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2019-01-01

Added 2026-06-03 · Updated 2026-08-04

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19

The National Bank of Ethiopia publishes the Second Quarter 2018/19 Quarterly Bulletin, presenting macroeconomic and social indicators, energy production data, price developments, monetary trends, external sector performance, and government finance statistics for the fiscal year. The document provides detailed statistical tables covering national CPI, regional inflation, money supply, credit disbursement, reserve money, interest rates, balance of payments, and treasury bill market activities. It also includes data on international economic developments, commodity prices, and exchange rate movements affecting the Ethiopian economy.

Ethiopia

National Bank of Ethiopia

Second 8 9 9 5 2

NatioNal BaNk of Ethiopia Quarterly Bulletin Volume 35, No. 2 Second Quarter 2018/19 fiscal Year Series addis ababa 2019

National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin table of Contents pages Ethiopia: Macroeconomic and Social Indicators-------------------------------------------------------------------i i. overview------------------------------------------------------------------------------------------------------------1 1.1: International Economic Developments -------------------------------------------------------------------1 1.2: Macroeconomic Developments in Ethiopia ----------------------------------------------------------------2 ii. Energy production and processing------------------------------------------------------------------------7 2.1: Import of Petroleum Products---------------------------------------------------------------------------------7 2.2: Electric Power Generation--------------------------------------------------------------------------------------12 iii. Quarterly price Developments---------------------------------------------------------------------------- 13 3.1: Developments in National CPI------------------------------------------------------------------------------- 13 3.2: Developments in Regional Inflation------------------------------------------------------------------------- 16 4. Monetary Developments----------------------------------------------------------------------------------- 18 4.1: Money Supply and Credit---------------------------------------------------------------------------------------18 4.2: Developments in Reserve Money and Monetary Ratio-------------------------------------------------20 4.3: Interest Rate Developments -----------------------------------------------------------------------------------22 4.4: Developments in the Financial Sector----------------------------------------------------------------------- 25 4.5: Activities of the Banking System------------------------------------------------------------------------------28 4.5.1: Resource Mobilization-----------------------------------------------------------------------------------------28 4.5.1.1: Deposit Mobilization----------------------------------------------------------------------------------------29 4.5.1.2: Collection of Loans -----------------------------------------------------------------------------------------30 4.5.1.3: Borrowing --------------------------------------------------------------------------------------------------30 4.5.2: Disbursement of Fresh Loans ---------------------------------------------------------------------------31 4.5.3: Outstanding Credit ---------------------------------------------------------------------------------------32 4.6: Financial Activities of NBE --------------------------------------------------------------------------------------34 4.7: Developments in Financial Markets ----------------------------------------------------------------------34 4.7.1: Treasury Bills Market -------------------------------------------------------------------------------------34 4.7.2: Inter-bank Money Market ------------------------------------------------------------------------------37 4.7.3: Corporate Bond Market----------------------------------------------------------------------------------37

National Bank of Ethiopia Quarterly Bulletin V. External Sector Developments ----------------------------------------------------------------------------38 5.1: Balance of Payments -----------------------------------------------------------------------------------38 5.2: Balance of Trade-------------------------------------------------------------------------------------------40 5.2.1: Exports of Goods -------------------------------------------------------------------------------41 5.2.2: Imports of Goods --------------------------------------------------------------------------------------46 5.2.3: Direction of Trade -------------------------------------------------------------------------------------48 5.2.3.1: Exports of goods --------------------------------------------------------------------------48 5.2.3.2: Imports of goods-------------------------------------------------------------------------------------49 5.3: Services and Transfers ----------------------------------------------------------------------------------50 5.4: Current Account Balance ------------------------------------------------------------------------------53 5.5: Capital Account-------------------------------------------------------------------------------------------53 5.6: Changes in Reserve Position -------------------------------------------------------------------------53 5.7: Developments in Foreign Exchange Market------------------------------------------------------54 5.7.1: Exchange Rate Movements ---------------------------------------------------------------54 5.7.2: Movements in the Real Effective Exchange Rate --------------------------------60 5.7.3: Volume of Transactions -------------------------------------------------------------61 Vi. federal Government finance---------------------------------------------------------------------------63 6.1: Revenue and Grants------------------------------------------------------------------------------------64 6.2: Expenditure-----------------------------------------------------------------------------------------------66 6.3: Deficit Financing---------------------------------------------------------------------------------------68 Vii. Developments in investment-------------------------------------------------------------------------69 Viii. international Economic Developments --------------------------------------------------------72 8.1: Overview of the World Economy ------------------------------------------------------------------72 8.2: Inflation Developments-------------------------------------------------------------------------------73 8.3: Commodity Price --------------------------------------------------------------------------------------73 8.4: Exchange Rate Developments -------------------------------------------------------------------74 8.5: Impact of Global Economic Development on Ethiopian Economy------------------75 StatiStiCal taBlES---------------------------------------------------------------------------------------------76

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

Country Profile 1.14 million 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 NA Arable Land ( % of total area ) 45.0 45.00 NA Irrigated Land ( % of total area ) 3.0 NA Population Density ( person per sq.km )* 85.6 88.1 90.7 93.2 95.8 99.7 101.2 99.6 102.1 104.7 107.40 110.14 112.94 115.76 118.61 121.50
Social Indicators Population total, in millions (Mid-Year population) 60.00 61.60 63.20 64.80 66.50 68.30 70.00 72.40 74.90 76.8 78.80 80.70 82.7 84.8 87.0 89.1 91.2 93.4 95.5 (o/w Urban Poulation, in %) 14.9 15.1 15.33 15.5 15.8 15.97 16.21 16.45 17 16.14 16.30 16.10 16.3 18.6 19.0 19.5 19.9 20.3 20.8 Working Age Population ( In Millions ) Urban 5.6 6.1 6.4 6.5 7 6.95 7.6 7.6 8.0 8.4 8.92 9.43 10.0 10.5 11.1 11.6 12.2 12.8 9 Rural 28.00 28.8 29.8 30.54 31.4 32.6 33.2 32.9 31.3 33.0 33.89 34.83 35.8 36.8 37.7 38.7 39.7 40.8 49 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 57 Age Dependency Ratio 87.8 87.2 86.0 86.6 85.2 84.7 84.3 84.3 93.00 93.00 93.0 75.0 69 Life Expectancy at Birth ( Male - Female ) 50.9-53.0 53.4-55.4 53-55 53.42-55.42 55.6-57.9 55.6-57.9 53.4-55.4 58.4-60.4 53.4-55.4 60.2-64.2 62.4-66.6 Crude Birth Rate 44.2:1,000 39.9:1,000 35.7:1,000 36.9:1,000 36.9:1,000 35.7:1,000 35.7:1000 35.7:1000 33.6:1000 33.6:1000 30.3:1000 27.0:1000 Crude Death Rate 15:1,000 12.6:1,000 12.6:1,000 12.6:1000 10.8:1,000 NA NA 9.2:1,000 9.2:1,000 7.2:1000 6.3:1000 Natural Rate of Population Increase ( In % ) 2.9 2.7 2.60 2.40 2.40 2.31 2.07 Total Fertility Rate 6.5clild:W 5.8child:W 5.4child:W 5 child:W 4.8child:W 4.8child:W 3.94chil:W 3.45chil:W People : Hospital Beds 5,273:1 6,086.4:1 5740.4:1 6479.2:1 5721.4:1 5273.5:1 5028:1 5293:1 5698:1 5082:1 7815:1 NA NA 2516:1 NA NA 2850:1 2980:1 3617:1 People : Physician1 50,273.2:1 47,836.0:1 35604:1 34005.1 36954:1 29777:1 35493:1 49888:1 36374:1 36175:1 56013:1 53642:1 28847:1 32132:1 20970:1 17160:1 14045:1 22766:1 26635:1 People : Nurse 1 9,458.5:1 8,461.0:1 5236.0:1 4879:1 4621:1 3956.8:1 4206:1 4601:1 4524:1 3870:1 3012:1 2762:1 2299:1 1884:1 1995:1 1999:01:00 1999:1 1194:1 1780:1 Infant Mortality Rate 110:1,000 97:1,000 97:1,001 97:1,002 97:1,003 80:1,000 77:1,000 73:1000 59:1000 62.2:1000 62.4:1000 62.4:100 53.3:1000 Access to Safe Water ( In %) Country Level 30.00 27.90 28.4 NA 35.9 45.6 47.3 52.5 59.5 66.2 68.50 73.30 58.3 68.5 76.7 84.0 61.0 66.0 71.0 Urban Population 72.00 91.70 75.7 NA N.A 82 NA 82.0 86.2 88.6 91.50 92.50 78.7 81.3 84.2 91.0 52.5 55.0 60.0 Rural Population 24.00 17.10 19.9 NA 25.2 38.4 42.2 46.4 53.9 61.5 65.80 71.30 55.2 66.5 75.5 82.0 63.1 68.0 74.0 Student-Teacher Ratio Primary ( 1-8 ) 56:1 61:1 63:1 64:1 65:1 66:1 62:1 59:1 57:1 54:1 51:1 51:1 50:1 49:1 47:1 46:1 46:1 43:1 43:1 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 26:1 26:1 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 11:1 15:1 Student-School Ratio Primary ( 1-8 ) 563:1 617.5:1 674.0:1 701:1 724:1 690:1 654:1 677:1 657:1 619:1 573:1 590:1 576:1 571:1 571:1 560:1 573:1 580:1 567:1 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 1033:1 994:1 857:1 744.90 767.2:1 754:1 741:1 Technical & Vocational 267:1 264.9:1 271.0:1 353:1 552:1 534:1 468:1 493:1 501:1 673:1 788:1 735:1 654:1 544:1 545:1 383:1 331:1 329:1 318:1
Macroeconomic Indicators 3.1 Real sector Development2 GDP at Current Market Price (In Mn. Birr) 65,986.0 67,351.0 65,895.0 72,703.0 85,800.0 105,415.0 130,334.0 170,281.0 245,836.0 332,060.0 379,135.00 515,078.5 747,326.5 866,921.1 1,060,825.4 1,297,961.4 1,528,044.2 1,806,656.0 2,202,373.0 Nominal GDP Growth Rate (In %) 9.0 2.1 (2.2) 10.3 18.0 22.9 23.6 30.6 44.4 35.1 14.18 35.9 45.1 15.3 22.4 22.4 18.2 17.9 20.2 Average Marginal Exchange Rate (Birr per USD) 8.1400 8.3300 8.5400 8.5800 8.6300 8.6518 8.6810 8.7943 9.2400 10.4200 12.89 16.1 17.3 18.3 19.1 20.1 21.1 22.4 26.1 Continued…. Second Quarter 2018/19 I National Bank of Ethiopia Quarterly Bulletin

Indicators 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) GDP at Current Market Price (IN Mn. USD) 8,106.4 8,085.4 7,716.0 8,473.5 9,942.1 12,184.2 15,013.7 19,362.7 26,605.6 31,867.6 29,413.11 31,957.1 43,314.2 47,424.6 55,628.0 64,575.2 72,419.2 80,605.0 84,356.0 Nominal GDP per Capita (In USD) 135.1 131.3 122.1 130.8 149.5 178.4 214.5 267.4 355.2 415 373.26 396.1 523.5 559.1 639.6 725.0 794.0 863.0 883.0 Real GDP per Capita ( In Birr ) 3,313.8 3,495.7 3,458.8 3,300.5 3,652.6 3,976.7 4,300.5 4,634.2 4,962.8 5,266.1 5,776.60 5,895.00 6,947.5 7,299.1 7,625.2 8,571.2 8,864.0 18,257.5 19,217.5 Real GDP per Capita Growth Rate (In %) 4.8 5.5 (1.1) (4.6) 10.7 8.9 8.1 7.8 7.1 6.1 9.69 9.00 6.1 5.1 4.5 12.4 3.4 8.0 5.3 GDP Deflator (% change) 6.9 (5.8) (3.6) 12.8 3.9 9.9 11.6 17.2 30.3 24.2 1.70 20.08 33.5 4.9 11.0 10.8 9.5 6.3 12.5 Real GDP at constant basic price (In Mn. Birr) 184,625.4 198,320.9 201,561.3 197,331.5 220,477.2 248,354.8 277,013.3 309,686.8 344,331.9 378,907.4 418,946.95 475,647.50 517,026.5 568,432.3 626,977.4 692,221.7 747,309.2 1,577,107.0 1,719,491.3 Real GDP at constant market price (In Mn. Birr) 198,827.1 215,332.6 218,594.3 213,870.3 242,897.6 271,605.2 301,032.7 335,519.0 371,716.7 404,437.0 455,196.02 515,078.50 559,621.6 618,842.2 682,358.5 753,229.7 810,187.2 1,699,193.6 1,834,066.5 Real GDP Growth Rate (In %) 3.4 7.4 1.6 (2.1) 11.7 12.6 11.5 11.8 11.2 10.0 10.57 11.40 8.7 9.9 10.3 10.4 8.0 10.9 7.7 Agriculture & Allied Activties(In Billion Birr) 102.1 111.9 109.8 98.3 115.0 130.5 144.8 158.5 170.3 181.2 195.00 212.50 222.9 238.8 251.8 267.8 274.0 573.1 600.9 Industrial Sector (In Billion Birr) 17.7 18.6 20.2 21.4 23.7 25.9 28.4 30.6 33.9 37.3 41.99 49.80 59.6 73.9 86.5 103.7 125.0 404.3 464.4 Service Sector(In Billion Birr) 69.4 72.9 75.3 79.4 84.2 94.6 107.6 124.1 144.1 163.9 185.10 216.60 237.4 258.8 292.5 325.0 353.0 620.2 673.9 Agriculture & Allied Activties (% of GDP) 55.3 56.4 53.7 49.4 51.6 51.9 51.5 50.5 48.8 47.3 46.13 44.37 43.1 42.0 40.2 38.7 36.7 36.3 34.9 Industrial Sector ( % of GDP ) 9.7 9.5 10.0 11.0 10.9 10.6 10.4 10.2 10.1 10.1 10.17 10.40 11.5 13.0 13.8 15.0 16.7 25.6 27.0 Service Sector ( % of GDP ) 37.0 36.3 36.3 39.6 37.5 37.5 38.0 39.3 41.0 42.6 43.70 45.23 45.9 45.5 46.6 47.0 47.3 39.3 39.2 Private Consumption Expenditure 45,611.0 47,981.0 49,319.0 56,765.0 60,866.0 81,445.0 102,537.0 130,118.0 197,461.0 268,002.0 309,132.00 373,088.50 541,536.3 636,901.3 744,978.0 896,208.0 1,037,277.0 1,147,628.0 1,441,581.0 Government Consumption Expenditure 12,615.0 10,543.0 10,448.0 10,422.0 11,973.0 13,971.0 17,016.0 19,123.0 25,782.0 31,544.0 34,801.00 53,147.10 62,044.5 77,636.9 98,121.0 116,995.0 148,837.0 222,865.0 225,523.0 Investment 14,647.0 15,870.7 17,395.0 17,669.0 24,902.0 27,409.0 35,952.0 41,227.0 60,156.0 82,560.0 102,403.00 165,380.00 277,243.7 295,456.4 402,922.0 511,618.0 588,705.0 704,596.0 751,626.0 Exports 8,010.0 8,146.0 8,389.0 9,779.0 12,913.6 16,076.9 18,205.4 21,854.2 28,317.0 35,233.0 52,168.00 85,949.80 102,887.0 108,227.1 123,496.0 121,532.2 122,366.0 139,805.0 184,282.0 Imports 15,952.8 16,108.4 17,706.8 20,131.3 27,366.8 37,776.3 48,092.4 55,088.7 76,564.0 96,285.0 126,319.00 162,486.80 236,384.7 251,300.6 308,691.3 393,189.0 424,528.0 428,400.0 502,113.0 Resource Balance -7,942.8 -7,962.4 -9,317.8 -10,352.3 -14,453.2 -21,699.4 -29,887.0 -33,234.4 -48,247.0 -61,052.0 (74,151.00) (76,537.00) (133,498.0) (143,073.5) (185,195.3) (271,656.0) (302,163.0) (288,595.0) (317,831.0) Gross Private Consumption (% of GDP) 69.1 71.2 74.8 78.1 70.9 77.3 78.7 76.4 80.3 80.7 81.54 72.43 72.5 73.5 70.2 69.0 67.9 63.5 65.5 Gross Government Cosumption (% of GDP) 19.1 15.7 15.9 14.3 14.0 13.3 13.1 11.2 10.5 9.5 9.18 10.32 8.3 9.0 9.2 9.0 9.7 12.3 10.2 Gross Domestic Fixed Investment (% of GDP) 22.2 23.6 26.4 24.3 29.0 26.0 27.6 24.2 24.5 24.9 27.01 32.11 37.1 34.1 38.0 39.4 38.5 39.0 34.1 Resource Balance (% of GDP) -12.0 -11.8 -14.1 -14.2 -16.8 -20.6 -22.9 -19.5 -19.6 -18.4 (19.56) (14.86) (17.9) (16.5) (17.5) (20.9) (19.8) (16.0) (14.4) 3.2 Monetory Indictors Narrow Money Supply (M1) ( In Mn. Birr ) 13,050.2 13,745.8 15,182.4 16,446.7 19,065.9 21,289.8 23,811.9 29,773.4 36,875.5 42,112.7 52,434.6 76,171.00 94,849.88 114,745.69 134,063.78 154,706.34 178,609.66 216,794.60 281,154.70 Broad Money Supply (M2) ( In Mn. Birr ) 22,177.8 24,516.2 27,322.0 30,090.1 34,655.9 40,212.1 46,377.4 56,860.3 69,918.2 82,509.8 104,432.4 145,376.97 189,398.78 235,313.59 297,746.59 371,328.91 445,266.25 573,408.60 740,572.50 Net Foreign Assets ( In Mn. Birr ) 4,770.6 4,800.0 7,822.5 11,049.2 11,766.9 13,868.0 12,109.6 13,927.3 12,140.6 17,976.8 27,189.8 55,534.68 39,787.69 45,648.53 45,972.30 37,570.95 21,524.19 38,034.79 39,376.20 Reserve Requirement ( CBs ) 924.1 1,081.8 1,163.9 1,320.3 1549.35 1,828.4 2,120.9 2,592.5 9,112.9 11,183.3 14,368.0 20,495.20 18,080.56 11,708.82 14,479.39 18,250.35 21,745.43 28,280.80 36,385.80 Interest Rate ( In % ) Minimum Deposit Rate 6 6 3 4.0 4.0 5.00 7.00 Lending Rate 10.5-13.5 10.5-15.0 8.0-10.5 7-14 8-15 8-16.5 12.25 11.88 12.75 12.75 13.50 Total Net Domestic Credit (in mn. Birr) 26,271.0 27,551.6 27,550.2 28,202.3 31138.781 40305.8 49295.9 61585.0 80772.6 89,203.0 104,413.5 135,553.87 189,080.81 233,404.32 300,026.58 393,421.73 490,230.35 631,156.20 784,633.10 Continued…. II Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Indicators 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 (1992) (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) Government 14,775.7 15,171.0 15,985.1 17,229.8 19199.154 21663.8 25266.4 30290.2 34169.2 32,786.5 33,013.1 28,651.65 21,557.41 21,965.52 26,929.74 30,735.25 47,548.36 85,441.85 102,002.80 Other Sectors 11,495.3 12,380.6 11,565.1 10,972.6 11939.627 18642.0 24029.6 31294.8 46603.4 56,416.5 71,400.4 106,902.22 167,523.40 211,438.80 273,096.84 362,686.48 442,681.99 545,714.40 682,630.30 3.3 Average annual inflation rate (CPI growth rate)3 Country Level -General inflation 5.4 -0.3 -10.6 10.9 7.3 6.1 10.6 15.8 25.3 36.4 2.8 18.1 34.1 13.5 8.1 7.7 9.7 7.2 13.1 -Food inflation 7.6 -1.7 -19.1 21.5 11.5 7.4 13.0 17.5 34.9 44.2 -5.4 15.7 42.9 12.6 5.9 7.4 11.2 7.4 16.5 -Non-food inflation (core inflation) 2.5 1.4 0.3 0.2 2.2 4.4 7.1 13.5 12.5 23.8 18.2 21.8 22.4 14.8 10.6 8 8.1 1.1 9.2 Addis Ababa -General inflation 4.2 -1.4 -5.5 4.6 5.6 7.2 8.4 19.2 20.8 29.4 10.1 19.4 24.8 12.6 8.5 7.6 10.3 3.0 8.3 -Food inflation 7.2 -7.8 -10.7 9.4 8.6 5.7 13.0 25.4 32.1 41.5 4.1 14.8 30.6 13.1 4.6 12.2 16.6 1.3 8.8 -Non-Food inflation (core inflation) 0.6 5.6 -0.8 0.9 3.0 7.6 4.6 14.0 12.7 19.2 16.0 23.5 21.1 11.9 11.4 4.4 5.8 4.3 7.9 3.4 External Trade(In Mn.USD) Export of goods & services 984 979.1 982.7 1150.6 1520.6 1895.8 2149.5 2498.1 3127.9 3399.5 4,050.33 5,343.12 5,993.41 5,978.47 6,451.62 6,057.81 6,077.3 6,257.2 7,099.7 Import of goods & services 1,959.8 1,936.4 2,073.1 2,408.7 3,259.8 4,439.6 5,602.7 6,254.2 8,326.9 9,292.3 9,858.40 10,160.72 13,805.17 13,864.19 16,197.24 19,848.9 20,556.2 19,710.0 19,653.4 Net trade in goods & services -975.8 -957.3 -1,090.4 -1,258.1 -1,739.3 -2,543.8 -3,453.2 -3,756.1 -5,199.0 -5,892.8 -5,808.4 -4,817.6 -7,811.8 -7,885.7 -9,745.6 -13,791.1 -14,478.9 -13,452.9 -12,553.7 Current account balance including official transfers (334.8) (242.4) (361.0) -93.8 -401.5 -771.3 -1,470.9 -991.3 -1,492.4 -1,634.7 -1,193.2 -201.9 -2,778.0 -2,780.3 -4,168.1 -7,401.6 -6,659.3 -6,539.2 -5,227.3 Capital account balance 151.7 258.6 509.0 368.6 386.7 491.9 614.3 760.4 1,031.5 1648 2,421.02 2,995.93 2,283.28 3,291.23 4,134.57 8,285.61 6,577.7 6,895.1 6,397.3 3.5 Government Finance (In Mn .Birr4) Total Revenue (including grants) 11,222.0 12,805.0 12,833.0 15,703.0 17,918.0 20,147.0 23,225.0 29,381.0 39,705.0 40,421.9 66,237.44 85,611.00 115,658.50 137,192.00 158,076.52 199,639.11 243,671.56 269,105.94 287,562.14 Total Revenue (excluding grants) 9,498.0 10,177.0 10,409.0 11,149.0 13,917.0 15,582.0 19,493.0 21,797.0 29,794.0 31,924.0 53,861.34 69,120.00 102,863.65 124,077.00 146,172.77 186,618.69 230,657.28 256,629.04 269,648.19 o/w Tax-Revenue 6,782.0 7440.0 7,926.0 8243.0 10,906.0 12398.0 14122.0 17354.0 23801.0 23216.2 43,315.36 58,981.00 85,739.86 107,010.30 133,118.26 165,312.47 189,717.18 210,135.85 235,229.48 Tax-Revenue as % of GDP 10.3 11.0 12.0 11.3 12.7 11.8 10.8 10.2 9.7 7.0 11.42 11.45 11.47 12.50 12.71 13.37 12.40 11.6 12.2 Total Expenditures 17,183.6 15786.4 17,651.0 20517.0 20,520.0 24803.0 29325.0 35607.0 46915.0 43875.2 71,334.79 93,831.00 124,416.72 153,929.00 185,471.78 230,521.18 272,930.09 329,286.84 354,205.32 Current Expenditures 13,741.6 10,379.0 10,550.0 13,549.0 11,977.0 13,235.0 15,234.0 17,165.0 22,794.0 26315.5 32,012.38 40,535.00 51,445.45 62,745.80 78,086.90 113,375.50 131,902.78 176,703.00 210,470.21 Capital Expenditures 3,442.0 5,003.4 6,130.0 6,313.0 8,271.0 11,343.0 14,042.0 18,398.0 24,121.0 17,559.7 39,322.41 53,297.00 72,971.26 91,182.90 107,384.88 117,145.68 141,027.31 152,583.83 143,735.10 Equity Contribution ( Sinking Fund ) Special Programs - 404.0 971 655 272 224.0 50.0 44.0 0.0 - - - - - - - - Total Expenditures as % of GDP 26.0 23.4 26.8 28.2 23.9 23.5 22.5 20.9 19.1 13.2 18.8 18.2 16.6 18.1 17.7 17.8 17.9 18.2 16.1 Current Surplus/Deficit -4,243.6 -202.0 -141.0 -2,400.0 1,940.0 6,652.7 4,259.0 4,632.0 7,000.0 5,608.5 34,225.1 45,076.5 64,213.0 74,447.0 79,989.6 86,263.6 111,768.8 92,402.9 77,091.9 Overall Budget Deficit ( including grants ) -5,961.6 -2,981.4 -4,818.0 4,815.0 -2,602.0 -4,655.0 -6,100.0 -6226.0 -7210.0 -3453.3 -5,097.4 (8,220.2) (8,758.2) (16,736.0) (27,395.3) (30,882.1) (29,258.5) (60,180.9) (66,643.2) Deficit as % of GDP -9.0 -4.4 -7.3 6.6 -3.0 -4.4 -4.7 -3.7 -2.9 -1.0 -1.3 -1.6 -1.2 -2.0 -2.6 -2.4 -1.9 -3.3 -3.0 Overall Budget Deficit ( excluding grants ) -7,685.6 -5,609.4 -7,242.0 -9,368.0 -6,603.0 -9,220.0 -9,832.0 -13,810.0 -17,121.0 -11951.1 -17473.5 (24,711.5) (21,553.1) (29,851.0) (39,299.0) (43,902.5) (42,272.8) (72,657.8) (84,557.1) Deficit as % of GDP -11.6 -8.3 -11.0 -12.9 -7.7 -8.7 -7.5 -8.1 -7.0 -3.6 -4.6 -4.8 -2.9 -3.5 -3.8 -3.5 -2.8 -4.0 -3.8 Technical & Vocational 267:1 264.9:1 271.0:1 353:1 552:1 534:1 468:1 493:1 501:1 673:1 788:1 735:1 654:1 544:1 545:1 383:1 331:1 329:1 318:1 3.6 Exchange Rate (Birr/ USD) Inter-Bank Forex Market Rate5

Period weighted Average 8.20 8.42 8.543 8.581 8.635 8.652 8.681 8.794 9.244 10.4205 12.8909 16.1178 17.2536 18.1947 19.0748 20.0956 21.1059 22.4137 26.1082
End period 8.22 8.46 8.566 8.600 8.630 8.660 8..69 9.030 9.610 11.3009 13.5321 16.9081 17.7305 18.6426 19.5771 20.5659 21.8004 23.1081 27.3761 Average Marginal Exchange Rate (Birr per USD) 8.1400 8.3300 8.5400 8.5800 8.6300 8.6518 8.6810 8.7943 9.2400 10.4200 12.89 16.1 17.3 18.3 19.1 20.1 21.1 22.4 26.1 Continued…. Second Quarter 2018/19 III National Bank of Ethiopia Quarterly Bulletin

Excluding manpower out side the Ministry of Health.
The GDP data series is revised on basis of 2010/11=100 base year
Inflation data is calculated using the new base year (December 2011=100)
Figures for government finance are preliminary estimates from 1999/00 onwards.
Inter-bank money market was first introduced in Aug.1998 and Inter-bank forex market started as of September 1998, and the daily trasactions introduced beginning from october 24, 2001. *Mid year population was obtained from MoFED IV Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

I. OVERVIEW 1.1. International Economic Developments The global economic growth momentum has slowed in the second quarter of 2018/19 owing to geopolitical uncertainties and vulnerabilities in emerging markets. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area weakened in the second quarter of 2018/19, mainly due to a continued deceleration in global manufacturing activity. The service sector remained more resilient than manufacturing. Global inflation slowed down as a result of the decline in oil prices. Annual consumer price inflation in the countries of Organization for Economic Co-operation and Development (OECD) moderated to 2.7 percent in November 2018, while inflation excluding food and energy decreased marginally to 2.2 percent. Global inflationary pressures are expected to remain contained. Wage growth in advanced economies continues to be moderate, despite a tightening of labor markets and rising capacity constraints. The US government shutdown has added to the uncertainty generated by US trade policy in respect of China and is weighing on US economic activity in the near term. Headline consumer price inflation declined to 1.9 percent in December 2018 due to a sharp deceleration in energy prices, while average hourly earnings remained strong. In Japan, real GDP for the second quarter of 2018/19 was set to return to positive growth. Natural disasters and extreme weather conditions caused volatility in GDP in 2018. The economy is expected to remain on a moderate growth path in the future, supported by highly accommodative monetary policy and the domestic capital expenditure cycle. Headline inflation declined significantly in December due to the recent softening of oil and food prices. In China, economic activity was losing growth momentum, mainly as the manufacturing sector showing signs of weakening. In December 2018, the manufacturing PMI dropped below 50 for the first time since 2017, while the services sector- less exposed to the US trade tensions – was more resilient. In the United Kingdom, growth declined after a robust outturn in the first quarter of 2018/19. The strong quarter-on-quarter Second Quarter 2018/19 1 National Bank of Ethiopia Quarterly Bulletin

growth of 0.6 percent in the first quarter 2018/19 reflected temporary boost to consumption and public investment, as well as a strong rebound in exports. However, business investment fell for the third consecutive quarter. In Euro area, annual HICP inflation declined to 1.6 percent in December from 1.9 percent in November, mainly due to lower energy price inflation. On the basis of current futures prices for oil, headline inflation is likely to decline further over the coming months. Labor cost pressures are continuing to strengthen and broaden amid high levels of capacity utilization and tightening labor markets. 1.2. Macroeconomic Developments in Ethiopia A. Inflation During the second quarter of 2018/19, headline inflation dropped to 0.3 percent from 3.7 percent registered in the preceding quarter. The slowdown in quarterly headline inflation rate was attributed to 4.1 percentage point decrease in food & nonalcoholic beverages inflation rate and 2.6 percentage point in non-food inflation. The headline inflation also declined by 2.9 percentage points year-on-year due to 2.3 percentage points decline in food & nonalcoholic beverages and 3.7 percentage points fall in non-food inflation. As a result, food & non-alcoholic beverages and nonfood inflations contributed 0.04 and 0.28 percent respectively to the headline inflation registered during the review quarter. B. Monetary Developments At the end of second quarter of 2018/19, broad money supply (M2) stood at Birr 789.2 billion, showing 22.2 percent annual expansion. The growth in broad money was largely driven by 20.7 percent increase in domestic credit and 6.1 percent growth in net foreign assets (NFA). The increase in domestic credit was attributed solely to 15.6 percent upsurge in credit to non-central government against 1.4 percent contraction to central government. Government’s CBE’s capital increase by issuing non-interest bearing bond was the cause to the expansion of credit to the central government. growth of 0.6 percent in the first quarter 2018/19 reflected temporary boost to consumption and public investment, as well as a strong rebound in exports. However, business investment fell for the third consecutive quarter. In Euro area, annual HICP inflation declined to 1.6 percent in December from 1.9 percent in November, mainly due to lower energy price inflation. On the basis of current futures prices for oil, headline inflation is likely to decline further over the coming months. Labor cost pressures are continuing to strengthen and broaden amid high levels of capacity utilization and tightening labor markets. 1.2. Macroeconomic Developments in Ethiopia A. Inflation During the second quarter of 2018/19, headline inflation dropped to 0.3 percent from 3.7 percent registered in the preceding quarter. The slowdown in quarterly headline inflation rate was attributed to 4.1 percentage point decrease in food & nonalcoholic beverages inflation rate and 2.6 percentage point in non-food inflation. The headline inflation also declined by 2.9 percentage points year-on-year due to 2.3 percentage points decline in food & nonalcoholic beverages and 3.7 percentage points fall in non-food inflation. As a result, food & non-alcoholic beverages and nonfood inflations contributed 0.04 and 0.28 percent respectively to the headline inflation registered during the review quarter. B. Monetary Developments At the end of second quarter of 2018/19, broad money supply (M2) stood at Birr 789.2 billion, showing 22.2 percent annual expansion. The growth in broad money was largely driven by 20.7 percent increase in domestic credit and 6.1 percent growth in net foreign assets (NFA). The increase in domestic credit was attributed solely to 15.6 percent upsurge in credit to non-central government against 1.4 percent contraction to central government. Government’s CBE’s capital increase by issuing non-interest bearing bond was the cause to the expansion of credit to the central government. 2 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Similarly, reserve money reached Birr 170.5 billion at the end of second quarter of 2018/19, depicting 12.8 percent growth over last year same quarter. While currencies in circulation increased by 13.6 percent, banks deposits at NBE rose by 10.8 percent. C. Interest rate In the second quarter of 2018/19, the average savings deposit rate stood at 8.0 percent and average lending rate 13.5 percent while weighted average time deposit rate slightly declined on annual basis. Weighted average yield on T-bills increased by 0.27 percentage point over last year same quarter. Considering headline inflation at 10.4 percent, all real deposit rates and the T-bills yield remained negative whilst average real lending rate was positive. D. Financial Sector Developments 1. Banks The number of banks operating in Ethiopia remained at 18 at end December 2018. These include 16 private and 2 state owned banks. These banks opened 225 new branches during the review period, thereby increasing the total number of bank branches to 5,211. Accordingly, one branch serves 18,933.91 people on average. Of the total bank branches, about 34.3 percent were located in Addis Ababa. Private bank branches accounted for 70 percent of the total branches.

1 Total population is 98,665,000 as CSA estimation for 2019. The total capital of the banking system reached Birr 93.8 billion of which, private banks accounted for 43.3 percent, while Commercial Bank of Ethiopia and Development Bank of Ethiopia constituted 48.5 percent and 8.2 percent, respectively, putting the total capital share of the two state banks at 56.7 percent. During the review quarter, the banking sector disbursed about Birr 46.1 billion in new loans, indicating 102 percent annual expansion. Of the total new loans disbursed, the share of state banks was 35.6 percent while that of private banks was 64.4 percent. Similarly, reserve money reached Birr 170.5 billion at the end of second quarter of 2018/19, depicting 12.8 percent growth over last year same quarter. While currencies in circulation increased by 13.6 percent, banks deposits at NBE rose by 10.8 percent. C. Interest rate In the second quarter of 2018/19, the average savings deposit rate stood at 8.0 percent and average lending rate 13.5 percent while weighted average time deposit rate slightly declined on annual basis. Weighted average yield on T-bills increased by 0.27 percentage point over last year same quarter. Considering headline inflation at 10.4 percent, all real deposit rates and the T-bills yield remained negative whilst average real lending rate was positive. D. Financial Sector Developments 1. Banks The number of banks operating in Ethiopia remained at 18 at end December 2018. These include 16 private and 2 state owned banks. These banks opened 225 new branches during the review period, thereby increasing the total number of bank branches to 5,211. Accordingly, one branch serves 18,933.91 people on average. Of the total bank branches, about 34.3 percent were located in Addis Ababa. Private bank branches accounted for 70 percent of the total branches.

Of the total fresh loans, domestic trade was the largest beneficiary, accounting for 28.8 percent followed by industry (19.5 percent), international trade (17.2 percent), agriculture (12.3 percent), housing & construction (10 percent) and hotel & tourism (2.9 percent). The remaining balance was disbursed to other economic sectors. In the same period, the banking sector collected about Birr 27.1 billion in loans, about 14 percent higher than last year same period. Of the total loan collection, 71.5 percent was by private banks and 28.5 percent by public banks. At the same time, total outstanding credit of the banking system (excluding credit to government) increased to Birr 448.4 billion, 35.8 percent higher than last year same quarter.. About 99.8 percent of the private banks and 58.8 percent of state banks’ loans went to finance the private sector. 2. Insurance Sector The number of insurance companies was 17, of which 16 were private. Their branches increased to 558 from 518 a year ago. Of the total branches, about 54 percent were located in Addis Ababa. Total capital of the insurance companies reached Birr 6.3 billion, of which about 75 percent was that of private insurance companies. 3. Microfinance Institutions There were 38 micro-finance institutions (MFIs) operating in the country. These institutions mobilized Birr 33.9 billion in saving deposit during the second quarter which was 19.5 percent higher than last year same period. Total outstanding credit of MFIs also increased 32.2 percent to about Birr 48.9 billion, suggesting the growing role of the institutions in poverty reduction and wealth creation among low income groups both in rural and urban areas. Their total assets also grew by 26.2 percent and reached Birr 71 billion at the end of December 2018. 4 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

E. External Sector and Foreign Exchange Developments 1. External Sector Development In second quarter of 2017/18, total merchandise export proceeds (including electricity) amounted to USD 584.5 million depicting 12.7 percent reduction vis-à-vis last year same quarter. The slowdown in export performance was attributed to lower proceeds from export of coffee (22.1 percent), oilseeds (36.2 percent), gold (80.2 percent), leather and leather products (4.9 percent), live animals (44.3 percent) and fruit & vegetables (5.8 percent) due to lower export volume, prices or both. Meanwhile, total merchandise import bills showed a 10 percent increase and reached USD 4.44 billion, owing to the rise in import values of capital goods (20.3 percent), fuel (18 percent), semi-finished goods (5.3 percent) and raw materials (47.5 percent) while import values of consumer goods decreased (3.9 percent). During the second quarter of 2018/19, the average price of Brent crude oil, which is used as a point of reference for international oil price, increased by 10.1 percent and reached USD 67.7 per barrel compared with USD 61.5 a year ago. However, it slowed down by 9.1 percent compared to the preceding quarter. Accordingly, domestic fuel retail prices were adjusted downward and the average retail prices of fuel in Addis Ababa marginally declined by 1.1 percent to Birr 16.7 per liter from Birr 16.8 per liter owing to decline in prices of jet fuel and kerosene by 24.5 and 8.6 percent, respectively. During the review period, total transfer receipts increased by 4.5 percent and reached USD 2.3 billion, wholly driven by higher private transfer (8.9 percent) in contrast to slowdown in official transfers (6.1 percent). Meanwhile, total transfer payments depicted a 66 percent contraction due to 91.1 percent reduction in private and 2.8 percent in official transfer payments. Consequently, the current account balance (including official transfers) registered USD E. External Sector and Foreign Exchange Developments 1. External Sector Development In second quarter of 2017/18, total merchandise export proceeds (including electricity) amounted to USD 584.5 million depicting 12.7 percent reduction vis-à-vis last year same quarter. The slowdown in export performance was attributed to lower proceeds from export of coffee (22.1 percent), oilseeds (36.2 percent), gold (80.2 percent), leather and leather products (4.9 percent), live animals (44.3 percent) and fruit & vegetables (5.8 percent) due to lower export volume, prices or both. Meanwhile, total merchandise import bills showed a 10 percent increase and reached USD 4.44 billion, owing to the rise in import values of capital goods (20.3 percent), fuel (18 percent), semi-finished goods (5.3 percent) and raw materials (47.5 percent) while import values of consumer goods decreased (3.9 percent). During the second quarter of 2018/19, the average price of Brent crude oil, which is used as a point of reference for international oil price, increased by 10.1 percent and reached USD 67.7 per barrel compared with USD 61.5 a year ago. However, it slowed down by 9.1 percent compared to the preceding quarter. Accordingly, domestic fuel retail prices were adjusted downward and the average retail prices of fuel in Addis Ababa marginally declined by 1.1 percent to Birr 16.7 per liter from Birr 16.8 per liter owing to decline in prices of jet fuel and kerosene by 24.5 and 8.6 percent, respectively. During the review period, total transfer receipts increased by 4.5 percent and reached USD 2.3 billion, wholly driven by higher private transfer (8.9 percent) in contrast to slowdown in official transfers (6.1 percent). Meanwhile, total transfer payments depicted a 66 percent contraction due to 91.1 percent reduction in private and 2.8 percent in official transfer payments. Consequently, the current account balance (including official transfers) registered USD E. External Sector and Foreign Exchange Developments 1. External Sector Development In second quarter of 2017/18, total merchandise export proceeds (including electricity) amounted to USD 584.5 million depicting 12.7 percent reduction vis-à-vis last year same quarter. The slowdown in export performance was attributed to lower proceeds from export of coffee (22.1 percent), oilseeds (36.2 percent), gold (80.2 percent), leather and leather products (4.9 percent), live animals (44.3 percent) and fruit & vegetables (5.8 percent) due to lower export volume, prices or both. Meanwhile, total merchandise import bills showed a 10 percent increase and reached USD 4.44 billion, owing to the rise in import values of capital goods (20.3 percent), fuel (18 percent), semi-finished goods (5.3 percent) and raw materials (47.5 percent) while import values of consumer goods decreased (3.9 percent). During the second quarter of 2018/19, the average price of Brent crude oil, which is used as a point of reference for international oil price, increased by 10.1 percent and reached USD 67.7 per barrel compared with USD 61.5 a year ago. However, it slowed down by 9.1 percent compared to the preceding quarter. Accordingly, domestic fuel retail prices were adjusted downward and the average retail prices of fuel in Addis Ababa marginally declined by 1.1 percent to Birr 16.7 per liter from Birr 16.8 per liter owing to decline in prices of jet fuel and kerosene by 24.5 and 8.6 percent, respectively. During the review period, total transfer receipts increased by 4.5 percent and reached USD 2.3 billion, wholly driven by higher private transfer (8.9 percent) in contrast to slowdown in official transfers (6.1 percent). Meanwhile, total transfer payments depicted a 66 percent contraction due to 91.1 percent reduction in private and 2.8 percent in official transfer payments. Consequently, the current account balance (including official transfers) registered USD E. External Sector and Foreign Exchange Developments 1. External Sector Development In second quarter of 2017/18, total merchandise export proceeds (including electricity) amounted to USD 584.5 million depicting 12.7 percent reduction vis-à-vis last year same quarter. The slowdown in export performance was attributed to lower proceeds from export of coffee (22.1 percent), oilseeds (36.2 percent), gold (80.2 percent), leather and leather products (4.9 percent), live animals (44.3 percent) and fruit & vegetables (5.8 percent) due to lower export volume, prices or both. Meanwhile, total merchandise import bills showed a 10 percent increase and reached USD 4.44 billion, owing to the rise in import values of capital goods (20.3 percent), fuel (18 percent), semi-finished goods (5.3 percent) and raw materials (47.5 percent) while import values of consumer goods decreased (3.9 percent). During the second quarter of 2018/19, the average price of Brent crude oil, which is used as a point of reference for international oil price, increased by 10.1 percent and reached USD 67.7 per barrel compared with USD 61.5 a year ago. However, it slowed down by 9.1 percent compared to the preceding quarter. Accordingly, domestic fuel retail prices were adjusted downward and the average retail prices of fuel in Addis Ababa marginally declined by 1.1 percent to Birr 16.7 per liter from Birr 16.8 per liter owing to decline in prices of jet fuel and kerosene by 24.5 and 8.6 percent, respectively. During the review period, total transfer receipts increased by 4.5 percent and reached USD 2.3 billion, wholly driven by higher private transfer (8.9 percent) in contrast to slowdown in official transfers (6.1 percent). Meanwhile, total transfer payments depicted a 66 percent contraction due to 91.1 percent reduction in private and 2.8 percent in official transfer payments. Consequently, the current account balance (including official transfers) registered USD National Bank of Ethiopia Quarterly Bulletin First Quarter 2017/18 6 1.8 billion deficit during the second quarter of 2018/19, compared with USD 1.4 billion deficit a year ago. In contrast, capital account registered USD 2.1 billion surplus, which was 0.9 percent higher than that of last year same period. This was attributed to the increase in net official long term capital (96 percent) and public sector long term capital (88 percent). As a result, the overall balance of payments registered USD 536.9 million deficits, marginally higher than the USD 510.7 million deficit recorded last year same quarter. 2. Exchange Rate Development Weighted average official exchange rate of the Birr showed 4.1 percent annual depreciation and reached Birr 27.8139/USD. In the same period, the REERI of the Birr appreciated by 23.8 percent on annual basis mainly due to lag effects of a 15 percent devaluation of the Birr in October 2017. Similarly, the NEERI appreciated by 22 percent vis-à-vis last year same quarter. F. Federal Government Fiscal Operations During the review quarter, total revenue and grants of the Federal government increased by 3.4 percent annually to Birr 57.6 billion, while total expenditure declined 12.2 percent to Birr 80.5 billion. As a result, the overall fiscal deficit (including grants) stood at Birr 22.9 billion compared to Birr 16 billion last year same period. G. Investment During the second quarter of 2018/19, 177 investment projects having investment capital of Birr 814.3 million became operational. Compared to last year same quarter, both the number of investment projects and investment capital showed 71.8 and 32.9 percent increments. National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 7

National Bank of Ethiopia Quarterly Bulletin First Quarter 2017/18 6 1.8 billion deficit during the second quarter of 2018/19, compared with USD 1.4 billion deficit a year ago. In contrast, capital account registered USD 2.1 billion surplus, which was 0.9 percent higher than that of last year same period. This was attributed to the increase in net official long term capital (96 percent) and public sector long term capital (88 percent). As a result, the overall balance of payments registered USD 536.9 million deficits, marginally higher than the USD 510.7 million deficit recorded last year same quarter. 2. Exchange Rate Development Weighted average official exchange rate of the Birr showed 4.1 percent annual depreciation and reached Birr 27.8139/USD. In the same period, the REERI of the Birr appreciated by 23.8 percent on annual basis mainly due to lag effects of a 15 percent devaluation of the Birr in October 2017. Similarly, the NEERI appreciated by 22 percent vis-à-vis last year same quarter. F. Federal Government Fiscal Operations During the review quarter, total revenue and grants of the Federal government increased by 3.4 percent annually to Birr 57.6 billion, while total expenditure declined 12.2 percent to Birr 80.5 billion. As a result, the overall fiscal deficit (including grants) stood at Birr 22.9 billion compared to Birr 16 billion last year same period. G. Investment During the second quarter of 2018/19, 177 investment projects having investment capital of Birr 814.3 million became operational. Compared to last year same quarter, both the number of investment projects and investment capital showed 71.8 and 32.9 percent increments. National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 7

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 7

II. Energy Production and Processing 2.1. Import of Petroleum Products The volume of petroleum products imported during the second quarter of 2018/19 amounted to 964.2 thousand metric tons, showing a 0.3 percent marginal increase over last year same quarter. This was on account of higher import of regular gasoline (22.8 percent) and fuel oil (4.2 percent). With regard to the previous quarter, petroleum products imported went up 6.3 percent owing to 73.6 percent expansion in fuel oil followed by jet fuel (7.9 percent), gas oil (5.3 percent) and regular gasoline (1.9 percent). Of the total petroleum imports, gas oil accounted for 62.3 percent, jet fuel 23 percent, regular gasoline 12.7 percent and fuel oil 2 percent. (Table 2.1) Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2017/18 2018/19 Percentage Qtr. II Qtr. I Qtr. II Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 99,641.2 10.4 120,069.7 13.2 122,357.9 12.7 22.8 1.9 Jet Fuel 234,532.1 24.4 205,741.8 22.7 221,894.3 23.0 -5.4 7.9 Fuel Oil 18,570.5 1.9 11,146.3 1.2 19,348.6 2.0 4.2 73.6 Gas Oil (ADO) 608,690.1 63.3 570,182.1 62.9 600,552.3 62.3 -1.3 5.3 Total 961,433.9 100.0 907,139.9 100.0 964,153.1 100.0 0.3 6.3 Source: Ethiopian Petroleum Enterprise II. Energy Production and Processing 2.1. Import of Petroleum Products The volume of petroleum products imported during the second quarter of 2018/19 amounted to 964.2 thousand metric tons, showing a 0.3 percent marginal increase over last year same quarter. This was on account of higher import of regular gasoline (22.8 percent) and fuel oil (4.2 percent). With regard to the previous quarter, petroleum products imported went up 6.3 percent owing to 73.6 percent expansion in fuel oil followed by jet fuel (7.9 percent), gas oil (5.3 percent) and regular gasoline (1.9 percent). Of the total petroleum imports, gas oil accounted for 62.3 percent, jet fuel 23 percent, regular gasoline 12.7 percent and fuel oil 2 percent. (Table 2.1) Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2017/18 2018/19 Percentage Qtr. II Qtr. I Qtr. II Change A S h a r e (In %) B S h a r e (In %) C S h a r e (In %) C/A C/B Regular Gasoline (MGR) 99,641.2 10.4 120,069.7 13.2 122,357.9 12.7 22.8 1.9 Jet Fuel 234,532.1 24.4 205,741.8 22.7 221,894.3 23.0 -5.4 7.9 Fuel Oil 18,570.5 1.9 11,146.3 1.2 19,348.6 2.0 4.2 73.6 Gas Oil (ADO) 608,690.1 63.3 570,182.1 62.9 600,552.3 62.3 -1.3 5.3 Total 961,433.9 100.0 907,139.9 100.0 964,153.1 100.0 0.3 6.3 Source: Ethiopian Petroleum Enterprise Fig.2.1: Trends in the Volume of Petroleum Products Imported Source: Ethiopian Petroleum Enterprise Petroleum import bill reached Birr 17.6 billion, showing a 21.8 percent annual growth owing to a surge in international oil price and higher import volume. It also depicted a 2 percent growth over the preceding quarter. In general, all types of pe troleum products saw higher import bill, both on annual and quarterly terms, except regular gasoline which decreased by 13.9 percent on quarterly basis (Table 2.2). II. Energy Production and Processing 2.1. Import of Petroleum Products The volume of petroleum products imported during the second quarter of 2018/19 amounted to 964.2 thousand metric tons, showing a 0.3 percent marginal increase over last year same quarter. This was on account of higher import of regular gasoline (22.8 percent) and fuel oil (4.2 percent). With regard to the previous quarter, petroleum products imported went up 6.3 percent owing to 73.6 percent expansion in fuel oil followed by jet fuel (7.9 percent), gas oil (5.3 percent) and regular gasoline (1.9 percent). Of the total petroleum imports, gas oil accounted for 62.3 percent, jet fuel 23 percent, regular gasoline 12.7 percent and fuel oil 2 percent. (Table 2.1) Table 2.1: Volume of Petroleum Products Imported (In Metric Ton) Petroleum Products 2017/18 2018/19 Percentage Qtr. II Qtr. I Qtr. II Change A S h a r e (In %) B S h a r e (In %) C S h a r e (In %) C/A C/B Regular Gasoline (MGR) 99,641.2 10.4 120,069.7 13.2 122,357.9 12.7 22.8 1.9 Jet Fuel 234,532.1 24.4 205,741.8 22.7 221,894.3 23.0 -5.4 7.9 Fuel Oil 18,570.5 1.9 11,146.3 1.2 19,348.6 2.0 4.2 73.6 Gas Oil (ADO) 608,690.1 63.3 570,182.1 62.9 600,552.3 62.3 -1.3 5.3 Total 961,433.9 100.0 907,139.9 100.0 964,153.1 100.0 0.3 6.3 Source: Ethiopian Petroleum Enterprise Fig.2.1: Trends in the Volume of Petroleum Products Imported Source: Ethiopian Petroleum Enterprise Petroleum import bill reached Birr 17.6 billion, showing a 21.8 percent annual growth owing to a surge in international oil price and higher import volume. It also depicted a 2 percent growth over the preceding quarter. In general, all types of pe troleum products saw higher import bill, both on annual and quarterly terms, except regular gasoline which decreased by 13.9 percent on quarterly basis (Table 2.2). Second Quarter 2018/19 7 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 8

Fig.2.1: Trends in the Volume of Petroleum Products Imported

100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 I II III IV I II III IV I II III IV I II III IV I II III IV I II 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 In Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Petroleum import bill reached Birr 17.6 billion, showing a 21.8 percent annual growth owing to a surge in international oil price and higher import volume. It also depicted a 2 percent growth over the preceding quarter. In general, all types of petroleum products saw higher import bill, both on annual and quarterly terms, except regular gasoline which decreased by 13.9 percent on quarterly basis (Table 2.2). Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum Products 2017/18 2018/19 Percentage Qtr. II Qtr. I Qtr. II Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Regular Gasoline (MGR) 1,668,812.5 11.5 2,486,744.5 14.4 2,140,196.1 12.1 28.2 -13.9 Jet Fuel 3,713,216.9 25.6 4,057,132.0 23.5 4,332,286.3 24.6 16.7 6.8 Fuel Oil 232,854.1 1.6 163,887.3 0.9 276,323.7 1.6 18.7 68.6 Gas Oil (ADO) 8,866,953.7 61.2 10,584,147.1 61.2 10,884,033.7 61.7 22.7 2.8 Total 14,481,837.1 100.0 17,291,910.9 100.0 17,632,839.9 100.0 21.8 2.0 Source: Ethiopian Petroleum Enterprise National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 9

