National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2020/21

Fourth Quarter 2020/21 Volume 37 No. 4

የኢትዮጵያ ብሔራዊ ባንክ National Bank of Ethiopia

National Bank of Ethiopia (Central Bank)

: nbe.edpc@ethionet.et : http://www.nbe.gov.et Prepared By: Domestic Economic Analysis & Publications Directorate Domestic Economic Analysis & Publications Directorate National Bank of Ethiopia P. O. Box 5550 Tel. 251 11 517 2247/ 11 517 5297 Addis Ababa, Ethiopia National Bank of Ethiopia E-mail Web Site  This Publication can be acquired by subscription or exchange. Please Contact: P.O. Box: 5550, Addis Ababa, Ethiopia Tel. 251-11-551 7430 Tel. 251-11-551 4588 Telegraphic Address: NATIONAL BANK, TELEX 21020, CODES USED PETERSON 3rd & 4th ED BENTLEY’S 2nd PHRAS A.B.C...6th H EDITION

NATIONAL BANK OF ETHIOPIA Quarterly Bulletin Volume 37, No.4 Fourth Quarter 2020/21 Fiscal year Series Addis Ababa 2021 National Bank of Ethiopia (Central Bank)

: nbe.edpc@ethionet.et : http://www.nbe.gov.et Prepared By: Domestic Economic Analysis & Publications Directorate Domestic Economic Analysis & Publications Directorate National Bank of Ethiopia P. O. Box 5550 Tel. 251 11 517 2247/ 11 517 5297 Addis Ababa, Ethiopia National Bank of Ethiopia E-mail Web Site  This Publication can be acquired by subscription or exchange. Please Contact: P.O. Box: 5550, Addis Ababa, Ethiopia Tel. 251-11-551 7430 Tel. 251-11-551 4588 Telegraphic Address: NATIONAL BANK, TELEX 21020, CODES USED PETERSON 3rd & 4th ED BENTLEY’S 2nd PHRAS A.B.C...6th H EDITION

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 .........................................................................................8 2.1: Import of Petroleum Products .................................................................................... 8 2.2: Electric Power Generation ......................................................................................... 13 III. Quarterly Price Developments ...............................................................................................15 3.1: Developments in National CPI .................................................................................. 15 3.2: Developments in Regional Inflation ......................................................................... 19 IV. Monetary Developments .......................................................................................................21 4.1: Money Supply and Credit........................................................................................... 21 4.2: Developments in Reserve Money and Monetary Ratio .......................................... 25 4.3: Interest Rate Developments ...................................................................................... 27 4.4: Developments in the Financial Sector ...................................................................... 29 4.5: Activities of the Banking System................................................................................. 31 4.5.1: Resource Mobilization ....................................................................................... 31 4.5.1.1: Deposit Mobilization ............................................................................... 33 4.5.1.2: Collection of Loans ................................................................................ 34 4.5.1.3: Borrowing ................................................................................................ 34 4.5.2: Disbursement of Fresh Loans ........................................................................... 35 4.5.3: Outstanding Credit............................................................................................ 37 4.6: Financial Activities of NBE .......................................................................................... 38 4.7: Developments in Financial Markets .......................................................................... 39 4.7.1:Treasury Bills Market ........................................................................................ 39 4.7.2: Inter-bank Money Market ............................................................................ 42 4.7.3: Corporate Bond Market................................................................................ 42 V. External Sector Developments ...............................................................................................44 5.1: Balance of Payments ................................................................................................ 44 5.2: Balance of Trade ......................................................................................................... 47 5.2.1: Exports of Goods ........................................................................................... 48 5.2.2: Imports of Goods ........................................................................................... 53 5.2.3: Direction of Trade ........................................................................................ 56 5.2.3.1: Exports of goods ................................................................................... 56

5.2.3.2: Imports of goods .................................................................................. 57 5.3: Services and Transfers ................................................................................................. 58 5.4: Current Account Balance ......................................................................................... 61 5.5: Capital Account .......................................................................................................... 61 5.6: Changes in Reserve Position ..................................................................................... 62 5.7: Developments in Foreign Exchange Market ............................................................ 62 5.7.1: Exchange Rate Movements ........................................................................ 62 5.7.2: Movements in the Real Effective Exchange Rate .................................... 69 5.7.3: Volume of Transactions ................................................................................ 71 VI. Federal Government Finance ................................................................................................72 6.1: Revenue and Grants................................................................................................... 74 6.2: Expenditure................................................................................................................... 77 6.3: Deficit Financing .......................................................................................................... 79 VII. Developments in Investment.................................................................................................81 VIII. International Economic Developments...............................................................................86 8.1: Overview of the World Economy .............................................................................. 86 8.2: Inflation Developments ............................................................................................... 87 8.3: Commodity Price......................................................................................................... 88 8.4: Exchange Rate Development.................................................................................... 88 8.5: Impact of Global Economic Dev't on Ethiopian Economy .................................. 89 Statistical Tables .........................................................................................................................92 Currency and Time Currency Currency Unit: Birr (Br) Exchange Rate: Lookat Page 62 Time ** There is a difference of about 73/4 Years between Gregorian and Ethiopian Calendar Fisical Year: July 8th to July 7th Coffee Year: October to September Calendar Year: September 11 to September 10

| I National Bank of Ethiopia Quarterly Bulletin Ethiopia: Macroeconomic and Social Indicators Indicators 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012)

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

II | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Continued…. Indicators 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) 3. Macroeconomic Indicators 3.1: Real sector Development2 GDP at Current Market Price (In Mn. Birr) 85,800.0 105,415.0 130,334.0 170,281.0 245,836.0 332,060.0 379,135.00 515,078.5 747,326.5 866,921.1 1,060,825.4 1,297,961.4 1,568,097.5 1,717,127.2 1,834,066.5 1987157.5 3374349.0 Nominal GDP Growth Rate (In %) 18.0 22.9 23.6 30.6 44.4 35.1 14.18 35.9 45.1 15.3 22.4 22.4 18.2 17.7 21.4 23.3 25.5 Average Marginal Exchange Rate (Birr per USD) 8.6300 8.6518 8.6810 8.7943 9.2400 10.4200 12.89 16.1 17.3 18.3 19.1 20.1 21.10 22.40 26.10 28.10 31.34 GDP at Current Market Price (IN Mn. USD) 9,942.1 12,184.2 15,013.7 19,362.7 26,605.6 31,867.6 29,413.11 31,957.1 43,314.2 47,424.6 55,628.0 64,575.2 74,297.0 81,760.0 84,356.0 96107.0 107660.0 Nominal GDP per Capita (In USD) 149.5 178.4 214.5 267.4 355.2 415 373.26 396.1 523.5 559.1 639.6 725.0 815.0 876.0 883.0 985.0 1080.0 Real GDP per Capita ( In Birr ) 3,652.6 3,976.7 4,300.5 4,634.2 4,962.8 5,266.1 5,776.60 5,895.00 6,947.5 7,299.1 7,625.2 8,571.2 8,864.0 18,257.5 19,204.9 20360.2 21144.1 Real GDP per Capita Growth Rate (In %) 10.7 8.9 8.1 7.8 7.1 6.1 9.69 9.00 6.1 5.1 4.5 12.4 3.4 8.0 5.2 6.0 3.8 GDP Deflator (% change) 3.9 9.9 11.6 17.2 30.3 24.2 1.70 20.08 33.5 4.9 11.0 10.8 9.5 6.7 12.5 20.1 18.2 Real GDP at constant basic price (In Mn. Birr) 220,477.2 248,354.8 277,013.3 309,686.8 344,331.9 378,907.4 418,946.95 475,647.50 517,026.5 568,432.3 626,977.4 692,221.7 1,449,397.5 1,596,481.6 1,719,491.3 1874689.3 1989519005.0 Real GDP at constant market price (In Mn. Birr) 242,897.6 271,605.2 301,032.7 335,519.0 371,716.7 404,437.0 455,196.02 515,078.50 559,621.6 618,842.2 682,358.5 753,229.7 1,568,097.5 1,717,127.2 1,834,066.5 1,987,157.5 2,109,122.2 Real GDP Growth Rate (In %) 11.7 12.6 11.5 11.8 11.2 10.0 10.57 11.40 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9.0 6.1 Agriculture & Allied Activties(In Billion Birr) 115.0 130.5 144.8 158.5 170.3 181.2 195.00 212.50 222.9 238.8 251.8 267.8 544.1 580.4 600.9 624 650 Industrial Sector (In Billion Birr) 23.7 25.9 28.4 30.6 33.9 37.3 41.99 49.80 59.6 73.9 86.5 103.7 343.9 413.8 464.4 526.2 576.9 Service Sector(In Billion Birr) 84.2 94.6 107.6 124.1 144.1 163.9 185.10 216.60 237.4 258.8 292.5 325.0 575.9 619.3 673.9 745.7 786.8 Agriculture & Allied Activties (% of GDP) 51.6 51.9 51.5 50.5 48.8 47.3 46.13 44.37 43.1 42.0 40.2 38.7 37.5 36.4 34.9 33.3 32.7 Industrial Sector ( % of GDP ) 10.9 10.6 10.4 10.2 10.1 10.1 10.17 10.40 11.5 13.0 13.8 15.0 23.7 25.9 27.0 28.1 29 Service Sector ( % of GDP ) 37.5 37.5 38.0 39.3 41.0 42.6 43.70 45.23 45.9 45.5 46.6 47.0 39.7 38.8 39.2 40 40 Private Consumption Expenditure 60,866.0 81,445.0 102,537.0 130,118.0 197,461.0 268,002.0 309,132.00 373,088.50 541,536.3 636,901.3 744,978.0 1,042,265.0 1,219,366.0 1,147,628.0 1,441,581.0 1884070.0 2360896.0 Government Consumption Expenditure 11,973.0 13,971.0 17,016.0 19,123.0 25,782.0 31,544.0 34,801.00 53,147.10 62,044.5 77,636.9 98,121.0 116,995.0 174,599.0 203,608.0 225,523.0 247362.0 307769.0 Investment 24,902.0 27,409.0 35,952.0 41,227.0 60,156.0 82,560.0 102,403.00 165,380.00 277,243.7 295,456.4 402,922.0 511,618.0 585,665.0 704,596.0 751,626.0 948866.0 1037685.0 Exports 12,913.6 16,076.9 18,205.4 21,854.2 28,317.0 35,233.0 52,168.00 85,949.80 102,887.0 108,227.1 123,496.0 121,532.2 122,501.0 139,830.0 184,282.0 213437.0 239229.0 Imports 27,366.8 37,776.3 48,092.4 55,088.7 76,564.0 96,285.0 126,319.00 162,486.80 236,384.7 251,300.6 308,691.3 393,189.0 424,750.0 430,233.0 502,113.0 561512.0 571230.0 Resource Balance -14,453.2 -21,699.4 -29,887.0 -33,234.4 -48,247.0 -61,052.0 (74,151.00) (76,537.00) (133,498.0) (143,073.5) (185,195.3) (271,656.0) (302,249.0) (290,403.0) (317,831.0) -348075.0 -332001.0 Gross Private Consumption (% of GDP) 70.9 77.3 78.7 76.4 80.3 80.7 81.54 72.43 72.5 73.5 70.2 69.0 67.9 63.5 75.7 94.8 70.0 Gross Government Cosumption (% of GDP) 14.0 13.3 13.1 11.2 10.5 9.5 9.18 10.32 8.3 9.0 9.2 9.0 9.7 12.3 10.2 12.4 9.1 Gross Domestic Fixed Investment (% of GDP) 29.0 26.0 27.6 24.2 24.5 24.9 27.01 32.11 37.1 34.1 38.0 39.4 37.3 38.4 34.1 47.7 30.8 Resource Balance (% of GDP) -16.8 -20.6 -22.9 -19.5 -19.6 -18.4 (19.56) (14.86) (17.9) (16.5) (17.5) (20.9) (19.3) (15.9) (14.4) (17.5) (9.8) 3.2: Monetory Indictors Narrow Money Supply (M1) ( In Mn. Birr ) 19,065.9 21,289.8 23,811.9 29,773.4 36,875.5 42,112.7 52,434.6 76,171.00 94,849.88 114,745.69 134,063.78 154,706.34 178,609.66 216,794.60 281,154.70 308,937.1 360,585.5 Broad Money Supply (M2) ( In Mn. Birr ) 34,655.9 40,212.1 46,377.4 56,860.3 69,918.2 82,509.8 104,432.4 145,376.97 189,398.78 235,313.59 297,746.59 371,328.91 445,266.25 573,408.60 740,572.50 886,752.5 1,037,646.3 Net Foreign Assets ( In Mn. Birr ) 11,766.9 13,868.0 12,109.6 13,927.3 12,140.6 17,976.8 27,189.8 55,534.68 39,787.69 45,648.53 45,972.30 37,570.95 21,524.19 38,034.79 39,376.20 14,505.2 (22,101.0) Reserve Requirement ( CBs ) 1549.35 1,828.4 2,120.9 2,592.5 9,112.9 11,183.3 14,368.0 20,495.20 18,080.56 11,708.82 14,479.39 18,250.35 21,745.43 28,280.80 36,385.80 44,861.8 51,952.6

|III National Bank of Ethiopia Quarterly Bulletin Continued…. Indicators 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) Interest Rate ( In % ) Minimum Deposit Rate 3 4.0 4.0 5.00 7.00 7.0 7.0 Lending Rate 8.0-10.5 7-14 8-15 8-16.5 12.25 11.88 12.75 12.75 13.50 13.5 14.3 Total Net Domestic Credit (in mn. Birr) 31138.781 40305.8 49295.9 61585.0 80772.6 89,203.0 104,413.5 135,553.87 189,080.81 233,404.32 300,026.58 393,421.73 490,230.35 631,092.70 784,621.70 963,699.9 1,190,705.1 Government 19199.154 21663.8 25266.4 30290.2 34169.2 32,786.5 33,013.1 28,651.65 21,557.41 21,965.52 26,929.74 30,735.25 47,548.36 85,441.85 102,002.80 109,799.2 150,861.6 Other Sectors 11939.627 18642.0 24029.6 31294.8 46603.4 56,416.5 71,400.4 106,902.22 167,523.40 211,438.80 273,096.84 362,686.48 442,681.99 545,650.85 682,618.90 853,900.7 1,039,843.5 3.3: Average annual inflation rate (CPI growth rate)3 Country Level -General inflation 7.3 6.1 10.6 15.8 25.3 36.4 2.8 18.1 34.1 13.5 8.1 7.7 9.7 7.4 14.6 12.6 19.9 -Food inflation 11.5 7.4 13.0 17.5 34.9 44.2 -5.4 15.7 42.9 12.6 5.9 7.4 11.2 7.2 13.4 13.1 23.3 -Non-food inflation (core inflation) 2.2 4.4 7.1 13.5 12.5 23.5 18.2 21.8 22.7 14.6 10.6 8 8.1 7.5 15.8 11.9 15.8 Addis Ababa -General inflation 5.6 7.2 8.4 19.2 20.8 29.4 10.1 19.4 24.8 12.6 8.5 7.6 10.3 2.3 16.5 14.6 18.8 -Food inflation 8.6 5.7 13.0 25.4 32.1 41.5 4.1 14.8 30.6 13.1 4.6 12.2 16.6 1.2 8.7 15.0 25.9 -Non-Food inflation (core inflation) 3.0 7.6 4.6 14.0 12.7 19.2 16.0 23.5 21.1 11.9 11.4 4.4 5.8 3.2 22.6 14.0 13.9 3.4: External Trade(In Mn.USD) Export of goods & services 1520.6 1895.8 2149.5 2498.1 3127.9 3399.5 4,050.33 5,343.12 5,993.41 5,978.47 6,451.62 6,046.51 6,077.3 6,257.2 7,095.9 7,694.9 7,715.7 Import of goods & services 3,259.8 4,439.6 5,602.7 6,254.2 8,326.9 9,292.3 9,858.40 10,160.72 13,805.17 13,864.19 16,197.24 19,842.8 20,552.1 19,714.0 19,707.4 20,691.0 18,822.8 Net trade in goods & services -1,739.3 -2,543.8 -3,453.2 -3,756.1 -5,199.0 -5,892.8 -5,808.4 -4,817.6 -7,811.8 -7,885.7 -9,745.6 -13,796.3 -14,474.7 -13,456.9 -12,611.4 -12,996.1 -11,107.1 Current account balance including official transfers -401.5 -771.3 -1,470.9 -991.3 -1,492.4 -1,634.7 -1,193.2 -201.9 -2,778.0 -2,780.3 -4,168.1 -7,406.8 -6,655.1 -6,543.2 -5,285.0 -4,934.2 -4,396.4 Capital account balance 386.7 491.9 614.3 760.4 1,031.5 1648 2,421.02 2,995.93 2,283.28 3,291.23 4,134.57 7,816.92 6,554.1 6,885.3 6,184.6 4,807.5 4,147.3 Overall balance of payments 389.5463487 66.40934667 37 29.98 -251.6939401 18.7 316.68 1,384.20 (972.79) -6.5 -96.9 -521.4 -830.9 658.6 -201.6 -941.6 -1227.3 3.5: Government Finance (In Mn .Birr4) Total Revenue (including grants) 17,918.0 20,147.0 23,225.0 29,381.0 39,705.0 40,421.9 66,237.44 85,611.00 115,658.50 137,192.00 158,076.52 199,639.11 243,671.56 269,105.94 287,562.14 344,936.50 394,965.83 Total Revenue (excluding grants) 13,917.0 15,582.0 19,493.0 21,797.0 29,794.0 31,924.0 53,861.34 69,120.00 102,863.65 124,077.00 146,172.77 186,618.69 230,657.28 256,629.04 269,648.19 311,317.43 354,312.80 o/w Tax-Revenue 10,906.0 12398.0 14122.0 17354.0 23801.0 23216.2 43,315.36 58,981.00 85,739.86 107,010.30 133,118.26 165,312.47 189,717.18 210,135.85 235,229.48 268,457.41 311,476.46 Tax-Revenue as % of GDP 12.7 11.8 10.8 10.2 9.7 7.0 11.42 11.45 11.47 12.50 12.71 15.09 14.71 14.00 12.26 11.55 10.50 Total Expenditures 20,520.0 24803.0 29325.0 35607.0 46915.0 43875.2 71,334.79 93,831.00 124,416.72 153,929.00 185,471.78 230,521.18 272,930.09 329,286.84 354,205.32 413,105.72 480,143.19 Current Expenditures 11,977.0 13,235.0 15,234.0 17,165.0 22,794.0 26315.5 32,012.38 40,535.00 51,445.45 62,745.80 78,086.90 113,375.50 131,902.78 176,703.00 210,470.21 238,156.59 275,967.04 Capital Expenditures 8,271.0 11,343.0 14,042.0 18,398.0 24,121.0 17,559.7 39,322.41 53,297.00 72,971.26 91,182.90 107,384.88 117,145.68 141,027.31 152,583.83 143,735.10 174,949.13 204,176.15 Equity Contribution ( Sinking Fund ) Special Programs 272 224.0 50.0 44.0 0.0 - - - Total Expenditures as % of GDP 23.9 23.5 22.5 20.9 19.1 13.2 18.8 18.2 16.6 18.1 17.7 18.64 17.41 17.97 16.10 15.32 14.23 Current Surplus/Deficit 1,940.0 6,652.7 4,259.0 4,632.0 7,000.0 5,608.5 34,225.1 45,076.5 64,213.0 74,447.0 79,989.6 86,263.61 111,768.78 92,402.94 77,091.92 106,779.91 118,998.78 Overall Budget Deficit ( including grants ) -2,602.0 -4,655.0 -6,100.0 -6226.0 -7210.0 -3453.3 -5,097.4 (8,220.2) (8,758.2) (16,736.0) (27,395.3) (30,882.07) (29,258.53) (60,180.90) (66,643.18) (68,169.22) (85,177.36)

IV | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Continued…. Indicators 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) Deficit as % of GDP -3.0 -4.4 -4.7 -3.7 -2.9 -1.0 -1.3 -1.6 -1.2 -2.0 -2.6 (2.50) (1.87) (3.28) (3.03) (2.53) (2.52) Overall Budget Deficit ( excluding grants ) -6,603.0 -9,220.0 -9,832.0 -13,810.0 -17,121.0 -11951.1 -17473.5 (24,711.5) (21,553.1) (29,851.0) (39,299.0) (43,902.49) (42,272.81) (72,657.79) (84,557.13) (101,788.29) (125,830.40) Deficit as % of GDP -7.7 -8.7 -7.5 -8.1 -7.0 -3.6 -4.6 -4.8 -2.9 -3.5 -3.8 (3.55) (2.70) (3.96) (3.84) (3.78) (3.73) 3.6: Exchange Rate (Birr/ USD) Inter-Bank Forex Market Rate5 * Period weighted Average 8.635 8.652 8.681 8.794 9.244 10.4205 12.8909 16.1178 17.2536 18.1947 19.0748 20.0956 21.1059 22.4137 26.1082 28.0543 31.3427 * End period 8.630 8.660 8..69 9.030 9.610 11.3009 13.5321 16.9081 17.7305 18.6426 19.5771 20.5659 21.8004 23.1081 27.2621 28.9109 34.9822 3.7: Treasury Bill Market ( In Mn .Birr) T-Bills Demanded ( Total ) 61,143.2 56,896.2 60,603.5 78,922.0 59,888.5 46,767.2 51,258.02 55,760.03 77,194.80 109,184.60 113,527.98 136,536.80 161,575.24 225,321.24 323,991.24 422,633.54 242,155.09 T-Bills Sold 51,645.0 41,065.0 47,793.5 63,315.0 47,716.5 27,839.8 41,736.42 52,316.03 74,694.80 109,184.60 95,314.98 110,593.30 161,475.24 225,321.24 323,991.24 422,633.54 242,155.09 Average Weighted Yield (in %) 0.5 0.095 0.038 0.530 0.677 0.743 0.79 1.13 1.87 1.89 1.60 1.43 1.44 1.42 1.42 1.74 4.81 T-Bills Outstanding by holder 12485 6595 11638.5 11546 8239.5 7783.1 11,566.20 10,706.62 20,011.86 26,044.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 138,054.36 23,724.00 Banks 11418 6295 10612.3 9135 2739 1672 4,400.00 900.00 2,383.50 3,436.00 - - - - - 650.00 5,604.00 Non-Banks 1067 300 1026.2 2411 5500.5 6111.1 7,166.20 9,896.62 17,628.40 22,608.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 137,404.36 18,120.00 3.8: Inter Bank Money Market Rate5 7.5 _ _ 7.5 8.5 _ - - 3.9: Financial Institutions Number of Commercial Banks 9 9 10 11 11 12.00 14.00 17.00 ( o/w Private banks ) 7 7 8 9 9 10.00 12.00 14.00 16.00 Number of Bank Branches 358 389 421 487 562 636.00 681.00 970.00 1,289.00 1,724.00 2,208.00 2,693.00 3,301.00 4,257.00 4,757.00 5,564.00 6,511.00 Population : Bank Branch 185754.2:1 175778.4:1 166,270.8:1 148,665.3:1 133,274:1 120,754.7:1 115,712.2:1 83,195.9:1 64,158.3:1 49674.8:1 41,088 33,448.00 27,932.00 22,164.00 20,286.50 17,732.20 15,702.00 Number of Insurance Companies 9 10 12.00 12.00 14.00 15.00 16.00 17.00 18.00 ( o/w Private Insurance Companies ) 8 9 11.00 11.00 13.00 14.00 15.00 16.00 17.00 Number of Insurance Branches 121 133 139 146 172 194.00 207.00 221.00 243.00 273.00 332.00 377 426 492.00 532.00 568.00 605.00 Population : Insurance Branch 549587:1 513534:1 503597:1 495890:1 435465:1 395876:1 383844:1 366063:1 340329:1 314428.9:1 264918.8:1 238,928.00 216,443.00 191,772.00 181,396.00 173,848.00 168,983.00 Number of Development Banks 1.00 1.00 Number of Development Bank Branches 32.00 32.00 32 110 110.00 107.00 107.00 93.00 Number of Micro-financial Institutions 22 26 27 28 28 30.00 30.00 31.00 35.00 38.00 38.00 41.00 Source : Ministries of Agriculture, Revenue, Health, and Education; National Bank of Ethiopia; Centeral Statistical Authority, … etc Note:- *population is estimated using component method after 2006/2007

1. Excluding manpower out side the Ministry of Health.
2. The GDP data series is revised on basis of 2010/11=100 base year
3. Inflation data is calculated using the new base year (December 2011=100)
4. Figures for government finance are preliminary estimates from 1999/00 onwards.
5. Inter-bank money market was first introduced in Aug.1998 and Inter-bank forex market started as of September 1998, and the daily trasactions introduced beginning from october 24, 2001. *Mid year population was obtained from MoFED National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 1 I. OVERVIEW 1.1 International Economic Developments According to the European Central Bank’s monthly bulletin of 5/2021, the global economic recovery momentum remains solid amid divergent pandemic developments. Global real GDP growth (excluding the euro area) increased by 0.9 percent in the third quarter of 2020/21. The growth momentum is expected to remain solid in the fourth quarter as advanced and emerging market economies continue to reopen their economies amid divergent pandemic developments. The global recovery is also reflected in strong survey data. The composite output Purchasing Managers’ Index (PMI) excluding the euro area rose to a 15-year high in the fourth quarter of 2020/21. In the United States, the economy continues to recover strongly. Survey data showed that manufacturing and service activity remained at very high levels in June. At the same time, supply constraints are creating headwinds to the recovery, with a growing backlog of work and lengthening supplier delivery times. While the labour market continues to improve, skill mismatches in some sectors are leading to labour market tightness in the near term. In the United Kingdom, the economy is rebounding, although rising COVID-19 cases increasingly pose downside risks. Monthly GDP growth in May continues to point to a strong recovery in the fourth quarter of 2020/21. Similarly, business surveys, consumer confidence and mobility trackers signal a strong rise in activity, particularly in the services sector. In Japan, the pace of economic activity has slowed in the fourth quarter, owing in part to supply constraints and pandemic developments. Real GDP growth is expected to remain weak in the fourth quarter as a renewed rise in COVID-19 cases prompted a tightening of containment measures.

Fourth Quarter 2020/21 | 1 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | I. OVERVIEW 1.1 International Economic Developments According to the European Central Bank’s monthly bulletin of 5/2021, the global economic recovery momentum remains solid amid divergent pandemic developments. Global real GDP growth (excluding the euro area) increased by 0.9 percent in the third quarter of 2020/21. The growth momentum is expected to remain solid in the fourth quarter as advanced and emerging market economies continue to reopen their economies amid divergent pandemic developments. The global recovery is also reflected in strong survey data. The composite output Purchasing Managers’ Index (PMI) excluding the euro area rose to a 15-year high in the fourth quarter of 2020/21. In the United States, the economy continues to recover strongly. Survey data showed that manufacturing and service activity remained at very high levels in June. At the same time, supply constraints are creating headwinds to the recovery, with a growing backlog of work and lengthening supplier delivery times. While the labour market continues to improve, skill mismatches in some sectors are leading to labour market tightness in the near term. In the United Kingdom, the economy is rebounding, although rising COVID-19 cases increasingly pose downside risks. Monthly GDP growth in May continues to point to a strong recovery in the fourth quarter of 2020/21. Similarly, business surveys, consumer confidence and mobility trackers signal a strong rise in activity, particularly in the services sector. In Japan, the pace of economic activity has slowed in the fourth quarter, owing in part to supply constraints and pandemic developments. Real GDP growth is expected to remain weak in the fourth quarter as a renewed rise in COVID-19 cases prompted a tightening of containment measures.

2 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 2 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin In China, The recovery is progressing, while producer price pressures remain high. Monthly data point to continuing robust growth during the fourth quarter of 2020/21, notwithstanding a dampening in June. Meanwhile, annual producer price inflation. stabilised at 8.8 percent in June, which remains close to the 12-year high of 9.0 percent recorded in May. As base effects and the impact of raw commodity prices fade, producer prices are expected to normalise. Global inflation rose further in May, driven largely by transitory factors. Annual consumer price inflation in the countries of the Organisation for Economic Co-operation and Development (OECD) increased to 3.8 percent in May, up from 3.3 percent in April. Higher commodity prices, pushed up further by base year effects, contributed significantly to this development, while supply bottlenecks and fiscal stimulus also supported price pressures. Meanwhile, core inflation (excluding food and energy) rose to 2.9 percent in May, compared with 2.4 percent in the previous month. Over all, during the fourth quarter of 2020/21, the global economic recovery momentum remains solid while global inflation rose further in May, driven largely by transitory factors. Due to the rapid global economic recovery, oil prices have increased further since the Governing Council meeting in June. I.2. Macroeconomic Developments in Ethiopia I.2.1. Inflation Headline inflation went up to 8.2 percent in the fourth quarter of 2020/21, from 5.5 percent a quarter earlier. This was attributed to acceleration in food & non-alcoholic beverages inflation by 6.6 percentage points, which offset the 2.5 percentage point decline in non-food inflation. National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 3 Likewise, headline inflation scaled up annually by 0.9 percentage point on account of a 2.0 percentage point increase in food & non- alcoholic beverages inflation while, non-food inflation, however, declined by 0.5 percentage point. Food & non￾alcoholic beverages and non-food inflations contributed 6.0 and 2.2 percent to the headline inflation registered in the review quarter, respectively. I.2.2. Monetary Developments At the end of fourth quarter of 2021, broad money supply (M2) reached Birr 1.3 trillion exhibiting a 30 percent annual growth, owing to 25.9 percent growth in domestic credit and 1.4 percent in other items (net). Likewise, reserve money stood at Birr 264.3, billion showing 7.2 percent annual expansion while excess reserve of commercial banks can track by 36.9 percent. I.2.3. Interest rate Average savings deposit rate remained at 8.0 percent while weighted average time deposit rate witnessed a 0.3 percent decline while average lending interest rate also remained unchanged at 14.25 year￾on-year basis. Meanwhile, weighted average yield on T-bills increased from 6.6 percent in June 2020 to 9.97 percent in June 2021. Considering the June, 2021 headline inflation of 24.5 percent, real interest rates on deposit, lending and T-bills yield remained negative.

Fourth Quarter 2020/21 | 3 National Bank of Ethiopia Quarterly Bulletin 2 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin In China, The recovery is progressing, while producer price pressures remain high. Monthly data point to continuing robust growth during the fourth quarter of 2020/21, notwithstanding a dampening in June. Meanwhile, annual producer price inflation. stabilised at 8.8 percent in June, which remains close to the 12-year high of 9.0 percent recorded in May. As base effects and the impact of raw commodity prices fade, producer prices are expected to normalise. Global inflation rose further in May, driven largely by transitory factors. Annual consumer price inflation in the countries of the Organisation for Economic Co-operation and Development (OECD) increased to 3.8 percent in May, up from 3.3 percent in April. Higher commodity prices, pushed up further by base year effects, contributed significantly to this development, while supply bottlenecks and fiscal stimulus also supported price pressures. Meanwhile, core inflation (excluding food and energy) rose to 2.9 percent in May, compared with 2.4 percent in the previous month. Over all, during the fourth quarter of 2020/21, the global economic recovery momentum remains solid while global inflation rose further in May, driven largely by transitory factors. Due to the rapid global economic recovery, oil prices have increased further since the Governing Council meeting in June. I.2. Macroeconomic Developments in Ethiopia I.2.1. Inflation Headline inflation went up to 8.2 percent in the fourth quarter of 2020/21, from 5.5 percent a quarter earlier. This was attributed to acceleration in food & non-alcoholic beverages inflation by 6.6 percentage points, which offset the 2.5 percentage point decline in non-food inflation. National Bank of Ethiopia Quarterly Bulletin Third Quarter 2020/21 | 3 Likewise, headline inflation scaled up annually by 0.9 percentage point on account of a 2.0 percentage point increase in food & non- alcoholic beverages inflation while, non-food inflation, however, declined by 0.5 percentage point. Food & non￾alcoholic beverages and non-food inflations contributed 6.0 and 2.2 percent to the headline inflation registered in the review quarter, respectively. I.2.2. Monetary Developments At the end of fourth quarter of 2021, broad money supply (M2) reached Birr 1.3 trillion exhibiting a 30 percent annual growth, owing to 25.9 percent growth in domestic credit and 1.4 percent in other items (net). Likewise, reserve money stood at Birr 264.3, billion showing 7.2 percent annual expansion while excess reserve of commercial banks can track by 36.9 percent. I.2.3. Interest rate Average savings deposit rate remained at 8.0 percent while weighted average time deposit rate witnessed a 0.3 percent decline while average lending interest rate also remained unchanged at 14.25 year￾on-year basis. Meanwhile, weighted average yield on T-bills increased from 6.6 percent in June 2020 to 9.97 percent in June 2021. Considering the June, 2021 headline inflation of 24.5 percent, real interest rates on deposit, lending and T-bills yield remained negative.

4 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 1.2.4. Financial Sector Developments a) Banks The number of banks operating in Ethiopia reached 19 of which 17 were private and 2 state owned. These banks have opened 248 new branches during the review period thereby raising the total number of bank branches to 7,344. As a result, population to bank branch ratio stood at 13,9211. About 34.5 percent of the total bank branches were located in Addis Ababa. Of the total bank branches, the share of state owned banks was 27.3 percent and that of private banks 72.7 percent. Total capital of the banking system amounted to Birr 153.7 billion, of which state owned banks accounted for 51.8 percent and private banks 48.2 percent. The share of Commercial Bank of Ethiopia, the biggest state owned 1 Total population is 102,998,000 as CSA Estimation for 2020 bank, in total capital of the banking system was 32.7 percent. During the review quarter, Birr 105.9 billion was disbursed in fresh loans, indicating a 66.2 percent annual increase. Of the total new loans disbursed, the share of state owned banks was 39.8 percent and that of private banks was 60.2 percent (Table 4.12). Of the total new loans, industry took Birr 27.9 billion (26.4 percent), followed by international trade Birr 23.6 billion (22.3 percent), agriculture Birr 14.5 billion (13.7 percent), domestic trade Birr 10.6 billion (10 percent), housing & construction Birr 9.8 billion (9.2 percent), personal Birr 8.2 billion (7.7 percent). The remaining balance was taken up by other sectors. During the review period, the banking system collected loans amounting to Birr 67.5 billion. Of the total loans, 63.5 percent was 1.2.4. Financial Sector Developments a) Banks The number of banks operating in Ethiopia reached 19 of which 17 were private and 2 state owned. These banks have opened 248 new branches during the review period thereby raising the total number of bank branches to 7,344. As a result, population to bank branch ratio stood at 13,9211. About 34.5 percent of the total bank branches were located in Addis Ababa. Of the total bank branches, the share of state owned banks was 27.3 percent and that of private banks 72.7 percent. Total capital of the banking system amounted to Birr 153.7 billion, of which state owned banks accounted for 51.8 percent and private banks 48.2 percent. The share of Commercial Bank of Ethiopia, the biggest state owned 1 Total population is 102,998,000 as CSA Estimation for 2020 bank, in total capital of the banking system was 32.7 percent. During the review quarter, Birr 105.9 billion was disbursed in fresh loans, indicating a 66.2 percent annual increase. Of the total new loans disbursed, the share of state owned banks was 39.8 percent and that of private banks was 60.2 percent (Table 4.12). Of the total new loans, industry took Birr 27.9 billion (26.4 percent), followed by international trade Birr 23.6 billion (22.3 percent), agriculture Birr 14.5 billion (13.7 percent), domestic trade Birr 10.6 billion (10 percent), housing & construction Birr 9.8 billion (9.2 percent), personal Birr 8.2 billion (7.7 percent). The remaining balance was taken up by other sectors. During the review period, the banking system collected loans amounting to Birr 67.5 billion. Of the total loans, 63.5 percent was collected by private banks and 36.5 percent by state owned banks. Total outstanding credit of the banking system (including corporate bond) reached Birr 1.3 trillion, about 24.3 percent higher than last year same quarter. About 99.7 percent of the total outstanding credit of private banks was claims on the private sector and 20 percent on state owned banks. b) Insurance Sector The number of insurance companies stood at 18, of which 17 were private and 1 state owned. Their branches increased to 635 from 605 a year ago, of which, about 54.3 percent were located in Addis Ababa. Likewise, the total capital of insurance companies reached Birr 11.1 billion, with private insurance companies accounting for 73.6 percent. c) Microfinance Institutions In total, 39 micro-finance institutions (MFIs) were operating in the country. They mobilized Birr 52.4 billion in saving deposit which grew by 17.2 percent over last year same period. Their total outstanding credit also increased by 6.7 percent to Birr 69.3 billion while their total asset grew by 13.8 percent to Birr 105 billion. 1.2.5. External Sector and Foreign Exchange Developments a) External Sector Development In the fourth quarter of 2020/21, merchandise export earnings amounted to USD 1.2 billion showing 24.8 percent annual growth due to higher export revenue from coffee (34.9 percent), gold (30.6 percent), flower (23.4 percent), chat (70.1 percent), leather & leather products (9.4 percent), meat & meat products (49.3 percent), fruits & collected by private banks and 36.5 percent by state owned banks. Total outstanding credit of the banking system (including corporate bond) reached Birr 1.3 trillion, about 24.3 percent higher than last year same quarter. About 99.7 percent of the total outstanding credit of private banks was claims on the private sector and 20 percent on state owned banks. b) Insurance Sector The number of insurance companies stood at 18, of which 17 were private and 1 state owned. Their branches increased to 635 from 605 a year ago, of which, about 54.3 percent were located in Addis Ababa. Likewise, the total capital of insurance companies reached Birr 11.1 billion, with private insurance companies accounting for 73.6 percent. c) Microfinance Institutions In total, 39 micro-finance institutions (MFIs) were operating in the country. They mobilized Birr 52.4 billion in saving deposit which grew by 17.2 percent over last year same period. Their total outstanding credit also increased by 6.7 percent to Birr 69.3 billion while their total asset grew by 13.8 percent to Birr 105 billion. 1.2.5. External Sector and Foreign Exchange Developments a) External Sector Development In the fourth quarter of 2020/21, merchandise export earnings amounted to USD 1.2 billion showing 24.8 percent annual growth due to higher export revenue from coffee (34.9 percent), gold (30.6 percent), flower (23.4 percent), chat (70.1 percent), leather & leather products (9.4 percent), meat & meat products (49.3 percent), fruits & collected by private banks and 36.5 percent by state owned banks. Total outstanding credit of the banking system (including corporate bond) reached Birr 1.3 trillion, about 24.3 percent higher than last year same quarter. About 99.7 percent of the total outstanding credit of private banks was claims on the private sector and 20 percent on state owned banks. b) Insurance Sector The number of insurance companies stood at 18, of which 17 were private and 1 state owned. Their branches increased to 635 from 605 a year ago, of which, about 54.3 percent were located in Addis Ababa. Likewise, the total capital of insurance companies reached Birr 11.1 billion, with private insurance companies accounting for 73.6 percent. c) Microfinance Institutions In total, 39 micro-finance institutions (MFIs) were operating in the country. They mobilized Birr 52.4 billion in saving deposit which grew by 17.2 percent over last year same period. Their total outstanding credit also increased by 6.7 percent to Birr 69.3 billion while their total asset grew by 13.8 percent to Birr 105 billion. 1.2.5. External Sector and Foreign Exchange Developments a) External Sector Development In the fourth quarter of 2020/21, merchandise export earnings amounted to USD 1.2 billion showing 24.8 percent annual growth due to higher export revenue from coffee (34.9 percent), gold (30.6 percent), flower (23.4 percent), chat (70.1 percent), leather & leather products (9.4 percent), meat & meat products (49.3 percent), fruits & 14,024.81

Fourth Quarter 2020/21 | 5 National Bank of Ethiopia Quarterly Bulletin collected by private banks and 36.5 percent by state owned banks. Total outstanding credit of the banking system (including corporate bond) reached Birr 1.3 trillion, about 24.3 percent higher than last year same quarter. About 99.7 percent of the total outstanding credit of private banks was claims on the private sector and 20 percent on state owned banks. b) Insurance Sector The number of insurance companies stood at 18, of which 17 were private and 1 state owned. Their branches increased to 635 from 605 a year ago, of which, about 54.3 percent were located in Addis Ababa. Likewise, the total capital of insurance companies reached Birr 11.1 billion, with private insurance companies accounting for 73.6 percent. c) Microfinance Institutions In total, 39 micro-finance institutions (MFIs) were operating in the country. They mobilized Birr 52.4 billion in saving deposit which grew by 17.2 percent over last year same period. Their total outstanding credit also increased by 6.7 percent to Birr 69.3 billion while their total asset grew by 13.8 percent to Birr 105 billion. 1.2.5. External Sector and Foreign Exchange Developments a) External Sector Development In the fourth quarter of 2020/21, merchandise export earnings amounted to USD 1.2 billion showing 24.8 percent annual growth due to higher export revenue from coffee (34.9 percent), gold (30.6 percent), flower (23.4 percent), chat (70.1 percent), leather & leather products (9.4 percent), meat & meat products (49.3 percent), fruits & collected by private banks and 36.5 percent by state owned banks. Total outstanding credit of the banking system (including corporate bond) reached Birr 1.3 trillion, about 24.3 percent higher than last year same quarter. About 99.7 percent of the total outstanding credit of private banks was claims on the private sector and 20 percent on state owned banks. b) Insurance Sector The number of insurance companies stood at 18, of which 17 were private and 1 state owned. Their branches increased to 635 from 605 a year ago, of which, about 54.3 percent were located in Addis Ababa. Likewise, the total capital of insurance companies reached Birr 11.1 billion, with private insurance companies accounting for 73.6 percent. c) Microfinance Institutions In total, 39 micro-finance institutions (MFIs) were operating in the country. They mobilized Birr 52.4 billion in saving deposit which grew by 17.2 percent over last year same period. Their total outstanding credit also increased by 6.7 percent to Birr 69.3 billion while their total asset grew by 13.8 percent to Birr 105 billion. 1.2.5. External Sector and Foreign Exchange Developments a) External Sector Development In the fourth quarter of 2020/21, merchandise export earnings amounted to USD 1.2 billion showing 24.8 percent annual growth due to higher export revenue from coffee (34.9 percent), gold (30.6 percent), flower (23.4 percent), chat (70.1 percent), leather & leather products (9.4 percent), meat & meat products (49.3 percent), fruits & collected by private banks and 36.5 percent by state owned banks. Total outstanding credit of the banking system (including corporate bond) reached Birr 1.3 trillion, about 24.3 percent higher than last year same quarter. About 99.7 percent of the total outstanding credit of private banks was claims on the private sector and 20 percent on state owned banks. b) Insurance Sector The number of insurance companies stood at 18, of which 17 were private and 1 state owned. Their branches increased to 635 from 605 a year ago, of which, about 54.3 percent were located in Addis Ababa. Likewise, the total capital of insurance companies reached Birr 11.1 billion, with private insurance companies accounting for 73.6 percent. c) Microfinance Institutions In total, 39 micro-finance institutions (MFIs) were operating in the country. They mobilized Birr 52.4 billion in saving deposit which grew by 17.2 percent over last year same period. Their total outstanding credit also increased by 6.7 percent to Birr 69.3 billion while their total asset grew by 13.8 percent to Birr 105 billion. 1.2.5. External Sector and Foreign Exchange Developments a) External Sector Development In the fourth quarter of 2020/21, merchandise export earnings amounted to USD 1.2 billion showing 24.8 percent annual growth due to higher export revenue from coffee (34.9 percent), gold (30.6 percent), flower (23.4 percent), chat (70.1 percent), leather & leather products (9.4 percent), meat & meat products (49.3 percent), fruits &

6 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2020/21 3 vegetables (47.2 percent), live￾animals (0.9 percent), textile & textile products (26.6 percent), electricity (19.8 percent) and other export items (59.7 percent). On the other hand, receipts from oilseeds and pulses tended to decline by 30.6 percent and 3.3 percent, respectively. Likewise, merchandise import bill at USD 3.9 billion depicted a 45.5 percent annual surge import of capital goods increased 31.8 percent, fuel 94.5 percent, consumer goods 89.2 percent, miscellaneous goods 20.3 percent and franco-valuta 125.3 percent. Imports of Semi-finished goods and raw materials, however, have dropped. During the review period, current account receipts amounted to USD 4.5 billion, about 19.5 percent higher than a year earlier. This was due to a rise in receipts from merchandise proceeds (24.8 percent), service proceeds (32 percent) and private transfers (49.2 percent) despite a 64.2 percent decrease in public transfers. Meanwhile, total current payments increased by 47.1 percent and reached USD 5.4 billion on account of higher merchandise import (45.5 percent), services payment (48 percent) and private transfers (26.1 percent) and public transfers (292.5 percent). Hence, current account balance (including official transfer) has shifted from USD 76.7 million in surplus to a USD 926.6 million in deficits. On the other hand, capital account balance registered USD 1,851.7 million in surplus, about 50.6 percent higher than that of a year earlier. Consequently, the overall balance of payments registered USD 933.5 million in surplus compared to USD 659.5 million surplus a year earlier. b) Exchange Rate Development During the fourth quarter of 2020/21, the weighted average official exchange rate of the Birr showed a 25.6 percent annual depreciation and reached Birr 42.5284/USD while real effective exchange rate index (REERI) depreciated by 5.1 percent. NEERI, however, appreciated by 80.1 percent during the same quarter. 1.2.6. Federal Government Fiscal Operations Total revenue and grants collected by the Federal government during the fourth quarter of 2020/21 declined by 8.5 percent to Birr 73.8 billion while its total expenditure increased by 3.2 percent to Birr 121.0 billion compared to a year ago. As a result, the overall fiscal deficit (including grants) reached Birr 47.1 billion during the review quarter. 1.2.7. Investment During the fourth quarter of 2020/21, 22 investment projects having investment capital of Birr 752.7 million became operational. Compared to last year same quarter, the number of investment projects showed no progress while investment capitals move up by 242.2 percent.

Fourth Quarter 2020/21 | 7 National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2020/21 3 vegetables (47.2 percent), live￾animals (0.9 percent), textile & textile products (26.6 percent), electricity (19.8 percent) and other export items (59.7 percent). On the other hand, receipts from oilseeds and pulses tended to decline by 30.6 percent and 3.3 percent, respectively. Likewise, merchandise import bill at USD 3.9 billion depicted a 45.5 percent annual surge import of capital goods increased 31.8 percent, fuel 94.5 percent, consumer goods 89.2 percent, miscellaneous goods 20.3 percent and franco-valuta 125.3 percent. Imports of Semi-finished goods and raw materials, however, have dropped. During the review period, current account receipts amounted to USD 4.5 billion, about 19.5 percent higher than a year earlier. This was due to a rise in receipts from merchandise proceeds (24.8 percent), service proceeds (32 percent) and private transfers (49.2 percent) despite a 64.2 percent decrease in public transfers. Meanwhile, total current payments increased by 47.1 percent and reached USD 5.4 billion on account of higher merchandise import (45.5 percent), services payment (48 percent) and private transfers (26.1 percent) and public transfers (292.5 percent). Hence, current account balance (including official transfer) has shifted from USD 76.7 million in surplus to a USD 926.6 million in deficits. On the other hand, capital account balance registered USD 1,851.7 million in surplus, about 50.6 percent higher than that of a year earlier. Consequently, the overall balance of payments registered USD 933.5 million in surplus compared to USD 659.5 million surplus a year earlier. b) Exchange Rate Development During the fourth quarter of 2020/21, the weighted average official exchange rate of the Birr showed a 25.6 percent annual depreciation and reached Birr 42.5284/USD while real effective exchange rate index (REERI) depreciated by 5.1 percent. NEERI, however, appreciated by 80.1 percent during the same quarter. 1.2.6. Federal Government Fiscal Operations Total revenue and grants collected by the Federal government during the fourth quarter of 2020/21 declined by 8.5 percent to Birr 73.8 billion while its total expenditure increased by 3.2 percent to Birr 121.0 billion compared to a year ago. As a result, the overall fiscal deficit (including grants) reached Birr 47.1 billion during the review quarter. 1.2.7. Investment During the fourth quarter of 2020/21, 22 investment projects having investment capital of Birr 752.7 million became operational. Compared to last year same quarter, the number of investment projects showed no progress while investment capitals move up by 242.2 percent.

8 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin II. ENERGY PRODUCTION AND PROCESSING 2.1. Import of Petroleum Products The volume of petroleum products imported during the fourth quarter of 2020/21 was about 943.1 thousand metric tons, and showed a 6.2 percent annual growth owing to the increase in import of all petroleum product despite a 1 percent decrease in import of gas oil. The share of gas oil in total petroleum import was 67.5 percent while that of regular gasoline and jet fuel constituted 18.7 and 11.3 percent, respectively (Table 2.1). Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2019/20 2020/21 Percentage Qtr. IV Qtr. III Qtr. IV Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 142,182.9 16.0 154,240.3 16.1 176,255.2 18.7 24.0 14.3 Jet Fuel 84,127.5 9.5 129,945.4 13.5 106,927.1 11.3 27.1 -17.7 Fuel Oil 18,390.9 2.1 21,352.4 2.2 23,310.8 2.5 26.8 9.2 Gas Oil (ADO) 643,282.9 72.4 654,442.0 68.2 636,567.6 67.5 -1.0 -2.7 Total 887,984.1 100 959,980.1 100 943,060.7 100 6.2 -1.8 Source: Ethiopian Petroleum Enterprise II. ENERGY PRODUCTION AND PROCESSING 2.1. Import of Petroleum Products The volume of petroleum products imported during the fourth quarter of 2020/21 was about 943.1 thousand metric tons, and showed a 6.2 percent annual growth owing to the increase in import of all petroleum product despite a 1 percent decrease in import of gas oil. The share of gas oil in total petroleum import was 67.5 percent while that of regular gasoline and jet fuel constituted 18.7 and 11.3 percent, respectively (Table 2.1). Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2019/20 2020/21 Percentage Qtr. IV Qtr. III Qtr. IV Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 142,182.9 16.0 154,240.3 16.1 176,255.2 18.7 24.0 14.3 Jet Fuel 84,127.5 9.5 129,945.4 13.5 106,927.1 11.3 27.1 -17.7 Fuel Oil 18,390.9 2.1 21,352.4 2.2 23,310.8 2.5 26.8 9.2 Gas Oil (ADO) 643,282.9 72.4 654,442.0 68.2 636,567.6 67.5 -1.0 -2.7 Total 887,984.1 100 959,980.1 100 943,060.7 100 6.2 -1.8 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 2016/17 2017/18 2018/19 2019/20 2020/21 In Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Total petroleum import value stood at Birr 24.3 billion, about 142.9 percent higher than last year same quarter. This was in response to an increase in both international oil price and volume of petroleum imports. All types of petroleum products registered increment in their import bill during the review quarter (Table 2.2). Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleu m Products 2019/20 2020/21 Percentage Qtr. IV Qtr. III Qtr. IV Change A Share (In %) B Shar e (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 1,764,786.0 17.7 3,901,026.5 18.8 5,313,499.7 21.9 201.1 36.2 Jet Fuel 955,056.6 9.6 2,712,282.7 13.0 2,721,997.7 11.2 185.0 0.4 Fuel Oil 175,453.4 1.8 394,447.7 1.9 481,336.1 2.0 174.3 22.0 Gas Oil (ADO) 7,093,675.5 71.0 13,795,483.3 66.3 15,751,059.8 64.9 122.0 14.2 Total 9,988,971.5 100 20,803,240.2 100 24,267,893.2 100 142.9 16.7 Petroleum Products 2019/20 2020/21 Percentage Change Qtr. IV Qtr. III Qtr. IV A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 142,182.9 16.0 154,240.3 16.1 176,255.2 18.7 24.0 14.3 Jet Fuel 84,127.5 9.5 129,945.4 13.5 106,927.1 11.3 27.1 -17.7 Fuel Oil 18,390.9 2.1 21,352.4 2.2 23,310.8 2.5 26.8 9.2 Gas Oil (ADO) 643,282.9 72.4 654,442.0 68.2 636,567.6 67.5 -1.0 -2.7 Total 887,584.1 100 959,980.1 100 943,060.7 100 6.2 -1.8 (In Metric Ton) Source: Ethiopian Petroleum Enterpris

Fourth Quarter 2020/21 | 9 National Bank of Ethiopia Quarterly Bulletin II. ENERGY PRODUCTION AND PROCESSING 2.1. Import of Petroleum Products The volume of petroleum products imported during the fourth quarter of 2020/21 was about 943.1 thousand metric tons, and showed a 6.2 percent annual growth owing to the increase in import of all petroleum product despite a 1 percent decrease in import of gas oil. The share of gas oil in total petroleum import was 67.5 percent while that of regular gasoline and jet fuel constituted 18.7 and 11.3 percent, respectively (Table 2.1). Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2019/20 2020/21 Percentage Qtr. IV Qtr. III Qtr. IV Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 142,182.9 16.0 154,240.3 16.1 176,255.2 18.7 24.0 14.3 Jet Fuel 84,127.5 9.5 129,945.4 13.5 106,927.1 11.3 27.1 -17.7 Fuel Oil 18,390.9 2.1 21,352.4 2.2 23,310.8 2.5 26.8 9.2 Gas Oil (ADO) 643,282.9 72.4 654,442.0 68.2 636,567.6 67.5 -1.0 -2.7 Total 887,984.1 100 959,980.1 100 943,060.7 100 6.2 -1.8 Source: Ethiopian Petroleum Enterprise II. ENERGY PRODUCTION AND PROCESSING 2.1. Import of Petroleum Products The volume of petroleum products imported during the fourth quarter of 2020/21 was about 943.1 thousand metric tons, and showed a 6.2 percent annual growth owing to the increase in import of all petroleum product despite a 1 percent decrease in import of gas oil. The share of gas oil in total petroleum import was 67.5 percent while that of regular gasoline and jet fuel constituted 18.7 and 11.3 percent, respectively (Table 2.1). Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2019/20 2020/21 Percentage Qtr. IV Qtr. III Qtr. IV Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 142,182.9 16.0 154,240.3 16.1 176,255.2 18.7 24.0 14.3 Jet Fuel 84,127.5 9.5 129,945.4 13.5 106,927.1 11.3 27.1 -17.7 Fuel Oil 18,390.9 2.1 21,352.4 2.2 23,310.8 2.5 26.8 9.2 Gas Oil (ADO) 643,282.9 72.4 654,442.0 68.2 636,567.6 67.5 -1.0 -2.7 Total 887,984.1 100 959,980.1 100 943,060.7 100 6.2 -1.8 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 2016/17 2017/18 2018/19 2019/20 2020/21 In Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Total petroleum import value stood at Birr 24.3 billion, about 142.9 percent higher than last year same quarter. This was in response to an increase in both international oil price and volume of petroleum imports. All types of petroleum products registered increment in their import bill during the review quarter (Table 2.2). Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleu m Products 2019/20 2020/21 Percentage Qtr. IV Qtr. III Qtr. IV Change A Share (In %) B Shar e (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 1,764,786.0 17.7 3,901,026.5 18.8 5,313,499.7 21.9 201.1 36.2 Jet Fuel 955,056.6 9.6 2,712,282.7 13.0 2,721,997.7 11.2 185.0 0.4 Fuel Oil 175,453.4 1.8 394,447.7 1.9 481,336.1 2.0 174.3 22.0 Gas Oil (ADO) 7,093,675.5 71.0 13,795,483.3 66.3 15,751,059.8 64.9 122.0 14.2 Total 9,988,971.5 100 20,803,240.2 100 24,267,893.2 100 142.9 16.7 Petroleum Products 2019/20 2020/21 Percentage Qtr. IV Qtr. III Qtr. IV Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 1,764,786.0 17.7 3,901,026.5 18.8 5,313,499.7 21.9 201.1 36.2 Jet Fuel 955,056.6 9.6 2,712,282.7 13.0 2,721,997.7 11.2 185.0 0.4 Fuel Oil 175,453.4 1.8 394,447.7 1.9 481,336.1 2.0 174.3 22.0 Gas Oil (ADO) 7,093,675.5 71.0 13,795,483.3 66.3 15,751,059.8 64.9 122.0 14.2 Total 9,988,971.5 100.0 20,803,240.2 100.0 24,267,893.2 100 142.9 16.7 Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Source: Ethiopian Petroleum Enterprise

10 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported 0 2000000 4000000 6000000 8000000 10000000 12000000 14000000 16000000 18000000 I II III IV I II III IV I II III IV I II III IV I II III IV 2016/17 2017/18 2018/19 2019/20 2020/21 In '000 Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Average FOB price of petroleum products surged 135.1 percent over the same period of last year due to higher FOB price of all types of petroleum products. Likewise, average FOB price of petroleum products increased by 12.9 percent vis-a-vis the preceding quarter (Table 2.3). Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2019/20 2020/21 Qtr. IV Qtr. III Qtr. IV Percentage Change A B C C/A C/B Regular Gasoline (MGR) 380.9 555.7 639.2 67.8 15.0 Jet Fuel 104.4 486.0 556.7 433.0 14.5 Fuel Oil 164.2 349.9 376.8 129.4 7.7 Gas Oil (ADO) 248.4 477.5 538.3 116.7 12.7 Average 224.5 467.3 527.8 135.1 12.9 Brent Crude Oil (USD/Barrel) 29.3 60.82 68.83 134.6 13.2 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products 0 100 200 300 400 500 600 700 800 900 1000 I II III IV I II III IV I II III IV I II III IV I II III IV 2016/17 2017/18 2018/19 2019/20 2020/21 USD per Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Similarly, average price of Brent crude oil, which is used as a point of reference for international oil price, hiked by 134.6 percent and reached USD 68.8 per barrel compared with USD 29.3 a year ago. Likewise, compared to the preceding quarter, it has increased by 13.2 percent (Table 2.3). Average retail price of fuel in Addis Ababa during the review period rose 43.2 percent to Birr 32.81 per liter from Birr 22.91 on account of higher retail prices of all petroleum products (Table 2.4). Fig.2.3: Trends in the FOB Price of Imported Petroleum Products 0 100 200 300 400 500 600 700 800 900 1000 I II III IV I II III IV I II III IV I II III IV I II III IV 2016/17 2017/18 2018/19 2019/20 2020/21 USD per Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Similarly, average price of Brent crude oil, which is used as a point of reference for international oil price, hiked by 134.6 percent and reached USD 68.8 per barrel compared with USD 29.3 a year ago. Likewise, compared to the preceding quarter, it has increased by 13.2 percent (Table 2.3). Average retail price of fuel in Addis Ababa during the review period rose 43.2 percent to Birr 32.81 per liter from Birr 22.91 on account of higher retail prices of all petroleum products (Table 2.4). Petroleum Products 2019/20 2020/21 Percentage Change Qtr. IV Qtr. III Qtr. IV A B C C/A C/B Regular Gasoline (MGR) 380.9 555.7 639.2 67.8 15.0 Jet Fuel 104.4 486.0 556.7 433.0 14.5 Fuel Oil 164.2 349.9 376.8 129.4 7.7 Gas Oil (ADO) 248.4 477.5 538.3 116.7 12.7 Average 224.5 467.3 527.8 135.1 12.9 Brent Crude Oil (USD/ Barrel) 29.3 60.82 68.83 134.6 13.2 Source: Ethiopian Petroleum Enterprise Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton)

Fourth Quarter 2020/21 | 11 National Bank of Ethiopia Quarterly Bulletin Fig.2.3: Trends in the FOB Price of Imported Petroleum Products 0 100 200 300 400 500 600 700 800 900 1000 I II III IV I II III IV I II III IV I II III IV I II III IV 2016/17 2017/18 2018/19 2019/20 2020/21 USD per Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Similarly, average price of Brent crude oil, which is used as a point of reference for international oil price, hiked by 134.6 percent and reached USD 68.8 per barrel compared with USD 29.3 a year ago. Likewise, compared to the preceding quarter, it has increased by 13.2 percent (Table 2.3). Average retail price of fuel in Addis Ababa during the review period rose 43.2 percent to Birr 32.81 per liter from Birr 22.91 on account of higher retail prices of all petroleum products (Table 2.4). Fig.2.3: Trends in the FOB Price of Imported Petroleum Products 0 100 200 300 400 500 600 700 800 900 1000 I II III IV I II III IV I II III IV I II III IV I II III IV 2016/17 2017/18 2018/19 2019/20 2020/21 USD per Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Similarly, average price of Brent crude oil, which is used as a point of reference for international oil price, hiked by 134.6 percent and reached USD 68.8 per barrel compared with USD 29.3 a year ago. Likewise, compared to the preceding quarter, it has increased by 13.2 percent (Table 2.3). Average retail price of fuel in Addis Ababa during the review period rose 43.2 percent to Birr 32.81 per liter from Birr 22.91 on account of higher retail prices of all petroleum products (Table 2.4).

12 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table2.4: Addis Ababa Average Retail Prices of Fuel Birr/Liter) Petroleum Products 2019/20 2020/21 Qtr. IV Qtr. III Qtr. IV Percentage Change A B C C/A C/B Regular Gasoline (MGR) 21.53 25.12 25.86 20.1 3.0 Fuel Oil 32.91 37.96 40.05 21.7 5.5 Gas Oil (ADO) 18.75 22.42 23.18 23.6 3.4 Kerosene 18.75 22.42 23.18 23.6 3.4 Jet fuel 22.62 35.51 51.76 128.8 45.8 Average 22.91 28.68 32.81 43.18 14.37 Source: Ministry of Trade Fig.2.4: Trends of Addis Ababa Average Retail Prices 0.00 10.00 20.00 30.00 40.00 50.00 60.00 I II III IV I II III IV I II III IV I II III IV I II III IV 2016/17 2017/18 2018/19 2019/20 2020/21 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade 2.2. Electric Power Generation Total electric power generated during the quarter under review went up by 6.5 percent annually and 9.1 percent quarterly to 4 billion KWH (Table 2.5). On account of higher power production from hydropower sources (Table 2.5).

Fourth Quarter 2020/21 | 13 National Bank of Ethiopia Quarterly Bulletin 2.2. Electric Power Generation Total electric power generated during the quarter under review dropped 4.9 percent on annual and 2.4 percent quarter basis and reached 3.7 billion KWH (Table 2.5). The year- on-year decrease was attributed to 4.7 percent decline in electric production from hydropower and 69.4 percent from biomass sources (table 2.5). Table 2.5: Electricity Generation by Sources (In ‘000 of K.W.H) Power Source 2019/20 2020/21 Qtr. IV Qtr. III Qtr. IV Percentage Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 3,632,638.5 96.2 3,476,666.2 94.4 3,901,015.3 97.0 7.4 12.2 Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind 111,301.5 2.9 191,319.9 5.2 105,800.0 2.6 -4.7 -44.7 Biomass 32,217.6 0.9 16,309.90 0.4 13,677.50 0.3 -57.5 -16.1 Total 3,775,887.5 100 3,684,296.0 100 4,020,492.8 100 6.5 9.1 Source: Ethiopian Electric Power Of the total energy generated, 94.4 percent was from hydropower, 5.2 percent from wind and 0.4 percent from biomass sources (Table 2.5). By system of generation, virtually all the power was generated through interconnected systems (ICS)1 (Table 2.6).

2 The generated power from different power stations stored in substations before distribution.

14 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Fig.2.5: Volume of Electricity Production by Type 0 1000000 2000000 3000000 4000000 5000000 2016/17Q1 Q2 Q3 Q4 2017/18Q1 QII QIII QIV 2018/19Q1 QII QIII QIV 2019/20 QI QII QIII QIV 2020/21 QI QII QIII QIV Thousand kwh Quarter Hydropower Thermal Power Geo-thermal Wind Biomass Source: Ethiopian Electric Power III. QUARTERLY PRICE DEVELOPMENTS 3.1 Developments in National CPI Headline inflation increased to 8.2 percent from 5.5 percent a quarter earlier and 7.3 percent inflation last year same quarter. The rise in quarterly and annual headline inflation was attributed to acceleration in food & non-alcoholic beverages inflation. While non-food inflation declined Food & non￾alcoholic beverages and non-food inflations contributed 6.0 and 2.2 percent, respectively, to the headline inflation in the review quarter (Table 3.1 and Fig 3.1). In the review quarter, food & non￾alcoholic beverages inflation surged to 10.9 percent from 4.3 percent in the previous quarter, owing to higher price inflation of oils & fats, meat, bread & cereals, food products n.e.c, non-alcoholic beverages, milk, cheese & egg and vegetables (Table 3.2). In contrast, non-food inflation decreased to 4.7 percent from 7.2 percent a quarter earlier and 5.2 percent last year same quarter mainly due to slowdown in inflation for transport, housing, water, electricity, gas & fuel, and alcoholic beverage & tobacco (Table 3.3). Table 2.6: Generation of electricity power in the interconnected system (ICS) and self￾contained system (SCS) System of Power supply 2019/20 2020/21 Percentage Qtr. IV Qtr. III Qtr. IV Share A Share (in %) B Share (in %) C Share (In %) C/A C/B ICS Hydro power 3,632,638.5 96.2 3,476,666.2 94.4 3,901,015.3 97.0 7.4 12.2 Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind 111,031.5 2.9 191,319.9 5.2 105,800.0 2.6 -4.7 -44.7 Biomass 32,217.6 0.9 16,309.9 0.4 13,677.5 0.3 -57.5 -16.1 Sub-Total 3,775,887.5 100 3,684,296.0 100 4,020,492.8 100 6.5 9.1 SCS Hydro power - - - - - - - - Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind - - - - - - - - Sub-Total - - - - - - - - Grand Total 3,775,887.5 100 3,684,296.0 100.0 4,020,492.8 100 6.5 9.1 Source: Ethiopian Electric Power

Fourth Quarter 2020/21 | 15 National Bank of Ethiopia Quarterly Bulletin III. QUARTERLY PRICE DEVELOPMENTS 3.1 Developments in National CPI Headline inflation increased to 8.2 percent from 5.5 percent a quarter earlier and 7.3 percent inflation last year same quarter. The rise in quarterly and annual headline inflation was attributed to acceleration in food & non-alcoholic beverages inflation. While non-food inflation declined Food & non￾alcoholic beverages and non-food inflations contributed 6.0 and 2.2 percent, respectively, to the headline inflation in the review quarter (Table 3.1 and Fig 3.1). In the review quarter, food & non￾alcoholic beverages inflation surged to 10.9 percent from 4.3 percent in the previous quarter, owing to higher price inflation of oils & fats, meat, bread & cereals, food products n.e.c, non-alcoholic beverages, milk, cheese & egg and vegetables (Table 3.2). In contrast, non-food inflation decreased to 4.7 percent from 7.2 percent a quarter earlier and 5.2 percent last year same quarter mainly due to slowdown in inflation for transport, housing, water, electricity, gas & fuel, and alcoholic beverage & tobacco (Table 3.3). III. QUARTERLY PRICE DEVELOPMENTS 3.1 Developments in National CPI Headline inflation increased to 8.2 percent from 5.5 percent a quarter earlier and 7.3 percent inflation last year same quarter. The rise in quarterly and annual headline inflation was attributed to acceleration in food & non-alcoholic beverages inflation. While non-food inflation declined Food & non￾alcoholic beverages and non-food inflations contributed 6.0 and 2.2 percent, respectively, to the headline inflation in the review quarter (Table 3.1 and Fig 3.1). In the review quarter, food & non￾alcoholic beverages inflation surged to 10.9 percent from 4.3 percent in the previous quarter, owing to higher price inflation of oils & fats, meat, bread & cereals, food products n.e.c, non-alcoholic beverages, milk, cheese & egg and vegetables (Table 3.2). In contrast, non-food inflation decreased to 4.7 percent from 7.2 percent a quarter earlier and 5.2 percent last year same quarter mainly due to slowdown in inflation for transport, housing, water, electricity, gas & fuel, and alcoholic beverage & tobacco (Table 3.3).

16 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Source: CSA Table 3.1: Quarterly National General Consumer Prices (%) (Dec2016=100) 2019/2 0

2020/21 Change in %age Points Contributions in (%) to Wei ghts in % QIV QIII QI V A B C C￾A C-B Headlin e Inflation Change over QIV￾2019/20 Headlin e Inflation Change Over QIII￾2020/21 QIV-2020/21 Headline Inflation Absol ute Relati ve Headlin e 100 7.3 5.5 8.2 0.9 2.7 0.9 2.7 8.2 100 Food & Non￾alcoholi c bevera ge 54 8.9 4.3 10. 9 2.0 6.6 1.1 3.6 6.0 73.1 Non￾food 46 5.2 7.2 4.7 -0.5 -2.5 -0.2 -1.2 2.2 26.9 Source: CSA and NBE Staff Computation -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2018/19 2019/20 2020/21 Percent Headline Food & Non-alcoholic bevarages Bread & Cereals Non-Food Fig 3.1 Quarterly Movement in National Inflation Source: NBE Staff Computation Table 3.2: Quarterly National Food & non-alcoholic beverages CPI Inflation (Dec2016=100) Items Weights 2019/2 0 2020/21 Change in %age points Contribution to QIV QIII QIV A B C C-A C-B Food Inflation Change over QIV￾2019/20(% ) Food Inflation Change over QIII￾2020/21(%) Food and Non￾alcoholic Beverages 0.54 8.9 4.3 10.9 2.0 6.6 1.1 3.5 Bread and Cereals 0.17 10.3 4.4 13.6 3.3 9.2 0.6 1.6 Meat 0.04 5.8 2.2 12.5 6.7 10.3 0.3 0.4 Fish and Sea food 0.00 13.3 6.5 2.0 -11.3 -4.5 0.0 0.0 Milk, cheese and egg 0.03 3.6 11.2 13.1 9.5 1.9 0.3 0.1 Oils & Fats 0.04 5.0 8.5 21.5 16.4 12.9 0.7 0.6 Fruit 0.00 -0.4 7.0 4.7 5.1 -2.3 0.0 0.0 Vegetables 0.12 10.4 4.8 5.1 -5.2 0.4 -0.6 0.0 Sugar jam, honey, chocolate 0.01 2.2 3.3 2.0 -0.2 -1.4 0.0 0.0 Food products n.e.c 0.06 10.2 1.6 10.1 -0.1 8.5 0.0 0.5 Non-alcoholic beverages 0.05 8.1 -0.2 7.2 -1.0 7.4 0.0 0.4 Source: CSA and NBE Staff Computation Table 3.1: Quarterly National General Consumer Prices (%) (Dec2016=100) 2019/20 2020/21 Change in %age Points Contributions in (%) to Weights (in %) QIV QIII QIV A B C C-A C-B Headline Inflation Change over QIV-2019/20 Headline Inflation Change Over QIII-2020/21 QIII-2020/21 Headline Inflation Absolute Relative Headline 100 7.3 5.5 8.2 0.9 2.7 0.9 2.7 8.2 100 Food & Non￾alcoholic beverage 54 8.9 4.3 10.9 2.0 6.6 1.1 3.6 6.0 73.1 Non-food 46 5.2 7.2 4.7 -0.5 -2.5 -0.2 -1.2 2.2 26.9 Source: CSA and NBE Staff Computation

Fourth Quarter 2020/21 | 17 National Bank of Ethiopia Quarterly Bulletin Source: NBE Staff Computation Table 3.2: Quarterly National Food & non-alcoholic beverages CPI Inflation (Dec2016=100) Items Weights 2019/2 0 2020/21 Change in %age points Contribution to QIV QIII QIV A B C C-A C-B Food Inflation Change over QIV￾2019/20(% ) Food Inflation Change over QIII￾2020/21(%) Food and Non￾alcoholic Beverages 0.54 8.9 4.3 10.9 2.0 6.6 1.1 3.5 Bread and Cereals 0.17 10.3 4.4 13.6 3.3 9.2 0.6 1.6 Meat 0.04 5.8 2.2 12.5 6.7 10.3 0.3 0.4 Fish and Sea food 0.00 13.3 6.5 2.0 -11.3 -4.5 0.0 0.0 Milk, cheese and egg 0.03 3.6 11.2 13.1 9.5 1.9 0.3 0.1 Oils & Fats 0.04 5.0 8.5 21.5 16.4 12.9 0.7 0.6 Fruit 0.00 -0.4 7.0 4.7 5.1 -2.3 0.0 0.0 Vegetables 0.12 10.4 4.8 5.1 -5.2 0.4 -0.6 0.0 Sugar jam, honey, chocolate 0.01 2.2 3.3 2.0 -0.2 -1.4 0.0 0.0 Food products n.e.c 0.06 10.2 1.6 10.1 -0.1 8.5 0.0 0.5 Non-alcoholic beverages 0.05 8.1 -0.2 7.2 -1.0 7.4 0.0 0.4 Source: CSA and NBE Staff Computation Table 3.2: Quarterly National Food & non-alcoholic beverages CPI Inflation (Dec2016=100) Items Weights 2019/20 2020/21 Change in %age points Contribution to QIV QIII QIV A B C C-A C-B Food Inflation Change over QIV- (%)2019/20 Food Inflation Change over QIII- (%)2020/21 Food and Non-alcoholic Beverages 0.54 8.9 4.3 10.9 2.0 6.6 1.1 3.5 Bread and Cereals 0.17 10.3 4.4 13.6 3.3 9.2 0.6 1.6 Meat 0.04 5.8 2.2 12.5 6.7 10.3 0.3 0.4 Fish and Sea food 0.00 13.3 6.5 2.0 -11.3 -4.5 0.0 0.0 Milk, cheese and egg 0.03 3.6 11.2 13.1 9.5 1.9 0.3 0.1 Oils & Fats 0.04 5.0 8.5 21.5 16.4 12.9 0.7 0.6 Fruit 0.00 -0.4 7.0 4.7 5.1 -2.3 0.0 0.0 Vegetables 0.12 10.4 4.8 5.1 -5.2 0.4 -0.6 0.0 Sugar jam, honey, chocolate 0.01 2.2 3.3 2.0 -0.2 -1.4 0.0 0.0 Food products n.e.c 0.06 10.2 1.6 10.1 -0.1 8.5 0.0 0.5 Non-alcoholic beverages 0.05 8.1 -0.2 7.2 -1.0 7.4 0.0 0.4 Source: CSA and NBE Staff Computation

18 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 3.3: Quarterly National Non-food CPI Inflations (Dec2016=100) Item Weights 2019/20 2020/21 Change in %age points Contribution to QIII QII QIII A B C C-A C-B Non-food Inflation Change over QIV￾2019/20 )%( Non-Food Inflation Change over QIII￾2020/21(%) Non-Food Inflation 0.46 5.2 7.2 4.7 -0.5 -2.5 -0.2 -1.2 Alcoholic Beverages and tobacco 0.05 18.6 4.7 4.1 -14.6 -0.7 -0.7 0.0 Clothing and Footwear 0.06 4.6 4.7 7.3 2.6 2.6 0.2 0.1 Housing, Water, Electricity, Gas and other Fuel 0.17 0.8 7.9 0.4 -0.4 -7.5 -0.1 -1.3 Furnishings, Household Equipment and Routine maintenance of houses 0.05 1.9 8.7 13.3 11.4 4.6 0.5 0.2 Health 0.01 10.1 9.4 11.2 1.1 1.8 0.0 0.0 Transport 0.02 31.4 16.9 4.7 -26.6 -12.2 -0.7 -0.3 Communication 0.02 7.1 12.4 7.4 0.3 -5.0 0.0 -0.1 Recreation and culture 0.00 -2.0 6.0 7.7 9.6 1.7 0.0 0.0 Education 0.00 1.0 3.0 1.9 0.9 -1.1 0.0 0.0 Restaurant & hotel 0.05 1.7 3.7 5.2 3.5 1.5 0.2 0.1 Miscellaneous Goods 0.03 2.7 5.0 9.1 6.4 4.1 0.2 0.1 Source: CSA and NBE Staff Computation 4 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 3.2 Developments in Regional CPI Regional average headline inflation scaled up to 7.5 percent from 3.8 percent in the preceding quarter and 6.9 percent last year same quarter. SNNP, Somali, Afar, Addis Ababa and Oromia registered higher headline inflation than the regional average. The highest headline inflation (12.0 percent) was registered in SNNP while the lowest headline inflation (4.8 percent) was in Gambella. Hence, the margin between the highest and lowest headline inflation was 7.2 percentage points. The deviation in the regional headline inflation from the average, as signified by standard deviation, increased to 3.4 percent from 2.6 percent in the preceding quarter and 3.3 percent last year same quarter (Table 3.4) The regional average food & non￾alcoholic beverage inflation increased to 10.1 percent from 3.6 percent in the preceding quarter and 8.8 percent last year same quarter. Food & non￾alcoholic be verages inflation in SNNP, Afar, Addis Abab, Somali, Oromia, and Harari was higher than the regional average. The highest food & non￾alcoholic beverages inflation was seen in SNNP (16.7 percent) and the lowest in Gambella (7.1 percent), showing a 9.6 percentage point margin. Hence, the variation in food & non-alcoholic beverages inflation, measured by standard deviation increased to 4.7 percent in from 3.3 percent a quarter earlier and 4.3 percent last year same quarter (Table 3.4). Likewise, the regional average non￾food inflation slightly rose to 4.5 percent from 4.2 percent in the previous quarter while it declined from 4.8 percent last year same quarter. Somali, Benshangul Gumuz, Addis Ababa, SNNP and Amhara recorded higher non-food inflation than the regional average. Non-food inflation was the highest in Somali (10.0 percent) and the lowest in Gambella (1.3 percent) with a 8.7 percentage point margin. The variation in non-food inflation, measured by the standard deviation, decreased to 2.8 percent from 3.4 percent in the previous quarter and 3.0 percent last year same quarter.

Fourth Quarter 2020/21 | 19 National Bank of Ethiopia Quarterly Bulletin 4 | Third Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 3.2 Developments in Regional CPI Regional average headline inflation scaled up to 7.5 percent from 3.8 percent in the preceding quarter and 6.9 percent last year same quarter. SNNP, Somali, Afar, Addis Ababa and Oromia registered higher headline inflation than the regional average. The highest headline inflation (12.0 percent) was registered in SNNP while the lowest headline inflation (4.8 percent) was in Gambella. Hence, the margin between the highest and lowest headline inflation was 7.2 percentage points. The deviation in the regional headline inflation from the average, as signified by standard deviation, increased to 3.4 percent from 2.6 percent in the preceding quarter and 3.3 percent last year same quarter (Table 3.4) The regional average food & non￾alcoholic beverage inflation increased to 10.1 percent from 3.6 percent in the preceding quarter and 8.8 percent last year same quarter. Food & non￾alcoholic be verages inflation in SNNP, Afar, Addis Abab, Somali, Oromia, and Harari was higher than the regional average. The highest food & non￾alcoholic beverages inflation was seen in SNNP (16.7 percent) and the lowest in Gambella (7.1 percent), showing a 9.6 percentage point margin. Hence, the variation in food & non-alcoholic beverages inflation, measured by standard deviation increased to 4.7 percent in from 3.3 percent a quarter earlier and 4.3 percent last year same quarter (Table 3.4). Likewise, the regional average non￾food inflation slightly rose to 4.5 percent from 4.2 percent in the previous quarter while it declined from 4.8 percent last year same quarter. Somali, Benshangul Gumuz, Addis Ababa, SNNP and Amhara recorded higher non-food inflation than the regional average. Non-food inflation was the highest in Somali (10.0 percent) and the lowest in Gambella (1.3 percent) with a 8.7 percentage point margin. The variation in non-food inflation, measured by the standard deviation, decreased to 2.8 percent from 3.4 percent in the previous quarter and 3.0 percent last year same quarter. .

20 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 3.4: Quarterly Regional General, Food & non-alcoholic beverages and Non-food Inflation Regions 2019/20 2020/21 Annual Change Quarterly Change QIV QIII QIV A B C C-A C-B GeneralFood & Non- alcoholic beverages Non-food GeneralFood & Non- alcoholic beverages Non-food GeneralFood & Non- alcoholic beverages Non-food GeneralFood & Non- alcoholic beverages Non-food GeneralFood & Non- alcoholic beverages Non-food SNNP 10.8 12.5 8.7 6.9 4.6 10.1 12.0 16.7 5.6 1.2 4.2 -3.1 5.1 12.1 -4.5 Harari 6.7 8.6 5.3 1.4 0.4 2.2 6.5 11.0 3.1 -0.2 2.3 -2.2 5.1 10.6 0.9 Oromia 7.1 9.2 4.1 6.7 4.9 9.5 8.4 11.3 4.1 1.3 2.2 -0.1 1.7 6.5 -5.5 Tigray - - - - - - - - - - - - - - - Gambella 11.2 13.9 7.7 6.3 6.7 5.8 4.8 7.1 1.3 -6.5 -6.7 -6.4 -1.5 0.5 -4.5 Addis Ababa 9.3 11.0 7.9 4.3 3.6 4.8 9.6 13.9 6.0 0.3 2.9 -1.8 5.3 10.3 1.3 Dire Dawa 9.2 12.0 6.5 3.6 5.6 1.5 5.8 8.5 2.9 -3.4 -3.6 -3.6 2.2 2.9 1.3 Benshangul. Gumuz 7.6 10.4 4.8 0.2 -1.3 1.8 7.3 7.5 7.1 -0.3 -2.9 2.3 7.1 8.8 5.3 Somali 3.5 1.8 5.6 6.6 9.5 3.3 11.6 12.8 10.0 8.1 11.1 4.4 5.0 3.4 6.7 Afar 5.0 10.1 -0.4 3.1 5.0 0.9 10.0 15.0 3.9 5.0 4.9 4.3 6.9 10.0 3.1 Amhara 5.5 7.6 2.9 3.3 0.7 6.6 6.3 7.4 5.1 0.9 -0.3 2.1 3.1 6.7 -1.6 Regions Average 6.9 8.8 4.8 3.8 3.6 4.2 7.5 10.1 4.5 Standard deviation 3.3 4.3 3.0 2.6 3.3 3.4 3.4 4.7 2.8 Coefficient of variation 0.5 0.5 0.6 0.7 0.9 0.8 0.5 0.5 0.6 Source: CSA and NBE Staff Computation National Bank of Ethiopia Quarterly Bulletin 23 Fourth Quarter (2020/21) 4.1 MONETARY DEVELOPMENTS 4.1. Money Supply and Credit Broad money supply (M2) stood at Birr 1.3 trillion, exhibiting a 30 percent annual expansion as a result of 25.9 percent growth of domestic credit and 1.4 increases in other items (net). Table 4.1: Factors Influencing Broad Money (In Millions of Birr) Particulars Qtr. IV Qtr. III Qtr. IV Percentage Change Contribution s of Each Component to Broad Money growth (June. 20) (March. 21) (June. 21) A B C C/A C/B Annual

1. External Assets (net)

(8,321.3 )

(27,372.9)

(812.3) -90.2 97.0 2.4 2. Domestic Credit

1,176,926.4 1,373,546.7 1,481,844.4 25.9 7.9 98.2 . Claims on Central Gov't (net)

137,082.9 163,476.9

214,269.2 56.3 31.1 24.8 . Claims on Non -Central Gov't

1,039,843.5 1,210,069.8 1,267,575.3 21.9 4.8 54.8 . Financial Institutions 58,142.7 56,642.7 56,642.7 -2.6 0.0 -0.5 . Others 981,700.8 1,153,427.0 1,210,932.6 23.4 5.0 73.8 3. Other Items (net) 130,957.8 86,563.5 132,765.0 1.4 53.4 0.6 4. Broad Money (M2) 1,037,646.3 1,259,610.3 1,348,266.1 29.9 7.0 100.0 Source: Staff Computation, NBE

Fourth Quarter 2020/21 | 21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 23 Fourth Quarter (2020/21) 4.1 MONETARY DEVELOPMENTS 4.1. Money Supply and Credit Broad money supply (M2) stood at Birr 1.3 trillion, exhibiting a 30 percent annual expansion as a result of 25.9 percent growth of domestic credit and 1.4 increases in other items (net). Table 4.1: Factors Influencing Broad Money (In Millions of Birr) Particulars Qtr. IV Qtr. III Qtr. IV Percentage Change Contribution s of Each Component to Broad Money growth (June. 20) (March. 21) (June. 21) A B C C/A C/B Annual

1. External Assets (net)

(8,321.3)

(27,372.9)

(812.3) -90.2 97.0 2.4 2. Domestic Credit

1,176,926.4 1,373,546.7 1,481,844.4 25.9 7.9 98.2 . Claims on Central Gov't (net)

137,082.9 163,476.9

214,269.2 56.3 31.1 24.8 . Claims on Non-Central Gov't

1,039,843.5 1,210,069.8 1,267,575.3 21.9 4.8 54.8 . Financial Institutions 58,142.7 56,642.7 56,642.7 -2.6 0.0 -0.5 . Others 981,700.8 1,153,427.0 1,210,932.6 23.4 5.0 73.8 3. Other Items (net) 130,957.8 86,563.5 132,765.0 1.4 53.4 0.6 4. Broad Money (M2) 1,037,646.3 1,259,610.3 1,348,266.1 29.9 7.0 100.0 Source: Staff Computation, NBE Table 4.1: Factors Influencing Broad Money )In Millions of Birr( Particulars Qtr. IV Qtr. III Qtr. IV Percentage Change Contributions of Each Component to Broad Money growth )June. 20( )March. 21( )June. 21( C/A C/B Annual A B C

1. External Assets (net) (8,321.3) (27,372.9) (812.3) -90.2 97.0 2.4
2. Domestic Credit 1,176,926.4 1,373,546.7 1,481,844.4 25.9 7.9 98.2 . Claims on Central Gov't (net) 137,082.9 163,476.9 214,269.2 56.3 31.1 24.8 . Claims on Non-Central Gov't 1,039,843.5 1,210,069.8 1,267,575.3 21.9 4.8 54.8 . Financial Institutions 58,142.7 56,642.7 56,642.7 -2.6 0.0 -0.5 . Others 981,700.8 1,153,427.0 1,210,932.6 23.4 5.0 73.8
3. Other Items (net) 130,957.8 86,563.5 132,765.0 1.4 53.4 0.6
4. Broad Money (M2) 1,037,646.3 1,259,610.3 1,348,266.1 29.9 7.0 100.0 Source: Staff Computation, NBE

22 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 22 Fourth Quarter 2020/21 Fig IV.1: Major Determinants of Monetary Expansion (Quarterly Change in Percent) Source: Staff Computation, NBE -200.0 -150.0 -100.0 -50.0 0.0 50.0 100.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 Net Foreign Assets (NFA) (in percent) Other than NFA Broad Money Domestic Credit Other Items Net Net Foreign Assets 22 Fourth Quarter 2020/21 Fig IV.1: Major Determinants of Monetary Expansion (Quarterly Change in Percent) Source: Staff Computation, NBE -200.0 -150.0 -100.0 -50.0 0.0 50.0 100.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 Net Foreign Assets (NFA) (in percent) Other than NFA Broad Money Domestic Credit Other Items Net Net Foreign Assets Fourth Quarter 2020/21 23 Fig IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE Component wise, quasi-money supply showed 34.5 percent annual and 8.4 percent quarterly growth as commercial banks continued to expand their service outreach, currency demonetization and cash withdrawal limit set by the NBE which helped commercial banks to mobilize deposits. Similarly, narrow money supply exhibited a 21.3 percent annual year￾on-year, 4.3 percent quarter-on￾quarter expansion. On annual bases, narrow money contributed 24.7 percent and quasi money 75.3 percent to the broad money growth (Table 4.2). -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 Domestic Credit Credit to Non-Central Government Credit to Central Government Fig.IV.1: Major Determinants of Monetary Expansion (Quarterly Change in Percent

Fourth Quarter 2020/21 | 23 National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2020/21 23 Fig IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE Component wise, quasi-money supply showed 34.5 percent annual and 8.4 percent quarterly growth as commercial banks continued to expand their service outreach, currency demonetization and cash withdrawal limit set by the NBE which helped commercial banks to mobilize deposits. Similarly, narrow money supply exhibited a 21.3 percent annual year￾on-year, 4.3 percent quarter-on￾quarter expansion. On annual bases, narrow money contributed 24.7 percent and quasi money 75.3 percent to the broad money growth (Table 4.2). -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 Domestic Credit Credit to Non-Central Government Credit to Central Government Fig.IV.2: Composition of Domestic Credit (Quarterly Change in Percent Component wise, quasi-money supply showed 34.5 percent annual and 8.4 percent quarterly growth as commercial banks continued to expand their service outreach, currency demonetization and cash withdrawal limit set by the NBE which helped commercial banks to mobilize deposits. Similarly, narrow money supply exhibited a 21.3 percent annual year-on-year, 4.3 percent quarter￾on-quarter expansion. On annual bases, narrow money contributed 24.7 percent and quasi money 75.3 percent to the broad money growth (Table 4.2).

