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National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18

The National Bank of Ethiopia publishes the Fourth Quarter 2017/18 Quarterly Bulletin, presenting historical and current macroeconomic, social, monetary, and external sector indicators for Ethiopia. The document provides detailed statistical tables covering country profiles, social indicators, GDP metrics, money supply, inflation rates, government finance, exchange rates, and financial market developments from the 1999/00 fiscal year through 2017/18.

Ethiopia

National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin Fourth 4

National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin NatioNal BaNk of Ethiopia Quarterly Bulletin Volume 34, No. 4 fourth Quarter 2017/18 fiscal Year Series addis ababa 2018

National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin table of Contents pages Ethiopia: Macroeconomic and Social Indicators-------------------------------------------------------------------i i. overview------------------------------------------------------------------------------------------------------------1 1.1: International Economic Developments -------------------------------------------------------------------1 1.2: Macroeconomic Developments in Ethiopia -----------------------------------------------3 ii. Energy production and processing------------------------------------------------------------------------8 2.1: Import of Petroleum Products---------------------------------------------------------------------------------8 2.2: Electric Power Generation--------------------------------------------------------------------------------------13 iii. Quarterly price Developments---------------------------------------------------------------------------- 16 3.1: Developments in National CPI------------------------------------------------------------------------------- 16 3.2: Developments in Regional CPI ------------------------------------------------------------------------------ 19 iV. Monetary Developments----------------------------------------------------------------------------------- 22 4.1: Money Supply and Credit---------------------------------------------------------------------------------------22 4.2: Developments in Reserve Money and Monetary Ratio-------------------------------------------------26 4.3: Interest Rate Developments -----------------------------------------------------------------------------------28 4.4: Developments in the Financial Sector----------------------------------------------------------------------- 30 4.5: Activities of the Banking System------------------------------------------------------------------------------33 4.5.1: Resource Mobilization-----------------------------------------------------------------------------------33 4.5.1.1: Deposit Mobilization----------------------------------------------------------------------------------------35 4.5.1.2: Collection of Loans -----------------------------------------------------------------------------------------36 4.5.1.3: Borrowing --------------------------------------------------------------------------------------------------37 4.5.2: Disbursement of Fresh Loans ---------------------------------------------------------------------------38 4.5.3: Outstanding Credit ---------------------------------------------------------------------------------------40 4.6: Financial Activities of NBE --------------------------------------------------------------------------------------41 4.7: Developments in Financial Markets ----------------------------------------------------------------------42 4.7.1: Treasury Bills Market -------------------------------------------------------------------------------------42 4.7.2: Inter-bank Money Market ------------------------------------------------------------------------------45 4.7.3: Corporate Bond Market----------------------------------------------------------------------------------45

National Bank of Ethiopia Quarterly Bulletin V. External Sector Developments ---------------------------------------------------------------------------47 5.1: Balance of Payments -------------------------------------------------------------------------------47 5.2: Balance of Trade--------------------------------------------------------------------------------------50 5.2.1: Exports --------------------------------------------------------------------------------------------------- 51 5.2.2: Imports --------------------------------------------------------------------------------------------------57 5.2.3: Direction of Trade ------------------------------------------------------------------------------------60 5.2.3.1: Exports of goods ------------------------------------------------------------------------60 5.2.3.2: Imports of goods--------------------------------------------------------------------------61 5.3: Services and Transfers-------------------------------------------------------------------------------62 5.4: Current Account---------------------------------------------------------------------------------------65 5.5: Capital Account----------------------------------------------------------------------------------------65 5.6: Changes in Reserve Position -----------------------------------------------------------------65 5.7: Developments in Foreign Exchange Market------------------------------------------66 5.7.1: Exchange Rate Movements ------------------------------------------------------66 5.7.2: Movements in the Real Effective Exchange Rate ----------------------72 5.7.3: Volume of Transactions -------------------------------------------------------------74 Vi. federal Government finance---------------------------------------------------------------------------75 6.1: Revenue and Grants------------------------------------------------------------------------------------75 6.2: Expenditure-----------------------------------------------------------------------------------------------75 6.3: Deficit Financing---------------------------------------------------------------------------------------80 Vii. Developments in investment-------------------------------------------------------------------------82 Viii. international Economic Developments --------------------------------------------------------87 8.1: Overview of the World Economy ------------------------------------------------------------------87 8.2: Inflation Developments-------------------------------------------------------------------------------88 8.3: Commodity Price --------------------------------------------------------------------------------------89 8.4: Exchange Rate Developments -------------------------------------------------------------------89 8.5: Impact of Global Economic Development on Ethiopian Economy------------------90 StatiStiCal taBlES--------------------------------------------------------------------------------------------92

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

Country Profile Land Area (total, In Sq.Km) 1.14 million 1.14 million 1.14 million 1.14million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million Arable Land ( % of total area ) 45.0 45.00 NA Irrigated Land ( % of total area ) 3.0 NA Population Density ( person per sq.km )* 85.6 88.1 90.7 93.2 95.8 99.7 101.2 99.6 102.1 104.7 107.40 110.14 112.94 115.76 118.61 121.50
Social Indicators Population total, in millions (Mid-Year population) 60.00 61.60 63.20 64.80 66.50 68.30 70.00 72.40 74.90 76.8 78.80 80.70 82.7 84.8 87.0 89.1 91.2 93.4 95.5 (o/w Urban Poulation, in %) 14.9 15.1 15.33 15.5 15.8 15.97 16.21 16.45 17 16.14 16.30 16.10 16.3 18.6 19.0 19.5 19.9 20.3 20.8 Working Age Population ( In Millions ) Urban 5.6 6.1 6.4 6.5 7 6.95 7.6 7.6 8.0 8.4 8.92 9.43 10.0 10.5 11.1 11.6 12.2 12.8 - Rural 28.00 28.8 29.8 30.54 31.4 32.6 33.2 32.9 31.3 33.0 33.89 34.83 35.8 36.8 37.7 38.7 39.7 40.8 - Total 33.8 34.9 36.2 37.04 38.4 39.6 40.7 40.6 39.3 41.4 42.82 44.26 45.7 47.3 48.8 50.4 52.0 53.6 - Age Dependency Ratio 87.8 87.2 86.0 86.6 85.2 84.7 84.3 84.3 93.00 93.00 93.0 75.0 - Life Expectancy at Birth ( Male - Female ) 50.9-53.0 53.4-55.4 53-55 53.42-55.42 55.6-57.9 55.6-57.9 53.4-55.4 58.4-60.4 53.4-55.4 60.2-64.2 - Crude Birth Rate 44.2:1,000 39.9:1,000 35.7:1,000 36.9:1,000 36.9:1,000 35.7:1,000 35.7:1000 35.7:1000 33.6:1000 33.6:1000 30.3:1000 27.0:1000 Crude Death Rate 15:1,000 12.6:1,000 12.6:1,000 12.6:1000 10.8:1,000 NA NA 9.2:1,000 9.2:1,000 7.2:1000 6.3:1000 Natural Rate of Population Increase ( In % ) 2.9 2.7 2.60 2.40 2.40 2.31 2.07 Total Fertility Rate 6.5clild:W 5.8child:W 5.4child:W 5 child:W 4.8child:W 4.8child:W 3.94chil:W 3.45chil:W People : Hospital Beds 5,273:1 6,086.4:1 5740.4:1 6479.2:1 5721.4:1 5273.5:1 5028:1 5293:1 5698:1 5082:1 7815:1 NA NA 2516:1 NA NA 2850:1 2980:1 3617:1 People : Physician1 50,273.2:1 47,836.0:1 35604:1 34005.1 36954:1 29777:1 35493:1 49888:1 36374:1 36175:1 56013:1 53642:1 28847:1 32132:1 20970:1 17160:1 14045:1 22766:1 26635:1 People : Nurse 1 9,458.5:1 8,461.0:1 5236.0:1 4879:1 4621:1 3956.8:1 4206:1 4601:1 4524:1 3870:1 3012:1 2762:1 2299:1 1884:1 1995:1 1999:01:00 1999:1 1194:1 1780:1 Infant Mortality Rate 110:1,000 97:1,000 97:1,001 97:1,002 97:1,003 80:1,000 77:1,000 73:1000 59:1000 62.2:1000 62.4:1000 62.4:100 53.3:1000 Access to Safe Water ( In %) Country Level 30.00 27.90 28.4 NA 35.9 45.6 47.3 52.5 59.5 66.2 68.50 73.30 58.3 68.5 76.7 84.0 61.0 66.0 71.0 Urban Population 72.00 91.70 75.7 NA N.A 82 NA 82.0 86.2 88.6 91.50 92.50 78.7 81.3 84.2 91.0 52.5 55.0 60.0 Rural Population 24.00 17.10 19.9 NA 25.2 38.4 42.2 46.4 53.9 61.5 65.80 71.30 55.2 66.5 75.5 82.0 63.1 68.0 74.0 Student-Teacher Ratio Primary ( 1-8 ) 56:1 61:1 63:1 64:1 65:1 66:1 62:1 59:1 57:1 54:1 51:1 51:1 50:1 49:1 47:1 46:1 46:1 - - Secondary ( 9-12 ) 43:1 52:1 54:1 45:1 48:1 51:1 57:1 48:1 43:1 41:1 36:1 31:1 29:1 28.7:1 27.8:1 26.4:1 26.5:1 - - Technical & Vocational 7.6:1 9:1 17:1 25:1 22:1 21:1 20:1 27:1 25:1 34:1 NA 29:1 24.7:1 18.6:1 16.5:1 16.5:1 12.6:1 - - Student-School Ratio Primary ( 1-8 ) 563:1 617.5:1 674.0:1 701:1 724:1 690:1 654:1 677:1 657:1 619:1 573:1 590:1 576:1 571:1 571:1 744.9:1 573:1 - - Secondary ( 9-12 ) 982:1 1,531.2:1 1681.0:1 1222:1 1312:1 1350:1 1425:1 1440:1 1381:1 1345:1 1270:1 1160:1 1033:1 994:1 857:1 369:1 767.2:1 - - Technical & Vocational 267:1 264.9:1 271.0:1 353:1 552:1 534:1 468:1 493:1 501:1 673:1 788:1 735:1 654:1 544:1 545:1 383:1 523:1 - -
Macroeconomic Indicators 3.1 Real sector Development2 GDP at Current Market Price (In Mn. Birr) 65,986.0 67,351.0 65,895.0 72,703.0 85,800.0 105,415.0 130,334.0 170,281.0 245,836.0 332,060.0 379,135.00 515,078.5 747,326.5 866,921.1 1,060,825.4 1,297,961.4 1,528,044.2 1,806,656.0 2,202,373.0 Nominal GDP Growth Rate(In %) 9.0 2.1 (2.2) 10.3 18.0 22.9 23.6 30.6 44.4 35.1 14.18 35.9 45.1 15.3 22.4 22.4 18.2 17.9 20.2 Average Marginal Exchange Rate (Birr per USD) 8.1400 8.3300 8.5400 8.5800 8.6300 8.6518 8.6810 8.7943 9.2400 10.4200 12.89 16.1 17.3 18.3 19.1 20.1 21.1 22.4 26.1 GDP at Current Market Price (IN Mn. USD) 8,106.4 8,085.4 7,716.0 8,473.5 9,942.1 12,184.2 15,013.7 19,362.7 26,605.6 31,867.6 29,413.11 31,957.1 43,314.2 47,424.6 55,628.0 64,575.2 72,419.2 80,605.0 84,356.0 Nominal GDP per Capita (In USD) 135.1 131.3 122.1 130.8 149.5 178.4 214.5 267.4 355.2 415 373.26 396.1 523.5 559.1 639.6 725.0 794.0 863.0 883.0 Real GDP per Capita ( In Birr ) 3,313.8 3,495.7 3,458.8 3,300.5 3,652.6 3,976.7 4,300.5 4,634.2 4,962.8 5,266.1 5,776.60 5,895.00 6,947.5 7,299.1 7,625.2 8,571.2 8,864.0 18,257.5 19,217.5 Real GDP per Capita Growth Rate (In %) 4.8 5.5 (1.1) (4.6) 10.7 8.9 8.1 7.8 7.1 6.1 9.69 9.00 6.1 5.1 4.5 12.4 3.4 8.0 5.3 GDP Deflator (% change) 6.9 (5.8) (3.6) 12.8 3.9 9.9 11.6 17.2 30.3 24.2 1.70 20.08 33.5 4.9 11.0 10.8 9.5 6.3 12.5 Real GDP at constant basic price (In Mn. Birr) 184,625.4 198,320.9 201,561.3 197,331.5 220,477.2 248,354.8 277,013.3 309,686.8 344,331.9 378,907.4 418,946.95 475,647.50 517,026.5 568,432.3 626,977.4 692,221.7 747,309.2 1,577,107.0 1,719,491.3 Real GDP at constant market price (In Mn. Birr) 198,827.1 215,332.6 218,594.3 213,870.3 242,897.6 271,605.2 301,032.7 335,519.0 371,716.7 404,437.0 455,196.02 515,078.50 559,621.6 618,842.2 682,358.5 753,229.7 810,187.2 1,699,193.6 1,834,066.5 Real GDP Growth Rate (In %) 3.4 7.4 1.6 (2.1) 11.7 12.6 11.5 11.8 11.2 10.0 10.57 11.40 8.7 9.9 10.3 10.4 8.0 10.9 7.7 Agriculture & Allied Activties(In Billion Birr) 102.1 111.9 109.8 98.3 115.0 130.5 144.8 158.5 170.3 181.2 195.00 212.50 222.9 238.8 251.8 267.8 274.0 573.1 600.9 Industrial Sector (In Billion Birr) 17.7 18.6 20.2 21.4 23.7 25.9 28.4 30.6 33.9 37.3 41.99 49.80 59.6 73.9 86.5 103.7 125.0 404.3 464.4 Service Sector(In Billion Birr) 69.4 72.9 75.3 79.4 84.2 94.6 107.6 124.1 144.1 163.9 185.10 216.60 237.4 258.8 292.5 325.0 353.0 620.2 673.9 Agriculture & Allied Activties (% of GDP) 55.3 56.4 53.7 49.4 51.6 51.9 51.5 50.5 48.8 47.3 46.13 44.37 43.1 42.0 40.2 38.7 36.7 36.3 34.9 Industrial Sector ( % of GDP ) 9.7 9.5 10.0 11.0 10.9 10.6 10.4 10.2 10.1 10.1 10.17 10.40 11.5 13.0 13.8 15.0 16.7 25.6 27.0 Service Sector ( % of GDP ) 37.0 36.3 36.3 39.6 37.5 37.5 38.0 39.3 41.0 42.6 43.70 45.23 45.9 45.5 46.6 47.0 47.3 39.3 39.2 Private Consumption Expenditure 45,611.0 47,981.0 49,319.0 56,765.0 60,866.0 81,445.0 102,537.0 130,118.0 197,461.0 268,002.0 309,132.00 373,088.50 541,536.3 636,901.3 744,978.0 896,208.0 1,037,277.0 1,147,628.0 1,441,581.0 Government Consumption Expenditure 12,615.0 10,543.0 10,448.0 10,422.0 11,973.0 13,971.0 17,016.0 19,123.0 25,782.0 31,544.0 34,801.00 53,147.10 62,044.5 77,636.9 98,121.0 116,995.0 148,837.0 222,865.0 225,523.0 Investment 14,647.0 15,870.7 17,395.0 17,669.0 24,902.0 27,409.0 35,952.0 41,227.0 60,156.0 82,560.0 102,403.00 165,380.00 277,243.7 295,456.4 402,922.0 511,618.0 588,705.0 704,596.0 751,626.0 Exports 8,010.0 8,146.0 8,389.0 9,779.0 12,913.6 16,076.9 18,205.4 21,854.2 28,317.0 35,233.0 52,168.00 85,949.80 102,887.0 108,227.1 123,496.0 121,532.2 122,366.0 139,805.0 184,282.0 Imports 15,952.8 16,108.4 17,706.8 20,131.3 27,366.8 37,776.3 48,092.4 55,088.7 76,564.0 96,285.0 126,319.00 162,486.80 236,384.7 251,300.6 308,691.3 393,189.0 424,528.0 428,400.0 502,113.0 Resource Balance -7,942.8 -7,962.4 -9,317.8 -10,352.3 -14,453.2 -21,699.4 -29,887.0 -33,234.4 -48,247.0 -61,052.0 (74,151.00) (76,537.00) (133,498.0) (143,073.5) (185,195.3) (271,656.0) (302,163.0) (288,595.0) (317,831.0) Gross Private Consumption (% of GDP) 69.1 71.2 74.8 78.1 70.9 77.3 78.7 76.4 80.3 80.7 81.54 72.43 72.5 73.5 70.2 69.0 67.9 63.5 65.5 Gross Government Cosumption (% of GDP) 19.1 15.7 15.9 14.3 14.0 13.3 13.1 11.2 10.5 9.5 9.18 10.32 8.3 9.0 9.2 9.0 9.7 12.3 10.2 Gross Domestic Fixed Investment (% of GDP) 22.2 23.6 26.4 24.3 29.0 26.0 27.6 24.2 24.5 24.9 27.01 32.11 37.1 34.1 38.0 39.4 38.5 39.0 34.1 Resource Balance (% of GDP) -12.0 -11.8 -14.1 -14.2 -16.8 -20.6 -22.9 -19.5 -19.6 -18.4 (19.56) (14.86) (17.9) (16.5) (17.5) (20.9) (19.8) (16.0) (14.4) Ethiopia: Macroeconomic and Social Indicators: Continued….

National Bank of Ethiopia Quarterly Bulletin II Fourth Quarter 2017/18 Indicators 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) 3.2 Monetory Indictors Narrow Money Supply (M1) ( In Mn. Birr ) 13,050.2 13,745.8 15,182.4 16,446.7 19,065.9 21,289.8 23,811.9 29,773.4 36,875.5 42,112.7 52,434.6 76,171.00 94,849.88 114,745.69 134,063.78 154,706.34 178,609.66 216,794.60 281,154.70 Broad Money Supply (M2) ( In Mn. Birr ) 22,177.8 24,516.2 27,322.0 30,090.1 34,655.9 40,212.1 46,377.4 56,860.3 69,918.2 82,509.8 104,432.4 145,376.97 189,398.78 235,313.59 297,746.59 371,328.91 445,266.25 573,408.60 740,572.50 Net Foreign Assets ( In Mn. Birr ) 4,770.6 4,800.0 7,822.5 11,049.2 11,766.9 13,868.0 12,109.6 13,927.3 12,140.6 17,976.8 27,189.8 55,534.68 39,787.69 45,648.53 45,972.30 37,570.95 21,524.19 38,034.79 39,376.20 Reserve Requirement ( CBs ) 924.1 1,081.8 1,163.9 1,320.3 1549.35 1,828.4 2,120.9 2,592.5 9,112.9 11,183.3 14,368.0 20,495.20 18,080.56 11,708.82 14,479.39 18,250.35 21,745.43 28,280.80 36,385.80 Interest Rate ( In % ) Minimum Deposit Rate 6 6 3 4.0 4.0 5.00 7.00 Lending Rate 10.5-13.5 10.5-15.0 8.0-10.5 7-14 8-15 8-16.5 12.25 11.88 12.75 12.75 13.50 Total Net Domestic Credit (in mn. Birr) 26,271.0 27,551.6 27,550.2 28,202.3 31138.781 40305.8 49295.9 61585.0 80772.6 89,203.0 104,413.5 135,553.87 189,080.81 233,404.32 300,026.58 393,421.73 490,230.35 631,156.20 784,633.10 Government 14,775.7 15,171.0 15,985.1 17,229.8 19199.154 21663.8 25266.4 30290.2 34169.2 32,786.5 33,013.1 28,651.65 21,557.41 21,965.52 26,929.74 30,735.25 47,548.36 85,441.85 102,002.80 Other Sectors 11,495.3 12,380.6 11,565.1 10,972.6 11939.627 18642.0 24029.6 31294.8 46603.4 56,416.5 71,400.4 106,902.22 167,523.40 211,438.80 273,096.84 362,686.48 442,681.99 545,714.40 682,630.30 3.3 Inflation (CPI growth rate)3 Country Level -General inflation 5.4 -0.3 -10.6 10.9 7.3 6.1 10.6 15.8 25.3 36.4 2.8 18.1 34.1 13.5 8.1 7.7 9.7 7.2 13.1 -Food inflation 7.6 -1.7 -19.1 21.5 11.5 7.4 13.0 17.5 34.9 44.2 -5.4 15.7 42.9 12.6 5.9 7.4 11.2 7.4 16.5 -Non-Food inflation (core inflation) 2.5 1.4 0.3 0.2 2.2 4.4 7.1 13.5 12.5 23.8 18.2 21.8 22.4 14.8 10.6 7.9 8.1 1.1 9.2 Addis Ababa -General inflation 4.2 -1.4 -5.5 4.6 5.6 7.2 8.4 19.2 20.8 29.4 10.1 19.4 24.8 12.6 8.5 7.6 10.3 3.0 8.3 -Food inflation 7.2 -7.8 -10.7 9.4 8.6 5.7 13.0 25.4 32.1 41.5 4.1 14.8 30.6 13.1 4.6 12.2 16.6 1.3 8.8 -Non-Food inflation (core inflation) 0.6 5.6 -0.8 0.9 3.0 7.6 4.6 14.0 12.7 19.2 16.0 23.5 21.1 11.9 11.4 4.4 5.8 4.3 7.9 3.4 External Trade(In Mn.USD) Export of goods & services 984 979.1 982.7 1150.6 1520.6 1895.8 2149.5 2498.1 3127.9 3399.5 4,050.33 5,343.12 5,993.41 5,978.47 6,451.62 6,057.81 6,077.3 6,257.2 7,099.7 Import of goods & services 1,959.8 1,936.4 2,073.1 2,408.7 3,259.8 4,439.6 5,602.7 6,254.2 8,326.9 9,292.3 9,858.40 10,160.72 13,805.17 13,864.19 16,197.24 19,848.9 20,556.2 19,710.0 19,653.4 Net trade in goods & services -975.8 -957.3 -1,090.4 -1,258.1 -1,739.3 -2,543.8 -3,453.2 -3,756.1 -5,199.0 -5,892.8 -5,808.4 -4,817.6 -7,811.8 -7,885.7 -9,745.6 -13,791.1 -14,478.9 -13,452.9 -12,553.7 Current account balance including official transfers (334.8) (242.4) (361.0) -93.8 -401.5 -771.3 -1,470.9 -991.3 -1,492.4 -1,634.7 -1,193.2 -201.9 -2,778.0 -2,780.3 -4,168.1 -7,401.6 -6,659.3 -6,539.2 -5,227.3 Capital account balance 151.7 258.6 509.0 368.6 386.7 491.9 614.3 760.4 1,031.5 1648 2,421.02 2,995.93 2,283.28 3,291.23 4,134.57 8,285.61 6,577.7 6,895.1 6,397.3 Overall balance of payments (393.7) (70.5) 300.2 1381.894676 389.5463487 66.40934667 37 29.98 -251.6939401 18.7 316.68 1,384.20 (972.79) (6.52) (96.89) (521.41) -830.9 658.6 -201.6 3.5 Government Finance (In Mn .Birr4) Total Revenue (including grants) 11,222.0 12,805.0 12,833.0 15,703.0 17,918.0 20,147.0 23,225.0 29,381.0 39,705.0 40,421.9 66,237.44 85,611.00 115,658.50 137,192.00 158,076.52 199,639.11 243,671.56 269,105.94 287,562.14 Total Revenue (excluding grants) 9,498.0 10,177.0 10,409.0 11,149.0 13,917.0 15,582.0 19,493.0 21,797.0 29,794.0 31,924.0 53,861.34 69,120.00 102,863.65 124,077.00 146,172.77 186,618.69 230,657.28 256,629.04 269,648.19 o/w Tax-Revenue 6,782.0 7440.0 7,926.0 8243.0 10,906.0 12398.0 14122.0 17354.0 23801.0 23216.2 43,315.36 58,981.00 85,739.86 107,010.30 133,118.26 165,312.47 189,717.18 210,135.85 235,229.48 Tax-Revenue as % of GDP 10.3 11.0 12.0 11.3 12.7 11.8 10.8 10.2 9.7 7.0 11.42 11.45 11.47 12.50 12.71 13.37 12.40 11.6 12.2 Total Expenditures 17,183.6 15786.4 17,651.0 20517.0 20,520.0 24803.0 29325.0 35607.0 46915.0 43875.2 71,334.79 93,831.00 124,416.72 153,929.00 185,471.78 230,521.18 272,930.09 329,286.84 354,205.32 Current Expenditures 13,741.6 10,379.0 10,550.0 13,549.0 11,977.0 13,235.0 15,234.0 17,165.0 22,794.0 26315.5 32,012.38 40,535.00 51,445.45 62,745.80 78,086.90 113,375.50 131,902.78 176,703.00 210,470.21 Capital Expenditures 3,442.0 5,003.4 6,130.0 6,313.0 8,271.0 11,343.0 14,042.0 18,398.0 24,121.0 17,559.7 39,322.41 53,297.00 72,971.26 91,182.90 107,384.88 117,145.68 141,027.31 152,583.83 143,735.10 Equity Contribution ( Sinking Fund ) Special Programs - 404.0 971 655 272 224.0 50.0 44.0 0.0 - - - - - - - - Total Expenditures as % of GDP 26.0 23.4 26.8 28.2 23.9 23.5 22.5 20.9 19.1 13.2 18.8 18.2 16.6 18.1 17.7 17.8 17.9 18.2 16.1 Current Surplus/Deficit -4,243.6 -202.0 -141.0 -2,400.0 1,940.0 6,652.7 4,259.0 4,632.0 7,000.0 5,608.5 34,225.1 45,076.5 64,213.0 74,447.0 79,989.6 86,263.6 111,768.8 92,402.9 77,091.9 Overall Budget Deficit ( including grants ) -5,961.6 -2,981.4 -4,818.0 4,815.0 -2,602.0 -4,655.0 -6,100.0 -6226.0 -7210.0 -3453.3 -5,097.4 (8,220.2) (8,758.2) (16,736.0) (27,395.3) (30,882.1) (29,258.5) (60,180.9) (66,643.2) Deficit as % of GDP -9.0 -4.4 -7.3 6.6 -3.0 -4.4 -4.7 -3.7 -2.9 -1.0 -1.3 -1.6 -1.2 -2.0 -2.6 -2.4 -1.9 -3.3 -3.0 Overall Budget Deficit ( excluding grants ) -7,685.6 -5,609.4 -7,242.0 -9,368.0 -6,603.0 -9,220.0 -9,832.0 -13,810.0 -17,121.0 -11951.1 -17473.5 (24,711.5) (21,553.1) (29,851.0) (39,299.0) (43,902.5) (42,272.8) (72,657.8) (84,557.1) Deficit as % of GDP -11.6 -8.3 -11.0 -12.9 -7.7 -8.7 -7.5 -8.1 -7.0 -3.6 -4.6 -4.8 -2.9 -3.5 -3.8 -3.5 -2.8 -4.0 -3.8 3.6 Exchange Rate (Birr/ USD) Inter-Bank Forex Market Rate5

Period weighted Average 8.20 8.42 8.543 8.581 8.635 8.652 8.681 8.794 9.244 10.4205 12.8909 16.1178 17.2536 18.1947 19.0748 20.0956 21.1059 22.4137 26.1082
End period 8.22 8.46 8.566 8.600 8.630 8.660 8..69 9.030 9.610 11.3009 13.5321 16.9081 17.7305 18.6426 19.5771 20.5659 21.8004 23.1081 27.3761 Continued….

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 III Indicators 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) 2010 3.7 Treasury Bill Market ( In Mn .Birr) T-Bills Demanded ( Total ) 18,322.8 18,205.5 26,089.1 38,633.6 61,143.2 56,896.2 60,603.5 78,922.0 59,888.5 46,767.2 51,258.02 55,760.03 77,194.80 109,184.60 113,527.98 136,536.80 161,575.24 225,321.24 323,991.24 T-Bills Sold 13,311.2 9,322.9 16,453.2 29,668.0 51,645.0 41,065.0 47,793.5 63,315.0 47,716.5 27,839.8 41,736.42 52,316.03 74,694.80 109,184.60 95,314.98 110,593.30 161,475.24 225,321.24 323,991.24 Average Weighted Yield (in %) 3.3 2.8 2.0 1.3 0.5 0.095 0.038 0.530 0.677 0.743 0.79 1.13 1.87 1.89 1.60 1.43 1.44 1.42 1.42 T-Bills Outstanding by holder 1,951.5 3,372.5 4,478.2 9,100.0 12485 6595 11638.5 11546 8239.5 7783.1 11,566.20 10,706.62 20,011.86 26,044.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 Banks 804.7 1,924.0 3,425.5 8,094.3 11418 6295 10612.3 9135 2739 1672 4,400.00 900.00 2,383.50 3,436.00 - - - - - Non-Banks 1,146.8 1,448.5 1,052.7 1,005.7 1067 300 1026.2 2411 5500.5 6111.1 7,166.20 9,896.62 17,628.40 22,608.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 3.8 Inter Bank Money Market Rate5 11 8 7.5 _ _ 7.5 8.5 _ 3.9 Financial Institutions Number of Commercial Banks 8 9 9 10 11 11 12 14.00 17.00 17.00 18.00 ( o/w Private banks ) 7 8 9 9 10 12.00 14.00 16.00 Number of Bank Branches 267 283 295 339 358 389 421 487 562 636 681.00 970.00 1,289.00 1,724.00 2,208.00 2,693.00 3,301.00 4,257.00 4,757.00 Population : Bank Branch 224719:1 217668:1 214237:1 191150:1 185754.2:1 175778.4:1 166,270.8:1 148,665.3:1 133,274:1 120,754.7:1 115,712.2:1 83,195.9:1 64,158.3:1 49674.8:1 41,088 33,448.00 27,932.00 22164:1 20286.5:1 Number of Insurance Companies 9 10 12 12.00 14.00 15.00 16.00 17.00 ( o/w Private Insurance Companies ) 8 9 11 11.00 13.00 14.00 15.00 16.00 Number of Insurance Branches 91 95 101 105 121 133 139 146 172 194 207.00 221.00 243.00 273.00 332.00 377 426 492.00 532.00 Population : Insurance Branch 659341:1 648421:1 625743:1 617143:1 549587:1 513534:1 503597:1 495890:1 435465:1 395876:1 383844:1 366063:1 340329:1 314428.9:1 264918.8:1 238928:1 216443:1 191772:1 181396:1 Number of Development Banks 1.00 1.00 Number of Development Bank Branches 32.00 32.00 32 110 110.00 107.00 Number of Microfinancial Institutions 16 19 21 22 22 26 27 28 28 30 30.00 31.00 35.00 38.00 Source : Ministries of Agriculture, Finance and Economic Development, Health, and Education; National Bank of Ethiopia; Centeral Statistical Authority, … etc Note:- *population is estimated using component method after 2006/2007

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

National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 1 I. OVERVIEW 1.1. International Economic Developments1 The global survey indicators continue to signal a steady growth momentum in the fourth quarter of 2017/18. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area increased slightly further in June, reaching a four-month high, as the continued pick-up in the services sector more than compensated for the moderate decline in manufacturing. The composite output PMI in June decreased moderately in United States from May, while it strengthened in Japan and in United Kingdom. In emerging market economies, the composite output PMI increased in China and India, while it slowed in Russia and Brazil. Global inflation edged up in May and annual consumer price inflation in the Organization for Economic Co-operation and Development (OECD) countries increased to 2.6 percent, driven by energy prices while food prices slowed slightly. Excluding food and energy prices, annual inflation in OECD

1 European Central Bank monthly bulletin of 5/2018 increased marginally to 2 percent. Inflation is expected to continue rising in the near term following the pick-up in oil prices and the gradual decline in spare capacity. In United States, real GDP expanded at an annualized rate of 2 percent in the third quarter of 2017/18. Despite the slight deceleration in activity, the near-term outlook remains strong, supported by solid fundamentals as well as the large and procyclical fiscal expansion. The labour market continued to generate jobs at a solid pace and indicators continue to point to tightness, while wage growth remains moderate. Annual headline consumer price index (CPI) inflation reached its highest level since 2012, rising to 2.9 percent in June, while increasing to 2.3 percent when food and energy are excluded.

In China, real GDP grew at 6.7 percent in year-on-year terms in the fourth quarter of 2017/18, in line with market expectations of a slowdown in economic activity. The ongoing structural deleveraging campaign is affecting investment patterns. Infrastructure investment in particular fell as financing channels tightened, although investment in manufacturing and real estate. Chinese equities and foreign exchange markets have I. OVERVIEW 1.1. International Economic Developments1 The global survey indicators continue to signal a steady growth momentum in the fourth quarter of 2017/18. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area increased slightly further in June, reaching a four-month high, as the continued pick-up in the services sector more than compensated for the moderate decline in manufacturing. The composite output PMI in June decreased moderately in United States from May, while it strengthened in Japan and in United Kingdom. In emerging market economies, the composite output PMI increased in China and India, while it slowed in Russia and Brazil. Global inflation edged up in May and annual consumer price inflation in the Organization for Economic Co-operation and Development (OECD) countries increased to 2.6 percent, driven by energy prices while food prices slowed slightly. Excluding food and energy prices, annual inflation in OECD

National Bank of Ethiopia Quarterly Bulletin 2 Fourth Quarter 2017/18 1.2. Macroeconomic Developments in Ethiopia A. Inflation Headline inflation increased to 4.0 percent in the fourth quarter of 2017/18 from 2.9 percent registered in the preceding quarter. This was attributed wholly to the increase in food & non-alcoholic beverages inflation by 2.3 percentage points, more than offsetting the marginal fall in non-food inflation. However, it was lower than the 4.8 percent headline inflation recorded last year same quarter due to the 3.1 percentage point decline in food & non-alcoholic beverages inflation in contrast with 1.7 percentage point increase in non-food inflation.. As a result, food & non-alcoholic beverages and non-food inflations contributed 2.9 and 1.1 percent, respectively, to the headline inflation registered during the review quarter. B. Monetary Developments Broad money supply (M2) which stood at Birr 740.6 billion at the end of fourth quarter of 2017/18, showed 29.2 percent growth over same quarter of last fiscal year. The annual growth in broad money was largely attributed to 24.3 percent expansion in domestic credit and 3.5 percent increase in net foreign assets (NFA). The increase in domestic credit resulted from 19.4 percent upsurge in credit to central government and 15.6 percent credit to non-central government. Government’s measure to raise CBE’s capital by issuing non-interest bearing bond attributed to the expansion of credit to the central government. Likewise, reserve money reached Birr 174.2 billion at the end of fourth quarter of 2017/18, depicting 19.1 percent growth over last year same quarter. While currency in circulation increased by 19.8 percent, banks deposits’ at NBE rose by 17.8 percent. C. Interest rate In fourth quarter of 2017/18, average savings deposit rose from 5.4 percent to 8.0 percent and lending rates increased from 12.75 percent to 13.5 percent over the same quarter last year. Similarly, weighted average time deposit rate went up by 2.58 percentage points on annual basis. Weighted average yield on T-bills been under pressure recently, reflecting both fears of an escalation of trade tensions and a slowdown in growth. In Japan, economic indicators suggest that positive growth in activity in the fourth quarter of 2017/18, recovering from the first contraction of GDP in two years. However, the outlook is surrounded by growing uncertainty. The intense rainfall in western Japan in early July is expected to affect infrastructure, as several large manufacturers had to shut down their plants. In addition, it is expected that a further escalation of trade tensions could significantly hit the Japanese economy, especially if tariffs are increased on imports of cars and their spare parts. Annual headline CPI inflation remained stable at 0.7 percent in June, yet underlying inflation remained low, with CPI excluding food and energy at 0 percent. In Euro area, Real GDP increased by 0.4 percent, quarter on quarter, in the third quarter of 2017/18 driven by domestic demand and changes in inventories. On the other hand, net trade had a small dampening effect on GDP growth. Overall, survey indicators suggest ongoing robust growth will continue in the future. Annual HICP inflation rose to 2 percent in June, up from 1.9 percent in May, reflecting higher contributions from energy, food and nonenergy industrial goods price inflation, which offset a lower contribution from services price inflation. In the United Kingdom, GDP rebounded in the fourth quarter of 2017/18, but short-term indicators for the export-oriented manufacturing sector signal a less optimistic outlook. This is due to the heightened uncertainty, particularly regarding the outcome of the negotiations on the country’s withdrawal from membership of the European Union in March 2019. In U.K., inflation stabilized at 2.4 percent in May, unchanged from April, as movements in the exchange rate have helped offset recent increases in oil prices.

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 3 1.2. Macroeconomic Developments in Ethiopia A. Inflation Headline inflation increased to 4.0 percent in the fourth quarter of 2017/18 from 2.9 percent registered in the preceding quarter. This was attributed wholly to the increase in food & non-alcoholic beverages inflation by 2.3 percentage points, more than offsetting the marginal fall in non-food inflation. However, it was lower than the 4.8 percent headline inflation recorded last year same quarter due to the 3.1 percentage point decline in food & non-alcoholic beverages inflation in contrast with 1.7 percentage point increase in non-food inflation.. As a result, food & non-alcoholic beverages and non-food inflations contributed 2.9 and 1.1 percent, respectively, to the headline inflation registered during the review quarter. B. Monetary Developments Broad money supply (M2) which stood at Birr 740.6 billion at the end of fourth quarter of 2017/18, showed 29.2 percent growth over same quarter of last fiscal year. The annual growth in broad money was largely attributed to 24.3 percent expansion in domestic credit and 3.5 percent increase in net foreign assets (NFA). The increase in domestic credit resulted from 19.4 percent upsurge in credit to central government and 15.6 percent credit to non-central government. Government’s measure to raise CBE’s capital by issuing non-interest bearing bond attributed to the expansion of credit to the central government. Likewise, reserve money reached Birr 174.2 billion at the end of fourth quarter of 2017/18, depicting 19.1 percent growth over last year same quarter. While currency in circulation increased by 19.8 percent, banks deposits’ at NBE rose by 17.8 percent. C. Interest rate In fourth quarter of 2017/18, average savings deposit rose from 5.4 percent to 8.0 percent and lending rates increased from 12.75 percent to 13.5 percent over the same quarter last year. Similarly, weighted average time deposit rate went up by 2.58 percentage points on annual basis. Weighted average yield on T-bills

National Bank of Ethiopia Quarterly Bulletin 4 Fourth Quarter 2017/18 stood at Birr 394.6 billion by end of June 2018 registering 22.2 percent growth over last year same quarter. About 99.9 percent of the private banks’ and 38.5 percent of public banks’ loans went to finance the private sector. 2. Insurance Sector The number of insurance companies was 17, of which 16 were private owned companies. Their branches increased to 532 from 492 a year ago. About 53.6 percent of the total branches were located in Addis Ababa. Total capital of the insurance companies reached Birr 5.5 billion, of which about 72.1 percent was that of private insurance companies. 3. Microfinance Institutions There were 37 micro-finance institutions (MFIs) operating in the country as at end fourth quarter of 2017/18. These institutions mobilized Birr 33.2 billion in saving deposit about 26.2 percent higher than last year same period. Their total outstanding credit also increased 38.9 percent to about Birr 45 billion, suggesting the growing role of the institutions in poverty reduction and wealth creation among low income groups in both rural and urban areas. Their total asset also grew by 35.7 percent and reached Birr 67.3 billion at the end of June 2018. E. External Sector and Foreign Exchange Developments 1. External Sector Development During fourth quarter of 2017/18, total merchandise export proceeds (including electricity) amounted to USD 752.5 million, showing a 16.9 percent decline visà-vis last year same quarter. This poor performance was ascribed to slowdown in earnings from export of coffee (17.4 percent), oilseeds (31.4 percent), gold (89.6 percent), flower (2.1 percent), live animals (1.3 percent) and other exports (31.1 percent) due to lower export volume, prices or both. Meanwhile, total merchandise import bill stood at USD 3.6 billion, showing a 10.9 percent contraction owing to decline in import values of capital goods (35.2 percent), consumer goods (1.3 percent) and showed a 0.49 percentage point uptick during the same period. Considering headline inflation of 13.1 percent, as of end June 2018, all deposit rates and the T-bills yield remained negative in real terms whilst that of average real lending rate was positive. D. Financial Sector Developments 1. Banks The number of banks operating in Ethiopia remained at 18 at end June 2018. These included 16 private and 2 public owned banks. All banks opened 18 new branches during the review period; thereby increasing the total number of bank branches to 4,757, with one branch serving 20,286.52 people on average. Of the total bank branches, about 35.3 percent were located in Addis Ababa. Private bank branches accounted for 68.8 percent of the total branches. The total capital of the banking system reached Birr 85.8 billion at the end of fourth quarter of 2017/18. While private banks accounted for 39.9 percent of the total capital, Commercial Bank of Ethiopia and Development Bank of Ethiopia constituted 51.1 percent and 8.9 percent, respectively, putting the total capital share of the two public banks at 60.1 percent.

2 Total population is 96,503,000 as CSA estimation for 2018. The banking sector disbursed about Birr 37.1 billion in new loans during the review quarter, indicating 27.8 percent growth compared to last year same quarter. Of the total new loans disbursed, the share of public banks was 45.6 percent and that of private banks 54.4 percent. Of the total fresh loans, industry was the largest beneficiary, accounting for 36.6 percent followed by agriculture (16.4 percent), international trade (14.3 percent), housing & construction (10.6 percent) domestic trade (9.0 percent) and transport & communication (2.1 percent) leaning the remaining balance to other economic sectors. In the same period, the banking sector collected about Birr 38.4 billion in loans, about 26 percent higher than last year same period. Of the total loan collection, 50.4 percent was by private banks and 49.6 percent by public banks. Total outstanding credit of the banking system (excluding credit to government)

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 5 stood at Birr 394.6 billion by end of June 2018 registering 22.2 percent growth over last year same quarter. About 99.9 percent of the private banks’ and 38.5 percent of public banks’ loans went to finance the private sector. 2. Insurance Sector The number of insurance companies was 17, of which 16 were private owned companies. Their branches increased to 532 from 492 a year ago. About 53.6 percent of the total branches were located in Addis Ababa. Total capital of the insurance companies reached Birr 5.5 billion, of which about 72.1 percent was that of private insurance companies. 3. Microfinance Institutions There were 37 micro-finance institutions (MFIs) operating in the country as at end fourth quarter of 2017/18. These institutions mobilized Birr 33.2 billion in saving deposit about 26.2 percent higher than last year same period. Their total outstanding credit also increased 38.9 percent to about Birr 45 billion, suggesting the growing role of the institutions in poverty reduction and wealth creation among low income groups in both rural and urban areas. Their total asset also grew by 35.7 percent and reached Birr 67.3 billion at the end of June 2018. E. External Sector and Foreign Exchange Developments 1. External Sector Development During fourth quarter of 2017/18, total merchandise export proceeds (including electricity) amounted to USD 752.5 million, showing a 16.9 percent decline visà-vis last year same quarter. This poor performance was ascribed to slowdown in earnings from export of coffee (17.4 percent), oilseeds (31.4 percent), gold (89.6 percent), flower (2.1 percent), live animals (1.3 percent) and other exports (31.1 percent) due to lower export volume, prices or both. Meanwhile, total merchandise import bill stood at USD 3.6 billion, showing a 10.9 percent contraction owing to decline in import values of capital goods (35.2 percent), consumer goods (1.3 percent) and

National Bank of Ethiopia Quarterly Bulletin 6 Fourth Quarter 2017/18 depreciated by 17.3 percent vis-à-vis last year same quarter. F. Federal Government Fiscal Operations Total revenue and grants of the federal government grew by 15.1 percent annually in the fourth quarter on 2017/18 and amounted to Birr 46.6 billion while federal government expenditure declined by 19.4 percent to Birr 63.4 billion during the same period. Consequently, the overall fiscal deficit balance (including grants) stood at Birr 16.8 billion compared to Birr 23.8 billion a year earlier. G. Investment A total of 697 investment projects having investment capital of about Birr 13 billion became operational during the fourth quarter of 2017/18. The number of investment projects and investment capital were sharply increased by 25.1 percent and 103.4 percent respectively. semi-finished goods (13.2 percent). In contrast, import values of fuel rose 47.6 percent and that of raw materials 30.6 percent. The average price of Brent crude oil, used as a point of reference for international oil price, surged 47.7 percent to USD 74.4 per barrel during the fourth quarter of 2017/18 compared with USD 50.2 last year same quarter. Accordingly, domestic fuel retail prices were adjusted upwards and the average retail prices of fuel in Addis Ababa increased by 10.7 percent to Birr 17.91 per liter from Birr 16.17 per liter. The upsurge in retail prices was attributed to higher prices of jet fuel (55.2 percent) while the prices of other petroleum products remained constant. During the fourth quarter of 2017/18, total transfer receipts declined by 7.1 percent annually to USD 1.8 billion due to 1.8 percent and 39.4 percent reduction in private and official transfers, respectively. Total transfer payments dropped by 59.7 percent due to 69.2 percent and 19.7 percent decrease in private transfers and official transfer payments, respectively. Thus, the current account balance (including official transfers) registered USD 1.1 billion deficit during the fourth quarter of 2017/18, compared with USD 1.4 billion deficit a year ago. In contrast, capital account recorded USD 1.4 billion surplus, which was 22.9 percent lower than that of last year same period. The decline in surplus was attributed to the lower net official long term capital (25.6 percent), net other public long term capital (21.3 percent), foreign direct investment (20.4 percent) and private sector long term capital (32.1 percent) . As a result, the overall balance of payments registered USD 123 million surplus compared to the USD 525.4 million surplus a year ago. 2. Exchange Rate Development Weighted average official exchange rate of the Birr showed 18.9 percent annual depreciation and reached Birr 27.2493/USD at end of the fourth quarter of 2017/18. In the same period, the REERI of the Birr depreciated by 5.9 percent on annual basis mainly due to 15 percent devaluation of the Birr in October 2017. Similarly, the NEERI

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 7 depreciated by 17.3 percent vis-à-vis last year same quarter. F. Federal Government Fiscal Operations Total revenue and grants of the federal government grew by 15.1 percent annually in the fourth quarter on 2017/18 and amounted to Birr 46.6 billion while federal government expenditure declined by 19.4 percent to Birr 63.4 billion during the same period. Consequently, the overall fiscal deficit balance (including grants) stood at Birr 16.8 billion compared to Birr 23.8 billion a year earlier. G. Investment A total of 697 investment projects having investment capital of about Birr 13 billion became operational during the fourth quarter of 2017/18. The number of investment projects and investment capital were sharply increased by 25.1 percent and 103.4 percent respectively.

National Bank of Ethiopia Quarterly Bulletin 8 Fourth Quarter 2017/18 Fig.2.1: Trends in the Volume of Petroleum Products Imported

100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 In Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Petroleum import bill reached Birr 18.5 billion, showing a 87.6 percent growth over same quarter of last year owing to higher import volume and improvement in international oil price. All petroleum products saw higher import bill during the review quarter where regular gasoline registered a 114.5 percent surge, fuel oil 87 percent, gas oil 85.9 percent and jet fuel 78.2 percent.Compared with the previous quarter, the values of petroleum import increased 20.8 percent as a result of 36.1 percent rise in jet fuel, 17.9 percent in gas oil, 16.3 percent in regular gasoline and 10.2 percent in fuel oil (Table 2.2). II. Energy Production and Processing 2.1. Import of Petroleum Products Total volume of petroleum products imported during the fourth quarter of 2017/18 amounted to 1,009.6 thousands of metric tons, about 15.2 percent higher than last year same quarter. This was attributed to increases in import of regular gasoline (36.8 percent), fuel oil (27.1 percent), gas oil (12.9 percent) and jet fuel (10.6 percent). Of the total petroleum imports, gas oil accounted for 67.2 percent, jet fuel (18.7 percent), regular gasoline (11.9 percent) and fuel oil (2.2 percent) (Table 2.1). Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2016/17 2017/18 Percentage Qtr. IV Qtr. III Qtr. IV Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 88,010.8 10.0 114,839.2 12.5 120,355.6 11.9 36.8 4.8 Jet Fuel 170,307.9 19.4 149,872.7 16.4 188,431.8 18.7 10.6 25.7 Fuel Oil 17,310.7 2.0 21,698.1 2.4 21,995.3 2.2 27.1 1.4 Gas Oil (ADO) 601,081.2 68.6 629,025.2 68.7 678,879.8 67.2 12.9 7.9 Total 876,710.6 100.0 915,435.2 100.0 1,009,662.5 100.0 15.2 10.3 Source: Ethiopian Petroleum Enterprise II. Energy Production and Processing 2.1. Import of Petroleum Products Total volume of petroleum products imported during the fourth quarter of 2017/18 amounted to 1,009.6 thousands of metric tons, about 15.2 percent higher than last year same quarter. This was attributed to increases in import of regular gasoline (36.8 percent), fuel oil (27.1 percent), gas oil (12.9 percent) and jet fuel (10.6 percent). Of the total petroleum imports, gas oil accounted for 67.2 percent, jet fuel (18.7 percent), regular gasoline (11.9 percent) and fuel oil (2.2 percent) (Table 2.1). Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2016/17 2017/18 Percentage Qtr. IV Qtr. III Qtr. IV Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 88,010.8 10.0 114,839.2 12.5 120,355.6 11.9 36.8 4.8 Jet Fuel 170,307.9 19.4 149,872.7 16.4 188,431.8 18.7 10.6 25.7 Fuel Oil 17,310.7 2.0 21,698.1 2.4 21,995.3 2.2 27.1 1.4 Gas Oil (ADO) 601,081.2 68.6 629,025.2 68.7 678,879.8 67.2 12.9 7.9 Total 876,710.6 100.0 915,435.2 100.0 1,009,662.5 100.0 15.2 10.3 Source: Ethiopian Petroleum Enterprise

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 9 Fig.2.1: Trends in the Volume of Petroleum Products Imported

National Bank of Ethiopia Quarterly Bulletin 10 Fourth Quarter 2017/18 Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2016/17 2017/18 Qtr. IV Qtr. III Qtr. IV Percentage Change A B C C/A C/B Regular Gasoline (MGR)

528.2 640.9

708.2 34.1 10.5 Jet Fuel

471.6 620.8

682.0 44.6 9.9 Fuel Oil

294.6 365.0

419.7 42.4 15.0 Gas Oil (ADO)

444.5 575.2

634.5 42.7 10.3 Average 434.7 550.5 611.1 40.6 11.0 Brent Crude Oil (USD/Barrel) 50.2 67.0 74.4* 47.7 10.7 Source: Ethiopian Petroleum Enterprise Note: *Includes only April and May prices Fig.2.3: Trends in the FOB Price of Imported Petroleum Products Source: Ethiopian Petroleum Enterprise During the fourth quarter of 2017/18, the average price of Brent crude oil, used as a point of reference for international oil price, increased by 47.7 percent and reached USD 74.4 per barrel compared with USD 50.2 a year ago (Table 2.3). 0.0 200.0 400.0 600.0 800.0 1000.0 1200.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 USD per Metric Ton Q uarter MGR Jet Fuel Fuel Oil Gas Oil Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2016/17 2017/18 Qtr. IV Qtr. III Qtr. IV Percentage Change A B C C/A C/B Regular Gasoline (MGR)

528.2 640.9

708.2 34.1 10.5 Jet Fuel

471.6 620.8

682.0 44.6 9.9 Fuel Oil

294.6 365.0

419.7 42.4 15.0 Gas Oil (ADO)

444.5 575.2

634.5 42.7 10.3 Average 434.7 550.5 611.1 40.6 11.0 Brent Crude Oil (USD/Barrel) 50.2 67.0 74.4* 47.7 10.7 Source: Ethiopian Petroleum Enterprise Note: *Includes only April and May prices Fig.2.3: Trends in the FOB Price of Imported Petroleum Products Source: Ethiopian Petroleum Enterprise During the fourth quarter of 2017/18, the average price of Brent crude oil, used as a point of reference for international oil price, increased by 47.7 percent and reached USD 74.4 per barrel compared with USD 50.2 a year ago (Table 2.3). 0.0 200.0 400.0 600.0 800.0 1000.0 1200.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 USD per Metric Ton Q uarter MGR Jet Fuel Fuel Oil Gas Oil Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum Products 2016/17 2017/18 Percentage Qtr. IV Qtr. III Qtr. IV Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 1,126,519.54 11.4 2,077,427.23 13.5 2,416,393.11 13.0 114.5 16.3 Jet Fuel 2,060,305.51 20.8 2,696,247.98 17.6 3,670,725.25 19.8 78.2 36.1 Fuel Oil 163,245.42 1.7 277,158.85 1.8 305,294.81 1.6 87.0 10.2 Gas Oil (ADO) 6,540,180.23 66.1 10,312,015.76 67.1 12,159,334.82 65.5 85.9 17.9 Total 9,890,250.70 100.0 15,362,849.82 100.0 18,551,747.99 100.0 87.6 20.8 Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported

2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 I II III VI I II III VI I II III IV I II III IV I II III IV I II III IV I II III IV 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 In '000 Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise The average FOB price of petroleum products went up 40.6 percent in contrast with same quarter of last year due to higher FOB prices of jet fuel (44.6 percent), gas oil (42.7 percent), fuel oil (42.4 percent) and regular gasoline (34.1 percent) (Table 2.3). Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum Products 2016/17 2017/18 Percentage Qtr. IV Qtr. III Qtr. IV Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 1,126,519.54 11.4 2,077,427.23 13.5 2,416,393.11 13.0 114.5 16.3 Jet Fuel 2,060,305.51 20.8 2,696,247.98 17.6 3,670,725.25 19.8 78.2 36.1 Fuel Oil 163,245.42 1.7 277,158.85 1.8 305,294.81 1.6 87.0 10.2 Gas Oil (ADO) 6,540,180.23 66.1 10,312,015.76 67.1 12,159,334.82 65.5 85.9 17.9 Total 9,890,250.70 100.0 15,362,849.82 100.0 18,551,747.99 100.0 87.6 20.8 Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported

2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 I II III VI I II III VI I II III IV I II III IV I II III IV I II III IV I II III IV 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 In '000 Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise The average FOB price of petroleum products went up 40.6 percent in contrast with same quarter of last year due to higher FOB prices of jet fuel (44.6 percent), gas oil (42.7 percent), fuel oil (42.4 percent) and regular gasoline (34.1 percent) (Table 2.3).

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 11 Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2016/17 2017/18 Qtr. IV Qtr. III Qtr. IV Percentage Change A B C C/A C/B Regular Gasoline (MGR)

528.2 640.9

708.2 34.1 10.5 Jet Fuel

471.6 620.8

682.0 44.6 9.9 Fuel Oil

294.6 365.0

419.7 42.4 15.0 Gas Oil (ADO)

444.5 575.2

528.2 640.9

708.2 34.1 10.5 Jet Fuel

471.6 620.8

682.0 44.6 9.9 Fuel Oil

294.6 365.0

419.7 42.4 15.0 Gas Oil (ADO)

444.5 575.2

National Bank of Ethiopia Quarterly Bulletin 12 Fourth Quarter 2017/18 2.2. Electric Power Generation Electric power generated during the fourth quarter of 2017/18 was 3.5 billion KWH, about 6.5 percent higher than a year ago. This was attributed to 8.6 percent increase in production from hydropower though energy generation from wind sources dropped 33.7 percent. Of the total energy generated, about 96.9 percent was from hydropower and 3.1 percent from wind. The contribution of thermal power was insignificant at 0.04 percent (Table 2.5). By system of generation, virtually all power was generated through interconnected system (ICS)3 while selfcontained system (SCS)4 had minimal share (Table 2.6).

3 The generated power from different power stations stored in substations before distribution 4 Power stations distribute the generated power independently Likewise, the average retail price of fuel in Addis Ababa went up by 10.7 percent to Birr 17.91 per liter from Birr 16.17 a year earlier owing to higher prices of jet fuel by 55.2 percent while the prices of other petroleum products remained constant (Table 2.4). Table2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2016/17 2017/18 Qtr. IV Qtr. III Qtr. IV Percentage Change A B C C/A C/B Regular Gasoline (MGR) 18.77 0.0 0.0 Fuel Oil 13.69 0.0 0.0 Gas Oil (ADO) 16.35 0.0 0.0 Kerosene 16.35 0.0 0.0 Jet fuel 15.70 22.59 24.37 55.2 7.8 Average 16.17 17.55 17.91 10.7 2.0 Source: Ministry of Trade Fig.2.4: Trends of Addis Ababa Average Retail Prices 0 5 10 15 20 25 30 I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Birr/liter Q uarter MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 13 2.2. Electric Power Generation Electric power generated during the fourth quarter of 2017/18 was 3.5 billion KWH, about 6.5 percent higher than a year ago. This was attributed to 8.6 percent increase in production from hydropower though energy generation from wind sources dropped 33.7 percent. Of the total energy generated, about 96.9 percent was from hydropower and 3.1 percent from wind. The contribution of thermal power was insignificant at 0.04 percent (Table 2.5). By system of generation, virtually all power was generated through interconnected system (ICS)3 while selfcontained system (SCS)4 had minimal share (Table 2.6).

3 The generated power from different power stations stored in substations before distribution 4 Power stations distribute the generated power independently

National Bank of Ethiopia Quarterly Bulletin 14 Fourth Quarter 2017/18 Fig.2.5: Volume of Electricity Production by Type

500,000.00 1,000,000.00 1,500,000.00 2,000,000.00 2,500,000.00 3,000,000.00 3,500,000.00 4,000,000.00 2012/13Q1 Q2 Q3 Q4 2013/14 Q1 Q2 Q3 Q4 2014/15Q1 Q2 Q3 Q4 2015/16Q1 Q2 Q3 Q4 2016/17Q1 Q2 Q3 Q4 2017/18Q1 QII QIII QIV Thousand kwh Quarter Hydropower Thermal Power Geo- thermal Wind Source: Ethiopian Electric Power Power Source 2016/17 2017/18 Percentage Qtr. IV Qtr. III Qtr. IV Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 3,155,462.7 95.0 3,371,569.1 96.4 3,426,201.5 96.9 8.6 1.6 Thermal Power 770.7 0.0 1,311.2 0.0 1,507.8 0.04 95.7 15.0 Geothermal

wind 164,516.5 5.0 125,241.2 3.6 109,010.6 3.1 -33.7 -13.0 Total 3,320,749.9 100.0 3,496,810.3 100.0 3,536,719.9 100.0 6.5 1.1 System of Power Supply 2016/17 2017/18 Percentage Change Qtr. IV Qtr. III Qtr. IV A Share (In %) B Share (In %) C Share (In %) C/A C/B ICS Hydro Power 3,155,462.7 95.0 3,371,569.1 96.4 3,426,201.5 96.9 8.6 1.6 Thermal Power

Geothermal

Wind 164,516.5 5.0 125,241.2 3.6 109,010.6 3.1 -33.7 -13.0 Sub-Total 3,319,979.2 100.0 3,496,810.3 100.0 3,535,212.1 100.0 6.5 1.1 SCS - - Hydro Power

Thermal Power 770.7 0.0 1,311.2 0.0 1,507.8 0.0 95.7 15.0 Geothermal

wind - - - - Sub-Total 770.7 0.0 1,311.2 0.0 1,507.8 95.7 15.0 Grand Total 3,320,749.9 100.0 3,498,121.5 100.0 3,536,719.9 100.0 6.5 1.1 Table 2.5: Electricity Generation by Sources Table 2.6: Generation of Electricity Power in the Interconnected System (ICS) and Self Contained System (SCS) Source: Ethiopian Electric Power (In ‘000 of K.W.H) Source: Ethiopian Electric Power (In ‘000 of K.W.H)

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 15 Fig.2.5: Volume of Electricity Production by Type

National Bank of Ethiopia Quarterly Bulletin 16 Fourth Quarter 2017/18 III. Quarterly Price Developments 3.1 Developments in National CPI During the fourth quarter of 2017/18, headline inflation soared to 4.0 percent from 2.9 percent in the preceding quarter but slowed down from 4.8 percent a year ago. The rise in quarterly headline inflation was attributed wholly to a 2.3 percentage point increase in food & nonalcoholic beverages inflation, against a slight drop in non-food inflation. On annual bases, headline inflation dropped 0.8 percentage points solely due to 3.1 percentage point reduction in food & nonalcoholic beverages inflation despite 1.7 percentage point increase in non-food inflation. Hence, food & non-alcoholic beverages and non-food inflation contributed 2.9 and 1.1 percent, respectively, to the headline inflation registered during the review quarter (Table 3.1 and Fig 3.1). In the same period, in quarter terms, food & non-alcoholic beverages inflation increased to 5.4 percent from 3.1 percent, driven by higher CPI inflation for bread & cereals (10.9 percentage point), nonalcoholic beverages (8.5 percentage point), meat (6.6 percentage point), oil & fats (3.4 percentage point), milk, cheese & egg (2.5 percentage point) and sugar jam, honey & chocolate (0.8 percentage point). On the other hand, price inflation of vegetables dropped 7.6 percentage point, food products not elsewhere classified 7.8 percentage point and fruit 4.3 percentage point (Table 3.2). Non-food inflation decelerated marginally to 2.4 percent from 2.6 percent over the same period. This was due to the lower inflation for alcoholic beverages and tobacco (9.5 percentage point) housing, restaurant & hotel (0.1 percentage points) and health service (2.4 percentage point). In contrast, CPI inflation rose for housing, water, electricity, gas & other fuel (1.4 percentage point), clothing & footwear (0.2 percentage point), furnishings, household equipment & routine maintenance of houses (0.7 percentage point), transport (5.9 percentage point) and communication (0.1 percentage point) (Table 3.3).

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 17 Source: CSA Table 3.1: Quarterly National General Consumer Prices (%) (Dec2011=100)

Weights in % 2016/17 2017/18 Change in QIV QIII QIV %age Points Contributions in (%) to A B C C-A C-B Headline Inflation Change over QIV-2016/17 Headline Inflation Change over QIII-2017/18 QIV-2017/18 Headline Inflation Absolute Relative Headline 100 4.8 2.9 4.0 -0.8 1.1 -0.8 1.1 4.0 100 Food & Nonalcoholic beverage 53 8.5 3.1 5.4 -3.1 2.3 -1.6 1.2 2.9 73 Non-food 47 0.7 2.6 2.4 1.7 -0.2 0.8 -0.09 1.1 27 Source: CSA and NBE Staff Computation -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 Q.I Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV QI QII QIII QIV QI QII QIII QIV 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Percent General Food & Non-alcoholic bevarages Bread&Cereals Non-Food Fig 3.1 Quarterly Movement in National Inflation

Items Weights in % 2016/17 2017/18 Change in %age Points Contributions in (%) to QIV QIII QIV A B C C-A C-B Headline Inflation Change over QIV-2016/17 Headline Inflation Change over QIII-2017/18 QIV-2017/18 Headline Inflation Absolute Relative Headline 100 4.8 2.9 4.0 -0.8 1.1 -0.8 1.1 4.0 100 Food & Nonalcoholic beverage 53 8.5 3.1 5.4 -3.1 2.3 -1.6 1.2 2.9 73 Non-food 47 0.7 2.6 2.4 1.7 -0.2 0.8 -0.09 1.1 27 Table 3.1: Quarterly National General Consumer Prices (%) (Dec2011=100) Source: CSA and NBE Staff Computation

National Bank of Ethiopia Quarterly Bulletin 18 Fourth Quarter 2017/18 Source: NBE Staff Computation Table 3.2: Quarterly National Food & non-alcoholic beverages CPI Inflation Item Weights 2016/17 2017/18 Change in QIV QIII QIV %age points Contribution to A B C C-A C-B Headline Inflation Change over QIV 2016/17 Headline Inflation Change Over QIII 2017/18 Food & Non-alcoholic beverages Inflation 52.8 8.5 3.1 5.4 -3.1 2.3 -1.64 1.21 Bread & Cereals 18.5 11.2 -2.6 8.3 -2.9 10.9 -0.53 2.02 Meat 4.3 8.0 3.7 10.3 2.3 6.6 0.10 0.28 Milk, cheese & egg 2.2 5.7 4.6 7.2 1.4 2.5 0.03 0.06 Oils & Fats 3.7 5.3 2.2 5.6 0.3 3.4 0.01 0.13 Fruit 0.3 4.5 4.9 0.6 -3.9 -4.3 -0.01 -0.01 Vegetables 13.5 9.4 7.9 0.3 -9.1 -7.6 -1.22 -1.02 Sugar jam, honey, chocolet 1.0 -2.2 -0.2 0.6 2.8 0.8 0.03 0.01 Food products n.e.c 4.7 9.4 13.0 5.2 -4.2 -7.8 -0.20 -0.36 Non-alcoholic beverages 4.6 -1.5 -3.7 4.8 6.3 8.5 0.29 0.39 Source: CSA and NBE Staff Computation 73% 27% Fig 3.2. Contribution of Food and Non-food Inflations to Headline Inflation in Fourth Quarter- 2017/18 Food & Non-alcoholic beverage Non-food Source: NBE Staff Computation Table 3.2: Quarterly National Food & non-alcoholic beverages CPI Inflation Item Weights 2016/17 2017/18 Change in QIV QIII QIV %age points Contribution to A B C C-A C-B Headline Inflation Change over QIV 2016/17 Headline Inflation Change Over QIII 2017/18 Food & Non-alcoholic beverages Inflation 52.8 8.5 3.1 5.4 -3.1 2.3 -1.64 1.21 Bread & Cereals 18.5 11.2 -2.6 8.3 -2.9 10.9 -0.53 2.02 Meat 4.3 8.0 3.7 10.3 2.3 6.6 0.10 0.28 Milk, cheese & egg 2.2 5.7 4.6 7.2 1.4 2.5 0.03 0.06 Oils & Fats 3.7 5.3 2.2 5.6 0.3 3.4 0.01 0.13 Fruit 0.3 4.5 4.9 0.6 -3.9 -4.3 -0.01 -0.01 Vegetables 13.5 9.4 7.9 0.3 -9.1 -7.6 -1.22 -1.02 Sugar jam, honey, chocolet 1.0 -2.2 -0.2 0.6 2.8 0.8 0.03 0.01 Food products n.e.c 4.7 9.4 13.0 5.2 -4.2 -7.8 -0.20 -0.36 Non-alcoholic beverages 4.6 -1.5 -3.7 4.8 6.3 8.5 0.29 0.39 Source: CSA and NBE Staff Computation 73% 27% Fig 3.2. Contribution of Food and Non-food Inflations to Headline Inflation in Fourth Quarter- 2017/18 Food & Non-alcoholic beverage Non-food

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 19 Table 3.3: Quarterly National Non-food CPI Inflations Item Weights 2016/17 2017/18 Change in QIV QIII QIV %age points Contribution to A B C C-A C-B Change of Headline Inflation Change Over QIV 2016/17 Headline Inflation Change Over QIII 2017/18 Non-Food Inflation 47.2 0.7 2.6 2.4 1.7 -0.2 0.80 -0.09 Alcoholic Beverages and tobacco 4.9 -8.3 5.1 -4.4 3.9 -9.5 0.19 -0.46 Clothing and Footwear 6.6 0.4 4.7 4.9 4.5 0.2 0.30 0.01 Housing, Water, Electricity, Gas and other Fuel 16.3 0.1 -0.1 1.3 1.2 1.4 0.19 0.23 Furnishings, Household Equipment and Routine maintenance of houses 5.4 5.0 5.5 6.1 1.1 0.7 0.06 0.04 Health 1.1 -0.2 4.3 1.9 2.1 -2.4 0.02 -0.03 Transport 2.8 5.8 -1.8 4.1 -1.6 5.9 -0.05 0.17 Communication 1.1 6.9 0.2 0.4 -6.5 0.1 -0.07 0.00 Recreation and culture 0.6 3.1 2.8 2.9 -0.2 0.0 0.00 0.00 Education 0.4 0.0 0.00 0.00 Restaurant & hotel 5.5 3.6 4.3 4.2 0.6 -0.1 0.03 -0.01 Miscellaneous Goods 2.6 2.3 4.1 5.1 2.8 1.0 0.07 0.03 Source: CSA and NBE Staff Computation 3.2 Developments in Regional CPI In the fourth quarter of 2017/18, the regional average headline inflation increased slightly to 3.1 percent from 2.9 percent recorded in the previous quarter. It was also higher than the 2.7 percent regional average headline inflation registered last year same quarter.

Among the regional states, Tigray, Gambella, Benishangul Gumuz, Amhara and Addis Ababa registered higher headline inflation than the regional average headline inflation during the review quarter. While the highest headline inflation (7.6 percent) was recorded in Gambella, the lowest headline inflation (- 0.9 percent) was seen in Afar and resulting in 8.5 percentage point margin between the headline inflations in the two regional states. The deviation5 in the regional headline inflation from the average as denoted by the standard deviation stood at 2.5 percent, nearly the standard deviation recorded in the preceding quarter (Table 3.4).

5 The standard deviation shows how much dispersion exists from the average value. Table 3.3: Quarterly National Non-food CPI Inflations Item Weights 2016/17 2017/18 Change in QIV QIII QIV %age points Contribution to A B C C-A C-B Change of Headline Inflation Change Over QIV 2016/17 Headline Inflation Change Over QIII 2017/18 Non-Food Inflation 47.2 0.7 2.6 2.4 1.7 -0.2 0.80 -0.09 Alcoholic Beverages and tobacco 4.9 -8.3 5.1 -4.4 3.9 -9.5 0.19 -0.46 Clothing and Footwear 6.6 0.4 4.7 4.9 4.5 0.2 0.30 0.01 Housing, Water, Electricity, Gas and other Fuel 16.3 0.1 -0.1 1.3 1.2 1.4 0.19 0.23 Furnishings, Household Equipment and Routine maintenance of houses 5.4 5.0 5.5 6.1 1.1 0.7 0.06 0.04 Health 1.1 -0.2 4.3 1.9 2.1 -2.4 0.02 -0.03 Transport 2.8 5.8 -1.8 4.1 -1.6 5.9 -0.05 0.17 Communication 1.1 6.9 0.2 0.4 -6.5 0.1 -0.07 0.00 Recreation and culture 0.6 3.1 2.8 2.9 -0.2 0.0 0.00 0.00 Education 0.4 0.0 0.00 0.00 Restaurant & hotel 5.5 3.6 4.3 4.2 0.6 -0.1 0.03 -0.01 Miscellaneous Goods 2.6 2.3 4.1 5.1 2.8 1.0 0.07 0.03 Source: CSA and NBE Staff Computation 3.2 Developments in Regional CPI In the fourth quarter of 2017/18, the regional average headline inflation increased slightly to 3.1 percent from 2.9 percent recorded in the previous quarter. It was also higher than the 2.7 percent regional average headline inflation registered last year same quarter.

5 The standard deviation shows how much dispersion exists from the average value.

National Bank of Ethiopia Quarterly Bulletin 20 Fourth Quarter 2017/18 In the same period, regional average food & non-alcoholic beverage inflation increased to 5.1 percent from 1.6 percent in the previous quarter. However, it was lower than the 6.3 percent regional average food & non-alcoholic beverages inflation registered last year same quarter. Of the regional states, Gambella, Tigray, Amhara, Harari and Somali regional states exhibited higher food & non-alcoholic beverages inflation. Food & non-alcoholic beverages inflation was the highest in Gambella (10.1 percent), and the lowest (-0.6 percent) in Afar, resulting in 10.7 percentage point margin. The variation in food & nonalcoholic beverages inflation captured by standard deviation remained unchanged at 2.8 percent relative to the preceding quarter (Table 3.4). The regional average non-food inflation scaled down to 1.1 percent from 4.7 percent in the previous quarter although it was higher than that of last year. Benishangul Gumuz, Tigray, Addis Ababa, Gambella, Amhara, SNNP and Oromia witnessed highest non-food inflation yet it was (4.6 percent) in Benishangul Gumuz, while the lowest (-6.7 percent) was in Somali, indicating 11.3 percentage point margin. Consequently, the variation in non-food inflation measured by the standard deviation declined to 3.3 percent from 5.8 percent in preceding quarter (Table 3.4).

