346.3 377.9 426.6 405.9 409.1 336.4 550.4 353.3 2023/24 QI 471.9 497.6 472.9 337.6 406.0 455.0 413.6 464.1 346.7 596.1 367.3 QII 500.3 551.8 485.0 377.0 431.3 440.3 424.6 504.2 349.6 581.2 372.2 QIII 530.0 600.2 503.7 387.1 445.8 477.9 458.8 525.9 441.3 560.4 380.4 QIV 541.0 637.7 550.8 410.0 460.1 518.4 489.7 452.7 517.2 582.6 361.7 2024/25 QI 563 662 566.8 405 475.8 519.8 444.2 473 538.6 685.8 371.8 Source: Ethiopian Statistical Service(ESS) & NBE staff Compilation National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 113
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
AFAR
2016/17
QI 103.1 104.0 102.2 97.6 97.8 108.0 101.6 114.6 95.8 100.0 99.3 0.0 96.1 96.8 QII 101.4 103.8 98.9 104.3 97.1 97.1 101.6 106.0 98.8 100.0 97.8 33.3 98.5 98.9 QIII 101.4 102.3 100.6 94.3 100.0 104.3 99.3 110.1 95.6 100.7 97.4 100.0 99.8 99.2 QIV 105.4 105.2 105.6 93.3 107.5 114.2 102.0 118.1 105.1 100.7 111.8 92.0 99.6 97.8 2017/18 QI 108.5 109.8 107.2 101.1 105.3 117.3 100.5 120.4 112.9 99.9 110.5 101.3 97.1 98.2 QII 112.8 115.8 109.9 101.1 114.6 117.7 103.4 107.2 123.3 99.8 119.5 98.5 103.5 103.4 QIII 116.8 117.0 116.6 131.6 120.9 114.2 106.8 107.7 123.3 99.9 129.7 95.5 114.9 110.0 QIV 116.7 116.2 117.2 120.4 121.4 120.2 110.8 108.6 123.3 100.5 130.5 93.5 111.4 118.4 2018/19 QI 120.7 124.2 117.4 115.0 124.5 117.8 116.7 109.1 118.8 100.5 132.5 101.9 117.2 118.8 QII 121.1 124.3 118.0 105.4 121.8 116.1 143.9 93.2 124.8 101.6 174.1 110.8 120.1 118.4 QIII 124.2 126.1 122.4 93.6 123.1 134.9 152.0 91.8 123.3 104.0 176.0 115.0 117.5 123.0 QIV 131.7 136.2 127.4 95.7 132.5 139.3 153.7 94.9 130.9 104.5 177.8 115.0 126.1 127.4 2019/20 QI 140.5 151.7 129.6 95.3 134.9 130.6 153.0 102.9 170.3 103.4 164.8 114.8 145.6 141.0 QII 134.9 142.0 128.1 97.7 131.2 135.2 154.0 96.9 149.2 103.6 172.8 114.5 134.2 132.6 QIII 151.1 158.7 143.8 116.7 154.4 135.7 165.2 109.7 218.4 103.6 192.1 118.7 165.5 148.0 QIV 158.7 174.6 143.2 134.0 156.7 125.6 169.5 101.2 222.3 104.6 192.7 127.2 153.7 150.3 2020/21 QI 170.8 179.9 162.0 159.3 168.1 152.7 170.6 106.4 322.8 104.6 189.5 141.0 165.7 150.7 QII 169.1 186.3 152.3 143.3 171.7 134.4 173.3 123.9 203.4 104.6 213.4 119.6 167.4 156.5 QIII 174.3 195.6 153.6 139.4 171.8 136.4 176.6 136.3 203.4 104.6 218.6 118.7 168.3 160.6 QIV 191.7 224.9 159.6 133.1 180.5 145.1 186.9 154.1 218.4 104.6 227.8 133.0 170.3 161.9 2021/22 QI 216.5 256.8 177.6 143.3 180.0 188.9 203.2 161.0 218.4 104.6 249.6 156.4 182.1 183.3 QII 223.0 268.3 179.1 156.8 188.8 173.8 214.1 155.7 203.4 104.6 303.9 171.2 191.3 193.7 QIII 233.3 274.4 193.5 172.7 197.0 197.1 228.9 165.1 218.4 104.6 319.7 175.3 196.8 208.5 QIV 268.7 313.4 225.5 193.3 237.8 245.6 276.5 161.8 218.4 104.6 358.9 226.0 212.1 239.4 2022/23 QI 300.1 356.1 245.9 189.2 258.5 253.3 328.6 189.6 256.2 104.6 419.2 240.7 255.4 279.4 QII 317.3 376.4 260.1 176.3 272.2 251.1 373.4 209.5 327.5 104.6 501.3 240.3 265.3 364.7 QIII 342.0 398.4 287.5 209.0 286.9 275.1 415.1 304.4 305.0 104.6 519.9 193.2 291.2 404.5 QIV 378.0 438.2 319.7 226.0 308.8 320.9 448.7 342.9 387.5 104.6 521.5 230.5 321.8 430.0 2023/24 QI 412.0 487.8 338.6 211.4 351.1 324.3 475.0 404.1 436.8 126.3 541.9 282.8 356.9 431.5 QII 434.3 521.0 350.4 208.2 418.2 300.8 491.8 431.3 457.9 152.2 504.5 365.1 363.4 452.6 QIII 460.3 544.5 378.9 281.4 403.1 373.5 516.8 389.4 397.8 158.1 480.4 393.3 375.2 468.0 QIV 451.6 536.8 369.2 301.9 334.2 381.1 499.0 366.4 346.7 110.8 429.8 432.7 422.4 475.5 2024/25 QI 479.8 574.19 388.4 343.7 342.9 379.32 519.6158 392 346.68 121.2 427.7 427.5 495.3 491.7 Source: Ethiopian Statistical Service (ESS)

National Bank of Ethiopia Quarterly Bulletin
114 | First Quarter 2024/25
Table 22 (E2): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods
AMHARA
2015/16
Q.I 89.7 91.5 87.8 95.8 103.5 79.6 90.1 90.0 94.4 108.7 86.6 100.0 86.5 92.7 Q.II 90.9 92.7 89.0 95.9 101.8 80.6 92.4 89.1 101.4 97.7 94.9 100.0 89.7 93.1 Q.III 92.4 93.0 91.7 99.3 102.2 84.5 94.9 97.3 96.3 98.3 96.2 100.0 92.1 94.1 Q.IV 94.9 95.1 94.5 98.9 103.3 89.1 96.1 94.4 101.9 98.8 93.8 100.0 95.3 95.1 2016/17 QI 99.8 101.3 98.1 97.1 101.4 96.9 97.8 88.7 103.5 98.3 97.6 100.0 99.2 96.4 QIII 101.1 102.3 99.8 99.3 100.0 99.4 99.7 99.8 101.7 99.4 98.5 100.0 100.7 98.1 QII 102.4 105.4 99.0 98.4 101.6 98.7 100.3 104.9 102.9 100.0 98.8 95.2 95.9 100.7 QIV 108.7 110.1 107.2 124.7 103.6 108.4 101.9 133.6 104.0 99.1 123.5 95.5 102.1 99.9 2017/18 QI 119.5 118.2 120.9 135.5 108.2 134.1 106.5 154.5 104.0 95.6 125.2 119.0 111.6 102.9 QII 122.4 119.9 125.2 140.4 115.0 138.9 110.2 119.9 105.1 102.7 127.4 119.0 119.5 105.2 QIII 125.5 122.0 129.4 144.8 119.5 145.7 121.2 150.8 105.4 112.8 133.4 119.0 111.1 112.4 QIV 129.0 127.7 130.5 139.8 127.3 145.8 126.1 131.4 106.3 122.3 138.0 119.0 111.6 115.4 2018/19 QI 134.1 133.9 134.2 141.6 132.6 148.5 127.8 155.4 106.9 128.9 140.9 119.0 114.4 124.2 QII 134.4 132.9 136.2 141.1 138.1 149.2 129.9 171.6 116.1 115.3 142.3 120.6 118.7 119.1 QIII 138.3 136.6 140.2 146.3 141.6 149.7 137.5 196.6 122.8 118.1 142.1 121.6 124.7 120.4 QIV 148.6 149.3 147.8 150.3 148.2 161.8 143.7 175.3 125.5 139.3 141.5 136.5 130.1 125.7 2019/20 QI 157.6 161.4 153.3 147.1 148.4 169.4 144.5 193.2 120.5 137.3 144.1 134.7 142.7 127.9 QII 159.7 161.0 158.3 155.1 150.0 176.1 146.8 200.8 123.1 126.3 148.9 138.8 150.3 129.9 QIII 169.7 174.2 164.8 181.6 152.4 180.5 149.5 207.8 148.4 120.4 161.7 126.0 155.8 133.3 QIV 179.0 187.5 169.6 207.9 157.9 180.0 153.4 199.3 190.2 160.6 150.6 142.0 151.5 140.0 2020/21 QI 185.8 200.0 169.8 193.7 159.8 177.8 155.2 222.7 215.2 149.4 140.2 132.7 153.3 150.5 QII 185.9 197.9 172.5 207.2 165.1 182.6 158.3 206.7 143.9 138.8 159.4 138.3 163.6 150.5 QIII 192.0 199.2 184.0 225.7 176.7 188.5 169.5 210.0 146.2 215.0 165.3 144.6 175.0 158.9 QIV 204.2 213.9 193.3 244.6 192.5 185.4 186.7 248.2 164.0 261.2 184.4 153.5 184.0 168.0 2021/22 QI 232.9 255.5 207.6 266.8 204.1 206.5 206.5 257.8 170.6 217.5 195.1 164.4 195.1 174.5 QII 244.2 264.5 221.4 297.2 213.2 219.5 214.7 280.2 193.8 220.8 213.5 164.6 212.0 170.0 QIII 260.6 279.3 239.7 317.5 229.3 236.4 234.6 298.0 192.8 245.7 227.3 187.6 234.5 189.8 QIV 283.1 302.6 261.2 354.1 253.2 240.1 279.6 281.3 192.0 257.3 243.5 207.4 276.0 231.8 2022/23 QI 313.1 344.3 278.1 394.9 275.8 228.9 315.7 307.5 243.9 257.3 272.1 205.7 313.6 269.0 QII 326.0 349.8 299.4 423.0 299.2 238.6 337.9 356.7 270.2 222.5 320.7 281.0 345.6 336.8 QIII 344.9 364.2 323.2 466.0 316.7 268.0 353.2 350.2 276.4 222.5 355.9 260.8 369.9 362.8 QIV 374.4 398.1 347.9 488.9 333.8 299.0 400.7 353.9 267.1 234.8 356.8 275.5 394.7 358.9 2023/24 QI 410.7 442.5 375.1 542.1 341.2 320.4 438.5 398.6 282.7 394.3 333.1 189.1 417.7 340.9 QII 439.4 479 394.7 580.57 347.4 344.844 442.9276 413.9 294.4 417.2 318.8 320.4 436.1 366.35 QIII
461.2 509 407.7 621.78 359.1 345.791 461.0093 440.5 339 451.2 328.3 359 448 374.15 QIV 478.4 527 423.9 613.63 362.5 373.151 464.6454 476.3 404.3 421.2 306.2 404.4 462.6 400.93 2024/25 QI 492.8 546 432.9 587 376.7 382.827 494.0008 439.1 424.9 426.3 315.4 359.6 479.4 395.4 Source: Ethiopian Statistical Service (ESS) National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 115
Table 22 (E3): Regional States' Consumer Price Indices (Non-Food) Period General Index Food & Non- alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot- wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment & Routine Maintenance of the House Health Transport
Communication
Recreation and
Culture
Education
Restaurants and
Hotels
Miscellaneous
Goods
BENISHANGUL GUMUZ
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 2019/20 QI 156.5 164.5 149.1 130.8 134.1 122.3 172.6 196.4 129.1 100.0 200.9 100.0 210.4 135.8 QII 158.9 166.7 151.5 134.6 132.3 123.9 164.8 186.9 132.1 100.0 247.9 125.0 219.6 148.9 QIII 167.2 173.0 161.9 161.4 136.3 131.0 175.2 192.6 132.1 100.0 238.5 125.0 234.1 158.7 QIV 179.9 190.9 169.6 197.1 137.9 128.7 175.7 197.2 140.5 100.0 234.7 125.0 249.5 161.0 2020/21 QI 201.1 222.6 180.8 201.3 147.0 141.5 177.9 195.9 177.9 100.0 236.1 114.6 271.0 169.6 QII 203.4 220.5 187.2 210.7 149.5 153.1 183.1 198.8 132.7 100.0 268.6 125.0 288.0 170.6 QIII 203.7 217.6 190.7 193.5 166.8 188.3 198.5 204.0 139.2 100.0 282.7 125.0 235.4 182.7 QIV 218.6 233.9 204.3 201.8 181.8 172.7 230.5 225.2 140.6 100.0 309.8 125.0 295.6 188.2 2021/22 QI 258.1 289.1 229.0 221.0 201.2 201.4 258.3 239.3 140.6 100.0 311.5 141.7 339.2 205.6 QII 283.6 317.3 252.0 250.7 206.3 236.5 283.8 245.1 144.2 100.0 378.2 154.2 364.3 217.7 QIII 297.0 329.3 266.5 259.7 225.6 251.8 316.1 249.0 151.5 100.0 373.7 141.7 372.6 247.8 QIV 314.8 359.9 272.4 251.3 247.7 230.1 363.8 260.3 192.0 100.0 393.1 150.0 368.6 308.5 2022/23 QI 347.7 405.4 293.5 268.5 263.5 224.6 395.1 269.4 244.2 100.0 467.6 150.0 424.1 349.7 QII 368.0 422.3 316.9 321.0 292.8 235.5 428.6 267.2 255.9 100.0 588.0 170.8 427.4 426.8 QIII 394.5 426.9 364.1 347.8 319.6 247.8 469.3 291.3 266.3 100.0 590.5 158.3 599.4 467.0 QIV 416.8 463.6 372.8 316.2 346.0 225.4 510.1 310.0 279.3 100.0 589.1 150.0 652.9 494.2 2023/24 QI 501.3 584.9 422.7 422.8 395.2 310.5 564.4 356.0 292.1 100.0 615.5 150.0 651.5 459.2 QII 519.0 607.8 435.5 440.1 416.6 318.0 579.8 479.2 334.8 100.0 534.4 166.7 630.7 473.6 QIII 540.3 611.7 473.2 545.9 430.1 307.5 579.8 571.9 380.9 100.0 500.9 200.0 739.2 477.0 QIV 524.5 575.7 476.5 531.9 410.3 301.4 564.7 555.2 380.9 100.0 488.1 200.0 812.3 462.6 2024/25 QI 570.7 657.7 488.9 451.6 456.4 374.5 595.4 637.6 386.5 100 539.5 200 763.4 436.1 Source: Ethiopian Statistical Service (ESS)

National Bank of Ethiopia Quarterly Bulletin
116 | First Quarter 2024/25
Table 22 (E4): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods
DIRE DAWA
2016/17
QI 95.9 100.8 92.8 80.4 95.4 96.8 97.2 98.7 100.0 100.0 97.8 100.0 100.6 97.8 QII 99.8 101.5 98.7 95.2 100.8 98.3 99.9 98.6 100.0 100.0 98.6 100.0 103.0 100.6 QIII 103.4 101.5 104.8 121.4 106.5 101.9 100.1 99.4 100.1 100.0 102.6 99.8 101.6 100.6 QIV 102.8 103.3 102.4 98.5 106.9 106.3 99.4 93.8 95.1 100.0 106.0 101.6 104.0 103.6 2017/18 QI 104.8 105.8 104.1 104.1 97.1 117.2 106.3 103.2 97.6 95.3 100.0 106.8 103.1 105.5 QII 110.0 111.5 109.0 123.9 123.4 104.6 104.5 97.3 95.9 100.0 115.7 103.1 107.3 99.7 QIII 111.0 112.3 110.1 116.3 124.4 105.4 112.9 99.1 98.4 100.0 122.7 103.1 108.0 105.2 QIV 117.5 124.2 112.4 104.4 129.7 108.9 124.1 101.5 100.5 100.0 125.3 103.2 111.3 111.4 2018/19 QI 123.7 133.8 116.2 111.1 130.2 112.1 126.9 104.4 119.4 86.7 124.2 115.8 120.1 114.7 QII 120.0 129.1 113.2 106.5 128.3 114.5 125.2 108.0 107.2 60.2 115.8 112.7 120.2 115.1 QIII 123.4 133.8 115.7 110.6 126.4 117.3 122.9 116.8 115.5 60.2 136.6 122.4 123.6 118.2 QIV 132.9 150.3 120.0 111.0 133.0 123.2 132.0 118.4 111.1 60.2 133.3 124.5 128.4 125.1 2019/20 119.8 QI 140.3 162.6 123.7 104.7 142.0 129.9 138.7 120.4 114.8 60.2 127.9 146.9 133.3 126.1 QII 147.6 169.9 131.0 126.4 154.5 132.5 146.6 133.2 113.6 60.2 128.9 152.5 127.8 134.9 QIII 150.6 167.3 138.2 153.1 164.7 140.3 148.4 139.1 108.5 60.2 129.5 148.7 125.4 135.2 QIV 164.4 187.4 147.2 165.0 167.3 137.9 153.6 137.2 201.8 60.2 129.2 145.4 141.8 135.0 2020/21 QI 181.8 216.5 155.9 166.4 166.0 143.3 157.7 147.1 295.0 60.2 131.9 149.7 151.8 136.4 QII 172.5 204.1 149.0 157.8 154.7 143.2 153.4 168.9 211.2 60.2 142.4 166.0 160.2 135.6 QIII 178.7 215.4 151.3 170.5 160.2 143.1 166.0 176.7 168.6 60.2 151.6 155.3 167.9 131.5 QIV 189.0 233.7 155.6 162.4 168.3 147.0 182.1 166.0 168.6 60.2 186.8 165.8 171.8 138.4 2021/22 QI 217.7 279.7 171.5 190.4 185.7 158.6 196.3 239.2 173.3 60.2 197.4 187.4 185.4 150.8 QII 233.0 295.8 186.1 212.8 209.9 172.9 207.3 251.9 182.1 60.2 203.8 208.8 194.7 163.7 QIII 245.1 294.5 208.2 298.0 215.2 181.6 220.5 243.1 203.5 60.2 203.5 204.9 218.7 181.1 QIV 267.7 323.8 225.8 322.3 224.9 187.9 270.4 249.5 168.6 60.2 203.7 210.1 254.0 217.8 2022/23 QI 303.5 374.9 250.1 335.4 260.7 202.3 301.3 265.0 226.8 60.2 259.8 200.7 286.6 250.2 QII 337.0 402.8 288.0 367.0 372.7 208.2 348.4 249.0 269.3 60.2 322.3 196.3 307.9 318.6 QIII 362.2 426.0 314.6 406.8 420.7 207.3 382.0 262.4 338.0 60.2 316.3 196.5 325.3 368.3 QIV 392.4 478.8 327.8 425.7 438.7 215.0 404.1 286.0 285.0 60.2 339.3 206.2 348.7 407.7 2023/24 QI 413.2 508.8 341.9 436.9 399.4 227.7 426.3 308.0 355.8 60.2 389.9 227.1 385.7 437.3 QII 423.8 532.6 342.7 407.5 409.4 210.2 435.9 314.5 387.0 60.2 373.1 257.2 440.4 446.9 QIII 441.3 556.2 355.5 430.5 426.3 217.8 446.0 336.6 399.5 60.2 388.7 281.4 468.7 445.0 QIV 462.2 594.6 363.4 445.3 441.9 221.1 443.0 347.6 399.5 60.2 408.0 282.5 513.8 436.7 2024/25 QI 487.07 624.039 384.88 469.8 469.2 242.2 457.9236 373.1 399.5 60.24 404.9 289.5 549.4 478.3 Source: Ethiopian Statistical Service (ESS) National Bank of Ethiopia
Quarterly Bulletin First Quarter 2024/25 | 117
Table 22 (E5): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods
GAMBELLA
2016/17
QI 99.9 101.1 97.8 108.9 96.9 98.9 97.4 90.1 95.5 100.0 92.6 0.0 94.3 92.3 QII 99.7 99.5 100.1 110.9 98.1 101.0 98.8 94.4 99.8 100.0 97.6 33.3 97.3 95.5 QIII 101.2 102.2 100.1 108.2 100.6 100.3 95.7 95.3 100.1 100.0 84.9 100.0 98.7 97.3 QIV 103.8 106.5 100.8 114.7 99.8 100.7 99.3 85.0 100.4 100.0 111.9 100.0 98.3 94.2 2017/18 QI 107.7 111.7 103.0 122.0 111.6 101.4 101.9 81.5 101.0 100.4 116.3 100.0 99.7 96.1 QII 108.1 109.3 106.6 129.7 115.3 103.7 113.4 74.3 102.9 100.4 124.6 100.0 103.6 97.8 QIII 108.7 110.1 107.0 132.4 124.4 95.3 120.8 86.4 125.1 100.3 126.0 100.0 115.9 98.6 QIV 116.5 120.6 111.8 134.7 128.1 95.4 125.7 96.4 134.4 115.8 128.8 100.0 140.1 101.7 2018/19 QI 122.5 127.8 116.3 129.2 131.2 104.9 127.9 95.9 134.5 115.2 130.1 100.0 142.6 103.1 QII 119.6 125.0 113.4 134.0 133.5 96.9 131.8 90.1 134.4 109.8 127.0 103.6 143.5 104.8 QIII 121.6 129.1 113.0 144.8 130.8 93.1 137.9 89.4 136.0 97.9 122.9 117.1 146.0 106.1 QIV 129.0 137.3 119.6 151.8 134.2 102.8 138.6 110.2 136.1 95.8 125.9 107.0 148.7 110.3 2019/20 QI 138.9 149.2 127.1 155.7 144.4 109.9 143.2 130.9 149.8 98.2 131.0 143.3 157.4 116.3 QII 139.8 147.6 130.7 153.5 152.8 118.6 145.5 105.2 130.9 105.4 149.7 158.9 165.6 111.8 QIII 149.0 159.3 137.2 190.5 153.0 124.0 140.0 89.3 151.3 121.7 152.2 163.0 160.4 116.6 QIV 165.7 181.3 147.8 250.2 159.3 132.4 151.9 94.0 148.7 120.0 144.8 145.2 150.6 118.6 2020/21 QI 173.7 192.1 152.5 269.9 157.7 135.2 150.2 111.3 175.6 115.2 146.0 146.1 152.9 112.0 QII 173.6 190.6 154.1 265.4 164.6 134.5 151.6 117.9 180.2 118.8 191.2 160.9 161.5 116.6 QIII 184.6 203.3 163.0 283.9 169.5 139.3 163.3 128.4 195.1 124.9 217.1 167.9 178.4 123.5 QIV 193.4 217.9 165.1 280.3 187.8 131.6 194.9 140.4 200.9 131.0 217.0 184.4 182.0 128.2 2021/22 QI 220.2 260.9 173.3 270.4 219.3 137.0 219.5 147.3 209.6 137.0 227.7 202.0 185.8 145.2 QII 229.6 262.4 191.8 291.8 266.9 156.2 231.0 164.2 202.2 128.3 323.6 237.8 196.3 185.3 QIII 250.8 294.7 200.3 292.2 312.1 156.5 264.0 151.6 200.9 157.4 317.3 245.5 205.4 196.0 QIV 275.5 319.7 224.6 313.8 317.1 177.1 307.6 184.4 238.0 198.8 348.7 248.9 228.5 212.1 2022/23 QI 305.3 357.2 245.7 357.0 332.7 180.7 326.9 237.1 238.6 242.4 478.7 227.5 303.9 239.6 QII 316.1 367.1 257.5 370.2 355.4 183.5 335.2 216.2 259.0 235.2 604.7 234.8 344.3 294.7 QIII 335.9 391.2 272.3 400.3 363.6 191.7 378.0 230.4 249.4 244.9 574.7 229.3 347.3 347.7 QIV 357.7 424.9 280.4 447.9 382.8 178.4 400.0 264.6 280.4 262.7 560.0 229.3 371.1 359.6 2023/24 QI 379.4 462.1 284.2 466.6 391.9 169.2 425.8 275.3 258.3 283.0 585.4 252.3 390.9 378.1 QII 396.4 476.6 304.3 510.7 452.9 172.9 455.1 279.1 287.2 363.6 542.7 286.4 399.0 410.6 QIII 422.0 508.3 322.8 552.0 456.9 194.2 488.3 275.1 306.9 325.3 514.8 304.0 402.2 438.9 QIV 429.5 504.9 342.8 580.4 434.4 231.4 520.0 269.6 318.3 253.8 491.0 292.8 427.6 409.5 2024/25 QI 462.3 541.4 371.3 654.3 444.4 250.2184 549.337235 270.7 332.2 318.1 502.9 299.2 485.3 416.5 Source: Ethiopian Statistical Service (ESS)

