National Bank of Ethiopia Quarterly Bulletin Second Quarter 2017/18

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2017/18 Fiscal Year Series Volume 34 No. 2 Addis Ababa 2018 N ational Bank of Ethiopia Quart erly Bulletin Volume 34, N o. 1

National Bank of Ethiopia Quarterly Bulletin National Bank of Ethiopia Quarterly Bulletin Volume 34, No. 2 Second Quarter 2017/18 Fiscal Year Series Addis Ababa 2018

National Bank of Ethiopia Quarterly Bulletin Table of Contents Pages Ethiopia: Macroeconomic and Social Indicators-------------------------------------------------------------------i I. Overview------------------------------------------------------------------------------------------------------------1 1.1: International Economic Developments -------------------------------------------------------------------1 1.2: Review of Macroeconomic Developments in Ethiopia -----------------------------------------------1 II. Energy Production and Processing------------------------------------------------------------------------4 2.1: Import of Petroleum Products---------------------------------------------------------------------------------4 2.2: Electric Power Generation--------------------------------------------------------------------------------------7 III. Quarterly Price Developments---------------------------------------------------------------------------- 9 3.1: Developments in National CPI------------------------------------------------------------------------------- 9 3.2: Developments in Regional CPI ------------------------------------------------------------------------------ 12 IV. Monetary Developments----------------------------------------------------------------------------------- 13 4.1: Money Supply and Credit---------------------------------------------------------------------------------------13 4.2: Developments in Reserve Money and Monetary Ratio-------------------------------------------------16 4.3: Interest Rate Developments -----------------------------------------------------------------------------------17 4.4: Developments in the Financial Sector----------------------------------------------------------------------- 19 4.5: Activities of the Banking System------------------------------------------------------------------------------21 4.5.1: Resource Mobilization-----------------------------------------------------------------------------------21 4.5.1.1: Deposit Mobilization --------------------------------------------------------------------------------------23 4.5.1.2: Collection of Loans -----------------------------------------------------------------------------------------24 4.5.1.3: Borrowing -----------------------------------------------------------------------------------------------------24 4.5.2: Disbursement of Fresh Loans ---------------------------------------------------------------------------24 4.5.3: Outstanding Credit ---------------------------------------------------------------------------------------25 4.6: Financial Activities of NBE --------------------------------------------------------------------------------------25 4.7: Developments in Financial Markets ----------------------------------------------------------------------26 4.7.1: Treasury Bills Market -------------------------------------------------------------------------------------26 4.7.2: Inter-bank Money Market ------------------------------------------------------------------------------28 4.7.3: Corporate Bond Market----------------------------------------------------------------------------------28

National Bank of Ethiopia Quarterly Bulletin V. External Sector Developments ---------------------------------------------------------------------------29 5.1: Balance of Payments -------------------------------------------------------------------------------29 5.2: Balance of Trade--------------------------------------------------------------------------------------31 5.2.1: Exports -------------------------------------------------------------------------------------------------- 32 5.2.2: Imports --------------------------------------------------------------------------------------------------36 5.2.3: Direction of Trade ------------------------------------------------------------------------------------38 5.2.3.1: Exports of goods ------------------------------------------------------------------------38 5.2.3.2: Imports of goods--------------------------------------------------------------------------38 5.3: Services and Transfers ----------------------------------------------------------------------------39 5.4: Current Account---------------------------------------------------------------------------------------41 5.5: Capital Account----------------------------------------------------------------------------------------41 5.6: Changes in Reserve Position ------------------------------------------------------------------41 5.7: Developments in Foreign Exchange Market-------------------------------------------41 5.7.1: Exchange Rate Movements -------------------------------------------------------41 5.7.2: Movements in the Real Effective Exchange Rate -----------------------46 5.7.3: Volume of Transactions --------------------------------------------------------------47 VI. Federal Government Finance----------------------------------------------------------------------------48 6.1: Revenue and Grants-------------------------------------------------------------------------------------48 6.2: Expenditure------------------------------------------------------------------------------------------------50 6.3: Deficit Financing----------------------------------------------------------------------------------------51 VII. Developments in Investment--------------------------------------------------------------------------52 VIII. International Economic Developments ---------------------------------------------------------56 8.1: Overview of the World Economy -------------------------------------------------------------------56 8.2: Inflation Developments--------------------------------------------------------------------------------56 8.3: Commodity Price ---------------------------------------------------------------------------------------56 8.4: Exchange Rate Developments --------------------------------------------------------------------57 8.5: Impact of Global Economic Development on Ethiopian Economy-------------------57 STATISTICAL TABLES--------------------------------------------------------------------------------------------58

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

1. Country Profile Land Area (total, In Sq.Km) 1.14 million 1.14 million 1.14 million 1.14million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million 1.14 million Arable Land ( % of total area ) 45.0 45.00 NA Irrigated Land ( % of total area ) 3.0 NA Population Density ( person per sq.km )* 85.6 88.1 90.7 93.2 95.8 99.7 101.2 99.6 102.1 104.7 107.40 110.14 112.94 115.76 118.61 121.50
2. Social Indicators Population total, in millions (Mid-Year population) 60.00 61.60 63.20 64.80 66.50 68.30 70.00 72.40 74.90 76.8 78.80 80.70 82.7 84.8 87.0 89.1 91.2 93.4 (o/w Urban Poulation, in %) 14.9 15.1 15.33 15.5 15.8 15.97 16.21 16.45 17 16.14 16.30 16.10 16.3 18.6 19.0 19.5 19.9 20.3 Working Age Population ( In Millions ) Urban 5.6 6.1 6.4 6.5 7 6.95 7.6 7.6 8.0 8.4 8.92 9.43 10.0 10.5 11.1 11.6 12.2 12.8 Rural 28.00 28.8 29.8 30.54 31.4 32.6 33.2 32.9 31.3 33.0 33.89 34.83 35.8 36.8 37.7 38.7 39.7 40.8 Total 33.8 34.9 36.2 37.04 38.4 39.6 40.7 40.6 39.3 41.4 42.82 44.26 45.7 47.3 48.8 50.4 52.0 53.6 Age Dependency Ratio 87.8 87.2 86.0 86.6 85.2 84.7 84.3 84.3 93.00 93.00 93.0 75.0 Life Expectancy at Birth ( Male - Female ) 50.9-53.0 53.4-55.4 53-55 53.42-55.42 55.6-57.9 55.6-57.9 53.4-55.4 58.4-60.4 53.4-55.4 60.2-64.2 Crude Birth Rate 44.2:1,000 39.9:1,000 35.7:1,000 36.9:1,000 36.9:1,000 35.7:1,000 35.7:1000 35.7:1000 33.6:1000 33.6:1000 30.3:1000 Crude Death Rate 15:1,000 12.6:1,000 12.6:1,000 12.6:1000 10.8:1,000 NA NA 9.2:1,000 9.2:1,000 7.2:1000 Natural Rate of Population Increase ( In % ) 2.9 2.7 2.60 2.40 2.40 2.31 Total Fertility Rate 6.5clild:W 5.8child:W 5.4child:W 5 child:W 4.8child:W 4.8child:W 3.94chil:W People : Hospital Beds 5,273:1 6,086.4:1 5740.4:1 6479.2:1 5721.4:1 5273.5:1 5028:1 5293:1 5698:1 5082:1 7815:1 NA NA 2516:1 NA NA 2850:1 2980:1 People : Physician1 50,273.2:1 47,836.0:1 35604:1 34005.1 36954:1 29777:1 35493:1 49888:1 36374:1 36175:1 56013:1 53642:1 28847:1 32132:1 20970:1 17160:1 14045:1 22766:1 People : Nurse 1 9,458.5:1 8,461.0:1 5236.0:1 4879:1 4621:1 3956.8:1 4206:1 4601:1 4524:1 3870:1 3012:1 2762:1 2299:1 1884:1 1995:1 1999:01:00 1999:1 1194:1 Infant Mortality Rate 110:1,000 97:1,000 97:1,001 97:1,002 97:1,003 80:1,000 77:1,000 73:1000 59:1000 62.2:1000 62.4:1000 62.4:100 Access to Safe Water ( In %) Country Level 30.00 27.90 28.4 NA 35.9 45.6 47.3 52.5 59.5 66.2 68.50 73.30 58.3 68.5 76.7 84.0 61.0 66.0 Urban Population 72.00 91.70 75.7 NA N.A 82 NA 82.0 86.2 88.6 91.50 92.50 78.7 81.3 84.2 91.0 52.5 55.0 Rural Population 24.00 17.10 19.9 NA 25.2 38.4 42.2 46.4 53.9 61.5 65.80 71.30 55.2 66.5 75.5 82.0 63.1 68.0 Student-Teacher Ratio Primary ( 1-8 ) 56:1 61:1 63:1 64:1 65:1 66:1 62:1 59:1 57:1 54:1 51:1 51:1 50:1 49:1 47:1 46:1 46:1 - Secondary ( 9-12 ) 43:1 52:1 54:1 45:1 48:1 51:1 57:1 48:1 43:1 41:1 36:1 31:1 29:1 28.7:1 27.8:1 26.4:1 26.5:1 - Technical & Vocational 7.6:1 9:1 17:1 25:1 22:1 21:1 20:1 27:1 25:1 34:1 NA 29:1 24.7:1 18.6:1 16.5:1 16.5፡1 12.6፡1 - Student-School Ratio Second Quarter 2017/18

Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin ii Primary ( 1-8 ) 563:1 617.5:1 674.0:1 701:1 724:1 690:1 654:1 677:1 657:1 619:1 573:1 590:1 576:1 571:1 571:1 744.9፡1 573፡1 - Secondary ( 9-12 ) 982:1 1,531.2:1 1681.0:1 1222:1 1312:1 1350:1 1425:1 1440:1 1381:1 1345:1 1270:1 1160:1 1033:1 994:1 857:1 369:1 767.2፡1 - Technical & Vocational 267:1 264.9:1 271.0:1 353:1 552:1 534:1 468:1 493:1 501:1 673:1 788:1 735:1 654:1 544:1 545:1 383:1 523፡1 - 3. Macroeconomic Indicators 3.1 Real sector Development2 GDP at Current Market Price (In Mn. Birr) 65,986.0 67,351.0 65,895.0 72,703.0 85,800.0 105,415.0 130,334.0 170,281.0 245,836.0 332,060.0 379,135.00 515,078.5 747,326.5 866,921.1 1,060,825.4 1,297,961.4 1,528,044.2 1,806,656.0 Nominal GDP Growth Rate (In %) 9.0 2.1 (2.2) 10.3 18.0 22.9 23.6 30.6 44.4 35.1 14.18 35.9 45.1 15.3 22.4 22.4 18.2 17.9 Average Marginal Exchange Rate (Birr per USD) 8.1400 8.3300 8.5400 8.5800 8.6300 8.6518 8.6810 8.7943 9.2400 10.4200 12.89 16.1 17.3 18.3 19.1 20.1 21.1 22.4 GDP at Current Market Price (IN Mn. USD) 8,106.4 8,085.4 7,716.0 8,473.5 9,942.1 12,184.2 15,013.7 19,362.7 26,605.6 31,867.6 29,413.11 31,957.1 43,314.2 47,424.6 55,628.0 64,575.2 72,419.2 80,605.0 Nominal GDP per Capita (In USD) 135.1 131.3 122.1 130.8 149.5 178.4 214.5 267.4 355.2 415 373.26 396.1 523.5 559.1 639.6 725.0 794.0 863.0 Real GDP per Capita ( In Birr ) 3,313.8 3,495.7 3,458.8 3,300.5 3,652.6 3,976.7 4,300.5 4,634.2 4,962.8 5,266.1 5,776.60 5,895.00 6,947.5 7,299.1 7,625.2 8,571.2 8,864.0 18,257.5 Real GDP per Capita Growth Rate (In %) 4.8 5.5 (1.1) (4.6) 10.7 8.9 8.1 7.8 7.1 6.1 9.69 9.00 6.1 5.1 4.5 12.4 3.4 8.0 GDP Deflator (% change) 6.9 (5.8) (3.6) 12.8 3.9 9.9 11.6 17.2 30.3 24.2 1.70 20.08 33.5 4.9 11.0 10.8 9.5 6.3 Real GDP at constant basic price (In Mn. Birr) 184,625.4 198,320.9 201,561.3 197,331.5 220,477.2 248,354.8 277,013.3 309,686.8 344,331.9 378,907.4 418,946.95 475,647.50 517,026.5 568,432.3 626,977.4 692,221.7 747,309.2 1,577,107.0 Real GDP at constant market price (In Mn. Birr) 198,827.1 215,332.6 218,594.3 213,870.3 242,897.6 271,605.2 301,032.7 335,519.0 371,716.7 404,437.0 455,196.02 515,078.50 559,621.6 618,842.2 682,358.5 753,229.7 810,187.2 1,699,193.6 Real GDP Growth Rate (In %) 3.4 7.4 1.6 (2.1) 11.7 12.6 11.5 11.8 11.2 10.0 10.57 11.40 8.7 9.9 10.3 10.4 8.0 10.9 Agriculture & Allied Activties(In Billion Birr) 102.1 111.9 109.8 98.3 115.0 130.5 144.8 158.5 170.3 181.2 195.00 212.50 222.9 238.8 251.8 267.8 274.0 573.1 Industrial Sector (In Billion Birr) 17.7 18.6 20.2 21.4 23.7 25.9 28.4 30.6 33.9 37.3 41.99 49.80 59.6 73.9 86.5 103.7 125.0 404.3 Service Sector(In Billion Birr) 69.4 72.9 75.3 79.4 84.2 94.6 107.6 124.1 144.1 163.9 185.10 216.60 237.4 258.8 292.5 325.0 353.0 620.2 Agriculture & Allied Activties (% of GDP) 55.3 56.4 53.7 49.4 51.6 51.9 51.5 50.5 48.8 47.3 46.13 44.37 43.1 42.0 40.2 38.7 36.7 36.3 Industrial Sector ( % of GDP ) 9.7 9.5 10.0 11.0 10.9 10.6 10.4 10.2 10.1 10.1 10.17 10.40 11.5 13.0 13.8 15.0 16.7 25.6 Service Sector ( % of GDP ) 37.0 36.3 36.3 39.6 37.5 37.5 38.0 39.3 41.0 42.6 43.70 45.23 45.9 45.5 46.6 47.0 47.3 39.3 Private Consumption Expenditure 45,611.0 47,981.0 49,319.0 56,765.0 60,866.0 81,445.0 102,537.0 130,118.0 197,461.0 268,002.0 309,132.00 373,088.50 541,536.3 636,901.3 744,978.0 896,208.0 1,037,277.0 1,147,628.0 Government Consumption Expenditure 12,615.0 10,543.0 10,448.0 10,422.0 11,973.0 13,971.0 17,016.0 19,123.0 25,782.0 31,544.0 34,801.00 53,147.10 62,044.5 77,636.9 98,121.0 116,995.0 148,837.0 222,865.0 Investment 14,647.0 15,870.7 17,395.0 17,669.0 24,902.0 27,409.0 35,952.0 41,227.0 60,156.0 82,560.0 102,403.00 165,380.00 277,243.7 295,456.4 402,922.0 511,618.0 588,705.0 704,596.0 Exports 8,010.0 8,146.0 8,389.0 9,779.0 12,913.6 16,076.9 18,205.4 21,854.2 28,317.0 35,233.0 52,168.00 85,949.80 102,887.0 108,227.1 123,496.0 121,532.2 122,366.0 139,805.0 Imports 15,952.8 16,108.4 17,706.8 20,131.3 27,366.8 37,776.3 48,092.4 55,088.7 76,564.0 96,285.0 126,319.00 162,486.80 236,384.7 251,300.6 308,691.3 393,189.0 424,528.0 428,400.0 Resource Balance -7,942.8 -7,962.4 -9,317.8 -10,352.3 -14,453.2 -21,699.4 -29,887.0 -33,234.4 -48,247.0 -61,052.0 (74,151.00) (76,537.00) (133,498.0) (143,073.5) (185,195.3) (271,656.0) (302,163.0) (288,595.0) Gross Private Consumption (% of GDP) 69.1 71.2 74.8 78.1 70.9 77.3 78.7 76.4 80.3 80.7 81.54 72.43 72.5 73.5 70.2 69.0 67.9 63.5 Gross Government Cosumption (% of GDP) 19.1 15.7 15.9 14.3 14.0 13.3 13.1 11.2 10.5 9.5 9.18 10.32 8.3 9.0 9.2 9.0 9.7 12.3 Gross Domestic Fixed Investment (% of GDP) 22.2 23.6 26.4 24.3 29.0 26.0 27.6 24.2 24.5 24.9 27.01 32.11 37.1 34.1 38.0 39.4 38.5 39.0 Resource Balance (% of GDP) -12.0 -11.8 -14.1 -14.2 -16.8 -20.6 -22.9 -19.5 -19.6 -18.4 (19.56) (14.86) (17.9) (16.5) (17.5) (20.9) (19.8) (16.0) 3.2 Monetory Indictors Narrow Money Supply (M1) ( In Mn. Birr ) 13,050.2 13,745.8 15,182.4 16,446.7 19,065.9 21,289.8 23,811.9 29,773.4 36,875.5 42,112.7 52,434.6 76,171.00 94,849.88 114,745.69 134,063.78 154,706.34 178,609.66 216,769.62 Broad Money Supply (M2) ( In Mn. Birr ) 22,177.8 24,516.2 27,322.0 30,090.1 34,655.9 40,212.1 46,377.4 56,860.3 69,918.2 82,509.8 104,432.4 145,376.97 189,398.78 235,313.59 297,746.59 371,328.91 445,266.25 573,384.05 Indicators 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009)

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2017/18 iii Net Foreign Assets ( In Mn. Birr ) 4,770.6 4,800.0 7,822.5 11,049.2 11,766.9 13,868.0 12,109.6 13,927.3 12,140.6 17,976.8 27,189.8 55,534.68 39,787.69 45,648.53 45,972.30 37,570.95 21,524.19 38,034.79 Reserve Requirement ( CBs ) 924.1 1,081.8 1,163.9 1,320.3 1549.35 1,828.4 2,120.9 2,592.5 9,112.9 11,183.3 14,368.0 20,495.20 18,080.56 11,708.82 14,479.39 18,250.35 21,745.43 28,278.91 Interest Rate ( In % ) Minimum Deposit Rate 6 6 3 4.0 4.0 5.00 Lending Rate 10.5-13.5 10.5-15.0 8.0-10.5 7-14 8-15 8-16.5 12.25 11.88 12.75 12.75 Total Net Domestic Credit (in mn. Birr) 26,271.0 27,551.6 27,550.2 28,202.3 31138.781 40305.8 49295.9 61585.0 80772.6 89,203.0 104,413.5 135,553.87 189,080.81 233,404.32 300,026.58 393,421.73 490,230.35 631,092.73 Government 14,775.7 15,171.0 15,985.1 17,229.8 19199.154 21663.8 25266.4 30290.2 34169.2 32,786.5 33,013.1 28,651.65 21,557.41 21,965.52 26,929.74 30,735.25 47,548.36 85,441.85 Other Sectors 11,495.3 12,380.6 11,565.1 10,972.6 11939.627 18642.0 24029.6 31294.8 46603.4 56,416.5 71,400.4 106,902.22 167,523.40 211,438.80 273,096.84 362,686.48 442,681.99 545,650.89 3.3 Inflation (CPI growth rate)3 Country Level -General inflation 5.4 -0.3 -10.6 10.9 7.3 6.1 10.6 15.8 25.3 36.4 2.8 18.1 34.1 13.5 8.1 7.7 9.7 7.2 -Food inflation 7.6 -1.7 -19.1 21.5 11.5 7.4 13.0 17.5 34.9 44.2 -5.4 15.7 42.9 12.6 5.9 7.4 11.2 7.4 -Non-Food inflation (core inflation) 2.5 1.4 0.3 0.2 2.2 4.4 7.1 13.5 12.5 23.8 18.2 21.8 22.4 14.8 10.6 7.9 8.1 7.0 Addis Ababa -General inflation 4.2 -1.4 -5.5 4.6 5.6 7.2 8.4 19.2 20.8 29.4 10.1 19.4 24.8 12.6 8.5 7.6 10.3 3.0 -Food inflation 7.2 -7.8 -10.7 9.4 8.6 5.7 13.0 25.4 32.1 41.5 4.1 14.8 30.6 13.1 4.6 12.2 16.6 1.3 -Non-Food inflation (core inflation) 0.6 5.6 -0.8 0.9 3.0 7.6 4.6 14.0 12.7 19.2 16.0 23.5 21.1 11.9 11.4 4.4 5.8 4.3 3.4 External Trade(In Mn.USD) Export of goods & services 984 979.1 982.7 1150.6 1520.6 1895.8 2149.5 2498.1 3127.9 3399.5 4,050.33 5,343.12 5,993.41 5,978.47 6,451.62 6,057.81 6,077.30 6,257.16 Import of goods & services 1,959.8 1,936.4 2,073.1 2,408.7 3,259.8 4,439.6 5,602.7 6,254.2 8,326.9 9,292.3 9,858.40 10,160.72 13,805.17 13,864.19 16,197.24 19,848.9 20,553.8 19,699.2 Net trade in goods & services -975.8 -957.3 -1,090.4 -1,258.1 -1,739.3 -2,543.8 -3,453.2 -3,756.1 -5,199.0 -5,892.8 -5,808.4 -4,817.6 -7,811.8 -7,885.7 -9,745.6 -13,791.1 -14,476.5 -13,442.0 Current account balance including official transfers (334.8) (242.4) (361.0) -93.8 -401.5 -771.3 -1,470.9 -991.3 -1,492.4 -1,634.7 -1,193.2 -201.9 -2,778.0 -2,780.3 -4,168.1 -7,401.6 -6,656.9 -6,528.4 Capital account balance 151.7 258.6 509.0 368.6 386.7 491.9 614.3 760.4 1,031.5 1648 2,421.02 2,995.93 2,283.28 3,291.23 4,134.57 8,285.61 6,509.19 6,831.49 Overall balance of payments (393.7) (70.5) 300.2 1381.894676 389.5463487 66.40934667 37 29.98 -251.6939401 18.7 316.68 1,384.20 (972.79) (6.52) (96.89) (521.41) (830.86) 658.62 3.5 Government Finance (In Mn .Birr4) Total Revenue (including grants) 11,222.0 12,805.0 12,833.0 15,703.0 17,918.0 20,147.0 23,225.0 29,381.0 39,705.0 40,421.9 66,237.44 85,611.00 115,658.50 137,192.00 158,076.52 199,639.11 243,671.56 269,105.94 Total Revenue (excluding grants) 9,498.0 10,177.0 10,409.0 11,149.0 13,917.0 15,582.0 19,493.0 21,797.0 29,794.0 31,924.0 53,861.34 69,120.00 102,863.65 124,077.00 146,172.77 186,618.69 230,657.28 256,629.04 o/w Tax-Revenue 6,782.0 7440.0 7,926.0 8243.0 10,906.0 12398.0 14122.0 17354.0 23801.0 23216.2 43,315.36 58,981.00 85,739.86 107,010.30 133,118.26 165,312.47 189,717.18 210,135.85 Tax-Revenue as % of GDP 10.3 11.0 12.0 11.3 12.7 11.8 10.8 10.2 9.7 7.0 11.42 11.45 11.47 12.50 12.71 13.37 12.40 11.6 Total Expenditures 17,183.6 15786.4 17,651.0 20517.0 20,520.0 24803.0 29325.0 35607.0 46915.0 43875.2 71,334.79 93,831.00 124,416.72 153,929.00 185,471.78 230,521.18 272,930.09 329,286.84 Current Expenditures 13,741.6 10,379.0 10,550.0 13,549.0 11,977.0 13,235.0 15,234.0 17,165.0 22,794.0 26315.5 32,012.38 40,535.00 51,445.45 62,745.80 78,086.90 113,375.50 131,902.78 176,703.00 Capital Expenditures 3,442.0 5,003.4 6,130.0 6,313.0 8,271.0 11,343.0 14,042.0 18,398.0 24,121.0 17,559.7 39,322.41 53,297.00 72,971.26 91,182.90 107,384.88 117,145.68 141,027.31 152,583.83 Equity Contribution ( Sinking Fund ) Special Programs - 404.0 971 655 272 224.0 50.0 44.0 0.0 - - - - - - - Total Expenditures as % of GDP 26.0 23.4 26.8 28.2 23.9 23.5 22.5 20.9 19.1 13.2 18.8 18.2 16.6 18.1 17.7 17.8 17.9 18.2 Current Surplus/Deficit -4,243.6 -202.0 -141.0 -2,400.0 1,940.0 6,652.7 4,259.0 4,632.0 7,000.0 5,608.5 34,225.1 45,076.5 64,213.0 74,447.0 79,989.6 86,263.6 111,768.8 92,402.9 Overall Budget Deficit ( including grants ) -5,961.6 -2,981.4 -4,818.0 4,815.0 -2,602.0 -4,655.0 -6,100.0 -6226.0 -7210.0 -3453.3 -5,097.4 (8,220.2) (8,758.2) (16,736.0) (27,395.3) (30,882.1) (29,258.5) (60,180.9) Deficit as % of GDP -9.0 -4.4 -7.3 6.6 -3.0 -4.4 -4.7 -3.7 -2.9 -1.0 -1.3 -1.6 -1.2 -2.0 -2.6 -2.4 -1.9 -3.3 Indicators 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009)

Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin iV Overall Budget Deficit ( excluding grants ) -7,685.6 -5,609.4 -7,242.0 -9,368.0 -6,603.0 -9,220.0 -9,832.0 -13,810.0 -17,121.0 -11951.1 -17473.5 (24,711.5) (21,553.1) (29,851.0) (39,299.0) (43,902.5) (42,272.8) (72,657.8) Deficit as % of GDP -11.6 -8.3 -11.0 -12.9 -7.7 -8.7 -7.5 -8.1 -7.0 -3.6 -4.6 -4.8 -2.9 -3.5 -3.8 -3.5 -2.8 -4.0 3.6 Exchange Rate (Birr/ USD) Inter-Bank Forex Market Rate5

• Period weighted Average 8.20 8.42 8.543 8.581 8.635 8.652 8.681 8.794 9.244 10.4205 12.8909 16.1178 17.2536 18.1947 19.0748 20.0956 21.1059 22.4137
• End period 8.22 8.46 8.566 8.600 8.630 8.660 8..69 9.030 9.610 11.3009 13.5321 16.9081 17.7305 18.6426 19.5771 20.5659 21.8004 23.1081 3.7 Treasury Bill Market ( In Mn .Birr) T-Bills Demanded ( Total ) 18,322.8 18,205.5 26,089.1 38,633.6 61,143.2 56,896.2 60,603.5 78,922.0 59,888.5 46,767.2 51,258.02 55,760.03 77,194.80 109,184.60 113,527.98 136,536.80 161,575.24 225,321.24 T-Bills Sold 13,311.2 9,322.9 16,453.2 29,668.0 51,645.0 41,065.0 47,793.5 63,315.0 47,716.5 27,839.8 41,736.42 52,316.03 74,694.80 109,184.60 95,314.98 110,593.30 161,475.24 225,321.24 Average Weighted Yield (in %) 3.3 2.8 2.0 1.3 0.5 0.095 0.038 0.530 0.677 0.743 0.79 1.13 1.87 1.89 1.60 1.43 1.44 1.42 T-Bills Outstanding by holder 1,951.5 3,372.5 4,478.2 9,100.0 12485 6595 11638.5 11546 8239.5 7783.1 11,566.20 10,706.62 20,011.86 26,044.90 32,286.86 41,704.80 57,252.56 73,271.56 Banks 804.7 1,924.0 3,425.5 8,094.3 11418 6295 10612.3 9135 2739 1672 4,400.00 900.00 2,383.50 3,436.00 - - - - Non-Banks 1,146.8 1,448.5 1,052.7 1,005.7 1067 300 1026.2 2411 5500.5 6111.1 7,166.20 9,896.62 17,628.40 22,608.90 32,286.86 41,704.80 57,252.56 73,271.56 3.8 Inter Bank Money Market Rate5 11 8 7.5 _ _ 7.5 8.5 _ 3.9 Financial Institutions Number of Commercial Banks 8 9 9 10 11 11 12 14.00 17.00 17.00 18.00 ( o/w Private banks ) 7 8 9 9 10 12.00 14.00 16.00 Number of Bank Branches 267 283 295 339 358 389 421 487 562 636 681.00 970.00 1,289.00 1,724.00 2,208.00 2,693.00 3,301.00 4,257.00 Population : Bank Branch 224719:1 217668:1 214237:1 191150:1 185754.2:1 175778.4:1 166,270.8:1 148,665.3:1 133,274:1 120,754.7:1 115,712.2:1 83,195.9:1 64,158.3:1 49674.8:1 41,088 33,448.00 27,932.00 22,164.00 Number of Insurance Companies 9 10 12 12.00 14.00 15.00 16.00 17.00 ( o/w Private Insurance Companies ) 8 9 11 11.00 13.00 14.00 15.00 16.00 Number of Insurance Branches 91 95 101 105 121 133 139 146 172 194 207.00 221.00 243.00 273.00 332.00 377 426 492.00 Population : Insurance Branch 659341:1 648421:1 625743:1 617143:1 549587:1 513534:1 503597:1 495890:1 435465:1 395876:1 383844:1 366063:1 340329:1 314428.9:1 264918.8:1 238928:1 216443:1 191772:1 Number of Development Banks 1.00 1.00 Number of Development Bank Branches 32.00 32.00 32 110 110.00 Number of Micro-financial Institutions 16 19 21 22 22 26 27 28 28 30 30.00 31.00 35.00 Indicators 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) 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

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

Second Quarter 2017/18 1 National Bank of Ethiopia Quarterly Bulletin I. OVERVIEW 1.1 International EconomicDevelopments1 In the second quarter of 2017/18, survey indicators showed sustained global economic growth following solid global GDP growth in the previous quarters. During this period, the global composite output Purchasing Managers’ Index (PMI) revealed increment supported by the robust expansion of advanced economies and a pick-up in emerging economies, driven by China and India in particular. Global inflation picked up in November owing to the rise in energy prices. Annual consumer price inflation in Organization for Economic Co-operation and Development (OECD) member countries rose to 2.4 percent in November from 2.2 percent in October driven by the increase in energy and food prices. Excluding food and energy, annual inflation in the OECD member countries remained stable at 1.8 percent. In United States, real GDP growth is anticipated to remain robust at annualized rate of 3.2 percent growth in the second quarter of 2017/18 on account of accommodative financial conditions and buoyant confidence as well as the temporary boost associated with the reconstruction efforts after the hurricanes. In line with robust economic activity, the labor market continued to tighten, with a gain in non-farm payroll employment of 148,000 in December, while the unemployment rate stayed unchanged at 4.1 percent. Annual CPI inflation in the United States declined to 2.1 percent in December due to lower energy price inflation, while inflation excluding food and energy was rising to 1.8 percent on annual basis in December, from 1.7 percent in the previous month. In Japan, economic activity remains strong and the real GDP increased by 0.6 percent quarter on quarter, in the first quarter of 2017/18. Economic indicators continue to indicate firm growth in the second quarter of 2017/18. The unemployment rate fell to 2.7 percent in November, close to the levels of the early 1990s. Headline CPI inflation in Japan picked up in November, standing at 0.6 percent, year on year, while inflation excluding food and energy remained close to zero. 1 European Central Bank monthly bulletin of 7/2017 In Euro area, real GDP continued to increase by 0.7 percent in the first quarter of 2017/18, due to the strong contributions from 1 domestic demand and net trade. The latest economic indicators remain optimistic and confirm the expectation of continued robust growth in the second quarter, around the same rates recorded in the previous quarters. In the United Kingdom, economic activity rebounded slightly and real GDP growth accelerated to 0.4 percent in the first quarter, according to the final estimate. Recent indicators point to a continuation of growth at similar rates. Survey indicators suggest a buoyant performance for export business. The PMI Export Climate Index and data on new export orders from the manufacturing sector remain at high levels in the second quarter of 2017/18. CPI inflation in UK marginally decelerated to 3.0 percent in December from 3.1 percent in November. In China, during the second quarter of 2017/18, economic growth remained robust following with a real GDP growth of 6.8 percent year on year. The broad-based slowdown in sub-Saharan Africa is easing. Growth is accelerating at 2.8 percent in 2017. The pickup was mainly due to a recovery in oil production in Nigeria and the easing of drought conditions in eastern and southern Africa, and global economic recovery. Growth in the region is expected to pick up further in 2018 and reach 3.4 percent, but ongoing policy uncertainty in Nigeria and South Africa put a limit on a stronger rebound. Increasing level of public debt due to the decline in commodity prices and increase in public spending remain the main challenges ahead in the region. 1.2. Review of Macroeconomic Developments in Ethiopia a/ Inflation Headline inflation declined to 2.6 percent during the second quarter of 2017/18 from 3.8 percent registered in the preceding quarter. This was largely attributed to the slowdown in food & non￾alcoholic beverages inflation by 2.1 percentage points. However, it was higher than the headline

2 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin inflation recorded last year same quarter due to 3.6 percentage point increase in food & non-alcoholic beverages inflation and 1.5 percentage rise in non￾food inflation. As a result, food & non-alcoholic beverages and non-food inflations contributed 1.9 and 0.7 percent respectively to the headline inflation recorded during the review quarter b/ Monetary Developments At the end of second quarter of 2017/18, broad money supply (M2 ) reached Birr 644.2 billion, showing a 7 percent increment over the preceding quarter. The growth in broad money was ascribed to 31.5 percent and 36.8 percent expansions in domestic credit and net external assets (NFA) respectively. The increase in domestic credit was attributed to 119.3 percent upsurge in credit to central government due to the government’s action to raise CBE’s capital by issuing non-interest bearing bond and 23.2 percent credit expansion to non￾central government. Likewise, reserve money stood at Birr 151.2 billion, depicting a 17.6 percent growth over last year same quarter as both currencies in circulation and bank deposits at NBE rose by 17.4 and 18.2 percent, respectively. c/ Interest rate Average savings deposit rate rose from 5.4 percent last year to 8.0 percent, while lending rates increased from 12.75 percent to 13.5 percent. In contrast, as weighted average time deposit rate declined by 0.03 percentage points, weighted average yield on T-bills slightly increased by 0.02 percentage point. Hence, considering 13.6 percent headline inflation, all deposit rates, T-bills yield and the average lending rate remained negative in real terms as of end December 2017. d/ Financial Sector Developments

1. Banks The number of banks operating in Ethiopia remained at 18 of which 16 were private and 2 public. These banks opened 164 new branches during the second quarter of 2017/18 raising the total number of bank branches to 4,625 of which 68.2 percent were private bank branches. Thus, currently one branch on average serves about 20,865.52 people. Of the 2 Total population is 96,503,000 as CSA estimation for 2018. total bank branches, about 34.4 percent resided in Addis Ababa. Total capital of the banking system reached Birr 82.0 billion, of which private banks accounted for 36.5 percent while that of public banks namely, Commercial Bank of Ethiopia and Development Bank of Ethiopia, stood at 54.1 percent and 9.4 percent respectively, putting their combined share at 63.5 percent. In the review quarter, the banking sector disbursed about Birr 27.1 billion in new loans, indicating a 13.7 percent decline compared to last year same quarter. Of the total new loans disbursed, the share of public banks was 27.5 percent and that of private banks 72.5 percent. Of the total fresh loans, domestic trade was the largest beneficiary, accounting for 26.3 percent followed by industry (18.8 percent), international trade (17.1 percent), housing & construction (11.2 percent), transport & communication (5.2 percent) and agriculture (2.4 percent). The remaining balance was disbursed to other economic sectors during the review quarter. In the same period, the banking sector collected loans to the tune of about Birr 23 billion which was 4.3 percent lower than a year earlier. Of the total loan collection, 69.3 percent was by private banks and 30.7 percent by public banks. Meanwhile, total outstanding credit of the banking system (excluding credit to government) stood at Birr 354.8 billion, about 21.5 percent higher than last year same period. About 99.8 percent of the private banks and 41.4 percent of public banks’ loans went to finance the private sector.
2. Insurance Sector Of the 17 insurance companies operating in Ethiopia 16 were private. Total branches of insurance sector increased to 518 from 465 a year ago of which about 53.9 percent were located in Addis Ababa. Total capital of the insurance companies reached Birr 4.7 billion, of which 74.6 percent was that of private insurance companies.
3. Microfinance Institutions There were 35 micro-finance institutions (MFIs) in the country which mobilized Birr 28.4 billion in saving deposit. These deposit showed a 40.2 percent quarter- on- quarter growth. Their outstanding

Second Quarter 2017/18 3 National Bank of Ethiopia Quarterly Bulletin credit also went up 38.5 percent to reach Birr 37 billion. Their total asset also grew by 43.7 percent and reached Birr 56.3 billion at the end of December, 2017.All these indicators testify the growing role of the institutions in poverty reduction and wealth creation among low income groups in both rural and urban areas. e/ External Sector and Foreign Exchange Developments

1. External Sector Development Revenue from export of merchandise goods (including electricity) during the second quarter of 2016/17 was USD 667.9 million, depicting a 16.2 percent growth over last year same quarter. This growth was attributed to higher earnings from export of oilseeds (105.1 percent), coffee (25.7 percent), leather & leather products (22.9 percent), fruits & vegetables (6.5 percent), flower (5.4 percent) and other exports (20.6 percent), either due to an increase in export volume, prices or both. Meanwhile, total merchandise imports amounted to USD 3.96 billion, showing modest (0.6 percent) growth over same quarter last year largely due to higher import value of fuel (22.3 percent) and consumer goods (3.8 percent). The average price of Brent crude oil, used as a point of reference for international oil price, increased by 22.7 percent to USD 61.5 per barrel compared with USD 50.1 a year ago. In contrast import values of raw materials, capital goods and semi-finished goods tended to decline by 18 percent, 6.7 percent and 6.7 percent respectively. Total transfer receipts increased by 27.9 percent annually to USD 2.1 billion on account of 18.2 percent rise in private transfers and 62.4 percent surge in official transfers. Private individual transfers rose by 13.8 percent, while that of NGO increased by 37.2 percent. Hence, the current account balance (including official transfers) registered USD 1.3 billion deficit during the second quarter of 2017/18, lower than USD 1.8 billion deficit seen a year ago. In the meantime, capital account recorded about USD 1.7 billion surplus, although slightly lower than last year same period. Consequently, the overall balance of payments registered USD 510.7 million deficits compared to USD 83.9 million surplus recorded last year same quarter.
2. Exchange Rate Development During the second quarter of 2017/18, the weighted average official exchange rate of Birr in the inter￾bank forex market reached Birr 26.7099/USD, showing a 20.19 percent annual depreciation. Similarly, the REERI depreciated by 9.0 percent annually mainly due to huge depreciation of Birr relative to that of Ethiopia’s major trading partner currencies offsetting higher domestic inflation. In the same period, the NEERI also depreciated by 15.7 percent vis-à-vis last year same quarter. F. Federal Government Fiscal Operations In the second quarter of 2017/18, total revenue and grants of the federal government depicted a 16.3 percent annual growth and amounted to Birr 55.7 billion, while its expenditure increased by 5.5 percent to Birr 71.7 billion during the same period. As a result, the overall fiscal deficit (including grants) widened to Birr 15.9 billion from Birr 14.1 billion deficit a year earlier. G. Investment 103 investment projects with investment capital of Birr 612.5 million became operational during the review quarter which saw 16.9 percent decline, the number of investment projects and 36.4 percent in investment capital.

4 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin II. Energy Production and Processing 2.1. Import of Petroleum Products The volume of petroleum products imports during the second quarter of 2017/18 amounted to 961,434 thousand metric tons, about 10.4 percent higher than last year same quarter on account of higher import of fuel oil (19.2 percent), jet fuel (12.6 percent), gas oil (10.7 percent) and regular gasoline (2.4 percent). With regard to the previous quarter, the amount of petroleum products imported increased by 8.8 percent owing to 41.9 percent expansion in jet fuel and 3 percent in gas oil. In contrast, import of fuel oil dropped 11.6 percent and that of regular gasoline 6.6 percent. Of the total petroleum imports, gas oil accounted for 63.3 percent, jet fuel 24.4 percent, regular gasoline 10.4 percent and fuel oil 1.9 percent. (Table 2.1) Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2016/17 2017/18 Percentage Change Qtr. II Qtr. I Qtr. II A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 97,259 11.2 106,706 12.1 99,641 10.4 2.4 -6.6 Jet Fuel 208,283 23.9 165,269 18.7 234,532 24.4 12.6 41.9 Fuel Oil 15,580 1.8 21,005 2.4 18,570 1.9 19.2 -11.6 Gas Oil (ADO) 550,034 63.1 591,077 66.9 608,690 63.3 10.7 3.0 Total 871,155 100.0 884,058 100.0 961,434 100.0 10.4 8.8 Source: Ethiopian Petroleum Enterprise Source: Ethiopian Petroleum Enterprise

100,000 200,000 300,000 400,000 500,000 600,000 700,000 I II III IV I II III IV I II III IV I II III IV I II III IV I II 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 In Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Fig.2.1: Trends in the Volume of Petroleum Products Imported Petroleum import bill surged by 55.2 percent on annual bases and reached Birr 14.5 due an increase in international oil price and higher import volume. It also depicted a 41.7 percent growth over the preceding quarter. In general, all types of petroleum product saw higher import bill during the review quarter both on annual and quarterly terms (Table 2.2).

Second Quarter 2017/18 5 National Bank of Ethiopia Quarterly Bulletin Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum Products 2016/17 2017/18 Percentage Change Qtr. II Qtr. I Qtr. II A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 1,167,931 12.5 1,439,863 14.1 1,668,813 11.5 42.9 15.9 Jet Fuel 2,341,175 25.1 1,946,721 19.1 3,713,217 25.6 58.6 90.7 Fuel Oil 133,417 1.4 202,621 2.0 232,854 1.6 74.5 14.9 Gas Oil (ADO) 5,686,499 61.0 6,628,347 64.9 8,866,954 61.2 55.9 33.8 Total 9,329,022 100.0 10,217,553 100.0 14,481,837 100.0 55.2 41.7 Source: Ethiopian Petroleum Enterprise

1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000,000 I II III VI I II III IV I II III IV I II III IV I II III IV I II 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 In '000 Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Fig.2.2: Trends in the Value of Petroleum Products Imported Source: Ethiopian Petroleum Enterprise Average FOB price of petroleum products went up 22.2 percent over last year same quarter due to higher FOB prices of fuel oil (23.6 percent), gas oil (22.3 percent), jet fuel (21.9 percent) and regular gasoline (21.5 percent). This has also been the trend compared to FOB prices of the previous quarter (Table 2.3).

6 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2016/17 2017/18 Percentage Change Qtr. II Qtr. I Qtr. II A B C C/A C/B Regular Gasoline (MGR) 498.1 551.8 605.2 21.5 9.7 Jet Fuel 462.2 493.2 563.4 21.9 14.2 Fuel Oil 280.4 303.6 346.6 23.6 14.2 Gas Oil (ADO) 428.0 466.8 523.6 22.3 12.2 Average 417.2 453.8 509.7 22.2 12.3 Brent Crude Oil (USD/Barrel) 50.1 51.7 61.5 22.7 18.8 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products price of fuel in Addis Ababa went up by 21.5 percent to Birr 16.84 per liter from Birr 13.87 a year ago. In particular, the retail price of jet fuel surged 35.8 percent followed by that of kerosene (31.5 percent), gas oil (15.5 percent), fuel oil (13.2 percent) and regular gasoline (13 percent). With the exception of jet fuel, retail prices of all types of petroleum product were kept constant compared with the previous quarter. (Table 2.4) 0.0 200.0 400.0 600.0 800.0 1000.0 1200.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 USD per Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise During the second quarter of 2017/18, the average price of Brent crude oil, which is used as a point of reference for international oil price, increased by 22.7 percent and reached USD 61.5 per barrel compared with USD 50.1 a year ago. It also inflated by 18.8 percent over the previous quarter. (Table 2.3) Accordingly, domestic fuel prices were adjusted to reflect global market. For instance, average retail

Second Quarter 2017/18 7 National Bank of Ethiopia Quarterly Bulletin Table2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2016/17 2017/18 Percentage Change Qtr. II Qtr. I Qtr. II A B C C/A C/B Regular Gasoline (MGR) 16.61 18.77 18.77 13.0 0.0 Fuel Oil 12.10 13.69 13.69 13.2 0.0 Gas Oil (ADO) 14.16 16.35 16.35 15.5 0.0 Kerosene 12.43 16.35 16.35 31.5 0.0 Jet fuel 14.03 15.04 19.06 35.8 26.8 Average 13.87 16.04 16.84 21.5 5.0 Source: Ministry of Trade 0.0 5.0 10.0 15.0 20.0 25.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Birr/liter Quarter MGR Fuel Oil Gas Oil Kerosene Jet Fuel Fig.2.4: Trends of Addis Ababa Average Retail Prices Source: Ministry of Trade 2.2. Electric Power Generation Electric power generated during the second quarter of 2017/18 was 3.5 billion KWH, about 15.7 percent higher than a year ago. This was attributed to 15.9 percent increase in production from hydropower sources and significant improvement in energy production from thermal source. Electricity production from wind, however, dropped by 31 percent. Of the total energy generated, about 91.7 percent was from hydropower, 5 percent from wind and 3.3 percent from thermal power (Table 2.5).By system of generation, virtually all the power was generated through inter connected system (ICS)3 while self￾contained system (SCS)4 had minimal share. (Table 2.6) 3 The generated power from different power stations stored in substations before distribution 4 Power stations distribute the generated power independently

8 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 2.5: Electricity Generation by Sources (In ‘000 of K.W.H) Power Source 2016/17 2017/18 Percentage Change Qtr. II Qtr. I Qtr. II A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 2,745,906.8 91.6 3,273,054.3 95.9 3,183,016.7 91.7 15.9 -2.8 Thermal Power 1,027.0 0.0 27,578.1 0.8 113,951.1 3.3 10,995.9 313.2 Geothermal - 0.0 0.0 - 0.0 0.0 wind 252,329.7 8.4 111,217.7 3.3 174,135.5 5.0 -31.0 56.6 Total 2,999,263.52 100.0 3,411,850.08 100.0 3,471,103.26 100.0 15.7 1.7 Source: Ethiopian Electric Power Fig.2.5: Volume of Electricity Production by Type Source: Ethiopian Electric Power

500,000.00 1,000,000.00 1,500,000.00 2,000,000.00 2,500,000.00 3,000,000.00 3,500,000.00 4,000,000.00 Thousand kwh Quarter Hydropower Thermal Power Geo- thermal Wind

Second Quarter 2017/18 9 National Bank of Ethiopia Quarterly Bulletin III. Quarterly Price Developments 3.1 Developments in National CPI During the second quarter of 2017/18, headline inflation was higher than last year same quarter but declined to 2.6 percent from 3.8 percent in the previous quarter. The slowdown in quarterly headline inflation was attributed largely to lower (2.1 percentage points) food & non-alcoholic beverages inflation. On annual terms, the headline inflation increased 2.6 percentage points due to the 3.6 percentage point hike in food & non-alcoholic beverages inflation and 1.5 percentage point increase in non-food inflation. Food & non-alcoholic beverages inflation contributed 1.9 percent and non-food inflation 0.7 percent to the headline inflation during the review quarter (Table 3.1 and Fig 3.1). In terms of the preceding quarter, food & non￾alcoholic beverages inflation decelerated to 2.4 percent from 4.5 percent as CPI inflation for bread & cereals, food products not classified elsewhere, meat, oil & fats, sugar jam, honey & chocolate and fruit tended to decelerate. On the other hand, inflation soared up for vegetables, non-alcoholic beverages, and milk, cheese & egg (Table 3.2). Likewise, non-food inflation slowed down to 2.9 percent from 3.0 percent on account of higher inflation for alcoholic beverages and tobacco, restaurant & hotel and recreation & culture. In contrast, CPI inflation rose for housing, water, electricity, gas & other fuel ; clothing & footwear; furnishings; household equipment & routine maintenance of houses; transport, health and communication (Table 3.3). Source: CSA

10 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 3.1: Quarterly National General Consumer Prices (%) (Dec2011=100) Weights 2016/17 2017/18 Change in %age Points Contribution to QII QI QII A B C C-A C-B Headline Inflation Over QII 2016/17 Headline Inflation Over QI 2017/18 QII 2017/18 Headline Inflation Headline 100 0.0 3.8 2.6 2.6 -1.2 2.6 -1.2 2.6 Food & Non￾alcoholic beverages 53 -1.2 4.5 2.4 3.6 -2.1 1.9 -1.1 1.3 Non-food 47 1.4 3.0 2.9 1.5 -0.1 0.7 -0.05 1.3 Source: CSA and NBE Staff Computation Source: NBE Staff Computation

Second Quarter 2017/18 11 National Bank of Ethiopia Quarterly Bulletin Table 3.2: Quarterly National Food & non-alcoholic beverages CPI Inflation Item Weights 2016/17 2017/18 Change in %age points Contribution to QII QI QII A B C C-A C-B QII Food Inflation Change in Food Inflation Over QI Food & Non-alcoholic beverages 52.8 -1.3 4.5 2.4 3.7 -2.1 2.0 -1.1 Bread & Cereals 18.5 -0.1 11.3 2.2 2.4 -9.1 0.4 -1.7 Meat 4.3 -0.1 4.5 2.7 2.9 -1.8 0.1 -0.1 Milk, cheese & egg 2.2 1.3 -0.3 2.8 1.5 3.1 0.0 0.1 Oils & Fats 3.7 -0.7 -1.6 -1.9 -1.2 -0.3 0.0 0.0 Fruit 0.3 0.9 11.4 6.6 5.7 -4.9 0.0 0.0 Vegetables 13.5 -6.4 -1.6 3.7 10.1 5.3 1.4 0.7 Sugar jam, honey, chocolet 1.0 9.1 0.8 -0.4 -9.5 -1.2 -0.1 0.0 Food products n.e.c 4.7 1.0 5.7 -0.2 -1.2 -5.9 -0.1 -0.3 Non-alcoholic beverages 4.6 7.6 5.2 7.3 -0.3 2.1 0.0 0.1 Source: CSA and NBE Staff Computation Table 3.3: Quarterly National Non-food CPI Inflations Item Weights 2016/17 2017/18 Change in %age points Contribution to QII QI QII A B C C-A C-B QII Non￾food Inflation Change in Non-food Inflation Over QI Non-Food 47.2 1.4 3.0 2.9 1.5 -0.1 0.7 0.0 Alcoholic Beverages and tobacco 4.9 6.4 13.5 4.2 -2.2 -9.3 -0.1 -0.5 Clothing and Footwear 6.6 0.5 2.1 3.0 2.5 0.9 0.2 0.1 Housing, Water, Electricity, Gas and other Fuel 16.3 0.2 1.4 2.2 2.0 0.8 0.3 0.1 Furnishings, Household Equipment and Routine maintenance of houses 5.4 1.5 2.5 3.7 2.2 1.2 0.1 0.1 Health 1.1 4.2 -5.1 4.5 0.3 9.6 0.0 0.1 Transport 2.8 1.2 2.3 2.7 1.5 0.4 0.0 0.0 Communication 1.1 0.3 -0.4 0.3 0.0 0.7 0.0 0.0 Recreation and culture 0.6 4.9 1.6 0.3 -4.6 -1.3 0.0 0.0 Education 0.4 0.0 Restaurant & hotel 5.5 1.5 4.6 3.2 1.6 -1.4 0.1 -0.1 Miscellaneous Goods 2.6 0.5 0.7 3.0 2.5 2.4 0.1 0.1 Source: CSA and NBE Staff Computation

12 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 3.2 Developments in Regional CPI During the second quarter of 2017/18, regional average headline inflation which slowed to 2.8 percent from 3.6 percent recorded in the previous quarter was 0.7 percent higher than that of a year ago. Somali, Dire Dawa, Afar and Oromia registered higher headline inflation than the regional average headline inflation. The highest headline inflation (8.2 percent) was recorded in Somali and the lowest (-0.4 percent) in Gambella. Hence, the margin between the headline inflations in these two regional states was 8.6 percentage point. The deviation5 in the regional headline inflation rates from the average, as represented by standard deviation, declined to 2.2 percent from the 2.5 percent a quarter earlier (Table 3.4). Similarly, the regional average food & non-alcoholic beverages inflation scaled down to 2.5 percent from 4.9 percent seen in the previous quarter, but higher than the -0.5 percent inflation recorded a year ago. Of the regional states, Somali, Afar, Dire Dawa, Tigray 5 The standard deviation shows how much dispersion exists from the average value. and Oromia faced higher food & non-alcoholic beverages inflation than the regional average with the highest being in somali (9.5 percent) and the lowest in Gambella (-2.3 percent), with a 11.8 percentage point margin between the two regions. The variation in food & non-alcoholic beverages inflation measured by standard deviation declined to 3.2 percent from 3.4 percent in the preceding quarter (Table 3.4). Notwithstanding, the regional average non-food inflation remained unchanged at 3.3 percent compared to that of the previous quarter but 2.8 percent higher than that of last year same quarter. Somali, Dire Dawa, Addis Ababa and Harari recoded higher non-food inflation than the regional average. Non-food inflation was the highest in Somali (6.9 percent) and the lowest in Afar (1.2 percent), with a 5.7 percentage point margin between them. The variation in non-food inflation measured by the standard deviation declined to 1.6 percent from 4.9 percent and 4.4 percent in the previous quarter and last year same quarter respectively (Table 3.4). Table 3.4: Annualized Regional General, Food & non-alcoholic beverages and Non-food Inflation Regions 2016/17 2017/18 Annual Change Quarterly Change QII QI QII A B C C-A C-B General Food & Non￾alcoholic beverages Non￾food General Food & Non￾alcoholic beverages Non￾food General Food & Non￾alcoholic beverages Non￾food General Food & Non￾alcoholic beverages Non￾food General Food & Non￾alcoholic beverages Non￾food SNNP -0.1 1.1 -1.1 3.0 2.4 3.7 1.9 1.7 2.0 2.0 0.6 3.1 -1.1 -0.7 -1.7 Harari -0.4 -1.6 0.9 0.8 5.6 -4.4 2.0 0.4 4.0 2.4 2.0 3.1 1.2 -5.2 8.4 Oromia -1.0 -2.9 12.2 3.0 4.2 14.9 3.1 3.3 3.0 4.1 6.2 -9.2 0.1 -0.9 -11.9 Tigray 2.7 -1.9 6.7 5.4 4.6 6.1 2.8 3.6 2.0 0.1 5.5 -4.7 -2.6 -1.0 -4.1 Gambella -0.2 -1.6 2.3 5.0 6.1 2.9 -0.4 -2.3 3.3 -0.2 -0.7 1.0 -5.4 -8.4 0.4 Addis Ababa -2.1 -4.6 0.0 2.1 4.4 0.4 2.8 1.2 4.0 4.9 5.8 4.0 0.7 -3.2 3.6 Dire Dawa 4.1 0.7 6.3 0.7 3.5 -1.1 4.5 3.6 5.1 0.4 2.9 -1.2 3.8 0.1 6.2 Ben. Gum 0.2 0.3 0.0 8.3 11.8 3.4 1.5 1.2 2.0 1.3 0.9 2.0 -6.8 -10.6 -1.4 Somali 4.8 4.6 5.0 0.8 -1.8 3.6 8.2 9.5 6.9 3.4 4.9 1.9 7.4 11.3 3.3 Afar -1.7 -0.2 -3.3 3.8 5.6 2.0 3.4 5.6 1.2 5.1 5.8 4.5 -0.4 0.0 -0.8 Amhara 1.4 1.0 1.8 6.7 7.9 5.3 1.3 0.0 2.8 -0.1 -1.0 1.0 -5.4 -7.9 -2.5 Regions Average 0.7 -0.5 2.8 3.6 4.9 3.3 2.8 2.5 3.3 2.1 3.0 0.5 -0.8 -2.4 0.0 Standard deviation 2.3 2.4 4.4 2.5 3.4 4.9 2.2 3.2 1.6 2.0 2.8 4.1 4.2 5.9 5.5 Coefficient of variation 3.3 -5.3 1.6 0.7 0.7 1.5 0.8 1.2 0.5 0.9 0.9 8.3 -5.4 -2.5 -121.1 Source: CSA and NBE Staff Computation

Second Quarter 2017/18 13 National Bank of Ethiopia Quarterly Bulletin IV. MONETARY DEVELOPMENTS 4.1. Money Supply and Credit Broad money supply (M2) at Birr 644.2 billion, showed a 29.8 percent annual growth due to 31.5 percent ex￾pansion in domestic credit and 36.8 percent surge in external assets (net) (Table 4.1). Table 4.1: Components of Broad Money (In Millions of Birr) Particulars Qtr. II Qtr. I Qtr. II Percentage Change Contributions of Each Component to Broad Money Growth (Dec. 16) (Sep. 17) (Dec. 17) C/A C/B Annual A B C

1. External Assets (net) 16,470.2 30,984.6 22,527.9 36.8 -27.3 4.1
2. Domestic Credit 530,436.8 655,286.8 697,334.5 31.5 6.4 112.9 . Claims on Central Gov’t (net) 45,594.0 96,221.3 99,972.0 119.3 3.9 36.8 . Claims on Non-Central Gov’t 484,842.9 559,065.5 597,362.5 23.2 6.9 76.1 . Financial Institutions 26,107.0 27,226.0 28,055.7 7.5 3.0 1.3 . Others 458,735.9 531,839.5 569,306.8 24.1 7.0 74.8
3. Other Items (net) 50,611.8 83,966.4 75,709.4 49.6 -9.8 17.0
4. Broad Money (M2) 496,295.2 602,305.0 644,153.1 29.8 6.9 100.0 Source: NBE Fig IV.1: Major Determinants of Monetary Expansion (Quarterly Change in Percent) Source: Staff Computation, NBE

14 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Fig IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE; Quasi-money supply (saving deposit and time deposits) showed 32.1 percent annual and 6.3 percent quarterly expansion while , narrow money supply (currency outside banks and demand deposits) expanded by 26.3 percent and 8.0 percent respectively. Year-on-year basis, narrow money contributed 34.9 percent to the broad money growth, while that of quasi money was 65.1 percent (Table 4.2). The surge in quasi-money was associated with expansion of bank branches with a view of enhancing deposit mobilization and improve access to finance. In addition, the increase in the minimum deposit interest rate from 5 percent to 7 percent has contributed to higher deposit mobilization to certain extent.

Second Quarter 2017/18 15 National Bank of Ethiopia Quarterly Bulletin Table 4.2: Components of Broad Money (In millions of Birr, unless specified) Particulars Qtr. II Qtr. I Qtr. II Percentage Change Contributions of Each Component to Broad Money Growth (Dec. 16) (Sep. 17) (Dec. 17) C/A C/B Annual A B C

1. Narrow Money Supply 196,254.2 229,515.0 247,878.9 26.3 8.0 34.9 . Currency outside banks 73,702.5 73,927.0 86,784.2 17.7 17.4 8.8 . Demand Deposits (net) 122,551.6 155,587.9 161,094.7 31.5 3.5 26.1
2. Quasi-Money 300,041.1 372,790.0 396,274.2 32.1 6.3 65.1 . Savings Deposits 244,021.9 306,899.4 324,547.4 33.0 5.8 54.5 . Time Deposits 56,019.1 65,890.6 71,726.8 28.0 8.9 10.6
3. Broad Money Supply 496,295.2 602,305.0 644,153.1 29.8 6.9 100.0 Source: Staff Computation, NBE Fig. IV. 3: Composition of Monetary Stock Source: Staff computation, NBE;

16 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 4.2. Developments in Reserve Money and Monetary Ratio Reserve money or base money showed a 17.6 percent year-on-year growth as both currency in circulation and banks’ deposit at NBE tended to increase by over 17 percent. Similarly, excess reserves of commercial banks rose by 27.5 percent although it dropped by 44.5 percent compared to the previous quarter. It is also worth noting that both reserve requirement and actual reserves of commercial banks depicted a 29.7 percent and 28.9 percent yearly increase, respectively. Meanwhile, the money multiplier, measured by the ratio of broad money to reserve money and narrow money to reserve money, grew both on year-on-year and quarterly basis. The ratio of broad money to reserve money increased by 10.4 percent compared to the corresponding quarter of last year. Commercial banks’ strong performance in mobilizing time and saving deposit attributed for the rise in money multiplier (Table 4.3). Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. II Qtr. I Qtr. II Percentage Change (Dec. 16) (Sep. 17) (Dec. 17) A B C C/A C/B

1. Reserve Requirement (CB’s) 24,534.17 29,781.3 31,821.6 29.7 6.9
2. Actual Reserve (CB’s) 37,955.27 60,648.2 48,938.8 28.9 -19.3
3. Excess Reserve (CB’s) 13,421.10 30,866.9 17,117.2 27.5 -44.5
4. Reserve Money 128,527.57 152,004.9 151,169.3 17.6 -0.5 . Currency in Circulation 90,247.04 94,962.7 105,936.8 17.4 11.6 . Banks deposits at NBE 38,280.53 57,042.2 45,232.5 18.2 -20.7
5. Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.53 1.5 1.6 7.4 8.6 . Broad Money to Reserve Money 3.86 4.0 4.3 10.4 7.5
6. Other Monetary Ratios (%): . Currency to Narrow Money 45.98 41.4 42.7 -7.1 3.3 . Currency to Broad Money 18.18 15.8 16.4 -9.6 4.3 . Narrow Money to Broad Money 39.54 38.1 38.5 -2.7 1.0 . Quasi Money to Broad Money 60.46 61.9 61.5 1.8 -0.6 Source: Staff Computation, NBE Fig. IV.4: Quarterly Growth of Reserve Money and Its Components Source: Staff Computation NBE 0.0 10,000.0 20,000.0 30,000.0 40,000.0 50,000.0 60,000.0 70,000.0 In millions of Birr Required Reserve Actual Reserve Excess Reserve

Second Quarter 2017/18 17 National Bank of Ethiopia Quarterly Bulletin Figure 5: Monetary Aggregates 0.0 10,000.0 20,000.0 30,000.0 40,000.0 50,000.0 60,000.0 70,000.0 In millions of Birr Required Reserve Actual Reserve Excess Reserve Source: Staff Computation NBE 4.3. Interest Rate Developments Average savings deposit rate increased from 5.38 percent to 8.0 percent and average lending rate to 13.5 percent from 12.75 percent a year ago. In contrast, weighted average time deposit rate, slightly decreased (by 0.03 percentage points) and stood at 5.51 percent. Weighted average yield on T-bills at 1.43 percent showed marginal increase over last year same quarter. Hence, in review of the December 2017 headline inflation of 13.6 percent, all deposit rates, T-bill yield and average lending rate remained negative in real terms. (Table 4.4) Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum) Pariticulars 2016/17 2017/18 Percentage point Changes QII QI QII Annual Quarterly

1. Savings Deposit Rate 1/ Minimum

5.00 5.00 7.00 2.00 2.00 Maximum

5.75 5.75 9.00 3.25 3.25 Average Saving Rate 5.38 5.38 8.00 2.63 2.63 2. Time Deposits Up to 1yr 5.46 5.43 5.41 (0.06) (0.03) 1-2 years 5.56 5.55 5.53 (0.03) (0.02) Over 2 yrs 5.60 5.60 5.58 (0.02) (0.02) Average Time Dep. Rate (Weighted) 5.54 5.53 5.51 (0.03) (0.02) 3. Demand Deposit (Weighted) 0.04 (0.00) (0.00) 4. Lending Rate 2/ Minimum 7.50 7.50 7.00 (0.50) (0.50) Maximum 18.00 18.00 20.00 2.00 2.00 Average Lending Rate 12.75 12.75 13.50 0.75 0.75 5. T-bills Rate (Weighted) 1.41 1.42 1.43 0.02 0.01 6. GERD Bond Yield 3/ 6.1 Maturity within 5 Years 5.50 - - 6.1 Maturity above 5 Years 6.00 - - 7. Headline Inflation (Year-on-year) 6.67 10.84 13.59 6.92 2.75 8. Food Inflation (Year-on-year) 5.27 13.24 17.43 12.16 4.19 9. Core/non-food Inflation (Year-on-year) 8.23 8.06 9.44 1.21 1.38 Source: Staff Computation NBE

18 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Fig IV.6: Interest Rate Structure of Commercial Banks (In percent per annum) Source: NBE and Commercial Banks Fig IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (in percent per annum) *While the inflation rate (core) is depicted on the right axis lending rate, 91 day T-bills yield and average saving deposit rate is depicted on the left axis Source: Staff computation, NBE

Second Quarter 2017/18 19 National Bank of Ethiopia Quarterly Bulletin 4.4. Developments in the Financial Sector As of December 2017 the number of banks remained at 18 of which 16 were private and 2 public. These banks opened 164 new bank branches during the review quarter, raising the total number of bank branches to 4,625 of which about 34.4 percent were found in Addis Ababa. Consequently, population to bank branch ratio stood at 20,865.56 . Of the total bank branches, the share of public banks was 31.8 percent while private banks accounted for 68.2 percent Meanwhile, total capital of the banking system reached Birr 82.0 billion, of which public banks accounted for 63.5 percent and private banks 36.5 percent. The share of Commercial Bank of Ethiopia, the biggest state owned bank, in total capital of the banking system, was 54.1 percent (Table 4.5). Similarly, 17 insurance companies, of which 16 were private, were operating in Ethiopia. Their branches increased to 518 from 465 a year ago and their total 6 Total population is 96,503,000 estimation for 2018 capital reached Birr 4.7 billion, of which 74.6 percent was that of private insurers. Of the total branches, about 53.9 percent were located in Addis Ababa. (Table 4.6) Likewise, there were 36 micro-finance institutions (MFIs) which mobilized Birr 28.4 billion in saving deposit and having outstanding credit to the tune of Birr 37.03 billion. Their deposits saw 40.2 percent annual increase while their credit expanded 38.5 percent. Their total asset also grew by 43.7 percent to reach Birr 56.3 billion at the end of December, 2017 (Table 4.7). These MFIs had 1755 branches and sub branches. In a nutshell, the top five largest MFIs (Amhara, Dedebit, Oromia, Omo & Addis Credit and Savings Institutions) accounted for 84.2 percent of the total capital, 92.2 percent of the deposits, 87.9 percent of the credit and 89.2 percent of the total assets of MFIs. Table 4.5: Branch Network and Capital of the Banking System (Branch in Number & Capital in Millions of Birr) Capital 2016/17 917 270 1187 32.9 1,032 310 1,342 30.1 1,045 314 1,359 29.4 15,910.5 44,404.1 44,389.1 106 4 110 3.0 106 4 110 2.5 106 4 110 2.4 7,595.1 7,692.6 7,686.3 1,023 274 1,297 36 1,138 314 1,452 32.5 1,151 318 1,469 31.8 23,505.6 52,096.7 52,075.4 156 145 301 8.3 186 161 347 7.8 187 161 348 7.5 3,488.7 3,811.0 4,106.0 97 71 168 4.7 208 134 342 7.7 228 137 365 7.9 2,813.1 3,426.0 3,426.0 94 101 195 5.4 139 128 267 6.0 149 134 283 6.1 1,936.3 2,620.9 2,941.7 114 79 193 5.3 154 98 252 5.6 164 107 271 5.9 2,921.6 2,793.3 2,926.4 89 86 175 4.8 114 109 223 5.0 117 110 227 4.9 1,912.0 2,234.4 2,240.7 85 100 185 5.1 94 113 207 4.6 98 122 220 4.8 2,331.1 2,628.4 2,653.0 192 52 244 6.8 241 59 300 6.7 264 61 325 7.0 1,281.7 1,291.0 1,345.5 86 47 133 3.7 125 54 179 4.0 134 60 194 4.2 1,046.6 1,233.3 1,301.2 154 66 220 6.1 165 74 239 5.4 169 76 245 5.3 1,389.9 1,707.0 1,792.5 7 5 12 0.3 12 11 23 0.5 13 11 24 0.5 850.7 1,050.7 1,050.7 63 61 124 3.4 88 72 160 3.6 94 79 173 3.7 922.7 1,203.3 1,227.3 59 54 113 3.1 97 87 184 4.1 97 87 184 4.0 990.0 1,624.2 1,631.4 103 35 138 3.8 112 45 157 3.5 113 49 162 3.5 922.0 1,164.1 1,164.1 19 30 49 1.4 23 33 56 1.3 24 34 58 1.3 596.6 704.3 721.5 18 17 35 1.0 19 19 38 0.9 19 19 38 0.8 294.6 490.7 541.0 Enat Bank S.C 8 19 27 0.7 12 23 35 0.8 14 25 39 0.8 677.2 842.8 903.5 1,344 968 2,312 64 1,789 1,220 3,009 67 1,884 1,272 3,156 68.2 24,374.8 28,825.4 29,972.5 2,367 1,242 3,609 100 2,927 1,534 4,461 100.0 3,035 1,590 4,625 100.0 47,880.4 80,922.1 82,047.9 2016/17 2017/18 2017/18 Reg % Share Reg. A.A Reg. A.A Total

1. Public Banks Oromia International Bank Nib International Bank United Bank Wegagen Bank Lion International Bank Cooperative Bank of Oromiya Commercial Bank of Ethiopia Abyssinia Bank Development Bank of Ethiopia Dashen Bank
2. Private Banks Awash International Bank Total Public Banks 3.Grand Total Banks Zemen Bank Buna International Bank Addis Interational Bank Debub Global Bank Total Private Banks Abay Bank Berhan International Bank Quarter I Quarter II % A.A Share % Share Quarter II Quarter I Quarter II Quarter II Banks Branch Network Total Total Source: Bank Supervision Directorate, NBE Reg. Stands for Region and A.A for Addis Ababa

20 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Fig.IV.8: Branch Network and Capital of Banking System Source: Staff Compilation, NBE Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) 2016/17 Quarter II Quarter I Quarter II S.No. A.A Reg Total A.A Reg Total A.A Reg Total Capital 1 18 52 70 25 55 80 25 58 83 946 1,150 1,179 2 26 15 41 26 16 42 27 17 44 289 396 368 3 14 11 25 14 13 27 15 13 28 256 258 242 4 18 15 33 19 15 34 19 15 34 108 112 127 5 20 11 31 22 11 33 23 12 35 300 354 364 6 6 7 13 8 7 15 8 7 15 112 132 139 7 19 20 39 19 20 39 19 20 39 261 362 384 8 15 11 26 15 16 31 15 16 31 416 453 464 9 22 11 33 24 13 37 24 13 37 296 316 282 10 16 14 30 16 15 31 16 15 31 97 99 104 11 15 4 19 15 5 20 15 5 20 90 109 101 12 18 18 36 18 19 37 18 19 37 164 224 212 13 10 10 20 12 11 23 12 11 23 141 221 243 14 Berhan insurance S.C 9 2 11 9 2 11 9 2 11 73 101 112 15 10 4 14 10 6 16 12 6 18 94 112 120 16 Lucy 6 2 8 8 4 12 11 4 15 102 125 130 17 Bunna Insurance S.C. 11 5 16 11 5 16 11 6 17 66 74 79 253 212 465 271 233 504 279 239 518 3,810 4,598 4,650 Africa Insurance Company Quarter I Insurance Companies Branch Capital Quarter II 2016/17 2017/18 2017/18 TOTAL United Insurance Company Global Insurance Company Nile Insurance Company Nyala Insurance Company Nib Insurance Company Ethio-Life Insurance Company Oromia Insurance Company Abay Insurance Company S.C. Lion Insurance Company Tsehay Insurance S.C. National Insurance Corporation of Ethiopia Quarter II Ethiopian Insurance Corporation Awash Insurance Company Source: Insurance Supervision Directorate, NBE

