National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2018/19

National Bank of Ethiopia Quarterly Bulletin FourthQuarter 2018/19 2019 Volume 35 4

NATIONAL BANK OF ETHIOPIA Quarterly Bulletin Volume 35, No.4 Fourth Quarter 2018/19 Fiscal year Series

Addis Ababa 2019

Table of Contents Pages Ethiopia: Macroeconomic and Social Indicators-----------------------------------------------------------------------------i I. Overview------------------------------------------------------------------------------------------------------------1 1.1: International Economic Developments -------------------------------------------------------------------1 1.2: Macroeconomic Developments in Ethiopia ----------------------------------------------------------------2 II. Energy Production and Processing------------------------------------------------------------------------5 2.1: Import of Petroleum Products------------------------------------------------------------------------------------------------5 2.2: Electric Power Generation------------------------------------------------------------------------------------------------------8 III. Quarterly Price Developments----------------------------------------------------------------------------10 3.1: Developments in National CPI------------------------------------------------------------------------------------------------- 10 3.2: Developments in Regional Inflation---------------------------------------------------------------------------------------- 13 IV 4. Monetary Developments----------------------------------------------------------------------------------- 15 4.1: Money Supply and Credit--------------------------------------------------------------------------------------------------15 4.2: Developments in Reserve Money and Monetary Ratio----------------------------------------------------------17 4.3: Interest Rate Developments -----------------------------------------------------------------------------------------------19 4.4: Developments in the Financial Sector--------------------------------------------------------------------------------------- 22 4.5: Activities of the Banking System---------------------------------------------------------------------------------------------25 4.5.1: Resource Mobilization----------------------------------------------------------------------------------------------------------25 4.5.1.1: Deposit Mobilization---------------------------------------------------------------------------------------------------------25 4.5.1.2: Collection of Loans ---------------------------------------------------------------------------------------------------------26 4.5.1.3: Borrowing -----------------------------------------------------------------------------------------------------------------------26 4.5.2: Disbursement of Fresh Loans -------------------------------------------------------------------------------------- --------27 4.5.3: Outstanding Credit-----------------------------------------------------------------------------------------------------------28 4.6: Financial Activities of NBE ------------------------------------------------------------------------------------------------29 4.7: Developments in Financial Markets --------------------------------------------------------------------------------------30 4.7.1:Treasury Bills Market ----------------------------------------------------------------------------------------------------------30 4.7.2: Inter-bank Money Market ---------------------------------------------------------------------------------------------32 4.7.3: Corporate Bond Market-----------------------------------------------------------------------------------------------------33 V. External Sector Developments ----------------------------------------------------------------------------34 5.1: Balance of Payments -------------------------------------------------------------------------------------------------.34 5.2: Balance of Trade----------------------------------------------------------------------------------------------------------35 5.2.1: Exports of Goods ------------------------------------------------------------------------------------------------------36 5.2.2: Imports of Goods -----------------------------------------------------------------------------------------------------40

5.2.3: Direction of Trade ---------------------------------------------------------------------------------------------------------------42 5.2.3.1: Exports of goods -----------------------------------------------------------------------------------------42 5.2.3.2: Imports of goods--------------------------------------------------------------------------------------------------------------- 43 5.3: Services and Transfers --------------------------------------------------------------------------------------------------44 5.4: Current Account Balance --------------------------------------------------------------------------------------------46 5.5: Capital Account----------------------------------------------------------------------------------------------------------46 5.6: Changes in Reserve Position ---------------------------------------------------------------------------------------------------47 5.7: Developments in Foreign Exchange Market------------------------------------------------------------------------------47 5.7.1: Exchange Rate Movements --------------------------------------------------------------------------------------47 5.7.2: Movements in the Real Effective Exchange Rate --------------------------------52 5.7.3: Volume of Transactions ----------------------------------------------------------------------------53 VI. Federal Government Finance---------------------------------------------------------------------------54 6.1: Revenue and Grants-----------------------------------------------------------------------------------------------55 6.2: Expenditure---------------------------------------------------------------------------------------------------------------57 6.3: Deficit Financing------------------------------------------------------------------------------------------------------59 VII. Developments in Investment-------------------------------------------------------------------------61 VIII. International Economic Developments --------------------------------------------------------64 8.1: Overview of the World Economy ---------------------------------------------------------------------------64 8.2: Inflation Developments----------------------------------------------------------------------------------------------64 8.3: Commodity Price ---------------------------------------------------------------------------------------------------65 8.4: Exchange Rate Developments -----------------------------------------------------------------------------65 8.5: Impact of Global Economic Development on Ethiopian Economy---------------------------65 STATISTICAL TABLES---------------------------------------------------------------------------------------------66

Ethiopia: Macroeconomic and Social Indicators 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 2018/19 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011)

1. Country Profile Land Area (total, In Sq.Km) 1.14 million 1.14 million 1.14 million 1.14million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million Arable Land (% of total area ) 45.0 45.00 NA 15.20 15.2 Irrigated Land (% of total area ) 3.0 NA 2,900.00 31,00.00 Population Density (person per sq.km)* 85.6 88.1 90.7 93.2 95.8 99.7 101.2 99.6 102.1 104.7 107.40 110.14 112.94 115.76 118.61 121.50
2. Social Indicators Population in millions (Midtotal,Yearpopulation) 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 97.6 (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 21 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 7 10.1 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 49 49.8 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 56 59.9 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 69 69 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 62.4-66.6 62.4-66.6 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 27:1000 27:1000 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 6.30 6 Natural Rate of Population Increase (In % ) 2.9 2.7 2.60 2.40 2.40 2.31 2.07 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 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 3150 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 1624 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 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 76 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 66 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 79 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 - 39 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 - 22.5 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 - 13.3 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 - 628 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 - 568 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 - 246.8

3. Macroeconomic Indicators 3.1: Real sector Development2 Fourth Quarter 2018/19 I

Continued…. 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 2018/19 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) 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 1,568,097.5 1,717,127.2 1,834,066.5 1987157.533 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 17.7 21.4 23.3 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 21.10 22.40 26.10 28.10 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 74,297.0 81,760.0 84,356.0 96107.0 Nominal GDP per Capita (In USD) 135.1 131.3 122.1 130.8 149.5 178.4 214.5 267.4 355.2 415 373.26 396.1 523.5 559.1 639.6 725.0 815.0 876.0 883.0 985.0 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 19,204.9 20360.22063 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 5.2 6.015844217 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 6.7 12.5 20.08138958 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 1,449,397.5 1,596,481.6 1,719,491.3 1874689.297 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 1,568,097.5 1,717,127.2 1,834,066.5 1987157.533 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 10.1 7.7 9.0 Agriculture & Allied Activties(In Billion Birr) 102.1 111.9 109.8 98.3 115.0 130.5 144.8 158.5 170.3 181.2 195.00 212.50 222.9 238.8 251.8 267.8 544.1 580.4 600.9 624 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 86.5 103.7 343.9 413.8 464.4 526.2 Service Sector(In Billion Birr) 69.4 72.9 75.3 79.4 84.2 94.6 107.6 124.1 144.1 163.9 185.10 216.60 237.4 258.8 292.5 325.0 575.9 619.3 673.9 745.7 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 37.5 36.4 34.9 33.3 Industrial Sector ( % of GDP ) 9.7 9.5 10.0 11.0 10.9 10.6 10.4 10.2 10.1 10.1 10.17 10.40 11.5 13.0 13.8 15.0 23.7 25.9 27.0 28.1 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 39.7 38.8 39.2 40 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 1,042,265.0 1,219,366.0 1,147,628.0 1,441,581.0 1884070 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 98,121.0 116,995.0 174,599.0 203,608.0 225,523.0 247362 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 82,560.0 102,403.00 165,380.00 277,243.7 295,456.4 402,922.0 511,618.0 585,665.0 704,596.0 751,626.0 948866 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 85,949.80 102,887.0 108,227.1 123,496.0 121,532.2 122,501.0 139,830.0 184,282.0 213437 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 96,285.0 126,319.00 162,486.80 236,384.7 251,300.6 308,691.3 393,189.0 424,750.0 430,233.0 502,113.0 561512 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) (302,249.0) (290,403.0) (317,831.0) -348075 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 75.7 94.81231199 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 12.44803172 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 37.3 38.4 34.1 47.74991334 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) (19.3) (15.9) (14.4) -17.51622578 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 94,849.88 114,745.69 134,063.78 154,706.34 178,609.66 216,794.60 281,154.70 308,937.10 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 82,509.8 104,432.4 145,376.97 189,398.78 235,313.59 297,746.59 371,328.91 445,266.25 573,408.60 740,572.50 886,752.50 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 14,505.20 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 44,861.80 Interest Rate ( In % ) II Fourth Quarter 2018/19

Continued…. 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 2018/19 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) Minimum Deposit Rate 6 6 3 4.0 4.0 5.00 7.00 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 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 89,203.0 104,413.5 135,553.87 189,080.81 233,404.32 300,026.58 393,421.73 490,230.35 631,092.70 784,621.70 963,699.90 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 85,441.85 102,002.80 109,799.20 Other Sectors 11,495.3 12,380.6 11,565.1 10,972.6 11939.627 18642.0 24029.6 31294.8 46603.4 56,416.5 71,400.4 106,902.22 167,523.40 211,438.80 273,096.84 362,686.48 442,681.99 545,650.85 682,618.90 853,900.70 3.3: Average annual inflation rate (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 7.4 14.6 12.6 -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 7.2 13.4 13.1 -Non-food inflation (core inflation) 2.5 1.4 0.3 0.2 2.2 4.4 7.1 13.5 12.5 23.5 18.2 21.8 22.7 14.6 10.6 8 8.1 7.5 15.8 11.90 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 2.3 16.5 14.60 -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 1.2 8.7 15.00 -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 3.2 22.6 14.00 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 6,046.51 6,077.3 6,257.2 7,095.9 7,694.93 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 19,842.8 20,552.1 19,714.0 19,707.4 20,691.05 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 -13,796.3 -14,474.7 -13,456.9 -12,611.4 (12,996.12) 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 -7,406.8 -6,655.1 -6,543.2 -5,285.0 (4,534.06) 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 7,816.92 6,578.6 6,889.4 6,156.8 4,839.86 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) -6.5 -96.9 -521.4 -830.9 658.6 -201.6 (941.64) 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 85,611.00 115,658.50 137,192.00 158,076.52 199,639.11 243,671.56 269,105.94 287,562.14 344,936.50 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 69,120.00 102,863.65 124,077.00 146,172.77 186,618.69 230,657.28 256,629.04 269,648.19 311,317.43 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 85,739.86 107,010.30 133,118.26 165,312.47 189,717.18 210,135.85 235,229.48 268,457.41 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 15.09 14.71 14.00 12.26 11.55 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 93,831.00 124,416.72 153,929.00 185,471.78 230,521.18 272,930.09 329,286.84 354,205.32 413,105.72 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 78,086.90 113,375.50 131,902.78 176,703.00 210,470.21 238,156.59 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 91,182.90 107,384.88 117,145.68 141,027.31 152,583.83 143,735.10 174,949.13 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 18.64 17.41 17.97 16.10 15.32 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 86,263.61 111,768.78 92,402.94 77,091.92 106,779.91 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) (30,882.07) (29,258.53) (60,180.90) (66,643.18) (68,169.22) 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 (2.50) (1.87) (3.28) (3.03) (2.53) 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) (43,902.49) (42,272.81) (72,657.79) (84,557.13) (101,788.29) 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 (3.55) (2.70) (3.96) (3.84) (3.78) 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 28.05
• 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 28.91 Fourth Quarter 2018/19 III

IV Fourth Quarter 2018/19 Continued…. 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 2018/19 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) 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 77,194.80 109,184.60 113,527.98 136,536.80 161,575.24 225,321.24 323,991.24 422,633.54 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 95,314.98 110,593.30 161,475.24 225,321.24 323,991.24 422,633.54 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 1.74 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 73,271.56 111,213.56 138,054.36 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 - - - - - 605.00 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 73,271.56 111,213.56 137,404.36 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 12.00 14.00 17.00 ( o/w Private banks ) 7 8 9 9 10.00 12.00 14.00 16.00 Number of Bank Branches 267 283 295 339 358 389 421 487 562 636.00 681.00 970.00 1,289.00 1,724.00 2,208.00 2,693.00 3,301.00 4,257.00 4,757.00 5,564.00 Population : Bank Branch 224719:1 217668:1 214237:1 191150:1 185754.2:1 175778.4:1 166,270.8:1 148,665.3:1 133,274:1 120,754.7:1 115,712.2:1 83,195.9:1 64,158.3:1 49674.8:1 41,088 33,448.00 27,932.00 22,164.00 20,286.50 17,732.20 Number of Insurance Companies 9 10 12.00 12.00 14.00 15.00 16.00 17.00 ( o/w Private Insurance Companies ) 8 9 11.00 11.00 13.00 14.00 15.00 16.00 Number of Insurance Branches 91 95 101 105 121 133 139 146 172 194.00 207.00 221.00 243.00 273.00 332.00 377 426 492.00 532.00 568.00 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 264918.8:1 238,928.00 216,443.00 191,772.00 181,396.00 173,848.00 Number of Development Banks 1.00 1.00 Number of Development Bank Branches 32.00 32.00 32 110 110.00 107.00 107.00 Number of Micro-financial Institutions 16 19 21 22 22 26 27 28 28 30.00 30.00 31.00 35.00 38.00 38.00 \Source : Ministries of Agriculture, Revenue, Health, and Education; National Bank of Ethiopia; Centeral Statistical Authority, … etc Note:- *population is estimated using component method after 2006/2007 1. Excluding manpower out side the Ministry of Health. 2. The GDP data series is revised on basis of 2010/11=100 base year 3. Inflation data is calculated using the new base year (December 2011=100) 4. Figures for government finance are preliminary estimates from 1999/00 onwards. 5. Inter-bank money market was first introduced in Aug.1998 and Inter-bank forex market started as of September 1998, and the daily trasactions introduced beginning from october 24, 2001. *Mid year population was obtained from MoFED

I. OVERVIEW 1.1. International Economic Developments During the fourth quarter of 2018/19, global economic growth moderated as the impact of positive contributions from net trade and a buildup of inventories in the United States and stock building in advance of the first Brexit deadline in the United Kingdom were relaxed. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area decelerated further in the fourth quarter of 2018/19. Global activity in the services sector also deteriorated in the fourth quarter and declined still further in August, but remains above the 50 threshold. Global manufacturing activity has been on a declining trend for the past year. Annual consumer price inflation in the Organization for Economic Co-operation and Development (OECD) countries decreased to 2.3 percent in May from 2.5 percent in April, driven largely by a slowdown in energy prices. Excluding food and energy prices, it slowed marginally to 2.1 percent in May. The US economy’s performance has so far remained robust, reflecting a strong labour market and consumer spending. Following 3.1 percent real GDP growth in annual terms in the third quarter of 2018/19, growth moderated to 2.0 percent in the fourth quarter, reflecting the unwinding of temporary factors. In the United Kingdom, real GDP growth contracted in the fourth quarter of 2018/19, largely on account of the uncertainty surrounding Brexit. Real GDP growth has displayed some volatility since the start of the year, largely reflecting changes in activity patterns related to the original 29 March Brexit deadline. After growing by 0.5 percent (quarter on quarter) in the third quarter, real GDP contracted by 0.2 percent in the fourth quarter. Annual CPI inflation increased modestly to 2.0 percent in the fourth quarter, largely on account of the recent stronger adverse exchange rate movements. In Japan, underlying growth momentum remains muted. Growth in the fourth quarter of 2018/19 was 0.4 percent (quarter on quarter), which was better than expected, largely owing to a number of transitory factors, including stronger consumer spending on account of the Golden Week holiday period and higher durable goods purchases. Consumer price inflation declined slightly in May to 0.7 percent from 0.9 percent in April, reflecting primarily the anticipated decline in accommodation service prices owing to a steep fall in demand following this year’s extension of the Golden Week holidays. Inflation excluding food and energy also moderated in year-on-year terms, to 0.3 percent from 0.5 percent in April. In China growth slowed to 6.2 percent in the fourth quarter of 2018/19, from 6.4 percent in the third quarter owing to weak final consumption that was only partially compensated by an improvement in investment. Euro area annual HICP inflation increased to 1.3 percent in June 2019 from 1.2 percent in May, as lower energy price inflation was more than offset by higher HICP inflation excluding food and energy. Fourth Quarter 2018/19 1 National Bank of Ethiopia Quarterly Bulletin

1.2. Macroeconomic Developments in Ethiopia A. Inflation In the fourth quarter of 2018/19, headline inflation increased to 6.9 percent from 3.1 percent a quarter earlier. It was also higher than the 3.4 percent inflation recorded last year same quarter. The rise in quarterly headline inflation was attributed wholly to acceleration in food & non-alcoholic beverages inflation by 7.6 percentage points, which offset 0.6 percentage point decline in non￾food inflation. Likewise, the headline inflation scaled up annually by 3.5 percentage points on account of a 6.7 percentage point increase in food & non-alcoholic beverages inflation. Non-food inflation, however, declined by 0.1 percentage point. Food & non-alcoholic beverages and non￾food inflations contributed 5.6 and 1.4 percent, respectively, to the headline inflation registered in the review quarter. B. Monetary Developments At the end of fourth quarter of 2018/19, broad money supply (M2) reached Birr 886.7 billion, indicating 19.7 percent growth over last year same quarter mainly due to 22.8 percent expansion in domestic credit, outweighing 63.2 percent contraction in net foreign assets (NFA). The increase in domestic credit resulted mainly from 17.9 percent growth in credit to non-central government and 7.6 percent expansion in that of central government. Likewise, reserve money showed 15.3 percent growth over last year same quarter and reached Birr 200.7 billion owing to a 28.9 percent rise in banks’ deposits at NBE and 7.9 percent increase in currency in circulation. C. Interest rate In the fourth quarter of 2018/19, the average savings deposit and lending rates remained constant at 8.0 percent and 13.5 percent, respectively, while weighted average time deposit rate slightly declined by 0.03 percentage points on annual basis. In contrast, weighted average yields on T-bill increased by 0.52 percentage point. Hence, considering the 15.4 percent inflation in June 2019, all deposit and lending rates and T-bills yield remained negative in real terms. D. Financial Sector Developments

1. Banks The number of banks operating in Ethiopia remained at 18, of which 16 were private and 2 state owned banks. These banks opened 175 new branches during the review period, raising the total number of bank branches to 5,564 of which 69.7 percent were private owned banks. Consequently, one branch on average serves 17,732.71 people. About 34.6 percent of the total bank branches were located in Addis Ababa. At the same period, the total capital of the banking system reached Birr 101.5 billion, of which, private banks accounted for 43.3 percent, while that of state owned banks, namely Commercial Bank of Ethiopia and Development Bank of Ethiopia, constituted 49.1 percent and 7.6 percent, respectively. The banking sector disbursed Birr 50.4 billion in 1 Total Population is 98,665,000 as estamination for 2019. 2 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

new loans during the review quarter signifying a 35.8 percent annual growth. Of the total new loans, public banks took a 44.5 percent share while that of private banks was 55.5 percent. Of the total fresh loans, industry was the largest beneficiary, accounting for 32.4 percent followed by international trade (17.2 percent), domestic trade (15.2 percent), agriculture (11.3 percent), housing & construction (11 percent) and hotel Meanwhile, total outstanding credit of the banking system (excluding credit to government) increased to Birr 502.4 billion, showing a 27.3 percent year-on-year growth. About 100 percent of the private banks’ and 79 percent of the State owned banks’ loans went to finance the private sector. & tourism (3.1 percent), the remaining balance being taken by other economic sectors. In the same period, the banking sector collected loans to the tune of Birr 47.4 billion which was about 23.2 percent higher than a year earlier. Of the total loan, 50.8 percent was collected by private banks and 49.2 percent by public banks. 2. Insurance Sector The number of insurance companies stood at 17, of which 16 were private owned. Their branches increased to 568 from 532 a year ago. Of the total branches, about 53.7 percent were located in Addis Ababa. Similarly, their total capital reached Birr 8.2 billion, of which about 68.3 percent was that of private insurance companies. 3. Microfinance Institutions The 38 micro-finance institutions (MFIs) operating in the country have mobilized Birr 41.9 billion in saving deposit which was 26.1 percent higher than last year same period. Their total outstanding credit also increased 30.5 percent and reached Birr 58.7 billion. Similarly, their total asset grew 24.1 percent and amounted to Birr 83.5 billion at the end of June, 2019. E. External Sector and Foreign Exchange Developments

1. External Sector Development During the fourth quarter of 2018/19, total merchandise export earnings increased by 2.4 percent over same quarter last year owing to the rise in export receipts from oilseeds (55.2 percent), fruits & vegetables (9.0 percent), chat (1.9 percent), flower (46.9 percent) and others (3.1 percent). In contrast, total merchandise import bill showed a 5.9 percent annual decline to 3.4 billion, on account of a decrease in import values of raw materials (24 percent), capital goods (11 percent), fuel (10.3 percent) and consumer goods (6.3 percent). The average price of Brent crude oil, used as a point of reference for international oil price, depicted a 5.7 percent slowdown to USD 68.9 per barrel from USD 74.4 a year ago. However, it showed a 9.0 percent increase relative to the preceding quarter. Accordingly, the average retail prices of fuel in Addis Ababa rose to Birr 23.15 per liter from Birr 17.91 per liter owing to higher retail price of fuel oil (135.3 percent), gas oil (13.2 percent), kerosene (13.2 percent), regular gasoline (12.3 percent) and jet fuel (4.4 percent). During the review period, total transfer receipts increased by 9.4 percent and reached USD 1.9 Fourth Quarter 2018/19 3 National Bank of Ethiopia Quarterly Bulletin

billion, wholly on account of an increase in official transfer receipts (136.8 percent) compared with 4.6 percent decline in private transfers. Meanwhile, total transfer payments depicted 16.1 percent reduction largely owing to 38.8 percent decrease in private transfer payments. Consequently, the current account balance (including official transfers) recorded USD 966.8 million deficits compared with USD 1, 133.7 million deficit a year ago. Meanwhile, capital account registered USD 886.7 million surplus, which was 33.6 percent lower than last year same quarter as net official long term capital dropped 56.2 percent, other public sector long term capital 98.4 percent, private sector long term capital 1.5 percent and foreign direct investment 21.5 percent. Thus, the overall balance of payments registered USD 558.5 million deficit compared to USD 123 million surplus a year ago. 2. Exchange Rate Development During the fourth quarter of 2018/19, weighted average official exchange rate of the Birr exhibited a 5.3 percent annual depreciation and reached Birr 28.7039/USD. Meanwhile, Real Effective Exchange Rate Index (REERI) of the Birr appreciated 21.1 percent on annual basis mainly due to the strengthening of the US dollar against Ethiopia’s major trading partner currencies. Similarly, the Nominal Effective Exchange Rate Index NEERI) appreciated 13.9 percent over last year same quarter. F. Federal Government Fiscal Operations Total revenue and grants collected by the Federal government during the fourth quarter of 2018/19 showed a 37.8 percent annual growth and reached Birr 64.2 billion while, total Federal government expenditure stood at Birr 84.8 billion, depicting a 33.7 percent annual increase . As a result, the overall fiscal deficit (including grants) was Birr 20.6 billion compared to Birr 16.8 billion deficit a year ago. G. Investment A total of 112 investment projects having investment capital of Birr 898.4 million became operational during the fourth quarter of 2018/19. The number of investment projects and investment capital, however, declined by 83.9 percent and 93.1 percent, on annual terms. 4 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

II. Energy Production and Processing 2.1. Import of Petroleum Products Total volume of petroleum products imported during the fourth quarter of 2018/19 was 967.7 thousand metric tons, showing a 4.2 percent annual reduction. This was attributed to lower import of gas oil (6.4 percent), jet fuel (2.4 percent) and fuel oil (2.4 percent) while import of regular gasoline increased 6.8 percent. The volume of petroleum imports also dropped 7.9 percent on account of slowdown in imports of jet fuel (11.8 percent), gas oil (8 percent) and regular gasoline (5.3 percent). Fuel oil import, however, surged 24.5 percent. Of the total petroleum imports, gas oil Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2017/18 2018/19 Percentage Change Qtr. IV Qtr. III Qtr. IV A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 120,355.6 11.9 135,787.6 12.9 128,524.0 13.3 6.8 -5.3 Jet Fuel 188,431.8 18.7 208,436.3 19.8 183,926.2 19.0 -2.4 -11.8 Fuel Oil 21,995.3 2.2 15,882.1 1.5 19,771.8 2.0 -10.1 24.5 Gas Oil (ADO) 678,879.8 67.2 690,546.5 65.7 635,440.9 65.7 -6.4 -8.0 Total 1,009,662.5 100 1,050,652.6 100 967,662.8 100 -4.2 -7.9 Source: Ethiopian Petroleum Enterprise Fig.2.1: Trends in the Volume of Petroleum Products Imported

100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 In Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Fourth Quarter 2018/19 5 National Bank of Ethiopia Quarterly Bulletin

accounted for 65.7 percent, followed by jet fuel (19 percent), regular gasoline (13.3 percent) and fuel oil (2 percent) (Table 2.1). Total petroleum import bill amounted to Birr 17.5 billion, about 5.6 percent lower than that of same quarter of last year as international oil prices fell and the volume of petroleum imports reduced. Import bill of all petroleum products, except regular gasoline, showed slowdown on both annually and quarterly basis. Import bill of regular gasoline increased by 2.2 and 6.8 percent, respectively (Table 2.2). Table 2.2: Value of Petroleum Products Imported Petroleum Products 2017/18 2018/19 Percentage Change Qtr. IV Qtr. III Qtr. IV A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 2,416,393.1 13.0 2,312,342.0 13.2 2,470,359.4 14.1 2.2 6.8 Jet Fuel 3,670,725.3 19.8 3,628,926.8 20.7 3,427,524.9 19.6 -6.6 -5.5 Fuel Oil 305,294.8 1.6 239,624.2 1.4 292,936.7 1.7 -4.0 22.2 Gas Oil (ADO) 12,159,334.8 65.5 11,343,475.7 64.7 11,320,283.1 64.6 -6.9 -0.2 Total 18,551,748.0 100 17,524,368.7 100 17,511,104.1 100 -5.6 -0.1 Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported

2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 In '000 Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Average FOB price of petroleum products showed 8.8 percent annual decrease owing to slowdown in FOB prices of all types of petroleum products. Average FOB price of petroleum products, however increased 5.9 percent over the previous quarter (Table 2.3). 6 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 2.3: FOB Price of Petroleum Products Imported In USD/ Metric Ton) Petroleum Products 2017/18 2018/19 Percentage Change Qtr. IV Qtr. III Qtr. IV A B C C/A C/B Regular Gasoline (MGR) 708.2 563.3 628.5 -11.3 11.6 Jet Fuel 682.0 591.5 618.4 -9.3 4.5 Fuel Oil 419.7 393.8 399.3 -4.9 1.4 Gas Oil (ADO) 634.5 557.9 584.0 -8.0 4.7 Average 611.1 526.6 557.6 -8.8 5.9 Brent Crude Oil (USD/Barrel) 74.4 63.2 68.9 -7.4 9.0 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products 0.0 200.0 400.0 600.0 800.0 1000.0 1200.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 USD per Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise During the fourth quarter of 2018/19, average price of Brent crude oil, was down 7.4 percent and reached USD 68.9 per barrel compared to USD 74.4 per barrel a year ago. It however, increased percent relative to the previous quarter (Table 2.3). In accordance with the movements in the international oil prices and domestic macroeconomic conditions, domestic fuel retail prices were adjusted upward. Thus, average retail price of petroleum products in Addis Ababa rose 29.3 percent to Birr 23.15 per liter from Birr 17.91 a year ago. Similarly, the retail price of fuel oil rose by 135.3 percent, that of gas oil and kerosene by 13.2 percent each, regular gasoline 12.3 percent and jet fuel 4.4 percent. In quarter terms the average retail prices of all petroleum products were increased 7 percent. (Table 2.4) Fourth Quarter 2018/19 7 National Bank of Ethiopia Quarterly Bulletin

Table2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2017/18 2018/19 Percentage Change Qtr. IV Qtr. III Qtr. IV A B C C/A C/B Regular Gasoline (MGR) 18.77 20.02 21.08 12.3 5.3 Fuel Oil 13.69 30.64 32.21 135.3 5.1 Gas Oil (ADO) 16.35 17.95 18.51 13.2 3.1 Kerosene 16.35 17.95 18.51 13.2 3.1 Jet fuel 24.37 21.33 25.44 4.4 19.3 Average 17.91 21.58 23.15 29.3 7.3 Source: Ministry of Trade Fig.2.4: Trends of Addis Ababa Average Retail Prices 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 I II III IV I II III IV I II III IV I II III IV I II III IV 2014/15 2015/16 2016/17 2017/18 2018/19 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade 2.2. Electric Power Generation Electric power generated during the fourth quarter of 2018/19 was 3 billion KWH, depicting a 14.6 percent annual reduction, due to 16.7 percent decline in electric power production from hydropower despite 14.6 percent increase from wind sources. Of the total electric power production, 94.4 percent was generated from hydropower, 4.1 percent from wind and 1.4 percent from biomass (Table 2.5). By system of generation, all the power was generated through inter connected system (ICS) (Table 2.6). 8 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 2.5: Electricity Generation by Sources (In '000 of K.W.H) Power Source 2017/18 2018/19 Percentage Change Qtr. IV Qtr. III Qtr. IV A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 3,426,201.5 96.9 3,461,447.3 95.3 2,852,844.8 94.4 -16.7 -17.6 Thermal Power 1,507.8 - - - - - - - Geothermal - - - - - - - - wind 109,010.6 3.1 171,018.7 4.7 124,908.9 4.1 14.6 -27.0 Biomass - - - - 43,254.5 1.4 - - Total 3,536,719.9 100 3,632,466.0 100 3,021,008.2 100 -14.6 -16.8 Source: Ethiopian Electric Power Fig.2.5: Volume of Electricity Production by Type (In '000 of K.W.H) 0 500000 1000000 1500000 2000000 2500000 3000000 3500000 4000000 4500000 2013/14 Q1 Q2 Q3 Q4 2014/15Q1 Q2 Q3 Q4 2015/16Q1 Q2 Q3 Q4 2016/17Q1 Q2 Q3 Q4 2017/18Q1 QII QIII QIV 2018/19Q1 QII QIII QIV Thousand kwh Quarter Hydropower Thermal Power Geo-thermal Wind Biomass Source: Ethiopian Electric Power Fourth Quarter 2018/19 9 National Bank of Ethiopia Quarterly Bulletin

III. Quarterly Price Developments 3.1 Developments in National CPI During the fourth quarter of 2018/19, headline inflation increased to 6.9 percent from 3.1 percent a quarter earlier and 3.4 percent inflation a year ago. The rise in quarterly headline inflation was attributed wholly to acceleration in food & non￾alcoholic beverages inflation by 7.6 percentage points, outweighing a 0.6 percentage point decline in non-food inflation. Likewise, the increase in headline inflation on annual terms was on account of a 6.7 percentage point rise in food & non-alcoholic beverages inflation, while non-food inflation, declined by 0.1 percentage point. The contribution of food & non-alcoholic beverages to headline inflation seen in the review periods was 5.6 percent while that of non-food inflation was 1.4 percent (Table 3.1 and Fig 3.1). In the review quarter, food & non-alcoholic beverages inflation surged to 10.4 percent from 2.8 percent in the previous quarter, owing to higher price inflation of vegetables (10.6 percentage point), bread & cereal (8.9 percentage point), non-alcoholic beverages (7.9 percentage point), meat (7.7 percentage point), oil & fats (6.1 percentage point), sugar jam, honey & chocolate (3.6 percentage point), milk, cheese & egg (3.4 percentage point) and fruits (3.4 percentage point). On the other hand, inflation related to fish and sea food declined (Table 3.2). In contrast, non-food inflation dropped to 2.9 percent in the review quarter from 3.5 percent a quarter earlier and 3.0 percent compared to last year same quarter. The quarterly decrease in non￾food inflation was attributed mainly to slowdown in inflation for health service (6.0 percentage point), transport service (5.0 percentage point), alcoholic beverage & tobacco (4.6 percentage point), clothing and footwear (3.7 percentage point), and recreation & culture (0.5 percentage point) (Table 3.3). Source: CSA 10 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 3.1: Quarterly National General Consumer Prices (%) (Dec2011=100) Items Weights in % 2017/18 2018/19 Change in %age Points Contributions in (%) to QIV QIII QIV Headline Inflation Change over QIV￾2017/18 Headline Inflation Change Over QIII￾2018/19 QIV-2018/19 Headline Inflation A B C C-A C-B Headline 100 3.4 3.1 6.9 3.5 3.8 3.5 3.8 Absolute Relative Food & Non-alcoholic beverage 54 3.7 2.8 10.4 6.7 7.6 3.6 4.1 6.9 100 Non-food 46 3.0 3.5 2.9 -0.1 -0.6 0.0 -0.3 1.4 19.6 Source: CSA and NBE Staff Computation Source: NBE Staff Computation Fourth Quarter 2018/19 11 National Bank of Ethiopia Quarterly Bulletin

Table 3.2: Quarterly National Food & non-alcoholic beverages CPI Inflation Dec2011=100) Items Weights 2017/18 2018/19 Change in %age points Contribution to QIV QIII QIV A B C C-A C-B Headline Inflation Change over QIV￾2018/19(%) Headline Inflation Change over QIII￾2018/19(%) Food & Non-alcoholic beverages Inflation 0.54 3.7 2.8 10.4 6.7 7.6 3.6 4.0 Bread & Cereals 0.17 8.2 1.5 10.4 2.1 8.9 0.4 1.5 Meat 0.04 6.9 3.5 11.2 4.3 7.7 0.2 0.3 Fish and sea food 0.00 9.7 0.9 -1.7 -11.4 -2.6 0.0 0.0 Milk, cheese & egg 0.03 6.1 4.2 7.6 1.4 3.4 0.0 0.1 Oils & Fats 0.04 0.0 0.6 6.7 6.7 6.1 0.3 0.3 Fruit 0.00 -0.4 4.9 8.3 8.7 3.4 0.0 0.0 Vegetables 0.12 -2.9 7.5 18.1 21.0 10.6 2.6 1.3 Sugar jam, honey, chocolate 0.01 0.9 1.4 5.0 4.1 3.6 0.1 0.1 Food products n.e.c 0.06 2.9 3.9 3.4 0.5 -0.4 0.0 0.0 Non-alcoholic beverages 0.05 4.3 -5.0 2.9 -1.4 7.9 -0.1 0.4 Source: CSA and NBE Staff Computation Table 3.3: Quarterly National Non-food CPI Inflations (Dec2011=100) Items Weights 2017/18 2018/19 Change in %age points Contribution to QIV QIII QIV A B C C-A C-B Headline Inflation Change over QI-2017/18 Headline Inflation Change over QIV￾2018/19(%) Non-Food Inflation 0.46 3.0 3.5 2.9 -0.1 -0.6 0.0 -0.3 Alcoholic Beverages and tobacco 0.05 -7.7 7.9 3.2 11.0 -4.6 0.5 -0.2 Clothing and Footwear 0.06 7.5 4.1 0.5 -7.1 -3.7 -0.4 -0.2 Housing, Water, Electricity, Gas and other Fuel 0.17 3.5 2.3 3.0 -0.6 0.6 -0.1 0.1 Furnishings, Household Equipment and Routine maintenance of houses 0.05 5.4 3.8 4.2 -1.3 0.4 -0.1 0.0 Health 0.01 1.4 4.9 -1.1 -2.5 -6.0 0.0 -0.1 Transport 0.02 1.5 7.6 2.7 1.1 -5.0 0.0 -0.1 Communication 0.02 1.2 0.4 3.9 2.7 3.4 0.1 0.1 Recreation and culture 0.00 2.6 1.4 0.9 -1.7 -0.5 0.0 0.0 Education 0.00 1.1 0.4 2.5 1.4 2.1 0.0 0.0 Restaurant & hotel 0.05 4.1 2.1 3.7 -0.3 1.6 0.0 0.1 Miscellaneous Goods 0.03 5.6 3.2 6.3 0.7 3.1 0.0 0.1 Source: CSA and NBE Staff Computation 12 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

3.2. Developments in Regional CPI The regional average headline inflation in the review quarter rose to 6.7 percent from 2.4 percent in the preceding quarter and from 3.6 percent a year ago. Somali, Dire Dawa, Amhara, and SNNP registered quarterly headline inflation higher than the regional average. Somali region saw the highest (8.0 percent) headline inflation whereas Addis Ababa enjoyed the lowest (5.7 percent) headline inflation. Hence, the margin between the highest and the lowest inflation rates was 2.3 percentage point. The deviation2 in the regional headline inflation from the average as represented by standard deviation was 0.8 percent, compared with 1.8 percent a quarter earlier (table 3.4). The regional average food & non-alcoholic beverage inflation rose 9.1 percent from 2.2 percent recorded in the preceding quarter and 4.9 percent a year ago. Food & non-alcoholic beverages inflation in Dire Dawa, Oromia, Addis Ababa, Harari, SNNP, and Amhara was higher than the regional average ,with the highest being in Dire Dawa(12.3 percent) and the lowest in Gambella (6.4 percent),showing a 5.9 percentage point margin. The variation in food & non-alcoholic beverages inflation measured by standard deviation was 2.1 percent compared to 1.1 percent a quarter earlier and 3.3 percent last year same quarter (Table 3.4). Similarly, the regional average non-food inflation scaled up to 4.4 percent from 3.5 percent in the preceding quarter and 2.2 percent in the corresponding quarter of last year. Somali, Tigray, Gambella, BenishangulGumuz and Amhara regional states recorded higher non-food inflation than the regional average. Non-food inflation was the highest in Somali (9.9 percent) and the lowest in Oromia (-0.2 percent), revealing a 10.1 percentage point margin. Consequently, the variation in non-food inflation, measured by the standard deviation, increased to 2.6 percent from 1.6 percent in the previous quarter while, it declined compared to 3.4 percent variation seen a year ago (Table 3.4). 2 The standard deviation Shows how much dispersion existes from the average value. Fourth Quarter 2018/19 13 National Bank of Ethiopia Quarterly Bulletin

Table 3.4: Quarterly Regional General, Food & non-alcoholic beverages and Non-food Inflation Regions 2017/18 2018/19 Annual Change Quarterly Change QIV QIII QIV A B C C-A C-B General Food & Non￾alcoholic beverages Non￾food General Food & Non- alcoholic beverages Non- food General Food & Non- alcoholic beverages Non- food General Food & Non- alcoholic beverages Non- food General Food & Non- alcoholic beverages Non- food SNNP 4.3 5.9 2.3 1.8 0.4 3.8 6.8 9.7 2.9 2.4 3.8 0.6 5.0 9.4 -0.9 Harari 1.7 5.3 -0.8 4.2 1.8 6.0 6.1 10.3 3.0 4.4 5.0 3.8 1.9 8.5 -3.0 Oromia 4.0 3.2 5.1 3.4 2.9 4.0 6.4 11.8 -0.2 2.4 8.6 -5.2 3.1 8.9 -4.2 Tigray 6.0 5.9 6.0 2.3 0.5 4.0 6.5 7.1 6.0 0.6 1.2 -0.1 4.3 6.6 2.0 Gambella 7.2 9.5 4.4 1.7 3.3 -0.3 6.1 6.4 5.8 -1.1 -3.2 1.3 4.4 3.1 6.1 Addis Ababa 4.9 4.1 5.5 3.4 3.0 3.6 5.7 10.9 2.2 0.7 6.8 -3.3 2.3 7.9 -1.5 Dire Dawa 5.8 10.7 2.1 -2.5 3.6 2.1 7.7 12.3 3.8 1.9 1.7 1.7 10.3 8.7 1.6 Benshangul. Gumuz 2.6 1.1 4.0 3.7 2.0 5.2 6.4 7.6 5.4 3.8 6.4 1.3 2.8 5.5 0.2 Somali 0.0 4.7 -5.4 2.9 2.6 3.2 8.0 6.6 9.9 8.0 1.9 15.3 5.2 4.0 6.7 Afar -0.1 -0.7 0.5 2.6 1.4 3.8 6.0 8.0 4.0 6.1 8.7 3.5 3.4 6.6 0.2 Amhara 2.8 4.7 0.8 2.9 7.39 9.27 5.35 4.6 4.6 4.5 4.5 6.4 2.4 Regions Average 3.6 4.9 2.2 2.4 2.2 3.5 6.7 9.1 4.4 Standard deviation 2.4 3.3 3.4 1.8 1.1 1.6 0.8 2.1 2.6 Coefficient of variation 0.7 0.7 1.5 0.8 0.5 0.5 0.1 0.2 0.6 Source: CSA and NBE Staff Computation 14 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

IV. MONETARY DEVELOPMENTS 4.1. Money Supply and Credit Broad money supply (M2) stood at Birr 886.75 billion at the end of fourth quarter of 2018/19, showing a 19.7 percent yearly growth due to a 22.8 percent increase in domestic credit offsetting the 63.2 percent contraction in external assets (net). 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 (June. 18) (Mar. 19) (June. 19) C/A C/B Annual A B C

1. External Assets (net) 39,376.2 30,199.2 14,505.2 -63.2 -52.0 -17.0
2. Domestic Credit 784,621.7 885,845.8 963,699.9 22.8 8.8 122.5 . Claims on Central Gov't (net) 102,002.8 80,755.6 109,799.2 7.6 36.0 5.3 . Claims on Non- Central Gov't 682,618.9 805,090.2 853,900.7 17.9 6.1 83.8 . Financial Institutions 47,292.7 52,792.7 52,142.7 10.3 -1.2 3.3 . Others 635,326.185 752,297.5 801,758.0 26.2 6.6 113.9
3. Other Items (net) 83,425.0 84,035.1 91,452.6 9.6 8.8 5.5
4. Broad Money (M2) 740,572.9 832,009.9 886,752.5 19.7 6.6 100.0 Source: Staff Computation, NBE Fig IV.1: Major Determinants of Monetary Expansion (Quarterly Change in Percent) Source: Staff Computation, NBE Fourth Quarter 2018/19 15 National Bank of Ethiopia Quarterly Bulletin

Fig IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE Quasi-money supply showed 25.8 percent annual and 5.3 percent quarterly growth while narrow money supply expanded by 9.9 percent and 9.1 percent on quarterly bases. This contribution of narrow money to the growth of broad money was 19 percent while that of quasi money was 81.0 percent (Table 4.2). The surge in quasi-money was attributed to vigorous expansion of branch network and conducive policies of the central bank. Table 4.2: Components of Broad Money (In millions of Birr, unless specified) Particulars Qtr. IV Qtr. III Qtr. IV Percentage Change Contributions of Each Component to Broad Money Growth (June. 18) (Mar. 19) (June. 19) C/A C/B Annual A B C

1. Narrow Money Supply 281,154.7 283,142.7 308,937.1 9.9 9.1 19.0 . Currency outside banks 86,417.3 97,075.1 92,017.0 6.5 -5.2 3.8 . Demand Deposits (net) 194,737.4 186,067.6 216,920.2 11.4 16.6 15.2
2. Quasi-Money 459,418.2 548,867.2 577,815.4 25.8 5.3 81.0 .Savings Deposits 382,549.4 462,795.7 487,302.1 27.4 5.3 71.7 .Time Deposits 76,868.8 86,071.5 90,513.3 17.8 5.2 9.3
3. Broad Money Supply 740,572.9 832,009.9 886,752.5 19.7 6.6 100.0 Source: Staff Computation, NBE 16 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Fig. IV. 3: Composition of Monetary Stock 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 200.7 billion in the fourth quarter of 2018/19, showing a 15.3 percent annual and 12.9 percent quarterly expansion. Meanwhile, excess reserves of commercial banks surged 64.1percent on annual and 241.6 percent quarter bases. The money multiplier, measured by the ratio of broad money to reserve money, increased While that of narrow money to reserve money declined both on quarterly and annual basis. The ratio of broad money to reserve money increased by 3.9 percent compared to the corresponding quarter of last year. Commercial banks strong performance in mobilizing time and saving deposit attributed for the raise in money multiplier (Table 4.3). Fourth Quarter 2018/19 17 National Bank of Ethiopia Quarterly Bulletin

Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. IV Qtr. III Qtr. IV Percentage Change (June. 18) (Mar. 19) (June. 19) A B C C/A C/B

1. Reserve Requirement (CB's) 36,385.8 41,755.4 44,861.8 23.3 7.4
2. Actual Reserve (CB's) 63,117.8 54,596.4 88,723.4 40.6 62.5
3. Excess Reserve (CB's) 26,732.0 12,841.0 43,861.7 64.1 241.6
4. Reserve Money 174,175.4 177,808.3 200,749.3 15.3 12.9 . Currency in Circulation 112,911.0 125,298.3 121,800.0 7.9 -2.8 . Banks deposits at NBE 61,264.5 52,510.0 78,949.2 28.9 50.4
5. Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.6 1.6 1.5 -4.7 -3.4 . Broad Money to Reserve Money 4.3 4.7 4.4 3.9 -5.6
6. Other Monetary Ratios (%): . Currency to Narrow Money 40.2 44.3 39.4 -1.8 -10.9 . Currency to Broad Money 15.2 15.1 13.7 -9.9 -8.8 . Narrow Money to Broad Money 38.0 34.0 34.8 -8.2 2.4 . Quasi Money to Broad Money 62.0 66.0 65.2 5.0 -1.2 Source: Staff Computation, NBE Fig. IV.4: Quarterly Growth of Reserve Money and Its Components Source: Staff Computation NBE 18 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Figure IV. 5: Monetary Aggregates 0.0 10,000.0 20,000.0 30,000.0 40,000.0 50,000.0 60,000.0 70,000.0 80,000.0 90,000.0 100,000.0 In millions of Birr Required Reserve Actual Reserve Excess Reserve Source: Staff Computation NBE 4.3. Interest Rate Developments Average savings deposit rate and lending rate both stood at 8.0 percent and 13.5 percent as in the previous quarters, respectively. Weighted average time deposit rate witnessed minor decline, 0.03 percent on annual basis and 0.01 percent on quarterly. Incontrast, the weighted average yield on T-bills has slightly increased by 0.27 percentage point from last year same quarter. Considering the March 2019 headline inflation of 15.4 percent all real deposit rates and the T-bills yield remained negative and also the average real lending rate stood at negative 1.9 percent Fourth Quarter 2018/19 19 National Bank of Ethiopia Quarterly Bulletin

Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum) Particulars 2017/18 2018/19 Percentage point Changes QIV QIII QIV Annual Quarterly

1. Savings Deposit Rate 1/ Minimum 7.00 - - Maximum 9.00 - - Average Saving Rate 8.00 - -
2. Time Deposits Up to 1yr 8.05 8.03 8.02 (0.03) (0.01) 1-2 years 8.10 8.07 8.07 (0.03) (0.00) Over 2 years 8.13 8.11 8.11 (0.03) (0.00) Average Time Dep. Rate (Weighted) 8.09 8.07 8.07 (0.03) (0.00)
3. Demand Deposit (Weighted) 0.04 (0.00) (0.00)
4. Lending Rate 2/ Minimum 7.00 - - Maximum 20.00 - - Average Lending Rate 13.50 - -
5. T-bills Rate (Weighted) 1.39 1.91 1.91 0.52 -
6. GERD Bond Yield 3/ 6.1 Maturity within 5 Years 7.50 - - 6.1 Maturity above 5 Years 8.00 - -
7. Headline Inflation (Year-on- year) 16.8 11.1 15.4 (1.40) 4.30
8. Food Inflation (Year-on-year) 14.1 11.4 10.2 (3.90) (1.20)
9. Core/non-food Inflation (Year-on-year) 20.0 10.8 19.8 (0.20) 9.00 Source: Staff Computation NBE 1/ Minimum interest rate on saving bond is set by NBE, where as the maximum indicates the highest rate some banks are paying voluntarily. 2/ NBE have no control on lending rates and the minimum & maximum rates presented here are determined by the market. 3/ GERD stands for Grand Ethiopian Renaissance Dam 20 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Fig IV.6: Interest Rate Structure of Commercial Banks (In percent per annum) Source: NBE and Commercial Banks Fig IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (in percent per annum) Source: Staff computation, NBE *While the inflation rate (core) is depicted on the right axis lending rate, 91 dayT-bills yield and average saving deposit rate is depicted on the left axis Fourth Quarter 2018/19 21 National Bank of Ethiopia Quarterly Bulletin

4.4. Developments in the Financial Sector As of June 2019, the number of banks operating in Ethiopia remained at 18 of which 16 were private and 2 public. 175 new bank branches were opened during the review period, raising the total number of bank branches to 5,564. As a result, population to bank branch ratio stood at 17, 732.73 . About 34.6 percent of the total bank branches were located in Addis Ababa. Of the total bank branches, the share of public banks was 30.5 percent while that of private banks reached 65 percent. Meanwhile, total capital of the banking system amounted to Birr 101.5 billion, of which public banks accounted for 56.7 percent and private banks 43 percent. The share of Commercial Bank of Ethiopia, the biggest state owned bank in total capital of the banking system, was 49.1 percent (Table4.5). At the same time, the number of insurance companies stood at 17, of which 16 were private and one public. Their branches increased to 568 from 532 a year ago. Of the total branches, about 53.7 percent were located in Addis Ababa. The total capital of insurance companies reached Birr 8.2 billion, of which 68.3 percent was that of private insurance companies (Table 4.6). The 38 micro-finance institutions (MFIs) operating in the country mobilized Birr 41.9 billion in saving deposit which was 26.1 percent higher than last year same period. Similarly, their outstanding credit increased 30.5 percent to Birr 58.7 billion highlighting their growing role in poverty reduction and wealth creation among low income groups both in rural and urban areas. Their total asset also expanded by 24.1 percent to reach Birr 83.5 billion at the end of June, 2019 (Table 4.7). The top five largest MFIs (Amhara, Dedebit, Oromia, Omo & Addis Credit and Savings Institutions) accounted for 83.4 percent of the total capital, 91.4 percent of the deposits, 87.7 percent of the credit and 88.1 percent of the total assets of MFIs. 3 Total Population is 98,665,000 as CSA estimation for 2019 22 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 4.5: Branch Network and Capital of the Banking System (Branch in Number & Capital in Millions of Birr) Capital 2017/18 1,051 324 1,375 28.9 1,200 337 1,537 28.5 1,235 343 1,578 28.4 43,851.8 49,367.0 49,817.9 103 4 107 2.2 103 4 107 2.0 103 4 107 1.9 7,676.5 1,154 328 1,482 31 1,303 341 1,644 31 1,338 347 1,685 30 51,528.3 57,043.5 57,494.4

213 169 382 8.0 236 175 411 7.6 245 178 423 7.6 4,210.0 5,919.5 6,024.1 238 143 381 8.0 260 151 411 7.6 265 156 421 7.6 3,725.6 4,434.0 5,210.2 144 140 284 6.0 186 155 341 6.3 195 158 353 6.3 3,265.8 3,640.2 3,647.4 174 118 292 6.1 206 140 346 6.4 215 140 355 6.4 3,195.7 3,674.3 3,605.4 116 117 233 4.9 131 127 258 4.8 151 143 294 5.3 2,579.9 2,806.1 3,241.0 101 127 228 4.8 126 148 274 5.1 132 148 280 5.0 2,991.4 3,504.5 3,782.9 270 62 332 7.0 328 73 401 7.4 330 75 405 7.3 1,924.6 2,506.5 2,509.3 145 65 210 4.4 158 73 231 4.3 159 76 235 4.2 1,479.7 1,928.8 1,958.5 171 89 260 5.5 176 94 270 5.0 180 97 277 5.0 1,890.0 2,878.8 2,851.0 12 13 25 0.5 18 22 40 0.7 20 24 44 0.8 1,391.8 1,709.3 1,793.1 96 80 176 3.7 103 98 201 3.7 106 103 209 3.8 1,667.7 2,009.9 2,042.0 76 92 168 3.5 104 99 203 3.8 110 107 217 3.9 1,936.5 2,166.7 2,405.7 109 53 162 3.4 125 72 197 3.7 126 74 200 3.6 1,514.7 1,815.2 1,902.5 24 35 59 1.2 28 39 67 1.2 27 41 68 1.2 789.6 885.5 938.4 22 21 43 0.9 25 25 50 0.9 25 28 53 1.0 614.3 754.7 783.1 Enat Bank S.C 15 25 40 0.8 16 28 44 0.8 16 29 45 0.8 1,045.4 1,288.1 1,309.8 1,926 1,349 3,275 69 2,226 1,519 3,745 69 2,302 1,577 3,879 70 34,222.8 41,922 44,004 3,080 1,677 4,757 100 3,377 1,837 5,389 100 3,640 1,924 5,564 100 85,751.2 98,966 101,499 Reg % Share Reg. A.A Reg. A.A Total 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 Branch Network 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

1. Public Banks Oromia International Bank Nib International Bank United Bank 2017/18 2018/19 2018/19 Quarter III Quarter IV % A.A Share % Share Quarter IV Quarter III Quarter IV Quarter IV Banks Source: Bank Supervision Directorate, NBE Reg. Stands for Region and A.A for Addis Ababa Fig.IV.8: Branch Network and Capital of Banking System 19.6 30.5 30.3 60.1 57.6 56.6 80.4 69.5 69.7 39.9 42.4 43.4 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% percentage share from total Series2 Series1 Source: Staff Compilation, NBE Fourth Quarter 2018/19 23 National Bank of Ethiopia Quarterly Bulletin

Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) 2017/18 Quarter IV Quarter III Quarter IV S.No. A.A Reg Total A.A Reg Total A.A Reg Total Capital 1 25 60 85 25 63 88 25 63 88 1,530 1,581 2,596 2 27 17 44 27 19 46 28 19 47 439 1,082 1,161 3 15 13 28 16 13 29 16 13 29 294 204 249 4 19 15 34 21 16 37 22 17 39 166 141 157 5 25 12 37 25 12 37 26 12 38 368 569 601 6 8 8 16 11 8 19 8 11 19 148 160 165 7 20 20 40 20 20 40 20 21 41 436 484 490 8 15 16 31 15 16 31 15 16 31 516 784 801 9 26 13 39 27 14 41 27 14 41 313 407 468 10 16 15 31 16 16 32 16 18 34 131 167 170 11 15 5 20 16 5 21 5 16 21 112 116 144 12 18 20 38 20 20 40 20 20 40 295 300 363 13 13 12 25 13 13 26 13 13 26 260 265 266 14 Berhan insurance S.C 9 4 13 10 5 15 5 10 15 112 124 130 15 12 7 19 14 7 21 8 15 23 119 153 154 16 Lucy 11 4 15 12 4 16 4 12 16 129 107 133 17 Bunna Insurance S.C. 11 6 17 13 6 19 7 13 20 108 134 140 285 247 532 301 257 558 305 263 568 5,476 6,778 8,188 Africa Insurance Company Quarter III Insurance Companies Branch Capital Quarter IV 2017/18 2018/19 2018/19 TOTAL United Insurance Company Global Insurance Company Nile Insurance Company Nyala Insurance Company Nib Insurance Company Ethio-Life Insurance Company Oromia Insurance Company Abay Insurance Company S.C. Lion Insurance Company Tsehay Insurance S.C. National Insurance Corporation of Quarter IV Ethiopian Insurance Corporation Awash Insurance Company Source: Insurance Supervision Directorate, NBE Table 4.7: Microfinance Institutions Performance as of March 31, 2019 (In Thousands of Birr) 2017/18 Qtr.IV Qtr.III Qtr.IV A B C C/A C/B Total Capital 13,772,435.9 15,471,941.3 16,567,933.7 20.3 7.1 Saving 33,213,124.6 38,440,253.8 41,897,179.6 26.1 9.0 Credit 44,987,229.9 51,676,568.3 58,722,261.1 30.5 13.6 Total Assets 67,261,994.6 76,464,131.5 83,475,519.0 24.1 9.2 Particulars % Change 2018/19 Source: Microfinance Supervision Directorate, NBE 24 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

4.5. Activities of the Banking System 4.5.1. Resource Mobilization Total resources mobilized by the banking system (the sum of net change in deposit, loans collected and net change in borrowings) shrank to a 9.9 percent over the same quarter of last year (Table 4.8). Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System Qtr.IV 2017/18 Qtr.III 2018/19 Qtr.IV 2018/19 A B C C/A C/B 1.Deposits (net change) 21,989.5 37,481.6 22,869.5 24,576.8 42,171.6 44,858.9 62,058.4 47.2 38.3 -Demand -2,846.7 23,254.7 4,380.3 9,614.8 9,854.4 1,533.6 32,869.5 233.6 2,043.3 -Saving 16,542.1 11,198.3 16,184.1 13,488.2 29,929.4 32,726.2 24,686.5 -17.5 -24.6 -Time 8,294.1 3,028.6 2,305.1 1,473.8 2,387.7 10,599.2 4,502.4 88.6 -57.5 2. Borrowing (net change) 805.3 -437.1 0.0 0.0 18,580.1 805.3 -437.1 -102.4 -154.3 -Local 448.3 -1,276.4 0.0 0.0 18,023.0 448.3 -1,276.4 -107.1 -384.7 -Foreign 357.0 839.3 0.0 0.0 557.1 357.0 839.3 50.7 135.1 3. Collection of Loans 8,060.3 23,303.0 19,639.9 24,055.7 38,426.3 27,700.2 47,358.7 23.2 71.0 4. Total Resources Mobilized (1+2+3)30,855.1 60,347.5 42,509.4 48,632.5 99,177.9 73,364.5 108,980.0 9.9 48.5 5. Disbursement 12,404.2 22,406.0 24,633.4 27,945.0 37,080.9 37,037.6 50,350.9 35.8 35.9 6. Change in Liquidity (4-5) 18,450.9 37,941.5 17,875.9 20,687.5 62,097.0 36,326.9 58,629.0 -5.6 61.4 Memorandum Item: Outstanding Credit* 236,942.5 244,462.4 235,425.6 257,940.7 394,555.5 472,368.1 502,403.1 27.3 6.4 Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.III 2018/19 Qtr.IV 2018/19 Qtr.III 2018/19 Qtr.IV 2018/19 Source: Commercial Banks and staff computation Notes: *Excludes bonds and treasury bills holding of commercial banks and Development Bank of Ethiopia (DBE) Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans (20,000.0)

20,000.0 40,000.0 60,000.0 80,000.0 100,000.0 120,000.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 In Millions of Birr Total Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: Staff computation, NBE 4.5.1.1. Deposit Mobilization Total deposit liabilities of the banking system reached Birr 899.6 billion by the close of the fourth quarter of 2018/19, indicating 23.2 percent annual growth rate. The growth in deposit Fourth Quarter 2018/19 25 National Bank of Ethiopia Quarterly Bulletin

mobilization was a cumulative effect of the expansion of bank branches and improved access to finance, growing saving culture of the society and an increase in per capita income. Demand deposits, which accounted for 35.1 percent of total deposits, reached Birr 315.4 billion showing a16.5 percent annual growth. Similarly, saving deposits went up 27.4 percent and accounted for 54.2 percent of the total deposits while time deposits, which constituted 10.8 percent of the total, deposit liabilities, increased 25.6 percent over the same period of last year. The share of public banks in total deposits outstanding was 60.4 percent while that of private banks was 39.6 percent (Table 4.9). Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) Quarter IV Quarter III Quarter IV 2017/18 2018/19 2018/19 A B C Demand Deposit 270,670.0 37.1 282,483.0 33.7 315,352.5 35.1 16.5 11.6 Saving Deposit 382,583.5 52.4 462,875.6 55.3 487,562.2 54.2 27.4 5.3 Time Deposit 77,004.3 10.5 92,211.4 11.0 96,713.8 10.8 25.6 4.9 Total 730,257.7 100.0 837,570.0 100.0 899,628.4 100.0 23.2 7.4 Share of Public Banks 62.2 60.4 60.4 Share of Private Banks 37.8 39.6 39.6 C/A C/B % Share Deposit by types % Share % Share Source: Commercial Banks and DBE Fig.IV.10: Quarterly Growth of Banks Deposit Liabilities by Ownership -5.0 0.0 5.0 10.0 15.0 20.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 In percent Publlic Banks Private Banks All Banks 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 47.4 billion, about 23.2 percent higher than a year earlier (Table 4.8). Of the total loan collection, the share of private banks was 50.8 percentand that of public banks 49.2 percent. About 75.5 percent of the loan was collected from private enterprise (Table 4.12). 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 72.2 billion, showing a11.1 percent annual increase. Of the total borrowing, Birr 62.8 billion (87 percent) was from domestic and Birr 9.4 billion (13.0 percent) from external sources (Table 4.10). 26 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 4.10: Public Outstanding Borrowing of the Banking System by Sources (In Millions of Birr) 2017/18 Quarter IV Quarter III Quarter IV A B C C/B C/A Domestic Borrowing 58,125.1 64,040.9 62,764.4 (2.0) 8.0 Foreign Borrowing 6,849.1 8,552.2 9,391.5 9.8 37.1 Total 64,974.2 72,593.1 72,156.0 (0.6) 11.1 Banks Percentage change 2018/19 Source: Commercial Banks and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 50.4 billion was disbursed in fresh loans, indicating a 35.8 percent annual increase. Of the total new loans disbursed, the share of public banks was 44.5 percent while that of private banks was 55.5 percent (Table 4.12). The major beneficiary was industry accounting for Birr 12.1 billion (32.4 percent) followed by international trade (Birr 7.8 billion or 17.2 percent), Domestic trade (Birr 6.9 billion or 15.2 percent), housing & construction(Birr 3.4 billion or 11 percent and Agriculture (Birr 11.3 billion or 11.3 percent).The remaining balance was taken up by other economic sectors (Table4.11). Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership

10,000.00 20,000.00 30,000.00 40,000.00 50,000.00 60,000.00 70,000.00 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 Value in Million Birr Years/Quarters Total Public Banks Private Banks Source: Commercial Banks and Development Bank of Ethiopia Fourth Quarter 2018/19 27 National Bank of Ethiopia Quarterly Bulletin