National Bank of Ethiopia Quarterly Bulletin
118 | First Quarter 2024/25
Table 22 (E6): Regional States' Consumer Price Indices (Non-Food)
December 2016 = 100
Period
General Index
Food & Non-alcoholic
Index
Non-Food Index
Alcoholic beverages &
Tobacco
Clothing & Foot-wear
Housing, Water,
Electricity, Gas and
Other Fuels
Furnishings, Household Equipment and Routine
Maintenance of the
House
Health
Transport
Communication
Recreation and
Culture
Education
Restaurants and
Hotels
Miscellaneous Goods
HARARI
2016/17
QI 97.8 102.3 93.1 84.4 99.0 100.0 97.5 116.5 100.0 100.0 99.7 100.0 99.2 99.2 QIII 97.4 100.7 93.9 85.8 102.3 99.9 98.8 104.3 100.0 100.0 99.5 100.0 97.6 100.6 QII 103.6 100.0 106.1 119.7 98.3 105.1 99.3 101.8 100.0 100.0 99.5 101.0 102.9 101.7 QIV 102.5 107.5 99.0 94.7 104.3 95.5 103.4 99.7 100.0 100.0 107.5 101.2 101.5 99.9 2017/18 QI 103.5 110.8 98.4 86.3 107.9 96.4 102.9 106.7 100.0 100.0 111.6 102.2 104.4 100.5 QII 105.1 110.6 101.3 91.6 111.3 94.0 110.1 106.4 102.3 100.0 111.3 115.5 108.1 104.4 QIII 112.7 110.1 114.4 131.7 115.5 99.6 116.0 111.7 111.7 100.0 113.5 119.2 113.2 106.5 QIV 114.6 116.0 113.6 120.1 115.3 101.4 122.2 111.3 111.7 100.0 114.6 120.3 117.6 113.3 2018/19 QI 116.0 123.5 110.8 93.8 121.4 107.3 128.6 110.9 111.6 100.0 110.4 135.6 121.7 116.9 QII 117.4 123.7 113.1 96.1 123.5 108.5 127.4 112.5 117.9 100.0 112.6 151.8 125.0 120.2 QIII 122.4 125.9 119.9 115.8 128.4 114.4 129.2 110.1 135.1 100.0 111.2 152.3 121.2 127.6 QIV 129.8 138.8 123.6 117.8 127.9 113.1 136.4 118.7 139.8 100.0 118.8 151.5 133.6 135.0 2019/20 QI 142.3 153.9 134.3 133.3 136.8 129.3 133.4 123.9 150.0 100.0 121.8 149.3 147.7 133.5 QII 145.9 160.0 136.0 106.0 136.3 155.8 132.2 139.7 150.0 100.0 138.3 137.6 161.6 133.6 QIII 151.8 159.2 146.6 128.9 140.7 166.1 134.0 144.9 156.0 100.0 143.8 139.8 170.7 139.8 QIV 162.0 173.0 154.4 140.7 141.6 156.6 142.3 150.3 320.1 100.0 142.9 130.3 171.6 144.7 2020/21 QI 178.4 189.7 170.5 175.1 143.0 172.2 151.8 156.8 423.3 100.0 129.9 129.3 170.4 157.7 QII 179.7 192.4 170.8 176.1 138.0 190.2 154.7 160.5 258.7 100.0 136.2 155.4 178.9 167.9 QIII 182.2 193.2 174.6 176.3 144.9 203.6 154.9 173.2 225.3 100.0 140.8 151.8 182.0 178.2 QIV 194.2 214.3 180.0 180.6 166.0 195.0 173.1 186.1 240.4 100.0 148.0 159.1 186.7 182.9 2021/22 QI 215.3 249.1 191.7 182.7 174.8 201.8 189.1 213.2 240.3 100.0 147.8 168.2 220.8 202.3 QII 245.3 276.6 223.4 278.0 188.2 208.4 202.8 225.9 247.2 100.0 184.3 200.8 234.9 220.5 QIII 261.8 283.4 246.6 348.5 205.7 203.5 227.4 251.9 256.3 100.0 187.2 197.6 243.8 243.8 QIV 283.8 307.9 267.0 374.1 216.0 204.5 259.5 265.4 279.0 100.0 193.4 203.5 283.8 296.4 2022/23 QI 306.3 348.6 276.7 322.0 228.4 214.2 293.4 306.2 353.1 100.0 220.3 201.3 345.0 330.3 QII 316.5 362.1 284.5 279.6 257.0 224.7 313.9 346.0 375.6 100.0 255.4 201.0 382.7 368.3 QIII 348.8 381.4 326.0 391.8 272.5 275.8 346.5 376.2 322.2 100.0 309.9 207.3 376.0 385.9 QIV 371.6 426.3 333.3 345.7 296.3 298.6 366.5 379.3 348.7 100.0 464.9 206.6 394.4 423.3 2023/24 QI 388.7 458.3 340.0 299.1 333.0 340.7 389.3 399.8 304.8 100.0 371.4 209.2 420.7 457.6 QII 391.2 484.4 326.0 239.8 326.3 338.8 393.6 415.7 304.8 100.0 303.4 226.8 431.3 453.3 QIII 417.4 510.0 352.5 320.4 351.5 323.9 400.6 421.6 304.8 100.0 305.0 226.6 468.3 467.9 QIV 413.7 532.1 330.8 246.4 313.8 294.1 391.4 422.7 414.5 100.0 508.3 233.2 462.2 461.5 2024/25 QI 433.0 553.2 348.8 291.7 335.0 312.7 387.6 443.7 414.5 100.0 507.8 269.3 459.9 468.8 Source: Ethiopian Statistical Service (ESS) National Bank of
Ethiopia Quarterly Bulletin First Quarter 2024/25 | 119
Table 22 (E7): Regional States' Consumer Price Indices (Non-Food)
December 2016 = 100
Period
General Index
Food & Non-alcoholic Index
Non-Food Index
Alcoholic beverages & Tobacco
Clothing & Foot-wear
Housing, Water, Electricity, Gas and
Other Fuels
Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods OROMIA 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 2019/20 QI 146.1 152.2 138.1 117.2 180.0 135.3 153.0 85.4 148.7 102.9 122.4 141.2 131.9 134.0 QII 148.8 154.8 141.1 125.3 183.0 136.7 152.0 93.5 149.9 101.8 137.6 133.3 138.0 138.1 QIII 154.6 160.7 146.7 127.6 178.9 149.4 153.0 95.6 159.0 100.7 134.0 136.4 142.4 144.6 QIV 165.5 175.5 152.7 147.7 190.3 140.8 156.4 124.8 211.0 102.3 131.4 139.6 148.1 148.3 2020/21 QI 173.8 187.6 156.2 145.1 190.6 144.4 159.0 121.8 244.2 101.3 137.4 147.8 151.6 152.5 QII 175.2 189.3 157.0 149.8 201.0 144.1 158.2 141.8 190.4 100.6 151.6 144.5 159.5 159.0 QIII 186.9 198.5 172.0 159.3 210.9 163.5 175.4 165.3 220.5 101.9 167.0 146.0 166.2 168.2 QIV 202.6 221.1 178.9 164.2 226.9 152.7 204.8 184.2 255.0 104.1 180.3 157.8 174.2 195.0 2021/22 QI 234.8 264.2 197.1 184.1 244.7 176.9 229.3 206.9 246.8 106.4 197.5 173.3 184.9 204.5 QII 243.8 271.6 208.2 206.2 259.0 185.8 236.1 219.7 249.0 108.6 231.8 179.0 198.8 211.4 QIII 257.1 287.3 218.4 213.6 248.0 200.7 262.8 233.1 255.3 110.3 255.6 183.3 211.0 223.2 QIV 284.2 319.9 238.3 214.3 277.3 214.8 311.0 257.5 255.8 114.2 275.0 193.9 236.7 267.0 2022/23 QI 315.5 355.4 264.2 218.3 336.2 233.8 346.1 255.5 292.4 121.6 299.1 207.3 262.0 310.6 QII 329.6 364.0 285.6 241.7 333.7 264.1 382.5 250.1 302.9 118.8 373.1 225.9 286.5 338.5 QIII 343.4 377.4 299.7 268.3 350.0 267.7 417.0 289.4 286.7 120.1 377.5 232.7 305.0 363.9 QIV 373.6 415.9 319.3 280.2 375.9 281.0 442.2 357.5 293.0 126.5 369.8 236.2 334.1 392.1 2023/24 QI 400.2 450.1 336.1 300.0 366.7 309.1 451.4 404.7 300.9 127.9 360.0 242.6 352.9 408.1 QII 422.8 470.8 361.3 313.6 391.5 345.0 464.8 422.1 330.4 129.5 318.5 283.8 383.2 429.5 QIII 446.6 502.1 375.3 340.9 400.6 352.3 478.3 439.9 357.5 130.9 326.3 288.1 408.9 447.2 QIV 456.8 522.9 371.9 379.5 362.6 332.4 493.6 448.8 336.7
137.7 328.5 285.1 433.8 463.6 2024/25 QI 478.0 545.5 391.4 407.9 366.0 354.1 515.1 477.8 347.0 139.1 336.2 305.3 468.7 476.1 Source: Ethiopian Statistical Service (ESS)

National Bank of Ethiopia Quarterly Bulletin
120 | First Quarter 2024/25
Table 22 (E8): Regional States' Consumer Price Indices (Non-Food)
December 2016 = 100
Period
General Index
Food & Non-alcoholic Index
Non-Food Index
Alcoholic beverages & Tobacco
Clothing & Foot-wear
Housing,Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods SNNPR 2016/17 QI 99.2 97.6 100.6 97.1 96.5 105.9 99.7 92.5 85.3 99.5 98.0 100.0 96.4 98.9 QII 99.1 98.7 99.5 99.2 97.5 100.7 101.2 96.3 93.9 100.0 100.2 100.0 98.2 99.3 QIII 102.1 105.8 97.9 101.2 104.1 101.7 111.2 100.0 99.5 108.3 100.7 101.0 QIV 110.2 114.7 104.3 98.2 101.0 102.8 118.1 104.5 105.7 100.2 115.5 103.4 103.4 103.6 2017/18 QI 113.9 119.3 107.0 102.6 105.5 105.5 121.9 103.3 106.8 99.9 119.1 109.6 107.0 104.8 QII 115.6 118.8 111.6 104.7 108.9 113.2 124.0 109.3 107.3 100.0 115.6 111.9 111.0 106.2 QIII 118.2 118.6 117.8 111.9 114.6 118.7 130.2 113.5 110.6 100.5 119.2 115.9 124.8 114.0 QIV 123.4 125.5 120.5 114.5 119.8 118.4 139.1 119.0 114.2 100.6 122.7 113.8 131.8 118.8 2018/19 QI 126.7 129.5 123.2 116.4 122.7 120.9 143.5 116.1 115.6 89.0 125.5 119.5 134.3 121.8 QII 126.0 128.5 122.8 121.0 126.6 116.3 145.0 119.8 116.2 65.0 128.1 131.3 137.6 124.9 QIII 128.3 129.0 127.4 128.5 130.0 119.3 149.3 122.8 119.7 67.5 130.0 130.5 141.3 129.3 QIV 137.0 141.5 131.1 130.4 130.6 123.5 152.0 122.2 126.9 68.5 132.6 135.8 147.5 135.6 2019/20 QI 146.3 153.2 137.4 130.7 128.4 131.7 155.0 125.1 134.3 73.2 136.9 139.9 155.9 140.3 QII 154.0 158.9 147.7 130.5 124.1 154.3 157.6 128.2 140.6 70.6 149.3 137.0 163.3 144.2 QIII 161.7 162.8 160.3 134.7 127.5 181.1 159.8 129.4 141.6 69.0 148.2 135.0 167.7 149.8 QIV 179.2 183.1 174.3 169.6 131.1 198.4 160.5 133.1 177.3 69.7 151.3 134.5 173.7 154.8 2020/21 QI 189.9 196.2 181.8 172.0 134.9 207.4 164.0 136.0 205.3 70.4 150.5 128.6 179.4 156.6 QII 193.7 202.3 182.7 172.9 138.9 210.8 164.8 140.9 171.8 70.5 165.7 144.3 185.4 162.0 QIII 207.1 211.6 201.2 183.4 147.5 229.1 180.2 146.5 252.8 72.1 179.7 148.6 193.9 173.3 QIV 231.9 246.9 212.4 195.5 159.2 239.5 211.2 165.8 221.2 73.5 196.5 147.6 214.1 186.3 2021/22 QI 259.9 291.3 219.2 208.9 170.9 237.5 232.9 176.4 226.1 73.3 209.1 156.1 238.1 201.3 QII 266.8 296.5 228.4 218.6 178.7 248.0 250.3 202.2 209.4 72.1 263.5 172.6 250.4 209.8 QIII 278.8 308.8 239.9 230.9 191.9 257.2 274.6 202.0 214.4 71.9 282.6 177.3 260.9 235.8 QIV 304.6 344.9 252.4 248.4 206.6 253.5 326.8 212.7 230.2 71.1 302.0 181.3 290.6 276.5 2022/23 QI 336.3 380.3 279.4 266.8 226.9 280.4 369.2 234.3 273.8 71.1 336.5 195.2 319.8 307.9 QII 356.2 394.8 306.3 283.0 249.0 313.2 407.2 246.1 279.0 70.4 457.8 208.1 333.2 353.2 QIII 372.6 411.5 322.3 306.9 268.6 323.4 433.4 269.0 289.1 70.7 444.0 205.3 364.6 378.7 QIV 404.0 448.3 346.7 327.5 292.9 345.2 468.3 269.3 321.3 75.2 435.8 210.9 400.3 397.5 2023/24 QI 423.1 460.8 374.5 361.2 309.0 368.6 510.3 313.2 327.5 80.7 436.5 233.5 459.4 415.8 QII 438.6 470.8 397.1 378.9 326.7 398.0 526.0 296.6 341.0 84.7 394.4 240.5 478.1 437.7 QIII 450.9 482.2 410.3 407 341.1 408.07 532.41 324.5 359.5 84.67 404.7 235.4 503.7 452.9 QIV 478.9 519.4 426.5 439 359.5
418.34 540.992 388.5 367.9 86.1 407.5 258.4 539.8 466.1 2024/25 QI 499.1 543.8 441.3 434.9 374.3 433.17 552.812 432.4 393.2 86.45 416.9 271.7 569.6 479.7 Source: Ethiopian Statistical Service (ESS) National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 121
Table 22 (E9): Regional States' Consumer Price Indices (Non-Food)
December 2016 = 100
Period
General Index
Food & Non-alcoholic
Index
Non-Food Index
Alcoholic beverages &
Tobacco
Clothing & Foot-wear
Housing, Water, Electricity,
Gas and Other Fuels
Furnishings, Household
Equipment and Routine
Maintenance of the House
Health
Transport
Communication
Recreation and Culture
Education
Restaurants and Hotels
Miscellaneous Goods
SOMALI
2016/17
Qtr.I 92.3 95.1 89.6 88.57 102.3 82.4 98.9 107.4 100.0 100.0 82.1 100.0 94.7 95.7 Qtr. II 96.7 99.5 94.0 94.32 100.9 88.8 101.4 101.5 100.0 98.1 99.6 Qtr. III 102.7 102.8 102.5 109.02 100.1 100.1 101.4 99.5 104.3 100.1 100.0 97.1 100.2 94.5 Qtr. IV 101.6 104.7 98.1 89.46 103.0 99.1 105.2 107.4 112.5 100.1 140.3 109.2 104.1 97.0 2017/18 Qtr.I 104.8 106.9 102.5 101.79 109.4 97.5 110.1 114.0 113.2 100.0 129.6 107.4 114.2 98.2 Qtr. II 111.8 113.9 109.5 123.39 113.2 98.5 108.3 120.4 113.4 100.6 137.8 125.4 104.2 105.6 Qtr. III 112.5 114.4 110.5 124.6 112.1 98.5 112.4 118.3 113.3 100.6 153.0 133.0 116.4 109.2 Qtr. IV 112.5 119.7 104.5 92.4 123.4 97.9 122.2 142.0 114.1 100.6 154.3 125.9 119.7 122.2 2018/19 Qtr.I 120.6 129.0 111.4 105.4 128.1 101.6 130.9 145.6 112.7 102.3 154.6 129.3 129.0 128.4 Qtr. II 119.9 128.6 110.2 95.6 149.4 98.6 125.4 155.1 122.6 101.9 156.9 133.0 132.8 124.2 Qtr. III 123.3 131.9 113.8 103.7 149.1 100.8 126.9 143.8 142.0 103.1 157.3 134.2 131.2 126.2 Qtr. IV 133.2 140.6 125.0 123.4 152.3 107.0 151.6 145.7 143.3 103.8 158.0 139.6 134.3 148.9 2019/20 Qtr.I 145.3 155.1 134.4 133.3 161.4 122.2 137.5 133.2 177.3 103.2 162.6 158.6 144.1 152.4 Qtr.II 150.4 162.3 137.1 131.3 168.5 127.9 133.2 146.3 178.6 103.0 187.6 191.6 155.7 151.3 Qtr.III 148.6 158.7 137.5 119.2 176.8 134.7 132.3 133.1 184.2 102.8 200.5 201.3 158.5 154.7 Qtr.IV 153.8 161.5 145.1 151.7 179.0 128.4 133.9 131.4 209.2 102.8 193.7 203.7 157.3 154.2 2020/21 Qtr.I 157.1 166.3 146.9 132.9 196.9 133.6 135.7 137.3 281.7 103.1 197.6 187.6 166.7 168.0 Qtr.II 161.3 167.5 154.4 161.3 184.2 135.8 143.4 141.7 243.6 103.0 213.1 210.9 181.3 176.8 Qtr.III 172.0 183.3 159.5 158.4 182.4 146.6 163.1 156.2 245.9 103.5 227.0 212.2 178.1 182.1 Qtr.IV 191.9 206.8 175.4 161.0 195.2 179.9 173.8 154.8 243.5 103.8 225.2 200.9 181.4 193.0 2021/22 Qtr.I 210.0 235.9 181.4 183.7 216.3 158.7 206.3 165.4 259.0 104.4 260.3 217.0 199.8 214.1 Qtr.II 223.3 257.4 185.5 175.4 218.3 171.2 218.6 183.9 252.5 104.7 296.4 261.8 201.9 218.1 Qtr.III 235.2 260.8 206.9 240.9 230.9 168.7 232.6 190.4 272.0 104.5 327.1 259.2 194.5 238.3 Qtr.IV 257.7 287.2 225.0 295.6 264.2 144.4 270.8 210.8 337.6 108.5 362.1 267.1 216.8 278.6 2022/23 Qtr.I 289.7 333.1 241.7 300.3 296.7 146.1 324.9 238.2 449.4 112.1 463.7 300.4 235.5 329.1 Qtr.II 324.1 352.5 292.6 364.1 425.3 164.5 393.3 245.5 459.1 114.5 566.4 365.6 259.2 379.1 Qtr.III 337.0 363.0 308.2 368.4 472.0 180.7 415.0 243.5 421.4 115.0 594.2 386.9 267.3 403.0 Qtr.IV 347.9 380.9 311.5 356.7 514.6 173.6 434.7 249.4 427.0 116.0 602.9 397.7 279.6 433.6 2023/24 Qtr.I 374.4 408.4 336.8 379.3 520.2 211.3 473.5 274.9 442.2 115.0 646.4 421.9 303.5 430.3 Qtr.II 399.5 455.1 337.9 392.4 443.8 221.5 476.5 296.0 537.5 116.0 653.6 423.7 332.1 446.5 Qtr.III 411.3 471.9 344.1 419.3 464.4 194.7 507.3 373.6 566.1 116.3 585.2 491.5 378.2 466.8 Qtr.IV 410.6 476.4 337.7 383.7 474.9 191.4 536.9 446.9 530.8 116.2 567.9 507.6 393.2 480.3 2024/25 Qtr.I 424.8 489.1 353.69 387.24 484.57 234.6 526.4908
470.91 507.7 118.65 573.1 499.5 412.3 440.7 Source: Ethiopian Statistical Service (ESS)