Second Quarter 2017/18 21 National Bank of Ethiopia Quarterly Bulletin Table 4.7: Microfinance Institutions Performance as of December 31, 2017 (In Thousands of Birr) 2016/17 Qtr.II Qtr.I Qtr.II A B C C/A C/B Total Capital 9,322,127.5 11,726,337.3 12,306,187.6 32.0 4.9 Saving 20,248,566.8 26,826,176.8 28,383,487.2 40.2 5.8 Credit 26,728,748.5 34,896,856.2 37,032,631.5 38.5 6.1 Total Assets 39,196,916.5 53,710,083.4 56,338,699.4 43.7 4.9 Particulars % Change 2017/18 4.5. Activities of the Banking System 4.5.1. Resource Mobilization Total resources mobilized by the banking system (the sum of net change in deposit, loans collected and net change in borrowings) depicted a 12.7 percent annual increase (Table 4.8). Qtr.II 2016/17 Qtr.I 2017/18 Qtr.II 2017/18 A B C C/A C/B 1.Deposits (net change) 17,293.1 26,910.1 12,511.2 16,670.8 38,028.0 29,804.3 43,580.8 14.6 46.2 -Demand 12,467.0 12,608.2 1,120.5 5,751.1 18,709.0 13,587.5 18,359.3 -1.9 35.1 -Saving 5,060.4 11,369.7 8,426.8 8,508.4 15,413.4 13,487.2 19,878.1 29.0 47.4 -Time -234.3 2,932.1 2,963.8 2,411.3 3,905.6 2,729.6 5,343.5 36.8 95.8 2. Borrowing (net change) 655.1 2,653.3 0.0 0.0 1,341.0 655.1 2,653.3 97.9 305.0 -Local 380.9 2,523.3 0.0 0.0 1,319.8 380.9 2,523.3 91.2 562.5 -Foreign 274.2 130.0 21.2 274.2 130.0 513.0 -52.6 3. Collection of Loans 9,407.8 7,055.8 14,399.9 15,905.5 22,023.0 23,807.7 22,961.4 4.3 -3.6 4. Total Resources Mobilized (1+2+3) 27,356.0 36,619.2 26,911.1 32,576.3 61,392.0 54,267.1 69,195.5 12.7 27.5 5. Disbursement 7,556.0 7,446.7 15,249.3 19,643.5 31,403.9 22,805.3 27,090.2 -13.7 18.8 6. Change in Liquidity (4-5) 19,800.1 29,172.5 11,661.8 12,932.8 29,988.1 31,461.9 42,105.3 40.4 33.8 Memorandum Item: Outstanding Credit* 187,676.9 192,780.9 142,966.5 161,972.4 292,066.6 330,643.4 354,753.3 21.5 7.3 Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr. I 2017/18 Qtr.II 2017/18 Qtr.I 2017/18 Qtr.II 2017/18 Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Source: Microfinance Supervision Directorate, NBE Source: Commercial Banks and staff computation Notes: *Excludes bonds and treasury bills holding of commercial banks and Development Bank of Ethiopia (DBE)

22 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans Source: Staff computation, NBE 4.5.1.1. Deposit Mobilization Total deposit liabilities of the banking system reached Birr 642.2 billion, indicating a 30.2 percent yearly growth rate spurred by strong expansion of bank branches and improved access to finance, as well as improved saving culture of the society as per capita income grew. Demand deposits, which accounted for 38 percent (10,000.0)

10,000.0 20,000.0 30,000.0 40,000.0 50,000.0 60,000.0 70,000.0 80,000.0 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 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 In Millions of Birr Total Mobilization Net Deposit Collection of Loans Disbursement of Loans of total deposits, reached Birr 244.02 billion showing a 26.5 percent annual growth. Similarly, saving deposits went up 33.9 percent and accounted for 51.9 percent of the total deposits while time deposits, which constituted 11.1 percent of the total deposit liabilities, increased by 26.6 percent over the same period of last year. The share of public banks in total deposits outstanding was 64 percent and that of private banks 40 percent (Table 4.9). Quarter II Quarter I Quarter II 2016/17 2017/18 2017/18 A B C Demand Deposit 192,870.75 39.1 225,669.6 37.7 244,028.9 38.0 26.5 8.1 Saving Deposit 244,039.31 49.5 306,938.1 51.3 326,816.2 50.9 33.9 6.5 Time Deposit 56,382.28 11.4 66,015.3 11.0 71,358.8 11.1 26.6 8.1 Total 493,292.34 100.0 598,623.1 100.0 642,203.9 100.0 30.2 7.3 Share of Public Banks 67.1 65.6 64.0 Share of Private Banks 32.9 34.4 36.0 C/A C/B % Share Deposit by types % Share % Share Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) Source: Commercial Banks and DBE

Second Quarter 2017/18 23 National Bank of Ethiopia Quarterly Bulletin Fig.IV.10: Quarterly Growth of Banks Deposit Liabilities by Ownership -5.0 0.0 5.0 10.0 15.0 20.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 In percent Publlic Banks Private Banks All Banks Source: Staff Computation, NBE 4.5.1.2. Collection of Loans During the review period, the banking system collected loans amounting to Birr 22.96 billion, about 4.3 percent higher than a year earlier (Table 4.8). Of the total loan collection, the share of private banks was 69.3 percent and that of public bank 30.7 percent. About 96 percent of the loan was collected from private sectors (Table 4.10). Table 4.10: Breakdown of Banking System Credit by Clients (In Millions of Birr) Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share Public Banks 7,446.7 27.5 7,055.8 30.7 230,540.0 58.7 Central Government* 0.0 37,759.2 16.4 State Enterprises 2,130.8 28.6 894.8 12.7 97,295.8 42.2 Cooperatives 527.7 7.1 680.4 9.6 9,278.6 4.0 Private Enterprises 4,788.2 64.3 5,480.6 77.7 86,206.5 37.4 Private Banks 19,643.5 72.5 15,905.5 69.3 161,972.4 41.3 Central Government* 0.0 State Enterprises 3.5 0.0 17.4 0.1 210.7 0.1 Cooperatives 976.5 5.0 169.8 1.1 2,597.6 1.6 Private Enterprises 18,663.6 95.0 15,718.4 98.8 159,164.2 98.3 Grand Total 27,090.2 100.0 22,961.4 100.0 392,512.4 100.0 Source: Commercial banks and staff computation Notes: *Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE

24 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 43.1 billion, showing a 13.7 percent annual increase. Of the total borrowing, Birr 37.9 billion (87.9 percent) was from domestic and Birr 5.23 billion (12.1 percent) from external sources (Table 4.11). Source: Commercial Banks and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 27.1 billion was disbursed in fresh loans, indicating a 13.7 percent annual decrease. The share of public banks in new loans was 27.5 percent and that of private banks 72.5 percent (Table 4.10). The major beneficiary of the fresh loans was domestic trade accounting for Birr 7.1 billion (26.3 percent) followed by industry (Birr 5.1 billion or 18.8 percent), international trade (Birr 4.6 billion or 17.1 percent) & housing & construction (Birr 3 billion or 11 percent), agriculture (Birr 658 million or 2.4 percent).The remaining balance was taken up by other economic sectors (Table 4.12). Table 4.11: Public Outstanding Borrowing of the Banking System by Sources (In Millions of Birr) 2016/17 Quarter II Quarter I Quarter II A B C C/B C/A Domestic Borrowing 33,091.6 35,365.33 37,888.6 7.1 14.5 Foreign Borrowing 4,816.9 5,096.40 5,226.4 2.6 8.5 Total 37,908.5 40,461.7 43,115.0 6.6 13.7 Banks Percentage change 2017/18 D** C** O/S** D** C** O/S ** D** C** O/S** Central Government * - - 37,759 - - - - - 37,759 Agriculture 454 842 16,845 203 152 1,794 658 994 18,639 Industry 2,785 2,710 116,987 2,320 1,477 18,619 5,105 4,187 135,606 Domestic Trade 680 440 4,385 6,431 5,110 40,334 7,112 5,550 44,719 International Trade 270 430 16,120 4,373 5,112 48,977 4,643 5,542 65,098 Export 260 136 6,757 3,044 2,834 31,001 3,305 2,970 37,758 Imports 10 295 9,363 1,329 2,278 17,976 1,338 2,572 27,340 Hotels and Tourism 296 260 2,639 333 328 5,072 629 588 7,711 Transport & Communication 92 278 2,690 1,329 1,067 12,038 1,422 1,345 14,728 Housing & Construction 801 1,046 19,239 2,239 1,550 23,237 3,040 2,596 42,476 Mines, Power & Water Res. 32 18 189 8 4 81 40 21 270 Others 1,997 914 12,641 1,558 771 7,036 3,555 1,685 19,677 Personal 38 117 1,046 849 335 4,784 887 451 5,830 Total 7,447 7,056 230,540 19,644 15,906 161,972 27,090 22,961 392,512 Borrowing Sector Public Banks Private Banks Total (1) (2) (3) Table 4.12: Summary of Banking System Loans & advances by receiving Sectors (In Millions of Birr) Notes: Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE D* = Disbursement, C** = Collection, O/S**= Outstanding Credit

Second Quarter 2017/18 25 National Bank of Ethiopia Quarterly Bulletin 4.5.3. Outstanding Credit Total outstanding credit of the banking system (excluding credit to government) increased to Birr 354.8 billion, which was 21.5 percent higher than last year same quarter. Of the total outstanding loans and advance of the private banks, 72.5 percent was claims on the private sector compared with 27.5 percent for public banks (Table 4.10) 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 Value in Percent Years/Quarters Total Public Total Private Credit to industry stood at Birr 135.6 billion (38.2 percent) followed by international trade (Birr 65.1 billion or 18.4 percent), domestic trade (Birr 44.7 billion or 12.6 percent), housing & construction (Birr 42.5 billion or 12 percent), agriculture (Birr 18.6 billion or 5.3 percent) and Credit to other economic sectors took the remaining balance (Table4.12). Fig.IV.11: Share of Public and Private Banks in Credit Outstanding Source: Staff computation, NBE 4.6. Financial Activities of NBE By end of December 2017 gross claims of NBE on the central government was Birr 160.13 billion depicting a 32.7 percent growth over last year same quarter. Of the credit to the central government, direct (In Millions of Birr) 2016/17 Qtr.II Qtr.I Qtr.II A B C C/A C/B 1.Loans and Advances 146,747.85 177,858.85 188,184.56 28.2 5.8 1.1. To Central Government 120,640.85 150,632.85 160,128.85 32.7 6.3 Direct Advances 112,764.95 142,764.95 152,264.95 35.0 6.7 Bonds 7,875.90 7,867.90 7,863.90 -0.2 -0.1 1.2.To Development Bank of Ethiopia 26,107.00 27,226.00 28,055.71 7.5 3.0 2.Deposit Liabilities 54,692.75 76,678.53 62,049.54 13.5 -19.1 2.1. Government 15,628.13 19,337.75 16,680.94 6.7 -13.7 2.2. Financial Institutions 39,064.62 57,340.77 45,368.60 16.1 -20.9 O/W: -Banks 39,015.50 57,306.53 45,331.99 16.2 -20.9 -Insurance companies 49.1 34.2 36.6 -25.5 6.9 3.Net Claims of NBE(1-2) 92,055.1 101,180.3 126,135.0 37.0 24.7 % Change Particulars Table 4 .13: Financial Activities of NBE during the Second Quarter of 2017/18 2017/18 advances accounted for 95 percent and bonds 5 percent. Direct advance went up by 35 percent during the review period. On the liability side, financial institutions’ deposit at NBE increased by 16.1 percent as compared to last year same period (Table 4.13). Source: NBE

26 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market The amount of T-bills supplied to the weekly T-bills auction market during the second quarter of 2017/18, reached Birr 73.2 billion, reflecting a 37.9 percent growth over the same period last year. Demand for T-bills also expanded by 33.6 percent relative to a year earlier and reached Birr 78.9 billion (Table 4.13). All the T-bills were sold, to non-bank institutions and their total outstanding T-bills as of end December 2017 was Birr 84.9 billion, showing a 30.5 percent annual increase. The annual average weighted yield of T-bills during the review quarter was 1.43 percent which was 0.03 percentage points higher than that of a year ago (Table 4.13). Source: NBE 2016/17 Quarter II Quarter I Quarter II A B C C/A C/B Number of Bidders 55 47.00 50.00 -9.09 6.38 Public 55 47.00 50.00 -9.09 6.38 Private 0 - - 0.00 0.00 Number of Bids received 35 50.00 50.00 42.86 0.00 Public 35 50.00 50.00 42.86 0.00 Private 0 - - Amount Demanded (Mn. Birr) 59,133.56 68,092.56 78,973.56 33.55 15.98 28-day bill 260.00 240.00 240.00 -7.69 0.00 91-day bill 50,522.56 64,586.56 70,382.56 39.31 8.97 182-day bill 685.00 516.00 685.00 0.00 32.75 364-day bill 7,666.00 2,750.00 7,666.00 0.00 178.76 Amount Supplied (Mn. Birr) 53,093.56 62,480.56 73,202.56 37.87 17.16 28-day bill 260.00 240.00 240.00 -7.69 0.00 91-day bill 44,482.56 58,974.56 64,586.56 45.20 9.52 182-day bill 685.00 516.00 710.00 3.65 37.60 364-day bill 7,666.00 2,750.00 7,666.00 0.00 Amount Sold (Mn. Birr) 59,133.56 68,092.56 78,973.56 33.55 15.98 Banks 0.00 - - Non-Banks 59,133.56 68,092.56 78,973.56 33.55 15.98 28-day bill 99.941 99.94 99.94 -0.01 0.00 91-day bill 99.701 99.70 99.70 0.00 0.00 182-day bill 99.671 99.69 99.67 0.00 -0.01 364-day bill 97.095 97.10 97.10 0.00 28-day bill 0.768 0.85 0.85 10.38 0.00 91-day bill 1.202 1.20 1.20 0.09 0.04 182-day bill 0.661 0.63 0.66 0.00 4.55 364-day bill 3.000 3.00 3.00 0.00 Banks 0.00 - - Non-Banks 65019.56 79,083.56 84,879.56 30.54 7.33 Table 14: - Results of Treasury Bills Auction ( 2017/18 second quarter) (In Millions) 2017/18 % Change Average Weighted Price for Successful bids (% ) 99.10 0.00 0.00 7.33 Average Weighted Yield for Successful bids (% ) 1.408 1.42 1.43 0.52 0.52 Outstanding bills at the end of Period (Mn.Br.) 65,019.56 79,083.56 84,879.56 30.54

Second Quarter 2017/18 27 National Bank of Ethiopia Quarterly Bulletin Fig IV.12: Developments in T-Bills Market (In Millions of Birr) 0 10000 20000 30000 40000 50000 60000 70000 80000 90000 I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II 2005/062006/072007/08 2008/9 2009/102010/112011/122012/132013/142014/152015/162016/172017/18 Demand Supply Source: NBE Fig IV.13: Developments in Average Weighted Yields of T-bills with Different Maturities (In Percent) 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 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 2006/07 2007/08 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (In percent) Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities 28-day 91-day 182-day 364-day Source: NBE

28 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 4.7.2. Inter- Bank Money Market There has been no inter-bank money market transaction during the quarter under review (Table 4.12) 4.7.3. Corporate Bond Market The issuance of corporate bond is limited to a few public institutions and regional governments and the purchaser of these bonds is solely the Commercial Bank of Ethiopia (CBE). During the quarter under review, CBE purchased corporate bonds to the tune of Birr 19.3 billion, where the respective shares of Ethiopian Electric Power Corporation (EEPCo), Railway Corporation and Addis Ababa City Administration were 63.65 percent (Birr 12.3 billion), 31.2 percent (Birr 6.0 billion) and 5.2 percent (Birr 1.0 billion). Hence, the stock of corporate bonds held by CBE stood at Birr 263.8 billion by end December 2017, of which 84.5 percent was claims on public enterprises and the rest claims on regional governments (Table 4.15). EEPCO accounted for 88.9 percent of the corporate bonds issued by public enterprises and 75.5 percent of the entire outstanding corporate bond balance. Table 4.15: Corporate Bond by holders (In Millions of Birr) NP Red O/S NP Red O/S NP Red O/S 1.Puplic Enterprises 10,142.5 0.0 174,042.5 7,500.0 0.0 205,721.4 18,348.9 221.4 223,848.9 EEPCO 9,500.0 - 156,400.0 7,500.0 - 186,800.0 12,300.0 - 199,100.0 Railways Corporation 642.5 - 17,642.5 - - 18,921.4 6,048.9 221.4 24,748.9 DBE - - - - . - - . 2. Regional Governments 1,000.0 2,330.9 29,827.8 1,000.0 750.7 39,812.5 1,000.0 846.9 39,968.1 Oromia - 28.8 474.0 - 1.7 459.5 - 12.2 449.7 Amhara - - 0.2 - - 0.2 - - 0.2 Tigray - 21.5 156.5 - - 156.5 - 12.5 144.0 SNNPRS - - 7.6 - - 7.6 - - 7.6 Addis Ababa Housing Development Agency 1,000.0 2,280.6 29,189.5 1,000.0 749.1 39,188.7 1,000.0 822.1 39,366.6 3.Grand Total (1+2) 12,807.5 1,477.6 215,200.2 8,500.0 750.7 245,533.9 19,348.9 1,068.3 263,817.0 Issuer of the Bond QII QI QII 2016/17 2017/18 Source: NBE Note: NP= New Purchase, Red. = Redemption, O/S= outstanding

Second Quarter 2017/18 29 National Bank of Ethiopia Quarterly Bulletin V. External Sector Developments 5.1. Balance of Payments During the second quarter of 2017/18, the overall balance of payments registered USD 510.7 million in deficit compared to USD 83.9 million surplus a year ago. This was mainly attributed to deficit in merchandise trade balance and net services (Table 5.1). Table 5.1: Balance of Payments* (In Millions of USD) S/N Particulars 2016/17 2017/18 Percentage Change QII QI QII A B C D=C/A E=C/B 1 Exports, f.o.b. 575.0 678.5 667.9 16.2 -1.6 Coffee 132.68 215.6 166.7 25.7 -22.7 Other 442.3 462.9 501.2 13.3 8.3 2 Imports 3,941.5 3,990.8 3,963.7 0.6 -0.7 Fuel 466.9 461.4 571.1 22.3 23.8 Cereals 121.0 196.5 221.8 83.3 12.9 Aircraft 51.3 27.0 221.9 332.4 721.2 Imports excl. fuel, cereals, aircraft 3,302.2 3,305.9 2,949.0 -10.7 -10.8 3 Trade Balance (1-2) -3,366.5 -3,312.3 -3,295.8 -2.1 -0.5 4 Services, net -103.1 127.9 -59.3 -42.4 -146.4 Non-factor services, net 5.7 215.7 98.6 1,625.4 -54.3 Exports of non-factor services 861.5 1,014.3 988.0 14.7 -2.6 Imports of non-factor services 855.8 798.7 889.4 3.9 11.4 Factor services (Investment income), net -108.8 -87.7 -157.9 45.2 80.0 Interest, net -100.4 -87.7 -157.9 57.3 80.1 Dividend, net -8.4 -0.1 -100.0 -100.0 5 Private transfers, net 1,278.7 1,531.5 1,502.5 17.5 -1.9 o/w: NGO’s, net 229.1 272.6 307.6 34.3 12.9 Private Individuals, net 1,049.7 1,258.9 1,194.9 13.8 -5.1 6 Current account balance excluding official transfers (3+4+5) -2,190.8 -1,652.9 -1,852.6 -15.4 12.1 7 Official transfers, net 357.2 198.6 582.5 63.1 193.3 8 Current account balance including official transfers(6+7) -1,833.6 -1,454.3 -1,270.1 -30.7 -12.7 9 Capital account 1,719.9 1,226.2 1,701.6 -1.1 38.8 Official Long-term Capital, net 313.3 385.2 236.5 -24.5 -38.6 Disbursements 346.0 411.2 285.4 -17.5 -30.6 Amortization 32.7 25.9 48.9 49.8 88.9 Other public long-term capital, net 122.1 43.1 110.8 -9.2 157.2 Private sector, long term 295.1 47.0 48.9 -83.4 4.0 Foreign Direct Investment, net 922.3 864.2 1,327.3 43.9 53.6 Short-term Capital 67.1 -113.3 -21.9 -132.6 -80.7 10 Errors and Omissions 197.6 -92.9 -942.2 11 Overall balance (8+9+10) 83.9 -321.0 -510.7 12 Financing -83.9 321.0 510.7 13 Reserves [ Increase(-), Decrease (+)] -83.9 321.0 510.7 14 Central Bank (NFA) -90.1 282.8 336.1 Asset 168.0 261.9 -88.5 Liabilities -258.1 20.9 424.6 15 Commercial banks (NFA) 6.2 38.2 174.6 16 Debt Relief Principal Interest Memorandum Items Gross Reserve in months of imports of the next year (goods & services) 2.4 2.2 2.3 NBE’s Gross Reserve 3,230.5 2,935.0 3,023.4 Average Exchange Rates 22.2 23.2 26.7 Export as percentage of GDP 2.9 3.0 2.9 Import as percentage of GDP 19.6 17.4 17.3 Trade balance as percentage of GDP -16.7 -14.5 -14.4 Net services as percentage of GDP -0.51 0.6 -0.3 Private Transfers as percentage of GDP 6.3 6.7 6.6 Official Transfers as percentage of GDP 1.77 0.9 2.5 Current account balance as percentage of GDP -9.1 -6.4 -5.5 Capital account balance as percentage of GDP 8.5 5.4 7.4 Overall balance as percentage of GDP 0.42 -1.4 -2.2 Source: NBE Staff Compilation *Preliminary

30 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Current account receipts during the review quarter amounted to USD 3.8 billion, about 22.2 percent higher than a year earlier. This growth was ascribed to 16.2 percent growth in merchandise exports, 15.2 percent increase in service exports, 18.2 percent rise in private transfers and 62.4 percent surge in public transfers. On the other hand, current account payments slightly rose to USD 5.1 billion due to 0.6 percent increase in import payments, 9.1 percent growth in service payments, 93.1 percent hike in private transfers and 29.6 percent swell in public transfer payments. Thus, the current account balance recorded USD 1.3 billion in deficit which saw a 30.7 percent slowdown compared to a year earlier (Table 5.2). Table 5.2 Current Receipts and Payments* (In millions of USD) Particulars 2016/17 2017/18 QII QI QII Percentage Change A B C D=C/A E=C/B

1. Current Receipts 3,094.42 3,470.01 3,781.15 22.2 9.0 Export Proceeds 575.0 678.5 667.9 16.2 -1.6 Service Proceeds 864.61 1,022.5 996.2 15.2 -2.6 Private Transfers 1,290.53 1,567.2 1,525.3 18.2 -2.7 Public Transfer 364.31 201.85 591.76 62.4 193.2
2. Current Payments 4,928.04 4,924.27 5,051.24 2.5 2.6 Import Payments 3,941.5 3,990.8 3,963.7 0.6 -0.7 Service Payments 967.66 894.6 1,055.5 9.1 18.0 Private Transfers 11.79 35.7 22.8 93.1 -36.2 Public Transfer 7.13 3.2 9.2 29.6 185.7
3. Net(1-2) -1,833.6 -1,454.3 -1,270.1 -30.7 -12.7 Source: NBE Staff Compilation *Preliminary

Second Quarter 2017/18 31 National Bank of Ethiopia Quarterly Bulletin Source: NBE Staff Compilation 5.2 Balance of Trade Merchandise trade deficit during the second quarter reached USD 3.2 billion which was, 2.2 percent lower than last year same period This was ascribed to relatively higher growth in merchandise export earnings vis￾à-vis an increase in merchandise import payments. 0.0 1000.0 2000.0 3000.0 4000.0 5000.0 6000.0 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (In Millions of USD) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Import Export Source: Ethiopian Revenue and Customs Authority

32 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Source: NBE Staff Computation 2.3 percent share in total export earnings during the review quarter. Receipts from flower export increased by 5.4 percent owing to higher export volume and better international price, which resulted in the share of flower in total merchandise export being 7.4 percent. Revenue from export of live-animals declined by 16.8 percent compared to last year same quarter as export volume dropped by 16.1 percent and international price by 0.9 percent. As a result, the share of live animals in total merchandise exports fell to 1.2 percent from 1.7 percent a year earlier. Export of pulses fetched USD 68.7 million in revenue, about 12.1 percent lower than last year same quarter, This was attributed to decline in international unit price (13.9 percent) despite rise in volume (2.1 percent). As a result, the share of pulses in total export earnings decreased to 10.3 percent from 13.6 percent a year ago. Export revenue from meat & meat products declined by 12.0 percent quarter-on-quarter basis owing to a fall in volume by 12.2 percent despite a rise in international price by 0.1 percent. Hence, the share of meat & meat products in total merchandise export earnings marginally decreased to 3.2 percent from 4.2 percent a year earlier. Export earnings from gold also went down 44.9 percent due to the decline in export volume and international price by 32.4 and 18.4 percent, respectively. Thus, the share of gold in total 0 500 1000 1500 2000 2500 3000 3500 4000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 In millions of USD Fig.V.3: Evolution of Trade Deficit 5.2.1 Export of Goods Total earnings from goods export grew by 16.2 percent over same quarter last year on account of the rise in export revenue from coffee (25.7 percent), oilseeds (105.1 percent), leather & leather products (22.9 percent), fruit & vegetables (6.5 percent), flower (5.4 percent), and other exports (20.6 percent). In contrast, export earnings from gold, live animals, pulses, meat & meat products, chat and electricity tended to slowdown. Revenue from coffee surged by 25.7 percent vis-à￾vis last year same quarter and reached USD 166.7 million on account of 37.4 percent growth in volume despite 8.5 percent decline in price. Thus, the share of coffee in total merchandise export earnings rose to 25.0 percent from 23.1 percent a year earlier. Similarly, export revenue from oilseeds depicted a significant growth of 105.1 percent owing to a 69.0 percent increase in export volume and 21.4 percent rise in international price. As a result, the share of oilseeds in total merchandise export went up to 21.3 percent from 12.1 percent a year ago. Export earnings from leather & leather products saw a 22.9 percent hike due to growth in export volume and international unit. Consequently, their share in total merchandise export earnings slightly increased to 5.3 percent from 5.0 percent. Export revenue from fruits & vegetables increased by 6.5 percent compared to last year same quarter on account of 4.7 percent rise in volume and 1.7 percent in international price. Fruit & vegetables had

Second Quarter 2017/18 33 National Bank of Ethiopia Quarterly Bulletin merchandise export decreased to 2.8 percent from 5.9 percent last year same quarter. Similarly, export revenue from chat dropped by 9.3 percent vis-à-vis the same quarter of last year due to a 7.5 percent fall in volume and 2 percent decline in international price. Thus, the share of chat in total export earnings declined from 11.8 percent to 9.2 percent. Export earnings from electricity showed a 0.7 percent slowdown compared to last year same quarter as a result of 0.7 percent fall in volume despite 0.02 percent rise in international price. Hence, the share of electricity in total merchandise export revenue decreased to 2.0 percent from 2.3 percent a year ago (Tables 5.3, 5.4 and 5.5). Table 5.3: Values of Major Export Items (In millions of USD) Particulars 2016/17 2017/18 Percentage Q Change II QI QII A %share B %share C %share C/A C/B Coffee 132.7 23.1 215.6 31.8 166.7 25.0 25.7 -22.7 Oilseeds 69.5 12.1 75.0 11.1 142.5 21.3 105.1 89.9 Leather and Leather products 28.9 5.0 33.1 4.9 35.5 5.3 22.9 7.3 Pulses 78.1 13.6 45.9 6.8 68.7 10.3 -12.1 49.5 Meat & Meat Products 24.0 4.2 24.2 3.6 21.1 3.2 -12.0 -12.9 Fruits & Vegetables 14.7 2.6 15.6 2.3 15.6 2.3 6.5 0.0 Live Animals 9.6 1.7 30.1 4.4 8.0 1.2 -16.8 -73.3 Chat 67.7 11.8 63.6 9.4 61.4 9.2 -9.3 -3.5 Gold 34.0 5.9 28.6 4.2 18.7 2.8 -44.9 -34.5 Flower 47.0 8.2 54.5 8.0 49.5 7.4 5.4 -9.0 Electricity 13.5 2.3 22.3 3.3 13.4 2.0 -0.7 -39.8 Others 55.3 9.6 69.8 10.3 66.7 10.0 20.6 -4.5 Total Export 575.0 100 678.3 100 667.9 100 16.2 -1.5 Total Export excluding electricity 561.5 656.0 654.5 16.6 -0.2 Source: Ethiopian Revenues and Customs Authority, Ethiopian Electric Utility and Ethiopian Electric Power Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2016/17 2017/18 Percentage Change QII QI QII A B C C/A100-100 C/B100-100 Coffee 37.5 55.9 51.5 37.4 -7.8 Oilseeds 69.6 69.5 117.7 69.0 69.3 Leather and Leather products 1.6 1.6 1.7 2.8 6.1 Pulses 108.1 68.8 110.4 2.1 60.6 Meat & Meat Products 4.7 4.7 4.2 -12.2 -11.5 Fruits & Vegetables 45.2 46.8 47.4 4.7 1.2 Live Animals 5.2 15.2 4.4 -16.1 -71.3 Chat 12.1 11.2 11.2 -7.5 -0.3 Gold(in mill of grams) 0.8 0.8 0.5 -32.4 -37.1 Flower 10.7 12.4 10.7 0.3 -13.3 Electricity 237.3 407.1 235.6 -0.7 -42.1 Source: Ethiopian Revenues and Customs Authority, Ethiopian Electric Utility and Ethiopian Electric Power

34 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Source: NBE Staff Computation 0 40 80 120 160 200 240 280 320 360 400 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Mill of USD Fig.V.4. Export Value of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Chat 0 50 100 150 200 250 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Mill K.g Fig.V.5. Export Volume of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Chat Gold

Second Quarter 2017/18 35 National Bank of Ethiopia Quarterly Bulletin Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2016/17 2017/18 Percentage Change QII QI QII A B C C/A100- 100 C/B100-100 Coffee 3.5 3.9 3.2 -8.5 -16.1 Oilseeds 1.0 1.1 1.2 21.4 12.1 Leather and Leather products 17.7 21.0 21.2 19.6 1.2 Pulses 0.7 0.7 0.6 -13.9 -6.9 Meat & Meat Products 5.1 5.2 5.1 0.1 -1.6 Fruits & Vegetables 0.3 1.7 -1.1 Live Animals 1.9 2.0 1.8 -0.9 -6.9 Chat 5.6 5.7 5.5 -2.0 -3.2 Gold 44.2 34.6 36.0 -18.4 4.2 Flower 4.4 4.4 4.6 5.0 4.9 Electricity 0.1 0.02 4.1 Source: Ethiopian Revenues and Customs Authority, Ethiopian Electric Utility and Ethiopian Electric Power 0 5 10 15 20 25 30 35 40 45 50 55 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 USD/K.g, USD/gr.(Gold) Fig.V.6. Unit Value of Selected Export Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Source: NBE Staff Computation

36 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 5.2.2 Import of Goods In the second quarter of 2017/18, total merchandise import reached USD 4.0 billion, depicting a 0.6 percent modest increase over last year same quarter as a result of higher import values of consumer goods, fuel and miscellaneous. Import payments for consumer goods increased 3.8 percent vis-à-vis same quarter last year owing to 5.2 percent growth in payments for durables and 3.2 percent for non-durable goods. Thus, the share of consumer goods in total import bill was up to 30.6 percent from 29.6 percent a year earlier. Import value of fuel surged 22.3 percent increasing its share in total imports from 11.8 percent to 14.4 percent (Table 5.6). In contrast, import of capital goods showed a 6.9 percent drop as import bills of industrial goods declined 12.9 percent and that of agricultural capital goods 7.3 percent while transport capital goods import rose 8.9 percent. As a result, the share of capital goods in total goods import bill declined to 37.5 percent from 40.5 percent a year ago. Similarly, imports of semi-finished goods dropped by 2.0 percent and their share in total imports fell to 14.9 percent from 15.3 percent. Likewise, import of raw materials plummeted 18.0 percent over last year same quarter and their share in total merchandise import stood at 0.7 percent. Meanwhile, total franco-valuta import at USD 1.2 billion was down by 0.6 percent and accounted for 31.4 percent of the total imports. Table 5.6: Values of Major Import Items (In millions Of USD) Particular 2016/17 2017/18 Qtr II Percentage Changes % share from total Import Qtr I % share from total Import Qtr II % share from total Import A B C C/A C/B Raw Materials 34.3 0.9 31.3 0.8 28.1 0.7 -18.0 -10.2 Semi-finished Goods 601.3 15.3 709.7 17.8 589.3 14.9 -2.0 -17.0 Fertilizers 67.6 1.7 5.7 0.1 79.5 2.0 17.6 1,301.1 Fuel 466.9 11.8 461.4 11.6 571.1 14.4 22.3 23.8 Petroleum Products 440.0 11.2 439.5 11.0 540.7 13.6 22.9 23.0 Others 26.9 0.7 21.9 0.5 30.4 0.8 13.0 38.7 Capital Goods 1,596.7 40.5 1,480.1 37.1 1,487.2 37.5 -6.9 0.5 Transport 435.0 11.0 294.2 7.4 473.7 12.0 8.9 61.0 Agricultural 25.0 0.6 9.9 0.2 23.2 0.6 -7.3 133.2 Industrial 1,136.7 28.8 1,176.0 29.5 990.4 25.0 -12.9 -15.8 Consumer Goods 1,167.6 29.6 1,207.8 30.3 1,212.1 30.6 3.8 0.4 Durables 349.9 8.9 388.7 9.7 368.0 9.3 5.2 -5.3 Non-durables 817.7 20.7 819.0 20.5 844.1 21.3 3.2 3.1 Miscellaneous 74.6 1.9 100.5 2.5 75.9 1.9 1.7 -24.5 Total Imports 3,941.5 100.0 3,990.8 100.0 3,963.7 100.0 0.6 -0.7

Second Quarter 2017/18 37 National Bank of Ethiopia Quarterly Bulletin Table 5.7: The Value of Franco Valuta Import (In millions of USD) Commodity Group 2016/17 2017/18 Percentage Change Qtr II Qtr I Qtr II A B C C/A C/B Beverages 0.1 1.0 0.3 215.4 -72.7 Chemicals 3.7 2.5 9.2 147.2 264.2 Clothing 14.3 15.1 15.6 9.4 3.3 Food and live animals 39.9 94.3 152.8 283.4 62.0 Textiles 6.2 5.2 4.7 -24.4 -9.4 Tobacco 0.0 11.3 16.1 Soap & polish 0.2 0.2 0.3 103.2 82.1 Fertilizer 109.8 43.2 26.8 -75.6 -38.1 Paper & paper manufacturing 0.4 0.6 1.0 164.1 57.2 Metal & metal manufacturing 166.7 119.1 103.6 -37.9 -13.1 Medical and pharmaceuticals products 36.0 11.1 18.9 -47.3 70.6 Rubber products 10.6 9.5 10.5 -0.8 10.3 Petroleum Crude 0.0 - 0.0 - - Petroleum product 5.1 49.8 4.9 -4.2 -90.1 Glass & glass ware 2.6 7.2 6.7 158.7 -6.9 Electrical material 140.2 95.9 79.2 -43.5 -17.5 Machine 271.8 456.9 302.0 11.1 -33.9 Road & motor vehicles 72.9 42.8 55.0 -24.6 28.4 Tele apparatus 2.1 4.2 1.6 -21.9 -61.3 Cement - 0.08 0.08 - 0.0 Others 370.1 321.2 451.6 22.0 40.6 Total 1,252.6 1,279.9 1,244.6 -0.6 -2.8

38 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin 5.2.3 Direction of Trade 5.2.3.1 Export of Goods The major export destinations for Ethiopian goods were Asia, Europe and Africa. Asia accounted for 36.2 percent of the total exports. China was the largest market for Ethiopia’s export with a 22.1 percent share in total export earnings from Asia, followed by Saudi Arabia (15.9 percent), United Arab Emirates (12.5 percent), Israel (7.3 percent), Japan (7.1 percent), Yemen (7.1 percent), Indonesia (5.4 percent) and South Korea (5.0 percent). All these countries accounted for 82.5 percent of Ethiopia’s total export to Asia. Europe accounted for 31.7 percent of Ethiopia’s total export revenue, with the Netherlands taking a 22.1 percent share, followed by Germany (20.2 percent), Switzerland (13.4 percent), Belgium (10.6 percent), United Kingdom (7.0 percent), Italy (6.8 percent), and France (4.6 percent). These countries together had a 84.7 percent share of Ethiopia’s total exports to Europe. On the other hand, about 21.3 percent of Ethiopia’s export earnings originated from markets in Africa, mainly Somalia (44.0 percent), Djibouti (20.0 percent), Sudan (14.7 percent) and Kenya (10.7 percent) which altogether accounted for 89.3 percent of the total exports to Africa. America accounted for 9.7 percent of Ethiopia’s total export earning, of which 92.1 percent was from exports to the United States and 6.6 percent to Canada. 21.3 36.2 31.7 9.7 1.1 Fig V 7: Export Destination Africa Asia Europe America Ociana Source: NBE Staff Compilation 5.2. Import of Goods During the second quarter of 2017/18, Asia accounted for 62.9 percent of the total imports of Ethiopia. The major imports from Asia originated from China (43.7 percent), Kuwait (17.0 percent), India (10.4 percent), Japan (6.8 percent), Saudi￾Arabia (3.8 percent), Malaysia (3.7 percent), Thailand (2.6 percent), U.A.E. (2.6 percent), Indonesia (2.5 percent) and South Korea (1.7 percent) whose combined share was 94 percent. Imports from Europe accounted for 18.1 percent of Ethiopia’s total imports with the major countries, namely Italy (23.3 percent), Turkey (18.6 percent), Germany (8.3 percent), France (6.1 percent), Ukraine (5.5percent), Russia (4.7 percent), Belgium (4.6 percent), United Kingdom (4.4 percent), Netherlands (3.3 percent), Austria (3.2 percent) and Spain (3.1percent).These countries jointly accounted for 85.2 percent of Ethiopia’s total imports. Imports from America accounted for 13.0 percent of the total import bill, of which the share of United States was 85.5 percent followed by Brazil and Canada by 10.5 percent and 3.3 percent, respectively. Africa accounted for about 6.0 percent of Ethiopia’s total merchandise import. The major countries of origin were Morocco (31.9 percent), Egypt (21.6 percent), South Africa (21.5 percent), Sudan (10.0 percent) and Kenya (3.6 percent), which altogether constituted 88.6 percent of the total imports from the continent. Source: NBE Staff Compilation

Second Quarter 2017/18 39 National Bank of Ethiopia Quarterly Bulletin 5.3. Services and Transfers Deficit in net services at USD 59.3 million depicted a 42.4 percent improvement over last year owing to improvement in net travel (872.0 percent), net transport services (75.5 percent), and other services (44.9 percent). Source: NBE Staff Compilation Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2016/17 2017/18 Percentage Change QII QI QII A B C D=C/A E=C/B 1 Investment Income (2+5) -108.8 -87.7 -157.9 45.2 80.0 2 Interest, net (3-4) -100.4 -87.7 -157.9 57.3 80.1 3 Credit 3.1 8.2 8.2 164.2 0.4 4 Debit 103.5 95.8 166.1 60.5 73.3 5 Dividend, net -8.4 -0.1 -100.0 -100.0 6 NON-FACTOR SERVICES, net (7-8) 5.7 215.7 98.6 1,625.4 -54.3 7 Exports of non-factor services 861.5 1,014.3 988.0 14.7 -2.6 8 Travel 77.9 121.8 144.1 85.0 18.3 9 Transport 1 543.5 768.1 710.0 30.6 -7.6 10 Gov’t 2 174.0 58.5 74.9 -56.9 28.1 11 Other 3 66.1 65.9 59.0 -10.8 -10.5 12 Imports of non-factor services 855.8 798.7 889.4 3.9 11.4 13 Travel 83.1 86.4 103.7 24.7 20.0 14 Transport 1 472.9 570.6 586.1 23.9 2.7 15 Gov’t 2 24.6 8.6 25.4 3.2 193.9 16 Other 3 275.1 133.0 174.2 -36.7 31.0 17 Net Services (18+19+20+21+22) -103.1 127.9 -59.3 -42.4 -146.4 18 Travel (8-13) -5.2 35.4 40.4 -872.0 14.1 19 Transport (9-14) 70.6 197.5 123.9 75.5 -37.3 20 Gov’t (10-15) 149.3 49.9 49.5 -66.8 -0.7 21 Other (11-16) -209.0 -67.1 -115.2 -44.9 71.8 22 Investment Income (2+5) -108.8 -87.7 -157.9 45.2 80.0 Source: MoFEC, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation

40 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Similarly, total transfer receipts showed a 27.9 percent surge and reached USD 2.1 billion on account of 18.2 percent increase in private transfers and 62.4 percent hike in official transfers. Private individual transfers grew 13.8 percent and NGO transfers rose 37.2 percent. Meanwhile, total transfer payments went up by 69.2 percent due to 93.1 percent growth in private transfer payments and 29.6 percent in official transfer payments. Hence, net transfers reached USD 2.08 billion which was 27.5 percent higher than a year ago. Table 5.9: Developments in Transfer Accounts* (In Millions of USD) S/N Particulars 2016/17 2017/18 Percentage Q Change II % Share QI % Share QII % A Share B C D=C/A E=C/B 1 Private transfers, net (2-5) 1,278.7 78.2 1,531.5 88.5 1,502.5 72.1 17.5 -1.9 2 Credit (3+4) 1,290.5 77.985 1,567.2 88.6 1,525.3 72.0 18.2 -2.7 3 NGO’s 240.8 14.6 308.2 17.4 330.4 15.6 37.2 7.2 4 Private individuals 1,049.7 63.4 1,258.9 71.2 1,194.9 56.4 13.8 -5.1 5 Debit 11.8 62.3 35.7 91.7 22.8 71.1 93.1 -36.2 6 Official transfers, net (7-8) 357.2 21.8 198.6 11.5 582.5 27.9 63.1 193.3 7 Credit 364.3 22.0 201.8 11.4 591.8 28.0 62.4 193.2 8 Debit 7.1 37.7 3.2 8.3 9.2 28.9 29.6 185.7 9 Total Receipts 1,654.8 100 1,769.0 100 2,117.0 100 27.9 19.7 10 Total Payments 18.9 100.0 38.9 100.0 32.0 100.0 69.2 -17.7 11 Net Transfers 1,635.9 100.0 1,730.1 100.0 2,085.0 100.0 27.5 20.5 Source: NBE Staff Computation *Preliminary Source: NBE Staff Compilation

Second Quarter 2017/18 41 National Bank of Ethiopia Quarterly Bulletin 5.4. Current Account Balance Current account balance (including official transfers) registered USD 1.3 billion in deficit during the second quarter of 2017/18, compared with USD 1.8 billion deficit a year earlier (Table 5.1). 5.5. Capital Account In the review period, capital account recorded USD 1.7 billion surplus, showing a 1.1 percent decline over last year same quarter as a result of slowdown in net official long term capital (24.5 percent), other public long term capital net (9.2 percent), private sector long term capital (83.4 percent) and short term capital (132.6 percent) (Table 5.1). 5.6. Changes in Reserve Position As net foreign assets of the National Bank of Ethiopia and that of commercial banks showed a decline of USD 336.1 million and USD 174.6 million, respectively, the country’s foreign reserve as of December 31, 2017 was adequate to cover 2.3 months of imports of next fiscal year (Table 5.1). 5.7. Developments in the Foreign Exchange Market 5.7.1 Exchange Rate Movements Weighted average official exchange rate of Birr in the inter-bank forex market reached Birr 26.7099/ USD, at the end of the second quarter of 2017/18 showing a 20.19 percent annual depreciation. The end period exchange rate of the Birr was 27.2051/ USD, indicating the Birr losing ground against USD by 21.39 percent. This was compounded due to the NBE measure to devalue the Birr by 15 percent against USD since October 11, 2017. Table 5.10: Developments in Inter-bank Market Forex Traded and Exchange Rates (USD/ETB) Period Official Market End Period Weighted Rate Average Weighted rate Amount Traded in Millions of USD Total Among CBs 2016/17 23.1081 22.4137 12.6 0.0 Qtr. II C 22.4104 22.2228 3.25 0.00 October 22.1555 22.1069 1.05 0.00 November 22.2728 22.2168 1.10 0.00 December 22.4104 22.3447 1.10 0.00 2017/18 Qtr. I B 23.1081 22.9225 3.05 0.00 July 23.1956 23.1539 1.05 0.00 August 23.2972 23.2486 1.15 0.00 September 23.3854 23.3438 0.90 0.00 Qtr. II A 27.2051 26.7099 3.20 0.00 October 27.0234 25.8431 1.10 0.00 November 27.1657 27.0979 1.05 0.00 December 27.2051 27.1888 1.05 0.00 Percentage Changes A/B 17.73 16.52 4.92 A/C 21.39 20.19 -1.54 Source: National Bank of Ethiopia

42 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin In retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 26.8186/USD, while the selling rate was Birr 27.3288/USD showing 20.6 percent and 15.3 percent respective depreciation over last year same quarter. 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 2016/17 2017/18 Percentage change Quarter II A Quarter I B Quarter II C C/B C/A Purchases Sales Purchases Sales Purchases Sales Purchases Sales Purchases Sales 1 Commercial Bank of Ethiopia 55,337.0 10,318.8 60,986.8 9,570.0 55,804.6 38,839.5 -8.50 305.85 0.85 276.40 2 Bank of Abyssinia 973.6 3,257.2 614.8 7,048.6 773.7 1,995.8 25.84 -71.68 -20.53 -38.73 3 Dashen Bank 2,748.8 5,810.3 2,947.1 4,174.9 3,049.2 3,578.9 3.46 -14.27 10.93 -38.40 4 Awash International Bank 1,584.0 4,111.8 1,137.9 3,913.5 1,655.2 3,334.6 45.46 -14.79 4.50 -18.90 5 Wegagen Bank 711.8 1,263.1 993.4 2,102.9 1,446.9 1,462.8 45.66 -30.44 103.26 15.81 6 United Bank 1,832.6 3,831.3 1,504.3 4,769.4 1,646.3 2,560.7 9.44 -46.31 -10.16 -33.16 7 Development Bank 0.2 115.2 0.3 85.3 - 63.5 -25.49 -44.87 8 Nib International Bank 290.1 1,980.3 298.8 1,605.9 586.0 917.9 96.11 -42.84 101.99 -53.65 9 Lion International Bank 8,244.2 1,558.3 2,494.1 1,774.0 2,371.0 522.7 -4.94 -70.53 -71.24 -66.46 10 Oromia International Bank 626.5 997.1 927.4 1,687.9 1,583.2 1,571.3 70.72 -6.91 152.70 57.59 11 Zemen Bank 167.8 5,543.1 102.4 2,126.8 110.5 1,813.8 7.86 -14.72 -34.17 -67.28 12 Cooperative Bank of Oromia 196.8 690.4 287.0 1,283.2 236.1 1,227.4 -17.73 -4.35 19.97 77.77 13 Buna International Bank 634.5 537.7 4,916.8 1,140.8 1,734.9 859.0 -64.71 -24.70 173.45 59.74 14 Birhan International Bank 79.6 364.4 157.7 1,006.2 195.5 644.2 - -35.98 145.48 - 15 Abay Bank 885.5 358.7 374.9 389.9 341.9 239.0 -8.79 -38.71 -61.39 -33.37 16 Addis International Bank 156.8 310.4 1,549.1 517.8 551.4 439.8 -64.41 -15.06 251.62 41.68 17 Debub Global Bank 10.0 105.8 23.8 32.7 7.6 30.7 -68.06 -5.94 -24.38 -70.96 18 Enat Bank 82.8 148.1 202.2 342.0 236.6 266.6 17.02 -22.03 185.77 80.04 Total 74,562.7 41,302.1 79,518.7 43,571.7 72,330.7 60,368.4 -9.04 38.55 -2.99 46.16 Average Exchange Rate 22.2252 22.6572 23.2586 23.7021 26.8186 27.3288 15.31 15.30 20.67 20.62 Source: National Bank of Ethiopia Note: * refers the percentage spread between forex bureaus average buying and selling exchange rate in a given quarter. Hence, the average spread between the buying and the selling rates was 1.90 percent down from 1.94 percent a year ago (Table 5.11).

Second Quarter 2017/18 43 National Bank of Ethiopia Quarterly Bulletin Fig. V.11 Average Buying and Selling Rates of Forex Bureau of Commercial Banks 0.0 0.5 1.0 1.5 2.0 2.5 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (In Percent) Spread 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 QI QII 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Birr per USD Selling Rate Buying Rate Source: NBE Staff Compilation Fig. V.12: Spread between Buying and Selling Rates in the Retail Foreign Exchange Market Source: NBE Staff Compilation In the official forex market, US dollar has depreciated against pound sterling and Euro while it has appreciated against selected major currencies on quarterly basis whereas it has depreciated against all major currencies except Japanese yen on annual terms. USD depreciated against Euro by 0.28 percent on quarter and 8.99 percent annual basis. Similarly, compared to Pound Sterling, USD has depreciated by 1.4 and 6.77 percent, respectively.While it strengthened by 1.68 and 3.53 percent against Japanese Yen. USD appreciated against SDR by 3.35 percent on annual bases but depreciated by 0.09 percent on quarterly terms (Table 5.12).

44 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 5.12: Average Official Exchange Rates (USD per Major International Currencies) Period EURO JAPANESE YEN SDR POUNDSTELING SWISS FRANK Buying Selling Mid Rate Buying Selling Mid Rate Buying Selling Mid Rate Buying Selling Mid Rate Buying Selling Mid Rate 2016/17 QII C 1.0801 0.0092 1.3615 1.2427 0.9998 October 1.1039 0.0096 1.3824 1.2377 1.0137 November 1.0814 0.0093 1.3676 1.2412 1.0049 December 1.0549 0.0086 1.3343 1.2491 0.9807 2017/18 QI B 1.1739 0.0090 1.4084 1.3085 1.0384 July 1.1492 0.0089 1.3940 1.2980 1.0411 August 1.1800 0.0091 1.4104 1.2967 1.0355 September 1.1925 0.0090 1.4206 1.3307 1.0386 QII A 1.1772 0.0089 1.4070 1.3268 1.0131 October 1.1767 0.0089 1.4106 1.3208 1.0201 November 1.1720 0.0089 1.3959 1.3198 1.0073 December 1.1829 1.1828 1.1829 0.0089 1.4146 1.3397 1.0118 Percentage Changes A/B 0.28 -1.68 -0.09 1.40 -2.44 A/C 8.99 -3.53 -3.54 -3.53 3.35 6.77 1.33 Source: National Bank of Ethiopia Likewise, the Birr has depreciated against all selected major currencies on quarterly and annual terms. It depreciated by 31.02 percent against Euro, 21.78 percent against Swiss Franc, 24.22 percent against SDR, 20.19 percent against USD, 28.34 percent against Pound Sterling and 15.29 percent against Japanese Yen compared to last year same quarter. On quarterly bases, it also lost ground against Euro (15.21 percent), Pound Sterling (16.5 percent), SDR (14.77 percent), Swiss Franc (12.06 percent), USD (14.89 percent) and Japanese Yen (12.95 percent) (Table5.13).

Second Quarter 2017/18 45 National Bank of Ethiopia Quarterly Bulletin Table 5.13: Period Average Exchange Rates (Birr per Major Currencies) Period Currency USD EURO JAPANESE YEN SDR POUNDSTERLING SWISS FRANK Buying Selling Mid Rate Buying Selling Mid Rate Buying Selling Mid Rate Buying Selling Mid Rate Buying Selling Mid Rate Buying Selling Mid Rate 2016/17 QII C 22.2228 22.4450 22.3339 23.9995 24.2395 24.1195 0.2040 0.2060 0.2050 30.2530 30.5555 30.4043 27.6153 27.8915 27.7534 22.2161 22.4381 22.3271 October 22.1069 22.3280 22.2174 24.4034 24.6474 24.5254 0.2133 0.2154 0.2144 30.5611 30.8667 30.7139 27.3602 27.6337 27.4970 22.4102 22.6343 22.5222 November 22.2168 22.4389 22.3279 24.0238 24.2640 24.1439 0.2060 0.2081 0.2070 30.3839 30.6878 30.5358 27.5765 27.8523 27.7144 22.3244 22.5473 22.4358 December 22.3447 22.5681 22.4564 23.5712 23.8069 23.6890 0.1927 0.1946 0.1937 29.8141 30.1122 29.9631 27.9093 28.1884 28.0489 21.9136 22.1328 22.0232 QI B 23.2487 23.4812 23.3650 27.2933 27.5663 27.4298 0.2095 0.2115 0.2105 32.7437 33.0712 32.9075 30.4215 30.7258 30.5736 24.1414 24.3828 24.2621 July 23.1539 23.3854 23.2697 26.6090 26.8751 26.7420 0.2058 0.2078 0.2068 32.2777 32.6004 32.4391 30.0546 30.3551 30.2048 24.1045 24.3455 24.2250 August 23.2486 23.4811 23.3648 27.4329 27.7072 27.5700 0.2116 0.2137 0.2127 32.7907 33.1186 32.9547 30.1455 30.4470 30.2962 24.0741 24.3149 24.1945 September 23.3438 23.5772 23.4605 27.8381 28.1165 27.9773 0.2110 0.2131 0.2120 33.1628 33.4944 33.3286 31.0646 31.3752 31.2199 24.2455 24.4879 24.3667 2017/178 QII A 26.7099 26.9770 26.8435 31.4439 31.7583 31.6011 0.2366 0.2389 0.2378 37.5813 37.9571 37.7692 35.4405 35.7949 35.6177 27.0538 27.3243 27.1891 October 25.8431 26.1015 25.9723 30.4119 30.7160 30.5639 0.2290 0.2312 0.2301 36.4543 36.8188 36.6366 34.1312 34.4725 34.3018 26.3565 26.6200 26.4883 November 27.0979 27.3688 27.2334 31.7596 32.0772 31.9184 0.2400 0.2423 0.2411 37.8279 38.2062 38.0170 35.7653 36.1229 35.9441 27.2950 27.5679 27.4314 December 27.1888 27.4607 27.3247 32.1603 32.4818 32.3211 0.2408 0.2432 0.2420 38.4616 38.8462 38.6539 36.4252 36.7894 36.6073 27.5099 27.7850 27.6475 Percentage Change A/B 14.89 15.21 12.95 14.77 16.50 12.06 A/C 20.19 31.02 15.97 15.96 15.97 24.22 28.34 21.78

46 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 5.14: Birr per Unit of Currency End Period mid Market Rate Currency 16-Dec 17-Sep 17-Dec Percentage Change A B C C/B C/A USD 22.5225 23.5024 27.3412 16.33 21.40 Pound 27.6373 31.5261 36.7437 16.55 32.95 Swedish Kroner 2.4632 2.8890 3.3092 14.54 34.35 Djibouti Frank 0.1264 0.1319 0.1534 16.34 21.41 Swiss Frank 22.0161 24.1496 27.8679 15.40 26.58 Saudi Riyal 6.0044 6.2668 7.2900 16.33 21.41 UAE Dirhams 6.1312 6.3977 7.4432 16.34 21.40 Canadian Dollar 16.6685 18.8381 21.6770 15.07 30.05 Japanese Yen 0.1935 0.2086 0.2422 16.14 25.20 Euro 23.5856 27.6834 32.6071 17.79 38.25 SDR 30.1261 33.1571 38.7670 16.92 28.68 Source: NBE Staff Compilation 5.7.2. Movements in the Real Effective Exchange Rate During the second quarter of 2017/18, the REERI of the Birr depreciated by 9.0 percent on yearly and 12.5 percent on quarterly basis. This was mainly attributed to the 15 percent devaluation of Birr and higher inflation relative to that of Ethiopia’s major trading partners’ currencies. Likewise, the NEERI depreciated by 15.7 percent vis-à-vis last year same quarter due to relative weakening of Birr against dollar mainly due to the devaluation of Birr in October 2017, and by 11.9 percent as a result of the weakening of USD against some major currencies in the recent quarters (Table 5.15). Table 5.15 Trends in the Real and Nominal Effective Exchange Rates Item 2016/17 2017/18 Percentage Change QII QI QII A B C C/B C/A REERI 165.6 172.1 150.7 -12.5 -9.0 NEERI 42.3 40.5 35.7 -11.9 -15.7 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.

Second Quarter 2017/18 47 National Bank of Ethiopia Quarterly Bulletin 0 50 100 150 200 250 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QII QIV QI QII QIII QIV QI QII 2010/11 2011/12 2012/13 2013/14 2014/15 201516 2016/17 2017/18 NEERI REERI Fig.V.13: Movements in the Real and Nominal Effective Exchange Rate Source: NBE Staff Compilation 5.7.3 Volume of Transactions In the second quarter of 2017/18, foreign exchange traded in the inter-bank foreign exchange market reached USD 3.2 million, which was 1.54 percent lower than that of a year earlier, but 4.92 percent up compared to the preceding quarter. The total amount traded in the inter-bank market during the review period was supplied exclusively by NBE to stabilize the foreign exchange markets (Table 5:10). Fig V.14 Foreign Exchange Trade in the Interbank Foreign Exchange Market Source: NBE Staff Compilation In the same period, forex bureaux of commercial banks purchased USD 72.3 million and sold USD 60.4 million. Hence, the amount of forex purchased dropped 3.0 percent while it surged 46.2 percent relative to last year same quarter (Table 5.11).

48 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin VI.FEDERAL GOVERNMENT FINANCE 6.1. Revenue and Grants During the second quarter of 2017/18, total revenue and grants collected by federal government stood at Birr 55.6 billion which showed a 16.3 percent quarterly and 11.6 percent annual growth. The quarterly revenue and grant performance was 24.9 percent against the annual budget plan (Table 6.1). Of the total Birr 55.6 billion collected during the review period Birr 53.1 billion (95.5 percent) was from domestic sources and Birr 2.5 billion (4.5 percent) from grant and relief. About Birr 48.5 billion or 91.3 percent of the domestic revenue was generated through taxes and the rest Br 4.6 billion or 8.7 percent from non-taxes. The amount of grant & relief obtained during the quarter was significantly higher than that of last year same quarter (Table 6.2). Table 6.1 Summary of Quarterly Federal Government Finance (In millions of Birr) No Particulars 17/2016 2017/18 Percentage changes Performance rate A B C D D/A D/C D/B QII Budget QI QII 1 Revenue and Grants 49,889.7 223,431.0 47,911.4 55,697.5 11.6 16.3 24.9 1.1 Total Revenue 49,302.2 221,167.7 47,911.4 53,150.7 7.8 10.9 24.0 Tax Revenue 40,202.2 196,382.7 40,208.0 48,544.5 20.8 20.7 24.7 Direct tax 13,523.9 52,729.6 10,875.3 16,392.1 21.2 50.7 31.1 Indirect tax 26,678.3 143,653.1 29,332.6 32,152.4 20.5 9.6 22.4 Non-Tax Revenue 9,100.0 24,785.0 7,703.4 4,606.2 (49.4) (40.2) 18.6 1.2 Grant & Relief 587.5 2,263.3 - 2,546.8 333.5 112.5 2 Current Expenditure 16,505.2 76,922.5 16,527.4 20,316.6 23.1 22.9 26.4 3 Current Surplus/Deficit - Including Grants 33,384.5 146,508.5 31,384.0 35,380.9 6.0 12.7 24.1 Excluding Grants 32,797.0 144,245.2 31,384.0 32,834.1 0.1 4.6 22.8 4 Capital Expenditure 20,279.0 100,361.3 22,276.9 19,990.6 (1.4) (10.3) 19.9 5 Regional Transfers 27,294.5 122,104.1 29,122.3 31,378.8 15.0 7.7 25.7 6 Total Expenditure (2+4+5) 64,078.6 299,387.9 67,926.7 71,685.9 11.9 5.5 23.9 7 Overall Surplus/Deficit - Including Grants (14,188.9) (75,956.9) (20,015.3) (15,988.5) 12.7 (20.1) 21.0 Excluding Grants (14,776.4) (78,220.3) (20,015.3) (18,535.3) 25.4 (7.4) 23.7 8 Total Financing 14,188.9 75,956.9 20,015.3 15,988.5 12.7 (20.1) 21.0 8.1 Net External Borrowings 7,930.8 22,673.1 4,376.4 4,080.1 (48.6) (6.8) 18.0 External Borrowing 7,997.8 20,013.5 3,939.1 4,481.7 (44.0) 13.8 22.4 Amortization 667.6 4,321.4 983.0 1,009.1 51.2 2.6 23.4 8.2 Net Domestic Borrowings 7,322.8 53,283.8 16,394.2 16,200.1 121.2 (1.2) 30.4 Banking System 2,331.9 - 11,324.2 10,401.1 346.0 (8.2) Non-Bank Sources 4,990.9 - 5,070.0 5,799.0 16.2 14.4 8.3 Privatization receipts - - 0.0 - 8.4 Others and Residuals (1,064.7) (0.0) (755.4) (4,291.7) 303.1 468.1 Source: Minstry of Finance and Economic Co-operation

Second Quarter 2017/18 49 National Bank of Ethiopia Quarterly Bulletin Table 6.2.Summary of Federal Government Revenue by Component (In Millions of Birr) No Particulars 2016/17 2017/18 Percentage Change Performance Rate QII Budget QI QII A B C D [D/A] [D/C] [D/B] Total Revenue and Grants 49,889.7 223,431.0 47,911.4 55,697.5 11.6 16.3 24.9 Total Domestic Revenue 49,302.2 221,167.7 47,911.4 53,150.7 7.8 10.9 24.0 1 Tax Revenue 40,202.2 196,382.7 40,208.0 48,544.5 20.8 20.7 24.7 1.1 Direct Tax 13,523.9 52,729.6

10,875.3

16,392.1 21.2 50.7 31.1 1.1.1 Income Taxes 12,088.9 45,925.7 9,320.8 14,621.3 20.9 56.9 31.8

• Personal 1,608.3 6,655.1 1,866.0 2,374.0 47.6 27.2 35.7
• Business 10,480.6 39,270.7 7,454.8 12,247.3 16.9 64.3 31.2 1.1.2 Others1 1,435.1 6,803.9 1,554.6 1,770.8 23.4 13.9 26.0 1.2 Indirect Taxes 26,678.3 143,653.1

29,332.6

32,152.4 20.5 9.6 22.4 1.2.1 Domestic Taxes 10,571.7 57,315.4 10,391.8 12,526.1 18.5 20.5 21.9 1.2.2 Foreign Trade Taxes 16,106.6 86,337.7 18,940.9 19,626.3 21.9 3.6 22.7

• Import 16,106.6 86,337.7 18,940.9 19,626.3 21.9 3.6 22.7 2 Non-Tax Revenue 9,100.0 24,785.0 7,703.4 4,606.2 (49.4) (40.2) 18.6 3 Privatization 4 Grants and Relief 587.5 2,263.3 2,546.8 333.5 112.5 Source: Ministry of Finance and Economic Co-operation 1/ includes withholding tax on import, tax on dividend, royalty and interest income Fig. VI.1 Quarterly Developments in Major Components of Domestic Revenue of the Federal Government Of the total revenue, about 66.2 percent came from indirect taxes, which amounted to Birr 32.1 billion and showed a 20.5 percent annual growth. About 61 percent of the indirect tax revenue originated from foreign trade taxes. Meanwhile, direct tax revenue surged by about 21.2 percent compared to last year same quarter and stood at Birr 16.4 billion accounting for 33.8 percent of the tax revenue.

50 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Fig.VI.2 Domestic Revenue of federal government by Major Components during the Second Quarter of 2017/18 6.2 Expenditure Total Federal government expenditure (including regional transfers) reached Birr 71.6 billion, depicting a 11.9 annual and 5.5 percent quarterly growth, due to higher current expenditure and regional transfers. Current expenditure at Birr 20.3 billion accounted for 28.3 percent of the total expenditure while capital expenditure stood at Birr 19.9 billion or 27.9 percent of total expenditure. The remaining Birr 31.3 billion or 43.8 percent constituted regional transfers (Table 6.3). Tale 6.3 Summary of Federal Government Expenditure by components (In Millions of Birr) No Particulars 2016/17 2017/18 Percentage Change Performance Rate QII Budget QI QII [A] [B] [C] [D] [D/A] [D/C] [D/B] Total Expenditure 64,078.6 299,387.9

67,926.7 71,685.9

11.9

5.5 23.9 1 Current Expenditure 16,505.2 76,922.5

16,527.4 20,316.6

23.1

22.9 26.4

• General Services 6,369.1 24,212.3 6,444.8 6,434.5

1.0

(0.2) 26.6

• Economic Services 737.4 4,963.3 907.8 1,170.7

58.7

29.0 23.6

• Social Services 6,934.4 24,189.1 6,946.1 8,620.6

24.3

24.1 35.6

• Debt Service 2,464.3 23,557.9 2,228.8 4,090.9

66.0

83.5 17.4 2 Capital Expenditure 20,279.0 100,361.3

22,276.9 19,990.6

(1.4)

(10.3) 19.9

• Economic Development 13,679.8 68,110.4 13,320.7 12,328.5

(9.9)

(7.4) 18.1

• Social Development 6,005.9 23,959.2 7,446.8 6,534.1

8.8

(12.3) 27.3

• General Development 593.3 8,291.7 1,509.4 1,128.0

90.1

(25.3) 13.6 3 Regional Transfers 27,294.5 122,104.1 29,122.3 31,378.8

15.0

7.7 25.7 Source: Ministry of Finance and Economic Co-operation

Second Quarter 2017/18 51 National Bank of Ethiopia Quarterly Bulletin Fig VI.3: Major Components of Federal Governments Expenditure during the Second Quarter of 2017/18 Current Expenditure 28.3% Capital Expenditure 27.9% Regional Transfer 43.8% Fig.VI.4: Quarterly Developments in Federal Government Expenditure by components 6.3 Deficit Financing The Federal government fiscal operations resulted in an overall deficit (including grant) of Birr 15.9 billion, which was higher than Birr 14.1 billion deficit a year ago. The deficit was financed from net external and domestic borrowing.

52 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Fig.VI.5 Federal Government Finance during Second Quarter of F.Y 2017/18

Second Quarter 2017/18 53 National Bank of Ethiopia Quarterly Bulletin VII. Developments in Investment During the second quarter of 2017/18, 103 investment projects having Birr 612.5 million investment capital became operational. Compared to last year same quarter, however, both the number of investment projects and investment capital tended to slowdown. Virtually all the investment projects were private, of which 99 percent were domestic and one percent foreign. Domestic investment projects had investment capital of Birr 609.8 million (99.6 percent) while that of foreign projects was Birr 2.7 million (0.4 percent). These investment projects have created employment opportunities for 1,804 employees, of which, 46.4 percent were permanent and 53.6 percent casual (Table 7.1). Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr) Type of Projects Items 2016/17 2017/18 Percentage Changes QII QI QII A B C Share C/A C/B

1. Total Investment Number of projects 124 97 103 100 -16.9 6.2 Capital 963.0 668.5 612.5 100 -36.4 -8.4 Permanent Employment 3,655 1,549 837 100 -77.1 -46.0 Temporary Employment 3,896 1,099 967 100 -75.2 -12.0
2. Private Investment Number of projects 124 97 103 100 -16.9 6.2 Capital 963.0 668.5 612.5 100 -36.4 -8.4 Permanent Employment 3,655 1,549 837 100 -77.1 -46.0 Temporary Employment 3,896 1,099 967 100 -75.2 -12.0 2.1 Domestic Investment Number of projects 117 96 102 99.0 -12.8 6.3 Capital 925.0 663.8 609.8 99.6 -34.1 -8.1 Permanent Employment 3,108 1,519 817 97.6 -73.7 -46.2 Temporary Employment 3,776.0 1,099 967 100.0 -74.4 -12.0 2.2. Foreign Investment Number of projects 7 1.0 -85.7 0.0 Capital 38.0 4.7 2.7 0.4 -92.9 -42.4 Permanent Employment 547 30 20 2.4 -96.3 -33.3 Temporary Employment 120.0 -100.0
3. Public Investment Number of projects Capital Permanent Employment Temporary Employment Source: Ethiopian Investment Commission.

54 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin As for sectoral distribution, construction accounted for 45.6 percent of the total investment projects followed by real estate, renting & business activities (23.3 percent), manufacturing (20.4 percent) and health & social work (3.9 percent). Out of the total Birr 612.5 million capital invested, the share of manufacturing sector was 42.7 percent followed by construction (32.1 percent), real estate, renting & business activities (19.1 percent), mining & quarrying (3.1 percent). About 37.5 percent of the permanent employment was created by construction, 36.9 percent by manufacturing and 16.2 percent by real estate, renting & temporary business activities. Similarly, in terms of employment, the construction sector was the leading by employing 63.5 percent of temporary labor force followed by real estate, renting & business activities (15.6 percent), mining & quarrying (8.3 percent), and manufacturing (7.5 percent) (Table 7.2). Table 7.2: Investment Distribution by Sector during the Second Quarter of 2017/18 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry 1.0 1.0 2.0 0.3 10 1.2 20.0 2.1 Construction 47.0 45.6 196.4 32.1 314 37.5 614.0 63.5 Education 2.0 1.9 1.8 0.3 9 1.1 12 1.2 Electricity, gas, steam and water supply Health and social work 4.0 3.9 11.2 1.8 36 4.3 11.0 1.1 Hotels and restaurants 0.0 Manufacturing 21.0 20.4 261.7 42.7 309 36.9 73.0 7.5 Mining and quarrying 2.0 1.9 19.2 3.1 19 2.3 80 8.3 Other community, social and personal service activities 1.0 0.2 2 0.2 2.0 0.2 Real estate, renting and business activities 24.0 23.3 117.1 19.1 136 16.2 151.0 15.6 Tour operation, transport, and communication 1.0 1.0 2.0 0.3 2.0 0.2 4 0.4 Wholesale, retail trade & repair service Grand Total 103 100 612.5 100 837 100 967 100 Source: Ethiopian Investment Commission. Fewer regions had significant number o of projects having larger investment. About 59.2 percent of the total projects having 55.5 percent of total investment capital were in Addis Ababa, followed by Afar, Tigray and Amhara. These regions had similar pattern in terms of job creation (Table 7.3).