24 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 25 Fig. IV. 3: Composition of Monetary Stock In Billions of Birr B i r r )

0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 In Billions of Birr Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep. 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. 20) (March. 21) (June. 21) C/A C/B Annual A B C

1. Narrow Money Supply 360,585.5 419,347.7 437,392.0 21.3 4.3 24.7 . Currency outside banks 109,071.8 127,518.3 133,621.3 22.5 4.8 7.9 . Demand Deposits (net) 251,513.7 291,829.4 303,770.7 20.8 4.1 16.8
2. Quasi-Money 677,060.8 840,262.6 910,874.2 34.5 8.4 75.3 . Savings Deposits 589,174.1 748,589.6 816,380.3 38.6 9.1 73.1 . Time Deposits 87,886.8 91,673.0 94,493.8 7.5 3.1 2.1
3. Broad Money Supply 1,037,646.3 1,259,610.3 1,348,266.1 29.9 7.0 100.0 Source: Staff Computation, NBE Fig. IV. 3: Composition of Monetary Stock In Billions of Birr 26 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 264.3 billion in showing a 7.2 percent yearly expansion and 0.8 percent quarterly contraction. On the other hand, excess reserve of commercial banks contracted of 36.9 percent on annual and 22.5 percent quarterly basis (Table 4.3). The money multiplier, measured by the ratio of broad money to reserve money, increased to 5.1 from 4.2 a year ago. The multiplier measured by the ratio of narrow money to reserve money also showed a slight increment during the same period. Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. IV Qtr. III Qtr. IV Percentage Change (June. 20) (March. 21) (June. 21) A B C C/A C/B
4. Reserve Requirement (CB's) 51,952.6 61,208.0 67,732.4 30.4 10.7
5. Actual Reserve (CB's) 105,289.1 104,642.4 101,384.0 -3.7 -3.1
6. Excess Reserve (CB's) 53,336.5 43,434.3 33,651.6 -36.9 -22.5
7. Reserve Money 246,545.4 266,479.7 264,301.8 7.2 -0.8 . Currency in Circulation 140,521.1 159,484.8 163,709.1 16.5 2.6 . Banks deposits at NBE 106,024.2 106,994.9 100,592.8 -5.1 -6.0
8. Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.5 1.6 1.7 13.2 5.2 . Broad Money to Reserve Money 4.2 4.7 5.1 21.2 7.9
9. Other Monetary Ratios (%): . Currency to Narrow Money 39.0 38.0 37.4 -4.0 -1.6 . Currency to Broad Money 13.5 12.7 12.1 -10.3 -4.1 . Narrow Money to Broad Money 34.8 33.3 32.4 -6.6 -2.6 . Quasi Money to Broad Money 65.2 66.7 67.6 3.5 1.3 Source: Staff Computation, NBE

Fourth Quarter 2020/21 | 25 National Bank of Ethiopia Quarterly Bulletin 25 Fig. IV. 3: Composition of Monetary Stock In Billions of Birr B i r r )

0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 In Billions of Birr Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep. 26 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 264.3 billion in showing a 7.2 percent yearly expansion and 0.8 percent quarterly contraction. On the other hand, excess reserve of commercial banks contracted of 36.9 percent on annual and 22.5 percent quarterly basis (Table 4.3). The money multiplier, measured by the ratio of broad money to reserve money, increased to 5.1 from 4.2 a year ago. The multiplier measured by the ratio of narrow money to reserve money also showed a slight increment during the same period. Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. IV Qtr. III Qtr. IV Percentage Change (June. 20) (March. 21) (June. 21) A B C C/A C/B

1. Reserve Requirement (CB's) 51,952.6 61,208.0 67,732.4 30.4 10.7
2. Actual Reserve (CB's) 105,289.1 104,642.4 101,384.0 -3.7 -3.1
3. Excess Reserve (CB's) 53,336.5 43,434.3 33,651.6 -36.9 -22.5
4. Reserve Money 246,545.4 266,479.7 264,301.8 7.2 -0.8 . Currency in Circulation 140,521.1 159,484.8 163,709.1 16.5 2.6 . Banks deposits at NBE 106,024.2 106,994.9 100,592.8 -5.1 -6.0
5. Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.5 1.6 1.7 13.2 5.2 . Broad Money to Reserve Money 4.2 4.7 5.1 21.2 7.9
6. Other Monetary Ratios (%): . Currency to Narrow Money 39.0 38.0 37.4 -4.0 -1.6 . Currency to Broad Money 13.5 12.7 12.1 -10.3 -4.1 . Narrow Money to Broad Money 34.8 33.3 32.4 -6.6 -2.6 . Quasi Money to Broad Money 65.2 66.7 67.6 3.5 1.3 Source: Staff Computation, NBE Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. IV Qtr. III Qtr. IV Percentage Change (June. 20) (March. 21) (June. 21) A B C C/A C/B
7. Reserve Requirement (CB's) 51,952.6 61,208.0 67,732.4 30.4 10.7
8. Actual Reserve (CB's) 105,289.1 104,642.4 101,384.0 -3.7 -3.1
9. Excess Reserve (CB's) 53,336.5 43,434.3 33,651.6 -36.9 -22.5
10. Reserve Money 246,545.4 266,479.7 264,301.8 7.2 -0.8 . Currency in Circulation 140,521.1 159,484.8 163,709.1 16.5 2.6 . Banks deposits at NBE 106,024.2 106,994.9 100,592.8 -5.1 -6.0
11. Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.5 1.6 1.7 13.2 5.2 . Broad Money to Reserve Money 4.2 4.7 5.1 21.2 7.9
12. Other Monetary Ratios (%): . Currency to Narrow Money 39.0 38.0 37.4 -4.0 -1.6 . Currency to Broad Money 13.5 12.7 12.1 -10.3 -4.1 . Narrow Money to Broad Money 34.8 33.3 32.4 -6.6 -2.6 . Quasi Money to Broad Money 65.2 66.7 67.6 3.5 1.3 Source: Staff Computation, NBE

26 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 27 Fig. IV.4: Quarterly Growth of Reserve Money and Its Components (Quarterly Change in Percent) Source: Staff Computation NBE Figure IV.5: Monetary Aggregates 0 20 40 60 80 100 120 140 In Billions of Birr Required Reserve Actual Reserve Excess Reserve (In Billions of Birr) Source: Staff Computation NBE -30 -20 -10 0 10 20 30 40 50 60 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2017/18 2018/19 2019/20 2020/21 Percentage Changes Reserve Money Currency in Circulation Bank Deposits 27 Fig. IV.4: Quarterly Growth of Reserve Money and Its Components (Quarterly Change in Percent) Source: Staff Computation NBE Figure IV.5: Monetary Aggregates 0 20 40 60 80 100 120 140 In Billions of Birr Required Reserve Actual Reserve Excess Reserve (In Billions of Birr) Source: Staff Computation NBE -30 -20 -10 0 10 20 30 40 50 60 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2017/18 2018/19 2019/20 2020/21 Percentage Changes Reserve Money Currency in Circulation Bank Deposits 0 20 40 60 80 100 120 140 In Billions of Birr Required Reserve Actual Reserve Excess Reserve Fig.IV.5: Monetary Aggregates (In Billions of Birr)

Fourth Quarter 2020/21 | 27 National Bank of Ethiopia Quarterly Bulletin 27 Fig. IV.4: Quarterly Growth of Reserve Money and Its Components (Quarterly Change in Percent) Source: Staff Computation NBE Figure IV.5: Monetary Aggregates 0 20 40 60 80 100 120 140 In Billions of Birr Required Reserve Actual Reserve Excess Reserve (In Billions of Birr) Source: Staff Computation NBE -30 -20 -10 0 10 20 30 40 50 60 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2017/18 2018/19 2019/20 2020/21 Percentage Changes Reserve Money Currency in Circulation Bank Deposits 4.3. Interest Rate Developments Average savings deposit rate and lending rate remained at 8.0 percent and 14.25 percent, respectively while weighted average time deposit rate witnessed minor decline on annual basis. In contrast, the yield on T-bills significantly improved following the introduction of market based T-bills auction. Thus, weighted average yield on T-bills increased from 6.6 percent in June 2020 to 9.97 percent in June 2021. Yet, considering the June, 2021 headline inflation of 24.5 percent, real interest rates on deposit, lending and T-bill yield remained negative (Table 4.4). Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum) Particulars 2019/20 2020/21 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 8.02 7.69 7.75 )0.27( 0.06 years 1-2 8.07 7.74 7.81 )0.26( 0.07 Over 2 years 8.11 7.79 7.83 )0.28( 0.04 Average Time Dep. Rate (Weighted) 8.07 7.74 7.80 )0.27( 0.06
3. Demand Deposit (Weighted) 0.04 0.00 -
4. Lending Rate 2/ Minimum 7.00 - - Maximum 21.50 - - Average Lending Rate 14.25 - -
5. T-bills Rate (Weighted) 6.60 8.17 9.97 3.37 1.81
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) 21.7 20.6 24.5 2.80 3.90
8. Food Inflation (Year-on-year) 23.0 22.1 19.0 )4.00( )3.10(
9. Core/non-food Inflation (Year-on-year) 19.7 18.9 28.7 9.00 9.80 1/ Minimum interest rate on saving deposit is set by NBE, whereas the maximum indicates the highest rate some banks are paying voluntarily. 2/ NBE does not control lending rates. Hence, the minimum & maximum rates presented here are market determined. 3/ GERD stands for Grand Ethiopian Renaissance Dam.

28 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 29 Fourth Quarter 2020/21 1/ Minimum interest rate on saving deposit is set by NBE, whereas the maximum indicates the highest rate some banks are paying voluntarily. 2/ NBE does not control lending rates. Hence, the minimum & maximum rates presented here are market determined. 3/ GERD stands for Grand Ethiopian Renaissance Dam. Fig IV.6: Interest Rate Structure of Commercial Banks (In percent per annum) Source: NBE and Commercial Banks 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Value in Percent Av. Saving Dep. Rate Simple Av. Lend. Rate Bond Yield T-bills Yield 30 Fourth Quarter 2020/21 Fig IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (In percent per annum) *Core inflation rate is depicted on the right axis while lending rate, 91 dayT-bills yield and average saving deposit rate are depicted on the left axis. Source: Staff computation, NBE 4.4. Developments in the Financial Sector By the end of fourth quarter 2020/21, there were 19 banks, of which 17 were private and 2 state owned. About 248 new bank branches were opened during the review period, thereby raising the number of bank branches to 7,344. As a result, population to bank branch ratio reached 13,9213. 3 Total population is 102,998,000 as CSA Estimation for 2020 About 34.5 percent of the total bank branches were located in Addis Ababa. Of the total bank branches, the share of state owned banks was 27.3 percent while private banks took 72.7 percent share (Table 4.5). Total capital of the banking system reached Birr 153.7 billion, of which state owned banks accounted for 51.8 percent and private banks 48.2 percent. The share of Commercial 0.00 5.00 10.00 15.00 20.00 25.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 inflation rate (core) Value in Percent Av. Saving Dep.Rate Lending Rate 91 day T-bills yield Inflation rate (core) Fig.IV.6: Interest Rate Structure of Commercial Banks (In Percent per annum Fig.IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (In Percent per annum

Fourth Quarter 2020/21 | 29 National Bank of Ethiopia Quarterly Bulletin 4.4. Developments in the Financial Sector By the end of fourth quarter 2020/21, there were 19 banks, of which 17 were private and 2 state owned. About 248 new bank branches were opened during the review period, thereby raising the number of bank branches to 7,344. As a result, population to bank branch ratio reached 14,024.83 . About 34.5 percent of the total bank branches were located in Addis Ababa. Of the total bank branches, the share of state owned banks was 27.3 percent while private banks took 72.7 percent share (Table 4.5). Total capital of the banking system reached Birr 153.7 billion, of which state owned banks accounted for 51.8 percent and private banks 48.2 percent. The share of Commercial Bank of Ethiopia (CBE) in total capital of the banking system was 32.7 percent (Table 4.5). The number of insurance companies stood at 18, of which 17 were private and 1 state owned. Their branch network increased to 635 from 605 a year ago. Of the total branches, about 54.3 percent were situated in Addis Ababa. Total capital of insurance companies rose to Birr 11.1 billion from Birr 9.7 billion a year ago. Private insurance companies accounted for 73.6 percent of the total capital of the insurance sector (Table 4.6). During the review quarter, there were 39 micro-finance institutions (MFIs) which have mobilized close to Birr 52.4 billion in saving deposit, depicting 17.2 percent annual growth. Their outstanding credit went up by 6.7 percent to Birr 69.3 Billion. Their total asset also exhibited 13.8 percent annual increase to Birr 105 billion and their capital showing a 43.4 percent growth to Birr 27.9 billion (Table 4.7). The top five largest MFIs namely, Amhara, Dedebit, Oromia, Omo & Addis Credit and Savings Institutions accounted for 84.8 percent of the total capital, 88.8 percent of total deposit, 82.7 percent of total credit and 84.3 percent of total assets of MFIs. 30 Fourth Quarter 2020/21 Fig IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (In percent per annum) *Core inflation rate is depicted on the right axis while lending rate, 91 dayT-bills yield and average saving deposit rate are depicted on the left axis. Source: Staff computation, NBE 4.4. Developments in the Financial Sector By the end of fourth quarter 2020/21, there were 19 banks, of which 17 were private and 2 state owned. About 248 new bank branches were opened during the review period, thereby raising the number of bank branches to 7,344. As a result, population to bank branch ratio reached 13,9213. 3 Total population is 102,998,000 as CSA Estimation for 2020 About 34.5 percent of the total bank branches were located in Addis Ababa. Of the total bank branches, the share of state owned banks was 27.3 percent while private banks took 72.7 percent share (Table 4.5). Total capital of the banking system reached Birr 153.7 billion, of which state owned banks accounted for 51.8 percent and private banks 48.2 percent. The share of Commercial 0.00 5.00 10.00 15.00 20.00 25.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 inflation rate (core) Value in Percent Av. Saving Dep.Rate Lending Rate 91 day T-bills yield Inflation rate (core)

30 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 32 Fourth Quarter 2020/21 Table 4.5: Branch Network and Capital of the Banking System (Branch in Number & Capital in Millions of Birr) Source: Bank Supervision Directorate (BSD), National Bank of Ethiopia (NBE) Note: ‘Reg’ Stands for Region and ‘A.A’ for Addis Ababa Capital 2019/20 1,423 402 1,825 28.0 1,463 417 1,880 26.5 1,489 431 1,920 26.1 49,646 50,323 50,342 88 5 93 1.4 77 5 82 1.2 77 5 82 1.1 7,677 7,748 29,236 1,511 407 1,918 29 1,540 422 1,962 28 1,566 436 2,002 27.3 57,322.5 58,071.5 79,578.0

285 196 481 7.4 344 219 563 7.9 381 229 610 8.3 8,095.9 10,981.5 11,084.4 277 159 436 6.7 294 166 460 6.5 302 167 469 6.4 5,464.4 6,362.6 6,757.4 358 221 579 8.9 402 245 647 9.1 423 252 675 9.2 4,179.2 4,807.8 6,425.7 254 145 399 6.1 269 148 417 5.9 271 148 419 5.7 4,137.1 4,917.1 4,987.1 186 165 351 5.4 198 177 375 5.3 206 184 390 5.3 4,374.5 5,080.1 5,091.1 153 174 327 5.0 197 217 414 5.8 198 218 416 5.7 4,950.8 5,670.3 5,689.8 348 82 430 6.6 363 104 467 6.6 371 110 481 6.5 3,906.3 5,051.8 5,968.7 186 86 272 4.2 203 86 289 4.1 203 86 289 3.9 2,767.1 3,194.6 3,246.6 206 108 314 4.8 217 109 326 4.6 219 109 328 4.5 3,650.6 4,268.2 4,328.9 22 30 52 0.8 22 39 61 0.9 25 42 67 0.9 2,376.8 2,793.6 3,543.0 130 114 244 3.7 158 132 290 4.1 169 137 306 4.2 2,552.4 2,922.6 2,993.5 135 121 256 3.9 145 135 280 3.9 152 139 291 4.0 2,742.5 3,256.7 3,434.4 149 83 232 3.6 187 98 285 4.0 199 100 299 4.1 2,580.1 3,278.8 3,367.2 31 50 81 1.2 34 58 92 1.3 36 60 96 1.3 1,113.3 1,260.7 1,307.7 36 46 82 1.3 43 64 107 1.5 52 67 119 1.6 1,099.9 1,426.1 1,554.1 Enat Bank S.C 27 30 57 1.2 28 33 61 1.2 37 43 80 1.5 1,584.8 1,796.4 1,814.5 ZamZam Bank S.S 1 6 7 0.1 2,555.5 2,783 1,810 4,593 71 3,104 2,030 5,134 73 3,245 2,097 5,342 73.1 55,576 67,069 74,149 3.Grand Total Banks 4,294 2,217 6,511 100 4,644 2,452 7,096 100 4,811 2,533 7,344 100 112,898 125,140 153,727 2019/20 2020/21 Reg % Share Reg. A.A Total Reg. A.A Total Zemen Bank Buna International Bank Addis Interational Bank Debub Global Bank Total Private Banks Abay Bank Berhan International Bank

1. State owned Banks Oromia International Bank Nib International Bank United Bank Wegagen Bank Lion International Bank Cooperative Bank of Oromiya Commercial Bank of Ethiopia Abyssinia Bank Development Bank of Ethiopia Dashen Bank
2. Private Banks Awash International Bank Total State owned Banks 2020/21 Quarter III Quarter IV % A.A Share % Share Quarter IV Quarter III Quarter IV Quarter IV Banks Branch Network Total 33 Fourth Quarter 2020/21 Fig.IV.8: Share of Branch Network and Capital of Banking System Source: Staff Compilation, NBE Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) Source: Insurance Supervision Directorate, NBE 29.5 27.6 27.3 50.8 46.4 51.8 70.5 72.4 72.7 49.2 53.6 48.2 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% percentage share from total Public Private 2019/20 Quarter IV Quarter III Quarter IV A.A Reg Total A.A Reg Total A.A Reg Total Capital 1 25 65 90 25 65 90 25 65 90 2,828 2,944 2,924 2 28 20 48 28 22 50 29 23 52 1,311 1,509 1,551 3 18 14 32 18 14 32 18 14 32 283 344 367 4 22 17 39 22 17 39 22 17 39 175 197 206 5 28 12 40 28 12 40 28 12 40 676 700 723 6 12 8 20 12 8 20 12 8 20 198 219 230 7 26 22 48 29 22 51 29 22 51 627 596 678 8 16 17 33 17 18 35 17 18 35 891 1,015 1,049 9 27 14 41 28 14 42 28 14 42 597 644 718 10 16 19 35 16 20 36 16 20 36 221 377 380 11 18 5 23 18 6 24 18 6 24 165 167 187 12 22 20 42 22 21 43 22 21 43 548 621 690 13 15 13 28 15 14 29 15 14 29 331 380 382 14 Berhan insurance S.C 12 7 19 13 8 21 13 8 21 162 191 215 15 18 9 27 18 9 27 19 9 28 212 303 310 16 Lucy Insurance S.C. 12 5 17 15 6 21 16 6 22 141 119 112 17 Bunna Insurance S.C. 14 9 23 16 11 27 16 12 28 169 200 214 18 Zemen Insurance S.C. - - - 2 - 2 2 1 3 115 112 130 329 276 605 342 287 629 345 290 635 9,650 10,638 11,066 Africa Insurance Company Quarter III Branch Capital Quarter IV Insurance Companies 2019/20 2020/21 2020/21 TOTAL United Insurance Company Global Insurance Company Nile Insurance Company Nyala Insurance Company Nib Insurance Company Ethio Life & General Insurance S.C. Oromia Insurance Company Abay Insurance Company S.C. Lion Insurance Company Tsehay Insurance S.C. National Insurance Corporation of Ethiopia Quarter IV Ethiopian Insurance Corporation Awash Insurance Company 34 Fourth Quarter 2020/21 Table 4.7: Microfinance Institutions Performance as of June 30, 2021 (In Thousands of Birr) 2019/20 QIV QIII QIV A B C C/A C/B Total Capital 19,440,089.7 20,911,888.5 27,875,026.1 43.4 33.3 Saving 44,714,061.1 50,983,126.8 52,404,252.3 17.2 2.8 Credit 64,901,669.5 64,309,039.7 69,275,733.1 6.7 7.7 Total Assets 92,200,086.4 100,522,180.0 104,960,572.8 13.8 4.4 % Change Particulars 2020/21

Source: Microfinance Supervision Directorate, NBE 4.5. Activities of the Banking System 4.5.1. Resource Mobilization Total resources mobilized by the banking system (the sum of net change in deposit, loans collected and net change in borrowings) surged 43.8 percent over last year owing to policies that restrict cash holding and cash withdrawal levels as well as currency demonetization that helped higher deposit mobilization through the banking system (Table4.8). 34 Fourth Quarter 2020/21 Table 4.7: Microfinance Institutions Performance as of June 30, 2021 (In Thousands of Birr) 2019/20 QIV QIII QIV A B C C/A C/B Total Capital 19,440,089.7 20,911,888.5 27,875,026.1 43.4 33.3 Saving 44,714,061.1 50,983,126.8 52,404,252.3 17.2 2.8 Credit 64,901,669.5 64,309,039.7 69,275,733.1 6.7 7.7 Total Assets 92,200,086.4 100,522,180.0 104,960,572.8 13.8 4.4 % Change Particulars 2020/21

Source: Microfinance Supervision Directorate, NBE 4.5. Activities of the Banking System 4.5.1. Resource Mobilization Total resources mobilized by the banking system (the sum of net change in deposit, loans collected and net change in borrowings) surged 43.8 percent over last year owing to policies that restrict cash holding and cash withdrawal levels as well as currency demonetization that helped higher deposit mobilization through the banking system (Table4.8). 34 Fourth Quarter 2020/21 Table 4.7: Microfinance Institutions Performance as of June 30, 2021 (In Thousands of Birr) 2019/20 QIV QIII QIV A B C C/A C/B Total Capital 19,440,089.7 20,911,888.5 27,875,026.1 43.4 33.3 Saving 44,714,061.1 50,983,126.8 52,404,252.3 17.2 2.8 Credit 64,901,669.5 64,309,039.7 69,275,733.1 6.7 7.7 Total Assets 92,200,086.4 100,522,180.0 104,960,572.8 13.8 4.4 % Change Particulars 2020/21

Source: Microfinance Supervision Directorate, NBE 4.5. Activities of the Banking System 4.5.1. Resource Mobilization Total resources mobilized by the banking system (the sum of net change in deposit, loans collected and net change in borrowings) surged 43.8 percent over last year owing to policies that restrict cash holding and cash withdrawal levels as well as currency demonetization that helped higher deposit mobilization through the banking system (Table4.8).

Fourth Quarter 2020/21 | 31 National Bank of Ethiopia Quarterly Bulletin 33 Fourth Quarter 2020/21 Fig.IV.8: Share of Branch Network and Capital of Banking System Source: Staff Compilation, NBE Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) Source: Insurance Supervision Directorate, NBE 29.5 27.6 27.3 50.8 46.4 51.8 70.5 72.4 72.7 49.2 53.6 48.2 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% percentage share from total Public Private 2019/20 Quarter IV Quarter III Quarter IV A.A Reg Total A.A Reg Total A.A Reg Total Capital 1 25 65 90 25 65 90 25 65 90 2,828 2,944 2,924 2 28 20 48 28 22 50 29 23 52 1,311 1,509 1,551 3 18 14 32 18 14 32 18 14 32 283 344 367 4 22 17 39 22 17 39 22 17 39 175 197 206 5 28 12 40 28 12 40 28 12 40 676 700 723 6 12 8 20 12 8 20 12 8 20 198 219 230 7 26 22 48 29 22 51 29 22 51 627 596 678 8 16 17 33 17 18 35 17 18 35 891 1,015 1,049 9 27 14 41 28 14 42 28 14 42 597 644 718 10 16 19 35 16 20 36 16 20 36 221 377 380 11 18 5 23 18 6 24 18 6 24 165 167 187 12 22 20 42 22 21 43 22 21 43 548 621 690 13 15 13 28 15 14 29 15 14 29 331 380 382 14 Berhan insurance S.C 12 7 19 13 8 21 13 8 21 162 191 215 15 18 9 27 18 9 27 19 9 28 212 303 310 16 Lucy Insurance S.C. 12 5 17 15 6 21 16 6 22 141 119 112 17 Bunna Insurance S.C. 14 9 23 16 11 27 16 12 28 169 200 214 18 Zemen Insurance S.C. - - - 2 - 2 2 1 3 115 112 130 329 276 605 342 287 629 345 290 635 9,650 10,638 11,066 Africa Insurance Company Quarter III Branch Capital Quarter IV Insurance Companies 2019/20 2020/21 2020/21 TOTAL United Insurance Company Global Insurance Company Nile Insurance Company Nyala Insurance Company Nib Insurance Company Ethio Life & General Insurance S.C. Oromia Insurance Company Abay Insurance Company S.C. Lion Insurance Company Tsehay Insurance S.C. National Insurance Corporation of Ethiopia Quarter IV Ethiopian Insurance Corporation Awash Insurance Company Table 4.7: Microfinance Institutions Performance as of June 30, 2021 (In Thousands of Birr) Particulars 2019/20 2020/21 % Change QIV QIII QIV A B C C/A C/B Total Capital 19,440,089.7 20,911,888.5 27,875,026.1 43.4 33.3 Saving 44,714,061.1 50,983,126.8 52,404,252.3 17.2 2.8 Credit 64,901,669.5 64,309,039.7 69,275,733.1 6.7 7.7 Total Assets 92,200,086.4 100,522,180.0 104,960,572.8 13.8 4.4 Source: Microfinance Supervision Directorate, NBE 34 Fourth Quarter 2020/21 Table 4.7: Microfinance Institutions Performance as of June 30, 2021 (In Thousands of Birr) 2019/20 QIV QIII QIV A B C C/A C/B Total Capital 19,440,089.7 20,911,888.5 27,875,026.1 43.4 33.3 Saving 44,714,061.1 50,983,126.8 52,404,252.3 17.2 2.8 Credit 64,901,669.5 64,309,039.7 69,275,733.1 6.7 7.7 Total Assets 92,200,086.4 100,522,180.0 104,960,572.8 13.8 4.4 % Change Particulars 2020/21

Source: Microfinance Supervision Directorate, NBE 4.5. Activities of the Banking System 4.5.1. Resource Mobilization Total resources mobilized by the banking system (the sum of net change in deposit, loans collected and net change in borrowings) surged 43.8 percent over last year owing to policies that restrict cash holding and cash withdrawal levels as well as currency demonetization that helped higher deposit mobilization through the banking system (Table4.8). 34 Fourth Quarter 2020/21 Table 4.7: Microfinance Institutions Performance as of June 30, 2021 (In Thousands of Birr) 2019/20 QIV QIII QIV A B C C/A C/B Total Capital 19,440,089.7 20,911,888.5 27,875,026.1 43.4 33.3 Saving 44,714,061.1 50,983,126.8 52,404,252.3 17.2 2.8 Credit 64,901,669.5 64,309,039.7 69,275,733.1 6.7 7.7 Total Assets 92,200,086.4 100,522,180.0 104,960,572.8 13.8 4.4 % Change Particulars 2020/21

Source: Microfinance Supervision Directorate, NBE 4.5. Activities of the Banking System 4.5.1. Resource Mobilization Total resources mobilized by the banking system (the sum of net change in deposit, loans collected and net change in borrowings) surged 43.8 percent over last year owing to policies that restrict cash holding and cash withdrawal levels as well as currency demonetization that helped higher deposit mobilization through the banking system (Table4.8). 34 Fourth Quarter 2020/21 Table 4.7: Microfinance Institutions Performance as of June 30, 2021 (In Thousands of Birr) 2019/20 QIV QIII QIV A B C C/A C/B Total Capital 19,440,089.7 20,911,888.5 27,875,026.1 43.4 33.3 Saving 44,714,061.1 50,983,126.8 52,404,252.3 17.2 2.8 Credit 64,901,669.5 64,309,039.7 69,275,733.1 6.7 7.7 Total Assets 92,200,086.4 100,522,180.0 104,960,572.8 13.8 4.4 % Change Particulars 2020/21

Source: Microfinance Supervision Directorate, NBE 4.5. Activities of the Banking System 4.5.1. Resource Mobilization Total resources mobilized by the banking system (the sum of net change in deposit, loans collected and net change in borrowings) surged 43.8 percent over last year owing to policies that restrict cash holding and cash withdrawal levels as well as currency demonetization that helped higher deposit mobilization through the banking system (Table4.8).

32 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 35 Fourth Quarter 2020/21 Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Qtr.IV 2019/20 Qtr.III 2020/21 Qtr.IV 2020/21 A B C C/A C/B 1.Deposits (net change) 19,225.1 37,135.2 35,175.3 55,348.1 52,216.0 54,400.4 92,483.2 77.1 70.0 -Demand -7,675.9 6,143.0 9,060.7 18,633.5 6,083.9 1,384.9 24,776.5 307.2 1,689.1 -Saving 25,612.7 34,391.0 24,886.1 34,294.3 38,854.8 50,498.7 68,685.3 76.8 36.0 -Time 1,288.3 -3,398.8 1,228.6 2,420.3 7,277.2 2,516.8 -978.5 -113.4 -138.9 2. Borrowing (net change) 1,231.5 1,351.7 0.0 0.0 2,889.8 1,231.5 1,351.7 -53.2 9.8 -Local 831.6 170.0 2,602.8 831.6 170.0 -93.5 -79.6 -Foreign 399.9 1,181.6 0.0 0.0 287.0 399.9 1,181.6 311.8 195.5 3. Collection of Loans 12,985.0 24,638.1 30,838.7 42,904.3 57,081.1 43,823.7 67,542.4 18.3 54.1 4. Total Resources Mobilized (1+2+3) 33,441.5 63,124.9 66,014.0 98,252.4 112,186.8 99,455.5 161,377.3 43.8 62.3 5. Disbursement 21,903.0 42,122.2 46,258.9 63,758.6 63,710.5 68,161.9 105,880.7 66.2 55.3 6. Change in Liquidity (4-5) 11,538.5 21,002.7 19,755.1 34,493.8 48,476.4 31,293.6 55,496.5 14.5 77.3 Memorandum Item: Outstanding Credit* 748,138.2 763,657.4 476,237.5 519,626.4 1,032,203.0 1,224,375.7 1,283,283.8 24.3 4.8 Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.III 2020/21 Qtr.IV 2020/21 Qtr.III 2020/21 Qtr.IV 2020/21 Source: Commercial Banks and staff computation Notes: *Includes corporate bonds of Commercial Bank of Ethiopia Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans

20,000.00 40,000.00 60,000.00 80,000.00 100,000.00 120,000.00 140,000.00 160,000.00 180,000.00 I II III IV I II III IV I II III IV I II III IV 2017/18 2018/19 2019/20 2020/21 In Millions of Birr Total Resource Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: Staff computation 36 Fourth Quarter 2020/21 4.5.1.1. Deposit Mobilization Total deposit liability of the banking system reached Birr 1.4 trillion indicating 30.3 percent annual growth. Demand deposits, which accounted for 32.4 percent of the total deposits and reached Birr 439.8 billion showing a 23.4 percent year-on-year growth while saving deposits went up by 38.7 percent to Birr 817.6 billion and accounted for 60.3 percent of the total deposits. Time deposits, which constituted 7.3 percent of the total deposit liabilities, increased by 3.9 percent to Birr 99.4 billion. The share of state owned banks in total deposit mobilization was 54.3 percent and that of private banks 45.7 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 2019/20 2020/21 2020/21 A B C Demand Deposit 356,328.6 34.2 415,054.6 32.8 439,831.1 32.4 23.4 6.0 Saving Deposit 589,465.0 56.6 748,934.5 59.2 817,619.8 60.3 38.7 9.2 Time Deposit 95,616.7 9.2 100,349.9 7.9 99,371.4 7.3 3.9 (1.0) Total 1,041,410.3 100.0 1,264,339.1 100.0 1,356,822.3 100.0 30.3 7.3 Share of State owned Banks 57.4 55.4 54.3 Share of Private Banks 42.6 44.6 45.7 C/A C/B % Share Deposit by types % Share % Share Source: Commercial Banks and DBE 36 Fourth Quarter 2020/21 4.5.1.1. Deposit Mobilization Total deposit liability of the banking system reached Birr 1.4 trillion indicating 30.3 percent annual growth. Demand deposits, which accounted for 32.4 percent of the total deposits and reached Birr 439.8 billion showing a 23.4 percent year-on-year growth while saving deposits went up by 38.7 percent to Birr 817.6 billion and accounted for 60.3 percent of the total deposits. Time deposits, which constituted 7.3 percent of the total deposit liabilities, increased by 3.9 percent to Birr 99.4 billion. The share of state owned banks in total deposit mobilization was 54.3 percent and that of private banks 45.7 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 2019/20 2020/21 2020/21 A B C Demand Deposit 356,328.6 34.2 415,054.6 32.8 439,831.1 32.4 23.4 6.0 Saving Deposit 589,465.0 56.6 748,934.5 59.2 817,619.8 60.3 38.7 9.2 Time Deposit 95,616.7 9.2 100,349.9 7.9 99,371.4 7.3 3.9 (1.0) Total 1,041,410.3 100.0 1,264,339.1 100.0 1,356,822.3 100.0 30.3 7.3 Share of State owned Banks 57.4 55.4 54.3 Share of Private Banks 42.6 44.6 45.7 C/A C/B % Share Deposit by types % Share % Share Source: Commercial Banks and DBE Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In millions of USD) Particulars Public Banks Private Banks Grand Total 1 2 (3) = (1) + (2) % Change Qtr.III 2020/21 Qtr.IV 2020/21 Qtr.III 2020/21 Qtr.IV 2020/21 Qtr.IV 2019/20 Qtr.III 2020/21 Qtr.IV 2020/21 A B C C/A C/B 1.Deposits (net change) 19,225.1 37,135.2 35,175.3 55,348.1 52,216.0 54,400.4 92,483.2 77.1 70.0 -Demand -7,675.9 6,143.0 9,060.7 18,633.5 6,083.9 1,384.9 24,776.5 307.2 1,689.1 -Saving 25,612.7 34,391.0 24,886.1 34,294.3 38,854.8 50,498.7 68,685.3 76.8 36.0 -Time 1,288.3 -3,398.8 1,228.6 2,420.3 7,277.2 2,516.8 -978.5 -113.4 -138.9 2. Borrowing (net change) 1,231.5 1,351.7 0.0 0.0 2,889.8 1,231.5 1,351.7 -53.2 9.8 -Local 831.6 170.0 2,602.8 831.6 170.0 -93.5 -79.6 -Foreign 399.9 1,181.6 0.0 0.0 287.0 399.9 1,181.6 311.8 195.5 3. Collection of Loans 12,985.0 24,638.1 30,838.7 42,904.3 57,081.1 43,823.7 67,542.4 18.3 54.1 4. Total Resources Mobilized (1+2+3) 33,441.5 63,124.9 66,014.0 98,252.4 112,186.8 99,455.5 161,377.3 43.8 62.3 5. Disbursement 21,903.0 42,122.2 46,258.9 63,758.6 63,710.5 68,161.9 105,880.7 66.2 55.3 6. Change in Liquid￾ity (4-5) 11,538.5 21,002.7 19,755.1 34,493.8 48,476.4 31,293.6 55,496.5 14.5 77.3 Memorandum Item: Outstanding Credit* 748,138.2 763,657.4 476,237.5 519,626.4 1,032,203.0 1,224,375.7 1,283,283.8 24.3 4.8 Source: Commercial Banks and staff computation Notes: *Excludes government borrowing in the form of bonds and treasury bills from commercial banks and other sectors other than NBE

Fourth Quarter 2020/21 | 33 National Bank of Ethiopia Quarterly Bulletin 35 Fourth Quarter 2020/21 Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Qtr.IV 2019/20 Qtr.III 2020/21 Qtr.IV 2020/21 A B C C/A C/B 1.Deposits (net change) 19,225.1 37,135.2 35,175.3 55,348.1 52,216.0 54,400.4 92,483.2 77.1 70.0 -Demand -7,675.9 6,143.0 9,060.7 18,633.5 6,083.9 1,384.9 24,776.5 307.2 1,689.1 -Saving 25,612.7 34,391.0 24,886.1 34,294.3 38,854.8 50,498.7 68,685.3 76.8 36.0 -Time 1,288.3 -3,398.8 1,228.6 2,420.3 7,277.2 2,516.8 -978.5 -113.4 -138.9 2. Borrowing (net change) 1,231.5 1,351.7 0.0 0.0 2,889.8 1,231.5 1,351.7 -53.2 9.8 -Local 831.6 170.0 2,602.8 831.6 170.0 -93.5 -79.6 -Foreign 399.9 1,181.6 0.0 0.0 287.0 399.9 1,181.6 311.8 195.5 3. Collection of Loans 12,985.0 24,638.1 30,838.7 42,904.3 57,081.1 43,823.7 67,542.4 18.3 54.1 4. Total Resources Mobilized (1+2+3) 33,441.5 63,124.9 66,014.0 98,252.4 112,186.8 99,455.5 161,377.3 43.8 62.3 5. Disbursement 21,903.0 42,122.2 46,258.9 63,758.6 63,710.5 68,161.9 105,880.7 66.2 55.3 6. Change in Liquidity (4-5) 11,538.5 21,002.7 19,755.1 34,493.8 48,476.4 31,293.6 55,496.5 14.5 77.3 Memorandum Item: Outstanding Credit* 748,138.2 763,657.4 476,237.5 519,626.4 1,032,203.0 1,224,375.7 1,283,283.8 24.3 4.8 Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.III 2020/21 Qtr.IV 2020/21 Qtr.III 2020/21 Qtr.IV 2020/21 Source: Commercial Banks and staff computation Notes: *Includes corporate bonds of Commercial Bank of Ethiopia Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans

20,000.00 40,000.00 60,000.00 80,000.00 100,000.00 120,000.00 140,000.00 160,000.00 180,000.00 I II III IV I II III IV I II III IV I II III IV 2017/18 2018/19 2019/20 2020/21 In Millions of Birr Total Resource Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: Staff computation 36 Fourth Quarter 2020/21 4.5.1.1. Deposit Mobilization Total deposit liability of the banking system reached Birr 1.4 trillion indicating 30.3 percent annual growth. Demand deposits, which accounted for 32.4 percent of the total deposits and reached Birr 439.8 billion showing a 23.4 percent year-on-year growth while saving deposits went up by 38.7 percent to Birr 817.6 billion and accounted for 60.3 percent of the total deposits. Time deposits, which constituted 7.3 percent of the total deposit liabilities, increased by 3.9 percent to Birr 99.4 billion. The share of state owned banks in total deposit mobilization was 54.3 percent and that of private banks 45.7 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 2019/20 2020/21 2020/21 A B C Demand Deposit 356,328.6 34.2 415,054.6 32.8 439,831.1 32.4 23.4 6.0 Saving Deposit 589,465.0 56.6 748,934.5 59.2 817,619.8 60.3 38.7 9.2 Time Deposit 95,616.7 9.2 100,349.9 7.9 99,371.4 7.3 3.9 (1.0) Total 1,041,410.3 100.0 1,264,339.1 100.0 1,356,822.3 100.0 30.3 7.3 Share of State owned Banks 57.4 55.4 54.3 Share of Private Banks 42.6 44.6 45.7 C/A C/B % Share Deposit by types % Share % Share Source: Commercial Banks and DBE 36 Fourth Quarter 2020/21 4.5.1.1. Deposit Mobilization Total deposit liability of the banking system reached Birr 1.4 trillion indicating 30.3 percent annual growth. Demand deposits, which accounted for 32.4 percent of the total deposits and reached Birr 439.8 billion showing a 23.4 percent year-on-year growth while saving deposits went up by 38.7 percent to Birr 817.6 billion and accounted for 60.3 percent of the total deposits. Time deposits, which constituted 7.3 percent of the total deposit liabilities, increased by 3.9 percent to Birr 99.4 billion. The share of state owned banks in total deposit mobilization was 54.3 percent and that of private banks 45.7 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 2019/20 2020/21 2020/21 A B C Demand Deposit 356,328.6 34.2 415,054.6 32.8 439,831.1 32.4 23.4 6.0 Saving Deposit 589,465.0 56.6 748,934.5 59.2 817,619.8 60.3 38.7 9.2 Time Deposit 95,616.7 9.2 100,349.9 7.9 99,371.4 7.3 3.9 (1.0) Total 1,041,410.3 100.0 1,264,339.1 100.0 1,356,822.3 100.0 30.3 7.3 Share of State owned Banks 57.4 55.4 54.3 Share of Private Banks 42.6 44.6 45.7 C/A C/B % Share Deposit by types % Share % Share Source: Commercial Banks and DBE Table 4.9: Stock of Deposits Mobilized by the Banking System (In millions of USD) Deposit by types Quarter IV 2019/20 % Share Quarter III 2020/21 % Share Quarter IV 2020/21 % Share C/A C/B A B C Demand Deposit 356,328.6 34.2 415,054.6 32.8 439,831.1 32.4 23.4 6.0 Saving Deposit 589,465.0 56.6 748,934.5 59.2 817,619.8 60.3 38.7 9.2 Time Deposit 95,616.7 9.2 100,349.9 7.9 99,371.4 7.3 3.9 (1.0) Total 1,041,410.3 100.0 1,264,339.1 100.0 1,356,822.3 100.0 30.3 7.3 Share of State owned Banks 57.4 55.4 54.3 Share of Private Banks 42.6 44.6 45.7 Source: Commercial Banks and DBE

34 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 37 Fourth Quarter 2020/21 Fig.IV.10: Quarterly Growth of Banks’ Deposit Liabilities by Ownership -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 I II III IV I II III IV I II III IV I II III IV 2017/18 2018/19 2019/20 2020/21 In percent State Owned Banks Private Banks All Banks Source: Staff Computation, NBE 4.5.1.2. Collection of Loans During the review period, banks collected loans (including corporate bonds) close to Birr 67.5 billion; about 18.3 percent higher than last year same quarter (Table 4.8). About 63.5 percent of the total loan was collected by private banks and 36.5 percent by state owned banks whereby 95.3 percent of the total loan was collected from cooperatives and private enterprises (Table 4.12). 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 84.2 billion, showing 4.6 percent annual growth. Of the total borrowing, Birr 68.5 billion (81.3 percent) was from domestic and Birr 15.7 billion (18.7 percent) from external sources (Table 4.10). 38 Fourth Quarter 2020/21 Table 4.10: Banks’ Outstanding Borrowing by Sources (In Millions of Birr) 2019/20 Quarter IV Quarter III Quarter IV A B C C/B C/A Domestic Borrowing 68,416.9 68,296.3 68,466.3 0.2 0.1 Foreign Borrowing 12,026.0 14,534.3 15,716.0 8.1 30.7 Total 80,442.9 82,830.6 84,182.3 1.6 4.6 Borrowings Percentage change 2020/21 Source: Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 105.9 billion was disbursed in fresh loans (including CBE bond purchases), indicating 66.2 percent annual growth. Of the total new loans disbursed, the share of state owned banks was 39.8 percent with private banks taking up 60.2 percent (Table 4.12). The major beneficiaries of the fresh loans were industry (Birr 27.9 billion or 26.4 percent), international trade (Birr 23.6 billion or 22.3 percent), agriculture (Birr 14.5 billion or 13.7 percent), domestic trade (Birr 10.6 billion or 10 percent), housing & construction (Birr 9.8 billion or 9.2 percent), and personal (Birr 8.2 billion or 7.7 percent). The remaining balance was taken by other sectors (Table4.11). 4.5.1.2. Collection of Loans During the review period, banks collected loans (including corporate bonds) close to Birr 67.5 billion; about 18.3 percent higher than last year same quarter (Table 4.8). About 63.5 percent of the total loan was collected by private banks and 36.5 percent by state owned banks whereby 95.3 percent of the total loan was collected from cooperatives and private enterprises (Table 4.12). 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 84.2 billion, showing 4.6 percent annual growth. Of the total borrowing, Birr 68.5 billion (81.3 percent) was from domestic and Birr 15.7 billion (18.7 percent) from external sources (Table 4.10).

Fourth Quarter 2020/21 | 35 National Bank of Ethiopia Quarterly Bulletin 38 Fourth Quarter 2020/21 Table 4.10: Banks’ Outstanding Borrowing by Sources (In Millions of Birr) 2019/20 Quarter IV Quarter III Quarter IV A B C C/B C/A Domestic Borrowing 68,416.9 68,296.3 68,466.3 0.2 0.1 Foreign Borrowing 12,026.0 14,534.3 15,716.0 8.1 30.7 Total 80,442.9 82,830.6 84,182.3 1.6 4.6 Borrowings Percentage change 2020/21 Source: Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 105.9 billion was disbursed in fresh loans (including CBE bond purchases), indicating 66.2 percent annual growth. Of the total new loans disbursed, the share of state owned banks was 39.8 percent with private banks taking up 60.2 percent (Table 4.12). The major beneficiaries of the fresh loans were industry (Birr 27.9 billion or 26.4 percent), international trade (Birr 23.6 billion or 22.3 percent), agriculture (Birr 14.5 billion or 13.7 percent), domestic trade (Birr 10.6 billion or 10 percent), housing & construction (Birr 9.8 billion or 9.2 percent), and personal (Birr 8.2 billion or 7.7 percent). The remaining balance was taken by other sectors (Table4.11). Table 4.10: Banks’ Outstanding Borrowing by Sources (In millions of USD) Borrowings 2019/20 2020/21 Percentage change Quarter IV Quarter III Quarter IV A B C C/B C/A Domestic Borrowing 68,416.9 68,296.3 68,466.3 0.2 0.1 Foreign Borrowing 12,026.0 14,534.3 15,716.0 8.1 30.7 Total 80,442.9 82,830.6 84,182.3 1.6 4.6 Source: Development Bank of Ethiopia

36 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin 39 Fourth Quarter 2020/21 Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership

20,000.00 40,000.00 60,000.00 80,000.00 100,000.00 120,000.00 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2017/18 2018/19 2019/20 2020/21 Value in Million Birr Years/Quarters Total State Owned Banks Private Banks Source: Commercial Banks and Development Bank of Ethiopia 40 Fourth Quarter 2020/21 Table 4.11: Banking Loans & advances by Sectors (including corporate bond) in QIV-2020/21 (In Millions of Birr) D* C* O/S* D* C* O/S * D* C* O/S* Corporate Bonds 4,153 2,105 444,872 - - - 4,153 2,105 444,872 Agriculture 13,409 12,558 25,750 1,092 370 6,074 14,501 12,928 31,824 Industry 18,352 4,575 190,908 9,596 4,780 82,076 27,948 9,355 272,984 Domestic Trade 827 1,159 8,190 9,804 9,432 106,899 10,630 10,591 115,088 International Trade 178 460 23,628 23,389 18,450 173,655 23,567 18,910 197,283 Export 173 399 10,703 18,996 14,805 125,219 19,169 15,204 135,921 Imports 5 61 12,925 4,393 3,645 48,437 4,398 3,706 61,361 Hotels and Tourism 192 571 4,301 2,259 1,043 21,662 2,451 1,613 25,964 Transport & Communication 17 78 72,578 1,995 1,329 12,597 2,013 1,407 85,175 Housing & Construction 994 2,042 67,674 8,779 4,999 72,898 9,774 7,041 140,572 Mines, Power & Water Res. 4,250 424 322,054 41 37 468 4,291 461 322,522 Others 1,569 814 17,068 955 497 5,239 2,525 1,310 22,306 Personal 2,332 1,958 31,508 5,849 1,970 38,057 8,181 3,927 69,565 Total 42,122 24,638 763,657 63,759 42,904 519,626 105,881 67,542 1,283,284 Borrowing Sector Public Banks Private Banks Total (1) (2) (3) D*= Disbursement, C*= Collection, O/S*= Outstanding Credit 4.5.3. Outstanding Credit Total outstanding credit of the banking system (including corporate bond) went up by 24.3 percent to Birr 1.3 trillion. About 99.7 percent of the total outstanding credit of private banks was claims on the private sector (including comparatives) while claims of state owned banks’ on private sector stood at 19.9 percent (Table 4.12). ‘Mines, power & water resource’ sector is the major holder of the outstanding credit with Birr 322.5 billion (25.1 percent) followed by Industry (Birr 273 billion or 21.3 percent), International trade (Birr 41 Fourth Quarter 2020/21 197.3 billion or 15.4 percent), Housing & construction (Birr 140.6 billion or 11.0 percent), Domestic trade (Birr 115.1 billion or 9 percent), Transport & communication (Birr 85.2 billion or 6.6 percent) and other economic sectors took the remaining balance (Table 4.11). Table 4.12: Breakdown of Banking System Credit by Clients (In Millions of Birr) Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share State Owned Banks 42,122.2 39.8 24,638.1 36.5 763,657.4 59.5 Corporate Bonds* 4,153.4 0.0 2,105.4 0.0 444,871.7 58.3 State Enterprises 16,707.6 39.7 1,027.7 4.2 166,391.4 21.8 Cooperatives 14,335.1 34.0 12,553.7 51.0 23,737.4 3.1 Private Enterprises 6,926.1 16.4 8,951.2 36.3 128,656.9 16.8 Private Banks 63,758.6 60.2 42,904.3 63.5 519,626.4 40.5 State Enterprises 229.6 0.4 60.9 0.1 1,511.2 0.3 Cooperatives 492.6 0.8 613.5 1.4 5,392.4 1.0 Private Enterprises 63,036.4 98.9 42,230.0 98.4 512,722.7 98.7 Grand Total 105,880.7 100.0 67,542.4 100.0 1,283,283.8 100.0 Source: Commercial banks and staff computation Notes: *Corporate Bonds of Commercial Bank of Ethiopia Fig.IV.12: Share of State Owned and Private Banks in Outstanding Credit 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 2017/18 2018/19 2019/20 2020/21 Value in Percent Years/Quarters Total State Owned Total Private

Source: Staff computation, NBE Table 4.11: Banking Loans & advances by Sectors (including corporate bond) in QIV-2020/21 (In millions of USD) Borrowing Sector Public Banks Private Banks Total (1) (2) (3) D* C* O/S* D* C* O/S * D* C* O/S* Corporate Bonds 4,153 2,105 444,872 - - - 4,153 2,105 444,872 Agriculture 13,409 12,558 25,750 1,092 370 6,074 14,501 12,928 31,824 Industry 18,352 4,575 190,908 9,596 4,780 82,076 27,948 9,355 272,984 Domestic Trade 827 1,159 8,190 9,804 9,432 106,899 10,630 10,591 115,088 International Trade 178 460 23,628 23,389 18,450 173,655 23,567 18,910 197,283 Export 173 399 10,703 18,996 14,805 125,219 19,169 15,204 135,921 Imports 5 61 12,925 4,393 3,645 48,437 4,398 3,706 61,361 Hotels and Tourism 192 571 4,301 2,259 1,043 21,662 2,451 1,613 25,964 Transport & Communication 17 78 72,578 1,995 1,329 12,597 2,013 1,407 85,175 Housing & Construction 994 2,042 67,674 8,779 4,999 72,898 9,774 7,041 140,572 Mines, Power & Wa￾ter Res. 4,250 424 322,054 41 37 468 4,291 461 322,522 Others 1,569 814 17,068 955 497 5,239 2,525 1,310 22,306 Personal 2,332 1,958 31,508 5,849 1,970 38,057 8,181 3,927 69,565 Total 42,122 24,638 763,657 63,759 42,904 519,626 105,881 67,542 1,283,284 D*= Disbursement, C*= Collection, O/S*= Outstanding Credit

Fourth Quarter 2020/21 | 37 National Bank of Ethiopia Quarterly Bulletin 40 Fourth Quarter 2020/21 Table 4.11: Banking Loans & advances by Sectors (including corporate bond) in QIV-2020/21 (In Millions of Birr) D* C* O/S* D* C* O/S * D* C* O/S* Corporate Bonds 4,153 2,105 444,872 - - - 4,153 2,105 444,872 Agriculture 13,409 12,558 25,750 1,092 370 6,074 14,501 12,928 31,824 Industry 18,352 4,575 190,908 9,596 4,780 82,076 27,948 9,355 272,984 Domestic Trade 827 1,159 8,190 9,804 9,432 106,899 10,630 10,591 115,088 International Trade 178 460 23,628 23,389 18,450 173,655 23,567 18,910 197,283 Export 173 399 10,703 18,996 14,805 125,219 19,169 15,204 135,921 Imports 5 61 12,925 4,393 3,645 48,437 4,398 3,706 61,361 Hotels and Tourism 192 571 4,301 2,259 1,043 21,662 2,451 1,613 25,964 Transport & Communication 17 78 72,578 1,995 1,329 12,597 2,013 1,407 85,175 Housing & Construction 994 2,042 67,674 8,779 4,999 72,898 9,774 7,041 140,572 Mines, Power & Water Res. 4,250 424 322,054 41 37 468 4,291 461 322,522 Others 1,569 814 17,068 955 497 5,239 2,525 1,310 22,306 Personal 2,332 1,958 31,508 5,849 1,970 38,057 8,181 3,927 69,565 Total 42,122 24,638 763,657 63,759 42,904 519,626 105,881 67,542 1,283,284 Borrowing Sector Public Banks Private Banks Total (1) (2) (3) D*= Disbursement, C*= Collection, O/S*= Outstanding Credit 4.5.3. Outstanding Credit Total outstanding credit of the banking system (including corporate bond) went up by 24.3 percent to Birr 1.3 trillion. About 99.7 percent of the total outstanding credit of private banks was claims on the private sector (including comparatives) while claims of state owned banks’ on private sector stood at 19.9 percent (Table 4.12). ‘Mines, power & water resource’ sector is the major holder of the outstanding credit with Birr 322.5 billion (25.1 percent) followed by Industry (Birr 273 billion or 21.3 percent), International trade (Birr Total outstanding credit of the banking system (including corporate bond) went up by 24.3 percent to Birr 1.3 trillion. About 99.7 percent of the total outstanding credit of private banks was claims on the private sector (including comparatives) while claims of state owned banks’ on private sector stood at 19.9 percent (Table 4.12). ‘Mines, power & water resource’ sector is the major holder of the outstanding credit with Birr 322.5 billion (25.1 percent) followed by Industry (Birr 273 billion or 21.3 percent), International trade (Birr 197.3 billion or 15.4 percent), Housing & construction (Birr 140.6 billion or 11.0 percent), Domestic trade (Birr 115.1 billion or 9 percent), Transport & communication (Birr 85.2 billion or 6.6 percent) and other economic sectors took the remaining balance (Table 4.11). 41 Fourth Quarter 2020/21 197.3 billion or 15.4 percent), Housing & construction (Birr 140.6 billion or 11.0 percent), Domestic trade (Birr 115.1 billion or 9 percent), Transport & communication (Birr 85.2 billion or 6.6 percent) and other economic sectors took the remaining balance (Table 4.11). Table 4.12: Breakdown of Banking System Credit by Clients (In Millions of Birr) Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share State Owned Banks 42,122.2 39.8 24,638.1 36.5 763,657.4 59.5 Corporate Bonds* 4,153.4 0.0 2,105.4 0.0 444,871.7 58.3 State Enterprises 16,707.6 39.7 1,027.7 4.2 166,391.4 21.8 Cooperatives 14,335.1 34.0 12,553.7 51.0 23,737.4 3.1 Private Enterprises 6,926.1 16.4 8,951.2 36.3 128,656.9 16.8 Private Banks 63,758.6 60.2 42,904.3 63.5 519,626.4 40.5 State Enterprises 229.6 0.4 60.9 0.1 1,511.2 0.3 Cooperatives 492.6 0.8 613.5 1.4 5,392.4 1.0 Private Enterprises 63,036.4 98.9 42,230.0 98.4 512,722.7 98.7 Grand Total 105,880.7 100.0 67,542.4 100.0 1,283,283.8 100.0 Source: Commercial banks and staff computation Notes: *Corporate Bonds of Commercial Bank of Ethiopia Fig.IV.12: Share of State Owned and Private Banks in Outstanding Credit 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 2017/18 2018/19 2019/20 2020/21 Value in Percent Years/Quarters Total State Owned Total Private

Source: Staff computation, NBE Table 4.12: Breakdown of Banking System Credit by Clients (In millions of USD) Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share State Owned Banks 42,122.2 39.8 24,638.1 36.5 763,657.4 59.5 Corporate Bonds* 4,153.4 0.0 2,105.4 0.0 444,871.7 58.3 State Enterprises 16,707.6 39.7 1,027.7 4.2 166,391.4 21.8 Cooperatives 14,335.1 34.0 12,553.7 51.0 23,737.4 3.1 Private Enterprises 6,926.1 16.4 8,951.2 36.3 128,656.9 16.8 Private Banks 63,758.6 60.2 42,904.3 63.5 519,626.4 40.5 State Enterprises 229.6 0.4 60.9 0.1 1,511.2 0.3 Cooperatives 492.6 0.8 613.5 1.4 5,392.4 1.0 Private Enterprises 63,036.4 98.9 42,230.0 98.4 512,722.7 98.7 Grand Total 105,880.7 100.0 67,542.4 100.0 1,283,283.8 100.0 Source: Commercial banks and staff computation Notes: *Corporate Bonds of Commercial Bank of Ethiopia

38 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2020/21 42 4.6. Financial Activities of NBE NBE’s gross claims on the central government as end June 2021 has reached Birr 281.9 billion, about 22.4 percent higher than a year earlier. Of this sum, government bonds accounted for 70.4 percent and direct advance 29.6 percent. Direct advance to the central government rose by 169.4 percent compared with last year due to law enforcement and COVID-19 expenditures. By end of June 2021, NBE’s deposit liabilities shrunk by 3.5 owing to a slowdown in banks’ reserve (Table 4.13). Table 4 .13: Financial Activities of NBE (In Millions of Birr) 2019/20 Qtr.IV Qtr.III Qtr.IV A B C C/A C/B 1.Loans and Advances 288,380.46 308,505.36 338,505.36 17.4 9.7 1.1. To Central Government 230,237.75 251,862.65 281,862.65 22.4 11.9 Direct Advances 31,000.00 53,500.00 83,500.00 169.4 56.1 Bonds 199,237.75 198,362.65 198,362.65 -0.4 0.0 1.2.To Development Bank of Ethiopia 58,142.71 56,642.71 56,642.71 -2.6 0.0 2.Deposit Liabilities 142,563.35 137,707.07 137,565.84 -3.5 -0.1 2.1. Government 34,526.76 30,602.71 36,843.46 6.7 20.4 2.2. Financial Institutions 108,036.59 107,104.36 100,722.38 -6.8 -6.0 O/W: -Banks 108,028.03 107,098.66 100,710.32 -6.8 -6.0 -Insurance companies 8.6 5.7 12.1 40.9 111.5 3.Net Claims of NBE(1-2) 145,817.1 170,798.3 200,939.5 37.8 17.6 % Change Particulars 2020/21 Source: National Bank of Ethiopia (NBE) National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2020/21 42 4.6. Financial Activities of NBE NBE’s gross claims on the central government as end June 2021 has reached Birr 281.9 billion, about 22.4 percent higher than a year earlier. Of this sum, government bonds accounted for 70.4 percent and direct advance 29.6 percent. Direct advance to the central government rose by 169.4 percent compared with last year due to law enforcement and COVID-19 expenditures. By end of June 2021, NBE’s deposit liabilities shrunk by 3.5 owing to a slowdown in banks’ reserve (Table 4.13). Table 4 .13: Financial Activities of NBE (In Millions of Birr) 2019/20 Qtr.IV Qtr.III Qtr.IV A B C C/A C/B 1.Loans and Advances 288,380.46 308,505.36 338,505.36 17.4 9.7 1.1. To Central Government 230,237.75 251,862.65 281,862.65 22.4 11.9 Direct Advances 31,000.00 53,500.00 83,500.00 169.4 56.1 Bonds 199,237.75 198,362.65 198,362.65 -0.4 0.0 1.2.To Development Bank of Ethiopia 58,142.71 56,642.71 56,642.71 -2.6 0.0 2.Deposit Liabilities 142,563.35 137,707.07 137,565.84 -3.5 -0.1 2.1. Government 34,526.76 30,602.71 36,843.46 6.7 20.4 2.2. Financial Institutions 108,036.59 107,104.36 100,722.38 -6.8 -6.0 O/W: -Banks 108,028.03 107,098.66 100,710.32 -6.8 -6.0 -Insurance companies 8.6 5.7 12.1 40.9 111.5 3.Net Claims of NBE(1-2) 145,817.1 170,798.3 200,939.5 37.8 17.6 % Change Particulars 2020/21 Source: National Bank of Ethiopia (NBE) National Bank of Ethiopia Quarterly Bulletin 43 Fourth Quarter 2020/21 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market The amount of T-bills supplied to the bi-weekly T-bills auction during the fourth quarter of the fiscal year 2020/21, reached Birr 130.0 billion, reflecting a 367.8 percent increment over last year same period. Similarly, the demand for T￾bills rose 376.1 percent relative to a year earlier to Birr 126.8 billion (Table 14.4). Thus, the value of T￾bills sold stood at Birr 110.6 billion, about 438.4 percent higher than last year same quarter. Non-bank institutions bought T-bills worth Birr 57.3 billion while the share of banks was Birr 53.2 billion. In addition, Birr 82.2 billion (net of redemption) was mobilized to finance government operations using T-bills auctions during the recent quarter. Hence, total outstanding T-bills reached Birr 116.6 billion, reflecting a 309.4 percent increase over last year. The average weighted T-bills yield during the review quarter was 9.970 percent compared to 6.604 percent a year earlier. This was mainly due to policy change on issuance of T-bills (Table 4.14). Table 4 .13: Financial Activities of NBE (In millions of USD) Particulars 2019/20 2020/21 % Change Qtr.IV Qtr.III Qtr.IV A B C C/A C/B

1. Loans and Advances 288,380.46 308,505.36 338,505.36 17.4 9.7 1.1. To Central Government 230,237.75 251,862.65 281,862.65 22.4 11.9 Direct Advances 31,000.00 53,500.00 83,500.00 169.4 56.1 Bonds 199,237.75 198,362.65 198,362.65 -0.4 0.0 1.2. To Development Bank of Ethiopia 58,142.71 56,642.71 56,642.71 -2.6 0.0
2. Deposit Liabilities 142,563.35 137,707.07 137,565.84 -3.5 -0.1 2.1. Government 34,526.76 30,602.71 36,843.46 6.7 20.4 2.2. Financial Institutions 108,036.59 107,104.36 100,722.38 -6.8 -6.0 O/W: -Banks 108,028.03 107,098.66 100,710.32 -6.8 -6.0 -Insurance companies 8.6 5.7 12.1 40.9 111.5
3. Net Claims of NBE(1-2) 145,817.1 170,798.3 200,939.5 37.8 17.6 Source: National Bank of Ethiopia (NBE)

Fourth Quarter 2020/21 | 39 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 43 Fourth Quarter 2020/21 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market The amount of T-bills supplied to the bi-weekly T-bills auction during the fourth quarter of the fiscal year 2020/21, reached Birr 130.0 billion, reflecting a 367.8 percent increment over last year same period. Similarly, the demand for T￾bills rose 376.1 percent relative to a year earlier to Birr 126.8 billion (Table 14.4). Thus, the value of T￾bills sold stood at Birr 110.6 billion, about 438.4 percent higher than last year same quarter. Non-bank institutions bought T-bills worth Birr 57.3 billion while the share of banks was Birr 53.2 billion. In addition, Birr 82.2 billion (net of redemption) was mobilized to finance government operations using T-bills auctions during the recent quarter. Hence, total outstanding T-bills reached Birr 116.6 billion, reflecting a 309.4 percent increase over last year. The average weighted T-bills yield during the review quarter was 9.970 percent compared to 6.604 percent a year earlier. This was mainly due to policy change on issuance of T-bills (Table 4.14).

40 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 44 Fourth Quarter 2020/21 Source: National Bank of Ethiopia (NBE) Fig.IV.13: Development in Treasury- bills Markets Source NBE Fig.IV.14: Developments in Average weighted Yields of T-bills

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 IV I II III IV I II III IV I II III IV I II III IV 2017/18 2018/19 2019/20 2020/21 Supply Demand 0 2.5 5 7.5 10 IV I II III IV I II III IV I II III IV I II III IV 2017/18 2018/19 2019/20 2020/21 (In percent) 28-day 91-day 182-day 364-day

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 IV I II III IV I II III IV I II III IV I II III IV 2017/18 2018/19 2019/20 2020/21 Supply Demand National Bank of Ethiopia Quarterly Bulletin 44 Fourth Quarter 2020/21 Source: National Bank of Ethiopia (NBE) Fig.IV.13: Development in Treasury- bills Markets Source NBE Fig.IV.14: Developments in Average weighted Yields of T-bills

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 IV I II III IV I II III IV I II III IV I II III IV 2017/18 2018/19 2019/20 2020/21 Supply Demand 0 2.5 5 7.5 10 IV I II III IV I II III IV I II III IV I II III IV 2017/18 2018/19 2019/20 2020/21 (In percent) 28-day 91-day 182-day 364-day

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 IV I II III IV I II III IV I II III IV I II III IV 2017/18 2018/19 2019/20 2020/21 Supply Demand National Bank of Ethiopia Quarterly Bulletin 45 Fourth Quarter 2020/21 Source NBE 4.7.2. Inter- Bank Money Market No inter-bank money market transactions were conducted during the 4th quarter of 2020/21. 4.7.3. Corporate Bond Market Although, corporate bond market is not well developed in Ethiopia, few public institutions and regional governments have continued to play a pivotal role in the corporate bond market. The sole purchaser of these bonds is the Commercial Bank of Ethiopia (CBE). Accordingly, CBE has purchased corporate bonds worth Birr 4.2 billion, which, were solely issued by Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) during the review quarter. At the same time, the amount of corporate bonds redeemed reached Birr 2.1 billion, of which Birr 1.8 billion was by the Addis Ababa, city administration and Birr 334.4 million was by EEP&EEU. At the end of June 2021, the stock of corporate bonds held by the CBE stood at Birr 444.9 billion, of which 88.2 percent was a claim on public enterprises, while the remaining balance was held by regional governments (Table 4.15). Corporate bonds issued by EEP&EEU accounted 72.1 percent of the total outstanding corporate bond balance.

0 2.5 5 7.5 10 4.9238 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 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day National Bank of Ethiopia Quarterly Bulletin 45 Fourth Quarter 2020/21 Source NBE 4.7.2. Inter- Bank Money Market No inter-bank money market transactions were conducted during the 4th quarter of 2020/21. 4.7.3. Corporate Bond Market Although, corporate bond market is not well developed in Ethiopia, few public institutions and regional governments have continued to play a pivotal role in the corporate bond market. The sole purchaser of these bonds is the Commercial Bank of Ethiopia (CBE). Accordingly, CBE has purchased corporate bonds worth Birr 4.2 billion, which, were solely issued by Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) during the review quarter. At the same time, the amount of corporate bonds redeemed reached Birr 2.1 billion, of which Birr 1.8 billion was by the Addis Ababa, city administration and Birr 334.4 million was by EEP&EEU. At the end of June 2021, the stock of corporate bonds held by the CBE stood at Birr 444.9 billion, of which 88.2 percent was a claim on public enterprises, while the remaining balance was held by regional governments (Table 4.15). Corporate bonds issued by EEP&EEU accounted 72.1 percent of the total outstanding corporate bond balance.

0 2.5 5 7.5 10 4.9238 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 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day Table 4.14: Results of Treasury Bills Auction (In Millions of Birr) 2019/20 2020/21 Change % Quarter IV Quarter III Quarter IV A B C C/A C/B Number of Bidders 41.00 55.00 107.00 160.98 94.55 Public 21.00 25.00 53.00 152.38 112.00 Private 20.00 30.00 54.00 0.00 80.00 Number of Bids received 50.00 55.00 107.00 114.00 94.55 Public 21.00 25.00 53.00 152.38 112.00 Private 29.00 30.00 54.00 86.21 80.00 (Amount Demanded (Mn. Birr 26,634.00 48,908.10 126,797.85 376.08 159.26 28-day bill 904.00 5,875.00 28,705.55 3075.39 388.61 91-day bill 17,150.00 20,876.00 55,231.30 222.05 164.57 182-day bill 8,580.00 10,083.70 24,067.00 180.50 138.67 364-day bill - 12,073.40 18,794.00 - 55.66 (Amount Supplied (Mn. Birr 27,791.00 100,000.00 130,000.00 367.78 30.00 28-day bill 660.00 5,100.00 22,000.00 3233.33 331.37 91-day bill 12,046.00 29,200.00 39,000.00 223.76 33.56 182-day bill 15,085.00 44,300.00 40,500.00 168.48 (8.58) 364-day bill - 21,400.00 28,500.00 - 33.18 (Amount Sold (Mn. Birr 20,534.00 48,633.10 110,553.85 438.39 127.32 Banks 5,644.00 19,980.00 53,214.55 842.85 166.34 Non-Banks 14,890.00 28,653.10 57,339.30 285.09 100.12 (Redemption (Mn. Birr 28,309.00 28,309.00 (%) Average Weighted Price for Successful bids 98.13 96.37 95.87 (2.31) -0.52 28-day bill 99.56 99.42 99.28 -0.28 -0.14 91-day bill 98.33 97.97 97.16 -1.19 -0.83 182-day bill 96.52 96.23 95.54 -1.01 -0.71 364-day bill - 91.86 91.49 - -0.41 (%) Average Weighted Yield for Successful bids 6.604 8.165 9.970 50.97 22.10 28-day bill 5.75 7.599 9.450 64.35 24.36 91-day bill 6.822 8.310 11.743 72.13 41.31 182-day bill 7.24 7.864 9.354 29.21 18.94 364-day bill - 8.888 9.332 - 5.00 (.Outstanding bills at the end of Period (Mn.Br 28,474.00 68,893.70 116,559.95 309.36 69.19 Banks 5,604.00 18,970.00 52,040.00 828.62 174.33 Non-Banks 22,870.00 49,923.70 64,519.95 182.12 29.24 Source: National Bank of Ethiopia (NBE)

Fourth Quarter 2020/21 | 41 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 44 Fourth Quarter 2020/21 Source: National Bank of Ethiopia (NBE) Fig.IV.13: Development in Treasury- bills Markets Source NBE Fig.IV.14: Developments in Average weighted Yields of T-bills

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 IV I II III IV I II III IV I II III IV I II III IV 2017/18 2018/19 2019/20 2020/21 Supply Demand 0 2.5 5 7.5 10 IV I II III IV I II III IV I II III IV I II III IV 2017/18 2018/19 2019/20 2020/21 (In percent) 28-day 91-day 182-day 364-day

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 IV I II III IV I II III IV I II III IV I II III IV 2017/18 2018/19 2019/20 2020/21 Supply Demand National Bank of Ethiopia Quarterly Bulletin 44 Fourth Quarter 2020/21 Source: National Bank of Ethiopia (NBE) Fig.IV.13: Development in Treasury- bills Markets Source NBE Fig.IV.14: Developments in Average weighted Yields of T-bills

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 IV I II III IV I II III IV I II III IV I II III IV 2017/18 2018/19 2019/20 2020/21 Supply Demand 0 2.5 5 7.5 10 IV I II III IV I II III IV I II III IV I II III IV 2017/18 2018/19 2019/20 2020/21 (In percent) 28-day 91-day 182-day 364-day

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 IV I II III IV I II III IV I II III IV I II III IV 2017/18 2018/19 2019/20 2020/21 Supply Demand National Bank of Ethiopia Quarterly Bulletin 45 Fourth Quarter 2020/21 Source NBE 4.7.2. Inter- Bank Money Market No inter-bank money market transactions were conducted during the 4th quarter of 2020/21. 4.7.3. Corporate Bond Market Although, corporate bond market is not well developed in Ethiopia, few public institutions and regional governments have continued to play a pivotal role in the corporate bond market. The sole purchaser of these bonds is the Commercial Bank of Ethiopia (CBE). Accordingly, CBE has purchased corporate bonds worth Birr 4.2 billion, which, were solely issued by Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) during the review quarter. At the same time, the amount of corporate bonds redeemed reached Birr 2.1 billion, of which Birr 1.8 billion was by the Addis Ababa, city administration and Birr 334.4 million was by EEP&EEU. At the end of June 2021, the stock of corporate bonds held by the CBE stood at Birr 444.9 billion, of which 88.2 percent was a claim on public enterprises, while the remaining balance was held by regional governments (Table 4.15). Corporate bonds issued by EEP&EEU accounted 72.1 percent of the total outstanding corporate bond balance.

0 2.5 5 7.5 10 4.9238 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 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day National Bank of Ethiopia Quarterly Bulletin 45 Fourth Quarter 2020/21 Source NBE 4.7.2. Inter- Bank Money Market No inter-bank money market transactions were conducted during the 4th quarter of 2020/21. 4.7.3. Corporate Bond Market Although, corporate bond market is not well developed in Ethiopia, few public institutions and regional governments have continued to play a pivotal role in the corporate bond market. The sole purchaser of these bonds is the Commercial Bank of Ethiopia (CBE). Accordingly, CBE has purchased corporate bonds worth Birr 4.2 billion, which, were solely issued by Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) during the review quarter. At the same time, the amount of corporate bonds redeemed reached Birr 2.1 billion, of which Birr 1.8 billion was by the Addis Ababa, city administration and Birr 334.4 million was by EEP&EEU. At the end of June 2021, the stock of corporate bonds held by the CBE stood at Birr 444.9 billion, of which 88.2 percent was a claim on public enterprises, while the remaining balance was held by regional governments (Table 4.15). Corporate bonds issued by EEP&EEU accounted 72.1 percent of the total outstanding corporate bond balance.

0 2.5 5 7.5 10 4.9238 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 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day

42 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 45 Fourth Quarter 2020/21 Source NBE 4.7.2. Inter- Bank Money Market No inter-bank money market transactions were conducted during the 4th quarter of 2020/21. 4.7.3. Corporate Bond Market Although, corporate bond market is not well developed in Ethiopia, few public institutions and regional governments have continued to play a pivotal role in the corporate bond market. The sole purchaser of these bonds is the Commercial Bank of Ethiopia (CBE). Accordingly, CBE has purchased corporate bonds worth Birr 4.2 billion, which, were solely issued by Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) during the review quarter. At the same time, the amount of corporate bonds redeemed reached Birr 2.1 billion, of which Birr 1.8 billion was by the Addis Ababa, city administration and Birr 334.4 million was by EEP&EEU. At the end of June 2021, the stock of corporate bonds held by the CBE stood at Birr 444.9 billion, of which 88.2 percent was a claim on public enterprises, while the remaining balance was held by regional governments (Table 4.15). Corporate bonds issued by EEP&EEU accounted 72.1 percent of the total outstanding corporate bond balance.

0 2.5 5 7.5 10 4.9238 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 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day 0 2.5 5 7.5 10 4.9238 I II III IV I II III IV I II III IV I II 2017/18 2018/19 2019/20 2020/21 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day

Fourth Quarter 2020/21 | 43 National Bank of Ethiopia Quarterly Bulletin Table 4.15: Corporate Bond Purchase, Redemption and Outstanding In millions of Birr Issuer of the Bond 2019/20 2020/21 QIV QIV NP Red O/S NP Red O/S 1.Puplic Enterprises 12,271.8 10,400.5 359,032.7 4,153.37 334.42 392,271.95 EEP&EEU 9,516.2

4,856.6 302,345.73 4,153.37 334.42 320,885.72 Railways Corporation 2,755.6

5,543.9 56,686.98 - 71,386.23 DBE

---

2. Regional Governments 1,300.0 724.9 46,192.35 - 1,771.00 52,599.78 Oromia

3.7 414.12 - 376.06 Amhara

---

Tigray

0.1 91.54 - 91.54 SNNPRS

---

Dire Dawa

• 0.00 - 0.00 Harari

• 0.00 - 0.00 City Government of Addis Ababa

1,300.0

721.1 45,686.69 - 1,771.00 52,132.19 3.Grand Total (1+2) 13,571.8 11,125.4 405,225.05 4,153.37 2,105.43 444,871.73 Source: NBE Note: NP= New Purchase, Red. = Redemption, O/S= outstanding

44 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin V. EXTERNAL SECTOR DEVELOPMENTS 5.1. Balance of Payments The overall balance of payments resulted in USD 933.5 million surplus compared to USD 659.5 million surplus a year ago owing to 50.6 percent upsurge in net inflow of capital account in contrast to net deficit in current account balance including official transfers. Both merchandise trade balance and net services recorded substantial reduction while net private transfers saw a 49.3 percent increase and net capital account recorded 50.6 percent surge mainly due to privatization proceeds from telecom sector (Table 5.1).

Fourth Quarter 2020/21 | 45 National Bank of Ethiopia Quarterly Bulletin Table 5.1: Balance of Payments (In Millions of USD) S/N Particulars 2019/20 2020/21 Percentage QIV QIII1 QIV2 Change A B C D=C/A E=C/B 1 Exports, f.o.b. 942.9 883.1 1,176.9 24.8 33.3 Coffee 293.1 208.4 395.4 34.9 89.7 Other 649.8 674.7 781.5 20.3 15.8 2 Imports 2,688.7 3,573.9 3,911.9 45.5 9.5 Fuel 308.6 558.3 600.2 94.5 7.5 Cereals 134.2 306.4 507.3 278.1 65.5 Aircraft 4.5 31.0 72.4 1,501.6 133.7 Imports excl. fuel, cereals, aircraft 2,241.4 2,678.1 2,731.9 21.9 2.0 3 Trade Balance (1-2) -1,745.8 -2,690.8 -2,735.1 56.7 1.6 4 Services, net 2.3 187.2 -154.8 -6,937.7 -182.7 Non-factor services, net 112.6 257.2 -15.8 -114.1 -106.2 Exports of non-factor services 987.8 1,202.5 1,302.7 31.9 8.3 Imports of non-factor services 875.2 945.3 1,318.5 50.7 39.5 Factor services (Investment income), net -110.3 -70.0 -139.0 26.0 98.5 Interest, net -110.3 -70.0 -138.9 26.0 98.4 Dividend, net -0.1 5 Private transfers, net 1,200.3 1,443.4 1,792.5 49.3 24.2 o/w: NGO's,(Net) 240.8 264.0 378.8 57.3 43.5 Private Individuals 959.5 1,179.4 1,413.7 47.3 19.9 6 Current account balance excluding official transfers (3+4+5) -543.2 -1,060.2 -1,097.5 102.0 3.5 7 Official transfers, net 619.9 160.9 170.7 -72.5 6.1 8 Current account balance including official transfers(6+7) 76.7 -899.2 -926.7 -1,307.9 3.1 9 Capital account 1,229.2 587.9 1,851.7 50.6 215.0 Official Long-term Capital, net 985.9 134.5 216.5 -78.0 60.9 Disbursements 1,024.9 149.6 269.5 -73.7 80.1 Amortization 39.0 15.1 53.0 35.6 251.5 Other public long-term capital -137.4 -280.9 -238.1 73.2 -15.2 Private sector, long term 18.6 32.3 63.7 242.1 97.2 Foreign Direct Investment, net 495.9 725.1 1,906.7 284.5 163.0 Short-term Capital -133.8 -23.1 -97.1 -27.4 320.6 10 Errors and Omissions [11-(9+8)] -646.4 25.4 8.6 11 Overall balance (-13) 659.5 -285.9 933.5 12 Financing (13+16) -659.5 285.9 -933.5 13 Reserves [ Increase(-), Decrease (+)] (14+15) -659.5 285.9 -933.5 14 Central Bank (NFA) -396.3 490.7 -488.4 Asset -659.8 803.0 -647.5 Liabilities 263.5 -312.3 159.1 15 Commercial banks (NFA) -263.2 -204.8 -445.1 16 Debt Relief Principal Interest Source: NBE Staff Compilation

46 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 49 Total current receipts amounted to USD 4.5 billion about 19.5 percent higher than a year earlier on account of a rise in receipts from merchandise (24.8 percent), services (32 percent) and private transfers (49.2 percent) despite a decrease in public transfers (64.2 percent). Similarly, total current payments increased by 47.1 percent to USD 5.4 billion due to growth in merchandise import (45.5 percent), services payment (48 percent) and private transfers (26.1 percent) while public transfers rose from USD 14.4 million during the same period to USD 56.5 million. Thus, current account balance (including official transfer) shifted from USD 76.7 million surplus to USD 926.6 million deficit (Table 5.2). Table 5.2: Current Receipts and Payments (In millions of USD) S/N Particulars 2019/20 2020/21 Percentage QIV QIII QIV Change A B C D=C/A E=C/B 1 Current Receipts 3,772.1 3,721.5 4,509.4 19.5 21.2 Export Proceeds 942.9 883.1 1,176.9 24.8 33.3 Service Proceeds 989.3 1,204.6 1,306.2 32.0 8.4 Private Transfers 1,205.5 1,446.1 1,799.1 49.2 24.4 Public Transfers 634.3 187.7 227.2 -64.2 21.0 2 Current Payments 3,695.3 4,620.7 5,436.0 47.1 17.6 Import Payments 2,688.7 3,573.9 3,911.9 45.5 9.5 Service Payments 987.1 1,017.4 1,461.0 48.0 43.6 Private Transfers 5.2 2.7 6.6 26.1 147.3 Public Transfer 14.4 26.8 56.5 292.5 111.1 3 Net, (1-2) 76.7 -899.2 -926.6 -1,307.7 3.0 Source: NBE Staff Compilation Table 5.2: Current Receipts and Payments (In millions of USD) S/N Particulars 2019/20 2020/21 Percentage Change QIV QIII QIV A B C D=C/A E=C/B 1 Current Receipts 3,772.1 3,721.5 4,509.4 19.5 21.2 Export Proceeds 942.9 883.1 1,176.9 24.8 33.3 Service Proceeds 989.3 1,204.6 1,306.2 32.0 8.4 Private Transfers 1,205.5 1,446.1 1,799.1 49.2 24.4 Public Transfers 634.3 187.7 227.2 -64.2 21.0 2 Current Payments 3,695.3 4,620.7 5,436.0 47.1 17.6 Import Payments 2,688.7 3,573.9 3,911.9 45.5 9.5 Service Payments 987.1 1,017.4 1,461.0 48.0 43.6 Private Transfers 5.2 2.7 6.6 26.1 147.3 Public Transfer 14.4 26.8 56.5 292.5 111.1 3 )Net, (1-2 76.7 -899.2 -926.6 -1,307.7 3.0 Source: NBE Staff Compilation National Bank of Ethiopia Quarterly Bulletin 50 Source: NBE Staff Compilation 5.2. Balance of Trade During the fourth quarter of 2020/21, merchandise trade deficit widened to USD 2.7 billion from USD 1.7 billion a year ago as import payments outweighed merchandise export receipts.

1,000.0 2,000.0 3,000.0 4,000.0 5,000.0 6,000.0 7,000.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV 2016/17 2017/18 2018/19 2019/20 2020/21 In Millions of USD Fig V.1: Trends in Current Receipts and Payments Current Receipts Current Payments National Bank of Ethiopia Quarterly Bulletin 51 Source: Ethiopian Customs Commission Source: Ethiopian Customs Commission 5.2.1. Export of Goods Total receipts from export of goods increased by 24.8 percent over last year same quarter owing to higher export revenue mainly from coffee (34.9 percent), gold (30.6 percent), flower (23.4 0.0 1000.0 2000.0 3000.0 4000.0 5000.0 6000.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016/17 2017/18 2018/19 2019/20 2020/21 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Export Import 0.0 500.0 1000.0 1500.0 2000.0 2500.0 3000.0 3500.0 4000.0 4500.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016/17 2017/18 2018/19 2019/20 2020/21 (In Millions USD) Fig.V.3:Evolution of Trade Deficit

Fourth Quarter 2020/21 | 47 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 49 Total current receipts amounted to USD 4.5 billion about 19.5 percent higher than a year earlier on account of a rise in receipts from merchandise (24.8 percent), services (32 percent) and private transfers (49.2 percent) despite a decrease in public transfers (64.2 percent). Similarly, total current payments increased by 47.1 percent to USD 5.4 billion due to growth in merchandise import (45.5 percent), services payment (48 percent) and private transfers (26.1 percent) while public transfers rose from USD 14.4 million during the same period to USD 56.5 million. Thus, current account balance (including official transfer) shifted from USD 76.7 million surplus to USD 926.6 million deficit (Table 5.2). Table 5.2: Current Receipts and Payments (In millions of USD) S/N Particulars 2019/20 2020/21 Percentage QIV QIII QIV Change A B C D=C/A E=C/B 1 Current Receipts 3,772.1 3,721.5 4,509.4 19.5 21.2 Export Proceeds 942.9 883.1 1,176.9 24.8 33.3 Service Proceeds 989.3 1,204.6 1,306.2 32.0 8.4 Private Transfers 1,205.5 1,446.1 1,799.1 49.2 24.4 Public Transfers 634.3 187.7 227.2 -64.2 21.0 2 Current Payments 3,695.3 4,620.7 5,436.0 47.1 17.6 Import Payments 2,688.7 3,573.9 3,911.9 45.5 9.5 Service Payments 987.1 1,017.4 1,461.0 48.0 43.6 Private Transfers 5.2 2.7 6.6 26.1 147.3 Public Transfer 14.4 26.8 56.5 292.5 111.1 3 Net, (1-2) 76.7 -899.2 -926.6 -1,307.7 3.0 Source: NBE Staff Compilation National Bank of Ethiopia Quarterly Bulletin 50 Source: NBE Staff Compilation 5.2. Balance of Trade During the fourth quarter of 2020/21, merchandise trade deficit widened to USD 2.7 billion from USD 1.7 billion a year ago as import payments outweighed merchandise export receipts.