Fig.2.2: Trends in the Value of Petroleum Products Imported

2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 I II III IV I II III IV I II III IV I II III IV I II III IV I II 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 In '000 Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Average FOB price of petroleum products went up 10.5 percent compared with last year same quarter owing to higher FOB prices of fuel oil (21.5 percent), gas oil (15 percent) and jet fuel (13.9 percent). In contrast, average FOB price of petroleum products dropped by 10.2 percent vis - a- vis the previous quarter due to decline in FOB prices of all types of petroleum products (Table 2.3). Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2017/18 2018/19 Qtr. II Qtr. I Qtr. II Percentage Change A B C C/A C/B Regular Gasoline (MGR) 605.2 721.1 588.0 -2.8 -18.4 Jet Fuel 563.4 693.7 641.5 13.9 -7.5 Fuel Oil 346.7 443.9 421.3 21.5 -5.1 Gas Oil (ADO) 523.6 650.3 602.0 15.0 -7.4 Average 509.7 627.3 563.2 10.5 -10.2 Brent Crude Oil (USD/Barrel) 61.5 74.5 67.7 10.1 -9.1 Source: Ethiopian Petroleum Enterprise Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum Products 2017/18 2018/19 Percentage Qtr. II Qtr. I Qtr. II Change A Share (In %) B Share (In %) C Share (In %) C/A C/B R e g u l a r G a s o l i n e (MGR) 1,668,812.5 11.5 2,486,744.5 14.4 2,140,196.1 12.1 28.2 -13.9 Jet Fuel 3,713,216.9 25.6 4,057,132.0 23.5 4,332,286.3 24.6 16.7 6.8 Fuel Oil 232,854.1 1.6 163,887.3 0.9 276,323.7 1.6 18.7 68.6 Gas Oil (ADO) 8,866,953.7 61.2 10,584,147.1 61.2 10,884,033.7 61.7 22.7 2.8 Total 14,481,837.1 100.0 17,291,910.9 100.0 17,632,839.9 100.0 21.8 2.0 Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported Source: Ethiopian Petroleum Enterprise Average FOB price of petroleum products went up 10.5 percent compared with last year same quarter owing to higher FOB prices of fuel oil (21.5 percent), gas oil (15 percent) and jet fuel (13.9 percent). In contrast, average FOB price of petroleum products dropped by 10.2 percent vis - a- vis the previous quarter due to decline in FOB prices of all types of petroleum products (Table 2.3). Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2017/18 2018/19 Percentage Change Qtr. II Qtr. I Qtr. II A B C C/A C/B Regular Gasoline (MGR) 605.2 721.1 588.0 -2.8 -18.4 Jet Fuel 563.4 693.7 641.5 13.9 -7.5 Fuel Oil 346.7 443.9 421.3 21.5 -5.1 Gas Oil (ADO) 523.6 650.3 602.0 15.0 -7.4 Average 509.7 627.3 563.2 10.5 -10.2 Brent Crude Oil (USD/Barrel) 61.5 74.5 67.7 10.1 -9.1 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products Source: Ethiopian Petroleum Enterprise During the second quarter of 2018/19, the average price of Brent crude oil, which is used as a point of reference for international oil price, increased by 10.1 percent over last year same quarter and reached USD 67.7 per barrel while it declined by 9.1 percent compared with the preceding quarter (Table 2.3). Accordingly, the retail prices of petroleum products in domestic market were adjusted downwards. Thus, the average retail price of fuel in Addis Ababa decreased by 1.1 percent to Birr 16.7 per liter from Birr 16.8 a year ago because of the decline in jet fuel and kerosene by 24.5 and 8.6 percent respectively. Similarly, quarterly retail price of fuel in Addis Ababa decreased by 7.1 percent due to slowdown in the prices of jet fuel (41.3 percent) and kerosene (8.6 percent) (Table 2.4). Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum Products 2017/18 2018/19 Percentage Qtr. II Qtr. I Qtr. II Change A Share (In %) B Share (In %) C Share (In %) C/A C/B R e g u l a r G a s o l i n e (MGR) 1,668,812.5 11.5 2,486,744.5 14.4 2,140,196.1 12.1 28.2 -13.9 Jet Fuel 3,713,216.9 25.6 4,057,132.0 23.5 4,332,286.3 24.6 16.7 6.8 Fuel Oil 232,854.1 1.6 163,887.3 0.9 276,323.7 1.6 18.7 68.6 Gas Oil (ADO) 8,866,953.7 61.2 10,584,147.1 61.2 10,884,033.7 61.7 22.7 2.8 Total 14,481,837.1 100.0 17,291,910.9 100.0 17,632,839.9 100.0 21.8 2.0 Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported Source: Ethiopian Petroleum Enterprise Average FOB price of petroleum products went up 10.5 percent compared with last year same quarter owing to higher FOB prices of fuel oil (21.5 percent), gas oil (15 percent) and jet fuel (13.9 percent). In contrast, average FOB price of petroleum products dropped by 10.2 percent vis - a- vis the previous quarter due to decline in FOB prices of all types of petroleum products (Table 2.3). 8 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 9

Fig.2.2: Trends in the Value of Petroleum Products Imported

2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 I II III IV I II III IV I II III IV I II III IV I II III IV I II 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 In '000 Birr Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise Average FOB price of petroleum products went up 10.5 percent compared with last year same quarter owing to higher FOB prices of fuel oil (21.5 percent), gas oil (15 percent) and jet fuel (13.9 percent). In contrast, average FOB price of petroleum products dropped by 10.2 percent vis - a- vis the previous quarter due to decline in FOB prices of all types of petroleum products (Table 2.3). Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2017/18 2018/19 Qtr. II Qtr. I Qtr. II Percentage Change A B C C/A C/B Regular Gasoline (MGR) 605.2 721.1 588.0 -2.8 -18.4 Jet Fuel 563.4 693.7 641.5 13.9 -7.5 Fuel Oil 346.7 443.9 421.3 21.5 -5.1 Gas Oil (ADO) 523.6 650.3 602.0 15.0 -7.4 Average 509.7 627.3 563.2 10.5 -10.2 Brent Crude Oil (USD/Barrel) 61.5 74.5 67.7 10.1 -9.1 Source: Ethiopian Petroleum Enterprise Table 2.2: Value of Petroleum Products Imported (In ‘000Birr) Petroleum Products 2017/18 2018/19 Percentage Qtr. II Qtr. I Qtr. II Change A Share (In %) B Share (In %) C Share (In %) C/A C/B R e g u l a r G a s o l i n e (MGR) 1,668,812.5 11.5 2,486,744.5 14.4 2,140,196.1 12.1 28.2 -13.9 Jet Fuel 3,713,216.9 25.6 4,057,132.0 23.5 4,332,286.3 24.6 16.7 6.8 Fuel Oil 232,854.1 1.6 163,887.3 0.9 276,323.7 1.6 18.7 68.6 Gas Oil (ADO) 8,866,953.7 61.2 10,584,147.1 61.2 10,884,033.7 61.7 22.7 2.8 Total 14,481,837.1 100.0 17,291,910.9 100.0 17,632,839.9 100.0 21.8 2.0 Source: Ethiopian Petroleum Enterprise Fig.2.2: Trends in the Value of Petroleum Products Imported Source: Ethiopian Petroleum Enterprise Average FOB price of petroleum products went up 10.5 percent compared with last year same quarter owing to higher FOB prices of fuel oil (21.5 percent), gas oil (15 percent) and jet fuel (13.9 percent). In contrast, average FOB price of petroleum products dropped by 10.2 percent vis - a- vis the previous quarter due to decline in FOB prices of all types of petroleum products (Table 2.3). Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2017/18 2018/19 Percentage Change Qtr. II Qtr. I Qtr. II A B C C/A C/B Regular Gasoline (MGR) 605.2 721.1 588.0 -2.8 -18.4 Jet Fuel 563.4 693.7 641.5 13.9 -7.5 Fuel Oil 346.7 443.9 421.3 21.5 -5.1 Gas Oil (ADO) 523.6 650.3 602.0 15.0 -7.4 Average 509.7 627.3 563.2 10.5 -10.2 Brent Crude Oil (USD/Barrel) 61.5 74.5 67.7 10.1 -9.1 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products Source: Ethiopian Petroleum Enterprise During the second quarter of 2018/19, the average price of Brent crude oil, which is used as a point of reference for international oil price, increased by 10.1 percent over last year same quarter and reached USD 67.7 per barrel while it declined by 9.1 percent compared with the preceding quarter (Table 2.3). Accordingly, the retail prices of petroleum products in domestic market were adjusted downwards. Thus, the average retail price of fuel in Addis Ababa decreased by 1.1 percent to Birr 16.7 per liter from Birr 16.8 a year ago because of the decline in jet fuel and kerosene by 24.5 and 8.6 percent respectively. Similarly, quarterly retail price of fuel in Addis Ababa decreased by 7.1 percent due to slowdown in the prices of jet fuel (41.3 percent) and kerosene (8.6 percent) (Table 2.4). Table 2.3: FOB Price of Petroleum Products Imported (In USD/ Metric Ton) Petroleum Products 2017/18 2018/19 Percentage Change Qtr. II Qtr. I Qtr. II A B C C/A C/B Regular Gasoline (MGR) 605.2 721.1 588.0 -2.8 -18.4 Jet Fuel 563.4 693.7 641.5 13.9 -7.5 Fuel Oil 346.7 443.9 421.3 21.5 -5.1 Gas Oil (ADO) 523.6 650.3 602.0 15.0 -7.4 Average 509.7 627.3 563.2 10.5 -10.2 Brent Crude Oil (USD/Barrel) 61.5 74.5 67.7 10.1 -9.1 Source: Ethiopian Petroleum Enterprise Fig.2.3: Trends in the FOB Price of Imported Petroleum Products Source: Ethiopian Petroleum Enterprise During the second quarter of 2018/19, the average price of Brent crude oil, which is used as a point of reference for international oil price, increased by 10.1 percent over last year same quarter and reached USD 67.7 per barrel while it declined by 9.1 percent compared with the preceding quarter (Table 2.3). Accordingly, the retail prices of petroleum products in domestic market were adjusted downwards. Thus, the average retail price of fuel in Addis Ababa decreased by 1.1 percent to Birr 16.7 per liter from Birr 16.8 a year ago because of the decline in jet fuel and kerosene by 24.5 and 8.6 percent respectively. Similarly, quarterly retail price of fuel in Addis Ababa decreased by 7.1 percent due to slowdown in the prices of jet fuel (41.3 percent) and kerosene (8.6 percent) (Table 2.4). Second Quarter 2018/19 9 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 10

Fig.2.3: Trends in the FOB Price of Imported Petroleum Products 0.0 200.0 400.0 600.0 800.0 1000.0 1200.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 USD per Metric Ton Quarter MGR Jet Fuel Fuel Oil Gas Oil Source: Ethiopian Petroleum Enterprise During the second quarter of 2018/19, the average price of Brent crude oil, which is used as a point of reference for international oil price, increased by 10.1 percent over last year same quarter and reached USD 67.7 per barrel while it declined by 9.1 percent compared with the preceding quarter (Table 2.3). Accordingly, the retail prices of petroleum products in domestic market were adjusted downwards. Thus, the average retail price of fuel in Addis Ababa decreased by 1.1 percent to Birr 16.7 per liter from Birr 16.8 a year ago because of the decline in jet fuel and kerosene by 24.5 and 8.6 percent respectively. Similarly, quarterly retail price of fuel in Addis Ababa decreased by 7.1 percent due to slowdown in the prices of jet fuel (41.3 percent) and kerosene (8.6 percent) (Table 2.4). National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 11

Table2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2017/18 2018/19 Qtr. II Qtr. I Qtr. II Percentage Change A B C C/A C/B Regular Gasoline (MGR) 18.77 18.77 19.38 3.3 3.3 Fuel Oil 13.69 13.69 17.30 26.4 26.4 Gas Oil (ADO) 16.35 16.35 17.30 5.8 5.8 Kerosene 16.35 16.35 14.94 -8.6 -8.6 Jet fuel 19.06 24.50 14.39 -24.5 -41.3 Average 16.84 17.93 16.66 -1.1 -7.1 Source: Ministry of Trade and industry Fig.2.4: Trends of Addis Ababa Average Retail Prices 0 5 10 15 20 25 30 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade and industry Table2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2017/18 2018/19 Percentage Change Qtr. II Qtr. I Qtr. II A B C C/A C/B Regular Gasoline (MGR) 18.77 18.77 19.38 3.3 3.3 Fuel Oil 13.69 13.69 17.30 26.4 26.4 Gas Oil (ADO) 16.35 16.35 17.30 5.8 5.8 Kerosene 16.35 16.35 14.94 -8.6 -8.6 Jet fuel 19.06 24.50 14.39 -24.5 -41.3 Average 16.84 17.93 16.66 -1.1 -7.1 Source: Ministry of Trade and industry Fig.2.4: Trends of Addis Ababa Average Retail Prices Source: Ministry of Trade and industry 2.2. Electric Power Generation Electric power generated during the second quarter of 2018/19 was 4.2 billion KWH, about 20.2 percent higher than a year ago. This was attributed to 18.4 percent increase in production from hydropower and significant improvement in energy production from geothermal sources. At the same time, electricity production from wind improved by 1.9 percent. Of the total energy generated, about 90.3 percent was from hydropower, 5.4 percent from geothermal and 4.3 from wind (Table 2.5). By system of generation, virtually all the power was generated through interconnected system (ICS) while self-contained system (SCS) had minimal share. (Table 2.6) Table 2.4: Addis Ababa Average Retail Prices of Fuel 10 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 10

Table2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2017/18 2018/19 Qtr. II Qtr. I Qtr. II Percentage Change A B C C/A C/B Regular Gasoline (MGR) 18.77 18.77 19.38 3.3 3.3 Fuel Oil 13.69 13.69 17.30 26.4 26.4 Gas Oil (ADO) 16.35 16.35 17.30 5.8 5.8 Kerosene 16.35 16.35 14.94 -8.6 -8.6 Jet fuel 19.06 24.50 14.39 -24.5 -41.3 Average 16.84 17.93 16.66 -1.1 -7.1 Source: Ministry of Trade and industry Fig.2.4: Trends of Addis Ababa Average Retail Prices 0 5 10 15 20 25 30 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 MGR Fuel Oil Gas Oil Kerosene Jet Fuel Source: Ministry of Trade and industry Table2.4: Addis Ababa Average Retail Prices of Fuel (Birr/Liter) Petroleum Products 2017/18 2018/19 Percentage Change Qtr. II Qtr. I Qtr. II A B C C/A C/B Regular Gasoline (MGR) 18.77 18.77 19.38 3.3 3.3 Fuel Oil 13.69 13.69 17.30 26.4 26.4 Gas Oil (ADO) 16.35 16.35 17.30 5.8 5.8 Kerosene 16.35 16.35 14.94 -8.6 -8.6 Jet fuel 19.06 24.50 14.39 -24.5 -41.3 Average 16.84 17.93 16.66 -1.1 -7.1 Source: Ministry of Trade and industry Fig.2.4: Trends of Addis Ababa Average Retail Prices Source: Ministry of Trade and industry 2.2. Electric Power Generation Electric power generated during the second quarter of 2018/19 was 4.2 billion KWH, about 20.2 percent higher than a year ago. This was attributed to 18.4 percent increase in production from hydropower and significant improvement in energy production from geothermal sources. At the same time, electricity production from wind improved by 1.9 percent. Of the total energy generated, about 90.3 percent was from hydropower, 5.4 percent from geothermal and 4.3 from wind (Table 2.5). By system of generation, virtually all the power was generated through interconnected system (ICS) while self-contained system (SCS) had minimal share. (Table 2.6) Second Quarter 2018/19 11 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 12

2.2. Electric Power Generation Electric power generated during the second quarter of 2018/19 was 4.2 billion KWH, about 20.2 percent higher than a year ago. This was attributed to 18.4 percent increase in production from hydropower and significant improvement in energy production from geothermal sources. At the same time, electricity production from wind improved by 1.9 percent. Of the total energy generated, about 90.3 percent was from hydropower, 5.4 percent from geothermal and 4.3 from wind (Table 2.5). By system of generation, virtually all the power was generated through interconnected system (ICS)2 while selfcontained system (SCS)3 had minimal share. (Table 2.6)

2 The generated power from different power stations stored in substations before distribution 3 Power stations distribute the generated power independently National Bank of Ethiopia Quarterly Bulletin 13 Second Quarter 2018/19 Table 2.5: Electricity Generation by Sources (In '000 of K.W.H) Power Source 2017/18 2018/19 Qtr. II Qtr. I Qtr. II Percentage Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 3,183,016.7 95.9 1,753,966.3 96.9 3,768,573.6 90.3 18.4 114.9 Thermal Power 113,951.1 0.8 0.0 -

Geothermal

- - 225,890.8 5.4

Geothermal

- - 225,890.8 5.4

Geothermal

- - 225,890.8 5.4

wind 174,135.5 3.3 33,450.9 3.1 177,375.3 4.3 1.9 430.3 Total 3,471,103.3 100.0 1,787,417.2 100.0 4,171,839.7 100.0 20.2 133.4 Source: Ethiopian Electric Power Fig.2.5: Volume of Electricity Production by Type 0 500000 1000000 1500000 2000000 2500000 3000000 3500000 4000000 4500000 2013/14 Q1 Q2 Q3 Q4 2014/15Q1 Q2 Q3 Q4 2015/16Q1 Q2 Q3 Q4 2016/17Q1 Q2 Q3 Q4 2017/18Q1 QII QIII QIV 2018/19Q1 QII Thousand kwh Quarter Hydropower Thermal Power Geo-thermal Wind Source: Ethiopian Electric Power Table 2.5: Electricity Generation by Sources (In '000 of K.W.H) Power Source 2017/18 2018/19 Percentage Qtr. II Qtr. I Qtr. II Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 3,183,016.7 95.9 1,753,966.3 96.9 3,768,573.6 90.3 18.4 114.9 Thermal Power 113,951.1 0.8 0.0 - Geothermal - - - 225,890.8 5.4 wind 174,135.5 3.3 33,450.9 3.1 177,375.3 4.3 1.9 430.3 Total 3,471,103.3 100.0 1,787,417.2 100.0 4,171,839.7 100.0 20.2 133.4 Source: Ethiopian Electric Power Fig.2.5: Volume of Electricity Production by Type Source: Ethiopian Electric Power Table 2.5: Electricity Generation by Sources (In '000 of K.W.H) Power Source 2017/18 2018/19 Percentage Qtr. II Qtr. I Qtr. II Change A Share (In %) B Share (In %) C Share (In %) C/A C/B Hydropower 3,183,016.7 95.9 1,753,966.3 96.9 3,768,573.6 90.3 18.4 114.9 Thermal Power 113,951.1 0.8 0.0 - Geothermal - - - 225,890.8 5.4 wind 174,135.5 3.3 33,450.9 3.1 177,375.3 4.3 1.9 430.3 Total 3,471,103.3 100.0 1,787,417.2 100.0 4,171,839.7 100.0 20.2 133.4 Source: Ethiopian Electric Power Fig.2.5: Volume of Electricity Production by Type Source: Ethiopian Electric Power 12 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

III. Quarterly Price Developments 3.1 Developments in National CPI During the second quarter of 2018/19, headline inflation dropped to 0.3 percent from 3.7 percent in the preceding quarter and 3.2 percent a year ago. The slowdown in quarterly headline inflation rate was attributed to 4.1 percentage point decrease in food & non-alcoholic beverages inflation rate and 2.6 percentage point in non-food inflation. The 2.9 percentage point year-on-year drop in headline inflation was due to 2.3 percentage point decline in food & non-alcoholic beverages and 3.7 percentage point drop in non-food inflation. Food & nonalcoholic beverages contributed 0.04 percent to headline inflation while that of non-food inflation was 0.28 percent in absolute terms. About 86.1 percent of the relative contribution originated from non-food inflation and 13.9 percent from food inflation (Table 3.1 and Fig 3.1 below). Table 3.1: Quarterly National Headline Inflation for 2nd Quarter of 2018/19 (in %) December 2016=100 2017/18 2018/19 Change in %age Points Contributions in (%) to QII QI QII Headline Inflation Change over QII2017/18 Headline Inflation Change Over QI2018/19 QI-2018/19 Headline Inflation A B C C-A C-B Absolute Relative Headline 100 3.2 3.7 0.3 -2.9 -3.4 -2.9 -3.4 0.3 100 Food & Nona l c o h o l i c beverage 54 2.4 4.2 0.1 -2.3 -4.1 -1.2 -2.2 0.04 13.9 Non-food 46 4.3 3.2 0.6 -3.7 -2.6 -1.7 -1.2 0.28 86.1 Source: Central Statistical Agency(CSA) & NBE Staff Compilation Source: CSA & NBE Staff Compilation National Bank of Ethiopia Quarterly Bulletin 14 Second Quarter 2018/19 III. Quarterly Price Developments 3.1 Developments in National CPI During the second quarter of 2018/19, headline inflation dropped to 0.3 percent from 3.7 percent in the preceding quarter and 3.2 percent a year ago. The slowdown in quarterly headline inflation rate was attributed to 4.1 percentage point decrease in food & non-alcoholic beverages inflation rate and 2.6 percentage point in non-food inflation. The 2.9 percentage point year-onyear drop in headline inflation was due to 2.3 percentage point decline in food & nonalcoholic beverages and 3.7 percentage point drop in non-food inflation. Food & nonalcoholic beverages contributed 0.04 percent to headline inflation while that of non-food inflation was 0.28 percent in absolute terms. About 86.1 percent of the relative contribution originated from non-food inflation and 13.9 percent from food inflation (Table 3.1 and Fig 3.1 below). Table 3.1: Quarterly National Headline Inflation for 2nd Quarter of 2018/19 (in %) December 2016=100

2017/18 2018/19 Change in %age Points Contributions in (%) to Weigh ts (in %) QII QI QII A B C C-A C-B Headline Inflation Change over QII2017/18 Headline Inflation Change Over QI2018/19 QI-2018/19 Headline Inflation Absolut e Relativ e Headline 100 3.2 3.7 0.3 -2.9 -3.4 -2.9 -3.4 0.3 100 Food & Nonalcoholic beverage 54 2.4 4.2 0.1 -2.3 -4.1 -1.2 -2.2 0.04 13.9 Non-food 46 4.3 3.2 0.6 -3.7 -2.6 -1.7 -1.2 0.28 86.1 Source: Central Statistical Agency(CSA) & NBE Staff Compilation National Bank of Ethiopia Quarterly Bulletin 15 Second Quarter 2018/19 Source: CSA & NBE Staff Compilation On quarterly bases, food & non-alcoholic beverages inflation decelerated to 0.1 percent from 4.2 percent as CPI inflation for bread & cereals, meat, vegetables, nonalcoholic beverages and milk, cheese & egg dropped while that of fruits, food products n.e.c and oil & fats tended to rise. Non-food inflation decelerated to 0.6 percent from 3.2 percent a quarter earlier due to the lower inflation for a) housing, water, electricity, gas & other fuel b) alcoholic beverages & tobacco c) clothing and foot wear d) furnishings, household equipment & routine maintenance of houses e) restaurant & hotels f) health and g) communication. In contrast, CPI inflation rose for transport, education and recreation & culture (Table 3.3). Food & Nonalcoholic beverage; 13.9% Non-food; 86.1% Fig 3.1 Contribution of Food and Non-food Inflation to the Headline Inflation in Second Quarter 2018/19 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV QI QII QIII QIV QI QII QIII QIV QI QII 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Percent Headline Food & Non-alcoholic bevarages Bread & Cereals Non-Food Fig 3.2 Quarterly Movement in National Inflation National Bank of Ethiopia Quarterly Bulletin 14 Second Quarter 2018/19 III. Quarterly Price Developments 3.1 Developments in National CPI During the second quarter of 2018/19, headline inflation dropped to 0.3 percent from 3.7 percent in the preceding quarter and 3.2 percent a year ago. The slowdown in quarterly headline inflation rate was attributed to 4.1 percentage point decrease in food & non-alcoholic beverages inflation rate and 2.6 percentage point in non-food inflation. The 2.9 percentage point year-onyear drop in headline inflation was due to 2.3 percentage point decline in food & nonalcoholic beverages and 3.7 percentage point drop in non-food inflation. Food & nonalcoholic beverages contributed 0.04 percent to headline inflation while that of non-food inflation was 0.28 percent in absolute terms. About 86.1 percent of the relative contribution originated from non-food inflation and 13.9 percent from food inflation (Table 3.1 and Fig 3.1 below). Table 3.1: Quarterly National Headline Inflation for 2nd Quarter of 2018/19 (in %) December 2016=100

2017/18 2018/19 Change in %age Points Contributions in (%) to Weigh ts (in %) QII QI QII A B C C-A C-B Headline Inflation Change over QII2017/18 Headline Inflation Change Over QI2018/19 QI-2018/19 Headline Inflation Absolut e Relativ e Headline 100 3.2 3.7 0.3 -2.9 -3.4 -2.9 -3.4 0.3 100 Food & Nonalcoholic beverage 54 2.4 4.2 0.1 -2.3 -4.1 -1.2 -2.2 0.04 13.9 Non-food 46 4.3 3.2 0.6 -3.7 -2.6 -1.7 -1.2 0.28 86.1 Source: Central Statistical Agency(CSA) & NBE Staff Compilation National Bank of Ethiopia Quarterly Bulletin 15 Second Quarter 2018/19 Source: CSA & NBE Staff Compilation On quarterly bases, food & non-alcoholic beverages inflation decelerated to 0.1 percent from 4.2 percent as CPI inflation for bread & cereals, meat, vegetables, nonalcoholic beverages and milk, cheese & egg dropped while that of fruits, food products n.e.c and oil & fats tended to rise. Non-food inflation decelerated to 0.6 percent from 3.2 percent a quarter earlier due to the lower inflation for a) housing, water, electricity, gas & other fuel b) alcoholic beverages & tobacco c) clothing and foot wear d) furnishings, household equipment & routine maintenance of houses e) restaurant & hotels f) health and g) communication. In contrast, CPI inflation rose for transport, education and recreation & culture (Table 3.3). Food & Nonalcoholic beverage; 13.9% Non-food; 86.1% Fig 3.1 Contribution of Food and Non-food Inflation to the Headline Inflation in Second Quarter 2018/19 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV Q.I Q.II Q.III Q.IV QI QII QIII QIV QI QII QIII QIV QI QII 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Percent Headline Food & Non-alcoholic bevarages Bread & Cereals Non-Food Fig 3.2 Quarterly Movement in National Inflation III. Quarterly Price Developments 3.1 Developments in National CPI During the second quarter of 2018/19, headline inflation dropped to 0.3 percent from 3.7 percent in the preceding quarter and 3.2 percent a year ago. The slowdown in quarterly headline inflation rate was attributed to 4.1 percentage point decrease in food & non-alcoholic beverages inflation rate and 2.6 percentage point in non-food inflation. The 2.9 percentage point year-on-year drop in headline inflation was due to 2.3 percentage point decline in food & non-alcoholic beverages and 3.7 percentage point drop in non-food inflation. Food & nonalcoholic beverages contributed 0.04 percent to headline inflation while that of non-food inflation was 0.28 percent in absolute terms. About 86.1 percent of the relative contribution originated from non-food inflation and 13.9 percent from food inflation (Table 3.1 and Fig 3.1 below). Table 3.1: Quarterly National Headline Inflation for 2nd Quarter of 2018/19 (in %) December 2016=100 2017/18 2018/19 Change in %age Points Contributions in (%) to QII QI QII Headline Inflation Change over QII2017/18 Headline Inflation Change Over QI2018/19 QI-2018/19 Headline Inflation A B C C-A C-B Absolute Relative Headline 100 3.2 3.7 0.3 -2.9 -3.4 -2.9 -3.4 0.3 100 Food & Nona l c o h o l i c beverage 54 2.4 4.2 0.1 -2.3 -4.1 -1.2 -2.2 0.04 13.9 Non-food 46 4.3 3.2 0.6 -3.7 -2.6 -1.7 -1.2 0.28 86.1 Source: Central Statistical Agency(CSA) & NBE Staff Compilation Source: CSA & NBE Staff Compilation Second Quarter 2018/19 13 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin 14 Second Quarter 2018/19 III. Quarterly Price Developments 3.1 Developments in National CPI During the second quarter of 2018/19, headline inflation dropped to 0.3 percent from 3.7 percent in the preceding quarter and 3.2 percent a year ago. The slowdown in quarterly headline inflation rate was attributed to 4.1 percentage point decrease in food & non-alcoholic beverages inflation rate and 2.6 percentage point in non-food inflation. The 2.9 percentage point year-onyear drop in headline inflation was due to 2.3 percentage point decline in food & nonalcoholic beverages and 3.7 percentage point drop in non-food inflation. Food & nonalcoholic beverages contributed 0.04 percent to headline inflation while that of non-food inflation was 0.28 percent in absolute terms. About 86.1 percent of the relative contribution originated from non-food inflation and 13.9 percent from food inflation (Table 3.1 and Fig 3.1 below). Table 3.1: Quarterly National Headline Inflation for 2nd Quarter of 2018/19 (in %) December 2016=100

Source: CSA & NBE Staff Compilation On quarterly bases, food & non-alcoholic beverages inflation decelerated to 0.1 percent from 4.2 percent as CPI inflation for bread & cereals, meat, vegetables, non-alcoholic beverages and milk, cheese & egg dropped while that of fruits, food products n.e.c and oil & fats tended to rise. Non-food inflation decelerated to 0.6 percent from 3.2 percent a quarter earlier due to the lower inflation for a) housing, water, electricity, gas & other fuel b) alcoholic beverages & tobacco c) clothing and foot wear d) furnishings, household equipment & routine maintenance of houses e) restaurant & hotels f) health and g) communication. In contrast, CPI inflation rose for transport, education and recreation & culture (Table 3.3). Table 3.2: Quarterly National Food & Non-alcoholic Beverages Inflation for 2nd Quarter of 2018/19 (in %) December 2016=100 Items Weights 2017/18 2018/19 Change in %age points Contribution to QII QI QII A B C C-A C-B Headline Inflation Change over QII-2017/18 Headline Inflation Change over QI2018/19 Food and Non-alcoholic Beverages 0.54 2.4 4.2 0.1 -2.3 -4.1 -0.01 -0.02 Bread and cereals 0.17 1.7 4.4 0.2 -1.5 -4.2 0.00 -0.01 Meat 0.04 1.7 4.2 0.1 -1.6 -4.1 0.00 0.00 Fish and sea food 0.00 3.1 1.1 1.9 Milk, cheese and egg 0.03 3.6 4.2 1.6 -2.0 -2.6 0.00 0.00 Oils & Fats 0.04 -3.6 0.8 1.6 5.2 0.8 0.00 0.00 Fruit 0.00 7.8 -0.5 6.0 -1.9 6.5 0.00 0.00 Vegetables 0.12 3.3 6.7 -0.4 -3.7 -7.1 0.00 -0.01 Sugar, jam, honey, chocolet 0.01 1.6 4.1 3.1 1.5 -1.0 0.00 0.00 Food products n.e.c 0.06 2.5 -0.4 0.7 -1.8 1.0 0.00 0.00 Non-alcoholic beverages 0.05 7.1 5.6 -3.3 -10.4 -8.9 -0.01 0.00 Source: CSA & NBE Staff Compilation Table 3.3: Quarterly National Non-food Inflation for 2nd Quarter of 2018/19 (in %) December 2016=100 Items Weights 2017/18 2018/19 Change in %age points Contribution to QII QI QII A B C C-A C-B Headline Inflation C h a n g e over QII2017/18 Headline Inflation C h a n g e over QI2018/19 Non-Food Inflation 0.46 4.3 3.2 0.6 -3.7 -2.6 -0.01 -0.01 Alcoholic beverages and tobacco 0.05 5.9 3.8 0.0 -6.0 -3.8 0.00 0.00 Clothing and foot-wear 0.06 3.3 3.9 2.4 -1.0 -1.5 0.00 0.00 Housing, water, electricity, gas and other fuel 0.17 5.6 2.7 -0.9 -6.5 -3.7 -0.01 -0.01 Furnishings, household equipment & routine maintenance of houses 0.05 3.8 3.8 1.8 -2.0 -2.0 0.00 0.00 Health 0.01 -4.2 5.8 -0.8 3.4 -6.6 0.00 0.00 Transport 0.02 2.4 2.1 3.7 1.3 1.6 0.00 0.00 Communication 0.02 1.7 -0.4 -5.3 -7.0 -4.9 0.00 0.00 Recreation and culture 0.00 0.8 1.4 1.9 1.1 0.5 0.00 0.00 Education 0.00 1.4 6.5 7.0 5.6 0.5 0.00 0.00 Restaurant/hotel 0.05 5.2 4.3 3.5 -1.7 -0.8 0.00 0.00 Miscellaneous goods 0.03 2.2 3.4 0.2 -2.0 -3.2 0.00 0.00 Source: CSA & NBE Staff Compilation 3.2. Developments in Regional Inflation Regional average headline inflation decreased to 0.4 percent from 4.2 percent in the first quarter of 2018/19 and 3.1 percent a year ago. Somali, SNNP, Gambella, Dire Dawa, Afar and Amhara registered lower headline inflation than the regional average while the highest headline inflation (5.1 percent) was recorded in Tigray and the lowest (-3.1 percent) in Dire Dawa. Hence, the margin between the highest and the lowest headline inflation was 8.2 percent. The deviation in the regional headline inflation from the average stood at 2.3 percent, higher than 1.6 percent in the preceding quarter (Table 3.4). The regional average food & non-alcoholic beverage inflation declined to -0.1 percent which was significantly lower than 6.0 percent recorded in the preceding quarter and 2.5 percent last year same quarter. SNNP, Gambella, Addis Ababa, Dire Dawa, Somali and Amhara regional states saw in inflation below the regional average. The highest food & non-alcoholic beverage inflation was recorded in Tigray (6.7 percent) and the lowest in Dire Dawa (-3.7 percent), resulting in 10.4 percentage point margin. The deviation in food & non-alcoholic beverages inflation with in the quarter was 2.6 percent while it was 1.7 percent in the first quarter and 2.8 percent a year ago. Regarding the movement of non-food inflation, the average regional non-food inflation stood at 0.8 percent compared 2.6 percentage points last year same quarter. SNNP, Oromia, Gambella, Dire Dawa, Somali and Afar registered non-food inflation below the regional average. Benshangul Gumuz recorded the highest non-food inflation (5.9 percent) while the lowest (-2.5 percent) was in Gambella and Dire Table 3.2: Quarterly National Food & Non-alcoholic Beverages Inflation (in %) Table 3.3: Quarterly National Non-food Inflation (in %) Second Quarter 2018/19 15 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin 18 Second Quarter 2018/19 3.2. Developments in Regional Inflation Regional average headline inflation decreased to 0.4 percent from 4.2 percent in the first quarter of 2018/19 and 3.1 percent a year ago. Somali, SNNP, Gambella, Dire Dawa, Afar and Amhara registered lower headline inflation than the regional average while the highest headline inflation (5.1 percent) was recorded in Tigray and the lowest (-3.1 percent) in Dire Dawa. Hence, the margin between the highest and the lowest headline inflation was 8.2 percent. The deviation4 in the regional headline inflation from the average stood at 2.3 percent, higher than 1.6 percent in the preceding quarter (Table 3.4). The regional average food & non-alcoholic beverage inflation declined to -0.1 percent which was significantly lower than 6.0 percent recorded in the preceding quarter and 2.5 percent last year same quarter. SNNP, Gambella, Addis Ababa, Dire Dawa, Somali and Amhara regional states saw in inflation below the regional average. The highest food & nonalcoholic beverage inflation was recorded in Tigray (6.7 percent) and the lowest in Dire Dawa (-3.7 percent), resulting in 10.4 percentage point margin. The deviation in food & nonalcoholic beverages inflation with in the quarter was 2.6 percent while it was 1.7 percent in the first quarter and 2.8 percent a year ago.

4 The standard deviation shows how much dispersion exists from the average value. Regarding the movement of non-food inflation, the average regional non-food inflation stood at 0.8 percent compared 2.6 percentage points last year same quarter. SNNP, Oromia, Gambella, Dire Dawa, Somali and Afar registered non-food inflation below the regional average. Benshangul Gumuz recorded the highest nonfood inflation (5.9 percent) while the lowest (- 2.5 percent) was in Gambella and Dire Dawa, indicating 8.4 percentage points margin (Table 4.3). The variation in the non-food inflation measured by its standard deviation slightly decreased to 2.5 percent against the 2.7 percent last year same quarter. 16 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 3.4: Quarterly Regional Headline, Food & Non-alcoholic Beverages and Non-Food Inflations (in %) December 2016=100 Regions 2017/18 2018/19 Annual Change Quarterly Change QII QI QII A B C C-A C-B GeneralFood& Non- alcoholic beverages Non-food GeneralFood& Non- alcoholic beverages Non-food GeneralFood& Non- alcoholic beverages Non-food GeneralFood& Non- alcoholic beverages Non-food GeneralFood& Non- alcoholic beverages Non-food SNNP 1.5 -0.4 4.3 2.7 3.2 2.2 -0.6 -0.8 -0.3 -2.1 -0.4 -4.6 -3.3 -4.0 -2.5 Harari 1.5 -0.2 2.9 1.3 6.5 -2.4 1.2 0.1 2.0 -0.3 0.3 -0.9 -0.1 -6.4 4.4 Oromia 3.8 2.8 2.1 3.4 2.9 4.0 0.6 0.6 0.5 -3.2 -2.2 -1.6 -2.8 -2.3 -3.5 Tigray -0.2 3.1 -3.1 6.0 7.5 4.6 5.1 6.7 3.7 5.3 3.6 6.8 -0.9 -0.8 -0.9 Gambella 0.4 -2.1 3.5 5.2 6.0 4.1 -2.4 -2.2 -2.5 -2.8 -0.1 -6.0 -7.6 -8.2 -6.6 Addis Ababa 4.7 1.0 7.3 4.0 6.3 2.4 0.4 -1.2 1.5 -4.3 -2.2 -5.8 -3.6 -7.5 -0.9 Dire Dawa 5.0 5.3 4.7 5.3 7.7 3.3 -3.1 -3.7 -2.5 -8.1 -9.0 -7.2 -8.4 -11.4 -5.8 Benshangul. Gumuz 3.7 4.5 2.9 4.2 6.5 2.0 3.4 0.8 5.9 -0.3 -3.7 3.0 -0.8 -5.7 3.9 Somali 6.7 6.6 6.9 7.2 7.7 6.5 -0.6 -0.3 -1.0 -7.3 -6.9 -7.9 -7.8 -8.0 -7.5 Afar 4.0 5.5 2.6 3.4 6.9 0.2 0.3 0.2 0.5 -3.7 -5.3 -2.1 -3.1 -6.7 0.3 Amhara 2.5 1.5 3.6 3.9 4.9 2.8 0.0 -0.8 0.9 -2.5 -2.3 -2.7 -3.9 -5.7 -1.9 Region’s average 3.1 2.5 3.4 4.2 6.0 2.7 0.4 -0.1 0.8 Standard deviation 2.1 2.8 2.7 1.6 1.7 2.3 2.3 2.6 2.5 Coefficient of variation 0.7 1.1 0.8 0.4 0.3 0.9 5.9 -47.5 3.2 Source: - CSA & NBE staff compilation 5 The standard deviation shows how much dispersion exists from the average value Second Quarter 2018/19 17 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 23 Second Quarter 2018/19 Fig IV.1: Major Determinants of Monetary Expansion (Quarterly Change in Percent) Source: Staff Computation, NBE -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 Net Foreign Assets (NFA) (in percent) Other than NFA Quarter Broad Money Domestic Credit Other Items Net Net Foreign Assets 4. MONETARY DEVELOPMENTS 4.1. Money Supply and Credit In the second quarter of 2018/19 fiscal year broad money supply (M2) stood at Birr 789.2 billion, a 22.2 percent growth over the corre sponding quarter of last fiscal year. This annual growth in broad money was attributed to 20.7 percent expansion in domestic credit and 6.1 percent increase 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. 17) (Sep. 18) (Dec. 18) A B C C/A C/B Annual

External Assets (net) 22,152.7 37,942.3 23,507.7 6.1 -38.0 0.9
Domestic Credit 700,081.6 796,994.9 844,861.3 20.7 6.0 101.2 Claims on Central Gov't (net) 99,985.4 103,205.5 98,558.5 -1.4 -4.5 -1.0 Claims on Non-Central Gov't 600,096.2 693,789.3 746,302.8 15.6 7.6 65.5 . Financial Institutions 28,055.7 46,992.7 52,092.7 85.7 10.9 16.8 . Others 572,040.4 646,796.6 694,210.1 21.4 7.3 85.4
Other Items (net) 76,180.1 82,805.7 79,207.2 4.0 -4.3 2.1
Broad Money (M2) 646,054.2 752,131.4 789,161.8 22.2 4.9 100.0 Source: Staff Computation, NBE Fig IV.1: Major Determinants of Monetary Expansion (Quarterly Change in Percent) Source: Staff Computation, NBE
MONETARY DEVELOPMENTS 4.1. Money Supply and Credit In the second quarter of 2018/19 fiscal year broad money supply (M2) stood at Birr 789.2 billion, a 22.2 percent growth over the corre sponding quarter of last fiscal year. This annual growth in broad money was attributed to 20.7 percent expansion in domestic credit and 6.1 percent increase 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. 17) (Sep. 18) (Dec. 18) A B C C/A C/B Annual
External Assets (net) 22,152.7 37,942.3 23,507.7 6.1 -38.0 0.9
Domestic Credit 700,081.6 796,994.9 844,861.3 20.7 6.0 101.2 Claims on Central Gov't (net) 99,985.4 103,205.5 98,558.5 -1.4 -4.5 -1.0 Claims on Non-Central Gov't 600,096.2 693,789.3 746,302.8 15.6 7.6 65.5 . Financial Institutions 28,055.7 46,992.7 52,092.7 85.7 10.9 16.8 . Others 572,040.4 646,796.6 694,210.1 21.4 7.3 85.4
Other Items (net) 76,180.1 82,805.7 79,207.2 4.0 -4.3 2.1
Broad Money (M2) 646,054.2 752,131.4 789,161.8 22.2 4.9 100.0 Source: Staff Computation, NBE 18 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 24 Second Quarter 2018/19 Fig IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE Quasi-money supply showed a 28.5 percent annual and 5.3 percent quarterly growth, while narrow money supply expanded by 11.9 percent. Narrow money contributed 20.7 percent to the growth of broad money, while that of quasi money was 79.3 percent (Table 4.2). The surge in quasi-money was attributed to the expansion of banks branch network and NBE’s policy of increase the minimum deposit interest rate from 5 percent to 7 percent. -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Credit to Central Government Domestic Credit Credit to Non-Central Government National Bank of Ethiopia 24 Second Quarter 2018/19 Fig IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE Quasi-money supply showed a 28.5 percent annual and 5.3 percent quarterly growth, while narrow money supply expanded by 11.9 percent. Narrow money contributed 20.7 percent to the growth of broad money, while that of quasi money was 79.3 percent (Table 4.2). The surge in quasi-money was attributed to the expansion of banks branch network and NBE’s policy of increase the minimum deposit interest rate from 5 percent to 7 percent. -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Credit to Central Government Domestic Credit Credit to Non-Central Government National Bank of Ethiopia 24 Second Quarter 2018/19 Fig IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE Quasi-money supply showed a 28.5 percent annual and 5.3 percent quarterly growth, while narrow money supply expanded by 11.9 percent. Narrow money contributed 20.7 percent to the growth of broad money, while that of quasi money was 79.3 percent (Table 4.2). The surge in quasi-money was attributed to the expansion of banks branch network and NBE’s policy of increase the minimum deposit interest rate from 5 percent to 7 percent. -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Credit to Central Government Domestic Credit Credit to Non-Central Government National Bank of Ethiopia 24 Second Quarter 2018/19 Fig IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE Quasi-money supply showed a 28.5 percent annual and 5.3 percent quarterly growth, while narrow money supply expanded by 11.9 percent. Narrow money contributed 20.7 percent to the growth of broad money, while that of quasi money was 79.3 percent (Table 4.2). The surge in quasi-money was attributed to the expansion of banks branch network and NBE’s policy of increase the minimum deposit interest rate from 5 percent to 7 percent. -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Credit to Central Government Domestic Credit Credit to Non-Central Government 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. 17) (Sep. 18) (Dec. 18) C/A C/B A B C Annual

Narrow Money Supply 248,038.7 266,262.2 277,597.9 11.9 4.3 20.7 . Currency outside banks 85,758.5 83,380.0 92,192.6 7.5 10.6 4.5 . Demand Deposits (net) 162,280.1 182,882.2 185,405.3 14.3 1.4 16.2
Quasi-Money 398,015.5 485,869.2 511,563.9 28.5 5.3 79.3 . Savings Deposits 326,794.0 407,170.8 430,098.7 31.6 5.6 72.2 . Time Deposits 71,221.5 78,698.5 81,465.1 14.4 3.5 7.2
Broad Money Supply 646,054.2 752,131.4 789,161.8 22.2 4.9 100.0 Source: Staff Computation, NBE Second Quarter 2018/19 19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 26 Second Quarter 2018/19 Fig. IV. 3: Composition of Monetary Stock 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 Source: Staff computation, NBE Time Dep. Currency Outside Banks Demand Dep.(net) Saving Dep. Fig IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE Quasi-money supply showed a 28.5 percent annual and 5.3 percent quarterly growth, while narrow money supply expanded by 11.9 percent. Narrow money contributed 20.7 percent to the growth of broad money, while that of quasi money was 79.3 percent (Table 4.2). The surge in quasi-money was attributed to the expansion of banks branch network and NBE’s policy of increase the minimum deposit interest rate from 5 percent to 7 percent. 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. 17) (Sep. 18) (Dec. 18) C/A C/B A B C Annual

Narrow Money Supply 248,038.7 266,262.2 277,597.9 11.9 4.3 20.7 . Currency outside banks 85,758.5 83,380.0 92,192.6 7.5 10.6 4.5 . Demand Deposits (net) 162,280.1 182,882.2 185,405.3 14.3 1.4 16.2
Quasi-Money 398,015.5 485,869.2 511,563.9 28.5 5.3 79.3 . Savings Deposits 326,794.0 407,170.8 430,098.7 31.6 5.6 72.2 . Time Deposits 71,221.5 78,698.5 81,465.1 14.4 3.5 7.2
Broad Money Supply 646,054.2 752,131.4 789,161.8 22.2 4.9 100.0 Source: Staff Computation, NBE National Bank of Ethiopia 27 Second Quarter 2018/19 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 170.5 billion in the second quarter of 2018/19, showing a 12.8 percent year-on-year growth. Likewise, excess reserves of commercial banks rose 2.1 percent annually but contracted by 34.6 percent quarterly. The money multiplier, measured by the ratio of broad money to reserve money and narrow money to reserve money, increased both on quarterly and annual basis. At the end of the second quarter of 2018/19, the ratio of broad money to reserve money went up 8.3 percent compared to the corresponding quarter of last year. Commercial banks’ strong performance in mobilizing time and saving deposits contributed to the rise in money multiplier (Table 4.3). Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. II Qtr. I Qtr. II Percentage (Dec. 17) (Sep. 18) (Dec. 18) Change A B C C/A C/B
Reserve Requirement (CB's) 31,821.6 36,385.8 39,493.5 24.1 8.5
Actual Reserve (CB's) 48,938.8 63,117.8 56,966.6 16.4 -9.7
Excess Reserve (CB's) 17,117.2 26,732.0 17,473.2 2.1 -34.6
Reserve Money 151,169.3 174,816.5 170,478.6 12.8 -2.5 . Currency in Circulation 105,936.8 110,876.5 120,349.0 13.6 8.5 . Banks deposits at NBE 45,232.5 63,940.0 50,129.6 10.8 -21.6
Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.6 1.5 1.6 -0.8 6.9 . Broad Money to Reserve Money 4.3 4.3 4.6 8.3 7.6
Other Monetary Ratios (%): . Currency to Narrow Money 42.7 41.6 43.4 1.5 4.1 . Currency to Broad Money 16.4 14.7 15.3 -7.0 3.5 . Narrow Money to Broad Money 38.4 35.4 35.2 -8.4 -0.6 . Quasi Money to Broad Money 61.6 64.6 64.8 5.2 0.3 Source: Staff Computation, NBE Fig IV.2: Composition of Domestic Credit (Quarterly Change in Percent) Source: Staff computation, NBE Quasi-money supply showed a 28.5 percent annual and 5.3 percent quarterly growth, while narrow money supply expanded by 11.9 percent. Narrow money contributed 20.7 percent to the growth of broad money, while that of quasi money was 79.3 percent (Table 4.2). The surge in quasi-money was attributed to the expansion of banks branch network and NBE’s policy of increase the minimum deposit interest rate from 5 percent to 7 percent. 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. 17) (Sep. 18) (Dec. 18) C/A C/B A B C Annual
Narrow Money Supply 248,038.7 266,262.2 277,597.9 11.9 4.3 20.7 . Currency outside banks 85,758.5 83,380.0 92,192.6 7.5 10.6 4.5 . Demand Deposits (net) 162,280.1 182,882.2 185,405.3 14.3 1.4 16.2
Quasi-Money 398,015.5 485,869.2 511,563.9 28.5 5.3 79.3 . Savings Deposits 326,794.0 407,170.8 430,098.7 31.6 5.6 72.2 . Time Deposits 71,221.5 78,698.5 81,465.1 14.4 3.5 7.2
Broad Money Supply 646,054.2 752,131.4 789,161.8 22.2 4.9 100.0 Source: Staff Computation, NBE National Bank of Ethiopia 27 Second Quarter 2018/19 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 170.5 billion in the second quarter of 2018/19, showing a 12.8 percent year-on-year growth. Likewise, excess reserves of commercial banks rose 2.1 percent annually but contracted by 34.6 percent quarterly. The money multiplier, measured by the ratio of broad money to reserve money and narrow money to reserve money, increased both on quarterly and annual basis. At the end of the second quarter of 2018/19, the ratio of broad money to reserve money went up 8.3 percent compared to the corresponding quarter of last year. Commercial banks’ strong performance in mobilizing time and saving deposits contributed to the rise in money multiplier (Table 4.3). Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. II Qtr. I Qtr. II Percentage (Dec. 17) (Sep. 18) (Dec. 18) Change A B C C/A C/B
Reserve Requirement (CB's) 31,821.6 36,385.8 39,493.5 24.1 8.5
Actual Reserve (CB's) 48,938.8 63,117.8 56,966.6 16.4 -9.7
Excess Reserve (CB's) 17,117.2 26,732.0 17,473.2 2.1 -34.6
Reserve Money 151,169.3 174,816.5 170,478.6 12.8 -2.5 . Currency in Circulation 105,936.8 110,876.5 120,349.0 13.6 8.5 . Banks deposits at NBE 45,232.5 63,940.0 50,129.6 10.8 -21.6
Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.6 1.5 1.6 -0.8 6.9 . Broad Money to Reserve Money 4.3 4.3 4.6 8.3 7.6
Other Monetary Ratios (%): . Currency to Narrow Money 42.7 41.6 43.4 1.5 4.1 . Currency to Broad Money 16.4 14.7 15.3 -7.0 3.5 . Narrow Money to Broad Money 38.4 35.4 35.2 -8.4 -0.6 . Quasi Money to Broad Money 61.6 64.6 64.8 5.2 0.3 Source: Staff Computation, NBE Fig. IV. 3: Composition of Monetary Stock 4.2. Developments in Reserve Money and Monetary Ratio Reserve money reached Birr 170.5 billion in the second quarter of 2018/19, showing a 12.8 percent year-on-year growth. Likewise, excess reserves of commercial banks rose 2.1 percent annually but contracted by 34.6 percent quarterly. The money multiplier, measured by the ratio of broad money to reserve money and narrow money to reserve money, increased both on quarterly and annual basis. At the end of the second quarter of 2018/19, the ratio of broad money to reserve money went up 8.3 percent compared to the corresponding quarter of last year. Commercial banks’ strong performance in mobilizing time and saving deposits contributed to the rise in money multiplier (Table 4.3). Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. II Qtr. I Qtr. II Percentage (Dec. 17) (Sep. 18) (Dec. 18) Change A B C C/A C/B
Reserve Requirement (CB's) 31,821.6 36,385.8 39,493.5 24.1 8.5
Actual Reserve (CB's) 48,938.8 63,117.8 56,966.6 16.4 -9.7
Excess Reserve (CB's) 17,117.2 26,732.0 17,473.2 2.1 -34.6
Reserve Money 151,169.3 174,816.5 170,478.6 12.8 -2.5 . Currency in Circulation 105,936.8 110,876.5 120,349.0 13.6 8.5 . Banks deposits at NBE 45,232.5 63,940.0 50,129.6 10.8 -21.6
Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.6 1.5 1.6 -0.8 6.9 . Broad Money to Reserve Money 4.3 4.3 4.6 8.3 7.6
Other Monetary Ratios (%): . Currency to Narrow Money 42.7 41.6 43.4 1.5 4.1 . Currency to Broad Money 16.4 14.7 15.3 -7.0 3.5 . Narrow Money to Broad Money 38.4 35.4 35.2 -8.4 -0.6 . Quasi Money to Broad Money 61.6 64.6 64.8 5.2 0.3 Source: Staff Computation, NBE 20 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 28 Second Quarter 2018/19 Fig. IV.4: Quarterly Growth of Reserve Money and Its Components Source: Staff Computation NBE Figure 5: Monetary Aggregates 0.0 10,000.0 20,000.0 30,000.0 40,000.0 50,000.0 60,000.0 70,000.0 In millions of Birr Required Reserve Actual Reserve Excess Reserve Source: Staff Computation NBE -50 -40 -30 -20 -10 0 10 20 30 40 50 60 QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2015/16 2016/17 2017/18 2018/19 Percentage Changes Quarters Reserve Money Currency in Circulation Bank Deposits National Bank of Ethiopia 28 Second Quarter 2018/19 Fig. IV.4: Quarterly Growth of Reserve Money and Its Components Source: Staff Computation NBE Figure 5: Monetary Aggregates 0.0 10,000.0 20,000.0 30,000.0 40,000.0 50,000.0 60,000.0 70,000.0 In millions of Birr Required Reserve Actual Reserve Excess Reserve Source: Staff Computation NBE -50 -40 -30 -20 -10 0 10 20 30 40 50 60 QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2015/16 2016/17 2017/18 2018/19 Percentage Changes Quarters Reserve Money Currency in Circulation Bank Deposits National Bank of Ethiopia 29 4.3. Interest Rate Developments Average savings deposit rate stood at 8.0 percent and average lending rate 13.5 percent, while weighted average time deposit rate witnessed a minor decline both on annual basis and on quarterly. In contrast, weighted average yield on Tbills slightly increased (0.27 percentage point) over last year same quarter. Hence, considering 10.4 percent headline inflation, all real deposit rates and T-bills yields remained negative while average real lending rate stood positive at 3.1 percent (Table 4.4). Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum) Particulars 2017/1 8 2018/19 Percentage point Changes QII QI QII Annual Quarterly 1. Savings Deposit Rate 1/ Minimum 7.00 - - Maximum 9.00 - - Average Saving Rate 8.00 - - 2. Time Deposits Up to 1yr 8.02 8.06 8.01 (0.00) (0.04) 1-2 years 8.06 8.10 8.06 0.00 (0.04) Over 2 yrs 8.13 8.15 8.10 (0.02) (0.05) Average Time Dep. Rate (Weighted) 8.07 8.10 8.06 (0.01) (0.04) 3. Demand Deposit (Weighted) 0.04 0.01 (0.00) 4. Lending Rate 2/ Minimum 7.00 - - Maximum 20.00 - - Average Lending Rate 13.50 - - 5. T-bills Rate (Weighted) 1.42 1.56 1.69 0.27 0.13 6. GERD Bond Yield 3/ 6.1 Maturity within 5 Years 5.50 7.50 7.50 2.00 - 6.1 Maturity above 5 Years 6.00 8.00 8.00 2.00 - 7. Headline Inflation (Year-on-year) 16.5 11.8 10.4 (6.10) (1.40) 8. Food Inflation (Year-on-year) 15.5 10.7 11.4 (4.10) 0.70 9. Core/non-food Inflation (Year-on-year) 17.7 13.2 9.2 (8.50) (4.00) Source: Staff Computation NBE 1/ Minimum interest rate on saving bond is set by NBE, where as the maximum indicates the highest rate some banks are paying voluntarily. 2/ NBE have no control on lending rates and the minimum & maximum rates presented here are determined by the market. 3/ GERD stands for Grand Ethiopian Renaissance Dam Table 4.3: Monetary Aggregates and Ratios (In millions of Birr unless otherwise indicated) Particulars Qtr. II Qtr. I Qtr. II Percentage (Dec. 17) (Sep. 18) (Dec. 18) Change A B C C/A C/B