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 21 Table 3.4: Annualized Regional General, Food & non-alcoholic beverages and Non-food Inflation Regions 2016/17 2017/18 Annual Change Quarterly Change QIV QIII QIV A B C C-A C-B General Food & Nonalcoholic beverages Nonfood General Food & Nonalcoholic beverages Nonfood General Food & Nonalcoholic beverages Nonfood General Food & Nonalcoholic beverages Nonfood General Food & Nonalcoholic beverages Non-food SNNP 6.1 11.9 1.1 4.4 5.4 3.4 3.4 4.2 2.6 -2.7 -7.7 1.5 -1.0 -1.2 -0.8 Harari -1.9 6.0 -9.5 9.0 -1.8 21.6 2.2 6.2 -1.6 4.1 0.2 7.9 -6.8 8.0 -23.2 Oromia 4.3 7.1 -9.1 3.4 4.1 2.6 3.3 3.9 2.5 -1.0 -3.2 11.6 -0.1 -0.2 -0.1 Tigray -1.4 6.5 -7.9 -0.4 -1.7 0.9 5.5 7.6 3.4 6.9 1.1 11.3 5.9 9.3 2.5 Gambella 4.3 5.9 1.5 2.7 1.5 4.9 7.6 10.1 3.0 3.3 4.2 1.5 4.9 8.6 -1.9 Addis Ababa 2.5 3.6 1.7 2.4 3.0 2.0 3.8 4.6 3.2 1.3 1.0 1.5 1.4 1.6 1.2 Dire Dawa -0.2 5.1 -3.3 2.7 3.2 2.4 1.3 3.4 -0.1 -1.7 -1.7 3.2 -1.4 0.2 -2.5 Ben. Gum 5.8 9.3 3.9 -0.5 -4.1 4.8 3.9 3.4 4.6 -1.9 -5.9 0.7 4.4 7.5 -0.2 Somali 0.4 4.1 -3.1 1.3 0.9 1.8 -0.5 5.8 -6.7 -0.9 1.7 -3.6 -1.8 4.9 -8.5 Afar 4.1 1.7 6.6 4.6 4.1 5.0 -0.9 -0.6 -1.2 -5.0 -2.3 -7.8 -5.5 -4.7 -6.2 Amhara 5.3 7.6 3.0 2.6 2.7 2.5 5.0 7.2 2.8 -0.3 -0.4 -0.2 2.4 4.5 0.3 Regions Average 2.7 6.3 -1.4 2.9 1.6 4.7 3.1 5.1 1.1 0.5 -1.2 2.5 0.2 3.5 -3.6 Standard deviation 2.9 2.8 5.6 2.6 3.0 5.8 2.5 2.8 3.3 -0.4 0.0 -2.3 -0.1 -0.2 -2.5 Coefficient of variation 1.1 0.4 -4.1 0.9 1.9 1.2 0.8 0.6 2.9 -0.3 0.1 7.0 -0.1 -1.3 1.7 Source: CSA and NBE Staff Computation

National Bank of Ethiopia Quarterly Bulletin 22 Fourth Quarter 2017/18 4. MONETARY DEVELOPMENTS 4.1. Money Supply and Credit In the fourth quarter of 2017/18, broad money supply (M2) stood at Birr 740.6 billion, showed a 29.2 percent growth over the corresponding quarter of last fiscal year. This growth in broad money was attributed to 24.3 percent expansion in domestic credit and 3.5 percent increase in external assets (net) (Table 4.1). Particulars Qtr. IV Qtr. III Qtr. IV Percentage Change Contributions of Each Component to Broad Money Growth (Jun. 17) (Mar. 18) (Jun. 18) C/A C/B Annual A B C

External Assets (net) 38,034.8 35,993.3 39,376.2 3.5 9.4 0.8
Domestic Credit 631,092.7 727,563.1 784,633.1 24.3 7.8 91.8 . Claims on Central Gov't (net) 85,441.8 96,602.3 102,002.8 19.4 5.6 9.9 . Claims on Non-Central Gov't 545,650.9 630,960.8 682,630.3 15.6 8.2 51.0 . Financial Institutions 27,226.0 29,992.7 47,292.7 73.7 57.7 12.0 . Others 518,424.9 600,968.1 635,337.6 22.6 5.7 69.9
Other Items (net) 95,743.5 67,637.0 83,436.4 -12.9 23.4 -7.4
Broad Money (M2) 573,384.1 695,919.4 740,572.9 29.2 6.4 100.0 Source: Staff Computation, NBE Table 4.1: Components of Broad money (In Millions of Birr) Particulars Qtr. IV Qtr. III Qtr. IV Percentage Change Contributions of Each Component to Broad Money Growth (Jun. 17) (Mar. 18) (Jun. 18) C/A C/B Annual A B C
External Assets (net)
Domestic Credit Claims on Central Gov't (net) Claims on Non-Central Gov't Financial Institutions Others
Other Items (net)
Broad Money (M2) 38,034.8 631,092.7 85,441.8 545,650.9 27,226.0 518,424.9 95,743.5 573,384.1 35,993.3 727,563.1 96,602.3 630,960.8 29,992.7 600,968.1 67,637.0 695,919.4 39,376.2 784,633.1 102,002.8 682,630.3 47,292.7 635,337.6 83,436.4 740,572.9 3.5 24.3 19.4 15.6 73.7 22.6 -12.9 29.2 9.4 7.8 5.6 8.2 57.7 5.7 23.4 6.4 0.8 91.8 9.9 51.0 12.0 69.9 -7.4 100.0 Source: Staff Computation, NBE

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 23 Fig IV.1: Major Determinants of Monetary Expansion (Quarterly Change in Percent) Source: Staff Computation, NBE Fig IV.1: Major Determinants of Monetary Expansion (Quarterly Change in Percent) Source: Staff Computation, NBE -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 Net Foreign Assets (NFA) (in percent) Other than NFA Quarter Broad Money Domestic Credit Other Items Net Net Foreign Assets Fig IV.1: Major Determinants of Monetary Expansion (Quarterly Change in Percent) Source: Staff Computation, NBE -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 Net Foreign Assets (NFA) (in percent) Other than NFA Quarter Broad Money Domestic Credit Other Items Net Net Foreign Assets

National Bank of Ethiopia Quarterly Bulletin 24 Fourth Quarter 2017/18 Fig IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE Component wise, in the fourth quarter of 2017/18, quasi-money supply showed 28.8 percent annual and 7.6 percent quarterly expansion. Narrow money supply grew by 29.7 percent and 4.6 percent, respectively, during the same period. Year-on-year basis, narrow money contributed 38.5 percent to the growth of broad money, while that of quasi money was 61.5 percent (Table 4.2). The surge in quasi-money was the result of bank branch network expansion to augment deposit mobilization and improve service outreach. In addition, NBE’s policy of increasing the minimum deposit interest rate from 5 percent to 7 percent may have encouraged depositors. -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 In percent Credit to Central Government Domestic Credit Credit to Non-Central Government Fig IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE Component wise, in the fourth quarter of 2017/18, quasi-money supply showed 28.8 percent annual and 7.6 percent quarterly expansion. Narrow money supply grew by 29.7 percent and 4.6 percent, respectively, during the same period. Year-on-year basis, narrow money contributed 38.5 percent to the growth of broad money, while that of quasi money was 61.5 percent (Table 4.2). The surge in quasi-money was the result of bank branch network expansion to augment deposit mobilization and improve service outreach. In addition, NBE’s policy of increasing the minimum deposit interest rate from 5 percent to 7 percent may have encouraged depositors. -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 In percent Credit to Central Government Domestic Credit Credit to Non-Central Government Fig IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 25 Table 4.2: Components of Broad Money (In millions of Birr, unless specified) Source: Staff Computation, NBE Particulars Qtr. IV Qtr. III Qtr. IV Percentage Change Contributions of Each Component to Broad Money Growth (Jun. 17) (Mar. 18) (Jun. 18) C/A C/B Annual A B C

Narrow Money Supply 216,769.6 268,817.0 281,154.7 29.7 4.6 38.5 . Currency outside banks 73,917.7 90,594.8 86,417.3 16.9 -4.6 7.5 . Demand Deposits (net) 142,851.9 178,222.2 194,737.4 36.3 9.3 31.0
Quasi-Money 356,614.4 427,102.4 459,418.2 28.8 7.6 61.5 . Savings Deposits 293,431.7 352,624.1 382,549.4 30.4 8.5 53.3 . Time Deposits 63,182.7 74,478.4 76,868.8 21.7 3.2 8.2
Broad Money Supply 573,384.1 695,919.4 740,572.9 29.2 6.4 100.0 Fig. IV. 3: Composition of Monetary Stock Source: Staff computation, NBE 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 Source: Staff computation, NBE Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep. Fig. IV. 3: Composition of Monetary Stock Source: Staff computation, NBE

National Bank of Ethiopia Quarterly Bulletin 26 Fourth Quarter 2017/18 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 174.2 billion in the fourth quarter of 2017/18, showing a 19.1 percent year-on-year growth, while excess reserves of commercial banks marginally increased by 0.1 percent. The money multiplier, measured by both the ratio of broad money to reserve money and narrow money to reserve money tended to rise year-on-year and decline on quarterly basis. The ratio of broad money to reserve money increased by 8.5 percent over the corresponding quarter of last year. Commercial banks’ strong performance in mobilizing time and savings deposit contributed to the rise in money multiplier (Table 4.3). Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. IV Qtr. III Qtr. IV Percentage Change (Jun. 17) (Mar. 18) (Jun. 18) A B C C/A C/B

Reserve Requirement (CB's) 28,278.9 34,248.9 36,385.8 28.7 6.2
Actual Reserve (CB's) 54,977.9 52,508.2 63,117.8 14.8 20.2
Excess Reserve (CB's) 26,699.0 18,259.3 26,732.0 0.1 46.4
Reserve Money 146,257.9 162,284.2 174,175.4 19.1 7.3 . Currency in Circulation 94,245.5 112,438.6 112,911.0 19.8 0.4 . Banks deposits at NBE 52,012.4 49,845.5 61,264.5 17.8 22.9
Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.48 1.7 1.6 8.9 -2.6 . Broad Money to Reserve Money 3.92 4.3 4.3 8.5 -0.8
Other Monetary Ratios (%): . Currency to Narrow Money 43.48 41.8 40.2 -7.6 -4.0 . Currency to Broad Money 16.44 16.2 15.2 -7.2 -5.6 . Narrow Money to Broad Money 37.81 38.6 38.0 0.4 -1.7 . Quasi Money to Broad Money 62.19 61.4 62.0 -0.3 1.1 Source: Staff Computation, NBE 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 174.2 billion in the fourth quarter of 2017/18, showing a 19.1 percent year-on-year growth, while excess reserves of commercial banks marginally increased by 0.1 percent. The money multiplier, measured by both the ratio of broad money to reserve money and narrow money to reserve money tended to rise year-on-year and decline on quarterly basis. The ratio of broad money to reserve money increased by 8.5 percent over the corresponding quarter of last year. Commercial banks’ strong performance in mobilizing time and savings deposit contributed to the rise in money multiplier (Table 4.3). Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. IV Qtr. III Qtr. IV Percentage Change (Jun. 17) (Mar. 18) (Jun. 18) A B C C/A C/B
Reserve Requirement (CB's) 28,278.9 34,248.9 36,385.8 28.7 6.2
Actual Reserve (CB's) 54,977.9 52,508.2 63,117.8 14.8 20.2
Excess Reserve (CB's) 26,699.0 18,259.3 26,732.0 0.1 46.4
Reserve Money 146,257.9 162,284.2 174,175.4 19.1 7.3 . Currency in Circulation 94,245.5 112,438.6 112,911.0 19.8 0.4 . Banks deposits at NBE 52,012.4 49,845.5 61,264.5 17.8 22.9
Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.48 1.7 1.6 8.9 -2.6 . Broad Money to Reserve Money 3.92 4.3 4.3 8.5 -0.8
Other Monetary Ratios (%): . Currency to Narrow Money 43.48 41.8 40.2 -7.6 -4.0 . Currency to Broad Money 16.44 16.2 15.2 -7.2 -5.6 . Narrow Money to Broad Money 37.81 38.6 38.0 0.4 -1.7 . Quasi Money to Broad Money 62.19 61.4 62.0 -0.3 1.1 Source: Staff Computation, NBE 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 174.2 billion in the fourth quarter of 2017/18, showing a 19.1 percent year-on-year growth, while excess reserves of commercial banks marginally increased by 0.1 percent. The money multiplier, measured by both the ratio of broad money to reserve money and narrow money to reserve money tended to rise year-on-year and decline on quarterly basis. The ratio of broad money to reserve money increased by 8.5 percent over the corresponding quarter of last year. Commercial banks’ strong performance in mobilizing time and savings deposit contributed to the rise in money multiplier (Table 4.3). Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. IV Qtr. III Qtr. IV Percentage Change (Jun. 17) (Mar. 18) (Jun. 18) A B C C/A C/B
Reserve Requirement (CB's) 28,278.9 34,248.9 36,385.8 28.7 6.2
Actual Reserve (CB's) 54,977.9 52,508.2 63,117.8 14.8 20.2
Excess Reserve (CB's) 26,699.0 18,259.3 26,732.0 0.1 46.4
Reserve Money 146,257.9 162,284.2 174,175.4 19.1 7.3 . Currency in Circulation 94,245.5 112,438.6 112,911.0 19.8 0.4 . Banks deposits at NBE 52,012.4 49,845.5 61,264.5 17.8 22.9
Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.48 1.7 1.6 8.9 -2.6 . Broad Money to Reserve Money 3.92 4.3 4.3 8.5 -0.8
Other Monetary Ratios (%): . Currency to Narrow Money 43.48 41.8 40.2 -7.6 -4.0 . Currency to Broad Money 16.44 16.2 15.2 -7.2 -5.6 . Narrow Money to Broad Money 37.81 38.6 38.0 0.4 -1.7 . Quasi Money to Broad Money 62.19 61.4 62.0 -0.3 1.1 Source: Staff Computation, NBE

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 27 Fig. IV.4: Quarterly Growth of Reserve Money and Its Components Source: Staff Computation NBE Figure 5: Monetary Aggregates 0.0 10,000.0 20,000.0 30,000.0 40,000.0 50,000.0 60,000.0 70,000.0 In millions of Birr Required Reserve Actual Reserve Excess Reserve Source: Staff Computation NBE -50 -40 -30 -20 -10 0 10 20 30 40 50 60 QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2015/16 2016/17 2017/18 Percentage Changes Quarters Reserve Money Currency in Circulation Bank Deposits Fig. IV.4: Quarterly Growth of Reserve Money and Its Components Source: Staff Computation NBE Figure 5: Monetary Aggregates 0.0 10,000.0 20,000.0 30,000.0 40,000.0 50,000.0 60,000.0 70,000.0 In millions of Birr Required Reserve Actual Reserve Excess Reserve Source: Staff Computation NBE -50 -40 -30 -20 -10 0 10 20 30 40 50 60 QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2015/16 2016/17 2017/18 Percentage Changes Quarters Reserve Money Currency in Circulation Bank Deposits

National Bank of Ethiopia Quarterly Bulletin 28 Fourth Quarter 2017/18 4.3. Interest Rate Developments Average savings deposit rate stood at 8.0 percent while lending rate was 13.5 percent. Meanwhile, weighted average time deposit rate increased 2.58 percentage points on annual basis. Similarly, weighted average yield on Tbills has slightly increased by 0.49 percentage point. Hence, considering the June 2018 headline inflation of 13.1 percent, all deposit rates and the T-bills yield remained negative in real terms whilst the average real lending rate became positive (Table 4.4). Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum) Particulars 2016/17 2017/18 2017/18 Percentage point Changes QIV QIII QIV Annual Quarterly 1. Savings Deposit Rate 1/ Minimum 5.00 7.00 7.00 2.00 - Maximum 5.75 9.00 9.00 3.25 - Average Saving Rate 5.38 8.00 8.00 2.63 - 2. Time Deposits Up to 1yr 5.430 8.05 8.05 2.62 (0.00) 1-2 years 5.530 8.09 8.10 2.57 0.00 Over 2 yrs 5.580 8.13 8.13 2.55 0.01 Average Time Dep. Rate (Weighted) 5.513 8.09 8.09 2.58 0.00 3. Demand Deposit (Weighted) 0.040 0.04 0.04 (0.00) 0.00 4. Lending Rate 2/ Minimum 7.50 7.00 7.00 (0.50) - Maximum 18.00 20.00 20.00 2.00 - Average Lending Rate 12.75 13.50 13.50 0.75 - 5. T-bills Rate (Weighted) 0.900 142.00 1.39 0.49 (140.61) 6. GERD Bond Yield 3/ 6.1 Maturity within 5 Years 5.50 6.50 6.50 1.00 - 6.1 Maturity above 5 Years 6.00 8.00 8.00 2.00 - 7. Headline Inflation (Year-on-year) 8.78 15.20 13.10 4.32 (2.10) 8. Food Inflation (Year-on-year) 11.20 19.90 16.50 5.30 (3.40) 9. Core/non-food Inflation (Year-on-year) 6.09 10.00 9.20 3.11 (0.80) Source: Staff Computation NBE 4.3. Interest Rate Developments Average savings deposit rate stood at 8.0 percent while lending rate was 13.5 percent. Meanwhile, weighted average time deposit rate increased 2.58 percentage points on annual basis. Similarly, weighted average yield on Tbills has slightly increased by 0.49 percentage point. Hence, considering the June 2018 headline inflation of 13.1 percent, all deposit rates and the T-bills yield remained negative in real terms whilst the average real lending rate became positive (Table 4.4). Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum) Particulars 2016/17 2017/18 2017/18 Percentage point Changes QIV QIII QIV Annual Quarterly 1. Savings Deposit Rate 1/ Minimum 5.00 7.00 7.00 2.00 - Maximum 5.75 9.00 9.00 3.25 - Average Saving Rate 5.38 8.00 8.00 2.63 - 2. Time Deposits Up to 1yr 5.430 8.05 8.05 2.62 (0.00) 1-2 years 5.530 8.09 8.10 2.57 0.00 Over 2 yrs 5.580 8.13 8.13 2.55 0.01 Average Time Dep. Rate (Weighted) 5.513 8.09 8.09 2.58 0.00 3. Demand Deposit (Weighted) 0.040 0.04 0.04 (0.00) 0.00 4. Lending Rate 2/ Minimum 7.50 7.00 7.00 (0.50) - Maximum 18.00 20.00 20.00 2.00 - Average Lending Rate 12.75 13.50 13.50 0.75 - 5. T-bills Rate (Weighted) 0.900 142.00 1.39 0.49 (140.61) 6. GERD Bond Yield 3/ 6.1 Maturity within 5 Years 5.50 6.50 6.50 1.00 - 6.1 Maturity above 5 Years 6.00 8.00 8.00 2.00 - 7. Headline Inflation (Year-on-year) 8.78 15.20 13.10 4.32 (2.10) 8. Food Inflation (Year-on-year) 11.20 19.90 16.50 5.30 (3.40) 9. Core/non-food Inflation (Year-on-year) 6.09 10.00 9.20 3.11 (0.80) Source: Staff Computation NBE

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 29 Fig IV.6: Interest Rate Structure of Commercial Banks (In percent per annum) Source: NBE and Commercial Banks 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Value in Percent … Simple Av. Sav. Dep. Rate Weighted Av. Time Dep. Rate Simple Av. Lend. Rate Bond Yield

National Bank of Ethiopia Quarterly Bulletin 30 Fourth Quarter 2017/18 Fig IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (in percent per annum) Source: Staff computation, NBE *While the inflation rate (core) is depicted on the right axis lending rate, 91 day T-bills yield and average saving deposit rate is depicted on the left axis 4.4. Developments in the Financial Sector As of June 2018, the number of banks remained at 18 of which 16 were private and 2 public. These banks opened 18 new bank branches during the fourth quarter, raising the total number of bank branches to 4,757. About 35.3 percent of bank branches were located in Addis Ababa. Population to bank branch ratio stood at 20,286.56 . Of the total bank branches, the share of public banks was 31.2 percent while that of private banks reached 68.8 percent.

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 31 percent were located in Addis Ababa (Table 4.6). Likewise, there were 37 Micro-finance institutions (MFIs) which mobilized Birr 33.2 billion in savings deposit and having outstanding credit to the tune of Birr 45 billion. Their deposits saw 26.2 percent annual increase while their credit expanded 38.9percent. Their total asset also grew by 35.7 percent to reach Birr 67.3 billion at the end of June, 2018 (Table 4.7). In a nutshell, the top five largest MFIs (Amhara, Dedebit, Oromia, Omo& Addis Credit and Savings Institutions) accounted for 84.2 percent of the total capital, 91.9 percent of the deposits, 88 percent of the credit and 89.4 percent of the total assets of MFIs. Fig IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (in percent per annum) Source: Staff computation, NBE *While the inflation rate (core) is depicted on the right axis lending rate, 91 day T-bills yield and average saving deposit rate is depicted on the left axis 4.4. Developments in the Financial Sector As of June 2018, the number of banks remained at 18 of which 16 were private and 2 public. These banks opened 18 new bank branches during the fourth quarter, raising the total number of bank branches to 4,757. About 35.3 percent of bank branches were located in Addis Ababa. Population to bank branch ratio stood at 20,286.56 . Of the total bank branches, the share of public banks was 31.2 percent while that of private banks reached 68.8 percent.

6 Total population is 96, 503,000 as CSA estimation for 2018. . Meanwhile, total capital of the banking system amounted to Birr 85.8 billion, of which public banks accounted for 60.1 percent and private banks 39.9 percent. The share of Commercial Bank of Ethiopia, the biggest state owned bank in total capital of the banking system, was 51.1 percent (Table4.5). Similarly, 17 insurance companies, of which 16 private, were operating in Ethiopia. Their branches increased to 532 from 492 a year ago and their total capital stood at Birr 5.5 billion, of which 72.1 percent was that of private insurers. Of the total branches, about 53.6 0.00 5.00 10.00 15.00 20.00 25.00 30.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 inflation rate (core) Value in Percent Quarters Lending Rate 91 day T-bills yield Av. Saving Dep.Rate Inflation rate (core) Table 4.5: Branch Network and Capital of the Banking System (Branch in Number & Capital in Millions of Birr) Source:Bank Supervision Directorate, NBE Reg. Stands for Region and A.A for Addis Ababa Capital 2016/17 1,028 282 1310 30.8 1,059 321 1,380 29.1 1,051 324 1,375 28.9 42,579.6 43,851.8 43,851.8 4 106 110 2.6 103 4 107 2.3 103 4 107 2.2 7,595.1 7,676.5 7,676.5 1,134 286 1,420 33 1,162 325 1,487 31.4 1,154 328 1,482 31.2 50,174.7 51,528.3 51,528.3 186 153 339 8.0 212 165 377 8.0 213 169 382 8.0 3,807.6 4,118.0 4,210.0 184 131 315 7.4 236 137 373 7.9 238 143 381 8.0 3,420.9 3,426.0 3,725.6 140 113 253 5.9 153 138 291 6.1 144 140 284 6.0 2,371.0 3,169.0 3,265.8 139 84 223 5.2 167 112 279 5.9 174 118 292 6.1 2,824.5 3,195.1 3,195.7 111 93 204 4.8 123 113 236 5.0 116 117 233 4.9 2,221.0 2,230.5 2,579.9 92 111 203 4.8 100 127 227 4.8 101 127 228 4.8 2,570.2 2,800.8 2,991.4 232 55 287 6.7 269 62 331 7.0 270 62 332 7.0 1,281.7 1,512.4 1,924.6 110 48 158 3.7 135 61 196 4.1 145 65 210 4.4 1,163.5 1,372.7 1,479.7 164 73 237 5.6 170 79 249 5.3 171 89 260 5.5 1,378.3 1,627.0 1,890.0 7 15 22 0.5 14 13 27 0.6 12 13 25 0.5 1,050.7 1,381.1 1,391.8 74 69 143 3.4 94 80 174 3.7 96 80 176 3.7 1,152.3 1,365.5 1,667.7 114 63 177 4.2 99 90 189 4.0 76 92 168 3.5 1,536.3 1,637.6 1,936.5 112 40 152 3.6 112 51 163 3.4 109 53 162 3.4 1,139.3 1,353.9 1,514.7 21 32 53 1.2 24 35 59 1.2 24 35 59 1.2 688.4 749.5 789.6 19 19 38 0.9 21 20 41 0.9 22 21 43 0.9 373.1 561.6 614.3 Enat Bank S.C 10 23 33 0.8 15 25 40 0.8 15 25 40 0.8 809.3 1,013.7 1,045.4 1,723 1,114 2,837 67 1,944 1,308 3,252 69 1,926 1,349 3,275 68.8 27,788.1 31,514.2 34,222.8 2,857 1,400 4,257 100 3,106 1,633 4,739 100.0 3,080 1,677 4,757 100.0 77,962.7 83,042.6 85,751.2 2016/17 2017/18 2017/18 Reg % Share Reg. A.A Reg. A.A Total 1. Public Banks Oromia International Bank Nib International Bank United Bank Wegagen Bank Lion International Bank Cooperative Bank of Oromiya Commercial Bank of Ethiopia Abyssinia Bank Development Bank of Ethiopia Dashen Bank 2. Private Banks Awash International Bank Total Public Banks 3.Grand Total Banks Zemen Bank Buna International Bank Addis Interational Bank Debub Global Bank Total Private Banks Abay Bank Berhan International Bank Quarter III Quarter IV % A.A Share % Share Quarter IV Quarter III Quarter IV Quarter IV Banks Branch Network Total Total

National Bank of Ethiopia Quarterly Bulletin 32 Fourth Quarter 2017/18 (Branch in Number & Capital in Millions of Birr) Source: Insurance Supervision Directorate, NBE 2016/17 Quarter IV Quarter III Quarter IV S.No. A.A Reg Total A.A Reg Total A.A Reg Total Capital 1 20 55 75 25 58 83 25 60 85 1,056 1,189 1,530 2 26 15 41 27 17 44 27 17 44 400 395 439 3 14 13 27 15 13 28 15 13 28 271 261 294 4 19 15 34 19 15 34 19 15 34 111 150 166 5 20 11 31 24 12 36 25 12 37 334 353 368 6 8 7 15 8 16 8 16 128 140 148 7 19 20 39 19 20 39 20 20 40 320 374 436 8 15 15 30 15 16 31 15 16 31 391 474 516 9 24 13 37 26 13 39 26 13 39 328 288 313 10 16 15 31 16 15 31 16 15 31 83 119 131 11 15 4 19 15 5 20 5 15 20 100 110 112 12 18 19 37 18 19 37 18 20 38 215 259 295 13 12 11 23 12 11 23 13 12 25 217 236 260 14 Berhan insurance S.C 9 2 11 9 4 9 13 4 13 91 110 112 15 10 5 15 12 6 18 7 12 19 98 124 119 16 Lucy 7 4 11 11 4 15 4 11 15 116 120 129 17 Bunna Insurance S.C. 11 5 16 11 6 17 6 11 17 73 99 108 TOTAL 263 229 492 282 242 524 285 247 532 4,332 4,801 5,476 United Insurance Company Global Insurance Company Nile Insurance Company Nyala Insurance Company Nib Insurance Company Ethio-Life Insurance Company Oromia Insurance Company Abay Insurance Company S.C. Lion Insurance Company Tsehay Insurance S.C. National Insurance Corporation of Ethiopia Quarter IV Ethiopian Insurance Corporation Awash Insurance Company Africa Insurance Company Quarter III Insurance Companies Branch Capital Quarter IV 2016/17 2017/18 2017/18 Fig.IV.8: Branch Network and Capital of Banking System Source: Staff Compilation, NBE Table 4.6: Branch Network & Capital of Insurance Companies 33.4 31.4 31.2 64.4 62.1 60.1 66.6 68.6 68.8 35.6 37.9 39.9 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% percentage share from total Public Banks Private Banks Fig.IV.8: Branch Network and Capital of Banking System Source: Staff Compilation, NBE Table 4.6: Branch Network & Capital of Insurance Companies 33.4 31.4 31.2 64.4 62.1 60.1 66.6 68.6 68.8 35.6 37.9 39.9 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% percentage share from total Public Banks Private Banks

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 33 Table 4.7: Microfinance Institutions Performance as of June 30, 2018 (In Thousands of Birr) Source: Microfinance Supervision Directorate, NBE 4.5. Activities of the Banking System 4.5.1. Resource Mobilization Total resources mobilized by the banking system (the sum of net change in deposit, loans collected and net change in borrowings) saw a 40 percent annual increase (Table 4.8). 2016/17 Qtr.IV Qtr.III Qtr.IV A B C C/A C/B Total Capital 10,720,058.6 12,970,562.1 13,772,435.9 28.5 6.2 Saving 26,323,896.4 30,245,252.2 33,213,124.6 26.2 9.8 Credit 32,398,857.4 39,278,839.1 44,987,229.9 38.9 14.5 Total Assets 49,551,770.7 60,750,144.0 67,261,994.6 35.7 10.7 Particulars % Change 2017/18 Table 4.7: Microfinance Institutions Performance as of June 30, 2018 (In Thousands of Birr) Source: Microfinance Supervision Directorate, NBE 4.5. Activities of the Banking System 4.5.1. Resource Mobilization Total resources mobilized by the banking system (the sum of net change in deposit, loans collected and net change in borrowings) saw a 40 percent annual increase (Table 4.8). 2016/17 Qtr.IV Qtr.III Qtr.IV A B C C/A C/B Total Capital 10,720,058.6 12,970,562.1 13,772,435.9 28.5 6.2 Saving 26,323,896.4 30,245,252.2 33,213,124.6 26.2 9.8 Credit 32,398,857.4 39,278,839.1 44,987,229.9 38.9 14.5 Total Assets 49,551,770.7 60,750,144.0 67,261,994.6 35.7 10.7 Particulars % Change 2017/18 Fig.IV.8: Branch Network and Capital of Banking System Source: Staff Compilation, NBE Table 4.6: Branch Network & Capital of Insurance Companies 33.4 31.4 31.2 64.4 62.1 60.1 66.6 68.6 68.8 35.6 37.9 39.9 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% percentage share from total Public Banks Private Banks Table 4.7: Microfinance Institutions Performance as of June 30, 2018

National Bank of Ethiopia Quarterly Bulletin 34 Fourth Quarter 2017/18 Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Source: Commercial Banks and staff computation Notes: Excludes bonds and treasury bills holding of commercial banks and Development Bank of Ethiopia (DBE) Qtr.IV 2016/17 Qtr.III 2017/18 Qtr.IV 2017/18 A B C C/A C/B 1.Deposits (net change) 27,722.6 15,195.1 18,159.6 26,976.5 39,505.5 45,882.3 42,171.6 6.7 -8.1 -Demand 12,849.7 1,556.5 3,936.9 8,298.0 7,039.5 16,786.7 9,854.4 40.0 -41.3 -Saving 13,889.4 12,618.4 11,948.5 17,311.0 28,614.2 25,837.9 29,929.4 4.6 15.8 -Time 983.5 1,020.2 2,274.2 1,367.5 3,851.8 3,257.7 2,387.7 -38.0 -26.7 2. Borrowing (net change) 3,279.1 18,580.1 0.0 0.0 790.3 3,279.1 18,580.1 2,251.1 466.6 -Local 2,213.5 18,023.0 0.0 0.0 794.3 2,213.5 18,023.0 2,169.0 714.2 -Foreign 1,065.6 557.1 0.0 0.0 -4.1 1,065.6 557.1 -13,826.6 -47.7 3. Collection of Loans 10,436.8 19,065.2 15,982.4 19,361.1 30,529.4 26,419.2 38,426.3 25.9 45.4 4. Total Resources Mobilized (1+2+3) 41,438.5 52,840.4 34,142.0 46,337.5 70,825.2 75,580.5 99,177.9 40.0 31.2 5. Disbursement 13,071.7 20,155.8 15,350.0 16,925.1 29,011.5 28,421.6 37,080.9 27.8 30.5 6. Change in Liquidity (4-5) 28,366.8 32,684.6 18,792.0 29,412.4 41,813.6 47,158.9 62,097.0 48.5 31.7 Memorandum Item: Outstanding Credit 199,431.6 212,449.7 171,350.7 182,105.8 323,007.4 370,782.2 394,555.5 22.2 6.4 Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr. III 2017/18 Qtr.IV 2017/18 Qtr.III 2017/18 Qtr.IV 2017/18

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 35 Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans Source: Staff computation, NBE 4.5.1.1. Deposit Mobilization Total deposit liabilities of the banking system reached Birr 730.3 billion, indicating 28.4percent yearly growth rate spurred by strong expansion of bank branches and improved access to finance, as well as improved saving culture of the society as per capita income tended to grew. Demand deposits, which accounted for 37.1 percent of total deposits, reached Birr 270.7 billion showing a 27.6 percent annual growth. Similarly, saving deposits went up 30.4 percent and accounted for 52.4 percent of the total deposits while time deposits, which constituted 10.5 percent of the total deposit liabilities, increased by 21.7 percent over the same period of last year. The share of public banks in total deposit outstanding was 62.2 percent and that of private banks 37.8 percent (Table 4.9). (20,000.0)

20,000.0 40,000.0 60,000.0 80,000.0 100,000.0 120,000.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 In Millions of Birr Total Mobilization Net Deposit Collection of Loans Disbursement of Loans Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans Source: Staff computation, NBE 4.5.1.1. Deposit Mobilization Total deposit liabilities of the banking system reached Birr 730.3 billion, indicating 28.4percent yearly growth rate spurred by strong expansion of bank branches and improved access to finance, as well as improved saving culture of the society as per capita income tended to grew. Demand deposits, which accounted for 37.1 percent of total deposits, reached Birr 270.7 billion showing a 27.6 percent annual growth. Similarly, saving deposits went up 30.4 percent and accounted for 52.4 percent of the total deposits while time deposits, which constituted 10.5 percent of the total deposit liabilities, increased by 21.7 percent over the same period of last year. The share of public banks in total deposit outstanding was 62.2 percent and that of private banks 37.8 percent (Table 4.9). (20,000.0)

20,000.0 40,000.0 60,000.0 80,000.0 100,000.0 120,000.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 In Millions of Birr Total Mobilization Net Deposit Collection of Loans Disbursement of Loans

National Bank of Ethiopia Quarterly Bulletin 36 Fourth Quarter 2017/18 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: Staff Computation, NBE 4.5.1.2. Collection of Loans During the review period, the banking system collected loans to the tune of Birr 38.4 billion, about 25.9 percent higher than a year earlier (Table 4.8). Of the total loan collection, the share of private banks was 50.4 percent and that of public banks 49.6 percent. About 81.1 percent of the loan was collected from private enterprises (Table 4.10). Quarter IV Quarter III Quarter IV 2016/17 2017/18 2017/18 A B C Demand Deposit 212,082.09 37.3 260,815.6 37.9 270,670.0 37.1 27.6 3.8 Saving Deposit 293,450.88 51.6 352,654.1 51.3 382,583.5 52.4 30.4 8.5 Time Deposit 63,285.77 11.1 74,616.5 10.8 77,004.3 10.5 21.7 3.2 Total 568,818.74 100.0 688,086.2 100.0 730,257.7 100.0 28.4 6.1 Share of Public Banks 64.5 65.6 62.2 Share of Private Banks 35.5 34.4 37.8 C/A C/B % Share Deposit by types % Share % Share -5.0 0.0 5.0 10.0 15.0 20.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 In percent Publlic Banks Private Banks All Banks 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: Staff Computation, NBE 4.5.1.2. Collection of Loans During the review period, the banking system collected loans to the tune of Birr 38.4 billion, about 25.9 percent higher than a year earlier (Table 4.8). Of the total loan collection, the share of private banks was 50.4 percent and that of public banks 49.6 percent. About 81.1 percent of the loan was collected from private enterprises (Table 4.10). Quarter IV Quarter III Quarter IV 2016/17 2017/18 2017/18 A B C Demand Deposit 212,082.09 37.3 260,815.6 37.9 270,670.0 37.1 27.6 3.8 Saving Deposit 293,450.88 51.6 352,654.1 51.3 382,583.5 52.4 30.4 8.5 Time Deposit 63,285.77 11.1 74,616.5 10.8 77,004.3 10.5 21.7 3.2 Total 568,818.74 100.0 688,086.2 100.0 730,257.7 100.0 28.4 6.1 Share of Public Banks 64.5 65.6 62.2 Share of Private Banks 35.5 34.4 37.8 C/A C/B % Share Deposit by types % Share % Share -5.0 0.0 5.0 10.0 15.0 20.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 In percent Publlic Banks Private Banks All Banks 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: Staff Computation, NBE 4.5.1.2. Collection of Loans During the review period, the banking system collected loans to the tune of Birr 38.4 billion, about 25.9 percent higher than a year earlier (Table 4.8). Of the total loan collection, the share of private banks was 50.4 percent and that of public banks 49.6 percent. About 81.1 percent of the loan was collected from private enterprises (Table 4.10). Quarter IV Quarter III Quarter IV 2016/17 2017/18 2017/18 A B C Demand Deposit 212,082.09 37.3 260,815.6 37.9 270,670.0 37.1 27.6 3.8 Saving Deposit 293,450.88 51.6 352,654.1 51.3 382,583.5 52.4 30.4 8.5 Time Deposit 63,285.77 11.1 74,616.5 10.8 77,004.3 10.5 21.7 3.2 Total 568,818.74 100.0 688,086.2 100.0 730,257.7 100.0 28.4 6.1 Share of Public Banks 64.5 65.6 62.2 Share of Private Banks 35.5 34.4 37.8 C/A C/B % Share Deposit by types % Share % Share -5.0 0.0 5.0 10.0 15.0 20.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 In percent Publlic Banks Private Banks All Banks

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 37 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: Staff Computation, NBE 4.5.1.2. Collection of Loans During the review period, the banking system collected loans to the tune of Birr 38.4 billion, about 25.9 percent higher than a year earlier (Table 4.8). Of the total loan collection, the share of private banks was 50.4 percent and that of public banks 49.6 percent. About 81.1 percent of the loan was collected from private enterprises (Table 4.10). Quarter IV Quarter III Quarter IV 2016/17 2017/18 2017/18 A B C Demand Deposit 212,082.09 37.3 260,815.6 37.9 270,670.0 37.1 27.6 3.8 Saving Deposit 293,450.88 51.6 352,654.1 51.3 382,583.5 52.4 30.4 8.5 Time Deposit 63,285.77 11.1 74,616.5 10.8 77,004.3 10.5 21.7 3.2 Total 568,818.74 100.0 688,086.2 100.0 730,257.7 100.0 28.4 6.1 Share of Public Banks 64.5 65.6 62.2 Share of Private Banks 35.5 34.4 37.8 C/A C/B % Share Deposit by types % Share % Share -5.0 0.0 5.0 10.0 15.0 20.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 In percent Publlic Banks Private Banks All Banks Table 4.10: Breakdown of Banking System Credit by Clients (In millions of Birr) Source: Commercial Banks and Staff Computation Notes: Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 65 billion, showing a 63.2 percent annual increase. Of the total borrowing, Birr 58.1billion (89 percent) was from domestic and Birr 6.8 billion (11 percent) from external sources (Table 4.11). Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share Public Banks 20,155.8 54.4 19,065.2 49.6 266,848.2 59.4 Central Government 0.0 54,398.5 20.4 State Enterprises 8,466.0 42.0 7,250.2 38.0 109,823.8 41.2 Cooperatives 5,932.5 29.4 6,922.8 36.3 13,416.8 5.0 Private Enterprises 5,757.2 28.6 4,892.2 25.7 89,209.1 33.4 Private Banks 16,925.1 45.6 19,361.1 50.4 182,105.8 40.6 Central Government* 0.0 State Enterprises 76.7 0.5 19.0 0.1 268.7 0.1 Cooperatives 146.5 0.9 319.2 1.6 3,307.8 1.8 Private Enterprises 16,702.0 98.7 19,022.8 98.3 178,529.4 98.0 Grand Total 37,080.9 100.0 38,426.3 100.0 448,954.0 100.0 Table 4.10: Breakdown of Banking System Credit by Clients (In millions of Birr) Source: Commercial Banks and Staff Computation Notes: Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 65 billion, showing a 63.2 percent annual increase. Of the total borrowing, Birr 58.1billion (89 percent) was from domestic and Birr 6.8 billion (11 percent) from external sources (Table 4.11). Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share Public Banks 20,155.8 54.4 19,065.2 49.6 266,848.2 59.4 Central Government 0.0 54,398.5 20.4 State Enterprises 8,466.0 42.0 7,250.2 38.0 109,823.8 41.2 Cooperatives 5,932.5 29.4 6,922.8 36.3 13,416.8 5.0 Private Enterprises 5,757.2 28.6 4,892.2 25.7 89,209.1 33.4 Private Banks 16,925.1 45.6 19,361.1 50.4 182,105.8 40.6 Central Government* 0.0 State Enterprises 76.7 0.5 19.0 0.1 268.7 0.1 Cooperatives 146.5 0.9 319.2 1.6 3,307.8 1.8 Private Enterprises 16,702.0 98.7 19,022.8 98.3 178,529.4 98.0 Grand Total 37,080.9 100.0 38,426.3 100.0 448,954.0 100.0 Table 4.10: Breakdown of Banking System Credit by Clients (In millions of Birr) Source: Commercial Banks and Staff Computation Notes: Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 65 billion, showing a 63.2 percent annual increase. Of the total borrowing, Birr 58.1billion (89 percent) was from domestic and Birr 6.8 billion (11 percent) from external sources (Table 4.11). Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share Public Banks 20,155.8 54.4 19,065.2 49.6 266,848.2 59.4 Central Government 0.0 54,398.5 20.4 State Enterprises 8,466.0 42.0 7,250.2 38.0 109,823.8 41.2 Cooperatives 5,932.5 29.4 6,922.8 36.3 13,416.8 5.0 Private Enterprises 5,757.2 28.6 4,892.2 25.7 89,209.1 33.4 Private Banks 16,925.1 45.6 19,361.1 50.4 182,105.8 40.6 Central Government* 0.0 State Enterprises 76.7 0.5 19.0 0.1 268.7 0.1 Cooperatives 146.5 0.9 319.2 1.6 3,307.8 1.8 Private Enterprises 16,702.0 98.7 19,022.8 98.3 178,529.4 98.0 Grand Total 37,080.9 100.0 38,426.3 100.0 448,954.0 100.0

National Bank of Ethiopia Quarterly Bulletin 38 Fourth Quarter 2017/18 Table 4.11: Public Outstanding Borrowing of the Banking System by Sources (In Millions of Birr) Source: Commercial Banks and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 37.1 billion was disbursed in fresh loans, indicating a 27.8 percent annual increase. The share of public banks in new loans was 54.4 percent and that of private banks 45.6 percent (Table 4.10). The major beneficiary of the fresh loans was industry accounting for Birr 13.6 billion (36.6 percent) followed by agriculture (Birr 6.1 or 16.4 percent), international trade (Birr 5.3 billion or 14.3 percent), housing & construction (Birr 3.9 or 10.6 percent), domestic trade (Birr 3.3 billion or 9 percent) & others (Birr 2.8 billion or 7.5 percent). The remaining balance was taken up by other economic sectors (Table4.12). 2016/17 Quarter IV Quarter III Quarter IV A B C C/B C/A Domestic Borrowing 34,995.5 40,102.10 58,125.1 44.9 66.1 Foreign Borrowing 4,826.5 6,291.98 6,849.1 8.9 41.9 Total 39,822.0 46,394.1 64,974.2 40.0 63.2 Banks Percentage change 2017/18 Table 4.11: Public Outstanding Borrowing of the Banking System by Sources (In Millions of Birr) Source: Commercial Banks and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 37.1 billion was disbursed in fresh loans, indicating a 27.8 percent annual increase. The share of public banks in new loans was 54.4 percent and that of private banks 45.6 percent (Table 4.10). The major beneficiary of the fresh loans was industry accounting for Birr 13.6 billion (36.6 percent) followed by agriculture (Birr 6.1 or 16.4 percent), international trade (Birr 5.3 billion or 14.3 percent), housing & construction (Birr 3.9 or 10.6 percent), domestic trade (Birr 3.3 billion or 9 percent) & others (Birr 2.8 billion or 7.5 percent). The remaining balance was taken up by other economic sectors (Table4.12). 2016/17 Quarter IV Quarter III Quarter IV A B C C/B C/A Domestic Borrowing 34,995.5 40,102.10 58,125.1 44.9 66.1 Foreign Borrowing 4,826.5 6,291.98 6,849.1 8.9 41.9 Total 39,822.0 46,394.1 64,974.2 40.0 63.2 Banks Percentage change 2017/18 Table 4.11: Public Outstanding Borrowing of the Banking System by Sources (In Millions of Birr) Source: Commercial Banks and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 37.1 billion was disbursed in fresh loans, indicating a 27.8 percent annual increase. The share of public banks in new loans was 54.4 percent and that of private banks 45.6 percent (Table 4.10). The major beneficiary of the fresh loans was industry accounting for Birr 13.6 billion (36.6 percent) followed by agriculture (Birr 6.1 or 16.4 percent), international trade (Birr 5.3 billion or 14.3 percent), housing & construction (Birr 3.9 or 10.6 percent), domestic trade (Birr 3.3 billion or 9 percent) & others (Birr 2.8 billion or 7.5 percent). The remaining balance was taken up by other economic sectors (Table4.12). 2016/17 Quarter IV Quarter III Quarter IV A B C C/B C/A Domestic Borrowing 34,995.5 40,102.10 58,125.1 44.9 66.1 Foreign Borrowing 4,826.5 6,291.98 6,849.1 8.9 41.9 Total 39,822.0 46,394.1 64,974.2 40.0 63.2 Banks Percentage change 2017/18

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 39 Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership Source: Commercial Banks and Development Bank of Ethiopia

10,000.00 20,000.00 30,000.00 40,000.00 50,000.00 60,000.00 70,000.00 QI Q II Q III Q IV QI Q II Q III Q IV QI Q II Q III Q IV QI Q II Q III Q IV QI Q II Q III Q IV QI Q II Q III Q IV QI Q II Q III Q IV QI Q II Q III Q IV QI Q II Q III Q IV QI Q II Q III Q IV QI Q II Q III Q IV QI Q II Q III Q IV 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 V a lu e in M illio n B ir r Years/Quarters Total Public Banks Private Banks

National Bank of Ethiopia Quarterly Bulletin 40 Fourth Quarter 2017/18 Table 4.12: Summary of Banking System Loans & advances by receiving Sectors (In Millions of Birr) Notes: Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE D* = Disbursement, C** = Collection, O/S**= Outstanding Credit 4.5.3. Outstanding Credit Total outstanding credit of the banking system (excluding credit to government) increased to Birr 394.6 billion, which was 22.2 percent higher than last year same quarter. Of the total outstanding loans and advance, the share of private banks was 46.2 percent and that of public banks 53.8 percent (Table 4.10). Credit to industry stood at Birr 155 billion (39.3 percent) followed by international trade (Birr 78billion or 19.8 percent), domestic trade (Birr 45 billion or 11.4 percent), housing& construction (Birr 43.6billion or 11 percent) and Credit to other economic sectors took the remaining balance (Table4.12). D** C** O/S** D** C** O/S ** D** C** O/S** Central Government * - - 54,399 - - - - - 54,399 Agriculture 5,969 7,001 17,917 123 359 1,594 6,093 7,360 19,512 Industry 10,132 7,958 129,619 3,453 1,895 25,285 13,585 9,853 154,904 Domestic Trade 233 421 4,172 3,118 5,111 40,773 3,351 5,531 44,945 International Trade 708 1,038 20,584 4,588 6,347 57,392 5,296 7,385 77,977 Export 169 215 7,721 3,402 4,404 40,053 3,571 4,620 47,774 Imports 539 823 12,863 1,186 1,943 17,340 1,725 2,766 30,202 Hotels and Tourism 98 325 4,421 398 601 5,435 496 925 9,857 Transport & Communication 18 248 1,542 752 1,419 12,285 770 1,667 13,827 Housing & Construction 736 1,407 17,397 3,186 2,430 26,176 3,922 3,837 43,573 Mines, Power & Water Res. 159 36 161 6 1 61 160 42 222 Others 2,085 613 16,156 702 830 6,889 2,787 1,443 23,044 Personal 19 18 480 603 364 6,215 622 382 6,695 Total 20,156 19,065 266,848 16,925 19,361 182,106 37,081 38,426 448,954 Borrowing Sector Public Banks Private Banks Total (1) (2) (3) Table 4.12: Summary of Banking System Loans & advances by receiving Sectors (In Millions of Birr) Notes: Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE D* = Disbursement, C** = Collection, O/S**= Outstanding Credit 4.5.3. Outstanding Credit Total outstanding credit of the banking system (excluding credit to government) increased to Birr 394.6 billion, which was 22.2 percent higher than last year same quarter. Of the total outstanding loans and advance, the share of private banks was 46.2 percent and that of public banks 53.8 percent (Table 4.10). Credit to industry stood at Birr 155 billion (39.3 percent) followed by international trade (Birr 78billion or 19.8 percent), domestic trade (Birr 45 billion or 11.4 percent), housing& construction (Birr 43.6billion or 11 percent) and Credit to other economic sectors took the remaining balance (Table4.12). D** C** O/S** D** C** O/S ** D** C** O/S** Central Government * - - 54,399 - - - - - 54,399 Agriculture 5,969 7,001 17,917 123 359 1,594 6,093 7,360 19,512 Industry 10,132 7,958 129,619 3,453 1,895 25,285 13,585 9,853 154,904 Domestic Trade 233 421 4,172 3,118 5,111 40,773 3,351 5,531 44,945 International Trade 708 1,038 20,584 4,588 6,347 57,392 5,296 7,385 77,977 Export 169 215 7,721 3,402 4,404 40,053 3,571 4,620 47,774 Imports 539 823 12,863 1,186 1,943 17,340 1,725 2,766 30,202 Hotels and Tourism 98 325 4,421 398 601 5,435 496 925 9,857 Transport & Communication 18 248 1,542 752 1,419 12,285 770 1,667 13,827 Housing & Construction 736 1,407 17,397 3,186 2,430 26,176 3,922 3,837 43,573 Mines, Power & Water Res. 159 36 161 6 1 61 160 42 222 Others 2,085 613 16,156 702 830 6,889 2,787 1,443 23,044 Personal 19 18 480 603 364 6,215 622 382 6,695 Total 20,156 19,065 266,848 16,925 19,361 182,106 37,081 38,426 448,954 Borrowing Sector Public Banks Private Banks Total (1) (2) (3)

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 41 Fig.IV.12: Share of Public and Private Banks in Credit Outstanding Source: Staff computation, NBE 4.6. Financial Activities of NBE By end of June 2018, gross claims of NBE on the central government reached Birr 160.1 billion depicting a 18.1 percent annual growth. Of the credit to the central government, direct advances accounted for 95.1 percent and bonds 4.9 percent. Direct advance increased by 19.2 percent during last year fourth quarter. Similarly, deposit of financial institutions at NBE increased by 17.8 percent compared to last year same period (Table 4.13). 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 Value in Percent Years/Quarters Total Public Total Private Fig.IV.12: Share of Public and Private Banks in Credit Outstanding Source: Staff computation, NBE 4.6. Financial Activities of NBE By end of June 2018, gross claims of NBE on the central government reached Birr 160.1 billion depicting a 18.1 percent annual growth. Of the credit to the central government, direct advances accounted for 95.1 percent and bonds 4.9 percent. Direct advance increased by 19.2 percent during last year fourth quarter. Similarly, deposit of financial institutions at NBE increased by 17.8 percent compared to last year same period (Table 4.13). 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 Value in Percent Years/Quarters Total Public Total Private

National Bank of Ethiopia Quarterly Bulletin 42 Fourth Quarter 2017/18 Table 4.13: Financial Activities of NBE during the Fourth Quarter of 2017/18. (In millions of Birr) Source: NBE 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market During the fourth quarter of 2017/18, the amount of T-bills supplied to the weekly Tbills auction market reached Birr 76.7 billion, reflecting a 37.27 percent expansion over the same quarter of last year. The demand for T-bills also expanded by 64.06 percent and reached Birr 97.94 billion (Table 4.13). The entire T-bills were purchased by non-bank institutions. Hence, total outstanding T-bills at the end of the quarter reached Birr 11.21 billion, reflecting a 51.78 percent year-on-year increase. Annual average weighted yield of T-bills during the review quarter was 1.39 percent compared to 0.9 percent a year ago (Table 4.14). 2016/17 Qtr.IV Qtr.III Qtr.IV A B C C/A C/B 1.Loans and Advances 162,858.85 190,121.56 207,421.56 27.4 9.1 1.1. To Central Government 135,632.85 160,128.85 160,128.85 18.1 0.0 Direct Advances 127,764.95 152,264.95 152,264.95 19.2 0.0 Bonds 7,867.90 7,863.90 7,863.90 -0.1 0.0 1.2.To Development Bank of Ethiopia 27,226.00 29,992.71 47,292.71 73.7 57.7 2.Deposit Liabilities 67,093.25 68,823.32 81,596.47 21.6 18.6 2.1. Government 14,741.81 18,874.93 19,921.99 35.1 5.5 2.2. Financial Institutions 52,351.45 49,948.38 61,674.48 17.8 23.5 O/W: -Banks 52,315.46 49,913.18 61,652.84 17.8 23.5 -Insurance companies 36.0 35.2 21.6 -39.9 -38.5 3.Net Claims of NBE(1-2) 95,765.6 121,298.2 125,825.1 31.4 3.7 % Change Particulars 2017/18 Table 4.13: Financial Activities of NBE during the Fourth Quarter of 2017/18. (In millions of Birr) Source: NBE 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market During the fourth quarter of 2017/18, the amount of T-bills supplied to the weekly Tbills auction market reached Birr 76.7 billion, reflecting a 37.27 percent expansion over the same quarter of last year. The demand for T-bills also expanded by 64.06 percent and reached Birr 97.94 billion (Table 4.13). The entire T-bills were purchased by non-bank institutions. Hence, total outstanding T-bills at the end of the quarter reached Birr 11.21 billion, reflecting a 51.78 percent year-on-year increase. Annual average weighted yield of T-bills during the review quarter was 1.39 percent compared to 0.9 percent a year ago (Table 4.14). 2016/17 Qtr.IV Qtr.III Qtr.IV A B C C/A C/B 1.Loans and Advances 162,858.85 190,121.56 207,421.56 27.4 9.1 1.1. To Central Government 135,632.85 160,128.85 160,128.85 18.1 0.0 Direct Advances 127,764.95 152,264.95 152,264.95 19.2 0.0 Bonds 7,867.90 7,863.90 7,863.90 -0.1 0.0 1.2.To Development Bank of Ethiopia 27,226.00 29,992.71 47,292.71 73.7 57.7 2.Deposit Liabilities 67,093.25 68,823.32 81,596.47 21.6 18.6 2.1. Government 14,741.81 18,874.93 19,921.99 35.1 5.5 2.2. Financial Institutions 52,351.45 49,948.38 61,674.48 17.8 23.5 O/W: -Banks 52,315.46 49,913.18 61,652.84 17.8 23.5 -Insurance companies 36.0 35.2 21.6 -39.9 -38.5 3.Net Claims of NBE(1-2) 95,765.6 121,298.2 125,825.1 31.4 3.7 % Change Particulars 2017/18 Table 4.13: Financial Activities of NBE during the Fourth Quarter of 2017/18. (In millions of Birr) Source: NBE 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market During the fourth quarter of 2017/18, the amount of T-bills supplied to the weekly Tbills auction market reached Birr 76.7 billion, reflecting a 37.27 percent expansion over the same quarter of last year. The demand for T-bills also expanded by 64.06 percent and reached Birr 97.94 billion (Table 4.13). The entire T-bills were purchased by non-bank institutions. Hence, total outstanding T-bills at the end of the quarter reached Birr 11.21 billion, reflecting a 51.78 percent year-on-year increase. Annual average weighted yield of T-bills during the review quarter was 1.39 percent compared to 0.9 percent a year ago (Table 4.14). 2016/17 Qtr.IV Qtr.III Qtr.IV A B C C/A C/B 1.Loans and Advances 162,858.85 190,121.56 207,421.56 27.4 9.1 1.1. To Central Government 135,632.85 160,128.85 160,128.85 18.1 0.0 Direct Advances 127,764.95 152,264.95 152,264.95 19.2 0.0 Bonds 7,867.90 7,863.90 7,863.90 -0.1 0.0 1.2.To Development Bank of Ethiopia 27,226.00 29,992.71 47,292.71 73.7 57.7 2.Deposit Liabilities 67,093.25 68,823.32 81,596.47 21.6 18.6 2.1. Government 14,741.81 18,874.93 19,921.99 35.1 5.5 2.2. Financial Institutions 52,351.45 49,948.38 61,674.48 17.8 23.5 O/W: -Banks 52,315.46 49,913.18 61,652.84 17.8 23.5 -Insurance companies 36.0 35.2 21.6 -39.9 -38.5 3.Net Claims of NBE(1-2) 95,765.6 121,298.2 125,825.1 31.4 3.7 % Change Particulars 2017/18

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 43 Table 4.14: Results of Treasury Bills Auction (In Millions of Birr ) 2016/17 2017/18 % Change Quarter IV Quarter III Quarter IV A B C C/A C/B Number of Bidders 44.00 49.00 46.00 4.55 -6.12 Public 44.00 49.00 46.00 4.55 -6.12 Private - - - 0.00 0.00 Number of Bids received 44.00 51.00 46.00 4.55 -9.80 Public 44.00 51.00 46.00 4.55 -9.80 Private - - - Amount Demanded (Mn. Birr) 59,699.56 78,983.56 97,941.56 64.06 24.00 28-day bill 240.00 320.00 240.00 0.00 -25.00 91-day bill 58,774.56 75,647.56 80,016.56 36.14 5.78 182-day bill 685.00 216.00 685.00 0.00 217.13 364-day bill - 2,800.00 17,000.00 - 507.14 Amount Supplied (Mn. Birr) 55,868.56 74,118.56 76,692.56 37.27 3.47 28-day bill 260.00 320.00 260.00 0.00 -18.75 91-day bill 54,923.56 70,482.56 75,747.56 37.91 7.47 182-day bill 685.00 516.00 685.00 0.00 32.75 364-day bill - 2,800.00 - - Amount Sold (Mn. Birr) 59,699.56 78,983.56 97,941.56 64.06 24.00 Banks - - - Non-Banks 59,699.56 78,983.56 97,941.56 64.06 24.00 Average Weighted Price for Successful bids (%) 74.83 99.10 99.11 32.46 0.01 28-day bill 99.94 0.00 0.00 91-day bill 99.70 0.00 0.00 182-day bill 99.67 99.69 99.72 0.05 0.04 364-day bill - 97.10 97.10 0.00 Average Weighted Yield for Successful bids (%) 0.90 1.42 1.39 54.21 -1.89 28-day bill 0.85 0.85 0.81 -4.28 -4.28 91-day bill 1.20 1.202 1.203 0.07 0.06 182-day bill 0.66 0.63 0.56 -15.25 -11.40 364-day bill - 3.00 3.00 0.00 Outstanding bills at the end of Period (Mn.Br.) 73,271.56 89,844.56 111,213.56 51.78 23.78 Banks - - - Non-Banks 73,271.56 89,844.56 111,213.56 51.78 23.78 Source: Staff Computation, NBE Table 4.14: Results of Treasury Bills Auction (In Millions of Birr ) 2016/17 2017/18 % Change Quarter IV Quarter III Quarter IV A B C C/A C/B Number of Bidders 44.00 49.00 46.00 4.55 -6.12 Public 44.00 49.00 46.00 4.55 -6.12 Private - - - 0.00 0.00 Number of Bids received 44.00 51.00 46.00 4.55 -9.80 Public 44.00 51.00 46.00 4.55 -9.80 Private - - - Amount Demanded (Mn. Birr) 59,699.56 78,983.56 97,941.56 64.06 24.00 28-day bill 240.00 320.00 240.00 0.00 -25.00 91-day bill 58,774.56 75,647.56 80,016.56 36.14 5.78 182-day bill 685.00 216.00 685.00 0.00 217.13 364-day bill - 2,800.00 17,000.00 - 507.14 Amount Supplied (Mn. Birr) 55,868.56 74,118.56 76,692.56 37.27 3.47 28-day bill 260.00 320.00 260.00 0.00 -18.75 91-day bill 54,923.56 70,482.56 75,747.56 37.91 7.47 182-day bill 685.00 516.00 685.00 0.00 32.75 364-day bill - 2,800.00 - - Amount Sold (Mn. Birr) 59,699.56 78,983.56 97,941.56 64.06 24.00 Banks - - - Non-Banks 59,699.56 78,983.56 97,941.56 64.06 24.00 Average Weighted Price for Successful bids (%) 74.83 99.10 99.11 32.46 0.01 28-day bill 99.94 0.00 0.00 91-day bill 99.70 0.00 0.00 182-day bill 99.67 99.69 99.72 0.05 0.04 364-day bill - 97.10 97.10 0.00 Average Weighted Yield for Successful bids (%) 0.90 1.42 1.39 54.21 -1.89 28-day bill 0.85 0.85 0.81 -4.28 -4.28 91-day bill 1.20 1.202 1.203 0.07 0.06 182-day bill 0.66 0.63 0.56 -15.25 -11.40 364-day bill - 3.00 3.00 0.00 Outstanding bills at the end of Period (Mn.Br.) 73,271.56 89,844.56 111,213.56 51.78 23.78 Banks - - - Non-Banks 73,271.56 89,844.56 111,213.56 51.78 23.78 Source: Staff Computation, NBE

National Bank of Ethiopia Quarterly Bulletin 44 Fourth Quarter 2017/18 Fig IV.14: Developments in T-Bills Market (In Millions of Birr) Source: Staff Computation, NBE Source: Staff Computation, NBE 0 20000 40000 60000 80000 100000 120000 I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV 2007/08 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Demand Supply 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 I II IIIIV I II III Iv I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV 2006/07 2007/08 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (In percent) Fig IV.15: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 45 Fig IV.14: Developments in T-Bills Market (In Millions of Birr) Source: Staff Computation, NBE Source: Staff Computation, NBE 0 20000 40000 60000 80000 100000 120000 I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV 2007/08 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Demand Supply 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 I II IIIIV I II III Iv I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV 2006/07 2007/08 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (In percent) Fig IV.15: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 4.7.2. Inter- Bank Money Market No inter-bank money market transaction was conducted during the quarter under review (Table 4.12). 4.7.3. Corporate Bond Market As corporate bond market is not well-developed in Ethiopia, only few public institutions and regional governments participate in the shallow bond market. The purchaser of these bonds has long been solely the Commercial Bank of Ethiopia (CBE). During the quarter under review, CBE purchased corporate bonds worth Birr 17.7 billion. Of the total corporate bond issued the share of Ethiopian Electric Power Corporation (EEPCo) and Addis Ababa City Administration was 71.75 percent while the rest (28.25 percent) was attributed to the Ethiopian Rail way Corporation and regional governments. At the end of June 2018, the stock of corporate bonds held by CBE stood at Birr 291.43 billion, of which 84.25 percent was claims on public enterprises and the remaining balance claims on regional governments (Table 4.15). Corporate bonds issued by EEPCO accounted for 59.68 percent of the total corporate bonds issued by public enterprises and 74.2 percent of the entire outstanding corporate bond balance.

National Bank of Ethiopia Quarterly Bulletin 46 Fourth Quarter 2017/18 Table 4.15: Corporate Bond by holders (In Millions of Birr) Issuer of the Bond 2016/17 2017/18 QIV QIII QIV NP Red O/S NP Red O/S NP Red O/S 1.Puplic Enterprises 11,300.0 0.0 198,221.4 9,900.0 0.0 233,748.9 12,400.0 609.9 245,539.0 EEPCO 11,300.0 - 179,300.0 9,900.0 - 209,000.0 7,400.0 50.0 216,350.0 Railways Corporation - - 18,921.4 - - 24,748.9 5,000.0 559.9 29,189.0 DBE - - . - - . - - - 2. Regional Governments 5,900.0 500.5 39,563.2 2,000.0 146.1 41,819.5 5,300.0 1,233.5 45,886.0 Oromia - 4.7 461.1 - 1.3 445.9 - 4.3 441.6 Amhara - - 0.2 - - 0.2 - - 0.2 Tigray - - 156.5 - 1.7 142.3 - 2.7 139.5 SNNPRS - - 7.6 - - 7.6 - - 7.6 Dire Dawa - - 0.0 - - 0.0 - - 0.0 Harari - - - - - 0.0 - - 0.0 City Government of Addis Ababa 5,900.0 495.8 38,937.8 2,000.0 143.1 41,223.5 5,300.0 1,226.4 45,297.1 3.Grand Total (1+2) 17,200.0 500.5 237,784.6 11,900.0 146.1 275,568.4 17,700.0 1,843.4 291,425.0 Source: Staff Computation, NBE

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 47 V. External Sector Developments 5.1. Balance of Payments During the fourth quarter of 2017/18, the overall balance of payments showed USD 123 million surplus compared to USD 525.4 million surplus a year ago. The decline in surplus was mainly attributed to lower export trade proceeds coupled with slowdown in surplus of net private transfers and official transfers (Table 5.1).

National Bank of Ethiopia Quarterly Bulletin 48 Fourth Quarter 2017/18 Table 5.1: Balance of Payments* (In Millions of USD) S/N Particulars 2016/17 2017/18 Percentage QIV QIII QIV Change A B C D=C/A E=C/B 1 Exports, f.o.b. 905.5 739.3 752.5 -16.9 1.8 Coffee 336.75 178.55 278.1 -17.4 55.7 Other 568.8 560.8 474.4 -16.6 -15.4 2 Imports 4,089.2 3,545.5 3,641.9 -10.9 2.7 Fuel 476.6 581.3 703.5 47.6 21.0 Cereals 77.6 123.7 221.9 186.1 79.4 Aircraft 25.2 19.7 13.7 -45.6 -30.4 Imports excl. fuel, cereals, aircraft 3,509.8 2,820.8 2,702.8 -23.0 -4.2 3 Trade Balance (1-2) -3,183.7 -2,806.2 -2,889.4 -9.2 3.0 4 Services, net -102.2 -60.2 -3.3 -96.8 -94.5 Non-factor services, net 11.4 12.1 67.8 493.3 459.5 Exports of non-factor services 818.4 1,064.4 1,151.3 40.7 8.2 Imports of non-factor services 806.9 1,052.3 1,083.5 34.3 3.0 Factor services (Investment income), net -113.6 -72.3 -71.1 -37.4 -1.7 Interest, net -96.6 -72.3 -71.1 -26.4 -1.7 Dividend, net -17.0 5 Private transfers, net 1,611.6 1,533.6 1,603.2 -0.5 4.5 o/w: NGO's,(Net) 297.2 184.4 189.7 -36.2 2.9 Private Individuals 1,314.5 1,349.2 1,413.5 7.5 4.8 6 Current account balance excluding official transfers (3+4+5) -1,674.2 -1,332.8 -1,289.5 -23.0 -3.3 7 Official transfers, net 264.3 217.1 158.8 -39.9 -26.8 8 Current account balance including official transfers(6+7) -1,409.9 -1,115.7 -1,130.6 -19.8 1.3 9 Capital account 1,767.7 1,602.1 1,363.6 -22.9 -14.9 Official Long-term Capital, net 611.1 529.5 454.4 -25.6 -14.2 Disbursements 644.5 567.8 499.1 -22.6 -12.1 Amortization 33.5 38.3 44.6 33.5 16.4 Other public long-term capital 249.9 106.1 196.6 -21.3 85.3 Private sector, long term 67.9 108.8 46.1 -32.1 -57.6 Foreign Direct Investment, net 905.3 811.3 720.6 -20.4 -11.2 Short-term Capital -66.4 46.4 -54.2 -18.5 -216.8 10 Errors and omissions 167.5 20.7 -109.9 11 Overall balance (8+9+10) 525.4 507.1 123.0 12 Financing -525.4 -507.1 -123.0 13 Reserves [ Increase(-), Decrease (+)] -525.4 -507.1 -123.0 14 Central Bank (NFA) -409.3 -527.1 -109.0 Asset -81.8 -107.5 283.9 Liabilities -327.5 -419.6 -393.0 15 Commercial banks (NFA) -116.1 20.1 -14.0 16 Debt Relief Principal Interest Source: NBE Staff Compilation *Preliminary

Total current account receipts amounted to USD 3.7 billion, about 1.4 percent higher than that of a year earlier. This growth in current account receipts was ascribed to 41.2 percent increase in service exports. On the other hand, total current account payments declined to USD 4.8 billion due to 10.9 percent decline in import payments, 69.2 percent in private transfers and 19.7 percent drop in private transfers. Thus, the current account balance recorded USD 1.1 billion deficit which was 19.8 percent narrower than a year ago (Table 5.2). Table 5.2 Current Receipts and Payments (In millions of USD) Particulars 2016/17 2017/18 QIV QIII QIV Percentage Change A B C D=C/A E=C/B

Current Receipts 3,642.3 3,579.2 3,693.2 1.4 3.2 Export Proceeds 905.5 739.3 752.5 -16.9 1.8 Service Proceeds 824.30 1,075.8 1,163.8 41.2 8.2 Private Transfers 1,641.13 1,541.3 1,612.3 -1.8 4.6 Public Transfer

271.3

222.8

164.5 -39.4 -26.2 2. Current Payments 5,052.17 4,694.95 4,823.77 -4.5 2.7 Import Payments 4,089.2 3,545.5 3,641.9 -10.9 2.7 Service Payments 926.47 1,136.0 1,167.1 26.0 2.7 Private Transfers 29.49 7.7 9.1 -69.2 18.5 Public Transfer 7.02 5.7 5.6 -19.7 -1.0 Net(1-2) -1,409.9 -1,115.7 -1,130.6 -19.8 1.3 Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 49 Total current account receipts amounted to USD 3.7 billion, about 1.4 percent higher than that of a year earlier. This growth in current account receipts was ascribed to 41.2 percent increase in service exports. On the other hand, total current account payments declined to USD 4.8 billion due to 10.9 percent decline in import payments, 69.2 percent in private transfers and 19.7 percent drop in private transfers. Thus, the current account balance recorded USD 1.1 billion deficit which was 19.8 percent narrower than a year ago (Table 5.2). Table 5.2 Current Receipts and Payments (In millions of USD) Particulars 2016/17 2017/18 QIV QIII QIV Percentage Change A B C D=C/A E=C/B

Current Receipts 3,642.3 3,579.2 3,693.2 1.4 3.2 Export Proceeds 905.5 739.3 752.5 -16.9 1.8 Service Proceeds 824.30 1,075.8 1,163.8 41.2 8.2 Private Transfers 1,641.13 1,541.3 1,612.3 -1.8 4.6 Public Transfer

271.3

222.8

National Bank of Ethiopia Quarterly Bulletin 50 Fourth Quarter 2017/18 Source: NBE Staff Compilation 5.2 Balance of Trade Merchandise trade deficit during the fourth quarter reached USD 2.9 billion from USD 3.2 billion a year ago, declining by 9.2 percent lower than last year same period. This was due to the decrease in merchandise import bill which outweighed the fall in goods export receipts. 0.0 1000.0 2000.0 3000.0 4000.0 5000.0 6000.0 Qtr II QtrIV Qtr II Qtr IV Qtr II Qtr IV Qtr II Qtr IV Qtr II Qtr IV Qtr II Qtr IV Qtr II Qtr IV Qtr II Qtr IV Qtr II Qtr IV 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 In Millions of USD Fig V.1 Trends in Current Receipts and Payments Current Receipts Current Payments

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 51 0.0 1000.0 2000.0 3000.0 4000.0 5000.0 6000.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (In M illio n s o f U S D ) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Import Export Source: Ethiopian Revenue and Customs Authority Source: NBE Staff Computation 5.2.1 Export of Goods Total earnings from merchandised export fell by 16.9 percent over same quarter last year on account of lower export revenue from coffee, oilseeds, flower, gold, live-animals, and other exports. On the other hand, export earnings from pulses, leather & leather products, meat & meat products, fruits & vegetables, chat and electricity tended to increase. 0 500 1000 1500 2000 2500 3000 3500 4000 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit 0.0 1000.0 2000.0 3000.0 4000.0 5000.0 6000.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (In M illio n s o f U S D ) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Import Export Source: Ethiopian Revenue and Customs Authority Source: NBE Staff Computation 5.2.1 Export of Goods Total earnings from merchandised export fell by 16.9 percent over same quarter last year on account of lower export revenue from coffee, oilseeds, flower, gold, live-animals, and other exports. On the other hand, export earnings from pulses, leather & leather products, meat & meat products, fruits & vegetables, chat and electricity tended to increase. 0 500 1000 1500 2000 2500 3000 3500 4000 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit

National Bank of Ethiopia Quarterly Bulletin 52 Fourth Quarter 2017/18 Earnings from coffee dropped by 17.4 percent vis-à-vis last year same quarter and reached USD 278.1 million owing to 7.9 percent and 10.3 percent decline in volume and price, respectively. Thus, the share of coffee in total merchandise export earnings slowed down to 37.0 percent from 37.2 percent a year earlier. Likewise, export revenue from oilseeds decreased by 31.4 percent due to a 43.0 percent fall in export volume despite 20.4 percent rise in export price. As a result, the share of oilseeds in total merchandise export went down to 9.3 percent from 11.2 percent a year ago. Export proceed from live-animals saw a 1.3 percent drop due to a 2.6 percent decline in international unit price despite a 1.3 percent rise in export volume. As a result, the share of live animals in total merchandise export earnings slightly increased to 2.0 percent from 1.7 percent. Export earnings from gold also plummeted by 89.6 percent due to 91.1 percent drop in export volume in spite of 16.5 percent rise in international price. Thus, the share of gold in total merchandise export decreased to 6.7 percent from 7.1 percent last year same quarter. Similarly, export revenue from flower decreased by 2.1 percent vis-à-vis the same quarter of last year due to a 2.8 percent fall in volume although international price marginally rose by 0.7 percent. Hence, the share of flower in total export earnings increased from 6.7 percent to 7.9 percent. On the other hand, export revenue from pulses went up 28.0 percent on account of 55.5 percent surge in volume despite 17.7 percent drop in international price. Pulses had 9.3 percent share in total export earnings during the review quarter. Receipts from leather & leather products export increased by 2.6 percent owing to 3 percent rise in export volume, in contrast with 0.5 percent decline in international price. As a result, the share of leather & leather products in total merchandise export being 4.6 percent. Revenue from export of meat & meat products increased 12.4 percent compared to last year same quarter as export volume rose 13.2 percent despite

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 53 0.8 percent fall in international price. Thus, the share of meat & meat products in total merchandise exports rise to 4.2 percent from 3.1 percent a year earlier. Export of fruits & vegetables fetched USD 16.0 million in revenue, about 10.6 percent higher than last year same quarter. This was attributed to 3.8 percent rise in international price and 6.6 percent growth in volume. As a result, the share of fruits & vegetables in total export earnings increased to 2.1 percent from 1.6 percent a year ago. Export revenue from chat went up 7.2 percent owing to a 8.8 percent rise in volume despite 1.4 percent drop in international price. Hence, the share of chat in total merchandise export earnings increased to 9.3 percent from 7.2 percent a year earlier. Export earnings from electricity showed a 15.2 percent improvement over last year same quarter due to a 16.8 percent increase in volume despite 1.4 percent slowdown in international price. Therefore, the share of electricity in total merchandise export revenue increased to 3.8 percent from 2.7 percent a year ago (Tables 5.3, 5.4 and 5.5).

National Bank of Ethiopia Quarterly Bulletin 54 Fourth Quarter 2017/18 Table 5.3: Values of Major Export Items (In millions of USD) Particulars 2016/17 2017/18 Percentage QIV QIII QIV Change A %share B %share C %share C/A C/B Coffee 336.8 37.2 178.5 24.1 278.1 37.0 -17.4 55.7 Oilseeds 101.8 11.2 136.1 18.4 69.8 9.3 -31.4 -48.7 Leather & Leather products 33.9 3.7 29.0 3.9 34.8 4.6 2.6 20.1 Pulses 54.8 6.0 84.8 11.5 70.1 9.3 28.0 -17.3 Meat & Meat Products 27.8 3.1 25.1 3.4 31.2 4.2 12.4 24.3 Fruits & Vegetables 14.5 1.6 14.2 1.9 16.0 2.1 10.6 12.7 Live Animals 15.3 1.7 8.0 1.1 15.1 2.0 -1.3 89.1 Chat 65.6 7.2 67.8 9.2 70.3 9.3 7.2 3.7 Gold 64.5 7.1 46.2 6.2 6.7 0.9 -89.6 -85.5 Flower 60.6 6.7 65.3 8.8 59.3 7.9 -2.1 -9.1 Electricity 24.9 2.7 18.4 2.5 28.6 3.8 15.2 55.8 Others 105.3 11.6 66.0 8.9 72.5 9.6 -31.1 9.9 Total Export 905.5 100 739.3 100 752.5 100 -16.9 1.8 Total Export excluding electricity 880.7 721.0 723.9 -17.8 0.4 Source: Ethiopian Revenues and Customs Authority, Ethiopian Electric Utility and Ethiopian Electric Power 0 40 80 120 160 200 240 280 320 360 400 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Mill of USD Fig.V.4. Export Value of Selected Commodities Coffee Oilseeds Leather and Leather Products Pulses Flower Gold Chat

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 55 Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2016/17 2017/18 Percentage Change QIV QIII QIV A B C C/A100- 100 C/B100- 100 Coffee 85.6 52.4 78.8 -7.9 50.5 Oilseeds 98.1 105.5 55.9 -43.0 -47.0 Leather and Leather products 1.6 1.5 1.7 3.0 14.9 Pulses 71.0 148.5 110.4 55.5 -25.7 Meat & Meat Products 5.4 5.0 6.1 13.2 21.2 Fruits & Vegetables 47.5 44.2 50.6 6.6 14.7 Live Animals 7.8 4.5 7.9 1.3 78.5 Chat 11.6 12.0 12.6 8.8 4.9 Gold(in mill of grams) 1.9 1.3 0.2 -91.1 -86.7 Flower 13.9 13.5 13.6 -2.8 0.7 Electricity(in mill of kwh) 439.7 332.0 513.5 16.8 54.7 Source: Ethiopian Revenues and Customs Authority, Ethiopian Electric Utility and Ethiopian Electric Power 0 50 100 150 200 250 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (Mill K.g) Fig.V.5. Export Volume of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Chat Gold Source: NBE Staff Computation Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2016/17 2017/18 Percentage Change QIV QIII QIV A B C C/A100- 100 C/B100- 100 Coffee 85.6 52.4 78.8 -7.9 50.5 Oilseeds 98.1 105.5 55.9 -43.0 -47.0 Leather and Leather products 1.6 1.5 1.7 3.0 14.9 Pulses 71.0 148.5 110.4 55.5 -25.7 Meat & Meat Products 5.4 5.0 6.1 13.2 21.2 Fruits & Vegetables 47.5 44.2 50.6 6.6 14.7 Live Animals 7.8 4.5 7.9 1.3 78.5 Chat 11.6 12.0 12.6 8.8 4.9 Gold(in mill of grams) 1.9 1.3 0.2 -91.1 -86.7 Flower 13.9 13.5 13.6 -2.8 0.7 Electricity(in mill of kwh) 439.7 332.0 513.5 16.8 54.7 Source: Ethiopian Revenues and Customs Authority, Ethiopian Electric Utility and Ethiopian Electric Power 0 50 100 150 200 250 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (Mill K.g) Fig.V.5. Export Volume of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Chat Gold Source: NBE Staff Computation

National Bank of Ethiopia Quarterly Bulletin 56 Fourth Quarter 2017/18 Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2016/17 2017/18 Percentage Change QIV QIII QIV A B C C/A100- 100 C/B100- 100 Coffee 3.9 3.4 3.5 -10.3 3.5 Oilseeds 1.0 1.3 1.2 20.4 -3.2 Leather and Leather products 20.8 19.8 20.7 -0.5 4.5 Pulses 0.8 0.6 0.6 -17.7 11.2 Meat & Meat Products 5.2 5.0 5.1 -0.8 2.6 Fruits & Vegetables 0.3 3.8 -1.7 Live Animals 1.9 1.8 1.9 -2.6 5.9 Chat 5.7 5.6 5.6 -1.4 -1.2 Gold 33.2 35.5 38.7 16.5 9.1 Flower 4.3 4.9 4.4 0.7 -9.8 Electricity 0.1 -1.4 0.7 Source: Ethiopian Revenues and Customs Authority, Ethiopian Electric Utility and Ethiopian Electric Power 0 5 10 15 20 25 30 35 40 45 50 55 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 USD/K.g, USD/gr.(Gold) Fig.V.6. Unit Value of Selected Export Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Source: NBE Staff Computation

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 57 5.2.2. Import of Goods In the fourth quarter of 2017/18, total merchandise import stood at USD 3.6 billion, about 10.9 percent lower than that of last year due to the fall in import values of capital, consumer, semifinished and miscellaneous goods. Import bill of capital goods decreased by 35.2 percent as import bill of transport, industrial and agricultural capital goods decreased by 49.5 percent 31.9 percent and 29.7 percent, respectively. Thus, the share of capital goods in total goods import bill went down to 27.6 percent from 37.9 percent a year earlier. Imports of semi-finished goods dropped by 13.2 percent and their share in total imports fell to 19.5 percent from 20.0 percent a year ago. Likewise, import bills for consumer goods went down by 1.3 percent vis-àvis same quarter last year due to lower import payments for durable goods (27.3 percent) in spite of 9.9 percent increase in payments for non-durable goods. The share of consumer goods in total import went up to 31.0 percent from 27.9 percent last year same quarter. On the other hand, import of raw materials increased by 30.6 percent compared to last year same quarter and their share in total merchandise import rose to 1.1 percent from 0.7 percent a year ago. Similarly, import value of fuel surged by 47.6 percent and its share in total imports went up to 19.3 percent from 11.7 percent a year earlier Meanwhile, total franco-valuta import declined by 6.3 percent and stood at USD 1.1 billion and accounted for 31.6 percent of the total imports.