1,000.0 2,000.0 3,000.0 4,000.0 5,000.0 6,000.0 7,000.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV 2016/17 2017/18 2018/19 2019/20 2020/21 In Millions of USD Fig V.1: Trends in Current Receipts and Payments Current Receipts Current Payments National Bank of Ethiopia Quarterly Bulletin 51 Source: Ethiopian Customs Commission Source: Ethiopian Customs Commission 5.2.1. Export of Goods Total receipts from export of goods increased by 24.8 percent over last year same quarter owing to higher export revenue mainly from coffee (34.9 percent), gold (30.6 percent), flower (23.4 0.0 1000.0 2000.0 3000.0 4000.0 5000.0 6000.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016/17 2017/18 2018/19 2019/20 2020/21 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Export Import 0.0 500.0 1000.0 1500.0 2000.0 2500.0 3000.0 3500.0 4000.0 4500.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016/17 2017/18 2018/19 2019/20 2020/21 (In Millions USD) Fig.V.3:Evolution of Trade Deficit 5.2. Balance of Trade During the fourth quarter of 2020/21, merchandise trade deficit widened to USD 2.7 billion from USD 1.7 billion a year ago as import payments outweighed merchandise export receipts.

48 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 51 Source: Ethiopian Customs Commission Source: Ethiopian Customs Commission 5.2.1. Export of Goods Total receipts from export of goods increased by 24.8 percent over last year same quarter owing to higher export revenue mainly from coffee (34.9 percent), gold (30.6 percent), flower (23.4 0.0 1000.0 2000.0 3000.0 4000.0 5000.0 6000.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016/17 2017/18 2018/19 2019/20 2020/21 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Export Import 0.0 500.0 1000.0 1500.0 2000.0 2500.0 3000.0 3500.0 4000.0 4500.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016/17 2017/18 2018/19 2019/20 2020/21 (In Millions USD) Fig.V.3:Evolution of Trade Deficit Total receipts from export of goods increased by 24.8 percent over last year same quarter owing to higher export revenue mainly from coffee (34.9 percent), gold (30.6 percent), flower (23.4 percent), chat (70.1 percent), leather & leather products (9.4 percent), meat & meat products (49.3 percent), fruits & vegetables (47.2 percent), textile & textile products (26.6 percent), electricity (19.8 percent) and other export items (59.7 percent). On the other hand, receipts from oilseeds (30.6 percent) and pulses (3.3 percent) have decided during the review quarter. Export revenue from coffee surged 34.9 percent over last year due to international price (2.1 percent) and export volume (32.2 percent). As a result, the share of coffee in total export earnings rose to 33.6 percent from 31.1 percent a year earlier. Likewise, export earnings from gold went up 30.6 percent year-on-year mainly as a result of 26.0 percent and increase in export volume and 3.7 percent in international price. Hence, the share of gold in total merchandise export slightly rose to 18.8 percent from 18.0 percent last year same quarter. Export receipts from flower grew 23.4 percent due to a 17.3 percent increase in export volume and 5.2 percent in price. The share of flower in total merchandise export, however, remained around 10.7 percent. Earnings from chat export surged 70.1 percent and reached USD 116.5 million as a result of higher export volume (68.5 percent) and international price (0.9 percent). With its share in total merchandise export reaching 9.9 percent compared with 7.3 percent a year earlier. 5.2.1. Export of Goods

Fourth Quarter 2020/21 | 49 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 51 Source: Ethiopian Customs Commission Source: Ethiopian Customs Commission 5.2.1. Export of Goods Total receipts from export of goods increased by 24.8 percent over last year same quarter owing to higher export revenue mainly from coffee (34.9 percent), gold (30.6 percent), flower (23.4 0.0 1000.0 2000.0 3000.0 4000.0 5000.0 6000.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016/17 2017/18 2018/19 2019/20 2020/21 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Export Import 0.0 500.0 1000.0 1500.0 2000.0 2500.0 3000.0 3500.0 4000.0 4500.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016/17 2017/18 2018/19 2019/20 2020/21 (In Millions USD) Fig.V.3:Evolution of Trade Deficit Export revenue from electricity increased 19.8 percent over last year as export volume increased 23.8 percent despite 3.2 percent decline in international price. The share of electricity in total export earnings was to 2.4 percent. Export receipts from meat & meat products stood at USD 22.8 million, showing 49.3 percent annual growth as export volume rose 49.1 percent and international price by 0.1 percent. Thus the share of meat & meat products in total export earnings increased to 1.9 percent from 1.6 percent a year ago. Similarly, export revenue from live￾animals depicted 0.9 percent annual increase owing to 4.7 percent rise in export volume albeit 3.6 percent drop in international price. Hence, the share of live-animals in total merchandise export earnings stood at 1.1 percent. Export receipts from fruits & vegetables reached USD 19.1 million, showing 47.2 percent year-on-year growth owing to 5.9 percent growth in price and 39.1 percent in volume. Hence, the share of fruits & vegetables in total merchandise export receipt slightly increased to 1.6 percent from 1.4 percent a year earlier. Likewise, export revenue from textile & textile products having a 3.2 percent share in total merchandise export increased 26.6 percent on account of 63.7 percent hike in export volume despite 22.7 percent fall in international price. Similarly, revenue from export of leather & leather products increased by 9.4 percent vis-à-vis same quarter of last year owing to a 15.4 percent rise in export volume despite a 5.2 percent drops in price. The share of these export items in total merchandise export was 0.8 percent. Meanwhile, export revenue from oilseeds declined 30.6 percent due to a 29.4 percent fall in export volume and 1.6 percent in international price. The share of oilseeds in total export earnings also declined to 6.4 percent from 11.6 percent a year ago. Likewise, export receipts from pulses showed 3.3 percent decrement which was mainly attributed to the fall in export volume (23.6 percent) despite the rise in international price (26.5 percent). Hence, the share of pulses in total merchandise export revenue decreased to 5.8 percent from 7.4 percent last year (Tables 5.3, 5.4 and 5.5).

50 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 5.3: Values of Major Export Items (In Millions of USD) Particulars 2019/20 2020/21 Percentage QIV QIII QIV Change A share% B share% C share% C/A C/B Coffee 293.1 31.1 208.4 23.6 395.4 33.6 34.9 89.7 Oilseeds 109.2 11.6 106.1 12.0 75.8 6.4 -30.6 -28.6 Leather and Leather Products 8.7 0.9 9.1 1.0 9.6 0.8 9.4 5.1 Pulses 70.2 7.4 81.0 9.2 67.8 5.8 -3.3 -16.3 Meat & Meat Products 15.2 1.6 20.2 2.3 22.8 1.9 49.3 12.7 Fruits & Vegetables 13.0 1.4 22.2 2.5 19.1 1.6 47.2 -13.9 Textile & Textile Products 29.5 3.1 34.4 3.9 37.3 3.2 26.6 8.6 Live Animals 13.0 1.4 10.8 1.2 13.1 1.1 0.9 20.8 Chat 68.5 7.3 98.3 11.1 116.5 9.9 70.1 18.5 Gold 169.4 18.0 114.9 13.0 221.3 18.8 30.6 92.6 Flower 102.0 10.8 131.4 14.9 125.8 10.7 23.4 -4.3 Electricity 23.5 2.5 20.1 2.3 28.1 2.4 19.8 40.0 Others 27.7 2.9 26.2 3.0 44.3 3.8 59.7 69.2 Total Export 942.9 100 883.1 100 1176.9 100 24.8 33.3 Total Export Excluding Electricity 919.4 863.1 1148.7 24.9 33.1 Source: Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia Quarterly Bulletin 55 Source: NBE Staff Compilation Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2019/20 2020/21 Percentage QIV QIII QIV Change A B C C/A C/B Coffee 76.9 55.0 101.7 32.2 84.9 Oilseeds 77.4 76.2 54.6 -29.4 -28.3 Leather and Leather Products 0.5 0.6 0.6 15.4 -5.7 Pulses 97.0 92.3 74.1 -23.6 -19.7 Meat & Meat Products 2.9 4.0 4.3 49.1 8.7 Fruits & Vegetables 51.7 64.7 71.9 39.1 11.1 Textile & Textile Products 4.2 5.7 6.8 63.7 18.5 Live Animals 7.3 6.6 7.7 4.7 16.6 Chat 12.2 17.2 20.6 68.5 19.8 Gold(In mn. of grams) 2.6 1.6 3.3 26.0 102.4 Flower 23.4 27.4 27.5 17.3 0.4 Electricity(In mn of kwh) 408.0 359.6 505.2 23.8 40.5 Source: Ethiopian Customs Commission, 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 2016/17 2017/18 2018/19 2019/20 2020/21 (Millions USD) Fig.V.4: Export Value of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Chat National Bank of Ethiopia Quarterly Bulletin 56 Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg unless and otherwise specified) Particulars 2019/20 2020/21 Percentage QIV QIII QIV Change A B C C/A C/B Coffee 3.8 3.8 3.9 2.1 2.6 Oilseeds 1.4 -1.6 -0.3 Leather and Leather Products 17.1 14.5 16.2 -5.2 11.5 Pulses 0.7 0.9 0.9 26.5 4.2 Meat & Meat Products 5.3 5.1 5.3 0.1 3.7 Fruits & Vegetables 0.3 5.9 -22.5 Textile & Textile Products 7.1 6.0 5.5 -22.7 -8.4 Live Animals 1.8 1.6 1.7 -3.6 3.6 Chat 5.6 5.7 5.7 0.9 -1.0 Gold(USD/gram) 64.4 70.1 66.7 3.7 -4.9 Flower 4.4 4.8 4.6 5.2 -4.6 Electricity(USD/kwh) 0.1 -3.2 -0.3 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power 0 20 40 60 80 100 120 140 160 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 (Millions Kg.) Fig.V.5: Export Volume of Selected Commodities Coffee Oil Seeds Leather & Leather Products Pulses Flower Gold Chat

Fourth Quarter 2020/21 | 51 National Bank of Ethiopia Quarterly Bulletin Table 5.4: Volume of Major Export Items (In Millions of Kg) Particulars 2019/20 2020/21 Percentage Change QIV QIII QIV A B C C/A C/B Coffee 76.9 55.0 101.7 32.2 84.9 Oilseeds 77.4 76.2 54.6 -29.4 -28.3 Leather and Leather Products 0.5 0.6 0.6 15.4 -5.7 Pulses 97.0 92.3 74.1 -23.6 -19.7 Meat & Meat Products 2.9 4.0 4.3 49.1 8.7 Fruits & Vegetables 51.7 64.7 71.9 39.1 11.1 Textile & Textile Products 4.2 5.7 6.8 63.7 18.5 Live Animals 7.3 6.6 7.7 4.7 16.6 Chat 12.2 17.2 20.6 68.5 19.8 )Gold(In mn. of grams 2.6 1.6 3.3 26.0 102.4 Flower 23.4 27.4 27.5 17.3 0.4 )Electricity(In mn of kwh 408.0 359.6 505.2 23.8 40.5 Source: Custom Commissions, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia Quarterly Bulletin 56 Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg unless and otherwise specified) Particulars 2019/20 2020/21 Percentage QIV QIII QIV Change A B C C/A C/B Coffee 3.8 3.8 3.9 2.1 2.6 Oilseeds 1.4 -1.6 -0.3 Leather and Leather Products 17.1 14.5 16.2 -5.2 11.5 Pulses 0.7 0.9 0.9 26.5 4.2 Meat & Meat Products 5.3 5.1 5.3 0.1 3.7 Fruits & Vegetables 0.3 5.9 -22.5 Textile & Textile Products 7.1 6.0 5.5 -22.7 -8.4 Live Animals 1.8 1.6 1.7 -3.6 3.6 Chat 5.6 5.7 5.7 0.9 -1.0 Gold(USD/gram) 64.4 70.1 66.7 3.7 -4.9 Flower 4.4 4.8 4.6 5.2 -4.6 Electricity(USD/kwh) 0.1 -3.2 -0.3 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power 0 20 40 60 80 100 120 140 160 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 (Millions Kg.) Fig.V.5: Export Volume of Selected Commodities Coffee Oil Seeds Leather & Leather Products Pulses Flower Gold Chat

52 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2019/20 2020/21 Percentage Change QIV QIII QIV A B C C/A C/B Coffee 3.8 3.8 3.9 2.1 2.6 Oilseeds 1.4 -1.6 -0.3 Leather and Leather Products 17.1 14.5 16.2 -5.2 11.5 Pulses 0.7 0.9 0.9 26.5 4.2 Meat & Meat Products 5.3 5.1 5.3 0.1 3.7 Fruits & Vegetables 0.3 5.9 -22.5 Textile & Textile Products 7.1 6.0 5.5 -22.7 -8.4 Live Animals 1.8 1.6 1.7 -3.6 3.6 Chat 5.6 5.7 5.7 0.9 -1.0 )Gold(USD/gram 64.4 70.1 66.7 3.7 -4.9 Flower 4.4 4.8 4.6 5.2 -4.6 )Electricity(USD/kwh 0.1 -3.2 -0.3 Source: Custom Commission, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia Quarterly Bulletin 57 Source: NBE Staff Computation 5.2.2. Import of Goods Total merchandise import stood at USD 3.9 billion during the fourth quarter of 2020/21, depicting 45.5 percent annual growth due to significant surge in import values of capital goods, consumer goods, fuel and miscellaneous goods. Capital goods import increased by 31.8 percent as import bills of transport and industrial capital goods hiked 103.3 percent and 28.4 percent, respectively. Nonetheless, the share of capital goods in total imports declined to 25.6 percent from 28.3 percent a year earlier. Likewise, import value of fuel surged by 94.5 percent and its share in total import payments went up 15.3 percent from 11.5 percent a year ago. Imports of consumer goods grew 89.2 percent over last year same quarter as import payments for non-durable goods accelerated by 99.9 percent and durable goods import by 41.7 percent. As 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 0 10 20 30 40 50 60 70 80 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 (USD/Kg) (USD/kg,, USD/gm(Gold)) Fig.V.6: Unit Value of Selected Export Commodities Leather & Leather Products Gold Coffee (SA) Oil Seeds (SA) Pulses (SA) Flower (SA) Chat (SA) 5.2.2. Import of Goods Total merchandise import stood at USD 3.9 billion during the fourth quarter of 2020/21, depicting 45.5 percent annual growth due to significant surge in import values of capital goods, consumer goods, fuel and miscellaneous goods. Capital goods import increased by 31.8 percent as import bills of transport and industrial capital goods hiked 103.3 percent and 28.4 percent, respectively. Nonetheless, the share of capital goods in total imports declined to 25.6 percent from 28.3 percent a year earlier. Likewise, import value of fuel surged by 94.5 percent and its share in total import payments went up 15.3 percent from 11.5 percent a year ago. Imports of consumer goods grew 89.2 percent over last year same quarter as import payments for non-durable goods accelerated by 99.9 percent and durable goods import by 41.7 percent. As a result, the share of consumer goods in total imports increased to 38.5 percent from 29.6 percent last year. Similarly, imports of miscellaneous goods increased by 20.3 percent, although, their share in total imports slightly decreased to 1.1 percent from 1.4 percent during the same period. On the other hand, imports of semi-finished goods decreased by 3.1 percent despite 14.7 percent growth in import bills of fertilizer. Thus, the share of semi￾finished goods in total merchandise import dropped to 18.6 percent from 28.0 percent a year earlier. Similarly, import of raw materials declined by 9.1 percent and their share in total merchandise import stood at 0.8 percent. Meanwhile, Franco-valuta imports accelerated by 125.3 percent and reached at USD 1.8 billion accounting for 44.9 percent of total import value of the review period.

Fourth Quarter 2020/21 | 53 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 57 Source: NBE Staff Computation 5.2.2. Import of Goods Total merchandise import stood at USD 3.9 billion during the fourth quarter of 2020/21, depicting 45.5 percent annual growth due to significant surge in import values of capital goods, consumer goods, fuel and miscellaneous goods. Capital goods import increased by 31.8 percent as import bills of transport and industrial capital goods hiked 103.3 percent and 28.4 percent, respectively. Nonetheless, the share of capital goods in total imports declined to 25.6 percent from 28.3 percent a year earlier. Likewise, import value of fuel surged by 94.5 percent and its share in total import payments went up 15.3 percent from 11.5 percent a year ago. Imports of consumer goods grew 89.2 percent over last year same quarter as import payments for non-durable goods accelerated by 99.9 percent and durable goods import by 41.7 percent. As 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 0 10 20 30 40 50 60 70 80 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 (USD/Kg) (USD/kg,, USD/gm(Gold)) Fig.V.6: Unit Value of Selected Export Commodities Leather & Leather Products Gold Coffee (SA) Oil Seeds (SA) Pulses (SA) Flower (SA) Chat (SA) 5.2.2. Import of Goods Total merchandise import stood at USD 3.9 billion during the fourth quarter of 2020/21, depicting 45.5 percent annual growth due to significant surge in import values of capital goods, consumer goods, fuel and miscellaneous goods. Capital goods import increased by 31.8 percent as import bills of transport and industrial capital goods hiked 103.3 percent and 28.4 percent, respectively. Nonetheless, the share of capital goods in total imports declined to 25.6 percent from 28.3 percent a year earlier. Likewise, import value of fuel surged by 94.5 percent and its share in total import payments went up 15.3 percent from 11.5 percent a year ago. Imports of consumer goods grew 89.2 percent over last year same quarter as import payments for non-durable goods accelerated by 99.9 percent and durable goods import by 41.7 percent. As a result, the share of consumer goods in total imports increased to 38.5 percent from 29.6 percent last year. Similarly, imports of miscellaneous goods increased by 20.3 percent, although, their share in total imports slightly decreased to 1.1 percent from 1.4 percent during the same period. On the other hand, imports of semi-finished goods decreased by 3.1 percent despite 14.7 percent growth in import bills of fertilizer. Thus, the share of semi￾finished goods in total merchandise import dropped to 18.6 percent from 28.0 percent a year earlier. Similarly, import of raw materials declined by 9.1 percent and their share in total merchandise import stood at 0.8 percent. Meanwhile, Franco-valuta imports accelerated by 125.3 percent and reached at USD 1.8 billion accounting for 44.9 percent of total import value of the review period.

54 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 5.6: Values of Major Import Items (In Millions Of USD) Particular 2019/20 2020/21 Percentage Changes Qtr IV Share (%) Qtr III Share (%) Qtr IV Share (%) A B C C/A C/B Raw Materials 36.5 1.4 31.1 0.9 33.2 0.8 -9.1 6.7 Semi-finished Goods 752.0 28.0 867.1 24.3 728.5 18.6 -3.1 -16.0 Fertilizers 230.8 8.6 389.5 10.9 264.7 6.8 14.7 -32.0 Fuel 308.6 11.5 558.3 15.6 600.2 15.3 94.5 7.5 Petroleum Products 294.6 11.0 521.0 14.6 571.3 14.6 93.9 9.7 Others 14.0 0.5 37.3 1.0 28.7 0.7 105.4 -23.1 Capital Goods 759.6 28.3 948.5 26.5 1001.2 25.6 31.8 5.6 Transport 52.5 2.0 69.0 1.9 106.7 2.7 103.3 54.8 Agricultural 20.2 0.8 11.9 0.3 12.4 0.3 -38.9 3.7 Industrial 686.8 25.5 867.6 24.3 882.1 22.5 28.4 1.7 Consumer Goods 795.0 29.6 1119.9 31.3 1504.3 38.5 89.2 34.3 Durables 146.0 5.4 185.9 5.2 206.9 5.3 41.7 11.3 Non-durables 649.0 24.1 934.1 26.1 1297.3 33.2 99.9 38.9 Miscellaneous 37.0 1.4 48.9 1.4 44.5 1.1 20.3 -9.1 Total Imports 2688.7 100.0 3573.9 100.0 3911.9 100.0 45.5 9.5 Source: Ethiopian Customs Commission

Fourth Quarter 2020/21 | 55 National Bank of Ethiopia Quarterly Bulletin Table 5.7: The Value of Franco Valuta Import (In Millions of USD) Commodity Group 2019/20 2020/21 Percentage Change Qtr IV Qtr III Qtr IV A B C C/A C/B Beverages 2.9 0.8 0.2 -93.5 -77.6 Chemicals 3.0 2.8 7.5 149.2 167.4 Clothing 3.9 7.1 5.1 29.0 -28.5 Food and live animals 95.6 239.3 478.3 400.5 99.9 Textiles 14.4 21.4 20.6 43.7 -3.5 Tobacco 0.0 40.1 238.6 Soap & polish 0.3 2.0 1.0 280.9 -48.6 Fertilizer 130.7 82.5 59.7 -54.3 -27.5 Paper & paper manufacturing 1.3 2.1 5.5 308.6 155.7 Metal & metal manufacturing 101.5 80.3 100.0 -1.5 24.5 Medical and pharmaceuticals products 11.2 28.0 31.7 183.6 13.2 Rubber products 10.2 13.8 9.7 -5.0 -29.6 Petroleum Crude 0.0 Petroleum product 6.8 3.1 3.6 -46.5 17.3 Glass & glass ware 2.8 1.8 2.6 -5.5 45.7 Electrical material 38.3 110.6 67.4 76.1 -39.1 Machine 189.9 277.0 414.7 118.3 49.7 Road & motor vehicles 5.6 2.8 4.6 -18.3 64.4 Tele apparatus 0.4 0.4 0.8 71.9 73.9 Cement 0.1 0.0 0.0 Others 160.3 322.5 541.9 238.1 68.0 Total 779.1 1198.4 1755.0 125.3 46.4 Source: Ethiopian Customs Commission

56 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 60 Source: Ethiopian Customs Commission 5.2.3. Direction of Trade 5.2.3.1. Export of Goods Europe, Asia and Africa constituted major destinations for Ethiopian exports where Europe accounted for 42.3 percent of Ethiopia’s total export revenue, with Switzerland taking up 44.9 percent share, followed by the Netherlands (11.8 percent), Germany (8.8 percent), Belgium (5.8 percent), Italy (2.8 percent), United Kingdom (1.8 percent) and France (1.6 percent). These European countries together had a 77.5 percent share of Ethiopia’s total exports to Europe. Asia accounted for 29.4 percent of the total export receipts with Saudi Arabia being the main destination. Its share in Asia stood at 13.2 percent followed by United Arab Emirates (10.7 percent), Japan (5.9 percent), India (5.9 percent), South Korea (5.8 percent), China (5.3 percent), Israel (4.5 percent), Yemen (2.2 percent), Indonesia (2.0 Percent), Singapore (1.8 percent), Taiwan (1.3 percent) and Hong Kong (1.3 percent). These countries altogether constituted 60.1 percent of Ethiopia’s total export to Asia. About 16.0 percent of Ethiopia’s export earnings originated from Africa, mainly Somalia (39.6 percent), Djibouti (14.2 percent), Sudan (12.4 percent), Kenya (1.6 percent) and South Africa (1.3 percent), which altogether accounted for 69.1 percent of the total exports to Africa. America had 11.1 percent share in Ethiopia’s total export earnings, of which 64.3 percent was from exports to the United States followed by Canada (3.6 percent). These countries accounted for 67.9 percent of National Bank of Ethiopia Quarterly Bulletin 61 Ethiopia’s total exports to America. Source: NBE Staff Compilation 5.2.3.2. Import of Goods During the fourth quarter of 2020/21, Asia accounted for 56.1 percent of the total import bills of Ethiopia with the major imports coming from China (28.4 percent), India (18.6 percent), Kuwait (15.9 percent), Malaysia (12.6 percent), UAE (9.6 percent), South Korea (2.8 percent), Saudi Arabia (2.7 percent) and Indonesia (2.2 percent) whose combined share was 92.9 percent. Imports from Europe constituted 22.6 percent of Ethiopia’s total imports with the major countries being Ukraine (18.5 percent), Turkey (16.9 percent), United Kingdom (11.0 percent), Belgium (9.9 percent), Rumania (8.9 16.0% 11.1% 42.3% 29.4% 1.2% Fig V.7: Export By Destination Africa Europe America Asia Oceania

Fourth Quarter 2020/21 | 57 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 60 Source: Ethiopian Customs Commission 5.2.3. Direction of Trade 5.2.3.1. Export of Goods Europe, Asia and Africa constituted major destinations for Ethiopian exports where Europe accounted for 42.3 percent of Ethiopia’s total export revenue, with Switzerland taking up 44.9 percent share, followed by the Netherlands (11.8 percent), Germany (8.8 percent), Belgium (5.8 percent), Italy (2.8 percent), United Kingdom (1.8 percent) and France (1.6 percent). These European countries together had a 77.5 percent share of Ethiopia’s total exports to Europe. Asia accounted for 29.4 percent of the total export receipts with Saudi Arabia being the main destination. Its share in Asia stood at 13.2 percent followed by United Arab Emirates (10.7 percent), Japan (5.9 percent), India (5.9 percent), South Korea (5.8 percent), China (5.3 percent), Israel (4.5 percent), Yemen (2.2 percent), Indonesia (2.0 Percent), Singapore (1.8 percent), Taiwan (1.3 percent) and Hong Kong (1.3 percent). These countries altogether constituted 60.1 percent of Ethiopia’s total export to Asia. About 16.0 percent of Ethiopia’s export earnings originated from Africa, mainly Somalia (39.6 percent), Djibouti (14.2 percent), Sudan (12.4 percent), Kenya (1.6 percent) and South Africa (1.3 percent), which altogether accounted for 69.1 percent of the total exports to Africa. America had 11.1 percent share in Ethiopia’s total export earnings, of which 64.3 percent was from exports to the United States followed by Canada (3.6 percent). These countries accounted for 67.9 percent of National Bank of Ethiopia Quarterly Bulletin 61 Ethiopia’s total exports to America. Source: NBE Staff Compilation 5.2.3.2. Import of Goods During the fourth quarter of 2020/21, Asia accounted for 56.1 percent of the total import bills of Ethiopia with the major imports coming from China (28.4 percent), India (18.6 percent), Kuwait (15.9 percent), Malaysia (12.6 percent), UAE (9.6 percent), South Korea (2.8 percent), Saudi Arabia (2.7 percent) and Indonesia (2.2 percent) whose combined share was 92.9 percent. Imports from Europe constituted 22.6 percent of Ethiopia’s total imports with the major countries being Ukraine (18.5 percent), Turkey (16.9 percent), United Kingdom (11.0 percent), Belgium (9.9 percent), Rumania (8.9 16.0% 11.1% 42.3% 29.4% 1.2% Fig V.7: Export By Destination Africa Europe America Asia Oceania National Bank of Ethiopia Quarterly Bulletin 61 Ethiopia’s total exports to America. Source: NBE Staff Compilation 5.2.3.2. Import of Goods During the fourth quarter of 2020/21, Asia accounted for 56.1 percent of the total import bills of Ethiopia with the major imports coming from China (28.4 percent), India (18.6 percent), Kuwait (15.9 percent), Malaysia (12.6 percent), UAE (9.6 percent), South Korea (2.8 percent), Saudi Arabia (2.7 percent) and Indonesia (2.2 percent) whose combined share was 92.9 percent. Imports from Europe constituted 22.6 percent of Ethiopia’s total imports with the major countries being Ukraine (18.5 percent), Turkey (16.9 percent), United Kingdom (11.0 percent), Belgium (9.9 percent), Rumania (8.9 16.0% 11.1% 42.3% 29.4% 1.2% Fig V.7: Export By Destination Africa Europe America Asia Oceania 5.2.3.2. Import of Goods During the fourth quarter of 2020/21, Asia accounted for 56.1 percent of the total import bills of Ethiopia with the major imports coming from China (28.4 percent), India (18.6 percent), Kuwait (15.9 percent), Malaysia (12.6 percent), UAE (9.6 percent), South Korea (2.8 percent), Saudi Arabia (2.7 percent) and Indonesia (2.2 percent) whose combined share was 92.9 percent. Imports from Europe constituted 22.6 percent of Ethiopia’s total imports with the major countries being Ukraine (18.5 percent), Turkey (16.9 percent), United Kingdom (11.0 percent), Belgium (9.9 percent), Rumania (8.9 percent), Italy (6.6) percent), France (6.3 percent), Germany (4.5 percent), Switzerland (4.0 percent), the Netherlands (2.6 percent) and Spain (2.2 percent). These countries jointly accounted for 91.4 percent of Ethiopia’s total imports from Europe. Africa accounted for about 12.4 percent of Ethiopia’s total merchandise import. The major countries of origin were Morocco (48.9 percent), Egypt (17.2 percent), Djibouti (16.9 percent), South Africa (9.2 percent), Kenya (3.5 percent) and Rwanda (3.3 percent) which altogether represented 98.9 percent of the total imports from the continent. Imports from America comprised 8.8 percent of the total import bills, of which the share of United States was 95.4 percent followed by Brazil (2.3 percent) and Canada (1.3 percent).

58 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 62 percent), Italy (6.6) percent), France (6.3 percent), Germany (4.5 percent), Switzerland (4.0 percent), the Netherlands (2.6 percent) and Spain (2.2 percent). These countries jointly accounted for 91.4 percent of Ethiopia’s total imports from Europe. Africa accounted for about 12.4 percent of Ethiopia’s total merchandise import. The major countries of origin were Morocco (48.9 percent), Egypt (17.2 percent), Djibouti (16.9 percent), South Africa (9.2 percent), Kenya (3.5 percent) and Rwanda (3.3 percent) which altogether represented 98.9 percent of the total imports from the continent. Imports from America comprised 8.8 percent of the total import bills, of which the share of United States was 95.4 percent followed by Brazil (2.3 percent) and Canada (1.3 percent). Source: NBE Staff Compilation 12.4% 22.6% 8.8% 56.0% 0.2% Fig V.8: Import By Origin Africa Europe America Asia Oceania National Bank of Ethiopia Quarterly Bulletin 62 percent), Italy (6.6) percent), France (6.3 percent), Germany (4.5 percent), Switzerland (4.0 percent), the Netherlands (2.6 percent) and Spain (2.2 percent). These countries jointly accounted for 91.4 percent of Ethiopia’s total imports from Europe. Africa accounted for about 12.4 percent of Ethiopia’s total merchandise import. The major countries of origin were Morocco (48.9 percent), Egypt (17.2 percent), Djibouti (16.9 percent), South Africa (9.2 percent), Kenya (3.5 percent) and Rwanda (3.3 percent) which altogether represented 98.9 percent of the total imports from the continent. Imports from America comprised 8.8 percent of the total import bills, of which the share of United States was 95.4 percent followed by Brazil (2.3 percent) and Canada (1.3 percent). Source: NBE Staff Compilation 12.4% 22.6% 8.8% 56.0% 0.2% Fig V.8: Import By Origin Africa Europe America Asia Oceania National Bank of Ethiopia Quarterly Bulletin 62 percent), Italy (6.6) percent), France (6.3 percent), Germany (4.5 percent), Switzerland (4.0 percent), the Netherlands (2.6 percent) and Spain (2.2 percent). These countries jointly accounted for 91.4 percent of Ethiopia’s total imports from Europe. Africa accounted for about 12.4 percent of Ethiopia’s total merchandise import. The major countries of origin were Morocco (48.9 percent), Egypt (17.2 percent), Djibouti (16.9 percent), South Africa (9.2 percent), Kenya (3.5 percent) and Rwanda (3.3 percent) which altogether represented 98.9 percent of the total imports from the continent. Imports from America comprised 8.8 percent of the total import bills, of which the share of United States was 95.4 percent followed by Brazil (2.3 percent) and Canada (1.3 percent). Source: NBE Staff Compilation 12.4% 22.6% 8.8% 56.0% 0.2% Fig V.8: Import By Origin Africa Europe America Asia Oceania 5.3. Services and Transfers 5.3.1. Net Services During the review quarter, net deficit in services trade reached USD 154.7 million compared to USD 2.3 million in surplus due to slowdown in surpluses of both net travel (34 percent) and net transport (0.9 percent) accompanied by the widening of net deficits of other services (25.5 percent) and investment income (26 percent) despite 45.9 percent growth in net government services (Table 5.8). National Bank of Ethiopia Quarterly Bulletin 63 5.3. Services and Transfers 5.3.1. Net Services During the review quarter, net deficit in services trade reached USD 154.7 million compared to USD 2.3 million in surplus due to slowdown in surpluses of both net travel (34 percent) and net transport (0.9 percent) accompanied by the widening of net deficits of other services (25.5 percent) and investment income (26 percent) despite 45.9 percent growth in net government services (Table 5.8). Source: NBE Staff Compilation -400.0 -300.0 -200.0 -100.0 0.0 100.0 200.0 300.0 400.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV 2016/17 2017/18 2018/19 2019/20 2020/21 (In Million USD) Fig V.9: Trends in Net Service Net Service Net Travel Net Transportation Net Government (n.i.e) Net Investment Income National Bank of Ethiopia Quarterly Bulletin 63 5.3. Services and Transfers 5.3.1. Net Services During the review quarter, net deficit in services trade reached USD 154.7 million compared to USD 2.3 million in surplus due to slowdown in surpluses of both net travel (34 percent) and net transport (0.9 percent) accompanied by the widening of net deficits of other services (25.5 percent) and investment income (26 percent) despite 45.9 percent growth in net government services (Table 5.8). Source: NBE Staff Compilation -400.0 -300.0 -200.0 -100.0 0.0 100.0 200.0 300.0 400.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV 2016/17 2017/18 2018/19 2019/20 2020/21 (In Million USD) Fig V.9: Trends in Net Service Net Service Net Travel Net Transportation Net Government (n.i.e) Net Investment Income

Fourth Quarter 2020/21 | 59 National Bank of Ethiopia Quarterly Bulletin Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2019/20 2020/21 Percentage Change QIV QIII QIV A B C D=C/A E=C/B 1 Investment Income (2+5) -110.3 -70.0 -139.0 26.0 98.5 2 Interest, net (3-4) -110.3 -70.0 -138.9 25.9 98.4 3 Credit 1.5 2.1 3.6 135.5 71.7 4 Debit 111.9 72.1 142.5 27.4 97.6 5 Dividend, net -0.1 6 NON-FACTOR SERVICES, net (7-8) 112.6 257.2 -15.8 -114.1 -106.2 7 Exports of non-factor services 987.8 1,202.5 1,302.7 31.9 8.3 8 Travel 255.9 245.7 281.4 10.0 14.5 9 Transport 1 638.3 804.2 879.2 37.7 9.3 10 Gov't 2 24.9 49.1 40.7 63.8 -17.0 11 Other 3 68.7 103.5 101.4 47.6 -2.0 12 Imports of non-factor services 875.2 945.3 1,318.5 50.7 39.5 13 Travel 57.4 121.6 150.4 162.1 23.8 14 Transport 1 473.3 637.1 715.6 51.2 12.3 15 Gov't 2 2.4 3.7 7.9 231.4 116.9 16 Other 3 342.1 182.9 444.5 29.9 143.0 17 Net Services (18+19+20+21+22) 2.3 187.2 -154.8 -182.7 18 Travel (8-13) 198.5 124.2 130.9 -34.0 5.4 19 Transport (9-14) 165.0 167.1 163.5 -0.9 -2.1 20 Gov't (10-15) 22.5 45.4 32.8 45.9 -27.8 21 Other (11-16) -273.4 -79.4 -343.1 25.5 331.9 22 Investment Income (2+5) -110.3 -70.0 -139.0 26.0 98.5 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business

60 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 65 5.3.2. Transfers During the review period, total transfer receipts grew 10.1 percent and reached USD 2.03 billion due to 49.2 percent increase in private transfers which affect the 64.2 percent reduction in official transfers. On the other hand, transfer payments significantly rose from USD 19.6 million to USD 63.1 million as a result of 26.1 percent increase in private transfer payments and 292.5 percent hike in official transfers. Consequently, net transfers grew by 7.9 percent and reached USD 2 billion (Table 5.9). Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2019/20 2020/21 Percentage Q Change IV Share (In %) QIII Share (In %) QIV Share (In %) A B C D=C/ A E=C/ B 1 Private transfers, net (2-5) 1,200.3 65.9 1,443.4 90.0 1,792.5 91.3 49.3 24.2 2 Credit (3+4) 1,205.5 65.5 1,446.1 88.5 1,799.1 88.8 49.2 24.4 3 NGO's 246.1 13.4 266.7 16.3 385.4 19.0 56.6 44.5 4 Private individuals 959.5 52.1 1,179.4 72.2 1,413.7 69.8 47.3 19.9 5 Debit 5.2 26.7 2.7 9.1 6.6 10.5 26.1 147.3 6 Official transfers, net (7-8) 619.9 34.1 160.9 10.0 170.7 8.7 -72.5 6.1 7 Credit 634.3 34.5 187.7 11.5 227.2 11.2 -64.2 21.0 8 Debit 14.4 73.3 26.8 90.9 56.5 89.5 292.5 111.1 9 Total Receipts 1,839.9 100.0 1,633.8 100.0 2,026.3 100.0 10.1 24.0 10 Total Payments 19.6 100.0 29.4 100.0 63.1 100.0 221.4 114.4 11 Net Transfers 1,820.2 100.0 1,604.4 100.0 1,963.2 100.0 7.9 22.4 Source: NBE Staff Computation Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2019/20 2020/21 Percentage Change QIV Share (In %) QIII Share (In %) QIV Share A B C (In %) D=C/A E=C/B 1 Private transfers, net (2-5) 1,200.3 65.9 1,443.4 90.0 1,792.5 91.3 49.3 24.2 2 Credit (3+4) 1,205.5 65.5 1,446.1 88.5 1,799.1 88.8 49.2 24.4 3 NGO's 246.1 13.4 266.7 16.3 385.4 19.0 56.6 44.5 4 Private individuals 959.5 52.1 1,179.4 72.2 1,413.7 69.8 47.3 19.9 5 Debit 5.2 26.7 2.7 9.1 6.6 10.5 26.1 147.3 6 Official transfers, net (7-8) 619.9 34.1 160.9 10.0 170.7 8.7 -72.5 6.1 7 Credit 634.3 34.5 187.7 11.5 227.2 11.2 -64.2 21.0 8 Debit 14.4 73.3 26.8 90.9 56.5 89.5 292.5 111.1 9 Total Receipts 1,839.9 100.0 1,633.8 100.0 2,026.3 100.0 10.1 24.0 10 Total Payments 19.6 100.0 29.4 100.0 63.1 100.0 221.4 114.4 11 Net Transfers 1,820.2 100.0 1,604.4 100.0 1,963.2 100.0 7.9 22.4 Source: NBE Staff Computation National Bank of Ethiopia Quarterly Bulletin 66 Source: NBE Staff Compilation 5.4. Current Account Balance The current account balance (including official transfers) shifted from a surplus of USD 76.7 million surplus to a USD 926.7 million deficit during the last quarter of 2020/21 as merchandise trade deficit widened by 56.7 percent, net services turned from a USD 2.3 million surplus to a USD 154.8 million deficit and net official transfers dropped by 72.5 (Table 5.1). 5.5. Capital Account Capital account recorded USD 1.18 billion in surplus which was 50.6 percent higher than that of last year mainly due to upsurge in FDI from USD 495.9 million to USD 1.9 billion largely on account of USD 850 million FDI in the Telecom sector. In addition, the private sector received higher long term capital while short term capital outflow showed contraction and net official long term capital 0 200 400 600 800 1000 1200 1400 1600 1800 2000 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV 2016/17 2017/18 2018/19 2019/20 2020/21 (In Millions of USD) Fig V.10: Trends in Private and Official Transfers, (Receipts) Private Transfers Official Transfers

Fourth Quarter 2020/21 | 61 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 65 5.3.2. Transfers During the review period, total transfer receipts grew 10.1 percent and reached USD 2.03 billion due to 49.2 percent increase in private transfers which affect the 64.2 percent reduction in official transfers. On the other hand, transfer payments significantly rose from USD 19.6 million to USD 63.1 million as a result of 26.1 percent increase in private transfer payments and 292.5 percent hike in official transfers. Consequently, net transfers grew by 7.9 percent and reached USD 2 billion (Table 5.9). Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2019/20 2020/21 Percentage Q Change IV Share (In %) QIII Share (In %) QIV Share (In %) A B C D=C/ A E=C/ B 1 Private transfers, net (2-5) 1,200.3 65.9 1,443.4 90.0 1,792.5 91.3 49.3 24.2 2 Credit (3+4) 1,205.5 65.5 1,446.1 88.5 1,799.1 88.8 49.2 24.4 3 NGO's 246.1 13.4 266.7 16.3 385.4 19.0 56.6 44.5 4 Private individuals 959.5 52.1 1,179.4 72.2 1,413.7 69.8 47.3 19.9 5 Debit 5.2 26.7 2.7 9.1 6.6 10.5 26.1 147.3 6 Official transfers, net (7-8) 619.9 34.1 160.9 10.0 170.7 8.7 -72.5 6.1 7 Credit 634.3 34.5 187.7 11.5 227.2 11.2 -64.2 21.0 8 Debit 14.4 73.3 26.8 90.9 56.5 89.5 292.5 111.1 9 Total Receipts 1,839.9 100.0 1,633.8 100.0 2,026.3 100.0 10.1 24.0 10 Total Payments 19.6 100.0 29.4 100.0 63.1 100.0 221.4 114.4 11 Net Transfers 1,820.2 100.0 1,604.4 100.0 1,963.2 100.0 7.9 22.4 Source: NBE Staff Computation National Bank of Ethiopia Quarterly Bulletin 66 Source: NBE Staff Compilation 5.4. Current Account Balance The current account balance (including official transfers) shifted from a surplus of USD 76.7 million surplus to a USD 926.7 million deficit during the last quarter of 2020/21 as merchandise trade deficit widened by 56.7 percent, net services turned from a USD 2.3 million surplus to a USD 154.8 million deficit and net official transfers dropped by 72.5 (Table 5.1). 5.5. Capital Account Capital account recorded USD 1.18 billion in surplus which was 50.6 percent higher than that of last year mainly due to upsurge in FDI from USD 495.9 million to USD 1.9 billion largely on account of USD 850 million FDI in the Telecom sector. In addition, the private sector received higher long term capital while short term capital outflow showed contraction and net official long term capital 0 200 400 600 800 1000 1200 1400 1600 1800 2000 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV 2016/17 2017/18 2018/19 2019/20 2020/21 (In Millions of USD) Fig V.10: Trends in Private and Official Transfers, (Receipts) Private Transfers Official Transfers 5.5. Capital Account Capital account recorded USD 1.18 billion in surplus which was 50.6 percent higher than that of last year mainly due to upsurge in FDI from USD 495.9 million to USD 1.9 billion largely on account of USD 850 million FDI in the Telecom sector. In addition, the private sector received higher long term capital while short term capital outflow showed contraction and net official long term capital registered 78 percent drop vis-à-vis higher public sector long term capital outflow.

62 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 67 registered 78 percent drop vis-à￾vis higher public sector long term capital outflow. 5.6. Changes in Reserve Position The surplus in the overall balance of payments during the fourth quarter of 2020/21 reached USD 933.5 million compared to USD 659.5 million surplus a year earlier. Consequently, net foreign assets of the National Bank of Ethiopia and that of commercial banks showed a USD 488.4 million and USD 445.1 million build up, respectively. Thus, as of June 30, 2021, gross foreign reserve coverage stood at 2.2 months of imports of goods and non-factor services of next fiscal year (Table 5.1).

5.7. Developments in the Foreign Exchange Market 5.7.1. Exchange Rate Movements Owing the review quarter, the weighted average official exchange rate of the in Birr in the inter-bank forex market reached 42.5284/USD, depicting a 25.6 percent annual depreciation. The end period exchange rate of the Birr was 43.6910/USD, indicating that the Birr has weakened against USD by 24.9 percent over last year same period. National Bank of Ethiopia Quarterly Bulletin 68 Table 5.10: Developments in Inter-bank Market Forex Traded and Exchange Rates (USD/ETB) Period Official Market End Period Weighted Rate Average Weighted Rate Amount Traded in Millions of USD Total Among CBs 2019/20 34.9822 31.3427 12.55 0.0 Qtr. IV C 34.9822 33.8507 3.0 0.0 April 33.5347 33.1908 1.05 0.0 May 34.1621 33.8600 0.9 0.0 June 34.9822 34.5012 1.05 0.0 2020/21 Qtr. III B 41.3165 39.8933 3.05 0.0 January 39.4355 39.3287 0.95 0.0 February 39.9715 39.6855 1.0 0.0 March 41.3165 40.6658 1.1 0.0 Qtr. IV A 43.6910 42.5284 3.0 0.0 April 41.9424 41.6437 1.05 0.0 May 43.0853 42.5444 0.9 0.0 June 43.6910 43.3970 1.05 0.0 Percentage Changes A/B 5.75 6.61 -1.64 A/C 24.89 25.64 0.00 Source: National Bank of Ethiopia In the retail foreign exchange market, average buying rate in the forex bureau of commercial banks stood at Birr 42.5392/USD, showing a 25.6 percent annual depreciation, while the selling rate (Birr 43.3765/USD) depreciated by 25.7 percent. Thus, the average spread between the buying and the selling rates increased to 2.0 percent from 1.9 percent a year ago (Table 5.11). 5.7. Developments in the Foreign Exchange Market 5.7.1. Exchange Rate Movements Owing the review quarter, the weighted average official exchange rate of the in Birr in the inter-bank forex market reached 42.5284/USD, depicting a 25.6 percent annual depreciation. The end period exchange rate of the Birr was 43.6910/USD, indicating that the Birr has weakened against USD by 24.9 percent over last year same period.

Fourth Quarter 2020/21 | 63 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 67 registered 78 percent drop vis-à￾vis higher public sector long term capital outflow. 5.6. Changes in Reserve Position The surplus in the overall balance of payments during the fourth quarter of 2020/21 reached USD 933.5 million compared to USD 659.5 million surplus a year earlier. Consequently, net foreign assets of the National Bank of Ethiopia and that of commercial banks showed a USD 488.4 million and USD 445.1 million build up, respectively. Thus, as of June 30, 2021, gross foreign reserve coverage stood at 2.2 months of imports of goods and non-factor services of next fiscal year (Table 5.1).

5.7. Developments in the Foreign Exchange Market 5.7.1. Exchange Rate Movements Owing the review quarter, the weighted average official exchange rate of the in Birr in the inter-bank forex market reached 42.5284/USD, depicting a 25.6 percent annual depreciation. The end period exchange rate of the Birr was 43.6910/USD, indicating that the Birr has weakened against USD by 24.9 percent over last year same period. National Bank of Ethiopia Quarterly Bulletin 68 Table 5.10: Developments in Inter-bank Market Forex Traded and Exchange Rates (USD/ETB) Period Official Market End Period Weighted Rate Average Weighted Rate Amount Traded in Millions of USD Total Among CBs 2019/20 34.9822 31.3427 12.55 0.0 Qtr. IV C 34.9822 33.8507 3.0 0.0 April 33.5347 33.1908 1.05 0.0 May 34.1621 33.8600 0.9 0.0 June 34.9822 34.5012 1.05 0.0 2020/21 Qtr. III B 41.3165 39.8933 3.05 0.0 January 39.4355 39.3287 0.95 0.0 February 39.9715 39.6855 1.0 0.0 March 41.3165 40.6658 1.1 0.0 Qtr. IV A 43.6910 42.5284 3.0 0.0 April 41.9424 41.6437 1.05 0.0 May 43.0853 42.5444 0.9 0.0 June 43.6910 43.3970 1.05 0.0 Percentage Changes A/B 5.75 6.61 -1.64 A/C 24.89 25.64 0.00 Source: National Bank of Ethiopia In the retail foreign exchange market, average buying rate in the forex bureau of commercial banks stood at Birr 42.5392/USD, showing a 25.6 percent annual depreciation, while the selling rate (Birr 43.3765/USD) depreciated by 25.7 percent. Thus, the average spread between the buying and the selling rates increased to 2.0 percent from 1.9 percent a year ago (Table 5.11). Table 5.10: Developments in Inter-bank Market Forex Traded and Exchange Rates (USD/ETB) Period Official Market End Period Rate Average Weighted Rate Amount Traded in Millions of USD Total Among CBs 2019/20 34.9822 31.3427 12.55 0.0 Qtr. IV C 34.9822 33.8507 3.0 0.0 April 33.5347 33.1908 1.05 0.0 May 34.1621 33.8600 0.9 0.0 June 34.9822 34.5012 1.05 0.0 2020/21 Qtr. III B 41.3165 39.8933 3.05 0.0 January 39.4355 39.3287 0.95 0.0 February 39.9715 39.6855 1.0 0.0 March 41.3165 40.6658 1.1 0.0 Qtr. IV A 43.6910 42.5284 3.0 0.0 April 41.9424 41.6437 1.05 0.0 May 43.0853 42.5444 0.9 0.0 June 43.6910 43.3970 1.05 0.0 Percentage Changes A/B 5.75 6.61 -1.64 A/C 24.89 25.64 0.00 Source: National Bank of Ethiopia

64 | Fourth Quarter 2020/21 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 2019/20 2020/21 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 13,959.6 6,939.4 33,330.3 5,025.2 30,492.3 6,022.7 -8.51 19.85 118.43 -13.21 2 Bank of Abyssinia 869.1 130.6 399.6 3,289.9 683.8 2,137.6 71.12 -35.02 -21.32 1537.39 3 Dashen Bank 803.9 313.5 3,577.3 4,517.5 2,668.6 1,850.0 -25.40 -59.05 231.97 490.04 4 Awash International Bank 437.4 248.4 464.5 3,620.4 805.1 2,510.0 73.3 -30.7 84.0 910.5 5 Construction & Business Bank - - - 6 Wegagen Bank 823.3 64.3 1,431.7 962.8 502.9 375.9 -64.9 -61.0 -38.9 484.4 7 United Bank 66,407.4 201.0 3,650.3 1,869.3 1,631.3 1,207.1 -55.3 -35.4 -97.5 500.5 8 Development Bank - - 1.0 18.8 1.5 4.4 9 Nib International Bank 439.3 65.8 583.1 959.7 1,147.4 236.2 96.8 -75.4 161.2 259.2 10 Lion International Bank 101.7 0.9 213.7 83.1 286.3 33.2 34.0 -60.1 181.5 3583.5 11 Oromia International Bank 3,327.4 49.8 3,048.9 1,321.3 1,427.0 429.9 -53.2 -67.5 -57.1 762.8 12 Zemen Bank 3.6 193.2 68.6 6,813.3 72.6 819.0 5.8 -88.0 1930.4 324.0 13 Cooperative Bank of Oromia 4.2 - 174.0 1,767.6 338.9 671.1 94.7 -62.0 8038.2 14 Buna International Bank 1,514.4 - 435.8 259.4 593.0 136.0 36.1 -47.6 -60.8 15 Birhan International Bank 80.3 40.4 329.6 777.6 472.2 305.3 - -60.7 488.1 - 16 Abay Bank 917.8 4.8 264.1 155.8 158.9 92.1 -39.8 - -82.7 1819.4 17 Addis International Bank 694.8 12.7 971.7 219.9 627.8 182.7 -35.4 -16.9 -9.7 1338.8 18 Debub Global Bank 104.4 21.9 1,206.6 366.5 692.5 75.5 -42.6 -79.4 563.4 244.5 19 Enat Bank 34.5 11.0 91.4 263.9 54.8 231.0 -40.1 -12.4 58.9 2004.2 Total 90,522.8 8,297.7 50,242.2 32,292.0 42,656.9 17,319.6 -15.1 -46.4 -52.9 108.7 Average Exchange Rate 33.8563 34.5128 39.9398 40.7138 42.5392 43.3765 6.5 6.5 25.6 25.7 Spread 1.9 1.9 2.0 Source: National Bank of Ethiopia Note: * Refers the percentage spread between forex bureaus average buying and selling exchange rate in a given quarter. National Bank of Ethiopia Quarterly Bulletin 70 Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks

Source: NBE Staff Compilation In the official forex market, US dollar has depreciated against major currencies except Japanese Yen, both on quarterly and annual basis. On annual terms, USD depreciated against Pound Sterling (10.2 percent), Euro (7.7 percent), Swiss Franc (3.5 percent) and SDR (3.1 percent), whereas it appreciated against Japanese Yen (3.6 percent). Likewise, USD depreciated against Pound Sterling (4.1 percent), Euro (3.1 percent), SDR (3.1 percent) and Swiss Franc (1.8 percent) while it strengthened against Japanese Yen (0.5 percent) vis

à -vis the preceding quarter (Table 5.12). 1.8 1.9 1.9 2.0 2.0 2.1 05 10 15 20 25 30 35 40 45 50 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 (Percent) (Birr per USD) Buying Rate Selling Rate Spread (SA) National Bank of Ethiopia Quarterly Bulletin 70 Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks

Source: NBE Staff Compilation In the official forex market, US dollar has depreciated against major currencies except Japanese Yen, both on quarterly and annual basis. On annual terms, USD depreciated against Pound Sterling (10.2 percent), Euro (7.7 percent), Swiss Franc (3.5 percent) and SDR (3.1 percent), whereas it appreciated against Japanese Yen (3.6 percent). Likewise, USD depreciated against Pound Sterling (4.1 percent), Euro (3.1 percent), SDR (3.1 percent) and Swiss Franc (1.8 percent) while it strengthened against Japanese Yen (0.5 percent) vis

à -vis the preceding quarter (Table 5.12). 1.8 1.9 1.9 2.0 2.0 2.1 05 10 15 20 25 30 35 40 45 50 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 (Percent) (Birr per USD) Buying Rate Selling Rate Spread (SA)

Fourth Quarter 2020/21 | 65 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 70 Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks

Source: NBE Staff Compilation In the official forex market, US dollar has depreciated against major currencies except Japanese Yen, both on quarterly and annual basis. On annual terms, USD depreciated against Pound Sterling (10.2 percent), Euro (7.7 percent), Swiss Franc (3.5 percent) and SDR (3.1 percent), whereas it appreciated against Japanese Yen (3.6 percent). Likewise, USD depreciated against Pound Sterling (4.1 percent), Euro (3.1 percent), SDR (3.1 percent) and Swiss Franc (1.8 percent) while it strengthened against Japanese Yen (0.5 percent) vis-à-vis the preceding quarter (Table 5.12). 1.8 1.9 1.9 2.0 2.0 2.1 0 5 10 15 20 25 30 35 40 45 50 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 (Percent) (Birr per USD) Buying Rate Selling Rate Spread (SA) National Bank of Ethiopia Quarterly Bulletin 70 Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks

Source: NBE Staff Compilation In the official forex market, US dollar has depreciated against major currencies except Japanese Yen, both on quarterly and annual basis. On annual terms, USD depreciated against Pound Sterling (10.2 percent), Euro (7.7 percent), Swiss Franc (3.5 percent) and SDR (3.1 percent), whereas it appreciated against Japanese Yen (3.6 percent). Likewise, USD depreciated against Pound Sterling (4.1 percent), Euro (3.1 percent), SDR (3.1 percent) and Swiss Franc (1.8 percent) while it strengthened against Japanese Yen (0.5 percent) vis-à-vis the preceding quarter (Table 5.12). 1.8 1.9 1.9 2.0 2.0 2.1 0 5 10 15 20 25 30 35 40 45 50 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 (Percent) (Birr per USD) Buying Rate Selling Rate Spread (SA) National Bank of Ethiopia Quarterly Bulletin 70 Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks

Source: NBE Staff Compilation In the official forex market, US dollar has depreciated against major currencies except Japanese Yen, both on quarterly and annual basis. On annual terms, USD depreciated against Pound Sterling (10.2 percent), Euro (7.7 percent), Swiss Franc (3.5 percent) and SDR (3.1 percent), whereas it appreciated against Japanese Yen (3.6 percent). Likewise, USD depreciated against Pound Sterling (4.1 percent), Euro (3.1 percent), SDR (3.1 percent) and Swiss Franc (1.8 percent) while it strengthened against Japanese Yen (0.5 percent) vis-à-vis the preceding quarter (Table 5.12). 1.8 1.9 1.9 2.0 2.0 2.1 0 5 10 15 20 25 30 35 40 45 50 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 (Percent) (Birr per USD) Buying Rate Selling Rate Spread (SA) National Bank of Ethiopia Quarterly Bulletin 70 Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks

Source: NBE Staff Compilation In the official forex market, US dollar has depreciated against major currencies except Japanese Yen, both on quarterly and annual basis. On annual terms, USD depreciated against Pound Sterling (10.2 percent), Euro (7.7 percent), Swiss Franc (3.5 percent) and SDR (3.1 percent), whereas it appreciated against Japanese Yen (3.6 percent). Likewise, USD depreciated against Pound Sterling (4.1 percent), Euro (3.1 percent), SDR (3.1 percent) and Swiss Franc (1.8 percent) while it strengthened against Japanese Yen (0.5 percent) vis-à-vis the preceding quarter (Table 5.12). 1.8 1.9 1.9 2.0 2.0 2.1 0 5 10 15 20 25 30 35 40 45 50 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 (Percent) (Birr per USD) Buying Rate Selling Rate Spread (SA)

66 | Fourth Quarter 2020/21 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 2019/20 QIV C 1.1007 0.0093 1.3686 1.3687 1.3686 1.2415 1.0368 1.0369 1.0369 April 1.0873 0.0093 1.3637 1.2405 1.0305 May 1.0880 0.0093 1.3628 1.3627 1.3627 1.2292 1.0301 June 1.1269 0.0093 1.37944 1.3795 1.3795 1.2548 1.0500 2020/21 QIII B 1.1496 0.0090 1.3695 1.3694 1.3695 1.3133 1.3136 1.3134 1.0549 1.0546 1.0547 January 1.1573 0.0092 1.3700 1.2962 1.0715 February 1.1521 0.0090 1.3712 1.3186 1.0629 1.0621 1.0625 March 1.1394 0.0088 1.3672 1.3250 1.3259 1.3254 1.0303 QIV A 1.1869 1.1856 1.1856 0.0090 1.4117 1.4114 1.4116 1.3676 1.0735 April 1.1391 1.1352 1.1352 0.0087 1.3581 1.3573 1.3577 1.3155 1.0281 May 1.2154 0.0091 1.4399 1.3835 1.0898 June 1.2062 0.0091 1.4371 1.4039 1.1024 Percentage Changes A/B 3.24 3.13 3.13 -0.50 -0.45 -0.47 3.09 3.06 3.08 4.14 4.12 4.13 1.76 1.79 1.77 A/C 7.83 7.71 7.71 -3.64 3.15 3.13 3.14 10.16 3.53 Source: National Bank of Ethiopia National Bank of Ethiopia Quarterly Bulletin 73 Similarly, the Birr has depreciated against all major currencies on annual and quarterly basis. On yearly basis, it depreciated against Pound Sterling (41.6 percent), Euro (37.7 percent), Swiss Franc (33.0 percent), SDR (31.7 percent), USD (25.6 percent) and Japanese Yen (23.5 percent). On quarterly basis also, the Birr weakened against Pound Sterling (8.2 percent), Euro (6.6 percent), USD (6.6 percent), SDR (6.5 percent), Swiss Franc (5.8 percent) and Japanese Yen (3.1 percent) (Table5.13).

Fourth Quarter 2020/21 | 67 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 73 Similarly, the Birr has depreciated against all major currencies on annual and quarterly basis. On yearly basis, it depreciated against Pound Sterling (41.6 percent), Euro (37.7 percent), Swiss Franc (33.0 percent), SDR (31.7 percent), USD (25.6 percent) and Japanese Yen (23.5 percent). On quarterly basis also, the Birr weakened against Pound Sterling (8.2 percent), Euro (6.6 percent), USD (6.6 percent), SDR (6.5 percent), Swiss Franc (5.8 percent) and Japanese Yen (3.1 percent) (Table5.13). National Bank of Ethiopia Quarterly Bulletin 73 Similarly, the Birr has depreciated against all major currencies on annual and quarterly basis. On yearly basis, it depreciated against Pound Sterling (41.6 percent), Euro (37.7 percent), Swiss Franc (33.0 percent), SDR (31.7 percent), USD (25.6 percent) and Japanese Yen (23.5 percent). On quarterly basis also, the Birr weakened against Pound Sterling (8.2 percent), Euro (6.6 percent), USD (6.6 percent), SDR (6.5 percent), Swiss Franc (5.8 percent) and Japanese Yen (3.1 percent) (Table5.13).

68 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 5.13: Period Average Exchange Rates (Birr per Major Currencies) Period Currency USD EURO JAPANESE YEN SDR POUNDSTERLING SWISS FRANK Buying Selling Mid-Rate Buying Selling Mid-Rate Buying Selling Mid-Rate Buying Selling Mid-Rate Buying Selling Mid-Rate Buying Selling Mid-Rate 2019/20 QIV C 33.8507 34.1890 34.0199 37.2488 37.6213 37.4350 0.3148 0.3179 0.3164 46.3261 46.7892 46.5576 41.9986 42.4190 42.2088 35.1040 35.4551 35.2795 April 33.1908 33.5227 33.3568 36.0868 36.4477 36.2672 0.3077 0.3108 0.3092 45.2638 45.7164 45.4901 41.1722 41.5840 41.3781 34.2023 34.5444 34.3733 May 33.8600 34.1986 34.0293 36.8420 37.2104 37.0262 0.3159 0.3191 0.3175 46.1427 46.6037 46.3732 41.6199 42.0360 41.8279 34.8789 35.2277 35.0533 June 34.5012 34.8458 34.6735 38.8175 39.2057 39.0116 0.3207 0.3239 0.3223 47.5718 48.0475 47.8097 43.2036 43.6369 43.4203 36.2308 36.5931 36.4120 2020/21 QIII B 39.8933 40.2923 40.0966 48.1187 48.5999 48.3612 0.3769 0.3805 0.3788 57.3252 57.8984 57.6115 54.9798 55.5421 55.2597 44.1478 44.5783 44.3646 January 39.3287 39.7220 39.5368 47.9101 48.3892 48.1553 0.3793 0.3826 0.3814 56.7143 57.2814 56.9971 53.6623 54.1989 53.9268 44.3568 44.8004 44.5833 February 39.6855 40.0824 39.8839 48.0087 48.4889 48.2488 0.3768 0.3806 0.3787 57.1363 57.7077 57.4220 54.9480 55.4975 55.2228 44.2886 44.6984 44.4935 March 40.6658 41.0725 40.8691 48.4374 48.9218 48.6796 0.3744 0.3782 0.3763 58.1249 58.7062 58.4156 56.3292 56.9297 56.6295 43.7980 44.2359 44.0169 QIV A 42.5284 42.9537 42.7410 51.2589 51.7715 51.5278 0.3886 0.3925 0.3907 61.0200 61.6203 61.3301 59.4806 60.0755 59.7822 46.6729 47.1396 46.9207 April 41.6437 42.0601 41.8519 49.6979 50.1948 49.9841 0.3815 0.3853 0.3837 59.4183 59.9828 59.7303 57.6001 58.1762 57.9006 45.0147 45.4649 45.2832 May 42.5444 42.9698 42.7571 51.7087 52.2258 51.9672 0.3902 0.3941 0.3921 61.2605 61.8731 61.5668 59.8872 60.4861 60.1867 47.1336 47.6050 47.3693 June 43.3970 43.8310 43.6140 52.3703 52.8940 52.6321 0.3942 0.3982 0.3962 62.3811 63.0050 62.6931 60.9546 61.5642 61.2594 47.8702 48.3489 48.1096 Percentage Change A/B 6.61 6.61 6.60 6.53 6.53 6.55 3.12 3.17 3.14 6.45 6.43 6.45 8.19 8.16 8.18 5.72 5.75 5.76 A/C 25.64 37.61 37.61 37.65 23.46 23.46 23.49 31.72 31.70 31.73 41.63 41.62 41.63 32.96 32.96 33.00 Source: National Bank of Ethiopia National Bank of Ethiopia Quarterly Bulletin 76 5.7.2. Movements in the Real Effective Exchange Rate During the fourth quarter of 2020/21, the Birr remained unaffected in real terms largely as the gains from the surge in trading partners’ price particularly that of the Sudanese were neutralized by the appreciation of the Birr and rising domestic inflation. When , excluding Sudan from the partners ’ list, however, the REERI has depreciated by 5.1 percent. Likewise, the NEERI appreciated by 80.1 percent compared with last year same quarter due to significant depreciation of Sudanese Pound against USD following the decision of the Central Bank of Sudan to float the currency (Table 5.15).

Fourth Quarter 2020/21 | 69 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 76 5.7.2. Movements in the Real Effective Exchange Rate During the fourth quarter of 2020/21, the Birr remained unaffected in real terms largely as the gains from the surge in trading partners’ price particularly that of the Sudanese were neutralized by the appreciation of the Birr and rising domestic inflation. When, excluding Sudan from the partners’ list, however, the REERI has depreciated by 5.1 percent. Likewise, the NEERI appreciated by 80.1 percent compared with last year same quarter due to significant depreciation of Sudanese Pound against USD following the decision of the Central Bank of Sudan to float the currency (Table 5.15). National Bank of Ethiopia Quarterly Bulletin 76 5.7.2. Movements in the Real Effective Exchange Rate During the fourth quarter of 2020/21, the Birr remained unaffected in real terms largely as the gains from the surge in trading partners’ price particularly that of the Sudanese were neutralized by the appreciation of the Birr and rising domestic inflation. When, excluding Sudan from the partners’ list, however, the REERI has depreciated by 5.1 percent. Likewise, the NEERI appreciated by 80.1 percent compared with last year same quarter due to significant depreciation of Sudanese Pound against USD following the decision of the Central Bank of Sudan to float the currency (Table 5.15). Table 5.14: Birr per Unit of Currency End Period Mid-Market Rate Currency June 30, 2020 March 31, 2021 June 30, 2021 Percentage change A B C C/B C/A USD 35.1571 41.5231 43.9095 5.75 24.89 Pound 43.3216 57.0652 60.7444 6.45 40.22 Swedish Kroner 3.7833 4.7565 5.1500 8.27 36.12 Djibouti Frank 0.1973 0.2330 0.2464 5.75 24.89 Swiss Frank 37.2230 44.0750 47.6655 8.15 28.05 Saudi Riyal 9.3694 11.0714 11.7077 5.75 24.96 UAE Dirhams 9.5705 11.3034 11.9531 5.75 24.89 Canadian Dollar 25.7429 32.9026 35.4767 7.82 37.81 Japanese Yen 0.3280 0.3764 0.3971 5.50 21.07 Euro 39.6713 48.7398 52.2610 7.22 31.74 SDR 48.4571 58.9711 62.7291 6.37 29.45 Source: NBE Staff Compilation

70 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 77 Table 5.15: Trends in the Real and Nominal Effective Exchange Rates Item 2019/20 2020/21 Percentage Change QIV QIII QIV A B C C/B C/A REERI 179.4 150.6 179.4 19.1 -0.01 NEERI 38.6 46.3 69.6 50.4 80.1 Source: NBE Staff Compilation NB: REERI = Real Effective Exchange Rate Index, NEERI = Nominal Effective Exchange Rate Index A decrease in the REERI and NEERI implies depreciation and vice versa. Fig.V.12: Movements in the Real and Nominal Effective Exchange Rate Source: NBE Staff Compilation 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 2016/17 2017/18 2018/19 2019/20 2020/21 REERI NEERI Table 5.15: Trends in the Real and Nominal Effective Exchange Rates Item 2019/20 2020/21 Percentage Change QIV QIII QIV A B C C/B C/A REERI 179.4 150.6 179.4 19.1 -0.01 NEERI 38.6 46.3 69.6 50.4 80.1 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. National Bank of Ethiopia Quarterly Bulletin 78 5.7.3. Volume of Transactions In the fourth quarter of 2020/21, the volume of foreign exchange traded in the inter-bank foreign exchange market remained at USD 3.0 million were all the foreign exchange was supplied exclusively by NBE in order to stabilize the foreign exchange market (Table 5:10). Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market Source: NBE Staff Compilation In the same period, forex bureaus of commercial banks purchased USD 42.7 million and sold USD 17.3 million. Hence, the amount of forex purchased fell by 52.9 percent, while the amount of forex sold surged by 108.7 percent largely impacted by the COVID-19 pandemic (Table 5.11). 0 1 2 3 4 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 (In Mill. USD) Total Amount Traded Amount Traded among CBs National Bank of Ethiopia Quarterly Bulletin 78 5.7.3. Volume of Transactions In the fourth quarter of 2020/21, the volume of foreign exchange traded in the inter-bank foreign exchange market remained at USD 3.0 million were all the foreign exchange was supplied exclusively by NBE in order to stabilize the foreign exchange market (Table 5:10). Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market Source: NBE Staff Compilation In the same period, forex bureaus of commercial banks purchased USD 42.7 million and sold USD 17.3 million. Hence, the amount of forex purchased fell by 52.9 percent, while the amount of forex sold surged by 108.7 percent largely impacted by the COVID-19 pandemic (Table 5.11). 0 1 2 3 4 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 (In Mill. USD) Total Amount Traded Amount Traded among CBs

Fourth Quarter 2020/21 | 71 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 78 5.7.3. Volume of Transactions In the fourth quarter of 2020/21, the volume of foreign exchange traded in the inter-bank foreign exchange market remained at USD 3.0 million were all the foreign exchange was supplied exclusively by NBE in order to stabilize the foreign exchange market (Table 5:10). Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market Source: NBE Staff Compilation In the same period, forex bureaus of commercial banks purchased USD 42.7 million and sold USD 17.3 million. Hence, the amount of forex purchased fell by 52.9 percent, while the amount of forex sold surged by 108.7 percent largely impacted by the COVID-19 pandemic (Table 5.11). 0 1 2 3 4 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 (In Mill. USD) Total Amount Traded Amount Traded among CBs National Bank of Ethiopia Quarterly Bulletin 78 5.7.3. Volume of Transactions In the fourth quarter of 2020/21, the volume of foreign exchange traded in the inter-bank foreign exchange market remained at USD 3.0 million were all the foreign exchange was supplied exclusively by NBE in order to stabilize the foreign exchange market (Table 5:10). Fig.V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market Source: NBE Staff Compilation In the same period, forex bureaus of commercial banks purchased USD 42.7 million and sold USD 17.3 million. Hence, the amount of forex purchased fell by 52.9 percent, while the amount of forex sold surged by 108.7 percent largely impacted by the COVID-19 pandemic (Table 5.11). 0 1 2 3 4 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 (In Mill. USD) Total Amount Traded Amount Traded among CBs

72 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2020/21 79 VI. FEDERAL GOVERNMENT FINANCE Total revenue and grants of the Federal government reached Birr 73.8 billion during the fourth quarter of 2020/21 about 8.5 percent lower than last year same quarter. (Table 6.1). On the other hand, the Federal government’s total expenditure went up to Birr 121.0 billion showing a 3.2 percent annual growth. As a result, the overall fiscal balance (including grants) was Birr 47.1 billion deficit.

Fourth Quarter 2020/21 | 73 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2020/21 79 VI. FEDERAL GOVERNMENT FINANCE Total revenue and grants of the Federal government reached Birr 73.8 billion during the fourth quarter of 2020/21 about 8.5 percent lower than last year same quarter. (Table 6.1). On the other hand, the Federal government’s total expenditure went up to Birr 121.0 billion showing a 3.2 percent annual growth. As a result, the overall fiscal balance (including grants) was Birr 47.1 billion deficit.

Table 6.1: Summary of Quarterly Federal Government Finance ]in millions of Birr[ No Finer points 2019/20 2020/21 Percentage Changes Performance Rate A B C D D/A D/C D/B QIV Budget QIII QIV 1 Revenue and Grants 80,750.1 336,177.0 68,804.1 73,872.2 )8.5( 7.4 22.0 1.1 Total Revenue 59,238.1 305,268.7 68,804.1 73,872.2 24.7 7.4 24.2 Tax Revenue 49,557.3 271,748.2 61,555.8 65,316.6 31.8 6.1 24.0 Direct tax 14,063.7 65,850.7 14,953.1 20,044.4 42.5 34.0 30.4 Indirect tax 35,493.6 205,897.5 46,602.8 45,272.2 27.6 )2.9( 22.0 Non-Tax Revenue 9,680.8 33,520.5 7,248.3 8,555.6 )11.6( 18.0 25.5 1.2 Grant & Relief 21,512.0 30,908.3 0.0 - - - 2 Current Expenditure 31,978.2 141,935.5 22,285.2 48,066.3 50.3 115.7 33.9 3 Current Surplus/Deficit - - )Including Grants( 48,771.9 194,241.4 46,518.9 25,805.9 )47.1( )44.5( 13.3 )Excluding Grants( 27,259.9 163,333.1 46,518.9 25,805.9 )5.3( )44.5( 15.8 4 Capital Expenditure 40,212.5 137,396.5 24,622.9 32,543.9 )19.1( 32.2 23.7 5 Regional Transfers 45,102.4 175,805.7 49,083.7 40,435.3 )10.3( )17.6( 23.0 6 )Total Expenditure (2+4+5 117,293.2 455,137.7 95,991.8 121,045.5 3.2 26.1 26.6 7 Overall Surplus/Deficit )Including Grants( )36,543.1( )118,960.7( )27,187.7( )47,173.3( 29.1 73.5 39.7 )Excluding Grants( )58,055.1( )149,869.0( )27,187.7( )47,173.3( )18.7( 73.5 31.5 8 Total Financing 36,543.1 118,960.7 27,187.7 47,173.3 29.1 73.5 39.7 8.1 Net External Borrowings 37,484.9 20,515.2 6,220.9 4,216.5 )88.8( )32.2( 20.6 External Borrowing 11,677.7 21,557.2 6,804.2 4,995.1 )57.2( )26.6( 23.2 Amortization 1,373.4 11,755.4 583.3 2,294.5 67.1 293.4 19.5 8.2 NetDomestic Borrowings 14,485.5 98,445.6 38,195.2 69,116.2 377.1 81.0 70.2 Banking System )2,932.5( 25,749.1 50,255.9 )1,813.8( 95.2 Non-Bank Sources 17,418.0 12,446.1 18,860.3 8.3 51.5 8.3 Privatization receipts 1,799.7 8.4 Others and Residuals )15,427.3( 0 )17,228.4( )26,159.4( 69.6 51.8 Source: Ministry of Finance

74 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2020/21 81 Source Ministry of finance 6.1 Revenue and Grants With no grants, total domestic revenue reached Birr 73.8 billion during the review quarter. About Birr 65.3 billion or 88.4 percent of the domestic revenue was generated from taxes and Birr 8.5 billion (or 11.6 percent) from non-taxes (Table 6.2).

Fourth Quarter 2020/21 | 75 National Bank of Ethiopia Quarterly Bulletin Table 6.2: Summary of Quarterly Federal Government Revenue by Components (In million Birr) No Particulars 2019/20 2020/21 Percentage Change Performance Rate QIV Budget QIII QIV D/A D/C D/B A B C D Total Revenue and Grants 80,750.1 336,177.0 68,804.1 73,872.2 )8.5( 7.4 22.0 TotalDomestic Revenue 59,238.1 305,268.7 68,804.1 73,872.2 24.7 7.4 24.2 1 Tax Revenue 49,557.3 271,748.2 61,555.8 65,316.6 31.8 6.1 24.0 1.1 Direct Tax Revenue 14,063.7 65,850.7 14,953.1 20,044.4 42.5 34.0 30.4 1.1.1 Income Taxes 11,523.2 52,164.8 12,310.4 16,917.5 46.8 37.4 32.4

• Personal 3,125.6 15,255.1 4,197.8 3834.9 22.7 )8.6( 25.1
• Business 8,397.6 36,909.7 8,112.6 13082.6 55.8 61.3 35.4 1.1.2 Others1 2,540.5 13,685.9 2,642.6 3126.9 23.1 18.3 22.8 1.2 Indirect Taxes 35,493.6 205,897.5 46,602.8 45,272.2 27.6 )2.9( 22.0 1.2.1 Domestic Taxes 13,783.3 84,518.0 19,745.0 18,354.4 33.2 )7.0( 21.7 1.2.2 Foreign Trade Taxes 21,710.3 121,379.5 26,857.8 26,917.8 24.0 0.2 22.2
• Import 21,710.3 121,379.5 26,857.8 26,917.8 24.0 0.2 22.2 2 Non-Tax Revenue 9,680.8 33,520.5 7,248.3 8555.6 )11.6( 18.0 25.5 3 Privatization - - - - - - - 4 Grants and Relief 21,512.0 30,908.3 - - - - - Source: Ministry of Finance 1/ includes Withholding tax on import, tax on dividend,royality and interest income

76 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2020/21 83 income Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government Tax revenue reached Birr 65.3 billion indicating a 31.8 percent annual increase due to 42.5 percent growth in revenue from direct taxes and 27.6 percent from indirect taxes. Direct tax revenue, which mostly comprises business and personal income taxes, stood at Birr 20.0 billion showing a 34.0 percent quarterly and 42.5 percent annual growth. Meanwhile, revenue from indirect tax reached Birr 45.2 billion and grew by 27.6 percent compared to a year ago while it declined by 2.9 percent vis-a-vis the preceding quarter. 0 10000 20000 30000 40000 50000 60000 70000 80000 90000 100000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017/18 2018/19 201920 2020/21 (In Millions of Birr) Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2020/21 84 Fig.VI.2: Domestic Revenue by Major Components 6.2 Expenditure During the review period, Federal government expenditure (including regional transfers) reached Birr 121.0 billion, depicting a 3.2 percent annual and 26.1 percent quarterly increase. On quarterly basis, the increase was attributed to higher current and capital expenditures (Table 6.3). (Table 6.3). On yearly terms, current expenditure at Birr 48.0 billion went up by 50.3 percent, mainly on account of higher expenses on general services and debt service while, capital expenditure (Birr 32.5 billion) showed a 19.1 percent decline. Direct Tax Revenue 27.1% Indirect Tax Revenue 61.3% Non Tax Revenue 11.6% National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2020/21 84 Fig.VI.2: Domestic Revenue by Major Components 6.2 Expenditure During the review period, Federal government expenditure (including regional transfers) reached Birr 121.0 billion, depicting a 3.2 percent annual and 26.1 percent quarterly increase. On quarterly basis, the increase was attributed to higher current and capital expenditures (Table 6.3). (Table 6.3). On yearly terms, current expenditure at Birr 48.0 billion went up by 50.3 percent, mainly on account of higher expenses on general services and debt service while, capital expenditure (Birr 32.5 billion) showed a 19.1 percent decline. Direct Tax Revenue 27.1% Indirect Tax Revenue 61.3% Non Tax Revenue 11.6% Fourth Quarter 2020/21 4 Tax revenue reached Birr 65.3 billion indicating a 31.8 percent annual increase due to 42.5 percent growth in revenue from direct taxes and 27.6 percent from indirect taxes. Direct tax revenue, which mostly comprises business and personal income taxes, stood at Birr 20.0 billion showing a 34.0 percent quarterly and 42.5 percent annual growth. Meanwhile, revenue from indirect tax reached Birr 45.2 billion and grew by 27.6 percent compared to a year ago while it declined by 2.9 percent vis-a-vis the preceding quarter.

Fourth Quarter 2020/21 | 77 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2020/21 83 income Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government Tax revenue reached Birr 65.3 billion indicating a 31.8 percent annual increase due to 42.5 percent growth in revenue from direct taxes and 27.6 percent from indirect taxes. Direct tax revenue, which mostly comprises business and personal income taxes, stood at Birr 20.0 billion showing a 34.0 percent quarterly and 42.5 percent annual growth. Meanwhile, revenue from indirect tax reached Birr 45.2 billion and grew by 27.6 percent compared to a year ago while it declined by 2.9 percent vis-a-vis the preceding quarter. 0 10000 20000 30000 40000 50000 60000 70000 80000 90000 100000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017/18 2018/19 201920 2020/21 (In Millions of Birr) Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2020/21 84 Fig.VI.2: Domestic Revenue by Major Components 6.2 Expenditure During the review period, Federal government expenditure (including regional transfers) reached Birr 121.0 billion, depicting a 3.2 percent annual and 26.1 percent quarterly increase. On quarterly basis, the increase was attributed to higher current and capital expenditures (Table 6.3). (Table 6.3). On yearly terms, current expenditure at Birr 48.0 billion went up by 50.3 percent, mainly on account of higher expenses on general services and debt service while, capital expenditure (Birr 32.5 billion) showed a 19.1 percent decline. Direct Tax Revenue 27.1% Indirect Tax Revenue 61.3% Non Tax Revenue 11.6% National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2020/21 84 Fig.VI.2: Domestic Revenue by Major Components 6.2 Expenditure During the review period, Federal government expenditure (including regional transfers) reached Birr 121.0 billion, depicting a 3.2 percent annual and 26.1 percent quarterly increase. On quarterly basis, the increase was attributed to higher current and capital expenditures (Table 6.3). (Table 6.3). On yearly terms, current expenditure at Birr 48.0 billion went up by 50.3 percent, mainly on account of higher expenses on general services and debt service while, capital expenditure (Birr 32.5 billion) showed a 19.1 percent decline. Direct Tax Revenue 27.1% Indirect Tax Revenue 61.3% Non Tax Revenue 11.6% Fourth Quarter 2020/21 4 Tax revenue reached Birr 65.3 billion indicating a 31.8 percent annual increase due to 42.5 percent growth in revenue from direct taxes and 27.6 percent from indirect taxes. Direct tax revenue, which mostly comprises business and personal income taxes, stood at Birr 20.0 billion showing a 34.0 percent quarterly and 42.5 percent annual growth. Meanwhile, revenue from indirect tax reached Birr 45.2 billion and grew by 27.6 percent compared to a year ago while it declined by 2.9 percent vis-a-vis the preceding quarter. National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2020/21 84 Fig.VI.2: Domestic Revenue by Major Components 6.2 Expenditure During the review period, Federal government expenditure (including regional transfers) reached Birr 121.0 billion, depicting a 3.2 percent annual and 26.1 percent quarterly increase. On quarterly basis, the increase was attributed to higher current and capital expenditures (Table 6.3). (Table 6.3). On yearly terms, current expenditure at Birr 48.0 billion went up by 50.3 percent, mainly on account of higher expenses on general services and debt service while, capital expenditure (Birr 32.5 billion) showed a 19.1 percent decline. Direct Tax Revenue 27.1% Indirect Tax Revenue 61.3% Non Tax Revenue 11.6%

78 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 6.3: Summary of Federal Government Expenditure by Component (In Millions of Birr) No Particulars 2019/20 2020/21 Percentage Change Performance Rate QIV Budget QIII QIV A B C D D/A D/C D/B Total Expenditure 117,293.2 455,137.7 95,991.8 121,045.5 3.2 26.1 26.6 1 Current Expenditure 31,978.2 141,935.5 22,285.2 48,066.3 50.3 115.7 33.9

• General Services 9,996.6 38,465.5 10,157.6 21,332.0 113.4 110.0 55.5
• Economic Services 3,085.2 6,770.2 1,532.0 1,831.8 (40.6) 19.6 27.1
• Social Services 16,469.4 37,099.0 9,346.7 12,889.2 (21.7) 37.9 34.7
• Others expenditure 547.0 39,835.8 87.5 83.3 (84.8) (4.9) 0.2
• Debt Service 1,880.0 19,765.1 1,161.4 11,930.1 534.6 927.2 60.4 2 Capital Expenditure 40,212.5 137,396.5 24,622.9 32,543.9 (19.1) 32.2 23.7 -Economic Development 28,176.4 100,349.2 20,207.1 17,698.7 (37.2) (12.4) 17.6
• Social Development 10,765.0 29,180.2 3,776.7 12,566.3 16.7 232.7 43.1
• General Development 1,271.1 7,867.1 639.0 2,278.9 79.3 256.6 29.0 4 Regional Transfers 45,102.4 175,805.7 49,083.7 40,435.3 (10.3) (17.6) 23.0 Source: Ministry of Finance National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2020/21 86 Fig.VI.3: Major Components of Federal Governments Expenditure Current Expenditure 39.7% Capital Expenditure 26.9% Regional Transfer 33.4%

Fourth Quarter 2020/21 | 79 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2020/21 86 Fig.VI.3: Major Components of Federal Governments Expenditure Current Expenditure 39.7% Capital Expenditure 26.9% Regional Transfer 33.4% National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2020/21 87 Fig.VI.4: Quarterly Development in Federal Government Expenditure by Components

6.3 Deficit Financing Federal government budget operation during the review period reached in Birr 47.1 billion deficits much higher than Birr 36.5 billion deficit recorded last year same period. The deficit was financed by net domestic and external borrowing (Table 6.1). 0 20000 40000 60000 80000 100000 120000 140000 2017/18 2018/19 2019/20 2020/21 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2020/21 87 Fig.VI.4: Quarterly Development in Federal Government Expenditure by Components

6.3 Deficit Financing Federal government budget operation during the review period reached in Birr 47.1 billion deficits much higher than Birr 36.5 billion deficit recorded last year same period. The deficit was financed by net domestic and external borrowing (Table 6.1). 0 20000 40000 60000 80000 100000 120000 140000 2017/18 2018/19 2019/20 2020/21 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers

80 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 88 | 2020/21 Fourth Quarter Fig.VI.5: Federal Government Finance during Fourth Quarter of F.Y 2020/21 0 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000 2017/18 2018/19 2019/20 2020/21 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants

Fourth Quarter 2020/21 | 81 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 88 | 2020/21 Fourth Quarter Fig.VI.5: Federal Government Finance during Fourth Quarter of F.Y 2020/21 0 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000 2017/18 2018/19 2019/20 2020/21 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants VII. DEVELOPMENTS IN INVESTMENT During the fourth quarter of 2020/21, 22 investment projects having investment capital of Birr 752.7 million became operational. Compared to last year same quarter, the number of investment projects showed no progress while investment capitals move up by 242.2 percent. All reported investment projects were private and about 72.7 percent were domestic and 27.3 percent foreign. The domestic projects had Birr 716.9 million (95.2 percent) investment capitals while that of foreign projects Birr 35.8 million (4.8 percent). These investment projects have generated employment opportunities for 871 employees which was 988.8 percent higher than the same quarter of last year. Of the total employment created during the period, 44.3 percent was permanent and 55.7 percent casual (Table 7.1).