Table 4.11: Summary of Banking System Loans & advances by receiving Sectors (In Millions of Birr) D** C** O/S** D** C** O/S ** D** C** O/S** Central Government * - - 54,238 - - - - - 54,238 Agriculture 5,631 11,105 18,470 182 226 1,918 5,813 11,330 20,387 Industry 11,923 8,595 150,718 4,726 3,469 37,959 16,648 12,064 188,677 Domestic Trade 578 429 5,639 7,237 6,498 59,767 7,815 6,927 65,406 International Trade 796 610 19,852 8,059 7,302 82,383 8,855 7,912 102,235 Export 331 212 9,212 5,241 5,221 56,916 5,573 5,433 66,129 Imports 465 399 10,640 2,817 2,081 25,467 3,282 2,479 36,107 Hotels and Tourism 311 314 4,964 1,270 912 8,777 1,581 1,225 13,741 Transport & Communication 18 143 1,020 487 1,532 11,335 506 1,675 12,355 Housing & Construction 1,038 486 12,850 4,629 2,876 38,459 5,666 3,362 51,309 Mines, Power & Water Res. 297 134 1,514 1 13 118 298 147 1,632 Others 768 233 3,979 438 330 1,928 1,206 563 5,907 Personal 1,047 1,257 25,458 1,909 898 15,296 2,956 2,154 40,754 Total 22,406 23,303 298,701 28,938 24,056 257,941 51,344 47,359 556,641 Borrowing Sector Public Banks Private Banks Total (1) (2) (3) Notes: Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE D* = Disbursement, C** = Collection, O/S**= Outstanding Credit 4.5.3. Outstanding Credit Total outstanding credit of the banking system (excluding credit to government) increased to Birr 502.4 billion, about 27.3 percent higher than last year same quarter. Out of total outstanding loans and advance of the private banks, 51.2 percent was a claim on the private sector compared with 24 percent for public banks (Table 4.12). Sector wise, credit to industry stood at Birr 188.7 billion (36.7 percent) followed by international trade (Birr 102.2 billion or 20.3 percent), domestic trade (Birr 65.4 billion or 13.0 percent), housing & construction (Birr 51.3 billion or 10.2 percent) and agriculture (Birr 20.4 billion or 4.1 percent) and Credit to other economic sectors took the remaining balance (Table4.11). 28 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 4.12: Breakdown of Banking System Credit by Clients (In Millions of Birr) Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share Public Banks 22,406.0 43.6 23,303.0 49.2 298,700.8 53.7 Central Government* 0.0 54,238.4 18.2 State Enterprises 9,272.6 41.4 11,566.7 49.6 124,012.6 41.5 Cooperatives 4,911.9 21.9 5,841.3 25.1 14,839.9 5.0 Private Enterprises 8,221.6 36.7 5,895.0 25.3 105,609.9 35.4 Private Banks 28,938.4 56.4 24,055.7 50.8 257,940.7 46.3 Central Government* 0.0 State Enterprises 119.9 0.4 24.8 0.1 758.1 0.3 Cooperatives 232.6 0.8 363.5 1.5 3,692.2 1.4 Private Enterprises 28,585.8 98.8 23,667.4 98.4 253,490.4 98.3 Grand Total 51,344.3 100.0 47,358.7 100.0 556,641.5 100.0 Source: Commercial banks and staff computation Notes: *Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE Fig.IV.12: Share of Public and Private Banks in Credit Outstanding 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 Value in Percent Years/Quarters Total Public Total Private Source: Staff computation, NBE 4.6. Financial Activities of NBE Gross claims of NBE on the central government reached Birr 194.7 billion by end June 2019, about 21.6 percent higher than that of a year earlier. Of this sum, direct advances accounted for 96.2 percent and bonds 3.8 Percent. Direct advance to central government increased by 23 percent while financial institutions’ deposit at NBE up by 28.1 percent (Table 4.13). Fourth Quarter 2018/19 29 National Bank of Ethiopia Quarterly Bulletin

(In Millions of Birr) 2017/18 Qtr.IV Qtr.III Qtr.IV A B C C/A C/B 1.Loans and Advances 207,421.56 235,478.01 246,828.01 19.0 4.8 1.1. To Central Government 160,128.85 182,685.30 194,685.30 21.6 6.6 Direct Advances 152,264.95 175,264.95 187,264.95 23.0 6.8 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 47,292.71 52,792.71 52,142.71 10.3 -1.2 2.Deposit Liabilities 81,596.47 90,329.78 114,391.91 40.2 26.6 2.1. Government 19,921.99 37,661.76 35,364.21 77.5 -6.1 2.2. Financial Institutions 61,674.48 52,668.01 79,027.70 28.1 50.0 O/W: -Banks 61,652.84 52,640.71 79,002.58 28.1 50.1 -Insurance companies 21.6 27.3 25.1 16.0 -8.0 3.Net Claims of NBE(1-2) 125,825.1 145,148.2 132,436.1 5.3 -8.8 % Change Particulars Table 4 .13: Financial Activities of NBE during the Fourth Quarter of 2018/19 2018/19 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market During the fourth quarter of the fiscal year 2018/19, the amount of T-bills supplied to the weekly T-bills auction market reached Birr 118.63 billion, reflecting a 54.70 percent expansion compared to same period last year. Similarly, the demand for T-bills expanded by 27.3 percent relative to a year earlier and reached Birr 124.8 billion (Table 4.13). Of the total T-bills sold, the share of commercial banks was 0.47 percent or Birr 650 million during the period under review and the non-bank institutions bought Birr 137.4 billion amounts, which is 99.53 percent of the total amount sold during the period under reviews. The total outstanding T-bills at the end of the quarter reached Birr 138.1 billion, reflecting a 24.1 percent increase against the same period last year. Average weighted t-bills yields during the review quarter were 1.91 percent which is higher by 37.24 percentage points compared to similar quarter in 2017/18 (Table 4.13). 30 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 14: - Results of Treasury Bills Auction ( 2018/19 Fourth Quarter) (In Millions of Birr ) 2017/18 2018/19 % Change Quarter IV Quarter III Quarter IV A B C C/A C/B Number of Bidders 46.00 48.00 48.00 4.35 0.00 Public 46.00 48.00 48.00 4.35 0.00 Private - - - 0.00 0.00 Number of Bids received 46.00 50.00 48.00 4.35 -4.00 Public 46.00 50.00 48.00 4.35 -4.00 Private - - - Amount Demanded (Mn. Birr) 97,941.56 103,970.06 124,762.36 27.38 20.00 28-day bill 240.00 300.00 890.00 270.83 196.67 91-day bill 80,016.56 100,654.06 106,212.36 32.74 5.52 182-day bill 685.00 216.00 660.00 -3.65 205.56 364-day bill 17,000.00 2,800.00 17,000.00 - 507.14 Amount Supplied (Mn. Birr) 76,692.56 97,483.56 118,629.56 54.68 21.69 28-day bill 260.00 300.00 240.00 -7.69 -20.00 91-day bill 75,747.56 94,167.56 100,654.56 32.88 6.89 182-day bill 685.00 216.00 735.00 7.30 240.28 364-day bill - 2,800.00 17,000.00 - Amount Sold (Mn. Birr) 97,941.56 103,970.06 124,762.36 27.38 20.00 Banks - - 650.00 Non-Banks 97,941.56 103,970.06 124,112.36 26.72 19.37 Average Weighted Price for Successful bids (%) 99.11 98.64 98.65 -0.47 0.00 28-day bill 99.94 0.00 0.00 91-day bill 99.70 0.00 0.00 182-day bill 99.72 99.69 99.69 -0.03 0.01 364-day bill 97.10 95.25 95.25 0.00 Average Weighted Yield for Successful bids (%) 1.39 1.91 1.91 37.24 0.24 28-day bill 0.81 0.7971 0.8292 2.16 4.02 91-day bill 1.203 1.2032 1.2035 0.04 0.02 182-day bill 0.56 0.6327 0.6186 10.35 -2.23 364-day bill 3.00 5.0000 5.0000 0.00 Outstanding bills at the end of Period (Mn.Br.) 111,213.56 127,782.56 138,054.36 24.13 8.04 Banks - - 650.00 Non-Banks 111,213.56 127,782.56 137,404.36 23.55 7.53 Source: NBE Fourth Quarter 2018/19 31 National Bank of Ethiopia Quarterly Bulletin

Fig IV .13 Development in Treasury- bills Markets. Source :NBE . Corporate Bond Market 7.2. Inter- Bank Money Market No inter-bank money market transaction was conducted during the quarter under review 32 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

4.7.3. Corporate Bond Market The corporate bond market is not a well-developed market in Ethiopia and the big players are few public institutions and regional governments. The purchaser of these bonds is solely Commercial Bank of Ethiopia (CBE). During the fourth quarter, CBE purchased corporate bonds worth of Birr 24.7 billion. Respective shares of EEPCo, Addis Ababa City Government and Railway Corporation from total purchase during the review period were 75.0 percent (Birr 18.5 billion), 18.2 percent (Birr 4.5 billion) and 6.8 percent (Birr 1.7 billion) of the entire outstanding corporate bond balance. At the end of June 2019, the stock of corporate bonds held by the CBE stood at Birr 338.6 billion, of which 90.6 percent was a claim on public enterprises, while the remaining balance was a claim on regional governments (Table 4.15). Corporate bonds issued by EEPCO accounted for 91.7 percent of the bonds issued by public enterprises and 77.95 percent of the total outstanding corporate bond balance. Table 4.15: Disbursement, Redemption and Outstanding of Coupon and Corporate Bond. Source: NBE ote: NP= New Purchase, Red. = Redemption, O/S= outstanding Fourth Quarter 2018/19 33 National Bank of Ethiopia Quarterly Bulletin

V. External Sector Developments 5.1. Balance of Payments During the fourth quarter of 2018/19, the overall balance of payments registered USD 558.5 million deficit compared to USD 123 million surplus a year ago. This was mainly attributed to a wider deficit in net services coupled with the decline in private transfers and capital account balance. Improvements in net official transfers and slowdown in merchandise trade deficit have also been observed (Table 5.1). Table 5.1: Balance of Payments* (In Millions of USD) S/N Particulars 2017/18 2018/19 Percentage Change QIV QIII QIV A B C D=C/A E=C/B 1 Exports, f.o.b. 748.7 687.5 766.7 2.4 11.5 Coffee 278.09 165.15 264.5 -4.9 60.2 Other 470.7 522.4 502.2 6.7 -3.9 2 Imports 3,642.5 3,565.0 3,428.6 -5.9 -3.8 Fuel 704.1 632.5 631.3 -10.3 -0.2 Cereals 221.9 151.9 99.9 -55.0 -34.2 Aircraft 13.7 56.0 10.3 -24.9 -81.6 Imports excl. fuel, cereals, aircraft 2,702.8 2,724.6 2,687.1 -0.6 -1.4 3 Trade Balance (1-2) -2,893.8 -2,877.5 -2,661.8 -8.0 -7.5 4 Services, net -14.3 -295.1 -249.2 1,637.0 -15.6 Non-factor services, net 67.8 -106.4 -77.0 -213.5 -27.6 Exports of non-factor services 1,151.3 1,085.2 1,154.0 0.2 6.3 Imports of non-factor services 1,083.5 1,191.6 1,231.0 13.6 3.3 Factor services (Investment income), net -82.2 -188.7 -172.2 109.6 -8.7 Interest, net -82.2 -188.7 -172.2 109.6 -8.7 Dividend, net 5 Private transfers, net 1,603.2 1,615.2 1,532.4 -4.4 -5.1 o/w: NGO's,(Net) 189.7 147.2 201.9 6.4 37.1 Private Individuals 1,413.5 1,468.0 1,330.5 -5.9 -9.4 6 Current account balance excluding official transfers (3+4+5) -1,304.3 -1,557.4 -1,378.7 5.7 -11.5 7 Official transfers, net 171.2 415.2 411.9 140.6 -0.8 8 Current account balance including official transfers(6+7) -1,133.7 -1,142.2 -966.8 -14.7 -15.4 9 Capital account 1,335.1 753.0 886.7 -33.6 17.8 Official Long-term Capital, net 474.7 357.2 208.0 -56.2 -41.8 Disbursements 519.0 410.8 261.9 -49.5 -36.2 Amortization 44.3 53.6 54.0 21.8 0.7 Other public long-term capital 147.9 -351.1 2.4 -98.4 -100.7 Private sector, long term 46.1 50.9 45.4 -1.5 -10.9 Foreign Direct Investment, net 720.6 621.6 565.4 -21.5 -9.0 Short-term Capital -54.2 74.4 65.6 -221.1 -11.8 10 Errors and Omissions [11-(9+8)] -78.4 -183.4 -478.4 11 Overall balance (-13) 123.0 -572.7 -558.5 12 Financing (13+16) -123.0 572.7 558.5 13 Reserves [ Increase(-), Decrease (+)] (14+15) -123.0 572.7 558.5 14 Central Bank (NFA) -109.0 467.0 584.9 Asset 283.9 38.1 504.7 Liabilities -393.0 428.8 80.1 15 Commercial banks (NFA) -14.0 105.7 -26.4 16 Debt Relief Principal Interest Source: NBE Staff Compilation *preliminary 34 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Total current account receipts amounted to USD 3,893.8 million, 5.2 percent higher than a year earlier. This was on account of growths in export proceeds (2.4 percent), service receipts (0.6 percent) and public transfers (136.8 percent) while private transfers dropped 4.6 percent. Similarly, total current account payments slightly rose to USD 4,860.6 million due to 20.5 percent increase in service payments and public transfer payments each. Merchandise import payments, however, declined (5.9 percent) and private transfers (38.8 percent). Thus, the current account balance recorded USD 966.8 million deficit which was 14.7 percent lower than that of a year ago (Table 5.2). Table 5.2: Current Receipts and Payments (In millions of USD) S/N Particulars 2017/18 2018/19 Percentage Change QIV QIII QIV A B C D=C/A E=C/B 1 Current Receipts 3,701.72 3,852.34 3,893.83 5.2 1.1 Export Proceeds 748.75 687.5 766.7 2.4 11.5 Service Proceeds 1,163.85 1,105.7 1,170.5 0.6 5.9 Private Transfers 1,612.30 1,622.6 1,538.0 -4.6 -5.2 Public Transfers 176.82 436.5 418.7 136.8 -4.1 2 Current Payments 4,835.43 4,994.56 4,860.62 0.5 -2.7 Import Payments 3,642.5 3,565.0 3,428.6 -5.9 -3.8 Service Payments 1,178.20 1,400.8 1,419.7 20.5 1.3 Private Transfers 9.08 7.4 5.6 -38.8 -24.7 Public Transfers 5.63 21.3 6.8 20.5 -68.1 3 Net, (1-2) -1,133.7 -1,142.2 -966.8 -14.7 -15.4 Source: NBE Staff Compilation 5.2 Balance of Trade Merchandise trade deficit in the fourth quarter narrowed 6.8 percent and reached USD 2.7 billion from USD 2.9 billion a year ago as both merchandise import bills and goods export receipts declined. Fourth Quarter 2018/19 35 National Bank of Ethiopia Quarterly Bulletin

0.0 1000.0 2000.0 3000.0 4000.0 5000.0 6000.0 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Import Export Source: Ethiopian Revenue and Customs Authority 0 500 1000 1500 2000 2500 3000 3500 4000 4500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit Source: NBE Staff Compilation 5.2.1 Export of Goods Total earnings from export increased by 2.4 percent compared with last year same quarter owing to higher receipts mainly from oilseeds (55.2 percent), fruits & vegetables (9.0 percent), chat and (1.9 percent), flower (46.9 percent). In contrast, receipts from other exports dropped, namely coffee (4.9 percent), leather & leather product (25.4 percent), meat & meat product (31.1 percent), pulses (0.6 percent), live animal (7.0 percent), gold (24.1 percent) and electricity (73.4 percent). Earnings from oilseeds surged 55.2 percent due to higher international price and export volume. Thus, the share of oilseeds in total export earnings reached 14.1 percent up from 9.3 percent a year ago. 36 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Export proceeds from fruits & vegetables increased 9.0 percent in line with a 10 percent rise in international price despite 0.9 percent decline in export volume. As result, their share in total merchandise export slightly increased to 2.3 percent from 2.1 percent last year. Likewise, export revenue from flower went up 46.9 percent over the same quarter of last year due to a 47.2 percent surge in export volume despite 0.2 percent drop in price. Thus, the share of flower in total export earnings increased to 11.4 percent from 7.9 percent. Moreover, export receipts from chat increased by 1.9 percent quarter-on-quarter basis owing to improvements in price (2.5 percent) despite 0.5 percent fall in export volume. As result, the share of chat in total merchandise has remained unchanged at 9.4 percent. Earnings from coffee declined 4.9 percent over last year same quarter and reached USD 264.5 million as a result of a 5.8 percent fall in price despite a 1 percent increase in volume. Hence, the share of coffee in total merchandise export decreased to 34.6 percent from 37.1 percent last year. Likewise, export revenue from pulses stood at USD 69.7 million, showing 0.6 percent decline to a 18.0 percent fall in price despite 21.2 percent rise in export volume. As a result, the share of pulses in total merchandise export went down to 9.1 percent from 9.4 percent a year ago. Export earnings from gold slowdown by 24.1 percent mainly due to 12.1 percent decrease in price and 13.7 percent in export volume. As a result, the share of gold in total merchandise export stood at 0.7 percent. Receipts from leather & leather products plummeted 25.4 percent as export volume dropped 31.1 despite 8.4 percent rise in price. The share of these export items in total merchandise export was 3.4 percent in the review quarter. Export of meat & meat products fetched USD 21.5 million in revenue, about 31.1 percent lower than last year same quarter. This was attributed to a 1.7 percent fall in unit price and 29.9 percent. As a result, the share of meat & meat products in total export earnings decreased to 2.8 percent from 4.2 percent a year ago. Revenue from export of live animals tumbled by 7.0 percent over last year same quarter owing to 4.9 percent drop in price and 2.1 percent in volume. Thus, the share of live animal in total merchandise exports slightly fell to 1.8 percent from 2.0 percent (Tables 5.3 - 5.5). Export earnings from electricity nosedived 73.4 percent compared to last year as a result of 76.4 percent plunge in export volume despite 12.7 percent increase in price. Hence, the share of electricity in total merchandise export revenue decreased to 0.9 percent from 3.3 percent a year ago. Fourth Quarter 2018/19 37 National Bank of Ethiopia Quarterly Bulletin

Table 5.3: Values of Major Export Items (In millions of USD) Particulars 2017/18 2018/19 Percentage QIV QIII QIV Change A %share B %share C %share C/A C/B Coffee 278.1 37.1 165.2 24.0 264.5 34.5 -4.9 60.2 Oilseeds 69.8 9.3 130.2 18.9 108.4 14.1 55.2 -16.8 Leather and Leather products 34.8 4.6 24.3 3.5 26.0 3.4 -25.4 6.7 Pulses 70.1 9.4 90.2 13.1 69.7 9.1 -0.6 -22.8 Meat & Meat Products 31.2 4.2 21.7 3.2 21.5 2.8 -31.1 -0.6 Fruits & Vegetables 16.0 2.1 13.9 2.0 17.4 2.3 9.0 25.3 Live Animals 15.1 2.0 12.7 1.9 14.0 1.8 -7.0 10.1 Chat 70.3 9.4 72.4 10.5 71.7 9.3 1.9 -1.1 Gold 6.7 0.9 3.4 0.5 5.1 0.7 -24.1 47.2 Flower 59.3 7.9 63.9 9.3 87.1 11.4 46.9 36.4 Electricity 24.8 3.3 16.1 2.3 6.6 0.9 -73.4 -59.1 Others 72.4 9.7 73.4 10.7 74.7 9.7 3.1 1.7 Total Export 748.7 687.5 766.7 100 2.4 11.5 Total Export excluding Electricity 723.9 671.4 760.1 5.0 13.2 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 QIIIQIV QI QII QIIIQIV QI QII QIIIQIV QI QII QIIIQIV QI QII QIIIQIV QI QII QIIIQIV QI QII QIIIQIV QI QII QIII IV 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (Mn of USD) Fig.V.4. Export Value of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold 38 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2017/18 2018/19 Percentage Change QIV QIII QIV A B C C/A C/B Coffee 78.8 48.1 79.6 1.0 65.4 Oilseeds 55.9 87.3 69.7 24.6 -20.2 Leather and Leather Products 1.7 1.2 1.2 -31.1 -0.6 Pulses 110.4 150.3 133.8 21.2 -11.0 Meat & Meat Products 6.1 4.4 4.3 -29.9 -3.5 Fruits & Vegetables 50.6 41.4 50.2 -0.9 21.1 Live Animals 7.9 7.1 7.8 -2.1 10.1 Chat 12.6 12.5 12.5 -0.5 0.1 Gold(In mn. of grams) 0.2 0.1 0.1 -13.7 53.1 Flower 13.6 13.8 19.9 47.2 44.7 Electricity(In mn of kwh) 435.7 280.8 102.7 -76.4 -63.4 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 QI QII QIII QIV 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (Mn. Kg) Fig.V.5. Export Volume of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Chat Source: NBE Staff Computation Fourth Quarter 2018/19 39 National Bank of Ethiopia Quarterly Bulletin

Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2017/18 2018/19 Percentage Change QIV QIII QIV A B C C/A C/B Coffee 3.5 3.4 3.3 -5.8 -3.1 Oilseeds 1.2 1.5 1.6 24.56 4.3 Leather and Leather Products 20.7 20.9 22.4 8.4 7.3 Pulses 0.6 0.6 0.5 -18.0 -13.2 Meat & Meat Products 5.1 4.9 5.1 -1.7 2.9 Fruits & Vegetables 0.3 10.0 3.5 Live Animals 1.9 1.8 1.8 -4.9 0.0 Chat 5.6 5.8 5.7 2.5 -1.2 Gold (in USD/gm) 38.7 35.4 34.0 -12.1 -3.8 Flower 4.4 4.6 4.4 -0.2 -5.7 Electricity 0.1 12.7 11.9 Source: Ethiopian Revenues and Customs Authority, Ethiopian Electric Utility and Ethiopian Electric Power 0 1 2 3 4 5 6 7 0 5 10 15 20 25 30 35 40 45 50 55 QI QII QIIIQIV QI QII QIIIQIV QI QII QIIIQIV QI QII QIIIQIV QI QII QIIIQIV QI QII QIIIQIV QI QII QIII IV 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (USD/K.G) (USD/K.g, USD/gr.(Gold)) Fig.V.6. Unit Value of Selected Export Commodities Leather and Leather Products Gold Coffee Oil Seeds Pulses Flower Chat Left Axis: Gold & Leather , Right Axis: All Other Items Source: NBE Staff Computation 5.2.2 Import of Goods Good imports stood at USD 3.4 billion during the review quarter, depicting a 5.9 percent quarterly drop due to the slowdown import values of raw materials, capital goods, fuel and consumer goods. Import bill of capital goods decreased by 10.9 percent in line with the fall in import bill of industrial goods (16.3 percent) despite the rise in agricultural goods (42.5 percent and transport capital goods (16.5 percent). The share of capital goods in total goods import went down to 26.1 percent from 27.6 percent a year earlier. Likewise, import value of fuel decreased by 10.3 percent and its share in total imports fell to 18.4 percent. 40 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Similarly, import of raw materials dropped 23.9 percent over last year same quarter and their share in total merchandise import fell to 0.9 percent from 1.1 percent a year ago. In the same way, import payments for consumer goods decreased by 6.3 percent vis-à-vis same quarter last year due to 15.0 percent slowdown in import payments for non-durable goods whereas that of durable goods increased by 24.3 percent. Similarly, the share of consumer goods in total import bill stood at 30.8 percent. Import bill for semi-finished goods increased 5.6 percent despite 16.7 percent decline in fertilizer import bill. The share of semi-finished goods in total goods import bill was 21.8 percent. Imports of miscellaneous goods also saw a 15.6 percent growth their share in total imports rose to 2.0 percent from 1.6 percent a year ago. Meanwhile, total franco-valuta import showed a 21.3 percent decline and stood at USD 0.9 billion and accounting for 26.4 percent of the total imports. Table 5.6: Values of Major Import Items (In millions Of USD) Particular 2017/18 2018/19 Percentage Qtr IV Share (%) Qtr III Share (%) Qtr IV Changes Share (%) A B C C/A C/B Raw Materials 39.5 1.1 29.5 0.8 30.1 0.9 -23.9 1.9 Semi-finished Goods 708.5 19.5 844.4 23.7 747.9 21.8 5.6 -11.4 Fertilizers 266.7 7.3 262.9 7.4 222.2 6.5 -16.7 -15.5 Fuel 703.5 19.3 632.5 17.7 631.3 18.4 -10.3 -0.2 Petroleum Products 680.8 18.7 618.9 17.4 609.9 17.8 -10.4 -1.5 Others 22.7 0.6 13.6 0.4 21.4 0.6 -5.7 57.6 Capital Goods 1,003.6 27.6 1,115.6 31.3 894.3 26.1 -10.9 -19.8 Transport 148.4 4.1 185.3 5.2 172.9 5.0 16.5 -6.7 Agricultural 9.4 0.3 14.6 0.4 13.4 0.4 42.5 -8.3 Industrial 845.8 23.2 915.6 25.7 708.0 20.6 -16.3 -22.7 Consumer Goods 1,127.4 31.0 878.8 24.7 1,056.4 30.8 -6.3 20.2 Durables 248.7 6.8 279.9 7.9 309.2 9.0 24.3 10.5 Non-durables 878.7 24.1 598.9 16.8 747.2 21.8 -15.0 24.8 Miscellaneous 59.3 1.6 64.2 1.8 68.6 2.0 15.6 6.9 Total Imports 3,641.9 100 3,565.0 100 3,428.6 100 -5.9 -3.8 Source: ERCA Fourth Quarter 2018/19 41 National Bank of Ethiopia Quarterly Bulletin

Table 5.7: The Value of Franco Valuta Import (In millions of USD Commodity Group 2017/18 2018/19 Percentage Change Qtr IV Qtr III Qtr IV A B C C/A C/B Beverages 0.2 0.1 0.1 -30.0 -10.4 Chemicals 10.4 4.2 3.9 -62.7 -8.4 Clothing 10.1 2.9 6.6 -34.9 125.2 Food and Live animals 144.6 95.8 72.6 -49.8 -24.3 Textiles 7.8 5.2 5.3 -32.3 1.2 Tobacco 0.0 0.0 0.1 1051.5 55.9 Soap & polish 0.5 0.4 0.4 -21.0 -8.2 Fertilizer 152.3 35.1 226.4 48.7 544.3 Paper & Paper Manufacturing 1.9 0.9 1.1 -44.2 10.8 Metal & Metal Manufacturing 92.7 66.8 58.5 -36.9 -12.4 Medical and Pharmaceuticals Products 8.1 12.5 13.9 71.8 11.1 Rubber products 8.7 9.8 7.3 -16.2 -25.8 Petroleum Crude - - 0.0 Petroleum product 6.2 78.6 6.8 9.4 -91.3 Glass & glass ware 3.9 2.3 4.2 7.8 82.1 Electrical material 70.3 70.8 58.6 -16.7 -17.2 Machine 355.4 297.3 213.3 -40.0 -28.3 Road & motor vehicles 41.9 51.7 48.8 16.6 -5.5 Tele apparatus 1.4 14.9 20.3 1359.9 36.1 Cement 0.08 0.0 0.0 Others 233.1 196.4 156.7 -32.8 -20.2 Total 1,149.5 946.0 904.6 -21.3 -4.4 Source: ERCA 5.2.3 Direction of Trade 5.2.3.1 Export of Goods The major destinations for Ethiopian goods export were Asia, Europe and Africa. Asia accounted for 41.2 percent of the total exports. Saudi Arabia was the largest market for Ethiopia’s export having a 15.1 percent share in total export earnings from Asia, followed by Japan (13.0 percent), India (12.5 percent), United Arab Emirates (11.9 percent), China (11.2 percent), Israel (8.3 percent), Yemen (5.2 percent), South Korea (4.6 percent), Singapore (3.5 percent) and Taiwan (1.8 percent). All these countries represented 87 percent of Ethiopia’s total export to Asia. Europe accounted for 27.4 percent of Ethiopia’s total export revenue, with the Netherlands taking a 33.1 percent share, followed by Germany (17.7 percent), Belgium (9.2 percent), Italy (8.4 percent), United Kingdom (6.0 percent), France (3.2 percent), Switzerland (2.5 percent), Turkey (2.3 percent), Spain (2.2 percent), Russia (1.9 percent), Greece (1.6 percent) and Norway (1.2 percent). These countries altogether had a 89.3 percent share of Ethiopia’s total exports to Europe. likewise, about 16.0 percent of Ethiopia’s export earnings originated from markets in Africa, mainly Somalia (49.9 percent), Djibouti 42 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

(21.4 percent), Sudan (8.5 percent), Kenya (6.3 percent), Egypt (2.0 percent), Nigeria (1.8 percent) and South Africa (1.4 percent) which in total accounted for 91.3 percent of Ethiopia’s exports to the continent. America comprised for 14.2 percent of Ethiopia’s total export earnings, of which 63.8 percent was from the United States, 4.1 percent from Canada and 1.2 percent from Mexico, which in total accounted for 69.1 percent of the exports to Americas. Source: NBE Staff Compilation 5.2.3.2 Import of Goods During the fourth quarter of 2018/19, Asia comprised 63.6 percent of Ethiopia’s total imports. The major imports from Asia were from China (40.2 percent), Kuwait (25.7 percent), India (11.9 percent), Japan (4.7 percent), U.A.E (4.2 percent), Malaysia (2.6 percent), Indonesia (2.6 percent), South Korea (2.0 percent) and Thailand (1.3) whose combined share was 95.1 percent. Imports from Europe constituted 24.0 percent of Ethiopia’s total imports with the major countries being Turkey (17.3 percent), Belgium (15.1 percent), the Netherlands (12.8 percent), Germany (9.6 percent), Italy (8.0 percent), United Kingdom (6.9 percent), Rumania (4.0 percent), Ukraine (3.9 percent), France (3.4 percent), Switzerland (3.4 percent), Sweden (3.0 percent), Spain (1.9 percent), Bulgaria (1.6 percent), Austria (1.6 percent) and Denmark (1.3 percent). These countries jointly accounted for 93.7 percent of Ethiopia’s total imports from Europe. Imports from America make up for 3.1 percent of the total imports, of which the share of the United States was 69.9 percent followed by Canada (10.7 percent) and Brazil (9.0 percent). Africa accounted for about 9.3 percent of Ethiopia’s total merchandise import. The major countries of origin were Morocco (57.2 percent), Egypt (15.7 percent), South Africa (11.9 percent), Sudan (7.8 percent), Kenya (3.2 percent) and Djibouti (2.2 percent) which altogether constituted 98.0 percent of the total imports from the continent. Fourth Quarter 2018/19 43 National Bank of Ethiopia Quarterly Bulletin

Source: NBE Staff Compilation 5.3. Services and Transfers Net payments for services trade depicted a USD 249.2 million deficit compared with USD 14.3 million deficit a year ago due to decreases in surplus of net travel (82.1 percent) and net government services (59.4 percent) coupled increases in the deficit of investment income (109.6 percent) and net other service payments (11 percent). Net transport services, however, grew by 7.7 percent (Table 5.8). Source: NBE Staff Compilation 44 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2017/18 2018/19 Percentage Change QIV QIII QIV A B C D=C/A E=C/B 1 Investment Income (2+5) -82.2 -188.7 -172.2 109.6 -8.7 2 Interest, net (3-4) -82.2 -188.7 -172.2 109.6 -8.7 3 Credit 12.5 20.5 16.5 31.4 -19.6 4 Debit 94.7 209.2 188.7 99.3 -9.8 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) 67.8 -106.4 -77.0 -213.5 -27.6 7 Exports of non-factor services 1,151.3 1,085.2 1,154.0 0.2 6.3 8 Travel 271.2 180.4 200.4 -26.1 11.1 9 Transport 1 748.0 771.8 828.1 10.7 7.3 10 Gov't 2 71.5 63.0 43.0 -39.8 -31.7 11 Other 3 60.6 69.9 82.5 36.2 18.0 12 Imports of non-factor services 1,083.5 1,191.6 1,231.0 13.6 3.3 13 Travel 145.7 140.7 178.0 22.2 26.5 14 Transport 1 641.4 640.1 713.2 11.2 11.4 15 Gov't 2 26.2 17.9 24.6 -6.0 37.6 16 Other 3 270.2 392.9 315.1 16.6 -19.8 17 Net Services (18+19+20+21+22) -14.3 -295.1 -249.2 1637.0 -15.6 18 Travel (8-13) 125.5 39.7 22.4 -82.1 -43.6 19 Transport (9-14) 106.6 131.7 114.8 7.7 -12.8 20 Gov't (10-15) 45.3 45.1 18.4 -59.4 -59.2 21 Other (11-16) -209.6 -323.0 -232.7 11.0 -28.0 22 Investment Income (2+5) -82.2 -188.7 -172.2 109.6 -8.7 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business During the review period, total transfer receipts increased and reached USD 1,956.6 million due to 136.8 percent surge in receipts from official transfers despite a 4.6 percent decline in private transfers. Meanwhile, total transfer payments decreased by 16.1 percent owing to 38.8 percent drop in private transfer payments. As a result, net transfers increased by 9.6 percent and reached USD 1,944.3 million (Table 5.9) Fourth Quarter 2018/19 45 National Bank of Ethiopia Quarterly Bulletin

Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2017/18 2018/19 Percentage Change QIV percent Share QIII percent Share QIV percent A B C Share D=C/A E=C/B 1 Private transfers, net (2-5) 1,603.2 90.352 1,615.2 79.6 1,532.4 78.8 -4.4 -5.1 2 Credit (3+4) 1,612.3 90.117 1,622.6 78.8 1,538.0 78.6 -4.6 -5.2 3 NGO's 198.8 11.112 154.6 7.5 207.4 10.6 4.3 34.2 4 Private individuals 1,413.5 79.005 1,468.0 71.3 1,330.5 68.0 -5.9 -9.4 5 Debit 9.1 61.726 7.4 25.8 5.6 45.0 -38.8 -24.7 6 Official transfers, net (7-8) 171.2 9.6475 415.2 20.4 411.9 21.2 140.6 -0.8 7 Credit 176.8 9.883 436.5 21.2 418.7 21.4 136.8 -4.1 8 Debit 5.6 38.274 21.3 74.2 6.8 55.0 20.5 -68.1 9 Total Receipts 1,789.1 100 2,059.1 100.0 1,956.6 100.0 9.4 -5.0 10 Total Payments 14.7 100 28.7 100.0 12.3 100.0 -16.1 -57.0 11 Net Transfers 1,774.4 100 2,030.4 100.0 1,944.3 100.0 9.6 -4.2 Source: NBE Staff Computation Source: NBE Staff Compilation 5.4. Current Account Balance The current account balance (including official transfers) registered USD 966.8 million in deficit, compared with USD 1,133.7 million deficit a year ago (Table 5.1). 5.5. Capital Account The capital account recorded USD 886.7 million in surplus, which was 33.6 percent lower than that of a year earlier. This was attributed to decreases in net official long term capital (56.2 percent), other public sector long term capital (98.4 percent), private sector long term capital (1.5 percent) and foreign direct investment (21.5 percent). Short term capital, however, registered net inflow compared to net out flow last year same period (Table 5.1). 46 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

5.6. Changes in Reserve Position Net foreign assets of the National Bank of Ethiopia decreased by USD 584.9 million, while that of commercial banks increased by USD 26.4 million. Thus, as of June 30, 2019 foreign reserves coverage in months of prospecting imports of goods and services of next year (Table 5.1). 5.7. Developments in the Foreign Exchange Market 5.7.1 Exchange Rate Movements Weighted average official exchange rate of Birr in the inter-bank forex market reached Birr 28.7039/USD, depicting a 5.3 percent annual depreciation. The end period exchange rate of the Birr was 28.9109/USD, indicating that the Birr weakened against USD by 6.1 percent vis-à-vis last year same period. 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 2017/18 27.2621 26.1082 12.5 0.00 Qtr. IV C 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 2018/19 Qtr. III B 28.4854 28.2700 3.10 0.00 January 28.2006 28.1238 1.10 0.00 February 28.3363 28.2718 1.10 0.00 March 28.4854 28.4143 0.90 0.00 Qtr. IV A 28.9109 28.7039 3.30 0.00 April 28.6293 28.5607 1.15 0.00 May 28.7739 28.7050 1.10 0.00 June 28.9109 28.8460 1.05 0.00 Percentage Changes A/B 1.49 1.54 6.45 A/C 6.05 5.34 8.20 Source: National Bank of Ethiopia In retail foreign exchange market( forex bureau) , the average buying rate stood at Birr 28.7061/ USD, showing 5.27 percent depreciation, and the selling rate at Birr 29.2757/USD, recorded 5.34 percent depreciation over last year same quarter. Thus, the average spread between the buying and selling rates was 1.98 percent up from 1.96 percent a year ago (Table 5.11). Fourth Quarter 2018/19 47 National Bank of Ethiopia Quarterly Bulletin

Table 5.11: Amount of Foreign Exchange Purchased and Sold by Forex Bureau of Commercial Banks (In ‘000 of USD) No Name of Forex Bureaux 2017/18 2018/19 Percentage change Quarter IV Quarter III Quarter IV A B C C/B C/A Purchases Sales Purchases Sales Purchases Sales Purchases Sales Purchases Sales 1 Commercial Bank of Ethiopia 50,294.9 41,868.2 64,723.2 18,503.0 59,486.9 51,835.1 -8.09 180.14 18.28 23.81 2 Bank of Abyssinia 757.3 3,187.7 2,926.5 7,443.1 2,805.5 9,699.8 -4.14 30.32 270.48 204.29 3 Dashen Bank 2,673.6 7,336.6 3,891.2 5,525.2 3,869.1 5,982.0 -0.57 8.27 44.72 -18.46 4 Awash International Bank 1,211.3 5,676.2 3,094.3 9,505.9 2,336.6 13,185.9 -24.5 38.7 92.9 132.3 5 Construction & Business Bank - - - - - - 6 Wegagen Bank 7,223.9 3,364.7 5,771.4 4,256.2 4,580.7 4,512.8 -20.6 6.0 -36.6 34.1 7 United Bank 4,031.4 5,768.2 10,730.0 8,498.9 9,794.6 4,756.1 -8.7 -44.0 143.0 -17.5 8 Development Bank - 104.3 40.0 59.8 - 83.1 38.9 -20.4 9 Nib International Bank 859.1 1,184.1 2,689.2 1,647.3 1,539.8 1,864.4 -42.7 13.2 79.2 57.5 10 Lion International Bank 2,456.4 692.6 17,955.2 929.4 21,676.7 1,129.2 20.7 21.5 782.5 63.0 11 Oromia International Bank 2,283.8 2,117.6 6,282.2 3,658.0 6,714.1 4,590.7 6.9 25.5 194.0 116.8 12 Zemen Bank 76.7 2,580.5 418.3 3,665.9 81.9 4,327.5 -80.4 18.0 6.8 67.7 13 Cooperative Bank of Oromia 182.0 1,328.8 224.4 3,425.8 115.1 4,127.0 -48.7 20.5 -36.7 210.6 14 Buna International Bank 1,981.9 629.0 2,311.0 509.1 221.5 1,065.0 -90.4 109.2 -88.8 69.3 15 Birhan International Bank 480.2 1,176.1 219.7 2,295.4 340.9 2,632.9 - 14.7 -29.0 - 16 Abay Bank 775.9 407.6 376.1 312.7 459.4 1.0 22.2 -99.7 -40.8 -99.8 17 Addis International Bank 1,234.0 506.8 2,373.1 808.4 2,510.3 1,121.7 5.8 38.8 103.4 121.3 18 Debub Global Bank 76.9 78.0 162.3 508.9 343.7 445.9 111.8 -12.4 346.9 471.6 19 Enat Bank 791.5 637.2 1,032.2 1,307.4 1,588.1 1,466.0 53.9 12.1 100.7 130.1 Total 77,390.9 78,644.2 125,220.5 72,860.4 118,465.0 112,826.0 -5.4 54.9 53.1 43.5 Average Exchange Rate 27.2703 27.7922 28.1722 28.7232 28.7061 29.2757 1.90 1.92 5.27 5.34 Spread 1.91 1.96 1.98 Source: National Bank of Ethiopia Note: * refers the percentage spread between forex bureaus average buying and selling exchange rate in a given quarter. 48 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Fig. V.11 Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks 1.7 1.7 1.8 1.8 1.9 1.9 2.0 2.0 2.1 2.1 2.2 0 10 20 30 40 50 60 70 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Percent Birr per USD Selling Rate Buying Rate Spread Source: NBE Staff Compilation In the official forex market, USD appreciated against Euro (5.8 percent), Pound Sterling (5.6 percent), SDR (3.2 percent), Swiss Franc (1.8 percent) and Japanese Yen (0.8). Likewise, on quarterly basis, USD appreciated against Pound Sterling (1.2 percent), Euro (1.1 percent), Swiss Franc (0.6 percent) and SDR (0.5 percent), while it depreciated against Japanese Yen (0.2 percent) (Table 5.12). Fourth Quarter 2018/19 49 National Bank of Ethiopia Quarterly Bulletin

Table 5.12: Average Official Exchange Rates (USD per Major International Currencies) Period EURO JAPANESE YEN SDR POUNDSTELING SWISS FRANK Buying Selling Mid Rate Buying Selling Mid Rate Buying Selling Mid Rate Buying Selling Mid Rate Buying Selling Mid Rate 2017/18 QIV C 1.1938 0.0092 1.4310 1.3626 1.0159 1.0160 1.0160 April 1.2291 0.0093 1.4521 1.4093 1.0348 May 1.1837 0.0091 1.4263 1.3488 1.0022 June 1.1685 0.0091 0.0091 0.0090 1.4145 1.3296 1.0108 2018/19 QIII B 1.1364 0.0091 1.3926 1.3017 1.0031 January 1.1422 0.0092 1.3933 1.2873 1.0113 February 1.1356 0.0091 1.3918 1.3000 0.9986 March 1.1313 0.0090 1.3925 1.3178 0.9994 QIV A 1.1237 1.1243 1.1240 0.0091 1.3849 1.3857 1.3853 1.2862 1.2869 1.2865 0.9971 0.9976 0.9973 April 1.1245 0.0090 1.3880 1.3051 0.9940 May 1.1185 1.1203 1.1194 0.0091 1.3824 1.3846 1.3835 1.2868 1.2889 1.2879 0.9877 0.9893 0.9885 June 1.1280 0.0092 1.3844 1.2667 1.0095 Percentage Changes A/B -1.12 -1.06 -1.09 0.17 0.22 0.19 -0.55 -0.49 -0.52 -1.19 -1.14 -1.16 -0.60 -0.55 -0.57 A/C -5.87 -5.82 -5.85 -0.86 -0.81 -0.84 -3.22 -3.17 -3.19 -5.60 -5.55 -5.58 -1.86 -1.81 -1.83 Source: National Bank of Ethiopia 50 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

In the same manner, the Birr depreciated against major currencies except Euro and Pound Sterling both on annual basis and quarterly terms. On quarterly basis, it depreciated against Japanese Yen (1.7 percent), USD (1.5 percent), SDR (0.97 percent), Swiss Franc (0.93 percent), Euro (0. 4 percent) and Pound Sterling (0.3 percent). On yearly terms, the Birr weakened against USD (5.3 Percent), Japanese Yen (4.4 percent), Swiss Franc (3.4 percent) and SDR (1.9 percent), while it appreciated against Euro (0.8 percent) and Pound Sterling (0.6 percent (Table5.13). Fourth Quarter 2018/19 51 National Bank of Ethiopia Quarterly Bulletin

Table 5.14: Birr per Unit of Currency End Period Mid-Market Rate Currency June 2018 March 2019 June 2019 Percentage change C B A A/B A/C USD 27.3984 28.6279 29.0555 1.49 6.05 Pound 35.8563 37.6485 36.9033 -1.98 2.92 Swedish Kroner 3.0469 3.0714 3.1325 1.99 2.81 Djibouti Frank 0.1538 0.1607 0.1630 1.46 6.02 Swiss Frank 27.4479 28.7544 29.7121 3.33 8.25 Saudi Riyal 7.3055 7.6335 7.7471 1.49 6.04 UAE Dirham 7.4584 7.7933 7.9095 1.49 6.05 Canadian Dollar 20.6065 21.3180 22.1257 3.79 7.37 Japanese Yen 0.2486 0.2595 0.2694 3.80 8.37 Euro 31.7301 32.1920 33.0390 2.63 4.12 SDR 38.5879 39.8299 40.3755 1.37 4.63 Source: NBE Staff Compilation 5.7.2. Movements in the Real Effective Exchange Rate During the fourth quarter of 2018/19, REER of Birr appreciated significantly (21.1 percent) in real terms on annual terms and 4.3 percent on quarterly bases largely due to the strengthening of US dollar against trading partner currencies. Likewise, the NEERI of the Birr saw a 13.9 percent appreciation over last year same quarter, owing to the appreciation of the Birr against its major trading partner currencies inline with the appreciation of USD against almost all major currencies. Hence, Birr appreciated against Sudanese Pound (154.1 percent), Turkish Lira (34.4), Swedish Krona (9.0 percent), South Korean Won (8.0 percent), Chinese Yuan (7.0 percent), Euro (6.0 percent), British Pound (5.8 percent) and Indian Rupee (3.8 percent) (Table 5.15). Table 5.15 Trends in the Real and Nominal Effective Exchange Rates Item 2017/18 2018/19 Percentage Change QIV QIII QIV A B C C/B C/A REERI 161.8 187.8 196.0 4.3 21.1 NEERI 37.2 42.7 42.4 -0.7 13.9 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. 52 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Fig.V.12: Movements in the Real and Nominal Effective Exchange Rate 0 50 100 150 200 250 300 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2012/13 2013/14 2014/15 201516 2016/17 2017/18 2018/19 NEERI REERI Source: NBE Staff Compilation 5.7.3 Volume of Transactions In the fourth quarter of 2018/19, the foreign exchange traded in the inter-bank foreign exchange market was USD 3.3 million, about 6.5 percent higher than that of preceding quarter and 8.2 percent vis-a-vis last year same quarter. The total amount of forex traded in the inter-bank market during the review period was supplied exclusively by NBE with a view to stabilizing the foreign exchange market (Table 5:10). Fig V.13 Foreign Exchange Trade in the Interbank Foreign Exchange Market 0 10 20 30 40 50 60 70 80 90 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Mill. USD) Total Amount Traded Source: NBE Staff Compilation Forex bureaus of commercial banks purchased USD 118.5 million and sold USD 112.8 million in the same period. Hence, the amount of forex purchased and sold increased 5.3 percent and that of sales 5.34 percent relative to last year same quarter (Table 5.11). Fourth Quarter 2018/19 53 National Bank of Ethiopia Quarterly Bulletin

VI. FEDERAL GOVERNMENT FINANCE During the fourth quarter of 2018/19 total revenue and grants of the Federal government amounted to Birr 64.2 billion and showing a 37.8 percent annual growth and 25.2 percent performance (Table 6.1). Likewise, Federal government total expenditure increased 33.7 percent and reached Birr 84.8 billion. Consequently, the overall fiscal balance (including grants) recorded Birr 20.5 billion in deficit compared to Birr 16.8 billion deficit a year ago (Table 6.1). Table 6.1: Summary of Quarterly Federal Government Finance [In millions of Birr] No Finer points 2017/18 2018/19 Percentage changes performance rate A B C D D/A D/C D/B QIV Budget QIII QIV 1 Revenue and Grants 46,623.2 255,060.3 61,618.5 64,248.1 37.8 4.3 25.2 1.1 Total Revenue 45,424.4 235,732.5 48,889.9 60,720.0 33.7 24.2 25.8 Tax Revenue 41,420.9 211,111.4 46,099.5 51,048.3 23.2 10.7 24.2 Direct tax 11,531.5 56,684.3 12,038.5 15,509.3 34.5 28.8 27.4 Indirect tax 29,889.4 154,427.1 34,061.0 35,538.9 18.9 4.3 23.0 Non-Tax Revenue 4,003.4 24,621.1 2,790.4 9,671.7 141.6 246.6 39.3 1.2 Grant & Relief 1,198.8 19,327.8 12,728.7 3,528.0 194.3 (72.3) 18.3 2 Current Expenditure 24,048.0 118,131.4 18,725.1 33,357.0 38.7 78.1 28.2 3 Current Surplus/Deficit (Including Grants) 22,575.2 136,928.9 42,893.5 30,891.1 36.8 (28.0) 22.6 (Excluding Grants) 21,376.4 117,601.1 30,164.8 27,363.0 28.0 (9.3) 23.3 4 Capital Expenditure 8,954.4 97,556.1 23,779.6 19,354.3 116.1 (18.6) 19.8 5 Regional Transfers 30,442.1 137,218.7 32,450.9 32,090.7 5.4 (1.1) 23.4 6 Total Expenditure (2+4+5) 63,444.5 352,906.2 74,955.6 84,802.0 33.7 13.1 24.0 7 Overall Surplus/Deficit (Including Grants) (16,821.3) (97,845.9) (13,337.0) (20,553.9) 22.2 54.1 21.0 (Excluding Grants) (18,020.1) (117,173.7) (26,065.7) (24,082.0) 33.6 (7.6) 20.6 8 Total Financing 16,821.3 97,845.9 13,337.0 20,553.9 22.2 54.1 21.0 8.1 Net External Borrowings 3,587.9 39,032.0 11,684.1 17,065.7 375.6 46.1 43.7 External Borrowing 1,548.0 20,970.8 6,377.1 2,930.2 89.3 (54.1) 14.0 Amortization 1,191.3 6,797.9 1,421.6 1,673.3 40.5 17.7 24.6 8.2 Net Domestic Borrowings 21,238.4 58,813.9 9,135.0 14397.5 (32.2) 57.6 24.5 Banking System (924.6) 2,491.0 8,241.7 (991.4) 230.9 Non-Bank Sources 22,163.0 6,644.0 6,155.8 (72.2) (7.3) 8.3 Privatization receipts 1,358.9 8.4 Others and Residuals (9,363.9) (7,482.1) (10,909.2) 16.5 45.8 Source: ministry of finance 54 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

6.1: Revenue and Grants During the review quarter a total of Birr 64.2 billion revenue and grants was obtained of which about 94.5 percent was from domestic sources. The Birr 60.7 billion domestic revenue collected was 33.7 percent higher than that of last year same quarter. Of this sum, 84.1 percent was collection from taxes and 15.9 percent from non￾taxes (Table 6.2). Similarly, total grant and relief at Birr 3.5 billion showed 194.3 percent growth over the same period of last year (Table 6.2). Table 6.2: Summary of Federal Government Revenue by Component (In Millions of Birr) No Particulars 2017/18 2018/19 Percentage Change Performance Rate QIV Budget QIII QIV A B C D D/A D/C D/B Total Revenue and Grants 46,623.2 255,060.3 61,618.2 64,248.1 37.8 4.3 25.2 Total Domestic Revenue 45,424.4 235,732.5 48,889.5 60,720.0 33.7 24.2 25.8 1 Tax Revenue 41,420.9 211,111.4 46,099.1 51,048.3 23.2 10.7 24.2 1.1 Direct Tax Revenue 11,531.5 56,684.3 12,038.1 15,509.3 34.5 28.8 27.4 1.1.1 Income Taxes 9,222.7 50,761.3 10,041.0 12,794.8 38.7 27.4 25.2 Personal 2,148.5 8,821.4 2,604.5 2,955.8 37.6 13.5 33.5 Business 7,074.1 41,939.9 7,436.5 9,839.0 39.1 32.3 23.5 1.1.2 Others1 2,308.9 5,923.0 1,997.1 2,714.6 17.6 35.9 45.8 1.2 Indirect Taxes 29,889.4 15,4427.1 3,4061.0 35,538.9 18.9 4.3 23.0 1.2.1 Domestic Taxes 14,356.8 62,593.6 14,888.2 15,636.1 8.9 5.0 25.0 1.2.2 Foreign Trade Taxes 15,532.6 91,833.5 19,172.8 19,902.8 28.1 3.8 21.7 Import 15,532.6 91,833.5 19,172.8 19,902.8 28.1 3.8 21.7 2. Non-Tax Revenue 4,003.4 24,621.1 2,790.4 9,671.7 141.6 246.6 39.3 3. Privatization 1,358.9 4. Grants and Relief 1,198.8 19,327.8 12,728.7 3,528.0 194.3 -72.3 18.3 Source: Ministry of Finance 1/ includes Withholding tax on import, tax on dividend, royalty and interest income Fourth Quarter 2018/19 55 National Bank of Ethiopia Quarterly Bulletin

Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government Tax revenue during the review period stood at Birr 51.0 billion which was 23.2 percent higher than a year earlier. Tax revenue performance was 24.2 percent of the annual plan. Revenue from indirect taxes accounted for 69.6 percent of the total tax revenue and reached Birr 35.5 billion, Its annual growth was 18.9 percent due to an increase in foreign trade tax. Revenue from direct taxes mainly comprised of income taxes and business taxes and it stood at Birr 15.5 billion. It was 30.4 percent higher than that of a year earlier (Table 6.2). 56 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Fig.VI.2: Domestic Revenue by Major Components during the Fourth Quarter of 2018/19 6.2 Expenditure Total Federal government expenditure including regional transfers in the review quarter reached Birr 84.8 billion and showed 33.7 percent annual growth. Its performance against the annual plan was 24 percent (Table 6.3). Of the total expenditure, Birr 33.3 billion (or 39.3 percent) was for recurrent expenditure, Birr 19.3 billion (or 22.8 percent) for capital expenditure and Birr 32.0 (or 37.8 percent) for regional transfer (Table 6.3). Recurrent expenditure grew 38.7 percent over last year same quarter due to increased expenditure for general, social and debt services. Similarly, capital expenditure and regional transfers went up 116.1 percent and 5.4 percent, respectively. Fourth Quarter 2018/19 57 National Bank of Ethiopia Quarterly Bulletin

Tale 6.3: Summary of Federal Government Expenditure by components (In Millions of Birr) No Particulars 2017/18 2018/19 Percentage Change Performance Rate QIV Budget QIII QIV A B C D D/A D/C D/B Total Expenditure 63,444.5 352,906.2 74,955.6 84,802.0 33.7 13.1 24.0 1 Current Expenditure 24,048.0 118,131.4 18,725.1 33,357.0 38.7 78.1 28.2 General Services 6,690.3 28,890.8 7,520.4 9,505.4 42.1 26.4 32.9 Economic Services 1,182.0 5,325.9 938.5 1,125.7 -4.8 20.0 21.1 Social Services 8,195.6 27,260.8 7,193.3 17,052.4 108.1 137.1 62.6 Others expenditure 4,318.4 41,432.1 70.5 1,473.7 -65.9 1990.8 3.6 Debt Service 3,661.7 15,221.9 3,002.4 4,199.9 14.7 39.9 27.6 2 Capital Expenditure 8,954.4 97,556.1 23,779.6 19,354.3 116.1 -18.6 19.8 Economic Development 8,198.6 68,102.4 16,907.1 11,286.3 37.7 -33.2 16.6 Social Development 376.9 22,861.6 5,999.1 7,029.0 1765.1 17.2 30.7 General Development 378.9 6,592.1 873.4 1,038.9 174.2 18.9 15.8 3 Regional Transfers 30,442.1 137,218.7 32,450.9 32,090.7 5.4 -1.1 23.4 Source: ministry of finance Fig. VI.3: Major Components of Federal Governments Expenditure during the fourth Quarter of 2018/19 Current Expenditure 39.3% Capital Expenditure 22.8% Regional Transfer 37.8% 58 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Fig.VI.4: Quarterly Development in Federal Government Expenditure by Components 6.3 Deficit Financing Federal government budget operations resulted in an overall deficit (including grant) of Birr 20.5 billion compared with Birr 16.8 billion deficit a year ago. The deficit was financed by net external borrowing and net domestic borrowing (Table 6.1). Fourth Quarter 2018/19 59 National Bank of Ethiopia Quarterly Bulletin

Fig.VI.5: Federal Government Finance during fourth Quarter of F.Y 2018/19 60 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

VII. Developments in Investment During the fourth quarter of 2018/19, 112 investment projects having investment capital of Birr 898.4 million became operational. Both the number of investment projects and investment capital showed 83.9 percent and 93.1 percent decline relative to last year same quarter . All investment projects were private owned, of which about 96 percent were by domestic investors and 4 percent foreign. The share of domestic investment capital was Birr 878.3 million (98 percent) while that of foreign was Birr 20.1 million (2 percent). All the investment projects have generated employment opportunities for 6,654 people which was 97.1 percent lower than last year same quarter. Of the total employment created, 64.1 percent was permanent and 35.9 percent casual (Table 7.1). Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr) Type of Projects Items 2017/18 2018/19 Percentage Changes QIV QIII QIV A B C Share C/A C/B

1. Total Investment Number of projects 697 40 112 100 -83.9 180.0 Capital 12,990.7 249.8 898.4 100 -93.1 259.6 Permanent Employment 225,298 1,330 4,262 100 -98.1 220.5 Temporary Employment 7,715 1,107 2,392 100 -69.0 116.1
2. Private Investment Number of projects 697 40 112 100 -83.9 180.0 Capital 12,990.7 249.8 898.4 100 -93.1 259.6 Permanent Employment 225,298 1,330 4,262 100 -98.1 220.5 Temporary Employment 7,715 1,107 2,392 100 -69.0 116.1 2.1 Domestic Investment Number of projects 694 36 108 96 -84.4 200.0 Capital 12,891.2 202.2 878.3 98 -93.2 334.3 Permanent Employment 225,271 840 720 17 -99.7 -14.3 Temporary Employment 7,691 1,067 831 35 -89.2 -22.1 2.2. Foreign Investment Number of projects 3 4 33.3 0.0 Capital 99.5 47.6 20.1 2 -79.8 -57.8 Permanent Employment 27 490 3,542 83 13,018.5 622.9 Temporary Employment 24 40 1,561 65 6,404.2 3,802.5
3. Public Investment Number of projects - - - - - - Capital - - - - - - Permanent Employment - - - - - - Temporary Employment - - - - - - Source: Ethiopian Investment Commission. Fourth Quarter 2018/19 61 National Bank of Ethiopia Quarterly Bulletin

Looking at the sectoral distribution, real estate, renting & business activities comprised 48.2 percent of the total investment projects while the share of manufacturing and construction stood at 27.7 and 20.5 percent, respectively. The remaining sectors had 3.6 percent share in the total investment projects. Of the total investment capital, construction sector constituted 37.2 percent followed by manufacturing (32.6 percent), real estate, renting & business activities (24.7 percent) and education (4.5 percent). The rest of the sectors had the remaining balance. With regard to job opportunity, manufacturing sector created about 92 percent of the permanent employment followed by real estate, renting & business activities (3.2 percent), construction (3.1 percent) and education (1.2 percent). Similarly, manufacturing was the leading sector which absorbed 73.1 percent of the temporary labor force followed by agriculture, hunting & forestry (12.5 percent), construction (8.9 percent), real estate, renting & business activities (3.7 percent) and mining and quarrying (1.3 percent) (Table 7.2). Table 7.2: Investment Distribution by Sector during the fourth Quarter of 2018/19 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry 1 0.9 3.3 0.4 6 0.1 300 12.5 Construction 23 20.5 334.5 37.2 133 3.1 212 8.9 Education 1 0.9 40.0 4.5 50 1.2 4 0.2 Electricity, gas, steam and water supply - - - - - - - - Health and social work 1 0.9 2.0 0.2 8 0.2 8 0.3 Hotels and restaurants - - - - - - - - Manufacturing 31 27.7 292.5 32.6 3,920 92.0 1,749 73.1 Mining and quarrying 1 0.9 4.2 0.5 10 0.2 30 1.3 Other community, social and personal service activities - - - - - - - - Real estate, renting and business activities 54 48.2 222.0 24.7 135 3.2 89 3.7 Tour operation, transport, and communication - - - - - - - - Wholesale, retail trade & repair service - - - - - - - - Others - - - - - - - - Grand Total 112 100 898.4 100 4,262 100 2,392 100 In terms of regional distribution 85.7 percent of the total projects with 86.3 percent of total investment capital were located in Addis Ababa. About 10.7 percent of the total projects with 11.4 percent of capital were in Tigray.3.6 percent of the projects having 2.2 percent of the capitals were multiregional. In terms of job creation, multiregional projects accounted for 83.1 of the total permanent and 65.3 percent of the temporary employments followed by Addis Ababa (14.1 and 16.4 percent) and Tigray region (2.8 and 18.3 percent) (Table 7.3). 62 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 7.3: Performance of Operational Investment Projects by Region Capital in million Birr 2017/18 2018/19 Growth Rate QIV QIII QIV C/A C/B A B C Share in (%) Region No of Proj Capital Perm emp Temp emp No of Proj. Capital Perm emp Temp emp No of Proj. Capital. Perm.emp Temp emp No of Proj. Capital. Perm.emp Temp.emp No of Proj. Capital. Perm emp Temp emp No of Proj. Capital. Perm emp Temp emp Addis Ababa 678 12,770.6 225,020 7,166 19 96.6 598 170 96 775.5 599 393 85.7 86.3 14.1 16.4 -85.6 -93.9 -99.7 -94.5 405.3 703.2 0.2 131.2 Afar 10 78.0 150 290 - - - - - - - - - - - - - - - - - - - - Amhara - - - - - - - - - - - - - - - - - - - - - B.Gumuz 1 2.0 28 50 - - - - - - - - - - - - - - - - - - Dire Dawa - - - - - - - - - - - - - - - - - - - Oromia 1 90.0 10 20 - - - - - - - - - - - - - - - - - - SNNPR - - - - - - - - - - - - - - - - - - - - - - Gamb - - - - - - - - - - - - - - - - - - - - - - Somali - - - - - - - - - - - - - - - - - - - - - - - - Harari - - - - - - - - - - - - - - - - - - - - - - - - Tigray 7 50.1 90 189 17 105.7 242 897 12 102.9 121 438 10.7 11.4 2.8 18.3 71.4 105.4 34.4 131.7 -29.4 -2.7 -50.0 -51.2 EIC - - - - 4 47.6 490 40 4 20.1 3,542 1,561 3.6 2.2 83.1 65.3 - - - - 0.0 -57.8 622.9 3,803 Multi￾regional - - - - - - - - - - - - - - - - - - - - - - - - Grand Total 697 12,990.7 225,298 7715 40 249.8 1,330 1,107 112 898.4 4,262 2,392 100 -83.9 -93.1 -98.1 -69.0 180.0 259.6 220.5 116.1 Source: Ethiopian Investment Commission Fourth Quarter 2018/19 63 National Bank of Ethiopia Quarterly Bulletin