Reserve Requirement (CB's) 31,821.6 36,385.8 39,493.5 24.1 8.5
Actual Reserve (CB's) 48,938.8 63,117.8 56,966.6 16.4 -9.7
Excess Reserve (CB's) 17,117.2 26,732.0 17,473.2 2.1 -34.6
Reserve Money 151,169.3 174,816.5 170,478.6 12.8 -2.5 . Currency in Circulation 105,936.8 110,876.5 120,349.0 13.6 8.5 . Banks deposits at NBE 45,232.5 63,940.0 50,129.6 10.8 -21.6
Money Multiplier (Ratio): . Narrow Money to Reserve Money 1.6 1.5 1.6 -0.8 6.9 . Broad Money to Reserve Money 4.3 4.3 4.6 8.3 7.6
Other Monetary Ratios (%): . Currency to Narrow Money 42.7 41.6 43.4 1.5 4.1 . Currency to Broad Money 16.4 14.7 15.3 -7.0 3.5 . Narrow Money to Broad Money 38.4 35.4 35.2 -8.4 -0.6 . Quasi Money to Broad Money 61.6 64.6 64.8 5.2 0.3 Source: Staff Computation, NBE Second Quarter 2018/19 21 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 29 4.3. Interest Rate Developments Average savings deposit rate stood at 8.0 percent and average lending rate 13.5 percent, while weighted average time deposit rate witnessed a minor decline both on annual basis and on quarterly. In contrast, weighted average yield on Tbills slightly increased (0.27 percentage point) over last year same quarter. Hence, considering 10.4 percent headline inflation, all real deposit rates and T-bills yields remained negative while average real lending rate stood positive at 3.1 percent (Table 4.4). Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum) Particulars 2017/1 8 2018/19 Percentage point Changes QII QI QII Annual Quarterly 1. Savings Deposit Rate 1/ Minimum 7.00 - - Maximum 9.00 - - Average Saving Rate 8.00 - - 2. Time Deposits Up to 1yr 8.02 8.06 8.01 (0.00) (0.04) 1-2 years 8.06 8.10 8.06 0.00 (0.04) Over 2 yrs 8.13 8.15 8.10 (0.02) (0.05) Average Time Dep. Rate (Weighted) 8.07 8.10 8.06 (0.01) (0.04) 3. Demand Deposit (Weighted) 0.04 0.01 (0.00) 4. Lending Rate 2/ Minimum 7.00 - - Maximum 20.00 - - Average Lending Rate 13.50 - - 5. T-bills Rate (Weighted) 1.42 1.56 1.69 0.27 0.13 6. GERD Bond Yield 3/ 6.1 Maturity within 5 Years 5.50 7.50 7.50 2.00 - 6.1 Maturity above 5 Years 6.00 8.00 8.00 2.00 - 7. Headline Inflation (Year-on-year) 16.5 11.8 10.4 (6.10) (1.40) 8. Food Inflation (Year-on-year) 15.5 10.7 11.4 (4.10) 0.70 9. Core/non-food Inflation (Year-on-year) 17.7 13.2 9.2 (8.50) (4.00) Source: Staff Computation NBE 1/ Minimum interest rate on saving bond is set by NBE, where as the maximum indicates the highest rate some banks are paying voluntarily. 2/ NBE have no control on lending rates and the minimum & maximum rates presented here are determined by the market. 3/ GERD stands for Grand Ethiopian Renaissance Dam 4.3. Interest Rate Developments Average savings deposit rate stood at 8.0 percent and average lending rate 13.5 percent, while weighted average time deposit rate witnessed a minor decline both on annual basis and on quarterly. In contrast, weighted average yield on T-bills slightly increased (0.27 percentage point) over last year same quarter. Hence, considering 10.4 percent headline inflation, all real deposit rates and T-bills yields remained negative while average real lending rate stood positive at 3.1 percent (Table 4.4). Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum) Particulars 2017/18 2018/19 Percentage point Changes QII QI QII Annual Quarterly

Savings Deposit Rate 1/ Minimum 7.00 - - Maximum 9.00 - - Average Saving Rate 8.00 - -
Time Deposits Up to 1yr 8.02 8.06 8.01 (0.00) (0.04) 1-2 years 8.06 8.10 8.06 0.00 (0.04) Over 2 yrs 8.13 8.15 8.10 (0.02) (0.05) Average Time Dep. Rate (Weighted) 8.07 8.10 8.06 (0.01) (0.04)
Demand Deposit (Weighted) 0.04 0.01 (0.00)
Lending Rate 2/ Minimum 7.00 - - Maximum 20.00 - - Average Lending Rate 13.50 - -
T-bills Rate (Weighted) 1.42 1.56 1.69 0.27 0.13
GERD Bond Yield 3/ 6.1 Maturity within 5 Years 5.50 7.50 7.50 2.00 - 6.1 Maturity above 5 Years 6.00 8.00 8.00 2.00 -
Headline Inflation (Year-on-year) 16.5 11.8 10.4 (6.10) (1.40)
Food Inflation (Year-on-year) 15.5 10.7 11.4 (4.10) 0.70
Core/non-food Inflation (Year-onyear) 17.7 13.2 9.2 (8.50) (4.00) Source: Staff Computation NBE 1/ Minimum interest rate on saving bond is set by NBE, where as the maximum indicates the highest rate some banks are paying voluntarily. 2/ NBE have no control on lending rates and the minimum & maximum rates presented here are determined by the market. 3/ GERD stands for Grand Ethiopian Renaissance Dam National Bank of Ethiopia 28 Second Quarter 2018/19 Fig. IV.4: Quarterly Growth of Reserve Money and Its Components Source: Staff Computation NBE Figure 5: Monetary Aggregates 0.0 10,000.0 20,000.0 30,000.0 40,000.0 50,000.0 60,000.0 70,000.0 In millions of Birr Required Reserve Actual Reserve Excess Reserve Source: Staff Computation NBE -50 -40 -30 -20 -10 0 10 20 30 40 50 60 QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2015/16 2016/17 2017/18 2018/19 Percentage Changes Quarters Reserve Money Currency in Circulation Bank Deposits National Bank of Ethiopia 28 Second Quarter 2018/19 Fig. IV.4: Quarterly Growth of Reserve Money and Its Components Source: Staff Computation NBE Figure 5: Monetary Aggregates 0.0 10,000.0 20,000.0 30,000.0 40,000.0 50,000.0 60,000.0 70,000.0 In millions of Birr Required Reserve Actual Reserve Excess Reserve Source: Staff Computation NBE -50 -40 -30 -20 -10 0 10 20 30 40 50 60 QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2015/16 2016/17 2017/18 2018/19 Percentage Changes Quarters Reserve Money Currency in Circulation Bank Deposits National Bank of Ethiopia 29 4.3. Interest Rate Developments Average savings deposit rate stood at 8.0 percent and average lending rate 13.5 percent, while weighted average time deposit rate witnessed a minor decline both on annual basis and on quarterly. In contrast, weighted average yield on Tbills slightly increased (0.27 percentage point) over last year same quarter. Hence, considering 10.4 percent headline inflation, all real deposit rates and T-bills yields remained negative while average real lending rate stood positive at 3.1 percent (Table 4.4). Table 4.4: Interest Rate Structure of Commercial Banks (Percent per annum) Particulars 2017/1 8 2018/19 Percentage point Changes QII QI QII Annual Quarterly 1. Savings Deposit Rate 1/ Minimum 7.00 - - Maximum 9.00 - - Average Saving Rate 8.00 - - 2. Time Deposits Up to 1yr 8.02 8.06 8.01 (0.00) (0.04) 1-2 years 8.06 8.10 8.06 0.00 (0.04) Over 2 yrs 8.13 8.15 8.10 (0.02) (0.05) Average Time Dep. Rate (Weighted) 8.07 8.10 8.06 (0.01) (0.04) 3. Demand Deposit (Weighted) 0.04 0.01 (0.00) 4. Lending Rate 2/ Minimum 7.00 - - Maximum 20.00 - - Average Lending Rate 13.50 - - 5. T-bills Rate (Weighted) 1.42 1.56 1.69 0.27 0.13 6. GERD Bond Yield 3/ 6.1 Maturity within 5 Years 5.50 7.50 7.50 2.00 - 6.1 Maturity above 5 Years 6.00 8.00 8.00 2.00 - 7. Headline Inflation (Year-on-year) 16.5 11.8 10.4 (6.10) (1.40) 8. Food Inflation (Year-on-year) 15.5 10.7 11.4 (4.10) 0.70 9. Core/non-food Inflation (Year-on-year) 17.7 13.2 9.2 (8.50) (4.00) Source: Staff Computation NBE 1/ Minimum interest rate on saving bond is set by NBE, where as the maximum indicates the highest rate some banks are paying voluntarily. 2/ NBE have no control on lending rates and the minimum & maximum rates presented here are determined by the market. 3/ GERD stands for Grand Ethiopian Renaissance Dam 22 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

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

Savings Deposit Rate 1/ Minimum 7.00 - - Maximum 9.00 - - Average Saving Rate 8.00 - -
Time Deposits Up to 1yr 8.02 8.06 8.01 (0.00) (0.04) 1-2 years 8.06 8.10 8.06 0.00 (0.04) Over 2 yrs 8.13 8.15 8.10 (0.02) (0.05) Average Time Dep. Rate (Weighted) 8.07 8.10 8.06 (0.01) (0.04)
Demand Deposit (Weighted) 0.04 0.01 (0.00)
Lending Rate 2/ Minimum 7.00 - - Maximum 20.00 - - Average Lending Rate 13.50 - -
T-bills Rate (Weighted) 1.42 1.56 1.69 0.27 0.13
GERD Bond Yield 3/ 6.1 Maturity within 5 Years 5.50 7.50 7.50 2.00 - 6.1 Maturity above 5 Years 6.00 8.00 8.00 2.00 -
Headline Inflation (Year-on-year) 16.5 11.8 10.4 (6.10) (1.40)
Food Inflation (Year-on-year) 15.5 10.7 11.4 (4.10) 0.70
Core/non-food Inflation (Year-on-year) 17.7 13.2 9.2 (8.50) (4.00) Source: Staff Computation NBE 1/ Minimum interest rate on saving bond is set by NBE, where as the maximum indicates the highest rate some banks are paying voluntarily. 2/ NBE have no control on lending rates and the minimum & maximum rates presented here are determined by the market. 3/ GERD stands for Grand Ethiopian Renaissance Dam Second Quarter 2018/19 23 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 30 Second Quarter 2018/19 Fig IV.6: Interest Rate Structure of Commercial Banks (In percent per annum) Source: NBE and Commercial Banks 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 Value in Percent Quarters Simple Av. Sav. Dep. Rate Simple Av. Lend. Rate Bond Yield T-bills Yield National Bank of Ethiopia 31 Second Quarter 2018/19 Fig IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (in percent per annum) *Core inflation is depicted on the right axis while lending rate, 91 day T-bills yield and average saving deposit rate are shown on the left axis Source: Staff computation, NBE 4.4. Developments in the Financial Sector The number of banks operating in Ethiopia remained at 18 of which 16 were private and 2 public. During the review period, 225 new bank branches were opened thereby raising the number of bank branches to 5,211. As a result, population to bank branch ratio stood at 18,933.95 . About 34.3 percent of the total bank branches were located in Addis Ababa. Of the total bank branches, the share of public banks was 30 percent and that of private banks 70 percent. Meanwhile, total capital of the

National Bank of Ethiopia 31 Second Quarter 2018/19 Fig IV.7: Average Lending Rate, Average Saving Deposit Rate, 91-day T-bills Yield & Core Inflation Rate (in percent per annum) *Core inflation is depicted on the right axis while lending rate, 91 day T-bills yield and average saving deposit rate are shown on the left axis Source: Staff computation, NBE 4.4. Developments in the Financial Sector The number of banks operating in Ethiopia remained at 18 of which 16 were private and 2 public. During the review period, 225 new bank branches were opened thereby raising the number of bank branches to 5,211. As a result, population to bank branch ratio stood at 18,933.95 . About 34.3 percent of the total bank branches were located in Addis Ababa. Of the total bank branches, the share of public banks was 30 percent and that of private banks 70 percent. Meanwhile, total capital of the

5 Total population is 98,665,000 estimation for 2018/19 0.00 5.00 10.00 15.00 20.00 25.00 30.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 inflation rate (core) Value in Percent Quarters Lending Rate 91 day T-bills yield Av. Saving Dep.Rate Inflation rate (core) National Bank of Ethiopia 32 Second Quarter 2018/19 banking system amounted to Birr 93.8 billion, of which public banks accounted for 56.7 percent and private banks 43.3 percent. The share of Commercial Bank of Ethiopia, the biggest state owned bank in total capital of the banking system, was 48.5 percent (Table4.5). At the same time, the number of insurance companies stood at 17, of which 16 were private and one public. Their branches increased to558 from 518 a year ago. Of the total branches, about 54 percent were located in Addis Ababa. The total capital of insurance companies reached Birr 6.3billion, of which 75 percent was that of private insurance companies (Table 4.6). There were 38 micro-finance institutions (MFIs) operating in the country. They mobilized Birr 33.9 billion in saving deposit which was 19.5 percent higher than last year same period. Similarly, their outstanding credit increased 32.2 percent to Birr 48.9 billion highlighting their rising contribution to poverty alleviation and creating wealth both in rural and urban areas. Their total asset also expanded by 26.2 percent to Birr 71 billion (Table 4.7). The top five largest MFIs (Amhara, Dedebit, Oromia, Omo& Addis Credit and Savings Institutions) accounted for 83.9 percent of the total capital, 91 percent of the deposits, 87.7 percent of the credit and 88.4 percent of the total assets of MFIs. National Bank of Ethiopia 32 Second Quarter 2018/19 banking system amounted to Birr 93.8 billion, of which public banks accounted for 56.7 percent and private banks 43.3 percent. The share of Commercial Bank of Ethiopia, the biggest state owned bank in total capital of the banking system, was 48.5 percent (Table4.5). At the same time, the number of insurance companies stood at 17, of which 16 were private and one public. Their branches increased to558 from 518 a year ago. Of the total branches, about 54 percent were located in Addis Ababa. The total capital of insurance companies reached Birr 6.3billion, of which 75 percent was that of private insurance companies (Table 4.6). There were 38 micro-finance institutions (MFIs) operating in the country. They mobilized Birr 33.9 billion in saving deposit which was 19.5 percent higher than last year same period. Similarly, their outstanding credit increased 32.2 percent to Birr 48.9 billion highlighting their rising contribution to poverty alleviation and creating wealth both in rural and urban areas. Their total asset also expanded by 26.2 percent to Birr 71 billion (Table 4.7). The top five largest MFIs (Amhara, Dedebit, Oromia, Omo& Addis Credit and Savings Institutions) accounted for 83.9 percent of the total capital, 91 percent of the deposits, 87.7 percent of the credit and 88.4 percent of the total assets of MFIs. Second Quarter 2018/19 25 National Bank of Ethiopia Quarterly Bulletin

Table 4.5: Branch Network and Capital of the Banking System (Branch in Number & Capital in Millions of Birr) Banks Branch Network Capital 2017/18 2018/19 2017/18 2018/19 Quarter II Quarter I Quarter II Quarter II Quarter I Quarter Reg A.A Total II % Share Reg. A.A Total % Share Reg. A.A Total % Share

Public Banks Commercial Bank of Ethiopia 1,045 314 1,359 29.4 1,093 327 1,420 28.5 1,125 333 1,458 28.0 44,389.1 45,801.6 45,474.7 Development Bank of Ethiopia 106 4 110 2.4 103 4 107 2.1 103 4 107 2.1 7,686.3 7,778.3 7,676.5 Total Public Banks 1,151 318 1,469 32 1,196 331 1,527 30.6 1,151 318 1,565 30.0 52,075.4 53,580.0 53,151.2
Private Banks - Awash International Bank 187 161 348 7.5 224 172 396 7.9 229 174 403 7.7 4,106.0 4,594.0 5,822.2 Dashen Bank 228 137 365 7.9 245 144 389 7.8 260 151 411 7.9 3,426.0 3,898.5 4,627.6 Abyssinia Bank 149 134 283 6.1 159 144 303 6.1 180 153 333 6.4 2,941.7 3,270.2 3,918.5 Wegagen Bank 164 107 271 5.9 197 128 325 6.5 204 133 337 6.5 2,926.4 3,196.9 3,648.1 United Bank 117 110 227 4.9 126 118 244 4.9 130 124 254 4.9 2,240.7 2,586.8 2,742.7 Nib International Bank 98 122 220 4.8 113 133 246 4.9 117 142 259 5.0 2,653.0 3,114.6 3,151.9 Cooperative Bank of Oromiya 264 61 325 7.0 281 65 346 6.9 326 72 398 7.6 1,345.5 1,980.3 2,340.0 Lion International Bank 134 60 194 4.2 152 68 220 4.4 152 68 220 4.2 1,301.2 1,614.2 1,882.9 Oromia International Bank 169 76 245 5.3 171 90 261 5.2 175 92 267 5.1 1,792.5 1,952.4 2,690.0 Zemen Bank 13 11 24 0.5 15 15 30 0.6 16 19 35 0.7 1,050.7 1,391.8 1,459.6 Buna International Bank 94 79 173 3.7 97 81 178 3.6 100 84 184 3.5 1,227.3 1,770.7 1,843.6 Berhan International Bank 97 87 184 4.0 101 94 195 3.9 102 96 198 3.8 1,631.4 2,022.4 2,065.6 Abay Bank 113 49 162 3.5 119 60 179 3.6 124 71 195 3.7 1,164.1 1,517.5 1,658.6 Addis Interational Bank 24 34 58 1.3 25 37 62 1.2 25 38 63 1.2 721.5 812.0 864.4 Debub Global Bank 19 19 38 0.8 23 22 45 0.9 23 23 46 0.9 541.0 640.3 674.5 Enat Bank S.C 14 25 39 0.8 15 25 40 0.8 15 28 43 0.8 903.5 1,072.3 1,267.4 Total Private Banks 1,884 1,272 3,156 68 2,063 1,396 3,459 69 2,178 1,468 3,646 70 29,973 35,435 40,658 3.Grand Total Banks 3,035 1,590 4,625 100 3,259 1,727 4,986 100 3,329 1,786 5,211 100 82,048 89,015 93,809 Source: Bank Supervision Directorate, NBE Reg. Stands for Region and A.A for Addis Ababa 26 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 34 Second Quarter 2018/19 Fig.IV.8: Branch Network and Capital of Banking System 31.8 30.6 30.0 63.5 60.2 56.7 68.2 69.4 70.0 36.5 39.8 43.3 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% percentage share from total Public Banks Private Banks Source: Staff Compilation, NBE Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) 2017/18 Quarter II Quarter I Quarter II S.No. A.A Reg Total A.A Reg Total A.A Reg Total Capital 1 25 58 83 25 60 85 25 63 88 1,179 1,571 1,556 2 27 17 44 27 18 45 27 19 46 368 1,025 944 3 15 13 28 16 13 29 16 13 29 242 236 180 4 19 15 34 21 16 37 21 16 37 127 168 128 5 23 12 35 25 12 37 25 12 37 364 444 455 6 7 8 15 8 8 16 8 11 19 139 154 158 7 19 20 39 20 20 40 20 20 40 384 468 478 8 15 16 31 15 16 31 15 16 31 464 694 722 9 24 13 37 26 13 39 27 13 40 282 330 378 10 16 15 31 16 15 31 16 15 31 104 153 153 11 15 5 20 5 15 20 5 16 21 101 119 107 12 18 19 37 19 20 39 19 20 39 212 290 263 13 12 11 23 13 12 25 13 13 26 243 286 296 14 Berhan insurance S.C 2 9 11 5 10 15 5 10 15 112 116 106 15 12 6 18 7 12 19 7 14 21 120 128 152 16 Lucy 11 4 15 4 12 16 4 12 16 130 141 132 17 Bunna Insurance S.C. 11 6 17 6 12 18 6 12 18 79 108 123 TOTAL 279 239 518 292 250 542 299 255 554 4,650 6,431 6,331 United Insurance Company Global Insurance Company Nile Insurance Company Nyala Insurance Company Nib Insurance Company Ethio-Life Insurance Company Oromia Insurance Company Abay Insurance Company S.C. Lion Insurance Company Tsehay Insurance S.C. National Insurance Corporation of Quarter II Ethiopian Insurance Corporation Awash Insurance Company Africa Insurance Company Quarter I Insurance Companies Branch Capital Quarter II 2017/18 2018/19 2018/19 Source: Insurance Supervision Directorate, NBE 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) S. No. Insurance Companies Branch Capital 2017/18 2018/19 2017/18 2018/19 Quarter II Quarter I Quarter II Quarter II Quarter I Quarter II A.A Reg Total A.A Reg Total A.A Reg Total Capital Capital Capital 1 Ethiopian Insurance Corporation 25 58 83 25 60 85 25 63 88 1,179 1,571 1,556 2 Awash Insurance Company 27 17 44 27 18 45 27 19 46 368 1,025 944 3 Africa Insurance Company 15 13 28 16 13 29 16 13 29 242 236 180 4 National Insurance Corporation of Ethiopia 19 15 34 21 16 37 21 16 37 127 168 128 5 United Insurance Company 23 12 35 25 12 37 25 12 37 364 444 455 6 Global Insurance Company 8 7 15 8 8 16 11 8 19 139 154 158 7 Nile Insurance Company 19 20 39 20 20 40 20 20 40 384 468 478 8 Nyala Insurance Company 15 16 31 15 16 31 15 16 31 464 694 722 9 Nib Insurance Company 24 13 37 26 13 39 27 13 40 282 330 378 10 Lion Insurance Company 16 15 31 16 15 31 16 15 31 104 153 153 11 Ethio-Life Insurance Company 15 5 20 15 5 20 16 5 21 101 119 107 12 Oromia Insurance Company 18 19 37 19 20 39 19 20 39 212 290 263 13 Abay Insurance Company S.C. 12 11 23 13 12 25 13 13 26 243 286 296 14 Berhan insurance S.C 9 2 11 10 5 15 10 5 15 112 116 106 15 Tsehay Insurance S.C. 12 6 18 12 7 19 14 7 21 120 128 152 16 Lucy 11 4 15 12 4 16 12 4 16 130 141 132 17 Bunna Insurance S.C. 11 6 17 12 6 18 12 6 18 79 108 123 TOTAL 279 239 518 292 250 542 299 255 554 4,650 6,431 6,331 Source: Insurance Supervision Directorate, NBE Table 4.7: Microfinance Institutions Performance as of September 30, 2018 (In Thousands of Birr) Particulars 2017/18 2018/19 % Change Qtr.II Qtr.I Qtr.II A B C C/A C/B Total Capital 12,306,187.6 14,188,403.8 14,800,240.9 20.3 4.3 Saving 28,383,487.2 32,398,562.4 33,913,973.2 19.5 4.7 Credit 37,032,631.5 46,851,910.5 48,942,340.2 32.2 4.5 Total Assets 56,338,699.4 66,990,442.4 71,073,587.1 26.2 6.1 Source:Microfinance Supervision Directorate, NBE 4.5. Activities of the Banking System 4.5.1. Resource Mobilization Total resources mobilized by the banking system (the sum of net change in deposit, loans collected and net change in borrowings) increased by 38 percent over the same quarter of last year (Table 4.8). Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.I 2018/19 Qtr.II 2018/19 Qtr.I 2018/19 Qtr.II 2018/19 Qtr.II 2017/18 Qtr.I 2018/19 Qtr.II 2018/19 A B C C/A C/B 1.Deposits (net change) 5,653.0 23,917.2 14,446.5 18,420.0 29,804.3 20,099.5 42,337.1 42.1 110.6 -Demand -4,304.8 10,520.3 -2,061.5 6,113.1 13,587.5 -6,366.3 16,633.3 22.4 -361.3 -Saving 8,840.1 12,016.3 15,784.7 10,922.1 13,487.2 24,624.7 22,938.4 70.1 -6.8 -Time 1,117.7 1,380.6 723.4 1,384.8 2,729.6 1,841.1 2,765.4 1.3 50.2 2. Borrowing (net change) 1,385.2 5,428.4 0.0 0.0 655.1 1,385.2 5,428.4 728.7 291.9 -Local 122.4 5,345.1 0.0 0.0 380.9 122.4 5,345.1 1,303.3 4,266.1 -Foreign 1,262.8 83.3 0.0 0.0 274.2 1,262.8 83.3 -69.6 -93.4 3. Collection of Loans 11,670.3 7,740.1 17,940.6 19,380.3 23,807.7 29,610.9 27,120.4 13.9 -8.4 4. Total Resources Mobilized (1+2+3) 18,708.5 37,085.7 32,387.1 37,800.3 54,267.1 51,095.6 74,886.0 38.0 46.6 5. Disbursement 13,288.4 16,410.7 16,776.7 29,636.1 22,805.3 30,065.1 46,046.8 101.9 53.2 6. Change in Liquidity (4-5) 5,420.1 20,674.9 15,610.4 8,164.2 31,461.9 21,030.6 28,839.2 -8.3 37.1 Memorandum Item: Outstanding Credit* 217,772.5 231,115.7 187,965.8 217,304.1 330,165.7 405,738.3 448,419.8 35.8 10.5 Source: Commercial Banks and staff computation Notes: *Excludes bonds and treasury bills holding of commercial banks and Development Bank of Ethiopia (DBE) Table 4.6: Branch Network & Capital of Insurance Companies (Branch in Number & Capital in Millions of Birr) S. No. Insurance Companies Branch Capital 2017/18 2018/19 2017/18 2018/19 Quarter II Quarter I Quarter II Quarter II Quarter I Quarter II A.A Reg Total A.A Reg Total A.A Reg Total Capital Capital Capital 1 Ethiopian Insurance Corporation 25 58 83 25 60 85 25 63 88 1,179 1,571 1,556 2 Awash Insurance Company 27 17 44 27 18 45 27 19 46 368 1,025 944 3 Africa Insurance Company 15 13 28 16 13 29 16 13 29 242 236 180 4 National Insurance Corporation of Ethiopia 19 15 34 21 16 37 21 16 37 127 168 128 5 United Insurance Company 23 12 35 25 12 37 25 12 37 364 444 455 6 Global Insurance Company 8 7 15 8 8 16 11 8 19 139 154 158 7 Nile Insurance Company 19 20 39 20 20 40 20 20 40 384 468 478 8 Nyala Insurance Company 15 16 31 15 16 31 15 16 31 464 694 722 9 Nib Insurance Company 24 13 37 26 13 39 27 13 40 282 330 378 10 Lion Insurance Company 16 15 31 16 15 31 16 15 31 104 153 153 11 Ethio-Life Insurance Company 15 5 20 15 5 20 16 5 21 101 119 107 12 Oromia Insurance Company 18 19 37 19 20 39 19 20 39 212 290 263 13 Abay Insurance Company S.C. 12 11 23 13 12 25 13 13 26 243 286 296 14 Berhan insurance S.C 9 2 11 10 5 15 10 5 15 112 116 106 15 Tsehay Insurance S.C. 12 6 18 12 7 19 14 7 21 120 128 152 16 Lucy 11 4 15 12 4 16 12 4 16 130 141 132 17 Bunna Insurance S.C. 11 6 17 12 6 18 12 6 18 79 108 123 TOTAL 279 239 518 292 250 542 299 255 554 4,650 6,431 6,331 Source: Insurance Supervision Directorate, NBE Second Quarter 2018/19 27 National Bank of Ethiopia Quarterly Bulletin

Table 4.7: Microfinance Institutions Performance as of September 30, 2018 (In Thousands of Birr) Particulars 2017/18 2018/19 % Change Qtr.II Qtr.I Qtr.II A B C C/A C/B Total Capital 12,306,187.6 14,188,403.8 14,800,240.9 20.3 4.3 Saving 28,383,487.2 32,398,562.4 33,913,973.2 19.5 4.7 Credit 37,032,631.5 46,851,910.5 48,942,340.2 32.2 4.5 Total Assets 56,338,699.4 66,990,442.4 71,073,587.1 26.2 6.1 Source:Microfinance Supervision Directorate, NBE 4.5. Activities of the Banking System 4.5.1. Resource Mobilization Total resources mobilized by the banking system (the sum of net change in deposit, loans collected and net change in borrowings) increased by 38 percent over the same quarter of last year (Table 4.8). Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.I 2018/19 Qtr.II 2018/19 Qtr.I 2018/19 Qtr.II 2018/19 Qtr.II 2017/18 Qtr.I 2018/19 Qtr.II 2018/19 A B C C/A C/B 1.Deposits (net change) 5,653.0 23,917.2 14,446.5 18,420.0 29,804.3 20,099.5 42,337.1 42.1 110.6 -Demand -4,304.8 10,520.3 -2,061.5 6,113.1 13,587.5 -6,366.3 16,633.3 22.4 -361.3 -Saving 8,840.1 12,016.3 15,784.7 10,922.1 13,487.2 24,624.7 22,938.4 70.1 -6.8 -Time 1,117.7 1,380.6 723.4 1,384.8 2,729.6 1,841.1 2,765.4 1.3 50.2 2. Borrowing (net change) 1,385.2 5,428.4 0.0 0.0 655.1 1,385.2 5,428.4 728.7 291.9 -Local 122.4 5,345.1 0.0 0.0 380.9 122.4 5,345.1 1,303.3 4,266.1 -Foreign 1,262.8 83.3 0.0 0.0 274.2 1,262.8 83.3 -69.6 -93.4 3. Collection of Loans 11,670.3 7,740.1 17,940.6 19,380.3 23,807.7 29,610.9 27,120.4 13.9 -8.4 4. Total Resources Mobilized (1+2+3) 18,708.5 37,085.7 32,387.1 37,800.3 54,267.1 51,095.6 74,886.0 38.0 46.6 5. Disbursement 13,288.4 16,410.7 16,776.7 29,636.1 22,805.3 30,065.1 46,046.8 101.9 53.2 6. Change in Liquidity (4-5) Memorandum Item: 5,420.1 20,674.9 15,610.4 8,164.2 31,461.9 21,030.6 28,839.2 -8.3 37.1 Outstanding Credit* 217,772.5 231,115.7 187,965.8 217,304.1 330,165.7 405,738.3 448,419.8 35.8 10.5 Source: Commercial Banks and staff computation Notes: *Excludes bonds and treasury bills holding of commercial banks and Development Bank of Ethiopia (DBE) 28 Second Quarter 2018/19 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 792.7 billion by the close of the Second quarter of 2018/19, indicating 23.4 percent annual growth. This growth was a cumulative effect of the expansion of bank branches and improved access to finance, growing saving culture of the society and an increase in per capita income. Demand deposits, which accounted for 35.4 percent of the total deposits, reached Birr 280.9 billion showing a 15.1 percent annual expansion. Similarly, saving deposits went up 31.6 percent and accounted for54.3 percent of the total deposits while time deposits, which constituted 10.3 percent of the total deposit liabilities, increased14.4 percent over the same period of last year. The share of public banks in total deposits outstanding was 61 percent while that of private banks was 39 percent (Table 4.9). Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) Deposit by types Quarter II 2017/18 % Share Quarter I 2018/19 % Share Quarter II 2018/19 % Share C/A C/B A B C Demand Deposit 244,028.91 38.0 264,303.7 35.2 280,937.0 35.4 15.1 6.3 Saving Deposit 326,816.20 50.9 407,208.2 54.3 430,146.6 54.3 31.6 5.6 Time Deposit 71,358.81 11.1 78,845.3 10.5 81,610.7 10.3 14.4 3.5 Total 642,203.91 100.0 750,357.3 100.0 792,694.4 100.0 23.4 5.6 Share of Public Banks 64.2 62.2 61.0 Share of Private Banks 35.8 37.8 39.0 Source:Commercial Banks and DBE National Bank of Ethiopia 36 Second Quarter 2018/19 Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Qtr.II 2017/18 Qtr.I 2018/19 Qtr.II 2018/19 A B C C/A C/B 1.Deposits (net change) 5,653.0 23,917.2 14,446.5 18,420.0 29,804.3 20,099.5 42,337.1 42.1 110.6 -Demand -4,304.8 10,520.3 -2,061.5 6,113.1 13,587.5 -6,366.3 16,633.3 22.4 -361.3 -Saving 8,840.1 12,016.3 15,784.7 10,922.1 13,487.2 24,624.7 22,938.4 70.1 -6.8 -Time 1,117.7 1,380.6 723.4 1,384.8 2,729.6 1,841.1 2,765.4 1.3 50.2 2. Borrowing (net change) 1,385.2 5,428.4 0.0 0.0 655.1 1,385.2 5,428.4 728.7 291.9 -Local 122.4 5,345.1 0.0 0.0 380.9 122.4 5,345.1 1,303.3 4,266.1 -Foreign 1,262.8 83.3 0.0 0.0 274.2 1,262.8 83.3 -69.6 -93.4 3. Collection of Loans 11,670.3 7,740.1 17,940.6 19,380.3 23,807.7 29,610.9 27,120.4 13.9 -8.4 4. Total Resources Mobilized (1+2+3)18,708.5 37,085.7 32,387.1 37,800.3 54,267.1 51,095.6 74,886.0 38.0 46.6 5. Disbursement 13,288.4 16,410.7 16,776.7 29,636.1 22,805.3 30,065.1 46,046.8 101.9 53.2 6. Change in Liquidity (4-5) 5,420.1 20,674.9 15,610.4 8,164.2 31,461.9 21,030.6 28,839.2 -8.3 37.1 Memorandum Item: Outstanding Credit* 217,772.5 231,115.7 187,965.8 217,304.1 330,165.7 405,738.3 448,419.8 35.8 10.5 Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.I 2018/19 Qtr.II 2018/19 Qtr.I 2018/19 Qtr.II 2018/19 Source: Commercial Banks and staff computation Notes: *Excludes bonds and treasury bills holding of commercial banks and Development Bank of Ethiopia (DBE) Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans (20,000.0)

20,000.0 40,000.0 60,000.0 80,000.0 100,000.0 120,000.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 In Millions of Birr Total Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: Staff computation, NBE 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 792.7 billion by the close of the Second quarter of 2018/19, indicating 23.4 percent annual growth. This growth was a cumulative effect of the expansion of bank branches and improved access to finance, growing saving culture of the society and an increase in per capita income. Demand deposits, which accounted for 35.4 percent of the total deposits, reached Birr 280.9 billion showing a 15.1 percent annual expansion. Similarly, saving deposits went up 31.6 percent and accounted for54.3 percent of the total deposits while time deposits, which constituted 10.3 percent of the total deposit liabilities, increased14.4 percent over the same period of last year. The share of public banks in total deposits outstanding was 61 percent while that of private banks was 39 percent (Table 4.9). Table 4.9: Stock of Deposits Mobilized by the Banking System (In Millions of Birr) Deposit by types Quarter II 2017/18 % Share Quarter I 2018/19 % Share Quarter II 2018/19 % Share C/A C/B A B C Demand Deposit 244,028.91 38.0 264,303.7 35.2 280,937.0 35.4 15.1 6.3 Saving Deposit 326,816.20 50.9 407,208.2 54.3 430,146.6 54.3 31.6 5.6 Time Deposit 71,358.81 11.1 78,845.3 10.5 81,610.7 10.3 14.4 3.5 Total 642,203.91 100.0 750,357.3 100.0 792,694.4 100.0 23.4 5.6 Share of Public Banks 64.2 62.2 61.0 Share of Private Banks 35.8 37.8 39.0 Source:Commercial Banks and DBE National Bank of Ethiopia 38 Second Quarter 2018/19 Fig.IV.10: Quarterly Growth of Banks Deposit Liabilities by Ownership -5.0 0.0 5.0 10.0 15.0 20.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 In percent Publlic Banks Private Banks All Banks Source: Staff Computation, NBE 4.5.1.2. Collection of Loans During the review period ,the banking system collected loans to the tune of Birr 27.1 billion, about 13.9 percent higher than a year earlier (Table 4.8). Of the total loan collection, the share of private banks was 71.5 percent and that of public banks 28.5 percent. About 97 percent of the loan was collected from private enterprises (Table 4.12). 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 71.8 billion, showing a 67.8 percent annual increase. Of the total borrowing, Birr 63.6billion (88.6 percent) was from domestic and Birr 8.2 billion (11.4 percent) from external sources (Table 4.1 Table 4.10: Public Outstanding Borrowing of the Banking System by Sources (In Millions of Birr) 2017/18 Quarter II Quarter I Quarter II A B C C/B C/A Domestic Borrowing 37,888.6 58,247.52 63,592.6 67.8 9.2 Foreign Borrowing 5,226.4 8,111.85 8,195.2 56.8 1.0 Total 43,115.0 66,359.4 71,787.8 66.5 8.2 Banks Percentage change 2018/19 Source: Commercial Banks and Development Bank of Ethiopia Fig.IV.10: Quarterly Growth of Banks Deposit Liabilities by Ownership Source: Staff Computation, NBE 4.5.1.2. Collection of Loans During the review period ,the banking system collected loans to the tune of Birr 27.1 billion, about 13.9 percent higher than a year earlier (Table 4.8). Of the total loan collection, the share of private banks was 71.5 percent and that of public banks 28.5 percent. About 97 percent of the loan was collected from private enterprises (Table 4.12). 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 71.8 billion, showing a 67.8 percent annual increase. Of the total borrowing, Birr 63.6billion (88.6 percent) was from domestic and Birr 8.2 billion (11.4 percent) from external sources (Table 4.1 Table 4.10: Public Outstanding Borrowing of the Banking System by Sources (In Millions of Birr) Banks 2017/18 2018/19 Percentage change Quarter II Quarter I Quarter II A B C C/B C/A Domestic Borrowing 37,888.6 58,247.52 63,592.6 9.2 67.8 Foreign Borrowing 5,226.4 8,111.85 8,195.2 1.0 56.8 Total 43,115.0 66,359.4 71,787.8 8.2 66.5 Source: Commercial Banks and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 46.1 billion was disbursed in fresh loans, indicating a 102 percent annual surge. Of the total new loans disbursed, the share of public banks was 35.6 percent while that of private banks was 64.4 percent (Table 4.12). The major beneficiary of fresh loans was domestic trade accounting for Birr 11.7 billion (28.8 percent) followed by industry (Birr 9 billion or 19.5 percent), international trade (Birr 7.9 billion or 17.2 percent), agriculture (Birr 5.7 billion or 12.3 percent) and housing & construction (Birr 4.5 billion or 10 percent). The remaining balance was taken up by other economic sectors (Table4.11). 4.5.1.1. Deposit Mobilization Total deposit liabilities of the banking system reached Birr 792.7 billion by the close of the Second quarter of 2018/19, indicating 23.4 percent annual growth. This growth was a cumulative effect of the expansion of bank branches and improved access to finance, growing saving culture of the society and an increase in per capita income. Demand deposits, which accounted for 35.4 percent of the total deposits, reached Birr 280.9 billion showing a 15.1 percent annual expansion. Similarly, saving deposits went up 31.6 percent and accounted for54.3 percent of the total deposits while time deposits, which constituted 10.3 percent of the total deposit liabilities, increased14.4 percent over the same period of last year. The share of public banks in total deposits outstanding was 61 percent while that of private banks was 39 percent (Table 4.9). Second Quarter 2018/19 29 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 36 Second Quarter 2018/19 Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Qtr.II 2017/18 Qtr.I 2018/19 Qtr.II 2018/19 A B C C/A C/B 1.Deposits (net change) 5,653.0 23,917.2 14,446.5 18,420.0 29,804.3 20,099.5 42,337.1 42.1 110.6 -Demand -4,304.8 10,520.3 -2,061.5 6,113.1 13,587.5 -6,366.3 16,633.3 22.4 -361.3 -Saving 8,840.1 12,016.3 15,784.7 10,922.1 13,487.2 24,624.7 22,938.4 70.1 -6.8 -Time 1,117.7 1,380.6 723.4 1,384.8 2,729.6 1,841.1 2,765.4 1.3 50.2 2. Borrowing (net change) 1,385.2 5,428.4 0.0 0.0 655.1 1,385.2 5,428.4 728.7 291.9 -Local 122.4 5,345.1 0.0 0.0 380.9 122.4 5,345.1 1,303.3 4,266.1 -Foreign 1,262.8 83.3 0.0 0.0 274.2 1,262.8 83.3 -69.6 -93.4 3. Collection of Loans 11,670.3 7,740.1 17,940.6 19,380.3 23,807.7 29,610.9 27,120.4 13.9 -8.4 4. Total Resources Mobilized (1+2+3)18,708.5 37,085.7 32,387.1 37,800.3 54,267.1 51,095.6 74,886.0 38.0 46.6 5. Disbursement 13,288.4 16,410.7 16,776.7 29,636.1 22,805.3 30,065.1 46,046.8 101.9 53.2 6. Change in Liquidity (4-5) 5,420.1 20,674.9 15,610.4 8,164.2 31,461.9 21,030.6 28,839.2 -8.3 37.1 Memorandum Item: Outstanding Credit* 217,772.5 231,115.7 187,965.8 217,304.1 330,165.7 405,738.3 448,419.8 35.8 10.5 Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.I 2018/19 Qtr.II 2018/19 Qtr.I 2018/19 Qtr.II 2018/19 Source: Commercial Banks and staff computation Notes: *Excludes bonds and treasury bills holding of commercial banks and Development Bank of Ethiopia (DBE) Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans (20,000.0)

20,000.0 40,000.0 60,000.0 80,000.0 100,000.0 120,000.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 In Millions of Birr Total Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: Staff computation, NBE National Bank of Ethiopia 38 Second Quarter 2018/19 Fig.IV.10: Quarterly Growth of Banks Deposit Liabilities by Ownership -5.0 0.0 5.0 10.0 15.0 20.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 In percent Publlic Banks Private Banks All Banks Source: Staff Computation, NBE 4.5.1.2. Collection of Loans During the review period ,the banking system collected loans to the tune of Birr 27.1 billion, about 13.9 percent higher than a year earlier (Table 4.8). Of the total loan collection, the share of private banks was 71.5 percent and that of public banks 28.5 percent. About 97 percent of the loan was collected from private enterprises (Table 4.12). 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 71.8 billion, showing a 67.8 percent annual increase. Of the total borrowing, Birr 63.6billion (88.6 percent) was from domestic and Birr 8.2 billion (11.4 percent) from external sources (Table 4.1 Table 4.10: Public Outstanding Borrowing of the Banking System by Sources (In Millions of Birr) 2017/18 Quarter II Quarter I Quarter II A B C C/B C/A Domestic Borrowing 37,888.6 58,247.52 63,592.6 67.8 9.2 Foreign Borrowing 5,226.4 8,111.85 8,195.2 56.8 1.0 Total 43,115.0 66,359.4 71,787.8 66.5 8.2 Banks Percentage change 2018/19 Source: Commercial Banks and Development Bank of Ethiopia Fig.IV.10: Quarterly Growth of Banks Deposit Liabilities by Ownership Source: Staff Computation, NBE 4.5.1.2. Collection of Loans During the review period ,the banking system collected loans to the tune of Birr 27.1 billion, about 13.9 percent higher than a year earlier (Table 4.8). Of the total loan collection, the share of private banks was 71.5 percent and that of public banks 28.5 percent. About 97 percent of the loan was collected from private enterprises (Table 4.12). 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 71.8 billion, showing a 67.8 percent annual increase. Of the total borrowing, Birr 63.6billion (88.6 percent) was from domestic and Birr 8.2 billion (11.4 percent) from external sources (Table 4.1 Table 4.10: Public Outstanding Borrowing of the Banking System by Sources (In Millions of Birr) Banks 2017/18 2018/19 Percentage change Quarter II Quarter I Quarter II A B C C/B C/A Domestic Borrowing 37,888.6 58,247.52 63,592.6 9.2 67.8 Foreign Borrowing 5,226.4 8,111.85 8,195.2 1.0 56.8 Total 43,115.0 66,359.4 71,787.8 8.2 66.5 Source: Commercial Banks and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 46.1 billion was disbursed in fresh loans, indicating a 102 percent annual surge. Of the total new loans disbursed, the share of public banks was 35.6 percent while that of private banks was 64.4 percent (Table 4.12). The major beneficiary of fresh loans was domestic trade accounting for Birr 11.7 billion (28.8 percent) followed by industry (Birr 9 billion or 19.5 percent), international trade (Birr 7.9 billion or 17.2 percent), agriculture (Birr 5.7 billion or 12.3 percent) and housing & construction (Birr 4.5 billion or 10 percent). The remaining balance was taken up by other economic sectors (Table4.11). National Bank of Ethiopia 36 Second Quarter 2018/19 Table 4.8: Summary of Resource Mobilization & Disbursement of the Banking System (In Millions of Birr) Qtr.II 2017/18 Qtr.I 2018/19 Qtr.II 2018/19 A B C C/A C/B 1.Deposits (net change) 5,653.0 23,917.2 14,446.5 18,420.0 29,804.3 20,099.5 42,337.1 42.1 110.6 -Demand -4,304.8 10,520.3 -2,061.5 6,113.1 13,587.5 -6,366.3 16,633.3 22.4 -361.3 -Saving 8,840.1 12,016.3 15,784.7 10,922.1 13,487.2 24,624.7 22,938.4 70.1 -6.8 -Time 1,117.7 1,380.6 723.4 1,384.8 2,729.6 1,841.1 2,765.4 1.3 50.2 2. Borrowing (net change) 1,385.2 5,428.4 0.0 0.0 655.1 1,385.2 5,428.4 728.7 291.9 -Local 122.4 5,345.1 0.0 0.0 380.9 122.4 5,345.1 1,303.3 4,266.1 -Foreign 1,262.8 83.3 0.0 0.0 274.2 1,262.8 83.3 -69.6 -93.4 3. Collection of Loans 11,670.3 7,740.1 17,940.6 19,380.3 23,807.7 29,610.9 27,120.4 13.9 -8.4 4. Total Resources Mobilized (1+2+3)18,708.5 37,085.7 32,387.1 37,800.3 54,267.1 51,095.6 74,886.0 38.0 46.6 5. Disbursement 13,288.4 16,410.7 16,776.7 29,636.1 22,805.3 30,065.1 46,046.8 101.9 53.2 6. Change in Liquidity (4-5) 5,420.1 20,674.9 15,610.4 8,164.2 31,461.9 21,030.6 28,839.2 -8.3 37.1 Memorandum Item: Outstanding Credit* 217,772.5 231,115.7 187,965.8 217,304.1 330,165.7 405,738.3 448,419.8 35.8 10.5 Particulars Public Banks Private Banks Grand Total % Change 1 2 (3) = (1) + (2) Qtr.I 2018/19 Qtr.II 2018/19 Qtr.I 2018/19 Qtr.II 2018/19 Source: Commercial Banks and staff computation Notes: *Excludes bonds and treasury bills holding of commercial banks and Development Bank of Ethiopia (DBE) Fig.IV.9: Trends in Resource Mobilization and Disbursement of Loans (20,000.0)