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

1. Total Investment Number of projects 22 20 22 100 0.0 10.0 Capital 219.9 81.3 752.7 100 242.2 825.8 Permanent Employment 44 244 386 100 777.3 58.2 Temporary Employment 36 99 485 100 1,247.2 389.9
2. Private Investment Number of projects 22 20 22 100 0.0 10.0 Capital 219.9 81.3 752.7 100 242.2 825.8 Permanent Employment 44 244 386 100 777.3 58.2 Temporary Employment 36 99 485 100 1,247.2 389.9 2.1 Domestic Investment Number of projects 21 14 16 72.7 -23.8 14.3 Capital 213.0 45.4 716.9 95.2 236.6 1,477.6 Permanent Employment 34 0 177 45.9 420.6 - Temporary Employment 31 27 166 34.2 435.5 514.8 2.2. Foreign Investment Number of projects 1 6 6 27.3 500.0 0.0 Capital 7 35.9 35.8 4.8 413.9 -0.2 Permanent Employment 10 244 209 54.1 1,990.0 -14.3 Temporary Employment 5 72 319 65.8 6,280.0 343.1
3. Public Investment Number of projects - - - - - - Capital - - - - - - Permanent Employment - - - - - - Temporary Employment - - - - - - Source: Ethiopian Investment Commission

Fourth Quarter 2020/21 | 83 National Bank of Ethiopia Quarterly Bulletin As for sectoral distribution, real estate, renting and business activities constituted 36.4 percent of total investment projects followed by construction (31.8 percent), manufacturing (18.2 percent) while that of hotels & restaurants, tour operation, transport, & communication and others on their parts constitutes (4.5 percent each). Out of the total Birr 752.7 million capitals invested, hotels and restaurants received 66.4 percent, manufacturing 25 percent, real estate, renting and business activities 4.7 percent and construction 2.2 percent. About 38.9 percent of the permanent employment was created by hotels and restaurants, 34.2 percent by real estate, renting and business activities, 22 percent by manufacturing and 4.4 percent by other sector. On the other hand, real estate, renting and business activities is the leading sector by accounting 59.8 percent of temporary employment followed by hotels and restaurants (30.9 percent), manufacturing (7.6 percent) and construction (1.6 percent) (Table 7.2).

84 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 7.2: Investment Distribution by Sector during the Third Quarter of 2020/21 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry - - - - - - - - Construction 7 31.8 16.4 2.2 2 0.5 8 1.6 Education - - - - - - - - Electricity, gas, steam and water supply

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Health and social work - - - - - - - - Hotels and restaurants 1 4.5 500.0 66.4 150 38.9 150 30.9 Manufacturing 4 18.2 188.5 25.0 85 22.0 37 7.6 Mining and quarrying - - - - - - - Other community, social and personal service activities

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Real estate, renting and business activities 8 36.4 35.4 4.7 132 34.2 290 59.8 Tour operation, transport, and communication 1 4.5 4.0 0.5 - - - - Wholesale, retail trade & repair service

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Others* 1 4.5 8.3 1.1 17 4.4 - - Grand Total 22 100 752.7 100 386 100 485 100 Source: Ethiopian Investment Commission *Export of flowers, spices, cotton and cotton product, cly spots, wooden handicrafts, souvenirs and flower baskets, data center services. In terms of regional distribution, Addis Ababa account about 72.7 percent of the total projects with 95.2 percent of total investment capital while multiregional projects constitutes 27.3 percent of the total projects with 4.8 percent of total investment capital. In terms of job creation Addis Ababa accounted for 45.9 and 34.2 percent of the total permanent and temporary employments respectively while multiregional projects on their part constitutes 54.1 and 65.8 percent of permanent and temporary employment respectively (Table 7.3).

Fourth Quarter 2020/21 | 85 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 93 | 2020/21 Fourth Quarter Table 7.3: Performance of Operational Investment Projects by III. INTERNATIONAL ECONOMIC DEVELOPMENTS Region 2019/20 2020/21 Growth Rate QI V QIII QI V C/A C/B A B C Share In (%) No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp No of Proj Capital Perm emp Temp emp of Proj No Capital. Perm emp Temp emp No of Proj Capital. Perm emp Temp emp Addis Ababa 21 213.0 34 31 14 45 - 27 16 716.9 177 166 72.7 95.2 45.9 34.2 -23.8 236.6 420.6 435.5 14.3 1,477.6 - 514.8 Afar - - - - - - - - - - - - - - - - - - - - - - - - Amhara - - - - - - - - - - - - - - - - - - - - - - - - B.Gumuz - - - - - - - - - - - - - - - - - - - - - - - - Dire Dawa - - - - - - - - - - - - - - - - - - - - - - - - Oromia - - - - - - - - - - - - - - - - - - - - - - - - SNNPR - - - - - - - - - - - - - - - - - - - - - - - - Gamb - - - - - - - - - - - - - - - - - - - - - - - - Somali - - - - - - - - - - - - - - - - - - - - - - - - Harari - - - - - - - - - - - - - - - - - - - - - - - - Tigray - - - - - - - - - - - - - - - - - - - - - - - - Multi￾regional 1 7.0 10 5 6 36 244 72 6 35.8 209 319 27.3 4.8 54.1 65.8 500 414.1 1,990.0 6,280.0 0.0 -0.1 -14.3 343.1 Grand Total 22 219.9 44 36 20 81 244 99 22 752.7 386 485 100 0.0 242.2 777.3 1,247.2 400.0 23.0 -59.0 1.0 Source: Ethiopian Investment Commission Region 2019/20 2020/21 Growth Rate QIV QIII QIV Share In (%) C/A C/B A B C 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 AddisAbaba 21 213.0 34 31 14 45 - 27 16 716.9 177 166 72.7 95.2 45.9 34.2 -23.8 236.6 420.6 435.5 14.3 1,477.6 - 514.8 Afar - - - - - - - - - - - - - - - - - - - - - - - - Amhara - - - - - - - - - - - - - - - - - - - - - - - - B.Gumuz - - - - - - - - - - - - - - - - - - - - - - - - Dire Dawa - - - - - - - - - - - - - - - - - - - - - - - - Oromia - - - - - - - - - - - - - - - - - - - - - - - - SNNPR - - - - - - - - - - - - - - - - - - - - - - - - Gamb - - - - - - - - - - - - - - - - - - - - - - - - Somali - - - - - - - - - - - - - - - - - - - - - - - - Harari - - - - - - - - - - - - - - - - - - - - - - - - Tigray - - - - - - - - - - - - - - - - - - - - - - - - Multi￾regional 1 7.0 10 5 6 36 244 72 6 35.8 209 319 27.3 4.8 54.1 65.8 500 414.1 1,990.0 6,280.0 0.0 -0.1 -14.3 343.1 Grand Total 22 219.9 44 36 20 81 244 99 22 752.7 386 485 100 0.0 242.2 777.3 1,247.2 400.0 23.0 -59.0 1.0 Table 7.3:Performance of Operational Investment Projects by Region Capital (In millions of Birr)

86 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 94 | 2020/21 Fourth Quarter VIII. INTERNATIONAL ECONOMIC DEVELOPMENTS 8.1. Overview of the World Economy4 The global economic recovery momentum remains solid amid divergent pandemic developments. Global real GDP growth (excluding the euro area) increased by 0.9 percent quarter on quarter in the third quarter of 2020/21. The growth momentum is expected to remain solid in the fourth quarter as advanced and emerging market economies continue to reopen their economies amid divergent pandemic developments. The global recovery is also reflected in strong survey data. The composite output Purchasing Managers’ Index (PMI) excluding the euro area rose to a 15- year high in the fourth quarter of 2020/21. Economic activity remains solid in manufacturing and is gaining strength in the services sector. The survey data softened somewhat 4 Sections 8.1– 8.3 are excerpted from European Central Bank monthly bulletin of 5/2021. towards the end of the fourth quarter, as the high PMI readings normalised to some extent in a number of countries, including the United States and China. In the United States, the economy continues to recover strongly. Survey data showed that manufacturing and service activity remained at very high levels in June. At the same time, supply constraints are creating headwinds to the recovery, with a growing backlog of work and lengthening supplier delivery times. While the labour market continues to improve, skill mismatches in some sectors are leading to labour market tightness in the near term. In the United Kingdom, the economy is rebounding, although rising COVID-19 cases increasingly pose downside risks. Monthly GDP growth in May continues to point to a strong recovery in the fourth quarter of 2020/21. Similarly, business surveys, consumer confidence and mobility National Bank of Ethiopia Quarterly Bulletin 94 | 2020/21 Fourth Quarter VIII. INTERNATIONAL ECONOMIC DEVELOPMENTS 8.1. Overview of the World Economy4 The global economic recovery momentum remains solid amid divergent pandemic developments. Global real GDP growth (excluding the euro area) increased by 0.9 percent quarter on quarter in the third quarter of 2020/21. The growth momentum is expected to remain solid in the fourth quarter as advanced and emerging market economies continue to reopen their economies amid divergent pandemic developments. The global recovery is also reflected in strong survey data. The composite output Purchasing Managers’ Index (PMI) excluding the euro area rose to a 15- year high in the fourth quarter of 2020/21. Economic activity remains solid in manufacturing and is gaining strength in the services sector. The survey data softened somewhat 4 Sections 8.1– 8.3 are excerpted from European Central Bank monthly bulletin of 5/2021. towards the end of the fourth quarter, as the high PMI readings normalised to some extent in a number of countries, including the United States and China. In the United States, the economy continues to recover strongly. Survey data showed that manufacturing and service activity remained at very high levels in June. At the same time, supply constraints are creating headwinds to the recovery, with a growing backlog of work and lengthening supplier delivery times. While the labour market continues to improve, skill mismatches in some sectors are leading to labour market tightness in the near term. In the United Kingdom, the economy is rebounding, although rising COVID-19 cases increasingly pose downside risks. Monthly GDP growth in May continues to point to a strong recovery in the fourth quarter of 2020/21. Similarly, business surveys, consumer confidence and mobility National Bank of Ethiopia Quarterly Bulletin 94 | 2020/21 Fourth Quarter VIII. INTERNATIONAL ECONOMIC DEVELOPMENTS 8.1. Overview of the World Economy4 The global economic recovery momentum remains solid amid divergent pandemic developments. Global real GDP growth (excluding the euro area) increased by 0.9 percent quarter on quarter in the third quarter of 2020/21. The growth momentum is expected to remain solid in the fourth quarter as advanced and emerging market economies continue to reopen their economies amid divergent pandemic developments. The global recovery is also reflected in strong survey data. The composite output Purchasing Managers’ Index (PMI) excluding the euro area rose to a 15- year high in the fourth quarter of 2020/21. Economic activity remains solid in manufacturing and is gaining strength in the services sector. The survey data softened somewhat 4 Sections 8.1– 8.3 are excerpted from European Central Bank monthly bulletin of 5/2021. towards the end of the fourth quarter, as the high PMI readings normalised to some extent in a number of countries, including the United States and China. In the United States, the economy continues to recover strongly. Survey data showed that manufacturing and service activity remained at very high levels in June. At the same time, supply constraints are creating headwinds to the recovery, with a growing backlog of work and lengthening supplier delivery times. While the labour market continues to improve, skill mismatches in some sectors are leading to labour market tightness in the near term. In the United Kingdom, the economy is rebounding, although rising COVID-19 cases increasingly pose downside risks. Monthly GDP growth in May continues to point to a strong recovery in the fourth quarter of 2020/21. Similarly, business surveys, consumer confidence and mobility National Bank of Ethiopia Quarterly Bulletin 95 | 2020/21 Fourth Quarter trackers signal a strong rise in activity, particularly in the services sector. In the Japan, the pace of economic activity has slowed in the fourth quarter, owing in part to supply constraints and pandemic developments. Real GDP growth is expected to remain weak in the fourth quarter as a renewed rise in COVID-19 cases prompted a tightening of containment measures. In China, The recovery is progressing, while producer price pressures remain high. Monthly data point to continuing robust growth during the fourth quarter of 2020/21, notwithstanding a dampening in June. Meanwhile, annual producer price inflation stabilised at 8.8 percent in June, which remains close to the 12-year high of 9.0 percent recorded in May. As base effects and the impact of raw commodity prices fade, producer prices are expected to normalise. 8.2. Inflation Developments Global inflation rose further in May, driven largely by transitory factors. Annual consumer price inflation in the countries of the Organisation for Economic Co-operation and Development (OECD) increased to 3.8 percent in May, up from 3.3 percent in April. Higher commodity prices, pushed up further by base year effects, contributed significantly to this development, while supply bottlenecks and fiscal stimulus also supported price pressures. Meanwhile, core inflation (excluding food and energy) rose to 2.9 percent in May, compared with 2.4 percent in the previous month. National Bank of Ethiopia Quarterly Bulletin 94 | 2020/21 Fourth Quarter VIII. INTERNATIONAL ECONOMIC DEVELOPMENTS 8.1. Overview of the World Economy4 The global economic recovery momentum remains solid amid divergent pandemic developments. Global real GDP growth (excluding the euro area) increased by 0.9 percent quarter on quarter in the third quarter of 2020/21. The growth momentum is expected to remain solid in the fourth quarter as advanced and emerging market economies continue to reopen their economies amid divergent pandemic developments. The global recovery is also reflected in strong survey data. The composite output Purchasing Managers’ Index (PMI) excluding the euro area rose to a 15- year high in the fourth quarter of 2020/21. Economic activity remains solid in manufacturing and is gaining strength in the services sector. The survey data softened somewhat 4 Sections 8.1– 8.3 are excerpted from European Central Bank monthly bulletin of 5/2021. towards the end of the fourth quarter, as the high PMI readings normalised to some extent in a number of countries, including the United States and China. In the United States, the economy continues to recover strongly. Survey data showed that manufacturing and service activity remained at very high levels in June. At the same time, supply constraints are creating headwinds to the recovery, with a growing backlog of work and lengthening supplier delivery times. While the labour market continues to improve, skill mismatches in some sectors are leading to labour market tightness in the near term. In the United Kingdom, the economy is rebounding, although rising COVID-19 cases increasingly pose downside risks. Monthly GDP growth in May continues to point to a strong recovery in the fourth quarter of 2020/21. Similarly, business surveys, consumer confidence and mobility

Fourth Quarter 2020/21 | 87 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 95 | 2020/21 Fourth Quarter trackers signal a strong rise in activity, particularly in the services sector. In the Japan, the pace of economic activity has slowed in the fourth quarter, owing in part to supply constraints and pandemic developments. Real GDP growth is expected to remain weak in the fourth quarter as a renewed rise in COVID-19 cases prompted a tightening of containment measures. In China, The recovery is progressing, while producer price pressures remain high. Monthly data point to continuing robust growth during the fourth quarter of 2020/21, notwithstanding a dampening in June. Meanwhile, annual producer price inflation stabilised at 8.8 percent in June, which remains close to the 12-year high of 9.0 percent recorded in May. As base effects and the impact of raw commodity prices fade, producer prices are expected to normalise. 8.2. Inflation Developments Global inflation rose further in May, driven largely by transitory factors. Annual consumer price inflation in the countries of the Organisation for Economic Co-operation and Development (OECD) increased to 3.8 percent in May, up from 3.3 percent in April. Higher commodity prices, pushed up further by base year effects, contributed significantly to this development, while supply bottlenecks and fiscal stimulus also supported price pressures. Meanwhile, core inflation (excluding food and energy) rose to 2.9 percent in May, compared with 2.4 percent in the previous month.

88 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin 96 | 2020/21 Fourth Quarter 8.3. Commodity Price Due to the rapid global economic recovery, oil prices have increased further since the Governing Council meeting in June, and now hover around their highest level since October 2018. Oil demand has increased substantially following a pick-up in mobility, particularly air travel, amid the swift reopening in some economies. Although OPEC plus recently reached a deal to expand its production, supply is lagging. The consequence has been a tightening of oil markets, spurring higher prices as consumption recovers. In contrast, metal commodity prices have plateaued since the last Governing Council meeting, while global food prices have fallen. 8.4. Exchange Rate Developments In foreign exchange markets during June 2021, the euro depreciated in trade-weighted terms. Over the review period, the nominal effective exchange rate of the euro, as measured against the currencies of 42 of the euro area’s most important trading partners, weakened by 0.8 percent. The euro depreciated against the US dollar (by 3.3 percent), mainly reflecting the widening of the short-term interest rate expectations differential between the euro area and the United States, due to the perceived change in the timing of US monetary policy normalisation. The euro also weakened against other major currencies, including the Chinese renminbi (by 2.1 percent), the Japanese yen (by 2.8 percent) and the Swiss franc (by 0.6 percent), as well as against the currencies of some major emerging market economies. Over the same period, the euro continued appreciating against the currencies of several non-euro area European Union Member States, including the Hungarian forint (by 4.1 percent), the Polish zloty (by 2.6 percent) and the Czech koruna (by 1.2 percent). 8.3. Commodity Price Due to the rapid global economic recovery, oil prices have increased further since the Governing Council meeting in June, and now hover around their highest level since October 2018. Oil demand has increased substantially following a pick-up in mobility, particularly air travel, amid the swift reopening in some economies. Although OPEC plus recently reached a deal to expand its production, supply is lagging. The consequence has been a tightening of oil markets, spurring higher prices as consumption recovers. In contrast, metal commodity prices have plateaued since the last Governing Council meeting, while global food prices have fallen.

Fourth Quarter 2020/21 | 89 National Bank of Ethiopia Quarterly Bulletin 8.3. Commodity Price Due to the rapid global economic recovery, oil prices have increased further since the Governing Council meeting in June, and now hover around their highest level since October 2018. Oil demand has increased substantially following a pick-up in mobility, particularly air travel, amid the swift reopening in some economies. Although OPEC plus recently reached a deal to expand its production, supply is lagging. The consequence has been a tightening of oil markets, spurring higher prices as consumption recovers. In contrast, metal commodity prices have plateaued since the last Governing Council meeting, while global food prices have fallen. 8.5. Impact of Global Economic Development on Ethiopian Economy During the fourth quarter of 2020/21, the global economic recovery momentum remains solid while global inflation rose further in May, driven largely by transitory factors. Due to the rapid global economic recovery, oil prices have increased further since the Governing Council meeting in June, During the review quarter, though the fast depreciation of Birr along with the relative price advantage of domestic economy NEER appreciated by 80.1 percent and resulted in REER to depreciate by 0.01 percent. Thus, it slightly enhances international competitiveness of the country in global market. On the other hand, the rise of crude oil prices aggravates the country from paying extra foreign exchange payments so that further suppressing impact on current account balance compared to last year the same period.

90 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin STATISTICAL TABLES

Fourth Quarter 2020/21 | 91 National Bank of Ethiopia Quarterly Bulletin STATISTICAL TABLES Table 1(a): Statement of Condition of National Bank of Ethiopia: Assets (In Millions of Birr) End of Period Foreign Assets Claims on Government Advance to DBE Silver Coins Other Assets Total Gold Reserve Tranche Foreign Exchange Others Total Bond Direct Advance Oth￾ers 2008/09 Qtr.I 8,636.72 15.01 110.78 8,010.33 500.60 44,270.98 9,692.98 34,578.00 - - - 2,516.61 Qtr.II 9,260.43 81.90 112.13 8,551.39 515.01 42,948.98 9,692.98 33,256.00 - - - 2,567.86 Qtr.III 13,284.94 8.60 120.45 12,580.96 574.93 42,248.98 9,692.98 32,556.00 - - - 2,690.57 Qtr.IV 17,214.61 18.17 127.45 16,488.13 580.86 44,498.73 9,607.73 34,891.00 - - - 2,627.60 2009/10 Qtr.I 22,262.14 120.26 143.91 21,002.66 995.32 44,326.63 9,555.63 34,771.00 - - - 2,664.26 Qtr.II 23,445.68 287.33 144.34 22,018.26 995.76 43,610.83 9,555.63 34,055.20 - - - 2,705.57 Qtr.III 27,285.95 267.70 148.18 24,480.32 2,389.76 45,989.73 9,555.63 36,434.10 - - - 3,048.61 Qtr.IV 27,289.34 443.30 145.70 23,490.22 3,210.12 45,522.78 9,478.68 36,044.10 - - - 3,041.10 2010/11 Qtr.I 35,852.22 490.52 184.31 31,229.17 3,948.22 47,983.68 9,426.58 38,557.10 - - - 3,150.64 Qtr.II 40,042.00 444.17 184.63 34,418.71 4,994.49 50,488.58 9,426.58 41,062.00 - - - 3,269.68 Qtr.III 45,367.31 1,636.24 192.33 38,413.88 5,124.86 51,930.58 9,426.58 42,504.00 - - - 7,413.23 Qtr.IV 51,551.39 1,395.23 195.67 44,738.80 5,221.68 55,614.64 9,349.64 46,265.00 - 6,250.00 - 7,650.19 2011/12 Qtr.I 59,724.20 1,037.56 195.24 53,248.95 5,242.45 55,566.48 9,301.54 46,264.95 - 7,400.00 - 7,928.55 Qtr.II 51,965.40 479.44 193.30 46,056.19 5,236.48 55,562.48 9,297.54 46,264.95 - 10,070.00 - 10,747.88 Qtr.III 40,349.89 669.26 195.77 34,192.43 5,292.44 55,562.48 9,297.54 46,264.95 - 11,870.00 - 10,948.76 Qtr.IV 40,101.45 2,038.08 195.32 32,528.76 5,339.29 55,562.48 9,297.54 46,264.95 - 12,502.00 - 12,951.32 2012/13 Qtr.I 44,307.75 (24.32) 201.51 38,671.89 5,458.67 55,510.38 9,245.44 46,264.95 - 12,502.00 - 16,383.71 Qtr.II 46,620.93 1,964.27 203.98 38,926.61 5,526.08 55,510.38 9,245.44 46,264.95 - 13,307.00 - 20,867.63 Qtr.III 50,358.05 1,310.29 201.42 43,334.32 5,512.02 59,510.38 9,245.44 50,264.95 - 14,807.00 - 25,469.44 Qtr.IV 44,140.03 2,253.17 201.78 36,078.39 5,606.69 64,510.38 9,245.44 55,264.95 - 16,507.00 - 20,560.93 2013/14 Qtr.I 46,471.52 2,656.15 209.91 37,900.27 5,705.18 64,381.33 9,116.39 55,264.95 - 16,807.00 - 25,388.28 Qtr.II 49,513.05 1,522.50 214.30 41,971.87 5,804.38 64,381.33 9,116.39 55,264.95 - 17,207.00 - 28,944.33 Qtr.III 45,838.73 1,333.55 217.05 38,439.61 5,848.52 73,381.33 9,116.39 64,264.95 - 17,507.00 - 26,128.62 Qtr.IV 50,624.47 1,217.59 218.41 43,237.44 5,951.02 73,304.39 9,039.44 64,264.95 - 20,257.00 - 25,566.64 2014/15 Qtr.I 52,555.40 1,217.59 215.08 45,256.47 5,866.25 73,175.34 8,910.39 64,264.95 - 21,957.00 - 26,679.17 Qtr.II 74,840.58 741.24 317.35 67,914.12 5,867.87 78,175.34 8,910.39 69,264.95 - 22,157.00 - 27,953.04 Qtr.III 64,152.02 206.89 307.11 57,837.68 5,800.34 81,175.34 8,910.39 72,264.95 - 22,857.00 - 33,275.33 Qtr.IV 66,817.67 79.30 315.26 60,856.52 5,566.59 92,175.34 8,910.39 83,264.95 - 23,357.00 - 27,477.29 2015/16 Qtr.I 65,085.59 (101.65) 318.69 59,349.29 5,519.27 99,657.34 8,392.40 91,264.95 - 23,857.00 - 27,240.74 Qtr.II 84,226.48 222.87 319.06 78,442.72 5,241.83 104,657.34 8,392.40 96,264.95 - 24,857.00 - 36,166.96 Qtr.III 72,889.54 1,136.99 325.65 66,362.68 5,064.22 104,657.34 8,392.40 96,264.95 - 24,857.00 - 49,245.99 Qtr.IV 74,156.73 1,113.92 331.50 67,851.69 4,859.62 109,080.40 8,315.45 100,764.95 - 25,607.00 - 53,471.19 2016/17 Qtr.I 74,949.60 8.43 336.04 69,963.93 4,641.20 115,640.85 7,875.90 107,764.95 - 25,607.00 - 60,022.94 Qtr.II 72,397.44 1,139.58 326.66 66,561.06 4,370.15 120,640.85 7,875.90 112,764.95 - 26,107.00 - 60,244.19 Qtr.III 70,874.56 1,135.37 337.66 61,851.06 7,550.46 129,640.85 7,875.90 121,764.95 - 26,607.00 - 61,151.48 Qtr.IV 73,874.32 741.33 349.42 68,851.84 3,931.73 135,632.85 7,867.90 127,764.95 - 27,226.00 - 53,200.57 2017/18 Qtr.I 68,636.42 0.01 359.52 64,643.51 3,633.38 150,632.85 7,867.90 142,764.95 - 27,226.00 - 53,714.62 Qtr.II 82,254.04 0.01 420.35 77,584.06 4,249.63 160,128.85 7,863.90 152,264.95 - 28,055.71 - 55,288.17 Qtr.III 85,287.93 81.43 432.67 80,464.52 4,309.30 160,128.85 7,863.90 152,264.95 - 29,992.71 - 54,691.37 Qtr.IV 77,617.37 750.54 418.41 72,217.34 4,231.09 160,128.85 7,863.90 152,264.95 - 47,292.71 - 56,407.16 2018/19 Qtr.I 103,307.08 750.99 422.10 97,678.76 4,455.23 166,685.30 7,420.35 159,264.95 - 46,992.71 - 56,965.81 Qtr.II 110,973.71 750.54 423.72 105,145.06 4,654.41 178,685.30 7,420.35 171,264.95 - 52,092.71 - 57,949.69 Qtr.III 111,651.22 198.87 431.88 106,132.87 4,887.60 182,685.30 7,420.35 175,264.95 - 52,792.71 - 76,825.13 Qtr.IV 98,726.63 804.88 437.79 92,853.80 4,630.17 194,685.30 7,420.35 187,264.95 - 52,142.71 - 95,430.96 2019/20 Qtr.I 69,790.04 15.26 435.36 64,693.13 4,646.29 199,237.75 6,972.80 192,264.95 - 52,142.71 - 106,893.95 Qtr.II 94,289.16 19.38 478.35 88,749.48 5,041.96 204,237.75 6,972.80 197,264.95 - 55,942.71 - 115,902.36 Qtr.III 80,407.49 316.70 488.33 74,412.19 5,190.27 221,237.75 6,972.80 214,264.95 - 55,242.71 - 120,561.48 Qtr.IV 112,086.32 3,280.63 525.42 102,412.06 5,868.20 230,237.75 199,237.75 31,000.00 - 58,142.71 - 148,024.70 2020/21 Qtr.I 120,432.59 5,033.13 563.29 108,717.20 6,118.98 243,141.31 198,362.65 44,778.66 - 57,642.71 - 139,732.21 Qtr.II 120,263.57 1,868.95 614.96 111,460.69 6,318.98 248,141.31 198,362.65 49,778.66 - 56,642.71 - 145,286.21 Qtr.III 104,230.92 12,559.91 639.43 84,429.98 6,601.61 251,862.65 198,362.65 53,500.00 - 56,642.71 - 146,247.20 Qtr.IV 125,859.69 628.17 680.17 117,629.89 6,921.46 281,862.65 198,362.65 83,500.00 - 56,642.71 - 161,714.97

92 | Fourth Quarter 2020/21 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 2008/09 Qtr.I 55,424.30 19,640.12 23,365.96 7,222.97 16,143.00 3,660.06 - 3,660.06 3,592.76 5,165.40 Qtr.II 54,777.27 20,870.35 25,148.92 6,215.84 18,933.09 3,123.02 - 3,123.02 2,088.31 3,546.68 Qtr.III 58,224.49 23,303.92 24,710.29 6,682.81 18,027.48 3,713.38 556.02 3,157.36 2,101.15 4,395.76 Qtr.IV 64,340.94 23,836.35 27,942.19 6,671.53 21,270.67 5,380.94 588.35 4,792.59 2,094.84 5,086.60 2009/10 Qtr.I 69,253.03 22,773.23 31,494.51 7,373.32 24,121.19 8,049.53 2,127.19 5,922.33 1,588.53 5,347.24 Qtr.II 69,762.08 25,663.17 28,307.16 7,785.92 20,521.24 8,693.10 2,132.24 6,560.86 1,576.74 5,521.92 Qtr.III 76,324.29 27,277.96 30,107.70 7,036.56 23,071.13 10,995.53 2,188.91 8,806.62 1,576.18 6,366.93 Qtr.IV 75,853.22 28,802.93 26,803.98 6,182.46 20,621.52 11,906.03 2,152.27 9,753.76 1,574.95 6,765.34 2010/11 Qtr.I 86,986.54 29,711.72 31,872.51 8,265.64 23,606.88 12,848.92 2,722.65 10,126.26 2,809.67 9,743.72 Qtr.II 93,800.26 33,949.03 32,141.88 9,369.75 22,772.12 15,062.65 4,769.71 10,292.95 2,757.53 9,889.18 Qtr.III 104,711.13 37,456.68 37,453.93 11,276.68 26,177.25 15,282.84 4,972.05 10,310.80 2,757.53 11,760.16 Qtr.IV 121,066.21 39,100.58 40,233.45 10,290.93 29,942.52 18,695.39 5,058.24 13,637.15 2,749.74 20,287.05 2011/12 Qtr.I 130,619.23 38,732.57 48,523.29 19,133.30 29,389.99 20,368.49 5,047.27 15,321.22 8,848.06 14,146.82 Qtr.II 128,345.76 42,048.13 43,045.28 17,307.05 25,738.23 17,289.74 4,996.96 12,292.78 8,848.06 17,114.54 Qtr.III 118,731.13 44,710.64 29,832.27 11,962.11 17,870.17 15,825.84 5,060.88 10,764.96 8,831.80 19,530.58 Qtr.IV 121,117.25 45,785.24 30,405.78 10,218.40 20,187.38 18,847.12 5,049.31 13,797.81 4,841.48 21,237.65 2012/13 Qtr.I 128,703.84 46,183.34 38,073.19 17,980.48 20,092.72 19,311.91 5,209.14 14,102.77 4,841.92 20,293.48 Qtr.II 136,305.95 50,971.94 36,872.57 12,778.13 24,094.44 20,263.30 5,273.03 14,990.27 4,833.78 23,364.36 Qtr.III 150,144.87 54,292.91 34,503.60 17,952.55 16,551.06 20,750.51 5,181.16 15,569.34 4,833.78 35,764.07 Qtr.IV 145,718.34 54,917.74 29,031.39 9,133.04 19,898.35 19,494.41 5,297.81 14,196.60 4,834.47 37,440.33 2013/14 Qtr.I 153,048.13 50,571.65 37,323.17 16,548.01 20,775.16 23,064.82 5,426.52 17,638.30 4,842.06 37,246.44 Qtr.II 160,045.71 53,864.09 32,759.15 14,339.95 18,419.21 28,216.04 5,456.21 22,759.83 4,842.06 40,364.38 Qtr.III 162,855.69 61,372.47 35,971.75 12,807.36 23,164.39 22,394.73 5,468.90 16,925.83 4,842.06 38,274.68 Qtr.IV 169,752.50 64,355.05 33,760.96 8,793.48 24,967.48 23,910.57 5,685.44 18,225.13 4,849.06 42,876.86 2014/15 Qtr.I 174,366.91 63,714.21 37,053.76 14,407.98 22,645.78 25,489.57 5,577.32 19,912.25 4,849.07 43,260.30 Qtr.II 203,125.95 70,709.06 33,899.35 13,882.20 20,017.15 46,447.12 5,577.32 40,869.81 4,849.07 47,221.36 Qtr.III 201,459.69 74,337.79 42,291.49 21,308.75 20,982.74 36,511.44 5,490.54 31,020.90 4,849.07 43,469.91 Qtr.IV 209,827.30 75,240.70 42,325.60 15,098.54 27,227.06 36,844.30 5,034.04 31,810.26 4,849.07 50,567.64 2015/16 Qtr.I 215,840.68 74,745.66 48,887.10 31,740.19 17,146.91 36,004.39 4,988.41 31,015.98 4,849.20 51,354.33 Qtr.II 249,907.78 77,830.00 49,034.83 25,739.39 23,295.44 61,731.80 4,662.00 57,069.80 4,849.20 56,461.95 Qtr.III 251,649.87 80,258.93 45,004.03 20,077.26 24,926.76 59,027.31 4,479.63 54,547.68 4,849.20 62,510.41 Qtr.IV 262,315.31 82,592.70 50,614.34 14,042.32 36,572.02 63,650.30 4,271.47 59,378.84 4,849.20 60,608.76 2016/17 Qtr.I 276,220.38 85,811.90 54,484.65 18,220.23 36,264.42 71,483.16 4,027.65 67,455.51 4,849.20 59,591.48 Qtr.II 279,389.48 90,247.04 53,908.66 15,628.13 38,280.53 66,855.56 3,645.20 63,210.36 4,849.20 63,529.02 Qtr.III 288,273.88 92,212.49 66,239.19 19,084.80 47,154.39 56,579.86 3,434.90 53,144.96 4,849.20 68,393.15 Qtr.IV 289,933.74 94,245.51 66,754.22 14,741.81 52,012.41 49,897.29 3,296.00 46,601.29 4,849.20 74,187.52 2017/18 Qtr.I 300,209.88 94,962.74 76,379.95 19,337.75 57,042.20 50,984.56 3,036.68 47,947.88 4,849.20 73,033.43 Qtr.II 325,726.77 105,936.80 61,913.44 16,680.94 45,232.50 70,862.22 3,239.47 67,622.75 4,849.20 82,165.11 Qtr.III 330,100.86 112,438.63 68,720.48 18,874.93 49,845.54 59,522.34 2,907.62 56,614.71 4,849.20 84,570.22 Qtr.IV 341,446.08 112,910.96 81,186.45 19,921.99 61,264.46 48,857.99 2,502.21 46,355.78 4,849.20 93,641.49 2018/19 Qtr.I 373,950.89 110,876.51 83,541.82 19,601.81 63,940.01 82,036.37 2,107.92 79,928.45 4,849.20 92,646.99 Qtr.II 399,701.41 120,349.03 73,912.83 23,783.26 50,129.57 99,909.75 1,802.49 98,107.25 4,849.20 100,680.60 Qtr.III 423,954.35 125,298.33 90,171.76 37,661.76 52,510.00 93,865.15 1,705.62 92,159.53 4,849.20 109,769.91 Qtr.IV 440,985.60 121,800.02 101,463.14 22,513.90 78,949.25 94,758.88 1,106.63 93,652.25 4,849.20 118,114.36 2019/20 Qtr.I 428,064.45 123,976.32 83,257.85 20,433.47 62,824.38 94,208.78 805.24 93,403.54 4,849.20 121,772.30 Qtr.II 470,371.98 128,071.58 99,917.83 30,939.51 68,978.32 111,833.99 530.84 111,303.15 4,849.20 125,699.38 Qtr.III 477,449.43 139,106.29 109,747.07 26,131.42 83,615.66 110,558.25 6,560.60 103,997.65 4,849.20 113,188.61 Qtr.IV 548,491.47 140,521.13 140,553.83 34,529.59 106,024.24 127,307.32 6,670.16 120,637.16 4,849.20 135,260.00 2020/21 Qtr.I 560,948.82 124,403.48 170,497.94 33,548.57 136,949.38 154,135.85 24,550.96 129,584.89 4,849.20 107,062.35 Qtr.II 570,333.80 138,864.54 151,544.16 31,702.07 119,842.09 172,023.04 24,979.40 147,043.65 1,013.45 106,888.61 Qtr.III 558,983.48 159,484.75 137,597.63 30,602.71 106,994.93 153,966.87 11,502.32 142,464.55 1,013.45 106,920.77 Qtr.IV 626,080.02 163,709.05 137,436.24 36,843.46 100,592.78 169,766.69 12,004.53 157,762.16 3,109.44 152,058.60

Fourth Quarter 2020/21 | 93 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 2008/09 Qtr.I 55,424.30 19,640.12 23,365.96 7,222.97 16,143.00 3,660.06 - 3,660.06 3,592.76 5,165.40 Qtr.II 54,777.27 20,870.35 25,148.92 6,215.84 18,933.09 3,123.02 - 3,123.02 2,088.31 3,546.68 Qtr.III 58,224.49 23,303.92 24,710.29 6,682.81 18,027.48 3,713.38 556.02 3,157.36 2,101.15 4,395.76 Qtr.IV 64,340.94 23,836.35 27,942.19 6,671.53 21,270.67 5,380.94 588.35 4,792.59 2,094.84 5,086.60 2009/10 Qtr.I 69,253.03 22,773.23 31,494.51 7,373.32 24,121.19 8,049.53 2,127.19 5,922.33 1,588.53 5,347.24 Qtr.II 69,762.08 25,663.17 28,307.16 7,785.92 20,521.24 8,693.10 2,132.24 6,560.86 1,576.74 5,521.92 Qtr.III 76,324.29 27,277.96 30,107.70 7,036.56 23,071.13 10,995.53 2,188.91 8,806.62 1,576.18 6,366.93 Qtr.IV 75,853.22 28,802.93 26,803.98 6,182.46 20,621.52 11,906.03 2,152.27 9,753.76 1,574.95 6,765.34 2010/11 Qtr.I 86,986.54 29,711.72 31,872.51 8,265.64 23,606.88 12,848.92 2,722.65 10,126.26 2,809.67 9,743.72 Qtr.II 93,800.26 33,949.03 32,141.88 9,369.75 22,772.12 15,062.65 4,769.71 10,292.95 2,757.53 9,889.18 Qtr.III 104,711.13 37,456.68 37,453.93 11,276.68 26,177.25 15,282.84 4,972.05 10,310.80 2,757.53 11,760.16 Qtr.IV 121,066.21 39,100.58 40,233.45 10,290.93 29,942.52 18,695.39 5,058.24 13,637.15 2,749.74 20,287.05 2011/12 Qtr.I 130,619.23 38,732.57 48,523.29 19,133.30 29,389.99 20,368.49 5,047.27 15,321.22 8,848.06 14,146.82 Qtr.II 128,345.76 42,048.13 43,045.28 17,307.05 25,738.23 17,289.74 4,996.96 12,292.78 8,848.06 17,114.54 Qtr.III 118,731.13 44,710.64 29,832.27 11,962.11 17,870.17 15,825.84 5,060.88 10,764.96 8,831.80 19,530.58 Qtr.IV 121,117.25 45,785.24 30,405.78 10,218.40 20,187.38 18,847.12 5,049.31 13,797.81 4,841.48 21,237.65 2012/13 Qtr.I 128,703.84 46,183.34 38,073.19 17,980.48 20,092.72 19,311.91 5,209.14 14,102.77 4,841.92 20,293.48 Qtr.II 136,305.95 50,971.94 36,872.57 12,778.13 24,094.44 20,263.30 5,273.03 14,990.27 4,833.78 23,364.36 Qtr.III 150,144.87 54,292.91 34,503.60 17,952.55 16,551.06 20,750.51 5,181.16 15,569.34 4,833.78 35,764.07 Qtr.IV 145,718.34 54,917.74 29,031.39 9,133.04 19,898.35 19,494.41 5,297.81 14,196.60 4,834.47 37,440.33 2013/14 Qtr.I 153,048.13 50,571.65 37,323.17 16,548.01 20,775.16 23,064.82 5,426.52 17,638.30 4,842.06 37,246.44 Qtr.II 160,045.71 53,864.09 32,759.15 14,339.95 18,419.21 28,216.04 5,456.21 22,759.83 4,842.06 40,364.38 Qtr.III 162,855.69 61,372.47 35,971.75 12,807.36 23,164.39 22,394.73 5,468.90 16,925.83 4,842.06 38,274.68 Qtr.IV 169,752.50 64,355.05 33,760.96 8,793.48 24,967.48 23,910.57 5,685.44 18,225.13 4,849.06 42,876.86 2014/15 Qtr.I 174,366.91 63,714.21 37,053.76 14,407.98 22,645.78 25,489.57 5,577.32 19,912.25 4,849.07 43,260.30 Qtr.II 203,125.95 70,709.06 33,899.35 13,882.20 20,017.15 46,447.12 5,577.32 40,869.81 4,849.07 47,221.36 Qtr.III 201,459.69 74,337.79 42,291.49 21,308.75 20,982.74 36,511.44 5,490.54 31,020.90 4,849.07 43,469.91 Qtr.IV 209,827.30 75,240.70 42,325.60 15,098.54 27,227.06 36,844.30 5,034.04 31,810.26 4,849.07 50,567.64 2015/16 Qtr.I 215,840.68 74,745.66 48,887.10 31,740.19 17,146.91 36,004.39 4,988.41 31,015.98 4,849.20 51,354.33 Qtr.II 249,907.78 77,830.00 49,034.83 25,739.39 23,295.44 61,731.80 4,662.00 57,069.80 4,849.20 56,461.95 Qtr.III 251,649.87 80,258.93 45,004.03 20,077.26 24,926.76 59,027.31 4,479.63 54,547.68 4,849.20 62,510.41 Qtr.IV 262,315.31 82,592.70 50,614.34 14,042.32 36,572.02 63,650.30 4,271.47 59,378.84 4,849.20 60,608.76 2016/17 Qtr.I 276,220.38 85,811.90 54,484.65 18,220.23 36,264.42 71,483.16 4,027.65 67,455.51 4,849.20 59,591.48 Qtr.II 279,389.48 90,247.04 53,908.66 15,628.13 38,280.53 66,855.56 3,645.20 63,210.36 4,849.20 63,529.02 Qtr.III 288,273.88 92,212.49 66,239.19 19,084.80 47,154.39 56,579.86 3,434.90 53,144.96 4,849.20 68,393.15 Qtr.IV 289,933.74 94,245.51 66,754.22 14,741.81 52,012.41 49,897.29 3,296.00 46,601.29 4,849.20 74,187.52 2017/18 Qtr.I 300,209.88 94,962.74 76,379.95 19,337.75 57,042.20 50,984.56 3,036.68 47,947.88 4,849.20 73,033.43 Qtr.II 325,726.77 105,936.80 61,913.44 16,680.94 45,232.50 70,862.22 3,239.47 67,622.75 4,849.20 82,165.11 Qtr.III 330,100.86 112,438.63 68,720.48 18,874.93 49,845.54 59,522.34 2,907.62 56,614.71 4,849.20 84,570.22 Qtr.IV 341,446.08 112,910.96 81,186.45 19,921.99 61,264.46 48,857.99 2,502.21 46,355.78 4,849.20 93,641.49 2018/19 Qtr.I 373,950.89 110,876.51 83,541.82 19,601.81 63,940.01 82,036.37 2,107.92 79,928.45 4,849.20 92,646.99 Qtr.II 399,701.41 120,349.03 73,912.83 23,783.26 50,129.57 99,909.75 1,802.49 98,107.25 4,849.20 100,680.60 Qtr.III 423,954.35 125,298.33 90,171.76 37,661.76 52,510.00 93,865.15 1,705.62 92,159.53 4,849.20 109,769.91 Qtr.IV 440,985.60 121,800.02 101,463.14 22,513.90 78,949.25 94,758.88 1,106.63 93,652.25 4,849.20 118,114.36 2019/20 Qtr.I 428,064.45 123,976.32 83,257.85 20,433.47 62,824.38 94,208.78 805.24 93,403.54 4,849.20 121,772.30 Qtr.II 470,371.98 128,071.58 99,917.83 30,939.51 68,978.32 111,833.99 530.84 111,303.15 4,849.20 125,699.38 Qtr.III 477,449.43 139,106.29 109,747.07 26,131.42 83,615.66 110,558.25 6,560.60 103,997.65 4,849.20 113,188.61 Qtr.IV 548,491.47 140,521.13 140,553.83 34,529.59 106,024.24 127,307.32 6,670.16 120,637.16 4,849.20 135,260.00 2020/21 Qtr.I 560,948.82 124,403.48 170,497.94 33,548.57 136,949.38 154,135.85 24,550.96 129,584.89 4,849.20 107,062.35 Qtr.II 570,333.80 138,864.54 151,544.16 31,702.07 119,842.09 172,023.04 24,979.40 147,043.65 1,013.45 106,888.61 Qtr.III 558,983.48 159,484.75 137,597.63 30,602.71 106,994.93 153,966.87 11,502.32 142,464.55 1,013.45 106,920.77 Qtr.IV 626,080.02 163,709.05 137,436.24 36,843.46 100,592.78 169,766.69 12,004.53 157,762.16 3,109.44 152,058.60 Table 2(a): Statement of Condition of Commercial Banks: Assets (In Millions of Birr) End of Period Total (2+3) 1 Reserves Cash in Hand 2 Deposits with NBE 3" "Foreign Assets 4 Claims On Gov't 5 Total (7+8+9) 6 Claims on Non-Central Gov’t Other Assets 10 Loans & Adv. 7 Invest￾ment 8 Commercial Banks 9 2008/09 Qtr.I 17,673.90 3,302.53 14,371.38 7,726.62 6,234.94 50,116.36 34,397.64 14,818.58 900.13 26,922.77 Qtr.II 20,659.25 3,437.48 17,221.77 6,950.64 5,547.24 54,252.77 35,946.71 17,436.57 869.49 33,601.83 Qtr.III 21,886.74 4,039.91 17,846.83 8,093.58 5,548.90 57,041.57 37,079.81 18,852.70 1,109.06 31,611.17 Qtr.IV 23,690.72 4,121.34 19,569.38 9,219.66 5,409.36 57,651.07 38,802.03 17,614.51 1,234.53 49,113.08 2009/10 Qtr.I 27,119.02 4,226.02 22,893.00 9,172.96 5,740.11 60,703.15 39,701.38 19,805.10 1,196.66 40,436.92 Qtr.II 24,371.67 3,907.33 20,464.34 9,731.23 5,177.56 65,942.83 44,092.84 20,297.50 1,552.48 48,475.03 Qtr.III 26,921.09 4,209.86 22,711.23 12,949.12 5,627.86 70,716.27 46,900.67 21,733.09 2,082.51 48,973.02 Qtr.IV 25,217.08 4,596.14 20,620.94 15,060.75 7,415.27 73,299.81 47,540.18 23,796.85 1,962.79 36,932.92 2010/11 Qtr.I 28,768.06 5,861.80 22,906.26 19,245.97 5,480.72 75,434.99 48,436.98 25,124.50 1,873.51 38,067.24 Qtr.II 27,486.93 5,636.70 21,850.23 20,194.12 4,102.86 85,357.09 55,653.80 27,485.93 2,217.36 44,732.22 Qtr.III 31,482.17 6,921.98 24,560.19 21,148.87 4,953.20 100,590.17 62,088.83 35,549.12 2,952.21 52,150.16 Qtr.IV 34,282.97 6,525.71 27,757.27 28,394.16 3,568.67 110,114.46 61,871.31 45,547.45 2,695.70 49,545.00 2011/12 Qtr.I 34,514.38 6,658.96 27,855.43 22,565.30 4,121.67 118,399.53 64,979.01 50,781.33 2,639.19 51,494.85 Qtr.II 30,154.47 5,773.53 24,380.95 23,089.59 2,857.24 135,328.52 75,725.46 58,171.12 1,431.94 63,801.94 Qtr.III 17,652.45 6,982.96 10,669.49 28,640.04 3,068.28 156,445.50 88,608.28 66,455.73 1,381.50 70,487.48 Qtr.IV 29,039.93 7,248.10 21,791.83 24,017.57 4,421.18 170,379.68 94,617.04 73,472.51 2,290.12 105,360.90 2012/13 Qtr.I 27,882.48 8,265.81 19,616.67 20,182.74 8,511.89 171,722.32 94,081.93 75,849.86 1,790.53 83,987.99 Qtr.II 33,108.11 8,294.92 24,813.19 19,475.22 6,693.03 188,001.68 102,409.08 83,727.13 1,865.48 80,835.23 Qtr.III 32,417.53 9,150.51 23,267.02 23,412.02 5,407.49 208,833.85 113,423.09 92,141.62 3,269.14 103,959.36 Qtr.IV 30,375.31 9,236.07 21,139.24 28,509.18 5,699.97 222,393.59 114,378.39 99,396.97 8,618.23 82,403.13 2013/14 Qtr.I 31,747.72 9,699.16 22,048.56 22,706.08 4,089.11 228,006.18 112,906.99 106,635.50 8,463.70 75,318.88 Qtr.II 29,413.17 9,778.39 19,634.78 20,170.98 3,464.05 253,312.63 127,152.46 117,797.59 8,362.58 68,754.51 Qtr.III 34,921.78 11,397.19 23,524.59 21,162.46 1,753.80 272,894.01 138,291.24 126,344.08 8,258.68 66,924.58 Qtr.IV 35,672.30 11,179.02 24,493.28 27,253.50 1,629.68 288,212.71 141,975.83 136,904.30 9,332.58 70,099.87 2014/15 Qtr.I 38,690.72 12,931.48 25,759.24 19,597.01 1,227.50 297,817.51 144,435.07 144,679.15 8,703.29 69,897.16 Qtr.II 35,148.79 12,580.20 22,568.59 18,800.84 1,246.35 329,512.50 162,570.66 159,004.32 7,937.52 68,417.37 Qtr.III 35,280.66 13,872.76 21,407.90 15,862.13 1,252.35 355,615.38 179,552.27 173,479.03 2,584.09 78,370.49 Qtr.IV 42,342.37 14,779.78 27,562.60 15,924.15 1,256.02 379,393.58 185,501.92 191,246.21 2,645.44 79,584.26 2015/16 Qtr.I 39,809.59 15,337.93 24,471.66 15,463.04 905.43 390,966.45 188,671.02 199,896.80 2,398.62 79,531.91 Qtr.II 37,943.40 14,322.94 23,620.46 18,368.24 905.43 421,417.51 206,946.76 212,968.82 1,501.93 87,671.16 Qtr.III 40,401.93 14,635.18 25,766.75 21,316.42 905.43 445,653.52 219,399.61 225,001.87 1,252.04 92,444.68 Qtr.IV 50,905.91 15,906.53 34,999.38 20,898.27 785.65 461,664.43 226,849.25 231,953.28 2,861.91 98,731.37 2016/17 Qtr.I 53,728.78 17,326.81 36,401.97 21,116.01 554.28 475,564.62 231,569.06 240,872.08 3,123.48 106,597.14 Qtr.II 54,499.76 16,544.49 37,955.27 20,370.84 554.28 509,890.48 253,196.53 252,915.43 3,778.52 101,539.01 Qtr.III 64,854.52 17,034.56 47,819.97 20,975.60 530.28 544,327.92 272,606.06 267,906.04 3,815.82 109,207.67 Qtr.IV 75,305.69 20,327.77 54,977.93 24,876.54 21,982.71 582,426.70 283,911.51 294,089.24 4,425.95 111,779.13 2017/18 Qtr.I 81,683.92 21,035.73 60,648.19 25,253.39 22,208.82 594,599.99 288,878.52 300,579.22 5,142.26 110,830.25 Qtr.II 68,091.41 19,152.65 48,938.76 26,326.86 22,186.62 635,646.86 308,050.08 322,392.50 5,204.29 120,419.44 Qtr.III 74,352.05 21,843.87 52,508.19 24,664.20 22,186.62 673,008.41 327,935.85 338,881.74 6,190.82 129,191.54 Qtr.IV 89,611.48 26,493.67 63,117.81 25,121.57 22,186.62 714,685.11 346,314.30 359,418.93 8,951.88 137,783.39 2018/19 Qtr.I 91,062.85 27,496.50 63,566.35 30,835.45 22,567.12 731,013.59 355,971.41 364,102.91 10,939.27 151,722.28 Qtr.II 85,123.08 28,156.45 56,966.63 28,357.05 22,521.73 779,265.80 392,263.57 378,472.13 8,530.10 165,243.37 Qtr.III 82,819.61 28,223.23 54,596.39 26,880.84 22,952.93 843,659.70 418,777.00 417,474.71 7,408.00 168,443.19 Qtr.IV 118,506.49 29,783.05 88,723.44 28,543.82 23,620.21 898,733.08 443,362.21 447,380.43 7,990.45 170,578.44 2019/20 Qtr.I 116,740.09 32,453.58 84,286.52 25,980.84 22,927.78 928,496.12 463,151.74 456,261.93 9,082.46 211,425.69 Qtr.II 117,120.70 29,406.33 87,714.37 23,973.08 23,123.42 977,370.59 512,299.58 456,233.83 8,837.18 232,194.69 Qtr.III 114,998.82 29,771.00 85,227.82 24,606.29 22,927.78 1,025,047.29 528,438.89 487,766.96 8,841.44 257,616.79 Qtr.IV 136,738.41 31,449.32 105,289.09 35,116.52 28,838.49 1,074,869.20 571,811.98 490,492.71 12,564.51 219,185.38 2020/21 Qtr.I 184,698.60 59,737.43 124,961.18 33,204.14 36,506.06 1,126,390.63 611,983.47 500,592.74 13,814.42 233,131.04 Qtr.II 146,676.51 30,538.49 116,138.02 43,367.05 32,698.32 1,203,355.10 660,534.64 526,006.13 16,814.34 259,022.95 Qtr.III 136453.386 31966.433 104486.953 55078.762 40993.814 1254219.055 704083.351 530694.8 19440.904 286075.072 Qtr.IV 131,471.76 30,087.76 101,384.00 76,945.12 76,773.86 1,312,731.74 758,869.37 532,913.44 20,948.94 285,977.43

94 | Fourth Quarter 2020/21 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 2008/09 Qtr.I 108,674.58 56,010.62 21,545.78 3,001.17 31,463.68 8,410.60 2,315.51 9,645.17 6,733.48 1,230.03 1,681.66 32,292.69 Qtr.II 121,011.72 59,279.79 23,758.17 2,977.84 32,543.78 10,336.00 2,854.59 10,537.09 7,140.83 1,251.78 2,144.49 38,004.24 Qtr.III 124,181.95 62,157.88 24,447.53 3,051.31 34,659.04 11,766.01 2,801.54 11,577.30 7,188.23 1,251.88 3,137.19 35,879.23 Qtr.IV 145,083.89 64,134.18 23,737.09 3,248.37 37,148.72 10,450.06 3,076.51 10,286.27 7,289.87 1,817.11 1,179.29 57,136.87 2009/10 Qtr.I 143,172.15 69,799.47 26,482.89 3,502.06 39,814.53 10,193.02 3,856.62 11,615.74 7,351.48 1,864.96 2,399.30 47,707.30 Qtr.II 153,698.31 70,853.05 25,540.12 3,498.80 41,814.13 12,446.66 3,690.78 12,382.87 7,779.28 1,999.39 2,604.20 54,324.95 Qtr.III 165,187.35 76,068.96 28,137.85 3,568.66 44,362.45 14,542.87 3,960.93 13,733.68 7,988.50 1,999.39 3,745.79 56,880.92 Qtr.IV 157,925.83 81,081.39 29,083.62 3,956.21 48,041.57 13,742.50 3,254.28 12,410.85 8,104.15 2,627.14 1,679.56 47,436.80 2010/11 Qtr.I 166,996.99 85,850.72 30,488.06 3,901.29 51,461.37 13,830.65 4,246.06 16,074.71 8,251.77 2,800.15 5,022.79 46,994.83 Qtr.II 181,873.22 90,753.82 33,017.73 3,860.06 53,876.03 17,847.47 4,942.59 15,372.02 8,814.85 2,875.59 3,681.59 52,957.32 Qtr.III 210,324.55 101,160.55 36,557.44 4,462.70 60,140.41 22,023.33 5,595.24 17,203.71 8,993.68 2,875.59 5,334.44 64,341.73 Qtr.IV 225,905.26 114,155.42 44,949.45 4,666.41 64,539.56 20,240.72 5,715.48 15,598.31 9,352.31 3,720.04 2,525.97 70,195.32 2011/12 Qtr.I 231,095.73 119,908.86 47,241.19 4,679.92 67,987.76 20,211.73 6,441.17 18,039.70 9,463.93 3,873.96 4,701.81 66,494.27 Qtr.II 255,231.76 120,849.46 44,105.79 5,165.29 71,578.38 27,669.07 8,419.69 20,118.90 10,273.75 4,082.96 5,762.20 78,174.64 Qtr.III 276,293.75 135,663.57 49,133.42 10,136.38 76,393.77 30,994.76 7,392.24 23,505.51 10,588.88 4,082.96 8,833.67 78,737.68 Qtr.IV 333,219.25 152,894.71 58,345.81 12,061.06 82,487.84 28,207.85 5,484.21 26,333.75 10,766.19 4,341.88 11,225.68 120,298.72 2012/13 Qtr.I 312,287.41 154,727.02 55,112.80 12,112.46 87,501.75 29,560.96 5,873.98 22,096.52 10,848.48 5,848.45 5,399.59 100,028.94 Qtr.II 328,113.27 163,882.22 57,818.51 12,930.05 93,133.66 35,693.26 6,078.30 23,819.49 11,410.19 6,095.88 6,313.43 98,639.99 Qtr.III 374,030.25 181,078.62 66,836.46 13,515.66 100,726.49 34,173.15 6,038.08 26,732.87 11,848.34 6,095.79 8,788.74 126,007.54 Qtr.IV 369,381.17 189,762.82 69,253.31 14,278.69 106,230.82 39,111.79 7,515.18 23,668.93 16,207.65 3,737.13 3,724.15 109,322.44 2013/14 Qtr.I 361,867.96 196,546.98 67,873.86 15,611.58 113,061.54 30,347.65 7,787.68 27,244.86 16,648.31 4,289.25 6,307.29 99,940.79 Qtr.II 375,115.34 208,389.34 69,703.14 15,928.74 122,757.46 35,196.57 7,933.50 29,890.38 18,021.29 4,432.14 7,436.95 93,705.55 Qtr.III 397,656.63 223,632.13 71,185.39 17,192.59 135,254.15 41,483.14 7,843.13 34,089.20 19,040.22 4,452.88 10,596.10 90,609.01 Qtr.IV 422,868.05 244,630.10 80,947.33 17,872.27 145,810.51 39,210.84 7,995.09 28,116.57 19,412.60 4,874.11 3,829.87 102,915.44 2014/15 Qtr.I 427,229.91 253,720.44 79,404.57 18,878.38 155,437.49 34,524.85 7,599.61 33,579.69 19,576.17 6,809.31 7,194.22 97,805.31 Qtr.II 453,125.86 267,761.37 82,145.60 21,324.70 164,291.07 41,958.38 7,784.85 35,980.61 20,786.66 7,102.85 8,091.10 99,640.66 Qtr.III 486,381.01 288,748.61 87,992.92 37,731.13 163,024.57 39,876.94 7,985.81 41,100.74 21,089.10 7,150.07 12,861.57 108,668.91 Qtr.IV 518,500.38 310,905.47 94,282.90 41,990.59 174,631.98 47,597.57 8,326.57 46,345.99 21,607.18 7,657.37 17,081.44 105,324.78 2015/16 Qtr.I 526,676.42 321,277.08 94,511.03 44,846.83 181,919.21 44,750.57 8,351.74 40,988.33 21,854.91 10,061.03 9,072.39 111,308.70 Qtr.II 566,305.74 333,108.04 95,784.87 45,039.02 192,284.15 54,814.93 9,418.30 44,605.48 22,365.60 10,260.55 11,979.33 124,358.98 Qtr.III 600,721.98 346,500.77 97,666.68 47,318.84 201,515.25 55,903.51 10,021.13 50,099.86 23,925.73 10,503.55 15,670.58 138,196.72 Qtr.IV 632,985.63 378,580.10 111,923.51 49,622.31 217,034.28 48,275.36 9,880.50 54,282.67 24,741.97 11,066.22 18,474.49 141,967.00 2016/17 Qtr.I 657,560.82 395,283.96 114,563.30 52,113.56 228,607.10 48,122.05 10,224.60 48,306.09 25,430.72 13,555.78 9,319.59 155,624.12 Qtr.II 686,854.36 422,592.69 122,551.62 56,019.12 244,021.95 59,973.04 9,442.47 53,837.72 25,907.50 14,058.71 13,871.51 141,008.44 Qtr.III 739,896.00 459,035.83 134,885.28 59,330.90 264,819.66 59,514.06 9,775.10 58,827.88 28,022.68 14,160.64 16,644.56 152,743.14 Qtr.IV 816,370.77 499,497.48 142,883.04 63,182.74 293,431.70 57,431.90 10,818.77 91,591.79 60,893.89 9,875.33 20,822.57 157,030.82 2017/18 Qtr.I 834,576.37 528,377.97 155,587.95 65,890.63 306,899.39 57,282.65 11,920.65 82,506.03 61,439.56 11,571.16 9,495.31 154,489.07 Qtr.II 872,671.18 557,368.92 161,094.75 71,726.79 324,547.38 65,662.50 15,190.78 82,934.75 62,190.72 12,080.49 8,663.54 151,514.23 Qtr.III 923,402.82 605,324.66 178,222.22 74,478.38 352,624.07 66,838.21 14,436.48 88,987.79 63,762.86 12,299.12 12,925.81 147,815.69 Qtr.IV 989,388.16 654,155.59 194,737.37 76,868.79 382,549.43 60,390.64 14,504.75 95,507.04 66,196.61 12,595.70 16,714.73 164,830.14 2018/19 Qtr.I 1,027,201.29 668,751.40 182,882.17 78,698.46 407,170.77 66,445.07 14,163.89 94,700.64 67,062.59 14,917.55 12,720.51 183,140.28 Qtr.II 1,080,511.02 696,969.21 185,405.32 81,465.14 430,098.75 78,865.30 15,913.29 103,262.58 69,816.60 16,293.97 17,152.00 185,500.64 Qtr.III 1,144,756.26 734,934.84 186,067.65 86,071.53 462,795.66 84,437.25 17,251.34 114,740.74 71,712.80 17,604.93 25,423.00 193,392.10 Qtr.IV 1,239,982.05 794,735.58 216,920.17 90,513.29 487,302.12 85,992.40 18,006.38 123,412.65 73,711.99 17,916.21 31,784.45 217,835.04 2019/20 Qtr.I 1,305,570.51 818,414.16 225,668.94 90,546.90 502,198.32 79,401.21 18,605.21 120,129.32 74,852.82 21,407.51 23,869.00 269,020.62 Qtr.II 1,373,782.48 851,887.36 233,018.82 89,720.91 529,147.63 85,267.44 21,056.84 123,826.12 77,283.99 23,471.46 23,070.67 291,744.72 Qtr.III 1,445,196.96 877,428.13 246,556.75 80,765.27 550,106.12 87,691.14 23,358.51 136,459.58 80,471.39 23,493.66 32,494.53 320,259.61 Qtr.IV 1,494,747.98 928,574.53 251,513.71 87,886.77 589,174.06 87,466.56 24,579.24 134,232.91 82,108.81 23,579.76 28,544.34 319,894.74 2020/21 Qtr.I 1,613,930.46 1,020,322.63 269,917.20 91,583.91 658,821.52 97,699.75 27,650.16 132,885.23 83,326.31 26,401.11 23,157.80 335,372.71 Qtr.II 1,685,119.93 1,069,388.57 282,154.65 89,154.94 698,078.98 109,414.14 30,184.61 133,129.90 86,224.23 27,173.26 19,732.41 343,002.71 Qtr.III 1,772,820.09 1,132,091.96 291,829.38 91,673.01 748,589.57 98,776.82 32,715.75 145,544.84 90,327.76 27,272.10 27,944.97 363,690.72 Qtr.IV 1,883,899.91 1,214,644.86 303,770.68 94,493.84 816,380.34 107,523.89 33,851.44 163,931.60 94,830.26 27,285.92 41,815.42 363,948.11

Fourth Quarter 2020/21 | 95 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 2008/09 Qtr.I 108,674.58 56,010.62 21,545.78 3,001.17 31,463.68 8,410.60 2,315.51 9,645.17 6,733.48 1,230.03 1,681.66 32,292.69 Qtr.II 121,011.72 59,279.79 23,758.17 2,977.84 32,543.78 10,336.00 2,854.59 10,537.09 7,140.83 1,251.78 2,144.49 38,004.24 Qtr.III 124,181.95 62,157.88 24,447.53 3,051.31 34,659.04 11,766.01 2,801.54 11,577.30 7,188.23 1,251.88 3,137.19 35,879.23 Qtr.IV 145,083.89 64,134.18 23,737.09 3,248.37 37,148.72 10,450.06 3,076.51 10,286.27 7,289.87 1,817.11 1,179.29 57,136.87 2009/10 Qtr.I 143,172.15 69,799.47 26,482.89 3,502.06 39,814.53 10,193.02 3,856.62 11,615.74 7,351.48 1,864.96 2,399.30 47,707.30 Qtr.II 153,698.31 70,853.05 25,540.12 3,498.80 41,814.13 12,446.66 3,690.78 12,382.87 7,779.28 1,999.39 2,604.20 54,324.95 Qtr.III 165,187.35 76,068.96 28,137.85 3,568.66 44,362.45 14,542.87 3,960.93 13,733.68 7,988.50 1,999.39 3,745.79 56,880.92 Qtr.IV 157,925.83 81,081.39 29,083.62 3,956.21 48,041.57 13,742.50 3,254.28 12,410.85 8,104.15 2,627.14 1,679.56 47,436.80 2010/11 Qtr.I 166,996.99 85,850.72 30,488.06 3,901.29 51,461.37 13,830.65 4,246.06 16,074.71 8,251.77 2,800.15 5,022.79 46,994.83 Qtr.II 181,873.22 90,753.82 33,017.73 3,860.06 53,876.03 17,847.47 4,942.59 15,372.02 8,814.85 2,875.59 3,681.59 52,957.32 Qtr.III 210,324.55 101,160.55 36,557.44 4,462.70 60,140.41 22,023.33 5,595.24 17,203.71 8,993.68 2,875.59 5,334.44 64,341.73 Qtr.IV 225,905.26 114,155.42 44,949.45 4,666.41 64,539.56 20,240.72 5,715.48 15,598.31 9,352.31 3,720.04 2,525.97 70,195.32 2011/12 Qtr.I 231,095.73 119,908.86 47,241.19 4,679.92 67,987.76 20,211.73 6,441.17 18,039.70 9,463.93 3,873.96 4,701.81 66,494.27 Qtr.II 255,231.76 120,849.46 44,105.79 5,165.29 71,578.38 27,669.07 8,419.69 20,118.90 10,273.75 4,082.96 5,762.20 78,174.64 Qtr.III 276,293.75 135,663.57 49,133.42 10,136.38 76,393.77 30,994.76 7,392.24 23,505.51 10,588.88 4,082.96 8,833.67 78,737.68 Qtr.IV 333,219.25 152,894.71 58,345.81 12,061.06 82,487.84 28,207.85 5,484.21 26,333.75 10,766.19 4,341.88 11,225.68 120,298.72 2012/13 Qtr.I 312,287.41 154,727.02 55,112.80 12,112.46 87,501.75 29,560.96 5,873.98 22,096.52 10,848.48 5,848.45 5,399.59 100,028.94 Qtr.II 328,113.27 163,882.22 57,818.51 12,930.05 93,133.66 35,693.26 6,078.30 23,819.49 11,410.19 6,095.88 6,313.43 98,639.99 Qtr.III 374,030.25 181,078.62 66,836.46 13,515.66 100,726.49 34,173.15 6,038.08 26,732.87 11,848.34 6,095.79 8,788.74 126,007.54 Qtr.IV 369,381.17 189,762.82 69,253.31 14,278.69 106,230.82 39,111.79 7,515.18 23,668.93 16,207.65 3,737.13 3,724.15 109,322.44 2013/14 Qtr.I 361,867.96 196,546.98 67,873.86 15,611.58 113,061.54 30,347.65 7,787.68 27,244.86 16,648.31 4,289.25 6,307.29 99,940.79 Qtr.II 375,115.34 208,389.34 69,703.14 15,928.74 122,757.46 35,196.57 7,933.50 29,890.38 18,021.29 4,432.14 7,436.95 93,705.55 Qtr.III 397,656.63 223,632.13 71,185.39 17,192.59 135,254.15 41,483.14 7,843.13 34,089.20 19,040.22 4,452.88 10,596.10 90,609.01 Qtr.IV 422,868.05 244,630.10 80,947.33 17,872.27 145,810.51 39,210.84 7,995.09 28,116.57 19,412.60 4,874.11 3,829.87 102,915.44 2014/15 Qtr.I 427,229.91 253,720.44 79,404.57 18,878.38 155,437.49 34,524.85 7,599.61 33,579.69 19,576.17 6,809.31 7,194.22 97,805.31 Qtr.II 453,125.86 267,761.37 82,145.60 21,324.70 164,291.07 41,958.38 7,784.85 35,980.61 20,786.66 7,102.85 8,091.10 99,640.66 Qtr.III 486,381.01 288,748.61 87,992.92 37,731.13 163,024.57 39,876.94 7,985.81 41,100.74 21,089.10 7,150.07 12,861.57 108,668.91 Qtr.IV 518,500.38 310,905.47 94,282.90 41,990.59 174,631.98 47,597.57 8,326.57 46,345.99 21,607.18 7,657.37 17,081.44 105,324.78 2015/16 Qtr.I 526,676.42 321,277.08 94,511.03 44,846.83 181,919.21 44,750.57 8,351.74 40,988.33 21,854.91 10,061.03 9,072.39 111,308.70 Qtr.II 566,305.74 333,108.04 95,784.87 45,039.02 192,284.15 54,814.93 9,418.30 44,605.48 22,365.60 10,260.55 11,979.33 124,358.98 Qtr.III 600,721.98 346,500.77 97,666.68 47,318.84 201,515.25 55,903.51 10,021.13 50,099.86 23,925.73 10,503.55 15,670.58 138,196.72 Qtr.IV 632,985.63 378,580.10 111,923.51 49,622.31 217,034.28 48,275.36 9,880.50 54,282.67 24,741.97 11,066.22 18,474.49 141,967.00 2016/17 Qtr.I 657,560.82 395,283.96 114,563.30 52,113.56 228,607.10 48,122.05 10,224.60 48,306.09 25,430.72 13,555.78 9,319.59 155,624.12 Qtr.II 686,854.36 422,592.69 122,551.62 56,019.12 244,021.95 59,973.04 9,442.47 53,837.72 25,907.50 14,058.71 13,871.51 141,008.44 Qtr.III 739,896.00 459,035.83 134,885.28 59,330.90 264,819.66 59,514.06 9,775.10 58,827.88 28,022.68 14,160.64 16,644.56 152,743.14 Qtr.IV 816,370.77 499,497.48 142,883.04 63,182.74 293,431.70 57,431.90 10,818.77 91,591.79 60,893.89 9,875.33 20,822.57 157,030.82 2017/18 Qtr.I 834,576.37 528,377.97 155,587.95 65,890.63 306,899.39 57,282.65 11,920.65 82,506.03 61,439.56 11,571.16 9,495.31 154,489.07 Qtr.II 872,671.18 557,368.92 161,094.75 71,726.79 324,547.38 65,662.50 15,190.78 82,934.75 62,190.72 12,080.49 8,663.54 151,514.23 Qtr.III 923,402.82 605,324.66 178,222.22 74,478.38 352,624.07 66,838.21 14,436.48 88,987.79 63,762.86 12,299.12 12,925.81 147,815.69 Qtr.IV 989,388.16 654,155.59 194,737.37 76,868.79 382,549.43 60,390.64 14,504.75 95,507.04 66,196.61 12,595.70 16,714.73 164,830.14 2018/19 Qtr.I 1,027,201.29 668,751.40 182,882.17 78,698.46 407,170.77 66,445.07 14,163.89 94,700.64 67,062.59 14,917.55 12,720.51 183,140.28 Qtr.II 1,080,511.02 696,969.21 185,405.32 81,465.14 430,098.75 78,865.30 15,913.29 103,262.58 69,816.60 16,293.97 17,152.00 185,500.64 Qtr.III 1,144,756.26 734,934.84 186,067.65 86,071.53 462,795.66 84,437.25 17,251.34 114,740.74 71,712.80 17,604.93 25,423.00 193,392.10 Qtr.IV 1,239,982.05 794,735.58 216,920.17 90,513.29 487,302.12 85,992.40 18,006.38 123,412.65 73,711.99 17,916.21 31,784.45 217,835.04 2019/20 Qtr.I 1,305,570.51 818,414.16 225,668.94 90,546.90 502,198.32 79,401.21 18,605.21 120,129.32 74,852.82 21,407.51 23,869.00 269,020.62 Qtr.II 1,373,782.48 851,887.36 233,018.82 89,720.91 529,147.63 85,267.44 21,056.84 123,826.12 77,283.99 23,471.46 23,070.67 291,744.72 Qtr.III 1,445,196.96 877,428.13 246,556.75 80,765.27 550,106.12 87,691.14 23,358.51 136,459.58 80,471.39 23,493.66 32,494.53 320,259.61 Qtr.IV 1,494,747.98 928,574.53 251,513.71 87,886.77 589,174.06 87,466.56 24,579.24 134,232.91 82,108.81 23,579.76 28,544.34 319,894.74 2020/21 Qtr.I 1,613,930.46 1,020,322.63 269,917.20 91,583.91 658,821.52 97,699.75 27,650.16 132,885.23 83,326.31 26,401.11 23,157.80 335,372.71 Qtr.II 1,685,119.93 1,069,388.57 282,154.65 89,154.94 698,078.98 109,414.14 30,184.61 133,129.90 86,224.23 27,173.26 19,732.41 343,002.71 Qtr.III 1,772,820.09 1,132,091.96 291,829.38 91,673.01 748,589.57 98,776.82 32,715.75 145,544.84 90,327.76 27,272.10 27,944.97 363,690.72 Qtr.IV 1,883,899.91 1,214,644.86 303,770.68 94,493.84 816,380.34 107,523.89 33,851.44 163,931.60 94,830.26 27,285.92 41,815.42 363,948.11 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 2008/09 Qtr.I 639.13 226.80 253.93 5,579.55 527.45 178.53 4,873.57 688.57 7,387.97 Qtr.II 320.37 243.70 237.52 5,976.99 535.00 215.62 5,226.37 864.87 7,643.45 Qtr.III 174.66 248.80 219.42 6,246.95 539.70 222.66 5,484.59 834.94 7,724.78 Qtr.IV 137.89 374.59 219.42 6,435.92 546.22 193.14 5,696.57 743.24 7,911.07 2009/10 Qtr.I 205.29 549.70 219.42 7,135.13 597.47 164.88 6,372.78 720.57 8,830.11 Qtr.II 303.62 595.20 218.83 7,671.64 582.63 246.00 6,843.01 1,103.73 9,893.01 Qtr.III 219.98 1,513.01 203.02 8,068.25 609.20 235.01 7,224.04 1,147.57 11,151.83 Qtr.IV 422.78 1,023.91 184.92 8,787.24 699.57 202.47 7,885.20 919.24 11,338.08 2010/11 Qtr.I 505.43 1,058.79 184.92 8,952.77 703.88 143.97 8,104.93 1,140.16 11,842.07 Qtr.II 200.52 1,031.98 184.92 9,516.13 711.06 226.46 8,578.61 736.37 11,669.91 Qtr.III 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.IV 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 2011/12 Qtr.I 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.II 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.III 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.IV 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 2012/13 Qtr.I 710.96 1,122.00 7,866.42 15,323.90 1,385.16 102.91 13,835.83 1,867.93 26,891.21 Qtr.II 400.61 794.52 7,832.51 16,707.86 1,770.72 147.06 14,790.08 1,341.19 27,076.70 Qtr.III 281.13 190.20 8,814.41 17,657.91 1,910.88 196.39 15,550.65 856.25 27,799.89 Qtr.IV 379.77 457.00 9,819.44 17,928.90 1,660.21 87.79 16,180.91 1,374.79 29,959.90 2013/14 Qtr.I 1,948.03 350.90 8,425.93 18,556.52 1,791.63 78.99 16,685.89 1,723.32 31,004.70 Qtr.II 380.83 1,575.49 9,664.19 20,103.24 1,880.18 152.18 18,070.87 1,905.11 33,628.87 Qtr.III 535.83 1,888.62 9,807.16 18,542.19 1,930.05 108.33 16,503.81 2,545.42 33,319.20 Qtr.IV 1,156.66 1,890.59 11,337.60 21,443.02 2,003.46 63.56 19,376.00 1,971.93 37,799.81 2014/15 Qtr.I 1,175.45 1,511.30 13,148.05 20,197.59 1,996.89 54.11 18,146.59 2,550.90 38,583.28 Qtr.II 544.45 1,744.17 13,141.88 21,381.44 2,019.13 184.95 19,177.37 2,648.93 39,460.87 Qtr.III 1,143.62 1,803.01 13,112.08 22,224.86 2,002.19 165.61 20,057.07 2,719.16 41,002.74 Qtr.IV 1,173.92 1,635.37 13,289.06 25,677.84 2,675.48 130.93 22,871.43 2,343.58 44,119.75 2015/16 Qtr.I 1,175.45 1,511.30 13,148.05 20,197.59 1,996.89 54.11 18,146.59 2,550.90 38,583.28 Qtr.II 544.45 1,744.17 13,141.88 21,381.44 2,019.13 184.95 19,177.37 2,648.93 39,460.87 Qtr.III 1,143.62 1,803.01 13,112.08 22,224.86 2,002.19 165.61 20,057.07 2,719.16 41,002.74 Qtr.IV 1,173.92 1,635.37 13,289.06 25,677.84 2,675.48 130.93 22,871.43 2,343.58 44,119.75 2016/17 Qtr.I 2,434.51 2,430.84 15,836.85 29,770.27 2,838.72 104.12 26,827.43 3,846.72 54,319.19 Qtr.II 1,585.15 2,065.49 15,836.85 30,986.45 3,007.68 106.31 27,872.46 3,940.08 54,414.01 Qtr.III 1,462.81 2,849.59 15,816.87 31,734.09 2,765.88 107.49 28,860.71 4,032.03 55,895.39 Qtr.IV 1,232.72 3,225.53 15,816.87 31,590.85 2,632.74 108.69 28,849.42 5,223.28 57,089.25 2017/18 Qtr.I 824.85 2,902.01 15,816.87 32,396.06 2,605.80 127.06 29,663.20 5,273.55 57,213.34 Qtr.II 888.91 3,223.37 15,816.87 35,413.14 3,992.24 116.26 31,304.64 4,229.09 59,571.38 Qtr.III 1,049.8 4,813.1 15,796.9 37,322.9 4,081.2 108.8 33,132.8 6,278.0 65,260.8 Qtr.IV 2,703.06 4,387.68 32,797.34 39,155.36 4,113.94 438.25 34,603.17 4,804.21 83,847.64 2018/19 Qtr.I 956.91 4,783.60 32,796.90 40,801.82 4,158.57 487.14 36,156.11 4,950.16 84,289.39 Qtr.II 4,779.94 4,389.26 32,794.45 45,856.04 4,341.33 542.46 40,972.25 5,907.38 93,727.06 Qtr.III 3,626.79 5,565.72 32,717.96 44,217.12 4,419.41 620.85 39,176.87 43,323.30 129,450.88 Qtr.IV 2,144.76 5,383.60 31,993.93 47,577.14 4,895.24 310.46 42,371.44 5,623.22 92,722.64 2019/20 Qtr.I 4,681.92 4,548.77 32,110.73 45,107.52 4,996.09 424.00 39,687.43 7,843.40 94,292.34 Qtr.II 8,243.21 2,471.15 26,627.38 47,326.26 5,148.78 532.67 41,644.81 10,844.09 95,512.09 Qtr.III 8,447.33 2,301.93 32,663.59 48,471.20 5,417.10 694.38 42,359.71 10,051.30 101,935.35 Qtr.IV 8,022.54 4,718.27 33,036.37 51,103.50 3,519.43 889.98 46,694.08 7,209.88 104,090.56 2020/21 Qtr.I 8,684.02 2,625.89 33,416.61 51,992.48 4,732.12 5,476.46 41,783.90 7,416.75 104,135.75 Qtr.II 6,225.58 5,639.41 32,913.18 53,384.20 5,038.49 5,560.51 42,785.20 8,170.46 106,332.83 Qtr.III 7733.372 4649.867 54303.833 54214.048 5247.078 4955.843 44011.127 16860.804 138029.484 Qtr.IV 8,319.83 4,661.02 53,927.17 55,431.44 5,487.58 5,012.91 44,930.95 17,624.66 139,723.58

96 | Fourth Quarter 2020/21 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 2015/16 Qtr.I 47,977.82 445.92 375.43 7,688.46 27,369.19 23,857.00 3,512.19 - 4,018.53 8,080.30 Qtr.II 50,132.21 436.66 375.25 7,792.09 28,428.52 24,857.00 3,571.52 - 4,627.47 8,472.23 Qtr.III 51,587.15 1,006.51 376.27 7,858.82 28,464.89 24,935.93 3,528.96 - 4,727.40 9,153.27 Qtr.IV 52,696.45 1,040.13 376.63 7,968.72 29,328.36 29,251.50 76.86 - 4,726.81 9,255.80 2016/17 Qtr.I 54,319.19 1,251.79 381.92 7,834.36 31,771.85 31,711.64 60.21 - 4,795.67 8,283.60 Qtr.II 54,414.01 903.62 380.51 7,876.92 33,091.64 33,033.92 57.72 - 4,816.88 7,344.45 Qtr.III 55,895.39 868.19 120.03 7,960.91 34,190.12 34,131.51 58.61 - 4,826.26 7,929.88 Qtr.IV 57,089.25 948.38 122.21 7,918.92 34,984.44 34,309.69 674.75 - 4,822.20 8,293.11 2017/18 Qrt.I 57,213.34 915.76 126.04 8,032.78 35,365.33 35,304.91 60.42 - 5,096.40 7,677.04 Qtr.II 59,571.38 1,130.53 125.90 7,999.87 37,888.62 37,832.63 55.99 - 5,226.40 7,200.05 Qtr.III 65,260.76 1,102.03 125.95 8,048.34 40,102.10 40,043.12 58.98 - 6,291.98 9,590.37 Qtr.IV 83,847.64 1,081.46 125.29 8,043.84 58,125.10 58,064.08 61.02 - 6,849.05 9,622.90 2018/19 Qtr.I 84,289.39 867.51 129.39 7,461.41 58,247.52 58,185.11 62.41 - 8,111.85 9,471.70 Qtr.II 93,727.06 818.33 128.26 2,718.41 63,592.57 63,529.89 62.69 - 8,195.19 18,274.31 Qtr.III 129,450.88 805.96 123.96 6,315.02 64,040.86 63,982.41 58.45 - 8,552.23 49,612.86 Qtr.IV 92,722.64 770.33 123.73 7,403.15 62,764.43 62,704.89 59.54 - 9,391.53 12,269.47 2019/20 Qrt.I 94,292.34 653.41 121.49 7,873.78 63,285.34 63,225.60 59.74 - 10,467.84 11,890.49 Qtr.II 95,512.09 581.89 121.27 7,023.65 61,046.46 60,986.28 60.18 - 10,476.70 16,262.12 Qrt.III 101,935.35 594.94 121.56 7,049.90 65,982.91 65,922.26 60.65 - 11,096.39 17,089.65 QIV 104,090.56 664.86 125.09 6,922.46 68,416.90 68,355.72 61.18 - 12,025.95 15,935.30 2020/21 - Qtr.I 104,135.75 630.13 126.34 6,731.18 68,456.86 68,395.75 61.10 - 12,071.50 16,119.76 Qtr.II 106,332.83 825.02 126.50 7,014.60 67,464.75 67,416.64 48.11 - 14,134.42 16,767.55 Qrt.III 138,029.48 614.02 140.51 28,909.31 68,296.31 68,248.08 48.23 - 14,534.33 25,535.01 QIV 139,723.58 664.00 138.11 31,698.97 68,466.32 68,418.07 48.25 - 15,715.97 23,040.21