Second Quarter 2017/18 55 National Bank of Ethiopia Quarterly Bulletin Table 7.3: Performance of Operational Investment Projects by Region Capital in million Birr 2016/17 2017/18 Growth Rate QII QI QII C/A C/B A B C Share In (%) Region No of Proj Capital Perm emp Tempemp No of Proj Capital Permemp Tempemp No of Proj Capital. Perm.emp Tempemp No of Proj Capital. Perm.emp Temp.emp No of Proj Capital. Perm emp Temp emp No of Proj Capital. Perm emp Temp emp Addis Ababa 117 918.5 3086 3350 83 503.9 1237 679 61 340 382 218 59.2 55.5 45.6 22.5 -47.9 -63.0 -87.6 -93.5 -26.5 -32.6 -69.1 -67.9 Afar 2 7.0 25 65 21 151.0 363 575 20.4 24.7 43.4 59.5 950.0 2057.1 1352.0 784.6 Amhara 4 9.1 90 10 1 2.0 2 4 1.0 0.3 0.2 0.4 -75.0 -78.3 -97.8 -60.0 B.Gumuz Dire Dawa Oromia 2 19.3 88 0 -100 SNNPR 2 9.2 425 500 -100 Gamb Somali Harari Tigray 3 16.0 56 46 8 148.5 197 345 20 119.7 90 170 19.4 19.5 10.8 17.6 566.7 648.3 60.7 269.6 150.0 -19.4 -54.3 -50.7 Multi￾regional Grand Total 124 963.0 3655 3896 97 668.5 1,549 1099 103 612 837 967 100 -16.9 -36.4 -77.1 -75.2 6.2 -8.4 -46.0 -12.0 Source: Ethiopian Investment Commission

56 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin VIII. International Economic Developments in the second quarter of 2017/18. In China, during the second quarter of 2017/18, economic growth remained robust following with a real GDP growth of 6.8% year on year. 8.2. Inflation Developments Global inflation has picked up in November supported by increase in energy prices. Annual consumer price inflation in the member countries of the Organization for Economic Co-operation and Development (OECD) increased to 2.4% in November, from 2.2% in October driven by a pick￾up in energy and food prices. Excluding food and energy, annual inflation in the OECD remained stable at 1.8%. Annual CPI inflation in the United States declined to 2.1% in December due to lower energy price inflation, while inflation excluding food and energy was rising to 1.8% on annual basis in December, from 1.7% in the previous month. In Japan, headline CPI inflation picked up in November, standing at 0.6%, year on year, while inflation excluding food and energy remained close to zero. Moreover, the latest enterprises survey of inflation expectations suggests that firms remain cautious about further price increases. In U.K, annual CPI inflation marginally decelerated to 3.0% in December, from 3.1% in November, but is expected to continue to weigh on disposable income 8.3 Commodity Price Oil prices showed upward trends due to partly supply disruptions, due to the closing of the Forties pipelines in the North Sea for repairs and political unrest in the Middle East. Strong demand for crude oil imports in China and increased US refining activity that drew more crude from inventories. Non-oil commodity prices have also increased in recent weeks, driven particularly by increases in metal prices. Rising metal prices are related to supply disruptions in non-ferrous metal industries following the introduction of environmental regulation in China and rising demand for iron ore. 8.1 Overview of the World Economy7 In the second quarter of 2017/18, survey indicators showed sustained global growth following solid global GDP growth in the previous quarters. During this period, the global composite output Purchasing Managers’ Index (PMI) increased supported by robust expansion in advanced economies and a pick-up in emerging economies, driven by China and India in particular. In United States, real GDP growth is expected to have remained robust at annualized rate of 3.2% growth in the second quarter of 2017/18. Accommodative financial conditions and buoyant confidence as well as the temporary boost associated with the reconstruction efforts after the hurricanes supported the growth. In line with robust economic activity, the labour market continued to tighten, with a gain in non-farm payroll employment of 148,000 in December, while the unemployment rate stayed unchanged at 4.1%. In Japan, economic activity remains strong. Real GDP increased by 0.6% quarter on quarter, in the first quarter of 2017/18. Economic indicators continue to indicate firm growth in the second quarter of 2017/18. The labour market continues to tighten, with the unemployment rate falling to 2.7% in November, close to the levels of the early 1990s. In Euro area real GDP continued to increase by 0.7% in the first quarter of 2017/18, due to the strong positive contributions from domestic demand and net trade. While, changes in inventories made neutral contribution to GDP growth. The latest economic indicators remain optimistic and confirm the expectation of continued robust growth in the second quarter of 2017/18, around the same rates as in the previous quarters. In the United Kingdom, economic activity rebounded slightly. In the first quarter real GDP growth slightly accelerated to 0.4% according to the final estimate. Recent indicators point to a continuation of growth at similar rates. Survey indicators suggest a buoyant performance for export business. The PMI Export Climate Index and data on new export orders from the manufacturing sector remaining at high levels 7 Sections 8.1 – 8.4 are excerpted from European Central Bank monthly bulletin of 7/2017.

Second Quarter 2017/18 57 National Bank of Ethiopia Quarterly Bulletin 8.4 Exchange Rate Developments In foreign exchange markets, the euro appreciated vis-à-vis the currencies of most advanced economies, including the US dollar in particular (by 4.3%), the Japanese yen (by 1.3%) and the Swiss franc (by 0.4%). The euro also mostly strengthened against the currencies of emerging economies, including, the Chinese renminbi (by 0.6%), as well as currencies of other major trading partners in Asia. On the other hand the euro has weakened against the currencies of other EU Member States, including the pound sterling against which it weakened 1.1%. 8.5. Impact of Global Economic Development on Ethiopian Economy During the second quarter of F.Y. 2017/18, global economic activities indicators pointed to a sustained momentum. The global composite output Purchasing Managers’ Index (PMI), which measures economic health of the manufacturing sector, increased supported by robust expansion in advanced economies and a pick-up in emerging economies. This has positively affected the performance of Ethiopian’s major export items. During same period, global inflation has picked up supported by the increase in energy and metal prices. Non-oil commodity prices have increased driven particularly by increase in metal prices. Thus, the increase in energy and metal prices could increase the country’s import bills to have depressing effect on the current account deficit.

58 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Statistical Tables

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

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

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

62 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin End of Period Total (Liab.= Assets) Non-Central Gov’t Deposits Gov’t Depos. Foreign Liab. Total (9+10+11) Capital Account Total= (3+4+5) Demand Time Saving Capital Legal Reserve Others Other Liab. 1 2 3 4 5 6 7 8 9 10 11 12 2007/08 Qtr.I 89728.2 45987.1 17473.8 3519.0 24994.4 8168.9 2113.1 7946.8 6022.7 695.1 1229.0 25512.3 Qtr.II 95673.9 47523.9 17472.9 3750.4 26300.7 9083.0 2221.8 8502.6 6230.9 715.9 1555.8 28342.6 Qtr.III 101744.6 49881.9 18402.8 3649.3 27829.8 9410.2 2384.4 9480.3 6372.3 755.1 2352.8 30587.9 Qtr.IV 106633.3 51175.4 18343.6 3354.1 29477.6 8978.3 2301.9 8692.7 6650.6 1160.1 882.0 35485.1 2008/09 Qtr.I 108674.6 56010.6 21545.8 3001.2 31463.7 8410.6 2315.5 9645.2 6733.5 1230.0 1681.7 32292.7 Qtr.II 121011.7 59279.8 23758.2 2977.8 32543.8 10336.0 2854.6 10537.1 7140.8 1251.8 2144.5 38004.2 Qtr.III 124182.0 62157.9 24447.5 3051.3 34659.0 11766.0 2801.5 11577.3 7188.2 1251.9 3137.2 35879.2 Qtr.IV 145083.9 64134.2 23737.1 3248.4 37148.7 10450.1 3076.5 10286.3 7289.9 1817.1 1179.3 57136.9 2009/10 Qtr.I 143172.1 69799.5 26482.9 3502.1 39814.5 10193.0 3856.6 11615.7 7351.5 1865.0 2399.3 47707.3 Qtr.II 153698.3 70853.0 25540.1 3498.8 41814.1 12446.7 3690.8 12382.9 7779.3 1999.4 2604.2 54325.0 Qtr.III 165187.4 76069.0 28137.8 3568.7 44362.5 14542.9 3960.9 13733.7 7988.5 1999.4 3745.8 56880.9 Qtr.IV 157925.8 81081.4 29083.6 3956.2 48041.6 13742.5 3254.3 12410.9 8104.2 2627.1 1679.6 47436.8 2010/11 Qtr.I 166997.0 85850.7 30488.1 3901.3 51461.4 13830.7 4246.1 16074.7 8251.8 2800.1 5022.8 46994.8 Qtr.II 181873.2 90753.8 33017.7 3860.1 53876.0 17847.5 4942.6 15372.0 8814.8 2875.6 3681.6 52957.3 Qtr.III 210324.6 101160.6 36557.4 4462.7 60140.4 22023.3 5595.2 17203.7 8993.7 2875.6 5334.4 64341.7 Qtr.IV 225905.3 114155.4 44949.5 4666.4 64539.6 20240.7 5715.5 15598.3 9352.3 3720.0 2526.0 70195.3 2011/12 Qtr.I 231095.7 119908.9 47241.2 4679.9 67987.8 20211.7 6441.2 18039.7 9463.9 3874.0 4701.8 66494.3 Qtr.II 255231.8 120849.5 44105.8 5165.3 71578.4 27669.1 8419.7 20118.9 10273.8 4083.0 5762.2 78174.6 Qtr.III 276293.8 135663.6 49133.4 10136.4 76393.8 30994.8 7392.2 23505.5 10588.9 4083.0 8833.7 78737.7 Qtr.IV 333219.2 152894.7 58345.8 12061.1 82487.8 28207.9 5484.2 26333.7 10766.2 4341.9 11225.7 120298.7 2012/13 Qtr.I 312287.4 154727.0 55112.8 12112.5 87501.8 29561.0 5874.0 22096.5 10848.5 5848.5 5399.6 100028.9 Qtr.II 328113.3 163882.2 57818.5 12930.1 93133.7 35693.3 6078.3 23819.5 11410.2 6095.9 6313.4 98640.0 Qtr.III 374030.3 181078.6 66836.5 13515.7 100726.5 34173.1 6038.1 26732.9 11848.3 6095.8 8788.7 126007.5 Qtr.IV 369381.2 189762.8 69253.3 14278.7 106230.8 39111.8 7515.2 23668.9 16207.7 3737.1 3724.1 109322.4 2013/14 Qtr.I 361868.0 196547.0 67873.9 15611.6 113061.5 30347.6 7787.7 27244.9 16648.3 4289.3 6307.3 99940.8 Qtr.II 375115.3 208389.3 69703.1 15928.7 122757.5 35196.6 7933.5 29890.4 18021.3 4432.1 7436.9 93705.5 Qtr.III 397656.6 223632.1 71185.4 17192.6 135254.1 41483.1 7843.1 34089.2 19040.2 4452.9 10596.1 90609.0 Qtr.IV 422868.0 244630.1 80947.3 17872.3 145810.5 39210.8 7995.1 28116.6 19412.6 4874.1 3829.9 102915.4 2014/15 Qtr.I 427229.9 253720.4 79404.6 18878.4 155437.5 34524.9 7599.6 33579.7 19576.2 6809.3 7194.2 97805.3 Qtr.II 453125.9 267761.4 82145.6 21324.7 164291.1 41958.4 7784.8 35980.6 20786.7 7102.8 8091.1 99640.7 Qtr.III 486381.0 288748.6 87992.9 37731.1 163024.6 39876.9 7985.8 41100.7 21089.1 7150.1 12861.6 108668.9 Qtr.IV 518500.4 310905.5 94282.9 41990.6 174632.0 47597.6 8326.6 46346.0 21607.2 7657.4 17081.4 105324.8 2015/16 Qtr.I 526676.4 321277.1 94511.0 44846.8 181919.2 44750.6 8351.7 40988.3 21854.9 10061.0 9072.4 111308.7 Qtr.II 566305.7 333108.0 95784.9 45039.0 192284.2 54814.9 9418.3 44605.5 22365.6 10260.6 11979.3 124359.0 Qtr.III 600722.0 346500.8 97666.7 47318.8 201515.3 55903.5 10021.1 50099.9 23925.7 10503.5 15670.6 138196.7 Qtr.IV 632985.6 378580.1 111923.5 49622.3 217034.3 48275.4 9880.5 54282.7 24742.0 11066.2 18474.5 141967.0 2016/17 Qtr.I 657560.8 395284.0 114563.3 52113.6 228607.1 48122.1 10224.6 48306.1 25430.7 13555.8 9319.6 155624.1 Qtr.II 686854.4 422592.7 122551.6 56019.1 244021.9 59973.0 9442.5 53837.7 25907.5 14058.7 13871.5 141008.4 Qtr.III 739896.0 459035.8 134885.3 59330.9 264819.7 59514.1 9775.1 58827.9 28022.7 14160.6 16644.6 152743.1 Qtr.IV 816370.8 499497.5 142883.0 63182.7 293431.7 57431.9 10818.8 91591.8 60893.9 9875.3 20822.573 157030.8 QII 872671.2 557368.9 161094.7 71726.8 324547.4 65662.5 15190.8 82934.7 62190.7 12080.5 8663.537 151514.2 Table 2(b): Statement of Condition of Commercial Banks: Liabilities (In Millions of Birr)

Second Quarter 2017/18 63 National Bank of Ethiopia Quarterly Bulletin End of Period Cash & Banks Foreign Assets Claims on Central Gov’t Claims on Non-Central Gov’t Other Assets Total Assets Total Public Enterprise Cooper￾atives Private & Individuals 2007/08 Qtr.I 481.15 184.54 80.84 4,893.32 431.94 153.96 4,307.41 824.36 6,464.22 Qtr.II 565.81 157.13 253.93 5,061.27 316.45 227.85 4,516.97 828.84 6,866.96 Qtr.III 444.82 143.95 253.93 5,248.60 397.64 228.90 4,622.06 764.01 6,855.30 Qtr.IV 293.85 194.84 253.93 5,389.25 518.92 200.61 4,669.72 838.10 6,969.97 2008/09 Qtr.I 639.13 226.80 253.93 5,579.55 527.45 178.53 4,873.57 688.57 7,387.97 Qtr.II 320.37 243.70 237.52 5,976.99 535.00 215.62 5,226.37 864.87 7,643.45 Qtr.III 174.66 248.80 219.42 6,246.95 539.70 222.66 5,484.59 834.94 7,724.78 Qtr.IV 137.89 374.59 219.42 6,435.92 546.22 193.14 5,696.57 743.24 7,911.07 2009/10 Qtr.I 205.29 549.70 219.42 7,135.13 597.47 164.88 6,372.78 720.57 8,830.11 Qtr.II 303.62 595.20 218.83 7,671.64 582.63 246.00 6,843.01 1,103.73 9,893.01 Qtr.III 219.98 1,513.01 203.02 8,068.25 609.20 235.01 7,224.04 1,147.57 11,151.83 Qtr.IV 422.78 1,023.91 184.92 8,787.24 699.57 202.47 7,885.20 919.24 11,338.08 2010/11 Qtr.I 505.43 1,058.79 184.92 8,952.77 703.88 143.97 8,104.93 1,140.16 11,842.07 Qtr.II 200.52 1,031.98 184.92 9,516.13 711.06 226.46 8,578.61 736.37 11,669.91 Qtr.III 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.IV 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 2011/12 Qtr.I 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.II 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.III 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.IV 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 2012/13 Qtr.I 710.96 1,122.00 7,866.42 15,323.90 1,385.16 102.91 13,835.83 1,867.93 26,891.21 Qtr.II 400.61 794.52 7,832.51 16,707.86 1,770.72 147.06 14,790.08 1,341.19 27,076.70 Qtr.III 281.13 190.20 8,814.41 17,657.91 1,910.88 196.39 15,550.65 856.25 27,799.89 Qtr.IV 379.77 457.00 9,819.44 17,928.90 1,660.21 87.79 16,180.91 1,374.79 29,959.90 2013/14 Qtr.I 1,948.03 350.90 8,425.93 18,556.52 1,791.63 78.99 16,685.89 1,723.32 31,004.70 Qtr.II 380.83 1,575.49 9,664.19 20,103.24 1,880.18 152.18 18,070.87 1,905.11 33,628.87 Qtr.III 535.83 1,888.62 9,807.16 18,542.19 1,930.05 108.33 16,503.81 2,545.42 33,319.20 Qtr.IV 1,156.66 1,890.59 11,337.60 21,443.02 2,003.46 63.56 19,376.00 1,971.93 37,799.81 2014/15 Qtr.I 1,175.45 1,511.30 13,148.05 20,197.59 1,996.89 54.11 18,146.59 2,550.90 38,583.28 Qtr.II 544.45 1,744.17 13,141.88 21,381.44 2,019.13 184.95 19,177.37 2,648.93 39,460.87 Qtr.III 1,143.62 1,803.01 13,112.08 22,224.86 2,002.19 165.61 20,057.07 2,719.16 41,002.74 Qtr.IV 1,173.92 1,635.37 13,289.06 25,677.84 2,675.48 130.93 22,871.43 2,343.58 44,119.75 2015/16 Qtr.I 1,175.45 1,511.30 13,148.05 20,197.59 1,996.89 54.11 18,146.59 2,550.90 38,583.28 Qtr.II 544.45 1,744.17 13,141.88 21,381.44 2,019.13 184.95 19,177.37 2,648.93 39,460.87 Qtr.III 1,143.62 1,803.01 13,112.08 22,224.86 2,002.19 165.61 20,057.07 2,719.16 41,002.74 Qtr.IV 1,173.92 1,635.37 13,289.06 25,677.84 2,675.48 130.93 22,871.43 2,343.58 44,119.75 2016/17 Qtr.I 2,434.51 2,430.84 15,836.85 29,770.27 2,838.72 104.12 26,827.43 3,846.72 54,319.19 Qtr.II 1,585.15 2,065.49 15,836.85 30,986.45 3,007.68 106.31 27,872.46 3,940.08 54,414.01 Qtr.III 1,462.81 2,849.59 15,816.87 31,734.09 2,765.88 107.49 28,860.71 4,032.03 55,895.39 QIV 1,232.72 3,225.53 15,816.87 31,590.85 2,632.74 108.69 28,849.42 5,223.28 57,089.25 2017/18 Qtr.I 824.85 2,902.01 15,816.87 32,396.06 2,605.80 127.06 29,663.20 5,273.55 57,213.34 QII 888.91 3,223.37 15,816.87 35,413.14 3,992.24 116.26 31,304.64 4,229.09 59,571.38 Table 3(a): Consolidated Statement of Condition of Development Bank of Ethipia: Assets (In Millions of Birr)

64 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin End of Period Total Assets =Liab. Demand Deposits Time & Savings Deposits Capital Accounts Credit from Banks  Others Credit from Gov’t Foreign Advance & Loan Other Liability  Total N.B.E Items 2007/08 Qtr.I 6464.2 16.5 477.5 1867.2 1888.3 381.4 1506.9 0.7 434.3 1779.7 Qtr.II 6867.0 37.1 400.4 1883.0 2087.5 381.4 1706.1 0.7 457.1 2001.1 Qtr.III 6855.3 46.5 369.3 1916.2 2091.1 381.4 1709.7 0.7 505.4 1926.2 Qtr.IV 6970.0 126.0 374.5 1910.0 2102.2 381.4 1720.8 0.0 506.1 1951.1 2008/09 Qtr.I 7388.0 187.0 379.1 1915.9 2338.6 381.4 1957.2 0.0 523.0 2044.5 Qtr.II 7643.5 141.7 381.3 1943.5 2340.0 381.4 1958.7 0.0 523.0 2314.0 Qtr.III 7724.8 102.0 385.1 1948.8 2341.2 381.4 1959.8 0.0 647.3 2300.4 Qtr.IV 7911.1 124.7 369.4 1934.2 2341.6 381.4 1960.2 0.0 647.3 2493.9 2009/10 Qtr.I 8830.1 123.4 372.5 2014.7 2571.3 424.3 2147.0 0.0 887.9 2860.3 Qtr.II 9893.0 75.2 368.9 1943.1 3028.7 424.3 2604.4 0.0 900.5 3576.6 Qtr.III 11151.8 85.6 369.1 2084.5 4228.3 424.3 3804.0 884.5 3499.9 Qtr.IV 11338.1 179.0 376.2 2124.7 4618.9 381.4 4237.5 0.0 978.7 3060.7 2010/11 Qtr.I 11842.1 141.5 382.4 2357.4 4799.2 381.4 4417.9 0.0 985.0 3176.6 Qtr.II 11669.9 235.2 384.0 2223.6 4951.9 381.4 4570.5 0.0 909.0 2966.2 Qtr.III 13513.5 414.9 373.3 2224.9 6403.1 381.4 6021.7 0.0 997.7 3099.7 Qtr.IV 13513.5 414.9 373.3 2224.9 6403.1 381.4 6021.7 0.0 997.7 3099.7 2011/12 Qtr.I 13513.5 414.9 373.3 2224.9 6403.1 381.4 6021.7 0.0 997.7 3099.7 Qtr.II 13513.5 414.9 373.3 2224.9 6403.1 381.4 6021.7 0.0 997.7 3099.7 Qtr.III 13513.5 414.9 373.3 2224.9 6403.1 381.4 6021.7 0.0 997.7 3099.7 Qtr.IV 13513.5 414.9 373.3 2224.9 6403.1 381.4 6021.7 0.0 997.7 3099.7 2012/13 Qtr.I 26891.2 374.8 384.1 2739.0 17154.1 642.5 16511.7 0.0 1209.7 5029.5 Qtr.II 27076.7 376.3 384.4 2856.4 16348.8 644.0 15704.8 0.0 1539.1 5571.7 Qtr.III 27799.9 355.7 375.8 3157.2 18741.4 740.0 18001.5 0.0 1771.2 4360.5 Qtr.IV 29959.9 347.3 380.8 3150.3 20889.9 610.1 20279.8 0.0 2301.2 2677.8 2013/14 Qtr.I 31004.7 299.0 390.5 3390.9 21434.5 17667.5 3767.0 0.0 2371.6 2922.9 Qtr.II 33628.9 248.0 377.3 3620.2 21340.4 17792.1 3548.2 0.0 2928.6 5114.4 Qtr.III 33319.2 348.3 378.0 3763.5 21746.5 18101.6 3645.0 0.0 3105.7 3977.5 Qtr.IV 37799.8 634.9 376.9 3567.6 27234.6 20851.6 6383.1 0.0 3409.4 2576.3 2014/15 Qtr.I 38583.3 656.7 380.5 3895.2 25430.9 22551.6 2879.4 0.0 3621.7 4598.2 Qtr.II 39460.9 298.6 377.5 4086.6 25618.8 22751.2 2867.6 0.0 3770.0 5309.4 Qtr.III 41002.7 300.4 376.1 4082.9 26599.7 23451.6 3148.2 0.0 3880.6 5762.9 Qtr.IV 44119.7 427.2 376.4 4255.6 27411.0 23951.6 3459.4 0.0 4031.0 7618.5 2014/15 Qtr.I 47977.8 445.9 375.4 7688.5 27369.2 23857.0 3512.2 0.0 4018.5 8080.3 Qtr.II 50132.2 436.7 375.3 7792.1 28428.5 24857.0 3571.5 0.0 4627.5 8472.2 Qtr.III 51587.2 1006.5 376.3 7858.8 28464.9 24935.9 3529.0 0.0 4727.4 9153.3 Qtr.IV 52696.4 1040.1 376.6 7968.7 29328.4 29251.5 76.9 0.0 4726.8 9255.8 2016/17 Qtr.I 54319.2 1251.8 381.9 7834.4 31771.8 31711.6 60.2 0.0 4795.7 8283.6 Qtr.II 54414.0 903.6 380.5 7876.9 33091.6 33033.9 57.7 0.0 4816.9 7344.5 Qtr.III 55895.4 868.2 120.0 7960.9 34190.1 34131.5 58.6 0.0 4826.3 7929.9 QIV 57089.2 948.4 122.2 7918.9 34984.4 34309.7 674.7 0.0 4822.2 8293.1 2017/18 Qrt.I 57213.3 915.8 126.0 8032.8 35365.3 35304.9 60.4 0.0 5096.4 7677.0 QII 59571.4 1130.5 125.9 7999.9 37888.6 37832.6 56.0 0.0 5226.4 7200.1 Table 3(b): Consolidated Statement of Condition of Development Bank of Ethiopia: Liablities (In Millions of Birr)

Second Quarter 2017/18 65 National Bank of Ethiopia Quarterly Bulletin End of Period Money and Quasi-Money Domestic Credit Net Foreign Assets Other Items Net Currency Outside Banks Net Demand Deposit Money Supply (1+2) Quasi￾Money Total Volume (3+4) Total Credit (7+10) Net Claims on Gov’t Total (8+9) Nat. Bank Comm. Banks Claims on Non-Cen Gov’t Total (13+12) Nat. Bank Comm. Banks 1 2 3 4 5 6 7 8 9 10 11 12 13 14 2007/08 Qtr.I 12997.4 16968.5 29966.0 28513.4 58479.4 61447.7 30118.0 22237.0 7881.0 31329.6 15229.2 10347.8 4881.4 18197.5 Qtr.II 14445.8 16652.0 31097.8 30051.0 61148.8 67400.1 32245.3 25254.4 6991.0 35154.8 14210.4 10067.4 4143.0 20461.7 Qtr.III 16772.6 17462.8 34235.3 31479.1 65714.4 73476.1 30718.4 27950.8 2767.6 42757.7 13000.1 7254.7 5745.4 20761.7 Qtr.IV 17654.1 17696.3 35350.4 32831.8 68182.1 79969.3 33075.7 35405.8 -2330.1 46893.6 11665.6 5940.7 5725.0 23452.7 2008/09 Qtr.I 16337.6 20633.9 36971.5 34464.8 71436.3 84088.6 34872.4 37048.0 -2175.7 49216.2 10387.8 4976.7 5411.1 23040.0 Qtr.II 17432.9 22949.2 40382.1 35521.6 75903.7 85327.7 31944.4 36733.1 -4788.8 53383.3 10233.5 6137.4 4096.0 19657.4 Qtr.III 19264.0 23589.2 42853.2 37710.3 80563.5 85281.6 29349.1 35566.2 -6217.1 55932.5 14863.6 9571.6 5292.0 19581.6 Qtr.IV 19715.0 22397.6 42112.7 40397.1 82509.8 89203.0 32786.5 37827.2 -5040.7 56416.5 17976.8 11833.7 6143.1 24670.1 2009/10 Qtr.I 18547.2 25572.4 44119.7 43316.6 87436.2 92006.9 32500.4 36953.3 -4452.9 59506.5 19529.0 14212.6 5316.3 24099.6 Qtr.II 21755.8 24372.3 46128.1 45312.9 91441.0 92946.2 28555.8 35824.9 -7269.1 64390.3 20793.0 14752.6 6040.4 22298.2 Qtr.III 23068.1 26271.8 49339.9 47931.1 97271.0 98671.9 30038.2 38953.2 -8915.0 68633.8 25278.6 16290.4 8988.2 26679.5 Qtr.IV 24206.8 27728.0 51934.8 51997.8 103932.6 104350.1 33013.1 39340.3 -6327.2 71337.0 27189.8 15383.3 11806.5 27607.3 2010/11 Qtr.I 23849.9 29249.4 53099.3 55362.7 108462.0 104929.6 31368.1 39718.0 -8349.9 73561.5 38003.2 23003.3 14999.9 34470.8 Qrt II 28312.3 31751.8 60064.2 57736.1 117800.2 110514.0 27374.2 41118.8 -13744.6 83139.7 40230.9 24979.3 15251.5 32944.6 Qtr.III 30534.7 35172.0 65706.7 64603.1 130309.8 121221.7 23583.8 40653.9 -17070.1 97638.0 45638.1 30084.5 15553.6 36550.1 Qtr.IV 32574.9 43596.1 76171.0 69206.0 145377.0 142320.4 28651.7 45323.7 -16672.1 113668.8 55534.7 32856.0 22678.7 52478.1 2011/12 Qtr.I 32073.6 46068.6 78142.2 72667.7 150809.9 143503.5 20343.1 36433.2 -16090.1 123160.3 55479.8 39355.7 16124.1 48173.4 Qtr.II 36274.6 42880.0 79154.6 76743.7 155898.2 157410.2 13443.6 38255.4 -24811.8 143966.6 49345.6 34675.7 14669.9 50857.5 Qtr.III 37727.7 47246.4 84974.1 86530.1 171504.3 182607.9 15673.9 43600.4 -27926.5 166934.0 45771.8 24524.1 21247.8 56875.5 Qtr.IV 38537.1 56312.7 94849.9 94548.9 189398.8 202149.0 21557.4 45344.1 -23786.7 180591.6 39787.7 21254.3 18533.4 52537.9 2012/13 Qtr.I 37917.5 54544.8 92462.3 99614.2 192076.5 198914.6 16480.8 37529.9 -21049.1 182433.8 39304.6 24995.8 14308.8 46142.7 Qtr.II 42677.0 57524.7 100201.7 106063.7 206265.4 213175.2 13732.0 42732.3 -29000.2 199443.2 39754.6 26357.6 13396.9 46664.4 Qtr.III 45142.4 66203.3 111345.7 114242.2 225587.9 233163.9 12792.2 41557.8 -28765.7 220371.7 46981.5 29607.5 17373.9 54557.5 Qtr.IV 45681.7 69052.4 114734.1 120509.5 235243.6 252247.9 21965.5 55377.3 -33411.8 230282.4 45639.6 24645.6 20994.0 62643.9 2013/14 Qtr.I 40872.5 67625.2 108497.7 128673.1 237170.8 257924.3 21574.8 47833.3 -26258.5 236349.5 38325.1 23406.7 14918.4 59078.5 Qtr.II 44085.7 69579.6 113665.3 138686.2 252351.5 280465.9 18308.9 50041.4 -31732.5 262157.1 33534.5 21297.0 12237.5 61648.9 Qtr.III 49975.3 71046.9 121022.2 152446.7 273468.9 302987.0 20844.6 60574.0 -39729.3 282142.3 36763.3 23444.0 13319.3 66281.3 Qtr.IV 53176.0 80887.8 134063.8 163682.8 297746.6 326066.9 26929.7 64510.9 -37581.2 299137.1 45972.3 26713.9 19258.4 74292.6 2014/15 Qtr.I 50782.7 79355.5 130138.2 174315.9 304454.1 336541.2 25470.0 58767.4 -33297.4 311071.2 39063.2 27065.8 11997.4 71150.4 Qtr.II 58128.9 82081.5 140210.4 185615.8 325826.2 367313.1 23581.1 64293.1 -40712.0 343732.0 39409.4 28393.5 11016.0 80896.4 Qtr.III 60465.0 87943.8 148408.8 200755.7 349164.5 397130.3 21242.0 59866.6 -38624.6 375888.3 35516.9 27640.6 7876.3 83482.7 Qtr.IV 60460.9 94245.4 154706.3 216622.6 371328.9 430840.4 30735.3 77076.8 -46341.6 400105.1 37570.9 29973.4 7597.6 97082.4 2015/16 Qtr.I 59407.7 94503.3 153911.1 226766.0 380677.1 436496.8 24072.0 67917.1 -43845.1 412424.8 36192.5 29081.2 7111.3 92012.2 Qtr.II 63507.1 95784.8 159291.9 237323.2 396615.0 469781.0 25008.5 78918.0 -53909.5 444772.6 31444.6 22494.7 8949.9 104610.6 Qtr.III 65623.8 97666.6 163290.4 248834.1 412124.5 498840.5 29582.0 84580.1 -54998.1 469258.5 25157.5 13862.2 11295.3 111873.5 Qtr.IV 66686.2 111923.5 178609.7 266656.6 445266.3 531957.9 47548.4 95038.1 -47489.7 484409.5 21524.2 10506.4 11017.8 108215.8 2016/17 Qtr.I 68485.1 114563.3 183048.4 280720.7 463769.0 547901.0 49852.8 97420.6 -47567.8 498048.1 14357.8 3466.4 10891.4 98489.8 Qtr.II 73702.5 122551.6 196254.2 300041.1 496295.2 577812.9 45594.0 105012.7 -59418.8 532219.0 16470.2 5541.9 10928.4 97987.9 Qtr.III 75177.9 134885.3 210063.2 324150.6 534213.8 618691.4 51572.3 110556.0 -58983.8 567119.1 25495.2 14294.7 11200.5 109972.8 QIV 73917.7 142883.0 216800.8 356614.4 573415.2 690668.6 85441.8 120891.0 -35449.2 605226.7 38034.8 23977.0 14057.8 155288.2 2017/18 Qtr.I 73927.0 155588.0 229515.0 372790.0 602305.0 712905.0 96221.3 131295.1 -35073.8 616683.7 30984.6 17651.9 13332.7 141584.6 QII 86784.2 161094.7 247878.9 396274.2 644153.1 758470.3 99972.0 143447.9 -43475.9 658498.3 22527.9 11391.8 11136.1 136845.1 Table 4: Money Supply and its Determinants (In Millions of Birr)

66 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin End of Period Money and Quasi-Money Domestic Credit Currency Outside Banks Net Demand Deposit Money Supply Quasi￾Money Total Volume Central Gov’t (Net) Non-Cent. Gov’t Foreign Assets (Net) 2007/08 Qtr.I 13712.3 16510.4 30222.7 29425.8 59648.5 59174.1 33710.7 14665.8 Qtr.II 11480.1 16418.9 27898.9 29450.0 57349.0 67467.5 24608.4 14224.6 Qtr.III 16554.5 17986.7 34541.2 30912.4 65453.6 76782.5 32495.9 13585.1 Qtr.IV 20537.0 18123.4 38660.5 32831.8 71492.2 81092.0 65088.3 11829.4 2008/09 Qtr.I 17236.2 20076.8 37312.9 35567.7 72880.7 80977.3 52956.7 10003.4 Qtr.II 13853.9 22628.0 36481.9 34811.2 71293.0 85413.0 37368.3 10243.7 Qtr.III 19013.6 24296.9 43310.4 37031.6 80342.0 89119.2 42508.7 15532.5 Qtr.IV 22934.5 22938.3 45872.8 40397.1 86269.9 90455.4 78306.2 18229.2 2009/10 Qtr.I 19567.3 24882.0 44449.3 44486.1 88935.4 88602.6 64029.0 18806.4 Qtr.II 17289.4 24031.0 41320.4 44406.7 85727.1 93039.1 45073.2 20813.8 Qtr.III 21937.8 26455.7 48393.5 47835.2 96228.7 98671.9 52161.7 25278.6 Qtr.IV 28159.8 28397.3 56557.1 51997.8 108554.9 105815.2 99015.8 27571.5 2010/11 Qtr.I 25161.7 28459.7 53621.3 57134.3 110755.6 101047.2 79152.2 36597.1 Qrt.II 22499.8 31307.3 53807.1 56581.4 110388.5 110624.5 58197.8 40271.1 Qtr.III 30137.7 36227.1 66364.9 63440.3 129805.1 126676.7 74204.8 47691.8 Qtr.IV 37894.4 44648.5 82542.9 69206.0 151748.9 144318.6 157772.2 56314.4 2011/12 Qtr.I 33837.7 44824.7 78662.4 74993.0 153655.4 138193.8 132520.5 53427.1 Qtr.II 28827.4 42279.6 71107.1 75208.8 146315.9 157567.6 100776.6 49394.9 Qtr.III 37237.2 48663.8 85901.0 84972.6 170873.6 190825.3 126869.8 47831.6 Qtr.IV 44830.3 57672.1 102502.4 94548.9 197051.3 204987.1 250661.1 40346.3 2012/13 Qtr.I 40003.0 53072.0 93075.0 102801.9 195876.9 191554.8 196298.8 37850.3 Qtr.II 33915.4 56719.3 90634.7 103942.4 194577.2 213388.4 139610.2 39794.3 Qtr.III 44555.5 68189.4 112744.9 112185.8 224930.7 243656.3 167482.5 49095.7 Qtr.IV 53141.5 70719.3 123860.8 120509.5 244370.3 255789.4 319631.9 46280.4 2013/14 Qtr.I 43120.5 65799.3 108919.8 132790.7 241710.5 248381.1 254312.0 36907.1 Qtr.II 35034.9 68605.5 103640.4 135912.5 239552.8 280746.4 183509.9 33568.0 Qtr.III 49325.6 73178.3 122503.9 149702.7 272206.6 316621.4 214428.2 38417.7 Qtr.IV 61859.7 82840.4 144700.1 163682.8 308382.8 330644.9 415202.3 46617.8 2014/15 Qtr.I 53575.8 77212.9 130788.6 179894.0 310682.6 324089.2 334712.6 37617.9 Qtr.II 46195.0 80932.4 127127.4 181903.5 309030.9 367680.4 240612.4 39448.9 Qtr.III 59679.0 90582.1 150261.1 197142.1 347403.1 415001.2 285675.1 37115.2 Qtr.IV 70334.2 96520.5 166854.7 216622.6 383477.3 436889.4 555345.9 38098.4 2015/16 Qtr.I 62675.2 91951.7 154626.9 234022.6 388649.5 420346.5 443769.1 34853.4 Qtr.II 50469.1 94443.8 144912.9 232576.7 377489.6 470250.8 311340.8 31476.1 Qtr.III 64770.6 100596.6 165367.3 244355.1 409722.4 521288.3 356636.4 26289.6 Qtr.IV 77576.0 114625.3 192201.3 266656.6 458857.9 539426.6 672360.4 21826.4 2016/17 Qtr.I 72251.8 111470.1 183721.9 289703.7 473425.6 527628.6 535899.8 13826.6 Qtr.II 58571.4 120835.9 179407.3 294040.2 473447.6 578390.7 372553.3 16486.7 Qtr.III 74200.6 138931.8 213132.5 318315.8 531448.3 646532.5 431010.5 26642.5 QIV 85988.5 146332.2 232320.8 356614.4 588935.2 700365.6 840054.7 38568.8 2017/18 Qtr.I 77993.0 151387.1 229380.1 384719.3 614099.4 686527.5 663551.7 29838.2 QII 68967.4 158839.4 227806.8 388348.7 616155.5 759228.8 460948.8 22550.4 Table 5: Seasonally adjusted data of Monetary Variables (1) (In Millions of Birr)

Second Quarter 2017/18 67 National Bank of Ethiopia Quarterly Bulletin End of Period Gross Reserve Foreign Liabilities Net Foreign Assets Total NBE Comm. Banks National Bank of Ethiopia international Reserves  Others Reserve Tranche Posi. Comm. Banks Reserve Gross Reserves NBE Total Gold Foreign Exc. Total Liab. Comm. Banks NBE 1=2+6 2=3 to 5 3 4 5 6 7=8+9 8 9 10=11+12 11=2-9 12=6-8 2007/08 Qtr.I 20016.3 13021.8 375.8 12080.0 463.9 102.1 6994.5 4787.1 2113.1 2674.0 15229.2 10347.8 4881.4 Qtr.II 19194.1 12829.3 491.8 11759.6 472.2 105.7 6364.8 4983.7 2221.8 2761.9 14210.4 10067.4 4143.0 Qtr.III 19005.7 10875.9 502.5 9772.7 487.0 113.7 8129.8 6005.6 2384.4 3621.2 13000.1 7254.7 5745.4 Qtr.IV 16735.5 8708.7 5.5 8094.0 495.3 114.0 8026.8 5069.9 2301.9 2768.0 11665.6 5940.7 5725.0 2008/09 Qtr.I 16363.3 8636.7 15.0 8010.3 500.6 110.8 7726.6 5975.6 2315.5 3660.1 10387.8 4976.7 5411.1 Qtr.II 16211.1 9260.4 81.9 8551.4 515.0 112.1 6950.6 5977.6 2854.6 3123.0 10233.5 6137.4 4096.0 Qtr.III 21378.5 13284.9 8.6 12581.0 574.9 120.4 8093.6 6514.9 2801.5 3713.4 14863.6 9571.6 5292.0 Qtr.IV 26434.3 17214.6 18.2 16488.1 580.9 127.5 9219.7 8457.5 3076.5 5380.9 17976.8 11833.7 6143.1 2009/10 Qtr.I 31435.1 22262.1 120.3 21002.7 995.3 143.9 9173.0 11906.1 3856.6 8049.5 19529.0 14212.6 5316.3 Qtr.II 33176.9 23445.7 287.3 22018.3 995.8 144.3 9731.2 12383.9 3690.8 8693.1 20793.0 14752.6 6040.4 Qtr.III 40235.1 27286.0 267.7 24480.3 2389.8 148.2 12949.1 14956.5 3960.9 10995.5 25278.6 16290.4 8988.2 Qtr.IV 42350.1 27289.3 443.3 23490.2 3210.1 145.7 15060.8 15160.3 3254.3 11906.0 27189.8 15383.3 11806.5 2010/11 Qtr.I 55098.2 35852.2 490.5 31229.2 3948.2 184.3 19246.0 17095.0 4246.1 12848.9 38003.2 23003.3 14999.9 Qrt.II 60236.1 40042.0 444.2 34418.7 4994.5 184.6 20194.1 20005.2 4942.6 15062.7 40230.9 24979.3 15251.5 Qtr.III 66516.2 45367.3 1636.2 38413.9 5124.9 192.3 21148.9 20878.1 5595.2 15282.8 45638.1 30084.5 15553.6 Qtr.IV 79945.5 51551.4 1395.2 44738.8 5221.7 195.7 28394.2 24410.9 5715.5 18695.4 55534.7 32856.0 22678.7 2011/12 Qtr.I 82289.5 59724.2 1037.6 53248.9 5242.4 195.2 22565.3 26809.7 6441.2 20368.5 55479.8 39355.7 16124.1 Qtr.II 75055.0 51965.4 479.4 46056.2 5236.5 193.3 23089.6 25709.4 8419.7 17289.7 49345.6 34675.7 14669.9 Qtr.III 68989.9 40349.9 669.3 34192.4 5292.4 195.8 28640.0 23218.1 7392.2 15825.8 45771.8 24524.1 21247.8 Qtr.IV 64119.0 40101.4 2038.1 32528.8 5339.3 195.3 24017.6 24331.3 5484.2 18847.1 39787.7 21254.3 18533.4 2012/13 Qtr.I 64490.5 44307.7 -24.3 38671.9 5458.7 201.5 20182.7 25185.9 5874.0 19311.9 39304.6 24995.8 14308.8 Qtr.II 66096.2 46620.9 1964.3 38926.6 5526.1 204.0 19475.2 26341.6 6078.3 20263.3 39754.6 26357.6 13396.9 Qtr.III 73770.1 50358.0 1310.3 43334.3 5512.0 201.4 23412.0 26788.6 6038.1 20750.5 46981.5 29607.5 17373.9 Qtr.IV 72649.2 44140.0 2253.2 36078.4 5606.7 201.8 28509.2 27009.6 7515.2 19494.4 45639.6 24645.6 20994.0 2013/14 Qtr.I 69177.6 46471.5 2656.2 37900.3 5705.2 209.9 22706.1 30852.5 7787.7 23064.8 38325.1 23406.7 14918.4 Qtr.II 69684.0 49513.1 1522.5 41971.9 5804.4 214.3 20171.0 36149.5 7933.5 28216.0 33534.5 21297.0 12237.5 Qtr.III 67001.2 45838.7 1333.6 38439.6 5848.5 217.0 21162.5 30237.9 7843.1 22394.7 36763.3 23444.0 13319.3 Qtr.IV 77878.0 50624.5 1217.6 43237.4 5951.0 218.4 27253.5 31905.7 7995.1 23910.6 45972.3 26713.9 19258.4 2014/15 Qtr.I 72152.4 52555.4 1217.6 45256.5 5866.3 215.1 19597.0 33089.2 7599.6 25489.6 39063.2 27065.8 11997.4 Qtr.II 93641.4 74840.6 741.2 67914.1 5867.9 317.4 18800.8 54232.0 7784.8 46447.1 39409.4 28393.5 11016.0 Qtr.III 80014.2 64152.0 206.9 57837.7 5800.3 307.1 15862.1 44497.2 7985.8 36511.4 35516.9 27640.6 7876.3 Qtr.IV 82741.8 66817.7 79.3 60856.5 5566.6 315.3 15924.1 45170.9 8326.6 36844.3 37570.9 29973.4 7597.6 2015/16 Qtr.I 80548.6 65085.6 -101.7 59349.3 5519.3 318.7 15463.0 44356.1 8351.7 36004.4 36192.5 29081.2 7111.3 Qtr.II 102594.7 84226.5 222.9 78442.7 5241.8 319.1 18368.2 71150.1 9418.3 61731.8 31444.6 22494.7 8949.9 Qtr.III 94206.0 72889.5 1137.0 66362.7 5064.2 325.7 21316.4 69048.4 10021.1 59027.3 25157.5 13862.2 11295.3 Qtr.IV 95055.0 74156.7 1113.9 67851.7 4859.6 331.5 20898.3 73530.8 9880.5 63650.3 21524.2 10506.4 11017.8 2016/17 Qtr.I 96065.6 74949.6 8.4 69963.9 4641.2 336.0 21116.0 81707.8 10224.6 71483.2 14357.8 3466.4 10891.4 Qtr.III 92768.3 72397.4 1139.6 66561.1 4370.1 326.7 20370.8 76298.0 9442.5 66855.6 16470.2 5541.9 10928.4 Qtr.III 91850.2 70874.6 1135.4 61851.1 7550.5 337.7 20975.6 66355.0 9,775.1 56579.9 25495.2 14294.7 11200.5 QIV 98750.9 73874.3 741.3 68851.8 3931.7 349.4 24876.5 60716.1 10,818.8 49897.3 38034.8 23977.0 14057.8 2017/18 Qtr.I 93889.8 68636.4 0.0 64643.5 3633.4 359.5 25253.4 62905.2 11,920.7 50984.6 30984.6 17651.9 13332.7 QII 108580.9 82254.0 0.0 77584.1 4249.6 420.4 26326.9 86053.0 15,190.8 70862.2 22527.9 11391.8 11136.1 Table 6: International Reserves and Net Foreign Assets of National Bank & Commercial Banks (In Millions of Birr)

68 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin End of Period Gross Domestic Credit  Total Claims on Central Gov’t NBE Comm. Banks Claims on Non-Central Gov’t Total Loans & Advances Invest￾ments 1=2+5 2=3+4 3 4 5=6+7 6 7 2007/08 Qtr.I 77648.8 46319.1 30269.3 16049.9 31329.6 22920.8 8408.8 Qtr.II 83224.0 48069.2 31995.3 16074.0 35154.8 25761.0 9393.8 Qtr.III 88852.8 46095.1 33917.3 12177.8 42757.7 31682.6 11075.1 Qtr.IV 95104.8 48211.2 41563.1 6648.2 46893.6 33600.7 13292.9 2008/09 Qtr.I 99722.1 50505.9 44271.0 6234.9 49216.2 34397.6 14818.6 Qtr.II 101879.5 48496.2 42949.0 5547.2 53383.3 35946.7 17436.6 Qtr.III 103730.4 47797.9 42249.0 5548.9 55932.5 37079.8 18852.7 Qtr.IV 106324.6 49908.1 44498.7 5409.4 56416.5 38802.0 17614.5 2009/10 Qtr.I 109573.2 50066.7 44326.6 5740.1 59506.5 39701.4 19805.1 Qtr.II 113178.7 48788.4 43610.8 5177.6 64390.3 44092.8 20297.5 Qtr.III 120251.3 51617.6 45989.7 5627.9 68633.8 46900.7 21733.1 Qtr.IV 124275.1 52938.0 45522.8 7415.3 71337.0 47540.2 23796.9 2010/11 Qtr.I 127025.9 53464.4 47983.7 5480.7 73561.5 48437.0 25124.5 Qrt.II 137731.2 54591.4 50488.6 4102.9 83139.7 55653.8 27485.9 Qtr.III 154521.7 56883.8 51930.6 4953.2 97638.0 62088.8 35549.1 Qtr.IV 172852.1 59183.3 55614.6 3568.7 113668.8 68121.3 45547.5 2011/12 Qtr.I 182848.5 59688.2 55566.5 4121.7 123160.3 72379.0 50781.3 Qtr.II 202386.3 58419.7 55562.5 2857.2 143966.6 85795.5 58171.1 Qrt.III 225564.8 58630.8 55562.5 3068.3 166934.0 100478.3 66455.7 Qtr.IV 240575.2 59983.7 55562.5 4421.2 180591.6 107119.0 73472.5 2012/13 Qtr.I 246456.1 64022.3 55510.4 8511.9 182433.8 106583.9 75849.9 Qtr.II 261646.6 62203.4 55510.4 6693.0 199443.2 115716.1 83727.1 Qtr.III 285289.6 64917.9 59510.4 5407.5 220371.7 128230.1 92141.6 Qtr.IV 300492.7 70210.4 64510.4 5700.0 230282.4 130885.4 99397.0 2013/14 Qtr.I 304819.9 68470.4 64381.3 4089.1 236349.5 129714.0 106635.5 Qtr.II 330002.4 67845.4 64381.3 3464.0 262157.1 144359.5 117797.6 Qtr.III 357277.5 75135.1 73381.3 1753.8 282142.3 155798.2 126344.1 Qtr.IV 374071.2 74934.1 73304.4 1629.7 299137.1 162232.8 136904.3 2014/15 Qtr.I 385474.1 74402.8 73175.3 1227.5 311071.2 166392.1 144679.2 Qtr.II 423153.7 79421.7 78175.3 1246.3 343732.0 184727.7 159004.3 Qtr.III 458316.0 82427.7 81175.3 1252.3 375888.3 202409.3 173479.0 Qtr.IV 493536.5 93431.4 92175.3 1256.0 400105.1 208858.9 191246.2 2015/16 Qtr.I 512987.6 100562.8 99657.3 905.4 412424.8 212528.0 199896.8 Qtr.II 550335.4 105562.8 104657.3 905.4 444772.6 231803.8 212968.8 Qtr.III 574821.3 105562.8 104657.3 905.4 469258.5 244256.6 225001.9 Qtr.IV 594275.6 109866.0 109080.4 785.7 484409.5 252456.2 231953.3 2016/17 Qtr.I 614243.3 116195.1 115640.8 554.3 498048.1 257176.1 240872.1 Qtr.II 653414.1 121195.1 120640.8 554.3 532219.0 279303.5 252915.4 Qtr.III 697290.2 130171.1 129640.8 530.3 567119.1 299213.1 267906.0 QIV 762842.3 157615.6 135632.8 21982.7 605226.7 311137.5 294089.2 2017/18 Qtr.I 789525.4 172841.7 150632.8 22208.8 616683.7 316104.5 300579.2 QII 840813.7 182315.5 160128.8 22186.6 658498.3 336105.8 322392.5 Table 7: Domestic Credit by Sector (In Millions of Birr)

Second Quarter 2017/18 69 National Bank of Ethiopia Quarterly Bulletin End of Period Total Deposits Non-Central Gov’t Deposits with CBs Central Gov’t Dep. with Total Net Demand Deposit Savings Deposit Time Dep. (30 days & over) Total National Bank Comm. Banks 1=2+6 2=3 to 5 3 4 5 6=7+8 7 8 2007/08 Qtr.I 61683.1 45481.9 16968.5 24994.4 3519.0 16201.1 8032.3 8168.9 Qtr.II 62527.0 46703.1 16652.0 26300.7 3750.4 15823.9 6740.9 9083.0 Qtr.III 64318.5 48941.8 17462.8 27829.8 3649.3 15376.7 5966.5 9410.2 Qtr.IV 65663.6 50528.0 17696.3 29477.6 3354.1 15135.6 6157.3 8978.3 2008/09 Qtr.I 70732.3 55098.7 20633.9 31463.7 3001.2 15633.6 7223.0 8410.6 Qtr.II 75022.7 58470.9 22949.2 32543.8 2977.8 16551.8 6215.8 10336.0 Qtr.III 79748.3 61299.5 23589.2 34659.0 3051.3 18448.8 6682.8 11766.0 Qtr.IV 79916.4 62794.8 22397.6 37148.8 3248.4 17121.6 6671.5 10450.1 2009/10 Qtr.I 86456.0 68889.7 25572.4 39815.2 3502.1 17566.3 7373.3 10193.0 Qtr.II 89917.8 69685.2 24372.3 41814.2 3498.8 20232.6 7785.9 12446.7 Qtr.III 95782.4 74203.0 26271.8 44362.5 3568.7 21579.4 7036.6 14542.9 Qtr.IV 99652.9 79727.9 27728.0 48043.7 3956.2 19925.0 6182.5 13742.5 2010/11 Qtr.I 107047.1 84950.8 29584.5 51465.0 3901.3 22096.3 8265.6 13830.7 Qrt.II 116681.8 89464.6 31725.0 53879.5 3860.1 27217.2 9369.8 17847.5 Qtr.III 132852.1 99552.1 34948.6 60140.8 4462.7 33300.0 11276.7 22023.3 Qtr.IV 143339.3 112807.6 43596.1 64545.1 4666.4 30531.7 10290.9 20240.7 2011/12 Qtr.I 158086.9 118741.9 46068.6 67993.4 4679.9 39345.0 19133.3 20211.7 Qtr.II 164606.2 119630.0 42880.0 71584.8 5165.3 44976.1 17307.1 27669.1 Qrt.III 176742.1 133785.2 47246.4 76402.4 10136.4 42956.9 11962.1 30994.8 Qtr.IV 189288.8 150862.5 56312.7 82488.7 12061.1 38426.3 10218.4 28207.9 2012/13 Qtr.I 201701.3 154159.9 54544.8 87502.7 12112.5 47541.4 17980.5 29561.0 Qtr.II 212060.4 163589.0 57524.7 93134.3 12930.1 48471.4 12778.1 35693.3 Qtr.III 232572.1 180446.4 66203.3 100727.5 13515.7 52125.7 17952.5 34173.1 Qtr.IV 237807.9 189563.1 69052.4 106232.0 14278.7 48244.8 9133.0 39111.8 2013/14 Qtr.I 243194.1 196298.5 67625.2 113061.7 15611.6 46895.7 16548.0 30347.6 Qtr.II 257802.6 208266.1 69579.6 122757.7 15928.7 49536.5 14339.9 35196.6 Qtr.III 277784.2 223493.7 71046.9 135254.2 17192.6 54290.5 12807.4 41483.1 Qtr.IV 292574.9 244570.6 80887.8 145810.5 17872.3 48004.3 8793.5 39210.8 2014/15 Qtr.I 302604.2 253671.4 79355.5 155437.5 18878.4 48932.8 14408.0 34524.9 Qtr.II 323538.0 267697.4 82081.5 164291.2 21324.7 55840.6 13882.2 41958.4 Qtr.III 349885.3 288699.6 87943.8 163024.7 37731.1 61185.7 21308.8 39876.9 Qtr.IV 373564.1 310868.0 94245.4 174632.0 41990.6 62696.1 15098.5 47597.6 2015/16 Qtr.I 397760.2 321269.4 94503.3 181919.2 44846.8 76490.8 31740.2 44750.6 Qtr.II 413662.3 333108.0 95784.8 192284.2 45039.0 80554.3 25739.4 54814.9 Qtr.III 422481.5 346500.7 97666.6 201515.3 47318.8 75980.8 20077.3 55903.5 Qtr.IV 440897.8 378580.1 111923.5 217034.3 49622.3 62317.7 14042.3 48275.4 2016/17 Qtr.I 461626.2 395284.0 114563.3 228607.1 52113.6 66342.3 18220.2 48122.1 Qtr.II 498193.9 422592.7 122551.6 244022.0 56019.1 75601.2 15628.1 59973.0 Qtr.III 537634.7 459035.8 134885.3 264819.7 59330.9 78598.9 19084.8 59514.1 QIV 571671.2 499497.5 142883.0 293431.7 63182.7 72173.7 14741.8 57,431.9 2017/18 Qtr.I 605014.1 528393.7 155588.0 306915.1 65890.6 76620.4 19337.8 57282.7 QII 639712.4 557369.0 161094.7 324547.4 71726.8 82343.4 16680.9 65,662.5 Table 8: Deposits by Type and Sector (In Millions of Birr)

70 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin End of Period Reserve Requir￾ments Actual Rese. Excess Rese. Foreign Assets Foreign Liabilities Actual Reserve+ Net For. Assets Liqui￾dity Ratio Ratio: Loans Adv.to Dep. Debit Bal-ance Turn￾Over of Deposit

 Total Short Term Long Term 1 2 3=2-1 4 5=6+7 6 7 7=2+4-5 8 9 10 11 2007/08 Qtr.I 5365.1 13865.3 8500.2 6994.5 2113.1 2113.1 0.0 18746.7 41.2 42.7 76830.1 2.3 Qtr.II 5578.6 14355.5 8776.9 6364.8 2221.8 2221.8 0.0 18498.6 39.6 46.2 82185.6 2.5 Qtr.III 5835.2 12463.6 6628.4 8129.8 2384.4 2384.4 0.0 18209.0 37.2 54.3 90495.3 2.8 Qtr.IV 8925.9 17795.3 8869.3 8026.8 2301.9 2301.9 0.0 23520.2 46.5 56.5 90493.5 2.8 2008/09 Qtr.I 9526.4 17673.9 8147.5 7726.6 2315.5 2315.5 0.0 23085.0 41.9 54.2 93429.4 2.6 Qtr.II 10321.0 20659.3 10338.2 6950.6 2854.6 2854.6 0.0 24755.3 42.3 52.2 102944.0 2.6 Qtr.III 10959.8 21886.7 10926.9 8093.6 2801.5 2801.5 0.0 27178.8 44.3 50.7 105249.6 2.5 Qtr.IV 10986.7 23690.7 12704.0 9219.7 3076.5 3076.5 0.0 29833.9 47.5 53.0 124300.7 3.1 2009/10 Qtr.I 11399.0 27119.0 15720.0 9173.0 3856.6 3856.6 0.0 32435.4 48.6 51.3 119082.5 2.9 Qtr.II 11983.8 24371.7 12387.9 9731.2 3690.8 3690.8 0.0 30412.1 44.6 53.6 131681.5 3.0 Qtr.III 12695.8 26921.1 14225.3 12949.1 3960.9 3960.9 0.0 35909.3 50.5 54.0 140393.6 3.0 Qtr.IV 13973.2 25217.1 11243.9 15060.8 3254.3 3254.3 0.0 37023.5 47.1 52.6 135342.1 2.7 2010/11 Qtr.I 14425.7 28768.1 14342.4 19246.0 4246.1 4246.1 0.0 43768.0 52.2 50.0 142217.2 2.9 Qrt.II 15192.5 27486.9 12294.5 20194.1 4942.6 4942.6 0.0 42738.5 49.3 51.1 157805.6 2.9 Qtr.III 17642.8 31482.2 13839.4 21148.9 5595.2 5595.2 0.0 47035.8 48.7 51.8 182812.2 2.7 Qtr.IV 19025.6 34283.0 15257.4 28394.2 5715.5 5715.5 0.0 56961.7 53.0 51.3 195452.3 2.8 2011/12 Qtr.I 20126.7 34514.4 14387.7 22565.3 6441.2 6441.2 0.0 50638.5 43.7 52.7 -9492.7 -0.1 Qtr.II 21519.9 30154.5 8634.5 23089.6 8419.7 8419.7 0.0 44824.4 37.9 55.2 -2172.3 0.0 Qrt.III 23815.7 17652.5 -6163.2 28640.0 7392.2 7392.2 0.0 38900.2 29.9 60.5 17694.8 0.2 Qtr.IV 25253.9 29039.9 3786.0 24017.6 5484.2 5484.2 0.0 47573.3 33.7 61.6 4861.5 0.1 2012/13 Qtr.I 26887.0 27882.5 995.4 20182.7 5874.0 5874.0 0.0 42191.2 27.9 59.2 1243.9 0.0 Qtr.II 28886.9 33108.1 4221.3 19475.2 6078.3 6078.3 0.0 46505.0 29.5 58.1 -393.1 0.0 Qtr.III 31682.7 32417.5 734.9 23412.0 6038.1 6038.1 0.0 49791.5 28.6 59.2 9287.2 0.1 Qtr.IV 33194.0 30375.3 -2818.7 28509.2 7515.2 7515.2 0.0 51369.3 27.8 59.2 17366.3 0.1 2013/14 Qtr.I 11141.6 31747.7 20606.1 22706.1 7787.7 7787.7 0.0 46666.1 23.8 57.7 9229.0 0.1 Qtr.II 11623.5 29413.2 17789.7 20171.0 7933.5 7933.5 0.0 41650.7 20.9 59.2 5710.6 0.0 Qtr.III 12841.0 34921.8 22080.7 21162.5 7843.1 7843.1 0.0 48241.1 22.3 59.3 175.8 0.0 Qtr.IV 13653.8 35672.3 22018.5 27253.5 7995.1 7995.1 0.0 54930.7 23.4 58.5 4339.8 0.0 2014/15 Qtr.I 14375.9 38690.7 24314.8 19597.0 7599.6 7599.6 0.0 50688.1 19.9 57.3 2953.3 0.0 Qtr.II 14936.1 35148.8 20212.7 18800.8 7784.8 7784.8 0.0 46164.8 17.8 59.3 6009.6 0.0 Qtr.III 16089.2 35280.7 19191.4 15862.1 7985.8 7985.8 0.0 43157.0 15.5 61.6 18712.0 0.1 Qtr.IV 17277.4 42342.4 25064.9 15924.1 8326.6 8326.6 0.0 49939.9 16.8 60.2 15260.5 0.1 2015/16 Qtr.I 18154.8 39809.6 21654.8 15463.0 8351.7 8351.7 0.0 46920.9 14.7 58.0 12689.1 0.1 Qtr.II 18915.6 37943.4 19027.8 18368.2 9418.3 9418.3 0.0 46893.3 14.4 59.7 21979.3 0.1 Qtr.III 19737.1 40401.9 20664.9 21316.4 10021.1 10021.1 0.0 51697.2 15.4 60.8 21123.2 0.1 Qtr.IV 21091.1 50905.9 29814.8 20898.3 9880.5 9880.5 0.0 61923.7 17.3 59.0 11999.0 0.1 2016/17 Qtr.I 21608.0 53728.8 32120.8 21116.0 10224.6 10224.6 0.0 64620.2 16.6 59.1 9035.9 0.1 Qtr.II 23442.0 54499.8 31057.7 20370.8 9442.5 9442.5 0.0 65428.1 15.9 57.1 1283.9 0.0 Qtr.III 25206.4 64854.5 39648.1 20975.6 9775.1 9775.1 0.0 76055.0 17.2 57.4 6627.2 0.0 QIV 26950.8 75305.7 48354.8 24876.5 10818.8 10818.8 0.0 89,363.5 18.7 56.1 1282.9 0.0 2017/18 Qtr.I 28587.0 81683.9 53096.9 25253.4 11920.7 11920.7 0.0 95016.7 18.3 54.9 -15668.4 -0.1 QII 30398.5 68091.4 37692.9 26326.9 15190.8 15190.8 0.0 79,227.5 14.7 54.2 -443.6 0.0 Table 9: Reserve and Liquidity Position of the Commercial Banks, and Turnover of Deposits (In Millions of Birr)

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

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

72 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin A. Lending rates (by CBE and specialized banks) Particulars Through September 30, 1992 Sept.1,1994- Cooperatives State Private Jan. 1, 1995 Oct. 1, 1992- Aug 31, 1994 Sector Agriculture 5 6 7 11.0-12 Lending to all sectors 14-15 Industry, mining, power, and water resources 6 8 9 13.0-14 Domestic trade 6 8 9.5 14.0-15 Lending to the Central Gov’t 12-13 Transport and communications 6 8 8 13.0-14 Export trade 6 13.0-14 NBE Lending to: Import trade (agricultural inputs) 5 6 7 14.0-15 CBEs/ Discount Rate/ 10.5 Import trade (other) 6 8 9.5 14.0-15 Hotels and tourism 6 8 9 14.0-15 Other Financial Inst. 10.5 Construction 6 8 9 11.0-12 Housing (1) purchase 6 6 8 11.0-12 Interbank Rate 10 (2) construction 4.5 4.5 7 11.0-12 Central Government -- 3.0-5.0 -- 12.0-13 Banks and financial institutions -- 2.5-4.5 -- 10.0 Personal loans -- -- 10 14.0-15 Table 11: NTEREST RATE STRUCTURE B. Deposit rates Particulars Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- Jan. 1, 1995 1.Time deposits 30 days notice -- 10.5 10.5 3 months to less than 6 months -- 10.5 10.5 6 months to less than 12 months -- 11 11 1 year to less than 2 years Differed by 11.5 11.5 2 years and above ownership 12 12 and maturity Memorandum Items: Rate differentials for 1 year and over Financial institutions (1 year): 1.0 Gov’nt-owned under takings (1 year): 1.0 Individuals, savings and credit cooperatives;self-help organizations: 1 year 6.0 2 years 6.5 3 years 7.0 5 years 7.5 Others:1 year 4.0 2 years 0.8 3 years 5.0 5 years 5.5 2.Savings deposits Differed by 10 10 ownership and maturity Rate differentials: Individuals, savings and credit cooperatives; self-help organizations: Up to Br. 100,000 6.0 In excess of Br. 100,000 2.0 C. Minimum and Maximum Interest Rates  Particulars Jan. 2, 1995- Nov. 30, 1995 Dec. 1, 1995- May 30, 1996 June 1, 1996- Sep. 15, 1996 Sep.16,1996- Dec. 31,1997 Jan. 1,1998- Mar. 3, 2002 Mar. 4,2002- August-02 Aug. 2002 to 7-Feb-05 8-Feb-05 04-Jul-07 04-Jul-07 30-Nov-10 01-Dec-10 to todate Minimum interest rates on Time and Savings Deposits 10 11 10 7 6 3 4 5 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

Second Quarter 2017/18 73 National Bank of Ethiopia Quarterly Bulletin End of Period Total Gov’t Indebt￾edness National Bank of Ethiopia Commercial Banks  Others Total Others Gov’t Bonds  Treasury NBE Total Bills Direct Advance Gov’t Bonds Noninterest bearing Interest bearing Comm. Banks 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 2007/08 Qtr.I 48586.6 30269.3 20370.0 9417.1 482.2 16049.9 4070.5 11979.4 2267.4 282.4 1985.0 Qtr.II 50558.8 31995.3 22096.0 9417.1 482.2 16074.0 4059.4 12014.6 2489.5 274.5 2215.0 Qtr.III 50549.4 33917.3 24018.0 9417.1 482.2 12177.8 4058.3 8119.5 4454.3 430.3 4024.0 Qtr.IV 54229.6 41563.1 31818.0 9270.9 474.2 6648.2 3914.0 2734.1 6018.3 430.3 5588.0 2008/09 Qtr.I 56674.5 44271.0 34578.0 9270.9 422.1 6234.9 3891.8 2343.1 6168.5 430.3 5738.2 Qtr.II 54951.3 42949.0 33256.0 9270.9 422.1 5547.2 3879.3 1668.0 6455.1 413.9 6041.2 Qtr.III 54449.5 42249.0 32556.0 9270.9 422.1 5548.9 3878.2 1670.7 6651.6 370.6 6281.0 Qtr.IV 56589.9 44498.7 34891.0 9193.6 414.1 5409.4 3741.6 1667.7 6681.8 370.6 6311.2 2009/10 Qtr.I 56667.5 44326.6 34771.0 9193.6 362.0 5740.1 3469.4 2270.7 6600.8 370.6 6230.2 Qtr.II 55892.6 43610.8 34055.2 9193.6 362.0 5177.6 3456.8 1720.7 7104.2 354.2 6750.0 Qtr.III 58880.0 45989.7 36434.1 9193.6 362.0 5627.9 3456.8 2171.0 7262.4 310.9 6951.5 Qtr.IV 59921.2 45522.8 36044.1 9124.7 354.0 7415.3 3319.4 4095.8 6983.1 310.9 6672.2 2010/11 Qtr.I 60527.5 47983.7 38557.1 9124.7 301.9 5480.7 3047.2 2433.5 7063.1 310.9 6752.2 Qtr.II 61613.2 50488.6 41062.0 9124.7 301.9 4102.9 2784.7 1318.2 7021.7 269.3 6752.4 Qtr.III 64015.5 51930.6 42504.0 9124.7 301.9 4953.2 2784.5 2168.7 7131.7 269.3 6862.4 Qtr.IV 69415.2 55614.6 46265.0 9055.7 293.9 3568.7 2670.3 898.4 10231.9 269.3 9962.6 2011/12 Qtr.I 71052.0 55566.5 46264.9 9055.7 245.8 4121.7 2424.6 1697.1 11363.8 251.2 11112.6 Qrt.II 71122.3 55562.5 46264.9 9055.7 241.8 2857.2 2423.2 434.0 12702.6 251.2 12451.4 Qrt.III 75502.2 55562.5 46264.9 9055.7 241.8 3068.3 2419.2 649.1 16871.4 200.0 16671.4 Qtr.IV 77812.0 55562.5 46264.9 9055.7 241.8 4421.2 2419.2 2002.0 17828.4 200.0 17628.4 2012/13 Qtr.I 82079.1 55510.4 46264.9 9055.7 189.7 8511.9 2455.9 6056.0 18056.8 200.0 17856.8 Qtr.II 81380.8 55510.4 46264.9 9055.7 189.7 6693.0 2397.6 4295.5 19177.4 200.0 18977.4 Qtr.III 85794.0 59510.4 50264.9 9055.7 189.7 5407.5 2419.7 2987.7 20876.1 200.0 20676.1 Qtr.IV 93019.2 64510.4 55264.9 9055.7 189.7 5700.0 2380.4 3319.6 22808.9 200.0 22608.9 2013/14 Qtr.I 91279.3 64381.3 55264.9 8986.8 129.6 4089.1 1753.9 2335.2 22808.9 200.0 22608.9 Qtr.II 90654.2 64381.3 55264.9 8986.8 129.6 3464.0 1753.8 1710.2 22808.9 200.0 22608.9 Qtr.III 97944.0 73381.3 64264.9 8986.8 129.6 1753.8 1753.8 0.0 22808.9 200.0 22608.9 Qtr.IV 107318.5 73304.4 64264.9 8917.8 121.6 1629.7 1629.7 0.0 32384.5 97.6 32286.9 2014/15 Qtr.I 109794.8 73175.3 64264.9 8848.9 61.5 1227.5 1227.5 0.0 35392.0 97.6 35294.4 Qtr.II 116383.3 78175.3 69264.9 8848.9 61.5 1246.3 1246.3 0.0 36961.7 54.3 36907.4 Qtr.III 121824.8 81175.3 72264.9 8848.9 61.5 1252.3 1252.3 0.0 39397.2 54.3 39342.9 Qtr.IV 135190.4 92175.3 83264.9 8848.9 61.5 1256.0 1256.0 0.0 41759.1 54.3 41704.8 2015/16 Qtr.I 144937.8 99657.3 91264.9 8344.4 48.0 905.4 905.4 0.0 44375.1 54.3 44320.8 Qtr.II 154426.6 104657.3 96264.9 8344.4 48.0 905.4 905.4 0.0 48863.9 54.3 48809.6 Qtr.III 159157.7 104657.3 96264.9 8344.4 48.0 905.4 905.4 0.0 53595.0 72.4 53522.6 Qtr.IV 163461.0 109080.4 100764.9 8275.5 40.0 785.7 785.7 0.0 53595.0 72.4 53522.6 2016/17 Qtr.I 161914.2 107764.9 107764.9 0.0 0.0 554.3 554.3 0.0 53595.0 72.4 53522.6 Qtr.II 171344.9 120640.8 112764.9 7839.9 36.0 554.3 554.3 0.0 50149.8 36.2 50113.6 Qtr.III 184406.9 129640.8 121764.9 7839.9 36.0 530.3 530.3 0.0 54235.8 36.2 54199.6 Qtr.IV 230923.3 135632.8 127764.9 7839.9 28.0 21982.7 21982.7 0.0 73,307.8 36.2 73271.6 2017/18 Qtr.I 251943.3 150632.8 142764.9 7839.9 28.0 22208.8 22208.8 0.0 79,101.7 18.1 79083.6 Qtr.II 264416.1 160128.8 152264.9 7839.9 24.0 22186.6 22186.6 0.0 82,100.7 18.1 82082.6 Table 12: Government Internal Debt by Holder (In Millions of Birr)