National Bank of Ethiopia Quarterly Bulletin 58 Fourth Quarter 2017/18 Table 5.6: Values of Major Import Items (In millions Of USD) Particulars 2016/17 2017/18 Qtr IV Percentage Changes Share (%) Qtr III Share (%) Qtr IV Share (%) A B C C/A C/B Raw Materials 30.3 0.7 38.9 1.1 39.5 1.1 30.6 1.6 Semi-finished Goods 816.3 20.0 504 14.2 708.5 19.5 -13.2 40.6 Fertilizers 189.9 4.6 126.6 3.6 266.7 7.3 40.4 110.6 Fuel 476.7 11.7 581.3 16.4 703.5 19.3 47.6 21.0 Petroleum Products 451.7 11.0 564.3 15.9 680.8 18.7 50.7 20.6 Others 24.8 0.6 16.9 0.5 22.7 0.6 -8.5 34.2 Capital Goods 1,548.5 37.9 1,245.70 35.1 1,003.6 27.6 -35.2 -19.4 Transport 293.9 7.2 177.1 5.0 148.4 4.1 -49.5 -16.2 Agricultural 13.4 0.3 8.8 0.2 9.4 0.3 -29.7 7.2 Industrial 1,241.1 30.4 1,059.80 29.9 845.8 23.2 -31.9 -20.2 Consumer Goods 1,142.0 27.9 1,117.90 31.5 1,127.4 31.0 -1.3 0.9 Durables 342.3 8.4 323.3 9.1 248.7 6.8 -27.3 -23.1 Non-durables 799.7 19.6 794.6 22.4 878.7 24.1 9.9 10.6 Miscellaneous 75.5 1.8 57.7 1.6 59.3 1.6 -21.4 2.9 Total Imports 4,089.2 100 3,545.50 100 3,641.9 100 -10.9 2.7 Source: ERCA

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 59 Table 5.7: Value of Franco Valuta Import (In millions of USD) Commodity Group 2016/17 2017/18 QIV QIII QIV Percentage Change A B C D=C/A C/B Beverages 0.1 0.1 0.2 31.6 40.5 Chemicals 3.4 6.8 10.4 206.8 53.4 Clothing 16.6 33.3 10.1 -38.9 -69.6 Food and live animals 73.0 70.9 144.6 98.2 104.0 Textiles 8.1 5.3 7.8 -3.5 46.5 Tobacco 0.1 0.0 0.0 -93.7 -84.0 Soap & polish 0.4 0.2 0.5 40.3 146.4 Fertilizer 178.7 87.1 152.3 -14.8 74.8 Paper & paper manufacturing 0.3 2.6 1.9 449.4 -27.4 Metal & metal manufacturing 142.0 145.5 92.7 -34.7 -36.3 Medical and pharmaceuticals products 8.1 3.9 8.1 0.3 108.8 Rubber products 11.4 9.5 8.7 -23.8 -8.5 Petroleum Crude 0.2 0.0 - -100.0 -100.0 Petroleum product 2.4 7.6 6.2 156.7 -17.6 Glass & glass ware 5.1 5.1 3.9 -23.8 -24.6 Electrical material 115.6 86.0 70.3 -39.1 -18.2 Machine 345.1 357.3 355.4 3.0 -0.5 Road & motor vehicles 51.3 67.8 41.9 -18.3 -38.2 Tele apparatus 3.1 0.8 1.4 -55.0 79.7 Cement 0.00 0.08 0.08 4495.2 0.0 Others 262.5 290.5 233.1 -11.2 -19.8 Total 1,227.3 1,180.4 1,149.5 -6.3 -2.6 Source: ERCA

National Bank of Ethiopia Quarterly Bulletin 60 Fourth Quarter 2017/18 5.2.3 Direction of Trade 5.2.3.1 Export of Goods The major export destinations for Ethiopian goods were Asia, Europe and Africa. Asia accounted for 35.7 percent of the total exports. Saudi Arabia was the largest market destination for Ethiopia’s export with a 15.8 percent share in total export earnings from Asia, followed by United Arab Emirates (12.5 percent), China, Mainland (12.4 percent), Japan (11.5 percent), Israel (8.3 percent), South Korea (5.0 percent), India (4.8 percent), Yemen (4.5 percent), Indonesia (3.1 percent), China, Taiwan (1.9 percent) and Hong Kong (1.8 percent). All these countries accounted for 81.5 percent of Ethiopia’s total export to Asia. Europe’s share in Ethiopia’s total export revenue was 28.0 percent with Germany taking a 27.2 percent portion, followed by the Netherlands (23.8 percent), Italy (11.0 percent), Belgium (9.7 percent), United Kingdom (6.1 percent), France (4.4 percent), Turkey (3.6 percent), Switzerland (3.3 percent) and Spain (2.1 percent). These countries together had a 91.1 percent share of Ethiopia’s total exports to Europe. On the other hand, about 21.7 percent of Ethiopia’s export earnings originated from markets in Africa, mainly Somalia (40.1 percent), Djibouti (23.4 percent), Sudan (20.0 percent), Kenya (4.8 percent), South Africa (2.0 percent) and Egypt (2.0 percent) which altogether accounted for 92.2 percent of the total exports to Africa. America accounted for 13.6 percent of Ethiopia’s total export earning, of which 90.2 percent was from exports to the United States and 6.1 percent to Canada.

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 61 Source: NBE Staff Compilation 22% 28% 13% 36% 1% Fig V.7 Export By Destination Africa Europe America Asia Oceania 5.2.3.2 Import of Goods During the fourth quarter of 2017/18, Asia accounted for 61.3 percent of Ethiopia’s total imports. The major imports from Asia originated from China (38.2 percent), Kuwait (15.7 percent), India (11.2 percent), U.A.E (9.8 percent), Japan (4.4 percent), Saudi-Arabia (3.9 percent), Malaysia (3.7 percent), Indonesia (2.8 percent), South Korea (2.1 percent) and Pakistan (1.4 percent) whose combined share was 93.2 percent. Imports from Europe constituted 20.0 percent of Ethiopia’s total imports with the major countries, being the Netherlands (20.8 percent), Turkey (17.1 percent), Italy (13.1 percent), Germany (10.7 percent), United Kingdom (7.3 percent), France (5.3 percent), Ukraine (4.6 percent), Romania (4.5 percent), Belgium (3.3 percent), and Russia (2.9 percent). These countries jointly took 89.6 percent of Ethiopia’s total imports from Europe. Imports from America had 6.8 percent of the total import bill, of which the share of United States was 84.5 percent followed by Canada (9.4 percent) and Brazil (4.7 percent). About 11.3 percent of Ethiopia’s total merchandise imports originated from Africa, the major countries of origin being Egypt (33.7 percent), South Africa (29.3 percent), Morocco (26.2 percent), Sudan (8.3 percent) and Kenya (1.8 percent), which altogether constituted 99.3 percent of the total imports from the continent.

National Bank of Ethiopia Quarterly Bulletin 62 Fourth Quarter 2017/18 Source: NBE Staff Compilation 11.3% 20.0% 6.2.0% 61.8% 0.5% Fig V.8 Import by Origin Africa Europe America Asia Oceania 5.3. Services and Transfers ] Net payments for services trade stood at USD 3.3 million compared with USD 102.2 million last year same period. The 96.8 percent improvement in net services was mainly due to higher receipts from travel coupled with the decline in net payments on investment income. Source: NBE Staff Compilation -400.0 -300.0 -200.0 -100.0 0.0 100.0 200.0 300.0 400.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (In Million USD) Fig.V.9 Trends in Net Service Net Travel Transportation Government (n.i.e)

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 63 Source: NBE Staff Compilation 11.3% 20.0% 6.2.0% 61.8% 0.5% Fig V.8 Import by Origin Africa Europe America Asia Oceania Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2016/17 2017/18 QIV QIII QIV Percentage Change A B C D=C/A E=C/B 1 Investment Income (2+5) -113.6 -72.3 -71.1 -37.4 -1.7 2 Interest, net (3-4) -96.6 -72.3 -71.1 -26.4 -1.7 3 Credit 5.9 11.4 12.5 111.3 10.2 4 Debit 102.5 83.7 83.6 -18.4 -0.1 5 Dividend, net -17.0 6 NON-FACTOR SERVICES, net (7-8) 11.4 12.1 67.8 493.3 459.5 7 Exports of non-factor services

818.4

1,064.4

1,151.3

40.7 8.2 8 Travel 84.4 210.5 271.2 221.5 28.8 9 Transport 1

613.1

693.5 748.0

22.0 7.9 10 Gov't 2 67.5 90.3 71.5 5.9 -20.8 11 Other 3 53.4 70.1 60.6 13.5 -13.6 12 Imports of non-factor services

806.9

1,052.3

1,083.5

34.3 3.0 13 Travel 88.7 139.1 145.7 64.3 4.7 14 Transport 1

500.9 604.7 641.4 28.1 6.1 15 Gov't 2 12.7 18.9 26.2 105.7 38.3 16 Other 3 204.6 289.6 270.2 32.1 -6.7 17 Net Services (18+19+20+21+22) -102.2 -60.2 -3.3 -96.8 -94.5 18 Travel (8-13) -4.3 71.4 125.5 75.8 19 Transport (9-14) 112.2 88.9 106.6 -4.9 20.0 20 Gov't (10-15) 54.8 71.4 45.3 -17.3 -36.5 21 Other (11-16) -151.2 -219.5 -209.6 38.6 -4.5 22 Investment Income (2+5) -113.6 -72.3 -71.1 -37.4 -1.7 Source: MoFEC, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation

National Bank of Ethiopia Quarterly Bulletin 64 Fourth Quarter 2017/18 During the review period, total transfer receipts decreased by 7.1 percent and reached USD 1.8 billion. This drop in transfers was attributed to 1.8 percent slowdown in private transfers and 39.4 percent drop in official transfers. Meanwhile, total transfer payments declined by 59.7 percent due to 69.2 percent dip in private transfers and 19.7 percent in official transfers payments. Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2016/17 2017/18 Percentage QIII Change % Share QIII % Share QIV % A B C Share D=C/A E=C/B 1 Private transfers, net (2-5) 1,611.6 85.9 1,533.6 87.6 1,603.2 91.0 -0.5 4.5 2 Credit (3+4) 1,641.1 85.8 1,541.3 87.4 1,612.3 90.7 -1.8 4.6 3 NGO's 326.6 17.1 192.0 10.9 198.8 11.2 -39.1 3.5 4 Private individuals 1,314.5 68.7 1,349.2 76.5 1,413.5 79.6 7.5 4.8 5 Debit 29.5 80.8 7.7 57.4 9.1 61.7 -69.2 18.5 6 Official transfers, net (7-8) 264.3 14.1 217.1 12.4 158.8 9.0 -39.9 -26.8 7 Credit 271.3 14.2 222.8 12.6 164.5 9.3 -39.4 -26.2 8 Debit 7.0 19.2 5.7 42.6 5.6 38.3 -19.7 -1.0 9 Total Receipts 1,912.5 100.0 1,764.0 100.0 1,776.8 100.0 -7.1 0.7 10 Total Payments 36.5 100.0 13.4 100.0 14.7 100.0 -59.7 10.2 11 Net Transfers 1,876.0 100.0 1,750.7 100.0 1,762.0 100.0 -6.1 0.6 Source: NBE Staff Computation During the review period, total transfer receipts decreased by 7.1 percent and reached USD 1.8 billion. This drop in transfers was attributed to 1.8 percent slowdown in private transfers and 39.4 percent drop in official transfers. Meanwhile, total transfer payments declined by 59.7 percent due to 69.2 percent dip in private transfers and 19.7 percent in official transfers payments. Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2016/17 2017/18 Percentage QIII Change % Share QIII % Share QIV % A B C Share D=C/A E=C/B 1 Private transfers, net (2-5) 1,611.6 85.9 1,533.6 87.6 1,603.2 91.0 -0.5 4.5 2 Credit (3+4) 1,641.1 85.8 1,541.3 87.4 1,612.3 90.7 -1.8 4.6 3 NGO's 326.6 17.1 192.0 10.9 198.8 11.2 -39.1 3.5 4 Private individuals 1,314.5 68.7 1,349.2 76.5 1,413.5 79.6 7.5 4.8 5 Debit 29.5 80.8 7.7 57.4 9.1 61.7 -69.2 18.5 6 Official transfers, net (7-8) 264.3 14.1 217.1 12.4 158.8 9.0 -39.9 -26.8 7 Credit 271.3 14.2 222.8 12.6 164.5 9.3 -39.4 -26.2 8 Debit 7.0 19.2 5.7 42.6 5.6 38.3 -19.7 -1.0 9 Total Receipts 1,912.5 100.0 1,764.0 100.0 1,776.8 100.0 -7.1 0.7 10 Total Payments 36.5 100.0 13.4 100.0 14.7 100.0 -59.7 10.2 11 Net Transfers 1,876.0 100.0 1,750.7 100.0 1,762.0 100.0 -6.1 0.6 Source: NBE Staff Computation

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 65 During the review period, total transfer receipts decreased by 7.1 percent and reached USD 1.8 billion. This drop in transfers was attributed to 1.8 percent slowdown in private transfers and 39.4 percent drop in official transfers. Meanwhile, total transfer payments declined by 59.7 percent due to 69.2 percent dip in private transfers and 19.7 percent in official transfers payments. Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2016/17 2017/18 Percentage QIII Change % Share QIII % Share QIV % A B C Share D=C/A E=C/B 1 Private transfers, net (2-5) 1,611.6 85.9 1,533.6 87.6 1,603.2 91.0 -0.5 4.5 2 Credit (3+4) 1,641.1 85.8 1,541.3 87.4 1,612.3 90.7 -1.8 4.6 3 NGO's 326.6 17.1 192.0 10.9 198.8 11.2 -39.1 3.5 4 Private individuals 1,314.5 68.7 1,349.2 76.5 1,413.5 79.6 7.5 4.8 5 Debit 29.5 80.8 7.7 57.4 9.1 61.7 -69.2 18.5 6 Official transfers, net (7-8) 264.3 14.1 217.1 12.4 158.8 9.0 -39.9 -26.8 7 Credit 271.3 14.2 222.8 12.6 164.5 9.3 -39.4 -26.2 8 Debit 7.0 19.2 5.7 42.6 5.6 38.3 -19.7 -1.0 9 Total Receipts 1,912.5 100.0 1,764.0 100.0 1,776.8 100.0 -7.1 0.7 10 Total Payments 36.5 100.0 13.4 100.0 14.7 100.0 -59.7 10.2 11 Net Transfers 1,876.0 100.0 1,750.7 100.0 1,762.0 100.0 -6.1 0.6 Source: NBE Staff Computation Source: NBE Staff Compilation 5.4. Current Account Balance Hence, the current account balance (including official transfers) showed USD 1.1 billion deficit, compared with USD 1.4 billion deficit a year ago (Table 5.1). 5.5. Capital Account In the review period, capital account recorded USD 1.4 billion surplus, which was 22.9 percent lower than that of a year earlier owing to a decrease in net official long term capital (25.6 percent), net other public long term capital (21.3 percent), foreign direct investment (20.4 percent) and private sector long term capital (32.1 percent) (Table 5.1). 5.6. Changes in Reserve Position Net foreign assets of the National Bank of Ethiopia and that of commercial banks increased by USD 109 million and USD 14 million, respectively. Thus, gross international reserve as of June 30, 2018 was sufficient to cover 2.1 months of import of goods and non-factor services projected for next year (Table 5.1). 0 500 1000 1500 2000 2500 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (In Millions of USD) Fig. V.10 Trends in Private and Official Transfers Private Transfers Official Transfers Source: NBE Staff Compilation 5.4. Current Account Balance Hence, the current account balance (including official transfers) showed USD 1.1 billion deficit, compared with USD 1.4 billion deficit a year ago (Table 5.1). 5.5. Capital Account In the review period, capital account recorded USD 1.4 billion surplus, which was 22.9 percent lower than that of a year earlier owing to a decrease in net official long term capital (25.6 percent), net other public long term capital (21.3 percent), foreign direct investment (20.4 percent) and private sector long term capital (32.1 percent) (Table 5.1). 5.6. Changes in Reserve Position Net foreign assets of the National Bank of Ethiopia and that of commercial banks increased by USD 109 million and USD 14 million, respectively. Thus, gross international reserve as of June 30, 2018 was sufficient to cover 2.1 months of import of goods and non-factor services projected for next year (Table 5.1). 0 500 1000 1500 2000 2500 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (In Millions of USD) Fig. V.10 Trends in Private and Official Transfers Private Transfers Official Transfers

National Bank of Ethiopia Quarterly Bulletin 66 Fourth Quarter 2017/18 71 5.7. Developments in the Foreign Exchange Market 5.7.1 Exchange Rate Movements In the inter-bank forex market, weighted average official exchange rate of Birr reached Birr 27.2493/USD in the fourth quarter of 2017/18, depicting a 18.9 percent annual depreciation. The end period exchange rate of the Birr was 27.2621/USD, indicating the weakening of Birr against USD by 18.0 percent on account of NBE’s decision to devalue the Birr by 15 percent on October 11, 2017. Table 5.10: Developments in Inter-bank Market Forex Traded and Exchange Rates (USD/ETB) Period Official Market End Period Weighted Rate Average Weighted rate Amount Traded in Millions of USD Total Among CBs 2016/17 23.1081 22.4137 12.6 0.0 Qtr. IV C 23.1081 22.9225 3.05 0.00 April 22.8561 22.8067 0.95 0.00 May 22.9705 22.9161 1.00 0.00 June 23.1081 23.0447 1.10 0.00 2017/18 Qtr. III B 27.2399 27.2250 3.15 0.00 January 27.2229 27.2145 1.10 0.00 February 27.2285 27.2259 1.00 0.00 March 27.2399 27.2345 1.05 0.00 Qtr. IV A 27.2621 27.2493 3.05 0.00 April 27.2454 27.2428 1.00 0.00 May 27.2511 27.2484 1.05 0.00 June 27.2621 27.2568 1.00 0.00 Percentage Changes A/B 0.08 0.09 -3.17 A/C 17.98 18.88 0.00 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 67 In retail foreign exchange market, the average buying rate in the forex bureaux of commercial banks stood at Birr 27.2703/USD, while the selling rate was Birr 27.7922/USD, showing 19.0 percent and 18.9 percent respective depreciation over last year same quarter. Thus, the average spread between the buying and the selling rates was 1.91 percent down from 1.95 percent a year ago (Table 5.11).

National Bank of Ethiopia Quarterly Bulletin 68 Fourth Quarter 2017/18 Table 5.11: Amount of Foreign Exchange Purchased and Sold by Forex Bureau of Commercial Banks (In ‘000 of USD) No. Name of ForexBureaux 2016/17 2017/18 Percentage change Quarter IV A Quarter III B Quarter IV C C/B C/A Purchases Sales Purchases Sales Purchases Sales Purchases Sales Purchases Sales 1 Commercial Bank of Ethiopia 53,655.7 25,012.3 72,669.9 61,244.7 50,294.9 41,868.2 -30.79 -31.64 -6.26 67.39 2 Bank of Abyssinia 1,202.6 2,263.8 746.3 2,455.5 757.3 3,187.7 1.46 29.82 -37.03 40.81 3 Dashen Bank 2,807.8 3,873.7 5,451.3 5,681.8 2,673.6 7,336.6 -50.96 29.12 -4.78 89.39 4 Awash International Bank 1,010.6 6,997.0 1,435.4 3,384.8 1,211.3 5,676.2 -15.6 67.7 19.9 -18.9 5 Construction & Business Bank - - - - - - 6 Wegagen Bank 1,616.3 1,441.7 1,780.3 1,371.2 7,223.9 3,364.7 305.8 145.4 346.9 133.4 7 United Bank 1,421.8 3,725.0 2,813.5 3,049.5 4,031.4 5,768.2 43.3 89.2 183.5 54.9 8 Development Bank - 48.7 - 75.4 - 104.3 38.4 114.2 9 Nib International Bank 383.2 2,493.1 543.4 1,121.5 859.1 1,184.1 58.1 5.6 124.2 -52.5 10 Lion International Bank 5,380.7 1,484.4 995.1 736.8 2,456.4 692.6 146.9 -6.0 -54.3 -53.3 11 Oromia International Bank 1,025.1 1,433.2 1,707.7 2,026.4 2,283.8 2,117.6 33.7 4.5 122.8 47.7 12 Zemen Bank 131.9 2,132.1 78.6 1,891.6 76.7 2,580.5 -2.4 36.4 -41.8 21.0 13 Cooperative Bank of Oromia 281.6 745.0 244.1 1,350.4 182.0 1,328.8 -25.4 -1.6 -35.4 78.4 14 Buna International Bank 1,174.4 676.3 358.6 461.3 1,981.9 629.0 452.7 36.4 68.8 -7.0 15 Birhan International Bank 124.1 941.6 142.0 1,511.1 480.2 1,176.1 - -22.2 287.0 - 16 Abay Bank 68.1 459.0 331.4 263.4 775.9 407.6 134.2 54.7 1039.4 -11.2 17 Addis International Bank 1,605.7 563.9 1,037.6 436.2 1,234.0 506.8 18.9 16.2 -23.1 -10.1 18 Debub Global Bank 8.2 50.3 60.7 94.7 76.9 78.0 26.7 -17.6 843.6 54.9 19 Enat Bank 67.9 155.1 389.6 453.4 791.5 637.2 103.2 40.5 1066.3 310.8 Total 71,965.6 54,496.4 90,785.5 87,609.5 77,390.9 78,644.2 -14.8 -10.2 7.5 44.3 Average Exchange Rate 22.9220 23.3693 27.2395 27.7618 27.2703 27.7922 0.1 0.1 19.0 18.9 Spread 1.95 1.92 1.91 Source: National Bank of Ethiopia Note: * refers the percentage spread between forex bureaus average buying and selling exchange rate in a given quarter.

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 69 Fig. V.11 Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks 1.7 1.7 1.8 1.8 1.9 1.9 2.0 2.0 2.1 2.1 2.2 0 10 20 30 40 50 60 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Percent Birr per USD Selling Rate Buying Rate Spread Source: NBE Staff Compilation In the official forex market, US dollar has appreciated against major currencies on quarterly basis, while it depreciated on annual terms. On quarterly basis, USD appreciated against Swiss Franc (3.6 percent), Euro (2.8 percent), Pound Sterling (2.0 percent), SDR (1.1 percent) and Japanese Yen (0.6 percent). However, on annual basis, USD lost ground against Euro (8.7 percent), Pound Sterling (6.9 percent), SDR (4.3 percent), Japanese Yen (1.8 percent) and Swiss Franc (0.2 percent) (Table 5.12). Fig. V.11 Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks 1.7 1.7 1.8 1.8 1.9 1.9 2.0 2.0 2.1 2.1 2.2 0 10 20 30 40 50 60 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Percent Birr per USD Selling Rate Buying Rate Spread Source: NBE Staff Compilation In the official forex market, US dollar has appreciated against major currencies on quarterly basis, while it depreciated on annual terms. On quarterly basis, USD appreciated against Swiss Franc (3.6 percent), Euro (2.8 percent), Pound Sterling (2.0 percent), SDR (1.1 percent) and Japanese Yen (0.6 percent). However, on annual basis, USD lost ground against Euro (8.7 percent), Pound Sterling (6.9 percent), SDR (4.3 percent), Japanese Yen (1.8 percent) and Swiss Franc (0.2 percent) (Table 5.12).

National Bank of Ethiopia Quarterly Bulletin 70 Fourth Quarter 2017/18 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 2016/17 QIV C 1.0989 1.0984 1.0987 0.0090 1.3730 1.3723 1.3726 1.2749 1.2742 1.2745 1.0146 1.0141 1.0143 April 1.0705 1.0688 1.0697 0.0091 1.3616 1.3594 1.3605 1.2623 1.2603 1.2613 0.9989 0.9973 0.9981 May 1.1047 0.0089 1.3744 1.2928 1.0134 June 1.1217 0.0090 0.0091 0.0091 1.3830 1.2695 1.0315 2017/18 QIII B 1.2283 0.0092 1.4466 1.3906 1.0544 January 1.2163 0.0090 1.4344 1.3760 1.0375 February 1.2360 0.0093 1.4525 1.3986 1.3985 1.3985 1.0705 March 1.2325 0.0094 1.4531 1.3972 1.0551 QIV A 1.1937 0.0092 1.4308 1.3625 1.0160 April 1.2291 0.0093 1.4521 1.4093 1.0348 May 1.1836 0.0091 1.4259 1.3486 1.0023 June 1.1685 0.0091 1.4145 1.3296 1.0108 Percentage Changes A/B -2.82 -0.59 -1.09 -2.02 -3.64 A/C 8.62 8.68 8.65 1.80 1.73 1.76 4.21 4.27 4.24 6.88 6.93 6.90 0.14 0.19 0.16 Source: National Bank of Ethiopia Likewise, the Birr depreciated against all selected major currencies except USD on annual basis, while it appreciated on quarterly terms. On quarterly basis, it appreciated against Swiss Franc (3.6 percent), Euro (2.7 percent), Pound Sterling (1.9 percent), SDR (1.0 percent) and Japanese Yen (0.5 percent). In contrast, it depreciated against USD (0.1 percent). On annual basis, it depreciated against Euro (29.1 percent), Pound Sterling (27.1 percent), SDR (23.9 percent), Japanese Yen (21.0 percent), Swiss Franc (19.0 percent) and USD (18.9 percent) (Table5.13). Likewise, the Birr depreciated against all selected major currencies except USD on annual basis, while it appreciated on quarterly terms. On quarterly basis, it appreciated against Swiss Franc (3.6 percent), Euro (2.7 percent), Pound Sterling (1.9 percent), SDR (1.0 percent) and Japanese Yen (0.5 percent). In contrast, it depreciated against USD (0.1 percent). On annual basis, it depreciated against Euro (29.1 percent), Pound Sterling (27.1 percent), SDR (23.9 percent), Japanese Yen (21.0 percent), Swiss Franc (19.0 percent) and USD (18.9 percent) (Table5.13). Likewise, the Birr depreciated against all selected major currencies except USD on annual basis, while it appreciated on quarterly terms. On quarterly basis, it appreciated against Swiss Franc (3.6 percent), Euro (2.7 percent), Pound Sterling (1.9 percent), SDR (1.0 percent) and Japanese Yen (0.5 percent). In contrast, it depreciated against USD (0.1 percent). On annual basis, it depreciated against Euro (29.1 percent), Pound Sterling (27.1 percent), SDR (23.9 percent), Japanese Yen (21.0 percent), Swiss Franc (19.0 percent) and USD (18.9 percent) (Table5.13).

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 71 Table 5.13: Period Average Exchange Rates (Birr per Major Currencies) Source: National Bank of Ethiopia 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 2016/17 QIV C 22.9226 23.1603 23.0415 25.1930 25.4409 25.3169 0.2065 0.2088 0.2076 31.4739 31.7832 31.6285 29.2231 29.5106 29.3669 23.2589 23.4877 23.3733 April 22.8067 23.0603 22.9335 24.4150 24.6472 24.5311 0.2069 0.2094 0.2081 31.0538 31.3480 31.2009 28.7892 29.0629 28.9261 22.7824 22.9988 22.8906 May 22.9189 23.1481 23.0335 25.3180 25.5712 25.4446 0.2042 0.2062 0.2052 31.5003 31.8153 31.6578 29.6289 29.9252 29.7771 23.2256 23.4579 23.3417 June 23.0421 23.2726 23.1574 25.8458 26.1043 25.9751 0.2085 0.2107 0.2096 31.8675 32.1862 32.0269 29.2513 29.5438 29.3975 23.7689 24.0066 23.8877 2017/18 QIII B 27.2249 27.4972 27.3611 33.4406 33.7750 33.6078 0.2512 0.2537 0.2524 39.3847 39.7785 39.5816 37.8581 38.2367 38.0474 28.7050 28.9920 28.8485 January 27.2145 27.4866 27.3505 33.1023 33.4333 33.2678 0.2449 0.2473 0.2461 39.0354 39.4257 39.2305 37.4466 37.8211 37.6338 28.2356 28.5180 28.3768 February 27.2259 27.4982 27.3620 33.6522 33.9887 33.8204 0.2521 0.2546 0.2533 39.5454 39.9408 39.7431 38.0768 38.4575 38.2672 29.1455 29.4369 29.2912 March 27.2345 27.5068 27.3706 33.5674 33.9031 33.7352 0.2565 0.2591 0.2578 39.5734 39.9691 39.7712 38.0509 38.4314 38.2411 28.7338 29.0212 28.8775 QIV A 27.2493 27.5218 27.3856 32.5275 32.8528 32.6902 0.2499 0.2524 0.2511 38.9894 39.3793 39.1844 37.1271 37.4984 37.3128 27.6847 27.9616 27.8232 April 27.2428 27.5152 27.3790 33.4843 33.8191 33.6517 0.2535 0.2560 0.2548 39.5589 39.9544 39.7567 38.3925 38.7764 38.5844 28.1917 28.4736 28.3326 May 27.2484 27.5209 27.3846 32.2500 32.5725 32.4112 0.2482 0.2507 0.2495 38.8545 39.2430 39.0487 36.7484 37.1159 36.9322 27.3119 27.5850 27.4485 June 27.2568 27.5293 27.3930 31.8484 32.1669 32.0077 0.2480 0.2504 0.2492 38.5550 38.9405 38.7477 36.2406 36.6030 36.4218 27.5506 27.8261 27.6884 Percentage Change A/B 0.09 -2.73 -0.50 -0.51 -0.50 -1.00 -1.93 -3.55 A/C 18.88 18.83 18.85 29.11 29.13 29.12 21.01 20.89 20.95 23.88 23.90 23.89 27.05 27.07 27.06 19.03 19.05 19.04

National Bank of Ethiopia Quarterly Bulletin 72 Fourth Quarter 2017/18 Source: NBE Staff Compilation Table 5.14: Birr per Unit of Currency End Period mid Market Rate Currency June 2017 March 2018 June 2018 Percentage change C B A A/B A/C USD 23.2237 27.3761 27.3984 0.08 17.98 Pound 30.1095 38.5045 35.8563 -6.88 19.09 Swedish Kroner 2.7248 3.2746 3.0469 -6.96 11.82 Djibouti Frank 0.1303 0.1536 0.1538 0.10 18.00 Swiss Frank 24.2191 28.6271 27.4479 -4.12 13.33 Saudi Riyal 6.1923 7.2999 7.3055 0.08 17.98 UAE Dirhams 6.3222 7.4525 7.4584 0.08 17.97 Canadian Dollar 17.8260 21.1988 20.6065 -2.79 15.60 Japanese Yen 0.2061 0.2571 0.2486 -3.33 20.63 Euro 26.4866 33.7082 31.7301 -5.87 19.80 SDR 32.2251 39.9034 38.5879 -3.30 19.74 5.7.2. Movements in the Real Effective Exchange Rate During the fourth quarter of 2017/18, the REERI of the Birr depreciated by 5.9 percent on annual basis mainly due to the 15 percent devaluation of the Birr in October 2017. On quarterly basis, however, REERI saw a 6.2 percent appreciation as the effect of devaluation died out. The appreciation of REER on quarterly basis was ascribed to the rising of domestic inflation relative to that of Ethiopia’s major trading partners.

Similarly, NEERI depreciated by 17.3 percent vis-à-vis last year same quarter, owing to relative weakening of the Birr against US dollar mainly spurred by the 15 percent devaluation of the Birr in October 2017. However, the REERI appreciated by 4.7 percent on quarterly terms related to strengthening of USD against some major currencies in the recent quarters (Table 5.15).

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 73 Table 5.15 Trends in the Real and Nominal Effective Exchange Rates Item 2016/17 2017/18 QIV QIII QIV Percentage Change A B C C/B C/A REERI 171.9 152.3 161.8 6.2 -5.9 NEERI 41.8 35.6 37.2 4.7 -10.9 Source: NBE Staff Compilation NB:  REERI = Real Effective Exchange Rate Index, NEERI = Nominal Effective Exchange Rate Index  A decrease in the REERI and NEERI implies depreciation and vice versa. Fig.V.13: Movements in the Real and Nominal Effective Exchange Rate 0 50 100 150 200 250 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QII QIV QI QII QIII QIV QI QII QIII QIV 2010/11 2011/12 2012/13 2013/14 2014/15 201516 2016/17 2017/18 NEERI REERI Source: NBE Staff Compilation Table 5.15 Trends in the Real and Nominal Effective Exchange Rates Item 2016/17 2017/18 QIV QIII QIV Percentage Change A B C C/B C/A REERI 171.9 152.3 161.8 6.2 -5.9 NEERI 41.8 35.6 37.2 4.7 -10.9 Source: NBE Staff Compilation NB:  REERI = Real Effective Exchange Rate Index, NEERI = Nominal Effective Exchange Rate Index  A decrease in the REERI and NEERI implies depreciation and vice versa. Fig.V.13: Movements in the Real and Nominal Effective Exchange Rate 0 50 100 150 200 250 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QII QIV QI QII QIII QIV QI QII QIII QIV 2010/11 2011/12 2012/13 2013/14 2014/15 201516 2016/17 2017/18 NEERI REERI Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin 74 Fourth Quarter 2017/18 5.7.3 Volume of Transactions In the fourth quarter of 2017/18, foreign exchange traded in the inter-bank foreign exchange market reached USD 3.1 million, about 3.2 percent lower than that of preceding quarter, but the same compared to same period last year. The total amount of foreign exchange traded in the inter-bank market during the review period was supplied exclusively by NBE with a review of stabilizing the foreign exchange market (Table 5:10). Fig V.14 Foreign Exchange Trade in the Interbank Foreign Exchange Market 0 10 20 30 40 50 60 70 80 90 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (In Mill. USD) Total Amount Traded Source: NBE Staff Compilation In the same period, forex bureaux of commercial banks purchased USD 77.4 million and sold USD 78.6 million. Hence, the amount of forex purchased and sold increased by 7.5 percent and 44.3 percent, respectively, relative to last year same quarter (Table 5.11). 5.7.3 Volume of Transactions In the fourth quarter of 2017/18, foreign exchange traded in the inter-bank foreign exchange market reached USD 3.1 million, about 3.2 percent lower than that of preceding quarter, but the same compared to same period last year. The total amount of foreign exchange traded in the inter-bank market during the review period was supplied exclusively by NBE with a review of stabilizing the foreign exchange market (Table 5:10). Fig V.14 Foreign Exchange Trade in the Interbank Foreign Exchange Market 0 10 20 30 40 50 60 70 80 90 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (In Mill. USD) Total Amount Traded Source: NBE Staff Compilation In the same period, forex bureaux of commercial banks purchased USD 77.4 million and sold USD 78.6 million. Hence, the amount of forex purchased and sold increased by 7.5 percent and 44.3 percent, respectively, relative to last year same quarter (Table 5.11).

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 75 VI. FEDERAL GOVERNMENT FINANCE 6.1. Revenue and Grants Total revenue and grants of the Federal government amounted to Birr 46.6 billion during the fourth quarter of 2017/18 which depicted a 15.1 percent decline compared with the same period of last year. About 97.4 percent of the total revenue was generated from domestic sources while grants and relief covered 2.6 percent. Of the total domestic revenue (Birr 41.4 billion), about 91.2 percent was from taxes and 8.8 percent thought non-taxes. 6.2. Expenditure Total Federal expenditure (including regional transfers) reached Birr 63.4 billion, about 19.4 percent lower than a year earlier. Of total expenditure, current expenditure accounted for Birr 24 billion which showed 29.2 percent annual growth. Capital expenditure stood at Birr 8.9 billion, exhibiting a 66.4 percent decline over last year same period. (Table 6.3)

VI. FEDERAL GOVERNMENT FINANCE 6.1. Revenue and Grants Total revenue and grants of the Federal government amounted to Birr 46.6 billion during the fourth quarter of 2017/18 which depicted a 15.1 percent decline compared with the same period of last year. About 97.4 percent of the total revenue was generated from domestic sources while grants and relief covered 2.6 percent. Of the total domestic revenue (Birr 41.4 billion), about 91.2 percent was from taxes and 8.8 percent thought non-taxes. 6.2. Expenditure Total Federal expenditure (including regional transfers) reached Birr 63.4 billion, about 19.4 percent lower than a year earlier. Of total expenditure, current expenditure accounted for Birr 24 billion which showed 29.2 percent annual growth. Capital expenditure stood at Birr 8.9 billion, exhibiting a 66.4 percent decline over last year same period. (Table 6.3)

National Bank of Ethiopia Quarterly Bulletin 76 Fourth Quarter 2017/18 Table 6.1 Summary of Quarterly Federal Government Finance (In millions of Birr) No Finer points 2016/17 2017/18 Percentage changes Performance rate A B C D D/A D/C D/B QIV Budget QIII QIV 1 Revenue and Grants 54,945.4 223,431.0 46,584.9 46,623.2 (15.1) 0.1 20.9 1.1 Total Revenue 54,945.4 221,167.7 46,584.9 45,424.4 (17.3) (2.5) 20.5 Tax Revenue 42,550.7 196,382.7 42,657.6 41,420.9 (2.7) (2.9) 21.1 Direct tax 11,653.7 52,729.6 14,003.4 11,531.5 (1.0) (17.7) 21.9 Indirect tax 30,897.0 143,653.1 28,654.2 29,889.4 (3.3) 4.3 20.8 Non-Tax Revenue 12,394.7 24,785.0 3,927.3 4,003.4 (67.7) 1.9 16.2 1.2 Grant & Relief 2,263.3 - 1,198.8 53.0 2 Current Expenditure 18,620.1 76,922.5 17,023.7 24,048.0 29.2 41.3 31.3 3 Current Surplus/Deficit (Including Grants) 36,325.3 146,508.5 29,561.2 22,575.2 (37.9) (23.6) 15.4 (Excluding Grants) 36,325.3 144,245.2 29,561.2 21,376.4 (41.2) (27.7) 14.8 4 Capital Expenditure 26,671.5 100,361.3 24,029.5 8,954.4 (66.4) (62.7) 8.9 5 Regional Transfers 33,467.6 122,104.1 30,010.2 30,442.1 (9.0) 1.4 24.9 6 Total Expenditure (2+4+5) 78,759.2 299,387.9 71,063.4 63,444.5 (19.4) (10.7) 21.2 7 Overall Surplus/Deficit (Including Grants) (23,813.8) (75,956.9) (24,478.6) (16,821.3) (29.4) (31.3) 22.1 (Excluding Grants) (23,813.8) (78,220.3) (24,478.6) (18,020.1) (24.3) (26.4) 23.0 8 Total Financing 23,813.8 75,956.9 24,478.6 16,821.3 (29.4) (31.3) 22.1 8.1 Net External Borrowings 11,377.6 22,673.1 16,090.3 3,587.9 (68.5) (77.7) 15.8 External Borrowing 7,780.1 20,013.5 10,925.9 1,548.0 (80.1) (85.8) 7.7 Amortization 892.2 4,321.4 1,131.7 1,191.3 33.5 5.3 27.6 8.2 Net Domestic Borrowings 3,769.6 53,283.8 5,774.1 21,238.4 463.4 267.8 39.9 Banking System (103.4) - 510.5 (924.6) 794.3 (281.1) Non-Bank Sources 3,873.0 - 5,263.6 22,163.0 472.2 321.1 8.3 Privatization receipts 5,429.2 - 7,990.1 1,358.9 (75.0) (83.0) 8.4 Others and Residuals 3,237.4 - (5,375.9) (9,363.9) (389.2) 74.2 Source: Minstry of Finance and Economic Co-operation

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 77 Table 6.2 Summary of Federal Government Revenue by Component (In Millions of Birr) No Particulars 2016/17 2017/18 Percentage Change Performance Rate QIV Budget QIII QIV A B C D [D/A] [D/C] [D/B]

Total Revenue and Grants 54,945.4 223,431.0 46,584.9 46,623.2 (15.1) 0.1 20.9

Total Domestic Revenue 54,945.4 221,167.7 46,584.9 45,424.4 (17.3) (2.5) 20.5 1 Tax Revenue 42,550.7 196,382.7 42,657.6 41,420.9 (2.7) (2.9) 21.1 1.1 Direct Tax Revenue 11,653.7 52,729.6 14,003.4 11,531.5 (1.0) (17.7) 21.9 1.1.1 Income Taxes 9,767.8 45,925.7 7,830.8 9,222.7 (5.6) 17.8 20.1

Personal 1,864.4 6,655.1 3,482.4

2,148.5 15.2 (38.3) 32.3

Business 7,903.4 39,270.7 4,348.4

7,074.1 (10.5) 62.7 18.0 1.1.2 Others1 1,885.9 6,803.9 6,172.6

2,308.9 22.4 (62.6) 33.9 1.2 Indirect Taxes 30,897.0 143,653.1 28,654.2 29,889.4 (3.3) 4.3 20.8 1.2.1 Domestic Taxes 14,006.0 57,315.5 12,342.5

14,356.8 2.5 16.3 25.0 1.2.2 Foreign Trade Taxes 16,891.0 86,337.7 16,311.3

15,532.6 (8.0) (4.8) 18.0

Import 16,891.0 86,337.7 16,311.3

15,532.6 (8.0) (4.8) 18.0 2 Non-Tax Revenue 12,394.7 24,785.0 3,927.3 4,003.4 (67.7) 1.9 16.2 3 Privatization 5,429.2 7,990.1 1,358.9 (75.0) (83.0) 4 Grants and Relief - 2,263.33 - 1,198.8 53.0 Source: Ministry of Finance and Economic Co-operation 1/ includes Withholding tax on import, tax on dividend, royalty and interest income

National Bank of Ethiopia Quarterly Bulletin 78 Fourth Quarter 2017/18 Fig. VI.1 Quarterly Developments in Major Components of Domestic Revenue of the Federal Government 0 10000 20000 30000 40000 50000 60000 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (In Millions of Birr) Total Domestic Revenue Tax Revenue Quarter and Year Direct Tax Revenue Indirect Taxes Non -Tax Revenue Fig.VI.2 Domestic Revenue by Major Components during the Fourth Quarter of 2017/18 . Direct Tax Revenue 25.4% Indirect Taxes 65.8% Non-Tax Revenue 8.8%

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 79 Tale 6.3 Summary of Federal Government Expenditure by components (In Millions of Birr) No Particulars 2016/17 2017/18 Percentage Change Perfo Rate QIV Budget QIII QIV [A] [B] [C] [D] [D/A] [D/C] [D/B] Total Expenditure 78,759.2 299,387.9 71,063.4 63,444.5 (19.4) (10.7) 21.2 1 Current Expenditure 18,620.1 76,922.5 17,023.7 24,048.0 29.2 41.3 31.3

General Services 5,725.0 24,212.3 6,221.1 6,690.3 16.9 7.5 27.6
Economic Services 1,319.0 4,963.3 976.2 1,181.97 (10.4) 21.1 23.8
Social Services 8,415.5 24,189.1 8,053.9 8,195.58 (2.6) 1.8 33.9
Others expenditure 3,160.6 23,557.9 1,772.4 7,980.1 152.5 350.2 33.9
Debt Service 3,160.6 23,557.9 1,772.4 3,661.7 70.2 127.6 30.4 2 Capital Expenditure 26,671.5 100,361.3 24,029.5 8,954.4 (66.4) (62.7) 8.9
Economic Development 21,469.3 68,110.4 15,110.3 8,198.63 (61.8) (45.7) 12.0
Social Development 4,348.1 23,959.2 7,606.7 376.86 (91.3) (95.0) 1.6
General Development 854.1 8,291.7 1,312.6 378.94 (55.6) (71.1) 4.6 3 Regional Transfers 33,467.6 122,104.1 30,010.2 30,442.1 (9.0) 1.4 24.9 Source: Ministry of Finance and Economic Co-operation

National Bank of Ethiopia Quarterly Bulletin 80 Fourth Quarter 2017/18 Fig VI.3: Major Components of Federal Governments Expenditure during the Fourth Quarter of 2017/18 Current Expenditure 37.9% Capital Expenditure 14.1% Regional Transfer 48.0% Fig.VI.4 Quarterly Development in Federal Government Expenditure by Components 6.3 Deficit Financing Federal government budget operation during the review period reached Birr 16.8 billion deficit compared to Birr 23.8 billion deficit of last year same period. The deficit was financed by domestic and external borrowing (Table 6.1). 0 10000 20000 30000 40000 50000 60000 70000 80000 90000 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/162016/17 2017/18 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers Fig VI.3: Major Components of Federal Governments Expenditure during the Fourth Quarter of 2017/18 Current Expenditure 37.9% Capital Expenditure 14.1% Regional Transfer 48.0% Fig.VI.4 Quarterly Development in Federal Government Expenditure by Components 6.3 Deficit Financing Federal government budget operation during the review period reached Birr 16.8 billion deficit compared to Birr 23.8 billion deficit of last year same period. The deficit was financed by domestic and external borrowing (Table 6.1). 0 10000 20000 30000 40000 50000 60000 70000 80000 90000 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/162016/17 2017/18 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers Fig VI.3: Major Components of Federal Governments Expenditure during the Fourth Quarter of 2017/18 Current Expenditure 37.9% Capital Expenditure 14.1% Regional Transfer 48.0% Fig.VI.4 Quarterly Development in Federal Government Expenditure by Components 6.3 Deficit Financing Federal government budget operation during the review period reached Birr 16.8 billion deficit compared to Birr 23.8 billion deficit of last year same period. The deficit was financed by domestic and external borrowing (Table 6.1). 0 10000 20000 30000 40000 50000 60000 70000 80000 90000 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/162016/17 2017/18 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 81 Fig VI.3: Major Components of Federal Governments Expenditure during the Fourth Quarter of 2017/18 Current Expenditure 37.9% Capital Expenditure 14.1% Regional Transfer 48.0% Fig.VI.4 Quarterly Development in Federal Government Expenditure by Components 6.3 Deficit Financing Federal government budget operation during the review period reached Birr 16.8 billion deficit compared to Birr 23.8 billion deficit of last year same period. The deficit was financed by domestic and external borrowing (Table 6.1). 0 10000 20000 30000 40000 50000 60000 70000 80000 90000 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/162016/17 2017/18 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers Fig VI.3: Major Components of Federal Governments Expenditure during the Fourth Quarter of 2017/18 Current Expenditure 37.9% Capital Expenditure 14.1% Regional Transfer 48.0% Fig.VI.4 Quarterly Development in Federal Government Expenditure by Components 6.3 Deficit Financing Federal government budget operation during the review period reached Birr 16.8 billion deficit compared to Birr 23.8 billion deficit of last year same period. The deficit was financed by domestic and external borrowing (Table 6.1). 0 10000 20000 30000 40000 50000 60000 70000 80000 90000 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/162016/17 2017/18 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers Fig.VI.5 Federal Government Finance during Fourth Quarter of F.Y 2017/18 0 20000 40000 60000 80000 100000 120000 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants

National Bank of Ethiopia Quarterly Bulletin 82 Fourth Quarter 2017/18 VII. Developments in Investment During the review period, 697 investment projects having investment capital of Birr 12.9 billion became operational. The number of investment projects and investment capital were sharply increased by 25.1 percent and 103.4 percent respectively. Virtually, all investment projects were private domestic investment with Birr 12.8 billion (99.2 percent) investment capital. These investment projects have generated employment opportunities for 233,013 employees which was 14,865.5 percent higher than that of a year ago. Of the total employment created during the period, 96.7 percent was permanent and 3.3 percent casual (Table 7.1).

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 83 Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr) Type of Projects Items 2016/17 2017/18 Percentage Changes QIV QIII QIV A B C Share C/A C/B

Total Investment Number of projects 59 557 697 100 1,081.4 25.1 Capital 394.3 6,386.4 12,990.7 100 3,194.7 103.4 Permanent Employment 924 5,186 225,298 100 24,282.9 4,244.4 Temporary Employment 633 1,743 7,715 100 1,118.8 342.6
Private Investment Number of projects 59 557 697 100 1,081.4 25.1 Capital 394.3 6,386.4 12,990.7 100 3,194.7 103.4 Permanent Employment 924 5,186 225,298 100 24,282.9 4,244.4 Temporary Employment 633 1,743 7,715 100 1,118.8 342.6 2.1 Domestic Investment Number of projects 55 557 694 100 1,161.8 24.6 Capital 376.0 6,386.4 12,891.2 99 3,328.6 101.9 Permanent Employment 820 5,186 225,271 100 27,372.1 4,243.8 Temporary Employment 532 1,743 7,691 99.7 1,345.7 341.3 2.2. Foreign Investment Number of projects 4 3 0.4 -25.0 Capital 18.3 99.5 0.8 443.6 Permanent Employment 104 27 0.0 -74.0 Temporary Employment 101 24 0.3 -76.2
Public Investment Number of projects

Capital

Permanent Employment

Temporary Employment

Source: Ethiopian Investment Commission. As for sectoral distribution, manufacturing accounted for 39.9 percent of total investment projects followed by real estate, renting & business activities (29.8 percent), construction (20.5 percent), other community, social & personal service activities (6.5 percent) and health & social work (1.1 percent). Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr) Type of Projects Items 2016/17 2017/18 Percentage Changes QIV QIII QIV A B C Share C/A C/B

Total Investment Number of projects 59 557 697 100 1,081.4 25.1 Capital 394.3 6,386.4 12,990.7 100 3,194.7 103.4 Permanent Employment 924 5,186 225,298 100 24,282.9 4,244.4 Temporary Employment 633 1,743 7,715 100 1,118.8 342.6
Private Investment Number of projects 59 557 697 100 1,081.4 25.1 Capital 394.3 6,386.4 12,990.7 100 3,194.7 103.4 Permanent Employment 924 5,186 225,298 100 24,282.9 4,244.4 Temporary Employment 633 1,743 7,715 100 1,118.8 342.6 2.1 Domestic Investment Number of projects 55 557 694 100 1,161.8 24.6 Capital 376.0 6,386.4 12,891.2 99 3,328.6 101.9 Permanent Employment 820 5,186 225,271 100 27,372.1 4,243.8 Temporary Employment 532 1,743 7,691 99.7 1,345.7 341.3 2.2. Foreign Investment Number of projects 4 3 0.4 -25.0 Capital 18.3 99.5 0.8 443.6 Permanent Employment 104 27 0.0 -74.0 Temporary Employment 101 24 0.3 -76.2
Public Investment Number of projects

Capital

Permanent Employment

Temporary Employment

National Bank of Ethiopia Quarterly Bulletin 84 Fourth Quarter 2017/18 Out of the total Birr 12.9 billion capital invested, manufacturing sector received 46.5 percent followed by real estate, renting & business activities (31.3 Percent), construction (16 percent), other community, social and personal service activities (1.9 percent), agriculture, hunting & forestry and health & social work (1.5 percent each). With regard to job opportunity, 55.5 percent of the permanent employment was created by other community, social and personal service activities followed by manufacturing (44.4 percent) and construction (0.1 percent). On the other hand, manufacturing sector was the leading sector by employing 67.7 percent of temporary labor force followed by construction (11.4 Percent), real estate, renting and business activities (7.3 percent), agriculture, hunting & forestry (4 percent), electricity, gas, steam and water supply (3.2 percent), health and social work (2.6 percent), mining & quarrying (2.4 percent) and other community, social and personal service activities (1.4 percent) (Table 7.2). Table 7.2: Investment Distribution by Sector during the Fourth Quarter of 2016/17 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry 7 1.0 191.0 1.5 28 0.0 308 4.0 Construction 143 20.5 2,076.30 16.0 125 0.1 877 11.4 Education 3 0.4 50.0 0.4 0.0 6 0.1 Electricity, gas, steam and water supply 1 0.1 100.0 0.8 250 3.2 Health and social work 8 1.1 200.9 1.5 0.0 203 2.6 Hotels and restaurants Manufacturing 278 39.9 6,036.5 46.5 100,039 44.4 5,220 67.7 Mining and quarrying 4 0.6 21.8 0.2 52 0.0 184 2.4 Other community, social and personal service activities 45 6.5 244.8 1.9 125,000 55.5 107 1.4 Real estate, renting and business activities 208 29.8 4,069.4 31.3 54 0.0 560 7.3 Tour operation, transport, and communication

Wholesale, retail trade & repair service

Others

Grand Total 697 100 12,990.7 100 225,298 100 7,715 100 Source: Ethiopian Investment Commission. Out of the total Birr 12.9 billion capital invested, manufacturing sector received 46.5 percent followed by real estate, renting & business activities (31.3 Percent), construction (16 percent), other community, social and personal service activities (1.9 percent), agriculture, hunting & forestry and health & social work (1.5 percent each). With regard to job opportunity, 55.5 percent of the permanent employment was created by other community, social and personal service activities followed by manufacturing (44.4 percent) and construction (0.1 percent). On the other hand, manufacturing sector was the leading sector by employing 67.7 percent of temporary labor force followed by construction (11.4 Percent), real estate, renting and business activities (7.3 percent), agriculture, hunting & forestry (4 percent), electricity, gas, steam and water supply (3.2 percent), health and social work (2.6 percent), mining & quarrying (2.4 percent) and other community, social and personal service activities (1.4 percent) (Table 7.2). Table 7.2: Investment Distribution by Sector during the Fourth Quarter of 2016/17 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry 7 1.0 191.0 1.5 28 0.0 308 4.0 Construction 143 20.5 2,076.30 16.0 125 0.1 877 11.4 Education 3 0.4 50.0 0.4 0.0 6 0.1 Electricity, gas, steam and water supply 1 0.1 100.0 0.8 250 3.2 Health and social work 8 1.1 200.9 1.5 0.0 203 2.6 Hotels and restaurants Manufacturing 278 39.9 6,036.5 46.5 100,039 44.4 5,220 67.7 Mining and quarrying 4 0.6 21.8 0.2 52 0.0 184 2.4 Other community, social and personal service activities 45 6.5 244.8 1.9 125,000 55.5 107 1.4 Real estate, renting and business activities 208 29.8 4,069.4 31.3 54 0.0 560 7.3 Tour operation, transport, and communication Wholesale, retail trade & repair service Others Grand Total 697 100 12,990.7 100 225,298 100 7,715 100 Source: Ethiopian Investment Commission.

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 85 Out of the total Birr 12.9 billion capital invested, manufacturing sector received 46.5 percent followed by real estate, renting & business activities (31.3 Percent), construction (16 percent), other community, social and personal service activities (1.9 percent), agriculture, hunting & forestry and health & social work (1.5 percent each). With regard to job opportunity, 55.5 percent of the permanent employment was created by other community, social and personal service activities followed by manufacturing (44.4 percent) and construction (0.1 percent). On the other hand, manufacturing sector was the leading sector by employing 67.7 percent of temporary labor force followed by construction (11.4 Percent), real estate, renting and business activities (7.3 percent), agriculture, hunting & forestry (4 percent), electricity, gas, steam and water supply (3.2 percent), health and social work (2.6 percent), mining & quarrying (2.4 percent) and other community, social and personal service activities (1.4 percent) (Table 7.2). Table 7.2: Investment Distribution by Sector during the Fourth Quarter of 2016/17 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry 7 1.0 191.0 1.5 28 0.0 308 4.0 Construction 143 20.5 2,076.30 16.0 125 0.1 877 11.4 Education 3 0.4 50.0 0.4 0.0 6 0.1 Electricity, gas, steam and water supply 1 0.1 100.0 0.8 250 3.2 Health and social work 8 1.1 200.9 1.5 0.0 203 2.6 Hotels and restaurants Manufacturing 278 39.9 6,036.5 46.5 100,039 44.4 5,220 67.7 Mining and quarrying 4 0.6 21.8 0.2 52 0.0 184 2.4 Other community, social and personal service activities 45 6.5 244.8 1.9 125,000 55.5 107 1.4 Real estate, renting and business activities 208 29.8 4,069.4 31.3 54 0.0 560 7.3 Tour operation, transport, and communication

Wholesale, retail trade & repair service

Others

Grand Total 697 100 12,990.7 100 225,298 100 7,715 100 Source: Ethiopian Investment Commission. During the review period, investment projects became operational merely in five regions. About 97.3 percent of the total projects with 98.3 percent of total investment capital went to Addis Ababa, and 1.4 percent of the projects having 0.6 percent of total capital to Afar followed by Oromia and Tigray. This pattern was similar to the regions’ job creation (Table 7.3).

National Bank of Ethiopia Quarterly Bulletin 86 Fourth Quarter 2017/18 Table 7.3: Performance of Operational Investment Projects by Region Capital in million Birr Source: Ethiopian Investment Commission particu lars 2016/17 2017/18 Growth Rate QIV QIII QIV C/A C/B A B C Share In (%) Region No of Proj Capital Perm emp Tempemp No of Proj. Capital Permemp Tempemp No of Proj. Capital. Perm.emp Tempemp No of Proj. Capital. Perm.emp Temp.emp No of Proj. Capital. Perm emp Temp emp No of Proj. Capital. Perm emp Temp emp Addis Ababa 52 362 830 435 543 6,239.8 5,008 1,241 678 12,770.6 225,020 7,166 97.3 98.3 99.9 92.9 1,203.8 3,428.3 1,547.4 1,547.4 24.9 104.7 4,393.2 477.4 Afar 13 144.0 160 490 10 78.0 150 290 1.4 0.6 0.1 3.8 -23.1 -45.8 -6.3 -40.8 Amhara B.Gumu z 1 2.0 28 50 0.1 0.0 0.0 0.6 Dire Dawa Oromia 1 8.9 25 41 1 90.0 10 20 0.1 0.7 0.0 0.3 0.0 908.7 -60.0 -51.2 SNNPR 1 3.5 25 25 1 2.5 18 12 Gambell aa Somali Harari Tigray 5 19.9 44 132 7 50.0 90 189 1.0 0.4 0.0 2.4 Multiregional Grand Total 59 394 924 633 557 6,386.3 5,186 1,743 697 12,990.6 225,298 7,715 100 1,081.4 3,221.4 24,282.9 1,118.8 25.1 103.4 4,244.4 342.6

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 87 VIII. International Economic Developments 8.1 Overview of the World Economy7 In the fourth quarter of 2017/18 global survey indicators continue to signal a steady growth momentum. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area increased slightly further in June, reaching a four-month high, as the continued pick-up in the services sector more than compensated for the moderate decline in manufacturing. The composite output PMI in June decreased moderately in the United States from May, while it strengthened in Japan and in the United Kingdom. In emerging market economies, the composite output PMI increased in June in China and India, while it slowed in Russia and Brazil. In US Real GDP expanded at an annualized rate of 2% in the fourth quarter of 2017/18. Despite the slight deceleration in activity, the near-term US outlook remains strong, supported by solid fundamentals as well as the large and procyclical fiscal expansion. In particular, consumer confidence is at

7 Sections 8.1 – 8.4 are excerpted from European Central Bank monthly bulletin of 5/2018. cyclical highs, and tax cuts should further support domestic demand. Anecdotal evidence from regional manufacturing surveys suggest that US businesses are concerned about the impact of a possible further escalation of trade tensions, which may affect their investment spending. The labour market continued to generate jobs at a solid pace and indicators continue to point to tightness, while wage growth remains moderate. In China, GDP growth moderated slightly in the second quarter of 2017/18 while financial markets recorded downward pressures. Real GDP grew at 6.7 percent in year-on-year terms in the fourth quarter of 2017/18, in line with market expectations of a slowdown in economic activity. The ongoing structural deleveraging campaign is affecting investment patterns. Infrastructure investment in particular fell as financing channels tightened, although investment in manufacturing and real estate. Chinese equities and foreign exchange markets have been under pressure recently, reflecting both fears of an escalation of trade tensions and a slowdown in growth.

National Bank of Ethiopia Quarterly Bulletin 88 Fourth Quarter 2017/18 In Japan, economic indicators suggest that positive growth in activity in the fourth quarter of 2017/18, recovering from the first contraction of GDP in two years. However, the outlook is surrounded by growing uncertainty. The intense rainfall in western Japan in early July is expected to affect infrastructure, as several large manufacturers had to shut down their plants. In addition, it is expected that a further escalation of trade tensions could significantly hit the Japanese economy, especially if tariffs are increased on imports of cars and their spare parts, which account for around a third of Japan’s exports to the United States. In Euro area, the solid and broad-based growth pattern is expected to continue. Real GDP increased by 0.4 percent, quarter on quarter, in the third quarter of 2017/18 driven by domestic demand and changes in inventories. On the other hand, net trade had a small dampening effect on GDP growth. Overall, survey indicators suggest ongoing robust growth will continue in the future. In the United Kingdom, The latest PMI and monthly GDP numbers suggest a rebound in UK GDP in the fourth quarter of 2017/18, but short-term indicators for the exportoriented manufacturing sector signal a less optimistic outlook. This is due to the heightened uncertainty, particularly regarding the outcome of the negotiations on the country’s withdrawal from membership of the European Union in March 2019. 8.2. Inflation Developments Global inflation edged up in May. Annual consumer price inflation in the countries of the Organization for Economic Co-operation and Development (OECD) increased to 2.6 percent in May. The rise was driven by energy prices, while food prices slowed slightly. Excluding food and energy prices, OECD annual inflation increased marginally to 2 percent. Inflation is expected to continue rising in the near term following the pick-up in oil prices and the gradual decline in spare capacity. In United States, annual headline consumer price index (CPI) inflation reached its highest level since 2012, rising to 2.9 percent in June, while increasing to 2.3 percent when food and energy are excluded. In Japan, annual headline CPI inflation remained stable at 0.7 percent in June, yet

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 89 underlying inflation remained low, with CPI excluding food and energy at 0 percent. In U.K., inflation stabilized at 2.4 percent in May, unchanged from April, as movements in the exchange rate have helped offset recent increases in oil prices. In Euro area annual HICP inflation rose to 2.0 percent in June, up from 1.9 percent in May. This increase reflected higher contributions from energy, food and nonenergy industrial goods price inflation, which offset a lower contribution from services price inflation. 8.3 Commodity Price Oil prices have remained broadly stable amid some volatility. The effect on oil prices from the OPEC on 22 June of its intention to increase supply has been relatively muted. While markets had anticipated an output rise of one million barrels per day, capacity constraints in many OPEC countries suggest a smaller rise in oil supply in the near term. Non-oil commodity prices have decreased by around 8 percent since mid-June, with food prices falling by 8 percent and metal prices dropping by 9 percent. Food prices fell owing to ample supplies on the back of favorable weather conditions in North America and concerns about rising protectionist threats also affecting food commodities, particularly soybeans. The fall in metal prices can be partly explained by lower demand in China and concerns about a possible trade war. 8.4 Exchange Rate Developments In the foreign exchange markets, the euro broadly appreciated in trade weighted terms. During the fourth quarter of 2017/18 the effective exchange rate of the euro, measured against the currencies of 38 of the euro area’s strengthened by 1.6 percent. In bilateral terms, the euro remained broadly unchanged against the US dollar, while it appreciated vis-à-vis all other major currencies, including the Chinese renminbi (by 5.4 percent), the pound sterling (by 1.3%) and the Japanese yen (by 0.5 percent), amid the ongoing economic expansion in the euro area. Similarly, the euro strengthened vis-à-vis the currencies of the other non-euro area EU Member States.

National Bank of Ethiopia Quarterly Bulletin 90 Fourth Quarter 2017/18 8.5. Impact of Global Economic Development on Ethiopian Economy During the fourth quarter of F.Y. 2017/18, global economic activities indicators pointed to a sustained momentum. The global composite output Purchasing Managers’ Index (PMI), which measures economic health of the manufacturing sector, increased supported by expansion witnessed in advanced and emerging economies. This has positively affected the performance of Ethiopian’s major export items not to deteriorate further below 16.9 percent in value. During same period, global inflation has picked up supported by the increase in energy prices while food prices slowed slightly. The decline in food prices in the global market due to excess supply could contribute to the fall in export revenue of Ethiopia by affecting major agricultural export items such as coffee and liveanimals. However, the increase in energy prices could increase the country’s fuel import bills to have depressing effect on the current account deficit.

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 91 8.5. Impact of Global Economic Development on Ethiopian Economy During the fourth quarter of F.Y. 2017/18, global economic activities indicators pointed to a sustained momentum. The global composite output Purchasing Managers’ Index (PMI), which measures economic health of the manufacturing sector, increased supported by expansion witnessed in advanced and emerging economies. This has positively affected the performance of Ethiopian’s major export items not to deteriorate further below 16.9 percent in value. During same period, global inflation has picked up supported by the increase in energy prices while food prices slowed slightly. The decline in food prices in the global market due to excess supply could contribute to the fall in export revenue of Ethiopia by affecting major agricultural export items such as coffee and liveanimals. However, the increase in energy prices could increase the country’s fuel import bills to have depressing effect on the current account deficit.