Fourth Quarter 2020/21 | 97 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 2015/16 Qtr.I 47,977.82 445.92 375.43 7,688.46 27,369.19 23,857.00 3,512.19 - 4,018.53 8,080.30 Qtr.II 50,132.21 436.66 375.25 7,792.09 28,428.52 24,857.00 3,571.52 - 4,627.47 8,472.23 Qtr.III 51,587.15 1,006.51 376.27 7,858.82 28,464.89 24,935.93 3,528.96 - 4,727.40 9,153.27 Qtr.IV 52,696.45 1,040.13 376.63 7,968.72 29,328.36 29,251.50 76.86 - 4,726.81 9,255.80 2016/17 Qtr.I 54,319.19 1,251.79 381.92 7,834.36 31,771.85 31,711.64 60.21 - 4,795.67 8,283.60 Qtr.II 54,414.01 903.62 380.51 7,876.92 33,091.64 33,033.92 57.72 - 4,816.88 7,344.45 Qtr.III 55,895.39 868.19 120.03 7,960.91 34,190.12 34,131.51 58.61 - 4,826.26 7,929.88 Qtr.IV 57,089.25 948.38 122.21 7,918.92 34,984.44 34,309.69 674.75 - 4,822.20 8,293.11 2017/18 Qrt.I 57,213.34 915.76 126.04 8,032.78 35,365.33 35,304.91 60.42 - 5,096.40 7,677.04 Qtr.II 59,571.38 1,130.53 125.90 7,999.87 37,888.62 37,832.63 55.99 - 5,226.40 7,200.05 Qtr.III 65,260.76 1,102.03 125.95 8,048.34 40,102.10 40,043.12 58.98 - 6,291.98 9,590.37 Qtr.IV 83,847.64 1,081.46 125.29 8,043.84 58,125.10 58,064.08 61.02 - 6,849.05 9,622.90 2018/19 Qtr.I 84,289.39 867.51 129.39 7,461.41 58,247.52 58,185.11 62.41 - 8,111.85 9,471.70 Qtr.II 93,727.06 818.33 128.26 2,718.41 63,592.57 63,529.89 62.69 - 8,195.19 18,274.31 Qtr.III 129,450.88 805.96 123.96 6,315.02 64,040.86 63,982.41 58.45 - 8,552.23 49,612.86 Qtr.IV 92,722.64 770.33 123.73 7,403.15 62,764.43 62,704.89 59.54 - 9,391.53 12,269.47 2019/20 Qrt.I 94,292.34 653.41 121.49 7,873.78 63,285.34 63,225.60 59.74 - 10,467.84 11,890.49 Qtr.II 95,512.09 581.89 121.27 7,023.65 61,046.46 60,986.28 60.18 - 10,476.70 16,262.12 Qrt.III 101,935.35 594.94 121.56 7,049.90 65,982.91 65,922.26 60.65 - 11,096.39 17,089.65 QIV 104,090.56 664.86 125.09 6,922.46 68,416.90 68,355.72 61.18 - 12,025.95 15,935.30 2020/21 - Qtr.I 104,135.75 630.13 126.34 6,731.18 68,456.86 68,395.75 61.10 - 12,071.50 16,119.76 Qtr.II 106,332.83 825.02 126.50 7,014.60 67,464.75 67,416.64 48.11 - 14,134.42 16,767.55 Qrt.III 138,029.48 614.02 140.51 28,909.31 68,296.31 68,248.08 48.23 - 14,534.33 25,535.01 QIV 139,723.58 664.00 138.11 31,698.97 68,466.32 68,418.07 48.25 - 15,715.97 23,040.21 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 Non-Cen Gov’t 10 Total (8+9) 7 Nat. Bank 8 Comm. Banks 9 Total (13+12) 11 Nat. Bank 12 Comm. Banks 13 2008/09 Qtr.I 16,337.59 20,633.90 36,971.49 34,464.85 71,436.34 84,088.59 34,872.36 37,048.01 (2,175.65) 49,216.23 10,387.77 4,976.66 5,411.11 23,040.02 Qtr.II 17,432.87 22,949.25 40,382.11 35,521.62 75,903.73 85,327.66 31,944.38 36,733.14 (4,788.76) 53,383.28 10,233.46 6,137.41 4,096.05 19,657.39 Qtr.III 19,264.00 23,589.18 42,853.18 37,710.34 80,563.52 85,281.56 29,349.06 35,566.17 (6,217.11) 55,932.51 14,863.60 9,571.56 5,292.04 19,581.64 Qtr.IV 19,715.01 22,397.64 42,112.66 40,397.09 82,509.75 89,203.04 32,786.50 37,827.20 (5,040.70) 56,416.54 17,976.81 11,833.66 6,143.15 24,670.10 2009/10 Qtr.I 18,547.21 25,572.45 44,119.66 43,316.58 87,436.24 92,006.88 32,500.40 36,953.31 (4,452.91) 59,506.48 19,528.96 14,212.62 5,316.34 24,099.60 Qtr.II 21,755.84 24,372.26 46,128.10 45,312.93 91,441.03 92,946.17 28,555.82 35,824.91 (7,269.09) 64,390.35 20,793.03 14,752.59 6,040.45 22,298.18 Qtr.III 23,068.09 26,271.82 49,339.91 47,931.11 97,271.03 98,671.91 30,038.16 38,953.17 (8,915.01) 68,633.76 25,278.62 16,290.43 8,988.19 26,679.50 Qtr.IV 24,206.80 27,727.99 51,934.78 51,997.77 103,932.56 104,350.11 33,013.08 39,340.32 (6,327.24) 71,337.03 27,189.78 15,383.31 11,806.47 27,607.34 2010/11 Qtr.I 23,849.92 29,249.39 53,099.31 55,362.66 108,461.97 104,929.59 31,368.11 39,718.05 (8,349.93) 73,561.48 38,003.21 23,003.30 14,999.91 34,470.83 Qrt II 28,312.32 31,751.83 60,064.16 57,736.08 117,800.24 110,513.95 27,374.22 41,118.83 (13,744.61) 83,139.73 40,230.88 24,979.34 15,251.53 32,944.59 Qtr.III 30,534.69 35,171.96 65,706.66 64,603.11 130,309.77 121,221.73 23,583.78 40,653.91 (17,070.13) 97,637.96 45,638.10 30,084.47 15,553.63 36,550.06 Qtr.IV 32,574.88 43,596.12 76,171.00 69,205.97 145,376.97 142,320.42 28,651.65 45,323.71 (16,672.05) 113,668.76 55,534.68 32,856.00 22,678.68 52,478.12 2011/12 Qtr.I 32,073.62 46,068.57 78,142.18 72,667.68 150,809.86 143,503.46 20,343.12 36,433.18 (16,090.06) 123,160.34 55,479.84 39,355.70 16,124.13 48,173.44 Qtr.II 36,274.61 42,879.96 79,154.57 76,743.67 155,898.24 157,410.18 13,443.60 38,255.43 (24,811.83) 143,966.58 49,345.56 34,675.66 14,669.91 50,857.50 Qtr.III 37,727.68 47,246.43 84,974.11 86,530.15 171,504.25 182,607.91 15,673.90 43,600.37 (27,926.47) 166,934.01 45,771.85 24,524.05 21,247.79 56,875.50 Qtr.IV 38,537.14 56,312.74 94,849.88 94,548.90 189,398.78 202,148.96 21,557.41 45,344.08 (23,786.67) 180,591.55 39,787.69 21,254.33 18,533.36 52,537.88 2012/13 Qtr.I 37,917.53 54,544.75 92,462.28 99,614.21 192,076.50 198,914.63 16,480.84 37,529.91 (21,049.06) 182,433.79 39,304.60 24,995.84 14,308.76 46,142.73 Qtr.II 42,677.02 57,524.67 100,201.69 106,063.71 206,265.39 213,175.22 13,732.02 42,732.25 (29,000.24) 199,443.21 39,754.55 26,357.64 13,396.92 46,664.38 Qtr.III 45,142.40 66,203.30 111,345.70 114,242.15 225,587.85 233,163.88 12,792.18 41,557.83 (28,765.66) 220,371.71 46,981.49 29,607.54 17,373.94 54,557.52 Qtr.IV 45,681.67 69,052.38 114,734.05 120,509.51 235,243.56 252,247.88 21,965.52 55,377.34 (33,411.82) 230,282.36 45,639.62 24,645.62 20,994.00 62,643.94 2013/14 Qtr.I 40,872.49 67,625.20 108,497.69 128,673.13 237,170.82 257,924.26 21,574.78 47,833.32 (26,258.54) 236,349.48 38,325.10 23,406.69 14,918.40 59,078.54 Qtr.II 44,085.69 69,579.58 113,665.27 138,686.20 252,351.47 280,465.92 18,308.87 50,041.39 (31,732.52) 262,157.05 33,534.49 21,297.01 12,237.48 61,648.94 Qtr.III 49,975.27 71,046.94 121,022.21 152,446.74 273,468.95 302,986.96 20,844.63 60,573.97 (39,729.34) 282,142.33 36,763.33 23,444.00 13,319.32 66,281.33 Qtr.IV 53,176.03 80,887.76 134,063.78 163,682.78 297,746.56 326,066.87 26,929.74 64,510.91 (37,581.17) 299,137.13 45,972.30 26,713.89 19,258.41 74,292.61 2014/15 Qtr.I 50,782.73 79,355.45 130,138.19 174,315.87 304,454.06 336,541.23 25,470.01 58,767.36 (33,297.35) 311,071.22 39,063.23 27,065.83 11,997.40 71,150.40 Qtr.II 58,128.86 82,081.55 140,210.40 185,615.77 325,826.17 367,313.10 23,581.11 64,293.14 (40,712.03) 343,731.98 39,409.45 28,393.45 11,015.99 80,896.38 Qtr.III 60,465.03 87,943.76 148,408.79 200,755.69 349,164.48 397,130.29 21,241.99 59,866.59 (38,624.59) 375,888.30 35,516.90 27,640.58 7,876.32 83,482.71 Qtr.IV 60,460.92 94,245.42 154,706.34 216,622.57 371,328.91 430,840.39 30,735.25 77,076.80 (46,341.55) 400,105.14 37,570.95 29,973.37 7,597.57 97,082.42 2015/16 Qtr.I 59,407.73 94,503.33 153,911.06 226,766.04 380,677.10 436,496.83 24,072.01 67,917.15 (43,845.14) 412,424.83 36,192.52 29,081.21 7,111.31 92,012.25 Qtr.II 63,507.06 95,784.79 159,291.85 237,323.17 396,615.02 469,781.03 25,008.45 78,917.95 (53,909.50) 444,772.58 31,444.63 22,494.68 8,949.94 104,610.63 Qtr.III 65,623.75 97,666.63 163,290.39 248,834.10 412,124.48 498,840.49 29,582.00 84,580.08 (54,998.07) 469,258.48 25,157.52 13,862.23 11,295.29 111,873.52 Qtr.IV 66,686.17 111,923.49 178,609.66 266,656.59 445,266.25 531,957.89 47,548.36 95,038.07 (47,489.71) 484,409.53 21,524.19 10,506.42 11,017.77 108,215.83 2016/17 Qtr.I 68,485.09 114,563.29 183,048.38 280,720.66 463,769.04 547,900.98 49,852.85 97,420.62 (47,567.77) 498,048.14 14,357.85 3,466.44 10,891.41 98,489.79 Qtr.II 73,702.55 122,551.62 196,254.17 300,041.07 496,295.24 577,812.91 45,593.96 105,012.72 (59,418.76) 532,218.95 16,470.24 5,541.88 10,928.36 97,987.92 Qtr.III 75,177.93 134,885.28 210,063.21 324,150.56 534,213.77 618,691.36 51,572.27 110,556.05 (58,983.78) 567,119.09 25,495.21 14,294.70 11,200.51 109,972.80 Qtr.IV 73,917.75 142,883.04 216,800.79 356,614.44 573,415.22 690,668.59 85,441.85 120,891.04 (35,449.19) 605,226.75 38,034.79 23,977.03 14,057.76 155,288.16 2017/18 Qtr.I 73,927.01 155,587.95 229,514.96 372,790.02 602,304.98 712,905.00 96,221.26 131,295.09 (35,073.83) 616,683.74 30,984.60 17,651.86 13,332.74 141,584.62 Qtr.II 86,784.15 161,094.75 247,878.90 396,274.17 644,153.07 758,470.30 99,972.02 143,447.90 (43,475.88) 658,498.28 22,527.90 11,391.82 11,136.08 136,845.13 Qtr.III 90,594.76 178,222.22 268,816.98 427,102.45 695,919.43 793,412.62 96,602.32 141,253.91 (44,651.59) 696,810.30 35,993.32 25,765.59 10,227.72 133,486.51 Qtr.IV 86,417.30 194,737.37 281,154.67 459,418.22 740,572.89 855,028.77 102,002.83 140,206.86 (38,204.03) 753,025.94 39,376.20 28,759.38 10,616.82 153,832.08 2018/19 Qtr.I 83,380.01 182,882.17 266,262.18 485,869.24 752,131.42 870,272.56 103,205.53 147,083.49 (43,877.95) 767,067.02 37,942.27 21,270.71 16,671.56 156,083.41 Qtr.II 92,192.59 185,405.32 277,597.90 511,563.89 789,161.79 921,386.87 98,558.46 154,902.04 (56,343.57) 822,828.41 23,507.72 11,063.97 12,443.76 155,732.81 Qtr.III 97,075.11 186,067.65 283,142.75 548,867.19 832,009.94 972,583.62 83,539.21 145,023.53 (61,484.32) 889,044.41 27,415.57 17,786.07 9,629.50 167,989.25 Qtr.IV 92,017.0 216,920.17 308,937.14 577,815.41 886,752.54 1,052,684.55 109,799.21 172,171.40 (62,372.19) 942,885.35 14,505.19 3,967.75 10,537.44 180,437.20 2019/20 Qtr.I 91,522.75 225,668.94 317,191.69 592,745.22 909,936.90 1,093,887.22 122,330.84 178,804.28 (56,473.43) 971,556.37 (17,043.11) (24,418.74) 7,375.63 166,907.21 Qtr.II 98,665.25 233,018.82 331,684.07 618,868.54 950,552.61 1,135,630.34 111,154.23 173,298.24 (62,144.01) 1,024,476.11 (14,628.59) (17,544.83) 2,916.24 170,449.14 Qtr.III 109,335.29 246,556.75 355,892.04 630,871.38 986,763.42 1,201,791.53 130,342.97 195,106.33 (64,763.36) 1,071,448.56 (28,902.99) (30,150.76) 1,247.77 186,125.12 Qtr.IV 109,071.81 251,513.71 360,585.51 677,060.82 1,037,646.34 1,257,527.48 137,080.08 195,708.16 (58,628.07) 1,120,447.40 (4,683.72) (15,221.00) 10,537.27 215,197.43 2020/21 Qtr.I 64,666.05 269,917.20 334,583.25 750,405.43 1,084,988.68 1,318,617.97 148,399.05 209,592.74 (61,193.69) 1,170,218.92 (28,149.28) (33,703.26) 5,553.98 205,480.01 Qtr.II 108,326.05 282,154.64 390,480.69 787,233.92 1,177,714.61 1,382,906.89 139,723.41 216,439.24 (76,715.83) 1,243,183.48 (38,577.03) (51,759.47) 13,182.44 166,615.25 Qtr.III 127,518.32 291,829.37 419,347.69 840,262.58 1,259,610.27 1,454,897.79 163,476.93 221,259.94 (57,783.01) 1,291,420.86 (10,275.23) (32,638.24) 22,363.01 185,012.29 Qtr.IV 133,621.30 303,770.68 437,391.98 910,874.18 1,348,266.16 1,562,694.68 214,269.16 245,019.19 (30,750.03) 1,348,425.52 10,455.44 (32,638.24) 43,093.68 224,883.96

98 | Fourth Quarter 2020/21 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) 2008/09 Qtr.I 17,236.16 20,076.78 37,312.94 35,567.72 72,880.66 80,977.31 52,956.66 10,003.42 Qtr.II 13,853.90 22,627.96 36,481.86 34,811.19 71,293.04 85,412.99 37,368.30 10,243.69 Qtr.III 19,013.57 24,296.85 43,310.42 37,031.56 80,341.98 89,119.23 42,508.70 15,532.46 Qtr.IV 22,934.47 22,938.32 45,872.80 40,397.09 86,269.89 90,455.45 78,306.15 18,229.20 2009/10 Qtr.I 19,567.31 24,881.99 44,449.30 44,486.13 88,935.43 88,602.63 64,028.97 18,806.39 Qtr.II 17,289.37 24,031.04 41,320.41 44,406.67 85,727.08 93,039.12 45,073.24 20,813.83 Qtr.III 21,937.76 26,455.72 48,393.48 47,835.25 96,228.73 98,671.91 52,161.65 25,278.62 Qtr.IV 28,159.77 28,397.34 56,557.11 51,997.77 108,554.88 105,815.19 99,015.79 27,571.53 2010/11 Qtr.I 25,161.66 28,459.66 53,621.32 57,134.27 110,755.59 101,047.20 79,152.15 36,597.10 Qrt.II 22,499.80 31,307.31 53,807.11 56,581.36 110,388.47 110,624.46 58,197.81 40,271.11 Qtr.III 30,137.74 36,227.12 66,364.87 63,440.25 129,805.12 126,676.71 74,204.85 47,691.82 Qtr.IV 37,894.35 44,648.53 82,542.89 69,205.97 151,748.85 144,318.59 157,772.24 56,314.38 2011/12 Qtr.I 33,837.67 44,824.71 78,662.38 74,993.04 153,655.42 138,193.83 132,520.53 53,427.08 Qtr.II 28,827.43 42,279.64 71,107.07 75,208.80 146,315.87 157,567.59 100,776.61 49,394.91 Qtr.III 37,237.22 48,663.82 85,901.04 84,972.60 170,873.64 190,825.26 126,869.85 47,831.58 Qtr.IV 44,830.25 57,672.13 102,502.38 94,548.90 197,051.28 204,987.13 250,661.08 40,346.31 2012/13 Qtr.I 40,003.00 53,072.04 93,075.04 102,801.87 195,876.91 191,554.79 196,298.76 37,850.33 Qtr.II 33,915.43 56,719.32 90,634.75 103,942.43 194,577.18 213,388.40 139,610.24 39,794.31 Qtr.III 44,555.55 68,189.40 112,744.94 112,185.79 224,930.74 243,656.26 167,482.50 49,095.65 Qtr.IV 53,141.49 70,719.31 123,860.79 120,509.51 244,370.30 255,789.44 319,631.91 46,280.40 2013/14 Qtr.I 43,120.48 65,799.32 108,919.80 132,790.67 241,710.46 248,381.06 254,312.04 36,907.07 Qtr.II 35,034.90 68,605.47 103,640.37 135,912.48 239,552.84 280,746.38 183,509.94 33,568.03 Qtr.III 49,325.59 73,178.35 122,503.94 149,702.70 272,206.64 316,621.37 214,428.17 38,417.68 Qtr.IV 61,859.67 82,840.39 144,700.06 163,682.78 308,382.84 330,644.85 415,202.34 46,617.75 2014/15 Qtr.I 53,575.78 77,212.86 130,788.64 179,893.98 310,682.62 324,089.21 334,712.63 37,617.89 Qtr.II 46,195.00 80,932.40 127,127.41 181,903.45 309,030.86 367,680.41 240,612.39 39,448.86 Qtr.III 59,678.99 90,582.08 150,261.06 197,142.09 347,403.15 415,001.15 285,675.10 37,115.16 Qtr.IV 70,334.19 96,520.51 166,854.69 216,622.57 383,477.26 436,889.39 555,345.93 38,098.44 2015/16 Qtr.I 62,675.16 91,951.74 154,626.90 234,022.56 388,649.45 420,346.45 443,769.11 34,853.39 Qtr.II 50,469.06 94,443.80 144,912.87 232,576.71 377,489.57 470,250.81 311,340.80 31,476.07 Qtr.III 64,770.64 100,596.63 165,367.28 244,355.08 409,722.36 521,288.31 356,636.45 26,289.61 Qtr.IV 77,576.03 114,625.32 192,201.35 266,656.59 458,857.94 539,426.58 672,360.42 21,826.39 2016/17 Qtr.I 72,251.77 111,470.08 183,721.85 289,703.72 473,425.57 527,628.65 535,899.79 13,826.61 Qtr.II 58,571.42 120,835.90 179,407.32 294,040.25 473,447.56 578,390.72 372,553.27 16,486.71 Qtr.III 74,200.62 138,931.83 213,132.45 318,315.85 531,448.30 646,532.47 431,010.51 26,642.49 Qtr.IV 85,988.51 146,332.24 232,320.75 356,614.44 588,935.19 700,365.58 840,054.73 38,568.80 2017/18 Qtr.I 77,993.00 151,387.08 229,380.07 384,719.30 614,099.37 686,527.51 663,551.70 29,838.17 Qtr.II 68,967.37 158,839.42 227,806.79 388,348.68 616,155.47 759,228.77 460,948.80 22,550.43 Qtr.III 89,417.03 183,568.88 272,985.92 419,414.60 692,400.52 829,116.19 37,613.02 Qtr.IV 100,529.24 199,438.33 299,967.57 459,418.22 759,385.79 867,033.37 1,045,200.01 39,929.04 2018/19 Qtr.I 87,965.91 177,944.35 265,910.26 501,417.05 767,327.31 838,072.47 825,364.12 36,538.41 Qtr.II 73,265.45 182,809.64 256,075.09 501,332.61 757,407.70 922,308.26 575,979.89 23,531.23 Qtr.III 95,813.13 191,649.68 287,462.80 538,987.58 826,450.38 1,016,349.89 675,673.75 28,649.27 Qtr.IV 107,043.34 222,156.62 329,199.96 577,815.41 907,015.37 1,067,464.25 1,308,724.86 14,708.85 2019/20 Qtr.I 96,556.50 219,575.88 316,132.37 611,713.06 927,845.44 1,053,413.39 1,045,394.66 (16,412.51) Qtr.II 78,409.27 229,756.55 308,165.83 606,491.17 914,657.00 1,136,765.97 717,133.28 (14,643.22) Qtr.III 107,913.93 253,953.45 361,867.38 619,515.70 981,383.08 1,255,872.15 814,300.90 (30,203.62) QIV 126,883.23 257,585.25 384,468.48 677,060.82 1,061,529.30 1,275,183.17 1,555,180.99 (4,749.48) 2020/21 Qtr.I 68,222.69 262,629.43 330,852.12 774,418.40 1,105,270.52 1,269,829.10 1,259,155.56 (27,107.75) Qtr.II 86,086.71 278,204.48 364,291.19 771,489.24 1,135,780.43 1,384,289.79 870,228.43 (38,615.60) Qtr.III 101,338.81 287,743.76 389,082.57 823,457.33 1,212,539.89 1,456,352.69 903,994.60 (10,285.50) QIV 155,441.65 311,103.71 466,545.36 910,874.18 1,377,419.54 1,584,634.91 1,871,614.62 10,602.23 1/ Obtained by multiplying each original observation by appropriate index for the month

Fourth Quarter 2020/21 | 99 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) 2008/09 Qtr.I 17,236.16 20,076.78 37,312.94 35,567.72 72,880.66 80,977.31 52,956.66 10,003.42 Qtr.II 13,853.90 22,627.96 36,481.86 34,811.19 71,293.04 85,412.99 37,368.30 10,243.69 Qtr.III 19,013.57 24,296.85 43,310.42 37,031.56 80,341.98 89,119.23 42,508.70 15,532.46 Qtr.IV 22,934.47 22,938.32 45,872.80 40,397.09 86,269.89 90,455.45 78,306.15 18,229.20 2009/10 Qtr.I 19,567.31 24,881.99 44,449.30 44,486.13 88,935.43 88,602.63 64,028.97 18,806.39 Qtr.II 17,289.37 24,031.04 41,320.41 44,406.67 85,727.08 93,039.12 45,073.24 20,813.83 Qtr.III 21,937.76 26,455.72 48,393.48 47,835.25 96,228.73 98,671.91 52,161.65 25,278.62 Qtr.IV 28,159.77 28,397.34 56,557.11 51,997.77 108,554.88 105,815.19 99,015.79 27,571.53 2010/11 Qtr.I 25,161.66 28,459.66 53,621.32 57,134.27 110,755.59 101,047.20 79,152.15 36,597.10 Qrt.II 22,499.80 31,307.31 53,807.11 56,581.36 110,388.47 110,624.46 58,197.81 40,271.11 Qtr.III 30,137.74 36,227.12 66,364.87 63,440.25 129,805.12 126,676.71 74,204.85 47,691.82 Qtr.IV 37,894.35 44,648.53 82,542.89 69,205.97 151,748.85 144,318.59 157,772.24 56,314.38 2011/12 Qtr.I 33,837.67 44,824.71 78,662.38 74,993.04 153,655.42 138,193.83 132,520.53 53,427.08 Qtr.II 28,827.43 42,279.64 71,107.07 75,208.80 146,315.87 157,567.59 100,776.61 49,394.91 Qtr.III 37,237.22 48,663.82 85,901.04 84,972.60 170,873.64 190,825.26 126,869.85 47,831.58 Qtr.IV 44,830.25 57,672.13 102,502.38 94,548.90 197,051.28 204,987.13 250,661.08 40,346.31 2012/13 Qtr.I 40,003.00 53,072.04 93,075.04 102,801.87 195,876.91 191,554.79 196,298.76 37,850.33 Qtr.II 33,915.43 56,719.32 90,634.75 103,942.43 194,577.18 213,388.40 139,610.24 39,794.31 Qtr.III 44,555.55 68,189.40 112,744.94 112,185.79 224,930.74 243,656.26 167,482.50 49,095.65 Qtr.IV 53,141.49 70,719.31 123,860.79 120,509.51 244,370.30 255,789.44 319,631.91 46,280.40 2013/14 Qtr.I 43,120.48 65,799.32 108,919.80 132,790.67 241,710.46 248,381.06 254,312.04 36,907.07 Qtr.II 35,034.90 68,605.47 103,640.37 135,912.48 239,552.84 280,746.38 183,509.94 33,568.03 Qtr.III 49,325.59 73,178.35 122,503.94 149,702.70 272,206.64 316,621.37 214,428.17 38,417.68 Qtr.IV 61,859.67 82,840.39 144,700.06 163,682.78 308,382.84 330,644.85 415,202.34 46,617.75 2014/15 Qtr.I 53,575.78 77,212.86 130,788.64 179,893.98 310,682.62 324,089.21 334,712.63 37,617.89 Qtr.II 46,195.00 80,932.40 127,127.41 181,903.45 309,030.86 367,680.41 240,612.39 39,448.86 Qtr.III 59,678.99 90,582.08 150,261.06 197,142.09 347,403.15 415,001.15 285,675.10 37,115.16 Qtr.IV 70,334.19 96,520.51 166,854.69 216,622.57 383,477.26 436,889.39 555,345.93 38,098.44 2015/16 Qtr.I 62,675.16 91,951.74 154,626.90 234,022.56 388,649.45 420,346.45 443,769.11 34,853.39 Qtr.II 50,469.06 94,443.80 144,912.87 232,576.71 377,489.57 470,250.81 311,340.80 31,476.07 Qtr.III 64,770.64 100,596.63 165,367.28 244,355.08 409,722.36 521,288.31 356,636.45 26,289.61 Qtr.IV 77,576.03 114,625.32 192,201.35 266,656.59 458,857.94 539,426.58 672,360.42 21,826.39 2016/17 Qtr.I 72,251.77 111,470.08 183,721.85 289,703.72 473,425.57 527,628.65 535,899.79 13,826.61 Qtr.II 58,571.42 120,835.90 179,407.32 294,040.25 473,447.56 578,390.72 372,553.27 16,486.71 Qtr.III 74,200.62 138,931.83 213,132.45 318,315.85 531,448.30 646,532.47 431,010.51 26,642.49 Qtr.IV 85,988.51 146,332.24 232,320.75 356,614.44 588,935.19 700,365.58 840,054.73 38,568.80 2017/18 Qtr.I 77,993.00 151,387.08 229,380.07 384,719.30 614,099.37 686,527.51 663,551.70 29,838.17 Qtr.II 68,967.37 158,839.42 227,806.79 388,348.68 616,155.47 759,228.77 460,948.80 22,550.43 Qtr.III 89,417.03 183,568.88 272,985.92 419,414.60 692,400.52 829,116.19 37,613.02 Qtr.IV 100,529.24 199,438.33 299,967.57 459,418.22 759,385.79 867,033.37 1,045,200.01 39,929.04 2018/19 Qtr.I 87,965.91 177,944.35 265,910.26 501,417.05 767,327.31 838,072.47 825,364.12 36,538.41 Qtr.II 73,265.45 182,809.64 256,075.09 501,332.61 757,407.70 922,308.26 575,979.89 23,531.23 Qtr.III 95,813.13 191,649.68 287,462.80 538,987.58 826,450.38 1,016,349.89 675,673.75 28,649.27 Qtr.IV 107,043.34 222,156.62 329,199.96 577,815.41 907,015.37 1,067,464.25 1,308,724.86 14,708.85 2019/20 Qtr.I 96,556.50 219,575.88 316,132.37 611,713.06 927,845.44 1,053,413.39 1,045,394.66 (16,412.51) Qtr.II 78,409.27 229,756.55 308,165.83 606,491.17 914,657.00 1,136,765.97 717,133.28 (14,643.22) Qtr.III 107,913.93 253,953.45 361,867.38 619,515.70 981,383.08 1,255,872.15 814,300.90 (30,203.62) QIV 126,883.23 257,585.25 384,468.48 677,060.82 1,061,529.30 1,275,183.17 1,555,180.99 (4,749.48) 2020/21 Qtr.I 68,222.69 262,629.43 330,852.12 774,418.40 1,105,270.52 1,269,829.10 1,259,155.56 (27,107.75) Qtr.II 86,086.71 278,204.48 364,291.19 771,489.24 1,135,780.43 1,384,289.79 870,228.43 (38,615.60) Qtr.III 101,338.81 287,743.76 389,082.57 823,457.33 1,212,539.89 1,456,352.69 903,994.60 (10,285.50) QIV 155,441.65 311,103.71 466,545.36 910,874.18 1,377,419.54 1,584,634.91 1,871,614.62 10,602.23 1/ Obtained by multiplying each original observation by appropriate index for the month 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 Reserve 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 15,160.31 3,254.28 11,906.03 27,189.78 15,383.31 11,806.47 2010/11 Qtr.I 55,098.19 35,852.22 490.52 31,229.17 3,948.22 184.31 19,245.97 17,094.98 4,246.06 12,848.92 38,003.21 23,003.30 14,999.91 Qrt.II 60,236.11 40,042.00 444.17 34,418.71 4,994.49 184.63 20,194.12 20,005.24 4,942.59 15,062.65 40,230.88 24,979.34 15,251.53 Qtr.III 66,516.18 45,367.31 1,636.24 38,413.88 5,124.86 192.33 21,148.87 20,878.08 5,595.24 15,282.84 45,638.10 30,084.47 15,553.63 Qtr.IV 79,945.54 51,551.39 1,395.23 44,738.80 5,221.68 195.67 28,394.16 24,410.87 5,715.48 18,695.39 55,534.68 32,856.00 22,678.68 2011/12 Qtr.I 82,289.50 59,724.20 1,037.56 53,248.95 5,242.45 195.24 22,565.30 26,809.66 6,441.17 20,368.49 55,479.84 39,355.70 16,124.13 Qtr.II 75,054.99 51,965.40 479.44 46,056.19 5,236.48 193.30 23,089.59 25,709.43 8,419.69 17,289.74 49,345.56 34,675.66 14,669.91 Qtr.III 68,989.93 40,349.89 669.26 34,192.43 5,292.44 195.77 28,640.04 23,218.08 7,392.24 15,825.84 45,771.85 24,524.05 21,247.79 Qtr.IV 64,119.02 40,101.45 2,038.08 32,528.76 5,339.29 195.32 24,017.57 24,331.33 5,484.21 18,847.12 39,787.69 21,254.33 18,533.36 2012/13 Qtr.I 64,490.48 44,307.75 (24.32) 38,671.89 5,458.67 201.51 20,182.74 25,185.88 5,873.98 19,311.91 39,304.60 24,995.84 14,308.76 Qtr.II 66,096.15 46,620.93 1,964.27 38,926.61 5,526.08 203.98 19,475.22 26,341.60 6,078.30 20,263.30 39,754.55 26,357.64 13,396.92 Qtr.III 73,770.07 50,358.05 1,310.29 43,334.32 5,512.02 201.42 23,412.02 26,788.59 6,038.08 20,750.51 46,981.49 29,607.54 17,373.94 Qtr.IV 72,649.20 44,140.03 2,253.17 36,078.39 5,606.69 201.78 28,509.18 27,009.59 7,515.18 19,494.41 45,639.62 24,645.62 20,994.00 2013/14 Qtr.I 69,177.60 46,471.52 2,656.15 37,900.27 5,705.18 209.91 22,706.08 30,852.50 7,787.68 23,064.82 38,325.10 23,406.69 14,918.40 Qtr.II 69,684.03 49,513.05 1,522.50 41,971.87 5,804.38 214.30 20,170.98 36,149.54 7,933.50 28,216.04 33,534.49 21,297.01 12,237.48 Qtr.III 67,001.19 45,838.73 1,333.55 38,439.61 5,848.52 217.05 21,162.46 30,237.86 7,843.13 22,394.73 36,763.33 23,444.00 13,319.32 Qtr.IV 77,877.97 50,624.47 1,217.59 43,237.44 5,951.02 218.41 27,253.50 31,905.67 7,995.09 23,910.57 45,972.30 26,713.89 19,258.41 2014/15 Qtr.I 72,152.41 52,555.40 1,217.59 45,256.47 5,866.25 215.08 19,597.01 33,089.18 7,599.61 25,489.57 39,063.23 27,065.83 11,997.40 Qtr.II 93,641.42 74,840.58 741.24 67,914.12 5,867.87 317.35 18,800.84 54,231.97 7,784.85 46,447.12 39,409.45 28,393.45 11,015.99 Qtr.III 80,014.15 64,152.02 206.89 57,837.68 5,800.34 307.11 15,862.13 44,497.25 7,985.81 36,511.44 35,516.90 27,640.58 7,876.32 Qtr.IV 82,741.82 66,817.67 79.30 60,856.52 5,566.59 315.26 15,924.15 45,170.87 8,326.57 36,844.30 37,570.95 29,973.37 7,597.57 2015/16 Qtr.I 80,548.64 65,085.59 (101.65) 59,349.29 5,519.27 318.69 15,463.04 44,356.12 8,351.74 36,004.39 36,192.52 29,081.21 7,111.31 Qtr.II 102,594.72 84,226.48 222.87 78,442.72 5,241.83 319.06 18,368.24 71,150.10 9,418.30 61,731.80 31,444.63 22,494.68 8,949.94 Qtr.III 94,205.95 72,889.54 1,136.99 66,362.68 5,064.22 325.65 21,316.42 69,048.43 10,021.13 59,027.31 25,157.52 13,862.23 11,295.29 Qtr.IV 95,054.99 74,156.73 1,113.92 67,851.69 4,859.62 331.50 20,898.27 73,530.80 9,880.50 63,650.30 21,524.19 10,506.42 11,017.77 2016/17 Qtr.I 96,065.61 74,949.60 8.43 69,963.93 4,641.20 336.04 21,116.01 81,707.76 10,224.60 71,483.16 14,357.85 3,466.44 10,891.41 Qtr.III 92,768.28 72,397.44 1,139.58 66,561.06 4,370.15 326.66 20,370.84 76,298.03 9,442.47 66,855.56 16,470.24 5,541.88 10,928.36 Qtr.III 91,850.16 70,874.56 1,135.37 61,851.06 7,550.46 337.66 20,975.60 66,354.95 9,775.10 56,579.86 25,495.21 14,294.70 11,200.51 Qtr.IV 98,750.85 73,874.32 741.33 68,851.84 3,931.73 349.42 24,876.54 60,716.07 10,818.77 49,897.29 38,034.79 23,977.03 14,057.76 2017/18 Qtr.I 93,889.81 68,636.42 0.01 64,643.51 3,633.38 359.52 25,253.39 62,905.21 11,920.65 50,984.56 30,984.60 17,651.86 13,332.74 Qtr.II 108,580.90 82,254.04 0.01 77,584.06 4,249.63 420.35 26,326.86 86,053.00 15,190.78 70,862.22 22,527.90 11,391.82 11,136.08 Qtr.III 109,952.13 85,287.93 81.43 80,464.52 4,309.30 432.67 24,664.20 73,958.81 14,436.48 59,522.34 35,993.32 25,765.59 10,227.72 Qtr.IV 102,738.94 77,617.37 750.54 72,217.34 4,231.09 418.41 25,121.57 63,362.74 14,504.75 48,857.99 39,376.20 28,759.38 10,616.82 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 Qtr.II 139,330.76 110,973.71 750.54 105,145.06 4,654.41 423.72 28,357.05 115,823.04 15,913.29 99,909.75 23,507.72 11,063.97 12,443.76 Qtr.III 138,532.05 111,651.22 198.87 106,132.87 4,887.60 431.88 26,880.84 111,116.48 17,251.34 93,865.15 27,415.57 17,786.07 9,629.50 Qtr.IV 127,270.46 98,726.63 804.88 92,853.80 4,630.17 437.79 28,543.82 112,765.27 18,006.38 94,758.88 14,505.19 3,967.75 10,537.44 2019/20 Qtr.I 95770.9 69790.0 15.3 64693.1 4646.3 435.4 25980.8 112814.0 18605.2 94208.8 -17043.1 -24418.7 7375.6 Qtr.II 118262.2 94289.2 19.4 88749.5 5042.0 478.3 23973.1 132890.8 21056.8 111834.0 -14628.6 -17544.8 2916.2 Qtr.III 105013.8 80407.5 316.7 74412.2 5190.3 488.3 24606.3 133916.8 23358.5 110558.3 -28903.0 -30150.8 1247.8 Qtr.IV 147202.8 112086.3 3280.6 102412.1 5868.2 525.4 35116.5 151886.6 24579.2 127307.3 -4683.7 -15221.0 10537.3 2020/21 Qtr.I 153636.7 120432.6 5033.1 108717.2 6119.0 563.3 33204.1 181786.0 27650.2 154135.8 -28149.3 -33703.3 5554.0 Qtr.II 163630.6 120263.6 1868.9 111460.7 6319.0 615.0 43367.0 202207.6 30184.6 172023.0 -38577.0 -51759.5 13182.4 Qtr.III 159309.7 104230.9 12559.9 84430.0 6601.6 639.4 55078.8 186682.6 32715.7 153966.9 -27372.9 -49735.9 22363.0 Qtr.IV 202804.8 125859.7 628.2 117629.9 6921.5 680.2 76945.1 203618.1 33851.4 169766.7 -813.3 -43907.0 43093.7

100 | Fourth Quarter 2020/21 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 Qtr.II 1,024,035.43 201,207.02 178,685.30 22,521.73 822,828.41 444,356.28 378,472.13 Qtr.III 1,094,682.64 205,638.22 182,685.30 22,952.93 889,044.41 471,569.71 417,474.71 Qtr.IV 1,161,190.85 218,305.50 194,685.30 23,620.21 942,885.35 495,504.92 447,380.43 2019/20 Qtr.I 1,193,721.90 222,165.52 199,237.75 22,927.78 971,556.37 515,294.45 456,261.93 Qtr.II 1,251,837.28 227,361.17 204,237.75 23,123.42 1,024,476.11 568,242.29 456,233.83 Qtr.III 1,315,614.08 244,165.52 221,237.75 22,927.78 1,071,448.56 583,681.60 487,766.96 QIV 1,379,523.63 259,076.23 230,237.75 28,838.49 1,120,447.40 629,954.69 490,492.71 2020/21 Qtr.I 1,449,866.28 279,647.36 243,141.31 36,506.06 1,170,218.92 669,626.18 500,592.74 Qtr.II 1,524,023.10 280,839.63 248,141.31 32,698.32 1,243,183.48 717,177.35 526,006.13 Qtr.III 1,584,277.32 292,856.46 251,862.65 40,993.81 1,291,420.86 760,726.06 530,694.80 Qtr.IV 1,707,062.02 358,636.51 281,862.65 76,773.86 1,348,425.52 815,512.08 532,913.44

Fourth Quarter 2020/21 | 101 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 Qtr.II 1,024,035.43 201,207.02 178,685.30 22,521.73 822,828.41 444,356.28 378,472.13 Qtr.III 1,094,682.64 205,638.22 182,685.30 22,952.93 889,044.41 471,569.71 417,474.71 Qtr.IV 1,161,190.85 218,305.50 194,685.30 23,620.21 942,885.35 495,504.92 447,380.43 2019/20 Qtr.I 1,193,721.90 222,165.52 199,237.75 22,927.78 971,556.37 515,294.45 456,261.93 Qtr.II 1,251,837.28 227,361.17 204,237.75 23,123.42 1,024,476.11 568,242.29 456,233.83 Qtr.III 1,315,614.08 244,165.52 221,237.75 22,927.78 1,071,448.56 583,681.60 487,766.96 QIV 1,379,523.63 259,076.23 230,237.75 28,838.49 1,120,447.40 629,954.69 490,492.71 2020/21 Qtr.I 1,449,866.28 279,647.36 243,141.31 36,506.06 1,170,218.92 669,626.18 500,592.74 Qtr.II 1,524,023.10 280,839.63 248,141.31 32,698.32 1,243,183.48 717,177.35 526,006.13 Qtr.III 1,584,277.32 292,856.46 251,862.65 40,993.81 1,291,420.86 760,726.06 530,694.80 Qtr.IV 1,707,062.02 358,636.51 281,862.65 76,773.86 1,348,425.52 815,512.08 532,913.44 Table 8: Deposits by Type and Sector (In Millions of Birr) End of Period Total Deposits 6+2=1 Non-Central Gov’t Deposits with CBs Central Gov’t Dep. with Total 3=2 to 5 Net Demand Deposit 3 Savings Deposit 4 Time Dep. (30 days & over) 5 Total 8+7=6 National Bank 7 Comm. Banks 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 Qtr.II 799,642.99 696,994.43 185,405.32 430,123.97 81,465.14 102,648.56 23,783.26 78,865.30 Qtr.III 857,091.15 734,992.14 186,067.65 462,852.96 86,071.53 122,099.01 37,661.76 84,437.25 Qtr.IV 903,483.68 794,977.38 216,920.17 487,543.93 90,513.29 108,506.29 22,513.90 85,992.40 2019/20 Qtr.I 918,495.03 818,660.35 225,668.94 502,444.51 90,546.90 99,834.68 20,433.47 79,401.21 Qtr.II 968,377.71 852,170.77 233,018.82 529,431.05 89,720.91 116,206.94 30,939.51 85,267.44 Qtr.III 991,737.27 877,914.72 246,556.75 550,592.71 80,765.27 113,822.55 26,131.42 87,691.14 Qtr.IV 1,050,842.01 928,845.86 251,513.71 589,445.39 87,886.77 121,996.15 34,529.59 87,466.56 2020/21 Qtr.I 1,151,766.44 1,020,518.13 269,917.20 659,017.03 91,583.91 131,248.31 33,548.57 97,699.75 Qtr.II 1,210,840.93 1,069,724.72 282,154.64 698,415.14 89,154.94 141,116.21 31,702.07 109,414.14 Qtr.III 1,261,780.28 1,132,400.75 291,829.37 748,898.37 91,673.01 129,379.53 30,602.71 98,776.82 Qtr.IV 1,360,219.55 1,215,852.20 303,770.67 817,587.69 94,493.84 144,367.35 36,843.46 107,523.89

102 | Fourth Quarter 2020/21 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 - 107,734.41 16.13 54.41 (7,494.41) (0.03) Qtr.II 38,073.40 85,123.08 47,049.67 28,357.05 15,913.29 15,913.29 - 97,566.83 14.26 55.87 2,464.99 0.01 Qtr.III 39,995.88 82,819.61 42,823.73 26,880.84 17,251.34 17,251.34 - 92,449.11 12.90 57.40 8,337.54 0.03 Qtr.IV 41,140.08 118,506.49 77,366.41 28,543.82 18,006.38 18,006.38 - 129,043.93 17.23 58.71 (26,020.41) (0.09) 2019/20 Qtr.I 43,740.81 116,740.09 72,999.28 25,980.84 18,605.21 18,605.21 - 124,115.72 15.70 57.37 2,290.04 0.01 Qtr.II 45,358.63 117,120.70 71,762.07 23,973.08 21,056.84 21,056.84 - 120,036.93 14.67 60.26 6,788.45 0.02 Qtr.III 47,088.05 114,998.82 67,910.77 24,606.29 23,358.51 23,358.51 - 116,246.59 13.63 62.54 30,715.28 0.09 Qtr.IV 49,370.84 136,738.41 87,367.57 35,116.52 24,579.24 24,579.24 - 147,275.68 16.61 62.77 (11,125.89) (0.03) 2020/21 Qtr.I 53,516.97 184,698.60 131,181.63 33,204.14 27,650.16 27,650.16 - 190,252.58 19.61 60.67 (31,821.59) (0.08) Qtr.II 57,514.76 146,676.51 89,161.75 43,367.05 30,184.61 30,184.61 - 159,858.95 15.28 59.88 (28,127.24) (0.07) Qtr.III 59,747.70 136,453.39 76,705.69 55,078.76 32,715.75 32,715.75 - 158,816.40 14.54 62.09 (5,192.09) (0.01) Qtr.IV 64,445.41 131,471.76 67,026.34 76,945.12 33,851.44 33,851.44 - 174,565.43 14.85 61.15 (17,860.57) (0.04)

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.”
3. Debit Balance: Total Debit Balance less debit against the deposits of the commercial banks.
4. Turnover of Deposits: Debit Balances divided by Gross Demand Deposits of private and others + Government Deposits.

Fourth Quarter 2020/21 | 103 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 - 107,734.41 16.13 54.41 (7,494.41) (0.03) Qtr.II 38,073.40 85,123.08 47,049.67 28,357.05 15,913.29 15,913.29 - 97,566.83 14.26 55.87 2,464.99 0.01 Qtr.III 39,995.88 82,819.61 42,823.73 26,880.84 17,251.34 17,251.34 - 92,449.11 12.90 57.40 8,337.54 0.03 Qtr.IV 41,140.08 118,506.49 77,366.41 28,543.82 18,006.38 18,006.38 - 129,043.93 17.23 58.71 (26,020.41) (0.09) 2019/20 Qtr.I 43,740.81 116,740.09 72,999.28 25,980.84 18,605.21 18,605.21 - 124,115.72 15.70 57.37 2,290.04 0.01 Qtr.II 45,358.63 117,120.70 71,762.07 23,973.08 21,056.84 21,056.84 - 120,036.93 14.67 60.26 6,788.45 0.02 Qtr.III 47,088.05 114,998.82 67,910.77 24,606.29 23,358.51 23,358.51 - 116,246.59 13.63 62.54 30,715.28 0.09 Qtr.IV 49,370.84 136,738.41 87,367.57 35,116.52 24,579.24 24,579.24 - 147,275.68 16.61 62.77 (11,125.89) (0.03) 2020/21 Qtr.I 53,516.97 184,698.60 131,181.63 33,204.14 27,650.16 27,650.16 - 190,252.58 19.61 60.67 (31,821.59) (0.08) Qtr.II 57,514.76 146,676.51 89,161.75 43,367.05 30,184.61 30,184.61 - 159,858.95 15.28 59.88 (28,127.24) (0.07) Qtr.III 59,747.70 136,453.39 76,705.69 55,078.76 32,715.75 32,715.75 - 158,816.40 14.54 62.09 (5,192.09) (0.01) Qtr.IV 64,445.41 131,471.76 67,026.34 76,945.12 33,851.44 33,851.44 - 174,565.43 14.85 61.15 (17,860.57) (0.04)

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.”
3. Debit Balance: Total Debit Balance less debit against the deposits of the commercial banks.
4. Turnover of Deposits: Debit Balances divided by Gross Demand Deposits of private and others + Government Deposits. Table 10: Circulating Notes and Coins by Denomination (In Millions of Birr) End of Period Value of Notes & Coins Denomination of Notes: Birr Denominations of Coins: Cents Total Value (Notes) 1 5 10 50 100 200 Total Value (Coins) 1 5 10 25 50 100 (coin) 2008/09 Qtr.I 6,788.5 6,591.0 417.0 162.8 2,456.7 3,554.5 13,600.0 197.5 0.8 30.4 69.6 37.8 58.9 Qtr.II 7,177.9 6,974.0 441.7 259.8 2,514.7 3,757.7 14,952.0 203.9 0.8 31.3 71.5 39.4 60.8 Qtr.III 7,452.4 7,242.4 459.8 268.9 2,581.7 3,931.9 16,576.4 210.1 0.8 32.2 73.0 41.3 62.8 Qtr.IV 7,034.6 6,818.9 449.0 245.7 2,227.0 3,897.3 17,099.3 215.7 0.8 33.2 74.3 42.8 64.7 2009/10 Qtr.I 6,424.3 6,203.5 426.3 231.8 2,023.7 3,521.7 16,612.0 220.7 0.9 33.9 75.6 44.1 66.2 Qtr.II 6,689.4 6,464.9 458.5 258.6 2,023.7 3,724.2 19,321.9 224.5 0.9 34.3 76.8 45.2 67.3 Qtr.III 7,727.5 7,497.9 466.2 364.7 2,943.1 3,723.9 20,605.6 229.6 0.9 34.8 78.9 45.9 69.2 Qtr.IV 7,282.1 7,046.3 462.6 356.9 2,842.9 3,383.9 21,530.6 235.8 0.9 35.4 80.6 46.6 72.3 2010/11 Qtr.I 7,303.7 6,960.8 482.3 366.6 2,618.5 3,493.4 23,316.4 342.9 1.0 36.2 83.5 52.0 127.7 42.5 Qtr.II 8,178.7 7,835.2 404.1 223.3 3,124.9 4,082.8 25,896.0 343.5 1.0 36.2 83.6 50.9 122.9 49.0 Qtr.III 9,673.9 9,396.0 471.9 310.0 4,012.5 4,601.5 27,803.9 278.0 1.0 36.3 83.9 26.1 73.1 57.6 Qtr.IV 8,781.1 8,485.1 482.9 293.4 3,425.0 4,283.8 30,363.2 296.0 0.8 37.0 86.0 30.1 76.3 65.9 2011/12 Qtr.I 9,219.4 8,912.8 486.5 287.1 3,526.7 4,612.6 29,562.4 306.6 0.8 37.2 86.8 31.0 77.6 73.2 Qtr.II 10,552.7 10,233.0 496.5 287.4 3,563.9 5,885.1 31,503.3 319.7 0.8 37.2 87.0 32.4 81.3 80.9 Qtr.III 13,387.9 13,060.6 661.5 659.5 4,605.1 7,134.5 31,330.1 327.3 0.8 37.2 87.7 33.9 84.5 83.1 Qtr.IV 5,100.8 4,767.1 626.3 514.8 1,144.0 2,482.0 40,701.3 333.7 0.8 37.3 88.4 35.2 86.4 85.6 2012/13 Qtr.I 6,211.5 5,963.9 677.6 626.9 1,545.6 3,113.7 40,027.1 247.6 0.8 27.3 69.6 6.9 55.8 87.3 Qtr II 9,019.3 8,764.0 700.2 465.3 2,533.4 5,065.1 41,963.6 255.3 0.8 28.2 70.7 8.9 58.6 88.1 Qtr II 11,257.6 10,985.5 614.7 513.6 3,368.2 6,488.9 43,080.0 272.2 0.8 28.5 73.8 14.2 66.9 88.0 Qtr.IV 11,586.7 11,225.8 659.6 533.0 3,430.7 6,602.4 43,407.0 360.9 0.8 34.2 84.0 57.7 96.0 88.3 2013/14 Qtr.I 11,262.4 10,893.1 683.6 589.5 3,222.9 6,397.1 39,329.5 369.3 0.8 34.2 84.9 59.0 98.1 92.2 Qtr.II 11,472.5 11,098.5 692.6 609.2 3,321.6 6,475.1 41,023.4 374.0 0.8 34.4 85.3 59.6 99.1 94.9 Qtr.III 11,029.7 10,617.7 659.9 867.2 2,421.4 6,669.2 53,612.6 412.0 0.8 39.3 94.9 61.9 100.1 114.9 Qtr.IV 11,108.5 10,683.8 634.9 906.9 2,368.8 6,773.2 53,364.4 424.8 0.8 39.5 95.4 62.8 101.4 124.8 2014/15 Qtr.I 10,917.9 10,477.9 618.3 964.8 2,339.5 6,555.3 52,928.7 440.1 0.8 39.7 95.9 63.9 102.9 136.8 Qtr.II 12,314.8 11,858.1 602.5 1,097.3 2,550.7 7,607.6 58,526.7 456.6 0.8 39.9 96.2 64.5 104.0 151.2 Qtr.III 12,693.4 12,212.3 589.0 1,161.0 2,695.0 7,767.3 61,776.9 481.1 0.8 40.0 96.7 65.6 105.9 172.1 Qtr.IV 12,383.0 11,871.1 557.8 1,177.8 2,675.6 7,459.8 62,975.8 511.9 0.8 40.1 97.1 66.4 107.3 200.1 2015/16 Qtr.I 12,327.4 11,777.6 538.9 1,209.0 2,725.7 7,304.0 62,536.1 549.8 0.8 40.3 97.6 67.1 108.6 235.4 Qtr.II 12,863.1 12,272.6 507.3 1,306.8 2,885.2 7,573.2 65,084.8 590.5 0.8 40.5 97.9 67.8 109.8 273.7 Qtr.III 12,624.2 11,979.8 479.6 1,325.7 2,807.1 7,367.4 67,752.0 644.4 0.8 40.6 98.3 68.3 110.7 325.6 QIV 13,164.0 12,466.9 455.8 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 14,241.1 13,500.0 439.3 1,355.6 2,793.4 8,911.7 71,743.1 741.0 0.8 40.9 98.7 69.4 112.5 418.7 QII 15,014.6 14,224.9 425.9 1,456.3 2,925.0 9,417.7 75,404.3 789.6 0.8 41.0 98.9 69.9 113.5 465.6 QIII 15,312.7 14,470.9 411.7 1,461.3 2,982.7 9,615.2 77,070.3 841.8 0.8 41.1 99.1 70.6 114.7 515.5 QIV 15,442.8 14,554.8 403.8 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 15,423.3 14,497.0 396.4 1,396.7 3,025.7 9,678.2 79,709.5 926.3 0.8 41.3 99.6 72.0 116.8 595.8 QII 16,995.0 16,025.5 393.8 1,506.7 3,423.5 10,701.5 89,111.8 969.5 0.8 41.3 99.7 72.4 117.7 637.6 QIII 17,419.4 16,400.5 388.2 1,507.8 3,487.4 11,017.1 95,189.3 1,018.9 0.8 41.4 99.8 72.7 118.6 685.5 QIV 17,568.5 16,508.1 384.1 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 17,125.8 16,038.5 380.4 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 18,732.9 17,612.0 378.1 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 18,695.3 17,551.8 375.4 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 18,185.2 17,022.6 374.5 1,535.7 3,724.9 11,387.5 103,782.4 1,162.5 0.8 41.4 99.6 73.4 120.7 826.5 2019/20 Qtr.I 18,032.3 16,859.3 374.8 1,551.8 3,766.4 11,166.3 106,111.5 1,173.0 0.8 41.5 99.5 73.3 121.0 836.9 QII 18,740.4 17,559.4 374.2 1,628.5 4,030.4 11,526.2 109,497.7 1,181.0 0.8 41.5 99.5 73.4 121.2 844.6 QIII 19,935.3 18,743.4 376.4 1,709.2 4,226.1 12,431.6 119,337.4 1,192.0 0.8 41.4 99.5 73.3 122.5 854.4 QIV 19,859.4 18,664.8 375.8 1,674.6 4,389.0 12,225.4 120,817.5 1,194.6 0.8 41.5 99.5 73.2 123.1 856.5 2020/21 Qtr.I 18,165.6 16,968.7 375.8 1,520.3 4,430.4 10,642.3 106,393.0 0.0 1,196.9 0.8 41.4 99.4 73.1 123.3 858.7 Qtr.II 82,325.3 81,125.6 373.0 1,538.1 6,611.0 15,844.8 56,691.9 56,758.8 1,199.7 0.8 41.4 99.4 73.1 123.2 861.7 QIII 159,636.9 158,424.2 372.7 1,605.5 6,789.7 14,970.3 59,977.3 74,708.8 1,212.6 0.8 41.4 99.4 73.0 123.8 874.1 QIV 163,861.0 162,638.3 372.8 1,574.6 6,180.0 14,058.6 60,268.5 80,183.9 1,222.7 0.8 41.4 99.4 73.0 124.3 883.7

104 | Fourth Quarter 2020/21 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: CBEs/ Discount Rate/" 10.5 Import trade (agricultural inputs) 5 6 7 14.0-15 Import trade (other) 6 8 9.5 14.0-15 Hotels and tourism 6 8 9 14.0-15 Other Financial Inst. 10.5 Construction 6 8 9 11.0-12 Housing (1) purchase 6 6 8 11.0-12 Interbank Rate 10 (2) construction 4.5 4.5 7 11.0-12 Central Government -- 3.0-5.0 -- 12.0-13 Banks and financial institutions -- 2.5-4.5 -- 10.0 Personal loans -- -- 10 14.0-15 B. Deposit rates Deposit rates Through September 30, 1992 "Oct. 1, 1992- Aug 31, 1994" "Sept.1,1994- Jan. 1, 1995" 1.Time deposits 30 days notice -- 10.5 10.5 3 months to less than 6 months -- 10.5 10.5 6 months to less than 12 months -- 11 11 1 year to less than 2 years Differed by 11.5 11.5 2 years and above ownership 12 12 and maturity Memorandum Items: Rate differentials for 1 year and over Financial institutions (1 year): 1.0 Gov'nt-owned under takings (1 year): 1.0 Individuals, savings and credit cooperatives;self-help organizations: 1 year 6.0 2 years 6.5 3 years 7.0 5 years 7.5 Others:1 year 4.0 2 years 0.8 3 years 5.0 5 years 5.5 2. Savings deposits "Differed by ownership and maturity" 10 10 Rate differentials: Individuals, savings and credit cooperatives; self-help organizations: Up to Br. 100,000 6.0 In excess of Br. 100,000 2.0 C. Minimum and Maximum Interest Rates Minimum and Maximum Interest Rates "Jan. 2, 1995- Nov. 30, 1995" "Dec. 1, 1995- May 30, 1996" "June 1, 1996- Sep. 15, 1996" "Sep.16,1996- Dec. 31,1997" "Jan. 1,1998- Mar. 3, 2002" "Mar. 4,2002- 01/08/2002" "Aug. 2002 to 07/02/2005" "08/02/2005 04/07/2007" "04/07/2007 30/11/2010" "01/12/2010 to 10-Oct-2017" "11/10/2017 to todate" and Savings Deposits 10 11 10 7 6 3 4 5 7 Maximum lending rate by commercial banks & other finan￾cial institutions, 15 16 15 10.5 Market except for central government loan determined deter￾mined determined deter￾mined determined Central Govern￾ment loan 12 6 6 5 3

Fourth Quarter 2020/21 | 105 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: CBEs/ Discount Rate/" 10.5 Import trade (agricultural inputs) 5 6 7 14.0-15 Import trade (other) 6 8 9.5 14.0-15 Hotels and tourism 6 8 9 14.0-15 Other Financial Inst. 10.5 Construction 6 8 9 11.0-12 Housing (1) purchase 6 6 8 11.0-12 Interbank Rate 10 (2) construction 4.5 4.5 7 11.0-12 Central Government -- 3.0-5.0 -- 12.0-13 Banks and financial institutions -- 2.5-4.5 -- 10.0 Personal loans -- -- 10 14.0-15 B. Deposit rates Deposit rates Through September 30, 1992 "Oct. 1, 1992- Aug 31, 1994" "Sept.1,1994- Jan. 1, 1995" 1.Time deposits 30 days notice -- 10.5 10.5 3 months to less than 6 months -- 10.5 10.5 6 months to less than 12 months -- 11 11 1 year to less than 2 years Differed by 11.5 11.5 2 years and above ownership 12 12 and maturity Memorandum Items: Rate differentials for 1 year and over Financial institutions (1 year): 1.0 Gov'nt-owned under takings (1 year): 1.0 Individuals, savings and credit cooperatives;self-help organizations: 1 year 6.0 2 years 6.5 3 years 7.0 5 years 7.5 Others:1 year 4.0 2 years 0.8 3 years 5.0 5 years 5.5 2. Savings deposits "Differed by ownership and maturity" 10 10 Rate differentials: Individuals, savings and credit cooperatives; self-help organizations: Up to Br. 100,000 6.0 In excess of Br. 100,000 2.0 C. Minimum and Maximum Interest Rates Minimum and Maximum Interest Rates "Jan. 2, 1995- Nov. 30, 1995" "Dec. 1, 1995- May 30, 1996" "June 1, 1996- Sep. 15, 1996" "Sep.16,1996- Dec. 31,1997" "Jan. 1,1998- Mar. 3, 2002" "Mar. 4,2002- 01/08/2002" "Aug. 2002 to 07/02/2005" "08/02/2005 04/07/2007" "04/07/2007 30/11/2010" "01/12/2010 to 10-Oct-2017" "11/10/2017 to todate" and Savings Deposits 10 11 10 7 6 3 4 5 7 Maximum lending rate by commercial banks & other finan￾cial institutions, 15 16 15 10.5 Market except for central government loan determined deter￾mined determined deter￾mined determined Central Govern￾ment loan 12 6 6 5 3 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 NBE Total 2=3 to 5 Direct Advance 3 Gov’t Bonds Non-interest bearing 4 Interest bearing 5 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 2009/10 Qtr.I 56,667.53 44,326.63 34,771.00 9,193.63 362.00 5,740.11 3,469.42 2,270.69 6,600.79 370.61 6,230.18 Qtr.II 55,892.60 43,610.83 34,055.20 9,193.63 362.00 5,177.56 3,456.84 1,720.73 7,104.20 354.21 6,749.99 Qtr.III 58,879.96 45,989.73 36,434.10 9,193.63 362.00 5,627.86 3,456.84 2,171.02 7,262.37 310.91 6,951.46 Qtr.IV 59,921.16 45,522.78 36,044.10 9,124.68 354.00 7,415.27 3,319.45 4,095.82 6,983.11 310.91 6,672.20 2010/11 Qtr.I 60,527.51 47,983.68 38,557.10 9,124.68 301.90 5,480.72 3,047.24 2,433.48 7,063.11 310.91 6,752.20 Qtr.II 61,613.17 50,488.58 41,062.00 9,124.68 301.90 4,102.86 2,784.66 1,318.20 7,021.72 269.31 6,752.41 Qtr.III 64,015.49 51,930.58 42,504.00 9,124.68 301.90 4,953.20 2,784.45 2,168.75 7,131.71 269.30 6,862.41 Qtr.IV 69,415.23 55,614.64 46,265.00 9,055.74 293.90 3,568.67 2,670.28 898.39 10,231.92 269.30 9,962.62 2011/12 Qtr.I 71,051.95 55,566.48 46,264.95 9,055.74 245.80 4,121.67 2,424.58 1,697.09 11,363.80 251.20 11,112.60 Qrt.II 71,122.32 55,562.48 46,264.95 9,055.74 241.80 2,857.24 2,423.24 434.00 12,702.60 251.20 12,451.40 Qrt.III 75,502.17 55,562.48 46,264.95 9,055.74 241.80 3,068.28 2,419.19 649.10 16,871.40 200.00 16,671.40 Qtr.IV 77,812.02 55,562.48 46,264.95 9,055.74 241.80 4,421.18 2,419.19 2,001.99 17,828.36 200.00 17,628.36 2012/13 Qtr.I 82,079.07 55,510.38 46,264.95 9,055.74 189.70 8,511.89 2,455.93 6,055.97 18,056.80 200.00 17,856.80 Qtr.II 81,380.81 55,510.38 46,264.95 9,055.74 189.70 6,693.03 2,397.57 4,295.46 19,177.40 200.00 18,977.40 Qtr.III 85,794.00 59,510.38 50,264.95 9,055.74 189.70 5,407.49 2,419.75 2,987.74 20,876.14 200.00 20,676.14 Qtr.IV 93,019.21 64,510.38 55,264.95 9,055.74 189.70 5,699.97 2,380.36 3,319.61 22,808.86 200.00 22,608.86 2013/14 Qtr.I 91,279.30 64,381.33 55,264.95 8,986.79 129.60 4,089.11 1,753.86 2,335.24 22,808.86 200.00 22,608.86 Qtr.II 90,654.24 64,381.33 55,264.95 8,986.79 129.60 3,464.05 1,753.83 1,710.21 22,808.86 200.00 22,608.86 Qtr.III 97,944.00 73,381.33 64,264.95 8,986.79 129.60 1,753.80 1,753.80 - 22,808.86 200.00 22,608.86 Qtr.IV 107,318.52 73,304.39 64,264.95 8,917.84 121.60 1,629.68 1,629.68 - 32,384.46 97.60 32,286.86 2014/15 Qtr.I 109,794.80 73,175.34 64,264.95 8,848.89 61.50 1,227.50 1,227.50 - 35,391.96 97.60 35,294.36 Qtr.II 116,383.35 78,175.34 69,264.95 8,848.89 61.50 1,246.35 1,246.35 - 36,961.66 54.30 36,907.36 Qtr.III 121,824.85 81,175.34 72,264.95 8,848.89 61.50 1,252.35 1,252.35 - 39,397.16 54.30 39,342.86 Qtr.IV 135,190.41 92,175.34 83,264.95 8,848.89 61.50 1,256.02 1,256.02 - 41,759.05 54.30 41,704.76 2015/16 Qtr.I 144,937.83 99,657.34 91,264.95 8,344.40 48.00 905.43 905.43 - 44,375.06 54.30 44,320.76 Qtr.II 154,426.63 104,657.34 96,264.95 8,344.40 48.00 905.43 905.43 - 48,863.86 54.30 48,809.56 Qtr.III 159,157.73 104,657.34 96,264.95 8,344.40 48.00 905.43 905.43 - 53,594.96 72.40 53,522.56 Qtr.IV 163,461.01 109,080.40 100,764.95 8,275.45 40.00 785.65 785.65 - 53,594.96 72.40 53,522.56 2016/17 Qtr.I 161,914.19 107,764.95 107,764.95 - - 554.28 554.28 - 53,594.96 72.40 53,522.56 Qtr.II 171,344.89 120,640.85 112,764.95 7,839.90 36.00 554.28 554.28 - 50,149.76 36.20 50,113.56 Qtr.III 184,406.89 129,640.85 121,764.95 7,839.90 36.00 530.28 530.28 - 54,235.76 36.20 54,199.56 Qtr.IV 230,923.31 135,632.85 127,764.95 7,839.90 28.00 21,982.71 21,982.71 - 73,307.76 36.20 73,271.56 2017/18 Qtr.I 251,943.33 150,632.85 142,764.95 7,839.90 28.00 22,208.82 22,208.82 - 79,101.66 18.10 79,083.56 Qtr.II 264,416.12 160,128.85 152,264.95 7,839.90 24.00 22,186.62 22,186.62 - 82,100.66 18.10 82,082.56 Qtr.III 270,410.12 160,128.85 152,264.95 7,839.90 24.00 22,186.62 22,186.62 - 88,094.66 18.10 88,076.56 Qtr.IV 286,601.12 160,128.85 152,264.95 7,839.90 24.00 22,186.62 22,186.62 - 104,285.66 18.10 104,267.56 2018/19 Qtr.I 306,121.07 166,685.30 159,264.95 7,404.35 16.00 22,567.12 22,567.12 - 116,868.66 18.10 116,850.56 Qtr.II 324,319.68 178,685.30 171,264.95 7,404.35 16.00 22,521.73 22,521.73 - 123,112.66 18.10 123,094.56 Qtr.III 334,556.88 182,685.30 175,264.95 7,404.35 16.00 22,952.93 22,952.93 - 128,918.66 18.10 128,900.56 Qtr.IV 353,340.16 194,685.30 187,264.95 7,404.35 16.00 23,620.21 22,970.35 649.86 135,034.66 18.10 135,016.56 2019/20 Qtr.I 364,447.98 199,237.75 192,264.95 6,968.80 4.00 22,927.78 22,927.78 - 142,282.45 18.10 142,264.36 Qtr.II 377,411.83 204,237.75 197,264.95 6,968.80 4.00 23,123.42 22,927.78 195.65 150,050.66 18.10 150,032.56 Qtr.III 400,742.18 221,237.75 214,264.95 6,968.80 4.00 22,927.78 22,927.78 - 156,576.66 18.10 156,558.56 Qtr.IV 447,118.02 243,141.31 44,778.66 6,097.70 192,264.95 36,506.06 23,385.37 13,120.69 167,470.66 18.10 167,452.56 2020/21 Qtr.I 453,775.98 243,141.31 44,778.66 6,097.70 192,264.95 36,506.06 23,385.37 13,120.69 174,128.62 18.10 174,110.52 Qtr.II 469,642.92 248,141.31 49,778.66 6,097.70 192,264.95 32,698.32 23,341.82 9,356.50 188,803.30 18.10 188,785.20 Qtr.III 511,100.82 251,862.65 53,500.00 6,097.70 192,264.95 40,993.81 23,356.82 17,637.00 218,244.36 18.10 218,226.26 Qtr.IV 624,547.12 281,862.65 83,500.00 6,097.70 192,264.95 76,773.86 23,818.91 52,954.95 265,910.61 18.10 265,892.51

106 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 13: General Government Quarterly Revenue Ethiopian fiscal year Fiscal year ending July 7 2012 2013 2019/20 2020/21 preeactual Actual Budget 3 mon (Qrt.I) 6 mon Qrt.II 9 mon Qrt.III 12 mon Qrt.IV Budget 3mon (QI) 6 Month (QII) 9 Month (QIII) (In million Birr) Tax revenue 311,067.9 73,522.2 167,547.4 94,025.2 241,294.5 73,747.1 311,476.5 70,181.9 380,653.3 83,871.6 204,179.8 120,308.2 290,567.3 86,387.5 Direct taxes 127,778.3 27,968.8 74,812.5 46,843.7 102,822.5 28,010.0 132,214.5 29,392.1 144,457.3 34,999.0 100,532.9 65,534.0 133,594.9 33,062.0 Income and profits tax 124,751.6 27,315.0 73,381.0 46,066.0 100,643.8 27,262.8 129,479.3 28,835.5 140,363.6 33,946.4 98,397.0 64,450.5 130,815.9 32,418.9 Personal income 44,392.5 9,169.6 22,964.8 13,795.2 35,965.2 13,000.4 49,869.6 13,904.3 56,706.7 13,722.9 33,292.6 19,569.8 49,009.4 15,716.8 Rental income tax 2,556.5 1,049.6 2,318.6 1,269.0 2,476.5 157.9 2,612.2 135.7 3,304.8 1,231.4 2,718.6 1,487.2 3,006.8 288.2 Business profits 65,411.5 14,246.5 42,088.1 27,841.6 52,963.0 10,875.0 64,664.1 11,701.1 59,532.0 16,355.6 56,437.2 40,081.5 69,582.2 13,145.0 Withholding income tax on imports 3,806.8 1,208.3 2,511.4 1,303.1 3,851.7 1,340.3 4,892.7 1,041.0 5,945.4 1,233.0 2,446.4 1,213.4 3,799.0 1,352.6 Agriculture income 565.0 10.7 59.5 48.8 252.6 193.1 365.3 112.7 674.9 11.0 144.3 133.3 334.4 190.1 Other income 5,388.2 984.2 2,152.0 1,167.8 2,947.5 795.5 4,347.0 1,399.4 11,085.8 711.7 1,803.1 1,091.4 2,780.5 977.4 Interest income tax 1,770.5 547.9 1,127.7 579.9 1,663.7 536.0 2,132.2 468.6 2,588.1 635.0 1,453.5 818.5 2,125.5 672.0 Capital gains tax 860.6 98.3 159.0 60.7 523.6 364.6 596.3 72.7 525.8 45.8 101.3 55.5 178.2 76.9 Rural land use fee 560.7 15.3 65.5 50.2 238.5 173.1 358.0 119.5 452.1 21.0 135.6 114.6 295.1 159.5 Urban land lease fee 2,465.9 638.6 1,366.0 727.4 1,940.1 574.1 2,377.3 437.2 3,641.7 1,031.5 2,000.4 968.8 2,483.9 483.6 Domestic indirect taxes 91,956.4 20,490.4 41,054.6 20,564.1 59,807.0 18,752.4 78,886.5 19,079.5 114,816.5 22,563.6 50,784.5 28,220.9 77,255.3 26,470.8 Sales/TOT/excise taxes 45,973.6 9,425.5 18,017.1 8,591.6 26,377.7 8,360.6 35,454.8 9,077.1 62,852.4 11,652.6 26,214.3 14,561.7 40,696.8 14,482.5 Petroleum products 688.3 140.9 323.1 182.2 358.2 35.1 398.2 40.0 863.2 33.8 131.1 97.3 257.4 126.3 Alcohol and tobacco 8,826.5 1,988.8 4,661.9 2,673.0 6,485.8 1,824.0 9,657.7 3,171.8 12,055.8 2,594.9 7,058.3 4,463.4 11,898.4 4,840.1 Other goods 36,458.8 7,295.8 13,032.1 5,736.4 19,533.7 6,501.5 25,398.9 5,865.2 49,933.3 9,023.9 19,024.9 10,001.0 28,541.0 9,516.1 Services TOT/ sales tax 43,707.3 10,453.2 21,399.5 10,946.3 31,013.8 9,614.2 40,264.6 9,250.8 47,857.9 10,129.9 22,831.3 12,701.4 33,713.0 10,881.7 Stamp duties 2,275.4 611.7 1,637.9 1,026.2 2,415.5 777.6 3,167.1 751.5 4,106.2 781.1 1,739.0 957.9 2,845.5 1,106.5 Import duties and taxes 91,333.3 25,062.9 51,680.4 26,617.4 78,665.1 26,984.7 100,375.4 21,710.3 121,379.5 26,309.0 52,862.3 26,553.3 79,717.1 26,854.8 Custom duties 31,303.5 8,632.5 17,603.9 8,971.4 26,846.9 9,243.0 34,060.5 7,213.6 44,995.9 9,078.3 18,400.8 9,322.5 28,136.8 9,736.0 Sales/excise taxes 42,430.6 11,583.8 24,042.2 12,458.4 36,383.1 12,340.9 46,560.0 10,176.8 51,611.1 12,084.0 24,195.3 12,111.4 36,302.7 12,107.4 Petroleum products 2,284.3 726.9 1,584.2 857.3 2,248.8 664.7 3,025.3 776.4 3,891.7 497.2 1,121.7 624.5 1,473.5 351.7 Alcohol and tobacco 445.9 124.1 217.8 93.6 309.7 91.9 356.0 46.4 825.0 128.2 218.5 90.3 356.5 138.0 Other imports 39,700.4 10,732.8 22,240.2 11,507.5 33,824.6 11,584.4 43,178.7 9,354.0 46,894.4 11,458.5 22,855.1 11,396.5 34,472.8 11,617.8 Surtax on imports 17,599.1 4,846.6 10,034.3 5,187.7 15,435.1 5,400.8 19,755.0 4,319.9 24,772.5 5,146.7 10,266.2 5,119.5 15,277.6 5,011.4 Non-tax revenue 54,136.2 12,795.2 20,049.4 7,254.2 26,681.1 6,631.7 42,836.3 16,155.2 67,650.1 16,089.3 24,214.8 8,125.5 37,405.3 13,190.5 Charges and fees 3,492.5 1,085.0 2,222.8 1,137.7 3,400.7 1,177.9 4,095.2 694.5 3,983.7 553.0 1,719.9 1,166.9 3,007.0 1,287.1 Sales of goods & services 4,474.2 1,201.5 2,580.2 1,378.7 4,195.0 1,614.8 5,794.2 1,599.2 6,358.5 914.1 2,465.9 1,551.9 4,415.8 1,949.9 Residual surplus, capital charge, interest 0.0 0.0 payments and state dividend 19,454.4 7,152.5 8,018.9 866.4 8,443.9 425.0 17,488.90 9,045.0 23,083.0 11,486.7 11,927.9 441.1 14,042.8 2,114.9 Reimbursement & property sales 543.4 25.7 159.1 133.4 178.8 19.7 203.38 24.6 663.5 144.8 198.0 53.2 2,036.7 1,838.8 Miscellaneous 10,619.2 2,003.9 3,677.1 1,673.2 5,889.0 2,211.9 7,199.78 1,310.8 12,865.2 1,723.3 4,983.6 3,260.3 8,581.7 3,598.1 Other extraordinary 0.0 Privatization proceeds 0.0 Other revenue 15,552.5 1,326.5 3,391.3 2,064.8 4,573.7 1,182.3 8,054.9 3,481.2 20,696.2 1,267.5 2,919.6 1,652.1 5,321.3 2,401.8 Total revenue 365,204.1 86,317.4 187,596.8 101,279.5 267,975.7 80,378.8 354,312.8 86,337.1 448,303.4 99,960.9 228,394.6 128,433.7 327,972.7 99,578.0 External grants 36,793.6 4,083.9 9,365.4 5,281.6 14,442.3 5,076.9 40,653.0 26,210.7 45,458.7 11,241.5 22,926.3 11,684.8 29,621.8 6,695.5 Grants in kind/earmarked 18,794.9 3,759.0 8,081.8 4,322.8 13,156.4 5,074.6 17,855.1 4,698.7 24,798.3 5,207.6 10,663.3 5,455.6 17,358.8 6,695.5 Untied cash & CPF/grants 17,998.8 324.9 1,283.6 958.7 1,285.9 2.3 22,797.9 21,512.0 20,660.4 6,033.8 12,263.0 6,229.2 12,263.0 0.0 Total revenue and grants 401,997.7 90,401.2 196,962.3 106,561.1 282,418.0 85,455.7 394,965.8 112,547.8 493,762.1 111,202.4 251,320.9 140,118.5 357,594.5 106,273.6