VIII. International Economic Developments 8.1 Overview of the World Economy During the fourth quarter of 2018/19, global economic growth moderated as the impact of positive contributions from net trade and a buildup of inventories in the United States and stock building in advance of the first Brexit deadline in the United Kingdom etc was relaxed. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area decelerated further in the fourth quarter of 2018/19. Global activity in the services sector, which had been more resilient overall at the turn of the year, also deteriorated in the fourth quarter and declined still further in August, but remains above the 50 threshold. Global manufacturing activity has been on a declining trend for the past year. The US economy’s performance has so far remained robust, reflecting a strong labour market and consumer spending. Following 3.1 percent real GDP growth in annual terms in the third quarter of 2018/19, growth moderated to 2.0 percent in the fourth quarter, reflecting the unwinding of temporary factors. In the United Kingdom, real GDP growth contracted in the fourth quarter of 2018/19, largely on account of the uncertainty surrounding Brexit. Real GDP growth has displayed some volatility since the start of the year, largely reflecting changes in activity patterns related to the original 29 March Brexit deadline. After growing by 0.5 percent (quarter on quarter) in the third quarter, real GDP contracted by 0.2 percent in the fourth quarter. In Japan, underlying growth momentum remains muted. Growth in the fourth quarter of 2018/19 was 0.4 percent (quarter on quarter), which was better than expected, largely owing to a number of transitory factors, including stronger consumer spending on account of the Golden Week holiday period and higher durable goods purchases. In China growth slowed to 6.2 percent in the fourth quarter of 2018/19, from 6.4 percent in the third quarter owing to weak final consumption that was only partially compensated by an improvement in investment. 8.2. Inflation Developments Annual consumer price inflation in the Organization for Economic Co-operation and Development (OECD) countries decreased to 2.3 percent in May from 2.5 percent in April, driven largely by a slowdown in energy prices. Excluding food and energy prices, it slowed marginally to 2.1 percent in May. Tight labour market conditions across major advanced economies, in particular the United States, have so far translated into only moderate wage increases, suggesting that underlying inflation pressures remain subdued. In United States, annual headline consumer price inflation picked up 1.6 percent in June, largely on account of core inflation, while energy prices declined. Consumer price inflation excluding food and energy increased slightly. Growth is projected to gradually return to the potential growth rate of just below 2 percent, while consumer price inflation is expected to remain above 2 percent over the medium term. 64 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

In Japan, consumer price inflation declined slightly in May to 0.7 percent from 0.9 percent in April, reflecting primarily the anticipated decline in accommodation service prices owing to a steep fall in demand following this year’s extension of the Golden Week holidays. Inflation excluding food and energy also moderated in year-on-year terms, to 0.3 percent from 0.5 percent in April. In U.K. annual CPI inflation increased modestly to 2.0 percent in the fourth quarter, largely on account of the recent stronger adverse exchange rate movements. Euro area annual HICP inflation increased to 1.3 percent in June 2019 from 1.2 percent in May, as lower energy price inflation was more than offset by higher HICP inflation excluding food and energy. 8.3. Commodity Price Oil prices have increased marginally since early June. Tensions in the Middle East due to the stand￾off between the United States and Iran, as well as the agreement by key oil producers to extend their supply cuts by nine months, have supported the oil price. Among non-oil commodities, metal prices have increased amid supply constraints in the iron ore market, while food prices have remained broadly unchanged. 8.4. Exchange Rate Developments In foreign exchange markets, the euro depreciated in trade-weighted terms over the review. The nominal effective exchange rate of the euro, as measured against the currencies of 38 of the euro area’s most important trading partners, depreciated by 1.3 percent. This reflected a weakening of the euro against the US dollar (by 1.1 percent), the Chinese Renminbi (by 1.7 percent), the Japanese yen (by 1.2 percent) and the Swiss franc (by 1.7 percent). The value of the euro also fell vis-à-vis the currencies of most emerging market economies. At the same time, the euro appreciated against the pound sterling (by 0.7 percent) in the light of the uncertainty around Brexit. 8.5. Impact of Global Economic Development on Ethiopian Economy During the fourth quarter of 2018/19, global economic growth moderated. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area was decelerated further. Global headline inflation declined in most countries in fourth quarter of 2018/19.This, together with high domestic prices, made the REER to appreciate by 21.1 percent. On the other hand, increasing oil price coupled with stagnation of non-oil commodity prices since early June, 2019 could decrease the country’s export receipts that might have gloomy effect on the current account deficit of the country. Fourth Quarter 2018/19 65 National Bank of Ethiopia Quarterly Bulletin

STATISTICAL TABLES 66 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 1(a): Statement of Condition of National Bank of Ethipia: Assets (In Millions of Birr) End of Period Foreign Assets Claims on Government Advance To DBE Silver Coins Other Assets Total Gold Reserve Tranche Foreign Exchange Others Total 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 2018/19 Qtr.I 103,307.08 750.99 422.10 97,678.76 4,455.23 166,685.30 7,420.35 159,264.95 - 46,992.71 - 56,965.81 Qtr.II 110,973.71 750.54 423.72 105,145.06 4,654.41 178,685.30 7,420.35 171,264.95 - 52,092.71 - 57,949.69 Qtr.III 111,651.22 198.87 431.88 106,132.87 4,887.60 182,685.30 7,420.35 175,264.95 - 52,792.71 - 76,825.13 QIV 98,726.63 804.88 437.79 92,853.80 4,630.17 194,685.30 7,420.35 187,264.95 - 52,142.71 - 95,430.96 Fourth Quarter 2018/19 67 National Bank of Ethiopia Quarterly Bulletin

Table 1(b): Statement of Condition of National Bank of Ethipia: Liabilities (In Millions of Birr) End of Period Total Liab.= Assets Currency (Notes + Coins) Deposits Foreign Liabilities Capital Account Other Liab. Total Gov't Banker Total Fund Credit Others 2007/08 Qtr.I 45,484.15 14,847.95 20,238.35 8,032.28 12,206.08 2,674.04 - 2,674.04 3,115.04 4,608.76 Qtr.II 46,983.78 16,355.52 19,216.37 6,740.91 12,475.46 2,761.94 - 2,761.94 3,116.72 5,533.24 Qtr.III 46,902.32 18,958.53 16,917.68 5,966.52 10,951.16 3,621.19 - 3,621.19 2,129.14 5,275.79 Qtr.IV 52,722.94 20,216.39 21,492.02 6,157.32 15,334.70 2,768.01 - 2,768.01 2,124.40 6,122.12 2008/09 Qtr.I 55,424.30 19,640.12 23,365.96 7,222.97 16,143.00 3,660.06 - 3,660.06 3,592.76 5,165.40 Qtr.II 54,777.27 20,870.35 25,148.92 6,215.84 18,933.09 3,123.02 - 3,123.02 2,088.31 3,546.68 Qtr.III 58,224.49 23,303.92 24,710.29 6,682.81 18,027.48 3,713.38 556.02 3,157.36 2,101.15 4,395.76 Qtr.IV 64,340.94 23,836.35 27,942.19 6,671.53 21,270.67 5,380.94 588.35 4,792.59 2,094.84 5,086.60 2009/10 Qtr.I 69,253.03 22,773.23 31,494.51 7,373.32 24,121.19 8,049.53 2,127.19 5,922.33 1,588.53 5,347.24 Qtr.II 69,762.08 25,663.17 28,307.16 7,785.92 20,521.24 8,693.10 2,132.24 6,560.86 1,576.74 5,521.92 Qtr.III 76,324.29 27,277.96 30,107.70 7,036.56 23,071.13 10,995.53 2,188.91 8,806.62 1,576.18 6,366.93 Qtr.IV 75,853.22 28,802.93 26,803.98 6,182.46 20,621.52 11,906.03 2,152.27 9,753.76 1,574.95 6,765.34 2010/11 Qtr.I 86,986.54 29,711.72 31,872.51 8,265.64 23,606.88 12,848.92 2,722.65 10,126.26 2,809.67 9,743.72 Qtr.II 93,800.26 33,949.03 32,141.88 9,369.75 22,772.12 15,062.65 4,769.71 10,292.95 2,757.53 9,889.18 Qtr.III 104,711.13 37,456.68 37,453.93 11,276.68 26,177.25 15,282.84 4,972.05 10,310.80 2,757.53 11,760.16 Qtr.IV 121,066.21 39,100.58 40,233.45 10,290.93 29,942.52 18,695.39 5,058.24 13,637.15 2,749.74 20,287.05 2011/12 Qtr.I 130,619.23 38,732.57 48,523.29 19,133.30 29,389.99 20,368.49 5,047.27 15,321.22 8,848.06 14,146.82 Qtr.II 128,345.76 42,048.13 43,045.28 17,307.05 25,738.23 17,289.74 4,996.96 12,292.78 8,848.06 17,114.54 Qtr.III 118,731.13 44,710.64 29,832.27 11,962.11 17,870.17 15,825.84 5,060.88 10,764.96 8,831.80 19,530.58 Qtr.IV 121,117.25 45,785.24 30,405.78 10,218.40 20,187.38 18,847.12 5,049.31 13,797.81 4,841.48 21,237.65 2012/13 Qtr.I 128,703.84 46,183.34 38,073.19 17,980.48 20,092.72 19,311.91 5,209.14 14,102.77 4,841.92 20,293.48 Qtr.II 136,305.95 50,971.94 36,872.57 12,778.13 24,094.44 20,263.30 5,273.03 14,990.27 4,833.78 23,364.36 Qtr.III 150,144.87 54,292.91 34,503.60 17,952.55 16,551.06 20,750.51 5,181.16 15,569.34 4,833.78 35,764.07 Qtr.IV 145,718.34 54,917.74 29,031.39 9,133.04 19,898.35 19,494.41 5,297.81 14,196.60 4,834.47 37,440.33 2013/14 Qtr.I 153,048.13 50,571.65 37,323.17 16,548.01 20,775.16 23,064.82 5,426.52 17,638.30 4,842.06 37,246.44 Qtr.II 160,045.71 53,864.09 32,759.15 14,339.95 18,419.21 28,216.04 5,456.21 22,759.83 4,842.06 40,364.38 Qtr.III 162,855.69 61,372.47 35,971.75 12,807.36 23,164.39 22,394.73 5,468.90 16,925.83 4,842.06 38,274.68 Qtr.IV 169,752.50 64,355.05 33,760.96 8,793.48 24,967.48 23,910.57 5,685.44 18,225.13 4,849.06 42,876.86 2014/15 Qtr.I 174,366.91 63,714.21 37,053.76 14,407.98 22,645.78 25,489.57 5,577.32 19,912.25 4,849.07 43,260.30 Qtr.II 203,125.95 70,709.06 33,899.35 13,882.20 20,017.15 46,447.12 5,577.32 40,869.81 4,849.07 47,221.36 Qtr.III 201,459.69 74,337.79 42,291.49 21,308.75 20,982.74 36,511.44 5,490.54 31,020.90 4,849.07 43,469.91 Qtr.IV 209,827.30 75,240.70 42,325.60 15,098.54 27,227.06 36,844.30 5,034.04 31,810.26 4,849.07 50,567.64 2015/16 Qtr.I 215,840.68 74,745.66 48,887.10 31,740.19 17,146.91 36,004.39 4,988.41 31,015.98 4,849.20 51,354.33 Qtr.II 249,907.78 77,830.00 49,034.83 25,739.39 23,295.44 61,731.80 4,662.00 57,069.80 4,849.20 56,461.95 Qtr.III 251,649.87 80,258.93 45,004.03 20,077.26 24,926.76 59,027.31 4,479.63 54,547.68 4,849.20 62,510.41 Qtr.IV 262,315.31 82,592.70 50,614.34 14,042.32 36,572.02 63,650.30 4,271.47 59,378.84 4,849.20 60,608.76 2016/17 Qtr.I 276,220.38 85,811.90 54,484.65 18,220.23 36,264.42 71,483.16 4,027.65 67,455.51 4,849.20 59,591.48 Qtr.II 279,389.48 90,247.04 53,908.66 15,628.13 38,280.53 66,855.56 3,645.20 63,210.36 4,849.20 63,529.02 Qtr.III 288,273.88 92,212.49 66,239.19 19,084.80 47,154.39 56,579.86 3,434.90 53,144.96 4,849.20 68,393.15 Qtr.IV 289,933.74 94,245.51 66,754.22 14,741.81 52,012.41 49,897.29 3,296.00 46,601.29 4,849.20 74,187.52 2017/18 Qtr.I 300,209.88 94,962.74 76,379.95 19,337.75 57,042.20 50,984.56 3,036.68 47,947.88 4,849.20 73,033.43 Qtr.II 325,726.77 105,936.80 61,913.44 16,680.94 45,232.50 70,862.22 3,239.47 67,622.75 4,849.20 82,165.11 Qtr.III 330,100.86 112,438.63 68,720.48 18,874.93 49,845.54 59,522.34 2,907.62 56,614.71 4,849.20 84,570.22 Qtr.IV 341,446.08 112,910.96 81,186.45 19,921.99 61,264.46 48,857.99 2,502.21 46,355.78 4,849.20 93,641.49 2018/19 Qtr.I 373,950.89 110,876.51 83,541.82 19,601.81 63,940.01 82,036.37 2,107.92 79,928.45 4,849.20 92,646.99 Qtr.II 399,701.41 120,349.03 73,912.83 23,783.26 50,129.57 99,909.75 1,802.49 98,107.25 4,849.20 100,680.60 Qtr.III 423,954.35 125,298.33 90,171.76 37,661.76 52,510.00 93,865.15 1,705.62 92,159.53 4,849.20 109,769.91 QIV 440,985.60 121,800.02 101,463.14 22,513.90 78,949.25 94,758.88 1,106.63 93,652.25 4,849.20 118,114.36 68 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 2(a): Statement of Condition of Commercial Banks: Assets (In Millions of Birr) End of Period Reserves Foreign Assets 4 Claims On Gov't 5 Claims on Non-Central Gov't Other Assets 10 Total (2+3) 1 Cash in Hand 2 Deposits with NBE 3 Total (7+8+9) 6 Loans &Adv. 7 Invest￾ment 8 Commercial Banks 9 2007/08 Qtr.I 13,865.27 1,850.51 12,014.76 6,994.50 16,049.88 32,245.60 22,920.83 8,408.81 915.96 20,572.93 Qtr.II 14,355.51 1,909.73 12,445.78 6,364.83 16,073.96 36,227.19 25,761.00 9,393.79 1,072.39 22,652.37 Qtr.III 12,463.60 2,185.95 10,277.65 8,129.78 12,177.81 43,758.44 31,682.65 11,075.06 1,000.74 25,214.98 Qtr.IV 17,795.25 2,562.29 15,232.97 8,026.85 6,648.16 47,826.76 33,600.67 13,292.93 933.17 26,336.28 2008/09 Qtr.I 17,673.90 3,302.53 14,371.38 7,726.62 6,234.94 50,116.36 34,397.64 14,818.58 900.13 26,922.77 Qtr.II 20,659.25 3,437.48 17,221.77 6,950.64 5,547.24 54,252.77 35,946.71 17,436.57 869.49 33,601.83 Qtr.III 21,886.74 4,039.91 17,846.83 8,093.58 5,548.90 57,041.57 37,079.81 18,852.70 1,109.06 31,611.17 Qtr.IV 23,690.72 4,121.34 19,569.38 9,219.66 5,409.36 57,651.07 38,802.03 17,614.51 1,234.53 49,113.08 2009/10 Qtr.I 27,119.02 4,226.02 22,893.00 9,172.96 5,740.11 60,703.15 39,701.38 19,805.10 1,196.66 40,436.92 Qtr.II 24,371.67 3,907.33 20,464.34 9,731.23 5,177.56 65,942.83 44,092.84 20,297.50 1,552.48 48,475.03 Qtr.III 26,921.09 4,209.86 22,711.23 12,949.12 5,627.86 70,716.27 46,900.67 21,733.09 2,082.51 48,973.02 Qtr.IV 25,217.08 4,596.14 20,620.94 15,060.75 7,415.27 73,299.81 47,540.18 23,796.85 1,962.79 36,932.92 2010/11 Qtr.I 28,768.06 5,861.80 22,906.26 19,245.97 5,480.72 75,434.99 48,436.98 25,124.50 1,873.51 38,067.24 Qtr.II 27,486.93 5,636.70 21,850.23 20,194.12 4,102.86 85,357.09 55,653.80 27,485.93 2,217.36 44,732.22 Qtr.III 31,482.17 6,921.98 24,560.19 21,148.87 4,953.20 100,590.17 62,088.83 35,549.12 2,952.21 52,150.16 Qtr.IV 34,282.97 6,525.71 27,757.27 28,394.16 3,568.67 110,114.46 61,871.31 45,547.45 2,695.70 49,545.00 2011/12 Qtr.I 34,514.38 6,658.96 27,855.43 22,565.30 4,121.67 118,399.53 64,979.01 50,781.33 2,639.19 51,494.85 Qtr.II 30,154.47 5,773.53 24,380.95 23,089.59 2,857.24 135,328.52 75,725.46 58,171.12 1,431.94 63,801.94 Qtr.III 17,652.45 6,982.96 10,669.49 28,640.04 3,068.28 156,445.50 88,608.28 66,455.73 1,381.50 70,487.48 Qtr.IV 29,039.93 7,248.10 21,791.83 24,017.57 4,421.18 170,379.68 94,617.04 73,472.51 2,290.12 105,360.90 2012/13 Qtr.I 27,882.48 8,265.81 19,616.67 20,182.74 8,511.89 171,722.32 94,081.93 75,849.86 1,790.53 83,987.99 Qtr.II 33,108.11 8,294.92 24,813.19 19,475.22 6,693.03 188,001.68 102,409.08 83,727.13 1,865.48 80,835.23 Qtr.III 32,417.53 9,150.51 23,267.02 23,412.02 5,407.49 208,833.85 113,423.09 92,141.62 3,269.14 103,959.36 Qtr.IV 30,375.31 9,236.07 21,139.24 28,509.18 5,699.97 222,393.59 114,378.39 99,396.97 8,618.23 82,403.13 2013/14 Qtr.I 31,747.72 9,699.16 22,048.56 22,706.08 4,089.11 228,006.18 112,906.99 106,635.50 8,463.70 75,318.88 Qtr.II 29,413.17 9,778.39 19,634.78 20,170.98 3,464.05 253,312.63 127,152.46 117,797.59 8,362.58 68,754.51 Qtr.III 34,921.78 11,397.19 23,524.59 21,162.46 1,753.80 272,894.01 138,291.24 126,344.08 8,258.68 66,924.58 Qtr.IV 35,672.30 11,179.02 24,493.28 27,253.50 1,629.68 288,212.71 141,975.83 136,904.30 9,332.58 70,099.87 2014/15 Qtr.I 38,690.72 12,931.48 25,759.24 19,597.01 1,227.50 297,817.51 144,435.07 144,679.15 8,703.29 69,897.16 Qtr.II 35,148.79 12,580.20 22,568.59 18,800.84 1,246.35 329,512.50 162,570.66 159,004.32 7,937.52 68,417.37 Qtr.III 35,280.66 13,872.76 21,407.90 15,862.13 1,252.35 355,615.38 179,552.27 173,479.03 2,584.09 78,370.49 Qtr.IV 42,342.37 14,779.78 27,562.60 15,924.15 1,256.02 379,393.58 185,501.92 191,246.21 2,645.44 79,584.26 2015/16 Qtr.I 39,809.59 15,337.93 24,471.66 15,463.04 905.43 390,966.45 188,671.02 199,896.80 2,398.62 79,531.91 Qtr.II 37,943.40 14,322.94 23,620.46 18,368.24 905.43 421,417.51 206,946.76 212,968.82 1,501.93 87,671.16 Qtr.III 40,401.93 14,635.18 25,766.75 21,316.42 905.43 445,653.52 219,399.61 225,001.87 1,252.04 92,444.68 Qtr.IV 50,905.91 15,906.53 34,999.38 20,898.27 785.65 461,664.43 226,849.25 231,953.28 2,861.91 98,731.37 2016/17 Qtr.I 53,728.78 17,326.81 36,401.97 21,116.01 554.28 475,564.62 231,569.06 240,872.08 3,123.48 106,597.14 Qtr.II 54,499.76 16,544.49 37,955.27 20,370.84 554.28 509,890.48 253,196.53 252,915.43 3,778.52 101,539.01 Qtr.III 64,854.52 17,034.56 47,819.97 20,975.60 530.28 544,327.92 272,606.06 267,906.04 3,815.82 109,207.67 Qtr.IV 75,305.69 20,327.77 54,977.93 24,876.54 21,982.71 582,426.70 283,911.51 294,089.24 4,425.95 111,779.13 2017/18 Qtr.I 81,683.92 21,035.73 60,648.19 25,253.39 22,208.82 594,599.99 288,878.52 300,579.22 5,142.26 110,830.25 Qtr.II 68,091.41 19,152.65 48,938.76 26,326.86 22,186.62 635,646.86 308,050.08 322,392.50 5,204.29 120,419.44 Qtr.III 74,352.05 21,843.87 52,508.19 24,664.20 22,186.62 673,008.41 327,935.85 338,881.74 6,190.82 129,191.54 Qtr.IV 89,611.48 26,493.67 63,117.81 25,121.57 22,186.62 714,685.11 346,314.30 359,418.93 8,951.88 137,783.39 2018/19 Qtr.I 91,062.85 27,496.50 63,566.35 30,835.45 22,567.12 731,013.59 355,971.41 364,102.91 10,939.27 151,722.28 Qtr.II 85,123.08 28,156.45 56,966.63 28,357.05 22,521.73 779,265.80 392,263.57 378,472.13 8,530.10 165,243.37 Qtr.III 82,819.61 28223.2 54,596.39 26880.8 22,952.93 843659.7 418,777.00 417474.7 7,408.00 168443.2 QIV 118,506.49 29783.1 88,723.44 28543.8 23,620.21 898733.1 443,362.21 447380.4 7,990.45 170578.4 Fourth Quarter 2018/19 69 National Bank of Ethiopia Quarterly Bulletin

Table 2(b): Statement of Condition of Commercial Banks: Liabilities (In Millions of Birr) End of Period Total (Liab.= Assets) 1 Non-Central Gov't Deposits Gov't Depos. 6 Foreign Liab. 7 Capital Account Other Liab. 12 Total (3+4+5) 2 Demand 3 Time 4 Saving 5 Total (9+10+11) 8 Capital 9 Legal Reserve 10 Others 11 2007/08 Qtr.I 89,728.17 45,987.14 17,473.75 3,518.97 24,994.42 8,168.85 2,113.06 7,946.79 6,022.73 695.08 1,228.98 25,512.32 Qtr.II 95,673.86 47,523.93 17,472.88 3,750.36 26,300.69 9,082.98 2,221.78 8,502.57 6,230.90 715.86 1,555.81 28,342.59 Qtr.III 101,744.62 49,881.89 18,402.82 3,649.27 27,829.80 9,410.19 2,384.41 9,480.25 6,372.34 755.06 2,352.85 30,587.89 Qtr.IV 106,633.30 51,175.42 18,343.64 3,354.13 29,477.65 8,978.26 2,301.87 8,692.68 6,650.58 1,160.15 881.95 35,485.08 2008/09 Qtr.I 108,674.58 56,010.62 21,545.78 3,001.17 31,463.68 8,410.60 2,315.51 9,645.17 6,733.48 1,230.03 1,681.66 32,292.69 Qtr.II 121,011.72 59,279.79 23,758.17 2,977.84 32,543.78 10,336.00 2,854.59 10,537.09 7,140.83 1,251.78 2,144.49 38,004.24 Qtr.III 124,181.95 62,157.88 24,447.53 3,051.31 34,659.04 11,766.01 2,801.54 11,577.30 7,188.23 1,251.88 3,137.19 35,879.23 Qtr.IV 145,083.89 64,134.18 23,737.09 3,248.37 37,148.72 10,450.06 3,076.51 10,286.27 7,289.87 1,817.11 1,179.29 57,136.87 2009/10 Qtr.I 143,172.15 69,799.47 26,482.89 3,502.06 39,814.53 10,193.02 3,856.62 11,615.74 7,351.48 1,864.96 2,399.30 47,707.30 Qtr.II 153,698.31 70,853.05 25,540.12 3,498.80 41,814.13 12,446.66 3,690.78 12,382.87 7,779.28 1,999.39 2,604.20 54,324.95 Qtr.III 165,187.35 76,068.96 28,137.85 3,568.66 44,362.45 14,542.87 3,960.93 13,733.68 7,988.50 1,999.39 3,745.79 56,880.92 Qtr.IV 157,925.83 81,081.39 29,083.62 3,956.21 48,041.57 13,742.50 3,254.28 12,410.85 8,104.15 2,627.14 1,679.56 47,436.80 2010/11 Qtr.I 166,996.99 85,850.72 30,488.06 3,901.29 51,461.37 13,830.65 4,246.06 16,074.71 8,251.77 2,800.15 5,022.79 46,994.83 Qtr.II 181,873.22 90,753.82 33,017.73 3,860.06 53,876.03 17,847.47 4,942.59 15,372.02 8,814.85 2,875.59 3,681.59 52,957.32 Qtr.III 210,324.55 101,160.55 36,557.44 4,462.70 60,140.41 22,023.33 5,595.24 17,203.71 8,993.68 2,875.59 5,334.44 64,341.73 Qtr.IV 225,905.26 114,155.42 44,949.45 4,666.41 64,539.56 20,240.72 5,715.48 15,598.31 9,352.31 3,720.04 2,525.97 70,195.32 2011/12 Qtr.I 231,095.73 119,908.86 47,241.19 4,679.92 67,987.76 20,211.73 6,441.17 18,039.70 9,463.93 3,873.96 4,701.81 66,494.27 Qtr.II 255,231.76 120,849.46 44,105.79 5,165.29 71,578.38 27,669.07 8,419.69 20,118.90 10,273.75 4,082.96 5,762.20 78,174.64 Qtr.III 276,293.75 135,663.57 49,133.42 10,136.38 76,393.77 30,994.76 7,392.24 23,505.51 10,588.88 4,082.96 8,833.67 78,737.68 Qtr.IV 333,219.25 152,894.71 58,345.81 12,061.06 82,487.84 28,207.85 5,484.21 26,333.75 10,766.19 4,341.88 11,225.68 120,298.72 2012/13 Qtr.I 312,287.41 154,727.02 55,112.80 12,112.46 87,501.75 29,560.96 5,873.98 22,096.52 10,848.48 5,848.45 5,399.59 100,028.94 Qtr.II 328,113.27 163,882.22 57,818.51 12,930.05 93,133.66 35,693.26 6,078.30 23,819.49 11,410.19 6,095.88 6,313.43 98,639.99 Qtr.III 374,030.25 181,078.62 66,836.46 13,515.66 100,726.49 34,173.15 6,038.08 26,732.87 11,848.34 6,095.79 8,788.74 126,007.54 Qtr.IV 369,381.17 189,762.82 69,253.31 14,278.69 106,230.82 39,111.79 7,515.18 23,668.93 16,207.65 3,737.13 3,724.15 109,322.44 2013/14 Qtr.I 361,867.96 196,546.98 67,873.86 15,611.58 113,061.54 30,347.65 7,787.68 27,244.86 16,648.31 4,289.25 6,307.29 99,940.79 Qtr.II 375,115.34 208,389.34 69,703.14 15,928.74 122,757.46 35,196.57 7,933.50 29,890.38 18,021.29 4,432.14 7,436.95 93,705.55 Qtr.III 397,656.63 223,632.13 71,185.39 17,192.59 135,254.15 41,483.14 7,843.13 34,089.20 19,040.22 4,452.88 10,596.10 90,609.01 Qtr.IV 422,868.05 244,630.10 80,947.33 17,872.27 145,810.51 39,210.84 7,995.09 28,116.57 19,412.60 4,874.11 3,829.87 102,915.44 2014/15 Qtr.I 427,229.91 253,720.44 79,404.57 18,878.38 155,437.49 34,524.85 7,599.61 33,579.69 19,576.17 6,809.31 7,194.22 97,805.31 Qtr.II 453,125.86 267,761.37 82,145.60 21,324.70 164,291.07 41,958.38 7,784.85 35,980.61 20,786.66 7,102.85 8,091.10 99,640.66 Qtr.III 486,381.01 288,748.61 87,992.92 37,731.13 163,024.57 39,876.94 7,985.81 41,100.74 21,089.10 7,150.07 12,861.57 108,668.91 Qtr.IV 518,500.38 310,905.47 94,282.90 41,990.59 174,631.98 47,597.57 8,326.57 46,345.99 21,607.18 7,657.37 17,081.44 105,324.78 2015/16 Qtr.I 526,676.42 321,277.08 94,511.03 44,846.83 181,919.21 44,750.57 8,351.74 40,988.33 21,854.91 10,061.03 9,072.39 111,308.70 Qtr.II 566,305.74 333,108.04 95,784.87 45,039.02 192,284.15 54,814.93 9,418.30 44,605.48 22,365.60 10,260.55 11,979.33 124,358.98 Qtr.III 600,721.98 346,500.77 97,666.68 47,318.84 201,515.25 55,903.51 10,021.13 50,099.86 23,925.73 10,503.55 15,670.58 138,196.72 Qtr.IV 632,985.63 378,580.10 111,923.51 49,622.31 217,034.28 48,275.36 9,880.50 54,282.67 24,741.97 11,066.22 18,474.49 141,967.00 2016/17 Qtr.I 657,560.82 395,283.96 114,563.30 52,113.56 228,607.10 48,122.05 10,224.60 48,306.09 25,430.72 13,555.78 9,319.59 155,624.12 Qtr.II 686,854.36 422,592.69 122,551.62 56,019.12 244,021.95 59,973.04 9,442.47 53,837.72 25,907.50 14,058.71 13,871.51 141,008.44 Qtr.III 739,896.00 459,035.83 134,885.28 59,330.90 264,819.66 59,514.06 9,775.10 58,827.88 28,022.68 14,160.64 16,644.56 152,743.14 Qtr.IV 816,370.77 499,497.48 142,883.04 63,182.74 293,431.70 57,431.90 10,818.77 91,591.79 60,893.89 9,875.33 20,822.57 157,030.82 2017/18 Qtr.I 834,576.37 528,377.97 155,587.95 65,890.63 306,899.39 57,282.65 11,920.65 82,506.03 61,439.56 11,571.16 9,495.31 154,489.07 Qtr.II 872,671.18 557,368.92 161,094.75 71,726.79 324,547.38 65,662.50 15,190.78 82,934.75 62,190.72 12,080.49 8,663.54 151,514.23 Qtr.III 923,402.82 605,324.66 178,222.22 74,478.38 352,624.07 66,838.21 14,436.48 88,987.79 63,762.86 12,299.12 12,925.81 147,815.69 Qtr.IV 989,388.16 654,155.59 194,737.37 76,868.79 382,549.43 60,390.64 14,504.75 95,507.04 66,196.61 12,595.70 16,714.73 164,830.14 2018/19 Qtr.I 1,027,201.29 668,751.40 182,882.17 78,698.46 407,170.77 66,445.07 14,163.89 94,700.64 67,062.59 14,917.55 12,720.51 183,140.28 Qtr.II 1,080,511.02 696,969.21 185,405.32 81,465.14 430,098.75 78,865.30 15,913.29 103,262.58 69,816.60 16,293.97 17,152.00 185,500.64 Qtr.III 1,144,756.26 734,934.84 186,067.65 86,071.53 462,795.66 84,437.25 17,251.34 114,740.74 71,712.80 17,604.93 25,423.00 193,392.10 QIV 1,239,982.05 794,735.58 216,920.17 90,513.29 487,302.12 85,992.40 18,006.38 123,412.65 73,711.99 17,916.21 31,784.45 217,835.04 70 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 3(a): Consolidated Statement of Condition of Development Bank of Ethipia: Assets (In Millions of Birr) End of Period Cash & Banks Foreign Assets Claims on Central Gov't Claims on Non-Central Gov't Other Assets Total Assets Total Public Enterprise Cooper￾atives Private & Individuals 2007/08 Qtr.I 481.15 184.54 80.84 4,893.32 431.94 153.96 4,307.41 824.36 6,464.22 Qtr.II 565.81 157.13 253.93 5,061.27 316.45 227.85 4,516.97 828.84 6,866.96 Qtr.III 444.82 143.95 253.93 5,248.60 397.64 228.90 4,622.06 764.01 6,855.30 Qtr.IV 293.85 194.84 253.93 5,389.25 518.92 200.61 4,669.72 838.10 6,969.97 2008/09 Qtr.I 639.13 226.80 253.93 5,579.55 527.45 178.53 4,873.57 688.57 7,387.97 Qtr.II 320.37 243.70 237.52 5,976.99 535.00 215.62 5,226.37 864.87 7,643.45 Qtr.III 174.66 248.80 219.42 6,246.95 539.70 222.66 5,484.59 834.94 7,724.78 Qtr.IV 137.89 374.59 219.42 6,435.92 546.22 193.14 5,696.57 743.24 7,911.07 2009/10 Qtr.I 205.29 549.70 219.42 7,135.13 597.47 164.88 6,372.78 720.57 8,830.11 Qtr.II 303.62 595.20 218.83 7,671.64 582.63 246.00 6,843.01 1,103.73 9,893.01 Qtr.III 219.98 1,513.01 203.02 8,068.25 609.20 235.01 7,224.04 1,147.57 11,151.83 Qtr.IV 422.78 1,023.91 184.92 8,787.24 699.57 202.47 7,885.20 919.24 11,338.08 2010/11 Qtr.I 505.43 1,058.79 184.92 8,952.77 703.88 143.97 8,104.93 1,140.16 11,842.07 Qtr.II 200.52 1,031.98 184.92 9,516.13 711.06 226.46 8,578.61 736.37 11,669.91 Qtr.III 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.IV 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 2011/12 Qtr.I 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.II 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.III 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.IV 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 2012/13 Qtr.I 710.96 1,122.00 7,866.42 15,323.90 1,385.16 102.91 13,835.83 1,867.93 26,891.21 Qtr.II 400.61 794.52 7,832.51 16,707.86 1,770.72 147.06 14,790.08 1,341.19 27,076.70 Qtr.III 281.13 190.20 8,814.41 17,657.91 1,910.88 196.39 15,550.65 856.25 27,799.89 Qtr.IV 379.77 457.00 9,819.44 17,928.90 1,660.21 87.79 16,180.91 1,374.79 29,959.90 2013/14 Qtr.I 1,948.03 350.90 8,425.93 18,556.52 1,791.63 78.99 16,685.89 1,723.32 31,004.70 Qtr.II 380.83 1,575.49 9,664.19 20,103.24 1,880.18 152.18 18,070.87 1,905.11 33,628.87 Qtr.III 535.83 1,888.62 9,807.16 18,542.19 1,930.05 108.33 16,503.81 2,545.42 33,319.20 Qtr.IV 1,156.66 1,890.59 11,337.60 21,443.02 2,003.46 63.56 19,376.00 1,971.93 37,799.81 2014/15 Qtr.I 1,175.45 1,511.30 13,148.05 20,197.59 1,996.89 54.11 18,146.59 2,550.90 38,583.28 Qtr.II 544.45 1,744.17 13,141.88 21,381.44 2,019.13 184.95 19,177.37 2,648.93 39,460.87 Qtr.III 1,143.62 1,803.01 13,112.08 22,224.86 2,002.19 165.61 20,057.07 2,719.16 41,002.74 Qtr.IV 1,173.92 1,635.37 13,289.06 25,677.84 2,675.48 130.93 22,871.43 2,343.58 44,119.75 2015/16 Qtr.I 1,175.45 1,511.30 13,148.05 20,197.59 1,996.89 54.11 18,146.59 2,550.90 38,583.28 Qtr.II 544.45 1,744.17 13,141.88 21,381.44 2,019.13 184.95 19,177.37 2,648.93 39,460.87 Qtr.III 1,143.62 1,803.01 13,112.08 22,224.86 2,002.19 165.61 20,057.07 2,719.16 41,002.74 Qtr.IV 1,173.92 1,635.37 13,289.06 25,677.84 2,675.48 130.93 22,871.43 2,343.58 44,119.75 2016/17 Qtr.I 2,434.51 2,430.84 15,836.85 29,770.27 2,838.72 104.12 26,827.43 3,846.72 54,319.19 Qtr.II 1,585.15 2,065.49 15,836.85 30,986.45 3,007.68 106.31 27,872.46 3,940.08 54,414.01 Qtr.III 1,462.81 2,849.59 15,816.87 31,734.09 2,765.88 107.49 28,860.71 4,032.03 55,895.39 Qtr.IV 1,232.72 3,225.53 15,816.87 31,590.85 2,632.74 108.69 28,849.42 5,223.28 57,089.25 2017/18 Qtr.I 824.85 2,902.01 15,816.87 32,396.06 2,605.80 127.06 29,663.20 5,273.55 57,213.34 Qtr.II 888.91 3,223.37 15,816.87 35,413.14 3,992.24 116.26 31,304.64 4,229.09 59,571.38 Qtr.III 1,049.8 4,813.1 15,796.9 37,322.9 4,081.2 108.8 33,132.8 6,278.0 65,260.8 Qtr.IV 2,703.06 4,387.68 32,797.34 39,155.36 4,113.94 438.25 34,603.17 4,804.21 83,847.64 2018/19 Qtr.I 956.91 4,783.60 32,796.90 40,801.82 4,158.57 487.14 36,156.11 4,950.16 84,289.39 Qtr.II 4,779.94 4,389.26 32,794.45 45,856.04 4,341.33 542.46 40,972.25 5,907.38 93,727.06 Qtr.III 3,626.79 5,565.72 32,717.96 44,217.12 4,419.41 620.85 39,176.87 43,323.30 129,450.88 QIV 2,144.76 5,383.60 31,993.93 47,577.14 4,895.24 310.46 42,371.44 5,623.22 92,722.64 Fourth Quarter 2018/19 71 National Bank of Ethiopia Quarterly Bulletin

Table 3(b): Consolidated Statement of Condition of Development Bank of Ethiopia: Liablities (In Millions of Birr) End of Period Total Assets =Liab. Demand Deposits Time & Savings Deposits Capital Accounts Credit from Banks Credit from Gov't Foreign Advance & Loan Other Liability Items Total N.B.E Others 2007/08 Qtr.I 6,464.22 16.49 477.48 1,867.24 1,888.28 381.38 1,506.91 0.73 434.30 1,779.70 Qtr.II 6,866.96 37.08 400.44 1,883.01 2,087.51 381.38 1,706.13 0.73 457.07 2,001.12 Qtr.III 6,855.30 46.45 369.30 1,916.16 2,091.11 381.38 1,709.73 0.73 505.37 1,926.19 Qtr.IV 6,969.97 126.04 374.55 1,910.00 2,102.17 381.38 1,720.80 - 506.10 1,951.11 2008/09 Qtr.I 7,387.97 186.97 379.06 1,915.86 2,338.59 381.38 1,957.21 - 522.99 2,044.51 Qtr.II 7,643.45 141.72 381.25 1,943.46 2,340.03 381.38 1,958.66 - 522.99 2,314.00 Qtr.III 7,724.78 101.98 385.09 1,948.81 2,341.20 381.38 1,959.83 - 647.27 2,300.42 Qtr.IV 7,911.07 124.71 369.44 1,934.17 2,341.61 381.38 1,960.23 - 647.27 2,493.87 2009/10 Qtr.I 8,830.11 123.42 372.51 2,014.71 2,571.28 424.28 2,147.00 - 887.86 2,860.32 Qtr.II 9,893.01 75.21 368.93 1,943.13 3,028.71 424.28 2,604.43 - 900.46 3,576.57 Qtr.III 11,151.83 85.62 369.09 2,084.50 4,228.26 424.28 3,803.98 884.48 3,499.86 Qtr.IV 11,338.08 178.96 376.24 2,124.68 4,618.87 381.38 4,237.49 - 978.67 3,060.66 2010/11 Qtr.I 11,842.07 141.50 382.37 2,357.45 4,799.25 381.38 4,417.87 - 984.95 3,176.56 Qtr.II 11,669.91 235.16 384.03 2,223.63 4,951.89 381.38 4,570.51 - 908.98 2,966.22 Qtr.III 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.IV 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 2011/12 Qtr.I 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.II 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.III 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.IV 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 2012/13 Qtr.I 26,891.21 374.79 384.09 2,738.96 17,154.13 642.47 16,511.66 - 1,209.71 5,029.53 Qtr.II 27,076.70 376.31 384.43 2,856.36 16,348.79 643.96 15,704.84 - 1,539.14 5,571.66 Qtr.III 27,799.89 355.69 375.75 3,157.21 18,741.44 739.97 18,001.47 - 1,771.24 4,360.49 Qtr.IV 29,959.90 347.35 380.85 3,150.26 20,889.93 610.14 20,279.79 - 2,301.22 2,677.78 2013/14 Qtr.I 31,004.70 298.98 390.46 3,390.94 21,434.53 17,667.54 3,766.99 - 2,371.60 2,922.88 Qtr.II 33,628.87 248.02 377.34 3,620.17 21,340.36 17,792.14 3,548.22 - 2,928.57 5,114.42 Qtr.III 33,319.20 348.34 378.01 3,763.50 21,746.54 18,101.57 3,644.98 - 3,105.66 3,977.49 Qtr.IV 37,799.81 634.91 376.94 3,567.64 27,234.63 20,851.57 6,383.06 - 3,409.38 2,576.31 2014/15 Qtr.I 38,583.28 656.73 380.48 3,895.22 25,430.93 22,551.57 2,879.37 - 3,621.73 4,598.20 Qtr.II 39,460.87 298.59 377.50 4,086.65 25,618.79 22,751.16 2,867.64 - 3,769.99 5,309.35 Qtr.III 41,002.74 300.40 376.13 4,082.93 26,599.74 23,451.57 3,148.17 - 3,880.62 5,762.93 Qtr.IV 44,119.75 427.25 376.39 4,255.64 27,411.00 23,951.57 3,459.43 - 4,030.99 7,618.49 2014/15 Qtr.I 47,977.82 445.92 375.43 7,688.46 27,369.19 23,857.00 3,512.19 - 4,018.53 8,080.30 Qtr.II 50,132.21 436.66 375.25 7,792.09 28,428.52 24,857.00 3,571.52 - 4,627.47 8,472.23 Qtr.III 51,587.15 1,006.51 376.27 7,858.82 28,464.89 24,935.93 3,528.96 - 4,727.40 9,153.27 Qtr.IV 52,696.45 1,040.13 376.63 7,968.72 29,328.36 29,251.50 76.86 - 4,726.81 9,255.80 2016/17 Qtr.I 54,319.19 1,251.79 381.92 7,834.36 31,771.85 31,711.64 60.21 - 4,795.67 8,283.60 Qtr.II 54,414.01 903.62 380.51 7,876.92 33,091.64 33,033.92 57.72 - 4,816.88 7,344.45 Qtr.III 55,895.39 868.19 120.03 7,960.91 34,190.12 34,131.51 58.61 - 4,826.26 7,929.88 Qtr.IV 57,089.25 948.38 122.21 7,918.92 34,984.44 34,309.69 674.75 - 4,822.20 8,293.11 2017/18 Qrt.I 57,213.34 915.76 126.04 8,032.78 35,365.33 35,304.91 60.42 - 5,096.40 7,677.04 Qtr.II 59,571.38 1,130.53 125.90 7,999.87 37,888.62 37,832.63 55.99 - 5,226.40 7,200.05 Qtr.III 65,260.76 1,102.03 125.95 8,048.34 40,102.10 40,043.12 58.98 - 6,291.98 9,590.37 Qtr.IV 83,847.64 1,081.46 125.29 8,043.84 58,125.10 58,064.08 61.02 - 6,849.05 9,622.90 2018/19 Qtr.I 84,289.39 867.51 129.39 7,461.41 58,247.52 58,185.11 62.41 - 8,111.85 9,471.70 Qtr.II 93,727.06 818.33 128.26 2,718.41 63,592.57 63,529.89 62.69 - 8,195.19 18,274.31 Qtr.III 129,450.88 805.96 123.96 6,315.02 64,040.86 63,982.41 58.45 - 8,552.23 49,612.86 QIV 92,722.64 770.33 123.73 7,403.15 62,764.43 62,704.89 59.54 - 9,391.53 12,269.47 72 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 4: Money Supply and its Determinants (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Net Foreign Assets Other Items Net 14 Currency Outside Banks 1 Net Demand Deposit 2 Money Supply (1+2) 3 Quasi￾Money 4 Total Volume (3+4) 5 Total Credit (7+10) 6 Net Claims on Gov't Claims on Total (8+9) 7 Nat. Bank 8 Comm. Banks 9 Non-Cen Gov't 10 Total (13+12) 11 Nat. Bank 12 Comm. Banks 13 2007/08 Qtr.I 12,997.43 16,968.54 29,965.97 28,513.39 58,479.36 61,447.66 30,118.02 22,236.99 7,881.02 31,329.65 15,229.24 10,347.81 4,881.43 18,197.54 Qtr.II 14,445.79 16,652.00 31,097.79 30,051.05 61,148.84 67,400.14 32,245.35 25,254.37 6,990.98 35,154.79 14,210.43 10,067.38 4,143.05 20,461.73 Qtr.III 16,772.57 17,462.77 34,235.35 31,479.07 65,714.42 73,476.09 30,718.38 27,950.75 2,767.63 42,757.71 13,000.07 7,254.70 5,745.37 20,761.74 Qtr.IV 17,654.10 17,696.26 35,350.36 32,831.78 68,182.14 79,969.25 33,075.66 35,405.76 (2,330.10) 46,893.59 11,665.63 5,940.65 5,724.98 23,452.75 2008/09 Qtr.I 16,337.59 20,633.90 36,971.49 34,464.85 71,436.34 84,088.59 34,872.36 37,048.01 (2,175.65) 49,216.23 10,387.77 4,976.66 5,411.11 23,040.02 Qtr.II 17,432.87 22,949.25 40,382.11 35,521.62 75,903.73 85,327.66 31,944.38 36,733.14 (4,788.76) 53,383.28 10,233.46 6,137.41 4,096.05 19,657.39 Qtr.III 19,264.00 23,589.18 42,853.18 37,710.34 80,563.52 85,281.56 29,349.06 35,566.17 (6,217.11) 55,932.51 14,863.60 9,571.56 5,292.04 19,581.64 Qtr.IV 19,715.01 22,397.64 42,112.66 40,397.09 82,509.75 89,203.04 32,786.50 37,827.20 (5,040.70) 56,416.54 17,976.81 11,833.66 6,143.15 24,670.10 2009/10 Qtr.I 18,547.21 25,572.45 44,119.66 43,316.58 87,436.24 92,006.88 32,500.40 36,953.31 (4,452.91) 59,506.48 19,528.96 14,212.62 5,316.34 24,099.60 Qtr.II 21,755.84 24,372.26 46,128.10 45,312.93 91,441.03 92,946.17 28,555.82 35,824.91 (7,269.09) 64,390.35 20,793.03 14,752.59 6,040.45 22,298.18 Qtr.III 23,068.09 26,271.82 49,339.91 47,931.11 97,271.03 98,671.91 30,038.16 38,953.17 (8,915.01) 68,633.76 25,278.62 16,290.43 8,988.19 26,679.50 Qtr.IV 24,206.80 27,727.99 51,934.78 51,997.77 103,932.56 104,350.11 33,013.08 39,340.32 (6,327.24) 71,337.03 27,189.78 15,383.31 11,806.47 27,607.34 2010/11 Qtr.I 23,849.92 29,249.39 53,099.31 55,362.66 108,461.97 104,929.59 31,368.11 39,718.05 (8,349.93) 73,561.48 38,003.21 23,003.30 14,999.91 34,470.83 Qrt II 28,312.32 31,751.83 60,064.16 57,736.08 117,800.24 110,513.95 27,374.22 41,118.83 (13,744.61) 83,139.73 40,230.88 24,979.34 15,251.53 32,944.59 Qtr.III 30,534.69 35,171.96 65,706.66 64,603.11 130,309.77 121,221.73 23,583.78 40,653.91 (17,070.13) 97,637.96 45,638.10 30,084.47 15,553.63 36,550.06 Qtr.IV 32,574.88 43,596.12 76,171.00 69,205.97 145,376.97 142,320.42 28,651.65 45,323.71 (16,672.05) 113,668.76 55,534.68 32,856.00 22,678.68 52,478.12 2011/12 Qtr.I 32,073.62 46,068.57 78,142.18 72,667.68 150,809.86 143,503.46 20,343.12 36,433.18 (16,090.06) 123,160.34 55,479.84 39,355.70 16,124.13 48,173.44 Qtr.II 36,274.61 42,879.96 79,154.57 76,743.67 155,898.24 157,410.18 13,443.60 38,255.43 (24,811.83) 143,966.58 49,345.56 34,675.66 14,669.91 50,857.50 Qtr.III 37,727.68 47,246.43 84,974.11 86,530.15 171,504.25 182,607.91 15,673.90 43,600.37 (27,926.47) 166,934.01 45,771.85 24,524.05 21,247.79 56,875.50 Qtr.IV 38,537.14 56,312.74 94,849.88 94,548.90 189,398.78 202,148.96 21,557.41 45,344.08 (23,786.67) 180,591.55 39,787.69 21,254.33 18,533.36 52,537.88 2012/13 Qtr.I 37,917.53 54,544.75 92,462.28 99,614.21 192,076.50 198,914.63 16,480.84 37,529.91 (21,049.06) 182,433.79 39,304.60 24,995.84 14,308.76 46,142.73 Qtr.II 42,677.02 57,524.67 100,201.69 106,063.71 206,265.39 213,175.22 13,732.02 42,732.25 (29,000.24) 199,443.21 39,754.55 26,357.64 13,396.92 46,664.38 Qtr.III 45,142.40 66,203.30 111,345.70 114,242.15 225,587.85 233,163.88 12,792.18 41,557.83 (28,765.66) 220,371.71 46,981.49 29,607.54 17,373.94 54,557.52 Qtr.IV 45,681.67 69,052.38 114,734.05 120,509.51 235,243.56 252,247.88 21,965.52 55,377.34 (33,411.82) 230,282.36 45,639.62 24,645.62 20,994.00 62,643.94 2013/14 Qtr.I 40,872.49 67,625.20 108,497.69 128,673.13 237,170.82 257,924.26 21,574.78 47,833.32 (26,258.54) 236,349.48 38,325.10 23,406.69 14,918.40 59,078.54 Qtr.II 44,085.69 69,579.58 113,665.27 138,686.20 252,351.47 280,465.92 18,308.87 50,041.39 (31,732.52) 262,157.05 33,534.49 21,297.01 12,237.48 61,648.94 Qtr.III 49,975.27 71,046.94 121,022.21 152,446.74 273,468.95 302,986.96 20,844.63 60,573.97 (39,729.34) 282,142.33 36,763.33 23,444.00 13,319.32 66,281.33 Qtr.IV 53,176.03 80,887.76 134,063.78 163,682.78 297,746.56 326,066.87 26,929.74 64,510.91 (37,581.17) 299,137.13 45,972.30 26,713.89 19,258.41 74,292.61 2014/15 Qtr.I 50,782.73 79,355.45 130,138.19 174,315.87 304,454.06 336,541.23 25,470.01 58,767.36 (33,297.35) 311,071.22 39,063.23 27,065.83 11,997.40 71,150.40 Qtr.II 58,128.86 82,081.55 140,210.40 185,615.77 325,826.17 367,313.10 23,581.11 64,293.14 (40,712.03) 343,731.98 39,409.45 28,393.45 11,015.99 80,896.38 Qtr.III 60,465.03 87,943.76 148,408.79 200,755.69 349,164.48 397,130.29 21,241.99 59,866.59 (38,624.59) 375,888.30 35,516.90 27,640.58 7,876.32 83,482.71 Qtr.IV 60,460.92 94,245.42 154,706.34 216,622.57 371,328.91 430,840.39 30,735.25 77,076.80 (46,341.55) 400,105.14 37,570.95 29,973.37 7,597.57 97,082.42 2015/16 Qtr.I 59,407.73 94,503.33 153,911.06 226,766.04 380,677.10 436,496.83 24,072.01 67,917.15 (43,845.14) 412,424.83 36,192.52 29,081.21 7,111.31 92,012.25 Qtr.II 63,507.06 95,784.79 159,291.85 237,323.17 396,615.02 469,781.03 25,008.45 78,917.95 (53,909.50) 444,772.58 31,444.63 22,494.68 8,949.94 104,610.63 Qtr.III 65,623.75 97,666.63 163,290.39 248,834.10 412,124.48 498,840.49 29,582.00 84,580.08 (54,998.07) 469,258.48 25,157.52 13,862.23 11,295.29 111,873.52 Qtr.IV 66,686.17 111,923.49 178,609.66 266,656.59 445,266.25 531,957.89 47,548.36 95,038.07 (47,489.71) 484,409.53 21,524.19 10,506.42 11,017.77 108,215.83 2016/17 Qtr.I 68,485.09 114,563.29 183,048.38 280,720.66 463,769.04 547,900.98 49,852.85 97,420.62 (47,567.77) 498,048.14 14,357.85 3,466.44 10,891.41 98,489.79 Qtr.II 73,702.55 122,551.62 196,254.17 300,041.07 496,295.24 577,812.91 45,593.96 105,012.72 (59,418.76) 532,218.95 16,470.24 5,541.88 10,928.36 97,987.92 Qtr.III 75,177.93 134,885.28 210,063.21 324,150.56 534,213.77 618,691.36 51,572.27 110,556.05 (58,983.78) 567,119.09 25,495.21 14,294.70 11,200.51 109,972.80 Qtr.IV 73,917.75 142,883.04 216,800.79 356,614.44 573,415.22 690,668.59 85,441.85 120,891.04 (35,449.19) 605,226.75 38,034.79 23,977.03 14,057.76 155,288.16 2017/18 Qtr.I 73,927.01 155,587.95 229,514.96 372,790.02 602,304.98 712,905.00 96,221.26 131,295.09 (35,073.83) 616,683.74 30,984.60 17,651.86 13,332.74 141,584.62 Qtr.II 86,784.15 161,094.75 247,878.90 396,274.17 644,153.07 758,470.30 99,972.02 143,447.90 (43,475.88) 658,498.28 22,527.90 11,391.82 11,136.08 136,845.13 Qtr.III 90,594.76 178,222.22 268,816.98 427,102.45 695,919.43 793,412.62 96,602.32 141,253.91 (44,651.59) 696,810.30 35,993.32 25,765.59 10,227.72 133,486.51 Qtr.IV 86,417.30 194,737.37 281,154.67 459,418.22 740,572.89 855,028.77 102,002.83 140,206.86 (38,204.03) 753,025.94 39,376.20 28,759.38 10,616.82 153,832.08 2018/19 Qtr.I 83,380.01 182,882.17 266,262.18 485,869.24 752,131.42 870,272.56 103,205.53 147,083.49 (43,877.95) 767,067.02 37,942.27 21,270.71 16,671.56 156,083.41 QII 92,192.59 185,405.32 277,597.90 511,563.89 789,161.79 921,386.87 98,558.46 154,902.04 (56,343.57) 822,828.41 23,507.72 11,063.97 12,443.76 155,732.81 QIII 97,075.11 186,067.65 283,142.75 548,867.19 832,009.94 972,583.62 83,539.21 145,023.53 (61,484.32) 889,044.41 27,415.57 17,786.07 9,629.50 167,989.25 QIV 92,016.97 216,920.17 308,937.14 577,815.41 886,752.54 1,052,684.55 109,799.21 172,171.40 (62,372.19) 942,885.35 14,505.19 3,967.75 10,537.44 180,437.20 Fourth Quarter 2018/19 73 National Bank of Ethiopia Quarterly Bulletin