National Bank of Ethiopia Quarterly Bulletin 92 Fourth Quarter 2017/18 StatiStical tableS

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 93 End of Period Foreign Assets Claims on Government Advance To DBE Silver Coins Other Assets Total Gold Reserve Tranche Foreign Exchange Others Total Treasury Bills Bond Direct Advance Others 2007/08 Qtr.I 13,021.85 375.82 102.13 12,080.02 463.88 30,269.27 - 9,899.27 20,370.00 - - - 2,193.03 Qtr.II 12,829.31 491.81 105.68 11,759.64 472.18 31,995.27 - 9,899.27 22,096.00 - - - 2,159.20 Qtr.III 10,875.89 502.52 113.69 9,772.72 486.96 33,917.27 - 9,899.27 24,018.00 - - - 2,109.17 Qtr.IV 8,708.66 5.47 113.96 8,093.97 495.26 41,563.08 - 9,745.08 31,818.00 - - - 2,451.20 2008/09 Qtr.I 8,636.72 15.01 110.78 8,010.33 500.60 44,270.98 - 9,692.98 34,578.00 - - - 2,516.61 Qtr.II 9,260.43 81.90 112.13 8,551.39 515.01 42,948.98 - 9,692.98 33,256.00 - - - 2,567.86 Qtr.III 13,284.94 8.60 120.45 12,580.96 574.93 42,248.98 - 9,692.98 32,556.00 - - - 2,690.57 Qtr.IV 17,214.61 18.17 127.45 16,488.13 580.86 44,498.73 - 9,607.73 34,891.00 - - - 2,627.60 2009/10 Qtr.I 22,262.14 120.26 143.91 21,002.66 995.32 44,326.63 - 9,555.63 34,771.00 - - - 2,664.26 Qtr.II 23,445.68 287.33 144.34 22,018.26 995.76 43,610.83 - 9,555.63 34,055.20 - - - 2,705.57 Qtr.III 27,285.95 267.70 148.18 24,480.32 2,389.76 45,989.73 - 9,555.63 36,434.10 - - - 3,048.61 Qtr.IV 27,289.34 443.30 145.70 23,490.22 3,210.12 45,522.78 - 9,478.68 36,044.10 - - - 3,041.10 2010/11 Qtr.I 35,852.22 490.52 184.31 31,229.17 3,948.22 47,983.68 - 9,426.58 38,557.10 - - - 3,150.64 Qtr.II 40,042.00 444.17 184.63 34,418.71 4,994.49 50,488.58 - 9,426.58 41,062.00 - - - 3,269.68 Qtr.III 45,367.31 1,636.24 192.33 38,413.88 5,124.86 51,930.58 - 9,426.58 42,504.00 - - - 7,413.23 Qtr.IV 51,551.39 1,395.23 195.67 44,738.80 5,221.68 55,614.64 - 9,349.64 46,265.00 - 6,250.00 - 7,650.19 2011/12 Qtr.I 59,724.20 1,037.56 195.24 53,248.95 5,242.45 55,566.48 - 9,301.54 46,264.95 - 7,400.00 - 7,928.55 Qtr.II 51,965.40 479.44 193.30 46,056.19 5,236.48 55,562.48 - 9,297.54 46,264.95 - 10,070.00 - 10,747.88 Qtr.III 40,349.89 669.26 195.77 34,192.43 5,292.44 55,562.48 - 9,297.54 46,264.95 - 11,870.00 - 10,948.76 Qtr.IV 40,101.45 2,038.08 195.32 32,528.76 5,339.29 55,562.48 - 9,297.54 46,264.95 - 12,502.00 - 12,951.32 2012/13 Qtr.I 44,307.75 (24.32) 201.51 38,671.89 5,458.67 55,510.38 - 9,245.44 46,264.95 - 12,502.00 - 16,383.71 Qtr.II 46,620.93 1,964.27 203.98 38,926.61 5,526.08 55,510.38 - 9,245.44 46,264.95 - 13,307.00 - 20,867.63 Qtr.III 50,358.05 1,310.29 201.42 43,334.32 5,512.02 59,510.38 - 9,245.44 50,264.95 - 14,807.00 - 25,469.44 Qtr.IV 44,140.03 2,253.17 201.78 36,078.39 5,606.69 64,510.38 - 9,245.44 55,264.95 - 16,507.00 - 20,560.93 2013/14 Qtr.I 46,471.52 2,656.15 209.91 37,900.27 5,705.18 64,381.33 - 9,116.39 55,264.95 - 16,807.00 - 25,388.28 Qtr.II 49,513.05 1,522.50 214.30 41,971.87 5,804.38 64,381.33 - 9,116.39 55,264.95 - 17,207.00 - 28,944.33 Qtr.III 45,838.73 1,333.55 217.05 38,439.61 5,848.52 73,381.33 - 9,116.39 64,264.95 - 17,507.00 - 26,128.62 Qtr.IV 50,624.47 1,217.59 218.41 43,237.44 5,951.02 73,304.39 - 9,039.44 64,264.95 - 20,257.00 - 25,566.64 2014/15 Qtr.I 52,555.40 1,217.59 215.08 45,256.47 5,866.25 73,175.34 - 8,910.39 64,264.95 - 21,957.00 - 26,679.17 Qtr.II 74,840.58 741.24 317.35 67,914.12 5,867.87 78,175.34 - 8,910.39 69,264.95 - 22,157.00 - 27,953.04 Qtr.III 64,152.02 206.89 307.11 57,837.68 5,800.34 81,175.34 - 8,910.39 72,264.95 - 22,857.00 - 33,275.33 Qtr.IV 66,817.67 79.30 315.26 60,856.52 5,566.59 92,175.34 - 8,910.39 83,264.95 - 23,357.00 - 27,477.29 2015/16 Qtr.I 65,085.59 (101.65) 318.69 59,349.29 5,519.27 99,657.34 - 8,392.40 91,264.95 - 23,857.00 - 27,240.74 Qtr.II 84,226.48 222.87 319.06 78,442.72 5,241.83 104,657.34 - 8,392.40 96,264.95 - 24,857.00 - 36,166.96 Qtr.III 72,889.54 1,136.99 325.65 66,362.68 5,064.22 104,657.34 - 8,392.40 96,264.95 - 24,857.00 - 49,245.99 Qtr.IV 74,156.73 1,113.92 331.50 67,851.69 4,859.62 109,080.40 - 8,315.45 100,764.95 - 25,607.00 - 53,471.19 2016/17 Qtr.I 74,949.60 8.43 336.04 69,963.93 4,641.20 115,640.85 - 7,875.90 107,764.95 - 25,607.00 - 60,022.94 Qtr.II 72,397.44 1,139.58 326.66 66,561.06 4,370.15 120,640.85 - 7,875.90 112,764.95 - 26,107.00 - 60,244.19 Qtr.III 70,874.56 1,135.37 337.66 61,851.06 7,550.46 129,640.85 - 7,875.90 121,764.95 - 26,607.00 - 61,151.48 Qtr.IV 73,874.32 741.33 349.42 68,851.84 3,931.73 135,632.85 - 7,867.90 127,764.95 - 27,226.00 - 53,200.57 2017/18 Qtr.I 68,636.42 0.01 359.52 64,643.51 3,633.38 150,632.85 - 7,867.90 142,764.95 - 27,226.00 - 53,714.62 Qtr.II 82,254.04 0.01 420.35 77,584.06 4,249.63 160,128.85 - 7,863.90 152,264.95 - 28,055.71 - 55,288.17 Qtr.III 85,287.93 81.43 432.67 80,464.52 4,309.30 160,128.85 - 7,863.90 152,264.95 - 29,992.71 - 54,691.37 Qtr.IV 77,617.37 750.54 418.41 72,217.34 4,231.09 160,128.85 - 7,863.90 152,264.95 - 47,292.71 - 56,407.16 Table 1(a): Statement of Condition of National Bank of Ethipia: Assets (In Millions of Birr)

National Bank of Ethiopia Quarterly Bulletin 94 Fourth Quarter 2017/18 End of Period Total Liab.= Assets Currency (Notes + Coins) Deposits Foreign Liabilities Capital Account Other Liab. Total Gov’t Banker Total Fund Credit Others 2007/08 Qtr.I 45484 14848 20238 8032 12206 2674 0 2674 3115 4609 Qtr.II 46984 16356 19216 6741 12475 2762 0 2762 3117 5533 Qtr.III 46902 18959 16918 5967 10951 3621 0 3621 2129 5276 Qtr.IV 52723 20216 21492 6157 15335 2768 0 2768 2124 6122 2008/09 Qtr.I 55424 19640 23366 7223 16143 3660 0 3660 3593 5165 Qtr.II 54777 20870 25149 6216 18933 3123 0 3123 2088 3547 Qtr.III 58224 23304 24710 6683 18027 3713 556 3157 2101 4396 Qtr.IV 64341 23836 27942 6672 21271 5381 588 4793 2095 5087 2009/10 Qtr.I 69253 22773 31495 7373 24121 8050 2127 5922 1589 5347 Qtr.II 69762 25663 28307 7786 20521 8693 2132 6561 1577 5522 Qtr.III 76324 27278 30108 7037 23071 10996 2189 8807 1576 6367 Qtr.IV 75853 28803 26804 6182 20622 11906 2152 9754 1575 6765 2010/11 Qtr.I 86987 29712 31873 8266 23607 12849 2723 10126 2810 9744 Qtr.II 93800 33949 32142 9370 22772 15063 4770 10293 2758 9889 Qtr.III 104711 37457 37454 11277 26177 15283 4972 10311 2758 11760 Qtr.IV 121066 39101 40233 10291 29943 18695 5058 13637 2750 20287 2011/12 Qtr.I 130619 38733 48523 19133 29390 20368 5047 15321 8848 14147 Qtr.II 128346 42048 43045 17307 25738 17290 4997 12293 8848 17115 Qtr.III 118731 44711 29832 11962 17870 15826 5061 10765 8832 19531 Qtr.IV 121117 45785 30406 10218 20187 18847 5049 13798 4841 21238 2012/13 Qtr.I 128704 46183 38073 17980 20093 19312 5209 14103 4842 20293 Qtr.II 136306 50972 36873 12778 24094 20263 5273 14990 4834 23364 Qtr.III 150145 54293 34504 17953 16551 20751 5181 15569 4834 35764 Qtr.IV 145718 54918 29031 9133 19898 19494 5298 14197 4834 37440 2013/14 Qtr.I 153048 50572 37323 16548 20775 23065 5427 17638 4842 37246 Qtr.II 160046 53864 32759 14340 18419 28216 5456 22760 4842 40364 Qtr.III 162856 61372 35972 12807 23164 22395 5469 16926 4842 38275 Qtr.IV 169752 64355 33761 8793 24967 23911 5685 18225 4849 42877 2014/15 Qtr.I 174367 63714 37054 14408 22646 25490 5577 19912 4849 43260 Qtr.II 203126 70709 33899 13882 20017 46447 5577 40870 4849 47221 Qtr.III 201460 74338 42291 21309 20983 36511 5491 31021 4849 43470 Qtr.IV 209827 75241 42326 15099 27227 36844 5034 31810 4849 50568 2015/16 Qtr.I 215841 74746 48887 31740 17147 36004 4988 31016 4849 51354 Qtr.II 249908 77830 49035 25739 23295 61732 4662 57070 4849 56462 Qtr.III 251650 80259 45004 20077 24927 59027 4480 54548 4849 62510 Qtr.IV 262315 82593 50614 14042 36572 63650 4271 59379 4849 60609 2016/17 Qtr.I 276220 85812 54485 18220 36264 71483 4028 67456 4849 59591 Qtr.II 279389 90247 53909 15628 38281 66856 3645 63210 4849 63529 Qtr.III 288274 92212 66239 19085 47154 56580 3435 53145 4849 68393 Qtr.IV 289934 94246 66754 14742 52012 49897 3296 46601 4849 74188 2017/18 Qtr.I 300210 94963 76380 19338 57042 50985 3037 47948 4849 73033 Qtr.II 325727 105937 61913 16681 45233 70862 3239 67623 4849 82165 Qtr.III 330101 112439 68720 18875 49846 59522 2908 56615 4849 84570 QIV 341446 112911 81186 19922 61264 48858 2502 46356 4849 93641 Table 1(b): Statement of Condition of National Bank of Ethipia: Liabilities (In Millions of Birr)

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 95 End of Period Reserves Foreign Assets Claims On Gov't Claims on Non-Central Gov't Other Assets Total (2+3) Cash in Hand Deposits with NBE Total (7+8+9) Loans &Adv. Investment Commercial Banks 1 2 3 4 5 6 7 8 9 10 2007/08 Qtr.I 13,865.27 1,850.51 12,014.76 6,994.50 16,049.88 32,245.60 22,920.83 8,408.81 915.96 20,572.93 Qtr.II 14,355.51 1,909.73 12,445.78 6,364.83 16,073.96 36,227.19 25,761.00 9,393.79 1,072.39 22,652.37 Qtr.III 12,463.60 2,185.95 10,277.65 8,129.78 12,177.81 43,758.44 31,682.65 11,075.06 1,000.74 25,214.98 Qtr.IV 17,795.25 2,562.29 15,232.97 8,026.85 6,648.16 47,826.76 33,600.67 13,292.93 933.17 26,336.28 2008/09 Qtr.I 17,673.90 3,302.53 14,371.38 7,726.62 6,234.94 50,116.36 34,397.64 14,818.58 900.13 26,922.77 Qtr.II 20,659.25 3,437.48 17,221.77 6,950.64 5,547.24 54,252.77 35,946.71 17,436.57 869.49 33,601.83 Qtr.III 21,886.74 4,039.91 17,846.83 8,093.58 5,548.90 57,041.57 37,079.81 18,852.70 1,109.06 31,611.17 Qtr.IV 23,690.72 4,121.34 19,569.38 9,219.66 5,409.36 57,651.07 38,802.03 17,614.51 1,234.53 49,113.08 2009/10 Qtr.I 27,119.02 4,226.02 22,893.00 9,172.96 5,740.11 60,703.15 39,701.38 19,805.10 1,196.66 40,436.92 Qtr.II 24,371.67 3,907.33 20,464.34 9,731.23 5,177.56 65,942.83 44,092.84 20,297.50 1,552.48 48,475.03 Qtr.III 26,921.09 4,209.86 22,711.23 12,949.12 5,627.86 70,716.27 46,900.67 21,733.09 2,082.51 48,973.02 Qtr.IV 25,217.08 4,596.14 20,620.94 15,060.75 7,415.27 73,299.81 47,540.18 23,796.85 1,962.79 36,932.92 2010/11 Qtr.I 28,768.06 5,861.80 22,906.26 19,245.97 5,480.72 75,434.99 48,436.98 25,124.50 1,873.51 38,067.24 Qtr.II 27,486.93 5,636.70 21,850.23 20,194.12 4,102.86 85,357.09 55,653.80 27,485.93 2,217.36 44,732.22 Qtr.III 31,482.17 6,921.98 24,560.19 21,148.87 4,953.20 100,590.17 62,088.83 35,549.12 2,952.21 52,150.16 Qtr.IV 34,282.97 6,525.71 27,757.27 28,394.16 3,568.67 110,114.46 61,871.31 45,547.45 2,695.70 49,545.00 2011/12 Qtr.I 34,514.38 6,658.96 27,855.43 22,565.30 4,121.67 118,399.53 64,979.01 50,781.33 2,639.19 51,494.85 Qtr.II 30,154.47 5,773.53 24,380.95 23,089.59 2,857.24 135,328.52 75,725.46 58,171.12 1,431.94 63,801.94 Qtr.III 17,652.45 6,982.96 10,669.49 28,640.04 3,068.28 156,445.50 88,608.28 66,455.73 1,381.50 70,487.48 Qtr.IV 29,039.93 7,248.10 21,791.83 24,017.57 4,421.18 170,379.68 94,617.04 73,472.51 2,290.12 105,360.90 2012/13 Qtr.I 27,882.48 8,265.81 19,616.67 20,182.74 8,511.89 171,722.32 94,081.93 75,849.86 1,790.53 83,987.99 Qtr.II 33,108.11 8,294.92 24,813.19 19,475.22 6,693.03 188,001.68 102,409.08 83,727.13 1,865.48 80,835.23 Qtr.III 32,417.53 9,150.51 23,267.02 23,412.02 5,407.49 208,833.85 113,423.09 92,141.62 3,269.14 103,959.36 Qtr.IV 30,375.31 9,236.07 21,139.24 28,509.18 5,699.97 222,393.59 114,378.39 99,396.97 8,618.23 82,403.13 2013/14 Qtr.I 31,747.72 9,699.16 22,048.56 22,706.08 4,089.11 228,006.18 112,906.99 106,635.50 8,463.70 75,318.88 Qtr.II 29,413.17 9,778.39 19,634.78 20,170.98 3,464.05 253,312.63 127,152.46 117,797.59 8,362.58 68,754.51 Qtr.III 34,921.78 11,397.19 23,524.59 21,162.46 1,753.80 272,894.01 138,291.24 126,344.08 8,258.68 66,924.58 Qtr.IV 35,672.30 11,179.02 24,493.28 27,253.50 1,629.68 288,212.71 141,975.83 136,904.30 9,332.58 70,099.87 2014/15 Qtr.I 38,690.72 12,931.48 25,759.24 19,597.01 1,227.50 297,817.51 144,435.07 144,679.15 8,703.29 69,897.16 Qtr.II 35,148.79 12,580.20 22,568.59 18,800.84 1,246.35 329,512.50 162,570.66 159,004.32 7,937.52 68,417.37 Qtr.III 35,280.66 13,872.76 21,407.90 15,862.13 1,252.35 355,615.38 179,552.27 173,479.03 2,584.09 78,370.49 Qtr.IV 42,342.37 14,779.78 27,562.60 15,924.15 1,256.02 379,393.58 185,501.92 191,246.21 2,645.44 79,584.26 2015/16 Qtr.I 39,809.59 15,337.93 24,471.66 15,463.04 905.43 390,966.45 188,671.02 199,896.80 2,398.62 79,531.91 Qtr.II 37,943.40 14,322.94 23,620.46 18,368.24 905.43 421,417.51 206,946.76 212,968.82 1,501.93 87,671.16 Qtr.III 40,401.93 14,635.18 25,766.75 21,316.42 905.43 445,653.52 219,399.61 225,001.87 1,252.04 92,444.68 Qtr.IV 50,905.91 15,906.53 34,999.38 20,898.27 785.65 461,664.43 226,849.25 231,953.28 2,861.91 98,731.37 2016/17 Qtr.I 53,728.78 17,326.81 36,401.97 21,116.01 554.28 475,564.62 231,569.06 240,872.08 3,123.48 106,597.14 Qtr.II 54,499.76 16,544.49 37,955.27 20,370.84 554.28 509,890.48 253,196.53 252,915.43 3,778.52 101,539.01 Qtr.III 64,854.52 17,034.56 47,819.97 20,975.60 530.28 544,327.92 272,606.06 267,906.04 3,815.82 109,207.67 Qtr.IV 75,305.69 20,327.77 54,977.93 24,876.54 21,982.71 582,426.70 283,911.51 294,089.24 4,425.95 111,779.13 2017/18 Qtr.I 81,683.92 21,035.73 60,648.19 25,253.39 22,208.82 594,599.99 288,878.52 300,579.22 5,142.26 110,830.25 Qtr.II 68,091.41 19,152.65 48,938.76 26,326.86 22,186.62 635,646.86 308,050.08 322,392.50 5,204.29 120,419.44 Qtr.III 74,352.05 21,843.87 52,508.19 24,664.20 22,186.62 673,008.41 327,935.85 338,881.74 6,190.82 129,191.54 QIV 89,611.48 26,493.67 63,117.81 25,121.57 22,186.62 714,685.11 346,314.30 359,418.93 8,951.88 137,783.39 Table 2(a): Statement of Condition of Commercial Banks: Assets (In Millions of Birr)

National Bank of Ethiopia Quarterly Bulletin 96 Fourth Quarter 2017/18 End of Period Total (Liab.= Assets) Total (3+4+5) Demand Time Saving Gov’t Depos. Foreign Liab. Capital Account Other Total Liab. (9+10+11) Capital Legal Reserve Others 1 2 3 4 5 6 7 8 9 10 11 12 2007/08 Qtr.I 89728 45987 17474 3519 24994 8169 2113 7947 6023 695 1229 25512 Qtr.II 95674 47524 17473 3750 26301 9083 2222 8503 6231 716 1556 28343 Qtr.III 101745 49882 18403 3649 27830 9410 2384 9480 6372 755 2353 30588 Qtr.IV 106633 51175 18344 3354 29478 8978 2302 8693 6651 1160 882 35485 2008/09 Qtr.I 108675 56011 21546 3001 31464 8411 2316 9645 6733 1230 1682 32293 Qtr.II 121012 59280 23758 2978 32544 10336 2855 10537 7141 1252 2144 38004 Qtr.III 124182 62158 24448 3051 34659 11766 2802 11577 7188 1252 3137 35879 Qtr.IV 145084 64134 23737 3248 37149 10450 3077 10286 7290 1817 1179 57137 2009/10 Qtr.I 143172 69799 26483 3502 39815 10193 3857 11616 7351 1865 2399 47707 Qtr.II 153698 70853 25540 3499 41814 12447 3691 12383 7779 1999 2604 54325 Qtr.III 165187 76069 28138 3569 44362 14543 3961 13734 7988 1999 3746 56881 Qtr.IV 157926 81081 29084 3956 48042 13743 3254 12411 8104 2627 1680 47437 2010/11 Qtr.I 166997 85851 30488 3901 51461 13831 4246 16075 8252 2800 5023 46995 Qtr.II 181873 90754 33018 3860 53876 17847 4943 15372 8815 2876 3682 52957 Qtr.III 210325 101161 36557 4463 60140 22023 5595 17204 8994 2876 5334 64342 Qtr.IV 225905 114155 44949 4666 64540 20241 5715 15598 9352 3720 2526 70195 2011/12 Qtr.I 231096 119909 47241 4680 67988 20212 6441 18040 9464 3874 4702 66494 Qtr.II 255232 120849 44106 5165 71578 27669 8420 20119 10274 4083 5762 78175 Qtr.III 276294 135664 49133 10136 76394 30995 7392 23506 10589 4083 8834 78738 Qtr.IV 333219 152895 58346 12061 82488 28208 5484 26334 10766 4342 11226 120299 2012/13 Qtr.I 312287 154727 55113 12112 87502 29561 5874 22097 10848 5848 5400 100029 Qtr.II 328113 163882 57819 12930 93134 35693 6078 23819 11410 6096 6313 98640 Qtr.III 374030 181079 66836 13516 100726 34173 6038 26733 11848 6096 8789 126008 Qtr.IV 369381 189763 69253 14279 106231 39112 7515 23669 16208 3737 3724 109322 2013/14 Qtr.I 361868 196547 67874 15612 113062 30348 7788 27245 16648 4289 6307 99941 Qtr.II 375115 208389 69703 15929 122757 35197 7934 29890 18021 4432 7437 93706 Qtr.III 397657 223632 71185 17193 135254 41483 7843 34089 19040 4453 10596 90609 Qtr.IV 422868 244630 80947 17872 145811 39211 7995 28117 19413 4874 3830 102915 2014/15 Qtr.I 427230 253720 79405 18878 155437 34525 7600 33580 19576 6809 7194 97805 Qtr.II 453126 267761 82146 21325 164291 41958 7785 35981 20787 7103 8091 99641 Qtr.III 486381 288749 87993 37731 163025 39877 7986 41101 21089 7150 12862 108669 Qtr.IV 518500 310905 94283 41991 174632 47598 8327 46346 21607 7657 17081 105325 2015/16 Qtr.I 526676 321277 94511 44847 181919 44751 8352 40988 21855 10061 9072 111309 Qtr.II 566306 333108 95785 45039 192284 54815 9418 44605 22366 10261 11979 124359 Qtr.III 600722 346501 97667 47319 201515 55904 10021 50100 23926 10504 15671 138197 Qtr.IV 632986 378580 111924 49622 217034 48275 9880 54283 24742 11066 18474 141967 2016/17 Qtr.I 657561 395284 114563 52114 228607 48122 10225 48306 25431 13556 9320 155624 Qtr.II 686854 422593 122552 56019 244022 59973 9442 53838 25908 14059 13872 141008 Qtr.III 739896 459036 134885 59331 264820 59514 9775 58828 28023 14161 16645 152743 Qtr.IV 816371 499497 142883 63183 293432 57432 10819 91592 60894 9875 20823 157031 2017/18 Qtr.I 834576 528378 155588 65891 306899 57283 11921 82506 61440 11571 9495 154489 Qtr.II 872671 557369 161095 71727 324547 65663 15191 82935 62191 12080 8664 151514 Qtr.III 923403 605325 178222 74478 352624 66838 14436 88988 63763 12299 12926 147816 QIV 989388 654156 194737 76869 382549 60391 14505 95507 66197 12596 16715 164830 Table 2(b): Statement of Condition of Commercial Banks: : (In Millions of Birr) Non-Central Gov’t Deposits Liabilities

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 97 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 2007/08 Qtr.I 481 185 81 4893 432 154 4307 824 6464 Qtr.II 566 157 254 5061 316 228 4517 829 6867 Qtr.III 445 144 254 5249 398 229 4622 764 6855 Qtr.IV 294 195 254 5389 519 201 4670 838 6970 2008/09 Qtr.I 639 227 254 5580 527 179 4874 689 7388 Qtr.II 320 244 238 5977 535 216 5226 865 7643 Qtr.III 175 249 219 6247 540 223 5485 835 7725 Qtr.IV 138 375 219 6436 546 193 5697 743 7911 2009/10 Qtr.I 205 550 219 7135 597 165 6373 721 8830 Qtr.II 304 595 219 7672 583 246 6843 1104 9893 Qtr.III 220 1513 203 8068 609 235 7224 1148 11152 Qtr.IV 423 1024 185 8787 700 202 7885 919 11338 2010/11 Qtr.I 505 1059 185 8953 704 144 8105 1140 11842 Qtr.II 201 1032 185 9516 711 226 8579 736 11670 Qtr.III 810 1175 176 10356 929 202 9225 996 13513 Qtr.IV 810 1175 176 10356 929 202 9225 996 13513 2011/12 Qtr.I 810 1175 176 10356 929 202 9225 996 13513 Qtr.II 810 1175 176 10356 929 202 9225 996 13513 Qtr.III 810 1175 176 10356 929 202 9225 996 13513 Qtr.IV 810 1175 176 10356 929 202 9225 996 13513 2012/13 Qtr.I 711 1122 7866 15324 1385 103 13836 1868 26891 Qtr.II 401 795 7833 16708 1771 147 14790 1341 27077 Qtr.III 281 190 8814 17658 1911 196 15551 856 27800 Qtr.IV 380 457 9819 17929 1660 88 16181 1375 29960 2013/14 Qtr.I 1948 351 8426 18557 1792 79 16686 1723 31005 Qtr.II 381 1575 9664 20103 1880 152 18071 1905 33629 Qtr.III 536 1889 9807 18542 1930 108 16504 2545 33319 Qtr.IV 1157 1891 11338 21443 2003 64 19376 1972 37800 2014/15 Qtr.I 1175 1511 13148 20198 1997 54 18147 2551 38583 Qtr.II 544 1744 13142 21381 2019 185 19177 2649 39461 Qtr.III 1144 1803 13112 22225 2002 166 20057 2719 41003 Qtr.IV 1174 1635 13289 25678 2675 131 22871 2344 44120 2015/16 Qtr.I 1175 1511 13148 20198 1997 54 18147 2551 38583 Qtr.II 544 1744 13142 21381 2019 185 19177 2649 39461 Qtr.III 1144 1803 13112 22225 2002 166 20057 2719 41003 Qtr.IV 1174 1635 13289 25678 2675 131 22871 2344 44120 2016/17 Qtr.I 2435 2431 15837 29770 2839 104 26827 3847 54319 Qtr.II 1585 2065 15837 30986 3008 106 27872 3940 54414 Qtr.III 1463 2850 15817 31734 2766 107 28861 4032 55895 Qtr.IV 1233 3226 15817 31591 2633 109 28849 5223 57089 2017/18 Qtr.I 825 2902 15817 32396 2606 127 29663 5274 57213 Qtr.II 889 3223 15817 35413 3992 116 31305 4229 59571 Qtr.III 1050 4813 15797 37323 4081 109 33133 6278 65261 QIV 2703 4388 32797 39155 4114 438 34603 4804 83848 Table 3(a): Consolidated Statement of Condition of Development Bank of Ethipia: Assets (In Millions of Birr)

National Bank of Ethiopia Quarterly Bulletin 98 Fourth Quarter 2017/18 End of Period Total Assets =Liab. Demand Deposits Time & Savings Deposits Capital Accounts Credit from Banks Others Credit from Gov't Foreign Advance & Loan Other Liability Total N.B.E Items 2007/08 Qtr.I 6464 16 477 1867 1888 381 1507 1 434 1780 Qtr.II 6867 37 400 1883 2088 381 1706 1 457 2001 Qtr.III 6855 46 369 1916 2091 381 1710 1 505 1926 Qtr.IV 6970 126 375 1910 2102 381 1721 0 506 1951 2008/09 Qtr.I 7388 187 379 1916 2339 381 1957 0 523 2045 Qtr.II 7643 142 381 1943 2340 381 1959 0 523 2314 Qtr.III 7725 102 385 1949 2341 381 1960 0 647 2300 Qtr.IV 7911 125 369 1934 2342 381 1960 0 647 2494 2009/10 Qtr.I 8830 123 373 2015 2571 424 2147 0 888 2860 Qtr.II 9893 75 369 1943 3029 424 2604 0 900 3577 Qtr.III 11152 86 369 2085 4228 424 3804 884 3500 Qtr.IV 11338 179 376 2125 4619 381 4237 0 979 3061 2010/11 Qtr.I 11842 142 382 2357 4799 381 4418 0 985 3177 Qtr.II 11670 235 384 2224 4952 381 4571 0 909 2966 Qtr.III 13513 415 373 2225 6403 381 6022 0 998 3100 Qtr.IV 13513 415 373 2225 6403 381 6022 0 998 3100 2011/12 Qtr.I 13513 415 373 2225 6403 381 6022 0 998 3100 Qtr.II 13513 415 373 2225 6403 381 6022 0 998 3100 Qtr.III 13513 415 373 2225 6403 381 6022 0 998 3100 Qtr.IV 13513 415 373 2225 6403 381 6022 0 998 3100 2012/13 Qtr.I 26891 375 384 2739 17154 642 16512 0 1210 5030 Qtr.II 27077 376 384 2856 16349 644 15705 0 1539 5572 Qtr.III 27800 356 376 3157 18741 740 18001 0 1771 4360 Qtr.IV 29960 347 381 3150 20890 610 20280 0 2301 2678 2013/14 Qtr.I 31005 299 390 3391 21435 17668 3767 0 2372 2923 Qtr.II 33629 248 377 3620 21340 17792 3548 0 2929 5114 Qtr.III 33319 348 378 3764 21747 18102 3645 0 3106 3977 Qtr.IV 37800 635 377 3568 27235 20852 6383 0 3409 2576 2014/15 Qtr.I 38583 657 380 3895 25431 22552 2879 0 3622 4598 Qtr.II 39461 299 378 4087 25619 22751 2868 0 3770 5309 Qtr.III 41003 300 376 4083 26600 23452 3148 0 3881 5763 Qtr.IV 44120 427 376 4256 27411 23952 3459 0 4031 7618 2015/16 Qtr.I 47978 446 375 7688 27369 23857 3512 0 4019 8080 Qtr.II 50132 437 375 7792 28429 24857 3572 0 4627 8472 Qtr.III 51587 1007 376 7859 28465 24936 3529 0 4727 9153 Qtr.IV 52696 1040 377 7969 29328 29251 77 0 4727 9256 2016/17 Qtr.I 54319 1252 382 7834 31772 31712 60 0 4796 8284 Qtr.II 54414 904 381 7877 33092 33034 58 0 4817 7344 Qtr.III 55895 868 120 7961 34190 34132 59 0 4826 7930 Qtr.IV 57089 948 122 7919 34984 34310 675 0 4822 8293 2017/18 Qrt.I 57213 916 126 8033 35365 35305 60 0 5096 7677 Qtr.II 59571 1131 126 8000 37889 37833 56 0 5226 7200 Qtr.III 65261 1102 126 8048 40102 40043 59 0 6292 9590 QIV 83848 1081 125 8044 58125 58064 61 0 6849 9623 Table 3(b): Consolidated Statement of Condition of Development Bank of Ethiopia: Liablities (In Millions of Birr)

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 99 End of Period Money and Quasi-Money Domestic Credit Claims on Non-Cen Gov’t 10 Net Foreign Assets Other Items Net 14 Currency Outside Banks 1 Net Demand Deposit 2 Money Supply (1+2) 3 QuasiMoney 4 Total Volume (3+4) 5 Total Credit (7+10) 6 Total (8+9) 7 Nat. Bank 8 Comm. Banks 9 Total (13+12) 11 Nat. Bank 12 Comm. Banks 13 1 2 3 4 5 6 7 8 9 10 11 12 13 14 2007/08 Qtr.I 12,997.43 16,968.54 29,965.97 28,513.39 58,479.36 61,447.66 30,118.02 22,236.99 7,881.02 31,329.65 15,229.24 10,347.81 4,881.43 18,197.54 Qtr.II 14,445.79 16,652.00 31,097.79 30,051.05 61,148.84 67,400.14 32,245.35 25,254.37 6,990.98 35,154.79 14,210.43 10,067.38 4,143.05 20,461.73 Qtr.III 16,772.57 17,462.77 34,235.35 31,479.07 65,714.42 73,476.09 30,718.38 27,950.75 2,767.63 42,757.71 13,000.07 7,254.70 5,745.37 20,761.74 Qtr.IV 17,654.10 17,696.26 35,350.36 32,831.78 68,182.14 79,969.25 33,075.66 35,405.76 (2,330.10) 46,893.59 11,665.63 5,940.65 5,724.98 23,452.75 2008/09 Qtr.I 16,337.59 20,633.90 36,971.49 34,464.85 71,436.34 84,088.59 34,872.36 37,048.01 (2,175.65) 49,216.23 10,387.77 4,976.66 5,411.11 23,040.02 Qtr.II 17,432.87 22,949.25 40,382.11 35,521.62 75,903.73 85,327.66 31,944.38 36,733.14 (4,788.76) 53,383.28 10,233.46 6,137.41 4,096.05 19,657.39 Qtr.III 19,264.00 23,589.18 42,853.18 37,710.34 80,563.52 85,281.56 29,349.06 35,566.17 (6,217.11) 55,932.51 14,863.60 9,571.56 5,292.04 19,581.64 Qtr.IV 19,715.01 22,397.64 42,112.66 40,397.09 82,509.75 89,203.04 32,786.50 37,827.20 (5,040.70) 56,416.54 17,976.81 11,833.66 6,143.15 24,670.10 2009/10 Qtr.I 18,547.21 25,572.45 44,119.66 43,316.58 87,436.24 92,006.88 32,500.40 36,953.31 (4,452.91) 59,506.48 19,528.96 14,212.62 5,316.34 24,099.60 Qtr.II 21,755.84 24,372.26 46,128.10 45,312.93 91,441.03 92,946.17 28,555.82 35,824.91 (7,269.09) 64,390.35 20,793.03 14,752.59 6,040.45 22,298.18 Qtr.III 23,068.09 26,271.82 49,339.91 47,931.11 97,271.03 98,671.91 30,038.16 38,953.17 (8,915.01) 68,633.76 25,278.62 16,290.43 8,988.19 26,679.50 Qtr.IV 24,206.80 27,727.99 51,934.78 51,997.77 103,932.56 104,350.11 33,013.08 39,340.32 (6,327.24) 71,337.03 27,189.78 15,383.31 11,806.47 27,607.34 2010/11 Qtr.I 23,849.92 29,249.39 53,099.31 55,362.66 108,461.97 104,929.59 31,368.11 39,718.05 (8,349.93) 73,561.48 38,003.21 23,003.30 14,999.91 34,470.83 Qrt II 28,312.32 31,751.83 60,064.16 57,736.08 117,800.24 110,513.95 27,374.22 41,118.83 (13,744.61) 83,139.73 40,230.88 24,979.34 15,251.53 32,944.59 Qtr.III 30,534.69 35,171.96 65,706.66 64,603.11 130,309.77 121,221.73 23,583.78 40,653.91 (17,070.13) 97,637.96 45,638.10 30,084.47 15,553.63 36,550.06 Qtr.IV 32,574.88 43,596.12 76,171.00 69,205.97 145,376.97 142,320.42 28,651.65 45,323.71 (16,672.05) 113,668.76 55,534.68 32,856.00 22,678.68 52,478.12 2011/12 Qtr.I 32,073.62 46,068.57 78,142.18 72,667.68 150,809.86 143,503.46 20,343.12 36,433.18 (16,090.06) 123,160.34 55,479.84 39,355.70 16,124.13 48,173.44 Qtr.II 36,274.61 42,879.96 79,154.57 76,743.67 155,898.24 157,410.18 13,443.60 38,255.43 (24,811.83) 143,966.58 49,345.56 34,675.66 14,669.91 50,857.50 Qtr.III 37,727.68 47,246.43 84,974.11 86,530.15 171,504.25 182,607.91 15,673.90 43,600.37 (27,926.47) 166,934.01 45,771.85 24,524.05 21,247.79 56,875.50 Qtr.IV 38,537.14 56,312.74 94,849.88 94,548.90 189,398.78 202,148.96 21,557.41 45,344.08 (23,786.67) 180,591.55 39,787.69 21,254.33 18,533.36 52,537.88 2012/13 Qtr.I 37,917.53 54,544.75 92,462.28 99,614.21 192,076.50 198,914.63 16,480.84 37,529.91 (21,049.06) 182,433.79 39,304.60 24,995.84 14,308.76 46,142.73 Qtr.II 42,677.02 57,524.67 100,201.69 106,063.71 206,265.39 213,175.22 13,732.02 42,732.25 (29,000.24) 199,443.21 39,754.55 26,357.64 13,396.92 46,664.38 Qtr.III 45,142.40 66,203.30 111,345.70 114,242.15 225,587.85 233,163.88 12,792.18 41,557.83 (28,765.66) 220,371.71 46,981.49 29,607.54 17,373.94 54,557.52 Qtr.IV 45,681.67 69,052.38 114,734.05 120,509.51 235,243.56 252,247.88 21,965.52 55,377.34 (33,411.82) 230,282.36 45,639.62 24,645.62 20,994.00 62,643.94 2013/14 Qtr.I 40,872.49 67,625.20 108,497.69 128,673.13 237,170.82 257,924.26 21,574.78 47,833.32 (26,258.54) 236,349.48 38,325.10 23,406.69 14,918.40 59,078.54 Qtr.II 44,085.69 69,579.58 113,665.27 138,686.20 252,351.47 280,465.92 18,308.87 50,041.39 (31,732.52) 262,157.05 33,534.49 21,297.01 12,237.48 61,648.94 Qtr.III 49,975.27 71,046.94 121,022.21 152,446.74 273,468.95 302,986.96 20,844.63 60,573.97 (39,729.34) 282,142.33 36,763.33 23,444.00 13,319.32 66,281.33 Qtr.IV 53,176.03 80,887.76 134,063.78 163,682.78 297,746.56 326,066.87 26,929.74 64,510.91 (37,581.17) 299,137.13 45,972.30 26,713.89 19,258.41 74,292.61 2014/15 Qtr.I 50,782.73 79,355.45 130,138.19 174,315.87 304,454.06 336,541.23 25,470.01 58,767.36 (33,297.35) 311,071.22 39,063.23 27,065.83 11,997.40 71,150.40 Qtr.II 58,128.86 82,081.55 140,210.40 185,615.77 325,826.17 367,313.10 23,581.11 64,293.14 (40,712.03) 343,731.98 39,409.45 28,393.45 11,015.99 80,896.38 Qtr.III 60,465.03 87,943.76 148,408.79 200,755.69 349,164.48 397,130.29 21,241.99 59,866.59 (38,624.59) 375,888.30 35,516.90 27,640.58 7,876.32 83,482.71 Qtr.IV 60,460.92 94,245.42 154,706.34 216,622.57 371,328.91 430,840.39 30,735.25 77,076.80 (46,341.55) 400,105.14 37,570.95 29,973.37 7,597.57 97,082.42 2015/16 Qtr.I 59,407.73 94,503.33 153,911.06 226,766.04 380,677.10 436,496.83 24,072.01 67,917.15 (43,845.14) 412,424.83 36,192.52 29,081.21 7,111.31 92,012.25 Qtr.II 63,507.06 95,784.79 159,291.85 237,323.17 396,615.02 469,781.03 25,008.45 78,917.95 (53,909.50) 444,772.58 31,444.63 22,494.68 8,949.94 104,610.63 Qtr.III 65,623.75 97,666.63 163,290.39 248,834.10 412,124.48 498,840.49 29,582.00 84,580.08 (54,998.07) 469,258.48 25,157.52 13,862.23 11,295.29 111,873.52 Qtr.IV 66,686.17 111,923.49 178,609.66 266,656.59 445,266.25 531,957.89 47,548.36 95,038.07 (47,489.71) 484,409.53 21,524.19 10,506.42 11,017.77 108,215.83 2016/17 Qtr.I 68,485.09 114,563.29 183,048.38 280,720.66 463,769.04 547,900.98 49,852.85 97,420.62 (47,567.77) 498,048.14 14,357.85 3,466.44 10,891.41 98,489.79 Qtr.II 73,702.55 122,551.62 196,254.17 300,041.07 496,295.24 577,812.91 45,593.96 105,012.72 (59,418.76) 532,218.95 16,470.24 5,541.88 10,928.36 97,987.92 Qtr.III 75,177.93 134,885.28 210,063.21 324,150.56 534,213.77 618,691.36 51,572.27 110,556.05 (58,983.78) 567,119.09 25,495.21 14,294.70 11,200.51 109,972.80 Qtr.IV 73,917.75 142,883.04 216,800.79 356,614.44 573,415.22 690,668.59 85,441.85 120,891.04 (35,449.19) 605,226.75 38,034.79 23,977.03 14,057.76 155,288.16 2017/18 Qtr.I 73,927.01 155,587.95 229,514.96 372,790.02 602,304.98 712,905.00 96,221.26 131,295.09 (35,073.83) 616,683.74 30,984.60 17,651.86 13,332.74 141,584.62 Qtr.II 86,784.15 161,094.75 247,878.90 396,274.17 644,153.07 758,470.30 99,972.02 143,447.90 (43,475.88) 658,498.28 22,527.90 11,391.82 11,136.08 136,845.13 Qtr.III 90,594.76 178,222.22 268,816.98 427,102.45 695,919.43 793,412.62 96,602.32 141,253.91 (44,651.59) 696,810.30 35,993.32 25,765.59 10,227.72 133,486.51 QIV 86,417.30 194,737.37 281,154.67 459,418.22 740,572.89 855,028.77 102,002.83 140,206.86 (38,204.03) 753,025.94 39,376.20 28,759.38 10,616.82 153,832.08 Table 4: Money Supply and its Determinants Assets (In Millions of Birr) Net Claims on Gov’t

National Bank of Ethiopia Quarterly Bulletin 100 Fourth Quarter 2017/18 End of Period Money and Quasi-Money Domestic Credit Currency Outside Banks Net Demand Deposit Money Supply Quasi- Money Total Volume Central Gov’t (Net) Non-Cent. Gov’t Foreign Assets (Net) 2007/08 Qtr.I 13,712.3 16,510.4 30,222.7 29,425.8 59,648.5 59,174.1 33,710.7 14,665.8 Qtr.II 11,480.1 16,418.9 27,898.9 29,450.0 57,349.0 67,467.5 24,608.4 14,224.6 Qtr.III 16,554.5 17,986.7 34,541.2 30,912.4 65,453.6 76,782.5 32,495.9 13,585.1 Qtr.IV 20,537.0 18,123.4 38,660.5 32,831.8 71,492.2 81,092.0 65,088.3 11,829.4 2008/09 Qtr.I 17,236.2 20,076.8 37,312.9 35,567.7 72,880.7 80,977.3 52,956.7 10,003.4 Qtr.II 13,853.9 22,628.0 36,481.9 34,811.2 71,293.0 85,413.0 37,368.3 10,243.7 Qtr.III 19,013.6 24,296.9 43,310.4 37,031.6 80,342.0 89,119.2 42,508.7 15,532.5 Qtr.IV 22,934.5 22,938.3 45,872.8 40,397.1 86,269.9 90,455.4 78,306.2 18,229.2 2009/10 Qtr.I 19,567.3 24,882.0 44,449.3 44,486.1 88,935.4 88,602.6 64,029.0 18,806.4 Qtr.II 17,289.4 24,031.0 41,320.4 44,406.7 85,727.1 93,039.1 45,073.2 20,813.8 Qtr.III 21,937.8 26,455.7 48,393.5 47,835.2 96,228.7 98,671.9 52,161.7 25,278.6 Qtr.IV 28,159.8 28,397.3 56,557.1 51,997.8 108,554.9 105,815.2 99,015.8 27,571.5 2010/11 Qtr.I 25,161.7 28,459.7 53,621.3 57,134.3 110,755.6 101,047.2 79,152.2 36,597.1 Qrt.II 22,499.8 31,307.3 53,807.1 56,581.4 110,388.5 110,624.5 58,197.8 40,271.1 Qtr.III 30,137.7 36,227.1 66,364.9 63,440.3 129,805.1 126,676.7 74,204.8 47,691.8 Qtr.IV 37,894.4 44,648.5 82,542.9 69,206.0 151,748.9 144,318.6 157,772.2 56,314.4 2011/12 Qtr.I 33,837.7 44,824.7 78,662.4 74,993.0 153,655.4 138,193.8 132,520.5 53,427.1 Qtr.II 28,827.4 42,279.6 71,107.1 75,208.8 146,315.9 157,567.6 100,776.6 49,394.9 Qtr.III 37,237.2 48,663.8 85,901.0 84,972.6 170,873.6 190,825.3 126,869.8 47,831.6 Qtr.IV 44,830.3 57,672.1 102,502.4 94,548.9 197,051.3 204,987.1 250,661.1 40,346.3 2012/13 Qtr.I 40,003.0 53,072.0 93,075.0 102,801.9 195,876.9 191,554.8 196,298.8 37,850.3 Qtr.II 33,915.4 56,719.3 90,634.7 103,942.4 194,577.2 213,388.4 139,610.2 39,794.3 Qtr.III 44,555.5 68,189.4 112,744.9 112,185.8 224,930.7 243,656.3 167,482.5 49,095.7 Qtr.IV 53,141.5 70,719.3 123,860.8 120,509.5 244,370.3 255,789.4 319,631.9 46,280.4 2013/14 Qtr.I 43,120.5 65,799.3 108,919.8 132,790.7 241,710.5 248,381.1 254,312.0 36,907.1 Qtr.II 35,034.9 68,605.5 103,640.4 135,912.5 239,552.8 280,746.4 183,509.9 33,568.0 Qtr.III 49,325.6 73,178.3 122,503.9 149,702.7 272,206.6 316,621.4 214,428.2 38,417.7 Qtr.IV 61,859.7 82,840.4 144,700.1 163,682.8 308,382.8 330,644.9 415,202.3 46,617.8 2014/15 Qtr.I 53,575.8 77,212.9 130,788.6 179,894.0 310,682.6 324,089.2 334,712.6 37,617.9 Qtr.II 46,195.0 80,932.4 127,127.4 181,903.5 309,030.9 367,680.4 240,612.4 39,448.9 Qtr.III 59,679.0 90,582.1 150,261.1 197,142.1 347,403.1 415,001.2 285,675.1 37,115.2 Qtr.IV 70,334.2 96,520.5 166,854.7 216,622.6 383,477.3 436,889.4 555,345.9 38,098.4 2015/16 Qtr.I 62,675.2 91,951.7 154,626.9 234,022.6 388,649.5 420,346.5 443,769.1 34,853.4 Qtr.II 50,469.1 94,443.8 144,912.9 232,576.7 377,489.6 470,250.8 311,340.8 31,476.1 Qtr.III 64,770.6 100,596.6 165,367.3 244,355.1 409,722.4 521,288.3 356,636.4 26,289.6 Qtr.IV 77,576.0 114,625.3 192,201.3 266,656.6 458,857.9 539,426.6 672,360.4 21,826.4 2016/17 Qtr.I 72,251.8 111,470.1 183,721.9 289,703.7 473,425.6 527,628.6 535,899.8 13,826.6 Qtr.II 58,571.4 120,835.9 179,407.3 294,040.2 473,447.6 578,390.7 372,553.3 16,486.7 Qtr.III 74,200.6 138,931.8 213,132.5 318,315.8 531,448.3 646,532.5 431,010.5 26,642.5 Qtr.IV 85,988.5 146,332.2 232,320.8 356,614.4 588,935.2 700,365.6 840,054.7 38,568.8 2017/18 Qtr.I 77,993.0 151,387.1 229,380.1 384,719.3 614,099.4 686,527.5 663,551.7 29,838.2 Qtr.II 68,967.4 158,839.4 227,806.8 388,348.7 616,155.5 759,228.8 460,948.8 22,550.4 Qtr.III 89,417.0 183,568.9 272,985.9 419,414.6 692,400.5 829,116.2 529,575.8 37,613.0 QIV 100,529.2 199,438.3 299,967.6 459,418.2 759,385.8 867,033.4 1,045,200.0 39,929.0 Table 5: Seasonally adjusted data of Monetary Variables (1) 1/ Obtained by multiplying each original observation by appropriate index for the month (In Millions of Birr)

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 101

End of Period Gross Reserve Foreign Liabilities Net Foreign Assets National Bank of Ethiopia international Reserves Others Comm. Banks Gross Reserve Reserves NBE Total Gold Foreign Exc. Reserve Tranche Posi. Total Liab. Comm. Banks NBE Total NBE Comm. Banks 1=2+6 2=3to5 3 4 5 6 7=8+9 8 9 10=11+12 11=2-9 12=6-8 2007/08 Qtr.I 20,016.34 13,021.85 375.82 12,080.02 463.88 102.13 6,994.50 4,787.11 2,113.06 2,674.04 15,229.24 10,347.81 4,881.43 Qtr.II 19,194.15 12,829.31 491.81 11,759.64 472.18 105.68 6,364.83 4,983.72 2,221.78 2,761.94 14,210.43 10,067.38 4,143.05 Qtr.III 19,005.66 10,875.89 502.52 9,772.72 486.96 113.69 8,129.78 6,005.59 2,384.41 3,621.19 13,000.07 7,254.70 5,745.37 Qtr.IV 16,735.51 8,708.66 5.47 8,093.97 495.26 113.96 8,026.85 5,069.87 2,301.87 2,768.01 11,665.63 5,940.65 5,724.98 2008/09 Qtr.I 16,363.33 8,636.72 15.01 8,010.33 500.60 110.78 7,726.62 5,975.57 2,315.51 3,660.06 10,387.77 4,976.66 5,411.11 Qtr.II 16,211.07 9,260.43 81.90 8,551.39 515.01 112.13 6,950.64 5,977.61 2,854.59 3,123.02 10,233.46 6,137.41 4,096.05 Qtr.III 21,378.52 13,284.94 8.60 12,580.96 574.93 120.45 8,093.58 6,514.92 2,801.54 3,713.38 14,863.60 9,571.56 5,292.04 Qtr.IV 26,434.27 17,214.61 18.17 16,488.13 580.86 127.45 9,219.66 8,457.46 3,076.51 5,380.94 17,976.81 11,833.66 6,143.15 2009/10 Qtr.I 31,435.10 22,262.14 120.26 21,002.66 995.32 143.91 9,172.96 11,906.14 3,856.62 8,049.53 19,528.96 14,212.62 5,316.34 Qtr.II 33,176.91 23,445.68 287.33 22,018.26 995.76 144.34 9,731.23 12,383.88 3,690.78 8,693.10 20,793.03 14,752.59 6,040.45 Qtr.III 40,235.07 27,285.95 267.70 24,480.32 2,389.76 148.18 12,949.12 14,956.45 3,960.93 10,995.53 25,278.62 16,290.43 8,988.19 Qtr.IV 42,350.09 27,289.34 443.30 23,490.22 3,210.12 145.70 15,060.75 15,160.31 3,254.28 11,906.03 27,189.78 15,383.31 11,806.47 2010/11 Qtr.I 55,098.19 35,852.22 490.52 31,229.17 3,948.22 184.31 19,245.97 17,094.98 4,246.06 12,848.92 38,003.21 23,003.30 14,999.91 Qrt.II 60,236.11 40,042.00 444.17 34,418.71 4,994.49 184.63 20,194.12 20,005.24 4,942.59 15,062.65 40,230.88 24,979.34 15,251.53 Qtr.III 66,516.18 45,367.31 1,636.24 38,413.88 5,124.86 192.33 21,148.87 20,878.08 5,595.24 15,282.84 45,638.10 30,084.47 15,553.63 Qtr.IV 79,945.54 51,551.39 1,395.23 44,738.80 5,221.68 195.67 28,394.16 24,410.87 5,715.48 18,695.39 55,534.68 32,856.00 22,678.68 2011/12 Qtr.I 82,289.50 59,724.20 1,037.56 53,248.95 5,242.45 195.24 22,565.30 26,809.66 6,441.17 20,368.49 55,479.84 39,355.70 16,124.13 Qtr.II 75,054.99 51,965.40 479.44 46,056.19 5,236.48 193.30 23,089.59 25,709.43 8,419.69 17,289.74 49,345.56 34,675.66 14,669.91 Qtr.III 68,989.93 40,349.89 669.26 34,192.43 5,292.44 195.77 28,640.04 23,218.08 7,392.24 15,825.84 45,771.85 24,524.05 21,247.79 Qtr.IV 64,119.02 40,101.45 2,038.08 32,528.76 5,339.29 195.32 24,017.57 24,331.33 5,484.21 18,847.12 39,787.69 21,254.33 18,533.36 2012/13 Qtr.I 64,490.48 44,307.75 (24.32) 38,671.89 5,458.67 201.51 20,182.74 25,185.88 5,873.98 19,311.91 39,304.60 24,995.84 14,308.76 Qtr.II 66,096.15 46,620.93 1,964.27 38,926.61 5,526.08 203.98 19,475.22 26,341.60 6,078.30 20,263.30 39,754.55 26,357.64 13,396.92 Qtr.III 73,770.07 50,358.05 1,310.29 43,334.32 5,512.02 201.42 23,412.02 26,788.59 6,038.08 20,750.51 46,981.49 29,607.54 17,373.94 Qtr.IV 72,649.20 44,140.03 2,253.17 36,078.39 5,606.69 201.78 28,509.18 27,009.59 7,515.18 19,494.41 45,639.62 24,645.62 20,994.00 2013/14 Qtr.I 69,177.60 46,471.52 2,656.15 37,900.27 5,705.18 209.91 22,706.08 30,852.50 7,787.68 23,064.82 38,325.10 23,406.69 14,918.40 Qtr.II 69,684.03 49,513.05 1,522.50 41,971.87 5,804.38 214.30 20,170.98 36,149.54 7,933.50 28,216.04 33,534.49 21,297.01 12,237.48 Qtr.III 67,001.19 45,838.73 1,333.55 38,439.61 5,848.52 217.05 21,162.46 30,237.86 7,843.13 22,394.73 36,763.33 23,444.00 13,319.32 Qtr.IV 77,877.97 50,624.47 1,217.59 43,237.44 5,951.02 218.41 27,253.50 31,905.67 7,995.09 23,910.57 45,972.30 26,713.89 19,258.41 2014/15 Qtr.I 72,152.41 52,555.40 1,217.59 45,256.47 5,866.25 215.08 19,597.01 33,089.18 7,599.61 25,489.57 39,063.23 27,065.83 11,997.40 Qtr.II 93,641.42 74,840.58 741.24 67,914.12 5,867.87 317.35 18,800.84 54,231.97 7,784.85 46,447.12 39,409.45 28,393.45 11,015.99 Qtr.III 80,014.15 64,152.02 206.89 57,837.68 5,800.34 307.11 15,862.13 44,497.25 7,985.81 36,511.44 35,516.90 27,640.58 7,876.32 Qtr.IV 82,741.82 66,817.67 79.30 60,856.52 5,566.59 315.26 15,924.15 45,170.87 8,326.57 36,844.30 37,570.95 29,973.37 7,597.57 2015/16 Qtr.I 80,548.64 65,085.59 (101.65) 59,349.29 5,519.27 318.69 15,463.04 44,356.12 8,351.74 36,004.39 36,192.52 29,081.21 7,111.31 Qtr.II 102,594.72 84,226.48 222.87 78,442.72 5,241.83 319.06 18,368.24 71,150.10 9,418.30 61,731.80 31,444.63 22,494.68 8,949.94 Qtr.III 94,205.95 72,889.54 1,136.99 66,362.68 5,064.22 325.65 21,316.42 69,048.43 10,021.13 59,027.31 25,157.52 13,862.23 11,295.29 Qtr.IV 95,054.99 74,156.73 1,113.92 67,851.69 4,859.62 331.50 20,898.27 73,530.80 9,880.50 63,650.30 21,524.19 10,506.42 11,017.77 2016/17 Qtr.I 96,065.61 74,949.60 8.43 69,963.93 4,641.20 336.04 21,116.01 81,707.76 10,224.60 71,483.16 14,357.85 3,466.44 10,891.41 Qtr.III 92,768.28 72,397.44 1,139.58 66,561.06 4,370.15 326.66 20,370.84 76,298.03 9,442.47 66,855.56 16,470.24 5,541.88 10,928.36 Qtr.III 91,850.16 70,874.56 1,135.37 61,851.06 7,550.46 337.66 20,975.60 66,354.95 9,775.10 56,579.86 25,495.21 14,294.70 11,200.51 Qtr.IV 98,750.85 73,874.32 741.33 68,851.84 3,931.73 349.42 24,876.54 60,716.07 10,818.77 49,897.29 38,034.79 23,977.03 14,057.76 2017/18 Qtr.I 93,889.81 68,636.42 0.01 64,643.51 3,633.38 359.52 25,253.39 62,905.21 11,920.65 50,984.56 30,984.60 17,651.86 13,332.74 Qtr.II 108,580.90 82,254.04 0.01 77,584.06 4,249.63 420.35 26,326.86 86,053.00 15,190.78 70,862.22 22,527.90 11,391.82 11,136.08 Qtr.III 109,952.13 85,287.93 81.43 80,464.52 4,309.30 432.67 24,664.20 73,958.81 14,436.48 59,522.34 35,993.32 25,765.59 10,227.72 QIV 102,738.94 77,617.37 750.54 72,217.34 4,231.09 418.41 25,121.57 63,362.74 14,504.75 48,857.99 39,376.20 28,759.38 10,616.82 Table 6: International Reserves and Net Foreign Assets of National Bank & Commercial Bankse month

National Bank of Ethiopia Quarterly Bulletin 102 Fourth Quarter 2017/18 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 1=2+5 2=3+4 3 4 5=6+7 6 7 2007/08 Qtr.I 77648.792 46319.147 30269.272 16049.875 31329.645 22920.833 8408.812 Qtr.II 83224.024 48069.23 31995.272 16073.958 35154.794 25761.004 9393.79 Qtr.III 88852.793 46095.085 33917.272 12177.813 42757.708 31682.645 11075.063 Qtr.IV 95104.831 48211.239 41563.078 6648.161 46893.592 33600.665 13292.927 2008/09 Qtr.I 99722.147 50505.92 44270.978 6234.942 49216.227 34397.644 14818.583 Qtr.II 101879.495 48496.213 42948.978 5547.235 53383.282 35946.711 17436.571 Qtr.III 103730.381 47797.876 42248.978 5548.898 55932.505 37079.808 18852.697 Qtr.IV 106324.626 49908.088 44498.731 5409.357 56416.538 38802.029 17614.509 2009/10 Qtr.I 109573.22 50066.739 44326.631 5740.108 59506.481 39701.378 19805.103 Qtr.II 113178.743 48788.395 43610.831 5177.564 64390.348 44092.844 20297.504 Qtr.III 120251.341 51617.586 45989.731 5627.855 68633.755 46900.669 21733.086 Qtr.IV 124275.076 52938.049 45522.783 7415.266 71337.027 47540.176 23796.851 2010/11 Qtr.I 127025.883 53464.404 47983.683 5480.721 73561.479 48436.984 25124.495 Qrt.II 137731.174 54591.447 50488.583 4102.864 83139.727 55653.799 27485.928 Qtr.III 154521.7359 56883.78 51930.583 4953.197 97637.95594 62088.83394 35549.122 Qtr.IV 172852.068 59183.305 55614.636 3568.669 113668.763 68121.312 45547.451 2011/12 Qtr.I 182848.495 59688.152 55566.481 4121.671 123160.343 72379.012 50781.331 Qtr.II 202386.298 58419.719 55562.481 2857.238 143966.579 85795.455 58171.124 Qrt.III 225564.774 58630.765 55562.481 3068.284 166934.009 100478.276 66455.733 Qtr.IV 240575.211 59983.657 55562.481 4421.176 180591.554 107119.04 73472.514 2012/13 Qtr.I 246456.061 64022.273 55510.381 8511.892 182433.788 106583.929 75849.859 Qtr.II 261646.617 62203.41 55510.381 6693.029 199443.207 115716.078 83727.129 Qtr.III 285289.573 64917.867 59510.381 5407.486 220371.706 128230.088 92141.618 Qtr.IV 300492.71 70210.351 64510.381 5699.97 230282.359 130885.387 99396.972 2013/14 Qtr.I 304819.919 68470.439 64381.334 4089.105 236349.48 129713.985 106635.495 Qtr.II 330002.435 67845.381 64381.334 3464.047 262157.054 144359.463 117797.591 Qtr.III 357277.463 75135.137 73381.334 1753.803 282142.326 155798.242 126344.084 Qtr.IV 374071.192 74934.063 73304.387 1629.676 299137.129 162232.829 136904.3 2014/15 Qtr.I 385474.0606 74402.842 73175.339 1227.503 311071.2186 166392.066 144679.1526 Qtr.II 423153.67 79421.688 78175.339 1246.349 343731.982 184727.66 159004.322 Qtr.III 458315.983 82427.688 81175.339 1252.349 375888.295 202409.269 173479.026 Qtr.IV 493536.495 93431.358 92175.339 1256.019 400105.137 208858.923 191246.214 2015/16 Qtr.I 512987.6 100562.774 99657.342 905.432 412424.826 212528.024 199896.802 Qtr.II 550335.351 105562.774 104657.342 905.432 444772.577 231803.761 212968.816 Qtr.III 574821.256 105562.774 104657.342 905.432 469258.482 244256.61 225001.872 Qtr.IV 594275.572 109866.047 109080.395 785.652 484409.525 252456.246 231953.279 2016/17 Qtr.I 614243.264 116195.129 115640.845 554.284 498048.135 257176.059 240872.076 Qtr.II 653414.082 121195.129 120640.845 554.284 532218.953 279303.526 252915.427 Qtr.III 697290.222 130171.129 129640.845 530.284 567119.093 299213.056 267906.037 Qtr.IV 762842.305 157615.556 135632.845 21982.711 605226.749 311137.506 294089.243 2017/18 Qtr.I 789525.401 172841.666 150632.845 22208.821 616683.735 316104.515 300579.22 Qtr.II 840813.745 182315.461 160128.845 22186.616 658498.284 336105.789 322392.495 Qtr.III 879125.76 182315.461 160128.845 22186.616 696810.299 357928.562 338881.737 QIV 935,341.40 182,315.46 160,128.85 22,186.62 753,025.94 393,607.01 359,418.93 Table 7: Domestic Credit by Sector

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 103 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=3to5 3 4 5 6=7+8 7 8 2007/08 Qtr.I 61,683.06 45,481.93 16,968.54 24,994.43 3,518.97 16,201.13 8,032.28 8,168.85 Qtr.II 62,526.95 46,703.07 16,652.00 26,300.71 3,750.36 15,823.89 6,740.91 9,082.98 Qtr.III 64,318.55 48,941.84 17,462.77 27,829.80 3,649.27 15,376.71 5,966.52 9,410.19 Qtr.IV 65,663.61 50,528.03 17,696.26 29,477.65 3,354.13 15,135.58 6,157.32 8,978.26 2008/09 Qtr.I 70,732.30 55,098.74 20,633.90 31,463.68 3,001.17 15,633.56 7,222.97 8,410.60 Qtr.II 75,022.70 58,470.86 22,949.25 32,543.78 2,977.84 16,551.83 6,215.84 10,336.00 Qtr.III 79,748.34 61,299.52 23,589.18 34,659.04 3,051.31 18,448.82 6,682.81 11,766.01 Qtr.IV 79,916.41 62,794.83 22,397.64 37,148.81 3,248.37 17,121.59 6,671.53 10,450.06 2009/10 Qtr.I 86,455.99 68,889.65 25,572.45 39,815.15 3,502.06 17,566.34 7,373.32 10,193.02 Qtr.II 89,917.82 69,685.24 24,372.26 41,814.19 3,498.80 20,232.57 7,785.92 12,446.66 Qtr.III 95,782.45 74,203.02 26,271.82 44,362.54 3,568.66 21,579.43 7,036.56 14,542.87 Qtr.IV 99,652.87 79,727.91 27,727.99 48,043.71 3,956.21 19,924.97 6,182.46 13,742.50 2010/11 Qtr.I 107,047.07 84,950.78 29,584.52 51,464.97 3,901.29 22,096.29 8,265.64 13,830.65 Qrt.II 116,681.78 89,464.56 31,725.01 53,879.49 3,860.06 27,217.22 9,369.75 17,847.47 Qtr.III 132,852.12 99,552.12 34,948.61 60,140.80 4,462.70 33,300.00 11,276.68 22,023.33 Qtr.IV 143,339.26 112,807.61 43,596.12 64,545.08 4,666.41 30,531.65 10,290.93 20,240.72 2011/12 Qtr.I 158,086.94 118,741.91 46,068.57 67,993.43 4,679.92 39,345.03 19,133.30 20,211.73 Qtr.II 164,606.16 119,630.04 42,879.96 71,584.79 5,165.29 44,976.12 17,307.05 27,669.07 Qrt.III 176,742.06 133,785.19 47,246.43 76,402.38 10,136.38 42,956.87 11,962.11 30,994.76 Qtr.IV 189,288.75 150,862.50 56,312.74 82,488.70 12,061.06 38,426.25 10,218.40 28,207.85 2012/13 Qtr.I 201,701.35 154,159.92 54,544.75 87,502.71 12,112.46 47,541.43 17,980.48 29,560.96 Qtr.II 212,060.37 163,588.98 57,524.67 93,134.26 12,930.05 48,471.40 12,778.13 35,693.26 Qtr.III 232,572.14 180,446.45 66,203.30 100,727.49 13,515.66 52,125.69 17,952.55 34,173.15 Qtr.IV 237,807.95 189,563.12 69,052.38 106,232.04 14,278.69 48,244.83 9,133.04 39,111.79 2013/14 Qtr.I 243,194.15 196,298.49 67,625.20 113,061.71 15,611.58 46,895.66 16,548.01 30,347.65 Qtr.II 257,802.58 208,266.07 69,579.58 122,757.75 15,928.74 49,536.52 14,339.95 35,196.57 Qtr.III 277,784.24 223,493.74 71,046.94 135,254.21 17,192.59 54,290.51 12,807.36 41,483.14 Qtr.IV 292,574.89 244,570.57 80,887.76 145,810.54 17,872.27 48,004.32 8,793.48 39,210.84 2014/15 Qtr.I 302,604.19 253,671.36 79,355.45 155,437.52 18,878.38 48,932.83 14,407.98 34,524.85 Qtr.II 323,537.99 267,697.42 82,081.55 164,291.18 21,324.70 55,840.58 13,882.20 41,958.38 Qtr.III 349,885.26 288,699.57 87,943.76 163,024.68 37,731.13 61,185.70 21,308.75 39,876.94 Qtr.IV 373,564.10 310,867.99 94,245.42 174,631.98 41,990.59 62,696.11 15,098.54 47,597.57 2015/16 Qtr.I 397,760.17 321,269.40 94,503.33 181,919.24 44,846.83 76,490.77 31,740.19 44,750.57 Qtr.II 413,662.32 333,107.99 95,784.79 192,284.18 45,039.02 80,554.32 25,739.39 54,814.93 Qtr.III 422,481.50 346,500.73 97,666.63 201,515.25 47,318.84 75,980.77 20,077.26 55,903.51 Qtr.IV 440,897.76 378,580.08 111,923.49 217,034.28 49,622.31 62,317.68 14,042.32 48,275.36 2016/17 Qtr.I 461,626.23 395,283.95 114,563.29 228,607.10 52,113.56 66,342.28 18,220.23 48,122.05 Qtr.II 498,193.86 422,592.69 122,551.62 244,021.95 56,019.12 75,601.17 15,628.13 59,973.04 Qtr.III 537,634.69 459,035.83 134,885.28 264,819.66 59,330.90 78,598.86 19,084.80 59,514.06 Qtr.IV 571,671.19 499,497.48 142,883.04 293,431.70 63,182.74 72,173.71 14,741.81 57,431.90 2017/18 Qtr.I 605,014.07 528,393.66 155,587.95 306,915.08 65,890.63 76,620.40 19,337.75 57,282.65 Qtr.II 639,712.39 557,368.95 161,094.75 324,547.41 71,726.79 82,343.44 16,680.94 65,662.50 Qtr.III 691,047.39 605,334.25 178,222.22 352,633.66 74,478.38 85,713.14 18,874.93 66,838.21 QIV 734,482.46 654,169.83 194,737.37 382,563.67 76,868.79 80,312.63 19,921.99 60,390.64 Table 8: Deposits by Type and Sector

National Bank of Ethiopia Quarterly Bulletin 104 Fourth Quarter 2017/18 End of Period Reserve Requir-ments Actual Rese. Excess Rese. Foreign Assets Foreign Liabilities Actual Reserve+ Net For. Assets Liquidity Ratio Ratio: Loans Adv.to Dep. Debit Balance TurnOver of Total Short Term Long Term Deposit 1 2 3=2-1 4 5=6+7 6 7 7=2+4-5 8 9 10 11 2007/08 Qtr.I 5,365.08 13,865.27 8,500.19 6,994.50 2,113.06 2,113.06 - 18,746.71 41.22 42.72 76,830.15 2.32 Qtr.II 5,578.60 14,355.51 8,776.91 6,364.83 2,221.78 2,221.78 - 18,498.56 39.61 46.18 82,185.63 2.53 Qtr.III 5,835.20 12,463.60 6,628.40 8,129.78 2,384.41 2,384.41 - 18,208.97 37.21 54.30 90,495.30 2.76 Qtr.IV 8,925.94 17,795.25 8,869.31 8,026.85 2,301.87 2,301.87 - 23,520.23 46.55 56.47 90,493.46 2.76 2008/09 Qtr.I 9,526.40 17,673.90 8,147.50 7,726.62 2,315.51 2,315.51 - 23,085.01 41.90 54.16 93,429.37 2.58 Qtr.II 10,321.03 20,659.25 10,338.22 6,950.64 2,854.59 2,854.59 - 24,755.30 42.34 52.24 102,943.96 2.61 Qtr.III 10,959.83 21,886.74 10,926.91 8,093.58 2,801.54 2,801.54 - 27,178.78 44.34 50.75 105,249.56 2.50 Qtr.IV 10,986.73 23,690.72 12,703.99 9,219.66 3,076.51 3,076.51 - 29,833.87 47.51 52.98 124,300.65 3.15 2009/10 Qtr.I 11,398.99 27,119.02 15,720.02 9,172.96 3,856.62 3,856.62 - 32,435.36 48.58 51.27 119,082.48 2.93 Qtr.II 11,983.78 24,371.67 12,387.89 9,731.23 3,690.78 3,690.78 - 30,412.11 44.65 53.63 131,681.49 3.04 Qtr.III 12,695.80 26,921.09 14,225.29 12,949.12 3,960.93 3,960.93 - 35,909.28 50.53 54.01 140,393.61 3.01 Qtr.IV 13,973.16 25,217.08 11,243.92 15,060.75 3,254.28 3,254.28 - 37,023.55 47.14 52.64 135,342.10 2.72 2010/11 Qtr.I 14,425.68 28,768.06 14,342.38 19,245.97 4,246.06 4,246.06 - 43,767.97 52.16 50.04 142,217.22 2.86 Qrt.II 15,192.46 27,486.93 12,294.47 20,194.12 4,942.59 4,942.59 - 42,738.46 49.33 51.14 157,805.63 2.92 Qtr.III 17,642.76 31,482.17 13,839.40 21,148.87 5,595.24 5,595.24 - 47,035.80 48.70 51.76 182,812.16 2.73 Qtr.IV 19,025.55 34,282.97 15,257.42 28,394.16 5,715.48 5,715.48 - 56,961.65 53.00 51.32 195,452.30 2.84 2011/12 Qtr.I 20,126.73 34,514.38 14,387.65 22,565.30 6,441.17 6,441.17 - 50,638.52 43.68 52.65 (9,492.66) (0.11) Qtr.II 21,519.95 30,154.47 8,634.53 23,089.59 8,419.69 8,419.69 - 44,824.38 37.92 55.15 (2,172.31) (0.02) Qrt.III 23,815.67 17,652.45 (6,163.22) 28,640.04 7,392.24 7,392.24 - 38,900.24 29.94 60.46 17,694.84 0.19 Qtr.IV 25,253.90 29,039.93 3,786.03 24,017.57 5,484.21 5,484.21 - 47,573.29 33.72 61.61 4,861.45 0.05 2012/13 Qtr.I 26,887.04 27,882.48 995.43 20,182.74 5,873.98 5,873.98 - 42,191.23 27.86 59.18 1,243.93 0.01 Qtr.II 28,886.85 33,108.11 4,221.25 19,475.22 6,078.30 6,078.30 - 46,505.03 29.49 58.13 (393.14) (0.00) Qtr.III 31,682.68 32,417.53 734.85 23,412.02 6,038.08 6,038.08 - 49,791.47 28.61 59.23 9,287.24 0.08 Qtr.IV 33,194.01 30,375.31 (2,818.70) 28,509.18 7,515.18 7,515.18 - 51,369.31 27.80 59.17 17,366.28 0.15 2013/14 Qtr.I 11,141.57 31,747.72 20,606.14 22,706.08 7,787.68 7,787.68 - 46,666.12 23.76 57.70 9,229.02 0.08 Qtr.II 11,623.52 29,413.17 17,789.65 20,170.98 7,933.50 7,933.50 - 41,650.65 20.86 59.24 5,710.64 0.05 Qtr.III 12,841.04 34,921.78 22,080.74 21,162.46 7,843.13 7,843.13 - 48,241.10 22.27 59.34 175.83 0.00 Qtr.IV 13,653.84 35,672.30 22,018.46 27,253.50 7,995.09 7,995.09 - 54,930.71 23.40 58.46 4,339.82 0.03 2014/15 Qtr.I 14,375.89 38,690.72 24,314.83 19,597.01 7,599.61 7,599.61 - 50,688.12 19.88 57.30 2,953.29 0.02 Qtr.II 14,936.11 35,148.79 20,212.68 18,800.84 7,784.85 7,784.85 - 46,164.79 17.77 59.30 6,009.59 0.04 Qtr.III 16,089.21 35,280.66 19,191.45 15,862.13 7,985.81 7,985.81 - 43,156.97 15.51 61.63 18,711.98 0.13 Qtr.IV 17,277.43 42,342.37 25,064.94 15,924.15 8,326.57 8,326.57 - 49,939.95 16.80 60.16 15,260.52 0.10 2015/16 Qtr.I 18,154.75 39,809.59 21,654.84 15,463.04 8,351.74 8,351.74 - 46,920.90 14.65 58.02 12,689.06 0.07 Qtr.II 18,915.62 37,943.40 19,027.78 18,368.24 9,418.30 9,418.30 - 46,893.34 14.39 59.75 21,979.28 0.13 Qtr.III 19,737.07 40,401.93 20,664.86 21,316.42 10,021.13 10,021.13 - 51,697.22 15.38 60.76 21,123.17 0.12 Qtr.IV 21,091.12 50,905.91 29,814.79 20,898.27 9,880.50 9,880.50 - 61,923.67 17.26 59.00 11,998.99 0.07 2016/17 Qtr.I 21,607.98 53,728.78 32,120.80 21,116.01 10,224.60 10,224.60 - 64,620.18 16.58 59.07 9,035.88 0.05 Qtr.II 23,442.03 54,499.76 31,057.72 20,370.84 9,442.47 9,442.47 - 65,428.12 15.95 57.14 1,283.95 0.01 Qtr.III 25,206.43 64,854.52 39,648.09 20,975.60 9,775.10 9,775.10 - 76,055.03 17.20 57.42 6,627.15 0.03 Qtr.IV 26,950.85 75,305.69 48,354.85 24,876.54 10,818.77 10,818.77 - 89,363.46 18.71 56.11 1,282.86 0.01 2017/18 Qtr.I 28,587.02 81,683.92 53,096.91 25,253.39 11,920.65 11,920.65 - 95,016.66 18.28 54.86 (15,668.39) (0.07) Qtr.II 30,398.50 68,091.41 37,692.91 26,326.86 15,190.78 15,190.78 - 79,227.48 14.73 54.20 (443.57) (0.00) Qtr.III 32,735.93 74,352.05 41,616.12 24,664.20 14,436.48 14,436.48 - 84,579.78 14.43 53.77 (1,452.41) (0.01) QIV 34,423.80 89,611.48 55,187.68 25,121.57 14,504.75 14,504.75 - 100,228.29 16.02 55.08 (7,299.45) (0.03) Table 9: Reserve and Liquidity Position of the Commercial Banks, and Turnover of Deposits

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 Fourth Quarter 2017/18 105 End of Period Value of Notes & Coins Denomination of Notes: Birr Denominations of Coins: Cents Total Value (Notes) 1 5 10 50 100 Total Value (Coins) 1 5 10 25 50 100(coin) 2007/08 - Qtr.I 15,130.28 14,952.95 414.24 122.19 1,808.99 2,612.65 9,994.88 177.33 0.79 28.26 65.55 32.09 50.65 - Qtr.II 17,852.37 17,673.64 454.41 189.83 2,415.83 2,974.22 11,639.35 178.73 0.80 28.45 66.22 32.13 51.13 - Qtr.III 19,492.25 19,309.45 437.55 210.26 2,697.15 3,519.61 12,444.88 182.80 0.81 28.94 66.56 33.40 53.10 - Qtr.IV 19,780.76 19,591.54 414.88 188.16 2,574.33 3,459.40 12,954.78 189.22 0.82 29.82 67.98 34.93 55.69 - 2008/09 - Qtr.I 20,388.51 20,191.02 417.05 162.81 2,456.69 3,554.47 13,599.99 197.50 0.83 30.35 69.63 37.80 58.88 Qtr.II 22,129.88 21,925.99 441.73 259.80 2,514.75 3,757.72 14,952.00 203.89 0.84 31.34 71.47 39.42 60.83 - Qtr.III 24,028.82 23,818.74 459.80 268.92 2,581.75 3,931.89 16,576.39 210.08 0.85 32.16 72.99 41.27 62.81 - Qtr.IV 24,133.92 23,918.17 449.01 245.66 2,226.96 3,897.26 17,099.28 215.75 0.85 33.20 74.25 42.80 64.65 - 2009/10 - Qtr.I 23,036.27 22,815.54 426.34 231.78 2,023.74 3,521.68 16,612.00 220.73 0.86 33.93 75.60 44.15 66.20 - Qtr.II 26,011.29 25,786.82 458.45 258.60 2,023.69 3,724.18 19,321.91 224.47 0.87 34.25 76.82 45.20 67.33 - Qtr.III 28,333.19 28,103.54 466.20 364.70 2,943.09 3,723.91 20,605.64 229.65 0.88 34.79 78.92 45.88 69.18 - Qtr.IV 28,812.68 28,576.89 462.64 356.90 2,842.88 3,383.89 21,530.57 235.79 0.89 35.40 80.59 46.62 72.30 - 2010/11 Qtr.I 30,620.03 30,277.14 482.31 366.59 2,618.53 3,493.35 23,316.36 342.89 0.98 36.17 83.47 52.05 127.69 42.54 Qrt.II 34,074.69 33,731.19 404.08 223.32 3,124.94 4,082.83 25,896.03 343.50 0.98 36.18 83.61 50.91 122.87 48.95 Qtr.III 37,477.82 37,199.86 471.92 310.02 4,012.53 4,601.51 27,803.88 277.96 0.95 36.30 83.95 26.06 73.09 57.60 Qtr.IV 39,144.33 38,848.30 482.90 293.39 3,424.98 4,283.82 30,363.21 296.03 0.80 36.97 86.03 30.06 76.31 65.86 2011/12 Qtr.I 38,781.79 38,475.23 486.48 287.09 3,526.68 4,612.57 29,562.41 306.56 0.80 37.21 86.80 30.95 77.61 73.18 Qtr.II 42,055.98 41,736.29 496.50 287.42 3,563.94 5,885.12 31,503.31 319.69 0.80 37.24 87.03 32.42 81.31 80.89 Qrt.III 44,717.98 44,390.70 661.53 659.47 4,605.11 7,134.50 31,330.10 327.28 0.80 37.24 87.71 33.91 84.50 83.12 Qtr.IV 45,802.08 45,468.38 626.30 514.84 1,143.97 2,481.97 40,701.31 333.69 0.80 37.30 88.41 35.15 86.42 85.61 2012/13 Qtr.I 46,238.60 45,990.95 677.60 626.95 1,545.65 3,113.71 40,027.05 247.64 0.80 27.30 69.57 6.91 55.76 87.30 Qtr II 50,982.93 50,727.67 700.21 465.34 2,533.36 5,065.12 41,963.64 255.27 0.80 28.16 70.70 8.95 58.57 88.09 Qtr II 54,337.64 54,065.49 614.72 513.63 3,368.21 6,488.93 43,080.00 272.16 0.80 28.45 73.78 14.21 66.88 88.03 Qtr.IV 54,993.75 54,632.80 659.63 533.03 3,430.71 6,602.43 43,407.00 360.95 0.80 34.15 83.97 57.73 96.04 88.26 2013/14 Qtr.I 50,591.92 50,222.62 683.60 589.50 3,222.89 6,397.13 39,329.50 369.30 0.80 34.22 84.92 59.04 98.12 92.20 Qtr.II 52,495.87 52,121.92 692.60 609.20 3,321.59 6,475.13 41,023.40 373.95 0.80 34.35 85.25 59.57 99.12 94.86 Qtr.III 64,642.35 64,230.35 659.87 867.24 2,421.43 6,669.19 53,612.61 412.00 0.85 39.29 94.87 61.91 100.15 114.94 Qtr.IV 64,472.89 64,048.13 634.91 906.87 2,368.81 6,773.19 53,364.35 424.76 0.84 39.47 95.39 62.82 101.42 124.82 2014/15 Qtr.I 63,846.64 63,406.58 618.32 964.83 2,339.46 6,555.26 52,928.72 440.07 0.84 39.68 95.93 63.89 102.87 136.85 Qtr.II 70,841.49 70,384.84 602.55 1,097.30 2,550.70 7,607.59 58,526.71 456.65 0.84 39.85 96.24 64.49 103.97 151.25 Qtr.III 74,470.24 73,989.14 588.98 1,160.96 2,695.05 7,767.27 61,776.89 481.11 0.84 40.02 96.73 65.60 105.86 172.06 Qtr.IV 75,358.80 74,846.91 557.84 1,177.83 2,675.61 7,459.79 62,975.84 511.89 0.84 40.14 97.08 66.39 107.34 200.10 2015/16 Qtr.I 74,863.51 74,313.69 538.88 1,208.98 2,725.73 7,304.01 62,536.10 549.81 0.84 40.33 97.55 67.11 108.59 235.39 Qtr.II 77,947.85 77,357.36 507.33 1,306.85 2,885.18 7,573.22 65,084.79 590.49 0.84 40.48 97.92 67.79 109.77 273.70 Qtr.III 80,376.23 79,731.88 479.63 1,325.66 2,807.14 7,367.40 67,752.05 644.35 0.84 40.61 98.25 68.32 110.74 325.59 Qtr.IV 82,764.96 82,067.87 455.82 1,337.42 2,766.87 7,906.83 69,600.94 697.09 0.80 40.71 98.44 68.74 111.48 376.92 2016/17 Qtr.I 85,984.20 85,243.15 439.29 1,355.63 2,793.38 8,911.74 71,743.11 741.05 0.84 40.85 98.74 69.43 112.48 418.72 Qtr.II 90,418.88 89,629.24 425.93 1,456.26 2,925.05 9,417.70 75,404.30 789.64 0.84 40.95 98.89 69.87 113.48 465.61 Qtr.III 92,383.07 91,541.24 411.69 1,461.33 2,982.70 9,615.17 77,070.34 841.83 0.84 41.08 99.15 70.58 114.73 515.47 Qtr.IV 94,415.56 93,527.57 403.76 1,418.72 3,010.12 9,722.22 78,972.75 887.99 0.84 41.19 99.38 71.42 115.82 559.33 2017/18 Qtr.I 95,132.79 94,206.46 396.38 1,396.74 3,025.67 9,678.23 79,709.45 926.33 0.84 41.26 99.58 72.03 116.76 595.85 Qtr.II 106,106.89 105,137.36 393.83 1,506.66 3,423.48 10,701.55 89,111.85 969.53 0.84 41.32 99.71 72.44 117.67 637.56 Qtr.III 112,608.68 111,589.80 388.22 1,507.79 3,487.38 11,017.09 95,189.32 1,018.88 0.84 41.40 99.83 72.73 118.61 685.47 QIV 113,081.01 112,020.63 384.08 1,467.79 3,512.80 11,143.42 95,512.55 1,060.38 0.84 41.43 99.80 72.95 118.89 726.47 Table 10: Circulating Notes and Coins by Denomination Table 10: Circulating Notes and Coins by Denomination

National Bank of Ethiopia Quarterly Bulletin 106 Fourth Quarter 2017/18 Particulars Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- Jan. 1, 1995 Cooperatives 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: Import trade (agricultural inputs) 5 6 7 14.0-15 CBEs/ Discount Rate/ 10.5 Import trade (other) 6 8 9.5 14.0-15 Hotels and tourism 6 8 9 14.0-15 Other Financial Inst. 10.5 Construction 6 8 9 11.0-12 Housing (1) purchase 6 6 8 11.0-12 Interbank Rate 10 (2) construction 4.5 4.5 7 11.0-12 Central Government -- 3.0-5.0 -- 12.0-13 Banks and financial institutions -- 2.5-4.5 -- 10.0 Personal loans -- -- 10 14.0-15 A. Lending rates (by CBE and specialized banks) Table 11: Interest Rate Structures 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 10 10 ownership and maturity Rate differentials: Individuals, savings and credit cooperatives; self-help organizations: Up to Br. 100,000 6.0 In excess of Br. 100,000 2.0 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- August-02 Aug. 2002 to 7-Feb-05 8-Feb-05 04-Jul-07 04-Jul-07 30-Nov-10 01-Dec-10 to 10-Oct -2017 11-Oct-17 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 determined Central Government loan 12 6 6 5 3 C. Minimum and Maximum Interest Rates Particulars Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- Jan. 1, 1995 Cooperatives 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: Import trade (agricultural inputs) 5 6 7 14.0-15 CBEs/ Discount Rate/ 10.5 Import trade (other) 6 8 9.5 14.0-15 Hotels and tourism 6 8 9 14.0-15 Other Financial Inst. 10.5 Construction 6 8 9 11.0-12 Housing (1) purchase 6 6 8 11.0-12 Interbank Rate 10 (2) construction 4.5 4.5 7 11.0-12 Central Government -- 3.0-5.0 -- 12.0-13 Banks and financial institutions -- 2.5-4.5 -- 10.0 Personal loans -- -- 10 14.0-15 A. Lending rates (by CBE and specialized banks) Table 11: Interest Rate Structures 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 10 10 ownership and maturity Rate differentials: Individuals, savings and credit cooperatives; self-help organizations: Up to Br. 100,000 6.0 In excess of Br. 100,000 2.0 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- August-02 Aug. 2002 to 7-Feb-05 8-Feb-05 04-Jul-07 04-Jul-07 30-Nov-10 01-Dec-10 to 10-Oct -2017 11-Oct-17 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 determined Central Government loan 12 6 6 5 3 C. Minimum and Maximum Interest Rates