Fourth Quarter 2020/21 | 107 National Bank of Ethiopia Quarterly Bulletin Table 13: General Government Quarterly Revenue Ethiopian fiscal year Fiscal year ending July 7 2012 2013 2019/20 2020/21 preeactual Actual Budget 3 mon (Qrt.I) 6 mon Qrt.II 9 mon Qrt.III 12 mon Qrt.IV Budget 3mon (QI) 6 Month (QII) 9 Month (QIII) (In million Birr) Tax revenue 311,067.9 73,522.2 167,547.4 94,025.2 241,294.5 73,747.1 311,476.5 70,181.9 380,653.3 83,871.6 204,179.8 120,308.2 290,567.3 86,387.5 Direct taxes 127,778.3 27,968.8 74,812.5 46,843.7 102,822.5 28,010.0 132,214.5 29,392.1 144,457.3 34,999.0 100,532.9 65,534.0 133,594.9 33,062.0 Income and profits tax 124,751.6 27,315.0 73,381.0 46,066.0 100,643.8 27,262.8 129,479.3 28,835.5 140,363.6 33,946.4 98,397.0 64,450.5 130,815.9 32,418.9 Personal income 44,392.5 9,169.6 22,964.8 13,795.2 35,965.2 13,000.4 49,869.6 13,904.3 56,706.7 13,722.9 33,292.6 19,569.8 49,009.4 15,716.8 Rental income tax 2,556.5 1,049.6 2,318.6 1,269.0 2,476.5 157.9 2,612.2 135.7 3,304.8 1,231.4 2,718.6 1,487.2 3,006.8 288.2 Business profits 65,411.5 14,246.5 42,088.1 27,841.6 52,963.0 10,875.0 64,664.1 11,701.1 59,532.0 16,355.6 56,437.2 40,081.5 69,582.2 13,145.0 Withholding income tax on imports 3,806.8 1,208.3 2,511.4 1,303.1 3,851.7 1,340.3 4,892.7 1,041.0 5,945.4 1,233.0 2,446.4 1,213.4 3,799.0 1,352.6 Agriculture income 565.0 10.7 59.5 48.8 252.6 193.1 365.3 112.7 674.9 11.0 144.3 133.3 334.4 190.1 Other income 5,388.2 984.2 2,152.0 1,167.8 2,947.5 795.5 4,347.0 1,399.4 11,085.8 711.7 1,803.1 1,091.4 2,780.5 977.4 Interest income tax 1,770.5 547.9 1,127.7 579.9 1,663.7 536.0 2,132.2 468.6 2,588.1 635.0 1,453.5 818.5 2,125.5 672.0 Capital gains tax 860.6 98.3 159.0 60.7 523.6 364.6 596.3 72.7 525.8 45.8 101.3 55.5 178.2 76.9 Rural land use fee 560.7 15.3 65.5 50.2 238.5 173.1 358.0 119.5 452.1 21.0 135.6 114.6 295.1 159.5 Urban land lease fee 2,465.9 638.6 1,366.0 727.4 1,940.1 574.1 2,377.3 437.2 3,641.7 1,031.5 2,000.4 968.8 2,483.9 483.6 Domestic indirect taxes 91,956.4 20,490.4 41,054.6 20,564.1 59,807.0 18,752.4 78,886.5 19,079.5 114,816.5 22,563.6 50,784.5 28,220.9 77,255.3 26,470.8 Sales/TOT/excise taxes 45,973.6 9,425.5 18,017.1 8,591.6 26,377.7 8,360.6 35,454.8 9,077.1 62,852.4 11,652.6 26,214.3 14,561.7 40,696.8 14,482.5 Petroleum products 688.3 140.9 323.1 182.2 358.2 35.1 398.2 40.0 863.2 33.8 131.1 97.3 257.4 126.3 Alcohol and tobacco 8,826.5 1,988.8 4,661.9 2,673.0 6,485.8 1,824.0 9,657.7 3,171.8 12,055.8 2,594.9 7,058.3 4,463.4 11,898.4 4,840.1 Other goods 36,458.8 7,295.8 13,032.1 5,736.4 19,533.7 6,501.5 25,398.9 5,865.2 49,933.3 9,023.9 19,024.9 10,001.0 28,541.0 9,516.1 Services TOT/ sales tax 43,707.3 10,453.2 21,399.5 10,946.3 31,013.8 9,614.2 40,264.6 9,250.8 47,857.9 10,129.9 22,831.3 12,701.4 33,713.0 10,881.7 Stamp duties 2,275.4 611.7 1,637.9 1,026.2 2,415.5 777.6 3,167.1 751.5 4,106.2 781.1 1,739.0 957.9 2,845.5 1,106.5 Import duties and taxes 91,333.3 25,062.9 51,680.4 26,617.4 78,665.1 26,984.7 100,375.4 21,710.3 121,379.5 26,309.0 52,862.3 26,553.3 79,717.1 26,854.8 Custom duties 31,303.5 8,632.5 17,603.9 8,971.4 26,846.9 9,243.0 34,060.5 7,213.6 44,995.9 9,078.3 18,400.8 9,322.5 28,136.8 9,736.0 Sales/excise taxes 42,430.6 11,583.8 24,042.2 12,458.4 36,383.1 12,340.9 46,560.0 10,176.8 51,611.1 12,084.0 24,195.3 12,111.4 36,302.7 12,107.4 Petroleum products 2,284.3 726.9 1,584.2 857.3 2,248.8 664.7 3,025.3 776.4 3,891.7 497.2 1,121.7 624.5 1,473.5 351.7 Alcohol and tobacco 445.9 124.1 217.8 93.6 309.7 91.9 356.0 46.4 825.0 128.2 218.5 90.3 356.5 138.0 Other imports 39,700.4 10,732.8 22,240.2 11,507.5 33,824.6 11,584.4 43,178.7 9,354.0 46,894.4 11,458.5 22,855.1 11,396.5 34,472.8 11,617.8 Surtax on imports 17,599.1 4,846.6 10,034.3 5,187.7 15,435.1 5,400.8 19,755.0 4,319.9 24,772.5 5,146.7 10,266.2 5,119.5 15,277.6 5,011.4 Non-tax revenue 54,136.2 12,795.2 20,049.4 7,254.2 26,681.1 6,631.7 42,836.3 16,155.2 67,650.1 16,089.3 24,214.8 8,125.5 37,405.3 13,190.5 Charges and fees 3,492.5 1,085.0 2,222.8 1,137.7 3,400.7 1,177.9 4,095.2 694.5 3,983.7 553.0 1,719.9 1,166.9 3,007.0 1,287.1 Sales of goods & services 4,474.2 1,201.5 2,580.2 1,378.7 4,195.0 1,614.8 5,794.2 1,599.2 6,358.5 914.1 2,465.9 1,551.9 4,415.8 1,949.9 Residual surplus, capital charge, interest 0.0 0.0 payments and state dividend 19,454.4 7,152.5 8,018.9 866.4 8,443.9 425.0 17,488.90 9,045.0 23,083.0 11,486.7 11,927.9 441.1 14,042.8 2,114.9 Reimbursement & property sales 543.4 25.7 159.1 133.4 178.8 19.7 203.38 24.6 663.5 144.8 198.0 53.2 2,036.7 1,838.8 Miscellaneous 10,619.2 2,003.9 3,677.1 1,673.2 5,889.0 2,211.9 7,199.78 1,310.8 12,865.2 1,723.3 4,983.6 3,260.3 8,581.7 3,598.1 Other extraordinary 0.0 Privatization proceeds 0.0 Other revenue 15,552.5 1,326.5 3,391.3 2,064.8 4,573.7 1,182.3 8,054.9 3,481.2 20,696.2 1,267.5 2,919.6 1,652.1 5,321.3 2,401.8 Total revenue 365,204.1 86,317.4 187,596.8 101,279.5 267,975.7 80,378.8 354,312.8 86,337.1 448,303.4 99,960.9 228,394.6 128,433.7 327,972.7 99,578.0 External grants 36,793.6 4,083.9 9,365.4 5,281.6 14,442.3 5,076.9 40,653.0 26,210.7 45,458.7 11,241.5 22,926.3 11,684.8 29,621.8 6,695.5 Grants in kind/earmarked 18,794.9 3,759.0 8,081.8 4,322.8 13,156.4 5,074.6 17,855.1 4,698.7 24,798.3 5,207.6 10,663.3 5,455.6 17,358.8 6,695.5 Untied cash & CPF/grants 17,998.8 324.9 1,283.6 958.7 1,285.9 2.3 22,797.9 21,512.0 20,660.4 6,033.8 12,263.0 6,229.2 12,263.0 0.0 Total revenue and grants 401,997.7 90,401.2 196,962.3 106,561.1 282,418.0 85,455.7 394,965.8 112,547.8 493,762.1 111,202.4 251,320.9 140,118.5 357,594.5 106,273.6 Table 14: General Government Quarterly Expenditure In Millions of Birr Ethiopian fiscal year Fiscal year ending July 7 2011 2012 2013 2018-19 2019/20 2020/21 Pre actual Pre actual Actual Budget 3mon (Qrt.I.Re ) 6mon Qrt.II 9mon Qrt.III 12 mon Qrt.IV Budget 3mon (Qrt.I) 6mon Qrt.II 9mon Qrt.III 12 mon Qrt.IV Budget 3 Mon (QI) 6Month (QII) 9Month (QIII) A. Capital Expenditure Economic development 120,235.1 17,474.0 40,767.4 23,293.4 67,803.8 27,036.4 106,518.0 38,714.2 145,030.4 22,862.7 51,179.8 28,317.1 78,260.3 27,080.5 132,629.1 54,368.8 171,547.6 23,667.4 62,570.7 38,903.3 98,122.5 35,551.8 Agriculture 19,508.6 1,905.5 5,888.6 3,983.1 13,078.0 7,189.5 22,228.9 9,150.9 20,861.6 3,888.9 8,652.0 4,763.1 13,675.0 5,023.0 22,383.73 8,708.8 22,954.9 6,432.3 16,170.9 9,738.6 21,120.5 4,949.7 Natural Resource 25,213.1 1,442.3 6,064.0 4,621.7 11,202.2 5,138.2 20,563.1 9,360.9 30,003.2 2,726.1 7,153.8 4,427.7 11,280.1 4,126.3 22,116.65 10,836.6 35,670.3 1,929.8 7,073.7 5,143.8 12,207.9 5,134.2 o/w: Water 23,109.2 1,025.2 5,977.3 4,952.1 11,067.2 5,090.0 19,699.8 8,632.6 29,957.3 2,724.0 7,071.8 4,347.8 11,273.4 4,201.6 21,921.86 10,648.5 31,915.2 1,853.4 5,387.9 3,534.5 9,593.0 4,205.0 Mines & Energy 76.5 790.6 781.5 -9.1 778.7 -2.8 788.1 9.4 49.8 2.5 15.6 13.1 23.6 8.0 34.64 11.1 75.4 402.3 763.9 361.7 842.1 78.1 Trade, Industry & Tourism 4,681.0 1,336.2 2,191.5 855.3 4,327.5 2,136.0 6,237.0 1,909.5 6,790.8 155.4 1,011.5 856.1 2,036.2 1,024.7 4,545.58 2,509.3 8,064.1 602.5 1,205.0 602.5 2,826.8 1,621.8 Urban dev't & housing 13,637.5 2,214.8 5,350.5 3,135.6 6,416.9 1,066.4 12,619.5 6,202.6 25,269.8 4,504.0 10,148.7 5,644.7 15,331.9 5,183.3 26,837.44 11,505.5 29,475.5 2,901.3 8,950.7 6,049.4 15,153.9 6,203.2 Road construction 52,194.7 9,675.7 19,494.8 9,819.2 30,356.7 10,861.9 39,585.9 9,229.1 57,637.5 11,311.1 21,974.5 10,663.4 32,503.1 10,528.6 51,429.14 18,926.0 70,137.9 11,164.4 27,277.7 16,113.3 43,658.4 16,380.8 Transport & communication 4,923.7 108.9 996.5 887.6 1,643.7 647.2 4,495.5 2,851.8 4,417.7 274.7 2,223.8 1,949.1 3,410.4 1,186.6 5,281.95 1,871.5 5,169.5 234.9 1,128.9 894.0 2,313.0 1,184.1 Social Development 47,525.4 8,921.2 18,585.7 9,664.4 29,144.7 10,559.0 47,891.4 18,746.7 51,314.6 10,759.9 22,661.2 11,901.3 31,965.7 9,304.5 51,316.1 19,350.4 61,925.8 8,400.1 23,277.2 14,877.1 34,322.2 11,045.0 Education 25,729.5 6,099.7 12,374.0 6,274.3 19,077.4 6,703.4 30,109.1 11,031.7 29,380.8 8,207.8 14,312.5 6,104.7 19,854.0 5,541.5 33,203.5 13,349.5 33,710.1 4,375.2 12,060.8 7,685.6 16,991.0 4,930.2 Health 14,470.9 2,274.1 4,798.4 2,524.3 7,868.0 3,069.6 12,863.1 4,995.1 15,626.4 2,116.4 6,882.8 4,766.3 10,354.1 3,471.3 15,019.3 4,665.2 21,912.2 3,530.7 9,552.1 6,021.4 15,082.6 5,530.5 Socail welfare 1,870.9 224.6 380.8 156.2 506.7 125.9 2,591.5 2,084.8 1,445.1 46.9 359.8 312.9 651.7 291.8 989.9 338.2 1,953.7 177.1 428.7 251.6 690.3 261.6 Culture & sport 5,454.1 322.8 1,032.4 709.6 1,692.6 660.2 2,327.8 635.1 4,862.3 388.7 1,106.1 717.4 1,105.9 2,103.4 997.5 4,349.8 317.1 1,235.7 918.5 1,558.3 322.7 General Development 29,753.4 1,053.4 4,095.2 3,041.8 8,591.2 4,496.0 20,539.8 11,948.6 22,926.5 1,887.6 5,061.0 3,173.4 8,448.4 3,387.4 20,231.0 11,782.5 29,905.2 1,530.0 7,593.6 6,063.6 13,004.3 5,410.7 Compensation payments 0.0 External assistance 16,813.6 3,362.7 7,229.8 3,867.1 12,610.2 5,380.3 15,972.9 3,362.7 18,794.9 3,759.0 8,081.8 4,322.8 13,156.4 5,074.6 17,855.1 4,698.7 24,798.3 5,207.6 10,663.3 5,455.6 17,358.8 6,695.5 Sub Total Capital Expenditure 197,513.9 27,448.6 63,448.3 35,999.7 105,539.7 42,091.4 174,949.1 69,409.4 219,271.5 35,510.1 78,902.0 43,391.9 118,674.4 39,772.4 204,176.1 85,501.7 263,378.5 33,597.5 93,441.5 59,844.0 145,449.0 52,007.5 B. Current Expenditure General Services 65,473.6 13,122.9 29,343.0 16,220.2 48,149.1 18,806.1 74,660.4 26,511.3 77,008.6 15,035.1 37,075.7 22,040.7 59,840.1 22,764.4 89,920.2 30,080.1 93,221.9 19,350.1 59,624.2 40,274.2 84,790.4 25,166.1 Organ of the State 9,594.5 1,643.7 4,313.5 2,669.8 7,534.8 3,221.3 12,175.0 4,640.2 12,632.8 2,332.1 5,858.3 3,526.2 9,894.5 4,036.2 15,302.1 5,407.6 15,604.3 2,857.5 9,226.6 6,369.1 14,817.3 5,590.7 Justice 7,215.3 1,331.6 3,427.5 2,095.9 5,399.5 1,972.0 9,295.7 3,896.2 8,575.5 1,590.9 4,808.7 3,217.8 7,926.9 3,118.2 10,377.0 2,450.1 12,029.8 1,985.5 5,375.2 3,389.7 8,133.1 2,757.9 Defence 15,000.0 3,629.9 6,865.6 3,235.7 10,483.6 3,618.0 15,605.0 5,121.4 15,000.0 3,586.8 7,443.2 3,856.4 12,131.0 4,687.7 16,908.2 4,777.3 16,500.0 1,937.8 18,389.1 16,451.3 23,053.2 4,664.1 Public order & security 15,932.4 2,982.2 6,882.5 3,900.2 11,671.8 4,789.4 17,221.1 5,549.3 20,581.8 3,875.7 8,984.3 5,108.6 14,226.8 5,242.5 24,174.2 9,947.4 25,247.2 7,466.5 11,907.6 4,441.1 18,528.1 6,620.5 Other General services 17,731.4 3,535.4 7,854.0 4,318.6 13,059.4 5,205.4 20,363.6 7,304.2 20,218.5 3,649.5 9,981.2 6,331.6 15,661.0 5,679.9 23,158.7 7,497.7 23,840.6 5,102.7 14,725.7 9,623.0 20,258.6 5,532.9 Economic Services 33,618.9 4,710.5 12,622.0 7,911.4 19,554.4 6,932.4 31,233.4 11,679.0 37,281.8 5,523.7 15,131.6 9,607.9 23,563.2 8,431.6 36,323.1 12,759.9 44,369.6 8,198.6 20,945.2 12,746.6 30,430.0 9,484.8 Agriculture&natural resource 21,817.0 2,721.1 7,809.6 5,088.5 12,089.5 4,279.9 20,182.5 8,093.0 24,511.7 3,359.1 9,753.6 6,394.5 14,930.4 5,176.8 23,198.7 8,268.3 29,086.4 5,270.9 13,050.5 7,779.6 19,201.3 6,150.8 Agriculture 17,056.5 2,053.9 5,757.7 3,703.7 9,122.2 3,364.6 15,397.6 6,275.3 19,298.3 2,967.6 7,360.7 4,393.2 11,453.5 4,092.8 17,895.3 6,441.7 24,068.5 4,709.3 10,942.7 6,233.4 16,362.2 5,419.4 Natural resource 4,760.5 667.1 2,052.0 1,384.8 2,967.3 915.3 4,784.9 1,817.7 5,213.4 391.5 2,392.8 2,001.3 3,476.9 1,084.1 5303.5 1,826.6 5,017.9 561.6 2,107.8 1,546.2 2,839.2 731.4 o/w: Water 3,947.2 452.9 1,560.2 1,107.3 2,217.6 657.4 3,746.1 1,528.5 5,128.5 349.8 1,760.0 1,410.2 2,577.4 817.4 4753.4 2,176.0 4,733.6 480.0 1,996.6 1,516.6 2,618.5 621.9 Trade, Industry & Tourism 5,930.0 1,016.3 2,579.9 1,563.6 4,053.4 1,473.5 6,058.1 2,004.7 6,595.2 1,199.7 3,173.0 1,973.3 5,127.0 1,954.0 7,795.5 2,668.6 6,825.0 1,495.4 3,868.7 2,373.3 5,119.2 1,250.5 Mines & Energy 208.1 36.3 61.0 24.7 103.8 42.8 153.6 49.8 192.4 48.2 102.0 53.8 148.3 46.2 188.8 40.5 243.6 75.3 169.4 94.1 238.4 69.0 Tourism 0.0 211.4 158.2 358.7 200.5 685.5 326.8 Transport & communication 1,622.8 167.9 309.4 141.5 470.2 160.8 684.6 214.4 1,497.1 146.9 355.6 208.7 585.6 230.0 927.3 341.7 2,449.1 193.2 1,051.8 858.6 1,559.9 508.1 Urban devt. & construction 3,456.9 648.5 1,560.1 911.6 2,424.4 864.2 3,474.4 1,050.0 3,387.4 615.3 1,527.1 911.8 2,348.3 821.2 3667.0 1,318.7 4,815.1 840.2 2,099.5 1,259.3 3,098.2 998.8 o/w: Road Construction 1,278.4 270.2 765.8 495.7 1,224.9 459.1 1,732.4 507.5 1,361.6 305.4 856.3 550.9 1,298.6 442.4 2029.5 730.8 2,008.7 459.0 916.6 457.5 1,371.0 454.4 Economic development studies 584.1 120.4 301.9 181.5 413.0 111.1 680.2 267.2 1,098.0 154.5 220.3 65.8 423.7 203.4 545.8 122.1 738.9 165.5 346.6 181.1 527.4 180.8 Social Services 103,494.0 17,866.8 43,262.2 25,395.4 68,985.0 25,722.8 112,516.0 43,531.1 114,933.3 22,659.6 54,534.3 31,874.7 84,026.8 29,492.5 130,356.0 46,329.2 152,838.3 31,077.8 77,222.3 46,144.5 114,999.5 37,777.2 Education & training 72,855.0 12,691.2 29,786.4 17,095.2 48,033.0 18,246.5 72,707.2 24,674.2 80,686.1 15,491.1 37,667.7 22,176.6 58,395.8 20,728.1 86,411.4 28,015.7 107,915.7 21,700.1 52,255.6 30,555.5 78,202.6 25,947.0 Culture & sports 3,662.1 598.5 1,516.5 918.0 2,393.2 876.7 3,470.6 1,077.4 3,539.6 563.1 1,251.7 688.6 2,006.2 754.4 2,817.6 811.4 3,315.9 630.0 1,358.0 728.0 2,315.9 957.9 Public health 25,517.3 3,350.5 9,486.4 6,135.9 15,094.0 5,607.7 25,518.5 10,424.5 29,071.1 4,138.9 11,735.4 7,596.5 19,227.6 7,492.2 33,464.7 14,237.1 39,262.5 6,742.4 17,998.6 11,256.3 27,153.1 9,154.5 Labour & social welfare 923.8 163.6 498.0 334.4 803.4 305.5 1,229.3 425.9 1,011.8 240.9 644.7 403.8 1,042.5 397.9 1,878.2 835.6 1,480.5 379.7 644.6 264.8 1,504.8 860.2 Rehabilitation 535.7 1,063.1 1,974.9 911.9 2,661.4 686.4 9,590.4 6,929.1 624.7 2,225.6 3,234.8 1,009.2 3,354.7 119.9 5,784.0 2,429.3 863.8 1,625.6 4,965.4 3,339.8 5,823.0 857.5 Interest & Charges 15,221.9 2,850.7 6,323.5 3,472.8 9,326.0 3,002.4 13,525.8 4,199.9 17,407.8 8,106.3 6,990.8 -1,115.5 11,341.6 4,350.8 13,481.1 2,139.5 19,765.1 1,819.1 10,909.6 9,090.5 12,071.0 1,161.4 Internal debt 7,765.3 1,638.2 3,395.4 1,757.2 5,223.3 1,827.9 7,436.1 2,212.8 9,351.2 6,746.2 3,658.4 -3,087.8 6,376.0 2,717.6 6,366.5 -9.5 10,012.5 988.5 7,574.6 6,586.0 7,811.3 236.7 External debt 7,456.6 1,212.5 2,928.1 1,715.6 4,102.7 1,174.6 6,089.8 1,987.1 8,056.6 1,360.0 3,332.3 1,972.3 4,965.6 1,633.2 7,114.6 2,149.0 9,752.6 830.6 3,335.1 2,504.5 4,259.7 924.7 O/w: defence commercial 0.0 Miscellaneous 21,886.9 652.3 1,966.0 1,313.7 4,481.3 2,515.3 6,221.0 1,739.7 24,422.6 826.2 2,414.4 1,588.2 3,934.1 1,519.6 5,886.6 1,952.5 25,984.1 1,174.1 3,550.6 2,376.5 6,359.2 2,808.6 External assistance * 0.0 Sub Total Current Expenditure 239,695.2 39,203.2 93,516.7 54,313.6 150,495.7 56,979.0 238,156.6 87,660.9 271,054.2 52,150.8 116,146.9 63,996.0 182,705.8 66,559.0 275,967.0 93,261.2 336,179.0 61,619.6 172,251.9 110,632.3 248,649.9 76,398.0 Grand Total Expenditure 437,209.2 66,651.8 156,965.0 90,313.3 256,035.4 99,070.4 413,105.7 157,070.3 490,325.7 87,660.9 195,048.9 107,388.0 301,380.3 106,331.4 480,143.2 178,762.9 599,557.5 95,217.1 265,693.4 170,476.3 394,098.9 128,405.5

• Estimated value

108 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 15: Domestic Refining and Imports of Petroleum (In Metric Tons) MGR Jet fuel Gasoil LFO HFO Total fuel oil Total Refined** 2012/13 QI 48,367.80 148,668.08 285,788.92 10,156.70 41,075.11 534,056.62 51,231.82 QII 45,607.59 149,611.12 296,204.43 8,122.04 29,320.00 528,865.18 37,442.04 QIII 52,070.39 156,140.93 360,766.11 8,657.71 28,675.05 606,310.18 37,332.76 QIV 40,471.73 148,006.84 323,803.46 9,486.22 23,804.56 545,572.82 33,290.79 2012/13 Annual 186,517.50 602,426.98 1,266,562.91 36,422.68 122,874.72 2,214,804.79 159,297.40 2013/14 QI 52,821.02 185,032.12 388,200.80 11,512.09 31,974.27 669,540.29 43,486.36 QII 49,883.39 162,038.72 306,082.59 7,551.20 29,090.00 554,645.90 36,641.20 QIII 55,536.11 192,607.72 400,794.60 9,823.04 34,105.49 692,866.95 43,928.53 QIV 53,356.68 161,740.31 463,263.07 7,190.94 20,846.66 706,397.66 28,037.60 2013/14 Annual 211,597.20 701,418.86 1,558,341.05 36,077.28 116,016.41 2,623,450.80 152,093.69 2014/15 QI 52,223.00 169,004.79 359,514.00 10,278.63 32,896.29 623,916.71 43,174.92 QII 57,561.00 171,011.22 435,565.00 9,958.50 32,870.81 706,966.53 42,829.31 QIII 64,895.00 207,909.14 369,681.00 10,398.09 32,223.62 685,106.85 42,621.71 QIV 63,065.00 164,822.86 538,500.77 10,001.11 29,678.58 806,068.32 39,679.69 2014/15 Annual 237,744.00 712,748.00 1,703,260.77 40,636.33 127,669.30 2,822,058.40 168,305.63 2015/16 QI 72,312.74 213,015.55 398,136.40 7,953.19 22,697.05 714,114.92 30,650.23 QII 71,317.00 161,194.00 497,966.00 10,441.00 21,413.00 762,331.00 31,854.00 QIII 77,271.77 197,134.40 509,229.51 10,177.96 14,817.00 808,630.64 24,994.96 QIV 77965.951 164577.794 496459.617 7382.202 12097 758482.564 19479.202 2015/16 Annual 298,867.46 735,921.74 1,901,791.53 35,954.34 71,024.05 3,043,559.12 106,978.39 2016/17 QI 82,152.17 206,560.18 468,051.30 11,312.26 7,675.00 775,750.90 18,987.26 QII 97,258.59 208,282.60 550,034.05 7,804.86 7,775.00 871,155.10 15,579.86 QIII 96,423.57 215,632.55 580,188.02 11,008.68 12,397.12 915,649.94 23,405.80 QIV 88,010.77 170,307.94 601,081.24 9,502.81 7,807.86 876,710.62 17,310.67 2016/17 Annual 363,845.10 800,783.27 2,199,354.60 39,628.60 35,654.98 3,439,266.55 75,283.59 2017/18 QI 106,706.30 165,269.22 591,077.34 10,763.35 10,241.32 884,057.53 21,004.67 QII 99,641.17 234,532.08 608,690.11 8,174.17 10,396.32 961,433.85 18,570.49 QIII 114,839.25 149,872.69 629,025.21 9,240.29 12,457.77 915,435.20 21,698.06 QIV 120,355.57 188,431.77 678,879.80 7,607.48 14,387.83 1,009,662.45 21,995.31 2017/18 Annual 441,542.28 738,105.77 2,507,672.46 35,785.29 47,483.23 3,770,589.02 83,268.52 2018/19 QI 120,069.69 205,741.76 570,182.14 6,646.30 4,500.00 907,139.88 11,146.30 QII 122,357.95 221,894.30 600,552.26 9,751.84 9,596.77 964,153.12 19,348.61 QIII 135,787.58 208,436.33 690,546.55 5,987.23 9,894.90 1,050,652.59 15,882.13 QIV 128,523.96 183,926.16 635,440.86 8,695.82 11,075.96 967,662.76 19,771.77 2018/19 Annual 506,739.18 819,998.55 2,496,721.80 31,081.18 35,067.63 3,889,608.34 66,148.81 2019/20 QI 159,613.12 210,503.47 616,810.64 8,886.66 14,477.84 1,010,291.73 23,364.50 QII 133,745.93 212,529.51 648,408.02 10,582.62 8,425.26 1,013,691.33 19,007.88 QIII 141,900.06 133,970.65 659,674.52 9,393.61 10,290.56 955,229.40 19,684.17 QIV 142,182.87 84,127.50 643,282.89 8,690.86 9,700.00 887,984.11 18,390.86 2019/20 Annual 577,441.98 641,131.13 2,568,176.06 37,553.75 42,893.66 3,867,196.57 80,447.41 2020/21 QI 145,183.01 99,180.54 613,828.06 8,195.65 12,300.00 878,687.25 20,495.65 QII 176,894.50 107,969.29 630,617.51 6,914.50 15,500.00 937,895.80 22,414.50 QIII 154,240.29 129,945.36 654,442.00 7,750.00 13,602.43 959,980.08 21,352.43 QIV 176,255.18 106,927.12 636,567.62 7,300.00 16,010.77 943,060.70 23,310.77 2020/21 Annual 652,572.98 444,022.30 2,535,455.19 30,160.15 57,413.21 3,719,623.83 87,573.35

Fourth Quarter 2020/21 | 109 National Bank of Ethiopia Quarterly Bulletin Table 15: Domestic Refining and Imports of Petroleum (In Metric Tons) MGR Jet fuel Gasoil LFO HFO Total fuel oil Total Refined** 2012/13 QI 48,367.80 148,668.08 285,788.92 10,156.70 41,075.11 534,056.62 51,231.82 QII 45,607.59 149,611.12 296,204.43 8,122.04 29,320.00 528,865.18 37,442.04 QIII 52,070.39 156,140.93 360,766.11 8,657.71 28,675.05 606,310.18 37,332.76 QIV 40,471.73 148,006.84 323,803.46 9,486.22 23,804.56 545,572.82 33,290.79 2012/13 Annual 186,517.50 602,426.98 1,266,562.91 36,422.68 122,874.72 2,214,804.79 159,297.40 2013/14 QI 52,821.02 185,032.12 388,200.80 11,512.09 31,974.27 669,540.29 43,486.36 QII 49,883.39 162,038.72 306,082.59 7,551.20 29,090.00 554,645.90 36,641.20 QIII 55,536.11 192,607.72 400,794.60 9,823.04 34,105.49 692,866.95 43,928.53 QIV 53,356.68 161,740.31 463,263.07 7,190.94 20,846.66 706,397.66 28,037.60 2013/14 Annual 211,597.20 701,418.86 1,558,341.05 36,077.28 116,016.41 2,623,450.80 152,093.69 2014/15 QI 52,223.00 169,004.79 359,514.00 10,278.63 32,896.29 623,916.71 43,174.92 QII 57,561.00 171,011.22 435,565.00 9,958.50 32,870.81 706,966.53 42,829.31 QIII 64,895.00 207,909.14 369,681.00 10,398.09 32,223.62 685,106.85 42,621.71 QIV 63,065.00 164,822.86 538,500.77 10,001.11 29,678.58 806,068.32 39,679.69 2014/15 Annual 237,744.00 712,748.00 1,703,260.77 40,636.33 127,669.30 2,822,058.40 168,305.63 2015/16 QI 72,312.74 213,015.55 398,136.40 7,953.19 22,697.05 714,114.92 30,650.23 QII 71,317.00 161,194.00 497,966.00 10,441.00 21,413.00 762,331.00 31,854.00 QIII 77,271.77 197,134.40 509,229.51 10,177.96 14,817.00 808,630.64 24,994.96 QIV 77965.951 164577.794 496459.617 7382.202 12097 758482.564 19479.202 2015/16 Annual 298,867.46 735,921.74 1,901,791.53 35,954.34 71,024.05 3,043,559.12 106,978.39 2016/17 QI 82,152.17 206,560.18 468,051.30 11,312.26 7,675.00 775,750.90 18,987.26 QII 97,258.59 208,282.60 550,034.05 7,804.86 7,775.00 871,155.10 15,579.86 QIII 96,423.57 215,632.55 580,188.02 11,008.68 12,397.12 915,649.94 23,405.80 QIV 88,010.77 170,307.94 601,081.24 9,502.81 7,807.86 876,710.62 17,310.67 2016/17 Annual 363,845.10 800,783.27 2,199,354.60 39,628.60 35,654.98 3,439,266.55 75,283.59 2017/18 QI 106,706.30 165,269.22 591,077.34 10,763.35 10,241.32 884,057.53 21,004.67 QII 99,641.17 234,532.08 608,690.11 8,174.17 10,396.32 961,433.85 18,570.49 QIII 114,839.25 149,872.69 629,025.21 9,240.29 12,457.77 915,435.20 21,698.06 QIV 120,355.57 188,431.77 678,879.80 7,607.48 14,387.83 1,009,662.45 21,995.31 2017/18 Annual 441,542.28 738,105.77 2,507,672.46 35,785.29 47,483.23 3,770,589.02 83,268.52 2018/19 QI 120,069.69 205,741.76 570,182.14 6,646.30 4,500.00 907,139.88 11,146.30 QII 122,357.95 221,894.30 600,552.26 9,751.84 9,596.77 964,153.12 19,348.61 QIII 135,787.58 208,436.33 690,546.55 5,987.23 9,894.90 1,050,652.59 15,882.13 QIV 128,523.96 183,926.16 635,440.86 8,695.82 11,075.96 967,662.76 19,771.77 2018/19 Annual 506,739.18 819,998.55 2,496,721.80 31,081.18 35,067.63 3,889,608.34 66,148.81 2019/20 QI 159,613.12 210,503.47 616,810.64 8,886.66 14,477.84 1,010,291.73 23,364.50 QII 133,745.93 212,529.51 648,408.02 10,582.62 8,425.26 1,013,691.33 19,007.88 QIII 141,900.06 133,970.65 659,674.52 9,393.61 10,290.56 955,229.40 19,684.17 QIV 142,182.87 84,127.50 643,282.89 8,690.86 9,700.00 887,984.11 18,390.86 2019/20 Annual 577,441.98 641,131.13 2,568,176.06 37,553.75 42,893.66 3,867,196.57 80,447.41 2020/21 QI 145,183.01 99,180.54 613,828.06 8,195.65 12,300.00 878,687.25 20,495.65 QII 176,894.50 107,969.29 630,617.51 6,914.50 15,500.00 937,895.80 22,414.50 QIII 154,240.29 129,945.36 654,442.00 7,750.00 13,602.43 959,980.08 21,352.43 QIV 176,255.18 106,927.12 636,567.62 7,300.00 16,010.77 943,060.70 23,310.77 2020/21 Annual 652,572.98 444,022.30 2,535,455.19 30,160.15 57,413.21 3,719,623.83 87,573.35 Table: 16 GDP By Economic Activity at Constant Prices (In millions of Birr) Sectors/Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Agriculture, Hunting and Forestry 441,832.9 473,132.2 498,733.6 530,341.5 542,700.2 579,022.9 599,331.4 622,220.3 648,711.8 Crop 270,881.6 293,063.1 312,338.7 334,768.6 346,293.6 374,649.8 392,291.8 404,049.6 422,966.5 Animal Farming and Hunting 132,843.6 139,692.4 142,601.9 149,246.8 146,959.5 153,170.4 154,038.0 163,279.5 168,722.4 Forestry 43,440.5 44,867.9 46,751.8 48,368.2 49,447.1 51,202.7 53,001.7 54,891.1 57,022.9 Fishing 668.4 797.8 1,057.4 1,381.1 1,381.9 1,389.4 1,546.7 1,581.8 1,614.0 Mining and Quarrying 8,265.7 8,784.6 8,506.2 6,328.5 6,116.8 4,296.9 3,402.8 2,658.9 5,089.3 Manufacturing 46,752.0 54,668.7 63,764.0 75,383.5 89,246.7 111,249.6 117,410.7 127,986.7 137,601.5 Large and Medium Scale Manufacturing 26,985.0 33,516.2 40,743.0 50,174.6 61,687.4 73,528.2 77,966.5 87,691.9 96,268.6 Small Scale and Cottage Industries 24,366.4 24,838.1 25,895.4 26,874.8 27,559.2 37,721.5 39,444.2 40,294.7 41,332.9 Electricity and Water 7,802.9 8,585.3 9,165.6 9,577.4 11,015.5 11,552.5 11,929.0 14,115.4 15,136.4 Construction 84,041.1 116,588.0 144,420.0 190,028.6 237,545.0 286,749.6 331,691.4 381,443.8 419,078.0 Whole Sale and Retail Trade 128,411.1 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 268,037.0 285,293.1 Hotels and Restaurants 18,403.7 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 48,143.8 49,220.4 Transport and Communications 128,411.1 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 104,436.2 105,579.6 Financial Intermediation 18,403.7 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 57,368.6 65,290.3 Real Estate, Renting and Business Activities 57,543.4 59,781.2 62,114.2 64,690.9 67,062.9 70,005.2 74,364.3 79,942.0 87,510.2 Public Administration and Defense 45,760.0 49,253.6 54,681.3 57,979.5 62,259.2 70,488.5 76,754.1 83,662.0 85,612.2 Education 31,596.6 34,781.5 35,679.7 38,963.0 42,385.6 41,031.0 42,520.8 44,221.6 44,784.1 Health and Social Work 9,341.3 10,489.0 12,510.3 14,137.2 15,669.4 16,767.9 18,153.4 20,747.2 23,414.2 Other Community , Social & Personal Services 13,986.4 16,560.4 17,193.4 17,828.7 18,371.3 19,198.4 20,178.0 21,454.2 21,995.5 Private Households with Employed Persons 13,069.3 14,136.1 14,758.3 15,401.2 16,063.8 16,633.3 17,276.0 17,707.4 18,115.5 Total 1,011,606.3 1,111,987.7 1,227,058.7 1,355,280.4 1,463,883.2 1,613,519.9 1,739,254.9 1,895,726.7 2,014,046.2 Less : FISIM 8,274.0 8,803.4 10,512.8 12,393.0 14,485.8 17,038.3 19,763.6 21,037.4 24,527.2 Gross Value Added at Constant Basic Prices 1,002,766.9 1,102,467.8 1,216,015.3 1,342,555.9 1,449,397.5 1,596,481.6 1,719,491.3 1,874,689.3 1,989,519.0 Taxes on Products 80,410.1 95,162.9 104,547.5 115,169.8 118,700.0 120,645.6 114,575.2 112,468.2 119,603.2 GDP at Constant Market Prices 1,083,133.7 1,197,753.9 1,320,688.1 1,457,857.6 1,568,097.5 1,717,127.2 1,834,066.5 1,987,157.5 2,109,122.2 Source:MoFED

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

Fourth Quarter 2020/21 | 111 National Bank of Ethiopia Quarterly Bulletin Table: 17 Growth Rate Of GDP By Economic Activity at Constant Prices ( In percent) Industry/Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Agriculture, Hunting and Forestry 7.5 6.4 7.6 9.0 4.9 7.1 5.4 6.3 2.3 6.7 3.5 3.8 4.3 Crop 8.0 6.5 8.7 10.3 5.0 8.2 6.6 7.2 3.4 8.2 4.7 3 4.7 Animal Farming and Hunting 7.3 7.0 6.2 7.5 5.4 5.2 2.1 4.7 -1.5 4.2 0.6 6 3.3 Forestry 4.2 3.1 3.3 3.0 3.1 3.3 4.2 3.5 2.2 3.6 3.5 3.8 3.9 Fishing 34.0 26.5 1.7 5.9 21.3 19.4 32.5 30.6 0.1 0.5 11.3 2.3 2 Mining and Quarrying 21.4 12.8 44.2 57.7 12.7 6.3 -3.2 -25.6 -3.3 -29.8 -20.8 -21.9 91.4 Manufacturing 10.3 9.1 11.6 12.1 11.8 16.9 16.6 18.2 18.4 24.7 5.5 7.7 7.5 Large and Medium Scale Manufac￾turing 12.6 10.3 13.6 14.1 15.9 24.2 21.6 23.1 22.9 19.2 6.0 10 9.8 Small Scale and Cottage Industries 5.6 6.4 7.0 7.2 4.2 1.9 4.3 3.8 2.5 36.9 4.6 3 2.6 Electricity and Water 4.8 5.0 2.5 19.1 13.5 10.0 6.8 4.5 15.0 4.9 3.3 4 7.2 Construction 11.3 11.7 10.9 12.8 31.5 38.7 23.9 31.6 25.0 20.7 15.7 15 9.9 Whole Sale and Retail Trade 15.8 11.7 9.3 5.9 12.5 10.1 17.7 12.3 8.2 6.5 12.3 11.7 6.4 Hotels and Restaurants 23.3 23.9 24.3 24.6 10.1 19.1 26.6 29.6 15.6 0.1 6.5 9 2.2 Transport and Communications 11.5 8.9 14.4 9.7 12.6 16.5 12.7 13.3 13.7 15.1 6.4 21 1.1 Financial Intermediation 28.1 16.5 -0.3 23.7 23.6 -12.2 14.3 7.5 9.6 18.3 10.7 10.1 10.2 Real Estate, Renting and Business Activities 17.3 15.9 20.0 22.1 3.8 3.9 3.9 4.1 3.7 4.4 6.2 7.5 9.5 Public Administration and Defense 12.5 18.4 8.9 9.4 3.1 7.6 11.0 6.0 7.4 13.2 8.9 9 2.3 Education 14.8 13.0 17.0 4.4 4.5 10.1 2.6 9.2 8.8 -3.2 3.6 4 1.8 Health and Social Work 15.5 20.4 14.0 6.2 9.4 12.3 19.3 13.0 10.8 7.0 8.3 14.3 12.9 Other Community , Social & Personal Services 11.7 6.4 8.1 4.9 12.4 18.4 3.8 3.7 3.0 4.5 5.1 6.3 2.5 Private Households with Employed Persons 5.3 3.8 4.8 5.1 16.1 8.2 4.4 4.4 4.3 3.5 3.9 2.5 2.3 Total 11.4 10.1 10.5 11.4 8.6 9.9 10.3 10.4 8.0 10.2 7.8 8.9 6.2 Less : FISIM 30.0 12.5 7.6 11.1 -10.6 6.4 19.4 17.9 16.9 17.6 16.0 7 14.3 Gross Value Added at Constant Basic Prices 11.2 10.0 10.6 11.4 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9 6.1 Taxes on Products 5.6 -8.3 45.4 8.6 8.0 18.3 9.9 10.2 3.1 1.6 -5.0 -1.8 6.3 GDP at Constant Market Prices 10.8 8.8 12.6 11.2 8.6 10.6 10.3 10.4 7.6 9.5 6.8 8.3 6.1 Source: MoFED Table: 18 GDP by Economic Activity at Current Prices (In million Birr) Industry/Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2008/09 2009/10 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Agriculture, Hunting and Forestry 343,066 370,012 422,902 484,026 542,700 616,843 684,644 910,589 1,196,254 684,644 910,589 1,196,254 Crop 234,212 238,052 272,201 309,349 346,294 393,324 427,193 587,216 797,016 427,193 587,216 797,016 Animal Farming and Hunting 82,070 101,728 113,693 132,287 146,960 164,730 191,867 247,337 303,074 191,867 247,337 303,074 Forestry 24,326 30,470 36,789 42,608 49,447 58,788 65,584 76,036 96,164 65,584 76,036 96,164 Fishing 455 685 796 1,225 1,382 2,259 2,351 3,021 3,720 2,351 3,021 3,720 Mining and Quarrying 9,645 10,045 8,986 6,259 6,117 4,840 4,053 3,368 9,643 4,053 3,368 9,643 Manufacturing 37,272 46,803 61,744 83,370 89,247 113,387 128,200 150,531 178,972 128,200 150,531 178,972 Large and Medium Scale Manufacturing 21,448 28,787 40,111 58,040 61,687 74,763 84,791 104,723 125,758 84,791 104,723 125,758 Small Scale and Cottage Industries 19,541 21,088 23,844 24,972 27,559 38,624 43,410 45,807 53,215 43,410 45,807 53,215 Electricity and Water 8,079 9,604 10,752 10,560 11,015 13,714 15,026 18,726 23,827 15,026 18,726 23,827 Construction 31,459 48,338 88,410 148,198 237,545 300,209 452,978 495,283 567,201 452,978 495,283 567,201 Whole Sale and Retail Trade 105,914 117,028 151,450 187,022 202,241 225,076 275,513 360,656 444,506 275,513 360,656 444,506 Hotels and Restaurants 13,355 18,004 24,954 33,841 41,601 44,922 53,441 66,597 79,304 53,441 66,597 79,304 Transport and Communications 31,954 41,221 49,215 57,579 70,453 77,659 82,947 99,884 140,237 82,947 99,884 140,237 Financial Intermediation 14,214 19,936 24,206 32,684 39,769 51,810 69,359 85,044 102,426 69,359 85,044 102,426 Real Estate, Renting and Business Activities 47,776 54,746 60,283 63,825 67,063 70,793 79,553 106,157 154,804 79,553 106,157 154,804 Public Administration and Defense 29,967 35,401 41,309 51,521 62,259 80,817 94,614 103,262 120,236 94,614 103,262 120,236 Education 17,092 21,637 28,739 35,388 42,386 61,123 75,776 85,739 94,199 75,776 85,739 94,199 Health and Social Work 5,966 7,593 9,881 12,917 15,669 18,770 24,100 27,328 34,928 24,100 27,328 34,928 Other Community , Social & Personal Services 9,618 13,303 14,779 16,721 18,371 20,568 23,634 28,141 33,306 23,634 28,141 33,306 Private Households with Employed Persons 7,678 9,443 12,024 15,327 16,064 19,879 25,428 31,181 38,264 25,428 31,181 38,264 Total 711,975 824,684 1,009,521 1,238,088 1,463,883 1,722,669 2,091,618 2,575,507 3,221,829 2,091,618 2,575,507 3,221,829 Less : FISIM 3,091 6,335 7,796 11,628 14,486 18,870 26,829 31,884 38,830 26,829 31,884 38,830 Gross Value Added at Current Basic Prices 710,012 818,870 1,002,351 1,226,637 1,449,397 1,703,798 2,064,789 2,543,623 3,182,998 2,064,789 2,543,623 3,182,998 Taxes on Products 56,882 70,618 86,098 105,129 118,700 128,755 137,583 152,600 191,351 137,583 152,600 191,351 GDP at Current Market Prices 766,915 889,645 1,088,632 1,331,984 1,568,097 1,832,554 2,202,373 2,696,223 3,374,349 2,202,373 2,696,223 3,374,349 Source: MoFED

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

Fourth Quarter 2020/21 | 113 National Bank of Ethiopia Quarterly Bulletin Table:19 Growth Rates of GDP by Economic Activity at Current Prices (%) Sectors/Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Agriculture, Hunting and Forestry 32.9 55.9 7.9 14.3 14.5 12.1 13.7 11.0 33.0 32.6 Crop 31.9 63.6 1.6 14.3 13.6 11.9 13.6 8.6 37.5 35.7 Animal Farming and Hunting 39.6 45.0 24.0 11.8 16.4 11.1 12.1 16.5 28.9 27.0 Forestry 17.8 23.4 25.3 20.7 15.8 16.1 18.9 11.6 16.2 26.5 Fishing 9.6 109.5 50.8 16.2 53.8 12.8 63.5 4.1 28.5 23.2 Mining and Quarrying 217.2 36.6 4.2 -10.5 -30.3 -2.3 -20.9 -16.3 -16.9 186.3 Manufacturing 22.1 34.7 25.6 31.9 35.0 7.0 27.0 13.1 17.4 18.9 Large and Medium Scale Manufacturing 18.8 39.3 34.2 39.3 44.7 6.3 21.2 13.4 20.2 20.1 Small Scale and Cottage Industries 28.5 26.4 7.9 13.1 4.7 10.4 40.1 12.4 3.0 2.6 Electricity and Water 19.1 26.2 18.9 12.0 -1.8 4.3 24.5 9.6 20.7 27.2 Construction 26.2 55.9 53.7 82.9 67.6 60.3 26.4 50.9 9.3 9.9 Whole Sale and Retail Trade 25.0 44.7 10.5 29.4 23.5 8.1 11.3 22.4 32.4 23.2 Hotels and Restaurants 46.6 39.7 34.8 38.6 35.6 22.9 8.0 19.0 25.1 2.2 Transport and Communications 54.8 49.4 29.0 19.4 17.0 22.4 10.2 6.8 20.4 40.4 Financial Intermediation 46.1 58.6 40.3 21.4 35.0 21.7 30.3 33.9 22.6 10.2 Real Estate, Renting and Business Activities 40.2 17.2 14.6 10.1 5.9 5.1 5.6 12.4 33.4 45.8 Public Administration and Defense 30.3 13.7 18.1 16.7 24.7 20.8 29.8 17.1 9.1 16.4 Education 12.4 23.3 26.6 32.8 23.1 19.8 44.2 24.0 13.1 11.3 Health and Social Work 25.1 21.0 27.3 30.1 30.7 21.3 19.8 28.4 13.4 27.8 Other Community , Social & Personal Services 23.8 47.1 38.3 11.1 13.1 9.9 12.0 14.9 19.1 18.4 Private Households with Employed Persons 31.6 50.4 23.0 27.3 27.5 4.8 23.7 27.9 22.6 22.7 Total 34 45.0 15.8 22.4 22.6 18.2 17.7 21.4 23.3 25.2 Less : FISIM 31 20.0 104.9 23.1 49.2 24.6 30.3 42.2 22.0 13.0 Gross Value Added at Current Basic Prices 34 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 25.4 Taxes on Products 39 44.3 24.1 21.9 22.1 12.8 12.9 6.9 10.9 25.4 GDP at Current Market Prices 33 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.4 25.2 Source: MoFED Table 20: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices (In Millions of Birr) Description / Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 Gross Value Added at Current Basic Prices 710,011.5 818,870.1 1,002,350.9 1,226,637.4 1,449,397.5 1,703,798.2 2,064,789.2 2,543,623.0 3,182,998.0 Taxes on Products, net 56,882.0 70,618.0 86,098.0 105,128.7 118,700.0 128,755.5 137,583.5 152,600.0 191,351.0 GDP at Current Market Prices 766,915.5 889,644.9 1,088,631.8 1,331,983.7 1,568,097.5 1,832,553.7 2,202,372.7 2,696,223.0 3,374,349.0 Incomes from ROW, net (1,659.8) (1,942.8) (2,914.6) (5,275.1) (5,122.4) (10,884.1) (14,349.1) (13,104.0) (18,270.0) Gross National Income at Current Basic Prices 708,351.7 816,927.4 999,436.3 1,221,362.3 1,444,275.0 1,692,914.1 2,050,440.2 2,530,519.0 3,164,728.0 Gross National Income at Current Market Prices 765,255.7 887,702.1 1,085,717.2 1,326,708.6 1,562,975.0 1,821,669.6 2,188,023.6 2,683,118.6 3,356,079.5 Current Transfers from ROW, net 86,849.9 93,355.1 106,357.3 128,400.8 155,964.2 154,959.4 188,527.3 240,392.0 218,029.0 Gross National Disposable Income 852,105.6 981,057.2 1,192,074.5 1,455,109.4 1,718,939.2 1,976,628.9 2,376,550.9 2,923,510.0 3,574,109.0 Government Final Consumption Expenditure 72,783.5 91,074.7 115,104.0 137,245.8 174,598.8 203,607.9 225,523.2 247,362.0 307,769.0 Private Final Consumption Expenditure 544,140.3 639,963.8 748,560.3 900,516.9 1,042,264.6 1,219,365.9 1,441,581.1 1,848,070.0 2,360,896.0 Gross Capital Formation (Investment) 275,811.3 293,930.7 400,841.2 508,975.9 585,665.0 704,596.0 751,626.2 948,866.0 1,037,685.0 Exports of Goods and Services 102,886.6 108,227.1 123,496.0 121,532.2 122,500.8 139,830.1 184,282.1 213,437.0 239,229.0 Imports of Goods and Services 236,383.9 251,300.6 308,691.3 393,188.5 424,749.9 430,233.2 502,112.9 561,512.0 571,230.0 Resource Balance (133,497.3) (143,073.5) (185,195.3) (271,656.3) (302,249.2) (290,403.1) (317,830.8) (348,075.0) (332,001.0) Gross Domestic Savings 149,991.7 158,606.3 224,967.5 294,221.0 351,234.0 409,579.8 535,268.5 600,791.0 705684 Gross National Savings 235,181.8 250,018.7 328,410.1 417,346.8 502,075.8 553,655.1 709,446.7 828,078.0 905,444.0 Mid-year Population (In Million) 82.7 84.8 87.0 89.1 91.2 93.4 95.5 97.6 99.7 Per Capita Nominal GDP (In Birr) 9,268.6 10,486.5 12,520.2 14,953.4 17,192.4 19,630.4 23,061.5 27,625.0 33,845.0 Per Capita Real GDP (In Birr) 13,090.3 14,118.3 15,189.1 16,366.5 17,192.4 18,393.9 19,204.9 20,312.5 21,153.1 Average Exchange Rate (Birr/USD) 17.3 18.3 19.1 20.1 21.1 22.4 26.1 28.1 31.3 Real GDP (In USD) 62,777.3 65,528.4 69,237.3 72,546.1 74,296.6 76,610.6 70,249.0 70,666.9 67,287.5 Nominal GDP (In USD)(Million) 44,449.6 48,671.9 57,071.7 66,282.4 74,296.6 81,760.4 84,356.0 96,107.0 107,660.0 Per Capita Nominal GDP (In USD) 537.2 573.7 656.4 744.1 814.6 875.8 883.3 985.0 1,080.0 Per Capita Real GDP (In USD) 758.7 772.4 796.3 814.4 814.6 820.7 735.6 724.3 675.0 GDP Deflator 0.71 0.74 0.82 0.91 1.00 1.07 1.20 1.36 1.60 Source: Planning commission

114 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings ( Inpercent) Description / Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2007/08 2008 /09 2009 /10 2010/11 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 GDP at Current Basic Prices 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 25.4 17.6 21.2 23.3 25.4 Taxes on Products, net 44.3 24.1 21.9 22.1 12.9 8.5 6.9 10.9 25.4 8.5 6.9 10.9 25.4 GDP at Current Market Prices 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.5 25.4 16.9 20.2 22.5 25.4 Incomes from ROW, net (48.2) (17.0) (50.0) (81.0) (2.9) (112.5) (31.8) (33.0) (10.5) (112.5) (31.8) (33.0) (10.5) Gross National Income at Current Basic Price 45.2 15.3 22.3 22.2 18.3 17.2 21.1 23.3 25.5 17.2 21.1 23.3 25.5 Gross National Income at Current Market Price 45.1 16.0 22.3 22.2 17.8 16.6 20.1 22.5 25.5 16.6 20.1 22.5 25.5 Current Transfers from ROW, net 17.0 7.5 13.9 20.7 21.5 (0.6) 21.7 25.7 (3.6) (0.6) 21.7 25.7 (3.6) Gross National Disposable Income 41.6 15.1 21.5 22.1 18.1 15.0 20.2 22.8 23.2 15.0 20.2 22.8 23.2 Government Final Consump￾tion Expenditure 16.7 25.1 26.4 19.2 27.2 16.6 10.8 9.7 24.4 16.6 10.8 9.7 24.4 Private Final Consumption Expenditure 45.1 17.6 17.0 20.3 15.7 17.0 18.2 27.9 27.7 17.0 18.2 27.9 27.7 Gross Capital Formation (Investment) 67.6 6.6 36.4 27.0 15.1 20.3 6.7 26.2 9.4 20.3 6.7 26.2 9.4 Exports of Goods and Services 19.7 5.2 14.1 (1.6) 0.8 14.1 31.8 15.9 12.0 14.1 31.8 15.9 12.0 Imports of Goods and Services 45.5 6.3 22.8 27.4 8.0 1.3 16.7 11.8 1.7 1.3 16.7 11.8 1.7 Resource Balance (74.4) (7.2) (29.4) (46.7) (11.3) 3.9 (9.4) (9.5) 4.6 3.9 (9.4) (9.5) 4.6 Gross Domestic Savings 64.2 5.7 41.8 30.8 19.4 16.6 30.7 12.2 17.5 16.6 30.7 12.2 17.5 Gross National Savings 43.0 6.3 31.4 27.1 20.3 10.3 28.1 16.4 12.5 10.3 28.1 16.4 12.5 Mid-year Population (in Million) 2.6 2.5 2.5 2.4 2.3 2.2 2.2 2.4 2.3 2.2 2.2 Per Capita GDP (Birr) (Nominal) 41.5 13.1 19.4 19.4 15.0 14.2 17.5 19.8 22.5 14.2 17.5 19.8 22.5 Per Capita GDP (Birr) (Real) 5.9 7.9 7.6 7.8 5.0 7.0 4.4 5.8 4.1 7.0 4.4 5.8 4.1 Average Exchange Rate (Birr/USD) 7.0 5.9 4.4 5.4 5.0 6.2 16.5 7.6 11.5 6.2 16.5 7.6 11.5 Real GDP (USD) 1.5 4.4 5.7 4.8 2.4 3.1 (8.3) 0.6 (4.8) 3.1 (8.3) 0.6 (4.8) GDP at Current Market Prices(USD) 35.5 9.5 17.3 16.1 12.1 10.0 3.2 13.7 12.2 10.0 3.2 13.7 12.2 Per Capita GDP (USD) (Nominal) 32.2 6.8 14.4 13.4 9.5 7.5 0.9 11.5 9.6 7.5 0.9 11.5 9.6 Per Capita GDP (USD) (Real) (1.0) 1.8 3.1 2.3 0.0 0.7 (10.4) (1.5) (6.8) 0.7 (10.4) (1.5) (6.8) Percentage Change in GDP Deflator 33.5 4.9 11.0 10.8 9.5 6.7 12.5 13.3 17.6 6.7 12.5 13.3 17.6 Source:Planning commission

Fourth Quarter 2020/21 | 115 National Bank of Ethiopia Quarterly Bulletin Table 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings ( Inpercent) Description / Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2007/08 2008 /09 2009 /10 2010/11 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 GDP at Current Basic Prices 45.2 15.3 22.4 22.4 18.2 17.6 21.2 23.3 25.4 17.6 21.2 23.3 25.4 Taxes on Products, net 44.3 24.1 21.9 22.1 12.9 8.5 6.9 10.9 25.4 8.5 6.9 10.9 25.4 GDP at Current Market Prices 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.5 25.4 16.9 20.2 22.5 25.4 Incomes from ROW, net (48.2) (17.0) (50.0) (81.0) (2.9) (112.5) (31.8) (33.0) (10.5) (112.5) (31.8) (33.0) (10.5) Gross National Income at Current Basic Price 45.2 15.3 22.3 22.2 18.3 17.2 21.1 23.3 25.5 17.2 21.1 23.3 25.5 Gross National Income at Current Market Price 45.1 16.0 22.3 22.2 17.8 16.6 20.1 22.5 25.5 16.6 20.1 22.5 25.5 Current Transfers from ROW, net 17.0 7.5 13.9 20.7 21.5 (0.6) 21.7 25.7 (3.6) (0.6) 21.7 25.7 (3.6) Gross National Disposable Income 41.6 15.1 21.5 22.1 18.1 15.0 20.2 22.8 23.2 15.0 20.2 22.8 23.2 Government Final Consump￾tion Expenditure 16.7 25.1 26.4 19.2 27.2 16.6 10.8 9.7 24.4 16.6 10.8 9.7 24.4 Private Final Consumption Expenditure 45.1 17.6 17.0 20.3 15.7 17.0 18.2 27.9 27.7 17.0 18.2 27.9 27.7 Gross Capital Formation (Investment) 67.6 6.6 36.4 27.0 15.1 20.3 6.7 26.2 9.4 20.3 6.7 26.2 9.4 Exports of Goods and Services 19.7 5.2 14.1 (1.6) 0.8 14.1 31.8 15.9 12.0 14.1 31.8 15.9 12.0 Imports of Goods and Services 45.5 6.3 22.8 27.4 8.0 1.3 16.7 11.8 1.7 1.3 16.7 11.8 1.7 Resource Balance (74.4) (7.2) (29.4) (46.7) (11.3) 3.9 (9.4) (9.5) 4.6 3.9 (9.4) (9.5) 4.6 Gross Domestic Savings 64.2 5.7 41.8 30.8 19.4 16.6 30.7 12.2 17.5 16.6 30.7 12.2 17.5 Gross National Savings 43.0 6.3 31.4 27.1 20.3 10.3 28.1 16.4 12.5 10.3 28.1 16.4 12.5 Mid-year Population (in Million) 2.6 2.5 2.5 2.4 2.3 2.2 2.2 2.4 2.3 2.2 2.2 Per Capita GDP (Birr) (Nominal) 41.5 13.1 19.4 19.4 15.0 14.2 17.5 19.8 22.5 14.2 17.5 19.8 22.5 Per Capita GDP (Birr) (Real) 5.9 7.9 7.6 7.8 5.0 7.0 4.4 5.8 4.1 7.0 4.4 5.8 4.1 Average Exchange Rate (Birr/USD) 7.0 5.9 4.4 5.4 5.0 6.2 16.5 7.6 11.5 6.2 16.5 7.6 11.5 Real GDP (USD) 1.5 4.4 5.7 4.8 2.4 3.1 (8.3) 0.6 (4.8) 3.1 (8.3) 0.6 (4.8) GDP at Current Market Prices(USD) 35.5 9.5 17.3 16.1 12.1 10.0 3.2 13.7 12.2 10.0 3.2 13.7 12.2 Per Capita GDP (USD) (Nominal) 32.2 6.8 14.4 13.4 9.5 7.5 0.9 11.5 9.6 7.5 0.9 11.5 9.6 Per Capita GDP (USD) (Real) (1.0) 1.8 3.1 2.3 0.0 0.7 (10.4) (1.5) (6.8) 0.7 (10.4) (1.5) (6.8) Percentage Change in GDP Deflator 33.5 4.9 11.0 10.8 9.5 6.7 12.5 13.3 17.6 6.7 12.5 13.3 17.6 Source:Planning commission Table 22(A): National Non-Food Consumer Price Index, December 100=2016 Period General Index Food and Non￾Alcoholic Beverages Alcoholic Beverages and Tobacco Clothing & Foot-wear Housing,Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 2007/08 Q.I 26.3 28.0 24.5 21.8 27.6 24.0 32.6 42.7 104.6 29.1 40.0 24.0 32.3 27.1 Q.II 27.4 28.6 24.7 22.6 28.2 25.2 33.0 42.5 107.7 29.4 41.5 24.1 32.7 27.7 Q.III 29.7 30.4 26.8 23.6 29.9 27.7 34.1 46.2 108.1 30.1 42.7 25.4 34.2 29.4 Q.IV 35.1 32.8 29.4 25.0 32.8 30.1 35.6 48.2 107.0 30.6 44.1 27.7 36.3 31.8 2008/09 Q.I 42.5 35.3 35.7 26.9 35.1 32.2 37.1 48.2 107.4 31.6 47.5 30.5 38.6 34.1 Q.II 40.6 36.8 36.8 28.9 36.3 33.5 38.0 52.1 106.4 33.5 49.0 31.7 39.1 35.5 Q.III 38.9 37.4 38.6 30.8 36.2 34.6 38.8 46.5 105.3 35.3 49.6 32.8 40.3 36.1 Q.IV 39.6 38.7 39.8 32.4 37.1 36.1 41.1 48.4 104.1 37.1 51.4 33.7 42.7 37.4 2009/10 Q.I 40.9 40.9 40.7 34.4 39.3 37.9 42.5 55.0 103.4 39.4 53.9 35.2 45.2 39.6 Q.II 41.1 43.0 41.3 36.3 41.6 39.5 43.9 60.2 104.8 39.9 55.6 36.9 47.4 41.6 Q.III 41.8 44.9 42.8 38.8 43.1 41.9 46.4 62.4 103.0 40.8 57.3 37.8 49.3 43.4 Q.IV 42.5 46.3 44.8 40.4 44.3 43.6 47.8 65.3 101.1 43.2 57.7 38.8 50.3 44.8 2010/11 Q.I 43.4 47.8 45.4 42.3 45.7 45.2 47.9 65.7 100.4 44.6 61.3 39.6 51.7 46.1 Q.II 45.9 51.4 50.1 45.7 48.8 49.0 50.2 72.5 100.7 49.5 72.3 42.4 56.5 49.7 Q.III 50.0 55.4 52.0 50.4 52.9 51.4 51.5 83.8 100.3 52.8 72.3 43.9 60.3 53.4 Q.IV 56.9 58.7 57.2 54.2 54.9 54.7 52.9 96.6 100.0 54.3 74.5 48.9 63.3 56.8 2011/12 Q.I 60.7 60.6 61.4 56.7 55.5 58.1 54.2 97.2 99.5 58.9 77.8 53.1 67.8 58.9 Q.II 63.5 63.3 62.2 61.7 56.7 61.2 55.6 94.7 99.2 61.9 82.7 56.3 72.8 61.3 Q.III 67.5 67.6 66.1 67.3 60.6 65.5 56.8 96.9 99.1 66.2 82.6 59.6 76.7 65.3 Q.IV 71.5 69.6 65.5 70.9 62.0 68.5 58.0 97.5 99.1 67.5 85.1 63.1 78.5 67.2 2012/13 Q.I 73.7 72.0 64.9 73.1 65.7 69.9 59.4 97.1 99.1 69.5 84.1 66.2 80.9 69.6 Q.II 74.3 74.7 68.0 73.7 68.4 73.6 70.3 98.5 99.2 72.4 84.1 68.9 82.6 72.2 Q.III 74.5 75.7 70.8 75.9 68.5 74.7 71.1 95.6 99.1 73.4 85.3 70.6 85.0 73.2 Q.IV 76.2 77.3 70.7 78.0 70.0 77.1 73.3 95.0 99.1 74.6 86.7 72.9 86.2 74.7 2013/14 Q.I 79.2 79.8 71.9 80.9 73.3 78.4 72.0 94.6 99.1 77.1 86.7 76.1 88.0 77.1 Q.II 80.3 81.8 76.9 82.9 74.4 79.9 77.7 96.7 99.1 79.3 86.7 78.1 89.0 79.0 Q.III 80.6 84.4 81.9 84.7 77.6 82.4 80.2 98.5 99.1 77.9 86.7 78.8 89.1 81.5 Q.IV 82.9 85.8 82.1 86.4 79.5 83.8 82.9 99.2 99.1 75.5 86.9 80.3 89.2 82.9 2014/15 Q.I 84.5 86.7 85.0 88.2 79.5 84.8 82.5 99.0 99.3 76.5 87.7 81.3 90.0 83.7 Q.II 85.3 88.2 86.2 91.2 81.1 86.1 83.8 99.3 99.1 79.0 87.0 81.7 91.5 85.2 Q.III 87.2 90.6 92.9 93.6 83.4 87.8 86.7 96.3 99.6 78.0 87.1 83.3 92.7 87.5 Q.IV 91.0 92.8 96.2 94.5 86.7 89.7 86.1 94.8 101.2 78.4 87.2 85.4 93.9 89.7 2015/16 Q.I 94.4 93.9 93.6 96.3 87.7 91.2 87.6 96.5 103.9 83.7 91.4 88.0 94.7 90.8 Q.II 94.3 94.8 94.6 96.8 87.7 92.8 92.0 98.2 101.3 88.2 99.8 90.8 95.6 91.8 Q.III 94.9 95.2 101.3 97.9 91.1 95.9 93.8 97.2 100.3 91.1 99.8 92.6 96.5 94.6 Q.IV 97.8 98.7 94.9 99.0 97.0 96.9 97.4 97.0 101.5 92.3 99.9 94.9 97.8 96.9 2016/17 QI 100.4 102.5 92.4 99.2 100.1 97.7 95.1 98.1 99.7 93.5 100.0 97.6 98.5 98.2 QII 100.4 101.3 97.3 99.5 100.1 99.2 98.8 99.3 99.9 98.4 100.0 99.1 99.0 99.4 QIII 102.4 103.0 104.4 100.7 102.3 101.2 104.3 103.9 99.8 99.0 100.0 98.1 100.9 101.7 QIV 106.5 109.5 98.3 102.1 102.8 107.9 113.4 104.7 102.1 111.6 99.4 101.6 101.9 103.0 2017/18 QI 112.0 113.9 104.5 116.0 113.3 111.1 97.0 106.3 101.7 113.1 106.0 107.9 102.2 109.9 QII 115.6 116.6 110.7 119.8 119.7 115.3 92.9 108.9 103.4 114.0 107.5 113.5 104.5 114.5 QIII 118.8 118.7 117.3 126.3 123.4 122.4 99.9 111.4 105.9 117.9 109.2 114.0 109.5 118.9 QIV 122.8 123.1 108.2 135.8 127.8 129.1 101.3 113.2 107.2 120.9 110.4 118.6 115.6 122.5 2018/19 QI 127.4 128.2 112.3 141.1 131.3 133.9 107.2 115.5 106.7 122.6 117.5 123.7 119.6 126.5 QII 127.9 128.3 112.3 144.7 130.0 136.3 110.6 119.7 101.1 124.9 125.8 128.1 119.8 127.4 QIII 131.9 132.0 121.2 150.7 133.1 141.5 116.0 128.9 101.5 126.6 126.3 130.8 123.6 131.8 QIV 141.0 145.6 125.1 151.6 137.0 147.4 114.8 132.3 105.5 127.7 129.5 135.7 131.4 135.7 2019/20 QI 149.5 156.6 127.0 156.4 144.7 150.0 120.2 136.0 105.6 129.8 132.6 145.9 135.6 141.4 QII 153.1 158.5 131.5 158.6 153.8 151.4 126.6 139.5 102.8 141.4 134.1 152.0 139.8 146.8 QIII 159.6 164.5 137.4 159.7 167.2 153.6 130.3 146.6 101.0 143.2 134.3 156.7 145.5 153.9 QIV 171.2 179.2 163.0 167.1 168.5 156.4 143.4 192.6 108.1 140.3 135.6 159.3 149.5 161.9 2020/21 QI 179.9 192.1 158.5 170.3 172.2 158.7 147.4 218.3 106.1 140.2 130.3 165.2 155.3 165.8 QII 181.9 193.7 168.8 177.3 174.8 159.8 155.9 171.1 104.3 153.9 145.6 176.7 161.3 168.3 QIII 191.9 201.8 176.8 185.6 188.5 173.6 170.6 200.0 117.3 163.1 149.9 183.3 169.3 180.4 QIV 207.7 224.0 184.0 199.0 189.2 196.7 189.6 209.5 125.9 175.6 152.8 192.8 184.7 188.9 Source: Central Statistical Agency(CSA) and NBE Staff Compilation

116 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 22 (B): National Food Consumer Price Index, December 2016=100 Period Food & Non-al￾coholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate & confection￾ery Food prod￾ucts Non-Alcoholic Beverages 2007/08 Q.I 25.9 27.2 21.7 19.9 28.2 19.8 21.4 26.7 43.4 26.5 Q.II 27.4 29.1 22.2 20.6 31.3 21.0 22.8 26.1 45.0 28.4 Q.III 30.0 32.2 23.6 22.6 35.0 24.4 25.9 29.2 43.7 29.8 Q.IV 37.5 42.9 26.1 25.6 39.6 25.7 30.2 32.6 50.5 32.1 2008/09 Q.I 48.1 60.7 28.7 28.2 39.5 28.7 33.1 39.6 57.0 32.8 Q.II 44.1 57.2 28.9 29.1 37.9 34.0 32.5 42.0 44.0 33.0 Q.III 40.9 52.5 28.9 30.3 35.9 33.0 34.5 48.4 28.7 33.9 Q.IV 41.3 52.1 30.3 32.5 36.5 31.7 36.7 50.3 22.7 34.9 2009/10 Q.I 41.9 53.7 31.0 33.4 36.1 34.4 34.1 51.3 23.7 38.0 Q.II 41.0 51.8 31.1 34.1 36.0 36.0 34.7 52.4 26.9 41.8 QIII 40.9 50.9 31.9 35.4 36.5 37.4 35.6 55.1 30.7 42.6 QIV 41.1 49.7 33.2 35.8 38.6 35.6 36.2 56.5 40.6 42.3 2010/11 QI 41.7 48.9 34.4 37.3 41.0 36.4 38.3 56.1 46.1 47.3 Q.II 43.7 48.3 34.8 40.0 49.5 42.3 43.1 59.0 41.6 57.6 Q.III 48.0 50.7 31.9 43.6 54.4 37.9 48.8 57.3 43.3 77.3 Q.IV 57.4 58.9 35.9 46.8 74.2 40.1 56.5 60.0 62.4 90.9 2011/12 Q.I 62.4 65.4 44.9 48.8 74.4 47.4 56.9 61.2 71.1 91.8 Q.II 65.4 69.7 48.8 50.3 71.0 57.7 61.1 64.1 71.3 97.1 Q.III 69.5 74.0 54.6 56.1 73.4 62.2 68.6 66.1 62.4 97.9 Q.IV 75.4 80.7 64.7 61.1 79.2 62.8 75.4 68.3 67.9 90.3 2012/13 Q.I 77.6 85.8 69.5 61.6 76.6 70.2 75.8 69.0 69.7 88.2 Q.II 76.3 84.2 70.0 64.3 74.2 79.3 73.8 70.3 67.7 84.7 Q.III 75.7 82.5 72.1 67.1 74.6 76.9 73.8 72.9 66.1 80.2 Q.IV 77.5 86.1 73.7 67.8 77.0 73.6 74.5 73.2 68.2 78.7 2013/14 Q.I 81.2 92.5 76.4 69.4 76.2 72.5 78.4 74.4 69.7 79.3 Q.II 81.4 95.1 77.7 70.5 75.8 74.6 75.7 73.8 70.2 78.9 Q.III 79.7 85.1 78.6 73.1 78.0 76.4 80.1 73.1 69.1 79.1 Q.IV 82.9 88.9 80.5 74.2 81.5 74.2 79.8 74.2 75.1 94.3 2014/15 Q.I 85.2 92.7 81.5 76.7 87.0 77.5 78.2 73.9 81.8 99.3 Q.II 85.3 89.4 81.5 77.7 89.3 79.9 82.1 75.5 78.7 101.7 Q.III 86.9 86.2 83.4 82.1 94.2 85.9 88.7 75.1 82.6 95.9 Q.IV 92.1 89.3 86.7 89.5 101.4 84.5 94.3 76.5 100.1 91.1 2015/16 Q.I 97.9 94.3 90.9 90.1 102.9 88.7 96.6 76.3 131.6 87.8 QII 96.6 94.0 92.1 92.2 99.5 95.7 96.5 77.0 120.8 85.1 QIII 95.2 95.7 92.8 96.9 96.6 96.2 96.5 81.7 101.2 81.1 QIV 98.7 98.2 96.4 100.2 99.7 96.1 103.0 83.9 101.8 84.1 2016/17 Q.I 102.6 102.9 100.7 99.4 99.9 98.7 106.8 86.7 104.6 92.3 Q.II 101.3 102.7 100.6 100.0 100.8 99.3 99.6 100.0 94.6 105.6 99.3 Q.III 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 Q.IV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 113.9 123.6 113.8 101.1 108.5 100.5 119.5 110.2 94.4 122.0 101.3 QII 116.6 125.7 115.7 104.2 112.4 96.9 128.9 113.8 95.9 125.0 108.5 QIII 118.7 123.6 123.0 101.1 115.7 95.1 134.4 120.4 97.2 133.5 105.2 QIV 123.1 133.8 131.5 110.8 122.8 95.1 133.8 116.9 98.1 137.4 109.7 2018/19 QI 128.2 139.7 137.0 112.1 127.8 95.9 133.1 124.8 102.1 136.9 115.9 QII 128.3 140.0 137.1 114.2 129.8 97.5 141.0 124.3 105.3 137.8 112.1 QIII 132.0 142.1 142.0 115.3 135.3 98.0 147.9 133.6 106.7 143.2 106.5 QIV 145.7 156.8 157.9 113.3 145.6 104.6 160.2 157.8 112.0 148.1 109.6 2019/20 QI 156.6 175.6 170.3 114.5 149.8 107.8 168.7 167.2 115.3 153.1 116.0 QII 158.5 182.5 174.5 116.7 149.1 106.5 183.1 163.4 112.7 153.8 119.3 QIII 164.5 182.7 179.2 122.9 153.4 112.9 187.7 171.3 104.9 177.4 127.5 QIV 179.2 201.5 189.6 139.2 158.9 118.5 187.0 189.1 107.1 195.5 137.9 2020/21 QI 192.1 216.9 192.7 150.7 163.3 123.7 175.9 208.2 106.2 209.3 151.4 QII 193.7 223.7 196.3 148.8 172.5 135.7 182.6 192.9 114.1 210.0 159.7 QIII 201.8 233.6 200.6 158.4 191.7 147.3 195.4 202.0 117.9 213.4 159.4 QIV 224.0 265.3 225.7 161.6 216.8 181.1 204.5 212.4 120.3 234.8 170.8 Source: CSA and NBE Staff Compilation.

Fourth Quarter 2020/21 | 117 National Bank of Ethiopia Quarterly Bulletin Table 22 (B): National Food Consumer Price Index, December 2016=100 Period Food & Non-al￾coholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate & confection￾ery Food prod￾ucts Non-Alcoholic Beverages 2007/08 Q.I 25.9 27.2 21.7 19.9 28.2 19.8 21.4 26.7 43.4 26.5 Q.II 27.4 29.1 22.2 20.6 31.3 21.0 22.8 26.1 45.0 28.4 Q.III 30.0 32.2 23.6 22.6 35.0 24.4 25.9 29.2 43.7 29.8 Q.IV 37.5 42.9 26.1 25.6 39.6 25.7 30.2 32.6 50.5 32.1 2008/09 Q.I 48.1 60.7 28.7 28.2 39.5 28.7 33.1 39.6 57.0 32.8 Q.II 44.1 57.2 28.9 29.1 37.9 34.0 32.5 42.0 44.0 33.0 Q.III 40.9 52.5 28.9 30.3 35.9 33.0 34.5 48.4 28.7 33.9 Q.IV 41.3 52.1 30.3 32.5 36.5 31.7 36.7 50.3 22.7 34.9 2009/10 Q.I 41.9 53.7 31.0 33.4 36.1 34.4 34.1 51.3 23.7 38.0 Q.II 41.0 51.8 31.1 34.1 36.0 36.0 34.7 52.4 26.9 41.8 QIII 40.9 50.9 31.9 35.4 36.5 37.4 35.6 55.1 30.7 42.6 QIV 41.1 49.7 33.2 35.8 38.6 35.6 36.2 56.5 40.6 42.3 2010/11 QI 41.7 48.9 34.4 37.3 41.0 36.4 38.3 56.1 46.1 47.3 Q.II 43.7 48.3 34.8 40.0 49.5 42.3 43.1 59.0 41.6 57.6 Q.III 48.0 50.7 31.9 43.6 54.4 37.9 48.8 57.3 43.3 77.3 Q.IV 57.4 58.9 35.9 46.8 74.2 40.1 56.5 60.0 62.4 90.9 2011/12 Q.I 62.4 65.4 44.9 48.8 74.4 47.4 56.9 61.2 71.1 91.8 Q.II 65.4 69.7 48.8 50.3 71.0 57.7 61.1 64.1 71.3 97.1 Q.III 69.5 74.0 54.6 56.1 73.4 62.2 68.6 66.1 62.4 97.9 Q.IV 75.4 80.7 64.7 61.1 79.2 62.8 75.4 68.3 67.9 90.3 2012/13 Q.I 77.6 85.8 69.5 61.6 76.6 70.2 75.8 69.0 69.7 88.2 Q.II 76.3 84.2 70.0 64.3 74.2 79.3 73.8 70.3 67.7 84.7 Q.III 75.7 82.5 72.1 67.1 74.6 76.9 73.8 72.9 66.1 80.2 Q.IV 77.5 86.1 73.7 67.8 77.0 73.6 74.5 73.2 68.2 78.7 2013/14 Q.I 81.2 92.5 76.4 69.4 76.2 72.5 78.4 74.4 69.7 79.3 Q.II 81.4 95.1 77.7 70.5 75.8 74.6 75.7 73.8 70.2 78.9 Q.III 79.7 85.1 78.6 73.1 78.0 76.4 80.1 73.1 69.1 79.1 Q.IV 82.9 88.9 80.5 74.2 81.5 74.2 79.8 74.2 75.1 94.3 2014/15 Q.I 85.2 92.7 81.5 76.7 87.0 77.5 78.2 73.9 81.8 99.3 Q.II 85.3 89.4 81.5 77.7 89.3 79.9 82.1 75.5 78.7 101.7 Q.III 86.9 86.2 83.4 82.1 94.2 85.9 88.7 75.1 82.6 95.9 Q.IV 92.1 89.3 86.7 89.5 101.4 84.5 94.3 76.5 100.1 91.1 2015/16 Q.I 97.9 94.3 90.9 90.1 102.9 88.7 96.6 76.3 131.6 87.8 QII 96.6 94.0 92.1 92.2 99.5 95.7 96.5 77.0 120.8 85.1 QIII 95.2 95.7 92.8 96.9 96.6 96.2 96.5 81.7 101.2 81.1 QIV 98.7 98.2 96.4 100.2 99.7 96.1 103.0 83.9 101.8 84.1 2016/17 Q.I 102.6 102.9 100.7 99.4 99.9 98.7 106.8 86.7 104.6 92.3 Q.II 101.3 102.7 100.6 100.0 100.8 99.3 99.6 100.0 94.6 105.6 99.3 Q.III 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 Q.IV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 113.9 123.6 113.8 101.1 108.5 100.5 119.5 110.2 94.4 122.0 101.3 QII 116.6 125.7 115.7 104.2 112.4 96.9 128.9 113.8 95.9 125.0 108.5 QIII 118.7 123.6 123.0 101.1 115.7 95.1 134.4 120.4 97.2 133.5 105.2 QIV 123.1 133.8 131.5 110.8 122.8 95.1 133.8 116.9 98.1 137.4 109.7 2018/19 QI 128.2 139.7 137.0 112.1 127.8 95.9 133.1 124.8 102.1 136.9 115.9 QII 128.3 140.0 137.1 114.2 129.8 97.5 141.0 124.3 105.3 137.8 112.1 QIII 132.0 142.1 142.0 115.3 135.3 98.0 147.9 133.6 106.7 143.2 106.5 QIV 145.7 156.8 157.9 113.3 145.6 104.6 160.2 157.8 112.0 148.1 109.6 2019/20 QI 156.6 175.6 170.3 114.5 149.8 107.8 168.7 167.2 115.3 153.1 116.0 QII 158.5 182.5 174.5 116.7 149.1 106.5 183.1 163.4 112.7 153.8 119.3 QIII 164.5 182.7 179.2 122.9 153.4 112.9 187.7 171.3 104.9 177.4 127.5 QIV 179.2 201.5 189.6 139.2 158.9 118.5 187.0 189.1 107.1 195.5 137.9 2020/21 QI 192.1 216.9 192.7 150.7 163.3 123.7 175.9 208.2 106.2 209.3 151.4 QII 193.7 223.7 196.3 148.8 172.5 135.7 182.6 192.9 114.1 210.0 159.7 QIII 201.8 233.6 200.6 158.4 191.7 147.3 195.4 202.0 117.9 213.4 159.4 QIV 224.0 265.3 225.7 161.6 216.8 181.1 204.5 212.4 120.3 234.8 170.8 Source: CSA and NBE Staff Compilation. Table 22 (C): Addis Ababa Non-Food Consumer Price Index , December 2016=100 Period General Index Food & Non-alcohol￾ic Beverages Alcoholic beverages & Tobacco Clothing & Foo-twear Hosing,Wa￾ter,Electric￾ity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communi￾cation Recreation and Culture Education Restaurants and Hotels Miscellane￾ous Goods Non-Food Index 2006/07 Q.I 25.4 20.8 24.0 18.8 38.3 23.1 32.3 42.8 41.9 35.1 31.2 18.7 25.2 29.6 Q.II 26.6 22.0 24.2 19.2 39.3 23.8 33.1 45.6 44.7 38.2 34.0 19.4 25.0 30.7 Q.III 27.3 23.0 25.0 20.2 39.1 25.0 35.3 45.0 44.1 36.4 32.4 21.2 25.1 30.9 Q.IV 28.5 24.8 25.6 20.7 39.6 26.6 37.5 45.0 44.1 36.7 32.6 21.0 25.5 31.6 2007/08 Q.I 29.7 26.9 26.2 21.6 39.6 27.1 38.3 45.1 44.1 37.7 33.5 21.4 26.2 32.0 Q.II 30.3 27.0 27.1 24.4 38.6 29.6 40.3 44.8 43.9 38.9 34.5 22.6 26.9 32.9 Q.III 32.8 29.5 29.8 25.8 41.4 34.0 42.4 48.1 47.1 40.4 35.9 23.0 28.2 35.5 Q.IV 37.5 36.3 31.9 27.0 45.7 36.7 43.9 49.7 48.7 42.0 37.3 26.4 30.5 38.0 2008/09 Q.I 41.9 43.8 37.0 29.3 46.4 38.0 47.3 49.7 48.6 41.9 37.2 28.6 32.5 39.4 Q.II 42.4 42.7 39.2 31.0 48.0 39.4 48.3 55.4 54.2 45.5 40.4 29.8 33.0 41.5 Q.III 41.4 40.8 43.2 32.7 46.3 40.4 48.2 51.8 50.7 48.1 42.8 30.2 33.8 41.4 Q.IV 42.8 42.2 43.4 34.1 47.2 41.7 49.8 53.8 52.7 49.7 44.2 32.1 36.5 42.8 2009/10 Q.I 44.8 43.6 43.7 35.6 49.8 42.6 52.3 61.9 60.6 50.2 44.6 34.2 38.9 45.3 Q.II 46.1 44.2 44.3 36.4 51.6 45.4 52.9 67.1 65.7 52.0 46.2 37.4 41.3 47.3 Q.III 46.2 43.2 45.1 37.7 52.3 47.4 52.9 68.5 67.1 53.6 47.7 40.2 42.6 48.5 Q.IV 48.3 45.5 47.6 39.1 54.1 49.7 55.0 72.3 70.8 53.8 47.8 42.5 43.3 50.4 2010/11 Q.I 50.5 48.2 49.7 42.8 54.4 51.6 55.3 71.9 70.4 56.6 50.3 44.9 44.9 52.0 Q.II 53.8 49.4 55.9 47.9 59.9 56.1 56.8 80.0 78.3 65.0 57.8 46.8 48.6 57.3 Q.III 56.1 49.5 54.3 51.1 65.6 59.7 57.3 88.3 86.5 66.0 58.6 47.6 55.3 61.6 Q.IV 61.1 55.4 57.9 55.3 68.2 64.2 60.2 98.7 96.6 65.8 58.5 50.7 59.2 65.7 2011/12 Q.I 64.6 60.1 62.7 58.9 69.6 65.2 62.2 98.6 96.5 68.6 61.0 54.4 62.9 67.9 Q.II 67.3 64.2 65.6 64.5 69.2 68.5 65.3 99.1 97.1 75.1 66.8 57.3 66.4 70.6 Q.III 70.6 67.0 71.4 70.5 70.6 72.4 67.1 102.2 100.0 75.6 67.1 59.0 70.4 73.4 Q.IV 74.0 73.3 71.7 72.1 71.8 73.8 69.6 102.2 100.0 76.7 72.2 59.0 72.4 74.6 2012/13 Q.I 76.5 75.8 72.0 75.8 77.4 75.6 71.3 101.3 100.0 78.2 70.2 59.0 74.6 77.0 Q.II 77.4 74.4 72.4 80.9 80.1 76.8 73.1 101.3 100.0 81.0 70.2 64.8 77.3 79.7 Q.III 77.8 73.2 79.0 82.6 81.5 79.5 76.5 101.3 100.0 82.4 72.6 66.8 80.6 81.4 Q.IV 79.6 75.7 81.1 84.8 81.5 81.8 80.9 101.2 100.0 84.0 75.0 68.8 82.0 82.5 2013/14 Q.I 82.8 78.9 84.0 86.2 85.7 83.4 74.9 101.4 100.0 86.9 75.1 78.3 83.6 85.8 Q.II 83.8 77.6 88.6 87.4 88.7 84.8 77.2 106.0 100.0 94.4 75.1 82.8 85.6 88.6 Q.III 84.6 76.7 87.6 90.3 91.5 88.3 79.6 110.2 100.0 96.4 75.1 82.3 86.0 90.6 Q.IV 86.7 79.6 92.4 93.3 91.9 90.8 85.5 110.4 100.0 98.3 75.1 85.8 85.6 92.1 2014/15 Q.I 88.6 83.9 94.0 93.5 91.2 90.0 90.7 110.3 100.0 100.9 75.1 86.9 88.8 92.3 Q.II 88.9 84.2 94.1 94.0 91.3 90.6 94.3 109.6 100.0 97.9 75.1 87.0 89.3 92.5 Q.III 90.9 87.7 95.9 94.8 92.8 93.1 95.3 101.2 100.0 98.1 75.1 91.2 93.8 93.4 Q.IV 95.1 95.4 94.8 97.4 95.2 95.5 96.0 98.8 100.0 97.4 75.1 92.8 96.3 94.8 2015/16 Q.I 101.4 107.4 95.7 99.8 97.7 96.1 96.8 99.7 100.0 98.0 83.4 93.9 98.2 96.8 QII 100.8 103.3 99.4 100.5 98.2 98.0 99.9 100.0 100.0 99.6 100.0 98.0 99.2 98.9 QIII 98.2 97.0 98.4 101.4 96.5 103.8 102.3 98.3 100.0 101.3 100.0 99.4 101.6 99.2 QIV 100.6 101.7 100.4 103.5 96.4 105.4 102.7 97.5 100.0 103.5 100.0 100.5 102.5 99.7 2016/17 QI 103.9 107.3 109.8 105.0 97.9 107.8 103.6 97.5 100.0 105.0 100.0 103.3 102.1 101.3 QII 101.5 102.2 104.7 104.0 98.6 105.1 102.5 98.3 100.0 104.4 100.0 102.5 101.2 100.9 QIII 100.9 100.4 103.8 100.6 101.7 101.7 98.5 104.1 100.0 99.5 97.4 100.1 103.2 101.3 QIV 104.1 104.4 100.9 94.8 103.0 107.5 107.6 107.9 114.4 105.4 96.9 99.9 102.5 103.8 2017/18 QI 112.3 109.2 103.3 98.8 133.7 114.3 113.7 106.5 115.3 107.3 100.4 104.9 100.9 114.8 QII 117.6 110.3 103.0 101.2 151.3 120.5 113.9 106.9 116.5 107.3 99.9 118.5 106.5 123.1 QIII 121.1 113.1 112.7 104.8 158.3 126.6 117.3 107.7 116.8 109.7 99.7 120.2 111.3 127.2 QIV 127.1 117.7 114.1 111.3 170.0 132.4 131.8 109.4 116.8 112.2 100.1 127.5 119.4 134.2 2018/19 QI 132.1 125.2 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 137.4 QII 133.0 123.7 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 140.0 QIII 137.5 127.5 126.1 116.3 186.6 147.0 133.0 117.8 119.2 112.8 120.8 138.7 127.0 145.1 QIV 145.3 141.4 127.1 121.1 188.3 153.5 139.6 121.5 118.0 115.7 121.9 142.9 130.7 148.2 2019/20 QI 152.8 155.5 126.7 123.3 192.5 155.8 140.5 123.6 118.3 118.2 125.4 144.9 134.5 150.8 QII 156.7 157.1 125.2 121.4 207.3 160.0 138.4 125.9 116.8 125.2 128.4 149.4 140.2 156.5 QIII 163.1 160.9 149.7 131.6 225.7 163.9 150.4 124.3 114.6 124.4 132.1 154.1 143.7 164.9 QIV 178.2 178.6 174.4 138.2 241.2 164.8 155.8 191.5 114.8 119.9 130.6 154.6 147.9 177.9 2020/21 QI 186.4 197.7 179.4 149.4 236.5 165.7 162.7 181.7 115.0 122.1 118.1 158.2 154.1 177.7 QII 185.7 194.4 175.0 155.2 243.1 169.9 169.6 149.6 115.5 132.1 143.2 160.8 159.0 179.2 QIII 193.6 201.4 188.1 165.5 254.3 181.6 184.4 155.2 115.6 131.1 150.5 167.2 166.7 187.7 QIV 212.2 229.5 209.6 176.6 267.7 202.7 188.3 161.4 116.8 135.2 148.7 179.1 180.8 199.0 Source: Central Statistical Agency (CSA) & NBE staff Compilation

118 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 22(D): Addis Ababa Food Consumer Price Index December 2016=100 Period Food & Non-al￾coholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and con￾fectionery Food prod￾ucts Non-Al￾coholic Beverages 2006/07 Q.I 20.7 22.4 19.9 16.7 19.3 17.5 16.3 38.6 20.5 19.2 Q.II 21.9 23.9 20.5 17.2 21.3 18.4 17.2 36.7 21.6 19.4 Q.III 22.9 24.5 20.9 17.8 23.8 21.5 20.0 36.7 28.9 20.7 Q.IV 24.7 25.5 22.5 20.2 27.1 20.9 19.5 37.0 44.3 21.0 2007/08 Q.I 26.7 26.3 23.0 20.9 29.2 23.4 21.9 36.1 71.8 22.3 Q.II 26.9 26.9 23.3 21.2 31.4 26.5 24.8 34.5 62.7 24.8 Q.III 29.3 29.6 23.9 22.1 34.9 36.1 33.7 39.8 63.0 26.3 Q.IV 36.1 40.5 27.3 25.0 41.9 39.8 37.2 41.3 75.1 27.5 2008/09 Q.I 43.5 52.1 31.4 29.8 40.9 42.0 39.2 50.6 80.2 27.4 Q.II 42.4 52.8 31.7 31.3 39.1 39.9 37.3 50.2 61.1 26.9 Q.III 40.6 50.5 30.7 31.5 37.2 43.7 40.8 61.7 41.2 26.7 Q.IV 41.9 51.4 32.2 33.2 40.0 48.6 45.4 66.3 32.1 26.9 2009/10 Q.I 43.3 53.8 33.7 36.6 39.6 42.3 39.5 67.7 33.5 32.7 Q.II 43.9 53.5 33.7 36.2 39.4 40.9 38.2 74.2 45.3 37.4 Q.III 42.9 50.4 34.3 35.9 39.9 41.3 38.6 72.8 45.2 37.0 QIV 45.2 51.0 36.9 37.3 40.6 45.2 42.2 73.9 62.7 35.7 2010/11 Q.I 47.9 50.7 38.6 38.5 42.9 53.9 50.4 78.7 70.3 39.7 Q.II 49.1 50.6 39.2 39.5 50.8 56.8 53.0 82.2 55.6 50.7 Q.III 49.2 49.4 38.9 40.9 54.3 60.3 56.3 72.5 60.5 65.4 Q.IV 55.0 54.8 40.1 42.6 74.4 62.1 58.0 74.1 87.9 78.1 2011/12 Q.I 59.7 58.2 47.5 46.9 77.1 54.1 50.5 74.4 102.7 81.1 Q.II 63.8 61.2 52.4 52.0 74.1 57.3 53.5 75.6 95.7 88.4 Q.III 66.6 64.1 57.0 55.8 75.5 63.3 63.3 76.7 91.6 89.7 Q.IV 72.8 71.7 68.6 58.5 79.3 65.0 68.5 77.6 95.2 86.7 2012/13 Q.I 75.4 77.3 70.9 63.4 77.9 71.8 71.8 77.6 88.6 84.6 Q.II 74.0 79.7 69.1 67.3 77.6 73.1 66.8 77.6 76.6 82.7 Q.III 72.7 78.5 73.3 69.4 79.0 80.4 59.7 77.6 73.0 79.7 Q.IV 75.2 79.8 74.3 70.1 81.6 84.0 67.8 77.6 70.9 76.4 2013/14 Q.I 78.5 82.3 75.7 71.8 81.6 83.5 75.6 77.6 76.3 78.0 Q.II 77.1 84.0 75.4 71.5 81.1 79.1 67.2 77.8 79.4 78.7 Q.III 76.2 78.1 77.6 71.6 81.2 86.3 70.4 78.0 73.4 80.3 Q.IV 79.1 78.9 81.1 73.4 83.6 87.2 69.9 82.7 95.6 89.6 2014/15 Q.I 83.3 82.2 81.4 75.8 89.0 84.3 72.1 82.6 127.8 91.1 Q.II 83.7 82.4 78.6 79.3 94.0 84.1 78.0 82.7 104.0 95.0 Q.III 87.2 79.8 81.3 80.8 99.9 103.1 86.5 81.2 120.9 94.7 Q.IV 94.8 82.1 84.6 88.6 110.4 101.4 91.1 83.1 188.2 91.7 2015/16 Q.I 106.7 84.4 93.8 94.3 110.6 101.9 99.0 83.5 317.2 88.5 Q.II 102.7 86.1 96.9 95.8 108.1 101.0 100.3 83.6 229.0 87.6 QIII 96.4 88.9 95.8 95.7 99.6 113.7 95.4 94.0 141.8 85.8 QIV 101.1 93.3 98.4 96.7 101.7 113.7 108.3 99.8 130.6 88.6 2016/17 QI 106.7 98.6 101.1 98.9 103.0 103.3 122.3 96.8 130.7 93.1 QII 101.8 102.3 100.8 100.0 99.8 102.1 96.9 100.8 96.5 112.0 97.4 QIII 100.4 98.6 97.6 91.6 101.8 105.0 108.8 105.5 100.0 93.8 97.7 QIV 104.4 101.8 106.4 99.9 102.2 107.3 118.7 112.6 99.0 86.1 94.2 2017/18 QI 109.2 109.9 114.6 101.9 105.6 109.5 134.3 111.4 100.0 86.6 100.4 QII 110.3 112.8 114.8 98.4 105.5 109.1 132.5 106.9 100.0 104.0 105.8 QIII 113.1 111.2 117.2 100.4 110.2 110.2 140.3 106.2 100.0 155.7 105.2 QIV 117.7 117.4 126.0 112.3 121.4 114.8 139.3 105.6 100.0 160.3 105.7 2018/19 QI 125.2 124.7 130.0 109.2 125.3 116.0 135.4 123.0 100.0 161.4 109.3 QII 123.7 125.5 127.9 110.4 129.0 116.1 138.4 117.6 100.0 154.7 109.6 QIII 127.5 129.6 135.4 119.4 128.7 117.3 151.8 121.0 100.0 154.9 109.6 QIV 141.4 136.3 151.8 114.2 134.9 122.0 170.9 155.0 114.1 154.1 112.8 2019/20 QI 155.5 155.6 164.5 133.0 142.5 131.2 176.5 171.6 114.1 162.7 116.0 QII 157.1 159.2 171.8 129.1 147.0 133.8 184.5 162.4 114.1 171.0 118.7 QIII 160.9 162.1 175.2 131.2 146.6 142.2 190.7 163.6 114.1 183.3 127.6 QIV 178.6 181.4 182.7 138.1 153.6 150.4 175.8 185.0 114.1 256.7 138.8 2020/21 QI 197.7 194.1 191.8 191.4 158.2 158.2 160.1 218.4 109.3 353.2 144.3 QII 211.7 220.8 213.6 181.0 174.8 184.7 205.2 185.9 141.3 414.7 163.2 QIII 201.4 212.8 197.9 188.5 170.7 174.0 205.1 180.1 141.3 369.3 161.4 QIV 229.5 233.9 238.1 179.6 185.1 204.9 211.6 195.0 141.0 501.2 167.2 Source: Central Statistical Agency & NBE staff Compilation