20,000.0 40,000.0 60,000.0 80,000.0 100,000.0 120,000.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 In Millions of Birr Total Mobilization Net Deposit Collection of Loans Disbursement of Loans Source: Staff computation, NBE National Bank of Ethiopia 38 Second Quarter 2018/19 Fig.IV.10: Quarterly Growth of Banks Deposit Liabilities by Ownership -5.0 0.0 5.0 10.0 15.0 20.0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 In percent Publlic Banks Private Banks All Banks Source: Staff Computation, NBE 4.5.1.2. Collection of Loans During the review period ,the banking system collected loans to the tune of Birr 27.1 billion, about 13.9 percent higher than a year earlier (Table 4.8). Of the total loan collection, the share of private banks was 71.5 percent and that of public banks 28.5 percent. About 97 percent of the loan was collected from private enterprises (Table 4.12). 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 71.8 billion, showing a 67.8 percent annual increase. Of the total borrowing, Birr 63.6billion (88.6 percent) was from domestic and Birr 8.2 billion (11.4 percent) from external sources (Table 4.1 Table 4.10: Public Outstanding Borrowing of the Banking System by Sources (In Millions of Birr) 2017/18 Quarter II Quarter I Quarter II A B C C/B C/A Domestic Borrowing 37,888.6 58,247.52 63,592.6 67.8 9.2 Foreign Borrowing 5,226.4 8,111.85 8,195.2 56.8 1.0 Total 43,115.0 66,359.4 71,787.8 66.5 8.2 Banks Percentage change 2018/19 Source: Commercial Banks and Development Bank of Ethiopia Fig.IV.10: Quarterly Growth of Banks Deposit Liabilities by Ownership Source: Staff Computation, NBE 4.5.1.2. Collection of Loans During the review period ,the banking system collected loans to the tune of Birr 27.1 billion, about 13.9 percent higher than a year earlier (Table 4.8). Of the total loan collection, the share of private banks was 71.5 percent and that of public banks 28.5 percent. About 97 percent of the loan was collected from private enterprises (Table 4.12). 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 71.8 billion, showing a 67.8 percent annual increase. Of the total borrowing, Birr 63.6billion (88.6 percent) was from domestic and Birr 8.2 billion (11.4 percent) from external sources (Table 4.1 Table 4.10: Public Outstanding Borrowing of the Banking System by Sources (In Millions of Birr) Banks 2017/18 2018/19 Percentage change Quarter II Quarter I Quarter II A B C C/B C/A Domestic Borrowing 37,888.6 58,247.52 63,592.6 9.2 67.8 Foreign Borrowing 5,226.4 8,111.85 8,195.2 1.0 56.8 Total 43,115.0 66,359.4 71,787.8 8.2 66.5 Source: Commercial Banks and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 46.1 billion was disbursed in fresh loans, indicating a 102 percent annual surge. Of the total new loans disbursed, the share of public banks was 35.6 percent while that of private banks was 64.4 percent (Table 4.12). The major beneficiary of fresh loans was domestic trade accounting for Birr 11.7 billion (28.8 percent) followed by industry (Birr 9 billion or 19.5 percent), international trade (Birr 7.9 billion or 17.2 percent), agriculture (Birr 5.7 billion or 12.3 percent) and housing & construction (Birr 4.5 billion or 10 percent). The remaining balance was taken up by other economic sectors (Table4.11). Fig.IV.10: Quarterly Growth of Banks Deposit Liabilities by Ownership Source: Staff Computation, NBE 4.5.1.2. Collection of Loans During the review period ,the banking system collected loans to the tune of Birr 27.1 billion, about 13.9 percent higher than a year earlier (Table 4.8). Of the total loan collection, the share of private banks was 71.5 percent and that of public banks 28.5 percent. About 97 percent of the loan was collected from private enterprises (Table 4.12). 4.5.1.3. Borrowing Total outstanding borrowing of the banking system stood at Birr 71.8 billion, showing a 67.8 percent annual increase. Of the total borrowing, Birr 63.6billion (88.6 percent) was from domestic and Birr 8.2 billion (11.4 percent) from external sources (Table 4.1 Table 4.10: Public Outstanding Borrowing of the Banking System by Sources (In Millions of Birr) Banks 2017/18 2018/19 Percentage change Quarter II Quarter I Quarter II A B C C/B C/A Domestic Borrowing 37,888.6 58,247.52 63,592.6 9.2 67.8 Foreign Borrowing 5,226.4 8,111.85 8,195.2 1.0 56.8 Total 43,115.0 66,359.4 71,787.8 8.2 66.5 Source: Commercial Banks and Development Bank of Ethiopia 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 46.1 billion was disbursed in fresh loans, indicating a 102 percent annual surge. Of the total new loans disbursed, the share of public banks was 35.6 percent while that of private banks was 64.4 percent (Table 4.12). The major beneficiary of fresh loans was domestic trade accounting for Birr 11.7 billion (28.8 percent) followed by industry (Birr 9 billion or 19.5 percent), international trade (Birr 7.9 billion or 17.2 percent), agriculture (Birr 5.7 billion or 12.3 percent) and housing & construction (Birr 4.5 billion or 10 percent). The remaining balance was taken up by other economic sectors (Table4.11). Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership 30 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 39 Second Quarter 2018/19 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 46.1 billion was disbursed in fresh loans, indicating a 102 percent annual surge. Of the total new loans disbursed, the share of public banks was 35.6 percent while that of private banks was 64.4 percent (Table 4.12). The major beneficiary of fresh loans was domestic trade accounting for Birr 11.7 billion (28.8 percent) followed by industry (Birr 9 billion or 19.5 percent), international trade (Birr 7.9 billion or 17.2 percent), agriculture (Birr 5.7 billion or 12.3 percent) and housing & construction (Birr 4.5 billion or 10 percent). The remaining balance was taken up by other economic sectors (Table4.11). Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership

10,000.00 20,000.00 30,000.00 40,000.00 50,000.00 60,000.00 70,000.00 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 Value in Million Birr Years/Quarters Total Public Banks Private Banks Source: Commercial Banks and Development Bank of Ethiopia National Bank of Ethiopia 39 Second Quarter 2018/19 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 46.1 billion was disbursed in fresh loans, indicating a 102 percent annual surge. Of the total new loans disbursed, the share of public banks was 35.6 percent while that of private banks was 64.4 percent (Table 4.12). The major beneficiary of fresh loans was domestic trade accounting for Birr 11.7 billion (28.8 percent) followed by industry (Birr 9 billion or 19.5 percent), international trade (Birr 7.9 billion or 17.2 percent), agriculture (Birr 5.7 billion or 12.3 percent) and housing & construction (Birr 4.5 billion or 10 percent). The remaining balance was taken up by other economic sectors (Table4.11). Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership

National Bank of Ethiopia 39 Second Quarter 2018/19 4.5.2. Disbursement of Fresh Loans During the review quarter, Birr 46.1 billion was disbursed in fresh loans, indicating a 102 percent annual surge. Of the total new loans disbursed, the share of public banks was 35.6 percent while that of private banks was 64.4 percent (Table 4.12). The major beneficiary of fresh loans was domestic trade accounting for Birr 11.7 billion (28.8 percent) followed by industry (Birr 9 billion or 19.5 percent), international trade (Birr 7.9 billion or 17.2 percent), agriculture (Birr 5.7 billion or 12.3 percent) and housing & construction (Birr 4.5 billion or 10 percent). The remaining balance was taken up by other economic sectors (Table4.11). Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership

10,000.00 20,000.00 30,000.00 40,000.00 50,000.00 60,000.00 70,000.00 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 Value in Million Birr Years/Quarters Total Public Banks Private Banks Source: Commercial Banks and Development Bank of Ethiopia National Bank of Ethiopia 40 Second Quarter 2018/19 Table 4.11: Summary of Banking System Loans & advances by receiving Sectors (In Millions of Birr) D** C** O/S** D** C** O/S ** D** C** O/S** Central Government * - - 54,175 - - - - - 54,175 Agriculture 5,449 22,738 1,265 204 182 5,653 1,447 24,519 1,781 Industry 4,867 139,564 4,093 2,200 29,910 8,960 4,719 169,474 2,518 Domestic Trade 438 4,969 10,708 5,418 51,022 11,719 5,856 55,991 1,011 International Trade 446 19,097 6,902 6,030 70,217 7,930 6,476 89,314 1,028 Export 387 352 8,480 4,658 3,898 49,598 5,045 4,250 58,078 Imports 640 10,617 2,244 2,132 20,619 2,885 2,226 31,236 93 Hotels and Tourism 394 583 4,292 966 588 1,360 1,171 11,909 7,617 Transport & Communication 3 215 1,136 824 1,416 12,188 827 1,630 13,324 Housing & Construction 917 670 10,766 3,619 2,440 30,724 4,536 3,110 41,490 Mines, Power & Water Res. 235 1,401 - 31 125 235 75 1,526 105 Others 691 207 6,810 466 316 1,158 1,604 8,414 524 Personal 1,815 20,342 1,854 760 12,116 3,669 2,083 32,459 1,324 Total 16,411 285,291 29,636 19,380 217,304 46,047 7,740 502,595 27,120 Borrowing Sector Public Banks Private Banks Total (1) (2) (3) Notes: Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE D* = Disbursement, C** = Collection, O/S**= Outstanding Credit 4.5.3. Outstanding Credit Total outstanding credit of the banking system (excluding credit to government) increased to Birr 448.4 billion, about 35.8 percent higher than last year same quarter. Out of total outstanding loans and advances of the private banks, 99.8 percent was claims on the private sector compared with 41.2 percent for public banks (Table 4.12) Sector wise, credit to industry stood at Birr 169.5 billion (37 percent) followed by international trade (Birr 89.3billion or 19.9 percent), domestic trade (Birr 56.0 billion or 12.5 percent),housing & construction (Birr 41.5 billion or 9.3 percent) and agriculture (Birr 24.5 billion or 5.5 percent). Credit to other economic sectors took the remaining balance (Table4.11). Fig.IV.11: Trends in Fresh Loan Disbursement by Ownership Source: Commercial Banks and Development Bank of Ethiopia Table 4.11: Summary of Banking System Loans & advances by receiving Sectors (In Millions of Birr) Borrowing Sector Public Banks Private Banks Total (1) (2) (3) D** C** O/S** D** C** O/S ** D** C** O/S** Central Government * - - 54,175 - - - - - 54,175 Agriculture 5,449 1,265 22,738 204 182 1,781 5,653 1,447 24,519 Industry 4,867 2,518 139,564 4,093 2,200 29,910 8,960 4,719 169,474 Domestic Trade 1,011 438 4,969 10,708 5,418 51,022 11,719 5,856 55,991 International Trade 1,028 446 19,097 6,902 6,030 70,217 7,930 6,476 89,314 Export 387 352 8,480 4,658 3,898 49,598 5,045 4,250 58,078 Imports 640 93 10,617 2,244 2,132 20,619 2,885 2,226 31,236 Hotels and Tourism 394 583 4,292 966 588 7,617 1,360 1,171 11,909 Transport & Communication 3 215 1,136 824 1,416 12,188 827 1,630 13,324 Housing & Construction 917 670 10,766 3,619 2,440 30,724 4,536 3,110 41,490 Mines, Power & Water Res. 235 75 1,401 - 31 125 235 105 1,526 Others 691 207 6,810 466 316 1,604 1,158 524 8,414 Personal 1,815 1,324 20,342 1,854 760 12,116 3,669 2,083 32,459 Total 16,411 7,740 285,291 29,636 19,380 217,304 46,047 27,120 502,595 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 National Bank of Ethiopia 41 Second Quarter 2018/19 Table 4.12: Breakdown of Banking System Credit by Clients (In Millions of Birr) Particulars Loan Disburseme nt % Share Loan Collectio n % Share Outstandin g Loan % Share Public Banks 16,410.7 35.6 7,740.1 28.5 285,290.8 56.8 Central Government* 0.0 54,175.1 19.0 State Enterprises 3,045.6 18.6 803.2 10.4 113,523.9 39.8 Cooperatives 5,503.3 33.5 1,287.3 16.6 16,808.9 5.9 Private Enterprises 7,861.8 47.9 5,649.7 73.0 100,782.9 35.3 Private Banks 29,636.1 64.4 19,380.3 71.5 217,304.1 43.2 Central Government* 0.0 State Enterprises 14.5 0.0 22.7 0.1 541.7 0.2 Cooperatives 1,027.0 3.5 457.1 2.4 3,396.9 1.6 Private Enterprises 28,594.5 96.5 18,900.5 97.5 213,365.5 98.2 Grand Total 46,046.8 100.0 27,120.4 100.0 502,594.9 100.0 Source: Commercial banks and staff computation Notes: Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE Fig.IV.12: Share of Public and Private Banks in Credit Outstanding 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 Value in Percent Years/Quarters Total Public Total Private Source: Staff computation, NBE National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 42 4.6. Financial Activities of NBE Gross claims of NBE on the central government reached Birr 178.7 billion by end December 2018, about 11.6 percent higher than that of a year earlier. Of this sum, direct advances accounted for 95.9 percent and bonds 4.1 percent. Direct advance to central government increased by12.5 percent while financial institutions’ deposit at NBE went up by 15.2 percent (Table 4.13). Table 4.13: Financial Activities of NBE during second quarter of 2018/19 (In Millions of Birr) 2018/19 Qtr.II Qtr.I Qtr.II A B C C/A C/B 1.Loans and Advances 188,184.56 213,678.01 230,778.01 22.6 8.0 1.1. To Central Government 160,128.85 166,685.30 178,685.30 11.6 7.2 Direct Advances 152,264.95 159,264.95 171,264.95 12.5 7.5 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 28,055.71 46,992.71 52,092.71 85.7 10.9 2.Deposit Liabilities 62,049.54 83,694.85 76,059.82 22.6 -9.1 2.1. Government 16,680.94 19,601.81 23,783.26 42.6 21.3 2.2. Financial Institutions 45,368.60 64,093.04 52,276.56 15.2 -18.4 O/W: -Banks 45,331.99 64,070.67 52,254.04 15.3 -18.4 -Insurance companies 36.6 22.4 22.5 -38.5 0.7 3.Net Claims of NBE(1-2) 126,135.0 129,983.2 154,718.2 22.7 19.0 % Change Particulars 2017/18 Source: NBE 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market During the second quarter of the fiscal year 2018/19, the amount of T-bills 4.5.3. Outstanding Credit Total outstanding credit of the banking system (excluding credit to government) increased to Birr 448.4 billion, about 35.8 percent higher than last year same quarter. Out of total outstanding loans and advances of the private banks, 99.8 percent was claims on the private sector compared with 41.2 percent for public banks (Table 4.12) Sector wise, credit to industry stood at Birr 169.5 billion (37 percent) followed by international trade (Birr 89.3billion or 19.9 percent), domestic trade (Birr 56.0 billion or 12.5 percent),housing & construction (Birr 41.5 billion or 9.3 percent) and agriculture (Birr 24.5 billion or 5.5 percent). Credit to other economic sectors took the remaining balance (Table4.11). Table 4.12: Breakdown of Banking System Credit by Clients (In Millions of Birr) Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share Public Banks 16,410.7 35.6 7,740.1 28.5 285,290.8 56.8 Central Government 0.0 54,175.1 19.0 State Enterprises 3,045.6 18.6 803.2 10.4 113,523.9 39.8 Cooperatives 5,503.3 33.5 1,287.3 16.6 16,808.9 5.9 Private Enterprises 7,861.8 47.9 5,649.7 73.0 100,782.9 35.3 Private Banks 29,636.1 64.4 19,380.3 71.5 217,304.1 43.2 Central Government* 0.0 State Enterprises 14.5 0.0 22.7 0.1 541.7 0.2 Cooperatives 1,027.0 3.5 457.1 2.4 3,396.9 1.6 Private Enterprises 28,594.5 96.5 18,900.5 97.5 213,365.5 98.2 Grand Total 46,046.8 100.0 27,120.4 100.0 502,594.9 100.0 Source: Commercial banks and staff computation Notes: Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE Fig.IV.12: Share of Public and Private Banks in Credit Outstanding Source: Staff computation, NBE 4.6. Financial Activities of NBE Gross claims of NBE on the central government reached Birr 178.7 billion by end December 2018, about 11.6 percent higher than that of a year earlier. Of this sum, direct advances accounted for 95.9 percent and bonds 4.1 percent. Direct advance to central government increased by12.5 percent while financial institutions’ deposit at NBE went up by 15.2 percent (Table 4.13). Table 4.13: Financial Activities of NBE during second quarter of 2018/19 (In Millions of Birr) Particulars 2017/18 2018/19 Qtr.II Qtr.I Qtr.II % Change A B C C/A C/B 1.Loans and Advances 188,184.56 213,678.01 230,778.01 22.6 8.0 1.1. To Central Government 160,128.85 166,685.30 178,685.30 11.6 7.2 Direct Advances 152,264.95 159,264.95 171,264.95 12.5 7.5 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 28,055.71 46,992.71 52,092.71 85.7 10.9 2.Deposit Liabilities 62,049.54 83,694.85 76,059.82 22.6 -9.1 2.1. Government 16,680.94 19,601.81 23,783.26 42.6 21.3 2.2. Financial Institutions 45,368.60 64,093.04 52,276.56 15.2 -18.4 O/W: -Banks 45,331.99 64,070.67 52,254.04 15.3 -18.4 -Insurance companies 36.6 22.4 22.5 -38.5 0.7 3.Net Claims of NBE(1-2) 126,135.0 129,983.2 154,718.2 22.7 19.0 Source: NBE 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market During the second quarter of the fiscal year 2018/19, the amount of T-bills supplied to the weekly T-bills auction market reached Birr 98.4 billion, reflecting a 30.2 percent annual growth. Similarly, the demand for T-bills expanded by 30.2 percent relative to a year earlier and reached Birr 102.8 billion (Table 4.13). Of the total T-bills sold, the share of commercial banks dropped to zero as non-bank institutions bought the entire amount and held the whole outstanding bills. The total outstanding T-bills at the end of the quarter reached Birr 125.7 billion, reflecting a 48.1 percent increase against the same period last year. T-bills during the review quarter were 1.66 percent which was 16.2 percentage points higher than a year ago (Table 4.13). National Bank of Ethiopia 43 Second Quarter 2018/19 supplied to the weekly T-bills auction market reached Birr 98.4 billion, reflecting a 30.2 percent annual growth. Similarly, the demand for T-bills expanded by 30.2 percent relative to a year earlier and reached Birr 102.8 billion (Table 4.13). Of the total T-bills sold, the share of commercial banks dropped to zero as nonbank institutions bought the entire amount and held the whole outstanding bills. The total outstanding T-bills at the end of the quarter reached Birr 125.7 billion, reflecting a 48.1 percent increase against the same period last year. T-bills during the review quarter were 1.66 percent which was 16.2 percentage points higher than a year ago (Table 4.13). Table 4.13: Results of Treasury Bills Auction (In Millions Birr) 2017/18 2018/19 % Change Quarter II Quarter I Quarter II A B C C/A C/B Number of Bidders 50.00 46.00 50.00 0.00 8.70 Public 50.00 46.00 50.00 0.00 8.70 Private - - - 0.00 0.00 Number of Bids received 50.00 49.00 51.00 2.00 4.08 Public 50.00 49.00 51.00 2.00 4.08 Private - - - Amount Demanded (Mn. Birr) 78,973.56 91,142.56 102,758.56 30.12 12.74 28-day bill 240.00 0.00 0.00 91-day bill 70,382.56 87,636.56 94,167.56 33.79 7.45 182-day bill 685.00 516.00 685.00 0.00 32.75 364-day bill 7,666.00 2,750.00 7,666.00 - 178.76 Amount Supplied (Mn. Birr) 73,202.56 83,412.56 98,432.56 34.47 18.01 28-day bill 240.00 260.00 240.00 0.00 -7.69 91-day bill 64,586.56 80,016.56 89,345.56 38.33 11.66 182-day bill 710.00 386.00 685.00 -3.52 77.46 364-day bill 7,666.00 2,750.00 8,162.00 - Amount Sold (Mn. Birr) 78,973.56 91,142.56 102,758.56 30.12 12.74 Banks - - - Non-Banks 78,973.56 91,142.56 102,758.56 30.12 12.74 Average Weighted Price for Successful bids (%) 99.10 99.11 98.87 -0.23 -0.24 28-day bill 99.94 0.01 0.00 91-day bill 99.70 0.00 0.00 182-day bill 99.67 99.69 99.67 0.00 -0.01 364-day bill 97.10 97.10 96.17 0.00 Average Weighted Yield for Successful bids (%) 1.43 1.40 1.66 16.20 18.13 28-day bill 0.85 0.78 0.78 -7.70 0.00 91-day bill 1.20 0.00 -0.03 182-day bill 0.66 0.63 0.66 0.00 4.55 364-day bill 3.00 3.00 3.99 0.00 Outstanding bills at the end of Period 84,879.56 119,142.56 125,664.56 48.05 5.47 National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 42 4.6. Financial Activities of NBE Gross claims of NBE on the central government reached Birr 178.7 billion by end December 2018, about 11.6 percent higher than that of a year earlier. Of this sum, direct advances accounted for 95.9 percent and bonds 4.1 percent. Direct advance to central government increased by12.5 percent while financial institutions’ deposit at NBE went up by 15.2 percent (Table 4.13). Table 4.13: Financial Activities of NBE during second quarter of 2018/19 (In Millions of Birr) 2018/19 Qtr.II Qtr.I Qtr.II A B C C/A C/B 1.Loans and Advances 188,184.56 213,678.01 230,778.01 22.6 8.0 1.1. To Central Government 160,128.85 166,685.30 178,685.30 11.6 7.2 Direct Advances 152,264.95 159,264.95 171,264.95 12.5 7.5 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 28,055.71 46,992.71 52,092.71 85.7 10.9 2.Deposit Liabilities 62,049.54 83,694.85 76,059.82 22.6 -9.1 2.1. Government 16,680.94 19,601.81 23,783.26 42.6 21.3 2.2. Financial Institutions 45,368.60 64,093.04 52,276.56 15.2 -18.4 O/W: -Banks 45,331.99 64,070.67 52,254.04 15.3 -18.4 -Insurance companies 36.6 22.4 22.5 -38.5 0.7 3.Net Claims of NBE(1-2) 126,135.0 129,983.2 154,718.2 22.7 19.0 % Change Particulars 2017/18 Source: NBE 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market During the second quarter of the fiscal year 2018/19, the amount of T-bills Table 4.11: Summary of Banking System Loans & advances by receiving Sectors (In Millions of Birr) Borrowing Sector Public Banks Private Banks Total (1) (2) (3) D* C** O/S** D** C** O/S ** D** C** O/S** Central Government * - - 54,175 - - - - - 54,175 Agriculture 5,449 1,265 22,738 204 182 1,781 5,653 1,447 24,519 Industry 4,867 2,518 139,564 4,093 2,200 29,910 8,960 4,719 169,474 Domestic Trade 1,011 438 4,969 10,708 5,418 51,022 11,719 5,856 55,991 International Trade 1,028 446 19,097 6,902 6,030 70,217 7,930 6,476 89,314 Export 387 352 8,480 4,658 3,898 49,598 5,045 4,250 58,078 Imports 640 93 10,617 2,244 2,132 20,619 2,885 2,226 31,236 Hotels and Tourism 394 583 4,292 966 588 7,617 1,360 1,171 11,909 Transport & Communication 3 215 1,136 824 1,416 12,188 827 1,630 13,324 Housing & Construction 917 670 10,766 3,619 2,440 30,724 4,536 3,110 41,490 Mines, Power & Water Res. 235 75 1,401 - 31 125 235 105 1,526 Others 691 207 6,810 466 316 1,604 1,158 524 8,414 Personal 1,815 1,324 20,342 1,854 760 12,116 3,669 2,083 32,459 Total 16,411 7,740 285,291 29,636 19,380 217,304 46,047 27,120 502,595 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 32 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 41 Second Quarter 2018/19 Table 4.12: Breakdown of Banking System Credit by Clients (In Millions of Birr) Particulars Loan Disburseme nt % Share Loan Collectio n % Share Outstandin g Loan % Share Public Banks 16,410.7 35.6 7,740.1 28.5 285,290.8 56.8 Central Government* 0.0 54,175.1 19.0 State Enterprises 3,045.6 18.6 803.2 10.4 113,523.9 39.8 Cooperatives 5,503.3 33.5 1,287.3 16.6 16,808.9 5.9 Private Enterprises 7,861.8 47.9 5,649.7 73.0 100,782.9 35.3 Private Banks 29,636.1 64.4 19,380.3 71.5 217,304.1 43.2 Central Government* 0.0 State Enterprises 14.5 0.0 22.7 0.1 541.7 0.2 Cooperatives 1,027.0 3.5 457.1 2.4 3,396.9 1.6 Private Enterprises 28,594.5 96.5 18,900.5 97.5 213,365.5 98.2 Grand Total 46,046.8 100.0 27,120.4 100.0 502,594.9 100.0 Source: Commercial banks and staff computation Notes: Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE Fig.IV.12: Share of Public and Private Banks in Credit Outstanding 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 Value in Percent Years/Quarters Total Public Total Private Source: Staff computation, NBE National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 42 4.6. Financial Activities of NBE Gross claims of NBE on the central government reached Birr 178.7 billion by end December 2018, about 11.6 percent higher than that of a year earlier. Of this sum, direct advances accounted for 95.9 percent and bonds 4.1 percent. Direct advance to central government increased by12.5 percent while financial institutions’ deposit at NBE went up by 15.2 percent (Table 4.13). Table 4.13: Financial Activities of NBE during second quarter of 2018/19 (In Millions of Birr) 2018/19 Qtr.II Qtr.I Qtr.II A B C C/A C/B 1.Loans and Advances 188,184.56 213,678.01 230,778.01 22.6 8.0 1.1. To Central Government 160,128.85 166,685.30 178,685.30 11.6 7.2 Direct Advances 152,264.95 159,264.95 171,264.95 12.5 7.5 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 28,055.71 46,992.71 52,092.71 85.7 10.9 2.Deposit Liabilities 62,049.54 83,694.85 76,059.82 22.6 -9.1 2.1. Government 16,680.94 19,601.81 23,783.26 42.6 21.3 2.2. Financial Institutions 45,368.60 64,093.04 52,276.56 15.2 -18.4 O/W: -Banks 45,331.99 64,070.67 52,254.04 15.3 -18.4 -Insurance companies 36.6 22.4 22.5 -38.5 0.7 3.Net Claims of NBE(1-2) 126,135.0 129,983.2 154,718.2 22.7 19.0 % Change Particulars 2017/18 Source: NBE 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market During the second quarter of the fiscal year 2018/19, the amount of T-bills 4.5.3. Outstanding Credit Total outstanding credit of the banking system (excluding credit to government) increased to Birr 448.4 billion, about 35.8 percent higher than last year same quarter. Out of total outstanding loans and advances of the private banks, 99.8 percent was claims on the private sector compared with 41.2 percent for public banks (Table 4.12) Sector wise, credit to industry stood at Birr 169.5 billion (37 percent) followed by international trade (Birr 89.3billion or 19.9 percent), domestic trade (Birr 56.0 billion or 12.5 percent),housing & construction (Birr 41.5 billion or 9.3 percent) and agriculture (Birr 24.5 billion or 5.5 percent). Credit to other economic sectors took the remaining balance (Table4.11). Table 4.12: Breakdown of Banking System Credit by Clients (In Millions of Birr) Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share Public Banks 16,410.7 35.6 7,740.1 28.5 285,290.8 56.8 Central Government 0.0 54,175.1 19.0 State Enterprises 3,045.6 18.6 803.2 10.4 113,523.9 39.8 Cooperatives 5,503.3 33.5 1,287.3 16.6 16,808.9 5.9 Private Enterprises 7,861.8 47.9 5,649.7 73.0 100,782.9 35.3 Private Banks 29,636.1 64.4 19,380.3 71.5 217,304.1 43.2 Central Government* 0.0 State Enterprises 14.5 0.0 22.7 0.1 541.7 0.2 Cooperatives 1,027.0 3.5 457.1 2.4 3,396.9 1.6 Private Enterprises 28,594.5 96.5 18,900.5 97.5 213,365.5 98.2 Grand Total 46,046.8 100.0 27,120.4 100.0 502,594.9 100.0 Source: Commercial banks and staff computation Notes: Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE Fig.IV.12: Share of Public and Private Banks in Credit Outstanding Source: Staff computation, NBE 4.6. Financial Activities of NBE Gross claims of NBE on the central government reached Birr 178.7 billion by end December 2018, about 11.6 percent higher than that of a year earlier. Of this sum, direct advances accounted for 95.9 percent and bonds 4.1 percent. Direct advance to central government increased by12.5 percent while financial institutions’ deposit at NBE went up by 15.2 percent (Table 4.13). Table 4.13: Financial Activities of NBE during second quarter of 2018/19 (In Millions of Birr) Particulars 2017/18 2018/19 Qtr.II Qtr.I Qtr.II % Change A B C C/A C/B 1.Loans and Advances 188,184.56 213,678.01 230,778.01 22.6 8.0 1.1. To Central Government 160,128.85 166,685.30 178,685.30 11.6 7.2 Direct Advances 152,264.95 159,264.95 171,264.95 12.5 7.5 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 28,055.71 46,992.71 52,092.71 85.7 10.9 2.Deposit Liabilities 62,049.54 83,694.85 76,059.82 22.6 -9.1 2.1. Government 16,680.94 19,601.81 23,783.26 42.6 21.3 2.2. Financial Institutions 45,368.60 64,093.04 52,276.56 15.2 -18.4 O/W: -Banks 45,331.99 64,070.67 52,254.04 15.3 -18.4 -Insurance companies 36.6 22.4 22.5 -38.5 0.7 3.Net Claims of NBE(1-2) 126,135.0 129,983.2 154,718.2 22.7 19.0 Source: NBE 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market During the second quarter of the fiscal year 2018/19, the amount of T-bills supplied to the weekly T-bills auction market reached Birr 98.4 billion, reflecting a 30.2 percent annual growth. Similarly, the demand for T-bills expanded by 30.2 percent relative to a year earlier and reached Birr 102.8 billion (Table 4.13). Of the total T-bills sold, the share of commercial banks dropped to zero as non-bank institutions bought the entire amount and held the whole outstanding bills. The total outstanding T-bills at the end of the quarter reached Birr 125.7 billion, reflecting a 48.1 percent increase against the same period last year. T-bills during the review quarter were 1.66 percent which was 16.2 percentage points higher than a year ago (Table 4.13). National Bank of Ethiopia 43 Second Quarter 2018/19 supplied to the weekly T-bills auction market reached Birr 98.4 billion, reflecting a 30.2 percent annual growth. Similarly, the demand for T-bills expanded by 30.2 percent relative to a year earlier and reached Birr 102.8 billion (Table 4.13). Of the total T-bills sold, the share of commercial banks dropped to zero as nonbank institutions bought the entire amount and held the whole outstanding bills. The total outstanding T-bills at the end of the quarter reached Birr 125.7 billion, reflecting a 48.1 percent increase against the same period last year. T-bills during the review quarter were 1.66 percent which was 16.2 percentage points higher than a year ago (Table 4.13). Table 4.13: Results of Treasury Bills Auction (In Millions Birr) 2017/18 2018/19 % Change Quarter II Quarter I Quarter II A B C C/A C/B Number of Bidders 50.00 46.00 50.00 0.00 8.70 Public 50.00 46.00 50.00 0.00 8.70 Private - - - 0.00 0.00 Number of Bids received 50.00 49.00 51.00 2.00 4.08 Public 50.00 49.00 51.00 2.00 4.08 Private - - - Amount Demanded (Mn. Birr) 78,973.56 91,142.56 102,758.56 30.12 12.74 28-day bill 240.00 0.00 0.00 91-day bill 70,382.56 87,636.56 94,167.56 33.79 7.45 182-day bill 685.00 516.00 685.00 0.00 32.75 364-day bill 7,666.00 2,750.00 7,666.00 - 178.76 Amount Supplied (Mn. Birr) 73,202.56 83,412.56 98,432.56 34.47 18.01 28-day bill 240.00 260.00 240.00 0.00 -7.69 91-day bill 64,586.56 80,016.56 89,345.56 38.33 11.66 182-day bill 710.00 386.00 685.00 -3.52 77.46 364-day bill 7,666.00 2,750.00 8,162.00 - Amount Sold (Mn. Birr) 78,973.56 91,142.56 102,758.56 30.12 12.74 Banks - - - Non-Banks 78,973.56 91,142.56 102,758.56 30.12 12.74 Average Weighted Price for Successful bids (%) 99.10 99.11 98.87 -0.23 -0.24 28-day bill 99.94 0.01 0.00 91-day bill 99.70 0.00 0.00 182-day bill 99.67 99.69 99.67 0.00 -0.01 364-day bill 97.10 97.10 96.17 0.00 Average Weighted Yield for Successful bids (%) 1.43 1.40 1.66 16.20 18.13 28-day bill 0.85 0.78 0.78 -7.70 0.00 91-day bill 1.20 0.00 -0.03 182-day bill 0.66 0.63 0.66 0.00 4.55 364-day bill 3.00 3.00 3.99 0.00 Outstanding bills at the end of Period 84,879.56 119,142.56 125,664.56 48.05 5.47 National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 42 4.6. Financial Activities of NBE Gross claims of NBE on the central government reached Birr 178.7 billion by end December 2018, about 11.6 percent higher than that of a year earlier. Of this sum, direct advances accounted for 95.9 percent and bonds 4.1 percent. Direct advance to central government increased by12.5 percent while financial institutions’ deposit at NBE went up by 15.2 percent (Table 4.13). Table 4.13: Financial Activities of NBE during second quarter of 2018/19 (In Millions of Birr) 2018/19 Qtr.II Qtr.I Qtr.II A B C C/A C/B 1.Loans and Advances 188,184.56 213,678.01 230,778.01 22.6 8.0 1.1. To Central Government 160,128.85 166,685.30 178,685.30 11.6 7.2 Direct Advances 152,264.95 159,264.95 171,264.95 12.5 7.5 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 28,055.71 46,992.71 52,092.71 85.7 10.9 2.Deposit Liabilities 62,049.54 83,694.85 76,059.82 22.6 -9.1 2.1. Government 16,680.94 19,601.81 23,783.26 42.6 21.3 2.2. Financial Institutions 45,368.60 64,093.04 52,276.56 15.2 -18.4 O/W: -Banks 45,331.99 64,070.67 52,254.04 15.3 -18.4 -Insurance companies 36.6 22.4 22.5 -38.5 0.7 3.Net Claims of NBE(1-2) 126,135.0 129,983.2 154,718.2 22.7 19.0 % Change Particulars 2017/18 Source: NBE 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market During the second quarter of the fiscal year 2018/19, the amount of T-bills Table 4.12: Breakdown of Banking System Credit by Clients (In Millions of Birr) Particulars Loan Disbursement % Share Loan Collection % Share Outstanding Loan % Share Public Banks 16,410.7 35.6 7,740.1 28.5 285,290.8 56.8 Central Government 0.0 54,175.1 19.0 State Enterprises 3,045.6 18.6 803.2 10.4 113,523.9 39.8 Cooperatives 5,503.3 33.5 1,287.3 16.6 16,808.9 5.9 Private Enterprises 7,861.8 47.9 5,649.7 73.0 100,782.9 35.3 Private Banks 29,636.1 64.4 19,380.3 71.5 217,304.1 43.2 Central Government* 0.0 State Enterprises 14.5 0.0 22.7 0.1 541.7 0.2 Cooperatives 1,027.0 3.5 457.1 2.4 3,396.9 1.6 Private Enterprises 28,594.5 96.5 18,900.5 97.5 213,365.5 98.2 Grand Total 46,046.8 100.0 27,120.4 100.0 502,594.9 100.0 Source: Commercial banks and staff computation Notes: *Refers to government borrowing in the form of bonds and treasury bills from commercial banks and DBE Fig.IV.12: Share of Public and Private Banks in Credit Outstanding Second Quarter 2018/19 33 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 42 4.6. Financial Activities of NBE Gross claims of NBE on the central government reached Birr 178.7 billion by end December 2018, about 11.6 percent higher than that of a year earlier. Of this sum, direct advances accounted for 95.9 percent and bonds 4.1 percent. Direct advance to central government increased by12.5 percent while financial institutions’ deposit at NBE went up by 15.2 percent (Table 4.13). Table 4.13: Financial Activities of NBE during second quarter of 2018/19 (In Millions of Birr) 2018/19 Qtr.II Qtr.I Qtr.II A B C C/A C/B 1.Loans and Advances 188,184.56 213,678.01 230,778.01 22.6 8.0 1.1. To Central Government 160,128.85 166,685.30 178,685.30 11.6 7.2 Direct Advances 152,264.95 159,264.95 171,264.95 12.5 7.5 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 28,055.71 46,992.71 52,092.71 85.7 10.9 2.Deposit Liabilities 62,049.54 83,694.85 76,059.82 22.6 -9.1 2.1. Government 16,680.94 19,601.81 23,783.26 42.6 21.3 2.2. Financial Institutions 45,368.60 64,093.04 52,276.56 15.2 -18.4 O/W: -Banks 45,331.99 64,070.67 52,254.04 15.3 -18.4 -Insurance companies 36.6 22.4 22.5 -38.5 0.7 3.Net Claims of NBE(1-2) 126,135.0 129,983.2 154,718.2 22.7 19.0 % Change Particulars 2017/18 Source: NBE 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market During the second quarter of the fiscal year 2018/19, the amount of T-bills 4.6. Financial Activities of NBE Gross claims of NBE on the central government reached Birr 178.7 billion by end December 2018, about 11.6 percent higher than that of a year earlier. Of this sum, direct advances accounted for 95.9 percent and bonds 4.1 percent. Direct advance to central government increased by12.5 percent while financial institutions’ deposit at NBE went up by 15.2 percent (Table 4.13). Table 4.13: Financial Activities of NBE during second quarter of 2018/19 (In Millions of Birr) Particulars 2017/18 2018/19 Qtr.II Qtr.I Qtr.II % Change A B C C/A C/B 1.Loans and Advances 188,184.56 213,678.01 230,778.01 22.6 8.0 1.1. To Central Government 160,128.85 166,685.30 178,685.30 11.6 7.2 Direct Advances 152,264.95 159,264.95 171,264.95 12.5 7.5 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 28,055.71 46,992.71 52,092.71 85.7 10.9 2.Deposit Liabilities 62,049.54 83,694.85 76,059.82 22.6 -9.1 2.1. Government 16,680.94 19,601.81 23,783.26 42.6 21.3 2.2. Financial Institutions 45,368.60 64,093.04 52,276.56 15.2 -18.4 O/W: -Banks 45,331.99 64,070.67 52,254.04 15.3 -18.4 -Insurance companies 36.6 22.4 22.5 -38.5 0.7 3.Net Claims of NBE(1-2) 126,135.0 129,983.2 154,718.2 22.7 19.0 Source: NBE 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market During the second quarter of the fiscal year 2018/19, the amount of T-bills supplied to the weekly T-bills auction market reached Birr 98.4 billion, reflecting a 30.2 percent annual growth. Similarly, the demand for T-bills expanded by 30.2 percent relative to a year earlier and reached Birr 102.8 billion (Table 4.13). Of the total T-bills sold, the share of commercial banks dropped to zero as non-bank institutions bought the entire amount and held the whole outstanding bills. The total outstanding T-bills at the end of the quarter reached Birr 125.7 billion, reflecting a 48.1 percent increase against the same period last year. T-bills during the review quarter were 1.66 percent which was 16.2 percentage points higher than a year ago (Table 4.13). National Bank of Ethiopia 43 Second Quarter 2018/19 supplied to the weekly T-bills auction market reached Birr 98.4 billion, reflecting a 30.2 percent annual growth. Similarly, the demand for T-bills expanded by 30.2 percent relative to a year earlier and reached Birr 102.8 billion (Table 4.13). Of the total T-bills sold, the share of commercial banks dropped to zero as nonbank institutions bought the entire amount and held the whole outstanding bills. The total outstanding T-bills at the end of the quarter reached Birr 125.7 billion, reflecting a 48.1 percent increase against the same period last year. T-bills during the review quarter were 1.66 percent which was 16.2 percentage points higher than a year ago (Table 4.13). Table 4.13: Results of Treasury Bills Auction (In Millions Birr) 2017/18 2018/19 % Change Quarter II Quarter I Quarter II A B C C/A C/B Number of Bidders 50.00 46.00 50.00 0.00 8.70 Public 50.00 46.00 50.00 0.00 8.70 Private - - - 0.00 0.00 Number of Bids received 50.00 49.00 51.00 2.00 4.08 Public 50.00 49.00 51.00 2.00 4.08 Private - - - Amount Demanded (Mn. Birr) 78,973.56 91,142.56 102,758.56 30.12 12.74 28-day bill 240.00 0.00 0.00 91-day bill 70,382.56 87,636.56 94,167.56 33.79 7.45 182-day bill 685.00 516.00 685.00 0.00 32.75 364-day bill 7,666.00 2,750.00 7,666.00 - 178.76 Amount Supplied (Mn. Birr) 73,202.56 83,412.56 98,432.56 34.47 18.01 28-day bill 240.00 260.00 240.00 0.00 -7.69 91-day bill 64,586.56 80,016.56 89,345.56 38.33 11.66 182-day bill 710.00 386.00 685.00 -3.52 77.46 364-day bill 7,666.00 2,750.00 8,162.00 - Amount Sold (Mn. Birr) 78,973.56 91,142.56 102,758.56 30.12 12.74 Banks - - - Non-Banks 78,973.56 91,142.56 102,758.56 30.12 12.74 Average Weighted Price for Successful bids (%) 99.10 99.11 98.87 -0.23 -0.24 28-day bill 99.94 0.01 0.00 91-day bill 99.70 0.00 0.00 182-day bill 99.67 99.69 99.67 0.00 -0.01 364-day bill 97.10 97.10 96.17 0.00 Average Weighted Yield for Successful bids (%) 1.43 1.40 1.66 16.20 18.13 28-day bill 0.85 0.78 0.78 -7.70 0.00 91-day bill 1.20 0.00 -0.03 182-day bill 0.66 0.63 0.66 0.00 4.55 364-day bill 3.00 3.00 3.99 0.00 Outstanding bills at the end of Period 84,879.56 119,142.56 125,664.56 48.05 5.47 National Bank of Ethiopia Quarterly Bulletin Second Quarter 2018/19 42 4.6. Financial Activities of NBE Gross claims of NBE on the central government reached Birr 178.7 billion by end December 2018, about 11.6 percent higher than that of a year earlier. Of this sum, direct advances accounted for 95.9 percent and bonds 4.1 percent. Direct advance to central government increased by12.5 percent while financial institutions’ deposit at NBE went up by 15.2 percent (Table 4.13). Table 4.13: Financial Activities of NBE during second quarter of 2018/19 (In Millions of Birr) 2018/19 Qtr.II Qtr.I Qtr.II A B C C/A C/B 1.Loans and Advances 188,184.56 213,678.01 230,778.01 22.6 8.0 1.1. To Central Government 160,128.85 166,685.30 178,685.30 11.6 7.2 Direct Advances 152,264.95 159,264.95 171,264.95 12.5 7.5 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 28,055.71 46,992.71 52,092.71 85.7 10.9 2.Deposit Liabilities 62,049.54 83,694.85 76,059.82 22.6 -9.1 2.1. Government 16,680.94 19,601.81 23,783.26 42.6 21.3 2.2. Financial Institutions 45,368.60 64,093.04 52,276.56 15.2 -18.4 O/W: -Banks 45,331.99 64,070.67 52,254.04 15.3 -18.4 -Insurance companies 36.6 22.4 22.5 -38.5 0.7 3.Net Claims of NBE(1-2) 126,135.0 129,983.2 154,718.2 22.7 19.0 % Change Particulars 2017/18 Source: NBE 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market During the second quarter of the fiscal year 2018/19, the amount of T-bills 4.6. Financial Activities of NBE Gross claims of NBE on the central government reached Birr 178.7 billion by end December 2018, about 11.6 percent higher than that of a year earlier. Of this sum, direct advances accounted for 95.9 percent and bonds 4.1 percent. Direct advance to central government increased by12.5 percent while financial institutions’ deposit at NBE went up by 15.2 percent (Table 4.13). Table 4.13: Financial Activities of NBE during second quarter of 2018/19 (In Millions of Birr) Particulars 2017/18 2018/19 Qtr.II Qtr.I Qtr.II % Change A B C C/A C/B 1.Loans and Advances 188,184.56 213,678.01 230,778.01 22.6 8.0 1.1. To Central Government 160,128.85 166,685.30 178,685.30 11.6 7.2 Direct Advances 152,264.95 159,264.95 171,264.95 12.5 7.5 Bonds 7,863.90 7,420.35 7,420.35 -5.6 0.0 1.2.To Development Bank of Ethiopia 28,055.71 46,992.71 52,092.71 85.7 10.9 2.Deposit Liabilities 62,049.54 83,694.85 76,059.82 22.6 -9.1 2.1. Government 16,680.94 19,601.81 23,783.26 42.6 21.3 2.2. Financial Institutions 45,368.60 64,093.04 52,276.56 15.2 -18.4 O/W: -Banks 45,331.99 64,070.67 52,254.04 15.3 -18.4 -Insurance companies 36.6 22.4 22.5 -38.5 0.7 3.Net Claims of NBE(1-2) 126,135.0 129,983.2 154,718.2 22.7 19.0 Source: NBE 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market During the second quarter of the fiscal year 2018/19, the amount of T-bills supplied to the weekly T-bills auction market reached Birr 98.4 billion, reflecting a 30.2 percent annual growth. Similarly, the demand for T-bills expanded by 30.2 percent relative to a year earlier and reached Birr 102.8 billion (Table 4.13). Of the total T-bills sold, the share of commercial banks dropped to zero as non-bank institutions bought the entire amount and held the whole outstanding bills. The total outstanding T-bills at the end of the quarter reached Birr 125.7 billion, reflecting a 48.1 percent increase against the same period last year. T-bills during the review quarter were 1.66 percent which was 16.2 percentage points higher than a year ago (Table 4.13). 4.7. Developments in Financial Markets 4.7.1. Treasury Bills Market During the second quarter of the fiscal year 2018/19, the amount of T-bills supplied to the weekly T-bills auction market reached Birr 98.4 billion, reflecting a 30.2 percent annual growth. Similarly, the demand for T-bills expanded by 30.2 percent relative to a year earlier and reached Birr 102.8 billion (Table 4.13). Of the total T-bills sold, the share of commercial banks dropped to zero as non-bank institutions bought the entire amount and held the whole outstanding bills. The total outstanding T-bills at the end of the quarter reached Birr 125.7 billion, reflecting a 48.1 percent increase against the same period last year. T-bills during the review quarter were 1.66 percent which was 16.2 percentage points higher than a year ago (Table 4.13). 34 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 4.14: Results of Treasury Bills Auction (In Millions Birr) 2017/18 2018/19 % Change Quarter II Quarter I Quarter II A B C C/A C/B Number of Bidders 50.00 46.00 50.00 0.00 8.70 Public 50.00 46.00 50.00 0.00 8.70 Private - - - 0.00 0.00 Number of Bids received 50.00 49.00 51.00 2.00 4.08 Public 50.00 49.00 51.00 2.00 4.08 Private - - - Amount Demanded (Mn. Birr) 78,973.56 91,142.56 102,758.56 30.12 12.74 28-day bill 240.00 0.00 0.00 91-day bill 70,382.56

87,636.56 94,167.56 33.79 7.45 182-day bill 685.00 516.00 685.00 0.00 32.75 364-day bill 7,666.00

2,750.00 7,666.00 - 178.76 Amount Supplied (Mn. Birr) 73,202.56 83,412.56 98,432.56 34.47 18.01 28-day bill 240.00 260.00 240.00 0.00 -7.69 91-day bill 64,586.56

80,016.56 89,345.56 38.33 11.66 182-day bill 710.00 386.00 685.00 -3.52 77.46 364-day bill 7,666.00

2,750.00 8,162.00 - Amount Sold (Mn. Birr) 78,973.56 91,142.56 102,758.56 30.12 12.74 Banks - - - Non-Banks 78,973.56

91,142.56 102,758.56 30.12 12.74 Average Weighted Price for Successful bids (%) 99.10

99.11

98.87 -0.23 -0.24 28-day bill 99.94 0.01 0.00 91-day bill 99.70 0.00 0.00 182-day bill 99.67 99.69 99.67 0.00 -0.01 364-day bill 97.10 97.10 96.17 0.00 Average Weighted Yield for Successful bids (%) 1.43 1.40 1.66 16.20 18.13 28-day bill 0.85 0.78 0.78 -7.70 0.00 91-day bill 1.20 0.00 -0.03 182-day bill 0.66 0.63 0.66 0.00 4.55 364-day bill 3.00 3.00 3.99 0.00 Outstanding bills at the end of Period (Mn.Br.) 84,879.56

119,142.56

125,664.56 48.05 5.47 Banks - - - Non-Banks 84,879.56 119,142.56 125,664.56 48.05 5.47 Source: NBE Second Quarter 2018/19 35 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 44 Second Quarter 2018/19 Fig IV.14: Developments in T-Bills Market (In Millions of Birr) Source: NBE 0 20000 40000 60000 80000 100000 120000 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/182018/19 Demand Supply (Mn.Br.) Banks - - - Non-Banks 84,879.56 119,142.56 125,664.56 48.05 5.47 National Bank of Ethiopia 45 Second Quarter 2018/19 Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities (In Percent) Source: NBE 7.2. Inter- Bank Money Market No inter-bank money market transaction was conducted during the quarter under review (Table 4.12). 4.7.3. Corporate Bond Market Corporate bond market remained under developed in Ethiopia with the few big players being public institutions and regional governments. The purchaser of these bonds was Commercial Bank of Ethiopia (CBE). Accordingly, CBE purchased corporate bonds worth of Birr 29.8 billion during second quarter of 2018/19. The respective shares of EEPCo, Addis Ababa City Government and Railway Corporation in total corporate bond purchase were 53.7 percent (Birr 16.0 billion), 26.2 percent (Birr 7.8 billion) and 21.0 percent (Birr 6.0 billion). Thus, the stock of corporate bonds held by the CBE stood at Birr 304.4 billion by end of December 2018, of which 80.0 percent was claims on public enterprises and the balance 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 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 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/182018/19 (In percent) 28-day 91-day 182-day 3.990 National Bank of Ethiopia 46 Second Quarter 2018/19 on regional governments (Table 4.15). EEPCO accounted for 67.2 percent of the bonds issued by public enterprises and 73.7 percent of the total outstanding corporate bond balance. Source: NBE Note: NP= New Purchase, Red. = Redemption, O/S= outstanding Table 4.14 Corporate Bond purchased In millions of Birr Issuer of the Bond 2017/18 2018/19 QII QI QII NP Red O/S NP Red O/S NP Red O/S 1.Puplic Enterprises 18,348.9 221.4 223,848.9 2,600.0 0.0 248,139.0 23,800.0 20.5 256,128.7 EEPCO 12,300.0 - 199,100.0 - 216,350.00 16,000.0 20.5 224,339.73 Railways Corporation 6,048.9 221.4 24,748.9 2,600.0 31,788.98

7,800.0 - 31,788.98 DBE - - . -

2. Regional Governments 1,000.0 846.9 39,968.1 0.0 775.9 45,110.1 6,000.0 2,997.4 48,243.7 Oromia - 12.2 449.7 - 1.7

439.9

10.2 436.6 Amhara - - 0.2 -

0.2

- 0.2 Tigray - 12.5 144.0 - 6.2

133.3

18.6 133.3 SNNPRS - - 7.6 -

7.6

- 7.6 Dire Dawa - - 0.0 -

0.0

- 0.0 Harari - - 0.0 -

0.0

- 0.0 City Government of Addis Ababa 1,000.0 822.1 39,366.6 - 768.0

44,529.0

6,000.0 2,968.6 47,666.0 3.Grand Total (1+2) 19,348.9 1,068.3 263,817.0 2,600.0 775.9 293,249.1 29,800.0 3,018.0 304,372.4 Fig IV.13: Developments in T-Bills Market (In Millions of Birr) 36 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 45 Second Quarter 2018/19 Fig IV.14: Developments in Average Weighted Yields of T-bills with Different Maturities (In Percent) Source: NBE 7.2. Inter- Bank Money Market No inter-bank money market transaction was conducted during the quarter under review (Table 4.12). 4.7.3. Corporate Bond Market Corporate bond market remained under developed in Ethiopia with the few big players being public institutions and regional governments. The purchaser of these bonds was Commercial Bank of Ethiopia (CBE). Accordingly, CBE purchased corporate bonds worth of Birr 29.8 billion during second quarter of 2018/19. The respective shares of EEPCo, Addis Ababa City Government and Railway Corporation in total corporate bond purchase were 53.7 percent (Birr 16.0 billion), 26.2 percent (Birr 7.8 billion) and 21.0 percent (Birr 6.0 billion). Thus, the stock of corporate bonds held by the CBE stood at Birr 304.4 billion by end of December 2018, of which 80.0 percent was claims on public enterprises and the balance 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 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 2008/9 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/182018/19 (In percent) 28-day 91-day 182-day 3.990 National Bank of Ethiopia 46 Second Quarter 2018/19 on regional governments (Table 4.15). EEPCO accounted for 67.2 percent of the bonds issued by public enterprises and 73.7 percent of the total outstanding corporate bond balance. Source: NBE Note: NP= New Purchase, Red. = Redemption, O/S= outstanding Table 4.14 Corporate Bond purchased In millions of Birr Issuer of the Bond 2017/18 2018/19 QII QI QII NP Red O/S NP Red O/S NP Red O/S 1.Puplic Enterprises 18,348.9 221.4 223,848.9 2,600.0 0.0 248,139.0 23,800.0 20.5 256,128.7 EEPCO 12,300.0 - 199,100.0 - 216,350.00 16,000.0 20.5 224,339.73 Railways Corporation 6,048.9 221.4 24,748.9 2,600.0 31,788.98

7,800.0 - 31,788.98 DBE - - . -

2. Regional Governments 1,000.0 846.9 39,968.1 0.0 775.9 45,110.1 6,000.0 2,997.4 48,243.7 Oromia - 12.2 449.7 - 1.7

439.9

10.2 436.6 Amhara - - 0.2 -

0.2

- 0.2 Tigray - 12.5 144.0 - 6.2

133.3

18.6 133.3 SNNPRS - - 7.6 -

7.6

- 7.6 Dire Dawa - - 0.0 -

0.0

- 0.0 Harari - - 0.0 -

0.0

- 0.0 City Government of Addis Ababa 1,000.0 822.1 39,366.6 - 768.0

44,529.0

6,000.0 2,968.6 47,666.0 3.Grand Total (1+2) 19,348.9 1,068.3 263,817.0 2,600.0 775.9 293,249.1 29,800.0 3,018.0 304,372.4 4. Table 4.15 Corporate Bond purchased In millions of Birr Issuer of the Bond 2017/18 2018/19 QII QI QII NP Red O/S NP Red O/S NP Red O/S 1.Puplic Enterprises 18,348.9 221.4 223,848.9 2,600.0 0.0 248,139.0 23,800.0 20.5 256,128.7 EEPCO 12,300.0 - 199,100.0 - 216,350.00 16,000.0 20.5 224,339.73 Railways Corporation