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 107 End of Period Total Gov't Indebt-edness National Bank of Ethiopia Commercial Banks Others NBE Total Direct Advance Gov't Bonds Comm. Banks Total Gov’t Bonds Treasury Bills Others Total Gov’t Bonds Treasury Bills Noninterest bearing Interest bearing 1=2+6+9 2=3 to 5 3 4 5 6=7+8 7 8 9=10+11 10 11 2007/08 Qtr.I 48,586.58 30,269.27 20,370.00 9,417.07 482.20 16,049.88 4,070.52 11,979.36 2,267.43 282.43 1,985.00 Qtr.II 50,558.75 31,995.27 22,096.00 9,417.07 482.20 16,073.96 4,059.40 12,014.56 2,489.52 274.52 2,215.00 Qtr.III 50,549.41 33,917.27 24,018.00 9,417.07 482.20 12,177.81 4,058.33 8,119.48 4,454.32 430.32 4,024.00 Qtr.IV 54,229.56 41,563.08 31,818.00 9,270.88 474.20 6,648.16 3,914.04 2,734.12 6,018.32 430.32 5,588.00 2008/09 Qtr.I 56,674.45 44,270.98 34,578.00 9,270.88 422.10 6,234.94 3,891.83 2,343.11 6,168.53 430.32 5,738.21 Qtr.II 54,951.33 42,948.98 33,256.00 9,270.88 422.10 5,547.24 3,879.25 1,667.98 6,455.12 413.91 6,041.21 Qtr.III 54,449.46 42,248.98 32,556.00 9,270.88 422.10 5,548.90 3,878.19 1,670.71 6,651.58 370.61 6,280.97 Qtr.IV 56,589.88 44,498.73 34,891.00 9,193.63 414.10 5,409.36 3,741.62 1,667.73 6,681.79 370.61 6,311.18 2009/10 Qtr.I 56,667.53 44,326.63 34,771.00 9,193.63 362.00 5,740.11 3,469.42 2,270.69 6,600.79 370.61 6,230.18 Qtr.II 55,892.60 43,610.83 34,055.20 9,193.63 362.00 5,177.56 3,456.84 1,720.73 7,104.20 354.21 6,749.99 Qtr.III 58,879.96 45,989.73 36,434.10 9,193.63 362.00 5,627.86 3,456.84 2,171.02 7,262.37 310.91 6,951.46 Qtr.IV 59,921.16 45,522.78 36,044.10 9,124.68 354.00 7,415.27 3,319.45 4,095.82 6,983.11 310.91 6,672.20 2010/11 Qtr.I 60,527.51 47,983.68 38,557.10 9,124.68 301.90 5,480.72 3,047.24 2,433.48 7,063.11 310.91 6,752.20 Qtr.II 61,613.17 50,488.58 41,062.00 9,124.68 301.90 4,102.86 2,784.66 1,318.20 7,021.72 269.31 6,752.41 Qtr.III 64,015.49 51,930.58 42,504.00 9,124.68 301.90 4,953.20 2,784.45 2,168.75 7,131.71 269.30 6,862.41 Qtr.IV 69,415.23 55,614.64 46,265.00 9,055.74 293.90 3,568.67 2,670.28 898.39 10,231.92 269.30 9,962.62 2011/12 Qtr.I 71,051.95 55,566.48 46,264.95 9,055.74 245.80 4,121.67 2,424.58 1,697.09 11,363.80 251.20 11,112.60 Qrt.II 71,122.32 55,562.48 46,264.95 9,055.74 241.80 2,857.24 2,423.24 434.00 12,702.60 251.20 12,451.40 Qrt.III 75,502.17 55,562.48 46,264.95 9,055.74 241.80 3,068.28 2,419.19 649.10 16,871.40 200.00 16,671.40 Qtr.IV 77,812.02 55,562.48 46,264.95 9,055.74 241.80 4,421.18 2,419.19 2,001.99 17,828.36 200.00 17,628.36 2012/13 Qtr.I 82,079.07 55,510.38 46,264.95 9,055.74 189.70 8,511.89 2,455.93 6,055.97 18,056.80 200.00 17,856.80 Qtr.II 81,380.81 55,510.38 46,264.95 9,055.74 189.70 6,693.03 2,397.57 4,295.46 19,177.40 200.00 18,977.40 Qtr.III 85,794.00 59,510.38 50,264.95 9,055.74 189.70 5,407.49 2,419.75 2,987.74 20,876.14 200.00 20,676.14 Qtr.IV 93,019.21 64,510.38 55,264.95 9,055.74 189.70 5,699.97 2,380.36 3,319.61 22,808.86 200.00 22,608.86 2013/14 Qtr.I 91,279.30 64,381.33 55,264.95 8,986.79 129.60 4,089.11 1,753.86 2,335.24 22,808.86 200.00 22,608.86 Qtr.II 90,654.24 64,381.33 55,264.95 8,986.79 129.60 3,464.05 1,753.83 1,710.21 22,808.86 200.00 22,608.86 Qtr.III 97,944.00 73,381.33 64,264.95 8,986.79 129.60 1,753.80 1,753.80 - 22,808.86 200.00 22,608.86 Qtr.IV 107,318.52 73,304.39 64,264.95 8,917.84 121.60 1,629.68 1,629.68 - 32,384.46 97.60 32,286.86 2014/15 Qtr.I 109,794.80 73,175.34 64,264.95 8,848.89 61.50 1,227.50 1,227.50 - 35,391.96 97.60 35,294.36 Qtr.II 116,383.35 78,175.34 69,264.95 8,848.89 61.50 1,246.35 1,246.35 - 36,961.66 54.30 36,907.36 Qtr.III 121,824.85 81,175.34 72,264.95 8,848.89 61.50 1,252.35 1,252.35 - 39,397.16 54.30 39,342.86 Qtr.IV 135,190.41 92,175.34 83,264.95 8,848.89 61.50 1,256.02 1,256.02 - 41,759.05 54.30 41,704.76 2015/16 Qtr.I 144,937.83 99,657.34 91,264.95 8,344.40 48.00 905.43 905.43 - 44,375.06 54.30 44,320.76 Qtr.II 154,426.63 104,657.34 96,264.95 8,344.40 48.00 905.43 905.43 - 48,863.86 54.30 48,809.56 Qtr.III 159,157.73 104,657.34 96,264.95 8,344.40 48.00 905.43 905.43 - 53,594.96 72.40 53,522.56 Qtr.IV 163,461.01 109,080.40 100,764.95 8,275.45 40.00 785.65 785.65 - 53,594.96 72.40 53,522.56 2016/17 Qtr.I 161,914.19 107,764.95 107,764.95 - - 554.28 554.28 - 53,594.96 72.40 53,522.56 Qtr.II 171,344.89 120,640.85 112,764.95 7,839.90 36.00 554.28 554.28 - 50,149.76 36.20 50,113.56 Qtr.III 184,406.89 129,640.85 121,764.95 7,839.90 36.00 530.28 530.28 - 54,235.76 36.20 54,199.56 Qtr.IV 230,923.31 135,632.85 127,764.95 7,839.90 28.00 21,982.71 21,982.71 - 73,307.76 36.20 73,271.56 2017/18 Qtr.I 251,943.33 150,632.85 142,764.95 7,839.90 28.00 22,208.82 22,208.82 - 79,101.66 18.10 79,083.56 Qtr.II 264,416.12 160,128.85 152,264.95 7,839.90 24.00 22,186.62 22,186.62 - 82,100.66 18.10 82,082.56 Qtr.III 270,410.12 160,128.85 152,264.95 7,839.90 24.00 22,186.62 22,186.62 - 88,094.66 18.10 88,076.56 Qtr.IV 286,601.12 160,128.85 152,264.95 7,839.90 24.00 22,186.62 22,186.62 - 104,285.66 18.10 104,267.56 Table 12: Government Internal Debt by Holder

National Bank of Ethiopia Quarterly Bulletin 108 Fourth Quarter 2017/18

Ethiopian fiscal year 2009 2010 Fiscal year ending July 7 2016-17 2017/18 Pre actual Pre actual Budget 3mon(Qrt.I) 6mon Qrt.II 9mon Qrt.III 12mon Qrt.IV Budget 3mon(Qrt.I) 6mon Qrt.II 9mon Qrt.III 12 Mon Qrt.IV Tax revenue 226894.4 50826.0 103832.8 53006.8 152466.0 48633.2 210135.9 57669.8 262309.4 53367.7 119446.2 66078.5 177027.8 57581.6 235,229.5 58,201.7 Direct taxes 87618.8 19335.1 42807.8 23472.7 59610.1 16802.4 81410.4 21800.3 97468.6 19902.6 50054.4 30151.8 74130.6 24076.3 97,646.0 23,515.4 Income and profits tax 84652.7 18664.0 41644.0 22980.0 57410.6 15766.6 78321.7 20911.2 94332.1 19320.1 48693.0 29373.0 72068.6 23375.5 94,837.3 22,768.8 Personal income 26618.5 5517.1 11247.9 5730.8 18375.8 7127.9 26577.5 8201.7 30896.0 6759.0 15302.6 8543.6 24487.7 9185.1 34,810.6 10,322.9 Rental income tax 1767.4 823.5 1372.6 549.2 1504.6 132.0 1675.2 170.6 2354.3 782.1 1362.6 580.5 1610.5 248.0 1,727.2 116.7 Business profits 48148.4 10789.9 25674.3 14884.4 32335.9 6661.6 42260.2 9924.4 52146.7 9931.1 28118.6 18187.6 35219.0 7100.3 44,732.7 9,513.7 Withholding income tax on imports 3440.1 813.0 1596.8 783.7 2353.7 757.0 3169.7 816.0 4005.8 919.7 1782.1 862.4 2528.0 745.9 3,308.6 780.5 Agriculture income 548.9 12.6 127.4 114.8 331.8 204.3 423.1 91.3 617.8 9.3 103.1 93.8 272.0 168.9 401.0 129.0 Other income 3345.4 378.8 1160.9 782.1 1771.8 610.8 3220.8 1449.0 3420.2 637.9 1408.7 770.8 6851.0 5442.3 8,356.9 1,505.9 Interest income tax 676.4 287.6 375.7 88.1 584.8 209.1 792.1 207.3 799.9 247.3 517.0 269.7 957.2 440.1 1,261.8 304.6 Capital gains tax 107.6 41.4 88.3 46.9 152.2 63.9 203.1 50.9 91.4 33.7 98.2 64.5 143.2 45.0 238.7 95.5 Rural land use fee 437.8 14.2 113.8 99.6 297.6 183.7 410.9 113.3 486.1 10.6 85.9 75.3 243.2 157.3 376.3 133.1 Urban land lease fee 2528.2 656.9 1050.0 393.0 1902.0 852.1 2677.8 775.8 2650.4 572.0 1275.4 703.5 1818.8 543.4 2,432.4 613.6 Domestic indirect taxes 67594.2 13821.3 27248.8 13427.5 43544.5 16295.7 62523.1 18978.5 78503.1 14524.3 30824.7 16300.4 48018.7 17194.0 67,172.4 19,153.7 Sales/TOT/excise taxes 33586.8 5294.3 10764.6 5470.3 17258.7 6494.1 24768.1 7509.4 39788.0 6120.2 12739.3 6619.2 20821.0 8081.7 28,849.4 8,028.4 Petroleum products 662.9 61.7 165.2 103.5 331.4 166.3 463.5 132.1 763.9 190.0 348.1 158.1 491.0 142.9 610.6 119.6 Alcohol and tobacco 6163.0 1109.9 2591.5 1481.7 3938.9 1347.3 5588.1 1649.2 7092.6 1207.8 2827.8 1620.0 4634.2 1806.4 6,483.4 1,849.2 Other goods 26760.9 4122.8 8007.9 3885.2 12988.4 4980.5 18716.5 5728.1 31931.4 4722.3 9563.5 4841.2 15695.8 6132.3 21,755.3 6,059.5 Services TOT/ sales tax 32087.3 8135.2 15732.0 7596.8 25224.5 9492.5 36190.3 10965.9 36303.7 8052.1 17319.3 9267.3 26043.7 8724.3 36,587.7 10,544.0 Stamp duties 1920.2 391.8 752.2 360.4 1061.3 309.1 1564.6 503.3 2411.4 352.0 766.0 414.0 1154.0 388.0 1,735.4 581.4 Import duties and taxes 71681.4 17669.7 33776.3 16106.6 49311.3 15535.1 66202.4 16891.0 86337.7 18940.9 38567.2 19626.3 54878.4 16311.3 70,411.0 15,532.6 Custom duties 23782.2 6013.4 11418.7 5405.2 16884.2 5465.6 22655.0 5770.7 28644.8 6471.8 13382.6 6910.8 19136.6 5754.0 24,393.7 5,257.1 Sales/excise taxes 33915.1 8246.6 15811.9 7565.3 22934.6 7122.7 30890.1 7955.5 40849.5 8805.4 17699.3 8893.9 25013.2 7313.8 32,188.5 7,175.3 Petroleum products 2385.2 513.2 931.1 417.9 1362.4 431.3 1824.7 462.4 2872.9 384.8 477.6 92.8 944.2 466.6 1,340.7 396.5 Alcohol and tobacco 663.5 115.1 215.4 100.2 267.4 52.0 346.5 79.1 603.0 90.8 151.4 60.6 225.0 73.5 307.7 82.8 Other imports 30866.5 7618.3 14665.5 7047.2 21304.9 6639.4 28718.9 7414.1 37373.6 8329.8 17070.3 8740.5 23844.0 6773.7 30,540.1 6,696.0 Surtax on imports 13984.1 3409.6 6545.7 3136.0 9492.5 2946.8 12657.3 3164.7 16843.4 3663.7 7485.2 3821.5 10728.6 3243.4 13,828.8 3,100.2 Export taxes 0.0 0.00 0.00 Coffee duties 0.0 0.00 0.00 Coffee surtax 0.0 0.00 0.00 Other 0.0 0.00 0.00 Transaction tax 0.0 0.00 0.00 0.0 Non-tax revenue 40794.8 8688.0 20414.7 11726.7 30146.7 9732.0 46493.2 16346.5 44793.9 10085.4 18164.4 8079.0 25210.0 7045.7 34,418.7 9,208.7 Charges and fees 2046.7 1032.2 1559.7 527.4 2178.0 618.3 3567.8 1389.8 2697.3 478.5 1730.5 1252.0 3086.9 1356.4 4,182.5 1,095.6 Sales of goods & services 6515.0 867.4 1757.2 889.8 2962.8 1205.6 4956.9 1994.1 5679.5 665.2 2071.7 1406.5 3145.6 1074.0 5,282.4 2,136.8 Residual surplus, capital charge, interest 0.0 0 payments and state dividend 15419.1 4750.4 9405.5 4655.0 14724.1 5318.7 14746.0 21.8 17210.9 6498.8 8776.8 2278.0 10956.4 2179.5 12,222.8 1,266.4 Reimbursement & property sales 253.2 35.6 54.8 19.2 82.0 27.2 145.9 63.9 286.6 15.6 40.8 25.2 86.5 45.6 121.2 34.8 Miscellaneous 8489.9 982.7 5679.0 4696.2 6699.5 1020.6 17886.0 11186.5 9722.9 1503.1 3018.0 1514.9 3828.4 810.4 6,168.1 2,339.7 Other extraordinary 0.0 - Privatization proceeds 6000.0 5454.1 5454.1 8883.3 3429.2 0.0 7990.2 7990.2 9,349.1 1,358.9 Other revenue 8070.8 1019.7 1958.7 939.0 3500.2 1541.6 5190.6 1690.3 9196.8 924.1 2526.6 1602.5 4106.3 1579.7 6,441.7 2,335.4 Total revenue 267689.2 59514.1 124247.5 64733.5 182612.7 58365.2 256629.0 74016.3 307103.3 63453.1 137610.6 74157.5 202237.8 64627.2 269,648.2 67,410.4 External grants 16108.4 2238.0 6182.5 3944.5 10378.8 4196.3 12476.9 2098.1 17176.7 2386.1 8512.2 6126.0 13732.4 5220.3 17,913.9 4,181.5 Grants in kind/ earmarked 13987.5 2238.0 5595.0 3357.0 9791.3 4196.3 11889.4 2098.1 14913.4 2386.1 5965.4 3579.2 11185.0 5219.7 14,167.7 2,982.7 Untied cash & CPF/grants 2120.9 0.0 587.5 0.0 587.5 0.0 2263.3 0.0 2546.8 2546.8 2547.4 0.6 3,746.2 1,198.8 Total revenue and grants 283797.6 61752.1 130430.1 68678.0 192991.5 62561.4 269105.9 76114.5 324280.0 65839.2 146122.7 80283.5 215970.2 69847.5 287,562.1 71,591.9 Table 13: General Government Quarterly Revenue

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 109 Fiscal year ending July 7 2009 2010 2016-17 2017-18 pre actual Pre actual Budget 3mon(Qrt.I) 6mon Qrt.II 9mon Qrt.III 12mon Qrt.IV Budget 3mon(Qrt.I) 6mon Qrt.II 9mon Qrt.III 12 mon Qrt.IV A. Capital Expenditure Economic development 110,301.9 12,557.2 35,728.8 23,171.5 57,553.1 21,824.4 98,781.3 41,228.2 119,557.6 16,678.3 38,346.6 21,668.2 63,472.9 25,126.3 89,717.1 26,554.2 Agriculture 13,732.1 3,605.3 9,675.4 6,070.0 11,288.2 1,612.8 17,589.5 6,301.3 17,544.3 2,128.7 5,415.9 3,287.2 10,687.3 5,271.4 16,487.9 5,800.6 Natural Resource 21,342.1 2,378.3 6,669.5 4,291.2 9,465.6 2,796.1 18,351.3 8,885.6 21,455.7 1,832.6 7,453.5 5,620.9 12,748.3 5,294.8 18,038.9 5,290.6 o/w: Water 20,586.1 2,187.5 2,555.5 368.0 9,335.4 6,779.9 17,652.4 8,317.0 20,854.8 1,823.3 6,734.2 4,910.9 8,648.6 1,914.4 17,904.5 9,255.9 Mines & Energy 398.5 360.3 1,268.3 908.0 1,036.4 -231.9 1,143.5 107.2 97.0 598.1 1,541.5 943.4 2,279.3 737.8 2,476.0 196.6 Trade, Industry & Tourism 4,287.0 196.5 612.9 416.4 1,738.7 1,125.8 3,625.8 1,887.1 5,823.5 343.2 1,548.7 1,205.5 2,233.5 684.8 3,396.9 1,163.4 Urban dev't & housing 9,183.8 878.5 2,165.4 1,286.9 8,869.2 6,703.8 8,502.4 -366.8 12,943.4 531.2 2,725.2 2,193.9 4,922.6 2,197.4 7,762.6 3,150.0 Road construction 60,017.1 4,843.2 14,281.3 9,438.1 23,271.3 8,990.0 40,990.4 17,719.1 58,800.4 10,633.6 18,148.8 7,515.2 28,713.8 10,565.0 37,827.4 9,113.6 Transport & communication 1,341.4 295.0 1,056.0 761.0 1,883.8 827.7 8,578.5 6,694.7 2,893.2 610.9 1,513.0 902.1 1,888.0 375.0 3,727.4 1,839.4 Social Development 47,032.6 7,076.5 17,416.3 10,339.8 28,919.9 11,503.6 39,869.0 10,949.1 45,711.1 9,405.2 19,481.8 10,076.6 31,345.6 11,863.8 37,477.1 10,616.5 Education 31,511.0 5,156.6 12,521.0 7,364.4 20,899.9 8,378.9 28,078.3 7,178.4 28,662.7 7,346.5 14,613.9 7,267.4 20,897.5 6,283.6 23,346.9 5,236.3 Health 11,805.7 1,407.9 3,722.7 2,314.8 5,911.8 2,189.1 8,906.5 2,994.7 12,508.4 1,479.2 3,812.3 2,333.0 8,531.4 4,719.1 11,126.7 4,293.4 Socail welfare 448.3 13.7 175.5 161.8 200.5 25.0 369.1 168.6 1,229.8 228.3 93.1 -135.2 203.3 110.1 706.2 502.9 Culture & sport 3,267.6 498.2 997.0 498.7 1,907.7 910.7 2,515.1 607.4 3,310.2 351.1 962.4 611.4 1,713.4 750.9 2,297.3 583.9 General Development 19,389.4 1,521.9 3,933.9 2,412.0 7,049.8 3,115.9 13,933.6 6,883.8 23,744.1 2,491.9 6,117.4 3,625.5 9,487.7 3,370.3 16,540.9 7,053.2 Compensation payments 0.0 External assistance 13,987.5 2,238.0 5,595.0 3,357.0 9,791.3 4,196.3 11,889.4 2,098.1 14,913.4 2,386.1 5,965.4 3,579.2 11,185.0 5,219.7 14,167.7 2,982.7 Sub Total Capital expenditure 176,723.8 21,155.6 57,078.9 35,923.3 93,522.8 36,443.9 152,583.8 59,061.1 189,012.8 28,575.4 63,945.7 35,370.3 104,306.2 40,360.5 143,735.1 44,224.0 B. Current Expenditure General Services 43,459.0 9,718.8 22,477.9 12,759.1 35,313.8 12,835.9 53,697.4 18,383.6 54,203.3 12,266.6 27,759.4 15,492.8 42,958.4 27,759.4 62,715.7 19,757.2 Organ of the State 5,113.4 1,300.2 3,166.6 1,866.4 5,260.7 2,094.1 8,748.2 3,487.5 6,134.5 1,760.1 4,397.7 2,637.6 6,765.9 4,397.7 9,979.3 3,213.4 Justice 6,722.8 929.4 2,241.3 1,311.9 3,843.2 1,601.9 5,807.6 1,964.4 7,779.4 1,217.2 3,155.7 1,938.5 5,166.1 3,155.7 8,079.5 2,913.4 Defence 11,000.0 2,484.3 6,148.1 3,663.7 9,415.4 3,267.4 11,939.9 2,524.5 12,000.0 3,164.7 6,411.3 3,246.7 9,570.9 6,411.3 12,813.6 3,242.7 Public order & security 8,829.0 2,142.6 4,856.5 2,713.9 7,739.3 2,882.8 13,322.2 5,582.8 12,688.3 2,944.1 6,439.5 3,495.4 9,988.7 6,439.5 14,171.0 4,182.2 Other General services 11,793.8 2,862.2 6,065.5 3,203.2 9,055.2 2,989.7 13,879.6 4,824.4 15,601.1 3,180.6 7,355.2 4,174.6 11,466.8 7,355.2 17,672.3 6,205.5 Economic Services 22,551.9 3,446.2 8,593.8 5,147.6 14,542.9 5,949.2 23,536.3 8,993.3 30,787.4 4,903.3 12,602.1 7,698.8 19,463.6 6,861.5 26,503.3 7,039.6 culture&natural resource 11,381.8 1,483.1 3,553.5 2,070.4 5,838.6 2,285.1 10,045.6 4,206.9 15,231.3 2,340.8 7,524.5 5,183.8 11,690.5 4,166.0 16,553.4 4,862.9 Agriculture 5,795.3 5,795.3 8,677.4 2,882.1 12,214.4 3,537.0 Natural resource 3,322.1 509.9 1,249.3 739.4 2,559.5 1,310.2 3,846.7 1,287.2 5,346.5 684.5 1,729.2 1,044.8 3,013.2 1,283.9 4,339.0 1,325.8 o/w: Water 2,781.4 371.7 926.3 554.6 2,025.6 1,099.3 3,423.5 1,397.9 3,181.4 495.3 1,500.8 1,005.5 2,326.6 825.8 3,390.4 1,063.7 Trade, Industry & Tourism 3,615.2 757.3 1,932.5 1,175.2 3,340.4 1,407.9 5,294.4 1,954.1 5,286.8 990.8 3,047.3 2,056.5 4,393.4 1,346.2 5,434.8 1,041.4 Mines & Energy 181.3 22.0 58.5 36.5 94.7 36.3 136.1 41.4 214.8 28.5 64.8 36.3 112.7 47.9 164.0 51.3 Tourism 0.0 Transport & communication 1,276.7 125.5 602.2 476.7 543.4 -58.7 696.8 153.3 1,193.7 83.6 278.1 194.4 667.0 388.9 644.4 177.4 Urban devt. & construction 2,388.5 477.4 1,078.1 600.7 1,884.5 806.4 3,049.8 1,165.3 2,982.8 638.4 1,416.6 778.2 2,224.9 808.3 3,256.5 831.6 o/w: Road Construction 1,005.9 206.0 392.6 186.6 874.4 481.8 1,379.8 505.4 1,205.3 292.3 651.6 359.3 1,039.2 387.6 1,497.0 457.7 Economic development studies 386.4 71.1 119.7 48.7 281.8 162.1 466.9 185.1 531.6 136.8 270.9 134.1 375.1 104.2 450.2 75.1 Social Services 70,690.4 16,060.2 37,375.1 21,314.9 58,584.6 21,209.5 86,659.4 28,074.8 92,624.3 18,450.5 44,609.5 26,159.0 69,744.5 25,135.0 97,845.8 28,101.3 Education & training 49,629.5 10,616.6 25,313.5 14,696.9 39,539.5 14,225.9 57,901.0 18,361.5 67,010.8 12,387.3 29,720.2 17,332.9 46,095.6 16,375.4 65,313.7 19,218.1 Culture & sports 2,308.5 531.1 1,242.7 711.6 1,880.7 638.0 2,878.2 997.5 3,061.3 574.2 1,533.3 959.1 2,383.6 850.3 3,361.5 977.9 Public health 16,898.5 2,333.4 6,094.9 3,761.5 9,987.0 3,892.1 16,832.9 6,845.9 21,249.0 3,223.8 8,656.6 5,432.8 13,894.8 5,238.2 20,702.5 6,807.7 Labour & social welfare 1,487.1 136.3 328.6 192.3 539.5 211.0 843.4 303.8 778.5 161.3 432.7 271.5 686.9 254.2 993.0 306.1 Rehabilitation 366.8 2,442.8 4,395.4 1,952.6 6,637.9 2,242.5 8,203.9 1,566.1 524.8 2,103.8 4,266.7 2,162.8 6,683.5 2,416.9 7,475.0 791.5 Interest & Charges 9,808.5 1,203.5 4,224.7 3,021.2 6,096.7 1,872.0 8,248.1 2,151.3 12,051.4 2,217.4 6,299.9 4,082.5 7,908.9 1,609.0 11,570.7 3,661.7 Internal debt 5,302.9 724.9 2,245.5 1,520.6 3,376.8 1,131.3 4,125.8 749.0 6,938.8 1,361.0 2,858.4 1,497.4 3,988.9 1,130.6 6,180.7 2,191.7 External debt 4,505.6 478.6 1,979.2 2,720.0 740.8 4,122.3 1,402.3 5,112.6 856.5 3,441.5 2,585.1 3,920.0 478.4 5,390.0 1,470.0 O/w: defence commercial Miscellaneous 23,214.3 373.5 1,089.2 715.7 2,193.7 1,104.5 4,561.9 2,368.2 23,441.5 439.4 1,503.6 1,064.2 2,840.1 1,336.5 11,834.9 8,994.7 External assistance * 0.0 Sub Total Expenditure 169,724.2 30,802.2 73,760.7 42,958.5 116,731.8 42,971.0 176,703.0 59,971.3 213,108.0 38,277.2 92,774.5 54,497.3 142,915.6 50,141.0 210,470.2 67,554.7 Grand Total Expenditure 346,448.0 51,957.8 130,839.6 78,881.8 210,254.5 79,414.9 329,286.8 119,032.3 402,120.8 66,852.6 156,720.2 89,867.6 247,221.8 90,501.6 354,205.3 111,778.6 Table 14: General Government Quarterly Expenditure

National Bank of Ethiopia Quarterly Bulletin 110 Fourth Quarter 2017/18 Table 15: Domestic Refining and Imports of Ptroleum

End of Period Gas oline Regular Light Jet Fuel Heavy Jet Fuel Fuel Oil Asphalt Liquified Petroleum Gas Oil Kerosine 160/200 Total Refined** 2011/12 150,619.0 544,519.6 144,501.3 1,302,451.2 2,142,091.2 Qtr.I 33,381.2 126,523.8 34,684.5 260,608.1 455,197.6 Qtr.II 41,496.3 129,614.7 46,905.1 334,320.7 552,336.8 Qtr.III 40,160.9 144,199.0 16,360.2 338,249.5 538,969.7 Qtr.IV 35,580.7 144,182.1 46,551.5 369,272.7 595,587.0 2012/13 186,517.5 602,427.0 159,297.4 1,266,562.9 2,214,804.8 Qtr.I 48,367.8 148,668.1 51,231.8 285,788.9 534,056.6 Qtr.II 45,607.6 149,611.1 37,442.0 296,204.4 528,865.2 Qtr.III 52,070.4 156,140.9 37,332.8 360,766.1 606,310.2 Qtr.IV 40,471.7 148,006.8 33,290.8 323,803.5 545,572.8 2013/14 211,597.2 701,418.9 152,093.7 1,558,341.1 2,623,450.8 Qtr.I 52,821.0 185,032.1 43,486.4 388,200.8 669,540.3 Qtr.II 49,883.4 162,038.7 36,641.2 306,082.6 554,645.9 Qtr.III 55,536.1 192,607.7 43,928.5 400,794.6 692,867.0 Qtr.IV 53,356.7 161,740.3 28,037.6 463,263.1 706,397.7 2014/15 237,744.0 712,748.0 168,305.6 1,703,260.8 2,822,058.4 Qtr.I 52,223.0 169,004.8 43,174.9 359,514.0 623,916.7 Qtr.II 57,561.0 171,011.2 42,829.3 435,565.0 706,966.5 Qtr.III 64,895.0 207,909.1 42,621.7 369,681.0 685,106.8 Qtr.IV 63,065.0 164,822.9 39,679.7 538,500.8 806,068.3 2015/16 298,867.5 - 735,921.7 106,978.4 - - 1,901,791.5 - 3,043,559.1 Qtr.I 72,312.7 213,015.5 30,650.2 398,136.4 714,114.9 Qtr.II 71,317.0 161,194.0 31,854.0 497,966.0 762,331.0 Qtr.III 77,271.8 197,134.4 24,995.0 509,229.5 808,630.6 Qtr.IV 77,966.0 164,577.8 19,479.2 496,459.6 758,482.6 2016/17 363,845.1 - 800,783.3 75,283.6 - - 2,199,354.6 - 3,439,266.6 Qtr.I 82,152.2 206,560.2 18,987.3 468,051.3 775,750.9 Qtr.II 97,258.6 208,282.6 15,579.9 550,034.0 871,155.1 Qtr.III 96,423.6 215,632.5 23,405.8 580,188.0 915,649.9 Qtr.IV 88,010.8 170,307.9 17,310.7 601,081.2 876,710.6 2017/18 QI 106,706.3 10,763.3 10,241.3 21,004.7 591,077.3 739,793.0 QII 99,641.2 8,174.2 10,396.3 629,694.8 608,690.1 1,356,596.5 QII 114,839.25 9,240.29 20,637.64 21,698.06 629,025.21 795,440.44 Qtr.IV 120,355.57 28,177.80 41,275.28 21,995.31 678,879.80 890,683.76

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 111 Table 16: GDP By Economic Activity at Constant Prices Sectors/Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Agriculture, Hunting and Forestry 130,614 145,042 158,646 170,428 181,074 194,869 212,252.7 222,664.5 238,438.0 251,340.0 267,269.0 542,700.2 579,022.9 599,331.5 Crop 83,361 95,838 106,406 114,904 122,343 133,040 146,760.0 154,081.7 166,698.9 177,663.1 190,421.6 346,293.6 374,649.8 392,291.8 Animal Farming and Hunting 30,872 32,385 34,936 37,494 40,137 42,619 45,806.1 48,287.7 50,777.2 51,834.8 54,250.1 146,959.5 153,170.4 154,037.9 Forestry 16,381 16,819 17,303 18,030 18,594 19,210 19,686.6 20,295.1 20,961.9 21,842.1 22,597.2 49,447.1 51,202.7 53,001.7 Fishing 120 110 119 159 202 205 217.0 263.2 314.1 416.3 543.8 1,381.9 1,389.4 1,546.7 Mining and Quarrying 2,413 2,585 2,187 2,656 2,995 4,317 6,809.7 7,675.1 8,156.9 7,898.4 5,876.4 6,116.8 4,296.9 3,402.8 Manufacturing 10,141 11,176 12,092 13,302 14,487 16,127 18,968.0 21,207.1 24,798.2 28,923.9 34,194.6 89,246.7 111,249.6 117,410.7 Large and Medium Scale Manufacturing 6,152 6,992 7,655 8,618 9,504 10,797 12,323.8 14,283.8 17,740.9 21,566.2 26,558.6 61,687.4 73,528.2 77,966.5 Small Scale and Cottage Industries 3,989 4,184 4,436 4,684 4,983 5,330 6,644.2 6,923.3 7,057.3 7,357.7 7,636.0 27,559.2 37,721.5 39,444.2 Electricity and Water 3,303 3,595 4,084 4,282 4,497 4,609 4,902.4 5,566.1 6,124.2 6,538.2 6,831.9 11,015.5 11,552.5 11,928.9 Construction 10,023 11,074 12,282 13,675 15,272 16,935 19,100.4 25,108.0 34,831.6 43,146.7 56,772.6 237,545.0 286,749.6 331,691.4 Whole Sale and Retail Trade 34,483 40,530 47,344 54,847 61,280 66,974 70,907.5 79,785.5 87,831.4 103,350.2 116,095.3 202,241.5 215,351.1 241,936.3 Hotels and Restaurants 4,724 5,647 7,198 8,876 10,994 13,664 17,029.3 18,740.8 22,326.5 28,267.0 36,630.6 41,601.3 41,625.2 44,335.3 Transport and Communications 11,293 11,935 13,049 14,545 15,842 18,130 19,890.5 22,391.7 26,087.9 29,395.7 33,312.8 70,453.3 81,097.4 86,310.3 Financial Intermediation 4,376 5,632 6,482 8,305 9,673 9,646 11,927.7 14,744.4 12,944.2 14,793.3 15,896.1 39,768.8 47,061.1 52,114.6 Real Estate, Renting and Business Activities 16,779 19,215 22,139 25,966 30,090 36,097 44,064.4 45,749.9 47,529.0 49,383.9 51,432.5 67,062.9 70,005.2 74,364.3 Public Administration and Defense 9,243 9,832 10,992 12,368 14,640 15,944 25,735.8 26,529.0 28,554.4 31,701.1 33,613.2 62,259.3 70,488.5 76,754.1 Education 4,820 5,235 6,347 7,284 8,230 9,626 10,772.2 11,252.5 12,386.7 12,706.6 13,875.9 42,385.6 41,031.1 42,520.8 Health and Social Work 1,732 1,902 2,202 2,544 3,064 3,494 4,132.3 4,520.0 5,075.4 6,053.5 6,840.7 15,669.5 16,767.9 18,153.4 Other Community , Social & Personal Services 7,343 8,016 8,697 9,714 10,331 11,164 11,035.9 12,404.2 14,686.9 15,248.3 15,811.7 18,371.3 19,198.4 20,177.9 Private Households with Employed Persons 841 896 932 981 1,018 1,067 1,121.0 1,301.5 1,407.7 1,469.7 1,533.7 16,063.8 16,633.3 17,276.1 Total 251,406 281,527 313,859 348,952 382,670 421,801 478,866.9 519,903.4 571,493.3 630,632.7 696,530.8 1,463,883.8 1,613,519.9 1,739,254.9 Less : FISIM 1,156 16,216 1,841 2,394 2,694 2,898 3,219.3 2,876.9 3,061.0 3,655.4 4,309.1 14,485.8 17,038.3 19,763.6 Gross Value Added at Constant Basic Prices 248,355 277,013 309,687 344,332 378,907 418,947 475,647.5 517,026.5 568,432.3 626,977.4 692,221.7 1,449,397.5 1,596,481.6 1,719,491.3 Taxes on Products 23,444 24,072 25,804 27,239 24,975 36,322 39,431.0 42,595.0 50,409.9 55,381.1 61,008.0 118,700.0 120,645.6 114,575.2 GDP at Constant Market Prices 271,799 301,085 335,490 371,571 403,883 455,269 515,078.5 559,621.6 618,842.2 682,358.5 753,229.7 1,568,097.5 1,717,127.2 1,834,066.5

National Bank of Ethiopia Quarterly Bulletin 112 Fourth Quarter 2017/18 Table 17: Growth Rate Of GDP By Economic Activity at Constant Prices (%)

Industry/Year 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Agriculture, Hunting and Forestry 17.1 13.7 11.0 9.4 7.4 6.2 7.6 8.9 4.9 7.1 5.4 6.3 2.3 6.7 3.5 Crop 25.6 19.5 15.0 11.0 8.0 6.5 8.7 10.3 5.0 8.2 6.6 7.2 3.4 8.2 4.7 Animal Farming and Hunting 8.0 5.9 4.9 7.9 7.3 7.0 6.2 7.5 5.4 5.2 2.1 4.7 -1.5 4.2 0.6 Forestry 2.7 2.4 2.7 2.9 4.2 3.1 3.3 2.5 3.1 3.3 4.2 3.5 2.2 3.6 3.5 Fishing (25.1) 8.6 (8.2) 7.7 34.0 26.5 1.7 5.9 21.3 19.4 32.5 30.6 0.1 0.5 11.3 Mining and Quarrying 2.0 4.1 7.2 (15.4) 21.4 12.8 44.2 57.7 12.7 6.3 (3.2) (25.6) -3.3 -29.8 -20.8 Manufacturing 6.4 12.9 10.2 8.2 10.0 8.9 11.3 17.6 11.8 16.9 16.6 18.2 18.4 24.7 5.5 Large and Medium Scale Manufacturing 7.7 11.6 13.7 9.5 12.6 10.3 13.6 14.1 15.9 24.2 21.6 23.1 22.9 19.2 6 Small Scale and Cottage Industries 4.5 15.0 4.9 6.0 5.6 6.4 7.0 24.7 4.2 1.9 4.3 3.8 2.5 36.9 4.6 Electricity and Water 6.6 7.9 8.8 13.6 4.8 5.0 2.5 6.4 13.5 10.0 6.8 4.5 15.0 4.9 3.3 Construction 19.5 7.5 10.5 10.9 11.3 11.7 10.9 12.8 31.5 38.7 23.9 31.6 25.0 20.7 15.7 Whole Sale and Retail Trade 5.1 13.1 17.5 16.8 15.8 11.7 9.3 5.9 12.5 10.1 17.7 12.3 8.2 6.5 12.3 Hotels and Restaurants 6.2 11.6 19.5 27.5 23.3 23.9 24.3 24.6 10.1 19.1 26.6 29.6 15.6 0.1 6.5 Transport and Communications 9.5 19.2 5.7 9.3 11.5 8.9 14.4 9.7 12.6 16.5 12.7 13.3 13.7 15.1 6.4 Financial Intermediation 19.7 24.2 28.7 15.1 28.1 16.5 (0.3) 23.7 23.6 (12.2) 14.3 7.5 9.6 18.3 10.7 Real Estate, Renting and Business Activities 4.5 7.4 14.5 15.2 17.3 15.9 20.0 22.1 3.8 3.9 3.9 4.1 3.7 4.4 6.2 Public Administration and Defense 0.2 11.6 6.4 11.8 12.5 18.4 8.9 61.4 3.1 7.6 11.0 6.0 7.4 13.2 8.9 Education 11.5 12.6 8.6 21.2 14.8 13.0 17.0 11.9 4.5 10.1 2.6 9.2 8.8 -3.2 3.6 Health and Social Work 15.9 16.9 9.8 15.8 15.5 20.4 14.0 18.3 9.4 12.3 19.3 13.0 10.8 7 8.3 Other Community , Social & Personal Services 4.8 8.0 9.2 8.5 11.7 6.4 8.1 (1.1) 12.4 18.4 3.8 3.7 3.0 4.5 5.1 Private Households with Employed Persons 1.6 3.2 6.6 4.0 5.3 3.8 4.8 5.1 16.1 8.2 4.4 4.4 4.3 3.5 3.9 Total 12.0 12.8 12.0 11.5 11.2 9.7 10.2 13.5 8.6 9.9 10.3 10.4 8.0 10.2 7.8 Less : FISIM 18.5 16.5 1,303.2 (88.6) 30.0 12.5 7.6 11.1 (10.6) 6.4 19.4 17.9 16.9 17.6 16 Gross Value Added at Constant Basic Prices 11.7 12.6 11.5 11.8 11.2 10.0 10.6 11.4 8.7 9.9 10.3 10.4 8.0 10.1 7.7 Taxes on Products 37.6 3.1 2.7 7.2 5.6 (8.3) 45.4 8.6 8.0 18.3 9.9 10.2 3.1 2.9 -5.0 GDP at Constant Market Prices 13.7 11.7 10.8 11.4 10.8 8.7 12.7 13.1 8.6 10.6 10.3 10.4 7.6 10.2 6.8 Source:MoFED

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 113 Table 18: GDP by Economic Activity at Current Prices Industry/Year 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Agriculture, Hunting and Forestry 33,754 44,144 56,370 73,206 112,997 154,995 159,821 212,253 330,842 356,828 407,834 466,780 542,700 616,843 684,644 Crop 20,125 27,840 36,107 49,326 81,604 113,959 111,292 146,760 240,112 244,048 279,058 317,142 346,294 393,324 427,193 Animal Farming and Hunting 7,984 10,053 13,033 15,531 20,622 27,868 32,817 45,806 66,437 82,351 92,037 107,089 146,960 164,730 191,867 Forestry 6,185 6,707 7,462 8,988 12,695 15,475 16,801 19,687 24,293 30,429 36,739 42,550 49,447 58,788 65,584 Fishing 41 55 69 81 116 151 198 217 455 685 796 1,225 1,382 2,259 2,351 Mining and Quarrying 410 485 586 551 799 1,101 2,147 6,810 9,301 9,687 8,665 6,036 6,117 4,840 4,054 Manufacturing 4,508 5,007 5,917 7,630 9,892 12,631 14,778 18,968 25,559 32,095 42,341 57,170 89,247 113,387 128,200 Large and Medium Scale Manufacturing 3,228 3,439 4,181 5,599 7,359 8,844 1,038 12,324 17,161 23,032 32,093 46,438 61,687 74,763 84,791 Small Scale and Cottage Industries 1,304 1,571 1,759 2,096 2,634 3,823 4,448 6,644 8,398 9,063 10,247 10,732 27,559 38,624 43,410 Electricity and Water 1,901 2,047 2,429 3,289 3,651 3,899 4,608 4,902 6,187 7,355 8,234 8,087 11,016 13,714 15,026 Construction 4,407 5,250 6,593 8,829 11,431 15,312 15,130 19,100 29,771 45,744 83,665 140,246 237,545 300,209 452,978 Whole Sale and Retail Trade 10,465 12,641 16,678 22,961 33,125 50,478 56,713 70,908 102,632 113,402 146,757 181,227 202,242 225,076 275,513 Hotels and Restaurants 1,428 1,677 2,251 3,457 5,137 8,099 11,618 17,029 23,795 32,077 44,461 60,294 41,601 44,922 53,441 Transport and Communications 4,030 5,486 5,518 6,374 7,513 10,264 12,850 19,891 29,721 38,340 45,776 53,555 70,453 77,659 82,947 Financial Intermediation 1,445 2,254 3,048 3,684 5,014 7,965 8,163 11,928 18,919 26,536 32,219 43,504 39,769 51,810 69,359 Real Estate, Renting and Business Activities 5,859 6,494 7,911 11,608 17,338 21,077 31,423 44,064 51,656 59,192 65,179 69,009 67,063 70,793 79,553 Public Administration and Defense 4,501 5,146 5,980 6,964 9,191 11,332 13,395 25,736 29,274 34,582 40,353 50,328 62,259 80,817 94,614 Education 2,610 3,021 3,837 4,886 6,264 7,475 8,943 10,772 13,283 16,814 22,334 27,501 42,386 61,123 75,776 Health and Social Work 909 1,111 1,277 1,556 2,068 2,503 2,967 4,132 4,999 6,363 8,279 10,824 15,669 18,770 24,101 Other Community , Social & Personal Services 2,332 2,692 3,299 4,218 5,898 8,510 9,453 11,036 16,229 22,448 24,939 28,215 18,371 20,568 23,634 Private Households with Employed Persons 266 283 375 433 592 788 852 1,121 1,686 2,073 2,640 3,365 16,064 19,879 25,428 Total 78,396 96,978 120,819 158,212 229,133 313,270 351,145 478,867 694,309 804,221 984,472 1,207,368 1,463,883 1,722,669 2,091,618 Less : FISIM 518 595 878 1,046 1,449 2,218 2,453 3,219 3,864 7,918 9,745 14,535 14,486 18,870 26,829 Gross Value Added at Current Basic Prices 77,880 96,391 119,934 157,170 227,703 311,043 348,686 475,648 690,444 796,303 974,727 1,192,833 1,449,397 1,703,798 2,064,789 Taxes on Products 7,476 8,467 9,698 12,186 16,785 19,139 28,412 39,431 56,882 70,618 86,098 105,129 118,700 128,756 137,584 GDP at Current Market Prices 85,800 105,415 130,334 170,281 245,836 332,060 379,135 515,079 747,326 866,921 1,060,825 1,297,961 1,568,098 1,832,554 2,202,373 Source:MoFED

National Bank of Ethiopia Quarterly Bulletin 114 Fourth Quarter 2017/18 Table 19: Growth Rates of GDP by Economic Activity at Current Prices (%)

Sectors/Year 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Agriculture, Hunting and Forestry 22.4 30.8 27.7 29.9 54.4 37.2 3.1 32.8 55.9 7.9 14.3 14.5 12.1 13.7 11.0 Crop 32.0 38.3 29.7 36.6 65.4 39.6 -2.3 31.9 63.6 1.6 14.3 13.6 11.9 13.6 8.6 Animal Farming and Hunting 11.6 25.9 29.7 19.2 32.8 35.1 17.8 39.6 45.0 24.0 11.8 16.4 11.1 12.1 16.5 Forestry 13.3 8.4 11.3 20.5 41.2 21.9 8.6 17.2 23.4 25.3 20.7 15.8 16.1 18.9 11.6 Fishing 97.2 33.8 24.5 17.4 43.3 30.5 31.3 9.6 109.5 50.8 16.2 53.8 12.8 63.5 4.1 Mining and Quarrying 4.1 18.4 20.8 -6.0 44.9 37.9 94.9 217.2 36.6 4.2 -10.5 -30.3 -2.3 -20.9 -16.3 Manufacturing 9.0 11.1 18.2 29.0 29.6 27.7 17.0 28.4 34.7 25.6 31.9 35.0 7.0 27.0 13.1 Large and Medium Scale Manufacturing 10.5 6.6 21.6 33.9 31.4 20.2 -88.3 1087.5 39.3 34.2 39.3 44.7 6.3 21.2 13.4 Small Scale and Cottage Industries 6.0 20.4 12.0 19.2 25.7 45.1 16.4 49.4 26.4 7.9 13.1 4.7 10.4 40.1 12.4 Electricity and Water 15.2 7.7 18.7 35.4 11.0 6.8 18.2 6.4 26.2 18.9 12.0 -1.8 4.3 24.5 9.6 Construction 25.3 19.1 25.6 33.9 29.5 33.9 -1.2 26.2 55.9 53.7 82.9 67.6 60.3 26.4 50.9 Whole Sale and Retail Trade 14.1 20.8 31.9 37.7 44.3 52.4 12.4 25.0 44.7 10.5 29.4 23.5 8.1 11.3 22.4 Hotels and Restaurants 11.0 17.4 34.2 53.6 48.6 57.7 43.5 46.6 39.7 34.8 38.6 35.6 22.9 8.0 19.0 Transport and Communications 19.7 36.2 0.6 15.5 17.9 36.6 25.2 54.8 49.4 29.0 19.4 17.0 22.4 10.2 6.8 Financial Intermediation -11.5 56.0 35.2 20.8 36.1 58.9 2.5 46.1 58.6 40.3 21.4 35.0 21.7 30.3 33.9 Real Estate, Renting and Business Activities 5.4 10.8 21.8 46.7 49.4 21.6 49.1 40.2 17.2 14.6 10.1 5.9 5.1 5.6 12.4 Public Administration and Defense -0.5 14.3 16.2 16.5 32.0 23.3 18.2 92.1 13.7 18.1 16.7 24.7 20.8 29.8 17.1 Education 5.9 15.7 27.0 27.4 28.2 19.3 19.6 20.5 23.3 26.6 32.8 23.1 19.8 44.2 24.0 Health and Social Work 16.5 22.3 14.9 21.9 32.9 21.0 18.5 39.3 21.0 27.3 30.1 30.7 21.3 19.8 28.4 Other Community , Social & Personal Services 13.8 15.4 22.5 27.9 39.8 44.3 11.1 16.7 47.1 38.3 11.1 13.1 9.9 12.0 14.9 Private Households with Employed Persons 10.0 6.5 32.2 15.7 36.5 33.1 8.1 31.6 50.4 23.0 27.3 27.5 4.8 23.7 27.9 Total 16 24 25 31 45 37 12 36 45.0 15.8 22.4 22.6 18.2 17.7 21.4 Less : FISIM 17 15 47 19 38 53 11 31 20.0 104.9 23.1 49.2 24.6 30.3 42.2 Gross Value Added at Current Basic Prices 16 24 24 31 45 37 12 36 45.2 15.3 22.4 22.4 18.2 17.6 21.2 Taxes on Products 43 13 15 26 38 14 48 39 44.3 24.1 21.9 22.1 12.8 12.9 6.9 GDP at Current Market Prices 18 23 24 31 44 35 14 36 45.1 16.0 22.4 22.4 17.7 16.9 20.2

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 115 Table 20: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices Description / Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2004/05 2005/06 2006/07 2007/08 2008 /09 2009 /10 2010 /11 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Gross Value Added at Current Basic Prices 96,391 119,934 157,170 227,703 311,073 348,686 475,648 690,445 796,303 974,727.0 1192833 1,449,397.0 1,703,798.0 2,064,789.0 Taxes on Products, net 8,467 9,698 12,186 16,785 19,139 28,412 39,431 56,882 70,618 86098 105129 118,700.0 128,755.0 137,583.0 GDP at Current Market Prices 105,415 130,334 170,281 245,836 332,060 379,135 515,079 747,327 866,921 1,060,825 1,297,962 1,568,097.0 1,832,554.0 2,202,373.0 Incomes from ROW, net 180 399 697 724 (57) (615) (1,120) (1,660) (1,943) (2,915) (5,275) (5,122.0) (10,884.1) (14,349.1) Gross National Income at Current Basic Prices 96,498 119,925 157,434 228,020 310,714 347,973 474,527 688,785 794,360 971813 1187558 1,444,275.0 1,692,914.1 2,050,440.2 Gross National Income at Current Market Prices 105,522 130,324 170,544 246,152 331,731 378,422 513,958 745,667 864,978 1057911 1292686 1,562,975.0 1,821,669.6 2,188,023.6 Current Transfers from ROW, net 15,335 18,163 25,444 34,194 44,191 59,485 74,261 86,850 93,355 106357.3 128401 155,964.0 154,959.0 188,527.0 Gross National Disposable Income 120,857 148,487 195,989 280,346 375,922 437,907 588,220 832,517 958,333 1164268 1421087 1,718,939.0 1,976,629.0 2,376,551.0 Government Final Consumption Expenditure 13,971 17,016 19,123 25,782 31,544 34,801 53,147 62,045 77,637 98121 116995 174,599.0 203,608.0 225,523.0 Private Final Consumption Expenditure 81,445 102,537 130,118 197,461 268,002 309,132 373,089 541,536 636,901 744978 896208 1,042,265.0 1,219,366.0 1,441,581.0 Gross Capital Formation (Investment) 27,409 35,952 41,227 60,156 82,560 102,403 165,380 277,243 295,456 402922 511618 585,665.0 704,596.0 751,626.0 Exports of Goods and Services 16,077 18,205 21,854 28,317 35,233 52,168 85,950 102,887 108,227 123496 121532.2 122,501.0 139,830.0 184,282.0 Imports of Goods and Services 37,776 48,092 55,089 76,564 96,285 126,319 162,487 236,384 251,301 308691.3 393189 424,750.0 430,233.0 502,113.0 Resource Balance (21,699) (29,887) (33,234) (48,247) (61,052) (74,151) (76,537) (133,497) (143,074) (185,195) (271,656) (302,249.0) (290,403.0) (317,831.0) Gross Domestic Savings 9,999 10,781 21,040 22,593 32,514 35,202 88,843 143,746 152,383 217726 284759 351,233.0 409,580.0 535,269.0 Gross National Savings 25,441 28,934 46,748 57,103 76,376 93,973 161,984 228,936 243,795 321169 407884 502,076.0 553,655.0 709,447.0 Mid-year Population (In Million) 68 70 72 75 77 79 81 83 85 87 89.1 91.2 93.4 95.5 Per Capita Nominal GDP (In Birr) 1,475 1,783 2,302 3,282 4,318 4,803 6,384 9,032 10,219 12,200 14571 17,192.0 19,630.0 23,061.0 Per Capita Real GDP (In Birr) 3,636 3,957 4,277 4,597 4,934 5,317 6,384 6,763 7,295 7,848 8,456 17,192.0 18,345.8 19,217.5 Average Exchange Rate (Birr/USD) 8.7 8.7 8.8 9.2 10.4 12.9 16.1 17.2 18.3 19.1 20.1 21.1 22.4 26.1 Real GDP (In USD) 11,201 12,390 13,108 15,280 16,666 18,754 29,543 30,007 31,096 32,878 34,439 74,297.0 76,411.2 70,296.7 Nominal GDP (In USD) 12,184 15,014 19,363 26,606 31,868 29,413 29,543 40,072 43,561 51,113 59,345 74,297.0 81,760.0 84,356.0 Per Capita Nominal GDP (In USD) 171 205 262 355 414 373 396 524 559 640 725 815.0 876.0 883.0 Per Capita Real GDP (In USD) 164 177 181 204 217 238 396 392 399 411 421 815.0 818.7 735.8 GDP Deflator 38.8 43.3 50.8 66.2 82.2 83.3 100 134 140 155 172 100.0 107.0 120.0

National Bank of Ethiopia Quarterly Bulletin 116 Fourth Quarter 2017/18 2004/05 Qtr.I 28.2 25.1 32.5 27.7 31.7 28.0 51.3 35.8 35.8 38.9 38.9 26.7 36.4 32.5 Qtr.II 28.6 25.4 32.7 27.9 32.5 28.1 51.2 37.4 37.4 40.5 40.5 27.0 37.1 33.1 Qtr.III 29.2 25.6 33.9 28.3 34.7 28.7 50.6 38.5 38.5 41.5 41.5 27.8 38.1 34.4 Qtr.IV 30.3 27.3 34.0 27.9 34.7 29.2 52.6 38.4 38.4 41.2 41.2 28.4 38.1 34.4 2005/06 Qtr.I 31.5 28.8 35.3 28.6 36.6 29.3 51.6 39.1 39.1 41.4 41.4 29.5 38.4 35.4 Qtr.II 31.5 28.7 36.0 27.9 36.9 29.7 51.5 39.2 39.2 41.9 41.9 30.1 38.5 35.5 Qtr.III 32.0 28.9 36.6 29.2 37.6 30.4 52.5 39.4 39.4 42.4 42.4 30.9 39.0 36.3 Qtr.IV 33.5 30.4 37.4 29.8 39.7 31.3 53.5 42.1 42.1 43.2 43.2 32.6 40.5 37.8 2006/07 Qtr.I 35.4 32.6 37.5 30.7 43.9 32.7 53.8 46.0 46.0 43.9 43.9 35.4 41.3 39.4 Qtr.II 36.1 33.5 37.6 30.6 45.2 33.4 53.8 49.1 49.1 45.2 45.2 36.5 41.8 39.9 Qtr.III 38.0 34.7 38.1 31.4 46.2 35.3 56.2 49.3 49.3 45.5 45.5 37.4 42.0 41.5 Qtr.IV 39.4 36.6 39.1 32.4 47.0 36.8 57.6 49.7 49.7 45.7 45.7 38.9 42.5 42.4 2007/08 Qtr.I 41.5 39.7 39.2 33.5 47.6 38.1 57.9 49.7 49.7 46.5 46.5 41.5 43.2 43.3 Qtr.II 43.1 42.0 39.5 34.7 48.5 40.0 58.6 49.7 49.7 47.7 47.7 41.6 43.8 44.2 Qtr.III 46.4 46.0 42.9 36.3 51.6 43.9 60.4 53.4 53.4 49.2 49.2 43.9 45.7 46.9 Qtr.IV 54.2 57.5 47.0 38.5 56.6 47.8 63.2 55.5 55.5 50.6 50.6 47.8 48.6 50.7 2008/09 Qtr.I 64.4 73.7 57.2 41.4 60.4 51.1 65.8 55.6 55.6 53.5 53.5 52.6 51.6 54.5 Qtr.II 62.3 67.5 58.8 44.5 62.4 53.0 67.3 58.9 58.9 55.8 55.8 54.8 52.4 56.7 Qtr.III 60.2 62.6 61.7 47.4 62.3 54.9 68.9 53.4 53.4 57.4 57.4 56.7 54.0 57.5 Qtr.IV 61.4 63.2 63.7 49.9 63.9 57.2 72.9 55.2 55.2 59.9 59.9 58.3 57.2 59.6 2009/10 Qtr.I 63.6 64.2 65.2 52.9 67.8 60.1 75.4 61.3 61.3 63.1 63.1 60.9 60.6 63.0 Qtr.II 64.5 62.8 66.1 55.8 71.7 62.7 77.9 66.2 66.2 64.6 64.6 63.7 63.4 66.2 Qtr.III 65.8 62.7 68.5 59.7 74.3 66.4 82.4 68.2 68.2 66.4 66.4 65.3 65.9 69.0 Qtr.IV 67.0 63.0 71.7 62.1 76.4 69.1 84.8 70.8 70.8 68.3 68.3 67.1 67.3 71.2 2010/11 Qtr.I 68.5 63.9 72.61864193 65.0 78.8 71.6 84.9 71.0 71.0 71.6 71.6 68.5 69.1 73.3 Qtr.II 72.8 67.0 80.1 70.4 84.1 77.7 89.0 77.5 77.5 82.4 82.4 73.3 75.6 79.0 Qtr.III 79.0 73.5 83.2 77.5 91.0 81.5 91.3 88.5 88.5 84.7 84.7 75.9 80.7 84.9 Qtr.IV 89.0 87.9 91.6 83.4 94.5 86.7 93.9 100.7 100.7 87.1 87.1 84.4 84.6 90.2 2011/12 Qtr.I 94.6 95.6 98.2 87.2 95.6 92.1 96.1 101.0 101.0 92.5 92.5 91.7 90.8 93.5 Qtr.II 98.8 100.2 99.5 95.0 97.6 97.1 98.6 98.4 98.4 97.8 97.8 97.3 97.5 97.3 Qtr.III 105.1 106.4 105.8 103.6 104.3 103.8 100.9 100.5 100.0 101.6 100.0 102.9 102.6 103.6 Qtr.IV 111.3 115.4 104.7 109.1 106.8 108.5 102.8 101.1 100.0 103.6 103.1 108.9 105.0 106.6 2012/13 Qtr.I 114.8 118.9 103.9 112.5 113.2 110.8 105.3 100.7 100.0 106.7 101.9 114.5 108.2 110.3 Qtr.II 115.7 116.8 108.8 113.4 117.9 116.6 124.8 102.2 100.1 107.0 101.9 119.0 110.5 114.4 Qtr.III 116.0 116.0 113.3 116.6 118.0 118.3 126.1 99.1 100.0 106.7 103.3 121.9 113.8 115.9 Qtr.IV 118.5 118.7 113.1 119.9 120.5 122.2 130.0 98.5 100.0 108.2 105.0 126.0 115.3 118.3 2013/14 Qtr.I 123.5 124.4 115.0 124.4 126.2 124.2 127.8 98.1 100.0 118.3 105.0 131.5 122.4 122.4 Qtr.II 125.0 124.8 123.0 127.8 128.2 126.4 137.9 100.2 100.0 121.7 105.0 134.9 119.0 125.3 Qtr.III 125.5 122.1 131.0 130.3 133.7 130.7 142.3 102.1 100.0 119.6 105.0 136.1 119.2 129.2 Qtr.IV 129.0 126.9 131.3 132.9 136.9 133.1 147.0 102.9 100.0 115.9 105.2 138.7 119.4 131.4 2014/15 Qtr.I 131.4 130.4 135.9 135.6 137.0 134.3 146.3 102.7 100.2 117.4 106.2 139.0 120.6 132.5 Qtr.II 132.7 130.6 137.9 140.3 139.7 136.5 148.7 103.0 100.0 119.0 105.4 141.2 122.4 135.0 Qtr.III 135.7 133.1 148.6 144.1 143.7 139.2 153.9 99.9 100.5 119.7 105.5 144.0 124.1 138.7 Qtr.IV 141.6 141.1 154.0 145.4 149.3 142.1 152.8 98.3 102.1 120.4 105.6 147.6 125.6 142.1 2015/16 Qtr.I 147.1 149.9 149.7 148.2 151.0 144.6 155.4 100.1 104.8 128.4 110.7 152.0 126.8 143.9 Qtr.II 146.8 148.0 151.3 149.1 151.1 147.4 163.1 101.9 102.2 135.4 120.8 157.0 127.9 145.6 Qtr.III 147.8 145.8 162.1 150.7 157.0 152.1 166.4 100.8 101.2 139.8 120.9 160.1 129.1 150.0 Qtr.IV 152.4 151.3 151.9 152.2 167.1 153.6 172.8 100.6 102.4 141.7 121.0 164.1 130.9 153.5 2016/17 Qtr.I 156.3 157.2 146.3 152.3 172.1 154.9 168.2 101.7 100.5 143.9 121.1 168.7 131.8 155.4 Qtr.II 156.3 155.2 155.6 152.8 172.5 157.2 175.3 103.0 100.8 151.0 121.1 171.3 132.4 157.5 Qtr.III 158.4 156.7 166.8 156.0 173.8 159.2 181.6 107.6 102.2 152.9 121.1 170.8 136.1 160.4 Qtr.IV 165.6 170.0 152.8 156.6 174.0 167.3 181.3 113.8 109.4 157.6 121.2 176.9 139.2 161.5 2017/18 Qtr.I 172.3 177.6 173.5 160.0 176.4 171.5 172.0 116.4 108.9 160.2 121.2 185.1 140.1 166.3 Qtr.II 176.8 181.9 180.7 164.8 180.3 177.8 179.8 119.5 109.2 160.7 121.2 191.0 144.4 171.1 Qtr.III 181.9 187.5 189.9 172.5 180.2 187.5 187.5 117.4 109.4 165.2 121.2 199.2 150.3 175.6 QIV 189.2 197.7 181.5 180.9 182.5 199.0 191.0 122.3 109.8 169.9 121.2 207.5 157.9 179.8 Table 21 (A): National Non-Food Consumer Price Index, December 2011=100 General Index Food and Non- Alcoholic Beverages Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index Period Alcoholic Beverages and Tobacco Clothing & Foot-wear Housing,Water, Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 117 Table 21 (B): National Food Consumer Price Index, December 2011=100 Period Food & Nonalcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choco late and confectionery Food products Non-Alcoholic Beverages 2004/05 Qtr.I 25.1 25.0 24.3 29.3 28.3 24.3 24.3 36.6 23.0 15.4 Qtr.II 25.4 25.2 24.2 29.5 28.9 24.3 24.3 37.5 24.5 15.5 Qtr.III 25.6 25.0 24.8 31.0 29.1 25.5 25.5 36.3 22.3 18.4 Qtr.IV 27.3 26.8 26.8 31.0 29.1 27.1 27.1 37.4 23.7 19.4 2005/06 Qtr.I 28.8 28.7 29.5 32.4 28.2 27.3 27.3 40.8 23.8 20.7 Qtr.II 28.7 28.9 30.5 32.2 28.1 28.2 28.2 38.9 23.6 20.9 Qtr.III 28.9 29.2 31.1 32.7 28.7 28.8 28.8 41.0 23.6 21.0 Qtr.IV 30.4 30.6 35.2 33.6 29.3 30.8 30.8 45.7 22.9 22.8 2006/07 Qtr.I 32.6 33.0 37.9 35.3 29.0 33.1 33.1 43.8 23.3 23.5 Qtr.II 33.5 33.5 38.4 36.7 30.4 34.0 34.0 42.4 24.0 23.4 Qtr.III 34.7 34.6 39.1 37.1 33.2 35.0 35.0 41.1 33.0 23.8 Qtr.IV 36.6 35.8 41.8 38.6 37.3 35.8 35.8 41.3 49.9 24.3 2007/08 Qtr.I 39.7 38.3 42.9 39.0 40.1 37.3 37.3 40.8 74.8 26.6 Qtr.II 42.0 41.0 43.9 40.3 44.6 40.9 40.9 39.8 77.4 28.4 Qtr.III 46.0 45.5 46.7 44.3 49.9 47.9 47.9 44.6 75.3 29.9 Qtr.IV 57.5 60.5 51.5 50.2 56.5 58.5 58.5 49.8 87.0 32.1 2008/09 Qtr.I 73.7 85.6 56.6 55.3 56.3 70.2 70.2 60.5 98.1 32.8 Qtr.II 67.5 80.6 57.1 57.1 53.9 65.2 65.2 64.1 75.8 33.0 Qtr.III 62.6 74.0 57.0 59.5 51.1 66.3 66.3 73.8 49.4 33.9 Qtr.IV 63.2 73.5 59.8 63.7 51.9 70.1 70.1 76.9 39.1 35.0 2009/10 Qtr.I 64.2 75.7 61.2 65.5 51.5 66.2 66.2 78.3 40.8 38.0 Qtr.II 62.8 73.1 61.4 66.8 51.3 64.8 64.8 80.0 46.3 41.8 Qtr.III 62.7 71.7 63.2 69.5 52.0 65.8 65.8 84.1 52.8 42.6 Qtr.IV 63.0 70.1 65.6 70.2 54.9 65.2 65.2 86.3 69.9 42.3 2010/11 Qtr.I 63.9 69.0 67.9 73.2 58.5 68.0 68.0 85.7 79.4 47.3 Qtr.II 67.0 68.2 68.7 78.3 70.5 75.3 75.3 90.0 71.6 57.6 Qtr.III 73.5 71.5 63.0 85.5 77.5 85.0 85.0 87.5 74.6 77.3 Qtr.IV 87.9 83.1 71.0 91.8 105.7 93.4 93.4 91.6 107.5 90.9 2011/12 Qtr.I 95.6 92.3 88.8 95.7 106.0 90.9 90.9 93.5 122.5 91.9 Qtr.II 100.2 98.4 96.5 98.5 101.1 97.6 97.6 97.8 122.8 97.2 Qtr.III 106.4 104.3 107.9 110.0 104.6 104.1 111.8 101.0 107.4 97.9 Qtr.IV 115.4 113.8 127.9 119.8 112.9 105.0 122.9 104.3 116.9 90.3 2012/13 Qtr.I 118.9 121.0 137.3 120.8 109.0 117.4 123.6 105.3 120.1 88.2 Qtr.II 116.8 118.8 138.4 126.0 105.7 132.7 120.3 107.3 116.6 84.7 Qtr.III 116.0 116.4 142.5 131.6 106.3 128.6 120.3 111.3 113.9 80.2 Qtr.IV 118.7 121.4 145.7 132.9 109.7 123.1 121.3 111.8 117.5 78.7 2013/14 Qtr.I 124.4 130.5 151.0 136.2 108.5 121.3 127.8 113.5 120.0 79.4 Qtr.II 124.8 134.1 153.5 138.2 108.0 124.8 123.3 112.7 121.0 79.0 Qtr.III 122.1 120.0 155.3 143.4 111.1 127.8 130.6 111.6 119.0 79.1 Qtr.IV 126.9 125.3 159.2 145.5 116.1 124.1 130.1 113.2 129.4 94.3 2014/15 Qtr.I 130.4 130.7 161.1 150.4 123.9 129.6 127.5 112.8 140.1 99.3 Qtr.II 130.6 126.1 161.2 152.4 127.2 133.7 133.7 115.2 135.5 101.7 Qtr.III 133.1 121.6 164.8 160.9 134.2 143.7 144.5 114.7 142.2 95.9 Qtr.IV 141.1 126.0 171.3 175.4 144.4 141.3 153.6 116.8 172.4 91.1 2015/16 Qtr.I 149.9 133.0 179.7 176.6 146.6 148.4 157.3 116.5 226.6 87.2 Qtr.II 148.0 132.7 182.0 180.8 141.8 160.0 157.2 117.5 208.0 85.1 Qtr.III 145.8 135.1 183.5 189.9 137.6 165.2 157.2 124.7 174.3 81.1 Qtr.IV 151.3 138.5 190.6 196.2 142.0 160.7 167.8 128.1 175.3 84.1 2016/17 Qtr.I 157.2 145.3 199.1 195.1 142.4 165.1 174.1 132.3 180.2 92.3 Qtr.II 155.2 144.8 198.9 197.7 141.4 166.6 162.9 144.4 181.9 99.3 Qtr.III 156.7 141.6 200.9 203.6 147.4 173.0 170.2 144.9 181.4 98.2 Qtr.IV 170.0 157.4 217.0 215.3 155.2 180.8 186.1 141.7 198.5 96.7 2017/18 Qtr.I 177.6 175.2 226.9 214.7 152.7 201.4 183.1 142.8 209.9 101.8 Qtr.II 181.9 179.1 233.1 220.7 149.9 214.6 189.8 142.2 209.4 109.2 Qtr.III 187.5 174.4 241.6 230.9 153.2 225.1 204.8 141.9 236.6 105.1 Q.IV 197.7 188.9 266.6 247.5 161.9 226.4 205.4 142.8 249.0 110.2

National Bank of Ethiopia Quarterly Bulletin 118 Fourth Quarter 2017/18 2004/05 Qtr.I 30.1 25.4 32.2 24.0 44.9 29.7 34.1 35.7 35.7 41.6 41.6 24.6 33.5 34.7 Qtr.II 30.6 25.4 32.4 24.2 46.3 29.8 36.1 36.7 36.7 45.1 45.1 24.7 33.7 35.7 Qtr.III 30.6 25.0 32.3 24.7 47.1 29.7 36.1 37.6 37.6 44.2 44.2 25.3 34.1 36.1 Qtr.IV 31.4 26.3 32.7 24.9 47.5 30.2 39.3 37.8 37.8 42.6 42.6 25.7 33.6 36.3 2005/06 Qtr.I 32.3 27.6 33.5 25.2 48.4 30.5 39.5 37.6 37.6 44.8 44.8 26.1 34.1 36.8 Qtr.II 32.5 28.1 32.8 25.0 48.4 30.3 39.7 38.2 38.2 44.1 44.1 27.2 33.7 36.7 Qtr.III 33.2 28.9 33.7 26.4 49.2 30.8 39.4 38.0 38.0 43.7 43.7 27.8 33.6 37.3 Qtr.IV 34.8 30.7 34.3 26.5 50.6 31.5 45.7 39.6 39.6 44.4 44.4 29.1 34.9 38.4 2006/07 Qtr.I 37.4 33.2 35.1 27.7 55.5 32.8 48.4 41.9 41.9 46.5 46.5 31.7 37.2 41.0 Qtr.II 39.2 35.1 35.5 28.3 57.0 33.7 49.7 44.7 44.7 50.7 50.7 32.9 36.9 42.5 Qtr.III 40.1 36.7 36.6 29.8 56.7 35.5 53.0 44.1 44.1 48.3 48.3 35.9 37.1 42.9 Qtr.IV 41.9 39.6 37.5 30.5 57.5 37.7 56.2 44.1 44.1 48.6 48.6 35.7 37.6 43.7 2007/08 Qtr.I 43.7 42.9 38.3 31.9 57.5 38.4 57.4 44.1 44.1 49.9 49.9 36.3 38.6 44.4 Qtr.II 44.5 43.2 39.6 35.9 56.1 42.0 60.4 43.9 43.9 51.5 51.5 38.3 39.6 45.6 Qtr.III 48.2 47.0 43.6 38.1 60.1 48.2 63.6 47.1 47.1 53.6 53.6 39.0 41.7 49.2 Qtr.IV 55.1 58.0 46.7 39.8 66.4 52.0 65.8 48.7 48.7 55.6 55.6 44.8 45.1 52.6 2008/09 Qtr.I 61.6 69.9 54.2 43.2 67.3 53.8 70.9 48.6 48.6 55.5 55.5 48.5 48.0 54.6 Qtr.II 62.3 68.1 57.4 45.7 69.6 55.9 72.4 54.2 54.2 60.3 60.3 50.6 48.7 57.5 Qtr.III 60.9 65.1 63.3 48.1 67.2 57.3 72.3 50.7 50.7 63.8 63.8 51.3 49.9 57.4 Qtr.IV 63.0 67.3 63.5 50.3 68.6 59.1 74.7 52.7 52.7 65.9 65.9 54.5 53.9 59.3 2009/10 Qtr.I 65.8 69.5 64.0 52.5 72.2 60.4 78.4 60.6 60.6 66.5 66.5 58.0 57.4 62.7 Qtr.II 67.8 70.5 64.8 53.6 74.9 64.4 79.3 65.7 65.7 68.9 68.9 63.4 60.9 65.6 Qtr.III 68.0 68.9 66.1 55.5 75.8 67.1 79.3 67.1 67.1 71.1 71.1 68.2 62.9 67.2 Qtr.IV 71.1 72.5 69.7 57.7 78.5 70.4 82.4 70.8 70.8 71.3 71.3 72.0 63.9 69.8 2010/11 Qtr.I 74.2 76.9 72.7 63.1 79.0 73.2 82.9 70.4 70.4 75.0 75.0 76.2 66.3 72.0 Qtr.II 79.1 78.8 81.8 70.6 86.8 79.5 85.2 78.3 78.3 86.2 86.2 79.4 71.6 79.4 Qtr.III 82.5 79.0 79.5 75.4 95.2 84.6 86.0 86.5 86.5 87.4 87.4 80.8 81.5 85.4 Qtr.IV 89.8 88.4 84.8 81.5 98.9 91.0 90.3 96.6 96.6 87.2 87.2 85.9 87.4 91.0 2011/12 Qtr.I 94.9 95.9 91.8 86.8 101.0 92.4 93.3 96.5 96.5 90.9 90.9 92.3 92.8 94.1 Qtr.II 99.0 102.4 96.1 95.1 100.5 97.0 98.0 97.1 97.1 99.6 99.6 97.1 97.9 97.8 Qtr.III 103.8 106.9 104.5 104.0 102.5 102.6 100.7 100.0 100.0 100.2 100.0 100.0 103.8 101.7 Qtr.IV 108.8 116.9 105.0 106.2 104.2 104.6 104.5 100.1 100.0 101.6 107.7 100.0 106.8 103.3 2012/13 Qtr.I 112.4 121.0 105.3 111.7 112.3 107.2 106.9 99.2 100.0 103.7 104.6 100.0 110.0 106.7 Qtr.II 113.8 118.8 106.1 119.2 116.3 108.9 109.7 99.2 100.0 107.3 104.6 109.9 114.0 110.5 Qtr.III 114.4 116.8 115.6 121.7 118.2 112.7 114.8 99.2 100.0 109.1 108.2 113.3 118.9 112.8 Qtr.IV 116.9 120.8 118.7 125.0 118.3 115.9 121.3 99.1 100.0 111.3 111.9 116.7 120.9 114.4 2013/14 Qtr.I 121.7 126.0 122.9 127.0 124.3 118.2 112.3 99.3 100.0 115.1 111.9 132.8 123.4 118.9 Qtr.II 123.3 124.4 130.8 129.4 128.8 120.2 115.2 102.6 100.0 123.6 111.9 140.0 126.6 122.6 Qtr.III 124.3 122.4 128.2 133.1 132.7 125.2 119.4 107.9 100.0 127.7 111.9 139.6 126.9 125.6 Qtr.IV 127.4 127.1 135.3 137.5 133.3 128.6 128.2 108.1 100.0 130.2 111.9 145.4 126.3 127.6 2014/15 Qtr.I 130.3 133.8 137.6 137.8 132.3 127.6 136.1 108.0 100.0 133.7 111.9 147.4 130.9 127.9 Qtr.II 130.6 134.4 137.7 138.5 132.5 128.3 141.5 107.3 100.0 129.8 111.9 147.6 131.8 128.2 Qtr.III 133.6 140.0 140.3 139.8 134.7 131.9 142.9 99.1 100.0 130.0 111.9 154.7 138.4 129.4 Qtr.IV 139.7 152.3 138.7 143.5 138.2 135.4 144.0 96.7 100.0 129.0 111.9 157.4 142.1 131.4 2015/16 Qtr.I 149.0 171.4 140.0 147.0 141.8 136.2 145.3 97.6 100.0 129.8 124.3 159.3 144.8 134.1 Qtr.II 150.6 174.4 141.8 148.2 140.6 136.2 147.4 97.7 100.0 130.4 136.7 161.2 145.0 134.7 Qtr.III 146.0 158.5 145.5 148.1 142.4 141.6 151.2 97.9 100.0 132.2 149.1 169.0 147.1 137.7 Qtr.IV 145.4 156.3 145.3 148.6 142.2 144.9 151.7 97.1 100.0 132.6 149.1 170.5 148.5 138.1 2016/17 Qtr.I 144.5 154.8 144.1 149.4 140.0 147.1 153.5 96.2 100.0 134.2 149.1 170.1 149.8 137.6 Qtr.II 149.5 163.4 155.0 156.0 141.2 152.6 154.2 95.4 100.0 141.6 149.1 176.0 152.0 140.3 Qtr.III 150.4 160.7 156.5 157.3 144.6 156.2 160.8 101.5 100.0 141.7 149.1 178.9 161.8 161.5 Qtr.IV 154.2 166.5 150.5 146.8 148.4 163.1 172.0 104.9 111.6 148.1 149.1 179.4 161.8 146.0 2017/18 Qtr.I 157.4 173.8 156.5 150.1 142.9 174.9 168.3 104.7 111.4 150.3 149.1 186.6 160.5 146.5 QII 161.8 175.9 152.4 155.5 153.1 145.7 183.4 172.5 104.9 112.2 149.0 149.1 212.2 171.4 QIII 165.7 181.1 155.5 166.1 157.3 146.6 193.8 179.0 105.5 111.2 151.1 149.1 216.2 181.1 QIV 172.0 189.4 160.4 172.6 165.0 148.0 199.4 190.9 106.1 111.0 153.9 149.1 234.3 190.1 Table 21 (C): Addis Ababa Non-Food Consumer Price Index , December 2011=100 Source: Central Statistical Agency and NBE Staff Compilation. Food & Non- alcoholic Beverages Alcoholic beverages & Tobacco Clothing & Foo-twear Hosing,Water, Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Recreation and Culture Restaurants and Hotels Miscellaneous Goods Non-Food Index Period General Index Communication Health Transport Education

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 119 Table 21(D): Addis Ababa Food Consumer Price Index , December 2011=100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 2004/05 25.5 26.4 23.8 26.3 26.4 25.9 25.9 41.4 28.9 16.3 Qtr.I 25.4 26.1 23.0 26.2 26.2 25.0 25.0 41.1 32.7 14.7 Qtr.II 25.4 26.6 22.4 26.2 26.6 23.6 23.6 44.3 31.1 14.8 Qtr.III 25.0 25.9 23.6 26.7 26.2 25.9 25.9 39.5 25.7 17.9 Qtr.IV 26.3 27.0 26.0 26.2 26.5 29.0 29.0 40.8 26.2 17.8 2005/06 28.8 30.4 30.3 28.9 26.0 30.5 30.5 48.7 24.3 19.7 Qtr.I 27.6 28.7 27.9 27.7 25.9 27.6 27.6 48.1 25.4 18.9 Qtr.II 28.1 29.8 29.0 28.5 25.7 31.1 31.1 42.3 25.3 19.1 Qtr.III 28.9 30.2 30.2 29.4 26.2 32.0 32.0 50.0 24.8 19.9 Qtr.IV 30.7 32.7 34.2 29.8 26.2 31.2 31.2 54.3 21.8 20.8 2006/07 36.2 39.1 39.0 33.8 31.5 33.0 33.0 48.1 36.3 22.3 Qtr.I 33.2 36.4 37.0 31.4 26.5 29.5 29.5 49.8 25.7 21.3 Qtr.II 35.1 38.9 38.1 32.4 29.3 31.0 31.0 47.3 27.2 21.5 Qtr.III 36.7 39.8 38.9 33.5 32.7 36.1 36.1 47.3 36.4 23.0 Qtr.IV 39.6 41.4 41.9 37.9 37.3 35.2 35.2 47.8 55.7 23.3 2007/08 47.8 50.1 45.3 42.0 47.2 53.0 53.0 48.9 85.7 28.0 Qtr.I 42.9 42.7 42.7 39.3 40.1 39.5 39.5 46.5 90.3 24.8 Qtr.II 43.2 43.7 43.3 39.9 43.2 44.6 44.6 44.5 78.9 27.6 Qtr.III 47.0 48.1 44.4 41.6 48.0 60.7 60.7 51.3 79.3 29.2 Qtr.IV 58.0 65.8 50.8 47.1 57.7 67.0 67.0 53.3 94.4 30.6 2008/09 67.6 84.0 58.6 59.1 54.0 73.3 73.3 73.8 67.5 29.9 Qtr.I 69.9 84.6 58.4 56.0 56.3 70.7 70.7 65.3 100.8 30.4 Qtr.II 68.1 85.8 58.9 58.8 53.8 67.2 67.2 64.8 76.9 29.8 Qtr.III 65.1 82.1 57.2 59.2 51.1 73.5 73.5 79.6 51.8 29.6 Qtr.IV 67.3 83.6 59.9 62.4 55.0 81.8 81.8 85.6 40.4 29.8 2009/10 70.4 84.8 64.5 68.6 54.8 71.4 71.4 93.2 58.7 39.6 Qtr.I 69.5 87.4 62.8 68.7 54.5 71.2 71.2 87.4 42.1 36.3 Qtr.II 70.5 86.9 62.8 68.1 54.1 68.8 68.8 95.8 57.0 41.5 Qtr.III 68.9 81.9 63.7 67.5 54.9 69.6 69.6 94.0 56.9 41.0 Qtr.IV 72.5 82.8 68.7 70.2 55.8 76.1 76.1 95.4 78.8 39.6 2010/11 80.8 83.4 72.9 75.9 76.5 98.1 98.1 99.2 86.3 64.9 Qtr.I 76.9 82.3 71.8 72.4 59.1 90.7 90.7 101.6 88.5 44.1 Qtr.II 78.8 82.2 72.8 74.3 69.8 95.6 95.6 106.1 69.9 56.3 Qtr.III 79.0 80.2 72.4 77.0 74.6 101.5 101.5 93.6 76.1 72.5 Qtr.IV 88.4 89.0 74.7 80.2 102.3 104.4 104.4 95.6 110.6 86.7 2011/12 105.5 103.6 104.9 100.2 105.2 100.9 106.2 98.2 121.1 96.0 Qtr.I 95.9 94.5 88.3 88.2 106.0 91.0 91.0 96.1 129.2 90.0 Qtr.II 102.4 99.5 97.5 97.7 101.9 96.5 96.5 97.6 120.4 98.1 Qtr.III 106.9 104.1 106.1 105.0 103.8 106.6 114.0 98.9 115.3 99.6 Qtr.IV 116.9 116.4 127.7 109.9 109.1 109.5 123.4 100.2 119.7 96.2 2012/13 119.3 128.1 133.8 127.0 108.7 130.1 119.9 100.1 97.2 89.8 Qtr.I 121.0 125.5 132.0 119.2 107.1 120.8 129.4 100.2 111.5 93.9 Qtr.II 118.8 129.6 128.5 126.5 106.7 123.0 120.3 100.1 96.4 91.7 Qtr.III 116.8 127.5 136.3 130.5 108.7 135.4 107.7 100.1 91.8 88.5 Qtr.IV 120.8 129.6 138.2 131.8 112.2 141.3 122.2 100.2 89.2 84.8 2013/14 125.0 131.6 144.2 135.8 112.6 141.6 127.2 102.0 102.7 90.6 Qtr.I 126.0 133.7 140.8 135.0 112.2 140.6 136.3 100.2 96.0 86.6 Qtr.II 124.4 137.9 140.7 135.4 111.6 133.8 119.8 100.3 102.1 87.4 Qtr.III 122.4 126.8 144.3 134.6 111.7 145.3 126.9 100.6 92.4 89.1 Qtr.IV 127.1 128.2 151.0 138.0 114.9 146.8 125.9 106.7 120.3 99.4 2014/15 140.1 132.6 151.6 152.5 135.2 156.9 147.6 106.3 170.1 103.4 Qtr.I 133.8 133.6 151.5 142.5 122.4 141.9 129.9 106.6 160.8 101.1 Qtr.II 134.4 133.9 146.2 149.1 129.2 141.6 140.5 106.7 130.8 105.4 Qtr.III 140.0 129.7 151.3 151.9 137.5 173.6 155.8 104.8 152.2 105.1 Qtr.IV 152.3 133.4 157.5 166.5 151.9 170.6 164.1 107.3 236.8 101.8 2015/16 165.2 140.1 178.0 179.2 147.6 174.9 177.9 109.5 305.0 96.7 Qtr.I 171.4 137.1 174.6 177.4 152.1 171.5 178.4 107.8 399.1 98.2 Qtr.II 174.4 137.7 179.2 179.8 151.9 169.1 183.9 108.0 410.7 97.8 Qtr.III 158.5 142.9 179.2 179.9 145.2 176.0 176.0 108.0 212.4 96.1 Qtr.IV 156.3 142.5 178.9 180.0 141.0 183.1 173.3 114.3 197.6 94.8 2016/17 161.4 158.9 186.3 187.9 141.2 188.7 184.6 125.9 136.1 103.8 Qtr.I 154.8 144.4 178.2 179.9 136.9 191.3 171.8 121.3 178.4 95.3 Qtr.II 163.4 166.2 187.6 187.6 140.4 163.0 181.7 124.5 140.9 108.0 Qtr.III 160.7 159.8 181.7 192.3 141.5 194.5 187.6 129.2 117.5 108.0 Qtr.IV 166.5 165.3 197.7 192.0 146.1 205.9 197.3 128.5 107.5 104.0 2017/18 Qtr.I 173.8 179.9 212.9 197.6 150.7 231.7 192.0 129.5 107.6 111.6 Qtr.II 175.9 185.2 213.5 198.9 150.1 217.3 185.2 129.5 128.6 117.7 Qtr.III 180.8 182.1 217.8 207.5 150.2 241.8 184.8 129.8 193.0 116.8 QIV 189.4 191.6 234.6 225.0 161.9 242.1 187.0 130.1 198.9 117.5 Source: Central Statistical Agency and NBE staff computation.