Fourth Quarter 2020/21 | 119 National Bank of Ethiopia Quarterly Bulletin Table 22(D): Addis Ababa Food Consumer Price Index December 2016=100 Period Food & Non-al￾coholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and con￾fectionery Food prod￾ucts Non-Al￾coholic Beverages 2006/07 Q.I 20.7 22.4 19.9 16.7 19.3 17.5 16.3 38.6 20.5 19.2 Q.II 21.9 23.9 20.5 17.2 21.3 18.4 17.2 36.7 21.6 19.4 Q.III 22.9 24.5 20.9 17.8 23.8 21.5 20.0 36.7 28.9 20.7 Q.IV 24.7 25.5 22.5 20.2 27.1 20.9 19.5 37.0 44.3 21.0 2007/08 Q.I 26.7 26.3 23.0 20.9 29.2 23.4 21.9 36.1 71.8 22.3 Q.II 26.9 26.9 23.3 21.2 31.4 26.5 24.8 34.5 62.7 24.8 Q.III 29.3 29.6 23.9 22.1 34.9 36.1 33.7 39.8 63.0 26.3 Q.IV 36.1 40.5 27.3 25.0 41.9 39.8 37.2 41.3 75.1 27.5 2008/09 Q.I 43.5 52.1 31.4 29.8 40.9 42.0 39.2 50.6 80.2 27.4 Q.II 42.4 52.8 31.7 31.3 39.1 39.9 37.3 50.2 61.1 26.9 Q.III 40.6 50.5 30.7 31.5 37.2 43.7 40.8 61.7 41.2 26.7 Q.IV 41.9 51.4 32.2 33.2 40.0 48.6 45.4 66.3 32.1 26.9 2009/10 Q.I 43.3 53.8 33.7 36.6 39.6 42.3 39.5 67.7 33.5 32.7 Q.II 43.9 53.5 33.7 36.2 39.4 40.9 38.2 74.2 45.3 37.4 Q.III 42.9 50.4 34.3 35.9 39.9 41.3 38.6 72.8 45.2 37.0 QIV 45.2 51.0 36.9 37.3 40.6 45.2 42.2 73.9 62.7 35.7 2010/11 Q.I 47.9 50.7 38.6 38.5 42.9 53.9 50.4 78.7 70.3 39.7 Q.II 49.1 50.6 39.2 39.5 50.8 56.8 53.0 82.2 55.6 50.7 Q.III 49.2 49.4 38.9 40.9 54.3 60.3 56.3 72.5 60.5 65.4 Q.IV 55.0 54.8 40.1 42.6 74.4 62.1 58.0 74.1 87.9 78.1 2011/12 Q.I 59.7 58.2 47.5 46.9 77.1 54.1 50.5 74.4 102.7 81.1 Q.II 63.8 61.2 52.4 52.0 74.1 57.3 53.5 75.6 95.7 88.4 Q.III 66.6 64.1 57.0 55.8 75.5 63.3 63.3 76.7 91.6 89.7 Q.IV 72.8 71.7 68.6 58.5 79.3 65.0 68.5 77.6 95.2 86.7 2012/13 Q.I 75.4 77.3 70.9 63.4 77.9 71.8 71.8 77.6 88.6 84.6 Q.II 74.0 79.7 69.1 67.3 77.6 73.1 66.8 77.6 76.6 82.7 Q.III 72.7 78.5 73.3 69.4 79.0 80.4 59.7 77.6 73.0 79.7 Q.IV 75.2 79.8 74.3 70.1 81.6 84.0 67.8 77.6 70.9 76.4 2013/14 Q.I 78.5 82.3 75.7 71.8 81.6 83.5 75.6 77.6 76.3 78.0 Q.II 77.1 84.0 75.4 71.5 81.1 79.1 67.2 77.8 79.4 78.7 Q.III 76.2 78.1 77.6 71.6 81.2 86.3 70.4 78.0 73.4 80.3 Q.IV 79.1 78.9 81.1 73.4 83.6 87.2 69.9 82.7 95.6 89.6 2014/15 Q.I 83.3 82.2 81.4 75.8 89.0 84.3 72.1 82.6 127.8 91.1 Q.II 83.7 82.4 78.6 79.3 94.0 84.1 78.0 82.7 104.0 95.0 Q.III 87.2 79.8 81.3 80.8 99.9 103.1 86.5 81.2 120.9 94.7 Q.IV 94.8 82.1 84.6 88.6 110.4 101.4 91.1 83.1 188.2 91.7 2015/16 Q.I 106.7 84.4 93.8 94.3 110.6 101.9 99.0 83.5 317.2 88.5 Q.II 102.7 86.1 96.9 95.8 108.1 101.0 100.3 83.6 229.0 87.6 QIII 96.4 88.9 95.8 95.7 99.6 113.7 95.4 94.0 141.8 85.8 QIV 101.1 93.3 98.4 96.7 101.7 113.7 108.3 99.8 130.6 88.6 2016/17 QI 106.7 98.6 101.1 98.9 103.0 103.3 122.3 96.8 130.7 93.1 QII 101.8 102.3 100.8 100.0 99.8 102.1 96.9 100.8 96.5 112.0 97.4 QIII 100.4 98.6 97.6 91.6 101.8 105.0 108.8 105.5 100.0 93.8 97.7 QIV 104.4 101.8 106.4 99.9 102.2 107.3 118.7 112.6 99.0 86.1 94.2 2017/18 QI 109.2 109.9 114.6 101.9 105.6 109.5 134.3 111.4 100.0 86.6 100.4 QII 110.3 112.8 114.8 98.4 105.5 109.1 132.5 106.9 100.0 104.0 105.8 QIII 113.1 111.2 117.2 100.4 110.2 110.2 140.3 106.2 100.0 155.7 105.2 QIV 117.7 117.4 126.0 112.3 121.4 114.8 139.3 105.6 100.0 160.3 105.7 2018/19 QI 125.2 124.7 130.0 109.2 125.3 116.0 135.4 123.0 100.0 161.4 109.3 QII 123.7 125.5 127.9 110.4 129.0 116.1 138.4 117.6 100.0 154.7 109.6 QIII 127.5 129.6 135.4 119.4 128.7 117.3 151.8 121.0 100.0 154.9 109.6 QIV 141.4 136.3 151.8 114.2 134.9 122.0 170.9 155.0 114.1 154.1 112.8 2019/20 QI 155.5 155.6 164.5 133.0 142.5 131.2 176.5 171.6 114.1 162.7 116.0 QII 157.1 159.2 171.8 129.1 147.0 133.8 184.5 162.4 114.1 171.0 118.7 QIII 160.9 162.1 175.2 131.2 146.6 142.2 190.7 163.6 114.1 183.3 127.6 QIV 178.6 181.4 182.7 138.1 153.6 150.4 175.8 185.0 114.1 256.7 138.8 2020/21 QI 197.7 194.1 191.8 191.4 158.2 158.2 160.1 218.4 109.3 353.2 144.3 QII 211.7 220.8 213.6 181.0 174.8 184.7 205.2 185.9 141.3 414.7 163.2 QIII 201.4 212.8 197.9 188.5 170.7 174.0 205.1 180.1 141.3 369.3 161.4 QIV 229.5 233.9 238.1 179.6 185.1 204.9 211.6 195.0 141.0 501.2 167.2 Source: Central Statistical Agency & NBE staff Compilation Table 22 (E1): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcohol￾ic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Wa￾ter,Electric￾ity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communi￾cation Recreation and Culture Education Restaurants and Hotels Miscellane￾ous 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 2019/20 QI 140.5 151.7 129.6 95.3 134.9 130.6 153.0 102.9 170.3 103.4 164.8 114.8 145.6 141.0 QII 134.9 142.0 128.1 97.7 131.2 135.2 154.0 96.9 149.2 103.6 172.8 114.5 134.2 132.6 QIII 151.1 158.7 143.8 116.7 154.4 135.7 165.2 109.7 218.4 103.6 192.1 118.7 165.5 148.0 QIV 158.7 174.6 143.2 134.0 156.7 125.6 169.5 101.2 222.3 104.6 192.7 127.2 153.7 150.3 2020/21 QI 170.8 179.9 162.0 159.3 168.1 152.7 170.6 106.4 322.8 104.6 189.5 141.0 165.7 150.7 QII 169.1 186.3 152.3 143.3 171.7 134.4 173.3 123.9 203.4 104.6 213.4 119.6 167.4 156.5 QIII 174.3 195.6 153.6 139.4 171.8 136.4 176.6 136.3 203.4 104.6 218.6 118.7 168.3 160.6 QIV 191.7 224.9 159.6 133.1 180.5 145.1 186.9 154.1 218.4 104.6 227.8 133.0 170.3 161.9 Source: Central Statistical Agency

120 | Fourth Quarter 2020/21 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,Wa￾ter,Electricity,- Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communi￾cation 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 75.2 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 77.4 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 78.8 89.1 92.1 69.3 82.3 87.6 84.1 87.0 87.8 100.0 77.9 91.3 2014/15 Q.I 81.6 83.8 79.4 90.7 93.9 68.9 82.8 89.0 84.3 88.4 88.1 108.3 79.3 91.6 Q.II 82.4 84.0 80.7 91.7 99.1 69.7 83.6 92.6 85.9 87.0 88.0 100.0 80.2 91.9 Q.III 83.7 84.7 82.6 92.7 101.9 72.4 85.4 93.5 86.0 90.0 89.2 100.0 81.3 92.6 Q.IV 85.8 86.3 85.1 96.3 101.3 75.9 88.1 89.5 85.5 99.5 89.8 100.0 83.9 93.4 2015/16 Q.I 89.7 91.5 87.8 95.8 103.5 79.6 90.1 90.0 94.4 108.7 86.6 100.0 86.5 92.7 Q.II 90.9 92.7 89.0 95.9 101.8 80.6 92.4 89.1 101.4 97.7 94.9 100.0 89.7 93.1 Q.III 92.4 93.0 91.7 99.3 102.2 84.5 94.9 97.3 96.3 98.3 96.2 100.0 92.1 94.1 Q.IV 94.9 95.1 94.5 98.9 103.3 89.1 96.1 94.4 101.9 98.8 93.8 100.0 95.3 95.1 2016/17 QI 99.8 101.3 98.1 97.1 101.4 96.9 97.8 88.7 103.5 98.3 97.6 100.0 99.2 96.4 QIII 101.1 102.3 99.8 99.3 100.0 99.4 99.7 99.8 101.7 99.4 98.5 100.0 100.7 98.1 QII 102.4 105.4 99.0 98.4 101.6 98.7 100.3 104.9 102.9 100.0 98.8 95.2 95.9 100.7 QIV 108.7 110.1 107.2 124.7 103.6 108.4 101.9 133.6 104.0 99.1 123.5 95.5 102.1 99.9 2017/18 QI 119.5 118.2 120.9 135.5 108.2 134.1 106.5 154.5 104.0 95.6 125.2 119.0 111.6 102.9 QII 122.4 119.9 125.2 140.4 115.0 138.9 110.2 119.9 105.1 102.7 127.4 119.0 119.5 105.2 QIII 125.5 122.0 129.4 144.8 119.5 145.7 121.2 150.8 105.4 112.8 133.4 119.0 111.1 112.4 QIV 129.0 127.7 130.5 139.8 127.3 145.8 126.1 131.4 106.3 122.3 138.0 119.0 111.6 115.4 2018/19 QI 134.1 133.9 134.2 141.6 132.6 148.5 127.8 155.4 106.9 128.9 140.9 119.0 114.4 124.2 QII 134.4 132.9 136.2 141.1 138.1 149.2 129.9 171.6 116.1 115.3 142.3 120.6 118.7 119.1 QIII 138.3 136.6 140.2 146.3 141.6 149.7 137.5 196.6 122.8 118.1 142.1 121.6 124.7 120.4 QIV 148.6 149.3 147.8 150.3 148.2 161.8 143.7 175.3 125.5 139.3 141.5 136.5 130.1 125.7 2019/20 QI 157.6 161.4 153.3 147.1 148.4 169.4 144.5 193.2 120.5 137.3 144.1 134.7 142.7 127.9 QII 159.7 161.0 158.3 155.1 150.0 176.1 146.8 200.8 123.1 126.3 148.9 138.8 150.3 129.9 QIII 169.7 174.2 164.8 181.6 152.4 180.5 149.5 207.8 148.4 120.4 161.7 126.0 155.8 133.3 QIV 179.0 187.5 169.6 207.9 157.9 180.0 153.4 199.3 190.2 160.6 150.6 142.0 151.5 140.0 2020/21 QI 185.8 200.0 169.8 193.7 159.8 177.8 155.2 222.7 215.2 149.4 140.2 132.7 153.3 150.5 QII 185.9 197.9 172.5 207.2 165.1 182.6 158.3 206.7 143.9 138.8 159.4 138.3 163.6 150.5 QIII 192.0 199.2 184.0 225.7 176.7 188.5 169.5 210.0 146.2 215.0 165.3 144.6 175.0 158.9 QIV 204.2 213.9 193.3 244.6 192.5 185.4 186.7 248.2 164.0 261.2 184.4 153.5 184.0 168.0 Source: Central Statistical Agency

Fourth Quarter 2020/21 | 121 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,Wa￾ter,Electricity,- Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communi￾cation 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 75.2 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 77.4 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 78.8 89.1 92.1 69.3 82.3 87.6 84.1 87.0 87.8 100.0 77.9 91.3 2014/15 Q.I 81.6 83.8 79.4 90.7 93.9 68.9 82.8 89.0 84.3 88.4 88.1 108.3 79.3 91.6 Q.II 82.4 84.0 80.7 91.7 99.1 69.7 83.6 92.6 85.9 87.0 88.0 100.0 80.2 91.9 Q.III 83.7 84.7 82.6 92.7 101.9 72.4 85.4 93.5 86.0 90.0 89.2 100.0 81.3 92.6 Q.IV 85.8 86.3 85.1 96.3 101.3 75.9 88.1 89.5 85.5 99.5 89.8 100.0 83.9 93.4 2015/16 Q.I 89.7 91.5 87.8 95.8 103.5 79.6 90.1 90.0 94.4 108.7 86.6 100.0 86.5 92.7 Q.II 90.9 92.7 89.0 95.9 101.8 80.6 92.4 89.1 101.4 97.7 94.9 100.0 89.7 93.1 Q.III 92.4 93.0 91.7 99.3 102.2 84.5 94.9 97.3 96.3 98.3 96.2 100.0 92.1 94.1 Q.IV 94.9 95.1 94.5 98.9 103.3 89.1 96.1 94.4 101.9 98.8 93.8 100.0 95.3 95.1 2016/17 QI 99.8 101.3 98.1 97.1 101.4 96.9 97.8 88.7 103.5 98.3 97.6 100.0 99.2 96.4 QIII 101.1 102.3 99.8 99.3 100.0 99.4 99.7 99.8 101.7 99.4 98.5 100.0 100.7 98.1 QII 102.4 105.4 99.0 98.4 101.6 98.7 100.3 104.9 102.9 100.0 98.8 95.2 95.9 100.7 QIV 108.7 110.1 107.2 124.7 103.6 108.4 101.9 133.6 104.0 99.1 123.5 95.5 102.1 99.9 2017/18 QI 119.5 118.2 120.9 135.5 108.2 134.1 106.5 154.5 104.0 95.6 125.2 119.0 111.6 102.9 QII 122.4 119.9 125.2 140.4 115.0 138.9 110.2 119.9 105.1 102.7 127.4 119.0 119.5 105.2 QIII 125.5 122.0 129.4 144.8 119.5 145.7 121.2 150.8 105.4 112.8 133.4 119.0 111.1 112.4 QIV 129.0 127.7 130.5 139.8 127.3 145.8 126.1 131.4 106.3 122.3 138.0 119.0 111.6 115.4 2018/19 QI 134.1 133.9 134.2 141.6 132.6 148.5 127.8 155.4 106.9 128.9 140.9 119.0 114.4 124.2 QII 134.4 132.9 136.2 141.1 138.1 149.2 129.9 171.6 116.1 115.3 142.3 120.6 118.7 119.1 QIII 138.3 136.6 140.2 146.3 141.6 149.7 137.5 196.6 122.8 118.1 142.1 121.6 124.7 120.4 QIV 148.6 149.3 147.8 150.3 148.2 161.8 143.7 175.3 125.5 139.3 141.5 136.5 130.1 125.7 2019/20 QI 157.6 161.4 153.3 147.1 148.4 169.4 144.5 193.2 120.5 137.3 144.1 134.7 142.7 127.9 QII 159.7 161.0 158.3 155.1 150.0 176.1 146.8 200.8 123.1 126.3 148.9 138.8 150.3 129.9 QIII 169.7 174.2 164.8 181.6 152.4 180.5 149.5 207.8 148.4 120.4 161.7 126.0 155.8 133.3 QIV 179.0 187.5 169.6 207.9 157.9 180.0 153.4 199.3 190.2 160.6 150.6 142.0 151.5 140.0 2020/21 QI 185.8 200.0 169.8 193.7 159.8 177.8 155.2 222.7 215.2 149.4 140.2 132.7 153.3 150.5 QII 185.9 197.9 172.5 207.2 165.1 182.6 158.3 206.7 143.9 138.8 159.4 138.3 163.6 150.5 QIII 192.0 199.2 184.0 225.7 176.7 188.5 169.5 210.0 146.2 215.0 165.3 144.6 175.0 158.9 QIV 204.2 213.9 193.3 244.6 192.5 185.4 186.7 248.2 164.0 261.2 184.4 153.5 184.0 168.0 Source: Central Statistical Agency Table 22 (E3): Regional States' Consumer Price Indices (Non-Food) December 2016= 100 Period General Index Food & Non-alcohol￾ic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Wa￾ter,Electric￾ity,Gas and Other Fuels Furnishings, Household Equipment & Routine Maintenance of the House Health Transport Communi￾cation Recreation and Culture Education Restaurants and Hotels Miscellane￾ous 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 2019/20 QI 156.5 164.5 149.1 130.8 134.1 122.3 172.6 196.4 129.1 100.0 200.9 100.0 210.4 135.8 QII 158.9 166.7 151.5 134.6 132.3 123.9 164.8 186.9 132.1 100.0 247.9 125.0 219.6 148.9 QIII 167.2 173.0 161.9 161.4 136.3 131.0 175.2 192.6 132.1 100.0 238.5 125.0 234.1 158.7 QIV 179.9 190.9 169.6 197.1 137.9 128.7 175.7 197.2 140.5 100.0 234.7 125.0 249.5 161.0 2020/21 QI 201.1 222.6 180.8 201.3 147.0 141.5 177.9 195.9 177.9 100.0 236.1 114.6 271.0 169.6 QII 203.4 220.5 187.2 210.7 149.5 153.1 183.1 198.8 132.7 100.0 268.6 125.0 288.0 170.6 QIII 203.7 217.6 190.7 193.5 166.8 188.3 198.5 204.0 139.2 100.0 282.7 125.0 235.4 182.7 QIV 218.6 233.9 204.3 201.8 181.8 172.7 230.5 225.2 140.6 100.0 309.8 125.0 295.6 188.2 Source: Central Statistical Agency

122 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 22 (E4): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcohol￾ic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Wa￾ter,Electric￾ity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communi￾cation Recreation and Culture Education Restaurants and Hotels Miscellane￾ous 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 2019/20 119.8 QI 140.3 162.6 123.7 104.7 142.0 129.9 138.7 120.4 114.8 60.2 127.9 146.9 133.3 126.1 QII 147.6 169.9 131.0 126.4 154.5 132.5 146.6 133.2 113.6 60.2 128.9 152.5 127.8 134.9 QIII 150.6 167.3 138.2 153.1 164.7 140.3 148.4 139.1 108.5 60.2 129.5 148.7 125.4 135.2 QIV 164.4 187.4 147.2 165.0 167.3 137.9 153.6 137.2 201.8 60.2 129.2 145.4 141.8 135.0 2020/21 QI 181.8 216.5 155.9 166.4 166.0 143.3 157.7 147.1 295.0 60.2 131.9 149.7 151.8 136.4 QII 172.5 204.1 149.0 157.8 154.7 143.2 153.4 168.9 211.2 60.2 142.4 166.0 160.2 135.6 QIII 178.7 215.4 151.3 170.5 160.2 143.1 166.0 176.7 168.6 60.2 151.6 155.3 167.9 131.5 QIV 189.0 233.7 155.6 162.4 168.3 147.0 182.1 166.0 168.6 60.2 186.8 165.8 171.8 138.4 Source: Central Statistical Agency

Fourth Quarter 2020/21 | 123 National Bank of Ethiopia Quarterly Bulletin Table 22 (E4): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcohol￾ic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Wa￾ter,Electric￾ity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communi￾cation Recreation and Culture Education Restaurants and Hotels Miscellane￾ous 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 2019/20 119.8 QI 140.3 162.6 123.7 104.7 142.0 129.9 138.7 120.4 114.8 60.2 127.9 146.9 133.3 126.1 QII 147.6 169.9 131.0 126.4 154.5 132.5 146.6 133.2 113.6 60.2 128.9 152.5 127.8 134.9 QIII 150.6 167.3 138.2 153.1 164.7 140.3 148.4 139.1 108.5 60.2 129.5 148.7 125.4 135.2 QIV 164.4 187.4 147.2 165.0 167.3 137.9 153.6 137.2 201.8 60.2 129.2 145.4 141.8 135.0 2020/21 QI 181.8 216.5 155.9 166.4 166.0 143.3 157.7 147.1 295.0 60.2 131.9 149.7 151.8 136.4 QII 172.5 204.1 149.0 157.8 154.7 143.2 153.4 168.9 211.2 60.2 142.4 166.0 160.2 135.6 QIII 178.7 215.4 151.3 170.5 160.2 143.1 166.0 176.7 168.6 60.2 151.6 155.3 167.9 131.5 QIV 189.0 233.7 155.6 162.4 168.3 147.0 182.1 166.0 168.6 60.2 186.8 165.8 171.8 138.4 Source: Central Statistical Agency 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,Wa￾ter,Electric￾ity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communi￾cation 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 2019/20 QI 138.9 149.2 127.1 155.7 144.4 109.9 143.2 130.9 149.8 98.2 131.0 143.3 157.4 116.3 QII 139.8 147.6 130.7 153.5 152.8 118.6 145.5 105.2 130.9 105.4 149.7 158.9 165.6 111.8 QIII 149.0 159.3 137.2 190.5 153.0 124.0 140.0 89.3 151.3 121.7 152.2 163.0 160.4 116.6 QIV 165.7 181.3 147.8 250.2 159.3 132.4 151.9 94.0 148.7 120.0 144.8 145.2 150.6 118.6 2020/21 QI 173.7 192.1 152.5 269.9 157.7 135.2 150.2 111.3 175.6 115.2 146.0 146.1 152.9 112.0 QII 173.6 190.6 154.1 265.4 164.6 134.5 151.6 117.9 180.2 118.8 191.2 160.9 161.5 116.6 QIII 184.6 203.3 163.0 283.9 169.5 139.3 163.3 128.4 195.1 124.9 217.1 167.9 178.4 123.5 QIV 193.4 217.9 165.1 280.3 187.8 131.6 194.9 140.4 200.9 131.0 217.0 184.4 182.0 128.2 Source: Central Statistical Agency

124 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 22 (E6): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alco￾holic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Wa￾ter,Electric￾ity,Gas and Other Fuels Furnishings, Household Equipment and Routine Mainte￾nance of the House Health Transport Communi￾cation Recreation and Culture Education Restaurants and Hotels Miscellane￾ous 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 2019/20 QI 142.3 153.9 134.3 133.3 136.8 129.3 133.4 123.9 150.0 100.0 121.8 149.3 147.7 133.5 QII 145.9 160.0 136.0 106.0 136.3 155.8 132.2 139.7 150.0 100.0 138.3 137.6 161.6 133.6 QIII 151.8 159.2 146.6 128.9 140.7 166.1 134.0 144.9 156.0 100.0 143.8 139.8 170.7 139.8 QIV 162.0 173.0 154.4 140.7 141.6 156.6 142.3 150.3 320.1 100.0 142.9 130.3 171.6 144.7 2020/21 QI 178.4 189.7 170.5 175.1 143.0 172.2 151.8 156.8 423.3 100.0 129.9 129.3 170.4 157.7 QII 179.7 192.4 170.8 176.1 138.0 190.2 154.7 160.5 258.7 100.0 136.2 155.4 178.9 167.9 QIII 182.2 193.2 174.6 176.3 144.9 203.6 154.9 173.2 225.3 100.0 140.8 151.8 182.0 178.2 QIV 194.2 214.3 180.0 180.6 166.0 195.0 173.1 186.1 240.4 100.0 148.0 159.1 186.7 182.9 Source: Central Statistical Agency

Fourth Quarter 2020/21 | 125 National Bank of Ethiopia Quarterly Bulletin Table 22 (E6): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alco￾holic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Wa￾ter,Electric￾ity,Gas and Other Fuels Furnishings, Household Equipment and Routine Mainte￾nance of the House Health Transport Communi￾cation Recreation and Culture Education Restaurants and Hotels Miscellane￾ous 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 2019/20 QI 142.3 153.9 134.3 133.3 136.8 129.3 133.4 123.9 150.0 100.0 121.8 149.3 147.7 133.5 QII 145.9 160.0 136.0 106.0 136.3 155.8 132.2 139.7 150.0 100.0 138.3 137.6 161.6 133.6 QIII 151.8 159.2 146.6 128.9 140.7 166.1 134.0 144.9 156.0 100.0 143.8 139.8 170.7 139.8 QIV 162.0 173.0 154.4 140.7 141.6 156.6 142.3 150.3 320.1 100.0 142.9 130.3 171.6 144.7 2020/21 QI 178.4 189.7 170.5 175.1 143.0 172.2 151.8 156.8 423.3 100.0 129.9 129.3 170.4 157.7 QII 179.7 192.4 170.8 176.1 138.0 190.2 154.7 160.5 258.7 100.0 136.2 155.4 178.9 167.9 QIII 182.2 193.2 174.6 176.3 144.9 203.6 154.9 173.2 225.3 100.0 140.8 151.8 182.0 178.2 QIV 194.2 214.3 180.0 180.6 166.0 195.0 173.1 186.1 240.4 100.0 148.0 159.1 186.7 182.9 Source: Central Statistical Agency Table 22 (E7): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alco￾holic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Hous￾ing,Wa￾ter,Electric￾ity,Gas and Other Fuels Furnishings, Household Equipment and Routine Mainte￾nance of the House Health Transport Communi￾cation Recreation and Culture Education Restaurants and Hotels Miscellane￾ous 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 2019/20 QI 146.1 152.2 138.1 117.2 180.0 135.3 153.0 85.4 148.7 102.9 122.4 141.2 131.9 134.0 QII 148.8 154.8 141.1 125.3 183.0 136.7 152.0 93.5 149.9 101.8 137.6 133.3 138.0 138.1 QIII 154.6 160.7 146.7 127.6 178.9 149.4 153.0 95.6 159.0 100.7 134.0 136.4 142.4 144.6 QIV 165.5 175.5 152.7 147.7 190.3 140.8 156.4 124.8 211.0 102.3 131.4 139.6 148.1 148.3 2020/21 QI 173.8 187.6 156.2 145.1 190.6 144.4 159.0 121.8 244.2 101.3 137.4 147.8 151.6 152.5 QII 175.2 189.3 157.0 149.8 201.0 144.1 158.2 141.8 190.4 100.6 151.6 144.5 159.5 159.0 QIII 186.9 198.5 172.0 159.3 210.9 163.5 175.4 165.3 220.5 101.9 167.0 146.0 166.2 168.2 QIV 202.6 221.1 178.9 164.2 226.9 152.7 204.8 184.2 255.0 104.1 180.3 157.8 174.2 195.0 Source: Central Statistical Agency

126 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 22 (E8): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-al￾coholic Index Non-Food Index Alcoholic bever￾ages & Tobacco Clothing & Foot￾wear Housing,Wa￾ter,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Main￾tenance 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 2019/20 QI 146.3 153.2 137.4 130.7 128.4 131.7 155.0 125.1 134.3 73.2 136.9 139.9 155.9 140.3 QII 154.0 158.9 147.7 130.5 124.1 154.3 157.6 128.2 140.6 70.6 149.3 137.0 163.3 144.2 QIII 161.7 162.8 160.3 134.7 127.5 181.1 159.8 129.4 141.6 69.0 148.2 135.0 167.7 149.8 QIV 179.2 183.1 174.3 169.6 131.1 198.4 160.5 133.1 177.3 69.7 151.3 134.5 173.7 154.8 2020/21 QI 189.9 196.2 181.8 172.0 134.9 207.4 164.0 136.0 205.3 70.4 150.5 128.6 179.4 156.6 QII 193.7 202.3 182.7 172.9 138.9 210.8 164.8 140.9 171.8 70.5 165.7 144.3 185.4 162.0 QIII 207.1 211.6 201.2 183.4 147.5 229.1 180.2 146.5 252.8 72.1 179.7 148.6 193.9 173.3 QIV 231.9 246.9 212.4 195.5 159.2 239.5 211.2 165.8 221.2 73.5 196.5 147.6 214.1 186.3 Source: Central Statistical Agency

Fourth Quarter 2020/21 | 127 National Bank of Ethiopia Quarterly Bulletin Table 22 (E8): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-al￾coholic Index Non-Food Index Alcoholic bever￾ages & Tobacco Clothing & Foot￾wear Housing,Wa￾ter,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Main￾tenance 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 2019/20 QI 146.3 153.2 137.4 130.7 128.4 131.7 155.0 125.1 134.3 73.2 136.9 139.9 155.9 140.3 QII 154.0 158.9 147.7 130.5 124.1 154.3 157.6 128.2 140.6 70.6 149.3 137.0 163.3 144.2 QIII 161.7 162.8 160.3 134.7 127.5 181.1 159.8 129.4 141.6 69.0 148.2 135.0 167.7 149.8 QIV 179.2 183.1 174.3 169.6 131.1 198.4 160.5 133.1 177.3 69.7 151.3 134.5 173.7 154.8 2020/21 QI 189.9 196.2 181.8 172.0 134.9 207.4 164.0 136.0 205.3 70.4 150.5 128.6 179.4 156.6 QII 193.7 202.3 182.7 172.9 138.9 210.8 164.8 140.9 171.8 70.5 165.7 144.3 185.4 162.0 QIII 207.1 211.6 201.2 183.4 147.5 229.1 180.2 146.5 252.8 72.1 179.7 148.6 193.9 173.3 QIV 231.9 246.9 212.4 195.5 159.2 239.5 211.2 165.8 221.2 73.5 196.5 147.6 214.1 186.3 Source: Central Statistical Agency 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 Mainte￾nance of the House Health Transport Communica￾tion 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 2019/20 Qtr.I 145.3 155.1 134.4 133.3 161.4 122.2 137.5 133.2 177.3 103.2 162.6 158.6 144.1 152.4 Qtr.II 150.4 162.3 137.1 131.3 168.5 127.9 133.2 146.3 178.6 103.0 187.6 191.6 155.7 151.3 Qtr.III 148.6 158.7 137.5 119.2 176.8 134.7 132.3 133.1 184.2 102.8 200.5 201.3 158.5 154.7 Qtr.IV 153.8 161.5 145.1 151.7 179.0 128.4 133.9 131.4 209.2 102.8 193.7 203.7 157.3 154.2 2020/21 Qtr.I 157.1 166.3 146.9 132.9 196.9 133.6 135.7 137.3 281.7 103.1 197.6 187.6 166.7 168.0 Qtr.II 161.3 167.5 154.4 161.3 184.2 135.8 143.4 141.7 243.6 103.0 213.1 210.9 181.3 176.8 Qtr.III 172.0 183.3 159.5 158.4 182.4 146.6 163.1 156.2 245.9 103.5 227.0 212.2 178.1 182.1 Qtr.IV 191.9 206.8 175.4 161.0 195.2 179.9 173.8 154.8 243.5 103.8 225.2 200.9 181.4 193.0 Source: Central Statistical Agency

128 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 22 (E10): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alco￾holic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Hous￾ing,Wa￾ter,Elec￾tricity,Gas and Other Fuels Furnishings, Household Equipment and Rou￾tine Main￾tenance of the House Health Transport Communi￾cation Recreation and Culture Education Restaurants and Hotels Miscel￾laneous 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 2019/20 QI 157.7 171.6 145.9 143.5 138.1 152.9 137.7 132.1 106.6 100.0 103.5 103.6 172.5 136.8 QII 164.1 175.1 154.8 145.6 150.5 165.6 145.3 155.2 120.3 100.0 117.1 133.0 172.9 145.4 QIII 170.3 181.4 160.9 166.0 149.8 175.8 152.2 161.6 115.6 100.0 117.1 127.2 174.3 156.1 QIV 186.3 205.5 170.2 194.2 156.7 182.7 156.0 169.4 137.0 100.0 121.5 119.9 189.7 158.5 2020/21 QI 200.4 228.2 176.8 200.5 152.7 186.7 156.9 169.7 141.0 100.0 122.5 127.8 212.5 167.9 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIV 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 Source: Central Statistical Agency

Fourth Quarter 2020/21 | 129 National Bank of Ethiopia Quarterly Bulletin Table 22 (F1): Regional States' Consumer Price Index (Food) December 100 = 2016 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 2019/20 QI 151.7 167.5 192.0 171.2 121.3 164.1 128.5 188.5 117.4 101.4 123.6 QII 159.8 179.7 197.0 183.7 129.1 168.3 128.4 199.1 113.3 100.3 127.6 QIII 158.7 180.3 210.5 178.2 121.2 161.1 138.1 189.9 115.7 100.2 137.1 QIV 174.6 200.4 209.9 188.5 127.9 172.6 140.5 214.7 144.4 140.6 146.7 2020/21 QI 179.9 188.1 210.0 195.2 136.9 172.5 141.2 266.7 145.7 182.4 146.9 QII 187.5 202.7 202.2 196.1 160.7 213.7 144.5 224.0 135.3 183.0 155.6 QIII 195.6 216.0 205.3 206.9 180.8 203.4 145.4 205.4 137.6 200.7 160.4 QIV 224.9 243.8 222.3 213.2 231.3 256.6 161.5 212.4 147.2 245.9 171.7 Source: Central Statistical Agency Table 22 (E10): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alco￾holic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Hous￾ing,Wa￾ter,Elec￾tricity,Gas and Other Fuels Furnishings, Household Equipment and Rou￾tine Main￾tenance of the House Health Transport Communi￾cation Recreation and Culture Education Restaurants and Hotels Miscel￾laneous 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 2019/20 QI 157.7 171.6 145.9 143.5 138.1 152.9 137.7 132.1 106.6 100.0 103.5 103.6 172.5 136.8 QII 164.1 175.1 154.8 145.6 150.5 165.6 145.3 155.2 120.3 100.0 117.1 133.0 172.9 145.4 QIII 170.3 181.4 160.9 166.0 149.8 175.8 152.2 161.6 115.6 100.0 117.1 127.2 174.3 156.1 QIV 186.3 205.5 170.2 194.2 156.7 182.7 156.0 169.4 137.0 100.0 121.5 119.9 189.7 158.5 2020/21 QI 200.4 228.2 176.8 200.5 152.7 186.7 156.9 169.7 141.0 100.0 122.5 127.8 212.5 167.9 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIV 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 Source: Central Statistical Agency

130 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 22 (F2): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcohol￾ic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choc￾olate and confectionery (ND) Food prod￾ucts Non-Alcohol￾ic 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 2019/20 QI 161.4 190.2 178.9 0.0 164.5 115.1 179.7 159.9 120.5 149.0 110.4 QII 161.0 199.0 179.9 0.0 166.1 115.2 187.3 142.1 120.8 151.5 110.3 QIII 174.2 199.3 184.9 0.0 170.9 123.7 191.0 151.4 120.3 191.3 119.6 QIV 187.5 213.7 194.7 0.0 181.3 136.8 188.7 158.9 121.2 210.7 133.3 2020/21 QI 200.0 238.1 194.3 0.0 187.6 142.7 188.0 181.9 119.5 208.1 143.3 QII 197.9 245.6 202.5 0.0 192.4 150.7 197.8 159.9 139.0 200.8 150.2 QIII 199.2 252.1 204.8 0.0 198.3 165.8 211.8 157.3 151.8 192.2 158.8 QIV 213.9 275.0 234.5 0.0 214.5 208.7 217.6 157.3 153.3 200.7 164.2 Source: Central Statistical Agency

Fourth Quarter 2020/21 | 131 National Bank of Ethiopia Quarterly Bulletin Table 22 (F2): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcohol￾ic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choc￾olate and confectionery (ND) Food prod￾ucts Non-Alcohol￾ic 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 2019/20 QI 161.4 190.2 178.9 0.0 164.5 115.1 179.7 159.9 120.5 149.0 110.4 QII 161.0 199.0 179.9 0.0 166.1 115.2 187.3 142.1 120.8 151.5 110.3 QIII 174.2 199.3 184.9 0.0 170.9 123.7 191.0 151.4 120.3 191.3 119.6 QIV 187.5 213.7 194.7 0.0 181.3 136.8 188.7 158.9 121.2 210.7 133.3 2020/21 QI 200.0 238.1 194.3 0.0 187.6 142.7 188.0 181.9 119.5 208.1 143.3 QII 197.9 245.6 202.5 0.0 192.4 150.7 197.8 159.9 139.0 200.8 150.2 QIII 199.2 252.1 204.8 0.0 198.3 165.8 211.8 157.3 151.8 192.2 158.8 QIV 213.9 275.0 234.5 0.0 214.5 208.7 217.6 157.3 153.3 200.7 164.2 Source: Central Statistical Agency 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 2019/20 QI 164.5 186.6 179.5 138.0 120.3 124.8 126.0 194.2 125.8 160.1 101.3 QII 166.7 201.4 179.2 135.0 123.1 122.9 129.7 183.9 126.2 161.4 104.1 QIII 173.0 204.4 182.3 135.0 123.6 129.3 132.6 183.3 126.5 207.0 115.3 QIV 190.9 216.0 187.0 149.5 127.3 144.7 161.1 208.5 123.0 271.6 127.6 2020/21 QI 222.6 251.8 204.9 152.3 130.8 150.9 143.8 259.4 128.9 347.7 135.7 QII 220.5 261.9 220.9 143.8 122.0 167.3 143.0 220.1 150.5 335.3 153.8 QIII 217.6 248.2 213.4 155.3 113.6 174.3 203.4 214.4 160.3 367.4 153.1 QIV 233.9 261.6 251.3 166.8 122.3 203.1 227.2 213.5 159.1 446.7 154.4 Source: Central Statistical Agency

132 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 22 (F4): Regional States' Consumer Price Index (Food) December 100 = 2016 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 2019/20 QI 162.6 166.7 177.7 155.1 155.9 112.0 157.5 176.1 108.9 215.4 120.6 QII 169.9 175.6 178.9 148.1 162.2 115.5 176.9 184.3 110.0 220.9 133.6 QIII 167.3 177.1 190.2 154.8 155.7 114.7 192.8 162.5 109.7 236.2 139.4 QIV 173.0 179.9 190.2 159.0 155.4 121.4 191.7 173.2 110.8 261.0 145.2 2020/21 QI 216.5 202.8 208.1 159.5 168.3 133.6 177.9 267.6 120.0 433.4 152.0 QII 204.1 210.4 210.1 160.0 171.3 150.7 190.9 205.5 126.1 367.7 153.7 QIII 215.4 224.1 212.3 183.6 178.8 186.4 215.6 192.7 136.1 466.1 149.9 QIV 233.7 241.3 236.6 182.0 207.8 185.3 205.8 196.9 135.0 605.4 153.7 Source: Central Statistical Agency

Fourth Quarter 2020/21 | 133 National Bank of Ethiopia Quarterly Bulletin Table 22 (F4): Regional States' Consumer Price Index (Food) December 100 = 2016 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 2019/20 QI 162.6 166.7 177.7 155.1 155.9 112.0 157.5 176.1 108.9 215.4 120.6 QII 169.9 175.6 178.9 148.1 162.2 115.5 176.9 184.3 110.0 220.9 133.6 QIII 167.3 177.1 190.2 154.8 155.7 114.7 192.8 162.5 109.7 236.2 139.4 QIV 173.0 179.9 190.2 159.0 155.4 121.4 191.7 173.2 110.8 261.0 145.2 2020/21 QI 216.5 202.8 208.1 159.5 168.3 133.6 177.9 267.6 120.0 433.4 152.0 QII 204.1 210.4 210.1 160.0 171.3 150.7 190.9 205.5 126.1 367.7 153.7 QIII 215.4 224.1 212.3 183.6 178.8 186.4 215.6 192.7 136.1 466.1 149.9 QIV 233.7 241.3 236.6 182.0 207.8 185.3 205.8 196.9 135.0 605.4 153.7 Source: Central Statistical Agency 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, choc￾olate and confectionery (ND) Food products Non-Alcohol￾ic 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 2019/20 QI 149.2 175.0 170.2 104.6 138.6 132.8 170.5 140.6 109.4 152.3 110.5 QII 147.6 164.7 174.6 108.5 144.7 127.7 177.0 140.1 112.9 163.4 113.9 QIII 159.3 183.6 193.0 116.6 163.3 124.0 168.5 146.8 112.4 183.6 109.3 QIV 181.3 205.5 206.9 135.7 204.7 158.0 144.6 167.5 117.0 222.9 114.7 2020/21 QI 192.1 223.9 210.0 140.4 216.0 155.9 122.2 177.5 119.2 229.5 127.7 QII 190.6 216.1 208.0 140.4 210.4 172.2 127.6 169.6 134.4 237.1 145.1 QIII 203.3 224.1 228.8 150.0 205.6 192.5 200.5 197.3 145.0 242.9 145.9 QIV 217.9 247.5 246.0 154.7 221.2 248.9 184.2 196.9 159.9 231.2 154.7 Source: Central Statistical Agency

134 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 22 (F6): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non-al￾coholic Beverages Bread and Cereals Meat Fish & sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confec￾tionery (ND) Food prod￾ucts Non-Al￾coholic 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 2019/20 QI 153.9 161.0 157.2 0.0 160.0 118.9 170.5 164.9 121.9 148.7 106.4 QII 160.0 175.5 158.2 0.0 162.7 117.4 181.3 158.3 142.3 147.7 107.1 QIII 159.2 176.1 162.5 0.0 161.0 117.7 183.1 143.0 145.9 157.1 119.2 QIV 173.0 191.5 166.4 0.0 165.0 117.9 187.4 178.9 129.4 170.6 127.4 2020/21 QI 189.7 207.7 179.8 0.0 165.7 118.2 166.3 225.9 120.5 199.6 125.3 QII 192.4 219.6 180.5 0.0 180.0 118.6 185.7 192.7 159.1 201.6 126.2 QIII 193.2 223.3 183.8 0.0 187.2 118.5 217.7 174.3 159.9 208.2 134.0 QIV 214.3 242.9 216.5 0.0 223.7 121.6 248.8 196.2 154.5 241.3 139.1 Source: Central Statistical Agency

Fourth Quarter 2020/21 | 135 National Bank of Ethiopia Quarterly Bulletin Table 22 (F6): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non-al￾coholic Beverages Bread and Cereals Meat Fish & sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confec￾tionery (ND) Food prod￾ucts Non-Al￾coholic 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 2019/20 QI 153.9 161.0 157.2 0.0 160.0 118.9 170.5 164.9 121.9 148.7 106.4 QII 160.0 175.5 158.2 0.0 162.7 117.4 181.3 158.3 142.3 147.7 107.1 QIII 159.2 176.1 162.5 0.0 161.0 117.7 183.1 143.0 145.9 157.1 119.2 QIV 173.0 191.5 166.4 0.0 165.0 117.9 187.4 178.9 129.4 170.6 127.4 2020/21 QI 189.7 207.7 179.8 0.0 165.7 118.2 166.3 225.9 120.5 199.6 125.3 QII 192.4 219.6 180.5 0.0 180.0 118.6 185.7 192.7 159.1 201.6 126.2 QIII 193.2 223.3 183.8 0.0 187.2 118.5 217.7 174.3 159.9 208.2 134.0 QIV 214.3 242.9 216.5 0.0 223.7 121.6 248.8 196.2 154.5 241.3 139.1 Source: Central Statistical Agency Table 22 (F7): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcohol￾ic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choc￾olate and confectionery (ND) Food prod￾ucts Non-Alcohol￾ic 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 2019/20 QI 152.2 173.8 158.5 0.0 152.9 92.6 181.5 172.9 92.3 159.1 111.5 QII 154.5 181.7 162.7 0.0 151.7 87.9 188.7 172.0 83.8 159.8 115.0 QIII 160.7 182.3 163.7 0.0 157.9 95.1 189.7 185.5 83.7 171.4 122.0 QIV 175.5 203.1 172.6 0.0 164.9 97.5 187.0 209.9 86.7 178.9 128.5 2020/21 QI 187.6 217.7 174.3 0.0 166.3 102.3 187.4 225.3 84.9 194.7 145.3 QII 189.3 224.8 176.8 0.0 170.6 114.1 185.3 207.0 93.7 199.7 154.4 QIII 198.5 233.2 183.1 0.0 188.2 127.1 188.6 217.9 99.6 213.6 153.9 QIV 221.1 264.7 206.0 0.0 218.2 160.6 198.7 226.4 104.7 240.1 164.6 Source: Central Statistical Agency

136 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 22 (F8): Regional States' Consumer Price Index (Food) December 100 = 2016 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 2019/20 QI 153.2 169.6 171.3 0.0 153.8 131.2 165.0 161.2 118.2 137.1 131.6 QII 158.9 163.7 174.3 0.0 160.7 134.9 198.3 160.7 120.7 138.4 139.8 QIII 162.8 165.5 182.8 0.0 165.0 136.8 207.9 165.4 122.0 143.6 144.1 QIV 183.1 191.6 194.8 0.0 166.8 147.0 215.6 176.5 127.7 154.7 163.0 2020/21 QI 196.2 205.9 197.5 0.0 171.0 153.7 188.5 188.9 123.3 187.5 177.8 QII 202.3 210.3 202.2 0.0 182.9 157.2 195.9 187.0 139.2 211.3 186.7 QIII 211.6 226.9 206.7 0.0 197.5 177.1 211.0 206.2 150.1 219.0 178.2 QIV 246.9 279.0 236.0 0.0 221.5 214.3 227.7 225.0 153.6 258.7 200.5 Source: Central Statistical Agency

Fourth Quarter 2020/21 | 137 National Bank of Ethiopia Quarterly Bulletin Table 22 (F8): Regional States' Consumer Price Index (Food) December 100 = 2016 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 2019/20 QI 153.2 169.6 171.3 0.0 153.8 131.2 165.0 161.2 118.2 137.1 131.6 QII 158.9 163.7 174.3 0.0 160.7 134.9 198.3 160.7 120.7 138.4 139.8 QIII 162.8 165.5 182.8 0.0 165.0 136.8 207.9 165.4 122.0 143.6 144.1 QIV 183.1 191.6 194.8 0.0 166.8 147.0 215.6 176.5 127.7 154.7 163.0 2020/21 QI 196.2 205.9 197.5 0.0 171.0 153.7 188.5 188.9 123.3 187.5 177.8 QII 202.3 210.3 202.2 0.0 182.9 157.2 195.9 187.0 139.2 211.3 186.7 QIII 211.6 226.9 206.7 0.0 197.5 177.1 211.0 206.2 150.1 219.0 178.2 QIV 246.9 279.0 236.0 0.0 221.5 214.3 227.7 225.0 153.6 258.7 200.5 Source: Central Statistical Agency Table 22 (F9): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Non-alcohol￾ic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choc￾olate and confection￾ery (ND) Food prod￾ucts Non-Alcohol￾ic 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 2019/20 QI 155.1 166.0 159.1 0.0 141.5 125.8 148.2 185.2 136.1 199.5 124.8 QII 162.3 185.6 156.0 0.0 129.0 122.6 144.3 196.7 136.1 200.8 128.4 QIII 158.7 183.2 164.5 0.0 133.8 127.8 143.2 181.2 116.6 209.2 131.1 QIV 155.7 172.9 160.9 0.0 133.0 122.4 141.6 189.6 128.3 202.0 126.1 2020/21 QI 166.3 183.0 185.8 0.0 142.5 133.1 145.3 263.0 116.6 208.6 133.3 QII 167.5 187.4 183.2 0.0 161.3 139.2 148.4 208.9 116.6 192.7 127.8 QIII 181.0 207.3 185.1 0.0 201.8 108.9 151.6 212.6 116.6 189.7 133.0 QIV 206.8 249.0 190.8 0.0 214.6 137.8 144.6 250.1 116.6 200.4 142.0 Source: Central Statistical Agency

138 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 22 (F10):: Regional States' Consumer Price Index (Food) December 2016= 100 Period Food & Non-alcohol￾ic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choc￾olate and confection￾ery (ND) Food prod￾ucts Non-Alcohol￾ic 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 0.0 153.0 109.4 159.9 135.6 100.3 155.3 114.7 2019/20 QI 169.6 196.7 183.7 0.0 179.9 109.7 161.5 160.4 104.0 157.3 114.5 QII 175.1 204.4 197.7 0.0 189.0 121.8 158.6 164.4 104.3 146.4 117.4 QIII 181.4 205.6 202.7 0.0 179.5 141.9 161.7 171.2 104.6 155.5 141.6 QIV 205.5 232.0 219.6 0.0 184.2 150.5 156.5 196.6 106.2 208.8 149.8 2020/21 QI 228.2 258.8 225.1 0.0 199.8 140.9 145.1 233.8 107.6 258.4 150.5 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 Source: Central Statistical Agency Table 23 A: Ethiopia: Direction of External Trade: EXPORT (In Thousands of Birr) Conti￾nents "Country of Destination" 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Djibouti 849,144.8 1,172,260.1 2,313,228.9 1,380,433.1 3,747,193.9 1,941,788.5 2,350,936.7 3,014,309.0 3,735,439.1 3,502,027.2 3,422,940.0 Egypt 585,058.5 764,013.2 768,260.3 818,229.2 1,012,133.0 684,520.9 315,108.1 202,450.4 379,596.1 602,884.5 222,763.9 Ghana 2,094.8 1,117.1 9,582.3 4,292.2 136.8 6,863.1 832.1 696.9 57,554.1 18,798.4 19,029.4 Kenya 54,434.1 176,485.4 190,932.3 269,555.1 431,754.9 656,490.8 625,147.6 1,190,543.3 693,204.5 662,786.4 273,969.7 Libia 1,834.5 2,297.5 68,040.2 - 4,163.4 - - - - - - Morocco 10,976.1 28,363.6 11,632.6 15,895.1 3,746.1 2,040.4 6,841.3 10,061.0 14,271.4 7,627.7 60,459.5 Nigeria 2,215.0 2,990.0 10,297.6 2,735.2 47,617.8 63,719.5 90,565.5 328,428.3 267,894.4 302,908.0 338,173.7 Ruwanda 569.9 1,114.0 993.9 9,793.9 28,670.2 42,368.3 57,909.1 94,341.6 134,233.8 4,579.0 43,122.8 Somali Land - - - - - - - - - - - Somalia 3,139,271.5 4,061,406.4 5,989,640.7 5,798,201.3 6,371,904.9 6,240,561.4 5,827,108.7 5,964,650.4 6,745,127.6 7,180,188.1 5,963,824.1 South Africa 1,030,363.9 89,326.4 194,964.0 218,061.1 257,504.8 226,770.4 260,057.5 426,332.0 283,532.1 213,168.8 216,105.1 Sudan 2,053,243.9 2,983,061.3 2,008,904.2 1,707,190.9 1,629,734.3 1,595,427.4 993,600.1 1,896,197.0 2,560,191.8 1,732,344.2 2,893,902.1 Tanzania 5,959.6 3,084.1 969.4 1,045.6 15,211.2 255.9 401.9 363.6 10,846.1 28,426.6 99,256.8 Uganda 24,333.6 14,963.0 7,044.1 2,765.9 10,051.8 4,295.5 5,913.3 4,864.9 11,353.5 10,099.0 23,442.4 Zambia 369.2 20.4 119.4 503.8 110.0 2,398.8 10,974.8 14,555.0 83,656.4 11,008.3 149,686.8 Zembabwe 1,147.8 3,549.5 788.6 3,632.8 4,272.4 6,716.0 4,025.0 2,602.9 7,178.9 2,997.1 18,027.9 Others 146,791.5 171,537.0 289,802.8 514,287.0 792,557.5 341,524.6 477,440.0 1,351,269.1 1,221,482.3 1,330,556.9 6,723,137.4 Total 7,907,808.6 9,475,589.2 11,865,201.5 10,746,622.1 14,328,992.6 11,815,745.3 11,026,861.7 14,501,665.3 16,205,562.1 15,610,400.08 20,467,841.6 Europe %Share Of Continent 23.0 18.8 21.1 19.4 22.1 20.0 18.4 21.4 21.9 19.7 18.0 Austria 365.7 1,297.4 1,644.6 1,735.5 4,310.4 2,931.2 22,747.8 22,995.8 6,572.3 2,199.9 678.3 Belgium 766,865.8 1,129,952.5 1,206,977.6 1,025,131.4 1,087,850.9 1,182,982.5 1,436,499.1 1,965,237.5 1,815,142.9 1,885,848.0 2,803,691.9 Bulgaria 9,100.7 17,775.7 40,564.4 82,919.2 99,420.1 86,949.0 43,611.4 42,637.1 91,753.3 80,097.1 96,294.6 Cyprus 1,208.7 29.6 2,392.2 3,217.3 5,007.8 640.5 151.2 1,175.9 17,019.5 14,580.4 16,821.9 Czech Republic 5,564.4 3,925.4 7,320.4 5,569.1 13,779.0 21,577.7 22,939.8 18,599.1 4,910.2 4,466.6 2,337.2 Slovakia - - - 1,897.5 4,395.7 1,466.6 4,072.5 7,076.4 2,144.5 1,552.8 805.1 Denmark 18,362.4 14,816.2 35,758.1 32,455.9 17,723.0 20,802.4 30,025.0 28,201.3 25,631.4 32,806.9 32,645.8 Finland 38,401.9 157,776.1 87,678.9 51,661.1 80,304.0 90,939.5 90,178.8 123,908.3 110,724.0 91,036.7 118,222.5 France 505,675.0 823,513.2 812,971.3 530,534.4 877,613.3 682,717.6 807,422.0 827,504.6 717,334.7 751,487.7 789,673.0 Germany 3,676,129.0 5,412,655.7 5,190,387.9 3,730,991.2 3,754,508.5 4,271,155.2 3,486,254.3 3,943,246.8 4,217,307.3 4,135,208.4 4,523,931.9 Greece 104,335.8 161,358.8 136,034.9 260,072.5 235,797.7 214,131.5 209,499.8 235,931.1 186,258.5 230,314.9 146,873.3 Hungary 4,664.1 6,030.5 29,465.0 34,564.1 18,858.6 15,129.0 18,955.3 16,005.0 19,660.7 10,112.7 17,500.4 Ireland 225.2 4,981.1 1,335.4 4,968.8 4,393.8 11,865.0 10,363.8 15,763.6 13,537.1 17,485.0 4,780.1 Italy 767,672.2 1,830,342.8 1,265,069.2 1,127,453.5 1,244,816.9 1,071,373.1 1,101,650.8 1,347,709.3 1,442,089.8 1,359,779.2 1,494,410.9 Netherlands 2,325,158.7 3,589,200.5 3,513,356.8 3,160,616.3 3,899,530.0 3,910,613.0 3,911,035.2 4,177,990.4 5,256,676.3 7,828,660.8 11,179,122.0 Norway 83,421.5 114,266.4 152,810.3 141,325.7 202,256.0 193,648.3 190,592.2 184,970.7 162,162.0 312,830.2 374,409.1 Poland 20,903.7 10,005.3 2,097.0 17,660.3 23,192.2 18,930.3 9,048.4 13,435.8 18,237.2 23,765.7 24,019.7 Portugal 13,224.5 10,264.5 58,441.4 58,595.2 107,108.4 70,872.1 127,631.2 156,689.8 210,638.0 173,970.4 241,431.3 Rumania 26,297.6 64,555.6 79,944.9 62,136.7 63,661.9 35,255.4 12,665.6 23,638.2 20,038.6 11,055.3 19,221.3 Spain 82,768.8 202,110.6 278,937.8 188,107.6 157,484.0 312,381.6 266,256.9 262,739.3 406,304.2 513,868.4 521,805.4 Sweden 345,076.1 631,746.6 435,154.5 264,471.8 307,877.4 333,582.0 266,867.3 263,089.4 188,083.3 156,700.1 208,700.3 Switzerland 4,876,617.7 8,672,031.8 9,644,798.9 9,439,555.7 7,895,981.9 6,490,540.8 5,266,886.0 4,714,821.8 2,005,549.0 701,171.4 18,502,394.7 Turkey 448,459.6 793,508.0 918,743.3 1,460,875.2 1,267,997.9 854,569.2 463,675.1 659,682.4 1,163,249.4 1,066,064.8 1,163,636.0 Ukraine 1,647.3 549.2 3,605.7 1,288.6 1,569.6 9,366.3 14,853.7 24,420.6 27,800.3 42,717.8 56,395.9 United Kingdom 790,362.3 1,036,992.2 804,000.1 916,862.0 888,555.1 806,313.4 1,069,053.4 1,290,346.0 1,088,894.0 1,179,983.5 1,112,511.1 Russia 87,990.9 170,085.7 210,565.2 289,418.9 405,160.0 283,476.8 289,381.7 386,108.6 313,363.4 399,161.5 430,203.7 Yugoslavia - - - - - - - - - - - Others 32,888.7 129,769.9 228,751.3 106,316.3 121,332.5 270,792.0 639,646.5 1,181,451.6 466,267.8 1,105,005.9 1,255,152.2 Total 15,033,388.3 24,988,711.1 25,148,807.1 23,000,401.7 22,790,486.7 21,265,002.1 19,811,964.8 21,935,376.3 19,997,349.8 22,131,932.3 45,137,669.7 %Share Of Continent 43.8 49.7 44.7 41.4 35.2 36.0 33.1 32.4 27.0 28.0 39.8 America America Brazil - - - 50.0 - 8,764.8 9,178.4 9,179.6 163.0 77.1 Canada 115,069.8 173,658.6 167,388.9 166,782.8 214,767.3 216,338.4 268,404.1 270,038.6 477,155.3 382,747.5 556,491.0 Cuba - - - 325.5 15,043.2 - - - - - - Mexico 15,924.2 41,359.7 21,189.4 15,661.3 12,529.3 37,776.3 40,458.2 63,779.1 103,708.1 120,383.8 74,524.9 United States 1,387,899.5 1,571,684.8 1,741,318.4 2,223,193.5 2,413,259.7 3,913,895.0 3,733,304.1 4,317,231.5 6,565,250.9 6,071,240.4 7,994,968.3 Others 40,185.0 165,850.0 147,274.5 66,745.5 886,388.5 189,789.5 231,818.7 458,804.3 682,316.7 2,744,376.7 1,374,096.1 Total 1,559,078.4 1,952,553.1 2,076,859.0 2,472,758.7 3,541,988.1 4,366,563.9 4,283,163.5 5,119,033.1 7,828,594.0 9,318,825.6 10,000,080.3 %Share Of Continent 4.5 3.9 3.7 4.5 5.5 7.4 7.2 7.6 10.6 11.8 8.8 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 4,754,322.7 3,152,537.0 2,538,974.1 China, Taiwan 34,908.6 34,265.7 44,820.6 114,825.8 86,264.9 134,753.6 242,155.2 324,580.5 376,886.5 449,378.2 787,312.2 Hong Kong 98,715.7 378,664.7 523,566.5 655,428.0 342,188.3 434,907.0 390,835.7 419,795.4 394,923.7 254,788.1 552,168.0 India 401,662.3 553,031.3 667,923.1 659,101.4 947,722.2 1,323,550.6 1,440,185.8 1,168,606.9 1,743,919.5 2,978,534.4 1,511,613.3 Indonesia 131,343.7 219,306.2 260,365.2 442,638.8 579,643.5 419,364.5 581,396.8 575,381.8 990,066.8 750,329.4 931,170.3 Israel 752,915.3 1,079,551.0 1,112,383.2 1,822,061.3 2,016,939.4 1,697,745.0 1,366,387.4 1,487,480.1 2,801,566.2 3,184,293.1 2,919,321.9 Japan 535,178.4 596,903.3 1,260,749.0 1,423,109.6 1,884,123.0 1,388,756.3 1,541,929.9 2,233,317.5 2,711,869.3 3,564,930.5 3,350,803.2 N.Korea, Pdrk 16,724.9 54,732.0 24,451.6 40,602.6 223.3 10,146.1 31,494.6 17,897.9 12,521.0 2,846.0 464.9 S.Korea 132,137.3 235,899.3 336,747.5 428,910.5 660,360.4 902,688.1 1,114,526.1 1,224,971.5 1,242,317.8 1,440,765.2 2,190,959.0 Kuwait 9,424.2 45,894.4 38,566.8 53,491.8 54,954.6 59,591.3 28,418.5 36,687.4 94,016.2 123,712.4 141,617.2 Lebanon 10,467.2 79,992.5 41,232.7 104,309.0 90,398.2 15,787.8 16,460.4 30,659.0 61,491.5 65,805.5 37,592.1 Malaysia 9,871.6 5,929.0 12,398.4 57,837.7 45,580.5 5,556.5 107,335.2 78,417.2 29,316.4 64,445.6 230,619.0 Pakistan 333,743.0 192,626.5 768,074.1 896,279.3 678,817.2 855,052.2 1,441,769.4 1,084,808.0 304,739.1 61,784.5 688,547.0 Saudi Arabia 2,057,646.6 2,837,432.3 3,085,698.2 3,075,268.7 3,836,761.6 4,028,128.5 3,981,781.2 4,400,225.0 4,974,581.1 5,667,200.5 7,175,544.1 Singapore 90,801.2 46,255.1 27,476.5 14,236.7 22,061.2 204,215.6 128,152.6 93,295.4 227,603.6 955,530.0 1,608,022.8 Yemen 263,614.8 342,272.8 379,117.3 571,866.5 734,790.4 439,271.6 362,192.6 456,992.0 1,180,754.7 1,697,120.6 1,047,539.2 Thailand 35,140.8 155,088.6 140,299.9 147,971.0 111,444.1 105,215.7 94,324.3 87,940.9 152,740.6 121,436.1 28,623.0 UAE 1,119,157.4 1,284,684.7 1,340,649.8 1,395,130.2 1,931,357.2 1,791,062.6 1,982,406.3 2,694,755.9 3,093,574.6 3,695,524.5 5,430,018.1 Others 370,393.0 846,426.7 1,644,761.6 1,320,681.0 1,550,549.5 1,160,854.1 1,879,038.7 3,985,634.2 4,174,926.4 3,200,481.5 5,990,857.1 Total 9,737,177.2 13,654,330.2 16,785,231.9 18,906,670.1 23,645,567.4 21,122,130.8 24,229,055.8 25,512,456.4 29,322,137.8 31,431,443.1 37,161,766.5 %Share Of Continent 28.3 27.1 29.8 34.1 36.5 35.8 40.5 37.7 39.6 39.7 32.7 Oceania Australia 100,714.1 199,586.8 332,554.2 246,875.7 379,097.3 417,653.3 330,080.8 473,534.0 443,828.2 516,438.5 528,841.3 Others 15,655.1 55,913.1 67,670.3 127,756.1 77,090.7 84,325.8 157,422.4 112,992.7 181,580.2 122,034.7 197,213.0 Total 116,369.2 255,499.9 400,224.5 374,631.7 455,711.7 501,979.2 487,503.3 586,526.7 625,408.4 638,473.2 726,054.2 %Share Of Continent 0.3 0.5 0.7 0.8 0.8 0.9 0.8 0.8 0.6 Unspecified - - - - 0 Grand Total 34,353,821.8 50,326,683.5 56,276,324.1 55,501,084.2 64,762,746.5 59,071,421.3 59,838,549.1 67,655,057.8 73,979,052.1 79,131,074.3 113,493,412.3 Source: Ethiopian Customs Authority. Note1: Data for the year 2013 and 2014 is based on updated data from Ethiopian Revenue and Customs Authority Note2: The data for Czechoslovakia before 2013 represents the sum of Czech republic and Slovakia

Fourth Quarter 2020/21 | 139 National Bank of Ethiopia Quarterly Bulletin Table 22 (F10):: Regional States' Consumer Price Index (Food) December 2016= 100 Period Food & Non-alcohol￾ic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, choc￾olate and confection￾ery (ND) Food prod￾ucts Non-Alcohol￾ic 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 0.0 153.0 109.4 159.9 135.6 100.3 155.3 114.7 2019/20 QI 169.6 196.7 183.7 0.0 179.9 109.7 161.5 160.4 104.0 157.3 114.5 QII 175.1 204.4 197.7 0.0 189.0 121.8 158.6 164.4 104.3 146.4 117.4 QIII 181.4 205.6 202.7 0.0 179.5 141.9 161.7 171.2 104.6 155.5 141.6 QIV 205.5 232.0 219.6 0.0 184.2 150.5 156.5 196.6 106.2 208.8 149.8 2020/21 QI 228.2 258.8 225.1 0.0 199.8 140.9 145.1 233.8 107.6 258.4 150.5 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 Source: Central Statistical Agency Table 23 A: Ethiopia: Direction of External Trade: EXPORT (In Thousands of Birr) Conti￾nents "Country of Destination" 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Djibouti 849,144.8 1,172,260.1 2,313,228.9 1,380,433.1 3,747,193.9 1,941,788.5 2,350,936.7 3,014,309.0 3,735,439.1 3,502,027.2 3,422,940.0 Egypt 585,058.5 764,013.2 768,260.3 818,229.2 1,012,133.0 684,520.9 315,108.1 202,450.4 379,596.1 602,884.5 222,763.9 Ghana 2,094.8 1,117.1 9,582.3 4,292.2 136.8 6,863.1 832.1 696.9 57,554.1 18,798.4 19,029.4 Kenya 54,434.1 176,485.4 190,932.3 269,555.1 431,754.9 656,490.8 625,147.6 1,190,543.3 693,204.5 662,786.4 273,969.7 Libia 1,834.5 2,297.5 68,040.2 - 4,163.4 - - - - - - Morocco 10,976.1 28,363.6 11,632.6 15,895.1 3,746.1 2,040.4 6,841.3 10,061.0 14,271.4 7,627.7 60,459.5 Nigeria 2,215.0 2,990.0 10,297.6 2,735.2 47,617.8 63,719.5 90,565.5 328,428.3 267,894.4 302,908.0 338,173.7 Ruwanda 569.9 1,114.0 993.9 9,793.9 28,670.2 42,368.3 57,909.1 94,341.6 134,233.8 4,579.0 43,122.8 Somali Land - - - - - - - - - - - Somalia 3,139,271.5 4,061,406.4 5,989,640.7 5,798,201.3 6,371,904.9 6,240,561.4 5,827,108.7 5,964,650.4 6,745,127.6 7,180,188.1 5,963,824.1 South Africa 1,030,363.9 89,326.4 194,964.0 218,061.1 257,504.8 226,770.4 260,057.5 426,332.0 283,532.1 213,168.8 216,105.1 Sudan 2,053,243.9 2,983,061.3 2,008,904.2 1,707,190.9 1,629,734.3 1,595,427.4 993,600.1 1,896,197.0 2,560,191.8 1,732,344.2 2,893,902.1 Tanzania 5,959.6 3,084.1 969.4 1,045.6 15,211.2 255.9 401.9 363.6 10,846.1 28,426.6 99,256.8 Uganda 24,333.6 14,963.0 7,044.1 2,765.9 10,051.8 4,295.5 5,913.3 4,864.9 11,353.5 10,099.0 23,442.4 Zambia 369.2 20.4 119.4 503.8 110.0 2,398.8 10,974.8 14,555.0 83,656.4 11,008.3 149,686.8 Zembabwe 1,147.8 3,549.5 788.6 3,632.8 4,272.4 6,716.0 4,025.0 2,602.9 7,178.9 2,997.1 18,027.9 Others 146,791.5 171,537.0 289,802.8 514,287.0 792,557.5 341,524.6 477,440.0 1,351,269.1 1,221,482.3 1,330,556.9 6,723,137.4 Total 7,907,808.6 9,475,589.2 11,865,201.5 10,746,622.1 14,328,992.6 11,815,745.3 11,026,861.7 14,501,665.3 16,205,562.1 15,610,400.08 20,467,841.6 Europe %Share Of Continent 23.0 18.8 21.1 19.4 22.1 20.0 18.4 21.4 21.9 19.7 18.0 Austria 365.7 1,297.4 1,644.6 1,735.5 4,310.4 2,931.2 22,747.8 22,995.8 6,572.3 2,199.9 678.3 Belgium 766,865.8 1,129,952.5 1,206,977.6 1,025,131.4 1,087,850.9 1,182,982.5 1,436,499.1 1,965,237.5 1,815,142.9 1,885,848.0 2,803,691.9 Bulgaria 9,100.7 17,775.7 40,564.4 82,919.2 99,420.1 86,949.0 43,611.4 42,637.1 91,753.3 80,097.1 96,294.6 Cyprus 1,208.7 29.6 2,392.2 3,217.3 5,007.8 640.5 151.2 1,175.9 17,019.5 14,580.4 16,821.9 Czech Republic 5,564.4 3,925.4 7,320.4 5,569.1 13,779.0 21,577.7 22,939.8 18,599.1 4,910.2 4,466.6 2,337.2 Slovakia - - - 1,897.5 4,395.7 1,466.6 4,072.5 7,076.4 2,144.5 1,552.8 805.1 Denmark 18,362.4 14,816.2 35,758.1 32,455.9 17,723.0 20,802.4 30,025.0 28,201.3 25,631.4 32,806.9 32,645.8 Finland 38,401.9 157,776.1 87,678.9 51,661.1 80,304.0 90,939.5 90,178.8 123,908.3 110,724.0 91,036.7 118,222.5 France 505,675.0 823,513.2 812,971.3 530,534.4 877,613.3 682,717.6 807,422.0 827,504.6 717,334.7 751,487.7 789,673.0 Germany 3,676,129.0 5,412,655.7 5,190,387.9 3,730,991.2 3,754,508.5 4,271,155.2 3,486,254.3 3,943,246.8 4,217,307.3 4,135,208.4 4,523,931.9 Greece 104,335.8 161,358.8 136,034.9 260,072.5 235,797.7 214,131.5 209,499.8 235,931.1 186,258.5 230,314.9 146,873.3 Hungary 4,664.1 6,030.5 29,465.0 34,564.1 18,858.6 15,129.0 18,955.3 16,005.0 19,660.7 10,112.7 17,500.4 Ireland 225.2 4,981.1 1,335.4 4,968.8 4,393.8 11,865.0 10,363.8 15,763.6 13,537.1 17,485.0 4,780.1 Italy 767,672.2 1,830,342.8 1,265,069.2 1,127,453.5 1,244,816.9 1,071,373.1 1,101,650.8 1,347,709.3 1,442,089.8 1,359,779.2 1,494,410.9 Netherlands 2,325,158.7 3,589,200.5 3,513,356.8 3,160,616.3 3,899,530.0 3,910,613.0 3,911,035.2 4,177,990.4 5,256,676.3 7,828,660.8 11,179,122.0 Norway 83,421.5 114,266.4 152,810.3 141,325.7 202,256.0 193,648.3 190,592.2 184,970.7 162,162.0 312,830.2 374,409.1 Poland 20,903.7 10,005.3 2,097.0 17,660.3 23,192.2 18,930.3 9,048.4 13,435.8 18,237.2 23,765.7 24,019.7 Portugal 13,224.5 10,264.5 58,441.4 58,595.2 107,108.4 70,872.1 127,631.2 156,689.8 210,638.0 173,970.4 241,431.3 Rumania 26,297.6 64,555.6 79,944.9 62,136.7 63,661.9 35,255.4 12,665.6 23,638.2 20,038.6 11,055.3 19,221.3 Spain 82,768.8 202,110.6 278,937.8 188,107.6 157,484.0 312,381.6 266,256.9 262,739.3 406,304.2 513,868.4 521,805.4 Sweden 345,076.1 631,746.6 435,154.5 264,471.8 307,877.4 333,582.0 266,867.3 263,089.4 188,083.3 156,700.1 208,700.3 Switzerland 4,876,617.7 8,672,031.8 9,644,798.9 9,439,555.7 7,895,981.9 6,490,540.8 5,266,886.0 4,714,821.8 2,005,549.0 701,171.4 18,502,394.7 Turkey 448,459.6 793,508.0 918,743.3 1,460,875.2 1,267,997.9 854,569.2 463,675.1 659,682.4 1,163,249.4 1,066,064.8 1,163,636.0 Ukraine 1,647.3 549.2 3,605.7 1,288.6 1,569.6 9,366.3 14,853.7 24,420.6 27,800.3 42,717.8 56,395.9 United Kingdom 790,362.3 1,036,992.2 804,000.1 916,862.0 888,555.1 806,313.4 1,069,053.4 1,290,346.0 1,088,894.0 1,179,983.5 1,112,511.1 Russia 87,990.9 170,085.7 210,565.2 289,418.9 405,160.0 283,476.8 289,381.7 386,108.6 313,363.4 399,161.5 430,203.7 Yugoslavia - - - - - - - - - - - Others 32,888.7 129,769.9 228,751.3 106,316.3 121,332.5 270,792.0 639,646.5 1,181,451.6 466,267.8 1,105,005.9 1,255,152.2 Total 15,033,388.3 24,988,711.1 25,148,807.1 23,000,401.7 22,790,486.7 21,265,002.1 19,811,964.8 21,935,376.3 19,997,349.8 22,131,932.3 45,137,669.7 %Share Of Continent 43.8 49.7 44.7 41.4 35.2 36.0 33.1 32.4 27.0 28.0 39.8 America America Brazil - - - 50.0 - 8,764.8 9,178.4 9,179.6 163.0 77.1 Canada 115,069.8 173,658.6 167,388.9 166,782.8 214,767.3 216,338.4 268,404.1 270,038.6 477,155.3 382,747.5 556,491.0 Cuba - - - 325.5 15,043.2 - - - - - - Mexico 15,924.2 41,359.7 21,189.4 15,661.3 12,529.3 37,776.3 40,458.2 63,779.1 103,708.1 120,383.8 74,524.9 United States 1,387,899.5 1,571,684.8 1,741,318.4 2,223,193.5 2,413,259.7 3,913,895.0 3,733,304.1 4,317,231.5 6,565,250.9 6,071,240.4 7,994,968.3 Others 40,185.0 165,850.0 147,274.5 66,745.5 886,388.5 189,789.5 231,818.7 458,804.3 682,316.7 2,744,376.7 1,374,096.1 Total 1,559,078.4 1,952,553.1 2,076,859.0 2,472,758.7 3,541,988.1 4,366,563.9 4,283,163.5 5,119,033.1 7,828,594.0 9,318,825.6 10,000,080.3 %Share Of Continent 4.5 3.9 3.7 4.5 5.5 7.4 7.2 7.6 10.6 11.8 8.8 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 4,754,322.7 3,152,537.0 2,538,974.1 China, Taiwan 34,908.6 34,265.7 44,820.6 114,825.8 86,264.9 134,753.6 242,155.2 324,580.5 376,886.5 449,378.2 787,312.2 Hong Kong 98,715.7 378,664.7 523,566.5 655,428.0 342,188.3 434,907.0 390,835.7 419,795.4 394,923.7 254,788.1 552,168.0 India 401,662.3 553,031.3 667,923.1 659,101.4 947,722.2 1,323,550.6 1,440,185.8 1,168,606.9 1,743,919.5 2,978,534.4 1,511,613.3 Indonesia 131,343.7 219,306.2 260,365.2 442,638.8 579,643.5 419,364.5 581,396.8 575,381.8 990,066.8 750,329.4 931,170.3 Israel 752,915.3 1,079,551.0 1,112,383.2 1,822,061.3 2,016,939.4 1,697,745.0 1,366,387.4 1,487,480.1 2,801,566.2 3,184,293.1 2,919,321.9 Japan 535,178.4 596,903.3 1,260,749.0 1,423,109.6 1,884,123.0 1,388,756.3 1,541,929.9 2,233,317.5 2,711,869.3 3,564,930.5 3,350,803.2 N.Korea, Pdrk 16,724.9 54,732.0 24,451.6 40,602.6 223.3 10,146.1 31,494.6 17,897.9 12,521.0 2,846.0 464.9 S.Korea 132,137.3 235,899.3 336,747.5 428,910.5 660,360.4 902,688.1 1,114,526.1 1,224,971.5 1,242,317.8 1,440,765.2 2,190,959.0 Kuwait 9,424.2 45,894.4 38,566.8 53,491.8 54,954.6 59,591.3 28,418.5 36,687.4 94,016.2 123,712.4 141,617.2 Lebanon 10,467.2 79,992.5 41,232.7 104,309.0 90,398.2 15,787.8 16,460.4 30,659.0 61,491.5 65,805.5 37,592.1 Malaysia 9,871.6 5,929.0 12,398.4 57,837.7 45,580.5 5,556.5 107,335.2 78,417.2 29,316.4 64,445.6 230,619.0 Pakistan 333,743.0 192,626.5 768,074.1 896,279.3 678,817.2 855,052.2 1,441,769.4 1,084,808.0 304,739.1 61,784.5 688,547.0 Saudi Arabia 2,057,646.6 2,837,432.3 3,085,698.2 3,075,268.7 3,836,761.6 4,028,128.5 3,981,781.2 4,400,225.0 4,974,581.1 5,667,200.5 7,175,544.1 Singapore 90,801.2 46,255.1 27,476.5 14,236.7 22,061.2 204,215.6 128,152.6 93,295.4 227,603.6 955,530.0 1,608,022.8 Yemen 263,614.8 342,272.8 379,117.3 571,866.5 734,790.4 439,271.6 362,192.6 456,992.0 1,180,754.7 1,697,120.6 1,047,539.2 Thailand 35,140.8 155,088.6 140,299.9 147,971.0 111,444.1 105,215.7 94,324.3 87,940.9 152,740.6 121,436.1 28,623.0 UAE 1,119,157.4 1,284,684.7 1,340,649.8 1,395,130.2 1,931,357.2 1,791,062.6 1,982,406.3 2,694,755.9 3,093,574.6 3,695,524.5 5,430,018.1 Others 370,393.0 846,426.7 1,644,761.6 1,320,681.0 1,550,549.5 1,160,854.1 1,879,038.7 3,985,634.2 4,174,926.4 3,200,481.5 5,990,857.1 Total 9,737,177.2 13,654,330.2 16,785,231.9 18,906,670.1 23,645,567.4 21,122,130.8 24,229,055.8 25,512,456.4 29,322,137.8 31,431,443.1 37,161,766.5 %Share Of Continent 28.3 27.1 29.8 34.1 36.5 35.8 40.5 37.7 39.6 39.7 32.7 Oceania Australia 100,714.1 199,586.8 332,554.2 246,875.7 379,097.3 417,653.3 330,080.8 473,534.0 443,828.2 516,438.5 528,841.3 Others 15,655.1 55,913.1 67,670.3 127,756.1 77,090.7 84,325.8 157,422.4 112,992.7 181,580.2 122,034.7 197,213.0 Total 116,369.2 255,499.9 400,224.5 374,631.7 455,711.7 501,979.2 487,503.3 586,526.7 625,408.4 638,473.2 726,054.2 %Share Of Continent 0.3 0.5 0.7 0.8 0.8 0.9 0.8 0.8 0.6 Unspecified - - - - 0 Grand Total 34,353,821.8 50,326,683.5 56,276,324.1 55,501,084.2 64,762,746.5 59,071,421.3 59,838,549.1 67,655,057.8 73,979,052.1 79,131,074.3 113,493,412.3 Source: Ethiopian Customs Authority. Note1: Data for the year 2013 and 2014 is based on updated data from Ethiopian Revenue and Customs Authority Note2: The data for Czechoslovakia before 2013 represents the sum of Czech republic and Slovakia