6,048.9 221.4 24,748.9 2,600.0 31,788.98 7,800.0 - 31,788.98 DBE

- . - - - - - -

Regional Governments 1,000.0 846.9 39,968.1 0.0 775.9 45,110.1 6,000.0 2,997.4 48,243.7 Oromia

12.2

449.7 - 1.7

439.9 - 10.2 436.6 Amhara

0.2 - -

0.2 - - 0.2 Tigray

12.5

144.0 - 6.2

133.3 - 18.6 133.3 SNNPRS

7.6 - -

7.6 - - 7.6 Dire Dawa

0.0 - -

0.0 - - 0.0 Harari

0.0 - -

0.0 - - 0.0 City Government of Addis Ababa

1,000.0 822.1 39,366.6 - 768.0 44,529.0 6,000.0 2,968.6 47,666.0 3.Grand Total (1+2) 19,348.9 1,068.3 263,817.0 2,600.0 775.9 293,249.1 29,800.0 3,018.0 304,372.4 Source: NBE Second Quarter 2018/19 37 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 47 Second Quarter 2018/19 V. External Sector Developments 5.1. Balance of Payments During the second quarter of 2018/19, the overall balance of payments registered USD 536.9 million deficit compared to USD 510.7 million gap a year ago. The widening of the deficit was mainly attributed to an increase in deficit of merchandise trade and net services coupled with the decline in official transfers despite improvement in private transfers and capital account (Table 5.1). V. External Sector Developments 5.1. Balance of Payments During the second quarter of 2018/19, the overall balance of payments registered USD 536.9 million deficit compared to USD 510.7 million gap a year ago. The widening of the deficit was mainly attributed to an increase in deficit of merchandise trade and net services coupled with the decline in official transfers despite improvement in private transfers and capital account (Table 5.1). Table 5.1: Balance of Payments* (In Millions of USD) S/N Particulars 2017/18 2018/19 QII QI QII Percentage Change A B C D=C/A E=C/B 1 Exports, f.o.b. 669.5 628.0 584.6 -12.7 -6.9 Coffee 166.75 204.43 130.0 -22.1 -36.4 Other 502.8 423.6 454.6 -9.6 7.3 2 Imports 4,031.4 3,682.1 4,436.3 10.0 20.5 Fuel 571.0 663.3 673.6 18.0 1.5 Cereals 225.4 204.5 142.4 -36.8 -30.4 Aircraft 221.9 13.3 790.6 256.3 5,848.3 Imports excl. fuel, cereals, aircraft 3,013.2 2,800.9 2,829.7 -6.1 1.0 3 Trade Balance (1-2) -3,361.9 -3,054.0 -3,851.7 14.6 26.1 4 Services, net -211.8 248.3 -224.3 5.9 -190.3 Non-factor services, net -56.3 348.2 -134.3 138.6 -138.6 Exports of non-factor services 989.4 1,482.3 1,216.1 22.9 -18.0 Imports of non-factor services 1,045.7 1,134.1 1,350.5 29.1 19.1 Factor services (Investment income), net -155.5 -99.9 -89.9 -42.2 -10.0 Interest, net -155.5 -99.9 -89.9 -42.2 -10.0 Dividend, net 5 Private transfers, net 1,531.7 1,597.9 1,690.5 10.4 5.8 o/w: NGO's,(Net) 307.2 176.0 148.3 -51.7 -15.7 Private Individuals 1,224.5 1,421.9 1,542.2 25.9 8.5 6 Current account balance excluding official transfers (3+4+5) -2,042.0 -1,207.8 -2,385.4 16.8 97.5 7 Official transfers, net 625.7 179.3 586.9 -6.2 227.4 8 Current account balance including official transfers(6+7) -1,416.3 -1,028.6 -1,798.5 27.0 74.9 9 Capital account 2,100.1 963.3 2,119.9 0.9 120.1 Official Long-term Capital, net 257.7 124.6 505.1 96.0 305.6 Disbursements 304.4 179.0 621.8 104.2 247.4 Amortization 46.8 54.4 116.7 149.4 114.3 Other public long-term capital 490.4 144.1 357.0 -27.2 147.8 Private sector, long term 48.9 76.0 91.9 88.0 20.8 Foreign Direct Investment, net 1,327.3 665.1 1,113.3 -16.1 67.4 Short-term Capital -24.1 -46.5 52.6 -318.1 -213.2 10 Errors and omissions -1,194.5 -3.8 -858.3 11 Overall balance (8+9+10) -510.7 -69.1 -536.9 12 Financing 510.7 69.1 536.9 13 Reserves [ Increase(-), Decrease (+)] 510.7 69.1 536.9 14 Central Bank (NFA) 336.1 283.9 376.4 Asset -88.5 -897.4 -213.2 Liabilities 424.6 1,181.4 589.6 15 Commercial banks (NFA) 174.6 -214.9 160.5 16 Debt Relief Principal Interest Source: NBE Staff Compilation *preliminary 38 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 49 Second Quarter 2018/19 Total current account receipts amounted to USD 4.1 billion, 6.6 percent higher than a year earlier due to 24.2 percent rise in proceeds from services and 8.9 percent increase in private transfers. Meanwhile, export proceeds and public transfers dropped by 12.7 percent and 6.1 percent, respectively. Similarly, total current account payments increased to USD 5.9 billion as a result of 10 percent growth in merchandise import payments and 21 percent rise in service payments. Thus, current account deficit stood at USD 1.8 billion which was 27 percent wider than a year ago (Table 5.2). Table 5.2 Current Receipts and Payments (In millions of USD) S/N Particulars 2017/18 2018/19 QII QI QII Percentage Change A B C D=C/A E=C/B 1 Current Receipts 3,857.0 3,929.0 4,111.9 6.6 4.7 Export Proceeds 669.5 628.0 584.6 -12.7 -6.9 Service Proceeds 997.6 1,502.1 1,238.8 24.2 -17.5 Private Transfers 1,554.9 1,600.7 1,692.6 8.9 5.7 Public Transfers 634.9 198.1 595.9 -6.1 200.8 2 Current Payments 5,273.2 4,957.6 5,910.4 12.1 19.2 Import Payments 4,031.4 3,682.1 4,436.3 10.0 20.5 Service Payments 1,209.4 1,253.8 1,463.1 21.0 16.7 Private Transfers 23.2 2.8 2.1 -91.1 -27.4 Public Transfers 9.2 18.9 9.0 -2.8 -52.4 3 Net (1-2) -1,416.3 -1,028.6 -1,798.5 27.0 74.9 Source: NBE Staff Compilation National Bank of Ethiopia 50 Fourth Quarter 2017/18 Source: NBE Staff Compilation 5.2 Balance of Trade Merchandise trade deficit widened by 14 percent in the second quarter and reached USD 3.9 billion from USD 3.4 billion a year ago, owing to the higher merchandise import bill coupled with the decline in goods export receipts. 0.0 1000.0 2000.0 3000.0 4000.0 5000.0 6000.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 ( I n M illio n s o f U S D ) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Import Export Source: Ministry of Revenue 0 1000 2000 3000 4000 5000 6000 7000 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 In Millions of USD Fig 5.1 Trends in Current Receipts and Payments Current Receipts Current Payments Total current account receipts amounted to USD 4.1 billion, 6.6 percent higher than a year earlier due to 24.2 percent rise in proceeds from services and 8.9 percent increase in private transfers. Meanwhile, export proceeds and public transfers dropped by 12.7 percent and 6.1 percent, respectively. Similarly, total current account payments increased to USD 5.9 billion as a result of 10 percent growth in merchandise import payments and 21 percent rise in service payments. Thus, current account deficit stood at USD 1.8 billion which was 27 percent wider than a year ago (Table 5.2). Table 5.2 Current Receipts and Payments (In millions of USD) S/N Particulars 2017/18 2018/19 QII QI QII Percentage Change A B C D=C/A E=C/B 1 Current Receipts 3,857.0 3,929.0 4,111.9 6.6 4.7 Export Proceeds 669.5 628.0 584.6 -12.7 -6.9 Service Proceeds 997.6 1,502.1 1,238.8 24.2 -17.5 Private Transfers 1,554.9 1,600.7 1,692.6 8.9 5.7 Public Transfers 634.9 198.1 595.9 -6.1 200.8 2 Current Payments 5,273.2 4,957.6 5,910.4 12.1 19.2 Import Payments 4,031.4 3,682.1 4,436.3 10.0 20.5 Service Payments 1,209.4 1,253.8 1,463.1 21.0 16.7 Private Transfers 23.2 2.8 2.1 -91.1 -27.4 Public Transfers 9.2 18.9 9.0 -2.8 -52.4 3 Net (1-2) -1,416.3 -1,028.6 -1,798.5 27.0 74.9 Source: NBE Staff Compilation Source: NBE Staff Compilation Total current account receipts amounted to USD 4.1 billion, 6.6 percent higher than a year earlier due to 24.2 percent rise in proceeds from services and 8.9 percent increase in private transfers. Meanwhile, export proceeds and public transfers dropped by 12.7 percent and 6.1 percent, respectively. Similarly, total current account payments increased to USD 5.9 billion as a result of 10 percent growth in merchandise import payments and 21 percent rise in service payments. Thus, current account deficit stood at USD 1.8 billion which was 27 percent wider than a year ago (Table 5.2). Table 5.2 Current Receipts and Payments (In millions of USD) S/N Particulars 2017/18 2018/19 QII QI QII Percentage Change A B C D=C/A E=C/B 1 Current Receipts 3,857.0 3,929.0 4,111.9 6.6 4.7 Export Proceeds 669.5 628.0 584.6 -12.7 -6.9 Service Proceeds 997.6 1,502.1 1,238.8 24.2 -17.5 Private Transfers 1,554.9 1,600.7 1,692.6 8.9 5.7 Public Transfers 634.9 198.1 595.9 -6.1 200.8 2 Current Payments 5,273.2 4,957.6 5,910.4 12.1 19.2 Import Payments 4,031.4 3,682.1 4,436.3 10.0 20.5 Service Payments 1,209.4 1,253.8 1,463.1 21.0 16.7 Private Transfers 23.2 2.8 2.1 -91.1 -27.4 Public Transfers 9.2 18.9 9.0 -2.8 -52.4 3 Net (1-2) -1,416.3 -1,028.6 -1,798.5 27.0 74.9 Source: NBE Staff Compilation Source: NBE Staff Compilation National Bank of Ethiopia 49 Second Quarter 2018/19 Total current account receipts amounted to USD 4.1 billion, 6.6 percent higher than a year earlier due to 24.2 percent rise in proceeds from services and 8.9 percent increase in private transfers. Meanwhile, export proceeds and public transfers dropped by 12.7 percent and 6.1 percent, respectively. Similarly, total current account payments increased to USD 5.9 billion as a result of 10 percent growth in merchandise import payments and 21 percent rise in service payments. Thus, current account deficit stood at USD 1.8 billion which was 27 percent wider than a year ago (Table 5.2). Table 5.2 Current Receipts and Payments (In millions of USD) S/N Particulars 2017/18 2018/19 QII QI QII Percentage Change A B C D=C/A E=C/B 1 Current Receipts 3,857.0 3,929.0 4,111.9 6.6 4.7 Export Proceeds 669.5 628.0 584.6 -12.7 -6.9 Service Proceeds 997.6 1,502.1 1,238.8 24.2 -17.5 Private Transfers 1,554.9 1,600.7 1,692.6 8.9 5.7 Public Transfers 634.9 198.1 595.9 -6.1 200.8 2 Current Payments 5,273.2 4,957.6 5,910.4 12.1 19.2 Import Payments 4,031.4 3,682.1 4,436.3 10.0 20.5 Service Payments 1,209.4 1,253.8 1,463.1 21.0 16.7 Private Transfers 23.2 2.8 2.1 -91.1 -27.4 Public Transfers 9.2 18.9 9.0 -2.8 -52.4 3 Net (1-2) -1,416.3 -1,028.6 -1,798.5 27.0 74.9 Source: NBE Staff Compilation National Bank of Ethiopia 50 Fourth Quarter 2017/18 Source: NBE Staff Compilation 5.2 Balance of Trade Merchandise trade deficit widened by 14 percent in the second quarter and reached USD 3.9 billion from USD 3.4 billion a year ago, owing to the higher merchandise import bill coupled with the decline in goods export receipts. 0.0 1000.0 2000.0 3000.0 4000.0 5000.0 6000.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 ( I n M illio n s o f U S D ) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Import Export Source: Ministry of Revenue 0 1000 2000 3000 4000 5000 6000 7000 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 In Millions of USD Fig 5.1 Trends in Current Receipts and Payments Current Receipts Current Payments Total current account receipts amounted to USD 4.1 billion, 6.6 percent higher than a year earlier due to 24.2 percent rise in proceeds from services and 8.9 percent increase in private transfers. Meanwhile, export proceeds and public transfers dropped by 12.7 percent and 6.1 percent, respectively. Similarly, total current account payments increased to USD 5.9 billion as a result of 10 percent growth in merchandise import payments and 21 percent rise in service payments. Thus, current account deficit stood at USD 1.8 billion which was 27 percent wider than a year ago (Table 5.2). Table 5.2 Current Receipts and Payments (In millions of USD) S/N Particulars 2017/18 2018/19 QII QI QII Percentage Change A B C D=C/A E=C/B 1 Current Receipts 3,857.0 3,929.0 4,111.9 6.6 4.7 Export Proceeds 669.5 628.0 584.6 -12.7 -6.9 Service Proceeds 997.6 1,502.1 1,238.8 24.2 -17.5 Private Transfers 1,554.9 1,600.7 1,692.6 8.9 5.7 Public Transfers 634.9 198.1 595.9 -6.1 200.8 2 Current Payments 5,273.2 4,957.6 5,910.4 12.1 19.2 Import Payments 4,031.4 3,682.1 4,436.3 10.0 20.5 Service Payments 1,209.4 1,253.8 1,463.1 21.0 16.7 Private Transfers 23.2 2.8 2.1 -91.1 -27.4 Public Transfers 9.2 18.9 9.0 -2.8 -52.4 3 Net (1-2) -1,416.3 -1,028.6 -1,798.5 27.0 74.9 Source: NBE Staff Compilation Source: NBE Staff Compilation Second Quarter 2018/19 39 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 49 Second Quarter 2018/19 Total current account receipts amounted to USD 4.1 billion, 6.6 percent higher than a year earlier due to 24.2 percent rise in proceeds from services and 8.9 percent increase in private transfers. Meanwhile, export proceeds and public transfers dropped by 12.7 percent and 6.1 percent, respectively. Similarly, total current account payments increased to USD 5.9 billion as a result of 10 percent growth in merchandise import payments and 21 percent rise in service payments. Thus, current account deficit stood at USD 1.8 billion which was 27 percent wider than a year ago (Table 5.2). Table 5.2 Current Receipts and Payments (In millions of USD) S/N Particulars 2017/18 2018/19 QII QI QII Percentage Change A B C D=C/A E=C/B 1 Current Receipts 3,857.0 3,929.0 4,111.9 6.6 4.7 Export Proceeds 669.5 628.0 584.6 -12.7 -6.9 Service Proceeds 997.6 1,502.1 1,238.8 24.2 -17.5 Private Transfers 1,554.9 1,600.7 1,692.6 8.9 5.7 Public Transfers 634.9 198.1 595.9 -6.1 200.8 2 Current Payments 5,273.2 4,957.6 5,910.4 12.1 19.2 Import Payments 4,031.4 3,682.1 4,436.3 10.0 20.5 Service Payments 1,209.4 1,253.8 1,463.1 21.0 16.7 Private Transfers 23.2 2.8 2.1 -91.1 -27.4 Public Transfers 9.2 18.9 9.0 -2.8 -52.4 3 Net (1-2) -1,416.3 -1,028.6 -1,798.5 27.0 74.9 Source: NBE Staff Compilation National Bank of Ethiopia 50 Fourth Quarter 2017/18 Source: NBE Staff Compilation 5.2 Balance of Trade Merchandise trade deficit widened by 14 percent in the second quarter and reached USD 3.9 billion from USD 3.4 billion a year ago, owing to the higher merchandise import bill coupled with the decline in goods export receipts. 0.0 1000.0 2000.0 3000.0 4000.0 5000.0 6000.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 ( I n M illio n s o f U S D ) Fig.V.2: Quarterly Movements in Export Proceeds & Import Payments Import Export Source: Ministry of Revenue 0 1000 2000 3000 4000 5000 6000 7000 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 In Millions of USD Fig 5.1 Trends in Current Receipts and Payments Current Receipts Current Payments Total current account receipts amounted to USD 4.1 billion, 6.6 percent higher than a year earlier due to 24.2 percent rise in proceeds from services and 8.9 percent increase in private transfers. Meanwhile, export proceeds and public transfers dropped by 12.7 percent and 6.1 percent, respectively. Similarly, total current account payments increased to USD 5.9 billion as a result of 10 percent growth in merchandise import payments and 21 percent rise in service payments. Thus, current account deficit stood at USD 1.8 billion which was 27 percent wider than a year ago (Table 5.2). Table 5.2 Current Receipts and Payments (In millions of USD) S/N Particulars 2017/18 2018/19 QII QI QII Percentage Change A B C D=C/A E=C/B 1 Current Receipts 3,857.0 3,929.0 4,111.9 6.6 4.7 Export Proceeds 669.5 628.0 584.6 -12.7 -6.9 Service Proceeds 997.6 1,502.1 1,238.8 24.2 -17.5 Private Transfers 1,554.9 1,600.7 1,692.6 8.9 5.7 Public Transfers 634.9 198.1 595.9 -6.1 200.8 2 Current Payments 5,273.2 4,957.6 5,910.4 12.1 19.2 Import Payments 4,031.4 3,682.1 4,436.3 10.0 20.5 Service Payments 1,209.4 1,253.8 1,463.1 21.0 16.7 Private Transfers 23.2 2.8 2.1 -91.1 -27.4 Public Transfers 9.2 18.9 9.0 -2.8 -52.4 3 Net (1-2) -1,416.3 -1,028.6 -1,798.5 27.0 74.9 Source: NBE Staff Compilation Source: NBE Staff Compilation National Bank of Ethiopia 51 Second Quarter 2018/19 Source: NBE Staff Computation 5.2.1 Export of Goods Total earnings from export of goods declined by 12.7 percent over same quarter last year as export receipts from coffee, oilseeds, leather & leather product, fruit & vegetables gold and live-animals tended to slowdown. On the other hand, export earnings from pulses, chat, flower, electricity, meat & meat products and other export items improved during the review period. Earnings from coffee fell by 22.1 percent vis-à-vis last year same quarter and reached USD 130 million owing to 8.7 percent drop in price and 14.6 percent in volume. Hence, the share of coffee in total merchandise export decreased to 22.2 percent from 24.9 percent a year earlier. Likewise, export revenue from oilseeds stood at USD 90.9 million, declining by 36.2 percent owing to a 48.4 percent fall in export volume despite 23.6 percent rise in export price. As a result, the share of oilseeds in total merchandise export went down to 15.5 percent from 21.3 percent a year ago. Export proceeds from live-animals showed a 44.3 percent decrease on account of a 46.7 percent decline in export volume despite a 4.4 percent increase in price. As a result, their share in total merchandise export went down to 0.8 percent from 1.2 percent a year ago. Export earnings from gold also plummeted significantly by 80.2 percent due to 80.5 percent drop in export 0 500 1000 1500 2000 2500 3000 3500 4000 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit National Bank of Ethiopia 52 Second Quarter 2018/19 volume despite marginal increase in price. As result, the share of gold in total merchandise export decreased to 0.6 percent from 2.8 percent during the review quarter. Export receipts from leather & leather products decreased by 4.9 percent as international price fell 7.7 percent in spite of 3.0 percent increase in export volume. Yet the share of leather & leather products in total merchandise export increased from 5.3 percent to 5.8 percent. Export of fruits & vegetables fetched USD 14.7 million in revenue, about 5.8 percent lower than last year same quarter. This was attributed to 10.4 percent decline in export volume despite 5.1 percent rise in international unit price. As a result, the share of fruits & vegetables in total export earnings slightly increased to 2.5 percent from 2.3 percent a year ago. In contrast, export revenue from pulses grew 0.4 percent compared to last year same quarter on account of 1.1 percent increase in international price although export volume declined 0.8 percent. Thus, the share of pulses in total export earnings rose from 10.3 percent to 11.8 percent during the review quarter. Export revenue from flower increased by 6.4 percent vis-à-vis the same quarter of last year as volume of export rose 12.0 percent while price dropped 4.8 percent. Thus, the share of flower in total export earnings increased from 7.4 percent to 9.0 percent. Export earnings from electricity showed a 11.7 percent growth compared to last year same quarter as a result of 13.4 percent increase in export volume although the price decreased 1.5 percent. Accordingly, the share of electricity in total merchandise export revenue increased to 2.9 percent from 2.2 percent a year ago. Moreover, export proceeds from chat went up 31.5 percent quarter-on-quarter basis owing to a 27.6 percent rise in volume and 3.0 percent international price. As result, the share of chat in total merchandise export earnings increased to 13.8 percent from 9.2 percent a year earlier. Revenue from export of meat & meat products saw a 0.5 percent growth compared to last year same quarter as export volume rose 4.2 percent despite 40 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 51 Second Quarter 2018/19 Source: NBE Staff Computation 5.2.1 Export of Goods Total earnings from export of goods declined by 12.7 percent over same quarter last year as export receipts from coffee, oilseeds, leather & leather product, fruit & vegetables gold and live-animals tended to slowdown. On the other hand, export earnings from pulses, chat, flower, electricity, meat & meat products and other export items improved during the review period. Earnings from coffee fell by 22.1 percent vis-à-vis last year same quarter and reached USD 130 million owing to 8.7 percent drop in price and 14.6 percent in volume. Hence, the share of coffee in total merchandise export decreased to 22.2 percent from 24.9 percent a year earlier. Likewise, export revenue from oilseeds stood at USD 90.9 million, declining by 36.2 percent owing to a 48.4 percent fall in export volume despite 23.6 percent rise in export price. As a result, the share of oilseeds in total merchandise export went down to 15.5 percent from 21.3 percent a year ago. Export proceeds from live-animals showed a 44.3 percent decrease on account of a 46.7 percent decline in export volume despite a 4.4 percent increase in price. As a result, their share in total merchandise export went down to 0.8 percent from 1.2 percent a year ago. Export earnings from gold also plummeted significantly by 80.2 percent due to 80.5 percent drop in export 0 500 1000 1500 2000 2500 3000 3500 4000 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit National Bank of Ethiopia 52 Second Quarter 2018/19 volume despite marginal increase in price. As result, the share of gold in total merchandise export decreased to 0.6 percent from 2.8 percent during the review quarter. Export receipts from leather & leather products decreased by 4.9 percent as international price fell 7.7 percent in spite of 3.0 percent increase in export volume. Yet the share of leather & leather products in total merchandise export increased from 5.3 percent to 5.8 percent. Export of fruits & vegetables fetched USD 14.7 million in revenue, about 5.8 percent lower than last year same quarter. This was attributed to 10.4 percent decline in export volume despite 5.1 percent rise in international unit price. As a result, the share of fruits & vegetables in total export earnings slightly increased to 2.5 percent from 2.3 percent a year ago. In contrast, export revenue from pulses grew 0.4 percent compared to last year same quarter on account of 1.1 percent increase in international price although export volume declined 0.8 percent. Thus, the share of pulses in total export earnings rose from 10.3 percent to 11.8 percent during the review quarter. Export revenue from flower increased by 6.4 percent vis-à-vis the same quarter of last year as volume of export rose 12.0 percent while price dropped 4.8 percent. Thus, the share of flower in total export earnings increased from 7.4 percent to 9.0 percent. Export earnings from electricity showed a 11.7 percent growth compared to last year same quarter as a result of 13.4 percent increase in export volume although the price decreased 1.5 percent. Accordingly, the share of electricity in total merchandise export revenue increased to 2.9 percent from 2.2 percent a year ago. Moreover, export proceeds from chat went up 31.5 percent quarter-on-quarter basis owing to a 27.6 percent rise in volume and 3.0 percent international price. As result, the share of chat in total merchandise export earnings increased to 13.8 percent from 9.2 percent a year earlier. Revenue from export of meat & meat products saw a 0.5 percent growth compared to last year same quarter as export volume rose 4.2 percent despite National Bank of Ethiopia 51 Second Quarter 2018/19 Source: NBE Staff Computation 5.2.1 Export of Goods Total earnings from export of goods declined by 12.7 percent over same quarter last year as export receipts from coffee, oilseeds, leather & leather product, fruit & vegetables gold and live-animals tended to slowdown. On the other hand, export earnings from pulses, chat, flower, electricity, meat & meat products and other export items improved during the review period. Earnings from coffee fell by 22.1 percent vis-à-vis last year same quarter and reached USD 130 million owing to 8.7 percent drop in price and 14.6 percent in volume. Hence, the share of coffee in total merchandise export decreased to 22.2 percent from 24.9 percent a year earlier. Likewise, export revenue from oilseeds stood at USD 90.9 million, declining by 36.2 percent owing to a 48.4 percent fall in export volume despite 23.6 percent rise in export price. As a result, the share of oilseeds in total merchandise export went down to 15.5 percent from 21.3 percent a year ago. Export proceeds from live-animals showed a 44.3 percent decrease on account of a 46.7 percent decline in export volume despite a 4.4 percent increase in price. As a result, their share in total merchandise export went down to 0.8 percent from 1.2 percent a year ago. Export earnings from gold also plummeted significantly by 80.2 percent due to 80.5 percent drop in export 0 500 1000 1500 2000 2500 3000 3500 4000 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit National Bank of Ethiopia 52 Second Quarter 2018/19 volume despite marginal increase in price. As result, the share of gold in total merchandise export decreased to 0.6 percent from 2.8 percent during the review quarter. Export receipts from leather & leather products decreased by 4.9 percent as international price fell 7.7 percent in spite of 3.0 percent increase in export volume. Yet the share of leather & leather products in total merchandise export increased from 5.3 percent to 5.8 percent. Export of fruits & vegetables fetched USD 14.7 million in revenue, about 5.8 percent lower than last year same quarter. This was attributed to 10.4 percent decline in export volume despite 5.1 percent rise in international unit price. As a result, the share of fruits & vegetables in total export earnings slightly increased to 2.5 percent from 2.3 percent a year ago. In contrast, export revenue from pulses grew 0.4 percent compared to last year same quarter on account of 1.1 percent increase in international price although export volume declined 0.8 percent. Thus, the share of pulses in total export earnings rose from 10.3 percent to 11.8 percent during the review quarter. Export revenue from flower increased by 6.4 percent vis-à-vis the same quarter of last year as volume of export rose 12.0 percent while price dropped 4.8 percent. Thus, the share of flower in total export earnings increased from 7.4 percent to 9.0 percent. Export earnings from electricity showed a 11.7 percent growth compared to last year same quarter as a result of 13.4 percent increase in export volume although the price decreased 1.5 percent. Accordingly, the share of electricity in total merchandise export revenue increased to 2.9 percent from 2.2 percent a year ago. Moreover, export proceeds from chat went up 31.5 percent quarter-on-quarter basis owing to a 27.6 percent rise in volume and 3.0 percent international price. As result, the share of chat in total merchandise export earnings increased to 13.8 percent from 9.2 percent a year earlier. Revenue from export of meat & meat products saw a 0.5 percent growth compared to last year same quarter as export volume rose 4.2 percent despite National Bank of Ethiopia 51 Second Quarter 2018/19 Source: NBE Staff Computation 5.2.1 Export of Goods Total earnings from export of goods declined by 12.7 percent over same quarter last year as export receipts from coffee, oilseeds, leather & leather product, fruit & vegetables gold and live-animals tended to slowdown. On the other hand, export earnings from pulses, chat, flower, electricity, meat & meat products and other export items improved during the review period. Earnings from coffee fell by 22.1 percent vis-à-vis last year same quarter and reached USD 130 million owing to 8.7 percent drop in price and 14.6 percent in volume. Hence, the share of coffee in total merchandise export decreased to 22.2 percent from 24.9 percent a year earlier. Likewise, export revenue from oilseeds stood at USD 90.9 million, declining by 36.2 percent owing to a 48.4 percent fall in export volume despite 23.6 percent rise in export price. As a result, the share of oilseeds in total merchandise export went down to 15.5 percent from 21.3 percent a year ago. Export proceeds from live-animals showed a 44.3 percent decrease on account of a 46.7 percent decline in export volume despite a 4.4 percent increase in price. As a result, their share in total merchandise export went down to 0.8 percent from 1.2 percent a year ago. Export earnings from gold also plummeted significantly by 80.2 percent due to 80.5 percent drop in export 0 500 1000 1500 2000 2500 3000 3500 4000 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit National Bank of Ethiopia 52 Second Quarter 2018/19 volume despite marginal increase in price. As result, the share of gold in total merchandise export decreased to 0.6 percent from 2.8 percent during the review quarter. Export receipts from leather & leather products decreased by 4.9 percent as international price fell 7.7 percent in spite of 3.0 percent increase in export volume. Yet the share of leather & leather products in total merchandise export increased from 5.3 percent to 5.8 percent. Export of fruits & vegetables fetched USD 14.7 million in revenue, about 5.8 percent lower than last year same quarter. This was attributed to 10.4 percent decline in export volume despite 5.1 percent rise in international unit price. As a result, the share of fruits & vegetables in total export earnings slightly increased to 2.5 percent from 2.3 percent a year ago. In contrast, export revenue from pulses grew 0.4 percent compared to last year same quarter on account of 1.1 percent increase in international price although export volume declined 0.8 percent. Thus, the share of pulses in total export earnings rose from 10.3 percent to 11.8 percent during the review quarter. Export revenue from flower increased by 6.4 percent vis-à-vis the same quarter of last year as volume of export rose 12.0 percent while price dropped 4.8 percent. Thus, the share of flower in total export earnings increased from 7.4 percent to 9.0 percent. Export earnings from electricity showed a 11.7 percent growth compared to last year same quarter as a result of 13.4 percent increase in export volume although the price decreased 1.5 percent. Accordingly, the share of electricity in total merchandise export revenue increased to 2.9 percent from 2.2 percent a year ago. Moreover, export proceeds from chat went up 31.5 percent quarter-on-quarter basis owing to a 27.6 percent rise in volume and 3.0 percent international price. As result, the share of chat in total merchandise export earnings increased to 13.8 percent from 9.2 percent a year earlier. Revenue from export of meat & meat products saw a 0.5 percent growth compared to last year same quarter as export volume rose 4.2 percent despite National Bank of Ethiopia 51 Second Quarter 2018/19 Source: NBE Staff Computation 5.2.1 Export of Goods Total earnings from export of goods declined by 12.7 percent over same quarter last year as export receipts from coffee, oilseeds, leather & leather product, fruit & vegetables gold and live-animals tended to slowdown. On the other hand, export earnings from pulses, chat, flower, electricity, meat & meat products and other export items improved during the review period. Earnings from coffee fell by 22.1 percent vis-à-vis last year same quarter and reached USD 130 million owing to 8.7 percent drop in price and 14.6 percent in volume. Hence, the share of coffee in total merchandise export decreased to 22.2 percent from 24.9 percent a year earlier. Likewise, export revenue from oilseeds stood at USD 90.9 million, declining by 36.2 percent owing to a 48.4 percent fall in export volume despite 23.6 percent rise in export price. As a result, the share of oilseeds in total merchandise export went down to 15.5 percent from 21.3 percent a year ago. Export proceeds from live-animals showed a 44.3 percent decrease on account of a 46.7 percent decline in export volume despite a 4.4 percent increase in price. As a result, their share in total merchandise export went down to 0.8 percent from 1.2 percent a year ago. Export earnings from gold also plummeted significantly by 80.2 percent due to 80.5 percent drop in export 0 500 1000 1500 2000 2500 3000 3500 4000 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit National Bank of Ethiopia 52 Second Quarter 2018/19 volume despite marginal increase in price. As result, the share of gold in total merchandise export decreased to 0.6 percent from 2.8 percent during the review quarter. Export receipts from leather & leather products decreased by 4.9 percent as international price fell 7.7 percent in spite of 3.0 percent increase in export volume. Yet the share of leather & leather products in total merchandise export increased from 5.3 percent to 5.8 percent. Export of fruits & vegetables fetched USD 14.7 million in revenue, about 5.8 percent lower than last year same quarter. This was attributed to 10.4 percent decline in export volume despite 5.1 percent rise in international unit price. As a result, the share of fruits & vegetables in total export earnings slightly increased to 2.5 percent from 2.3 percent a year ago. In contrast, export revenue from pulses grew 0.4 percent compared to last year same quarter on account of 1.1 percent increase in international price although export volume declined 0.8 percent. Thus, the share of pulses in total export earnings rose from 10.3 percent to 11.8 percent during the review quarter. Export revenue from flower increased by 6.4 percent vis-à-vis the same quarter of last year as volume of export rose 12.0 percent while price dropped 4.8 percent. Thus, the share of flower in total export earnings increased from 7.4 percent to 9.0 percent. Export earnings from electricity showed a 11.7 percent growth compared to last year same quarter as a result of 13.4 percent increase in export volume although the price decreased 1.5 percent. Accordingly, the share of electricity in total merchandise export revenue increased to 2.9 percent from 2.2 percent a year ago. Moreover, export proceeds from chat went up 31.5 percent quarter-on-quarter basis owing to a 27.6 percent rise in volume and 3.0 percent international price. As result, the share of chat in total merchandise export earnings increased to 13.8 percent from 9.2 percent a year earlier. Revenue from export of meat & meat products saw a 0.5 percent growth compared to last year same quarter as export volume rose 4.2 percent despite National Bank of Ethiopia 51 Second Quarter 2018/19 Source: NBE Staff Computation 5.2.1 Export of Goods Total earnings from export of goods declined by 12.7 percent over same quarter last year as export receipts from coffee, oilseeds, leather & leather product, fruit & vegetables gold and live-animals tended to slowdown. On the other hand, export earnings from pulses, chat, flower, electricity, meat & meat products and other export items improved during the review period. Earnings from coffee fell by 22.1 percent vis-à-vis last year same quarter and reached USD 130 million owing to 8.7 percent drop in price and 14.6 percent in volume. Hence, the share of coffee in total merchandise export decreased to 22.2 percent from 24.9 percent a year earlier. Likewise, export revenue from oilseeds stood at USD 90.9 million, declining by 36.2 percent owing to a 48.4 percent fall in export volume despite 23.6 percent rise in export price. As a result, the share of oilseeds in total merchandise export went down to 15.5 percent from 21.3 percent a year ago. Export proceeds from live-animals showed a 44.3 percent decrease on account of a 46.7 percent decline in export volume despite a 4.4 percent increase in price. As a result, their share in total merchandise export went down to 0.8 percent from 1.2 percent a year ago. Export earnings from gold also plummeted significantly by 80.2 percent due to 80.5 percent drop in export 0 500 1000 1500 2000 2500 3000 3500 4000 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit National Bank of Ethiopia 52 Second Quarter 2018/19 volume despite marginal increase in price. As result, the share of gold in total merchandise export decreased to 0.6 percent from 2.8 percent during the review quarter. Export receipts from leather & leather products decreased by 4.9 percent as international price fell 7.7 percent in spite of 3.0 percent increase in export volume. Yet the share of leather & leather products in total merchandise export increased from 5.3 percent to 5.8 percent. Export of fruits & vegetables fetched USD 14.7 million in revenue, about 5.8 percent lower than last year same quarter. This was attributed to 10.4 percent decline in export volume despite 5.1 percent rise in international unit price. As a result, the share of fruits & vegetables in total export earnings slightly increased to 2.5 percent from 2.3 percent a year ago. In contrast, export revenue from pulses grew 0.4 percent compared to last year same quarter on account of 1.1 percent increase in international price although export volume declined 0.8 percent. Thus, the share of pulses in total export earnings rose from 10.3 percent to 11.8 percent during the review quarter. Export revenue from flower increased by 6.4 percent vis-à-vis the same quarter of last year as volume of export rose 12.0 percent while price dropped 4.8 percent. Thus, the share of flower in total export earnings increased from 7.4 percent to 9.0 percent. Export earnings from electricity showed a 11.7 percent growth compared to last year same quarter as a result of 13.4 percent increase in export volume although the price decreased 1.5 percent. Accordingly, the share of electricity in total merchandise export revenue increased to 2.9 percent from 2.2 percent a year ago. Moreover, export proceeds from chat went up 31.5 percent quarter-on-quarter basis owing to a 27.6 percent rise in volume and 3.0 percent international price. As result, the share of chat in total merchandise export earnings increased to 13.8 percent from 9.2 percent a year earlier. Revenue from export of meat & meat products saw a 0.5 percent growth compared to last year same quarter as export volume rose 4.2 percent despite Second Quarter 2018/19 41 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 51 Second Quarter 2018/19 Source: NBE Staff Computation 5.2.1 Export of Goods Total earnings from export of goods declined by 12.7 percent over same quarter last year as export receipts from coffee, oilseeds, leather & leather product, fruit & vegetables gold and live-animals tended to slowdown. On the other hand, export earnings from pulses, chat, flower, electricity, meat & meat products and other export items improved during the review period. Earnings from coffee fell by 22.1 percent vis-à-vis last year same quarter and reached USD 130 million owing to 8.7 percent drop in price and 14.6 percent in volume. Hence, the share of coffee in total merchandise export decreased to 22.2 percent from 24.9 percent a year earlier. Likewise, export revenue from oilseeds stood at USD 90.9 million, declining by 36.2 percent owing to a 48.4 percent fall in export volume despite 23.6 percent rise in export price. As a result, the share of oilseeds in total merchandise export went down to 15.5 percent from 21.3 percent a year ago. Export proceeds from live-animals showed a 44.3 percent decrease on account of a 46.7 percent decline in export volume despite a 4.4 percent increase in price. As a result, their share in total merchandise export went down to 0.8 percent from 1.2 percent a year ago. Export earnings from gold also plummeted significantly by 80.2 percent due to 80.5 percent drop in export 0 500 1000 1500 2000 2500 3000 3500 4000 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit National Bank of Ethiopia 52 Second Quarter 2018/19 volume despite marginal increase in price. As result, the share of gold in total merchandise export decreased to 0.6 percent from 2.8 percent during the review quarter. Export receipts from leather & leather products decreased by 4.9 percent as international price fell 7.7 percent in spite of 3.0 percent increase in export volume. Yet the share of leather & leather products in total merchandise export increased from 5.3 percent to 5.8 percent. Export of fruits & vegetables fetched USD 14.7 million in revenue, about 5.8 percent lower than last year same quarter. This was attributed to 10.4 percent decline in export volume despite 5.1 percent rise in international unit price. As a result, the share of fruits & vegetables in total export earnings slightly increased to 2.5 percent from 2.3 percent a year ago. In contrast, export revenue from pulses grew 0.4 percent compared to last year same quarter on account of 1.1 percent increase in international price although export volume declined 0.8 percent. Thus, the share of pulses in total export earnings rose from 10.3 percent to 11.8 percent during the review quarter. Export revenue from flower increased by 6.4 percent vis-à-vis the same quarter of last year as volume of export rose 12.0 percent while price dropped 4.8 percent. Thus, the share of flower in total export earnings increased from 7.4 percent to 9.0 percent. Export earnings from electricity showed a 11.7 percent growth compared to last year same quarter as a result of 13.4 percent increase in export volume although the price decreased 1.5 percent. Accordingly, the share of electricity in total merchandise export revenue increased to 2.9 percent from 2.2 percent a year ago. Moreover, export proceeds from chat went up 31.5 percent quarter-on-quarter basis owing to a 27.6 percent rise in volume and 3.0 percent international price. As result, the share of chat in total merchandise export earnings increased to 13.8 percent from 9.2 percent a year earlier. Revenue from export of meat & meat products saw a 0.5 percent growth compared to last year same quarter as export volume rose 4.2 percent despite National Bank of Ethiopia 51 Second Quarter 2018/19 Source: NBE Staff Computation 5.2.1 Export of Goods Total earnings from export of goods declined by 12.7 percent over same quarter last year as export receipts from coffee, oilseeds, leather & leather product, fruit & vegetables gold and live-animals tended to slowdown. On the other hand, export earnings from pulses, chat, flower, electricity, meat & meat products and other export items improved during the review period. Earnings from coffee fell by 22.1 percent vis-à-vis last year same quarter and reached USD 130 million owing to 8.7 percent drop in price and 14.6 percent in volume. Hence, the share of coffee in total merchandise export decreased to 22.2 percent from 24.9 percent a year earlier. Likewise, export revenue from oilseeds stood at USD 90.9 million, declining by 36.2 percent owing to a 48.4 percent fall in export volume despite 23.6 percent rise in export price. As a result, the share of oilseeds in total merchandise export went down to 15.5 percent from 21.3 percent a year ago. Export proceeds from live-animals showed a 44.3 percent decrease on account of a 46.7 percent decline in export volume despite a 4.4 percent increase in price. As a result, their share in total merchandise export went down to 0.8 percent from 1.2 percent a year ago. Export earnings from gold also plummeted significantly by 80.2 percent due to 80.5 percent drop in export 0 500 1000 1500 2000 2500 3000 3500 4000 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit National Bank of Ethiopia 52 Second Quarter 2018/19 volume despite marginal increase in price. As result, the share of gold in total merchandise export decreased to 0.6 percent from 2.8 percent during the review quarter. Export receipts from leather & leather products decreased by 4.9 percent as international price fell 7.7 percent in spite of 3.0 percent increase in export volume. Yet the share of leather & leather products in total merchandise export increased from 5.3 percent to 5.8 percent. Export of fruits & vegetables fetched USD 14.7 million in revenue, about 5.8 percent lower than last year same quarter. This was attributed to 10.4 percent decline in export volume despite 5.1 percent rise in international unit price. As a result, the share of fruits & vegetables in total export earnings slightly increased to 2.5 percent from 2.3 percent a year ago. In contrast, export revenue from pulses grew 0.4 percent compared to last year same quarter on account of 1.1 percent increase in international price although export volume declined 0.8 percent. Thus, the share of pulses in total export earnings rose from 10.3 percent to 11.8 percent during the review quarter. Export revenue from flower increased by 6.4 percent vis-à-vis the same quarter of last year as volume of export rose 12.0 percent while price dropped 4.8 percent. Thus, the share of flower in total export earnings increased from 7.4 percent to 9.0 percent. Export earnings from electricity showed a 11.7 percent growth compared to last year same quarter as a result of 13.4 percent increase in export volume although the price decreased 1.5 percent. Accordingly, the share of electricity in total merchandise export revenue increased to 2.9 percent from 2.2 percent a year ago. Moreover, export proceeds from chat went up 31.5 percent quarter-on-quarter basis owing to a 27.6 percent rise in volume and 3.0 percent international price. As result, the share of chat in total merchandise export earnings increased to 13.8 percent from 9.2 percent a year earlier. Revenue from export of meat & meat products saw a 0.5 percent growth compared to last year same quarter as export volume rose 4.2 percent despite National Bank of Ethiopia 51 Second Quarter 2018/19 Source: NBE Staff Computation 5.2.1 Export of Goods Total earnings from export of goods declined by 12.7 percent over same quarter last year as export receipts from coffee, oilseeds, leather & leather product, fruit & vegetables gold and live-animals tended to slowdown. On the other hand, export earnings from pulses, chat, flower, electricity, meat & meat products and other export items improved during the review period. Earnings from coffee fell by 22.1 percent vis-à-vis last year same quarter and reached USD 130 million owing to 8.7 percent drop in price and 14.6 percent in volume. Hence, the share of coffee in total merchandise export decreased to 22.2 percent from 24.9 percent a year earlier. Likewise, export revenue from oilseeds stood at USD 90.9 million, declining by 36.2 percent owing to a 48.4 percent fall in export volume despite 23.6 percent rise in export price. As a result, the share of oilseeds in total merchandise export went down to 15.5 percent from 21.3 percent a year ago. Export proceeds from live-animals showed a 44.3 percent decrease on account of a 46.7 percent decline in export volume despite a 4.4 percent increase in price. As a result, their share in total merchandise export went down to 0.8 percent from 1.2 percent a year ago. Export earnings from gold also plummeted significantly by 80.2 percent due to 80.5 percent drop in export 0 500 1000 1500 2000 2500 3000 3500 4000 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V.3: Evolution of Trade Deficit National Bank of Ethiopia 52 Second Quarter 2018/19 volume despite marginal increase in price. As result, the share of gold in total merchandise export decreased to 0.6 percent from 2.8 percent during the review quarter. Export receipts from leather & leather products decreased by 4.9 percent as international price fell 7.7 percent in spite of 3.0 percent increase in export volume. Yet the share of leather & leather products in total merchandise export increased from 5.3 percent to 5.8 percent. Export of fruits & vegetables fetched USD 14.7 million in revenue, about 5.8 percent lower than last year same quarter. This was attributed to 10.4 percent decline in export volume despite 5.1 percent rise in international unit price. As a result, the share of fruits & vegetables in total export earnings slightly increased to 2.5 percent from 2.3 percent a year ago. In contrast, export revenue from pulses grew 0.4 percent compared to last year same quarter on account of 1.1 percent increase in international price although export volume declined 0.8 percent. Thus, the share of pulses in total export earnings rose from 10.3 percent to 11.8 percent during the review quarter. Export revenue from flower increased by 6.4 percent vis-à-vis the same quarter of last year as volume of export rose 12.0 percent while price dropped 4.8 percent. Thus, the share of flower in total export earnings increased from 7.4 percent to 9.0 percent. Export earnings from electricity showed a 11.7 percent growth compared to last year same quarter as a result of 13.4 percent increase in export volume although the price decreased 1.5 percent. Accordingly, the share of electricity in total merchandise export revenue increased to 2.9 percent from 2.2 percent a year ago. Moreover, export proceeds from chat went up 31.5 percent quarter-on-quarter basis owing to a 27.6 percent rise in volume and 3.0 percent international price. As result, the share of chat in total merchandise export earnings increased to 13.8 percent from 9.2 percent a year earlier. Revenue from export of meat & meat products saw a 0.5 percent growth compared to last year same quarter as export volume rose 4.2 percent despite National Bank of Ethiopia 53 Second Quarter 2018/19 3.6 percent fall in international price. Thus, the share of meat & meat products in total merchandise exports inched up to 3.6 percent from 3.2 percent a year earlier (Tables 5.3, 5.4 and 5.5). Table 5.3: Values of Major Export Items (In millions of USD) Particulars 2017/18 2018/19 Percentage QII QI QII Change A %share B %share C %share C/A C/B Coffee 166.7 24.9 204.4 32.6 130.0 22.2 -22.1 -36.4 Oilseeds 142.5 21.3 58.2 9.3 90.9 15.5 -36.2 56.1 Leather and Leather products 35.5 5.3 33.3 5.3 33.8 5.8 -4.9 1.7 Pulses 68.7 10.3 43.5 6.9 68.9 11.8 0.4 58.4 Meat & Meat Products 21.1 3.2 24.2 3.9 21.2 3.6 0.5 -12.5 Fruits & Vegetables 15.6 2.3 14.8 2.4 14.7 2.5 -5.8 -0.7 Live Animals 8.0 1.2 14.6 2.3 4.5 0.8 -44.3 -69.4 Chat 61.4 9.2 78.8 12.5 80.7 13.8 31.5 2.4 Gold 18.7 2.8 15.7 2.5 3.7 0.6 -80.2 -76.3 Flower 49.5 7.4 52.9 8.4 52.7 9.0 6.4 -0.3 Electricity 15.0 2.2 16.7 2.7 16.7 2.9 11.7 0.4 Others 66.7 10.0 70.9 11.3 66.8 11.4 0.1 -5.9 Total Export 669.5 100 628.0 100 584.6 100 -12.7 -6.9 Total Export excluding Electricity 654.5 611.4 567.9 -13.2 -7.1 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia 54 Second Quarter 2018/19 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (Mn of USD) Fig.V.4. Export Value of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2017/18 2018/19 Percentage Change QII QI QII A B C C/A C/B Coffee 51.5 59.2 44.0 -14.6 -25.7 Oilseeds 117.7 42.4 60.7 -48.4 43.3 Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Table 5.3: Values of Major Export Items (In millions of USD) Particulars 2017/18 2018/19 Percentage QII QI QII Change A %share B %share C %share C/A C/B Coffee 166.7 24.9 204.4 32.6 130.0 22.2 -22.1 -36.4 Oilseeds 142.5 21.3 58.2 9.3 90.9 15.5 -36.2 56.1 Leather and Leather products 35.5 5.3 33.3 5.3 33.8 5.8 -4.9 1.7 Pulses 68.7 10.3 43.5 6.9 68.9 11.8 0.4 58.4 Meat & Meat Products 21.1 3.2 24.2 3.9 21.2 3.6 0.5 -12.5 Fruits & Vegetables 15.6 2.3 14.8 2.4 14.7 2.5 -5.8 -0.7 Live Animals 8.0 1.2 14.6 2.3 4.5 0.8 -44.3 -69.4 Chat 61.4 9.2 78.8 12.5 80.7 13.8 31.5 2.4 Gold 18.7 2.8 15.7 2.5 3.7 0.6 -80.2 -76.3 Flower 49.5 7.4 52.9 8.4 52.7 9.0 6.4 -0.3 Electricity 15.0 2.2 16.7 2.7 16.7 2.9 11.7 0.4 Others 66.7 10.0 70.9 11.3 66.8 11.4 0.1 -5.9 Total Export 669.5 100 628.0 100 584.6 100 -12.7 -6.9 Total Export excluding Electricity 654.5 611.4 567.9 -13.2 -7.1 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2017/18 2018/19 Percentage QII QI QII Change A B C C/A C/B Coffee 51.5 59.2 44.0 -14.6 -25.7 Oilseeds 117.7 42.4 60.7 -48.4 43.3 Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2017/18 2018/19 Percentage QII QI QII Change A B C C/A C/B Coffee 3.2 3.5 3.0 -8.7 -14.4 Oilseeds 1.2 1.4 1.5 23.6 8.9 Leather and Leather Products 21.2 21.6 19.6 -7.7 -9.3 Pulses 0.6 1.1 -0.1 Meat & Meat Products 5.1 5.1 4.9 -3.6 -5.0 Fruits & Vegetables 0.3 0.4 0.3 5.1 -2.6 Live Animals 1.8 2.0 1.9 4.4 -5.3 Chat 5.5 5.5 5.7 3.0 2.2 Gold (in USD/gm) 36.0 33.3 36.6 1.7 9.9 Flower 4.6 4.4 4.4 -4.8 0.7 Electricity 0.1 -1.5 -1.3 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia 53 Second Quarter 2018/19 3.6 percent fall in international price. Thus, the share of meat & meat products in total merchandise exports inched up to 3.6 percent from 3.2 percent a year earlier (Tables 5.3, 5.4 and 5.5). Table 5.3: Values of Major Export Items (In millions of USD) Particulars 2017/18 2018/19 Percentage QII QI QII Change A %share B %share C %share C/A C/B Coffee 166.7 24.9 204.4 32.6 130.0 22.2 -22.1 -36.4 Oilseeds 142.5 21.3 58.2 9.3 90.9 15.5 -36.2 56.1 Leather and Leather products 35.5 5.3 33.3 5.3 33.8 5.8 -4.9 1.7 Pulses 68.7 10.3 43.5 6.9 68.9 11.8 0.4 58.4 Meat & Meat Products 21.1 3.2 24.2 3.9 21.2 3.6 0.5 -12.5 Fruits & Vegetables 15.6 2.3 14.8 2.4 14.7 2.5 -5.8 -0.7 Live Animals 8.0 1.2 14.6 2.3 4.5 0.8 -44.3 -69.4 Chat 61.4 9.2 78.8 12.5 80.7 13.8 31.5 2.4 Gold 18.7 2.8 15.7 2.5 3.7 0.6 -80.2 -76.3 Flower 49.5 7.4 52.9 8.4 52.7 9.0 6.4 -0.3 Electricity 15.0 2.2 16.7 2.7 16.7 2.9 11.7 0.4 Others 66.7 10.0 70.9 11.3 66.8 11.4 0.1 -5.9 Total Export 669.5 100 628.0 100 584.6 100 -12.7 -6.9 Total Export excluding Electricity 654.5 611.4 567.9 -13.2 -7.1 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia 54 Second Quarter 2018/19 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (Mn of USD) Fig.V.4. Export Value of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2017/18 2018/19 Percentage Change QII QI QII A B C C/A C/B Coffee 51.5 59.2 44.0 -14.6 -25.7 Oilseeds 117.7 42.4 60.7 -48.4 43.3 Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Table 5.3: Values of Major Export Items (In millions of USD) Particulars 2017/18 2018/19 Percentage QII QI QII Change A %share B %share C %share C/A C/B Coffee 166.7 24.9 204.4 32.6 130.0 22.2 -22.1 -36.4 Oilseeds 142.5 21.3 58.2 9.3 90.9 15.5 -36.2 56.1 Leather and Leather products 35.5 5.3 33.3 5.3 33.8 5.8 -4.9 1.7 Pulses 68.7 10.3 43.5 6.9 68.9 11.8 0.4 58.4 Meat & Meat Products 21.1 3.2 24.2 3.9 21.2 3.6 0.5 -12.5 Fruits & Vegetables 15.6 2.3 14.8 2.4 14.7 2.5 -5.8 -0.7 Live Animals 8.0 1.2 14.6 2.3 4.5 0.8 -44.3 -69.4 Chat 61.4 9.2 78.8 12.5 80.7 13.8 31.5 2.4 Gold 18.7 2.8 15.7 2.5 3.7 0.6 -80.2 -76.3 Flower 49.5 7.4 52.9 8.4 52.7 9.0 6.4 -0.3 Electricity 15.0 2.2 16.7 2.7 16.7 2.9 11.7 0.4 Others 66.7 10.0 70.9 11.3 66.8 11.4 0.1 -5.9 Total Export 669.5 100 628.0 100 584.6 100 -12.7 -6.9 Total Export excluding Electricity 654.5 611.4 567.9 -13.2 -7.1 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2017/18 2018/19 Percentage QII QI QII Change A B C C/A C/B Coffee 51.5 59.2 44.0 -14.6 -25.7 Oilseeds 117.7 42.4 60.7 -48.4 43.3 Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2017/18 2018/19 Percentage QII QI QII Change A B C C/A C/B Coffee 3.2 3.5 3.0 -8.7 -14.4 Oilseeds 1.2 1.4 1.5 23.6 8.9 Leather and Leather Products 21.2 21.6 19.6 -7.7 -9.3 Pulses 0.6 1.1 -0.1 Meat & Meat Products 5.1 5.1 4.9 -3.6 -5.0 Fruits & Vegetables 0.3 0.4 0.3 5.1 -2.6 Live Animals 1.8 2.0 1.9 4.4 -5.3 Chat 5.5 5.5 5.7 3.0 2.2 Gold (in USD/gm) 36.0 33.3 36.6 1.7 9.9 Flower 4.6 4.4 4.4 -4.8 0.7 Electricity 0.1 -1.5 -1.3 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia 53 Second Quarter 2018/19 3.6 percent fall in international price. Thus, the share of meat & meat products in total merchandise exports inched up to 3.6 percent from 3.2 percent a year earlier (Tables 5.3, 5.4 and 5.5). Table 5.3: Values of Major Export Items (In millions of USD) Particulars 2017/18 2018/19 Percentage QII QI QII Change A %share B %share C %share C/A C/B Coffee 166.7 24.9 204.4 32.6 130.0 22.2 -22.1 -36.4 Oilseeds 142.5 21.3 58.2 9.3 90.9 15.5 -36.2 56.1 Leather and Leather products 35.5 5.3 33.3 5.3 33.8 5.8 -4.9 1.7 Pulses 68.7 10.3 43.5 6.9 68.9 11.8 0.4 58.4 Meat & Meat Products 21.1 3.2 24.2 3.9 21.2 3.6 0.5 -12.5 Fruits & Vegetables 15.6 2.3 14.8 2.4 14.7 2.5 -5.8 -0.7 Live Animals 8.0 1.2 14.6 2.3 4.5 0.8 -44.3 -69.4 Chat 61.4 9.2 78.8 12.5 80.7 13.8 31.5 2.4 Gold 18.7 2.8 15.7 2.5 3.7 0.6 -80.2 -76.3 Flower 49.5 7.4 52.9 8.4 52.7 9.0 6.4 -0.3 Electricity 15.0 2.2 16.7 2.7 16.7 2.9 11.7 0.4 Others 66.7 10.0 70.9 11.3 66.8 11.4 0.1 -5.9 Total Export 669.5 100 628.0 100 584.6 100 -12.7 -6.9 Total Export excluding Electricity 654.5 611.4 567.9 -13.2 -7.1 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia 54 Second Quarter 2018/19 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (Mn of USD) Fig.V.4. Export Value of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2017/18 2018/19 Percentage Change QII QI QII A B C C/A C/B Coffee 51.5 59.2 44.0 -14.6 -25.7 Oilseeds 117.7 42.4 60.7 -48.4 43.3 Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Table 5.3: Values of Major Export Items (In millions of USD) Particulars 2017/18 2018/19 Percentage QII QI QII Change A %share B %share C %share C/A C/B Coffee 166.7 24.9 204.4 32.6 130.0 22.2 -22.1 -36.4 Oilseeds 142.5 21.3 58.2 9.3 90.9 15.5 -36.2 56.1 Leather and Leather products 35.5 5.3 33.3 5.3 33.8 5.8 -4.9 1.7 Pulses 68.7 10.3 43.5 6.9 68.9 11.8 0.4 58.4 Meat & Meat Products 21.1 3.2 24.2 3.9 21.2 3.6 0.5 -12.5 Fruits & Vegetables 15.6 2.3 14.8 2.4 14.7 2.5 -5.8 -0.7 Live Animals 8.0 1.2 14.6 2.3 4.5 0.8 -44.3 -69.4 Chat 61.4 9.2 78.8 12.5 80.7 13.8 31.5 2.4 Gold 18.7 2.8 15.7 2.5 3.7 0.6 -80.2 -76.3 Flower 49.5 7.4 52.9 8.4 52.7 9.0 6.4 -0.3 Electricity 15.0 2.2 16.7 2.7 16.7 2.9 11.7 0.4 Others 66.7 10.0 70.9 11.3 66.8 11.4 0.1 -5.9 Total Export 669.5 100 628.0 100 584.6 100 -12.7 -6.9 Total Export excluding Electricity 654.5 611.4 567.9 -13.2 -7.1 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2017/18 2018/19 Percentage QII QI QII Change A B C C/A C/B Coffee 51.5 59.2 44.0 -14.6 -25.7 Oilseeds 117.7 42.4 60.7 -48.4 43.3 Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2017/18 2018/19 Percentage QII QI QII Change A B C C/A C/B Coffee 3.2 3.5 3.0 -8.7 -14.4 Oilseeds 1.2 1.4 1.5 23.6 8.9 Leather and Leather Products 21.2 21.6 19.6 -7.7 -9.3 Pulses 0.6 1.1 -0.1 Meat & Meat Products 5.1 5.1 4.9 -3.6 -5.0 Fruits & Vegetables 0.3 0.4 0.3 5.1 -2.6 Live Animals 1.8 2.0 1.9 4.4 -5.3 Chat 5.5 5.5 5.7 3.0 2.2 Gold (in USD/gm) 36.0 33.3 36.6 1.7 9.9 Flower 4.6 4.4 4.4 -4.8 0.7 Electricity 0.1 -1.5 -1.3 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power 42 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 5.3: Values of Major Export Items (In millions of USD) Particulars 2017/18 2018/19 Percentage QII QI QII Change A %share B %share C %share C/A C/B Coffee 166.7 24.9 204.4 32.6 130.0 22.2 -22.1 -36.4 Oilseeds 142.5 21.3 58.2 9.3 90.9 15.5 -36.2 56.1 Leather and Leather products 35.5 5.3 33.3 5.3 33.8 5.8 -4.9 1.7 Pulses 68.7 10.3 43.5 6.9 68.9 11.8 0.4 58.4 Meat & Meat Products 21.1 3.2 24.2 3.9 21.2 3.6 0.5 -12.5 Fruits & Vegetables 15.6 2.3 14.8 2.4 14.7 2.5 -5.8 -0.7 Live Animals 8.0 1.2 14.6 2.3 4.5 0.8 -44.3 -69.4 Chat 61.4 9.2 78.8 12.5 80.7 13.8 31.5 2.4 Gold 18.7 2.8 15.7 2.5 3.7 0.6 -80.2 -76.3 Flower 49.5 7.4 52.9 8.4 52.7 9.0 6.4 -0.3 Electricity 15.0 2.2 16.7 2.7 16.7 2.9 11.7 0.4 Others 66.7 10.0 70.9 11.3 66.8 11.4 0.1 -5.9 Total Export 669.5 100 628.0 100 584.6 100 -12.7 -6.9 Total Export excluding Electricity 654.5 611.4 567.9 -13.2 -7.1 National Bank of Ethiopia Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power 53 Second Quarter 2018/19 3.6 percent fall in international price. Thus, the share of meat & meat products in total merchandise exports inched up to 3.6 percent from 3.2 percent a year earlier (Tables 5.3, 5.4 and 5.5). Table 5.3: Values of Major Export Items (In millions of USD) Particulars 2017/18 2018/19 Percentage QII QI QII Change A %share B %share C %share C/A C/B Coffee 166.7 24.9 204.4 32.6 130.0 22.2 -22.1 -36.4 Oilseeds 142.5 21.3 58.2 9.3 90.9 15.5 -36.2 56.1 Leather and Leather products 35.5 5.3 33.3 5.3 33.8 5.8 -4.9 1.7 Pulses 68.7 10.3 43.5 6.9 68.9 11.8 0.4 58.4 Meat & Meat Products 21.1 3.2 24.2 3.9 21.2 3.6 0.5 -12.5 Fruits & Vegetables 15.6 2.3 14.8 2.4 14.7 2.5 -5.8 -0.7 Live Animals 8.0 1.2 14.6 2.3 4.5 0.8 -44.3 -69.4 Chat 61.4 9.2 78.8 12.5 80.7 13.8 31.5 2.4 Gold 18.7 2.8 15.7 2.5 3.7 0.6 -80.2 -76.3 Flower 49.5 7.4 52.9 8.4 52.7 9.0 6.4 -0.3 Electricity 15.0 2.2 16.7 2.7 16.7 2.9 11.7 0.4 Others 66.7 10.0 70.9 11.3 66.8 11.4 0.1 -5.9 Total Export 669.5 100 628.0 100 584.6 100 -12.7 -6.9 Total Export excluding Electricity 654.5 611.4 567.9 -13.2 -7.1 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia 54 Second Quarter 2018/19 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (Mn of USD) Fig.V.4. Export Value of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2017/18 2018/19 Percentage Change QII QI QII A B C C/A C/B Coffee 51.5 59.2 44.0 -14.6 -25.7 Oilseeds 117.7 42.4 60.7 -48.4 43.3 Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Table 5.3: Values of Major Export Items (In millions of USD) Particulars 2017/18 2018/19 Percentage QII QI QII Change A %share B %share C %share C/A C/B Coffee 166.7 24.9 204.4 32.6 130.0 22.2 -22.1 -36.4 Oilseeds 142.5 21.3 58.2 9.3 90.9 15.5 -36.2 56.1 Leather and Leather products 35.5 5.3 33.3 5.3 33.8 5.8 -4.9 1.7 Pulses 68.7 10.3 43.5 6.9 68.9 11.8 0.4 58.4 Meat & Meat Products 21.1 3.2 24.2 3.9 21.2 3.6 0.5 -12.5 Fruits & Vegetables 15.6 2.3 14.8 2.4 14.7 2.5 -5.8 -0.7 Live Animals 8.0 1.2 14.6 2.3 4.5 0.8 -44.3 -69.4 Chat 61.4 9.2 78.8 12.5 80.7 13.8 31.5 2.4 Gold 18.7 2.8 15.7 2.5 3.7 0.6 -80.2 -76.3 Flower 49.5 7.4 52.9 8.4 52.7 9.0 6.4 -0.3 Electricity 15.0 2.2 16.7 2.7 16.7 2.9 11.7 0.4 Others 66.7 10.0 70.9 11.3 66.8 11.4 0.1 -5.9 Total Export 669.5 100 628.0 100 584.6 100 -12.7 -6.9 Total Export excluding Electricity 654.5 611.4 567.9 -13.2 -7.1 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2017/18 2018/19 Percentage QII QI QII Change A B C C/A C/B Coffee 51.5 59.2 44.0 -14.6 -25.7 Oilseeds 117.7 42.4 60.7 -48.4 43.3 Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2017/18 2018/19 Percentage QII QI QII Change A B C C/A C/B Coffee 3.2 3.5 3.0 -8.7 -14.4 Oilseeds 1.2 1.4 1.5 23.6 8.9 Leather and Leather Products 21.2 21.6 19.6 -7.7 -9.3 Pulses 0.6 1.1 -0.1 Meat & Meat Products 5.1 5.1 4.9 -3.6 -5.0 Fruits & Vegetables 0.3 0.4 0.3 5.1 -2.6 Live Animals 1.8 2.0 1.9 4.4 -5.3 Chat 5.5 5.5 5.7 3.0 2.2 Gold (in USD/gm) 36.0 33.3 36.6 1.7 9.9 Flower 4.6 4.4 4.4 -4.8 0.7 Electricity 0.1 -1.5 -1.3 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Second Quarter 2018/19 43 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 55 Second Quarter 2018/19 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (Mn. Kg) Fig.V.5. Export Volume of Selected Commodities Coffee Oil Seeds Leather and Leather Products Pulses Flower Gold Chat Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2017/18 2018/19 Percentage Change QII QI QII A B C C/A C/B Coffee 3.2 3.5 3.0 -8.7 -14.4 Oilseeds 1.2 1.4 1.5 23.6 8.9 Leather and Leather Products 21.2 21.6 19.6 -7.7 -9.3 Pulses 0.6 1.1 -0.1 Meat & Meat Products 5.1 5.1 4.9 -3.6 -5.0 Fruits & Vegetables 0.3 0.4 0.3 5.1 -2.6 Live Animals 1.8 2.0 1.9 4.4 -5.3 Chat 5.5 5.5 5.7 3.0 2.2 Gold (in USD/gm) 36.0 33.3 36.6 1.7 9.9 Flower 4.6 4.4 4.4 -4.8 0.7 Electricity 0.1 -1.5 -1.3 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia 56 Second Quarter 2018/19 0 1 2 3 4 5 6 7 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (USD/K.G) (USD/K.g, USD/gr.(Gold)) Fig.V.6. Unit Value of Selected Export Commodities Leather and Leather Products Gold Coffee Oil Seeds Pulses Flower Chat Left Axis: Gold & Leather , Right Axis: All Other Items Source: NBE Staff Computation 5.2.2 Import of Goods During the second quarter of 2018/19, total merchandise import stood at USD 4.4 billion, about 10 percent higher than a year ago due to increased import of capital goods, raw materials, fuel and semi-finished goods. Import of capital goods hiked by 20.3 percent due to a 88.2 percent surge in import of transport goods while agricultural and industrial capital goods fell by 39.5 percent and 11.9 percent, respectively. The share of capital goods in total goods imports went up to 41.1 percent from 37.6 percent a year earlier. Likewise, import of raw materials increased by 47.5 percent compared to same quarter last year and their share in total merchandise import rose to 0.9 percent from 0.7 percent a year ago. Import value of fuel also increased by 8.0 percent during the same period and its share in total imports rose to 15.2 percent from 14.2 percent a year earlier Moreover, imports of semi-finished goods increased by 5.3 percent and their share in total imports fell to 14.3 percent from 14.9 percent a year ago. On the other hand, import payments for consumer goods decreased by 3.9 percent vis-à-vis same quarter last year due to 17.1 percent fall in import of durable goods while import payments for non-durable goods grew by 1.9 percent. Similarly, the share of consumer goods in total import bill slightly went Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2017/18 2018/19 Percentage QII QI QII Change A B C C/A C/B Coffee 51.5 59.2 44.0 -14.6 -25.7 Oilseeds 117.7 42.4 60.7 -48.4 43.3 Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2017/18 2018/19 Percentage QII QI QII Change A B C C/A C/B Coffee 3.2 3.5 3.0 -8.7 -14.4 Oilseeds 1.2 1.4 1.5 23.6 8.9 Leather and Leather Products 21.2 21.6 19.6 -7.7 -9.3 Pulses 0.6 1.1 -0.1 Meat & Meat Products 5.1 5.1 4.9 -3.6 -5.0 Fruits & Vegetables 0.3 0.4 0.3 5.1 -2.6 Live Animals 1.8 2.0 1.9 4.4 -5.3 Chat 5.5 5.5 5.7 3.0 2.2 Gold (in USD/gm) 36.0 33.3 36.6 1.7 9.9 Flower 4.6 4.4 4.4 -4.8 0.7 Electricity 0.1 -1.5 -1.3 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2017/18 2018/19 Percentage QII QI QII Change A B C C/A C/B Coffee 51.5 59.2 44.0 -14.6 -25.7 Oilseeds 117.7 42.4 60.7 -48.4 43.3 Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2017/18 2018/19 Percentage QII QI QII Change A B C C/A C/B Coffee 3.2 3.5 3.0 -8.7 -14.4 Oilseeds 1.2 1.4 1.5 23.6 8.9 Leather and Leather Products 21.2 21.6 19.6 -7.7 -9.3 Pulses 0.6 1.1 -0.1 Meat & Meat Products 5.1 5.1 4.9 -3.6 -5.0 Fruits & Vegetables 0.3 0.4 0.3 5.1 -2.6 Live Animals 1.8 2.0 1.9 4.4 -5.3 Chat 5.5 5.5 5.7 3.0 2.2 Gold (in USD/gm) 36.0 33.3 36.6 1.7 9.9 Flower 4.6 4.4 4.4 -4.8 0.7 Electricity 0.1 -1.5 -1.3 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power 44 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2017/18 2018/19 Percentage QII QI QII Change A B C C/A C/B Coffee 51.5 59.2 44.0 -14.6 -25.7 Oilseeds 117.7 42.4 60.7 -48.4 43.3 Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2017/18 2018/19 Percentage QII QI QII Change A B C C/A C/B Coffee 3.2 3.5 3.0 -8.7 -14.4 Oilseeds 1.2 1.4 1.5 23.6 8.9 Leather and Leather Products 21.2 21.6 19.6 -7.7 -9.3 Pulses 0.6 1.1 -0.1 Meat & Meat Products 5.1 5.1 4.9 -3.6 -5.0 Fruits & Vegetables 0.3 0.4 0.3 5.1 -2.6 Live Animals 1.8 2.0 1.9 4.4 -5.3 Chat 5.5 5.5 5.7 3.0 2.2 Gold (in USD/gm) 36.0 33.3 36.6 1.7 9.9 Flower 4.6 4.4 4.4 -4.8 0.7 Electricity 0.1 -1.5 -1.3 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia 56 Second Quarter 2018/19 0 1 2 3 4 5 6 7 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (USD/K.G) (USD/K.g, USD/gr.(Gold)) Fig.V.6. Unit Value of Selected Export Commodities Leather and Leather Products Gold Coffee Oil Seeds Pulses Flower Chat Left Axis: Gold & Leather , Right Axis: All Other Items Source: NBE Staff Computation 5.2.2 Import of Goods During the second quarter of 2018/19, total merchandise import stood at USD 4.4 billion, about 10 percent higher than a year ago due to increased import of capital goods, raw materials, fuel and semi-finished goods. Import of capital goods hiked by 20.3 percent due to a 88.2 percent surge in import of transport goods while agricultural and industrial capital goods fell by 39.5 percent and 11.9 percent, respectively. The share of capital goods in total goods imports went up to 41.1 percent from 37.6 percent a year earlier. Likewise, import of raw materials increased by 47.5 percent compared to same quarter last year and their share in total merchandise import rose to 0.9 percent from 0.7 percent a year ago. Import value of fuel also increased by 8.0 percent during the same period and its share in total imports rose to 15.2 percent from 14.2 percent a year earlier Moreover, imports of semi-finished goods increased by 5.3 percent and their share in total imports fell to 14.3 percent from 14.9 percent a year ago. On the other hand, import payments for consumer goods decreased by 3.9 percent vis-à-vis same quarter last year due to 17.1 percent fall in import of durable goods while import payments for non-durable goods grew by 1.9 percent. Similarly, the share of consumer goods in total import bill slightly went National Bank of Ethiopia 56 Second Quarter 2018/19 0 1 2 3 4 5 6 7 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (USD/K.G) (USD/K.g, USD/gr.(Gold)) Fig.V.6. Unit Value of Selected Export Commodities Leather and Leather Products Gold Coffee Oil Seeds Pulses Flower Chat Left Axis: Gold & Leather , Right Axis: All Other Items Source: NBE Staff Computation 5.2.2 Import of Goods During the second quarter of 2018/19, total merchandise import stood at USD 4.4 billion, about 10 percent higher than a year ago due to increased import of capital goods, raw materials, fuel and semi-finished goods. Import of capital goods hiked by 20.3 percent due to a 88.2 percent surge in import of transport goods while agricultural and industrial capital goods fell by 39.5 percent and 11.9 percent, respectively. The share of capital goods in total goods imports went up to 41.1 percent from 37.6 percent a year earlier. Likewise, import of raw materials increased by 47.5 percent compared to same quarter last year and their share in total merchandise import rose to 0.9 percent from 0.7 percent a year ago. Import value of fuel also increased by 8.0 percent during the same period and its share in total imports rose to 15.2 percent from 14.2 percent a year earlier Moreover, imports of semi-finished goods increased by 5.3 percent and their share in total imports fell to 14.3 percent from 14.9 percent a year ago. On the other hand, import payments for consumer goods decreased by 3.9 percent vis-à-vis same quarter last year due to 17.1 percent fall in import of durable goods while import payments for non-durable goods grew by 1.9 percent. Similarly, the share of consumer goods in total import bill slightly went Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2017/18 2018/19 Percentage QII QI QII Change A B C C/A C/B Coffee 51.5 59.2 44.0 -14.6 -25.7 Oilseeds 117.7 42.4 60.7 -48.4 43.3 Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2017/18 2018/19 Percentage QII QI QII Change A B C C/A C/B Coffee 3.2 3.5 3.0 -8.7 -14.4 Oilseeds 1.2 1.4 1.5 23.6 8.9 Leather and Leather Products 21.2 21.6 19.6 -7.7 -9.3 Pulses 0.6 1.1 -0.1 Meat & Meat Products 5.1 5.1 4.9 -3.6 -5.0 Fruits & Vegetables 0.3 0.4 0.3 5.1 -2.6 Live Animals 1.8 2.0 1.9 4.4 -5.3 Chat 5.5 5.5 5.7 3.0 2.2 Gold (in USD/gm) 36.0 33.3 36.6 1.7 9.9 Flower 4.6 4.4 4.4 -4.8 0.7 Electricity 0.1 -1.5 -1.3 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Second Quarter 2018/19 45 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 56 Second Quarter 2018/19 0 1 2 3 4 5 6 7 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (USD/K.G) (USD/K.g, USD/gr.(Gold)) Fig.V.6. Unit Value of Selected Export Commodities Leather and Leather Products Gold Coffee Oil Seeds Pulses Flower Chat Left Axis: Gold & Leather , Right Axis: All Other Items Source: NBE Staff Computation 5.2.2 Import of Goods During the second quarter of 2018/19, total merchandise import stood at USD 4.4 billion, about 10 percent higher than a year ago due to increased import of capital goods, raw materials, fuel and semi-finished goods. Import of capital goods hiked by 20.3 percent due to a 88.2 percent surge in import of transport goods while agricultural and industrial capital goods fell by 39.5 percent and 11.9 percent, respectively. The share of capital goods in total goods imports went up to 41.1 percent from 37.6 percent a year earlier. Likewise, import of raw materials increased by 47.5 percent compared to same quarter last year and their share in total merchandise import rose to 0.9 percent from 0.7 percent a year ago. Import value of fuel also increased by 8.0 percent during the same period and its share in total imports rose to 15.2 percent from 14.2 percent a year earlier Moreover, imports of semi-finished goods increased by 5.3 percent and their share in total imports fell to 14.3 percent from 14.9 percent a year ago. On the other hand, import payments for consumer goods decreased by 3.9 percent vis-à-vis same quarter last year due to 17.1 percent fall in import of durable goods while import payments for non-durable goods grew by 1.9 percent. Similarly, the share of consumer goods in total import bill slightly went National Bank of Ethiopia 56 Second Quarter 2018/19 0 1 2 3 4 5 6 7 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (USD/K.G) (USD/K.g, USD/gr.(Gold)) Fig.V.6. Unit Value of Selected Export Commodities Leather and Leather Products Gold Coffee Oil Seeds Pulses Flower Chat Left Axis: Gold & Leather , Right Axis: All Other Items Source: NBE Staff Computation 5.2.2 Import of Goods During the second quarter of 2018/19, total merchandise import stood at USD 4.4 billion, about 10 percent higher than a year ago due to increased import of capital goods, raw materials, fuel and semi-finished goods. Import of capital goods hiked by 20.3 percent due to a 88.2 percent surge in import of transport goods while agricultural and industrial capital goods fell by 39.5 percent and 11.9 percent, respectively. The share of capital goods in total goods imports went up to 41.1 percent from 37.6 percent a year earlier. Likewise, import of raw materials increased by 47.5 percent compared to same quarter last year and their share in total merchandise import rose to 0.9 percent from 0.7 percent a year ago. Import value of fuel also increased by 8.0 percent during the same period and its share in total imports rose to 15.2 percent from 14.2 percent a year earlier Moreover, imports of semi-finished goods increased by 5.3 percent and their share in total imports fell to 14.3 percent from 14.9 percent a year ago. On the other hand, import payments for consumer goods decreased by 3.9 percent vis-à-vis same quarter last year due to 17.1 percent fall in import of durable goods while import payments for non-durable goods grew by 1.9 percent. Similarly, the share of consumer goods in total import bill slightly went Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2017/18 2018/19 Percentage QII QI QII Change A B C C/A C/B Coffee 51.5 59.2 44.0 -14.6 -25.7 Oilseeds 117.7 42.4 60.7 -48.4 43.3 Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2017/18 2018/19 Percentage QII QI QII Change A B C C/A C/B Coffee 3.2 3.5 3.0 -8.7 -14.4 Oilseeds 1.2 1.4 1.5 23.6 8.9 Leather and Leather Products 21.2 21.6 19.6 -7.7 -9.3 Pulses 0.6 1.1 -0.1 Meat & Meat Products 5.1 5.1 4.9 -3.6 -5.0 Fruits & Vegetables 0.3 0.4 0.3 5.1 -2.6 Live Animals 1.8 2.0 1.9 4.4 -5.3 Chat 5.5 5.5 5.7 3.0 2.2 Gold (in USD/gm) 36.0 33.3 36.6 1.7 9.9 Flower 4.6 4.4 4.4 -4.8 0.7 Electricity 0.1 -1.5 -1.3 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia 56 Second Quarter 2018/19 0 1 2 3 4 5 6 7 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (USD/K.G) (USD/K.g, USD/gr.(Gold)) Fig.V.6. Unit Value of Selected Export Commodities Leather and Leather Products Gold Coffee Oil Seeds Pulses Flower Chat Left Axis: Gold & Leather , Right Axis: All Other Items Source: NBE Staff Computation 5.2.2 Import of Goods During the second quarter of 2018/19, total merchandise import stood at USD 4.4 billion, about 10 percent higher than a year ago due to increased import of capital goods, raw materials, fuel and semi-finished goods. Import of capital goods hiked by 20.3 percent due to a 88.2 percent surge in import of transport goods while agricultural and industrial capital goods fell by 39.5 percent and 11.9 percent, respectively. The share of capital goods in total goods imports went up to 41.1 percent from 37.6 percent a year earlier. Likewise, import of raw materials increased by 47.5 percent compared to same quarter last year and their share in total merchandise import rose to 0.9 percent from 0.7 percent a year ago. Import value of fuel also increased by 8.0 percent during the same period and its share in total imports rose to 15.2 percent from 14.2 percent a year earlier Moreover, imports of semi-finished goods increased by 5.3 percent and their share in total imports fell to 14.3 percent from 14.9 percent a year ago. On the other hand, import payments for consumer goods decreased by 3.9 percent vis-à-vis same quarter last year due to 17.1 percent fall in import of durable goods while import payments for non-durable goods grew by 1.9 percent. Similarly, the share of consumer goods in total import bill slightly went National Bank of Ethiopia 56 Second Quarter 2018/19 0 1 2 3 4 5 6 7 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (USD/K.G) (USD/K.g, USD/gr.(Gold)) Fig.V.6. Unit Value of Selected Export Commodities Leather and Leather Products Gold Coffee Oil Seeds Pulses Flower Chat Left Axis: Gold & Leather , Right Axis: All Other Items Source: NBE Staff Computation 5.2.2 Import of Goods During the second quarter of 2018/19, total merchandise import stood at USD 4.4 billion, about 10 percent higher than a year ago due to increased import of capital goods, raw materials, fuel and semi-finished goods. Import of capital goods hiked by 20.3 percent due to a 88.2 percent surge in import of transport goods while agricultural and industrial capital goods fell by 39.5 percent and 11.9 percent, respectively. The share of capital goods in total goods imports went up to 41.1 percent from 37.6 percent a year earlier. Likewise, import of raw materials increased by 47.5 percent compared to same quarter last year and their share in total merchandise import rose to 0.9 percent from 0.7 percent a year ago. Import value of fuel also increased by 8.0 percent during the same period and its share in total imports rose to 15.2 percent from 14.2 percent a year earlier Moreover, imports of semi-finished goods increased by 5.3 percent and their share in total imports fell to 14.3 percent from 14.9 percent a year ago. On the other hand, import payments for consumer goods decreased by 3.9 percent vis-à-vis same quarter last year due to 17.1 percent fall in import of durable goods while import payments for non-durable goods grew by 1.9 percent. Similarly, the share of consumer goods in total import bill slightly went Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2017/18 2018/19 Percentage QII QI QII Change A B C C/A C/B Coffee 51.5 59.2 44.0 -14.6 -25.7 Oilseeds 117.7 42.4 60.7 -48.4 43.3 Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2017/18 2018/19 Percentage QII QI QII Change A B C C/A C/B Coffee 3.2 3.5 3.0 -8.7 -14.4 Oilseeds 1.2 1.4 1.5 23.6 8.9 Leather and Leather Products 21.2 21.6 19.6 -7.7 -9.3 Pulses 0.6 1.1 -0.1 Meat & Meat Products 5.1 5.1 4.9 -3.6 -5.0 Fruits & Vegetables 0.3 0.4 0.3 5.1 -2.6 Live Animals 1.8 2.0 1.9 4.4 -5.3 Chat 5.5 5.5 5.7 3.0 2.2 Gold (in USD/gm) 36.0 33.3 36.6 1.7 9.9 Flower 4.6 4.4 4.4 -4.8 0.7 Electricity 0.1 -1.5 -1.3 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia 56 Second Quarter 2018/19 0 1 2 3 4 5 6 7 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (USD/K.G) (USD/K.g, USD/gr.(Gold)) Fig.V.6. Unit Value of Selected Export Commodities Leather and Leather Products Gold Coffee Oil Seeds Pulses Flower Chat Left Axis: Gold & Leather , Right Axis: All Other Items Source: NBE Staff Computation 5.2.2 Import of Goods During the second quarter of 2018/19, total merchandise import stood at USD 4.4 billion, about 10 percent higher than a year ago due to increased import of capital goods, raw materials, fuel and semi-finished goods. Import of capital goods hiked by 20.3 percent due to a 88.2 percent surge in import of transport goods while agricultural and industrial capital goods fell by 39.5 percent and 11.9 percent, respectively. The share of capital goods in total goods imports went up to 41.1 percent from 37.6 percent a year earlier. Likewise, import of raw materials increased by 47.5 percent compared to same quarter last year and their share in total merchandise import rose to 0.9 percent from 0.7 percent a year ago. Import value of fuel also increased by 8.0 percent during the same period and its share in total imports rose to 15.2 percent from 14.2 percent a year earlier Moreover, imports of semi-finished goods increased by 5.3 percent and their share in total imports fell to 14.3 percent from 14.9 percent a year ago. On the other hand, import payments for consumer goods decreased by 3.9 percent vis-à-vis same quarter last year due to 17.1 percent fall in import of durable goods while import payments for non-durable goods grew by 1.9 percent. Similarly, the share of consumer goods in total import bill slightly went National Bank of Ethiopia 56 Second Quarter 2018/19 0 1 2 3 4 5 6 7 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 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (USD/K.G) (USD/K.g, USD/gr.(Gold)) Fig.V.6. Unit Value of Selected Export Commodities Leather and Leather Products Gold Coffee Oil Seeds Pulses Flower Chat Left Axis: Gold & Leather , Right Axis: All Other Items Source: NBE Staff Computation 5.2.2 Import of Goods During the second quarter of 2018/19, total merchandise import stood at USD 4.4 billion, about 10 percent higher than a year ago due to increased import of capital goods, raw materials, fuel and semi-finished goods. Import of capital goods hiked by 20.3 percent due to a 88.2 percent surge in import of transport goods while agricultural and industrial capital goods fell by 39.5 percent and 11.9 percent, respectively. The share of capital goods in total goods imports went up to 41.1 percent from 37.6 percent a year earlier. Likewise, import of raw materials increased by 47.5 percent compared to same quarter last year and their share in total merchandise import rose to 0.9 percent from 0.7 percent a year ago. Import value of fuel also increased by 8.0 percent during the same period and its share in total imports rose to 15.2 percent from 14.2 percent a year earlier Moreover, imports of semi-finished goods increased by 5.3 percent and their share in total imports fell to 14.3 percent from 14.9 percent a year ago. On the other hand, import payments for consumer goods decreased by 3.9 percent vis-à-vis same quarter last year due to 17.1 percent fall in import of durable goods while import payments for non-durable goods grew by 1.9 percent. Similarly, the share of consumer goods in total import bill slightly went Table 5.4: Volume of Major Export Items (In millions of Kg) Particulars 2017/18 2018/19 Percentage QII QI QII Change A B C C/A C/B Coffee 51.5 59.2 44.0 -14.6 -25.7 Oilseeds 117.7 42.4 60.7 -48.4 43.3 Leather and Leather Products 1.7 1.5 1.7 3.0 12.1 Pulses 110.4 69.1 109.5 -0.8 58.5 Meat & Meat Products 4.2 4.7 4.3 4.2 -7.8 Fruits & Vegetables 47.4 41.6 42.4 -10.4 1.9 Live Animals 4.4 7.2 2.3 -46.7 -67.7 Chat 11.2 14.2 14.3 27.6 0.2 Gold(In mn. of grams) 0.5 0.5 0.1 -80.5 -78.4 Flower 10.7 12.1 12.0 11.9 -1.0 Electricity(In mn of kwh) 263.6 293.8 298.9 13.4 1.7 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power Source: NBE Staff Computation Table 5.5: Unit Value of Major Export Items (In USD/kg) Particulars 2017/18 2018/19 Percentage QII QI QII Change A B C C/A C/B Coffee 3.2 3.5 3.0 -8.7 -14.4 Oilseeds 1.2 1.4 1.5 23.6 8.9 Leather and Leather Products 21.2 21.6 19.6 -7.7 -9.3 Pulses 0.6 1.1 -0.1 Meat & Meat Products 5.1 5.1 4.9 -3.6 -5.0 Fruits & Vegetables 0.3 0.4 0.3 5.1 -2.6 Live Animals 1.8 2.0 1.9 4.4 -5.3 Chat 5.5 5.5 5.7 3.0 2.2 Gold (in USD/gm) 36.0 33.3 36.6 1.7 9.9 Flower 4.6 4.4 4.4 -4.8 0.7 Electricity 0.1 -1.5 -1.3 Source: Ministry of Revenue, Ethiopian Electric Utility and Ethiopian Electric Power National Bank of Ethiopia 57 Second Quarter 2018/19 down to 26.8 percent from 30.7 percent last year same quarter. Meanwhile, total franco-valuta import increased by 46.9 percent and stood at USD 1.8 billion and accounted for 41.2 percent of the total imports. Table 5.6: Values of Major Import Items (In millions Of USD) Source: Ministry of Revenue Particular 2017/18 2018/19 Qtr II Percentage Changes Share (%) Qtr I Share (%) Qtr II Share (%) A B C C/A C/B Raw Materials 28.1 0.7 50.4 1.4 41.5 0.9 47.5 -17.8 Semi-finished Goods 600.5 14.9 554.1 15.0 632.3 14.3 5.3 14.1 Fertilizers 79.5 2.0 7.6 0.2 6.9 0.2 -91.3 -8.9 Fuel 571.0 14.2 663.3 18.0 673.6 15.2 18.0 1.5 Petroleum Products 540.7 13.4 630.3 17.1 634.3 14.3 17.3 0.6 Others 30.3 0.8 33.1 0.9 39.3 0.9 29.5 18.8 Capital Goods 1,516.9 37.6 1,195.8 32.5 1,825.0 41.1 20.3 52.6 Transport 494.7 12.3 140.1 3.8 930.9 21.0 88.2 564.5 Agricultural 23.2 0.6 16.4 0.4 14.0 0.3 -39.5 -14.7 Industrial 999.0 24.8 1,039.2 28.2 880.0 19.8 -11.9 -15.3 Consumer Goods 1,238.3 30.7 1,148.4 31.2 1,189.5 26.8 -3.9 3.6 Durables 382.0 9.5 295.0 8.0 316.5 7.1 -17.1 7.3 Non-durables 856.3 21.2 853.4 23.2 872.9 19.7 1.9 2.3 Miscellaneous 76.5 1.9 70.0 1.9 74.5 1.7 -2.7 6.4 Total Imports 4,031.4 100 3,682.1 100 4,436.3 100 10.0 20.5 Table 5.6: Values of M ajor I mport I tems (In millions Of USD) Particular 2017/18 2018/19 Percentage Qtr II Share (%) Qtr I Share (%) Qtr II Share (%) Changes A B C C/A C/B Raw Materials 28.1 0.7 50.4 1.4 41.5 0.9 47.5 -17.8 Semi-fin - ished Goods 600.5 14.9 554.1 15.0 632.3 14.3 5.3 14.1 Fertilizers 79.5 2.0 7.6 0.2 6.9 0.2 -91.3 -8.9 Fuel 571.0 14.2 663.3 18.0 673.6 15.2 18.0 1.5 Petroleum Products 540.7 13.4 630.3 17.1 634.3 14.3 17.3 0.6 Others 30.3 0.8 33.1 0.9 39.3 0.9 29.5 18.8 C a p i t a l Goods 1,516.9 37.6 1,195.8 32.5 1,825.0 41.1 20.3 52.6 Transport 494.7 12.3 140.1 3.8 930.9 21.0 88.2 564.5 Agricultural 23.2 0.6 16.4 0.4 14.0 0.3 -39.5 -14.7 Industrial 999.0 24.8 1,039.2 28.2 880.0 19.8 -11.9 -15.3 C o n s u m e r Goods 1,238.3 30.7 1,148.4 31.2 1,189.5 26.8 -3.9 3.6 Durables 382.0 9.5 295.0 8.0 316.5 7.1 -17.1 7.3 Non-durables 856.3 21.2 853.4 23.2 872.9 19.7 1.9 2.3 Miscellaneous 76.5 1.9 70.0 1.9 74.5 1.7 -2.7 6.4 Total Imports 4,031.4 100 3,682.1 100 4,436.3 100 10.0 20.5 Source: Ministry of Revenue