Table 5: Seasonally adjusted data of Monetary Variables (1) (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Currency Outside Banks Net Demand Deposit Money Supply Quasi￾Money Total Volume Central Gov't (Net) Non-Cent. Gov't Foreign Assets (Net) 2007/08 Qtr.I 13,712.29 16,510.38 30,222.68 29,425.82 59,648.49 59,174.10 33,710.70 14,665.76 Qtr.II 11,480.07 16,418.87 27,898.94 29,450.03 57,348.97 67,467.54 24,608.36 14,224.64 Qtr.III 16,554.53 17,986.66 34,541.18 30,912.45 65,453.63 76,782.51 32,495.86 13,585.07 Qtr.IV 20,537.02 18,123.44 38,660.46 32,831.78 71,492.24 81,092.02 65,088.31 11,829.42 2008/09 Qtr.I 17,236.16 20,076.78 37,312.94 35,567.72 72,880.66 80,977.31 52,956.66 10,003.42 Qtr.II 13,853.90 22,627.96 36,481.86 34,811.19 71,293.04 85,412.99 37,368.30 10,243.69 Qtr.III 19,013.57 24,296.85 43,310.42 37,031.56 80,341.98 89,119.23 42,508.70 15,532.46 Qtr.IV 22,934.47 22,938.32 45,872.80 40,397.09 86,269.89 90,455.45 78,306.15 18,229.20 2009/10 Qtr.I 19,567.31 24,881.99 44,449.30 44,486.13 88,935.43 88,602.63 64,028.97 18,806.39 Qtr.II 17,289.37 24,031.04 41,320.41 44,406.67 85,727.08 93,039.12 45,073.24 20,813.83 Qtr.III 21,937.76 26,455.72 48,393.48 47,835.25 96,228.73 98,671.91 52,161.65 25,278.62 Qtr.IV 28,159.77 28,397.34 56,557.11 51,997.77 108,554.88 105,815.19 99,015.79 27,571.53 2010/11 Qtr.I 25,161.66 28,459.66 53,621.32 57,134.27 110,755.59 101,047.20 79,152.15 36,597.10 Qrt.II 22,499.80 31,307.31 53,807.11 56,581.36 110,388.47 110,624.46 58,197.81 40,271.11 Qtr.III 30,137.74 36,227.12 66,364.87 63,440.25 129,805.12 126,676.71 74,204.85 47,691.82 Qtr.IV 37,894.35 44,648.53 82,542.89 69,205.97 151,748.85 144,318.59 157,772.24 56,314.38 2011/12 Qtr.I 33,837.67 44,824.71 78,662.38 74,993.04 153,655.42 138,193.83 132,520.53 53,427.08 Qtr.II 28,827.43 42,279.64 71,107.07 75,208.80 146,315.87 157,567.59 100,776.61 49,394.91 Qtr.III 37,237.22 48,663.82 85,901.04 84,972.60 170,873.64 190,825.26 126,869.85 47,831.58 Qtr.IV 44,830.25 57,672.13 102,502.38 94,548.90 197,051.28 204,987.13 250,661.08 40,346.31 2012/13 Qtr.I 40,003.00 53,072.04 93,075.04 102,801.87 195,876.91 191,554.79 196,298.76 37,850.33 Qtr.II 33,915.43 56,719.32 90,634.75 103,942.43 194,577.18 213,388.40 139,610.24 39,794.31 Qtr.III 44,555.55 68,189.40 112,744.94 112,185.79 224,930.74 243,656.26 167,482.50 49,095.65 Qtr.IV 53,141.49 70,719.31 123,860.79 120,509.51 244,370.30 255,789.44 319,631.91 46,280.40 2013/14 Qtr.I 43,120.48 65,799.32 108,919.80 132,790.67 241,710.46 248,381.06 254,312.04 36,907.07 Qtr.II 35,034.90 68,605.47 103,640.37 135,912.48 239,552.84 280,746.38 183,509.94 33,568.03 Qtr.III 49,325.59 73,178.35 122,503.94 149,702.70 272,206.64 316,621.37 214,428.17 38,417.68 Qtr.IV 61,859.67 82,840.39 144,700.06 163,682.78 308,382.84 330,644.85 415,202.34 46,617.75 2014/15 Qtr.I 53,575.78 77,212.86 130,788.64 179,893.98 310,682.62 324,089.21 334,712.63 37,617.89 Qtr.II 46,195.00 80,932.40 127,127.41 181,903.45 309,030.86 367,680.41 240,612.39 39,448.86 Qtr.III 59,678.99 90,582.08 150,261.06 197,142.09 347,403.15 415,001.15 285,675.10 37,115.16 Qtr.IV 70,334.19 96,520.51 166,854.69 216,622.57 383,477.26 436,889.39 555,345.93 38,098.44 2015/16 Qtr.I 62,675.16 91,951.74 154,626.90 234,022.56 388,649.45 420,346.45 443,769.11 34,853.39 Qtr.II 50,469.06 94,443.80 144,912.87 232,576.71 377,489.57 470,250.81 311,340.80 31,476.07 Qtr.III 64,770.64 100,596.63 165,367.28 244,355.08 409,722.36 521,288.31 356,636.45 26,289.61 Qtr.IV 77,576.03 114,625.32 192,201.35 266,656.59 458,857.94 539,426.58 672,360.42 21,826.39 2016/17 Qtr.I 72,251.77 111,470.08 183,721.85 289,703.72 473,425.57 527,628.65 535,899.79 13,826.61 Qtr.II 58,571.42 120,835.90 179,407.32 294,040.25 473,447.56 578,390.72 372,553.27 16,486.71 Qtr.III 74,200.62 138,931.83 213,132.45 318,315.85 531,448.30 646,532.47 431,010.51 26,642.49 Qtr.IV 85,988.51 146,332.24 232,320.75 356,614.44 588,935.19 700,365.58 840,054.73 38,568.80 2017/18 Qtr.I 77,993.00 151,387.08 229,380.07 384,719.30 614,099.37 686,527.51 663,551.70 29,838.17 Qtr.II 68,967.37 158,839.42 227,806.79 388,348.68 616,155.47 759,228.77 460,948.80 22,550.43 Qtr.III 89,417.03 183,568.88 272,985.92 419,414.60 692,400.52 829,116.19 37,613.02 Qtr.IV 100,529.24 199,438.33 299,967.57 459,418.22 759,385.79 867,033.37 1,045,200.01 39,929.04 2018/ 19 Qtr.I 87,965.91 177,944.35 265,910.26 501,417.05 767,327.31 838,072.47 825,364.12 36,538.41 QII 73,265.45 182,809.64 256,075.09 501,332.61 757,407.70 922,308.26 575,979.89 23,531.23 QIII 95,813.13 191,649.68 287,462.80 538,987.58 826,450.38 1,016,349.89 675,673.75 28,649.27 QIV 107,043.34 222,156.62 329,199.96 577,815.41 907,015.37 1,067,464.25 1,308,724.86 14,708.85 1/ Obtained by multiplying each original observation by appropriate index for the month 74 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 6: International Reserves and Net Foreign Assets of National Bank & Commercial Banks (In Millions of Birr) End of Period Gross Reserve Foreign Liabilities Net Foreign Assets National Bank of Ethiopia International Reserves Comm. Banks Reserve 6 Gross Reserves 1=2+6 NBE Total 2=3 to 5 Gold 3 Foreign Exc. 4 Others Reserve Tranche Posi. 5 Total Liab. 7=8+9 Comm. Banks 8 NBE 9 Total 10=11+12 NBE 11=2-9 Comm. Banks 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 3,254.28 11,906.03 27,189.78 15,383.31 11,806.47 2010/11 Qtr.I 55,098.19 35,852.22 490.52 31,229.17 3,948.22 184.31 19,245.97 17,094.98 4,246.06 12,848.92 38,003.21 23,003.30 14,999.91 Qrt.II 60,236.11 40,042.00 444.17 34,418.71 4,994.49 184.63 20,194.12 20,005.24 4,942.59 15,062.65 40,230.88 24,979.34 15,251.53 Qtr.III 66,516.18 45,367.31 1,636.24 38,413.88 5,124.86 192.33 21,148.87 20,878.08 5,595.24 15,282.84 45,638.10 30,084.47 15,553.63 Qtr.IV 79,945.54 51,551.39 1,395.23 44,738.80 5,221.68 195.67 28,394.16 24,410.87 5,715.48 18,695.39 55,534.68 32,856.00 22,678.68 2011/12 Qtr.I 82,289.50 59,724.20 1,037.56 53,248.95 5,242.45 195.24 22,565.30 26,809.66 6,441.17 20,368.49 55,479.84 39,355.70 16,124.13 Qtr.II 75,054.99 51,965.40 479.44 46,056.19 5,236.48 193.30 23,089.59 25,709.43 8,419.69 17,289.74 49,345.56 34,675.66 14,669.91 Qtr.III 68,989.93 40,349.89 669.26 34,192.43 5,292.44 195.77 28,640.04 23,218.08 7,392.24 15,825.84 45,771.85 24,524.05 21,247.79 Qtr.IV 64,119.02 40,101.45 2,038.08 32,528.76 5,339.29 195.32 24,017.57 24,331.33 5,484.21 18,847.12 39,787.69 21,254.33 18,533.36 2012/13 Qtr.I 64,490.48 44,307.75 (24.32) 38,671.89 5,458.67 201.51 20,182.74 25,185.88 5,873.98 19,311.91 39,304.60 24,995.84 14,308.76 Qtr.II 66,096.15 46,620.93 1,964.27 38,926.61 5,526.08 203.98 19,475.22 26,341.60 6,078.30 20,263.30 39,754.55 26,357.64 13,396.92 Qtr.III 73,770.07 50,358.05 1,310.29 43,334.32 5,512.02 201.42 23,412.02 26,788.59 6,038.08 20,750.51 46,981.49 29,607.54 17,373.94 Qtr.IV 72,649.20 44,140.03 2,253.17 36,078.39 5,606.69 201.78 28,509.18 27,009.59 7,515.18 19,494.41 45,639.62 24,645.62 20,994.00 2013/14 Qtr.I 69,177.60 46,471.52 2,656.15 37,900.27 5,705.18 209.91 22,706.08 30,852.50 7,787.68 23,064.82 38,325.10 23,406.69 14,918.40 Qtr.II 69,684.03 49,513.05 1,522.50 41,971.87 5,804.38 214.30 20,170.98 36,149.54 7,933.50 28,216.04 33,534.49 21,297.01 12,237.48 Qtr.III 67,001.19 45,838.73 1,333.55 38,439.61 5,848.52 217.05 21,162.46 30,237.86 7,843.13 22,394.73 36,763.33 23,444.00 13,319.32 Qtr.IV 77,877.97 50,624.47 1,217.59 43,237.44 5,951.02 218.41 27,253.50 31,905.67 7,995.09 23,910.57 45,972.30 26,713.89 19,258.41 2014/15 Qtr.I 72,152.41 52,555.40 1,217.59 45,256.47 5,866.25 215.08 19,597.01 33,089.18 7,599.61 25,489.57 39,063.23 27,065.83 11,997.40 Qtr.II 93,641.42 74,840.58 741.24 67,914.12 5,867.87 317.35 18,800.84 54,231.97 7,784.85 46,447.12 39,409.45 28,393.45 11,015.99 Qtr.III 80,014.15 64,152.02 206.89 57,837.68 5,800.34 307.11 15,862.13 44,497.25 7,985.81 36,511.44 35,516.90 27,640.58 7,876.32 Qtr.IV 82,741.82 66,817.67 79.30 60,856.52 5,566.59 315.26 15,924.15 45,170.87 8,326.57 36,844.30 37,570.95 29,973.37 7,597.57 2015/16 Qtr.I 80,548.64 65,085.59 (101.65) 59,349.29 5,519.27 318.69 15,463.04 44,356.12 8,351.74 36,004.39 36,192.52 29,081.21 7,111.31 Qtr.II 102,594.72 84,226.48 222.87 78,442.72 5,241.83 319.06 18,368.24 71,150.10 9,418.30 61,731.80 31,444.63 22,494.68 8,949.94 Qtr.III 94,205.95 72,889.54 1,136.99 66,362.68 5,064.22 325.65 21,316.42 69,048.43 10,021.13 59,027.31 25,157.52 13,862.23 11,295.29 Qtr.IV 95,054.99 74,156.73 1,113.92 67,851.69 4,859.62 331.50 20,898.27 73,530.80 9,880.50 63,650.30 21,524.19 10,506.42 11,017.77 2016/17 Qtr.I 96,065.61 74,949.60 8.43 69,963.93 4,641.20 336.04 21,116.01 81,707.76 10,224.60 71,483.16 14,357.85 3,466.44 10,891.41 Qtr.III 92,768.28 72,397.44 1,139.58 66,561.06 4,370.15 326.66 20,370.84 76,298.03 9,442.47 66,855.56 16,470.24 5,541.88 10,928.36 Qtr.III 91,850.16 70,874.56 1,135.37 61,851.06 7,550.46 337.66 20,975.60 66,354.95 9,775.10 56,579.86 25,495.21 14,294.70 11,200.51 Qtr.IV 98,750.85 73,874.32 741.33 68,851.84 3,931.73 349.42 24,876.54 60,716.07 10,818.77 49,897.29 38,034.79 23,977.03 14,057.76 2017/18 Qtr.I 93,889.81 68,636.42 0.01 64,643.51 3,633.38 359.52 25,253.39 62,905.21 11,920.65 50,984.56 30,984.60 17,651.86 13,332.74 Qtr.II 108,580.90 82,254.04 0.01 77,584.06 4,249.63 420.35 26,326.86 86,053.00 15,190.78 70,862.22 22,527.90 11,391.82 11,136.08 Qtr.III 109,952.13 85,287.93 81.43 80,464.52 4,309.30 432.67 24,664.20 73,958.81 14,436.48 59,522.34 35,993.32 25,765.59 10,227.72 Qtr.IV 102,738.94 77,617.37 750.54 72,217.34 4,231.09 418.41 25,121.57 63,362.74 14,504.75 48,857.99 39,376.20 28,759.38 10,616.82 2018/19 Qtr.I 134,142.53 103,307.08 750.99 97,678.76 4,455.23 422.10 30,835.45 96,200.25 14,163.89 82,036.37 37,942.27 21,270.71 16,671.56 QII 139,330.76 110,973.71 750.54 105,145.06 4,654.41 423.72 28,357.05 115,823.04 15,913.29 99,909.75 23,507.72 11,063.97 12,443.76 QIII 138,532.05 111,651.22 198.87 106,132.87 4,887.60 431.88 26,880.84 111,116.48 17,251.34 93,865.15 27,415.57 17,786.07 9,629.50 QIV 127,270.46 98,726.63 804.88 92,853.80 4,630.17 437.79 28,543.82 112,765.27 18,006.38 94,758.88 14,505.19 3,967.75 10,537.44 Fourth Quarter 2018/19 75 National Bank of Ethiopia Quarterly Bulletin

Table 7: Domestic Credit by Sector (In Millions of Birr) End of Period Gross Domestic Credit 1=2+5 Claims on Central Gov't Claims on Non-Central Gov't Total 2=3+4 NBE 3 Comm. Banks 4 Total 5=6+7 Loans & Advances 6 Invest￾ments 7 2007/08 Qtr.I 77,648.79 46,319.15 30,269.27 16,049.88 31,329.65 22,920.83 8,408.81 Qtr.II 83,224.02 48,069.23 31,995.27 16,073.96 35,154.79 25,761.00 9,393.79 Qtr.III 88,852.79 46,095.09 33,917.27 12,177.81 42,757.71 31,682.65 11,075.06 Qtr.IV 95,104.83 48,211.24 41,563.08 6,648.16 46,893.59 33,600.67 13,292.93 2008/09 Qtr.I 99,722.15 50,505.92 44,270.98 6,234.94 49,216.23 34,397.64 14,818.58 Qtr.II 101,879.50 48,496.21 42,948.98 5,547.24 53,383.28 35,946.71 17,436.57 Qtr.III 103,730.38 47,797.88 42,248.98 5,548.90 55,932.51 37,079.81 18,852.70 Qtr.IV 106,324.63 49,908.09 44,498.73 5,409.36 56,416.54 38,802.03 17,614.51 2009/10 Qtr.I 109,573.22 50,066.74 44,326.63 5,740.11 59,506.48 39,701.38 19,805.10 Qtr.II 113,178.74 48,788.40 43,610.83 5,177.56 64,390.35 44,092.84 20,297.50 Qtr.III 120,251.34 51,617.59 45,989.73 5,627.86 68,633.76 46,900.67 21,733.09 Qtr.IV 124,275.08 52,938.05 45,522.78 7,415.27 71,337.03 47,540.18 23,796.85 2010/11 Qtr.I 127,025.88 53,464.40 47,983.68 5,480.72 73,561.48 48,436.98 25,124.50 Qrt.II 137,731.17 54,591.45 50,488.58 4,102.86 83,139.73 55,653.80 27,485.93 Qtr.III 154,521.74 56,883.78 51,930.58 4,953.20 97,637.96 62,088.83 35,549.12 Qtr.IV 172,852.07 59,183.31 55,614.64 3,568.67 113,668.76 68,121.31 45,547.45 2011/12 Qtr.I 182,848.50 59,688.15 55,566.48 4,121.67 123,160.34 72,379.01 50,781.33 Qtr.II 202,386.30 58,419.72 55,562.48 2,857.24 143,966.58 85,795.46 58,171.12 Qrt.III 225,564.77 58,630.77 55,562.48 3,068.28 166,934.01 100,478.28 66,455.73 Qtr.IV 240,575.21 59,983.66 55,562.48 4,421.18 180,591.55 107,119.04 73,472.51 2012/13 Qtr.I 246,456.06 64,022.27 55,510.38 8,511.89 182,433.79 106,583.93 75,849.86 Qtr.II 261,646.62 62,203.41 55,510.38 6,693.03 199,443.21 115,716.08 83,727.13 Qtr.III 285,289.57 64,917.87 59,510.38 5,407.49 220,371.71 128,230.09 92,141.62 Qtr.IV 300,492.71 70,210.35 64,510.38 5,699.97 230,282.36 130,885.39 99,396.97 2013/14 Qtr.I 304,819.92 68,470.44 64,381.33 4,089.11 236,349.48 129,713.99 106,635.50 Qtr.II 330,002.44 67,845.38 64,381.33 3,464.05 262,157.05 144,359.46 117,797.59 Qtr.III 357,277.46 75,135.14 73,381.33 1,753.80 282,142.33 155,798.24 126,344.08 Qtr.IV 374,071.19 74,934.06 73,304.39 1,629.68 299,137.13 162,232.83 136,904.30 2014/15 Qtr.I 385,474.06 74,402.84 73,175.34 1,227.50 311,071.22 166,392.07 144,679.15 Qtr.II 423,153.67 79,421.69 78,175.34 1,246.35 343,731.98 184,727.66 159,004.32 Qtr.III 458,315.98 82,427.69 81,175.34 1,252.35 375,888.30 202,409.27 173,479.03 Qtr.IV 493,536.50 93,431.36 92,175.34 1,256.02 400,105.14 208,858.92 191,246.21 2015/16 Qtr.I 512,987.60 100,562.77 99,657.34 905.43 412,424.83 212,528.02 199,896.80 Qtr.II 550,335.35 105,562.77 104,657.34 905.43 444,772.58 231,803.76 212,968.82 Qtr.III 574,821.26 105,562.77 104,657.34 905.43 469,258.48 244,256.61 225,001.87 Qtr.IV 594,275.57 109,866.05 109,080.40 785.65 484,409.53 252,456.25 231,953.28 2016/17 Qtr.I 614,243.26 116,195.13 115,640.85 554.28 498,048.14 257,176.06 240,872.08 Qtr.II 653,414.08 121,195.13 120,640.85 554.28 532,218.95 279,303.53 252,915.43 Qtr.III 697,290.22 130,171.13 129,640.85 530.28 567,119.09 299,213.06 267,906.04 Qtr.IV 762,842.31 157,615.56 135,632.85 21,982.71 605,226.75 311,137.51 294,089.24 2017/18 Qtr.I 789,525.40 172,841.67 150,632.85 22,208.82 616,683.74 316,104.52 300,579.22 Qtr.II 840,813.75 182,315.46 160,128.85 22,186.62 658,498.28 336,105.79 322,392.50 Qtr.III 879,125.76 182,315.46 160,128.85 22,186.62 696,810.30 357,928.56 338,881.74 Qtr.IV 935,341.40 182,315.46 160,128.85 22,186.62 753,025.94 393,607.01 359,418.93 2018/19 Qtr.I 956,319.44 189,252.41 166,685.30 22,567.12 767,067.02 402,964.12 364,102.91 QII 1,024,035.43 201,207.02 178,685.30 22,521.73 822,828.41 444,356.28 378,472.13 QIII 1,094,682.64 205,638.22 182,685.30 22,952.93 889,044.41 471,569.71 417,474.71 QIV 1,161,190.85 218,305.50 194,685.30 23,620.21 942,885.35 495,504.92 447,380.43 76 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 8: Deposits by Type and Sector (In Millions of Birr) End of Period Total Deposits Non-Central Gov't Deposits with CBs Central Gov't Dep. with Total Net Demand Deposit Savings Deposit Time Dep. (30 days & over) Total National Bank Comm. Banks 1=2+6 2=3 to 5 3 4 5 6=7+8 7 8 2007/08 Qtr.I 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 Qtr.IV 734,482.46 654,169.83 194,737.37 382,563.67 76,868.79 80,312.63 19,921.99 60,390.64 2018/19 Qtr.I 754,813.22 668,766.34 182,882.17 407,185.70 78,698.46 86,046.88 19,601.81 66,445.07 QII 799,642.99 696,994.43 185,405.32 430,123.97 81,465.14 102,648.56 23,783.26 78,865.30 QIII 857,091.15 734,992.14 186,067.65 462,852.96 86,071.53 122,099.01 37,661.76 84,437.25 QIV 903,483.68 794,977.38 216,920.17 487,543.93 90,513.29 108,506.29 22,513.90 85,992.40 Fourth Quarter 2018/19 77 National Bank of Ethiopia Quarterly Bulletin

Table 9: Reserve and Liquidity Position of the Commercial Banks, and Turnover of Deposits (In Millions of Birr) End of Period Reserve Requir￾ments 1 Actual Rese. 2 Excess Rese. 3=2-1 Foreign Assets 4 Foreign Liabilities Actual Reserve+ Net For. Assets 7=2+4-5 Liqui￾dity Ratio 8 Ratio: Loans Adv.to Dep. 9 Debit Bal￾ance 10 Turn￾Over of Deposit 11 Total 5=6+7 Short Term 6 Long Term 7 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) Qtr.IV 34,423.80 89,611.48 55,187.68 25,121.57 14,504.75 14,504.75 - 100,228.29 16.02 55.08 (7,299.45) (0.03) 2018/19 Qtr.I 36,595.29 91,062.85 54,467.56 30,835.45 14,163.89 14,163.89 0.0 107,734.41 16.13 54.41 (7,494.41) (0.03) QII 38,073.40 85,123.08 47,049.67 28,357.05 15,913.29 15,913.29 0.0 97,566.83 14.26 55.87 2,464.99 0.01 QIII 39,995.88 82,819.61 42,823.73 26,880.84 17,251.34 17,251.34 0.0 92,449.11 12.90 57.40 8,337.54 0.03 QIV 41,140.08 118,506.49 77,366.41 28,543.82 18,006.38 18,006.38 0.0 129,043.93 17.23 58.71 (26,020.41) (0.09)

1. Actual Reserve: Reserves with the National Bank of Ethiopia Plus Cash in Hand (Local Currency).
2. Liquidity Ratio: Actual Reserves + Foreign Asset, net of short term liabilities, divided by Demand Deposits, net.
3. Ratio of Loans and Advances to Deposits: Gross Commercial Bank Loans and discounts plus credit to Central Government divided by Gross Demand Deposits (of private and others) + Demand Deposits of domestic banks + Time and Savings Deposits + Government Deposits with commercial banks.
4. Debit Balance: Total Debit Balance less debit against the deposits of the commercial banks.
5. Turnover of Deposits: Debit Balances divided by Gross Demand Deposits of private and others + Government Deposits. 78 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 10: Circulating Notes and Coins by Denomination End of Period Value of Notes &Coins Denomination of Notes: Birr Denominations of Coins: Cents Total Value (Notes) 1 5 10 50 100 Total Value (Coins) 1 5 10 25 50 100(coin) 2007/08 Qtr.I 15130.3 14953.0 414.2 122.2 1809.0 2612.7 9994.9 177.3 0.8 28.3 65.6 32.1 50.7 Qtr.II 17852.4 17673.6 454.4 189.8 2415.8 2974.2 11639.3 178.7 0.8 28.5 66.2 32.1 51.1 Qtr.III 19492.3 19309.5 437.6 210.3 2697.2 3519.6 12444.9 182.8 0.8 28.9 66.6 33.4 53.1 Qtr.IV 19780.8 19591.5 414.9 188.2 2574.3 3459.4 12954.8 189.2 0.8 29.8 68.0 34.9 55.7 2008/09 Qtr.I 20388.5 20191.0 417.0 162.8 2456.7 3554.5 13600.0 197.5 0.8 30.4 69.6 37.8 58.9 Qtr.II 22129.9 21926.0 441.7 259.8 2514.7 3757.7 14952.0 203.9 0.8 31.3 71.5 39.4 60.8 Qtr.III 24028.8 23818.7 459.8 268.9 2581.7 3931.9 16576.4 210.1 0.8 32.2 73.0 41.3 62.8 Qtr.IV 24133.9 23918.2 449.0 245.7 2227.0 3897.3 17099.3 215.7 0.8 33.2 74.3 42.8 64.7 2009/10 Qtr.I 23036.3 22815.5 426.3 231.8 2023.7 3521.7 16612.0 220.7 0.9 33.9 75.6 44.1 66.2 Qtr.II 26011.3 25786.8 458.5 258.6 2023.7 3724.2 19321.9 224.5 0.9 34.3 76.8 45.2 67.3 Qtr.III 28333.2 28103.5 466.2 364.7 2943.1 3723.9 20605.6 229.6 0.9 34.8 78.9 45.9 69.2 Qtr.IV 28812.7 28576.9 462.6 356.9 2842.9 3383.9 21530.6 235.8 0.9 35.4 80.6 46.6 72.3 2010/11 Qtr.I 30620.0 30277.1 482.3 366.6 2618.5 3493.4 23316.4 342.9 1.0 36.2 83.5 52.0 127.7 42.5 Qrt.II 34074.7 33731.2 404.1 223.3 3124.9 4082.8 25896.0 343.5 1.0 36.2 83.6 50.9 122.9 49.0 Qtr.III 37477.8 37199.9 471.9 310.0 4012.5 4601.5 27803.9 278.0 1.0 36.3 83.9 26.1 73.1 57.6 Qtr.IV 39144.3 38848.3 482.9 293.4 3425.0 4283.8 30363.2 296.0 0.8 37.0 86.0 30.1 76.3 65.9 2011/12 Qtr.I 38781.8 38475.2 486.5 287.1 3526.7 4612.6 29562.4 306.6 0.8 37.2 86.8 31.0 77.6 73.2 Qtr.II 42056.0 41736.3 496.5 287.4 3563.9 5885.1 31503.3 319.7 0.8 37.2 87.0 32.4 81.3 80.9 Qrt.III 44718.0 44390.7 661.5 659.5 4605.1 7134.5 31330.1 327.3 0.8 37.2 87.7 33.9 84.5 83.1 Qtr.IV 45802.1 45468.4 626.3 514.8 1144.0 2482.0 40701.3 333.7 0.8 37.3 88.4 35.2 86.4 85.6 2012/13 Qtr.I 46238.6 45991.0 677.6 626.9 1545.6 3113.7 40027.1 247.6 0.8 27.3 69.6 6.9 55.8 87.3 Qtr II 50982.9 50727.7 700.2 465.3 2533.4 5065.1 41963.6 255.3 0.8 28.2 70.7 8.9 58.6 88.1 Qtr II 54337.6 54065.5 614.7 513.6 3368.2 6488.9 43080.0 272.2 0.8 28.5 73.8 14.2 66.9 88.0 Qtr.IV 54993.7 54632.8 659.6 533.0 3430.7 6602.4 43407.0 360.9 0.8 34.2 84.0 57.7 96.0 88.3 2013/14 Qtr.I 50591.9 50222.6 683.6 589.5 3222.9 6397.1 39329.5 369.3 0.8 34.2 84.9 59.0 98.1 92.2 Qtr.II 52495.9 52121.9 692.6 609.2 3321.6 6475.1 41023.4 374.0 0.8 34.4 85.3 59.6 99.1 94.9 Qtr.III 64642.3 64230.3 659.9 867.2 2421.4 6669.2 53612.6 412.0 0.8 39.3 94.9 61.9 100.1 114.9 Qtr.IV 64472.9 64048.1 634.9 906.9 2368.8 6773.2 53364.4 424.8 0.8 39.5 95.4 62.8 101.4 124.8 2014/15 Qtr.I 63846.6 63406.6 618.3 964.8 2339.5 6555.3 52928.7 440.1 0.8 39.7 95.9 63.9 102.9 136.8 Qtr.II 70841.5 70384.8 602.5 1097.3 2550.7 7607.6 58526.7 456.6 0.8 39.9 96.2 64.5 104.0 151.2 Qtr.III 74470.2 73989.1 589.0 1161.0 2695.0 7767.3 61776.9 481.1 0.8 40.0 96.7 65.6 105.9 172.1 Qtr.IV 75358.8 74846.9 557.8 1177.8 2675.6 7459.8 62975.8 511.9 0.8 40.1 97.1 66.4 107.3 200.1 2015/16 Qtr.I 74863.5 74313.7 538.9 1209.0 2725.7 7304.0 62536.1 549.8 0.8 40.3 97.6 67.1 108.6 235.4 Qtr.II 77947.8 77357.4 507.3 1306.8 2885.2 7573.2 65084.8 590.5 0.8 40.5 97.9 67.8 109.8 273.7 Qtr.III 80376.2 79731.9 479.6 1325.7 2807.1 7367.4 67752.0 644.4 0.8 40.6 98.3 68.3 110.7 325.6 Qtr.IV 82,765.0 82,067.9 455.8 1,337.4 2,766.9 7,906.8 69,600.9 697.1 0.8 40.7 98.4 68.7 111.5 376.9 2016/17 Qtr.I 85,984.2 85,243.1 439.3 1,355.6 2,793.4 8,911.7 71,743.1 741.0 0.8 40.9 98.7 69.4 112.5 418.7 Qtr.II 90,418.9 89,629.2 425.9 1,456.3 2,925.0 9,417.7 75,404.3 789.6 0.8 41.0 98.9 69.9 113.5 465.6 Qtr.III 92,383.1 91,541.2 411.7 1,461.3 2,982.7 9,615.2 77,070.3 841.8 0.8 41.1 99.1 70.6 114.7 515.5 Qtr.IV 94,415.6 93,527.6 403.8 1,418.7 3,010.1 9,722.2 78,972.8 888.0 0.8 41.2 99.4 71.4 115.8 559.3 2017/18 Qtr.I 95,132.8 94,206.5 396.4 1,396.7 3,025.7 9,678.2 79,709.5 926.3 0.8 41.3 99.6 72.0 116.8 595.8 Qtr.II 106,106.9 105,137.4 393.8 1,506.7 3,423.5 10,701.5 89,111.8 969.5 0.8 41.3 99.7 72.4 117.7 637.6 Qtr.III 112,608.7 111,589.8 388.2 1,507.8 3,487.4 11,017.1 95,189.3 1,018.9 0.8 41.4 99.8 72.7 118.6 685.5 QtrIV 113,081.0 112,020.6 384.1 1,467.8 3,512.8 11,143.4 95,512.5 1,060.4 0.8 41.4 99.8 73.0 118.9 726.5 2018/19 Qtr.I 111,045.7 109,958.3 380.4 1,464.1 3,497.5 10,696.4 93,919.9 1,087.3 0.8 41.4 99.8 73.2 119.9 752.2 QII 120,517.6 119,396.7 378.1 1,525.6 3,764.1 11,944.2 101,784.7 1,120.9 0.8 41.5 99.7 73.5 120.5 784.9 QIII 125,466.5 124,323.0 375.4 1,533.0 3,747.1 11,896.4 106,771.2 1,143.5 0.8 41.5 99.7 73.4 120.6 807.5 QIV 121,967.5 120,805.0 374.5 1,535.7 3,724.9 11,387.5 103,782.4 1,162.5 0.8 41.4 99.6 73.4 120.7 826.5 Fourth Quarter 2018/19 79 National Bank of Ethiopia Quarterly Bulletin

Table 11: Interest Rate Structures A. Lending rates (by CBE and specialized banks) Sector Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- 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 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 C. Minimum and Maximum Interest Rates Minimum and Maximum Interest Rates Jan. 2, 1995- Nov. 30, 1995 Dec. 1, 1995- May 30, 1996 June 1, 1996- Sep. 15, 1996 Sep.16,1996- Dec. 31,1997 Jan. 1,1998- Mar. 3, 2002 Mar. 4,2002- 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 Maximum lending rate by commercial banks & other financial institutions, except for central government loan Central Government loan 80 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 12: Government Internal Debt by Holder (In Millions of Birr) End of Period Total Gov't Indebt￾edness 1=2+6+9 National Bank of Ethiopia Commercial Banks Others Direct Advance 3 Gov't Bonds Noninterest bearing 4 Interest bearing 5 Comm. Banks Total 6=7+8 Comm. Banks Total 6=7+8 Gov't Bonds 7 Treasury Bills 8 Others Total 9=10+11 Gov't Bonds 10 Treasury Bills 11 2007/08 Qtr.I 48586.6 30269.3 20370.0 9417.1 482.2 16049.9 4070.5 11979.4 2267.4 282.4 1985.0 Qtr.II 50558.8 31995.3 22096.0 9417.1 482.2 16074.0 4059.4 12014.6 2489.5 274.5 2215.0 Qtr.III 50549.4 33917.3 24018.0 9417.1 482.2 12177.8 4058.3 8119.5 4454.3 430.3 4024.0 Qtr.IV 54229.6 41563.1 31818.0 9270.9 474.2 6648.2 3914.0 2734.1 6018.3 430.3 5588.0 2008/09 Qtr.I 56674.5 44271.0 34578.0 9270.9 422.1 6234.9 3891.8 2343.1 6168.5 430.3 5738.2 Qtr.II 54951.3 42949.0 33256.0 9270.9 422.1 5547.2 3879.3 1668.0 6455.1 413.9 6041.2 Qtr.III 54449.5 42249.0 32556.0 9270.9 422.1 5548.9 3878.2 1670.7 6651.6 370.6 6281.0 Qtr.IV 56589.9 44498.7 34891.0 9193.6 414.1 5409.4 3741.6 1667.7 6681.8 370.6 6311.2 2009/10 Qtr.I 56667.5 44326.6 34771.0 9193.6 362.0 5740.1 3469.4 2270.7 6600.8 370.6 6230.2 Qtr.II 55892.6 43610.8 34055.2 9193.6 362.0 5177.6 3456.8 1720.7 7104.2 354.2 6750.0 Qtr.III 58880.0 45989.7 36434.1 9193.6 362.0 5627.9 3456.8 2171.0 7262.4 310.9 6951.5 Qtr.IV 59921.2 45522.8 36044.1 9124.7 354.0 7415.3 3319.4 4095.8 6983.1 310.9 6672.2 2010/11 Qtr.I 60527.5 47983.7 38557.1 9124.7 301.9 5480.7 3047.2 2433.5 7063.1 310.9 6752.2 Qtr.II 61613.2 50488.6 41062.0 9124.7 301.9 4102.9 2784.7 1318.2 7021.7 269.3 6752.4 Qtr.III 64015.5 51930.6 42504.0 9124.7 301.9 4953.2 2784.5 2168.7 7131.7 269.3 6862.4 Qtr.IV 69415.2 55614.6 46265.0 9055.7 293.9 3568.7 2670.3 898.4 10231.9 269.3 9962.6 2011/12 Qtr.I 71052.0 55566.5 46264.9 9055.7 245.8 4121.7 2424.6 1697.1 11363.8 251.2 11112.6 Qrt.II 71122.3 55562.5 46264.9 9055.7 241.8 2857.2 2423.2 434.0 12702.6 251.2 12451.4 Qrt.III 75502.2 55562.5 46264.9 9055.7 241.8 3068.3 2419.2 649.1 16871.4 200.0 16671.4 Qtr.IV 77812.0 55562.5 46264.9 9055.7 241.8 4421.2 2419.2 2002.0 17828.4 200.0 17628.4 2012/13 Qtr.I 82079.1 55510.4 46264.9 9055.7 189.7 8511.9 2455.9 6056.0 18056.8 200.0 17856.8 Qtr.II 81380.8 55510.4 46264.9 9055.7 189.7 6693.0 2397.6 4295.5 19177.4 200.0 18977.4 Qtr.III 85794.0 59510.4 50264.9 9055.7 189.7 5407.5 2419.7 2987.7 20876.1 200.0 20676.1 Qtr.IV 93019.2 64510.4 55264.9 9055.7 189.7 5700.0 2380.4 3319.6 22808.9 200.0 22608.9 2013/14 Qtr.I 91279.3 64381.3 55264.9 8986.8 129.6 4089.1 1753.9 2335.2 22808.9 200.0 22608.9 Qtr.II 90654.2 64381.3 55264.9 8986.8 129.6 3464.0 1753.8 1710.2 22808.9 200.0 22608.9 Qtr.III 97944.0 73381.3 64264.9 8986.8 129.6 1753.8 1753.8 0.0 22808.9 200.0 22608.9 Qtr.IV 107318.5 73304.4 64264.9 8917.8 121.6 1629.7 1629.7 0.0 32384.5 97.6 32286.9 2014/15 Qtr.I 109794.8 73175.3 64264.9 8848.9 61.5 1227.5 1227.5 0.0 35392.0 97.6 35294.4 Qtr.II 116383.3 78175.3 69264.9 8848.9 61.5 1246.3 1246.3 0.0 36961.7 54.3 36907.4 Qtr.III 121824.8 81175.3 72264.9 8848.9 61.5 1252.3 1252.3 0.0 39397.2 54.3 39342.9 Qtr.IV 135190.4 92175.3 83264.9 8848.9 61.5 1256.0 1256.0 0.0 41759.1 54.3 41704.8 2015/16 Qtr.I 144937.8 99657.3 91264.9 8344.4 48.0 905.4 905.4 0.0 44375.1 54.3 44320.8 Qtr.II 154426.6 104657.3 96264.9 8344.4 48.0 905.4 905.4 0.0 48863.9 54.3 48809.6 Qtr.III 159157.7 104657.3 96264.9 8344.4 48.0 905.4 905.4 0.0 53595.0 72.4 53522.6 Qtr.IV 163461.0 109080.4 100764.9 8275.5 40.0 785.7 785.7 0.0 53595.0 72.4 53522.6 2016/17 Qtr.I 161914.2 107764.9 107764.9 0.0 0.0 554.3 554.3 0.0 53595.0 72.4 53522.6 Qtr.II 171344.9 120640.8 112764.9 7839.9 36.0 554.3 554.3 0.0 50149.8 36.2 50113.6 Qtr.III 184406.9 129640.8 121764.9 7839.9 36.0 530.3 530.3 0.0 54235.8 36.2 54199.6 Qtr.IV 230923.3 135632.8 127764.9 7839.9 28.0 21982.7 21982.7 0.0 73307.8 36.2 73271.6 2017/18 Qtr.I 251943.3 150632.8 142764.9 7839.9 28.0 22208.8 22208.8 0.0 79101.7 18.1 79083.6 Qtr.II 264416.1 160128.8 152264.9 7839.9 24.0 22186.6 22186.6 0.0 82100.7 18.1 82082.6 Qtr.III 270410.1 160128.8 152264.9 7839.9 24.0 22186.6 22186.6 0.0 88094.7 18.1 88076.6 Qtr.IV 286601.1 160128.8 152264.9 7839.9 24.0 22186.6 22186.6 0.0 104285.7 18.1 104267.6 2018/19 Qtr.I 306121.1 166685.3 159264.9 7404.4 16.0 22567.1 22567.1 0.0 116868.7 18.1 116850.6 Qtr.II 324319.7 178685.3 171264.9 7404.4 16.0 22521.7 22521.7 0.0 123112.7 18.1 123094.6 Qtr.III 334556.9 182685.3 175264.9 7404.4 16.0 22952.9 22952.9 0.0 128918.7 18.1 128900.6 Qtr.IV 353340.2 194685.3 187264.9 7404.4 16.0 23620.2 22970.3 649.9 135034.7 18.1 135016.6 Fourth Quarter 2018/19 81 National Bank of Ethiopia Quarterly Bulletin

Table 13. General Government Quarterly Revenue (In million Birr) Ethiopian fiscal year 2010 2011 Ethiopian fiscal year fiscal year ending july 7 2017/18 2018/19 particular Pre actual Pre actual Budget 3mon (Qrt.I) 6mon Qrt.II 9mon Qrt.III 12 Mon Qrt.IV Budget 3mon (Qrt.I) 6mon Qrt.II 9mon Qrt.III 12 Mon Qrt.IV Tax revenue 266,609.4 53,367.7 119,446.2 66,078.5 177,027.8 57,581.6 235229.5 58,201.7 289,521.3 60,080.5 135,807.6 75,727.1 194,642.5 58,834.8 268,457.4 73,815.0 Direct taxes 101,768.6 19,902.6 50,054.4 30,151.8 74,130.6 24,076.3 97646.0 23,515.4 114,487.6 24,546.3 63,348.8 38,802.4 84,463.6 21,114.8 115,857.8 31,394.2 Income and profits tax 98,632.1 19,320.1 48,693.0 29,373.0 72,068.6 23,375.5 79543.3 22,768.8 109,067.1 21,177.3 55,766.9 34,589.6 73,750.9 17,984.1 100,609.1 26,858.2 Personal income 30,896.0 6,759.0 15,302.6 8,543.6 24,487.7 9,185.1 34810.6 10,322.9 36,708.6 8,326.0 19,071.6 10,745.6 27,792.3 8,720.7 41,202.5 13,410.2 Rental income tax 2,354.3 782.1 1,362.6 580.5 1,610.5 248.0 1727.2 116.7 2,488.1 913.8 1,850.1 936.3 1,942.6 92.5 2,137.6 195.0 Business profits 52,146.7 9,931.1 28,118.6 18,187.6 35,219.0 7,100.3 44732.7 9,513.7 57,607.9 12,851.3 36,695.3 23,844.0 45,958.7 9,263.4 59,406.6 13,448.0 Withholding income tax on imports 4,005.8 919.7 1,782.1 862.4 2,528.0 745.9 3308.6 780.5 2,916.9 889.0 1,742.0 853.0 2,654.7 912.7 3,648.5 993.8 Agriculture income 617.8 9.3 103.1 93.8 272.0 168.9 401.0 129.0 698.1 7.1 59.9 52.8 229.3 169.5 352.2 122.8 Other income 7,720.2 637.9 1,408.7 770.8 6,851.0 5,442.3 8356.9 1,505.9 7,632.4 449.7 1,550.0 1,100.4 2,218.7 668.7 3,973.9 1,755.2 Interest income tax 799.9 247.3 517.0 269.7 957.2 440.1 1261.8 304.6 877.2 370.0 685.0 315.0 1,189.0 504.0 1,689.3 500.3 Capital gains tax 91.4 33.7 98.2 64.5 143.2 45.0 238.7 95.5 137.9 58.3 148.1 89.8 242.0 93.9 388.0 146.0 Rural land use fee 486.1 10.6 85.9 75.3 243.2 157.3 376.3 133.1 2,300.4 12.1 70.2 58.1 225.7 155.5 356.0 130.3 Urban land lease fee 2,650.4 572.0 1,275.4 703.5 1,818.8 543.4 2,432.4 613.6 3,120.0 669.2 1,476.6 807.3 2,010.6 534.0 2,703.3 692.7 Domestic indirect taxes 78,503.1 14,524.3 30,824.7 16,300.4 48,018.7 17,194.0 67172.4 19,153.7 83,200.3 17,349.9 36,708.9 19,359.1 55,256.1 18,547.2 77,774.0 22,517.9 ales/TOT/excise taxes 39,788.0 6,120.2 12,739.3 6,619.2 20,821.0 8,081.7 28849.4 8,028.4 40,833.5 7,266.0 15,452.7 8,186.7 24,627.7 9,175.0 35,541.9 10,914.2 Petroleum products 763.9 190.0 347.7 157.7 491.0 143.3 610.6 119.6 820.3 160.4 386.0 225.5 522.6 136.7 629.1 106.4 Alcohol and tobacco 7,092.6 1,207.8 2,827.8 1,620.0 4,634.2 1,806.4 6483.4 1,849.2 7,638.8 1,459.2 3,504.8 2,045.7 5,947.2 2,442.4 8,408.9 2,461.7 Other goods 31,931.4 4,722.3 9,563.9 4,841.6 15,695.8 6,131.9 21755.3 6,059.5 32,374.4 5,646.4 11,561.9 5,915.5 18,157.8 6,595.9 26,503.9 8,346.1 Services TOT/ sales tax 36,303.7 8,052.1 17,319.3 9,267.3 26,043.7 8,724.3 36587.7 10,544.0 38,999.8 9,638.3 19,934.8 10,296.5 28,672.4 8,737.6 39,400.5 10,728.1 Stamp duties 2,411.4 352.0 766.0 414.0 1,154.0 388.0 1735.4 581.4 3,367.0 445.5 1,321.4 875.9 1,956.0 634.6 2,831.6 875.6 Import duties and taxes 86,337.7 18,940.9 38,567.2 19,626.3 54,878.4 16,311.3 70411.0 15,532.6 91,833.5 18,184.3 35,749.9 17,565.6 54,922.7 19,172.8 74,825.6 19,902.8 Custom duties 28,644.8 6,471.8 13,382.6 6,910.8 19,136.6 5,754.0 24393.7 5,257.1 30,548.3 6,171.2 12,037.4 5,866.2 18,318.8 6,281.4 24,883.6 6,564.8 Sales/excise taxes 40,849.5 8,805.4 17,699.3 8,893.9 25,013.2 7,313.8 32188.5 7,175.3 43,423.5 8,418.9 16,773.5 8,354.6 25,993.9 9,220.4 35,544.1 9,550.2 Petroleum products 2,872.9 384.8 477.6 92.8 944.2 466.6 1340.7 396.5 3,088.4 401.5 671.4 269.8 1,502.8 831.4 2,348.5 845.7 Alcohol and tobacco 603.0 90.8 151.4 60.6 225.0 73.5 307.7 82.8 648.2 82.2 207.9 125.7 306.0 98.0 430.9 125.0 Other imports 37,373.6 8,329.8 17,070.3 8,740.5 23,844.0 6,773.7 30540.1 6,696.0 39,686.9 7,935.1 15,894.2 7,959.1 24,185.1 8,290.9 32,764.6 8,579.5 Surtax on imports 16,843.4 3,663.7 7,485.2 3,821.5 10,728.6 3,243.4 13828.8 3,100.2 17,861.7 3,594.2 6,938.9 3,344.8 10,610.0 3,671.1 14,397.9 3,787.9 Export taxes 0.0 Coffee duties 0.0 Coffee surtax 0.0 Other 0.0 Transaction tax 0.0 Non-tax revenue 54,493.9 10,085.4 18,164.4 8,079.0 25,210.0 7,045.7 34418.7 9,208.7 45,812.3 11,306.6 17,819.3 6,512.7 24,861.8 7,042.5 42,860.0 17,998.2 Charges and fees 2,697.3 478.5 1,730.5 1,252.0 3,086.9 1,356.4 4182.5 1,095.6 3,115.8 587.9 1,232.5 644.6 2,172.1 939.6 4,428.6 2,256.5 Sales of goods & services 5,679.5 665.2 2,071.7 1,406.5 3,145.6 1,074.0 5282.4 2,136.8 6,580.9 922.1 2,218.2 1,296.2 3,720.9 1,502.7 6,872.8 3,151.9 Residual surplus, capital charge, interest 0.0 payments and state dividend 17,210.9 6,498.8 8,776.8 2,278.0 10,956.4 2,179.5 12222.8 1,266.4 15,668.4 7,612.2 8,939.2 1,327.0 10,369.0 1,429.7 15,821.6 5,452.7 Reimbursement & property sales 9,986.6 15.6 40.8 25.2 86.5 45.6 121.2 34.8 323.1 13.1 32.6 19.5 80.9 48.3 245.9 165.0 Miscellaneous 9,722.9 1,503.1 3,018.0 1,514.9 3,828.4 810.4 6168.1 2,339.7 9,686.5 885.0 2,363.5 1,478.5 3,475.2 1,111.7 7,197.0 3,721.8 Other extraordinary 0.0 Privatization proceeds 0.0 7,990.2 7,990.1 9349.1 1,358.9 0.0 Other revenue 9,196.8 924.1 2,526.6 1,602.5 4,106.3 1,579.7 6441.7 2,335.4 10,437.6 1,286.3 3,033.2 1,746.9 5,043.7 2,010.5 8,293.9 3,250.2 0.0 Total revenue 321,103.3 63,453.1 137,610.6 74,157.5 202,237.8 64,627.2 269648.2 67,410.4 335,333.7 71,387.1 153,626.9 82,239.9 219,504.3 65,877.3 311,317.4 91,813.1 External grants 17,176.7 2,386.1 8,512.2 6,126.0 13,732.4 5,220.3 17913.9 4,181.5 19,148.0 3,362.7 8,619.3 5,256.6 26,728.3 18,109.0 33,619.1 6,890.8 Grants in kind/earmarked 14,913.4 2,386.1 5,965.4 3,579.2 11,185.0 5,219.7 14167.7 2,982.7 16,813.6 3,362.7 7,229.8 3,867.1 12,610.2 5,380.3 15,972.9 3,362.7 Untied cash & CPF/grants 2,263.3 0.0 2,546.8 2,546.8 2,547.4 0.6 3746.2 1,198.8 2,334.4 0.0 1,389.5 1,389.5 14,118.1 12,728.7 17,646.2 3,528.0 Total revenue and grants 338,280.0 65,839.2 146,122.7 80,283.5 215,970.2 69,847.5 287562.1 71,591.9 354,481.7 74,749.8 162,246.2 87,496.4 246,232.6 83,986.4 344,936.5 98,703.9 82 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 14. General Government Quarterly Expenditure Ethiopian fiscal year 2010 2011 Fiscal year ending July 7 2017-18 2018-19 Preactual Preactual Budget 3mon(Qrt.I) 6mon Qrt.II 9mon Qrt.III 12 mon Qrt.IV Budget 3mon (Qrt.I) 6mon Qrt.II 9mon Qrt.III 12 mon Qrt.IV A. Capital Expenditure Economic development 119,557.6 16,678.3 38,346.6 21,668.2 63,472.9 25,126.3 89,717.1 26,244.2 120,235.1 17,474.0 40,767.4 23,293.4 67,803.8 27,036.4 106,518.0 38,714.2 Agriculture 17544.3 2128.7 5,415.9 3,287.2 10687.3 10,687.3 16,487.9 5,800.6 19,508.6 1,905.5 5,888.6 3,983.1 13,078.0 7,189.5 22,228.9 9,150.9 Natural Resource 21,455.7 1,832.6 7,453.5 5,620.9 12748.3 12,748.3 18,038.9 5,290.6 25,213.1 1,442.3 6,064.0 4,621.7 11,202.2 5,138.2 20,563.1 9,360.9 o/w: Water 20,854.8 1,823.3 6,734.2 4,910.9 8,648.6 11,450.1 17,904.5 9,255.9 23,109.2 1,025.2 5,977.3 4,952.1 11,067.2 5,090.0 19,699.8 8,632.6 Mines & Energy 97.0 598.1 1,541.5 943.4 2,279.3 2,279.3 2,476.0 196.6 76.5 790.6 781.5 -9.1 778.7 -2.8 788.1 9.4 Trade, Industry & Tourism 5,823.5 343.2 1,548.7 1,205.5 2,233.5 0.0 3,396.9 1,163.4 4,681.0 1,336.2 2,191.5 855.3 4,327.5 2,136.0 6,237.0 1,909.5 Urban dev't & housing 12,943.4 531.2 2,725.2 2,193.9 4,922.6 2,233.5 7,762.6 2,840.0 13,637.5 2,214.8 5,350.5 3,135.6 6,416.9 1,066.4 12,619.5 6,202.6 Road construction 58,800.4 10,633.6 18,148.8 7,515.2 28,713.8 4,612.6 37,827.4 9,113.6 52,194.7 9,675.7 19,494.8 9,819.2 30,356.7 10,861.9 39,585.9 9,229.1 Transport & communication 2,893.2 610.9 1,513.0 902.1 1,888.0 28,713.8 3,727.4 1,839.4 4,923.7 108.9 996.5 887.6 1,643.7 647.2 4,495.5 2,851.8 Social Development 45,711.1 9,405.2 19481.8 10,076.6 26,860.5 7,378.7 37,477.1 10,616.5 47,525.4 8,921.2 18,585.7 9,664.4 29,144.7 10,559.0 47,891.4 18,746.7 Education 28,662.7 7,346.5 14613.9 7,267.4 18,110.6 3,496.7 23,346.9 5,236.3 25,729.5 6,099.7 12,374.0 6,274.3 19,077.4 6,703.4 30,109.1 11,031.7 Health 12,508.4 1,479.2 3,812.3 2,333.0 6,833.3 3,021.0 11,126.7 4,293.4 14,470.9 2,274.1 4,798.4 2,524.3 7,868.0 3,069.6 12,863.1 4,995.1 Socail welfare 1,229.8 228.3 93.1 -135.2 203.3 110.1 706.2 502.9 1,870.9 224.6 380.8 156.2 506.7 125.9 2,591.5 2,084.8 Culture & sport 3,310.2 351.1 962.4 611.4 1,713.4 750.9 2,297.3 583.9 5,454.1 322.8 1,032.4 709.6 1,692.6 660.2 2,327.8 635.1 General Development 23,744.1 2,491.9 6,117.4 3,625.5 9,487.7 3,370.3 16,540.9 7,053.2 29,753.4 1,053.4 4,095.2 3,041.8 8,591.2 4,496.0 20,539.8 11,948.6 Compensation payments 0.0 External assistance 14,913.4 2,386.1 5,965.4 3,579.2 11,185.0 5,219.7 14,167.7 2,982.7 16,813.6 3,362.7 7,229.8 3,867.1 12,610.2 5,380.3 15,972.9 3,362.7 Sub Total Capital Expenditure 189,012.8 28,575.4 63,945.7 35,370.3 99,821.1 35,875.4 143,735.1 43,914.0 197,513.9 27,448.6 63,448.3 35,999.7 105,539.7 42,091.4 174,949.1 69,409.4 B. Current Expenditure General Services 54,203.3 12,266.6 27,759.4 15,492.8 42,958.4 27,759.4 62,715.7 19,757.2 65,473.6 13,122.9 29,343.0 16,220.2 48,149.1 18,806.1 74,660.4 26,511.3 Organ of the State 6,134.5 1,760.1 4,397.7 2,637.6 6,765.9 4,397.7 9,979.3 3,213.4 9,594.5 1,643.7 4,313.5 2,669.8 7,534.8 3,221.3 12,175.0 4,640.2 Justice 7,779.4 1,217.2 3,155.7 1,938.5 5,166.1 3,155.7 8,079.5 2,913.4 7,215.3 1,331.6 3,427.5 2,095.9 5,399.5 1,972.0 9,295.7 3,896.2 Defence 12,000.0 3164.7 6,411.3 3,246.7 9,570.9 6,411.3 12,813.6 3,242.7 15,000.0 3,629.9 6,865.6 3,235.7 10,483.6 3,618.0 15,605.0 5,121.4 Public order & security 12,688.3 2944.1 6,439.5 3,495.4 9,988.7 6,439.5 14,171.0 4,182.2 15,932.4 2,982.2 6,882.5 3,900.2 11,671.8 4,789.4 17,221.1 5,549.3 Other General services 15,601.1 3,180.6 7,355.2 4,174.6 11,466.8 7,355.2 17,672.3 6,205.5 17,731.4 3,535.4 7,854.0 4,318.6 13,059.4 5,205.4 20,363.6 7,304.2 Economic Services 30,787.4 4,903.3 12,602.1 16,588.1 19,463.6 6,861.5 26,503.3 7,039.6 33,618.9 4,710.5 12,622.0 7,911.4 19,554.4 6,932.4 31,233.4 11,679.0 Agriculture&natural resource 15,231.3 2,340.8 7,524.5 5,183.8 11,690.5 4,166.0 16,553.4 4,862.9 21,817.0 2,721.1 7,809.6 5,088.5 12,089.5 4,279.9 20,182.5 8,093.0 Agriculture 5,795.3 5,795.3 8,677.4 2,882.1 12,214.4 3,537.0 17,056.5 2,053.9 5,757.7 3,703.7 9,122.2 3,364.6 15,397.6 6,275.3 Natural resource 5,346.5 684.5 1,729.2 1,044.8 3,013.2 1,283.9 4,339.0 1,325.8 4,760.5 667.1 2,052.0 1,384.8 2,967.3 915.3 4,784.9 1,817.7 o/w: Water 3,181.4 495.3 1,500.8 1,005.5 2,326.6 825.8 3,390.4 1,063.7 3,947.2 452.9 1,560.2 1,107.3 2,217.6 657.4 3,746.1 1,528.5 Trade, Industry & Tourism 5,286.8 990.8 3,047.3 2,056.5 4,393.4 1,346.2 5,434.8 1,041.4 5,930.0 1,016.3 2,579.9 1,563.6 4,053.4 1,473.5 6,058.1 2,004.7 Mines & Energy 214.8 28.5 64.8 36.3 112.7 47.9 164.0 51.3 208.1 36.3 61.0 24.7 103.8 42.8 153.6 49.8 Tourism 0.0 Transport & communication 1,193.7 83.6 278.1 194.4 466.9 188.9 644.4 177.4 1,622.8 167.9 309.4 141.5 470.2 160.8 684.6 214.4 Urban devt. & construction 2,982.8 638.4 1,416.6 778.2 2,424.9 1,008.3 3,256.5 831.6 3,456.9 648.5 1,560.1 911.6 2,424.4 864.2 3,474.4 1,050.0 o/w: Road Construction 1,205.3 292.3 651.6 359.3 1,039.2 387.6 1,497.0 457.7 1,278.4 270.2 765.8 495.7 1,224.9 459.1 1,732.4 507.5 Economic development studies 531.6 136.8 270.9 134.1 375.1 104.2 450.2 75.1 584.1 120.4 301.9 181.5 413.0 111.1 680.2 267.2 Social Services 92,624.3 18,450.5 44,609.5 26,159.0 69,744.5 25,135.0 97,845.8 28,101.3 103,494.0 17,866.8 43,262.2 25,395.4 68,985.0 25,722.8 112,516.0 43,531.1 Education & training 67,010.8 12,387.3 29,720.2 17,332.9 46,095.6 16,375.4 65,313.7 19,218.1 72,855.0 12,691.2 29,786.4 17,095.2 48,033.0 18,246.5 72,707.2 24,674.2 Culture & sports 3,061.3 574.2 1,533.3 959.1 2,383.6 850.3 3,361.5 977.9 3,662.1 598.5 1,516.5 918.0 2,393.2 876.7 3,470.6 1,077.4 Public health 21,249.0 3,223.8 8,656.6 5,432.8 13,894.8 5,238.2 20,702.5 6,807.7 25,517.3 3,350.5 9,486.4 6,135.9 15,094.0 5,607.7 25,518.5 10,424.5 Labour & social welfare 778.5 161.3 432.7 271.5 686.9 254.2 993.0 306.1 923.8 163.6 498.0 334.4 803.4 305.5 1,229.3 425.9 Rehabilitation 524.8 2,103.8 4,266.7 2,162.8 6,683.5 2,416.9 7,475.0 791.5 535.7 1,063.1 1,974.9 911.9 2,661.4 686.4 9,590.4 6,929.1 Interest & Charges 12,051.4 2,217.4 6,299.9 4,082.5 7,908.9 1,609.0 11,570.7 3,661.7 15,221.9 2,850.7 6,323.5 3,472.8 9,326.0 3,002.4 13,525.8 4,199.9 Internal debt 6,938.8 1,361.0 2,858.4 1,497.4 3,988.9 1,130.6 6,180.7 2,191.7 7,765.3 1,638.2 3,395.4 1,757.2 5,223.3 1,827.9 7,436.1 2,212.8 External debt 5,112.6 856.5 3,441.5 2,585.1 3,920.0 478.4 5,390.0 1,470.0 7,456.6 1,212.5 2,928.1 1,715.6 4,102.7 1,174.6 6,089.8 1,987.1 O/w: defence commercial Miscellaneous 23,441.5 439.4 1,503.6 1,064.2 2,840.1 1,336.5 11,834.9 8,994.7 21,886.9 652.3 1,966.0 1,313.7 4,481.3 2,515.3 6,221.0 1,739.7 External assistance * 0.0 Sub Total Current Expenditure 213,108.0 38,277.2 92,774.5 54,497.3 142,915.6 50,141.0 210,470.2 67,554.7 239,695.2 39,203.2 93,516.7 54,313.6 150,495.7 56,979.0 238,156.6 87,660.9 Grand Total Expenditure 402,120.8 66,852.6 156,720.2 89,867.6 242,736.7 86,016.5 354,205.3 111,468.6 437,209.2 66,651.8 156,965.0 90,313.3 256,035.4 99,070.4 413,105.7 157,070.3

• Estimated value Re = First Quarter Capital part is reviesed Fourth Quarter 2018/19 83 National Bank of Ethiopia Quarterly Bulletin

Table 15: Domestic Refining and Imports of Ptroleum (In Metric Tons) End of Period Gasoline Regular Light Jet Fuel Heavy Jet Fuel Fuel Oil Asphalt Liquified Petroleum Gas Oil Kerosine 160/200 Total Refined** 2008/09 418,890.0 1,533,226.5 307,025.6 3,383,065.0 1,848,967.3 Qtr.I 29,907.1 38,126.2 281,623.3 349,656.6 Qtr.II 177,096.0 722,822.0 94,822.0 1,364,649.0 456,829.0 Qtr.III 171,188.3 680,808.8 133,999.7 1,415,943.2 511,260.2 Qtr.IV 40,698.6 129,595.7 40,077.7 320,849.5 531,221.5 2009/10 155,759.9 489,778.5 111,570.3 1,237,077.2 1,994,185.9 Qtr.I 29,177.6 103,453.7 8,711.0 304,391.2 445,733.4 Qtr.II 50,128.1 146,894.3 38,232.4 323,862.3 559,117.2 Qtr.III 34,311.2 124,473.7 41,446.0 292,199.0 492,429.9 Qtr.IV 42,142.9 114,956.8 23,180.9 316,624.7 496,905.3 2010/11 148,773.9 529,354.7 150,967.9 845,557.1 1,674,653.6 Qtr.I 34,775.1 173,261.4 31,202.1 184,166.3 423,404.9 Qtr.II 48,048.3 153,993.7 23,734.3 297,309.2 523,085.5 Qtr.III 32,966.8 101,025.1 58,800.1 192,791.9 385,583.9 Qtr.IV 32,983.8 101,074.5 37,231.4 171,289.7 342,579.3 2011/12 150,619.0 544,519.6 144,501.3 1,302,451.2 2,142,091.2 Qtr.I 33,381.2 126,523.8 34,684.5 260,608.1 455,197.6 Qtr.II 41,496.3 129,614.7 46,905.1 334,320.7 552,336.8 Qtr.III 40,160.9 144,199.0 16,360.2 338,249.5 538,969.7 Qtr.IV 35,580.7 144,182.1 46,551.5 369,272.7 595,587.0 2012/13 186,517.5 602,427.0 159,297.4 1,266,562.9 2,214,804.8 Qtr.I 48,367.8 148,668.1 51,231.8 285,788.9 534,056.6 Qtr.II 45,607.6 149,611.1 37,442.0 296,204.4 528,865.2 Qtr.III 52,070.4 156,140.9 37,332.8 360,766.1 606,310.2 Qtr.IV 40,471.7 148,006.8 33,290.8 323,803.5 545,572.8 2013/14 211,597.2 701,418.9 152,093.7 1,558,341.1 2,623,450.8 Qtr.I 52,821.0 185,032.1 43,486.4 388,200.8 669,540.3 Qtr.II 49,883.4 162,038.7 36,641.2 306,082.6 554,645.9 Qtr.III 55,536.1 192,607.7 43,928.5 400,794.6 692,867.0 Qtr.IV 53,356.7 161,740.3 28,037.6 463,263.1 706,397.7 2014/15 237,744.0 712,748.0 168,305.6 1,703,260.8 2,822,058.4 Qtr.I 52,223.0 169,004.8 43,174.9 359,514.0 623,916.7 Qtr.II 57,561.0 171,011.2 42,829.3 435,565.0 706,966.5 Qtr.III 64,895.0 207,909.1 42,621.7 369,681.0 685,106.8 Qtr.IV 63,065.0 164,822.9 39,679.7 538,500.8 806,068.3 2015/16 Qtr.I 72,312.7 213,015.5 30,650.2 398,136.4 714,114.9 Qtr.II 71,317.0 161,194.0 31,854.0 497,966.0 762,331.0 Qtr.III 77,271.8 197,134.4 24,995.0 509,229.5 808,630.6 Qtr.IV 77,966.0 164,577.8 19,479.2 496,459.6 758,482.6 2016/17 Qtr.I 82,152.2 206,560.2 18,987.3 468,051.3 775,750.9 Qtr.II 97,258.6 208,282.6 15,579.9 550,034.0 871,155.1 Qtr.III 96,423.6 215,632.5 23,405.8 580,188.0 915,649.9 Qtr.IV 88,010.8 170,307.9 17,310.7 601,081.2 876,710.6 2017/18 Qtr.I 106,706.3 10,763.3 10,241.3 21,004.7 591,077.3 739,793.0 Qtr.II 99,641.2 8,174.2 10,396.3 629,694.8 608,690.1 1,356,596.5 Qtr.III 114,839.2 9,240.3 20,637.6 21,698.1 629,025.2 795,440.4 Qtr.IV 120,355.6 28,177.8 41,275.3 21,995.3 678,879.8 890,683.8 2018/19 Qtr.I 120,069.7 6,646.3 4,500.0 11,146.3 570,182.1 712,544.4 Qtr.II 122,357.9 9,751.8 9,596.8 19,348.6 600,552.3 761,607.4 Qtr.III 135,787.6 5,987.2 9,894.9 19,348.6 690,546.5 861,564.9 Qrt Iv 120,355.6 28,177.8 41,275.3 21,995.3 678,879.8 890,683.8 84 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Teble 16: GDP By Economic Activity at Constant Prices Sectors/Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 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 2018/19 Agriculture, Hunting and Forestry 202,209.4 221,688.4 217,528.4 194,735.5 227,784.5 258,637.3 286,869.8 313,975.7 337,502.8 358,944.5 386,339.2 421,172.8 441,832.9 473,132.2 498,733.6 530,341.5 542,700.2 579,022.9 599,331.4 622,220.3 Crop 105,595.3 121,439.5 116,945.1 97,662.7 122,621.7 146,545.6 168,479.8 187,053.1 201,996.9 215,075.1 233,879.2 258,009.7 270,881.6 293,063.1 312,338.7 334,768.6 346,293.6 374,649.8 392,291.8 404,049.6 Animal Farming and Hunting 75,017.0 76,857.0 76,997.8 74,223.4 80,172.8 84,931.4 89,093.2 96,111.9 103,150.3 110,419.1 117,249.1 126,016.6 132,843.6 139,692.4 142,601.9 149,246.8 146,959.5 153,170.4 154,038.0 163,279.5 Forestry 30,547.9 31,353.1 32,228.0 33,166.2 34,048.8 34,883.0 35,814.5 36,846.7 38,393.2 39,595.9 40,906.7 42,138.1 43,440.5 44,867.9 46,751.8 48,368.2 49,447.1 51,202.7 53,001.7 54,891.1 Fishing 479.2 470.3 469.7 375.4 281.2 305.4 280.3 301.9 404.5 511.9 520.3 551.2 668.4 797.8 1,057.4 1,381.1 1,381.9 1,389.4 1,546.7 1,581.8 Mining and Quarrying 2,020.3 2,125.5 2,349.6 2,445.5 2,495.1 2,598.2 2,784.4 2,355.4 2,859.8 3,225.2 4,649.7 7,333.7 8,265.7 8,784.6 8,506.2 6,328.5 6,116.8 4,296.9 3,402.8 2,658.9 Manufacturing 18,235.5 18,886.3 19,128.2 19,279.7 20,550.4 23,177.6 25,633.8 27,772.7 30,636.9 33,417.3 37,292.5 41,815.8 46,752.0 54,668.7 63,764.0 75,383.5 89,246.7 111,249.6 117,410.7 127,986.7 Large and Medium Scale Manufacturing 9,313.8 9,506.7 9,529.8 9,667.5 10,413.7 11,623.1 13,209.7 14,462.2 16,280.9 17,955.8 20,398.0 23,282.3 26,985.0 33,516.2 40,743.0 50,174.6 61,687.4 73,528.2 77,966.5 87,691.9 Small Scale and Cottage Industries 12,399.9 13,208.4 13,636.5 13,581.4 14,190.6 16,324.3 17,123.4 18,157.6 19,171.7 20,393.7 21,814.3 23,384.1 24,366.4 24,838.1 25,895.4 26,874.8 27,559.2 37,721.5 39,444.2 40,294.7 Electricity and Water 3,027.5 3,128.2 3,430.7 3,596.7 3,833.4 4,135.7 4,501.6 5,114.4 5,362.3 5,630.6 5,771.0 6,872.5 7,802.9 8,585.3 9,165.6 9,577.4 11,015.5 11,552.5 11,929.0 14,115.4 Construction 18,291.7 19,758.8 22,964.7 26,097.1 31,193.8 33,548.2 37,068.0 41,110.6 45,773.6 51,117.9 56,684.7 63,932.5 84,041.1 116,588.0 144,420.0 190,028.6 237,545.0 286,749.6 331,691.4 381,443.8 Whole Sale and Retail Trade 41,685.1 43,818.7 45,310.9 46,723.2 49,085.2 55,498.3 65,230.6 76,197.9 88,274.6 98,627.8 107,792.1 114,122.5 128,411.1 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 268,037.0 Hotels and Restaurants 3,244.6 3,509.8 3,684.1 3,915.8 4,158.5 4,639.2 5,545.2 7,068.2 8,716.5 10,795.9 13,417.9 16,723.1 18,403.7 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 48,143.8 Transport and Communications 12,122.7 43,818.7 45,310.9 46,723.2 49,085.2 55,498.3 65,230.6 76,197.9 88,274.6 98,627.8 107,792.1 114,122.5 128,411.1 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 104,436.2 Financial Intermediation 7,228.7 3,509.8 3,684.1 3,915.8 4,158.5 4,639.2 5,545.2 7,068.2 8,716.5 10,795.9 13,417.9 16,723.1 18,403.7 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 57,368.6 Real Estate, Renting and Business Activities 12,755.9 13,911.3 17,139.2 18,807.0 19,652.3 21,104.9 24,168.3 27,845.9 32,659.3 37,846.4 45,401.8 55,423.4 57,543.4 59,781.2 62,114.2 64,690.9 67,062.9 70,005.2 74,364.3 79,942.0 Public Administration and Defense 27,130.1 24,575.2 20,734.0 21,021.1 21,063.2 23,516.8 25,015.9 27,966.7 31,469.5 37,248.7 40,567.8 44,391.8 45,760.0 49,253.6 54,681.3 57,979.5 62,259.2 70,488.5 76,754.1 83,662.0 Education 8,646.7 9,624.5 10,362.0 11,559.4 12,886.2 14,508.7 15,757.7 19,105.0 21,925.3 24,773.6 28,976.1 30,247.9 31,596.6 34,781.5 35,679.7 38,963.0 42,385.6 41,031.0 42,520.8 44,221.6 Health and Social Work 2,791.3 3,075.8 3,072.0 2,943.2 3,410.8 3,985.6 4,377.5 5,067.3 5,854.2 7,049.6 8,038.8 8,540.0 9,341.3 10,489.0 12,510.3 14,137.2 15,669.4 16,767.9 18,153.4 20,747.2 Other Community , Social & Personal Services 6,221.4 6,461.1 6,791.9 6,893.0 7,224.2 7,805.7 8,521.3 9,244.9 10,326.0 10,981.8 11,867.6 12,443.7 13,986.4 16,560.4 17,193.4 17,828.7 18,371.3 19,198.4 20,178.0 21,454.2 Private Households with Employed Persons 6,655.7 6,931.4 7,714.1 8,057.7 8,186.5 8,444.9 9,000.3 9,358.5 9,851.6 10,224.1 10,714.0 11,256.4 13,069.3 14,136.1 14,758.3 15,401.2 16,063.8 16,633.3 17,276.0 17,707.4 Total 368,080.7 395,256.6 400,319.5 392,316.0 438,516.7 494,086.6 552,177.4 617,397.5 687,588.5 756,824.5 836,539.1 931,759.1 1,011,606.3 1,111,987.7 1,227,058.7 1,355,280.4 1,463,883.2 1,613,519.9 1,739,254.9 1,895,726.7 Less : FISIM 3,163.9 3,284.6 2,098.1 2,407.1 2,853.6 3,323.6 4,663.8 5,294.9 6,884.3 7,747.2 8,334.9 9,258.8 8,274.0 8,803.4 10,512.8 12,393.0 14,485.8 17,038.3 19,763.6 21,037.4 Gross Value Added at Constant Basic Prices 364,984.3 392,058.8 398,464.8 390,102.9 435,859.5 490,970.4 547,625.4 612,217.2 680,706.9 749,058.8 828,212.7 922,512.8 1,002,766.9 1,102,467.8 1,216,015.3 1,342,555.9 1,449,397.5 1,596,481.6 1,719,491.3 1,874,689.3 Taxes on Products 26,584.3 32,155.5 32,154.9 31,199.9 42,936.1 44,257.1 45,442.0 48,711.5 51,420.5 47,148.0 68,567.2 74,437.1 80,410.1 95,162.9 104,547.5 115,169.8 118,700.0 120,645.6 114,575.2 112,468.2 GDP at Constant Market Prices 391,668.2 424,182.3 430,607.4 421,301.7 478,482.2 535,033.3 593,002.2 660,936.6 732,242.1 796,697.6 896,687.5 996,921.8 1,083,133.7 1,197,753.9 1,320,688.1 1,457,857.6 1,568,097.5 1,717,127.2 1,834,066.5 1,987,157.5 Source:MoFED Fourth Quarter 2018/19 85 National Bank of Ethiopia Quarterly Bulletin

