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2023-06-16

Added 2026-06-03 · Updated 2026-08-04

National Bank of Ethiopia Quarterly Bulletin Fourth Quarter 2022/23

The National Bank of Ethiopia reports that headline inflation rose to 7.7 percent in the fourth quarter of 2022/23, driven by increases in food and non-food prices. Broad money supply (M2) grew by 26.6 percent annually to Birr 2.17 trillion, supported by a 26.6 percent expansion in domestic credit. The banking sector disbursed Birr 113.5 billion in new loans, with agriculture and consumer loans being major beneficiaries, while total outstanding credit reached Birr 1.95 trillion. Federal government fiscal operations recorded a deficit of Birr 70.5 billion against revenue of Birr 111.1 billion and expenditure of Birr 181.6 billion.

Ethiopia

National Bank of Ethiopia

Ethiopia: Macroeconomic and Social Indicators 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) (2014)

Country Profile Land Area (total, In Sq.Km) 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million Arable Land ( % of total area ) 45.00 NA 12.00 13 14.2 14.32 14.41 16.2 Agricultural Irrigated Land (% of totalAgricultural area) NA 4.0 4.0 4.7 5 6 Population Density (person per sq.km)* 112.94 115.76 118.61 96.00 101.00 104.00 106 109 112 115 117
Social Indicators Population total, in millions (Mid-Year population) 82.7 84.8 87.0 89.1 91.2 93.4 95.5 97.6 99.75 101.9 104.1 (o/w Urban Poulation, in %) 16.3 18.6 19.0 19.5 19.9 20.3 21 22.8 Working Age Population (In Millions) Urban 10.0 10.5 11.1 11.6 12.2 12.8 12 13.13 14.03 15.01 16.04 Rural 35.8 36.8 37.7 38.7 39.7 40.8 42 43.06 44.28 45.8 46.6 Total 45.7 47.3 48.8 50.4 52.0 53.6 56 56.19 58.31 60.81 62.64 Age Dependency Ratio 93.0 75.0 75 69 Life Expectancy at Birth (Male - Female) 53.4-55.4 60.2-64.2 62.4-66.6 62.4-66.6 62.4-66.7 65.5 65.5 Crude Birth Rate 33.6:1000 30.3:1000 27:1000 27:1000 27:1001 27:1002 27:1003 Crude Death Rate 9.2:1,000 7.2:1000 6:03 6.00 Natural Rate of Population Increase (In %) 2.40 2.31 2 Total Fertility Rate 4.8child:W 3.94chil:W 3.5chil:W 4.6chil:W 4.6chil:W People : Hospital Beds NA 2516:1 NA NA 2850:1 2980:1 3617:1 1,312 2750 2720 2900 People : Physician1 28847:1 32132:1 20970:1 17160:1 14045:1 22766:1 26635:1 10,521:1 9977:1 8448:1 7576 People : Nurse 1 2299:1 1884:1 1995:1 1999:01:00 1999:1 1194:1 1780:1 1620:1 1705 1473 1415 Infant Mortality Rate 59:1000 62.2:1000 62.4:1000 53.3:1000 53.3:1000 43.3:1000 47:1001 47:1000 Access to Safe Water (In %) Country Level 58.3 68.5 76.7 84.0 61.0 66.0 71 76 79.3 58.5 58.76 Urban Population 78.7 81.3 84.2 91.0 52.5 55.0 60 66 66.5 62.95 71.97 Rural Population 55.2 66.5 75.5 82.0 63.1 68.0 74 79 82.7 57.26 59.76 Student-Teacher Ratio Primary (1-8) 50:1 49:1 47:1 46:1 46:1 43.00 43 39 39 34.8 34.6 Secondary (9-12) 29:1 28.7:1 27.8:1 26.4:1 26.5:1 43.00 43 22.5 24 27.4 27.7 Technical & Vocational 24.7:1 18.6:1 16.5:1 16.5፡1 12.6፡1 11.00 26 13.3 13.3 1:11 1:11 Student-School Ratio Primary (1-8) 576:1 571:1 571:1 744.9፡1 573፡1 580.00 567 628 528 512.7 526.6 Secondary (9-12) 1033:1 994:1 857:1 369:1 767.2፡1 754.00 741 568 940 1017 1063 Technical & Vocational 654:1 544:1 545:1 383:1 523፡1 329.00 318 246.8:1 246.6:1 177 158
Macroeconomic Indicators 3.1 Real sector Development2 GDP at Current Market Price (In Mn. Birr) 766,915.5 889,644.9 1,088,631.8 1,331,983.7 1,568,097.45 1,832,553.7 2,202,373 2,696,223.0 3,374,747 4341387.1 6,157,538 Nominal GDP Growth Rate (In %) 45.1 16.0 22.4 22.4 17.7 16.9 20.2 22.4 25.5 28.6 41.8 Average Marginal Exchange Rate (Birr per USD) 17.3 18.3 19.1 20.1 21.1 22.4 26.1 28.1 31.3 39.0 48.57 GDP at Current Market Price (IN Mn. USD) 44,449.6 48,671.9 57,071.7 66,282.4 74,296.6 81,760.4 84,355.6 95,951.0 107,673 111271.2 126,783 Nominal GDP per Capita (In USD) 537.2 573.7 656.4 744.1 814.6 875.8 883.3 983.1 1,080 1091.8 1,218 Real GDP per Capita (In Birr) 6,947.5 7,299.1 7,625.2 8,571.2 8,864.0 18,257.5 19,205 20,360.2 21,144.1 21,862.47 22,542.21 Real GDP per Capita Growth Rate (In %) 6.1 5.1 4.5 12.4 3.4 8.0 5 6 4 3.4 3.1 GDP Deflator (% change) 33.5 4.9 11.0 10.8 9.5 6.7 12.5 13.2 18.2 21.8 34.7 Real GDP at constant basic price (In Mn. Birr) 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 1,874,689.3 1,989,519 2,114,163 2,248,571, Real GDP at constant market price (In Mn. Birr) 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 1,987,157.5 2,109,122 2,228,081 2,346,644 Real GDP Growth Rate (In %) 8.7 9.9 10.3 10.4 8.0 10.1 7.7 9.0 6.1 6.3 6.1 Agriculture & Allied Activties(In Billion Birr) 442.5 473.9 499.8 531.7 544.1 580.4 600.9 623.8 650.3 686.4 728.4 Industrial Sector (In Billion Birr) 146.9 188.6 225.9 281.3 343.9 413.8 464 526.2 576.9 618.8 649.2 Service Sector(In Billion Birr) 393.4 426.3 479.5 530.0 575.9 619.3 674 745.7 786.8 836.2 899.8 Agriculture & Allied Activties (% of GDP) 44.1 43.0 41.1 39.6 37.5 36.4 34.9 33.3 32.7 32.5 32.4 Industrial Sector (% of GDP) 14.6 17.1 18.6 21.0 23.7 25.9 27.0 28.1 29.0 29.3 28.9 Service Sector (% of GDP) 39.2 38.7 39.4 39.5 39.7 38.8 39.2 39.8 39.5 39.6 40 Private 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 3,134,994 4,764,429 Government Consumption Expenditure 72,783.5 91,074.7 115,104.0 137,245.8 174,598.8 203,607.9 225,523.2 247,362.0 307,769 383,565 453,263 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 1,216,585 1,560,325 Exports 102,886.6 108,227.1 123,496.0 121,532.2 122,500.8 139,830.1 184,282.1 213,437.0 239,229 329,634 507,692 Imports 236,383.9 251,300.6 308,691.3 393,188.5 424,749.9 430,233.2 502,112.9 561,512.0 571,230 723,391 1,128,171 Resource Balance (133,498.0) (143,073.5) (185,195.3) (271,656.0) (302,249.0) (290,403.0) (317,831.0) (348,075.0) -329,096 -394,236 -620,479 Gross Private Consumption (% of GDP) 71.0 71.9 68.8 67.6 66.5 66.5 65.5 68.5 69.96 72 77.4 Gross Government Cosumption (% of GDP) 9.5 10.2 10.6 10.3 11.1 11.1 10.2 9.2 9.1 8.84 7.4 Gross Domestic Fixed Investment (% of GDP) 36.0 33.0 36.8 38.2 37.3 38.4 34.1 35.2 30.7 28.02 25.3 Resource Balance (% of GDP) (17.4) (16.1) (17.0) (20.4) (19.3) (15.8) (14.4) (12.9) (9.8) -9.08 -10.1 Indicators

Continued…. 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) (2014) 3.2 Monetory Indictors Narrow Money Supply (M1) (In Mn. Birr) 94,849.88 114,745.69 134,063.78 154,706.34 178,609.66 216,794.60 281,154.70 308,937.10 360,585.50 437,391.97 588,015.82 Broad Money Supply (M2) (In Mn. Birr) 189,398.78 235,313.59 297,746.59 371,328.91 445,266.25 573,408.60 740,572.50 886,752.50 1,037,646.30 1,348,266.15 1,715,310.03 Net Foreign Assets (In Mn. Birr) 39,787.69 45,648.53 45,972.30 37,570.95 21,524.19 38,034.79 39,376.20 14,505.20 (22,101.00) (812.32) (111,427.54) Reserve Requirement (CBs) 18,080.56 11,708.82 14,479.39 18,250.35 21,745.43 28,280.80 36,385.80 44,861.80 51,952.60 67,732.37 102,935.94 Interest Rate ( In % ) Minimum Deposit Rate 5.00 7 Lending Rate 11.88 12.75 12.75 13.5 13.5 14.25 Total Net Domestic Credit (in mn. Birr) 189,080.81 233,404.32 300,026.58 393,421.73 490,230.35 631,092.70 784,621.70 963,699.90 1,190,705.10 1,481,844.43 1,930,621.80 Government 21,557.41 21,965.52 26,929.74 30,735.25 47,548.36 85,441.85 102,002.80 109,799.20 150,861.60 214,269.16 422,591.39 Other Sectors 167,523.40 211,438.80 273,096.84 362,686.48 442,681.99 545,650.85 682,618.90 853,900.70 1,039,843.50 1,267,575.27 1,508,030.41 3.3 Inflation (CPI growth rate)3 Country Level -General inflation 34.1 13.5 8.1 7.7 9.7 7.4 14.60 12.60 19.90 20.20 33.80 -Food inflation 42.9 12.6 5.9 7.4 11.2 7.2 13.40 13.10 23.30 23.20 40.30 -Non-Food inflation (core inflation) 22.4 14.8 10.6 7.9 8.1 7.5 15.80 11.90 15.80 16.40 25.15 Addis Ababa -General inflation 24.8 12.6 8.5 7.6 10.3 2.3 16.5 14.6 18.8 19.5 29.8 -Food inflation 30.6 13.1 4.6 12.2 16.6 1.2 8.7 15 25.9 26.2 36.6 -Non-Food inflation (core inflation) 21.1 11.9 11.4 4.4 5.8 3.2 22.6 14 13.9 14.4 24.1 3.4 External Trade (In Mn.USD) Export of goods & services 5993.4 5978.5 6451.6 6046.5 6077.3 6257.2 7095.9 7694.9 7715.7 8498.9 10460.0 Import of goods & services 13805.2 13864.2 16197.2 19842.8 20552.1 19714.0 19707.4 20691.0 18828.3 19177.0 23809.3 Net trade in goods & services -7811.8 -7885.7 -9745.6 -13796.3 -14474.7 -13456.9 -12611.4 -12996.1 -11112.6 -10678.0 -13349.3 Current account balance including official transfers -2778.0 -2780.3 -4168.1 -7406.8 -6655.1 -6543.2 -5285.0 -4934.2 -4401.9 -3190.7 -5131.4 Capital account balance 2283.3 3291.2 4134.6 7816.9 6554.1 6885.3 6184.6 4807.5 4326.5 3785.8 2723.5 Overall balance of payments -972.8 -6.5 -96.9 -521.4 -830.9 658.6 -201.6 -941.6 -833.4 298.7 -2149.8 3.5 Government Finance (In Mn .Birr4 ) Total Revenue (including grants) 115,658.5 137,192.0 158,076.5 199,639.1 243,671.6 269,105.9 287,562.1 344,936.5 394,965.8 478,888.1 566,753.6 Total Revenue (excluding grants) 102,863.7 124,077.0 146,172.8 186,618.7 230,657.3 256,629.0 269,648.2 311,317.4 354,312.8 444,582.6 540,060.5 o/w Tax-Revenue 85,739.9 107,010.3 133,118.3 165,312.5 189,717.2 210,135.9 235,229.5 268,457.4 311,476.5 388,763.5 477,770.3 Tax-Revenue as % of GDP 11.5 12.5 12.7 15.1 14.7 14.0 12.3 11.6 10.5 10.2 8.8 Total Expenditures 124,416.7 153,929.0 185,471.8 230,521.2 272,930.1 329,286.8 354,205.3 413,105.7 480,143.2 599,006.7 779,099.0 Current Expenditures 51,445.5 62,745.8 78,086.9 113,375.5 131,902.8 176,703.0 210,470.2 238,156.6 275,967.0 363,596.9 517,043.4 Capital Expenditures 72,971.3 91,182.9 107,384.9 117,145.7 141,027.3 152,583.8 143,735.1 174,949.1 204,176.1 235,409.7 262,055.7 Equity Contribution (Sinking Fund) Special Programs - - - - - - - - - - Total Expenditures as % of GDP 16.6 18.1 17.7 18.6 17.4 18.0 16.1 15.4 14.2 13.8 12.7 Current Surplus/Deficit 64,213.0 74,447.0 79,989.6 86,263.6 111,768.8 92,402.9 77,091.9 106,779.9 118,998.8 115,291.2 49,710.3 Overall Budget Deficit (including grants) (8,758.2) (16,736.0) (27,395.3) (30,882.1) (29,258.5) (60,180.9) (66,643.2) (68,169.2) (85,177.4) (120,118.5) (212,345.4) Deficit as % of GDP (1.2) (2.0) (2.6) (2.5) (1.9) (3.3) (3.0) (2.5) (2.5) (2.8) (3.4) Overall Budget Deficit (excluding grants) (21,553.1) (29,851.0) (39,299.0) (43,902.5) (42,272.8) (72,657.8) (84,557.1) (101,788.3) (125,830.4) (154,424.0) (239,038.5) Deficit as % of GDP (2.9) (3.5) (3.8) (3.6) (2.7) (4.0) (3.8) (3.8) (3.7) (3.6) (3.9) 3.6 Exchange Rate (Birr/ USD) Inter-Bank Forex Market Rate5

Period weighted Average 17.2536 18.1947 19.0748 20.0956 21.1059 22.4137 26.1082 28.0543 31.3427 39.0163 48.5673
End period 17.7305 18.6426 19.5771 20.5659 21.8004 23.1081 27.2621 28.9109 34.9822 43.6910 51.9938 Indicators

Continued…. 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) (2014) 3.7 Treasury Bill Market ( In Mn .Birr) T-Bills Demanded (Total) 77,194.80 109,184.60 113,527.98 136,536.80 161,575.24 225,321.24 323,991.24 422,633.54 242,155.09 284,783.55 599,478.63 T-Bills Sold 74,694.80 109,184.60 95,314.98 110,593.30 161,475.24 225,321.24 323,991.24 422,633.54 242,155.09 238,799.55 582,268.63 Average Weighted Yield (in %) 1.87 1.89 1.60 1.43 1.44 1.42 1.42 1.74 4.81 7.97 9.46 T-Bills Outstanding by holder 20,011.86 26,044.90 32,286.86 41,704.80 57,252.56 73,271.56 111,213.56 138,054.36 23,724.00 116,559.95 317,169.59 Banks 2,383.50 3,436.00 - - - - - 650.00 5,604.00 52,040.00 195,432.29 Non-Banks 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 64,519.95 121,737.30 3.8 Inter Bank Money Market Rate5 3.9 Financial Institutions Number of Commercial Banks 17.00 18.00 30.00 (o/w Private banks) 16.00 17.00 28.00 Number of Bank Branches 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 7,344.00 8,944.00 Population : Bank Branch 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 13,921.00 11,516.00 Number of Insurance Companies 15.00 16.00 17.00 18.00 (o/w Private Insurance Companies) 14.00 15.00 16.00 17.00 Number of Insurance Branches 243.00 273.00 332.00 377 426 492.00 532.00 568.00 605.00 635.00 690.00 Population : Insurance Branch 340329:1 314428.9:1 264918.8:1 238,928.00 216,443.00 191,772.00 181,396.00 173,848.00 168,983.00 160,629.92 149,272.50 Number of Development Banks 1.00 1 Number of Development Bank Branches 32.00 32 110 110.00 107 107 93 82 83 Number of Micro-financial Institutions 31.00 35.00 38 38 39 39 43 Source : Ministries of Agriculture, Finance and Economic Development, Health, and Education; National Bank of Ethiopia; Centeral Statistical Authority, … etc Note:- *population is estimated using component method after 2006/2007

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

National Bank of Ethiopia Quarterly Bulletin I. OVERVIEW 1.1. International Economic Developments Global activity remained resilient in the fourth quarter of FY2022/23, but incoming survey data have started to show signs of a loss of momentum. The global composite output Purchasing Managers’ Index (PMI) declined in June, amid moderation in both manufacturing and services. In the United States, economic activity has been more resilient than expected. Monthly indicators for the fourth quarter, including non-residential construction, employment and inventory data, came in stronger than expected. In the United Kingdom, a stream of positive data news suggests stronger than expected resilience of the economy. Monthly real GDP declined less than expected by 0.1 percent in May, following an increase in April, as domestic demand has remained resilient, favoured by a robust labour market and despite the worsening cost-of-living crisis. In Japan, recent indicators point towards some moderation in economic growth in the fourth quarter. Consumer sentiment, despite further declines in real wages, should provide support to the recovery in private consumption, which has remained relatively sluggish thus far. In China, GDP growth slowed significantly in the fourth quarter. Although year-on-year GDP growth rose to 6.3 percent in the fourth quarter, reflecting base effects due to COVID-19-related lockdowns a year ago, it decelerated in quarter-on-quarter terms to 0.8 percent from 2.2 percent in the third quarter. Headline inflation in OECD countries continued to decline as food and energy price pressures decrease while core inflation remained at high levels. In May, annual headline consumer price index (CPI) inflation in OECD countries (excluding Türkiye) declined strongly to 6.5 percent from 7.4 percent in April, mainly driven by falling energy and food prices, together with base effects. In contrast, core inflation declined only marginally to 6.9 percent.

National Bank of Ethiopia Quarterly Bulletin 1.2. Macroeconomic Developments in Ethiopia 1.2.1. Inflation Headline inflation increased to 7.7 percent during the 4th quarter of 2022/23 from 5.5 percent a quarter earlier and slowed down from 9.5 percent recorded last year same quarter. The increase in quarterly headline inflation was attributed to 1.9 percentage point increase in food & non-alcoholic beverages and 0.05 percentage point rise in non-food inflation. On annual terms headline inflation has decreased by 1.8 percentage points on the account of a 1.2 percentage point slowed down in food & non-alcoholic beverages inflation and 0.6 percentage point fall in nonfood inflation. Food & non-alcoholic beverages contributed 4.6 percent and nonfood inflation 3.0 percent to the headline inflation registered in the review quarter. 1.2.2. Monetary Developments Broad money supply (M2) stood at Birr 2.17 trillion at the end of the fourth quarter of 2022/23 reflecting a 26.6 percent annual growth mainly due to a 26.6 percent expansion in domestic credit and 9.2 percent in other items net, offsetting the 43.7 percent contraction in external asset (net). During the review quarter net claims on government and credit to nongovernment sector grew by 38.4 and 23.3 percent, respectively. Reserve money reached Birr 478.5 billion at the end of fourth quarter 2022/23; indicating a 32.0 percent annual and 6.6 percent quarterly growth. This significant annual increase in reserve money was ascribed to 45.3 percent rise in banks’ deposits at NBE and 22.1 percent growth in currency in circulation. 1.2.3. Interest rate During the review period, average savings deposit rate remained unchanged at 8.0 percent and lending rate at 14.3 percent while weighted average time deposit rate slightly dropped to 7.6 percent compared to 7.7 percent a year earlier. On the other hand, weighted average yield on T-bills increased to 9.71 percent from 9.6 percent last year same quarter. Considering the 29.3 percent headline inflation at the end of June 2023, real interest rates on deposit, lending and T-bill yield remained negative.

National Bank of Ethiopia Quarterly Bulletin 1.2.4. Financial Sector Developments a) Banks The number of banks in Ethiopia reached 31, of which 29 were private and 2 state owned. These banks have opened 314 new bank branches during the review quarter, thereby increasing the total number of bank branches to 11,281. As a result, the ratio of population to bank branch stood at 9,541.31 . Of the total bank branches, 32.6 percent were located in Addis Ababa. Meanwhile, total capital of the banking system grew to Birr 246.7 billion from Birr 199 billion a year ago. Private Banks accounted for 63.8 percent and state owned banks (Commercial Bank of Ethiopia and Development Bank of Ethiopia) 36.2 percent of the total capital. The banking sector disbursed Birr 113.5 billion in new loans during the review quarter, indicating 34.5 percent annual. Of the total new loans disbursed, the share of state owned banks was 40.2 percent and that of private banks was 59.8 percent. The major beneficiaries of the fresh loans were agriculture (21.1 percent), consumer and staff loans (15.5 percent), international trade (15.4 percent), manufacturing (12.5

1 Total population is 107,331,000 as CSA Estimation for 2023 percent), domestic trade (12.2 percent), building and construction (7.9 percent), and mines, power and water resources (3.7 percent). In the meantime, the banking system collected Birr 131.2 billion in loans, showing a 36.3 percent annual growth. Of the total loan collection, 57.3 percent was collected by private banks and 12.7 percent by state owned banks. Total outstanding credit of the banking system (including corporate bond) went up by 22.6 percent to reach Birr 1.95 trillion compared to last year same period. About 99.5 percent of the total outstanding credit of private banks was claims on cooperatives and private enterprises.

National Bank of Ethiopia Quarterly Bulletin b) Insurance Sector The number of insurance companies remained at 18, of which 17 were private and 1 state owned. Their branches increased to 741 from 690 a year ago. Of the total branches, about 56.4 percent were located in Addis Ababa. The total capital of insurance companies increased to Birr 16.4 billion from 13.4 billion last year, of which private insurance companies accounted for 78.9 percent of the total capital. c) Microfinance Institutions During the review quarter, the number of Micro Finance Institutions (MFIs) reached 47 which mobilized about Birr 27.9 billion in saving deposit, showing 28.8 percent annual growth. Total outstanding credit of these institutions increased by 23.7 percent and reached Birr 39.2 billion; these facts show the growing role of MFIs in promoting access to financial services, poverty reduction and wealth creation among low income groups and micro and small-scale enterprises. Their total asset also grew by 18.0 percent and stood at Birr 54.4 billion. 1.2.5. External Sector and Foreign Exchange Developments a) External Sector Development Total receipts from export of goods declined by 14.7 percent over last year same quarter and reached USD 990.0 million. This poor export performance was attributed to lower revenues from coffee (17.0 percent), gold (51.6 percent), flower (27.2 percent), chat (44.1 percent), meat & meat products (36.9 percent), textile & textile products (29.9 percent), leather & leather products (39.6 percent), liveanimals (52.0 percent) and electricity (16.5 percent). Meanwhile, there were improvements in export receipts from pulses (60.3 percent), oilseeds (24.2 percent), fruit & vegetables (18.4 percent) and other exports (67.7 percent). Total merchandise import bills amounted to USD 3.9 billion during the review quarter, which was 22.0 percent lower than last year same quarter owing to decline in import values of capital goods, consumer goods,

National Bank of Ethiopia Quarterly Bulletin semi-finished goods, fuel and miscellaneous goods. Total transfer receipts decreased by 30.4 percent to USD 1.9 billion due to 25.8 percent decline in private transfers and 52.7 percent in official transfers. Likewise, total transfer payments decreased from USD 83 million to USD 56.4 million as a result of 44.3 percent decrease in official transfers albeit the rise in private transfer payments. Consequently current account balance (including official transfers) narrowed from a deficit of USD 1.1 billion deficit last year to USD 802.4 million on account of 116.2 percent surge in net services surplus coupled with a 24.2 percent decline in trade deficit. Capital account recorded USD 792.8 million surplus, which is 16.4 percent higher than last year same period. This was mainly attributed to significant decline in net deficit of other public sector long term capital coupled with a shift in net short term capital from USD 158.1 million deficit to USD 23 million surplus, despite the decline in net official long term capital, private long term capital and foreign direct investment. As a result, the overall balance of payments recorded USD 63.6 million in deficit compared to USD 307.2 million deficit a year ago.

National Bank of Ethiopia Quarterly Bulletin 6 | Fourth Quarter 2022/23 b) Exchange Rate Development In the inter-bank forex market, weighted average official exchange rate of Birr stood at Birr 54.2454/USD in the fourth quarter of 2022/23, depicting a 5.3 percent annual depreciation. The real effective exchange rate index (REERI) appreciated by 2.6 percent, as a result of rising domestic inflation coupled with appreciation of the Birr exchange rate against Ethiopia’s trading partner currencies. Likewise, the NEERI appreciated by 20.3 percent compared with last year same quarter due to substantial depreciation of trading partner’s currencies against US dollar. 1.2.6. Federal Government Fiscal Operations The total revenue and grants of the Federal government was Birr 111.1 billion during the fourth quarter of 2022/23, depicting 19.0 percent annual growth. Similarly, Federal government expenditure increased by 13.1 percent and stood at Birr 181.6 billion during the review quarter. Hence, the overall fiscal balance (including grants) depicted a Birr 70.5 billion deficit in the review period. 1.2.7. Investment During the fourth Quarter, 12 investment projects with investment capital of Birr 2.6 billion became operational. Compared to last year same quarter, the number of investment projects slowed down by 55.6 percent while investment capital showed large improvement.

National Bank of Ethiopia Quarterly Bulletin 7 | Fourth Quarter 2022/23 II. ENERGY PRODUCTION AND PROCESSING 2.1. Import of Petroleum Products The data from Ethiopian Petroleum Enterprise (EPE) reveals that petroleum products with a total volume of 1 billion metric tons (MTs) were imported during the fourth quarter of the 2022/23 fiscal year. In comparison with the previous quarter, this volume was lower than the previous quarter but higher than the same quarter of last year. The annual increase in volume was attributed to growth in import of jet fuel (86.2 percent), fuel oil (16.4 percent) and regular gasoil (5.9 percent); which outweighed 9.4 percent contraction in gas oil imports. Of the total petroleum imports, gas oil accounted for 60.4 percent, jet fuel 19.4 percent, regular gasoline 18.3 percent and fuel oil 1.9 percent. Quarter wise, the volume of petroleum products imported decreased by 3.8 percent over the previous quarter, resulting from contraction in the import of gas oil (11.4 percent), fuel oil (3.9 percent) and regular gasoline (2.2 percent). However, import of jet fuel rose 29 percent during the review period (Table 2.1). Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2021/22 2022/23 Percentage Qtr. IV Qtr. III (Revised) Qtr. IV Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 173,484.2 18.0 187,823.6 18.0 183,697.6 18.3 5.9 -2.2 Jet Fuel 104,408.7 10.8 150,727.4 14.4 194,451.4 19.4 86.2 29.0 Fuel Oil 16,607.3 1.7 20,112.3 1.9 19,329.7 1.9 16.4 -3.9 Gas Oil (ADO) 669,411.2 69.4 684,586.0 65.6 606,270.1 60.4 -9.4 -11.4 Total 963,911.4 100 1,043,249.3 100 1,003,748.8 100 4.1 -3.8 Source: Ethiopian Petroleum Enterprise

National Bank of Ethiopia Quarterly Bulletin 8 | Fourth Quarter 2022/23 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 2018/19 2019/20 2020/21 2021/22 2022/23 In Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil

Source: Ethiopian Petroleum Enterprise The total import bill of petroleum reached Birr 45.5 billion, showing a 22.9 percent decline over same quarter of last year and 13.9 percent drop vis-à-vis the preceding quarter. This was due to the 22.3 percent slowdown in import value of gas oil and 6.4 percent in regular gasoline despite higher import values of jet fuel (12 percent) and fuel oil (7.8 percent). The annual decline in the value of petroleum imports was on account of the 34.7 percent reduction in import value of gas oil followed by regular gasoline (15.9 percent) and fuel oil (8.9 percent) despite 40.9 percent growth in jet fuel import (Table 2.2).

National Bank of Ethiopia Quarterly Bulletin 9 | Fourth Quarter 2022/23 Table 2.2: Value of Petroleum Products Imported (In ‘000 Birr) Petroleum Products 2021/22 2022/23 Percentage Qtr. IV Qtr. III Qtr. IV Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 11,270,257.5 19.1 10,127,234.3 19.2 9,475,995.5 20.8 -15.9 -6.4 Jet Fuel 6,215,299.0 10.5 7,819,702.9 14.8 8,759,110.5 19.2 40.9 12.0 Fuel Oil 665,287.9 1.1 561,985.2 1.1 605,899.2 1.3 -8.9 7.8 Gas Oil (ADO) 40,875,707.0 69.2 34,330,465.3 65.0 26,678,574.0 58.6 -34.7 -22.3 Total 59,026,551.4 100 52,839,387.7 100 45,519,579.1 100 -22.9 -13.9 Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported 0 5000000 10000000 15000000 20000000 25000000 30000000 35000000 40000000 45000000 I II III IV I II III IV I II III IV I II III I II III IV 2018/19 2019/20 2020/21 2021/22 2022/23 In '000 Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise The 33.6 percent down turn in the average FOB price of petroleum products against same quarter of last year was due to the fall in the FOB prices of jet fuel (38.4 percent), gas oil (36.8 percent), fuel oil (36.6 percent) and regular gasoline (19.7 percent). Similarly, average FOB price of petroleum products showed a 9.5 percent contraction compared with the preceding quarter (Table 2.3).

National Bank of Ethiopia Quarterly Bulletin 10 | Fourth Quarter 2022/23 Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2021/22 2022/23 Qtr. IV Qtr. III Qtr. IV Percentage Change A B C C/A C/B Regular Gasoline (MGR) 1002.7 831.8 805.4 -19.7 -3.2 Jet Fuel 1128.0 818.6 694.9 -38.4 -15.1 Fuel Oil 640.6 370.4 406.4 -36.6 9.7 Gas Oil (ADO) 2097.8 1551.6 1325.9 -36.8 -14.5 Average 1217.3 893.1 808.1 -33.6 -9.5 Brent Crude Oil (USD/Barrel) 113.54 81.17 78.32 -31.0 -3.5 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products 0 500 1000 1500 2000 2500 I II III IV I II III IV I II III IV I II III IV I II III IV 2018/19 2019/20 2020/21 2021/22 2022/23 MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise During the fourth quarter of 2022/23, the average price of Brent crude oil, used as a point of reference for international oil price, went down by 31 percent and reached USD 78.3 per barrel compared with USD 113.5 a year ago. Likewise, the average price of Brent oil decreased by 3.5 percent compared with the previous quarter (Table 2.3). The average retail price of fuel products in Addis Ababa was increased by 41.4 percent to Birr 78.4 per liter from Birr 55.4 per liter

National Bank of Ethiopia Quarterly Bulletin 11 | Fourth Quarter 2022/23 a year ago and went up by 7.4 percent against the preceding quarter as a result of higher prices of most of the petroleum products namely, fuel oil (16.5 percent), regular gasoline (13.4 percent), gas oil and kerosene (5.7 percent each), despite 7.4 percent fall in the price of jet fuel (Table 2.4). Table 2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2021/22 2022/23 Qtr. IV Qtr. III Qtr. IV Percentage Change A B C C/A C/B Regular Gasoline (MGR) 35.2 61.3 69.5 97.7 13.4 Fuel Oil 95.8 98.4 114.6 19.6 16.5 Gas Oil (ADO) 33.3 67.3 71.2 113.9 5.7 Kerosene 33.3 67.3 71.2 113.9 5.7 Jet fuel 79.5 70.6 65.4 -17.8 -7.4 Average 55.4 73.0 78.4 41.4 7.4 Source: Ministry of Trade Fig.2.4: Trends of Addis Ababa Average Retail Prices 0 20 40 60 80 100 120 140 I II III IV I II III IV I II III IV I II III IV QI QII QIII IV 2018/19 2019/20 2020/21 2021/22 2022/23 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade

National Bank of Ethiopia Quarterly Bulletin 12 | Fourth Quarter 2022/23 2.2. Electric Power Generation Total electricity generated during the fourth quarter of 2022/23 reached 4.5 billion KWH; depicting a year- on- year 13.6 percent increase in production of hydropower (14.7 percent) and biomass (2,991.4 percent). Relative to the preceding quarter; however, electricity generation went down by 3.6 percent as a result of the 2.3 percent decline in electricity generation from hydro power and 44.2 percent from wind sources. Of the total energy generated during the review period, about 98 percent was from hydropower and 1.9 percent from wind power. The contribution of biomass power was insignificant and there was no energy production from thermal and geothermal sources (Table 2.5). By system of generation, virtually all the electric power was produced through inter connected system (ICS2 ) (Table 2.6).

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

National Bank of Ethiopia Quarterly Bulletin 13 | Fourth Quarter 2022/23 Table 2.5: Electricity Generation by Sources (In '000 of K.W.H) Power Source 2021/22 2022/23 Percentage Qtr. IV Qtr. III Qtr. IV Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 3,856,420.5 97.1 4,524,543.46 96.6 4,422,600.7 98.0 14.7 -2.3 Thermal Power - - - - - - - - Geothermal - - - - - - - - wind 116,483.0 2.9 157,585.17 3.4 87,988.6 1.9 -24.5 -44.2 Biomass 145.00 0.0 2,093 0.0 4,483 0.1 2,991.4 114.2 Total 3,973,048.5 100.0 4,684,221.1 100.0 4,515,071.8 100.0 13.6 -3.6 Source: Ethiopian Electric Power Table 2.6: Generation of Electricity Power in the Interconnected System (ICS) and Self Contained System (SCS) (In '000 of K.W.H) System of Power Supply 2021/22 2022/23 Percentage Qtr. IV Qtr. III Qtr. IV Change A Share (In %) B Share (In %) C Share (In %) C/A C/B ICS Hydro Power 3,856,420.5 97.1 4,524,543.5 96.6 4,422,600.7 98.0 14.7 -2.3 Thermal Power - - - - - - - - Geothermal - - - - - - - - Wind 116,483.0 2.9 157,585.2 3.4 87,988.6 1.9 -24.5 -44.2 Biomass 145.00 - 2,093 - 4,483 0.1 2991.4 114.2 Sub-Total 3,973,048.5 100 4,684,221.1 100 4,515,071.8 100 13.6 -3.6 SCS Hydro Power - - - - - - - - Thermal Power - - - - - - - - Geothermal - - - - - - - - wind - - - - - - - - Sub-Total - - - - - - - - Grand Total 3,973,048.5 100 4,684,221.1 100 4,515,071.8 100 13.6 -3.6 Source: Ethiopian Electric Power

National Bank of Ethiopia Quarterly Bulletin 14 | Fourth Quarter 2022/23 Fig.2.5: Volume of Electricity Production by Type 0 1000000 2000000 3000000 4000000 5000000 Hydropower Thermal Power Geo-thermal Wind Biomass Source: Ethiopian Electric Power

National Bank of Ethiopia Quarterly Bulletin 15 | Fourth Quarter 2022/23 IIII. QUARTERLY PRICE DEVELOPMENTS 3.1. Developments in National CPI Headline inflation increased to 7.7 percent during the 4th quarter of 2022/23 from 5.5 percent a quarter earlier while it slowed down from the 9.5 percent inflation recorded last year same quarter. The increase in quarterly headline inflation was attributed to 1.9 percentage point rise in food & nonalcoholic beverages and 0.05 percentage point increase in non-food inflation. On the other hand, headline inflation decreased by 1.8 percentage points on annual bases owing to a 1.2 percentage point decline in food & non-alcoholic beverages inflation and 0.6 percentage point in nonfood inflation. Food & non-alcoholic beverages and non-food inflation contributed 4.6 and 3.0 percent, respectively, to the headline inflation registered in the review quarter (Table 3.1 and Fig. 3.1). In the review quarter, food & non-alcoholic beverages inflation increased to 8.5 percent from 4.9 percent in the previous quarter, owing to higher prices of vegetables (13.4 percentage point), sugar jam, honey, chocolate (13.2 percentage point), meat (11.7 percentage point), bread and cereals11.5 percentage point), milk, che ese and egg (4.9 percentage point), Fruit (3.9 percentage point), food products n.e.c (2.1 pe rcentage point), and nonalcoholic beverages (0.3 percentage point) (Table 3.2). Likewise, non-food inflation went up to 6.5 percent in the review quarter from 6.4 percent a quarter earlier while it slowed down from 7.8 percent last year same quarter. The rise in quarterly non- food inflation was attribute d mainly to rise the prices of health services (12.3 percentage point), restaurant &hotel (7.7 percentage point), furnishings, h ousehold equipment and routine maintenance of houses (7.7 percentage point), clothing an d footwear (7.3 percentage point), housing, w ater, electricity, gas and other fuel (6.9 perc entage point), miscellaneous goods (5.1 per centage point),transport (4.9 percentage poi nt), communication (4.0 percentage point), e ducation(3.5 percentage point), and alcoholic beverages and tobacco (2.9 percentage point ), (Table 3.3).

National Bank of Ethiopia Quarterly Bulletin 16 | Fourth Quarter 2022/23 Source: ESS Table 3.1: Quarterly National General Consumer Prices (%) (Dec2016=100) Weights in % 2021/22 2022/23 Change in %age Points Contributions in (%) to QIV QIII QIV A B C C-A C-B Headline Inflation Change over QIV2021/22 Headline Inflation Change Over QIII2022/23 QIV-2022/23 Headline Inflation Absolute Relative Headline 100 9.5 5.5 7.7 -1.8 2.2 -1.8 2.2 7.6 100 Food & Non alcoholic beverage 54 10.7 4.9 8.5 -2.2 3.6 -1.2 1.9 4.6 60.6 Nonfood 46 7.8 6.4 6.5 -1.3 0.1 -0.6 0.05 3.0 39.4 Source: ESS and NBE Staff Computation

-5.0 0.0 5.0 10.0 15.0 20.0 25.0 QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2018/19 2019/20 2020/21 2021/22 2022/23 Percent Headline Food & Non-alcoholic bevarages Bread & Cereals Non-Food Fig.3.1: Quarterly Movement in National Inflation

National Bank of Ethiopia Quarterly Bulletin 17 | Fourth Quarter 2022/23 Source: NBE Staff Computation Table 3.2: Quarterly National Food & Non-alcoholic Beverages CPI Inflation (Dec2016=100) Items Weights 2021/22 2022/23 Change in QIV QIII QIV %age points Contribution to A B C C-A C-B Food Inflation Change over QIV2021/22(%) Food Inflation Change over QIII2022/23(%) Food and Non-alcoholic Beverages 0.54 10.7 4.9 8.5 -2.2 3.6 -1.2 1.9 Bread and Cereals 0.17 7.4 6.6 11.5 4.1 4.8 0.7 0.8 Meat 0.04 15.5 4.7 11.7 -3.8 7.0 -0.2 0.3 Fish and Sea food 0.00 33.8 5.0 -5.2 -39.0 -10.2 0.0 0.0 Milk, cheese and egg 0.03 18.5 7.1 4.9 -13.6 -2.2 -0.4 -0.1 Oils &Fats 0.04 13.3 -2.7 -2.1 -15.5 0.6 -0.7 0.0 Fruit 0.00 4.1 8.2 3.9 -0.2 -4.3 0.0 0.0 Vegetables 0.12 13.6 10.3 13.4 -0.2 3.2 0.0 0.4 Sugar jam, honey, chocolate 0.01 0.9 13.4 13.2 12.2 -0.2 0.2 0.0 Food products n.e.c 0.06 5.6 1.3 2.1 -3.6 0.8 -0.2 0.0 Non-alcoholic beverages 0.05 14.8 -4.4 0.3 -14.5 4.7 -0.7 0.2 Source: ESS and NBE Staff Computation Food & Nonalcoholic beverage; 60.6% Non-food; 39.4% Fig.3.2: Contribution of Food and Non-food Inflation to the Headline Inflation in 4th Quarter 2022/23

National Bank of Ethiopia Quarterly Bulletin 18 | Fourth Quarter 2022/23 Table 3.3: Quarterly National Non-food CPI Inflations (Dec2016=100) Source: ESS and NBE Staff Computation 3.2 Developments in Regional CPI The regional average headline inflation in the 4 th quarter of 2022/23 increased to 7.9 percent from 6.8 percent in the preceding quarter and it decreased from 9.7 percent a year earlier. Addis Ababa, Afar, Oromia, Amhara, SNNR, and Dire Dawa registered higher headline infl ation than the regional average. The highest h eadline inflation (12.19 percent) was recorded inAddis Ababa and the lowest (3.24 percent) in Somali. Hence, the margin between the highest and the lowest headline inflation was 8.95 percentage points. The deviation in the regional headline inflation from the average, as signified by standard deviation, rose to 2.5 percent from 2.2 percent recorded in the Item Weights 2021/22 2022/23 Change in QIV QIII QIV %age points Contribution to A B C C-A C-B Non-food Inflation C hange over QIV2021/22 (%) Non-Food Inflation Change over QIII 2022/23 (%) Non-Food Inflation 0.46 7.8 6.4 6.5 -1.3 0.1 -0.6 0.0 Alcoholic Beverages and tobacco 0.05 7.9 8.4 2.9 -5.0 -5.5 -0.2 -0.3 Clothing and Footwear 0.06 10.8 6.6 7.3 -3.6 0.7 -0.2 0.0 Housing, Water, Electricity, Gas and other Fuel 0.17 2.0 6.0 6.9 4.8 0.9 0.8 0.1 Furnishings, Household Equipment and Routine maintenance of houses 0.05 17.3 7.2 7.7 -9.6 0.4 -0.5 0.0 Health 0.01 6.1 9.5 12.3 6.2 2.8 0.1 0.0 Transport 0.02 2.9 -0.7 4.9 2.0 5.6 0.0 0.1 Communication 0.02 3.3 0.6 4.0 0.7 3.3 0.0 0.1 Recreation and culture 0.00 7.7 2.7 -0.6 -8.3 -3.3 0.0 0.0 Education 0.00 3.5 0.4 3.5 0.0 3.1 0.0 0.0 Restaurant & hotel 0.05 12.3 7.5 7.7 -4.7 0.2 -0.2 0.0 Miscellaneous Goods 0.03 17.6 7.6 5.1 -12.5 -2.5 -0.3 -0.1

National Bank of Ethiopia Quarterly Bulletin 19 | Fourth Quarter 2022/23 preceding quarter and 2.3 percent last year same quarter (Table 3.4). The regional average food & non-alcoholic beverage inflation increased to 10.0 percent in the 4th quarter of 2022/23 from 4.6 percent recorded in the preceding quarter but decrease d from 10.4 percent a year earlier. Food & non-alcoholic beverages inflation in Addis Ababa, Dire Dawa, Harari, and Oromia was higher than the regional average. The highest food & non-alcoholic beverages inflation was recorded in Addis Ababa (14.84 percent) and the lowest i n Somali (4.93 percent), signifying 9.91 perce ntage point margin. The variation in food & nonalcoholic beverag es inflation increased to 2.7 percent from 1.7 percent in the preceding quarter and 1.9 percent a year earlier (Table 3.4). On the other hand, the regional average nonfood inflation slowed down to 5.6 percent from 9.2 percent in the previous quarter and 8.8 percent from a year earlier. Afar, Addis Ababa, Amhara, SNNPR, and Oromia recorded higher non-food inflation than the regional average. Non-food inflation was the highest in Afar (11.22 percent) and the lowest in Somali (1.05 percent), revealing 10.17 percentage point margin. The variation in non-food inflation, decreased to 3.5 percent from 4.0 percent in t he previous quarter and 3.8 percent a year earlier.

National Bank of Ethiopia Quarterly Bulletin 20 | Fourth Quarter 2022/23 Table 3.4: Quarterly Regional General, Food & non-alcoholic beverages and Non-food Inflation Regions 2021/22 2022/23 QIV QIII QIV Annual Change Quarterly Change A B C C-A C-B General Food & Nonalcoholic beverage s Non-food General Food & Nonalcoholic beverages Non-food General Food & Nonalcoholi c beverag es Non-food General Food & Nonalcoholic beverage s Non-food General Food & Nonalcoho lic bever ages Non-food SNNP 9.25 11.67 5.24 4.60 4.24 5.20 8.42 8.93 7.58 -0.8 -2.7 2.3 3.8 4.7 2.4 Harari 8.42 8.63 8.25 10.22 5.33 14.58 6.53 11.77 2.24 -1.9 3.1 -6.0 -3.7 6.4 -12.3 Oromia 10.53 11.35 9.14 4.17 3.70 4.94 8.81 10.20 6.56 -1.7 -1.1 -2.6 4.6 6.5 1.6 Gambella 9.82 8.48 12.10 6.27 6.58 5.74 6.49 8.61 2.99 -3.3 0.1 -9.1 0.2 2.0 -2.8 Addis Ababa 10.10 12.27 8.16 10.07 6.59 13.26 12.19 14.84 9.90 2.1 2.6 1.7 2.1 8.3 -3.4 Dire Dawa 9.20 9.94 8.42 7.46 5.76 9.24 8.33 12.41 4.22 -0.9 2.5 -4.2 0.9 6.6 -5.0 BenshangulGumuz 6.00 9.28 2.19 7.22 1.09 14.89 5.64 8.58 2.40 -0.4 -0.7 0.2 -1.6 7.5 -12.5 Somali 9.56 10.15 8.74 3.98 2.97 5.34 3.24 4.93 1.05 -6.3 -5.2 -7.7 -0.7 2.0 -4.3 Afar 15.19 14.18 16.56 7.80 5.86 10.51 10.51 9.99 11.22 -4.7 -4.2 -5.3 2.7 4.1 0.7 Amhara 8.63 8.37 8.96 5.78 4.14 7.93 8.57 9.29 7.66 -0.1 0.9 -1.3 2.8 5.2 -0.3 Regions Average 9.7 10.4 8.8 6.8 4.6 9.2 7.9 10.0 5.6 Standard deviation 2.3 1.9 3.8 2.2 1.7 4.0 2.5 2.7 3.5 Coefficient of variation 0.2 0.2 0.4 0.3 0.4 0.4 0.3 0.3 0.6 Source: ESS and NBE Staff Computation

National Bank of Ethiopia Quarterly Bulletin 21 | Fourth Quarter 2022/23 IV. MONETARY DEVELOPMENTS 4.1. Money Supply and Credit Broad money supply (M2) stood at Birr 2.17 trillion at the end of the fourth quarter of 2022/23 reflecting a 26.6 percent annual growth mainly due to a 26.6 percent expansion in domestic credit and 9.2 percent in other items net, offsetting 43.7 percent contraction in external asset (net). Meanwhile, net claims on government grew by 38.4 percent and credit to nongovernment sector by 23.3 percent (Table 4.1). Table 4.1: Factors Influencing Broad Money (In Millions of Birr) Particulars QIV QIII QIV Percentage Change Contributions of Each Component to Broad Money growth (June. 22) (Mar. 22) (June. 23) A B C C/A C/B Annual

External Assets (net)

(111,427.5)

(161,581.5)

(160,097.7) -43.7 0.9 -11.5 2. Domestic Credit

1,930,621.8

2,272,872.0

2,444,435.5 26.6 7.5 112.8 . Claims on Central Gov't (net)

422,864.0

526,361.2

585,441.9 38.4 11.2 35.7 . Claims on Non-Central Gov't

1,507,757.8

1,746,510.8

1,858,993.6 23.3 6.4 77.1 . Financial Institutions 44,822.7 0.0 . Others 1,462,935.1 1,701,688.1 1,814,170.9 24.0 6.6 77.1 3. Other Items (net) 103,884.2 54,825.3 113,489.4 9.2 107.0 2.1 4. Broad Money (M2) 1,715,310.0 2,056,465.2 2,170,848.4 26.6 5.6 100.0 Source: Staff Computation, NBE

National Bank of Ethiopia Quarterly Bulletin 22 | Fourth Quarter 2022/23 Fig.IV.1: Major Determinants of Monetary Expansion (Quarterly Growth in %) Source: Staff Computation, NBE Fig.IV.2: Composition of Domestic Credit (Quarterly Growth in %) Source: Staff computation, NBE -6,000.0 -5,000.0 -4,000.0 -3,000.0 -2,000.0 -1,000.0 0.0 1,000.0 -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 110.0 Net Foreign Assets (NFA) Other than NFA Broad Money Domestic Credit Other Items Net Net Foreign Assets -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 Growth in Percent Credit to Central Government Credit to Non-Central Government Domestic Credit

National Bank of Ethiopia Quarterly Bulletin 23 | Fourth Quarter 2022/23 Component wise, quasi-money supply showed a 29.9 percent annual and 6.9 percent quarterly expansion. Similarly, narrow money supply exhibited 20.1 percent annual and 2.9 percent quarterly increment. The contribution of narrow money to broad money growth was 25.9 percent and that of quasi money 74.1 percent primarily reflecting the boost in savings deposits in the banking system (Table 4.2). 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 (Jun. 22) (Mar. 22) (Jun. 23) A B C C/A C/B Annual

Narrow Money Supply 588,015.8 686,196.2 706,142.2 20.1 2.9 25.9 . Currency outside banks 173,382.8 217,250.4 211,636.8 22.1 -2.6 8.4 . Demand Deposits (net) 414,633.0 468,945.8 494,505.4 19.3 5.5 17.5
Quasi-Money 1,127,294.2 1,370,269.0 1,464,706.2 29.9 6.9 74.1 . Savings Deposits 1,016,048.8 1,231,225.4 1,315,260.4 29.4 6.8 65.7 . Time Deposits 111,245.4 139,043.6 149,445.8 34.3 7.5 8.4
Broad Money Supply 1,715,310.0 2,056,465.2 2,170,848.4 26.6 5.6 100.0 Source: Staff Computation, NBE Fig.IV.3: Composition of Monetary Stock (Value in Billions of Birr)

Source: Staff Computation, NBE 0.0 200.0 400.0 600.0 800.0 1,000.0 1,200.0 1,400.0 In Millions of Birr Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep.