Table 5.7: The Value of Franco Valuta Impor t (In millions of USD Commodity Group 2017/18 2018/19 Percentage Qtr II Qtr I Qtr II Change A B C C/A C/B Beverages 0.3 0.1 0.2 -35.9 183.5 Chemicals 9.2 6.1 7.1 -22.5 15.7 Clothing 15.6 12.5 5.7 -63.8 -54.8 Food and live animals 152.8 84.6 90.6 -40.7 7.1 Textiles 4.7 8.6 4.3 -9.0 -50.2 Tobacco 0.0 0.0 0.1 170.5 75.0 Soap & polish 0.3 0.5 0.6 93.2 19.5 Fertilizer 26.8 60.6 131.2 390.4 116.6 Paper & paper manufacturing 1.0 1.8 2.1 109.8 16.1 Metal & metal manufacturing 103.6 86.4 87.8 -15.2 1.6 Medical and pharmaceuticals products 18.9 14.0 33.5 77.1 139.6 Rubber products 10.5 14.2 6.6 -37.1 -53.6 Petroleum Crude 0.0 - 2.1 - - Petroleum product 4.9 7.4 27.9 467.4 275.3 Glass & glass ware 6.7 3.6 4.1 -39.0 11.9 Electrical material 79.2 96.4 73.8 -6.8 -23.5 Machine 302.0 408.0 254.7 -15.7 -37.6 Road & motor vehicles 55.0 53.7 40.3 -26.7 -24.9 Tele apparatus 1.6 1.2 4.1 155.0 255.1 Cement 0.08 0.0 0.0 Others 451.6 230.6 1,051.5 132.8 356.0 Total 1,244.6 1,090.4 1,828.4 46.9 67.7 Source: Ministry of Revenue 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 44.7 percent of the total exports. Saudi Arabia was the largest market for Ethiopia’s export with a 17.4 percent share in total export earnings from Asia, followed by China, Mainland (13.5 percent), Israel (11.3 percent), United Arab Emirates (10.3 percent), Japan (9.4 percent), India (5.3 percent), Indonesia (4.4 percent), Yemen (3.9 percent), South Korea (3.3 percent) and Hong Kong (1.1 percent). All these countries accounted for 80 percent of Ethiopia’s total export to Asia. Europe accounted for 22.5 percent of Ethiopia’s total export revenue, with the Netherlands taking a 32.7 percent share, followed by Germany (13.7 percent), Turkey (10.4 percent), Belgium (8.7 percent), United Kingdom (5.8 percent), Italy (3.8 percent), Switzerland (3.4 percent), France (3.0 percent), Spain (2.2 percent) and Russia (2.1 percent). These countries together had a 85.8 percent share of Ethiopia’s total exports to Europe. About 24.7 percent of Ethiopia’s export earnings originated from markets in Africa, mainly National Bank of Ethiopia 57 Second Quarter 2018/19 down to 26.8 percent from 30.7 percent last year same quarter. Meanwhile, total franco-valuta import increased by 46.9 percent and stood at USD 1.8 billion and accounted for 41.2 percent of the total imports. Table 5.6: Values of Major Import Items (In millions Of USD) Source: Ministry of Revenue Particular 2017/18 2018/19 Qtr II Percentage Changes Share (%) Qtr I Share (%) Qtr II Share (%) A B C C/A C/B Raw Materials 28.1 0.7 50.4 1.4 41.5 0.9 47.5 -17.8 Semi-finished Goods 600.5 14.9 554.1 15.0 632.3 14.3 5.3 14.1 Fertilizers 79.5 2.0 7.6 0.2 6.9 0.2 -91.3 -8.9 Fuel 571.0 14.2 663.3 18.0 673.6 15.2 18.0 1.5 Petroleum Products 540.7 13.4 630.3 17.1 634.3 14.3 17.3 0.6 Others 30.3 0.8 33.1 0.9 39.3 0.9 29.5 18.8 Capital Goods 1,516.9 37.6 1,195.8 32.5 1,825.0 41.1 20.3 52.6 Transport 494.7 12.3 140.1 3.8 930.9 21.0 88.2 564.5 Agricultural 23.2 0.6 16.4 0.4 14.0 0.3 -39.5 -14.7 Industrial 999.0 24.8 1,039.2 28.2 880.0 19.8 -11.9 -15.3 Consumer Goods 1,238.3 30.7 1,148.4 31.2 1,189.5 26.8 -3.9 3.6 Durables 382.0 9.5 295.0 8.0 316.5 7.1 -17.1 7.3 Non-durables 856.3 21.2 853.4 23.2 872.9 19.7 1.9 2.3 Miscellaneous 76.5 1.9 70.0 1.9 74.5 1.7 -2.7 6.4 Total Imports 4,031.4 100 3,682.1 100 4,436.3 100 10.0 20.5 Table 5.6: Values of M ajor I mport I tems (In millions Of USD) Particular 2017/18 2018/19 Percentage Qtr II Share (%) Qtr I Share (%) Qtr II Share (%) Changes A B C C/A C/B Raw Materials 28.1 0.7 50.4 1.4 41.5 0.9 47.5 -17.8 Semi-fin - ished Goods 600.5 14.9 554.1 15.0 632.3 14.3 5.3 14.1 Fertilizers 79.5 2.0 7.6 0.2 6.9 0.2 -91.3 -8.9 Fuel 571.0 14.2 663.3 18.0 673.6 15.2 18.0 1.5 Petroleum Products 540.7 13.4 630.3 17.1 634.3 14.3 17.3 0.6 Others 30.3 0.8 33.1 0.9 39.3 0.9 29.5 18.8 C a p i t a l Goods 1,516.9 37.6 1,195.8 32.5 1,825.0 41.1 20.3 52.6 Transport 494.7 12.3 140.1 3.8 930.9 21.0 88.2 564.5 Agricultural 23.2 0.6 16.4 0.4 14.0 0.3 -39.5 -14.7 Industrial 999.0 24.8 1,039.2 28.2 880.0 19.8 -11.9 -15.3 C o n s u m e r Goods 1,238.3 30.7 1,148.4 31.2 1,189.5 26.8 -3.9 3.6 Durables 382.0 9.5 295.0 8.0 316.5 7.1 -17.1 7.3 Non-durables 856.3 21.2 853.4 23.2 872.9 19.7 1.9 2.3 Miscellaneous 76.5 1.9 70.0 1.9 74.5 1.7 -2.7 6.4 Total Imports 4,031.4 100 3,682.1 100 4,436.3 100 10.0 20.5 Source: Ministry of Revenue

Table 5.6: Values of Major Import Items (In millions Of USD) Particular 2017/18 2018/19 Percentage Qtr II Share (%) Qtr I Share (%) Qtr II Share (%) Changes A B C C/A C/B Raw Materials 28.1 0.7 50.4 1.4 41.5 0.9 47.5 -17.8 Semi-finished Goods 600.5 14.9 554.1 15.0 632.3 14.3 5.3 14.1 Fertilizers 79.5 2.0 7.6 0.2 6.9 0.2 -91.3 -8.9 Fuel 571.0 14.2 663.3 18.0 673.6 15.2 18.0 1.5 Petroleum Products 540.7 13.4 630.3 17.1 634.3 14.3 17.3 0.6 Others 30.3 0.8 33.1 0.9 39.3 0.9 29.5 18.8 Capital Goods 1,516.9 37.6 1,195.8 32.5 1,825.0 41.1 20.3 52.6 Transport 494.7 12.3 140.1 3.8 930.9 21.0 88.2 564.5 Agricultural 23.2 0.6 16.4 0.4 14.0 0.3 -39.5 -14.7 Industrial 999.0 24.8 1,039.2 28.2 880.0 19.8 -11.9 -15.3 Consumer Goods 1,238.3 30.7 1,148.4 31.2 1,189.5 26.8 -3.9 3.6 Durables 382.0 9.5 295.0 8.0 316.5 7.1 -17.1 7.3 Non-durables 856.3 21.2 853.4 23.2 872.9 19.7 1.9 2.3 Miscellaneous 76.5 1.9 70.0 1.9 74.5 1.7 -2.7 6.4 Total Imports 4,031.4 100 3,682.1 100 4,436.3 100 10.0 20.5 Source: Ministry of Revenue