National Bank of Ethiopia Quarterly Bulletin 120 Fourth Quarter 2017/18 Table 21 (E1): Regional States’ Consumer Price Indices (Non-Food)

2003/04 Q.I 30.3 25.8 39.2 41.5 40.5 32.0 35.7 51.3 42.8 42.8 57.0 57.0 24.1 54.7 Q.II 30.1 25.6 38.8 40.9 39.5 32.1 36.6 55.0 43.4 43.4 57.3 57.3 25.1 53.9 Q.III 29.6 24.8 38.6 39.5 39.2 32.4 37.4 58.6 43.4 43.4 58.2 58.2 25.6 59.1 Q.IV 30.3 25.3 39.3 39.8 38.3 34.4 36.3 59.1 43.9 43.9 57.5 57.5 24.2 60.5 2004/05 Q.I 30.1 25.0 39.1 39.1 38.7 34.6 35.9 60.0 43.7 43.7 57.9 57.9 24.3 60.6 Q.II 31.2 25.4 40.8 39.3 37.9 38.9 35.6 62.9 45.0 45.0 56.6 56.6 25.0 60.4 Q.III 30.9 24.9 40.8 38.7 40.1 38.5 36.2 61.9 45.3 45.3 56.6 56.6 25.7 60.2 Q.IV 31.6 26.3 40.6 39.5 40.3 36.9 35.5 59.1 44.5 44.5 60.4 60.4 25.7 62.0 2005/06 Q.I 32.1 27.4 40.2 39.5 39.1 36.7 36.4 63.6 45.3 45.3 57.8 57.8 27.1 63.4 Q.II 33.0 27.8 41.8 42.9 40.9 38.6 36.6 59.7 45.3 45.3 57.8 57.8 28.5 63.4 Q.III 33.5 28.4 42.1 42.3 41.0 39.5 37.8 63.9 45.4 45.4 57.9 57.9 28.6 63.7 Q.IV 34.8 30.3 42.0 42.3 40.3 40.1 38.9 64.5 45.9 45.9 57.3 57.3 29.0 65.7 2006/07 Q.I 36.1 31.7 42.9 42.7 41.4 41.2 38.8 62.7 47.3 47.3 56.8 56.8 31.2 68.2 Q.II 37.2 33.0 43.8 42.7 42.4 42.3 39.6 63.1 49.1 49.1 57.1 57.1 35.1 69.5 Q.III 39.0 32.7 46.1 43.6 44.4 46.1 39.3 63.6 53.0 53.0 53.7 53.7 37.4 70.0 Q.IV 40.4 34.7 45.4 44.5 45.1 43.5 40.4 62.3 55.8 55.8 49.2 49.2 38.5 70.0 2007/08 Q.I 43.1 36.6 46.4 44.8 46.6 43.7 42.1 63.2 58.1 58.1 50.3 50.3 39.8 69.9 Q.II 44.2 37.8 47.2 44.8 46.8 45.1 42.1 63.5 58.4 58.4 52.7 52.7 39.9 73.3 Q.III 45.9 39.6 49.1 45.4 48.8 46.2 45.9 64.6 62.3 62.3 54.4 54.4 42.1 73.7 Q.IV 52.0 48.0 50.9 47.2 50.5 46.8 51.2 66.1 63.7 63.7 54.3 54.3 49.2 74.7 2008/09 Q.I 61.0 60.5 53.2 55.4 54.3 47.5 54.6 63.5 63.7 63.7 56.5 56.5 58.3 78.2 Q.II 59.1 58.7 52.8 56.5 54.0 46.6 55.8 71.7 58.0 58.0 60.0 60.0 59.9 79.2 Q.III 57.2 56.6 52.9 58.0 56.0 45.7 56.9 70.2 47.6 47.6 65.2 65.2 60.5 80.8 Q.IV 58.7 58.8 54.4 60.4 56.0 46.7 61.1 75.4 50.2 50.2 65.7 65.7 61.8 82.4 2009/10 Q.I 62.2 61.7 58.6 62.3 59.8 52.7 62.3 79.6 57.8 57.8 64.1 64.1 63.8 84.0 Q.II 66.6 64.7 64.5 63.5 62.9 60.5 70.7 79.4 64.0 64.0 64.2 64.2 69.6 84.7 Q.III 67.8 64.6 67.8 65.8 66.2 64.2 74.8 83.0 67.3 67.3 62.7 62.7 70.2 85.1 Q.IV 69.5 65.0 70.0 70.1 66.0 68.2 75.5 82.9 69.4 69.4 66.3 66.3 71.8 87.0 2010/11 Q.I 71.5 66.3 72.7 71.3 66.2 74.2 76.7 77.1 67.3 67.3 69.1 69.1 73.6 86.5 Q.II 75.9 69.7 79.3 80.7 71.9 82.7 79.7 77.8 76.8 76.8 78.4 78.4 81.3 91.0 Q.III 81.6 74.9 86.0 87.4 75.4 92.0 84.9 85.7 89.1 89.1 78.4 78.4 84.8 92.2 Q.IV 89.2 80.4 93.9 88.9 80.6 105.7 83.3 94.3 107.0 107.0 80.4 80.4 92.2 94.2 2011/12 Q.I 95.9 86.7 99.4 98.3 90.8 106.6 94.2 89.0 110.4 110.4 83.8 83.8 100.4 98.1 Q.II 99.9 95.4 99.3 100.9 99.8 99.5 99.9 92.2 97.7 97.7 92.4 92.4 103.0 98.7 Q.III 104.4 105.1 103.4 108.6 102.7 101.7 105.0 99.7 103.8 100.0 98.9 0.0 103.0 101.7 Q.IV 110.7 111.8 109.0 111.6 107.1 114.5 100.4 106.6 109.4 100.0 98.3 0.0 113.6 106.7 2012/13 Q.I 115.9 117.9 113.1 107.6 116.3 125.4 94.8 109.6 118.0 100.0 101.5 0.0 117.7 107.3 Q.II 120.8 117.9 125.0 106.0 147.7 139.8 102.2 112.6 125.8 100.0 105.3 0.0 125.4 108.5 Q.III 121.0 113.8 131.2 98.2 158.0 159.3 104.6 117.2 125.8 100.0 104.2 0.0 125.4 109.4 Q.IV 127.0 116.0 142.9 90.8 164.3 199.6 108.7 124.1 125.8 100.0 105.1 0.0 130.7 112.7 2013/14 Q.I 136.1 124.8 152.3 107.6 171.6 210.0 114.1 144.2 144.0 100.0 107.5 0.0 136.3 117.3 Q.II 138.5 126.0 156.4 117.4 172.7 217.0 114.5 149.9 144.0 100.0 116.2 0.0 135.3 120.8 Q.III 133.9 122.6 150.1 105.2 179.2 189.5 115.7 162.4 144.0 100.0 121.4 0.0 141.3 123.9 Q.IV 130.1 126.9 134.7 94.1 179.8 130.5 118.1 161.4 150.9 100.0 120.4 0.0 149.1 127.7 2014/15 Q.I 131.6 129.7 134.4 97.0 179.4 120.3 121.5 165.3 167.0 100.0 123.7 0.0 147.7 145.7 Q.II 132.9 129.1 138.4 96.3 185.1 132.9 124.8 171.6 166.6 100.0 124.8 0.0 149.6 125.1 Q.III 138.2 129.5 150.7 117.1 179.2 171.1 124.1 170.3 171.8 100.0 123.4 0.0 153.2 127.1 Q.IV 148.9 139.0 163.1 138.9 180.0 195.7 138.7 175.1 173.9 100.0 122.7 0.0 158.7 125.8 2015/16 Q.I 157.4 153.3 163.3 143.2 189.4 179.1 143.7 176.7 169.2 100.0 134.3 0.0 166.5 130.2 Q.II 160.0 155.9 165.8 140.6 190.6 184.8 145.5 178.1 171.0 100.0 137.5 0.0 175.7 130.8 Q.III 157.3 147.3 171.7 144.0 186.9 203.3 152.2 190.1 183.6 100.0 135.5 0.0 173.3 132.2 Q.IV 161.1 147.3 180.9 161.8 182.4 230.8 153.6 191.3 184.1 100.0 137.3 0.0 173.3 131.3 2016/17 QI 166.0 147.3 192.9 170.1 182.4 270.6 157.6 191.8 174.6 100.0 139.7 0.0 175.7 130.8 QII 173.8 153.6 202.9 166.1 191.1 301.9 160.4 161.8 179.2 100.0 137.6 0.0 187.4 132.9 QIII 173.7 148.7 209.6 157.0 193.2 330.5 160.5 165.6 173.3 100.0 141.9 0.0 192.0 133.9 QIV 180.8 151.2 223.3 163.2 188.5 380.8 163.9 165.0 190.7 100.0 149.4 0.0 191.5 129.5 2016/17 QI 187.6 159.6 227.8 188.9 186.3 383.8 161.5 151.9 204.9 100.0 150.6 0.0 191.4 132.9 QII 194.0 168.6 230.6 192.8 190.6 382.5 165.4 152.4 223.7 100.0 148.8 0.0 197.2 133.0 QIII 202.9 175.6 242.2 250.8 196.5 378.5 168.4 156.3 223.7 100.0 144.5 0.0 212.0 137.9 QIV 201.0 174.5 239.1 227.1 197.7 377.2 176.3 158.4 223.7 100.0 133.5 0.0 213.6 139.0 Housing,Water, Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Mainte- nance of the House Period General Index Health December 2011 = 100 Source: Central Statistical Agency Transport Communication Education Food & Nonalcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Recreation and Culture Restaurants and Hotels Miscellaneous Goods

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 121 Table 21 (E2): Regional States’ Consumer Price Indices (Non-Food) Period General Index Food & Nonalcoholic 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 2000/01 Q.III 22.3 19.6 30.7 37.2 28.4 25.2 31.4 68.9 31.4 31.4 45.1 45.1 22.6 39.6 Q.IV 21.1 17.8 31.2 36.9 28.7 26.1 32.6 67.3 30.9 30.9 44.9 44.9 23.0 39.7 2001/02 Q.I 20.8 16.8 32.6 36.7 29.4 29.3 31.4 67.9 31.3 31.3 43.3 43.3 23.8 39.3 Q.II 20.7 16.7 32.5 36.6 30.8 28.6 30.9 67.5 30.2 30.2 41.2 41.2 24.0 39.1 Q.III 19.9 15.9 32.0 36.5 30.3 27.7 30.2 66.1 33.6 33.6 40.4 40.4 24.1 38.8 Q.IV 20.1 16.6 31.1 36.4 29.5 26.0 30.1 67.0 34.3 34.3 40.8 40.8 24.2 38.8 2002/03 Q.I 22.5 19.5 31.4 37.5 29.0 27.0 30.5 66.6 35.1 35.1 41.0 41.0 24.2 38.8 Q.II 23.3 20.5 31.5 35.8 28.8 27.3 29.5 66.1 44.8 44.8 40.1 40.1 24.1 38.6 Q.III 24.3 21.8 31.6 37.2 28.5 27.5 29.4 66.2 46.2 46.2 40.3 40.3 24.6 38.6 Q.IV 25.5 23.3 31.7 40.7 29.5 27.5 29.5 63.1 46.2 46.2 39.4 39.4 25.3 33.9 2003/04 Q.I 27.4 25.6 32.4 38.7 29.1 28.5 30.1 65.9 46.6 46.6 40.0 40.0 26.1 39.0 Q.II 27.0 25.1 32.6 36.6 29.1 29.3 30.0 64.4 46.6 46.6 38.9 38.9 26.7 38.8 Q.III 26.2 23.7 33.2 36.4 29.4 30.5 30.2 65.4 46.0 46.0 39.0 39.0 27.2 38.7 Q.IV 27.5 25.8 32.2 36.3 28.6 28.4 30.9 65.9 45.4 45.4 39.7 39.7 27.8 39.8 2004/05 Q.I 28.5 26.8 32.9 36.0 28.5 30.3 30.6 65.6 45.4 45.4 38.5 38.5 28.3 39.0 Q.II 28.7 27.1 32.8 35.7 29.1 29.8 30.5 63.7 46.1 46.1 38.9 38.9 28.8 39.5 Q.III 27.8 25.6 33.5 36.0 30.0 30.6 31.1 63.2 45.8 45.8 40.1 40.1 28.9 39.3 Q.IV 29.8 28.3 33.7 37.0 30.1 30.5 31.9 64.3 45.6 45.6 40.8 40.8 30.1 39.5 2005/06 Q.I 31.9 30.7 34.5 37.1 29.6 32.7 32.3 62.7 45.7 45.7 40.9 40.9 30.8 39.6 Q.II 32.2 30.9 35.2 37.2 29.6 34.3 32.4 62.2 45.3 45.3 42.3 42.3 31.3 39.5 Q.III 32.1 30.5 36.2 38.4 31.7 34.5 33.6 63.0 45.9 45.9 43.2 43.2 32.1 40.5 Q.IV 33.7 31.6 38.5 39.0 32.3 38.4 35.0 64.0 53.8 53.8 44.5 44.5 33.6 41.8 2006/07 Q.I 36.5 33.9 42.2 38.9 33.4 45.9 36.3 62.8 59.0 59.0 45.4 45.4 35.5 42.9 Q.II 37.6 35.0 43.0 39.0 33.2 47.6 36.9 61.5 60.2 60.2 45.5 45.5 37.5 44.1 Q.III 39.1 36.7 43.9 40.2 33.5 49.1 37.3 62.1 59.8 59.8 45.4 45.4 38.3 44.9 Q.IV 41.0 39.3 44.4 41.6 34.3 49.1 38.7 60.7 62.2 62.2 46.6 46.6 39.0 45.4 2007/08 Q.I 44.1 43.6 45.3 41.8 35.9 49.9 40.1 64.2 59.9 59.9 46.8 46.8 42.1 45.4 Q.II 46.0 46.3 45.4 41.5 35.4 49.6 42.5 65.7 60.4 60.4 47.9 47.9 44.1 47.1 Q.III 47.9 48.1 47.4 45.4 36.9 51.2 46.1 70.7 66.9 66.9 49.6 49.6 46.8 50.0 Q.IV 55.5 58.7 49.2 51.4 37.8 52.1 49.9 74.8 70.3 70.3 51.5 51.5 50.5 53.0 2008/09 Q.I 69.2 77.0 53.5 67.4 39.8 55.9 53.7 73.2 70.3 70.3 53.5 53.5 56.9 55.2 Q.II 67.1 73.3 54.7 68.9 42.9 56.3 55.4 72.2 71.3 71.3 55.6 55.6 59.7 54.5 Q.III 62.2 65.5 55.7 69.3 45.3 56.3 59.4 76.6 65.3 65.3 58.3 58.3 61.2 56.1 Q.IV 62.2 64.3 58.1 73.0 48.4 58.6 62.1 81.1 66.5 66.5 63.1 63.1 62.0 58.5 2009/10 Q.I 65.0 66.5 62.1 73.1 51.1 63.8 64.7 83.6 70.2 70.2 65.8 65.8 64.9 62.1 Q.II 65.4 65.1 65.9 72.8 54.5 68.9 67.2 90.8 70.5 70.5 68.1 68.1 67.7 65.2 Q.III 65.5 64.1 68.4 73.9 58.7 70.9 69.7 96.0 73.6 73.6 68.7 68.7 69.5 67.4 Q.IV 66.7 65.1 69.9 80.5 61.9 71.7 71.9 98.3 76.6 76.6 70.8 70.8 69.6 68.1 2010/11 Q.I 68.5 66.3 73.0 82.2 64.4 75.6 73.9 99.5 75.1 75.1 76.3 76.3 71.2 70.1 Q.II 72.2 68.1 80.4 88.3 71.1 84.5 79.2 102.1 79.2 79.2 87.1 87.1 75.3 77.0 Q.III 76.5 71.4 86.8 89.9 78.1 91.8 83.7 102.4 98.7 98.7 87.6 87.6 78.1 81.5 Q.IV 87.3 85.9 90.2 98.8 84.3 93.2 89.1 104.1 108.9 108.9 91.0 91.0 83.8 84.2 2011/12 Q.I 95.2 95.7 94.1 107.6 89.9 95.3 94.9 105.0 109.5 109.5 95.3 95.3 91.2 93.9 Q.II 100.0 101.4 97.4 100.6 96.5 97.1 98.5 102.6 100.2 100.2 99.1 99.1 97.0 98.5 Q.III 103.3 104.3 102.2 104.1 101.1 102.6 102.2 104.2 101.5 100.0 103.7 100.0 102.0 100.0 Q.IV 109.0 113.0 105.0 112.2 103.5 102.9 105.8 106.5 101.3 100.0 109.9 100.0 106.6 102.1 2012/13 Q.I 114.1 120.1 107.8 117.6 104.9 105.0 107.6 109.1 102.9 100.0 109.9 100.0 111.9 103.5 Q.II 116.2 119.2 113.0 120.5 106.4 110.0 124.7 112.2 106.9 100.0 105.9 100.0 115.3 112.9 Q.III 116.9 118.6 115.2 122.4 107.4 109.9 130.8 121.9 104.6 100.0 107.5 100.0 120.8 114.6 Q.IV 120.0 122.0 118.0 126.4 111.1 111.5 133.7 129.9 100.5 100.0 110.1 100.0 125.8 116.6 2013/14 Q.I 123.4 127.0 119.6 130.4 112.6 112.1 134.7 134.6 95.0 100.0 109.8 100.0 129.6 117.6 Q.II 125.5 126.0 124.9 139.7 112.7 119.3 138.3 146.2 98.7 100.0 113.0 100.0 135.2 120.1 Q.III 126.2 123.9 128.6 144.1 115.9 125.0 142.2 151.6 101.2 100.0 114.6 100.0 136.5 121.0 Q.IV 128.2 125.6 130.9 143.4 116.9 128.9 149.1 155.2 101.6 100.0 114.6 100.0 137.5 121.9 2014/15 Q.I 129.6 127.3 132.0 145.9 119.1 128.3 150.0 157.6 101.8 101.7 115.1 108.3 140.0 122.3 Q.II 130.8 127.6 134.1 147.5 125.7 129.7 151.5 163.9 103.8 100.0 114.9 100.0 141.6 122.7 Q.III 132.9 128.7 137.3 149.1 129.4 134.8 154.8 165.5 103.9 103.5 116.4 100.0 143.6 123.7 Q.IV 136.2 131.1 141.4 154.9 128.6 141.3 159.6 158.5 103.3 114.4 117.3 100.0 148.1 124.7 2015/16 Q.I 142.4 139.0 145.8 154.1 131.3 148.2 163.2 159.4 114.0 125.0 113.1 100.0 152.7 123.8 Q.II 143.8 141.6 146.1 153.3 130.3 147.6 163.7 158.9 120.8 128.9 115.8 100.0 154.0 125.0 Q.III 145.1 140.6 149.9 156.5 127.8 153.5 169.3 162.8 122.6 112.8 125.1 100.0 160.4 123.7 Q.IV 146.4 141.1 152.0 159.7 128.9 156.9 171.1 166.2 119.9 112.9 125.9 100.0 162.0 125.3 2016/17 QI 146.7 141.2 152.4 159.8 129.7 157.3 171.9 172.3 116.3 113.0 125.6 100.0 162.7 125.6 QIII 160.5 155.4 165.8 159.7 126.9 185.0 180.7 176.7 122.9 114.3 128.6 100.0 177.8 131.0 QII 160.3 156.7 164.1 158.5 130.3 179.6 183.8 180.4 126.3 115.0 130.7 100.0 173.2 134.2 QIV 168.8 168.6 169.0 170.6 141.9 177.1 186.9 166.0 161.5 118.3 143.2 100.0 179.3 135.2 2017/18 QI 180.0 181.9 178.0 219.8 146.5 179.3 189.9 149.3 159.9 125.0 148.7 100.0 191.5 136.2 QII 182.4 181.9 182.9 223.6 151.5 186.9 193.9 162.8 154.2 125.0 146.1 100.0 195.8 139.9 QIII 187.2 186.9 187.4 228.0 158.7 189.8 203.0 161.9 136.1 125.0 151.6 100.0 203.7 144.9 QIV 196.6 200.3 192.7 230.2 170.8 190.8 219.1 164.6 154.1 125.0 158.2 100.0 204.5 157.5 December 2011 = 100 Source: Central Statistical Agency

National Bank of Ethiopia Quarterly Bulletin 122 Fourth Quarter 2017/18 Table 21 (E3): Regional States’ Consumer Price Indices (Non-Food) Period General Index Food & Nonalcoholic Index NonFood Index Alcoholic beverages & Tobacco Clothing & Footwear 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 BENISHANGUL GUMUZ 2004/05 Q.I 83.6 24.0 35.4 38.4 23.3 44.6 28.8 65.6 48.4 48.4 38.7 38.7 27.5 36.5 Q.II 84.9 24.3 36.2 39.5 23.7 46.1 30.3 64.3 51.1 51.1 37.4 37.4 28.8 37.7 Q.III 81.3 22.4 37.4 40.1 24.1 51.0 29.5 64.3 54.0 54.0 39.8 39.8 29.0 37.8 Q.IV 83.2 23.1 37.8 40.7 24.4 51.3 28.9 63.3 55.3 55.3 41.2 41.2 30.0 40.5 2005/06 Q.I 86.6 24.4 37.8 41.0 24.3 51.0 29.2 62.1 56.2 56.2 41.3 41.3 31.1 41.7 Q.II 88.5 25.1 38.3 42.7 24.9 50.3 28.7 65.3 54.8 54.8 43.0 43.0 31.3 41.3 Q.III 90.0 25.4 39.5 43.9 25.5 52.9 29.6 68.8 55.0 55.0 42.5 42.5 32.1 41.7 Q.IV 94.7 27.0 40.2 43.3 25.4 55.3 31.2 69.5 60.3 60.3 42.6 42.6 34.9 42.0 2006/07 Q.I 96.9 27.7 40.5 43.6 24.6 56.9 32.0 68.5 65.4 65.4 43.1 43.1 36.0 42.3 Q.II 99.3 28.5 41.3 43.9 25.1 58.9 31.8 69.4 67.1 67.1 44.5 44.5 36.9 42.1 Q.III 35.6 29.0 44.4 44.2 26.0 71.0 31.4 67.9 67.2 67.2 44.9 44.9 36.8 42.0 Q.IV 37.0 30.8 45.2 46.4 26.8 71.0 32.7 68.3 67.5 67.5 47.0 47.0 39.3 42.4 2007/08 Q.I 41.0 35.6 48.2 46.1 28.1 81.1 33.7 69.8 68.5 68.5 47.4 47.4 39.7 42.7 Q.II 43.9 39.2 50.0 47.2 29.8 84.5 34.4 74.9 67.8 67.8 48.2 48.2 42.2 44.0 Q.III 47.6 44.3 51.9 50.4 32.6 84.1 36.4 77.8 67.4 67.4 52.0 52.0 45.1 47.1 Q.IV 52.7 51.2 54.7 53.6 34.7 87.4 39.5 83.0 67.4 67.4 53.6 53.6 49.3 50.0 2008/09 Q.I 68.6 75.0 60.1 63.4 36.3 92.5 46.8 93.0 67.4 67.4 67.7 67.7 53.7 52.6 Q.II 64.9 67.0 62.2 63.0 39.7 93.3 49.3 96.1 71.7 71.7 71.0 71.0 54.6 53.8 Q.III 60.5 58.2 63.5 65.9 41.3 94.7 51.1 103.4 65.4 65.4 71.6 71.6 57.9 55.2 Q.IV 61.9 59.6 65.0 69.9 40.7 99.7 51.3 102.4 65.8 65.8 74.0 74.0 59.6 56.1 2009/10 Q.I 66.1 65.0 67.6 70.5 41.6 101.9 57.7 104.2 70.6 70.6 74.5 74.5 63.2 58.9 Q.II 64.5 59.2 71.5 70.0 47.1 108.2 60.1 103.7 75.8 75.8 76.7 76.7 66.5 61.0 Q.III 61.9 53.5 72.9 75.0 52.8 103.2 62.5 109.3 78.9 78.9 77.9 77.9 71.1 63.4 Q.IV 61.8 51.8 75.1 82.0 53.7 107.0 64.2 106.4 80.8 80.8 79.2 79.2 78.4 64.9 2010/11 Q.I 61.5 50.0 76.9 81.9 59.2 102.3 70.0 104.6 79.9 79.9 81.7 81.7 81.1 64.8 Q.II 65.6 51.5 84.3 88.9 67.9 109.5 80.1 109.4 85.3 85.3 88.1 88.1 82.9 72.9 Q.III 70.1 57.8 86.4 90.7 74.3 104.2 82.7 111.3 91.9 91.9 88.9 88.9 75.2 78.0 Q.IV 84.3 79.4 90.8 104.3 78.5 106.1 87.4 109.0 105.0 105.0 92.0 92.0 94.8 85.9 2011/12 Q.I 93.2 93.1 93.4 102.1 82.9 99.1 95.3 95.2 105.0 105.0 95.7 95.7 103.2 94.2 Q.II 99.3 100.4 97.8 100.6 94.7 98.2 98.7 100.2 98.3 98.3 99.3 99.3 101.3 98.9 Q.III 102.7 99.8 107.0 108.0 103.4 114.3 107.0 100.8 104.2 100.0 101.3 0.0 103.2 102.6 Q.IV 109.3 106.4 113.6 119.1 110.8 123.4 112.4 101.6 112.7 100.0 100.4 0.0 105.6 108.2 2012/13 Q.I 113.6 110.9 117.5 125.8 110.6 133.9 112.7 102.7 112.8 100.0 102.8 0.0 108.3 108.7 Q.II 113.7 109.5 120.1 141.8 120.2 132.2 114.6 108.3 105.4 100.0 105.2 0.0 109.7 110.9 Q.III 112.5 104.9 124.1 144.9 121.2 146.0 112.5 110.7 102.1 100.0 107.3 0.0 111.2 111.3 Q.IV 113.0 104.4 125.9 140.7 121.4 150.9 113.3 121.0 102.8 100.0 108.7 0.0 113.1 110.9 2013/14 Q.I 119.8 114.4 128.1 141.0 123.3 152.1 116.4 124.7 103.6 100.0 109.4 0.0 117.9 113.9 Q.II 126.2 121.6 133.2 162.1 124.6 158.0 119.7 138.9 106.7 100.0 109.5 0.0 120.6 115.5 Q.III 123.4 111.5 141.1 177.1 134.0 176.6 119.5 140.8 109.0 100.0 110.1 0.0 120.7 116.3 Q.IV 124.4 112.1 143.0 190.5 139.2 173.3 120.3 140.9 109.3 100.0 110.3 0.0 125.2 117.6 2014/15 Q.I 121.8 110.0 139.5 181.3 140.4 161.5 125.0 139.8 107.9 100.0 110.2 0.0 123.3 116.7 Q.II 122.3 111.3 138.9 170.1 142.6 160.5 125.5 127.3 106.5 100.0 111.3 0.0 128.3 115.7 Q.III 123.3 115.6 134.9 173.4 146.8 139.6 130.0 128.0 106.3 100.0 111.8 0.0 128.5 116.6 Q.IV 126.1 118.9 136.9 177.9 148.0 143.1 131.0 128.9 105.4 100.0 112.6 0.0 131.2 115.8 2015/16 Q.I 134.5 131.0 139.7 170.6 150.4 152.4 135.6 131.0 105.7 100.0 113.5 0.0 128.8 116.7 Q.II 135.2 132.8 138.8 171.9 150.9 146.7 137.6 134.4 105.8 100.0 113.7 0.0 129.0 117.2 Q.III 136.3 129.8 146.1 179.7 153.3 166.4 138.4 144.8 109.8 100.0 114.5 0.0 129.1 120.5 Q.IV 135.5 128.4 146.2 182.7 153.3 163.2 140.6 145.1 109.9 100.0 115.4 0.0 131.2 121.7 2016/17 QI 134.2 126.2 146.1 187.6 152.7 159.5 142.5 147.8 109.4 100.0 116.3 0.0 133.1 120.2 QII 138.1 131.7 147.5 186.9 150.7 161.3 142.2 156.3 113.2 100.0 121.1 0.0 136.3 124.5 QIII 140.3 132.7 151.8 198.3 152.3 171.4 144.2 150.6 111.2 100.0 120.8 0.0 138.7 125.4 QIV 150.1 145.1 157.8 193.5 145.2 184.8 153.6 141.6 112.9 100.0 141.6 0.0 152.7 125.1 2017/18 QI 162.6 162.2 163.2 163.2 189.1 152.5 184.5 156.2 148.4 120.8 100.0 154.7 0.0 174.9 QII 165.1 164.2 166.4 189.6 150.0 184.0 169.0 150.9 133.5 100.0 142.1 0.0 181.9 129.8 QIII 164.2 157.4 174.4 216.8 155.1 187.8 174.7 174.8 144.5 100.0 156.9 0.0 188.3 134.5 QIV 170.6 162.8 182.5 217.4 156.0 192.0 195.1 216.1 169.1 100.0 166.9 0.0 188.0 141.8 Source: Central Statistical Agency December 2011 = 100

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 123 Table 21 (E4): Regional States’ Consumer Price Indices (Non-Food) Source: Central Statistical Agency 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 2003/04 Q.I 30.9 26.4 38.6 32.3 46.5 30.7 40.4 39.2 55.8 55.8 43.7 43.7 28.3 56.4 Q.II 30.0 25.1 38.8 32.1 46.8 29.9 42.2 41.1 58.1 58.1 48.6 48.6 29.6 56.9 Q.III 29.6 24.4 39.2 34.4 47.5 29.8 41.2 41.9 67.5 67.5 48.1 48.1 32.3 56.8 Q.IV 30.6 25.6 39.5 36.5 47.9 30.2 40.1 41.0 67.6 67.6 47.9 47.9 32.9 55.9 2004/05 Q.I 31.4 26.4 40.5 38.1 48.5 31.6 41.2 40.3 67.7 67.7 48.0 48.0 32.8 55.5 Q.II 31.4 26.0 41.2 37.3 48.2 33.2 41.5 39.5 67.3 67.3 47.1 47.1 32.8 56.8 Q.III 32.4 26.9 42.2 38.1 49.2 34.7 41.3 39.4 67.1 67.1 49.4 49.4 32.8 57.0 Q.IV 33.2 27.5 42.8 37.1 48.6 36.6 39.8 39.6 67.4 67.4 50.4 50.4 32.5 57.8 2005/06 Q.I 34.9 29.5 43.8 38.1 49.1 37.8 41.7 38.5 67.6 67.6 50.6 50.6 32.9 58.3 Q.II 35.1 29.8 44.0 37.9 49.4 37.3 43.0 39.5 67.8 67.8 55.2 55.2 32.9 59.0 Q.III 35.7 30.3 44.6 38.5 49.2 38.8 42.7 37.9 68.1 68.1 52.2 52.2 33.1 60.0 Q.IV 36.8 31.7 44.9 39.0 49.9 38.8 42.5 40.2 69.2 69.2 51.4 51.4 33.9 62.5 2006/07 Q.I 39.3 33.0 48.8 39.2 49.1 47.2 42.0 41.2 72.1 72.1 51.4 51.4 34.8 63.7 Q.II 40.2 33.9 49.6 39.2 48.8 48.5 42.4 43.4 74.3 74.3 53.1 53.1 35.1 64.1 Q.III 41.5 34.8 51.5 39.0 49.7 50.5 44.4 44.7 75.8 75.8 58.1 58.1 34.2 66.6 Q.IV 43.6 37.6 52.8 40.1 50.1 53.1 44.7 45.0 76.7 76.7 60.2 60.2 31.9 66.4 2007/08 Q.I 46.0 40.5 54.4 40.4 50.7 56.6 46.5 44.9 76.7 76.7 60.1 60.1 32.7 66.6 Q.II 47.4 41.5 56.5 41.0 52.9 57.5 51.8 50.7 76.7 76.7 61.3 61.3 37.0 67.2 Q.III 51.4 46.6 58.6 42.5 54.9 58.2 55.9 53.7 80.0 80.0 64.5 64.5 36.7 69.1 Q.IV 58.1 55.6 61.9 43.9 57.9 63.8 58.9 53.9 80.4 80.4 66.1 66.1 37.7 69.1 2008/09 Q.I 66.8 68.2 64.8 51.8 58.1 68.8 61.7 59.3 78.4 78.4 69.3 69.3 46.3 71.5 Q.II 67.8 68.4 66.8 52.5 62.9 68.7 65.8 60.6 76.2 76.2 72.9 72.9 58.2 72.3 Q.III 67.4 67.3 67.7 53.0 65.3 67.6 68.8 61.9 74.2 74.2 75.6 75.6 59.9 73.0 Q.IV 68.6 67.4 70.4 55.3 67.8 70.4 73.9 61.6 75.5 75.5 75.9 75.9 66.1 75.9 2009/10 Q.I 70.1 68.6 72.3 57.5 69.3 73.7 73.9 63.4 77.0 77.0 76.8 76.8 65.0 79.2 Q.II 70.5 67.3 75.4 60.0 73.6 74.8 78.9 65.5 79.0 79.0 85.0 85.0 64.0 80.3 Q.III 71.9 68.5 77.0 60.2 75.0 75.2 83.4 67.1 80.3 80.3 85.8 85.8 67.8 82.8 Q.IV 72.9 69.7 77.9 65.5 72.9 76.5 87.0 66.0 80.8 80.8 86.4 86.4 69.8 84.6 2010/11 Q.I 74.0 69.6 80.7 70.5 75.5 79.6 93.1 69.0 81.1 81.1 82.0 82.0 67.5 86.8 Q.II 79.0 73.5 87.4 75.1 80.5 88.4 100.2 69.3 85.0 85.0 94.1 94.1 76.5 87.8 Q.III 82.6 77.2 90.9 85.5 87.2 95.6 94.8 72.1 89.4 89.4 91.9 91.9 81.3 89.1 Q.IV 91.7 90.0 94.2 87.5 90.3 100.4 92.9 80.1 104.5 104.5 88.0 88.0 93.1 90.7 2011/12 Q.I 97.3 98.1 96.2 98.8 93.4 101.8 96.1 76.5 100.8 100.8 88.3 88.3 103.5 93.7 Q.II 99.6 100.4 98.4 100.8 96.2 100.3 98.5 88.3 100.2 100.2 99.5 99.5 100.4 98.3 Q.III 103.6 103.1 104.0 98.8 109.5 103.6 101.1 99.9 103.9 100.0 99.5 100.0 114.8 104.4 Q.IV 107.0 108.6 105.6 86.9 117.0 107.6 103.5 100.2 111.8 100.0 101.3 100.0 129.5 107.0 2012/13 Q.I 109.3 112.3 106.9 75.8 120.0 117.4 107.4 99.7 111.8 100.0 101.2 100.0 134.4 107.2 Q.II 113.8 112.1 115.1 103.3 132.2 118.1 107.8 102.2 114.2 100.0 103.9 100.0 135.4 107.5 Q.III 115.0 109.6 119.4 110.9 133.8 121.7 112.4 109.8 121.3 100.0 102.7 100.0 139.3 108.8 Q.IV 115.2 113.0 117.1 75.3 142.2 136.0 113.5 110.9 122.5 100.0 106.7 100.0 147.4 111.5 2013/14 Q.I 123.9 122.1 125.5 79.2 143.4 164.6 114.9 113.9 120.6 100.0 107.6 100.0 142.7 115.3 Q.II 134.7 121.8 145.3 121.8 156.1 187.8 117.5 116.8 122.5 100.0 113.2 100.0 156.4 119.1 Q.III 135.2 117.4 149.8 141.7 158.6 179.0 128.8 117.2 119.3 100.0 115.6 100.0 161.0 127.0 Q.IV 136.1 117.7 151.3 149.0 158.1 177.5 131.3 118.1 117.9 100.0 115.7 100.0 161.3 127.9 2014/15 Q.I 142.6 127.0 155.4 153.9 160.5 181.2 133.3 125.1 121.9 100.0 123.2 100.0 168.7 132.6 Q.II 141.4 129.4 151.2 140.6 161.8 181.5 134.6 125.3 126.2 100.0 123.2 100.0 155.0 134.8 Q.III 147.8 129.4 162.9 183.0 169.0 182.2 136.4 120.6 121.2 100.0 123.6 100.0 159.3 141.7 Q.IV 156.3 130.9 177.2 246.6 168.6 183.2 138.4 119.8 117.9 100.0 125.7 100.0 150.6 144.0 2015/16 Q.I 152.7 130.4 171.0 192.6 181.6 188.3 146.3 120.7 117.3 100.0 130.9 100.0 175.2 146.6 Q.II 153.5 129.7 173.0 196.8 183.6 187.1 146.1 120.7 117.3 100.0 130.9 100.0 184.8 145.7 Q.III 151.5 132.0 167.5 168.3 192.0 184.3 146.4 120.6 115.6 100.0 130.9 100.0 193.5 147.1 Q.IV 157.7 134.4 176.8 206.1 192.5 185.4 143.9 119.9 115.6 100.0 130.9 100.0 194.0 150.1 2016/17 QI 165.3 133.5 191.3 267.1 190.4 185.3 145.2 122.0 115.6 100.0 130.9 100.0 193.7 155.3 QII 168.2 146.5 186.2 216.3 205.0 190.0 153.8 123.3 122.5 100.0 131.8 100.0 210.3 168.3 QIII 175.2 143.8 201.0 274.3 210.4 193.1 157.9 121.5 124.3 100.0 135.5 100.0 205.0 171.7 QIV 174.9 151.1 194.4 240.8 211.4 193.9 153.2 123.5 115.6 115.0 133.8 100.0 214.5 172.5 2017/18 QI 176.1 156.5 192.2 192.2 217.5 222.1 192.4 162.7 134.4 117.9 115.0 130.9 100.0 224.8 QII 184.0 162.1 201.9 256.9 226.4 188.9 168.4 129.7 125.5 115.0 136.1 100.0 223.9 181.3 QIII 189.0 167.3 206.8 260.1 233.0 188.8 189.5 124.0 139.0 115.0 183.3 100.0 227.0 186.3 QIV 191.4 172.9 206.5 217.2 264.2 191.5 230.0 127.2 138.3 115.0 187.9 100.0 245.7 190.9 December 2011 = 100

National Bank of Ethiopia Quarterly Bulletin 124 Fourth Quarter 2017/18 Table 21 (E5): Regional States’ Consumer Price Indices (Non-Food) Source: Central Statistical Agency December 2011 = 100 Period General Index Food & Nonalcoholic Index NonFood 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 2004/05 Q.I 25.4 22.1 32.3 36.9 38.1 29.9 30.3 54.9 36.0 36.0 32.1 32.1 30.5 60.9 Q.II 26.9 23.4 34.0 35.7 40.6 33.2 31.4 55.2 36.0 36.0 32.0 32.0 33.4 61.0 Q.III 26.1 21.9 35.1 35.1 40.6 36.1 32.9 55.3 36.0 36.0 27.6 27.6 33.3 62.0 Q.IV 27.5 23.3 35.8 35.4 40.1 38.4 31.3 53.5 36.0 36.0 28.0 28.0 34.3 62.0 2005/06 Q.I 30.6 26.7 38.0 34.0 43.6 42.7 31.5 55.9 39.2 39.2 29.3 29.3 37.0 62.0 Q.II 30.1 25.3 39.8 35.4 46.4 45.4 31.4 50.2 40.3 40.3 30.6 30.6 35.3 62.0 Q.III 30.8 25.8 40.7 35.6 46.6 46.7 32.1 51.2 50.5 50.5 31.2 31.2 37.5 62.0 Q.IV 32.9 27.7 42.8 36.5 48.4 50.7 32.5 52.3 55.6 55.6 30.8 30.8 39.7 62.0 2006/07 Q.I 34.3 29.1 44.0 35.8 47.7 53.4 34.2 51.8 55.6 55.6 32.0 32.0 39.9 62.0 Q.II 35.0 29.8 44.6 36.3 48.8 54.3 33.8 52.5 55.6 55.6 32.2 32.2 38.4 62.6 Q.III 36.1 30.8 45.8 39.6 48.8 54.6 36.1 53.3 55.6 55.6 32.0 32.0 45.8 64.7 Q.IV 37.4 32.5 46.5 41.9 48.8 54.5 36.5 55.4 55.6 55.6 32.1 32.1 47.4 64.6 2007/08 Q.I 39.7 35.7 47.2 42.5 48.6 55.7 36.9 59.9 55.6 55.6 33.8 33.8 47.4 65.4 Q.II 41.1 37.6 47.7 41.6 51.0 56.0 38.3 60.2 55.6 55.6 34.0 34.0 49.5 66.2 Q.III 43.3 39.5 50.3 44.1 54.6 57.5 43.4 61.1 60.9 60.9 35.2 35.2 52.6 65.8 Q.IV 49.5 47.0 54.0 45.1 57.3 63.6 51.2 63.7 63.5 63.5 36.0 36.0 55.2 66.5 2008/09 Q.I 74.0 79.1 64.6 57.0 66.2 75.4 60.7 65.9 63.5 63.5 37.7 37.7 64.4 72.8 Q.II 69.6 69.3 70.0 63.2 71.1 82.7 60.1 68.3 62.8 62.8 44.6 44.6 64.2 72.8 Q.III 62.2 59.2 67.7 63.0 68.5 77.2 59.5 68.2 61.6 61.6 46.2 46.2 64.1 72.1 Q.IV 65.3 63.2 69.1 65.1 69.0 79.4 58.9 72.6 62.3 62.3 49.2 49.2 64.2 73.0 2009/10 Q.I 69.2 68.1 71.4 66.3 69.5 85.4 57.7 77.7 63.3 63.3 51.9 51.9 64.5 74.8 Q.II 64.5 60.9 71.1 67.9 71.2 79.3 62.1 80.9 73.2 73.2 51.7 51.7 65.8 76.7 Q.III 64.1 58.8 74.1 70.5 72.1 84.4 64.3 82.0 78.1 78.1 56.1 56.1 69.8 77.1 Q.IV 64.4 57.6 77.2 74.0 71.6 90.2 66.6 85.2 78.7 78.7 60.8 60.8 70.0 77.9 2010/11 Q.I 65.8 59.1 78.2 71.3 74.8 91.8 70.7 85.8 79.7 79.7 68.2 68.2 73.4 78.0 Q.II 69.6 62.3 83.0 75.9 81.6 97.3 74.7 90.2 81.6 81.6 73.2 73.2 84.6 81.0 Q.III 72.7 65.0 87.1 82.0 84.3 99.1 82.5 95.9 81.9 81.9 78.7 78.7 76.2 83.5 Q.IV 83.8 79.4 92.1 90.0 89.9 100.4 90.4 97.9 89.1 89.1 83.7 83.7 85.6 86.3 2011/12 Q.I 93.6 91.0 98.4 102.9 94.8 100.3 97.7 97.1 92.7 92.7 88.6 88.6 89.6 93.1 Q.II 100.1 99.5 101.2 100.3 98.1 105.4 100.0 99.0 95.5 95.5 95.1 95.1 96.4 98.3 Q.III 105.4 107.0 102.9 101.5 106.7 100.7 104.4 101.5 102.8 100.0 99.6 0.0 105.4 104.1 Q.IV 112.2 115.4 106.8 103.2 118.4 102.4 107.4 101.5 109.1 100.0 101.4 0.0 114.1 108.8 2012/13 Q.I 115.5 118.1 111.1 115.1 121.7 106.6 111.6 105.6 111.3 100.0 101.7 0.0 116.9 107.4 Q.II 113.1 112.5 114.1 116.7 130.5 104.6 115.5 113.9 112.7 100.0 109.9 0.0 122.2 118.7 Q.III 113.1 111.2 116.3 112.8 133.1 106.0 116.6 118.6 114.0 100.0 119.1 0.0 123.9 136.7 Q.IV 117.8 117.2 118.9 107.1 135.9 105.5 127.8 129.1 115.4 100.0 127.1 0.0 125.1 143.7 2013/14 Q.I 122.9 122.1 124.2 111.7 145.3 118.5 126.7 132.3 116.8 100.0 134.1 0.0 125.6 143.8 Q.II 124.6 123.4 126.6 116.6 151.6 119.1 128.3 136.8 117.5 100.0 133.6 0.0 130.3 144.6 Q.III 124.7 122.6 128.2 116.8 153.8 117.3 134.6 140.8 117.5 100.0 135.7 0.0 132.4 149.3 Q.IV 129.4 128.8 130.6 118.6 153.4 124.7 132.3 149.0 114.6 100.0 133.8 0.0 138.0 149.7 2014/15 Q.I 131.3 129.9 133.7 121.4 147.6 137.6 130.6 150.0 119.9 100.0 136.7 0.0 134.8 148.8 Q.II 126.8 126.0 128.1 121.3 149.3 115.8 130.6 151.7 121.9 100.0 138.1 0.0 139.3 144.1 Q.III 129.8 130.6 128.4 118.9 156.9 110.0 132.3 159.6 124.1 100.0 140.9 0.0 142.1 151.0 Q.IV 132.7 132.9 132.2 127.6 162.0 117.1 134.6 158.2 124.5 100.0 133.3 0.0 140.3 152.9 2015/16 Q.I 142.2 145.2 137.1 142.6 173.9 117.2 136.3 163.7 125.0 100.0 141.4 0.0 146.8 158.7 QII 140.5 142.3 137.3 139.0 171.0 120.7 134.4 160.6 125.2 100.0 143.5 0.0 148.4 162.7 QIII 139.8 139.1 140.9 133.4 176.3 120.0 141.2 172.4 150.9 100.0 145.8 0.0 159.2 158.7 QIV 140.4 139.4 142.0 134.3 177.0 120.5 142.2 172.3 159.8 100.0 145.8 0.0 162.1 154.7 2016/17 QI 139.6 130.8 170.2 119.7 142.7 170.1 145.6 100.0 145.8 0.0 162.6 151.5 QII 147.0 149.2 143.2 137.7 181.4 114.6 147.0 190.2 144.3 100.0 158.2 0.0 171.4 160.2 QIII 146.6 151.1 139.1 121.3 181.2 113.1 141.6 189.4 144.7 85.0 154.9 0.0 172.2 158.9 QIV 153.1 160.0 141.5 134.8 170.0 114.5 146.6 168.6 145.1 115.0 166.3 0.0 173.3 154.4 2017/18 QI 160.7 169.7 145.7 147.1 181.2 115.5 150.0 162.3 146.0 115.0 169.7 0.0 173.8 161.7 QII 160.0 165.7 150.5 156.4 194.3 116.8 153.6 146.7 148.8 115.0 173.1 0.0 187.5 165.5 QIII 164.3 168.1 158.0 162.5 205.3 118.3 161.4 163.7 182.0 115.0 173.7 0.0 198.7 165.8 QIV 176.9 185.2 163.0 168.4 208.2 119.1 167.9 177.8 195.9 115.0 177.7 0.0 211.9 164.7

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 125 Source: Central Statistical Agency December 2011 = 100 Table 21 (E6): Regional States’ Consumer Price Indices (Non-Food) Period General Index Food & Nonalcoholic Index NonFood Index Alcoholic beverages & Tobacco Clothing & Footwear 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 2004/05 Q.I 27.2 21.2 37.6 30.2 35.8 39.3 48.0 35.2 53.0 53.0 46.3 46.3 20.1 33.6 Q.II 26.9 20.4 38.8 30.6 36.3 41.9 46.7 34.4 53.7 53.7 47.2 47.2 19.9 33.5 Q.III 28.3 21.8 39.5 30.9 38.7 42.2 46.6 33.6 54.5 54.5 47.7 47.7 21.4 33.5 Q.IV 28.3 22.3 38.0 32.7 37.6 39.5 46.6 34.2 53.7 53.7 47.6 47.6 24.2 34.2 2005/06 Q.I 30.0 24.0 39.1 33.1 38.2 41.2 46.8 32.5 54.5 54.5 49.9 49.9 26.2 35.3 Q.II 30.4 24.1 39.9 34.4 38.6 42.5 46.1 31.5 54.5 54.5 53.0 53.0 26.1 35.7 Q.III 31.0 24.7 40.7 34.9 40.5 43.1 48.1 32.6 54.5 54.5 51.9 51.9 26.3 35.8 Q.IV 33.2 26.6 42.6 36.2 40.9 47.0 48.3 34.3 56.2 56.2 50.6 50.6 26.5 36.2 2006/07 Q.I 35.0 28.0 45.0 37.0 41.3 51.7 49.0 35.3 58.2 58.2 51.0 51.0 30.6 36.6 Q.II 35.7 28.6 45.7 37.4 41.4 52.6 49.6 35.3 60.6 60.6 51.0 51.0 32.8 37.0 Q.III 36.0 29.4 44.4 38.4 38.9 52.9 48.5 35.7 60.6 60.6 50.5 50.5 33.8 37.3 Q.IV 36.1 29.6 44.5 38.3 38.8 52.7 48.5 35.0 60.6 60.6 51.5 51.5 35.8 38.0 2007/08 Q.I 38.3 32.3 45.7 39.2 40.4 54.6 50.1 35.3 60.6 60.6 51.4 51.4 36.9 38.9 Q.II 39.2 33.2 46.6 39.6 44.2 54.0 51.9 35.8 60.6 60.6 51.7 51.7 37.5 39.7 Q.III 42.0 36.1 49.4 39.3 46.5 58.1 54.4 35.1 69.1 69.1 51.3 51.3 40.7 40.1 Q.IV 51.1 47.7 54.8 41.7 50.9 67.5 59.4 33.6 73.4 73.4 54.0 54.0 47.1 43.0 2008/09 Q.I 60.4 60.0 58.6 52.1 56.8 70.1 62.5 34.6 79.0 79.0 56.0 56.0 55.8 45.8 Q.II 60.8 59.1 60.8 54.5 59.4 72.8 65.0 37.6 79.1 79.1 58.8 58.8 59.4 47.7 Q.III 60.2 57.3 61.2 65.6 63.6 69.7 68.0 37.7 71.9 71.9 60.6 60.6 59.4 48.0 Q.IV 61.6 58.3 62.8 69.6 66.3 69.5 71.7 37.1 72.3 72.3 64.0 64.0 59.9 48.4 2009/10 Q.I 63.2 58.7 66.2 70.6 69.3 73.0 75.1 70.8 77.6 77.6 67.7 67.7 61.3 49.6 Q.II 63.9 58.9 67.5 72.3 71.1 71.4 80.3 88.2 79.3 79.3 71.8 71.8 61.9 49.9 Q.III 65.7 61.1 68.6 73.3 70.9 74.0 82.3 89.1 77.5 77.5 72.3 72.3 63.9 50.6 Q.IV 66.9 61.9 70.6 73.1 72.4 77.8 83.0 88.7 77.7 77.7 77.0 77.0 66.5 50.3 2010/11 Q.I 69.1 64.2 72.4 76.7 75.5 79.6 83.9 89.6 77.5 77.5 79.5 79.5 69.3 50.9 Q.II 74.0 68.5 78.2 84.4 81.6 86.9 87.7 92.2 86.0 86.0 84.3 84.3 71.4 53.5 Q.III 79.8 75.3 81.9 87.7 83.1 95.2 85.1 101.7 86.3 86.3 88.0 88.0 72.6 64.2 Q.IV 86.6 82.0 88.3 91.8 87.1 104.0 94.1 97.9 91.3 91.3 93.4 93.4 79.8 80.6 2011/12 Q.I 91.2 88.0 89.9 98.5 91.3 100.5 97.2 100.3 99.1 99.1 95.9 95.9 96.1 88.3 Q.II 94.8 92.0 94.4 98.5 97.1 100.3 99.4 100.3 99.6 99.6 99.0 99.0 98.3 100.0 Q.III 102.3 102.8 102.0 103.0 103.0 100.2 103.7 108.1 100.0 100.0 94.3 100.0 102.7 105.8 Q.IV 107.9 114.0 102.3 101.3 105.4 100.5 106.0 102.2 103.0 100.0 92.3 100.0 111.0 106.3 2012/13 Q.I 109.0 117.8 100.8 94.6 108.7 100.1 105.4 101.4 105.2 100.0 95.9 100.0 118.4 111.2 Q.II 110.9 119.4 103.2 97.6 115.6 100.2 111.3 112.0 111.1 100.0 97.4 100.0 118.3 110.9 Q.III 113.3 116.0 110.7 117.4 120.8 100.0 114.7 121.7 111.1 100.0 100.2 100.0 121.3 112.4 Q.IV 110.8 122.9 99.7 81.0 125.4 99.8 120.0 146.0 107.1 100.0 105.4 100.0 122.8 114.3 2013/14 Q.I 118.5 132.3 105.8 95.7 126.4 101.9 123.5 111.0 107.1 100.0 114.0 100.0 132.2 116.2 Q.II 121.0 131.6 111.3 103.7 130.1 108.8 125.8 105.4 107.1 100.0 117.4 100.0 133.3 118.7 Q.III 126.2 129.1 123.6 133.9 133.4 113.2 127.2 105.4 109.3 100.0 117.4 100.0 136.3 123.7 Q.IV 125.5 133.0 118.6 115.1 136.2 114.9 133.9 98.4 105.8 100.0 116.8 100.0 139.8 124.0 2014/15 Q.I 128.6 142.4 116.0 105.9 136.0 115.9 135.9 105.4 107.1 100.0 113.1 100.0 138.3 124.7 Q.II 129.4 144.1 116.0 106.8 137.7 114.2 134.7 91.3 107.1 100.0 113.5 100.0 143.0 126.9 Q.III 135.8 144.8 127.5 144.1 143.7 109.5 133.5 84.3 107.1 100.0 113.8 100.0 147.2 128.1 Q.IV 136.6 151.2 123.2 131.6 144.9 107.7 137.8 84.3 107.1 100.0 116.0 100.0 146.6 130.6 2015/16 Q.I 136.2 152.1 121.6 121.7 147.9 107.7 145.9 84.3 107.1 100.0 153.3 100.0 153.3 133.4 Q.II 137.7 153.9 122.8 123.9 148.6 107.8 148.8 95.5 107.1 100.0 141.0 100.0 156.3 135.0 QIII 147.4 155.1 140.4 175.2 148.0 107.6 152.9 114.2 107.1 100.0 137.7 100.0 150.1 149.1 QIV 156.9 156.6 157.2 227.0 149.7 105.0 154.9 117.3 107.1 100.0 161.1 100 149.9 148.0 2016/17 QI 164.1 155.7 171.9 271.7 151.3 102.5 156.5 126.7 107.1 100.0 185.3 100 150.5 148.1 QIII 151.5 169.1 135.3 159.8 166.2 99.8 159.6 110.0 107.1 100.0 188.5 100 154.1 143.1 QII 163.5 165.8 161.3 227.1 160.5 111.1 161.7 110.5 107.1 100.0 190.0 100 162.3 144.0 QIV 160.3 175.8 146.0 174.8 163.2 117.9 165.1 81.9 88.9 100.0 201.8 115 155.8 142.6 2017/18 QI 161.6 185.6 139.5 156.7 164.2 117.9 160.3 80.3 88.9 115.0 194.1 100 152.7 143.0 QII 164.9 186.4 145.1 167.2 168.8 118.2 174.9 84.3 88.4 115.0 201.9837424 100.0 156.9 147.7 QIII 179.6 183.1 176.4 247.8 176.9 117.9 188.5 87.5 95.9 153.3 207.1847687 100.0 186.2 151.4 QIV 183.6 194.5 173.6 221.8 188.3 118.0 210.9 84.2 106.9 230.0 208.8932877 100.0 192.3 160.3

National Bank of Ethiopia Quarterly Bulletin 126 Fourth Quarter 2017/18 Source: Central Statistical Agency December 2011 = 100 Table 21 (E7): Regional States’ Consumer Price Indices (Non-Food) Period General Index Food & Nonalcoholic Index Alcoholic beverages & Tobacco Clothing & Footwear 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 NonFood Index OROMIA 2004/05 Q.I 25.9 23.6 33.6 28.0 33.2 26.5 50.7 34.4 34.4 33.7 33.7 26.5 32.7 31.9 Q.II 26.1 23.6 34.0 28.6 34.0 27.0 50.5 36.8 36.8 34.8 34.8 26.8 33.2 32.5 Q.III 26.9 24.3 33.6 28.7 36.1 27.5 49.3 37.8 37.8 37.0 37.0 27.3 34.9 33.3 Q.IV 28.0 25.9 34.0 27.1 35.5 28.1 50.4 37.5 37.5 36.6 36.6 27.5 35.4 32.7 2005/06 Q.I 29.3 27.3 34.6 28.4 36.9 28.1 49.5 39.3 39.3 35.7 35.7 28.4 35.5 33.7 Q.II 28.7 26.8 34.9 27.1 34.5 29.3 49.4 39.5 39.5 36.8 36.8 29.0 35.7 32.8 Q.III 29.0 26.9 35.3 28.4 35.5 29.9 50.5 40.0 40.0 37.6 37.6 29.6 36.0 33.7 Q.IV 30.7 28.6 36.2 29.5 38.1 31.6 50.0 42.0 42.0 38.3 38.3 31.0 36.9 35.2 2006/07 Q.I 33.3 31.2 36.3 30.0 43.2 32.3 49.6 46.3 46.3 38.6 38.6 33.3 38.2 37.1 Q.II 34.3 32.3 36.9 29.8 44.5 32.9 49.2 49.8 49.8 39.3 39.3 34.9 38.6 37.7 Q.III 35.5 33.5 38.6 31.0 45.9 34.6 50.1 49.7 49.7 40.0 40.0 36.3 38.9 38.9 Q.IV 37.0 35.3 39.2 32.0 46.9 36.2 52.1 49.9 49.9 39.7 39.7 37.4 39.2 39.9 2007/08 Q.I 38.8 37.8 39.0 32.8 47.5 37.5 50.2 50.0 50.0 40.4 40.4 40.9 40.0 40.5 Q.II 40.8 40.4 39.3 34.4 47.7 38.9 51.6 50.7 50.7 42.1 42.1 41.2 40.1 41.4 Q.III 44.9 45.2 42.9 36.0 51.8 43.2 54.5 52.5 52.5 43.5 43.5 43.7 41.8 44.4 Q.IV 54.2 57.5 48.0 38.3 57.7 46.8 57.7 54.1 54.1 44.9 44.9 47.7 45.8 48.8 2008/09 Q.I 65.8 73.3 57.3 40.9 61.7 49.6 62.1 54.2 54.2 48.9 48.9 51.5 49.5 53.0 Q.II 61.9 65.9 59.5 43.7 63.6 51.3 64.5 57.1 57.1 50.1 50.1 53.6 50.5 55.1 Q.III 59.9 61.8 63.8 47.1 64.7 52.9 65.9 50.0 50.0 50.3 50.3 56.8 52.0 56.8 Q.IV 61.1 62.5 65.3 49.5 66.5 54.6 70.7 52.2 52.2 52.1 52.1 59.0 55.4 58.8 2009/10 Q.I 62.3 62.8 66.1 52.6 69.2 57.7 72.5 56.9 56.9 55.5 55.5 61.1 58.8 61.6 Q.II 61.6 60.2 66.9 55.3 72.4 59.9 73.8 61.9 61.9 56.9 56.9 63.8 59.3 63.9 Q.III 63.3 60.9 69.1 59.8 76.2 64.1 78.4 65.4 65.4 60.5 60.5 64.5 61.9 67.4 Q.IV 64.3 61.2 71.0 61.9 78.6 67.2 80.9 66.4 66.4 62.3 62.3 67.2 64.3 69.6 2010/11 Q.I 65.9 62.2 72.3 64.4 81.6 69.5 81.4 67.2 67.2 64.7 64.7 68.4 66.5 72.0 Q.II 70.1 66.1 80.6 68.4 85.0 76.9 85.8 73.4 73.4 77.8 77.8 74.3 72.8 76.8 Q.III 77.3 73.8 84.5 76.7 92.1 79.4 89.1 88.5 88.5 81.2 81.2 76.9 77.8 83.2 Q.IV 88.0 88.0 92.1 81.5 95.8 85.1 90.7 102.6 102.6 83.4 83.4 84.8 81.5 88.2 2011/12 Q.I 93.7 95.1 96.1 84.2 96.4 91.4 94.6 103.4 103.4 90.4 90.4 91.7 87.5 91.5 Q.II 98.4 99.6 98.8 93.0 97.6 96.5 97.7 99.0 99.0 96.4 96.4 97.6 96.6 96.2 Q.III 106.1 107.6 107.1 104.4 105.6 105.6 99.5 100.5 100.0 99.1 100.0 101.9 102.7 104.3 Q.IV 112.8 116.5 102.0 112.1 110.8 111.3 101.3 101.1 100.0 99.9 100.0 112.2 104.6 108.5 2012/13 Q.I 114.0 117.0 95.4 114.4 115.0 111.8 102.4 100.3 100.0 102.7 100.0 118.5 109.8 110.5 Q.II 113.7 114.9 102.5 110.0 116.2 115.9 115.6 101.2 100.0 93.5 100.0 122.1 112.0 112.3 Q.III 114.1 114.5 107.9 114.6 116.9 116.3 120.5 93.7 100.0 89.6 100.0 122.8 114.0 113.7 Q.IV 115.8 116.0 103.3 116.8 120.3 119.4 125.1 94.0 100.0 89.4 100.0 126.8 114.4 115.6 2013/14 Q.I 120.6 121.3 103.5 123.6 126.5 122.1 119.5 93.8 100.0 111.7 100.0 131.8 117.0 119.8 Q.II 122.7 124.6 112.3 128.9 121.1 123.7 132.3 94.0 100.0 116.5 100.0 132.6 118.1 120.6 Q.III 123.0 121.0 123.5 130.9 128.0 128.4 136.0 95.8 100.0 110.6 100.0 133.8 117.9 125.2 Q.IV 127.3 126.2 120.3 133.8 135.8 130.2 141.7 96.5 100.0 100.7 100.0 137.8 118.7 128.6 2014/15 Q.I 131.9 133.3 127.8 137.8 135.2 132.6 137.5 96.5 100.0 99.9 100.0 139.0 119.5 130.2 Q.II 133.9 134.3 132.7 142.9 139.6 135.3 138.1 96.1 100.0 100.9 100.0 139.6 121.1 133.5 Q.III 139.5 139.8 147.9 146.9 147.3 138.5 143.5 94.8 100.0 102.5 100.0 143.3 122.7 139.2 Q.IV 147.2 150.6 149.6 149.4 155.8 140.9 143.0 94.0 100.0 103.6 100.0 147.5 124.4 143.4 2015/16 Q.I 153.5 161.8 144.5 152.0 154.5 143.2 148.3 94.1 102.4 123.8 100.0 152.4 125.4 144.0 Q.II 155.4 164.5 143.8 153.1 155.6 144.2 150.7 94.1 102.4 127.2 100.0 154.3 125.6 144.9 QIII 150.6 154.7 148.7 153.5 153.1 147.8 163.0 94.0 100.0 132.3 100.0 158.3 127.8 146.0 QIV 150.6 153.9 152.3 153.8 153.1 150.1 160.5 94.5 100.0 134.4 100.0 159.5 128.6 146.8 2016/17 QI 151.6 154.0 155.1 155.6 157.0 151.3 159.9 94.1 100.0 136.5 100.0 160.1 128.8 149.0 QII 154.8 156.0 144.9 157.3 167.3 153.1 168.6 94.6 100.0 148.6 100.0 171.9 131.7 153.4 QIII 157.5 155.6 157.0 161.4 177.6 153.7 176.3 95.7 100.0 148.6 100.0 174.4 135.7 159.6 QIV 164.2 166.7 142.7 159.9 182.9 159.9 176.9 96.4 104.3 152.8 100.0 181.1 140.6 161.4 2017/18 QI 169.1 173.7 163.9 148.0 161.3 188.0 163.8 163.1 99.3 104.3 154.7 100.0 176.7 142.3 QII 174.4 179.4 168.8 151.7 166.0 193.4 171.6 168.7 104.7 104.3 157.6 100.0 179.1 146.1 QIII 180.4 186.8 173.1 164.6 173.8 190.7 181.2 175.5 104.2 104.3 162.2 100.0 189.1 151.2 QIV 186.3 194.0 177.4 152.9 179.6 195.6 190.2 178.1 106.7 104.3 166.3 100.0 203.9 157.7