National Bank of Ethiopia Quarterly Bulletin 24 | Fourth Quarter 2022/23 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 478.5 billion at the end of fourth quarter 2022/23; indicating a 32.0 percent annual and a 6.6 percent quarterly growth. This significant annual increment in reserve money was reflected by 45.3 percent rise in banks’ deposits at NBE and 22.1 percent expansion of currency in circulation (Table 4.3). Regarding the money multiplier, which measured by the ratio of broad money to reserve money, decreased to 4.5 from 4.7 last year 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 (Jun. 22) (Mar. 22) (Jun. 23) A B C C/A C/B

Reserve Requirement (CB's) 102,935.9 140,669.9 150,325.2 46.0 6.9
Actual Reserve (CB's) 145,877.3 194,798.3 221,943.4 52.1 13.9
Excess Reserve (CB's) 42,941.3 54,128.5 71,618.3 66.8 -32.3
Reserve Money 362,498.7 448,892.5 478,471.7 32.0 6.6 . Currency in Circulation 208,211.3 258,331.6 254,316.1 22.1 -1.6 . Banks deposits at NBE 154,287.4 190,560.9 224,155.7 45.3 17.6
Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.6 1.5 1.5 -9.0 -3.4 . Broad Money to Reserve Money 4.7 4.6 4.5 -5.6 -2.5
Other Monetary Ratios (%): . Currency to Narrow Money 35.4 37.6 36.0 1.7 -4.4 . Currency to Broad Money 12.1 12.6 11.9 -2.0 -5.3 . Narrow Money to Broad Money 34.3 33.4 33.0 -3.6 -1.0 . Quasi Money to Broad Money 65.7 66.6 67.0 1.9 0.5 Source: Staff Computation, NBE

National Bank of Ethiopia Quarterly Bulletin 25 | Fourth Quarter 2022/23 Fig.IV.4: Quarterly Growth of Reserve Money and Its Components Source: Staff Computation NBE Fig.IV.5: Monetary Aggregates (Value in Millions of Birr) Source: Staff Computation NBE 4.3. Interest Rate Developments Average savings deposit rate remained constant at 8.0 percent and average lending rate at 14.3 percent On the other hand, weighted average yield on T-bills stood at 9.71 percent. Considering the 29.3 percent (30.0) (20.0) (10.0)

10.0 20.0 30.0 40.0 50.0 60.0 QI QIIQIIIQIV QI QIIQIIIQIV QI QIIQIIIQIV QI QIIQIIIQIV QI QIIQIIIQIV QI QIIQIIIQIV QI QIIQIIIQIV 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Percentage Changes Reserve Money Currency in Circulation Bank Deposits (50,000.0)

50,000.0 100,000.0 150,000.0 200,000.0 250,000.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018/19 2019/20 2020/21 2021/22 2022/23 In Millions of Birr Required reserve Actual reserve Excess reserve

National Bank of Ethiopia Quarterly Bulletin 26 | Fourth Quarter 2022/23 headline inflation in June 2023, real interest rates on deposit, lending and the Tbills yield remained negative (Table 4.4). Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum) Source: NBE 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 has no control on lending rates, hence the minimum & maximum rates presented here are market determined. 3/ GERD stands for Grand Ethiopian Renaissance Dam. 2021/22 Qtr. IV Qtr. III Qtr. IV Annual Quarterly

Savings Deposit Rate 1/ Minimum 7.00 - - Maximum 9.00 - - Average Saving Rate 8.00 - -
Time Deposits Up to 1yr 7.66 7.65 7.57 (0.09) (0.09) 1-2 years 7.71 7.70 7.61 (0.09) (0.08) Over 2 yrs 7.75 7.74 7.65 (0.10) (0.08) Average Time Dep. Rate (Weighted) 7.70 7.70 7.61 (0.09) (0.08)
Demand Deposit (Weighted) 0.041 0.046 0.047 0.01 0.00
Lending Rate 2/ Minimum 7.00 - - Maximum 21.50 - - Average Lending Rate 14.25 - -
T-bills Rate (Weighted) 9.57 9.01 9.71 0.14 0.70
GERD Bond Yield 3/ 6.1 Maturity within 5 Years 7.50 - - 6.1 Maturity above 5 Years 8.00 - -
Headline Inflation (Year-on-year) 34.0 34.2 29.3 (4.74) (4.94)
Food Inflation (Year-on-year) 38.1 32.8 28.0 (10.07) (4.83)
Core/non-food Inflation (Year-on-year) 28.4 36.3 31.4 3.03 (4.94) 2022/23 Percentage point Changes Particulars

National Bank of Ethiopia Quarterly Bulletin 27 | Fourth Quarter 2022/23 Fig.IV.6: Interest Rate Structure of Commercial Banks (In percent per annum) Source: NBE and Commercial Banks Fig.IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate Source: Staff computation, NBE 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Value in Percent Simple Av. Sav. Dep. Rate Simple Av. Lend. Rate Bond Yield T-bills Yield 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Inflation (%) Interest Rates (%) Av. Saving Dep.Rate Lending Rate 91 day T-bills yield Inflation rate (core)

National Bank of Ethiopia Quarterly Bulletin 28 | Fourth Quarter 2022/23 4.4. Developments in the Financial Sector The number of banks in Ethiopia has reached 31, of which, 29 were private and 2 state owned. These banks opened 314 new bank branches during the fourth quarter 2022/23 alone, thereby raising the number of bank branches to 11,281. As a result, population to bank branch ratio stood at 9,514.33 . State own banks accounted for 20 percent of the total bank branches while private banks took 80 percent share. Of the total bank branches, 32.6 percent were located in Addis Ababa. State owned banks accounted for 36.2 percent and private banks 63.8 percent of the total capital (Table 4.5 & Fig IV.8). The number of insurance companies stood at 18, of which 17 were private and 1 state own. Their branch network increased to 741 from 690 a year ago. About 56.4 percent of the insurance branches were found in Addis Ababa. Similarly, total capital of insurance companies reached Birr 16.4 billion from Birr 13.4 billion last year. Private insurance companies accounted for 78.9 percent of the total capital of the insurance companies (Table 4.6).

3 Total population is 107,331,000 as CSA Estimation for 2023 At the end of the review quarter, the number of Micro Finance Institutions (MFIs) was 47. Their savings, credit and total asset increased by 28.8 percent, 23.7 percent and 18.0 percent on annual basis respectively. Similarly, their capital showed a 20.5 percent annual decreases to reach Birr 9.6 billion. All these indicators signify the relative importance of micro-finance institutions in providing access to financial services to low income social groups and micro and small-scale enterprises both in rural and urban areas (Table 4.7).

National Bank of Ethiopia Quarterly Bulletin 29 | Fourth Quarter 2022/23 Table 4.5: Branch Network and Capital of the Banking System (Branch in Number and Capital in Millions of Birr) Capital 2021/22

State own Banks Commercial Bank of Ethiopia 1,597 460 2,057 23.0 1,682 476 2,158 19.7 1,696 477 2,173 19.3 52,388 54,170 58,297 Development Bank of Ethiopia 77 6 83 0.9 77 6 83 0.8 77 6 83 0.7 30,116 30,116 30,969 Total State own Banks 1,674 466 2,140 23.9 1,759 482 2,241 20.4 1,773 483 2,256 20.0 82,503.7 84,286.4 89,265.3
Private Banks - - - - Awash Bank 489 261 750 8.4 595 290 885 8.1 597 296 893 7.9 14,035.8 19,539.4 19,729.3 Dashen Bank 512 209 721 8.1 597 252 849 7.7 566 295 861 7.6 9,676.8 15,012.5 15,707.1 Bank of Abyssinia 530 273 803 9.0 607 295 902 8.2 602 329 931 8.3 9,898.6 13,855.2 14,286.3 Wegagen Bank 271 149 420 4.7 286 149 435 4.0 282 154 436 3.9 5,252.9 6,132.5 5,996.5 Hibret Bank 223 206 429 4.8 251 226 477 4.3 254 232 486 4.3 5,771.9 6,450.3 6,568.1 Nib International Bank 214 223 437 4.9 235 223 458 4.2 227 234 461 4.1 6,484.4 7,902.5 8,080.5 Cooperative Bank of Oromia 466 136 602 6.7 566 177 743 6.8 553 203 756 6.7 9,225.8 11,707.8 12,217.8 Lion International Bank 204 88 292 3.3 211 87 298 2.7 205 94 299 2.7 3,332.9 3,407.2 3,496.8 Oromia Bank 274 142 416 4.7 320 157 477 4.3 339 178 517 4.6 5,448.0 6,819.0 6,980.5 Zemen Bank 29 53 82 0.9 34 63 97 0.9 37 64 101 0.9 4,739.8 6,083.9 6,570.6 Buna Bank 215 159 374 4.2 302 169 471 4.3 301 171 472 4.2 3,969.1 5,114.3 5,142.0 Berhan Bank 195 154 349 3.9 210 171 381 3.5 227 171 398 3.5 3,844.4 4,286.1 4,329.7 Abay Bank 284 127 411 4.6 344 149 493 4.5 338 171 509 4.5 4,693.4 5,900.0 5,960.3 Addis Interational Bank 49 70 119 1.3 60 70 130 1.2 62 72 134 1.2 1,711.5 2,107.3 2,179.6 Debub Global Bank 62 73 135 1.5 66 75 141 1.3 70 84 154 1.4 1,840.4 2,162.3 2,406.9 Enat Bank 54 52 106 1.2 82 156 238 2.2 88 65 153 1.4 2,261.4 2,990.9 3,019.0 Hijra Bank 32 12 44 0.5 47 19 66 0.6 53 18 71 0.6 980.5 1,182.2 1,274.8 Zamzam Bank 22 23 45 0.5 39 35 74 0.7 41 37 78 0.7 1,461.6 1,722.5 1,753.4 Goh Betoch Bank 1 3 4 0.0 4 4 8 0.1 4 4 8 0.1 780.0 1,105.5 1,324.8 Siinqee Bank 132 2 134 1.5 281 45 326 3.0 292 64 356 3.2 7,124.6 7,757.4 7,643.2 Tseday Bank 10 20 30 0.3 248 31 279 2.5 357 37 394 3.5 7,949.6 8,141.0 11,330.7 Shebele Bank - - 19 2 21 0.2 19 4 23 0.2 525.9 585.0 609.6 Amahara Bank 73 28 101 1.1 165 105 270 2.5 166 113 279 2.5 5,526.0 5,938.9 5,891.5 Ahadu Bank - - - - 24 35 59 0.5 32 44 76 0.7 - 597.0 672.6 Tsehay Bank - - - - 48 36 84 0.8 49 37 86 0.8 - 942.4 1,087.8 Sidama Bank S.C - - - - 13 1 14 0.1 15 1 16 0.1 - 685.0 688.1 Omo Bank S.C - - - - - - - - - - - - - 905.5 919.5 Gadaa Bank - - - - 37 13 50 0.5 44 18 62 0.5 - 800.5 943.0 Ramis Bank S.C 13 2 15 636.1 Total Private Banks 4,341.0 2,463.0 6,804.0 76.1 5,691.0 3,035.0 8,726.0 79.6 5,833 3,192 9,025 79.9 116,535.2 149,834.1 157,446.2
Grand Total Banks 6,015 2,929 8,944 100 7,450 3,517 10,967 100 7,606 3,675 11,281 100 199,039 234,121 246,711.5 A.A 2021/22 2022/23 Total % Share Reg. A.A Total % Share Quarter IV Banks Branch Network Quarter IV Quarter III 2022/23 Quarter IV Quarter III Quarter IV Reg A.A Total % Share Reg. Source: National Bank of Ethiopia (NBE) Note: ‘Reg’ Stands for Region and ‘A.A’ for Addis Ababa

National Bank of Ethiopia Quarterly Bulletin 30 | Fourth Quarter 2022/23 Fig IV.8: Share of Branch Network and Capital of Banking System 23.9 20.4 20.0 41.5 36.0 36.2 76.1 79.6 80.0 58.5 64.0 63.8 0% 20% 40% 60% 80% 100% 2021/22 Qrt.IV (Branch) 2022/23 Qrt.III (Branch) 2022/23 Qrt.IV (Branch) 2021/22 Qrt.IV (Capital ) 2022/23 Qrt.III (Capital) 2022/23 Qrt.IV (Capital) Percentage share from total Branch Network & Capital Private Banks State own Banks Source: NBE Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) 2021/22 A.A Reg Total A.A Reg Total A.A Reg Total 1 Ethiopian Insurance Corporation 25 66 91 25 66 91 25 66 91 3,376 3,425 3,466 2 Awash Insurance Company S.C. 30 26 56 32 27 59 32 27 59 1,898 2,369 2,553 3 Africa Insurance Company S.C. 18 14 32 20 15 35 20 15 35 410 385 435 4 National Insurance Company of Ethiopia S.C. 22 17 39 25 17 42 25 17 42 296 330 359 5 United Insurance Company S.C. 30 13 43 34 15 49 34 16 50 797 1,222 1,363 6 Global Insurance Company S.C. 12 8 20 13 9 22 13 9 22 280 271 272 7 Nile Insurance Company S.C. 33 24 57 35 24 59 35 24 59 940 1,100 1,242 8 Nyala Insurance S.C. 18 18 36 18 18 36 19 19 38 1,260 1,382 1,370 9 Nib Insurance Company S.C. 30 15 45 30 15 45 31 16 47 844 952 995 10 Lion Insurance Company S.C. 19 22 41 19 22 41 19 22 41 346 361 400 11 E-Life & General Insurance S.C. 20 6 26 21 8 29 21 8 29 228 241 286 12 Oromia Insurance Company S.C. 25 25 50 27 28 55 27 28 55 972 1,264 1,350 13 Abay Insurance S.C. 16 15 31 18 16 34 21 16 37 516 606 675 14 Berhan Insurance S.C. 15 8 23 19 8 27 19 8 27 266 368 355 15 Tsehay Insurance S.C. 22 10 32 24 10 34 24 10 34 378 425 489 16 Lucy Insurance S.C. 18 6 24 18 6 24 18 6 24 162 188 216 17 Bunna Insurance S.C. 17 12 29 19 12 31 19 13 32 255 254 374 18 Zemen Insurance S.C. 12 3 15 16 3 19 16 3 19 154 175 199 TOTAL 382 308 690 413 319 732 418 323 741 13,378 15,318 16,399 Quarter III Branch Capital Quarter IV Insurance Companies Quarter IV Quarter III Quarter IV Quarter IV 2021/22 2022/23 2022/23 Source: NBE

National Bank of Ethiopia Quarterly Bulletin 31 | Fourth Quarter 2022/23 Table 4.7: Microfinance Institutions Performance (In thousands of Birr) 2021/22 QIV QIII QIV A B C D=C/A E=C/B Total Capital 12,079,853.6 13,504,257.2 9,597,910.0 -20.5 -28.9 Saving 21,670,882.0 24,000,707.5 27,903,518.7 28.8 16.3 Credit 31,654,784.3 36,265,195.4 39,171,342.4 23.7 8.0 Total Assets 46,129,535.9 52,455,915.9 54,445,035.9 18.0 3.8 % Change Particulars 2022/23 Source: NBE 4.5. Activities of the Banking System 4.5.1. Resource Mobilization At the end of fourth quarter total resources mobilized by the banking system (the sum of net change in deposit, loans collected and net change in borrowings), showed a 17.1 percent annual growth due to higher loan collection (36.3 percent), and net borrowing (192.0 percent) which offset the 5 percent decline in net change in deposit (Table 4.8). Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Qtr.IV 2021/22 Qtr.III 2022/23 Qtr.IV 2022/23 Change % change Change % change A B C D=C-A E=D/ABS(A) F=C-B G=F/ABS(B) 1.Deposits (net change) 36,814.2 38,304.9 52,452.7 67,825.6 111,717.4 89,266.9 106,130.5 -5,586.9 -5.0 16,863.6 18.9 -Demand 5,583.1 29,045.2 2,465.4 22,131.8 30,142.4 8,048.4 51,176.9 21,034.5 69.8 43,128.5 535.9 -Saving 29,411.9 16,120.3 36,372.6 36,474.9 73,909.3 65,784.6 52,595.2 -21,314.1 -28.8 -13,189.4 -20.0 -Time 1,819.2 -6,860.5 13,614.7 9,219.0 7,665.7 15,433.9 2,358.4 -5,307.3 -69.2 -13,075.5 -84.7 2. Borrowing (net change) 7,334.7 2,732.2 0.0 0.0 -2,970.0 7,334.7 2,732.2 5,702.2 192.0 -4,602.6 -62.8 -Local 6,762.5 910.5 0.0 0.0 -4,565.3 6,762.5 910.5 5,475.8 119.9 -5,852.1 -86.5 -Foreign 572.2 1,821.7 0.0 0.0 1,595.3 572.2 1,821.7 226.4 14.2 1,249.5 218.4 3. Collection of Loans 27,613.0 56,050.1 69,684.8 75,106.4 96,209.4 97,297.8 131,156.5 34,947.1 36.3 33,858.6 34.8 4. Total Resources Mobilized (1+2+3) 71,761.9 97,087.1 122,137.5 142,932.0 204,956.8 193,899.5 240,019.2 35,062.4 17.1 46,119.7 23.8 5. Disbursement 48,750.1 45,639.8 74,282.1 67,889.9 172,148.4 123,032.2 113,529.6 -58,618.8 -34.1 -9,502.6 -7.7 6. Change in Liquidity (4-5) 23,011.8 51,447.4 47,855.4 75,042.2 32,808.4 70,867.3 126,489.5 93,681.1 285.5 55,622.3 78.5 Memorandum Item: 0.0 0.0 Outstanding Credit* 886,789.8 948,485.2 968,737.6 1,002,084.6 1,590,362.9 1,855,527.4 1,950,569.8 360,206.9 22.6 95,042.4 5.1 Qtr.IV 2022/23 Annual Quarter Particulars State own Banks Private Banks Grand Total 1 2 (3) = (1) + (2) Qtr.III 2022/23 Qtr.IV 2022/23 Qtr.III 2022/23 Source: Commercial Banks Notes: *Includes corporate bonds of Commercial Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 32 | Fourth Quarter 2022/23 Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans

50,000.0 100,000.0 150,000.0 200,000.0 250,000.0 300,000.0 III III IV III III IV III III IV III III IV III III IV 2018/2019 2019/20 2020/21 2021/22 2022/23 In Millions of Birr Total Resource Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: CBEs and NBE 4.5.1.1. Deposit Mobilization Total deposit liabilities of the banking system reached Birr 2.2 trillion, depicting a 27 percent annual growth. Demand deposits, which accounted for 31.9 percent of the total deposits, reached Birr 685.5 billion and had a 20.6 percent annual growth. Similarly, saving deposits went up by 30.1 percent and amounted to Birr 1.32 trillion accounting for 61.1 percent of the total deposits. Time deposits constituted 7.2 percent of the total deposit liabilities and they increased by 30.8 percent to reach Birr 156.6 billion during the review quarter. Of the total deposits, the share of private banks was 51.2 percent and that of state owned banks 48.8 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 2021/22 2022/23 2022/23 A B C C/A C/B Demand Deposit 568,360.2 33.3 637,020.0 30.9 685,495.1 31.7 20.6 7.6 Saving Deposit 1,016,912.6 59.6 1,268,506.1 61.6 1,323,382.9 61.1 30.1 4.3 Time Deposit 119,756.8 7.0 153,862.5 7.5 156,641.1 7.2 30.8 1.8 Total 1,705,029.5 100.0 2,059,388.6 100.0 2,165,519.2 100.0 27.0 5.2 Share of state own Banks 52.3 49.4 48.8 Share of Private Banks 47.7 50.6 51.2 Deposit by types % Share % Share % Share Percentage Change ( Growth) Source: Commercial Banks and DBE

National Bank of Ethiopia Quarterly Bulletin 33 | Fourth Quarter 2022/23 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 14.0 16.0 I II III IV I II III IV I II III IV I II III IV I II III IV 2018/19 2019/2020 2020/2021 2021/2022 2022/2023 In percent State owned Banks Private Banks All Banks Source: CBEs & NBE 4.5.1.2. Collection of Loans During the review quarter, banks collected loans (including corporate bonds) amounting to Birr 131.2 billion which showed a 36.3 percent annual growth (Table 4.8). Of the total loan collection, private banks had a 57.3 percent share while that of state own banks was 42.7 percent. 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 108.1 billion showing a 26.4 percent annual increase. Of the total borrowing, Birr 82.5 billion (75.8 percent) was from domestic and Birr 26.4 billion (24.2 percent) from external sources (Table4.10)

National Bank of Ethiopia Quarterly Bulletin 34 | Fourth Quarter 2022/23 Table 4.10: Banks’ Outstanding Borrowing by Source (In Millions of Birr)

2021/22 Quarter IV Quarter II Quarter III A B C D=C/B E=C/A Domestic Borrowing 66,456.3 81,550.4 82,460.8 1.1 24.1 Foreign Borrowing 19,616.8 24,530.7 26,352.3 7.4 34.3 Total 86,073.1 106,081.0 108,813.2 2.6 26.4 Banks Percentage change 2022/23 Source: Commercial Bank of Ethiopia and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 113.5 billion was disbursed in fresh loans (including CBE’s bond purchase); indicating 34.5 percent annual decrease. Of the total new loans, the share of state owned banks was 40.2 percent and that of private banks 59.8 percent (Table 4.8, 4.11 & 4.12). The major beneficiaries of the fresh loans were agriculture (Birr 24 billion or 21.1 percent), consumer and staff loans (birr 17.6 billion or 15.5 percent), international trade (birr 17.5 billion or 15.4 percent), manufacturing (Birr 14.2 billion or 12.5 percent), Domestic trade (Birr 13.9 billion or 12.2 percent), building and construction (Birr 9 billion or 7.9 percent), and mines, power and water resources (Birr 4.2 billion or 3.7 percent) (Table 4.11).

National Bank of Ethiopia Quarterly Bulletin 35 | Fourth Quarter 2022/23 Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership

20,000.00 40,000.00 60,000.00 80,000.00 100,000.00 120,000.00 140,000.00 160,000.00 180,000.00 200,000.00 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2018/19 2019/20 2020/21 2021/22 2022/23 Value in Million Birr Years/Quarters Total State owned Banks Private Banks Source: Commercial Banks and Development Bank of Ethiopia Table 4.11: Banks’ Loans & Advances by Sectors (Including corporate bond) in QIV-2022/23 (In Millions of Birr) D* C* O/S* D* C* O/S * D* C* O/S* Corporate Bonds* 2,500.0 17,120.9 567,138.3 - - - 2,500.0 17,120.9 567,138.3 Agriculture 13,418.1 24,793.4 38,739.0 10,543.2 10,780.1 54,663.1 23,961.3 35,573.4 93,402.0 Manufacturing 9,758.4 6,376.9 205,043.7 4,460.4 8,164.8 146,467.7 14,218.8 14,541.7 351,511.4 Domestic Trade 4,553.8 2,612.3 39,154.8 9,320.9 16,484.4 200,560.3 13,874.7 19,096.7 239,715.1 International Trade 1,266.3 940.7 9,637.2 16,217.0 21,262.9 295,115.4 17,483.3 22,203.6 304,752.6 Export 1,134.1 827.0 7,776.7 12,190.7 13,310.2 197,646.5 13,324.9 14,137.2 205,423.2 Import 132.2 113.7 1,860.5 4,026.2 7,952.7 97,468.9 4,158.4 8,066.4 99,329.5 Hotels and Tourism 350.0 216.2 3,836.1 1,884.9 1,891.8 34,047.8 2,234.9 2,108.0 37,883.9 Building and Construction 1,497.3 9,262.6 55,962.6 7,502.4 5,966.6 120,873.4 8,999.7 15,229.2 176,836.0 Mines, Power and Water resources 4,105.7 7.6 211,882.9 67.2 333.0 530.6 4,172.9 340.6 212,413.5 Financial Institutions 2,027.0 188.9 10,333.0 39.0 183.6 2,584.0 2,066.0 372.5 12,917.1 Transport and Communication 114.7 316.7 878.7 3,356.3 2,222.0 30,523.5 3,471.0 2,538.7 31,402.2 Health and Education 77.7 46.8 980.8 269.4 258.9 3,311.7 347.1 305.7 4,292.4 Consumer and Staff Loans 8,408.2 2,950.2 52,137.5 9,174.4 4,671.0 86,128.0 17,582.6 7,621.1 138,265.5 Other Sectors 62.5 8,337.8 319,898.9 5,054.7 2,887.4 27,279.2 5,117.3 11,225.2 347,178.1 Of which LAMC* 3.9 8,307.9 314,257.3 - - - 3.9 8,307.9 314,257.3 Total 45,639.8 56,050.1 948,485.2 67,889.9 75,106.4 1,002,084.6 113,529.6 131,156.5 1,950,569.8 Borrowing Sector Public Banks Private Banks Total (1) (2) (3) D*= Disbursement, C*= Collection, O/S*= Outstanding Credit LAMC*= Liability and Asset Management Corporation Source: Commercial Banks & DBE

National Bank of Ethiopia Quarterly Bulletin 36 | Fourth Quarter 2022/23 4.5.3. Outstanding Credit Total outstanding credit of the banking system (including corporate bond) grew 22.6 percent on annual bases and reached Birr 1.95 trillion. About 99.5 percent of the total outstanding credit of private banks went to finance cooperatives and private enterprises (Table 4.8 & 4.12). Sector wise, the major holders of outstanding credit were Manufacturing (Birr 351.5 billion or 18 percent), other sectors (Birr 347.3 billion or 17.8 percent) Of which Liability and Asset management Corporation (LAMC*) holds (314.3 billion or 16.1 percent), international trade (Birr 304.7 billion or 15.6 percent), domestic trade (Birr 239.7 billion or 12.3 percent), building & construction (Birr 176.8 billion or 9.1 percent), and consumer & staff loans (Birr 138.3 billion or 7.1 percent) (Table 4.11). Table 4.12: Breakdown of Banking System Credit by Clients in QIV-2022/23 (In Millions of Birr) Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share State Owned Bank 45,639.8 40.2 56,050.1 42.7 948,485.2 48.6 Corporate Bonds* 2,500.0 0.0 17,120.9 0.0 567,138.3 59.8 State Enterprises 15,262.7 33.4 41,685.1 74.4 741,999.9 78.2 Cooperatives 2,013.7 4.4 353.5 0.6 10,404.7 1.1 Private Enterprises 28,363.4 62.1 14,011.5 25.0 196,080.5 20.7 Private Banks 67,889.9 59.8 75,106.4 57.3 1,002,084.6 51.4 State Enterprises 227.2 0.3 280.2 0.4 5,220.7 0.5 Cooperatives 33.0 0.0 614.9 0.8 10,743.4 1.1 Private Enterprises 67,629.7 99.6 74,211.3 98.8 986,120.6 98.4 Grand Total 113,529.6 100.0 131,156.5 100.0 1,950,569.8 100.0 Source: Commercial Banks &DBE

National Bank of Ethiopia Quarterly Bulletin 37 | Fourth Quarter 2022/23 Fig.IV.12: Share of Public and Private Banks in Credit Outstanding 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII 2018/19 2019/20 2020/21 2021/22 2022/23 In Percent Years/Quarters State own Bank Credit Outstanding Private Bank Credit Outstanding Source: NBE 4.6. Financial Activities of NBE NBE’s gross claims on the central government stood at Birr 564 billion as of end June 2023 about 57.8 percent higher than a year earlier. Of these claims government bonds accounted for 77 percent and direct advance 23 percent. Direct advance decreased by 18.5 percent compared to the same quarter of 2021/22 due to its conversion into government bond NBE’s deposit liabilities surged by 43.8 percent over last year same quarter due to a 45.2 percent growth in bank’s reserve (Table 4.13).

National Bank of Ethiopia Quarterly Bulletin 38 | Fourth Quarter 2022/23 Table 4.13: Financial Activities of NBE (In Millions of Birr) 2021/22 Qtr.IV Qtr.III Qtr.IV A B C D=C/A E=C/B 1.Loans and Advances 402,249.81 558,814.26 608,814.26 51.4 8.9 1.1. To Central Government 357,427.10 513,991.55 563,991.55 57.8 9.7 1.1.1 Direct Advances 159,500.00 80,000.00 130,000.00 -18.5 62.5 1.1.2 Bonds( including Noninterest bearing special bond) 197,927.10 433,991.55 433,991.55 119.3 0.0 1.2.To Development Bank of Ethiopia 44,822.71 0.0 0.0 2.Deposit Liabilities 185,675.50 234,810.38 266,929.86 43.8 13.7 2.1. Government 31,210.79 44,121.49 42,691.56 36.8 -3.2 2.2. Financial Institutions 154,464.72 190,688.89 224,238.30 45.2 17.6 O/W: -Banks( Reserve) 154,445.28 190,675.73 224,233.89 45.2 17.6 -Insurance companies 19.4 13.2 4.4 -77.3 -66.5 3.Net Claims of NBE(1-2) 216,574.3 324,003.9 341,884.4 57.9 5.5 Particulars % Change 2022/23 Source: National Bank of Ethiopia (NBE) 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market During the fourth quarter of 2022/23, the amount of T-bills supplied to the bi-weekly T-bills auction reached Birr 425.0 billion, showing 111.1 percent annual increase. Similarly, the demand for T-bills rose 23.3 percent and amounted to Birr 148.1 billion (Table 14.4). The total amount of T-bills sold was Birr 141.2 billion, about 20.9 percent higher than a year ago. Non-bank institutions bought T-bills worth Birr 109.3 billion while banks purchased T-bills valued at Birr 31.9 billion. On the other hand, Birr 115.9 billion was redeemed during the quarter under review. Thus, the total outstanding T-bills reached Birr 338.5 billion, reflecting a 6.7 percent annual increase. The average weighted Tbills yield stood at 9.707 percent which was

National Bank of Ethiopia Quarterly Bulletin 39 | Fourth Quarter 2022/23 1.42 percentage points higher than that of a year earlier (Table 4.14). Table 4.14: Results of Treasury Bills Auction (In Millions of Birr) 2021/22 Quarter IV Quarter III Quarter IV A B C C/A C/B Number of Bidders 107.00 84 106 -0.93 26.19 Public 64.00 79 82 28.13 3.80 Private 43.00 5 24 0.00 380.00 Number of Bids received 107.00 84 106 -0.93 26.19 Public 64.00 79 82 28.13 3.80 Private 43.00 5 24 -44.19 380.00 Amount Demanded (Mn. Birr) 120,154.89 157,346.00 148,131.75 23.28 -5.86 28-day bill 15,655.00 7,150.00 27,014.00 72.56 277.82 91-day bill 38,506.89 34,238.41 36,661.89 -4.79 7.08 182-day bill 32,357.00 48,569.35 42,482.00 31.29 (12.53) 364-day bill 33,636.00 67,388.24 41,973.86 - (37.71) Amount Supplied (Mn. Birr) 201,308.89 303,131.86 424,958.89 111.10 40.19 28-day bill 14,155.00 16,810.00 112,715.00 696.29 570.52 91-day bill 37,756.89 92,356.89 118,996.89 215.17 28.84 182-day bill 54,317.00 84,271.57 101,667.00 87.17 20.64 364-day bill 95,080.00 109,693.40 91,580.00 - (16.51) Amount Sold (Mn. Birr) 116,804.89 157,346.00 141,231.75 20.91 -10.24 Banks 56,550.00 79,350.00 31,900.00 (43.59) -59.80 Non-Banks 60,254.89 77,996.00 109,331.75 81.45 40.18 Redemption (Mn. Birr) 87,753.89 158,235.22 115,870.41 32.04 -26.77 28-day bill 99.34 99.36 99.27 -0.08 -0.09 91-day bill 97.38 97.58 97.50 0.13 -0.08 182-day bill 95.49 95.59 95.48 -0.01 -0.12 364-day bill 91.43 92.21 91.38 -0.05 -0.90 28-day bill 8.614 8.361 9.599 11.43 14.81 91-day bill 10.791 9.953 10.276 -4.78 3.24 182-day bill 9.481 9.244 9.502 0.22 2.79 364-day bill 9.399 8.470 9.453 0.58 11.61 Banks 195,432.29 141,918.05 146,568.05 (25.00) 3.28 Non-Banks 121,737.30 172,690.14 191,941.48 57.67 11.15 7.60 Average Weighted Yield for Successful bids (% ) 9.571 9.007 9.707 1.42 7.78 Outstanding bills at the end of Period (Mn.Br.) 317,169.59 314,608.19 338,509.53 6.73 2022/23 % Change Average Weighted Price for Successful bids (% ) 95.91 96.19 95.91 (0.00) -0.29 Source: National Bank of Ethiopia (NBE)

National Bank of Ethiopia Quarterly Bulletin 40 | Fourth Quarter 2022/23 Fig.IV.13: Development in Treasury- bills Markets Source: NBE Fig.IV.14: Developments in Average weighted Yields of T-bills Source: NBE

100,000.00 200,000.00 300,000.00 400,000.00 500,000.00 600,000.00 700,000.00 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 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Supply Demand 0 2.5 5 7.5 10 12.5 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 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (In percent) 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 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

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 450,000.00 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 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Supply Demand

50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 350,000.00 400,000.00 450,000.00 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 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 Supply Demand

National Bank of Ethiopia Quarterly Bulletin 41 | Fourth Quarter 2022/23 4.7.2. Inter- Bank Money Market There has been no inter-bank money market transaction during the quarter under review. 4.7.3. Corporate Bond Market While corporate bond market remained shallow and narrow, the major players continued to be a few public institutions and regional governments. Commercial Bank of Ethiopia is the sole purchaser of these bonds (CBE). During the fourth quarter of 2022/23, CBE purchased corporate bonds worth Birr 22.1 billion of which Birr 13.5 billion was from Ethiopian Electric Power (EEP), Birr 8.6 billion from Ethiopian Railway Corporation and Birr 3.8 million from Liability & Asset Management Corporation (LAMC). During the quarter under review, the amount of corporate bond redeemed reached Birr 18.1 billion, of which, Birr 8.7 billion was redeemed by Addis Ababa City Administration; Birr 8.3 billion by Liability & Asset Management Corporation (LAMC), Birr 1.1 billion by Railway Corporation and Birr 7.3 million by Oromia Regional State. The stock of corporate bonds held by CBE stood at Birr 567.1 billion, of which, 92.3 percent was claims on public enterprises and the balance on regional governments (Table 4.15). EEP held 36.9 percent of the total outstanding corporate bond balance.

National Bank of Ethiopia Quarterly Bulletin 42 | Fourth Quarter 2022/23 Table 4.15: Corporate Bond Purchase, Redemption and Outstanding (In millions of Birr) NP Red O/S NP Red O/S NP Red O/S 1.Puplic Enterprises 4,153.37 334.42 392,271.95 10,686.80 - 448,466.18 22,106.88 9,387.36 523,235.31 EEP 4,153.37 334.42 320,885.72 8,500.00 - 357,941.90 13,500.00 - 208,978.05 Railway Corporations - 71,386.23 2,186.80 - 90,524.29 8,603.01 1,069.09 - DBE - - - - - - - Liability & Asset Management Corp. 3.87 8,318.2695 314,257.26 2. Regional Governments - 1,771.00 52,599.78 2,500.00 171.91 54,112.25 - 8,692.28 43,902.94 Oromia - 376.06 - 80.37 290.11 - 7.32 210.72 Amhara - - - - - - - Tigray - 91.54 - 91.54 - - - - SNNPRS - - - - - - - - Dire Dawa - - - - - - - - Harari - - - - - - - - Addia Ababa - 1,771.00 52,132.19 2,500.00 - 53,822.14 - 8,684.96 43,692.22 3.Grand Total(1+2) 4,153.37 2,105.43 444,871.73 13,186.80 171.91 502,578.44 22,106.88 18,079.64 567,138.25 Issuer of the Bond QIV QIV 2020/21 2021/22 2022/23 QIV Source: NBE Note: NP= New Purchase, Red.= Redemption, O/S= outstanding.

National Bank of Ethiopia Quarterly Bulletin 43 | Fourth Quarter 2022/23 V. EXTERNAL SECTOR DEVELOPMENTS 5.1. Balance of Payments The overall balance of payments registered a surplus of USD 63.6 million during the fourth quarter of 2022/23 compared to USD 307.2 million deficit a year ago. Meanwhile, the current account balance (including official transfers) narrowed by 26.4 percent due to lower trade deficit and an increase in net services surplus. Furthermore, net inflows of capital account rose by 16.4 to reach USD 792.8 million in the review period, driven mainly by the decrease in net deficit of other publicsector long term capital and a shift in short-term capital from USD 158.1 million deficit to USD 23 million surplus (Table 5.1).

National Bank of Ethiopia Quarterly Bulletin 44 | Fourth Quarter 2022/23 Table 5.1: Balance of Payments (In Millions of USD) S/N Particulars 2021/22 2022/23 Percentage Change QIV QIII QIV A B C D=C/A E=C/B 1 Exports, f.o.b. 1,161.3 873.5 990.0 -14.7 13.3 Coffee 531.5 237.5 441.0 -17.0 85.7 Other 629.8 636.0 549.0 -12.8 -13.7 2 Imports 5,015.4 4,163.1 3,909.7 -22.0 -6.1 Fuel 1,184.8 1,043.4 899.2 -24.1 -13.8 Cereals 346.7 271.2 321.7 -7.2 18.6 Aircraft 8.7 0.2 0.0 -99.5 -77.3 Imports excl. fuel, cereals, aircraft 3,475.2 2,848.3 2,688.8 -22.6 -5.6 3 Trade Balance (1-2) -3,854.1 -3,289.6 -2,919.8 -24.2 -11.2 4 Services, net 130.5 237.9 282.2 116.2 18.6 Non-factor services, net 258.4 311.6 375.2 45.2 20.4 Exports of non-factor services 1,671.0 1,665.7 1,785.1 6.8 7.2 Imports of non-factor services 1,412.6 1,354.1 1,409.8 -0.2 4.1 Factor services (Investment income), net -127.9 -73.6 -93.0 -27.3 26.4 Interest, net -127.9 -73.4 -92.7 -27.6 26.2 Dividend, net -0.2 -0.4 5 Private transfers, net 2,251.0 1,923.9 1,660.7 -26.2 -13.7 o/w: NGO's,(Net) 577.5 929.3 398.5 -31.0 -57.1 Private Individuals 1,673.5 994.7 1,262.2 -24.6 26.9 6 Current account balance excluding official transfers (3+4+5) -1,472.6 -1,127.8 -976.9 -33.7 -13.4 7 Official transfers, net 382.6 437.3 174.4 -54.4 -60.1 8 Current account balance including official transfers(6+7) -1,090.0 -690.5 -802.4 -26.4 16.2 9 Capital account 681.0 915.0 792.8 16.4 -13.4 Official Long-term Capital, net 203.5 123.6 191.5 -5.9 55.0 Disbursements 275.7 200.0 280.5 1.7 40.3 Amortization 72.2 76.4 89.0 23.1 16.4 Other public long-term capital -273.9 128.9 -176.3 -35.7 -236.7 Private sector, long term 35.1 34.1 6.2 -82.3 -81.8 Foreign Direct Investment, net 874.3 689.8 748.3 -14.4 8.5 Short-term Capital -158.1 -61.4 23.0 -114.6 -137.5 10 Errors and Omissions [11-(9+8)] 101.9 -597.8 73.2 11 Overall balance (-13) -307.2 -373.2 63.6 12 Financing (13+16) 307.2 373.2 -63.6 13 Reserves [ Increase(-), Decrease (+)] (14+15) 307.2 373.2 -63.6 14 Central Bank (NFA) 171.3 220.2 57.2 Asset 112.6 272.2 -118.3 Liabilities 58.7 -51.9 175.4 15 Commercial banks (NFA) 135.9 153.0 -120.8 16 Debt Relief Principal Interest Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin 45 | Fourth Quarter 2022/23 Total current receipts amounted to USD 4.7 billion showing a 15.6 percent annual decline due to lower in export proceeds (14.7 percent), private transfers (25.8 percent) and public transfers (52.7 percent) despite of an increase in service proceeds (7.6 percent). Likewise, total current payments decreased by 17.4 percent and reached USD 5.5 billion owing slowdown in merchandise import bill (22 percent), services payments (1.6 percent) and official transfers (44.3 percent). Private transfers, however, substantially rose by around two-folds. Thus, the deficit in the current account balance (including official transfers) narrowed from USD 1.1 billion to USD 802.4 million (Table 5.2). Table 5.2: Current Receipts and Payments (In millions of USD) S/N Particulars 2021/22 2022/23 Percentage QIV QIII QIV Change A B C D=C/A E=C/B 1 Current Receipts 5,553.1 4,969.9 4,684.4 -15.6 -5.7 Export Proceeds 1,161.3 873.5 990.0 -14.7 13.3 Services Proceeds 1,675.3 1,682.9 1,802.9 7.6 7.1 Private Transfers 2,255.2 1,938.6 1,673.2 -25.8 -13.7 Public Transfers 461.4 474.8 218.3 -52.7 -54.0 2 Current Payments 6,643.2 5,660.3 5,486.8 -17.4 -3.1 Import Payments 5,015.4 4,163.1 3,909.7 -22.0 -6.1 Services Payments 1,544.7 1,445.0 1,520.7 -1.6 5.2 Private Transfers 4.3 14.7 12.5 193.9 -15.0 Public Transfers 78.8 37.5 43.9 -44.3 17.0 3 Net (1-2) -1,090.0 -690.5 -802.4 -26.4 16.2 Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin 46 | Fourth Quarter 2022/23 Source: NBE Staff Compilation 5.2. Balance of Trade Merchandise trade deficit declined to USD 2.9 billion from USD 3.9 billion a year ago as the fall in merchandise import bill outweighed the decrease in export receipts. Source: Ethiopian Customs Commission

1,000.0 2,000.0 3,000.0 4,000.0 5,000.0 6,000.0 7,000.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 In Millions of USD Fig.V.1: Trends in Current Receipts and Payments Current Receipts Current Payments 0 1000 2000 3000 4000 5000 6000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Export Import

National Bank of Ethiopia Quarterly Bulletin 47 | Fourth Quarter 2022/23 Source: Ethiopian Customs Commission 5.2.1. Export of Goods Merchandise export earnings dropped by 14.7 percent compared to last year same quarter as a result of lower revenues from coffee (17.0 percent), gold (51.6 percent), flower (27.2 percent), chat (44.1 percent), meat & meat products (36.9 percent), textile & textile products (29.9 percent), leather & leather products (39.6 percent), live-animals (52.0 percent) and electricity (16.5 percent). Meanwhile there were improvements in export receipts from pulses (60.3 percent), oilseeds (24.2 percent), fruit & vegetables (18.4 percent) and other exports (67.7 percent). Coffee receipts went down by 17.0 percent vis-à-vis the same quarter of last year due to 15.4 percent decline in export volume and 1.9 percent in global price. As a result, the share of coffee in total merchandise export earnings fell to 44.5 percent from 45.8 percent a year earlier. Likewise, export earnings from gold shrank by 51.6 percent year-on-year basis mainly due to 48.7 percent decline in export volume and 5.6 percent in international price Hence, the contribution of gold export to the total merchandise export receipts decreased to 4.7 percent from 8.3 percent last year same quarter. Export receipts from flower fell by 27.2 percent on account of lower export volume (23.7 percent) and international price (4.6 percent). Accordingly, the 0 500 1000 1500 2000 2500 3000 3500 4000 4500 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit

National Bank of Ethiopia Quarterly Bulletin 48 | Fourth Quarter 2022/23 share of flower in total merchandise export declined to 12.5 percent from 14.7 percent a year ago. Likewise, earnings from chat export declined by 44.1 percent as export volume fell by 49.3 percent despite 10.3 percent improvement in international price. Therefore, the share of chat in total merchandise export earnings was 4.4 percent relative to 6.7 percent a year ago. Export receipts from meat & meat products decreased by 36.9 percent to USD 15.6 million, as export volume declined by 47.8 percent and partly countered by 20.7 percent rise in international price. As a result, the share of meat & meat products in total export earnings stood at 1.6 percent from 2.1 percent a year earlier. Similarly, receipts from export of leather & leather products declined by 39.6 percent annually owing to lower volume (43.4 percent) despite higher international price (6.7 percent). Hence, its share in total merchandise export fell to 0.5 percent from 0.7 percent a year ago. Revenue from textile & textile products dropped by 29.9 percent on account of 27.1 percent slowdown in export volume and 3.8 percent in international price. Therefore, its share in total merchandise export earnings dropped to 2.8 percent from 3.4 percent a year earlier. Similarly, export receipts from liveanimals declined by 52.0 percent owing to 40.4 percent drop in export volume and 19.4 percent decrease in international price. As a result, the share of live-animals in total merchandise export earnings fell to 0.4 from 0.8 percent a year ago. Furthermore, export receipts from electricity were down by 16.5 percent due to 28.5 percent fall in export volume despite 16.9 percent increase in international price. Hence, the share of electricity in total export earnings remained the same at 2.2 percent. On the other hand, proceeds from export of pulses surged 60.3 percent over last year same quarter, largely owing to the significant growth in export volume (79.9 percent), in spite of, the decline in international price (10.9 percent). Therefore, the share of pulses in total goods export revenue jumped to 9.4 percent from 5.0 percent a year ago.

National Bank of Ethiopia Quarterly Bulletin 49 | Fourth Quarter 2022/23 Likewise, proceeds from oilseeds export improved by 24.2 percent because of 9.1 percent rise in export volume and 13.8 percent increase in international price. Thus, the share of oilseeds in total export earnings increased to 7.4 percent from 5.1 percent a year earlier. Receipts from fruits & vegetables export grew by 18.4 percent year-on-year basis and stood at USD 16.8 million owing to the rise in both export volume (5.4 percent) and international price (12.4 percent). Thus, the share of fruits & vegetables in total merchandise export receipt improved to 1.7 percent from 1.2 percent a year earlier (Tables 5.3, 5.4 and 5.5). Table 5.3: Values of Major Export Items (In Millions of USD) Particulars 2021/22 2022/23 Percentage QIV QIII QIV Change A %share B %share C %share C/A C/B Coffee 531.5 45.8 237.5 27.2 441.0 44.5 (17.0) 85.7 Oilseeds 58.8 5.1 93.0 10.6 73.0 7.4 24.2 (21.5) Leather and Leather Products 8.2 0.7 6.0 0.7 5.0 0.5 (39.6) (17.7) Pulses 58.2 5.0 128.5 14.7 93.4 9.4 60.3 (27.3) Meat & Meat Products 24.8 2.1 19.2 2.2 15.6 1.6 (36.9) (18.4) Fruits & Vegetables 14.2 1.2 15.8 1.8 16.8 1.7 18.4 6.3 Textile & Textile Products 40.0 3.4 33.9 3.9 28.0 2.8 (29.9) (17.2) Live Animals 9.0 0.8 5.5 0.6 4.3 0.4 (52.0) (21.3) Chat 77.9 6.7 69.2 7.9 43.6 4.4 (44.1) (37.1) Gold 96.8 8.3 47.3 5.4 46.8 4.7 (51.6) (1.0) Flower 170.2 14.7 142.0 16.3 123.9 12.5 (27.2) (12.8) Electricity 25.8 2.2 34.4 3.9 21.5 2.2 (16.5) (37.3) Others 46.0 4.0 41.3 4.7 77.1 7.8 67.7 86.8 Total Export 1,161.3 100.0 873.5 100.0 990.0 100.0 (14.7) 13.3 Total Export Excluding Electricity 1,135.5 839.1 968.4 (14.7) 15.4 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power

National Bank of Ethiopia Quarterly Bulletin 50 | Fourth Quarter 2022/23 Source: NBE Staff Compilation Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2021/22 2022/23 Percentage Change QIV QIII QIV A B C C/A C/B Coffee 92.1 45.5 77.9 (15.4) 71.1 Oilseeds 36.2 54.9 39.5 9.1 (28.1) Leather and Leather Products 0.6 0.4 0.3 (43.4) (18.4) Pulses 63.1 159.3 113.5 79.9 (28.8) Meat & Meat Products 4.5 2.7 2.3 (47.8) (13.2) Fruits & Vegetables 47.9 46.1 50.5 5.4 9.4 Textile & Textile Products 9.1 9.1 6.6 (27.1) (27.1) Live Animals 3.5 2.4 2.1 (40.4) (12.1) Chat 8.4 6.8 4.3 (49.3) (37.2) Gold(In mn. of grams) 1.5 0.8 0.8 (48.7) (1.7) Flower 34.2 27.8 26.1 (23.7) (6.3) Electricity(In mn of kwh) 444.7 718.6 317.8 (28.5) (55.8) Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power 0 100 200 300 400 500 600 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (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 51 | Fourth Quarter 2022/23 Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2021/22 2022/23 Percentage Change QIV QIII QIV A B C C/A C/B Coffee 5.8 5.2 5.7 (1.9) 8.5 Oilseeds 1.6 1.7 1.8 13.8 9.2 Leather and Leather Products 13.3 14.1 14.2 6.7 0.9 Pulses 0.9 0.8 0.8 (10.9) 2.0 Meat & Meat Products 5.6 7.1 6.7 20.7 (6.0) Fruits & Vegetables 0.3 12.4 (2.8) Textile & Textile Products 4.4 3.7 4.2 (3.8) 13.7 Live Animals 2.6 2.3 2.1 (19.4) (10.5) Chat 9.3 10.2 10.2 10.3 0.1 Gold (USD/grams) 63.9 59.9 60.3 (5.6) 0.7 Flower 5.0 5.1 4.7 (4.6) (6.9) Electricity (USD/kwh) 0.1 0.0 0.1 16.9 41.7 Source: Ethiopian Customs Commission, Ethiopian Electric Utility and Ethiopian Electric Power 0.000 0.001 0.001 0.002 0.002 0.003 0.003 0.004 0 20 40 60 80 100 120 140 160 180 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (Gold, Million Kg.) (Millions Kg.) Fig.V.5: Export Volume of Selected Commodities Coffee Oil Seeds Leather & Leather Products Pulses Flower Chat Gold (SA)

National Bank of Ethiopia Quarterly Bulletin 52 | Fourth Quarter 2022/23 Source: NBE Staff Computation 5.2.2. Import of Goods Merchandise import bill stood at USD 3.9 billion during the review quarter, which was 22.0 percent lower than last year owing to the decline in import values of capital goods, consumer goods, semi-finished goods, and fuel. Capital goods import fell by 22.6 percent due to the decrease in import bills of industrial (25.8 percent) in spite of the increase in transport capital goods (27.4 percent) and agricultural capital goods (20.9 percent). As a result, the share of capital goods import in total goods import marginally declined to 18.0 percent from 18.1 percent a year earlier. Likewise, import bills of consumer goods fell by 17.0 percent relative to last year same period due to fall in import of non-durable goods (20.4 percent) despite the rise in durable goods (4.8 percent). However, the share of consumer goods in total import went up to 31.0 percent from 29.1 percent a year ago. Payments for fuel import declined by 24.1 percent and its share in total import payments slightly declined to 23.0 percent from 23.6 percent a year ago. Similarly, payments for semi-finished goods decreased by 25.7 percent as import bills of fertilizer went down by 53.2 percent. Hence, the share of semifinished goods in total merchandise import contracted to 26.4 percent from 27.8 percent a year earlier. Furthermore, import of miscellaneous goods declined by 25.7 percent and their share in total import reached 0.8 percent. 0.0 2.0 4.0 6.0 8.0 10.0 12.0 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 QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (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)

National Bank of Ethiopia Quarterly Bulletin 53 | Fourth Quarter 2022/23 On the other hand, import of raw materials increased by 8.0 percent relative to same quarter of last year. Thus, their share in total merchandise import bills slightly went up to 0.8 from 0.6 percent a year ago. Meanwhile, total franco-valuta import declined by 13.0 percent and stood at USD 1.2 billion accounting for 30.4 percent of the total import value. Table 5.6: Values of Major Import Items (In Millions of USD) Particular 2021/22 2022/23 Percentage Changes QIV Share (%) QIII Share (%) QIV Share (%) A B C C/A C/B Raw Materials 27.8 0.6 43.8 1.1 30.0 0.8 8.0 -31.4 Semi-finished Goods 1,391.9 27.8 1,064.6 25.6 1,033.7 26.4 -25.7 -2.9 Fertilizers 883.4 17.6 424.7 10.2 413.7 10.6 -53.2 -2.6 Fuel 1,184.8 23.6 1,043.4 25.1 899.2 23.0 -24.1 -13.8 Petroleum Products 1,145.9 22.8 984.9 23.7 839.5 21.5 -26.7 -14.8 Others 38.8 0.8 58.4 1.4 59.7 1.5 53.6 2.2 Capital Goods 906.7 18.1 654.4 15.7 702.0 18.0 -22.6 7.3 Transport 43.3 0.9 42.1 1.0 55.2 1.4 27.4 31.0 Agricultural 14.1 0.3 13.8 0.3 17.0 0.4 20.9 23.7 Industrial 849.2 16.9 598.5 14.4 629.8 16.1 -25.8 5.2 Consumer Goods 1,461.1 29.1 1,322.1 31.8 1,212.8 31.0 -17.0 -8.3 Durables 199.9 4.0 192.0 4.6 209.5 5.4 4.8 9.1 Non-durables 1,261.2 25.1 1,130.1 27.1 1,003.3 25.7 -20.4 -11.2 Miscellaneous 43.1 0.9 34.9 0.8 32.0 0.8 -25.7 -8.3 Total Imports 5,015.4 100 4,163.1 100 3,909.7 100 -22.0 -6.1 Source: Ethiopian Customs Commission

National Bank of Ethiopia Quarterly Bulletin 54 | Fourth Quarter 2022/23 Table 5.7: Value of Franco Valuta Import (In Millions of USD Commodity Group 2021/22 2022/23 Percentage Change QIV QIII QIV A B C C/A C/B Beverages 0.4 0.3 0.4 -10.9 27.5 Chemicals 6.6 20.7 14.0 111.3 -32.4 Clothing 5.8 4.4 17.4 201.8 298.5 Food and live animals 366.3 242.9 306.6 -16.3 26.2 Textiles 46.8 60.6 40.7 -13.1 -32.9 Tobacco 0.7 0.0 0.2 -76.1 833.4 Soap & polish 2.9 9.9 7.2 149.7 -27.4 Fertilizer 49.3 75.1 71.3 44.6 -5.1 Paper & paper manufacturing 4.0 12.5 9.6 139.5 -23.5 Metal & metal manufacturing 75.1 89.8 80.2 6.8 -10.6 Medical and pharmaceuticals products 0.6 0.1 0.2 -70.8 28.8 Rubber products 13.4 16.0 10.8 -19.4 -32.3 Petroleum Crude - - 2.7 0.0 0.0 Petroleum product 1.8 6.2 21.4 1106.8 243.9 Glass & glass ware 3.5 6.2 3.6 2.5 -42.4 Electrical material 98.3 46.8 27.0 -72.5 -42.4 Machine 239.8 195.7 136.2 -43.2 -30.4 Road & motor vehicles 4.6 7.4 9.1 99.1 22.2 Tele apparatus 3.7 5.6 27.9 664.2 402.8 Cement 0.08 0.06 0.00 -99.1 -98.6 Others 753.5 565.0 401.6 -46.7 -28.9 Total 1,677.1 1,365.4 1,187.9 -29.2 -13.0 Source: Ethiopian Customs Commission 5.2.3. Direction of Trade

National Bank of Ethiopia Quarterly Bulletin 55 | Fourth Quarter 2022/23 5.2.3.1. Export of Goods The major destinations4 for Ethiopian export were Asia, Europe and Africa. Asia accounted for 41.1 percent of Ethiopia’s total export revenue, with Saudi Arabia taking a 19.2 percent share, followed by United Arab Emirates (12.8 percent), Japan (10.5 percent), China (9.3 percent), South Korea (9.2 percent), India (7.7 percent), Israel (7.3 percent), Singapore (4.0 percent), Taiwan (3.7 percent), Pakistan (2.4 percent), Malaysia (1.2 percent), Yemen (1.1 percent) and Indonesia (1.1 percent). These countries in total had a 89.4 percent share in Ethiopia’s total export to Asia Europe constituted 30.5 percent of Ethiopia’s total export receipts, with the Netherlands being the main destination accounting for 30.0 percent share followed by Germany (15.9 percent), Switzerland (15.8 percent), Belgium (8.2 percent), Italy (7.3 percent), United Kingdom (5.9 percent), France (4.0 percent), Turkey (3.9 percent), Spain (1.3 percent), Norway (1.1 percent) and

4 Wheat & Hilina’s enriched foods are sold to humanitarian organizations working in Ethiopia. These foods are included in export receipts and categorized under unspecified during Q4. Russia (1.0 percent). These European countries together had 94.6 percent share in Ethiopia’s total exports to Europe. About 11.4 percent of Ethiopia’s export earnings originated from Africa, mainly Djibouti (25.6 percent), Somalia (20.4 percent), Kenya (17.4 percent), Sudan (11.7 percent), South Africa (3.6 percent) and Egypt (2.4 percent), which altogether accounted for 80.9 percent of the total exports to Africa. America had 11.3 percent share in Ethiopia’s total export earnings, of which 92.3 percent was from the United States followed by Canada (6.9 percent). These two countries constituted 99.1 percent of Ethiopia’s total exports earnings from America.