National Bank of Ethiopia 59 Second Quarter 2018/19 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 44.7 percent of the total exports. Saudi Arabia was the largest market for Ethiopia’s export with a 17.4 percent share in total export earnings from Asia, followed by China, Mainland (13.5 percent), Israel (11.3 percent), United Arab Emirates (10.3 percent), Japan (9.4 percent), India (5.3 percent), Indonesia (4.4 percent), Yemen (3.9 percent), South Korea (3.3 percent) and Hong Kong (1.1 percent). All these countries accounted for 80 percent of Ethiopia’s total export to Asia. Europe accounted for 22.5 percent of Ethiopia’s total export revenue, with the Netherlands taking a 32.7 percent share, followed by Germany (13.7 percent), Turkey (10.4 percent), Belgium (8.7 percent), United Kingdom (5.8 percent), Italy (3.8 percent), Switzerland (3.4 percent), France (3.0 percent), Spain (2.2 percent) and Russia (2.1 percent). These countries together had a 85.8 percent share of Ethiopia’s total exports to Europe. About 24.7 percent of Ethiopia’s export earnings originated from markets in Africa, mainly Somalia (46.2 percent), Djibouti (23.6 percent), Sudan (15.4 percent), Egypt (3.0 percent) and Nigeria (2.7 percent) which altogether accounted for 90.8 percent of the total exports to Africa. America accounted for 7.6 percent of Ethiopia’s total export earning, of which 57.7 percent was from exports to the United States and 6.5 percent to Canada, which in total accounted for 64.2 percent of the total exports to America National Bank of Ethiopia 60 Second Quarter 2018/19 Source: NBE Staff Compilation 5.2.3.2 Import of Goods During the second quarter of 2018/19, Asia accounted for 55.1 percent of the total imports of Ethiopia. The major imports from Asia originated from China (39.3 percent), Kuwait (15.6 percent), India (15.1 percent), U.A.E (5.6 percent), Malaysia (4.7 percent), Japan (4.2 percent), Saudi Arabia (3.7 percent), Indonesia (3.5 percent), South Korea (2.1 percent) and Thailand (2.0 percent) whose combined share was 95.5 percent. Imports from Europe accounted for 19.5 percent of Ethiopia’s total imports with the major countries being Turkey (19.5 percent), Belgium (15.3 percent), Italy (11.6 percent), Germany (9.7 percent), Ukraine (8.3 percent), United Kingdom (8.1 percent), France (6.6 percent), the Netherlands (3.2 percent), Denmark (3.0 percent), Spain (2.6 percent), Russia (2.1 percent) and Rumania (1.8 percent). These countries jointly accounted for 91.8 percent of Ethiopia’s total imports from Europe. Imports from America accounted for 22.2 percent of the total import bill, of which the share of United States was 96.39 percent followed by Canada and Brazil with 2.2 percent and 1.1 percent respective share. 24.7% 22.5% 7.6% 44.7% 0.6% Fig V.7 Export By Destination Africa Europe America Asia Oceania 48 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 59 Second Quarter 2018/19 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 44.7 percent of the total exports. Saudi Arabia was the largest market for Ethiopia’s export with a 17.4 percent share in total export earnings from Asia, followed by China, Mainland (13.5 percent), Israel (11.3 percent), United Arab Emirates (10.3 percent), Japan (9.4 percent), India (5.3 percent), Indonesia (4.4 percent), Yemen (3.9 percent), South Korea (3.3 percent) and Hong Kong (1.1 percent). All these countries accounted for 80 percent of Ethiopia’s total export to Asia. Europe accounted for 22.5 percent of Ethiopia’s total export revenue, with the Netherlands taking a 32.7 percent share, followed by Germany (13.7 percent), Turkey (10.4 percent), Belgium (8.7 percent), United Kingdom (5.8 percent), Italy (3.8 percent), Switzerland (3.4 percent), France (3.0 percent), Spain (2.2 percent) and Russia (2.1 percent). These countries together had a 85.8 percent share of Ethiopia’s total exports to Europe. About 24.7 percent of Ethiopia’s export earnings originated from markets in Africa, mainly Somalia (46.2 percent), Djibouti (23.6 percent), Sudan (15.4 percent), Egypt (3.0 percent) and Nigeria (2.7 percent) which altogether accounted for 90.8 percent of the total exports to Africa. America accounted for 7.6 percent of Ethiopia’s total export earning, of which 57.7 percent was from exports to the United States and 6.5 percent to Canada, which in total accounted for 64.2 percent of the total exports to America National Bank of Ethiopia 60 Second Quarter 2018/19 Source: NBE Staff Compilation 5.2.3.2 Import of Goods During the second quarter of 2018/19, Asia accounted for 55.1 percent of the total imports of Ethiopia. The major imports from Asia originated from China (39.3 percent), Kuwait (15.6 percent), India (15.1 percent), U.A.E (5.6 percent), Malaysia (4.7 percent), Japan (4.2 percent), Saudi Arabia (3.7 percent), Indonesia (3.5 percent), South Korea (2.1 percent) and Thailand (2.0 percent) whose combined share was 95.5 percent. Imports from Europe accounted for 19.5 percent of Ethiopia’s total imports with the major countries being Turkey (19.5 percent), Belgium (15.3 percent), Italy (11.6 percent), Germany (9.7 percent), Ukraine (8.3 percent), United Kingdom (8.1 percent), France (6.6 percent), the Netherlands (3.2 percent), Denmark (3.0 percent), Spain (2.6 percent), Russia (2.1 percent) and Rumania (1.8 percent). These countries jointly accounted for 91.8 percent of Ethiopia’s total imports from Europe. Imports from America accounted for 22.2 percent of the total import bill, of which the share of United States was 96.39 percent followed by Canada and Brazil with 2.2 percent and 1.1 percent respective share. 24.7% 22.5% 7.6% 44.7% 0.6% Fig V.7 Export By Destination Africa Europe America Asia Oceania Second Quarter 2018/19 49 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 61 Second Quarter 2018/19 Africa accounted for about 3.3 percent of Ethiopia’s total merchandise import. The major countries of origin were Egypt (38.8 percent), South Africa (36.4 percent), Sudan (11.3 percent) and Kenya (7.0 percent), whose combined share reached 93.6 percent in total imports from the continent. Source: NBE Staff Compilation 5.3. Services and Transfers ] Net payments for services trade stood at USD 224.3 million compared with USD 211.8 million last year same period. The 5.9 percent increase in net service payments was attributed to a 71.7 percent decline in surplus of net travel coupled with 40.3 percent increase in deficit of net other service payments. 3.3% 19.3% 22.2% 55.1% 0.1% Fig V.8 Import by Origin Africa Europe America Asia Oceania National Bank of Ethiopia 62 Second Quarter 2018/19 Source: NBE Staff Compilation Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2017/18 2018/19 QII QI QII Percentage Change A B C D=C/A E=C/B 1 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 2 Interest, net (3-4) -155.5 -99.9 -89.9 -42.2 -10.0 3 Credit 8.2 19.8 22.7 176.3 14.4 4 Debit 163.7 119.7 112.6 -31.2 -5.9 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) -56.3 348.2 -134.3 138.6 -138.6 7 Exports of non-factor services 989.4 1,482.3 1,216.1 22.9 -18.0 8 Travel 145.5 292.6 184.0 26.5 -37.1 9 Transport 1 710.0 965.7 855.2 20.5 -11.4 10 Gov't 2 74.9 126.6 121.9 62.7 -3.7 11 Other 3 59.0 97.3 55.0 -6.8 -43.5 12 Imports of non-factor services 1,045.7 1,134.1 1,350.5 29.1 19.1 13 Travel 103.9 152.5 172.2 65.8 12.9 14 Transport 1 586.1 705.3 717.3 22.4 1.7 15 Gov't 2 25.4 3.9 25.4 -0.1 544.8 16 Other 3 330.3 272.3 435.6 31.9 60.0 17 Net Services (18+19+20+21+22) -211.8 248.3 -224.3 5.9 -190.3 18 Travel (8-13) 41.6 140.1 11.8 -71.7 -91.6 19 Transport (9-14) 123.9 260.3 137.9 11.3 -47.0 20 Gov't (10-15) 49.5 122.7 96.6 95.0 -21.3 21 Other (11-16) -271.3 -175.0 -380.6 40.3 117.5 22 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business -400 -300 -200 -100 0 100 200 300 400 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Million USD) Fig.V.9 Trends in Net Services Net Services Net Travel Net Transportation Net Government (n.i.e) 5.3. Services and Transfers Net payments for services trade stood at USD 224.3 million compared with USD 211.8 million last year same period. The 5.9 percent increase in net service payments was attributed to a 71.7 percent decline in surplus of net travel coupled with 40.3 percent increase in deficit of net other service payments. Source: NBE Staff Compilation Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2017/18 2018/19 Percentage Change QII QI QII A B C D=C/A E=C/B 1 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 2 Interest, net (3-4) -155.5 -99.9 -89.9 -42.2 -10.0 3 Credit 8.2 19.8 22.7 176.3 14.4 4 Debit 163.7 119.7 112.6 -31.2 -5.9 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) -56.3 348.2 -134.3 138.6 -138.6 7 Exports of non-factor services 989.4 1,482.3 1,216.1 22.9 -18.0 8 Travel 145.5 292.6 184.0 26.5 -37.1 9 Transport 1 710.0 965.7 855.2 20.5 -11.4 10 Gov't 2 74.9 126.6 121.9 62.7 -3.7 11 Other 3 59.0 97.3 55.0 -6.8 -43.5 12 Imports of non-factor services 1,045.7 1,134.1 1,350.5 29.1 19.1 13 Travel 103.9 152.5 172.2 65.8 12.9 14 Transport 1 586.1 705.3 717.3 22.4 1.7 15 Gov't 2 25.4 3.9 25.4 -0.1 544.8 16 Other 3 330.3 272.3 435.6 31.9 60.0 17 Net Services (18+19+20+21+22) -211.8 248.3 -224.3 5.9 -190.3 18 Travel (8-13) 41.6 140.1 11.8 -71.7 -91.6 19 Transport (9-14) 123.9 260.3 137.9 11.3 -47.0 20 Gov't (10-15) 49.5 122.7 96.6 95.0 -21.3 21 Other (11-16) -271.3 -175.0 -380.6 40.3 117.5 22 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business National Bank of Ethiopia 61 Second Quarter 2018/19 Africa accounted for about 3.3 percent of Ethiopia’s total merchandise import. The major countries of origin were Egypt (38.8 percent), South Africa (36.4 percent), Sudan (11.3 percent) and Kenya (7.0 percent), whose combined share reached 93.6 percent in total imports from the continent. Source: NBE Staff Compilation 5.3. Services and Transfers ] Net payments for services trade stood at USD 224.3 million compared with USD 211.8 million last year same period. The 5.9 percent increase in net service payments was attributed to a 71.7 percent decline in surplus of net travel coupled with 40.3 percent increase in deficit of net other service payments. 3.3% 19.3% 22.2% 55.1% 0.1% Fig V.8 Import by Origin Africa Europe America Asia Oceania National Bank of Ethiopia 62 Second Quarter 2018/19 Source: NBE Staff Compilation Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2017/18 2018/19 QII QI QII Percentage Change A B C D=C/A E=C/B 1 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 2 Interest, net (3-4) -155.5 -99.9 -89.9 -42.2 -10.0 3 Credit 8.2 19.8 22.7 176.3 14.4 4 Debit 163.7 119.7 112.6 -31.2 -5.9 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) -56.3 348.2 -134.3 138.6 -138.6 7 Exports of non-factor services 989.4 1,482.3 1,216.1 22.9 -18.0 8 Travel 145.5 292.6 184.0 26.5 -37.1 9 Transport 1 710.0 965.7 855.2 20.5 -11.4 10 Gov't 2 74.9 126.6 121.9 62.7 -3.7 11 Other 3 59.0 97.3 55.0 -6.8 -43.5 12 Imports of non-factor services 1,045.7 1,134.1 1,350.5 29.1 19.1 13 Travel 103.9 152.5 172.2 65.8 12.9 14 Transport 1 586.1 705.3 717.3 22.4 1.7 15 Gov't 2 25.4 3.9 25.4 -0.1 544.8 16 Other 3 330.3 272.3 435.6 31.9 60.0 17 Net Services (18+19+20+21+22) -211.8 248.3 -224.3 5.9 -190.3 18 Travel (8-13) 41.6 140.1 11.8 -71.7 -91.6 19 Transport (9-14) 123.9 260.3 137.9 11.3 -47.0 20 Gov't (10-15) 49.5 122.7 96.6 95.0 -21.3 21 Other (11-16) -271.3 -175.0 -380.6 40.3 117.5 22 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business -400 -300 -200 -100 0 100 200 300 400 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Million USD) Fig.V.9 Trends in Net Services Net Services Net Travel Net Transportation Net Government (n.i.e) 5.3. Services and Transfers Net payments for services trade stood at USD 224.3 million compared with USD 211.8 million last year same period. The 5.9 percent increase in net service payments was attributed to a 71.7 percent decline in surplus of net travel coupled with 40.3 percent increase in deficit of net other service payments. Source: NBE Staff Compilation Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2017/18 2018/19 Percentage Change QII QI QII A B C D=C/A E=C/B 1 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 2 Interest, net (3-4) -155.5 -99.9 -89.9 -42.2 -10.0 3 Credit 8.2 19.8 22.7 176.3 14.4 4 Debit 163.7 119.7 112.6 -31.2 -5.9 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) -56.3 348.2 -134.3 138.6 -138.6 7 Exports of non-factor services 989.4 1,482.3 1,216.1 22.9 -18.0 8 Travel 145.5 292.6 184.0 26.5 -37.1 9 Transport 1 710.0 965.7 855.2 20.5 -11.4 10 Gov't 2 74.9 126.6 121.9 62.7 -3.7 11 Other 3 59.0 97.3 55.0 -6.8 -43.5 12 Imports of non-factor services 1,045.7 1,134.1 1,350.5 29.1 19.1 13 Travel 103.9 152.5 172.2 65.8 12.9 14 Transport 1 586.1 705.3 717.3 22.4 1.7 15 Gov't 2 25.4 3.9 25.4 -0.1 544.8 16 Other 3 330.3 272.3 435.6 31.9 60.0 17 Net Services (18+19+20+21+22) -211.8 248.3 -224.3 5.9 -190.3 18 Travel (8-13) 41.6 140.1 11.8 -71.7 -91.6 19 Transport (9-14) 123.9 260.3 137.9 11.3 -47.0 20 Gov't (10-15) 49.5 122.7 96.6 95.0 -21.3 21 Other (11-16) -271.3 -175.0 -380.6 40.3 117.5 22 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business National Bank of Ethiopia 61 Second Quarter 2018/19 Africa accounted for about 3.3 percent of Ethiopia’s total merchandise import. The major countries of origin were Egypt (38.8 percent), South Africa (36.4 percent), Sudan (11.3 percent) and Kenya (7.0 percent), whose combined share reached 93.6 percent in total imports from the continent. Source: NBE Staff Compilation 5.3. Services and Transfers ] Net payments for services trade stood at USD 224.3 million compared with USD 211.8 million last year same period. The 5.9 percent increase in net service payments was attributed to a 71.7 percent decline in surplus of net travel coupled with 40.3 percent increase in deficit of net other service payments. 3.3% 19.3% 22.2% 55.1% 0.1% Fig V.8 Import by Origin Africa Europe America Asia Oceania National Bank of Ethiopia 62 Second Quarter 2018/19 Source: NBE Staff Compilation Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2017/18 2018/19 QII QI QII Percentage Change A B C D=C/A E=C/B 1 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 2 Interest, net (3-4) -155.5 -99.9 -89.9 -42.2 -10.0 3 Credit 8.2 19.8 22.7 176.3 14.4 4 Debit 163.7 119.7 112.6 -31.2 -5.9 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) -56.3 348.2 -134.3 138.6 -138.6 7 Exports of non-factor services 989.4 1,482.3 1,216.1 22.9 -18.0 8 Travel 145.5 292.6 184.0 26.5 -37.1 9 Transport 1 710.0 965.7 855.2 20.5 -11.4 10 Gov't 2 74.9 126.6 121.9 62.7 -3.7 11 Other 3 59.0 97.3 55.0 -6.8 -43.5 12 Imports of non-factor services 1,045.7 1,134.1 1,350.5 29.1 19.1 13 Travel 103.9 152.5 172.2 65.8 12.9 14 Transport 1 586.1 705.3 717.3 22.4 1.7 15 Gov't 2 25.4 3.9 25.4 -0.1 544.8 16 Other 3 330.3 272.3 435.6 31.9 60.0 17 Net Services (18+19+20+21+22) -211.8 248.3 -224.3 5.9 -190.3 18 Travel (8-13) 41.6 140.1 11.8 -71.7 -91.6 19 Transport (9-14) 123.9 260.3 137.9 11.3 -47.0 20 Gov't (10-15) 49.5 122.7 96.6 95.0 -21.3 21 Other (11-16) -271.3 -175.0 -380.6 40.3 117.5 22 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business -400 -300 -200 -100 0 100 200 300 400 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Million USD) Fig.V.9 Trends in Net Services Net Services Net Travel Net Transportation Net Government (n.i.e) 5.3. Services and Transfers Net payments for services trade stood at USD 224.3 million compared with USD 211.8 million last year same period. The 5.9 percent increase in net service payments was attributed to a 71.7 percent decline in surplus of net travel coupled with 40.3 percent increase in deficit of net other service payments. Source: NBE Staff Compilation Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2017/18 2018/19 Percentage Change QII QI QII A B C D=C/A E=C/B 1 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 2 Interest, net (3-4) -155.5 -99.9 -89.9 -42.2 -10.0 3 Credit 8.2 19.8 22.7 176.3 14.4 4 Debit 163.7 119.7 112.6 -31.2 -5.9 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) -56.3 348.2 -134.3 138.6 -138.6 7 Exports of non-factor services 989.4 1,482.3 1,216.1 22.9 -18.0 8 Travel 145.5 292.6 184.0 26.5 -37.1 9 Transport 1 710.0 965.7 855.2 20.5 -11.4 10 Gov't 2 74.9 126.6 121.9 62.7 -3.7 11 Other 3 59.0 97.3 55.0 -6.8 -43.5 12 Imports of non-factor services 1,045.7 1,134.1 1,350.5 29.1 19.1 13 Travel 103.9 152.5 172.2 65.8 12.9 14 Transport 1 586.1 705.3 717.3 22.4 1.7 15 Gov't 2 25.4 3.9 25.4 -0.1 544.8 16 Other 3 330.3 272.3 435.6 31.9 60.0 17 Net Services (18+19+20+21+22) -211.8 248.3 -224.3 5.9 -190.3 18 Travel (8-13) 41.6 140.1 11.8 -71.7 -91.6 19 Transport (9-14) 123.9 260.3 137.9 11.3 -47.0 20 Gov't (10-15) 49.5 122.7 96.6 95.0 -21.3 21 Other (11-16) -271.3 -175.0 -380.6 40.3 117.5 22 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business National Bank of Ethiopia 61 Second Quarter 2018/19 Africa accounted for about 3.3 percent of Ethiopia’s total merchandise import. The major countries of origin were Egypt (38.8 percent), South Africa (36.4 percent), Sudan (11.3 percent) and Kenya (7.0 percent), whose combined share reached 93.6 percent in total imports from the continent. Source: NBE Staff Compilation 5.3. Services and Transfers ] Net payments for services trade stood at USD 224.3 million compared with USD 211.8 million last year same period. The 5.9 percent increase in net service payments was attributed to a 71.7 percent decline in surplus of net travel coupled with 40.3 percent increase in deficit of net other service payments. 3.3% 19.3% 22.2% 55.1% 0.1% Fig V.8 Import by Origin Africa Europe America Asia Oceania National Bank of Ethiopia 62 Second Quarter 2018/19 Source: NBE Staff Compilation Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2017/18 2018/19 QII QI QII Percentage Change A B C D=C/A E=C/B 1 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 2 Interest, net (3-4) -155.5 -99.9 -89.9 -42.2 -10.0 3 Credit 8.2 19.8 22.7 176.3 14.4 4 Debit 163.7 119.7 112.6 -31.2 -5.9 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) -56.3 348.2 -134.3 138.6 -138.6 7 Exports of non-factor services 989.4 1,482.3 1,216.1 22.9 -18.0 8 Travel 145.5 292.6 184.0 26.5 -37.1 9 Transport 1 710.0 965.7 855.2 20.5 -11.4 10 Gov't 2 74.9 126.6 121.9 62.7 -3.7 11 Other 3 59.0 97.3 55.0 -6.8 -43.5 12 Imports of non-factor services 1,045.7 1,134.1 1,350.5 29.1 19.1 13 Travel 103.9 152.5 172.2 65.8 12.9 14 Transport 1 586.1 705.3 717.3 22.4 1.7 15 Gov't 2 25.4 3.9 25.4 -0.1 544.8 16 Other 3 330.3 272.3 435.6 31.9 60.0 17 Net Services (18+19+20+21+22) -211.8 248.3 -224.3 5.9 -190.3 18 Travel (8-13) 41.6 140.1 11.8 -71.7 -91.6 19 Transport (9-14) 123.9 260.3 137.9 11.3 -47.0 20 Gov't (10-15) 49.5 122.7 96.6 95.0 -21.3 21 Other (11-16) -271.3 -175.0 -380.6 40.3 117.5 22 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business -400 -300 -200 -100 0 100 200 300 400 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Million USD) Fig.V.9 Trends in Net Services Net Services Net Travel Net Transportation Net Government (n.i.e) 5.3. Services and Transfers Net payments for services trade stood at USD 224.3 million compared with USD 211.8 million last year same period. The 5.9 percent increase in net service payments was attributed to a 71.7 percent decline in surplus of net travel coupled with 40.3 percent increase in deficit of net other service payments. Source: NBE Staff Compilation Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2017/18 2018/19 Percentage Change QII QI QII A B C D=C/A E=C/B 1 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 2 Interest, net (3-4) -155.5 -99.9 -89.9 -42.2 -10.0 3 Credit 8.2 19.8 22.7 176.3 14.4 4 Debit 163.7 119.7 112.6 -31.2 -5.9 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) -56.3 348.2 -134.3 138.6 -138.6 7 Exports of non-factor services 989.4 1,482.3 1,216.1 22.9 -18.0 8 Travel 145.5 292.6 184.0 26.5 -37.1 9 Transport 1 710.0 965.7 855.2 20.5 -11.4 10 Gov't 2 74.9 126.6 121.9 62.7 -3.7 11 Other 3 59.0 97.3 55.0 -6.8 -43.5 12 Imports of non-factor services 1,045.7 1,134.1 1,350.5 29.1 19.1 13 Travel 103.9 152.5 172.2 65.8 12.9 14 Transport 1 586.1 705.3 717.3 22.4 1.7 15 Gov't 2 25.4 3.9 25.4 -0.1 544.8 16 Other 3 330.3 272.3 435.6 31.9 60.0 17 Net Services (18+19+20+21+22) -211.8 248.3 -224.3 5.9 -190.3 18 Travel (8-13) 41.6 140.1 11.8 -71.7 -91.6 19 Transport (9-14) 123.9 260.3 137.9 11.3 -47.0 20 Gov't (10-15) 49.5 122.7 96.6 95.0 -21.3 21 Other (11-16) -271.3 -175.0 -380.6 40.3 117.5 22 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB 3/ Includes communication, construction, insurance, financial, information, other business 50 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 63 Second Quarter 2018/19 During the review period, total transfer receipts increased by 4.5 percent and reached USD 2.3 billion, on account of 8.9 percent rise in receipts from private transfers outweighing a 6.1 percent decline in official transfers. On the other hand, total transfer payments declined by 66 percent due to 91.1 percent decrease in private transfer payments and 2.8 percent slowdown in official transfer payments. Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2017/18 2018/19 Percentage QII Change % Share QI % Share QII % A B C Share D=C/A E=C/B 1 Private Transfers, Net (2-5) 1,531.7 71.0 1,597.9 89.9 1,690.5 74.2 10.4 5.8 2 Credit (3+4) 1,554.9 71.0 1,600.7 89.0 1,692.6 74.0 8.9 5.7 3 NGO's 330.4 15.1 178.8 9.9 150.4 6.6 -54.5 -15.9 4 Private individuals 1,224.5 55.9 1,421.9 79.0 1,542.2 67.4 25.9 8.5 5 Debit 23.2 71.5 2.8 13.1 2.1 18.6 -91.1 -27.4 6 Official Transfers, Net (7-8) 625.7 29.0 179.3 10.1 586.9 25.8 -6.2 227.4 7 Credit 634.9 29.0 198.1 11.0 595.9 26.0 -6.1 200.8 8 Debit 9.2 28.5 18.9 86.9 9.0 81.4 -2.8 -52.4 9 Total Receipts 2,189.9 100.0 1,798.9 100.0 2,288.5 100.0 4.5 27.2 10 Total Payments 32.4 100.0 21.7 100.0 11.0 100.0 -66.0 -49.1 11 Net Transfers 2,157.4 100.0 1,777.2 100.0 2,277.5 100.0 5.6 28.2 Source: NBE Staff Computation National Bank of Ethiopia 64 Second Quarter 2018/19

Source: NBE Staff Compilation 5.4. Current Account Balance Hence, current account balance (including official transfers) registered USD 1.8 billion deficit during the second quarter of 2018/19, compared with USD 1.4 billion deficit a year ago (Table 5.1). 5.5. Capital Account In the review period, capital account recorded USD 2.1 billion surplus, which was 0.9 percent higher than that of a year earlier. This was attributed to the increase in net official long term capital (96.0 percent) and private sector long term capital (88.0 percent) and improvement in net inflows of short term capital (Table 5.1). 5.6. Changes in Reserve Position The net foreign assets of the National Bank of Ethiopia and commercial banks declined by 376.4 and 160.5 million, respectively. Thus, foreign reserve as of December 31, 2018 was sufficient to cover 2.8 months of imports (Table 5.1). 0 500 1000 1500 2000 2500 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of USD) Fig.V. 10 Trends in Private and Official Transfers Private Transfers Official Transfers During the review period, total transfer receipts increased by 4.5 percent and reached USD 2.3 billion, on account of 8.9 percent rise in receipts from private transfers outweighing a 6.1 percent decline in official transfers. On the other hand, total transfer payments declined by 66 percent due to 91.1 percent decrease in private transfer payments and 2.8 percent slowdown in official transfer payments. Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2017/18 2018/19 Percentage QII % Change Share QI % Share QII % A B C Share D=C/A E=C/B 1 Private Transfers, Net (2-5) 1,531.7 71.0 1,597.9 89.9 1,690.5 74.2 10.4 5.8 2 Credit (3+4) 1,554.9 71.0 1,600.7 89.0 1,692.6 74.0 8.9 5.7 3 NGO's 330.4 15.1 178.8 9.9 150.4 6.6 -54.5 -15.9 4 Private individuals 1,224.5 55.9 1,421.9 79.0 1,542.2 67.4 25.9 8.5 5 Debit 23.2 71.5 2.8 13.1 2.1 18.6 -91.1 -27.4 6 Official Transfers, Net (7-8) 625.7 29.0 179.3 10.1 586.9 25.8 -6.2 227.4 7 Credit 634.9 29.0 198.1 11.0 595.9 26.0 -6.1 200.8 8 Debit 9.2 28.5 18.9 86.9 9.0 81.4 -2.8 -52.4 9 Total Receipts 2,189.9 100.0 1,798.9 100.0 2,288.5 100.0 4.5 27.2 10 Total Payments 32.4 100.0 21.7 100.0 11.0 100.0 -66.0 -49.1 11 Net Transfers 2,157.4 100.0 1,777.2 100.0 2,277.5 100.0 5.6 28.2 Source: NBE Staff Computation Source: NBE Staff Compilation Table 5.8: Developments in Services Accounts (In Millions of USD) S/N Particulars 2017/18 2018/19 Percentage Change QII QI QII A B C D=C/A E=C/B 1 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 2 Interest, net (3-4) -155.5 -99.9 -89.9 -42.2 -10.0 3 Credit 8.2 19.8 22.7 176.3 14.4 4 Debit 163.7 119.7 112.6 -31.2 -5.9 5 Dividend, net 6 NON-FACTOR SERVICES, net (7-8) -56.3 348.2 -134.3 138.6 -138.6 7 Exports of non-factor services 989.4 1,482.3 1,216.1 22.9 -18.0 8 Travel 145.5 292.6 184.0 26.5 -37.1 9 Transport 1 710.0 965.7 855.2 20.5 -11.4 10 Gov't 2 74.9 126.6 121.9 62.7 -3.7 11 Other 3 59.0 97.3 55.0 -6.8 -43.5 12 Imports of non-factor services 1,045.7 1,134.1 1,350.5 29.1 19.1 13 Travel 103.9 152.5 172.2 65.8 12.9 14 Transport 1 586.1 705.3 717.3 22.4 1.7 15 Gov't 2 25.4 3.9 25.4 -0.1 544.8 16 Other 3 330.3 272.3 435.6 31.9 60.0 17 Net Services (18+19+20+21+22) -211.8 248.3 -224.3 5.9 -190.3 18 Travel (8-13) 41.6 140.1 11.8 -71.7 -91.6 19 Transport (9-14) 123.9 260.3 137.9 11.3 -47.0 20 Gov't (10-15) 49.5 122.7 96.6 95.0 -21.3 21 Other (11-16) -271.3 -175.0 -380.6 40.3 117.5 22 Investment Income (2+5) -155.5 -99.9 -89.9 -42.2 -10.0 Source: MoF, Transport and Telecommunication Companies, NBE- FEMRMD and Staff Compilation 1/ Includes Ethiopian Airlines receipts and payments 2/ Includes transactions with Embassies and international organizations such as UN-ECA, AU, EU, IMF and WB Second Quarter 2018/19 51 National Bank of Ethiopia Quarterly Bulletin

During the review period, total transfer receipts increased by 4.5 percent and reached USD 2.3 billion, on account of 8.9 percent rise in receipts from private transfers outweighing a 6.1 percent decline in official transfers. On the other hand, total transfer payments declined by 66 percent due to 91.1 percent decrease in private transfer payments and 2.8 percent slowdown in official transfer payments. Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2017/18 2018/19 Percentage QII % Change Share QI % Share QII % A B C Share D=C/A E=C/B 1 Private Transfers, Net (2-5) 1,531.7 71.0 1,597.9 89.9 1,690.5 74.2 10.4 5.8 2 Credit (3+4) 1,554.9 71.0 1,600.7 89.0 1,692.6 74.0 8.9 5.7 3 NGO's 330.4 15.1 178.8 9.9 150.4 6.6 -54.5 -15.9 4 Private individuals 1,224.5 55.9 1,421.9 79.0 1,542.2 67.4 25.9 8.5 5 Debit 23.2 71.5 2.8 13.1 2.1 18.6 -91.1 -27.4 6 Official Transfers, Net (7-8) 625.7 29.0 179.3 10.1 586.9 25.8 -6.2 227.4 7 Credit 634.9 29.0 198.1 11.0 595.9 26.0 -6.1 200.8 8 Debit 9.2 28.5 18.9 86.9 9.0 81.4 -2.8 -52.4 9 Total Receipts 2,189.9 100.0 1,798.9 100.0 2,288.5 100.0 4.5 27.2 10 Total Payments 32.4 100.0 21.7 100.0 11.0 100.0 -66.0 -49.1 11 Net Transfers 2,157.4 100.0 1,777.2 100.0 2,277.5 100.0 5.6 28.2 Source: NBE Staff Computation Source: NBE Staff Compilation National Bank of Ethiopia 63 Second Quarter 2018/19 During the review period, total transfer receipts increased by 4.5 percent and reached USD 2.3 billion, on account of 8.9 percent rise in receipts from private transfers outweighing a 6.1 percent decline in official transfers. On the other hand, total transfer payments declined by 66 percent due to 91.1 percent decrease in private transfer payments and 2.8 percent slowdown in official transfer payments. Table 5.9: Developments in Transfer Accounts (In Millions of USD) S/N Particulars 2017/18 2018/19 Percentage QII Change % Share QI % Share QII % A B C Share D=C/A E=C/B 1 Private Transfers, Net (2-5) 1,531.7 71.0 1,597.9 89.9 1,690.5 74.2 10.4 5.8 2 Credit (3+4) 1,554.9 71.0 1,600.7 89.0 1,692.6 74.0 8.9 5.7 3 NGO's 330.4 15.1 178.8 9.9 150.4 6.6 -54.5 -15.9 4 Private individuals 1,224.5 55.9 1,421.9 79.0 1,542.2 67.4 25.9 8.5 5 Debit 23.2 71.5 2.8 13.1 2.1 18.6 -91.1 -27.4 6 Official Transfers, Net (7-8) 625.7 29.0 179.3 10.1 586.9 25.8 -6.2 227.4 7 Credit 634.9 29.0 198.1 11.0 595.9 26.0 -6.1 200.8 8 Debit 9.2 28.5 18.9 86.9 9.0 81.4 -2.8 -52.4 9 Total Receipts 2,189.9 100.0 1,798.9 100.0 2,288.5 100.0 4.5 27.2 10 Total Payments 32.4 100.0 21.7 100.0 11.0 100.0 -66.0 -49.1 11 Net Transfers 2,157.4 100.0 1,777.2 100.0 2,277.5 100.0 5.6 28.2 Source: NBE Staff Computation National Bank of Ethiopia 64 Second Quarter 2018/19

5.4. Current Account Balance Hence, current account balance (including official transfers) registered USD 1.8 billion deficit during the second quarter of 2018/19, compared with USD 1.4 billion deficit a year ago (Table 5.1). 5.5. Capital Account In the review period, capital account recorded USD 2.1 billion surplus, which was 0.9 percent higher than that of a year earlier. This was attributed to the increase in net official long term capital (96.0 percent) and private sector long term capital (88.0 percent) and improvement in net inflows of short term capital (Table 5.1). 5.6. Changes in Reserve Position The net foreign assets of the National Bank of Ethiopia and commercial banks declined by 376.4 and 160.5 million, respectively. Thus, foreign reserve as of December 31, 2018 was sufficient to cover 2.8 months of imports (Table 5.1). 5.7. Developments in the Foreign Exchange Market 5.7.1 Exchange Rate Movements In the inter-bank forex market, weighted average official exchange rate of Birr reached Birr 27.8139/USD, depicting a 4.1 percent annual depreciation at the close of the second quarter of 2018/19. The end period exchange rate of the Birr was 28.0398/USD, indicating that the Birr had weakened by 3.1 percent against the dollar. Table 5.10: Developments in Inter-bank Market Forex Traded and Exchange Rates (USD/ETB) Period Official Market End Period Weighted Rate Average Weighted rate Amount Traded in Millions of USD Total Among CBs 2017/18 27.2621 26.1082 12.5 0.0 Qtr. II C 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 2018/19 Qtr. I B 27.5889 27.4295 3.10 0.00 July 27.3703 27.3186 1.10 0.00 August 27.4849 27.4302 1.10 0.00 September 27.5889 27.5398 0.90 0.00 Qtr. II A 28.0398 27.8139 3.30 0.00 October 27.7353 27.6652 1.15 0.00 November 27.8813 27.8117 1.10 0.00 December 28.0398 27.9649 1.05 0.00 Percentage Changes A/B 1.63 1.40 6.45 A/C 3.07 4.13 3.12 Source: National Bank of Ethiopia In retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 27.8068/USD, while the selling rate was Birr 28.3515/USD, both showing 3.7 percent depreciation over last year same quarter. Thus, the average spread between the buying and the selling rates was 1.96 percent up from 1.90 percent a year ago (Table 5.11). National Bank of Ethiopia 65 Second Quarter 2018/19 5.7. Developments in the Foreign Exchange Market 5.7.1 Exchange Rate Movements In the inter-bank forex market, weighted average official exchange rate of Birr reached Birr 27.8139/USD, depicting a 4.1 percent annual depreciation at the close of the second quarter of 2018/19. The end period exchange rate of the Birr was 28.0398/USD, indicating that the Birr had weakened by 3.1 percent against the dollar. Table 5.10: Developments in Inter-bank Market Forex Traded and Exchange Rates (USD/ETB) Period Official Market End Period Weighted Rate Average Weighted rate Amount Traded in Millions of USD Total Among CBs 2017/18 27.2621 26.1082 12.5 0.0 Qtr. II C 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 2018/19 Qtr. I B 27.5889 27.4295 3.10 0.00 July 27.3703 27.3186 1.10 0.00 August 27.4849 27.4302 1.10 0.00 September 27.5889 27.5398 0.90 0.00 Qtr. II A 28.0398 27.8139 3.30 0.00 October 27.7353 27.6652 1.15 0.00 November 27.8813 27.8117 1.10 0.00 December 28.0398 27.9649 1.05 0.00 Percentage Changes A/B 1.63 1.40 6.45 A/C 3.07 4.13 3.12 Source: National Bank of Ethiopia In retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 27.8068/USD, while the selling rate was National Bank of Ethiopia 65 Second Quarter 2018/19 5.7. Developments in the Foreign Exchange Market 5.7.1 Exchange Rate Movements In the inter-bank forex market, weighted average official exchange rate of Birr reached Birr 27.8139/USD, depicting a 4.1 percent annual depreciation at the close of the second quarter of 2018/19. The end period exchange rate of the Birr was 28.0398/USD, indicating that the Birr had weakened by 3.1 percent against the dollar. Table 5.10: Developments in Inter-bank Market Forex Traded and Exchange Rates (USD/ETB) Period Official Market End Period Weighted Rate Average Weighted rate Amount Traded in Millions of USD Total Among CBs 2017/18 27.2621 26.1082 12.5 0.0 Qtr. II C 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 2018/19 Qtr. I B 27.5889 27.4295 3.10 0.00 July 27.3703 27.3186 1.10 0.00 August 27.4849 27.4302 1.10 0.00 September 27.5889 27.5398 0.90 0.00 Qtr. II A 28.0398 27.8139 3.30 0.00 October 27.7353 27.6652 1.15 0.00 November 27.8813 27.8117 1.10 0.00 December 28.0398 27.9649 1.05 0.00 Percentage Changes A/B 1.63 1.40 6.45 A/C 3.07 4.13 3.12 Source: National Bank of Ethiopia In retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 27.8068/USD, while the selling rate was National Bank of Ethiopia 66 Second Quarter 2018/19 Birr 28.3515/USD, both showing 3.7 percent depreciation over last year same quarter. Thus, the average spread between the buying and the selling rates was 1.96 percent up from 1.90 percent a year ago (Table 5.11). 5.4. Current Account Balance Hence, current account balance (including official transfers) registered USD 1.8 billion deficit during the second quarter of 2018/19, compared with USD 1.4 billion deficit a year ago (Table 5.1). 5.5. Capital Account In the review period, capital account recorded USD 2.1 billion surplus, which was 0.9 percent higher than that of a year earlier. This was attributed to the increase in net official long term capital (96.0 percent) and private sector long term capital (88.0 percent) and improvement in net inflows of short term capital (Table 5.1). 5.6. Changes in Reserve Position The net foreign assets of the National Bank of Ethiopia and commercial banks declined by 376.4 and 160.5 million, respectively. Thus, foreign reserve as of December 31, 2018 was sufficient to cover 2.8 months of imports (Table 5.1). 5.7. Developments in the Foreign Exchange Market 5.7.1 Exchange Rate Movements In the inter-bank forex market, weighted average official exchange rate of Birr reached Birr 27.8139/USD, depicting a 4.1 percent annual depreciation at the close of the second quarter of 2018/19. The end period exchange rate of the Birr was 28.0398/USD, indicating that the Birr had weakened by 3.1 percent against the dollar. Table 5.10: Developments in Inter-bank Market Forex Traded and Exchange Rates (USD/ETB) Period Official Market End Period Weighted Rate Average Weighted rate Amount Traded in Millions of USD Total Among CBs 2017/18 27.2621 26.1082 12.5 0.0 Qtr. II C 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 2018/19 Qtr. I B 27.5889 27.4295 3.10 0.00 July 27.3703 27.3186 1.10 0.00 August 27.4849 27.4302 1.10 0.00 September 27.5889 27.5398 0.90 0.00 Qtr. II A 28.0398 27.8139 3.30 0.00 October 27.7353 27.6652 1.15 0.00 November 27.8813 27.8117 1.10 0.00 December 28.0398 27.9649 1.05 0.00 Percentage Changes A/B 1.63 1.40 6.45 A/C 3.07 4.13 3.12 Source: National Bank of Ethiopia In retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 27.8068/USD, while the selling rate was Birr 28.3515/USD, both showing 3.7 percent depreciation over last year same quarter. Thus, the average spread between the buying and the selling rates was 1.96 percent up from 1.90 percent a year ago (Table 5.11). National Bank of Ethiopia 65 Second Quarter 2018/19 5.7. Developments in the Foreign Exchange Market 5.7.1 Exchange Rate Movements In the inter-bank forex market, weighted average official exchange rate of Birr reached Birr 27.8139/USD, depicting a 4.1 percent annual depreciation at the close of the second quarter of 2018/19. The end period exchange rate of the Birr was 28.0398/USD, indicating that the Birr had weakened by 3.1 percent against the dollar. Table 5.10: Developments in Inter-bank Market Forex Traded and Exchange Rates (USD/ETB) Period Official Market End Period Weighted Rate Average Weighted rate Amount Traded in Millions of USD Total Among CBs 2017/18 27.2621 26.1082 12.5 0.0 Qtr. II C 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 2018/19 Qtr. I B 27.5889 27.4295 3.10 0.00 July 27.3703 27.3186 1.10 0.00 August 27.4849 27.4302 1.10 0.00 September 27.5889 27.5398 0.90 0.00 Qtr. II A 28.0398 27.8139 3.30 0.00 October 27.7353 27.6652 1.15 0.00 November 27.8813 27.8117 1.10 0.00 December 28.0398 27.9649 1.05 0.00 Percentage Changes A/B 1.63 1.40 6.45 A/C 3.07 4.13 3.12 Source: National Bank of Ethiopia In retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 27.8068/USD, while the selling rate was National Bank of Ethiopia 65 Second Quarter 2018/19 5.7. Developments in the Foreign Exchange Market 5.7.1 Exchange Rate Movements In the inter-bank forex market, weighted average official exchange rate of Birr reached Birr 27.8139/USD, depicting a 4.1 percent annual depreciation at the close of the second quarter of 2018/19. The end period exchange rate of the Birr was 28.0398/USD, indicating that the Birr had weakened by 3.1 percent against the dollar. Table 5.10: Developments in Inter-bank Market Forex Traded and Exchange Rates (USD/ETB) Period Official Market End Period Weighted Rate Average Weighted rate Amount Traded in Millions of USD Total Among CBs 2017/18 27.2621 26.1082 12.5 0.0 Qtr. II C 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 2018/19 Qtr. I B 27.5889 27.4295 3.10 0.00 July 27.3703 27.3186 1.10 0.00 August 27.4849 27.4302 1.10 0.00 September 27.5889 27.5398 0.90 0.00 Qtr. II A 28.0398 27.8139 3.30 0.00 October 27.7353 27.6652 1.15 0.00 November 27.8813 27.8117 1.10 0.00 December 28.0398 27.9649 1.05 0.00 Percentage Changes A/B 1.63 1.40 6.45 A/C 3.07 4.13 3.12 Source: National Bank of Ethiopia In retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 27.8068/USD, while the selling rate was National Bank of Ethiopia 66 Second Quarter 2018/19 Birr 28.3515/USD, both showing 3.7 percent depreciation over last year same quarter. Thus, the average spread between the buying and the selling rates was 1.96 percent up from 1.90 percent a year ago (Table 5.11). 5.4. Current Account Balance Hence, current account balance (including official transfers) registered USD 1.8 billion deficit during the second quarter of 2018/19, compared with USD 1.4 billion deficit a year ago (Table 5.1). 5.5. Capital Account In the review period, capital account recorded USD 2.1 billion surplus, which was 0.9 percent higher than that of a year earlier. This was attributed to the increase in net official long term capital (96.0 percent) and private sector long term capital (88.0 percent) and improvement in net inflows of short term capital (Table 5.1). 5.6. Changes in Reserve Position The net foreign assets of the National Bank of Ethiopia and commercial banks declined by 376.4 and 160.5 million, respectively. Thus, foreign reserve as of December 31, 2018 was sufficient to cover 2.8 months of imports (Table 5.1). 5.7. Developments in the Foreign Exchange Market 5.7.1 Exchange Rate Movements In the inter-bank forex market, weighted average official exchange rate of Birr reached Birr 27.8139/USD, depicting a 4.1 percent annual depreciation at the close of the second quarter of 2018/19. The end period exchange rate of the Birr was 28.0398/USD, indicating that the Birr had weakened by 3.1 percent against the dollar. Table 5.10: Developments in Inter-bank Market Forex Traded and Exchange Rates (USD/ETB) Period Official Market End Period Weighted Rate Average Weighted rate Amount Traded in Millions of USD Total Among CBs 2017/18 27.2621 26.1082 12.5 0.0 Qtr. II C 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 2018/19 Qtr. I B 27.5889 27.4295 3.10 0.00 July 27.3703 27.3186 1.10 0.00 August 27.4849 27.4302 1.10 0.00 September 27.5889 27.5398 0.90 0.00 Qtr. II A 28.0398 27.8139 3.30 0.00 October 27.7353 27.6652 1.15 0.00 November 27.8813 27.8117 1.10 0.00 December 28.0398 27.9649 1.05 0.00 Percentage Changes A/B 1.63 1.40 6.45 A/C 3.07 4.13 3.12 Source: National Bank of Ethiopia In retail foreign exchange market, the average buying rate in the forex bureau of commercial banks stood at Birr 27.8068/USD, while the selling rate was Birr 28.3515/USD, both showing 3.7 percent depreciation over last year same quarter. Thus, the average spread between the buying and the selling rates was 1.96 percent up from 1.90 percent a year ago (Table 5.11). 54 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 5.11: Amount of Foreign Exchange Purchased and Sold by Forex Bureau of Commercial Banks (In ‘000 of USD) No. Name of Forex Bureaux 2017/18 2018/19 Percentage change Quarter II Quarter I Quarter II A B C C/B C/A Purchases Sales Purchases Sales Purchases Sales Purchases Sales Purchases Sales 1 Commercial Bank of Ethiopia 55,804.6 38,839.5 122,586.5 41,748.8 71,425.8 60,367.7 -41.73 44.60 27.99 55.43 2 Bank of Abyssinia 773.7 1,995.8 7,990.5 5,633.6 2,545.1 6,579.0 -68.15 16.78 228.96 229.64 3 Dashen Bank 3,049.2 3,578.9 13,770.7 7,881.6 4,654.9 10,497.2 -66.20 33.19 52.66 193.30 4 Awash International Bank 1,655.2 3,334.6 19,759.3 15,392.8 2,796.6 7,808.1 -85.8 -49.3 69.0 134.2 5 Construction & Business Bank - - - - - - 6 Wegagen Bank 1,446.9 1,462.8 10,007.0 3,227.6 6,846.4 3,045.7 -31.6 -5.6 373.2 108.2 7 United Bank 1,646.3 2,560.7 9,961.6 6,173.0 7,513.3 7,515.8 -24.6 21.8 356.4 193.5 8 Development Bank - 63.5 4.7 75.3 1.1 6,866.1 9014.8 10706.2 9 Nib International Bank 586.0 917.9 3,647.8 1,947.3 2,353.7 2,034.1 -35.5 4.5 301.7 121.6 10 Lion International Bank 2,371.0 522.7 8,021.9 1,399.9 18,174.9 1,883.6 126.6 34.6 666.6 260.4 11 Oromia International Bank 1,583.2 1,571.3 6,044.2 4,208.3 4,784.5 2,908.5 -20.8 -30.9 202.2 85.1 12 Zemen Bank 110.5 1,813.8 1,539.2 4,344.3 209.7 3,682.7 -86.4 -15.2 89.8 103.0 13 Cooperative Bank of Oromia 236.1 1,227.4 5,211.6 1,796.3 507.7 2,849.9 -90.3 58.7 115.0 132.2 14 Buna International Bank 1,734.9 859.0 11,342.1 1,940.6 6,254.7 778.3 -44.9 -59.9 260.5 -9.4 15 Birhan International Bank 195.5 644.2 2,838.0 2,225.9 741.8 2,802.3 - 25.9 279.5 - 16 Abay Bank 341.9 239.0 12,026.2 381.6 4,580.6 523.1 -61.9 37.1 1239.7 118.9 17 Addis International Bank 551.4 439.8 3,751.4 756.5 1,759.7 811.9 -53.1 7.3 219.1 84.6 18 Debub Global Bank 7.6 30.7 494.2 249.5 493.3 709.8 -0.2 184.5 6395.4 2210.2 19 Enat Bank 236.6 266.6 1,505.3 1,040.4 904.6 1,326.4 -39.9 27.5 282.3 397.5 Total 72,330.7 60,368.4 240,502.1 100,423.2 136,548.4 122,990.3 -43.2 22.5 88.8 103.7 Average Exchange Rate 26.8186 27.3288 27.4341 27.9518 27.8068 28.3515 1.4 1.4 3.7 3.7 Spread 1.90 1.89 1.96 Source: National Bank of Ethiopia Note: * refers the percentage spread between forex bureaus average buying and selling exchange rate in a given quarter. Second Quarter 2018/19 55 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 68 Second Quarter 2018/19 Fig. V.11 Average Buying, Selling Rates and Spread of Forex Bureau of Commercial Banks 1.7 1.7 1.8 1.8 1.9 1.9 2.0 2.0 2.1 2.1 2.2 0 10 20 30 40 50 60 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 Percent Birr per USD Selling Rate Buying Rate Spread Source: NBE Staff Compilation In the official forex market, US dollar has appreciated on annual as well as quarterly basis against major currencies. This was mainly due to a sharp global sell-off in risk assets triggered by rising concerns about future corporate earnings as well as fears about broader global growth amid ongoing global trade tensions6 .

6 For more read Reserve Bank of America’s ‘Treasury and Federal Reserve Foreign Exchange Operations’ Report for QIV of 2018 On annual basis, USD appreciated against Japanese Yen (8.0 percent), Euro (3.04 percent), Pound Sterling (3.0 percent), SDR (1.4 percent) and Swiss Franc (0.9 percent). Likewise, on quarterly basis, USD strengthened against Japanese Yen (9.2 percent), Euro (1.9 percent), Pound Sterling (1.21 percent), Swiss Franc (1.2 percent) and SDR (1.0 percent) (Table 5.12). 56 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 5.12: Average Official Exchange Rates (USD per Major International Currencies) Period EURO JAPANESE YEN SDR POUNDSTELING SWISS FRANK Buying Selling Mid Rate Buying Selling Mid Rate Buying Selling Mid Rate Buying Selling Mid Rate Buying Selling Mid Rate 2017/18 QII C 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 1.41461 1.4146 1.4146 1.3397 1.0118 2018/19 QI B 1.1630 0.0090 1.4007 1.3032 1.0164 July 1.1676 0.0090 1.4055 1.3167 1.0049 August 1.1551 0.0090 1.3958 1.2884 1.0106 September 1.1664 0.0089 1.4007 1.3044 1.0338 QII A 1.1414 0.0081 1.3875 1.3870 1.3872 1.2874 1.0045 1.0040 1.0043 October 1.1497 0.0089 1.3923 1.3024 1.0079 1.0063 1.0071 November 1.1360 0.0078 1.3851 1.3836 1.3844 1.2899 0.9981 December 1.1384 0.0078 1.3850 1.2699 1.0076 Percentage Changes A/B -1.86 -9.18 -9.19 -9.19 -0.94 -0.98 -0.96 -1.21 -1.17 -1.22 -1.20 A/C -3.04 -8.01 -8.00 -8.00 -1.39 -1.43 -1.41 -2.97 -0.84 -0.89 -0.87 Source: National Bank of Ethiopia Second Quarter 2018/19 57 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 70 Second Quarter 2018/19 Likewise, the Birr has depreciated both on quarterly and annual basis against all selected major currencies except Euro. On quarterly basis, it depreciated by 1.4 percent against USD, 0.4 percent against SDR, 0.17 percent against Swiss Franc, 0.15 percent against Pound Sterling and 0.12 percent against Japanese Yen while the Birr has appreciated 0.5 percent against Euro. On yearly basis, Birr weakened against Japanese Yen (4.2 percent), USD (4.1 percent), Swiss Franc (3.2 percent), SDR (2.7 percent), Pound Sterling (1.0 percent) and Euro (0.9 percent) (Table5.13). 58 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 5.13: Period Average Exchange Rates (Birr per Major Currencies) Period EURO JAPANESE YEN SDR POUNDSTELING SWISS FRANK Buying Selling Mid Rate Buying Selling Mid Rate Buying Selling Mid Rate Buying Selling Mid Rate Buying Selling Mid Rate 2017/18 QII C 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 2018/19 QI B 27.4295 27.7038 27.5667 31.9013 32.2203 32.0608 0.2461 0.2486 0.2473 38.4198 38.8040 38.6119 35.7445 36.1019 35.9232 27.8813 28.1601 28.0207 July 27.3186 27.5918 27.4552 31.8968 32.2158 32.0563 0.2452 0.2476 0.2464 38.3961 38.7801 38.5881 35.9716 36.3314 36.1515 27.4519 27.7264 27.5892 August 27.4302 27.7045 27.5673 31.6838 32.0007 31.8422 0.2469 0.2494 0.2481 38.2876 38.6705 38.4790 35.3397 35.6931 35.5164 27.7209 27.9981 27.8595 September 27.5398 27.8152 27.6775 32.1233 32.4446 32.2840 0.2463 0.2488 0.2475 38.5758 38.9616 38.7687 35.9220 36.2812 36.1016 28.4710 28.7557 28.6134 QII A 27.8090 28.0870 27.9480 31.7393 32.0567 31.8980 0.2464 0.2489 0.2477 38.5840 38.9555 38.7698 35.7992 36.1572 35.9782 27.9351 28.1999 28.0675 October 27.6652 27.9419 27.8036 31.8063 32.1243 31.9653 0.2452 0.2477 0.2464 38.5190 38.9042 38.7116 36.0315 36.3919 36.2117 27.8836 28.1190 28.0013 November 27.8117 28.0898 27.9507 31.5927 31.9086 31.7506 0.2454 0.2478 0.2466 38.5226 38.8648 38.6937 35.8733 36.2320 36.0527 27.7583 28.0359 27.8971 December 27.9499 28.2294 28.0897 31.8191 32.1373 31.9782 0.2487 0.2512 0.2500 38.7105 39.0976 38.9041 35.4929 35.8478 35.6703 28.1633 28.4449 28.3041 Percentage Change A/B -1.86 -9.18 -9.19 -9.19 -0.94 -0.98 -0.96 -1.21 -1.17 -1.22 -1.20 A/B 1.38 -0.51 0.13 0.12 0.13 0.43 0.39 0.41 0.15 0.19 0.14 0.17 A/C 4.11473 4.1147 4.11 0.94 4.16 4.17 4.16 2.67 2.63 2.65 1.01 3.26 3.20 3.23 Source: National Bank of Ethiopia Second Quarter 2018/19 59 National Bank of Ethiopia Quarterly Bulletin

Table 5.14: Birr per Unit of Currency End Period Mid Market Rate Currency December 2017 September 2018 December 2018 Percentage Change C B A A/B A/C USD 27.3412 27.3984 28.1800 2.85 3.07 Pound 36.7437 35.8563 35.7548 -0.28 -2.69 Swedish Kroner 3.3092 3.0469 3.1510 3.42 -4.78 Djibouti Frank 0.1534 0.1538 0.1581 2.83 3.06 Swiss Frank 27.8679 27.4479 28.7346 4.69 3.11 Saudi Riyal 7.2900 7.3055 7.5117 2.82 3.04 UAE Dirhams 7.4432 7.4584 7.6712 2.85 3.06 Canadian Dollar 21.6770 20.6065 20.7221 0.56 -4.40 Japanese Yen 0.2422 0.2486 0.2556 2.82 5.51 Euro 32.6087 31.7301 32.3027 1.80 -0.94 SDR 38.7670 38.5879 39.0772 1.27 0.80 Source: NBE Staff Compilation 5.7.2. Movements in the Real Effective Exchange Rate During the second quarter of 2018/19, on yearly basis, Birr depreciated significantly (23.8 percent) in real terms as a result of strengthening of the US dollar against other trading partner’s currencies, notably Sudanese Pound (435 percent) and Turkish Lira (45 percent). On quarterly basis, REERI appreciated by 10.3 percent as well. Likewise, NEERI appreciated by 22 percent vis-à-vis last year same quarter, owing to the appreciation of the Birr against those trading partners currencies. It was linked to the appreciation of USD against almost all of trading partners’ currencies such as Sudanese Pound (434.7 percent), Turkish Lira (44.7), Indian Rupee (11.4 percent), Swedish Krona (8.6 percent), Israel Shekel (5.5 percent), Chinese Yuan (4.7 percent), British Pound (3.2 percent) and Euro (3.2 percent). Similarly, the REERI depreciated by 10.7 percent year on year (Table 5.15). Table 5.15 Trends in the Real and Nominal Effective Exchange Rates Item 2017/18 2018/19 Percentage Change QII QI QII A B C C/B C/A REERI 151.4 169.8 187.3 10.3 23.8 NEERI 35.7 39.3 43.5 10.7 22.0 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. 60 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 74 Second Quarter 2018/19 Table 5.15 Trends in the Real and Nominal Effective Exchange Rates Item 2017/18 2018/19 QII QI QII Percentage Change A B C C/B C/A REERI 151.4 169.8 187.3 10.3 23.8 NEERI 35.7 39.3 43.5 10.7 22.0 Source: NBE Staff Compilation NB:  REERI = Real Effective Exchange Rate Index, NEERI = Nominal Effective Exchange Rate Index  A decrease in the REERI and NEERI implies depreciation and vice versa. Fig.V.13: Movements in the Real and Nominal Effective Exchange Rate 0 50 100 150 200 250 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2012/13 2013/14 2014/15 201516 2016/17 2017/18 2018/19 NEERI REERI Source: NBE Staff Compilation National Bank of Ethiopia 75 Second Quarter 2018/19 5.7.3 Volume of Transactions In the second quarter of 2018/19, foreign exchange traded in the inter-bank foreign exchange market reached USD 3.3 million, which was 6.5 percent higher than that of preceding quarter and 3.1 percent greater than that of last year same quarter. The total amount traded in the inter-bank market during the review period was supplied exclusively by NBE to stabilize the foreign exchange market (Table 5:10). Fig V.14 Foreign Exchange Trade in the Interbank Foreign Exchange Market 0 10 20 30 40 50 60 70 80 90 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Mill. USD) Total Amount Traded Source: NBE Staff Compilation In the same period, Forex Bureaus of commercial banks purchased USD 136.5 million and sold USD 123 million. Hence, the amount of forex purchased and sold surged significantly by 88.8 percent and 103.7 percent relative to last year same quarter due to the government’s appeal to public convert foreign exchange in commercial banks (Table 5.11). National Bank of Ethiopia 75 Second Quarter 2018/19 5.7.3 Volume of Transactions In the second quarter of 2018/19, foreign exchange traded in the inter-bank foreign exchange market reached USD 3.3 million, which was 6.5 percent higher than that of preceding quarter and 3.1 percent greater than that of last year same quarter. The total amount traded in the inter-bank market during the review period was supplied exclusively by NBE to stabilize the foreign exchange market (Table 5:10). Fig V.14 Foreign Exchange Trade in the Interbank Foreign Exchange Market 0 10 20 30 40 50 60 70 80 90 QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Mill. USD) Total Amount Traded Source: NBE Staff Compilation In the same period, Forex Bureaus of commercial banks purchased USD 136.5 million and sold USD 123 million. Hence, the amount of forex purchased and sold surged significantly by 88.8 percent and 103.7 percent relative to last year same quarter due to the government’s appeal to public convert foreign exchange in commercial banks (Table 5.11). National Bank of Ethiopia Second quarter 2018/19 76 VI. FEDERAL GOVERNMENT FINANCE During the second quarter of 2018/19, total revenue and grant mobilized by the Federal government was Birr 57.6 billion and went up by 9.6 percent on quarterly basis and 3.4 percent year-on-year basis. The performance of revenue and grant was 24.2 percent of the annual budget plan (Table 6.1). On the other hand, Federal government expenditure went up by 12.2 percent on annual basis to reach Birr 80.4 billion. Its performance was 25.2 percent of annual budget plan. Hence, the overall fiscal balance (including grants) recorded a deficit of Birr 22.8 billion (Table 6.1).