Table 17: Growth Rate Of GDP By Economic Activity at Constant Prices Industry/Year 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Agriculture, Hunting and Forestry 9.6 -1.9 -10.5 17.0 13.5 10.9 9.4 7.5 6.4 7.6 9.0 4.9 7.1 5.4 6.3 2.3 6.7 3.5 3.8 Crop 15.0 -3.7 -16.5 25.6 19.5 15.0 11.0 8.0 6.5 8.7 10.3 5.0 8.2 6.6 7.2 3.4 8.2 4.7 3 Animal Farming and Hunting 2.5 0.2 -3.6 8.0 5.9 4.9 7.9 7.3 7.0 6.2 7.5 5.4 5.2 2.1 4.7 -1.5 4.2 0.6 6 Forestry 2.6 2.8 2.9 2.7 2.4 2.7 2.9 4.2 3.1 3.3 3.0 3.1 3.3 4.2 3.5 2.2 3.6 3.5 3.8 Fishing -1.9 -0.1 -20.1 -25.1 8.6 -8.2 7.7 34.0 26.5 1.7 5.9 21.3 19.4 32.5 30.6 0.1 0.5 11.3 2.3 Mining and Quarrying 5.2 10.5 4.1 2.0 4.1 7.2 -15.4 21.4 12.8 44.2 57.7 12.7 6.3 -3.2 -25.6 -3.3 -29.8 -20.8 -21.9 Manufacturing 3.6 1.3 0.8 6.6 12.8 10.6 8.3 10.3 9.1 11.6 12.1 11.8 16.9 16.6 18.2 18.4 24.7 5.5 7.7 Large and Medium Scale Manufacturing 2.1 0.2 1.4 7.7 11.6 13.7 9.5 12.6 10.3 13.6 14.1 15.9 24.2 21.6 23.1 22.9 19.2 6.0 10 Small Scale and Cottage Industries 6.5 3.2 -0.4 4.5 15.0 4.9 6.0 5.6 6.4 7.0 7.2 4.2 1.9 4.3 3.8 2.5 36.9 4.6 3 Electricity and Water 3.3 9.7 4.8 6.6 7.9 8.8 13.6 4.8 5.0 2.5 19.1 13.5 10.0 6.8 4.5 15.0 4.9 3.3 4 Construction 8.0 16.2 13.6 19.5 7.5 10.5 10.9 11.3 11.7 10.9 12.8 31.5 38.7 23.9 31.6 25.0 20.7 15.7 15 Whole Sale and Retail Trade 5.1 3.4 3.1 5.1 13.1 17.5 16.8 15.8 11.7 9.3 5.9 12.5 10.1 17.7 12.3 8.2 6.5 12.3 11.7 Hotels and Restaurants 8.2 5.0 6.3 6.2 11.6 19.5 27.5 23.3 23.9 24.3 24.6 10.1 19.1 26.6 29.6 15.6 0.1 6.5 9 Transport and Communications 13.7 5.6 10.5 9.5 19.2 5.7 9.3 11.5 8.9 14.4 9.7 12.6 16.5 12.7 13.3 13.7 15.1 6.4 21 Financial Intermediation 11.8 -25.0 10.8 19.7 24.2 28.7 15.1 28.1 16.5 -0.3 23.7 23.6 -12.2 14.3 7.5 9.6 18.3 10.7 10.1 Real Estate, Renting and Business Activities 9.1 23.2 9.7 4.5 7.4 14.5 15.2 17.3 15.9 20.0 22.1 3.8 3.9 3.9 4.1 3.7 4.4 6.2 7.5 Public Administration and Defense -9.4 -15.6 1.4 0.2 11.6 6.4 11.8 12.5 18.4 8.9 9.4 3.1 7.6 11.0 6.0 7.4 13.2 8.9 9 Education 11.3 7.7 11.6 11.5 12.6 8.6 21.2 14.8 13.0 17.0 4.4 4.5 10.1 2.6 9.2 8.8 -3.2 3.6 4 Health and Social Work 10.2 -0.1 -4.2 15.9 16.9 9.8 15.8 15.5 20.4 14.0 6.2 9.4 12.3 19.3 13.0 10.8 7.0 8.3 14.3 Other Community , Social & Personal Services 3.9 5.1 1.5 4.8 8.0 9.2 8.5 11.7 6.4 8.1 4.9 12.4 18.4 3.8 3.7 3.0 4.5 5.1 6.3 Private Households with Employed Persons 4.1 11.3 4.5 1.6 3.2 6.6 4.0 5.3 3.8 4.8 5.1 16.1 8.2 4.4 4.4 4.3 3.5 3.9 2.5 Total 7.4 1.3 -2.0 11.8 12.7 11.8 11.8 11.4 10.1 10.5 11.4 8.6 9.9 10.3 10.4 8.0 10.2 7.8 8.9 Less : FISIM 3.8 -36.1 14.7 18.5 16.5 40.3 13.5 30.0 12.5 7.6 11.1 -10.6 6.4 19.4 17.9 16.9 17.6 16.0 7 Gross Value Added at Constant Basic Prices 7.4 1.6 -2.1 11.7 12.6 11.5 11.8 11.2 10.0 10.6 11.4 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9 Taxes on Products 21.0 0.0 -3.0 37.6 3.1 2.7 7.2 5.6 -8.3 45.4 8.6 8.0 18.3 9.9 10.2 3.1 1.6 -5.0 -1.8 GDP at Constant Market Prices 8.3 1.5 -2.2 13.6 11.8 10.8 11.5 10.8 8.8 12.6 11.2 8.6 10.6 10.3 10.4 7.6 9.5 6.8 8.3 Source:MoFED 86 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 18: GDP by Economic Activity at Current Prices (In million Birr) Industry/Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Agriculture, Hunting and Forestry 44,144 56,370 73,206 112,997 154,995 159,821 212,253 330,842 356,828 407,834 466,780 542,700 616,843 684,644 910,589 Crop 27,840 36,107 49,326 81,604 113,959 111,292 146,760 240,112 244,048 279,058 317,142 346,294 393,324 427,193 587,216 Animal Farming and Hunting 10,053 13,033 15,531 20,622 27,868 32,817 45,806 66,437 82,351 92,037 107,089 146,960 164,730 191,867 247,337 Forestry 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 76,036 Fishing 55 69 81 116 151 198 217 455 685 796 1,225 1,382 2,259 2,351 3,021 Mining and Quarrying 485 586 551 799 1,101 2,147 6,810 9,301 9,687 8,665 6,036 6,117 4,840 4,054 3,368 Manufacturing 5,007 5,917 7,630 9,892 12,631 14,778 18,968 25,559 32,095 42,341 57,170 89,247 113,387 128,200 150,531 Large and Medium Scale Manufacturing 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 84,791 104,723 Small Scale and Cottage Industries 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 45,807 Electricity and Water 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 18,726 Construction 5,250 6,593 8,829 11,431 15,312 15,130 19,100 29,771 45,744 83,665 140,246 237,545 300,209 452,978 495,283 Whole Sale and Retail Trade 12,641 16,678 22,961 33,125 50,478 56,713 70,908 102,632 113,402 146,757 181,227 202,242 225,076 275,513 360,656 Hotels and Restaurants 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 66,597 Transport and Communications 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 99,884 Financial Intermediation 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 85,044 Real Estate, Renting and Business Activities 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 79,553 106,157 Public Administration and Defense 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 94,614 103,262 Education 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 85,739 Health and Social Work 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 27,328 Other Community , Social & Personal Services 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 28,141 Private Households with Employed Persons 283 375 433 592 788 852 1,121 1,686 2,073 2,640 3,365 16,064 19,879 25,428 31,181 Total 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 2,575,507 Less : FISIM 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 31,884 Gross Value Added at Current Basic Prices 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 2,543,623 Taxes on Products 8,467 9,698 12,186 16,785 19,139 28,412 39,431 56,882 70,618 86,098 105,129 118,700 128,756 137,584 152,600 GDP at Current Market Prices 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 2,696,223 Source: MoFED Fourth Quarter 2018/19 87 National Bank of Ethiopia Quarterly Bulletin

Table 19: Growth Rates of GDP by Economic Activity at Current Prices (%) Sectors/Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Agriculture, Hunting and Forestry 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 33.0 Crop 38.3 29.7 36.6 65.4 39.6 -2.3 31.9 63.6 1.6 14.3 13.6 11.9 13.6 8.6 37.5 Animal Farming and Hunting 25.9 29.7 19.2 32.8 35.1 17.8 39.6 45.0 24.0 11.8 16.4 11.1 12.1 16.5 28.9 Forestry 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 16.2 Fishing 33.8 24.5 17.4 43.3 30.5 31.3 9.6 109.5 50.8 16.2 53.8 12.8 63.5 4.1 28.5 Mining and Quarrying 18.4 20.8 -6.0 44.9 37.9 94.9 217.2 36.6 4.2 -10.5 -30.3 -2.3 -20.9 -16.3 -16.9 Manufacturing 11.1 18.2 29.0 29.6 27.7 17.0 28.4 34.7 25.6 31.9 35.0 7.0 27.0 13.1 17.4 Large and Medium Scale Manufacturing 6.6 21.6 33.9 31.4 20.2 -88.3 1087.5 39.3 34.2 39.3 44.7 6.3 21.2 13.4 20.2 Small Scale and Cottage Industries 20.4 12.0 19.2 25.7 45.1 16.4 49.4 26.4 7.9 13.1 4.7 10.4 40.1 12.4 3.0 Electricity and Water 7.7 18.7 35.4 11.0 6.8 18.2 6.4 26.2 18.9 12.0 -1.8 4.3 24.5 9.6 20.7 Construction 19.1 25.6 33.9 29.5 33.9 -1.2 26.2 55.9 53.7 82.9 67.6 60.3 26.4 50.9 9.3 Whole Sale and Retail Trade 20.8 31.9 37.7 44.3 52.4 12.4 25.0 44.7 10.5 29.4 23.5 8.1 11.3 22.4 32.4 Hotels and Restaurants 17.4 34.2 53.6 48.6 57.7 43.5 46.6 39.7 34.8 38.6 35.6 22.9 8.0 19.0 25.1 Transport and Communications 36.2 0.6 15.5 17.9 36.6 25.2 54.8 49.4 29.0 19.4 17.0 22.4 10.2 6.8 20.4 Financial Intermediation 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 22.6 Real Estate, Renting and Business Activities 10.8 21.8 46.7 49.4 21.6 49.1 40.2 17.2 14.6 10.1 5.9 5.1 5.6 12.4 33.4 Public Administration and Defense 14.3 16.2 16.5 32.0 23.3 18.2 92.1 13.7 18.1 16.7 24.7 20.8 29.8 17.1 9.1 Education 15.7 27.0 27.4 28.2 19.3 19.6 20.5 23.3 26.6 32.8 23.1 19.8 44.2 24.0 13.1 Health and Social Work 22.3 14.9 21.9 32.9 21.0 18.5 39.3 21.0 27.3 30.1 30.7 21.3 19.8 28.4 13.4 Other Community , Social & Personal Services 15.4 22.5 27.9 39.8 44.3 11.1 16.7 47.1 38.3 11.1 13.1 9.9 12.0 14.9 19.1 Private Households with Employed Persons 6.5 32.2 15.7 36.5 33.1 8.1 31.6 50.4 23.0 27.3 27.5 4.8 23.7 27.9 22.6 Total 24 25 31 45 37 12 36 45.0 15.8 22.4 22.6 18.2 17.7 21.4 23.3 Less : FISIM 15 47 19 38 53 11 31 20.0 104.9 23.1 49.2 24.6 30.3 42.2 22.0 Gross Value Added at Current Basic Prices 24 24 31 45 37 12 36 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 Taxes on Products 13 15 26 38 14 48 39 44.3 24.1 21.9 22.1 12.8 12.9 6.9 10.9 GDP at Current Market Prices 23 24 31 44 35 14 36 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.4 Source: MoFED 88 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 20: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices Description / Year 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Gross Value Added at Current Basic Prices 63,687.8 70,311.9 81,632.0 101,034.4 125,711.9 164,741.5 238,672.2 326,026.2 365,482.5 489,127.3 710,011.5 818,870.1 1,002,350.9 1,226,637.4 1,449,397.5 1,703,798.2 2,064,789.2 2,543,623.0 Taxes on Products, net 4,778.0 5,228.0 7,476.0 8,467.0 9,698.0 12,186.0 16,785.0 19,139.0 28,412.0 39,431.0 56,882.0 70,618.0 86,098.0 105,128.7 118,700.0 128,755.5 137,583.5 152,600.0 GDP at Current Market Prices 68,825.2 75,935.2 89,614.8 110,101.9 136,128.5 177,851.4 256,766.1 346,823.9 395,991.2 528,579.8 766,915.5 889,644.9 1,088,631.8 1,331,983.7 1,568,097.5 1,832,553.7 2,202,372.7 2,696,223.0 Incomes from ROW, net (209.4) (230.8) (334.5) 107.3 (9.5) 263.8 316.1 (329.3) (712.8) (1,120.2) (1,659.8) (1,942.8) (2,914.6) (5,275.1) (5,122.4) (10,884.1) (14,349.1) (13,104.0) Gross National Income at Current Basic Prices 63,478.4 70,081.1 81,297.5 101,141.7 125,702.3 165,005.3 238,988.4 325,696.9 364,769.7 488,007.1 708,351.7 816,927.4 999,436.3 1,221,362.3 1,444,275.0 1,692,914.1 2,050,440.2 2,530,519.0 Gross National Income at Current Market Prices 68,615.9 75,704.4 89,280.3 110,209.2 136,118.9 178,115.2 257,082.3 346,494.7 395,278.4 527,459.6 765,255.7 887,702.1 1,085,717.2 1,326,708.6 1,562,975.0 1,821,669.6 2,188,023.6 2,683,118.6 Current Transfers from ROW, net 6,635.8 9,387.6 9,435.8 15,334.7 18,162.9 25,444.4 34,193.9 44,191.0 59,484.8 74,261.2 86,849.9 93,355.1 106,357.3 128,400.8 155,964.2 154,959.4 188,527.3 240,392.0 Gross National Disposable Income 75,251.7 85,092.0 98,716.1 125,543.9 154,281.8 203,559.7 291,276.2 390,685.7 454,763.1 601,720.8 852,105.6 981,057.2 1,192,074.5 1,455,109.4 1,718,939.2 1,976,628.9 2,376,550.9 2,923,510.0 Government Final Consumption Expenditure 14,926.8 14,890.8 17,106.6 19,960.7 24,310.8 27,321.4 36,834.7 45,067.5 49,720.8 62,346.1 72,783.5 91,074.7 115,104.0 137,245.8 174,598.8 203,607.9 225,523.2 247,362.0 Private Final Consumption Expenditure 46,501.5 53,522.7 57,388.8 76,792.6 96,680.0 122,685.3 186,181.4 252,692.2 291,473.3 374,882.4 544,140.3 639,963.8 748,560.3 900,516.9 1,042,264.6 1,219,365.9 1,441,581.1 1,848,070.0 Gross Capital Formation (Investment) 20,242.8 20,561.4 28,978.0 31,895.7 41,836.6 47,975.7 70,003.5 96,074.6 119,166.6 164,525.7 275,811.3 293,930.7 400,841.2 508,975.9 585,665.0 704,596.0 751,626.2 948,866.0 Exports of Goods and Services 8,388.8 9,779.5 12,913.6 16,076.9 18,205.4 21,853.7 28,317.5 35,233.2 52,168.4 85,950.4 102,886.6 108,227.1 123,496.0 121,532.2 122,500.8 139,830.1 184,282.1 213,437.0 Imports of Goods and Services 17,706.8 20,131.3 27,366.8 37,776.3 48,092.4 55,087.8 76,564.3 96,285.3 126,319.4 162,487.1 236,383.9 251,300.6 308,691.3 393,188.5 424,749.9 430,233.2 502,112.9 561,512.0 Resource Balance (9,318.0) (10,351.8) (14,453.2) (21,699.4) (29,887.0) (33,234.1) (48,246.8) (61,052.1) (74,151.0) (76,536.7) (133,497.3) (143,073.5) (185,195.3) (271,656.3) (302,249.2) (290,403.1) (317,830.8) (348,075.0) Gross Domestic Savings 7,396.9 7,521.7 15,119.4 13,348.6 15,137.6 27,844.7 33,750.0 49,064.2 54,797.0 91,351.3 149,991.7 158,606.3 224,967.5 294,221.0 351,234.0 409,579.8 535,268.5 600,791.0 Gross National Savings 13,823.3 16,678.5 24,220.6 28,790.6 33,291.0 53,553.0 68,260.1 92,926.0 113,568.9 164,492.3 235,181.8 250,018.7 328,410.1 417,346.8 502,075.8 553,655.1 709,446.7 828,078.0 Mid-year Population (In Million) 66.4 68.1 69.8 71.5 73.1 74.0 74.9 76.9 78.9 80.7 82.7 84.8 87.0 89.1 91.2 93.4 95.5 97.6 Per Capita Nominal GDP (In Birr) 1,037.2 1,115.4 1,283.0 1,540.9 1,862.3 2,404.1 3,428.1 4,510.5 5,016.2 6,551.5 9,268.6 10,486.5 12,520.2 14,953.4 17,192.4 19,630.4 23,061.5 27,625.0 Per Capita Real GDP (In Birr) 6,489.5 6,188.4 6,850.2 7,487.9 8,112.3 8,934.3 9,777.1 10,363.0 11,367.2 12,356.3 13,090.3 14,118.3 15,189.1 16,366.5 17,192.4 18,393.9 19,204.9 20,312.5 Average Exchange Rate (Birr/USD) 8.5 8.6 8.6 8.7 8.7 8.8 9.2 10.4 12.9 16.1 17.3 18.3 19.1 20.1 21.1 22.4 26.1 28.1 Real GDP (In USD) 50,422.4 49,102.8 55,444.1 61,840.7 68,310.4 75,155.1 79,219.4 76,474.6 69,615.8 61,852.2 62,777.3 65,528.4 69,237.3 72,546.1 74,296.6 76,610.6 70,249.0 70,666.9 Nominal GDP (In USD)(Million) 8,059.2 8,850.3 10,384.1 12,725.9 15,681.2 20,223.5 27,776.2 33,285.4 30,720.8 32,794.8 44,449.6 48,671.9 57,071.7 66,282.4 74,296.6 81,760.4 84,356.0 96,107.0 Per Capita Nominal GDP (In USD) 121.5 130.0 148.7 178.1 214.5 273.4 370.8 432.9 389.2 406.5 537.2 573.7 656.4 744.1 814.6 875.8 883.3 985.0 Per Capita Real GDP (In USD) 759.9 721.3 793.8 865.5 934.5 1,015.9 1,057.7 994.6 881.9 766.6 758.7 772.4 796.3 814.4 814.6 820.7 735.6 724.3 GDP Deflator 0.16 0.18 0.19 0.21 0.23 0.27 0.35 0.44 0.44 0.53 0.71 0.74 0.82 0.91 1.00 1.07 1.20 1.36 Source: Planning commission Fourth Quarter 2018/19 89 National Bank of Ethiopia Quarterly Bulletin

Table 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings In percent Description / Year 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 GDP at Current Basic Prices 1.2 (2.0) 10.4 16.1 23.8 24.4 31.0 44.9 36.6 12.1 33.8 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 Taxes on Products, net 14.0 (3.6) 9.4 43.0 13.3 14.5 25.7 37.7 14.0 48.5 38.8 44.3 24.1 21.9 22.1 12.9 8.5 6.9 10.9 GDP at Current Market Prices 2.1 (2.2) 10.3 18.0 22.9 23.6 30.6 44.4 35.1 14.2 33.5 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.5 Incomes from ROW, net (37.6) 25.4 (10.2) (44.9) 132.1 (108.9) 2,862.9 19.8 (204.1) (116.5) (57.1) (48.2) (17.0) (50.0) (81.0) (2.9) (112.5) (31.8) (33.0) Gross National Income at Current Basic Price 1.1 (1.9) 10.4 16.0 24.4 24.3 31.3 44.8 36.3 12.0 33.8 45.2 15.3 22.3 22.2 18.3 17.2 21.1 23.3 Gross National Income at Current Market Price 2.0 (2.1) 10.3 17.9 23.4 23.5 30.9 44.3 34.8 14.1 33.4 45.1 16.0 22.3 22.2 17.8 16.6 20.1 22.5 Current Transfers from ROW, net 13.8 3.1 41.5 0.5 62.5 18.4 40.1 34.4 29.2 34.6 24.8 17.0 7.5 13.9 20.7 21.5 (0.6) 21.7 25.7 Gross National Disposable Income 2.9 (1.6) 13.1 16.0 27.2 22.9 31.9 43.1 34.1 16.4 32.3 41.6 15.1 21.5 22.1 18.1 15.0 20.2 22.8 Government Final Consumption Expenditure (16.4) (0.9) (0.2) 14.9 16.7 21.8 12.4 34.8 22.4 10.3 25.4 16.7 25.1 26.4 19.2 27.2 16.6 10.8 9.7 Private Final Consumption Expenditure 5.2 2.8 15.1 7.2 33.8 25.9 26.9 51.8 35.7 15.3 28.6 45.1 17.6 17.0 20.3 15.7 17.0 18.2 27.9 Gross Capital Formation (Investment) 8.3 9.6 1.6 40.9 10.1 31.2 14.7 45.9 37.2 24.0 38.1 67.6 6.6 36.4 27.0 15.1 20.3 6.7 26.2 Exports of Goods and Services 1.7 3.0 16.6 32.0 24.5 13.2 20.0 29.6 24.4 48.1 64.8 19.7 5.2 14.1 (1.6) 0.8 14.1 31.8 15.9 Imports of Goods and Services 1.0 9.9 13.7 35.9 38.0 27.3 14.5 39.0 25.8 31.2 28.6 45.5 6.3 22.8 27.4 8.0 1.3 16.7 11.8 Resource Balance (0.2) (17.0) (11.1) (39.6) (50.1) (37.7) (11.2) (45.2) (26.5) (21.5) (3.2) (74.4) (7.2) (29.4) (46.7) (11.3) 3.9 (9.4) (9.5) Gross Domestic Savings 27.3 (26.3) 1.7 101.0 (11.7) 13.4 83.9 21.2 45.4 11.7 66.7 64.2 5.7 41.8 30.8 19.4 16.6 30.7 12.2 Gross National Savings 21.4 (14.6) 20.7 45.2 18.9 15.6 60.9 27.5 36.1 22.2 44.8 43.0 6.3 31.4 27.1 20.3 10.3 28.1 16.4 Mid-year Population (in Million) 2.9 2.8 2.6 2.6 2.3 2.3 1.2 1.2 2.7 2.7 2.2 2.6 2.5 2.5 2.4 2.3 2.2 Per Capita GDP (Birr) (Nominal) (0.8) (4.8) 7.5 15.0 20.1 20.9 29.1 42.6 31.6 11.2 30.6 41.5 13.1 19.4 19.4 15.0 14.2 17.5 19.8 Per Capita GDP (Birr) (Real) 5.2 (1.2) (4.6) 10.7 9.3 8.3 10.1 9.4 6.0 9.7 8.7 5.9 7.9 7.6 7.8 5.0 7.0 4.4 5.8 Average Exchange Rate (Birr/USD) 2.3 2.5 0.5 0.6 0.3 0.3 1.3 5.1 12.7 23.7 25.0 7.0 5.9 4.4 5.4 5.0 6.2 16.5 7.6 Real GDP (USD) 5.8 (1.0) (2.6) 12.9 11.5 10.5 10.0 5.4 (3.5) (9.0) (11.2) 1.5 4.4 5.7 4.8 2.4 3.1 (8.3) 0.6 GDP at Current Market Prices(USD) (0.3) (4.6) 9.8 17.3 22.6 23.2 29.0 37.3 19.8 (7.7) 6.8 35.5 9.5 17.3 16.1 12.1 10.0 3.2 13.9 Per Capita GDP (USD) (Nominal) (3.1) (7.1) 7.0 14.4 19.8 20.4 27.4 35.7 16.7 (10.1) 4.4 32.2 6.8 14.4 13.4 9.5 7.5 0.9 11.5 Per Capita GDP (USD) (Real) 2.8 (3.6) (5.1) 10.1 9.0 8.0 8.7 4.1 (6.0) (11.3) (13.1) (1.0) 1.8 3.1 2.3 0.0 0.7 (10.4) (1.5) Percentage Change in GDP Deflator (5.8) (3.6) 12.8 3.9 9.9 11.6 17.2 30.3 24.1 1.4 20.2 33.5 4.9 11.0 10.8 9.5 6.7 12.5 13.3 Source:Planning commission 90 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 22(A): National Non-Food Consumer Price Index, December 2016=100 Period General Index Food and Non-Alcoholic Beverages Alcoholic Beverages and Tobacco Clothing & Foot-wear Housing,Water,Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 2007/08 Q.I 26.3 28.0 24.5 21.8 27.6 24.0 32.6 42.7 104.6 29.1 40.0 24.0 32.3 27.1 Q.II 27.4 28.6 24.7 22.6 28.2 25.2 33.0 42.5 107.7 29.4 41.5 24.1 32.7 27.7 Q.III 29.7 30.4 26.8 23.6 29.9 27.7 34.1 46.2 108.1 30.1 42.7 25.4 34.2 29.4 Q.IV 35.1 32.8 29.4 25.0 32.8 30.1 35.6 48.2 107.0 30.6 44.1 27.7 36.3 31.8 2008/09 Q.I 42.5 35.3 35.7 26.9 35.1 32.2 37.1 48.2 107.4 31.6 47.5 30.5 38.6 34.1 Q.II 40.6 36.8 36.8 28.9 36.3 33.5 38.0 52.1 106.4 33.5 49.0 31.7 39.1 35.5 Q.III 38.9 37.4 38.6 30.8 36.2 34.6 38.8 46.5 105.3 35.3 49.6 32.8 40.3 36.1 Q.IV 39.6 38.7 39.8 32.4 37.1 36.1 41.1 48.4 104.1 37.1 51.4 33.7 42.7 37.4 2009/10 Q.I 40.9 40.9 40.7 34.4 39.3 37.9 42.5 55.0 103.4 39.4 53.9 35.2 45.2 39.6 Q.II 41.1 43.0 41.3 36.3 41.6 39.5 43.9 60.2 104.8 39.9 55.6 36.9 47.4 41.6 Q.III 41.8 44.9 42.8 38.8 43.1 41.9 46.4 62.4 103.0 40.8 57.3 37.8 49.3 43.4 Q.IV 42.5 46.3 44.8 40.4 44.3 43.6 47.8 65.3 101.1 43.2 57.7 38.8 50.3 44.8 2010/11 Q.I 43.4 47.8 45.4 42.3 45.7 45.2 47.9 65.7 100.4 44.6 61.3 39.6 51.7 46.1 Q.II 45.9 51.4 50.1 45.7 48.8 49.0 50.2 72.5 100.7 49.5 72.3 42.4 56.5 49.7 Q.III 50.0 55.4 52.0 50.4 52.9 51.4 51.5 83.8 100.3 52.8 72.3 43.9 60.3 53.4 Q.IV 56.9 58.7 57.2 54.2 54.9 54.7 52.9 96.6 100.0 54.3 74.5 48.9 63.3 56.8 2011/12 Q.I 60.7 60.6 61.4 56.7 55.5 58.1 54.2 97.2 99.5 58.9 77.8 53.1 67.8 58.9 Q.II 63.5 63.3 62.2 61.7 56.7 61.2 55.6 94.7 99.2 61.9 82.7 56.3 72.8 61.3 Q.III 67.5 67.6 66.1 67.3 60.6 65.5 56.8 96.9 99.1 66.2 82.6 59.6 76.7 65.3 Q.IV 71.5 69.6 65.5 70.9 62.0 68.5 58.0 97.5 99.1 67.5 85.1 63.1 78.5 67.2 2012/13 Q.I 73.7 72.0 64.9 73.1 65.7 69.9 59.4 97.1 99.1 69.5 84.1 66.2 80.9 69.6 Q.II 74.3 74.7 68.0 73.7 68.4 73.6 70.3 98.5 99.2 72.4 84.1 68.9 82.6 72.2 Q.III 74.5 75.7 70.8 75.9 68.5 74.7 71.1 95.6 99.1 73.4 85.3 70.6 85.0 73.2 Q.IV 76.2 77.3 70.7 78.0 70.0 77.1 73.3 95.0 99.1 74.6 86.7 72.9 86.2 74.7 2013/14 Q.I 79.2 79.8 71.9 80.9 73.3 78.4 72.0 94.6 99.1 77.1 86.7 76.1 88.0 77.1 Q.II 80.3 81.8 76.9 82.9 74.4 79.9 77.7 96.7 99.1 79.3 86.7 78.1 89.0 79.0 Q.III 80.6 84.4 81.9 84.7 77.6 82.4 80.2 98.5 99.1 77.9 86.7 78.8 89.1 81.5 Q.IV 82.9 85.8 82.1 86.4 79.5 83.8 82.9 99.2 99.1 75.5 86.9 80.3 89.2 82.9 2014/15 Q.I 84.5 86.7 85.0 88.2 79.5 84.8 82.5 99.0 99.3 76.5 87.7 81.3 90.0 83.7 Q.II 85.3 88.2 86.2 91.2 81.1 86.1 83.8 99.3 99.1 79.0 87.0 81.7 91.5 85.2 Q.III 87.2 90.6 92.9 93.6 83.4 87.8 86.7 96.3 99.6 78.0 87.1 83.3 92.7 87.5 Q.IV 91.0 92.8 96.2 94.5 86.7 89.7 86.1 94.8 101.2 78.4 87.2 85.4 93.9 89.7 2015/16 Q.I 94.4 93.9 93.6 96.3 87.7 91.2 87.6 96.5 103.9 83.7 91.4 88.0 94.7 90.8 Q.II 94.3 94.8 94.6 96.8 87.7 92.8 92.0 98.2 101.3 88.2 99.8 90.8 95.6 91.8 Q.III 94.9 95.2 101.3 97.9 91.1 95.9 93.8 97.2 100.3 91.1 99.8 92.6 96.5 94.6 Q.IV 97.8 98.7 94.9 99.0 97.0 96.9 97.4 97.0 101.5 92.3 99.9 94.9 97.8 96.9 2016/17 QI 100.4 102.5 92.4 99.2 100.1 97.7 95.1 98.1 99.7 93.5 100.0 97.6 98.5 98.2 QII 100.4 101.3 97.3 99.5 100.1 99.2 98.8 99.3 99.9 98.4 100.0 99.1 99.0 99.4 QIII 102.4 103.0 104.4 100.7 102.3 101.2 104.3 103.9 99.8 99.0 100.0 98.1 100.9 101.7 QIV 106.5 109.5 98.3 102.1 102.8 107.9 113.4 104.7 102.1 111.6 99.4 101.6 101.9 103.0 2017/18 QI 112.0 113.9 104.5 116.0 113.3 111.1 97.0 106.3 101.7 113.1 106.0 107.9 102.2 109.9 QII 115.6 116.6 110.7 119.8 119.7 115.3 92.9 108.9 103.4 114.0 107.5 113.5 104.5 114.5 QIII 118.8 118.7 117.3 126.3 123.4 122.4 99.9 111.4 105.9 117.9 109.2 114.0 109.5 118.9 QIV 122.8 123.1 108.2 135.8 127.8 129.1 101.3 113.2 107.2 120.9 110.4 118.6 115.6 122.5 2018/19 QI 127.4 128.2 112.3 141.1 131.3 133.9 107.2 115.5 106.7 122.6 117.5 123.7 119.6 126.5 QII 127.9 128.3 112.3 144.7 130.0 136.3 110.6 119.7 101.1 124.9 125.8 128.1 119.8 127.4 QIII 131.9 132.0 121.2 150.7 133.1 141.5 116.0 128.9 101.5 126.6 126.3 130.8 123.6 131.8 QIV 141.0 145.6 125.1 151.6 137.0 147.4 114.8 132.3 105.5 127.7 129.5 135.7 131.4 135.7 Source: Central Statistical Agency(CSA) and NBE Staff Compilation. Fourth Quarter 2018/19 91 National Bank of Ethiopia Quarterly Bulletin

Table 22 (B): National Food Consumer Price Index, December 2016=100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate & confectionery Food products Non-Alcoholic Beverages 2007/08 Q.I 25.9 27.2 21.7 19.9 28.2 19.8 21.4 26.7 43.4 26.5 Q.II 27.4 29.1 22.2 20.6 31.3 21.0 22.8 26.1 45.0 28.4 Q.III 30.0 32.2 23.6 22.6 35.0 24.4 25.9 29.2 43.7 29.8 Q.IV 37.5 42.9 26.1 25.6 39.6 25.7 30.2 32.6 50.5 32.1 2008/09 Q.I 48.1 60.7 28.7 28.2 39.5 28.7 33.1 39.6 57.0 32.8 Q.II 44.1 57.2 28.9 29.1 37.9 34.0 32.5 42.0 44.0 33.0 Q.III 40.9 52.5 28.9 30.3 35.9 33.0 34.5 48.4 28.7 33.9 Q.IV 41.3 52.1 30.3 32.5 36.5 31.7 36.7 50.3 22.7 34.9 2009/10 Q.I 41.9 53.7 31.0 33.4 36.1 34.4 34.1 51.3 23.7 38.0 Q.II 41.0 51.8 31.1 34.1 36.0 36.0 34.7 52.4 26.9 41.8 QIII 40.9 50.9 31.9 35.4 36.5 37.4 35.6 55.1 30.7 42.6 QIV 41.1 49.7 33.2 35.8 38.6 35.6 36.2 56.5 40.6 42.3 2010/11 QI 41.7 48.9 34.4 37.3 41.0 36.4 38.3 56.1 46.1 47.3 Q.II 43.7 48.3 34.8 40.0 49.5 42.3 43.1 59.0 41.6 57.6 Q.III 48.0 50.7 31.9 43.6 54.4 37.9 48.8 57.3 43.3 77.3 Q.IV 57.4 58.9 35.9 46.8 74.2 40.1 56.5 60.0 62.4 90.9 2011/12 Q.I 62.4 65.4 44.9 48.8 74.4 47.4 56.9 61.2 71.1 91.8 Q.II 65.4 69.7 48.8 50.3 71.0 57.7 61.1 64.1 71.3 97.1 Q.III 69.5 74.0 54.6 56.1 73.4 62.2 68.6 66.1 62.4 97.9 Q.IV 75.4 80.7 64.7 61.1 79.2 62.8 75.4 68.3 67.9 90.3 2012/13 Q.I 77.6 85.8 69.5 61.6 76.6 70.2 75.8 69.0 69.7 88.2 Q.II 76.3 84.2 70.0 64.3 74.2 79.3 73.8 70.3 67.7 84.7 Q.III 75.7 82.5 72.1 67.1 74.6 76.9 73.8 72.9 66.1 80.2 Q.IV 77.5 86.1 73.7 67.8 77.0 73.6 74.5 73.2 68.2 78.7 2013/14 Q.I 81.2 92.5 76.4 69.4 76.2 72.5 78.4 74.4 69.7 79.3 Q.II 81.4 95.1 77.7 70.5 75.8 74.6 75.7 73.8 70.2 78.9 Q.III 79.7 85.1 78.6 73.1 78.0 76.4 80.1 73.1 69.1 79.1 Q.IV 82.9 88.9 80.5 74.2 81.5 74.2 79.8 74.2 75.1 94.3 2014/15 Q.I 85.2 92.7 81.5 76.7 87.0 77.5 78.2 73.9 81.8 99.3 Q.II 85.3 89.4 81.5 77.7 89.3 79.9 82.1 75.5 78.7 101.7 Q.III 86.9 86.2 83.4 82.1 94.2 85.9 88.7 75.1 82.6 95.9 Q.IV 92.1 89.3 86.7 89.5 101.4 84.5 94.3 76.5 100.1 91.1 2015/16 Q.I 97.9 94.3 90.9 90.1 102.9 88.7 96.6 76.3 131.6 87.8 QII 96.6 94.0 92.1 92.2 99.5 95.7 96.5 77.0 120.8 85.1 QIII 95.2 95.7 92.8 96.9 96.6 96.2 96.5 81.7 101.2 81.1 QIV 98.7 98.2 96.4 100.2 99.7 96.1 103.0 83.9 101.8 84.1 2016/17 Q.I 102.6 102.9 100.7 99.4 99.9 98.7 106.8 86.7 104.6 92.3 Q.II 101.3 102.7 100.6 100.0 100.8 99.3 99.6 100.0 94.6 105.6 99.3 Q.III 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 Q.IV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 113.9 123.6 113.8 101.1 108.5 100.5 119.5 110.2 94.4 122.0 101.3 QII 116.6 125.7 115.7 104.2 112.4 96.9 128.9 113.8 95.9 125.0 108.5 QIII 118.7 123.6 123.0 101.1 115.7 95.1 134.4 120.4 97.2 133.5 105.2 QIV 123.1 133.8 131.5 110.8 122.8 95.1 133.8 116.9 98.1 137.4 109.7 2018/19 QI 128.2 139.7 137.0 112.1 127.8 95.9 133.1 124.8 102.1 136.9 115.9 QII 128.3 140.0 137.1 114.2 129.8 97.5 141.0 124.3 105.3 137.8 112.1 QIII 132.0 142.1 142.0 115.3 135.3 98.0 147.9 133.6 106.7 143.2 106.5 QIV 145.7 156.8 157.9 113.3 145.6 104.6 160.2 157.8 112.0 148.1 109.6 Source: CSA and NBE Staff Compilation. 92 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 22 (C): Addis Ababa Non-Food Consumer Price Index , December 2016=100 Period General Index Food & Non- alcoholic Beverages Alcoholic beverages & Tobacco Clothing & Foo-twear Hosing,Water,Electricity ,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants andHotels Miscellaneous Goods Non-Food Index 2006/07 Q.I 25.4 20.8 24.0 18.8 38.3 23.1 32.3 42.8 41.9 35.1 31.2 18.7 25.2 29.6 Q.II 26.6 22.0 24.2 19.2 39.3 23.8 33.1 45.6 44.7 38.2 34.0 19.4 25.0 30.7 Q.III 27.3 23.0 25.0 20.2 39.1 25.0 35.3 45.0 44.1 36.4 32.4 21.2 25.1 30.9 Q.IV 28.5 24.8 25.6 20.7 39.6 26.6 37.5 45.0 44.1 36.7 32.6 21.0 25.5 31.6 2007/08 Q.I 29.7 26.9 26.2 21.6 39.6 27.1 38.3 45.1 44.1 37.7 33.5 21.4 26.2 32.0 Q.II 30.3 27.0 27.1 24.4 38.6 29.6 40.3 44.8 43.9 38.9 34.5 22.6 26.9 32.9 Q.III 32.8 29.5 29.8 25.8 41.4 34.0 42.4 48.1 47.1 40.4 35.9 23.0 28.2 35.5 Q.IV 37.5 36.3 31.9 27.0 45.7 36.7 43.9 49.7 48.7 42.0 37.3 26.4 30.5 38.0 2008/09 Q.I 41.9 43.8 37.0 29.3 46.4 38.0 47.3 49.7 48.6 41.9 37.2 28.6 32.5 39.4 Q.II 42.4 42.7 39.2 31.0 48.0 39.4 48.3 55.4 54.2 45.5 40.4 29.8 33.0 41.5 Q.III 41.4 40.8 43.2 32.7 46.3 40.4 48.2 51.8 50.7 48.1 42.8 30.2 33.8 41.4 Q.IV 42.8 42.2 43.4 34.1 47.2 41.7 49.8 53.8 52.7 49.7 44.2 32.1 36.5 42.8 2009/10 Q.I 44.8 43.6 43.7 35.6 49.8 42.6 52.3 61.9 60.6 50.2 44.6 34.2 38.9 45.3 Q.II 46.1 44.2 44.3 36.4 51.6 45.4 52.9 67.1 65.7 52.0 46.2 37.4 41.3 47.3 Q.III 46.2 43.2 45.1 37.7 52.3 47.4 52.9 68.5 67.1 53.6 47.7 40.2 42.6 48.5 Q.IV 48.3 45.5 47.6 39.1 54.1 49.7 55.0 72.3 70.8 53.8 47.8 42.5 43.3 50.4 2010/11 Q.I 50.5 48.2 49.7 42.8 54.4 51.6 55.3 71.9 70.4 56.6 50.3 44.9 44.9 52.0 Q.II 53.8 49.4 55.9 47.9 59.9 56.1 56.8 80.0 78.3 65.0 57.8 46.8 48.6 57.3 Q.III 56.1 49.5 54.3 51.1 65.6 59.7 57.3 88.3 86.5 66.0 58.6 47.6 55.3 61.6 Q.IV 61.1 55.4 57.9 55.3 68.2 64.2 60.2 98.7 96.6 65.8 58.5 50.7 59.2 65.7 2011/12 Q.I 64.6 60.1 62.7 58.9 69.6 65.2 62.2 98.6 96.5 68.6 61.0 54.4 62.9 67.9 Q.II 67.3 64.2 65.6 64.5 69.2 68.5 65.3 99.1 97.1 75.1 66.8 57.3 66.4 70.6 Q.III 70.6 67.0 71.4 70.5 70.6 72.4 67.1 102.2 100.0 75.6 67.1 59.0 70.4 73.4 Q.IV 74.0 73.3 71.7 72.1 71.8 73.8 69.6 102.2 100.0 76.7 72.2 59.0 72.4 74.6 2012/13 Q.I 76.5 75.8 72.0 75.8 77.4 75.6 71.3 101.3 100.0 78.2 70.2 59.0 74.6 77.0 Q.II 77.4 74.4 72.4 80.9 80.1 76.8 73.1 101.3 100.0 81.0 70.2 64.8 77.3 79.7 Q.III 77.8 73.2 79.0 82.6 81.5 79.5 76.5 101.3 100.0 82.4 72.6 66.8 80.6 81.4 Q.IV 79.6 75.7 81.1 84.8 81.5 81.8 80.9 101.2 100.0 84.0 75.0 68.8 82.0 82.5 2013/14 Q.I 82.8 78.9 84.0 86.2 85.7 83.4 74.9 101.4 100.0 86.9 75.1 78.3 83.6 85.8 Q.II 83.8 77.6 88.6 87.4 88.7 84.8 77.2 106.0 100.0 94.4 75.1 82.8 85.6 88.6 Q.III 84.6 76.7 87.6 90.3 91.5 88.3 79.6 110.2 100.0 96.4 75.1 82.3 86.0 90.6 Q.IV 86.7 79.6 92.4 93.3 91.9 90.8 85.5 110.4 100.0 98.3 75.1 85.8 85.6 92.1 2014/15 Q.I 88.6 83.9 94.0 93.5 91.2 90.0 90.7 110.3 100.0 100.9 75.1 86.9 88.8 92.3 Q.II 88.9 84.2 94.1 94.0 91.3 90.6 94.3 109.6 100.0 97.9 75.1 87.0 89.3 92.5 Q.III 90.9 87.7 95.9 94.8 92.8 93.1 95.3 101.2 100.0 98.1 75.1 91.2 93.8 93.4 Q.IV 95.1 95.4 94.8 97.4 95.2 95.5 96.0 98.8 100.0 97.4 75.1 92.8 96.3 94.8 2015/16 Q.I 101.4 107.4 95.7 99.8 97.7 96.1 96.8 99.7 100.0 98.0 83.4 93.9 98.2 96.8 QII 100.8 103.3 99.4 100.5 98.2 98.0 99.9 100.0 100.0 99.6 100.0 98.0 99.2 98.9 QIII 98.2 97.0 98.4 101.4 96.5 103.8 102.3 98.3 100.0 101.3 100.0 99.4 101.6 99.2 QIV 100.6 101.7 100.4 103.5 96.4 105.4 102.7 97.5 100.0 103.5 100.0 100.5 102.5 99.7 2016/17 QI 103.9 107.3 109.8 105.0 97.9 107.8 103.6 97.5 100.0 105.0 100.0 103.3 102.1 101.3 QII 101.5 102.2 104.7 104.0 98.6 105.1 102.5 98.3 100.0 104.4 100.0 102.5 101.2 100.9 QIII 100.9 100.4 103.8 100.6 101.7 101.7 98.5 104.1 100.0 99.5 97.4 100.1 103.2 101.3 QIV 104.1 104.4 100.9 94.8 103.0 107.5 107.6 107.9 114.4 105.4 96.9 99.9 102.5 103.8 2017/18 QI 112.3 109.2 103.3 98.8 133.7 114.3 113.7 106.5 115.3 107.3 100.4 104.9 100.9 114.8 QII 117.6 110.3 103.0 101.2 151.3 120.5 113.9 106.9 116.5 107.3 99.9 118.5 106.5 123.1 QIII 121.1 113.1 112.7 104.8 158.3 126.6 117.3 107.7 116.8 109.7 99.7 120.2 111.3 127.2 QIV 127.1 117.7 114.1 111.3 170.0 132.4 131.8 109.4 116.8 112.2 100.1 127.5 119.4 134.2 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 137.4 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 140.0 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 145.1 QIV 145.3 141.4 127.1 121.1 188.3 153.5 139.6 121.5 118.0 115.7 121.9 142.9 130.7 148.2 Source: CSA and NBE Staff Compilation. Fourth Quarter 2018/19 93 National Bank of Ethiopia Quarterly Bulletin