National Bank of Ethiopia Quarterly Bulletin 56 | Fourth Quarter 2022/23 Source: NBE Staff Compilation 5.2.3.2. Import of Goods Asia accounted for 60.9 percent of Ethiopia’s total imports with major imports originating from China (41.8 percent), UAE (15.6 percent), India (14.4 percent), Saudi Arabia (10.2 percent), Indonesia (3.7 percent), Malaysia (3.0 percent), South Korea (1.5 percent), Japan (1.0 percent) and Thailand (1.0 percent) whose combined share was 92.1 percent. Africa’s share in total merchandise imports to Ethiopia was 21.2 percent. The major countries of origin were Morocco (45.5 percent), Egypt (29.6 percent), South Africa (10.6 percent), Djibouti (9.5 percent) and Kenya (3.2 percent) which altogether accounted for 98.5 percent of the total imports from the African continent. Imports from Europe constituted 11.0 percent of Ethiopia’s total imports with the major countries being Turkey (26.8 percent), Italy (13.2 percent), Germany (10.8 percent), Ukraine (8.9 percent), France (7.0 percent), Spain (4.5 percent), United Kingdom (4.4 percent), Netherlands (4.3 percent), Belgium (2.4 percent), Denmark (1.8 percent), Sweden (1.8 percent), Hungary (1.7 percent), Poland (1.4 percent), Switzerland (1.3 percent), Bulgaria (1.2 percent) and Portugal (1.1 percent). These countries jointly accounted for 92.7 percent of Ethiopia’s total imports from Europe. 11.4% 30.5% 11.3% 41.1% 1.0% 4.6% Fig.V.7: Export By Destination Africa Europe America Asia Oceania Unspecified

National Bank of Ethiopia Quarterly Bulletin 57 | Fourth Quarter 2022/23 Import from America had 6.8 percent share in total imports, of which the share of United States was 92.3 percent followed by Canada (0.9 percent), Brazil (0.6 percent) and Mexico (0.4 percent). Source: NBE Staff Compilation 5.3. Services and Transfers 5.3.1. Net Services During the review quarter, net surplus in services trade reached USD 282.2 million compared USD 130.5 million surplus a year ago. This high performance was due to an increase in surplus of net transport (72.8 percent), net government (16 percent) coupled with decline in net investment payments (27.3 percent) and other services (10.1 percent) despite decline in net travel service surplus (26.9 percent) (Table 5.8). 21.2% 11.0% 6.8% 60.9% 0.1% Fig.V.8: Import By Origin Africa Europe America Asia Oceania

National Bank of Ethiopia Quarterly Bulletin 58 | Fourth Quarter 2022/23 Source: NBE Staff Compilation Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2021/22 2022/23 QIV QIII QIV Percentage Change A B C D=C/A E=C/B 1 Investment Income (2+5) -127.9 -73.6 -93.0 -27.3 26.4 2 Interest, net (3-4) -127.9 -73.4 -92.7 -27.6 26.2 3 Credit 4.2 17.3 17.8 319.5 3.2 4 Debit 132.1 90.7 110.5 -16.4 21.8 5 Dividend, net -0.2 -0.4 99.4 6 NON-FACTOR SERVICES, net (7-8) 258.4 311.6 375.2 45.2 20.4 7 Exports of non-factor services 1,671.0 1,665.7 1,785.1 6.8 7.2 8 Travel 315.7 259.2 290.6 -8.0 12.1 9 Transport 1 1,228.4 1,245.9 1,362.6 10.9 9.4 10 Gov't 2 36.3 82.0 38.8 6.8 -52.7 11 Other 3 90.6 78.6 93.1 2.8 18.4 12 Imports of non-factor services 1,412.6 1,354.1 1,409.8 -0.2 4.1 13 Travel 116.7 124.9 145.1 24.3 16.2 14 Transport 1 1,026.1 944.7 1,013.1 -1.3 7.2 15 Gov't 2 3.0 0.0 0.2 -93.6 547.0 16 Other 3 266.7 284.6 251.5 -5.7 -11.6 17 Net Services (18+19+20+21+22) 130.5 237.9 282.2 116.2 18.6 18 Travel (8-13) 199.0 134.3 145.5 -26.9 8.3 19 Transport (9-14) 202.3 301.2 349.5 72.8 16.0 20 Gov't (10-15) 33.3 82.0 38.6 16.0 -52.9 21 Other (11-16) -176.1 -205.9 -158.4 -10.1 -23.1 22 Investment Income (2+5) -127.9 -73.6 -93.0 -27.3 26.4 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 -400.0 -300.0 -200.0 -100.0 0.0 100.0 200.0 300.0 400.0 500.0 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Q I Q II QIII Qtr IV 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (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 59 | Fourth Quarter 2022/23 5.3.2. Transfers Total transfer receipts decreased by 30.4 percent and reached USD 1.9 billion during the review period due to 25.8 percent decline in private and 52.7 percent in official transfers. Likewise, total transfer payments decreased from USD 83 million to USD 56.4 million as a result of 44.3 percent decline in official transfers despite higher private transfer payments. Hence, net transfers decreased by 30.3 percent and reached USD 1.8 billion (Table 5.9). Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2021/22 2022/23 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) 2,251.0 85.5 1,923.9 81.5 1,660.7 90.5 -26.2 -13.7 2 Credit (3+4) 2,255.2 83.0 1,938.6 80.3 1,673.2 88.5 -25.8 -13.7 3 NGO's 581.8 21.4 944.0 39.1 411.0 21.7 -29.4 -56.5 4 Private individuals 1,673.5 61.6 994.7 41.2 1,262.2 66.7 -24.6 26.9 5 Debit 4.3 5.1 14.7 28.2 12.5 22.2 193.9 -15.0 6 Official transfers, net (7-8) 382.6 14.5 437.3 18.5 174.4 9.5 -54.4 -60.1 7 Credit 461.4 17.0 474.8 19.7 218.3 11.5 -52.7 -54.0 8 Debit 78.8 94.9 37.5 71.8 43.9 77.8 -44.3 17.0 9 Total Receipts 2,716.6 100.0 2,413.4 100.0 1,891.5 100.0 -30.4 -21.6 10 Total Payments 83.0 100.0 52.2 100.0 56.4 100.0 -32.1 8.0 11 Net Transfers 2,633.6 100.0 2,361.2 100.0 1,835.1 100.0 -30.3 -22.3 Source: NBE Staff Computation

National Bank of Ethiopia Quarterly Bulletin 60 | Fourth Quarter 2022/23 Source: NBE Staff Compilation 5.4. Current Account Balance During the fourth quarter of 2022/23, the current account balance (including official transfers) narrowed from a deficit of USD 1.1 billion last year same period to USD 802.4 million. This was resulted from an increase in net services surplus by 116.2 percent coupled with decline in trade deficit (24.2 percent). Of the components of current account balance, net private and official transfers declined by 26.2 percent and 54.4 percent, respectively (Table 5.1). 5.5. Capital Account Capital account recorded USD 792.8 million surplus which was 16.4 percent higher than that of last year the same period. The rise in surplus was mainly attributed to significant decline in net deficit of other public sector long term capital (35.7 percent) coupled with a shift in net short term capital from deficit of USD 158.1 million to surplus of USD 23 million. However, net official long term capital and private long term capita declined by 5.9 percent and 82.3 percent, respectively. Furthermore, foreign direct investment declined by 14.4 percent during the review period. 0 500 1000 1500 2000 2500 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II QIII Qtr IV 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (In Millions of USD) Fig.V.10: Trends in Private and Official Transfers, (Receipts) Private Transfers Official Transfers

National Bank of Ethiopia Quarterly Bulletin 61 | Fourth Quarter 2022/23 5.6. Changes in Reserve Position The overall balance of payments during the fourth quarter of FY 2022/23 recorded USD 63.6 million surplus compared to USD 307.2 million deficit a year earlier. Consequently, net foreign assets of commercial Banks showed a USD 120.8 million built-up while those of the National Bank of Ethiopia showed a USD 57.2 million drawdown (Table 5.1). 5.7. Developments in the Foreign Exchange Market 5.7.1. Exchange Rate Movements In the inter-bank forex market, weighted average official exchange rate of Birr stood at Birr 54.2454/USD in the fourth quarter of 2022/23, depicting a 5.3 percent annual depreciation. The end period exchange rate of the Birr was 54.5943/USD, indicating 5.0 percent annual depreciation against USD. Table 5.10: Developments of Inter-bank Forex Market (USD/ETB) Period Official Market End Period Weighted Rate Average Weighted Rate Amount Traded in Millions of USD Total Among CBs 2021/22 51.9938 48.5674 12.6 0.00 Qtr. IV C 51.9938 51.4941 3.10 0.00 April 51.3992 51.2020 1.00 0.00 May 51.5678 51.4876 1.00 0.00 June 51.9938 51.7926 1.10 0.00 2022/23 Qtr. III B 53.9027 53.6179 3.15 0.00 January 53.4716 53.4081 1.05 0.00 February 53.7445 53.6174 1.00 0.00 March 53.9027 53.8283 1.10 0.00 Qtr. IV A 54.5943 54.2454 3.00 0.00 April 54.1696 54.0392 0.90 0.00 May 54.3041 54.2410 1.05 0.00 June 54.5943 54.4559 1.05 0.00 Percentage Changes A/B 1.28 1.17 -4.76 A/C 5.00 5.34 -3.23 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 62 | Fourth Quarter 2022/23 In retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 54.5581/USD, showing 5.5 percent depreciation, while the selling rate was Birr 55.6529/USD, depicting 5.4 percent depreciation over last year same quarter. Therefore, the average spread between the buying and selling rates marginally narrowed to 2.0 from 2.1 percent a year ago (Table 5.11).

National Bank of Ethiopia Quarterly Bulletin 63 | Fourth Quarter 2022/23 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 2021/22 2022/23 Percentage change Quarter IV A Quarter III B Quarter IV C C/B C/A Purchases Sales Purchases Sales Purchases Sales Purchases Sales Purchases Sales 1 Commercial Bank of Ethiopia 29745.3 25245.7 35792.8 26392.4 39194.1 38491.6 9.5 45.8 31.8 52.5 2 Bank of Abyssinia 393.6 3861.3 192.4 3094.8 249.4 4179.6 29.6 35.1 (36.6) 8.2 3 Dashen Bank 3330.1 3375.6 2983.1 4224.4 3309.3 3510.7 10.9 (16.9) (0.6) 4.0 4 Awash International Bank 380.6 3602.1 292.1 5865.4 274.3 5716.3 (6.1) (2.5) (27.9) 58.7 5 Wegagen Bank 1197.5 922.5 142.6 910.8 61.0 928.2 (57.2) 1.9 (94.9) 0.6 6 United Bank 836.1 1437.6 511.7 861.2 206.7 554.0 (59.6) (35.7) (75.3) (61.5) 7 Development Bank 1.4 5.2 0.2 9.7 0.3 7.2 15.4 (26.1) (80.5) 37.2 8 Nib International Bank 1462.6 685.0 314.3 748.7 214.2 860.2 (31.9) 14.9 (85.4) 25.6 9 Lion International Bank 92.1 206.4 239.7 68.4 326.7 113.1 36.3 65.3 254.6 (45.2) 10 Oromia International Bank 2838.0 936.1 2205.9 1521.4 1587.4 1270.5 (28.0) (16.5) (44.1) 35.7 11 Zemen Bank 41.5 1290.2 23.7 899.8 32.6 913.6 37.3 1.5 (21.5) (29.2) 12 Cooperative Bank of Oromia 103.5 1859.5 117.7 624.7 93.4 327.8 (20.6) (47.5) (9.7) (82.4) 13 Buna International Bank 146.8 241.9 97.0 432.3 23.6 72.1 (75.6) (83.3) (83.9) (70.2) 14 Birhan International Bank 265.5 759.4 118.1 718.3 129.0 818.6 9.3 14.0 (51.4) 7.8 15 Abay Bank 782.2 49.3 148.4 180.8 254.1 388.2 71.2 114.7 (67.5) 688.0 16 Addis International Bank 487.8 303.3 605.0 144.2 232.0 290.4 (61.6) 101.5 (52.4) (4.2) 17 Debub Global Bank 136.7 157.7 423.8 159.3 165.9 251.2 (60.9) 57.7 21.3 59.3 18 Enat Bank 218.7 307.8 39.6 256.8 309.1 143.0 680.2 (44.3) 41.4 (53.6) 19 Zamzam Bank 8.3 260.2 0.2 149.7 0.0 207.0 - 38.3 (100.0) (20.4) 20 Gohe Betoch Bank 0.4 0.0 1.0 18.9 0.0 26.5 - 39.9 (100.0) - 21 Hijera Bank 29.7 0.0 72.5 24.4 120.4 37.2 66.0 52.5 305.7 - 22 Amhara Bank 0.0 0.0 0.8 91.7 1.4 184.8 74.0 101.6 - - 23 Tsehay Bank 0.0 0.0 1.8 2.0 35.1 88.3 1,899.1 4,315.0 - - 24 Siinqee Bank 0.0 0.0 4.3 0.0 24.2 2.1 464.1 - - - 25 Geda Bank 0.0 0.0 3.6 0.0 16.6 16.6 364.8 - - - 26 Ahadu Bank 0.0 0.0 10.2 3.3 0.1 10.0 (99.0) 204.0 - - 27 Tseday Bank 0.0 0.1 0.0 - - - - Total 42,498.4 45,506.7 44,342.4 47403.2 46,861.0 59,408.8 5.7 25.3 10.3 30.5 Average Exchange Rate 51.7209 52.8063 53.8014 54.9408 54.5581 55.6529 1.4 1.3 5.5 5.4 Spread 2.1 2.1 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 64 | Fourth Quarter 2022/23 Fig.V.11: Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks Source: NBE Staff Compilation In the official forex market, US dollar fluctuated against major currencies on quarterly & annual basis. On quarterly basis, it depreciated against Swiss Franc (2.8 percent), Pound Sterling (1.6 percent), Euro (1.4 percent) and SDR (0.1 percent), while it appreciated against Japanese Yen (4.8 percent). On annual basis, USD depreciated against Swiss Franc (7.1 percent) and Euro (2.0 percent), while it appreciated against Japanese Yen (9.3 percent), Pound Sterling (4.4 percent) and SDR (0.7 percent) (Table 5.12). 1.8 1.8 1.9 1.9 2.0 2.0 2.1 2.1 2.2 0 10 20 30 40 50 60 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (Spread, %) (Birr per USD) Buying Rate Selling Rate Spread

National Bank of Ethiopia Quarterly Bulletin 65 | Fourth Quarter 2022/23 Table 5.12: Average Official Exchange Rates (USD per Major International Currencies) Period EURO JAPANESE YEN SDR POUNDSTELING SWISS FRANK Buying Selling MidRate Buying Selling MidRate Buying Selling MidRate Buying Selling MidRate Buying Selling MidRate 2021/22 QIV C 1.0669 0.0074 1.3498 1.2020 1.0378 April 1.0853 0.0077 1.3683 1.2629 1.0624 May 1.0566 0.0073 1.3411 1.1770 1.0193 June 1.0588 0.0071 1.3399 1.1659 1.0317 2022/23 QIII B 1.0732 0.0070 1.3394 1.1312 1.0813 January 1.0763 0.0071 1.3427 1.1326 1.0817 February 1.0727 0.0070 1.3400 1.1284 1.0822 March 1.0707 0.0070 1.3354 1.1326 1.0798 QIV A 1.0884 0.0067 1.3410 1.1494 1.1495 1.1494 1.1116 April 1.0952 0.0068 1.3487 1.1358 1.1106 May 1.0870 0.0067 1.3406 1.1482 1.1146 June 1.0829 0.0066 1.3337 1.1644 1.1095 Percentage Changes A/B 1.41 -4.79 0.12 1.61 2.81 A/C 2.01 -9.24 -9.25 -9.25 -0.65 -4.37 7.11 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 66 | Fourth Quarter 2022/23 On the other hand, the Birr exchange rate lost ground against major currencies both on quarterly and annual basis. On annual term, the Birr depreciated against Swiss Franc (12.8 percent), Euro (7.5 percent), USD (5.4 percent), SDR (4.7 percent) and Pound Sterling (4.7 percent), while it appreciated against Japanese Yen (0.6 percent). Moreover, the Birr depreciated against Pound Sterling (4.3 percent), Swiss Franc (4.0 percent), Euro (2.6 percent), SDR (1.3 percent) and USD (1.2 percent), whereas it appreciated against Japanese Yen (2.3 percent) (Table5.13).

National Bank of Ethiopia Quarterly Bulletin 67 | Fourth Quarter 2022/23 Table 5.13: Period Average Exchange Rates (Birr per Major Currencies) Period Currency USD EURO JAPANESE YEN SDR POUNDSTERLING SWISS FRANK Buying Selling MidRate Buying Selling MidRate Buying Selling MidRate Buying Selling MidRate Buying Selling MidRate Buying Selling MidRate 2021/22 QIV C 51.4941 52.0090 51.7515 54.9423 55.4918 55.2171 0.3983 0.4023 0.4003 69.5116 70.2067 69.8592 64.8226 65.4708 65.1467 53.4590 53.9936 53.7263 April 51.2020 51.7140 51.4580 55.5506 56.1061 55.8284 0.4072 0.4113 0.4092 70.0704 70.7711 70.4208 66.4539 67.1184 66.7861 54.3992 54.9432 54.6712 May 51.4876 52.0024 51.7450 54.4381 54.9825 54.7103 0.3998 0.4038 0.4018 69.0689 69.7596 69.4142 64.0747 64.7155 64.3951 52.5406 53.0660 52.8033 June 51.7926 52.3105 52.0516 54.8383 55.3867 55.1125 0.3880 0.3918 0.3899 69.3955 70.0895 69.7425 63.9392 64.5786 64.2589 53.4371 53.9715 53.7043 2022/23 QIII B 53.6180 54.1541 53.8860 57.5443 58.1198 57.8321 0.4053 0.4093 0.4073 71.8137 72.5318 72.1728 65.0940 65.7449 65.4194 57.9751 58.5549 58.2650 January 53.4081 53.9422 53.6752 57.4841 58.0589 57.7715 0.4089 0.4130 0.4110 71.7113 72.4285 72.0699 65.1094 65.7604 65.4349 57.7743 58.3520 58.0631 February 53.6174 54.1536 53.8855 57.5145 58.0895 57.8020 0.4045 0.4086 0.4065 71.8452 72.5636 72.2044 64.8976 65.5466 65.2221 58.0265 58.6068 58.3167 March 53.8283 54.3666 54.0975 57.6345 58.2109 57.9227 0.4024 0.4064 0.4044 71.8846 72.6034 72.2440 65.2750 65.9277 65.6014 58.1246 58.7059 58.4153 QIV A 54.2454 54.7878 54.5216 59.0401 59.6304 59.3353 0.3959 0.3998 0.3979 72.7426 73.4700 73.1063 67.8616 68.5402 68.2009 60.2994 60.9024 60.6009 April 54.0392 54.5796 54.3244 59.1868 59.7785 59.4826 0.4052 0.4093 0.4073 72.8834 73.6122 73.2478 67.2216 67.8938 67.5577 60.0173 60.6175 60.3174 May 54.2410 54.7832 54.5121 58.9606 59.5502 59.2554 0.3958 0.3997 0.3978 72.7155 73.4426 73.0791 67.6962 68.3731 68.0347 60.4592 61.0638 60.7615 June 54.4559 55.0005 54.7282 58.9729 59.5626 59.2678 0.3866 0.3905 0.3885 72.6289 73.3552 72.9920 68.6669 69.3537 69.0103 60.4217 61.0260 60.7239 Percentage Change A/B 1.17 1.17 1.18 2.60 -2.32 1.29 4.25 4.01 A/C 5.34 5.34 5.35 7.46 -0.61 4.65 4.69 12.80 Source: National Bank of Ethiopia

National Bank of Ethiopia Quarterly Bulletin 68 | Fourth Quarter 2022/23 Table 5.14: Birr per Unit of Currency End Period Mid-Market Rate Currency June 30, 2022 March 31, 2023 June 30, 2023 Percentage Change A B C C/B C/A USD 52.2538 54.1722 54.8673 1.28 5.00 Pound 63.5459 66.8594 69.4565 3.88 9.30 Swedish Kroner 5.1426 5.1577 5.0805 -1.50 -1.21 Djibouti Frank 0.2932 0.3040 0.3104 2.11 5.85 Swiss Frank 54.9809 59.1335 61.3180 3.69 11.53 Saudi Riyal 13.9258 14.4305 14.6290 1.38 5.05 UAE Dirhams 14.2245 14.7500 14.9364 1.26 5.00 Canadian Dollar 40.6265 39.9707 41.3812 3.53 1.86 Japanese Yen 0.3829 0.4082 0.3804 -6.80 -0.65 Euro 55.0076 58.8473 60.0029 1.96 9.08 SDR 69.8267 72.8454 73.3192 0.65 5.00 Source: NBE Staff Compilation

National Bank of Ethiopia Quarterly Bulletin 69 | Fourth Quarter 2022/23 5.7.2. Movements in the Real Effective Exchange Rate During the fourth quarter of FY2022/23, REER appreciated by 2.6 percent as result of elevated domestic inflation coupled with appreciation of Birr exchange rate against Ethiopia’s main trading partners’ currencies. Likewise, the NEERI appreciated by 20.3 percent due to substantial depreciation of Ethiopia’s trading partners’ currencies against US dollar particularly Egyptian Pound (67.1 percent), Sudanese Pound (32.9 percent), Turkish Lira (32.7 percent) and Israeli Shekel (9.0 percent) (Table 5.15).

National Bank of Ethiopia Quarterly Bulletin 70 | Fourth Quarter 2022/23 Table 5.15: Trends in the Real and Nominal Effective Exchange Rates Item 2021/22 2022/23 Percentage Change QIV QIII QIV A B C C/B C/A REERI 114.1 129.3 117.0 -9.5 2.6 NEERI 67.5 79.5 81.2 2.2 20.3 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.
Sudan inflation for April 2023 is estimate Fig.V.12: Movements in the Real and Nominal Effective Exchange Rate Source: NBE Staff Compilation 5.7.3. Volume of Transactions The volume of foreign exchange traded in the inter-bank foreign exchange market reached USD 3.0 million during the fourth quarter 2022/23 which was 3.2 percent lower than last year same quarter. The foreign exchange was supplied to the market exclusively by NBE (Table 5:10 & fig. v.13). 0 50 100 150 200 250 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 REERI NEERI

National Bank of Ethiopia Quarterly Bulletin 71 | Fourth Quarter 2022/23 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 46.9 million and sold USD 59.4 million. Hence, the amount of forex purchased and sold increased by 10.3 percent and 30.5 percent, respectively (Table 5.11). 0 1 1 2 2 3 3 4 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (In Mn USD) Total Amount Traded Amount Traded among CBs

National Bank of Ethiopia Quarterly Bulletin 72 | Fourth Quarter 2022/23 VI. FEDERAL GOVERNMENT FINANCE Total revenue and grants of the Federal government amounted to Birr 111.1 billion during the fourth quarter of 2022/23 which was 19 percent lower than a year ago (Table 6.1). Likewise, the Federal government total expenditure reached Birr 181.6 billion which increased by 13.1 percent compared to last year same quarter. As a result, the overall fiscal balance (including grants) showed Birr 70.5 billion in deficit.

National Bank of Ethiopia Quarterly Bulletin 73 | Fourth Quarter 2022/23 Table 6.1: Summary of Quarterly Federal Government Finance [in millions of Birr] No Finer points 2021/22 2022/23 Percentage changes Performance rate A B C D D/A D/C D/B QIV Revised Budget QIII QIV 1 Total Revenue and Grants 93,388.4 446,510.6 87,750.1 111,135.1 19.0 26.6 24.9 1.1 Total Domestic Revenue 93,388.4 438,851.3 87,750.1 108,709.0 16.4 23.9 24.8 Tax Revenue 85,360.7 400,244.0 85,468.0 91,333.4 7.0 6.9 22.8 Direct tax 26,521.2 124,775.1 17,259.2 25,599.0

(3.5) 48.3 20.5 Indirect tax 58,839.5 275,468.8 68,208.8 65,734.4

11.7

(3.6) 23.9 Non-Tax Revenue 8,027.7 38,607.4 2,282.1 17,375.6

116.4 661.4 45.0 1.2 Grant & Relief - 7,659.3 - 2,426.1 31.7 2 Current Expenditure 67,720.6 267,659.0 53,425.4 71,469.6

5.5 33.8 26.7 3 Current Surplus/Deficit - - - - (Including Grants) 25,667.8 178,851.6 34,324.8 39,665.5

54.5 15.6 22.2 (Excluding Grants) 25,667.8 171,192.4 34,324.8 37,239.4

45.1 8.5 21.8 4 Capital Expenditure 43,554.4 187,944.5 38,519.2 45,311.0

4.0 17.6 24.1 5 Regional Transfers 49,348.2 219,041.0 72,373.7 64,914.1

31.5

(10.3) 29.6 6 Total Expenditure (2+4+5) 160,623.1 674,644.5 164,318.2 181,694.6 13.1 10.6 26.9 7 Overall Surplus/Deficit - - - - (Including Grants) (67,234.8) (228,133.9) (76,568.1) (70,559.6) 4.9 (7.8) 30.9 (Excluding Grants) (67,234.8) (235,793.1) (76,568.1) (72,985.7)

8.6

(4.7) 31.0 8 Total Financing 67,234.8 228,133.9 76,568.1 70,559.6 4.9 (7.8) 30.9 8.1 Net External Borrowings 987.9 3,608.0 7,481.0 14,617.6 1,379.7 95.4 405.1 External Borrowing 6,794.3 26,294.6 9,201.3 16,980.3

149.9 84.5 64.6 Amortization 5,806.4 35,909.5 5,766.5 3,438.2

(40.8)

(40.4) 9.6 8.2 Net Domestic Borrowings 87,021.8 224,525.9 54,925.3 94,470.2 8.6 72.0 42.1 Banking System 70,158.8 - 36,965.5 74,920.8

6.8 102.7 Non-Bank Sources 16,863.0 - 17,959.8 19,549.4

15.9 8.9 8.3 Privatization receipts - - - 8.4 Others and Residuals (20,775.0) - 14,161.7 (38,528.2) 85.5 (372.1) Source Ministry of Finance

National Bank of Ethiopia Quarterly Bulletin 74 | Fourth Quarter 2022/23 6.1. Revenue and Grants Total revenue and grants reached Birr 111.1 billion during the review quarter, of which Birr 108.7 was collected from domestic sources and Birr 2.4 billion from grants and relief. About Birr 91.3 billion or 84.1percent of the domestic revenue was generated from taxes and Birr 17.3 billion or 15.9 percent from non-taxes (Table 6.2).

National Bank of Ethiopia Quarterly Bulletin 75 | Fourth Quarter 2022/23 Table 6.2: Summary of Federal Government Revenue by Component (In Millions of Birr) No Particulars 2021/22 2022/23 Percentage Change Performance Rate QIV Revised Budget QIII QIV A B C D D/A D/C D/B Total Revenue and Grants

93,388.3

446,510.6

87,750.1

111,135.1

19.0

26.6

24.9 Total Domestic Revenue

93,388.3

438,851.3

87,750.1

108,709.0

16.4

23.9

24.8 1 Tax Revenue 85,360.6 400,244.0 85,468.0 91,333.4 7.0 6.9 22.8 1.1 Direct Tax Revenue 26,521.1 124,775.1 17,259.2 25,599.0 (3.5) 48.3 20.5 1.1.1 Income Taxes 22,190.0 104,909.3 15,258.8 22,380.2 0.9 46.7 21.3

Personal 5,775.0 26,328.3 7,681.6 7,564.3 31.0 (1.5) 28.7
Business 16,415.0 78,581.0 7,577.2 14,815.9 (9.7) 95.5 18.9 1.1.2 Others1 4,331.1 19,865.9 2,000.5 3,218.8 (25.7) 60.9 16.2 1.2 Indirect Taxes 58,839.5 275,468.8 68,208.8 65,734.4 11.7 (3.6) 23.9 1.2.1 Domestic Taxes 24,223.7 103,363.9 24,967.2 23,570.3 (2.7) (5.6) 22.8 1.2.2 Foreign Trade Taxes 34,615.8 172,104.9 43,241.6 42,164.1 21.8 (2.5) 24.5
Import 34,615.8 172,104.9 43,241.6 42,164.1 21.8 (2.5) 24.5 2 Non-Tax Revenue 8,027.7 38,607.4 2,282.1 17,375.6 116.4 661.4 45.0 3 Privatization - - - - - - 4 Grants and Relief - 7,659.3 - 2,426.1 31.7 Source: Ministry of Finance 1/ includes Withholding tax on import, tax on dividend, royalty and interest income

National Bank of Ethiopia Quarterly Bulletin 76 | Fourth Quarter 2022/23 Fig.VI.1: Quarterly Developments in Major Components of Domestic Revenue of the Federal Government Total tax revenue increased by 7.0 percent year- on - year due to 11.7 percent growth in indirect taxes. Likewise, tax revenue went up by 6.9 percent compared with the preceding quarter as result of higher revenue from direct taxes. Direct tax revenue, mainly comprised business and personal income taxes, and reached Birr 25.5 billion which was 3.5 percent lower than last year same quarter but a 48.3 percent higher than the preceding quarter. Indirect tax revenue amounted to Birr 65.7 billion which exhibited a 11.7 percent annual growth but a 3.6 percent quarterly slowdown. 0 20000 40000 60000 80000 100000 120000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (In Millions of Birr) Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue

National Bank of Ethiopia Quarterly Bulletin 77 | Fourth Quarter 2022/23 Fig.VI.2: Domestic Revenue by Major Components during the Fourth Quarter of 2022/23 6.2. Expenditure During the review period, Federal government expenditure (including regional transfer) amounted to Birr 181.6 billion, showing a 13.1 percent annual and 10.6 percent quarterly growth. The quarterly, increment was mainly due to higher current and capital expenditures (Table 6.3). Current expenditure at Birr 71.4 billion went up by 5.5 percent on yearly basis. On the other hand, capital expenditure reached Birr 45.3 billion and showed a 4.0 percent yearly and 17.6 percent quarterly increase. Total expenditure performance was 26.9 percent against the annual plan (Table 6.3). Direct Tax Revenue 24% Indirect Tax Revenue 60% Non Tax Revenue 16%

National Bank of Ethiopia Quarterly Bulletin 78 | Fourth Quarter 2022/23 Tale 6.3: Summary of Federal Government Expenditure by components (In Millions of Birr) No Particulars 2021/22 2022/23 Percentage Change Performance Rate QIV Revised Budget QIII QIV A B C D D/A D/C D/B Total Expenditure

160,623.1

674,644.5 164,318.2

181,694.6

13.1

10.6

26.9 1 Current Expenditure

67,720.6

267,659.0 53,425.4

71,469.6

5.5

33.8

26.7

General Services

34,331.3

111,693.4 27,418.7

34,222.4

(0.3)

24.8

30.6

Economic Services

2,079.6

6,995.2 1,923.2

2,008.1

(3.4)

4.4

28.7

Social Services

15,476.3

53,754.7 12,218.6

19,502.2

26.0

59.6

36.3

Others expenditure

307.2

46,716.8 1,475.3

647.2

110.7

(56.1)

1.4

Debt Service

15,526.2

48,498.8 10,389.7

15,089.6

(2.8)

45.2

31.1 2 Capital Expenditure

43,554.4

187,944.5 38,519.2

45,311.0

4.0

17.6

24.1

Economic Development

26,916.6

119,853.0 27,126.6

31,897.0

18.5

17.6

26.6

Social Development

14,244.2

38,446.9 8,615.3

10,209.1

(28.3)

18.5

26.6

General Development

2,393.5

29,644.6 2,777.3

3,204.8

33.9

15.4

10.8 4 Regional Transfers

49,348.2

219,041.0 72,373.7

64,914.1

31.5

(10.3)

29.6 Source: Ministry of Finance

National Bank of Ethiopia Quarterly Bulletin 79 | Fourth Quarter 2022/23 Fig.VI.3: Major Components of Federal Governments Expenditure during the Fourth Quarter of 2022/23 Current Expenditure 39.3% Capital Expenditure 25.0% Regional Transfer 35.7 Fig.VI.4: Quarterly Development in Federal Government Expenditure by Components 0 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers

National Bank of Ethiopia Quarterly Bulletin 80 | Fourth Quarter 2022/23 6.3. Deficit Financing Federal government budget operation during the review period resulted Birr 70.5 billion deficit compared to Birr 67.2 billion deficit a year earlier. The deficit was financed from net domestic and external borrowing (Table 6.1). Fig.VI.5: Federal Government Finance during Fourth Quarter of F.Y 2022/23 -50000 0 50000 100000 150000 200000 250000 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants

National Bank of Ethiopia Quarterly Bulletin 81 | Fourth Quarter 2022/23 VII. DEVELOPMENTS IN INVESTMENT During the review period, 12 investment projects with investment capital of Birr 2.6 billion became operational. Compared to last year same quarter, the number of investment projects slowed down by 55.6 percent while investment capital showed large improvement. All reported investment projects were private, of which 25 percent were domestic and 75 percent foreign. Domestic investment projects had investment capital of Birr 2.5 billion (96.2 percent) while that of foreign investment comprised Birr 99.6 million (3.8 percent). These investment projects have generated employment opportunities for 3,929 employees which was 353.2 percent higher than that of a year ago. Of the total employment created during the period, 38.9 percent was permanent and 61.1 percent casual (Table 7.1).

National Bank of Ethiopia Quarterly Bulletin 82 | Fourth Quarter 2022/23 Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr) Type of Projects Items 2021/22 2022/23 QIV QIII QIV Percentage Changes A B C Share C/A C/B

Total Investment Number of projects 27 9 12 100 -55.6 33.3 Capital 404.8 132.6 2,638.0 100 551.6 1,889.9 Permanent Employment 578 333 1527 100 164.2 358.6 Temporary Employment 289 189 2402 100 731.1 1,170.9
Private Investment Number of projects 27 9 12 100 -55.6 33.3 Capital 404.8 132.6 2,638.0 100 551.6 1,889.9 Permanent Employment 578 333 1527 100 164.2 358.6 Temporary Employment 289 189 2402 100 731.1 1,170.9 2.1. Domestic Investment Number of projects 21 4 3 25.0 -85.7 -25.0 Capital 330.9 88.7 2,538.3 96.2 667.0 2,761.7 Permanent Employment 59 67 229 15.0 288.1 241.8 Temporary Employment 70 107 2010 83.7 2,771.4 1,778.5 2.2. Foreign Investment Number of projects 6 5 9 75.0 50.0 80.0 Capital 73.9 43.9 99.6 3.8 34.9 127.1 Permanent Employment 519 266 1298 85.0 150.1 388.0 Temporary Employment 219 82 392 16.3 79.0 378.0
Public Investment Number of projects - - - - - - Capital - - - - - - Permanent Employment - - - - - - Temporary Employment - - - - - - Source: Ethiopian Investment Commission.

National Bank of Ethiopia Quarterly Bulletin 83 | Fourth Quarter 2022/23 As for sectoral distribution of projects, manufacturing accounted for 41.7 percent of total investment projects while real estate, renting & business activities and construction on their part constitute (25 percent each) and other sectors (8.3 percent). Out of the total Birr 2.6 billion capitals invested, real estate, renting & business activities received 95.3 percent followed by manufacturing (2.9 Percent), construction (1.2 percent) and others (0.6 percent). Regarding the creation of job opportunity, 46.2 percent of the permanent employment was created by construction followed by real estate, renting & business activities (29.3 percent), manufacturing (23.1 percent) and others (1.4 percent). On the other hand, real estate, renting & business activities sector was the leading sector by employing 84.1 percent of temporary labor force followed by construction (12.9 Percent) and manufacturing (3 percent) (Table 7.2). Table 7.2: Investment Distribution by Sector during the Fourth Quarter of 2022/23 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry - - - - - - - - Construction 3 25.0 30.8 1.2 705 46.2 310 12.9 Education - - - - - - - - Electricity, gas, steam and water supply - - - - - - - - Health and social work - - - - - - - - Hotels and restaurants - - - - - - - - Manufacturing 5 41.7 77.0 2.9 352 23.1 72 3.0 Mining and quarrying - - - - - - - - Other community, social and personal service activities - - - - - - - - Real estate, renting and business activities 3 25.0 2,513.6 95.3 448 29.3 2,020 84.1 Tour operation, transport, and communication - - - - - - - - Wholesale, retail trade & repair service - - - - - - - - Others 1 8.3 16.5 0.6 22 1.4 - - Grand Total 12 100 2,638.0 100.0 1,527 100 2,402 100 Source: Ethiopian Investment Commission

National Bank of Ethiopia Quarterly Bulletin 84 | Fourth Quarter 2022/23 In terms of regional distribution, Addis Ababa account about 25 percent of the total projects with 96.2 percent of total investment capital while multiregional projects constitutes 75 percent of the total projects with 3.8 percent of total investment capital. In terms of job creation Addis Ababa accounted for 15 and 83.7 percent of the total permanent and temporary employments respectively while multiregional projects on their part constitutes 85 and 16.3 percent of permanent and temporary employment respectively (Table 7.3).

National Bank of Ethiopia Quarterly Bulletin 85 | Fourth Quarter 2022/23 Table 7.3: Performance of Operational Investment Projects by Region Capital in million Birr Source: Ethiopian Investment Commission 2021/22 2022/23 Growth Rate QIV QIII QIV C/A C/B A B C Share In (%) Region No of Proj Capital Perm emp Temp emp No of Proj. Capital Perm emp Temp emp No of Proj. Capital. Perm.emp Temp emp No of Proj. Capital. Perm emp Temp emp No of Proj. Capital. Perm emp Temp emp No of Proj. Capital. Perm emp Temp emp Addis Ababa 21 331 59 70 4 89 67 107 3 2538.3 229 2010 25.0 96.2 15.0 83.7 -85.7 667.0 288.1 2,771.4 -25.0 2,761.7 241.8 1,778.5 Afar - - - - - - - - - - - - - - - - - - - - - - - - Amhara - - - - - - - - - - - - - - - - - - - - - - - - B.Gumuz - - - - - - - - - - - - - - - - - - - - - - - - Dire Dawa - - - - - - - - - - - - - - - - - - - - - - - - Oromia - - - - - - - - - - - - - - - - - - - - - - - - SNNPR - - - - - - - - - - - - - - - - - - - - Gambella a

Somali - - - - - - - - - - - - - - - - - - - - - - - - Harari - - - - - - - - - - - - - - - - - - - - - - - - Tigray - - - - - - - - - - - - - - - - - - - - - - - - Multiregional 6 74 519 219 5 44 266 82 9 99.6 1298 392 75.0 3.8 85.0 16.3 50.0 34.9 150.1 79.0 80.0 127.1 388.0 378.0 Grand Total 27 405 578 289 9 132.6 333 189 12 2638.0 1527 2402.0 100 - 35.7 701.9 438.2 2,850.4 55.0 2,888.9 629.8 2,156.6

National Bank of Ethiopia Quarterly Bulletin 86 | Fourth Quarter 2022/23 VIII. INTERNATIONAL ECONOMIC DEVELOPMENTS 8.1. Overview of the World Economy5 Global activity remained resilient in the fourth quarter of FY2022/23, but incoming survey data have started to show signs of a loss of momentum. The global composite output Purchasing Managers’ Index (PMI) declined in June for the first time in the second half, amid moderation in both manufacturing and services. In the United States, economic activity has been more resilient than expected. Moreover, monthly indicators for the fourth quarter, including non-residential construction, employment and inventory data, came in stronger than expected. In the United Kingdom, a stream of positive data news suggests stronger than expected resilience of the economy. Monthly real GDP declined less than expected by 0.1 percent in May, following an increase in April, as domestic demand has remained resilient, favoured by a robust labour market and despite the worsening cost-of-living crisis.

5 Sections 8.1 – 8.3 are excerpted from European Central Bank monthly bulletin of 3/2023. Bulletin In Japan, recent indicators point towards some moderation in economic growth in the fourth quarter. Consumer sentiment, despite further declines in real wages, should provide support to the recovery in private consumption, which has remained relatively sluggish thus far. In China, GDP growth slowed significantly in the fourth quarter. Although year-on-year GDP growth rose to 6.3 percent in the fourth quarter, reflecting base effects due to COVID-19- related lockdowns a year ago, it decelerated in quarter-on-quarter terms to 0.8 percent from 2.2 percent in the third quarter.

National Bank of Ethiopia Quarterly Bulletin 87 | Fourth Quarter 2022/23 8.2 Inflation Developments Headline inflation in OECD countries continued to decline as food and energy price pressures decrease while core inflation remained at high levels. In May, annual headline consumer price index (CPI) inflation in OECD countries (excluding Türkiye) declined strongly to 6.5 percent from 7.4 percent in April, mainly driven by falling energy and food prices, together with base effects. In contrast, core inflation declined only marginally to 6.9 percent. Similarly, core inflation momentum remains high and edged down only slightly, pointing to persistent price pressures. Indeed, while producer prices are declining strongly, wages continue to exert upward pressure. In the United State, annual headline CPI inflation fell in June to 3.0 percent, while underlying inflationary pressures remain high, with core at 4.8 percent. At the same time, annual nominal wage growth is still 4.7 percent, above a level considered compatible with the inflation target. In the Japan, Core inflation (excluding energy and food prices) remained unchanged from the previous month at 2.6 percent, implying a firm underlying price momentum. In the United Kingdom, Headline inflation fell to 7.9 percent in June, while core inflation decreased to 6.9 percent due to an easing in services price inflation. The outturn was below market expectations, but in line with the Bank of England’s May 2023 Monetary Policy Report forecast. Looking ahead, headline inflation is expected to decline further, mainly on account of the waning contribution from energy prices. 8.3. Commodity Price The Oil prices increased by 13 percent since the June Governing Council meeting following Saudi Arabia’s one-month extension of its production cut. On the demand side, in the last couple of months, strong oil demand from travel and transport activity in China has counterbalanced weak industrial demand in advanced economies. But more recently, improved risk sentiment reflecting in part positive US economic data surprises and lower headline inflation releases contributed positively to oil prices. European gas prices declined by 16 percent since the June Governing Council meeting

National Bank of Ethiopia Quarterly Bulletin 88 | Fourth Quarter 2022/23 after a short period of volatility. Gas prices rallied by 33 percent in the two days leading up to the Governing Council meeting in June mainly due to gas field outages in Norway. The price decline since then reflects the fact that gas storage remains high and gas demand low. International food commodity prices increased by 3 percent since the June Governing Council meeting as Russia withdrew from the Black Sea deal on Ukrainian grain. Since last year, Ukraine has found alternative routes which it could possibly use for some of the grain exports that are usually shipped via the Black Sea, albeit at higher costs. 8.4. Exchange Rate Developments In foreign exchange markets, the euro continued to appreciate, both against the US dollar and in trade-weighted terms. The euro appreciated by 2.2 percent against the US dollar amid improving risk sentiment. The nominal effective exchange rate of the euro as measured against the currencies of 41 of the euro area’s most important trading partners also appreciated, by 1.6 percent, during the review period. This occurred amid a broad based appreciation against other major currencies, including the Japanese yen (by 1.6 percent) and the Chinese renminbi (by 2.1 percent), as well as against the currencies of other major emerging economies, notably including the Turkish lira (16 percent). By contrast, the euro depreciated against the currencies of some non-euro area EU countries. 8.5. Impact of Global Economic Development on Ethiopian Economy During the fourth quarter of 2022/23, the global economy became stronger than expected while headline inflation in OECD countries continued to decline as food and energy price pressures decrease while core inflation remained at high levels. This positive economic performance would create extra demand on Ethiopia’s export even if high domestic prices coupled with appreciation of birr exchange rate against trading partner’s currencies made the REER to appreciate 2.6 percent which in turn have an impact on international competitiveness of the country in global market and played

National Bank of Ethiopia Quarterly Bulletin 89 | Fourth Quarter 2022/23 its own role for inadequate performance of the country’s export sector. Meanwhile, the rise in oil price had negative spillover effect for the country to spent significant forex payment for its major import items like fuel so that a persistent deficit observed in Ethiopia’s current account balance.