National Bank of Ethiopia Quarterly Bulletin
122 | First Quarter 2024/25
Table 22 (E10): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non- alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot- wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods
TIGRAY
2015/16
Q.I 83.6 92.0 77.2 93.8 92.5 60.5 78.6 84.9 102.3 97.5 71.5 94.5 94.2 97.8 Q.II 86.9 96.4 78.0 98.8 93.3 60.9 79.4 89.0 101.9 98.9 74.2 95.9 95.0 96.3 QIII 89.7 96.4 84.6 102.6 94.0 74.8 81.8 87.6 101.3 100.9 76.9 97.1 95.0 95.4 QIV 94.8 98.9 91.7 99.1 95.6 90.4 81.3 100.3 101.4 100.1 76.0 98.5 94.9 98.1 2016/17 QI 97.5 105.3 91.6 100.1 98.5 89.4 82.6 98.2 100.4 100.0 77.3 99.5 92.7 97.6 QII 100.1 103.3 97.7 98.9 99.3 99.8 90.3 101.4 99.7 100.1 91.3 100.0 93.8 98.9 QIII 100.2 101.1 99.4 103.4 97.7 102.7 97.2 101.6 102.0 100.0 95.8 100.0 93.5 101.1 QIV 102.5 104.8 100.5 94.6 92.8 103.1 102.5 106.5 102.8 100.0 84.0 83.3 99.8 105.1 2017/18 QI 110.9 111.5 110.3 103.7 100.6 119.1 101.0 107.8 106.1 100.0 83.3 61.6 115.6 104.3 QII 110.6 115.0 106.9 108.0 101.7 103.8 104.3 106.6 108.9 100.0 82.2 87.6 119.7 107.4 QIII 113.8 119.2 109.2 104.9 105.5 107.6 111.5 105.8 109.6 100.0 82.8 86.9 119.5 108.3 QIV 120.6 126.2 115.8 111.7 114.7 113.7 117.3 111.8 113.2 100.0 87.1 120.9 126.8 116.7 2018/19 QI 127.8 135.7 121.1 122.0 115.0 122.3 120.5 132.8 112.9 100.0 87.6 73.4 132.1 119.2 QII 134.4 144.7 125.6 119.9 120.7 127.5 126.3 130.1 110.7 100.0 92.6 117.2 139.9 120.2 QIII 137.4 145.5 130.5 122.3 127.8 131.3 128.1 137.5 115.3 100.0 96.2 132.1 149.4 123.7 QIV 146.4 155.9 138.3 132.3 130.3 147.1 132.2 131.9 110.0 100.0 96.6 115.4 154.9 131.0 2019/20 QI 157.7 171.6 145.9 143.5 138.1 152.9 137.7 132.1 106.6 100.0 103.5 103.6 172.5 136.8 QII 164.1 175.1 154.8 145.6 150.5 165.6 145.3 155.2 120.3 100.0 117.1 133.0 172.9 145.4 QIII 170.3 181.4 160.9 166.0 149.8 175.8 152.2 161.6 115.6 100.0 117.1 127.2 174.3 156.1 QIV 186.3 205.5 170.2 194.2 156.7 182.7 156.0 169.4 137.0 100.0 121.5 119.9 189.7 158.5 2020/21 QI 200.4 228.2 176.8 200.5 152.7 186.7 156.9 169.7 141.0 100.0 122.5 127.8 212.5 167.9 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIV 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 2021/22 QI 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIV 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 2022/23 QI 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIV 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 2023/24 QI 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6
179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIV 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 2024/25 QI 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 Source: Ethiopian Statistical Service (ESS) National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 123
Table 22 (F1): Regional States' Consumer Price Index (Food)
December 2016 = 100
Period
Food & Nonalcoholic
Beverages
Bread & Cereals
Meat
Fish & Sea Food
Milk, Cheese &
Egg
Oils & Fats
Fruits
Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages AFAR 2015/16 Q.I 103.7 92.3 86.8 87.9 99.4 98.2 103.6 86.7 296.9 97.7 Q.II 101.8 94.6 80.8 88.4 92.4 96.9 110.3 81.2 244.1 96.2 Q.III 99.6 98.7 85.5 93.8 86.4 102.5 104.2 84.9 159.5 96.6 Q.IV 101.6 95.6 96.3 101.0 88.9 100.9 118.8 86.3 142.8 96.3 2016/17 QI 104.0 99.0 97.9 97.1 93.4 100.7 135.7 85.1 137.8 97.7 QII 103.8 101.3 98.7 100.0 106.6 95.7 100.5 110.3 92.8 115.4 102.4 QIII 102.3 100.4 99.6 102.6 102.5 103.3 101.6 105.5 100.8 112.0 103.0 QIV 105.2 102.1 101.8 103.3 100.9 114.9 100.6 114.0 102.3 136.6 102.3 2017/18 QI 109.8 111.3 103.7 109.6 101.4 115.8 102.8 120.5 102.9 137.9 104.6 QII 115.8 119.6 118.4 116.3 103.4 107.1 105.8 126.4 115.2 139.3 112.7 QIII 117.0 120.5 127.9 137.4 104.5 113.5 109.2 117.8 125.4 141.4 112.9 QIV 116.2 121.3 139.0 157.3 105.5 98.1 113.8 116.3 97.3 141.0 116.5 2018/19 QI 124.2 134.6 140.1 156.7 105.7 105.7 123.1 148.0 81.3 129.2 119.2 QII 124.3 135.6 156.3 160.9 111.7 103.0 119.1 138.5 81.1 101.5 116.5 QIII 126.1 138.6 163.2 163.4 114.0 101.6 116.4 137.8 92.0 92.5 112.5 QIV 136.2 150.3 176.2 165.3 119.5 90.2 120.6 165.4 103.7 95.2 118.7 2019/20 QI 151.7 167.5 192.0 171.2 121.3 164.1 128.5 188.5 117.4 101.4 123.6 QII 159.8 179.7 197.0 183.7 129.1 168.3 128.4 199.1 113.3 100.3 127.6 QIII 158.7 180.3 210.5 178.2 121.2 161.1 138.1 189.9 115.7 100.2 137.1 QIV 174.6 200.4 209.9 188.5 127.9 172.6 140.5 214.7 144.4 140.6 146.7 2020/21 QI 179.9 188.1 210.0 195.2 136.9 172.5 141.2 266.7 145.7 182.4 146.9 QII 187.5 202.7 202.2 196.1 160.7 213.7 144.5 224.0 135.3 183.0 155.6 QIII 195.6 216.0 205.3 206.9 180.8 203.4 145.4 205.4 137.6 200.7 160.4 QIV 224.9 243.8 222.3 213.2 231.3 256.6 161.5 212.4 147.2 245.9 171.7 2021/22 QI 256.8 300.4 245.5 252.3 210.3 348.3 159.8 250.0 148.6 349.7 190.0 QII 268.3 312.1 255.9 243.3 208.9 300.2 169.7 304.0 194.0 303.9 219.5 QIII 274.4 308.4 249.9 254.6 239.4 313.4 178.5 271.6 213.2 297.9 254.6 QIV 313.4 323.7 302.3 238.0 277.1 466.1 187.8 357.0 233.9 302.0 282.4 2022/23 QI 356.1 369.2 385.0 263.8 332.8 480.3 229.7 394.3 247.6 322.9 303.2 QII 376.4 393.0 388.9 296.0 371.0 499.0 234.0 383.8 247.6 320.0 337.5 QIII 398.4 418.8 408.3 330.3 389.8 569.0 256.6 336.6 405.7 321.7 348.1 QIV 438.2 456.7 439.6 362.2 421.4 604.8 340.5 450.4 426.5 319.9 355.5 2023/24 QI 487.8 517.0 515.9 378.9 454.1 503.5 378.7 595.7 460.7 374.0 360.7 QII 521.0 599.7 488.9 326.8 471.7 465.6 400.9 617.1 495.3 324.9 370.0 QIII 544.5 660.7 422.6 495.2 481.8 475.1 422.9 614.7 502.0 363.7 384.3 QIV 536.8 663.9 558.8 714.3 476.9 427.1 401.5 520.2 476.2 370.0 362.7 2024/25 QI 574.2 683.3 549.6 707.1 528.4 521.1 407.5 609.9 499.0 403.6 381.9 Source: Ethiopian Statistical Service (ESS)

National Bank of Ethiopia Quarterly Bulletin
124 | First Quarter 2024/25
Table 22 (F2): Regional States' Consumer Price Index (Food) December 2016 = 100
Period
Food
& Nonalcoholic
Beverages
Bread and
Cereals Meat Fish and
Sea food
Milk,
Cheese &
Egg
Oils & Fats Fruits Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products NonAlcoholic Beverages AMHARA 2015/16 Q.I 91.5 96.3 84.7 88.7 107.6 84.6 99.5 82.3 77.6 92.5 Q.II 92.7 99.0 85.7 88.9 104.3 89.1 101.6 82.2 77.9 89.6 Q.III 93.0 99.6 87.4 94.0 98.0 92.5 100.7 95.8 79.2 88.2 Q.IV 95.1 99.4 92.6 96.7 101.9 90.5 105.5 102.1 80.2 87.0 2016/17 QI 101.3 104.5 98.7 100.3 100.6 99.0 111.2 98.9 91.2 92.0 QII 102.3 102.3 99.6 100.6 98.9 98.5 102.6 97.0 105.6 99.5 QIII 105.4 101.2 102.1 98.9 103.3 104.5 100.3 104.8 102.7 114.6 100.2 QIV 110.1 108.2 108.9 100.4 112.1 103.0 107.6 102.0 102.6 125.6 98.8 2017/18 QI 118.2 128.1 116.5 101.1 118.5 103.0 128.7 104.0 102.8 128.8 101.7 QII 119.9 125.0 116.0 104.2 127.8 103.8 128.4 113.5 101.9 129.6 105.5 QIII 122.0 133.3 132.0 72.2 128.4 106.1 134.9 103.2 102.7 130.1 106.0 QIV 127.7 143.0 140.4 0.0 136.5 107.7 139.7 109.9 103.4 131.3 107.2 2018/19 QI 133.9 150.4 145.6 0.0 139.5 107.9 135.1 129.0 103.3 128.4 109.2 QII 132.9 149.6 144.4 0.0 143.8 143.8 107.0 135.7 121.2 103.9 132.6 QIII 136.6 153.6 148.7 0.0 143.6 107.8 142.8 128.4 103.7 135.1 108.4 QIV 149.3 169.1 170.1 0.0 152.7 111.3 155.2 144.0 115.3 144.6 108.8 2019/20 QI 161.4 190.2 178.9 0.0 164.5 115.1 179.7 159.9 120.5 149.0 110.4 QII 161.0 199.0 179.9 0.0 166.1 115.2 187.3 142.1 120.8 151.5 110.3 QIII 174.2 199.3 184.9 0.0 170.9 123.7 191.0 151.4 120.3 191.3 119.6 QIV 187.5 213.7 194.7 0.0 181.3 136.8 188.7 158.9 121.2 210.7 133.3 2020/21 QI 200.0 238.1 194.3 0.0 187.6 142.7 188.0 181.9 119.5 208.1 143.3 QII 197.9 245.6 202.5 0.0 192.4 150.7 197.8 159.9 139.0 200.8 150.2 QIII 199.2 252.1 204.8 0.0 198.3 165.8 211.8 157.3 151.8 192.2 158.8 QIV 213.9 275.0 234.5 0.0 214.5 208.7 217.6 157.3 153.3 200.7 164.2 2021/22 QI 255.5 330.4 260.7 0.0 243.5 280.4 246.8 191.7 166.7 241.1 180.1 QII 264.5 321.7 263.5 0.0 252.4 329.1 271.9 199.4 233.5 258.8 203.0 QIII 279.3 331.8 278.4 0.0 266.2 422.7 274.2 191.6 234.6 272.1 245.6 QIV 302.6 359.5 309.1 0.0 313.5 384.7 287.3 222.1 201.2 291.8 283.8 2022/23 QI 344.3 415.3 374.2 0.0 355.0 487.6 349.4 246.3 247.3 315.8 297.9 QII 349.8 421.5 387.8 0.0 369.3 522.2 378.6 228.1 247.1 328.1 310.5 QIII 364.2 463.2 411.5 0.0 386.7 470.2 416.5 232.6 276.8 332.8 313.0 QIV 398.1 522.2 473.9 0.0 414.5 492.2 438.6 267.8 329.2 334.6 318.9 2023/24 QI 442.5 587.6 502.0 0.0 443.7 522.4 466.3 353.2 370.3 340.1 325.4 QII 479.3 660.3 509.7 0.0 455.3 535.5 510.0 403.8 357.4 351.9 330.7 QIII 508.9 707.1 525.0 0.0 464.5 502.6 546.4 430.3 401.0 393.4 333.4 QIV 527.0 714.1 553.5 0.0 497.3 501.2 572.3 405.6 550.4 457.3 349.7 2024/25 QI 546.4 750.1 578.4 0.0 513.8 604.3 566.6 418.0 512.4 448.1 353.0 Source: Ethiopian Statistical Service (ESS) National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 125
Table 22 (F3): Regional States' Consumer Price Index (Food)
December 2016= 100
Period
Food
& Nonalcoholic
Beverages
Bread and
Cereals Meat Fish and sea food
Milk,
Cheese &
Egg
Oils &
Fats Fruits Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products NonAlcoholic Beverages BENISHANGUL GUMUZ 2015/16 Q.I 99.9 99.3 92.1 92.0 100.4 70.8 104.3 92.3 109.5 84.0 Q.II 99.9 99.2 94.0 83.5 97.1 89.0 106.2 94.6 107.8 80.1 Q.III 94.6 92.7 96.2 84.7 99.3 87.3 99.8 101.3 94.5 80.3 Q.IV 95.9 87.6 99.2 99.6 102.3 83.6 104.8 108.3 98.9 80.1 2016/17 QI 100.1 94.1 102.9 102.7 100.3 95.1 113.5 105.5 93.9 89.3 QII 100.4 100.7 100.2 100.0 102.6 100.5 94.6 99.4 101.0 101.6 100.2 QIII 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 QIV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 117.8 142.8 119.5 106.7 107.4 106.6 90.1 117.7 109.2 87.4 92.1 QII 121.5 148.1 118.9 120.8 106.1 106.9 101.7 116.7 110.6 112.8 95.9 QIII 119.9 132.8 122.4 120.8 107.1 109.4 82.6 115.3 111.6 153.6 95.5 QIV 121.2 139.7 132.8 120.8 108.8 111.8 115.9 105.5 109.5 148.9 98.8 2018/19 QI 129.2 145.6 144.0 119.3 111.7 106.4 109.2 128.3 109.9 132.3 106.8 QII 130.2 148.6 144.2 120.8 114.3 110.1 118.9 129.0 111.4 135.2 100.7 QIII 132.8 150.3 148.0 120.8 115.4 117.4 168.2 126.9 109.4 154.2 99.3 QIV 142.9 152.8 161.0 129.3 117.8 119.6 166.1 156.3 120.6 156.9 100.2 2019/20 QI 164.5 186.6 179.5 138.0 120.3 124.8 126.0 194.2 125.8 160.1 101.3 QII 166.7 201.4 179.2 135.0 123.1 122.9 129.7 183.9 126.2 161.4 104.1 QIII 173.0 204.4 182.3 135.0 123.6 129.3 132.6 183.3 126.5 207.0 115.3 QIV 190.9 216.0 187.0 149.5 127.3 144.7 161.1 208.5 123.0 271.6 127.6 2020/21 QI 222.6 251.8 204.9 152.3 130.8 150.9 143.8 259.4 128.9 347.7 135.7 QII 220.5 261.9 220.9 143.8 122.0 167.3 143.0 220.1 150.5 335.3 153.8 QIII 217.6 248.2 213.4 155.3 113.6 174.3 203.4 214.4 160.3 367.4 153.1 QIV 233.9 261.6 251.3 166.8 122.3 203.1 227.2 213.5 159.1 446.7 154.4 2021/22 QI 289.1 353.3 300.9 178.3 132.2 199.5 187.8 250.2 156.5 589.0 191.3 QII 317.3 371.6 294.9 201.2 140.1 294.4 211.6 300.1 172.2 578.0 212.4 QIII 329.3 392.1 304.3 241.5 153.5 362.2 233.0 282.6 213.4 515.5 258.6 QIV 359.9 411.6 381.7 281.8 185.6 368.8 269.9 327.4 209.9 508.8 291.0 2022/23 QI 405.4 453.4 459.8 293.1 203.0 445.3 264.9 368.2 320.5 524.5 328.1 QII 422.3 489.6 458.0 352.0 198.0 496.6 301.8 365.7 279.6 528.4 349.3 QIII 426.9 504.4 479.0 361.1 227.0 464.5 429.9 369.3 328.1 534.4 321.1 QIV 463.6 551.9 519.4 345.7 246.0 524.9 451.0 405.7 377.1 562.0 326.9 2023/24 QI 584.9 801.9 525.4 483.1 263.1 616.2 435.0 519.7 435.4 650.1 354.7 QII 607.8 857.8 539.8 499.8 271.7 570.6 488.7 570.7 488.7 564.1 359.0 QIII 611.7 779.3 545.8 488.5 475.5 581.4 668.1 631.8 662.5 527.7 354.2 QIV 575.7 710.4 582.7 540.4 716.7 671.6 437.2 478.3 687.6 576.6 342.9 2024/25 QI 657.7 748.8 618.9 569.1 893.8 797.1 452.3 621.4 680.8 697.3 383.9 Source: Ethiopian Statistical Service (ESS)