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

Fourth Quarter 2020/21 | 141 National Bank of Ethiopia Quarterly Bulletin Table 23 B: Ethiopia: Direction of External Trade: IMPORT (In thousands of Birr ) Continents Country 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 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 14,392.9 642,854.3 2,266,288.6 Egypt 1,351,284.9 3,202.1 1,777,945.9 1,990,237.8 3,593,112.7 11,128.5 4,071,335.1 4,346,257.9 8,437,358.5 6,033,339.4 10,410,681.4 Ghana 3,387.4 546,341.8 2,384.4 5,687.9 1,666.1 738,056.4 2,514.6 9,412.4 3,362.3 5,384.8 24,816.0 Kenya 427,681.5 290,467.0 678,285.5 551,882.2 801,793.8 738,056.4 676,008.7 835,401.2 1,028,955.8 2,216,326.1 1,895,402.8 Libya 263,603.2 290,467.0 - 263,165.0 - - 2.3 0.7 - - - Nigeria 656.3 134.8 12,412.0 82,933.2 62,055.7 220,674.6 45,219.0 940,652.6 97,234.5 3,924.2 4,438.6 Ruanda 0.6 - 28.8 378.2 59.7 32.9 68,067.4 731.4 354.6 929.2 4,365.6 Sudan 1,562,899.0 2,452,191.1 1,161,127.1 136,245.1 4,366,290.2 2,192,155.2 1,549,332.4 2,467,773.4 2,411,817.5 2,512,810.8 2,313,690.9 Tanzania 14,984.1 7,469.7 30,576.6 2,930.4 127,120.4 132,600.2 103,133.2 44,692.5 67,959.8 141,184.8 137,235.5 Uganda 8,266.7 4,869.5 1,561.2 5,177.3 3,125.9 7,381.5 6,962.2 5,846.1 18,620.8 14,951.7 78,110.9 Zambia 395.8 378.6 56.6 1,028.0 89,519.4 482.3 11,160.1 9,857.4 8,308.6 14,692.0 9,814.4 Others 2,571,172.1 3,324,070.6 5,564,554.6 2,636,616.0 4,880,495.6 8,224,429.0 8,258,583.7 13,223,694.2 13,817,153.2 15,946,009.4 20,369,845.5 Total 6,204,483.8 6,924,226.3 9,230,813.0 5,696,067.2 13,932,492.0 15,584,248.5 14,792,332.6 21,885,694.7 25,905,518.3 27,532,406.5 37,514,690.3 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 1,036,295.5 1,073,524.5 630,258.4 Belgium 1,237,381.5 1,446,630.4 2,645,543.2 1,798,980.7 4,218,543.5 5,435,019.7 5,044,164.5 4,151,772.7 5,753,624.6 8,634,959.5 5,848,999.6 Bulgaria 794,573.9 405,830.6 86,186.4 338,016.0 143,721.4 1,537,581.6 683,870.1 905,021.2 520,586.6 1,261,450.1 411,435.9 Cyprus 76,735.5 89,509.1 88,807.2 234,484.2 150,578.9 115,078.1 117,156.1 137,993.8 137,000.0 223,774.3 165,931.3 Czechoslovakia (former name) 50,204.8 191,298.4 90,640.3 118,980.3 1,130,726.8 276,843.1 531,941.0 561,777.1 725,051.0 595,259.1 481,128.9 Czech republic - - - - 1,012,206.1 236,047.0 441,959.6 531,412.2 591,755.2 521,779.0 448,591.6 Slovakia - - - - 118,520.7 40,796.1 89,981.4 30,364.9 133,295.8 73,480.1 32,537.3 Denmark 253,713.0 470,115.2 488,523.0 305,449.6 824,909.0 694,246.2 715,981.1 537,217.7 1,200,810.1 1,249,496.7 1,479,672.1 Finland 82,697.1 103,977.0 320,249.9 189,685.0 177,056.2 155,906.3 350,087.1 808,559.9 302,979.1 194,563.8 109,262.7 France 1,405,956.8 2,313,930.4 3,614,646.3 2,480,592.3 2,351,867.2 3,823,770.8 4,684,217.9 4,431,486.0 5,270,635.7 4,410,731.7 8,664,554.7 Germany 2,709,739.9 2,898,011.6 3,199,430.5 4,229,516.1 7,249,151.5 6,806,205.2 7,859,546.7 5,771,781.8 8,546,015.1 9,385,651.8 9,242,912.0 Greece 96,373.3 180,894.2 140,476.2 143,842.2 350,442.3 405,742.7 528,971.4 419,409.9 175,760.4 187,627.4 209,094.9 Hungary 47,255.7 86,698.4 212,739.3 154,821.1 294,461.0 490,887.6 530,673.3 325,514.2 426,822.1 378,765.9 513,225.0 Ireland 369,445.2 384,656.8 362,766.1 497,656.2 573,979.2 716,987.1 775,362.0 914,646.1 1,052,153.7 1,368,277.1 1,103,439.6 Italy 5,423,537.9 5,999,479.7 8,468,614.5 8,475,248.1 9,854,864.6 10,476,893.6 15,784,350.7 15,601,881.7 10,859,889.2 8,322,257.7 10,773,755.9 Netherlands 1,136,416.0 1,404,726.9 1,630,693.2 3,813,241.8 2,492,065.9 4,604,402.8 3,982,518.3 5,161,373.9 6,435,861.3 7,062,343.8 3,274,060.8 Norway 36,995.9 34,421.8 47,457.5 71,440.7 58,782.9 79,266.8 162,289.4 84,019.0 99,508.3 87,383.6 187,565.8 Poland 88,240.1 100,915.1 273,902.6 254,707.4 579,322.1 735,144.5 2,284,185.2 874,973.5 808,251.5 1,085,160.2 1,456,189.1 Portugal 107,604.0 39,090.7 77,822.2 136,508.8 215,656.2 318,933.8 243,435.8 332,054.0 267,455.3 379,815.9 243,893.1 Rumania 246,874.1 21,137.4 26,566.6 138,938.5 1,685,883.2 443,410.0 4,500,592.8 2,236,388.5 3,373,800.2 2,721,518.9 1,126,385.7 Spain 1,247,190.3 1,446,618.8 2,106,719.9 1,962,063.7 2,678,244.8 2,783,107.6 2,871,957.4 3,311,894.0 1,680,175.3 2,455,395.0 2,235,461.3 Sweden 921,184.7 1,265,562.3 1,139,661.0 1,323,169.7 844,072.1 13,232,214.3 9,427,026.6 1,154,426.4 938,218.8 1,884,142.5 1,169,306.1 Switzerland 480,341.9 474,076.0 621,634.5 783,765.0 904,299.4 1,194,286.5 1,223,807.0 1,465,077.7 1,215,947.3 2,087,148.6 2,463,804.1 Turkey 3,212,576.1 5,842,462.2 6,526,492.5 8,409,563.5 8,629,004.2 10,918,514.7 12,682,665.1 14,296,491.7 16,710,238.8 17,683,063.8 28,321,826.8 United kingdom 1,219,805.9 1,830,282.8 1,514,325.3 2,006,481.9 3,592,921.5 3,863,439.0 4,557,294.9 4,709,876.8 8,281,310.1 9,569,003.6 8,604,611.7 Russia 1,301,202.6 4,546,375.5 2,329,520.8 222,543.3 2,575,137.1 1,745,182.4 3,579,267.5 1,245,806.0 3,568,472.1 3,009,797.2 1,759,881.9 Yugoslavia 15,263.3 1,055.7 4.8 8.3 54.9 - 0.0 0.3 - - - Other 1,491,376.0 3,090,900.4 7,016,703.0 4,415,093.2 5,846,854.7 4,458,373.1 5,279,114.8 3,938,166.3 5,411,755.1 10,222,903.5 10,641,686.1 Total 24,327,455.4 34,864,875.6 43,616,233.1 43,065,369.1 57,994,983.5 76,615,426.4 90,536,740.4 74,862,982.4 84,798,617.1 95,534,016.3 101,118,343.6 America Brazil 1,777,894.9 1,319,826.6 2,478,504.6 1,895,842.2 1,496,396.6 1,083,673.4 1,475,502.6 4,488,842.1 2,226,255.8 716,227.8 1,347,349.3 Canada 188,981.3 362,112.3 266,442.2 535,973.0 1,196,802.2 753,274.2 1,451,315.7 1,353,867.2 2,042,114.6 1,744,497.1 2,325,081.5 Cuba 4,401.7 927.4 306.3 3,419.1 1,558.3 3,976.4 1,294.5 15,130.0 1,851.3 2,641.6 2,031.7 Mexico 22,287.0 30,857.6 37,034.6 57,572.7 180,610.0 159,440.1 126,433.0 249,402.2 204,860.2 224,104.3 284,611.6 United states 6,307,462.0 6,964,847.9 6,741,540.1 9,427,071.5 15,380,630.1 18,383,911.5 28,006,664.4 30,200,872.0 43,410,573.0 25,735,703.1 28,278,445.3 Others 89,336.7 807,104.4 1,991,585.8 177,236.2 226,806.2 684,766.3 303,572.4 201,799.7 270,818.2 386,632.9 4,160,665.7 Total 8,390,363.6 9,485,676.2 11,515,413.5 12,097,114.8 18,482,803.4 21,069,041.8 31,364,782.7 36,509,913.2 48,156,473.2 28,809,806.7 36,398,185.0 Asia: China, mainland 20,602,808.4 24,964,592.5 38,886,267.6 50,218,738.1 100,672,421.4 127,862,137.6 112,557,147.3 107,569,979.9 108,861,577.7 113,000,343.3 119,518,584.0 China, Taiwan 376,922.5 494,760.7 1,070,584.7 1,106,850.9 1,333,948.4 1,427,654.5 1,106,997.8 1,297,890.5 1,284,754.0 2,229,952.5 2,336,180.0 Hong Kong 54,097.6 24,128.9 58,718.2 54,377.6 80,091.6 276,928.2 1,370,238.4 2,768,923.7 842,521.2 182,565.5 1,165,685.5 India 8,485,196.5 12,394,362.3 17,878,819.6 21,273,934.9 21,787,752.1 24,344,942.9 28,557,164.8 24,233,274.2 30,907,887.7 36,796,683.5 51,369,798.5 Israel 157,777.6 273,165.9 567,716.2 298,154.8 507,607.3 614,145.1 548,689.5 1,792,675.0 616,386.7 711,291.6 592,680.2 Japan 6,609,442.1 7,450,651.8 8,341,760.9 9,462,530.3 12,180,142.5 15,185,118.0 14,472,925.3 14,722,312.6 11,330,510.1 9,260,462.8 3,990,031.8 N.korea, pdrk 57,079.2 216,777.9 268,093.4 185,433.0 103,493.8 107,552.8 91,536.9 531,235.1 48,542.2 529,388.8 116,388.0 S.korea 1,297,821.7 2,686,000.2 3,835,763.8 3,118,319.6 4,771,125.3 4,962,100.1 3,961,888.7 5,588,986.2 5,048,443.2 4,835,162.6 6,559,501.4 Kuwait 43,653.2 3,749,483.5 12,995,081.0 4,762,763.2 13,571,707.6 13,326,143.0 13,519,748.9 22,424,256.5 43,310,223.7 46,876,977.5 12,333,071.7 Lebanon 19,775.1 28,525.2 51,159.7 42,125.5 80,978.2 167,754.4 106,810.2 842,739.1 44,331.3 40,490.3 26,980.9 Malaysia 3,130,091.0 4,397,300.9 3,014,971.9 2,718,544.1 2,864,220.8 3,588,092.8 6,251,135.7 7,515,151.6 10,079,304.3 5,928,016.9 10,744,285.1 Pakistan 717,542.9 1,824,377.7 878,501.4 964,168.7 1,175,982.7 1,011,155.3 746,091.4 1,937,665.6 2,555,083.2 814,628.1 1,261,370.2 Saudi arabia 14,585,404.2 15,067,036.6 28,393,519.1 16,170,927.0 24,724,120.4 10,284,257.6 6,497,893.0 12,937,477.5 6,956,990.3 10,277,787.4 12,108,482.4 Singapore 73,829.9 68,565.3 93,538.1 88,852.5 236,105.2 323,455.3 516,905.1 446,466.6 420,391.9 1,526,703.7 9,665,483.2 Yemen 115,687.0 217,722.0 469,194.0 214,434.9 661,267.0 132,071.4 91,481.4 434,498.0 51,446.3 67,926.9 115,865.8 Thailand 1,695,555.9 2,157,711.7 2,455,430.1 3,140,867.6 4,079,354.5 3,079,839.3 2,977,140.6 4,782,068.8 4,745,788.4 3,287,134.1 5,217,010.0 Others 21,375,395.7 30,072,336.9 24,120,693.6 49,942,427.1 21,445,674.0 23,351,348.7 26,277,780.3 35,575,126.7 33,814,176.7 34,876,835.4 45,287,736.4 Total 79,398,080.7 106,087,500.1 143,379,813.3 163,763,449.8 210,275,992.7 230,044,697.0 219,651,575.4 245,400,727.6 260,918,358.8 271,242,350.8 282,409,134.9 Oceania: Australia 308,547.5 312,015.7 243,040.2 287,605.2 140,252.3 215,659.7 327,371.5 471,334.6 236,354.3 183,256.3 454,217.0 Others 57,613.8 47,482.6 116,775.0 58,518.3 220,646.7 120,412.3 136,368.6 - 125,049.3 134,316.0 156,031.4 Total 366,161.3 359,498.3 359,815.2 346,123.5 360,899.1 336,072.0 463,740.1 471,334.6 361,403.5 317,572.3 610,248.4 Grand Total 118,686,544.73 157,721,776.48 208,102,088.03 224,968,124.45 301,047,170.69 343,649,485.7 356,809,171.2 379,130,652.5 420,140,371.0 423,436,152.7 458,050,602.2 Source: Ethiopian Customs Authority Table 24: Direction of Trade** (in millions of USD) Country of Origin 2018/19 2019/20 2020/21 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 Y Z A B C D E F G H I J K L M N O P Q R S T U V W=U/M X=V/N Africa: Djibouti 36.9 0.2 34.0 0.1 31.4 2.0 26.2 7.1 35.2 7.7 25.9 5.3 27.5 4.7 29.4 20.5 21.0 22.8 20.8 16.0 27.9 18.6 26.8 81.8 (8.9) 298.9 Egypt 1.7 53.5 4.3 57.1 17.0 63.8 2.4 49.8 0.8 43.3 1.0 51.4 2.8 95.3 0.7 102.3 1.4 42.4 1.6 61.9 1.5 97.0 1.1 83.1 57.4 (18.8) Ghana 1.2 0.0 0.3 0.1 0.0 0.0 0.4 0.1 0.1 0.0 0.1 0.3 0.0 0.1 0.4 0.1 0.1 0.2 0.1 0.2 0.4 23,205.1 459.1 Kenya 6.2 10.8 2.2 10.3 4.3 9.3 7.7 10.3 6.0 13.0 4.8 41.3 2.3 17.4 1.4 13.7 1.9 12.0 2.2 11.6 2.0 16.4 2.9 16.8 111.9 22.4 Libia - - - - - - - - - - - - - - - - - - - - - - - - Morocco 0.0 0.7 0.4 0.8 0.1 130.2 0.0 182.0 0.0 0.0 0.1 0.4 - 284.7 0.3 140.1 0.5 1.4 0.9 0.3 0.4 347.4 0.5 236.4 96.5 68.8 Nigeria 2.5 1.4 3.8 0.1 3.3 0.0 2.2 0.0 3.3 0.1 1.7 0.1 5.4 0.1 0.9 0.0 3.2 0.0 0.5 0.0 1.1 0.0 1.6 0.0 71.0 (38.2) Ruwanda 1.1 0.0 0.2 0.0 0.1 - 0.0 - 0.1 0.0 0.1 0.0 - 0.1 0.5 - 0.6 - 0.1 9.5 0.0 15.9 12,290.0 Somali Land - 0.1 - 0.1 - 0.4 - 0.0 - 0.3 - 0.1 - 0.1 - 0.0 - 0.1 - 0.0 - 0.0 - 0.3 872.1 Somalia 70.0 - 66.7 - 59.4 - 61.1 - 78.7 - 48.1 - 47.3 - 56.6 - 34.5 - 33.5 - 81.6 - 74.7 - 31.8 #DIV/0! South Africa 2.0 46.9 2.3 53.6 2.5 106.1 1.7 37.7 2.0 35.2 1.6 54.7 2.2 64.0 1.6 29.9 1.6 40.3 0.9 28.2 1.4 31.7 2.5 44.5 62.7 48.6 Sudan 14.6 9.9 22.2 16.6 21.0 30.6 10.4 24.8 9.8 26.3 17.9 5.8 20.4 19.1 20.0 22.2 23.2 19.4 19.3 6.6 19.1 1.2 23.5 2.4 17.4 (89.1) Tanzania 0.2 0.8 0.1 0.9 0.2 1.0 0.5 1.0 0.3 1.0 0.0 1.8 1.1 0.9 1.0 2.3 0.9 0.4 0.0 0.4 0.0 0.2 0.0 0.1 (96.7) (95.5) Uganda 0.1 0.2 0.1 0.4 0.1 0.2 0.1 0.2 0.1 0.1 0.3 0.7 0.2 1.1 0.1 0.4 0.2 0.8 310.5 714.5 Zambia 0.9 0.0 0.3 0.3 0.1 - 0.0 0.5 0.3 0.0 - 0.0 1.8 0.0 2.2 0.2 0.4 - 0.0 198,637.7 (61.8) Zembabwe 0.1 0.0 0.1 0.0 0.1 - 0.0 - 0.0 0.2 0.0 0.3 0.0 - 0.4 0.1 0.0 0.0 0.9 0.0 15,770.6 (98.8) Others 5.4 3.2 7.3 6.7 5.7 1.8 9.9 4.7 10.5 1.2 30.2 1.3 43.8 19.7 17.8 1.0 61.8 3.1 66.6 1.2 15.9 1.6 53.6 1.2 201.0 17.1 Total 142.9 127.7 144.3 147.0 145.2 345.5 122.4 318.1 147.5 128.2 131.4 162.4 154.8 506.9 129.7 332.8 153.2 143.0 148.0 127.5 151.5 524.3 188.7 483.7 45.5 45.3 %Share Of Continent 22.75 0.00 24.68 3.31 21.13 9.69 16.01 9.28 20.40 3.42 23.28 4.25 20.43 13.98 13.76 12.38 18.36 4.11 20.49 3.84 17.15 14.67 16.04 12.36 16.55 (0.11) Europe: Austria 0.0 9.3 0.0 4.5 0.0 11.3 0.0 11.7 0.0 6.8 0.0 7.3 0.0 6.3 0.0 3.0 0.0 6.0 0.0 2.9 0.1 4.5 0.0 6.1 274.4 104.2 Belgium 19.7 38.9 11.5 130.2 10.6 48.8 19.3 124.6 22.4 43.6 12.5 79.8 21.2 90.9 24.4 27.2 20.7 20.3 14.7 33.7 27.2 48.5 28.9 87.4 18.4 221.1 Bulgaria 0.9 16.2 0.5 1.4 1.2 14.0 0.8 13.2 0.5 7.0 0.3 8.9 1.3 0.3 0.5 0.5 0.6 10.2 0.5 0.7 0.6 11.2 0.6 1.2 21.5 146.1 Cyprus 0.2 1.1 - 1.0 0.1 1.9 0.2 1.2 0.1 1.5 - 3.1 0.3 1.4 0.3 0.7 - 1.6 - 1.1 - 5.2 - 3.0 (100.0) 343.4 Czech Republic 0.0 7.2 0.1 5.5 0.0 4.0 0.1 9.4 0.0 2.9 - 1.9 0.0 9.5 0.0 1.1 0.0 1.4 0.0 1.4 - 2.7 0.1 1.8 3,957.8 70.2 Slovakia 0.0 0.3 0.0 0.3 - 0.5 0.0 0.8 0.0 0.4 0.0 0.9 - 0.4 - 0.4 0.0 0.1 0.0 0.1 - 0.2 0.0 1.1 178.4 Denmark 0.1 7.6 0.2 25.6 0.3 12.4 0.5 10.6 0.2 7.0 0.2 13.2 0.2 13.4 0.2 7.1 0.3 18.7 0.2 3.9 0.2 7.1 0.4 9.2 84.7 28.6 Finland 1.6 4.8 0.1 1.9 1.5 2.3 1.6 0.4 0.1 3.7 0.0 0.3 1.1 0.6 2.4 1.2 0.0 0.5 0.0 0.8 1.7 2.7 1.7 3.5 (32.2) 189.2 France 6.0 43.2 4.0 56.1 3.4 28.6 6.7 28.1 6.2 37.0 9.3 56.9 5.4 31.0 7.5 133.5 5.5 50.8 4.4 36.3 5.7 47.6 8.0 55.5 7.6 (58.4) Germany 35.5 79.6 18.0 82.9 22.0 79.9 37.0 79.3 49.2 68.1 33.2 95.5 36.7 75.7 41.6 57.1 29.8 74.5 22.9 58.1 39.1 45.1 43.7 39.3 4.9 (31.1) Greece 0.8 1.9 0.7 1.2 2.8 2.4 3.4 1.1 1.0 1.1 0.8 1.8 1.1 2.5 1.2 0.9 0.8 1.6 1.1 1.1 1.3 0.4 2.7 2.8 130.7 213.2 Hungary 0.4 3.9 0.2 3.8 0.1 1.6 0.1 3.9 0.2 3.4 0.0 4.1 0.1 1.7 0.1 4.3 0.3 3.0 - 5.4 0.0 2.1 0.1 1.9 (14.9) (54.9) Ireland 0.2 14.9 0.2 8.5 0.2 12.6 0.2 10.5 0.1 11.0 0.1 12.9 0.1 8.4 0.0 6.6 0.0 10.2 0.0 6.6 0.1 8.7 0.0 7.7 1,912.6 15.6 Italy 12.6 91.8 5.0 99.0 8.0 85.5 17.5 66.1 11.1 71.9 9.2 63.5 7.2 76.9 16.7 50.9 10.8 83.3 8.1 94.0 12.1 106.7 14.0 58.6 (16.0) 15.0 Netherlands 45.1 30.3 43.0 27.6 53.2 20.7 69.3 105.2 81.2 95.4 65.5 22.3 82.5 23.7 79.2 13.5 78.7 31.8 79.9 23.8 93.4 18.9 58.6 23.0 (26.0) 70.5 Norway 1.5 0.7 1.4 1.3 1.7 0.8 2.6 0.2 3.6 1.3 2.9 0.7 2.8 3.0 3.0 0.3 2.2 1.9 2.8 0.4 2.7 0.8 1.7 1.9 (42.8) 621.3 Poland 0.3 10.3 0.0 6.2 0.1 11.5 0.1 5.9 0.3 7.0 0.3 12.8 0.1 5.0 0.2 4.2 0.2 8.8 0.1 22.2 0.1 7.3 0.1 10.8 (58.7) 156.0 Portugal 1.2 2.6 1.9 1.7 2.0 3.0 2.3 7.4 0.6 2.0 1.2 0.8 1.7 2.6 1.0 1.1 1.2 2.7 2.9 0.7 0.9 1.8 0.0 7.6 (99.9) 593.4 Rumania 0.0 73.3 0.4 15.0 0.0 9.9 - 33.1 0.1 38.6 0.3 12.2 0.3 0.5 0.1 0.2 0.0 30.9 0.2 0.3 0.4 0.3 0.1 78.8 (13.2) 47,041.6 Spain 5.2 15.8 2.9 22.4 4.8 21.7 4.6 15.9 4.2 17.8 3.7 28.6 3.7 17.5 3.4 17.1 4.6 15.7 3.2 13.9 3.0 15.1 3.7 19.6 8.0 14.5 Sweden 1.5 6.8 1.5 11.7 1.3 3.1 1.6 24.4 1.5 28.3 1.0 9.1 1.8 3.7 1.5 14.9 1.4 3.1 1.3 11.4 2.3 4.3 1.5 3.2 0.1 (78.8) Switzerland 15.8 19.5 4.4 9.3 3.8 6.8 5.3 27.8 7.0 32.3 7.8 5.1 14.4 6.7 169.6 28.4 204.4 5.8 132.7 29.4 115.1 4.0 223.5 35.4 31.8 24.7 Turkey 2.6 160.9 13.7 166.4 19.6 137.7 4.7 142.1 3.8 151.0 8.2 176.0 13.5 158.0 8.5 126.6 4.9 375.5 7.0 147.2 8.4 83.8 4.3 149.0 (49.3) 17.6 Ukraine 0.3 38.3 0.1 71.3 0.4 36.7 0.5 32.1 0.4 140.6 0.2 106.0 0.3 40.0 0.3 52.0 0.4 29.1 0.6 146.9 0.6 63.7 0.8 163.7 208.6 214.6 United Kingdom 10.5 116.5 7.6 69.2 11.1 84.2 12.6 56.6 10.4 52.1 6.5 133.6 8.8 30.0 8.0 80.6 9.1 53.3 6.2 79.8 7.4 51.1 8.9 97.2 11.9 20.7 Russia 1.7 56.1 2.8 17.9 3.9 41.0 4.0 8.1 3.6 45.7 2.2 9.8 3.5 5.5 2.5 9.5 3.3 4.0 3.0 29.7 5.0 74.8 3.1 10.6 23.8 11.7 Yugoslavia - - - - - - - - - - - - - - - - - - - - - - - - Others 8.1 7.7 11.3 12.2 12.2 21.1 14.4 3.4 10.7 7.0 6.2 3.6 15.4 10.0 17.7 2.5 2.9 4.9 1.7 10.5 1.3 29.2 90.9 3.7 414.5 46.4 Total 171.4 859.3 131.6 854.1 164.5 704.0 209.4 823.2 218.3 884.6 171.5 870.8 223.5 625.4 389.7 645.5 382.2 849.5 293.4 762.2 328.7 647.8 497.3 883.7 27.6 36.9 %Share Of Continent 27.30 0.00 22.51 19.25 23.93 19.75 27.38 24.01 30.19 23.61 30.40 22.80 29.50 17.25 41.33 24.01 45.79 24.41 40.63 22.95 0.00 18.13 42.26 22.59 2.25 (5.91)

142 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 24: Continued............. Country of Origin 2018/19 2019/20 2020/21 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 Y Z A B C D E F G H I J K L M N O P Q R S T U V W=U/M X=V/N America Brazil 0.0 41.8 0.0 11.2 0.0 7.7 0.0 9.4 - 3.8 - 3.9 - 5.1 - 4.2 - 21.2 - 7.7 - 7.9 0.0 7.8 87.8 Canada 4.4 12.1 2.9 21.3 2.4 5.6 4.4 11.2 2.8 4.8 3.3 37.8 4.2 26.6 4.2 7.6 3.6 4.3 3.9 28.1 4.0 10.2 4.7 4.5 10.8 (40.9) Cuba - 0.0 - 0.0 - 0.0 - 0.1 - 0.0 - - - 0.1 - - - - - 0.0 - - - - Mexico 1.0 3.7 0.2 1.1 2.2 0.6 1.3 3.4 0.5 1.6 0.2 2.1 0.3 3.1 1.3 1.0 0.6 0.8 0.0 3.2 0.0 2.1 0.8 1.4 (36.0) 38.3 United States 50.6 166.1 25.5 949.8 47.7 180.9 69.5 73.0 42.6 307.3 39.1 316.7 46.3 299.8 84.5 147.2 59.0 157.5 40.6 211.6 70.0 262.7 84.3 328.8 (0.2) 123.4 Others 13.0 2.3 15.7 2.0 25.7 1.5 33.7 7.3 34.4 1.9 12.0 2.6 30.7 102.9 9.2 15.7 1.5 4.9 0.7 3.3 1.1 16.6 41.2 8,338,023.4 348.9 53,148,525.0 Total 69.0 226.0 44.2 985.4 78.0 196.3 109.0 104.4 80.3 319.4 54.5 363.1 81.4 437.6 99.2 175.6 64.7 188.7 45.3 253.9 75.1 299.5 131.1 344.8 32.1 96.4 %Share Of Continent 10.98 0.00 7.56 22.21 11.34 5.51 14.25 3.05 11.10 8.53 0.00 9.51 10.74 12.07 10.52 6.53 7.75 5.42 0.00 7.64 0.00 8.38 11.14 8.81 5.86 34.95 Asia: China, Main￾land 40.6 1,083.1 35.4 959.8 34.5 1,001.0 35.3 876.1 19.4 933.9 20.0 1,072.7 23.3 894.5 21.2 710.4 13.1 918.0 15.9 890.0 22.3 837.7 18.5 622.6 (12.9) (12.4) China, Taiwan 5.2 12.5 2.1 16.5 2.6 12.7 5.6 10.9 4.9 25.5 2.4 26.9 3.3 13.5 11.7 23.8 5.2 17.8 2.7 12.1 4.5 12.6 4.6 8.8 (60.7) (63.1) Hong Kong 3.1 2.8 3.0 2.4 2.9 2.7 2.8 1.8 1.5 1.2 1.6 0.7 5.2 1.4 3.7 0.6 3.7 18.2 3.4 12.4 6.7 1.3 4.6 0.2 25.2 (59.6) India 7.5 266.2 14.0 367.8 25.2 335.3 39.4 260.3 22.3 329.1 16.3 341.2 11.1 286.6 6.7 131.9 9.6 569.7 15.1 457.9 29.4 330.0 20.5 407.8 205.7 209.2 Indonesia 7.9 71.5 11.4 84.6 5.9 69.0 3.8 55.8 10.5 72.0 5.6 59.4 7.4 80.9 6.1 70.6 6.6 111.0 6.5 85.4 11.9 80.1 7.0 48.9 15.4 (30.8) Israel 18.6 7.3 29.5 7.7 31.6 8.3 26.1 2.3 27.2 5.2 24.8 8.6 36.3 6.0 13.6 3.4 18.0 3.1 16.9 4.4 24.2 4.6 15.5 4.5 14.4 31.3 Japan 26.6 80.5 24.6 99.7 29.9 93.2 40.9 101.5 32.8 80.7 19.6 45.4 25.2 32.4 35.7 21.8 20.9 32.2 15.6 27.8 14.4 18.4 20.6 28.2 (42.4) 29.3 N.Korea, Pdrk 0.2 0.3 0.1 0.5 0.0 0.7 0.1 15.9 0.0 0.5 - 1.4 0.0 0.9 0.0 0.3 0.0 1.9 0.2 0.2 0.0 0.7 9,777.8 (16.7) S.Korea 12.5 46.2 8.5 50.7 10.9 40.5 14.4 43.0 16.7 39.5 7.8 43.6 15.9 44.3 23.7 58.9 15.2 41.0 8.8 44.1 18.8 69.8 20.2 62.2 (14.6) 5.6 Kuwait 0.6 514.6 0.6 381.3 0.8 202.6 1.5 560.9 1.2 421.1 0.8 417.3 0.8 141.0 0.8 107.5 1.4 116.0 1.0 0.3 2.8 0.0 2.8 349.2 262.1 224.8 Lebanon 0.8 0.4 0.5 0.4 0.3 0.2 0.5 0.3 0.4 0.4 1.0 0.5 0.7 0.1 0.1 0.0 0.2 0.2 0.1 0.5 1.0 0.3 0.3 0.0 198.0 1,599.1 Malaysia 0.0 84.3 0.0 115.1 0.1 65.5 0.6 56.4 1.3 37.4 0.2 45.4 0.3 36.4 1.9 32.2 1.9 125.5 2.3 105.7 4.4 106.9 1.8 276.8 (5.2) 759.9 Pakistan 2.7 24.7 2.1 14.5 1.0 4.4 0.5 6.2 0.2 5.8 0.4 11.3 5.5 5.9 5.8 8.3 5.4 8.2 3.1 13.1 2.8 12.8 1.2 9.5 (78.5) 15.1 Saudi Arabia 42.2 41.4 45.5 89.8 47.8 85.2 47.5 28.2 55.3 56.5 44.7 181.7 55.5 121.7 51.5 97.6 53.3 60.2 45.9 72.2 58.4 300.6 45.7 59.8 (11.2) (38.8) Singapore 1.2 4.0 1.8 4.3 8.0 28.5 10.9 4.9 7.5 9.6 6.6 10.0 16.4 113.4 8.3 64.0 6.2 104.2 15.2 2.4 15.7 2.1 6.1 33.8 (25.8) (47.1) Yemen 11.3 0.6 10.3 0.7 17.5 0.7 16.4 0.6 18.5 0.7 6.3 0.4 6.7 0.6 6.8 0.7 9.5 1.3 6.9 0.7 5.1 0.0 7.6 1.1 12.4 59.1 Thailand 1.1 72.0 1.3 48.2 1.2 32.0 1.2 28.5 0.9 27.3 1.0 25.7 0.3 30.1 0.1 18.7 0.4 25.1 0.0 71.9 0.3 17.2 0.2 13.1 138.6 (29.8) UAE 28.2 102.4 26.9 135.7 39.2 221.4 37.7 90.8 23.5 98.3 26.6 99.3 47.5 193.7 26.9 155.4 32.0 115.1 48.3 348.8 57.4 266.9 36.9 209.7 37.6 34.9 Others 25.0 51.5 43.7 63.7 37.2 113.4 30.2 35.4 25.7 265.6 18.2 30.3 33.3 50.4 93.7 22.4 24.5 25.9 24.1 24.1 40.3 38.6 131.6 56.0 40.5 150.6 Total 235.1 2,466.2 261.3 2,443.4 295.9 2,317.3 315.2 2,179.9 269.8 2,410.2 204.0 2,421.6 294.8 2,052.8 318.0 1,529.1 227.1 2,292.8 231.7 2,175.8 320.7 2,100.1 345.9 2,193.0 8.8 43.4 %Share Of Continent 37.44 0.00 44.69 55.08 43.04 65.00 41.21 63.58 37.32 64.33 36.15 63.39 38.91 56.61 33.72 56.87 27.21 65.88 32.08 65.50 0.00 58.76 29.39 56.06 (12.84) (1.43) Oceania: Australia 7.3 2.2 3.0 4.4 2.7 1.3 7.6 1.7 5.0 2.2 2.5 1.1 2.5 2.1 4.9 4.3 6.2 5.5 1.5 1.2 6.0 1.4 7.4 5.9 49.6 36.2 Others 2.4 0.7 0.2 2.0 0.6 0.7 1.2 1.3 2.1 1.7 0.3 0.9 0.7 1.5 1.3 1.3 1.2 0.9 2.3 0.9 1.2 0.7 6.4 0.9 379.0 (32.9) Total 9.7 2.9 3.3 6.4 3.9 2.0 8.8 3.0 7.1 4.0 2.9 2.0 3.2 3.6 6.3 5.7 7.5 6.3 3.8 2.0 7.2 2.1 13.7 6.8 119.3 20.2 % Share Of Continent 1.54 0.00 0.56 0.14 0.56 0.06 1.15 0.09 0.99 0.11 0.51 0.05 0.42 0.10 0.66 0.21 0.89 0.18 0.53 0.06 0.00 0.06 1.17 0.17 75.72 (17.36) Unspecified Unspecified - - - - - - - - - - - - - - - - - - - - Grand Total 628.0 3,682.1 584.6 4,436.3 687.5 3,565.0 764.9 3,428.6 723.0 3,746.4 564.2 3,820.0 757.6 3,626.3 942.9 2,688.6 834.7 3,480.3 722.3 3,321.5 883.1 3,573.9 1,176.7 3,911.9 24.8 45.5 Source: Ethiopian Customs Commission

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

Fourth Quarter 2020/21 | 143 National Bank of Ethiopia Quarterly Bulletin Table 24: Continued............. Country of Origin 2018/19 2019/20 2020/21 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 Y Z A B C D E F G H I J K L M N O P Q R S T U V W=U/M X=V/N America Brazil 0.0 41.8 0.0 11.2 0.0 7.7 0.0 9.4 - 3.8 - 3.9 - 5.1 - 4.2 - 21.2 - 7.7 - 7.9 0.0 7.8 87.8 Canada 4.4 12.1 2.9 21.3 2.4 5.6 4.4 11.2 2.8 4.8 3.3 37.8 4.2 26.6 4.2 7.6 3.6 4.3 3.9 28.1 4.0 10.2 4.7 4.5 10.8 (40.9) Cuba - 0.0 - 0.0 - 0.0 - 0.1 - 0.0 - - - 0.1 - - - - - 0.0 - - - - Mexico 1.0 3.7 0.2 1.1 2.2 0.6 1.3 3.4 0.5 1.6 0.2 2.1 0.3 3.1 1.3 1.0 0.6 0.8 0.0 3.2 0.0 2.1 0.8 1.4 (36.0) 38.3 United States 50.6 166.1 25.5 949.8 47.7 180.9 69.5 73.0 42.6 307.3 39.1 316.7 46.3 299.8 84.5 147.2 59.0 157.5 40.6 211.6 70.0 262.7 84.3 328.8 (0.2) 123.4 Others 13.0 2.3 15.7 2.0 25.7 1.5 33.7 7.3 34.4 1.9 12.0 2.6 30.7 102.9 9.2 15.7 1.5 4.9 0.7 3.3 1.1 16.6 41.2 8,338,023.4 348.9 53,148,525.0 Total 69.0 226.0 44.2 985.4 78.0 196.3 109.0 104.4 80.3 319.4 54.5 363.1 81.4 437.6 99.2 175.6 64.7 188.7 45.3 253.9 75.1 299.5 131.1 344.8 32.1 96.4 %Share Of Continent 10.98 0.00 7.56 22.21 11.34 5.51 14.25 3.05 11.10 8.53 0.00 9.51 10.74 12.07 10.52 6.53 7.75 5.42 0.00 7.64 0.00 8.38 11.14 8.81 5.86 34.95 Asia: China, Main￾land 40.6 1,083.1 35.4 959.8 34.5 1,001.0 35.3 876.1 19.4 933.9 20.0 1,072.7 23.3 894.5 21.2 710.4 13.1 918.0 15.9 890.0 22.3 837.7 18.5 622.6 (12.9) (12.4) China, Taiwan 5.2 12.5 2.1 16.5 2.6 12.7 5.6 10.9 4.9 25.5 2.4 26.9 3.3 13.5 11.7 23.8 5.2 17.8 2.7 12.1 4.5 12.6 4.6 8.8 (60.7) (63.1) Hong Kong 3.1 2.8 3.0 2.4 2.9 2.7 2.8 1.8 1.5 1.2 1.6 0.7 5.2 1.4 3.7 0.6 3.7 18.2 3.4 12.4 6.7 1.3 4.6 0.2 25.2 (59.6) India 7.5 266.2 14.0 367.8 25.2 335.3 39.4 260.3 22.3 329.1 16.3 341.2 11.1 286.6 6.7 131.9 9.6 569.7 15.1 457.9 29.4 330.0 20.5 407.8 205.7 209.2 Indonesia 7.9 71.5 11.4 84.6 5.9 69.0 3.8 55.8 10.5 72.0 5.6 59.4 7.4 80.9 6.1 70.6 6.6 111.0 6.5 85.4 11.9 80.1 7.0 48.9 15.4 (30.8) Israel 18.6 7.3 29.5 7.7 31.6 8.3 26.1 2.3 27.2 5.2 24.8 8.6 36.3 6.0 13.6 3.4 18.0 3.1 16.9 4.4 24.2 4.6 15.5 4.5 14.4 31.3 Japan 26.6 80.5 24.6 99.7 29.9 93.2 40.9 101.5 32.8 80.7 19.6 45.4 25.2 32.4 35.7 21.8 20.9 32.2 15.6 27.8 14.4 18.4 20.6 28.2 (42.4) 29.3 N.Korea, Pdrk 0.2 0.3 0.1 0.5 0.0 0.7 0.1 15.9 0.0 0.5 - 1.4 0.0 0.9 0.0 0.3 0.0 1.9 0.2 0.2 0.0 0.7 9,777.8 (16.7) S.Korea 12.5 46.2 8.5 50.7 10.9 40.5 14.4 43.0 16.7 39.5 7.8 43.6 15.9 44.3 23.7 58.9 15.2 41.0 8.8 44.1 18.8 69.8 20.2 62.2 (14.6) 5.6 Kuwait 0.6 514.6 0.6 381.3 0.8 202.6 1.5 560.9 1.2 421.1 0.8 417.3 0.8 141.0 0.8 107.5 1.4 116.0 1.0 0.3 2.8 0.0 2.8 349.2 262.1 224.8 Lebanon 0.8 0.4 0.5 0.4 0.3 0.2 0.5 0.3 0.4 0.4 1.0 0.5 0.7 0.1 0.1 0.0 0.2 0.2 0.1 0.5 1.0 0.3 0.3 0.0 198.0 1,599.1 Malaysia 0.0 84.3 0.0 115.1 0.1 65.5 0.6 56.4 1.3 37.4 0.2 45.4 0.3 36.4 1.9 32.2 1.9 125.5 2.3 105.7 4.4 106.9 1.8 276.8 (5.2) 759.9 Pakistan 2.7 24.7 2.1 14.5 1.0 4.4 0.5 6.2 0.2 5.8 0.4 11.3 5.5 5.9 5.8 8.3 5.4 8.2 3.1 13.1 2.8 12.8 1.2 9.5 (78.5) 15.1 Saudi Arabia 42.2 41.4 45.5 89.8 47.8 85.2 47.5 28.2 55.3 56.5 44.7 181.7 55.5 121.7 51.5 97.6 53.3 60.2 45.9 72.2 58.4 300.6 45.7 59.8 (11.2) (38.8) Singapore 1.2 4.0 1.8 4.3 8.0 28.5 10.9 4.9 7.5 9.6 6.6 10.0 16.4 113.4 8.3 64.0 6.2 104.2 15.2 2.4 15.7 2.1 6.1 33.8 (25.8) (47.1) Yemen 11.3 0.6 10.3 0.7 17.5 0.7 16.4 0.6 18.5 0.7 6.3 0.4 6.7 0.6 6.8 0.7 9.5 1.3 6.9 0.7 5.1 0.0 7.6 1.1 12.4 59.1 Thailand 1.1 72.0 1.3 48.2 1.2 32.0 1.2 28.5 0.9 27.3 1.0 25.7 0.3 30.1 0.1 18.7 0.4 25.1 0.0 71.9 0.3 17.2 0.2 13.1 138.6 (29.8) UAE 28.2 102.4 26.9 135.7 39.2 221.4 37.7 90.8 23.5 98.3 26.6 99.3 47.5 193.7 26.9 155.4 32.0 115.1 48.3 348.8 57.4 266.9 36.9 209.7 37.6 34.9 Others 25.0 51.5 43.7 63.7 37.2 113.4 30.2 35.4 25.7 265.6 18.2 30.3 33.3 50.4 93.7 22.4 24.5 25.9 24.1 24.1 40.3 38.6 131.6 56.0 40.5 150.6 Total 235.1 2,466.2 261.3 2,443.4 295.9 2,317.3 315.2 2,179.9 269.8 2,410.2 204.0 2,421.6 294.8 2,052.8 318.0 1,529.1 227.1 2,292.8 231.7 2,175.8 320.7 2,100.1 345.9 2,193.0 8.8 43.4 %Share Of Continent 37.44 0.00 44.69 55.08 43.04 65.00 41.21 63.58 37.32 64.33 36.15 63.39 38.91 56.61 33.72 56.87 27.21 65.88 32.08 65.50 0.00 58.76 29.39 56.06 (12.84) (1.43) Oceania: Australia 7.3 2.2 3.0 4.4 2.7 1.3 7.6 1.7 5.0 2.2 2.5 1.1 2.5 2.1 4.9 4.3 6.2 5.5 1.5 1.2 6.0 1.4 7.4 5.9 49.6 36.2 Others 2.4 0.7 0.2 2.0 0.6 0.7 1.2 1.3 2.1 1.7 0.3 0.9 0.7 1.5 1.3 1.3 1.2 0.9 2.3 0.9 1.2 0.7 6.4 0.9 379.0 (32.9) Total 9.7 2.9 3.3 6.4 3.9 2.0 8.8 3.0 7.1 4.0 2.9 2.0 3.2 3.6 6.3 5.7 7.5 6.3 3.8 2.0 7.2 2.1 13.7 6.8 119.3 20.2 % Share Of Continent 1.54 0.00 0.56 0.14 0.56 0.06 1.15 0.09 0.99 0.11 0.51 0.05 0.42 0.10 0.66 0.21 0.89 0.18 0.53 0.06 0.00 0.06 1.17 0.17 75.72 (17.36) Unspecified Unspecified - - - - - - - - - - - - - - - - - - - - Grand Total 628.0 3,682.1 584.6 4,436.3 687.5 3,565.0 764.9 3,428.6 723.0 3,746.4 564.2 3,820.0 757.6 3,626.3 942.9 2,688.6 834.7 3,480.3 722.3 3,321.5 883.1 3,573.9 1,176.7 3,911.9 24.8 45.5 Source: Ethiopian Customs Commission

• Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All import data are updated based on revised data from the Ethiopian Customs Commission Table 25: Volume of Exports, by Major Commodity Groups ( In metric tone) Period Coffee Oil Seeds Leather and Leather products Pulses Meat & Meat Prodts. Fruits & Veget. Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 2019/20 Qtr I 80,530.9 35,026.1 1,122.7 87,604.0 3,654.0 48,805.8 7,500.2 0.2 - 12,498.8 16,282.2 - 66.0 16.7 - 6,934.0 Qtr II 52,528.2 35,569.5 1,131.4 81,773.1 3,071.7 43,455.2 2,507.1 0.2 - 4,773.8 14,171.1 - 44.0 17.2 - 5,789.9 Qtr III 61,118.6 88,514.3 785.3 87,635.3 3,211.9 47,246.0 5,007.3 0.3 - 4,781.0 14,474.7 - 40.5 16.4 - 5,918.7 Qtr IV 76,933.9 77,394.6 511.9 96,998.1 2,882.3 51,676.1 2,500.4 2.6 - 7,342.0 12,208.2 - 107.5 25.8 80.0 4,155.8 2020/21 Qtr I 78,135.6 55,732.8 796.8 88,475.2 4,381.9 52,741.5 5,000.0 2.7 - 9,802.0 21,141.0 - 99.0 17.9 - 8,930.8 Qtr II 38,452.0 68,413.0 522.0 50,458.8 3,174.7 46,304.1 5.3 1.9 - 5,068.9 16,802.9 - 52.0 15.3 - 5,405.2 Qtr III 54,999.9 76,231.3 626.4 92,276.5 3,955.2 64,669.9 4.6 1.6 - 6,593.1 17,173.5 - 54.0 19.0 - 5,743.3 QIV 101,669.8 54,639.5 590.5 74,099.9 4,297.4 71,857.5 0.4 3.3 - 7,687.1 20,568.0 - 73.5 17.5 - 6,804.4 Table 25 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* 2019/20 Qtr I 669.8 709.6 - - - 12.5 - 8,011.1 350.6 1,261.9 11,911.6 167,043.2 70,125.9 - 363,216.7 Qtr II 164.6 311.6 - - - 38.7 - 9,881.9 238.4 500.3 17,005.0 262,447.5 70,757.5 - 309,782.8 Qtr III 1,053.1 196.6 - - - 94.9 - 6,829.6 1,204.9 663.5 6,720.1 307,742.7 81,171.5 - 393,986.7 Qtr IV 2,782.6 166.8 - - - 6.1 - 29,889.8 1,191.2 3,865.1 22,443.4 408,020.5 53,471.9 - 382,029.4 2020/21 Qtr I 4,116.3 249.0 - - - 1.7 - 24,014.4 2,617.1 2,822.9 32,050.7 43,011.4 70,705.3 387,013.7 Qtr II 4,615.6 217.3 - - - 2.3 0 24493.70966 814.3366 1827.092 46756.64021 342,279.0 5,420.5 234,676.1 Qtr III 1053.078 196.593 0 94.899 - 27,465.3 1,021.9 4,402.8 20,055.6 307742.7014 81171.45786 0 393986.6925 Qtr IV 12,182.6 205.3 - - - 6.2 - 27,465.3 1,021.9 4,402.8 20,055.6 505,227.1 72,161.6 407,648.5 Source: Ethiopian Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU)

144 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 26: Value of Exports, by Major Commodity Groups (In Thousands of Birr) Period Coffee Oil Seeds Leather and Leather pro- ducts Pulses Meat & Meat Prodts. Fruits & Vegeta- bles Sugar Gold Oil Cakes Live Ani- mals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 2019/20 July 2,335,735.5 556,373.9 231,268.1 454,974.7 193,022.0 187,902.6 - 76,269.0 444,240.5 823,678.8 - 2,807.9 2,926.3 - 474,513.6 August 2,537,404.9 606,226.6 251,681.2 529,494.9 212,785.3 169,236.9 11,749.7 79,223.3 89,063.3 1,066,955.7 - 8,580.5 15,472.7 - 631,180.0 September 1,877,299.0 405,470.7 203,359.7 432,024.0 132,265.3 119,042.3 5,865.2 23,106.2 168,755.1 800,509.5 - 4,420.3 5,309.5 - 402,291.8 Qtr I 6,750,439.4 1,568,071.1 686,309.1 1,416,493.6 538,072.5 476,181.9 17,614.9 178,598.5 - 702,058.9 2,691,144.0 - 15,808.7 23,708.4 - 1,507,985.5 October 1,536,881.0 308,421.5 308,898.0 540,447.6 137,064.6 133,643.7 18.7 20,352.1 82,584.1 799,630.7 - 11,751.1 18,920.6 - 439,185.5 Noveber 1,400,917.9 530,130.2 224,787.2 449,756.1 157,964.5 155,129.6 37.6 47,057.7 96,476.7 792,187.3 - - 10,781.5 - 464,877.8 December 1,068,276.9 785,180.7 217,454.5 516,776.3 193,409.9 168,821.5 6,286.9 160,776.9 76,638.0 862,699.7 - - 1,135.6 - 468,999.1 Qtr II 4,006,075.8 1,623,732.5 751,139.6 1,506,980.0 488,439.0 457,594.8 6,343.2 228,186.8 - 255,698.8 2,454,517.7 - 11,751.1 30,837.7 - 1,373,062.4 January 1,373,638.4 1,357,089.8 174,965.1 561,881.1 198,412.1 137,677.5 6,914.0 103,554.6 99,351.2 885,016.0 - 5,792.1 4,411.0 - 479,260.2 February 1,846,511.5 1,135,973.5 142,044.5 789,643.7 211,893.2 158,732.6 6,945.9 27,587.6 121,131.8 937,855.4 - - 18,005.4 - 458,032.3 March 3,156,164.0 1,653,160.3 157,325.1 778,644.3 155,102.0 166,604.1 26.8 307,354.9 53,521.8 824,781.2 - 3,988.2 16,792.7 - 417,705.0 Qtr III 6,376,313.9 4,146,223.6 474,334.7 2,130,169.1 565,407.2 463,014.2 13,886.7 438,497.1 - 274,004.9 2,647,652.6 - 9,780.3 39,209.0 - 1,354,997.5 April 3,454,803.1 1,713,003.3 65,317.2 848,381.1 180,612.4 160,079.2 6.0 2,099,738.1 120,772.2 603,998.8 - 5,071.7 25,977.0 4,073.7 294,165.3 May 3,312,947.4 1,296,788.7 104,917.8 928,481.5 199,556.3 179,499.9 7,238.7 1,852,305.0 148,926.5 868,150.6 - 19,050.1 2,184.4 4,145.1 353,987.0 June 3,143,730.9 665,163.7 126,372.8 592,390.3 134,946.5 98,425.4 - 1,775,313.9 169,615.4 850,707.2 - 4,193.7 33,574.1 - 351,138.4 Qtr IV 9,911,481.4 3,674,955.8 296,607.9 2,369,253.0 515,115.2 438,004.5 7,244.7 5,727,357.0 - 439,314.1 2,322,856.6 - 28,315.5 61,735.4 8,218.7 999,290.6 2020/21 Qtr I 6,618,332.1 2,081,331.0 331,497.9 1,672,517.6 570,893.0 473,697.0 7,546.7 7,265,027.5 - 442,465.2 3,394,106.0 - 13,343.0 37,868.3 - 1,479,275.5 Qtr II 4,541,378.8 3,638,713.3 324,201.3 1,452,723.6 620,805.6 558,497.3 206.0 4,990,717.8 - 326,660.1 3,518,806.6 - 13,754.8 30,708.3 - 1,284,613.2 Qtr III 8,361,352.4 4,243,240.8 362,988.2 3,236,908.5 807,011.2 885,504.0 72.9 4,594,802.2 - 432,900.4 3,916,533.0 - 16,856.2 51,070.8 - 1,373,218.5 Qtr IV 16,846,764.8 3,216,947.8 406,648.8 2,881,129.5 965,720.3 813,283.8 7.3 9,411,597.7 - 556,813.7 4,979,436.0 - 25,272.7 60,154.2 - 1,587,993.4 Table 26 (continued): Period Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity Others* Re-Ex- ports Grand Total 2019/20 July 3,070.9 2,536.5 - - - 150.4 - 1,040,559.7 7,738.0 45,868.2 327,599.5 96,778.7 2,001,741.7 7,308,014.8 August 8,431.1 25,456.6 - - - 808.6 - 1,276,629.9 9,388.0 39,421.6 130,777.6 97,122.5 2,234,688.6 7,797,090.8 September 7,873.3 37,298.2 - - - 52.1 - 1,040,802.3 3,156.2 40,966.6 111,947.3 103,629.0 1,753,326.5 5,925,443.8 Qtr I 19,375.3 65,291.3 - - - 1,011.1 - 3,357,992.0 20,282.2 126,256.4 570,324.4 297,530.2 5,989,756.8 21,030,549.4 October 2,922.7 15,959.5 - - - 2,748.8 - 1,058,003.6 11,833.9 33,452.2 103,956.4 104,082.7 1,791,065.8 5,670,758.9 Noveber 3,427.1 12,459.4 - - - 511.9 - 1,011,305.7 7,097.6 35,068.4 116,024.9 170,847.2 1,832,401.3 5,686,846.2 December 2,626.5 9,051.9 - - - 496.4 - 682,464.3 10,853.5 39,668.5 212,955.5 186,940.8 1,615,192.2 5,671,513.4 Qtr II 8,976.3 37,470.7 - - - 3,757.1 - 2,751,773.7 29,785.0 108,189.0 432,936.8 461,870.7 5,238,659.3 17,029,118.6 January 5,208.4 17,942.7 - - - 580.9 - 1,503,717.8 5,444.7 24,520.9 536,368.6 175,270.2 2,752,725.4 7,657,017.2 February 16,423.6 3,479.8 - - - 7,717.4 - 1,330,636.5 10,314.4 26,985.2 199,008.0 182,057.2 2,252,659.7 7,630,979.4 March 7,756.2 4,825.3 - - - 2,807.6 - 806,762.4 12,089.9 39,193.5 357,947.2 208,286.1 1,874,165.8 9,130,838.5 Qtr III 29,388.3 26,247.9 - - - 11,105.9 - 3,641,116.6 27,848.9 90,699.6 1,093,323.7 565,613.4 6,879,550.9 24,418,835.1 April 11,796.4 15,541.9 - - - - - 965,333.8 8,500.9 26,648.4 223,045.3 216,680.3 1,791,762.9 11,043,546.1 May 24,347.0 10,896.7 - - - - - 1,207,175.9 12,315.8 23,706.3 164,653.2 247,619.8 2,051,031.2 10,968,893.8 June 23,558.3 2,390.2 - - - 565.2 - 1,285,087.4 12,665.7 57,208.2 215,409.7 331,738.3 2,313,335.4 9,874,195.2 Qtr IV 59,701.8 28,828.8 - - - 565.2 - 3,457,597.0 33,482.3 107,563.0 603,108.1 796,038.4 6,156,129.5 31,886,635.1 Qtr I 85,865.7 28,329.5 - - - 514.2 - 3,667,167.9 53,413.4 115,928.7 678,998.9 828,830.0 6,976,192.0 29,846,949.0 Qtr II 142,816.5 41,899.7 - - - 424.7 - 4,203,147.1 58,309.1 130,510.0 733,902.2 722,280.4 7,348,611.2 27,335,076.3 Qtr III 155207.2901 22818.64739 0 641.307471 0 5241673.689 28386.58856 140240.8459 630482.1789 802550.4329 7643739.774 34501909.61 Qtr IV 374,323.2 44,198.7 - - - 1,456.4 - 5,349,642.7 51,815.5 233,950.0 1,095,614.1 1,195,879.7 8,799,148.3 - 48,902,770.7 Source: Ethiopian Ministry of Revenues, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU)

Fourth Quarter 2020/21 | 145 National Bank of Ethiopia Quarterly Bulletin Table 27: Value of Import, by Major Commodity Groups (In Thousands of Birr) Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 2019/20 Qtr I 9,086,741 204,261 29,042 - 16,699,933 1,479,065 3,582,154 267,772 1,274,355 2,038,489 1,042,851 Qtr II 7,072,204 259,326 32,121 257 18,616,354 1,791,221 3,766,270 973,466 1,283,965 2,185,393 1,278,813 Qtr III 8,528,815 232,640 36,685 1,707 16,751,624 1,403,444 3,512,864 1,376,255 1,251,560 2,862,753 1,107,819 Qtr IV 5,847,596 225,695 15,969 - 9,988,980 1,141,449 5,962,065 474,784 729,417 2,349,124 833,758 2020/21 Qtr I 9,000,887 255,751 39,437 - 12,800,026 1,741,461 2,712,421 1,017,625 1,351,925 3,020,602 738,383 Qtr II 13,951,128 269,982 64,714 77 14,735,939 1,459,562 6,624,546 808,232 1,188,595 2,443,553 812,960 Qtr III 13,027,260 181,107 31,994 - 20,803,192 1,412,460 6,252,913 1,292,075 1,530,636 2,373,813 803,651 Qtr IV 23,898,119 237,400 65,907 9,982 24,258,306 1,491,734 5,410,948 1,289,527 1,354,508 2,121,795 1,004,779 Table 27 (continued): Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 2019/20 Qtr I 34,494.7 7,409.0 52,447.9 477,106.2 53,216.1 49,595.4 33,469.8 144,203.0 94.1 891,187.1 3,702,282.2 Qtr II 2,523,927 1,803,900 926,866 14,424,435 23,253,811 2,647,175 8,384,797 1,099,958 169,506 24,029,489 115,423,297 Qtr III 2,669,745 1,233,333 876,260 15,104,311 17,937,973 1,809,672 6,333,941 1,304,939 139,474 33,593,227 116,764,101 Qtr IV 1,909,521 1,410,207 592,781 11,029,726 12,457,371 560,232 4,381,015 1,477,931 53,416 31,045,744 91,008,849 Qtr I 2,943,227 2,160,325 857,848 14,336,983 16,215,322 2,063,347 7,329,228 3,523,544 132,138 45,711,184 124,428,121 2020/21 Qtr II 4,070,828 2,435,175 672,627 13,510,588 16,781,444 1,110,350 9,420,239 3,442,585 274,624 35,214,368 125,849,531 Qtr III 3,306,311 1,791,807 707,419 12,113,084 19,832,946 885,948 9,264,607 4,393,345 168,959 46,839,292 142,619,472 Qtr IV 2,784,054 1,490,176 788,620 13,156,617 25,176,007 799,634 6,939,096 8,601,105 233,865 53,932,947 166,444,021 Source: Ethiopian Customs Commission *** Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Customs Commission

146 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 28: 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. 2019/20 July 68,497.0 2,399.8 204.4 - 330,084.4 17,270.5 2,304.3 101.7 9,759.5 8,773.2 11,463.6 August 389,998.9 1,278.0 44.6 - 416,968.0 25,692.6 2,015.7 128.9 7,395.8 9,562.0 10,572.5 September 469,170.9 1,187.1 45.0 - 263,239.4 17,795.9 1,934.8 16.0 12,141.7 7,826.4 15,389.5 Qtr I 927,666.8 4,864.8 294.0 - 1,010,291.7 60,758.9 6,254.8 246.6 29,296.9 26,161.5 37,425.6 October 244,695.2 1,360.9 100.0 16.0 325,943.9 23,847.3 2,461.5 30,093.9 5,274.7 14,132.1 15,042.5 November 281,455.5 1,367.6 67.0 0.2 286,716.0 16,188.4 2,777.8 359.6 9,092.3 9,239.2 11,625.9 December 134,217.0 2,200.0 133.9 - 401,031.4 531,088.3 1,356.0 75.6 9,700.6 8,295.5 16,067.5 Qtr II 660,367.6 4,928.5 300.9 16.2 1,013,691.3 571,124.0 6,595.3 30,529.1 24,067.6 31,666.9 42,735.8 January 189,833.4 1,647.7 61.3 - 324,441.9 19,311.0 2,061.2 129.5 7,958.6 11,605.3 11,491.0 February 182,671.1 986.8 145.5 37.7 346,615.1 12,449.5 2,043.3 531.5 6,294.7 10,524.9 10,221.8 March 285,691.5 1,228.9 74.2 - 284,172.4 14,288.7 1,522.6 125.2 6,882.3 7,622.8 10,359.6 Qtr III 658,195.9 3,863.4 281.0 37.7 955,229.4 46,049.3 5,627.1 786.2 21,135.6 29,753.0 32,072.4 April 194,586.6 744.6 28.2 - 334,935.9 11,251.3 2,986.2 108.9 3,814.3 5,671.3 10,227.1 May 187,968.5 753.1 60.9 - 227,020.2 15,491.7 974.1 32.6 3,727.1 8,097.0 7,390.5 June 144,767.8 1,671.5 45.0 - 326,027.5 14,257.1 1,634.3 63.0 3,643.2 10,219.8 8,359.1 Qtr IV 527,322.9 3,169.1 134.1 - 887,983.6 41,000.1 5,594.6 204.5 11,184.6 23,988.1 25,976.7 2020/21 July 608,995.1 1,409.9 109.1 - 272,666.7 20,117.3 1,184.6 77.4 6,735.6 14,090.3 77,678.8 August 324,306.1 1,170.3 80.1 - 357,700.9 17,370.6 1,609.2 108.1 9,710.4 8,678.1 7,025.8 September 250,296.1 1,304.2 70.4 - 248,319.6 16,695.3 1,370.5 56.4 9,305.8 10,397.5 7,767.0 Qtr I 1,183,597.3 3,884.4 259.6 - 878,687.3 54,183.2 4,164.3 242.0 25,751.8 33,166.0 92,471.6 October 288,296.6 1,244.4 241.8 - 344,425.7 13,681.1 1,409.9 110.6 5,177.9 8,428.9 9,944.8 November 311,444.4 1,413.9 31.1 0.1 265,051.8 16,107.7 2,792.1 41.6 6,721.3 6,594.1 6,365.2 December 551,310.0 2,162.2 175.3 - 328,418.3 9,866.6 2,278.0 67.2 7,870.3 7,648.6 6,984.3 Qtr II 1,151,051.0 4,820.5 448.2 0.1 937,895.8 39,655.5 6,480.0 219.4 19,769.5 22,671.6 23,294.3 January 232,013.7 1,089.9 66.6 - 326,932.1 14,445.7 1,600.4 22.9 4,494.9 5,602.3 5,486.7 February 218,295.7 1,063.2 139.9 - 307,546.3 11,111.0 3,302.0 129.1 9,078.3 6,856.9 6,475.6 March 216,707.2 772.7 26.9 - 325,501.0 16,328.1 2,112.6 66.2 5,557.3 7,610.9 6,601.7 Qtr III 667,016.6 2,925.7 233.4 - 959,979.4 41,884.8 7,015.0 218.2 19,130.5 20,070.1 18,564.0 Qtr IV 1,151,672.7 4,678.3 361.8 146.8 943,060.7 40,642.6 4,692.9 129.2 18,759.1 17,001.4 19,183.1 Table 28 (continued): Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 2019/20 July 11,062.2 3,199.1 26,698.2 151,321.5 21,025.0 27,363.3 16,572.3 50,710.2 34.8 269,904.9 978,039.7 August 13,207.5 2,269.9 15,207.7 213,442.2 16,060.5 16,440.0 9,355.9 60,409.6 22.4 318,861.6 1,468,524.5 September 10,225.0 1,940.0 10,542.0 112,342.5 16,130.6 5,792.1 7,541.6 33,083.3 37.0 302,420.5 1,255,718.0 Qtr I 34,494.7 7,409.0 52,447.9 477,106.2 53,216.1 49,595.4 33,469.8 144,203.0 94.1 891,187.1 3,702,282.2 October 11,241.9 2,720.1 15,573.9 220,258.2 17,851.2 5,932.4 12,469.4 47,599.1 27.2 776,008.6 1,725,051.0 November 10,400.9 2,728.9 16,106.4 142,440.3 33,540.0 7,885.8 21,811.7 71,596.0 74.0 249,668.5 1,103,546.1 December 12,727.2 3,109.8 15,719.5 170,321.3 22,448.1 4,635.7 9,538.9 54,787.5 41.1 230,033.1 1,572,740.3 Qtr II 34,370.0 8,558.8 47,399.8 533,019.9 73,839.3 18,454.0 43,820.0 173,982.6 142.3 1,255,710.3 4,401,337.5 January 11,668.7 2,780.1 16,338.1 121,088.0 17,520.5 3,890.5 11,300.3 30,576.8 56.6 602,680.3 1,355,863.9 February 11,008.8 2,179.8 12,699.3 139,102.0 23,621.4 5,190.5 10,672.4 65,191.0 99.7 523,073.9 1,300,169.7 March 8,814.0 1,211.4 12,252.4 145,953.0 18,020.6 2,859.8 7,537.7 43,240.3 10.2 433,045.1 1,241,672.3 Qtr III 31,491.6 6,171.2 41,289.8 406,143.0 59,162.4 11,940.7 29,510.5 139,008.2 166.6 1,558,799.3 3,897,705.9 April 5,716.4 1,676.1 5,573.9 153,176.9 8,996.9 632.4 3,992.7 149,414.3 8.0 490,376.5 1,234,504.1 May 7,080.1 1,798.9 8,064.9 82,767.5 12,193.9 1,334.3 6,148.5 71,727.0 12.6 326,640.7 897,557.1 June 7,102.3 1,681.2 6,917.1 90,911.3 16,518.4 1,205.8 5,747.7 59,701.8 7.0 1,283,200.9 1,923,979.9 Qtr IV 19,898.7 5,156.2 20,556.0 326,855.6 37,709.1 3,172.5 15,888.9 280,843.1 27.6 2,100,218.1 4,056,041.1 2020/21 July 10,826.4 2,621.8 9,160.8 118,533.0 14,243.5 2,260.5 10,533.1 495,349.9 24.8 997,404.4 2,168,673.0 August 10,057.2 2,371.8 10,823.7 142,660.4 15,888.1 7,458.3 7,812.3 181,365.4 21.5 919,417.6 1,844,270.5 September 10,998.0 2,778.4 10,690.6 142,615.2 20,432.0 4,336.0 7,067.4 153,822.8 3.0 396,748.6 1,141,252.2 Qtr I 31,881.6 7,771.9 30,675.1 403,808.6 50,563.6 14,054.8 25,412.9 830,538.1 49.2 2,313,570.6 5,154,195.6 October 11,179.1 2,522.9 6,904.5 130,587.7 18,378.7 2,711.2 8,144.6 72,868.2 26.1 451,048.6 1,304,465.2 November 11,731.6 2,836.5 8,004.6 99,658.9 15,724.1 1,443.4 6,384.4 149,472.4 15.4 307,593.5 1,069,955.7 December 11,651.3 2,869.4 8,673.6 99,293.7 17,138.3 2,601.0 14,054.4 310,814.8 17.0 391,282.9 1,464,362.4 Qtr II 34,562.0 8,228.8 23,582.7 329,540.2 51,241.1 6,755.7 28,583.4 533,155.4 58.6 1,149,924.9 3,838,783.3 January 12,790.2 1,949.4 6,193.1 268,430.5 16,094.5 1,163.2 6,618.2 79,320.3 24.6 673,243.4 1,578,262.1 February 11,616.1 2,346.8 8,365.6 80,401.3 11,548.2 2,139.3 8,408.4 73,810.5 8.6 285,835.5 974,667.5 March 10,105.7 1,561.9 8,375.4 84,986.4 15,406.5 1,223.3 6,982.5 95,557.4 24.5 736,359.8 1,446,310.7 Qtr III 34,512.0 5,858.2 22,934.1 433,818.1 43,049.2 4,525.7 22,009.0 248,688.3 57.7 1,695,438.7 3,999,240.4 Qtr IV 26,523.13 5,016.86 21,895.87 234,978.31 39,115.40 3,525.83 18,214.63 399,896.62 66.88 1,555,150.26 4,104,815.89 Source: Ethiopian Customs Commission *** Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Customs Commission

Fourth Quarter 2020/21 | 147 National Bank of Ethiopia Quarterly Bulletin Table 28: 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. 2019/20 July 68,497.0 2,399.8 204.4 - 330,084.4 17,270.5 2,304.3 101.7 9,759.5 8,773.2 11,463.6 August 389,998.9 1,278.0 44.6 - 416,968.0 25,692.6 2,015.7 128.9 7,395.8 9,562.0 10,572.5 September 469,170.9 1,187.1 45.0 - 263,239.4 17,795.9 1,934.8 16.0 12,141.7 7,826.4 15,389.5 Qtr I 927,666.8 4,864.8 294.0 - 1,010,291.7 60,758.9 6,254.8 246.6 29,296.9 26,161.5 37,425.6 October 244,695.2 1,360.9 100.0 16.0 325,943.9 23,847.3 2,461.5 30,093.9 5,274.7 14,132.1 15,042.5 November 281,455.5 1,367.6 67.0 0.2 286,716.0 16,188.4 2,777.8 359.6 9,092.3 9,239.2 11,625.9 December 134,217.0 2,200.0 133.9 - 401,031.4 531,088.3 1,356.0 75.6 9,700.6 8,295.5 16,067.5 Qtr II 660,367.6 4,928.5 300.9 16.2 1,013,691.3 571,124.0 6,595.3 30,529.1 24,067.6 31,666.9 42,735.8 January 189,833.4 1,647.7 61.3 - 324,441.9 19,311.0 2,061.2 129.5 7,958.6 11,605.3 11,491.0 February 182,671.1 986.8 145.5 37.7 346,615.1 12,449.5 2,043.3 531.5 6,294.7 10,524.9 10,221.8 March 285,691.5 1,228.9 74.2 - 284,172.4 14,288.7 1,522.6 125.2 6,882.3 7,622.8 10,359.6 Qtr III 658,195.9 3,863.4 281.0 37.7 955,229.4 46,049.3 5,627.1 786.2 21,135.6 29,753.0 32,072.4 April 194,586.6 744.6 28.2 - 334,935.9 11,251.3 2,986.2 108.9 3,814.3 5,671.3 10,227.1 May 187,968.5 753.1 60.9 - 227,020.2 15,491.7 974.1 32.6 3,727.1 8,097.0 7,390.5 June 144,767.8 1,671.5 45.0 - 326,027.5 14,257.1 1,634.3 63.0 3,643.2 10,219.8 8,359.1 Qtr IV 527,322.9 3,169.1 134.1 - 887,983.6 41,000.1 5,594.6 204.5 11,184.6 23,988.1 25,976.7 2020/21 July 608,995.1 1,409.9 109.1 - 272,666.7 20,117.3 1,184.6 77.4 6,735.6 14,090.3 77,678.8 August 324,306.1 1,170.3 80.1 - 357,700.9 17,370.6 1,609.2 108.1 9,710.4 8,678.1 7,025.8 September 250,296.1 1,304.2 70.4 - 248,319.6 16,695.3 1,370.5 56.4 9,305.8 10,397.5 7,767.0 Qtr I 1,183,597.3 3,884.4 259.6 - 878,687.3 54,183.2 4,164.3 242.0 25,751.8 33,166.0 92,471.6 October 288,296.6 1,244.4 241.8 - 344,425.7 13,681.1 1,409.9 110.6 5,177.9 8,428.9 9,944.8 November 311,444.4 1,413.9 31.1 0.1 265,051.8 16,107.7 2,792.1 41.6 6,721.3 6,594.1 6,365.2 December 551,310.0 2,162.2 175.3 - 328,418.3 9,866.6 2,278.0 67.2 7,870.3 7,648.6 6,984.3 Qtr II 1,151,051.0 4,820.5 448.2 0.1 937,895.8 39,655.5 6,480.0 219.4 19,769.5 22,671.6 23,294.3 January 232,013.7 1,089.9 66.6 - 326,932.1 14,445.7 1,600.4 22.9 4,494.9 5,602.3 5,486.7 February 218,295.7 1,063.2 139.9 - 307,546.3 11,111.0 3,302.0 129.1 9,078.3 6,856.9 6,475.6 March 216,707.2 772.7 26.9 - 325,501.0 16,328.1 2,112.6 66.2 5,557.3 7,610.9 6,601.7 Qtr III 667,016.6 2,925.7 233.4 - 959,979.4 41,884.8 7,015.0 218.2 19,130.5 20,070.1 18,564.0 Qtr IV 1,151,672.7 4,678.3 361.8 146.8 943,060.7 40,642.6 4,692.9 129.2 18,759.1 17,001.4 19,183.1 Table 28 (continued): Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 2019/20 July 11,062.2 3,199.1 26,698.2 151,321.5 21,025.0 27,363.3 16,572.3 50,710.2 34.8 269,904.9 978,039.7 August 13,207.5 2,269.9 15,207.7 213,442.2 16,060.5 16,440.0 9,355.9 60,409.6 22.4 318,861.6 1,468,524.5 September 10,225.0 1,940.0 10,542.0 112,342.5 16,130.6 5,792.1 7,541.6 33,083.3 37.0 302,420.5 1,255,718.0 Qtr I 34,494.7 7,409.0 52,447.9 477,106.2 53,216.1 49,595.4 33,469.8 144,203.0 94.1 891,187.1 3,702,282.2 October 11,241.9 2,720.1 15,573.9 220,258.2 17,851.2 5,932.4 12,469.4 47,599.1 27.2 776,008.6 1,725,051.0 November 10,400.9 2,728.9 16,106.4 142,440.3 33,540.0 7,885.8 21,811.7 71,596.0 74.0 249,668.5 1,103,546.1 December 12,727.2 3,109.8 15,719.5 170,321.3 22,448.1 4,635.7 9,538.9 54,787.5 41.1 230,033.1 1,572,740.3 Qtr II 34,370.0 8,558.8 47,399.8 533,019.9 73,839.3 18,454.0 43,820.0 173,982.6 142.3 1,255,710.3 4,401,337.5 January 11,668.7 2,780.1 16,338.1 121,088.0 17,520.5 3,890.5 11,300.3 30,576.8 56.6 602,680.3 1,355,863.9 February 11,008.8 2,179.8 12,699.3 139,102.0 23,621.4 5,190.5 10,672.4 65,191.0 99.7 523,073.9 1,300,169.7 March 8,814.0 1,211.4 12,252.4 145,953.0 18,020.6 2,859.8 7,537.7 43,240.3 10.2 433,045.1 1,241,672.3 Qtr III 31,491.6 6,171.2 41,289.8 406,143.0 59,162.4 11,940.7 29,510.5 139,008.2 166.6 1,558,799.3 3,897,705.9 April 5,716.4 1,676.1 5,573.9 153,176.9 8,996.9 632.4 3,992.7 149,414.3 8.0 490,376.5 1,234,504.1 May 7,080.1 1,798.9 8,064.9 82,767.5 12,193.9 1,334.3 6,148.5 71,727.0 12.6 326,640.7 897,557.1 June 7,102.3 1,681.2 6,917.1 90,911.3 16,518.4 1,205.8 5,747.7 59,701.8 7.0 1,283,200.9 1,923,979.9 Qtr IV 19,898.7 5,156.2 20,556.0 326,855.6 37,709.1 3,172.5 15,888.9 280,843.1 27.6 2,100,218.1 4,056,041.1 2020/21 July 10,826.4 2,621.8 9,160.8 118,533.0 14,243.5 2,260.5 10,533.1 495,349.9 24.8 997,404.4 2,168,673.0 August 10,057.2 2,371.8 10,823.7 142,660.4 15,888.1 7,458.3 7,812.3 181,365.4 21.5 919,417.6 1,844,270.5 September 10,998.0 2,778.4 10,690.6 142,615.2 20,432.0 4,336.0 7,067.4 153,822.8 3.0 396,748.6 1,141,252.2 Qtr I 31,881.6 7,771.9 30,675.1 403,808.6 50,563.6 14,054.8 25,412.9 830,538.1 49.2 2,313,570.6 5,154,195.6 October 11,179.1 2,522.9 6,904.5 130,587.7 18,378.7 2,711.2 8,144.6 72,868.2 26.1 451,048.6 1,304,465.2 November 11,731.6 2,836.5 8,004.6 99,658.9 15,724.1 1,443.4 6,384.4 149,472.4 15.4 307,593.5 1,069,955.7 December 11,651.3 2,869.4 8,673.6 99,293.7 17,138.3 2,601.0 14,054.4 310,814.8 17.0 391,282.9 1,464,362.4 Qtr II 34,562.0 8,228.8 23,582.7 329,540.2 51,241.1 6,755.7 28,583.4 533,155.4 58.6 1,149,924.9 3,838,783.3 January 12,790.2 1,949.4 6,193.1 268,430.5 16,094.5 1,163.2 6,618.2 79,320.3 24.6 673,243.4 1,578,262.1 February 11,616.1 2,346.8 8,365.6 80,401.3 11,548.2 2,139.3 8,408.4 73,810.5 8.6 285,835.5 974,667.5 March 10,105.7 1,561.9 8,375.4 84,986.4 15,406.5 1,223.3 6,982.5 95,557.4 24.5 736,359.8 1,446,310.7 Qtr III 34,512.0 5,858.2 22,934.1 433,818.1 43,049.2 4,525.7 22,009.0 248,688.3 57.7 1,695,438.7 3,999,240.4 Qtr IV 26,523.13 5,016.86 21,895.87 234,978.31 39,115.40 3,525.83 18,214.63 399,896.62 66.88 1,555,150.26 4,104,815.89 Source: Ethiopian Customs Commission *** Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Customs Commission Table 29: Volume of Imports, by enduse (In Metric Tons) Period 2019/20 2020/21 Qtr I Qtr II Qtr III Qtr IV Annual Qtr I Qtr II Qtr III Qtr IV Annual Raw Materials 1,246.52 1,328.60 1,258.09 1,237.67 5,070.88 1,247.87 1,503.14 1,242.84 1,407.07 5,400.91 Semi-finished Goods 20,576.67 21,285.22 30,481.29 25,452.87 97,796.04 20,476.47 19,419.26 34,582.42 30,928.54 105,406.69 Chemicals 5,879.40 3,564.76 3,304.81 3,994.34 16,743.30 4,749.23 4,010.89 4,894.25 5,236.39 18,890.76 Fertilizers 657.48 269.57 10,787.89 7,802.05 19,517.00 342.90 957.89 15,531.95 11,198.44 28,031.17 Textile Materials 816.41 755.30 1,090.54 823.25 3,485.51 1,060.09 1,420.73 1,438.48 1,440.43 5,359.73 Others 13,223.37 16,695.59 15,298.05 12,833.23 58,050.24 14,324.26 13,029.75 12,717.74 13,053.29 53,125.03 Fuel 17,268.47 19,365.31 17,590.10 10,461.60 64,685.48 13,503.83 15,332.03 22,303.40 25,486.53 76,625.78 Crude petroleum - 0.26 1.71 - 1.96 - 0.08 - 10.25 10.32 Petroleum Products* 16,699.93 18,616.35 16,751.62 9,988.98 62,056.89 12,800.03 14,735.94 20,803.19 24,258.31 72,597.46 Others 568.54 748.69 836.77 472.62 2,626.62 703.80 596.01 1,500.20 1,217.97 4,017.99 Capital Goods 29,668.84 39,592.26 33,220.65 25,748.05 128,229.80 34,627.81 36,505.93 37,844.53 42,691.36 151,669.63 Transport 4,017.79 3,279.03 3,169.64 1,782.96 12,249.42 3,818.00 2,556.70 2,756.19 4,559.26 13,690.16 Tyres for Heavy Vehicles 833.18 939.29 1,218.87 1,200.00 4,191.33 1,486.78 1,093.71 904.29 815.06 4,299.83 Heavy Road Motor Veh. 2,632.86 1,334.55 1,278.05 406.69 5,652.14 998.70 871.05 548.82 535.57 2,954.13 Aircraft 460.65 884.88 537.36 150.83 2,033.72 528.70 465.70 1,237.73 3,096.18 5,328.32 Others 91.10 120.30 135.37 25.45 372.22 803.82 126.25 65.35 112.45 1,107.88 Agricultural 484.19 933.41 645.06 682.99 2,745.65 748.34 1,671.41 476.75 525.96 3,422.46 Industrial 25,166.87 35,379.83 29,405.95 23,282.09 113,234.74 30,061.47 32,277.81 34,611.59 37,606.14 134,557.01 Consumer Goods 33,456.83 31,708.67 32,693.08 26,856.10 124,714.69 53,233.28 51,409.44 44,688.26 64,049.91 213,380.89 Durables 8,185.50 7,433.48 7,944.02 4,962.80 28,525.81 7,429.57 7,687.61 7,419.94 8,776.69 31,313.80 Radio & T.V. 682.68 768.96 309.54 186.31 1,947.48 336.84 575.63 632.63 516.37 2,061.47 Tyres for cars & Other Veh. 343.29 438.93 508.47 306.07 1,596.76 381.78 395.90 341.91 357.84 1,477.42 Cars & Other Veh. 1,931.12 1,151.77 313.54 59.14 3,455.56 169.43 224.02 278.41 140.46 812.32 Others 5,228.42 5,073.83 6,812.48 4,411.28 21,526.01 6,541.53 6,492.06 6,166.99 7,762.01 26,962.59 Non-durables 25,271.33 24,275.19 24,749.06 21,893.30 96,188.88 45,803.71 43,721.83 37,268.32 55,273.23 182,067.09 Cereals 8,375.00 6,079.64 7,056.97 4,543.41 26,055.01 6,965.06 12,425.55 12,210.79 21,652.09 53,253.48 Other Food 4,341.13 4,872.30 4,136.69 3,388.37 16,738.49 13,375.35 8,159.74 4,373.45 6,103.75 32,012.30 Medical & Pharmaceuticals 4,363.84 4,985.29 5,315.43 6,692.12 21,356.68 3,933.58 7,757.37 7,770.91 7,180.66 26,642.51 Textile Fabrics 3,173.08 3,406.18 2,925.20 2,795.98 12,300.45 4,546.57 6,022.63 4,466.89 3,563.19 18,599.28 Others 5,018.28 4,931.77 5,314.78 4,473.42 19,738.25 16,983.15 9,356.55 8,446.28 16,773.54 51,559.52 Miscellaneous 6,775.77 2,143.24 1,520.90 1,252.56 11,692.47 1,338.86 1,679.74 1,958.03 1,880.60 6,857.24 Total Imports 108,993.10 115,423.30 116,764.10 91,008.85 432,189.35 124,428.12 125,849.53 142,619.47 166,444.02 559,341.15 Source: Ethiopian Customs Commission

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

148 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin Table 30: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector Sector/Sub-sector 2012(2019/20) 2013(2020/21) QI QII QIII QIV QI QII QIII QIV "No of projects" Investment Capital "No of projects" Investment Capital "No of projects" "Investment Capital" "No of projects" "Investment Capital" "No of projects" "Invest- ment Capital" "No of projects" "Invest- ment Capital" "No of projects" "Invest- ment Capital" "No of projects" "Investment Capital" Manufacturing 5.0 40.3 2 19.9 11 173.9 1 4.5 1 133 4 18 4 188.535 Agriculture, hunting and forestry 1 10.5 Real estate, renting and business activities 2 16 2 23.9 2 33.9 1 1.6 3 20 3 14.9 2 3.5 8 35.4 Hotels and restaurants 1 500 Education 1 2.5 Health and social work 2 302 3 18 Construction 2 4.4 5 49.9 1 3.6 5 13.4 9 41.17 9 26.5 7 16.445 Wholesale, retail trade and repair service Transport, storage and communication 1 6.0 1 11.9 2 20.76 4 16.1 1 4 Mining and Quarrying Electricity, gas, steam and water supply Construction machinery leasing Fishing "Other community, social and personal service activities" 1 9.6 1 1759.74 1 13.615 1 17.2 1 8.316 Others 9.6 1 1759.74 1 13.615 1 17.2 1 8.316 Grand Total 9.0 60.7 10 99.7 7 361.0 22 219.9 16 1846.169 5 161.519 20 81.3 22 752.696 Source: Ethiopia Investment Agency Table 31: Expected Employment Creation of Approved Domestic $ Foreign Investment Projects by Sector[PERMANENT & TEMPORARY] (Capital in Millions of Birr) Sector/Sub-sector 2011(2018/19) 2012(2019/20) 2013(2020/21) QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Manufacturing 8377 3556 1416 172 773 169 3920 1749 39 41 359 500 25 21 52 - 22 85 37 Agriculture, hunting and forestry 50 225 48.0 710.0 42 560 6 300 3 5 - - Real estate, renting and business activities 1,036 408 537 710 405 20 135 89.0 12 20 12 200 470 - 3 132 290 Hotels and restaurants 18 - - - - 150.0 150 Education 18 20 132.0 130.0 50 4 2 2 - - - - Health and social work 25 8 8 6 6 - - - Construction 2,940 965 57.0 60.0 85 296 133 212.0 12 160 2 1 8 2 - - 184 72 2 8 Wholesale, retail trade and repair service

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Transport, storage and communication 30 4 117 33 - - 55 2 Mining and Quarrying 25 62 10 30 - - - - Electricity, gas, steam and water supply

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Construction machinery leasing

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Fishing - - - - "Other community, social and personal service activities" 12 - - - - Others 12.0 105.0 27 5 3 2 3 5 - 17 Grand Total 12506 5174 2202 1887 1330 1107 4262 2392 51 61 387 660 146 6 44 36 36 2 255 470 244 99 386.0 485.0 Source: Ethiopia Investment Agency *Projects with Initial Investment Capital below Birr 250,000 are not included.

Fourth Quarter 2020/21 | 149 National Bank of Ethiopia Quarterly Bulletin Table 30: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector Sector/Sub-sector 2012(2019/20) 2013(2020/21) QI QII QIII QIV QI QII QIII QIV "No of projects" Investment Capital "No of projects" Investment Capital "No of projects" "Investment Capital" "No of projects" "Investment Capital" "No of projects" "Invest￾ment Capital" "No of projects" "Invest￾ment Capital" "No of projects" "Invest￾ment Capital" "No of projects" "Investment Capital" Manufacturing 5.0 40.3 2 19.9 11 173.9 1 4.5 1 133 4 18 4 188.535 Agriculture, hunting and forestry 1 10.5 Real estate, renting and business activities 2 16 2 23.9 2 33.9 1 1.6 3 20 3 14.9 2 3.5 8 35.4 Hotels and restaurants 1 500 Education 1 2.5 Health and social work 2 302 3 18 Construction 2 4.4 5 49.9 1 3.6 5 13.4 9 41.17 9 26.5 7 16.445 Wholesale, retail trade and repair service Transport, storage and communication 1 6.0 1 11.9 2 20.76 4 16.1 1 4 Mining and Quarrying Electricity, gas, steam and water supply Construction machinery leasing Fishing "Other community, social and personal service activities" 1 9.6 1 1759.74 1 13.615 1 17.2 1 8.316 Others 9.6 1 1759.74 1 13.615 1 17.2 1 8.316 Grand Total 9.0 60.7 10 99.7 7 361.0 22 219.9 16 1846.169 5 161.519 20 81.3 22 752.696 Source: Ethiopia Investment Agency Table 31: Expected Employment Creation of Approved Domestic $ Foreign Investment Projects by Sector[PERMANENT & TEMPORARY] (Capital in Millions of Birr) Sector/Sub-sector 2011(2018/19) 2012(2019/20) 2013(2020/21) QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Manufacturing 8377 3556 1416 172 773 169 3920 1749 39 41 359 500 25 21 52 - 22 85 37 Agriculture, hunting and forestry 50 225 48.0 710.0 42 560 6 300 3 5 - - Real estate, renting and business activities 1,036 408 537 710 405 20 135 89.0 12 20 12 200 470 - 3 132 290 Hotels and restaurants 18 - - - - 150.0 150 Education 18 20 132.0 130.0 50 4 2 2 - - - - Health and social work 25 8 8 6 6 - - - Construction 2,940 965 57.0 60.0 85 296 133 212.0 12 160 2 1 8 2 - - 184 72 2 8 Wholesale, retail trade and repair service

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Transport, storage and communication 30 4 117 33 - - 55 2 Mining and Quarrying 25 62 10 30 - - - - Electricity, gas, steam and water supply

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Construction machinery leasing

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Fishing - - - - "Other community, social and personal service activities" 12 - - - - Others 12.0 105.0 27 5 3 2 3 5 - 17 Grand Total 12506 5174 2202 1887 1330 1107 4262 2392 51 61 387 660 146 6 44 36 36 2 255 470 244 99 386.0 485.0 Source: Ethiopia Investment Agency *Projects with Initial Investment Capital below Birr 250,000 are not included.

150 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin

Fourth Quarter 2020/21 | 151 National Bank of Ethiopia Quarterly Bulletin

152 | Fourth Quarter 2020/21 National Bank of Ethiopia Quarterly Bulletin

Currency and Time Currency Currency Unit: Birr (Br) Exchange Rate: Lookat Page 62 Time ** There is a difference of about 73/4 Years between Gregorian and Ethiopian Calendar Fisical Year: July 8th to July 7th Coffee Year: October to September Calendar Year: September 11 to September 10

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