Table 22(D): Addis Ababa Food Consumer Price Index December 2016=100 Period Food & Non- alcoholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 2006/07 Q.I 20.7 22.4 19.9 16.7 19.3 17.5 16.3 38.6 20.5 19.2 Q.II 21.9 23.9 20.5 17.2 21.3 18.4 17.2 36.7 21.6 19.4 Q.III 22.9 24.5 20.9 17.8 23.8 21.5 20.0 36.7 28.9 20.7 Q.IV 24.7 25.5 22.5 20.2 27.1 20.9 19.5 37.0 44.3 21.0 2007/08 Q.I 26.7 26.3 23.0 20.9 29.2 23.4 21.9 36.1 71.8 22.3 Q.II 26.9 26.9 23.3 21.2 31.4 26.5 24.8 34.5 62.7 24.8 Q.III 29.3 29.6 23.9 22.1 34.9 36.1 33.7 39.8 63.0 26.3 Q.IV 36.1 40.5 27.3 25.0 41.9 39.8 37.2 41.3 75.1 27.5 2008/09 Q.I 43.5 52.1 31.4 29.8 40.9 42.0 39.2 50.6 80.2 27.4 Q.II 42.4 52.8 31.7 31.3 39.1 39.9 37.3 50.2 61.1 26.9 Q.III 40.6 50.5 30.7 31.5 37.2 43.7 40.8 61.7 41.2 26.7 Q.IV 41.9 51.4 32.2 33.2 40.0 48.6 45.4 66.3 32.1 26.9 2009/10 Q.I 43.3 53.8 33.7 36.6 39.6 42.3 39.5 67.7 33.5 32.7 Q.II 43.9 53.5 33.7 36.2 39.4 40.9 38.2 74.2 45.3 37.4 Q.III 42.9 50.4 34.3 35.9 39.9 41.3 38.6 72.8 45.2 37.0 QIV 45.2 51.0 36.9 37.3 40.6 45.2 42.2 73.9 62.7 35.7 2010/11 Q.I 47.9 50.7 38.6 38.5 42.9 53.9 50.4 78.7 70.3 39.7 Q.II 49.1 50.6 39.2 39.5 50.8 56.8 53.0 82.2 55.6 50.7 Q.III 49.2 49.4 38.9 40.9 54.3 60.3 56.3 72.5 60.5 65.4 Q.IV 55.0 54.8 40.1 42.6 74.4 62.1 58.0 74.1 87.9 78.1 2011/12 Q.I 59.7 58.2 47.5 46.9 77.1 54.1 50.5 74.4 102.7 81.1 Q.II 63.8 61.2 52.4 52.0 74.1 57.3 53.5 75.6 95.7 88.4 Q.III 66.6 64.1 57.0 55.8 75.5 63.3 63.3 76.7 91.6 89.7 Q.IV 72.8 71.7 68.6 58.5 79.3 65.0 68.5 77.6 95.2 86.7 2012/13 Q.I 75.4 77.3 70.9 63.4 77.9 71.8 71.8 77.6 88.6 84.6 Q.II 74.0 79.7 69.1 67.3 77.6 73.1 66.8 77.6 76.6 82.7 Q.III 72.7 78.5 73.3 69.4 79.0 80.4 59.7 77.6 73.0 79.7 Q.IV 75.2 79.8 74.3 70.1 81.6 84.0 67.8 77.6 70.9 76.4 2013/14 Q.I 78.5 82.3 75.7 71.8 81.6 83.5 75.6 77.6 76.3 78.0 Q.II 77.1 84.0 75.4 71.5 81.1 79.1 67.2 77.8 79.4 78.7 Q.III 76.2 78.1 77.6 71.6 81.2 86.3 70.4 78.0 73.4 80.3 Q.IV 79.1 78.9 81.1 73.4 83.6 87.2 69.9 82.7 95.6 89.6 2014/15 Q.I 83.3 82.2 81.4 75.8 89.0 84.3 72.1 82.6 127.8 91.1 Q.II 83.7 82.4 78.6 79.3 94.0 84.1 78.0 82.7 104.0 95.0 Q.III 87.2 79.8 81.3 80.8 99.9 103.1 86.5 81.2 120.9 94.7 Q.IV 94.8 82.1 84.6 88.6 110.4 101.4 91.1 83.1 188.2 91.7 2015/16 Q.I 106.7 84.4 93.8 94.3 110.6 101.9 99.0 83.5 317.2 88.5 Q.II 102.7 86.1 96.9 95.8 108.1 101.0 100.3 83.6 229.0 87.6 QIII 96.4 88.9 95.8 95.7 99.6 113.7 95.4 94.0 141.8 85.8 QIV 101.1 93.3 98.4 96.7 101.7 113.7 108.3 99.8 130.6 88.6 2016/17 QI 106.7 98.6 101.1 98.9 103.0 103.3 122.3 96.8 130.7 93.1 QII 101.8 102.3 100.8 100.0 99.8 102.1 96.9 100.8 96.5 112.0 97.4 QIII 100.4 98.6 97.6 91.6 101.8 105.0 108.8 105.5 100.0 93.8 97.7 QIV 104.4 101.8 106.4 99.9 102.2 107.3 118.7 112.6 99.0 86.1 94.2 2017/18 QI 109.2 109.9 114.6 101.9 105.6 109.5 134.3 111.4 100.0 86.6 100.4 QII 110.3 112.8 114.8 98.4 105.5 109.1 132.5 106.9 100.0 104.0 105.8 QIII 113.1 111.2 117.2 100.4 110.2 110.2 140.3 106.2 100.0 155.7 105.2 QIV 117.7 117.4 126.0 112.3 121.4 114.8 139.3 105.6 100.0 160.3 105.7 2018/19 QI 125.2 124.7 130.0 109.2 125.3 116.0 135.4 123.0 100.0 161.4 109.3 QII 123.7 125.5 127.9 110.4 129.0 116.1 138.4 117.6 100.0 154.7 109.6 QIII 127.5 129.6 135.4 119.4 128.7 117.3 151.8 121.0 100.0 154.9 109.6 QIV 141.4 136.3 151.8 114.2 134.9 122.0 170.9 155.0 114.1 154.1 112.8 Source: Central Statistical Agency & NBE staff Compilation 94 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E1): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non- alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot- wear Housing,Water,Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods AFAR 2007/08 Q.I 25.2 24.7 22.6 28.1 23.7 14.1 26.7 41.4 32.0 58.1 35.7 50.3 20.9 52.1 Q.II 25.8 25.6 23.0 28.2 23.8 14.5 26.7 41.6 32.2 58.4 37.5 52.7 21.0 54.6 Q.III 26.8 26.8 23.9 28.5 24.8 14.9 29.0 42.4 34.3 62.3 38.6 54.4 22.1 54.8 Q.IV 30.4 32.4 24.8 29.7 25.6 15.1 32.4 43.3 35.1 63.7 38.6 54.3 25.8 55.6 2008/09 Q.I 35.6 40.9 25.9 34.8 27.6 15.3 34.6 41.6 35.1 63.7 40.1 56.5 30.6 58.2 Q.II 34.5 39.7 25.8 35.5 27.4 15.0 35.3 47.0 31.9 58.0 42.6 60.0 31.5 59.0 Q.III 33.4 38.3 25.8 36.5 28.4 14.7 36.0 46.0 26.2 47.6 46.3 65.2 31.8 60.1 Q.IV 34.3 39.7 26.5 38.0 28.4 15.0 38.7 49.4 27.7 50.2 46.6 65.7 32.5 61.4 2009/10 Q.I 36.3 41.7 28.6 39.1 30.4 17.0 39.4 52.1 31.9 57.8 45.5 64.1 33.5 62.6 Q.II 38.8 43.7 31.5 39.9 32.0 19.5 44.8 52.0 35.3 64.0 45.6 64.2 36.6 63.0 Q.III 39.6 43.6 33.1 41.3 33.6 20.7 47.3 54.4 37.1 67.3 44.5 62.7 36.9 63.4 Q.IV 40.6 43.9 34.1 44.0 33.5 21.9 47.8 54.4 38.2 69.4 47.1 66.3 37.7 64.8 2010/11 Q.I 41.7 44.8 35.5 44.8 33.6 23.9 48.6 50.5 37.1 67.3 49.1 69.1 38.7 64.4 Q.II 44.3 47.1 38.7 50.7 36.5 26.6 50.5 51.0 42.3 76.8 55.7 78.4 42.7 67.7 Q.III 47.6 50.6 41.9 54.9 38.3 29.6 53.8 56.2 49.1 89.1 55.7 78.4 44.6 68.7 Q.IV 52.1 54.4 45.8 55.9 40.9 34.0 52.8 61.8 59.0 107.0 57.1 80.4 48.4 70.1 2011/12 Q.I 56.0 58.6 48.4 61.8 46.1 34.3 59.7 58.4 60.9 110.4 59.6 83.8 52.8 73.0 Q.II 58.3 64.5 48.4 63.4 50.7 32.0 63.3 60.4 53.9 97.7 65.6 92.4 54.1 73.5 Q.III 60.9 71.1 50.4 68.2 52.1 32.7 66.5 65.3 57.2 100.0 70.2 0.0 54.1 75.7 Q.IV 64.5 75.6 53.2 70.1 54.4 36.8 63.6 69.9 60.3 100.0 69.8 0.0 59.7 79.4 2012/13 Q.I 67.5 79.7 55.1 67.6 59.1 40.3 60.0 71.8 65.1 100.0 72.1 0.0 61.8 79.9 Q.II 70.8 79.7 60.9 66.6 75.0 45.0 64.7 73.8 69.3 100.0 74.8 0.0 65.9 80.8 Q.III 71.2 77.0 64.0 61.7 80.2 51.3 66.2 76.8 69.3 100.0 74.0 0.0 65.9 81.5 Q.IV 75.1 78.4 69.7 57.0 83.4 64.2 68.9 81.3 69.3 100.0 74.7 0.0 68.6 83.9 2013/14 Q.I 80.4 84.4 74.3 67.6 87.2 67.6 72.3 94.5 79.4 100.0 76.3 0.0 71.6 87.3 Q.II 81.2 84.3 75.7 72.4 87.3 68.7 71.7 98.7 79.4 100.0 84.8 0.0 72.7 89.8 Q.III 79.1 82.9 73.2 66.1 91.0 61.0 73.3 106.4 79.4 100.0 86.2 0.0 74.2 92.3 Q.IV 76.2 85.8 65.7 59.1 91.3 42.0 74.8 105.8 83.2 100.0 85.5 0.0 78.3 95.0 2014/15 Q.I 77.0 87.7 65.5 60.9 91.1 38.7 77.0 108.3 92.0 100.0 87.9 0.0 77.6 108.5 Q.II 77.9 87.3 67.5 60.5 94.0 42.8 79.0 112.5 91.8 100.0 88.6 0.0 78.6 93.1 Q.III 81.4 87.6 73.5 73.6 91.0 55.0 78.6 111.6 94.7 100.0 87.6 0.0 80.5 94.6 Q.IV 87.8 94.0 79.5 87.3 91.4 63.0 87.9 114.7 95.8 100.0 87.1 0.0 83.4 93.7 2015/16 Q.I 92.2 103.7 79.6 90.0 96.2 57.6 91.0 115.8 93.2 100.0 95.4 0.0 87.5 97.0 Q.II 92.5 101.8 81.6 83.0 96.8 61.9 94.7 121.8 99.3 100.0 95.7 0.0 93.1 97.6 Q.III 96.9 99.6 94.1 106.9 92.6 87.1 99.8 125.7 96.2 100.0 99.2 0.0 92.3 97.4 Q.IV 101.2 101.6 100.7 99.9 98.6 103.0 100.7 122.6 96.9 100.0 100.5 0.0 94.4 95.2 2016/17 QI 103.1 104.0 102.2 97.6 97.8 108.0 101.6 114.6 95.8 100.0 99.3 0.0 96.1 96.8 QII 101.4 103.8 98.9 104.3 97.1 97.1 101.6 106.0 98.8 100.0 97.8 33.3 98.5 98.9 QIII 101.4 102.3 100.6 94.3 100.0 104.3 99.3 110.1 95.6 100.7 97.4 100.0 99.8 99.2 QIV 105.4 105.2 105.6 93.3 107.5 114.2 102.0 118.1 105.1 100.7 111.8 92.0 99.6 97.8 2017/18 QI 108.5 109.8 107.2 101.1 105.3 117.3 100.5 120.4 112.9 99.9 110.5 101.3 97.1 98.2 QII 112.8 115.8 109.9 101.1 114.6 117.7 103.4 107.2 123.3 99.8 119.5 98.5 103.5 103.4 QIII 116.8 117.0 116.6 131.6 120.9 114.2 106.8 107.7 123.3 99.9 129.7 95.5 114.9 110.0 QIV 116.7 116.2 117.2 120.4 121.4 120.2 110.8 108.6 123.3 100.5 130.5 93.5 111.4 118.4 2018/19 QI 120.7 124.2 117.4 115.0 124.5 117.8 116.7 109.1 118.8 100.5 132.5 101.9 117.2 118.8 QII 121.1 124.3 118.0 105.4 121.8 116.1 143.9 93.2 124.8 101.6 174.1 110.8 120.1 118.4 QIII 124.2 126.1 122.4 93.6 123.1 134.9 152.0 91.8 123.3 104.0 176.0 115.0 117.5 123.0 QIV 131.7 136.2 127.4 95.7 132.5 139.3 153.7 94.9 130.9 104.5 177.8 115.0 126.1 127.4 Source: Central Statistical Agency Fourth Quarter 2018/19 95 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E2): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity ,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods AMHARA 2007/08 Q.I 28.0 28.7 27.2 26.0 28.3 26.8 22.1 36.2 49.6 52.1 35.9 46.8 23.8 34.0 Q.II 28.9 30.5 27.3 25.8 27.9 26.6 23.4 37.1 50.0 52.5 36.7 47.9 25.0 35.3 Q.III 30.1 31.7 28.5 28.2 29.1 27.5 25.4 39.9 55.4 58.2 38.0 49.6 26.5 37.4 Q.IV 34.0 38.6 29.6 31.9 29.8 28.0 27.5 42.2 58.2 61.1 39.4 51.5 28.6 39.7 2008/09 Q.I 41.2 50.7 32.2 41.9 31.4 30.0 29.6 41.3 58.2 61.1 41.0 53.5 32.2 41.3 Q.II 40.4 48.2 32.9 42.9 33.8 30.3 30.6 40.8 59.0 62.0 42.6 55.6 33.8 40.9 Q.III 38.2 43.1 33.5 43.1 35.7 30.3 32.8 43.3 54.0 56.7 44.6 58.3 34.7 42.0 Q.IV 38.6 42.3 35.0 45.4 38.1 31.5 34.3 45.8 55.0 57.8 48.3 63.1 35.1 43.8 2009/10 Q.I 40.5 43.8 37.3 45.4 40.3 34.3 35.7 47.2 58.1 61.1 50.4 65.8 36.7 46.5 Q.II 41.3 42.9 39.7 45.3 42.9 37.0 37.1 51.2 58.3 61.3 52.1 68.1 38.3 48.9 Q.III 41.7 42.2 41.2 46.0 46.3 38.1 38.5 54.2 60.9 64.0 52.6 68.7 39.4 50.5 Q.IV 42.5 42.8 42.1 50.1 48.7 38.5 39.7 55.5 63.5 66.6 54.3 70.8 39.4 51.0 2010/11 Q.I 43.8 43.6 43.9 51.1 50.7 40.6 40.8 56.2 62.2 65.3 58.4 76.3 40.3 52.5 Q.II 46.7 44.8 48.4 54.9 56.0 45.4 43.7 57.6 65.6 68.9 66.7 87.1 42.7 57.7 Q.III 49.7 47.0 52.2 55.9 61.5 49.3 46.2 57.8 81.7 85.8 67.1 87.6 44.2 61.0 Q.IV 55.4 56.6 54.3 61.4 66.4 50.1 49.2 58.8 90.2 94.7 69.7 91.0 47.5 63.1 2011/12 Q.I 59.8 63.0 56.6 66.9 70.8 51.2 52.3 59.3 90.6 95.2 73.0 95.3 51.7 70.3 Q.II 62.6 66.7 58.6 62.5 76.1 52.2 54.4 58.0 82.9 87.1 75.9 99.1 54.9 73.8 Q.III 65.1 68.6 61.5 64.7 79.7 55.1 56.4 58.8 84.0 87.0 79.4 100.0 57.8 74.9 Q.IV 68.7 74.4 63.2 69.7 81.6 55.3 58.4 60.1 83.9 87.0 84.2 100.0 60.4 76.5 2012/13 Q.I 71.9 79.1 64.9 73.1 82.7 56.4 59.4 61.6 85.2 87.0 84.2 100.0 63.4 77.5 Q.II 73.2 78.5 68.0 74.9 83.9 59.1 68.8 63.4 88.5 87.0 81.1 100.0 65.3 84.5 Q.III 73.6 78.1 69.3 76.1 84.6 59.0 72.2 68.8 86.6 87.0 82.3 100.0 68.4 85.8 Q.IV 75.6 80.3 71.0 78.6 87.5 59.9 73.8 73.3 83.2 87.0 84.3 100.0 71.2 87.3 2013/14 Q.I 77.7 83.6 72.0 81.1 88.7 60.2 74.3 76.0 78.7 87.0 84.1 100.0 73.4 88.1 Q.II 79.1 83.0 75.17197753 86.8 88.8 64.1 76.3 82.5 81.7 87.0 86.5 100.0 76.6 89.9 Q.III 79.5 81.5 77.36613529 89.6 91.3 67.2 78.5 85.6 83.8 87.0 87.7 100.0 77.3 90.6 Q.IV 80.8 82.7 78.7695656 89.1 92.1 69.3 82.3 87.6 84.1 87.0 87.8 100.0 77.9 91.3 2014/15 Q.I 81.6 83.8 79.4 90.7 93.9 68.9 82.8 89.0 84.3 88.4 88.1 108.3 79.3 91.6 Q.II 82.4 84.0 80.7 91.7 99.1 69.7 83.6 92.6 85.9 87.0 88.0 100.0 80.2 91.9 Q.III 83.7 84.7 82.6 92.7 101.9 72.4 85.4 93.5 86.0 90.0 89.2 100.0 81.3 92.6 Q.IV 85.8 86.3 85.1 96.3 101.3 75.9 88.1 89.5 85.5 99.5 89.8 100.0 83.9 93.4 2015/16 Q.I 89.7 91.5 87.8 95.8 103.5 79.6 90.1 90.0 94.4 108.7 86.6 100.0 86.5 92.7 Q.II 90.9 92.7 89.0 95.9 101.8 80.6 92.4 89.1 101.4 97.7 94.9 100.0 89.7 93.1 Q.III 92.4 93.0 91.7 99.3 102.2 84.5 94.9 97.3 96.3 98.3 96.2 100.0 92.1 94.1 Q.IV 94.9 95.1 94.5 98.9 103.3 89.1 96.1 94.4 101.9 98.8 93.8 100.0 95.3 95.1 2016/17 QI 99.8 101.3 98.1 97.1 101.4 96.9 97.8 88.7 103.5 98.3 97.6 100.0 99.2 96.4 QIII 101.1 102.3 99.8 99.3 100.0 99.4 99.7 99.8 101.7 99.4 98.5 100.0 100.7 98.1 QII 102.4 105.4 99.0 98.4 101.6 98.7 100.3 104.9 102.9 100.0 98.8 95.2 95.9 100.7 QIV 108.7 110.1 107.2 124.7 103.6 108.4 101.9 133.6 104.0 99.1 123.5 95.5 102.1 99.9 2017/18 QI 119.5 118.2 120.9 135.5 108.2 134.1 106.5 154.5 104.0 95.6 125.2 119.0 111.6 102.9 QII 122.4 119.9 125.2 140.4 115.0 138.9 110.2 119.9 105.1 102.7 127.4 119.0 119.5 105.2 QIII 125.5 122.0 129.4 144.8 119.5 145.7 121.2 150.8 105.4 112.8 133.4 119.0 111.1 112.4 QIV 129.0 127.7 130.5 139.8 127.3 145.8 126.1 131.4 106.3 122.3 138.0 119.0 111.6 115.4 2018/19 QI 134.1 133.9 134.2 141.6 132.6 148.5 127.8 155.4 106.9 128.9 140.9 119.0 114.4 124.2 QII 134.4 132.9 136.2 141.1 138.1 149.2 129.9 171.6 116.1 115.3 142.3 120.6 118.7 119.1 QIII 138.3 136.6 140.2 146.3 141.6 149.7 137.5 196.6 122.8 118.1 142.1 121.6 124.7 120.4 QIV 148.6 149.3 147.8 150.3 148.2 161.8 143.7 175.3 125.5 139.3 141.5 136.5 130.1 125.7 Source: Central Statistical Agency 96 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E3): Regional States' Consumer Price Indices (Non-Food) December 2016= 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity, Gas and Other Fuels Furnishings, Household Equipment & Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods BENISHANGUL GUMUZ 2007/08 Q.I 28.9 27.1 32.3 22.7 18.7 49.8 23.6 45.8 64.7 68.5 39.2 47.4 28.4 35.0 Q.II 31.0 29.9 33.6 23.3 19.8 51.9 24.1 49.0 64.0 67.8 39.8 48.2 30.2 36.1 Q.III 33.6 33.8 34.8 24.8 21.7 51.6 25.5 51.0 63.6 67.4 43.0 52.0 32.3 38.6 Q.IV 37.3 39.1 36.7 26.5 23.1 53.7 27.6 54.4 63.6 67.4 44.3 53.6 35.3 41.0 2008/09 Q.I 48.7 57.2 40.3 31.3 24.1 56.8 32.7 61.0 63.6 67.4 56.0 67.7 38.4 43.2 Q.II 46.0 51.0 41.7 31.1 26.4 57.3 34.5 63.0 67.7 71.7 58.7 71.0 39.1 44.2 Q.III 42.8 44.4 42.6 32.5 27.4 58.2 35.8 67.8 61.7 65.4 59.1 71.6 41.4 45.3 Q.IV 43.8 45.4 43.6 34.5 27.1 61.2 35.9 67.1 62.1 65.8 61.1 74.0 42.6 46.0 2009/10 Q.I 46.8 49.5 45.4 34.8 27.7 62.6 40.4 68.3 66.6 70.6 61.5 74.5 45.3 48.3 Q.II 45.6 45.1 48.0 34.5 31.3 66.5 42.1 68.0 71.5 75.8 63.3 76.7 47.6 50.0 Q.III 43.6 40.8 48.9 37.0 35.1 63.4 43.8 71.6 74.5 78.9 64.4 77.9 50.9 52.0 Q.IV 43.6 39.5 50.4 40.4 35.7 65.7 45.0 69.7 76.2 80.8 65.4 79.2 56.1 53.2 2010/11 Q.I 43.3 38.1 51.6 40.4 39.4 62.8 49.0 68.5 75.4 79.9 67.5 81.7 58.1 53.1 Q.II 46.2 39.2 56.6 43.8 45.1 67.3 56.1 71.7 80.5 85.3 72.8 88.1 59.4 59.8 Q.III 49.4 44.0 58.0 44.7 49.4 64.0 57.9 73.0 86.8 91.9 73.4 88.9 53.8 64.0 Q.IV 59.6 60.5 60.9 51.5 52.2 65.1 61.2 71.4 99.1 105.0 76.0 92.0 67.9 70.5 2011/12 Q.I 66.0 70.9 62.6 50.4 55.1 60.8 66.7 62.4 99.1 105.0 79.1 95.7 73.9 77.3 Q.II 70.8 76.5 65.6 49.6 63.0 60.3 69.1 65.7 92.8 98.3 82.1 99.3 72.5 81.2 Q.III 74.2 76.1 71.8 53.3 68.7 70.2 74.9 66.0 98.4 100.0 83.7 0.0 73.8 84.2 Q.IV 79.0 81.1 76.2 58.8 73.7 75.8 78.7 66.6 106.4 100.0 82.9 0.0 75.6 88.7 2012/13 Q.I 82.1 84.6 78.8 62.1 73.5 82.2 78.9 67.3 106.5 100.0 85.0 0.0 77.6 89.2 Q.II 82.2 83.4 80.6 69.9 79.9 81.2 80.2 71.0 99.5 100.0 86.9 0.0 78.6 90.9 Q.III 81.4 79.9 83.3 71.5 80.6 89.6 78.7 72.6 96.4 100.0 88.6 0.0 79.6 91.3 Q.IV 81.7 79.6 84.5 69.4 80.7 92.7 79.4 79.3 97.1 100.0 89.8 0.0 81.0 91.0 2013/14 Q.I 86.6 87.2 85.9 69.5 82.0 93.4 81.5 81.7 97.8 100.0 90.4 0.0 84.4 93.4 Q.II 91.3 92.7 89.4 80.0 82.8 97.0 83.8 91.0 100.7 100.0 90.5 0.0 86.3 94.7 Q.III 89.2 85.0 94.7 87.4 89.1 108.4 83.7 92.3 102.9 100.0 90.9 0.0 86.4 95.4 Q.IV 89.9 85.4 95.9 94.0 92.6 106.4 84.2 92.4 103.2 100.0 91.1 0.0 89.6 96.5 2014/15 Q.I 88.0 83.9 93.6 89.4 93.4 99.1 87.5 91.6 101.9 100.0 91.0 0.0 88.3 95.8 Q.II 88.4 84.9 93.2 83.9 94.8 98.5 87.9 83.4 100.5 100.0 92.0 0.0 91.8 94.9 Q.III 89.1 88.1 90.5 85.5 97.6 85.7 91.0 83.9 100.3 100.0 92.4 0.0 92.0 95.7 Q.IV 91.2 90.6 91.9 87.7 98.4 87.9 91.7 84.5 99.5 100.0 93.0 0.0 93.9 95.0 2015/16 Q.I 97.2 99.9 93.7 84.1 100.0 93.6 94.9 85.9 99.8 100.0 93.8 0.0 92.2 95.8 Q.II 98.4 99.9 96.4 88.6 101.5 97.6 97.0 94.3 100.1 100.0 94.0 0.0 92.1 98.3 Q.III 96.1 94.6 98.0 92.5 101.5 98.0 99.7 96.8 103.3 100.0 96.1 0.0 95.2 98.7 Q.IV 96.6 95.9 97.5 92.8 101.7 91.6 101.0 134.6 99.1 100.0 96.6 0.0 94.4 101.4 2016/17 QI 99.6 100.1 99.0 85.7 100.0 98.9 98.5 149.8 99.6 100.0 98.7 0.0 96.0 100.9 QII 99.8 100.4 99.0 92.2 100.2 99.0 99.6 102.4 106.9 100.0 100.0 33.3 97.6 102.1 QIII 103.3 103.0 101.7 104.4 100.7 102.3 101.2 104.3 103.9 99.8 99.0 100.0 98.1 100.9 QIV 106.5 109.5 103.0 98.3 102.1 102.8 107.9 113.4 104.7 102.1 111.6 99.4 101.6 101.9 2017/18 QI 111.4 117.8 105.4 91.6 96.2 100.7 114.1 98.9 113.9 100.0 161.4 100.0 123.5 103.2 QII 114.8 121.5 108.5 91.4 94.1 99.4 124.0 100.5 118.8 100.0 168.0 100.0 136.3 104.5 QIII 117.6 119.9 115.5 109.9 99.8 102.2 126.8 132.8 122.7 100.0 167.3 100.0 140.8 112.3 QIV 120.7 121.2 120.2 111.3 100.3 103.3 140.9 186.7 120.8 100.0 177.4 100.0 139.9 117.7 2018/19 QI 125.8 129.2 122.6 106.2 102.9 103.6 147.2 189.5 117.7 100.0 174.9 100.0 152.2 119.1 QII 130.0 130.2 129.9 110.3 114.7 101.7 147.5 191.0 119.0 97.8 177.6 100.0 187.4 117.8 QIII 134.8 132.8 136.6 115.1 119.8 103.4 150.0 188.8 121.6 97.8 180.8 112.5 213.6 122.5 QIV 143.4 142.9 143.9 127.9 119.7 110.8 165.9 189.9 127.5 100.0 184.4 104.2 218.8 132.1 Source: Central Statistical Agency Fourth Quarter 2018/19 97 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E4): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity ,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods DIRE DAWA 2007/08 Q.I 27.3 28.0 28.8 17.8 24.9 29.3 30.2 35.9 62.6 76.7 44.9 60.1 16.0 39.8 Q.II 28.1 28.7 30.0 18.1 26.0 29.8 33.6 40.5 62.6 76.7 45.8 61.3 18.1 40.2 Q.III 30.5 32.3 31.1 18.7 27.0 30.1 36.3 42.9 65.3 80.0 48.2 64.5 18.0 41.3 Q.IV 34.5 38.5 32.8 19.3 28.5 33.0 38.3 43.1 65.6 80.4 49.5 66.1 18.5 41.3 2008/09 Q.I 39.6 47.2 34.4 22.8 28.6 35.6 40.0 47.4 64.0 78.4 51.8 69.3 22.7 42.7 Q.II 40.2 47.4 35.4 23.1 30.9 35.5 42.7 48.4 62.2 76.2 54.5 72.9 28.5 43.2 Q.III 40.0 46.6 35.9 23.3 32.1 35.0 44.7 49.5 60.5 74.2 56.5 75.6 29.3 43.6 Q.IV 40.7 46.7 37.3 24.3 33.3 36.4 48.0 49.3 61.6 75.5 56.7 75.9 32.3 45.4 2009/10 Q.I 41.5 47.5 38.3 25.3 34.1 38.1 48.0 50.7 62.8 77.0 57.4 76.8 31.8 47.4 Q.II 41.8 46.6 40.0 26.4 36.2 38.7 51.2 52.3 64.5 79.0 63.5 85.0 31.3 48.0 Q.III 42.6 47.5 40.9 26.5 36.9 38.9 54.2 53.6 65.5 80.3 64.1 85.8 33.2 49.5 Q.IV 43.3 48.3 41.3 28.8 35.9 39.6 56.5 52.7 66.0 80.8 64.6 86.4 34.1 50.6 2010/11 Q.I 43.9 48.3 42.8 31.0 37.1 41.2 60.5 55.1 66.2 81.1 61.3 82.0 33.0 51.9 Q.II 46.9 50.9 46.4 33.1 39.6 45.8 65.1 55.4 69.4 85.0 70.3 94.1 37.4 52.5 Q.III 49.0 53.5 48.2 37.6 42.9 49.4 61.6 57.6 73.0 89.4 68.7 91.9 39.8 53.3 Q.IV 54.4 62.4 50.0 38.5 44.4 52.0 60.3 64.0 85.3 104.5 65.8 88.0 45.5 54.2 2011/12 Q.I 57.7 68.0 51.0 43.5 46.0 52.7 62.4 61.1 82.3 100.8 66.0 88.3 50.7 56.0 Q.II 59.1 69.6 52.2 44.4 47.3 51.9 64.0 70.6 81.8 100.2 74.4 99.5 49.1 58.7 Q.III 61.4 71.4 55.2 43.5 53.8 53.6 65.7 79.8 84.8 100.0 74.4 100.0 56.2 62.4 Q.IV 63.5 75.3 56.0 38.2 57.5 55.7 67.2 80.1 91.2 100.0 75.7 100.0 63.4 64.0 2012/13 Q.I 64.8 77.8 56.7 33.4 59.0 60.8 69.7 79.7 91.2 100.0 75.7 100.0 65.8 64.1 Q.II 67.5 77.7 61.1 45.5 65.0 61.1 70.0 81.7 93.2 100.0 77.7 100.0 66.3 64.2 Q.III 68.2 76.0 63.4 48.8 65.8 63.0 73.0 87.7 99.0 100.0 76.8 100.0 68.2 65.1 Q.IV 68.3 78.3 62.1 33.1 69.9 70.4 73.7 88.7 100.0 100.0 79.8 100.0 72.1 66.7 2013/14 Q.I 73.5 84.6 66.6 34.9 70.5 85.2 74.6 91.0 98.4 100.0 80.5 100.0 69.9 68.9 Q.II 79.9 84.4 77.1 53.6 76.8 97.2 76.3 93.3 100.0 100.0 84.7 100.0 76.6 71.2 Q.III 80.2 81.4 79.5 62.4 78.0 92.6 83.7 93.7 97.4 100.0 86.5 100.0 78.8 75.9 Q.IV 80.7 81.6 80.2 65.6 77.7 91.9 85.3 94.4 96.2 100.0 86.5 100.0 79.0 76.5 2014/15 Q.I 84.6 88.0 82.4 67.7 78.9 93.8 86.6 100.0 99.5 100.0 92.1 100.0 82.6 79.3 Q.II 83.8 89.7 80.2 61.9 79.6 93.9 87.4 100.2 103.0 100.0 92.1 100.0 75.9 80.6 Q.III 87.7 89.7 86.4 80.5 83.1 94.3 88.6 96.3 98.9 100.0 92.4 100.0 78.0 84.7 Q.IV 92.7 90.7 94.0 108.5 82.9 94.8 89.9 95.7 96.2 100.0 94.0 100.0 73.7 86.1 2015/16 Q.I 90.6 90.4 90.7 84.8 89.3 97.4 95.0 96.5 95.7 100.0 97.9 100.0 85.8 87.6 Q.II 90.4 91.2 89.9 79.0 93.6 95.6 94.6 96.1 94.3 100.0 97.9 100.0 93.2 87.1 Q.III 97.0 92.4 99.8 111.4 94.0 95.7 95.2 97.9 96.2 100.0 97.8 100.0 94.0 93.3 Q.IV 97.2 97.7 96.9 97.2 95.9 95.2 99.4 99.1 96.2 100.0 97.8 100.0 99.1 95.0 2016/17 QI 95.9 100.8 92.8 80.4 95.4 96.8 97.2 98.7 100.0 100.0 97.8 100.0 100.6 97.8 QII 99.8 101.5 98.7 95.2 100.8 98.3 99.9 98.6 100.0 100.0 98.6 100.0 103.0 100.6 QIII 103.4 101.5 104.8 121.4 106.5 101.9 100.1 99.4 100.1 100.0 102.6 99.8 101.6 100.6 QIV 102.8 103.3 102.4 98.5 106.9 106.3 99.4 93.8 95.1 100.0 106.0 101.6 104.0 103.6 2017/18 QI 104.8 105.8 104.1 104.1 97.1 117.2 106.3 103.2 97.6 95.3 100.0 106.8 103.1 105.5 QII 110.0 111.5 109.0 123.9 123.4 104.6 104.5 97.3 95.9 100.0 115.7 103.1 107.3 99.7 QIII 111.0 112.3 110.1 116.3 124.4 105.4 112.9 99.1 98.4 100.0 122.7 103.1 108.0 105.2 QIV 117.5 124.2 112.4 104.4 129.7 108.9 124.1 101.5 100.5 100.0 125.3 103.2 111.3 111.4 2018/19 QI 123.7 133.8 116.2 111.1 130.2 112.1 126.9 104.4 119.4 86.7 124.2 115.8 120.1 114.7 QII 120.0 129.1 113.2 106.5 128.3 114.5 125.2 108.0 107.2 60.2 115.8 112.7 120.2 115.1 QIII 123.4 133.8 115.7 110.6 126.4 117.3 122.9 116.8 115.5 60.2 136.6 122.4 123.6 118.2 QIV 132.9 150.3 120.0 111.0 133.0 123.2 132.0 118.4 111.1 60.2 133.3 124.5 128.4 125.1 Source: Central Statistical Agency 98 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E5): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods GAMBELLA 2007/08 Q.I 26.9 23.8 33.0 34.2 26.3 49.1 24.8 29.7 38.5 55.6 20.8 33.8 26.9 39.0 Q.II 27.9 25.1 33.3 33.5 27.6 49.4 25.8 29.9 38.5 55.6 21.0 34.0 28.1 39.5 Q.III 29.3 26.3 35.2 35.5 29.5 50.7 29.2 30.3 42.1 60.9 21.7 35.2 29.8 39.2 Q.IV 33.6 31.4 37.8 36.4 31.0 56.1 34.4 31.6 43.9 63.5 22.2 36.0 31.3 39.7 2008/09 Q.I 50.2 52.7 45.1 45.9 35.8 66.5 40.8 32.7 43.9 63.5 23.3 37.7 36.5 43.4 Q.II 47.2 46.2 48.9 50.9 38.4 72.9 40.4 33.9 43.4 62.8 27.5 44.6 36.4 43.4 Q.III 42.2 39.5 47.3 50.7 37.0 68.1 40.0 33.9 42.6 61.6 28.5 46.2 36.4 43.0 Q.IV 44.3 42.1 48.3 52.5 37.3 70.0 39.6 36.1 43.1 62.3 30.4 49.2 36.5 43.6 2009/10 Q.I 47.0 45.4 49.9 53.4 37.6 75.3 38.8 38.6 43.8 63.3 32.0 51.9 36.6 44.6 Q.II 43.7 40.6 49.7 54.7 38.5 69.9 41.7 40.2 50.6 73.2 31.9 51.7 37.3 45.8 Q.III 43.5 39.2 51.7 56.8 39.0 74.4 43.2 40.7 54.1 78.1 34.6 56.1 39.6 46.0 Q.IV 43.7 38.4 53.9 59.7 38.7 79.5 44.8 42.3 54.4 78.7 37.5 60.8 39.7 46.5 2010/11 Q.I 44.6 39.4 54.6 57.5 40.4 80.9 47.5 42.6 55.2 79.7 42.0 68.2 41.6 46.5 Q.II 47.2 41.6 58.0 61.2 44.1 85.8 50.2 44.8 56.5 81.6 45.2 73.2 48.0 48.3 Q.III 49.3 43.4 60.9 66.1 45.6 87.4 55.5 47.6 56.6 81.9 48.6 78.7 43.3 49.8 Q.IV 56.8 52.9 64.3 72.5 48.6 88.5 60.8 48.6 61.6 89.1 51.6 83.7 48.6 51.5 2011/12 Q.I 63.5 60.7 68.7 82.9 51.3 88.5 65.6 48.2 64.1 92.7 54.7 88.6 50.8 55.6 Q.II 67.9 66.3 70.7 80.8 53.1 92.9 67.2 49.1 66.1 95.5 58.7 95.1 54.7 58.7 Q.III 71.2 71.3 71.9 81.7 57.7 88.8 70.2 50.4 71.1 100.0 61.5 0.0 59.8 62.1 Q.IV 75.5 76.9 74.6 83.1 64.0 90.3 72.2 50.3 75.5 100.0 62.6 0.0 64.7 64.9 2012/13 Q.I 77.9 78.8 77.6 92.8 65.8 93.9 75.0 52.4 77.0 100.0 62.8 0.0 66.4 64.1 Q.II 76.8 75.0 79.7 94.0 70.5 92.2 77.6 56.5 78.0 100.0 67.8 0.0 69.4 70.8 Q.III 77.0 74.1 81.2 90.9 72.0 93.5 78.4 58.8 78.9 100.0 73.5 0.0 70.3 81.5 Q.IV 80.0 78.1 83.1 86.3 73.5 93.0 85.9 64.1 79.8 100.0 78.4 0.0 71.0 85.7 2013/14 Q.I 83.5 81.4 86.8 90.0 78.6 104.4 85.1 65.6 80.8 100.0 82.8 0.0 71.3 85.8 Q.II 84.7 82.3 88.4 93.9 82.0 105.0 86.2 67.9 81.3 100.0 82.5 0.0 74.0 86.2 Q.III 84.9 81.7 89.5 94.1 83.2 103.4 90.4 69.9 81.3 100.0 83.7 0.0 75.2 89.0 Q.IV 87.9 85.9 91.2 95.6 82.9 110.0 88.9 74.0 79.3 100.0 82.5 0.0 78.3 89.3 2014/15 Q.I 89.3 86.6 93.4 97.8 79.8 121.3 87.8 74.4 83.0 100.0 84.3 0.0 76.5 88.7 Q.II 86.1 84.0 89.5 97.7 80.7 102.1 87.8 75.3 84.3 100.0 85.2 0.0 79.0 86.0 Q.III 87.9 87.1 89.7 95.8 84.8 96.9 88.9 79.2 85.9 100.0 86.9 0.0 80.7 90.1 Q.IV 90.0 88.8 92.4 102.8 87.6 103.3 90.5 78.5 86.1 100.0 82.2 0.0 79.6 91.2 2015/16 Q.I 95.9 96.8 95.8 114.9 94.0 103.3 91.6 81.2 86.5 100.0 87.3 0.0 83.3 94.7 QII 94.9 93.2 97.9 111.0 92.3 106.2 92.8 82.0 100.5 100.0 89.9 0.0 89.0 98.0 QIII 94.7 93.1 97.6 105.4 92.0 105.6 95.9 84.4 100.7 100.0 90.0 0.0 92.3 90.4 QIV 97.9 98.0 97.7 111.6 93.0 100.9 98.6 87.9 91.3 100.0 91.5 0.0 92.5 92.4 2016/17 QI 99.9 101.1 97.8 108.9 96.9 98.9 97.4 90.1 95.5 100.0 92.6 0.0 94.3 92.3 QII 99.7 99.5 100.1 110.9 98.1 101.0 98.8 94.4 99.8 100.0 97.6 33.3 97.3 95.5 QIII 101.2 102.2 100.1 108.2 100.6 100.3 95.7 95.3 100.1 100.0 84.9 100.0 98.7 97.3 QIV 103.8 106.5 100.8 114.7 99.8 100.7 99.3 85.0 100.4 100.0 111.9 100.0 98.3 94.2 2017/18 QI 107.7 111.7 103.0 122.0 111.6 101.4 101.9 81.5 101.0 100.4 116.3 100.0 99.7 96.1 QII 108.1 109.3 106.6 129.7 115.3 103.7 113.4 74.3 102.9 100.4 124.6 100.0 103.6 97.8 QIII 108.7 110.1 107.0 132.4 124.4 95.3 120.8 86.4 125.1 100.3 126.0 100.0 115.9 98.6 QIV 116.5 120.6 111.8 134.7 128.1 95.4 125.7 96.4 134.4 115.8 128.8 100.0 140.1 101.7 2018/19 QI 122.5 127.8 116.3 129.2 131.2 104.9 127.9 95.9 134.5 115.2 130.1 100.0 142.6 103.1 QII 119.6 125.0 113.4 134.0 133.5 96.9 131.8 90.1 134.4 109.8 127.0 103.6 143.5 104.8 QIII 121.6 129.1 113.0 144.8 130.8 93.1 137.9 89.4 136.0 97.9 122.9 117.1 146.0 106.1 QIV 129.0 137.3 119.6 151.8 134.2 102.8 138.6 110.2 136.1 95.8 125.9 107.0 148.7 110.3 Source: Central Statistical Agency Fourth Quarter 2018/19 99 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E6): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods HARARI 2007/08 Q.I 24.6 19.2 31.8 21.0 24.9 54.7 31.0 33.5 56.6 60.6 27.1 51.4 23.4 27.4 Q.II 25.2 19.7 32.4 21.3 27.2 54.0 32.1 34.0 56.6 60.6 27.3 51.7 23.8 27.9 Q.III 27.0 21.5 34.3 21.1 28.6 58.2 33.7 33.3 64.6 69.1 27.1 51.3 25.8 28.2 Q.IV 32.9 28.4 38.1 22.4 31.3 67.6 36.8 31.9 68.6 73.4 28.5 54.0 29.9 30.2 2008/09 Q.I 38.8 35.7 40.7 28.0 35.0 70.2 38.7 32.8 73.8 79.0 29.5 56.0 35.4 32.2 Q.II 39.1 35.2 42.2 29.3 36.6 72.9 40.2 35.7 73.9 79.1 31.0 58.8 37.6 33.6 Q.III 38.7 34.1 42.5 35.2 39.1 69.8 42.1 35.7 67.2 71.9 32.0 60.6 37.6 33.7 Q.IV 39.6 34.7 43.6 37.4 40.8 69.6 44.4 35.2 67.6 72.3 33.8 64.0 37.9 34.0 2009/10 Q.I 40.6 35.0 46.0 37.9 42.7 73.1 46.5 67.2 72.5 77.6 35.7 67.7 38.8 34.8 Q.II 41.1 35.1 46.9 38.8 43.8 71.5 49.7 83.6 74.1 79.3 37.9 71.8 39.2 35.1 Q.III 42.2 36.4 47.6 39.4 43.7 74.2 50.9 84.5 72.4 77.5 38.1 72.3 40.5 35.6 Q.IV 43.0 36.8 49.0 39.3 44.6 77.9 51.4 84.1 72.6 77.7 40.6 77.0 42.1 35.4 2010/11 Q.I 44.4 38.2 50.3 41.2 46.5 79.8 51.9 85.0 72.4 77.5 42.0 79.5 43.9 35.8 Q.II 47.6 40.8 54.3 45.3 50.2 87.1 54.3 87.5 80.4 86.0 44.5 84.3 45.2 37.6 Q.III 51.3 44.8 56.9 47.1 51.1 95.4 52.7 96.5 80.6 86.3 46.4 88.0 46.0 45.1 Q.IV 55.7 48.8 61.3 49.3 53.6 104.1 58.3 92.8 85.2 91.3 49.3 93.4 50.5 56.7 2011/12 Q.I 58.7 52.4 62.4 52.9 56.2 100.7 60.2 95.2 92.6 99.1 50.6 95.9 60.9 62.0 Q.II 61.0 54.8 65.6 52.9 59.8 100.5 61.5 95.2 93.0 99.6 52.2 99.0 62.3 70.3 Q.III 65.8 61.2 70.8 55.3 63.4 100.3 64.2 102.6 93.4 100.0 49.8 100.0 65.0 74.4 Q.IV 69.4 67.9 71.1 54.4 64.9 100.7 65.6 96.9 96.2 100.0 48.7 100.0 70.3 74.7 2012/13 Q.I 70.1 70.1 70.0 50.8 66.9 100.2 65.2 96.2 98.3 100.0 50.6 100.0 75.0 78.2 Q.II 71.3 71.1 71.7 52.4 71.2 100.3 68.9 106.3 103.8 100.0 51.4 100.0 74.9 78.0 Q.III 72.9 69.1 76.9 63.0 74.4 100.2 71.0 115.4 103.8 100.0 52.9 100.0 76.8 79.0 Q.IV 71.3 73.2 69.3 43.5 77.2 99.9 74.3 138.5 100.0 100.0 55.6 100.0 77.8 80.3 2013/14 Q.I 76.2 78.7 73.5 51.4 77.8 102.0 76.4 105.3 100.0 100.0 60.1 100.0 83.7 81.7 Q.II 77.9 78.4 77.3 55.7 80.1 109.0 77.8 100.0 61.9 100.0 84.4 83.5 Q.III 81.2 76.9 85.8 71.9 82.1 113.3 78.7 100.0 102.1 100.0 61.9 100.0 86.3 87.0 Q.IV 80.7 79.2 82.4 61.8 83.9 115.1 82.9 93.3 98.8 100.0 61.6 100.0 88.5 87.2 2014/15 Q.I 82.8 84.8 80.6 56.9 83.7 116.1 84.1 100.0 59.7 100.0 87.6 87.6 Q.II 83.3 85.8 80.6 57.4 84.8 114.4 83.4 86.6 100.0 100.0 59.9 100.0 90.6 89.2 Q.III 87.4 86.2 88.6 77.4 88.5 109.7 82.6 80.0 100.0 100.0 60.1 100.0 93.2 90.0 Q.IV 87.9 90.0 85.6 70.7 89.2 107.9 85.3 80.0 100.0 100.0 61.2 100.0 92.8 91.8 2015/16 Q.I 87.6 90.6 84.5 65.3 91.0 107.9 90.3 80.0 100.0 100.0 80.9 100.0 97.1 93.8 Q.II 89.4 92.1 86.4 68.7 91.6 107.8 94.4 106.0 100.0 100.0 61.1 100.0 97.6 98.0 QIII 105.6 92.7 119.4 145.9 93.2 102.6 96.8 120.2 100.0 100.0 97.8 100.0 95.3 104.1 QIV 96.1 97.3 94.8 90.0 94.3 100.1 98.5 100.0 99.6 100.0 96.8 99.1 2016/17 QI 97.8 102.3 93.1 84.4 99.0 100.0 97.5 116.5 100.0 100.0 99.7 100.0 99.2 99.2 QIII 97.4 100.7 93.9 85.8 102.3 99.9 98.8 104.3 100.0 100.0 99.5 100.0 97.6 100.6 QII 103.6 100.0 106.1 119.7 98.3 105.1 99.3 101.8 100.0 100.0 99.5 101.0 102.9 101.7 QIV 102.5 107.5 99.0 94.7 104.3 95.5 103.4 99.7 100.0 100.0 107.5 101.2 101.5 99.9 2017/18 QI 103.5 110.8 98.4 86.3 107.9 96.4 102.9 106.7 100.0 100.0 111.6 102.2 104.4 100.5 QII 105.1 110.6 101.3 91.6 111.3 94.0 110.1 106.4 102.3 100.0 111.3 115.5 108.1 104.4 QIII 112.7 110.1 114.4 131.7 115.5 99.6 116.0 111.7 111.7 100.0 113.5 119.2 113.2 106.5 QIV 114.6 116.0 113.6 120.1 115.3 101.4 122.2 111.3 111.7 100.0 114.6 120.3 117.6 113.3 2018/19 QI 116.0 123.5 110.8 93.8 121.4 107.3 128.6 110.9 111.6 100.0 110.4 135.6 121.7 116.9 QII 117.4 123.7 113.1 96.1 123.5 108.5 127.4 112.5 117.9 100.0 112.6 151.8 125.0 120.2 QIII 122.4 125.9 119.9 115.8 128.4 114.4 129.2 110.1 135.1 100.0 111.2 152.3 121.2 127.6 QIV 129.8 138.8 123.6 117.8 127.9 113.1 136.4 118.7 139.8 100.0 118.8 151.5 133.6 135.0 Source: Central Statistical Agency 100 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E7): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods OROMIA 2007/08 Q.I 25.3 24.7 26.3 25.8 20.8 28.7 24.5 29.5 52.6 50.0 27.2 40.4 23.4 30.2 Q.II 26.6 26.4 26.9 26.0 21.9 28.9 25.4 30.3 53.3 50.7 28.4 42.1 23.6 30.2 Q.III 29.3 29.5 28.9 28.4 22.9 31.3 28.2 32.0 55.2 52.5 29.4 43.5 25.0 31.6 Q.IV 35.3 37.5 31.7 31.8 24.4 34.9 30.5 33.9 57.0 54.1 30.3 44.9 27.3 34.6 2008/09 Q.I 42.9 47.9 34.5 37.9 26.0 37.4 32.3 36.5 57.1 54.2 32.9 48.9 29.5 37.3 Q.II 40.3 43.0 35.8 39.4 27.8 38.5 33.4 37.9 60.1 57.1 33.8 50.1 30.7 38.1 Q.III 39.1 40.3 37.0 42.2 29.9 39.1 34.5 38.7 52.6 50.0 33.9 50.3 32.5 39.2 Q.IV 39.8 40.8 38.2 43.2 31.5 40.2 35.6 41.6 54.9 52.2 35.1 52.1 33.8 41.8 2009/10 Q.I 40.6 41.0 40.0 43.7 33.5 41.9 37.6 42.6 59.9 56.9 37.4 55.5 35.0 44.4 Q.II 40.1 39.3 41.6 44.3 35.1 43.8 39.0 43.4 65.1 61.9 38.4 56.9 36.5 44.7 Q.III 41.2 39.7 43.8 45.7 38.0 46.1 41.8 46.1 68.8 65.4 40.8 60.5 36.9 46.7 Q.IV 41.9 39.9 45.3 47.0 39.4 47.5 43.8 47.5 69.9 66.4 42.0 62.3 38.5 48.5 2010/11 Q.I 42.9 40.6 46.8 47.9 40.9 49.4 45.3 47.8 70.7 67.2 43.6 64.7 39.2 50.2 Q.II 45.7 43.2 50.0 53.4 43.5 51.5 50.1 50.4 77.3 73.4 52.5 77.8 42.6 54.9 Q.III 50.3 48.2 54.1 55.9 48.8 55.8 51.7 52.4 93.2 88.5 54.7 81.2 44.0 58.7 Q.IV 57.4 61.0 51.8 58.0 55.5 53.3 108.0 102.6 56.2 83.4 48.6 61.5 2011/12 Q.I 61.1 62.1 59.5 63.6 53.5 58.4 59.5 55.6 108.8 103.4 60.9 90.4 52.5 66.0 Q.II 64.1 65.1 62.5 65.3 59.1 59.1 62.9 57.4 104.2 99.0 65.0 96.4 55.9 72.9 Q.III 69.1 70.3 67.8 70.8 66.4 63.9 68.8 58.5 105.8 100.0 66.8 100.0 58.3 77.5 Q.IV 73.5 76.1 70.6 67.5 71.3 67.0 72.5 59.5 106.4 100.0 67.3 100.0 64.3 78.9 2012/13 Q.I 74.2 76.4 71.9 63.1 72.7 69.6 72.9 60.2 105.6 100.0 69.2 100.0 67.9 82.8 Q.II 74.1 75.0 73.0 67.8 69.9 70.3 75.6 67.9 106.5 100.0 63.0 100.0 69.9 84.5 Q.III 74.3 74.7 73.9 71.4 72.8 70.7 75.8 70.8 98.6 100.0 60.4 100.0 70.3 86.0 Q.IV 75.4 75.7 75.1 68.4 74.2 72.8 77.9 73.5 98.9 100.0 60.3 100.0 72.6 86.3 2013/14 Q.I 78.6 79.2 77.9 68.5 78.6 76.5 79.6 70.2 98.7 100.0 75.3 100.0 75.5 88.3 Q.II 79.9 81.3 78.4 74.3 82.0 73.3 80.7 77.7 98.9 100.0 78.5 100.0 76.0 89.1 Q.III 80.1 79.0 81.4 81.7 83.2 77.4 83.7 79.9 100.9 100.0 74.5 100.0 76.6 89.0 Q.IV 83.0 82.4 83.6 79.6 85.0 82.2 84.9 83.3 101.6 100.0 67.9 100.0 78.9 89.6 2014/15 Q.I 86.0 87.0 84.8 84.6 87.6 81.8 86.4 80.8 101.5 100.0 78.5 100.0 79.6 90.1 Q.II 87.3 87.7 86.9 87.8 90.9 84.5 88.2 81.1 101.1 100.0 79.2 100.0 80.0 91.4 Q.III 91.0 91.3 90.7 97.8 93.4 89.1 90.3 84.3 99.8 100.0 80.2 100.0 82.1 92.6 Q.IV 96.0 98.3 93.4 99.0 95.0 94.3 91.9 84.0 98.9 100.0 81.0 100.0 84.5 93.9 2015/16 Q.I 100.0 105.6 93.6 95.6 96.6 93.5 93.3 87.1 99.1 102.4 83.5 100.0 87.3 94.6 Q.II 99.6 104.0 94.7 97.3 97.5 93.3 95.2 93.9 98.8 100.0 88.7 100.0 89.8 96.1 QIII 98.8 100.5 96.9 102.7 98.9 95.0 98.7 93.9 99.1 100.0 92.0 100.0 91.7 97.2 QIV 100.7 102.7 98.4 90.9 99.8 101.2 99.1 98.1 96.1 100.0 95.4 100.0 94.3 98.8 2016/17 QI 101.9 104.9 98.5 85.5 99.0 102.5 99.8 94.7 98.8 100.0 96.1 100.0 96.7 99.9 QII 100.8 101.8 99.7 95.9 100.0 101.2 99.8 99.1 99.6 100.0 100.2 100.0 98.5 99.4 QIII 102.3 101.6 103.2 104.1 102.0 105.3 101.2 106.5 100.6 99.4 99.4 101.4 100.7 101.3 QIV 105.6 108.8 101.4 93.4 104.0 99.7 108.5 112.8 102.8 99.0 109.5 105.1 101.3 101.6 2017/18 QI 110.0 112.9 106.1 96.9 130.6 105.3 110.7 67.7 106.3 99.3 110.4 115.8 101.2 101.2 QII 114.2 116.2 111.6 99.0 133.8 115.7 116.4 69.5 111.3 100.2 112.6 114.5 102.8 101.9 QIII 116.4 116.6 116.2 106.6 143.8 117.3 122.8 70.6 115.1 102.5 115.5 119.1 108.0 105.8 QIV 121.1 120.3 122.1 100.0 157.0 126.3 129.1 71.8 115.9 101.3 117.4 120.0 115.5 111.9 2018/19 QI 125.1 123.7 126.9 103.4 164.8 130.4 135.8 75.0 119.4 102.6 119.2 130.2 122.6 114.9 QII 125.8 124.5 127.6 106.6 164.8 128.9 137.2 75.3 126.0 102.8 120.9 132.6 125.2 115.9 QIII 130.1 128.0 132.7 119.2 175.0 130.9 143.0 77.9 142.9 102.1 123.2 133.5 120.5 120.9 QIV 138.4 143.1 132.5 117.1 171.8 127.6 147.6 81.4 146.0 103.6 123.7 137.1 124.0 130.1 Source: Central Statistical Agency Fourth Quarter 2018/19 101 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E8): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods SNNPR 2007/08 Q.I 24.5 22.4 26.9 24.0 20.9 28.0 26.3 29.4 45.1 61.7 37.8 58.2 27.0 36.4 Q.II 25.7 23.4 28.2 24.3 21.8 30.1 27.9 28.5 44.7 61.1 37.9 58.2 23.9 37.2 Q.III 28.2 26.3 30.1 26.7 22.8 32.4 29.8 29.1 52.2 71.3 38.6 59.4 25.1 38.2 Q.IV 34.7 34.4 33.4 29.1 24.7 37.3 33.5 30.7 55.3 75.6 39.2 60.3 27.3 39.6 2008/09 Q.I 41.8 43.6 36.6 35.3 26.9 39.9 35.9 30.6 55.3 75.6 40.0 61.6 29.4 41.4 Q.II 38.9 38.0 38.5 36.2 29.2 42.0 37.7 31.3 56.5 77.2 42.7 65.7 30.3 42.4 Q.III 37.4 35.5 38.7 36.5 31.2 40.8 38.7 32.5 51.4 70.3 46.2 71.1 31.2 43.5 Q.IV 38.6 36.8 39.8 37.9 32.6 41.3 41.3 34.2 52.5 71.8 47.4 72.9 31.8 44.9 2009/10 Q.I 39.8 37.2 42.3 39.0 34.6 44.6 43.3 34.8 56.7 77.4 50.0 76.9 33.2 47.6 Q.II 40.7 37.0 45.1 39.7 36.5 48.4 45.0 36.0 61.1 83.5 51.4 79.0 35.0 54.4 Q.III 41.2 36.8 46.7 41.9 38.8 49.5 47.5 38.4 63.6 86.9 49.8 76.6 35.9 58.0 Q.IV 41.2 35.8 48.5 46.2 40.4 51.3 49.4 40.0 65.1 88.9 50.9 78.3 37.3 58.6 2010/11 Q.I 41.8 35.9 49.9 44.8 42.8 52.5 51.6 39.2 64.9 88.7 53.2 81.9 37.9 59.3 Q.II 44.6 38.2 53.3 50.4 46.0 56.4 54.3 41.5 68.9 94.1 57.3 88.2 41.1 64.1 Q.III 50.2 44.6 57.1 51.8 49.9 61.4 58.6 42.4 74.0 101.1 58.0 89.2 43.3 67.8 Q.IV 58.5 55.5 60.8 58.8 54.1 64.4 61.2 44.2 84.5 115.5 58.9 90.6 50.7 71.7 2011/12 Q.I 63.7 59.5 67.8 66.1 56.1 64.0 64.3 45.4 340.0 464.6 61.6 94.8 55.1 75.0 Q.II 63.8 61.0 65.4 64.1 59.5 66.9 67.8 46.1 82.1 112.1 63.8 98.1 59.0 78.1 Q.III 68.9 66.4 70.0 65.7 63.6 72.6 71.0 46.9 81.8 112.4 67.7 99.0 64.2 82.5 Q.IV 73.3 72.9 71.1 66.2 66.4 72.4 73.8 48.3 82.0 112.4 68.8 99.0 68.0 84.6 2012/13 Q.I 76.3 74.7 75.9 69.7 70.4 79.7 77.2 50.8 80.3 112.5 72.6 99.0 70.9 85.8 Q.II 77.7 73.8 80.6 71.1 73.9 86.2 78.9 78.9 83.3 112.8 75.8 99.0 72.5 81.9 Q.III 78.2 74.4 80.9 73.6 75.6 85.1 80.2 71.7 86.1 112.7 78.7 99.0 73.2 87.5 Q.IV 79.8 76.1 82.2 76.1 77.9 85.5 81.9 70.2 87.3 112.4 79.9 100.0 75.4 89.9 2013/14 Q.I 83.3 79.2 86.1 78.0 80.2 92.3 83.3 71.7 91.3 112.4 80.6 100.0 77.7 90.9 Q.II 84.0 78.7 88.8 78.6 81.5 97.2 84.0 75.0 89.5 112.4 82.0 100.0 78.9 91.8 Q.III 85.2 79.6 90.3 80.1 83.1 99.0 86.5 77.3 86.5 112.4 80.0 100.0 80.2 92.5 Q.IV 86.9 81.6 91.6 83.0 99.3 89.0 77.9 88.5 112.4 81.4 100.0 81.0 93.0 93.0 2014/15 Q.I 87.3 81.8 91.8 84.9 98.3 89.5 79.6 85.6 112.4 86.5 100.0 82.3 93.3 93.3 Q.II 87.0 81.3 91.6 85.3 89.2 96.3 90.9 80.5 87.8 112.4 90.3 100.0 82.8 94.8 Q.III 88.7 83.7 92.8 88.3 91.6 97.2 91.4 84.2 82.3 112.4 88.4 100.0 83.3 95.3 Q.IV 91.3 90.5 92.0 90.4 92.1 94.1 92.7 85.4 78.1 112.8 87.9 100.0 84.5 95.7 2015/16 Q.I 92.9 92.4 93.2 89.9 92.1 95.6 94.3 84.3 81.6 113.8 96.5 100.0 89.1 96.4 Q.II 92.1 88.9 94.8 92.6 93.5 96.7 96.5 87.1 84.4 112.9 91.8 100.0 91.5 97.1 QIII 94.2 91.5 96.3 93.8 95.0 98.9 98.1 89.3 84.2 104.2 95.5 100.0 91.8 98.3 QIV 97.9 96.3 99.3 95.1 95.0 103.9 99.8 93.6 86.4 112.4 96.3 100.0 94.1 98.3 2016/17 QII 99.1 98.7 99.5 99.2 97.5 100.7 101.2 96.3 93.9 100.0 100.2 100.0 98.2 99.3 QIII 102.1 105.8 97.9 101.2 104.1 101.7 111.2 100.0 99.5 108.3 100.7 101.0 QIV 110.2 114.7 104.3 98.2 101.0 102.8 118.1 104.5 105.7 100.2 115.5 103.4 103.4 103.6 2017/18 QI 113.9 119.3 107.0 102.6 105.5 105.5 121.9 103.3 106.8 99.9 119.1 109.6 107.0 104.8 QII 115.6 118.8 111.6 104.7 108.9 113.2 124.0 109.3 107.3 100.0 115.6 111.9 111.0 106.2 QIII 118.2 118.6 117.8 111.9 114.6 118.7 130.2 113.5 110.6 100.5 119.2 115.9 124.8 114.0 QIV 123.4 125.5 120.5 114.5 119.8 118.4 139.1 119.0 114.2 100.6 122.7 113.8 131.8 118.8 2018/19 QI 126.7 129.5 123.2 116.4 122.7 120.9 143.5 116.1 115.6 89.0 125.5 119.5 134.3 121.8 QII 126.0 128.5 122.8 121.0 126.6 116.3 145.0 119.8 116.2 65.0 128.1 131.3 137.6 124.9 QIII 128.3 129.0 127.4 128.5 130.0 119.3 149.3 122.8 119.7 67.5 130.0 130.5 141.3 129.3 QIV 137.0 141.5 131.1 130.4 130.6 123.5 152.0 122.2 126.9 68.5 132.6 135.8 147.5 135.6 Source: Central Statistical Agency 102 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E9): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods SOMALI 2007/08 Q.I 21.9 22.8 22.5 21.78 28.4 17.2 26.4 29.4 39.6 49.9 25.9 50.9 25.1 29.4 Q.II 22.7 23.6 23.1 22.54 29.7 17.6 26.9 31.2 39.2 49.4 26.0 51.2 24.3 30.1 Q.III 24.7 26.4 24.1 22.50 31.1 18.6 28.1 31.3 41.6 52.4 27.5 54.0 25.3 30.6 Q.IV 28.6 32.0 25.4 22.23 33.6 19.3 32.4 32.3 43.2 54.5 27.3 53.7 27.7 31.2 2008/09 Q.I 35.9 43.4 26.4 24.92 33.6 19.7 35.7 35.2 44.6 56.2 26.9 52.9 32.4 35.4 Q.II 34.5 39.7 28.6 26.66 34.9 22.3 37.7 37.3 46.0 58.0 28.5 56.1 32.9 37.6 Q.III 34.7 40.0 28.8 26.84 36.2 21.9 41.1 30.4 46.1 58.1 28.3 55.7 33.2 38.6 Q.IV 36.2 41.7 30.0 28.18 37.6 22.7 44.2 32.1 46.3 58.3 30.4 59.7 36.0 39.4 2009/10 Q.I 36.9 42.3 31.2 30.95 38.8 23.1 44.6 35.8 47.1 59.4 33.6 66.1 37.5 39.5 Q.II 37.9 42.7 33.2 31.31 42.5 24.7 46.2 41.9 49.0 61.8 35.0 68.8 41.2 41.6 Q.III 39.0 43.1 35.6 32.02 44.2 27.7 48.2 48.4 52.0 65.5 35.9 70.5 42.2 44.9 Q.IV 39.1 42.9 36.1 33.99 44.7 28.1 48.1 49.7 53.6 67.5 36.4 71.7 43.0 45.5 2010/11 Q.I 39.7 43.3 37.2 34.80 46.5 29.2 49.3 49.1 54.6 68.8 36.9 72.7 44.0 46.2 Q.II 44.8 50.2 39.6 35.80 50.8 30.6 52.9 50.6 56.8 71.6 43.3 85.2 46.2 52.4 Q.III 47.6 54.0 41.3 36.11 53.5 31.5 56.5 54.1 62.5 78.7 48.2 94.8 48.8 54.8 Q.IV 52.5 59.8 44.8 37.47 58.3 35.0 61.6 57.9 75.9 95.7 48.7 95.9 54.4 54.6 2011/12 Q.I 55.0 62.5 47.4 44.58 61.0 36.3 62.5 60.4 77.9 98.1 50.8 99.9 56.3 56.5 Q.II 57.3 64.5 50.4 46.46 64.4 39.5 69.2 56.5 77.7 97.9 49.0 96.3 63.2 57.8 Q.III 62.4 70.3 54.6 52.88 71.2 42.0 72.6 58.6 79.3 100.0 51.7 100.0 68.0 67.5 Q.IV 63.8 73.5 54.3 46.65 74.1 42.5 81.2 60.4 79.3 100.0 51.5 100.0 69.8 67.0 2012/13 Q.I 65.8 74.5 57.2 44.01 78.7 48.2 87.2 61.4 79.3 100.0 56.8 100.0 71.4 71.3 Q.II 69.7 78.0 61.6 45.37 82.4 54.7 91.6 70.7 87.5 100.0 69.5 100.0 75.9 73.3 Q.III 69.3 77.5 61.2 46.37 82.8 52.8 91.0 74.0 87.3 100.0 72.3 100.0 76.0 77.4 Q.IV 71.7 78.8 64.7 56.28 85.3 52.9 92.3 75.2 90.3 100.0 75.2 100.0 80.7 80.5 2013/14 Q.I 72.6 80.3 65.1 54.09 83.8 55.3 91.6 77.2 89.3 100.0 77.8 100.0 81.8 85.3 Q.II 76.2 82.2 70.4 62.01 84.4 60.7 98.7 77.5 100.0 100.0 75.8 100.0 82.5 84.0 Q.III 78.9 83.5 74.4 72.32 83.0 64.6 94.4 81.6 103.2 100.0 73.1 100.0 82.5 83.5 Q.IV 79.5 83.0 76.1 76.87 83.1 66.1 92.3 89.4 97.2 100.0 74.4 100.0 86.4 84.4 2014/15 Q.I 81.1 85.8 76.5 77.58 83.0 66.5 92.0 86.1 100.0 100.0 75.3 100.0 86.4 84.8 Q.II 81.3 86.3 76.5 74.99 86.1 67.0 92.7 93.5 100.0 100.0 79.8 100.0 87.8 84.5 Q.III 84.6 87.0 82.2 86.71 89.2 72.4 90.3 94.7 100.0 100.0 81.3 100.0 88.1 87.9 Q.IV 90.5 89.6 91.4 101.60 90.8 84.0 90.5 98.4 104.6 100.0 80.0 100.0 89.5 89.2 2015/16 Q.I 90.7 89.3 92.0 96.54 94.6 86.7 96.4 111.6 95.4 100.0 83.3 100.0 89.6 93.1 Q.II 88.4 91.3 85.5 91.42 96.6 73.5 93.4 107.2 100.0 100.0 81.4 100.0 90.1 98.1 QIII 92.0 93.4 90.7 109.44 98.7 73.4 94.7 105.6 100.0 100.0 82.7 100.0 90.9 97.1 QIV 91.5 93.2 89.9 101.42 100.8 74.6 100.4 107.8 100.0 100.0 87.3 100.0 92.3 100.1 2016/17 QI 92.3 95.1 89.6 88.57 102.3 82.4 98.9 107.4 100.0 100.0 82.1 100.0 94.7 95.7 QII 96.7 99.5 94.0 94.32 100.9 88.8 101.4 101.5 100.0 98.1 99.6 QIII 102.7 102.8 102.5 109.02 100.1 100.1 101.4 99.5 104.3 100.1 100.0 97.1 100.2 94.5 QIV 101.6 104.7 98.1 89.46 103.0 99.1 105.2 107.4 112.5 100.1 140.3 109.2 104.1 97.0 2017/18 Qtr.I 104.8 106.9 102.5 101.79 109.4 97.5 110.1 114.0 113.2 100.0 129.6 107.4 114.2 98.2 Qtr. II 111.8 113.9 109.5 123.39 113.2 98.5 108.3 120.4 113.4 100.6 137.8 125.4 104.2 105.6 Qtr. III 112.5 114.4 110.5 124.6 112.1 98.5 112.4 118.3 113.3 100.6 153.0 133.0 116.4 109.2 Qtr. IV 112.5 119.7 104.5 92.4 123.4 97.9 122.2 142.0 114.1 100.6 154.3 125.9 119.7 122.2 2018/19 Qtr.I 120.6 129.0 111.4 105.4 128.1 101.6 130.9 145.6 112.7 102.3 154.6 129.3 129.0 128.4 Qtr. II 119.9 128.6 110.2 95.6 149.4 98.6 125.4 155.1 122.6 101.9 156.9 133.0 132.8 124.2 Qtr. III 123.3 131.9 113.8 103.7 149.1 100.8 126.9 143.8 142.0 103.1 157.3 134.2 131.2 126.2 Qtr. IV 133.2 140.6 125.0 123.4 152.3 107.0 151.6 145.7 143.3 103.8 158.0 139.6 134.3 148.9 Source: Central Statistical Agency Fourth Quarter 2018/19 103 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E10): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods TIGRAY 2007/08 Q.I 25.7 30.5 21.7 24.2 17.6 19.2 21.3 44.4 51.1 50.5 24.7 45.5 24.4 32.5 Q.II 27.1 32.7 22.4 23.4 17.9 20.4 22.6 42.8 49.8 49.3 25.3 46.7 26.6 31.9 Q.III 28.7 35.3 22.8 25.4 18.1 20.4 23.9 42.5 54.4 53.8 25.3 46.7 27.8 33.2 Q.IV 34.0 43.9 24.7 28.9 19.9 21.8 26.7 43.3 56.4 55.8 26.0 47.9 30.2 34.5 2008/09 Q.I 42.9 58.9 27.1 35.8 22.3 24.0 28.4 43.1 56.5 55.8 26.8 49.3 34.0 36.4 Q.II 41.8 55.5 28.5 35.0 24.3 25.2 29.6 43.0 58.7 58.0 27.3 50.4 34.9 37.3 Q.III 39.0 50.0 28.6 35.5 25.5 24.7 29.7 44.2 51.0 50.4 26.8 49.5 35.8 38.4 Q.IV 39.0 48.8 30.1 39.5 26.9 25.5 31.6 45.6 51.0 50.3 28.5 52.5 36.2 43.3 2009/10 Q.I 40.3 49.3 32.3 44.5 29.2 26.8 33.5 46.4 59.9 59.1 30.7 56.5 39.4 47.6 Q.II 41.0 49.6 33.6 44.8 30.9 27.5 35.4 48.6 65.9 65.1 29.5 54.3 40.6 49.3 Q.III 40.8 48.4 34.5 47.7 32.0 27.7 37.9 52.1 69.2 68.4 30.7 56.6 41.6 49.8 Q.IV 42.1 49.9 35.5 47.5 33.7 28.3 38.6 54.3 71.7 70.9 32.0 59.0 42.7 50.1 2010/11 Q.I 42.2 49.9 35.8 49.1 35.3 27.4 38.9 52.9 71.2 70.4 34.1 62.8 43.2 51.1 Q.II 42.9 48.9 38.3 50.1 38.9 28.4 40.7 56.2 77.0 76.1 37.8 69.6 45.0 58.1 Q.III 44.7 50.5 40.6 50.0 41.9 29.9 43.0 56.9 84.6 83.6 38.4 70.9 46.5 60.1 Q.IV 50.4 58.5 44.0 55.0 47.0 31.6 45.8 60.3 98.3 97.2 41.6 76.7 53.7 63.7 2011/12 Q.I 54.7 64.6 46.5 65.1 49.9 33.0 48.8 58.4 98.6 97.4 43.0 79.2 59.2 67.7 Q.II 57.5 67.0 49.8 69.5 55.0 34.1 53.3 63.2 94.8 93.7 45.7 84.3 62.2 74.5 Q.III 60.2 69.8 52.8 70.8 59.3 34.9 57.4 69.0 95.9 94.7 47.3 84.0 69.3 79.0 Q.IV 63.9 76.2 54.6 72.2 63.0 35.7 60.0 66.7 98.5 94.7 47.8 84.0 71.8 82.2 2012/13 Q.I 68.1 81.0 58.4 73.8 66.1 40.0 63.1 70.6 99.2 94.7 50.6 84.0 78.8 83.3 Q.II 68.6 78.9 60.8 75.6 69.3 41.9 63.3 70.2 99.1 94.7 64.3 84.0 85.3 83.9 Q.III 68.6 77.9 61.5 81.2 72.2 41.9 62.3 68.5 99.1 94.7 64.2 84.0 86.0 86.3 Q.IV 72.1 81.9 64.6 83.1 76.3 44.8 70.5 73.5 94.5 94.7 65.9 84.0 86.7 87.6 2013/14 Q.I 76.0 89.7 65.6 86.0 78.5 44.9 70.8 71.3 90.7 94.7 67.8 84.0 90.8 90.8 Q.II 75.4 86.9 66.6 87.0 80.7 45.2 72.2 74.0 101.4 94.7 66.6 84.0 90.1 90.8 Q.III 74.6 82.0 69.0 86.7 82.5 48.9 76.2 78.0 100.5 94.7 67.4 84.0 91.5 89.9 Q.IV 74.9 84.4 67.7 91.7 83.0 46.0 72.8 81.3 103.4 94.7 66.2 86.8 92.9 86.9 2014/15 Q.I 76.5 85.9 69.3 95.9 84.9 50.7 72.5 80.2 104.7 94.7 66.2 89.1 82.1 91.2 Q.II 79.9 86.5 74.9 98.0 86.8 58.9 74.3 86.5 105.8 94.7 68.1 90.3 91.7 94.2 Q.III 78.3 83.8 74.1 99.6 88.8 55.1 76.8 94.5 104.7 94.7 69.2 91.8 92.6 94.3 Q.IV 80.6 85.1 77.2 98.1 88.4 61.5 80.1 86.3 102.3 94.7 70.3 93.4 93.4 95.5 2015/16 Q.I 83.6 92.0 77.2 93.8 92.5 60.5 78.6 84.9 102.3 97.5 71.5 94.5 94.2 97.8 Q.II 86.9 96.4 78.0 98.8 93.3 60.9 79.4 89.0 101.9 98.9 74.2 95.9 95.0 96.3 QIII 89.7 96.4 84.6 102.6 94.0 74.8 81.8 87.6 101.3 100.9 76.9 97.1 95.0 95.4 QIV 94.8 98.9 91.7 99.1 95.6 90.4 81.3 100.3 101.4 100.1 76.0 98.5 94.9 98.1 2016/17 QI 97.5 105.3 91.6 100.1 98.5 89.4 82.6 98.2 100.4 100.0 77.3 99.5 92.7 97.6 QII 100.1 103.3 97.7 98.9 99.3 99.8 90.3 101.4 99.7 100.1 91.3 100.0 93.8 98.9 QIII 100.2 101.1 99.4 103.4 97.7 102.7 97.2 101.6 102.0 100.0 95.8 100.0 93.5 101.1 QIV 102.5 104.8 100.5 94.6 92.8 103.1 102.5 106.5 102.8 100.0 84.0 83.3 99.8 105.1 2017/18 QI 110.9 111.5 110.3 103.7 100.6 119.1 101.0 107.8 106.1 100.0 83.3 61.6 115.6 104.3 QII 110.6 115.0 106.9 108.0 101.7 103.8 104.3 106.6 108.9 100.0 82.2 87.6 119.7 107.4 QIII 113.8 119.2 109.2 104.9 105.5 107.6 111.5 105.8 109.6 100.0 82.8 86.9 119.5 108.3 QIV 120.6 126.2 115.8 111.7 114.7 113.7 117.3 111.8 113.2 100.0 87.1 120.9 126.8 116.7 2018/19 QI 127.8 135.7 121.1 122.0 115.0 122.3 120.5 132.8 112.9 100.0 87.6 73.4 132.1 119.2 QII 134.4 144.7 125.6 119.9 120.7 127.5 126.3 130.1 110.7 100.0 92.6 117.2 139.9 120.2 QIII 137.4 145.5 130.5 122.3 127.8 131.3 128.1 137.5 115.3 100.0 96.2 132.1 149.4 123.7 QIV 146.4 155.9 138.3 132.3 130.3 147.1 132.2 131.9 110.0 100.0 96.6 115.4 154.9 131.0 Source: Central Statistical Agency 104 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F1): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread & Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages AFAR 2007/08 Q.I 24.7 25.3 16.0 23.2 37.8 23.5 23.5 30.3 64.5 25.0 Q.II 25.6 26.0 16.7 24.0 41.6 25.4 25.4 28.8 62.8 25.2 Q.III 26.8 27.7 17.6 23.5 46.0 30.8 30.8 29.8 59.2 26.5 Q.IV 32.4 38.6 19.6 28.7 52.4 31.5 31.5 33.9 67.4 29.1 2008/09 Q.I 40.9 53.0 21.7 32.6 53.5 40.0 40.0 37.8 76.4 34.0 Q.II 39.7 51.4 20.7 31.4 50.3 38.3 38.3 40.2 58.2 34.8 Q.III 38.3 48.8 20.8 32.3 50.8 38.7 38.7 46.9 41.0 34.4 Q.IV 39.7 50.3 25.7 31.6 49.6 46.1 46.2 52.7 29.6 39.9 2009/10 Q.I 41.7 52.6 24.1 35.6 49.0 43.9 43.9 57.3 30.4 41.4 Q.II 43.7 53.1 24.4 41.6 48.3 40.8 40.8 59.6 37.2 43.3 Q.III 43.6 52.0 26.7 40.8 50.0 38.2 38.2 63.7 38.1 47.8 Q.IV 43.9 50.9 28.1 40.8 54.4 44.1 44.2 65.4 53.6 47.5 2010/11 Q.I 44.8 52.0 30.9 41.0 54.9 51.8 51.8 62.2 57.1 46.8 Q.II 47.1 50.6 33.0 42.8 63.8 53.3 53.3 65.3 48.9 55.4 Q.III 50.6 54.3 32.6 49.1 68.7 52.8 52.8 60.6 46.7 69.6 Q.IV 54.4 62.6 36.3 44.8 70.5 57.3 57.3 63.5 76.2 74.5 2011/12 Q.I 58.6 67.8 41.4 45.7 67.3 58.2 58.2 68.1 93.6 76.0 Q.II 64.5 74.8 41.1 55.8 67.5 55.4 55.5 74.6 91.3 85.0 Q.III 71.1 78.1 44.9 57.4 67.5 57.1 64.1 74.5 84.7 99.8 Q.IV 75.6 81.4 56.7 61.4 68.6 56.9 76.6 80.0 95.2 93.5 2012/13 Q.I 79.7 85.6 64.7 69.6 69.0 60.6 79.2 84.3 86.1 95.9 Q.II 79.7 86.3 62.4 75.2 68.5 61.9 71.1 80.6 82.0 92.0 Q.III 77.0 83.0 66.9 74.5 68.2 65.2 59.4 83.9 85.0 86.6 Q.IV 78.4 85.2 75.9 74.8 71.1 72.4 66.1 85.4 72.9 83.7 2013/14 Q.I 84.4 91.9 75.3 78.6 70.3 71.8 87.9 86.3 74.3 81.5 Q.II 84.3 96.1 73.5 81.7 70.4 73.3 64.6 86.0 80.3 83.4 Q.III 82.9 91.5 76.5 80.4 71.4 77.0 66.5 86.3 78.3 87.8 Q.IV 85.8 90.5 79.7 81.2 75.7 78.1 76.0 84.4 96.6 97.4 2014/15 Q.I 87.7 90.5 78.9 79.5 80.5 85.5 76.1 94.8 124.9 100.4 Q.II 87.3 88.9 81.4 79.0 74.7 83.9 81.3 105.9 111.2 104.2 Q.III 87.6 89.5 82.9 80.3 82.1 86.2 80.1 102.4 108.8 99.3 Q.IV 94.0 88.0 83.6 87.2 92.1 88.6 87.6 95.9 185.9 98.8 2015/16 Q.I 103.7 92.3 86.8 87.9 99.4 98.2 103.6 86.7 296.9 97.7 Q.II 101.8 94.6 80.8 88.4 92.4 96.9 110.3 81.2 244.1 96.2 Q.III 99.6 98.7 85.5 93.8 86.4 102.5 104.2 84.9 159.5 96.6 Q.IV 101.6 95.6 96.3 101.0 88.9 100.9 118.8 86.3 142.8 96.3 2016/17 QI 104.0 99.0 97.9 97.1 93.4 100.7 135.7 85.1 137.8 97.7 QII 103.8 101.3 98.7 100.0 106.6 95.7 100.5 110.3 92.8 115.4 102.4 QIII 102.3 100.4 99.6 102.6 102.5 103.3 101.6 105.5 100.8 112.0 103.0 QIV 105.2 102.1 101.8 103.3 100.9 114.9 100.6 114.0 102.3 136.6 102.3 2017/18 QI 109.8 111.3 103.7 109.6 101.4 115.8 102.8 120.5 102.9 137.9 104.6 QII 115.8 119.6 118.4 116.3 103.4 107.1 105.8 126.4 115.2 139.3 112.7 QIII 117.0 120.5 127.9 137.4 104.5 113.5 109.2 117.8 125.4 141.4 112.9 QIV 116.2 121.3 139.0 157.3 105.5 98.1 113.8 116.3 97.3 141.0 116.5 2018/19 QI 124.2 134.6 140.1 156.7 105.7 105.7 123.1 148.0 81.3 129.2 119.2 QII 124.3 135.6 156.3 160.9 111.7 103.0 119.1 138.5 81.1 101.5 116.5 QIII 126.1 138.6 163.2 163.4 114.0 101.6 116.4 137.8 92.0 92.5 112.5 QIV 136.2 150.3 176.2 165.3 119.5 90.2 120.6 165.4 103.7 95.2 118.7 Source: Central Statistical Agency Fourth Quarter 2018/19 105 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F2): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages AMHARA 2007/08 Q.I 28.7 30.4 20.9 20.6 29.9 17.4 28.6 36.6 36.6 23.4 Q.II 30.5 32.7 22.2 21.4 33.2 20.0 32.8 35.2 37.0 27.6 Q.III 31.7 34.7 23.5 21.6 36.5 21.7 35.6 38.7 34.2 30.4 Q.IV 38.6 44.4 24.6 24.3 41.5 22.9 37.5 45.6 41.0 30.8 2008/09 Q.I 50.7 62.3 26.2 29.8 41.4 26.9 44.2 57.1 46.3 30.6 Q.II 48.2 61.5 27.3 30.4 40.2 25.0 41.0 63.4 36.6 31.7 Q.III 43.1 56.9 28.0 31.7 38.9 28.8 47.3 74.1 23.5 31.4 Q.IV 42.3 56.2 30.3 33.3 39.5 32.5 53.4 75.6 18.0 31.8 2009/10 Q.I 43.8 57.6 29.9 34.8 39.1 31.1 51.1 76.2 20.1 34.3 Q.II 42.9 56.3 30.9 36.1 36.8 29.2 47.9 77.9 22.4 42.2 Q.III 42.2 53.4 32.7 36.7 37.5 31.4 51.6 78.5 24.7 45.0 Q.IV 42.8 53.1 33.5 37.2 34.3 32.1 52.8 80.3 32.8 44.4 2010/11 Q.I 43.6 52.5 33.9 37.8 42.8 35.5 58.2 79.3 37.3 45.3 Q.II 44.8 51.5 34.5 41.2 51.3 40.2 66.0 80.6 35.9 50.9 Q.III 47.0 53.2 32.4 42.1 55.7 42.8 70.2 78.0 36.9 67.4 Q.IV 56.6 59.4 37.3 44.8 76.4 43.2 70.9 81.3 52.8 87.5 2011/12 Q.I 63.0 65.1 45.2 47.3 78.8 42.4 69.5 80.5 61.9 90.2 Q.II 66.7 70.6 49.9 50.1 72.9 44.0 72.2 81.6 62.6 95.6 Q.III 68.6 74.9 54.8 53.1 71.8 49.7 80.5 82.0 50.4 99.1 Q.IV 74.4 82.0 64.6 56.0 76.4 50.7 83.9 82.3 57.9 93.0 2012/13 Q.I 79.1 87.7 70.1 57.5 76.1 53.3 87.0 81.8 66.4 87.7 Q.II 78.5 88.4 70.6 66.5 74.3 63.0 81.8 81.7 67.8 84.5 Q.III 78.1 87.2 72.0 70.1 74.0 64.6 80.3 81.6 68.3 81.3 Q.IV 80.3 90.6 73.1 72.3 77.9 64.3 80.2 81.6 72.9 79.5 2013/14 Q.I 83.6 96.6 75.2 73.0 77.6 67.3 83.8 81.5 75.0 79.6 Q.II 83.0 98.4 75.0 74.5 77.2 70.9 79.0 81.5 74.1 80.7 Q.III 81.5 88.3 76.4 74.9 77.0 70.7 86.0 82.1 73.4 80.5 Q.IV 82.7 90.2 76.5 75.9 80.2 71.2 82.4 82.5 76.8 88.3 2014/15 Q.I 83.8 93.9 77.9 78.6 84.6 74.7 80.9 81.8 74.6 95.7 Q.II 84.0 92.2 77.4 79.0 86.2 71.1 84.2 82.0 73.5 99.3 Q.III 84.7 88.9 79.8 82.1 93.4 76.7 88.5 82.5 73.1 99.6 Q.IV 86.3 91.5 82.6 89.9 100.7 79.0 86.9 82.3 75.2 94.8 2015/16 Q.I 91.5 96.3 84.7 88.7 107.6 84.6 99.5 82.3 77.6 92.5 Q.II 92.7 99.0 85.7 88.9 104.3 89.1 101.6 82.2 77.9 89.6 Q.III 93.0 99.6 87.4 94.0 98.0 92.5 100.7 95.8 79.2 88.2 Q.IV 95.1 99.4 92.6 96.7 101.9 90.5 105.5 102.1 80.2 87.0 2016/17 QI 101.3 104.5 98.7 100.3 100.6 99.0 111.2 98.9 91.2 92.0 QII 102.3 102.3 99.6 100.6 98.9 98.5 102.6 97.0 105.6 99.5 QIII 105.4 101.2 102.1 98.9 103.3 104.5 100.3 104.8 102.7 114.6 100.2 QIV 110.1 108.2 108.9 100.4 112.1 103.0 107.6 102.0 102.6 125.6 98.8 2017/18 QI 118.2 128.1 116.5 101.1 118.5 103.0 128.7 104.0 102.8 128.8 101.7 QII 119.9 125.0 116.0 104.2 127.8 103.8 128.4 113.5 101.9 129.6 105.5 QIII 122.0 133.3 132.0 72.2 128.4 106.1 134.9 103.2 102.7 130.1 106.0 QIV 127.7 143.0 140.4 0.0 136.5 107.7 139.7 109.9 103.4 131.3 107.2 2018/19 QI 133.9 150.4 145.6 0.0 139.5 107.9 135.1 129.0 103.3 128.4 109.2 QII 132.9 149.6 144.4 0.0 143.8 143.8 107.0 135.7 121.2 103.9 132.6 QIII 136.6 153.6 148.7 0.0 143.6 107.8 142.8 128.4 103.7 135.1 108.4 QIV 149.3 169.1 170.1 0.0 152.7 111.3 155.2 144.0 115.3 144.6 108.8 Source: Central Statistical Agency 106 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F3): Regional States' Consumer Price Index (Food) December 2016= 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages BENISHANGUL GUMUZ 2007/08 Q.I 27.1 34.4 27.4 22.3 29.3 16.5 29.6 38.9 31.3 25.6 Q.II 29.9 37.5 26.8 22.6 31.2 16.6 29.7 37.6 39.0 26.0 Q.III 33.8 44.1 27.7 23.2 34.8 18.7 33.4 42.6 40.0 27.0 Q.IV 39.1 53.4 31.3 25.0 38.8 19.2 34.3 44.6 39.7 28.3 2008/09 Q.I 57.2 82.9 37.1 31.7 40.1 24.3 43.5 56.1 47.7 29.5 Q.II 51.0 78.6 38.1 33.6 41.9 26.0 46.5 61.2 36.6 28.2 Q.III 44.4 70.2 36.9 35.0 40.1 26.1 46.8 69.4 29.4 26.3 Q.IV 45.4 71.4 36.6 35.9 44.6 25.4 45.4 72.4 22.6 27.8 2009/10 Q.I 49.5 75.8 38.9 39.1 41.8 25.6 45.9 73.0 21.2 33.4 Q.II 45.1 68.1 35.2 40.7 40.5 24.6 44.0 75.3 23.0 43.6 Q.III 40.8 59.7 34.4 44.8 42.9 24.2 43.3 79.7 29.1 41.3 Q.IV 39.5 53.6 37.7 43.3 45.7 25.8 46.2 81.7 39.0 41.0 2010/11 Q.I 38.1 51.4 37.9 45.4 43.5 28.7 51.3 79.2 33.2 47.8 Q.II 39.2 49.7 42.0 47.4 45.8 28.2 50.6 83.1 35.2 57.8 Q.III 44.0 55.4 37.3 48.8 68.8 32.9 58.9 76.0 35.8 71.7 Q.IV 60.5 72.3 42.3 51.7 86.9 37.5 67.2 86.8 51.6 100.7 2011/12 Q.I 70.9 88.7 50.4 55.6 76.5 35.6 63.8 85.2 55.1 106.9 Q.II 76.5 96.0 53.7 61.8 87.3 38.2 68.5 88.5 69.4 106.3 Q.III 76.1 92.1 56.1 65.1 90.5 54.1 79.5 90.4 53.0 85.1 Q.IV 81.1 98.9 65.2 68.0 90.1 70.7 80.6 95.7 61.8 80.6 2012/13 Q.I 84.6 102.1 72.4 69.4 93.7 70.9 86.4 98.9 61.2 80.7 Q.II 83.4 103.3 73.0 75.0 98.0 75.0 77.4 99.0 62.4 80.1 Q.III 79.9 95.5 76.7 88.5 103.2 74.5 68.9 97.3 62.0 77.9 Q.IV 79.6 96.7 73.6 93.8 96.9 70.8 69.5 94.9 61.9 77.1 2013/14 Q.I 87.2 118.1 75.6 95.8 95.7 63.0 76.8 94.7 58.8 76.1 Q.II 92.7 134.5 77.7 92.7 96.4 73.8 73.8 94.6 62.1 81.2 Q.III 85.0 107.3 75.1 91.7 99.3 83.2 75.7 92.1 61.3 85.5 Q.IV 85.4 103.0 77.4 96.1 97.3 68.8 77.9 95.8 63.9 94.8 2014/15 Q.I 83.9 101.2 77.7 84.0 94.8 57.9 76.3 90.3 62.1 97.3 Q.II 84.9 95.5 76.3 88.1 98.8 67.8 82.2 89.0 66.6 102.0 Q.III 88.1 97.9 79.9 88.8 99.0 71.7 92.1 92.2 70.1 86.5 Q.IV 90.6 92.3 85.5 91.9 104.6 70.5 94.0 89.9 85.4 84.0 2015/16 Q.I 99.9 99.3 92.1 92.0 100.4 70.8 104.3 92.3 109.5 84.0 Q.II 99.9 99.2 94.0 83.5 97.1 89.0 106.2 94.6 107.8 80.1 Q.III 94.6 92.7 96.2 84.7 99.3 87.3 99.8 101.3 94.5 80.3 Q.IV 95.9 87.6 99.2 99.6 102.3 83.6 104.8 108.3 98.9 80.1 2016/17 QI 100.1 94.1 102.9 102.7 100.3 95.1 113.5 105.5 93.9 89.3 QII 100.4 100.7 100.2 100.0 102.6 100.5 94.6 99.4 101.0 101.6 100.2 QIII 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 QIV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 117.8 142.8 119.5 106.7 107.4 106.6 90.1 117.7 109.2 87.4 92.1 QII 121.5 148.1 118.9 120.8 106.1 106.9 101.7 116.7 110.6 112.8 95.9 QIII 119.9 132.8 122.4 120.8 107.1 109.4 82.6 115.3 111.6 153.6 95.5 QIV 121.2 139.7 132.8 120.8 108.8 111.8 115.9 105.5 109.5 148.9 98.8 2018/19 QI 129.2 145.6 144.0 119.3 111.7 106.4 109.2 128.3 109.9 132.3 106.8 QII 130.2 148.6 144.2 120.8 114.3 110.1 118.9 129.0 111.4 135.2 100.7 QIII 132.8 150.3 148.0 120.8 115.4 117.4 168.2 126.9 109.4 154.2 99.3 QIV 142.9 152.8 161.0 129.3 117.8 119.6 166.1 156.3 120.6 156.9 100.2 Source: Central Statistical Agency Fourth Quarter 2018/19 107 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F4): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non- alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages DIRE DAWA 2007/08 Q.I 28.0 30.3 20.1 17.5 41.3 23.2 20.6 53.0 47.8 23.9 Q.II 28.7 30.9 20.5 18.2 48.1 24.4 21.6 53.3 44.1 24.9 Q.III 32.3 36.7 21.0 19.8 55.1 37.0 32.8 58.7 44.8 25.9 Q.IV 38.5 47.2 23.6 25.0 61.9 42.6 37.8 64.2 55.4 26.9 2008/09 Q.I 47.2 62.7 25.5 27.5 65.5 42.0 37.3 67.1 58.6 28.6 Q.II 47.4 66.3 25.5 29.9 61.5 38.7 34.3 67.8 46.1 31.0 Q.III 46.6 64.4 25.5 30.6 61.5 45.7 40.6 68.9 34.5 32.1 Q.IV 46.7 64.2 26.3 32.9 61.2 44.9 39.9 70.0 23.1 31.1 2009/10 Q.I 47.5 64.6 28.1 34.3 60.0 46.1 40.9 70.0 24.9 32.4 Q.II 46.6 62.8 26.2 36.7 59.3 35.0 31.0 70.2 26.8 36.5 Q.III 47.5 62.2 27.5 36.7 61.1 41.2 36.6 70.4 28.7 38.6 Q.IV 48.3 60.9 31.0 33.0 63.4 48.0 42.6 70.4 42.9 38.5 2010/11 Q.I 48.3 60.5 31.9 33.7 65.5 55.8 49.5 70.4 43.7 34.3 Q.II 50.9 61.4 32.3 36.8 77.8 62.5 55.5 71.3 38.2 35.0 Q.III 53.5 62.8 28.1 40.4 84.7 67.2 59.7 71.2 36.8 43.8 Q.IV 62.4 70.0 31.6 44.0 103.0 66.7 59.2 73.1 62.3 56.6 2011/12 Q.I 68.0 74.2 41.1 48.3 103.0 65.9 58.5 72.5 75.9 63.7 Q.II 69.6 77.3 44.6 47.8 95.3 61.9 54.9 74.7 68.5 67.8 Q.III 71.4 76.8 45.3 55.6 96.0 63.1 62.0 74.9 55.2 73.9 Q.IV 75.3 80.1 57.0 59.5 88.2 63.4 70.0 75.5 58.6 83.7 2012/13 Q.I 77.8 83.6 66.4 64.9 82.9 69.0 69.6 76.4 63.8 89.8 Q.II 77.7 85.1 65.7 65.2 84.8 75.5 63.6 75.6 64.6 92.8 Q.III 76.0 84.2 67.0 65.5 88.9 79.0 54.8 75.3 66.4 92.3 Q.IV 78.3 84.3 66.8 60.8 89.0 82.6 66.1 77.0 72.2 90.9 2013/14 Q.I 84.6 89.6 67.3 65.8 85.3 80.1 82.2 77.8 75.6 95.3 Q.II 84.4 94.4 66.6 63.9 88.3 78.4 68.1 79.6 75.7 98.3 Q.III 81.4 89.8 66.3 65.4 84.0 82.2 66.0 79.5 75.8 94.6 Q.IV 81.6 89.0 68.4 68.7 85.3 83.1 66.7 79.7 76.8 94.5 2014/15 Q.I 88.0 93.5 67.6 74.9 113.0 79.3 76.7 79.7 75.2 97.0 Q.II 89.7 95.3 72.8 75.2 113.1 86.7 78.3 84.6 75.8 96.7 Q.III 89.7 94.1 77.5 75.7 113.2 93.6 81.7 80.0 77.0 92.5 Q.IV 90.7 94.7 82.6 87.0 90.1 91.3 88.9 80.0 76.3 91.7 2015/16 Q.I 90.4 95.1 89.0 91.9 89.9 94.9 83.7 80.9 76.9 90.4 Q.II 91.2 94.5 88.9 85.1 89.9 97.8 91.2 84.6 77.0 89.5 Q.III 92.4 98.1 91.6 89.7 89.9 103.3 84.9 89.4 78.1 88.6 Q.IV 97.7 98.0 95.5 96.2 90.1 105.0 103.9 100.0 79.0 99.0 2016/17 QI 100.8 102.1 100.2 100.3 96.6 107.3 104.4 100.0 79.7 101.3 QII 101.5 100.4 101.5 100.0 100.7 100.0 99.8 106.2 99.9 99.7 99.7 QIII 101.5 99.8 101.4 101.2 101.9 100.1 106.8 103.9 105.3 103.4 101.6 QIV 103.3 101.9 101.9 104.6 102.6 100.3 108.7 106.8 107.7 103.7 102.9 2017/18 QI 105.8 105.4 106.3 101.0 111.7 102.5 124.6 103.6 109.2 111.0 109.7 QII 111.5 111.4 110.3 125.9 112.1 103.1 128.7 113.4 110.8 114.0 114.0 QIII 112.3 112.6 113.1 134.3 115.0 105.2 143.1 113.6 109.1 105.3 115.3 QIV 124.2 122.4 129.5 130.8 122.6 108.1 133.8 124.1 94.4 187.4 117.2 2018/19 QI 133.8 130.5 135.7 133.3 131.4 109.6 129.5 139.4 95.0 220.2 118.7 QII 129.1 136.0 138.2 131.8 131.0 109.0 140.7 117.4 95.0 188.5 109.4 QIII 133.8 141.6 140.1 134.6 131.5 110.7 158.2 122.5 95.0 192.9 119.5 QIV 150.3 150.5 162.8 150.0 142.4 113.8 162.9 162.9 110.0 198.6 116.4 Source: Central Statistical Agency 108 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F5): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages GAMBELLA 2007/08 Q.I 23.8 28.0 24.2 14.3 142.0 19.7 16.9 24.7 51.7 27.4 Q.II 25.1 29.1 24.0 14.4 151.7 21.0 18.0 25.3 60.3 31.5 Q.III 26.3 29.6 24.3 14.4 162.5 27.8 23.9 29.2 60.3 32.6 Q.IV 31.4 47.6 26.2 13.9 175.2 29.1 25.0 32.8 60.6 33.6 2008/09 Q.I 52.7 79.5 26.8 16.6 178.2 37.4 32.2 39.0 61.4 33.8 Q.II 46.2 71.8 29.2 23.7 176.3 40.4 34.7 40.7 55.3 32.8 Q.III 39.5 63.8 29.8 23.4 178.1 37.8 32.5 42.3 31.0 29.1 Q.IV 42.1 67.1 29.1 23.5 173.9 38.6 33.2 43.1 29.8 28.2 2009/10 Q.I 45.4 71.3 30.7 24.8 167.7 38.3 32.9 45.4 24.0 35.2 Q.II 40.6 65.1 31.1 25.9 173.7 40.3 34.6 46.8 24.7 42.0 Q.III 39.2 62.8 31.3 28.1 174.8 39.5 33.9 47.4 27.5 37.7 Q.IV 38.4 60.4 35.3 29.4 182.5 41.5 35.6 49.2 40.2 38.6 2010/11 Q.I 39.4 57.9 35.5 31.7 184.8 43.0 37.0 47.9 49.9 48.0 Q.II 41.6 57.7 35.9 30.5 206.0 49.0 42.1 50.0 51.6 66.5 Q.III 43.4 59.5 35.3 31.5 231.1 48.0 41.3 50.1 51.8 83.6 Q.IV 52.9 69.2 35.7 32.4 280.0 51.0 43.8 54.6 71.0 99.9 2011/2012 Q.I 60.7 78.4 40.0 35.0 295.6 54.3 46.6 61.3 75.9 103.7 Q.II 66.3 83.4 49.6 38.5 319.9 65.0 55.8 59.4 78.4 111.9 Q.III 71.3 88.5 57.4 45.5 107.9 68.6 68.1 62.3 61.7 96.5 Q.IV 76.9 95.2 62.6 48.4 111.8 73.8 79.6 65.8 64.3 89.7 2012/13 Q.I 78.8 99.9 64.6 48.4 109.4 82.9 78.4 65.5 73.1 81.8 Q.II 75.0 83.3 69.0 47.9 109.8 86.1 75.0 65.3 79.2 79.6 Q.III 74.1 77.3 72.8 50.4 109.4 90.7 71.2 64.9 81.1 80.0 Q.IV 78.1 87.1 73.9 56.9 109.1 97.9 72.8 65.0 81.5 79.0 2013/14 Q.I 81.4 98.2 74.7 58.5 108.9 71.0 75.1 66.3 81.6 76.8 Q.II 82.3 99.7 74.9 60.0 109.0 52.1 77.1 67.2 82.2 79.8 Q.III 81.7 89.6 78.8 60.3 109.5 75.0 81.8 67.9 82.9 78.0 Q.IV 85.9 95.6 80.8 60.3 111.0 96.4 82.6 69.8 82.0 103.7 2014/15 Q.I 86.6 104.2 78.9 59.0 109.6 86.9 77.7 66.8 85.4 102.1 Q.II 84.0 88.8 80.4 58.8 106.7 93.8 80.5 70.0 85.9 114.7 Q.III 87.1 85.7 81.9 74.3 100.8 90.7 98.3 71.7 84.7 105.3 Q.IV 88.8 92.3 87.9 74.2 103.0 89.1 92.7 73.0 84.2 87.3 2015/16 Q.I 96.8 99.9 96.5 79.6 105.2 98.5 106.2 75.0 89.4 91.5 Q.II 93.2 90.5 94.5 82.4 106.1 99.2 105.8 74.2 84.7 85.4 QIII 93.1 95.8 93.7 84.2 105.1 99.6 99.1 78.0 86.2 74.4 QIV 98.0 102.6 95.5 86.7 109.3 99.7 107.3 91.6 90.9 78.2 2016/17 QI 101.1 104.6 97.1 92.2 104.3 99.6 110.4 101.7 99.2 88.8 QII 99.5 99.9 100.8 100.0 91.8 98.0 100.0 100.7 98.3 99.0 100.6 QIII 102.2 99.5 103.4 100.0 90.2 97.5 128.9 107.8 91.8 129.2 100.2 QIV 106.5 113.6 105.9 100.0 89.8 106.0 65.1 104.0 92.2 140.1 98.5 2017/18 QI 111.7 134.7 107.9 100.0 93.1 102.1 71.1 96.7 92.7 131.4 98.7 QII 109.3 118.1 114.2 102.3 93.9 106.5 82.9 101.1 109.0 133.8 103.5 QIII 110.1 119.6 118.1 96.4 96.5 113.5 94.2 99.0 97.6 137.6 103.4 QIV 120.6 138.5 131.7 106.9 104.8 118.3 108.7 103.0 96.7 138.9 110.1 2018/19 QI 127.8 148.3 137.7 109.4 120.8 119.1 121.8 107.1 95.8 135.5 122.5 QII 125.0 130.8 152.1 111.8 111.8 125.9 119.6 78.8 111.2 95.8 147.8 QIII 129.1 135.1 162.3 111.3 140.5 124.2 109.8 113.6 97.4 141.2 117.8 QIV 137.3 151.6 161.6 108.0 138.9 126.9 157.7 125.5 98.3 147.4 114.6 Source: Central Statistical Agency Fourth Quarter 2018/19 109 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F6): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages HARARI 2007/08 Q.I 19.2 26.3 16.9 21.6 53.1 34.4 24.6 62.4 52.9 10.7 Q.II 19.7 27.1 16.5 21.5 58.2 35.5 25.4 63.1 49.7 11.2 Q.III 21.5 30.5 17.1 22.0 67.0 52.2 37.4 66.3 54.2 11.9 Q.IV 28.4 42.8 19.6 26.8 76.5 44.5 31.8 72.2 62.7 21.6 2008/09 Q.I 35.7 60.9 22.4 33.0 81.2 52.3 37.4 75.8 69.8 23.5 Q.II 35.2 61.1 22.4 30.2 75.6 47.5 34.0 78.2 56.8 23.9 Q.III 34.1 58.3 21.3 25.3 75.6 49.2 35.2 79.5 43.1 25.0 Q.IV 34.7 56.9 21.9 29.3 71.6 48.0 34.4 79.9 30.6 27.8 2009/10 Q.I 35.0 56.6 22.9 30.3 69.3 44.8 32.0 80.4 28.8 28.3 Q.II 35.1 54.4 23.0 30.3 70.6 43.6 31.2 79.5 28.7 31.2 Q.III 36.4 53.6 23.5 29.9 75.1 46.5 33.3 79.9 33.3 35.9 Q.IV 36.8 51.8 24.3 30.5 78.8 50.9 36.4 80.4 41.3 36.7 2010/11 Q.I 38.2 52.0 26.8 33.2 80.0 62.5 44.7 80.1 41.7 37.2 Q.II 40.8 51.9 28.6 34.2 92.7 70.0 50.1 80.8 38.8 42.4 Q.III 44.8 52.1 25.4 36.4 107.1 78.4 56.1 81.7 42.3 56.3 Q.IV 48.8 60.1 33.3 44.9 135.3 72.4 51.8 83.6 63.0 56.2 2011/12 Q.I 52.4 62.4 39.0 49.6 102.0 69.8 50.0 83.8 78.3 61.1 Q.II 54.8 66.4 40.1 49.7 104.0 64.3 46.0 84.1 79.5 66.4 Q.III 61.2 67.5 40.7 49.6 104.7 69.7 51.3 84.6 58.9 85.8 Q.IV 67.9 71.3 52.3 50.9 135.2 67.8 60.4 85.3 67.6 89.4 2012/13 Q.I 70.1 76.5 57.6 52.3 103.5 73.9 58.7 85.7 71.7 97.1 Q.II 71.1 78.5 58.8 56.0 102.4 68.4 57.1 85.3 65.8 97.7 Q.III 69.1 76.8 58.4 58.2 97.5 73.4 49.2 84.7 67.5 91.7 Q.IV 73.2 78.4 67.2 59.0 97.6 74.1 63.5 85.7 67.0 84.8 2013/14 Q.I 78.7 83.3 71.8 63.5 98.2 76.0 76.5 85.6 67.7 93.3 Q.II 78.4 88.3 68.5 59.2 98.3 67.5 65.7 84.9 66.6 88.1 Q.III 76.9 84.4 69.1 63.5 98.1 75.6 64.0 84.8 68.5 85.2 Q.IV 79.2 85.0 73.1 66.4 98.5 87.4 71.6 85.1 66.8 84.7 2014/15 Q.I 84.8 91.7 79.0 71.0 99.6 82.3 79.3 84.7 65.0 87.9 Q.II 85.8 94.5 76.4 67.7 99.7 80.4 81.9 85.5 67.9 85.2 Q.III 86.2 93.9 76.4 70.4 100.2 111.7 82.6 85.1 77.6 77.5 Q.IV 90.0 96.8 83.5 72.1 101.3 107.2 85.6 84.2 97.0 74.7 2015/16 Q.I 90.6 95.9 83.9 76.4 100.4 89.1 83.1 83.4 123.8 72.1 Q.II 92.1 95.1 84.7 80.1 102.1 83.0 91.2 84.5 128.3 73.4 QIII 92.7 95.5 84.1 81.2 102.1 94.9 93.3 98.3 122.4 70.8 QIV 97.3 93.0 94.4 87.8 100.1 110.4 110.2 105.7 136.2 83.7 2016/17 QI 102.3 99.1 101.3 92.6 100.1 98.1 120.1 106.4 113.7 87.9 QII 100.7 99.6 99.3 98.6 100.1 96.2 108.2 104.5 96.5 100.3 QIII 100.0 95.3 102.9 0.0 99.5 101.7 103.3 107.7 102.8 102.1 102.4 QIV 107.5 106.3 108.5 0.0 102.2 125.2 121.2 108.3 109.7 106.2 97.2 2017/18 QI 110.8 112.9 105.2 0.0 108.4 135.9 143.1 101.6 114.7 110.2 99.5 QII 110.6 116.6 103.5 0.0 107.2 110.4 152.7 103.5 110.1 110.0 97.4 QIII 110.1 114.3 101.9 0.0 112.2 109.7 150.4 105.3 106.6 114.9 96.0 QIV 116.0 122.3 114.9 0.0 117.5 110.6 138.8 103.7 107.9 126.9 99.7 2018/19 QI 123.5 129.1 121.5 0.0 130.1 113.0 124.3 118.6 106.9 129.7 102.5 QII 123.7 135.0 122.5 0.0 132.2 112.6 129.0 103.9 108.2 127.7 98.2 QIII 125.9 136.6 119.5 0.0 135.8 113.7 137.6 110.9 109.1 130.8 99.6 QIV 138.8 140.5 146.3 0.0 146.3 116.5 170.2 147.5 116.8 141.6 100.7 Source: Central Statistical Agency 110 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F7): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages OROMIA 2007/08 Q.I 24.7 26.3 21.1 19.5 24.4 22.0 22.3 23.2 62.8 26.9 Q.II 26.4 28.3 21.1 20.0 27.5 24.7 24.9 22.8 64.4 28.2 Q.III 29.5 32.3 22.9 22.7 30.0 31.1 31.4 25.4 65.9 29.0 Q.IV 37.5 43.1 25.8 25.6 33.9 34.6 35.0 27.9 75.0 31.3 2008/09 Q.I 47.9 60.7 28.5 27.6 33.9 34.1 34.5 34.3 83.7 31.7 Q.II 43.0 56.1 28.6 28.4 32.0 33.5 33.9 35.8 62.9 32.6 Q.III 40.3 51.6 28.6 29.3 29.7 40.2 40.6 41.9 41.6 34.6 Q.IV 40.8 50.6 29.5 31.7 29.0 44.0 44.4 44.3 33.8 35.6 2009/10 Q.I 41.0 52.2 30.1 32.1 29.8 37.5 37.9 45.3 34.8 37.4 Q.II 39.3 50.0 29.8 32.2 30.0 37.1 37.5 45.4 39.1 41.0 Q.III 39.7 50.0 30.6 33.6 30.2 40.5 41.0 49.6 45.8 42.0 Q.IV 39.9 48.4 31.6 34.5 32.4 42.4 42.9 50.8 59.6 41.4 2010/11 Q.I 40.6 47.9 33.1 36.4 35.3 44.1 44.6 49.4 67.4 47.3 Q.II 43.2 47.5 33.0 38.4 43.3 52.5 53.0 51.5 60.1 58.4 Q.III 48.2 49.8 29.8 42.6 47.2 62.1 62.8 49.6 62.3 76.6 Q.IV 57.4 58.5 33.3 46.3 66.4 64.1 64.8 51.5 90.2 85.4 2011/12 Q.I 62.1 64.9 42.0 48.2 69.0 56.8 57.4 52.6 100.3 84.6 Q.II 65.1 69.7 45.0 48.7 65.7 59.7 60.3 56.3 99.6 93.5 Q.III 70.3 74.2 51.7 55.5 68.5 65.2 71.5 58.2 89.8 92.4 Q.IV 76.1 79.7 62.4 63.1 74.4 64.1 80.7 58.0 94.5 83.8 2012/13 Q.I 76.4 84.0 66.6 62.2 72.0 75.8 79.3 60.0 85.1 84.3 Q.II 75.0 83.8 67.6 62.9 68.8 87.2 72.9 62.7 79.0 80.9 Q.III 74.7 81.5 70.2 66.3 68.8 81.4 73.0 67.9 73.4 77.1 Q.IV 75.7 83.0 70.3 66.7 71.4 79.8 75.4 67.4 73.5 75.2 2013/14 Q.I 79.2 90.0 73.7 68.5 70.6 83.7 77.5 72.2 74.5 74.7 Q.II 81.3 95.3 75.1 68.8 69.9 82.3 75.3 71.5 76.1 75.6 Q.III 79.0 83.1 76.2 72.0 73.1 86.1 79.0 70.4 73.3 76.7 Q.IV 82.4 87.3 78.1 74.7 77.4 80.5 81.5 71.7 86.9 90.4 2014/15 Q.I 87.0 92.2 80.5 76.4 85.8 86.5 80.6 70.9 111.2 93.1 Q.II 87.7 90.6 81.1 77.5 87.8 85.1 85.6 73.8 102.3 95.0 Q.III 91.3 86.9 83.2 82.9 91.7 88.4 96.4 71.9 111.6 87.7 Q.IV 98.3 90.2 86.6 92.2 100.3 88.1 101.8 75.2 156.2 80.9 2015/16 Q.I 105.6 95.4 91.7 92.8 101.0 94.2 101.6 73.4 238.9 78.3 Q.II 104.0 95.0 94.0 94.8 96.5 99.1 105.0 74.7 202.7 78.8 QIII 100.5 96.0 94.2 99.8 95.4 101.7 101.3 78.0 141.5 74.5 QIV 102.7 97.8 96.4 104.9 98.5 102.4 112.3 77.4 134.9 78.8 2016/17 QI 104.9 102.7 100.2 102.2 99.5 100.3 117.9 83.8 128.0 89.1 QII 101.8 103.5 99.3 101.2 99.4 100.3 102.3 92.2 110.9 98.0 QIII 101.6 99.1 98.9 0.0 104.6 100.8 104.5 107.8 89.1 107.1 95.3 QIV 108.8 110.1 104.2 0.0 112.3 96.3 106.9 120.7 85.7 116.2 93.2 2017/18 QI 112.9 123.9 108.0 0.0 112.6 94.5 124.6 113.4 86.7 124.1 97.7 QII 116.2 129.8 112.0 0.0 113.7 88.7 135.5 114.4 82.9 128.8 106.3 QIII 116.6 123.1 117.6 0.0 119.6 83.7 140.5 124.2 79.4 139.5 101.1 QIV 120.3 132.4 124.6 0.0 130.7 80.8 142.7 119.4 80.0 143.5 105.9 2018/19 QI 123.7 136.6 128.4 0.0 134.7 82.2 146.2 122.9 74.9 145.3 111.5 QII 124.5 137.2 129.1 0.0 137.0 85.1 148.7 124.7 76.5 143.4 109.6 QIII 128.0 138.6 135.0 0.0 143.0 83.8 153.0 136.0 79.6 152.7 102.3 QIV 143.1 154.9 147.1 0.0 155.3 93.4 164.7 167.3 87.3 152.9 105.2 Source: Central Statistical Agency Fourth Quarter 2018/19 111 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F8): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages SNNPR 2007/08 Q.I 22.4 25.1 21.1 19.9 34.3 20.3 17.8 36.3 24.7 30.4 Q.II 23.4 26.2 21.7 21.0 37.7 22.3 19.6 35.9 28.7 31.9 Q.III 26.3 28.6 22.8 22.0 44.4 28.2 24.8 40.9 28.5 33.8 Q.IV 34.4 41.3 26.0 24.8 48.8 33.9 29.8 47.1 32.7 37.0 2008/09 Q.I 43.6 59.9 29.7 26.8 47.6 30.1 26.4 55.5 36.7 39.5 Q.II 38.0 53.7 29.3 28.2 47.6 30.6 26.9 59.9 27.7 36.9 Q.III 35.5 47.9 27.4 30.3 46.4 33.7 29.6 66.9 19.2 34.2 Q.IV 36.8 49.2 28.8 31.6 50.8 36.7 32.2 68.2 15.1 35.4 2009/10 Q.I 37.2 50.8 30.6 33.4 48.0 33.5 29.4 69.1 14.8 43.6 Q.II 37.0 48.2 30.8 35.4 48.8 37.1 32.6 71.5 18.4 43.3 QIII 36.8 47.3 31.0 36.9 48.7 37.8 33.2 74.3 21.9 40.5 Q.IV 35.8 46.3 32.6 36.8 49.5 35.3 31.0 75.6 28.8 41.7 2010/11 Q.I 35.9 44.1 33.2 37.3 50.4 39.3 34.6 75.7 36.7 50.1 Q.II 38.2 44.6 33.9 40.7 59.4 45.3 39.8 80.2 29.0 61.0 Q.III 44.6 50.5 29.4 43.6 67.5 56.4 49.6 80.7 32.4 92.1 Q.IV 55.5 60.7 33.1 46.4 89.5 62.6 55.0 85.1 45.5 115.0 2011/12 Q.I 59.5 69.9 43.1 48.1 77.6 48.9 43.0 88.0 49.0 121.7 Q.II 61.0 70.6 47.8 50.5 74.7 59.3 52.1 90.7 50.7 115.0 Q.III 66.4 73.3 54.3 56.5 81.1 63.4 62.0 94.1 51.6 112.6 Q.IV 72.9 82.7 63.9 58.1 91.8 62.8 68.6 95.1 54.1 103.0 2012/13 Q.I 74.7 89.9 68.9 58.8 82.7 69.2 68.7 91.2 53.8 98.7 Q.II 73.8 78.8 69.4 61.1 81.0 81.2 73.1 92.6 52.2 93.7 Q.III 74.4 77.4 71.2 63.9 82.3 73.7 75.6 94.9 51.1 84.4 Q.IV 76.1 85.6 75.5 66.7 83.7 67.2 73.6 95.6 51.8 84.9 2013/14 Q.I 79.2 91.1 76.8 67.7 82.0 65.9 76.8 93.4 51.7 88.6 Q.II 78.7 87.5 80.9 69.3 83.0 73.3 76.5 93.2 53.7 83.7 Q.III 79.6 81.7 81.6 72.6 85.8 70.0 81.3 93.5 54.7 79.3 Q.IV 82.5 89.3 83.7 72.4 89.3 66.2 79.7 93.9 55.8 110.0 2014/15 Q.I 81.8 91.9 84.6 76.8 86.9 68.7 75.9 94.8 52.0 120.6 Q.II 81.3 81.5 85.8 78.6 91.3 78.6 78.5 97.9 57.8 122.0 Q.III 83.7 80.0 86.9 82.5 98.1 83.0 83.3 97.2 64.2 112.9 Q.IV 90.5 85.9 90.5 85.5 103.6 75.9 92.2 96.2 77.0 111.4 2015/16 Q.I 92.4 91.1 95.4 86.4 101.4 84.5 90.8 97.0 94.5 104.9 Q.II 88.9 86.2 95.6 87.9 100.2 91.7 86.2 97.1 98.2 93.4 QIII 91.5 90.4 96.3 93.1 98.0 92.6 90.6 97.6 93.1 87.2 QIV 96.3 97.8 100.0 95.8 102.6 83.9 92.8 104.7 110.5 92.1 2016/17 QI 97.6 100.9 102.1 97.1 100.6 93.8 92.9 105.2 108.4 101.0 QII 98.7 99.8 102.2 98.9 98.2 100.8 96.5 104.4 101.1 103.1 QIII 102.1 102.4 104.2 0.0 102.0 105.0 102.7 110.6 106.2 103.9 97.9 QIV 114.7 121.8 109.1 0.0 106.4 114.4 104.5 117.4 107.3 107.7 103.7 2017/18 QI 119.3 134.0 114.0 0.0 107.9 111.8 113.4 106.9 107.4 109.9 110.4 QII 118.8 125.3 118.2 0.0 116.3 110.2 135.8 112.5 102.5 111.1 117.9 QIII 118.6 120.5 120.7 0.0 122.2 112.4 144.5 130.4 100.9 123.4 114.2 QIV 125.5 133.8 131.9 0.0 128.7 118.3 133.6 121.8 100.9 132.1 122.6 2018/19 QI 129.5 137.8 138.3 0.0 127.4 118.1 130.0 125.2 100.9 132.1 134.3 QII 128.5 133.3 137.9 0.0 132.5 118.3 147.8 126.7 101.0 132.1 122.4 QIII 129.0 135.9 141.5 0.0 138.6 120.4 151.5 138.6 101.6 129.9 113.3 QIV 141.5 154.3 157.2 0.0 148.4 124.5 161.3 157.3 108.7 133.5 119.2 Source: Central Statistical Agency 112 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F9): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages SOMALI 2007/08 Q.I 22.8 26.5 17.4 16.9 32.6 18.9 24.2 19.0 40.6 17.8 Q.II 23.6 27.9 19.8 17.3 39.5 18.9 24.2 18.2 37.2 17.3 Q.III 26.4 30.8 20.1 20.0 43.3 26.2 33.6 20.5 31.8 20.4 Q.IV 32.0 38.9 21.7 24.1 50.5 30.0 38.4 23.9 36.4 22.3 2008/09 Q.I 43.4 59.9 25.3 29.2 55.1 33.3 42.7 27.3 44.3 20.4 Q.II 39.7 54.4 24.7 29.9 52.5 31.1 39.9 31.1 33.5 21.3 Q.III 40.0 52.7 26.2 33.5 51.1 32.8 42.0 31.1 30.0 27.8 Q.IV 41.7 53.0 28.6 37.9 50.8 35.1 45.0 31.2 24.7 30.6 2009/10 Q.I 42.3 53.9 29.2 37.1 49.3 33.6 43.1 31.3 20.3 29.7 Q.II 42.7 54.8 31.4 37.1 50.6 31.8 40.8 31.2 22.3 29.9 Q.III 43.1 56.1 31.4 39.8 51.9 29.7 38.0 31.4 22.7 33.9 Q.IV 42.9 55.2 34.8 34.0 54.5 33.4 42.8 32.8 29.5 32.7 2010/11 Q.I 43.3 51.5 38.7 36.6 56.6 39.0 50.0 37.6 39.9 33.0 Q.II 50.2 52.6 41.9 44.6 66.7 46.0 59.0 45.2 32.6 50.7 Q.III 54.0 57.0 36.3 48.6 77.8 46.3 59.4 48.6 34.0 53.3 Q.IV 59.8 63.6 42.6 51.2 85.0 53.4 68.4 51.6 48.1 51.5 2011/12 Q.I 62.5 71.4 53.2 51.2 91.4 49.8 63.9 58.9 63.9 38.6 Q.II 64.5 74.3 53.8 52.2 85.1 47.4 60.8 61.5 61.2 43.1 Q.III 70.3 79.0 62.8 60.6 87.4 59.3 67.5 63.9 61.4 56.6 Q.IV 73.5 79.6 72.5 60.8 87.0 55.7 80.3 72.0 66.6 58.6 2012/13 Q.I 74.5 79.9 78.0 62.0 88.3 59.6 81.7 71.5 66.5 76.8 Q.II 78.0 84.8 77.5 69.3 87.0 65.2 75.5 71.7 70.5 87.3 Q.III 77.5 83.8 82.5 70.8 87.7 68.2 63.3 71.9 71.1 86.3 Q.IV 78.8 85.0 85.6 66.6 87.1 61.0 80.7 73.6 74.7 91.6 2013/14 Q.I 80.3 87.3 89.9 67.5 83.6 72.5 94.7 70.5 77.8 95.4 Q.II 82.2 92.9 86.0 71.9 84.8 75.0 79.0 69.5 81.1 91.1 Q.III 83.5 93.5 80.6 76.1 84.6 83.4 83.4 68.6 86.7 97.1 Q.IV 83.0 93.7 83.3 70.6 84.5 86.0 86.8 68.9 87.1 99.5 2014/15 Q.I 85.8 97.1 86.5 75.0 90.8 105.1 91.8 68.9 86.0 97.1 Q.II 86.3 98.7 86.7 73.6 92.2 85.7 91.0 68.9 88.0 99.7 Q.III 87.0 96.5 89.2 77.3 91.8 98.8 95.0 71.2 87.5 102.2 Q.IV 89.6 98.6 87.9 84.4 92.8 106.4 100.0 71.0 91.4 103.9 2015/16 Q.I 89.3 98.2 94.1 81.1 94.8 94.8 91.9 73.2 91.9 106.5 Q.II 91.3 100.8 86.1 89.7 92.8 118.0 93.6 73.1 86.5 101.7 QIII 93.4 101.8 93.2 94.4 91.2 120.2 92.6 76.1 89.5 101.7 QIV 93.2 100.2 99.7 88.5 87.7 114.6 117.2 78.3 85.6 99.7 2016/17 QI 95.1 101.1 105.0 88.3 91.0 108.7 126.4 78.9 99.2 100.2 QII 99.5 100.5 102.4 101.2 94.6 98.7 106.2 94.5 98.5 104.1 QIII 102.8 104.2 94.7 0.0 105.3 100.3 99.2 102.8 99.3 103.2 101.9 QIV 104.7 106.4 108.1 0.0 103.6 100.0 107.4 113.5 96.3 124.6 101.5 2017/18 QI 106.9 106.5 112.9 0.0 98.2 100.1 113.2 159.1 95.5 126.6 100.4 QII 113.9 119.4 117.9 0.0 103.6 99.9 117.9 139.6 103.2 132.0 102.9 QIII 114.4 119.6 119.9 0.0 100.4 100.1 116.2 124.5 109.4 153.4 105.4 QIV 119.7 131.9 121.6 0.0 96.8 101.0 126.1 122.6 113.3 145.2 104.3 2018/19 QI 129.0 138.5 119.6 0.0 113.2 101.1 129.1 134.6 129.6 147.2 111.9 QII 128.6 137.9 117.9 0.0 108.2 100.8 117.0 128.8 136.1 147.6 114.3 QIII 131.9 137.5 132.7 0.0 116.5 112.6 121.6 131.3 136.1 175.8 108.7 QIV 140.6 146.9 142.9 0.0 126.4 113.5 127.1 162.8 136.1 188.6 113.7 Source: Central Statistical Agency Fourth Quarter 2018/19 113 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F10):: Regional States' Consumer Price Index (Food) December 2016= 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages TIGRAY 2007/08 Q.I 30.5 26.0 25.3 24.3 36.6 34.1 28.7 34.2 45.6 24.8 Q.II 32.7 27.9 25.4 24.7 40.3 38.7 32.5 33.8 49.2 28.7 Q.III 35.3 31.3 25.6 25.6 49.2 39.5 33.2 37.4 45.1 30.6 Q.IV 43.9 40.4 27.7 28.3 55.2 44.4 37.3 41.0 50.0 33.4 2008/09 Q.I 58.9 57.5 29.9 33.7 54.7 51.6 43.3 50.0 59.3 34.8 Q.II 55.5 55.4 29.4 36.2 51.1 51.8 43.6 50.0 48.0 32.8 Q.III 50.0 51.0 29.3 35.6 49.1 52.5 44.1 58.5 28.5 33.7 Q.IV 48.8 51.9 30.5 36.8 48.1 58.3 49.1 61.3 22.2 34.9 2009/10 QI 49.3 52.9 33.2 40.1 44.8 59.0 49.6 63.6 21.7 36.0 QII 49.6 52.5 32.3 41.5 46.4 49.0 41.2 68.1 22.3 45.2 QIII 48.4 51.7 31.9 39.8 48.5 50.4 42.4 70.8 25.8 46.9 Q.IV 49.9 52.1 34.6 43.1 52.0 54.7 46.0 74.6 35.6 47.2 2010/11 Q.I 49.9 52.2 36.7 44.6 54.3 62.1 52.2 70.1 37.0 46.8 Q.II 48.9 49.5 37.6 49.9 67.0 66.0 55.5 72.0 34.5 52.9 Q.III 50.5 49.9 37.5 49.3 71.5 65.8 55.3 69.7 34.4 75.3 Q.IV 58.5 56.0 42.4 51.2 91.1 74.8 62.9 75.8 50.8 104.6 2011/12 Q.I 64.6 60.1 54.2 60.0 86.3 82.4 69.3 71.3 61.4 105.8 Q.II 67.0 65.0 58.3 62.8 84.5 79.6 66.9 73.0 58.8 110.6 Q.III 69.8 72.9 61.5 64.5 90.0 74.9 71.6 75.4 48.2 117.2 Q.IV 76.2 82.0 71.5 71.9 90.8 79.8 76.0 74.0 51.0 114.3 2012/13 Q.I 81.0 87.6 77.9 77.2 93.1 89.9 79.6 75.0 60.5 97.4 Q.II 78.9 90.4 79.0 83.4 89.3 96.3 65.6 74.5 55.8 90.3 Q.III 77.9 91.2 79.0 81.9 90.5 96.3 58.5 76.9 54.9 88.3 Q.IV 81.9 98.6 80.9 82.6 92.4 78.2 62.9 77.1 55.7 86.2 2013/14 Q.I 89.7 107.0 87.9 88.8 92.0 54.1 82.3 74.4 57.5 87.4 Q.II 86.9 106.1 87.6 90.2 90.2 59.0 69.1 74.9 56.7 84.1 Q.III 82.0 94.5 87.1 86.5 94.4 59.0 68.3 74.5 55.8 85.9 Q.IV 84.4 96.6 91.4 83.3 95.7 59.0 70.2 74.4 56.8 95.1 2014/15 Q.I 85.9 97.8 88.0 92.3 98.4 66.5 73.4 75.1 58.5 103.0 Q.II 86.5 94.5 87.2 97.2 96.0 76.4 84.8 73.7 58.4 106.8 Q.III 83.8 88.0 87.7 89.8 99.2 81.7 82.5 74.7 60.0 104.8 Q.IV 85.1 87.6 89.9 93.3 95.3 81.7 86.9 74.8 64.0 104.3 2015/16 Q.I 92.0 95.1 90.0 100.4 101.8 74.3 98.2 74.8 75.6 99.3 Q.II 96.4 98.7 89.3 101.5 102.1 100.0 104.8 77.5 88.7 95.6 QIII 96.4 99.7 90.8 100.4 96.9 100.0 102.9 84.5 88.6 90.7 QIV 98.9 102.0 94.8 95.3 97.8 100.0 110.6 92.8 86.0 89.6 2016/17 QI 105.3 110.0 104.4 104.5 99.3 100.0 117.5 94.1 88.5 90.1 QII 103.3 107.1 103.4 106.1 100.3 100.0 102.2 97.6 97.6 97.0 QIII 101.1 102.8 100.9 0.0 104.2 101.9 99.1 97.0 94.3 100.0 105.0 QIV 104.8 109.1 106.1 0.0 106.9 106.5 102.8 99.5 95.6 99.9 103.0 2017/18 QI 111.5 116.7 123.7 0.0 111.9 108.0 108.6 107.2 102.4 95.7 101.7 QII 115.0 122.9 120.7 0.0 117.7 100.3 107.6 115.6 95.2 98.4 106.5 QIII 119.2 127.5 130.3 0.0 113.9 100.9 109.6 106.2 92.5 120.5 108.2 QIV 126.2 138.3 137.6 0.0 132.7 105.3 109.8 102.0 93.5 137.5 109.3 2018/19 QI 135.7 152.9 149.0 0.0 139.0 102.8 112.2 113.1 93.3 139.9 111.2 QII 144.7 170.4 151.5 0.0 146.1 106.3 140.4 121.9 93.5 143.3 110.1 QIII 145.5 170.1 152.1 0.0 144.6 106.7 145.7 118.6 93.9 153.6 111.6 QIV 155.9 180.3 168.3 0.0 153.0 109.4 159.9 135.6 100.3 155.3 Source: Central Statistical Agency 114 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 23 A1: Ethiopia: Direction of External Trade: EXPORT (In Thousands of Birr) Continents "Country of Destination" 2010 2011 2012 2013 2014 2015 2016 2017 Africa Djibouti 849,144.8 1,172,260.1 2,313,228.9 1,380,433.1 3,747,193.9 1,941,788.5 2,350,936.7 3,014,309.0 Egypt 585,058.5 764,013.2 768,260.3 818,229.2 1,012,133.0 684,520.9 315,108.1 202,450.4 Ghana 2,094.8 1,117.1 9,582.3 4,292.2 136.8 6,863.1 832.1 696.9 Kenya 54,434.1 176,485.4 190,932.3 269,555.1 431,754.9 656,490.8 625,147.6 1,190,543.3 Libia 1,834.5 2,297.5 68,040.2 - 4,163.4 - - - Morocco 10,976.1 28,363.6 11,632.6 15,895.1 3,746.1 2,040.4 6,841.3 10,061.0 Nigeria 2,215.0 2,990.0 10,297.6 2,735.2 47,617.8 63,719.5 90,565.5 328,428.3 Ruwanda 569.9 1,114.0 993.9 9,793.9 28,670.2 42,368.3 57,909.1 94,341.6 Somali Land - - - - - - - - Somalia 3,139,271.5 4,061,406.4 5,989,640.7 5,798,201.3 6,371,904.9 6,240,561.4 5,827,108.7 5,964,650.4 South Africa 1,030,363.9 89,326.4 194,964.0 218,061.1 257,504.8 226,770.4 260,057.5 426,332.0 Sudan 2,053,243.9 2,983,061.3 2,008,904.2 1,707,190.9 1,629,734.3 1,595,427.4 993,600.1 1,896,197.0 Tanzania 5,959.6 3,084.1 969.4 1,045.6 15,211.2 255.9 401.9 363.6 Uganda 24,333.6 14,963.0 7,044.1 2,765.9 10,051.8 4,295.5 5,913.3 4,864.9 Zambia 369.2 20.4 119.4 503.8 110.0 2,398.8 10,974.8 14,555.0 Zembabwe 1,147.8 3,549.5 788.6 3,632.8 4,272.4 6,716.0 4,025.0 2,602.9 Others 146,791.5 171,537.0 289,802.8 514,287.0 792,557.5 341,524.6 477,440.0 1,351,269.1 Total 7,907,808.6 9,475,589.2 11,865,201.5 10,746,622.1 14,328,992.6 11,815,745.3 11,026,861.7 14,501,665.3 %Share Of Continent 23.0 18.8 21.1 19.4 22.1 20.0 18.4 21.4 Europe Austria 365.7 1,297.4 1,644.6 1,735.5 4,310.4 2,931.2 22,747.8 22,995.8 Belgium 766,865.8 1,129,952.5 1,206,977.6 1,025,131.4 1,087,850.9 1,182,982.5 1,436,499.1 1,965,237.5 Bulgaria 9,100.7 17,775.7 40,564.4 82,919.2 99,420.1 86,949.0 43,611.4 42,637.1 Cyprus 1,208.7 29.6 2,392.2 3,217.3 5,007.8 640.5 151.2 1,175.9 Czech Republic 5,564.4 3,925.4 7,320.4 5,569.1 13,779.0 21,577.7 22,939.8 18,599.1 Slovakia - - - 1,897.5 4,395.7 1,466.6 4,072.5 7,076.4 Denmark 18,362.4 14,816.2 35,758.1 32,455.9 17,723.0 20,802.4 30,025.0 28,201.3 Finland 38,401.9 157,776.1 87,678.9 51,661.1 80,304.0 90,939.5 90,178.8 123,908.3 France 505,675.0 823,513.2 812,971.3 530,534.4 877,613.3 682,717.6 807,422.0 827,504.6 Germany 3,676,129.0 5,412,655.7 5,190,387.9 3,730,991.2 3,754,508.5 4,271,155.2 3,486,254.3 3,943,246.8 Greece 104,335.8 161,358.8 136,034.9 260,072.5 235,797.7 214,131.5 209,499.8 235,931.1 Hungary 4,664.1 6,030.5 29,465.0 34,564.1 18,858.6 15,129.0 18,955.3 16,005.0 Ireland 225.2 4,981.1 1,335.4 4,968.8 4,393.8 11,865.0 10,363.8 15,763.6 Italy 767,672.2 1,830,342.8 1,265,069.2 1,127,453.5 1,244,816.9 1,071,373.1 1,101,650.8 1,347,709.3 Netherlands 2,325,158.7 3,589,200.5 3,513,356.8 3,160,616.3 3,899,530.0 3,910,613.0 3,911,035.2 4,177,990.4 Norway 83,421.5 114,266.4 152,810.3 141,325.7 202,256.0 193,648.3 190,592.2 184,970.7 Poland 20,903.7 10,005.3 2,097.0 17,660.3 23,192.2 18,930.3 9,048.4 13,435.8 Portugal 13,224.5 10,264.5 58,441.4 58,595.2 107,108.4 70,872.1 127,631.2 156,689.8 Rumania 26,297.6 64,555.6 79,944.9 62,136.7 63,661.9 35,255.4 12,665.6 23,638.2 Spain 82,768.8 202,110.6 278,937.8 188,107.6 157,484.0 312,381.6 266,256.9 262,739.3 Sweden 345,076.1 631,746.6 435,154.5 264,471.8 307,877.4 333,582.0 266,867.3 263,089.4 Switzerland 4,876,617.7 8,672,031.8 9,644,798.9 9,439,555.7 7,895,981.9 6,490,540.8 5,266,886.0 4,714,821.8 Turkey 448,459.6 793,508.0 918,743.3 1,460,875.2 1,267,997.9 854,569.2 463,675.1 659,682.4 Ukraine 1,647.3 549.2 3,605.7 1,288.6 1,569.6 9,366.3 14,853.7 24,420.6 United Kingdom 790,362.3 1,036,992.2 804,000.1 916,862.0 888,555.1 806,313.4 1,069,053.4 1,290,346.0 Russia 87,990.9 170,085.7 210,565.2 289,418.9 405,160.0 283,476.8 289,381.7 386,108.6 Yugoslavia - - - - - - - - Others 32,888.7 129,769.9 228,751.3 106,316.3 121,332.5 270,792.0 639,646.5 1,181,451.6 Total 15,033,388.3 24,988,711.1 25,148,807.1 23,000,401.7 22,790,486.7 21,265,002.1 19,811,964.8 21,935,376.3 %Share Of Continent 43.8 49.7 44.7 41.4 35.2 36.0 33.1 32.4 America Brazil - - - 50.0 - 8,764.8 9,178.4 9,179.6 Canada 115,069.8 173,658.6 167,388.9 166,782.8 214,767.3 216,338.4 268,404.1 270,038.6 Cuba - - - 325.5 15,043.2 - - - Mexico 15,924.2 41,359.7 21,189.4 15,661.3 12,529.3 37,776.3 40,458.2 63,779.1 United States 1,387,899.5 1,571,684.8 1,741,318.4 2,223,193.5 2,413,259.7 3,913,895.0 3,733,304.1 4,317,231.5 Others 40,185.0 165,850.0 147,274.5 66,745.5 886,388.5 189,789.5 231,818.7 458,804.3 Total 1,559,078.4 1,952,553.1 2,076,859.0 2,472,758.7 3,541,988.1 4,366,563.9 4,283,163.5 5,119,033.1 %Share Of Continent 4.5 3.9 3.7 4.5 5.5 7.4 7.2 7.6 Asia China, Mainland 3,330,807.6 4,764,263.2 5,167,985.4 5,682,920.3 8,071,388.2 6,145,483.9 7,498,265.1 5,111,009.8 China, Taiwan 34,908.6 34,265.7 44,820.6 114,825.8 86,264.9 134,753.6 242,155.2 324,580.5 Hong Kong 98,715.7 378,664.7 523,566.5 655,428.0 342,188.3 434,907.0 390,835.7 419,795.4 India 401,662.3 553,031.3 667,923.1 659,101.4 947,722.2 1,323,550.6 1,440,185.8 1,168,606.9 Indonesia 131,343.7 219,306.2 260,365.2 442,638.8 579,643.5 419,364.5 581,396.8 575,381.8 Israel 752,915.3 1,079,551.0 1,112,383.2 1,822,061.3 2,016,939.4 1,697,745.0 1,366,387.4 1,487,480.1 Japan 535,178.4 596,903.3 1,260,749.0 1,423,109.6 1,884,123.0 1,388,756.3 1,541,929.9 2,233,317.5 N.Korea, Pdrk 16,724.9 54,732.0 24,451.6 40,602.6 223.3 10,146.1 31,494.6 17,897.9 S.Korea 132,137.3 235,899.3 336,747.5 428,910.5 660,360.4 902,688.1 1,114,526.1 1,224,971.5 Kuwait 9,424.2 45,894.4 38,566.8 53,491.8 54,954.6 59,591.3 28,418.5 36,687.4 Lebanon 10,467.2 79,992.5 41,232.7 104,309.0 90,398.2 15,787.8 16,460.4 30,659.0 Malaysia 9,871.6 5,929.0 12,398.4 57,837.7 45,580.5 5,556.5 107,335.2 78,417.2 Pakistan 333,743.0 192,626.5 768,074.1 896,279.3 678,817.2 855,052.2 1,441,769.4 1,084,808.0 Saudi Arabia 2,057,646.6 2,837,432.3 3,085,698.2 3,075,268.7 3,836,761.6 4,028,128.5 3,981,781.2 4,400,225.0 Singapore 90,801.2 46,255.1 27,476.5 14,236.7 22,061.2 204,215.6 128,152.6 93,295.4 Yemen 263,614.8 342,272.8 379,117.3 571,866.5 734,790.4 439,271.6 362,192.6 456,992.0 Thailand 35,140.8 155,088.6 140,299.9 147,971.0 111,444.1 105,215.7 94,324.3 87,940.9 UAE 1,119,157.4 1,284,684.7 1,340,649.8 1,395,130.2 1,931,357.2 1,791,062.6 1,982,406.3 2,694,755.9 Others 370,393.0 846,426.7 1,644,761.6 1,320,681.0 1,550,549.5 1,160,854.1 1,879,038.7 3,985,634.2 Total 9,737,177.2 13,654,330.2 16,785,231.9 18,906,670.1 23,645,567.4 21,122,130.8 24,229,055.8 25,512,456.4 %Share Of Continent 28.3 27.1 29.8 34.1 36.5 35.8 40.5 37.7 Oceania Australia 100,714.1 199,586.8 332,554.2 246,875.7 379,097.3 417,653.3 330,080.8 473,534.0 Others 15,655.1 55,913.1 67,670.3 127,756.1 77,090.7 84,325.8 157,422.4 112,992.7 Total 116,369.2 255,499.9 400,224.5 374,631.7 455,711.7 501,979.2 487,503.3 586,526.7 %Share Of Continent 0.3 0.5 0.7 0.8 0.8 0.9 Unspecified - - - - Grand Total 34,353,821.8 50,326,683.5 56,276,324.1 55,501,084.2 64,762,746.5 59,071,421.3 59,838,549.1 67,655,057.8 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 Fourth Quarter 2018/19 115 National Bank of Ethiopia Quarterly Bulletin