National Bank of Ethiopia Quarterly Bulletin
126 | First Quarter 2024/25
Table 22 (F4): Regional States' Consumer Price Index (Food) December 2016 = 100
Period
Food & Nonalcoholic
Beverages
Bread and
Cereals Meat Fish and sea food
Milk, Cheese
& Egg Oils & Fats Fruits Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products NonAlcoholic Beverages DIRE DAWA 2015/16 Q.I 90.4 95.1 89.0 91.9 89.9 94.9 83.7 80.9 76.9 90.4 Q.II 91.2 94.5 88.9 85.1 89.9 97.8 91.2 84.6 77.0 89.5 Q.III 92.4 98.1 91.6 89.7 89.9 103.3 84.9 89.4 78.1 88.6 Q.IV 97.7 98.0 95.5 96.2 90.1 105.0 103.9 100.0 79.0 99.0 2016/17 QI 100.8 102.1 100.2 100.3 96.6 107.3 104.4 100.0 79.7 101.3 QII 101.5 100.4 101.5 100.0 100.7 100.0 99.8 106.2 99.9 99.7 99.7 QIII 101.5 99.8 101.4 101.2 101.9 100.1 106.8 103.9 105.3 103.4 101.6 QIV 103.3 101.9 101.9 104.6 102.6 100.3 108.7 106.8 107.7 103.7 102.9 2017/18 QI 105.8 105.4 106.3 101.0 111.7 102.5 124.6 103.6 109.2 111.0 109.7 QII 111.5 111.4 110.3 125.9 112.1 103.1 128.7 113.4 110.8 114.0 114.0 QIII 112.3 112.6 113.1 134.3 115.0 105.2 143.1 113.6 109.1 105.3 115.3 QIV 124.2 122.4 129.5 130.8 122.6 108.1 133.8 124.1 94.4 187.4 117.2 2018/19 QI 133.8 130.5 135.7 133.3 131.4 109.6 129.5 139.4 95.0 220.2 118.7 QII 129.1 136.0 138.2 131.8 131.0 109.0 140.7 117.4 95.0 188.5 109.4 QIII 133.8 141.6 140.1 134.6 131.5 110.7 158.2 122.5 95.0 192.9 119.5 QIV 150.3 150.5 162.8 150.0 142.4 113.8 162.9 162.9 110.0 198.6 116.4 2019/20 QI 162.6 166.7 177.7 155.1 155.9 112.0 157.5 176.1 108.9 215.4 120.6 QII 169.9 175.6 178.9 148.1 162.2 115.5 176.9 184.3 110.0 220.9 133.6 QIII 167.3 177.1 190.2 154.8 155.7 114.7 192.8 162.5 109.7 236.2 139.4 QIV 173.0 179.9 190.2 159.0 155.4 121.4 191.7 173.2 110.8 261.0 145.2 2020/21 QI 216.5 202.8 208.1 159.5 168.3 133.6 177.9 267.6 120.0 433.4 152.0 QII 204.1 210.4 210.1 160.0 171.3 150.7 190.9 205.5 126.1 367.7 153.7 QIII 215.4 224.1 212.3 183.6 178.8 186.4 215.6 192.7 136.1 466.1 149.9 QIV 233.7 241.3 236.6 182.0 207.8 185.3 205.8 196.9 135.0 605.4 153.7 2021/22 QI 279.8 299.2 262.0 202.6 245.4 245.7 198.0 205.5 135.0 829.8 168.8 QII 295.8 312.9 230.9 214.4 237.5 321.6 227.2 260.4 141.2 690.3 182.9 QIII 294.5 318.8 241.9 226.4 241.3 341.8 253.4 237.3 175.0 616.2 204.6 QIV 323.8 351.3 285.2 264.8 289.6 350.9 260.8 262.1 177.8 634.3 256.0 2022/23 QI 374.9 391.4 319.6 308.9 322.9 532.3 326.2 309.0 225.0 638.6 288.5 QII 402.8 439.3 357.0 355.1 334.2 570.8 326.3 311.5 225.0 631.2 311.1 QIII 426.0 488.3 357.0 369.3 347.3 579.2 383.6 319.0 258.3 605.5 309.7 QIV 478.8 538.1 396.5 356.5 376.2 584.1 374.9 421.6 337.4 624.5 307.3 2023/24 QI 508.8 551.9 425.8 354.2 399.0 576.7 352.4 505.9 343.2 640.9 326.9 QII 532.6 600.4 420.0 361.7 448.6 494.2 392.3 554.7 346.6 586.1 335.7 QIII 556.2 616.3 448.8 396.6 459.3 623.5 443.1 563.4 346.6 619.4 319.1 QIV 594.6 649.9 486.4 387.6 486.4 886.7 449.2 546.0 346.6 670.9 310.4 2024/25 QI 624.0 664.0 508.5 387.6 515.1 910.0 366.9 571.5 443.9 844.0 330.2 QII 664.3 691.4 534.5 387.6 520.3 1002.7 433.0 609.3 575.0 927.0 338.8 Source: Ethiopian Statistical Service (ESS) National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 127
Table 22 (F5): Regional States' Consumer Price Index (Food)
December 2016 = 100
Period
Food & Nonalcoholic
Beverages
Bread and
Cereals Meat Fish and Sea food
Milk, Cheese
& Egg Oils & Fats Fruits Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products NonAlcoholic Beverages GAMBELLA 2015/16 Q.I 96.8 99.9 96.5 79.6 105.2 98.5 106.2 75.0 89.4 91.5 Q.II 93.2 90.5 94.5 82.4 106.1 99.2 105.8 74.2 84.7 85.4 QIII 93.1 95.8 93.7 84.2 105.1 99.6 99.1 78.0 86.2 74.4 QIV 98.0 102.6 95.5 86.7 109.3 99.7 107.3 91.6 90.9 78.2 2016/17 QI 101.1 104.6 97.1 92.2 104.3 99.6 110.4 101.7 99.2 88.8 QII 99.5 99.9 100.8 100.0 91.8 98.0 100.0 100.7 98.3 99.0 100.6 QIII 102.2 99.5 103.4 100.0 90.2 97.5 128.9 107.8 91.8 129.2 100.2 QIV 106.5 113.6 105.9 100.0 89.8 106.0 65.1 104.0 92.2 140.1 98.5 2017/18 QI 111.7 134.7 107.9 100.0 93.1 102.1 71.1 96.7 92.7 131.4 98.7 QII 109.3 118.1 114.2 102.3 93.9 106.5 82.9 101.1 109.0 133.8 103.5 QIII 110.1 119.6 118.1 96.4 96.5 113.5 94.2 99.0 97.6 137.6 103.4 QIV 120.6 138.5 131.7 106.9 104.8 118.3 108.7 103.0 96.7 138.9 110.1 2018/19 QI 127.8 148.3 137.7 109.4 120.8 119.1 121.8 107.1 95.8 135.5 122.5 QII 125.0 130.8 152.1 111.8 111.8 125.9 119.6 78.8 111.2 95.8 147.8 QIII 129.1 135.1 162.3 111.3 140.5 124.2 109.8 113.6 97.4 141.2 117.8 QIV 137.3 151.6 161.6 108.0 138.9 126.9 157.7 125.5 98.3 147.4 114.6 2019/20 QI 149.2 175.0 170.2 104.6 138.6 132.8 170.5 140.6 109.4 152.3 110.5 QII 147.6 164.7 174.6 108.5 144.7 127.7 177.0 140.1 112.9 163.4 113.9 QIII 159.3 183.6 193.0 116.6 163.3 124.0 168.5 146.8 112.4 183.6 109.3 QIV 181.3 205.5 206.9 135.7 204.7 158.0 144.6 167.5 117.0 222.9 114.7 2020/21 QI 192.1 223.9 210.0 140.4 216.0 155.9 122.2 177.5 119.2 229.5 127.7 QII 190.6 216.1 208.0 140.4 210.4 172.2 127.6 169.6 134.4 237.1 145.1 QIII 203.3 224.1 228.8 150.0 205.6 192.5 200.5 197.3 145.0 242.9 145.9 QIV 217.9 247.5 246.0 154.7 221.2 248.9 184.2 196.9 159.9 231.2 154.7 2021/22 QI 260.9 331.5 272.9 172.2 249.6 349.1 175.2 192.0 189.7 242.1 195.3 QII 262.4 305.8 288.7 169.2 259.5 346.9 178.3 210.0 212.5 273.6 216.1 QIII 294.7 351.6 349.1 178.5 277.5 394.8 257.4 234.9 198.1 284.5 230.5 QIV 319.7 381.5 368.1 248.9 290.6 410.3 295.5 258.6 144.0 315.4 261.0 2022/23 QI 357.2 418.6 389.6 438.2 320.0 553.1 200.4 254.7 214.7 317.3 288.5 QII 367.1 392.9 423.7 479.6 334.9 559.1 250.7 284.5 233.8 350.0 318.3 QIII 391.2 429.0 442.6 503.6 367.1 537.1 308.7 332.5 260.7 337.1 285.1 QIV 424.9 494.3 493.3 469.3 371.4 539.5 413.6 359.6 318.0 350.8 290.1 2023/24 QI 462.1 583.9 527.7 386.1 403.3 516.1 419.3 391.1 343.2 354.2 292.3 QII 476.6 586.6 524.2 386.1 469.8 494.8 450.8 419.2 377.7 370.6 299.5 QIII 508.3 621.9 550.6 386.1 477.4 523.4 505.6 494.4 372.2 371.9 292.9 QIV 504.9 625.6 559.8 386.1 488.1 517.2 308.9 461.1 484.3 368.8 291.1 2024/25 QI 541.4 651.7 611.2 386.1 477.9 679.0 505.2 503.6 518.6 358.1 335.2 Source: Ethiopian Statistical Service (ESS)

National Bank of Ethiopia Quarterly Bulletin
128 | First Quarter 2024/25
Table 22 (F6): Regional States' Consumer Price Index (Food) December 2016 = 100
Period
Food & Nonalcoholic
Beverages
Bread and
Cereals Meat Fish & sea food
Milk, Cheese
& Egg Oils & Fats Fruits Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products NonAlcoholic Beverages HARARI 2016/17 QI 102.3 99.1 101.3 92.6 100.1 98.1 120.1 106.4 113.7 87.9 QII 100.7 99.6 99.3 98.6 100.1 96.2 108.2 104.5 96.5 100.3 QIII 100.0 95.3 102.9 0.0 99.5 101.7 103.3 107.7 102.8 102.1 102.4 QIV 107.5 106.3 108.5 0.0 102.2 125.2 121.2 108.3 109.7 106.2 97.2 2017/18 QI 110.8 112.9 105.2 0.0 108.4 135.9 143.1 101.6 114.7 110.2 99.5 QII 110.6 116.6 103.5 0.0 107.2 110.4 152.7 103.5 110.1 110.0 97.4 QIII 110.1 114.3 101.9 0.0 112.2 109.7 150.4 105.3 106.6 114.9 96.0 QIV 116.0 122.3 114.9 0.0 117.5 110.6 138.8 103.7 107.9 126.9 99.7 2018/19 QI 123.5 129.1 121.5 0.0 130.1 113.0 124.3 118.6 106.9 129.7 102.5 QII 123.7 135.0 122.5 0.0 132.2 112.6 129.0 103.9 108.2 127.7 98.2 QIII 125.9 136.6 119.5 0.0 135.8 113.7 137.6 110.9 109.1 130.8 99.6 QIV 138.8 140.5 146.3 0.0 146.3 116.5 170.2 147.5 116.8 141.6 100.7 2019/20 QI 153.9 161.0 157.2 0.0 160.0 118.9 170.5 164.9 121.9 148.7 106.4 QII 160.0 175.5 158.2 0.0 162.7 117.4 181.3 158.3 142.3 147.7 107.1 QIII 159.2 176.1 162.5 0.0 161.0 117.7 183.1 143.0 145.9 157.1 119.2 QIV 173.0 191.5 166.4 0.0 165.0 117.9 187.4 178.9 129.4 170.6 127.4 2020/21 QI 189.7 207.7 179.8 0.0 165.7 118.2 166.3 225.9 120.5 199.6 125.3 QII 192.4 219.6 180.5 0.0 180.0 118.6 185.7 192.7 159.1 201.6 126.2 QIII 193.2 223.3 183.8 0.0 187.2 118.5 217.7 174.3 159.9 208.2 134.0 QIV 214.3 242.9 216.5 0.0 223.7 121.6 248.8 196.2 154.5 241.3 139.1 2021/22 QI 249.1 286.8 238.9 0.0 243.9 187.5 221.7 190.6 178.0 408.8 154.1 QII 276.6 301.1 241.3 0.0 242.4 318.6 238.6 227.2 183.6 546.0 166.7 QIII 283.4 306.0 243.1 0.0 265.8 363.5 308.3 225.8 214.5 464.2 190.8 QIV 307.9 334.1 290.2 0.0 301.8 407.9 307.4 240.7 215.1 367.0 234.0 2022/23 QI 348.6 369.4 339.4 0.0 332.2 523.0 380.0 284.8 255.9 333.3 268.4 QII 362.1 400.5 357.0 0.0 324.6 555.9 371.8 262.5 255.9 328.8 281.5 QIII 381.4 434.6 385.9 0.0 329.2 510.9 461.9 266.3 287.5 343.1 298.1 QIV 426.3 457.9 451.6 0.0 330.4 514.8 423.1 411.8 454.4 341.4 282.0 2023/24 QI 458.3 518.4 424.7 0.0 331.2 574.6 412.3 439.6 434.9 348.0 305.6 QII 484.4 561.7 424.2 0.0 351.8 571.6 418.5 473.4 445.4 361.1 298.6 QIII 510.0 616.9 440.3 0.0 362.3 593.3 435.1 457.2 441.2 391.0 282.7 QIV 532.1 634.2 471.7 0.0 398.4 635.8 513.2 459.6 605.2 360.6 284.8 2024/25 QI 553.2 631.2 520.1 0.0 406.3 721.7 507.9 513.5 596.7 393.7 295.0 Source: Ethiopian Statistical Service (ESS) National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 129
Table 22 (F7): Regional States' Consumer Price Index (Food)
December 2016 = 100
Period
Food
& Nonalcoholic
Beverages
Bread and
Cereals Meat Fish and sea food
Milk, Cheese
& Egg Oils & Fats Fruits Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products NonAlcoholic Beverages OROMIA 2016/17 QI 104.9 102.7 100.2 102.2 99.5 100.3 117.9 83.8 128.0 89.1 QII 101.8 103.5 99.3 101.2 99.4 100.3 102.3 92.2 110.9 98.0 QIII 101.6 99.1 98.9 0.0 104.6 100.8 104.5 107.8 89.1 107.1 95.3 QIV 108.8 110.1 104.2 0.0 112.3 96.3 106.9 120.7 85.7 116.2 93.2 2017/18 QI 112.9 123.9 108.0 0.0 112.6 94.5 124.6 113.4 86.7 124.1 97.7 QII 116.2 129.8 112.0 0.0 113.7 88.7 135.5 114.4 82.9 128.8 106.3 QIII 116.6 123.1 117.6 0.0 119.6 83.7 140.5 124.2 79.4 139.5 101.1 QIV 120.3 132.4 124.6 0.0 130.7 80.8 142.7 119.4 80.0 143.5 105.9 2018/19 QI 123.7 136.6 128.4 0.0 134.7 82.2 146.2 122.9 74.9 145.3 111.5 QII 124.5 137.2 129.1 0.0 137.0 85.1 148.7 124.7 76.5 143.4 109.6 QIII 128.0 138.6 135.0 0.0 143.0 83.8 153.0 136.0 79.6 152.7 102.3 QIV 143.1 154.9 147.1 0.0 155.3 93.4 164.7 167.3 87.3 152.9 105.2 2019/20 QI 152.2 173.8 158.5 0.0 152.9 92.6 181.5 172.9 92.3 159.1 111.5 QII 154.5 181.7 162.7 0.0 151.7 87.9 188.7 172.0 83.8 159.8 115.0 QIII 160.7 182.3 163.7 0.0 157.9 95.1 189.7 185.5 83.7 171.4 122.0 QIV 175.5 203.1 172.6 0.0 164.9 97.5 187.0 209.9 86.7 178.9 128.5 2020/21 QI 187.6 217.7 174.3 0.0 166.3 102.3 187.4 225.3 84.9 194.7 145.3 QII 189.3 224.8 176.8 0.0 170.6 114.1 185.3 207.0 93.7 199.7 154.4 QIII 198.5 233.2 183.1 0.0 188.2 127.1 188.6 217.9 99.6 213.6 153.9 QIV 221.1 264.7 206.0 0.0 218.2 160.6 198.7 226.4 104.7 240.1 164.6 2021/22 QI 264.2 327.0 236.6 0.0 223.2 231.7 225.0 245.0 111.8 285.9 208.3 QII 271.6 338.1 238.3 0.0 218.7 222.5 245.3 246.5 126.7 299.4 233.7 QIII 287.3 339.5 247.5 0.0 256.5 246.6 250.6 268.1 141.8 297.6 274.4 QIV 319.9 361.2 293.6 0.0 305.4 299.9 263.3 302.3 150.7 318.3 314.6 2022/23 QI 355.4 407.4 331.9 0.0 320.9 383.2 328.9 311.6 168.4 328.9 358.5 QII 364.0 420.9 352.0 0.0 323.6 368.9 384.2 317.6 186.7 334.9 375.7 QIII 377.4 444.3 365.3 0.0 345.3 376.9 388.0 350.5 208.1 338.1 333.8 QIV 415.9 503.3 410.4 0.0 367.1 352.6 399.7 414.7 258.5 354.0 347.3 2023/24 QI 450.1 567.4 453.9 0.0 383.6 401.3 413.5 428.0 263.4 359.9 360.2 QII 470.8 614.1 470.9 0.0 398.0 356.0 423.1 460.2 272.5 377.7 357.5 QIII 502.1 651.4 487.3 0.0 431.8 355.5 417.7 539.4 293.3 395.8 331.2 QIV 522.9 686.5 539.0 0.0 449.1 401.6 413.1 513.9 381.1 428.3 343.3 2024/25 QI 545.5 720.4 563.8 0.0 479.4 413.6 415.3 509.9 409.9 457.5 382.4 Source: Ethiopian Statistical Service (ESS)