STATISTICAL ANNEXES

Table 1(a): Statement of Condition of National Bank of Ethipia: 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 July 86,182.56 804.88 435.21 79,985.94 4,956.53 199,241.75 6,976.80 192,264.95 - 52,142.71 - 95,607.22 August 83,160.94 16.91 435.51 77,751.68 4,956.85 199,241.75 6,976.80 192,264.95 - 52,142.71 - 95,513.29 September 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 QII 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 October 76,267.41 20.18 440.94 71,128.31 4,677.97 199,237.75 6,972.80 192,264.95 - 55,942.71 - 103,348.96 November 74,512.88 19.70 458.04 69,154.25 4,880.88 199,237.75 6,972.80 192,264.95 - 55,942.71 - 106,815.62 December 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 QIII 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 January 92,263.28 19.38 480.39 86,679.91 5,083.60 218,237.75 6,972.80 211,264.95 - 55,242.71 - 121,808.56 Febraury 82,664.48 159.05 480.83 76,912.54 5,112.06 218,237.75 6,972.80 211,264.95 - 55,242.71 - 124,378.57 March 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 QIV 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 April 97,818.47 1,073.21 488.33 90,550.35 5,706.59 221,237.75 6,972.80 214,264.95 - 55,242.71 - 133,697.14 May 99,733.36 1,209.31 506.55 92,269.76 5,747.75 221,237.75 199,237.75 22,000.00 - 55,242.71 - 151,031.48 June 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 July 122,998.01 3,369.17 540.17 113,161.82 5,926.85 243,145.31 198,366.65 44,778.66 - 58,142.71 - 134,234.85 August 123,479.46 5,033.24 541.05 111,871.69 6,033.48 243,145.31 198,366.65 44,778.66 - 57,642.71 - 136,324.90 September 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 October 111,651.67 1,847.57 580.06 102,970.73 6,253.31 243,141.31 198,362.65 44,778.66 - 57,642.71 - 142,793.88 November 110,962.19 1,862.95 591.01 102,347.71 6,160.52 248,141.31 198,362.65 49,778.66 - 56,642.71 - 141,694.26 December 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 January 117,430.82 5,855.77 619.04 104,596.31 6,359.70 241,862.65 198,362.65 43,500.00 - 56,642.71 - 143,921.55 February 108,825.80 12,378.07 629.28 89,421.06 6,397.39 251,862.65 198,362.65 53,500.00 - 56,642.71 - 141,562.04 March 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 April 112,278.83 12,740.92 656.47 92,174.92 6,706.52 266,862.65 198,362.65 68,500.00 - 56,642.71 - 147,985.61 May 112,505.98 10,424.99 679.10 94,563.80 6,838.09 276,862.65 198,362.65 78,500.00 - 56,642.71 - 157,207.93 June 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 2021/22 Qtr.I 99,173.34 1,886.67 711.01 89,322.29 7,253.37 311,862.65 198,362.65 113,500.00 - 55,492.71 - 156,713.55 July 111,631.81 606.01 686.93 103,323.15 7,015.73 281,862.65 198,362.65 83,500.00 - 56,142.71 - 162,644.98 August 96,136.06 3,662.57 703.43 84,570.48 7,199.58 281,862.65 198,362.65 83,500.00 - 55,492.71 - 155,763.67 September 99,173.34 1,886.67 711.01 89,322.29 7,253.37 311,862.65 198,362.65 113,500.00 - 55,492.71 - 156,713.55 Qtr.II 80,857.72 835.20 750.29 71,698.94 7,573.28 311,427.10 197,927.10 113,500.00 - 52,322.71 - 169,959.42 October 100,965.71 924.55 726.80 91,887.66 7,426.69 311,427.10 197,927.10 113,500.00 - 53,992.71 - 155,577.95 November 85,258.56 200.94 727.27 76,862.94 7,467.41 311,427.10 197,927.10 113,500.00 - 53,992.71 - 173,025.51 December 80,857.72 835.20 750.29 71,698.94 7,573.28 311,427.10 197,927.10 113,500.00 - 52,322.71 - 169,959.42 Qtr.III 83,381.94 1,391.35 765.64 73,440.70 7,784.25 347,427.10 197,927.10 149,500.00 - 50,022.71 - 170,045.60 January 77,413.92 684.03 755.39 68,310.78 7,663.72 340,427.10 197,927.10 142,500.00 - 52,322.71 - 168,893.76 February 87,207.90 234.30 771.48 78,445.64 7,756.47 347,427.10 197,927.10 149,500.00 - 51,222.71 - 173,558.64 March 83,381.94 1,391.35 765.64 73,440.70 7,784.25 347,427.10 197,927.10 149,500.00 - 50,022.71 - 170,045.60 Qtr.IV 79,819.64 2,065.31 757.13 69,139.98 7,857.21 357,427.10 197,927.10 159,500.00 - 44,822.71 - 169,030.42 April 80,555.50 2,310.47 755.42 69,653.93 7,835.68 347,427.10 197,927.10 149,500.00 - 44,822.71 - 168,704.73 May 75,678.22 1,964.50 758.18 65,200.07 7,755.48 357,427.10 197,927.10 159,500.00 - 44,822.71 - 173,037.20 June 79,819.64 2,065.31 757.13 69,139.98 7,857.21 357,427.10 197,927.10 159,500.00 - 44,822.71 - 169,030.42 2022/23 Qtr.I 64,408.57 32.68 726.03 55,744.72 7,905.14 416,991.55 197,491.55 219,500.00 - 44,822.71 - 163,805.30 July 65,152.10 1,039.69 748.22 55,325.46 8,038.73 397,427.10 197,927.10 199,500.00 - 44,822.71 - 164,150.24 August 65,676.18 32.68 744.28 57,046.30 7,852.92 396,991.55 197,491.55 199,500.00 - 44,822.71 - 163,597.11 September 64,408.57 32.68 726.03 55,744.72 7,905.14 416,991.55 197,491.55 219,500.00 - 44,822.71 - 163,805.30 Qtr.II 62,948.06 2.17 780.90 56,164.19 6,000.80 473,991.55 433,991.55 40,000.00 - 44,822.71 - 161,398.30 October 62,910.79 777.17 743.56 53,077.85 8,312.22 443,991.55 433,991.55 10,000.00 - 44,822.71 - 161,566.31 November 63,456.46 8.11 761.18 57,170.30 5,516.87 463,991.55 433,991.55 30,000.00 - 44,822.71 - 157,703.78 December 62,948.06 2.17 780.90 56,164.19 6,000.80 473,991.55 433,991.55 40,000.00 - 44,822.71 - 161,398.30 Qtr.III 48,984.75 43.67 789.87 44,826.19 3,325.02 513,991.55 433,991.55 80,000.00 - 44,822.71 - 173,214.83 January 65,641.53 25.29 787.28 58,213.15 6,615.81 493,991.55 433,991.55 60,000.00 - 44,822.71 - 163,230.98 February 63,155.74 38.84 777.65 56,328.45 6,010.80 503,991.55 433,991.55 70,000.00 - 44,822.71 - 168,808.34 March 48,984.75 43.67 789.87 44,826.19 3,325.02 513,991.55 433,991.55 80,000.00 - 44,822.71 - 173,214.83 Qtr.IV 56,154.3 129.2 795.0 51,803.0 3,427.2 563,991.5 433,991.5 130,000.0 - 44,822.7 - 162,596.3 April 49,221.1 572.9 797.7 43,841.0 4,009.6 533,991.5 433,991.5 100,000.0 - 44,822.7 - 165,718.0 May 57,379.3 166.5 785.6 53,130.9 3,296.4 543,991.5 433,991.5 110,000.0 - 44,822.7 - 169,602.8 June 56,154.3 129.2 795.0 51,803.0 3,427.2 563,991.5 433,991.5 130,000.0 - 44,822.7 - 162,596.3 Assets (In Millions of Birr) End of Period Foreign Assets Claims on Government Advance Others to DBE Silver Coins Other Assets Total Gold Reserve Tranche Foreign Exchange Others Total Bond Direct Advance

Liabilities (In Millions of Birr) 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 July 433,174.23 122,167.53 95,533.44 29,329.97 66,203.47 95,534.05 1,100.11 94,433.94 4,849.20 115,090.02 August 430,058.69 121,652.29 92,024.86 22,697.56 69,327.30 92,093.24 1,100.86 90,992.38 4,849.20 119,439.10 September 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 QII 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 October 434,796.82 121,419.51 87,350.19 27,562.17 59,788.03 97,046.11 815.56 96,230.55 4,849.20 124,131.82 November 436,508.95 122,937.99 89,383.72 28,868.78 60,514.94 96,070.37 508.31 95,562.07 4,849.20 123,267.67 December 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 QIII 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 January 487,552.29 134,153.16 109,854.13 29,697.84 80,156.29 112,588.45 6,453.85 106,134.60 4,849.20 126,107.35 Febraury 480,523.51 136,684.50 100,110.21 31,986.12 68,124.09 110,624.34 6,459.48 104,164.86 4,849.20 128,255.26 March 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 QIV 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 April 507,996.06 145,226.63 109,405.37 22,035.76 87,369.62 132,857.15 6,705.93 126,151.22 4,849.20 115,657.72 May 527,245.29 143,635.96 127,168.83 32,405.44 94,763.40 117,844.81 6,450.00 111,394.82 4,849.20 133,746.49 June 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 July 558,520.88 140,727.44 157,230.79 36,363.76 120,867.02 148,922.57 24,257.53 124,665.04 4,849.20 106,790.89 August 560,592.38 138,761.55 155,418.66 32,636.08 122,782.58 153,870.04 24,463.98 129,406.06 4,849.20 107,692.94 September 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 October 555,229.57 127,946.83 159,005.37 50,745.88 108,259.49 155,814.57 24,549.32 131,265.25 4,849.20 107,613.60 November 557,440.47 130,193.68 162,302.19 36,203.92 126,098.27 154,757.17 24,684.28 130,072.89 1,013.45 109,173.98 December 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 January 559,857.72 147,666.78 143,724.24 31,156.98 112,567.26 159,610.17 11,251.05 148,359.12 1,013.45 107,843.10 February 558,893.19 150,124.30 143,442.82 39,256.51 104,186.31 156,566.70 11,377.30 145,189.40 1,013.45 107,745.93 March 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 April 583,769.80 166,178.40 149,894.67 32,453.37 117,441.30 159,883.41 11,712.40 148,171.01 1,013.45 106,799.87 May 603,219.26 165,503.35 162,457.15 30,755.89 131,701.25 159,518.05 11,991.32 147,526.72 1,013.45 114,727.27 June 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 2021/22 Qtr.I 623,242.24 167,253.25 150,913.82 31,109.83 119,804.00 193,261.43 12,384.55 180,876.89 3,109.44 108,704.31 July 612,282.14 165,854.96 156,631.38 28,912.95 127,718.43 168,622.16 12,087.76 156,534.40 3,109.44 118,064.21 August 589,255.08 162,818.76 137,357.80 30,813.68 106,544.12 173,809.00 12,296.38 161,512.61 3,109.44 112,160.09 September 623,242.24 167,253.25 150,913.82 31,109.83 119,804.00 193,261.43 12,384.55 180,876.89 3,109.44 108,704.31 Qtr.II 614,566.94 187,463.10 189,794.42 44,866.05 144,928.37 202,916.45 12,868.72 190,047.73 3,121.10 31,271.88 October 621,963.46 166,958.63 193,659.95 40,973.24 152,686.71 203,015.79 12,579.25 190,436.54 3,109.44 55,219.66 November 623,703.87 174,750.10 214,880.34 47,682.69 167,197.65 197,202.38 12,584.98 184,617.41 3,109.44 33,761.61 December 614,566.94 187,463.10 189,794.42 44,866.05 144,928.37 202,916.45 12,868.72 190,047.73 3,121.10 31,271.88 Qtr.III 650,877.35 205,019.78 194,818.58 46,541.63 148,276.95 206,900.12 13,057.88 193,842.24 3,108.33 41,030.55 January 639,057.49 201,048.51 201,524.29 40,739.61 160,784.68 201,531.83 12,931.56 188,600.27 3,108.33 31,844.53 February 659,416.34 203,292.21 210,973.15 54,632.27 156,340.88 210,275.22 13,129.92 197,145.30 3,108.33 31,767.44 March 650,877.35 205,019.78 194,818.58 46,541.63 148,276.95 206,900.12 13,057.88 193,842.24 3,108.33 41,030.55 Qtr.IV 651,099.86 208,211.28 185,498.19 31,210.79 154,287.41 214,038.32 12,953.06 201,085.25 4,389.91 38,962.17 April 641,510.04 218,021.82 173,614.13 42,764.89 130,849.24 209,968.89 12,931.95 197,036.94 3,108.33 36,796.87 May 650,965.23 209,318.93 189,712.14 55,277.99 134,434.15 206,193.91 12,965.96 193,227.95 3,108.33 42,631.92 June 651,099.86 208,211.28 185,498.19 31,210.79 154,287.41 214,038.32 12,953.06 201,085.25 4,389.91 38,962.17 2022/23 Qtr.I 690,028.13 207,614.79 215,401.88 48,571.29 166,830.59 219,918.06 12,569.76 207,348.30 4,389.91 42,703.50 July 671,552.14 206,426.87 203,094.01 39,751.92 163,342.10 216,349.04 12,843.22 203,505.82 4,389.91 41,292.31 August 671,087.54 200,685.59 206,636.08 29,922.58 176,713.50 219,176.85 12,794.66 206,382.19 4,389.91 40,199.11 September 690,028.13 207,614.79 215,401.88 48,571.29 166,830.59 219,918.06 12,569.76 207,348.30 4,389.91 42,703.50 Qtr.II 743,160.62 235,833.63 225,334.80 40,798.80 184,536.00 235,296.22 13,246.02 222,050.20 4,830.82 41,865.15 October 713,291.36 209,958.64 236,108.79 59,156.84 176,951.95 219,777.94 12,785.73 206,992.21 4,389.91 43,056.08 November 729,974.49 221,907.10 234,505.06 43,583.44 190,921.62 223,458.22 13,002.98 210,455.24 4,830.82 45,273.29 December 743,160.62 235,833.63 225,334.80 40,798.80 184,536.00 235,296.22 13,246.02 222,050.20 4,830.82 41,865.15 Qtr.III 781,013.84 258,331.60 234,682.34 44,121.49 190,560.85 234,984.60 13,356.48 221,628.12 4,830.82 48,184.47 January 767,686.77 247,929.23 231,275.46 45,869.39 185,406.07 239,029.99 13,324.58 225,705.41 4,830.82 44,621.27 February 780,778.33 253,774.35 230,632.32 62,006.82 168,625.50 244,281.94 13,205.92 231,076.02 4,830.82 47,258.91 March 781,013.84 258,331.60 234,682.34 44,121.49 190,560.85 234,984.60 13,356.48 221,628.12 4,830.82 48,184.47 QIV 827,564.90 254,316.05 266,847.22 42,691.56 224,155.66 247,577.45 13,419.79 234,157.66 4,830.82 53,993.35 April 793,753.42 269,451.04 230,650.83 50,711.81 179,939.03 239,472.44 13,452.70 226,019.74 4,830.82 49,348.29 May 815,796.33 259,711.46 250,742.68 52,806.30 197,936.38 245,944.85 13,304.26 232,640.59 4,830.82 54,566.52 June 827,564.90 254,316.05 266,847.22 42,691.56 224,155.66 247,577.45 13,419.79 234,157.66 4,830.82 53,993.35 Table 1(b): Statement of Condition of National Bank of Ethipia: End of Period Total Liab.= Assets Currency (Notes

Coins) Deposits Foreign Liabilities Capital Account Other Liab. Total Gov't Banker Total Fund Credit Others

Assets Loans & Adv. Investment Commercial Banks (2+3) 1 2 3 4 5 (7+8+9) 6 7 8 9 10 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 QIII 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 January 120,732.13 27,480.50 93,251.63 24,683.66 23,026.30 988,943.04 517,940.92 462,183.50 8,818.63 240,793.85 Febraury 105,602.99 29,149.09 76,453.90 24,063.10 22,929.16 1,030,933.52 533,692.60 487,844.18 9,396.74 234,525.26 March 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 QIV 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 April 120,329.51 31,951.84 88,377.67 26,446.41 23,927.78 1,056,644.54 559,034.91 487,940.57 9,669.06 234,017.76 May 126,278.36 29,748.79 96,529.57 29,845.04 27,020.70 1,063,464.25 564,552.90 488,158.41 10,752.94 229,663.77 June 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 July 157,446.69 30,876.35 126,570.35 28,633.13 29,544.72 1,088,093.17 577,564.28 497,498.10 13,030.80 216,427.48 August 158,242.07 31,406.18 126,835.89 31,529.44 33,205.89 1,104,193.11 591,705.69 498,119.67 14,367.74 226,872.07 September 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 October 151,069.89 43,586.14 107,483.75 34,413.29 37,258.38 1,135,377.74 610,762.55 510,130.09 14,485.10 249,931.81 November 162,537.76 35,387.18 127,150.58 37,723.54 31,352.34 1,158,635.38 632,125.99 511,846.59 14,662.81 251,770.28 December 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 136,453.39 31,966.43 104,486.95 55,078.76 40,993.81 1,254,219.06 704,083.35 530,694.80 19,440.90 286,075.07 January 146,024.93 29,480.11 116,544.83 44,195.16 36,160.74 1,217,211.01 672,649.65 528,456.89 16,104.47 255,494.55 February 132,804.50 28,162.13 104,642.37 47,642.07 41,634.08 1,233,031.51 685,335.05 530,735.51 16,960.95 276,701.67 March 136,453.39 31,966.43 104,486.95 55,078.76 40,993.81 1,254,219.06 704,083.35 530,694.80 19,440.90 286,075.07 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 April 143,838.85 26,017.77 117,821.08 52,715.31 45,710.73 1,266,848.21 719,715.16 530,034.22 17,098.83 265,774.09 May 164,964.47 31,765.81 133,198.67 56,417.12 47,751.32 1,281,367.38 731,474.07 533,570.05 16,323.26 284,107.81 June 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 2021/22 Qtr.I 152,532.33 31,442.53 121,089.81 85,042.49 107,177.57 1,310,049.31 761,862.44 532,471.29 15,715.57 325,653.91 July 162,612.71 29,347.00 133,265.71 82,531.01 106,759.93 1,319,133.78 769,402.73 532,250.64 17,480.42 298,280.92 August 141,329.02 27,591.97 113,737.05 78,753.87 130,935.80 1,299,171.81 755,047.94 526,996.41 17,127.46 318,122.30 September 152,532.33 31,442.53 121,089.81 85,042.49 107,177.57 1,310,049.31 761,862.44 532,471.29 15,715.57 325,653.91 Qtr.II 174,091.03 28,533.84 145,557.19 83,677.72 176,975.24 1,305,527.11 798,315.28 488,326.33 18,885.50 360,875.77 October 184,187.64 28,666.26 155,521.38 76,681.93 139,947.98 1,285,429.81 762,824.13 504,704.65 17,901.03 337,855.05 November 189,998.46 25,835.17 164,163.29 76,531.92 167,823.42 1,270,311.98 768,869.12 484,919.22 16,523.64 342,516.50 December 174,091.03 28,533.84 145,557.19 83,677.72 176,975.24 1,305,527.11 798,315.28 488,326.33 18,885.50 360,875.77 Qtr.III 183,936.13 33,766.31 150,169.83 71,443.81 198,742.86 1,380,835.35 859,891.39 502,891.12 18,052.84 421,286.34 January 193,187.33 31,586.98 161,600.34 68,608.81 161,413.09 1,323,053.44 809,897.73 493,499.14 19,656.57 372,956.85 February 188,647.92 32,021.54 156,626.38 64,963.00 186,897.70 1,346,244.76 827,060.04 501,833.75 17,350.97 394,671.03 March 183,936.13 33,766.31 150,169.83 71,443.81 198,742.86 1,380,835.35 859,891.39 502,891.12 18,052.84 421,286.34 Qtr.IV 180,866.64 34,989.37 145,877.27 63,931.70 217,189.45 1,493,884.20 949,473.41 514,194.01 30,216.79 445,020.97 April 167,381.08 33,091.82 134,289.26 81,877.93 205,335.40 1,406,829.17 879,748.44 509,634.92 17,445.81 441,691.30 May 170,637.09 35,761.54 134,875.54 74,411.75 207,002.62 1,449,828.44 916,427.83 511,591.16 21,809.46 454,120.83 June 180,866.64 34,989.37 145,877.27 63,931.70 217,189.45 1,493,884.20 949,473.41 514,194.01 30,216.79 445,020.97 2022/23 Qtr.I 207,769.08 38,027.42 169,741.65 75,823.93 193,191.52 1,554,554.05 998,971.36 519,483.20 36,099.49 477,130.08 July 201,755.75 34,727.54 167,028.22 62,201.03 189,596.83 1,502,214.33 958,443.25 513,542.53 30,228.55 452,786.10 August 209,231.70 33,600.44 175,631.26 65,216.21 192,382.02 1,519,582.08 974,906.60 513,402.72 31,272.76 529,796.83 September 207,769.08 38,027.42 169,741.65 75,823.93 193,191.52 1,554,554.05 998,971.36 519,483.20 36,099.49 477,130.08 Qtr.II 220,718.59 34,690.71 186,027.88 73,187.54 185,538.93 1,681,476.50 1,108,587.30 537,466.48 35,422.72 481,804.36 October 210,168.00 38,411.26 171,756.74 71,093.28 184,217.91 1,598,573.30 1,038,837.31 524,946.22 34,789.77 483,649.66 November 227,924.74 36,973.12 190,951.61 70,416.97 175,226.44 1,627,096.42 1,070,428.78 525,999.35 30,668.29 479,570.33 December 220,718.59 34,690.71 186,027.88 73,187.54 185,538.93 1,681,476.50 1,108,587.30 537,466.48 35,422.72 481,804.36 Qtr.III 235,879.52 41,081.17 194,798.35 63,462.10 159,934.88 1,772,175.91 1,167,755.70 568,716.26 35,703.95 509,569.64 January 226,696.05 40,496.92 186,199.13 71,608.37 177,440.49 1,700,696.25 1,119,382.03 547,849.93 33,464.28 507,779.32 February 214,744.44 41,346.51 173,397.93 60,412.07 172,547.48 1,737,119.31 1,136,959.50 565,889.40 34,270.41 510,295.74 March 235,879.52 41,081.17 194,798.35 63,462.10 159,934.88 1,772,175.91 1,167,755.70 568,716.26 35,703.95 509,569.64 QIV 263,875.76 42,038.07 221,837.69 74,213.20 165,652.23 1,866,190.66 1,195,992.24 632,055.45 38,142.97 494,029.53 April 223,806.84 41,661.21 182,145.64 73,563.60 154,903.19 1,779,276.16 1,172,304.33 574,256.98 32,714.85 511,983.72 May 234,711.06 42,107.88 192,603.18 71,212.61 153,130.00 1,785,403.67 1,178,641.31 573,217.64 33,544.71 531,036.89 June 263,875.76 42,038.07 221,837.69 74,213.20 165,652.23 1,866,190.66 1,195,992.24 632,055.45 38,142.97 494,029.53 (In Millions of Birr) Table 2(a): Statement of Condition of Commercial Banks: Other Assets End of Period Total Reserves Cash in Hand Deposits with NBE Foreign Assets Claims On Gov't Total Claims on Non-Central Gov't

Liabilities Total Demand Time Saving Total Capital Legal Reserve Others 1 (3+4+5) 2 3 4 5 6 7 (9+10+11) 8 9 10 11 12 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 QIII 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 January 1,398,178.98 849,788.11 225,656.75 90,645.80 533,485.55 97,331.09 21,290.97 129,586.44 78,951.29 23,484.31 27,150.84 300,182.38 Febraury 1,418,054.03 852,855.86 232,947.64 80,612.57 539,295.66 88,600.95 21,977.10 132,975.89 79,532.87 23,490.44 29,952.58 321,644.23 March 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 QIV 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 April 1,461,366.00 875,059.06 238,831.51 83,813.29 552,414.27 86,972.25 23,373.06 137,795.34 80,784.70 23,494.01 33,516.64 338,166.29 May 1,476,272.12 886,117.98 239,141.17 85,825.80 561,151.01 100,880.95 23,897.56 140,582.22 81,221.32 23,496.26 35,864.65 324,793.41 June 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 July 1,520,145.19 951,709.40 256,873.81 89,190.29 605,645.30 96,026.08 25,541.08 126,737.40 82,239.28 26,236.21 18,261.92 320,131.22 August 1,554,042.58 969,927.91 251,588.52 92,736.28 625,603.11 100,238.00 27,043.66 130,074.74 82,670.51 26,676.42 20,727.81 326,758.27 September 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 October 1,608,051.10 1,029,984.52 267,986.61 87,009.47 674,988.44 92,433.85 28,083.28 132,169.02 83,591.58 25,102.71 23,474.73 325,380.44 November 1,642,019.29 1,045,817.54 272,260.86 89,027.84 684,528.84 104,275.17 28,182.91 133,036.77 83,913.97 25,701.78 23,421.02 330,706.90 December 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 January 1,699,086.39 1,079,559.90 281,107.50 89,531.51 708,920.90 104,147.28 30,401.39 135,857.34 87,291.18 27,267.86 21,298.30 349,120.47 February 1,731,813.83 1,091,667.47 276,457.74 91,651.02 723,558.71 102,958.51 30,691.68 140,062.65 88,515.90 27,269.94 24,276.80 366,433.51 March 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 April 1,774,887.20 1,147,878.29 284,501.48 93,057.82 770,318.98 102,666.03 32,874.01 151,395.22 90,984.01 27,297.47 33,113.74 340,073.65 May 1,834,608.09 1,174,107.96 296,055.81 92,999.27 785,052.88 113,654.20 34,055.40 156,801.29 92,179.43 27,277.34 37,344.51 355,989.24 June 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 2021/22 Qtr.I 1,980,455.61 1,257,347.63 312,964.32 98,745.88 845,637.43 100,755.67 35,412.24 163,229.87 97,226.11 30,509.63 35,494.13 423,710.21 July 1,969,318.35 1,283,551.71 352,252.45 96,482.21 834,817.05 109,303.11 33,284.26 156,770.04 95,462.49 29,882.76 31,424.79 386,409.22 August 1,968,312.79 1,249,364.74 314,520.38 97,632.35 837,212.01 108,544.91 32,972.05 160,309.58 96,150.39 30,044.71 34,114.48 417,121.52 September 1,980,455.61 1,257,347.63 312,964.32 98,745.88 845,637.43 100,755.67 35,412.24 163,229.87 97,226.11 30,509.63 35,494.13 423,710.21 Qtr.II 2,101,146.87 1,300,678.83 327,347.34 99,822.67 873,508.82 136,073.86 39,240.75 167,659.15 104,707.18 31,639.75 31,312.23 457,494.27 October 2,024,102.40 1,262,908.08 314,276.73 101,773.77 846,857.58 127,402.08 35,759.54 168,730.60 100,104.99 29,429.38 39,196.23 429,302.11 November 2,047,182.27 1,265,359.01 309,789.01 100,321.42 855,248.59 144,263.63 35,349.93 165,486.72 100,964.55 31,360.81 33,161.37 436,722.98 December 2,101,146.87 1,300,678.83 327,347.34 99,822.67 873,508.82 136,073.86 39,240.75 167,659.15 104,707.18 31,639.75 31,312.23 457,494.27 Qtr.III 2,256,253.66 1,409,207.48 360,851.54 106,463.97 941,891.97 141,223.10 42,167.25 184,797.33 110,241.17 32,004.26 42,551.90 478,858.50 January 2,119,219.52 1,309,701.33 325,910.72 99,516.63 884,273.98 137,183.46 39,613.89 171,513.45 106,508.76 31,810.67 33,194.02 461,207.39 February 2,181,424.40 1,346,365.91 338,146.60 103,393.53 904,825.77 148,297.25 40,686.42 177,066.84 108,803.06 31,989.48 36,274.30 469,007.98 March 2,256,253.66 1,409,207.48 360,851.54 106,463.97 941,891.97 141,223.10 42,167.25 184,797.33 110,241.17 32,004.26 42,551.90 478,858.50 Qtr.IV 2,401,768.91 1,541,927.26 414,633.05 111,245.37 1,016,048.84 121,274.09 41,140.56 223,087.85 127,521.41 32,089.74 63,476.69 474,339.16 April 2,303,217.74 1,423,888.36 360,975.43 108,502.46 954,410.47 139,888.89 41,912.84 192,287.60 110,932.35 32,034.20 49,321.06 505,240.05 May 2,356,163.28 1,478,502.87 388,031.85 110,967.98 979,503.03 125,437.57 41,661.71 206,726.56 118,472.26 32,161.87 56,092.42 503,834.57 June 2,401,768.91 1,541,927.26 414,633.05 111,245.37 1,016,048.84 121,274.09 41,140.56 223,087.85 127,521.41 32,089.74 63,476.69 474,339.16 2022/23 Qtr.I 2,509,609.61 1,629,988.42 427,123.69 118,190.31 1,084,674.42 110,362.69 41,086.28 244,300.37 132,259.82 34,557.80 77,482.76 483,871.86 July 2,408,949.85 1,555,552.96 413,489.90 113,173.13 1,028,889.94 98,870.18 39,931.92 236,042.01 129,825.40 34,450.73 71,765.89 478,552.79 August 2,516,843.70 1,586,649.14 413,649.56 116,003.27 1,056,996.31 110,024.19 41,790.89 240,688.43 130,564.03 34,454.93 75,669.46 537,691.06 September 2,509,609.61 1,629,988.42 427,123.69 118,190.31 1,084,674.42 110,362.69 41,086.28 244,300.37 132,259.82 34,557.80 77,482.76 483,871.86 Qtr.II 2,644,193.34 1,745,608.05 444,210.07 125,746.81 1,175,651.17 148,937.67 40,862.81 242,852.89 139,347.49 39,261.98 64,243.41 465,931.93 October 2,549,024.22 1,659,692.75 434,118.51 119,821.98 1,105,752.26 127,673.59 40,655.13 246,159.02 131,909.12 35,473.34 78,776.56 474,843.73 November 2,581,703.64 1,683,543.30 428,546.65 120,046.85 1,134,949.80 151,582.61 40,740.86 241,313.61 134,393.04 38,788.90 68,131.66 464,523.27 December 2,644,193.34 1,745,608.05 444,210.07 125,746.81 1,175,651.17 148,937.67 40,862.81 242,852.89 139,347.49 39,261.98 64,243.41 465,931.93 Qtr.III 2,742,922.06 1,839,212.30 468,943.30 139,043.61 1,231,225.39 138,227.56 39,043.78 262,260.69 148,684.94 39,261.98 74,313.76 464,177.73 January 2,685,814.69 1,766,333.97 443,362.97 131,695.09 1,191,275.90 147,875.86 41,389.33 250,792.83 142,250.57 39,261.98 69,280.28 479,422.70 February 2,696,811.62 1,777,099.04 441,651.78 135,482.90 1,199,964.36 145,460.49 39,232.89 256,529.83 143,870.81 39,261.99 73,397.03 478,489.38 March 2,742,922.06 1,839,212.30 468,943.30 139,043.61 1,231,225.39 138,227.56 39,043.78 262,260.69 148,684.94 39,261.98 74,313.76 464,177.73 QIV 2,866,975.12 1,925,617.90 494,090.50 149,218.58 1,282,308.83 151,589.13 42,887.73 261,497.64 153,210.78 43,427.28 64,859.58 485,382.72 April 2,745,368.44 1,830,998.50 455,639.66 140,289.17 1,235,069.67 144,920.95 47,626.54 267,112.02 149,466.47 39,261.98 78,383.57 454,710.44 May 2,777,677.17 1,861,478.18 469,962.05 144,921.01 1,246,595.12 134,888.96 39,717.04 251,892.72 151,752.11 43,427.28 56,713.33 489,700.26 June 2,866,975.12 1,925,617.90 494,090.50 149,218.58 1,282,308.83 151,589.13 42,887.73 261,497.64 153,210.78 43,427.28 64,859.58 485,382.72 Table 2(b): Statement of Condition of Commercial Banks: Non-Central Gov't Deposits (In Millions of Birr) End of Period Total (Liab.= Assets) Gov't Depos. Foreign Liab. Capital Account Other Liab.

Assets 2019/20 Qtr.I 4,681.9 4,548.8 32,110.7 45,107.5 4,996.1 424.0 39,687.4 7,843.4 94,292.3 QIII 8,447.3 2,301.9 32,663.6 48,471.2 5,417.1 694.4 42,359.7 10,051.3 101,935.4 January 7,626.0 2,299.2 32,384.2 47,446.2 5,227.7 578.4 41,640.1 8,704.4 98,459.9 Febraury 8,487.1 2,399.1 32,468.7 47,929.0 5,355.1 591.5 41,982.3 8,047.7 99,331.5 March 8,447.3 2,301.9 32,663.6 48,471.2 5,417.1 694.4 42,359.7 10,051.3 101,935.4 QIV 8,022.5 4,718.3 33,036.4 51,103.5 3,519.4 890.0 46,694.1 7,209.9 104,090.6 April 5,202.6 5,881.2 32,784.9 48,941.4 5,359.7 735.6 42,846.2 9,688.9 102,499.0 May 5,359.5 4,726.5 32,912.6 50,031.2 5,439.1 789.0 43,803.1 10,320.7 103,350.5 June 8,022.5 4,718.3 33,036.4 51,103.5 3,519.4 890.0 46,694.1 7,209.9 104,090.6 2020/21 Qtr.I 8,684.0 2,625.9 33,416.6 51,992.5 4,732.1 5,476.5 41,783.9 7,416.8 104,135.8 July 8,512.5 3,694.5 33,164.0 51,541.5 4,689.9 5,629.3 41,222.3 8,927.8 105,840.3 August 8,353.8 3,261.6 33,292.5 51,998.4 4,718.1 5,458.4 41,821.9 8,915.9 105,822.3 September 8,684.0 2,625.9 33,416.6 51,992.5 4,732.1 5,476.5 41,783.9 7,416.8 104,135.8 Qtr.II 6,225.6 5,639.4 32,913.2 53,384.2 5,038.5 5,560.5 42,785.2 8,170.5 106,332.8 October 7,658.3 2,830.0 33,545.0 52,334.0 4,661.3 5,539.0 42,133.7 7,312.5 103,679.8 November 6,850.7 3,166.1 33,669.2 52,700.6 4,758.0 5,542.3 42,400.3 7,245.0 103,631.6 December 6,225.6 5,639.4 32,913.2 53,384.2 5,038.5 5,560.5 42,785.2 8,170.5 106,332.8 Qtr.III 7,733.4 4,649.9 54,303.8 54,214.0 5,247.1 4,955.8 44,011.1 17,128.4 138,029.5 January 6,804.1 4,917.4 33,041.5 54,069.1 5,181.5 5,412.4 43,475.1 8,564.7 107,396.9 February 7,779.2 4,529.9 44,796.4 54,114.6 5,240.5 4,911.4 43,962.7 18,042.4 129,262.6 March 7,733.4 4,649.9 54,303.8 54,214.0 5,247.1 4,955.8 44,011.1 17,128.4 138,029.5 Qtr.IV 8,319.8 4,661.0 53,927.2 55,431.4 5,487.6 5,012.9 44,931.0 17,384.1 139,723.6 April 8,127.1 4,420.5 54,419.7 55,002.8 5,368.8 4,907.1 44,726.9 18,033.1 140,003.2 May 7,774.7 4,604.1 54,556.3 51,718.7 5,404.4 4,950.4 41,363.9 21,938.9 140,592.8 June 8,319.8 4,661.0 53,927.2 55,431.4 5,487.6 5,012.9 44,931.0 17,384.1 139,723.6 2021/22 Qtr.I 9,839.7 5,137.7 54,308.0 50,960.7 5,123.5 4,361.4 41,475.8 19,185.5 139,431.5 July 11,048.8 4,588.3 54,055.5 55,649.4 0.0 4,366.7 51,282.7 17,006.5 142,348.5 August 9,817.4 5,822.9 54,183.8 51,571.8 5,103.0 4,061.0 42,407.8 19,581.7 140,977.6 September 9,839.7 5,137.7 54,308.0 50,960.7 5,123.5 4,361.4 41,475.8 19,185.5 139,431.5 Qtr.II 6,893.1 3,517.6 53,910.6 54,446.1 5,224.7 4,625.0 44,596.4 18,159.0 136,926.5 October 7,742.2 4,481.3 54,436.3 54,999.4 5,149.0 4,614.9 45,235.4 17,578.5 139,237.7 November 7,756.1 4,326.5 54,539.8 54,353.6 5,176.8 4,649.5 44,527.3 18,143.6 139,119.6 December 6,893.1 3,517.6 53,910.6 54,446.1 5,224.7 4,625.0 44,596.4 18,159.0 136,926.5 Qtr.III 15,042.6 2,926.2 54,277.1 55,476.7 5,203.9 4,083.9 46,188.9 18,076.8 145,799.4 January 11,132.7 3,214.0 54,034.8 54,956.6 5,253.4 4,789.2 44,914.1 17,769.6 141,107.7 February 13,646.9 3,616.0 54,161.2 54,216.3 5,268.9 4,141.7 44,805.8 17,921.7 143,562.2 March 15,042.6 2,926.2 54,277.1 55,476.7 5,203.9 4,083.9 46,188.9 18,076.8 145,799.4 Qtr.IV 8,823.5 4,042.1 54,678.6 49,452.4 5,060.9 816.5 43,575.0 17,336.0 134,332.6 April 13,356.0 2,601.1 54,405.4 56,032.4 5,213.6 4,135.3 46,683.5 17,707.3 144,102.3 May 7,279.0 3,498.5 54,529.6 53,871.9 5,204.8 741.3 47,925.8 12,668.0 131,847.0 June 8,823.5 4,042.1 54,678.6 49,452.4 5,060.9 816.5 43,575.0 17,336.0 134,332.6 2022/23 Qtr.I 12,296.0 3,617.4 54,028.6 47,331.8 4,120.6 273.8 42,937.4 19,466.8 136,740.6 July 9,721.3 3,121.4 53,772.0 44,119.0 5,595.6 270.0 38,253.4 23,594.8 134,328.4 August 10,832.1 5,194.5 53,900.3 46,753.6 5,627.5 276.2 40,849.8 21,124.0 137,804.6 September 12,296.0 3,617.4 54,028.6 47,331.8 4,120.6 273.8 42,937.4 19,466.8 136,740.6 Qtr.II 21,431.4 4,984.4 53,647.8 51,920.3 8,389.3 292.0 43,238.9 17,458.0 149,441.9 October 12,303.7 3,594.1 54,152.8 51,714.1 8,079.1 286.9 43,348.1 15,709.5 137,474.2 November 18,452.3 5,150.4 54,281.1 52,132.1 7,994.1 290.3 43,847.6 15,018.0 145,033.9 December 21,431.4 4,984.4 53,647.8 51,920.3 8,389.3 292.0 43,238.9 17,458.0 149,441.9 Qtr.III 29,037.2 4,048.4 54,022.6 48,051.8 4,144.8 276.6 43,630.4 24,473.1 159,633.1 January 23,694.4 4,579.5 53,776.1 53,727.3 4,139.1 340.9 49,247.4 17,466.0 153,243.3 February 27,203.1 3,964.6 53,906.7 48,522.4 4,126.7 276.8 44,118.9 20,717.1 154,313.9 March 29,037.2 4,048.4 54,022.6 48,051.8 4,144.8 276.6 43,630.4 24,473.1 159,633.1 Qtr.IV 29,215.4 3,311.4 54,420.0 56,235.6 0.0 211.5 56,024.2 21,745.8 164,928.3 April 29,481.1 5,139.1 54,146.8 53,650.7 4,164.2 276.6 49,209.9 18,395.4 160,813.1 May 29,268.9 4,408.8 54,271.0 51,293.9 0.0 271.2 51,022.7 21,579.5 160,822.0 June 29,215.4 3,311.4 54,420.0 56,235.6 0.0 211.5 56,024.2 21,745.8 164,928.3 Public Enterprise Cooperatives Private & Individual s Table 3(a): Consolidated Statement of Condition of Development Bank of Ethipia: (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

Total N.B.E Others 2019/20 Qrt.I 94,292.3 653.4 121.5 7,873.8 63,285.3 63,225.6 59.7 0.0 10,467.8 11,890.5 July 92,008.4 793.1 124.4 7,635.0 62,890.4 62,830.9 59.4 0.0 9,405.6 11,160.0 August 93,494.8 670.9 120.9 7,810.6 63,079.4 63,019.9 59.5 0.0 10,420.0 11,392.9 September 94,292.3 653.4 121.5 7,873.8 63,285.3 63,225.6 59.7 0.0 10,467.8 11,890.5 Qrt.II 95,512.1 581.9 121.3 7,023.6 61,046.5 60,986.3 60.2 0.0 10,476.7 16,262.1 October 100,618.2 636.5 122.5 8,295.8 66,598.4 66,538.3 60.1 0.0 10,486.2 14,478.7 November 101,129.3 604.9 120.1 8,461.1 66,532.8 66,472.6 60.2 0.0 10,392.8 15,017.7 December 95,512.1 581.9 121.3 7,023.6 61,046.5 60,986.3 60.2 0.0 10,476.7 16,262.1 Qrt.III 101,935.4 594.9 121.6 7,049.9 65,982.9 65,922.3 60.7 0.0 11,096.4 17,089.6 January 98,459.9 571.7 122.4 7,411.3 66,095.2 66,034.9 60.3 0.0 10,494.1 13,765.3 Febraury 99,331.5 577.3 123.6 7,762.0 65,786.3 65,725.7 60.6 0.0 11,081.3 14,001.0 March 101,935.4 594.9 121.6 7,049.9 65,982.9 65,922.3 60.7 0.0 11,096.4 17,089.6 QIV 104,090.6 664.9 125.1 6,922.5 68,416.9 68,355.7 61.2 0.0 12,025.9 15,935.3 April 102,499.0 587.0 122.1 7,733.9 65,814.1 65,753.4 60.7 0.0 11,739.0 16,502.9 May 103,350.5 757.8 124.5 7,326.4 65,578.2 65,517.6 60.7 0.0 11,586.8 17,976.8 June 104,090.6 664.9 125.1 6,922.5 68,416.9 68,355.7 61.2 0.0 12,025.9 15,935.3 2020/21 Qrt.I 104,135.8 630.1 126.3 6,731.2 68,456.9 68,395.8 61.1 0.0 12,071.5 16,119.8 July 105,840.3 702.5 126.0 7,029.1 68,612.9 68,551.7 61.1 0.0 11,986.1 17,383.6 August 105,822.3 685.0 126.2 7,254.8 68,130.4 68,069.2 61.1 0.0 12,015.3 17,610.6 September 104,135.8 630.1 126.3 6,731.2 68,456.9 68,395.8 61.1 0.0 12,071.5 16,119.8 Qrt.II 106,332.8 825.0 126.5 7,014.6 67,464.7 67,416.6 48.1 0.0 14,134.4 16,767.5 October 103,679.8 600.7 131.9 7,074.0 68,250.7 68,189.6 61.1 0.0 12,108.6 15,513.8 November 103,631.6 596.2 76.6 7,310.2 68,446.2 68,392.5 53.7 0.0 12,826.6 14,375.7 December 106,332.8 825.0 126.5 7,014.6 67,464.7 67,416.6 48.1 0.0 14,134.4 16,767.5 Qrt.III 138,029.5 614.0 140.5 28,909.3 68,296.3 68,248.1 48.2 0.0 14,534.3 25,535.0 January 107,396.9 786.4 144.9 7,343.9 68,040.7 67,416.6 624.1 0.0 14,372.5 16,708.5 February 129,262.6 728.4 142.5 28,588.5 68,079.8 68,031.6 48.2 0.0 14,506.3 17,217.0 March 138,029.5 614.0 140.5 28,909.3 68,296.3 68,248.1 48.2 0.0 14,534.3 25,535.0 Qrt.IV 139,723.6 664.0 138.1 31,699.0 68,466.3 68,418.1 48.2 0.0 15,716.0 23,040.2 April 140,003.2 707.6 138.0 29,158.3 68,713.2 68,665.0 48.2 0.0 15,404.6 25,881.4 May 140,592.8 678.7 138.6 29,973.5 68,622.7 68,574.5 48.2 0.0 15,224.8 25,954.5 June 139,723.6 664.0 138.1 31,699.0 68,466.3 68,418.1 48.2 0.0 15,716.0 23,040.2 2020/21 Qrt.I 139,431.5 715.5 143.9 28,576.3 67,935.5 67,886.4 49.1 0.0 17,526.9 24,533.5 July 142,348.5 740.6 137.8 32,234.1 68,211.5 68,163.2 48.2 0.0 15,645.0 25,379.7 August 140,977.6 840.0 137.8 29,383.4 67,686.3 67,638.2 48.2 0.0 17,344.8 25,585.4 September 139,431.5 715.5 143.9 28,576.3 67,935.5 67,886.4 49.1 0.0 17,526.9 24,533.5 Qrt.II 136,926.5 795.3 94.0 32,039.4 64,831.7 64,783.5 48.2 0.0 17,554.5 21,611.6 October 139,237.7 783.0 143.1 29,044.1 66,185.9 66,137.7 48.2 0.0 17,566.9 25,514.8 November 139,119.6 889.0 91.8 32,218.3 66,243.2 66,195.0 48.2 0.0 17,342.9 22,334.5 December 136,926.5 795.3 94.0 32,039.4 64,831.7 64,783.5 48.2 0.0 17,554.5 21,611.6 Qrt.III 145,799.4 681.2 33.2 32,318.7 71,021.5 18,589.7 52,431.8 0.0 18,021.5 23,723.3 January 141,107.7 603.0 91.8 32,322.7 67,825.3 67,777.2 48.1 0.0 17,592.4 22,672.5 February 143,562.2 697.2 98.2 32,431.6 68,909.0 63,805.9 5,103.1 0.0 18,009.9 23,416.3 March 145,799.4 681.2 33.2 32,318.7 71,021.5 18,589.7 52,431.8 0.0 18,021.5 23,723.3 Qrt.IV 134,332.6 656.3 31.4 34,836.0 66,456.3 55,857.8 10,598.4 0.0 19,616.8 12,735.9 April 144,102.3 579.8 32.5 32,445.7 70,744.3 62,278.3 8,466.0 0.0 18,038.4 22,261.5 May 131,847.0 573.0 34.5 32,669.8 67,610.1 57,472.3 10,137.8 0.0 17,900.3 13,059.3 June 134,332.6 656.3 31.4 34,836.0 66,456.3 55,857.8 10,598.4 0.0 19,616.8 12,735.9 2022/23 Qrt.I 136,740.6 673.2 37.7 34,982.3 67,195.2 56,512.3 10,683.0 0.0 20,562.7 13,289.4 July 134,328.4 633.6 34.7 34,901.9 66,319.0 55,953.6 10,365.4 0.0 19,729.2 12,710.1 August 137,804.6 2,251.1 33.8 35,180.5 66,816.1 56,210.4 10,605.7 0.0 20,512.9 13,010.2 September 136,740.6 673.2 37.7 34,982.3 67,195.2 56,512.3 10,683.0 0.0 20,562.7 13,289.4 Qrt.II 149,441.9 883.3 43.7 35,618.5 74,787.8 56,510.9 18,276.9 0.0 23,958.5 14,150.2 October 137,474.2 1,061.6 47.0 35,134.9 67,182.1 56,345.4 10,836.7 0.0 20,938.8 13,109.8 November 145,033.9 930.9 40.5 35,414.8 71,095.6 56,301.2 14,794.4 0.0 22,779.5 14,772.6 December 149,441.9 883.3 43.7 35,618.5 74,787.8 56,510.9 18,276.9 0.0 23,958.5 14,150.2 Qrt.III 159,633.1 3,087.4 47.0 36,085.2 81,550.4 56,702.0 24,848.3 0.0 24,530.7 14,332.5 January 153,243.3 952.3 42.7 35,663.1 78,095.9 56,598.1 21,497.8 0.0 23,785.3 14,704.1 February 154,313.9 935.6 48.0 35,929.3 79,238.3 56,471.1 22,767.2 0.0 23,655.2 14,507.5 March 159,633.1 3,087.4 47.0 36,085.2 81,550.4 56,702.0 24,848.3 0.0 24,530.7 14,332.5 Qrt.IV 164,928.3 1,543.8 40.5 38,935.3 82,509.6 56,054.6 26,455.0 0.0 26,352.3 15,546.7 April 160,813.1 1,017.9 46.3 36,440.4 81,775.3 56,752.5 25,022.8 0.0 26,138.9 15,394.4 May 160,822.0 1,008.9 42.7 36,882.7 81,770.3 56,573.9 25,196.4 0.0 26,167.5 14,950.0 June 164,928.3 1,543.8 40.5 38,935.3 82,509.6 56,054.6 26,455.0 0.0 26,352.3 15,546.7 Foreign Advance & Loan Other Liability Items 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

Table 4: Money Supply and its Determinants 1.0 2.0 (1+2) 3 4.0 (3+4) 5 (7+10) 6 (8+9) 7 8.0 9.0 10.0 (13+12) 11 12.0 13.0 14.0 2020/21 Qtr.I 64,666 269,917 334,583 750,405 1,084,989 1,318,618 148,399 209,593 (61,194) 1,170,219 (27,084) (32,638) 5,554 206,545 July 109,851 256,874 366,725 694,836 1,061,560 1,273,505 140,300 206,782 (66,481) 1,133,205 (35,568) (38,660) 3,092 176,377 August 107,355 251,589 358,944 718,339 1,077,283 1,290,945 143,477 210,509 (67,032) 1,147,468 (31,020) (35,506) 4,486 182,642 September 64,666 269,917 334,583 750,405 1,084,989 1,318,618 148,399 209,593 (61,194) 1,170,219 (27,084) (32,638) 5,554 206,545 Qtr.II 108,326 282,155 390,481 787,234 1,177,715 1,382,907 139,723 216,439 (76,716) 1,243,183 (19,456) (32,638) 13,182 185,736 October 84,361 267,987 352,347 761,998 1,114,345 1,315,755 137,220 192,395 (55,175) 1,178,535 (32,330) (38,660) 6,330 169,080 November 94,807 272,261 367,067 773,557 1,140,624 1,339,630 139,015 211,937 (72,923) 1,200,615 (25,965) (35,506) 9,541 173,041 December 108,326 282,155 390,481 787,234 1,177,715 1,382,907 139,723 216,439 (76,716) 1,243,183 (19,456) (32,638) 13,182 185,736 Qtr.III 127,518 291,829 419,348 840,263 1,259,610 1,454,898 163,477 221,260 (57,783) 1,291,421 (10,275) (32,638) 22,363 185,012 January 118,187 281,107 399,294 798,452 1,197,747 1,400,468 142,719 210,706 (67,987) 1,257,749 (24,866) (38,660) 13,794 177,855 February 121,962 276,458 398,420 815,210 1,213,630 1,423,995 151,282 212,606 (61,324) 1,272,713 (18,555) (35,506) 16,950 191,810 March 127,518 291,829 419,348 840,263 1,259,610 1,454,898 163,477 221,260 (57,783) 1,291,421 (10,275) (32,638) 22,363 185,012 Qtr.IV 133,621 303,771 437,392 910,874 1,348,266 1,562,695 214,269 245,019 (30,750) 1,348,426 10,455 (32,638) 43,094 224,884 April 140,161 284,501 424,662 863,377 1,288,039 1,483,846 177,454 234,409 (56,955) 1,306,392 (18,819) (38,660) 19,841 176,988 May 133,738 296,056 429,793 878,052 1,307,845 1,501,891 180,204 246,107 (65,903) 1,321,687 (13,144) (35,506) 22,362 180,901 June 133,621 303,771 437,392 910,874 1,348,266 1,562,695 214,269 245,019 (30,750) 1,348,426 10,455 (32,638) 43,094 224,884 2021/22 Qtr.I 135,811 312,964 448,775 944,383 1,393,158 1,637,001 287,175 280,753 6,422 1,349,826 16,992 (32,638) 49,630 260,835 July 136,508 352,252 488,760 931,299 1,420,060 1,608,203 250,407 252,950 (2,543) 1,357,796 10,587 (38,660) 49,247 198,730 August 135,227 314,520 449,747 934,844 1,384,592 1,610,977 273,440 251,049 22,391 1,337,537 10,276 (35,506) 45,782 236,662 September 135,811 312,964 448,775 944,383 1,393,158 1,637,001 287,175 280,753 6,422 1,349,826 16,992 (32,638) 49,630 260,835 Qtr.II 158,929 327,347 486,277 973,331 1,459,608 1,646,427 307,462 266,561 40,901 1,338,964 11,799 (32,638) 44,437 198,617 October 138,292 314,277 452,569 948,631 1,401,200 1,604,521 283,000 270,454 12,546 1,321,521 2,262 (38,660) 40,922 205,583 November 148,915 309,789 458,704 955,570 1,414,274 1,595,085 287,304 263,744 23,560 1,307,781 5,676 (35,506) 41,182 186,488 December 158,929 327,347 486,277 973,331 1,459,608 1,646,427 307,462 266,561 40,901 1,338,964 11,799 (32,638) 44,437 198,617 Qtr.III 171,253 360,852 532,105 1,048,356 1,580,461 1,771,210 358,405 300,885 57,520 1,412,805 (3,362) (32,638) 29,277 187,388 January 169,462 325,911 495,372 983,791 1,479,163 1,679,637 323,917 299,687 24,230 1,355,720 (9,665) (38,660) 28,995 190,809 February 171,271 338,147 509,417 1,008,219 1,517,637 1,711,512 331,395 292,795 38,600 1,380,117 (11,229) (35,506) 24,277 182,646 March 171,253 360,852 532,105 1,048,356 1,580,461 1,771,210 358,405 300,885 57,520 1,412,805 (3,362) (32,638) 29,277 187,388 Qtr.IV 173,222 414,633 587,855 1,127,294 1,715,149 1,930,622 422,132 326,216 95,915 1,508,490 (9,847) (32,638) 22,791 205,626 April 184,930 360,975 545,905 1,062,913 1,608,818 1,804,315 370,109 304,662 65,447 1,434,206 1,305 (38,660) 39,965 196,801 May 173,557 388,032 561,589 1,090,471 1,652,060 1,856,556 383,714 302,149 81,565 1,472,842 (2,756) (35,506) 32,750 201,740 June 173,222 414,633 587,855 1,127,294 1,715,149 1,930,622 422,132 326,216 95,915 1,508,490 (9,847) (32,638) 22,791 205,626 2022/23 Qtr.I 169,587 427,124 596,711 1,202,865 1,799,576 2,014,526 451,249 368,420 82,829 1,563,277 2,099 (32,638) 34,738 217,050 July 171,699 413,490 585,189 1,142,063 1,727,252 1,965,210 448,402 357,675 90,727 1,516,808 (16,391) (38,660) 22,269 221,567 August 167,085 413,650 580,735 1,173,000 1,753,734 1,982,559 449,427 367,069 82,358 1,533,132 (12,080) (35,506) 23,425 216,744 September 169,587 427,124 596,711 1,202,865 1,799,576 2,014,526 451,249 368,420 82,829 1,563,277 2,099 (32,638) 34,738 217,050 Qtr.II 201,143 444,210 645,353 1,301,398 1,946,751 2,160,671 469,794 433,193 36,601 1,690,876 (314) (32,638) 32,325 213,606 October 171,547 434,119 605,666 1,225,574 1,831,240 2,049,985 441,379 384,835 56,544 1,608,606 (8,222) (38,660) 30,438 210,523 November 184,934 428,547 613,481 1,254,997 1,868,477 2,085,303 444,052 420,408 23,644 1,641,251 (5,829) (35,506) 29,676 210,996 December 201,143 444,210 645,353 1,301,398 1,946,751 2,160,671 469,794 433,193 36,601 1,690,876 (314) (32,638) 32,325 213,606 Qtr.III 217,250 468,943 686,194 1,370,269 2,056,463 2,272,872 491,577 469,870 21,707 1,781,295 (8,220) (32,638) 24,418 208,189 January 207,432 443,363 650,795 1,322,971 1,973,766 2,189,741 477,687 448,122 29,565 1,712,055 (8,441) (38,660) 30,219 207,534 February 212,428 441,652 654,080 1,335,447 1,989,527 2,216,743 469,072 441,985 27,087 1,747,672 (14,326) (35,506) 21,179 212,890 March 217,250.4 468,943.3 686,193.7 1,370,269.0 2,056,462.7 2,272,872.0 491,577.4 469,870.1 21,707.3 1,781,294.7 (8,219.9) (32,638.2) 24,418.3 208,189.4 QIV 212277.985 494090.495 706368.48 1431527.409 2137895.889 2408233.485 535363.0833 521299.988 14063.0953 1872870.402 -1312.77451 -32638.2411 31325.46659 269025 April 227,790 455,640 683,429 1,375,359 2,058,788 2,284,646 493,262 483,280 9,982 1,791,384 (12,723) (38,660) 25,937 213,135 May 217,604 469,962 687,566 1,391,516 2,079,082 2,306,108 509,426 491,185 18,241 1,796,682 (4,010) (35,506) 31,496 223,016 June 212,278 494,090 706,368 1,431,527 2,137,896 2,408,233 535,363 521,300 14,063 1,872,870 (1,313) (32,638) 31,325 269,025 Total Nat. Bank Comm. Banks (In Millions of Birr) End of Period Other Items Net Currency Outside Banks Net Demand Deposit Money Supply QuasiMoney Total Volume Total Credit Total Nat. Bank Comm. Banks Claims on Non-Cen Gov't