74 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Ethiopian fiscal year 2009 2010 Fiscal year ending July 7 2016-17 2017/18 pre actual Pre actual Budget 3mon(Qrt.I) 6mon Qrt.II 9mon Qrt.III 12mon Qrt.IV Budget 3mon(Qrt.I) 6mon Qrt.II Tax revenue 226,894.4 50,826.0 103,832.8 53,006.8 152,466.0 48,633.2 210,135.9 57,669.8 262,309.4 53,367.7 119,446.2 66,078.5 Direct taxes 87,618.8 19,335.1 42,807.8 23,472.7 59,610.1 16,802.4 81,410.4 21,800.3 97,468.6 19,902.6 50,054.4 30,151.8 Income and profits tax 84,652.7 18,664.0 41,644.0 22,980.0 57,410.6 15,766.6 78,321.7 20,911.2 94,332.1 19,320.1 48,693.0 29,373.0 Personal income 26,618.5 5,517.1 11,247.9 5,730.8 18375.8 7,127.9 26,577.5 8,201.7 30,896.0 6,759.0 15,302.6 8,543.6 Rental income tax 1,767.4 823.5 1,372.6 549.2 1504.6 132.0 1,675.2 170.6 2,354.3 782.1 1,362.6 580.5 Business profits 48,148.4 10,789.9 25,674.3 14,884.4 32335.9 6,661.6 42,260.2 9,924.4 52,146.7 9,931.1 28,118.6 18,187.6 Withholding income tax on imports 3,440.1 813.0 1,596.8 783.7 2353.7 757.0 3,169.7 816.0 4,005.8 919.7 1,782.1 862.4 Agriculture income 548.9 12.6 127.4 114.8 331.8 204.3 423.1 91.3 617.8 9.3 103.1 93.8 Other income 3,345.4 378.8 1,160.9 782.1 1771.8 610.8 3,220.8 1,449.0 3,420.2 637.9 1,408.7 770.8 Interest income tax 676.4 287.6 375.7 88.1 584.8 209.1 792.1 207.3 799.9 247.3 517.0 269.7 Capital gains tax 107.6 41.4 88.3 46.9 152.2 63.9 203.1 50.9 91.4 33.7 98.2 64.5 Rural land use fee 437.8 14.2 113.8 99.6 297.6 183.7 410.9 113.3 486.1 10.6 85.9 75.3 Urban land lease fee 2,528.2 656.9 1,050.0 393.0 1902.0 852.1 2,677.8 775.8 2,650.4 572.0 1,275.4 703.5 Domestic indirect taxes 67,594.2 13,821.3 27,248.8 13,427.5 43,544.5 16,295.7 62,523.1 18,978.5 78,503.1 14,524.3 30,824.7 16,300.4 Sales/TOT/excise taxes 33,586.8 5,294.3 10,764.6 5,470.3 17258.7 6,494.1 24,768.1 7,509.4 39,788.0 6,120.2 12,739.3 6,619.2 Petroleum products 662.9 61.7 165.2 103.5 331.4 166.3 463.5 132.1 763.9 190.0 348.1 158.1 Alcohol and tobacco 6,163.0 1,109.9 2,591.5 1,481.7 3938.9 1,347.3 5,588.1 1,649.2 7,092.6 1,207.8 2,827.8 1,620.0 Other goods 26,760.9 4,122.8 8,007.9 3,885.2 12988.4 4,980.5 18,716.5 5,728.1 31,931.4 4,722.3 9,563.5 4,841.2 Services TOT/ sales tax 32,087.3 8,135.2 15,732.0 7,596.8 25224.5 9,492.5 36,190.3 10,965.9 36,303.7 8,052.1 17,319.3 9,267.3 Stamp duties 1,920.2 391.8 752.2 360.4 1061.3 309.1 1,564.6 503.3 2,411.4 352.0 766.0 414.0 Import duties and taxes 71,681.4 17,669.7 33,776.3 16,106.6 49,311.3 15,535.1 66,202.4 16,891.0 86,337.7 18,940.9 38,567.2 19,626.3 Custom duties 23,782.2 6,013.4 11,418.7 5,405.2 16884.2 5,465.6 22,655.0 5,770.7 28,644.8 6,471.8 13,382.6 6,910.8 Sales/excise taxes 33,915.1 8,246.6 15,811.9 7,565.3 22934.6 7,122.7 30,890.1 7,955.5 40,849.5 8,805.4 17,699.3 8,893.9 Petroleum products 2,385.2 513.2 931.1 417.9 1362.4 431.3 1,824.7 462.4 2,872.9 384.8 477.6 92.8 Alcohol and tobacco 663.5 115.1 215.4 100.2 267.4 52.0 346.5 79.1 603.0 90.8 151.4 60.6 Other imports 30,866.5 7,618.3 14,665.5 7,047.2 21304.9 6,639.4 28,718.9 7,414.1 37,373.6 8,329.8 17,070.3 8,740.5 Surtax on imports 13,984.1 3,409.6 6,545.7 3,136.0 9492.5 2,946.8 12,657.3 3,164.7 16,843.4 3,663.7 7,485.2 3,821.5 Export taxes 0.0 Coffee duties 0.0 Coffee surtax 0.0 Other 0.0 Transaction tax 0.0 Non-tax revenue 40,794.8 8,688.0 20,414.7 11,726.7 30,146.7 9,732.0 46,493.2 16,346.5 44,793.9 10,085.4 18,164.4 8,079.0 Charges and fees 2,046.7 1,032.2 1,559.7 527.4 2178.0 618.3 3,567.8 1,389.8 2,697.3 478.5 1,730.5 1,252.0 Sales of goods & services 6,515.0 867.4 1,757.2 889.8 2962.8 1,205.6 4,956.9 1,994.1 5,679.5 665.2 2,071.7 1,406.5 Residual surplus, capital charge, interest 0.0 payments and state dividend 15,419.1 4,750.4 9,405.5 4,655.0 14724.1 5,318.7 14,746.0 21.8 17,210.9 6,498.8 8,776.8 2,278.0 Reimbursement & property sales 253.2 35.6 54.8 19.2 82.0 27.2 145.9 63.9 286.6 15.6 40.8 25.2 Miscellaneous 8,489.9 982.7 5,679.0 4,696.2 6699.5 1,020.6 17,886.0 11,186.5 9,722.9 1,503.1 3,018.0 1,514.9 Other extraordinary 0.0 Privatization proceeds 6,000.0 5454.1 5,454.1 8,883.3 3,429.2 0.0 Other revenue 8,070.8 1,019.7 1,958.7 939.0 3500.2 1,541.6 5,190.6 1,690.3 9,196.8 924.1 2,526.6 1,602.5 Total revenue 267,689.2 59,514.1 124,247.5 64,733.5 182,612.7 58,365.2 256,629.0 74,016.3 307,103.3 63,453.1 137,610.6 74,157.5 External grants 16,108.4 2,238.0 6,182.5 3,944.5 10,378.8 4,196.3 12,476.9 2,098.1 17,176.7 2,386.1 8,512.2 6,126.0 Grants in kind/earmarked 13,987.5 2,238.0 5,595.0 3,357.0 9791.3 4,196.3 11,889.4 2,098.1 14,913.4 2,386.1 5,965.4 3,579.2 Untied cash & CPF/grants 2,120.9 0.0 587.5 0.0 587.5 0.0 2,263.3 0.0 2,546.8 2,546.8 Total revenue and grants 283,797.6 61,752.1 130,430.1 68,678.0 192,991.5 62,561.4 269,105.9 76,114.5 324,280.0 65,839.2 146,122.7 80,283.5 Table 13. General Government Quarterly Revenue (In million Birr)

Second Quarter 2017/18 75 National Bank of Ethiopia Quarterly Bulletin Ethiopian fiscal year 2009 2010 Fiscal year ending July 7 2016-17 2017-18 pre actual Pre actual Budget 3mon(Qrt.I) 6mon Qrt.II 9mon Qrt.III 12mon Qrt.IV Budget 3mon(Qrt.I) 6mon Qrt.II A. Capital Expenditure Economic development 110,301.9 12,557.2 35,728.8 23,171.5 57553.1 21,824.4 98,781.3 41,228.2 119,557.6 16,678.3 38,346.6 21,668.2 Agriculture 13,732.1 3,605.3 9,675.4 6,070.0 11288.2 1,612.8 17,589.5 6,301.3 17544.3 2128.7 5,415.9 3,287.2 Natural Resource 21,342.1 2,378.3 6,669.5 4,291.2 9465.6 2,796.1 18,351.3 8,885.6 21,455.7 1,832.6 7,453.5 5,620.9 o/w: Water 20,586.1 2,187.5 2,555.5 368.1 9335.4 6,779.9 17,652.4 8,317.0 20,854.8 1,823.3 6,734.2 4,910.9 Mines & Energy 398.5 360.3 1,268.3 908.0 1036.4 -231.9 1,143.5 107.2 97.0 598.1 1,541.5 943.4 Trade, Industry & Tourism 4,287.0 196.5 612.9 416.4 1738.7 1,125.8 3,625.8 1,887.1 5,823.5 343.2 1,548.7 1,205.5 Urban dev’t & housing 9,183.8 878.5 2,165.4 1,286.9 8869.2 6,703.8 8,502.4 -366.8 12,943.4 531.2 2,725.2 2,193.9 Road construction 60,017.1 4,843.2 14,281.3 9,438.1 23271.3 8,990.0 40,990.4 17,719.1 58,800.4 10,633.6 18,148.8 7,515.2 Transport & communication 1,341.4 295.0 1,056.0 761.0 1883.8 827.7 8,578.5 6,694.7 2,893.2 610.9 1,513.0 902.1 0.0 Social Development 47,032.6 7,076.5 17,416.3 10,339.8 28,919.9 11,503.6 39,869.0 10,949.1 45,711.1 9,405.2 19481.8 10,076.6 Education 31,511.0 5,156.6 12,521.0 7,364.4 20899.9 8,378.9 28,078.3 7,178.4 28,662.7 7,346.5 14613.9 7,267.4 Health 11,805.7 1,407.9 3,722.7 2,314.8 5911.8 2,189.1 8,906.5 2,994.7 12,508.4 1,479.2 3,812.3 2,333.0 Socail welfare 448.3 13.7 175.5 161.8 200.5 25.0 369.1 168.6 1,229.8 228.3 93.1 -135.2 Culture & sport 3,267.6 498.2 997.0 498.7 1907.7 910.7 2,515.1 607.4 3,310.2 351.1 962.4 611.4 General Development 19,389.4 1,521.9 3,933.9 2,412.0 7049.8 3,115.9 13,933.6 6,883.8 23,744.1 2,491.9 6,117.4 3,625.5 Compensation payments 0.0 External assistance 13,987.5 2,238.0 5,595.0 3,357.0 9791.3 4,196.3 11,889.4 2,098.1 14,913.4 2,386.1 5,965.4 3,579.2 Sub Total Capital Expenditure 176,723.8 21,155.6 57,078.9 35,923.3 93,522.8 36,443.9 152,583.8 59,061.1 189,012.8 28,575.4 63,945.7 35,370.3 B. Current Expenditure General Services 43,459.0 9,718.8 22,477.9 12,759.1 35313.8 12,835.9 53,697.4 18,383.6 54,203.3 12,266.6 27,759.4 15,492.8 Organ of the State 5,113.4 1,300.2 3,166.6 1,866.4 5260.7 2,094.1 8,748.2 3,487.5 6,134.5 1,760.1 4,397.7 2,637.6 Justice 6,722.8 929.4 2,241.3 1,311.9 3843.2 1,601.9 5,807.6 1,964.4 7,779.4 1,217.2 3,155.7 1,938.5 Defence 11,000.0 2,484.3 6,148.1 3,663.7 9415.4 3,267.4 11,939.9 2,524.5 12,000.0 3164.7 6,411.3 3,246.7 Public order & security 8,829.0 2,142.6 4,856.5 2,713.9 7739.3 2,882.8 13,322.2 5,582.8 12,688.3 2944.1 6,439.5 3,495.4 Other General services 11,793.8 2,862.2 6,065.5 3,203.2 9055.2 2,989.7 13,879.6 4,824.4 15,601.1 3,180.6 7,355.2 4,174.6 Economic Services 22,551.9 3,446.2 8,593.8 5,147.6 14,542.9 5,949.2 23,536.3 8,993.3 30,787.4 4,903.3 12,602.1 7,698.8 Agriculture&natural resource 11,381.8 1,483.1 3,553.5 2,070.4 5,838.6 2,285.1 10,045.6 4,206.9 15,231.3 2,340.8 7,524.5 5,183.8 Agriculture 5,795.3 5,795.3 Natural resource 3,322.1 509.9 1,249.3 739.4 2,559.5 1,310.2 3,846.7 1,287.2 5,346.5 684.5 1,729.2 1,044.8 o/w: Water 2,781.4 371.7 926.3 554.6 2025.6 1,099.3 3,423.5 1,397.9 3,181.4 495.3 1,500.8 1,005.5 Trade, Industry & Tourism 3,615.2 757.3 1,932.5 1,175.2 3340.4 1,407.9 5,294.4 1,954.1 5,286.8 990.8 3,047.3 2,056.5 Mines & Energy 181.3 22.0 58.5 36.5 94.7 36.3 136.1 41.4 214.8 28.5 64.8 36.3 Tourism 0.0 Transport & communication 1,276.7 125.5 602.2 476.7 543.4 -58.7 696.8 153.3 1,193.7 83.6 278.1 194.4 Urban devt. & construction 2,388.5 477.4 1,078.1 600.7 1884.5 806.4 3,049.8 1,165.3 2,982.8 638.4 1,416.6 778.2 o/w: Road Construction 1,005.9 206.0 392.6 186.6 874.4 481.8 1,379.8 505.4 1,205.3 292.3 651.6 359.3 Economic development studies 386.4 71.1 119.7 48.7 281.8 162.1 466.9 185.1 531.6 136.8 270.9 134.1 Social Services 70,690.4 16,060.2 37,375.1 21,314.9 58,584.6 21,209.5 86,659.4 28,074.8 92,624.3 18,450.5 44,609.5 26,159.0 Education & training 49,629.5 10,616.6 25,313.5 14,696.9 39539.5 14,225.9 57,901.0 18,361.5 67,010.8 12,387.3 29,720.2 17,332.9 Culture & sports 2,308.5 531.1 1,242.7 711.6 1880.7 638.0 2,878.2 997.5 3,061.3 574.2 1,533.3 959.1 Public health 16,898.5 2,333.4 6,094.9 3,761.5 9987.0 3,892.1 16,832.9 6,845.9 21,249.0 3,223.8 8,656.6 5,432.8 Labour & social welfare 1,487.1 136.3 328.6 192.3 539.5 211.0 843.4 303.8 778.5 161.3 432.7 271.5 Rehabilitation 366.8 2,442.8 4,395.4 1,952.6 6637.9 2,242.5 8,203.9 1,566.1 524.8 2,103.8 4,266.7 2,162.8 Interest & Charges 9,808.5 1,203.5 4,224.7 3,021.2 6,096.7 1,872.0 8,248.1 2,151.3 12,051.4 2,217.4 6,299.9 4,082.5 Internal debt 5,302.9 724.9 2,245.5 1,520.6 3376.8 1,131.3 4,125.8 749.0 6,938.8 1,361.0 2,858.4 1,497.4 External debt 4,505.6 478.6 1,979.2 1,500.6 2720.0 740.8 4,122.3 1,402.3 5,112.6 856.5 3,441.5 2,585.1 O/w: defence commercial Miscellaneous 23,214.3 373.5 1,089.2 715.7 2193.7 1,104.5 4,561.9 2,368.2 23,441.5 439.4 1,503.6 1,064.2 External assistance * 0.0 Sub Total Expenditure 169,724.2 30,802.2 73,760.7 42,958.5 116,731.8 42,971.0 176,703.0 59,971.3 213,108.0 38,277.2 92,774.5 54,497.3 Grand Total Expenditure 346,448.0 51,957.8 130,839.6 78,881.8 210,254.5 79,414.9 329,286.8 119,032.3 402,120.8 66,852.6 156,720.2 89,867.6 Table 14. General Government Quarterly Expenditure

• Estimated value

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

Second Quarter 2017/18 77 National Bank of Ethiopia Quarterly Bulletin Sectors/Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 Agriculture, Hunting and Forestry 98,109 114,884 130,614 145,042 158,646 170,428 181,074 194,869 212,252.7 222,664.5 238,438.0 251,340.0 267,269.0 535,674.7 571,718.2 Crop 55,555 69,752 83,361 95,838 106,406 114,904 122,343 133,040 146,760.0 154,081.7 166,698.9 177,663.1 190,421.6 346,292.7 374,386.0 Animal Farming and Hunting 26,980 29,142 30,872 32,385 34,936 37,494 40,137 42,619 45,806.1 48,287.7 50,777.2 51,834.8 54,250.1 138,553.0 144,763.2 Forestry 15,575 15,990 16,381 16,819 17,303 18,030 18,594 19,210 19,686.6 20,295.1 20,961.9 21,842.1 22,597.2 49,447.1 51,179.6 Fishing 148 111 120 110 119 159 202 205 217.0 263.2 314.1 416.3 543.8 1,381.9 1,389.4 Mining and Quarrying 2,271 2,317 2,413 2,585 2,187 2,656 2,995 4,317 6,809.7 7,675.1 8,156.9 7,898.4 5,876.4 6,116.8 4,296.9 Manufacturing 8,436 8,979 10,141 11,176 12,092 13,302 14,487 16,127 18,968.0 21,207.1 24,798.2 28,923.9 34,194.6 85,971.3 100,939.6 Large and Medium Scale Manufacturing 5,117 5,512 6,152 6,992 7,655 8,618 9,504 10,797 12,323.8 14,283.8 17,740.9 21,566.2 26,558.6 61,687.4 75,983.6 Small Scale and Cottage Industries 3,318 3,467 3,989 4,184 4,436 4,684 4,983 5,330 6,644.2 6,923.3 7,057.3 7,357.7 7,636.0 24,283.9 24,956.0 Electricity and Water 2,872 3,061 3,303 3,595 4,084 4,282 4,497 4,609 4,902.4 5,566.1 6,124.2 6,538.2 6,831.9 11,011.7 12,262.2 Construction 7,797 9,319 10,023 11,074 12,282 13,675 15,272 16,935 19,100.4 25,108.0 34,831.6 43,146.7 56,772.6 237,545.1 286,789.9 Whole Sale and Retail Trade 29,030 30,498 34,483 40,530 47,344 54,847 61,280 66,974 70,907.5 79,785.5 87,831.4 103,350.2 116,095.3 199,277.2 214,463.0 Hotels and Restaurants 3,987 4,235 4,724 5,647 7,198 8,876 10,994 13,664 17,029.3 18,740.8 22,326.5 28,267.0 36,630.6 30,074.8 33,407.5 Transport and Communications 8,646 9,470 11,293 11,935 13,049 14,545 15,842 18,130 19,890.5 22,391.7 26,087.9 29,395.7 33,312.8 69,350.8 77,743.6 Financial Intermediation 2,942 3,523 4,376 5,632 6,482 8,305 9,673 9,646 11,927.7 14,744.4 12,944.2 14,793.3 15,896.1 49,624.6 56,581.1 Real Estate, Renting and Business Activities 14,953 15,625 16,779 19,215 22,139 25,966 30,090 36,097 44,064.4 45,749.9 47,529.0 49,383.9 51,432.5 64,756.3 67,384.9 Public Administration and Defense 8,262 8,278 9,243 9,832 10,992 12,368 14,640 15,944 25,735.8 26,529.0 28,554.4 31,701.1 33,613.2 63,354.2 77,360.2 Education 3,840 4,281 4,820 5,235 6,347 7,284 8,230 9,626 10,772.2 11,252.5 12,386.7 12,706.6 13,875.9 39,379.5 43,701.2 Health and Social Work 1,279 1,482 1,732 1,902 2,202 2,544 3,064 3,494 4,132.3 4,520.0 5,075.4 6,053.5 6,840.7 13,899.3 15,988.3 Other Community , Social & Personal Services 6,484 6,796 7,343 8,016 8,697 9,714 10,331 11,164 11,035.9 12,404.2 14,686.9 15,248.3 15,811.7 16,472.5 17,090.7 Private Households with Employed Persons 802 815 841 896 932 981 1,018 1,067 1,121.0 1,301.5 1,407.7 1,469.7 1,533.7 16,091.1 16,495.4 Total 199,057 222,860 251,406 281,527 313,859 348,952 382,670 421,801 478,866.9 519,903.4 571,493.3 630,632.7 696,530.8 1,439,981.7 1,597,612.1 Less : FISIM 837 992 1,156 16,216 1,841 2,394 2,694 2,898 3,219.3 2,876.9 3,061.0 3,655.4 4,309.1 17,380.2 20,505.1 Gross Value Added at Constant Basic Prices 197,331 220,477 248,355 277,013 309,687 344,332 378,907 418,947 475,647.5 517,026.5 568,432.3 626,977.4 692,221.7 1,422,601.5 1,577,107.0 Taxes on Products 16,527 22,744 23,444 24,072 25,804 27,239 24,975 36,322 39,431.0 42,595.0 50,409.9 55,381.1 61,008.0 118,675.7 122,086.5 GDP at Constant Market Prices 213,859 243,221 271,799 301,085 335,490 371,571 403,883 455,269 515,078.5 559,621.6 618,842.2 682,358.5 753,229.7 1,541,277.2 1,699,193.6 Table 16: GDP By Economic Activity at Constant Prices (In million Birr) Source:MoFED

78 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Industry/Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 Agriculture, Hunting and Forestry (10.5) 17.1 13.7 11.0 9.4 7.4 6.2 7.6 8.9 4.9 7.1 5.4 6.3 2.3 6.7 Crop (16.5) 25.6 19.5 15.0 11.0 8.0 6.5 8.7 10.3 5.0 8.2 6.6 7.2 3.4 8.1 Animal Farming and Hunting (3.6) 8.0 5.9 4.9 7.9 7.3 7.0 6.2 7.5 5.4 5.2 2.1 4.7 -1.5 4.5 Forestry 2.9 2.7 2.4 2.7 2.9 4.2 3.1 3.3 2.5 3.1 3.3 4.2 3.5 2.2 3.5 Fishing (20.1) (25.1) 8.6 (8.2) 7.7 34.0 26.5 1.7 5.9 21.3 19.4 32.5 30.6 0.1 0.5 Mining and Quarrying 4.1 2.0 4.1 7.2 (15.4) 21.4 12.8 44.2 57.7 12.7 6.3 (3.2) (25.6) -3.3 -29.8 Manufacturing 0.7 6.4 12.9 10.2 8.2 10.0 8.9 11.3 17.6 11.8 16.9 16.6 18.2 18.4 17.4 Large and Medium Scale Manufacturing 1.4 7.7 11.6 13.7 9.5 12.6 10.3 13.6 14.1 15.9 24.2 21.6 23.1 22.9 23.2 Small Scale and Cottage Industries (0.4) 4.5 15.0 4.9 6.0 5.6 6.4 7.0 24.7 4.2 1.9 4.3 3.8 2.5 2.8 Electricity and Water 4.8 6.6 7.9 8.8 13.6 4.8 5.0 2.5 6.4 13.5 10.0 6.8 4.5 15.0 11.4 Construction 13.6 19.5 7.5 10.5 10.9 11.3 11.7 10.9 12.8 31.5 38.7 23.9 31.6 25.0 20.7 Whole Sale and Retail Trade 3.1 5.1 13.1 17.5 16.8 15.8 11.7 9.3 5.9 12.5 10.1 17.7 12.3 8.2 7.6 Hotels and Restaurants 6.3 6.2 11.6 19.5 27.5 23.3 23.9 24.3 24.6 10.1 19.1 26.6 29.6 15.6 11.1 Transport and Communications 10.5 9.5 19.2 5.7 9.3 11.5 8.9 14.4 9.7 12.6 16.5 12.7 13.3 13.7 12.1 Financial Intermediation 10.8 19.7 24.2 28.7 15.1 28.1 16.5 (0.3) 23.7 23.6 (12.2) 14.3 7.5 9.6 14 Real Estate, Renting and Business Activities 9.7 4.5 7.4 14.5 15.2 17.3 15.9 20.0 22.1 3.8 3.9 3.9 4.1 3.7 4.1 Public Administration and Defense 1.4 0.2 11.6 6.4 11.8 12.5 18.4 8.9 61.4 3.1 7.6 11.0 6.0 7.4 22.1 Education 11.6 11.5 12.6 8.6 21.2 14.8 13.0 17.0 11.9 4.5 10.1 2.6 9.2 8.8 11 Health and Social Work (4.2) 15.9 16.9 9.8 15.8 15.5 20.4 14.0 18.3 9.4 12.3 19.3 13.0 10.8 15 Other Community , Social & Personal Services 1.5 4.8 8.0 9.2 8.5 11.7 6.4 8.1 (1.1) 12.4 18.4 3.8 3.7 3.0 3.8 Private Households with Employed Persons 4.5 1.6 3.2 6.6 4.0 5.3 3.8 4.8 5.1 16.1 8.2 4.4 4.4 4.3 2.5 Total (3.1) 12.0 12.8 12.0 11.5 11.2 9.7 10.2 13.5 8.6 9.9 10.3 10.4 8.0 10.9 Less : FISIM 14.7 18.5 16.5 1,303.2 (88.6) 30.0 12.5 7.6 11.1 (10.6) 6.4 19.4 17.9 16.9 18 Gross Value Added at Constant Basic Prices (2.1) 11.7 12.6 11.5 11.8 11.2 10.0 10.6 11.4 8.7 9.9 10.3 10.4 8.0 10.9 Taxes on Products (3.0) 37.6 3.1 2.7 7.2 5.6 (8.3) 45.4 8.6 8.0 18.3 9.9 10.2 3.1 2.9 GDP at Constant Market Prices (2.2) 13.7 11.7 10.8 11.4 10.8 8.7 12.7 13.1 8.6 10.6 10.3 10.4 7.6 10.2 T Source:MoFED able 17: Growth Rate Of GDP By Economic Activity at Constant Prices (%)

Second Quarter 2017/18 79 National Bank of Ethiopia Quarterly Bulletin Industry/Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 Agriculture, Hunting and Forestry 29,986 29,010 25,935 27,581 33,754 44,144 56,370 73,206 112,997 154,995 159,821 212,253 330,842 356,828 407,834 466,780 535,675 614,210 Crop 18,065 16,657 13,396 15,252 20,125 27,840 36,107 49,326 81,604 113,959 111,292 146,760 240,112 244,048 279,058 317,142 346,293 399,577 Animal Farming and Hunting 7,432 7,411 7,297 7,151 7,984 10,053 13,033 15,531 20,622 27,868 32,817 45,806 66,437 82,351 92,037 107,089 138,553 153,616 Forestry 4,581 5,126 5,350 5,460 6,185 6,707 7,462 8,988 12,695 15,475 16,801 19,687 24,293 30,429 36,739 42,550 49,447 58,757 Fishing 26 28 28 21 41 55 69 81 116 151 198 217 455 685 796 1,225 1,382 2,259 Mining and Quarrying 248 325 346 394 410 485 586 551 799 1,101 2,147 6,810 9,301 9,687 8,665 6,036 6,117 4,840 Manufacturing 3,674 3,858 3,751 4,135 4,508 5,007 5,917 7,630 9,892 12,631 14,778 18,968 25,559 32,095 42,341 57,170 85,971 102,920 Large and Medium Scale Manufacturing 2,592 2,691 2,517 2,920 3,228 3,439 4,181 5,599 7,359 8,844 1,038 12,324 17,161 23,032 32,093 46,438 61,687 77,447 Small Scale and Cottage Industries 1,096 1,176 1,226 1,231 1,304 1,571 1,759 2,096 2,634 3,823 4,448 6,644 8,398 9,063 10,247 10,732 24,284 25,473 Electricity and Water 1,400 1,462 1,543 1,650 1,901 2,047 2,429 3,289 3,651 3,899 4,608 4,902 6,187 7,355 8,234 8,087 11,012 13,105 Construction 2,516 2,702 3,053 3,518 4,407 5,250 6,593 8,829 11,431 15,312 15,130 19,100 29,771 45,744 83,665 140,246 237,545 292,902 Whole Sale and Retail Trade 8,086 8,056 7,734 9,173 10,465 12,641 16,678 22,961 33,125 50,478 56,713 70,908 102,632 113,402 146,757 181,227 199,277 224,851 Hotels and Restaurants 1,054 1,094 1,199 1,287 1,428 1,677 2,251 3,457 5,137 8,099 11,618 17,029 23,795 32,077 44,461 60,294 30,075 35,456 Transport and Communications 2,364 2,815 3,001 3,366 4,030 5,486 5,518 6,374 7,513 10,264 12,850 19,891 29,721 38,340 45,776 53,555 69,351 78,927 Financial Intermediation 1,527 1,618 1,178 1,633 1,445 2,254 3,048 3,684 5,014 7,965 8,163 11,928 18,919 26,536 32,219 43,504 49,625 57,080 Real Estate, Renting and Business Activities 3,404 3,869 4,958 5,561 5,859 6,494 7,911 11,608 17,338 21,077 31,423 44,064 51,656 59,192 65,179 69,009 64,756 68,077 Public Administration and Defense 4,497 4,247 4,250 4,523 4,501 5,146 5,980 6,964 9,191 11,332 13,395 25,736 29,274 34,582 40,353 50,328 63,354 90,125 Education 1,431 1,655 1,942 2,466 2,610 3,021 3,837 4,886 6,264 7,475 8,943 10,772 13,283 16,814 22,334 27,501 39,380 57,138 Health and Social Work 686 779 802 780 909 1,111 1,277 1,556 2,068 2,503 2,967 4,132 4,999 6,363 8,279 10,824 13,899 18,375 Other Community , Social & Personal Services 1,827 1,798 1,755 2,049 2,332 2,692 3,299 4,218 5,898 8,510 9,453 11,036 16,229 22,448 24,939 28,215 16,472 18,311 Private Households with Employed Persons 194 210 224 242 266 283 375 433 592 788 852 1,121 1,686 2,073 2,640 3,365 16,091 18,714 Total 61,817 62,564 61,075 67,522 78,396 96,978 120,819 158,212 229,133 313,270 351,145 478,867 694,309 804,221 984,472 1,207,368 1,439,982 1,697,292 Less : FISIM 530 522 326 444 518 595 878 1,046 1,449 2,218 2,453 3,219 3,864 7,918 9,745 14,535 17,380 20,444 Gross Value Added at Current Basic Prices 61,273 62,030 60,761 67,081 77,880 96,391 119,934 157,170 227,703 311,043 348,686 475,648 690,444 796,303 974,727 1,192,833 1,422,602 1,676,848 Taxes on Products 4,349 4,958 4,778 5,228 7,476 8,467 9,698 12,186 16,785 19,139 28,412 39,431 56,882 70,618 86,098 105,129 118,676 129,808 GDP at Current Market Prices 65,986 67,351 65,895 72,703 85,800 105,415 130,334 170,281 245,836 332,060 379,135 515,079 747,326 866,921 1,060,825 1,297,961 1,541,277 1,806,656 Table 18: GDP by Economic Activity at Current Prices (In million Birr) Source:MoFED

80 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Sectors/Year 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 Agriculture, Hunting and Forestry -3.3 -10.6 6.3 22.4 30.8 27.7 29.9 54.4 37.2 3.1 32.8 55.9 7.9 14.3 14.5 12.1 14.7 Crop -7.8 -19.6 13.9 32.0 38.3 29.7 36.6 65.4 39.6 -2.3 31.9 63.6 1.6 14.3 13.6 11.9 15.4 Animal Farming and Hunting -0.3 -1.5 -2.0 11.6 25.9 29.7 19.2 32.8 35.1 17.8 39.6 45.0 24.0 11.8 16.4 11.1 10.9 Forestry 11.9 4.4 2.0 13.3 8.4 11.3 20.5 41.2 21.9 8.6 17.2 23.4 25.3 20.7 15.8 16.1 18.8 Fishing 6.1 -0.1 -25.3 97.2 33.8 24.5 17.4 43.3 30.5 31.3 9.6 109.5 50.8 16.2 53.8 12.8 63.5 Mining and Quarrying 31.2 6.5 13.8 4.1 18.4 20.8 -6.0 44.9 37.9 94.9 217.2 36.6 4.2 -10.5 -30.3 -2.3 -20.9 Manufacturing 5.0 -2.8 10.2 9.0 11.1 18.2 29.0 29.6 27.7 17.0 28.4 34.7 25.6 31.9 35.0 7.0 19.7 Large and Medium Scale Manufacturing 3.8 -6.5 16.0 10.5 6.6 21.6 33.9 31.4 20.2 -88.3 1087.5 39.3 34.2 39.3 44.7 6.3 25.5 Small Scale and Cottage Industries 7.3 4.2 0.4 6.0 20.4 12.0 19.2 25.7 45.1 16.4 49.4 26.4 7.9 13.1 4.7 10.4 4.9 Electricity and Water 4.4 5.6 6.9 15.2 7.7 18.7 35.4 11.0 6.8 18.2 6.4 26.2 18.9 12.0 -1.8 4.3 19.0 Construction 7.4 13.0 15.2 25.3 19.1 25.6 33.9 29.5 33.9 -1.2 26.2 55.9 53.7 82.9 67.6 60.3 23.3 Whole Sale and Retail Trade -0.4 -4.0 18.6 14.1 20.8 31.9 37.7 44.3 52.4 12.4 25.0 44.7 10.5 29.4 23.5 8.1 12.8 Hotels and Restaurants 3.8 9.5 7.4 11.0 17.4 34.2 53.6 48.6 57.7 43.5 46.6 39.7 34.8 38.6 35.6 22.9 17.9 Transport and Communications 19.1 6.6 12.2 19.7 36.2 0.6 15.5 17.9 36.6 25.2 54.8 49.4 29.0 19.4 17.0 22.4 13.8 Financial Intermediation 5.9 -27.2 38.6 -11.5 56.0 35.2 20.8 36.1 58.9 2.5 46.1 58.6 40.3 21.4 35.0 21.7 15.0 Real Estate, Renting and Business Activities 13.7 28.2 12.2 5.4 10.8 21.8 46.7 49.4 21.6 49.1 40.2 17.2 14.6 10.1 5.9 5.1 5.1 Public Administration and Defense -5.6 0.1 6.4 -0.5 14.3 16.2 16.5 32.0 23.3 18.2 92.1 13.7 18.1 16.7 24.7 20.8 42.3 Education 15.7 17.3 27.0 5.9 15.7 27.0 27.4 28.2 19.3 19.6 20.5 23.3 26.6 32.8 23.1 19.8 45.1 Health and Social Work 13.5 3.0 -2.7 16.5 22.3 14.9 21.9 32.9 21.0 18.5 39.3 21.0 27.3 30.1 30.7 21.3 32.2 Other Community , Social & Personal Services -1.6 -2.4 16.7 13.8 15.4 22.5 27.9 39.8 44.3 11.1 16.7 47.1 38.3 11.1 13.1 9.9 11.2 Private Households with Employed Persons 8.6 6.4 8.1 10.0 6.5 32.2 15.7 36.5 33.1 8.1 31.6 50.4 23.0 27.3 27.5 4.8 16.3 Total 1 (2) 11 16 24 25 31 45 37 12 36 45.0 15.8 22.4 22.6 18.2 17.9 Less : FISIM (2) (37) 36 17 15 47 19 38 53 11 31 20.0 104.9 23.1 49.2 24.6 17.6 Gross Value Added at Current Basic Prices 1 (2) 10 16 24 24 31 45 37 12 36 45.2 15.3 22.4 22.4 18.2 17.9 Taxes on Products 14 (4) 9 43 13 15 26 38 14 48 39 44.3 24.1 21.9 22.1 12.8 9.4 GDP at Current Market Prices 2 (2) 10 18 23 24 31 44 35 14 36 45.1 16.0 22.4 22.4 17.7 17.2 Table 19: Growth Rates of GDP by Economic Activity at Current Prices (%) Source:MoFED

Second Quarter 2017/18 81 National Bank of Ethiopia Quarterly Bulletin Description / Year 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2003/04 2004/05 2005/06 2006/07 2007/08 2008 /09 2009 /10 2010 /11 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 Gross Value Added at Current Basic Prices 77,880 96,391 119,934 157,170 227,703 311,073 348,686 475,648 690,445 796,303 974,727.0 1192833 1,422,602.0 1676848 Taxes on Products, net 7,476 8,467 9,698 12,186 16,785 19,139 28,412 39,431 56,882 70,618 86098 105129 118,676.0 129808 GDP at Current Market Prices 85,800 105,415 130,334 170,281 245,836 332,060 379,135 515,079 747,327 866,921 1,060,825 1,297,962 1,541,277.0 1806656 Incomes from ROW, net (562) 180 399 697 724 (57) (615) (1,120) (1,660) (1,943) (2,915) (5,275) (5,122.0) -11162 Gross National Income at Current Basic Prices 77,546 96,498 119,925 157,434 228,020 310,714 347,973 474,527 688,785 794,360 971813 1187558 1,417,479.0 1665686.4 Gross National Income at Current Market Prices 85,466 105,522 130,324 170,544 246,152 331,731 378,422 513,958 745,667 864,978 1057911 1292686 1,536,154.8 1795494.1 Current Transfers from ROW, net 9,436 15,335 18,163 25,444 34,194 44,191 59,485 74,261 86,850 93,355 106357.3 128401 155,964.0 154567 Gross National Disposable Income 94,901 120,857 148,487 195,989 280,346 375,922 437,907 588,220 832,517 958,333 1164268 1421087 1,692,119.0 1950061 Government Final Consumption Expenditure 11,973 13,971 17,016 19,123 25,782 31,544 34,801 53,147 62,045 77,637 98121 116995 174,120.0 222865 Private Final Consumption Expenditure 60,866 81,445 102,537 130,118 197,461 268,002 309,132 373,089 541,536 636,901 744978 896208 1,022,281.0 1147628 Gross Capital Formation (Investment) 24,902 27,409 35,952 41,227 60,156 82,560 102,403 165,380 277,243 295,456 402922 511618 585,665.0 704596 Exports of Goods and Services 12,914 16,077 18,205 21,854 28,317 35,233 52,168 85,950 102,887 108,227 123496 121532.2 122,501.0 139805 Imports of Goods and Services 27,367 37,776 48,092 55,089 76,564 96,285 126,319 162,487 236,384 251,301 308691.3 393189 424,750.0 428400 Resource Balance (14,453) (21,699) (29,887) (33,234) (48,247) (61,052) (74,151) (76,537) (133,497) (143,074) (185,195) (271,656) (302,249.0) -288594 Gross Domestic Savings 12,961 9,999 10,781 21,040 22,593 32,514 35,202 88,843 143,746 152,383 217726 284759 344,876.0 436163 Gross National Savings 22,062 25,441 28,934 46,748 57,103 76,376 93,973 161,984 228,936 243,795 321169 407884 495,718.0 579568 Mid-year Population (In Million) 67 68 70 72 75 77 79 81 83 85 87 89.1 91.2 93.4 Per Capita Nominal GDP (In Birr) 1,228 1,475 1,783 2,302 3,282 4,318 4,803 6,384 9,032 10,219 12,200 14571 16,898.0 19353 Per Capita Real GDP (In Birr) 3,315 3,636 3,957 4,277 4,597 4,934 5,317 6,384 6,763 7,295 7,848 8,456 16,898.0 18192.65044 Average Exchange Rate (Birr/USD) 8.6 8.7 8.7 8.8 9.2 10.4 12.9 16.1 17.2 18.3 19.1 20.1 21.1 22.4 Real GDP (In USD) 9,975 11,201 12,390 13,108 15,280 16,666 18,754 29,543 30,007 31,096 32,878 34,439 73,026.0 76042.5 Nominal GDP (In USD) 9,942 12,184 15,014 19,363 26,606 31,868 29,413 29,543 40,072 43,561 51,113 59,345 73,026.0 80605 Per Capita Nominal GDP (In USD) 142 171 205 262 355 414 373 396 524 559 640 725 801.0 863 Per Capita Real GDP (In USD) 150 164 177 181 204 217 238 396 392 399 411 421 801.0 814.2 GDP Deflator 35.3 38.8 43.3 50.8 66.2 82.2 83.3 100 134 140 155 172 100.0 106 Table 20: Value of Aggregate Output, Consumption, Investment and Savings at Current Prices (In Millions of Birr)

82 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Period General Index Food and Non￾Alcoholic Beverages Alcoholic Beverages and Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 1997/98 Q.I 30.7 19.3 35.9 30.5 57.3 67.2 66.8 25.4 25.4 35.7 35.7 20.2 42.3 46.8 Q.II 30.1 19.0 35.6 30.0 55.5 66.7 64.0 25.1 25.1 42.5 42.5 19.4 39.8 45.7 Q.III 29.9 19.2 34.6 30.4 54.4 67.6 61.1 25.9 25.9 36.6 36.6 19.8 37.4 45.1 Q.IV 29.8 19.5 36.1 30.0 53.4 65.7 60.1 26.0 26.0 34.8 34.8 19.6 36.9 44.4 1998/99 Q.I 30.4 20.4 36.6 29.7 55.0 63.8 58.3 26.0 26.0 34.2 34.2 19.9 36.1 44.6 Q.II 30.4 20.2 35.7 29.0 55.2 66.1 56.6 27.1 27.1 32.6 32.6 20.5 36.9 44.8 Q.III 31.7 21.5 36.1 29.0 58.2 67.1 56.5 26.8 26.8 32.5 32.5 20.8 38.7 46.2 Q.IV 31.9 22.2 37.1 29.0 57.2 69.3 55.1 26.2 26.2 31.7 31.7 20.4 35.1 45.7 1999/00 Q.I 32.4 23.1 35.7 29.2 55.6 75.6 52.9 26.5 26.5 32.1 32.1 21.9 32.5 45.6 Q.II 32.1 21.9 35.2 29.7 55.9 79.6 54.1 30.6 30.6 31.8 31.8 21.9 33.1 46.6 Q.III 33.0 22.4 35.2 29.7 58.3 81.2 53.3 31.5 31.5 32.4 32.4 22.4 35.9 47.9 Q.IV 33.4 23.0 36.0 30.9 57.5 80.5 53.9 31.5 31.5 33.2 33.2 22.1 37.4 48.1 2000/01 Q.I 39.2 32.2 35.5 29.4 59.3 84.5 53.1 31.7 31.7 34.0 34.0 32.4 36.6 49.1 Q.II 29.5 20.3 34.7 29.0 48.1 65.8 52.0 32.1 32.1 34.9 34.9 22.7 32.9 42.5 Q.III 24.7 19.9 34.6 28.8 27.1 28.7 51.1 32.8 32.8 35.4 35.4 23.7 33.9 31.4 Q.IV 24.0 18.7 35.1 28.7 27.2 28.7 50.5 31.8 31.8 35.3 35.3 23.7 33.9 31.4 2001/02 Q.I 23.7 17.9 34.6 28.1 28.2 28.3 50.1 32.4 32.4 39.2 39.2 24.4 34.2 31.8 Q.II 23.8 18.0 34.3 28.7 28.4 28.5 50.3 32.5 32.5 38.8 38.8 24.8 34.1 32.0 Q.III 23.4 17.4 34.1 28.3 49.4 33.2 33.2 39.0 39.0 24.7 34.1 31.9 Q.IV 23.4 17.8 33.6 27.8 27.6 28.3 48.8 33.2 33.2 39.1 39.1 24.9 34.2 31.5 2002/03 Q.I 24.7 19.6 35.3 27.7 28.2 28.2 49.5 33.0 33.0 39.7 39.7 24.7 34.3 31.8 Q.II 25.5 20.9 34.5 27.6 28.4 27.9 50.2 34.4 34.4 39.7 39.7 24.6 34.3 31.9 Q.III 26.0 22.2 35.3 27.4 29.3 27.8 49.7 34.6 34.6 39.8 39.8 25.1 34.5 31.3 Q.IV 26.9 23.6 37.2 27.7 28.7 27.9 49.5 33.9 33.9 37.4 37.4 25.3 35.2 31.5 2003/04 Q.I 27.6 24.9 36.6 27.4 29.5 27.8 49.0 34.5 34.5 39.1 39.1 25.4 34.6 31.4 Q.II 27.1 23.9 34.7 27.2 30.3 27.7 48.7 34.7 34.7 38.8 38.8 25.9 35.0 31.6 Q.III 26.8 22.8 34.7 28.2 31.3 27.8 48.6 34.8 34.8 39.8 39.8 26.2 35.9 32.4 Q.IV 27.8 24.5 34.5 28.0 31.1 28.1 49.4 35.2 35.2 39.3 39.3 26.6 36.4 32.3 2004/05 Q.I 28.2 25.1 32.5 27.7 31.7 28.0 51.3 35.8 35.8 38.9 38.9 26.7 36.4 32.5 Q.II 28.6 25.4 32.7 27.9 32.5 28.1 51.2 37.4 37.4 40.5 40.5 27.0 37.1 33.1 Q.III 29.2 25.6 33.9 28.3 34.7 28.7 50.6 38.5 38.5 41.5 41.5 27.8 38.1 34.4 Q.IV 30.3 27.3 34.0 27.9 34.7 29.2 52.6 38.4 38.4 41.2 41.2 28.4 38.1 34.4 2005/06 Q.I 31.5 28.8 35.3 28.6 36.6 29.3 51.6 39.1 39.1 41.4 41.4 29.5 38.4 35.4 Q.II 31.5 28.7 36.0 27.9 36.9 29.7 51.5 39.2 39.2 41.9 41.9 30.1 38.5 35.5 Q.III 32.0 28.9 36.6 29.2 37.6 30.4 52.5 39.4 39.4 42.4 42.4 30.9 39.0 36.3 Q.IV 33.5 30.4 37.4 29.8 39.7 31.3 53.5 42.1 42.1 43.2 43.2 32.6 40.5 37.8 2006/07 Q.I 35.4 32.6 37.5 30.7 43.9 32.7 53.8 46.0 46.0 43.9 43.9 35.4 41.3 39.4 Q.II 36.1 33.5 37.6 30.6 45.2 33.4 53.8 49.1 49.1 45.2 45.2 36.5 41.8 39.9 Q.III 38.0 34.7 38.1 31.4 46.2 35.3 56.2 49.3 49.3 45.5 45.5 37.4 42.0 41.5 Q.IV 39.4 36.6 39.1 32.4 47.0 36.8 57.6 49.7 49.7 45.7 45.7 38.9 42.5 42.4 2007/08 Q.I 41.5 39.7 39.2 33.5 47.6 38.1 57.9 49.7 49.7 46.5 46.5 41.5 43.2 43.3 Q.II 43.1 42.0 39.5 34.7 48.5 40.0 58.6 49.7 49.7 47.7 47.7 41.6 43.8 44.2 Q.III 46.4 46.0 42.9 36.3 51.6 43.9 60.4 53.4 53.4 49.2 49.2 43.9 45.7 46.9 Q.IV 54.2 57.5 47.0 38.5 56.6 47.8 63.2 55.5 55.5 50.6 50.6 47.8 48.6 50.7 2008/09 Q.I 64.4 73.7 57.2 41.4 60.4 51.1 65.8 55.6 55.6 53.5 53.5 52.6 51.6 54.5 Q.II 62.3 67.5 58.8 44.5 62.4 53.0 67.3 58.9 58.9 55.8 55.8 54.8 52.4 56.7 Q.III 60.2 62.6 61.7 47.4 62.3 54.9 68.9 53.4 53.4 57.4 57.4 56.7 54.0 57.5 Q.IV 61.4 63.2 63.7 49.9 63.9 57.2 72.9 55.2 55.2 59.9 59.9 58.3 57.2 59.6 2009/10 Q.I 63.6 64.2 65.2 52.9 67.8 60.1 75.4 61.3 61.3 63.1 63.1 60.9 60.6 63.0 Q.II 64.5 62.8 66.1 55.8 71.7 62.7 77.9 66.2 66.2 64.6 64.6 63.7 63.4 66.2 Q.III 65.8 62.7 68.5 59.7 74.3 66.4 82.4 68.2 68.2 66.4 66.4 65.3 65.9 69.0 Q.IV 67.0 63.0 71.7 62.1 76.4 69.1 84.8 70.8 70.8 68.3 68.3 67.1 67.3 71.2 2010/11 Q.I 68.5 63.9 72.61864193 65.0 78.8 71.6 84.9 71.0 71.0 71.6 71.6 68.5 69.1 73.3 Q.II 72.8 67.0 80.1 70.4 84.1 77.7 89.0 77.5 77.5 82.4 82.4 73.3 75.6 79.0 Q.III 79.0 73.5 83.2 77.5 91.0 81.5 91.3 88.5 88.5 84.7 84.7 75.9 80.7 84.9 Q.IV 89.0 87.9 91.6 83.4 94.5 86.7 93.9 100.7 100.7 87.1 87.1 84.4 84.6 90.2 2011/12 Q.I 94.6 95.6 98.2 87.2 95.6 92.1 96.1 101.0 101.0 92.5 92.5 91.7 90.8 93.5 Q.II 98.8 100.2 99.5 95.0 97.6 97.1 98.6 98.4 98.4 97.8 97.8 97.3 97.5 97.3 Q.III 105.1 106.4 105.8 103.6 104.3 103.8 100.9 100.5 100.0 101.6 100.0 102.9 102.6 103.6 Q.IV 111.3 115.4 104.7 109.1 106.8 108.5 102.8 101.1 100.0 103.6 103.1 108.9 105.0 106.6 2012/13 Q.I 114.8 118.9 103.9 112.5 113.2 110.8 105.3 100.7 100.0 106.7 101.9 114.5 108.2 110.3 Q.II 115.7 116.8 108.8 113.4 117.9 116.6 124.8 102.2 100.1 107.0 101.9 119.0 110.5 114.4 Q.III 116.0 116.0 113.3 116.6 118.0 118.3 126.1 99.1 100.0 106.7 103.3 121.9 113.8 115.9 Q.IV 118.5 118.7 113.1 119.9 120.5 122.2 130.0 98.5 100.0 108.2 105.0 126.0 115.3 118.3 2013/14 Q.I 123.5 124.4 115.0 124.4 126.2 124.2 127.8 98.1 100.0 118.3 105.0 131.5 122.4 122.4 Q.II 125.0 124.8 123.0 127.8 128.2 126.4 137.9 100.2 100.0 121.7 105.0 134.9 119.0 125.3 Q.III 125.5 122.1 131.0 130.3 133.7 130.7 142.3 102.1 100.0 119.6 105.0 136.1 119.2 129.2 Q.IV 129.0 126.9 131.3 132.9 136.9 133.1 147.0 102.9 100.0 115.9 105.2 138.7 119.4 131.4 2014/15 Q.I 131.4 130.4 135.9 135.6 137.0 134.3 146.3 102.7 100.2 117.4 106.2 139.0 120.6 132.5 Q.II 132.7 130.6 137.9 140.3 139.7 136.5 148.7 103.0 100.0 119.0 105.4 141.2 122.4 135.0 Q.III 135.7 133.1 148.6 144.1 143.7 139.2 153.9 99.9 100.5 119.7 105.5 144.0 124.1 138.7 Q.IV 141.6 141.1 154.0 145.4 149.3 142.1 152.8 98.3 102.1 120.4 105.6 147.6 125.6 142.1 2015/16 Q.I 147.1 149.9 149.7 148.2 151.0 144.6 155.4 100.1 104.8 128.4 110.7 152.0 126.8 143.9 Q.II 146.8 148.0 151.3 149.1 151.1 147.4 163.1 101.9 102.2 135.4 120.8 157.0 127.9 145.6 Q.III 147.8 145.8 162.1 150.7 157.0 152.1 166.4 100.8 101.2 139.8 120.9 160.1 129.1 150.0 Q.IV 152.4 151.3 151.9 152.2 167.1 153.6 172.8 100.6 102.4 141.7 121.0 164.1 130.9 153.5 2016/17 QI 156.3 157.2 146.3 152.3 172.1 154.9 168.2 101.7 100.5 143.9 121.1 168.7 131.8 155.4 QII 156.3 155.2 155.6 152.8 172.5 157.2 175.3 103.0 100.8 151.0 121.1 171.3 132.4 157.5 QIII 158.4 156.7 166.8 156.0 173.8 159.2 181.6 107.6 102.2 152.9 121.1 170.8 136.1 160.4 QIV 165.6 170.0 152.8 156.6 174.0 167.3 181.3 113.8 109.4 157.6 121.2 176.9 139.2 161.5 2017/18 QI 172.3 177.6 173.5 160.0 176.4 171.5 172.0 116.4 108.9 160.2 121.2 185.1 140.1 166.3 QII 176.8 181.9 180.7 164.8 180.3 177.8 179.8 119.5 109.2 160.7 121.2 191.0 144.4 171.1 Table 21 (A): National Non-Food Consumer Price Index, December 2011=100 Source: Central Statistical Agency and NBE Staff Compilation.

Second Quarter 2017/18 83 National Bank of Ethiopia Quarterly Bulletin Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 1997/98 Q.I 19.3 18.5 15.7 28.3 21.7 22.2 22.2 29.2 13.7 13.1 Q.II 19.0 18.9 15.5 28.2 21.0 20.6 20.6 35.0 12.4 12.9 Q.III 19.2 18.4 15.8 29.0 20.6 20.7 20.7 51.4 10.5 13.9 Q.IV 19.5 19.3 15.4 28.7 20.2 20.8 20.8 43.7 10.8 15.1 1998/99 Q.I 20.4 20.9 15.2 28.3 19.2 21.9 21.9 40.6 11.6 14.7 Q.II 20.2 20.2 15.9 28.4 19.5 22.8 22.8 36.1 11.8 14.1 Q.III 21.5 20.1 15.0 30.2 22.6 27.0 27.0 35.4 12.9 13.1 Q.IV 22.2 21.8 15.2 29.8 26.8 25.7 25.7 34.8 16.3 13.4 1999/00 Q.I 23.1 24.1 15.3 27.8 27.3 24.4 24.4 33.3 20.8 14.5 Q.II 21.9 22.5 15.5 27.9 26.3 23.4 23.4 32.4 19.1 14.2 Q.III 22.4 22.3 16.0 28.4 27.3 25.4 25.4 33.2 17.8 14.3 Q.IV 23.0 23.1 17.0 28.7 28.0 25.1 25.1 33.6 20.8 14.5 2000/01 Q.I 32.2 30.5 27.6 44.2 38.2 35.1 35.1 63.0 25.4 25.7 Q.II 20.3 21.3 17.5 28.4 23.0 20.3 20.3 36.4 17.0 14.6 Q.III 19.9 21.1 18.9 28.0 22.8 19.9 19.9 39.0 16.2 14.5 Q.IV 18.7 20.1 19.5 27.6 20.8 18.9 18.9 37.6 15.4 13.6 2001/02 Q.I 17.9 18.8 19.9 26.1 19.8 17.9 17.9 34.9 13.7 14.2 Q.II 18.0 18.6 19.6 26.6 20.6 18.8 18.8 34.1 13.7 13.5 Q.III 17.4 18.2 19.4 26.5 19.8 18.7 18.7 33.2 13.0 12.1 Q.IV 17.8 18.4 19.9 26.7 20.1 19.1 19.1 33.2 13.1 10.6 2002/03 Q.I 19.6 20.6 20.3 26.9 23.8 20.0 20.0 32.9 13.9 9.9 Q.II 20.9 21.9 20.3 27.2 24.2 21.4 21.4 33.4 14.3 10.2 Q.III 22.2 23.2 20.1 27.7 26.5 22.7 22.7 33.3 15.8 11.0 Q.IV 23.6 24.3 22.0 28.5 29.4 24.0 24.0 32.9 18.7 11.8 2003/04 Q.I 24.9 25.9 22.8 29.2 28.5 24.3 24.3 33.2 21.0 12.1 Q.II 23.9 24.4 22.5 29.0 28.3 23.3 23.3 36.5 20.1 12.8 Q.III 22.8 23.0 22.9 29.3 28.5 23.8 23.8 34.4 17.5 13.2 Q.IV 24.5 24.4 23.9 30.3 29.1 25.4 25.4 35.6 20.8 14.5 2004/05 Q.I 25.1 25.0 24.3 29.3 28.3 24.3 24.3 36.6 23.0 15.4 Q.II 25.4 25.2 24.2 29.5 28.9 24.3 24.3 37.5 24.5 15.5 Q.III 25.6 25.0 24.8 31.0 29.1 25.5 25.5 36.3 22.3 18.4 Q.IV 27.3 26.8 26.8 31.0 29.1 27.1 27.1 37.4 23.7 19.4 2005/06 Q.I 28.8 28.7 29.5 32.4 28.2 27.3 27.3 40.8 23.8 20.7 Q.II 28.7 28.9 30.5 32.2 28.1 28.2 28.2 38.9 23.6 20.9 Q.III 28.9 29.2 31.1 32.7 28.7 28.8 28.8 41.0 23.6 21.0 Q.IV 30.4 30.6 35.2 33.6 29.3 30.8 30.8 45.7 22.9 22.8 2006/07 Q.I 32.6 33.0 37.9 35.3 29.0 33.1 33.1 43.8 23.3 23.5 Q.II 33.5 33.5 38.4 36.7 30.4 34.0 34.0 42.4 24.0 23.4 Q.III 34.7 34.6 39.1 37.1 33.2 35.0 35.0 41.1 33.0 23.8 Q.IV 36.6 35.8 41.8 38.6 37.3 35.8 35.8 41.3 49.9 24.3 2007/08 Q.I 39.7 38.3 42.9 39.0 40.1 37.3 37.3 40.8 74.8 26.6 Q.II 42.0 41.0 43.9 40.3 44.6 40.9 40.9 39.8 77.4 28.4 Q.III 46.0 45.5 46.7 44.3 49.9 47.9 47.9 44.6 75.3 29.9 Q.IV 57.5 60.5 51.5 50.2 56.5 58.5 58.5 49.8 87.0 32.1 2008/09 Q.I 73.7 85.6 56.6 55.3 56.3 70.2 70.2 60.5 98.1 32.8 Q.II 67.5 80.6 57.1 57.1 53.9 65.2 65.2 64.1 75.8 33.0 Q.III 62.6 74.0 57.0 59.5 51.1 66.3 66.3 73.8 49.4 33.9 Q.IV 63.2 73.5 59.8 63.7 51.9 70.1 70.1 76.9 39.1 35.0 2009/10 Q.I 64.2 75.7 61.2 65.5 51.5 66.2 66.2 78.3 40.8 38.0 Q.II 62.8 73.1 61.4 66.8 51.3 64.8 64.8 80.0 46.3 41.8 QIII 62.7 71.7 63.2 69.5 52.0 65.8 65.8 84.1 52.8 42.6 QIV 63.0 70.1 65.6 70.2 54.9 65.2 65.2 86.3 69.9 42.3 2010/11 QI 63.9 69.0 67.9 73.2 58.5 68.0 68.0 85.7 79.4 47.3 Q.II 67.0 68.2 68.7 78.3 70.5 75.3 75.3 90.0 71.6 57.6 Q.III 73.5 71.5 63.0 85.5 77.5 85.0 85.0 87.5 74.6 77.3 Q.IV 87.9 83.1 71.0 91.8 105.7 93.4 93.4 91.6 107.5 90.9 2011/12 Q.I 95.6 92.3 88.8 95.7 106.0 90.9 90.9 93.5 122.5 91.9 Q.II 100.2 98.4 96.5 98.5 101.1 97.6 97.6 97.8 122.8 97.2 Q.III 106.4 104.3 107.9 110.0 104.6 104.1 111.8 101.0 107.4 97.9 Q.IV 115.4 113.8 127.9 119.8 112.9 105.0 122.9 104.3 116.9 90.3 2012/13 Q.I 118.9 121.0 137.3 120.8 109.0 117.4 123.6 105.3 120.1 88.2 Q.II 116.8 118.8 138.4 126.0 105.7 132.7 120.3 107.3 116.6 84.7 Q.III 116.0 116.4 142.5 131.6 106.3 128.6 120.3 111.3 113.9 80.2 Q.IV 118.7 121.4 145.7 132.9 109.7 123.1 121.3 111.8 117.5 78.7 2013/14 Q.I 124.4 130.5 151.0 136.2 108.5 121.3 127.8 113.5 120.0 79.4 Q.II 124.8 134.1 153.5 138.2 108.0 124.8 123.3 112.7 121.0 79.0 Q.III 122.1 120.0 155.3 143.4 111.1 127.8 130.6 111.6 119.0 79.1 Q.IV 126.9 125.3 159.2 145.5 116.1 124.1 130.1 113.2 129.4 94.3 2014/15 Q.I 130.4 130.7 161.1 150.4 123.9 129.6 127.5 112.8 140.1 99.3 Q.II 130.6 126.1 161.2 152.4 127.2 133.7 133.7 115.2 135.5 101.7 Q.III 133.1 121.6 164.8 160.9 134.2 143.7 144.5 114.7 142.2 95.9 Q.IV 141.1 126.0 171.3 175.4 144.4 141.3 153.6 116.8 172.4 91.1 2015/16 Q.I 149.9 133.0 179.7 176.6 146.6 148.4 157.3 116.5 226.6 87.2 QII 148.0 132.7 182.0 180.8 141.8 160.0 157.2 117.5 208.0 85.1 QIII 145.8 135.1 183.5 189.9 137.6 165.2 157.2 124.7 174.3 81.1 QIV 151.3 138.5 190.6 196.2 142.0 160.7 167.8 128.1 175.3 84.1 2016/17 Q.I 157.2 145.3 199.1 195.1 142.4 165.1 174.1 132.3 180.2 92.3 Q.II 155.2 144.8 198.9 197.7 141.4 166.6 162.9 144.4 181.9 99.3 Q.III 156.7 141.6 200.9 203.6 147.4 173.0 170.2 144.9 181.4 98.2 Q.IV 170.0 157.4 217.0 215.3 155.2 180.8 186.1 141.7 198.5 96.7 2017/18 QI 177.6 175.2 226.9 214.7 152.7 201.4 183.1 142.8 209.9 101.8 QII 181.9 179.1 233.1 220.7 149.9 214.6 189.8 142.2 209.4 109.2 Table 21 (B): National Food Consumer Price Index, December 2011=100 Source: Central Statistical Agency and NBE Staff Compilation.

84 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Period General Index Food & Non-alcoholic Beverages Alcoholic beverages & Tobacco Clothing & Foo-twear Hosing, Water,Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 1997/98 Q.I 26.6 22.5 29.8 31.9 32.0 30.8 33.1 25.9 25.9 39.8 39.8 20.8 38.7 31.7 Q.II 26.4 22.0 30.2 31.4 32.0 29.7 32.9 25.8 25.8 39.7 39.7 20.8 37.2 31.3 Q.III 26.1 21.7 30.2 30.9 31.7 29.4 31.6 26.1 26.1 39.8 39.8 19.2 36.9 31.1 Q.IV 26.6 22.3 30.5 30.3 33.7 29.4 31.1 25.7 25.7 39.7 39.7 20.8 35.8 31.4 1998/99 Q.I 27.2 23.6 30.0 29.5 33.7 28.6 30.3 25.8 25.8 36.8 36.8 20.8 33.1 30.7 Q.II 25.7 21.4 30.5 28.4 34.1 27.3 27.6 26.0 26.0 35.5 35.5 20.1 29.4 30.1 Q.III 26.3 22.5 30.6 28.2 34.4 27.5 27.8 25.9 25.9 34.4 34.4 20.4 29.2 30.1 Q.IV 27.6 24.6 31.9 28.1 34.3 27.5 27.7 25.9 25.9 34.5 34.5 20.9 29.1 30.1 1999/00 Q.I 28.4 26.0 31.1 27.5 34.1 27.6 27.1 26.8 26.8 33.9 33.9 20.6 29.2 29.9 Q.II 27.3 24.2 31.0 27.1 34.1 27.7 27.2 26.2 26.2 33.2 33.2 21.2 31.0 29.8 Q.III 27.1 23.5 31.2 27.6 35.1 27.8 26.2 28.0 28.0 35.2 35.2 21.3 31.1 30.6 Q.IV 28.4 24.9 32.5 27.3 36.8 28.7 27.6 28.8 28.8 37.6 37.6 21.4 30.9 31.5 2000/01 Q.I 28.6 24.8 31.8 26.4 37.9 29.5 28.3 31.1 31.1 38.0 38.0 22.1 29.5 32.1 Q.II 27.5 23.0 31.1 25.8 38.4 29.2 25.3 32.5 32.5 37.9 37.9 21.5 29.7 32.1 Q.III 27.0 21.9 30.8 25.9 38.3 30.4 24.6 33.8 33.8 37.3 37.3 22.1 30.8 32.4 Q.IV 26.5 21.3 31.8 25.4 37.4 30.9 24.4 32.7 32.7 38.2 38.2 21.3 30.7 32.1 2001/02 Q.I 26.0 20.7 32.0 25.9 37.6 28.2 23.9 33.0 33.0 37.5 37.5 22.7 30.2 31.8 Q.II 26.0 20.5 31.5 25.5 37.5 28.7 24.4 33.1 33.1 38.3 38.3 23.1 30.3 31.8 Q.III 25.9 20.2 31.6 25.9 37.6 28.9 25.0 33.1 33.1 38.1 38.1 23.2 31.4 32.0 Q.IV 25.6 19.7 31.4 25.9 38.0 28.4 24.9 32.8 32.8 37.5 37.5 23.6 31.8 32.0 2002/03 Q.I 26.3 21.0 31.4 25.6 38.5 28.3 25.1 33.0 33.0 37.5 37.5 22.8 31.9 32.0 Q.II 26.7 21.5 31.0 26.1 39.2 27.9 24.5 33.0 33.0 36.9 36.9 22.7 32.1 32.2 QIII 27.2 22.5 31.5 25.7 39.1 28.1 24.6 33.0 33.0 37.4 37.4 23.1 32.3 32.2 QIV 28.0 23.8 33.7 24.9 39.5 29.2 24.2 33.0 33.0 37.6 37.6 23.6 32.4 32.4 2003/04 Q.I 28.6 24.6 33.1 25.1 40.4 28.8 23.0 33.3 33.3 38.0 38.0 23.4 32.5 32.6 Q.II 28.5 24.1 32.0 24.8 42.1 28.9 23.2 33.3 33.3 36.8 36.8 23.9 32.5 32.9 Q.III 28.2 23.3 32.1 24.5 42.2 28.4 23.2 34.1 34.1 40.1 40.1 24.2 32.7 33.3 Q.IV 29.1 24.6 32.4 25.0 42.8 29.0 24.2 34.8 34.8 40.1 40.1 24.2 33.4 33.8 2004/05 Q.I 30.1 25.4 32.2 24.0 44.9 29.7 34.1 35.7 35.7 41.6 41.6 24.6 33.5 34.7 Q.II 30.6 25.4 32.4 24.2 46.3 29.8 36.1 36.7 36.7 45.1 45.1 24.7 33.7 35.7 Q.III 30.6 25.0 32.3 24.7 47.1 29.7 36.1 37.6 37.6 44.2 44.2 25.3 34.1 36.1 Q.IV 31.4 26.3 32.7 24.9 47.5 30.2 39.3 37.8 37.8 42.6 42.6 25.7 33.6 36.3 2005/06 Q.I 32.3 27.6 33.5 25.2 48.4 30.5 39.5 37.6 37.6 44.8 44.8 26.1 34.1 36.8 Q.II 32.5 28.1 32.8 25.0 48.4 30.3 39.7 38.2 38.2 44.1 44.1 27.2 33.7 36.7 Q.III 33.2 28.9 33.7 26.4 49.2 30.8 39.4 38.0 38.0 43.7 43.7 27.8 33.6 37.3 Q.IV 34.8 30.7 34.3 26.5 50.6 31.5 45.7 39.6 39.6 44.4 44.4 29.1 34.9 38.4 2006/07 Q.I 37.4 33.2 35.1 27.7 55.5 32.8 48.4 41.9 41.9 46.5 46.5 31.7 37.2 41.0 Q.II 39.2 35.1 35.5 28.3 57.0 33.7 49.7 44.7 44.7 50.7 50.7 32.9 36.9 42.5 Q.III 40.1 36.7 36.6 29.8 56.7 35.5 53.0 44.1 44.1 48.3 48.3 35.9 37.1 42.9 Q.IV 41.9 39.6 37.5 30.5 57.5 37.7 56.2 44.1 44.1 48.6 48.6 35.7 37.6 43.7 2007/08 Q.I 43.7 42.9 38.3 31.9 57.5 38.4 57.4 44.1 44.1 49.9 49.9 36.3 38.6 44.4 Q.II 44.5 43.2 39.6 35.9 56.1 42.0 60.4 43.9 43.9 51.5 51.5 38.3 39.6 45.6 Q.III 48.2 47.0 43.6 38.1 60.1 48.2 63.6 47.1 47.1 53.6 53.6 39.0 41.7 49.2 Q.IV 55.1 58.0 46.7 39.8 66.4 52.0 65.8 48.7 48.7 55.6 55.6 44.8 45.1 52.6 2008/09 Q.I 61.6 69.9 54.2 43.2 67.3 53.8 70.9 48.6 48.6 55.5 55.5 48.5 48.0 54.6 Q.II 62.3 68.1 57.4 45.7 69.6 55.9 72.4 54.2 54.2 60.3 60.3 50.6 48.7 57.5 Q.III 60.9 65.1 63.3 48.1 67.2 57.3 72.3 50.7 50.7 63.8 63.8 51.3 49.9 57.4 Q.IV 63.0 67.3 63.5 50.3 68.6 59.1 74.7 52.7 52.7 65.9 65.9 54.5 53.9 59.3 2009/10 Q.I 65.8 69.5 64.0 52.5 72.2 60.4 78.4 60.6 60.6 66.5 66.5 58.0 57.4 62.7 Q.II 67.8 70.5 64.8 53.6 74.9 64.4 79.3 65.7 65.7 68.9 68.9 63.4 60.9 65.6 Q.III 68.0 68.9 66.1 55.5 75.8 67.1 79.3 67.1 67.1 71.1 71.1 68.2 62.9 67.2 Q.IV 71.1 72.5 69.7 57.7 78.5 70.4 82.4 70.8 70.8 71.3 71.3 72.0 63.9 69.8 2010/11 Q.I 74.2 76.9 72.7 63.1 79.0 73.2 82.9 70.4 70.4 75.0 75.0 76.2 66.3 72.0 Q.II 79.1 78.8 81.8 70.6 86.8 79.5 85.2 78.3 78.3 86.2 86.2 79.4 71.6 79.4 Q.III 82.5 79.0 79.5 75.4 95.2 84.6 86.0 86.5 86.5 87.4 87.4 80.8 81.5 85.4 Q.IV 89.8 88.4 84.8 81.5 98.9 91.0 90.3 96.6 96.6 87.2 87.2 85.9 87.4 91.0 2011/12 Q.I 94.9 95.9 91.8 86.8 101.0 92.4 93.3 96.5 96.5 90.9 90.9 92.3 92.8 94.1 Q.II 99.0 102.4 96.1 95.1 100.5 97.0 98.0 97.1 97.1 99.6 99.6 97.1 97.9 97.8 Q.III 103.8 106.9 104.5 104.0 102.5 102.6 100.7 100.0 100.0 100.2 100.0 100.0 103.8 101.7 Q.IV 108.8 116.9 105.0 106.2 104.2 104.6 104.5 100.1 100.0 101.6 107.7 100.0 106.8 103.3 2012/13 Q.I 112.4 121.0 105.3 111.7 112.3 107.2 106.9 99.2 100.0 103.7 104.6 100.0 110.0 106.7 Q.II 113.8 118.8 106.1 119.2 116.3 108.9 109.7 99.2 100.0 107.3 104.6 109.9 114.0 110.5 Q.III 114.4 116.8 115.6 121.7 118.2 112.7 114.8 99.2 100.0 109.1 108.2 113.3 118.9 112.8 Q.IV 116.9 120.8 118.7 125.0 118.3 115.9 121.3 99.1 100.0 111.3 111.9 116.7 120.9 114.4 2013/14 Q.I 121.7 126.0 122.9 127.0 124.3 118.2 112.3 99.3 100.0 115.1 111.9 132.8 123.4 118.9 Q.II 123.3 124.4 130.8 129.4 128.8 120.2 115.2 102.6 100.0 123.6 111.9 140.0 126.6 122.6 Q.III 124.3 122.4 128.2 133.1 132.7 125.2 119.4 107.9 100.0 127.7 111.9 139.6 126.9 125.6 Q.IV 127.4 127.1 135.3 137.5 133.3 128.6 128.2 108.1 100.0 130.2 111.9 145.4 126.3 127.6 2014/15 Q.I 130.3 133.8 137.6 137.8 132.3 127.6 136.1 108.0 100.0 133.7 111.9 147.4 130.9 127.9 Q.II 130.6 134.4 137.7 138.5 132.5 128.3 141.5 107.3 100.0 129.8 111.9 147.6 131.8 128.2 Q.III 133.6 140.0 140.3 139.8 134.7 131.9 142.9 99.1 100.0 130.0 111.9 154.7 138.4 129.4 Q.IV 139.7 152.3 138.7 143.5 138.2 135.4 144.0 96.7 100.0 129.0 111.9 157.4 142.1 131.4 2015/16 Q.I 149.0 171.4 140.0 147.0 141.8 136.2 145.3 97.6 100.0 129.8 124.3 159.3 144.8 134.1 QII 150.6 174.4 141.8 148.2 140.6 136.2 147.4 97.7 100.0 130.4 136.7 161.2 145.0 134.7 QIII 146.0 158.5 145.5 148.1 142.4 141.6 151.2 97.9 100.0 132.2 149.1 169.0 147.1 137.7 QIV 145.4 156.3 145.3 148.6 142.2 144.9 151.7 97.1 100.0 132.6 149.1 170.5 148.5 138.1 2016/17 QI 144.5 154.8 144.1 149.4 140.0 147.1 153.5 96.2 100.0 134.2 149.1 170.1 149.8 137.6 QII 149.5 163.4 155.0 156.0 141.2 152.6 154.2 95.4 100.0 141.6 149.1 176.0 152.0 140.3 QIII 150.4 160.7 156.5 157.3 144.6 156.2 160.8 101.5 100.0 141.7 149.1 178.9 161.8 161.5 QIV 154.2 166.5 150.5 146.8 148.4 163.1 172.0 104.9 111.6 148.1 149.1 179.4 161.8 146.0 2017/18 QI 157.4 173.8 156.5 150.1 142.9 174.9 168.3 104.7 111.4 150.3 149.1 186.6 160.5 146.5 QII 161.8 175.9 155.5 153.1 145.7 183.4 172.5 104.9 112.2 149.0 149.1 212.2 171.4 152.4 Table 21 (C): Addis Ababa Non-Food Consumer Price Index , December 2011=100 Source: Central Statistical Agency and NBE Staff Compilation.