National Bank of Ethiopia Quarterly Bulletin
130 | First Quarter 2024/25
Table 22 (F8): Regional States' Consumer Price Index (Food)
December 2016 = 100
Period
Food
& Nonalcoholic
Beverages
Bread and
Cereals Meat Fish and sea food
Milk,
Cheese &
Egg
Oils & Fats Fruits Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products NonAlcoholic Beverages SNNPR 2015/16 Q.I 92.4 91.1 95.4 86.4 101.4 84.5 90.8 97.0 94.5 104.9 Q.II 88.9 86.2 95.6 87.9 100.2 91.7 86.2 97.1 98.2 93.4 QIII 91.5 90.4 96.3 93.1 98.0 92.6 90.6 97.6 93.1 87.2 QIV 96.3 97.8 100.0 95.8 102.6 83.9 92.8 104.7 110.5 92.1 2016/17 QI 97.6 100.9 102.1 97.1 100.6 93.8 92.9 105.2 108.4 101.0 QII 98.7 99.8 102.2 98.9 98.2 100.8 96.5 104.4 101.1 103.1 QIII 102.1 102.4 104.2 0.0 102.0 105.0 102.7 110.6 106.2 103.9 97.9 QIV 114.7 121.8 109.1 0.0 106.4 114.4 104.5 117.4 107.3 107.7 103.7 2017/18 QI 119.3 134.0 114.0 0.0 107.9 111.8 113.4 106.9 107.4 109.9 110.4 QII 118.8 125.3 118.2 0.0 116.3 110.2 135.8 112.5 102.5 111.1 117.9 QIII 118.6 120.5 120.7 0.0 122.2 112.4 144.5 130.4 100.9 123.4 114.2 QIV 125.5 133.8 131.9 0.0 128.7 118.3 133.6 121.8 100.9 132.1 122.6 2018/19 QI 129.5 137.8 138.3 0.0 127.4 118.1 130.0 125.2 100.9 132.1 134.3 QII 128.5 133.3 137.9 0.0 132.5 118.3 147.8 126.7 101.0 132.1 122.4 QIII 129.0 135.9 141.5 0.0 138.6 120.4 151.5 138.6 101.6 129.9 113.3 QIV 141.5 154.3 157.2 0.0 148.4 124.5 161.3 157.3 108.7 133.5 119.2 2019/20 QI 153.2 169.6 171.3 0.0 153.8 131.2 165.0 161.2 118.2 137.1 131.6 QII 158.9 163.7 174.3 0.0 160.7 134.9 198.3 160.7 120.7 138.4 139.8 QIII 162.8 165.5 182.8 0.0 165.0 136.8 207.9 165.4 122.0 143.6 144.1 QIV 183.1 191.6 194.8 0.0 166.8 147.0 215.6 176.5 127.7 154.7 163.0 2020/21 QI 196.2 205.9 197.5 0.0 171.0 153.7 188.5 188.9 123.3 187.5 177.8 QII 202.3 210.3 202.2 0.0 182.9 157.2 195.9 187.0 139.2 211.3 186.7 QIII 211.6 226.9 206.7 0.0 197.5 177.1 211.0 206.2 150.1 219.0 178.2 QIV 246.9 279.0 236.0 0.0 221.5 214.3 227.7 225.0 153.6 258.7 200.5 2021/22 QI 291.3 337.9 267.9 0.0 250.9 268.8 239.9 251.2 160.0 345.0 259.6 QII 296.5 339.8 258.2 0.0 258.7 277.8 320.8 262.3 180.7 348.0 277.1 QIII 308.8 354.6 277.2 0.0 282.9 315.1 298.9 282.2 203.5 357.3 324.9 QIV 344.9 396.9 332.1 0.0 304.9 375.8 304.8 322.4 210.2 357.6 382.4 2022/23 QI 380.3 431.0 366.6 0.0 325.5 443.5 359.1 329.6 251.6 363.8 432.7 QII 394.8 437.6 380.2 0.0 345.3 467.7 403.5 345.6 274.9 367.1 429.5 QIII 411.5 470.8 395.4 0.0 379.9 441.4 440.9 403.1 361.9 377.8 450.8 QIV 448.3 516.3 437.4 0.0 408.2 453.0 462.6 421.9 383.4 375.9 414.9 2023/24 QI 460.8 564.5 474.2 0.0 415.9 465.8 466.7 453.6 393.9 372.3 440.4 QII 470.8 587.5 500.3 0.0 415.7 461.2 485.5 483.3 409.0 376.7 421.7 QIII 482.2 609.5 526.7 0.0 451.4 485.3 478.8 526.8 409.5 374.4 379.4 QIV 519.4 636.3 573.0 0.0 475.8 496.6 452.0 547.9 551.2 391.7 413.6 2024/25 QI 543.8 644.4 583.0 0.0 468.0 540.5 486.6 548.5 599.0 417.0 460.6 Source: Ethiopian Statistical Service (ESS) National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 131
Table 22 (F9): Regional States' Consumer Price Index (Food) December 2016 = 100
Period
Food
& Nonalcoholic
Beverages
Bread and
Cereals Meat Fish and sea food
Milk,
Cheese &
Egg
Oils & Fats Fruits Vegetables
Sugar, jam, honey, chocolate and confectionery (ND) Food products NonAlcoholic Beverages SOMALI 2015/16 Q.I 89.3 98.2 94.1 81.1 94.8 94.8 91.9 73.2 91.9 106.5 Q.II 91.3 100.8 86.1 89.7 92.8 118.0 93.6 73.1 86.5 101.7 QIII 93.4 101.8 93.2 94.4 91.2 120.2 92.6 76.1 89.5 101.7 QIV 93.2 100.2 99.7 88.5 87.7 114.6 117.2 78.3 85.6 99.7 2016/17 QI 95.1 101.1 105.0 88.3 91.0 108.7 126.4 78.9 99.2 100.2 QII 99.5 100.5 102.4 101.2 94.6 98.7 106.2 94.5 98.5 104.1 QIII 102.8 104.2 94.7 0.0 105.3 100.3 99.2 102.8 99.3 103.2 101.9 QIV 104.7 106.4 108.1 0.0 103.6 100.0 107.4 113.5 96.3 124.6 101.5 2017/18 QI 106.9 106.5 112.9 0.0 98.2 100.1 113.2 159.1 95.5 126.6 100.4 QII 113.9 119.4 117.9 0.0 103.6 99.9 117.9 139.6 103.2 132.0 102.9 QIII 114.4 119.6 119.9 0.0 100.4 100.1 116.2 124.5 109.4 153.4 105.4 QIV 119.7 131.9 121.6 0.0 96.8 101.0 126.1 122.6 113.3 145.2 104.3 2018/19 QI 129.0 138.5 119.6 0.0 113.2 101.1 129.1 134.6 129.6 147.2 111.9 QII 128.6 137.9 117.9 0.0 108.2 100.8 117.0 128.8 136.1 147.6 114.3 QIII 131.9 137.5 132.7 0.0 116.5 112.6 121.6 131.3 136.1 175.8 108.7 QIV 140.6 146.9 142.9 0.0 126.4 113.5 127.1 162.8 136.1 188.6 113.7 2019/20 QI 155.1 166.0 159.1 0.0 141.5 125.8 148.2 185.2 136.1 199.5 124.8 QII 162.3 185.6 156.0 0.0 129.0 122.6 144.3 196.7 136.1 200.8 128.4 QIII 158.7 183.2 164.5 0.0 133.8 127.8 143.2 181.2 116.6 209.2 131.1 QIV 155.7 172.9 160.9 0.0 133.0 122.4 141.6 189.6 128.3 202.0 126.1 2020/21 QI 166.3 183.0 185.8 0.0 142.5 133.1 145.3 263.0 116.6 208.6 133.3 QII 167.5 187.4 183.2 0.0 161.3 139.2 148.4 208.9 116.6 192.7 127.8 QIII 181.0 207.3 185.1 0.0 201.8 108.9 151.6 212.6 116.6 189.7 133.0 QIV 206.8 249.0 190.8 0.0 214.6 137.8 144.6 250.1 116.6 200.4 142.0 2021/22 QI 235.9 310.0 214.0 0.0 198.6 157.8 173.5 262.4 116.6 227.3 159.1 QII 257.4 333.4 228.0 0.0 221.4 197.9 170.6 303.0 116.6 266.2 171.8 QIII 260.8 332.3 256.8 0.0 237.4 197.9 182.7 312.1 116.6 255.9 179.4 QIV 287.2 353.8 276.4 0.0 318.2 197.9 189.2 345.5 116.6 286.9 195.4 2022/23 QI 333.1 418.7 327.8 0.0 387.1 197.9 236.5 391.7 116.6 308.0 223.1 QII 352.5 459.6 323.9 0.0 394.4 197.9 281.8 369.2 116.6 319.1 261.3 QIII 363.0 466.6 347.8 0.0 423.9 197.9 304.1 379.2 116.6 326.3 300.2 QIV 380.9 496.9 385.1 0.0 411.9 162.2 331.4 485.5 116.6 347.3 309.8 2023/24 QI 408.4 528.2 406.0 0.0 470.4 154.2 341.4 544.5 116.6 355.8 316.4 QII 455.1 601.1 436.8 0.0 507.2 159.6 354.9 632.5 116.6 375.6 346.3 QIII 467.4 624.6 441.8 0.0 509.5 166.9 373.8 620.5 116.6 397.1 374.2 QIV 476.4 656.6 515.7 0.0 445.3 155.9 396.8 645.9 116.6 470.7 357.8 2024/25 QI 489.1 694.7 553.9 0.0 392.9 164.1 392.6 661.6 116.6 467.5 405.8 Source: Ethiopian Statistical Service (ESS)

National Bank of Ethiopia Quarterly Bulletin
132 | First Quarter 2024/25
Table 22 (F10): Regional States’ Consumer Price Index (Food)
December 2016= 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages TIGRAY 2015/16 Q.I 92.0 95.1 90.0 100.4 101.8 74.3 98.2 74.8 75.6 99.3 Q.II 96.4 98.7 89.3 101.5 102.1 100.0 104.8 77.5 88.7 95.6 QIII 96.4 99.7 90.8 100.4 96.9 100.0 102.9 84.5 88.6 90.7 QIV 98.9 102.0 94.8 95.3 97.8 100.0 110.6 92.8 86.0 89.6 2016/17 QI 105.3 110.0 104.4 104.5 99.3 100.0 117.5 94.1 88.5 90.1 QII 103.3 107.1 103.4 106.1 100.3 100.0 102.2 97.6 97.6 97.0 QIII 101.1 102.8 100.9 0.0 104.2 101.9 99.1 97.0 94.3 100.0 105.0 QIV 104.8 109.1 106.1 0.0 106.9 106.5 102.8 99.5 95.6 99.9 103.0 2017/18 QI 111.5 116.7 123.7 0.0 111.9 108.0 108.6 107.2 102.4 95.7 101.7 QII 115.0 122.9 120.7 0.0 117.7 100.3 107.6 115.6 95.2 98.4 106.5 QIII 119.2 127.5 130.3 0.0 113.9 100.9 109.6 106.2 92.5 120.5 108.2 QIV 126.2 138.3 137.6 0.0 132.7 105.3 109.8 102.0 93.5 137.5 109.3 2018/19 QI 135.7 152.9 149.0 0.0 139.0 102.8 112.2 113.1 93.3 139.9 111.2 QII 144.7 170.4 151.5 0.0 146.1 106.3 140.4 121.9 93.5 143.3 110.1 QIII 145.5 170.1 152.1 0.0 144.6 106.7 145.7 118.6 93.9 153.6 111.6 QIV 155.9 180.3 168.3 0.0 153.0 109.4 159.9 135.6 100.3 155.3 114.7 2019/20 QI 169.6 196.7 183.7 0.0 179.9 109.7 161.5 160.4 104.0 157.3 114.5 QII 175.1 204.4 197.7 0.0 189.0 121.8 158.6 164.4 104.3 146.4 117.4 QIII 181.4 205.6 202.7 0.0 179.5 141.9 161.7 171.2 104.6 155.5 141.6 QIV 205.5 232.0 219.6 0.0 184.2 150.5 156.5 196.6 106.2 208.8 149.8 2020/21 QI 228.2 258.8 225.1 0.0 199.8 140.9 145.1 233.8 107.6 258.4 150.5 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 2021/22 QI 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 2022/23 QI 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 2023/24 QI 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 2024/25 QI 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 Source: Ethiopian Statistical Service (ESS) National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 133
Table 23 A1: Ethiopia: Direction of External Trade: EXPORT (In Thousands of Birr)
Continents “Country of Destination” 2018 2019 2020 2021 2022 2023 Africa Djibouti 3,735,439.1 3,502,027.2 3,422,940.0 5,013,370.7 8,971,437.9 6,412,804.1 Egypt 379,596.1 602,884.5 222,763.9 286,318.4 157,793.4 466,688.6 Ghana 57,554.1 18,798.4 19,029.4 50,862.8 60,573.1 18,499.9 Kenya 693,204.5 662,786.4 273,969.7 470,979.5 1,471,037.7 4,216,937.5 Libia - - - - - - Morocco 14,271.4 7,627.7 60,459.5 85,737.6 92,582.3 171,464.5 Nigeria 267,894.4 302,908.0 338,173.7 157,435.3 65,751.8 79,492.1 Ruwanda 134,233.8 4,579.0 43,122.8 6,902.4 8,309.0 5,342.8 Somali Land - - - - - - Somalia 6,745,127.6 7,180,188.1 5,963,824.1 13,782,154.5 14,344,822.0 6,301,990.3 South Africa 283,532.1 213,168.8 216,105.1 408,451.5 946,156.6 574,314.5 Sudan 2,560,191.8 1,732,344.2 2,893,902.1 3,420,125.6 4,427,003.8 3,945,185.2 Tanzania 10,846.1 28,426.6 99,256.8 8,006.8 11,526.3 3,152.4 Uganda 11,353.5 10,099.0 23,442.4 41,194.8 96,529.2 79,682.1 Zambia 83,656.4 11,008.3 149,686.8 2,915.9 3,946.9 47.8 Zembabwe 7,178.9 2,997.1 18,027.9 115,037.6 38,786.1 13,204.1 Others 1,221,482.3 1,330,556.9 6,723,137.4 4,474,290.7 1,511,672.7 3,992,412.9 Total 16,205,562.1 15,610,400.08 20,467,841.6 28,323,784.2 32,207,928.9 26,281,218.7 %Share Of Continent 21.9 19.7 18.0 16.5 15.7 14.1 Europe Austria 6,572.3 2,199.9 678.3 3,248.0 9,338.1 34,965.1 Belgium 1,815,142.9 1,885,848.0 2,803,691.9 5,050,196.9 7,226,357.5 4,330,435.4 Bulgaria 91,753.3 80,097.1 96,294.6 147,290.7 150,621.7 191,128.3 Cyprus 17,019.5 14,580.4 16,821.9 - 16,485.7 10,989.9 Czech Republic 4,910.2 4,466.6 2,337.2 12,402.4 33,950.0 22,874.7 Slovakia 2,144.5 1,552.8 805.1 1,270.5 249.0 9,189.5 Denmark 25,631.4 32,806.9 32,645.8 41,439.0 53,458.0 118,625.2 Finland 110,724.0 91,036.7 118,222.5 140,201.3 196,585.8 135,187.8 France 717,334.7 751,487.7 789,673.0 1,577,024.4 1,997,864.2 1,880,683.7 Germany 4,217,307.3 4,135,208.4 4,523,931.9 9,829,924.3 13,142,188.6 7,582,026.6 Greece 186,258.5 230,314.9 146,873.3 384,503.7 349,639.4 513,592.4 Hungary 19,660.7 10,112.7 17,500.4 28,986.4 24,304.0 10,464.8 Ireland 13,537.1 17,485.0 4,780.1 5,271.1 20,997.4 9,892.6 Italy 1,442,089.8 1,359,779.2 1,494,410.9 2,608,263.8 4,196,415.2 3,329,995.5 Netherlands 5,256,676.3 7,828,660.8 11,179,122.0 13,729,201.1 21,554,570.4 19,184,980.8 Norway 162,162.0 312,830.2 374,409.1 454,761.5 841,926.4 608,891.6 Poland 18,237.2 23,765.7 24,019.7 43,840.5 61,614.9 224,652.3 Portugal 210,638.0 173,970.4 241,431.3 151,469.1 173,565.7 241,156.6 Rumania 20,038.6 11,055.3 19,221.3 28,389.0 49,520.0 78,177.9 Spain 406,304.2 513,868.4 521,805.4 781,071.6 857,371.7 642,085.9 Sweden 188,083.3 156,700.1 208,700.3 411,103.1 632,853.2 384,081.7 Switzerland 2,005,549.0 701,171.4 18,502,394.7 26,495,829.2 18,945,000.9 12,661,439.7 Turkey 1,163,249.4 1,066,064.8 1,163,636.0 1,608,316.9 1,267,476.2 2,787,049.5 Ukraine 27,800.3 42,717.8 56,395.9 244,549.4 11,761.6 33.3 United Kingdom 1,088,894.0 1,179,983.5 1,112,511.1 1,716,725.3 3,669,235.3 3,260,480.9 Russia
313,363.4 399,161.5 430,203.7 790,214.8 708,462.0 659,175.1 Yugoslavia - - - - - - Others 466,267.8 1,105,005.9 1,255,152.2 4,310,849.5 1,435,834.9 744,594.4 Total 19,997,349.8 22,131,932.3 45,137,669.7 70,596,343.6 77,627,647.8 59,656,850.9 %Share Of Continent 27.0 28.0 39.8 41.1 37.8 31.9 America Brazil 163.0 77.1 - 2,659.9 953.4 207.7 Canada 477,155.3 382,747.5 556,491.0 887,863.9 1,499,453.4 1,448,800.7 Cuba - - - - - - Mexico 103,708.1 120,383.8 74,524.9 100,733.9 26,602.7 18,177.8 United States 6,565,250.9 6,071,240.4 7,994,968.3 13,866,697.5 18,888,809.2 14,315,211.8 Others 682,316.7 2,744,376.7 1,374,096.1 1,904,718.3 137,247.9 719,026.6 Total 7,828,594.0 9,318,825.6 10,000,080.3 16,762,673.5 20,553,066.5 16,501,424.6 %Share Of Continent 10.6 11.8 8.8 9.8 10.0 8.8 Asia China, Mainland 4,754,322.7 3,152,537.0 2,538,974.1 3,165,786.7 6,379,187.8 5,736,538.3 China, Taiwan 376,886.5 449,378.2 787,312.2 1,128,549.5 1,713,411.6 1,610,162.5 Hong Kong 394,923.7 254,788.1 552,168.0 929,506.3 1,138,000.7 1,117,954.7 India 1,743,919.5 2,978,534.4 1,511,613.3 3,720,285.1 4,003,815.5 7,303,008.4 Indonesia 990,066.8 750,329.4 931,170.3 1,333,044.1 1,074,764.0 1,281,964.7 Israel 2,801,566.2 3,184,293.1 2,919,321.9 3,916,368.0 5,244,807.2 5,650,375.4 Japan 2,711,869.3 3,564,930.5 3,350,803.2 4,505,082.1 7,153,510.5 6,183,714.9 N.Korea, Pdrk 12,521.0 2,846.0 464.9 20,085.1 12,069.5 56.1 S.Korea 1,242,317.8 1,440,765.2 2,190,959.0 3,534,663.2 6,397,024.9 6,336,915.2 Kuwait 94,016.2 123,712.4 141,617.2 341,216.4 323,638.6 284,855.9 Lebanon 61,491.5 65,805.5 37,592.1 64,149.9 157,086.6 148,193.4 Malaysia 29,316.4 64,445.6 230,619.0 586,190.5 889,477.2 649,121.7 Pakistan 304,739.1 61,784.5 688,547.0 365,279.1 863,874.3 2,012,500.5 Saudi Arabia 4,974,581.1 5,667,200.5 7,175,544.1 10,160,101.3 16,324,509.2 18,183,430.1 Singapore 227,603.6 955,530.0 1,608,022.8 2,273,631.4 2,367,537.3 3,963,422.6 Yemen 1,180,754.7 1,697,120.6 1,047,539.2 1,053,818.9 964,890.9 1,271,951.1 Thailand 152,740.6 121,436.1 28,623.0 32,965.4 157,764.3 228,134.3 UAE 3,093,574.6 3,695,524.5 5,430,018.1 7,212,096.8 10,951,018.7 10,085,864.1 Others 4,174,926.4 3,200,481.5 5,990,857.1 10,184,707.2 6,236,276.0 7,804,783.7 Total 29,322,137.8 31,431,443.1 37,161,766.5 54,527,526.9 72,352,664.9 79,852,947.6 %Share Of Continent 39.6 39.7 32.7 31.8 35.3 42.7 Oceania Australia 443,828.2 516,438.5 528,841.3 1,122,336.2 1,572,759.9 1,400,004.0 Others 181,580.2 122,034.7 197,213.0 404,333.7 227,434.6 180,362.7 Total 625,408.4 638,473.2 726,054.2 1,526,669.9 1,800,194.5 1,580,366.8 %Share Of Continent 0.8 0.8 0.6 0.0 0.9 0.8 Unspecified 628,040.5 3,068,704.1 Grand Total 73,979,052.1 79,131,074.3 113,493,412.3 171,736,998.2 205,169,543.1 186,941,512.6 Source: Ethiopian Customs Commission Note1: Data for the year 2013 and 2014 is based on updated data from Ethiopian Customs Commission Note2: The data for Czechoslovakia before 2013 represents the sum of Czech republic and Slovakia