2019/20 Qtr.I 96,556 219,576 316,132 611,713 927,845 1,053,413 1,045,395 -17,500 July 97,658 202,620 300,278 592,276 892,553 1,027,961 1,207,197 133 August 98,039 202,138 300,177 600,462 900,639 1,029,662 1,103,825 -1,354 September 96,556 219,576 316,132 611,713 927,845 1,053,413 1,045,395 -17,500 QII 78,409 229,757 308,166 606,491 914,657 1,136,766 717,133 -18,268 October 92,620 203,837 296,457 595,512 891,969 1,057,793 1,119,693 -14,918 November 92,463 204,306 296,769 593,922 890,691 1,093,259 852,643 -13,966 December 78,409 229,757 308,166 606,491 914,657 1,136,766 717,133 -18,268 QIII 107,914 253,953 361,867 619,516 981,383 1,255,872 814,301 -33,988 January 101,446 227,236 328,682 622,883 951,565 1,149,602 786,879 -20,554 Febraury 102,051 239,703 341,754 611,849 953,604 1,238,070 716,058 -30,498 March 107,914 253,953 361,867 619,516 981,383 1,255,872 814,301 -33,988 QIV 126,883 257,585 384,468 677,061 1,061,529 1,275,183 1,555,181 -22,411 April 108,291 247,429 355,720 635,591 991,311 1,296,579 1,074,663 -37,259 May 117,532 242,489 360,021 646,977 1,006,998 1,227,818 1,387,158 -29,676 June 126,883 257,585 384,468 677,061 1,061,529 1,275,183 1,555,181 -22,411 2020/21 Qtr.I 68,223 262,629 330,852 774,418 1,105,271 1,269,829 1,259,156 -26,082 July 116,222 256,103 372,326 709,427 1,081,753 1,239,121 1,449,369 -34,608 August 113,475 247,060 360,535 737,735 1,098,269 1,245,762 1,331,063 -29,934 September 68,223 262,629 330,852 774,418 1,105,271 1,269,829 1,259,156 -26,082 Qtr.II 114,284 274,536 388,820 812,425 1,201,246 1,331,739 1,337,665 -18,736 October 89,254 267,183 356,436 778,000 1,134,436 1,280,230 1,507,347 -31,457 November 100,210 267,360 367,571 794,443 1,162,013 1,292,743 1,392,714 -25,056 December 114,284 274,536 388,820 812,425 1,201,246 1,331,739 1,337,665 -18,736 Qtr.III 101,339 287,744 389,083 823,457 1,212,540 1,456,353 903,995 -10,286 January 120,905 268,739 389,644 788,073 1,177,716 1,347,251 1,426,288 -23,921 February 118,791 266,229 385,020 798,906 1,183,925 1,406,907 1,083,079 -18,333 March 101,339 287,744 389,083 823,457 1,212,540 1,456,353 903,995 -10,286 Qtr.IV 155,442 311,104 466,545 910,874 1,377,420 1,584,635 1,871,615 10,602 April 133,994 294,744 428,737 862,513 1,291,251 1,553,587 1,273,732 -19,703 May 138,017 300,201 438,218 878,052 1,316,270 1,507,898 1,654,752 -13,196 June 155,442 311,104 466,545 910,874 1,377,420 1,584,635 1,871,615 10,602 2021/22 Qtr.I 143,280 304,514 447,795 974,604 1,422,398 1,576,432 1,452,413 16,363 July 144,425 351,196 495,621 950,857 1,446,478 1,564,781 1,736,621 10,301 August 142,935 308,859 451,794 960,085 1,411,879 1,554,593 1,551,543 9,917 September 143,280 304,514 447,795 974,604 1,422,398 1,576,432 1,452,413 16,363 Qtr.II 126,301 322,764 449,066 953,865 1,402,930 1,648,073 937,275 11,811 October 141,473 300,449 441,922 936,299 1,378,221 1,543,549 1,498,605 2,176 November 145,043 298,327 443,370 936,459 1,379,829 1,575,944 1,112,922 5,608 December 126,301 322,764 449,066 953,865 1,402,930 1,648,073 937,275 11,811 Qtr.III 136,095 355,800 491,895 1,027,389 1,519,284 1,772,982 988,964 -3,365 January 173,359 311,571 484,930 971,001 1,455,931 1,615,811 1,537,386 -9,298 February 166,818 325,635 492,453 988,055 1,480,508 1,690,974 1,174,479 -11,094 March 136,095 355,800 491,895 1,027,389 1,519,284 1,772,982 988,964 -3,365 Qtr.IV 201,509 424,642 626,151 1,127,294 1,753,446 1,957,728 2,093,784 -9,985 April 176,793 373,971 550,764 1,061,850 1,612,614 1,889,118 1,398,351 1,366 May 179,111 393,464 572,576 1,090,471 1,663,047 1,863,982 1,843,998 -2,767 June 201,509 424,642 626,151 1,127,294 1,753,446 1,957,728 2,093,784 -9,985 2022/23 Qtr.I 178,915 415,591 594,506 1,241,356 1,835,862 1,939,989 1,682,086 2,022 July 181,658 412,249 593,907 1,166,046 1,759,954 1,912,150 1,939,998 -15,948 August 176,609 406,204 582,813 1,204,671 1,787,483 1,913,169 1,778,433 -11,657 September 178,915 415,591 594,506 1,241,356 1,835,862 1,939,989 1,682,086 2,022 Qtr.II 159,848 437,991 597,839 1,275,370 1,873,209 2,162,831 1,183,614 -314 October 175,493 415,017 590,510 1,209,642 1,800,152 1,972,086 1,824,159 -7,910 November 180,126 412,690 592,816 1,229,897 1,822,713 2,060,279 1,396,704 -5,760 December 159,848 437,991 597,839 1,275,370 1,873,209 2,162,831 1,183,614 -314 Qtr.III 172,649 462,378 635,027 1,342,864 1,977,891 2,275,145 1,246,906 -8,228 January 212,203 423,855 636,058 1,305,772 1,941,831 2,106,531 1,941,470 -8,120 February 206,905 425,311 632,215 1,308,738 1,940,954 2,190,142 1,487,269 -14,155 March 172,649 462,378 635,027 1,342,864 1,977,891 2,275,145 1,246,906 -8,228 QIV 246,943 506,018 752,961 1,431,527 2,184,488 2,442,045 2,599,544 -1,331 April 217,767 472,043 689,810 1,373,983 2,063,793 2,392,024 1,746,599 -13,321 May 224,567 476,542 701,108 1,391,516 2,092,625 2,315,332 2,249,445 -4,026 June 246,943 506,018 752,961 1,431,527 2,184,488 2,442,045 2,599,544 -1,331 1/ Obtained by multiplying each original observation by appropriate index for the month 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)

Gross Reserve NBE Total Gold Foreign Exc. Others Reserve Tranche Posi. Total Liab. Comm. Banks NBE Total NBE Comm. Banks 1=2+6 2=3 to 5 3 4 5 6.00 7=8+9 8 9 10=11+12 11=2-9 12=6-8 2021/22 Qtr.I 184,216 99,173 1,887 89,322 7,253 711 85,042 228,674 35,412 193,261 (44,458) (94,088) 49,630 July 194,163 111,632 606 103,323 7,016 687 82,531 201,906 33,284 168,622 (7,744) (56,990) 49,247 August 174,890 96,136 3,663 84,570 7,200 703 78,754 206,781 32,972 173,809 (31,891) (77,673) 45,782 September 184,216 99,173 1,887 89,322 7,253 711 85,042 228,674 35,412 193,261 (44,458) (94,088) 49,630 Qtr.II 164,535 80,858 835 71,699 7,573 750 83,678 242,157 39,241 202,916 (77,622) (122,059) 44,437 October 177,648 100,966 925 91,888 7,427 727 76,682 238,775 35,760 203,016 (61,128) (102,050) 40,922 November 161,790 85,259 201 76,863 7,467 727 76,532 232,552 35,350 197,202 (70,762) (111,944) 41,182 December 164,535 80,858 835 71,699 7,573 750 83,678 242,157 39,241 202,916 (77,622) (122,059) 44,437 Qtr.III 154,826 83,382 1,391 73,441 7,784 766 71,444 249,067 42,167 206,900 (94,242) (123,518) 29,277 January 146,023 77,414 684 68,311 7,664 755 68,609 241,146 39,614 201,532 (95,123) (124,118) 28,995 Febraury 152,171 87,208 234 78,446 7,756 771 64,963 250,962 40,686 210,275 (98,791) (123,067) 24,277 March 154,826 83,382 1,391 73,441 7,784 766 71,444 249,067 42,167 206,900 (94,242) (123,518) 29,277 Qtr.IV 143,751 79,820 2,065 69,140 7,857 757 63,932 255,179 41,141 214,038 (111,428) (134,219) 22,791 April 162,433 80,556 2,310 69,654 7,836 755 81,878 251,882 41,913 209,969 (89,448) (129,413) 39,965 May 150,090 75,678 1,964 65,200 7,755 758 74,412 247,856 41,662 206,194 (97,766) (130,516) 32,750 June 143,751 79,820 2,065 69,140 7,857 757 63,932 255,179 41,141 214,038 (111,428) (134,219) 22,791 2022/23 Qtr.I 140,233 64,409 33 55,745 7,905 726 75,824 261,004 41,086 219,918 (120,772) (155,509) 34,738 July 127,353 65,152 1,040 55,325 8,039 748 62,201 256,281 39,932 216,349 (128,928) (151,197) 22,269 August 130,892 65,676 33 57,046 7,853 744 65,216 260,968 41,791 219,177 (130,075) (153,501) 23,425 September 140,233 64,409 33 55,745 7,905 726 75,824 261,004 41,086 219,918 (120,772) (155,509) 34,738 Qtr.II 136,136 62,948 2 56,164 6,001 781 73,188 276,159 40,863 235,296 (140,023) (172,348) 32,325 October 134,004 62,911 777 53,078 8,312 744 71,093 260,433 40,655 219,778 (126,429) (156,867) 30,438 November 133,873 63,456 8 57,170 5,517 761 70,417 264,199 40,741 223,458 (130,326) (160,002) 29,676 December 136,136 62,948 2 56,164 6,001 781 73,188 276,159 40,863 235,296 (140,023) (172,348) 32,325 Qtr.III 112,447 48,985 44 44,826 3,325 790 63,462 274,028 39,044 234,985 (161,582) (186,000) 24,418 January 137,250 65,642 25 58,213 6,616 787 71,608 280,419 41,389 239,030 (143,169) (173,388) 30,219 Febraury 123,568 63,156 39 56,328 6,011 778 60,412 283,515 39,233 244,282 (159,947) (181,126) 21,179 March 112,447 48,985 44 44,826 3,325 790 63,462 274,028 39,044 234,985 (161,582) (186,000) 24,418 QIV 130,367 56,154 129 51,803 3,427 795 74,213 290,465 42,888 247,577 (160,098) (191,423) 31,325 April 122,785 49,221 573 43,841 4,010 798 73,564 287,099 47,627 239,472 (164,314) (190,251) 25,937 May 128,592 57,379 166 53,131 3,296 786 71,213 285,662 39,717 245,945 (157,070) (188,566) 31,496 June 130,367 56,154 129 51,803 3,427 795 74,213 290,465 42,888 247,577 (160,098) (191,423) 31,325 Table 6: International Reserves and Net Foreign Assets of National Bank & Commercial Banks End of Period Gross Reserve Foreign Liabilities Net Foreign Assets National Bank of Ethiopia International Reserves Comm. Banks Reserve

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 QIII 1,315,614.08 244,165.52 221,237.75 22,927.78 1,071,448.56 583,681.60 487,766.96 January 1,276,631.17 241,264.05 218,237.75 23,026.30 1,035,367.12 573,183.63 462,183.50 Febraury 1,317,946.39 241,166.90 218,237.75 22,929.16 1,076,779.49 588,935.31 487,844.18 March 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 April 1,347,383.71 245,165.52 221,237.75 23,927.78 1,102,218.19 614,277.62 487,940.57 May 1,356,212.47 248,258.45 221,237.75 27,020.70 1,107,954.02 619,795.61 488,158.41 June 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 July 1,405,895.12 272,690.03 243,145.31 29,544.72 1,133,205.09 635,706.99 497,498.10 August 1,423,819.28 276,351.20 243,145.31 33,205.89 1,147,468.08 649,348.40 498,119.67 September 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 October 1,458,935.03 280,399.68 243,141.31 37,258.38 1,178,535.35 668,405.26 510,130.09 November 1,480,108.93 279,493.65 248,141.31 31,352.34 1,200,615.28 688,768.70 511,846.59 December 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 January 1,535,772.64 278,023.39 241,862.65 36,160.74 1,257,749.25 729,292.36 528,456.89 Febraury 1,566,209.99 293,496.73 251,862.65 41,634.08 1,272,713.27 741,977.76 530,735.51 March 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 April 1,618,965.47 312,573.38 266,862.65 45,710.73 1,306,392.10 776,357.87 530,034.22 May 1,646,300.79 324,613.96 276,862.65 47,751.32 1,321,686.83 788,116.78 533,570.05 June 1,707,062.02 358,636.51 281,862.65 76,773.86 1,348,425.52 815,512.08 532,913.44 2021/22 Qtr.I 1,768,866.66 419,040.21 311,862.65 107,177.57 1,349,826.45 817,355.15 532,471.29 July 1,746,418.65 388,622.57 281,862.65 106,759.93 1,357,796.08 825,545.44 532,250.64 August 1,750,335.50 412,798.45 281,862.65 130,935.80 1,337,537.05 810,540.65 526,996.41 September 1,768,866.66 419,040.21 311,862.65 107,177.57 1,349,826.45 817,355.15 532,471.29 Qtr.II 1,827,366.65 488,402.33 311,427.10 176,975.24 1,338,964.32 850,637.99 488,326.33 October 1,772,896.57 451,375.08 311,427.10 139,947.98 1,321,521.49 816,816.84 504,704.65 November 1,787,031.56 479,250.51 311,427.10 167,823.42 1,307,781.05 822,861.83 484,919.22 December 1,827,366.65 488,402.33 311,427.10 176,975.24 1,338,964.32 850,637.99 488,326.33 Qtr.III 1,958,975.19 546,169.96 347,427.10 198,742.86 1,412,805.23 909,914.10 502,891.12 January 1,857,559.77 501,840.19 340,427.10 161,413.09 1,355,719.58 862,220.44 493,499.14 Febraury 1,914,441.30 534,324.80 347,427.10 186,897.70 1,380,116.50 878,282.75 501,833.75 March 1,958,975.19 546,169.96 347,427.10 198,742.86 1,412,805.23 909,914.10 502,891.12 Qtr.IV 2,083,106.67 574,616.55 357,427.10 217,189.45 1,508,490.13 994,296.12 514,194.01 April 1,986,968.56 552,762.49 347,427.10 205,335.40 1,434,206.07 924,571.15 509,634.92 May 2,037,271.41 564,429.71 357,427.10 207,002.62 1,472,841.70 961,250.54 511,591.16 June 2,083,106.67 574,616.55 357,427.10 217,189.45 1,508,490.13 994,296.12 514,194.01 2022/23 Qtr.I 2,173,460.33 610,183.07 416,991.55 193,191.52 1,563,277.26 1,043,794.07 519,483.20 July 2,103,832.42 587,023.92 397,427.10 189,596.83 1,516,808.49 1,003,265.96 513,542.53 August 2,122,505.60 589,373.57 396,991.55 192,382.02 1,533,132.04 1,019,729.31 513,402.72 September 2,173,460.33 610,183.07 416,991.55 193,191.52 1,563,277.26 1,043,794.07 519,483.20 Qtr.II 2,350,406.97 659,530.47 473,991.55 185,538.93 1,690,876.49 1,153,410.01 537,466.48 October 2,236,815.69 628,209.45 443,991.55 184,217.91 1,608,606.24 1,083,660.02 524,946.22 November 2,280,468.82 639,217.98 463,991.55 175,226.44 1,641,250.84 1,115,251.49 525,999.35 December 2,350,406.97 659,530.47 473,991.55 185,538.93 1,690,876.49 1,153,410.01 537,466.48 Qtr.III 2,455,221.09 673,926.43 513,991.55 159,934.88 1,781,294.66 1,212,578.41 568,716.26 January 2,383,486.71 671,432.04 493,991.55 177,440.49 1,712,054.67 1,164,204.74 547,849.93 Febraury 2,424,210.64 676,539.02 503,991.55 172,547.48 1,747,671.62 1,181,782.21 565,889.40 March 2,455,221.09 673,926.43 513,991.55 159,934.88 1,781,294.66 1,212,578.41 568,716.26 Qtr.IV 2,602,514.18 729,643.77 563,991.55 165,652.23 1,872,870.40 1,240,814.95 632,055.45 April 2,480,278.76 688,894.74 533,991.55 154,903.19 1,791,384.02 1,217,127.04 574,256.98 May 2,493,803.20 697,121.54 543,991.55 153,130.00 1,796,681.66 1,223,464.02 573,217.64 June 2,602,514.18 729,643.77 563,991.55 165,652.23 1,872,870.40 1,240,814.95 632,055.45 Loans & Advances Investments Gross Domestic Credit Table 7: Domestic Credit by Sector (In Millions of Birr) End of Period Claims on Central Gov't Claims on Non-Central Gov't Total NBE Comm. Banks Total

1=2+6 2=3 to 5 3 4 5 6=7+8 7 8 2019/20 Qtr.I 918495.0 818660.4 225668.9 502444.5 90546.9 99834.7 20433.5 79401.2 July 893141.7 783577.6 203229.6 490063.5 90284.5 109564.1 29330.0 80234.1 August 897513.8 790757.2 205843.5 494265.0 90648.7 106756.6 22697.6 84059.1 September 918495.0 818660.4 225668.9 502444.5 90546.9 99834.7 20433.5 79401.2 QII 968377.7 852170.8 233018.8 529431.0 89720.9 116206.9 30939.5 85267.4 October 926806.5 816834.6 213218.8 513078.4 90537.4 109971.9 27562.2 82409.7 November 936041.3 818482.6 212155.9 515494.8 90831.9 117558.7 28868.8 88689.9 December 968377.7 852170.8 233018.8 529431.0 89720.9 116206.9 30939.5 85267.4 QIII 991737.3 877914.7 246556.7 550592.7 80765.3 113822.6 26131.4 87691.1 January 977105.2 850076.3 225656.8 533773.7 90645.8 127028.9 29697.8 97331.1 Febraury 973747.1 853160.0 232947.6 539599.8 80612.6 120587.1 31986.1 88601.0 March 991737.3 877914.7 246556.7 550592.7 80765.3 113822.6 26131.4 87691.1 QIV 1133363.0 1002114.6 251513.7 659017.0 91583.9 131248.3 33548.6 97699.7 April 1066249.9 933860.0 238831.5 605838.2 89190.3 132389.8 36363.8 96026.1 May 1090528.2 957654.1 239141.2 625776.7 92736.3 132874.1 32636.1 100238.0 June 1133363.0 1002114.6 251513.7 659017.0 91583.9 131248.3 33548.6 97699.7 2020/21 Qtr.I 1151766.4 1020518.1 269917.2 659017.0 91583.9 131248.3 33548.6 97699.7 July 1084292.2 951902.3 256873.8 605838.2 89190.3 132389.8 36363.8 96026.1 August 1102975.5 970101.5 251588.5 625776.7 92736.3 132874.1 32636.1 100238.0 September 1151766.4 1020518.1 269917.2 659017.0 91583.9 131248.3 33548.6 97699.7 Qtr.II 1210840.9 1069724.7 282154.6 698415.1 89154.9 141116.2 31702.1 109414.1 October 1173382.9 1030203.1 267986.6 675207.1 87009.5 143179.7 50745.9 92433.8 November 1186499.2 1046020.1 272260.9 684731.4 89027.8 140479.1 36203.9 104275.2 December 1210840.9 1069724.7 282154.6 698415.1 89154.9 141116.2 31702.1 109414.1 Qtr.III 1261780.3 1132400.7 291829.4 748898.4 91673.0 129379.5 30602.7 98776.8 January 1215236.3 1079932.1 281107.5 709293.1 89531.5 135304.3 31157.0 104147.3 Febraury 1234210.5 1091995.4 276457.7 723886.7 91651.0 142215.0 39256.5 102958.5 March 1261780.3 1132400.7 291829.4 748898.4 91673.0 129379.5 30602.7 98776.8 Qtr.IV 1360219.5 1215852.2 303770.7 817587.7 94493.8 144367.3 36843.5 107523.9 April 1283620.7 1148501.3 284501.5 770942.1 93057.8 135119.4 32453.4 102666.0 May 1319664.2 1175254.1 296055.8 786199.0 92999.3 144410.1 30755.9 113654.2 June 1360219.5 1215852.2 303770.7 817587.7 94493.8 144367.3 36843.5 107523.9 2021/22 Qtr.I 1389560.1 1257694.6 312964.3 845984.4 98745.9 131865.5 31109.8 100755.7 July 1422056.3 1283840.3 352252.4 835105.6 96482.2 138216.1 28912.9 109303.1 August 1389026.8 1249668.2 314520.4 837515.5 97632.4 139358.6 30813.7 108544.9 September 1389560.1 1257694.6 312964.3 845984.4 98745.9 131865.5 31109.8 100755.7 Qtr.II 1482471.9 1301532.0 327347.3 874362.0 99822.7 180939.9 44866.0 136073.9 October 1431614.8 1263239.5 314276.7 847189.0 101773.8 168375.3 40973.2 127402.1 November 1457939.0 1265992.7 309789.0 855882.3 100321.4 191946.3 47682.7 144263.6 December 1482471.9 1301532.0 327347.3 874362.0 99822.7 180939.9 44866.0 136073.9 Qtr.III 1598050.3 1410285.6 360851.5 942970.1 106464.0 187764.7 46541.6 141223.1 January 1488169.1 1310246.0 325910.7 884818.7 99516.6 177923.1 40739.6 137183.5 Febraury 1550166.6 1347237.1 338146.6 905697.0 103393.5 202929.5 54632.3 148297.3 March 1598050.3 1410285.6 360851.5 942970.1 106464.0 187764.7 46541.6 141223.1 Qtr.IV 1695244.5 1542759.6 414633.0 1016881.2 111245.4 152484.9 31210.8 121274.1 April 1606914.8 1424261.1 360975.4 954783.2 108502.5 182653.8 42764.9 139888.9 May 1660173.3 1479457.7 388031.8 980457.9 110968.0 180715.6 55278.0 125437.6 June 1695244.5 1542759.6 414633.0 1016881.2 111245.4 152484.9 31210.8 121274.1 2022/23 Qtr.I 1789469.7 1630535.7 427123.7 1085221.7 118190.3 158934.0 48571.3 110362.7 July 1694761.7 1556139.6 413489.9 1029476.6 113173.1 138622.1 39751.9 98870.2 August 1727178.4 1587231.6 413649.5 1057578.8 116003.3 139946.8 29922.6 110024.2 September 1789469.7 1630535.7 427123.7 1085221.7 118190.3 158934.0 48571.3 110362.7 Qtr.II 1935969.4 1746232.9 444210.1 1176276.0 125746.8 189736.5 40798.8 148937.7 October 1847045.7 1660215.3 434118.5 1106274.8 119822.0 186830.4 59156.8 127673.6 November 1880660.4 1685494.3 428546.6 1136900.8 120046.9 195166.1 43583.4 151582.6 December 1935969.4 1746232.9 444210.1 1176276.0 125746.8 189736.5 40798.8 148937.7 Qtr.III 2022319.0 1839969.9 468943.3 1231983.0 139043.6 182349.0 44121.5 138227.6 January 1962387.6 1768642.3 443363.0 1193584.3 131695.1 193745.2 45869.4 147875.9 Febraury 1985364.0 1777896.7 441651.8 1200762.0 135482.9 207467.3 62006.8 145460.5 March 2022319.0 1839969.9 468943.3 1231983.0 139043.6 182349.0 44121.5 138227.6 Qtr.IV 2122285.8 1928005.2 494090.5 1284696.1 149218.6 194280.7 42691.6 151589.1 April 2029667.2 1834034.5 455639.6 1238105.7 140289.2 195632.8 50711.8 144920.9 May 2050611.6 1862916.3 469962.0 1248033.3 144921.0 187695.3 52806.3 134889.0 June 2122285.8 1928005.2 494090.5 1284696.1 149218.6 194280.7 42691.6 151589.1 Time Dep. (30 days & over) Total National Bank Comm. Banks Table 8: Deposits by Type and Sector (In Millions of Birr) Non-Central Gov't Deposits with CBs Central Gov't Dep. with End of Period Total Deposits Total Net Demand Deposit Savings Deposit

1 2 3=2-1 4 5=6+7 6 7 7=2+4-5 8 9 10 11 2020/21 Qtr.I 53517.0 184698.6 131181.6 33204.1 27650.2 27650.2 0.0 190,252.6 19.6 60.7 -31821.6 -0.1 July 55910.9 157446.7 101535.8 28633.1 25541.1 25541.1 0.0 160,538.7 15.7 59.9 1380544.0 3.4 August 52396.4 158242.1 105845.7 31529.4 27043.7 27043.7 0.0 162,727.9 17.1 60.7 1412839.0 3.6 September 53517.0 184698.6 131181.6 33204.1 27650.2 27650.2 0.0 190,252.6 19.6 60.7 -31821.6 -0.1 Qtr.II 57514.8 146676.5 89161.7 43367.0 30184.6 30184.6 0.0 159,859.0 15.3 59.9 -28127.2 -0.1 October 58956.9 151069.9 92112.9 34413.3 28083.3 28083.3 0.0 157,399.9 14.7 60.8 1486082.3 3.5 November 56131.8 162537.8 106405.9 37723.5 28182.9 28182.9 0.0 172,078.4 16.7 59.5 1500205.9 3.6 December 57514.8 146676.5 89161.7 43367.0 30184.6 30184.6 0.0 159,859.0 15.3 59.9 -28127.2 -0.1 Qtr.III 59747.7 136453.4 76705.7 55078.8 32715.7 32715.7 0.0 158,816.4 14.5 62.1 -5192.1 0.0 January 61558.9 146024.9 84466.1 44195.2 30401.4 30401.4 0.0 159,818.7 14.1 61.8 1566437.1 3.7 Febraury 59204.0 132804.5 73600.5 47642.1 30691.7 30691.7 0.0 149,754.9 13.9 61.6 1610210.5 3.9 March 59747.7 136453.4 76705.7 55078.8 32715.7 32715.7 0.0 158,816.4 14.5 62.1 -5192.1 0.0 Qtr.IV 64445.4 131471.8 67026.3 76945.1 33851.4 33851.4 0.0 174,565.4 14.9 61.1 -17860.6 0.0 April 66168.8 143838.9 77670.0 52715.3 32874.0 32874.0 0.0 163,680.2 13.5 61.6 1639967.3 3.7 May 62558.4 164964.5 102406.1 56417.1 34055.4 34055.4 0.0 187,326.2 16.3 62.1 1685086.2 4.0 June 64445.4 131471.8 67026.3 76945.1 33851.4 33851.4 0.0 174,565.4 14.9 61.1 -17860.6 0.0 2021/22 Qtr.I 67910.7 152532.3 84621.7 85042.5 35412.2 35412.2 0.0 202,162.6 16.2 59.7 -19114.4 0.0 July 67922.5 162612.7 94690.2 82531.0 33284.3 33284.3 0.0 211,859.5 16.8 60.2 1818572.2 4.1 August 69657.2 141329.0 71671.8 78753.9 32972.0 32972.0 0.0 187,110.8 14.6 59.3 1837448.3 3.7 September 67910.7 152532.3 84621.7 85042.5 35412.2 35412.2 0.0 202,162.6 16.2 59.7 -19114.4 0.0 Qtr.II 70512.8 174091.0 103578.2 83677.7 39240.8 39240.8 0.0 218,528.0 17.3 58.3 -29222.7 -0.1 October 71880.3 184187.6 112307.3 76681.9 35759.5 35759.5 0.0 225,110.0 17.3 59.2 1850680.0 3.6 November 69532.1 189998.5 120466.4 76531.9 35349.9 35349.9 0.0 231,180.4 18.3 58.7 1866495.3 3.9 December 70512.8 174091.0 103578.2 83677.7 39240.8 39240.8 0.0 218,528.0 17.3 58.3 -29222.7 -0.1 Qtr.III 74776.7 183936.1 109159.4 71443.8 42167.2 42167.2 0.0 213,212.7 15.8 58.7 727.6 0.0 January 77575.4 193187.3 115611.9 68608.8 39613.9 39613.9 0.0 222,182.3 15.8 58.6 1937962.6 3.5 Febraury 72371.5 188647.9 116276.4 64963.0 40686.4 40686.4 0.0 212,924.5 16.3 59.6 2007447.1 4.0 March 74776.7 183936.1 109159.4 71443.8 42167.2 42167.2 0.0 213,212.7 15.8 58.7 727.6 0.0 Qtr.IV 80244.8 180866.6 100621.9 63931.7 41140.6 41140.6 0.0 203,657.8 13.8 59.9 -4391.0 0.0 April 83201.7 167381.1 84179.4 81877.9 41912.8 41912.8 0.0 207,346.2 13.4 59.8 2151482.7 3.8 May 78207.5 170637.1 92429.6 74411.7 41661.7 41661.7 0.0 203,387.1 14.3 59.1 2199478.3 4.0 June 80244.8 180866.6 100621.9 63931.7 41140.6 41140.6 0.0 203,657.8 13.8 59.9 -4391.0 0.0 2022/23 Qtr.I 84862.8 207769.1 122906.3 75823.9 41086.3 41086.3 0.0 242,506.7 15.3 60.1 -33346.6 -0.1 July 87044.9 201755.8 114710.8 62201.0 39931.9 39931.9 0.0 224,024.9 13.7 60.0 2211693.1 3.8 August 82750.5 209231.7 126481.2 65216.2 41790.9 41790.9 0.0 232,657.0 15.0 60.6 2309939.7 4.2 September 84862.8 207769.1 122906.3 75823.9 41086.3 41086.3 0.0 242,506.7 15.3 60.1 -33346.6 -0.1 Qtr.II 91853.8 220718.6 128864.7 73187.5 40862.8 40862.8 0.0 253,043.3 15.0 60.7 -70872.4 -0.1 October 94758.5 210168.0 115409.5 71093.3 40655.1 40655.1 0.0 240,606.1 13.8 60.9 2342477.7 3.7 November 89394.4 227924.7 138530.3 70417.0 40740.9 40740.9 0.0 257,600.9 15.5 60.6 2360083.7 3.8 December 91853.8 220718.6 128864.7 73187.5 40862.8 40862.8 0.0 253,043.3 15.0 60.7 -70872.4 -0.1 Qtr.III 96167.9 235879.5 139711.7 63462.1 39043.8 39043.8 0.0 260,297.8 14.6 61.4 -81400.4 -0.1 January 98909.9 226696.1 127786.2 71608.4 41389.3 41389.3 0.0 256,915.1 14.0 61.3 2466151.3 3.8 Febraury 95825.9 214744.4 118918.5 60412.1 39232.9 39232.9 0.0 235,923.6 13.3 60.7 2489143.3 3.9 March 96167.9 235879.5 139711.7 63462.1 39043.8 39043.8 0.0 260,297.8 14.6 61.4 -81400.4 -0.1 Qtr.IV 99890.3 263875.8 163985.5 74213.2 42887.7 42887.7 0.0 295201.2 15.8 61.2 -90194.4 -0.1 April 103979.7 223806.8 119827.1 73563.6 47626.5 47626.5 0.0 249743.9 13.0 59.7 2530508.0 3.7 May 98947.8 234711.1 135763.3 71212.6 39717.0 39717.0 0.0 266206.6 14.5 61.5 2551529.3 3.9 June 99890.3 263875.8 163985.5 74213.2 42887.7 42887.7 0.0 295201.2 15.8 61.2 -90194.4 -0.1 Note: Actual Reserve: Reserves with the National Bank of Ethiopia Plus Cash in Hand (Local Currency). Liquidity Ratio: Actual Reserves + Foreign Asset, net of short term liabilities, divided by Demand Deposits, net. Ratio of Loans and Advances to Deposits: Gross Commercial Bank Loans and discounts plus credit to Central Government divided by Gross Demand Deposits (of private and others) + Demand Deposits of domestic banks + Time and Savings Deposits + Government Deposits with commercial banks. Debit Balance: Total Debit Balance less debit against the deposits of the commercial banks. Turnover of Deposits: Debit Balances divided by Gross Demand Deposits of private and others + Government Deposits. Table 9: Reserve and Liquidity Position of the Commercial Banks, and Turnover of Deposits Ratio: Loans Adv. to Dep. Debit Balance TurnOver of Total Short Deposit Term Long Term (In Millions of Birr) End of Period Reserve Requirments Actual Rese. Excess Rese. Foreign Assets Foreign Liabilities Actual Reserve+ Net For. Assets Liquidity Ratio

2019/20 Qtr.I 124143.8 122970.8 374.8 1551.8 3766.4 11166.3 106111.5 1173.0 0.8 41.5 99.5 73.3 121.0 836.9 July 122335.0 121167.2 374.3 1542.6 3739.3 11244.4 104266.7 1167.8 0.8 41.4 99.5 73.4 120.9 831.7 August 121819.8 120650.2 374.1 1545.7 3746.1 11252.4 103731.7 1169.6 0.8 41.4 99.5 73.4 120.9 833.6 September 124143.8 122970.8 374.8 1551.8 3766.4 11166.3 106111.5 1173.0 0.8 41.5 99.5 73.3 121.0 836.9 QII 128238.0 127057.0 374.2 1628.5 4030.4 11526.2 109497.7 1181.0 0.8 41.5 99.5 73.4 121.2 844.6 October 121587.0 120411.5 374.5 1544.6 3764.3 10810.2 103918.0 1175.5 0.8 41.5 99.5 73.3 121.0 839.4 November 123104.9 121925.8 374.4 1572.3 3852.1 10889.1 105237.9 1179.1 0.8 41.5 99.5 73.4 121.1 842.7 December 128238.0 127057.0 374.2 1628.5 4030.4 11526.2 109497.7 1181.0 0.8 41.5 99.5 73.4 121.2 844.6 QIII 139272.7 138080.7 376.4 1709.2 4226.1 12431.6 119337.4 1192.0 0.8 41.4 99.5 73.3 122.5 854.4 January 134319.6 133133.2 376.6 1685.3 4158.2 12053.1 114859.9 1186.4 0.8 41.5 99.5 73.4 121.3 850.0 Febraury 136850.9 135661.3 376.5 1685.2 4158.0 11968.0 117473.4 1189.7 0.8 41.5 99.4 73.2 121.9 852.8 March 139272.7 138080.7 376.4 1709.2 4226.1 12431.6 119337.4 1192.0 0.8 41.4 99.5 73.3 122.5 854.4 QIV 140676.8 139482.2 375.8 1674.6 4389.0 12225.4 120817.5 1194.6 0.8 41.5 99.5 73.2 123.1 856.5 April 145382.3 144189.7 375.5 1695.4 4326.4 12874.1 124918.3 1192.6 0.8 41.4 99.5 73.3 123.0 854.6 May 143791.7 142598.0 376.0 1675.7 4291.4 12674.9 123580.0 1193.7 0.8 41.4 99.5 73.3 123.1 855.6 June 140676.8 139482.2 375.8 1674.6 4389.0 12225.4 120817.5 1194.6 0.8 41.5 99.5 73.2 123.1 856.5 2020/21 Qtr.I 124558.5 123361.6 375.8 1520.3 4430.4 10642.3 106393.0 1196.9 0.8 41.4 99.4 73.1 123.3 858.7 July 140883.2 139687.7 375.9 1631.7 4448.4 12165.6 121066.1 1195.4 0.8 41.5 99.5 73.2 123.2 857.2 August 138917.3 137720.8 375.9 1606.7 4519.7 11914.5 119304.0 1196.5 0.8 41.5 99.5 73.2 123.3 858.3 September 124558.5 123361.6 375.8 1520.3 4430.4 10642.3 106393.0 1196.9 0.8 41.4 99.4 73.1 123.3 858.7 Qtr.II 139017.2 137817.6 373.0 1538.1 6611.0 15844.8 56691.9 56758.8 1199.7 0.8 41.4 99.4 73.1 123.2 861.7 October 128100.7 126904.2 374.5 1514.5 6469.2 15657.9 67175.1 35713.0 1196.5 0.8 41.4 99.4 73.1 123.2 858.5 November 130346.7 129150.7 373.8 1480.0 6588.5 15700.1 55673.9 49334.4 1196.0 0.8 41.4 99.4 73.1 123.1 858.1 December 139017.2 137817.6 373.0 1538.1 6611.0 15844.8 56691.9 56758.8 1199.7 0.8 41.4 99.4 73.1 123.2 861.7 Qtr.III 159636.9 158424.2 372.7 1605.5 6789.7 14970.3 59977.3 74708.8 1212.6 0.8 41.4 99.4 73.0 123.8 874.1 January 147819.5 146616.8 372.6 1592.7 6720.7 15248.8 57258.1 65423.8 1202.7 0.8 41.4 99.4 73.1 123.3 864.7 February 150277.0 149071.6 372.6 1599.6 6668.1 14514.8 57262.5 68654.0 1205.4 0.8 41.4 99.4 73.0 123.3 867.5 March 159636.9 158424.2 372.7 1605.5 6789.7 14970.3 59977.3 74708.8 1212.6 0.8 41.4 99.4 73.0 123.8 874.1 Qtr.IV 163861.0 162638.3 372.8 1574.6 6180.0 14058.6 60268.5 80183.9 1222.7 0.8 41.4 99.4 73.0 124.3 883.7 April 166330.5 165115.7 372.7 1605.7 6683.0 15278.1 61916.3 79259.9 1214.8 0.8 41.4 99.4 73.0 123.8 876.3 May 165655.3 164436.0 372.8 1604.5 6415.2 14859.0 61316.1 79868.5 1219.3 0.8 41.4 99.4 73.0 124.1 880.5 June 163861.0 162638.3 372.8 1574.6 6180.0 14058.6 60268.5 80183.9 1222.7 0.8 41.4 99.4 73.0 124.3 883.7 2021/22 Qtr.I 167348.0 166108.6 373.4 1555.7 6033.7 13977.5 60653.6 83514.6 1239.4 0.8 41.4 99.4 73.1 124.9 899.7 July 165949.7 164720.8 373.5 1576.6 6197.1 14242.3 60707.4 81623.8 1228.9 0.8 41.4 99.4 73.1 124.6 889.6 August 162913.5 161680.9 373.5 1562.2 6048.9 13688.9 59461.4 80546.0 1232.6 0.8 41.4 99.4 73.1 124.6 893.3 September 167348.0 166108.6 373.4 1555.7 6033.7 13977.5 60653.6 83514.6 1239.4 0.8 41.4 99.4 73.1 124.9 899.7 Qtr.II 187557.9 186303.5 373.3 1620.5 6351.7 15477.5 65181.8 97298.6 1254.4 0.8 41.4 99.4 73.1 125.4 914.3 October 167053.4 165807.2 373.4 1561.6 5912.0 13606.7 59946.0 84407.5 1246.2 0.8 41.4 99.4 73.1 125.0 906.4 November 174844.9 173594.4 373.3 1566.7 6124.9 14706.1 62372.8 88450.5 1250.5 0.8 41.4 99.4 73.1 125.1 910.7 December 187557.9 186303.5 373.3 1620.5 6351.7 15477.5 65181.8 97298.6 1254.4 0.8 41.4 99.4 73.1 125.4 914.3 Qtr.III 205113.8 203837.5 373.2 1655.4 6435.2 15976.0 67754.5 111643.3 1276.2 0.8 41.4 99.4 73.2 125.8 935.6 January 201143.3 199881.9 373.2 1645.4 6482.8 16127.0 67682.4 107571.1 1261.3 0.8 41.4 99.4 73.1 125.5 921.1 February 203386.2 202115.4 373.2 1654.4 6445.2 15990.4 67685.7 109966.5 1270.8 0.8 41.4 99.4 73.1 125.6 930.4 March 205113.8 203837.5 373.2 1655.4 6435.2 15976.0 67754.5 111643.3 1276.2 0.8 41.4 99.4 73.2 125.8 935.6 Qtr.IV 208303.5 207010.2 372.5 1665.0 6169.9 15834.6 66430.7 116537.6 1293.3 0.8 41.4 99.4 73.3 126.0 952.4 April 218118.3 216834.4 373.2 1668.5 6538.6 16959.9 70255.6 121038.6 1283.9 0.8 41.4 99.4 73.3 125.9 943.1 May 209415.7 208127.4 372.9 1672.9 6317.6 15994.8 67139.4 116629.7 1288.3 0.8 41.4 99.4 73.3 126.0 947.4 June 208303.5 207010.2 372.5 1665.0 6169.9 15834.6 66430.7 116537.6 1293.3 0.8 41.4 99.4 73.3 126.0 952.4 2022/23 Qtr.I 207706.7 206402.2 372.4 1637.8 6075.6 15406.7 64926.0 117983.8 1304.5 0.8 41.4 99.4 73.3 126.3 963.2 July 206519.1 205223.7 372.5 1654.0 6128.0 15490.1 65783.2 115795.9 1295.4 0.8 41.4 99.4 73.3 126.2 954.3 August 200777.8 199477.5 372.4 1637.4 6041.4 14687.1 63681.5 113057.7 1300.3 0.8 41.4 99.4 73.3 126.3 959.1 September 207706.7 206402.2 372.4 1637.8 6075.6 15406.7 64926.0 117983.8 1304.5 0.8 41.4 99.4 73.3 126.3 963.2 Qtr.II 235831.2 234512.0 369.3 1669.4 6356.9 17775.5 70868.3 137472.6 1319.2 0.8 41.5 99.5 73.3 126.5 977.7 October 209959.3 208649.3 369.3 1636.9 6036.8 15370.2 65279.2 119956.8 1310.0 0.8 41.5 99.5 73.3 126.4 968.5 November 221904.6 220591.6 369.3 1649.6 6188.2 16413.8 68188.1 127782.7 1313.0 0.8 41.5 99.5 73.3 126.4 971.6 December 235831.2 234512.0 369.3 1669.4 6356.9 17775.5 70868.3 137472.6 1319.2 0.8 41.5 99.5 73.3 126.5 977.7 Qtr.III 258421.6 257085.3 372.1 1729.6 6376.1 19216.4 68774.5 160616.6 1336.3 0.8 41.4 99.4 73.2 126.5 994.9 January 247929.9 246606.9 369.3 1693.9 6311.9 18755.9 69672.4 149803.6 1323.0 0.8 41.5 99.5 73.3 126.5 981.5 February 253771.1 252440.5 368.5 1702.0 6362.1 19087.9 69223.5 155696.5 1330.6 0.8 41.5 99.5 73.3 126.5 989.1 March 258421.6 257085.3 372.1 1729.6 6376.1 19216.4 68774.5 160616.6 1336.3 0.8 41.4 99.4 73.2 126.5 994.9 Qtr.IV 254405.6 253061.4 371.9 1716.0 6020.3 17686.4 67838.2 159428.7 1344.2 0.8 41.5 99.5 73.2 126.5 1002.7 April 269541.1 268201.5 371.9 1730.2 6387.2 19762.0 71086.3 168863.8 1339.6 0.8 41.5 99.5 73.2 126.5 998.1 May 259801.5 258458.5 371.9 1703.6 6124.1 18340.0 68595.3 163323.5 1343.0 0.8 41.5 99.5 73.2 126.5 1001.5 June 254405.6 253061.4 371.9 1716.0 6020.3 17686.4 67838.2 159428.7 1344.2 0.8 41.5 99.5 73.2 126.5 1002.7 1 1 5 10 25 50 100(coin) Table 10: Circulating Notes and Coins by Denomination 5 10 50 100 200 Total Value (Coins) End of Period Value of Notes & Coins Denomination of Notes: Birr Denominations of Coins: Cents Total Value (Notes)

Agriculture 5 6 7 11.0-12 Lending to all sectors 14-15 Industry, mining, power, and water resources 6 8 9 13.0-14 Domestic trade 6 8 9.5 14.0-15 Lending to the Central Gov't 12-13 Transport and communications 6 8 8 13.0-14 Export trade 6 13.0-14 Import trade (agricultural inputs) 5 6 7 14.0-15 Import trade (other) 6 8 9.5 14.0-15 Hotels and tourism 6 8 9 14.0-15 Other Financial Inst. 10.5 Construction 6 8 9 11.0-12 Housing (1) purchase 6 6 8 11.0-12 Interbank Rate 10 (2) construction 4.5 4.5 7 11.0-12 Central Government -- 3.0-5.0 -- 12.0-13 Banks and financial institutions -- 2.5-4.5 -- 10.0 Personal loans -- -- 10 14.0-15 B. Deposit rates 1.Time deposits 30 days notice -- 10.5 10.5 3 months to less than 6 months -- 10.5 10.5 6 months to less than 12 months -- 11 11 1 year to less than 2 years Differed by 11.5 11.5 2 years and above ownership 12 12 and maturity Memorandum Items: Rate differentials for 1 year and over Financial institutions (1 year): 1.0 Gov'nt-owned under takings (1 year): 1.0 Individuals, savings and credit cooperatives;self-help organizations: 1 year 6.0 2 years 6.5 3 years 7.0 5 years 7.5 Others:1 year 4.0 2 years 0.8 3 years 5.0 5 years 5.5 10 10 Rate differentials: Individuals, savings and credit cooperatives; self-help organizations: Up to Br. 100,000 6.0 In excess of Br. 100,000 2.0 C. Minimum and Maximum Interest Rates Minimum interest rates on Time and Savings Deposits 10 11 10 7 6 3 4 5 7 Maximum lending rate by commercial banks & other financial institutions, 15 16 15 10.5 Market except for central government loan determined Central Government loan 12 6 6 5 3 01/12/2010 to 10-Oct-2017 11/10/2017 to todate 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 June 1, 1996- Sep. 15, 1996 NBE Lending to: CBEs/ Discount Rate/ 10.5 Deposit rates Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- Jan. 1, 1995 2.Savings deposits Differed by ownership and maturity Minimum and Maximum Interest Rates Jan. 2, 1995- Nov. 30, 1995 Dec. 1, 1995- May 30, 1996 Sept.1,1994- Jan. 1, 1995 Cooperatives State Private Table 11: Interest Rate Structures A. Lending rates (by CBE and specialized banks) Sector Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994