Second Quarter 2017/18 85 National Bank of Ethiopia Quarterly Bulletin Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 1996/97 22.4 21.6 25.4 22.0 21.5 34.8 34.8 36.9 32.5 20.4 Q.I 24.3 24.4 25.1 22.2 22.1 35.6 35.6 42.6 37.3 21.1 Q.II 22.6 21.5 25.3 21.9 21.9 34.8 34.8 37.9 30.6 19.6 Q.III 21.2 19.5 25.1 22.1 21.5 35.0 35.0 34.4 28.6 19.7 Q.IV 21.7 20.9 26.2 21.6 20.7 33.8 33.8 32.8 33.7 20.9 1997/98 22.1 22.1 24.1 22.3 19.6 35.0 35.0 35.4 23.5 19.7 Q.I 22.5 22.2 25.4 22.0 18.9 32.7 32.7 32.1 27.2 20.8 Q.II 22.0 22.6 24.6 22.2 17.7 29.0 29.0 33.4 24.9 19.5 Q.III 21.7 21.6 23.9 22.1 17.4 31.3 31.3 39.7 19.0 19.1 Q.IV 22.3 21.8 22.7 22.9 17.7 35.5 35.5 36.5 23.0 19.4 1998/99 23.0 23.5 19.5 21.4 19.7 37.6 37.6 32.9 27.3 16.6 Q.I 23.6 22.9 22.2 22.4 16.8 39.6 39.6 34.7 32.8 18.4 Q.II 21.4 22.9 18.5 21.0 17.1 29.4 29.4 32.3 21.1 16.3 Q.III 22.5 22.6 18.7 20.7 19.4 44.8 44.8 34.0 20.9 16.0 Q.IV 24.6 25.4 18.8 21.3 25.5 36.6 36.6 30.6 34.5 15.7 1999/00 24.7 26.0 19.6 22.5 25.2 30.5 30.5 32.8 38.7 16.2 Q.I 26.0 26.9 19.0 22.8 27.4 29.5 29.5 31.7 44.4 15.8 Q.II 24.2 25.8 19.0 22.2 26.0 27.5 27.5 31.2 37.5 16.4 Q.III 23.5 25.0 19.9 22.0 22.9 31.0 31.0 35.1 32.6 16.7 Q.IV 24.9 26.2 20.5 22.9 24.3 34.1 34.1 33.1 40.2 15.9 2000/01 22.7 24.1 19.8 22.9 20.1 25.4 25.4 40.8 29.5 15.2 Q.I 24.8 25.9 20.0 23.0 22.2 27.5 27.5 43.9 38.9 16.1 Q.II 23.0 24.6 19.5 23.1 20.0 25.7 25.7 40.7 29.9 15.4 Q.III 21.9 23.3 19.8 22.5 19.9 23.6 23.6 42.0 24.7 14.7 Q.IV 21.3 22.8 20.0 23.2 18.4 24.7 24.7 36.5 24.5 14.5 2001/02 20.3 21.6 19.2 23.2 18.3 23.5 23.5 31.1 20.4 13.1 Q.I 20.7 22.2 19.6 22.7 18.3 22.7 22.7 31.2 22.7 14.2 Q.II 20.5 21.7 19.2 23.1 19.2 23.9 23.9 31.0 20.9 14.0 Q.III 20.2 21.5 19.0 23.7 17.8 24.4 24.4 30.9 20.3 13.0 Q.IV 19.7 21.0 19.2 23.2 17.8 23.0 23.0 31.1 17.7 11.0 2002/03 22.2 23.7 19.9 24.0 24.0 24.6 24.6 30.9 24.1 10.5 Q.I 21.0 22.3 19.6 23.5 22.4 22.3 22.3 31.1 20.4 10.0 Q.II 21.5 23.5 19.3 23.3 21.8 23.8 23.8 31.0 20.6 10.4 Q.III 22.5 24.2 19.9 24.6 24.5 25.0 25.0 30.9 24.6 10.7 Q.IV 23.8 24.8 20.7 24.6 27.2 30.7 30.9 11.0 2003/04 24.1 25.3 21.4 24.8 26.3 25.5 25.5 35.3 29.7 12.8 Q.I 24.6 26.1 21.2 24.2 27.0 24.5 24.5 31.0 34.8 11.8 Q.II 24.1 25.5 21.1 24.8 26.0 23.6 23.6 38.7 30.9 12.5 Q.III 23.3 24.2 21.1 24.5 25.9 26.3 26.3 34.4 24.4 12.7 Q.IV 24.6 25.4 22.3 25.7 26.3 27.8 27.8 37.1 28.8 14.2 2004/05 25.5 26.4 23.8 26.3 26.4 25.9 25.9 41.4 28.9 16.3 Q.I 25.4 26.1 23.0 26.2 26.2 25.0 25.0 41.1 32.7 14.7 Q.II 25.4 26.6 22.4 26.2 26.6 23.6 23.6 44.3 31.1 14.8 Q.III 25.0 25.9 23.6 26.7 26.2 25.9 25.9 39.5 25.7 17.9 Q.IV 26.3 27.0 26.0 26.2 26.5 29.0 29.0 40.8 26.2 17.8 2005/06 28.8 30.4 30.3 28.9 26.0 30.5 30.5 48.7 24.3 19.7 Q.I 27.6 28.7 27.9 27.7 25.9 27.6 27.6 48.1 25.4 18.9 Q.II 28.1 29.8 29.0 28.5 25.7 31.1 31.1 42.3 25.3 19.1 Q.III 28.9 30.2 30.2 29.4 26.2 32.0 32.0 50.0 24.8 19.9 Q.IV 30.7 32.7 34.2 29.8 26.2 31.2 31.2 54.3 21.8 20.8 2006/07 36.2 39.1 39.0 33.8 31.5 33.0 33.0 48.1 36.3 22.3 Q.I 33.2 36.4 37.0 31.4 26.5 29.5 29.5 49.8 25.7 21.3 Q.II 35.1 38.9 38.1 32.4 29.3 31.0 31.0 47.3 27.2 21.5 Q.III 36.7 39.8 38.9 33.5 32.7 36.1 36.1 47.3 36.4 23.0 Q.IV 39.6 41.4 41.9 37.9 37.3 35.2 35.2 47.8 55.7 23.3 2007/08 47.8 50.1 45.3 42.0 47.2 53.0 53.0 48.9 85.7 28.0 Q.I 42.9 42.7 42.7 39.3 40.1 39.5 39.5 46.5 90.3 24.8 Q.II 43.2 43.7 43.3 39.9 43.2 44.6 44.6 44.5 78.9 27.6 Q.III 47.0 48.1 44.4 41.6 48.0 60.7 60.7 51.3 79.3 29.2 Q.IV 58.0 65.8 50.8 47.1 57.7 67.0 67.0 53.3 94.4 30.6 2008/09 67.6 84.0 58.6 59.1 54.0 73.3 73.3 73.8 67.5 29.9 Q.I 69.9 84.6 58.4 56.0 56.3 70.7 70.7 65.3 100.8 30.4 Q.II 68.1 85.8 58.9 58.8 53.8 67.2 67.2 64.8 76.9 29.8 Q.III 65.1 82.1 57.2 59.2 51.1 73.5 73.5 79.6 51.8 29.6 Q.IV 67.3 83.6 59.9 62.4 55.0 81.8 81.8 85.6 40.4 29.8 2009/10 70.4 84.8 64.5 68.6 54.8 71.4 71.4 93.2 58.7 39.6 Q.I 69.5 87.4 62.8 68.7 54.5 71.2 71.2 87.4 42.1 36.3 Q.II 70.5 86.9 62.8 68.1 54.1 68.8 68.8 95.8 57.0 41.5 Q.III 68.9 81.9 63.7 67.5 54.9 69.6 69.6 94.0 56.9 41.0 QIV 72.5 82.8 68.7 70.2 55.8 76.1 76.1 95.4 78.8 39.6 2010/11 80.8 83.4 72.9 75.9 76.5 98.1 98.1 99.2 86.3 64.9 Q.I 76.9 82.3 71.8 72.4 59.1 90.7 90.7 101.6 88.5 44.1 Q.II 78.8 82.2 72.8 74.3 69.8 95.6 95.6 106.1 69.9 56.3 Q.III 79.0 80.2 72.4 77.0 74.6 101.5 101.5 93.6 76.1 72.5 Q.IV 88.4 89.0 74.7 80.2 102.3 104.4 104.4 95.6 110.6 86.7 2011/12 105.5 103.6 104.9 100.2 105.2 100.9 106.2 98.2 121.1 96.0 Q.I 95.9 94.5 88.3 88.2 106.0 91.0 91.0 96.1 129.2 90.0 Q.II 102.4 99.5 97.5 97.7 101.9 96.5 96.5 97.6 120.4 98.1 Q.III 106.9 104.1 106.1 105.0 103.8 106.6 114.0 98.9 115.3 99.6 Q.IV 116.9 116.4 127.7 109.9 109.1 109.5 123.4 100.2 119.7 96.2 2012/13 119.3 128.1 133.8 127.0 108.7 130.1 119.9 100.1 97.2 89.8 Q.I 121.0 125.5 132.0 119.2 107.1 120.8 129.4 100.2 111.5 93.9 Q.II 118.8 129.6 128.5 126.5 106.7 123.0 120.3 100.1 96.4 91.7 Q.III 116.8 127.5 136.3 130.5 108.7 135.4 107.7 100.1 91.8 88.5 Q.IV 120.8 129.6 138.2 131.8 112.2 141.3 122.2 100.2 89.2 84.8 2013/14 125.0 131.6 144.2 135.8 112.6 141.6 127.2 102.0 102.7 90.6 Q.I 126.0 133.7 140.8 135.0 112.2 140.6 136.3 100.2 96.0 86.6 Q.II 124.4 137.9 140.7 135.4 111.6 133.8 119.8 100.3 102.1 87.4 Q.III 122.4 126.8 144.3 134.6 111.7 145.3 126.9 100.6 92.4 89.1 Q.IV 127.1 128.2 151.0 138.0 114.9 146.8 125.9 106.7 120.3 99.4 2014/15 140.1 132.6 151.6 152.5 135.2 156.9 147.6 106.3 170.1 103.4 Q.I 133.8 133.6 151.5 142.5 122.4 141.9 129.9 106.6 160.8 101.1 Q.II 134.4 133.9 146.2 149.1 129.2 141.6 140.5 106.7 130.8 105.4 Q.III 140.0 129.7 151.3 151.9 137.5 173.6 155.8 104.8 152.2 105.1 Q.IV 152.3 133.4 157.5 166.5 151.9 170.6 164.1 107.3 236.8 101.8 2015/16 165.2 140.1 178.0 179.2 147.6 174.9 177.9 109.5 305.0 96.7 Q.I 171.4 137.1 174.6 177.4 152.1 171.5 178.4 107.8 399.1 98.2 Q.II 174.4 137.7 179.2 179.8 151.9 169.1 183.9 108.0 410.7 97.8 QIII 158.5 142.9 179.2 179.9 145.2 176.0 176.0 108.0 212.4 96.1 QIV 156.3 142.5 178.9 180.0 141.0 183.1 173.3 114.3 197.6 94.8 2016/17 161.4 158.9 186.3 187.9 141.2 188.7 184.6 125.9 136.1 103.8 QI 154.8 144.4 178.2 179.9 136.9 191.3 171.8 121.3 178.4 95.3 QII 163.4 166.2 187.6 187.6 140.4 163.0 181.7 124.5 140.9 108.0 QIII 160.7 159.8 181.7 192.3 141.5 194.5 187.6 129.2 117.5 108.0 QIV 166.5 165.3 197.7 192.0 146.1 205.9 197.3 128.5 107.5 104.0 2017/18 QI 173.8 179.9 212.9 197.6 150.7 231.7 192.0 129.5 107.6 111.6 QII 175.9 185.2 213.5 198.9 150.1 217.3 185.2 129.5 128.6 117.7 Table 21(D): Addis Ababa Food Consumer Price Index , December 2011=100 Source: Central Statistical Agency and NBE staff computation.

86 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 21 (E1): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Period General Index Food & Non-alcoholic 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 Non-Food Index AFAR 2000/01 Q.III 27.3 21.9 38.6 45.0 28.9 39.0 53.7 43.7 43.7 53.3 53.3 22.0 57.4 37.8 Q.IV 26.7 21.1 37.8 45.8 29.2 39.3 52.4 43.4 43.4 52.8 52.8 22.2 57.3 37.4 2001/02 Q.I 26.3 20.9 39.9 42.6 28.1 39.3 51.5 42.4 42.4 51.5 51.5 20.5 57.4 37.0 Q.II 25.5 20.2 40.2 41.5 26.9 39.2 51.7 43.1 43.1 51.2 51.2 20.2 56.7 36.3 Q.III 25.3 20.2 40.3 40.7 25.7 38.8 51.9 44.0 44.0 53.2 53.2 21.9 55.4 35.7 Q.IV 25.4 20.9 39.9 41.3 24.2 38.5 51.7 43.9 43.9 54.5 54.5 22.7 55.2 35.2 2002/03 Q.I 26.5 22.5 40.1 40.8 24.8 36.3 53.0 44.5 44.5 54.1 54.1 22.5 55.5 35.3 Q.II 27.4 23.0 40.6 40.8 26.7 36.4 52.7 43.8 43.8 58.6 58.6 22.5 55.6 36.5 Q.III 28.4 24.0 40.0 40.6 29.0 36.8 53.1 42.8 42.8 58.4 58.4 22.6 55.6 37.2 Q.IV 29.7 24.7 41.3 40.6 32.2 36.5 49.4 43.0 43.0 58.0 58.0 24.0 55.9 39.2 2003/04 Q.I 30.3 25.8 41.5 40.5 32.0 35.7 51.3 42.8 42.8 57.0 57.0 24.1 54.7 39.2 Q.II 30.1 25.6 40.9 39.5 32.1 36.6 55.0 43.4 43.4 57.3 57.3 25.1 53.9 38.8 Q.III 29.6 24.8 39.5 39.2 32.4 37.4 58.6 43.4 43.4 58.2 58.2 25.6 59.1 38.6 Q.IV 30.3 25.3 39.8 38.3 34.4 36.3 59.1 43.9 43.9 57.5 57.5 24.2 60.5 39.3 2004/05 Q.I 30.1 25.0 39.1 38.7 34.6 35.9 60.0 43.7 43.7 57.9 57.9 24.3 60.6 39.1 Q.II 31.2 25.4 39.3 37.9 38.9 35.6 62.9 45.0 45.0 56.6 56.6 25.0 60.4 40.8 Q.III 30.9 24.9 38.7 40.1 38.5 36.2 61.9 45.3 45.3 56.6 56.6 25.7 60.2 40.8 Q.IV 31.6 26.3 39.5 40.3 36.9 35.5 59.1 44.5 44.5 60.4 60.4 25.7 62.0 40.6 2005/06 Q.I 32.1 27.4 39.5 39.1 36.7 36.4 63.6 45.3 45.3 57.8 57.8 27.1 63.4 40.2 Q.II 33.0 27.8 42.9 40.9 38.6 36.6 59.7 45.3 45.3 57.8 57.8 28.5 63.4 41.8 Q.III 33.5 28.4 42.3 41.0 39.5 37.8 63.9 45.4 45.4 57.9 57.9 28.6 63.7 42.1 Q.IV 34.8 30.3 42.3 40.3 40.1 38.9 64.5 45.9 45.9 57.3 57.3 29.0 65.7 42.0 2006/07 Q.I 36.1 31.7 42.7 41.4 41.2 38.8 62.7 47.3 47.3 56.8 56.8 31.2 68.2 42.9 Q.II 37.2 33.0 42.7 42.4 42.3 39.6 63.1 49.1 49.1 57.1 57.1 35.1 69.5 43.8 Q.III 39.0 32.7 43.6 44.4 46.1 39.3 63.6 53.0 53.0 53.7 53.7 37.4 70.0 46.1 Q.IV 40.4 34.7 44.5 45.1 43.5 40.4 62.3 55.8 55.8 49.2 49.2 38.5 70.0 45.4 2007/08 Q.I 43.1 36.6 44.8 46.6 43.7 42.1 63.2 58.1 58.1 50.3 50.3 39.8 69.9 46.4 Q.II 44.2 37.8 44.8 46.8 45.1 42.1 63.5 58.4 58.4 52.7 52.7 39.9 73.3 47.2 Q.III 45.9 39.6 45.4 48.8 46.2 45.9 64.6 62.3 62.3 54.4 54.4 42.1 73.7 49.1 Q.IV 52.0 48.0 47.2 50.5 46.8 51.2 66.1 63.7 63.7 54.3 54.3 49.2 74.7 50.9 2008/09 Q.I 61.0 60.5 55.4 54.3 47.5 54.6 63.5 63.7 63.7 56.5 56.5 58.3 78.2 53.2 Q.II 59.1 58.7 56.5 54.0 46.6 55.8 71.7 58.0 58.0 60.0 60.0 59.9 79.2 52.8 Q.III 57.2 56.6 58.0 56.0 45.7 56.9 70.2 47.6 47.6 65.2 65.2 60.5 80.8 52.9 Q.IV 58.7 58.8 60.4 56.0 46.7 61.1 75.4 50.2 50.2 65.7 65.7 61.8 82.4 54.4 2009/10 Q.I 62.2 61.7 62.3 59.8 52.7 62.3 79.6 57.8 57.8 64.1 64.1 63.8 84.0 58.6 Q.II 66.6 64.7 63.5 62.9 60.5 70.7 79.4 64.0 64.0 64.2 64.2 69.6 84.7 64.5 Q.III 67.8 64.6 65.8 66.2 64.2 74.8 83.0 67.3 67.3 62.7 62.7 70.2 85.1 67.8 Q.IV 69.5 65.0 70.1 66.0 68.2 75.5 82.9 69.4 69.4 66.3 66.3 71.8 87.0 70.0 2010/11 Q.I 71.5 66.3 71.3 66.2 74.2 76.7 77.1 67.3 67.3 69.1 69.1 73.6 86.5 72.7 Q.II 75.9 69.7 80.7 71.9 82.7 79.7 77.8 76.8 76.8 78.4 78.4 81.3 91.0 79.3 Q.III 81.6 74.9 87.4 75.4 92.0 84.9 85.7 89.1 89.1 78.4 78.4 84.8 92.2 86.0 Q.IV 89.2 80.4 88.9 80.6 105.7 83.3 94.3 107.0 107.0 80.4 80.4 92.2 94.2 93.9 2011/12 Q.I 95.9 86.7 98.3 90.8 106.6 94.2 89.0 110.4 110.4 83.8 83.8 100.4 98.1 99.4 Q.II 99.9 95.4 100.9 99.8 99.5 99.9 92.2 97.7 97.7 92.4 92.4 103.0 98.7 99.3 Q.III 104.4 105.1 108.6 102.7 101.7 105.0 99.7 103.8 100.0 98.9 0.0 103.0 101.7 103.4 Q.IV 110.7 111.8 111.6 107.1 114.5 100.4 106.6 109.4 100.0 98.3 0.0 113.6 106.7 109.0 2012/13 Q.I 115.9 117.9 107.6 116.3 125.4 94.8 109.6 118.0 100.0 101.5 0.0 117.7 107.3 113.1 Q.II 120.8 117.9 106.0 147.7 139.8 102.2 112.6 125.8 100.0 105.3 0.0 125.4 108.5 125.0 Q.III 121.0 113.8 98.2 158.0 159.3 104.6 117.2 125.8 100.0 104.2 0.0 125.4 109.4 131.2 Q.IV 127.0 116.0 90.8 164.3 199.6 108.7 124.1 125.8 100.0 105.1 0.0 130.7 112.7 142.9 2013/14 Q.I 136.1 124.8 107.6 171.6 210.0 114.1 144.2 144.0 100.0 107.5 0.0 136.3 117.3 152.3 Q.II 138.5 126.0 117.4 172.7 217.0 114.5 149.9 144.0 100.0 116.2 0.0 135.3 120.8 156.4 Q.III 133.9 122.6 105.2 179.2 189.5 115.7 162.4 144.0 100.0 121.4 0.0 141.3 123.9 150.1 Q.IV 130.1 126.9 94.1 179.8 130.5 118.1 161.4 150.9 100.0 120.4 0.0 149.1 127.7 134.7 2014/15 Q.I 131.6 129.7 97.0 179.4 120.3 121.5 165.3 167.0 100.0 123.7 0.0 147.7 145.7 134.4 Q.II 132.9 129.1 96.3 185.1 132.9 124.8 171.6 166.6 100.0 124.8 0.0 149.6 125.1 138.4 Q.III 138.2 129.5 117.1 179.2 171.1 124.1 170.3 171.8 100.0 123.4 0.0 153.2 127.1 150.7 Q.IV 148.9 139.0 138.9 180.0 195.7 138.7 175.1 173.9 100.0 122.7 0.0 158.7 125.8 163.1 2015/16 Q.I 157.4 153.3 143.2 189.4 179.1 143.7 176.7 169.2 100.0 134.3 0.0 166.5 130.2 163.3 Q.II 160.0 155.9 140.6 190.6 184.8 145.5 178.1 171.0 100.0 137.5 0.0 175.7 130.8 165.8 Q.III 157.3 147.3 144.0 186.9 203.3 152.2 190.1 183.6 100.0 135.5 0.0 173.3 132.2 171.7 Q.IV 161.1 147.3 161.8 182.4 230.8 153.6 191.3 184.1 100.0 137.3 0.0 173.3 131.3 180.9 2016/17 QI 166.0 147.3 170.1 182.4 270.6 157.6 191.8 174.6 100.0 139.7 0.0 175.7 130.8 192.9 QII 173.8 153.6 166.1 191.1 301.9 160.4 161.8 179.2 100.0 137.6 0.0 187.4 132.9 202.9 QIII 173.7 148.7 157.0 193.2 330.5 160.5 165.6 173.3 100.0 141.9 0.0 192.0 133.9 209.6 QIV 180.8 151.2 163.2 188.5 380.8 163.9 165.0 190.7 100.0 149.4 0.0 191.5 129.5 223.3 2017/18 QI 187.6 159.6 188.9 186.3 383.8 161.5 151.9 204.9 100.0 150.6 0.0 191.4 132.9 227.8 QII 194.0 168.6 192.8 190.6 382.5 165.4 152.4 223.7 100.0 148.8 0.0 197.2 133.0 230.6 Source: Central Statistical Agency

Second Quarter 2017/18 87 National Bank of Ethiopia Quarterly Bulletin Period General Index Food & Non-alcoholic 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 Non-Food Index AMHARA 2000/01 Q.III 22.3 19.6 37.2 28.4 25.2 31.4 68.9 31.4 31.4 45.1 45.1 22.6 39.6 30.7 Q.IV 21.1 17.8 36.9 28.7 26.1 32.6 67.3 30.9 30.9 44.9 44.9 23.0 39.7 31.2 2001/02 Q.I 20.8 16.8 36.7 29.4 29.3 31.4 67.9 31.3 31.3 43.3 43.3 23.8 39.3 32.6 Q.II 20.7 16.7 36.6 30.8 28.6 30.9 67.5 30.2 30.2 41.2 41.2 24.0 39.1 32.5 Q.III 19.9 15.9 36.5 30.3 27.7 30.2 66.1 33.6 33.6 40.4 40.4 24.1 38.8 32.0 Q.IV 20.1 16.6 36.4 29.5 26.0 30.1 67.0 34.3 34.3 40.8 40.8 24.2 38.8 31.1 2002/03 Q.I 22.5 19.5 37.5 29.0 27.0 30.5 66.6 35.1 35.1 41.0 41.0 24.2 38.8 31.4 Q.II 23.3 20.5 35.8 28.8 27.3 29.5 66.1 44.8 44.8 40.1 40.1 24.1 38.6 31.5 Q.III 24.3 21.8 37.2 28.5 27.5 29.4 66.2 46.2 46.2 40.3 40.3 24.6 38.6 31.6 Q.IV 25.5 23.3 40.7 29.5 27.5 29.5 63.1 46.2 46.2 39.4 39.4 25.3 33.9 31.7 2003/04 Q.I 27.4 25.6 38.7 29.1 28.5 30.1 65.9 46.6 46.6 40.0 40.0 26.1 39.0 32.4 Q.II 27.0 25.1 36.6 29.1 29.3 30.0 64.4 46.6 46.6 38.9 38.9 26.7 38.8 32.6 Q.III 26.2 23.7 36.4 29.4 30.5 30.2 65.4 46.0 46.0 39.0 39.0 27.2 38.7 33.2 Q.IV 27.5 25.8 36.3 28.6 28.4 30.9 65.9 45.4 45.4 39.7 39.7 27.8 39.8 32.2 2004/05 Q.I 28.5 26.8 36.0 28.5 30.3 30.6 65.6 45.4 45.4 38.5 38.5 28.3 39.0 32.9 Q.II 28.7 27.1 35.7 29.1 29.8 30.5 63.7 46.1 46.1 38.9 38.9 28.8 39.5 32.8 Q.III 27.8 25.6 36.0 30.0 30.6 31.1 63.2 45.8 45.8 40.1 40.1 28.9 39.3 33.5 Q.IV 29.8 28.3 37.0 30.1 30.5 31.9 64.3 45.6 45.6 40.8 40.8 30.1 39.5 33.7 2005/06 Q.I 31.9 30.7 37.1 29.6 32.7 32.3 62.7 45.7 45.7 40.9 40.9 30.8 39.6 34.5 Q.II 32.2 30.9 37.2 29.6 34.3 32.4 62.2 45.3 45.3 42.3 42.3 31.3 39.5 35.2 Q.III 32.1 30.5 38.4 31.7 34.5 33.6 63.0 45.9 45.9 43.2 43.2 32.1 40.5 36.2 Q.IV 33.7 31.6 39.0 32.3 38.4 35.0 64.0 53.8 53.8 44.5 44.5 33.6 41.8 38.5 2006/07 Q.I 36.5 33.9 38.9 33.4 45.9 36.3 62.8 59.0 59.0 45.4 45.4 35.5 42.9 42.2 Q.II 37.6 35.0 39.0 33.2 47.6 36.9 61.5 60.2 60.2 45.5 45.5 37.5 44.1 43.0 Q.III 39.1 36.7 40.2 33.5 49.1 37.3 62.1 59.8 59.8 45.4 45.4 38.3 44.9 43.9 Q.IV 41.0 39.3 41.6 34.3 49.1 38.7 60.7 62.2 62.2 46.6 46.6 39.0 45.4 44.4 2007/08 Q.I 44.1 43.6 41.8 35.9 49.9 40.1 64.2 59.9 59.9 46.8 46.8 42.1 45.4 45.3 Q.II 46.0 46.3 41.5 35.4 49.6 42.5 65.7 60.4 60.4 47.9 47.9 44.1 47.1 45.4 Q.III 47.9 48.1 45.4 36.9 51.2 46.1 70.7 66.9 66.9 49.6 49.6 46.8 50.0 47.4 Q.IV 55.5 58.7 51.4 37.8 52.1 49.9 74.8 70.3 70.3 51.5 51.5 50.5 53.0 49.2 2008/09 Q.I 69.2 77.0 67.4 39.8 55.9 53.7 73.2 70.3 70.3 53.5 53.5 56.9 55.2 53.5 Q.II 67.1 73.3 68.9 42.9 56.3 55.4 72.2 71.3 71.3 55.6 55.6 59.7 54.5 54.7 Q.III 62.2 65.5 69.3 45.3 56.3 59.4 76.6 65.3 65.3 58.3 58.3 61.2 56.1 55.7 Q.IV 62.2 64.3 73.0 48.4 58.6 62.1 81.1 66.5 66.5 63.1 63.1 62.0 58.5 58.1 2009/10 Q.I 65.0 66.5 73.1 51.1 63.8 64.7 83.6 70.2 70.2 65.8 65.8 64.9 62.1 62.1 Q.II 65.4 65.1 72.8 54.5 68.9 67.2 90.8 70.5 70.5 68.1 68.1 67.7 65.2 65.9 Q.III 65.5 64.1 73.9 58.7 70.9 69.7 96.0 73.6 73.6 68.7 68.7 69.5 67.4 68.4 Q.IV 66.7 65.1 80.5 61.9 71.7 71.9 98.3 76.6 76.6 70.8 70.8 69.6 68.1 69.9 2010/11 Q.I 68.5 66.3 82.2 64.4 75.6 73.9 99.5 75.1 75.1 76.3 76.3 71.2 70.1 73.0 Q.II 72.2 68.1 88.3 71.1 84.5 79.2 102.1 79.2 79.2 87.1 87.1 75.3 77.0 80.4 Q.III 76.5 71.4 89.9 78.1 91.8 83.7 102.4 98.7 98.7 87.6 87.6 78.1 81.5 86.8 Q.IV 87.3 85.9 98.8 84.3 93.2 89.1 104.1 108.9 108.9 91.0 91.0 83.8 84.2 90.2 2011/12 Q.I 95.2 95.7 107.6 89.9 95.3 94.9 105.0 109.5 109.5 95.3 95.3 91.2 93.9 94.1 Q.II 100.0 101.4 100.6 96.5 97.1 98.5 102.6 100.2 100.2 99.1 99.1 97.0 98.5 97.4 Q.III 103.3 104.3 104.1 101.1 102.6 102.2 104.2 101.5 100.0 103.7 100.0 102.0 100.0 102.2 Q.IV 109.0 113.0 112.2 103.5 102.9 105.8 106.5 101.3 100.0 109.9 100.0 106.6 102.1 105.0 2012/13 Q.I 114.1 120.1 117.6 104.9 105.0 107.6 109.1 102.9 100.0 109.9 100.0 111.9 103.5 107.8 Q.II 116.2 119.2 120.5 106.4 110.0 124.7 112.2 106.9 100.0 105.9 100.0 115.3 112.9 113.0 Q.III 116.9 118.6 122.4 107.4 109.9 130.8 121.9 104.6 100.0 107.5 100.0 120.8 114.6 115.2 Q.IV 120.0 122.0 126.4 111.1 111.5 133.7 129.9 100.5 100.0 110.1 100.0 125.8 116.6 118.0 2013/14 Q.I 123.4 127.0 130.4 112.6 112.1 134.7 134.6 95.0 100.0 109.8 100.0 129.6 117.6 119.6 Q.II 125.5 126.0 139.7 112.7 119.3 138.3 146.2 98.7 100.0 113.0 100.0 135.2 120.1 124.9207219 Q.III 126.2 123.9 144.1 115.9 125.0 142.2 151.6 101.2 100.0 114.6 100.0 136.5 121.0 128.5669712 Q.IV 128.2 125.6 143.4 116.9 128.9 149.1 155.2 101.6 100.0 114.6 100.0 137.5 121.9 130.8991904 2014/15 Q.I 129.6 127.3 145.9 119.1 128.3 150.0 157.6 101.8 101.7 115.1 108.3 140.0 122.3 132.0 Q.II 130.8 127.6 147.5 125.7 129.7 151.5 163.9 103.8 100.0 114.9 100.0 141.6 122.7 134.1 Q.III 132.9 128.7 149.1 129.4 134.8 154.8 165.5 103.9 103.5 116.4 100.0 143.6 123.7 137.3 Q.IV 136.2 131.1 154.9 128.6 141.3 159.6 158.5 103.3 114.4 117.3 100.0 148.1 124.7 141.4 2015/16 Q.I 142.4 139.0 154.1 131.3 148.2 163.2 159.4 114.0 125.0 113.1 100.0 152.7 123.8 145.8 Q.II 143.8 141.6 153.3 130.3 147.6 163.7 158.9 120.8 128.9 115.8 100.0 154.0 125.0 146.1 Q.III 145.1 140.6 156.5 127.8 153.5 169.3 162.8 122.6 112.8 125.1 100.0 160.4 123.7 149.9 Q.IV 146.4 141.1 159.7 128.9 156.9 171.1 166.2 119.9 112.9 125.9 100.0 162.0 125.3 152.0 2016/17 QI 146.7 141.2 159.8 129.7 157.3 171.9 172.3 116.3 113.0 125.6 100.0 162.7 125.6 152.4 QIII 160.5 155.4 159.7 126.9 185.0 180.7 176.7 122.9 114.3 128.6 100.0 177.8 131.0 165.8 QII 160.3 156.7 158.5 130.3 179.6 183.8 180.4 126.3 115.0 130.7 100.0 173.2 134.2 164.1 QIV 168.8 168.6 170.6 141.9 177.1 186.9 166.0 161.5 118.3 143.2 100.0 179.3 135.2 169.0 2017/18 QI 180.0 181.9 219.8 146.5 179.3 189.9 149.3 159.9 125.0 148.7 100.0 191.5 136.2 178.0 QII 182.4 181.9 223.6 151.5 186.9 193.9 162.8 154.2 125.0 146.1 100.0 195.8 139.9 182.9 Table 21 (E2): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Source: Central Statistical Agency

88 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Period General Index Food & Non-alcoholic 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 Non-Food Index BENISHANGUL GUMUZ 2000/01 Q.III 58.5 13.9 41.1 26.2 40.4 30.3 73.3 42.5 42.5 45.1 45.1 24.5 30.5 36.3 Q.IV 57.5 13.6 42.3 25.9 39.8 29.9 73.1 38.1 38.1 46.2 46.2 24.2 30.4 36.0 2001/02 Q.I 59.4 14.3 39.9 25.5 41.9 31.2 64.7 40.2 40.2 44.1 44.1 24.5 30.0 35.9 Q.II 60.5 14.8 38.9 24.9 43.1 31.6 61.9 40.2 40.2 42.2 42.2 24.6 29.7 35.8 Q.III 59.2 14.0 39.6 25.9 46.5 30.3 62.9 42.2 42.2 42.4 42.4 23.9 29.6 36.8 Q.IV 58.0 13.7 40.1 24.6 45.8 29.9 64.4 43.1 43.1 41.8 41.8 24.0 29.4 36.1 2002/03 Q.I 61.1 15.1 41.5 23.8 44.5 29.8 64.6 43.6 43.6 41.4 41.4 24.3 29.6 35.5 Q.II 67.2 17.4 39.7 23.8 46.3 29.4 65.0 45.5 45.5 40.6 40.6 24.1 29.4 35.8 Q.III 70.8 18.7 40.3 23.4 48.6 29.9 63.4 45.5 45.5 40.2 40.2 24.4 29.4 36.2 Q.IV 72.5 19.2 35.7 24.2 49.4 29.9 63.7 45.4 45.4 39.2 39.2 24.6 29.3 36.4 2003/04 Q.I 78.9 21.8 43.6 23.5 49.6 30.1 63.3 45.9 45.9 39.6 39.6 26.3 29.4 36.7 Q.II 80.0 22.5 40.7 24.0 46.4 28.5 64.4 46.5 46.5 39.8 39.8 27.0 29.4 35.9 Q.III 78.7 22.0 39.6 23.5 46.5 29.5 63.4 43.3 43.3 38.2 38.2 26.4 31.5 35.7 Q.IV 80.8 22.9 39.0 23.7 43.8 28.1 62.8 41.9 41.9 38.7 38.7 27.3 34.1 35.1 2004/05 Q.I 83.6 24.0 38.4 23.3 44.6 28.8 65.6 48.4 48.4 38.7 38.7 27.5 36.5 35.4 Q.II 84.9 24.3 39.5 23.7 46.1 30.3 64.3 51.1 51.1 37.4 37.4 28.8 37.7 36.2 Q.III 81.3 22.4 40.1 24.1 51.0 29.5 64.3 54.0 54.0 39.8 39.8 29.0 37.8 37.4 Q.IV 83.2 23.1 40.7 24.4 51.3 28.9 63.3 55.3 55.3 41.2 41.2 30.0 40.5 37.8 2005/06 Q.I 86.6 24.4 41.0 24.3 51.0 29.2 62.1 56.2 56.2 41.3 41.3 31.1 41.7 37.8 Q.II 88.5 25.1 42.7 24.9 50.3 28.7 65.3 54.8 54.8 43.0 43.0 31.3 41.3 38.3 Q.III 90.0 25.4 43.9 25.5 52.9 29.6 68.8 55.0 55.0 42.5 42.5 32.1 41.7 39.5 Q.IV 94.7 27.0 43.3 25.4 55.3 31.2 69.5 60.3 60.3 42.6 42.6 34.9 42.0 40.2 2006/07 Q.I 96.9 27.7 43.6 24.6 56.9 32.0 68.5 65.4 65.4 43.1 43.1 36.0 42.3 40.5 Q.II 99.3 28.5 43.9 25.1 58.9 31.8 69.4 67.1 67.1 44.5 44.5 36.9 42.1 41.3 Q.III 35.6 29.0 44.2 26.0 71.0 31.4 67.9 67.2 67.2 44.9 44.9 36.8 42.0 44.4 Q.IV 37.0 30.8 46.4 26.8 71.0 32.7 68.3 67.5 67.5 47.0 47.0 39.3 42.4 45.2 2007/08 Q.I 41.0 35.6 46.1 28.1 81.1 33.7 69.8 68.5 68.5 47.4 47.4 39.7 42.7 48.2 Q.II 43.9 39.2 47.2 29.8 84.5 34.4 74.9 67.8 67.8 48.2 48.2 42.2 44.0 50.0 Q.III 47.6 44.3 50.4 32.6 84.1 36.4 77.8 67.4 67.4 52.0 52.0 45.1 47.1 51.9 Q.IV 52.7 51.2 53.6 34.7 87.4 39.5 83.0 67.4 67.4 53.6 53.6 49.3 50.0 54.7 2008/09 Q.I 68.6 75.0 63.4 36.3 92.5 46.8 93.0 67.4 67.4 67.7 67.7 53.7 52.6 60.1 Q.II 64.9 67.0 63.0 39.7 93.3 49.3 96.1 71.7 71.7 71.0 71.0 54.6 53.8 62.2 Q.III 60.5 58.2 65.9 41.3 94.7 51.1 103.4 65.4 65.4 71.6 71.6 57.9 55.2 63.5 Q.IV 61.9 59.6 69.9 40.7 99.7 51.3 102.4 65.8 65.8 74.0 74.0 59.6 56.1 65.0 2009/10 Q.I 66.1 65.0 70.5 41.6 101.9 57.7 104.2 70.6 70.6 74.5 74.5 63.2 58.9 67.6 Q.II 64.5 59.2 70.0 47.1 108.2 60.1 103.7 75.8 75.8 76.7 76.7 66.5 61.0 71.5 Q.III 61.9 53.5 75.0 52.8 103.2 62.5 109.3 78.9 78.9 77.9 77.9 71.1 63.4 72.9 Q.IV 61.8 51.8 82.0 53.7 107.0 64.2 106.4 80.8 80.8 79.2 79.2 78.4 64.9 75.1 2010/11 Q.I 61.5 50.0 81.9 59.2 102.3 70.0 104.6 79.9 79.9 81.7 81.7 81.1 64.8 76.9 Q.II 65.6 51.5 88.9 67.9 109.5 80.1 109.4 85.3 85.3 88.1 88.1 82.9 72.9 84.3 Q.III 70.1 57.8 90.7 74.3 104.2 82.7 111.3 91.9 91.9 88.9 88.9 75.2 78.0 86.4 Q.IV 84.3 79.4 104.3 78.5 106.1 87.4 109.0 105.0 105.0 92.0 92.0 94.8 85.9 90.8 2011/12 Q.I 93.2 93.1 102.1 82.9 99.1 95.3 95.2 105.0 105.0 95.7 95.7 103.2 94.2 93.4 Q.II 99.3 100.4 100.6 94.7 98.2 98.7 100.2 98.3 98.3 99.3 99.3 101.3 98.9 97.8 Q.III 102.7 99.8 108.0 103.4 114.3 107.0 100.8 104.2 100.0 101.3 0.0 103.2 102.6 107.0 Q.IV 109.3 106.4 119.1 110.8 123.4 112.4 101.6 112.7 100.0 100.4 0.0 105.6 108.2 113.6 2012/13 Q.I 113.6 110.9 125.8 110.6 133.9 112.7 102.7 112.8 100.0 102.8 0.0 108.3 108.7 117.5 Q.II 113.7 109.5 141.8 120.2 132.2 114.6 108.3 105.4 100.0 105.2 0.0 109.7 110.9 120.1 Q.III 112.5 104.9 144.9 121.2 146.0 112.5 110.7 102.1 100.0 107.3 0.0 111.2 111.3 124.1 Q.IV 113.0 104.4 140.7 121.4 150.9 113.3 121.0 102.8 100.0 108.7 0.0 113.1 110.9 125.9 2013/14 Q.I 119.8 114.4 141.0 123.3 152.1 116.4 124.7 103.6 100.0 109.4 0.0 117.9 113.9 128.1 Q.II 126.2 121.6 162.1 124.6 158.0 119.7 138.9 106.7 100.0 109.5 0.0 120.6 115.5 133.2 Q.III 123.4 111.5 177.1 134.0 176.6 119.5 140.8 109.0 100.0 110.1 0.0 120.7 116.3 141.1 Q.IV 124.4 112.1 190.5 139.2 173.3 120.3 140.9 109.3 100.0 110.3 0.0 125.2 117.6 143.0 2014/15 Q.I 121.8 110.0 181.3 140.4 161.5 125.0 139.8 107.9 100.0 110.2 0.0 123.3 116.7 139.5 Q.II 122.3 111.3 170.1 142.6 160.5 125.5 127.3 106.5 100.0 111.3 0.0 128.3 115.7 138.9 Q.III 123.3 115.6 173.4 146.8 139.6 130.0 128.0 106.3 100.0 111.8 0.0 128.5 116.6 134.9 Q.IV 126.1 118.9 177.9 148.0 143.1 131.0 128.9 105.4 100.0 112.6 0.0 131.2 115.8 136.9 2015/16 Q.I 134.5 131.0 170.6 150.4 152.4 135.6 131.0 105.7 100.0 113.5 0.0 128.8 116.7 139.7 Q.II 135.2 132.8 171.9 150.9 146.7 137.6 134.4 105.8 100.0 113.7 0.0 129.0 117.2 138.8 Q.III 136.3 129.8 179.7 153.3 166.4 138.4 144.8 109.8 100.0 114.5 0.0 129.1 120.5 146.1 Q.IV 135.5 128.4 182.7 153.3 163.2 140.6 145.1 109.9 100.0 115.4 0.0 131.2 121.7 146.2 2016/17 QI 134.2 126.2 187.6 152.7 159.5 142.5 147.8 109.4 100.0 116.3 0.0 133.1 120.2 146.1 QII 138.1 131.7 186.9 150.7 161.3 142.2 156.3 113.2 100.0 121.1 0.0 136.3 124.5 147.5 QIII 140.3 132.7 198.3 152.3 171.4 144.2 150.6 111.2 100.0 120.8 0.0 138.7 125.4 151.8 QIV 150.1 145.1 193.5 145.2 184.8 153.6 141.6 112.9 100.0 141.6 0.0 152.7 125.1 157.8 2017/18 QI 162.6 162.2 189.1 152.5 184.5 156.2 148.4 120.8 100.0 154.7 0.0 174.9 126.9 163.2 QII 165.1 164.2 189.6 150.0 184.0 169.0 150.9 133.5 100.0 142.1 0.0 181.9 129.8 166.4 Table 21 (E3): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Source: Central Statistical Agency

Second Quarter 2017/18 89 National Bank of Ethiopia Quarterly Bulletin Period General Index Food & Non-alcoholic 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 Non-Food Index DIRE DAWA 2000/01 Q.III 28.9 23.8 29.5 42.3 30.4 46.4 35.3 60.5 60.5 46.0 46.0 33.8 56.2 38.3 Q.IV 28.5 23.2 29.8 42.1 30.3 48.5 36.4 60.7 60.7 45.9 45.9 34.1 56.1 38.5 2001/02 Q.I 28.1 22.6 30.0 46.8 30.0 42.9 34.7 60.8 60.8 42.5 42.5 32.9 58.2 38.7 Q.II 27.5 21.8 30.6 47.2 29.8 44.4 35.0 60.5 60.5 41.1 41.1 30.0 56.9 38.8 Q.III 27.4 21.5 31.7 49.9 29.6 43.1 36.5 60.6 60.6 43.5 43.5 30.4 57.2 39.3 Q.IV 27.2 21.2 31.9 48.0 29.9 44.4 36.1 60.6 60.6 42.8 42.8 29.2 57.7 39.2 2002/03 Q.I 27.8 22.9 31.1 43.8 28.3 43.0 35.9 57.6 57.6 40.0 40.0 29.1 58.0 37.0 Q.II 28.8 23.8 30.9 45.1 29.9 42.7 36.1 55.6 55.6 42.4 42.4 30.3 58.0 38.0 Q.III 29.9 25.1 31.6 46.7 30.1 42.2 36.4 55.8 55.8 44.4 44.4 31.2 57.9 38.6 Q.IV 30.8 26.3 31.7 48.0 30.2 39.9 38.3 55.9 55.9 43.2 43.2 29.9 57.9 38.6 2003/04 Q.I 30.9 26.4 32.3 46.5 30.7 40.4 39.2 55.8 55.8 43.7 43.7 28.3 56.4 38.6 Q.II 30.0 25.1 32.1 46.8 29.9 42.2 41.1 58.1 58.1 48.6 48.6 29.6 56.9 38.8 Q.III 29.6 24.4 34.4 47.5 29.8 41.2 41.9 67.5 67.5 48.1 48.1 32.3 56.8 39.2 Q.IV 30.6 25.6 36.5 47.9 30.2 40.1 41.0 67.6 67.6 47.9 47.9 32.9 55.9 39.5 2004/05 Q.I 31.4 26.4 38.1 48.5 31.6 41.2 40.3 67.7 67.7 48.0 48.0 32.8 55.5 40.5 Q.II 31.4 26.0 37.3 48.2 33.2 41.5 39.5 67.3 67.3 47.1 47.1 32.8 56.8 41.2 Q.III 32.4 26.9 38.1 49.2 34.7 41.3 39.4 67.1 67.1 49.4 49.4 32.8 57.0 42.2 Q.IV 33.2 27.5 37.1 48.6 36.6 39.8 39.6 67.4 67.4 50.4 50.4 32.5 57.8 42.8 2005/06 Q.I 34.9 29.5 38.1 49.1 37.8 41.7 38.5 67.6 67.6 50.6 50.6 32.9 58.3 43.8 Q.II 35.1 29.8 37.9 49.4 37.3 43.0 39.5 67.8 67.8 55.2 55.2 32.9 59.0 44.0 Q.III 35.7 30.3 38.5 49.2 38.8 42.7 37.9 68.1 68.1 52.2 52.2 33.1 60.0 44.6 Q.IV 36.8 31.7 39.0 49.9 38.8 42.5 40.2 69.2 69.2 51.4 51.4 33.9 62.5 44.9 2006/07 Q.I 39.3 33.0 39.2 49.1 47.2 42.0 41.2 72.1 72.1 51.4 51.4 34.8 63.7 48.8 Q.II 40.2 33.9 39.2 48.8 48.5 42.4 43.4 74.3 74.3 53.1 53.1 35.1 64.1 49.6 Q.III 41.5 34.8 39.0 49.7 50.5 44.4 44.7 75.8 75.8 58.1 58.1 34.2 66.6 51.5 Q.IV 43.6 37.6 40.1 50.1 53.1 44.7 45.0 76.7 76.7 60.2 60.2 31.9 66.4 52.8 2007/08 Q.I 46.0 40.5 40.4 50.7 56.6 46.5 44.9 76.7 76.7 60.1 60.1 32.7 66.6 54.4 Q.II 47.4 41.5 41.0 52.9 57.5 51.8 50.7 76.7 76.7 61.3 61.3 37.0 67.2 56.5 Q.III 51.4 46.6 42.5 54.9 58.2 55.9 53.7 80.0 80.0 64.5 64.5 36.7 69.1 58.6 Q.IV 58.1 55.6 43.9 57.9 63.8 58.9 53.9 80.4 80.4 66.1 66.1 37.7 69.1 61.9 2008/09 Q.I 66.8 68.2 51.8 58.1 68.8 61.7 59.3 78.4 78.4 69.3 69.3 46.3 71.5 64.8 Q.II 67.8 68.4 52.5 62.9 68.7 65.8 60.6 76.2 76.2 72.9 72.9 58.2 72.3 66.8 Q.III 67.4 67.3 53.0 65.3 67.6 68.8 61.9 74.2 74.2 75.6 75.6 59.9 73.0 67.7 Q.IV 68.6 67.4 55.3 67.8 70.4 73.9 61.6 75.5 75.5 75.9 75.9 66.1 75.9 70.4 2009/10 Q.I 70.1 68.6 57.5 69.3 73.7 73.9 63.4 77.0 77.0 76.8 76.8 65.0 79.2 72.3 Q.II 70.5 67.3 60.0 73.6 74.8 78.9 65.5 79.0 79.0 85.0 85.0 64.0 80.3 75.4 Q.III 71.9 68.5 60.2 75.0 75.2 83.4 67.1 80.3 80.3 85.8 85.8 67.8 82.8 77.0 Q.IV 72.9 69.7 65.5 72.9 76.5 87.0 66.0 80.8 80.8 86.4 86.4 69.8 84.6 77.9 2010/11 Q.I 74.0 69.6 70.5 75.5 79.6 93.1 69.0 81.1 81.1 82.0 82.0 67.5 86.8 80.7 Q.II 79.0 73.5 75.1 80.5 88.4 100.2 69.3 85.0 85.0 94.1 94.1 76.5 87.8 87.4 Q.III 82.6 77.2 85.5 87.2 95.6 94.8 72.1 89.4 89.4 91.9 91.9 81.3 89.1 90.9 Q.IV 91.7 90.0 87.5 90.3 100.4 92.9 80.1 104.5 104.5 88.0 88.0 93.05114638 90.7 94.2 2011/12 Q.I 97.3 98.1 98.8 93.4 101.8 96.1 76.5 100.8 100.8 88.3 88.3 103.5390947 93.7 96.2 Q.II 99.6 100.4 100.8 96.2 100.3 98.5 88.3 100.2 100.2 99.5 99.5 100.3762493 98.3 98.4 Q.III 103.6 103.1 98.8 109.5 103.6 101.1 99.9 103.9 100.0 99.5 100.0 114.8065848 104.4 104.0 Q.IV 107.0 108.6 86.9 117.0 107.6 103.5 100.2 111.8 100.0 101.3 100.0 129.4831501 107.0 105.6 2012/13 Q.I 109.3 112.3 75.8 120.0 117.4 107.4 99.7 111.8 100.0 101.2 100.0 134.4056178 107.2 106.9 Q.II 113.8 112.1 103.3 132.2 118.1 107.8 102.2 114.2 100.0 103.9 100.0 135.4456624 107.5 115.1 Q.III 115.0 109.6 110.9 133.8 121.7 112.4 109.8 121.3 100.0 102.7 100.0 139.2705834 108.8 119.4 Q.IV 115.2 113.0 75.3 142.2 136.0 113.5 110.9 122.5 100.0 106.7 100.0 147.3758518 111.5 117.1 2013/14 Q.I 123.9 122.1 79.2 143.4 164.6 114.9 113.9 120.6 100.0 107.6 100.0 142.7333333 115.3 125.5 Q.II 134.7 121.8 121.8 156.1 187.8 117.5 116.8 122.5 100.0 113.2 100.0 156.3920107 119.1 145.3060448 Q.III 135.2 117.4 141.7 158.6 179.0 128.8 117.2 119.3 100.0 115.6 100.0 161.0333333 127.0 149.7666667 Q.IV 136.1 117.7 149.0 158.1 177.5 131.3 118.1 117.9 100.0 115.7 100.0 161.3 127.9 151.2666667 2014/15 Q.I 142.6 127.0 153.9 160.5 181.2 133.3 125.1 121.9 100.0 123.2 100.0 168.7 132.6 155.3666667 Q.II 141.4 129.4 140.6 161.8 181.5 134.6 125.3 126.2 100.0 123.2 100.0 155 134.8 151.2 Q.III 147.8 129.4 183.0 169.0 182.2 136.4 120.6 121.2 100.0 123.6 100.0 159.3 141.7 162.9 Q.IV 156.3 130.9 246.6 168.6 183.2 138.4 119.8 117.9 100.0 125.7 100.0 150.6 144.0 177.2 2015/16 Q.I 152.7 130.4 192.6 181.6 188.3 146.3 120.7 117.3 100.0 130.9 100.0 175.2 146.6 171.0 Q.II 153.5 129.7 196.8 183.6 187.1 146.1 120.7 117.3 100.0 130.9 100.0 184.8 145.7 173.0 Q.III 151.5 132.0 168.3 192.0 184.3 146.4 120.6 115.6 100.0 130.9 100.0 193.5 147.1 167.5 Q.IV 157.7 134.4 206.1 192.5 185.4 143.9 119.9 115.6 100.0 130.9 100.0 194.0 150.1 176.8 2016/17 QI 165.3 133.5 267.1 190.4 185.3 145.2 122.0 115.6 100.0 130.9 100.0 193.7 155.3 191.3 QII 168.2 146.5 216.3 205.0 190.0 153.8 123.3 122.5 100.0 131.8 100.0 210.3 168.3 186.2 QIII 175.2 143.8 274.3 210.4 193.1 157.9 121.5 124.3 100.0 135.5 100.0 205.0 171.7 201.0 QIV 174.9 151.1 240.8 211.4 193.9 153.2 123.5 115.6 115.0 133.8 100.0 214.5 172.5 194.4 2017/18 QI 176.1 156.5 192.2 217.5 222.1 192.4 162.7 134.4 117.9 115.0 130.9 100.0 224.8 192.2 QII 184.0 162.1 256.9 226.4 188.9 168.4 129.7 125.5 115.0 136.1 100.0 223.9 181.3 201.9 Table 21 (E4): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Source: Central Statistical Agency

90 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Source: Central Statistical Agency Period General Index Food & Non-alcoholic Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing, Water, Electricity, Gas and Othe r Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index GAMBELLA 2000/01 Q.III 21.7 15.7 33.2 38.3 39.0 29.9 67.8 35.1 35.1 34.9 34.9 31.3 62.0 35.6 Q.IV 22.0 15.3 33.8 36.6 44.2 30.5 65.3 35.0 35.0 33.5 33.5 31.3 61.7 37.4 2001/02 Q.I 20.8 14.4 35.2 34.4 40.4 30.4 62.4 34.3 34.3 33.9 33.9 31.1 65.5 35.7 Q.II 20.5 14.8 35.0 35.9 35.3 30.1 61.4 36.1 36.1 34.1 34.1 31.3 67.8 34.0 Q.III 20.6 14.8 34.7 38.8 34.9 29.4 59.2 36.1 36.1 34.1 34.1 31.1 66.9 34.2 Q.IV 20.2 15.0 34.5 40.2 31.1 28.9 56.8 36.1 36.1 33.9 33.9 31.5 65.8 32.8 2002/03 Q.I 22.1 17.1 36.0 40.3 33.0 30.4 54.1 36.1 36.1 33.3 33.3 31.1 65.1 33.9 Q.II 23.1 18.3 36.1 40.1 33.7 30.6 55.5 36.1 36.1 31.7 31.7 31.1 65.2 34.1 Q.III 24.1 19.8 35.6 40.4 33.1 31.4 53.4 36.1 36.1 31.7 31.7 31.1 65.1 33.9 Q.IV 25.5 20.6 38.9 40.9 37.7 30.5 53.4 37.0 37.0 33.5 33.5 31.1 65.1 36.2 2003/04 Q.I 25.1 21.1 38.2 40.7 32.7 29.9 53.5 36.1 36.1 34.0 34.0 31.1 65.4 34.1 Q.II 24.3 20.0 35.8 40.0 33.0 31.7 52.0 36.0 36.0 31.7 31.7 33.2 63.7 33.9 Q.III 23.2 19.4 36.1 39.2 28.2 31.0 49.8 36.0 36.0 31.2 31.2 31.9 63.2 31.8 Q.IV 25.4 21.9 36.4 38.9 31.0 30.8 53.3 36.0 36.0 32.1 32.1 30.9 62.4 32.9 2004/05 Q.I 25.4 22.1 36.9 38.1 29.9 30.3 54.9 36.0 36.0 32.1 32.1 30.5 60.9 32.3 Q.II 26.9 23.4 35.7 40.6 33.2 31.4 55.2 36.0 36.0 32.0 32.0 33.4 61.0 34.0 Q.III 26.1 21.9 35.1 40.6 36.1 32.9 55.3 36.0 36.0 27.6 27.6 33.3 62.0 35.1 Q.IV 27.5 23.3 35.4 40.1 38.4 31.3 53.5 36.0 36.0 28.0 28.0 34.3 62.0 35.8 2005/06 Q.I 30.6 26.7 34.0 43.6 42.7 31.5 55.9 39.2 39.2 29.3 29.3 37.0 62.0 38.0 Q.II 30.1 25.3 35.4 46.4 45.4 31.4 50.2 40.3 40.3 30.6 30.6 35.3 62.0 39.8 Q.III 30.8 25.8 35.6 46.6 46.7 32.1 51.2 50.5 50.5 31.2 31.2 37.5 62.0 40.7 Q.IV 32.9 27.7 36.5 48.4 50.7 32.5 52.3 55.6 55.6 30.8 30.8 39.7 62.0 42.8 2006/07 Q.I 34.3 29.1 35.8 47.7 53.4 34.2 51.8 55.6 55.6 32.0 32.0 39.9 62.0 44.0 Q.II 35.0 29.8 36.3 48.8 54.3 33.8 52.5 55.6 55.6 32.2 32.2 38.4 62.6 44.6 Q.III 36.1 30.8 39.6 48.8 54.6 36.1 53.3 55.6 55.6 32.0 32.0 45.8 64.7 45.8 Q.IV 37.4 32.5 41.9 48.8 54.5 36.5 55.4 55.6 55.6 32.1 32.1 47.4 64.6 46.5 2007/08 Q.I 39.7 35.7 42.5 48.6 55.7 36.9 59.9 55.6 55.6 33.8 33.8 47.4 65.4 47.2 Q.II 41.1 37.6 41.6 51.0 56.0 38.3 60.2 55.6 55.6 34.0 34.0 49.5 66.2 47.7 Q.III 43.3 39.5 44.1 54.6 57.5 43.4 61.1 60.9 60.9 35.2 35.2 52.6 65.8 50.3 Q.IV 49.5 47.0 45.1 57.3 63.6 51.2 63.7 63.5 63.5 36.0 36.0 55.2 66.5 54.0 2008/09 Q.I 74.0 79.1 57.0 66.2 75.4 60.7 65.9 63.5 63.5 37.7 37.7 64.4 72.8 64.6 Q.II 69.6 69.3 63.2 71.1 82.7 60.1 68.3 62.8 62.8 44.6 44.6 64.2 72.8 70.0 Q.III 62.2 59.2 63.0 68.5 77.2 59.5 68.2 61.6 61.6 46.2 46.2 64.1 72.1 67.7 Q.IV 65.3 63.2 65.1 69.0 79.4 58.9 72.6 62.3 62.3 49.2 49.2 64.2 73.0 69.1 2009/10 Q.I 69.2 68.1 66.3 69.5 85.4 57.7 77.7 63.3 63.3 51.9 51.9 64.5 74.8 71.4 Q.II 64.5 60.9 67.9 71.2 79.3 62.1 80.9 73.2 73.2 51.7 51.7 65.8 76.7 71.1 Q.III 64.1 58.8 70.5 72.1 84.4 64.3 82.0 78.1 78.1 56.1 56.1 69.8 77.1 74.1 Q.IV 64.4 57.6 74.0 71.6 90.2 66.6 85.2 78.7 78.7 60.8 60.8 70.0 77.9 77.2 2010/11 Q.I 65.8 59.1 71.3 74.8 91.8 70.7 85.8 79.7 79.7 68.2 68.2 73.4 78.0 78.2 Q.II 69.6 62.3 75.9 81.6 97.3 74.7 90.2 81.6 81.6 73.2 73.2 84.6 81.0 83.0 Q.III 72.7 65.0 82.0 84.3 99.1 82.5 95.9 81.9 81.9 78.7 78.7 76.2 83.5 87.1 Q.IV 83.8 79.4 90.0 89.9 100.4 90.4 97.9 89.1 89.1 83.7 83.7 85.6 86.3 92.1 2011/12 Q.I 93.6 91.0 102.9 94.8 100.3 97.7 97.1 92.7 92.7 88.6 88.6 89.6 93.1 98.4 Q.II 100.1 99.5 100.3 98.1 105.4 100.0 99.0 95.5 95.5 95.1 95.1 96.4 98.3 101.2 Q.III 105.4 107.0 101.5 106.7 100.7 104.4 101.5 102.8 100.0 99.6 0.0 105.4 104.1 102.9 Q.IV 112.2 115.4 103.2 118.4 102.4 107.4 101.5 109.1 100.0 101.4 0.0 114.1 108.8 106.8 2012/13 Q.I 115.5 118.1 115.1 121.7 106.6 111.6 105.6 111.3 100.0 101.7 0.0 116.9 107.4 111.1 Q.II 113.1 112.5 116.7 130.5 104.6 115.5 113.9 112.7 100.0 109.9 0.0 122.2 118.7 114.1 Q.III 113.1 111.2 112.8 133.1 106.0 116.6 118.6 114.0 100.0 119.1 0.0 123.9 136.7 116.3 Q.IV 117.8 117.2 107.1 135.9 105.5 127.8 129.1 115.4 100.0 127.1 0.0 125.1 143.7 118.9 2013/14 Q.I 122.9 122.1 111.7 145.3 118.5 126.7 132.3 116.8 100.0 134.1 0.0 125.6 143.8 124.2 Q.II 124.6 123.4 116.6 151.6 119.1 128.3 136.8 117.5 100.0 133.6 0.0 130.3 144.6 126.6 Q.III 124.7 122.6 116.8 153.8 117.3 134.6 140.8 117.5 100.0 135.7 0.0 132.4 149.3 128.2 Q.IV 129.4 128.8 118.6 153.4 124.7 132.3 149.0 114.6 100.0 133.8 0.0 138.0 149.7 130.6 2014/15 Q.I 131.3 129.9 121.4 147.6 137.6 130.6 150.0 119.9 100.0 136.7 0.0 134.8 148.8 133.7 Q.II 126.8 126.0 121.3 149.3 115.8 130.6 151.7 121.9 100.0 138.1 0.0 139.3 144.1 128.1 Q.III 129.8 130.6 118.9 156.9 110.0 132.3 159.6 124.1 100.0 140.9 0.0 142.1 151.0 128.4 Q.IV 132.7 132.9 127.6 162.0 117.1 134.6 158.2 124.5 100.0 133.3 0.0 140.3 152.9 132.2 2015/16 Q.I 142.2 145.2 142.6 173.9 117.2 136.3 163.7 125.0 100.0 141.4 0.0 146.8 158.7 137.1 QII 140.5 142.3 139.0 171.0 120.7 134.4 160.6 125.2 100.0 143.5 0.0 148.4 162.7 137.3 QIII 139.8 139.1 133.4 176.3 120.0 141.2 172.4 150.9 100.0 145.8 0.0 159.2 158.7 140.9 QIV 140.4 139.4 134.3 177.0 120.5 142.2 172.3 159.8 100.0 145.8 0.0 162.1 154.7 142.0 2016/17 QI 139.6 139.6 130.8 170.2 119.7 142.7 170.1 145.6 100.0 145.8 0.0 162.6 151.5 139.6 QII 147.0 149.2 137.7 181.4 114.6 147.0 190.2 144.3 100.0 158.2 0.0 171.4 160.2 143.2 QIII 146.6 151.1 121.3 181.2 113.1 141.6 189.4 144.7 85.0 154.9 0.0 172.2 158.9 139.1 QIV 153.1 160.0 134.8 170.0 114.5 146.6 168.6 145.1 115.0 166.3 0.0 173.3 154.4 141.5 2017/18 QI 160.7 169.7 147.1 181.2 115.5 150.0 162.3 146.0 115.0 169.7 0.0 173.8 161.7 145.7 QII 160.0 165.7 156.4 194.3 116.8 153.6 146.7 148.8 115.0 173.1 0.0 187.5 165.5 150.7 Table 21 (E5): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100