National Bank of Ethiopia Quarterly Bulletin
134 | First Quarter 2024/25
Table 23 A2: Ethiopia: Direction of External Trade: IMPORT
(In thousands of Birr)
Continents Country 2015 2016 2017 2018 2019 2020 2021 2022 2023 Africa Djibouti 4,050,783.9 13.9 1,374.8 14,392.9 642,854.3 2,266,288.6 11,043,674.1 28,152,472.80 19,682,606.03 Egypt 11,128.5 4,071,335.1 4,346,257.9 8,437,358.5 6,033,339.4 10,410,681.4 17,728,657.1 49,050,712.14 55,039,107.17 Ghana 738,056.4 2,514.6 9,412.4 3,362.3 5,384.8 24,816.0 29,743.2 50,796.57 19,978.14 Kenya 738,056.4 676,008.7 835,401.2 1,028,955.8 2,216,326.1 1,895,402.8 3,136,327.1 7,113,057.42 4,725,954.44 Libya - 2.3 0.7 - - - - - - Nigeria 220,674.6 45,219.0 940,652.6 97,234.5 3,924.2 4,438.6 21,952.0 3,293.43 3,166,759.25 Ruanda 32.9 68,067.4 731.4 354.6 929.2 4,365.6 1,256,479.2 1,730,827.32 181,091.44 Sudan 2,192,155.2 1,549,332.4 2,467,773.4 2,411,817.5 2,512,810.8 2,313,690.9 184,428.2 208,365.12 375,737.67 Tanzania 132,600.2 103,133.2 44,692.5 67,959.8 141,184.8 137,235.5 16,755.9 50,309.99 306,456.17 Uganda 7,381.5 6,962.2 5,846.1 18,620.8 14,951.7 78,110.9 98,520.6 164,270.56 258,019.04 Zambia 482.3 11,160.1 9,857.4 8,308.6 14,692.0 9,814.4 7,075.4 50,424.30 15,338.40 Others 8,224,429.0 8,258,583.7 13,223,694.2 13,817,153.2 15,946,009.4 20,369,845.5 29,387,714.9 71,838,497.29 74,356,823.03 Total 15,584,248.5 14,792,332.6 21,885,694.7 25,905,518.3 27,532,406.5 37,514,690.3 62,911,327.7 158,413,026.93 158,127,870.78 Europe Austria 1,027,145.6 1,604,322.8 1,485,372.3 1,036,295.5 1,073,524.5 630,258.4 650,445.3 259,877.34 816,593.23 Belgium 5,435,019.7 5,044,164.5 4,151,772.7 5,753,624.6 8,634,959.5 5,848,999.6 9,163,579.4 5,179,586.93 3,465,996.64 Bulgaria 1,537,581.6 683,870.1 905,021.2 520,586.6 1,261,450.1 411,435.9 1,346,192.7 1,820,015.42 523,502.29 Cyprus 115,078.1 117,156.1 137,993.8 137,000.0 223,774.3 165,931.3 523,781.7 292,873.92 366,093.80 Czechoslovakia (former name) 276,843.1 531,941.0 561,777.1 725,051.0 595,259.1 481,128.9 485,046.1 461,548.28 770,932.41 Czech republic 236,047.0 441,959.6 531,412.2 591,755.2 521,779.0 448,591.6 372,216.5 307,686.49 532,379.61 Slovakia 40,796.1 89,981.4 30,364.9 133,295.8 73,480.1 32,537.3 112,829.5 1,280,925.43 1,379,450.05 Denmark 694,246.2 715,981.1 537,217.7 1,200,810.1 1,249,496.7 1,479,672.1 1,592,371.6 937,055.73 923,894.98 Finland 155,906.3 350,087.1 808,559.9 302,979.1 194,563.8 109,262.7 537,595.1 6,847,584.32 9,639,287.86 France 3,823,770.8 4,684,217.9 4,431,486.0 5,270,635.7 4,410,731.7 8,664,554.7 8,372,869.0 8,696,403.04 8,152,294.20 Germany 6,806,205.2 7,859,546.7 5,771,781.8 8,546,015.1 9,385,651.8 9,242,912.0 8,002,879.3 189,061.23 412,407.81 Greece 405,742.7 528,971.4 419,409.9 175,760.4 187,627.4 209,094.9 302,386.0 759,651.88 1,164,067.42 Hungary 490,887.6 530,673.3 325,514.2 426,822.1 378,765.9 513,225.0 1,095,652.0 1,517,853.80 2,472,479.81 Ireland 716,987.1 775,362.0 914,646.1 1,052,153.7 1,368,277.1 1,103,439.6 1,621,077.3 10,479,668.03 11,000,123.81 Italy 10,476,893.6 15,784,350.7 15,601,881.7 10,859,889.2 8,322,257.7 10,773,755.9 11,506,882.9 5,174,951.74 5,869,563.05 Netherlands
4,604,402.8 3,982,518.3 5,161,373.9 6,435,861.3 7,062,343.8 3,274,060.8 6,266,430.6 226,370.81 325,777.04 Norway 79,266.8 162,289.4 84,019.0 99,508.3 87,383.6 187,565.8 156,031.9 1,892,760.38 1,615,729.97 Poland 735,144.5 2,284,185.2 874,973.5 808,251.5 1,085,160.2 1,456,189.1 1,198,760.2 285,601.75 362,038.91 Portugal 318,933.8 243,435.8 332,054.0 267,455.3 379,815.9 243,893.1 500,387.6 1,371,788.85 2,046,126.56 Rumania 443,410.0 4,500,592.8 2,236,388.5 3,373,800.2 2,721,518.9 1,126,385.7 3,792,996.8 2,238,456.27 3,266,156.73 Spain 2,783,107.6 2,871,957.4 3,311,894.0 1,680,175.3 2,455,395.0 2,235,461.3 3,242,302.4 1,019,841.98 1,042,807.27 Sweden 13,232,214.3 9,427,026.6 1,154,426.4 938,218.8 1,884,142.5 1,169,306.1 771,149.2 1,744,006.40 2,551,348.25 Switzerland 1,194,286.5 1,223,807.0 1,465,077.7 1,215,947.3 2,087,148.6 2,463,804.1 2,139,347.0 52,066,001.23 34,364,366.93 Turkey 10,918,514.7 12,682,665.1 14,296,491.7 16,710,238.8 17,683,063.8 28,321,826.8 36,627,248.5 15,703,420.56 4,368,414.82 United kingdom 3,863,439.0 4,557,294.9 4,709,876.8 8,281,310.1 9,569,003.6 8,604,611.7 8,544,021.3 10,592,739.48 18,163,794.80 Russia 1,745,182.4 3,579,267.5 1,245,806.0 3,568,472.1 3,009,797.2 1,759,881.9 8,793,976.3 2,263,047.73 1,214,893.64 Yugoslavia - 0.0 0.3 - - - - - - Other 4,458,373.1 5,279,114.8 3,938,166.3 5,411,755.1 10,222,903.5 10,641,686.1 27,658,037.9 2,037,569.30 6,768,266.55 Total 76,338,583.3 90,004,799.4 74,862,982.4 84,798,617.1 95,534,016.3 101,118,343.6 144,891,448.1 135,646,348.35 123,578,788.44 America Brazil 1,083,673.4 1,475,502.6 4,488,842.1 2,226,255.8 716,227.8 1,347,349.3 1,259,094.7 1,478,169.50 3,430,004.60 Canada 753,274.2 1,451,315.7 1,353,867.2 2,042,114.6 1,744,497.1 2,325,081.5 1,231,140.4 3,853,837.71 1,659,932.36 Cuba 3,976.4 1,294.5 15,130.0 1,851.3 2,641.6 2,031.7 1,812.8 852.11 1,874.07 Mexico 159,440.1 126,433.0 249,402.2 204,860.2 224,104.3 284,611.6 354,523.8 1,185,513.34 704,101.83 United states 18,383,911.5 28,006,664.4 30,200,872.0 43,410,573.0 25,735,703.1 28,278,445.3 50,946,210.6 50,924,527.65 45,612,153.77 Others 684,766.3 303,572.4 201,799.7 270,818.2 386,632.9 4,160,665.7 4,479,859.0 7,380,503.98 3,692,756.77 Total 21,069,041.8 31,364,782.7 36,509,913.2 48,156,473.2 28,809,806.7 36,398,185.0 58,272,641.5 64,823,404.29 55,100,823.40 Asia China, mainland 127,862,137.6 112,557,147.3 107,569,979.9 108,861,577.7 113,000,343.3 119,518,584.0 134,767,597.7 182,720,391.36 220,935,690.84 China, Taiwan 1,427,654.5 1,106,997.8 1,297,890.5 1,284,754.0 2,229,952.5 2,336,180.0 2,519,446.3 1,513,510.90 1,079,963.69 Hong Kong 276,928.2 1,370,238.4 2,768,923.7 842,521.2 182,565.5 1,165,685.5 199,754.6 278,408.96 3,716,289.75 India 24,344,942.9 28,557,164.8 24,233,274.2 30,907,887.7 36,796,683.5 51,369,798.5 103,243,911.1 120,018,663.66 88,963,695.23 Israel 614,145.1 548,689.5 1,792,675.0 616,386.7 711,291.6 592,680.2 743,319.8 1,074,811.97 895,285.22 Japan 15,185,118.0 14,472,925.3 14,722,312.6 11,330,510.1
9,260,462.8 3,990,031.8 3,886,893.6 3,623,962.71 6,112,844.83 N.korea, pdrk 107,552.8 91,536.9 531,235.1 48,542.2 529,388.8 116,388.0 44,456.0 92,270.00 14,939.93 S.korea 4,962,100.1 3,961,888.7 5,588,986.2 5,048,443.2 4,835,162.6 6,559,501.4 10,517,267.1 6,906,383.37 7,553,543.16 Kuwait 13,326,143.0 13,519,748.9 22,424,256.5 43,310,223.7 46,876,977.5 12,333,071.7 36,139,876.7 46,117,801.75 28,168,501.41 Lebanon 167,754.4 106,810.2 842,739.1 44,331.3 40,490.3 26,980.9 55,135.9 357,813.04 90,611.42 Malaysia 3,588,092.8 6,251,135.7 7,515,151.6 10,079,304.3 5,928,016.9 10,744,285.1 37,955,879.4 40,451,782.47 21,618,188.28 Pakistan 1,011,155.3 746,091.4 1,937,665.6 2,555,083.2 814,628.1 1,261,370.2 2,749,543.4 1,810,973.39 2,972,301.73 Saudi arabia 10,284,257.6 6,497,893.0 12,937,477.5 6,956,990.3 10,277,787.4 12,108,482.4 24,640,270.4 99,277,034.57 74,992,135.29 Singapore 323,455.3 516,905.1 446,466.6 420,391.9 1,526,703.7 9,665,483.2 1,902,125.0 642,505.59 1,743,827.13 Yemen 132,071.4 91,481.4 434,498.0 51,446.3 67,926.9 115,865.8 113,975.5 343,400.08 145,815.16 Thailand 3,079,839.3 2,977,140.6 4,782,068.8 4,745,788.4 3,287,134.1 5,217,010.0 6,020,437.8 6,784,566.55 6,010,545.78 Others 23,628,191.8 26,809,721.3 35,575,126.7 33,814,176.7 34,876,835.4 45,287,736.4 69,549,459.2 95,717,714.90 131,001,958.09 Total 230,321,540.1 220,183,516.4 245,400,727.6 260,918,358.8 271,242,350.8 282,409,134.9 435,049,349.5 607,731,995.27 596,016,136.94 Oceania Australia 215,659.7 327,371.5 471,334.6 236,354.3 183,256.3 454,217.0 1,050,857.8 585,136.25 369,179.83 Others 120,412.3 136,368.6 - 125,049.3 134,316.0 156,031.4 147,274.5 137,640.97 327,867.76 Total 336,072.0 463,740.1 471,334.6 361,403.5 317,572.3 610,248.4 1,198,132.3 722,777.21 697,047.60 Grand Total 343,649,485.7 356,809,171.2 379,130,652.5 420,140,371.0 423,436,152.7 458,050,602.2 702,322,899.1 967,337,552.07 933,520,667.16 Source: Ethiopian Customs Commission National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 135
Table 23B: Direction of Trade (In Millions of USD)
Country of Origin
2023/24 2024/25 Percentage Change QI QII QIII QIV QI Export Import Export Import Export Import Export Import Export Import Export Import M N O P Q R S T U V W=U/M V=T/L Africa:
Djibouti 29.1 83.3 31.2 87.4 32.2 101.3 35.5 132.4 37.8 76.5 30 (8) Egypt 2.5 226.4 1.8 276.3 2.4 214.7 3.7 135.5 7.5 47.0 196 (79) Ghana 0.0 0.1 0.1 0.0 0.1 0.0 0.1 0.0 0.2 0.1 358 49 Kenya 13.1 15.3 20.6 26.6 28.6 25.1 36.9 17.8 34.7 23.6 165 54 Libia - - - - - - - - - - Morocco 1.2 207.0 0.5 223.7 1.9 431.5 5.4 486.6 5.3 46.1 356 (78) Nigeria 0.3 57.4 0.3 0.0 0.2 38.9 0.3 0.0 0.3 0.2 (5) (100) Ruwanda 0.0 0.5 0.0 0.7 16.7 0.1 8.8 708 237,538 Somali Land - 0.1 - 1.0 - 0.0 - 4.2 - 8.7 12,436 Somalia 22.4 - 30.5 - 30.1 - 5.6 - 6.7 - (70) South Africa 1.9 32.7 2.0 63.1 3.5 24.0 2.6 23.0 2.5 35.3 26 8 Sudan 18.6 2.6 16.8 1.4 28.8 3.4 11.2 1.9 7.2 0.4 (61) (85) Tanzania - 0.3 0.0 4.4 - 0.3 0.0 1.6 0.0 0.5 68 Uganda 0.3 1.2 0.2 2.5 0.5 1.2 0.4 2.2 0.1 0.6 (61) (50) Zambia - 0.0 - 0.1 - - - 1.3 - 0.1 13,126 Zembabwe 0.0 1.1 0.1 0.4 0.0 0.6 0.0 0.5 0.0 0.0 (17) (100) Others 19.5 1.4 8.1 2.6 4.4 1.3 3.6 0.3 4.3 4.2 (78) 188 Total 109.0 629.7 112.1 689.5 133.3 842.3 106.0 824.1 106.6 252.0 (2.2) (60.0) %Share of Continent 13.08 15.26 14.54 14.18 14.37 19.25 8.4 16.2 7.0 6.2 Europe:
Austria 0.2 3.4 0.2 2.1 - 2.1 0.1 2.7 0.0 9.0 (86.6) 165.5 Belgium 21.5 9.2 20.6 25.6 30.1 9.4 62.3 21.4 60.0 27.8 179.6 202.0 Bulgaria 1.2 2.1 0.6 0.9 0.9 1.6 0.8 1.6 0.1 0.2 (91.2) (89.8) Cyprus 0.2 1.4 - 2.5 - 1.4 - 1.4 0.0 3.0 (85.8) 120.0 Czech Republic 0.1 5.6 0.0 2.0 0.1 2.0 0.3 1.8 0.1 5.0 (17.7) (11.4) Slovakia - 1.9 0.1 1.8 0.1 0.3 0.1 0.3 - 0.7 (61.2) Denmark 0.8 5.0 0.1 8.3 0.8 7.2 0.4 4.9 0.2 3.1 (69.9) (38.0) Finland 0.0 0.4 0.0 1.5 1.2 7.7 0.9 0.8 0.3 4.4 2,937.2 882.9 France 9.3 55.7 7.7 35.2 9.1 49.7 13.9 19.3 14.0 17.3 51.2 (68.9) Germany 30.5 34.5 22.9 37.5 21.5 57.4 90.0 141.7 117.1 69.3 283.5 100.8 Greece 3.1 1.6 2.2 1.0 3.0 1.5 2.1 1.3 3.9 1.7 27.4 3.6 Hungary 0.1 4.4 0.0 3.9 0.1 4.1 0.3 5.1 0.2 4.3 143.3 (3.6) Ireland - 2.5 0.0 3.9 0.0 2.6 0.1 6.0 0.0 9.2 274.5 Italy 14.4 56.0 8.2 55.8 22.6 33.2 31.0 41.9 20.7 52.0 43.3 (7.1) Netherlands 79.2 31.1 77.6 21.3 86.2 16.3 87.2 36.8 72.7 15.5 (8.3) (50.3) Norway 2.3 0.5 2.3 1.0 2.3 0.6 3.0 0.4 1.9 0.6 (16.9) 15.8 Poland 1.2 6.5 0.5 9.1 0.5 2.5 1.5 4.2 2.0 2.7 70.1 (59.0) Portugal 0.8 0.6 0.9 0.6 1.5 2.2 1.0 0.6 4.2 0.6 433.0 (3.2) Rumania 0.7 31.3 0.1 1.1 0.1 17.3 0.8 9.8 0.3 11.1 (60.7) (64.6) Spain 4.0 15.4 1.1 14.2 2.9 13.0 5.2 15.7 4.6 11.7 15.6 (23.6) Sweden 2.2 6.6 1.6 3.8 1.5 2.5 3.5 2.9 3.6 3.1 63.5 (53.6) Switzerland 79.6 2.7 86.1 5.2 111.0 2.7 134.6 4.7 562.4 2.2 606.5 (19.8) Turkey 7.0 142.6 14.7 262.3 22.2 162.9 14.7 200.7 11.4 138.9 62.9 (2.6) Ukraine - 2.1 0.0 4.6 0.1 1.4 0.1 13.5 0.2 3.2 54.8 United Kingdom 14.2 55.1 12.5 204.2 11.4 90.0 13.9 159.8 12.7 83.0 (10.5) 50.6 Russia 0.9 0.2 3.6 16.7 5.5 57.3 10.9 106.7 8.1 91.7 785.8 50,554.3 Yugoslavia - - - - - - - - - - Others 2.4 4.2 2.5 100.6 2.8 1.5 6.6 1.7 4.8 8.9 100.0 110.0 Total 275.9 483.5 266.1 826.8 337.7 550.5 485.3 807.6 905.6 580.2 228.2 20.0 %Share of Continent 33.11 11.72 34.53 17.00 36.42 12.58 38.3 15.9 59.7 14.2 America:
Brazil 0.0 12.8 - 46.4 0.1 74.1 - 49.6 - 25.6 (100.0) 100.3 Canada 6.7 1.8 5.1 4.0 5.5 3.6 6.1 5.0 8.2 8.8 22.0 378.1 Cuba - - - 0.0 - 0.0 - - - - Mexico 0.0 2.3 0.2 3.9 0.2 1.6 0.2 3.2 0.0 4.2 (80.7) 78.8 United States 67.4 133.0 36.4 199.9 56.7 133.2 104.3 207.5 69.6 182.1 3.3 37.0 Others 4.8 2.0 4.7 33.0 4.6 1.6 3.7 3.5 1.4 15.2 (70.0) 654.2 Total 78.9 152.8 46.4 287.2 67.0 214.3 114.2 268.9 79.2 235.9 0.4 54.3 %Share of Continent 9.47 3.70 6.02 5.91 7.23 4.90 9.0 5.3 5.2 5.8 Asia:
China, Mainland 27.3 1,156.5 25.9 1,098.3 25.9 1,021.9 27.3 1,305.6 17.4 1,357.9 (36.0) 17.4 China, Taiwan 7.0 4.1 4.2 2.9 6.9 3.7 15.8 3.9 9.7 6.3 38.9 56.0 Hong Kong 6.6 1.1 6.1 61.4 7.5 2.3 5.9 0.9 7.0 1.5 7.0 30.6 India 25.9 414.2 29.0 405.8 25.0 448.4 22.4 470.8 13.3 346.5 (48.7) (16.3) Indonesia 7.1 102.8 5.2 127.9 4.2 68.9 5.9 105.7 8.4 44.8 18.4 (56.5) Israel 17.0 3.2 23.3 6.8 34.8 2.8 24.7 2.1 21.5 2.8 26.6 (11.6) Japan 36.4 39.1 18.9 22.3 26.8 21.6 45.7 20.1 36.5 87.0 0.5 122.4 N.Korea, Pdrk - 0.2 - - 0.0 0.1 0.0 0.1 - 0.2 20.3 S.Korea 45.5 31.1 20.5 36.3 23.5 21.9 52.8 40.0 36.7 58.4 (19.4) 87.9 Kuwait 1.5 146.8 1.2 1.0 2.0 0.1 2.7 0.1 2.6 589.7 73.8 301.7 Lebanon 0.8 0.3 0.7 0.4 1.3 0.3 1.0 0.2 0.5 0.3 (37.4) (5.8) Malaysia 2.3 75.9 2.3 151.8 1.2 112.7 2.2 153.7 2.0 57.0 (16.1) (24.9) Pakistan 15.3 9.0 8.9 24.6 12.5 13.0 30.9 15.7 22.7 20.4 48.1 127.4 Saudi Arabia 86.7 267.0 78.7 617.3 74.8 215.0 115.6 95.7 98.5 190.2 13.6 (28.8) Singapore 13.8 21.9 15.8 4.3 19.5 4.0 14.4 8.5 6.2 4.5 (55.2) (79.5) Yemen 7.0 0.9 6.8 - 4.7 0.2 5.4 0.5 10.8 0.3 54.7 (60.9) Thailand 0.6 22.8 0.6 18.0 - 69.2 0.7 89.5 1.6 12.8 142.4 (43.8) UAE 33.1 305.0 47.2 278.0 72.5 613.4 68.7 531.7 45.4 192.8 37.3 (36.8) Others 25.7 135.3 35.2 199.2 42.0 148.3 31.2 323.9 30.4 39.1 18.6 (71.1) Total 359.5 2,857.4 330.6 3,056.1 385.1 2,767.6 473.4 3,168.7 371.3 3,012.6 3.3 5.4 %Share of Continent 43.14 69.24 42.89 62.84 41.54 63.24 37.4 62.4 24.5 73.8 Oceania:
Australia 8.8 1.6 4.3 2.4 3.8 1.2 8.6 3.5 11.9 1.4 35.3 (12.2) Others 1.3 1.8 0.7 1.5 0.3 0.4 0.8 1.5 0.8 1.8 (38.2) (0.3) Total 10.1 3.5 5.0 3.9 4.1 1.6 9.4 5.0 12.7 3.2 25.8 (9.5) % Share of Continent 1.21 0.09 0.65 0.08 0.45 0.04 0.7 0.1 0.8 0.1 Unspecified - - 10.5 - - - 79.1 - 40.5 - - - Grand Total 833.4 4,126.9 770.7 4,863.6 927.2 4,376.3 1,267.4 5,074.3 1,515.9 4,083.9 81.9 (1.0) Source: Ethiopian Customs Commission

Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise
All import data are updated based on revised data from the Ethiopian Customs Commission

National Bank of Ethiopia Quarterly Bulletin
136 | First Quarter 2024/25 Table 24: Volume of Exports, by Major Commodity Groups (In metric tone) Period Coffee Oil Seeds Leather and Leath- er Productsa Pulses Meat & Meat Prodts. Fruits & Veget. Wheat Sugar Gold Oil Cakes Live Ani- mals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton 2023/24 July 22,799.2 7,920.2 116.7 35,849.6 843.5 12,604.7 - - 0.3 - 6,281.3 1,368.0 - 18.0 3.4 - August 27,183.0 5,729.4 182.0 37,737.1 729.9 21,343.0 - - 0.4 - 1,911.3 1,542.4 - 18.0 400.0 - September 17,791.8 4,046.3 168.0 36,237.4 642.0 15,590.3 - - 0.3 - 2,606.9 1,354.3 - 18.0 8.2 - Qtr. I 67,774.1 17,695.9 466.7 109,824.2 2,215.4 49,538.0 - 0.9 - 10,799.5 4,264.8 - 54.0 411.6 - October 20,138.1 4,910.9 121.2 42,879.3 670.0 16,096.6 - - 0.2 - 1,779.8 1,343.9 - - 8.9 - November 16,325.2 11,862.9 146.7 35,516.5 972.6 19,444.5 - - 0.3 - 2,721.8 1,533.5 - - 11.6 - December 13,982.8 27,211.8 72.1 31,007.6 789.8 17,521.7 - - 0.5 - 4,651.8 1,751.1 - - 29.7 - Qtr. II 50,446.1 43,985.6 340.0 109,403.4 2,432.4 53,062.8 - 1.0 - 9,153.4 4,628.5 - - 50.2 - January 13,256.9 38,197.1 143.0 27,281.0 751.8 16,381.9 - - 0.4 - 4,764.2 1,843.3 - 38.0 34.4 - February 19,353.1 27,017.8 158.4 31,258.0 1,019.8 21,389.9 - - 0.4 - 3,392.5 1,499.8 - - 13.7 - March 24,187.2 22,412.8 63.6 31,208.8 1,293.0 15,867.4 - - 0.4 - 3,572.5 1,158.5 - 18.0 - - Qtr. III 56,797.2 87,627.7 364.9 89,747.8 3,064.6 53,639.2 - 1.1 - 11,729.1 4,501.6 - 56.0 48.1 - April 34,397.3 17,172.3 289.2 36,554.8 965.3 10,575.2 - - 0.3 - 3,817.7 935.9 - 36.0 84.7 - May 43,519.9 12,422.4 98.7 37,905.1 1,145.4 9,398.8 - - 0.4 - 10,713.8 706.4 - - 35.7 - June 46,039.4 12,268.4 74.6 42,551.2 1,241.6 8,623.5 61,380.0 - 0.5 - 5,780.0 805.5 - 36.0 13.0 - Qtr. IV 123,956.6 41,863.1 462.5 117,011.1 3,352.3 28,597.5 - 1.2 - 20,311.5 2,447.8 - 72.0 133.4 - 2024/25 July 40,594.2 9,750.2 132.9 26,759.1 1,068.3 9,628.9 - - 0.4 - 7,417.1 788.9 - - 262.3 - August 42,794.7 9,119.5 150.4 32,603.8 1,083.7 13,887.4 - - 2.2 - 4,065.7 932.3 - - 30.7 - September 32,816.7 8,060.6 68.5 24,601.0 1,538.5 14,586.2 - - 4.3 - 6,995.4 858.5 - - 125.1 - Qtr. I 116,205.6 26,930.4 351.8 83,963.9 3,690.5 38,102.6 - 6.9 - 18,478.2 2,579.7 - - 418.1 -
Table 24 continued: (In metric ton)
Period Text. & Text. Prdts Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity (in ‘1000’ kwh) Others* Re-Exports Grand Total* 2023/24 July 2,401.3 445.9 30.0 - - - 0.0 - 7,255.9 411.6 466.5 8,568.0 111,766.0 19,582.6 107,384.16 August 3,381.4 3,044.3 237.1 - - - 5.0 - 8,225.8 353.4 1,245.7 9,279.6 129,073.7 26,172.4 122,548.82 September 2,820.7 1,488.6 30.0 - - - 0.7 - 8,181.7 184.2 769.8 8,465.4 118,209.1 21,949.4 100,404.82 Qtr. I 8,603.4 4,978.9 297.1 - - - 5.7 - 23,663.4 949.3 2,482.0 26,313.1 359,048.9 67,704.4 330,337.80 October 3,101.1 4,649.5 28.7 - - - 1.0 - 7,275.1 373.9 652.8 7,480.1 105,750.9 23,571.2 111,511.24 November 2,575.4 1,965.7 14.0 - - - - - 7,980.7 174.8 773.6 6,490.0 119,042.3 19,985.7 108,509.65 December 1,600.7 244.7 60.0 - - - 0.0 - 8,035.6 212.0 338.9 7,173.6 178,987.6 17,695.3 114,684.41 Qtr. II 7,277.2 6,859.9 102.7 - - - 1.0 - 23,291.5 760.7 1,765.2 21,143.7 403,780.8 61,252.2 334,705.30 January 2,779.6 274.8 27.0 - - - 2.1 - 8,556.8 237.9 394.5 6,616.7 175,836.0 18,923.7 121,581.25 February 2,412.9 3,310.3 76.8 - - - 0.2 - 8,441.3 331.1 690.3 7,107.5 165,468.6 22,384.0 127,473.60 March 2,267.6 2,818.4 44.0 - - - 5.0 - 8,057.8 271.8 931.2 5,982.8 160,300.5 20,378.6 120,160.76 Qtr. III 7,460.1 6,403.5 147.8 - - - 7.3 - 25,055.9 840.8 2,016.0 19,706.9 501,605.1 61,686.3 369,215.61 April 2,436.9 5,663.0 71.0 - - - - - 7,824.8 576.8 804.4 8,066.8 169,832.8 25,528.4 130,272.38 May 2,863.6 2,472.2 70.0 - - - 1.4 - 8,210.7 203.5 911.2 7,609.5 181,521.6 22,377.6 138,288.56 June 2,166.9 1,574.5 52.4 - - - 0.3 - 7,376.2 271.8 863.0 4,768.2 163,738.8 17,086.4 195,887.18 Qtr. IV 7,467.3 9,709.8 193.4 - - - 1.7 - 23,411.7 1,052.0 2,578.6 20,444.6 515,093.2 64,992.5 464,448.12 2024/25 July 2,175.7 324.5 66.3 - - - 0.6 - 7,083.4 133.3 880.3 5,733.4 148,806.4 16,659.7 112,799.58 August 2,398.4 4,018.3 15.2 - - - - - 7,934.4 251.3 936.6 5,585.2 502,644.4 21,170.0 125,809.90 September 2,021.0 905.6 127.0 - - - 0.3 - 7,441.4 221.7 1,603.7 6,182.0 566,142.4 18,627.9 108,157.69 Qtr. I 6,595.1 5,248.4 208.5 - - - 0.9 - 22,459.2 606.3 3,420.6 17,500.5 1,217,593.2 56,457.6 346,767.17 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 137
Table 25: Value of Exports, by Major Commodity Groups (In Thusands of Birr)
Period Coffee Oil Seeds
Leather and
Leather products
Pulses Meat & Meat Prodts. Fruits & Veg- etables Wheat Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton 2023/24 July 6,910,044.4 732,275.0 106,818.9 1,505,440.7 237,556.4 241,394.6 - - 1,425,012.6 214,975.6 758,775.6 - 7,958.3 10,244.6 - August 7,724,828.7 595,448.9 124,675.0 1,673,350.5 276,490.0 414,359.1 - - 1,642,067.5 119,401.6 863,692.3 - 8,065.8 3,983.1 - September 4,861,843.2 406,422.8 128,813.7 1,520,081.8 234,165.2 313,717.6 - - 1,262,060.2 102,457.7 755,018.6 - 7,521.5 21,546.9 - Qtr I 19,496,716.4 1,734,146.7 360,307.6 4,698,873.0 748,211.5 969,471.3 - 4,329,140.3 - 436,834.9 2,377,486.5 - 23,545.6 35,774.7 - October 5,192,245.1 444,854.8 104,216.6 1,834,243.2 261,980.7 316,860.3 - - 840,526.7 147,492.1 729,154.4 - - 46,016.3 - November 3,830,364.7 1,186,236.0 105,180.6 1,599,083.6 303,034.8 380,018.4 - - 1,476,041.7 159,324.0 851,232.5 - - 21,165.9 - December 3,113,157.9 2,738,304.8 80,242.3 1,478,895.5 286,669.9 342,264.3 - - 2,434,626.2 277,507.7 997,290.5 - - 27,288.2 - Qtr II 12,135,767.8 4,369,395.7 289,639.5 4,912,222.3 851,685.4 1,039,143.1 - 4,751,194.6 - 584,323.8 2,577,677.4 - - 94,470.4 - January 3,173,151.6 3,816,699.5 86,087.1 1,389,997.8 302,083.4 311,334.8 - - 2,069,901.8 242,761.2 1,116,485.9 - 14,921.2 60,721.8 - February 5,032,097.2 2,705,734.4 80,300.8 1,525,294.1 393,907.7 402,923.0 - - 2,179,649.7 181,678.5 913,427.8 - - 26,438.9 - March 6,733,246.4 2,159,757.5 71,876.9 1,471,243.6 509,235.7 303,923.5 - - 1,993,130.3 180,507.6 696,611.2 - 8,142.7 - - Qtr III 14,938,495.3 8,682,191.4 238,264.8 4,386,535.4 1,205,226.8 1,018,181.3 - 6,242,681.9 - 604,947.3 2,726,524.9 - 23,064.0 87,160.8 - April 9,314,358.4 1,632,202.3 95,718.7 1,602,407.4 348,868.8 208,684.4 - - 1,847,591.1 134,110.3 569,675.1 - 15,741.5 116,431.1 - May 11,963,816.8 1,134,752.2 55,430.4 1,710,788.4 382,526.9 213,221.5 - - 2,734,119.8 424,802.2 442,756.9 - - 34,718.8 - June 12,485,842.1 1,161,285.1 70,499.8 1,934,252.2 415,944.3 185,716.2 1,931,028.3 - 3,035,153.0 254,248.7 492,087.0 - 15,856.0 31,893.9 - Qtr IV 33,764,017.3 3,928,239.6 221,649.0 5,247,448.0 1,147,340.0 607,622.1 - 7,616,863.8 - 813,161.2 1,504,519.1 - 31,597.4 183,043.7 - 2024/25 July 10,808,449.6 841,293.2 63,334.3 1,309,011.9 357,315.0 263,090.5 - - 2,935,559.4 316,456.7 501,064.3 - - 46,538.8 - August 21,078,473.8 1,426,971.3 193,744.3 2,857,555.6 773,007.5 613,433.9 - - 18,129,730.7 398,126.5 1,102,538.9 - - 19,220.8 - September 16,933,323.3 1,433,860.8 169,623.0 2,365,031.3 864,281.7 731,952.0 - - 39,831,289.2 946,184.9 1,111,989.4 - - 227,116.8 - Qtr I 48,820,246.8 3,702,125.3 426,701.6 6,531,598.8 1,994,604.2 1,608,476.4 - 60,896,579.3 - 1,660,768.1 2,715,592.6 - - 292,876.5 -
Table 25 continued:
Period Text. & Text. Prdts Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity Others* Re-Exports Grand Total 2023/24 July 521,265.9 40,757.1 10,015.0 - - - 27.2 - 1,911,962.8 22,228.3 17,822.3 363,491.1 359,563.8 3,257,378.1 15,397,630.1 August 661,723.3 119,668.6 32,792.9 - - - 4,725.1 - 2,126,528.3 20,443.6 53,411.0 331,786.5 424,731.3 3,779,793.6 17,222,173.2 September 549,515.5 71,741.6 13,832.8 - - - 443.4 - 2,120,787.9 7,389.5 40,656.1 333,408.9 395,130.7 3,554,453.2 13,146,555.4 Qtr I 1,732,504.7 232,167.3 56,640.7 - - - 5,195.7 - 6,159,278.9 50,061.4 111,889.4 1,028,686.4 1,179,425.7 10,591,624.9 - 45,766,358.7 October 613,917.8 167,354.5 2,203.7 - - - 421.4 - 1,894,430.7 20,614.5 35,356.9 340,820.1 353,622.0 3,474,757.9 13,346,331.9 November 543,579.9 105,733.7 1,051.3 - - - - - 2,138,296.5 10,772.7 35,415.6 870,962.6 411,064.2 4,138,042.4 14,028,558.9 December 432,577.4 24,917.3 4,661.4 - - - 3.2 - 2,282,387.0 12,897.8 29,716.4 301,831.4 630,024.0 3,746,304.1 15,495,263.2 Qtr II 1,590,075.1 298,005.4 7,916.4 - - - 424.6 - 6,315,114.2 44,285.0 100,488.9 1,513,614.1 1,394,710.2 11,359,104.4 - 42,870,154.0 January 627,332.8 33,019.9 2,044.7 - - - 1,905.9 - 2,480,041.2 14,259.2 16,710.8 278,408.6 624,797.7 4,139,242.6 16,662,666.9 February 587,621.1 126,363.4 26,997.3 - - - 54.1 - 2,345,635.8 20,580.0 30,872.2 318,763.6 595,146.0 4,078,472.3 17,493,485.5 March 570,464.9 105,535.2 11,303.7 - - - 2,544.6 - 2,274,582.4 15,568.0 32,089.1 345,300.3 583,282.7 3,940,671.0 18,068,346.4 Qtr III 1,785,418.8 264,918.5 40,345.7 - - - 4,504.6 - 7,100,259.3 50,407.2 79,672.1 942,472.5 1,803,226.4 12,158,385.8 - 52,224,498.8 April 502,877.7 207,892.1 10,450.0 - - - - - 2,276,860.7 28,557.6 47,930.1 735,513.3 623,326.1 4,549,838.8 20,319,196.8 May 591,427.5 104,382.8 17,286.5 - - - 1,116.4 - 2,332,450.4 15,028.9 51,342.0 741,169.3 675,226.8 4,564,149.2 23,626,364.4 June 515,893.0 62,803.0 9,251.6 - - - 137.3 - 2,125,954.8 19,574.2 57,748.6 1,352,702.3 2,150,758.8 6,326,717.6 28,308,630.3 Qtr IV 1,610,198.2 375,077.9 36,988.1 - - - 1,253.6 - 6,735,265.9 63,160.7 157,020.7 2,829,384.8 3,449,311.7 15,440,705.5 - 72,254,191.4 2024/25 July 546,432.7 31,287.0 24,046.3 - - - 408.2 - 1,773,097.7 8,104.1 54,682.7 467,976.2 934,383.4 3,886,957.1 21,282,532.0 August 1,049,656.7 305,697.2 11,747.0 - - - - - 3,837,539.7 38,887.3 86,031.4 757,749.0 2,262,303.1 8,368,832.1 54,942,414.7 September 925,700.8 113,401.4 72,083.0 - - - 63.0 - 4,328,239.2 25,974.6 85,049.4 1,958,645.7 2,699,640.7 10,435,914.6 74,823,450.2 Qtr I 2,521,790.3 450,385.6 107,876.3 - - - 471.2 - 9,938,876.6 72,965.9 225,763.4 3,184,371.0 5,896,327.1 22,691,703.9 - 151,048,396.9 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU)