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 127 Source: Central Statistical Agency December 2011 = 100 Table 21 (E8): Regional States’ Consumer Price Indices (Non-Food)) period General Index Food & Nonalcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Footwear Housing,Water, Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods SNNPR 2004/05 Q.I 24.7 23.0 28.8 33.5 29.5 25.2 26.2 53.3 30.3 30.3 48.7 48.7 26.4 40.9 Q.II 25.5 23.7 29.4 33.4 28.5 27.1 26.2 51.8 32.6 32.6 49.2 49.2 26.7 41.6 Q.III 26.2 24.1 30.5 33.6 28.4 29.2 26.8 52.5 34.4 34.4 49.5 49.5 27.8 42.7 Q.IV 27.9 26.3 31.3 34.1 29.3 30.1 27.5 54.1 34.8 34.8 51.8 51.8 28.9 42.3 2005/06 Q.I 29.0 27.1 32.8 34.9 30.2 32.6 26.8 54.2 35.1 35.1 50.8 50.8 30.7 42.8 Q.II 29.4 27.3 33.2 34.7 28.7 34.6 26.3 52.9 34.6 34.6 53.2 53.2 31.2 42.2 Q.III 30.1 27.9 34.0 36.3 29.1 35.4 26.9 54.8 34.3 34.3 55.6 55.6 32.4 42.8 Q.IV 31.8 30.0 34.8 37.2 29.4 36.0 28.8 55.0 35.2 35.2 57.1 57.1 35.0 43.1 2006/07 Q.I 33.7 32.4 35.9 37.3 31.3 37.0 29.4 56.0 41.7 41.7 56.1 56.1 38.9 43.7 Q.II 34.8 33.3 37.0 37.4 31.4 38.9 30.9 57.8 47.8 47.8 55.9 55.9 39.0 44.1 Q.III 35.3 33.4 38.1 37.2 32.1 39.2 35.5 58.9 52.2 52.2 56.6 56.6 39.2 44.0 Q.IV 36.4 34.6 39.2 38.8 32.9 40.0 36.9 60.7 54.3 54.3 57.6 57.6 42.9 44.3 2007/08 Q.I 38.1 37.0 39.9 38.7 34.0 40.4 37.9 62.8 54.9 54.9 58.7 58.7 44.1 45.4 Q.II 39.9 38.6 41.9 39.2 35.6 43.5 40.3 60.9 54.3 54.3 58.8 58.8 39.0 46.4 Q.III 43.9 43.4 44.6 43.1 37.2 46.8 43.0 62.2 63.4 63.4 59.9 59.9 41.1 47.7 Q.IV 53.9 56.7 49.6 46.8 40.2 53.8 48.3 65.6 67.2 67.2 60.9 60.9 44.6 49.4 2008/09 Q.I 65.0 71.9 54.4 56.9 43.9 57.6 51.8 65.5 67.2 67.2 62.2 62.2 48.1 51.7 Q.II 60.5 62.6 57.2 58.3 47.6 60.6 54.3 67.0 68.7 68.7 66.3 66.3 49.5 52.9 Q.III 58.1 58.4 57.5 58.7 50.9 58.9 55.9 69.4 62.5 62.5 71.8 71.8 51.0 54.3 Q.IV 60.0 60.6 59.1 61.1 53.1 59.6 59.6 73.1 63.9 63.9 73.6 73.6 52.0 56.0 2009/10 Q.I 61.9 61.2 62.8 62.8 56.4 64.3 62.5 74.5 68.9 68.9 77.7 77.7 54.2 59.4 Q.II 63.3 60.9 67.0 64.0 59.4 69.8 64.9 76.9 74.3 74.3 79.8 79.8 57.2 67.9 Q.III 64.1 60.6 69.4 67.5 63.3 71.5 68.6 82.0 77.3 58.7 72.5 Q.IV 64.1 58.9 72.0 74.3 65.8 74.0 71.3 85.5 79.1 60.9 73.1 2010/11 Q.I 65.0 59.1 74.2 72.2 69.7 75.8 74.5 83.9 78.9 78.9 82.6 82.6 61.9 74.0 Q.II 69.3 63.0 79.1 81.1 74.9 81.3 78.4 88.8 83.7 83.7 89.0 89.0 67.1 80.0 Q.III 78.0 73.5 84.8 83.3 81.3 88.6 84.5 90.6 90.0 70.7 84.6 Q.IV 91.0 91.5 90.3 94.7 88.1 93.0 88.3 94.5 102.7 102.7 91.4 91.4 82.8 89.5 2011/12 Q.I 99.0 98.0 100.6 106.5 91.4 92.3 92.8 97.1 413.3 413.3 95.7 95.7 90.0 93.6 Q.II 99.2 100.5 97.2 103.3 97.0 96.5 97.8 98.6 99.7 99.7 99.1 99.1 96.5 97.5 Q.III 107.1 109.3 104.0 105.8 103.7 104.8 102.5 100.3 99.4 100.0 105.1 100.0 104.9 103.1 Q.IV 113.9 120.1 105.6 106.6 108.1 104.4 106.6 103.2 99.7 100.0 106.8 100.0 111.1 105.6 2012/13 Q.I 118.6 123.1 112.7 112.3 114.6 115.0 111.4 108.7 97.6 100.1 112.8 100.0 115.9 107.1 Q.II 120.8 121.7 119.6 114.5 120.3 124.4 113.9 168.7 101.3 100.3 117.8 100.0 118.4 102.2 Q.III 121.6 122.6 120.2 118.4 123.1 122.8 115.7 153.2 104.7 100.2 122.2 100.0 119.6 109.3 Q.IV 124.0 125.5 122.0 122.6 127.0 123.4 118.2 150.1 106.1 100.0 124.0 101.0 123.2 112.2 2013/14 Q.I 129.4 130.6 127.9 125.5 130.6 133.2 120.3 153.3 111.0 100.0 125.2 101.0 126.9 113.5 Q.II 130.6 129.7 131.8 126.5 132.8 140.3 121.2 160.4 108.8 100.0 127.3 101.0 128.9 114.6 Q.III 132.4 131.2 134.1 128.9 135.4 142.9 124.9 165.2 105.2 100.0 124.2 101.0 131.0 115.5 Q.IV 135.1 134.5 136.0 133.6 143.3 128.4 166.5 107.6 100.0 126.4 101.0 132.4 116.0 116.0 2014/15 Q.I 135.6 134.9 136.3 136.7 141.8 129.2 170.1 104.1 100.0 134.4 101.0 134.5 116.4 116.4 Q.II 135.2 134.0 136.1 137.3 145.3 139.0 131.2 172.1 106.8 100.0 140.3 101.0 135.2 118.3 Q.III 137.9 138.0 137.8 142.1 149.2 140.2 131.9 180.1 100.0 100.0 137.3 101.0 136.2 118.9 Q.IV 142.0 149.2 136.6 145.6 150.0 135.7 133.2 182.7 94.9 100.3 136.6 101.0 138.1 119.5 2015/16 Q.I 144.4 152.3 138.4 144.8 150.1 137.9 136.0 180.2 99.2 101.2 149.9 101.0 145.6 120.3 Q.II 143.1 150.3 137.8 146.1 150.8 135.0 136.7 182.2 99.8 101.3 148.7 101.0 148.3 120.9 QIII 145.1 148.1 142.9 150.2 153.4 143.2 140.5 187.7 101.9 100.0 143.1 101.0 149.8 121.7 QIV 145.4 148.9 142.7 150.5 153.7 142.4 140.9 189.4 102.5 96.6 144.3 101.0 150.3 122.9 2016/17 QI 146.4 150.8 143.1 151.0 154.8 142.7 141.6 190.9 102.3 92.7 148.3 101.0 150.1 122.7 QII 154.0 162.6 147.6 159.7 157.2 145.3 146.1 205.9 114.2 89.0 155.5 101.0 160.4 124.0 QIII 159.3 172.5 149.5 171.1 162.6 140.9 149.3 213.5 132.6 98.1 155.3 101.0 165.1 126.4 QIV 168.9 193.0 151.1 147.2 165.3 142.5 168.4 226.6 136.0 102.7 166.6 101.0 174.4 129.3 2017/18 QI 174.1 197.5 156.6 173.7 169.0 143.1 172.4 226.8 147.2 102.7 169.2 101.0 184.9 130.5 QII 177.3 201.0 159.7 176.8 174.0 143.8 177.4 241.5 157.2 103.4 169.2 101.0 190.5 133.2 QIII 185.1 211.9 165.1 185.0 183.4 145.2 187.5 258.0 157.6 105.0 172.1 101.0 203.5 139.8 QIV 191.4 220.9 169.5 190.0 191.8 146.0 199.2 258.9 163.5 105.0 176.0 101.0 210.6 146.6

National Bank of Ethiopia Quarterly Bulletin 128 Fourth Quarter 2017/18 Source: Central Statistical Agency December 2011 = 100 Table 21 (E9): Regional States’ Consumer Price Indices (Non-Food) Period General Index Food & Nonalcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Footwear Housing,Water, Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods SOMALI 2004/05 Q.I 27.4 22.8 37.7 38.1 34.9 39.1 32.3 38.9 31.5 31.5 48.0 48.0 23.8 41.2 Q.II 28.2 23.9 37.6 38.2 34.0 39.1 32.7 40.5 34.3 34.3 48.2 48.2 23.9 41.3 Q.III 28.6 23.6 39.9 37.9 34.8 43.7 32.8 41.7 35.4 35.4 47.8 47.8 24.4 41.9 Q.IV 30.7 26.4 39.9 37.9 36.3 42.9 32.8 43.9 36.3 36.3 46.5 46.5 24.6 41.5 2005/06 Q.I 32.0 28.5 39.7 38.4 36.0 42.2 33.0 41.9 37.6 37.6 46.0 46.0 25.0 41.8 Q.II 31.9 28.4 39.4 39.6 36.0 40.9 33.4 42.5 38.3 38.3 46.6 46.6 23.5 42.8 Q.III 32.8 29.2 40.9 40.6 38.8 42.2 33.1 43.9 38.6 38.6 46.6 46.6 25.0 43.1 Q.IV 33.7 30.3 41.1 42.1 39.0 41.6 33.6 44.1 43.2 43.2 47.0 47.0 27.5 45.8 2006/07 Q.I 34.8 31.6 41.8 42.9 39.6 42.0 35.3 44.5 47.3 47.3 51.1 51.1 29.3 47.6 Q.II 34.9 31.7 42.0 43.0 40.5 41.8 36.1 42.4 50.3 50.3 52.4 52.4 30.7 47.9 Q.III 35.4 32.2 42.4 44.2 41.1 42.4 36.0 40.6 49.0 49.0 50.7 50.7 31.8 46.5 Q.IV 35.4 32.1 42.6 44.8 41.6 42.1 36.8 44.5 49.3 49.3 51.5 51.5 33.7 46.6 2007/08 Q.I 37.0 34.1 43.3 45.5 41.9 42.6 36.7 50.6 49.9 49.9 50.9 50.9 37.1 47.3 Q.II 38.2 35.3 44.5 47.1 43.8 43.6 37.4 53.7 49.4 49.4 51.2 51.2 36.0 48.4 Q.III 41.7 39.5 46.4 47.0 45.9 46.0 39.2 53.9 52.4 52.4 54.0 54.0 37.3 49.2 Q.IV 48.2 47.9 48.9 46.4 49.7 47.9 45.1 55.5 54.5 54.5 53.7 53.7 41.0 50.2 2008/09 Q.I 60.5 65.0 50.8 52.0 49.5 48.7 49.7 60.5 56.2 56.2 52.9 52.9 47.9 56.9 Q.II 58.1 59.4 55.0 55.7 51.5 55.3 52.6 64.1 58.0 58.0 56.1 56.1 48.6 60.4 Q.III 58.5 59.9 55.4 56.0 53.5 54.2 57.3 52.3 58.1 58.1 55.7 55.7 49.1 62.1 Q.IV 60.9 62.4 57.7 58.8 55.4 56.1 61.7 55.2 58.3 58.3 59.7 59.7 53.2 63.2 2009/10 Q.I 62.3 63.3 60.0 64.6 57.3 57.2 62.1 61.6 59.4 59.4 66.1 66.1 55.4 63.4 Q.II 63.9 63.9 63.8 65.4 62.8 61.2 64.4 72.2 61.8 61.8 68.8 68.8 61.0 66.8 Q.III 65.7 64.4 68.6 66.8 65.3 68.7 67.2 83.3 65.5 65.5 70.5 70.5 62.4 72.2 Q.IV 65.8 64.2 69.5 71.0 66.0 69.6 67.0 85.6 67.5 67.5 71.7 71.7 63.6 73.0 2010/11 Q.I 67.0 64.8 71.6 72.6 68.6 72.4 68.7 84.5 68.8 68.8 72.7 72.7 65.0 74.2 Q.II 75.4 75.1 76.1 74.7 75.0 75.8 73.7 87.0 71.6 71.6 85.2 85.2 68.3 84.2 Q.III 80.3 80.7 79.4 75.4 79.0 78.0 78.8 93.1 78.7 78.7 94.8 94.8 72.2 88.1 Q.IV 88.5 89.5 86.2 78.2 86.0 86.6 85.9 99.7 95.7 95.7 95.9 95.9 80.4 87.8 2011/12 Q.I 92.7 93.4 91.1 93.1 90.1 89.8 87.1 104.0 98.1 98.1 99.9 99.9 83.2 90.8 Q.II 96.6 96.5 96.8 97.0 95.1 97.8 96.4 97.2 97.9 97.9 96.3 96.3 93.5 92.9 Q.III 105.1 110.4 105.1 103.8 101.2 100.8 100.0 100.0 101.6 100.0 100.5 108.4 Q.IV 107.5 109.9 104.5 97.4 109.4 105.2 113.2 104.0 100.0 100.0 101.3 100.0 103.1 107.7 2012/13 Q.I 110.8 111.5 110.0 91.9 116.1 119.3 121.6 105.6 100.0 100.0 111.7 100.0 105.6 114.5 Q.II 117.5 116.7 118.5 94.7 121.6 135.4 127.7 121.6 110.3 100.0 136.7 100.0 112.2 117.8 Q.III 116.7 115.9 117.8 96.8 122.2 130.6 126.9 127.4 110.0 100.0 142.2 100.0 112.4 124.3 Q.IV 120.8 117.8 124.5 117.5 125.9 130.9 128.6 129.5 113.8 100.0 147.9 100.0 119.4 129.3 2013/14 Q.I 122.3 120.1 125.1 112.9 123.7 136.8 127.7 132.9 112.5 100.0 153.0 100.0 120.9 137.0 Q.II 128.5 122.9 135.5 129.5 124.6 150.2 137.6 133.5 126.0 100.0 149.1 100.0 121.9 134.9 Q.III 132.9 124.9 143.1 151.0 122.4 159.8 131.6 140.5 130.0 100.0 143.8 100.0 122.0 134.2 Q.IV 134.0 124.2 146.3 160.5 122.7 163.5 128.7 153.9 122.5 100.0 146.3 100.0 127.7 135.6 2014/15 Q.I 136.7 128.4 147.1 162.0 122.5 164.6 128.2 148.2 126.0 100.0 148.0 100.0 127.7 136.2 Q.II 137.1 129.1 147.2 156.6 127.1 165.9 129.2 160.9 126.0 100.0 157.0 100.0 129.8 135.7 Q.III 142.5 130.2 158.0 181.0 131.7 179.1 125.9 163.1 126.0 100.0 159.8 100.0 130.3 141.2 Q.IV 152.6 134.1 175.8 212.1 134.1 208.0 126.1 169.4 131.8 100.0 157.3 100.0 132.3 143.4 2015/16 Q.I 152.8 133.6 177.0 201.6 139.6 214.6 134.3 192.1 120.2 100.0 163.8 100.0 132.5 149.6 Q.II 150.8 134.9 170.8 188.4 141.4 204.3 134.1 197.3 120.2 100.0 163.8 100.0 131.5 151.9 QIII 149.6 136.7 165.8 200.1 144.4 177.6 131.0 181.1 126.0 100.0 161.4 100.0 134.1 157.7 QIV 153.7 138.1 173.3 224.1 144.7 182.4 131.2 178.4 126.0 100.0 162.7 100.0 134.6 155.4 2016/17 QI 155.1 139.8 174.4 228.5 145.6 181.6 132.0 181.8 126.0 100.0 162.7 100.0 134.4 156.0 QII 163.0 148.8 180.9 196.9 148.9 219.8 141.4 174.8 126.0 100.0 196.6 100.0 145.1 160.1 QIII 178.1 156.6 205.0 229.6 147.0 270.6 140.7 174.8 126.0 100.0 198.2 100.0 148.1 161.8 QIV 178.8 163.1 198.6 184.3 152.1 281.0 144.9 174.8 124.9 100.0 260.9 100.0 155.7 158.6 2017/18 QI 180.3 160.1 205.7 209.6 154.4 279.4 148.8 185.2 124.8 100.0 243.1 100.0 169.8 157.6 QII 195.1 175.4 219.9 258.3 161.8 281.6 150.1 185.3 124.8 100.0 287.7 100.0 158.8 166.6 QIII 197.7 176.9 223.9 259.9 167.2 283.9 153.6 182.9 124.8 100.0 327.4 100.0 177.7 185.7 QIV 196.8 187.1 209.0 183.9 184.6 280.4 169.4 207.6 125.0 100.0 330.8 100.0 184.3 190.7

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 129 Source: Central Statistical Agency December 2011 = 100 Table 21 (E10): Regional States’ Consumer Price Indices (Non-Food) Period General Index Food & Nonalcoholic 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 2004/05 Q.I 31.6 31.2 32.4 32.2 22.8 41.8 30.9 60.0 33.5 33.5 54.1 54.1 27.2 33.8 Q.II 31.5 31.1 32.3 31.8 22.5 42.0 31.1 61.2 35.6 35.6 50.9 50.9 26.8 33.9 Q.III 32.0 30.7 34.5 31.9 22.9 47.9 30.9 58.8 36.7 36.7 50.8 50.8 27.4 33.7 Q.IV 33.0 32.4 33.8 31.9 23.3 45.4 31.0 57.7 37.8 37.8 52.3 52.3 27.4 33.9 2005/06 Q.I 35.5 35.4 35.0 32.2 24.3 47.7 31.1 59.0 37.4 37.4 50.8 50.8 28.0 34.4 Q.II 35.9 35.1 37.0 32.3 25.4 51.3 33.5 65.2 37.7 37.7 49.2 49.2 29.4 34.8 Q.III 35.8 34.7 37.9 32.3 27.1 51.6 34.8 65.3 37.3 37.3 49.3 49.3 30.5 35.3 Q.IV 36.8 35.7 39.0 34.0 27.0 53.0 36.3 66.2 42.4 42.4 51.7 51.7 31.4 36.9 2006/07 Q.I 38.3 37.2 40.3 33.5 27.4 55.7 35.5 66.6 48.8 48.8 54.6 54.6 32.7 38.3 Q.II 38.9 37.8 40.5 33.6 27.4 56.1 35.3 66.1 55.8 55.8 53.9 53.9 34.3 38.8 Q.III 39.5 38.8 40.5 33.2 27.7 54.9 35.9 69.7 54.1 54.1 54.4 54.4 34.8 40.6 Q.IV 41.4 41.2 41.6 33.5 29.3 56.5 36.6 69.4 53.1 53.1 53.3 53.3 36.2 41.4 2007/08 Q.I 44.8 46.4 42.5 33.9 30.8 56.4 38.2 70.1 53.3 53.3 54.2 54.2 38.8 42.6 Q.II 47.3 49.6 43.9 32.8 31.3 60.2 40.4 67.5 52.0 52.0 55.6 55.6 42.4 41.8 Q.III 50.1 53.6 44.8 35.7 31.6 59.9 42.9 67.0 56.8 56.8 55.6 55.6 44.3 43.6 Q.IV 59.3 66.6 48.4 40.5 34.8 64.1 47.8 68.3 58.9 58.9 57.0 57.0 48.1 45.3 2008/09 Q.I 74.8 89.5 53.2 50.3 39.1 70.7 50.9 68.0 58.9 58.9 58.7 58.7 54.1 47.8 Q.II 72.8 84.3 55.9 49.1 42.6 74.1 53.0 67.8 61.2 61.2 60.0 60.0 55.6 48.9 Q.III 67.9 75.9 56.1 49.9 44.6 72.8 53.3 69.7 53.2 53.2 58.8 58.8 57.1 50.5 Q.IV 68.0 74.1 59.0 55.5 47.0 75.0 56.6 71.9 53.1 53.1 62.5 62.5 57.6 56.8 2009/10 Q.I 70.2 74.9 63.3 62.5 51.1 79.0 60.0 73.2 62.4 62.4 67.2 67.2 62.7 62.6 Q.II 71.5 75.4 65.8 62.9 54.2 81.1 63.4 76.7 68.7 68.7 64.7 64.7 64.6 64.7 Q.III 71.1 73.5 67.7 66.9 55.9 81.4 67.9 82.1 72.1 72.1 67.3 67.3 66.2 65.4 Q.IV 73.3 75.8 69.7 66.7 59.0 83.3 69.1 85.7 74.8 74.8 70.2 70.2 68.0 65.7 2010/11 Q.I 73.5 75.8 70.2 69.0 61.8 80.6 69.7 83.4 74.3 74.3 74.7 74.7 68.8 67.1 Q.II 74.7 74.3 75.2 70.4 68.1 83.5 72.9 88.6 80.3 80.3 82.9 82.9 71.6 76.3 Q.III 77.9 76.6 79.7 70.2 73.4 88.1 77.0 89.8 88.2 88.2 84.3 84.3 74.1 78.9 Q.IV 87.8 88.8 86.4 77.2 82.2 93.1 82.0 95.2 102.5 102.5 91.3 91.3 85.4 83.6 2011/12 Q.I 95.3 98.1 91.2 91.3 87.3 97.3 87.4 92.1 102.9 102.9 94.3 94.3 94.2 88.9 Q.II 100.1 101.7 97.8 97.5 96.3 100.4 95.4 99.8 98.9 98.9 100.3 100.3 99.0 97.8 Q.III 104.8 106.0 103.7 99.4 103.7 102.9 102.8 108.9 100.0 100.0 103.8 100.0 110.3 103.7 Q.IV 111.4 115.6 107.2 101.4 110.3 105.2 107.6 105.3 102.7 100.0 104.9 100.0 114.3 107.9 2012/13 Q.I 118.7 122.9 114.5 103.6 115.7 117.9 113.0 111.3 103.5 100.0 110.9 100.0 125.5 109.4 Q.II 119.5 119.8 119.3 106.1 121.3 123.3 113.5 110.7 103.4 100.0 141.1 100.0 135.8 110.2 Q.III 119.5 118.2 120.8 113.9 126.4 123.4 111.6 108.1 103.4 100.0 140.9 100.0 136.9 113.4 Q.IV 125.5 124.3 126.7 116.6 133.5 132.0 126.3 115.9 98.6 100.0 144.5 100.0 138.0 115.0 2013/14 Q.I 132.5 136.2 128.8 120.7 137.4 132.2 126.8 112.5 94.6 100.0 148.7 100.0 144.5 119.2 Q.II 131.3 131.9 130.6 122.2 141.2 133.1 129.4 116.7 105.8 100.0 146.2 100.0 143.5 119.2 Q.III 130.1 124.6 135.4 121.8 144.4 144.0 136.4 123.1 104.8 100.0 147.8 100.0 145.6 118.0 Q.IV 130.5 128.1 132.9 128.7 145.3 135.3 130.3 128.2 107.8 100.0 145.2 103.3 147.9 114.1 2014/15 Q.I 133.3 130.4 136.1 134.6 148.5 149.2 129.9 126.6 109.2 100.0 145.3 106.0 130.7 119.8 Q.II 139.2 131.3 147.0 137.6 151.9 173.5 133.1 136.5 110.3 100.0 149.4 107.4 145.9 123.6 Q.III 136.4 127.2 145.4 139.8 155.5 162.1 137.6 149.0 109.2 100.0 151.8 109.2 147.5 123.8 Q.IV 140.5 129.2 151.5 137.8 154.7 181.1 143.5 136.1 106.7 100.0 154.3 111.1 148.6 125.5 2015/16 Q.I 145.7 139.6 151.6 131.7 162.0 178.3 140.8 133.9 106.7 102.9 156.7 112.5 149.9 128.4 Q.II 147.2 143.3 151.1 132.5 161.9 176.5 139.2 135.6 107.3 104.1 158.1 112.9 150.3 128.6 QIII 151.6 146.7 156.4 138.7 165.7 189.2 144.2 139.6 106.1 105.7 163.3 114.7 151.6 124.7 QIV 156.3 146.4 166.0 144.0 164.5 220.1 146.5 138.1 105.7 106.4 168.6 115.5 151.2 125.3 2016/17 QI 158.7 145.7 171.4 143.0 164.4 238.4 146.2 139.8 105.9 105.9 169.0 115.9 151.6 126.7 QII 174.4 156.9 191.6 138.9 173.8 293.8 161.8 159.9 103.9 105.7 200.3 119.0 149.3 129.9 QIII 168.2 153.9 182.3 143.3 170.7 258.5 166.6 157.4 107.6 106.1 214.3 119.6 148.0 132.0 QIV 165.8 163.9 167.8 110.9 160.7 216.0 175.1 114.6 109.7 124.9 190.1 120.0 152.5 136.0 2017/18 QI 174.8 171.4 178.0 149.5 170.4 222.7 177.0 122.1 112.2 105.9 189.9 120.8 184.4 134.4 QII 179.6 177.6 181.6 163.9 176.6 221.4 182.9 117.7 114.8 105.9 189.1 120.8 190.4 138.7 QIII 179.0 174.6 183.4 142.6 185.4 218.8 195.4 125.2 114.9 105.9 190.8 120.8 191.6 144.3 QIV 188.8 187.9 189.6 149.9 196.8 218.5 209.5 122.9 117.6 105.9 197.9 120.8 201.7 150.7

National Bank of Ethiopia Quarterly Bulletin 130 Fourth Quarter 2017/18 Source: Central Statistical Agency December 2011 = 100 Table 21 (F1): Regional States’ Consumer Price Index (Food) Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages AFAR 2004/05 Q.I 25.0 24.7 22.9 27.8 41.7 26.1 26.1 38.8 25.5 15.8 Q.II 25.4 24.6 21.1 27.9 44.1 24.7 24.7 40.0 26.4 16.8 Q.III 24.9 23.5 23.3 28.0 43.1 27.0 27.0 35.7 23.6 17.8 Q.IV 26.3 24.9 24.6 27.9 43.9 30.1 30.1 36.6 23.9 19.1 2005/06 Q.I 27.4 25.7 28.3 28.7 44.0 28.6 28.6 40.3 20.5 19.2 Q.II 27.8 25.4 28.5 28.0 42.9 30.0 30.0 38.7 20.4 21.5 Q.III 28.4 25.8 28.8 29.4 44.0 30.1 30.1 42.4 20.7 21.9 Q.IV 30.3 27.0 29.3 31.5 44.3 33.3 33.3 48.2 20.7 24.5 2006/07 Q.I 31.7 29.0 29.8 31.3 43.6 33.9 33.9 46.9 22.6 25.7 Q.II 33.0 30.9 30.5 31.6 43.8 34.5 34.5 45.9 23.8 25.9 Q.III 32.7 31.5 32.9 32.4 47.0 37.5 37.5 43.3 29.9 27.8 Q.IV 34.7 32.0 39.2 36.6 55.7 40.1 40.1 43.3 42.7 27.4 2007/08 Q.I 36.6 33.7 39.5 41.2 56.0 42.4 42.4 42.5 83.6 26.1 Q.II 37.8 34.7 41.2 42.7 61.7 45.7 45.7 40.4 81.4 26.4 Q.III 39.6 37.0 43.6 41.7 68.1 55.5 55.5 41.8 76.8 27.7 Q.IV 48.0 51.5 48.5 51.0 77.7 56.8 56.8 47.5 87.3 30.3 2008/09 Q.I 60.5 70.8 53.8 58.0 79.2 72.1 72.1 53.0 99.0 35.6 Q.II 58.7 68.7 51.2 55.9 74.5 69.0 69.0 56.3 75.4 36.4 Q.III 56.6 65.1 51.4 57.5 75.3 69.7 69.7 65.7 53.1 35.9 Q.IV 58.8 67.2 63.7 56.1 73.6 83.2 83.2 73.8 38.4 41.7 2009/10 Q.I 61.7 70.3 59.7 63.3 72.7 79.2 79.2 80.2 39.4 43.2 Q.II 64.7 71.0 60.2 74.0 71.6 73.6 73.6 83.5 48.2 45.3 Q.III 64.6 69.5 65.9 72.6 74.1 68.8 68.8 89.3 49.4 49.9 Q.IV 65.0 68.0 69.5 72.6 80.7 79.6 79.6 91.6 69.5 49.6 2010/11 Q.I 66.3 69.5 76.5 72.9 81.4 93.4 93.4 87.2 74.0 48.9 Q.II 69.7 67.6 81.5 76.1 94.6 96.0 96.0 91.5 63.4 57.9 Q.III 74.9 72.6 80.7 87.4 101.8 95.2 95.2 84.8 60.6 72.7 Q.IV 80.4 83.6 89.7 79.7 104.4 103.2 103.2 89.0 98.7 77.8 2011/12 Q.I 86.7 90.6 102.3 81.2 99.7 104.9 104.9 95.4 121.3 79.4 Q.II 95.4 99.8 101.6 99.3 100.1 99.9 99.9 104.5 118.3 88.8 Q.III 105.1 104.3 110.9 102.1 100.0 102.9 115.4 104.3 109.7 104.2 Q.IV 111.8 108.7 140.2 109.2 101.7 102.7 138.0 112.0 123.3 97.6 2012/13 Q.I 117.9 114.3 159.9 123.7 102.2 109.4 142.6 118.2 111.6 100.2 Q.II 117.9 115.2 154.4 133.7 101.6 111.6 128.2 112.9 106.3 96.1 Q.III 113.8 110.8 165.4 132.5 101.1 117.5 107.0 117.5 110.2 90.5 Q.IV 116.0 113.8 187.6 133.1 105.3 130.5 119.2 119.6 94.5 87.4 2013/14 Q.I 124.8 122.8 186.2 139.7 104.2 129.5 158.4 120.9 96.3 85.1 Q.II 126.0 131.4 185.4 145.4 104.2 129.3 117.9 119.5 104.4 85.4 Q.III 122.6 122.3 189.1 143.0 105.8 138.8 119.9 120.9 101.4 91.7 Q.IV 126.9 120.9 197.0 144.4 112.2 140.9 136.9 118.2 125.2 101.8 2014/15 Q.I 129.7 120.9 195.0 141.3 119.4 154.2 137.2 132.9 161.8 104.9 Q.II 129.1 118.7 201.3 140.5 110.8 151.3 146.6 148.3 144.1 108.9 Q.III 129.5 119.5 204.9 142.8 121.8 155.4 144.3 143.4 141.0 103.7 Q.IV 139.0 117.5 206.7 155.1 136.5 159.7 157.9 134.3 241.0 103.2 2015/16 Q.I 153.3 123.3 214.5 156.2 147.3 177.0 186.7 121.5 384.7 102.1 Q.II 155.9 124.6 204.4 156.2 143.3 171.2 195.4 119.5 412.6 102.7 Q.III 147.3 126.9 207.7 161.6 133.8 178.8 197.9 114.1 243.5 100.5 Q.IV 147.3 129.0 208.9 164.5 129.6 179.9 192.8 117.1 227.3 101.2 2016/17 QI 147.3 131.8 211.3 166.8 128.1 184.9 187.7 118.9 206.7 100.9 QII 153.6 135.3 244.0 189.5 141.9 181.1 198.8 130.1 149.6 107.0 QIII 148.7 130.7 235.7 183.1 153.0 183.8 187.8 141.2 126.1 106.8 QIV 151.2 137.1 267.7 169.5 169.9 191.8 196.3 143.3 129.3 107.4 2017/18 QI 159.6 154.5 285.6 169.2 171.3 209.5 204.5 144.1 124.3 109.3 QII 168.6 166.0 306.0 169.9 165.2 229.5 206.6 161.4 155.6 120.3 QIII 175.6 167.4 296.6 175.6 168.4 252.7 200.4 175.7 241.8 119.2 QIV 174.5 159.9 316.2 201.4 145.9 241.8 200.7 136.4 221.1 121.7

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 131 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages AMHARA 2004/05 Q.I 26.8 27.0 23.7 26.6 30.5 23.6 23.6 41.3 22.0 14.4 Q.II 27.1 27.3 23.8 26.8 30.2 23.1 23.1 40.9 24.4 14.4 Q.III 25.6 26.0 23.4 27.5 30.1 26.2 26.2 39.1 21.9 16.1 Q.IV 28.3 28.4 25.6 27.6 29.7 26.6 26.6 40.3 24.7 19.6 2005/06 Q.I 30.7 30.6 29.4 28.8 29.0 24.5 24.5 44.0 24.9 20.3 Q.II 30.9 30.8 31.2 29.8 28.5 29.2 29.2 41.4 25.0 21.2 Q.III 30.5 30.5 32.1 30.0 28.7 33.9 33.9 42.9 25.1 22.0 Q.IV 31.6 32.3 35.0 31.1 29.4 34.1 34.1 47.8 24.3 22.9 2006/07 Q.I 33.9 35.0 36.8 33.3 29.2 34.9 34.9 46.5 24.7 22.9 Q.II 35.0 36.6 37.2 34.4 30.5 34.7 34.7 45.8 25.4 22.9 Q.III 36.7 38.0 37.4 34.7 33.6 35.5 35.5 43.8 34.2 23.3 Q.IV 39.3 40.1 40.4 36.2 40.2 35.6 35.6 43.9 49.6 23.0 2007/08 Q.I 43.6 42.6 40.4 40.6 42.5 37.3 37.3 44.6 74.8 24.0 Q.II 46.3 45.7 42.8 42.1 47.2 42.9 75.6 28.3 Q.III 48.1 48.6 45.4 42.5 52.0 46.5 46.5 47.1 69.9 31.1 Q.IV 58.7 62.2 47.6 47.9 59.0 49.0 49.0 55.6 83.7 31.6 2008/09 Q.I 77.0 87.2 50.6 58.7 58.9 57.7 57.7 69.5 94.6 31.4 Q.II 73.3 86.0 52.9 59.8 57.2 53.6 53.6 77.3 74.8 32.5 Q.III 65.5 79.6 54.2 62.4 55.4 61.8 61.8 90.3 48.0 32.2 Q.IV 64.3 78.7 58.6 65.6 56.2 69.8 69.8 92.1 36.9 32.5 2009/10 Q.I 66.5 80.6 57.8 68.5 55.6 66.7 66.7 92.8 41.1 35.1 Q.II 65.1 78.8 59.8 71.0 52.4 62.6 62.6 94.9 45.7 43.2 Q.III 64.1 74.7 63.3 72.2 53.3 67.3 67.3 95.7 50.5 46.1 Q.IV 65.1 74.3 64.8 73.2 48.8 68.9 68.9 97.9 67.0 45.5 2010/11 Q.I 66.3 73.5 65.5 74.4 60.9 76.0 76.0 96.6 76.1 46.5 Q.II 68.1 72.1 66.7 81.0 72.9 86.2 86.2 98.2 73.4 52.2 Q.III 71.4 74.4 62.7 82.9 79.2 91.7 91.7 95.0 75.4 69.1 Q.IV 85.9 83.1 72.1 88.1 108.7 92.6 92.6 99.1 107.9 89.7 2011/12 Q.I 95.7 91.1 87.3 93.1 112.1 90.8 90.8 98.1 126.5 92.4 Q.II 101.4 98.7 96.4 98.5 103.7 94.4 94.4 99.4 127.8 97.9 Q.III 104.3 104.8 106.0 104.5 102.2 106.5 105.2 99.9 102.9 101.6 Q.IV 113.0 114.7 124.8 110.2 108.7 108.6 109.6 100.3 118.3 95.3 2012/13 Q.I 120.1 122.7 135.6 113.2 108.3 114.3 113.6 99.7 135.7 89.8 Q.II 119.2 123.7 136.5 130.8 105.7 135.1 106.8 99.5 138.5 86.6 Q.III 118.6 122.0 139.3 137.9 105.3 138.5 104.9 99.4 139.6 83.4 Q.IV 122.0 126.8 141.3 142.3 110.7 137.8 104.7 99.4 148.9 81.5 2013/14 Q.I 127.0 135.1 145.4 143.6 110.4 144.2 109.4 99.4 153.2 81.5 Q.II 126.0 137.6 145.0 146.4 109.9 152.1 103.2 99.3 151.5 82.7 Q.III 123.9 123.5 147.7 147.3 109.5 151.6 112.3 100.0 150.1 82.5 Q.IV 125.6 126.2 147.9 149.2 114.0 152.6 107.6 100.6 156.9 90.5 2014/15 Q.I 127.3 131.3 150.5 154.7 120.3 160.1 105.7 99.7 152.5 98.1 Q.II 127.6 128.9 149.6 155.4 122.6 152.4 110.0 99.9 150.3 101.8 Q.III 128.7 124.3 154.4 161.4 132.9 164.4 115.6 100.5 149.3 102.0 Q.IV 131.1 128.0 159.8 176.8 143.2 169.3 113.5 100.3 153.6 97.1 2015/16 Q.I 139.0 134.8 163.9 174.4 153.1 181.3 129.9 100.3 158.6 94.8 Q.II 141.6 137.3 165.5 172.8 152.6 187.8 135.2 100.3 160.6 93.9 Q.III 140.6 138.8 167.0 177.0 144.1 192.7 131.1 100.2 160.5 91.8 Q.IV 141.1 139.7 168.6 180.6 141.6 194.4 131.4 108.4 160.8 90.4 2016/17 QI 141.2 139.3 169.1 185.0 139.4 198.3 131.5 116.7 161.8 90.4 QII 155.4 143.2 192.6 197.9 140.7 211.2 134.1 118.2 215.9 102.0 QIII 156.7 141.8 195.6 204.4 145.0 217.8 133.4 125.2 221.3 104.3 QIV 168.6 154.5 218.3 224.9 148.3 231.5 131.1 125.0 256.7 101.4 2017/18 QI 181.9 175.5 223.4 229.1 147.6 266.5 135.4 125.0 285.7 104.7 QII 181.9 176.8 228.2 237.4 150.2 267.0 136.9 125.1 274.3 107.6 QIII 186.9 178.5 239.6 260.5 154.9 277.8 137.0 123.7 288.2 111.6 QIV 200.3 191.6 273.4 269.4 165.4 288.8 136.2 126.1 320.1 111.1 Source: Central Statistical Agency December 2011 = 100 Table 21 (F2): Regional States’ Consumer Price Index (Food)

National Bank of Ethiopia Quarterly Bulletin 132 Fourth Quarter 2017/18 December 2011 = 100 Table 21 (F3): Regional States’ Consumer Price Index (Food) period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages BENISHANGUL GUMUZ 2004/05 Q.I 24.0 26.8 25.8 31.7 22.9 26.9 26.9 37.2 17.9 12.4 Q.II 24.3 27.1 24.9 30.0 24.1 29.4 29.4 37.0 19.1 12.5 Q.III 22.4 24.3 27.7 31.1 25.9 33.5 33.5 37.7 20.3 15.1 Q.IV 23.1 24.7 30.8 30.7 25.7 28.7 28.7 39.1 23.3 18.3 2005/06 Q.I 24.4 26.1 33.4 31.3 22.9 25.6 25.6 41.3 21.2 19.4 Q.II 25.1 26.7 36.1 30.3 23.5 26.9 26.9 41.3 21.6 19.1 Q.III 25.4 27.1 36.2 30.6 24.2 27.4 27.4 43.6 21.7 19.3 Q.IV 27.0 27.7 37.7 33.4 26.5 31.2 31.2 46.4 21.6 19.5 2006/07 Q.I 27.7 28.8 38.6 33.4 27.2 34.4 34.4 44.6 21.1 19.3 Q.II 28.5 29.9 39.3 33.8 27.0 34.9 34.9 43.7 21.5 19.8 Q.III 29.0 30.0 40.8 33.4 27.7 35.7 35.7 43.3 26.7 20.0 Q.IV 30.8 31.2 44.9 32.3 31.5 38.2 38.2 44.6 39.8 21.6 2007/08 Q.I 35.6 35.5 49.9 34.6 33.5 39.7 39.7 43.3 65.2 24.4 Q.II 39.2 38.8 48.7 35.1 35.8 39.7 39.7 41.9 81.1 24.9 Q.III 44.3 45.6 50.4 36.0 39.9 44.7 44.7 47.4 83.2 25.8 Q.IV 51.2 55.3 57.0 38.9 44.4 45.9 45.9 49.7 82.7 27.0 2008/09 Q.I 75.0 85.7 67.5 49.2 45.9 58.2 58.2 62.5 99.3 28.2 Q.II 67.0 81.3 69.4 52.1 47.9 62.3 62.3 68.1 76.2 27.0 Q.III 58.2 72.5 67.3 54.4 45.9 62.6 62.6 77.2 61.3 25.1 Q.IV 59.6 73.8 66.7 55.7 51.0 60.8 60.8 80.6 47.1 26.6 2009/10 Q.I 65.0 78.3 70.9 60.8 47.8 61.4 61.4 81.3 44.1 31.9 Q.II 59.2 70.4 64.1 63.3 46.4 58.9 58.9 83.8 47.8 41.7 Q.III 53.5 61.7 62.7 69.7 49.1 57.9 57.9 88.7 60.5 39.5 Q.IV 51.8 55.5 68.6 67.2 52.3 61.8 61.8 90.9 81.3 39.2 2010/11 Q.I 50.0 53.2 69.0 70.6 49.8 68.7 68.7 88.1 69.1 45.7 Q.II 51.5 51.4 76.5 73.6 52.4 67.7 67.7 92.4 73.3 55.3 Q.III 57.8 57.3 68.0 75.8 78.7 78.9 78.9 84.6 74.6 68.5 Q.IV 79.4 74.7 77.0 80.4 99.5 89.9 89.9 96.6 107.5 96.2 2011/12 Q.I 93.1 91.7 91.8 86.3 87.6 85.5 85.5 94.8 114.6 102.1 Q.II 100.4 99.3 97.8 96.1 99.9 91.7 91.7 98.5 144.5 101.6 Q.III 99.8 95.2 102.2 101.1 103.6 129.7 106.5 100.6 110.4 81.4 Q.IV 106.4 102.3 118.8 105.7 103.2 169.7 107.9 106.5 128.7 77.0 2012/13 Q.I 110.9 105.6 131.9 107.9 107.3 170.1 115.6 110.1 127.4 77.1 Q.II 109.5 106.8 133.0 116.5 112.2 179.8 103.6 110.2 130.0 76.5 Q.III 104.9 98.8 139.7 137.4 118.2 178.6 92.3 108.3 129.1 74.4 Q.IV 104.4 100.0 134.0 145.8 110.9 169.9 93.1 105.6 128.9 73.7 2013/14 Q.I 114.4 122.1 137.6 148.8 109.6 151.1 102.8 105.3 122.3 72.7 Q.II 121.6 139.1 141.6 144.1 110.4 177.1 98.8 105.3 129.3 77.6 Q.III 111.5 110.9 136.8 142.6 113.7 199.6 101.4 102.5 127.6 81.7 Q.IV 112.1 106.5 141.0 149.3 111.4 164.9 104.2 106.6 132.9 90.6 2014/15 Q.I 110.0 104.6 141.6 130.6 108.6 138.9 102.1 100.5 129.3 93.0 Q.II 111.3 98.8 138.9 136.9 113.1 162.6 110.0 99.1 138.6 97.5 Q.III 115.6 101.3 145.5 138.0 113.3 172.1 123.3 102.6 145.9 82.7 Q.IV 118.9 95.5 155.7 142.8 119.8 169.0 125.8 100.0 177.8 80.3 2015/16 Q.I 131.0 102.7 167.7 142.9 114.9 169.9 139.6 102.7 227.9 80.3 Q.II 132.8 101.4 167.7 140.7 113.5 205.7 146.5 104.2 234.6 78.6 Q.III 129.8 103.8 174.8 129.4 111.0 217.3 137.4 105.3 215.1 76.6 Q.IV 128.4 103.8 172.4 130.5 112.5 201.8 136.6 106.8 206.4 76.7 2016/17 QI 126.2 101.2 175.3 131.6 113.7 209.3 133.6 112.7 196.6 76.7 QII 131.7 104.1 182.4 159.5 115.1 226.9 133.1 112.3 211.5 95.8 QIII 132.7 102.1 183.0 164.3 124.6 228.3 135.3 119.2 227.6 79.3 QIV 145.1 118.1 204.6 172.8 124.8 229.4 148.8 120.6 233.5 83.0 2017/18 QI 162.2 155.4 220.5 173.9 122.9 212.6 151.7 121.5 241.8 84.7 QII 164.2 163.4 223.1 210.3 124.2 237.7 147.5 123.1 227.4 90.0 QIII 157.4 142.2 235.1 194.2 127.5 190.3 151.3 124.2 225.2 86.9 QIV 162.8 148.1 251.0 201.5 130.0 279.6 142.4 121.8 247.1 92.6 Source: Central Statistical Agency

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 133 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages DIRE DAWA 2004/05 Q.I 26.4 24.8 28.3 30.7 35.3 27.9 27.9 68.4 32.5 24.5 Q.II 26.0 25.1 25.7 30.0 34.8 25.5 25.5 69.7 32.1 23.5 Q.III 26.9 25.2 26.9 30.2 34.5 29.9 29.9 69.1 27.5 26.8 Q.IV 27.5 27.0 28.7 30.8 33.9 33.0 33.0 66.1 27.7 22.8 2005/06 Q.I 29.5 29.5 32.8 33.1 33.6 32.0 32.0 75.0 25.5 24.1 Q.II 29.8 29.8 33.4 32.8 33.4 30.6 30.6 72.8 26.8 25.7 Q.III 30.3 30.0 34.2 33.6 32.6 32.0 32.0 78.0 26.6 26.5 Q.IV 31.7 31.1 40.6 33.0 32.6 34.0 34.0 89.0 23.4 27.2 2006/07 Q.I 33.0 33.2 44.9 33.9 32.8 33.9 33.9 85.6 25.3 26.8 Q.II 33.9 34.6 44.7 34.0 34.1 34.3 34.3 84.3 26.5 26.8 Q.III 34.8 35.4 44.1 33.5 36.0 32.6 32.6 79.5 35.2 29.7 Q.IV 37.6 36.9 45.2 34.6 38.8 36.8 36.8 74.5 56.3 32.5 2007/08 Q.I 40.5 39.5 45.3 34.7 41.9 38.1 38.1 71.1 93.4 33.5 Q.II 41.5 40.2 46.0 36.1 48.8 39.9 39.9 71.5 86.2 34.8 Q.III 46.6 47.7 47.3 39.2 55.9 60.7 60.7 78.8 87.5 36.2 Q.IV 55.6 61.5 53.1 49.6 62.8 69.8 69.8 86.1 108.2 37.6 2008/09 Q.I 68.2 81.6 57.3 54.5 66.4 68.9 68.9 90.0 114.4 39.9 Q.II 68.4 86.2 57.4 59.2 62.4 63.4 63.4 90.9 90.2 43.3 Q.III 67.3 83.8 57.3 60.7 62.4 75.0 75.0 92.5 67.4 44.9 Q.IV 67.4 83.5 59.2 65.3 62.1 73.7 73.7 93.9 45.1 43.5 2009/10 Q.I 68.6 84.1 63.1 68.0 60.9 75.6 75.6 93.9 48.6 45.3 Q.II 67.3 81.7 58.9 72.8 60.2 57.3 57.3 94.2 52.3 51.0 Q.III 68.5 80.9 61.7 72.8 62.0 67.6 67.6 94.5 56.2 53.9 Q.IV 69.7 79.2 69.8 65.4 64.4 78.7 78.7 94.5 83.7 53.8 2010/11 Q.I 69.6 78.8 71.8 66.8 66.5 91.4 91.4 94.5 85.3 47.9 Q.II 73.5 79.9 72.6 73.0 78.9 102.5 102.5 95.7 74.6 48.9 Q.III 77.2 81.7 63.2 80.1 85.9 110.2 110.2 95.6 71.9 61.2 Q.IV 90.0 91.1 71.1 87.2 104.5 109.3 109.3 98.0 121.7 79.1 2011/12 Q.I 98.1 96.6 92.4 95.7 104.5 108.0 108.0 97.3 148.4 89.0 Q.II 100.4 100.6 100.2 94.7 96.7 101.4 101.4 100.2 133.8 94.7 Q.III 103.1 99.9 101.8 110.2 97.4 103.4 114.6 100.5 107.9 103.3 Q.IV 108.6 104.2 128.1 117.9 89.5 104.0 129.4 101.4 114.6 117.0 2012/13 Q.I 112.3 108.8 149.3 128.7 84.1 113.2 128.6 102.5 124.6 125.5 Q.II 112.1 110.7 147.8 129.3 86.0 123.8 117.5 101.4 126.2 129.7 Q.III 109.6 109.6 150.6 129.9 90.2 129.5 101.2 101.0 129.8 129.0 Q.IV 113.0 109.7 150.1 120.6 90.3 135.4 122.1 103.3 141.2 127.0 2013/14 Q.I 122.1 116.6 151.2 130.5 86.5 131.3 151.9 104.4 147.8 133.1 Q.II 121.8 122.9 149.8 126.7 89.6 128.5 125.9 106.8 147.9 137.3 Q.III 117.4 116.8 149.0 129.6 85.2 134.7 121.9 106.6 148.1 132.1 Q.IV 117.7 115.8 153.8 136.2 86.5 136.2 123.2 106.9 150.0 132.0 2014/15 Q.I 127.0 121.7 152.0 148.5 114.6 130.0 141.7 107.0 146.9 135.6 Q.II 129.4 124.0 163.6 149.0 114.7 142.1 144.7 113.6 148.1 135.2 Q.III 129.4 122.4 173.2 150.1 114.9 153.5 150.9 107.3 150.5 129.3 Q.IV 130.9 123.2 185.8 172.4 91.4 149.6 164.3 107.3 149.2 128.1 2015/16 Q.I 130.4 123.7 200.1 182.2 91.2 155.7 154.6 108.5 150.4 126.3 Q.II 129.7 123.2 200.0 173.1 91.2 154.9 154.6 110.6 149.9 127.1 Q.III 132.9 124.0 202.8 175.3 91.3 164.6 170.1 113.4 151.0 123.4 Q.IV 133.6 125.9 204.6 176.2 91.3 168.0 167.9 113.3 150.1 122.8 2016/17 QI 133.4 127.6 205.9 177.9 91.2 169.3 156.9 120.0 152.7 123.8 QII 146.5 130.7 228.2 199.6 101.4 163.7 196.3 134.0 194.8 139.4 QIII 143.8 127.8 228.0 198.8 101.6 182.9 178.6 141.4 217.7 143.6 QIV 151.1 131.8 234.8 197.5 102.3 198.7 194.3 144.3 271.4 147.6 2017/18 156.5 138.0 244.1 208.8 102.4 238.0 187.0 146.3 304.4 157.5 QI QII 162.1 146.1 249.8 203.3 102.3 235.6 196.6 148.6 298.9 161.4 QIII 167.3 148.6 255.1 209.3 102.5 246.9 208.1 166.3 313.5 162.9 QIV 172.9 157.2 297.1 219.8 93.1 238.3 226.6 128.2 303.0 164.1 Source: Central Statistical Agency December 2011 = 100 Table 21 (F4): Regional States’ Consumer Price Index (Food)

National Bank of Ethiopia Quarterly Bulletin 134 Fourth Quarter 2017/18 Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages GAMBELLA 2004/05 Q.I 22.1 24.1 22.0 29.6 90.0 18.8 18.8 28.4 23.5 12.8 Q.II 23.4 24.5 21.5 30.0 91.0 20.0 20.0 34.6 29.4 15.3 Q.III 21.9 21.8 22.3 27.4 90.8 19.3 19.3 34.7 39.6 17.5 Q.IV 23.3 22.5 25.0 26.9 94.9 20.2 20.2 33.8 34.3 18.7 2005/06 Q.I 26.7 24.8 26.5 26.7 93.6 23.0 23.0 35.4 24.3 22.2 Q.II 25.3 24.0 27.6 26.4 93.0 23.0 23.0 34.5 23.0 23.0 Q.III 25.8 24.5 28.5 26.0 98.1 23.7 23.7 36.4 23.5 23.6 Q.IV 27.7 25.8 32.5 26.3 101.5 24.6 24.6 41.5 23.5 24.2 2006/07 Q.I 29.1 27.1 34.6 26.7 101.1 25.0 25.0 41.0 23.5 24.5 Q.II 29.8 27.8 35.2 27.0 100.0 25.5 25.5 41.3 23.5 24.6 Q.III 30.8 30.5 38.1 28.7 114.5 28.2 28.2 40.4 31.6 24.7 Q.IV 32.5 31.0 43.1 32.9 130.7 28.3 28.3 40.8 55.0 25.5 2007/08 Q.I 35.7 33.6 45.9 35.3 135.0 28.7 28.7 40.9 85.7 26.6 Q.II 37.6 35.0 45.5 35.6 144.3 30.7 30.7 41.8 100.0 30.7 Q.III 39.5 35.6 46.1 35.4 154.5 40.6 40.6 48.3 100.0 31.7 Q.IV 47.0 57.1 49.6 34.2 166.6 42.5 42.5 54.2 100.6 32.7 2008/09 Q.I 79.1 95.5 50.9 40.9 169.4 54.7 54.7 64.6 101.9 32.8 Q.II 69.3 86.2 55.3 58.5 167.6 59.0 59.0 67.3 91.7 31.9 Q.III 59.2 76.7 56.6 57.5 169.4 55.3 55.3 69.9 51.4 28.3 Q.IV 63.2 80.6 55.1 58.0 165.4 56.4 56.4 71.2 49.4 27.5 2009/10 Q.I 68.1 85.6 58.1 61.1 159.5 56.0 56.0 75.1 39.9 34.3 Q.II 60.9 78.2 58.9 63.8 165.2 59.0 59.0 77.4 41.0 40.9 Q.III 58.8 75.5 59.3 69.2 166.2 57.7 57.7 78.3 45.7 36.6 Q.IV 57.6 72.6 67.0 72.3 173.5 60.6 60.6 81.3 66.7 37.5 2010/11 Q.I 59.1 69.6 67.2 78.1 175.8 62.9 62.9 79.2 82.8 46.7 Q.II 62.3 69.3 68.0 75.1 195.8 71.6 71.6 82.7 85.7 64.6 Q.III 65.0 71.5 66.9 77.5 219.8 70.2 70.2 82.9 86.0 81.3 Q.IV 79.4 83.1 67.6 79.7 266.2 74.6 74.6 90.3 117.8 97.1 2011/2012 Q.I 91.0 94.2 75.8 86.1 281.1 79.4 79.4 101.4 126.0 100.8 Q.II 99.5 100.2 94.0 94.7 304.2 95.0 95.0 98.2 130.2 108.7 Q.III 107.0 106.3 108.7 112.1 102.6 100.4 115.9 103.0 102.4 93.9 Q.IV 115.4 114.4 118.6 119.1 106.3 107.9 135.6 108.7 106.7 87.2 2012/13 Q.I 118.1 120.0 122.4 119.2 104.0 121.2 133.4 108.4 121.3 79.5 Q.II 112.5 100.1 130.8 117.8 104.4 125.9 127.7 108.0 131.4 77.4 Q.III 111.2 92.9 138.0 124.1 104.0 132.6 121.2 107.3 134.5 77.8 Q.IV 117.2 104.7 140.0 140.1 103.7 143.1 124.0 107.6 135.3 76.8 2013/14 Q.I 122.1 118.0 141.5 144.0 103.6 103.8 127.8 109.6 135.4 74.7 Q.II 123.4 119.8 142.0 147.7 103.6 76.1 131.3 111.2 136.5 77.6 Q.III 122.6 107.6 149.3 148.5 104.1 109.6 139.3 112.2 137.6 75.9 Q.IV 128.8 114.9 153.1 148.5 105.5 140.9 140.6 115.4 136.0 100.8 2014/15 Q.I 129.9 125.1 149.5 145.2 104.2 127.0 132.2 110.5 141.8 99.2 Q.II 126.0 106.7 152.4 144.8 101.5 137.2 137.1 115.8 142.5 111.5 Q.III 130.6 102.9 155.1 182.8 95.8 132.5 167.3 118.5 140.5 102.4 Q.IV 132.9 110.9 165.9 182.7 97.9 130.3 157.8 120.7 139.6 84.9 2015/16 Q.I 145.2 120.0 182.9 195.9 100.0 144.1 180.8 124.1 148.4 89.0 Q.II 142.3 114.1 181.6 196.2 100.4 145.8 179.6 123.3 147.0 85.0 QIII 140.9 110.5 179.8 200.3 101.0 145.5 182.2 122.1 141.3 84.3 QIV 139.8 108.7 179.2 202.9 100.9 145.0 180.0 122.8 140.5 83.0 2016/17 QI 139.1 109.8 177.8 203.9 100.3 145.3 175.9 123.5 143.6 79.2 QII 149.2 120.0 191.1 226.0 93.2 146.2 171.5 162.6 164.2 97.8 QIII 151.1 120.2 192.6 218.5 93.8 143.2 176.0 153.2 192.2 97.3 QIV 160.0 140.8 194.9 217.6 99.9 143.4 182.8 154.4 196.3 92.1 2017/18 QI 169.7 172.3 196.7 225.5 96.9 138.4 174.3 154.2 184.4 93.0 QII 165.7 146.4 205.0 230.5 100.5 140.5 181.4 179.2 190.4 103.5 QIII 168.1 148.6 211.3 236.9 105.1 145.0 180.7 165.3 197.2 99.0 QIV 185.2 177.1 235.1 258.2 108.2 141.4 181.4 164.8 203.3 101.1 Source: Central Statistical Agency December 2011 = 100 Table 21 (F5): Regional States’ Consumer Price Index (Food)

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 135 Source: Central Statistical Agency December 2011 = 100 Table 21 (F6): Regional States’ Consumer Price Index (Food) Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages HARARI 2004/05 Q.I 21.2 29.5 23.0 25.5 38.7 32.0 32.0 63.8 33.6 11.6 Q.II 20.4 29.7 22.5 25.5 38.8 31.0 31.0 64.1 33.0 9.0 Q.III 21.8 30.3 22.5 25.4 38.6 32.3 32.3 61.9 28.5 12.9 Q.IV 22.3 30.6 24.3 25.7 38.5 38.3 38.3 61.8 28.3 10.9 2005/06 Q.I 24.0 31.6 26.8 25.0 37.6 38.6 38.6 69.8 26.0 12.6 Q.II 24.1 31.7 26.3 25.1 36.9 36.6 36.6 73.0 25.4 12.8 Q.III 24.7 32.9 27.9 25.2 37.8 37.1 37.1 77.4 25.6 13.2 Q.IV 26.6 35.1 33.8 31.6 37.8 41.6 41.6 84.0 25.0 13.5 2006/07 Q.I 28.0 37.0 37.7 37.6 38.2 39.9 39.9 76.6 28.4 13.8 Q.II 28.6 37.9 38.2 38.4 38.3 39.5 39.5 76.6 30.3 13.7 Q.III 29.4 37.0 38.8 38.4 40.2 47.4 47.4 76.2 42.7 13.6 Q.IV 29.6 36.7 38.5 41.5 43.4 51.0 51.0 72.1 59.0 11.8 2007/08 Q.I 32.3 39.5 41.5 43.9 51.2 54.9 54.9 74.0 91.5 12.6 Q.II 33.2 40.7 40.5 43.7 56.1 56.6 56.6 74.8 86.0 13.2 Q.III 36.1 45.9 41.9 44.8 64.6 83.2 83.2 78.7 93.7 14.0 Q.IV 47.7 64.4 48.2 54.6 73.7 70.9 70.9 85.6 108.5 25.5 2008/09 Q.I 60.0 91.6 55.1 67.3 78.3 83.3 83.3 90.0 120.8 27.8 Q.II 59.1 92.0 55.0 61.5 72.8 75.7 75.7 92.8 98.3 28.3 Q.III 57.3 87.8 52.5 51.6 72.8 78.5 78.5 94.4 74.6 29.6 Q.IV 58.3 85.6 53.8 59.7 69.0 76.6 76.6 94.8 53.0 32.8 2009/10 Q.I 58.7 85.1 56.4 61.7 66.8 71.4 71.4 95.4 49.8 33.5 Q.II 58.9 81.9 56.6 61.8 68.0 69.4 69.4 94.4 49.7 36.8 Q.III 61.1 80.6 57.8 61.0 72.4 74.1 74.1 94.8 57.6 42.4 Q.IV 61.9 78.0 59.7 62.1 75.9 81.1 81.1 95.4 71.4 43.3 2010/11 Q.I 64.2 78.3 66.0 67.6 77.1 99.6 99.6 95.0 72.2 44.0 Q.II 68.5 78.2 70.4 69.7 89.3 111.6 111.6 95.8 67.2 50.1 Q.III 75.3 78.4 62.5 74.1 103.2 125.0 125.0 96.9 73.2 66.4 Q.IV 82.0 90.5 81.8 91.5 130.4 115.5 115.5 99.2 109.0 66.4 2011/12 Q.I 88.0 94.0 95.9 101.0 98.3 111.3 111.3 99.4 135.5 72.2 Q.II 92.0 99.9 98.6 101.2 100.2 102.5 102.5 99.8 137.7 78.4 Q.III 102.8 101.6 100.1 101.0 100.9 111.2 114.2 100.4 101.9 101.3 Q.IV 114.0 107.3 128.5 103.7 130.3 108.2 134.6 101.2 117.1 105.6 2012/13 Q.I 117.8 115.1 141.7 106.5 99.8 117.8 130.8 101.7 124.1 114.7 Q.II 119.4 118.1 144.4 114.0 98.7 109.1 127.1 101.2 113.9 115.3 Q.III 116.0 115.6 143.7 118.6 93.9 117.0 109.6 100.5 116.8 108.3 Q.IV 122.9 118.1 165.2 120.1 94.0 118.1 141.5 101.7 116.0 100.2 2013/14 Q.I 132.3 125.4 176.4 129.4 94.7 121.2 170.3 101.5 117.2 110.2 Q.II 131.6 132.9 168.5 120.6 94.8 107.6 146.3 100.7 115.3 104.0 Q.III 129.1 127.1 169.9 129.3 94.5 120.6 142.5 100.6 118.6 100.7 Q.IV 133.0 128.0 179.7 135.3 94.9 139.3 159.4 100.9 115.6 100.0 2014/15 Q.I 142.4 138.0 194.2 144.7 96.0 131.1 176.6 100.5 112.5 103.8 Q.II 144.1 142.3 187.7 137.9 96.1 128.2 182.4 101.4 117.6 100.7 Q.III 144.8 141.3 187.8 143.3 96.5 178.0 183.9 101.0 134.3 91.5 Q.IV 151.2 145.7 205.2 146.8 97.6 170.8 190.7 99.9 167.8 88.2 2015/16 Q.I 152.1 144.4 206.3 155.6 96.7 142.1 185.0 99.0 214.2 85.1 Q.II 153.9 146.1 206.4 156.3 97.6 137.1 190.8 99.9 216.5 85.8 QIII 155.1 142.1 208.1 165.2 98.4 137.7 209.6 99.4 224.1 85.8 QIV 156.6 144.0 207.6 165.1 98.4 146.5 214.8 108.2 218.5 83.9 2016/17 QI 155.7 143.8 206.7 165.4 98.4 151.3 207.7 116.6 211.9 83.7 QII 169.1 150.0 244.0 200.9 96.4 153.4 241.1 124.0 167.1 118.4 QIII 165.8 139.5 253.1 202.5 97.8 164.8 237.6 122.0 193.2 123.8 QIV 175.8 152.5 267.2 207.8 117.7 184.2 229.1 130.1 215.6 114.0 2017/18 QI 185.6 166.7 258.1 219.6 126.7 198.6 236.2 136.0 224.6 124.7 QII 186.4 174.6 253.9 217.0 105.2 201.4 239.3 130.7 191.8 121.4 QIII 183.1 167.4 250.2 227.9 104.6 212.1 235.9 126.5 209.4 112.9 QIV 194.5 179.2 282.4 238.6 105.4 215.9 237.0 128.0 217.6 123.7

National Bank of Ethiopia Quarterly Bulletin 136 Fourth Quarter 2017/18 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages OROMIA 2004/05 Q.I 23.6 22.8 25.0 31.9 27.0 23.3 23.3 35.3 24.2 16.1 Q.II 23.6 22.8 24.9 31.8 27.5 22.7 22.7 36.6 24.8 16.4 Q.III 24.3 22.9 26.3 32.9 27.4 26.8 26.8 35.2 21.8 19.2 Q.IV 25.9 24.5 27.7 32.6 27.6 26.4 26.4 36.3 23.1 19.0 2005/06 Q.I 27.3 26.3 29.4 33.7 26.5 23.8 23.8 38.9 22.8 20.0 Q.II 26.8 26.4 29.5 33.0 26.5 24.3 24.3 37.0 22.2 20.1 Q.III 26.9 27.2 29.9 33.6 27.1 24.6 24.6 38.7 22.1 19.6 Q.IV 28.6 28.4 35.7 34.5 27.6 28.0 28.0 44.3 21.5 22.4 2006/07 Q.I 31.2 31.0 39.1 36.2 27.0 30.6 30.6 42.8 21.5 23.9 Q.II 32.3 32.1 40.0 38.1 28.6 31.4 31.4 42.3 22.0 23.7 Q.III 33.5 33.3 41.1 38.6 31.2 33.3 33.3 40.5 32.5 24.1 Q.IV 35.3 34.4 43.0 40.2 34.7 35.6 35.6 40.6 51.6 24.9 2007/08 Q.I 37.8 37.0 44.7 39.7 37.4 35.0 35.0 40.1 77.8 27.1 Q.II 40.4 40.0 44.7 40.8 42.2 39.1 39.1 39.3 79.9 28.5 Q.III 45.2 45.5 48.6 46.3 46.0 49.4 49.4 43.9 81.7 29.3 Q.IV 57.5 60.8 54.8 52.3 52.0 54.9 54.9 48.2 93.0 31.6 2008/09 Q.I 73.3 85.7 60.5 56.3 52.1 54.2 54.2 59.2 103.7 32.0 Q.II 65.9 79.2 60.6 58.0 49.1 53.2 53.2 61.8 77.9 33.0 Q.III 61.8 72.8 60.7 59.7 45.5 63.8 63.8 72.3 51.6 34.9 Q.IV 62.5 71.4 62.5 64.8 44.5 69.8 69.8 76.5 41.9 35.9 2009/10 Q.I 62.8 73.7 63.9 65.6 45.6 59.5 59.5 78.2 43.1 37.8 Q.II 60.2 70.5 63.3 65.6 46.0 58.9 58.9 78.3 48.4 41.4 Q.III 60.9 70.6 64.9 68.6 46.3 64.4 64.4 85.5 56.8 42.4 Q.IV 61.2 68.3 67.0 70.3 49.7 67.3 67.3 87.6 73.8 41.8 2010/11 Q.I 62.2 67.6 70.3 74.2 54.1 70.0 70.0 85.2 83.5 47.8 Q.II 66.1 67.1 70.1 78.3 66.5 83.3 83.3 88.8 74.5 59.0 Q.III 73.8 70.2 63.2 87.0 72.4 98.6 98.6 85.7 77.2 77.3 Q.IV 88.0 82.5 70.6 94.4 101.9 101.8 101.8 88.9 111.9 86.3 2011/12 Q.I 95.1 91.5 89.2 98.3 105.9 90.2 90.2 90.7 124.4 85.4 Q.II 99.6 98.3 95.6 99.3 100.8 94.8 94.8 97.2 123.4 94.3 Q.III 107.6 104.6 109.7 113.3 105.0 103.6 112.3 100.4 111.3 93.3 Q.IV 116.5 112.4 132.5 128.6 114.1 101.7 126.8 100.1 117.1 84.6 2012/13 Q.I 117.0 118.5 141.4 126.9 110.5 120.3 124.6 103.5 105.5 85.1 Q.II 114.9 118.2 143.6 128.4 105.5 138.4 114.6 108.2 97.9 81.7 Q.III 114.5 114.9 149.0 135.2 105.6 129.3 114.7 117.2 91.0 77.9 Q.IV 116.0 117.1 149.2 136.1 109.6 126.7 118.5 116.4 91.1 75.9 2013/14 Q.I 121.3 127.0 156.5 139.8 108.3 132.8 121.8 124.6 92.4 75.4 Q.II 124.6 134.4 159.5 140.3 107.2 130.7 118.4 123.4 94.3 76.3 Q.III 121.0 117.2 161.7 146.9 112.1 136.7 124.1 121.4 90.8 77.5 Q.IV 126.2 123.1 165.8 152.5 118.7 127.8 128.1 123.8 107.7 91.2 2014/15 Q.I 133.3 130.1 170.9 155.8 131.6 137.4 126.6 122.4 137.8 93.9 Q.II 134.3 127.8 172.3 158.0 134.7 135.0 134.5 127.4 126.8 95.9 Q.III 139.8 122.6 176.5 169.1 140.6 140.3 151.4 124.1 138.4 88.5 Q.IV 150.6 127.2 183.9 188.1 153.9 139.9 160.0 129.7 193.6 81.7 2015/16 Q.I 161.8 134.5 194.7 189.3 154.9 149.6 159.7 126.7 296.2 79.1 Q.II 164.5 134.7 197.9 189.8 154.2 153.6 163.2 127.7 318.8 79.4 QIII 154.7 135.1 199.6 196.8 148.1 159.5 158.0 127.4 202.6 78.1 QIV 153.9 135.5 200.0 199.7 147.2 159.9 156.3 129.7 188.0 77.0 2016/17 QI 154.0 135.4 200.1 203.6 146.3 161.5 159.1 134.6 175.4 75.2 QII 156.0 146.0 210.7 206.4 152.4 159.2 160.7 159.1 137.4 98.9 QIII 155.6 139.5 213.5 212.5 156.9 165.8 165.0 153.0 127.1 95.8 QIV 166.7 154.4 227.1 228.5 164.0 174.5 187.3 147.2 128.3 92.6 2017/18 QI 173.7 172.2 239.5 227.6 160.4 197.8 183.2 148.9 127.9 97.3 QII 179.4 182.0 246.7 230.0 155.8 215.0 186.3 141.0 138.2 106.3 QIII 186.8 173.6 261.2 242.2 158.9 223.0 199.3 134.7 198.9 99.3 QIV 194.0 187.5 278.8 264.2 166.7 226.4 202.4 134.5 195.5 105.0 Source: Central Statistical Agency December 2011 = 100 Table 21 (F7): Regional States’ Consumer Price Index (Food)

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 137 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages SNNPR 2004/05 Q.I 23.0 22.5 22.4 27.9 30.3 21.3 21.3 35.3 21.0 14.5 Q.II 23.7 23.0 22.5 28.9 32.7 21.5 21.5 35.4 20.8 14.3 Q.III 24.1 23.1 22.7 28.4 34.1 22.4 22.4 34.6 19.3 17.8 Q.IV 26.3 25.2 25.3 29.0 34.4 23.5 23.5 36.4 19.5 19.8 2005/06 Q.I 27.1 25.8 27.4 30.3 33.1 23.6 23.6 38.0 20.7 22.4 Q.II 27.3 24.6 28.2 30.6 34.0 26.1 26.1 37.7 20.9 21.9 Q.III 27.9 25.7 28.9 31.5 35.1 26.7 26.7 38.7 20.8 22.2 Q.IV 30.0 28.2 33.6 31.9 36.7 29.6 29.6 39.8 20.8 22.8 2006/07 Q.I 32.4 31.1 36.8 33.1 36.6 31.0 31.0 39.4 20.8 22.9 Q.II 33.3 32.2 37.9 35.1 37.4 32.1 32.1 38.9 21.5 23.5 Q.III 33.4 32.2 39.4 35.7 39.3 32.8 32.8 39.2 27.8 23.8 Q.IV 34.6 33.0 42.0 37.6 42.2 32.2 32.2 40.1 39.9 24.7 2007/08 Q.I 37.0 35.4 42.9 38.6 45.5 33.1 33.1 39.0 49.8 28.3 Q.II 38.6 36.9 44.1 40.7 49.9 36.5 36.5 38.5 57.7 29.8 Q.III 43.4 40.3 46.2 42.7 58.7 46.1 46.1 43.9 57.4 31.6 Q.IV 56.7 58.3 52.8 48.2 64.6 55.4 55.4 50.5 65.9 34.6 2008/09 Q.I 71.9 84.6 60.2 52.1 63.0 49.1 49.1 59.6 73.9 36.9 Q.II 62.6 75.7 59.4 54.7 63.0 49.9 49.9 64.3 55.7 34.4 Q.III 58.4 67.6 55.6 58.9 61.4 55.0 55.0 71.9 38.8 31.9 Q.IV 60.6 69.4 58.5 61.4 67.3 59.9 59.9 73.3 30.4 33.0 2009/10 Q.I 61.2 71.6 62.1 64.9 63.5 54.7 54.7 74.2 29.8 40.7 Q.II 60.9 68.0 62.6 68.7 64.6 60.6 60.6 76.8 37.1 40.4 QIII 60.6 66.7 62.9 71.7 64.4 61.7 61.7 79.8 44.2 37.8 Q.IV 58.9 65.4 66.1 71.4 65.5 57.6 57.6 81.2 58.1 38.9 2010/11 Q.I 59.1 62.2 67.3 72.5 66.7 64.3 64.3 81.3 73.9 46.7 Q.II 63.0 62.9 68.7 79.0 78.6 74.1 74.1 86.2 58.3 56.9 Q.III 73.5 71.2 59.7 84.6 89.3 92.2 92.2 86.7 65.2 86.0 Q.IV 91.5 85.6 67.1 90.0 118.4 102.3 102.3 91.4 91.6 107.3 2011/12 Q.I 98.0 98.6 87.5 93.4 102.7 80.0 80.0 94.5 98.6 113.5 Q.II 100.5 99.6 97.1 98.0 98.9 96.9 96.9 97.4 102.1 107.3 Q.III 109.3 103.5 110.1 109.6 107.3 103.6 115.3 101.1 103.9 105.1 Q.IV 120.1 116.6 129.6 112.8 121.5 102.6 127.6 102.1 109.0 96.1 2012/13 Q.I 123.1 126.9 139.8 114.1 109.5 113.1 127.7 97.9 108.3 92.1 Q.II 121.7 111.2 140.9 118.6 107.2 132.6 136.0 99.5 105.1 87.5 Q.III 122.6 109.1 144.5 124.0 108.9 120.4 140.5 102.0 102.9 78.8 Q.IV 125.5 120.7 153.1 129.5 110.8 109.9 136.8 102.7 104.3 79.2 2013/14 Q.I 130.6 128.5 155.7 131.3 108.5 107.7 142.8 100.3 104.0 82.7 Q.II 129.7 123.5 164.1 134.5 109.9 119.8 142.3 100.1 108.0 78.1 Q.III 131.2 115.2 165.5 140.8 113.5 114.4 151.2 100.4 110.2 74.0 Q.IV 135.9 126.0 169.9 140.6 118.1 108.2 148.1 100.9 112.4 102.6 2014/15 Q.I 134.9 129.6 171.6 149.1 115.1 112.3 141.2 101.8 104.8 112.5 Q.II 134.0 115.0 174.1 152.5 120.9 128.5 146.0 105.1 116.5 113.8 Q.III 138.0 112.9 176.3 160.2 129.9 135.6 154.9 104.4 129.3 105.4 Q.IV 149.2 121.2 183.7 166.1 137.1 124.0 171.4 103.3 155.0 103.9 2015/16 Q.I 152.3 128.5 193.5 167.7 134.3 138.1 168.9 104.2 190.3 97.9 Q.II 150.3 124.4 196.0 168.4 135.0 143.8 165.3 105.5 202.1 95.1 QIII 148.1 123.9 194.5 172.6 132.3 151.9 163.7 102.3 193.6 82.8 QIV 148.9 126.3 195.3 175.8 130.5 152.7 165.3 101.5 183.1 81.2 2016/17 QI 150.8 127.5 195.3 180.6 129.7 151.3 168.4 104.8 187.5 81.4 QII 162.6 140.8 207.3 191.9 130.0 164.7 179.4 112.1 203.5 96.2 QIII 172.5 144.7 212.6 198.3 142.8 163.8 196.7 114.1 215.2 94.9 QIV 193.0 173.5 224.1 207.8 158.7 168.8 218.4 115.3 233.3 99.8 2017/18 QI 197.5 191.9 234.7 212.7 151.9 191.1 211.7 115.3 242.7 108.9 QII 201.0 179.1 244.0 228.1 148.0 222.6 225.9 110.1 231.7 117.0 QIII 211.9 171.8 246.4 239.7 154.3 235.5 256.3 108.3 233.1 111.2 QIV 220.9 190.6 270.5 250.3 165.1 228.3 255.5 108.4 237.9 121.3 Source: Central Statistical Agency December 2011 = 100 Table 21 (F8): Regional States’ Consumer Price Index (Food)