Non-interest bearing Interest bearing Comm. Banks Total Gov't Bonds Treasury Bills Others Total Gov't Bonds Treasury Bills 1=2+6+9 2=3 to 5 3 4 5 6=7+8 7 8 9=10+11 10 11 2021/22 Qtr.I 603459.6 311862.6 113500.0 6097.7 192264.9 107177.6 23818.9 83,358.7 184,419.4 18.1 184401.3 July 538030.8 281862.6 83500.0 6097.7 192264.9 106759.9 23818.9 82,941.1 149,408.2 18.1 149390.1 August 607277.3 281862.6 83500.0 6097.7 192264.9 130935.8 23818.9 107,117.0 194,478.9 18.1 194460.8 Sebtember 603459.6 311862.6 113500.0 6097.7 192264.9 107177.6 23818.9 83,358.7 184,419.4 18.1 184401.3 Qtr.II 741918.7 311427.1 113500.0 5662.2 192264.9 176975.2 23818.9 153,156.4 253,516.4 18.1 253498.3 October 676135.3 311427.1 113500.0 5662.2 192264.9 139948.0 23818.9 116,129.1 224,760.2 18.1 224742.1 November 720585.9 311427.1 113500.0 5662.2 192264.9 167823.4 23818.9 144,004.6 241,335.4 18.1 241317.3 December 741918.7 311427.1 113500.0 5662.2 192264.9 176975.2 23818.9 153,156.4 253,516.4 18.1 253498.3 Qtr.III 841007.6 347427.1 149500.0 5662.2 192264.9 198742.9 25160.8 173,582.0 294,837.7 18.1 294819.6 January 741062.6 340427.1 142500.0 5662.2 192264.9 161413.1 24406.3 137,006.8 239,222.4 18.1 239204.3 February 808856.5 347427.1 149500.0 5662.2 192264.9 186897.7 24406.3 162,491.4 274,531.7 18.1 274513.6 March 841007.6 347427.1 149500.0 5662.2 192264.9 198742.9 25160.8 173,582.0 294,837.7 18.1 294819.6 Qtr.IV 696371.9 357427.1 159500.0 5662.2 192264.9 217189.5 28544.7 188,644.8 121,755.4 18.1 121737.3 April 664401.9 347427.1 149500.0 5662.2 192264.9 205335.4 25917.8 179,417.6 111,639.4 18.1 111621.3 May 681898.1 357427.1 159500.0 5662.2 192264.9 207002.6 26938.1 180,064.5 117,468.4 18.1 117450.3 June 696371.9 357427.1 159500.0 5662.2 192264.9 217189.5 28544.7 188,644.8 121,755.4 18.1 121737.3 2022/23 Qtr.I 752596.5 416991.5 219500.0 5226.6 192264.9 193191.5 26621.4 166,570.1 142,413.4 18.1 142395.3 July 718855.3 397427.1 199500.0 5662.2 192264.9 189596.8 26580.0 163,016.9 131,831.4 18.1 131813.3 August 728670.0 396991.5 199500.0 5226.6 192264.9 192382.0 26607.4 165,774.6 139,296.4 18.1 139278.3 Sebtember 752596.5 416991.5 219500.0 5226.6 192264.9 193191.5 26621.4 166,570.1 142,413.4 18.1 142395.3 Qtr.II 816290.9 473991.5 40000.0 5226.6 428764.9 185538.9 31999.1 153,539.8 156,760.4 18.1 156742.3 October 773897.9 443991.5 10000.0 5226.6 428764.9 184217.9 27487.3 156,730.7 145,688.4 18.1 145670.3 November 789349.4 463991.5 30000.0 5226.6 428764.9 175226.4 29062.5 146,164.0 150,131.4 18.1 150113.3 December 816290.9 473991.5 40000.0 5226.6 428764.9 185538.9 31999.1 153,539.8 156,760.4 18.1 156742.3 Qtr.III 848646.7 513991.5 80000.0 5226.6 428764.9 159934.9 24644.0 135290.9 174720.2 18.1 174702.1 January 834923.0 493991.5 60000.0 5226.6 428764.9 177440.5 34142.3 143298.2 163491.0 18.1 163472.9 February 849089.7 503991.5 70000.0 5226.6 428764.9 172547.5 24470.1 148077.4 172550.7 18.1 172532.6 March 848646.7 513991.5 80000.0 5226.6 428764.9 159934.9 24644.0 135290.9 174720.2 18.1 174702.1 Qtr.IV 923913.3 563991.5 130000.0 5226.6 428764.9 165652.2 24989.9 140662.3 194269.6 18.1 194251.5 April 870422.3 533991.5 100000.0 5226.6 428764.9 154903.2 24674.2 130229.0 181527.6 18.1 181509.5 May 886361.1 543991.5 110000.0 5226.6 428764.9 153130.0 24345.6 128784.4 189239.6 18.1 189221.5 June 923913.3 563991.5 130000.0 5226.6 428764.9 165652.2 24989.9 140662.3 194269.6 18.1 194251.5

Since December 2019, Gov't Treasury bills to others includes Both Treasury bills and Notes Table 12: Government Internal Debt by Holder Direct Advance NBE Total Gov't Bonds (In Millions of Birr) End of Period Total Gov't Indebt-edness National Bank of Ethiopia Commercial Banks Others

Table 13: General Government Quarterly Revenue (In million Birr) 9Month (QIII) 12Month (QIV) Original Budget Revised Budget Revised 3mon (QI) Revised 6 Month (QII) 9Month (QIII) 12Month (QIV) Tax revenue 349,198.8 111,160.7 477,770.3 128,571.5 593,695.1 614,207.3 127,517.5 296,377.7 168,860.2 429,935.5 133,557.8 593,232.1 163,296.6 Direct taxes 163,963.0 43,787.0 215,805.4 51,842.4 257,572.6 267,470.3 57,170.1 144,020.0 86,849.9 189,835.1 45,815.1 263,958.6 74,123.5 Income and profits tax 145,351.3 39,391.1 189,622.1 44,270.9 248,870.9 258,230.6 55,712.6 141,335.5 85,623.0 186,269.6 44,934.0 254,984.3 68,714.7 Personal income 61,709.9 22,668.5 82,815.4 21,105.5 98,435.1 102,025.3 24,245.2 49,947.1 25,701.9 71,944.6 21,997.6 108,234.1 36,289.5 Rental income tax 3,793.3 421.5 4,223.6 430.3 5,862.2 7,522.6 2,015.3 4,983.8 2,968.5 5,746.5 762.7 6,502.5 755.9 Business profits 83,641.4 16,722.6 106,806.8 23,165.4 118,775.9 121,930.8 26,154.3 79,650.6 53,496.3 96,972.4 17,321.8 123,422.3 26,449.9 Withholding income tax on imports 4,686.0 1,663.4 6,268.6 1,582.6 8,482.5 8,517.5 423.4 1,126.1 702.7 2,028.9 902.8 1,517.0 -511.9 Agriculture income 421.6 309.6 421.9 0.3 562.7 867.9 34.0 187.3 153.4 441.5 254.2 563.1 121.5 Other income 3,654.0 -627.8 6,313.5 2,659.5 12,246.1 12,585.7 1,880.3 3,312.9 1,432.6 5,554.7 2,241.8 9,647.4 4,092.8 Interest income tax 3,277.5 1,378.6 4,299.5 1,022.0 4,077.4 4,138.0 864.8 1,894.9 1,030.1 3,196.5 1,301.5 4,510.5 1,314.1 Capital gains tax 109.6 59.4 302.4 192.8 428.9 642.6 95.3 232.8 137.5 384.4 151.6 587.4 203.0 Rural land use fee 302.3 162.8 387.9 85.6 385.1 921.4 48.3 208.9 160.6 398.5 189.6 511.6 113.1 Urban land lease fee 2,367.5 1,028.5 3,965.9 1,598.4 8,316.6 8,318.3 1,409.2 2,475.5 1,066.3 3,167.0 691.5 8,462.7 5,295.7 Domestic indirect taxes 88,409.7 32,310.9 130,654.9 42,245.2 164,017.6 174,632.1 30,425.3 69,203.0 38,777.7 113,711.9 44,508.9 160,720.8 47,008.9 Sales/TOT/excise taxes 46,232.0 17,989.6 66,749.7 20,517.7 82,997.1 92,062.8 12,926.7 26,189.5 13,262.8 49,783.1 23,593.6 65,316.5 15,533.5 Petroleum products 368.5 95.7 551.3 182.8 1,248.9 1,289.9 94.8 574.5 479.7 996.5 422.0 1,858.8 862.3 Alcohol and tobacco 3,315.2 1,258.0 4,924.4 1,609.2 5,743.5 5,749.7 1,192.3 2,631.9 1,439.7 4,564.6 1,932.7 8,051.3 3,486.6 Other goods 42,548.2 16,635.8 61,274.0 18,725.8 76,004.7 85,023.3 11,639.6 22,983.0 11,343.4 44,221.9 21,238.9 55,406.5 11,184.6 Services TOT/ sales tax 39,469.3 13,142.7 58,954.2 19,484.9 75,546.7 76,347.0 15,638.8 39,071.3 23,432.5 58,156.4 19,085.2 87,374.6 29,218.2 Stamp duties 2,708.4 1,178.6 4,951.1 2,242.6 5,473.7 6,222.2 1,859.8 3,942.2 2,082.4 5,772.4 1,830.2 8,029.7 2,257.3 Import duties and taxes 96,826.1 35,062.8 131,310.0 34,483.9 172,104.9 172,104.9 39,922.1 83,154.7 43,232.6 126,388.5 43,233.7 168,552.6 42,164.1 Custom duties 37,286.0 13,584.5 50,185.0 12,899.0 62,238.8 62,238.8 14,889.1 31,782.2 16,893.2 48,818.8 17,036.6 64,255.5 15,436.7 Sales/excise taxes 46,466.4 17,334.7 63,829.3 17,362.9 79,454.3 79,454.3 20,024.1 41,025.4 21,001.3 61,131.6 20,106.2 79,698.7 18,567.1 Petroleum products 1,166.0 -240.9 3,585.4 2,419.4 4,237.9 4,237.9 1,378.5 2,622.1 1,243.6 3,150.4 528.3 3,852.4 702.0 Alcohol and tobacco 481.9 245.6 754.6 272.7 786.5 786.5 197.5 377.3 179.8 455.4 78.1 622.4 167.0 Other imports 44,818.5 17,329.9 59,489.2 14,670.7 74,429.9 74,429.9 18,448.1 38,026.0 19,577.9 57,525.9 19,499.8 75,223.9 17,698.1 Surtax on imports 13,073.7 4,143.6 17,295.7 4,222.0 30,411.9 30,411.9 5,009.0 10,347.2 5,338.2 16,438.1 6,090.9 24,598.4 8,160.4 Export taxes Coffee duties Coffee surtax Other Transaction tax Non-tax revenue 34,358.8 11,747.0 62,290.2 27,931.4 99,321.0 98,582.9 15,851.5 33,161.5 17,310.1 48,115.2 14,953.6 92,227.1 44,111.9 Charges and fees 4,899.6 1,216.8 7,166.2 2,266.6 7,027.9 7,334.3 1,254.6 2,600.3 1,345.7 3,911.9 1,311.6 7,148.0 3,236.1 Sales of goods & services 5,589.6 2,026.7 8,823.5 3,233.8 11,691.6 14,844.3 2,142.0 4,987.2 2,845.1 7,890.0 2,902.8 12,844.5 4,954.4 Residual surplus, capital charge, interest 0.0 payments and state dividend 4,929.6 624.7 13,347.2 8,417.7 23,508.3 23,436.4 1,975.2 3,160.7 1,185.4 3,465.0 304.3 16,679.0 13,214.1 Reimbursement & property sales 682.0 114.2 4,325.6 3,643.6 1,908.8 2,047.3 272.4 680.3 407.9 940.6 260.3 1,477.5 536.9 Miscellaneous 10,992.5 4,891.8 12,622.5 1,630.0 34,506.2 26,765.9 3,797.2 7,888.9 4,091.8 11,218.6 3,329.7 20,236.9 9,018.3 Other extraordinary 0.0 Privatization proceeds 0.0 Other revenue 7,265.5 2,872.7 16,005.3 8,739.8 20,678.3 24,154.7 6,410.0 13,844.1 7,434.1 20,689.1 6,845.0 33,841.2 13,152.1 Total revenue 383,557.6 122,907.7 540,060.5 156,502.9 693,016.1 712,790.2 143,369.0 329,539.2 186,170.3 478,050.7 148,511.4 685,459.1 207,408.4 External grants 19,668.6 7,586.5 26,693.1 7,024.5 38,924.0 38,924.0 6,565.6 13,443.8 6,878.2 21,885.3 8,441.5 32,127.6 10,242.3 Grants in kind/earmarked 19,668.6 7,586.5 26,693.1 7,024.5 31,264.7 31,264.7 6,565.6 13,443.8 6,878.2 21,885.3 8,441.5 29,701.5 7,816.2 Untied cash & CPF/grants 0.0 7,659.3 7,659.3 0.0 2,426.1 2,426.1 Total revenue and grants 403,226.2 130,494.2 566,753.6 163,527.4 731,940.1 751,714.2 149,934.6 342,983.1 193,048.5 499,936.0 156,952.9 717,586.7 217,650.7 Sources: Ministry of Finance & NBE Pre-Actual 2014 2015 2022/23 Pre-Actual 2021/22 Ethiopian fiscal year Fiscal year ending July 7

Table 14: General Government Quarterly Expenditure (In million Birr) 9Month (QIII) 12Month QIV Original Budget Revised Budget Revised 3mon (QI) Revised 6Month (QII) 9Month (QIII) 12Month QIV A. Capital Expenditure Economic development 103,836.3 43,508.2 155,288.3 51,452.1 222,775.1 229,935.4 26,968.7 77,313.0 50,344.3 127,087.1 49,774.1 216,131.9 89,044.8 Agriculture 20,753.7 7,626.9 25,074.1 4,320.5 27,914.6 28,261.1 4,492.9 10,332.0 5,839.1 18,455.4 8,123.4 27,566.4 9,111.0 Natural Resource 19,077.7 11,394.0 32,760.3 13,682.6 50,055.5 53,727.4 4,036.1 15,726.3 11,690.2 28,516.2 12,789.9 47,356.3 18,840.1 o/w: Water 18,677.2 11,023.7 32,384.4 13,707.3 45,549.8 49,174.6 2,908.0 15,274.1 12,366.1 27,032.9 11,758.7 46,424.6 19,391.7 Mines & Energy 846.4 99.4 979.1 132.8 1,413.0 1,446.6 2.6 1,036.6 1,034.0 1,531.6 495.0 1,669.9 138.3 Trade, Industry & Tourism 3,064.1 1,528.4 7,277.1 4,213.1 6,726.1 7,737.3 254.5 688.8 434.4 1,617.0 928.2 8,975.4 7,358.4 Urban dev't & housing 16,170.5 7,062.6 26,891.4 10,720.9 43,270.3 43,785.6 7,230.4 19,357.0 12,126.6 26,901.7 7,544.7 44,390.0 17,488.2 Road construction 42,805.8 15,265.4 59,958.7 17,152.9 83,814.3 84,789.9 10,780.0 29,525.5 18,745.5 48,840.9 19,315.5 78,597.6 29,756.6 Transport & communication 1,118.2 531.6 2,347.6 1,229.4 9,581.3 10,187.5 172.1 646.8 474.7 1,224.2 577.4 7,576.4 6,352.2 Social Development 43,187.0 15,634.9 65,626.6 22,439.6 75,896.2 78,646.0 8,035.1 29,001.7 20,966.5 44,311.2 15,309.6 74,773.2 30,462.0 Education 24,935.2 10,714.7 41,725.4 16,790.2 46,454.8 47,285.6 4,646.7 19,754.9 15,108.2 29,403.8 9,648.9 50,860.6 21,456.8 Health 14,415.7 2,293.1 20,834.8 6,419.1 22,539.8 23,564.0 2,827.9 7,810.5 4,982.7 12,435.4 4,624.9 19,094.2 6,658.8 Socail welfare 2,320.2 1,786.1 717.5 -1,602.7 2,135.5 2,177.0 370.0 730.3 360.3 1,144.4 414.1 2,444.6 1,300.3 Culture & sport 1,515.9 840.9 2,349.0 833.1 4,766.2 5,619.3 190.5 705.9 515.3 1,327.6 621.7 2,373.7 1,046.1 General Development 22,327.8 11,969.7 41,140.7 18,812.9 87,234.2 84,244.7 5,283.4 17,078.8 11,795.5 30,205.0 13,126.1 65,011.8 34,806.8 Compensation payments 0.0 External assistance 19,668.6 13,487.0 26,693.1 7,024.5 31,424.5 31,264.7 6,565.6 13,443.8 6,878.2 21,885.3 8,441.5 29,701.5 7,816.2 Sub Total Capital Expenditure 169,351.1 71,112.8 262,055.7 92,704.6 385,905.5 392,826.1 40,287.2 123,393.5 83,106.3 201,603.4 78,209.8 355,917.0 154,313.6 B. Current Expenditure General Services 150,648.2 89,091.6 214,473.6 63,825.4 196,768.2 201,880.4 43,228.9 95,686.5 52,457.6 145,612.0 49,925.5 215,850.3 70,238.3 Organ of the State 17,339.2 8,047.6 23,852.5 6,513.3 18,495.4 19,128.2 5,047.4 10,948.7 5,901.3 16,252.2 5,303.5 27,366.7 11,114.5 Justice 9,322.9 3,094.3 21,719.9 12,397.0 26,857.7 27,976.7 3,319.6 6,447.8 3,128.3 10,131.3 3,683.4 14,411.4 4,280.2 Defence 76,469.2 61,017.9 102,616.7 26,147.5 84,000.0 84,000.0 17,326.7 39,541.6 22,214.9 59,448.1 19,906.5 82,824.7 23,376.5 Public order & security 24,132.3 9,543.3 31,861.7 7,729.4 32,242.8 35,392.8 8,414.7 21,358.8 12,944.2 33,364.5 12,005.6 50,390.2 17,025.7 Other General services 23,384.6 7,388.4 34,422.8 11,038.2 35,172.3 35,382.8 9,120.6 17,389.5 8,268.9 26,415.9 9,026.4 40,857.3 14,441.4 Economic Services 36,929.4 14,661.2 50,711.1 13,781.7 56,536.3 60,413.7 12,437.5 25,763.0 13,325.4 39,124.1 13,361.1 55,863.0 16,738.9 Agriculture&natural resource 23,865.6 10,198.4 31,061.1 7,195.5 35,376.3 36,691.0 6,870.2 15,156.5 8,286.3 22,926.9 7,770.4 32,714.1 9,787.2 Agriculture 19,988.7 8,455.8 23,281.8 3,293.1 27,785.0 28,780.7 5,735.3 12,239.5 6,504.2 18,429.4 6,189.9 25,819.4 7,389.9 Natural resource 3,876.9 1,742.7 7,779.3 3,902.4 7,591.3 7,910.4 1,134.9 2,917.0 1,782.0 4,497.5 1,580.5 6,894.7 2,397.2 o/w: Water 3,876.9 1,981.5 5,677.1 1,800.2 6,967.8 7,690.8 1,023.1 2,882.6 1,859.6 4,466.1 1,583.5 6,876.2 2,410.0 Trade, Industry & Tourism 6,737.0 2,360.2 9,613.7 2,876.7 12,507.7 13,148.5 2,954.9 5,550.6 2,595.7 8,655.5 3,104.9 12,366.0 3,710.5 Mines & Energy 253.9 52.2 356.7 102.8 333.2 372.9 64.3 139.9 75.6 240.8 100.9 330.2 89.4 Tourism 351.7 -266.7 85.9 -265.8 517.0 514.1 76.2 187.8 111.7 288.6 100.8 485.9 197.3 Transport & communication 1,401.0 958.3 3,331.5 1,930.5 2,453.6 2,876.6 857.0 1,419.1 562.1 2,069.5 650.4 3,286.7 1,217.2 Urban devt. & construction 3,414.8 1,147.3 4,911.8 1,497.0 5,254.5 5,492.9 1,242.6 2,615.2 1,372.5 3,889.4 1,274.3 5,330.4 1,441.0 o/w: Road Construction 1,453.3 775.3 2,706.1 1,252.8 2,353.6 2,409.0 557.3 1,209.9 652.6 1,771.8 561.9 2,123.7 351.9 Economic development studies 905.4 211.5 1,350.5 445.1 94.0 1,317.6 372.3 693.9 321.5 1,053.3 359.5 1,349.6 296.3 Social Services 139,698.5 41,402.0 200,594.3 60,895.8 197,234.8 209,493.8 53,987.9 101,248.0 47,260.1 150,895.5 49,647.5 217,279.4 66,383.9 Education & training 92,260.9 33,328.6 127,505.8 35,244.9 125,202.8 132,945.3 34,744.7 65,774.1 31,029.4 99,736.0 33,962.0 142,805.6 43,069.6 Culture & sports 1,582.0 -7.1 4,163.2 2,581.2 4,453.0 4,773.2 1,140.9 2,495.8 1,354.9 3,753.5 1,257.7 5,528.1 1,774.5 Public health 29,836.9 11,594.7 47,266.8 17,429.9 51,717.4 55,877.7 11,861.7 23,442.5 11,580.8 35,913.2 12,470.8 53,144.4 17,231.2 Labour & social welfare 2,573.8 1,946.4 2,423.4 -150.4 2,747.0 2,782.0 734.6 1,339.3 604.7 2,306.9 967.6 3,804.1 1,497.2 Rehabilitation 13,444.9 -5,460.6 19,235.1 5,790.2 13,114.6 13,115.6 5,505.9 8,196.3 2,690.4 9,185.8 989.5 11,997.2 2,811.5 Interest & Charges 24,746.4 7,852.6 38,512.8 13,766.5 48,498.8 48,498.8 11,001.8 29,064.7 18,063.0 39,454.4 10,389.7 54,544.0 15,089.6 Internal debt 16,776.4 5,398.8 26,602.1 9,825.7 28,452.0 28,452.0 7,880.3 21,347.7 13,467.5 30,195.7 8,847.9 41,556.6 11,361.0 External debt 7,969.9 2,453.8 11,910.7 3,940.8 20,046.8 20,046.8 3,121.5 7,717.0 4,595.5 9,258.7 1,541.7 12,987.4 3,728.7 O/w: defence commercial Miscellaneous 7,793.5 2,720.4 12,751.6 4,958.1 75,435.5 70,003.2 8,459.7 28,190.3 19,730.6 33,140.1 4,949.8 39,317.9 6,177.8 External assistance * 0.0 Sub Total Current Expenditure 359,816.0 155,727.8 517,043.4 157,227.4 574,473.7 590,289.9 129,115.7 279,952.5 150,836.7 408,226.1 128,273.6 582,854.6 174,628.5 Grand Total Expenditure 529,167.0 226,840.6 779,099.0 249,932.0 960,379.2 983,116.0 169,402.9 403,346.0 233,943.1 609,829.4 206,483.4 938,771.6 328,942.2

Estimated value Sources: Ministry of Finance, NBE 2021/22 Pre-Actual Ethiopian fiscal year Fiscal year ending July 7 2015 2022/23 Pre-Actual 2014

MGR Jet fuel Gasoil LFO HFO Total fuel oil Qtr.I 82,152.2 206,560.2 468,051.3 11,312.3 7,675.0 775,750.9 18,987.3 Qtr.II 97,258.6 208,282.6 550,034.0 7,804.9 7,775.0 871,155.1 15,579.9 Qtr.III 96,423.6 215,632.5 580,188.0 11,008.7 12,397.1 915,649.9 23,405.8 Qtr.IV 88,010.8 170,307.9 601,081.2 9,502.8 7,807.9 876,710.6 17,310.7 Qtr.I 106,706.3 165,269.2 591,077.3 10,763.3 10,241.3 884,057.5 21,004.7 Qtr.II 99,641.2 234,532.1 608,690.1 8,174.2 10,396.3 961,433.8 18,570.5 Qtr.III 114,839.2 149,872.7 629,025.2 9,240.3 12,457.8 915,435.2 21,698.1 Qtr.IV 120,355.6 188,431.8 678,879.8 7,607.5 14,387.8 1,009,662.5 21,995.3 Qtr.I 120,069.7 205,741.8 570,182.1 6,646.3 4,500.0 979,262.1 83,268.5 Qtr.II 122,357.9 221,894.3 600,552.3 9,751.8 9,596.8 1,028,073.0 83,268.5 Qtr.III 135,787.6 208,436.3 690,546.5 5,987.2 9,894.9 1,118,039.0 83,268.5 Qtr.IV 128,524.0 183,926.2 635,440.9 8,695.8 11,076.0 1,031,159.5 83,268.5 Qtr.I 159,613.1 210,503.5 616,810.6 8,886.7 14,477.8 1,070,195.8 83,268.5 Qtr.II 133,745.9 212,529.5 648,408.0 10,582.6 8,425.3 1,077,952.0 83,268.5 Qtr.III 141,900.1 133,970.7 659,674.5 9,393.6 10,290.6 1,018,813.7 83,268.5 Qtr.IV 142,182.9 84,127.5 643,282.9 8,690.9 9,700.0 952,861.8 83,268.5 Qtr.I 145,183.0 99,180.5 613,828.1 8,195.6 12,300.0 941,460.1 83,268.5 Qtr.II 176,894.5 107,969.3 630,617.5 6,914.5 15,500.0 998,749.8 83,268.5 Qtr.III 154,240.3 129,945.4 654,442.0 7,750.0 13,602.4 1,021,896.2 83,268.5 Qtr.IV 176,255.2 106,927.1 636,567.6 7,300.0 16,010.8 1,003,018.4 83,268.5 Qtr.I 169,292.8 127,007.6 677,243.3 13,809.6 10,437.5 1,056,812.1 83,268.5 Qtr.II 169,625.8 126,027.1 625,325.9 9,985.0 12,995.0 1,004,247.3 83,268.5 Qtr.III 161,316.3 139,263.2 625,222.2 4,935.0 12,770.0 943,506.7 17,705.0 Qtr.IV 173,484.2 104,408.7 669,411.2 7,210.0 9,397.3 963,911.4 16,607.3 QI 166,296.6 147,176.4 649,322.3 4,500.0 2,000.0 969,295.3 6,500.0 QII 168,681.6 129,360.2 606,671.5 6,500.0 13,000.0 924,213.3 19,500.0 QIII 187,823.6 150,727.4 684,586.0 6,672.2 13,440.1 1,043,249.3 20,112.3 QIV 183,697.6 194,451.4 606,270.1 6,179.0 13,150.8 1,003,748.8 19,329.7 Period 2022/2023 (In Metric Tone) 2021/22 2020/21 2016/17 2017/18 2018/19 2019/20 Table 15: Domestic Refining and Imports of Ptroleum

Table 16: GDP By Economic Activity at Constant Prices (In millions of Birr) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 Agriculture, Hunting and Forestry 473,132.2 498,733.6 530,341.5 542,700.2 579,022.9 599,331.4 622,220.3 648,711.8 684,775.8 726,412.8 Crop 293,063.1 312,338.7 334,768.6 346,293.6 374,649.8 392,291.8 404,049.6 422,966.5 446,919.4 477,801.1 Animal Farming and Hunting 139,692.4 142,601.9 149,246.8 146,959.5 153,170.4 154,038.0 163,279.5 168,722.4 178,571.3 186,759.1 Forestry 44,867.9 46,751.8 48,368.2 49,447.1 51,202.7 53,001.7 54,891.1 57,022.9 59,285.2 61,852.6 Fishing 797.8 1,057.4 1,381.1 1,381.9 1,389.4 1,546.7 1,581.8 1,625.9 1,653.4 2,015.5 Mining and Quarrying 8,784.6 8,506.2 6,328.5 6,116.8 4,296.9 3,402.8 2,658.9 5,089.3 10,960.7 11,624.5 Manufacturing 54,668.7 63,764.0 75,383.5 89,246.7 111,249.6 117,410.7 127,986.7 137,601.5 144,618.9 151,583.9 Large and Medium Scale Manufacturing 33,516.2 40,743.0 50,174.6 61,687.4 73,528.2 77,966.5 87,691.9 96,268.6 102,266.2 108,223.9 Small Scale and Cottage Industries 24,838.1 25,895.4 26,874.8 27,559.2 37,721.5 39,444.2 40,294.7 41,332.9 42,352.7 43,360.1 Electricity and Water 8,585.3 9,165.6 9,577.4 11,015.5 11,552.5 11,929.0 14,115.4 15,136.4 16,522.3 17,515.6 Construction 116,588.0 144,420.0 190,028.6 237,545.0 286,749.6 331,691.4 381,443.8 419,078.0 446,721.7 468,435.8 Whole Sale and Retail Trade 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 268,037.0 285,293.1 303,204.7 327,260.0 Hotels and Restaurants 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 48,143.8 49,220.4 50,484.9 54,536.5 Transport and Communications 141,360.7 166,337.5 186,850.2 202,241.5 215,351.0 241,936.3 104,436.2 105,646.1 113,090.7 124,120.5 Financial Intermediation 21,925.0 27,758.6 35,971.8 41,601.3 41,625.2 44,335.3 57,368.6 65,274.3 71,158.1 78,605.2 Real Estate, Renting and Business Activities 59,781.2 62,114.2 64,690.9 67,062.9 70,005.2 74,364.3 79,942.0 87,510.2 95,299.7 103,829.9 Public Administration and Defense 49,253.6 54,681.3 57,979.5 62,259.2 70,488.5 76,754.1 83,662.0 85,612.2 89,770.1 93,768.3 Education 34,781.5 35,679.7 38,963.0 42,385.6 41,031.0 42,520.8 44,221.6 44,784.1 45,694.9 46,432.3 Health and Social Work 10,489.0 12,510.3 14,137.2 15,669.4 16,767.9 18,153.4 20,747.2 23,414.2 26,554.3 29,413.0 Other Community , Social & Personal Services 16,560.4 17,193.4 17,828.7 18,371.3 19,198.4 20,178.0 21,454.2 21,995.5 22,426.8 41,829.7 Private Households with Employed Persons 14,136.1 14,758.3 15,401.2 16,063.8 16,633.3 17,276.0 17,707.4 18,115.5 18,515.9 - Total 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 2,014,108.6 2,141,452.8 2,277,383.5 Less : FISIM 8,803.4 10,512.8 12,393.0 14,485.8 17,038.3 19,763.6 21,037.4 24,520.9 27,214.5 28,811.9 Gross Value Added at Constant Basic Prices 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 1,989,587.7 2,114,238.3 2,248,571.6 Taxes on Products 95,162.9 104,547.5 115,169.8 118,700.0 120,645.6 114,575.2 112,468.2 119,592.3 113,931.8 98,072.5 GDP at Constant Market Prices 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 2,109,180.1 2,228,170.1 2,346,644.1 Source:MoPD Sectors/Year

Table 17 : Growth Rate of GDP By Economic Activity at Constant Prices (In percent) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 Agriculture, Hunting and Forestry 7.1 5.4 6.3 2.3 6.7 3.5 3.8 4.3 5.6 6.1 Crop 8.2 6.6 7.2 3.4 8.2 4.7 3 4.7 5.7 6.9 Animal Farming and Hunting 5.2 2.1 4.7 -1.5 4.2 0.6 6 3.3 5.8 4.6 Forestry 3.3 4.2 3.5 2.2 3.6 3.5 3.8 3.9 4.0 4.3 Fishing 19.4 32.5 30.6 0.1 0.5 11.3 2.3 2.8 1.7 21.9 Mining and Quarrying 6.3 -3.2 -25.6 -3.3 -29.8 -20.8 -21.9 91.4 115.4 6.1 Manufacturing 16.9 16.6 18.2 18.4 24.7 5.5 7.7 7.5 5.1 4.8 Large and Medium Scale Manufacturing 24.2 21.6 23.1 22.9 19.2 6.0 10 9.8 6.2 5.8 Small Scale and Cottage Industries 1.9 4.3 3.8 2.5 36.9 4.6 3 2.6 2.5 2.4 Electricity and Water 10.0 6.8 4.5 15.0 4.9 3.3 4 7.2 9.2 6.0 Construction 38.7 23.9 31.6 25.0 20.7 15.7 15 9.9 6.6 4.9 Whole Sale and Retail Trade 10.1 17.7 12.3 8.2 6.5 12.3 11.7 6.4 6.3 7.9 Hotels and Restaurants 19.1 26.6 29.6 15.6 0.1 6.5 9 2.2 2.6 8.0 Transport and Communications 16.5 12.7 13.3 13.7 15.1 6.4 21 1.2 7.0 9.8 Financial Intermediation -12.2 14.3 7.5 9.6 18.3 10.7 10.1 10.2 9.0 10.5 Real Estate, Renting and Business Activities 3.9 3.9 4.1 3.7 4.4 6.2 7.5 9.5 8.9 9.0 Public Administration and Defense 7.6 11.0 6.0 7.4 13.2 8.9 9 2.3 4.9 4.5 Education 10.1 2.6 9.2 8.8 -3.2 3.6 4 1.8 2.0 1.6 Health and Social Work 12.3 19.3 13.0 10.8 7.0 8.3 14.3 12.9 13.4 10.8 Other Community , Social & Personal Services 18.4 3.8 3.7 3.0 4.5 5.1 6.3 2.5 2.0 2.1 Private Households with Employed Persons 8.2 4.4 4.4 4.3 3.5 3.9 2.5 2.3 2.2 2.3 Total 9.9 10.3 10.4 8.0 10.2 7.8 8.9 6.2 6.3 6.3 Less : FISIM 6.4 19.4 17.9 16.9 17.6 16.0 7 14.2 11.0 5.9 Gross Value Added at Constant Basic Prices 9.9 10.3 10.4 8.0 10.1 7.7 9.0 6.1 6.3 6.4 Taxes on Products 18.3 9.9 10.2 3.1 1.6 -5.0 -1.8 6.3 -4.7 -13.9 GDP at Constant Market Prices 10.6 10.3 10.4 7.6 9.5 6.8 8.3 6.1 5.6 5.3 Source: MoPD Industry/Year

Table 18: GDP by Economic Activity at Current Prices (In million Birr) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 Agriculture, Hunting and Forestry 370,012 422,902 484,026 542,700 616,843 684,644 910,589.1 1,196,254.2 1,626,284.1 2,312,286.2 Crop 238,052 272,201 309,349 346,294 393,324 427,193 587,216.0 797,015.6 1,122,637.7 1,639,822.3 Animal Farming and Hunting 101,728 113,693 132,287 146,960 164,730 191,867 247,337.3 303,074.1 385,788.3 523,066.6 Forestry 30,470 36,789 42,608 49,447 58,788 65,584 76,035.8 96,164.4 117,858.2 149,397.2 Fishing 685 796 1,225 1,382 2,259 2,351 3,020.6 3,747.5 5,034.3 5,351.5 Mining and Quarrying 10,045 8,986 6,259 6,117 4,840 4,053 3,368.1 9,643.4 30,909.1 34,587.9 Manufacturing 46,803 61,744 83,370 89,247 113,387 128,200 150,530.5 178,972.3 199,934.1 261,122.9 Large and Medium Scale Manufacturing 28,787 40,111 58,040 61,687 74,763 84,791 104,723.1 125,757.6 141,915.1 185,656.5 Small Scale and Cottage Industries 21,088 23,844 24,972 27,559 38,624 43,410 45,807.5 53,214.7 58,019.0 75,466.4 Electricity and Water 9,604 10,752 10,560 11,015 13,714 15,026 18,726.4 23,826.9 30,434.9 35,255.3 Construction 48,338 88,410 148,198 237,545 300,209 452,978 495,283.1 567,201.4 687,236.9 1,068,150.2 Whole Sale and Retail Trade 117,028 151,450 187,022 202,241 225,076 275,513 360,656.3 444,506.1 554,457.8 801,596.4 Hotels and Restaurants 18,004 24,954 33,841 41,601 44,922 53,441 66,596.7 79,304.1 95,766.7 129,976.7 Transport and Communications 41,221 49,215 57,579 70,453 77,659 82,947 99,884.4 140,312.7 183,481.3 251,762.7 Financial Intermediation 19,936 24,206 32,684 39,769 51,810 69,359 85,044.1 102,994.4 122,893.7 180,956.5 Real Estate, Renting and Business Activities 54,746 60,283 63,825 67,063 70,793 79,553 106,157.2 154,804.2 228,594.8 404,030.6 Public Administration and Defense 35,401 41,309 51,521 62,259 80,817 94,614 103,262.3 120,235.7 159,154.9 188,988.2 Education 21,637 28,739 35,388 42,386 61,123 75,776 85,738.9 94,199.3 116,406.3 127,857.9 Health and Social Work 7,593 9,881 12,917 15,669 18,770 24,100 27,328.0 34,927.8 40,104.3 47,995.9 Other Community , Social & Personal Services 13,303 14,779 16,721 18,371 20,568 23,634 28,140.8 33,305.6 39,400.7 49,977.4 Private Households with Employed Persons 9,443 12,024 15,327 16,064 19,879 25,428 31,181.0 38,264.3 45,764.8 67,753.0 Total 824,684 1,009,521 1,238,088 1,463,883 1,722,669 2,091,618 2,575,507.5 3,222,499.9 4,165,858.8 5,967,649.3 Less : FISIM 6,335 7,796 11,628 14,486 18,870 26,829 31,884.3 39,104.0 46,801.9 67,451.0 Annex4 818,870 1,002,351 1,226,637 1,449,397 1,703,798 2,064,789 2,543,623.2 3,183,395.8 4,119,057.0 5,900,198.3 Taxes on Products 70,618 86,098 105,129 118,700 128,755 137,583 152,599.6 191,351.1 221,967.3 257,339.9 GDP at Current Market Prices 889,645 1,088,632 1,331,984 1,568,097 1,832,554 2,202,373 2,696,222.7 3,374,746.9 4,341,024.2 6,157,538.2 Source: MoPD Industry/Year 22

Table 19: Growth Rates of GDP by Economic Activity at Current Prices (%) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 Agriculture, Hunting and Forestry 7.9 14.3 14.5 12.1 13.7 11.0 33.0 32.6 35.9 42.2 Crop 1.6 14.3 13.6 11.9 13.6 8.6 37.5 35.7 40.9 46.1 Animal Farming and Hunting 24.0 11.8 16.4 11.1 12.1 16.5 28.9 27.0 27.3 35.6 Forestry 25.3 20.7 15.8 16.1 18.9 11.6 16.2 26.5 22.6 26.8 Fishing 50.8 16.2 53.8 12.8 63.5 4.1 28.5 24.1 34.3 6.3 Mining and Quarrying 4.2 -10.5 -30.3 -2.3 -20.9 -16.3 -16.9 186.3 220.5 11.9 Manufacturing 25.6 31.9 35.0 7.0 27.0 13.1 17.4 18.9 11.7 30.6 Large and Medium Scale Manufacturing 34.2 39.3 44.7 6.3 21.2 13.4 20.2 20.1 12.8 30.8 Small Scale and Cottage Industries 7.9 13.1 4.7 10.4 40.1 12.4 3.0 16.2 9.0 30.1 Electricity and Water 18.9 12.0 -1.8 4.3 24.5 9.6 20.7 27.2 27.7 15.8 Construction 53.7 82.9 67.6 60.3 26.4 50.9 9.3 14.5 21.2 55.4 Whole Sale and Retail Trade 10.5 29.4 23.5 8.1 11.3 22.4 32.4 23.2 24.7 44.6 Hotels and Restaurants 34.8 38.6 35.6 22.9 8.0 19.0 25.1 19.1 20.8 35.7 Transport and Communications 29.0 19.4 17.0 22.4 10.2 6.8 20.4 40.5 30.8 37.2 Financial Intermediation 40.3 21.4 35.0 21.7 30.3 33.9 22.6 12.2 19.3 47.2 Real Estate, Renting and Business Activities 14.6 10.1 5.9 5.1 5.6 12.4 33.4 45.8 47.7 76.7 Public Administration and Defense 18.1 16.7 24.7 20.8 29.8 17.1 9.1 16.4 32.4 18.7 Education 26.6 32.8 23.1 19.8 44.2 24.0 13.1 11.3 23.6 9.8 Health and Social Work 27.3 30.1 30.7 21.3 19.8 28.4 13.4 27.8 14.8 19.7 Other Community , Social & Personal Services 38.3 11.1 13.1 9.9 12.0 14.9 19.1 18.4 18.3 26.8 Private Households with Employed Persons 23.0 27.3 27.5 4.8 23.7 27.9 22.6 22.7 19.6 48 Total 15.8 22.4 22.6 18.2 17.7 21.4 23.3 25.3 29.3 43.3 Less : FISIM 104.9 23.1 49.2 24.6 30.3 42.2 22.0 13.8 19.7 44.1 Gross Value Added at Current Basic Prices 15.3 22.4 22.4 18.2 17.6 21.2 23.3 25.4 29.4 43.2 Taxes on Products 24.1 21.9 22.1 12.8 12.9 6.9 10.9 25.4 16.0 15.9 GDP at Current Market Prices 16.0 22.4 22.4 17.7 16.9 20.2 22.4 25.2 28.6 41.8 Source: MoPD Sectors/Year 23

Table 20: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices (In Millions of Birr) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 Gross Value Added at Current Basic Prices 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 3,183,395.8 4,119,056.00 5,900,198.0 Taxes on Products, net 70,618.0 86,098.0 105,128.7 118,700.0 128,755.5 137,583.5 152,600.0 191,351.1 221,967.0 257,340.0 GDP at Current Market Prices 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 3,374,746.9 4,341,024.0 6,157,538.0 Incomes from ROW, net (1,942.8) (2,914.6) (5,275.1) (5,122.4) (10,884.1) (14,349.1) (13,104.0) (19,203.0) (22,381.0) (27,827.0) Gross National Income at Current Basic Prices 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 3,164,192.9 4,096,676.0 5,872,372.0 Gross National Income at Current Market Prices 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 3,355,544.0 4,318,643.7 6,129,711.5 Current Transfers from ROW, net 93,355.1 106,357.3 128,400.8 155,964.2 154,959.4 188,527.3 240,392.0 210,332.1 292,126.0 399,122.0 Gross National Disposable Income 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 3,565,876.0 4,610,770.0 6,528,833.0 Government Final Consumption Expenditure 91,074.7 115,104.0 137,245.8 174,598.8 203,607.9 225,523.2 247,362.0 308,096.7 383,565.0 453,263.0 Private Final Consumption Expenditure 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 2,363,783.1 3,135,110.0 4,764,429.0 Gross Capital Formation (Investment) 293,930.7 400,841.2 508,975.9 585,665.0 704,596.0 751,626.2 948,866.0 1,031,962.8 1,216,585.0 1,560,325.0 Exports of Goods and Services 108,227.1 123,496.0 121,532.2 122,500.8 139,830.1 184,282.1 213,437.0 240,525.0 331,294.0 507,692.0 Imports of Goods and Services 251,300.6 308,691.3 393,188.5 424,749.9 430,233.2 502,112.9 561,512.0 569,620.6 725,530.0 1,128,171.0 Resource Balance (143,073.5) (185,195.3) (271,656.3) (302,249.2) (290,403.1) (317,830.8) (348,075.0) (329,095.7) (394,236.0) (620,479.0) Gross Domestic Savings 158,606.3 224,967.5 294,221.0 351,234.0 409,579.8 535,268.5 600,791.0 702,867.1 822,349.0 939,846.0 Gross National Savings 250,018.7 328,410.1 417,346.8 502,075.8 553,655.1 709,446.7 828,078.0 893,996.2 1,092,095.0 1,311,141.0 Mid-year Population (In Million) 84.8 87.0 89.1 91.2 93.4 95.5 97.6 99.7 101.9 104.1 Per Capita Nominal GDP (In Birr) 10,486.5 12,520.2 14,953.4 17,192.4 19,630.4 23,061.5 27,625.0 33,849.0 42,595.0 59,160.0 Per Capita Real GDP (In Birr) 14,118.3 15,189.1 16,366.5 17,192.4 18,393.9 19,204.9 20,312.5 21,155.3 21,860.5 22,580.2 Average Exchange Rate (Birr/USD) 18.3 19.1 20.1 21.1 22.4 26.1 28.1 31.3 39.0 48.6 Real GDP (In USD) 65,528.4 69,237.3 72,546.1 74,296.6 76,610.6 70,249.0 70,666.9 67,294.2 57,101.7 48,388.0 Nominal GDP (In USD)(Million) 48,671.9 57,071.7 66,282.4 74,296.6 81,760.4 84,356.0 96,107.0 107,672.6 111,261.9 126,776.6 Per Capita Nominal GDP (In USD) 573.7 656.4 744.1 814.6 875.8 883.3 985.0 1,080.0 1,091.8 1,218.0 Per Capita Real GDP (In USD) 772.4 796.3 814.4 814.6 820.7 735.6 724.3 675.0 560.3 464.9 GDP Deflator 0.74 0.82 0.91 1.00 1.07 1.20 1.36 1.60 1.95 2.62 Source: MoPD Description / Year 24

Table 21: Growth Rates of Aggregate Output, Consumption, Investment and Savings 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 GDP at Current Basic Prices 15.3 22.4 22.4 18.2 17.6 21.2 23.3 25.2 29.4 43.2 Taxes on Products, net 24.1 21.9 22.1 12.9 8.5 6.9 10.9 25.4 16.0 15.9 GDP at Current Market Prices 16.0 22.4 22.4 17.7 16.9 20.2 22.5 25.2 28.6 41.8 Incomes from ROW, net (17.0) (50.0) (81.0) (2.9) (112.5) (31.8) (33.0) 46.5 16.5 24.3 Gross National Income at Current Basic Price 15.3 22.3 22.2 18.3 17.2 21.1 23.3 25.0 29.5 43.3 Gross National Income at Current Market Price 16.0 22.3 22.2 17.8 16.6 20.1 22.5 25.1 28.7 41.9 Current Transfers from ROW, net 7.5 13.9 20.7 21.5 (0.6) 21.7 25.7 (12.5) 38.9 36.6 Gross National Disposable Income 15.1 21.5 22.1 18.1 15.0 20.2 22.8 22.0 29.3 41.6 Government Final Consumption Expenditure 25.1 26.4 19.2 27.2 16.6 10.8 9.7 24.6 24.5 18.2 Private Final Consumption Expenditure 17.6 17.0 20.3 15.7 17.0 18.2 27.9 27.9 32.6 52.0 Gross Capital Formation (Investment) 6.6 36.4 27.0 15.1 20.3 6.7 26.2 8.8 17.9 28.3 Exports of Goods and Services 5.2 14.1 (1.6) 0.8 14.1 31.8 15.9 12.7 37.7 53.2 Imports of Goods and Services 6.3 22.8 27.4 8.0 1.3 16.7 11.8 1.4 27.4 55.5 Resource Balance (7.2) (29.4) (46.7) (11.3) 3.9 (9.4) (9.5) (5.5) 19.8 57.4 Gross Domestic Savings 5.7 41.8 30.8 19.4 16.6 30.7 12.2 17.0 17.0 14.3 Gross National Savings 6.3 31.4 27.1 20.3 10.3 28.1 16.4 8.0 22.2 20.1 Mid-year Population (in Million) 2.5 2.5 2.4 2.3 2.2 2.1 Per Capita GDP (Birr) (Nominal) 13.1 19.4 19.4 15.0 14.2 17.5 19.8 22.5 25.8 38.9 Per Capita GDP (Birr) (Real) 7.9 7.6 7.8 5.0 7.0 4.4 5.8 4.1 3.3 3.3 Average Exchange Rate (Birr/USD) 5.9 4.4 5.4 5.0 6.2 16.5 7.6 11.5 24.5 24.5 Real GDP (USD) 4.4 5.7 4.8 2.4 3.1 (8.3) 0.6 (4.8) -15.1 -15.3 GDP at Current Market Prices(USD) 9.5 17.3 16.1 12.1 10.0 3.2 13.7 12.0 3.3 13.9 Per Capita GDP (USD) (Nominal) 6.8 14.4 13.4 9.5 7.5 0.9 11.5 9.6 1.1 11.6 Per Capita GDP (USD) (Real) 1.8 3.1 2.3 0.0 0.7 (10.4) (1.5) (6.8) -17.0 -17.0 Percentage Change in GDP Deflator 4.9 11.0 10.8 9.5 6.7 12.5 13.3 17.6 21.8 34.5 Source:MoPD Description / Year

Period General Index Food and NonAlcoholic Beverages Alcoholic Beverages and Tobacco Clothing & Footwear Hosing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 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 2021/22 QI 234.9 263.5 202.5 213.2 202.0 217.8 206.3 209.0 119.9 189.2 164.9 205.3 195.1 201.8 QII 244.0 271.9 218.7 223.0 211.4 228.2 221.6 209.3 121.0 220.7 184.8 218.6 200.3 211.9 QIII 257.7 286.3 240.5 225.8 223.2 249.4 232.8 217.3 125.8 238.3 190.1 233.4 215.8 224.6 QIV 282.2 317.0 259.4 250.3 227.7 292.5 246.9 223.5 129.9 256.6 196.8 262.2 253.8 242.1 2022/23 QI 310.4 351.0 270.8 287.0 239.6 327.2 256.5 265.1 133.7 286.4 207.3 291.1 287.7 263.7 QII 325.9 360.4 298.9 307.6 260.5 360.7 268.2 278.8 127.5 350.6 222.5 312.1 326.5 286.1 QIII 343.8 378.0 324.1 327.9 276.2 386.7 293.6 276.8 128.3 359.9 223.5 335.5 351.5 304.4 QIV 370.1 410.0 333.5 351.6 295.1 416.3 329.7 290.3 133.4 357.7 231.3 361.3 369.4 324.2 Table 22(A): National Non-Food Consumer Price Index, Source: Central Statistical Agency(CSA) and NBE Staff Compilation

December 2016=100 Period Food & Nonalcoholic Beverages Bread and Cereals Meat Fish & Sea Food Hosing,Water, Electricity, Gas and Other Fuels Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate & confectionery Food products Non-Alcoholic Beverages 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 2021/22 QI 263.5 320.2 252.0 188.2 223.4 241.9 219.6 235.9 124.5 284.7 210.2 QII 271.9 326.9 250.1 193.3 227.2 250.6 253.6 243.7 138.9 294.4 231.9 QIII 286.4 332.5 262.5 194.1 254.6 285.6 254.9 256.3 146.8 298.1 271.9 QIV 317.0 357.0 303.2 259.7 301.7 323.7 265.5 291.2 148.1 315.0 312.1 2022/23 QI 351.0 400.8 342.7 401.8 332.3 400.2 313.8 304.8 163.1 329.8 349.7 QII 360.4 414.1 357.3 437.9 342.0 403.6 352.0 307.5 170.5 338.3 362.2 QIII 378.0 441.6 374.0 459.8 366.3 392.6 381.0 339.1 193.3 342.6 346.1 QIV 410.0 492.3 417.6 435.9 384.2 384.2 395.9 384.7 218.8 349.6 347.1 Source: CSA and NBE Staff Compilation Table 22 (B): National Food Consumer Price Index,

Period General Index Food & Nonalcoholic Beverages Alcoholic beverages & Tobacco Clothing & Footwear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 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 2021/22 QI 234.8 265.3 218.9 191.5 281.4 221.6 208.1 161.7 117.7 153.3 161.3 198.6 192.5 211.7 QII 242.0 270.1 223.0 195.0 286.3 241.8 221.4 163.9 118.1 182.2 195.9 214.3 201.0 220.7 QIII 253.7 277.5 233.8 209.3 300.0 257.0 241.6 188.7 118.8 204.7 198.8 236.7 213.5 235.6 QIV 279.3 311.6 256.4 239.8 306.7 289.2 278.1 192.3 122.6 231.8 201.1 271.5 257.6 254.8 2022/23 QI 308.7 346.3 290.0 266.9 328.2 319.3 283.7 238.7 127.5 261.8 214.3 303.7 283.2 280.1 QII 323.2 358.0 312.9 312.6 327.6 355.8 327.1 260.9 129.6 280.3 212.0 309.3 322.0 296.7 QIII 355.7 381.5 331.8 357.8 402.9 382.5 341.4 273.6 131.2 295.3 217.4 345.0 361.7 336.1 QIV 399.1 438.2 349.0 389.4 458.9 408.6 368.7 303.2 131.9 286.5 227.4 384.0 381.0 369.3 Table 22 (C): Addis Ababa Non-Food Consumer Price Index

Table 22(D): Addis Ababa Food Consumer Price Index Period Food & Non- alcoholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 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 2021/22 QI 265.3 255.7 267.8 259.0 211.7 236.2 218.5 225.8 143.6 705.6 202.2 QII 270.1 274.0 256.8 296.5 216.8 273.7 237.9 234.2 181.0 577.5 219.8 QIII 277.5 278.5 268.6 229.5 222.9 317.5 261.0 232.3 191.0 522.6 266.5 QIV 311.6 288.7 328.4 305.3 261.9 381.4 279.1 279.9 195.2 538.4 285.4 2022/23 QI 346.3 320.3 356.2 322.2 304.5 470.2 322.1 314.7 231.7 520.8 316.8 QII 358.0 336.7 379.4 317.8 320.4 493.8 359.1 298.3 234.9 543.8 339.9 QIII 381.5 392.0 406.5 334.8 343.2 415.7 417.1 312.8 332.2 542.1 348.2 QIV 438.2 463.4 454.9 346.3 377.9 426.6 405.9 409.1 336.4 550.4 353.3