Second Quarter 2017/18 91 National Bank of Ethiopia Quarterly Bulletin Period General Index Food & Non-alcoholic 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 Non-Food Index HARARI 2000/01 Q.III 23.8 18.8 28.6 35.1 28.9 51.0 34.9 52.1 52.1 48.8 48.8 27.7 29.3 33.2 Q.IV 23.2 18.2 29.5 34.1 28.4 50.4 35.6 51.2 51.2 48.9 48.9 26.5 29.3 32.7 2001/02 Q.I 22.8 17.6 30.2 36.6 28.4 44.5 35.3 51.8 51.8 46.2 46.2 27.5 29.0 32.5 Q.II 22.9 17.4 29.8 35.0 30.4 51.5 24.9 51.8 51.8 46.7 46.7 26.5 29.2 33.6 Q.III 22.5 17.1 29.6 35.0 30.5 49.3 35.0 51.8 51.8 46.6 46.6 25.6 29.2 33.6 Q.IV 22.3 16.9 30.4 34.4 29.9 48.9 34.8 51.8 51.8 47.0 47.0 23.5 29.2 33.2 2002/03 Q.I 23.6 18.3 30.2 34.8 30.6 48.9 35.4 51.8 51.8 46.9 46.9 24.4 29.3 33.6 Q.II 24.3 19.0 31.2 35.8 31.0 49.2 34.8 52.0 52.0 46.5 46.5 24.0 29.6 34.0 Q.III 25.6 20.5 30.6 35.7 32.0 48.9 34.5 52.0 52.0 47.6 47.6 24.7 29.8 34.4 Q.IV 26.2 21.1 30.9 36.0 31.4 49.4 34.5 52.0 52.0 47.5 47.5 24.8 31.8 34.3 2003/04 Q.I 26.4 21.3 30.0 37.1 31.3 49.1 34.8 52.0 52.0 47.6 47.6 24.3 32.7 34.5 Q.II 26.3 20.7 29.2 37.0 34.5 47.1 34.9 52.0 52.0 47.6 47.6 23.1 33.2 35.6 Q.III 26.1 20.4 29.4 37.8 33.2 49.2 35.9 50.7 50.7 53.6 53.6 20.9 31.9 35.7 Q.IV 25.8 20.0 30.1 36.7 35.4 48.5 34.3 52.7 52.7 46.5 46.5 20.9 33.7 36.1 2004/05 Q.I 27.2 21.2 30.2 35.8 39.3 48.0 35.2 53.0 53.0 46.3 46.3 20.1 33.6 37.6 Q.II 26.9 20.4 30.6 36.3 41.9 46.7 34.4 53.7 53.7 47.2 47.2 19.9 33.5 38.8 Q.III 28.3 21.8 30.9 38.7 42.2 46.6 33.6 54.5 54.5 47.7 47.7 21.4 33.5 39.5 Q.IV 28.3 22.3 32.7 37.6 39.5 46.6 34.2 53.7 53.7 47.6 47.6 24.2 34.2 38.0 2005/06 Q.I 30.0 24.0 33.1 38.2 41.2 46.8 32.5 54.5 54.5 49.9 49.9 26.2 35.3 39.1 Q.II 30.4 24.1 34.4 38.6 42.5 46.1 31.5 54.5 54.5 53.0 53.0 26.1 35.7 39.9 Q.III 31.0 24.7 34.9 40.5 43.1 48.1 32.6 54.5 54.5 51.9 51.9 26.3 35.8 40.7 Q.IV 33.2 26.6 36.2 40.9 47.0 48.3 34.3 56.2 56.2 50.6 50.6 26.5 36.2 42.6 2006/07 Q.I 35.0 28.0 37.0 41.3 51.7 49.0 35.3 58.2 58.2 51.0 51.0 30.6 36.6 45.0 Q.II 35.7 28.6 37.4 41.4 52.6 49.6 35.3 60.6 60.6 51.0 51.0 32.8 37.0 45.7 Q.III 36.0 29.4 38.4 38.9 52.9 48.5 35.7 60.6 60.6 50.5 50.5 33.8 37.3 44.4 Q.IV 36.1 29.6 38.3 38.8 52.7 48.5 35.0 60.6 60.6 51.5 51.5 35.8 38.0 44.5 2007/08 Q.I 38.3 32.3 39.2 40.4 54.6 50.1 35.3 60.6 60.6 51.4 51.4 36.9 38.9 45.7 Q.II 39.2 33.2 39.6 44.2 54.0 51.9 35.8 60.6 60.6 51.7 51.7 37.5 39.7 46.6 Q.III 42.0 36.1 39.3 46.5 58.1 54.4 35.1 69.1 69.1 51.3 51.3 40.7 40.1 49.4 Q.IV 51.1 47.7 41.7 50.9 67.5 59.4 33.6 73.4 73.4 54.0 54.0 47.1 43.0 54.8 2008/09 Q.I 60.4 60.0 52.1 56.8 70.1 62.5 34.6 79.0 79.0 56.0 56.0 55.8 45.8 58.6 Q.II 60.8 59.1 54.5 59.4 72.8 65.0 37.6 79.1 79.1 58.8 58.8 59.4 47.7 60.8 Q.III 60.2 57.3 65.6 63.6 69.7 68.0 37.7 71.9 71.9 60.6 60.6 59.4 48.0 61.2 Q.IV 61.6 58.3 69.6 66.3 69.5 71.7 37.1 72.3 72.3 64.0 64.0 59.9 48.4 62.8 2009/10 Q.I 63.2 58.7 70.6 69.3 73.0 75.1 70.8 77.6 77.6 67.7 67.7 61.3 49.6 66.2 Q.II 63.9 58.9 72.3 71.1 71.4 80.3 88.2 79.3 79.3 71.8 71.8 61.9 49.9 67.5 Q.III 65.7 61.1 73.3 70.9 74.0 82.3 89.1 77.5 77.5 72.3 72.3 63.9 50.6 68.6 Q.IV 66.9 61.9 73.1 72.4 77.8 83.0 88.7 77.7 77.7 77.0 77.0 66.5 50.3 70.6 2010/11 Q.I 69.1 64.2 76.7 75.5 79.6 83.9 89.6 77.5 77.5 79.5 79.5 69.3 50.9 72.4 Q.II 74.0 68.5 84.4 81.6 86.9 87.7 92.2 86.0 86.0 84.3 84.3 71.4 53.5 78.2 Q.III 79.8 75.3 87.7 83.1 95.2 85.1 101.7 86.3 86.3 88.0 88.0 72.6 64.2 81.9 Q.IV 86.6 82.0 91.8 87.1 104.0 94.1 97.9 91.3 91.3 93.4 93.4 79.8 80.6 88.3 2011/12 Q.I 91.2 88.0 98.5 91.3 100.5 97.2 100.3 99.1 99.1 95.9 95.9 96.1 88.3 89.9 Q.II 94.8 92.0 98.5 97.1 100.3 99.4 100.3 99.6 99.6 99.0 99.0 98.3 100.0 94.4 Q.III 102.3 102.8 103.0 103.0 100.2 103.7 108.1 100.0 100.0 94.3 100.0 102.7 105.8 102.0 Q.IV 107.9 114.0 101.3 105.4 100.5 106.0 102.2 103.0 100.0 92.3 100.0 111.0 106.3 102.3 2012/13 Q.I 109.0 117.8 94.6 108.7 100.1 105.4 101.4 105.2 100.0 95.9 100.0 118.4 111.2 100.8 Q.II 110.9 119.4 97.6 115.6 100.2 111.3 112.0 111.1 100.0 97.4 100.0 118.3 110.9 103.2 Q.III 113.3 116.0 117.4 120.8 100.0 114.7 121.7 111.1 100.0 100.2 100.0 121.3 112.4 110.7 Q.IV 110.8 122.9 81.0 125.4 99.8 120.0 146.0 107.1 100.0 105.4 100.0 122.8 114.3 99.7 2013/14 Q.I 118.5 132.3 95.7 126.4 101.9 123.5 111.0 107.1 100.0 114.0 100.0 132.2 116.2 105.8 Q.II 121.0 131.6 103.7 130.1 108.8 125.8 105.4 107.1 100.0 117.4 100.0 133.3 118.7 111.3 Q.III 126.2 129.1 133.9 133.4 113.2 127.2 105.4 109.3 100.0 117.4 100.0 136.3 123.7 123.6 Q.IV 125.5 133.0 115.1 136.2 114.9 133.9 98.4 105.8 100.0 116.8 100.0 139.8 124.0 118.6 2014/15 Q.I 128.6 142.4 105.9 136.0 115.9 135.9 105.4 107.1 100.0 113.1 100.0 138.3 124.7 116.0 Q.II 129.4 144.1 106.8 137.7 114.2 134.7 91.3 107.1 100.0 113.5 100.0 143.0 126.9 116.0 Q.III 135.8 144.8 144.1 143.7 109.5 133.5 84.3 107.1 100.0 113.8 100.0 147.2 128.1 127.5 Q.IV 136.6 151.2 131.6 144.9 107.7 137.8 84.3 107.1 100.0 116.0 100.0 146.6 130.6 123.2 2015/16 Q.I 136.2 152.1 121.7 147.9 107.7 145.9 84.3 107.1 100.0 153.3 100.0 153.3 133.4 121.6 Q.II 137.7 153.9 123.9 148.6 107.8 148.8 95.5 107.1 100.0 141.0 100.0 156.3 135.0 122.8 QIII 147.4 155.1 175.2 148.0 107.6 152.9 114.2 107.1 100.0 137.7 100.0 150.1 149.1 140.4 QIV 156.9 156.6 227.0 149.7 105.0 154.9 117.3 107.1 100.0 161.1 100 149.9 148.0 157.2 2016/17 QI 164.1 155.7 271.7 151.3 102.5 156.5 126.7 107.1 100.0 185.3 100 150.5 148.1 171.9 QIII 151.5 169.1 159.8 166.2 99.8 159.6 110.0 107.1 100.0 188.5 100 154.1 143.1 135.3 QII 163.5 165.8 227.1 160.5 111.1 161.7 110.5 107.1 100.0 190.0 100 162.3 144.0 161.3 QIV 160.3 175.8 174.8 163.2 117.9 165.1 81.9 88.9 100.0 201.8 115 155.8 142.6 146.0 2017/18 QI 161.6 185.6 156.7 164.2 117.9 160.3 80.3 88.9 115.0 194.1 100 152.7 143.0 139.5 QII 164.9 186.4 167.2 168.8 118.2 174.9 84.3 88.4 115.0 202.0 100 156.9 147.7 145.1 Table 21 (E6): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Source: Central Statistical Agency

92 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Period General Index Food & Non-alcoholic 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 Non-Food Index OROMIA 2000/01 Q.III 20.8 17.7 33.6 28.4 27.8 26.9 53.1 34.1 34.1 27.0 27.0 22.9 29.3 30.3 Q.IV 19.6 16.3 34.8 28.1 26.3 26.5 52.1 33.4 33.4 26.3 26.3 23.6 29.0 29.9 2001/02 Q.I 19.3 15.7 33.8 27.6 27.2 27.3 52.9 33.9 33.9 34.8 34.8 24.2 30.8 30.2 Q.II 19.2 15.6 33.5 28.1 26.9 27.3 53.2 34.2 34.2 33.9 33.9 24.7 30.5 30.3 Q.III 18.8 15.2 33.0 28.0 27.1 27.3 35.8 34.6 34.6 34.4 34.4 24.0 30.4 29.6 Q.IV 19.2 15.6 32.2 27.5 27.7 27.3 51.1 34.5 34.5 34.9 34.9 24.1 29.8 30.1 2002/03 Q.I 21.1 18.1 34.5 27.0 28.1 27.0 51.6 33.9 33.9 36.2 36.2 24.5 29.6 30.1 Q.II 22.5 19.7 33.5 27.5 28.7 27.1 52.8 34.1 34.1 36.6 36.6 24.1 29.8 30.5 Q.III 23.9 21.4 34.0 27.3 30.6 26.6 51.7 34.3 34.3 33.3 33.3 24.9 30.0 30.8 Q.IV 25.3 23.1 36.4 27.5 30.2 26.5 51.6 34.3 34.3 35.7 35.7 24.7 30.1 31.0 2003/04 Q.I 26.2 24.4 35.7 27.5 29.8 26.2 51.1 33.2 33.2 35.3 35.3 24.9 29.8 30.7 Q.II 24.6 22.3 33.5 27.3 30.6 26.3 50.9 33.5 33.5 35.6 35.6 25.4 30.3 30.8 Q.III 24.0 21.2 33.7 29.3 32.4 26.3 49.5 33.3 33.3 36.1 36.1 25.6 31.9 32.0 Q.IV 25.3 22.8 33.3 28.4 33.3 26.7 50.0 33.4 33.4 34.9 34.9 26.3 32.5 31.9 2004/05 Q.I 25.9 23.6 33.6 28.0 33.2 26.5 50.7 34.4 34.4 33.7 33.7 26.5 32.7 31.9 Q.II 26.1 23.6 34.0 28.6 34.0 27.0 50.5 36.8 36.8 34.8 34.8 26.8 33.2 32.5 Q.III 26.9 24.3 33.6 28.7 36.1 27.5 49.3 37.8 37.8 37.0 37.0 27.3 34.9 33.3 Q.IV 28.0 25.9 34.0 27.1 35.5 28.1 50.4 37.5 37.5 36.6 36.6 27.5 35.4 32.7 2005/06 Q.I 29.3 27.3 34.6 28.4 36.9 28.1 49.5 39.3 39.3 35.7 35.7 28.4 35.5 33.7 Q.II 28.7 26.8 34.9 27.1 34.5 29.3 49.4 39.5 39.5 36.8 36.8 29.0 35.7 32.8 Q.III 29.0 26.9 35.3 28.4 35.5 29.9 50.5 40.0 40.0 37.6 37.6 29.6 36.0 33.7 Q.IV 30.7 28.6 36.2 29.5 38.1 31.6 50.0 42.0 42.0 38.3 38.3 31.0 36.9 35.2 2006/07 Q.I 33.3 31.2 36.3 30.0 43.2 32.3 49.6 46.3 46.3 38.6 38.6 33.3 38.2 37.1 Q.II 34.3 32.3 36.9 29.8 44.5 32.9 49.2 49.8 49.8 39.3 39.3 34.9 38.6 37.7 Q.III 35.5 33.5 38.6 31.0 45.9 34.6 50.1 49.7 49.7 40.0 40.0 36.3 38.9 38.9 Q.IV 37.0 35.3 39.2 32.0 46.9 36.2 52.1 49.9 49.9 39.7 39.7 37.4 39.2 39.9 2007/08 Q.I 38.8 37.8 39.0 32.8 47.5 37.5 50.2 50.0 50.0 40.4 40.4 40.9 40.0 40.5 Q.II 40.8 40.4 39.3 34.4 47.7 38.9 51.6 50.7 50.7 42.1 42.1 41.2 40.1 41.4 Q.III 44.9 45.2 42.9 36.0 51.8 43.2 54.5 52.5 52.5 43.5 43.5 43.7 41.8 44.4 Q.IV 54.2 57.5 48.0 38.3 57.7 46.8 57.7 54.1 54.1 44.9 44.9 47.7 45.8 48.8 2008/09 Q.I 65.8 73.3 57.3 40.9 61.7 49.6 62.1 54.2 54.2 48.9 48.9 51.5 49.5 53.0 Q.II 61.9 65.9 59.5 43.7 63.6 51.3 64.5 57.1 57.1 50.1 50.1 53.6 50.5 55.1 Q.III 59.9 61.8 63.8 47.1 64.7 52.9 65.9 50.0 50.0 50.3 50.3 56.8 52.0 56.8 Q.IV 61.1 62.5 65.3 49.5 66.5 54.6 70.7 52.2 52.2 52.1 52.1 59.0 55.4 58.8 2009/10 Q.I 62.3 62.8 66.1 52.6 69.2 57.7 72.5 56.9 56.9 55.5 55.5 61.1 58.8 61.6 Q.II 61.6 60.2 66.9 55.3 72.4 59.9 73.8 61.9 61.9 56.9 56.9 63.8 59.3 63.9 Q.III 63.3 60.9 69.1 59.8 76.2 64.1 78.4 65.4 65.4 60.5 60.5 64.5 61.9 67.4 Q.IV 64.3 61.2 71.0 61.9 78.6 67.2 80.9 66.4 66.4 62.3 62.3 67.2 64.3 69.6 2010/11 Q.I 65.9 62.2 72.3 64.4 81.6 69.5 81.4 67.2 67.2 64.7 64.7 68.4 66.5 72.0 Q.II 70.1 66.1 80.6 68.4 85.0 76.9 85.8 73.4 73.4 77.8 77.8 74.3 72.8 76.8 Q.III 77.3 73.8 84.5 76.7 92.1 79.4 89.1 88.5 88.5 81.2 81.2 76.9 77.8 83.2 Q.IV 88.0 88.0 92.1 81.5 95.8 85.1 90.7 102.6 102.6 83.4 83.4 84.8 81.5 88.2 2011/12 Q.I 93.7 95.1 96.1 84.2 96.4 91.4 94.6 103.4 103.4 90.4 90.4 91.7 87.5 91.5 Q.II 98.4 99.6 98.8 93.0 97.6 96.5 97.7 99.0 99.0 96.4 96.4 97.6 96.6 96.2 Q.III 106.1 107.6 107.1 104.4 105.6 105.6 99.5 100.5 100.0 99.1 100.0 101.9 102.7 104.3 Q.IV 112.8 116.5 102.0 112.1 110.8 111.3 101.3 101.1 100.0 99.9 100.0 112.2 104.6 108.5 2012/13 Q.I 114.0 117.0 95.4 114.4 115.0 111.8 102.4 100.3 100.0 102.7 100.0 118.5 109.8 110.5 Q.II 113.7 114.9 102.5 110.0 116.2 115.9 115.6 101.2 100.0 93.5 100.0 122.1 112.0 112.3 Q.III 114.1 114.5 107.9 114.6 116.9 116.3 120.5 93.7 100.0 89.6 100.0 122.8 114.0 113.7 Q.IV 115.8 116.0 103.3 116.8 120.3 119.4 125.1 94.0 100.0 89.4 100.0 126.8 114.4 115.6 2013/14 Q.I 120.6 121.3 103.5 123.6 126.5 122.1 119.5 93.8 100.0 111.7 100.0 131.8 117.0 119.8 Q.II 122.7 124.6 112.3 128.9 121.1 123.7 132.3 94.0 100.0 116.5 100.0 132.6 118.1 120.6 Q.III 123.0 121.0 123.5 130.9 128.0 128.4 136.0 95.8 100.0 110.6 100.0 133.8 117.9 125.2 Q.IV 127.3 126.2 120.3 133.8 135.8 130.2 141.7 96.5 100.0 100.7 100.0 137.8 118.7 128.6 2014/15 Q.I 131.9 133.3 127.8 137.8 135.2 132.6 137.5 96.5 100.0 99.9 100.0 139.0 119.5 130.2 Q.II 133.9 134.3 132.7 142.9 139.6 135.3 138.1 96.1 100.0 100.9 100.0 139.6 121.1 133.5 Q.III 139.5 139.8 147.9 146.9 147.3 138.5 143.5 94.8 100.0 102.5 100.0 143.3 122.7 139.2 Q.IV 147.2 150.6 149.6 149.4 155.8 140.9 143.0 94.0 100.0 103.6 100.0 147.5 124.4 143.4 2015/16 Q.I 153.5 161.8 144.5 152.0 154.5 143.2 148.3 94.1 102.4 123.8 100.0 152.4 125.4 144.0 Q.II 155.4 164.5 143.8 153.1 155.6 144.2 150.7 94.1 102.4 127.2 100.0 154.3 125.6 144.9 QIII 150.6 154.7 148.7 153.5 153.1 147.8 163.0 94.0 100.0 132.3 100.0 158.3 127.8 146.0 QIV 150.6 153.9 152.3 153.8 153.1 150.1 160.5 94.5 100.0 134.4 100.0 159.5 128.6 146.8 2016/17 QI 151.6 154.0 155.1 155.6 157.0 151.3 159.9 94.1 100.0 136.5 100.0 160.1 128.8 149.0 QII 154.8 156.0 144.9 157.3 167.3 153.1 168.6 94.6 100.0 148.6 100.0 171.9 131.7 153.4 QIII 157.5 155.6 157.0 161.4 177.6 153.7 176.3 95.7 100.0 148.6 100.0 174.4 135.7 159.6 QIV 164.2 166.7 142.7 159.9 182.9 159.9 176.9 96.4 104.3 152.8 100.0 181.1 140.6 161.4 2017/18 QI 169.1 173.7 163.9 148.0 161.3 188.0 163.8 163.1 99.3 104.3 154.7 100.0 176.7 142.3 QII 174.4 179.4 168.8 151.7 166.0 193.4 171.6 168.7 104.7 104.3 157.6 100.0 179.1 146.1 Table 21 (E7): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Source: Central Statistical Agency

Second Quarter 2017/18 93 National Bank of Ethiopia Quarterly Bulletin Table 21 (E8): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Period General Index Food & Non-alcoholic 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 Non-Food Index SNNPR 2000/01 Q.III 21.8 19.3 34.2 31.1 22.0 26.7 55.0 28.8 28.8 55.3 55.3 24.8 38.8 27.8 Q.IV 21.5 18.8 34.9 30.6 22.9 25.7 55.6 27.1 27.1 56.1 56.1 24.1 38.1 28.0 2001/02 Q.I 21.0 18.0 33.6 29.2 23.2 25.5 51.3 28.5 28.5 55.5 55.5 24.7 37.6 27.6 Q.II 21.7 18.5 33.6 29.4 24.7 26.6 51.2 28.8 28.8 54.3 54.3 25.1 38.4 28.5 Q.III 21.3 18.0 33.2 28.1 24.7 26.5 50.5 29.7 29.7 54.1 54.1 25.6 38.7 28.2 Q.IV 21.0 18.1 34.0 28.4 22.9 26.8 48.8 29.9 29.9 53.5 53.5 25.8 39.3 27.5 2002/03 Q.I 21.3 18.3 35.4 29.0 23.4 26.6 51.0 28.4 28.4 53.2 53.2 25.0 39.2 27.9 Q.II 22.1 19.7 33.4 28.1 23.1 26.6 52.4 27.9 27.9 53.4 53.4 25.2 39.3 27.5 Q.III 22.8 20.8 34.5 27.7 23.3 26.7 52.3 28.0 28.0 53.7 53.7 25.4 39.6 27.5 Q.IV 23.6 22.0 37.1 27.7 23.2 26.2 50.3 28.3 28.3 52.7 52.7 25.7 39.7 27.4 2003/04 Q.I 24.4 23.0 36.0 27.6 23.9 26.4 51.2 28.7 28.7 52.2 52.2 25.4 40.0 27.7 Q.II 24.0 22.2 33.4 27.1 25.0 26.0 49.9 29.2 29.2 51.5 51.5 25.9 39.7 27.9 Q.III 23.3 20.9 33.5 28.0 25.5 26.2 52.9 29.5 29.5 48.5 48.5 26.3 40.0 28.4 Q.IV 24.4 22.7 33.5 29.3 25.0 26.1 54.6 29.9 29.9 48.9 48.9 26.4 40.5 28.6 2004/05 Q.I 24.7 23.0 33.5 29.5 25.2 26.2 53.3 30.3 30.3 48.7 48.7 26.4 40.9 28.8 Q.II 25.5 23.7 33.4 28.5 27.1 26.2 51.8 32.6 32.6 49.2 49.2 26.7 41.6 29.4 Q.III 26.2 24.1 33.6 28.4 29.2 26.8 52.5 34.4 34.4 49.5 49.5 27.8 42.7 30.5 Q.IV 27.9 26.3 34.1 29.3 30.1 27.5 54.1 34.8 34.8 51.8 51.8 28.9 42.3 31.3 2005/06 Q.I 29.0 27.1 34.9 30.2 32.6 26.8 54.2 35.1 35.1 50.8 50.8 30.7 42.8 32.8 Q.II 29.4 27.3 34.7 28.7 34.6 26.3 52.9 34.6 34.6 53.2 53.2 31.2 42.2 33.2 Q.III 30.1 27.9 36.3 29.1 35.4 26.9 54.8 34.3 34.3 55.6 55.6 32.4 42.8 34.0 Q.IV 31.8 30.0 37.2 29.4 36.0 28.8 55.0 35.2 35.2 57.1 57.1 35.0 43.1 34.8 2006/07 Q.I 33.7 32.4 37.3 31.3 37.0 29.4 56.0 41.7 41.7 56.1 56.1 38.9 43.7 35.9 Q.II 34.8 33.3 37.4 31.4 38.9 30.9 57.8 47.8 47.8 55.9 55.9 39.0 44.1 37.0 Q.III 35.3 33.4 37.2 32.1 39.2 35.5 58.9 52.2 52.2 56.6 56.6 39.2 44.0 38.1 Q.IV 36.4 34.6 38.8 32.9 40.0 36.9 60.7 54.3 54.3 57.6 57.6 42.9 44.3 39.2 2007/08 Q.I 38.1 37.0 38.7 34.0 40.4 37.9 62.8 54.9 54.9 58.7 58.7 44.1 45.4 39.9 Q.II 39.9 38.6 39.2 35.6 43.5 40.3 60.9 54.3 54.3 58.8 58.8 39.0 46.4 41.9 Q.III 43.9 43.4 43.1 37.2 46.8 43.0 62.2 63.4 63.4 59.9 59.9 41.1 47.7 44.6 Q.IV 53.9 56.7 46.8 40.2 53.8 48.3 65.6 67.2 67.2 60.9 60.9 44.6 49.4 49.6 2008/09 Q.I 65.0 71.9 56.9 43.9 57.6 51.8 65.5 67.2 67.2 62.2 62.2 48.1 51.7 54.4 Q.II 60.5 62.6 58.3 47.6 60.6 54.3 67.0 68.7 68.7 66.3 66.3 49.5 52.9 57.2 Q.III 58.1 58.4 58.7 50.9 58.9 55.9 69.4 62.5 62.5 71.8 71.8 51.0 54.3 57.5 Q.IV 60.0 60.6 61.1 53.1 59.6 59.6 73.1 63.9 63.9 73.6 73.6 52.0 56.0 59.1 2009/10 Q.I 61.9 61.2 62.8 56.4 64.3 62.5 74.5 68.9 68.9 77.7 77.7 54.2 59.4 62.8 Q.II 63.3 60.9 64.0 59.4 69.8 64.9 76.9 74.3 74.3 79.8 79.8 57.2 67.9 67.0 Q.III 64.1 60.6 67.5 63.3 71.5 68.6 82.0 77.3 58.7 72.5 69.4 Q.IV 64.1 58.9 74.3 65.8 74.0 71.3 85.5 79.1 60.9 73.1 72.0 2010/11 Q.I 65.0 59.1 72.2 69.7 75.8 74.5 83.9 78.9 78.9 82.6 82.6 61.9 74.0 74.2 Q.II 69.3 63.0 81.1 74.9 81.3 78.4 88.8 83.7 83.7 89.0 89.0 67.1 80.0 79.1 Q.III 78.0 73.5 83.3 81.3 88.6 84.5 90.6 90.0 70.7 84.6 84.8 Q.IV 91.0 91.5 94.7 88.1 93.0 88.3 94.5 102.7 102.7 91.4 91.4 82.8 89.5 90.3 2011/12 Q.I 99.0 98.0 106.5 91.4 92.3 92.8 97.1 413.3 413.3 95.7 95.7 90.0 93.6 100.6 Q.II 99.2 100.5 103.3 97.0 96.5 97.8 98.6 99.7 99.7 99.1 99.1 96.5 97.5 97.2 Q.III 107.1 109.3 105.8 103.7 104.8 102.5 100.3 99.4 100.0 105.1 100.0 104.9 103.1 104.0 Q.IV 113.9 120.1 106.6 108.1 104.4 106.6 103.2 99.7 100.0 106.8 100.0 111.1 105.6 105.6 2012/13 Q.I 118.6 123.1 112.3 114.6 115.0 111.4 108.7 97.6 100.1 112.8 100.0 115.9 107.1 112.7 Q.II 120.8 121.7 114.5 120.3 124.4 113.9 168.7 101.3 100.3 117.8 100.0 118.4 102.2 119.6 Q.III 121.6 122.6 118.4 123.1 122.8 115.7 153.2 104.7 100.2 122.2 100.0 119.6 109.3 120.2 Q.IV 124.0 125.5 122.6 127.0 123.4 118.2 150.1 106.1 100.0 124.0 101.0 123.2 112.2 122.0 2013/14 Q.I 129.4 130.6 125.5 130.6 133.2 120.3 153.3 111.0 100.0 125.2 101.0 126.9 113.5 127.9 Q.II 130.6 129.7 126.5 132.8 140.3 121.2 160.4 108.8 100.0 127.3 101.0 128.9 114.6 131.8 Q.III 132.4 131.2 128.9 135.4 142.9 124.9 165.2 105.2 100.0 124.2 101.0 131.0 115.5 134.1 Q.IV 135.1 134.5 133.6 143.3 128.4 166.5 107.6 100.0 126.4 101.0 132.4 116.0 116.0 136.0 2014/15 Q.I 135.6 134.9 136.7 141.8 129.2 170.1 104.1 100.0 134.4 101.0 134.5 116.4 116.4 136.3 Q.II 135.2 134.0 137.3 145.3 139.0 131.2 172.1 106.8 100.0 140.3 101.0 135.2 118.3 136.1 Q.III 137.9 138.0 142.1 149.2 140.2 131.9 180.1 100.0 100.0 137.3 101.0 136.2 118.9 137.8 Q.IV 142.0 149.2 145.6 150.0 135.7 133.2 182.7 94.9 100.3 136.6 101.0 138.1 119.5 136.6 2015/16 Q.I 144.4 152.3 144.8 150.1 137.9 136.0 180.2 99.2 101.2 149.9 101.0 145.6 120.3 138.4 Q.II 143.1 150.3 146.1 150.8 135.0 136.7 182.2 99.8 101.3 148.7 101.0 148.3 120.9 137.8 QIII 145.1 148.1 150.2 153.4 143.2 140.5 187.7 101.9 100.0 143.1 101.0 149.8 121.7 142.9 QIV 145.4 148.9 150.5 153.7 142.4 140.9 189.4 102.5 96.6 144.3 101.0 150.3 122.9 142.7 2016/17 QII 154.0 162.6 159.7 157.2 145.3 146.1 205.9 114.2 89.0 155.5 101.0 160.4 124.0 147.6 QIII 159.3 172.5 171.1 162.6 140.9 149.3 213.5 132.6 98.1 155.3 101.0 165.1 126.4 149.5 QIV 168.9 193.0 147.2 165.3 142.5 168.4 226.6 136.0 102.7 166.6 101.0 174.4 129.3 151.1 2017/18 QI 174.1 197.5 173.7 169.0 143.1 172.4 226.8 147.2 102.7 169.2 101.0 184.9 130.5 156.6 QII 177.3 201.0 176.8 174.0 143.8 177.4 241.5 157.2 103.4 169.2 101.0 190.5 133.2 159.7 Source: Central Statistical Agency

94 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 21 (E9): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Source: Central Statistical Agency Period General Index Food & Non-alcoholic 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 Non-Food Index SOMALI 2000/01 Q.III 24.3 19.5 39.0 43.9 30.5 32.7 42.8 33.2 33.2 49.9 49.9 22.8 41.3 36.9 Q.IV 24.3 19.4 38.4 44.2 31.7 32.9 43.7 31.8 31.8 49.6 49.6 22.5 41.2 37.2 2001/02 Q.I 23.5 19.3 39.6 37.8 28.8 33.9 38.4 28.9 28.9 50.9 50.9 22.6 40.4 34.3 Q.II 23.4 19.0 39.2 39.0 29.5 32.9 39.5 30.0 30.0 50.8 50.8 22.8 40.9 34.9 Q.III 23.5 19.1 39.0 37.4 30.3 32.2 40.0 28.0 28.0 50.2 50.2 22.5 40.6 34.6 Q.IV 24.1 19.5 39.3 37.8 31.4 33.2 37.6 30.5 30.5 50.1 50.1 22.1 40.8 35.4 2002/03 Q.I 25.3 20.7 40.0 41.3 32.5 33.8 36.8 30.5 30.5 50.4 50.4 23.2 40.5 37.0 Q.II 26.1 21.9 40.2 39.2 32.5 33.7 37.4 30.7 30.7 49.9 49.9 23.2 40.7 36.5 Q.III 26.8 22.5 41.0 39.4 34.9 32.5 37.1 30.1 30.1 49.3 49.3 23.7 40.8 37.6 Q.IV 26.9 22.9 41.4 36.6 34.2 32.4 37.3 29.3 29.3 49.6 49.6 23.7 41.3 36.6 2003/04 Q.I 26.4 22.6 40.6 34.2 33.5 32.8 38.0 28.5 28.5 48.8 48.8 23.1 41.7 35.6 Q.II 26.2 22.4 39.7 33.3 33.9 32.0 39.5 28.5 28.5 46.9 46.9 23.2 41.5 35.2 Q.III 25.6 21.1 39.5 33.7 36.0 33.0 38.5 27.9 27.9 47.4 47.4 23.9 41.4 36.2 Q.IV 26.2 21.8 39.0 33.3 36.7 32.3 38.2 29.3 29.3 48.6 48.6 24.2 41.5 36.4 2004/05 Q.I 27.4 22.8 38.1 34.9 39.1 32.3 38.9 31.5 31.5 48.0 48.0 23.8 41.2 37.7 Q.II 28.2 23.9 38.2 34.0 39.1 32.7 40.5 34.3 34.3 48.2 48.2 23.9 41.3 37.6 Q.III 28.6 23.6 37.9 34.8 43.7 32.8 41.7 35.4 35.4 47.8 47.8 24.4 41.9 39.9 Q.IV 30.7 26.4 37.9 36.3 42.9 32.8 43.9 36.3 36.3 46.5 46.5 24.6 41.5 39.9 2005/06 Q.I 32.0 28.5 38.4 36.0 42.2 33.0 41.9 37.6 37.6 46.0 46.0 25.0 41.8 39.7 Q.II 31.9 28.4 39.6 36.0 40.9 33.4 42.5 38.3 38.3 46.6 46.6 23.5 42.8 39.4 Q.III 32.8 29.2 40.6 38.8 42.2 33.1 43.9 38.6 38.6 46.6 46.6 25.0 43.1 40.9 Q.IV 33.7 30.3 42.1 39.0 41.6 33.6 44.1 43.2 43.2 47.0 47.0 27.5 45.8 41.1 2006/07 Q.I 34.8 31.6 42.9 39.6 42.0 35.3 44.5 47.3 47.3 51.1 51.1 29.3 47.6 41.8 Q.II 34.9 31.7 43.0 40.5 41.8 36.1 42.4 50.3 50.3 52.4 52.4 30.7 47.9 42.0 Q.III 35.4 32.2 44.2 41.1 42.4 36.0 40.6 49.0 49.0 50.7 50.7 31.8 46.5 42.4 Q.IV 35.4 32.1 44.8 41.6 42.1 36.8 44.5 49.3 49.3 51.5 51.5 33.7 46.6 42.6 2007/08 Q.I 37.0 34.1 45.5 41.9 42.6 36.7 50.6 49.9 49.9 50.9 50.9 37.1 47.3 43.3 Q.II 38.2 35.3 47.1 43.8 43.6 37.4 53.7 49.4 49.4 51.2 51.2 36.0 48.4 44.5 Q.III 41.7 39.5 47.0 45.9 46.0 39.2 53.9 52.4 52.4 54.0 54.0 37.3 49.2 46.4 Q.IV 48.2 47.9 46.4 49.7 47.9 45.1 55.5 54.5 54.5 53.7 53.7 41.0 50.2 48.9 2008/09 Q.I 60.5 65.0 52.0 49.5 48.7 49.7 60.5 56.2 56.2 52.9 52.9 47.9 56.9 50.8 Q.II 58.1 59.4 55.7 51.5 55.3 52.6 64.1 58.0 58.0 56.1 56.1 48.6 60.4 55.0 Q.III 58.5 59.9 56.0 53.5 54.2 57.3 52.3 58.1 58.1 55.7 55.7 49.1 62.1 55.4 Q.IV 60.9 62.4 58.8 55.4 56.1 61.7 55.2 58.3 58.3 59.7 59.7 53.2 63.2 57.7 2009/10 Q.I 62.3 63.3 64.6 57.3 57.2 62.1 61.6 59.4 59.4 66.1 66.1 55.4 63.4 60.0 Q.II 63.9 63.9 65.4 62.8 61.2 64.4 72.2 61.8 61.8 68.8 68.8 61.0 66.8 63.8 Q.III 65.7 64.4 66.8 65.3 68.7 67.2 83.3 65.5 65.5 70.5 70.5 62.4 72.2 68.6 Q.IV 65.8 64.2 71.0 66.0 69.6 67.0 85.6 67.5 67.5 71.7 71.7 63.6 73.0 69.5 2010/11 Q.I 67.0 64.8 72.6 68.6 72.4 68.7 84.5 68.8 68.8 72.7 72.7 65.0 74.2 71.6 Q.II 75.4 75.1 74.7 75.0 75.8 73.7 87.0 71.6 71.6 85.2 85.2 68.3 84.2 76.1 Q.III 80.3 80.7 75.4 79.0 78.0 78.8 93.1 78.7 78.7 94.8 94.8 72.2 88.1 79.4 Q.IV 88.5 89.5 78.2 86.0 86.6 85.9 99.7 95.7 95.7 95.9 95.9 80.4 87.8 86.2 2011/12 Q.I 92.7 93.4 93.1 90.1 89.8 87.1 104.0 98.1 98.1 99.9 99.9 83.2 90.8 91.1 Q.II 96.6 96.5 97.0 95.1 97.8 96.4 97.2 97.9 97.9 96.3 96.3 93.5 92.9 96.8 Q.III 105.1 105.1 110.4 105.1 103.8 101.2 100.8 100.0 100.0 101.6 100.0 100.5 108.4 105.1 Q.IV 107.5 109.9 97.4 109.4 105.2 113.2 104.0 100.0 100.0 101.3 100.0 103.1 107.7 104.5 2012/13 Q.I 110.8 111.5 91.9 116.1 119.3 121.6 105.6 100.0 100.0 111.7 100.0 105.6 114.5 110.0 Q.II 117.5 116.7 94.7 121.6 135.4 127.7 121.6 110.3 100.0 136.7 100.0 112.2 117.8 118.5 Q.III 116.7 115.9 96.8 122.2 130.6 126.9 127.4 110.0 100.0 142.2 100.0 112.4 124.3 117.8 Q.IV 120.8 117.8 117.5 125.9 130.9 128.6 129.5 113.8 100.0 147.9 100.0 119.4 129.3 124.5 2013/14 Q.I 122.3 120.1 112.9 123.7 136.8 127.7 132.9 112.5 100.0 153.0 100.0 120.9 137.0 125.1 Q.II 128.5 122.9 129.5 124.6 150.2 137.6 133.5 126.0 100.0 149.1 100.0 121.9 134.9 135.5 Q.III 132.9 124.9 151.0 122.4 159.8 131.6 140.5 130.0 100.0 143.8 100.0 122.0 134.2 143.1 Q.IV 134.0 124.2 160.5 122.7 163.5 128.7 153.9 122.5 100.0 146.3 100.0 127.7 135.6 146.3 2014/15 Q.I 136.7 128.4 162.0 122.5 164.6 128.2 148.2 126.0 100.0 148.0 100.0 127.7 136.2 147.1 Q.II 137.1 129.1 156.6 127.1 165.9 129.2 160.9 126.0 100.0 157.0 100.0 129.8 135.7 147.2 Q.III 142.5 130.2 181.0 131.7 179.1 125.9 163.1 126.0 100.0 159.8 100.0 130.3 141.2 158.0 Q.IV 152.6 134.1 212.1 134.1 208.0 126.1 169.4 131.8 100.0 157.3 100.0 132.3 143.4 175.8 2015/16 Q.I 152.8 133.6 201.6 139.6 214.6 134.3 192.1 120.2 100.0 163.8 100.0 132.5 149.6 177.0 Q.II 150.8 134.9 188.4 141.4 204.3 134.1 197.3 120.2 100.0 163.8 100.0 131.5 151.9 170.8 QIII 149.6 136.7 200.1 144.4 177.6 131.0 181.1 126.0 100.0 161.4 100.0 134.1 157.7 165.8 QIV 153.7 138.1 224.1 144.7 182.4 131.2 178.4 126.0 100.0 162.7 100.0 134.6 155.4 173.3 2016/17 QI 155.1 139.8 228.5 145.6 181.6 132.0 181.8 126.0 100.0 162.7 100.0 134.4 156.0 174.4 QII 163.0 148.8 196.9 148.9 219.8 141.4 174.8 126.0 100.0 196.6 100.0 145.1 160.1 180.9 QIII 178.1 156.6 229.6 147.0 270.6 140.7 174.8 126.0 100.0 198.2 100.0 148.1 161.8 205.0 QIV 178.8 163.1 184.3 152.1 281.0 144.9 174.8 124.9 100.0 260.9 100.0 155.7 158.6 198.6 2017/18 QI 180.3 160.1 209.6 154.4 279.4 148.8 185.2 124.8 100.0 243.1 100.0 169.8 157.6 205.7 QII 195.1 175.4 258.3 161.8 281.6 150.1 185.3 124.8 100.0 287.7 100.0 158.8 166.6 219.9

Second Quarter 2017/18 95 National Bank of Ethiopia Quarterly Bulletin Table 21 (E10): Regional States’ Consumer Price Indices (Non-Food) December 2011 = 100 Period General Index Food & Non-alcoholic 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 Non-Food Index TIGRAY 2000/01 Q.III 26.7 25.0 30.5 26.7 36.9 32.4 37.7 30.1 30.1 61.2 61.2 22.1 32.7 32.0 Q.IV 27.0 24.8 31.2 27.7 40.2 32.3 39.6 28.3 28.3 59.2 59.2 23.6 32.9 33.5 2001/02 Q.I 25.0 22.9 30.9 24.4 38.9 32.5 36.7 29.0 29.0 58.3 58.3 25.2 32.9 31.8 Q.II 24.8 22.3 31.0 24.7 38.9 33.2 36.1 30.1 30.1 55.9 55.9 25.3 33.2 32.0 Q.III 24.4 21.8 31.1 24.4 39.7 31.9 36.4 30.0 30.0 57.0 57.0 25.6 33.0 32.0 Q.IV 25.2 22.9 31.4 23.4 39.6 32.0 38.9 29.9 29.9 58.1 58.1 26.1 33.0 31.7 2002/03 Q.I 27.8 26.3 31.9 23.4 40.1 32.1 39.4 30.0 30.0 59.0 59.0 25.9 33.1 31.9 Q.II 28.3 27.2 31.5 22.5 39.8 31.3 39.4 30.2 30.2 58.1 58.1 25.8 33.3 31.4 Q.III 28.2 26.9 31.4 22.6 40.2 31.4 44.1 30.6 30.6 56.6 56.6 25.9 33.4 31.6 Q.IV 29.0 28.5 31.7 22.3 37.8 30.3 46.0 30.7 30.7 54.0 54.0 25.8 33.3 30.5 2003/04 Q.I 30.9 30.6 31.3 22.4 39.9 30.8 47.3 30.4 30.4 54.2 54.2 26.0 33.6 31.3 Q.II 29.2 28.5 31.2 22.8 38.3 31.4 51.1 29.8 29.8 54.2 54.2 25.9 33.5 31.0 Q.III 27.9 26.8 31.4 22.7 37.6 31.0 62.2 30.0 30.0 53.5 53.5 26.2 33.6 30.8 Q.IV 29.8 29.2 31.8 22.4 38.8 31.1 61.6 31.8 31.8 54.2 54.2 26.5 33.8 31.2 2004/05 Q.I 31.6 31.2 32.2 22.8 41.8 30.9 60.0 33.5 33.5 54.1 54.1 27.2 33.8 32.4 Q.II 31.5 31.1 31.8 22.5 42.0 31.1 61.2 35.6 35.6 50.9 50.9 26.8 33.9 32.3 Q.III 32.0 30.7 31.9 22.9 47.9 30.9 58.8 36.7 36.7 50.8 50.8 27.4 33.7 34.5 Q.IV 33.0 32.4 31.9 23.3 45.4 31.0 57.7 37.8 37.8 52.3 52.3 27.4 33.9 33.8 2005/06 Q.I 35.5 35.4 32.2 24.3 47.7 31.1 59.0 37.4 37.4 50.8 50.8 28.0 34.4 35.0 Q.II 35.9 35.1 32.3 25.4 51.3 33.5 65.2 37.7 37.7 49.2 49.2 29.4 34.8 37.0 Q.III 35.8 34.7 32.3 27.1 51.6 34.8 65.3 37.3 37.3 49.3 49.3 30.5 35.3 37.9 Q.IV 36.8 35.7 34.0 27.0 53.0 36.3 66.2 42.4 42.4 51.7 51.7 31.4 36.9 39.0 2006/07 Q.I 38.3 37.2 33.5 27.4 55.7 35.5 66.6 48.8 48.8 54.6 54.6 32.7 38.3 40.3 Q.II 38.9 37.8 33.6 27.4 56.1 35.3 66.1 55.8 55.8 53.9 53.9 34.3 38.8 40.5 Q.III 39.5 38.8 33.2 27.7 54.9 35.9 69.7 54.1 54.1 54.4 54.4 34.8 40.6 40.5 Q.IV 41.4 41.2 33.5 29.3 56.5 36.6 69.4 53.1 53.1 53.3 53.3 36.2 41.4 41.6 2007/08 Q.I 44.8 46.4 33.9 30.8 56.4 38.2 70.1 53.3 53.3 54.2 54.2 38.8 42.6 42.5 Q.II 47.3 49.6 32.8 31.3 60.2 40.4 67.5 52.0 52.0 55.6 55.6 42.4 41.8 43.9 Q.III 50.1 53.6 35.7 31.6 59.9 42.9 67.0 56.8 56.8 55.6 55.6 44.3 43.6 44.8 Q.IV 59.3 66.6 40.5 34.8 64.1 47.8 68.3 58.9 58.9 57.0 57.0 48.1 45.3 48.4 2008/09 Q.I 74.8 89.5 50.3 39.1 70.7 50.9 68.0 58.9 58.9 58.7 58.7 54.1 47.8 53.2 Q.II 72.8 84.3 49.1 42.6 74.1 53.0 67.8 61.2 61.2 60.0 60.0 55.6 48.9 55.9 Q.III 67.9 75.9 49.9 44.6 72.8 53.3 69.7 53.2 53.2 58.8 58.8 57.1 50.5 56.1 Q.IV 68.0 74.1 55.5 47.0 75.0 56.6 71.9 53.1 53.1 62.5 62.5 57.6 56.8 59.0 2009/10 Q.I 70.2 74.9 62.5 51.1 79.0 60.0 73.2 62.4 62.4 67.2 67.2 62.7 62.6 63.3 Q.II 71.5 75.4 62.9 54.2 81.1 63.4 76.7 68.7 68.7 64.7 64.7 64.6 64.7 65.8 Q.III 71.1 73.5 66.9 55.9 81.4 67.9 82.1 72.1 72.1 67.3 67.3 66.2 65.4 67.7 Q.IV 73.3 75.8 66.7 59.0 83.3 69.1 85.7 74.8 74.8 70.2 70.2 68.0 65.7 69.7 2010/11 Q.I 73.5 75.8 69.0 61.8 80.6 69.7 83.4 74.3 74.3 74.7 74.7 68.8 67.1 70.2 Q.II 74.7 74.3 70.4 68.1 83.5 72.9 88.6 80.3 80.3 82.9 82.9 71.6 76.3 75.2 Q.III 77.9 76.6 70.2 73.4 88.1 77.0 89.8 88.2 88.2 84.3 84.3 74.1 78.9 79.7 Q.IV 87.8 88.8 77.2 82.2 93.1 82.0 95.2 102.5 102.5 91.3 91.3 85.4 83.6 86.4 2011/12 Q.I 95.3 98.1 91.3 87.3 97.3 87.4 92.1 102.9 102.9 94.3 94.3 94.2 88.9 91.2 Q.II 100.1 101.7 97.5 96.3 100.4 95.4 99.8 98.9 98.9 100.3 100.3 99.0 97.8 97.8 Q.III 104.8 106.0 99.4 103.7 102.9 102.8 108.9 100.0 100.0 103.8 100.0 110.3 103.7 103.7 Q.IV 111.4 115.6 101.4 110.3 105.2 107.6 105.3 102.7 100.0 104.9 100.0 114.3 107.9 107.2 2012/13 Q.I 118.7 122.9 103.6 115.7 117.9 113.0 111.3 103.5 100.0 110.9 100.0 125.5 109.4 114.5 Q.II 119.5 119.8 106.1 121.3 123.3 113.5 110.7 103.4 100.0 141.1 100.0 135.8 110.2 119.3 Q.III 119.5 118.2 113.9 126.4 123.4 111.6 108.1 103.4 100.0 140.9 100.0 136.9 113.4 120.8 Q.IV 125.5 124.3 116.6 133.5 132.0 126.3 115.9 98.6 100.0 144.5 100.0 138.0 115.0 126.7 2013/14 Q.I 132.5 136.2 120.7 137.4 132.2 126.8 112.5 94.6 100.0 148.7 100.0 144.5 119.2 128.8 Q.II 131.3 131.9 122.2 141.2 133.1 129.4 116.7 105.8 100.0 146.2 100.0 143.5 119.2 130.6 Q.III 130.1 124.6 121.8 144.4 144.0 136.4 123.1 104.8 100.0 147.8 100.0 145.6 118.0 135.4 Q.IV 130.5 128.1 128.7 145.3 135.3 130.3 128.2 107.8 100.0 145.2 103.3 147.9 114.1 132.9 2014/15 Q.I 133.3 130.4 134.6 148.5 149.2 129.9 126.6 109.2 100.0 145.3 106.0 130.7 119.8 136.1 Q.II 139.2 131.3 137.6 151.9 173.5 133.1 136.5 110.3 100.0 149.4 107.4 145.9 123.6 147.0 Q.III 136.4 127.2 139.8 155.5 162.1 137.6 149.0 109.2 100.0 151.8 109.2 147.5 123.8 145.4 Q.IV 140.5 129.2 137.8 154.7 181.1 143.5 136.1 106.7 100.0 154.3 111.1 148.6 125.5 151.5 2015/16 Q.I 145.7 139.6 131.7 162.0 178.3 140.8 133.9 106.7 102.9 156.7 112.5 149.9 128.4 151.6 Q.II 147.2 143.3 132.5 161.9 176.5 139.2 135.6 107.3 104.1 158.1 112.9 150.3 128.6 151.1 QIII 151.6 146.7 138.7 165.7 189.2 144.2 139.6 106.1 105.7 163.3 114.7 151.6 124.7 156.4 QIV 156.3 146.4 144.0 164.5 220.1 146.5 138.1 105.7 106.4 168.6 115.5 151.2 125.3 166.0 2016/17 QI 158.7 145.7 143.0 164.4 238.4 146.2 139.8 105.9 105.9 169.0 115.9 151.6 126.7 171.4 QII 174.4 156.9 138.9 173.8 293.8 161.8 159.9 103.9 105.7 200.3 119.0 149.3 129.9 191.6 QIII 168.2 153.9 143.3 170.7 258.5 166.6 157.4 107.6 106.1 214.3 119.6 148.0 132.0 182.3 QIV 165.8 163.9 110.9 160.7 216.0 175.1 114.6 109.7 124.9 190.1 120.0 152.5 136.0 167.8 2017/18 QI 174.8 171.4 149.5 170.4 222.7 177.0 122.1 112.2 105.9 189.9 120.8 184.4 134.4 178.0 QII 179.6 177.6 163.9 176.6 221.4 182.9 117.7 114.8 105.9 189.1 120.8 190.4 138.7 181.6 Source: Central Statistical Agency

96 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 21 (F1): Regional States’ Consumer Price Index (Food) December 2011 = 100 Source: Central Statistical Agency Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages AFAR 2000/01 Q.III 21.9 20.2 16.2 30.1 43.2 22.4 22.4 35.7 21.3 12.1 Q.IV 21.1 20.0 17.6 30.8 43.0 22.0 22.0 33.9 17.5 9.6 2001/02 Q.I 20.9 18.9 16.8 31.2 36.5 23.7 23.7 32.5 18.2 12.6 Q.II 20.2 19.0 17.6 30.7 33.5 21.9 21.9 32.3 16.7 11.4 Q.III 20.2 19.2 17.3 29.9 34.0 22.5 22.5 30.2 16.4 12.4 Q.IV 20.9 20.2 16.5 31.6 35.7 23.5 23.5 31.0 16.4 13.1 2002/03 Q.I 22.5 21.5 17.0 32.6 37.5 24.4 24.4 30.9 17.4 13.9 Q.II 23.0 21.7 18.7 32.3 37.6 24.5 24.5 31.2 17.1 14.7 Q.III 24.0 23.4 20.1 31.5 40.3 24.0 24.0 32.2 18.3 15.5 Q.IV 24.7 23.8 21.3 32.3 41.8 26.7 26.7 31.5 20.6 15.5 2003/04 Q.I 25.8 25.0 21.2 31.6 42.2 25.4 25.4 31.9 22.7 17.2 Q.II 25.6 24.3 23.0 30.8 41.2 23.9 23.9 34.6 24.1 17.4 Q.III 24.8 23.7 22.8 30.1 41.6 26.0 26.0 34.4 22.6 17.5 Q.IV 25.3 24.2 26.0 28.6 41.7 28.4 28.4 35.8 26.3 17.6 2004/05 Q.I 25.0 24.7 22.9 27.8 41.7 26.1 26.1 38.8 25.5 15.8 Q.II 25.4 24.6 21.1 27.9 44.1 24.7 24.7 40.0 26.4 16.8 Q.III 24.9 23.5 23.3 28.0 43.1 27.0 27.0 35.7 23.6 17.8 Q.IV 26.3 24.9 24.6 27.9 43.9 30.1 30.1 36.6 23.9 19.1 2005/06 Q.I 27.4 25.7 28.3 28.7 44.0 28.6 28.6 40.3 20.5 19.2 Q.II 27.8 25.4 28.5 28.0 42.9 30.0 30.0 38.7 20.4 21.5 Q.III 28.4 25.8 28.8 29.4 44.0 30.1 30.1 42.4 20.7 21.9 Q.IV 30.3 27.0 29.3 31.5 44.3 33.3 33.3 48.2 20.7 24.5 2006/07 Q.I 31.7 29.0 29.8 31.3 43.6 33.9 33.9 46.9 22.6 25.7 Q.II 33.0 30.9 30.5 31.6 43.8 34.5 34.5 45.9 23.8 25.9 Q.III 32.7 31.5 32.9 32.4 47.0 37.5 37.5 43.3 29.9 27.8 Q.IV 34.7 32.0 39.2 36.6 55.7 40.1 40.1 43.3 42.7 27.4 2007/08 Q.I 36.6 33.7 39.5 41.2 56.0 42.4 42.4 42.5 83.6 26.1 Q.II 37.8 34.7 41.2 42.7 61.7 45.7 45.7 40.4 81.4 26.4 Q.III 39.6 37.0 43.6 41.7 68.1 55.5 55.5 41.8 76.8 27.7 Q.IV 48.0 51.5 48.5 51.0 77.7 56.8 56.8 47.5 87.3 30.3 2008/09 Q.I 60.5 70.8 53.8 58.0 79.2 72.1 72.1 53.0 99.0 35.6 Q.II 58.7 68.7 51.2 55.9 74.5 69.0 69.0 56.3 75.4 36.4 Q.III 56.6 65.1 51.4 57.5 75.3 69.7 69.7 65.7 53.1 35.9 Q.IV 58.8 67.2 63.7 56.1 73.6 83.2 83.2 73.8 38.4 41.7 2009/10 Q.I 61.7 70.3 59.7 63.3 72.7 79.2 79.2 80.2 39.4 43.2 Q.II 64.7 71.0 60.2 74.0 71.6 73.6 73.6 83.5 48.2 45.3 Q.III 64.6 69.5 65.9 72.6 74.1 68.8 68.8 89.3 49.4 49.9 Q.IV 65.0 68.0 69.5 72.6 80.7 79.6 79.6 91.6 69.5 49.6 2010/11 Q.I 66.3 69.5 76.5 72.9 81.4 93.4 93.4 87.2 74.0 48.9 Q.II 69.7 67.6 81.5 76.1 94.6 96.0 96.0 91.5 63.4 57.9 Q.III 74.9 72.6 80.7 87.4 101.8 95.2 95.2 84.8 60.6 72.7 Q.IV 80.4 83.6 89.7 79.7 104.4 103.2 103.2 89.0 98.7 77.8 2011/12 Q.I 86.7 90.6 102.3 81.2 99.7 104.9 104.9 95.4 121.3 79.4 Q.II 95.4 99.8 101.6 99.3 100.1 99.9 99.9 104.5 118.3 88.8 Q.III 105.1 104.3 110.9 102.1 100.0 102.9 115.4 104.3 109.7 104.2 Q.IV 111.8 108.7 140.2 109.2 101.7 102.7 138.0 112.0 123.3 97.6 2012/13 Q.I 117.9 114.3 159.9 123.7 102.2 109.4 142.6 118.2 111.6 100.2 Q.II 117.9 115.2 154.4 133.7 101.6 111.6 128.2 112.9 106.3 96.1 Q.III 113.8 110.8 165.4 132.5 101.1 117.5 107.0 117.5 110.2 90.5 Q.IV 116.0 113.8 187.6 133.1 105.3 130.5 119.2 119.6 94.5 87.4 2013/14 Q.I 124.8 122.8 186.2 139.7 104.2 129.5 158.4 120.9 96.3 85.1 Q.II 126.0 131.4 185.4 145.4 104.2 129.3 117.9 119.5 104.4 85.4 Q.III 122.6 122.3 189.1 143.0 105.8 138.8 119.9 120.9 101.4 91.7 Q.IV 126.9 120.9 197.0 144.4 112.2 140.9 136.9 118.2 125.2 101.8 2014/15 Q.I 129.7 120.9 195.0 141.3 119.4 154.2 137.2 132.9 161.8 104.9 Q.II 129.1 118.7 201.3 140.5 110.8 151.3 146.6 148.3 144.1 108.9 Q.III 129.5 119.5 204.9 142.8 121.8 155.4 144.3 143.4 141.0 103.7 Q.IV 139.0 117.5 206.7 155.1 136.5 159.7 157.9 134.3 241.0 103.2 2015/16 Q.I 153.3 123.3 214.5 156.2 147.3 177.0 186.7 121.5 384.7 102.1 Q.II 155.9 124.6 204.4 156.2 143.3 171.2 195.4 119.5 412.6 102.7 Q.III 147.3 126.9 207.7 161.6 133.8 178.8 197.9 114.1 243.5 100.5 Q.IV 147.3 129.0 208.9 164.5 129.6 179.9 192.8 117.1 227.3 101.2 2016/17 QI 147.3 131.8 211.3 166.8 128.1 184.9 187.7 118.9 206.7 100.9 QII 153.6 135.3 244.0 189.5 141.9 181.1 198.8 130.1 149.6 107.0 QIII 148.7 130.7 235.7 183.1 153.0 183.8 187.8 141.2 126.1 106.8 QIV 151.2 137.1 267.7 169.5 169.9 191.8 196.3 143.3 129.3 107.4 2017/18 QI 159.6 154.5 285.6 169.2 171.3 209.5 204.5 144.1 124.3 109.3 QII 168.6 166.0 306.0 169.9 165.2 229.5 206.6 161.4 155.6 120.3

Second Quarter 2017/18 97 National Bank of Ethiopia Quarterly Bulletin Table 21 (F2): Regional States’ Consumer Price Index (Food) December 2011 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages AMHARA 2000/01 Q.III 19.6 22.8 17.4 24.9 22.7 19.0 19.0 49.2 15.0 13.5 Q.IV 17.8 20.7 18.6 25.5 21.3 19.1 19.1 46.7 14.4 13.5 2001/02 Q.I 16.8 20.0 18.3 25.5 20.6 16.2 16.2 41.8 12.8 13.6 Q.II 16.7 19.6 18.6 24.8 20.9 17.9 17.9 40.1 13.2 13.2 Q.III 15.9 18.9 18.5 25.1 20.0 19.1 19.1 38.3 12.0 11.5 Q.IV 16.6 19.5 19.3 24.7 20.3 18.4 18.4 38.2 12.5 8.7 2002/03 Q.I 19.5 22.0 20.2 24.7 25.6 17.6 17.6 37.9 12.8 8.2 Q.II 20.5 23.0 19.7 25.2 25.7 18.3 18.3 37.7 13.5 8.6 Q.III 21.8 23.8 20.0 25.3 28.2 19.4 19.4 37.9 14.6 8.7 Q.IV 23.3 25.0 21.3 25.4 31.8 20.9 20.9 37.8 16.7 9.7 2003/04 Q.I 25.6 26.7 22.2 26.3 31.2 21.5 21.5 38.8 18.8 10.5 Q.II 25.1 26.2 22.3 26.8 30.2 21.9 21.9 41.4 17.9 10.9 Q.III 23.7 25.2 22.6 26.4 30.5 26.2 26.2 39.0 15.9 11.3 Q.IV 25.8 26.5 23.8 26.5 30.7 27.6 27.6 41.4 19.3 13.2 2004/05 Q.I 26.8 27.0 23.7 26.6 30.5 23.6 23.6 41.3 22.0 14.4 Q.II 27.1 27.3 23.8 26.8 30.2 23.1 23.1 40.9 24.4 14.4 Q.III 25.6 26.0 23.4 27.5 30.1 26.2 26.2 39.1 21.9 16.1 Q.IV 28.3 28.4 25.6 27.6 29.7 26.6 26.6 40.3 24.7 19.6 2005/06 Q.I 30.7 30.6 29.4 28.8 29.0 24.5 24.5 44.0 24.9 20.3 Q.II 30.9 30.8 31.2 29.8 28.5 29.2 29.2 41.4 25.0 21.2 Q.III 30.5 30.5 32.1 30.0 28.7 33.9 33.9 42.9 25.1 22.0 Q.IV 31.6 32.3 35.0 31.1 29.4 34.1 34.1 47.8 24.3 22.9 2006/07 Q.I 33.9 35.0 36.8 33.3 29.2 34.9 34.9 46.5 24.7 22.9 Q.II 35.0 36.6 37.2 34.4 30.5 34.7 34.7 45.8 25.4 22.9 Q.III 36.7 38.0 37.4 34.7 33.6 35.5 35.5 43.8 34.2 23.3 Q.IV 39.3 40.1 40.4 36.2 40.2 35.6 35.6 43.9 49.6 23.0 2007/08 Q.I 43.6 42.6 40.4 40.6 42.5 37.3 37.3 44.6 74.8 24.0 Q.II 46.3 45.7 42.8 42.1 47.2 42.9 75.6 28.3 Q.III 48.1 48.6 45.4 42.5 52.0 46.5 46.5 47.1 69.9 31.1 Q.IV 58.7 62.2 47.6 47.9 59.0 49.0 49.0 55.6 83.7 31.6 2008/09 Q.I 77.0 87.2 50.6 58.7 58.9 57.7 57.7 69.5 94.6 31.4 Q.II 73.3 86.0 52.9 59.8 57.2 53.6 53.6 77.3 74.8 32.5 Q.III 65.5 79.6 54.2 62.4 55.4 61.8 61.8 90.3 48.0 32.2 Q.IV 64.3 78.7 58.6 65.6 56.2 69.8 69.8 92.1 36.9 32.5 2009/10 Q.I 66.5 80.6 57.8 68.5 55.6 66.7 66.7 92.8 41.1 35.1 Q.II 65.1 78.8 59.8 71.0 52.4 62.6 62.6 94.9 45.7 43.2 Q.III 64.1 74.7 63.3 72.2 53.3 67.3 67.3 95.7 50.5 46.1 Q.IV 65.1 74.3 64.8 73.2 48.8 68.9 68.9 97.9 67.0 45.5 2010/11 Q.I 66.3 73.5 65.5 74.4 60.9 76.0 76.0 96.6 76.1 46.5 Q.II 68.1 72.1 66.7 81.0 72.9 86.2 86.2 98.2 73.4 52.2 Q.III 71.4 74.4 62.7 82.9 79.2 91.7 91.7 95.0 75.4 69.1 Q.IV 85.9 83.1 72.1 88.1 108.7 92.6 92.6 99.1 107.9 89.7 2011/12 Q.I 95.7 91.1 87.3 93.1 112.1 90.8 90.8 98.1 126.5 92.4 Q.II 101.4 98.7 96.4 98.5 103.7 94.4 94.4 99.4 127.8 97.9 Q.III 104.3 104.8 106.0 104.5 102.2 106.5 105.2 99.9 102.9 101.6 Q.IV 113.0 114.7 124.8 110.2 108.7 108.6 109.6 100.3 118.3 95.3 2012/13 Q.I 120.1 122.7 135.6 113.2 108.3 114.3 113.6 99.7 135.7 89.8 Q.II 119.2 123.7 136.5 130.8 105.7 135.1 106.8 99.5 138.5 86.6 Q.III 118.6 122.0 139.3 137.9 105.3 138.5 104.9 99.4 139.6 83.4 Q.IV 122.0 126.8 141.3 142.3 110.7 137.8 104.7 99.4 148.9 81.5 2013/14 Q.I 127.0 135.1 145.4 143.6 110.4 144.2 109.4 99.4 153.2 81.5 Q.II 126.0 137.6 145.0 146.4 109.9 152.1 103.2 99.3 151.5 82.7 Q.III 123.9 123.5 147.7 147.3 109.5 151.6 112.3 100.0 150.1 82.5 Q.IV 125.6 126.2 147.9 149.2 114.0 152.6 107.6 100.6 156.9 90.5 2014/15 Q.I 127.3 131.3 150.5 154.7 120.3 160.1 105.7 99.7 152.5 98.1 Q.II 127.6 128.9 149.6 155.4 122.6 152.4 110.0 99.9 150.3 101.8 Q.III 128.7 124.3 154.4 161.4 132.9 164.4 115.6 100.5 149.3 102.0 Q.IV 131.1 128.0 159.8 176.8 143.2 169.3 113.5 100.3 153.6 97.1 2015/16 Q.I 139.0 134.8 163.9 174.4 153.1 181.3 129.9 100.3 158.6 94.8 Q.II 141.6 137.3 165.5 172.8 152.6 187.8 135.2 100.3 160.6 93.9 Q.III 140.6 138.8 167.0 177.0 144.1 192.7 131.1 100.2 160.5 91.8 Q.IV 141.1 139.7 168.6 180.6 141.6 194.4 131.4 108.4 160.8 90.4 2016/17 QI 141.2 139.3 169.1 185.0 139.4 198.3 131.5 116.7 161.8 90.4 QII 155.4 143.2 192.6 197.9 140.7 211.2 134.1 118.2 215.9 102.0 QIII 156.7 141.8 195.6 204.4 145.0 217.8 133.4 125.2 221.3 104.3 QIV 168.6 154.5 218.3 224.9 148.3 231.5 131.1 125.0 256.7 101.4 2017/18 QI 181.9 175.5 223.4 229.1 147.6 266.5 135.4 125.0 285.7 104.7 QII 181.9 176.8 228.2 237.4 150.2 267.0 136.9 125.1 274.3 107.6 Source: Central Statistical Agency

98 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 21 (F3): Regional States’ Consumer Price Index (Food) December 2011 = 100 Source: Central Statistical Agency Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages BENISHANGUL GUMUZ 2000/01 Q.III 13.9 16.3 18.0 26.1 20.0 23.1 23.1 40.9 14.8 9.7 Q.IV 13.6 16.6 18.7 25.7 17.9 20.4 20.4 35.5 15.0 10.3 2001/02 Q.I 14.3 17.5 17.7 23.8 15.3 19.4 19.4 34.5 13.0 9.9 Q.II 14.8 18.0 16.7 24.3 16.2 19.3 19.3 32.7 11.7 10.9 Q.III 14.0 16.7 17.0 23.7 16.9 20.9 20.9 32.3 11.7 10.4 Q.IV 13.7 16.7 18.2 24.4 18.6 22.7 22.7 31.8 12.2 8.0 2002/03 Q.I 15.1 18.4 18.1 25.0 20.0 23.3 23.3 32.1 12.6 7.8 Q.II 17.4 20.3 18.2 24.8 20.7 23.9 23.9 32.1 13.3 7.5 Q.III 18.7 21.8 18.4 26.4 22.3 25.8 25.8 32.1 14.8 7.7 Q.IV 19.2 21.9 19.7 27.3 24.7 25.7 25.7 32.9 17.0 8.3 2003/04 Q.I 21.8 24.0 22.1 30.7 23.6 26.7 26.7 34.2 17.7 9.7 Q.II 22.5 24.7 21.7 31.3 23.0 28.8 28.8 36.9 18.9 10.2 Q.III 22.0 23.8 23.4 32.5 23.6 34.8 34.8 35.6 18.3 10.5 Q.IV 22.9 25.1 24.8 32.5 24.6 30.9 30.9 35.8 17.7 11.9 2004/05 Q.I 24.0 26.8 25.8 31.7 22.9 26.9 26.9 37.2 17.9 12.4 Q.II 24.3 27.1 24.9 30.0 24.1 29.4 29.4 37.0 19.1 12.5 Q.III 22.4 24.3 27.7 31.1 25.9 33.5 33.5 37.7 20.3 15.1 Q.IV 23.1 24.7 30.8 30.7 25.7 28.7 28.7 39.1 23.3 18.3 2005/06 Q.I 24.4 26.1 33.4 31.3 22.9 25.6 25.6 41.3 21.2 19.4 Q.II 25.1 26.7 36.1 30.3 23.5 26.9 26.9 41.3 21.6 19.1 Q.III 25.4 27.1 36.2 30.6 24.2 27.4 27.4 43.6 21.7 19.3 Q.IV 27.0 27.7 37.7 33.4 26.5 31.2 31.2 46.4 21.6 19.5 2006/07 Q.I 27.7 28.8 38.6 33.4 27.2 34.4 34.4 44.6 21.1 19.3 Q.II 28.5 29.9 39.3 33.8 27.0 34.9 34.9 43.7 21.5 19.8 Q.III 29.0 30.0 40.8 33.4 27.7 35.7 35.7 43.3 26.7 20.0 Q.IV 30.8 31.2 44.9 32.3 31.5 38.2 38.2 44.6 39.8 21.6 2007/08 Q.I 35.6 35.5 49.9 34.6 33.5 39.7 39.7 43.3 65.2 24.4 Q.II 39.2 38.8 48.7 35.1 35.8 39.7 39.7 41.9 81.1 24.9 Q.III 44.3 45.6 50.4 36.0 39.9 44.7 44.7 47.4 83.2 25.8 Q.IV 51.2 55.3 57.0 38.9 44.4 45.9 45.9 49.7 82.7 27.0 2008/09 Q.I 75.0 85.7 67.5 49.2 45.9 58.2 58.2 62.5 99.3 28.2 Q.II 67.0 81.3 69.4 52.1 47.9 62.3 62.3 68.1 76.2 27.0 Q.III 58.2 72.5 67.3 54.4 45.9 62.6 62.6 77.2 61.3 25.1 Q.IV 59.6 73.8 66.7 55.7 51.0 60.8 60.8 80.6 47.1 26.6 2009/10 Q.I 65.0 78.3 70.9 60.8 47.8 61.4 61.4 81.3 44.1 31.9 Q.II 59.2 70.4 64.1 63.3 46.4 58.9 58.9 83.8 47.8 41.7 Q.III 53.5 61.7 62.7 69.7 49.1 57.9 57.9 88.7 60.5 39.5 Q.IV 51.8 55.5 68.6 67.2 52.3 61.8 61.8 90.9 81.3 39.2 2010/11 Q.I 50.0 53.2 69.0 70.6 49.8 68.7 68.7 88.1 69.1 45.7 Q.II 51.5 51.4 76.5 73.6 52.4 67.7 67.7 92.4 73.3 55.3 Q.III 57.8 57.3 68.0 75.8 78.7 78.9 78.9 84.6 74.6 68.5 Q.IV 79.4 74.7 77.0 80.4 99.5 89.9 89.9 96.6 107.5 96.2 2011/12 Q.I 93.1 91.7 91.8 86.3 87.6 85.5 85.5 94.8 114.6 102.1 Q.II 100.4 99.3 97.8 96.1 99.9 91.7 91.7 98.5 144.5 101.6 Q.III 99.8 95.2 102.2 101.1 103.6 129.7 106.5 100.6 110.4 81.4 Q.IV 106.4 102.3 118.8 105.7 103.2 169.7 107.9 106.5 128.7 77.0 2012/13 Q.I 110.9 105.6 131.9 107.9 107.3 170.1 115.6 110.1 127.4 77.1 Q.II 109.5 106.8 133.0 116.5 112.2 179.8 103.6 110.2 130.0 76.5 Q.III 104.9 98.8 139.7 137.4 118.2 178.6 92.3 108.3 129.1 74.4 Q.IV 104.4 100.0 134.0 145.8 110.9 169.9 93.1 105.6 128.9 73.7 2013/14 Q.I 114.4 122.1 137.6 148.8 109.6 151.1 102.8 105.3 122.3 72.7 Q.II 121.6 139.1 141.6 144.1 110.4 177.1 98.8 105.3 129.3 77.6 Q.III 111.5 110.9 136.8 142.6 113.7 199.6 101.4 102.5 127.6 81.7 Q.IV 112.1 106.5 141.0 149.3 111.4 164.9 104.2 106.6 132.9 90.6 2014/15 Q.I 110.0 104.6 141.6 130.6 108.6 138.9 102.1 100.5 129.3 93.0 Q.II 111.3 98.8 138.9 136.9 113.1 162.6 110.0 99.1 138.6 97.5 Q.III 115.6 101.3 145.5 138.0 113.3 172.1 123.3 102.6 145.9 82.7 Q.IV 118.9 95.5 155.7 142.8 119.8 169.0 125.8 100.0 177.8 80.3 2015/16 Q.I 131.0 102.7 167.7 142.9 114.9 169.9 139.6 102.7 227.9 80.3 Q.II 132.8 101.4 167.7 140.7 113.5 205.7 146.5 104.2 234.6 78.6 Q.III 129.8 103.8 174.8 129.4 111.0 217.3 137.4 105.3 215.1 76.6 Q.IV 128.4 103.8 172.4 130.5 112.5 201.8 136.6 106.8 206.4 76.7 2016/17 QI 126.2 101.2 175.3 131.6 113.7 209.3 133.6 112.7 196.6 76.7 QII 131.7 104.1 182.4 159.5 115.1 226.9 133.1 112.3 211.5 95.8 QIII 132.7 102.1 183.0 164.3 124.6 228.3 135.3 119.2 227.6 79.3 QIV 145.1 118.1 204.6 172.8 124.8 229.4 148.8 120.6 233.5 83.0 2017/18 QI 162.2 155.4 220.5 173.9 122.9 212.6 151.7 121.5 241.8 84.7 QII 164.2 163.4 223.1 210.3 124.2 237.7 147.5 123.1 227.4 90.0