National Bank of Ethiopia Quarterly Bulletin 138 Fourth Quarter 2017/18 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages SOMALI 2004/05 Q.I 22.8 23.2 21.5 26.1 30.0 31.1 31.1 23.5 19.4 25.8 Q.II 23.9 24.2 21.5 26.4 30.0 28.5 28.5 24.1 19.7 27.2 Q.III 23.6 23.3 21.8 26.2 29.6 31.6 31.6 23.7 20.0 30.3 Q.IV 26.4 26.6 21.6 28.1 29.7 35.7 35.7 24.0 20.6 26.1 2005/06 Q.I 28.5 28.1 22.2 28.6 30.1 38.1 38.1 26.5 23.0 27.2 Q.II 28.4 28.8 20.7 29.7 30.2 36.2 36.2 26.5 20.8 29.0 Q.III 29.2 29.7 21.4 29.5 31.3 37.1 37.1 28.7 21.3 30.4 Q.IV 30.3 30.1 23.4 31.8 32.2 38.8 38.8 31.7 21.2 32.5 2006/07 Q.I 31.6 31.1 26.4 33.8 32.5 38.7 38.7 32.2 21.0 36.0 Q.II 31.7 31.8 27.4 34.0 33.4 37.3 37.3 32.0 21.8 35.5 Q.III 32.2 32.9 27.9 33.0 33.9 38.3 38.3 31.5 26.7 35.2 Q.IV 32.1 33.5 28.1 29.8 34.3 40.4 40.4 30.2 44.0 35.2 2007/08 Q.I 34.1 34.9 30.6 29.6 37.6 40.4 40.4 30.6 72.7 37.3 Q.II 35.3 36.8 34.8 30.3 45.6 40.4 40.4 29.2 66.7 36.3 Q.III 39.5 40.6 35.4 35.0 50.0 56.0 56.0 32.9 57.0 42.7 Q.IV 47.9 51.3 38.2 42.2 58.3 64.0 64.0 38.4 65.3 46.9 2008/09 Q.I 65.0 78.9 44.4 51.2 63.7 71.1 71.1 43.8 79.4 42.8 Q.II 59.4 71.6 43.4 52.3 60.6 66.5 66.5 50.0 60.0 44.6 Q.III 59.9 69.4 46.1 58.7 59.0 69.9 69.9 50.0 53.7 58.3 Q.IV 62.4 69.8 50.2 66.3 58.7 75.0 75.0 50.1 44.2 64.1 2009/10 Q.I 63.3 71.0 51.3 64.9 57.0 71.8 71.8 50.3 36.4 62.3 Q.II 63.9 72.2 55.1 64.9 58.4 68.0 68.0 50.2 40.0 62.8 Q.III 64.4 73.8 55.1 69.6 60.0 63.3 63.3 50.4 40.6 71.0 Q.IV 64.2 72.7 61.1 59.5 63.0 71.2 71.2 52.8 52.9 68.5 2010/11 Q.I 64.8 67.9 68.0 64.1 65.4 83.2 83.2 60.4 71.5 69.3 Q.II 75.1 69.3 73.6 78.1 77.0 98.3 98.3 72.7 58.4 106.3 Q.III 80.7 75.1 63.7 85.0 89.9 99.0 99.0 78.2 61.0 111.9 Q.IV 89.5 83.8 74.8 89.7 98.2 114.0 114.0 83.0 86.3 108.0 2011/12 Q.I 93.4 94.1 93.5 89.7 105.5 106.4 106.4 94.7 114.5 81.1 Q.II 96.5 97.9 94.4 91.4 98.3 101.2 101.2 98.8 109.7 90.4 Q.III 105.1 104.1 110.4 106.1 100.9 126.5 112.5 102.8 110.0 118.7 Q.IV 109.9 104.9 127.3 106.5 100.5 119.0 133.7 115.8 119.4 123.0 2012/13 Q.I 111.5 105.2 137.0 108.5 102.0 127.3 136.1 114.9 119.1 161.1 Q.II 116.7 111.7 136.2 121.3 100.5 139.2 125.7 115.3 126.4 183.2 Q.III 115.9 110.4 144.9 124.0 101.2 145.5 105.4 115.5 127.4 181.0 Q.IV 117.8 111.9 150.3 116.5 100.6 130.3 134.4 118.3 133.9 192.2 2013/14 Q.I 120.1 115.1 157.9 118.2 96.5 154.9 157.7 113.4 139.5 200.2 Q.II 122.9 122.4 151.0 125.8 98.0 160.2 131.6 111.7 145.4 191.0 Q.III 124.9 123.2 141.5 133.3 97.7 178.1 139.0 110.2 155.3 203.8 Q.IV 124.2 123.5 146.3 123.5 97.6 183.7 144.6 110.8 156.1 208.8 2014/15 Q.I 128.4 128.0 151.9 131.3 104.9 224.5 152.9 110.7 154.2 203.7 Q.II 129.1 130.0 152.2 128.8 106.5 182.9 151.6 110.7 157.7 209.2 Q.III 130.2 127.1 156.7 135.4 106.1 210.9 158.2 114.4 156.8 214.4 Q.IV 134.1 129.9 154.3 147.7 107.2 227.2 166.6 114.1 163.8 217.9 2015/16 Q.I 133.6 129.3 165.3 142.0 109.5 202.5 153.1 117.7 164.8 223.4 Q.II 134.9 131.8 160.1 147.0 109.4 208.5 147.9 117.9 160.8 221.8 QIII 136.7 131.9 155.8 155.3 107.1 253.4 160.7 119.8 154.5 213.6 QIV 138.1 132.9 160.2 158.9 105.9 257.6 160.6 120.7 160.4 213.4 2016/17 QI 139.8 134.1 163.7 165.3 105.4 256.7 154.3 122.3 160.4 213.4 QII 148.8 132.4 179.9 177.3 109.2 210.8 176.9 151.9 176.6 218.3 QIII 156.6 138.5 173.6 190.4 129.2 235.3 171.1 159.6 187.4 222.3 QIV 163.1 146.0 220.9 194.4 140.0 256.3 185.7 154.8 206.9 206.7 2017/18 QI 160.1 147.0 217.6 173.3 141.9 240.9 191.7 153.5 208.3 200.7 QII 175.4 165.6 244.6 182.0 146.6 233.7 225.1 165.9 220.3 210.1 QIII 176.9 168.5 249.8 176.9 146.0 274.9 198.3 175.8 227.6 209.6 QIV 187.1 184.9 259.5 176.8 158.7 267.2 197.9 182.1 245.2 209.2 Source: Central Statistical Agency December 2011 = 100 Table 21 (F9): Regional States’ Consumer Price Index (Food)

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 139 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages TIGRAY 2004/05 Q.I 31.2 29.8 24.6 27.5 34.1 31.9 31.9 42.0 34.5 12.8 Q.II 31.1 29.3 23.9 28.0 33.3 30.5 30.5 42.3 35.5 13.0 Q.III 30.7 28.6 24.0 28.1 32.3 33.3 33.3 41.4 35.4 15.3 Q.IV 32.4 30.6 26.0 28.1 30.9 35.8 35.8 42.5 29.5 16.8 2005/06 Q.I 35.4 33.1 27.8 34.6 29.6 36.6 36.6 48.3 29.9 17.0 Q.II 35.1 34.6 29.7 32.7 29.4 32.4 32.4 45.4 29.0 17.8 Q.III 34.7 34.2 29.0 32.5 31.0 33.7 33.7 46.0 28.6 18.6 Q.IV 35.7 33.5 31.3 31.5 31.8 34.2 34.2 53.4 27.7 19.5 2006/07 Q.I 37.2 33.7 35.3 34.3 32.5 35.3 35.3 49.7 29.5 19.6 Q.II 37.8 34.5 36.2 35.1 32.3 36.3 36.3 47.8 31.0 20.0 Q.III 38.8 35.7 35.8 36.3 35.1 38.0 38.0 45.7 40.2 20.4 Q.IV 41.2 35.6 41.3 37.7 39.9 39.4 39.4 46.4 64.4 20.1 2007/08 Q.I 46.4 37.8 43.3 38.6 43.2 42.9 42.9 45.6 105.0 21.7 Q.II 49.6 40.6 43.5 39.2 47.7 48.6 48.6 45.0 113.3 25.1 Q.III 53.6 45.5 43.8 40.6 58.2 49.6 49.6 49.8 103.9 26.8 Q.IV 66.6 58.7 47.4 44.9 65.3 55.8 55.8 54.6 115.3 29.2 2008/09 Q.I 89.5 83.5 51.1 53.5 64.7 64.8 64.8 66.6 136.5 30.4 Q.II 84.3 80.5 50.2 57.4 60.5 65.1 65.1 66.6 110.7 28.7 Q.III 75.9 74.1 50.1 56.5 58.1 65.9 65.9 78.0 65.7 29.5 Q.IV 74.1 75.4 52.2 58.5 56.9 73.3 73.3 81.6 51.2 30.6 2009/10 QI 74.9 76.8 56.8 63.7 53.0 74.2 74.2 84.7 49.9 31.6 QII 75.4 76.3 55.3 65.9 54.8 61.6 61.6 90.6 51.3 39.6 QIII 73.5 75.1 54.5 63.3 57.3 63.4 63.4 94.2 59.5 41.1 Q.IV 75.8 75.7 59.1 68.4 61.5 68.7 68.7 99.3 82.1 41.3 2010/11 Q.I 75.8 75.8 62.7 70.9 64.2 78.1 78.1 93.4 85.2 41.0 Q.II 74.3 71.9 64.3 79.3 79.2 82.9 82.9 95.8 79.4 46.3 Q.III 76.6 72.5 64.2 78.3 84.6 82.6 82.6 92.8 79.2 66.0 Q.IV 88.8 81.3 72.5 81.4 107.8 94.0 94.0 100.9 117.0 91.6 2011/12 Q.I 98.1 87.3 92.7 95.3 102.0 103.6 103.6 95.0 141.6 92.6 Q.II 101.7 94.4 99.7 99.8 99.9 100.0 100.0 97.2 135.4 96.9 Q.III 106.0 105.9 105.0 102.4 106.4 94.1 107.0 100.4 111.1 102.6 Q.IV 115.6 119.1 122.1 114.2 107.4 100.3 113.6 98.5 117.5 100.1 2012/13 Q.I 122.9 127.3 133.2 122.7 110.1 113.0 119.0 99.9 139.3 85.3 Q.II 119.8 131.4 134.9 132.5 105.6 121.0 98.1 99.2 128.6 79.1 Q.III 118.2 132.4 135.0 130.1 107.0 121.0 87.5 102.4 126.4 77.4 Q.IV 124.3 143.3 138.3 131.2 109.2 98.2 94.0 102.7 128.3 75.5 2013/14 Q.I 136.2 155.4 150.2 141.1 108.8 68.0 123.1 99.1 132.5 76.5 Q.II 131.9 154.2 149.6 143.4 106.7 74.1 103.3 99.7 130.5 73.7 Q.III 124.6 137.3 148.8 137.5 111.7 74.1 102.1 99.2 128.5 75.3 Q.IV 128.1 140.3 156.2 132.4 113.1 74.1 104.9 99.1 130.8 83.3 2014/15 Q.I 130.4 142.1 150.4 146.6 116.4 83.5 109.8 99.9 134.8 90.2 Q.II 131.3 137.3 149.0 154.4 113.5 96.0 126.7 98.1 134.6 93.5 Q.III 127.2 127.8 149.8 142.7 117.3 102.7 123.3 99.5 138.3 91.8 Q.IV 129.2 127.2 153.6 148.2 112.6 102.7 129.9 99.5 147.4 91.3 2015/16 Q.I 139.6 138.2 153.8 159.5 120.3 93.4 146.8 99.6 174.1 87.0 Q.II 143.3 140.4 154.9 161.4 123.9 101.6 151.0 99.6 191.5 85.2 QIII 146.7 144.5 153.5 160.1 118.3 125.7 156.0 103.3 204.3 82.4 QIV 146.6 145.1 154.9 161.0 116.6 125.7 154.0 107.8 204.8 79.8 2016/17 QI 147.0 145.5 155.9 148.1 114.1 125.7 158.4 122.3 199.3 79.3 QII 156.9 155.6 176.7 168.6 118.6 125.7 152.8 129.9 224.9 85.0 QIII 153.9 148.4 176.2 162.7 123.3 125.7 145.1 125.5 230.9 94.0 QIV 163.9 157.1 191.5 168.7 132.4 125.7 153.7 127.3 254.8 91.5 2017/18 QI 171.4 171.4 202.1 178.2 131.1 125.7 155.4 136.3 252.1 90.3 QII 177.6 181.3 205.4 187.3 120.0 125.7 164.1 126.7 255.4 95.6 QIII 174.6 186.2 210.1 182.3 119.8 125.7 159.3 123.2 206.5 97.9 QIV 187.9 202.3 245.8 210.7 124.9 125.7 157.8 124.4 218.3 99.0 Source: Central Statistical Agency December 2011 = 100 Table 21 (F10): Regional States’ Consumer Price Index (Food)

National Bank of Ethiopia Quarterly Bulletin 140 Fourth Quarter 2017/18 Country of Destination 2010 2011 2012 2013 2014 2015 2016 Djibouti 849144.8 1172260.1 2313228.9 1380433.1 3747193.9 1941788.5 2350936.7 Egypt 585058.5 764013.2 768260.3 818229.2 1012133.0 684520.9 315108.1 Ghana 2094.8 1117.1 9582.3 4292.2 136.8 6863.1 832.1 Kenya 54434.1 176485.4 190932.3 269555.1 431754.9 656490.8 625147.6 Libia 1834.5 2297.5 68040.2 0.0 4163.4 0.0 0.0 Morocco 10976.1 28363.6 11632.6 15895.1 3746.1 2040.4 6841.3 Nigeria 2215.0 2990.0 10297.6 2735.2 47617.8 63719.5 90565.5 Ruwanda 569.9 1114.0 993.9 9793.9 28670.2 42368.3 57909.1 Somali Land 0.0 Somalia 3139271.5 4061406.4 5989640.7 5798201.3 6371904.9 6240561.4 5827108.7 South Africa 1030363.9 89326.4 194964.0 218061.1 257504.8 226770.4 260057.5 Sudan 2053243.9 2983061.3 2008904.2 1707190.9 1629734.3 1595427.4 993600.1 Tanzania 5959.6 3084.1 969.4 1045.6 15211.2 255.9 401.9 Uganda 24333.6 14963.0 7044.1 2765.9 10051.8 4295.5 5913.3 Zambia 369.2 20.4 119.4 503.8 110.0 2398.8 10974.8 Zembabwe 1147.8 3549.5 788.6 3632.8 4272.4 6716.0 4025.0 Others 146791.5 171537.0 289802.8 514287.0 792557.5 341524.6 477440.0 Total 7907808.6 9475589.2 11865201.5 10746622.1 14328992.6 11815745.3 11026861.7 %Share Of Continent 23.0 18.8 21.1 19.4 22.1 20.0 18.4 Austria 365.7 1297.4 1644.6 1735.5 4310.4 2931.2 22747.8 Belgium 766865.8 1129952.5 1206977.6 1025131.4 1087850.9 1182982.5 1436499.1 Bulgaria 9100.7 17775.7 40564.4 82919.2 99420.1 86949.0 43611.4 Cyprus 1208.7 29.6 2392.2 3217.3 5007.8 640.5 151.2 Czech Republic 5564.4 3925.4 7320.4 5569.1 13779.0 21577.7 22939.8 Slovakia 0.0 1897.5 4395.7 1466.6 4072.5 Denmark 18362.4 14816.2 35758.1 32455.9 17723.0 20802.4 30025.0 Finland 38401.9 157776.1 87678.9 51661.1 80304.0 90939.5 90178.8 France 505675.0 823513.2 812971.3 530534.4 877613.3 682717.6 807422.0 Germany 3676129.0 5412655.7 5190387.9 3730991.2 3754508.5 4271155.2 3486254.3 Greece 104335.8 161358.8 136034.9 260072.5 235797.7 214131.5 209499.8 Hungary 4664.1 6030.5 29465.0 34564.1 18858.6 15129.0 18955.3 Ireland 225.2 4981.1 1335.4 4968.8 4393.8 11865.0 10363.8 Italy 767672.2 1830342.8 1265069.2 1127453.5 1244816.9 1071373.1 1101650.8 Netherlands 2325158.7 3589200.5 3513356.8 3160616.3 3899530.0 3910613.0 3911035.2 Norway 83421.5 114266.4 152810.3 141325.7 202256.0 193648.3 190592.2 Poland 20903.7 10005.3 2097.0 17660.3 23192.2 18930.3 9048.4 Portugal 13224.5 10264.5 58441.4 58595.2 107108.4 70872.1 127631.2 Rumania 26297.6 64555.6 79944.9 62136.7 63661.9 35255.4 12665.6 Spain 82768.8 202110.6 278937.8 188107.6 157484.0 312381.6 266256.9 Sweden 345076.1 631746.6 435154.5 264471.8 307877.4 333582.0 266867.3 Switzerland 4876617.7 8672031.8 9644798.9 9439555.7 7895981.9 6490540.8 5266886.0 Turkey 448459.6 793508.0 918743.3 1460875.2 1267997.9 854569.2 463675.1 Ukraine 1647.3 549.2 3605.7 1288.6 1569.6 9366.3 14853.7 United Kingdom 790362.3 1036992.2 804000.1 916862.0 888555.1 806313.4 1069053.4 Russia 87990.9 170085.7 210565.2 289418.9 405160.0 283476.8 289381.7 Yugoslavia 0.0 Others 32888.7 129769.9 228751.3 106316.3 121332.5 270792.0 639646.5 Total 15033388.3 24988711.1 25148807.1 23000401.7 22790486.7 21265002.1 19811964.8 %Share Of Continent 43.8 49.7 44.7 41.4 35.2 36.0 33.1 Brazil 0.0 50.0 0.0 8764.8 9178.4 Canada 115069.8 173658.6 167388.9 166782.8 214767.3 216338.4 268404.1 Cuba 0.0 325.5 15043.2 0.0 0.0 Mexico 15924.2 41359.7 21189.4 15661.3 12529.3 37776.3 40458.2 United States 1387899.5 1571684.8 1741318.4 2223193.5 2413259.7 3913895.0 3733304.1 Others 40185.0 165850.0 147274.5 66745.5 886388.5 189789.5 231818.7 Total 1559078.4 1952553.1 2076859.0 2472758.7 3541988.1 4366563.9 4283163.5 %Share Of Continent 4.5 3.9 3.7 4.5 5.5 7.4 7.2 China, Mainland 3330807.6 4764263.2 5167985.4 5682920.3 8071388.2 6145483.9 7498265.1 China, Taiwan 34908.6 34265.7 44820.6 114825.8 86264.9 134753.6 242155.2 Hong Kong 98715.7 378664.7 523566.5 655428.0 342188.3 434907.0 390835.7 India 401662.3 553031.3 667923.1 659101.4 947722.2 1323550.6 1440185.8 Indonesia 131343.7 219306.2 260365.2 442638.8 579643.5 419364.5 581396.8 Israel 752915.3 1079551.0 1112383.2 1822061.3 2016939.4 1697745.0 1366387.4 Japan 535178.4 596903.3 1260749.0 1423109.6 1884123.0 1388756.3 1541929.9 N.Korea, Pdrk 16724.9 54732.0 24451.6 40602.6 223.3 10146.1 31494.6 S.Korea 132137.3 235899.3 336747.5 428910.5 660360.4 902688.1 1114526.1 Kuwait 9424.2 45894.4 38566.8 53491.8 54954.6 59591.3 28418.5 Lebanon 10467.2 79992.5 41232.7 104309.0 90398.2 15787.8 16460.4 Malaysia 9871.6 5929.0 12398.4 57837.7 45580.5 5556.5 107335.2 Pakistan 333743.0 192626.5 768074.1 896279.3 678817.2 855052.2 1441769.4 Saudi Arabia 2057646.6 2837432.3 3085698.2 3075268.7 3836761.6 4028128.5 3981781.2 Singapore 90801.2 46255.1 27476.5 14236.7 22061.2 204215.6 128152.6 Yemen 263614.8 342272.8 379117.3 571866.5 734790.4 439271.6 362192.6 Thailand 35140.8 155088.6 140299.9 147971.0 111444.1 105215.7 94324.3 UAE 1119157.4 1284684.7 1340649.8 1395130.2 1931357.2 1791062.6 1982406.3 Others 370393.0 846426.7 1644761.6 1320681.0 1550549.5 1160854.1 1879038.7 Total 9737177.2 13654330.2 16785231.9 18906670.1 23645567.4 21122130.8 24229055.8 %Share Of Continent 28.3 27.1 29.8 34.1 36.5 35.8 40.5 Australia 100714.1 199586.8 332554.2 246875.7 379097.3 417653.3 330080.8 Others 15655.1 55913.1 67670.3 127756.1 77090.7 84325.8 157422.4 Total 116369.2 255499.9 400224.5 374631.7 455711.7 501979.2 487503.3 %Share Of Continent 0.3 0.5 0.7 0.8 0.8 Unspecified 0.0 Grand Total 34353821.8 50326683.5 56276324.1 55501084.2 64762746.5 59071421.3 59838549.1 Source: Ethiopian Customs Authority. Note1: Data for the year 2013 and 2014 is based on updated data from Ethiopian Revenue and Customs Authority Note2: The data for Czechoslovakia before 2013 represents the sum of Czech republic and Slovakia In thousands of Birr Table 22 A1: Ethiopia: Direction of External Trade: EXPORT

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 141 Source: Ethiopian Customs Authority. In thousands of Birr Table 22 A2: Ethiopia: Direction of External Trade: IMPORT Continents Country 2011 2012 2013 2014 2015 2016 Africa Djibouti 4,634.1 1,880.1 19,785.9 7,252.7 4,050,783.9 13.9 Egypt 3,202.1 1,777,945.9 1,990,237.8 3,593,112.7 11,128.5 4,071,335.1 Ghana 546,341.8 2,384.4 5,687.9 1,666.1 738,056.4 2,514.6 Kenya 290,467.0 678,285.5 551,882.2 801,793.8 738,056.4 676,008.7 Libya 290,467.0 - 263,165.0 - - 2.3 Nigeria 134.8 12,412.0 82,933.2 62,055.7 220,674.6 45,219.0 Ruanda - 28.8 378.2 59.7 32.9 68,067.4 Sudan 2,452,191.1 1,161,127.1 136,245.1 4,366,290.2 2,192,155.2 1,549,332.4 Tanzania 7,469.7 30,576.6 2,930.4 127,120.4 132,600.2 103,133.2 Uganda 4,869.5 1,561.2 5,177.3 3,125.9 7,381.5 6,962.2 Zambia 378.6 56.6 1,028.0 89,519.4 482.3 11,160.1 Others 3,324,070.6 5,564,554.6 2,636,616.0 4,880,495.6 8,224,429.0 8,258,583.7 Total 6,924,226.3 9,230,813.0 5,696,067.2 13,932,492.0 15,584,248.5 14,792,332.6 Europe Austria 196,218.2 586,106.3 560,571.4 572,382.6 1,027,145.6 1,604,322.8 Belgium 1,446,630.4 2,645,543.2 1,798,980.7 4,218,543.5 5,435,019.7 5,044,164.5 Bulgaria 405,830.6 86,186.4 338,016.0 143,721.4 1,537,581.6 683,870.1 Cyprus 89,509.1 88,807.2 234,484.2 150,578.9 115,078.1 117,156.1 Czechoslovakia (former name) 191,298.4 90,640.3 118,980.3 1,130,726.8 276,843.1 531,941.0 Czech republic 1,012,206.1 236,047.0 441,959.6 Slovakia 118,520.7 40,796.1 89,981.4 Denmark 470,115.2 488,523.0 305,449.6 824,909.0 694,246.2 715,981.1 Finland 103,977.0 320,249.9 189,685.0 177,056.2 155,906.3 350,087.1 France 2,313,930.4 3,614,646.3 2,480,592.3 2,351,867.2 3,823,770.8 4,684,217.9 Germany 2,898,011.6 3,199,430.5 4,229,516.1 7,249,151.5 6,806,205.2 7,859,546.7 Greece 180,894.2 140,476.2 143,842.2 350,442.3 405,742.7 528,971.4 Hungary 86,698.4 212,739.3 154,821.1 294,461.0 490,887.6 530,673.3 Ireland 384,656.8 362,766.1 497,656.2 573,979.2 716,987.1 775,362.0 Italy 5,999,479.7 8,468,614.5 8,475,248.1 9,854,864.6 10,476,893.6 15,784,350.7 Netherlands 1,404,726.9 1,630,693.2 3,813,241.8 2,492,065.9 4,604,402.8 3,982,518.3 Norway 34,421.8 47,457.5 71,440.7 58,782.9 79,266.8 162,289.4 Poland 100,915.1 273,902.6 254,707.4 579,322.1 735,144.5 2,284,185.2 Portugal 39,090.7 77,822.2 136,508.8 215,656.2 318,933.8 243,435.8 Rumania 21,137.4 26,566.6 138,938.5 1,685,883.2 443,410.0 4,500,592.8 Spain 1,446,618.8 2,106,719.9 1,962,063.7 2,678,244.8 2,783,107.6 2,871,957.4 Sweden 1,265,562.3 1,139,661.0 1,323,169.7 844,072.1 13,232,214.3 9,427,026.6 Switzerland 474,076.0 621,634.5 783,765.0 904,299.4 1,194,286.5 1,223,807.0 Turkey 5,842,462.2 6,526,492.5 8,409,563.5 8,629,004.2 10,918,514.7 12,682,665.1 United kingdom 1,830,282.8 1,514,325.3 2,006,481.9 3,592,921.5 3,863,439.0 4,557,294.9 Russia 4,546,375.5 2,329,520.8 222,543.3 2,575,137.1 1,745,182.4 3,579,267.5 Yugoslavia 1,055.7 4.8 8.3 54.9 - 0.0 Other 3,090,900.4 7,016,703.0 4,415,093.2 5,846,854.7 4,458,373.1 5,279,114.8 Total 34,864,875.6 43,616,233.1 43,065,369.1 57,994,983.5 76,615,426.4 90,536,740.4 America Brazil 1,319,826.6 2,478,504.6 1,895,842.2 1,496,396.6 1,083,673.4 1,475,502.6 Canada 362,112.3 266,442.2 535,973.0 1,196,802.2 753,274.2 1,451,315.7 Cuba 927.4 306.3 3,419.1 1,558.3 3,976.4 1,294.5 Mexico 30,857.6 37,034.6 57,572.7 180,610.0 159,440.1 126,433.0 United states 6,964,847.9 6,741,540.1 9,427,071.5 15,380,630.1 18,383,911.5 28,006,664.4 Others 807,104.4 1,991,585.8 177,236.2 226,806.2 684,766.3 303,572.4 Total 9,485,676.2 11,515,413.5 12,097,114.8 18,482,803.4 21,069,041.8 31,364,782.7 Asia China, mainland 24,964,592.5 38,886,267.6 50,218,738.1 100,672,421.4 127,862,137.6 112,557,147.3 China, Taiwan 494,760.7 1,070,584.7 1,106,850.9 1,333,948.4 1,427,654.5 1,106,997.8 Hong Kong 24,128.9 58,718.2 54,377.6 80,091.6 276,928.2 1,370,238.4 India 12,394,362.3 17,878,819.6 21,273,934.9 21,787,752.1 24,344,942.9 28,557,164.8 Israel 273,165.9 567,716.2 298,154.8 507,607.3 614,145.1 548,689.5 Japan 7,450,651.8 8,341,760.9 9,462,530.3 12,180,142.5 15,185,118.0 14,472,925.3 N.korea, pdrk 216,777.9 268,093.4 185,433.0 103,493.8 107,552.8 91,536.9 S.korea 2,686,000.2 3,835,763.8 3,118,319.6 4,771,125.3 4,962,100.1 3,961,888.7 Kuwait 3,749,483.5 12,995,081.0 4,762,763.2 13,571,707.6 13,326,143.0 13,519,748.9 Lebanon 28,525.2 51,159.7 42,125.5 80,978.2 167,754.4 106,810.2 Malaysia 4,397,300.9 3,014,971.9 2,718,544.1 2,864,220.8 3,588,092.8 6,251,135.7 Pakistan 1,824,377.7 878,501.4 964,168.7 1,175,982.7 1,011,155.3 746,091.4 Saudi arabia 15,067,036.6 28,393,519.1 16,170,927.0 24,724,120.4 10,284,257.6 6,497,893.0 Singapore 68,565.3 93,538.1 88,852.5 236,105.2 323,455.3 516,905.1 Yemen 217,722.0 469,194.0 214,434.9 661,267.0 132,071.4 91,481.4 Thailand 2,157,711.7 2,455,430.1 3,140,867.6 4,079,354.5 3,079,839.3 2,977,140.6 Others 22,785,237.8 27,142,763.8 26,822,535.1 23,474,859.5 23,206,536.4 25,379,978.4 Total 98,800,401.1 146,401,883.6 140,643,557.9 212,305,178.3 229,899,884.7 218,753,773.5 Oceania Australia 312,015.7 243,040.2 287,605.2 140,252.3 215,659.7 327,371.5 Unspecified 47,482.6 116,775.0 58,518.3 220,646.7 120,412.3 136,368.6 Grand total 150,434,677.4 211,124,145.4 201,848,232.5 303,076,356.2 343,504,673.4 355,911,369.3

National Bank of Ethiopia Quarterly Bulletin 142 Fourth Quarter 2017/18 Continents Country of Origin `2017/18 Percentage change QI QII QIII QIV Export Import Export Import Export Import Export Import Export Import Q R S T U V W X Y=W/O Z=X/P Africa: Djibouti 29.6 0.0 32.8 0.0 26.8 0.1 38.1 0.1 22.0 #DIV/0! Egypt 1.75 44.8 0.66 51.3 4.5 58.5 3.3 139.1 33.5 169.3 Ghana 0.03 0.0 0.02 0.1 0.1 0.0 0.6 0.0 24,342.7 (99.9) Kenya 15.45 9.2 8.91 8.4 9.1 9.1 7.8 7.3 (69.5) (29.2) Libia - - - - - - - - #DIV/0! Morocco 0.13 0.0 0.06 75.8 0.1 105.5 0.1 107.8 (6.0) (23.8) Nigeria 1.48 32.2 9.43 3.7 2.1 1.4 1.3 0.7 (87.2) (62.9) Ruwanda 0.47 0.0 1.74 0.0 0.0 2.6 0.0 21.0 (95.0) Somali Land - 0.3 - 0.2 - 0.0 - 0.3 (45.1) Somalia 63.46 - 55.95 - 43.7 - 65.4 - 3.0 #DIV/0! South Africa 1.54 59.3 1.00 51.2 2.7 56.0 3.3 120.9 9.0 93.5 Sudan 19.81 8.2 18.41 23.8 28.5 27.6 32.5 34.1 12.1 8.7 Tanzania 0.00 0.2 0.01 0.6 0.1 0.8 - 0.0 (10.4) Uganda 0.11 0.1 0.14 0.1 0.1 0.0 0.1 0.0 120.9 1,663.2 Zambia 0.12 0.0 0.11 0.1 0.2 0.0 1.6 0.0 987.9 (99.8) Zembabwe 0.05 0.0 0.06 0.0 146.1 21.0 Others 9.68 1.1 10.22 22.3 25.8 1.2 6.3 1.8 (64.3) (13.2) Total 143.73 155.5 139.51 237.7 144.7 260.3 163.2 412.1 (10.9) 36.4 %Share Of Continent 21.18 3.9 20.84 6.0 19.6 7.3 21.7 11.3 7.2 11.3 Europe: Austria 1.74 18.5 0.01 23.4 0.1 13.5 0.1 10.6 230.1 4.8 Belgium 22.69 42.7 15.02 32.9 14.6 14.7 20.4 24.2 (35.7) (47.8) Bulgaria 0.29 25.0 0.88 1.6 0.9 1.0 1.0 0.5 149.5 (57.4) Cyprus 0.17 1.4 - 1.0 0.2 1.5 0.3 1.3 442.4 (36.4) Czech Republic 0.07 4.5 0.13 2.6 0.0 4.9 0.1 4.0 (61.1) (52.6) Slovakia 0.10 0.3 0.02 0.4 0.0 3.6 0.0 0.6 (89.2) 302.5 Denmark 0.43 9.0 0.21 4.6 0.1 4.2 0.6 6.1 104.6 23.4 Finland 0.37 6.1 0.64 5.0 0.8 1.5 1.5 2.8 (41.0) (63.9) France 9.87 46.1 5.26 43.3 7.2 54.0 9.2 38.8 (23.8) (15.1) Germany 43.38 69.3 39.31 59.6 40.7 71.5 57.3 77.6 (7.2) 49.1 Greece 3.55 3.5 1.85 5.5 3.7 2.1 1.6 1.2 (61.7) (70.4) Hungary 0.15 4.8 0.11 2.2 0.0 5.2 0.1 2.7 (20.2) (3.2) Ireland 0.02 8.3 0.11 5.5 0.1 7.5 0.0 7.5 (95.9) (54.3) Italy 14.59 143.9 8.22 167.2 10.9 110.2 23.1 95.0 13.6 (54.8) Netherlands 47.56 29.9 40.17 24.0 53.6 26.2 50.1 151.3 (4.3) 2.6 Norway 1.73 0.9 1.18 0.7 1.3 1.4 1.7 0.2 (31.7) (79.3) Poland 0.11 5.2 0.01 10.4 0.1 6.4 0.3 6.5 (34.6) (43.4) Portugal 1.43 3.6 1.22 2.8 1.7 2.5 2.7 2.9 121.5 (32.5) Rumania 0.05 46.0 0.13 10.1 0.2 1.7 0.1 33.0 (67.1) 3,707.0 Spain 4.22 42.1 3.23 22.0 2.4 12.7 4.3 10.2 40.4 (74.6) Sweden 3.94 12.5 1.81 13.3 1.6 10.1 2.2 5.6 (6.5) (36.8) Switzerland 28.92 25.5 15.02 15.0 46.3 5.9 6.9 9.7 (89.3) 36.3 Turkey 7.89 176.4 14.03 133.6 18.2 157.2 7.5 124.3 (17.4) (15.5) Ukraine 0.34 37.5 0.51 39.4 0.1 14.8 0.5 33.6 83.2 27.7 United Kingdom 15.13 85.0 8.25 31.8 8.6 63.2 12.9 52.9 (22.7) (2.5) Russia 5.48 2.6 5.83 33.3 3.1 35.2 3.8 21.1 (24.9) 76.7 Yugoslavia - - - 0.0 - - - - (100.0) Others 0.82 3.2 3.48 25.5 0.9 15.3 2.1 3.3 (59.5) (48.0) Total 215.05 853.7 170.43 716.6 217.6 648.1 210.6 727.6 (29.2) (17.3) %Share Of Continent 31.70 21.4 25.46 18.1 29.4 18.3 28.0 20.0 (14.8) 20.0 America: Brazil 0.07 58.0 - 54.0 - 16.7 0.0 11.6 540.7 (31.0) Canada 4.33 15.8 3.10 16.7 3.8 17.8 6.2 23.3 77.5 59.8 Cuba - 0.1 - 0.0 - 0.0 - 0.0 (94.5) Mexico 0.41 5.3 0.84 1.2 1.0 1.2 1.6 1.4 69.2 (57.6) United States 60.79 301.1 35.82 438.9 65.0 247.0 92.3 209.6 19.4 (15.3) Others 0.37 1.9 3.16 2.6 0.7 3.2 2.2 2.4 (26.7) 24.9 Total 65.98 382.1 42.92 513.4 70.5 285.9 102.3 248.2 20.7 (12.7) %Share Of Continent 9.72 9.6 6.41 13.0 9.5 8.1 13.6 6.8 45.3 6.8 Asia: China, Mainland 54.32 829.6 89.47 1,090.2 63.4 1,066.8 33.3 859.2 (49.5) (35.2) China, Taiwan 3.57 17.0 1.87 11.6 1.3 8.9 5.2 8.8 (10.1) (40.4) Hong Kong 4.65 104.1 4.34 2.2 3.5 0.7 4.8 24.9 (27.1) 1,253.4 India 9.73 240.6 11.23 258.7 29.3 238.8 12.9 252.3 27.9 (4.4) Indonesia 13.25 53.0 8.01 62.0 8.4 57.0 8.3 63.9 17.6 (13.2) Israel 17.88 53.2 25.26 7.1 31.8 3.3 22.2 4.2 13.4 (65.4) Japan 17.50 115.5 25.15 169.0 16.7 135.1 30.9 98.1 (28.6) (38.3) N.Korea, Pdrk 0.19 18.4 0.13 0.7 0.2 0.6 0.0 0.4 (98.9) (57.2) S.Korea 12.37 107.8 10.27 41.1 10.7 40.2 13.4 46.9 (26.8) (5.8) Kuwait 0.64 125.6 0.68 422.9 0.4 329.2 1.9 354.3 192.3 203.9 Lebanon 0.50 34.6 0.48 0.2 0.8 0.3 0.2 0.4 (71.9) (66.7) Malaysia 0.04 67.3 0.06 92.4 0.5 84.1 0.5 83.6 25.8 (5.7) Pakistan 3.56 55.6 6.10 10.3 4.1 23.2 2.2 30.9 47.9 210.1 Saudi Arabia 39.06 141.2 56.57 93.8 51.2 32.9 42.5 88.9 (30.6) (42.4) Singapore 2.56 3.6 6.57 6.2 2.6 3.9 2.7 3.1 16.8 (49.7) Yemen 17.44 16.0 7.19 0.2 9.4 0.1 12.1 0.4 81.4 (61.0) Thailand 1.13 59.9 1.40 64.9 1.6 26.8 1.5 25.8 20.4 (42.6) UAE 30.81 52.0 22.52 64.6 24.2 195.3 33.5 221.4 (6.7) 140.3 Others 16.37 498.0 35.72 93.9 44.2 102.2 40.6 84.4 (2.8) (57.1) Total 245.59 2,593.1 313.37 2,492.0 304.3 2,349.4 268.7 2,252.0 (18.4) (13.9) %Share Of Continent 36.20 65.0 46.81 62.9 41.2 66.3 35.7 61.8 (1.8) 61.8 Oceania: Australia 5.57 4.5 3.25 2.7 1.8 0.8 4.1 1.2 (57.3) (85.0) Others 2.56 1.8 0.01 1.2 0.5 1.0 3.6 0.8 181.0 (35.4) Total 8.14 6.4 3.26 4.0 2.3 1.8 7.6 2.0 (29.2) (78.1) % Share Of Continent 1.20 0.2 0.49 0.1 0.3 0.0 1.0 0.1 (14.8) 0.1 Unspecified Unspecified - - - - - - Grand Total Grand Total 678.5 3,990.8 669.5 3,963.7 739.3 3,545.5 752.5 3,641.9 (16.9) (10.9) Source: Ethiopian Revenues and Customs Authority

Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All import data are updated based on revised data from the Ethiopian Revenues and Customs Authority, while export data includes electricity export (in millions of USD) Table 22 B: Direction of Trade*

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 143 Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Table 23: Volume of Exports, by major commodity groups Period Period Coffee Oil Seeds Leather and Leather productsa Pulses Meat & Meat Prodts. Fruits & Veget. Sugar Gold Oil Cakes Live Ani- mals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 2013/14 Qtr I 40,607.4 42,396.2 1,234.0 73,940.7 3,970.4 34,044.8 - 1.9 - 36,179.2 13,399.0 - 55.0 12.4 615.5 5,348.4 Qtr II 25,462.9 60,204.0 1,567.6 83,661.8 3,129.6 35,983.1 - 3.4 - 24,390.8 13,022.5 - 96.0 21.2 - 5,236.4 Qtr III 44,320.0 135,867.8 1,296.4 110,039.3 3,604.9 36,447.0 - 3.3 - 26,373.3 12,957.9 - 88.5 28.1 91.5 4,519.8 Qtr IV 79,279.1 75,058.6 1,475.0 85,380.4 4,267.0 38,961.4 - 3.0 - 18,884.1 12,310.4 - 95.2 26.2 44.9 3,533.7 2014/15 Qtr I 42,147.5 46,714.0 1,551.2 91,360.5 4,900.0 35,556.8 - 2.1 - 31,243.4 11,942.5 - 120.5 42.4 0.2 3,144.5 Qtr II 30,419.0 66,114.6 1,423.6 82,896.7 4,403.3 41,231.9 - 1.9 - 16,407.3 15,207.7 - 121.0 67.7 - 2,812.5 Qtr III 37,737.8 117,147.9 1,548.2 100,900.5 4,829.0 34,875.2 - 3.4 - 12,436.6 11,851.5 - 87.5 20.9 8.1 5,247.5 Qtr IV 73,566.5 89,485.4 1,651.9 65,579.2 4,902.2 38,484.8 - 1.7 - 17,773.1 10,202.4 - 191.4 16.7 - 3,653.8 2015/16 Qtr I 48,791.9 39,036.0 1,521.5 77,378.6 5,059.4 43,459.6 - 2.3 - 38,543.2 13,054.8 - 69.5 52.9 - 3,151.8 Qtr II 38,987.8 75,681.3 1,475.1 95,395.4 4,413.4 41,617.8 - 2.1 - 14,341.2 11,926.0 - 76.3 46.0 - 3,044.3 Qtr III 43,718.5 201,471.9 1,367.2 102,695.8 4,670.3 41,743.5 - 1.9 - 10,972.9 11,060.7 - 35.4 63.0 0.3 3,068.1 Qtr IV 67,160.0 120,384.3 1,619.6 99,955.3 4,822.0 40,255.5 - 2.4 - 13,921.7 10,958.7 - 86.5 24.0 - 3,017.3 2016/17 Qtr I 47,935.3 62,849.2 1,241.0 73,722.9 4,499.5 42,284.5 - 1.7 - 17,869.7 13,565.9 - 65.0 56.4 - 3,446.1 Qtr II 37,490.2 69,630.3 1,629.5 108,149.0 4,735.7 45,227.6 - 0.8 - 5,183.1 12,078.8 - 51.0 40.1 - 3,334.2 Qtr III 54,698.0 102,931.1 1,386.1 139,885.6 4,958.6 43,550.3 26,514.6 1.4 - 5,170.2 11,576.4 - 98.3 92.7 - 3,814.4 Qtr IV 85,623.5 98,103.5 1,633.5 70,985.8 5,371.1 47,506.8 24,612.0 1.9 - 7,843.6 11,597.1 - 88.0 40.1 - 5,598.2 2017/18 Qtr I 55,862.3 69,482.8 1,578.5 68,758.6 4,697.6 46,826.2 15,330.8 0.8 - 15,182.6 11,209.9 - 18.0 33.7 847.1 5,172.8 Qtr II 51,511.3 117,658.6 1,674.6 110,392.2 4,159.4 47,367.3 2,718.8 0.5 - 4,351.2 11,176.4 - 125.5 2,132.6 1,156.7 3,427.0 Qtr III 52,367.3 105,505.6 1,464.4 148,509.3 5,016.1 44,155.0 8,278.5 1.3 - 4,454.0 12,021.5 - 116.5 633.7 1,266.6 3,991.2 Qtr IV 78,831.9 55,900.9 1,683.2 110,401.4 6,081.8 50,628.4 9,630.0 0.2 - 7,949.2 12,616.2 - 98.7 60.4 259.0 4,170.9

National Bank of Ethiopia Quarterly Bulletin 144 Fourth Quarter 2017/18 Period Period Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices others Electricity(in '1000' kwh) others* Re-Exports Grand Total* 2013/14 Qtr I 798.7 868.9 - - - 149.9 - 9,122.6 739.7 4,173.4 26,276.4 231,466.1 227,486.9 - 473,315.4 Qtr II 544.4 1,119.3 - - - 204.7 - 10,208.7 681.5 5,194.0 31,560.3 180,250.5 167,731.1 - 415,252.9 Qtr III 1,510.2 785.6 - - - 207.3 - 12,670.2 387.4 6,663.8 47,816.9 154,391.3 193,582.5 - 564,581.0 Qtr IV 16,794.7 629.2 - - - 180.5 - 12,719.0 393.2 5,230.0 65,437.2 216,445.6 243,120.7 - 558,834.9 2014/15 Qtr I 20,858.8 771.6 - - - 137.5 - 10,011.2 687.0 4,473.9 58,000.6 276,751.7 285,642.7 - 551,181.3 Qtr II 4,762.0 725.6 - - - 277.4 - 10,745.3 736.5 5,172.3 52,670.6 177,651.9 187,661.6 - 445,888.6 Qtr III 6,371.3 899.6 - - - 165.4 - 12,210.0 650.0 4,809.6 63,125.8 180,315.0 222,371.1 - 543,788.7 Qtr IV 7,179.9 1,075.9 - - - 100.9 - 13,364.2 916.5 4,690.7 52,407.4 100,549.2 150,380.1 - 452,218.5 2015/16 Qtr I 3,078.6 510.0 - - - 250.0 - 12,506.6 1,177.3 2,397.0 42,680.0 90,814.7 65,804.0 - 332,720.8 Qtr II 1,960.2 606.5 - - - 97.3 - 12,124.5 911.4 3,130.1 36,187.0 78,550.6 58,107.4 - 342,023.7 Qtr III 4,816.3 628.9 - - - 176.6 - 13,522.0 978.8 4,220.0 49,792.4 80,427.7 77,266.5 - 495,004.5 Qtr IV 1,548.4 605.5 - - - 68.7 - 12,476.0 1,146.1 3,627.7 55,732.5 252,509.6 78,246.4 - 437,412.3 2016/17 Qtr I 564.6 574.0 - - - 147.1 - 11,639.6 716.8 2,592.1 59,770.4 324,347.3 79,507.1 - 343,541.7 Qtr II 2,079.4 581.0 - - - 63.4 - 10,694.7 727.2 2,084.0 75,453.8 237,278.9 95,057.9 379,233.8 Qtr III 11,860.4 811.5 - - - 182.0 - 13,087.4 1,626.9 4,003.3 53,496.2 304,156,870.4 88,974.8 479,745.5 Qtr IV 14,504.4 1,966.6 - - - 392.5 - 35,421.8 3,070.9 8,679.4 188,720.3 304,718,496.6 263,539.8 1,202,521.0 2017/18 Qtr I 6,652.9 497.6 - - - 125.3 - 12,373.4 848.7 2,930.8 12,378.2 407,081.0 6,053.6 295,001.7 Qtr II 1,912.9 1,105.0 - - - 66.2 - 10,726.6 1,088.1 2,673.6 15,441.8 263,647.3 39,730.5 390,866.2 Qtr III 2,499.6 431.6 - - - 62.8 - 13,450.8 744.6 2,562.9 20,014.2 331,984.7 5,891.5 387,781.0 Qtr IV 739.814 448.5 - - - 62.0 - 13,550.1 885.5 4,409.6 15,536.9 513,474.6 40,122.6 373,944.7 Table 23 continued: Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU)

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 145 Period Coffee Oil Seeds Leather and Leather products Pulses Meat & Meat Prodts. Fruits & Vegetables Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 2013/14 Qtr I 2,571,879.0 1,368,355.6 599,030.0 888,604.3 376,049.1 185,036.5 - 1,465,413.1 - 1,196,022.7 1,427,123.2 - 8,236.9 3,479.0 16,932.1 535,850.0 Qtr II 1,613,907.4 2,590,227.1 665,155.3 1,129,528.2 298,628.0 262,105.3 - 2,225,243.1 - 788,435.1 1,370,729.0 - 14,174.6 20,383.5 - 553,399.1 Qtr III 3,166,700.9 5,770,739.3 614,057.6 1,569,048.7 331,095.2 237,001.3 - 2,407,850.1 - 874,204.6 1,425,240.4 - 14,660.4 34,634.0 2,026.1 497,720.3 Qtr IV 6,355,627.0 2,747,887.4 596,407.4 1,203,261.5 418,241.3 235,010.3 - 2,623,684.5 - 694,613.6 1,405,654.3 - 14,974.1 27,925.5 1,097.7 513,947.9 2014/15 Qtr I 3,601,606.6 1,782,898.7 650,939.8 1,231,102.4 472,079.6 202,646.3 - 1,548,672.6 - 1,182,546.9 1,316,314.0 - 21,439.2 74,818.5 4.7 420,448.1 Qtr II 2,518,466.4 2,455,328.1 599,692.0 1,157,023.0 416,795.9 256,407.2 - 1,283,486.7 - 615,036.7 1,658,532.6 - 21,584.3 82,407.5 - 364,718.9 Qtr III 3,450,896.6 3,515,303.7 693,219.4 1,243,523.4 473,887.8 245,897.6 - 2,365,432.6 - 462,946.5 1,325,665.8 - 16,251.3 23,524.2 231.2 779,611.1 Qtr IV 6,163,963.7 2,515,767.2 700,896.3 777,563.1 503,104.9 251,662.8 - 1,201,434.5 - 716,026.0 1,167,518.1 - 36,452.2 21,895.9 - 404,544.2 2015/16 Qtr I 3,833,482.6 1,117,113.7 611,869.3 1,008,591.8 536,437.9 284,426.1 - 1,533,270.3 - 1,513,932.1 1,513,299.6 - 12,738.4 43,474.1 - 462,484.5 Qtr II 2,483,305.9 1,744,207.0 599,845.6 1,270,029.4 461,902.7 285,570.3 - 1,353,852.9 - 562,849.1 1,382,213.4 - 14,306.0 40,780.4 - 399,474.2 Qtr III 3,468,404.8 4,246,993.0 565,811.7 1,296,829.9 503,926.1 283,215.6 - 1,428,736.5 - 444,847.3 1,286,804.4 - 7,269.8 44,244.5 11.6 384,833.8 Qtr IV 5,482,069.8 2,968,529.5 646,580.3 1,311,552.3 524,281.7 274,857.8 - 1,797,371.7 - 568,958.9 1,329,711.3 - 17,011.9 23,065.2 - 387,202.4 2016/17 Qtr I 3,967,681.8 1,566,890.8 568,470.1 1,122,225.5 481,858.7 294,980.9 - 1,429,988.7 - 729,289.6 1,646,044.2 - 12,745.7 41,717.5 - 461,145.8 Qtr II 2,947,226.4 1,545,549.7 642,588.0 1,736,431.3 533,074.7 325,785.5 - 751,520.3 - 214,348.9 1,504,475.1 - 10,395.4 29,485.2 - 457,402.5 Qtr III 5,262,982.6 2,447,326.6 570,064.3 2,162,962.1 562,140.8 305,094.6 59,869.5 1,020,138.3 - 212,897.5 1,460,530.3 - 19,689.2 33,777.3 - 516,886.8 Qtr IV 7,719,668.1 2,331,595.4 777,873.3 1,254,944.0 637,647.6 331,887.5 55,562.2 1,482,343.4 - 349,972.8 1,502,640.1 - 17,736.4 32,881.4 - 568,850.6 2017/18 Qtr I 5,011,278.9 1,744,858.8 769,892.0 1,067,855.7 562,830.8 362,770.1 73,122.1 665,027.0 - 698,508.0 1,478,336.7 - 3,557.0 32,525.6 35,581.4 709,998.2 Qtr II 4,443,198.4 3,834,235.8 949,826.1 1,839,139.4 563,485.9 417,619.4 7,754.8 501,643.7 - 212,460.2 1,641,071.6 - 27,767.3 73,565.6 44,337.8 508,420.2 Qtr III 4,861,307.1 3,706,619.5 788,275.5 2,307,768.0 684,152.8 386,724.1 27,284.5 1,256,940.4 - 217,174.2 1,846,728.6 - 27,095.5 35,121.5 49,980.0 678,085.1 Qtr IV 7,577,696.0 1,903,139.9 947,815.2 1,909,501.3 851,498.5 436,383.5 25,421.1 182,146.0 - 410,929.3 1,916,101.4 - 22,891.6 104,794.9 10,452.3 798,725.2 Table 24: Value of Exports, by Major Commodity Groups TSource: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU)

National Bank of Ethiopia Quarterly Bulletin 146 Fourth Quarter 2017/18 Table 24 continued: Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Period Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity Others* Re-Exports Grand Total 2013/14 Qtr I 27,777.7 56,608.7 - - - 9,910.9 - 739,115.1 19,556.9 98,147.1 232,015.9 246,301.2 556,261.1 - 10,642,011.4 Qtr II 12,120.4 65,847.1 - - - 12,728.3 - 854,266.7 19,129.7 127,691.9 281,688.8 195,216.0 573,782.6 - 11,531,915.6 Qtr III 25,020.0 60,823.9 - - - 13,211.0 - 1,144,376.3 10,384.1 178,127.8 338,092.0 177,870.4 534,380.4 - 16,944,978.8 Qtr IV 148,196.5 48,180.1 - - - 11,376.5 - 1,079,625.9 10,824.2 157,185.1 503,732.9 244,529.2 542,971.1 - 16,838,332.5 2014/15 Qtr I 150,602.4 48,948.6 - - - 9,515.4 - 863,071.8 17,535.0 139,740.1 478,824.0 301,877.0 495,271.3 - 12,505,517.4 Qtr II 45,667.0 50,931.2 - - - 18,480.8 - 941,129.2 19,768.7 214,032.2 317,035.8 205,459.1 447,126.3 - 11,429,479.3 Qtr III 56,976.5 61,952.4 - - 250.9 12,177.2 - 1,114,876.6 17,489.8 166,314.2 352,692.1 213,847.8 803,366.5 - 14,596,391.3 Qtr IV 66,311.1 69,121.8 - - - 5,966.7 - 1,167,788.6 25,107.6 127,762.9 308,093.4 136,269.2 426,440.1 - 14,460,828.7 2015/16 Qtr I 46,093.6 34,858.5 - - - 18,622.2 - 1,112,635.2 27,384.6 81,105.8 315,695.1 114,332.7 505,958.6 - 12,471,120.4 Qtr II 38,982.5 43,255.5 - - - 6,606.4 - 1,106,521.3 23,434.3 136,724.0 399,943.1 163,153.9 440,254.6 - 10,598,336.7 Qtr III 66,187.9 47,327.0 - - - 11,996.9 - 1,336,078.8 26,837.9 208,123.7 464,528.4 116,892.4 429,090.0 - 13,961,929.1 Qtr IV 33,947.1 50,557.3 - - - 4,703.2 - 1,182,616.7 32,124.9 140,268.6 366,561.1 322,189.2 410,267.5 - 15,331,192.7 2016/17 Qtr I 15,454.2 41,522.2 - - - 10,707.8 - 1,105,141.9 20,112.7 131,608.9 399,219.0 394,411.6 502,863.3 - 12,323,039.3 Qtr II 38,022.8 56,872.0 - - - 3,649.7 - 1,045,226.3 20,345.6 111,679.5 500,765.3 300,236.0 486,887.7 10,698,282.9 Qtr III 102,075.8 64,418.2 - - - 13,778.9 - 1,366,378.5 22,716.2 176,613.4 593,113.2 384,298,139.3 550,664.1 14,634,359.9 Qtr.IV 195,142.1 118,724.1 - - - 22,421.8 - 2,287,106.8 36,930.9 302,310.0 1,015,628.9 671,946,659.6 940,887.8 - 25,243,562.2 2017/18 Qtr I 64,616.7 38,735.4 - - - 10,124.9 - 1,266,346.4 22,799.0 101,110.0 443,307.7 517,682.4 778,105.2 - 13,216,142.3 Qtr II 29,613.6 86,712.0 - - - 5,137.4 - 1,322,830.2 35,531.9 106,985.8 296,197.1 399,594.9 2,908,926.4 17,347,128.9 Qtr III 42,778.3 52,128.3 - - - 3,808.2 - 1,776,936.7 22,194.7 101,646.7 326,520.6 500,366.8 763,186.5 16,873,256.8 Qtr.IV 19,771.0 56,224.9 - - - 4,624.3 - 1,615,957.9 28,273.8 131,539.8 251,415.4 780,060.6 3,801,840.0 19,985,363.7

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 147 Table 25: Value of Imports, by Major Commodity Groups** Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 2013/14 Qtr I 1,215 163 19 0 11,978 674 1,534 690 467 1,446 512 Qtr II 3,913 124 27 0 10,006 899 3,728 747 580 1,625 564 Qtr III 2,581 139 32 - 12,565 899 1,062 421 601 1,361 502 Qtr IV 1,458 108 15 0 13,071 1,174 1,485 531 539 1,426 414 2014/15 Qtr I 3,614,064 169,116 18,366 45 11,125,318 929,302 1,310,143 242,236 483,501 1,587,620 522,434 Qtr II 3,357,999 148,421 22,050 71 11,793,269 954,461 1,081,713 1,269,710 607,792 1,426,216 514,790 Qtr III 3,352,714 165,580 29,315 - 7,415,455 899,651 2,045,870 209,194 582,277 1,477,470 578,833 Qtr IV 2,830,621 86,928 25,046 84 9,488,497 968,581 4,204,046 847,847 513,167 1,488,362 446,776 2015/16 Qtr I 2,723,464 177,134 37,401 47 7,269,778 910,225 1,649,390 328,325 582,691 1,649,379 495,802 Qtr II 5,738,333 204,992 48,584 50 7,186,215 723,846 1,859,882 1,191,311 680,624 1,572,598 567,087 Qtr II 9,814,431 198,590 31,413 5 5,534,198 816,529 1,861,968 292,866 692,295 1,603,370 691,583 Qtr IV 6,316,660 165,606 36,197,015,302 1,166,104 5,120,080 719,231 738,846 1,525,275 771,085 2016/17 Qtr.I 5,174,484 178,486 25,900 25 7,812,912 981,066 1,535,843 645,674 921,470 1,676,917 638,321 Qtr.II 2,903,309 161,168 32,573 7 9,779,325 668,951 3,447,434 897,417 664,975 1,619,764 666,069 Qtr.III 4,038,531 155,586 27,239 84 11,196,395 610,163 2,208,577 279,284 585,677 1,659,964 602,408 Qtr.IV 2,714,657 204,161 36,574 3,613 10,354,648 1,063,782 5,087,230 269,118 917,879 1,751,928 550,387 2017/18 Qtr. I 5,097,596 242,383 22,093 - 10,217,553 964,874 2,132,654 332,193 714,235 1,687,081 657,329 Qtr.II 6,544,508 216,136 26,897 172 14,481,837 1,094,307 1,784,113 651,619 975,471 1,786,643 614,351 Qtr.III 3,875,159 231,936 25,794 1,527 15,362,850 1,045,727 3,158,363 200,846 734,633 1,431,496 476,604 QIV 6,829,349 153,048 32,263 96 18,551,748 1,172,184 5,286,696 311,339 875,399 1,533,488 432,250

National Bank of Ethiopia Quarterly Bulletin 148 Fourth Quarter 2017/18 Table 25: (continued) Source: Ethiopian Revenues and Customs Authority

Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 2013/14 Qtr I 898 1,449 512 6,152 6,034 5,872 3,262 979 120 11,695 54,693 Qtr II 1,598 1,403 511 6,757 9,088 6,467 4,629 3,057 44 13,375 66,084 Qtr III 1,116 1,246 441 6,679 10,214 5,181 9,587 1,014 60 16,004 70,690 Qtr IV 1,010 1,345 478 10,351 11,438 6,300 5,256 553 126 13,843 70,370 2014/15 Qtr I 1,382,449 1,854,400 607,650 11,404,893 9,246,269 5,960,021 6,591,109 689,775 68,975 15,229,957 72,347,869 Qtr II 1,413,409 1,762,478 648,320 12,737,671 12,380,955 8,060,575 11,072,288 610,477 452,791 17,934,138 87,639,117 Qtr III 1,543,161 1,637,457 641,197 12,771,367 12,115,191 8,753,874 12,305,462 791,821 473,791 17,664,885 84,662,746 Qtr IV 1,480,110 1,548,163 580,113 8,717,207 11,964,849 8,697,385 13,282,677 879,719 493,615 18,480,428 86,144,501 2015/16 Qtr. I 1,398,135 2,064,413 627,591 12,299,464 11,948,027 8,470,542 15,447,371 818,473 149,425 17,180,363 85,408,968 Qtr.II 1,579,650 2,135,932 729,110 11,408,166 13,931,995 11,836,615 8,447,821 905,411 757,068 16,688,579 87,288,459 Qtr. III 1,460,601 1,806,638 616,393 12,441,279 19,369,129 6,876,924 6,173,385 1,067,599 190,054 22,173,067 92,644,720 Qtr. IV 1,230,856 1,983,777 758,872 10,601,333 12,881,820 6,575,215 7,347,648 825,910 115,616 22,602,181 87,671,709 2016/17 Qtr.I 1,383,978 2,192,374 808,926 10,290,955 12,737,311 7,965,263 7,595,439 988,419 7,308,290 19,005,059 88,878,692 Qtr.II 438,031 540,784 287,584 3,477,847 4,653,581 2,980,193 2,439,394 275,323 35,641 5,411,532 28,285,211 Qtr. III 1,150,448 1,981,457 935,599 9,347,851 14,717,861 8,580,209 5,905,610 1,009,261 59,694 19,971,213 84,013,849 Qtr. IV 1,237,227 2,250,547 798,397 10,504,708 16,014,724 7,324,469 9,174,224 923,184 138,938 23,370,095 93,767,307 2017/18 Qtr.I 1,317,775 2,341,556 851,532 10,705,075 17,029,020 7,851,355 7,957,574 1,406,934 131,105 22,507,995 92,760,976 Qtr.II 1,264,948 2,349,149 1,033,330 9,463,471 16,898,937 8,663,856 7,197,524 1,375,593 115,803 30,611,664 105,774,738 Qtr.III 1,169,718 3,120,985 695,758 8,974,972 16,948,824 6,542,352 6,975,499 1,409,797 98,565 25,455,731 69,982,404 QIV 1,286,900 1,828,263 579,208 7,929,223 14,869,246 4,900,213 6,092,034 1,782,783 82,770 26,492,914 99,238,631

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 149 Table 26: Volume of Imports, by Major Commodity Groups** Period Quarters Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 2013/14 Qtr I 121,419 4,143 261 0 669,540 31,795 2,685 286 9,055 21,554 24,016 Qtr II 508,511 3,898 382 0 554,646 45,722 3,144 250 10,969 23,532 29,789 Qtr III 337,836 4,057 411 - 692,867 44,244 3,006 198 10,497 18,732 38,045 Qtr IV 130,551 3,630 205 0 706,398 61,678 2,929 190 12,990 20,568 21,271 2014/15 Qtr I 452,242 5,510 192 0 623,917 43,704 2,961 137 11,429 23,016 24,093 Qtr II 405,413 4,881 292 0 706,967 46,958 3,034 396 14,814 20,773 27,105 Qtr III 414,382 5,317 353 - 685,107 40,989 4,505 159 13,203 21,346 24,651 Qtr IV 284,718 3,349 312 7 806,068 50,393 3,304 258 12,106 22,484 20,575 2015/16 Qtr I 309,617 5,615 383 1 714,115 49,882 2,719 246 14,931 61,333 23,395 Qtr II 755,321 5,770 562 0 762,331 39,561 3,064 351 16,198 74,484 27,056 Qtr III 1,372,229 5,430 399 0 808,630 39,509 3,017 199 15,933 52,628 31,506 Qtr IV 725,765 5,419 375 0 758,484 56,525 5,355 485 19,263 53,955 38,983 2016/17 Qtr I 656,575 7,189 257 1 775,800 52,454 4,200 147 19,567 27,537 30,827 Qtr II 377,203 5,792 494 0 871,156 47,715 5,384 322 16,095 27,204 30,786 QtrIII 450,363 5909.05859 352 0.4621 915,650 31761.66576 5,462 183.12774 12,043 25729.27817 28,015 Qtr.IV 243,404 7731.98879 403 71.145 876,711 41864.5013 7,640 199.93632 17,801 27886.63827 24,745 2017/18 Qtr I 571,803 6,717 226 - 884,058 43,516 4,569 184 27,280 26,124 29,369 QtrII 607,090 6,229 347 2 961,434 41,481 4,565 334 23,443 22,726 24,825 QtrIII 371,970 7,600 282 49 915,435 44,888 2,882 152 13,414 57,132 18,799 QIV 666,647 6,005 348 0 1,009,662 53,379 3,405 435 20,200 18,595 16,641

National Bank of Ethiopia Quarterly Bulletin 150 Fourth Quarter 2017/18 Table 26: (continued) ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 2013/14 Qtr I 13,707 10,318 53,282 317,009 43,314 46,562 25,334 110,004 164 466,234 1,860,679 Qtr II 23,042 9,809 50,784 311,230 54,693 49,887 29,905 448,984 112 745,746 2,456,050 Qtr III 15,687 9,395 39,812 386,366 213,629 42,278 90,219 122,596 117 934,526 2,881,923 Qtr IV 13,877 11,992 44,725 378,224 55,737 47,373 28,411 53,879 141 629,374 2,170,263 2014/15 Qtr I 18,944 13,854 57,150 446,523 132,764 43,686 31,154 64,668 71 546,488 2,477,835 Qtr II 21,253 73,876 57,016 391,995 57,415 57,023 36,316 56,541 125 867,567 2,793,218 Qtr III 21,377 11,655 50,110 385,687 52,948 49,581 40,602 63,652 119 796,687 2,618,778 Qtr IV 20,196 10,964 51,224 422,486 45,408 61,239 122,576 73,993 189 794,714 2,732,570 2015/16 Qtr I 20,088 16,100 54,112 607,536 56,640 61,333 33,241 68,343 181 726,416 2,757,885 Qtr II 26,322 15,053 62,474 440,523 63,679 74,484 30,871 74,409 114 681,956 3,080,173 Qtr III 24,294 12,265 57,804 597,514 73,222 52,628 33,303 88,324 144 982,143 4,162,797 Qtr IV 20,960 11,995 63,517 526,856 64,956 53,955 30,962 67,109 67 1,383,463 3,821,341 2016/17 Qtr I 25,573 13,743 82,721 529,924 137,363 63,505 33,925 81,636 92 821,925 3,283,325 Qtr II 34,732 12,758 88,206 516,123 67,011 79,084 29,758 80,150 61 945,041 3,154,925 Qtr III 21,762 11923.84086 87,517 341447.3752 64,339 151947.3262 28,805 94561.88505 43 852618.0043 3,035,870 Qtr IV 23,505 13512.66092 73,709 429517.7858 62,441 56958.21949 34,794 84698.61926 84 1204838.776 3,147,818 2017/18 Qtr I 25,188 14,863 73,124 473,736 64,428 60,789 34,883 126,289 50 817,233 3,158,141 Qtr II 21,373 12,397 75,401 345,957 73,314 58,736 31,171 115,145 45 1,025,966 3,336,836 Qtr.III 20,123 13,431 47,381 237,491 63,424 41,358 33,119 148,081 121 1,377,141 3,266,192 Qtr IV 21,398 10,066 36,166 324,198 54,745 43,797 20,781 250,677 48 1,408,728 3,715,243

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 151 Table 27: Value of Imports by End-Use** Source: Ethiopian Revenues and Customs Authority. * Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority Categories 2015/16 2016/17 2017/18 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Annual Raw Materials 932.9 711.3 722.6 780.4 836.6 761.6 516.9 694.1 727.4 751.6 1,059.7 1,077.3 3,617.9 Semi-finished Goods 14,553.3 11,787.6 17,132.8 17,734.1 13,774.4 13,368.5 12,979.4 18,718.2 16,492.8 15,732.0 13,722.9 19,306.6 65,669.1 Chemicals 1,742.8 1,520.0 1,718.6 2,408.6 2,290.0 1,383.8 1,426.1 2,424.3 2,476.7 2,038.5 1,807.5 2,553.4 8,910.5 Fertilizers 199.3 474.7 4,787.4 3,706.2 88.8 1,509.9 2,406.3 4,349.9 132.0 2,157.1 3,446.6 7,265.5 13,001.6 Textile Materials 283.7 403.7 309.8 338.4 339.8 424.8 370.7 445.5 338.4 380.9 335.9 540.2 1,589.6 Others 12,327.5 9,389.3 10,317.0 11,280.8 11,055.8 10,050.0 8,776.3 11,498.4 13,545.7 11,155.5 8,132.8 8,947.4 42,167.4 Fuel 7,692.8 7,531.0 5,667.1 7,355.4 8,174.6 10,378.0 11,462.2 10,925.4 10,727.1 15,290.9 15,824.7 19,170.1 61,013.9 Crude petroleum 0.0 0.1 3.6 - 0.2 1.5 0.1 1.8 Petroleum Products 7,269.8 7,186.2 5,534.2 7,015.3 7,812.9 9,779.3 11,196.4 10,354.6 10,217.6 14,481.8 15,362.8 18,551.7 58,614.0 Others 422.9 344.7 132.9 340.1 361.7 598.6 265.7 567.2 509.5 808.9 460.4 618.2 2,398.2 Capital Goods 38,414.8 38,285.7 36,607.9 30,635.0 31,112.0 35,495.5 33,157.4 35,520.3 34,396.8 39,709.9 33,914.6 27,346.3 136,684.1 Transport 7,998.0 11,079.7 6,546.5 6,738.7 7,642.3 9,673.6 7,953.1 6,736.6 6,837.7 12,695.3 4,821.6 4,042.7 29,339.1 Tyres for Heavy Vehicles 662.8 685.1 732.4 738.6 816.1 871.2 745.4 753.9 710.8 752.6 511.4 642.8 2,629.0 Heavy Road Motor Veh. 6,110.9 5,748.5 4,131.5 4,529.1 5,587.4 6,029.6 5,627.3 5,155.9 5,442.6 5,819.5 3,537.4 2,937.0 18,666.4 Aircraft 451.9 295.7 1,500.1 1,215.3 828.2 1,142.1 815.8 576.7 628.4 5,990.6 536.6 374.0 7,529.5 Others 772.5 4,350.4 182.5 255.7 410.6 1,630.6 764.7 250.1 55.9 132.7 236.2 89.0 514.2 Agricultural 485.4 399.6 321.7 554.7 477.0 553.5 353.0 307.9 230.8 611.6 239.4 256.9 1,343.0 Industrial 29,931.4 26,806.4 29,739.8 23,341.6 22,992.8 25,268.4 24,851.3 28,475.8 27,328.3 26,402.9 28,853.6 23,046.7 106,001.9 Consumer Goods 22,567.0 27,915.5 31,306.8 29,439.4 33,084.5 25,949.6 24,413.5 26,177.4 28,081.7 32,276.2 30,435.7 30,721.6 122,572.1 Durables 7,625.4 8,908.6 9,214.2 7,314.1 14,574.9 7,774.6 7,950.5 7,846.7 9,037.1 9,825.5 8,803.0 6,778.1 35,022.6 Radio & T.V. 682.4 1,162.8 596.1 628.2 7,770.0 713.6 490.7 582.5 960.2 710.4 663.1 490.3 2,836.6 Tyres for cars & Other Veh. 274.2 295.5 327.4 314.4 319.3 344.4 382.7 388.7 371.4 462.2 372.8 408.2 1,624.6 Cars & Other Veh. 2,161.2 2,556.3 2,615.2 2,009.6 2,355.9 2,770.7 2,373.2 2,417.9 2,778.9 3,592.5 3,021.8 2,202.2 12,001.8 Others 4,507.5 4,894.1 5,675.5 4,361.9 4,129.8 3,946.0 4,703.9 4,457.6 4,926.6 5,060.4 4,745.4 3,677.3 18,559.6 Non-durables 14,941.6 19,006.9 22,092.6 22,125.4 18,509.6 18,175.0 16,463.0 18,330.7 19,044.6 22,450.7 21,632.7 23,943.5 87,549.5 Cereals 2,475.9 5,020.7 9,251.2 5,108.9 4,545.5 2,686.9 3,355.9 1,775.4 4,570.4 5,866.1 3,368.7 6,047.1 20,043.6 Other Food 2,848.8 3,175.3 3,517.6 3,710.6 3,600.4 3,167.2 3,440.9 2,798.5 2,881.5 4,369.3 4,895.4 4,061.5 16,254.1 Medical & Pharmaceuticals 2,127.9 3,284.7 2,286.8 5,936.6 2,280.2 4,501.9 2,691.5 5,554.6 2,662.0 2,756.4 3,617.9 5,771.1 14,814.5 Textile Fabrics 3,443.0 3,381.4 3,029.5 3,202.3 3,328.0 3,166.6 3,068.7 3,416.1 3,714.8 3,687.9 4,518.5 2,841.6 14,797.8 Others 4,046.0 4,144.8 4,007.5 4,166.9 4,755.5 4,652.3 3,906.1 4,786.1 5,215.9 5,770.9 5,232.2 5,222.1 21,639.5 Miscellaneous 1,248.2 1,057.4 1,207.5 1,727.3 1,896.6 1,658.1 1,484.5 1,731.8 2,335.2 2,014.2 1,569.8 1,616.9 7,558.4 Total Imports 85,409.0 87,288.5 92,644.7 87,671.7 88,878.7 87,611.3 84,013.8 93,767.3 92,761.0 105,774.7 96,527.3 99,238.6 397,115.5

National Bank of Ethiopia Quarterly Bulletin 152 Fourth Quarter 2017/18 Table 28: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector Source: Ethiopia Investment Agency. *Projects with Initial Investment Capital below Birr 250,000 are not included. Sector/Subsector 2009(2016/17) 2010(2017/18) QI QII QIII QIV QI QII QIII QIV No of projects Investment capital No of projects Investment capital No of projects Investment capital No of projects Investment capital No of projects Investment Capital No of projects Investment capital No of projects Investment capital No of projects Investment capital Manufacturing 49.0 552.4 47.0 550.3 17.0 177.3 18.0 247.1 25.0 361.4 21.0 261.7 215.0 2901.3 278.0 6,036.5 Agriculture, hunting and forestry 5.0 43.3 2.0 10.5 2.0 5.4 4.0 34.3 1.0 2.0 9.0 105.3 7.0 191.0 Real estate, renting and business activities 26.0 5115.4 11.0 46.2 33.0 535.3 8.0 29.6 17.0 55.2 24.0 117.1 229.0 2873.7 208.0 4,069.4 Hotels and restaurants 1.0 6.5 2.0 19.8 Education 4.0 6.1 2.0 1.8 2.0 16.0 3.0 50.0 Health and social work 2.0 13.4 1.0 0.3 1.0 40.0 4.0 11.2 2.0 24.3 8.0 200.9 Construction 67.0 436.7 60.0 347.6 44.0 126.3 27.0 81.2 53.0 171.8 47.0 196.4 97.0 443.9 143.0 2,076.3 Wholesale, retail trade and repair service 1.0 2.0 Transport, storage and communication 1.0 3.3 1.0 4.4 1.0 2.0 Mining and Quarrying 2.0 7.2 4.0 9.6 2.0 2.0 1.0 40.0 2.0 19.2 4.0 21.8 Electricity, gas, steam and water supply 1.0 100.0 Construction machinery leasing Fishing Other community, social and personal service activities 2.0 1.5 3.0 8.1 1.0 1.0 45.0 244.8 Others 1.0 1.9 Grand Total 156.0 6181.7 124.0 963.0 105.0 864.5 394.3 97.0 668.5 103.0 612.5 557.0 6386.4 697.0 12,990.7

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2017/18 153 Table 29: Expected Employment Creation of Approved Domestic $ Foreign Investment Projects by Sector[PERMANENT & TEMPORARY] Source: Ethiopia Investment Agency. *Projects with Initial Investment Capital below Birr 250,000 are not included. Sector/Subsector 2009(2016/17) 2010(2017/18) QI QII QIII QIV QI QII QIII QIV Perm. Tempo. Perm. Tempo. Perm. Tempo. Perm. Tempo. Perm. Tempo. Perm. Tempo. Perm. Tempo. Perm. Tempo. Manufacturing 1760 1521 1921 1055 417 150 490 286 852 339 309 73 3657 624 100,039 5,220 Agriculture, hunting and forestry 87 190 21 525 5430 18 99 76 10 20 91 225 28 308 Real estate, renting and business activities 256 69 69 24 4569 44 62 40 150 82 136 151 829 389 54 560 Hotels and restaurants 10 25 21 35 Education 89 9 12 7 5 6 Health and social work 15 4 6 36 11 4 203 Construction 1125 2619 1617 2291 324 161 250 111 518 522 314 614 575 465 125 877 Wholesale, retail trade and repair service 2 Transport, storage and communication 15 15 3 2 2 4 Mining and Quarrying 16 44 35 135 23 120 25 150 19 80 52 184 Electricity, gas, steam and water supply 250 Construction machinery leasing Fishing Other community, social and personal service activities 16 7 22 1 2 2 125,000 107 Others 12 4 Grand Total 3,312 4,499 3,655 3,896 510 924 633 1,549 1,093 837 967 5,186 1,743 225,298 7,715

National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Third Quarter 2017/18 Volume 34 No. 3 National Bank of Ethiopia Quarterly Bulletin Volume 34, No. 1

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monetary