Table 22 (E1): Regional States' Consumer Price Indices (Non-Food) Period General Index Food & Non- alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot- wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 2021/22 QI 216.5 256.8 177.6 143.3 180.0 188.9 203.2 161.0 218.4 104.6 249.6 156.4 182.1 183.3 QII 223.0 268.3 179.1 156.8 188.8 173.8 214.1 155.7 203.4 104.6 303.9 171.2 191.3 193.7 QIII 233.3 274.4 193.5 172.7 197.0 197.1 228.9 165.1 218.4 104.6 319.7 175.3 196.8 208.5 QIV 268.7 313.4 225.5 193.3 237.8 245.6 276.5 161.8 218.4 104.6 358.9 226.0 212.1 239.4 2022/23 QI 300.1 356.1 245.9 189.2 258.5 253.3 328.6 189.6 256.2 104.6 419.2 240.7 255.4 279.4 QII 317.3 376.4 260.1 176.3 272.2 251.1 373.4 209.5 327.5 104.6 501.3 240.3 265.3 364.7 QIII 342.0 398.4 287.5 209.0 286.9 275.1 415.1 304.4 305.0 104.6 519.9 193.2 291.2 404.5 QIV 378.0 438.2 319.7 226.0 308.8 320.9 448.7 342.9 387.5 104.6 521.5 230.5 321.8 430.0 Source: Central Statistical Agency AFAR

December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 75.17 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 77.37 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 78.77 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 2021/22 QI 232.9 255.5 207.6 266.8 204.1 206.5 206.5 257.8 170.6 217.5 195.1 164.4 195.1 174.5 QII 244.2 264.5 221.4 297.2 213.2 219.5 214.7 280.2 193.8 220.8 213.5 164.6 212.0 170.0 QIII 260.6 279.3 239.7 317.5 229.3 236.4 234.6 298.0 192.8 245.7 227.3 187.6 234.5 189.8 QIV 283.1 302.6 261.2 354.1 253.2 240.1 279.6 281.3 192.0 257.3 243.5 207.4 276.0 231.8 2022/23 QI 313.1 344.3 278.1 394.9 275.8 228.9 315.7 307.5 243.9 257.3 272.1 205.7 313.6 269.0 QII 326.0 349.8 299.4 423.0 299.2 238.6 337.9 356.7 270.2 222.5 320.7 281.0 345.6 336.8 QIII 344.9 364.2 323.2 466.0 316.7 268.0 353.2 350.2 276.4 222.5 355.9 260.8 369.9 362.8 QIV 374.4 398.1 347.9 488.9 333.8 299.0 400.7 353.9 267.1 234.8 356.8 275.5 394.7 358.9 AMHARA Table 22 (E2): Regional States' Consumer Price Indices (Non-Food)

Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment & Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2013/14 Q.I 86.6 87.2 85.9 69.5 82.0 93.4 81.5 81.7 97.8 100.0 90.4 0.0 84.4 93.4 Q.II 91.3 92.7 89.4 80.0 82.8 97.0 83.8 91.0 100.7 100.0 90.5 0.0 86.3 94.7 Q.III 89.2 85.0 94.7 87.4 89.1 108.4 83.7 92.3 102.9 100.0 90.9 0.0 86.4 95.4 Q.IV 89.9 85.4 95.9 94.0 92.6 106.4 84.2 92.4 103.2 100.0 91.1 0.0 89.6 96.5 2014/15 Q.I 88.0 83.9 93.6 89.4 93.4 99.1 87.5 91.6 101.9 100.0 91.0 0.0 88.3 95.8 Q.II 88.4 84.9 93.2 83.9 94.8 98.5 87.9 83.4 100.5 100.0 92.0 0.0 91.8 94.9 Q.III 89.1 88.1 90.5 85.5 97.6 85.7 91.0 83.9 100.3 100.0 92.4 0.0 92.0 95.7 Q.IV 91.2 90.6 91.9 87.7 98.4 87.9 91.7 84.5 99.5 100.0 93.0 0.0 93.9 95.0 2015/16 Q.I 97.2 99.9 93.7 84.1 100.0 93.6 94.9 85.9 99.8 100.0 93.8 0.0 92.2 95.8 Q.II 98.4 99.9 96.4 88.6 101.5 97.6 97.0 94.3 100.1 100.0 94.0 0.0 92.1 98.3 Q.III 96.1 94.6 98.0 92.5 101.5 98.0 99.7 96.8 103.3 100.0 96.1 0.0 95.2 98.7 Q.IV 96.6 95.9 97.5 92.8 101.7 91.6 101.0 134.6 99.1 100.0 96.6 0.0 94.4 101.4 2016/17 QI 99.6 100.1 99.0 85.7 100.0 98.9 98.5 149.8 99.6 100.0 98.7 0.0 96.0 100.9 QII 99.8 100.4 99.0 92.2 100.2 99.0 99.6 102.4 106.9 100.0 100.0 33.3 97.6 102.1 QIII 103.3 103.0 101.7 104.4 100.7 102.3 101.2 104.3 103.9 99.8 99.0 100.0 98.1 100.9 QIV 106.5 109.5 103.0 98.3 102.1 102.8 107.9 113.4 104.7 102.1 111.6 99.4 101.6 101.9 2017/18 QI 111.4 117.8 105.4 91.6 96.2 100.7 114.1 98.9 113.9 100.0 161.4 100.0 123.5 103.2 QII 114.8 121.5 108.5 91.4 94.1 99.4 124.0 100.5 118.8 100.0 168.0 100.0 136.3 104.5 QIII 117.6 119.9 115.5 109.9 99.8 102.2 126.8 132.8 122.7 100.0 167.3 100.0 140.8 112.3 QIV 120.7 121.2 120.2 111.3 100.3 103.3 140.9 186.7 120.8 100.0 177.4 100.0 139.9 117.7 2018/19 QI 125.8 129.2 122.6 106.2 102.9 103.6 147.2 189.5 117.7 100.0 174.9 100.0 152.2 119.1 QII 130.0 130.2 129.9 110.3 114.7 101.7 147.5 191.0 119.0 97.8 177.6 100.0 187.4 117.8 QIII 134.8 132.8 136.6 115.1 119.8 103.4 150.0 188.8 121.6 97.8 180.8 112.5 213.6 122.5 QIV 143.4 142.9 143.9 127.9 119.7 110.8 165.9 189.9 127.5 100.0 184.4 104.2 218.8 132.1 2018/19 QI 156.5 164.5 149.1 130.8 134.1 122.3 172.6 196.4 129.1 100.0 200.9 100.0 210.4 135.8 QII 158.9 166.7 151.5 134.6 132.3 123.9 164.8 186.9 132.1 100.0 247.9 125.0 219.6 148.9 QIII 167.2 173.0 161.9 161.4 136.3 131.0 175.2 192.6 132.1 100.0 238.5 125.0 234.1 158.7 QIV 179.9 190.9 169.6 197.1 137.9 128.7 175.7 197.2 140.5 100.0 234.7 125.0 249.5 161.0 2020/21 QI 201.1 222.6 180.8 201.3 147.0 141.5 177.9 195.9 177.9 100.0 236.1 114.6 271.0 169.6 QII 203.4 220.5 187.2 210.7 149.5 153.1 183.1 198.8 132.7 100.0 268.6 125.0 288.0 170.6 QIII 203.7 217.6 190.7 193.5 166.8 188.3 198.5 204.0 139.2 100.0 282.7 125.0 235.4 182.7 QIV 218.6 233.9 204.3 201.8 181.8 172.7 230.5 225.2 140.6 100.0 309.8 125.0 295.6 188.2 2021/22 QI 258.1 289.1 229.0 221.0 201.2 201.4 258.3 239.3 140.6 100.0 311.5 141.7 339.2 205.6 QII 283.6 317.3 252.0 250.7 206.3 236.5 283.8 245.1 144.2 100.0 378.2 154.2 364.3 217.7 QIII 297.0 329.3 266.5 259.7 225.6 251.8 316.1 249.0 151.5 100.0 373.7 141.7 372.6 247.8 QIV 314.8 359.9 272.4 251.3 247.7 230.1 363.8 260.3 192.0 100.0 393.1 150.0 368.6 308.5 2022/23 QI 347.7 405.4 293.5 268.5 263.5 224.6 395.1 269.4 244.2 100.0 467.6 150.0 424.1 349.7 QII 368.0 422.3 316.9 321.0 292.8 235.5 428.6 267.2 255.9 100.0 588.0 170.8 427.4 426.8 QIII 394.5 426.9 364.1 347.8 319.6 247.8 469.3 291.3 266.3 100.0 590.5 158.3 599.4 467.0 QIV 416.8 463.6 372.8 316.2 346.0 225.4 510.1 310.0 279.3 100.0 589.1 150.0 652.9 494.2 Source: Central Statistical Agency BENISHANGUL GUMUZ Table 22 (E3): Regional States' Consumer Price Indices (Non-Food)

Table 22 (E4): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 2021/22 QI 217.7 279.7 171.5 190.4 185.7 158.6 196.3 239.2 173.3 60.2 197.4 187.4 185.4 150.8 QII 233.0 295.8 186.1 212.8 209.9 172.9 207.3 251.9 182.1 60.2 203.8 208.8 194.7 163.7 QIII 245.1 294.5 208.2 298.0 215.2 181.6 220.5 243.1 203.5 60.2 203.5 204.9 218.7 181.1 QIV 267.7 323.8 225.8 322.3 224.9 187.9 270.4 249.5 168.6 60.2 203.7 210.1 254.0 217.8 2022/23 QI 303.5 374.9 250.1 335.4 260.7 202.3 301.3 265.0 226.8 60.2 259.8 200.7 286.6 250.2 QII 337.0 402.8 288.0 367.0 372.7 208.2 348.4 249.0 269.3 60.2 322.3 196.3 307.9 318.6 QIII 362.2 426.0 314.6 406.8 420.7 207.3 382.0 262.4 338.0 60.2 316.3 196.5 325.3 368.3 QIV 392.4 478.8 327.8 425.7 438.7 215.0 404.1 286.0 285.0 60.2 339.3 206.2 348.7 407.7 Source: Central Statistical Agency DIRE DAWA

Table 22 (E5): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 2021/22 QI 220.2 260.9 173.3 270.4 219.3 137.0 219.5 147.3 209.6 137.0 227.7 202.0 185.8 145.2 QII 229.6 262.4 191.8 291.8 266.9 156.2 231.0 164.2 202.2 128.3 323.6 237.8 196.3 185.3 QIII 250.8 294.7 200.3 292.2 312.1 156.5 264.0 151.6 200.9 157.4 317.3 245.5 205.4 196.0 QIV 275.5 319.7 224.6 313.8 317.1 177.1 307.6 184.4 238.0 198.8 348.7 248.9 228.5 212.1 2022/23 QI 305.3 357.2 245.7 357.0 332.7 180.7 326.9 237.1 238.6 242.4 478.7 227.5 303.9 239.6 QII 316.1 367.1 257.5 370.2 355.4 183.5 335.2 216.2 259.0 235.2 604.7 234.8 344.3 294.7 QIII 335.9 391.2 272.3 400.3 363.6 191.68226 378.0461431 230.4 249.4 244.9 574.7 229.3 347.3 347.7 QIV 357.7 424.9 280.4 447.9 382.8 178.36345 399.9577908 264.6 280.4 262.7 560 229.3 371.1 359.6 Source: Central Statistical Agency GAMBELLA

Table 22 (E6): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 2021/22 QI 215.3 249.1 191.7 182.7 174.8 201.8 189.1 213.2 240.3 100.0 147.8 168.2 220.8 202.3 QII 245.3 276.6 223.4 278.0 188.2 208.4 202.8 225.9 247.2 100.0 184.3 200.8 234.9 220.5 QIII 261.8 283.4 246.6 348.5 205.7 203.5 227.4 251.9 256.3 100.0 187.2 197.6 243.8 243.8 QIV 283.8 307.9 267.0 374.1 216.0 204.5 259.5 265.4 279.0 100.0 193.4 203.5 283.8 296.4 2022/23 QI 306.3 348.6 276.7 322.0 228.4 214.2 293.4 306.2 353.1 100.0 220.3 201.3 345.0 330.3 QII 316.5 362.1 284.5 279.6 257.0 224.7 313.9 346.0 375.6 100.0 255.4 201.0 382.7 368.3 QIII 348.8 381.4 326.0 391.8 272.5 275.8 346.5 376.2 322.2 100.0 309.9 207.3 376.0 385.9 QIV 371.6 426.3 333.3 345.7 296.3 298.6 366.5 379.3 348.7 100.0 464.9 206.6 394.4 423.3 Source: Central Statistical Agency HARARI

Table 22 (E7): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2012/13 Q.I 74.2 76.4 71.9 63.1 72.7 69.6 72.9 60.2 105.6 100.0 69.2 100.0 67.9 82.8 Q.II 74.1 75.0 73.0 67.8 69.9 70.3 75.6 67.9 106.5 100.0 63.0 100.0 69.9 84.5 Q.III 74.3 74.7 73.9 71.4 72.8 70.7 75.8 70.8 98.6 100.0 60.4 100.0 70.3 86.0 Q.IV 75.4 75.7 75.1 68.4 74.2 72.8 77.9 73.5 98.9 100.0 60.3 100.0 72.6 86.3 2013/14 Q.I 78.6 79.2 77.9 68.5 78.6 76.5 79.6 70.2 98.7 100.0 75.3 100.0 75.5 88.3 Q.II 79.9 81.3 78.4 74.3 82.0 73.3 80.7 77.7 98.9 100.0 78.5 100.0 76.0 89.1 Q.III 80.1 79.0 81.4 81.7 83.2 77.4 83.7 79.9 100.9 100.0 74.5 100.0 76.6 89.0 Q.IV 83.0 82.4 83.6 79.6 85.0 82.2 84.9 83.3 101.6 100.0 67.9 100.0 78.9 89.6 2014/15 Q.I 86.0 87.0 84.8 84.6 87.6 81.8 86.4 80.8 101.5 100.0 78.5 100.0 79.6 90.1 Q.II 87.3 87.7 86.9 87.8 90.9 84.5 88.2 81.1 101.1 100.0 79.2 100.0 80.0 91.4 Q.III 91.0 91.3 90.7 97.8 93.4 89.1 90.3 84.3 99.8 100.0 80.2 100.0 82.1 92.6 Q.IV 96.0 98.3 93.4 99.0 95.0 94.3 91.9 84.0 98.9 100.0 81.0 100.0 84.5 93.9 2015/16 Q.I 100.0 105.6 93.6 95.6 96.6 93.5 93.3 87.1 99.1 102.4 83.5 100.0 87.3 94.6 Q.II 99.6 104.0 94.7 97.3 97.5 93.3 95.2 93.9 98.8 100.0 88.7 100.0 89.8 96.1 QIII 98.8 100.5 96.9 102.7 98.9 95.0 98.7 93.9 99.1 100.0 92.0 100.0 91.7 97.2 QIV 100.7 102.7 98.4 90.9 99.8 101.2 99.1 98.1 96.1 100.0 95.4 100.0 94.3 98.8 2016/17 QI 101.9 104.9 98.5 85.5 99.0 102.5 99.8 94.7 98.8 100.0 96.1 100.0 96.7 99.9 QII 100.8 101.8 99.7 95.9 100.0 101.2 99.8 99.1 99.6 100.0 100.2 100.0 98.5 99.4 QIII 102.3 101.6 103.2 104.1 102.0 105.3 101.2 106.5 100.6 99.4 99.4 101.4 100.7 101.3 QIV 105.6 108.8 101.4 93.4 104.0 99.7 108.5 112.8 102.8 99.0 109.5 105.1 101.3 101.6 2017/18 QI 110.0 112.9 106.1 96.9 130.6 105.3 110.7 67.7 106.3 99.3 110.4 115.8 101.2 101.2 QII 114.2 116.2 111.6 99.0 133.8 115.7 116.4 69.5 111.3 100.2 112.6 114.5 102.8 101.9 QIII 116.4 116.6 116.2 106.6 143.8 117.3 122.8 70.6 115.1 102.5 115.5 119.1 108.0 105.8 QIV 121.1 120.3 122.1 100.0 157.0 126.3 129.1 71.8 115.9 101.3 117.4 120.0 115.5 111.9 2018/19 QI 125.1 123.7 126.9 103.4 164.8 130.4 135.8 75.0 119.4 102.6 119.2 130.2 122.6 114.9 QII 125.8 124.5 127.6 106.6 164.8 128.9 137.2 75.3 126.0 102.8 120.9 132.6 125.2 115.9 QIII 130.1 128.0 132.7 119.2 175.0 130.9 143.0 77.9 142.9 102.1 123.2 133.5 120.5 120.9 QIV 138.4 143.1 132.5 117.1 171.8 127.6 147.6 81.4 146.0 103.6 123.7 137.1 124.0 130.1 2018/19 QI 146.1 152.2 138.1 117.2 180.0 135.3 153.0 85.4 148.7 102.9 122.4 141.2 131.9 134.0 QII 148.8 154.8 141.1 125.3 183.0 136.7 152.0 93.5 149.9 101.8 137.6 133.3 138.0 138.1 QIII 154.6 160.7 146.7 127.6 178.9 149.4 153.0 95.6 159.0 100.7 134.0 136.4 142.4 144.6 QIV 165.5 175.5 152.7 147.7 190.3 140.8 156.4 124.8 211.0 102.3 131.4 139.6 148.1 148.3 2020/21 QI 173.8 187.6 156.2 145.1 190.6 144.4 159.0 121.8 244.2 101.3 137.4 147.8 151.6 152.5 QII 175.2 189.3 157.0 149.8 201.0 144.1 158.2 141.8 190.4 100.6 151.6 144.5 159.5 159.0 QIII 186.9 198.5 172.0 159.3 210.9 163.5 175.4 165.3 220.5 101.9 167.0 146.0 166.2 168.2 QIV 202.6 221.1 178.9 164.2 226.9 152.7 204.8 184.2 255.0 104.1 180.3 157.8 174.2 195.0 2021/22 QI 234.8 264.2 197.1 184.1 244.7 176.9 229.3 206.9 246.8 106.4 197.5 173.3 184.9 204.5 QII 243.8 271.6 208.2 206.2 259.0 185.8 236.1 219.7 249.0 108.6 231.8 179.0 198.8 211.4 QIII 257.1 287.3 218.4 213.6 248.0 200.7 262.8 233.1 255.3 110.3 255.6 183.3 211.0 223.2 QIV 284.2 319.9 238.3 214.3 277.3 214.8 311.0 257.5 255.8 114.2 275.0 193.9 236.7 267.0 2022/23 QI 315.5 355.4 264.2 218.3 336.2 233.8 346.1 255.5 292.4 121.6 299.1 207.3 262.0 310.6 QII 329.6 364.0 285.6 241.7 333.7 264.1 382.5 250.1 302.9 118.8 373.1 225.9 286.5 338.5 QIII 343.4 377.4 299.7 268.3 350.0 267.7 417.0 289.4 286.7 120.1 377.5 232.7 305.0 363.9 QIV 373.6 415.9 319.3 280.2 375.9 281.0 442.2 357.5 293.0 126.5 369.8 236.2 334.1 392.1 Source: Central Statistical Agency OROMIA

Table 22 (E8): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 QI 99.2 97.6 100.6 97.1 96.5 105.9 99.7 92.5 85.3 99.5 98.0 100.0 96.4 98.9 QII 99.1 98.7 99.5 99.2 97.5 100.7 101.2 96.3 93.9 100.0 100.2 100.0 98.2 99.3 QIII 102.1 105.8 97.9 101.2 104.1 101.7 111.2 100.0 99.5 108.3 100.7 101.0 QIV 110.2 114.7 104.3 98.2 101.0 102.8 118.1 104.5 105.7 100.2 115.5 103.4 103.4 103.6 2017/18 QI 113.9 119.3 107.0 102.6 105.5 105.5 121.9 103.3 106.8 99.9 119.1 109.6 107.0 104.8 QII 115.6 118.8 111.6 104.7 108.9 113.2 124.0 109.3 107.3 100.0 115.6 111.9 111.0 106.2 QIII 118.2 118.6 117.8 111.9 114.6 118.7 130.2 113.5 110.6 100.5 119.2 115.9 124.8 114.0 QIV 123.4 125.5 120.5 114.5 119.8 118.4 139.1 119.0 114.2 100.6 122.7 113.8 131.8 118.8 2018/19 QI 126.7 129.5 123.2 116.4 122.7 120.9 143.5 116.1 115.6 89.0 125.5 119.5 134.3 121.8 QII 126.0 128.5 122.8 121.0 126.6 116.3 145.0 119.8 116.2 65.0 128.1 131.3 137.6 124.9 QIII 128.3 129.0 127.4 128.5 130.0 119.3 149.3 122.8 119.7 67.5 130.0 130.5 141.3 129.3 QIV 137.0 141.5 131.1 130.4 130.6 123.5 152.0 122.2 126.9 68.5 132.6 135.8 147.5 135.6 2018/19 QI 146.3 153.2 137.4 130.7 128.4 131.7 155.0 125.1 134.3 73.2 136.9 139.9 155.9 140.3 QII 154.0 158.9 147.7 130.5 124.1 154.3 157.6 128.2 140.6 70.6 149.3 137.0 163.3 144.2 QIII 161.7 162.8 160.3 134.7 127.5 181.1 159.8 129.4 141.6 69.0 148.2 135.0 167.7 149.8 QIV 179.2 183.1 174.3 169.6 131.1 198.4 160.5 133.1 177.3 69.7 151.3 134.5 173.7 154.8 2020/21 QI 189.9 196.2 181.8 172.0 134.9 207.4 164.0 136.0 205.3 70.4 150.5 128.6 179.4 156.6 QII 193.7 202.3 182.7 172.9 138.9 210.8 164.8 140.9 171.8 70.5 165.7 144.3 185.4 162.0 QIII 207.1 211.6 201.2 183.4 147.5 229.1 180.2 146.5 252.8 72.1 179.7 148.6 193.9 173.3 QIV 231.9 246.9 212.4 195.5 159.2 239.5 211.2 165.8 221.2 73.5 196.5 147.6 214.1 186.3 2021/22 QI 259.9 291.3 219.2 208.9 170.9 237.5 232.9 176.4 226.1 73.3 209.1 156.1 238.1 201.3 QII 266.8 296.5 228.4 218.6 178.7 248.0 250.3 202.2 209.4 72.1 263.5 172.6 250.4 209.8 QIII 278.8 308.8 239.9 230.9 191.9 257.2 274.6 202.0 214.4 71.9 282.6 177.3 260.9 235.8 QIV 304.6 344.9 252.4 248.4 206.6 253.5 326.8 212.7 230.2 71.1 302.0 181.3 290.6 276.5 2022/23 QI 336.3 380.3 279.4 266.8 226.9 280.4 369.2 234.3 273.8 71.1 336.5 195.2 319.8 307.9 QII 356.2 394.8 306.3 283.0 249.0 313.2 407.2 246.1 279.0 70.4 457.8 208.1 333.2 353.2 QIII 372.6 411.5 322.3 306.9 268.6 323.4 433.4 269.0 289.1 70.7 444.0 205.3 364.6 378.7 QIV 404.0 448.3 346.7 327.5 292.9 345.2 468.3 269.3 321.3 75.2 435.8 210.9 400.3 397.5 Source: Central Statistical Agency SNNPR

Table 22 (E9): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 2012/13 Qtr.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 Qtr. 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 Qtr. 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 Qtr. 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 Qtr.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 Qtr. 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 Qtr. 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 Qtr. 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 Qtr.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 Qtr. 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 Qtr. 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 Qtr. 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 Qtr.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 Qtr. 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 Qtr. III 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 Qtr. IV 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 Qtr.I 92.3 95.1 89.6 88.57 102.3 82.4 98.9 107.4 100.0 100.0 82.1 100.0 94.7 95.7 Qtr. II 96.7 99.5 94.0 94.32 100.9 88.8 101.4 101.5 100.0 98.1 99.6 Qtr. III 102.7 102.8 102.5 109.02 100.1 100.1 101.4 99.5 104.3 100.1 100.0 97.1 100.2 94.5 Qtr. IV 101.6 104.7 98.1 89.46 103.0 99.1 105.2 107.4 112.5 100.1 140.3 109.2 104.1 97.0 2017/18 Qtr.I 104.8 106.9 102.5 101.79 109.4 97.5 110.1 114.0 113.2 100.0 129.6 107.4 114.2 98.2 Qtr. II 111.8 113.9 109.5 123.39 113.2 98.5 108.3 120.4 113.4 100.6 137.8 125.4 104.2 105.6 Qtr. III 112.5 114.4 110.5 124.6 112.1 98.5 112.4 118.3 113.3 100.6 153.0 133.0 116.4 109.2 Qtr. IV 112.5 119.7 104.5 92.4 123.4 97.9 122.2 142.0 114.1 100.6 154.3 125.9 119.7 122.2 2018/19 Qtr.I 120.6 129.0 111.4 105.4 128.1 101.6 130.9 145.6 112.7 102.3 154.6 129.3 129.0 128.4 Qtr. II 119.9 128.6 110.2 95.6 149.4 98.6 125.4 155.1 122.6 101.9 156.9 133.0 132.8 124.2 Qtr. III 123.3 131.9 113.8 103.7 149.1 100.8 126.9 143.8 142.0 103.1 157.3 134.2 131.2 126.2 Qtr. IV 133.2 140.6 125.0 123.4 152.3 107.0 151.6 145.7 143.3 103.8 158.0 139.6 134.3 148.9 2018/19 Qtr.I 145.3 155.1 134.4 133.3 161.4 122.2 137.5 133.2 177.3 103.2 162.6 158.6 144.1 152.4 Qtr.II 150.4 162.3 137.1 131.3 168.5 127.9 133.2 146.3 178.6 103.0 187.6 191.6 155.7 151.3 Qtr.III 148.6 158.7 137.5 119.2 176.8 134.7 132.3 133.1 184.2 102.8 200.5 201.3 158.5 154.7 Qtr.IV 153.8 161.5 145.1 151.7 179.0 128.4 133.9 131.4 209.2 102.8 193.7 203.7 157.3 154.2 2020/21 Qtr.I 157.1 166.3 146.9 132.9 196.9 133.6 135.7 137.3 281.7 103.1 197.6 187.6 166.7 168.0 Qtr.II 161.3 167.5 154.4 161.3 184.2 135.8 143.4 141.7 243.6 103.0 213.1 210.9 181.3 176.8 Qtr.III 172.0 183.3 159.5 158.4 182.4 146.6 163.1 156.2 245.9 103.5 227.0 212.2 178.1 182.1 Qtr.IV 191.9 206.8 175.4 161.0 195.2 179.9 173.8 154.8 243.5 103.8 225.2 200.9 181.4 193.0 2021/22 Qtr.I 210.0 235.9 181.4 183.7 216.3 158.7 206.3 165.4 259.0 104.4 260.3 217.0 199.8 214.1 Qtr.II 223.3 257.4 185.5 175.4 218.3 171.2 218.6 183.9 252.5 104.7 296.4 261.8 201.9 218.1 Qtr.III 235.2 260.8 206.9 240.9 230.9 168.7 232.6 190.4 272.0 104.5 327.1 259.2 194.5 238.3 Qtr.IV 257.7 287.2 225.0 295.6 264.2 144.4 270.8 210.8 337.6 108.5 362.1 267.1 216.8 278.6 2022/23 Qtr.I 289.7 333.1 241.7 300.3 296.7 146.1 324.9 238.2 449.4 112.1 463.7 300.4 235.5 329.1 Qtr.II 324.1 352.5 292.6 364.1 425.3 164.5 393.3 245.5 459.1 114.5 566.4 365.6 259.2 379.1 Qtr.III 337.0 363.0 308.2 368.4 472.0 180.7 415.0 243.5 421.4 115.0 594.2 386.9 267.3 403.0 Qtr.IV 347.9 380.9 311.5 356.7 514.6 173.6 434.7 249.4 427.0 116.0 602.9 397.7 279.6 433.6 Source: Central Statistical Agency SOMALI

Table 22 (E10): Regional States' Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods 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 2021/22 QI 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIV 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 2022/23 QI 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIII 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 QIV 213.8 239.2 192.3 264.6 179.3 194.6 154.0 168.3 116.2 100.0 122.7 160.6 248.4 183.2 Source: Central Statistical Agency TIGRAY

Table 22 (F1): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Nonalcoholic Beverages Bread & Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 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 2021/22 QI 256.8 300.4 245.5 252.3 210.3 348.3 159.8 250.0 148.6 349.7 190.0 QII 268.3 312.1 255.9 243.3 208.9 300.2 169.7 304.0 194.0 303.9 219.5 QIII 274.4 308.4 249.9 254.6 239.4 313.4 178.5 271.6 213.2 297.9 254.6 QIV 313.4 323.7 302.3 238.0 277.1 466.1 187.8 357.0 233.9 302.0 282.4 2022/23 QI 356.1 369.2 385.0 263.8 332.8 480.3 229.7 394.3 247.6 322.9 303.2 QII 376.4 393.0 388.9 296.0 371.0 499.0 234.0 383.8 247.6 320.0 337.5 QIII 398.4 418.8 408.3 330.3 389.8 569.0 256.6 336.6 405.7 321.7 348.1 QIV 438.2 456.7 439.6 362.2 421.4 604.8 340.5 450.4 426.5 319.9 355.5 Source: Central Statistical Agency AFAR

Table 22 (F2): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Nonalcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 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 2021/22 QI 255.5 330.4 260.7 0.0 243.5 280.4 246.8 191.7 166.7 241.1 180.1 QII 264.5 321.7 263.5 0.0 252.4 329.1 271.9 199.4 233.5 258.8 203.0 QIII 279.3 331.8 278.4 0.0 266.2 422.7 274.2 191.6 234.6 272.1 245.6 QIV 302.6 359.5 309.1 0.0 313.5 384.7 287.3 222.1 201.2 291.8 283.8 2022/23 QI 344.3 415.3 374.2 0.0 355.0 487.6 349.4 246.3 247.3 315.8 297.9 QII 349.8 421.5 387.8 0.0 369.3 522.2 378.6 228.1 247.1 328.1 310.5 QIII 364.2 463.2 411.5 0.0 386.7 470.2 416.5 232.6 276.8 332.8 313.0 QIV 398.1 522.2 473.9 0.0 414.5 492.2 438.6 267.8 329.2 334.6 318.9 Source: Central Statistical Agency AMHARA

Table 22 (F3): Regional States' Consumer Price Index (Food) December 2016= 100 Period Food & Nonalcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 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 #### 70.5 94.0 89.9 85.4 84.0 2015/16 Q.I 99.9 99.3 92.1 92.0 #### 70.8 #### 92.3 109.5 84.0 Q.II 99.9 99.2 94.0 83.5 97.1 89.0 #### 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 #### 83.6 #### 108.3 98.9 80.1 2016/17 QI 100.1 94.1 102.9 102.7 #### 95.1 #### 105.5 93.9 89.3 QII 100.4 100.7 100.2 100.0 102.6 #### 94.6 99.4 101.0 101.6 100.2 QIII 103.0 100.7 100.8 98.9 103.8 #### #### #### 96.1 109.2 97.3 QIV 109.5 110.9 106.9 100.4 108.3 #### #### #### 93.9 117.9 97.0 2017/18 QI 117.8 142.8 119.5 106.7 107.4 #### 90.1 #### 109.2 87.4 92.1 QII 121.5 148.1 118.9 120.8 106.1 #### #### #### 110.6 112.8 95.9 QIII 119.9 132.8 122.4 120.8 107.1 #### 82.6 #### 111.6 153.6 95.5 QIV 121.2 139.7 132.8 120.8 108.8 #### #### #### 109.5 148.9 98.8 2018/19 QI 129.2 145.6 144.0 119.3 111.7 #### #### #### 109.9 132.3 106.8 QII 130.2 148.6 144.2 120.8 114.3 #### #### #### 111.4 135.2 100.7 QIII 132.8 150.3 148.0 120.8 115.4 #### #### #### 109.4 154.2 99.3 QIV 142.9 152.8 161.0 129.3 117.8 #### #### #### 120.6 156.9 100.2 2019/20 QI 164.5 186.6 179.5 138.0 120.3 #### #### #### 125.8 160.1 101.3 QII 166.7 201.4 179.2 135.0 123.1 #### #### #### 126.2 161.4 104.1 QIII 173.0 204.4 182.3 135.0 123.6 #### #### #### 126.5 207.0 115.3 QIV 190.9 216.0 187.0 149.5 127.3 #### #### #### 123.0 271.6 127.6 2020/21 QI 222.6 251.8 204.9 152.3 130.8 #### #### #### 128.9 347.7 135.7 QII 220.5 261.9 220.9 143.8 122.0 #### #### #### 150.5 335.3 153.8 QIII 217.6 248.2 213.4 155.3 113.6 #### #### #### 160.3 367.4 153.1 QIV 233.9 261.6 251.3 166.8 122.3 #### #### #### 159.1 446.7 154.4 2021/22 QI 289.1 353.3 300.9 178.3 132.2 #### #### #### 156.5 589.0 191.3 QII 317.3 371.6 294.9 201.2 140.1 #### #### #### 172.2 578.0 212.4 QIII 329.3 392.1 304.3 241.5 153.5 #### #### #### 213.4 515.5 258.6 QIV 359.9 411.6 381.7 281.8 185.6 #### #### #### 209.9 508.8 291.0 2022/23 QI 405.4 453.4 459.8 293.1 203.0 #### #### #### 320.5 524.5 328.1 QII 422.3 489.6 458.0 352.0 198.0 #### #### #### 279.6 528.4 349.3 QIII 426.9 504.4 479.0 361.1 227.0 #### #### #### 328.1 534.4 321.1 QIV 463.6 551.9 519.4 345.7 246.0 #### #### #### 377.1 562.0 326.9 Source: Central Statistical Agency BENISHANGUL GUMUZ

Table 22 (F4): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Nonalcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 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 2021/22 QI 279.8 299.2 262.0 202.6 245.4 245.7 198.0 205.5 135.0 829.8 168.8 QII 295.8 312.9 230.9 214.4 237.5 321.6 227.2 260.4 141.2 690.3 182.9 QIII 294.5 318.8 241.9 226.4 241.3 341.8 253.4 237.3 175.0 616.2 204.6 QIV 323.8 351.3 285.2 264.8 289.6 350.9 260.8 262.1 177.8 634.3 256.0 2022/23 QI 374.9 391.4 319.6 308.9 322.9 532.3 326.2 309.0 225.0 638.6 288.5 QII 402.8 439.3 357.0 355.1 334.2 570.8 326.3 311.5 225.0 631.2 311.1 QIII 426.0 488.3 357.0 369.3 347.3 579.2 383.6 319.0 258.3 605.5 309.7 QIV 478.8 538.1 396.5 356.5 376.2 584.1 374.9 421.6 337.4 624.5 307.3 Source: Central Statistical Agency DIRE DAWA

Table 22 (F5): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Nonalcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 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 2021/22 QI 260.9 331.5 272.9 172.2 249.6 349.1 175.2 192.0 189.7 242.1 195.3 QII 262.4 305.8 288.7 169.2 259.5 346.9 178.3 210.0 212.5 273.6 216.1 QIII 294.7 351.6 349.1 178.5 277.5 394.8 257.4 234.9 198.1 284.5 230.5 QIV 319.7 381.5 368.1 248.9 290.6 410.3 295.5 258.6 144.0 315.4 261.0 2022/23 QI 357.2 418.6 389.6 438.2 320.0 553.1 200.4 254.7 214.7 317.3 288.5 QII 367.1 392.9 423.7 479.6 334.9 559.1 250.7 284.5 233.8 350.0 318.3 QIII 391.2 429.0 442.6 503.6 367.1 537.1 308.7 332.5 260.7 337.1 285.1 QIV 424.9 494.3 493.3 469.3 371.4 539.5 413.6 359.6 318.0 350.8 290.1 Source: Central Statistical Agency GAMBELLA

Table 22 (F6): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Nonalcoholic Beverages Bread and Cereals Meat Fish & sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 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 2021/22 QI 249.1 286.8 238.9 0.0 243.9 187.5 221.7 190.6 178.0 408.8 154.1 QII 276.6 301.1 241.3 0.0 242.4 318.6 238.6 227.2 183.6 546.0 166.7 QIII 283.4 306.0 243.1 0.0 265.8 363.5 308.3 225.8 214.5 464.2 190.8 QIV 307.9 334.1 290.2 0.0 301.8 407.9 307.4 240.7 215.1 367.0 234.0 2022/23 QI 348.6 369.4 339.4 0.0 332.2 523.0 380.0 284.8 255.9 333.3 268.4 QII 362.1 400.5 357.0 0.0 324.6 555.9 371.8 262.5 255.9 328.8 281.5 QIII 381.4 434.6 385.9 0.0 329.2 510.9 461.9 266.3 287.5 343.1 298.1 QIV 426.3 457.9 451.6 0.0 330.4 514.8 423.1 411.8 454.4 341.4 282.0 Source: Central Statistical Agency HARARI

Table 22 (F7): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Nonalcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 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 2021/22 QI 264.2 327.0 236.6 0.0 223.2 231.7 225.0 245.0 111.8 285.9 208.3 QII 271.6 338.1 238.3 0.0 218.7 222.5 245.3 246.5 126.7 299.4 233.7 QIII 287.3 339.5 247.5 0.0 256.5 246.6 250.6 268.1 141.8 297.6 274.4 QIV 319.9 361.2 293.6 0.0 305.4 299.9 263.3 302.3 150.7 318.3 314.6 2022/23 QI 355.4 407.4 331.9 0.0 320.9 383.2 328.9 311.6 168.4 328.9 358.5 QII 364.0 420.9 352.0 0.0 323.6 368.9 384.2 317.6 186.7 334.9 375.7 QIII 377.4 444.3 365.3 0.0 345.3 376.9 388.0 350.5 208.1 338.1 333.8 QIV 415.9 503.3 410.4 0.0 367.1 352.6 399.7 414.7 258.5 354.0 347.3 Source: Central Statistical Agency OROMIA

Table 22 (F8): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Nonalcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 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 2021/22 QI 291.3 337.9 267.9 0.0 250.9 268.8 239.9 251.2 160.0 345.0 259.6 QII 296.5 339.8 258.2 0.0 258.7 277.8 320.8 262.3 180.7 348.0 277.1 QIII 308.8 354.6 277.2 0.0 282.9 315.1 298.9 282.2 203.5 357.3 324.9 QIV 344.9 396.9 332.1 0.0 304.9 375.8 304.8 322.4 210.2 357.6 382.4 2022/23 QI 380.3 431.0 366.6 0.0 325.5 443.5 359.1 329.6 251.6 363.8 432.7 QII 394.8 437.6 380.2 0.0 345.3 467.7 403.5 345.6 274.9 367.1 429.5 QIII 411.5 470.8 395.4 0.0 379.9 441.4 440.9 403.1 361.9 377.8 450.8 QIV 448.3 516.3 437.4 0.0 408.2 453.0 462.6 421.9 383.4 375.9 414.9 Source: Central Statistical Agency SNNPR

Table 22 (F9): Regional States' Consumer Price Index (Food) December 2016 = 100 Period Food & Nonalcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 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 2021/22 QI 235.9 310.0 214.0 0.0 198.6 157.8 173.5 262.4 116.6 227.3 159.1 QII 257.4 333.4 228.0 0.0 221.4 197.9 170.6 303.0 116.6 266.2 171.8 QIII 260.8 332.3 256.8 0.0 237.4 197.9 182.7 312.1 116.6 255.9 179.4 QIV 287.2 353.8 276.4 0.0 318.2 197.9 189.2 345.5 116.6 286.9 195.4 2022/23 QI 333.1 418.7 327.8 0.0 387.1 197.9 236.5 391.7 116.6 308.0 223.1 QII 352.5 459.6 323.9 0.0 394.4 197.9 281.8 369.2 116.6 319.1 261.3 QIII 363.0 466.6 347.8 0.0 423.9 197.9 304.1 379.2 116.6 326.3 300.2 QIV 380.9 496.9 385.1 0.0 411.9 162.2 331.4 485.5 116.6 347.3 309.8 Source: Central Statistical Agency SOMALI

Table 22 (F10):: Regional States' Consumer Price Index (Food) December 2016= 100 Period Food & Nonalcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages 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 2021/22 QI 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 2022/23 QI 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIII 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 QIV 239.2 265.5 228.2 0.0 210.2 238.4 158.4 236.1 137.8 272.2 152.7 Source: Central Statistical Agency TIGRAY

(In Thousands of Birr) Djibouti 1,941,788.5 2,350,936.7 3,014,309.0 3,735,439.1 3,502,027.2 3,422,940.0 5,013,370.7 Egypt 684,520.9 315,108.1 202,450.4 379,596.1 602,884.5 222,763.9 286,318.4 Ghana 6,863.1 832.1 696.9 57,554.1 18,798.4 19,029.4 50,862.8 Kenya 656,490.8 625,147.6 1,190,543.3 693,204.5 662,786.4 273,969.7 470,979.5 Libia - - - - - - - Morocco 2,040.4 6,841.3 10,061.0 14,271.4 7,627.7 60,459.5 85,737.6 Nigeria 63,719.5 90,565.5 328,428.3 267,894.4 302,908.0 338,173.7 157,435.3 Ruwanda 42,368.3 57,909.1 94,341.6 134,233.8 4,579.0 43,122.8 6,902.4 Somali Land - - - - - - - Somalia 6,240,561.4 5,827,108.7 5,964,650.4 6,745,127.6 7,180,188.1 5,963,824.1 13,782,154.5 South Africa 226,770.4 260,057.5 426,332.0 283,532.1 213,168.8 216,105.1 408,451.5 Sudan 1,595,427.4 993,600.1 1,896,197.0 2,560,191.8 1,732,344.2 2,893,902.1 3,420,125.6 Tanzania 255.9 401.9 363.6 10,846.1 28,426.6 99,256.8 8,006.8 Uganda 4,295.5 5,913.3 4,864.9 11,353.5 10,099.0 23,442.4 41,194.8 Zambia 2,398.8 10,974.8 14,555.0 83,656.4 11,008.3 149,686.8 2,915.9 Zembabwe 6,716.0 4,025.0 2,602.9 7,178.9 2,997.1 18,027.9 115,037.6 Others 341,524.6 477,440.0 1,351,269.1 1,221,482.3 1,330,556.9 6,723,137.4 4,474,290.7 Total 11,815,745.3 11,026,861.7 14,501,665.3 16,205,562.1 15,610,400.08 20,467,841.6 28,323,784.2 %Share Of Continent 20.0 18.4 21.4 21.9 19.7 18.0 16.5 Austria 2,931.2 22,747.8 22,995.8 6,572.3 2,199.9 678.3 3,248.0 Belgium 1,182,982.5 1,436,499.1 1,965,237.5 1,815,142.9 1,885,848.0 2,803,691.9 5,050,196.9 Bulgaria 86,949.0 43,611.4 42,637.1 91,753.3 80,097.1 96,294.6 147,290.7 Cyprus 640.5 151.2 1,175.9 17,019.5 14,580.4 16,821.9 - Czech Republic 21,577.7 22,939.8 18,599.1 4,910.2 4,466.6 2,337.2 12,402.4 Slovakia 1,466.6 4,072.5 7,076.4 2,144.5 1,552.8 805.1 1,270.5 Denmark 20,802.4 30,025.0 28,201.3 25,631.4 32,806.9 32,645.8 41,439.0 Finland 90,939.5 90,178.8 123,908.3 110,724.0 91,036.7 118,222.5 140,201.3 France 682,717.6 807,422.0 827,504.6 717,334.7 751,487.7 789,673.0 1,577,024.4 Germany 4,271,155.2 3,486,254.3 3,943,246.8 4,217,307.3 4,135,208.4 4,523,931.9 9,829,924.3 Greece 214,131.5 209,499.8 235,931.1 186,258.5 230,314.9 146,873.3 384,503.7 Hungary 15,129.0 18,955.3 16,005.0 19,660.7 10,112.7 17,500.4 28,986.4 Ireland 11,865.0 10,363.8 15,763.6 13,537.1 17,485.0 4,780.1 5,271.1 Italy 1,071,373.1 1,101,650.8 1,347,709.3 1,442,089.8 1,359,779.2 1,494,410.9 2,608,263.8 Netherlands 3,910,613.0 3,911,035.2 4,177,990.4 5,256,676.3 7,828,660.8 11,179,122.0 13,729,201.1 Norway 193,648.3 190,592.2 184,970.7 162,162.0 312,830.2 374,409.1 454,761.5 Poland 18,930.3 9,048.4 13,435.8 18,237.2 23,765.7 24,019.7 43,840.5 Portugal 70,872.1 127,631.2 156,689.8 210,638.0 173,970.4 241,431.3 151,469.1 Rumania 35,255.4 12,665.6 23,638.2 20,038.6 11,055.3 19,221.3 28,389.0 Spain 312,381.6 266,256.9 262,739.3 406,304.2 513,868.4 521,805.4 781,071.6 Sweden 333,582.0 266,867.3 263,089.4 188,083.3 156,700.1 208,700.3 411,103.1 Switzerland 6,490,540.8 5,266,886.0 4,714,821.8 2,005,549.0 701,171.4 18,502,394.7 26,495,829.2 Turkey 854,569.2 463,675.1 659,682.4 1,163,249.4 1,066,064.8 1,163,636.0 1,608,316.9 Ukraine 9,366.3 14,853.7 24,420.6 27,800.3 42,717.8 56,395.9 244,549.4 United Kingdom 806,313.4 1,069,053.4 1,290,346.0 1,088,894.0 1,179,983.5 1,112,511.1 1,716,725.3 Russia 283,476.8 289,381.7 386,108.6 313,363.4 399,161.5 430,203.7 790,214.8 Yugoslavia - - - - - - - Others 270,792.0 639,646.5 1,181,451.6 466,267.8 1,105,005.9 1,255,152.2 4,310,849.5 Total 21,265,002.1 19,811,964.8 21,935,376.3 19,997,349.8 22,131,932.3 45,137,669.7 70,596,343.6 %Share Of Continent 36.0 33.1 32.4 27.0 28.0 39.8 41.1 Brazil 8,764.8 9,178.4 9,179.6 163.0 77.1 - 2,659.9 Canada 216,338.4 268,404.1 270,038.6 477,155.3 382,747.5 556,491.0 887,863.9 Cuba - - - - - - - Mexico 37,776.3 40,458.2 63,779.1 103,708.1 120,383.8 74,524.9 100,733.9 United States 3,913,895.0 3,733,304.1 4,317,231.5 6,565,250.9 6,071,240.4 7,994,968.3 13,866,697.5 Others 189,789.5 231,818.7 458,804.3 682,316.7 2,744,376.7 1,374,096.1 1,904,718.3 Total 4,366,563.9 4,283,163.5 5,119,033.1 7,828,594.0 9,318,825.6 10,000,080.3 16,762,673.5 %Share Of Continent 7.4 7.2 7.6 10.6 11.8 8.8 9.8 China, Mainland 6,145,483.9 7,498,265.1 5,111,009.8 4,754,322.7 3,152,537.0 2,538,974.1 3,165,786.7 China, Taiwan 134,753.6 242,155.2 324,580.5 376,886.5 449,378.2 787,312.2 1,128,549.5 Hong Kong 434,907.0 390,835.7 419,795.4 394,923.7 254,788.1 552,168.0 929,506.3 India 1,323,550.6 1,440,185.8 1,168,606.9 1,743,919.5 2,978,534.4 1,511,613.3 3,720,285.1 Indonesia 419,364.5 581,396.8 575,381.8 990,066.8 750,329.4 931,170.3 1,333,044.1 Israel 1,697,745.0 1,366,387.4 1,487,480.1 2,801,566.2 3,184,293.1 2,919,321.9 3,916,368.0 Japan 1,388,756.3 1,541,929.9 2,233,317.5 2,711,869.3 3,564,930.5 3,350,803.2 4,505,082.1 N.Korea, Pdrk 10,146.1 31,494.6 17,897.9 12,521.0 2,846.0 464.9 20,085.1 S.Korea 902,688.1 1,114,526.1 1,224,971.5 1,242,317.8 1,440,765.2 2,190,959.0 3,534,663.2 Kuwait 59,591.3 28,418.5 36,687.4 94,016.2 123,712.4 141,617.2 341,216.4 Lebanon 15,787.8 16,460.4 30,659.0 61,491.5 65,805.5 37,592.1 64,149.9 Malaysia 5,556.5 107,335.2 78,417.2 29,316.4 64,445.6 230,619.0 586,190.5 Pakistan 855,052.2 1,441,769.4 1,084,808.0 304,739.1 61,784.5 688,547.0 365,279.1 Saudi Arabia 4,028,128.5 3,981,781.2 4,400,225.0 4,974,581.1 5,667,200.5 7,175,544.1 10,160,101.3 Singapore 204,215.6 128,152.6 93,295.4 227,603.6 955,530.0 1,608,022.8 2,273,631.4 Yemen 439,271.6 362,192.6 456,992.0 1,180,754.7 1,697,120.6 1,047,539.2 1,053,818.9 Thailand 105,215.7 94,324.3 87,940.9 152,740.6 121,436.1 28,623.0 32,965.4 UAE 1,791,062.6 1,982,406.3 2,694,755.9 3,093,574.6 3,695,524.5 5,430,018.1 7,212,096.8 Others 1,160,854.1 1,879,038.7 3,985,634.2 4,174,926.4 3,200,481.5 5,990,857.1 10,184,707.2 Total 21,122,130.8 24,229,055.8 25,512,456.4 29,322,137.8 31,431,443.1 37,161,766.5 54,527,526.9 %Share Of Continent 35.8 40.5 37.7 39.6 39.7 32.7 31.8 Australia 417,653.3 330,080.8 473,534.0 443,828.2 516,438.5 528,841.3 1,122,336.2 Others 84,325.8 157,422.4 112,992.7 181,580.2 122,034.7 197,213.0 404,333.7 Total 501,979.2 487,503.3 586,526.7 625,408.4 638,473.2 726,054.2 1,526,669.9 %Share Of Continent 0.8 0.8 0.9 0.8 0.8 0.6 0.0 Unspecified - Grand Total 59,071,421.3 59,838,549.1 67,655,057.8 73,979,052.1 79,131,074.3 113,493,412.3 ########### Table 23 A1: Ethiopia: Direction of External Trade: EXPORT 2020 2021 Africa Europe Continents 2015 2016 2017 2018 2019 Country of Destination Source: Ethiopian Customs Commission Note1: Data for the year 2013 and 2014 is based on updated data from Ethiopian Customs Commission Note2: The data for Czechoslovakia before 2013 represents the sum of Czech republic and Slovakia Oceania America Asia