Second Quarter 2017/18 99 National Bank of Ethiopia Quarterly Bulletin Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages DIRE DAWA 2000/01 Q.III 23.8 24.2 24.1 28.6 30.8 21.1 21.1 57.8 24.9 20.7 Q.IV 23.2 23.3 23.7 27.0 30.3 23.4 23.4 54.5 24.3 20.2 2001/02 Q.I 22.6 23.2 23.2 31.3 28.6 21.2 21.2 51.9 21.1 20.7 Q.II 21.8 21.8 20.8 28.5 28.7 20.9 20.9 52.7 20.8 20.8 Q.III 21.5 21.7 18.9 28.6 27.9 21.0 21.0 52.8 20.7 20.4 Q.IV 21.2 21.5 20.4 20.1 28.1 23.4 23.4 49.7 18.0 18.6 2002/03 Q.I 22.9 23.7 21.1 28.4 28.6 26.7 26.7 47.6 22.1 17.4 Q.II 23.8 25.0 20.2 29.7 32.6 25.6 25.6 55.8 22.5 18.1 Q.III 25.1 25.7 21.1 31.5 35.5 25.8 25.8 56.9 24.0 20.3 Q.IV 26.3 26.4 24.4 31.1 34.2 29.4 29.4 56.5 31.3 21.7 2003/04 Q.I 26.4 26.5 24.6 32.9 34.5 29.7 29.7 56.4 35.6 20.1 Q.II 25.4 25.7 24.5 30.8 35.2 25.1 25.1 64.5 32.8 19.4 Q.III 24.4 23.8 25.3 31.0 35.1 27.0 27.0 63.0 25.7 20.7 Q.IV 25.6 24.2 28.8 31.5 35.6 31.8 31.8 65.2 30.0 20.7 2004/05 Q.I 26.4 24.8 28.3 30.7 35.3 27.9 27.9 68.4 32.5 24.5 Q.II 26.0 25.1 25.7 30.0 34.8 25.5 25.5 69.7 32.1 23.5 Q.III 26.9 25.2 26.9 30.2 34.5 29.9 29.9 69.1 27.5 26.8 Q.IV 27.5 27.0 28.7 30.8 33.9 33.0 33.0 66.1 27.7 22.8 2005/06 Q.I 29.5 29.5 32.8 33.1 33.6 32.0 32.0 75.0 25.5 24.1 Q.II 29.8 29.8 33.4 32.8 33.4 30.6 30.6 72.8 26.8 25.7 Q.III 30.3 30.0 34.2 33.6 32.6 32.0 32.0 78.0 26.6 26.5 Q.IV 31.7 31.1 40.6 33.0 32.6 34.0 34.0 89.0 23.4 27.2 2006/07 Q.I 33.0 33.2 44.9 33.9 32.8 33.9 33.9 85.6 25.3 26.8 Q.II 33.9 34.6 44.7 34.0 34.1 34.3 34.3 84.3 26.5 26.8 Q.III 34.8 35.4 44.1 33.5 36.0 32.6 32.6 79.5 35.2 29.7 Q.IV 37.6 36.9 45.2 34.6 38.8 36.8 36.8 74.5 56.3 32.5 2007/08 Q.I 40.5 39.5 45.3 34.7 41.9 38.1 38.1 71.1 93.4 33.5 Q.II 41.5 40.2 46.0 36.1 48.8 39.9 39.9 71.5 86.2 34.8 Q.III 46.6 47.7 47.3 39.2 55.9 60.7 60.7 78.8 87.5 36.2 Q.IV 55.6 61.5 53.1 49.6 62.8 69.8 69.8 86.1 108.2 37.6 2008/09 Q.I 68.2 81.6 57.3 54.5 66.4 68.9 68.9 90.0 114.4 39.9 Q.II 68.4 86.2 57.4 59.2 62.4 63.4 63.4 90.9 90.2 43.3 Q.III 67.3 83.8 57.3 60.7 62.4 75.0 75.0 92.5 67.4 44.9 Q.IV 67.4 83.5 59.2 65.3 62.1 73.7 73.7 93.9 45.1 43.5 2009/10 Q.I 68.6 84.1 63.1 68.0 60.9 75.6 75.6 93.9 48.6 45.3 Q.II 67.3 81.7 58.9 72.8 60.2 57.3 57.3 94.2 52.3 51.0 Q.III 68.5 80.9 61.7 72.8 62.0 67.6 67.6 94.5 56.2 53.9 Q.IV 69.7 79.2 69.8 65.4 64.4 78.7 78.7 94.5 83.7 53.8 2010/11 Q.I 69.6 78.8 71.8 66.8 66.5 91.4 91.4 94.5 85.3 47.9 Q.II 73.5 79.9 72.6 73.0 78.9 102.5 102.5 95.7 74.6 48.9 Q.III 77.2 81.7 63.2 80.1 85.9 110.2 110.2 95.6 71.9 61.2 Q.IV 90.0 91.1 71.1 87.2 104.5 109.3 109.3 98.0 121.7 79.1 2011/12 Q.I 98.1 96.6 92.4 95.7 104.5 108.0 108.0 97.3 148.4 89.0 Q.II 100.4 100.6 100.2 94.7 96.7 101.4 101.4 100.2 133.8 94.7 Q.III 103.1 99.9 101.8 110.2 97.4 103.4 114.6 100.5 107.9 103.3 Q.IV 108.6 104.2 128.1 117.9 89.5 104.0 129.4 101.4 114.6 117.0 2012/13 Q.I 112.3 108.8 149.3 128.7 84.1 113.2 128.6 102.5 124.6 125.5 Q.II 112.1 110.7 147.8 129.3 86.0 123.8 117.5 101.4 126.2 129.7 Q.III 109.6 109.6 150.6 129.9 90.2 129.5 101.2 101.0 129.8 129.0 Q.IV 113.0 109.7 150.1 120.6 90.3 135.4 122.1 103.3 141.2 127.0 2013/14 Q.I 122.1 116.6 151.2 130.5 86.5 131.3 151.9 104.4 147.8 133.1 Q.II 121.8 122.9 149.8 126.7 89.6 128.5 125.9 106.8 147.9 137.3 Q.III 117.4 116.8 149.0 129.6 85.2 134.7 121.9 106.6 148.1 132.1 Q.IV 117.7 115.8 153.8 136.2 86.5 136.2 123.2 106.9 150.0 132.0 2014/15 Q.I 127.0 121.7 152.0 148.5 114.6 130.0 141.7 107.0 146.9 135.6 Q.II 129.4 124.0 163.6 149.0 114.7 142.1 144.7 113.6 148.1 135.2 Q.III 129.4 122.4 173.2 150.1 114.9 153.5 150.9 107.3 150.5 129.3 Q.IV 130.9 123.2 185.8 172.4 91.4 149.6 164.3 107.3 149.2 128.1 2015/16 Q.I 130.4 123.7 200.1 182.2 91.2 155.7 154.6 108.5 150.4 126.3 Q.II 129.7 123.2 200.0 173.1 91.2 154.9 154.6 110.6 149.9 127.1 Q.III 132.9 124.0 202.8 175.3 91.3 164.6 170.1 113.4 151.0 123.4 Q.IV 133.6 125.9 204.6 176.2 91.3 168.0 167.9 113.3 150.1 122.8 2016/17 QI 133.4 127.6 205.9 177.9 91.2 169.3 156.9 120.0 152.7 123.8 QII 146.5 130.7 228.2 199.6 101.4 163.7 196.3 134.0 194.8 139.4 QIII 143.8 127.8 228.0 198.8 101.6 182.9 178.6 141.4 217.7 143.6 QIV 151.1 131.8 234.8 197.5 102.3 198.7 194.3 144.3 271.4 147.6 2017/18 QI 156.5 138.0 244.1 208.8 102.4 238.0 187.0 146.3 304.4 157.5 QII 162.1 146.1 249.8 203.3 102.3 235.6 196.6 148.6 298.9 161.4 Table 21 (F4): Regional States’ Consumer Price Index (Food) December 2011 = 100 Source: Central Statistical Agency

100 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 21 (F5): Regional States’ Consumer Price Index (Food) December 2011 = 100 Source: Central Statistical Agency Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages GAMBELLA 2000/01 Q.III 15.7 18.0 16.5 23.1 74.3 16.9 16.9 33.5 15.1 11.3 Q.IV 15.3 17.2 17.1 23.2 67.5 16.5 16.5 29.0 14.2 12.6 2001/02 Q.I 14.4 15.8 17.1 24.2 60.2 15.0 15.0 30.5 13.3 12.6 Q.II 14.8 16.9 17.2 23.4 65.2 17.4 17.4 30.2 12.4 12.2 Q.III 14.8 16.7 16.6 21.9 69.4 17.7 17.7 29.4 13.7 9.3 Q.IV 15.0 17.5 16.8 22.8 70.7 17.3 17.3 29.0 12.2 7.6 2002/03 Q.I 17.1 19.2 16.9 23.1 74.6 17.2 17.2 29.6 12.1 8.4 Q.II 18.3 20.9 16.9 23.2 80.2 17.0 17.0 29.7 13.2 8.0 Q.III 19.8 22.5 16.9 23.9 89.2 17.0 17.0 29.8 14.7 8.2 Q.IV 20.6 23.8 17.3 23.2 92.3 18.2 18.2 29.9 16.3 8.5 2003/04 Q.I 21.1 24.0 17.4 22.6 93.5 18.6 18.6 29.5 16.4 10.5 Q.II 20.0 23.3 18.5 22.7 92.8 18.1 18.1 31.7 16.6 10.3 Q.III 19.4 22.9 19.8 24.4 91.1 18.0 18.0 28.6 17.7 9.9 Q.IV 21.9 24.0 22.2 28.7 90.0 19.3 19.3 28.6 22.6 12.5 2004/05 Q.I 22.1 24.1 22.0 29.6 90.0 18.8 18.8 28.4 23.5 12.8 Q.II 23.4 24.5 21.5 30.0 91.0 20.0 20.0 34.6 29.4 15.3 Q.III 21.9 21.8 22.3 27.4 90.8 19.3 19.3 34.7 39.6 17.5 Q.IV 23.3 22.5 25.0 26.9 94.9 20.2 20.2 33.8 34.3 18.7 2005/06 Q.I 26.7 24.8 26.5 26.7 93.6 23.0 23.0 35.4 24.3 22.2 Q.II 25.3 24.0 27.6 26.4 93.0 23.0 23.0 34.5 23.0 23.0 Q.III 25.8 24.5 28.5 26.0 98.1 23.7 23.7 36.4 23.5 23.6 Q.IV 27.7 25.8 32.5 26.3 101.5 24.6 24.6 41.5 23.5 24.2 2006/07 Q.I 29.1 27.1 34.6 26.7 101.1 25.0 25.0 41.0 23.5 24.5 Q.II 29.8 27.8 35.2 27.0 100.0 25.5 25.5 41.3 23.5 24.6 Q.III 30.8 30.5 38.1 28.7 114.5 28.2 28.2 40.4 31.6 24.7 Q.IV 32.5 31.0 43.1 32.9 130.7 28.3 28.3 40.8 55.0 25.5 2007/08 Q.I 35.7 33.6 45.9 35.3 135.0 28.7 28.7 40.9 85.7 26.6 Q.II 37.6 35.0 45.5 35.6 144.3 30.7 30.7 41.8 100.0 30.7 Q.III 39.5 35.6 46.1 35.4 154.5 40.6 40.6 48.3 100.0 31.7 Q.IV 47.0 57.1 49.6 34.2 166.6 42.5 42.5 54.2 100.6 32.7 2008/09 Q.I 79.1 95.5 50.9 40.9 169.4 54.7 54.7 64.6 101.9 32.8 Q.II 69.3 86.2 55.3 58.5 167.6 59.0 59.0 67.3 91.7 31.9 Q.III 59.2 76.7 56.6 57.5 169.4 55.3 55.3 69.9 51.4 28.3 Q.IV 63.2 80.6 55.1 58.0 165.4 56.4 56.4 71.2 49.4 27.5 2009/10 Q.I 68.1 85.6 58.1 61.1 159.5 56.0 56.0 75.1 39.9 34.3 Q.II 60.9 78.2 58.9 63.8 165.2 59.0 59.0 77.4 41.0 40.9 Q.III 58.8 75.5 59.3 69.2 166.2 57.7 57.7 78.3 45.7 36.6 Q.IV 57.6 72.6 67.0 72.3 173.5 60.6 60.6 81.3 66.7 37.5 2010/11 Q.I 59.1 69.6 67.2 78.1 175.8 62.9 62.9 79.2 82.8 46.7 Q.II 62.3 69.3 68.0 75.1 195.8 71.6 71.6 82.7 85.7 64.6 Q.III 65.0 71.5 66.9 77.5 219.8 70.2 70.2 82.9 86.0 81.3 Q.IV 79.4 83.1 67.6 79.7 266.2 74.6 74.6 90.3 117.8 97.1 2011/2012 Q.I 91.0 94.2 75.8 86.1 281.1 79.4 79.4 101.4 126.0 100.8 Q.II 99.5 100.2 94.0 94.7 304.2 95.0 95.0 98.2 130.2 108.7 Q.III 107.0 106.3 108.7 112.1 102.6 100.4 115.9 103.0 102.4 93.9 Q.IV 115.4 114.4 118.6 119.1 106.3 107.9 135.6 108.7 106.7 87.2 2012/13 Q.I 118.1 120.0 122.4 119.2 104.0 121.2 133.4 108.4 121.3 79.5 Q.II 112.5 100.1 130.8 117.8 104.4 125.9 127.7 108.0 131.4 77.4 Q.III 111.2 92.9 138.0 124.1 104.0 132.6 121.2 107.3 134.5 77.8 Q.IV 117.2 104.7 140.0 140.1 103.7 143.1 124.0 107.6 135.3 76.8 2013/14 Q.I 122.1 118.0 141.5 144.0 103.6 103.8 127.8 109.6 135.4 74.7 Q.II 123.4 119.8 142.0 147.7 103.6 76.1 131.3 111.2 136.5 77.6 Q.III 122.6 107.6 149.3 148.5 104.1 109.6 139.3 112.2 137.6 75.9 Q.IV 128.8 114.9 153.1 148.5 105.5 140.9 140.6 115.4 136.0 100.8 2014/15 Q.I 129.9 125.1 149.5 145.2 104.2 127.0 132.2 110.5 141.8 99.2 Q.II 126.0 106.7 152.4 144.8 101.5 137.2 137.1 115.8 142.5 111.5 Q.III 130.6 102.9 155.1 182.8 95.8 132.5 167.3 118.5 140.5 102.4 Q.IV 132.9 110.9 165.9 182.7 97.9 130.3 157.8 120.7 139.6 84.9 2015/16 Q.I 145.2 120.0 182.9 195.9 100.0 144.1 180.8 124.1 148.4 89.0 Q.II 142.3 114.1 181.6 196.2 100.4 145.8 179.6 123.3 147.0 85.0 QIII 140.9 110.5 179.8 200.3 101.0 145.5 182.2 122.1 141.3 84.3 QIV 139.8 108.7 179.2 202.9 100.9 145.0 180.0 122.8 140.5 83.0 2016/17 QI 139.1 109.8 177.8 203.9 100.3 145.3 175.9 123.5 143.6 79.2 QII 149.2 120.0 191.1 226.0 93.2 146.2 171.5 162.6 164.2 97.8 QIII 151.1 120.2 192.6 218.5 93.8 143.2 176.0 153.2 192.2 97.3 QIV 160.0 140.8 194.9 217.6 99.9 143.4 182.8 154.4 196.3 92.1 2017/18 QI 169.7 172.3 196.7 225.5 96.9 138.4 174.3 154.2 184.4 93.0 QII 165.7 146.4 205.0 230.5 100.5 140.5 181.4 179.2 190.4 103.5

Second Quarter 2017/18 101 National Bank of Ethiopia Quarterly Bulletin Table 21 (F6): Regional States’ Consumer Price Index (Food) December 2011 = 100 Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages HARARI 2000/01 Q.III 18.8 26.8 19.2 24.1 33.5 29.7 29.7 58.0 23.2 10.0 Q.IV 18.2 27.7 19.8 23.7 29.1 28.3 28.3 56.3 22.3 8.6 2001/02 Q.I 17.6 25.6 20.4 24.1 30.5 26.7 26.7 55.3 21.4 8.2 Q.II 17.4 25.1 19.9 22.3 29.4 26.5 26.5 50.2 30.3 8.5 Q.III 17.1 24.6 18.6 22.1 28.6 26.9 26.9 51.2 29.9 8.4 Q.IV 16.9 25.0 19.8 22.2 28.4 27.7 27.7 52.4 29.3 7.8 2002/03 Q.I 18.3 27.2 20.0 22.3 30.2 30.6 30.6 50.1 28.6 7.3 Q.II 19.0 28.6 20.0 22.2 31.9 30.3 30.3 58.1 23.5 7.4 Q.III 20.5 29.8 20.3 22.2 37.8 32.5 32.5 61.2 25.7 9.6 Q.IV 21.1 29.9 20.3 24.8 39.3 35.0 35.0 61.1 31.4 10.2 2003/04 Q.I 21.3 30.5 22.2 25.0 38.6 33.1 33.1 60.3 34.2 9.1 Q.II 20.7 29.7 21.3 24.8 38.7 28.8 28.8 67.7 31.2 9.4 Q.III 20.4 28.2 21.5 24.7 38.0 32.3 32.3 65.9 26.3 11.0 Q.IV 20.0 28.1 22.7 25.1 38.7 38.6 38.6 63.0 31.6 8.1 2004/05 Q.I 21.2 29.5 23.0 25.5 38.7 32.0 32.0 63.8 33.6 11.6 Q.II 20.4 29.7 22.5 25.5 38.8 31.0 31.0 64.1 33.0 9.0 Q.III 21.8 30.3 22.5 25.4 38.6 32.3 32.3 61.9 28.5 12.9 Q.IV 22.3 30.6 24.3 25.7 38.5 38.3 38.3 61.8 28.3 10.9 2005/06 Q.I 24.0 31.6 26.8 25.0 37.6 38.6 38.6 69.8 26.0 12.6 Q.II 24.1 31.7 26.3 25.1 36.9 36.6 36.6 73.0 25.4 12.8 Q.III 24.7 32.9 27.9 25.2 37.8 37.1 37.1 77.4 25.6 13.2 Q.IV 26.6 35.1 33.8 31.6 37.8 41.6 41.6 84.0 25.0 13.5 2006/07 Q.I 28.0 37.0 37.7 37.6 38.2 39.9 39.9 76.6 28.4 13.8 Q.II 28.6 37.9 38.2 38.4 38.3 39.5 39.5 76.6 30.3 13.7 Q.III 29.4 37.0 38.8 38.4 40.2 47.4 47.4 76.2 42.7 13.6 Q.IV 29.6 36.7 38.5 41.5 43.4 51.0 51.0 72.1 59.0 11.8 2007/08 Q.I 32.3 39.5 41.5 43.9 51.2 54.9 54.9 74.0 91.5 12.6 Q.II 33.2 40.7 40.5 43.7 56.1 56.6 56.6 74.8 86.0 13.2 Q.III 36.1 45.9 41.9 44.8 64.6 83.2 83.2 78.7 93.7 14.0 Q.IV 47.7 64.4 48.2 54.6 73.7 70.9 70.9 85.6 108.5 25.5 2008/09 Q.I 60.0 91.6 55.1 67.3 78.3 83.3 83.3 90.0 120.8 27.8 Q.II 59.1 92.0 55.0 61.5 72.8 75.7 75.7 92.8 98.3 28.3 Q.III 57.3 87.8 52.5 51.6 72.8 78.5 78.5 94.4 74.6 29.6 Q.IV 58.3 85.6 53.8 59.7 69.0 76.6 76.6 94.8 53.0 32.8 2009/10 Q.I 58.7 85.1 56.4 61.7 66.8 71.4 71.4 95.4 49.8 33.5 Q.II 58.9 81.9 56.6 61.8 68.0 69.4 69.4 94.4 49.7 36.8 Q.III 61.1 80.6 57.8 61.0 72.4 74.1 74.1 94.8 57.6 42.4 Q.IV 61.9 78.0 59.7 62.1 75.9 81.1 81.1 95.4 71.4 43.3 2010/11 Q.I 64.2 78.3 66.0 67.6 77.1 99.6 99.6 95.0 72.2 44.0 Q.II 68.5 78.2 70.4 69.7 89.3 111.6 111.6 95.8 67.2 50.1 Q.III 75.3 78.4 62.5 74.1 103.2 125.0 125.0 96.9 73.2 66.4 Q.IV 82.0 90.5 81.8 91.5 130.4 115.5 115.5 99.2 109.0 66.4 2011/12 Q.I 88.0 94.0 95.9 101.0 98.3 111.3 111.3 99.4 135.5 72.2 Q.II 92.0 99.9 98.6 101.2 100.2 102.5 102.5 99.8 137.7 78.4 Q.III 102.8 101.6 100.1 101.0 100.9 111.2 114.2 100.4 101.9 101.3 Q.IV 114.0 107.3 128.5 103.7 130.3 108.2 134.6 101.2 117.1 105.6 2012/13 Q.I 117.8 115.1 141.7 106.5 99.8 117.8 130.8 101.7 124.1 114.7 Q.II 119.4 118.1 144.4 114.0 98.7 109.1 127.1 101.2 113.9 115.3 Q.III 116.0 115.6 143.7 118.6 93.9 117.0 109.6 100.5 116.8 108.3 Q.IV 122.9 118.1 165.2 120.1 94.0 118.1 141.5 101.7 116.0 100.2 2013/14 Q.I 132.3 125.4 176.4 129.4 94.7 121.2 170.3 101.5 117.2 110.2 Q.II 131.6 132.9 168.5 120.6 94.8 107.6 146.3 100.7 115.3 104.0 Q.III 129.1 127.1 169.9 129.3 94.5 120.6 142.5 100.6 118.6 100.7 Q.IV 133.0 128.0 179.7 135.3 94.9 139.3 159.4 100.9 115.6 100.0 2014/15 Q.I 142.4 138.0 194.2 144.7 96.0 131.1 176.6 100.5 112.5 103.8 Q.II 144.1 142.3 187.7 137.9 96.1 128.2 182.4 101.4 117.6 100.7 Q.III 144.8 141.3 187.8 143.3 96.5 178.0 183.9 101.0 134.3 91.5 Q.IV 151.2 145.7 205.2 146.8 97.6 170.8 190.7 99.9 167.8 88.2 2015/16 Q.I 152.1 144.4 206.3 155.6 96.7 142.1 185.0 99.0 214.2 85.1 Q.II 153.9 146.1 206.4 156.3 97.6 137.1 190.8 99.9 216.5 85.8 QIII 155.1 142.1 208.1 165.2 98.4 137.7 209.6 99.4 224.1 85.83333333 QIV 156.6 144.0 207.6 165.1 98.4 146.5 214.8 108.2333333 218.4666667 83.9 2016/17 QI 155.7 143.8 206.7 165.4 98.4 151.3 207.7 116.6 211.9 83.7 QII 169.1 150.0 244.0 200.9 96.4 153.4 241.1 124.0 167.1 118.4 QIII 165.8 139.5 253.1 202.5 97.8 164.8 237.6 122.0 193.2 123.8 QIV 175.8 152.5 267.2 207.8 117.7 184.2 229.1 130.1 215.6 114.0 2017/18 QI 185.6 166.7 258.1 219.6 126.7 198.6 236.2 136.0 224.6 124.7 QII 186.4 174.6 253.9 217.0 105.2 201.4 239.3 130.7 191.8 121.4

102 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 21 (F7): Regional States’ Consumer Price Index (Food) December 2011 = 100 Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages OROMIA 2000/01 Q.III 17.7 19.2 19.6 27.9 21.9 19.2 19.2 36.6 16.5 15.4 Q.IV 16.3 18.1 19.8 27.1 19.7 18.6 18.6 35.9 15.2 13.5 2001/02 Q.I 15.7 16.6 21.1 26.7 19.3 18.0 18.0 33.0 13.4 14.8 Q.II 15.6 16.8 20.3 26.7 19.6 18.9 18.9 32.4 12.8 14.2 Q.III 15.2 16.5 19.9 27.2 18.6 18.9 18.9 31.9 12.4 13.2 Q.IV 15.6 16.3 20.3 27.4 19.2 20.7 20.7 32.0 11.8 12.1 2002/03 Q.I 18.1 18.7 20.2 27.5 22.3 20.5 20.5 32.0 13.8 11.2 Q.II 19.7 20.0 20.6 27.6 22.7 21.4 21.4 32.5 14.6 11.6 Q.III 21.4 21.7 19.9 28.3 25.0 23.5 23.5 32.1 16.2 13.0 Q.IV 23.1 22.7 23.4 29.8 27.9 24.4 24.4 31.4 20.3 13.5 2003/04 Q.I 24.4 24.4 23.5 30.7 26.7 22.4 22.4 31.5 22.4 12.9 Q.II 22.3 22.2 22.9 30.1 26.9 22.1 22.1 34.6 22.2 14.4 Q.III 21.2 20.6 23.5 31.0 27.0 25.8 25.8 32.9 18.7 14.7 Q.IV 22.8 22.1 24.1 32.0 27.7 26.8 26.8 34.2 22.2 15.3 2004/05 Q.I 23.6 22.8 25.0 31.9 27.0 23.3 23.3 35.3 24.2 16.1 Q.II 23.6 22.8 24.9 31.8 27.5 22.7 22.7 36.6 24.8 16.4 Q.III 24.3 22.9 26.3 32.9 27.4 26.8 26.8 35.2 21.8 19.2 Q.IV 25.9 24.5 27.7 32.6 27.6 26.4 26.4 36.3 23.1 19.0 2005/06 Q.I 27.3 26.3 29.4 33.7 26.5 23.8 23.8 38.9 22.8 20.0 Q.II 26.8 26.4 29.5 33.0 26.5 24.3 24.3 37.0 22.2 20.1 Q.III 26.9 27.2 29.9 33.6 27.1 24.6 24.6 38.7 22.1 19.6 Q.IV 28.6 28.4 35.7 34.5 27.6 28.0 28.0 44.3 21.5 22.4 2006/07 Q.I 31.2 31.0 39.1 36.2 27.0 30.6 30.6 42.8 21.5 23.9 Q.II 32.3 32.1 40.0 38.1 28.6 31.4 31.4 42.3 22.0 23.7 Q.III 33.5 33.3 41.1 38.6 31.2 33.3 33.3 40.5 32.5 24.1 Q.IV 35.3 34.4 43.0 40.2 34.7 35.6 35.6 40.6 51.6 24.9 2007/08 Q.I 37.8 37.0 44.7 39.7 37.4 35.0 35.0 40.1 77.8 27.1 Q.II 40.4 40.0 44.7 40.8 42.2 39.1 39.1 39.3 79.9 28.5 Q.III 45.2 45.5 48.6 46.3 46.0 49.4 49.4 43.9 81.7 29.3 Q.IV 57.5 60.8 54.8 52.3 52.0 54.9 54.9 48.2 93.0 31.6 2008/09 Q.I 73.3 85.7 60.5 56.3 52.1 54.2 54.2 59.2 103.7 32.0 Q.II 65.9 79.2 60.6 58.0 49.1 53.2 53.2 61.8 77.9 33.0 Q.III 61.8 72.8 60.7 59.7 45.5 63.8 63.8 72.3 51.6 34.9 Q.IV 62.5 71.4 62.5 64.8 44.5 69.8 69.8 76.5 41.9 35.9 2009/10 Q.I 62.8 73.7 63.9 65.6 45.6 59.5 59.5 78.2 43.1 37.8 Q.II 60.2 70.5 63.3 65.6 46.0 58.9 58.9 78.3 48.4 41.4 Q.III 60.9 70.6 64.9 68.6 46.3 64.4 64.4 85.5 56.8 42.4 Q.IV 61.2 68.3 67.0 70.3 49.7 67.3 67.3 87.6 73.8 41.8 2010/11 Q.I 62.2 67.6 70.3 74.2 54.1 70.0 70.0 85.2 83.5 47.8 Q.II 66.1 67.1 70.1 78.3 66.5 83.3 83.3 88.8 74.5 59.0 Q.III 73.8 70.2 63.2 87.0 72.4 98.6 98.6 85.7 77.2 77.3 Q.IV 88.0 82.5 70.6 94.4 101.9 101.8 101.8 88.9 111.9 86.3 2011/12 Q.I 95.1 91.5 89.2 98.3 105.9 90.2 90.2 90.7 124.4 85.4 Q.II 99.6 98.3 95.6 99.3 100.8 94.8 94.8 97.2 123.4 94.3 Q.III 107.6 104.6 109.7 113.3 105.0 103.6 112.3 100.4 111.3 93.3 Q.IV 116.5 112.4 132.5 128.6 114.1 101.7 126.8 100.1 117.1 84.6 2012/13 Q.I 117.0 118.5 141.4 126.9 110.5 120.3 124.6 103.5 105.5 85.1 Q.II 114.9 118.2 143.6 128.4 105.5 138.4 114.6 108.2 97.9 81.7 Q.III 114.5 114.9 149.0 135.2 105.6 129.3 114.7 117.2 91.0 77.9 Q.IV 116.0 117.1 149.2 136.1 109.6 126.7 118.5 116.4 91.1 75.9 2013/14 Q.I 121.3 127.0 156.5 139.8 108.3 132.8 121.8 124.6 92.4 75.4 Q.II 124.6 134.4 159.5 140.3 107.2 130.7 118.4 123.4 94.3 76.3 Q.III 121.0 117.2 161.7 146.9 112.1 136.7 124.1 121.4 90.8 77.5 Q.IV 126.2 123.1 165.8 152.5 118.7 127.8 128.1 123.8 107.7 91.2 2014/15 Q.I 133.3 130.1 170.9 155.8 131.6 137.4 126.6 122.4 137.8 93.9 Q.II 134.3 127.8 172.3 158.0 134.7 135.0 134.5 127.4 126.8 95.9 Q.III 139.8 122.6 176.5 169.1 140.6 140.3 151.4 124.1 138.4 88.5 Q.IV 150.6 127.2 183.9 188.1 153.9 139.9 160.0 129.7 193.6 81.7 2015/16 Q.I 161.8 134.5 194.7 189.3 154.9 149.6 159.7 126.7 296.2 79.1 Q.II 164.5 134.7 197.9 189.8 154.2 153.6 163.2 127.7 318.8 79.4 QIII 154.7 135.1 199.6 196.8 148.1 159.5 158.0 127.4 202.6 78.1 QIV 153.9 135.5 200.0 199.7 147.2 159.9 156.3 129.7 188.0 77.0 2016/17 QI 154.0 135.4 200.1 203.6 146.3 161.5 159.1 134.6 175.4 75.2 QII 156.0 146.0 210.7 206.4 152.4 159.2 160.7 159.1 137.4 98.9 QIII 155.6 139.5 213.5 212.5 156.9 165.8 165.0 153.0 127.1 95.8 QIV 166.7 154.4 227.1 228.5 164.0 174.5 187.3 147.2 128.3 92.6 2017/18 QI 173.7 172.2 239.5 227.6 160.4 197.8 183.2 148.9 127.9 97.3 QII 179.4 182.0 246.7 230.0 155.8 215.0 186.3 141.0 138.2 106.3

Second Quarter 2017/18 103 National Bank of Ethiopia Quarterly Bulletin Table 21 (F8): Regional States’ Consumer Price Index (Food) December 2011 = 100 Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages SNNPR 2000/01 Q.III 19.3 18.7 19.1 30.9 26.2 19.6 19.6 39.0 13.4 12.5 Q.IV 18.8 17.9 19.1 30.1 23.7 17.9 17.9 38.2 13.4 13.1 2001/02 Q.I 18.0 15.6 18.5 23.2 22.0 17.4 17.4 38.3 11.1 12.9 Q.II 18.5 15.7 18.4 25.9 22.7 19.5 19.5 36.9 10.5 11.2 Q.III 18.0 15.3 18.7 25.1 22.9 19.7 19.7 36.6 11.3 9.2 Q.IV 18.1 15.8 18.9 25.4 22.9 19.1 19.1 36.4 11.9 7.8 2002/03 Q.I 18.3 17.1 18.7 25.6 25.1 18.7 18.7 35.6 11.1 7.5 Q.II 19.7 18.7 19.1 26.3 26.3 19.9 19.9 35.3 11.3 7.3 Q.III 20.8 20.5 19.4 26.9 28.1 19.8 19.8 35.2 13.6 7.9 Q.IV 22.0 22.1 20.0 25.9 30.6 21.4 21.4 34.9 16.8 8.9 2003/04 Q.I 23.0 23.7 20.5 27.2 29.0 20.3 20.3 35.2 19.5 10.6 Q.II 22.2 21.5 20.8 26.9 29.8 20.6 20.6 37.0 16.2 10.2 Q.III 20.9 19.9 20.7 27.0 30.5 20.7 20.7 35.0 16.2 11.0 Q.IV 22.7 21.6 21.7 28.5 31.7 21.9 21.9 34.8 19.2 13.5 2004/05 Q.I 23.0 22.5 22.4 27.9 30.3 21.3 21.3 35.3 21.0 14.5 Q.II 23.7 23.0 22.5 28.9 32.7 21.5 21.5 35.4 20.8 14.3 Q.III 24.1 23.1 22.7 28.4 34.1 22.4 22.4 34.6 19.3 17.8 Q.IV 26.3 25.2 25.3 29.0 34.4 23.5 23.5 36.4 19.5 19.8 2005/06 Q.I 27.1 25.8 27.4 30.3 33.1 23.6 23.6 38.0 20.7 22.4 Q.II 27.3 24.6 28.2 30.6 34.0 26.1 26.1 37.7 20.9 21.9 Q.III 27.9 25.7 28.9 31.5 35.1 26.7 26.7 38.7 20.8 22.2 Q.IV 30.0 28.2 33.6 31.9 36.7 29.6 29.6 39.8 20.8 22.8 2006/07 Q.I 32.4 31.1 36.8 33.1 36.6 31.0 31.0 39.4 20.8 22.9 Q.II 33.3 32.2 37.9 35.1 37.4 32.1 32.1 38.9 21.5 23.5 Q.III 33.4 32.2 39.4 35.7 39.3 32.8 32.8 39.2 27.8 23.8 Q.IV 34.6 33.0 42.0 37.6 42.2 32.2 32.2 40.1 39.9 24.7 2007/08 Q.I 37.0 35.4 42.9 38.6 45.5 33.1 33.1 39.0 49.8 28.3 Q.II 38.6 36.9 44.1 40.7 49.9 36.5 36.5 38.5 57.7 29.8 Q.III 43.4 40.3 46.2 42.7 58.7 46.1 46.1 43.9 57.4 31.6 Q.IV 56.7 58.3 52.8 48.2 64.6 55.4 55.4 50.5 65.9 34.6 2008/09 Q.I 71.9 84.6 60.2 52.1 63.0 49.1 49.1 59.6 73.9 36.9 Q.II 62.6 75.7 59.4 54.7 63.0 49.9 49.9 64.3 55.7 34.4 Q.III 58.4 67.6 55.6 58.9 61.4 55.0 55.0 71.9 38.8 31.9 Q.IV 60.6 69.4 58.5 61.4 67.3 59.9 59.9 73.3 30.4 33.0 2009/10 Q.I 61.2 71.6 62.1 64.9 63.5 54.7 54.7 74.2 29.8 40.7 Q.II 60.9 68.0 62.6 68.7 64.6 60.6 60.6 76.8 37.1 40.4 QIII 60.6 66.7 62.9 71.7 64.4 61.7 61.7 79.8 44.2 37.8 Q.IV 58.9 65.4 66.1 71.4 65.5 57.6 57.6 81.2 58.1 38.9 2010/11 Q.I 59.1 62.2 67.3 72.5 66.7 64.3 64.3 81.3 73.9 46.7 Q.II 63.0 62.9 68.7 79.0 78.6 74.1 74.1 86.2 58.3 56.9 Q.III 73.5 71.2 59.7 84.6 89.3 92.2 92.2 86.7 65.2 86.0 Q.IV 91.5 85.6 67.1 90.0 118.4 102.3 102.3 91.4 91.6 107.3 2011/12 Q.I 98.0 98.6 87.5 93.4 102.7 80.0 80.0 94.5 98.6 113.5 Q.II 100.5 99.6 97.1 98.0 98.9 96.9 96.9 97.4 102.1 107.3 Q.III 109.3 103.5 110.1 109.6 107.3 103.6 115.3 101.1 103.9 105.1 Q.IV 120.1 116.6 129.6 112.8 121.5 102.6 127.6 102.1 109.0 96.1 2012/13 Q.I 123.1 126.9 139.8 114.1 109.5 113.1 127.7 97.9 108.3 92.1 Q.II 121.7 111.2 140.9 118.6 107.2 132.6 136.0 99.5 105.1 87.5 Q.III 122.6 109.1 144.5 124.0 108.9 120.4 140.5 102.0 102.9 78.8 Q.IV 125.5 120.7 153.1 129.5 110.8 109.9 136.8 102.7 104.3 79.2 2013/14 Q.I 130.6 128.5 155.7 131.3 108.5 107.7 142.8 100.3 104.0 82.7 Q.II 129.7 123.5 164.1 134.5 109.9 119.8 142.3 100.1 108.0 78.1 Q.III 131.2 115.2 165.5 140.8 113.5 114.4 151.2 100.4 110.2 74.0 Q.IV 135.9 126.0 169.9 140.6 118.1 108.2 148.1 100.9 112.4 102.6 2014/15 Q.I 134.9 129.6 171.6 149.1 115.1 112.3 141.2 101.8 104.8 112.5 Q.II 134.0 115.0 174.1 152.5 120.9 128.5 146.0 105.1 116.5 113.8 Q.III 138.0 112.9 176.3 160.2 129.9 135.6 154.9 104.4 129.3 105.4 Q.IV 149.2 121.2 183.7 166.1 137.1 124.0 171.4 103.3 155.0 103.9 2015/16 Q.I 152.3 128.5 193.5 167.7 134.3 138.1 168.9 104.2 190.3 97.9 Q.II 150.3 124.4 196.0 168.4 135.0 143.8 165.3 105.5 202.1 95.1 QIII 148.1 123.9 194.5 172.6 132.3 151.9 163.7 102.3 193.6 82.8 QIV 148.9 126.3 195.3 175.8 130.5 152.7 165.3 101.5 183.1 81.2 2016/17 QI 150.8 127.5 195.3 180.6 129.7 151.3 168.4 104.8 187.5 81.4 QII 162.6 140.8 207.3 191.9 130.0 164.7 179.4 112.1 203.5 96.2 QIII 172.5 144.7 212.6 198.3 142.8 163.8 196.7 114.1 215.2 94.9 QIV 193.0 173.5 224.1 207.8 158.7 168.8 218.4 115.3 233.3 99.8 2017/18 QI 197.5 191.9 234.7 212.7 151.9 191.1 211.7 115.3 242.7 108.9 QII 201.0 179.1 244.0 228.1 148.0 222.6 225.9 110.1 231.7 117.0

104 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 21 (F9): Regional States’ Consumer Price Index (Food) December 2011 = 100 Period Food & Non￾alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages SNNPR 2000/01 Q.III 19.3 18.7 19.1 30.9 26.2 19.6 19.6 39.0 13.4 12.5 Q.IV 18.8 17.9 19.1 30.1 23.7 17.9 17.9 38.2 13.4 13.1 2001/02 Q.I 18.0 15.6 18.5 23.2 22.0 17.4 17.4 38.3 11.1 12.9 Q.II 18.5 15.7 18.4 25.9 22.7 19.5 19.5 36.9 10.5 11.2 Q.III 18.0 15.3 18.7 25.1 22.9 19.7 19.7 36.6 11.3 9.2 Q.IV 18.1 15.8 18.9 25.4 22.9 19.1 19.1 36.4 11.9 7.8 2002/03 Q.I 18.3 17.1 18.7 25.6 25.1 18.7 18.7 35.6 11.1 7.5 Q.II 19.7 18.7 19.1 26.3 26.3 19.9 19.9 35.3 11.3 7.3 Q.III 20.8 20.5 19.4 26.9 28.1 19.8 19.8 35.2 13.6 7.9 Q.IV 22.0 22.1 20.0 25.9 30.6 21.4 21.4 34.9 16.8 8.9 2003/04 Q.I 23.0 23.7 20.5 27.2 29.0 20.3 20.3 35.2 19.5 10.6 Q.II 22.2 21.5 20.8 26.9 29.8 20.6 20.6 37.0 16.2 10.2 Q.III 20.9 19.9 20.7 27.0 30.5 20.7 20.7 35.0 16.2 11.0 Q.IV 22.7 21.6 21.7 28.5 31.7 21.9 21.9 34.8 19.2 13.5 2004/05 Q.I 23.0 22.5 22.4 27.9 30.3 21.3 21.3 35.3 21.0 14.5 Q.II 23.7 23.0 22.5 28.9 32.7 21.5 21.5 35.4 20.8 14.3 Q.III 24.1 23.1 22.7 28.4 34.1 22.4 22.4 34.6 19.3 17.8 Q.IV 26.3 25.2 25.3 29.0 34.4 23.5 23.5 36.4 19.5 19.8 2005/06 Q.I 27.1 25.8 27.4 30.3 33.1 23.6 23.6 38.0 20.7 22.4 Q.II 27.3 24.6 28.2 30.6 34.0 26.1 26.1 37.7 20.9 21.9 Q.III 27.9 25.7 28.9 31.5 35.1 26.7 26.7 38.7 20.8 22.2 Q.IV 30.0 28.2 33.6 31.9 36.7 29.6 29.6 39.8 20.8 22.8 2006/07 Q.I 32.4 31.1 36.8 33.1 36.6 31.0 31.0 39.4 20.8 22.9 Q.II 33.3 32.2 37.9 35.1 37.4 32.1 32.1 38.9 21.5 23.5 Q.III 33.4 32.2 39.4 35.7 39.3 32.8 32.8 39.2 27.8 23.8 Q.IV 34.6 33.0 42.0 37.6 42.2 32.2 32.2 40.1 39.9 24.7 2007/08 Q.I 37.0 35.4 42.9 38.6 45.5 33.1 33.1 39.0 49.8 28.3 Q.II 38.6 36.9 44.1 40.7 49.9 36.5 36.5 38.5 57.7 29.8 Q.III 43.4 40.3 46.2 42.7 58.7 46.1 46.1 43.9 57.4 31.6 Q.IV 56.7 58.3 52.8 48.2 64.6 55.4 55.4 50.5 65.9 34.6 2008/09 Q.I 71.9 84.6 60.2 52.1 63.0 49.1 49.1 59.6 73.9 36.9 Q.II 62.6 75.7 59.4 54.7 63.0 49.9 49.9 64.3 55.7 34.4 Q.III 58.4 67.6 55.6 58.9 61.4 55.0 55.0 71.9 38.8 31.9 Q.IV 60.6 69.4 58.5 61.4 67.3 59.9 59.9 73.3 30.4 33.0 2009/10 Q.I 61.2 71.6 62.1 64.9 63.5 54.7 54.7 74.2 29.8 40.7 Q.II 60.9 68.0 62.6 68.7 64.6 60.6 60.6 76.8 37.1 40.4 QIII 60.6 66.7 62.9 71.7 64.4 61.7 61.7 79.8 44.2 37.8 Q.IV 58.9 65.4 66.1 71.4 65.5 57.6 57.6 81.2 58.1 38.9 2010/11 Q.I 59.1 62.2 67.3 72.5 66.7 64.3 64.3 81.3 73.9 46.7 Q.II 63.0 62.9 68.7 79.0 78.6 74.1 74.1 86.2 58.3 56.9 Q.III 73.5 71.2 59.7 84.6 89.3 92.2 92.2 86.7 65.2 86.0 Q.IV 91.5 85.6 67.1 90.0 118.4 102.3 102.3 91.4 91.6 107.3 2011/12 Q.I 98.0 98.6 87.5 93.4 102.7 80.0 80.0 94.5 98.6 113.5 Q.II 100.5 99.6 97.1 98.0 98.9 96.9 96.9 97.4 102.1 107.3 Q.III 109.3 103.5 110.1 109.6 107.3 103.6 115.3 101.1 103.9 105.1 Q.IV 120.1 116.6 129.6 112.8 121.5 102.6 127.6 102.1 109.0 96.1 2012/13 Q.I 123.1 126.9 139.8 114.1 109.5 113.1 127.7 97.9 108.3 92.1 Q.II 121.7 111.2 140.9 118.6 107.2 132.6 136.0 99.5 105.1 87.5 Q.III 122.6 109.1 144.5 124.0 108.9 120.4 140.5 102.0 102.9 78.8 Q.IV 125.5 120.7 153.1 129.5 110.8 109.9 136.8 102.7 104.3 79.2 2013/14 Q.I 130.6 128.5 155.7 131.3 108.5 107.7 142.8 100.3 104.0 82.7 Q.II 129.7 123.5 164.1 134.5 109.9 119.8 142.3 100.1 108.0 78.1 Q.III 131.2 115.2 165.5 140.8 113.5 114.4 151.2 100.4 110.2 74.0 Q.IV 135.9 126.0 169.9 140.6 118.1 108.2 148.1 100.9 112.4 102.6 2014/15 Q.I 134.9 129.6 171.6 149.1 115.1 112.3 141.2 101.8 104.8 112.5 Q.II 134.0 115.0 174.1 152.5 120.9 128.5 146.0 105.1 116.5 113.8 Q.III 138.0 112.9 176.3 160.2 129.9 135.6 154.9 104.4 129.3 105.4 Q.IV 149.2 121.2 183.7 166.1 137.1 124.0 171.4 103.3 155.0 103.9 2015/16 Q.I 152.3 128.5 193.5 167.7 134.3 138.1 168.9 104.2 190.3 97.9 Q.II 150.3 124.4 196.0 168.4 135.0 143.8 165.3 105.5 202.1 95.1 QIII 148.1 123.9 194.5 172.6 132.3 151.9 163.7 102.3 193.6 82.8 QIV 148.9 126.3 195.3 175.8 130.5 152.7 165.3 101.5 183.1 81.2 2016/17 QI 150.8 127.5 195.3 180.6 129.7 151.3 168.4 104.8 187.5 81.4 QII 162.6 140.8 207.3 191.9 130.0 164.7 179.4 112.1 203.5 96.2 QIII 172.5 144.7 212.6 198.3 142.8 163.8 196.7 114.1 215.2 94.9 QIV 193.0 173.5 224.1 207.8 158.7 168.8 218.4 115.3 233.3 99.8 2017/18 QI 197.5 191.9 234.7 212.7 151.9 191.1 211.7 115.3 242.7 108.9 QII 201.0 179.1 244.0 228.1 148.0 222.6 225.9 110.1 231.7 117.0

Second Quarter 2017/18 105 National Bank of Ethiopia Quarterly Bulletin Period Food & Non-alcoholic Beverages Bread and Cereals Meat Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages TIGRAY 2000/01 Q.III 25.0 25.7 18.1 25.2 24.5 30.6 30.6 37.9 28.1 12.1 Q.IV 24.8 25.3 19.3 25.8 23.4 33.0 33.0 42.4 26.0 11.8 2001/02 Q.I 22.9 23.2 20.4 25.8 21.1 30.5 30.5 40.5 23.9 11.9 Q.II 22.3 22.7 20.3 25.8 20.2 30.8 30.8 38.6 24.0 11.8 Q.III 21.8 22.3 20.5 24.4 21.9 29.6 29.6 35.8 24.0 10.7 Q.IV 22.9 24.0 20.6 24.3 21.8 29.3 29.3 36.5 25.2 9.0 2002/03 Q.I 26.3 26.5 21.7 25.4 28.5 31.4 31.4 37.1 23.8 8.3 Q.II 27.2 27.1 21.3 27.9 29.2 29.9 29.9 36.1 22.9 7.8 Q.III 26.9 26.7 20.2 25.0 30.4 31.7 31.7 35.3 26.2 8.3 Q.IV 28.5 27.3 21.0 25.0 34.9 35.2 35.2 34.8 30.7 8.9 2003/04 Q.I 30.6 28.6 22.8 27.1 35.1 34.7 34.7 35.9 33.8 9.7 Q.II 28.5 27.4 22.3 27.0 32.1 31.0 31.0 41.0 32.6 9.5 Q.III 26.8 27.3 22.1 25.0 32.3 38.6 28.4 9.8 Q.IV 29.2 28.7 23.2 26.0 32.2 33.9 33.9 38.4 32.2 11.7 2004/05 Q.I 31.2 29.8 24.6 27.5 34.1 31.9 31.9 42.0 34.5 12.8 Q.II 31.1 29.3 23.9 28.0 33.3 30.5 30.5 42.3 35.5 13.0 Q.III 30.7 28.6 24.0 28.1 32.3 33.3 33.3 41.4 35.4 15.3 Q.IV 32.4 30.6 26.0 28.1 30.9 35.8 35.8 42.5 29.5 16.8 2005/06 Q.I 35.4 33.1 27.8 34.6 29.6 36.6 36.6 48.3 29.9 17.0 Q.II 35.1 34.6 29.7 32.7 29.4 32.4 32.4 45.4 29.0 17.8 Q.III 34.7 34.2 29.0 32.5 31.0 33.7 33.7 46.0 28.6 18.6 Q.IV 35.7 33.5 31.3 31.5 31.8 34.2 34.2 53.4 27.7 19.5 2006/07 Q.I 37.2 33.7 35.3 34.3 32.5 35.3 35.3 49.7 29.5 19.6 Q.II 37.8 34.5 36.2 35.1 32.3 36.3 36.3 47.8 31.0 20.0 Q.III 38.8 35.7 35.8 36.3 35.1 38.0 38.0 45.7 40.2 20.4 Q.IV 41.2 35.6 41.3 37.7 39.9 39.4 39.4 46.4 64.4 20.1 2007/08 Q.I 46.4 37.8 43.3 38.6 43.2 42.9 42.9 45.6 105.0 21.7 Q.II 49.6 40.6 43.5 39.2 47.7 48.6 48.6 45.0 113.3 25.1 Q.III 53.6 45.5 43.8 40.6 58.2 49.6 49.6 49.8 103.9 26.8 Q.IV 66.6 58.7 47.4 44.9 65.3 55.8 55.8 54.6 115.3 29.2 2008/09 Q.I 89.5 83.5 51.1 53.5 64.7 64.8 64.8 66.6 136.5 30.4 Q.II 84.3 80.5 50.2 57.4 60.5 65.1 65.1 66.6 110.7 28.7 Q.III 75.9 74.1 50.1 56.5 58.1 65.9 65.9 78.0 65.7 29.5 Q.IV 74.1 75.4 52.2 58.5 56.9 73.3 73.3 81.6 51.2 30.6 2009/10 QI 74.9 76.8 56.8 63.7 53.0 74.2 74.2 84.7 49.9 31.6 QII 75.4 76.3 55.3 65.9 54.8 61.6 61.6 90.6 51.3 39.6 QIII 73.5 75.1 54.5 63.3 57.3 63.4 63.4 94.2 59.5 41.1 Q.IV 75.8 75.7 59.1 68.4 61.5 68.7 68.7 99.3 82.1 41.3 2010/11 Q.I 75.8 75.8 62.7 70.9 64.2 78.1 78.1 93.4 85.2 41.0 Q.II 74.3 71.9 64.3 79.3 79.2 82.9 82.9 95.8 79.4 46.3 Q.III 76.6 72.5 64.2 78.3 84.6 82.6 82.6 92.8 79.2 66.0 Q.IV 88.8 81.3 72.5 81.4 107.8 94.0 94.0 100.9 117.0 91.6 2011/12 Q.I 98.1 87.3 92.7 95.3 102.0 103.6 103.6 95.0 141.6 92.6 Q.II 101.7 94.4 99.7 99.8 99.9 100.0 100.0 97.2 135.4 96.9 Q.III 106.0 105.9 105.0 102.4 106.4 94.1 107.0 100.4 111.1 102.6 Q.IV 115.6 119.1 122.1 114.2 107.4 100.3 113.6 98.5 117.5 100.1 2012/13 Q.I 122.9 127.3 133.2 122.7 110.1 113.0 119.0 99.9 139.3 85.3 Q.II 119.8 131.4 134.9 132.5 105.6 121.0 98.1 99.2 128.6 79.1 Q.III 118.2 132.4 135.0 130.1 107.0 121.0 87.5 102.4 126.4 77.4 Q.IV 124.3 143.3 138.3 131.2 109.2 98.2 94.0 102.7 128.3 75.5 2013/14 Q.I 136.2 155.4 150.2 141.1 108.8 68.0 123.1 99.1 132.5 76.5 Q.II 131.9 154.2 149.6 143.4 106.7 74.1 103.3 99.7 130.5 73.7 Q.III 124.6 137.3 148.8 137.5 111.7 74.1 102.1 99.2 128.5 75.3 Q.IV 128.1 140.3 156.2 132.4 113.1 74.1 104.9 99.1 130.8 83.3 2014/15 Q.I 130.4 142.1 150.4 146.6 116.4 83.5 109.8 99.9 134.8 90.2 Q.II 131.3 137.3 149.0 154.4 113.5 96.0 126.7 98.1 134.6 93.5 Q.III 127.2 127.8 149.8 142.7 117.3 102.7 123.3 99.5 138.3 91.8 Q.IV 129.2 127.2 153.6 148.2 112.6 102.7 129.9 99.5 147.4 91.3 2015/16 Q.I 139.6 138.2 153.8 159.5 120.3 93.4 146.8 99.6 174.1 87.0 Q.II 143.3 140.4 154.9 161.4 123.9 101.6 151.0 99.6 191.5 85.2 QIII 146.7 144.5 153.5 160.1 118.3 125.7 156.0 103.3 204.3 82.4 QIV 146.6 145.1 154.9 161.0 116.6 125.7 154.0 107.8 204.8 79.8 2016/17 QI 147.0 145.5 155.9 148.1 114.1 125.7 158.4 122.3 199.3 79.3 QII 156.9 155.6 176.7 168.6 118.6 125.7 152.8 129.9 224.9 85.0 QIII 153.9 148.4 176.2 162.7 123.3 125.7 145.1 125.5 230.9 94.0 QIV 163.9 157.1 191.5 168.7 132.4 125.7 153.7 127.3 254.8 91.5 2017/18 QI 171.4 171.4 202.1 178.2 131.1 125.7 155.4 136.3 252.1 90.3 QII 177.6 181.3 205.4 187.3 120.0 125.7 164.1 126.7 255.4 95.6 Table 21(F10): Regional States’ Consumer Price Index (Food) December 2011 = 100

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

Second Quarter 2017/18 107 National Bank of Ethiopia Quarterly Bulletin Table 22 A2: Ethiopia: Direction of External Trade: IMPORT In thousands of Birr Continents Country 2010 2011 2012 2013 2014 2015 2016 Africa Djibouti 152.1 4,634.1 1,880.1 19,785.9 7,252.7 4,050,783.9 13.9 Egypt 1,351,284.9 3,202.1 1,777,945.9 1,990,237.8 3,593,112.7 11,128.5 4,071,335.1 Ghana 3,387.4 546,341.8 2,384.4 5,687.9 1,666.1 738,056.4 2,514.6 Kenya 427,681.5 290,467.0 678,285.5 551,882.2 801,793.8 738,056.4 676,008.7 Libya 263,603.2 290,467.0 - 263,165.0 - - 2.3 Nigeria 656.3 134.8 12,412.0 82,933.2 62,055.7 220,674.6 45,219.0 Ruanda 0.6 - 28.8 378.2 59.7 32.9 68,067.4 Sudan 1,562,899.0 2,452,191.1 1,161,127.1 136,245.1 4,366,290.2 2,192,155.2 1,549,332.4 Tanzania 14,984.1 7,469.7 30,576.6 2,930.4 127,120.4 132,600.2 103,133.2 Uganda 8,266.7 4,869.5 1,561.2 5,177.3 3,125.9 7,381.5 6,962.2 Zambia 395.8 378.6 56.6 1,028.0 89,519.4 482.3 11,160.1 Others 2,571,172.1 3,324,070.6 5,564,554.6 2,636,616.0 4,880,495.6 8,224,429.0 8,258,583.7 Total 6,204,483.8 6,924,226.3 9,230,813.0 5,696,067.2 13,932,492.0 15,584,248.5 14,792,332.6 Europe Austria 274,769.7 196,218.2 586,106.3 560,571.4 572,382.6 1,027,145.6 1,604,322.8 Belgium 1,237,381.5 1,446,630.4 2,645,543.2 1,798,980.7 4,218,543.5 5,435,019.7 5,044,164.5 Bulgaria 794,573.9 405,830.6 86,186.4 338,016.0 143,721.4 1,537,581.6 683,870.1 Cyprus 76,735.5 89,509.1 88,807.2 234,484.2 150,578.9 115,078.1 117,156.1 Czechoslovakia (former name) 50,204.8 191,298.4 90,640.3 118,980.3 1,130,726.8 276,843.1 531,941.0 Czech republic 1,012,206.1 236,047.0 441,959.6 Slovakia 118,520.7 40,796.1 89,981.4 Denmark 253,713.0 470,115.2 488,523.0 305,449.6 824,909.0 694,246.2 715,981.1 Finland 82,697.1 103,977.0 320,249.9 189,685.0 177,056.2 155,906.3 350,087.1 France 1,405,956.8 2,313,930.4 3,614,646.3 2,480,592.3 2,351,867.2 3,823,770.8 4,684,217.9 Germany 2,709,739.9 2,898,011.6 3,199,430.5 4,229,516.1 7,249,151.5 6,806,205.2 7,859,546.7 Greece 96,373.3 180,894.2 140,476.2 143,842.2 350,442.3 405,742.7 528,971.4 Hungary 47,255.7 86,698.4 212,739.3 154,821.1 294,461.0 490,887.6 530,673.3 Ireland 369,445.2 384,656.8 362,766.1 497,656.2 573,979.2 716,987.1 775,362.0 Italy 5,423,537.9 5,999,479.7 8,468,614.5 8,475,248.1 9,854,864.6 10,476,893.6 15,784,350.7 Netherlands 1,136,416.0 1,404,726.9 1,630,693.2 3,813,241.8 2,492,065.9 4,604,402.8 3,982,518.3 Norway 36,995.9 34,421.8 47,457.5 71,440.7 58,782.9 79,266.8 162,289.4 Poland 88,240.1 100,915.1 273,902.6 254,707.4 579,322.1 735,144.5 2,284,185.2 Portugal 107,604.0 39,090.7 77,822.2 136,508.8 215,656.2 318,933.8 243,435.8 Rumania 246,874.1 21,137.4 26,566.6 138,938.5 1,685,883.2 443,410.0 4,500,592.8 Spain 1,247,190.3 1,446,618.8 2,106,719.9 1,962,063.7 2,678,244.8 2,783,107.6 2,871,957.4 Sweden 921,184.7 1,265,562.3 1,139,661.0 1,323,169.7 844,072.1 13,232,214.3 9,427,026.6 Switzerland 480,341.9 474,076.0 621,634.5 783,765.0 904,299.4 1,194,286.5 1,223,807.0 Turkey 3,212,576.1 5,842,462.2 6,526,492.5 8,409,563.5 8,629,004.2 10,918,514.7 12,682,665.1 United kingdom 1,219,805.9 1,830,282.8 1,514,325.3 2,006,481.9 3,592,921.5 3,863,439.0 4,557,294.9 Russia 1,301,202.6 4,546,375.5 2,329,520.8 222,543.3 2,575,137.1 1,745,182.4 3,579,267.5 Yugoslavia 15,263.3 1,055.7 4.8 8.3 54.9 - 0.0 Other 1,491,376.0 3,090,900.4 7,016,703.0 4,415,093.2 5,846,854.7 4,458,373.1 5,279,114.8 Total 24,327,455.4 34,864,875.6 43,616,233.1 43,065,369.1 57,994,983.5 76,615,426.4 90,536,740.4 America Brazil 1,777,894.9 1,319,826.6 2,478,504.6 1,895,842.2 1,496,396.6 1,083,673.4 1,475,502.6 Canada 188,981.3 362,112.3 266,442.2 535,973.0 1,196,802.2 753,274.2 1,451,315.7 Cuba 4,401.7 927.4 306.3 3,419.1 1,558.3 3,976.4 1,294.5 Mexico 22,287.0 30,857.6 37,034.6 57,572.7 180,610.0 159,440.1 126,433.0 United states 6,307,462.0 6,964,847.9 6,741,540.1 9,427,071.5 15,380,630.1 18,383,911.5 28,006,664.4 Others 89,336.7 807,104.4 1,991,585.8 177,236.2 226,806.2 684,766.3 303,572.4 Total 8,390,363.6 9,485,676.2 11,515,413.5 12,097,114.8 18,482,803.4 21,069,041.8 31,364,782.7 Asia China, mainland 20,602,808.4 24,964,592.5 38,886,267.6 50,218,738.1 100,672,421.4 127,862,137.6 112,557,147.3 China, Taiwan 376,922.5 494,760.7 1,070,584.7 1,106,850.9 1,333,948.4 1,427,654.5 1,106,997.8 Hong Kong 54,097.6 24,128.9 58,718.2 54,377.6 80,091.6 276,928.2 1,370,238.4 India 8,485,196.5 12,394,362.3 17,878,819.6 21,273,934.9 21,787,752.1 24,344,942.9 28,557,164.8 Israel 157,777.6 273,165.9 567,716.2 298,154.8 507,607.3 614,145.1 548,689.5 Japan 6,609,442.1 7,450,651.8 8,341,760.9 9,462,530.3 12,180,142.5 15,185,118.0 14,472,925.3 N.korea, pdrk 57,079.2 216,777.9 268,093.4 185,433.0 103,493.8 107,552.8 91,536.9 S.korea 1,297,821.7 2,686,000.2 3,835,763.8 3,118,319.6 4,771,125.3 4,962,100.1 3,961,888.7 Kuwait 43,653.2 3,749,483.5 12,995,081.0 4,762,763.2 13,571,707.6 13,326,143.0 13,519,748.9 Lebanon 19,775.1 28,525.2 51,159.7 42,125.5 80,978.2 167,754.4 106,810.2 Malaysia 3,130,091.0 4,397,300.9 3,014,971.9 2,718,544.1 2,864,220.8 3,588,092.8 6,251,135.7 Pakistan 717,542.9 1,824,377.7 878,501.4 964,168.7 1,175,982.7 1,011,155.3 746,091.4 Saudi arabia 14,585,404.2 15,067,036.6 28,393,519.1 16,170,927.0 24,724,120.4 10,284,257.6 6,497,893.0 Singapore 73,829.9 68,565.3 93,538.1 88,852.5 236,105.2 323,455.3 516,905.1 Yemen 115,687.0 217,722.0 469,194.0 214,434.9 661,267.0 132,071.4 91,481.4 Thailand 1,695,555.9 2,157,711.7 2,455,430.1 3,140,867.6 4,079,354.5 3,079,839.3 2,977,140.6 Others 24,577,996.2 22,785,237.8 27,142,763.8 26,822,535.1 23,474,859.5 23,206,536.4 25,379,978.4 Total 82,600,681.2 98,800,401.1 146,401,883.6 140,643,557.9 212,305,178.3 229,899,884.7 218,753,773.5 Oceania Australia 308,547.5 312,015.7 243,040.2 287,605.2 140,252.3 215,659.7 327,371.5 Unspecified 57,613.8 47,482.6 116,775.0 58,518.3 220,646.7 120,412.3 136,368.6 Grand total 121,889,145.3 150,434,677.4 211,124,145.4 201,848,232.5 303,076,356.2 343,504,673.4 355,911,369.3 Source: Ethiopian Customs Authority

108 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 22 B: Direction of Trade* Country of Origin 2016/17 2017/18 Percentage change QI QII QIII QIV QI QII Export Import Export Import Export Import Export Import Export Import Export Import Export Import I J K L M N O P Q R S U V=S/K W=U/L Africa: Djibouti 43.1 - 27.5 - 31.1 - 31.27 - 29.6 0.0 32.8 0.0 19.1 Egypt 3.6 47.8 0.6 50.2 2.4 50.2 2.45 51.3 1.75 44.8 0.66 51.3 3.78 0.6 Ghana 0.0 0.00 0.2 0.03 0.0 0.02 0.1 109.58 6,105.5 Kenya 4.4 11.0 7.5 6.1 13.3 6.1 25.70 10.3 15.45 9.2 8.91 8.4 19.15 39.2 Libia - 0.0 - - - - - - - - - - Morocco 0.0 0.2 0.1 35.7 0.2 35.7 0.07 141.5 0.13 0.0 0.06 75.8 (14.71) 112.2 Nigeria 0.3 - 1.3 0.0 2.4 0.0 10.39 1.9 1.48 32.2 9.43 3.7 613.46 129,746.1 Ruwanda 0.5 0.0 0.4 3.0 1.1 3.0 2.19 0.0 0.47 0.0 1.74 0.0 331.64 (99.4) Somali Land - - - - - - - 0.5 - 0.3 - 0.2 Somalia 79.5 0.4 61.9 0.6 60.9 0.6 63.53 - 63.46 - 55.95 - (9.66) (100.0) South Africa 2.9 48.0 1.8 38.9 5.2 38.9 3.07 61.8 1.54 59.3 1.00 51.2 (44.35) 31.5 Sudan 15.2 30.9 16.7 19.4 28.5 19.4 28.98 30.4 19.81 8.2 18.41 23.8 9.96 16.2 Tanzania 0.0 0.7 0.0 0.3 0.0 0.3 - 0.0 0.00 0.2 0.01 0.6 14.99 110.4 Uganda 0.0 0.2 0.0 0.0 0.1 0.0 0.06 0.0 0.11 0.1 0.14 0.1 211.51 347.1 Zambia 0.1 0.3 0.2 0.0 0.2 0.0 0.15 0.3 0.12 0.0 0.11 0.1 (46.56) 2,636.0 Zembabwe 0.1 0.0 0.01 0.0 0.05 0.0 0.06 0.0 562.60 38.3 Others 7.9 4.5 13.2 7.3 6.3 7.3 17.71 2.0 9.68 1.1 10.22 22.3 (22.79) 205.3 Total 157.8 144.2 131.4 161.5 151.6 161.5 183.21 300.1 143.73 155.5 139.51 237.7 6.16 45.5 %Share Of Continent 23.9 3.6 22.9 4.1 19.7 4.1 20.23 7.4 21.18 3.9 20.84 6.0 (8.82) 6.0 Europe: Austria 0.1 17.9 0.0 8.1 0.0 8.1 0.02 10.1 1.74 18.5 0.01 23.4 (4.63) 190.0 Belgium 17.7 50.5 10.9 57.5 26.8 57.5 31.79 46.3 22.69 42.7 15.02 32.9 37.86 (42.8) Bulgaria 0.3 12.4 0.4 12.9 0.8 12.9 0.41 1.2 0.29 25.0 0.88 1.6 95.81 (87.4) Cyprus - 1.2 0.0 1.5 - 1.5 0.05 2.1 0.17 1.4 - 1.0 (100.00) (34.2) Czech Republic 0.3 6.3 0.3 4.0 0.2 4.0 0.13 8.5 0.07 4.5 0.13 2.6 (46.97) (35.0) Slovakia 0.0 2.3 0.1 0.5 0.1 0.5 0.10 0.2 0.10 0.3 0.02 0.4 (81.74) (14.9) Denmark 0.3 8.1 0.3 9.5 0.4 9.5 0.31 4.9 0.43 9.0 0.21 4.6 (29.25) (51.9) Finland 1.0 3.8 0.0 3.7 1.9 3.7 2.54 7.8 0.37 6.1 0.64 5.0 2,641.48 35.7 France 8.9 49.6 6.6 54.6 9.1 54.6 12.03 45.7 9.87 46.1 5.26 43.3 (19.73) (20.7) Germany 33.6 83.8 27.2 58.4 44.8 58.4 61.76 52.1 43.38 69.3 39.31 59.6 44.59 2.0 Greece 2.1 3.3 2.4 5.5 1.8 5.5 4.17 4.1 3.55 3.5 1.85 5.5 (21.65) (0.8) Hungary 0.3 5.3 0.2 8.5 0.1 8.5 0.14 2.8 0.15 4.8 0.11 2.2 (41.27) (74.5) Ireland 0.0 8.7 0.1 8.1 0.1 8.1 0.43 16.4 0.02 8.3 0.11 5.5 12.86 (32.0) Italy 12.2 144.8 9.3 203.9 17.0 203.9 20.36 209.9 14.59 143.9 8.22 167.2 (11.36) (18.0) Netherlands 43.2 16.2 38.8 16.2 51.2 16.2 52.34 147.4 47.56 29.9 40.17 24.0 3.60 48.2 Norway 2.2 4.6 1.6 1.0 1.7 1.0 2.45 1.0 1.73 0.9 1.18 0.7 (25.85) (35.5) Poland 0.1 5.5 0.1 48.6 0.0 48.6 0.39 11.5 0.11 5.2 0.01 10.4 (78.72) (78.7) Portugal 1.3 4.4 1.7 2.1 2.8 2.1 1.23 4.3 1.43 3.6 1.22 2.8 (26.38) 31.1 Rumania 0.5 34.1 0.0 12.7 0.2 12.7 0.38 0.9 0.05 46.0 0.13 10.1 36,538.85 (20.6) Spain 2.0 41.5 2.0 42.5 4.1 42.5 3.08 40.3 4.22 42.1 3.23 22.0 64.29 (48.2) Sweden 3.7 356.0 3.0 34.2 2.5 34.2 2.36 8.9 3.94 12.5 1.81 13.3 (39.26) (61.0) Switzerland 65.8 13.2 34.5 15.4 45.2 15.4 64.56 7.1 28.92 25.5 15.02 15.0 (56.48) (2.5) Turkey 1.6 123.1 5.5 125.0 10.5 125.0 9.13 147.2 7.89 176.4 14.03 133.6 155.64 6.8 Ukraine 0.4 19.0 0.1 48.7 0.3 48.7 0.27 26.3 0.34 37.5 0.51 39.4 369.85 (19.0) United Kingdom 13.9 36.4 11.7 47.9 14.4 47.9 16.75 54.2 15.13 85.0 8.25 31.8 (29.48) (33.6) Russia 3.9 11.8 3.3 17.2 4.9 17.2 5.07 11.9 5.48 2.6 5.83 33.3 78.01 93.7 Yugoslavia - - - - - - - 0.0 - - - 0.0 Others 15.4 39.3 6.5 10.8 7.1 10.8 5.18 6.3 0.82 3.2 3.48 25.5 (46.74) 136.4 Total 230.8 1,103.3 166.3 858.9 248.2 858.9 297.43 879.3 215.05 853.7 170.43 716.6 2.46 (16.6) %Share Of Continent 35.0 27.4 28.9 21.9 32.3 21.9 32.85 21.6 31.70 21.4 25.46 18.1 (12.00) 18.1 America: Brazil 0.4 6.8 - 40.3 - 40.3 0.00 16.7 0.07 58.0 - 54.0 33.8 Canada 2.8 27.1 1.9 14.1 3.5 14.1 3.51 14.6 4.33 15.8 3.10 16.7 61.41 18.1 Cuba - 0.0 - 0.0 - 0.0 - 0.5 - 0.1 - 0.0 (50.2) Mexico 0.7 0.8 0.4 0.8 0.94 3.2 0.41 5.3 0.84 1.2 105.80 41.2 United States 35.4 229.6 19.3 291.0 49.4 291.0 77.34 247.4 60.79 301.1 35.82 438.9 85.77 50.7 Others 7.3 3.2 7.6 2.1 5.0 2.1 2.98 1.9 0.37 1.9 3.16 2.6 (58.51) 23.3 Total 46.7 267.4 29.2 348.5 58.7 348.5 84.77 284.4 65.98 382.1 42.92 513.4 46.90 47.2 %Share Of Continent 7.1 6.6 5.1 8.9 7.6 8.9 9.36 7.0 9.72 9.6 6.41 13.0 26.17 13.0 Asia: China, Mainland 44.6 1,272.2 36.9 1,253.8 74.6 1,253.8 65.89 1,326.1 54.32 829.6 89.47 1,090.2 142.19 (13.0) China, Taiwan 4.4 15.4 3.7 12.7 2.0 12.7 5.77 14.8 3.57 17.0 1.87 11.6 (48.76) (8.8) Hong Kong 4.2 1.7 3.8 2.0 3.9 2.0 6.54 1.8 4.65 104.1 4.34 2.2 12.98 7.2 India 19.0 346.6 7.6 329.1 15.4 329.1 10.11 263.4 9.73 240.6 11.23 258.7 47.89 (21.4) Indonesia 8.9 84.1 6.6 76.2 3.2 76.2 7.08 73.6 13.25 53.0 8.01 62.0 21.20 (18.6) Israel 13.5 9.0 15.3 3.4 17.7 3.4 19.56 12.2 17.88 53.2 25.26 7.1 64.92 105.8 Japan 19.6 171.9 18.2 191.2 17.7 191.2 43.27 159.0 17.50 115.5 25.15 169.0 38.09 (11.6) N.Korea, Pdrk 0.4 1.9 0.0 0.8 0.1 0.8 0.32 0.9 0.19 18.4 0.13 0.7 268.46 (16.6) S.Korea 9.4 41.8 12.0 37.8 14.7 37.8 18.31 49.8 12.37 107.8 10.27 41.1 (14.53) 8.8 Kuwait 0.4 192.4 0.2 212.4 0.4 212.4 0.64 111.3 0.64 125.6 0.68 422.9 173.69 91.0 Lebanon 0.1 1.4 0.2 0.6 0.3 0.6 0.74 1.3 0.50 34.6 0.48 0.2 189.62 (61.4) Malaysia 2.2 68.4 0.7 79.0 0.2 79.0 0.43 88.6 0.04 67.3 0.06 92.4 (91.54) 17.1 Pakistan 10.6 5.5 20.9 10.0 15.7 10.0 1.47 10.0 3.56 55.6 6.10 10.3 (70.76) 3.1 Saudi Arabia 39.2 68.9 44.7 100.5 50.3 100.5 61.23 150.8 39.06 141.2 56.57 93.8 26.54 (9.4) Singapore 0.5 9.9 0.6 3.5 0.8 3.5 2.29 6.2 2.56 3.6 6.57 6.2 1,003.40 76.7 Yemen 3.4 1.3 5.7 0.5 4.5 0.5 6.68 1.1 17.44 16.0 7.19 0.2 26.12 (57.8) Thailand 1.4 30.4 0.7 33.3 0.6 33.3 1.28 44.9 1.13 59.9 1.40 64.9 113.56 95.3 UAE 22.0 99.7 21.7 103.7 39.9 103.7 35.92 90.6 30.81 52.0 22.52 64.6 3.71 (39.1) Others 14.2 90.7 44.8 94.1 42.5 94.1 41.77 189.7 16.37 498.0 35.72 93.9 (20.35) (3.4) Total 218.0 2,513.2 244.4 2,544.4 304.6 2,544.4 329.32 2,596.1 245.59 2,593.1 313.37 2,492.0 28.23 (2.7) %Share Of Continent 33.1 62.3 42.5 64.9 39.7 64.9 36.37 63.8 36.20 65.0 46.81 62.9 10.14 62.9 Oceania: Australia 4.3 1.8 2.5 6.0 4.6 6.0 9.52 7.8 5.57 4.5 3.25 2.7 27.84 (54.8) Others 1.4 1.8 1.1 1.9 0.4 1.9 1.27 1.3 2.56 1.8 0.01 1.2 (99.38) (34.0) Total 5.6 3.6 3.7 7.9 5.0 7.9 10.79 9.0 8.14 6.4 3.26 4.0 (11.19) (49.9) % Share Of Continent 0.9 0.1 0.6 0.2 0.7 0.2 1.19 0.2 1.20 0.2 0.49 0.1 (23.72) 0.1 Unspecified Unspecified - - - - - - - - - Grand Total Grand Total 658.9 4,031.7 575.0 3,921.2 768.1 3,921.2 905.5 4,069.0 678.5 3,990.8 669.5 3,963.7 16.4 0.6 (in millions of USD) Source: Ethiopian Revenues and Customs Authority

• Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All import data are updated based on revised data from the Ethiopian Revenues and Customs Authority, while export data includes electricity export

Second Quarter 2017/18 109 National Bank of Ethiopia Quarterly Bulletin Table 23: Volume of Exports, by major commodity groups (In metric tone) Period Coffee Oil Seeds Leather and Leather productsa Pulses Meat & Meat Prodts. Fruits & Veget. Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 2013/14 Qtr I 40,607.4 42,396.2 1,234.0 73,940.7 3,970.4 34,044.8 - 1.9 - 36,179.2 13,399.0 - 55.0 12.4 615.5 5,348.4 Qtr II 25,462.9 60,204.0 1,567.6 83,661.8 3,129.6 35,983.1 - 3.4 - 24,390.8 13,022.5 - 96.0 21.2 - 5,236.4 Qtr III 44,320.0 135,867.8 1,296.4 110,039.3 3,604.9 36,447.0 - 3.3 - 26,373.3 12,957.9 - 88.5 28.1 91.5 4,519.8 Qtr IV 79,279.1 75,058.6 1,475.0 85,380.4 4,267.0 38,961.4 - 3.0 - 18,884.1 12,310.4 - 95.2 26.2 44.9 3,533.7 2014/15 Qtr I 42,147.5 46,714.0 1,551.2 91,360.5 4,900.0 35,556.8 - 2.1 - 31,243.4 11,942.5 - 120.5 42.4 0.2 3,144.5 Qtr II 30,419.0 66,114.6 1,423.6 82,896.7 4,403.3 41,231.9 - 1.9 - 16,407.3 15,207.7 - 121.0 67.7 - 2,812.5 Qtr III 37,737.8 117,147.9 1,548.2 100,900.5 4,829.0 34,875.2 - 3.4 - 12,436.6 11,851.5 - 87.5 20.9 8.1 5,247.5 Qtr IV 73,566.5 89,485.4 1,651.9 65,579.2 4,902.2 38,484.8 - 1.7 - 17,773.1 10,202.4 - 191.4 16.7 - 3,653.8 2015/16 Qtr I 48,791.9 39,036.0 1,521.5 77,378.6 5,059.4 43,459.6 - 2.3 - 38,543.2 13,054.8 - 69.5 52.9 - 3,151.8 Qtr II 38,987.8 75,681.3 1,475.1 95,395.4 4,413.4 41,617.8 - 2.1 - 14,341.2 11,926.0 - 76.3 46.0 - 3,044.3 Qtr III 43,718.5 201,471.9 1,367.2 102,695.8 4,670.3 41,743.5 - 1.9 - 10,972.9 11,060.7 - 35.4 63.0 0.3 3,068.1 Qtr IV 67,160.0 120,384.3 1,619.6 99,955.3 4,822.0 40,255.5 - 2.4 - 13,921.7 10,958.7 - 86.5 24.0 - 3,017.3 2016/17 Qtr I 47,935.3 62,849.2 1,241.0 73,722.9 4,499.5 42,284.5 - 1.7 - 17,869.7 13,565.9 - 65.0 56.4 - 3,446.1 Qtr II 37,490.2 69,630.3 1,629.5 108,149.0 4,735.7 45,227.6 - 0.8 - 5,183.1 12,078.8 - 51.0 40.1 - 3,334.2 Qtr III 54,698.0 102,931.1 1,386.1 139,885.6 4,958.6 43,550.3 26,514.6 1.4 - 5,170.2 11,576.4 - 98.3 92.7 - 3,814.4 Qtr IV 85,623.5 98,103.5 1,633.5 70,985.8 5,371.1 47,506.8 24,612.0 1.9 - 7,843.6 11,597.1 - 88.0 40.1 - 5,598.2 2017/18 Qtr I 55,862.3 69,482.8 1,578.5 68,758.6 4,697.6 46,826.2 15,330.8 0.8 - 15,182.6 11,209.9 - 18.0 33.7 847.1 5,172.8 Qtr II 51,511.3 117,658.6 1,674.6 110,392.2 4,159.4 47,367.3 2,718.8 0.5 - 4,351.2 11,176.4 - 125.5 2,132.6 1,156.7 3,427.0 Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Table 23 continued: Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Period Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices others Electricity(in ‘1000’ kwh) others* Re￾Exports Grand Total* 2013/14 Qtr I 798.7 868.9 - - - 149.9 - 9,122.6 739.7 4,173.4 26,276.4 231,466.1 227,486.9 - 473,315.4 Qtr II 544.4 1,119.3 - - - 204.7 - 10,208.7 681.5 5,194.0 31,560.3 180,250.5 167,731.1 - 415,252.9 Qtr III 1,510.2 785.6 - - - 207.3 - 12,670.2 387.4 6,663.8 47,816.9 154,391.3 193,582.5 - 564,581.0 Qtr IV 16,794.7 629.2 - - - 180.5 - 12,719.0 393.2 5,230.0 65,437.2 216,445.6 243,120.7 - 558,834.9 2014/15 Qtr I 20,858.8 771.6 - - - 137.5 - 10,011.2 687.0 4,473.9 58,000.6 276,751.7 285,642.7 - 551,181.3 Qtr II 4,762.0 725.6 - - - 277.4 - 10,745.3 736.5 5,172.3 52,670.6 177,651.9 187,661.6 - 445,888.6 Qtr III 6,371.3 899.6 - - - 165.4 - 12,210.0 650.0 4,809.6 63,125.8 180,315.0 222,371.1 - 543,788.7 Qtr IV 7,179.9 1,075.9 - - - 100.9 - 13,364.2 916.5 4,690.7 52,407.4 100,549.2 150,380.1 - 452,218.5 2015/16 Qtr I 3,078.6 510.0 - - - 250.0 - 12,506.6 1,177.3 2,397.0 42,680.0 90,814.7 65,804.0 - 332,720.8 Qtr II 1,960.2 606.5 - - - 97.3 - 12,124.5 911.4 3,130.1 36,187.0 78,550.6 58,107.4 - 342,023.7 Qtr III 4,816.3 628.9 - - - 176.6 - 13,522.0 978.8 4,220.0 49,792.4 80,427.7 77,266.5 - 495,004.5 Qtr IV 1,548.4 605.5 - - - 68.7 - 12,476.0 1,146.1 3,627.7 55,732.5 252,509.6 78,246.4 - 437,412.3 2016/17 Qtr I 564.6 574.0 - - - 147.1 - 11,639.6 716.8 2,592.1 59,770.4 324,347.3 79,507.1 - 343,541.7 Qtr II 2,079.4 581.0 - - - 63.4 - 10,694.7 727.2 2,084.0 75,453.8 237,278.9 95,057.9 379,233.8 Qtr III 11,860.4 811.5 - - - 182.0 - 13,087.4 1,626.9 4,003.3 53,496.2 304,156,870.4 88,974.8 479,745.5 Qtr IV 14,504.4 1,966.6 - - - 392.5 - 35,421.8 3,070.9 8,679.4 188,720.3 304,718,496.6 263,539.8 1,202,521.0 2017/18 Qtr I 6,652.9 497.6 - - - 125.3 - 12,373.4 848.7 2,930.8 12,378.2 407,081.0 6,053.6 295,001.7 Qtr II 1,912.9 1,105.0 - - - 66.2 - 10,726.6 1,088.1 2,673.6 15,441.8 263,647.3 39,730.5 390,866.2

110 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Period Coffee Oil Seeds Leather and Leather products Pulses Meat & Meat Prodts. Fruits & Vegetables Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 2013/14 Qtr I 2,571,879.0 1,368,355.6 599,030.0 888,604.3 376,049.1 185,036.5 - 1,465,413.1 - 1,196,022.7 1,427,123.2 - 8,236.9 3,479.0 16,932.1 535,850.0 Qtr II 1,613,907.4 2,590,227.1 665,155.3 1,129,528.2 298,628.0 262,105.3 - 2,225,243.1 - 788,435.1 1,370,729.0 - 14,174.6 20,383.5 - 553,399.1 Qtr III 3,166,700.9 5,770,739.3 614,057.6 1,569,048.7 331,095.2 237,001.3 - 2,407,850.1 - 874,204.6 1,425,240.4 - 14,660.4 34,634.0 2,026.1 497,720.3 Qtr IV 6,355,627.0 2,747,887.4 596,407.4 1,203,261.5 418,241.3 235,010.3 - 2,623,684.5 - 694,613.6 1,405,654.3 - 14,974.1 27,925.5 1,097.7 513,947.9 2014/15 Qtr I 3,601,606.6 1,782,898.7 650,939.8 1,231,102.4 472,079.6 202,646.3 - 1,548,672.6 - 1,182,546.9 1,316,314.0 - 21,439.2 74,818.5 4.7 420,448.1 Qtr II 2,518,466.4 2,455,328.1 599,692.0 1,157,023.0 416,795.9 256,407.2 - 1,283,486.7 - 615,036.7 1,658,532.6 - 21,584.3 82,407.5 - 364,718.9 Qtr III 3,450,896.6 3,515,303.7 693,219.4 1,243,523.4 473,887.8 245,897.6 - 2,365,432.6 - 462,946.5 1,325,665.8 - 16,251.3 23,524.2 231.2 779,611.1 Qtr IV 6,163,963.7 2,515,767.2 700,896.3 777,563.1 503,104.9 251,662.8 - 1,201,434.5 - 716,026.0 1,167,518.1 - 36,452.2 21,895.9 - 404,544.2 2015/16 Qtr I 3,833,482.6 1,117,113.7 611,869.3 1,008,591.8 536,437.9 284,426.1 - 1,533,270.3 - 1,513,932.1 1,513,299.6 - 12,738.4 43,474.1 - 462,484.5 Qtr II 2,483,305.9 1,744,207.0 599,845.6 1,270,029.4 461,902.7 285,570.3 - 1,353,852.9 - 562,849.1 1,382,213.4 - 14,306.0 40,780.4 - 399,474.2 Qtr III 3,468,404.8 4,246,993.0 565,811.7 1,296,829.9 503,926.1 283,215.6 - 1,428,736.5 - 444,847.3 1,286,804.4 - 7,269.8 44,244.5 11.6 384,833.8 Qtr IV 5,482,069.8 2,968,529.5 646,580.3 1,311,552.3 524,281.7 274,857.8 - 1,797,371.7 - 568,958.9 1,329,711.3 - 17,011.9 23,065.2 - 387,202.4 2016/17 Qtr I 3,967,681.8 1,566,890.8 568,470.1 1,122,225.5 481,858.7 294,980.9 - 1,429,988.7 - 729,289.6 1,646,044.2 - 12,745.7 41,717.5 - 461,145.8 Qtr II 2,947,226.4 1,545,549.7 642,588.0 1,736,431.3 533,074.7 325,785.5 - 751,520.3 - 214,348.9 1,504,475.1 - 10,395.4 29,485.2 - 457,402.5 Qtr III 5,262,982.6 2,447,326.6 570,064.3 2,162,962.1 562,140.8 305,094.6 59,869.5 1,020,138.3 - 212,897.5 1,460,530.3 - 19,689.2 33,777.3 - 516,886.8 Qtr IV 7,719,668.1 2,331,595.4 777,873.3 1,254,944.0 637,647.6 331,887.5 55,562.2 1,482,343.4 - 349,972.8 1,502,640.1 - 17,736.4 32,881.4 - 568,850.6 2017/18 Qtr I 5,011,278.9 1,744,858.8 769,892.0 1,067,855.7 562,830.8 362,770.1 73,122.1 665,027.0 - 698,508.0 1,478,336.7 - 3,557.0 32,525.6 35,581.4 709,998.2 Qtr II 4,443,198.4 3,834,235.8 949,826.1 1,839,139.4 563,485.9 417,619.4 7,754.8 501,643.7 - 212,460.2 1,641,071.6 - 27,767.3 73,565.6 44,337.8 508,420.2 Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) = Table 24: Value of Exports, by Major Commodity Groups Table 24 continued: Period Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity Others* Re￾Exports Grand Total 2013/14 Qtr I 27,777.7 56,608.7 - - - 9,910.9 - 739,115.1 19,556.9 98,147.1 232,015.9 246,301.2 556,261.1 - 10,642,011.4 Qtr II 12,120.4 65,847.1 - - - 12,728.3 - 854,266.7 19,129.7 127,691.9 281,688.8 195,216.0 573,782.6 - 11,531,915.6 Qtr III 25,020.0 60,823.9 - - - 13,211.0 - 1,144,376.3 10,384.1 178,127.8 338,092.0 177,870.4 534,380.4 - 16,944,978.8 Qtr IV 148,196.5 48,180.1 - - - 11,376.5 - 1,079,625.9 10,824.2 157,185.1 503,732.9 244,529.2 542,971.1 - 16,838,332.5 2014/15 Qtr I 150,602.4 48,948.6 - - - 9,515.4 - 863,071.8 17,535.0 139,740.1 478,824.0 301,877.0 495,271.3 - 12,505,517.4 Qtr II 45,667.0 50,931.2 - - - 18,480.8 - 941,129.2 19,768.7 214,032.2 317,035.8 205,459.1 447,126.3 - 11,429,479.3 Qtr III 56,976.5 61,952.4 - - 250.9 12,177.2 - 1,114,876.6 17,489.8 166,314.2 352,692.1 213,847.8 803,366.5 - 14,596,391.3 Qtr IV 66,311.1 69,121.8 - - - 5,966.7 - 1,167,788.6 25,107.6 127,762.9 308,093.4 136,269.2 426,440.1 - 14,460,828.7 2015/16 Qtr I 46,093.6 34,858.5 - - - 18,622.2 - 1,112,635.2 27,384.6 81,105.8 315,695.1 114,332.7 505,958.6 - 12,471,120.4 Qtr II 38,982.5 43,255.5 - - - 6,606.4 - 1,106,521.3 23,434.3 136,724.0 399,943.1 163,153.9 440,254.6 - 10,598,336.7 Qtr III 66,187.9 47,327.0 - - - 11,996.9 - 1,336,078.8 26,837.9 208,123.7 464,528.4 116,892.4 429,090.0 - 13,961,929.1 Qtr IV 33,947.1 50,557.3 - - - 4,703.2 - 1,182,616.7 32,124.9 140,268.6 366,561.1 322,189.2 410,267.5 - 15,331,192.7 2016/17 Qtr I 15,454.2 41,522.2 - - - 10,707.8 - 1,105,141.9 20,112.7 131,608.9 399,219.0 394,411.6 502,863.3 - 12,323,039.3 Qtr II 38,022.8 56,872.0 - - - 3,649.7 - 1,045,226.3 20,345.6 111,679.5 500,765.3 300,236.0 486,887.7 10,698,282.9 Qtr III 102,075.8 64,418.2 - - - 13,778.9 - 1,366,378.5 22,716.2 176,613.4 593,113.2 384,298,139.3 550,664.1 14,634,359.9 Qtr.IV 195,142.1 118,724.1 - - - 22,421.8 - 2,287,106.8 36,930.9 302,310.0 1,015,628.9 671,946,659.6 940,887.8 - 25,243,562.2 2017/18 Qtr I 64,616.7 38,735.4 - - - 10,124.9 - 1,266,346.4 22,799.0 101,110.0 443,307.7 517,682.4 778,105.2 - 13,216,142.3

Second Quarter 2017/18 111 National Bank of Ethiopia Quarterly Bulletin Table 25: Value of Imports, by Major Commodity Groups** (In 000 birr) Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 2013/14 July 737.05 94.23 5.06 0.01 2,865.60 292.91 291.07 163.21 159.65 542.36 188.05 August 263.04 43.85 7.31 0.00 5,120.00 187.18 964.95 165.53 118.85 461.14 153.48 September 214.41 24.74 6.22 - 3,992.27 193.74 277.74 361.17 188.47 442.52 170.94 Qtr I 1,215 163 19 0 11,978 674 1,534 690 467 1,446 512 October 902.74 65.54 12.33 0.00 3,347.10 305.53 879.35 279.01 137.81 689.40 164.34 November 1,323.53 35.92 7.49 - 3,540.13 323.79 281.84 251.94 195.16 420.97 205.78 December 1,686.62 22.32 6.76 - 3,118.47 270.02 2,566.37 216.01 247.08 514.41 193.68 Qtr II 3,913 124 27 0 10,006 899 3,728 747 580 1,625 564 January 673.33 41.19 10.72 - 3,937.10 246.18 414.62 178.84 170.81 454.83 232.27 February 1,116.25 73.85 15.57 - 4,319.58 264.27 327.85 83.21 235.00 461.36 145.86 March 791.09 24.39 5.48 - 4,308.34 389.01 319.61 159.03 194.83 444.92 123.76 Qtr III 2,581 139 32 - 12,565 899 1,062 421 601 1,361 502 April 330.57 36.05 5.31 0.00 4,331.96 444.89 719.61 92.04 164.20 425.16 138.35 May 491.25 28.84 6.97 - 4,541.60 379.60 487.07 132.60 225.14 425.94 145.78 June 635.96 42.92 2.22 0.01 4,197.73 349.92 278.40 306.70 149.50 575.25 130.28 Qtr IV 1,458 108 15 0 13,071 1,174 1,485 531 539 1,426 414 2014/15 July 945,563 60,244 4,790 28 3,275,788 342,350 554,338 103,900 186,231 567,406 165,968 August 1,152,749 56,142 5,559 1 4,683,798 309,727 326,418 45,301 147,608 543,525 181,496 September 1,515,751 52,730 8,017 16 3,165,731 277,225 429,388 93,035 149,662 476,688 174,971 Qtr I 3,614,064 169,116 18,366 45 11,125,318 929,302 1,310,143 242,236 483,501 1,587,620 522,434 October 1,881,111 45,160 8,964 29 4,144,416 360,626 330,730 595,682 261,093 499,024 172,826 November 741,370 37,442 10,820 - 2,570,797 250,872 331,043 345,052 145,742 429,544 158,042 December 735,518 65,818 2,265 42 5,078,056 342,964 419,940 328,975 200,956 497,648 183,922 Qtr II 3,357,999 148,421 22,050 71 11,793,269 954,461 1,081,713 1,269,710 607,792 1,426,216 514,790 January 916,760 56,025 8,914 - 2,160,711 288,924 354,398 11,414 197,529 465,182 175,483 February 1,284,297 67,737 10,372 - 2,095,468 304,287 690,743 136,095 170,296 479,438 197,985 March 1,151,658 41,818 10,029 - 3,159,276 306,440 1,000,730 61,685 214,452 532,850 205,366 Qtr III 3,352,714 165,580 29,315 - 7,415,455 899,651 2,045,870 209,194 582,277 1,477,470 578,833 April 970,961 36,066 8,516 - 3,058,490 310,712 867,372 196,210 182,570 475,756 177,779 May 1,283,102 23,954 5,237 - 2,915,037 321,088 2,852,512 433,857 170,950 514,639 141,769 June 576,558 26,909 11,293 84 3,514,971 336,780 484,162 217,779 159,647 497,966 127,229 Qtr IV 2,830,621 86,928 25,046 84 9,488,497 968,581 4,204,046 847,847 513,167 1,488,362 446,776 2015/16 July 839,414 58,096 13,344 - 2,152,065 416,636 804,980 20,785 190,194 569,047 149,930 August 656,046 76,571 11,645 47 2,468,436 258,980 280,828 111,325 245,621 598,440 174,450 September 1,228,004 42,467 12,411 - 2,649,277 234,609 563,582 196,216 146,877 481,892 171,422 Qtr I 2,723,464 177,134 37,401 47 7,269,778 910,225 1,649,390 328,325 582,691 1,649,379 495,802 October 1,330,113 75,643 9,426 - 2,641,306 311,045 508,161 639,512 256,036 595,278 166,729 November 1,661,962 45,322 18,642 - 2,110,311 182,976 255,351 13,838 185,297 441,403 213,978 December 2,746,258 84,026 20,517 50 2,434,599 229,826 1,096,370 537,962 239,290 535,917 186,380 Qtr II 5,738,333 204,992 48,584 50 7,186,215 723,846 1,859,882 1,191,311 680,624 1,572,598 567,087 January 4,340,850 86,011 6,060 2 1,873,140 166,316 213,619 46,423 163,626 451,220 168,844 February 2,490,768 69,892 18,109 - 1,319,499 211,702 855,523 124,742 249,532 583,777 248,474 March 2,982,813 42,687 7,245 2 2,341,559 438,511 792,826 121,700 279,137 568,373 274,266 Qtr II 9,814,431 198,590 31,413 5 5,534,198 816,529 1,861,968 292,866 692,295 1,603,370 691,583 April 2,501,813 48,390 17,784 - 2,031,498 274,434 2,980,205 311,107 264,173 461,567 208,463 May 1,991,470 60,735 8,073 4 2,242,677 509,715 494,527 171,253 298,919 557,729 263,666 June 1,823,377 56,482 10,341 3 2,741,127 381,956 1,645,348 236,872 175,754 505,979 298,956 Qtr IV 6,316,660 165,606 36,197,015,302 1,166,104 5,120,080 719,231 738,846 1,525,275 771,085 2016/17 July 1,279,980 76,107 9,499 - 2,568,084 353,317 498,044 209,645 283,013 437,574 197,587 August 2,070,746 54,850 10,431 0 2,357,837 346,386 700,786 47,451 371,174 788,616 249,984 September 1,823,757 47,528 5,971 25 2,886,991 281,363 337,012 388,577 267,282 450,727 190,751 QI 5,174,484 178,486 25,900 25 7,812,912 981,066 1,535,843 645,674 921,470 1,676,917 638,321 October 1,136,363 73,331 9,197 7 3,631,229 269,983 1,737,451 91,982 195,765 600,279 275,037 November 1,047,809 37,268 8,546 - 2,409,589 211,048 394,038 600,421 224,335 451,806 194,984 December 719,137 50,569 14,831 - 3,738,507 187,920 1,315,946 205,013 244,875 567,679 196,048 QII 2,903,309 161,168 32,573 7 9,779,325 668,951 3,447,434 897,417 664,975 1,619,764 666,069 January 1,170,826 38391.35622 8,432 0 3,505,804 189084.3784 860,088 42629.81564 227,153 505253.7225 244,561 February 826,129 71265.80028 10,338 77.24969 3,587,969 202301.8751 731,208 72964.8998 211,597 631948.8147 160,659 March 2,041,575 45928.51189 8,469 6.6832 4,102,622 218776.4414 617,280 163689.4565 146,927 522761.8407 197,189 QIII 4,038,531 155,586 27,239 84 11,196,395 610,163 2,208,577 279,284 585,677 1,659,964 602,408 April 936,841 67233.59898 6,705 0 2,862,487 246997.9479 361,732 47974.71479 206,644 447655.0386 207,467 May 1,242,966 44031.22472 16,684 18.70665 4,394,290 354793.4459 3,997,036 124253.2287 424,762 668009.4148 153,515 June 534,850 92896.18131 13,184 3594.32707 3,097,872 461990.5963 728,462 96889.71626 286,474 636263.8127 189,405 QIV 2,714,657 204,161 36,574 3,613 10,354,648 1,063,782 5,087,230 269,118 917,879 1,751,928 550,387 2017/18 July 1,089,707 84,677 3,436 - 3,142,006 378,436 339,639 217,227 153,448 555,397 215,660 August 2,198,161 90,265 8,309 - 3,877,280 330,506 733,411 41,963 269,944 649,275 262,982 September 1,809,728 67,441 10,347 - 3,198,266 255,932 1,059,605 73,003 290,843 482,408 178,687 Qtr I 5,097,596 242,383 22,093 - 10,217,553 964,874 2,132,654 332,193 714,235 1,687,081 657,329 October 3,232,419 60,809 8,542 26 3,821,721 326,372 843,812 305,251 389,950 668,011 200,645 November 1,520,427 66,632 5,411 - 5,781,525 317,568 548,479 73,159 285,903 528,560 178,212 December 1,791,662 88,695 12,944 146 4,878,591 450,367 391,822 273,209 299,618 590,072 235,494 QII 6,544,508 216,136 26,897 172 14,481,837 1,094,307 1,784,113 651,619 975,471 1,786,643 614,351 Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 2013/14 July 354.23 535.96 182.15 1,975.02 2,006.06 1,723.57 1,079.95 663.60 76.92 4,148.11 17,421.18 August 259.81 547.14 148.50 1,732.47 1,879.70 1,614.48 960.08 164.70 25.27 4,630.43 19,283.20 September 284.30 365.92 181.49 2,444.82 2,148.71 2,534.05 1,222.21 150.90 17.61 2,916.87 17,988.19 Qtr I 898 1,449 512 6,152 6,034 5,872 3,262 979 120 11,695 54,693 October 420.03 374.71 188.86 2,215.96 2,782.90 2,657.29 1,830.55 816.89 18.11 5,170.85 22,442.40 November 476.51 392.54 155.48 2,296.43 3,485.60 1,747.05 940.54 1,248.41 10.91 3,509.34 19,600.94 December 701.59 635.58 166.72 2,244.28 2,819.79 2,062.99 1,858.15 992.14 14.62 4,695.24 24,040.70 Qtr II 1,598 1,403 511 6,757 9,088 6,467 4,629 3,057 44 13,375 66,084 January 438.95 605.35 171.18 1,978.35 3,470.18 1,753.12 1,628.49 192.93 20.05 5,458.12 21,883.68 February 380.64 366.70 139.07 2,202.77 2,989.86 1,532.05 4,423.21 514.82 14.29 4,296.55 23,387.93 March 296.19 273.73 130.97 2,497.94 3,753.71 1,895.63 3,535.70 305.96 25.51 6,248.97 25,418.81 Qtr III 1,116 1,246 441 6,679 10,214 5,181 9,587 1,014 60 16,004 70,690 April 333.71 497.03 125.40 3,288.38 3,531.76 1,883.37 2,300.39 196.83 11.54 4,030.25 22,689.97 May 313.00 344.78 148.46 3,530.48 3,787.67 2,259.55 1,173.56 159.57 65.13 5,012.59 23,500.02 June 363.79 503.00 204.12 3,532.54 4,118.93 2,157.04 1,782.46 196.86 49.60 4,799.99 24,180.34 Qtr IV 1,010 1,345 478 10,351 11,438 6,300 5,256 553 126 13,843 70,370 2014/15 July 497,627 766,723 213,923 4,683,974 2,795,242 2,059,428 1,984,305 246,476 14,173 6,223,945 25,445,946 August 496,309 600,285 212,903 2,567,171 2,845,203 2,132,460 1,575,436 242,460 14,347 4,829,107 22,725,547 September 388,513 487,392 180,824 4,153,747 3,605,824 1,768,132 3,031,368 200,839 40,456 4,176,906 24,176,376 Qtr I 1,382,449 1,854,400 607,650 11,404,893 9,246,269 5,960,021 6,591,109 689,775 68,975 15,229,957 72,347,869 October 414,142 479,614 200,243 4,258,145 3,318,877 2,193,084 3,915,395 231,988 6,604 4,926,596 28,012,362 November 322,452 448,697 210,847 3,973,607 4,461,682 2,475,277 3,254,988 173,439 30,976 5,953,841 26,153,092 December 676,816 834,168 237,230 4,505,919 4,600,396 3,392,214 3,901,905 205,049 415,211 7,053,701 33,473,664 Qtr II 1,413,409 1,762,478 648,320 12,737,671 12,380,955 8,060,575 11,072,288 610,477 452,791 17,934,138 87,639,117 January 680,733 604,225 197,334 5,601,054 4,179,702 2,466,722 3,310,778 227,697 66,253 5,969,217 27,711,358 February 409,341 530,030 187,370 3,232,788 4,234,510 3,035,390 4,144,134 228,725 84,337 6,116,122 27,410,738 March 453,087 503,202 256,493 3,937,526 3,700,979 3,251,762 4,850,550 335,398 323,202 5,579,546 29,540,651 Qtr III 1,543,161 1,637,457 641,197 12,771,367 12,115,191 8,753,874 12,305,462 791,821 473,791 17,664,885 84,662,746 April 581,193 371,391 198,309 3,142,623 3,244,936 2,300,439 6,375,488 263,790 147,769 6,072,342 28,718,920 May 435,318 379,933 186,758 2,574,964 4,803,881 2,973,208 3,835,755 255,371 135,219 5,818,603 29,805,782 June 463,600 796,840 195,047 2,999,620 3,916,033 3,423,739 3,071,433 360,558 210,627 6,589,483 27,619,799 Qtr IV 1,480,110 1,548,163 580,113 8,717,207 11,964,849 8,697,385 13,282,677 879,719 493,615 18,480,428 86,144,501 2015/16 July 606,360 805,257 181,481 3,609,138 4,172,532 2,769,676 10,665,989 284,276 85,320 5,774,220 33,884,466 August 411,955 640,707 266,184 4,102,267 3,969,139 3,073,506 2,922,111 300,301 14,470 6,064,592 26,347,318 September 379,820 618,448 179,926 4,588,059 3,806,356 2,627,360 1,859,272 233,897 49,635 5,341,550 25,177,184 Qtr I 1,398,135 2,064,413 627,591 12,299,464 11,948,027 8,470,542 15,447,371 818,473 149,425 17,180,363 85,408,968 October 548,983 625,383 216,027 4,420,764 3,571,444 2,645,973 3,100,264 337,647 519,381 5,740,915 27,922,383 November 455,789 554,153 284,383 3,476,194 4,153,224 2,578,289 2,490,139 255,780 178,142 5,749,874 25,049,265 December 574,878 956,396 228,699 3,511,207 6,207,327 6,612,354 2,857,418 311,984 59,545 5,197,789 34,316,810 Qtr II 1,579,650 2,135,932 729,110 11,408,166 13,931,995 11,836,615 8,447,821 905,411 757,068 16,688,579 87,288,459 January 443,531 777,889 158,003 3,109,338 4,297,991 2,376,794 2,083,403 471,011 103,972 6,733,505 27,600,535 February 481,547 547,357 234,138 5,525,949 5,098,855 2,438,467 1,706,411 244,024 35,419 7,502,534 29,742,695 March 535,523 481,392 224,252 3,805,992 9,972,284 2,061,662 2,383,572 352,563 50,664 7,937,029 35,301,490 Qtr III 1,460,601 1,806,638 616,393 12,441,279 19,369,129 6,876,924 6,173,385 1,067,599 190,054 22,173,067 92,644,720 April 399,489 637,890 225,039 2,835,038 4,408,833 2,145,224 2,221,566 265,765 19,356 7,232,979 29,224,847 May 370,090 496,741 266,658 4,196,253 4,307,736 1,908,340 2,633,930 205,699 20,018 7,184,692 27,983,225 June 461,276 849,145 267,175 3,570,041 4,165,252 2,521,651 2,492,152 354,446 76,242 8,184,510 30,463,637 Qtr IV 1,230,856 1,983,777 758,872 10,601,333 12,881,820 6,575,215 7,347,648 825,910 115,616 22,602,181 87,671,709 2016/17 July 486,127 675,960 223,708 2,665,449 3,629,248 2,295,143 2,616,218 265,943 14,718 5,667,155 24,186,575 August 524,963 835,518 285,196 4,396,708 5,117,903 3,456,418 2,181,352 393,333 11,392 7,052,537 30,860,249 September 372,888 680,896 300,023 3,228,798 3,990,160 2,213,702 2,797,869 329,143 7,282,180 6,285,368 33,831,868 QI 1,383,978 2,192,374 808,926 10,290,955 12,737,311 7,965,263 7,595,439 988,419 7,308,290 19,005,059 88,878,692 October 438,031 540783.9205 287,584 3477846.796 4,653,581 2980192.822 2,439,394 275323.49 35,641 5411532.239 28,285,211 November 610,682 620815.8679 251,729 4049805.294 3,836,154 3337760.545 2,283,885 372634.4684 138,850 6254391.763 26,963,917 December 596,325 943721.8015 294,587 3901315.177 5,021,964 3311065.106 2,687,500 278586.0927 49,232 8315699.816 32,361,936 QII 1,645,039 2,105,322 833,900 11,428,967 13,511,699 9,629,018 7,410,779 926,544 223,723 19,981,624 87,611,064 January 401,443 780941.5207 383,517 3257703.729 4,148,737 3101276.536 2,006,512 332394.8372 10,247 6956079.443 27,838,681 February 373,261 675137.7022 294,724 3597335.142 4,954,056 2850068.306 2,249,316 345547.4215 22,927 6167627.72 27,690,911 March 375,744 525378.1092 257,358 2492811.746 5,615,068 2628864.133 1,649,782 331318.32 26,520 6847505.616 28,484,256 QIII 1,150,448 1,981,457 935,599 9,347,851 14,717,861 8,580,209 5,905,610 1,009,261 59,694 19,971,213 84,013,849 April 426,228 649506.5152 241,452 3090318.114 2,890,911 2332912.108 2,399,088 313448.9913 28,530 6752056.196 24,202,739 May 391,763 743281.1763 288,424 3617566.849 5,577,487 2633141.58 3,891,218 350814.3677 59,733 9242759.122 37,865,733 June 419,236 857759.5173 268,521 3796823.49 7,546,327 2358415.509 2,883,918 258920.3569 50,675 7375279.764 31,698,836 QIV 1,237,227 2,250,547 798,397 10,504,708 16,014,724 7,324,469 9,174,224 923,184 138,938 23,370,095 93,767,307 2017/18 July 368,905 695,392 256,405 4,229,952 5,971,492 2,624,829 3,194,936 393,104 67,487 7,517,549 31,106,578 August 501,090 1,048,568 321,484 3,938,113 6,437,822 2,998,654 2,498,821 572,643 35,122 8,996,573 35,238,342 September 447,780 597,596 273,644 2,537,010 4,619,706 2,227,873 2,263,818 441,187 28,496 5,993,872 26,416,056 Qtr I 1,317,775 2,341,556 851,532 10,705,075 17,029,020 7,851,355 7,957,574 1,406,934 131,105 22,507,995 92,760,976 October 380,589 722,615 369,159 3,853,627 6,024,799 3,400,733 2,794,455 427,832 54,301 8,485,538 35,943,375 November 310,690 715,719 298,546 2,988,953 5,209,316 2,443,138 2,265,670 524,719 23,969 12,859,342 36,421,217 December 573,669 910,815 365,625 2,620,891 5,664,821 2,819,985 2,137,399 423,042 37,533 9,266,785 33,410,145 QII 1,264,948 2,349,149 1,033,330 9,463,471 16,898,937 8,663,856 7,197,524 1,375,593 115,803 30,611,664 105,774,738 Source: Ethiopian Revenues and Customs Authority

• Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority Table 25: (continued)

112 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Categories 2015/16 2016/17 2017/18 Qtr I Qtr II Qtr III Qtr IV Annual Qtr I Qtr II Qtr III Qtr IV Annual Qtr I Qtr II Raw Materials 932.87 711.34 722.62 780.44 3,147.26 836.64 761.61 516.87 694.11 2,809.23 727.38 751.5718087 Semi-finished Goods 14,553.33 11,787.57 17,132.78 17,734.08 61,207.76 13,774.36 13,368.46 12,979.43 18,718.24 58,840.49 16,492.75 15732.00519 Chemicals 1,742.84 1,519.96 1,718.58 2,408.58 7,389.96 2,289.95 1,383.79 1,426.13 2,424.31 7,524.19 2,476.65 2038.521122 Fertilizers 199.33 474.66 4,787.39 3,706.22 9,167.59 88.79 1,509.88 2,406.27 4,349.93 8,354.88 132.00 2157.116729 Textile Materials 283.70 403.66 309.80 338.44 1,335.60 339.85 424.76 370.75 445.54 1,580.89 338.43 380.8564241 Others 12,327.46 9,389.30 10,317.01 11,280.84 43,314.60 11,055.77 10,050.03 8,776.28 11,498.44 41,380.52 13,545.67 11155.51092 Fuel 7,692.76 7,531.00 5,667.15 7,355.44 28,246.34 8,174.61 10,377.97 11,462.17 10,925.45 40,940.19 10,727.08 15290.93235 Crude petroleum 0.05 0.05 0.00 0.01 0.11 0.03 0.01 0.08 3.61 3.73 - 0.17193301 Petroleum Products 7,269.78 7,186.22 5,534.20 7,015.30 27,005.49 7,812.91 9,779.33 11,196.39 10,354.65 39,143.28 10,217.55 14481.83708 Others 422.94 344.73 132.94 340.13 1,240.74 361.67 598.64 265.69 567.19 1,793.18 509.53 808.9233363 Capital Goods 38,414.82 38,285.67 36,607.93 30,635.05 143,943.46 31,112.00 35,495.51 33,157.35 35,520.33 135,285.20 34,396.82 39709.85948 Transport 7,997.99 11,079.66 6,546.50 6,738.71 32,362.86 7,642.28 9,673.61 7,953.13 6,736.56 32,005.58 6,837.73 12695.33481 Tyres for Heavy Vehicles 662.76 685.07 732.36 738.62 2,818.81 816.06 871.22 745.37 753.93 3,186.58 710.84 752.6479117 Heavy Road Motor Veh. 6,110.87 5,748.53 4,131.49 4,529.14 20,520.03 5,587.41 6,029.64 5,627.27 5,155.86 22,400.17 5,442.57 5819.469764 Aircraft 451.90 295.67 1,500.12 1,215.27 3,462.96 828.18 1,142.15 815.76 576.69 3,362.78 628.38 5990.553316 Others 772.46 4,350.40 182.52 255.68 5,561.06 410.63 1,630.60 764.73 250.08 3,056.05 55.94 132.6638216 Agricultural 485.43 399.57 321.67 554.70 1,761.37 476.95 553.55 352.96 307.92 1,691.39 230.80 611.5998215 Industrial 29,931.40 26,806.44 29,739.75 23,341.63 109,819.23 22,992.77 25,268.36 24,851.26 28,475.84 101,588.23 27,328.29 26402.92484 Consumer Goods 22,567.00 27,915.50 31,306.78 29,439.43 111,228.72 33,084.51 25,949.60 24,413.52 26,177.38 109,625.01 28,081.71 32276.19423 Durables 7,625.35 8,908.65 9,214.17 7,314.07 33,062.24 14,574.92 7,774.60 7,950.54 7,846.70 38,146.76 9,037.12 9825.452483 Radio & T.V. 682.43 1,162.79 596.10 628.18 3,069.50 7,769.98 713.57 490.66 582.46 9,556.66 960.20 710.362089 Tyres for cars & Other Veh. 274.25 295.53 327.38 314.37 1,211.53 319.26 344.35 382.72 388.74 1,435.07 371.40 462.2437608 Cars & Other Veh. 2,161.20 2,556.27 2,615.23 2,009.62 9,342.33 2,355.92 2,770.67 2,373.24 2,417.90 9,917.73 2,778.88 3592.479548 Others 4,507.47 4,894.06 5,675.46 4,361.89 19,438.89 4,129.77 3,946.01 4,703.92 4,457.60 17,237.31 4,926.63 5060.367085 Non-durables 14,941.65 19,006.85 22,092.61 22,125.37 78,166.48 18,509.59 18,175.00 16,462.98 18,330.68 71,478.24 19,044.60 22450.74174 Cereals 2,475.92 5,020.68 9,251.20 5,108.93 21,856.74 4,545.45 2,686.95 3,355.88 1,775.40 12,363.68 4,570.44 5866.127535 Other Food 2,848.80 3,175.29 3,517.57 3,710.62 13,252.27 3,600.41 3,167.24 3,440.85 2,798.54 13,007.05 2,881.45 4369.345725 Medical & Pharmaceuticals 2,127.92 3,284.74 2,286.85 5,936.65 13,636.15 2,280.23 4,501.90 2,691.48 5,554.59 15,028.19 2,662.03 2756.425844 Textile Fabrics 3,442.98 3,381.36 3,029.47 3,202.31 13,056.13 3,328.01 3,166.57 3,068.68 3,416.06 12,979.33 3,714.83 3687.945319 Others 4,046.01 4,144.78 4,007.53 4,166.87 16,365.19 4,755.49 4,652.34 3,906.08 4,786.08 18,099.98 5,215.85 5770.897321 Miscellaneous 1,248.19 1,057.38 1,207.47 1,727.28 5,240.32 1,896.57 1,658.14 1,484.51 1,731.80 6,771.02 2,335.22 2014.174766 Total Imports 85,408.97 87,288.46 92,644.72 87,671.71 353,013.86 88,878.69 87,611.29 84,013.85 93,767.31 354,271.13 92,760.98 105,774.74 Source: Ethiopian Revenues and Customs Authority.

• Data on import of petroleum products are obtained from Ethiopian Petroleum Enterprise ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority TABLE 26: Value Of Imports, bY End-Use** (In Millions of Birr)

Second Quarter 2017/18 113 National Bank of Ethiopia Quarterly Bulletin Table 27: Volume of Imports, by Major Commodity Groups** (In Metric Tons) Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 2013/14 July 81,946.71 2,130.66 91.22 0.26 164,090.55 11,532.50 968.41 75.20 3,388.91 8,077.71 9,264.61 August 20,300.55 1,133.31 118.38 0.01 284,776.03 8,628.66 793.10 36.43 1,543.59 6,782.67 7,208.55 September 19,171.56 879.14 51.45 - 220,673.71 11,634.09 923.61 174.63 4,122.68 6,694.08 7,542.45 Qtr I 121,419 4,143 261 0 669,540 31,795 2,685 286 9,055 21,554 24,016 October 130,943.92 1,437.15 218.62 0.00 189,218.12 15,413.84 1,485.12 82.38 3,165.37 10,392.56 9,118.92 November 188,462.63 1,429.92 80.23 - 197,676.40 17,250.82 746.58 82.45 3,623.86 5,917.04 9,993.26 December 189,104.43 1,030.54 83.19 - 167,751.38 13,057.43 912.80 85.27 4,179.36 7,221.91 10,677.27 Qtr II 508,511 3,898 382 0 554,646 45,722 3,144 250 10,969 23,532 29,789 January 63,183.98 1,380.54 125.13 - 217,935.64 13,469.22 882.52 91.64 3,999.06 6,672.77 9,592.39 February 166,875.56 1,802.28 246.26 - 236,333.37 13,347.39 1,316.15 51.73 3,783.89 6,197.88 7,407.06 March 107,776.48 874.07 39.83 - 238,597.94 17,427.38 807.79 54.67 2,714.35 5,861.55 21,045.28 Qtr III 337,836 4,057 411 - 692,867 44,244 3,006 198 10,497 18,732 38,045 April 35,200.55 1,211.41 35.07 0.00 234,456.42 21,679.27 965.97 65.01 3,940.02 5,668.09 7,471.53 May 46,095.78 1,015.46 139.76 - 244,540.24 21,236.36 987.75 72.36 5,119.53 6,434.67 7,336.52 June 49,254.71 1,403.39 29.67 0.02 227,401.00 18,762.51 975.76 52.26 3,930.35 8,465.53 6,462.51 Qtr IV 130,551 3,630 205 0 706,398 61,678 2,929 190 12,990 20,568 21,271 Annual 1,098,317 15,728 1,259 0 2,623,451 183,439 11,766 924 43,511 84,386 113,120 2014/15 July 120,409.36 1,740.35 49.30 0.09 181,949.28 13,397.10 1,018.53 25.31 4,361.25 8,118.69 7,606.65 August 148,182.79 1,967.43 65.19 0.01 261,199.99 16,528.31 1,143.20 59.26 4,085.87 8,271.43 8,975.51 September 183,649.90 1,802.45 77.49 0.10 180,767.44 13,778.20 799.35 52.87 2,981.81 6,626.07 7,510.51 Qtr I 452,242 5,510 192 0 623,917 43,704 2,961 137 11,429 23,016 24,093 October 246,234.97 1,432.81 101.36 0.04 257,564.42 17,424.84 1,071.44 232.92 6,514.77 7,583.10 9,493.30 November 83,699.60 1,203.15 159.31 - 174,129.11 13,376.01 895.65 51.84 2,865.61 5,983.88 8,616.32 December 75,478.63 2,245.51 31.01 0.14 275,273.00 16,157.56 1,066.74 111.12 5,433.89 7,205.69 8,995.69 Qtr II 405,413 4,881 292 0 706,967 46,958 3,034 396 14,814 20,773 27,105 January 108,542.25 2,043.27 109.60 - 216,012.07 13,927.27 997.13 20.21 5,194.87 6,637.21 6,572.32 February 177,911.06 1,764.15 140.10 - 188,787.47 15,068.18 2,231.74 67.36 3,876.18 7,387.48 9,340.15 March 127,928.86 1,509.95 102.86 - 280,307.31 11,993.22 1,276.60 71.38 4,132.43 7,321.24 8,738.18 Qtr III 414,382 5,317 353 - 685,107 40,989 4,505 159 13,203 21,346 24,651 April 109,674.99 1,270.50 77.09 - 278,245.71 15,621.63 1,084.73 131.18 5,007.20 7,216.64 9,377.92 May 132,009.03 927.86 58.26 - 231,675.06 17,920.46 1,258.15 83.98 3,409.01 7,622.48 5,620.39 June 43,034.40 1,150.54 176.75 7.00 296,147.54 16,850.73 960.93 43.15 3,689.41 7,645.23 5,577.00 Qtr IV 284,718 3,349 312 7 806,068 50,393 3,304 258 12,106 22,484 20,575 2015/16 July 62,168.64 1,829.16 114.65 - 191,685.52 23,215.30 969.39 28.77 5,088.22 21,452.78 7,648.46 August 49,542.99 2,335.88 126.42 1.15 253,579.94 14,235.28 782.33 143.14 5,273.82 21,026.93 7,643.91 September 197,905.63 1,450.35 141.78 - 268,849.46 12,431.74 967.43 74.24 4,568.59 18,853.62 8,102.87 Qtr I 309,617 5,615 383 1 714,115 49,882 2,719 246 14,931 61,333 23,395 October 167,429.13 2,146.95 157.99 - 263,761.02 17,621.31 976.73 153.68 6,184.36 19,697.05 7,928.65 November 257,932.84 1,439.88 237.82 - 215,019.37 10,801.35 1,104.20 30.88 5,407.06 19,299.73 10,648.74 December 329,959.12 2,182.76 165.78 0.08 283,550.83 11,137.98 983.40 166.60 4,606.79 35,486.88 8,478.45 Qtr II 755,321 5,770 562 0 762,331 39,561 3,064 351 16,198 74,484 27,056 January 635,135.12 2,280.76 103.85 0.05 282,792.71 7,374.76 840.45 44.58 3,551.11 17,431.59 7,077.68 February 328,426.49 1,687.17 232.79 - 223,605.60 12,962.91 864.96 72.15 6,724.05 18,033.82 11,309.74 March 408,667.45 1,462.24 62.50 0.00 302,232.04 19,171.71 1,311.45 82.06 5,657.81 17,162.24 13,118.14 Qtr III 1,372,229 5,430 399 0 808,630 39,509 3,017 199 15,933 52,628 31,506 April 314,716.90 1,625.29 227.53 - 247,900.00 16,264.07 1,801.84 305.41 8,492.37 17,836.22 9,640.94 May 225,315.97 1,893.09 68.65 0.03 236,884.47 19,182.93 1,237.04 102.26 6,746.10 16,421.12 12,685.40 June 185,732.54 1,900.68 79.29 0.00 273,700.00 21,078.38 2,316.40 77.10 4,024.86 19,697.61 16,656.18 Qtr IV 725,765 5,419 375 0 758,484 56,525 5,355 485 19,263 53,955 38,983 2016/17 July 141,376.58 2,700.98 119.42 - 249,400.00 13,911.25 1,229.68 60.28 6,627.16 7,083.61 10,617.57 August 264,087.16 2,292.72 78.93 0.05 243,700.00 23,139.64 1,882.69 56.50 8,279.50 12,663.42 11,605.82 September 251,111.58 2,195.40 58.55 0.94 282,700.00 15,403.39 1,087.84 30.05 4,660.76 7,789.52 8,603.30 Qtr I 656,575 7,189 257 1 775,800 52,454 4,200 147 19,567 27,537 30,827 October 158,557.70 2,524.36 165.92 0.00 328,125.83 19,032.52 1,818.12 64.83 6,271.58 10,131.63 12,547.30 November 139,571.16 1,302.78 92.61 - 221,803.91 15,730.21 1,779.70 94.34 4,618.82 8,226.70 9,311.11 December 79,074.13 1,965.32 235.95 - 321,226.19 12,952.34 1,786.63 162.39 5,204.17 8,845.81 8,927.91 Qtr II 377,203 5,792 494 0 871,156 47,715 5,384 322 16,095 27,204 30,786 January 104,338.93 1439.91122 140.79 0 286,377.89 10957.08345 1,040.07 66.39455 3,693.90 7691.42723 10,412.35 February 94,457.16 2799.63262 97.05 0.4571 290,967.59 7670.09668 3,391.11 26.55766 4,416.26 9338.70581 6,804.97 March 251,566.74 1669.51475 113.99 0.005 338,304.46 13134.48563 1,030.72 90.17553 3,933.28 8699.14513 10,797.71 QIII 450,363 5909.05859 352 0.4621 915,650 31761.66576 5,462 183.12774 12,043 25729.27817 28,015 April 87,586.35 2762.34552 69.75 0 237,414.04 9964.55227 1,229.96 25.0591 4,283.07 7114.25951 8,776.98 May 105,608.16 1456.44101 187.92 1.145 371,736.14 11399.40734 5,207.86 88.64036 6,984.50 10888.72617 7,007.10 June 50,209.10 3513.20226 145.39 70 267,560.45 20500.54169 1,202.67 86.23686 6,533.19 9883.65259 8,961.23 QIV 243,404 7731.98879 403 71.145 876,711 41864.5013 7,640 199.93632 17,801 27886.63827 24,745 2017/18 July 99,461.76 2,147.18 23.24 - 289,886.07 17,683.44 1,925.84 66.40 16,894.75 8,930.86 9,591.42 August 283,637.29 2,687.62 118.33 - 334,359.56 14,106.08 1,778.88 59.42 5,527.74 9,907.41 11,586.89 September 188,704.00 1,882.41 84.81 - 259,811.90 11,726.75 864.09 57.94 4,857.29 7,285.98 8,191.10 Qtr I 571,803 6,717 226 - 884,058 43,516 4,569 184 27,280 26,124 29,369 October 340,352.32 1,992.85 76.02 0.02 273,969.29 11,898.73 1,554.00 190.82 11,363.91 8,723.02 8,599.60 November 146,305.79 1,736.88 75.73 - 380,216.49 13,755.94 1,776.81 67.17 5,037.63 6,441.76 7,255.29 December 120,431.69 2,499.48 195.15 1.62 307,247.91 15,826.71 1,234.26 76.26 7,041.75 7,561.38 8,970.12 QII 607,090 6,229 347 2 961,434 41,481 4,565 334 23,443 22,726 24,825 ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority

114 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 2013/14 July 6,033.00 3,777.01 19,122.11 96,600.30 15,884.19 15,142.47 8,510.11 78,695.17 35.73 131,119.26 577,790.92 August 3,794.12 3,857.45 15,961.87 88,960.62 13,951.95 12,600.36 6,867.89 14,769.79 79.40 249,298.06 726,693.01 September 3,879.74 2,683.45 18,198.37 131,447.74 13,477.40 18,819.03 9,956.15 16,538.98 49.00 85,816.95 556,195.24 Qtr I 13,707 10,318 53,282 317,009 43,314 46,562 25,334 110,004 164 466,234 1,860,679 October 7,360.53 2,664.69 18,779.67 101,772.71 17,289.04 20,670.56 12,460.17 125,601.80 50.61 299,663.07 842,187.04 November 7,066.32 2,837.29 17,682.20 118,494.12 17,933.59 13,532.29 6,117.67 184,507.62 13.83 187,194.38 796,134.86 December 8,615.13 4,306.68 14,322.44 90,962.75 19,470.06 15,683.71 11,327.35 138,875.08 47.83 258,888.26 817,727.78 Qtr II 23,042 9,809 50,784 311,230 54,693 49,887 29,905 448,984 112 745,746 2,456,050 January 6,154.51 4,389.99 15,090.95 76,997.05 22,768.07 14,778.36 12,044.40 21,139.14 28.61 264,534.79 734,119.62 February 5,252.16 2,771.78 11,880.18 94,926.08 20,717.41 12,669.03 9,571.98 72,139.38 48.68 188,986.78 784,185.65 March 4,280.67 2,233.52 12,840.50 214,442.58 170,143.31 14,830.92 68,602.59 29,317.80 39.65 481,004.46 1,363,617.53 Qtr III 15,687 9,395 39,812 386,366 213,629 42,278 90,219 122,596 117 934,526 2,881,923 April 4,245.99 4,961.30 12,379.61 134,190.55 18,214.80 13,856.20 9,804.38 22,013.72 32.79 153,975.13 662,354.10 May 4,699.45 2,559.54 12,290.50 146,199.62 16,595.22 17,242.16 7,156.37 14,569.11 17.38 248,300.68 788,039.34 June 4,931.33 4,471.12 20,055.23 97,834.26 20,926.98 16,274.28 11,450.10 17,295.86 90.40 227,098.20 719,869.61 Qtr IV 13,877 11,992 44,725 378,224 55,737 47,373 28,411 53,879 141 629,374 2,170,263 2014/15 July 7,148.43 5,651.89 20,240.95 218,132.17 101,616.83 15,015.16 11,542.14 24,594.37 24.35 239,442.48 957,490.29 August 6,262.11 4,628.99 21,401.87 97,821.55 16,336.17 15,349.74 8,281.19 23,700.97 22.52 184,571.35 805,154.48 September 5,533.26 3,573.54 15,507.44 130,569.64 14,810.60 13,321.07 11,330.82 16,372.17 24.01 122,473.73 715,190.32 Qtr I 18,944 13,854 57,150 446,523 132,764 43,686 31,154 64,668 71 546,488 2,477,835 October 5,603.40 64,963.95 18,785.20 154,464.76 17,838.56 16,841.59 12,829.54 23,748.24 18.17 206,849.75 1,045,848.88 November 4,981.29 3,354.03 19,999.15 103,816.94 20,954.24 17,475.55 9,459.66 15,365.21 41.05 298,711.32 769,773.70 December 10,667.82 5,557.80 18,231.41 133,713.38 18,621.92 22,705.40 14,026.94 17,427.19 65.42 362,006.17 977,595.24 Qtr II 21,253 73,876 57,016 391,995 57,415 57,023 36,316 56,541 125 867,567 2,793,218 January 9,510.52 4,207.11 17,279.15 140,990.83 21,298.77 14,692.56 12,743.31 19,289.60 54.13 255,921.08 836,753.66 February 5,734.33 3,941.72 15,781.08 104,220.72 16,684.58 18,411.70 13,933.70 20,033.76 19.31 358,022.18 943,323.20 March 6,132.00 3,505.99 17,049.88 140,475.33 14,964.82 16,476.29 13,925.16 24,328.43 46.04 182,743.94 838,701.50 Qtr III 21,377 11,655 50,110 385,687 52,948 49,581 40,602 63,652 119 796,687 2,618,778 April 7,923.64 2,691.69 18,424.56 139,921.86 15,664.66 15,503.85 16,624.04 21,889.27 82.25 245,210.90 889,755.03 May 5,933.74 2,545.34 16,116.26 128,725.26 11,681.73 20,976.14 9,819.12 21,490.54 43.96 301,915.87 898,342.12 June 6,338.96 5,727.07 16,683.24 153,838.60 18,061.42 24,759.18 96,132.49 30,613.09 62.43 248,449.33 945,335.39 Qtr IV 20,196 10,964 51,224 422,486 45,408 61,239 122,576 73,993 189 794,714 2,732,570 2015/16 July 8,285.45 7,480.05 16,960.80 190,037.78 19,647.28 21,452.78 12,968.26 24,142.38 46.01 223,742.12 814,821.44 August 6,441.34 4,572.29 20,230.02 228,769.34 16,965.53 21,026.93 11,086.98 25,356.22 67.29 290,692.23 954,543.73 September 5,361.15 4,047.20 16,921.54 188,728.83 20,027.19 18,853.62 9,185.47 18,844.48 67.32 211,981.72 988,519.75 Qtr I 20,088 16,100 54,112 607,536 56,640 61,333 33,241 68,343 181 726,416 2,757,885 October 10,477.11 5,354.20 18,561.33 190,903.66 20,169.19 19,697.05 12,653.29 27,763.53 72.49 204,002.06 967,947.25 November 6,427.38 3,953.42 24,805.27 140,983.84 20,514.09 19,299.73 8,898.39 20,944.45 19.00 263,004.27 1,009,827.26 December 9,417.39 5,745.03 19,107.30 108,635.83 22,995.42 35,486.88 9,319.76 25,701.14 22.88 214,949.29 1,102,398.46 Qtr II 26,322 15,053 62,474 440,523 63,679 74,484 30,871 74,409 114 681,956 3,080,173 January 7,304.12 5,521.77 16,543.26 135,422.32 19,309.90 17,431.59 10,571.19 36,389.39 10.94 298,916.31 1,467,664.04 February 8,363.58 3,587.49 21,368.48 255,304.29 25,262.96 18,033.82 11,558.12 20,483.99 53.55 403,448.71 1,350,900.68 March 8,626.48 3,155.70 19,891.78 206,787.69 28,649.36 17,162.24 11,173.69 31,451.12 79.17 279,778.10 1,344,231.86 Qtr III 24,294 12,265 57,804 597,514 73,222 52,628 33,303 88,324 144 982,143 4,162,797 April 5,768.10 3,567.41 17,900.04 176,483.22 17,207.93 17,836.22 9,522.18 21,536.82 25.30 322,456.03 1,189,576.98 May 6,755.53 3,274.34 22,504.86 207,861.83 23,236.00 16,421.12 10,418.06 16,481.37 14.16 337,654.11 1,148,677.07 June 8,436.05 5,153.33 23,112.01 142,510.48 24,511.76 19,697.61 11,021.63 29,090.56 27.98 723,352.76 1,483,086.65 Qtr IV 20,960 11,995 63,517 526,856 64,956 53,955 30,962 67,109 67 1,383,463 3,821,341 2016/17 July 9,014.83 4,240.93 21,944.09 121,471.67 92,796.99 17,992.57 9,409.88 21,982.23 24.51 276,323.97 986,345.99 August 9,444.36 5,268.23 29,780.97 260,394.61 24,858.12 26,294.99 12,690.23 33,443.63 16.47 280,657.67 1,217,192.07 September 7,113.43 4,234.07 30,996.38 148,057.65 19,707.94 19,217.33 11,824.58 26,210.61 51.45 264,942.91 1,079,787.07 Qtr I 25,573 13,743 82,721 529,924 137,363 63,505 33,925 81,636 92 821,925 3,283,325 October 7,520.37 3,642.30 32,283.36 168,588.43 21,956.92 21,240.61 11,780.29 24,087.05 29.41 200,837.83 1,007,119.29 November 14,195.24 3,912.52 26,829.23 182,828.49 24,562.97 29,135.82 7,902.16 32,681.99 14.62 274,255.78 966,168.18 December 13,016.00 5,202.98 29,093.68 164,706.19 20,490.87 28,707.72 10,075.11 23,381.41 16.68 469,947.51 1,181,637.59 Qtr II 34,732 12,758 88,206 516,123 67,011 79,084 29,758 80,150 61 945,041 3,154,925 January 7,680.62 4780.30591 32,515.84 130450.9596 19,640.82 109580.95 11,325.40 29138.776 21.10 255657.1823 997,811.93 February 7,884.06 4146.1299 27,668.92 109798.2452 24,496.04 21170.7245 9,230.85 33750.77605 11.39 235445.8116 859,821.76 March 6,197.38 2997.40505 27,331.82 101198.1703 20,202.10 21195.65169 8,248.64 31672.333 10.29 361515.0104 1,178,236.70 Qtr III 21,762 11923.84086 87,517 341447.3752 64,339 151947.3262 28,805 94561.88505 43 852618.0043 3,035,870 April 7,035.21 3829.09905 23,162.38 132760.5375 14,025.66 17048.81868 8,942.53 28662.82749 27.24 410313.9633 976,371.79 May 8,253.10 4651.89412 25,907.13 134667.9284 21,619.97 20486.44879 13,585.52 29594.0216 40.80 475863.4345 1,225,642.27 June 8,216.75 5031.66775 24,639.04 162089.3199 26,795.42 19422.95202 12,265.71 26441.77017 16.14 318661.3787 945,804.04 Qtr IV 23,505 13512.66092 73,709 429517.7858 62,441 56958.21949 34,794 84698.61926 84 1204838.776 3,147,818 2017/18 July 6,640.59 4,403.82 21,165.13 198,981.14 20,779.94 21,413.70 12,345.31 38,228.35 6.74 280,225.43 1,012,572.75 August 9,458.16 7,047.81 28,109.85 170,174.66 24,405.30 22,969.20 12,384.58 49,623.23 25.30 294,915.31 1,233,259.37 September 9,088.99 3,411.64 23,848.64 104,579.97 19,242.86 16,406.17 10,153.59 38,437.91 18.18 242,092.59 912,308.90 Qtr I 25,188 14,863 73,124 473,736 64,428 60,789 34,883 126,289 50 817,233 3,158,141 October 6,488.69 4,001.22 27,502.92 165,644.26 25,712.87 23,844.30 13,135.99 35,933.04 25.30 361,521.96 1,286,598.08 November 5,231.89 3,352.81 18,327.98 101,690.82 22,662.99 15,619.76 8,137.71 43,651.71 13.40 226,639.76 964,346.62 December 9,651.98 5,042.65 29,570.43 78,621.64 24,937.81 19,271.84 9,897.32 35,560.46 6.57 437,804.57 1,085,891.12 Qtr II 21,373 12,397 75,401 345,957 73,314 58,736 31,171 115,145 45 1,025,966 3,336,836 Table 27: (continued)

Second Quarter 2017/18 115 National Bank of Ethiopia Quarterly Bulletin Sector/Sub-sector 2007 (2014/15) 2008 (2015/16) 2009(2016/17) 2010(2017/18) QII** QIII** QIV QI QII QIII QIV QI QII QIII QIV QI Investment No of Investment No of Investment No of Investment No of Investment No of Investment Investment No of Investment No of Investment No of Investment No of Investment No of Investment No of projects Investment Capital capital projects capital projects capital projects capital projects capital projects capital capital projects capital projects capital projects capital projects capital projects capital Manufacturing 3 25.0 6 54.0 4 20.5 13 101.4 5 33.2 2 15.9 28 1332.5 49 552.409489 47 550.3 17 177.346146 18 247.079545 25 361.4 Agriculture, hunting and forestry 2 24.5 65 252.9 32 56.3 2 8.5 5 43.295 2 10.5 2 5.43 4 34.3 Real estate, renting and business activities 2 4.0 3 7.5 82 215.1 595 3365.4 5 7.4 11 54.0 22 117.0 26 5115.36854 11 46.2 33 535.254 8 29.6245 17 55.2 Hotels and restaurants 1 54.0 1 1.1 1 6.54 Education 3 7.1 4 6.121112 Health and social work 1 4.0 2 13.41 1 0.3 1 40.0 Construction 5 15.5 2 6.0 25 62.6 29 219.7 43 274.5 67 436.746625 60 347.6 44 126.306234 27 81.2485 53 171.8 Wholesale, retail trade and repair service Transport, storage and communication 1 0.9 1 0.9 2 5.7 1 2.4 2 2.6 1 3.325 1 4.4 Mining and Quarrying 1 0.6 1 1.1.0 3 9.5 2 7.1505 4 9.59836 2 2 1 40.0 Electricity, gas, steam and water supply Construction machinery leasing 1 6.2 2 6.4 Fishing Other community, social and personal service activities 1 2.5 2 0.9 1 4.0 2 1.53 3 8.1 Others 1 1.9 Grand Total 14 73.9 11 67.5 179.0 608.5 674.0 3750.0 14.0 54.3 16.0 77.2 104.0 1752.7 156 6181.7 124 962.9749009 105.0 864.5 394.3 97 668.5 Table 28: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector (capital in millions of Birr) Source: Ethiopia Investment Agency. *Projects with Initial Investment Capital below Birr 250,000 are not included.

116 Second Quarter 2017/18 National Bank of Ethiopia Quarterly Bulletin Table 29: Expected Employment Creation of Approved Domestic $ Foreign Investment Projects by Sector[PERMANENT & TEMPORARY] Source: Ethiopia Investment Agency. *Projects with Initial Investment Capital below Birr 250,000 are not included. Sector/Sub-sector 2008 (2015/16) 2009(2016/17) 2010(2017/18) QI QII QIII QIV QI QII QIII QIV QI QII Perm. Tempo. Perm. Tempo. Perm. Tempo. Perm. Tempo. Perm. Tempo. Perm. Tempo. Perm. Tempo. Perm. Tempo. Perm. Tempo. Perm. Tempo. Manufacturing 516 204 660 140 8 2 1007 513 1760 1521 1921 1055 417 150 490 286 852 339 309 73 Agriculture, hunting and forestry 2644 14 10 87 190 21 525 5430 18 99 76 10 20 Real estate, renting and business activities 3286 3169 150 32 61 22 227 126 256 69 69 24 4569 44 62 40 150 82 136 151 Hotels and restaurants 50 50 10 25 Education 49 13 89 9 12 Health and social work 15 4 6 36 11 Construction 451 5 20 26 32 591 1549 1125 2619 1617 2291 324 161 250 111 518 522 314 614 Wholesale, retail trade and repair service Transport, storage and communication 13 2 7 3 14 12 15 15 3 2 2 4 Mining and Quarrying 3 60 11 70 23 10 48 63 16 44 35 135 23 120 25 150 19 80 Electricity, gas, steam and water supply Construction machinery leasing Fishing Other community, social and personal service activities 10 6 15 20 16 7 22 1 2 2 Others 12 4 Grand Total 4,279 6,085 848 285 118 66 2,000 2,336 3,312 4,499 3,655 3,896 510 924 633 1,549 1,093 837 967 41

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National Bank of Ethiopia Quarterly Bulletin Second Quarter 2017/18 Fiscal Year Series Volume 34 No. 2 Addis Ababa 2018 N ational Bank of Ethiopia Quart erly Bulletin Volume 34, N o. 1