Table 23 A2: Ethiopia: Direction of External Trade: IMPORT (In thousands of Birr ) Country 2010 2011 2012 2013 2014 2015 2016 2017 Africa Djibouti 152.1 4,634.1 1,880.1 19,785.9 7,252.7 4,050,783.9 13.9 1,374.8 Egypt 1,351,284.9 3,202.1 1,777,945.9 1,990,237.8 3,593,112.7 11,128.5 4,071,335.1 4,346,257.9 Ghana 3,387.4 546,341.8 2,384.4 5,687.9 1,666.1 738,056.4 2,514.6 9,412.4 Kenya 427,681.5 290,467.0 678,285.5 551,882.2 801,793.8 738,056.4 676,008.7 835,401.2 Libya 263,603.2 290,467.0 - 263,165.0 - - 2.3 0.7 Nigeria 656.3 134.8 12,412.0 82,933.2 62,055.7 220,674.6 45,219.0 940,652.6 Ruanda 0.6 - 28.8 378.2 59.7 32.9 68,067.4 731.4 Sudan 1,562,899.0 2,452,191.1 1,161,127.1 136,245.1 4,366,290.2 2,192,155.2 1,549,332.4 2,467,773.4 Tanzania 14,984.1 7,469.7 30,576.6 2,930.4 127,120.4 132,600.2 103,133.2 44,692.5 Uganda 8,266.7 4,869.5 1,561.2 5,177.3 3,125.9 7,381.5 6,962.2 5,846.1 Zambia 395.8 378.6 56.6 1,028.0 89,519.4 482.3 11,160.1 9,857.4 2,571,172.1 3,324,070.6 5,564,554.6 2,636,616.0 4,880,495.6 8,224,429.0 8,258,583.7 13,223,694.2 Total 6,204,483.8 6,924,226.3 9,230,813.0 5,696,067.2 13,932,492.0 15,584,248.5 14,792,332.6 21,885,694.7 Europe Austria 274,769.7 196,218.2 586,106.3 560,571.4 572,382.6 1,027,145.6 1,604,322.8 1,485,372.3 Belgium 1,237,381.5 1,446,630.4 2,645,543.2 1,798,980.7 4,218,543.5 5,435,019.7 5,044,164.5 4,151,772.7 Bulgaria 794,573.9 405,830.6 86,186.4 338,016.0 143,721.4 1,537,581.6 683,870.1 905,021.2 Cyprus 76,735.5 89,509.1 88,807.2 234,484.2 150,578.9 115,078.1 117,156.1 137,993.8 Czechoslovakia (former name) 50,204.8 191,298.4 90,640.3 118,980.3 1,130,726.8 276,843.1 531,941.0 561,777.1 Czech republic - - - - 1,012,206.1 236,047.0 441,959.6 531,412.2 Slovakia - - - - 118,520.7 40,796.1 89,981.4 30,364.9 Denmark 253,713.0 470,115.2 488,523.0 305,449.6 824,909.0 694,246.2 715,981.1 537,217.7 Finland 82,697.1 103,977.0 320,249.9 189,685.0 177,056.2 155,906.3 350,087.1 808,559.9 France 1,405,956.8 2,313,930.4 3,614,646.3 2,480,592.3 2,351,867.2 3,823,770.8 4,684,217.9 4,431,486.0 Germany 2,709,739.9 2,898,011.6 3,199,430.5 4,229,516.1 7,249,151.5 6,806,205.2 7,859,546.7 5,771,781.8 Greece 96,373.3 180,894.2 140,476.2 143,842.2 350,442.3 405,742.7 528,971.4 419,409.9 Hungary 47,255.7 86,698.4 212,739.3 154,821.1 294,461.0 490,887.6 530,673.3 325,514.2 Ireland 369,445.2 384,656.8 362,766.1 497,656.2 573,979.2 716,987.1 775,362.0 914,646.1 Italy 5,423,537.9 5,999,479.7 8,468,614.5 8,475,248.1 9,854,864.6 10,476,893.6 15,784,350.7 15,601,881.7 Netherlands 1,136,416.0 1,404,726.9 1,630,693.2 3,813,241.8 2,492,065.9 4,604,402.8 3,982,518.3 5,161,373.9 Norway 36,995.9 34,421.8 47,457.5 71,440.7 58,782.9 79,266.8 162,289.4 84,019.0 Poland 88,240.1 100,915.1 273,902.6 254,707.4 579,322.1 735,144.5 2,284,185.2 874,973.5 Portugal 107,604.0 39,090.7 77,822.2 136,508.8 215,656.2 318,933.8 243,435.8 332,054.0 Rumania 246,874.1 21,137.4 26,566.6 138,938.5 1,685,883.2 443,410.0 4,500,592.8 2,236,388.5 Spain 1,247,190.3 1,446,618.8 2,106,719.9 1,962,063.7 2,678,244.8 2,783,107.6 2,871,957.4 3,311,894.0 Sweden 921,184.7 1,265,562.3 1,139,661.0 1,323,169.7 844,072.1 13,232,214.3 9,427,026.6 1,154,426.4 Switzerland 480,341.9 474,076.0 621,634.5 783,765.0 904,299.4 1,194,286.5 1,223,807.0 1,465,077.7 Turkey 3,212,576.1 5,842,462.2 6,526,492.5 8,409,563.5 8,629,004.2 10,918,514.7 12,682,665.1 14,296,491.7 United kingdom 1,219,805.9 1,830,282.8 1,514,325.3 2,006,481.9 3,592,921.5 3,863,439.0 4,557,294.9 4,709,876.8 Russia 1,301,202.6 4,546,375.5 2,329,520.8 222,543.3 2,575,137.1 1,745,182.4 3,579,267.5 1,245,806.0 Yugoslavia 15,263.3 1,055.7 4.8 8.3 54.9 - 0.0 0.3 Other 1,491,376.0 3,090,900.4 7,016,703.0 4,415,093.2 5,846,854.7 4,458,373.1 5,279,114.8 3,938,166.3 116 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 23B: Direction of Trade** (in millions of USD) Content Country of Origin 2016/17 2017/18 2018/19 Percentage change QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import I J K L M N O P Q R S T U V W X W=AW/ AO X=AX/AP Africa Djibouti 43.1 - 27.5 - 31.1 0.0 31.27 - 29.6 0.0 32.8 0.0 26.8 0.1 38.1 0.1 36.9 0.2 34.0 0.1 31.4 2.0 26.2 7.1 (31.3) 6,382.3 Egypt 3.6 48.2 0.6 51.0 2.4 33.4 2.45 51.6 1.8 44.8 0.7 51.3 4.5 58.5 3.3 139.1 1.7 53.5 4.3 57.1 17.0 63.8 2.4 49.8 (26.6) (64.2) Ghana 0.0 0.1 0.00 0.2 0.0 0.1 0.1 0.0 0.6 0.0 1.2 0.0 0.3 0.1 0.0 0.0 (97.1) 1,090.2 Kenya 4.4 11.0 7.5 6.1 13.3 7.2 25.70 10.3 15.5 9.2 8.9 8.4 9.1 9.1 7.8 7.3 6.2 10.8 2.2 10.3 4.3 9.3 7.7 10.3 (1.3) 41.3 Libia