(In thousands of Birr ) Djibouti 4,050,783.9 13.9 1,374.8 14,392.9 642,854.3 2,266,288.6 11,043,674.1 Egypt 11,128.5 4,071,335.1 4,346,257.9 8,437,358.5 6,033,339.4 10,410,681.4 17,728,657.1 Ghana 738,056.4 2,514.6 9,412.4 3,362.3 5,384.8 24,816.0 29,743.2 Kenya 738,056.4 676,008.7 835,401.2 1,028,955.8 2,216,326.1 1,895,402.8 3,136,327.1 Libya - 2.3 0.7 - - - - Nigeria 220,674.6 45,219.0 940,652.6 97,234.5 3,924.2 4,438.6 21,952.0 Ruanda 32.9 68,067.4 731.4 354.6 929.2 4,365.6 1,256,479.2 Sudan 2,192,155.2 1,549,332.4 2,467,773.4 2,411,817.5 2,512,810.8 2,313,690.9 184,428.2 Tanzania 132,600.2 103,133.2 44,692.5 67,959.8 141,184.8 137,235.5 16,755.9 Uganda 7,381.5 6,962.2 5,846.1 18,620.8 14,951.7 78,110.9 98,520.6 Zambia 482.3 11,160.1 9,857.4 8,308.6 14,692.0 9,814.4 7,075.4 Others 8,224,429.0 8,258,583.7 13,223,694.2 13,817,153.2 15,946,009.4 20,369,845.5 29,387,714.9 Total 15,584,248.5 14,792,332.6 21,885,694.7 25,905,518.3 27,532,406.5 37,514,690.3 62,911,327.7 Austria 1,027,145.6 1,604,322.8 1,485,372.3 1,036,295.5 1,073,524.5 630,258.4 650,445.3 Belgium 5,435,019.7 5,044,164.5 4,151,772.7 5,753,624.6 8,634,959.5 5,848,999.6 9,163,579.4 Bulgaria 1,537,581.6 683,870.1 905,021.2 520,586.6 1,261,450.1 411,435.9 1,346,192.7 Cyprus 115,078.1 117,156.1 137,993.8 137,000.0 223,774.3 165,931.3 523,781.7 Czechoslovakia (former name) 276,843.1 531,941.0 561,777.1 725,051.0 595,259.1 481,128.9 485,046.1 Czech republic 236,047.0 441,959.6 531,412.2 591,755.2 521,779.0 448,591.6 372,216.5 Slovakia 40,796.1 89,981.4 30,364.9 133,295.8 73,480.1 32,537.3 112,829.5 Denmark 694,246.2 715,981.1 537,217.7 1,200,810.1 1,249,496.7 1,479,672.1 1,592,371.6 Finland 155,906.3 350,087.1 808,559.9 302,979.1 194,563.8 109,262.7 537,595.1 France 3,823,770.8 4,684,217.9 4,431,486.0 5,270,635.7 4,410,731.7 8,664,554.7 8,372,869.0 Germany 6,806,205.2 7,859,546.7 5,771,781.8 8,546,015.1 9,385,651.8 9,242,912.0 8,002,879.3 Greece 405,742.7 528,971.4 419,409.9 175,760.4 187,627.4 209,094.9 302,386.0 Hungary 490,887.6 530,673.3 325,514.2 426,822.1 378,765.9 513,225.0 1,095,652.0 Ireland 716,987.1 775,362.0 914,646.1 1,052,153.7 1,368,277.1 1,103,439.6 1,621,077.3 Italy 10,476,893.6 15,784,350.7 15,601,881.7 10,859,889.2 8,322,257.7 10,773,755.9 11,506,882.9 Netherlands 4,604,402.8 3,982,518.3 5,161,373.9 6,435,861.3 7,062,343.8 3,274,060.8 6,266,430.6 Norway 79,266.8 162,289.4 84,019.0 99,508.3 87,383.6 187,565.8 156,031.9 Poland 735,144.5 2,284,185.2 874,973.5 808,251.5 1,085,160.2 1,456,189.1 1,198,760.2 Portugal 318,933.8 243,435.8 332,054.0 267,455.3 379,815.9 243,893.1 500,387.6 Rumania 443,410.0 4,500,592.8 2,236,388.5 3,373,800.2 2,721,518.9 1,126,385.7 3,792,996.8 Spain 2,783,107.6 2,871,957.4 3,311,894.0 1,680,175.3 2,455,395.0 2,235,461.3 3,242,302.4 Sweden 13,232,214.3 9,427,026.6 1,154,426.4 938,218.8 1,884,142.5 1,169,306.1 771,149.2 Switzerland 1,194,286.5 1,223,807.0 1,465,077.7 1,215,947.3 2,087,148.6 2,463,804.1 2,139,347.0 Turkey 10,918,514.7 12,682,665.1 14,296,491.7 16,710,238.8 17,683,063.8 28,321,826.8 36,627,248.5 United kingdom 3,863,439.0 4,557,294.9 4,709,876.8 8,281,310.1 9,569,003.6 8,604,611.7 8,544,021.3 Russia 1,745,182.4 3,579,267.5 1,245,806.0 3,568,472.1 3,009,797.2 1,759,881.9 8,793,976.3 Yugoslavia - 0.0 0.3 - - - - Other 4,458,373.1 5,279,114.8 3,938,166.3 5,411,755.1 10,222,903.5 10,641,686.1 27,658,037.9 Total 76,338,583.3 90,004,799.4 74,862,982.4 84,798,617.1 95,534,016.3 101,118,343.6 144,891,448.1 Brazil 1,083,673.4 1,475,502.6 4,488,842.1 2,226,255.8 716,227.8 1,347,349.3 1,259,094.7 Canada 753,274.2 1,451,315.7 1,353,867.2 2,042,114.6 1,744,497.1 2,325,081.5 1,231,140.4 Cuba 3,976.4 1,294.5 15,130.0 1,851.3 2,641.6 2,031.7 1,812.8 Mexico 159,440.1 126,433.0 249,402.2 204,860.2 224,104.3 284,611.6 354,523.8 United states 18,383,911.5 28,006,664.4 30,200,872.0 43,410,573.0 25,735,703.1 28,278,445.3 50,946,210.6 Others 684,766.3 303,572.4 201,799.7 270,818.2 386,632.9 4,160,665.7 4,479,859.0 Total 21,069,041.8 31,364,782.7 36,509,913.2 48,156,473.2 28,809,806.7 36,398,185.0 58,272,641.5 China, mainland 127,862,137.6 112,557,147.3 107,569,979.9 108,861,577.7 113,000,343.3 119,518,584.0 134,767,597.7 China, Taiwan 1,427,654.5 1,106,997.8 1,297,890.5 1,284,754.0 2,229,952.5 2,336,180.0 2,519,446.3 Hong Kong 276,928.2 1,370,238.4 2,768,923.7 842,521.2 182,565.5 1,165,685.5 199,754.6 India 24,344,942.9 28,557,164.8 24,233,274.2 30,907,887.7 36,796,683.5 51,369,798.5 103,243,911.1 Israel 614,145.1 548,689.5 1,792,675.0 616,386.7 711,291.6 592,680.2 743,319.8 Japan 15,185,118.0 14,472,925.3 14,722,312.6 11,330,510.1 9,260,462.8 3,990,031.8 3,886,893.6 N.korea, pdrk 107,552.8 91,536.9 531,235.1 48,542.2 529,388.8 116,388.0 44,456.0 S.korea 4,962,100.1 3,961,888.7 5,588,986.2 5,048,443.2 4,835,162.6 6,559,501.4 10,517,267.1 Kuwait 13,326,143.0 13,519,748.9 22,424,256.5 43,310,223.7 46,876,977.5 12,333,071.7 36,139,876.7 Lebanon 167,754.4 106,810.2 842,739.1 44,331.3 40,490.3 26,980.9 55,135.9 Malaysia 3,588,092.8 6,251,135.7 7,515,151.6 10,079,304.3 5,928,016.9 10,744,285.1 37,955,879.4 Pakistan 1,011,155.3 746,091.4 1,937,665.6 2,555,083.2 814,628.1 1,261,370.2 2,749,543.4 Saudi arabia 10,284,257.6 6,497,893.0 12,937,477.5 6,956,990.3 10,277,787.4 12,108,482.4 24,640,270.4 Singapore 323,455.3 516,905.1 446,466.6 420,391.9 1,526,703.7 9,665,483.2 1,902,125.0 Yemen 132,071.4 91,481.4 434,498.0 51,446.3 67,926.9 115,865.8 113,975.5 Thailand 3,079,839.3 2,977,140.6 4,782,068.8 4,745,788.4 3,287,134.1 5,217,010.0 6,020,437.8 Others 23,628,191.8 26,809,721.3 35,575,126.7 33,814,176.7 34,876,835.4 45,287,736.4 69,549,459.2 Total 230,321,540.1 220,183,516.4 245,400,727.6 260,918,358.8 271,242,350.8 282,409,134.9 435,049,349.5 Australia 215,659.7 327,371.5 471,334.6 236,354.3 183,256.3 454,217.0 1,050,857.8 Others 120,412.3 136,368.6 - 125,049.3 134,316.0 156,031.4 147,274.5 336,072.0 463,740.1 471,334.6 361,403.5 317,572.3 610,248.4 1,198,132.3 343,649,485.7 356,809,171.2 379,130,652.5 420,140,371.0 423,436,152.7 458,050,602.2 702,322,899.1 Source: Ethiopian Customs Commission Africa Europe Table 23 A2: Ethiopia: Direction of External Trade: IMPORT Continents Country Total Grand Total 2015 2016 2017 2018 2019 2020 2021 America Asia Oceania

(In millions of USD) Export Import Export Import Export Import Export Import Export Import Export Import Export Import A B C D E F G H I J K L M=K/C N=L/D Djibouti 47.1 128.1 32.0 140.9 32.6 144.5 61.2 128.5 28.5 110.7 29.0 78.4 (9.6) (44.9) Egypt 1.4 52.7 0.3 473.1 0.6 290.9 0.8 127.1 1.5 257.1 2.7 245.7 891.5 (48.2) Ghana 0.5 0.3 0.4 0.3 0.2 0.2 0.1 0.2 0.1 0.2 0.1 0.1 (73.7) (80.2) Kenya 3.8 37.5 7.0 31.4 8.8 31.7 8.7 36.5 24.3 17.7 19.7 26.8 182.1 (15.0) Libia - - - - - - - - - - - - - - Morocco 0.3 470.7 0.4 448.1 0.9 0.1 0.2 148.1 0.1 297.0 0.9 377.4 116.1 (16.2) Nigeria 0.5 0.0 0.3 0.0 0.3 0.0 0.3 0.0 0.4 0.1 0.5 0.4 88.6 22,066.6 Ruwanda 0.0 - 0.1 0.0 0.0 19.7 0.0 13.2 0.0 3.3 (86.6) 368,731.6 Somali Land - 0.0 - 0.0 - 0.0 - 0.0 - - - 0.1 - 5,164.8 Somalia 104.1 - 67.9 - 65.8 - 41.0 - 40.9 - 23.1 - (66.0) - South Africa 2.3 55.2 6.1 47.5 8.4 46.8 1.5 72.2 2.5 55.1 4.0 88.1 (33.8) 82.7 Sudan 24.8 0.6 20.8 2.2 14.2 0.6 25.8 0.6 22.3 0.8 13.2 2.0 (36.3) (5.4) Tanzania 0.0 0.7 0.0 0.2 0.1 0.0 - 0.5 0.1 0.3 247.7 816.5 Uganda 0.3 0.8 0.3 0.6 0.8 1.4 0.4 0.5 0.3 0.6 0.6 0.5 93.0 (11.9) Zambia 0.1 0.1 0.0 0.2 0.0 0.4 0.0 0.3 0.0 0.0 - 0.2 (100.0) (10.9) Zembabwe 0.2 0.0 0.5 0.0 0.0 0.6 0.0 - 0.1 - 0.0 0.6 (95.7) 2,264.9 Others 9.9 6.5 3.3 0.6 6.6 88.7 9.4 7.3 22.9 4.2 19.4 4.9 481.2 717.6 Total 195.1 753.1 139.5 1,144.9 139.2 625.7 149.6 534.6 143.9 743.9 113.3 828.8 (18.8) (28.0) %Share Of Continent 18.52 16.34 12.01 22.90 14.25 13.74 19.23 11.87 16.48 17.87 11.4 21.2 - - Austria 0.1 0.6 0.1 0.8 0.0 2.4 0.0 1.2 0.1 6.8 0.2 2.7 101.0 226.4 Belgium 29.7 10.8 45.9 22.1 45.9 22.6 18.1 43.7 17.2 18.1 24.8 10.2 (46.0) (53.9) Bulgaria 0.9 20.8 1.1 10.9 0.4 0.3 0.5 3.8 1.0 1.5 0.7 5.1 (33.3) (53.5) Cyprus - 1.9 0.3 1.5 - 1.7 - 0.6 - 0.9 - 1.9 (100.0) 28.0 Czech Republic 0.2 1.5 0.3 1.8 0.1 2.4 0.1 3.1 0.1 4.4 0.1 2.2 (47.5) 21.0 Slovakia 0.0 1.9 0.0 2.1 - 1.3 - 0.6 0.0 2.9 0.1 3.2 2,566.4 50.2 Denmark 0.3 7.0 0.5 4.9 0.2 5.1 0.1 7.6 0.4 4.2 0.9 7.7 105.4 55.0 Finland 2.1 4.1 1.7 3.1 0.0 6.6 0.0 4.3 0.3 13.8 2.2 1.3 33.6 (57.8) France 7.9 27.5 13.9 21.9 10.7 38.0 6.1 44.2 6.5 54.9 12.2 30.4 (12.8) 38.4 Germany 60.9 47.4 77.7 36.0 77.0 37.9 38.7 46.5 39.4 30.3 48.1 46.6 (38.1) 29.2 Greece 1.2 1.6 3.4 1.4 1.5 0.5 0.6 0.2 1.2 3.3 2.8 1.7 (17.2) 15.2 Hungary 0.2 4.0 0.2 1.4 0.0 1.5 0.0 7.8 0.0 5.5 0.1 7.5 (58.5) 442.6 Ireland 0.2 8.0 0.0 7.2 0.3 5.5 0.0 8.7 - 35.2 0.2 4.2 - (41.1) Italy 24.7 44.4 25.1 41.4 20.4 62.7 11.2 53.3 15.7 32.1 22.2 57.0 (11.9) 37.5 Netherlands 88.0 30.2 122.3 21.1 120.9 35.1 85.1 13.8 101.7 36.3 90.6 18.7 (25.9) (12.1) Norway 3.4 1.0 5.0 0.9 4.6 0.8 3.2 1.6 3.5 2.4 3.4 2.0 (32.7) 125.6 Poland 0.2 3.4 0.4 13.2 0.4 10.2 0.1 9.5 1.4 7.8 1.5 6.1 299.7 (53.6) Portugal 0.6 0.9 1.1 1.3 0.9 2.0 0.8 1.3 1.1 0.5 1.6 4.9 47.8 275.6 Rumania 0.1 2.3 0.1 0.4 0.2 17.1 0.5 6.4 0.3 4.7 0.5 0.4 244.1 0.4 Spain 5.1 8.7 6.0 7.5 3.0 12.2 2.5 14.7 3.0 10.9 3.8 19.2 (36.0) 157.2 Sweden 3.0 4.7 3.5 6.0 3.6 2.1 2.0 6.8 1.7 1.1 1.4 7.6 (59.4) 25.0 Switzerland 167.8 3.8 97.7 3.8 51.1 4.1 52.8 21.6 47.4 33.4 47.7 5.8 (51.2) 53.1 Turkey 5.4 272.9 7.4 200.6 5.9 308.6 5.8 224.0 16.0 104.7 11.8 115.9 59.6 (42.3) Ukraine 0.2 134.8 - 13.7 - 68.1 0.0 88.3 0.0 36.0 - 38.3 - 178.4 United Kingdom 11.7 16.7 22.1 56.2 19.5 66.6 17.5 63.4 15.7 50.5 17.9 19.1 (18.7) (66.0) Russia 2.6 9.7 2.0 4.3 5.3 1.3 3.7 28.2 4.6 4.4 3.1 0.6 54.2 (86.6) Yugoslavia - - - - - - - - - - - - - - Others 2.9 8.1 4.6 2.6 18.3 7.6 1.7 20.8 3.9 4.6 3.8 11.6 (17.0) 347.0 Total 419.5 678.7 442.4 488.0 390.4 724.3 251.2 725.9 282.2 511.3 301.6 431.6 (31.8) (11.7) %Share Of Continent 39.82 14.72 38.10 9.76 39.95 15.91 32.29 16.11 32.31 12.28 30.5 11.0 - - Brazil - 3.7 0.0 2.3 - 12.6 0.0 9.7 - 1.1 - 1.6 (100.0) (31.3) Canada 7.1 26.1 6.4 32.8 5.8 8.1 9.6 8.3 7.1 22.3 7.7 2.5 20.5 (92.5) Cuba - - - - - - - 0.0 - - - 0.0 - - Mexico 0.1 2.1 0.2 5.4 0.1 11.7 0.1 3.5 0.0 5.5 0.1 1.2 (59.6) (78.1) United States 89.3 172.4 125.6 250.8 77.4 258.4 72.9 297.2 62.8 257.4 103.6 246.1 (17.5) (2.0) Others 0.6 116.8 0.6 2.9 0.5 3.1 0.9 21.5 1.8 15.9 0.9 15.4 51.3 438.1 Total 97.1 321.2 132.7 294.2 83.9 293.9 83.6 340.3 71.7 302.3 112.2 266.8 (15.4) (9.5) %Share Of Continent 9.22 6.97 11.43 5.88 8.58 6.45 10.75 7.55 8.21 7.26 11.3 6.8 - - China, Mainland 19.3 853.4 51.9 858.3 34.5 869.7 17.5 941.4 16.6 787.2 37.8 995.5 (27.1) 15.5 China, Taiwan 7.7 11.3 14.0 7.9 7.7 3.2 3.8 7.0 4.4 7.2 14.9 5.7 6.4 (27.4) Hong Kong 3.9 1.6 7.0 2.7 6.5 0.6 4.4 0.5 4.0 0.7 3.8 3.6 (45.7) 31.0 India 20.7 623.1 27.1 565.7 10.6 495.8 19.2 632.4 45.7 465.3 31.3 341.6 15.5 (39.8) Indonesia 9.3 64.5 3.4 38.4 3.9 67.7 4.3 70.3 7.2 74.2 4.5 87.4 33.8 126.9 Israel 31.1 5.4 22.4 5.2 23.0 7.5 25.0 2.6 34.2 2.4 29.5 3.9 31.8 (25.1) Japan 34.4 16.4 53.3 13.5 28.0 21.9 22.9 18.0 17.9 26.2 42.6 24.3 (20.0) 79.8 N.Korea, Pdrk 0.1 1.0 0.1 0.3 0.0 0.2 - 0.3 0.0 0.0 - 0.1 (100.0) (74.8) S.Korea 21.1 46.5 48.3 32.8 33.3 28.4 20.9 26.4 17.9 35.3 37.4 35.6 (22.4) 8.3 Kuwait 1.2 403.6 1.7 216.2 1.5 181.1 1.8 100.5 0.8 374.6 1.6 0.0 (4.7) (100.0) Lebanon 0.6 1.1 1.0 3.1 0.9 1.6 0.5 1.0 0.9 0.4 0.3 0.6 (64.7) (81.5) Malaysia 3.9 230.5 7.3 164.0 3.5 175.8 2.5 210.7 2.4 94.5 5.0 71.5 (32.1) (56.7) Pakistan 6.1 14.6 6.5 6.9 1.6 7.9 2.6 5.8 3.2 12.1 9.7 8.6 50.2 23.5 Saudi Arabia 81.8 159.2 75.3 771.7 72.4 577.5 85.8 401.1 88.4 240.5 78.1 241.8 3.8 (68.7) Singapore 7.6 2.8 11.6 7.0 15.2 1.7 11.1 1.1 27.7 1.4 16.3 4.2 40.3 (40.6) Yemen 8.3 5.5 5.2 0.7 1.8 - 3.4 0.5 5.7 0.5 4.6 1.3 (12.2) 78.1 Thailand 0.1 41.4 2.2 24.8 0.6 27.7 0.2 37.1 2.7 45.6 0.6 23.6 (72.3) (5.2) UAE 44.0 321.7 67.1 297.7 63.2 346.4 37.1 347.2 46.5 371.6 52.0 371.1 (22.6) 24.2 Others 35.0 48.2 30.8 52.5 31.7 91.5 23.2 97.7 44.6 63.0 36.7 159.9 19.1 204.0 Total 336.2 2,851.8 436.2 3,069.5 340.1 2,906.2 286.3 2,901.7 371.0 2,602.8 406.9 2,380.2 (6.7) (22.7) %Share Of Continent 31.92 61.86 37.56 61.39 34.81 63.83 36.80 64.42 42.47 62.52 41.1 60.9 - - Australia 4.7 4.5 8.6 2.9 10.2 2.1 6.8 1.8 4.4 2.0 9.2 0.7 7.5 (75.4) Others 0.8 0.9 1.9 0.8 1.3 0.7 0.4 0.2 0.3 0.9 1.1 1.7 (43.6) 101.7 Total 5.5 5.5 10.5 3.8 11.5 2.8 7.2 2.0 4.6 2.9 10.3 2.4 (1.8) (36.7) % Share Of Continent 0.53 0.12 0.90 0.08 1.18 0.06 0.92 0.05 0.53 0.07 1.0 0.1 - - Unspecified - - 12.0 - - 45.6 - - Grand TotalGrand Total 1,053.5 4,610.3 1,161.3 5,000.3 977.0 4,552.9 778.0 4,504.5 873.5 4,163.1 990.0 3,909.7 (17.1) (22.0) Source: Ethiopian Customs Commission

Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All import data are updated based on revised data from the Ethiopian Customs Commission America: Asia: Oceania: Country of Origin 2021/22 Africa: Europe: Table 23B: Direction of Trade** QIII QIV QI QII 2022/23 QIII QIV Percentage Change

Table 24: Volume of Exports, By Major Commodity Groups (In metric tone) Coffee Oil Seeds Leather and Leather Productsa Pulses Meat & Meat Prodts. Fruits & Veget. Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts July 26,901.9 17,276.0 146.8 16,256.0 1,118.3 16,367.8 - 0.3 - 144.1 4,455.3 - 18.0 5.4 - 2,626.7 August 25,608.4 7,574.9 245.5 12,376.4 1,435.0 13,927.1 - 0.4 - 885.6 4,803.2 - 18.0 18.0 - 2,792.1 September 20,438.4 7,250.9 74.8 14,589.8 1,172.6 10,994.6 - 0.3 - 956.5 3,557.5 - - 16.8 - 2,686.5 Qtr I 72948.6 32101.8 467.2 43222.2 3725.9 41289.5 0.0 1.0 0.0 1986.2 12816.0 0.0 36.0 40.2 0.0 8105.3 October 22,268.3 8,097.1 137.8 23,948.2 973.9 14,012.4 - 0.3 - 786.3 3,034.2 - - 22.0 - 2,883.9 November 14,033.0 4,238.6 162.5 27,910.7 855.5 12,063.1 1.4 0.3 - 396.1 2,615.0 - 11.1 2.7 - 2,475.2 December 8,981.1 11,461.5 150.9 28,377.7 951.8 13,288.7 11.6 0.3 - 245.1 1,790.6 - 56.0 19.7 - 2,182.9 QII 45282.4 23797.1 451.2 80236.6 2781.2 39364.2 13.0 0.9 0.0 1427.4 7439.8 0.0 67.1 44.4 0.0 7542.1 January 8,743.0 18,336.9 175.8 46,729.8 878.2 15,413.7 6.0 0.3 - 662.6 2,621.0 - 18.1 23.6 - 2,664.0 February 17,162.0 20,703.6 110.2 56,294.0 886.9 14,788.1 0.8 0.2 - 1,541.5 2,179.9 - - 132.1 - 3,179.8 March 19,642.9 15,869.8 142.1 56,272.1 923.0 15,934.2 0.1 0.3 - 168.7 1,988.0 - - 753.9 - 3,258.2 QIII 45548.0 54910.3 428.1 159295.8 2688.1 46136.0 6.9 0.8 0.0 2372.9 6788.9 0.0 18.1 909.5 0.0 9102.0 April 17608.1 11217.9 98.9 29860.7 776.2 16793.5 0.0 0.2 0.0 381.6 1568.0 0.0 0.0 255.6 0.0 2083.3 May 27503.0 14825.6 126.8 42310.7 674.3 20894.8 0.0 0.3 0.0 894.0 1264.9 0.0 0.0 279.7 0.0 2192.9 June 32810.4 13433.9 123.6 41298.8 882.2 12762.3 0.0 0.3 0.0 811.2 1432.6 0.0 18.0 5.5 0.0 2356.5 Qtr IV 77921.5 39477.4 349.3 113470.2 2332.7 50450.7 0.0 0.8 0.0 2086.7 4265.4 0.0 18.0 540.8 0.0 6632.7 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Table 24: (continued) Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity(i n '1000' kwh) Others* Re-Exports Grand Total* July 2,836.9 2.0 - - - - - 9,542.6 243.1 666.0 8,676.0 119,341.9 2,632.0 85,316.6 August 1,101.5 - - - - 29.4 - 11,957.1 357.1 923.7 12,687.3 113,422.2 2,810.2 69,684.6 September 1,287.2 15.3 - - - - - 12,894.0 261.2 607.5 22,408.9 109,153.4 2,703.3 61,738.6 Qtr I 5225.6 17.3 0.0 29.4 0.0 34393.7 861.3 2197.3 43772.3 341917.5 8145.5 216739.7 October 3,195.6 34.5 - - - 0.5 - 8,905.1 380.5 440.8 6,696.3 124,304.9 2,905.9 76,164.3 November 407.1 0.4 - - - 5.0 - 9,137.5 446.3 508.1 11,435.8 119,532.3 2,478.0 64,765.3 December 1,449.5 - - - - 0.7 - 6,618.3 881.3 262.9 7,319.7 127,833.7 2,202.6 67,517.8 QII 5052.2 35.0 0.0 6.1 0.0 24661.0 1708.2 1211.8 25451.8 371670.9 7586.5 208447.4 January 2,439.4 0.3 - - - - - 8,954.6 222.5 563.4 10,379.9 128,800.8 25,247.7 118,833.0 February 5,503.8 66.2 - - - 1.0 - 9,647.9 274.3 715.1 9,460.2 344,864.2 28,980.4 142,647.7 March 7,333.3 75.0 - - - 1.1 - 9,246.0 263.1 313.3 10,928.6 244,903.3 32,172.5 143,113.7 QIII 15,276.4 141.4 - - - 2.1 - 27,848.6 759.9 1,591.9 30,768.8 718,568.3 86,400.5 404,594.5 April 3,542.2 31.0 - - - - - 10,285.2 274.9 298.6 6,429.9 124,691.5 23,200.7 101,505.7 May 6,017.4 84.0 - - - - - 8,004.1 295.2 442.4 12,543.6 91,104.5 29,859.3 138,353.7 June 3,891.8 0.0 - - - 0.1 - 7,797.1 602.9 687.4 72,821.5 102,010.2 88,162.9 191,736.2 Qtr IV 13,451.3 115.0 - - - 0.1 - 26,086.4 1,173.0 1,428.4 91,795.1 317,806.2 141,222.9 - 431,595.6 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) 2022/23 2022/23

Table 25: Value of Exports, by Major Commodity Groups (In Thusands of Birr) Coffee Oil Seeds Leather and Leather products Pulses Meat & Meat Prodts. Fruits & Vegetables Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts July 8,242,397.7 1,483,408.9 102,229.7 789,694.1 329,881.9 305,090.5 - 823,306.4 17,600.6 1,571,742.0 - 7,565.5 22,118.6 - 635,334.6 August 7,956,742.8 656,662.6 146,171.5 640,368.4 451,249.1 260,851.5 - 1,085,974.5 102,148.0 1,527,113.7 - 7,673.9 105,096.9 - 664,315.0 September 6,121,932.1 636,492.8 81,682.7 673,697.6 355,233.3 235,365.1 - 735,507.6 106,459.6 1,131,145.5 - - 104,784.3 - 514,587.7 Qtr I 22,321,072.5 2,776,564.3 330,083.9 2,103,760.1 1,136,364.3 801,307.1 - 2,644,788.5 - 226,208.2 4,230,001.2 - 15,239.4 231,999.7 - 1,814,237.3 October 6,153,208.2 688,440.0 115,671.9 940,543.1 440,752.0 580,301.3 - 861,030.2 89,624.3 983,465.2 - - 98,970.8 - 901,795.7 November 3,901,570.3 384,035.0 145,652.9 1,082,543.5 432,304.3 711,593.0 1,616.3 961,571.9 43,437.3 879,385.4 - 4,340.3 1,562.2 - 970,440.9 December 2,363,052.8 985,277.0 132,638.4 1,286,366.6 460,356.9 1,073,233.4 13,144.4 948,511.9 42,341.6 987,647.4 - 23,521.5 88,827.4 - 887,761.7 Qtr II 12,417,831.4 2,057,752.0 393,963.2 3,309,453.2 1,333,413.3 2,365,127.7 14,760.7 2,771,114.0 - 175,403.3 2,850,497.9 - 27,861.9 189,360.4 - 2,759,998.2 January 2,326,842.6 1,617,450.3 93,710.7 1,888,880.9 333,644.1 277,120.7 346.5 1,025,435.5 80,982.5 1,408,157.0 - 7,772.8 109,310.4 - 579,371.0 February 4,616,844.1 1,884,602.9 115,066.3 2,489,095.0 326,277.7 274,104.0 19.0 698,268.7 183,211.7 1,194,707.6 - - 117,803.1 - 628,261.0 March 5,805,297.5 1,483,609.5 113,995.8 2,513,191.2 367,399.1 294,832.6 1.0 811,558.2 30,475.2 1,108,485.3 - - 127,067.9 - 608,067.6 Qtr III 12,748,984.1 4,985,662.7 322,772.8 6,891,167.1 1,027,320.8 846,057.3 366.4 2,535,262.3 - 294,669.4 3,711,349.9 - 7,772.8 354,181.4 - 1,815,699.6 April 5,451,983.2 1,110,266.4 82,921.8 1,498,358.2 307,542.4 311,113.7 - 734,596.9 56,512.6 867,815.1 - - 10,688.7 - 492,359.1 May 8,556,888.7 1,537,543.1 104,158.3 1,832,302.6 228,053.2 361,666.3 0.4 882,541.0 111,372.7 696,875.0 - - 105,392.0 - 490,376.4 June 9,928,362.2 1,314,177.8 81,567.5 1,735,021.1 312,377.3 236,597.6 - 923,134.1 66,930.4 798,018.1 - 8,007.0 10,825.2 - 538,947.0 Qtr IV 23,937,234.0 3,961,987.3 268,647.6 5,065,682.0 847,972.9 909,377.6 0.4 2,540,271.9 - 234,815.8 2,362,708.3 - 8,007.0 126,905.9 - 1,521,682.5 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Table 25: (continued) Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity Others* Re-Exports Grand Total 2022/23 July 126,486.4 350.0 - - - - - 2,453,387.2 14,150.6 37,932.8 761,207.3 346,091.1 657,453.1 14,330,370.5 August 39,029.9 - - - - 6,066.0 - 3,059,479.3 22,970.8 50,488.0 867,694.2 331,531.8 769,411.9 13,604,367.8 September 41,813.8 6,223.5 - - - - - 3,241,219.3 12,100.6 45,681.7 658,534.9 334,927.8 619,372.0 10,696,888.3 Qtr I 207,330.1 6,573.5 - - - 6,066.0 - 8,754,085.8 49,221.9 134,102.6 2,287,436.4 1,012,550.7 2,046,237.0 - 38,631,626.6 October 207,805.7 9,668.4 - - - 480.5 - 2,516,781.8 37,759.7 88,480.8 451,012.0 362,788.3 1,000,766.5 11,853,802.9 November 117,009.5 1,333.9 - - - 4,236.8 - 2,649,810.0 46,940.9 101,647.3 655,819.9 368,067.5 972,003.1 9,520,053.4 December 93,840.2 - - - - 741.5 - 1,959,960.8 40,077.9 43,088.8 377,018.3 390,690.6 976,589.1 9,292,681.0 Qtr II 418,655.4 11,002.3 - - - 5,458.8 - 7,126,552.6 124,778.6 233,216.9 1,483,850.1 1,121,546.4 2,949,358.6 - 30,666,537.3 January 96,148.4 173.8 - - - - - 2,442,856.7 11,394.9 36,468.4 338,284.0 422,452.7 688,681.4 9,749,024.7 February 222,728.7 3,037.7 - - - 108.2 - 2,563,417.5 12,949.6 48,618.5 367,892.4 615,130.0 746,064.0 12,528,261.0 March 284,087.3 9,376.5 - - - 209.6 - 2,607,251.0 15,504.6 22,820.5 381,885.4 806,852.0 735,135.5 13,263,980.9 Qtr III 602,964.4 12,588.0 - - - 317.8 - 7,613,525.2 39,849.2 107,907.4 1,088,061.8 1,844,434.7 13,479,529.4 - 46,850,915.0 April 134,680.5 9,348.8 - - - - - 2,651,162.6 12,912.7 22,158.1 265,662.0 452,417.2 4,051,389.8 14,472,500.1 May 222,053.7 15,531.1 - - - - - 2,046,671.9 16,772.0 20,557.5 381,142.0 336,702.7 3,635,199.3 17,946,600.7 June 153,199.5 111.6 - - - 90.2 - 2,018,538.2 26,790.3 41,804.9 2,735,179.3 378,761.3 5,904,247.7 21,308,440.8 Qtr IV 509,933.8 24,991.5 - - - 90.2 - 6,716,372.6 56,475.0 84,520.6 3,381,983.4 1,167,881.3 13,590,836.8 - 53,727,541.5 Source: Ethiopian Customs Commission, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Particulars 2022/23 Particulars

Table 26: Value of Imports, by Major Commodity Groups** Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. July 4,670,791 173,903 45,165 4,279 21,942,334 954,457 847,892 30,285 403,552 1,159,673 384,620 August 8,148,077 93,273 56,823 - 17,460,805 1,221,511 2,037,797 25,707 349,184 1,177,415 585,769 September 8,417,676 103,483 23,781 - 17,534,508 1,055,419 2,206,401 5,862 440,341 1,141,727 523,331 Qtr I 21,236,545 370,659 125,770 4,279 56,937,647 3,231,387 5,092,089 61,854 1,193,076 3,478,815 1,493,721 October 11,273,025 132,193 26,704 2,021 16,397,006 1,078,250 2,099,216 4,471 622,520 1,530,615 627,800 November 8,042,285 102,018 21,188 - 17,602,993 1,126,311 1,781,301 12,857 571,067 1,311,295 731,263 December 8,872,358 125,168 38,827 - 13,855,652 1,186,109 3,786,209 11,390 841,584 1,459,988 790,376 Qtr II 28,187,669 359,380 86,719 2,021 47,855,652 3,390,671 7,666,726 28,719 2,035,171 4,301,897 2,149,440 January 3,802,931 43,678 20508.8791 - 15,365,628 1127792.629 2,238,203 2,718 769823.8824 1,096,546 808,117 February 5,010,526 94,456 21865.33707 3,201 14,587,235 1453159.393 2,610,463 6,116 921843.7417 1,000,044 883,643 March 5,090,787 124,461 37562.20248 - 22,886,531 1621605.589 3,005,076 29,274 529142.2047 1,311,450 1,193,131 Qtr III 13,904,244 262,594 79936.41865 3,201 52,839,393 4202557.612 7,853,743 38,108 2220809.829 3,408,040 2,884,890 April 9,096,417 23,996 42312.76886 - 22,976,201 903744.9737 2,028,985 14,782 628840.5635 1,106,648 864,035 May 6,965,233 166,688 16797.41694 - 16,138,358 1312571.238 2,545,414 1,081 575419.7236 1,428,982 658,056 June 2,465,215 73,293 50711.15423 - 12,239,788 1039227.353 3,598,530 39,382 812289.6391 951,496 613,837 Qtr IV 18,526,865 263,976 109821.34 - 51,354,346 3255543.565 8,172,928 55,245 2016549.926 3,487,126 2,135,928 Table 26: (continued) Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL July 1,800,626 700,170 522,693 5,443,908 7,881,810 326,616 3,028,640 3,112,154 433,716 27,057,820 77,812,950 August 1,760,990 850,853 388,066 5,892,620 9,743,228 420,242 5,955,661 2,534,735 237,635 31,085,201 87,490,856 September 1,301,762 407,852 339,159 5,775,626 7,527,844 640,287 3,901,714 2,056,117 198,766 21,258,104 72,803,643 Qtr I 4,863,378 1,958,876 1,249,918 17,112,154 25,152,882 1,387,145 12,886,015 7,703,007 870,117 79,401,125 238,107,450 October 1,639,788 490,472 553,607 4,477,090 8,691,543 327,558 3,286,198 2,909,541 198,596 32,397,536 85,856,211 November 1,577,299 483,432 458,010 5,018,734 7,729,305 826,815 5,214,421 821,322 207,678 22,305,114 75,123,387 December 1,549,602 716,421 489,055 4,506,076 6,735,475 862,067 3,533,204 516,240 695,734 27,510,008 77,565,303 Qtr II 4,766,689 1,690,324 1,500,673 14,001,901 23,156,323 2,016,439 12,033,822 4,247,102 1,102,008 82,212,659 238,544,901 January 1,788,974 541,501 422,654 3,760,946 6,393,209 350,395 2,604,315 1,193,094 124,735 34,693,462 75,956,128 February 1,279,927 504,151 481,763 4,338,345 7,610,995 366,471 1,940,404 606,744 250,318 21,437,414 64,802,341 March 1,733,159 890,859 557,913 7,730,538 5,705,915 389,817 2,856,110 1,316,734 289,051 26,500,642 82,483,023 Qtr III 4,802,060 1,936,510 1,462,331 15,829,828 19,710,119 1,106,683 7,400,830 3,116,572 664,103 82,631,518 223,241,492 January 1,788,975 541500.7168 422,654 3760947.14 6,393,211 350395.2102 2,604,316 1193093.996 124,735 34693447.72 75,956,128 February 1,279,927 504151.394 481,763 4338344.841 7,610,995 366470.8562 1,940,404 606744.4587 250,318 21437413.93 64,802,341 March 1,733,159 890858.5056 557,913 7730537.836 5,705,915 389817.4366 2,856,110 1316733.75 289,051 26500641.84 82,483,023 Qtr III 4,802,060 1936510.423 1,462,331 15829828.48 19,710,119 1106683.378 7,400,830 3116571.779 664,103 82631518.22 223,241,492 April 1,612,363 1163482.895 401,604 4921484.253 5,513,639 447737.4898 2,282,145 1214334.218 88,599 8378687.46 62,495,705 May 2,214,149 1244397.19 387,011 7329759.806 8,248,675 934081.7746 3,437,178 1457803.418 364,670 25163697.38 79,132,219 June 1,995,309 727199.9348 402,281 4499025.782 6,288,540 885644.9438 3,258,074 1658884.514 245,627 30300125.49 70,485,595 Qtr IV 5,821,822 3135080.019 1,190,896 16750269.84 20,050,854 2267464.208 8,977,397 4331022.15 698,897 63842510.33 212,113,519 Source: Ethiopian Customs Commission Note : Food and Live animal also includes Grain *** 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 2022/23 Period 2022/23 (In 000 birr) Period

Table 27: Volume of Imports, by Major Commodity Groups** (In Metric Tons) Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. July 137,408.1 2,197.7 156.3 41.5 344,481.8 14,118.5 1,427.3 16.6 1,743.4 6,205.0 4,760.7 August 233,641.3 737.7 146.8 - 302,415.4 18,294.1 1,033.2 58.3 1,373.0 7,936.9 6,789.1 September 227,275.6 848.8 109.3 - 322,397.0 14,125.6 1,608.7 1.2 2,822.1 10,288.3 197,972.6 Qtr I 598,324.9 3,784.2 412.4 41.5 969,294.3 46,538.1 4,069.1 76.2 5,938.5 24,430.2 209,522.4 October 313,825.1 1,409.1 99.9 18.8 307,111.0 18,761.9 2,992.5 1.0 5,174.9 8,420.1 8,311.2 November 207,644.7 772.1 42.9 - 324,893.8 17,173.2 1,843.8 26.7 5,973.9 6,299.8 9,546.8 December 195,585.1 879.4 117.8 - 292,381.9 16,032.4 1,852.9 8.8 5,684.6 6,765.7 9,429.9 Qtr II 717,054.9 3,060.7 260.6 18.8 924,386.8 51,967.5 6,689.2 36.5 16,833.4 21,485.5 27,288.0 January 100,416.3 459.0 1,419.8 - 297,441.7 16,077.6 2,250.5 7.5 5,057.7 7,046.2 11,477.5 February 122,874.4 896.2 49.7 34.3 282,360.0 21,039.6 2,660.0 5.6 5,839.0 5,566.0 13,454.5 March 116,745.1 1,068.3 111.8 - 463,556.4 22,121.5 4,038.4 24.1 5,798.4 7,503.7 13,382.9 Qtr III 340,035.7 2,423.5 1,581.3 34.3 1,043,358.0 59,238.7 8,948.9 37.1 16,695.1 20,115.8 38,315.0 April 238,042.9 288.8355222 105.5 0 359,972.0 13748.56262 2,370.0 5.495450723 5,318.4 8211.548821 10,674.5 May 166,644.4 1249.125243 45.4 0 369,098.1 16633.68717 1,709.7 0.680723613 6,098.2 12589.21599 7,348.3 June 68,060.6 507.2789765 112.0 0 274,772.6 15193.63215 4,716.6 12.81979871 5,360.0 6694.435187 9,281.7 Qtr IV 472,747.9 2045.239741 262.9 0 1,003,842.7 45575.88193 8,796.3 18.99597305 16,776.6 27495.2 27,304.5 Table 27: (continued) Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL July 11,727.7 1,679.9 11,541.7 165,657.1 13,714.9 805.2 5,632.2 104,319.0 33.5 308,096.0 1,031,445.2 August 11,017.7 1,941.8 7,645.5 340,360.7 17,008.8 1,486.8 6,433.3 84,476.7 25.5 362,936.9 1,321,282.6 September 8,064.1 1,010.6 7,742.4 447,692.0 13,110.0 1,512.1 7,552.5 69,095.3 34.3 324,003.1 1,588,170.3 Qtr I 30,809.53 4,632.23 26,929.58 953,709.86 43,833.73 3,804.09 19,618.03 257,891.06 93.26 995,035.94 3,940,898.07 October 11,705.8 1,253.7 12,762.4 166,628.9 23,787.6 1,515.2 6,848.1 105,134.9 36.4 578,537.7 1,469,201.3 November 10,273.5 1,220.8 11,586.3 121,884.2 16,182.0 2,095.2 5,554.6 27,441.0 33.2 335,947.2 1,078,995.0 December 10,378.5 1,730.0 11,191.9 73,524.4 14,457.6 3,435.5 4,203.5 23,168.1 60.6 443,857.6 1,091,578.2 Qtr II 32,357.81 4,204.58 35,540.65 362,037.45 54,427.20 7,045.88 16,606.22 155,743.91 130.27 1,358,342.52 3,639,774.47 January 13,582.9 1,338.0 8,677.8 207,281.2 12,764.0 1,289.8 8,049.2 40,269.2 42.4 539,211.9 1,233,891.1 February 10,600.3 1,253.5 9,009.3 72,111.8 13,194.7 1,229.6 8,085.5 17,578.6 62.8 310,671.2 880,997.9 March 12,911.4 1,860.1 10,210.7 74,509.7 17,184.2 1,582.7 6,236.2 37,703.2 36.6 333,199.0 1,092,081.1 Qtr III 37,094.54 4,451.59 27,897.85 353,902.72 43,142.96 4,102.09 22,370.84 95,551.04 141.78 1,183,082.17 3,206,970.07 April 12,606.7 1,606.6 9,584.6 70,639.5 16,084.5 1,265.9 4,040.2 37,547.2 24.3 170,538.4 925,128.5 May 14,974.1 2,924.6 7,745.6 298,405.2 24,635.6 2,531.9 6,830.2 43,617.0 5.9 398,548.6 1,338,018.4 June 13,934.5 2,346.6 11,029.6 264,040.6 18,288.5 3,644.2 5,220.2 47,613.0 57.3 478,113.8 1,181,387.0 Qtr IV 41,515.30 6,877.73 28,359.79 633,085.32 59,008.57 7,441.97 16,090.64 128,777.27 87.56 1,047,200.85 3,444,533.85 Source: Ethiopian Customs Commission Note : Food and Live animal also includes Grain *** 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 2022/23 Period 2022/23 Period

Table 28: Value of Imports, by End-Use** (In Millions of Birr) 2022/23 Qtr II Qtr III Qtr IV Annual QI QII Qtr III Qtr IV Annual Raw Materials 1,551.9 1,467.5 1,432.3 5,577.0 1,470.1 1,897.1 2,348.3 1,628.4 7,343.9 Semi-finished Goods 32,974.2 52,840.9 70,995.0 183,975.3 44,332.2 37,585.3 57,088.4 56,131.7 195,137.7 Chemicals 6,111.3 5,773.8 5,222.5 24,699.5 7,083.0 6,854.6 7,999.8 8117.4529 30054.727 Fertilizers 3,422.9 19,091.0 44,803.6 69,190.3 13,194.6 6,738.7 22,758.1 22502.808 65194.2117 Textile Materials 2,134.7 2,682.6 2,662.0 9,507.6 3,200.8 2,958.2 3,053.7 3524.1343 12736.8212 Others 21,305.3 25,293.6 18,307.0 80,577.9 20,853.8 21,033.9 23,276.9 21987.322 87151.9293 Fuel 34,182.0 44,058.2 60,909.5 169,598.8 59,153.7 50,681.6 55,982.7 48754.454 214572.477 Crude petroleum 3.3 - 3.9 7.2 4.3 2.0 3.4 0 9.69874581 Petroleum Products* 34,084.3 42,510.8 59,026.7 165,014.8 57,581.7 47,855.7 52,839.4 45519.527 203796.295 Others 94.4 1,547.3 1,878.8 4,576.9 1,567.7 2,823.9 3,139.9 3234.9276 10766.4836 Capital Goods 33,448.8 36,518.2 46,675.3 148,011.6 48,816.4 45,147.4 35,076.9 38084.237 167127.849 Transport 5,093.7 4,216.7 2,191.0 15,566.9 3,586.9 3,447.9 2,259.6 2994.1989 12291.534 Tyres for Heavy Vehicles 1,247.1 1,399.9 869.0 4,394.4 1,292.6 1,717.1 1,189.8 1413.9084 5613.40527 Heavy Road Motor Veh. 1,502.6 1,236.1 861.1 4,175.3 1,272.2 1,578.1 940.8 1129.4662 4920.52514 Aircraft 2,224.2 1,438.7 408.9 6,502.9 949.4 29.2 9.9 2.2798388 993.658072 Others 119.8 142.0 52.0 494.2 72.7 123.5 119.1 448.54444 763.945476 Agricultural 699.9 490.3 726.4 2,678.3 753.5 1,105.3 738.4 925.11295 3522.31006 Industrial 27,655.1 31,811.1 43,757.9 129,766.5 44,475.9 40,594.2 32,078.9 34164.926 151314.005 Consumer Goods 103,655.4 94,277.4 75,259.0 367,771.2 82,674.4 101,255.4 70,871.6 65775.51 320576.885 Durables 9,141.3 11,347.9 10,297.7 39,584.5 11,266.4 13,700.9 10,299.7 11365.728 46632.6941 Radio & T.V. 510.5 664.0 614.8 2,231.8 1,598.3 1,980.4 1,544.2 2067.492 7190.42009 Tyres for cars & Other Veh. 528.4 793.2 405.7 2,202.9 657.4 614.7 438.7 647.88433 2358.65352 Cars & Other Veh. 117.6 329.3 198.5 852.8 239.5 247.2 279.3 990.11992 1756.12603 Others 7,984.8 9,561.4 9,078.7 34,297.0 8,771.2 10,858.5 8,037.5 7660.2313 35327.4945 Non-durables 94,514.1 82,929.5 64,961.3 328,186.7 71,408.0 87,554.5 60,571.9 54409.783 273944.191 Cereals 28,623.8 31,239.7 17,866.1 105,138.0 18,652.0 22,602.4 14,552.2 17426.184 73232.7798 Other Food 18,914.6 15,138.4 13,820.1 68,806.4 15,041.4 26,470.4 16,222.0 8698.0417 66431.877 Medical & Pharmaceuticals 19,174.2 6,923.7 5,658.1 38,231.2 5,948.5 8,238.4 8,604.6 9098.7881 31890.2912 Textile Fabrics 4,043.6 3,894.0 4,342.2 16,603.2 4,332.0 4,354.0 4,477.4 6493.7507 19657.1158 Others 23,757.9 25,733.7 23,274.8 99,407.9 27,434.1 25,889.2 16,715.7 12693.019 82732.1267 Miscellaneous 1,343.6 2,296.8 2,221.7 7,277.0 1,657.7 1,978.1 1,873.6 1739.2246 7248.58035 Total Imports 207,155.8 231,458.9 257,492.8 882,211.0 238,104.5 238,544.9 223,241.5 212113.52 912007.363 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 2021/22 Categories

Table 29: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector Manufacturing 7 71 6 58 5 81 5 174.4 5 193.0 7.0 60.5 4 33.2 5 77.0 Agriculture, hunting and forestry 1 20.0 Real estate, renting and business activities 4 18 4 18 6 43 5 33.5 5 34.0 4.0 636.2 1 7.0 3 2,513.6 Hotels and restaurants 1 105 1 15.0 Education 1.0 1500.0 Health and social work 1 3.0 1.0 5.0 1 40.7 Construction 31 287 10 136.4 7 25.0 1.0 10.6 3 51.7 3 30.8 Wholesale, retail trade and repair service 1 7 Transport, storage and communication 1 2 7 60.5 4 111.0 Mining and Quarrying Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities 1 10 Others 1 33.0 2.0 667.2 1 16.5 Grand Total 13 98.6 11 182.0 43 421 27 404.8 24 434.0 16 2879.6 9.0 132.6 12 2,638.0 Source: Ethiopia Investment Agency *Projects with Initial Investment Capital below Birr 250,000 are not included. Investment Capital 2014(2021/22) QIV No of projects Investment Capital QI QII No of projects (In Millions of Birr) QIII No of projects Investment Capital QII No of projects Investment Capital Investment Capital QI No of projects Investment Capital No of projects Sector/Sub-sector 2022/23 QIV No of projects Investment Capital QIII No of projects Investment Capital

Table 30: Expected Employment Creation of Approved Domestic $ Foreign Investment Projects by Sector[PERMANENT & TEMPORARY] Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Perm. Emp. Tempo. Emp. Manufacturing 4062 1084 1916 72 479 70 702 115 162 49 253 77 352 72 Agriculture, hunting and forestry Real estate, renting and business activities 55 62 102 23 742 102 99 219 85 55 72 2300 448 2020 Hotels and restaurants 60 80 87 Education 120 40 Health and social work 2 5 12 20 52 102 Construction 30 24 2 5 30 30 28 10 705 310 Wholesale, retail trade and repair service 1,964 969 Transport, storage and communication 3 2 Mining and Quarrying Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities 350 3 Others 6 30 42 22 22 Grand Total 6084 2117 162 103 3038 201 578 289 884 210 438 2461 333 189 1527 2402 Source: Ethiopia Investment Agency *Projects with Initial Investment Capital below Birr 250,000 are not included. QIII Sector/Sub-sector QI 2014(2021/22) QII QIII QIV QI QII 2022/23 QIV

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