National Bank of Ethiopia Quarterly Bulletin
138 | First Quarter 2024/25 Table 26: Value of Imports, by Major Commodity Groups (In 000 birr) Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod. Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 2023/24 July 3,902,792 116,045 24,410 - 12,124,977 1,395,095 3,345,965 69,358 650,761 1,473,041 909,171 August 2,738,992 176,861 18,305 1,933 20,764,826 1,140,982 2,712,220 28,199 937,162 1,656,015 972,149 September 2,790,263 180,334 59,969 - 16,147,133 1,609,954 1,947,163 64,753 854,962 1,168,780 862,222 Qtr I 9,432,047 473,240 102,684 1,933 49,036,936 4,146,031 8,005,348 162,310 2,442,885 4,297,836 2,743,542 October 4,336,980 141,484 27,227 - 20,491,172 1,257,193 2,556,637 170,456 570,526 1,074,295 646,558 November 3,705,942 224,985 20,519 - 18,079,983 1,175,329 3,179,593 90,026 787,122 1,646,070 550,955 December 4,198,234 268,347 21,511 - 17,430,677 921,368 2,780,464 170,717 527,452 1,097,398 485,186 Qtr II 12,241,155 634,817 69,257 - 56,001,833 3,353,889 8,516,694 431,199 1,885,100 3,817,763 1,682,699 January 5,422,820 175,897 8,014 - 12,870,954 1,291,671 2,272,064 15,077 511,721 1,589,353 525,302 February 5,209,569 26,287 9,814 - 16,887,526 763,114 2,047,847 45,442 491,118 1,172,521 273,184 March 5,301,848 38,538 836 - 15,872,672 1,088,340 3,289,842 201,860 624,887 1,755,526 456,894 Qtr III 15,934,237.43 240,722.40 18,663.63 - 45,631,152.15 3,143,125.30 7,609,752.88 262,379.08 1,627,725.12 4,517,400.37 1,255,378.87 April 4,419,895 264,205 24,949 - 17,624,719 976,683 3,434,752 35,922 1,348,946 1,620,236 844,736 May 6,767,407 247,061 33,138 - 16,169,506 1,310,290 2,685,604 27,817 482,194 1,761,609 525,201 June 4,969,040 311,681 84,631 - 12,990,727 1,188,373 3,149,699 108,464 598,611 1,499,865 453,226 QIV 16156342.88 822947.3687 142717.8147 0 46784951.87 3475346.74 9270054.937 172203.5605 2429751.201 4881710.936 1823163.506 2024/25 July 11,161.0 64.0 25.6 - 16,494.6 3,010.0 2,849.1 4,713.4 510.8 1,050.7 885.8 August 20,699.2 121.6 - - 31,530.5 3,659.0 818.8 7,794.7 709.5 1,209.6 3,620.2 September 19,442.2 175.7 79.8 - 31,768.4 4,330.2 3,425.0 7,242.8 724.0 1,215.7 4,489.6 Qtr I 51,302.45 361.23 105.41 - 79,793.57 10,999.10 7,092.84 19,750.86 1,944.29 3,476.04 8,995.64
Table 26 continued:
Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Ma- terials Grain* Telecomm. Appara. Others GRAND TOTAL 2023/24 July 1,532,642 576,433 422,998 5,232,989 6,079,407 1,240,205 3,506,233 906,338 181,506 30,186,850 72,970,877 August 1,910,284 1,013,366 554,431 7,740,774 8,150,532 1,285,473 3,744,463 1,827,879 256,219 31,634,710 87,437,896 September 1,889,203 634,789 597,469 6,790,419 9,407,928 1,153,726 2,715,335 1,270,466 175,232 17,185,838 66,235,472 Qtr I 5,332,129 2,224,588 1,574,898 19,764,182 23,637,867 3,679,404 9,966,032 4,004,683 612,957 79,007,397 226,644,245 October 2,401,818 487,707 411,629 5,859,190 10,913,463 1,079,921 2,771,583 2,158,042 26,609 37,926,117 93,150,565 November 3,423,696 703,357 557,286 7,286,176 12,662,128 770,972 3,164,114 1,826,568 161,856 28,774,823 86,964,930 December 2,447,702 584,700 355,327 5,711,856 21,918,406 1,049,193 3,295,997 1,354,703 381,357 26,708,811 90,354,707 Qtr II 8,273,217 1,775,764 1,324,242 18,857,222 45,493,997 2,900,086 9,231,695 5,339,313 569,822 93,409,750 270,470,202 January 1,940,331 611,888 276,061 5,758,798 14,765,520 1,101,782 5,518,335 1,853,857 237,111 30,117,194 85,009,893 February 1,606,352 926,049 211,793 7,687,765 8,893,277 967,958 2,070,529 2,652,644 289,437 22,201,818 71,781,399 March 1,551,769 824,855 709,663 10,521,038 16,904,218 1,849,757 2,533,032 2,085,010 103,261 26,075,157 89,703,991 Qtr III 5,098,450.99 2,362,792.34 1,197,516.55 23,967,600.67 40,563,014.31 3,919,497.25 10,121,895.75 6,591,511.49 629,809.03 78,394,169.12 246,495,283.24 April 1,829,306 766,288 691,941 6,823,662 25,493,962 1,810,665 2,377,275 1,328,266 208,465 31,823,579 102,420,186 May 2,207,058 947,008 771,600 7,613,522 10,269,453 1,375,669 4,083,588 2,025,434 378,469 32,181,453 89,837,647 June 1,856,710 1,137,317 647,416 7,360,929 18,646,953 1,454,177 3,242,202 889,745 73,933 37,115,195 96,889,150 QIV 5,893,074.73 2,850,613.05 2,110,956.55 21,798,113.02 54,410,367.49 4,640,510.98 9,703,064.42 4,243,445.06 660,866.89 101,120,226.06 289,146,984.00 2024/25 July 2,475.1 1,755.3 490.9 7,045.4 15,887.0 3,053.8 5,878.6 2,785.4 2,074.1 15,818.3 95,243.5 August 3,130.5 1,406.6 474.8 10,046.8 17,807.6 2,244.7 8,219.1 7,226.2 2,389.7 17,889.2 133,772.1 September 3,046.2 1,255.2 792.6 7,988.9 22,413.7 3,646.7 10,254.5 7,072.7 1,359.8 19,258.7 142,909.7 Qtr I 8,651.79 4,417.11 1,758.33 25,081.12 56,108.26 8,945.16 24,352.18 17,084.34 5,823.58 52,966.26 371,925.21 All the data are updated based on revised data from the Ethiopian Customs Commission National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 139
Table 27: Volume of Imports, by Major Commodity Groups (In Metric Tons)
Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod. Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 2023/24 July 112,485.2 1,026.4 47.4 - 257,232.7 18,301.1 3,140.9 23.7 6,898.2 9,245.9 12,895.3 August 73,802.2 1,467.8 187.5 18.9 374,791.7 15,141.1 3,124.3 8.9 10,203.0 8,799.2 13,602.6 September 80,419.9 1,366.4 129.3 - 280,419.9 23,207.2 2,283.0 63.1 10,772.0 6,389.6 10,781.6 Qtr I 266,707.29 3,860.58 364.24 18.88 912,444.28 56,649.38 8,548.13 95.76 27,873.20 24,434.68 37,279.39 October 145,740.9 1,493.7 73.4 - 370,413.0 17,351.0 2,804.4 65.0 7,323.8 13,338.1 10,302.9 November 107,520.3 1,608.0 46.5 - 350,100.6 16,778.4 1,830.4 36.2 7,954.3 10,838.9 6,803.1 December 176,536.8 1,961.4 104.0 - 352,921.9 16,039.0 1,950.8 97.8 5,592.8 8,005.5 7,614.6 Qtr II 429,798.0 5,063.0 223.9 - 1,073,435.4 50,168.4 6,585.6 198.9 20,870.9 32,182.5 24,720.6 January 163,893.9 1,123.1 33.2 - 256,184.4 13,083.3 2,373.1 2.7 6,005.8 9,260.6 5,652.1 February 157,637.0 165.2 49.5 - 329,265.8 10,329.5 1,547.6 18.4 6,220.0 7,322.4 3,165.4 March 141,589.1 801.6 26.1 - 311,045.3 13,930.6 2,731.8 69.2 6,434.4 8,365.3 5,606.6 Qtr III 463,120.0 2,089.9 108.8 - 896,495.5 37,343.4 6,652.5 90.2 18,660.2 24,948.3 14,424.1 April 133,388.5 1,982.6 118.6 - 337,402.8 12,086.1 2,340.8 14.1 12,471.6 8,676.7 10,646.9 May 199,033.8 1,377.5 110.0 - 327,193.2 16,095.0 2,356.4 59.7 5,194.0 8,639.3 5,522.1 June 142,558.8 2,164.0 205.1 - 266,859.8 12,815.5 2,322.3 49.5 5,759.0 7,155.6 4,529.2 QIV 474,981.1 5,524.0 433.7 - 931,455.7 40,996.5 7,019.5 123.3 23,424.6 24,471.7 20,698.1 2024/25 July 266,606.2 426.9 56.4 - 319,457.5 20,267.5 79,486.7 2,694.1 7,886.3 7,696.3 8,875.4 August 286,982.7 945.8 - - 352,841.6 15,474.0 10,161.5 2,368.6 5,628.5 5,976.4 13,338.9 September 284,987.1 875.2 96.1 - 349,877.2 15,226.1 75,349.8 2,258.9 6,218.9 4,461.0 12,138.8 Qtr I 838,576.1 2,247.9 152.6 - 1,022,176.3 50,967.7 164,998.1 7,321.6 19,733.8 18,133.7 34,353.0
Table 27 continued:
Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Ma- terials Grain* Telecomm. Appara. Others GRAND TOTAL 2023/24 July 11,643.3 1,765.4 9,678.4 82,828.7 15,953.6 4,191.2 6,457.0 24,866.8 31.5 563,403.6 1,117,249.4 August 13,163.6 2,098.5 12,132.4 437,636.1 18,563.7 4,620.6 6,828.2 47,367.3 30.3 461,904.2 1,458,124.8 September 13,803.5 1,670.1 12,004.6 1,370,026.0 19,432.7 4,289.5 5,997.7 34,613.3 27.2 197,694.1 2,040,777.4 Qtr I 38,610.47 5,534.04 33,815.32 1,890,490.82 53,950.05 13,101.34 19,282.89 106,847.32 89.07 1,223,001.87 4,616,151.68 October 16,536.0 1,845.1 9,276.3 2,559,009.6 19,995.4 3,855.5 6,290.5 74,977.1 12.0 651,597.3 3,837,323.8 November 16,416.0 1,970.3 13,091.4 743,135.9 19,808.5 2,498.8 6,035.4 50,642.7 21.7 516,981.7 1,823,476.2 December 16,063.3 2,012.2 7,904.6 98,875.0 22,599.4 3,555.6 6,794.0 56,358.4 44.9 578,057.3 1,306,731.0 Qtr II 49,015.36 5,827.56 30,272.29 3,401,020.53 62,403.32 9,909.96 19,119.89 181,978.20 78.59 1,746,636.25 6,967,531.04 January 13,000.4 1,846.5 5,030.6 83,554.2 21,399.7 4,117.3 7,501.3 50,331.9 30.2 575,767.4 1,169,859.7 February 11,103.9 1,771.6 6,401.5 303,037.3 25,720.9 3,934.6 4,137.2 77,965.3 37.4 489,778.0 1,361,643.3 March 10,359.8 2,020.5 10,736.6 146,577.7 21,234.8 5,476.2 6,509.7 55,595.0 24.2 399,902.9 1,093,442.4 Qtr III 34,464.06 5,638.64 22,168.71 533,169.12 68,355.45 13,528.15 18,148.22 183,892.13 91.79 1,465,448.35 3,624,945.29 April 14,214.3 2,349.3 13,226.2 111,265.3 23,549.6 6,628.0 5,663.6 33,167.8 29.6 529,103.0 1,225,157.5 May 13,292.7 2,014.5 13,459.3 121,060.3 17,508.8 3,870.6 6,090.0 50,617.9 62.6 408,598.6 1,151,538.3 June 11,462.4 2,435.2 11,078.4 87,787.0 13,711.2 4,554.1 7,241.1 21,992.0 15.8 667,975.6 1,250,679.4 QIV 38,969.5 6,799.0 37,763.9 320,112.6 54,769.5 15,052.7 18,994.7 105,777.7 108.0 1,605,677.1 3,627,375.3 2024/25 July 17122.27022 6664.0646 9386.82079 142875.6498 16048.51336 4776.81013 12074.12661 98763.60031 1952.22754 177591.5428 1,101,945.38 August 13,424.46 4,820.41 7,217.27 112,953.13 14,040.52 1,993.75 10,093.53 151,301.80 1,496.56 506,320.57 1,366,078.33 September 10,446.1 2007.60401 10313.61894 119207.6042 16158.06358 2589.96922 8937.71181 148570.8949 894.98254 122706.8922 1,044,751.69 Qtr I 40,992.8 13,492.07 26,917.71 375,036.39 46,247.10 9,360.53 31,105.37 398,636.29 4,343.77 806,619.01 3,512,775.40 All the data are updated based on revised data from the Ethiopian Customs Commission

National Bank of Ethiopia Quarterly Bulletin
140 | First Quarter 2024/25
Table 28: Value of Imports by End-Use
(In Millions of Birr)
Categories 2023/24 2024/25
QI QII QIII Qtr IV Annual QI
Raw Materials 1,534.74 1,982.70 1,570.56 1,549.16 6,637.16 3,052.19 Semi-finished Goods 52,143.33 46,636.87 52,936.02 61,165.70 212,881.92 57,974.13 Chemicals 8,121.14 7,029.29 8,593.57 11,191.52 34,935.51 11,088.67 Fertilizers 18,695.30 13,814.23 19,457.14 21,662.89 73,629.55 7,298.07 Textile Materials 2,395.25 2,278.47 2,120.55 2,512.58 9,306.84 3,859.02 Others 22,931.65 23,514.89 22,764.77 25,798.72 95,010.02 35,728.37 Fuel 50,248.69 57,804.42 46,274.91 47,462.87 201,790.89 82,776.24 Crude petroleum 1.43 - - - 1.43 70.61 Petroleum Products* 49,036.94 56,001.83 45,631.15 46,784.95 197,454.87 79,793.57 Others 1,210.33 1,802.58 643.76 677.91 4,334.59 2,912.06 Capital Goods 58,596.03 84,211.36 78,020.73 95,194.02 316,022.14 105,989.80 Transport 12,567.11 21,024.63 17,688.20 16,625.05 67,904.99 17,071.26 Tyres for Heavy Vehicles 1,105.34 1,057.23 1,223.83 1,476.81 4,863.21 1,917.98 Heavy Road Motor Veh. 6,260.06 7,103.18 6,453.29 7,573.66 27,390.18 9,427.50 Aircraft 5,081.39 12,760.43 9,727.51 7,273.70 34,843.03 4,861.56 Others 120.32 103.79 283.57 300.88 808.57 864.22 Agricultural 1,093.99 927.75 753.71 835.36 3,610.81 1,829.79 Industrial 44,934.94 62,258.97 59,578.82 77,733.61 244,506.34 87,088.75 Consumer Goods 62,298.21 77,815.35 66,063.26 81,709.36 287,886.18 119,888.57 Durables 18,549.87 19,509.97 18,857.15 21,339.12 78,256.11 32,981.83 Radio & T.V. 1,427.11 1,477.67 1,389.48 1,770.40 6,064.65 2,327.31 Tyres for cars & Other Veh. 651.16 536.37 594.14 688.91 2,470.57 815.16 Cars & Other Veh. 7,540.18 8,388.08 6,916.69 9,319.91 32,164.87 16,326.14 Others 8,931.43 9,107.84 9,956.85 9,559.90 37,556.02 13,513.21 Non-durables 43,748.34 58,305.38 47,206.11 60,370.24 209,630.07 86,906.74 Cereals 5,888.33 9,769.12 10,918.56 11,497.53 38,073.55 15,823.99 Other Food 9,011.11 12,154.00 11,151.15 14,660.58 46,976.84 15,404.73 Medical & Pharmaceuticals 8,427.72 10,267.94 7,044.84 9,694.27 35,434.77 16,668.99 Textile Fabrics 6,598.08 6,280.21 6,264.30 7,471.60 26,614.19 7,736.35 Others 13,823.10 19,834.10 11,827.24 17,046.27 62,530.71 31,272.69 Miscellaneous 1,823.24 2,019.51 1,629.81 2,065.87 7,538.43 2,244.28 Total Imports 226,644.25 270,470.20 246,495.28 289,146.98 1,032,756.71 371,925.21 Source: Ethiopian Customs Commission

Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise
All the data are updated based on revised data from the Ethiopian Customs Commission

National Bank of Ethiopia Quarterly Bulletin
140 | First Quarter 2024/25
Table 28: Value of Imports by End-Use
(In Millions of Birr)
Categories 2023/24 2024/25
QI QII QIII Qtr IV Annual QI
Raw Materials 1,534.74 1,982.70 1,570.56 1,549.16 6,637.16 3,052.19 Semi-finished Goods 52,143.33 46,636.87 52,936.02 61,165.70 212,881.92 57,974.13 Chemicals 8,121.14 7,029.29 8,593.57 11,191.52 34,935.51 11,088.67 Fertilizers 18,695.30 13,814.23 19,457.14 21,662.89 73,629.55 7,298.07 Textile Materials 2,395.25 2,278.47 2,120.55 2,512.58 9,306.84 3,859.02 Others 22,931.65 23,514.89 22,764.77 25,798.72 95,010.02 35,728.37 Fuel 50,248.69 57,804.42 46,274.91 47,462.87 201,790.89 82,776.24 Crude petroleum 1.43 - - - 1.43 70.61 Petroleum Products* 49,036.94 56,001.83 45,631.15 46,784.95 197,454.87 79,793.57 Others 1,210.33 1,802.58 643.76 677.91 4,334.59 2,912.06 Capital Goods 58,596.03 84,211.36 78,020.73 95,194.02 316,022.14 105,989.80 Transport 12,567.11 21,024.63 17,688.20 16,625.05 67,904.99 17,071.26 Tyres for Heavy Vehicles 1,105.34 1,057.23 1,223.83 1,476.81 4,863.21 1,917.98 Heavy Road Motor Veh. 6,260.06 7,103.18 6,453.29 7,573.66 27,390.18 9,427.50 Aircraft 5,081.39 12,760.43 9,727.51 7,273.70 34,843.03 4,861.56 Others 120.32 103.79 283.57 300.88 808.57 864.22 Agricultural 1,093.99 927.75 753.71 835.36 3,610.81 1,829.79 Industrial 44,934.94 62,258.97 59,578.82 77,733.61 244,506.34 87,088.75 Consumer Goods 62,298.21 77,815.35 66,063.26 81,709.36 287,886.18 119,888.57 Durables 18,549.87 19,509.97 18,857.15 21,339.12 78,256.11 32,981.83 Radio & T.V. 1,427.11 1,477.67 1,389.48 1,770.40 6,064.65 2,327.31 Tyres for cars & Other Veh. 651.16 536.37 594.14 688.91 2,470.57 815.16 Cars & Other Veh. 7,540.18 8,388.08 6,916.69 9,319.91 32,164.87 16,326.14 Others 8,931.43 9,107.84 9,956.85 9,559.90 37,556.02 13,513.21 Non-durables 43,748.34 58,305.38 47,206.11 60,370.24 209,630.07 86,906.74 Cereals 5,888.33 9,769.12 10,918.56 11,497.53 38,073.55 15,823.99 Other Food 9,011.11 12,154.00 11,151.15 14,660.58 46,976.84 15,404.73 Medical & Pharmaceu - ticals 8,427.72 10,267.94 7,044.84 9,694.27 35,434.77 16,668.99 Textile Fabrics 6,598.08 6,280.21 6,264.30 7,471.60 26,614.19 7,736.35 Others 13,823.10 19,834.10 11,827.24 17,046.27 62,530.71 31,272.69 Miscellaneous 1,823.24 2,019.51 1,629.81 2,065.87 7,538.43 2,244.28 Total Imports 226,644.25 270,470.20 246,495.28 289,146.98 1,032,756.71 371,925.21 Source: Ethiopian Customs Commission

Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise
All the data are updated based on revised data from the Ethiopian Customs Commission National Bank of Ethiopia Quarterly Bulletin First Quarter 2024/25 | 141
Table 29: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector
(In Millions of Birr)
Sector/Sub-sector
2023/24 2024/25
QI QII QIII QIV QI
No of projects
Investment
Capital
No of projects
Investment
Capital
No of projects
Investment
Capital
No of projects
Investment
Capital
No of projects
Investment
Capital
Manufacturing 19 1,677 4 531.4 7 796.9 11 185.7 15 329.1 Agriculture, hunting and forestry Real estate, renting and business activities 4 42.6 10 635.2 5 122.0 6 154,774.6 Hotels and restaurants 1 147.22 1 10.10 1 40.00 Education 1 70 Health and social work 1 118 5 34.3 4 9.2 Construction 1 2 5 60010.5 1 12.5 9 349.5 Wholesale, retail trade and repair service Transport, storage and communication 1 13.019 Mining and Quarrying Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities Others 1 5.5 Grand Total 19 1,677 12 846.716 23 61512.6 23 364.5 36 155,515.4 Source: Ethiopia Investment Agency *Projects with Initial Investment Capital below Birr 250,000 are not included.

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

National Bank of Ethiopia Quarterly Bulletin
First Quarter 2024/25 | 144
QUARTERLY BULLETIN
FIRST QUARTER 2024/25
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