• 0.0 - - - 0.0 - - - - - - - - - - - - - - - - - - Morocco 0.0 0.2 0.1 35.7 0.2 74.3 0.07 141.5 0.1 0.0 0.1 75.8 0.1 105.5 0.1 107.8 0.0 0.7 0.4 0.8 0.1 130.2 0.0 182.0 (49.2) 68.9 Nigeria 0.3 - 1.3 0.0 2.4 2.0 10.39 1.9 1.5 32.2 9.4 3.7 2.1 1.4 1.3 0.7 2.5 1.4 3.8 0.1 3.3 0.0 2.2 0.0 67.6 (99.5) Ruwanda 0.5 0.0 0.4 3.0 1.1 0.0 2.19 0.0 0.5 0.0 1.7 0.0 1.0 0.0 2.6 0.0 1.1 0.0 0.2 0.0 0.1 - 0.0 - (99.7) (100.0) Somali Land
• • • • • 0.5 - 0.5 - 0.3 - 0.2 - 0.0 - 0.3 - 0.1 - 0.1 - 0.4 - 0.0 (92.0) Somalia 79.5 0.4 61.9 0.6 60.9 0.1 63.53 - 63.5 - 56.0 - 43.7 - 65.4 - 70.0 - 66.7 - 59.4 - 61.1 - (6.7) South Africa 2.9 48.4 1.8 38.9 5.2 56.6 3.07 62.5 1.5 59.3 1.0 51.2 2.7 56.0 3.3 120.9 2.0 46.9 2.3 53.6 2.5 106.1 1.7 37.7 (47.8) (68.8) Sudan 15.2 32.4 16.7 20.5 28.5 41.1 28.98 31.4 19.8 8.2 18.4 23.8 28.5 27.6 32.5 34.1 14.6 9.9 22.2 16.6 21.0 30.6 10.4 24.8 (68.1) (27.2) Tanzania 0.0 0.7 0.0 0.3 0.0 1.0 - 0.0 0.0 0.2 0.0 0.6 0.1 0.8 - 0.0 0.2 0.8 0.1 0.9 0.2 1.0 0.5 1.0 3,126.4 Uganda 0.0 0.2 0.0 0.0 0.1 0.0 0.06 0.0 0.1 0.0 0.1 0.0 0.1 0.2 0.1 0.4 0.1 0.2 0.1 0.1 (32.8) 92.3 Zambia 0.1 0.3 0.2 0.0 0.2 0.0 0.15 0.3 0.1 0.0 0.1 0.1 0.2 0.0 1.6 0.0 0.9 0.0 0.3 0.3 0.1 - 0.0 0.5 (100.0) 72,128.8 Zembabwe 0.1 0.0 0.01 0.0 0.1 0.0 0.1 0.0 0.1 0.0 0.1 - 132.3 (100.0) Others 7.9 4.5 13.2 7.3 6.3 4.5 17.71 2.1 9.7 1.1 10.2 22.3 25.8 1.2 6.3 1.8 5.4 3.2 7.3 6.7 5.7 1.8 9.9 4.7 57.1 161.4 Total 157.8 146.5 131.4 163.4 151.6 220.8 183.21 302.2 143.7 155.5 139.5 237.7 144.7 260.3 163.2 412.1 142.9 127.7 144.3 147.0 145.2 345.5 122.4 318.1 (25.0) (22.8) %Share Of Continent 23.9 3.6 22.9 4.1 19.7 5.9 20.23 7.4 21.18 3.9 20.84 6.0 19.57 7.34 21.69 11.32 22.75 0.00 24.68 3.31 21.13 9.69 16.01 9.28 Europe: Austria 0.1 17.9 0.0 8.1 0.0 8.8 0.02 10.1 1.7 18.5 0.0 23.4 0.1 13.5 0.1 10.6 0.0 9.3 0.0 4.5 0.0 11.3 0.0 11.7 (76.3) 10.9 Belgium 17.7 50.6 10.9 57.6 26.8 53.8 31.79 46.3 22.7 42.7 15.0 32.9 14.6 14.7 20.4 24.2 19.7 38.9 11.5 130.2 10.6 48.8 19.3 124.6 (5.3) 415.9 Bulgaria 0.3 12.4 0.4 12.9 0.8 11.2 0.41 1.2 0.3 25.0 0.9 1.6 0.9 1.0 1.0 0.5 0.9 16.2 0.5 1.4 1.2 14.0 0.8 13.2 (24.8) 2,462.1 Cyprus - 1.2 0.0 1.5 - 1.4 0.05 2.1 0.2 1.4 - 1.0 0.2 1.5 0.3 1.3 0.2 1.1 - 1.0 0.1 1.9 0.2 1.2 (19.6) (7.6) Czech Republic 0.3 6.3 0.3 4.0 0.2 7.2 0.13 8.5 0.1 4.5 0.1 2.6 0.0 4.9 0.1 4.0 0.0 7.2 0.1 5.5 0.0 4.0 0.1 9.4 120.6 132.5 Slovakia 0.0 2.3 0.1 0.5 0.1 0.3 0.10 0.2 0.1 0.3 0.0 0.4 0.0 3.6 0.0 0.6 0.0 0.3 0.0 0.3 - 0.5 0.0 0.8 14.5 16.3 Denmark 0.3 8.1 0.3 9.5 0.4 4.1 0.31 4.9 0.4 9.0 0.2 4.6 0.1 4.2 0.6 6.1 0.1 7.6 0.2 25.6 0.3 12.4 0.5 10.6 (23.7) 73.5 Finland 1.0 3.8 0.0 3.7 1.9 15.8 2.54 7.8 0.4 6.1 0.6 5.0 0.8 1.5 1.5 2.8 1.6 4.8 0.1 1.9 1.5 2.3 1.6 0.4 4.6 (86.7) France 8.9 49.6 6.6 54.6 9.1 51.1 12.03 45.7 9.9 46.1 5.3 43.3 7.2 54.0 9.2 38.8 6.0 43.2 4.0 56.1 3.4 28.6 6.7 28.1 (27.0) (27.6) Germany 33.6 83.8 27.2 58.4 44.8 61.2 61.76 52.1 43.4 69.3 39.3 59.6 40.7 71.5 57.3 77.6 35.5 79.6 18.0 82.9 22.0 79.9 37.0 79.3 (35.5) 2.2 Greece 2.1 3.3 2.4 5.5 1.8 4.3 4.17 4.1 3.5 3.5 1.9 5.5 3.7 2.1 1.6 1.2 0.8 1.9 0.7 1.2 2.8 2.4 3.4 1.1 114.7 (6.7) Hungary 0.3 5.3 0.2 8.5 0.1 4.0 0.14 2.8 0.2 4.8 0.1 2.2 0.0 5.2 0.1 2.7 0.4 3.9 0.2 3.8 0.1 1.6 0.1 3.9 (47.8) 41.7 Ireland 0.0 8.7 0.1 8.1 0.1 8.8 0.43 16.4 0.0 8.3 0.1 5.5 0.1 7.5 0.0 7.5 0.2 14.9 0.2 8.5 0.2 12.6 0.2 10.5 845.4 39.6 Italy 12.2 144.8 9.3 203.9 17.0 133.0 20.36 209.9 14.6 143.9 8.2 167.2 10.9 110.2 23.1 95.0 12.6 91.8 5.0 99.0 8.0 85.5 17.5 66.1 (24.2) (30.4) Netherlands 43.2 16.2 38.8 16.2 51.2 19.8 52.34 147.4 47.6 29.9 40.2 24.0 53.6 26.2 50.1 151.3 45.1 30.3 43.0 27.6 53.2 20.7 69.3 105.2 38.4 (30.4) Norway 2.2 4.6 1.6 1.0 1.7 1.0 2.45 1.0 1.7 0.9 1.2 0.7 1.3 1.4 1.7 0.2 1.5 0.7 1.4 1.3 1.7 0.8 2.6 0.2 52.6 (22.1) Poland 0.1 5.5 0.1 48.7 0.0 9.6 0.39 11.5 0.1 5.2 0.0 10.4 0.1 6.4 0.3 6.5 0.3 10.3 0.0 6.2 0.1 11.5 0.1 5.9 (41.4) (8.9) Portugal 1.3 4.4 1.7 2.1 2.8 3.4 1.23 4.3 1.4 3.6 1.2 2.8 1.7 2.5 2.7 2.9 1.2 2.6 1.9 1.7 2.0 3.0 2.3 7.4 (15.3) 155.8 Rumania 0.5 34.1 0.0 12.7 0.2 38.9 0.38 0.9 0.1 46.0 0.1 10.1 0.2 1.7 0.1 33.0 0.0 73.3 0.4 15.0 0.0 9.9 - 33.1 (100.0) 0.3 Spain 2.0 41.5 2.0 42.5 4.1 36.6 3.08 40.3 4.2 42.1 3.2 22.0 2.4 12.7 4.3 10.2 5.2 15.8 2.9 22.4 4.8 21.7 4.6 15.9 5.8 55.0 Sweden 3.7 356.0 3.0 34.2 2.5 13.5 2.36 8.9 3.9 12.5 1.8 13.3 1.6 10.1 2.2 5.6 1.5 6.8 1.5 11.7 1.3 3.1 1.6 24.4 (27.6) 335.1 Fourth Quarter 2018/19 117 National Bank of Ethiopia Quarterly Bulletin

Table 23 B Continued Content Country of Origin 2016/17 2017/18 2018/19 Percentage change QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import I J K L M N O P Q R S T U V W X W=AW/AO X=AX/AP Europe Switzerland 65.8 13.2 34.5 15.4 45.2 13.7 64.56 7.1 28.9 25.5 15.0 15.0 46.3 5.9 6.9 9.7 15.8 19.5 4.4 9.3 3.8 6.8 5.3 27.8 (24.1) 187.1 Turkey 1.6 123.2 5.5 125.1 10.5 144.3 9.13 147.2 7.9 176.4 14.0 133.6 18.2 157.2 7.5 124.3 2.6 160.9 13.7 166.4 19.6 137.7 4.7 142.1 (37.4) 14.3 Ukraine 0.4 19.0 0.1 48.7 0.3 17.0 0.27 26.3 0.3 37.5 0.5 39.4 0.1 14.8 0.5 33.6 0.3 38.3 0.1 71.3 0.4 36.7 0.5 32.1 6.2 (4.6) United Kingdom 13.9 36.4 11.7 47.9 14.4 28.6 16.75 54.2 15.1 85.0 8.2 31.8 8.6 63.2 12.9 52.9 10.5 116.5 7.6 69.2 11.1 84.2 12.6 56.6 (2.7) 7.0 Russia 3.9 11.8 3.3 17.2 4.9 1.4 5.07 11.9 5.5 2.6 5.8 33.3 3.1 35.2 3.8 21.1 1.7 56.1 2.8 17.9 3.9 41.0 4.0 8.1 5.5 (61.5) Yugoslavia - - - - - - - 0.0 - - - 0.0 - - - - - - - - - - - - Others 15.4 39.3 6.5 10.8 7.1 6.8 5.18 6.3 0.8 3.2 3.5 25.5 0.9 15.3 2.1 3.3 8.1 7.7 11.3 12.2 12.2 21.1 14.4 3.4 586.4 5.6 Total 230.8 1,103.5 166.3 859.2 248.2 699.7 297.43 879.5 215.0 853.7 170.4 716.6 217.6 648.1 210.6 727.6 171.4 859.3 131.6 854.1 164.5 704.0 209.4 823.2 (0.5) 13.1 %Share Of Continent 35.0 27.2 28.9 21.8 32.3 18.8 32.85 21.5 31.70 21.4 25.46 18.1 29.44 18.28 27.98 19.98 27.30 0.00 22.51 19.25 23.93 19.75 27.38 24.01 America: Brazil 0.4 6.8 - 40.3 - 59.6 0.00 16.7 0.1 58.0 - 54.0 - 16.7 0.0 11.6 0.0 41.8 0.0 11.2 0.0 7.7 0.0 9.4 (84.8) (18.5) Canada 2.8 27.1 1.9 14.1 3.5 9.1 3.51 14.6 4.3 15.8 3.1 16.7 3.8 17.8 6.2 23.3 4.4 12.1 2.9 21.3 2.4 5.6 4.4 11.2 (29.1) (52.0) Cuba - 0.0 - 0.0 - 0.0 - 0.5 - 0.1 - 0.0 - 0.0 - 0.0 - 0.0 - 0.0 - 0.0 - 0.1 104.5 Mexico 0.7 0.8 0.4 0.8 0.8 1.0 0.94 3.2 0.4 5.3 0.8 1.2 1.0 1.2 1.6 1.4 1.0 3.7 0.2 1.1 2.2 0.6 1.3 3.4 (16.2) 152.6 United States 35.4 229.6 19.3 291.3 49.4 253.3 77.34 247.4 60.8 301.1 35.8 438.9 65.0 247.0 92.3 209.6 50.6 166.1 25.5 949.8 47.7 180.9 69.5 73.0 (24.7) (65.2) Others 7.3 3.2 7.6 2.1 5.0 2.0 2.98 1.9 0.4 1.9 3.2 2.6 0.7 3.2 2.2 2.4 13.0 2.3 15.7 2.0 25.7 1.5 33.7 7.3 1,445.1 206.8 Total 46.7 267.4 29.2 348.8 58.7 324.9 84.77 284.4 66.0 382.1 42.9 513.4 70.5 285.9 102.3 248.2 69.0 226.0 44.2 985.4 78.0 196.3 109.0 104.4 6.5 (57.9) %Share Of Continent 7.1 6.6 5.1 8.8 7.6 8.7 9.36 7.0 9.72 9.6 6.41 13.0 9.53 8.07 13.60 6.82 10.98 0.00 7.56 22.21 11.34 5.51 14.25 3.05 Asia: China, Mainland 44.6 1,272.2 36.9 1,253.8 74.6 1,273.4 65.89 1,326.1 54.3 829.6 89.5 1,090.2 63.4 1,066.8 33.3 859.2 40.6 1,083.1 35.4 959.8 34.5 1,001.0 35.3 876.1 6.1 2.0 China, Taiwan 4.4 15.4 3.7 12.7 2.0 11.4 5.77 14.8 3.6 17.0 1.9 11.6 1.3 8.9 5.2 8.8 5.2 12.5 2.1 16.5 2.6 12.7 5.6 10.9 7.1 23.0 Hong Kong 4.2 1.7 3.8 2.0 3.9 11.4 6.54 1.8 4.7 104.1 4.3 2.2 3.5 0.7 4.8 24.9 3.1 2.8 3.0 2.4 2.9 2.7 2.8 1.8 (41.6) (92.7) India 19.0 346.8 7.6 329.2 15.4 251.3 10.11 263.8 9.7 240.6 11.2 258.7 29.3 238.8 12.9 252.3 7.5 266.2 14.0 367.8 25.2 335.3 39.4 260.3 204.8 3.2 Indonesia 8.9 84.1 6.6 76.2 3.2 57.0 7.08 73.6 13.3 53.0 8.0 62.0 8.4 57.0 8.3 63.9 7.9 71.5 11.4 84.6 5.9 69.0 3.8 55.8 (54.3) (12.7) Israel 13.5 9.0 15.3 3.4 17.7 4.0 19.56 12.2 17.9 53.2 25.3 7.1 31.8 3.3 22.2 4.2 18.6 7.3 29.5 7.7 31.6 8.3 26.1 2.3 17.6 (44.6) Japan 19.6 171.9 18.2 191.2 17.7 171.9 43.27 159.0 17.5 115.5 25.1 169.0 16.7 135.1 30.9 98.1 26.6 80.5 24.6 99.7 29.9 93.2 40.9 101.5 32.4 3.5 N.Korea, Pdrk 0.4 1.9 0.0 0.8 0.1 2.9 0.32 0.9 0.2 18.4 0.1 0.7 0.2 0.6 0.0 0.4 0.2 0.3 0.1 0.5 0.0 0.7 0.1 15.9 1,895.0 4,133.5 S.Korea 9.4 41.8 12.0 37.8 14.7 37.6 18.31 49.8 12.4 107.8 10.3 41.1 10.7 40.2 13.4 46.9 12.5 46.2 8.5 50.7 10.9 40.5 14.4 43.0 7.2 (8.4) Kuwait 0.4 204.1 0.2 221.4 0.4 241.4 0.64 116.6 0.6 125.6 0.7 422.9 0.4 329.2 1.9 354.3 0.6 514.6 0.6 381.3 0.8 202.6 1.5 560.9 (21.3) 58.3 Lebanon 0.1 1.4 0.2 0.6 0.3 0.3 0.74 1.3 0.5 34.6 0.5 0.2 0.8 0.3 0.2 0.4 0.8 0.4 0.5 0.4 0.3 0.2 0.5 0.3 148.8 (30.4) Malaysia 2.2 68.4 0.7 79.0 0.2 63.9 0.43 88.6 0.0 67.3 0.1 92.4 0.5 84.1 0.5 83.6 0.0 84.3 0.0 115.1 0.1 65.5 0.6 56.4 2.2 (32.5) Pakistan 10.6 5.5 20.9 10.0 15.7 6.4 1.47 10.0 3.6 55.6 6.1 10.3 4.1 23.2 2.2 30.9 2.7 24.7 2.1 14.5 1.0 4.4 0.5 6.2 (77.5) (79.9) Saudi Arabia 39.2 70.3 44.7 103.5 50.3 160.6 61.23 154.3 39.1 141.2 56.6 93.8 51.2 32.9 42.5 88.9 42.2 41.4 45.5 89.8 47.8 85.2 47.5 28.2 11.7 (68.2) Singapore 0.5 9.9 0.6 3.5 0.8 2.6 2.29 6.2 2.6 3.6 6.6 6.2 2.6 3.9 2.7 3.1 1.2 4.0 1.8 4.3 8.0 28.5 10.9 4.9 307.9 57.4 Yemen 3.4 1.3 5.7 0.5 4.5 1.4 6.68 1.1 17.4 16.0 7.2 0.2 9.4 0.1 12.1 0.4 11.3 0.6 10.3 0.7 17.5 0.7 16.4 0.6 35.6 39.7 Thailand 1.4 30.4 0.7 33.3 0.6 28.4 1.28 44.9 1.1 59.9 1.4 64.9 1.6 26.8 1.5 25.8 1.1 72.0 1.3 48.2 1.2 32.0 1.2 28.5 (24.7) 10.5 UAE 22.0 100.9 21.7 106.1 39.9 77.2 35.92 92.1 30.8 52.0 22.5 64.6 24.2 195.3 33.5 221.4 28.2 102.4 26.9 135.7 39.2 221.4 37.7 90.8 12.4 (59.0) Others 14.2 93.9 44.8 97.2 42.5 66.0 41.77 196.9 16.4 498.0 35.7 93.9 44.2 102.2 40.6 84.4 25.0 51.5 43.7 63.7 37.2 113.4 30.2 35.4 (25.6) (58.0) Total 218.0 2,531.0 244.4 2,562.2 304.6 2,469.0 329.32 2,614.1 245.6 2,593.1 313.4 2,492.0 304.3 2,349.4 268.7 2,252.0 235.1 2,466.2 261.3 2,443.4 295.9 2,317.3 315.2 2,179.9 17.3 (3.2) %Share Of Continent 33.1 62.5 42.5 65.0 39.7 66.4 36.37 63.9 36.20 65.0 46.81 62.9 41.15 66.26 35.71 61.83 37.44 0.00 44.69 55.08 43.04 65.00 41.21 63.58 Oceania: Australia 4.3 1.8 2.5 6.0 4.6 5.1 9.52 7.8 5.6 4.5 3.3 2.7 1.8 0.8 4.1 1.2 7.3 2.2 3.0 4.4 2.7 1.3 7.6 1.7 87.4 49.3 Others 1.4 1.8 1.1 1.9 0.4 0.7 1.27 1.3 2.6 1.8 0.0 1.2 0.5 1.0 3.6 0.8 2.4 0.7 0.2 2.0 0.6 0.7 1.2 1.3 (66.4) 57.9 Total 5.6 3.6 3.7 7.9 5.0 5.7 10.79 9.0 8.1 6.4 3.3 4.0 2.3 1.8 7.6 2.0 9.7 2.9 3.3 6.4 3.9 2.0 8.8 3.0 15.4 52.9 0.9 0.1 0.6 0.2 0.7 0.2 1.19 0.2 1.20 0.2 0.49 0.1 0.31 0.05 1.01 0.05 1.54 0.00 0.56 0.14 0.56 0.06 1.15 0.09 Unspecified Unspecified - - - - - - - - - - - - - - - - - - Grand Total Grand Total 658.9 4,051.9 575.0 3,941.5 768.1 3,720.1 905.5 4,089.2 678.5 3,990.8 669.5 3,963.7 739.3 3,545.5 752.5 3,641.9 628.0 3,682.1 584.6 4,436.3 687.5 3,565.0 764.9 3,428.6 1.6 (5.9) 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 118 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 24: Volume of Exports, by major commodity groups (In metric tone) Period Coffee Oil Seeds Leather and Leather productsa Pulses Meat & Meat Prodts. Fruits & Veget. Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 2013/14 Qtr I 40,607.4 42,396.2 1,234.0 73,940.7 3,970.4 34,044.8 - 1.9 - 36,179.2 13,399.0 - 55.0 12.4 615.5 5,348.4 Qtr II 25,462.9 60,204.0 1,567.6 83,661.8 3,129.6 35,983.1 - 3.4 - 24,390.8 13,022.5 - 96.0 21.2 - 5,236.4 Qtr III 44,320.0 135,867.8 1,296.4 110,039.3 3,604.9 36,447.0 - 3.3 - 26,373.3 12,957.9 - 88.5 28.1 91.5 4,519.8 Qtr IV 79,279.1 75,058.6 1,475.0 85,380.4 4,267.0 38,961.4 - 3.0 - 18,884.1 12,310.4 - 95.2 26.2 44.9 3,533.7 2014/15 Qtr I 42,147.5 46,714.0 1,551.2 91,360.5 4,900.0 35,556.8 - 2.1 - 31,243.4 11,942.5 - 120.5 42.4 0.2 3,144.5 Qtr II 30,419.0 66,114.6 1,423.6 82,896.7 4,403.3 41,231.9 - 1.9 - 16,407.3 15,207.7 - 121.0 67.7 - 2,812.5 Qtr III 37,737.8 117,147.9 1,548.2 100,900.5 4,829.0 34,875.2 - 3.4 - 12,436.6 11,851.5 - 87.5 20.9 8.1 5,247.5 Qtr IV 73,566.5 89,485.4 1,651.9 65,579.2 4,902.2 38,484.8 - 1.7 - 17,773.1 10,202.4 - 191.4 16.7 - 3,653.8 2015/16 Qtr I 48,791.9 39,036.0 1,521.5 77,378.6 5,059.4 43,459.6 - 2.3 - 38,543.2 13,054.8 - 69.5 52.9 - 3,151.8 Qtr II 38,987.8 75,681.3 1,475.1 95,395.4 4,413.4 41,617.8 - 2.1 - 14,341.2 11,926.0 - 76.3 46.0 - 3,044.3 Qtr III 43,718.5 201,471.9 1,367.2 102,695.8 4,670.3 41,743.5 - 1.9 - 10,972.9 11,060.7 - 35.4 63.0 0.3 3,068.1 Qtr IV 67,160.0 120,384.3 1,619.6 99,955.3 4,822.0 40,255.5 - 2.4 - 13,921.7 10,958.7 - 86.5 24.0 - 3,017.3 2016/17 Qtr I 47,935.3 62,849.2 1,241.0 73,722.9 4,499.5 42,284.5 - 1.7 - 17,869.7 13,565.9 - 65.0 56.4 - 3,446.1 Qtr II 37,490.2 69,630.3 1,629.5 108,149.0 4,735.7 45,227.6 - 0.8 - 5,183.1 12,078.8 - 51.0 40.1 - 3,334.2 Qtr III 54,698.0 102,931.1 1,386.1 139,885.6 4,958.6 43,550.3 26,514.6 1.4 - 5,170.2 11,576.4 - 98.3 92.7 - 3,814.4 Qtr IV 85,623.5 98,103.5 1,633.5 70,985.8 5,371.1 47,506.8 24,612.0 1.9 - 7,843.6 11,597.1 - 88.0 40.1 - 5,598.2 2017/18 Qtr I 55,862.3 69,482.8 1,578.5 68,758.6 4,697.6 46,826.2 15,330.8 0.8 - 15,182.6 11,209.9 - 18.0 33.7 847.1 5,172.8 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 2018/19 Qtr I 59,199.0 42,370.8 1,539.8 69,123.1 4,703.0 41,609.1 7,355.1 0.5 - 7,180.1 14,228.7 - 88.0 288.6 182.0 4,591.6 Qtr II 43,975.2 60,708.1 1,725.6 109,546.3 4,334.4 42,419.5 8,844.6 0.1 - 2,320.1 14,260.7 - 31.8 44.9 - 4,802.1 Qtr III 48,139.8 87,260.6 1,166.0 150,345.7 4,417.6 41,420.9 10,006.2 0.1 - 7,066.4 12,529.6 - 69.5 35.1 70.9 5,158.2 Qtr IV 79,617.4 69,662.1 1,159.0 133,806.5 4,264.1 50,170.1 17,500.3 0.1 - 7,780.1 12,547.0 - 93.9 17.5 - 5,336.9 Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) ** Others refer the summation of export volumes from Tantalum to Electricity . Fourth Quarter 2018/19 119 National Bank of Ethiopia Quarterly Bulletin

Table 24 continued: 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 739.8 448.5 - - - 62.0 - 13,550.1 885.5 4,409.6 15,536.9 513,474.6 4,490.2 338,312.3 2018/19 Qtr I 553.9 108.1 - - - 16.4 - 12,122.2 989.9 3,446.0 9,478.5 293,768.7 5,062.2 - 252,459.3 Qtr II 264.2 197.4 - - - 45.0 - 11,998.8 1,032.3 2,316.8 17,858.8 298,893.7 38,560.4 - 326,726.8 Qtr III 1,692.9 393.9 - - - 72.5 - 13,785.0 1,035.8 2,016.5 20,034.3 280,763,322.9 280,763.3 - 643,185.9 Qtr IV 1,069.0 411.9 - - 0.6 - 19,943.2 1,346.9 3,810.5 45,367.5 453,904.8 280,763.3 - 657,363.9 Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) ** Others refer the summation of export volumes from Tantalum to Electricity . 120 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 25: Value of Exports, by Major Commodity Groups (In Thusands of Birr) Period Coffee Oil Seeds Leather and Leather products Pulses Meat & Meat Prodts. Fruits & Vegetables Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts '2013/14 Qtr I 2,571,879.02 1,368,355.56 599,029.96 888,604.25 376,049.06 185,036.53 - 1,465,413.10 - 1,196,022.71 1,427,123.25 - 8,236.86 3,478.96 16,932.10 535,850.02 Qtr II 1,613,907.40 2,590,227.05 665,155.27 1,129,528.18 298,627.99 262,105.31 - 2,225,243.14 - 788,435.10 1,370,729.01 - 14,174.58 20,383.51 - 553,399.09 Qtr III 3,166,700.91 5,770,739.28 614,057.55 1,569,048.72 331,095.19 237,001.35 - 2,407,850.09 - 874,204.57 1,425,240.39 - 14,660.42 34,633.96 2,026.11 497,720.31 Qtr IV 6,355,627.05 2,747,887.38 596,407.36 1,203,261.48 418,241.25 235,010.32 - 2,623,684.49 - 694,613.64 1,405,654.33 - 14,974.08 27,925.47 1,097.70 513,947.93 '2014/15 Qtr I 3,601,606.60 1,782,898.66 650,939.82 1,231,102.44 472,079.61 202,646.32 - 1,548,672.59 - 1,182,546.88 1,316,313.98 - 21,439.25 74,818.49 4.74 420,448.06 Qtr II 2,518,466.43 2,455,328.14 599,692.01 1,157,023.03 416,795.93 256,407.19 - 1,283,486.68 - 615,036.67 1,658,532.63 - 21,584.25 82,407.47 - 364,718.87 Qtr III 3,450,896.65 3,515,303.69 693,219.39 1,243,523.40 473,887.80 245,897.65 - 2,365,432.58 - 462,946.54 1,325,665.80 - 16,251.30 23,524.21 231.25 779,611.07 Qtr IV 6,163,963.66 2,515,767.17 700,896.33 777,563.07 503,104.87 251,662.78 - 1,201,434.50 - 716,025.97 1,167,518.10 - 36,452.15 21,895.90 - 404,544.21 '2015/16 Qtr I 3,833,482.55 1,117,113.73 611,869.33 1,008,591.81 536,437.89 284,426.10 - 1,533,270.26 - 1,513,932.09 1,513,299.59 - 12,738.43 43,474.09 - 462,484.53 Qtr II 2,483,305.88 1,744,206.98 599,845.57 1,270,029.37 461,902.72 285,570.28 - 1,353,852.86 - 562,849.10 1,382,213.41 - 14,305.96 40,780.40 - 399,474.19 Qtr III 3,468,404.77 4,246,993.00 565,811.69 1,296,829.87 503,926.11 283,215.63 - 1,428,736.52 - 444,847.26 1,286,804.44 - 7,269.83 44,244.54 11.59 384,833.83 Qtr IV 5,482,069.78 2,968,529.53 646,580.27 1,311,552.35 524,281.73 274,857.76 - 1,797,371.68 - 568,958.88 1,329,711.26 - 17,011.91 23,065.16 - 387,202.37 '2016/17 Qtr I 3,967,681.81 1,566,890.84 568,470.09 1,122,225.51 481,858.65 294,980.86 - 1,429,988.74 - 729,289.63 1,646,044.16 - 12,745.69 41,717.52 - 461,145.78 Qtr II 2,947,226.42 1,545,549.69 642,588.05 1,736,431.27 533,074.66 325,785.53 - 751,520.29 - 214,348.91 1,504,475.06 - 10,395.38 29,485.20 - 457,402.49 Qtr III 5,262,982.58 2,447,326.56 570,064.32 2,162,962.11 562,140.77 305,094.56 59,869.51 1,020,138.31 - 212,897.51 1,460,530.31 - 19,689.21 33,777.29 - 516,886.85 Qtr IV 7,719,668.05 2,331,595.43 777,873.35 1,254,944.02 637,647.65 331,887.52 55,562.19 1,482,343.45 - 349,972.81 1,502,640.11 - 17,736.43 32,881.43 - 568,850.61 2017/18 Qtr I 5,011,278.90 1,744,858.76 769,891.95 1,067,855.73 562,830.79 362,770.12 73,122.09 665,027.05 - 698,508.03 1,478,336.66 - 3,557.04 32,525.56 35,581.39 709,998.20 Qtr II 4,443,198.44 3,834,235.78 949,826.11 1,839,139.38 563,485.93 417,619.41 7,754.76 501,643.73 - 212,460.16 1,641,071.57 - 27,767.27 73,565.65 44,337.81 508,420.22 Qtr III 4,861,307.06 3,706,619.53 788,275.50 2,307,768.02 684,152.76 386,724.14 27,284.49 1,256,940.42 - 217,174.16 1,846,728.64 - 27,095.50 35,121.47 49,979.95 678,085.12 Qtr IV 7,577,696.00 1,903,139.95 947,815.16 1,909,501.27 851,498.53 436,383.47 25,421.15 182,145.95 - 410,929.25 1,916,101.39 - 22,891.58 104,794.87 10,452.29 798,725.24 2018/19 Qtr I 5,606,714.42 1,595,732.93 912,007.83 1,193,432.93 664,247.51 406,255.91 18,005.50 429,197.17 - 400,073.40 2,162,094.27 - 20,306.93 41,732.37 6,947.01 932,321.83 Qtr II 3,612,728.79 2,533,022.91 939,790.06 1,917,614.35 589,620.38 408,648.39 22,162.45 103,196.93 - 124,210.78 2,244,183.10 - 7,953.53 102,966.16 - 964,078.79 Qtr III 4,674,836.41 3,683,306.94 688,275.06 2,550,109.98 612,962.22 393,723.19 24,457.76 97,457.01 - 360,827.07 2,047,883.83 - 16,807.45 82,487.28 1,625.18 1,139,113.35 Qtr IV 7,596,429.28 3,109,261.04 745,400.80 1,998,393.93 618,118.57 500,841.03 42,084.77 145,854.56 - 402,843.34 2,056,960.28 - 22,589.88 47,105.95 - 1,260,749.58 Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Fourth Quarter 2018/19 121 National Bank of Ethiopia Quarterly Bulletin

Table 25 continued: 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 27,777.70 56,608.67 - - - 9,910.90 - 739,115.07 19,556.85 98,147.13 232,015.90 246,301.16 556,261.08 - 10,642,011.39 Qtr II 12,120.35 65,847.07 - - - 12,728.26 - 854,266.66 19,129.72 127,691.94 281,688.78 195,215.97 573,782.60 - 11,531,915.63 Qtr III 25,020.02 60,823.94 - - - 13,211.00 - 1,144,376.26 10,384.12 178,127.80 338,091.96 177,870.44 534,380.38 - 16,944,978.84 Qtr IV 148,196.53 48,180.11 - - - 11,376.45 - 1,079,625.85 10,824.22 157,185.08 503,732.86 244,529.18 542,971.10 - 16,838,332.48 '2014/15 Qtr I 150,602.42 48,948.61 - - - 9,515.37 - 863,071.79 17,535.03 139,740.12 478,824.02 301,876.97 495,271.29 - 12,505,517.44 Qtr II 45,667.00 50,931.24 - - - 18,480.82 - 941,129.15 19,768.74 214,032.25 317,035.83 205,459.11 447,126.34 - 11,429,479.30 Qtr III 56,976.52 61,952.36 - - 250.92 12,177.23 - 1,114,876.62 17,489.82 166,314.22 352,692.15 213,847.85 803,366.52 - 14,596,391.33 Qtr IV 66,311.12 69,121.82 - - - 5,966.71 - 1,167,788.58 25,107.58 127,762.90 308,093.40 136,269.21 426,440.11 - 14,460,828.72 '2015/16 Qtr I 46,093.59 34,858.54 - - - 18,622.23 - 1,112,635.18 27,384.59 81,105.78 315,695.13 114,332.66 505,958.62 - 12,471,120.40 Qtr II 38,982.52 43,255.52 - - - 6,606.44 - 1,106,521.26 23,434.28 136,724.05 399,943.14 163,153.89 440,254.59 - 10,598,336.69 Qtr III 66,187.87 47,327.01 - - - 11,996.87 - 1,336,078.82 26,837.95 208,123.71 464,528.36 116,892.36 429,089.96 - 13,961,929.09 Qtr IV 33,947.12 50,557.29 - - - 4,703.20 - 1,182,616.71 32,124.90 140,268.60 366,561.08 322,189.21 410,267.52 - 15,331,192.67 '2015/16 Qtr I 15,454.20 41,522.18 - - - 10,707.79 - 1,105,141.90 20,112.72 131,608.91 399,218.95 394,411.57 502,863.29 - 12,323,039.26 Qtr II 38,022.84 56,872.05 - - - 3,649.66 - 1,045,226.32 20,345.58 111,679.53 500,765.25 300,235.98 486,887.69 10,698,282.95 Qtr III 102,075.77 64,418.22 - - - 13,778.95 - 1,366,378.54 22,716.24 176,613.38 593,113.21 384,298,139.26 550,664.13 14,634,359.88 Qtr.IV 195,142.14 118,724.11 - - - 22,421.80 - 2,287,106.82 36,930.87 302,310.02 1,015,628.87 671,946,659.59 940,887.77 - 25,243,562.23 2017/18 Qtr I 64,616.68 38,735.39 - - - 10,124.92 - 1,266,346.36 22,798.98 101,110.03 443,307.74 517,682.43 778,105.16 - 13,216,142.28 2017/18 29,613.61 86,711.99 - - - 5,137.37 - 1,322,830.19 35,531.87 106,985.75 296,197.05 399,594.85 2,908,926.36 17,347,128.89 Qtr III 42,778.32 52,128.29 - - - 3,808.18 - 1,776,936.74 22,194.74 101,646.73 326,520.65 500,366.79 763,186.55 16,873,256.77 Qtr.IV 19,770.96 56,224.93 - - - 4,624.29 - 1,615,957.90 28,273.77 131,539.76 251,415.39 780,060.63 3,801,840.03 19,985,363.74 2018/19 Qtr I 17,470.15 16,093.37 - - - 1,475.15 - 1,451,212.49 25,556.93 113,331.98 277,665.97 456,745.80 3,340,553.05 16,748,621.86 2018/19 10,513.78 30,837.40 - - - 4,216.15 - 1,467,006.89 25,714.57 76,167.11 295,922.64 465,255.34 3,442,678.83 15,945,810.49 Qtr.III 33,496.23 49,308.62 - - - 7,549.68 - 1,805,661.75 28,921.70 81,210.40 384,709.47 455,941.67 4,070,025.33 19,220,672.25 Qtr.IV 20,460.31 48,683.46 - - - 227.39 - 2,504,340.79 34,552.63 111,198.37 556,139.47 136,119.39 4,719,577.34 21,958,354.82 Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) 122 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 26: Value of Imports, by Major Commodity Groups** (In 000 birr) Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. '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 Qtr IV 6,829,349 153,048 32,263 96 18,551,748 1,172,184 5,286,696 311,339 875,399 1,533,488 432,250 2018/19 Qtr I 6,108,505 171,395 18,926 - 17,291,911 1,640,216 3,200,286 537,018 997,360 1,938,502 563,586 Qtr II 4,400,932 119,231 35,128 876 17,632,840 1,406,331 4,955,085 1,001,683 891,969 2,117,501 866,013 Qtr III 5,007,888 92,947 28,053 - 17,506,737 1,179,234 1,885,652 447,431 1,013,454 1,792,978 693,449 Qtr IV 3,765,871 163,893 25,126 9 17,511,115 1,129,430 7,668,833 445,573 1,020,599 1,849,875 841,461 Fourth Quarter 2018/19 123 National Bank of Ethiopia Quarterly Bulletin

Table 26: (continued) 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 1,645,039 2,105,322 833,900 11,428,967 13,511,699 9,629,018 7,410,779 926,544 223,723 19,981,624 87,611,064 Qtr III 1,150,448 1,981,457 935,599 9,347,851 14,717,861 8,580,209 5,905,610 1,009,261 59,694 19,971,213 84,013,849 Qtr IV 1,237,227 2,250,547 798,397 10,504,708 16,014,724 7,324,469 9,174,224 923,184 138,938 23,370,095 93,767,307 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 96,527,340 Qtr IV 1,286,900 1,828,263 579,208 7,929,223 14,869,246 4,900,213 6,092,034 1,782,783 82,770 26,492,914 99,238,631 2018/19 Qtr I 1,562,470 2,163,693 701,640 9,627,455 17,850,408 4,941,253 7,724,711 1,251,621 80,252 23,862,895 100,982,482 Qtr II 1,732,147 1,348,460 742,908 11,005,781 14,079,383 5,621,035 6,815,022 942,366 73,570 48,546,021 123,391,918 Qtr III 1,679,391 1,234,317 737,995 10,736,343 15,201,505 5,282,974 7,548,035 1,388,347 540,334 28,166,238 100,774,956 Qtr IV 1,771,434 1,824,720 806,768 9,306,267 12,236,842 6,306,055 5,842,118 1,071,067 670,598 25,058,207 98,244,794 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 124 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 27: Volume of Imports, by Major Commodity Groups** (In Metric Tons) Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 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 Qtr III 450,363 5,909 352 0 915,650 31,762 5,462 183 12,043 25,729 28,015 Qtr IV 243,404 7,732 403 71 876,711 41,865 7,640 200 17,801 27,887 24,745 2017/18 Qtr I 571,803 6,717 226 - 884,058 43,516 4,569 184 27,280 26,124 29,369 Qtr II 607,090 6,229 347 2 961,434 41,481 4,565 334 23,443 22,726 24,825 Qtr III 371,970 7,600 282 49 915,435 44,888 2,882 152 13,414 57,132 18,799 Qtr IV 666,647 6,005 348 0 1,009,662 53,379 3,405 435 20,200 18,595 16,641 2018/19 Qtr I 626,714 5,466 240 - 907,140 61,064 18,233 249 19,140 24,312 21,371 Qtr II 395,944 3,051 382 30 964,153 55,976 4,802 347 20,690 26,814 30,290 Qtr III 432,852 3,160 310 - 1,050,653 42,018 5,097 308 50,288 22,808 24,747 Qtr IV 367,234 5,132 232 0 898,277 40,590 5,828 246 24,447 24,005 28,938 w Fourth Quarter 2018/19 125 National Bank of Ethiopia Quarterly Bulletin

Table 27: Volume of Imports, by Major Commodity Groups** (In Metric Tons) 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 11,924 87,517 341,447 64,339 151,947 28,805 94,562 43 852,618 3,035,870 Qtr IV 23,505 13,513 73,709 429,518 62,441 56,958 34,794 84,699 84 1,204,839 3,147,818 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 2018/19 Qtr I 53,653 11,856 45,176 353,765 58,849 34,749 36,732 155,568 71 861,237 3,140,016 Qtr II 30,678 13,621 46,022 417,448 69,876 43,867 36,314 88,123 52 974,879 3,135,238 Qtr III 27,469 6,297 52,633 390,714 58,356 38,979 26,554 136,824 128 1,221,897 3,455,268 Qtr IV 28,819 13,511 50,875 533,747 47,746 41,545 31,910 157,898 29 1,225,197 3,368,308 ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority 126 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 28: Value of Imports by End-Use** Raw Materials 2015/16 2016/17 2017/18 2018/19 Semi￾finished Goods Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II QIII Qtr IV 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 1,382.7 1,151.8 835.5 863.31 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 15,194.9 17,589.9 23,876.8 21,454.84 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 2,996.0 2,917.9 2,372.2 2,572.77 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 7,265.5 209.4 193.3 7,439.9 6,377.18 Textile Materials 283.7 403.7 309.8 338.4 339.8 424.8 370.7 445.5 338.4 380.9 335.9 540.2 515.1 652.9 524.0 584.87 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 11,474.3 13,825.8 13,540.7 11,920.01 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 18,198.8 18,727.0 17,890.4 18,125.75 Crude petroleum 0.0 0.1 3.6 - 0.2 1.5 0.1 - 0.9 - 0.01 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 17,291.9 17,632.8 17,506.7 17,511.12 Others 422.9 344.7 132.9 340.1 361.7 598.6 265.7 567.2 509.5 808.9 460.4 618.2 906.9 1,093.3 383.6 614.63 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 32,791.2 50,759.8 31,527.1 25,492.20 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 3,841.9 25,889.3 5,238.9 4,847.52 Tyres for Heavy Vehicles 662.8 685.1 732.4 738.6 816.1 871.2 745.4 753.9 710.8 752.6 511.4 642.8 732.7 888.6 751.5 799.85 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 2,157.7 2,748.2 2,843.5 3,692.17 Aircraft 451.9 295.7 1,500.1 1,215.3 828.2 1,142.1 815.8 576.7 628.4 5,990.6 536.6 374.0 364.3 21,987.4 1,583.8 293.68 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 89.0 587.2 265.1 60.1 61.82 Agricultural 485.4 399.6 321.7 554.7 477.0 553.5 353.0 307.9 230.8 611.6 239.4 256.9 451.2 389.6 413.8 361.50 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 28,498.2 24,480.9 25,874.4 20,283.18 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 31,495.7 33,094.3 24,831.1 30,336.96 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 8,090.8 8,803.1 7,912.6 8,863.90 Radio & T.V. 682.4 1,162.8 596.1 628.2 7,770.0 713.6 490.7 582.5 960.2 710.4 663.1 490.3 652.9 635.7 941.4 1,187.16 Tyres for cars & Other Veh. 274.2 295.5 327.4 314.4 319.3 344.4 382.7 388.7 371.4 462.2 372.8 408.2 355.1 324.6 458.7 373.39 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 2,212.7 2,722.0 2,483.0 2,581.68 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 4,870.0 5,120.8 4,029.6 4,721.66 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 23,404.9 24,291.2 16,918.5 21,473.06 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 5,607.4 3,963.5 4,289.5 2,873.85 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 4,408.7 5,079.7 3,007.0 3,146.73 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 4,038.3 6,336.6 2,534.0 8,224.78 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 3,363.5 2,351.6 2,211.1 3,163.35 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 5,986.9 6,559.9 4,876.9 4,064.35 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 1,919.2 2,069.1 1,814.0 1,971.74 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 99,238.6 100,982.5 123,391.9 100,775.0 98,244.79 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 Fourth Quarter 2018/19 127 National Bank of Ethiopia Quarterly Bulletin

Table 29: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector Sector/Sub-sector 2010(2017/18) 2011(2018/19) 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 Manufacturing 215 2901.3 278 6036.541963 232 3435.7 19.0 274.6 13.0 135.2 31.0 292.5 Agriculture, hunting and forestry 9 105.3 7 190.997666 8 58.2 7.0 12.5 7.0 4.0 1 3.3 Real estate, renting and business activities 229 2873.7 208 4069.373636 169 1076.8 135.0 470.0 9.0 26.79 54 221.98 Hotels and restaurants 2 19.8 2 21.1 Education 2 16.0 3 50 3 13.1 2.0 15.0 1 40 Health and social work 2 24.3 8 200.9 3 22.3 1 2 Construction 97 443.9 143 2076.304382 122 1243.6 13.0 36.0 9.0 53.0 23 334.5 Wholesale, retail trade and repair service 1 2.0 169 1076.8 Transport, storage and communication 3 10.9 Mining and Quarrying 4 21.76555 1 3 2 31 1 4 Electricity, gas, steam and water supply 1 100 Construction machinery leasing Fishing "Other community, social and personal service activities" 45 244.811372 1 4,525.60 Others 1.0 6.0 Grand Total 557 6,386.4 697 12990.69457 544 5886.8 177.0 814.1 40.0 250.0 112.0 898.5 Source: Ethiopia Investment Agency. *Projects with Initial Investment Capital below Birr 250,000 are not included. 128 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 30: Expected Employment Creation of Approved Domestic $ Foreign Investment Projects by Sector[PERMANENT & TEMPORARY] Sector/Sub-sector 2010(2017/18) 2011(2018/19) QIII QIV QI QII QIII IV "Perm. Emp." "Tempo. Emp." "Perm. Emp." "Tempo. Emp." "Perm. Emp." "Tempo. Emp." "Perm. Emp." "Tempo. Emp." "Perm. Emp." "Tempo. Emp." "Perm. Emp." "Tempo. Emp." Manufacturing 3657 624 100,039 5,220 8,377 3,556 1,416.0 172.0 773 169 3920 1,749.0 Agriculture, hunting and forestry 91 225 28 308 50 225 48.0 710.0 42 560 6 300 Real estate, renting and business activities 829 389 54 560 1,036 408 537 710 405 20 135 89.0 Hotels and restaurants 21 35 18 Education 7 5 6 18 20 132.0 130.0 50 4 Health and social work 4 203 25 8 8 Construction 575 465 125 877 2,940 965 57.0 60.0 85 296 133 212.0 Wholesale, retail trade and repair service 2 Transport, storage and communication 30 Mining and Quarrying 52 184 25 62 10 30 Electricity, gas, steam and water supply 250 Construction machinery leasing Fishing "Other community, social and personal service activities" 125,000 107 12 Others 12.0 105.0 Grand Total 5,186 1,743 225,298 7,715 12,506 5,174 2,202.0 1,887.0 1,330.0 1,107.0 4,262.0 2,392.0 Source: Ethiopia Investment Agency. *Projects with Initial Investment Capital below Birr 250,000 are not included. Fourth Quarter 2018/19 129 National Bank of Ethiopia Quarterly Bulletin

130 Fourth Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

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National Bank of Ethiopia Third Quarter 2017/18 Volume 34 No. 3 National Bank of Ethiopia Quarterly Bulletin Volume 34, No. 1 Printed by Master Printing Press PLC