Fig. V.12: Movements in the Real and Nominal Effective Exchange Rate Fig. V.13: Foreign Exchange Trade in the Interbank Foreign Exchange Market Second Quarter 2018/19 61 National Bank of Ethiopia Quarterly Bulletin

62 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

VI. FEDERAL GOVERNMENT FINANCE During the second quarter of 2018/19, total revenue and grant mobilized by the Federal government was Birr 57.6 billion and went up by 9.6 percent on quarterly basis and 3.4 percent year-on-year basis. The performance of revenue and grant was 24.2 percent of the annual budget plan (Table 6.1). On the other hand, Federal government expenditure went up by 12.2 percent on annual basis to reach Birr 80.4 billion. Its performance was 25.2 percent of annual budget plan. Hence, the overall fiscal balance (including grants) recorded a deficit of Birr 22.8 billion (Table 6.1). Table 6.1 Summary of Quarterly Federal Government Finance (In millions of Birr) No Finer points 2017/18 2018/19 Percentage changes performance rate A B C D D/A D/C D/B QII Budget QI QII 1 Revenue and Grants 55,697.5 238,067.0 52,531.7 57,572.7 3.4 9.6 24.2 1.1 Total Revenue 53,150.7 235,732.5 52,531.7 56,183.3 5.7 7.0 23.8 Tax Revenue 48,544.5 211,111.4 43,802.7 53,314.5 9.8 21.7 25.3 Direct tax 16,392.1 56,684.3 13,449.8 22,034.3 34.4 63.8 38.9 Indirect tax 32,152.4 154,427.1 30,352.8 31,280.3 (2.7) 3.1 20.3 Non-Tax Revenue 4,606.2 24,621.1 8,729.0 2,868.7 (37.7) (67.1) 11.7 1.2 Grant & Relief 2,546.8 2,334.4 1,389.5 (45.4) 59.5 2 Current Expenditure 20,316.6 84,384.7 17,490.7 16,953.9 (16.6) (3.1) 20.1 3 Current Surplus/Deficit (Including Grants) 35,380.9 153,682.2 35,040.9 40,618.8 14.8 15.9 26.4 (Excluding Grants) 32,834.1 151,347.8 35,040.9 39,229.4 19.5 12.0 25.9 4 Capital Expenditure 19,990.6 97,316.1 21,130.6 21,396.7 7.0 1.3 22.0 5 Regional Transfers 31,378.8 137,218.7 30,561.4 42,115.7 34.2 37.8 30.7 6 Total Expenditure (2+4+5) 71,685.9 318,919.5 69,182.7 80,466.3 12.2 16.3 25.2 7 Overall Surplus/Deficit (Including Grants) (15,988.5) (80,852.6) (16,651.1) (22,893.6) 43.2 37.5 28.3 (Excluding Grants) (18,535.3) (83,187.0) (16,651.1) (24,283.0) 31.0 45.8 29.2 8 Total Financing 15,988.5 80,852.6 16,651.1 22,893.6 43.2 37.5 28.3 8.1 Net External Borrowings 4,080.1 22,038.6 2,707.6 3,944.3 (3.3) 45.7 17.9 External Borrowing 4,481.7 20,970.8 3,983.9 2,945.9 (34.3) (26.1) 14.0 Amortization 1,009.1 6,797.9 1,387.1 1,089.8 8.0 (21.4) 16.0 8.2 Net Domestic Borrowings 16,200.1 58,813.9 18,372.4 12,647.7 (21.9) (31.2) 21.5 Banking System 10,401.1 - 11,439.4 6,244.7 (40.0) (45.4) Non-Bank Sources 5,799.0 - 6,933.0 6,403.0 10.4 (7.6) 8.3 Privatization receipts 8.4 Others and Residuals (4,291.7) - (4,428.9) 6,301.5 (246.8) (242.3) Source: Ministry of Finance Second Quarter 2018/19 63 National Bank of Ethiopia Quarterly Bulletin

6.1. Revenue and Grants Total revenue and grants collected during the second quarter of 2018/19 was Birr 57.6 billion, of which Birr 56.2 billion (97.6 percent ) was from domestic sources and Birr 1.4 billion (2.4 percent) from grants & relief. Total domestic revenue rose by 5.7 percent on annual terms. Tax revenue, which constituted the largest portion of the domestic revenue (94.9 percent) stood at Birr 53.3 billion and showed 9.8 percent annual growth. Table 6.2.Summary of Federal Government Revenue by Component (In Millions of Birr) No Particulars 2017/18 2018/19

Percentage Change Performance Rate QII Budget QI QII A B C D D/A D/C D/B Total Revenue and Grants 55,697.5 238,067.0 52,531.7 57,572.7 3.4 9.6 24.2 Total Domestic Revenue 53,150.7 235,732.5 52,531.7 56,183.3 5.7 7.0 23.8 1 Tax Revenue 48,544.5 211,111.4 43,802.7 53,314.5 9.8 21.7 25.3 1.1 Direct Tax Revenue 16,392.1 56,684.3 13,449.8 22,034.3 34.4 63.8 38.9 1.1.1 Income Taxes 14,621.3 50,761.3 11,953.4 20,211.7 38.2 69.1 39.8

Personal 2,374.0 8,821.4 2,325.5 2,912.1 22.7 25.2 33.0
Business 12,247.3 41,939.9 9,627.9 17,299.9 41.3 79.7 41.2 1.1.2 Others1 1,770.8 5,923.0 1,496.4 1,822.6 2.9 21.8 4.3 1.2 Indirect Taxes 32,152.4 154,427.1 30,352.8 31,280.3 (2.7) 3.1 20.3 1.2.1 Domestic Taxes 12,526.1 62,593.6 12,168.5 13,714.7 9.5 12.7 21.9 1.2.2 Foreign Trade Taxes 19,626.3 91,833.5 18,184.3 17,565.6 (10.5) (3.4) 19.1
Import 19,626.3 91,833.5 18,184.3 17,565.6 (10.5) (3.4) 19.1 2 Non-Tax Revenue 4,606.2 24,621.1 8,729.0 2,868.7 (37.7) (67.1) 11.7 3 Privatization - 4 Grants and Relief 2,546.8 2,334.4 1,389.5 (45.4) 59.5 Source: Ministry of Finance 1/ includes withholding tax on import, tax on dividend, royalty and interest income

National Bank of Ethiopia Second quarter 2018/19 78 6.1. Revenue and Grants Total revenue and grants collected during the second quarter of 2018/19 was Birr 57.6 billion, of which Birr 56.2 billion (97.6 percent ) was from domestic sources and Birr 1.4 billion (2.4 percent) from grants & relief. Total domestic revenue rose by 5.7 percent on annual terms. Tax revenue, which constituted the largest portion of the domestic revenue (94.9 percent) stood at Birr 53.3 billion and showed 9.8 percent annual growth. 6.1. Revenue and Grants Total revenue and grants collected during the second quarter of 2018/19 was Birr 57.6 billion, of which Birr 56.2 billion (97.6 percent ) was from domestic sources and Birr 1.4 billion (2.4 percent) from grants & relief. Total domestic revenue rose by 5.7 percent on annual terms. Tax revenue, which constituted the largest portion of the domestic revenue (94.9 percent) stood at Birr 53.3 billion and showed 9.8 percent annual growth. Table 6.2.Summary of Federal Government Revenue by Component (In Millions of Birr) No Particulars 2017/18 2018/19

Personal 2,374.0 8,821.4 2,325.5 2,912.1 22.7 25.2 33.0
Business 12,247.3 41,939.9 9,627.9 17,299.9 41.3 79.7 41.2 1.1.2 Others1 1,770.8 5,923.0 1,496.4 1,822.6 2.9 21.8 4.3 1.2 Indirect Taxes 32,152.4 154,427.1 30,352.8 31,280.3 (2.7) 3.1 20.3 1.2.1 Domestic Taxes 12,526.1 62,593.6 12,168.5 13,714.7 9.5 12.7 21.9 1.2.2 Foreign Trade Taxes 19,626.3 91,833.5 18,184.3 17,565.6 (10.5) (3.4) 19.1
Import 19,626.3 91,833.5 18,184.3 17,565.6 (10.5) (3.4) 19.1 2 Non-Tax Revenue 4,606.2 24,621.1 8,729.0 2,868.7 (37.7) (67.1) 11.7 3 Privatization - 4 Grants and Relief 2,546.8 2,334.4 1,389.5 (45.4) 59.5 Source: Ministry of Finance 1/ includes withholding tax on import, tax on dividend, royalty and interest income

64 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Second quarter 2018/19 80 Fig. VI.1 Quarterly Developments in Major Components of Domestic Revenue of the Federal Government Of the total tax revenue, 58.7 percent was collected from indirect taxes and 41.3 percent from direct taxes. During the review period, indirect taxes went down by 2.7 percent to Birr 31.3 billion owing to 10.5 percent a decrease in import taxes. Revenue from direct taxes was Birr 22.0 billion and it increased by 34.4 percent compared with a year ago. Meanwhile, non-tax revenue reached Birr 2.8 billion and showing a 37.7 percent slowdown against last year same quarter (Table 6.2). 0 10000 20000 30000 40000 50000 60000 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of Birr) Quarter and Year Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue National Bank of Ethiopia Second quarter 2018/19 81 Fig.VI.2 Domestic Revenue by Major Components during the Second Quarter of 2018/19 6.2. Expenditure Total Federal government expenditures (including regional transfers) stood at Birr 80.4 billion, depicting 12.2 percent annual growth due to higher capital expenditure and regional transfers. During the review period, regional transfers reached Birr 42.1 billion and accounted for 52.3 percent of the total expenditure, while capital expenditure at Birr 21.4 billion had a 26.6 percent share. The remaining Birr 16.9 billion or 21.1 percent constituted current expenditure (Table6.3). Direct Tax Revenue 39.2% Indirect Taxes 55.7% Non-Tax Revenue 5.1% National Bank of Ethiopia Second quarter 2018/19 80 Fig. VI.1 Quarterly Developments in Major Components of Domestic Revenue of the Federal Government Of the total tax revenue, 58.7 percent was collected from indirect taxes and 41.3 percent from direct taxes. During the review period, indirect taxes went down by 2.7 percent to Birr 31.3 billion owing to 10.5 percent a decrease in import taxes. Revenue from direct taxes was Birr 22.0 billion and it increased by 34.4 percent compared with a year ago. Meanwhile, non-tax revenue reached Birr 2.8 billion and showing a 37.7 percent slowdown against last year same quarter (Table 6.2). 0 10000 20000 30000 40000 50000 60000 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of Birr) Quarter and Year Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue National Bank of Ethiopia Second quarter 2018/19 81 Fig.VI.2 Domestic Revenue by Major Components during the Second Quarter of 2018/19 6.2. Expenditure Total Federal government expenditures (including regional transfers) stood at Birr 80.4 billion, depicting 12.2 percent annual growth due to higher capital expenditure and regional transfers. During the review period, regional transfers reached Birr 42.1 billion and accounted for 52.3 percent of the total expenditure, while capital expenditure at Birr 21.4 billion had a 26.6 percent share. The remaining Birr 16.9 billion or 21.1 percent constituted current expenditure (Table6.3). Direct Tax Revenue 39.2% Indirect Taxes 55.7% Non-Tax Revenue 5.1% Second Quarter 2018/19 65 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Second quarter 2018/19 80 Fig. VI.1 Quarterly Developments in Major Components of Domestic Revenue of the Federal Government Of the total tax revenue, 58.7 percent was collected from indirect taxes and 41.3 percent from direct taxes. During the review period, indirect taxes went down by 2.7 percent to Birr 31.3 billion owing to 10.5 percent a decrease in import taxes. Revenue from direct taxes was Birr 22.0 billion and it increased by 34.4 percent compared with a year ago. Meanwhile, non-tax revenue reached Birr 2.8 billion and showing a 37.7 percent slowdown against last year same quarter (Table 6.2). 0 10000 20000 30000 40000 50000 60000 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 Q3Q4 Q1Q2 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of Birr) Quarter and Year Total Domestic Revenue Tax Revenue Direct Tax Revenue Indirect Taxes Non -Tax Revenue National Bank of Ethiopia Second quarter 2018/19 81 Fig.VI.2 Domestic Revenue by Major Components during the Second Quarter of 2018/19 6.2. Expenditure Total Federal government expenditures (including regional transfers) stood at Birr 80.4 billion, depicting 12.2 percent annual growth due to higher capital expenditure and regional transfers. During the review period, regional transfers reached Birr 42.1 billion and accounted for 52.3 percent of the total expenditure, while capital expenditure at Birr 21.4 billion had a 26.6 percent share. The remaining Birr 16.9 billion or 21.1 percent constituted current expenditure (Table6.3). Direct Tax Revenue 39.2% Indirect Taxes 55.7% Non-Tax Revenue 5.1% National Bank of Ethiopia Second quarter 2018/19 81 Fig.VI.2 Domestic Revenue by Major Components during the Second Quarter of 2018/19 6.2. Expenditure Total Federal government expenditures (including regional transfers) stood at Birr 80.4 billion, depicting 12.2 percent annual growth due to higher capital expenditure and regional transfers. During the review period, regional transfers reached Birr 42.1 billion and accounted for 52.3 percent of the total expenditure, while capital expenditure at Birr 21.4 billion had a 26.6 percent share. The remaining Birr 16.9 billion or 21.1 percent constituted current expenditure (Table6.3). Direct Tax Revenue 39.2% Indirect Taxes 55.7% Non-Tax Revenue 5.1% 66 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Second quarter 2018/19 83 Fig VI.3: Major Components of Federal Governments Expenditure during the Second Quarter of 2018/19 Current Expenditure 21.1% Capital Expenditure 26.6% Regional Transfer 52.3% National Bank of Ethiopia Second quarter 2018/19 83 Fig VI.3: Major Components of Federal Governments Expenditure during the Second Quarter of 2018/19 Current Expenditure 21.1% Capital Expenditure 26.6% Regional Transfer 52.3% 6.2. Expenditure Total Federal government expenditures (including regional transfers) stood at Birr 80.4 billion, depicting 12.2 percent annual growth due to higher capital expenditure and regional transfers. During the review period, regional transfers reached Birr 42.1 billion and accounted for 52.3 percent of the total expenditure, while capital expenditure at Birr 21.4 billion had a 26.6 percent share. The remaining Birr 16.9 billion or 21.1 percent constituted current expenditure (Table6.3). Table 6.3.Summary of Federal Government Expenditure by Component (In Millions of Birr) No Particulars 2017/18 2018/19

Percentage Change Performance Rate QII Budget QI QII A B C D D/A D/C D/B Total Expenditure

71,685.9

318,919.5

69,182.7

80,466.3

12.2

16.3 25.2 1 Current Expenditure

20,316.6

84,384.7

17,490.7

16,953.9

(16.6)

(3.1) 20.1

General Services 6,434.5

28,890.8 6,905.7

6,417.3

(0.3)

(7.1) 22.2

Economic Services 1,170.7

5,325.9 847.0

1,228.8

5.0

45.1 23.1

Social Services 8,620.6

27,260.8 6,695.0

5,678.2

(34.1)

(15.2) 20.8

Others expenditure

7,685.4 192.4

156.8

(18.5) 2.0

Debt Service 4,090.9

15,221.9 2,850.7

3,472.8

(15.1)

21.8 22.8 2 Capital Expenditure

19,990.6

97,316.1

21,130.6

21,396.7

7.0

1.3 22.0

Economic Development 12,328.5

67,862.4

14,616.1

14,530.4

17.9

(0.6) 21.4

Social Development 6,534.1

22,861.6 6,071.0

6,077.3

(7.0)

0.1 26.6

General Development 1,128.0

6,592.1 443.5

788.9

(30.1)

77.9 12.0 4 Regional Transfers 31,378.8

137,218.7

30,561.4 42,115.7

34.2

37.8 30.7 Source: Ministry of Finance Second Quarter 2018/19 67 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia Second quarter 2018/19 84 Fig.VI.4 Quarterly Development in Federal Government Expenditure by Components 0 10000 20000 30000 40000 50000 60000 70000 80000 90000 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers National Bank of Ethiopia Second quarter 2018/19 85 6.3 Deficit Financing The Federal government budget operation (including grant) resulted in an overall deficit of Birr 22.8 billion compared to Birr 16 billion deficits a year ago. The deficit was financed by net external borrowing (Birr 3.9 billion), net domestic borrowing (12.6 billion) and residuals & others (6.3 billion) (Table 6.1). Fig.VI.5 Federal Government Finance during Second Quarter of F.Y 2018/19 0 20000 40000 60000 80000 100000 120000 140000 160000 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/182018/19 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants National Bank of Ethiopia Second quarter 2018/19 84 Fig.VI.4 Quarterly Development in Federal Government Expenditure by Components 0 10000 20000 30000 40000 50000 60000 70000 80000 90000 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 (In Millions of Birr) Quarters/Years Total Expenditure Current Expenditure Capital Expenditure Regional Transfers National Bank of Ethiopia Second quarter 2018/19 85 6.3 Deficit Financing The Federal government budget operation (including grant) resulted in an overall deficit of Birr 22.8 billion compared to Birr 16 billion deficits a year ago. The deficit was financed by net external borrowing (Birr 3.9 billion), net domestic borrowing (12.6 billion) and residuals & others (6.3 billion) (Table 6.1). Fig.VI.5 Federal Government Finance during Second Quarter of F.Y 2018/19 0 20000 40000 60000 80000 100000 120000 140000 160000 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/182018/19 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants National Bank of Ethiopia Second quarter 2018/19 85 6.3 Deficit Financing The Federal government budget operation (including grant) resulted in an overall deficit of Birr 22.8 billion compared to Birr 16 billion deficits a year ago. The deficit was financed by net external borrowing (Birr 3.9 billion), net domestic borrowing (12.6 billion) and residuals & others (6.3 billion) (Table 6.1). Fig.VI.5 Federal Government Finance during Second Quarter of F.Y 2018/19 0 20000 40000 60000 80000 100000 120000 140000 160000 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/182018/19 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants National Bank of Ethiopia Second quarter 2018/19 85 6.3 Deficit Financing The Federal government budget operation (including grant) resulted in an overall deficit of Birr 22.8 billion compared to Birr 16 billion deficits a year ago. The deficit was financed by net external borrowing (Birr 3.9 billion), net domestic borrowing (12.6 billion) and residuals & others (6.3 billion) (Table 6.1). Fig.VI.5 Federal Government Finance during Second Quarter of F.Y 2018/19 0 20000 40000 60000 80000 100000 120000 140000 160000 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/182018/19 (In Millions of Birr) Quarters/Years Expenditure Deficit Revenue Including Grants 68 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 86 VII. Developments in Investment During the second quarter of 2018/19, 177 investment projects having investment capital of Birr 814.3 million became operational. Compared to last year same quarter, both the number of investment projects and investment capital showed 71.8 and 32.9 percent increments. Although declined by 67.5 and 86.2 percent respectively compared with the previous quarter. All reported investment projects were private and about 98.3 percent were domestic and merely 1.7 percent foreign. The domestic projects had Birr 747.4 million (91.8 percent) investment capital while that of foreign projects Birr 66.9 million (8.2 percent). All the investment projects have generated employment opportunities for 4,089 people which was 126.7 percent higher than last year same quarter. Of the total employment about 54 percent was permanent and 46.1 percent casual (Table 7.1). Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr) Type of Projects Items 2017/18 2018/19 Percentage QII QI QII Changes A B C Share C/A C/B

Total Investment Number of projects 103 544 177 100 71.8 -67.5 Capital 612.5 5,886.8 814.3 100 32.9 -86.2 Permanent Employment 837 12,506 2,202 100 163.1 -82.4 Temporary Employment 967 5,174 1,887 100 95.1 -63.5
Private Investment Number of projects 103 544 177 100 71.8 -67.5 Capital 612.5 5,886.8 814.3 100 32.9 -86.2 Permanent Employment 837 12,506 2,202 100 163.1 -82.4 Temporary Employment 967 5,174 1,887 100 95.1 -63.5 2.1 Domestic Investment Number of projects 102 538 174 98.3 70.6 -67.7 Capital 609.8 5,687.6 747.4 91.8 22.6 -86.9 Permanent Employment 817 9,409 1,401 63.6 71.5 -85.1 Temporary Employment 967 3,018 1,782 94.4 84.3 -41.0 2.2. Foreign Investment Number of projects 1 6 3 1.7 200.0 -50.0 Capital 2.7 199.2 66.9 8.2 2,369.1 -66.4 Permanent Employment 20 3,097 801 36.4 3,905.0 -74.1 Temporary Employment 0 2,156 105 5.6 -95.1
Public Investment Number of projects Capital Permanent Employment Temporary Employment Source: Ethiopian Investment Commission. As for sectoral distribution, real estate, renting & business activities constituted the lion share by contributing 76.3 percent of total investment projects. Manufacturing on its part has a share of 10.7 percent followed by construction (7.3 percent). The remaining sectors have a share of 5.6 percent in total. Out of the total Birr 814.3 million capital invested, real estate, renting & business activities sector received 57.7 percent followed by manufacturing (33.7 percent), and construction (4.4 percent). The rest of the sectors contribute the remaining balance. With regard to job opportunity, more than half of permanent employment (64.3 percent) was created by manufacturing followed by real estate, renting & business activities (24.4 percent), education (6 percent) and construction (2.6 percent). Agriculture, hunting & forestry and real estate, renting & business activities was the leading sector by employing 37.6 (percent each) of temporary labor force. Manufacturing and education on their part accounted for 9.1 and 6.9 percent of temporary employment, respectively (Table 7.2). National Bank of Ethiopia 88 followed by manufacturing (33.7 percent), and construction (4.4 percent). The rest of the sectors contribute the remaining balance. With regard to job opportunity, more than half of permanent employment (64.3 percent) was created by manufacturing followed by real estate, renting & business activities (24.4 percent), education (6 percent) and construction (2.6 percent). Agriculture, hunting & forestry and real estate, renting & business activities was the leading sector by employing 37.6 (percent each) of temporary labor force. Manufacturing and education on their part accounted for 9.1 and 6.9 percent of temporary employment, respectively (Table 7.2). Table 7.2: Investment Distribution by Sector during the Second Quarter of 2018/19 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry 7 4.0 12.5 1.5 48 2.2 710 37.6 Construction 13 7.3 36.2 4.4 57 2.6 60 3.2 Education 2 1.1 15.2 1.9 132 6.0 130 6.9 Electricity, gas, steam and water supply Health and social work Hotels and restaurants Manufacturing 19 10.7 274.7 33.7 1,416 64.3 172 9.1 Mining and quarrying Other community, social and personal service activities Real estate, renting and business activities 135 76.3 470.2 57.7 537 24.4 710 37.6 Tour operation, transport, and communication Wholesale, retail trade & repair service Others 1 0.6 5.5 0.7 12 0.5 105 5.6 Grand Total 177 100 814.3 100 2,202 100 1,887 100 Source: Ethiopian Investment Commission. Table 7.1: Performance of Operational Investment Projects Capital (In millions of Birr) Type of Projects Items 2017/18 2018/19 Percentage QII QI QII Changes A B C Share C/A C/B
Total Investment Number of projects 103 544 177 100 71.8 -67.5 Capital 612.5 5,886.8 814.3 100 32.9 -86.2 Permanent Employment 837 12,506 2,202 100 163.1 -82.4 Temporary Employment 967 5,174 1,887 100 95.1 -63.5
Private Investment Number of projects 103 544 177 100 71.8 -67.5 Capital 612.5 5,886.8 814.3 100 32.9 -86.2 Permanent Employment 837 12,506 2,202 100 163.1 -82.4 Temporary Employment 967 5,174 1,887 100 95.1 -63.5 2.1 Domestic Investment Number of projects 102 538 174 98.3 70.6 -67.7 Capital 609.8 5,687.6 747.4 91.8 22.6 -86.9 Permanent Employment 817 9,409 1,401 63.6 71.5 -85.1 Temporary Employment 967 3,018 1,782 94.4 84.3 -41.0 2.2. Foreign Investment Number of projects 1 6 3 1.7 200.0 -50.0 Capital 2.7 199.2 66.9 8.2 2,369.1 -66.4 Permanent Employment 20 3,097 801 36.4 3,905.0 -74.1 Temporary Employment 0 2,156 105 5.6 -95.1
Public Investment Number of projects Capital Permanent Employment Temporary Employment Source: Ethiopian Investment Commission. As for sectoral distribution, real estate, renting & business activities constituted the lion share by contributing 76.3 percent of total investment projects. Manufacturing on its part has a share of 10.7 percent followed by construction (7.3 percent). The remaining sectors have a share of 5.6 percent in total. Out of the total Birr 814.3 million capital invested, real estate, renting & business activities sector received 57.7 percent followed by manufacturing (33.7 percent), and construction (4.4 percent). The rest of the sectors contribute the remaining balance. With regard to job opportunity, more than half of permanent employment (64.3 percent) was created by manufacturing followed by real estate, renting & business activities (24.4 percent), education (6 percent) and construction (2.6 percent). Agriculture, hunting & forestry and real estate, renting & business activities was the leading sector by employing 37.6 (percent each) of temporary labor force. Manufacturing and education on their part accounted for 9.1 and 6.9 percent of temporary employment, respectively (Table 7.2). Second Quarter 2018/19 69 National Bank of Ethiopia Quarterly Bulletin

Table 7.2: Investment Distribution by Sector during the Second Quarter of 2018/19 Sectors No. of Proj. Share (%) Capital (in Million Birr) Share (%) Perm. Emp. Share (%) Temp. Emp. Share (%) Agriculture, hunting and forestry 7 4.0 12.5 1.5 48 2.2 710 37.6 Construction 13 7.3 36.2 4.4 57 2.6 60 3.2 Education 2 1.1 15.2 1.9 132 6.0 130 6.9 Electricity, gas, steam and water supply Health and social work Hotels and restaurants Manufacturing 19 10.7 274.7 33.7 1,416 64.3 172 9.1 Mining and quarrying Other community, social and personal service activities Real estate, renting and business activities 135 76.3 470.2 57.7 537 24.4 710 37.6 Tour operation, transport, and communication Wholesale, retail trade & repair service Others 1 0.6 5.5 0.7 12 0.5 105 5.6 Grand Total 177 100 814.3 100 2,202 100 1,887 100 Source: Ethiopian Investment Commission. About 81.9 percent of the total projects with 63.8 percent of total investment capital were operational in Oromia, about 14.1 percent of total projects with 34 percent of capital in Addis Ababa and 4 percent of the projects having 2.2 percent of total capital in Tigray. In terms of job creation Addis Ababa is the leading region followed by Oromia and Tigray (Table 7.3). Table 7.3: Performance of Operational Investment Projects by Region Capital in million Birr 2017/18 2018/19 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 Tempemp Addis Ababa 61 339.9 382 218 533 5,699.7 9,500 2,861 25 276.8 1,554 338 14.1 34.0 70.6 17.9 -59.0 -18.6 306.8 55.0 -95.3 -95.1 -83.6 -88.2 Afar 21 151.0 363 575

Amhara 1 2.0 2 4 1 39.9 1,000 2,000

B.Gumuz

Dire Dawa Oromia 1 112.9 483 - 145 519.8 578 As for sectoral distribution, real estate, renting & business activities constituted the lion share by contributing 76.3 percent of total investment projects. Manufacturing on its part has a share of 10.7 percent followed by construction (7.3 percent). The remaining sectors have a share of 5.6 percent in total. Out of the total Birr 814.3 million capital invested, real estate, renting & business activities sector received 57.7 percent followed by manufacturing (33.7 percent), and construction (4.4 percent). The rest of the sectors contribute the remaining balance. With regard to job opportunity, more than half of permanent employment (64.3 percent) was created by manufacturing followed by real estate, renting & business activities (24.4 percent), education (6 percent) and construction (2.6 percent). Agriculture, hunting & forestry and real estate, renting & business activities was the leading sector by employing 37.6 (percent each) of temporary labor force. Manufacturing and education on their part accounted for 9.1 and 6.9 percent of temporary employment, respectively (Table 7.2). About 81.9 percent of the total projects with 63.8 percent of total investment capital were operational in Oromia, about 14.1 percent of total projects with 34 percent of capital in Addis Ababa and 4 percent of the projects having 2.2 percent of total capital in Tigray. In terms of job creation Addis Ababa is the leading region followed by Oromia and Tigray (Table 7.3) 70 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 7.3: Performance of Operational Investment Projects by Region Capital in million Birr 2017/18 2018/19 Growth Rate QII QI QII A B C Share In (%) C/B C/A 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 Tempemp Addis Ababa 61 339.9 382 218 533 5,699.7 9,500 2,861 25 276.8 1,554 338 14.1 34.0 70.6 17.9 -59.0 -18.6 306.8 55.0 -95.3 -95.1 -83.6 -88.2 Afar 21 151.0 363 575 Amhara 1 2.0 2 4 1 39.9 1,000 2,000 B.Gumuz Dire Dawa Oromia 1 112.9 483 - 145 519.8 578 789 81.9 63.8 26.2 41.8 14,400 360.4 19.7 SNNPR Gambellaa Somali Harari Tigray 20 119.7 90 170 9 34.3 1,523 313 7 17.7 70 760 4.0 2.2 3.2 40.3 -65.0 -85.2 -22.2 347.1 -22.2 -48.5 -95.4 142.8 Multiregional Grand Total 103 612.5 837 967 544 5,886.8 12,506 5,174 177 814.3 2,202 1,887 100 71.8 32.9 163.1 95.1 -67.5 -86.2 -82.4 -63.5 Source: Ethiopian Investment Commission Second Quarter 2018/19 71 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 91 VIII. International Economic Developments 8.1 Overview of the World Economy7 In the second quarter of 2018/19 the global economic growth momentum has slowed due to geopolitical uncertainties and vulnerabilities in emerging markets. Global trade decelerated towards the end of 2018 as downside risks related to unresolved trade disputes remained prominent and growth in emerging markets slowed down. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area weakened in the second quarter of 2018/19, mainly owing to a continued deceleration in global manufacturing activity. The service sector remained more resilient than manufacturing. In the United States real GDP growth expanded at an annualized rate of 3.4 percent in the second quarter of 2018/19 which was well above the potential. The US government shutdown has added to the uncertainty generated by US trade policy in respect of China and is weighing on US economic activity in the near term.

7 Sections 8.1 – 8.3 are excerpted from European Central Bank monthly bulletin of 5/2018. In the United Kingdom, growth declined after a robust outturn in the first quarter of 2018/19. The strong quarter-on-quarter growth of 0.6 percent in the first quarter 2018/19 reflected temporary boost to consumption and public investment, as well as a strong rebound in exports. However, business investment fell for the third consecutive quarter. In Japan, real GDP for the second quarter of 2018/19 was set to return to positive growth. Natural disasters and extreme weather conditions caused volatility in GDP in 2018. The economy is expected to remain on a moderate growth path in the future, supported by highly accommodative monetary policy and the domestic capital expenditure cycle. In China economic activity was losing growth momentum, mainly the manufacturing sector showing signs of weakening. In December 2018, the manufacturing PMI dropped below 50 for the first time since 2017, while the services sector – less exposed to the US trade tensions – was more resilient. National Bank of Ethiopia 92 8.2. Inflation Developments As a result of decline in oil prices, global inflation slowed. Annual consumer price inflation in the countries of OECD moderated to 2.7 percent in November 2018, while inflation excluding food and energy decreased marginally to 2.2 percent. Global inflationary pressures are expected to remain contained. Wage growth in advanced economies continues to be moderate, despite a tightening of labor markets and rising capacity constraints. In United States, headline consumer price inflation declined to 1.9 percent in December 2018 due to a sharp deceleration in energy prices, while average hourly earnings remained strong. In Japan, headline inflation declined significantly in December due to the recent softening of oil and food prices. In Euro area annual HICP inflation declined to 1.6 percent in December from 1.9 percent in November, mainly due to lower energy price inflation. On the basis of current futures prices for oil, headline inflation is likely to decline further over the coming months. Measures of underlying inflation remain generally muted, but labor cost pressures are continuing to strengthen and broaden amid high levels of capacity utilization and tightening labor markets. 8.3. Commodity Price Oil prices declined in the second quarter of 2018/19, mainly on account of oversupply fears related to the waivers on the US sanctions on Iranian oil exports, coupled with continued high production growth in the United States. These effects initially outweighed the possible price effects of production cuts by OPEC and a group of allied oil-producing nations, particularly because market uncertainty persisted regarding the cuts agreed on December 7, 2018. Non-oil commodity prices have increased slightly, mainly on the back of food price increases. 72 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

7 Sections 8.1 – 8.3 are excerpted from European Central Bank monthly bulletin of 5/2018. In the United Kingdom, growth declined after a robust outturn in the first quarter of 2018/19. The strong quarter-on-quarter growth of 0.6 percent in the first quarter 2018/19 reflected temporary boost to consumption and public investment, as well as a strong rebound in exports. However, business investment fell for the third consecutive quarter. In Japan, real GDP for the second quarter of 2018/19 was set to return to positive growth. Natural disasters and extreme weather conditions caused volatility in GDP in 2018. The economy is expected to remain on a moderate growth path in the future, supported by highly accommodative monetary policy and the domestic capital expenditure cycle. In China economic activity was losing growth momentum, mainly the manufacturing sector showing signs of weakening. In December 2018, the manufacturing PMI dropped below 50 for the first time since 2017, while the services sector – less exposed to the US trade tensions – was more resilient. National Bank of Ethiopia 92 8.2. Inflation Developments As a result of decline in oil prices, global inflation slowed. Annual consumer price inflation in the countries of OECD moderated to 2.7 percent in November 2018, while inflation excluding food and energy decreased marginally to 2.2 percent. Global inflationary pressures are expected to remain contained. Wage growth in advanced economies continues to be moderate, despite a tightening of labor markets and rising capacity constraints. In United States, headline consumer price inflation declined to 1.9 percent in December 2018 due to a sharp deceleration in energy prices, while average hourly earnings remained strong. In Japan, headline inflation declined significantly in December due to the recent softening of oil and food prices. In Euro area annual HICP inflation declined to 1.6 percent in December from 1.9 percent in November, mainly due to lower energy price inflation. On the basis of current futures prices for oil, headline inflation is likely to decline further over the coming months. Measures of underlying inflation remain generally muted, but labor cost pressures are continuing to strengthen and broaden amid high levels of capacity utilization and tightening labor markets. 8.3. Commodity Price Oil prices declined in the second quarter of 2018/19, mainly on account of oversupply fears related to the waivers on the US sanctions on Iranian oil exports, coupled with continued high production growth in the United States. These effects initially outweighed the possible price effects of production cuts by OPEC and a group of allied oil-producing nations, particularly because market uncertainty persisted regarding the cuts agreed on December 7, 2018. Non-oil commodity prices have increased slightly, mainly on the back of food price increases. Second Quarter 2018/19 73 National Bank of Ethiopia Quarterly Bulletin

National Bank of Ethiopia 93 8.4 Exchange Rate Developments8 In foreign exchange markets, the U.S. dollar appreciated 1.8 percent in the second quarter of 2018/19, amid numerous cross-currents. The dollar’s modest appreciation occurred despite a notable decline in U.S. Treasury yields—partly attributed to the net lowering of expectations regarding the future path of the target range for the federal funds rate - and the resultant narrowing of U.S. interest rate differentials vis-à-vis other major economies. The dominant force supporting dollar appreciation was a sharp global sell-off in risk assets precipitated by rising concerns about future corporate earnings as well as concerns about broader global growth amid ongoing global trade tensions. Among major currencies, the dollar appreciated 1.2 percent against the euro and 5.6 percent against the Canadian dollar. By contrast, the dollar depreciated 3.5 percent against the Japanese yen amid the decline in risk sentiment. The dollar was little changed on net against the Chinese renminbi, despite notable intra quarter volatility.

8 This section is taken from Federal Reserve Bank of America’s ‘Treasury and Federal Reserve Foreign Exchange Operations’ Report Oct.-Dec. 2018 National Bank of Ethiopia 94 8.5. Impact of Global Economic Development on Ethiopian Economy During the second quarter of F.Y. 2018/19, global economic activities indicators pointed to a steady growth momentum. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area weakened in the second quarter of 2018/19. Global headline inflation, meanwhile, has declined supported by the decrease in oil prices. This together with high domestic prices made the REER to appreciate by 23.8 percent. On the other hand, the decrease in oil price could decrease the country’s import bills to have depressing effect on the current account deficit. 74 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

8 This section is taken from Federal Reserve Bank of America’s ‘Treasury and Federal Reserve Foreign Exchange Operations’ Report Oct.-Dec. 2018 National Bank of Ethiopia 94 8.5. Impact of Global Economic Development on Ethiopian Economy During the second quarter of F.Y. 2018/19, global economic activities indicators pointed to a steady growth momentum. The global composite output Purchasing Managers’ Index (PMI) excluding the euro area weakened in the second quarter of 2018/19. Global headline inflation, meanwhile, has declined supported by the decrease in oil prices. This together with high domestic prices made the REER to appreciate by 23.8 percent. On the other hand, the decrease in oil price could decrease the country’s import bills to have depressing effect on the current account deficit. Second Quarter 2018/19 75 National Bank of Ethiopia Quarterly Bulletin

StatiStiCal taBlES 76 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

table 1(a): Statement of Condition of National Bank of Ethiopia: assets (In Millions of Birr) End of Period Total Foreign Assets Claims on Government Advance To DBE Silver Coins Other Gold Assets Reserve Tranche Foreign Exchange Others Total Bond Direct Advance Others 2007/08 Qtr.I 13,021.85 375.82 102.13 12,080.02 463.88 30,269.27 9,899.27 20,370.00 - - - 2,193.03 Qtr.II 12,829.31 491.81 105.68 11,759.64 472.18 31,995.27 9,899.27 22,096.00 - - - 2,159.20 Qtr.III 10,875.89 502.52 113.69 9,772.72 486.96 33,917.27 9,899.27 24,018.00 - - - 2,109.17 Qtr.IV 8,708.66 5.47 113.96 8,093.97 495.26 41,563.08 9,745.08 31,818.00 - - - 2,451.20 2008/09 Qtr.I 8,636.72 15.01 110.78 8,010.33 500.60 44,270.98 9,692.98 34,578.00 - - - 2,516.61 Qtr.II 9,260.43 81.90 112.13 8,551.39 515.01 42,948.98 9,692.98 33,256.00 - - - 2,567.86 Qtr.III 13,284.94 8.60 120.45 12,580.96 574.93 42,248.98 9,692.98 32,556.00 - - - 2,690.57 Qtr.IV 17,214.61 18.17 127.45 16,488.13 580.86 44,498.73 9,607.73 34,891.00 - - - 2,627.60 2009/10 Qtr.I 22,262.14 120.26 143.91 21,002.66 995.32 44,326.63 9,555.63 34,771.00 - - - 2,664.26 Qtr.II 23,445.68 287.33 144.34 22,018.26 995.76 43,610.83 9,555.63 34,055.20 - - - 2,705.57 Qtr.III 27,285.95 267.70 148.18 24,480.32 2,389.76 45,989.73 9,555.63 36,434.10 - - - 3,048.61 Qtr.IV 27,289.34 443.30 145.70 23,490.22 3,210.12 45,522.78 9,478.68 36,044.10 - - - 3,041.10 2010/11 Qtr.I 35,852.22 490.52 184.31 31,229.17 3,948.22 47,983.68 9,426.58 38,557.10 - - - 3,150.64 Qtr.II 40,042.00 444.17 184.63 34,418.71 4,994.49 50,488.58 9,426.58 41,062.00 - - - 3,269.68 Qtr.III 45,367.31 1,636.24 192.33 38,413.88 5,124.86 51,930.58 9,426.58 42,504.00 - - - 7,413.23 Qtr.IV 51,551.39 1,395.23 195.67 44,738.80 5,221.68 55,614.64 9,349.64 46,265.00 - 6,250.00 - 7,650.19 2011/12 Qtr.I 59,724.20 1,037.56 195.24 53,248.95 5,242.45 55,566.48 9,301.54 46,264.95 - 7,400.00 - 7,928.55 Qtr.II 51,965.40 479.44 193.30 46,056.19 5,236.48 55,562.48 9,297.54 46,264.95 - 10,070.00 - 10,747.88 Qtr.III 40,349.89 669.26 195.77 34,192.43 5,292.44 55,562.48 9,297.54 46,264.95 - 11,870.00 - 10,948.76 Qtr.IV 40,101.45 2,038.08 195.32 32,528.76 5,339.29 55,562.48 9,297.54 46,264.95 - 12,502.00 - 12,951.32 2012/13 Qtr.I 44,307.75 (24.32) 201.51 38,671.89 5,458.67 55,510.38 9,245.44 46,264.95 - 12,502.00 - 16,383.71 Qtr.II 46,620.93 1,964.27 203.98 38,926.61 5,526.08 55,510.38 9,245.44 46,264.95 - 13,307.00 - 20,867.63 Qtr.III 50,358.05 1,310.29 201.42 43,334.32 5,512.02 59,510.38 9,245.44 50,264.95 - 14,807.00 - 25,469.44 Qtr.IV 44,140.03 2,253.17 201.78 36,078.39 5,606.69 64,510.38 9,245.44 55,264.95 - 16,507.00 - 20,560.93 2013/14 Qtr.I 46,471.52 2,656.15 209.91 37,900.27 5,705.18 64,381.33 9,116.39 55,264.95 - 16,807.00 - 25,388.28 Qtr.II 49,513.05 1,522.50 214.30 41,971.87 5,804.38 64,381.33 9,116.39 55,264.95 - 17,207.00 - 28,944.33 Qtr.III 45,838.73 1,333.55 217.05 38,439.61 5,848.52 73,381.33 9,116.39 64,264.95 - 17,507.00 - 26,128.62 Qtr.IV 50,624.47 1,217.59 218.41 43,237.44 5,951.02 73,304.39 9,039.44 64,264.95 - 20,257.00 - 25,566.64 2014/15 Qtr.I 52,555.40 1,217.59 215.08 45,256.47 5,866.25 73,175.34 8,910.39 64,264.95 - 21,957.00 - 26,679.17 Qtr.II 74,840.58 741.24 317.35 67,914.12 5,867.87 78,175.34 8,910.39 69,264.95 - 22,157.00 - 27,953.04 Qtr.III 64,152.02 206.89 307.11 57,837.68 5,800.34 81,175.34 8,910.39 72,264.95 - 22,857.00 - 33,275.33 Qtr.IV 66,817.67 79.30 315.26 60,856.52 5,566.59 92,175.34 8,910.39 83,264.95 - 23,357.00 - 27,477.29 2015/16 Qtr.I 65,085.59 (101.65) 318.69 59,349.29 5,519.27 99,657.34 8,392.40 91,264.95 - 23,857.00 - 27,240.74 Qtr.II 84,226.48 222.87 319.06 78,442.72 5,241.83 104,657.34 8,392.40 96,264.95 - 24,857.00 - 36,166.96 Qtr.III 72,889.54 1,136.99 325.65 66,362.68 5,064.22 104,657.34 8,392.40 96,264.95 - 24,857.00 - 49,245.99 Qtr.IV 74,156.73 1,113.92 331.50 67,851.69 4,859.62 109,080.40 8,315.45 100,764.95 - 25,607.00 - 53,471.19 2016/17 Qtr.I 74,949.60 8.43 336.04 69,963.93 4,641.20 115,640.85 7,875.90 107,764.95 - 25,607.00 - 60,022.94 Qtr.II 72,397.44 1,139.58 326.66 66,561.06 4,370.15 120,640.85 7,875.90 112,764.95 - 26,107.00 - 60,244.19 Qtr.III 70,874.56 1,135.37 337.66 61,851.06 7,550.46 129,640.85 7,875.90 121,764.95 - 26,607.00 - 61,151.48 Qtr.IV 73,874.32 741.33 349.42 68,851.84 3,931.73 135,632.85 7,867.90 127,764.95 - 27,226.00 - 53,200.57 2017/18 Qtr.I 68,636.42 0.01 359.52 64,643.51 3,633.38 150,632.85 7,867.90 142,764.95 - 27,226.00 - 53,714.62 Qtr.II 82,254.04 0.01 420.35 77,584.06 4,249.63 160,128.85 7,863.90 152,264.95 - 28,055.71 - 55,288.17 Qtr.III 85,287.93 81.43 432.67 80,464.52 4,309.30 160,128.85 7,863.90 152,264.95 - 29,992.71 - 54,691.37 Qtr.IV 77,617.37 750.54 418.41 72,217.34 4,231.09 160,128.85 7,863.90 152,264.95 - 47,292.71 - 56,407.16 2018/19 Qtr.I 103,307.08 750.99 422.10 97,678.76 4,455.23 166,685.30 7,420.35 159,264.95 - 46,992.71 - 56,965.81 QII 110,973.71 750.54 423.72 105,145.06 4,654.41 178,685.30 7,420.35 171,264.95 - 52,092.71 - 57,949.69 Second Quarter 2018/19 77 National Bank of Ethiopia Quarterly Bulletin

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

table 2(a): Statement of Condition of Commercial Banks: assets (In Millions of Birr) End of Period Reserves Foreign Assets 4 Claims On Gov't 5 Claims on Non-Central Gov't Other Assets 10 Total (2+3) 1 Cash in Hand 2 Deposits with NBE 3 Total (7+8+9) 6 Loans &Adv. 7 Investment 8 Commercial Banks 9 2007/08 Qtr.I 13,865.27 1,850.51 12,014.76 6,994.50 16,049.88 32,245.60 22,920.83 8,408.81 915.96 20,572.93 Qtr.II 14,355.51 1,909.73 12,445.78 6,364.83 16,073.96 36,227.19 25,761.00 9,393.79 1,072.39 22,652.37 Qtr.III 12,463.60 2,185.95 10,277.65 8,129.78 12,177.81 43,758.44 31,682.65 11,075.06 1,000.74 25,214.98 Qtr.IV 17,795.25 2,562.29 15,232.97 8,026.85 6,648.16 47,826.76 33,600.67 13,292.93 933.17 26,336.28 2008/09 Qtr.I 17,673.90 3,302.53 14,371.38 7,726.62 6,234.94 50,116.36 34,397.64 14,818.58 900.13 26,922.77 Qtr.II 20,659.25 3,437.48 17,221.77 6,950.64 5,547.24 54,252.77 35,946.71 17,436.57 869.49 33,601.83 Qtr.III 21,886.74 4,039.91 17,846.83 8,093.58 5,548.90 57,041.57 37,079.81 18,852.70 1,109.06 31,611.17 Qtr.IV 23,690.72 4,121.34 19,569.38 9,219.66 5,409.36 57,651.07 38,802.03 17,614.51 1,234.53 49,113.08 2009/10 Qtr.I 27,119.02 4,226.02 22,893.00 9,172.96 5,740.11 60,703.15 39,701.38 19,805.10 1,196.66 40,436.92 Qtr.II 24,371.67 3,907.33 20,464.34 9,731.23 5,177.56 65,942.83 44,092.84 20,297.50 1,552.48 48,475.03 Qtr.III 26,921.09 4,209.86 22,711.23 12,949.12 5,627.86 70,716.27 46,900.67 21,733.09 2,082.51 48,973.02 Qtr.IV 25,217.08 4,596.14 20,620.94 15,060.75 7,415.27 73,299.81 47,540.18 23,796.85 1,962.79 36,932.92 2010/11 Qtr.I 28,768.06 5,861.80 22,906.26 19,245.97 5,480.72 75,434.99 48,436.98 25,124.50 1,873.51 38,067.24 Qtr.II 27,486.93 5,636.70 21,850.23 20,194.12 4,102.86 85,357.09 55,653.80 27,485.93 2,217.36 44,732.22 Qtr.III 31,482.17 6,921.98 24,560.19 21,148.87 4,953.20 100,590.17 62,088.83 35,549.12 2,952.21 52,150.16 Qtr.IV 34,282.97 6,525.70 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 75,725.45 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 79,531.90 Qtr.II 37,943.40 14,322.94 23,620.46 18,368.24 905.43 421,417.51 206,946.76 212,968.82 1,501.93 87,671.16 Qtr.III 40,401.93 14,635.18 25,766.75 21,316.42 905.43 445,653.52 219,399.61 225,001.87 1,252.04 92,444.68 Qtr.IV 50,905.91 15,906.53 34,999.38 20,898.27 785.65 461,664.43 226,849.25 231,953.28 2,861.91 98,731.37 2016/17 Qtr.I 53,728.78 17,326.81 36,401.97 21,116.01 554.28 475,564.62 231,569.06 240,872.08 3,123.48 106,597.14 Qtr.II 54,499.76 16,544.49 37,955.27 20,370.84 554.28 509,890.48 253,196.53 252,915.43 3,778.52 101,539.01 Qtr.III 64,854.52 17,034.56 47,819.97 20,975.60 530.28 544,327.92 272,606.06 267,906.04 3,815.82 109,207.67 Qtr.IV 75,305.69 20,327.77 54,977.93 24,876.54 21,982.71 582,426.70 283,911.51 294,089.24 4,425.95 111,779.13 2017/18 Qtr.I 81,683.92 21,035.73 60,648.19 25,253.39 22,208.82 594,599.99 288,878.52 300,579.22 5,142.26 110,830.25 Qtr.II 68,091.40 19,152.65 48,938.76 26,326.86 22,186.62 635,646.86 308,050.08 322,392.50 5,204.29 120,419.44 Qtr.III 74,352.05 21,843.87 52,508.19 24,664.20 22,186.62 673,008.41 327,935.85 338,881.74 6,190.82 129,191.54 Qtr.IV 89,611.48 26,493.67 63,117.81 25,121.57 22,186.62 714,685.11 346,314.30 359,418.93 8,951.88 137,783.39 2018/19 Qtr.I 91,062.85 27,496.50 63,566.35 30,835.45 22,567.12 731,013.59 355,971.41 364,102.91 10,939.27 151,722.28 QII 85,123.08 28,156.45 56,966.63 28,357.05 22,521.73 779,265.80 392,263.57 378,472.13 8,530.10 165,243.37 Second Quarter 2018/19 79 National Bank of Ethiopia Quarterly Bulletin

table 2(b): Statement of Condition of Commercial Banks: liabilities (In Millions of Birr) End of Period Total (Liab.= Assets) Non-Central Gov't Deposits Gov't Depos. Foreign Liab. Capital Account Other Liab. Total (3+4+5) Demand Time Saving Total (9+10+11) Capital Legal Reserve Others 1 2 3 4 5 6 7 8 9 10 11 12 2007/08 Qtr.I 89,728.17 45,987.14 17,473.75 3,518.97 24,994.42 8,168.85 2,113.06 7,946.79 6,022.73 695.08 1,228.98 25,512.32 Qtr.II 95,673.86 47,523.93 17,472.88 3,750.36 26,300.69 9,082.98 2,221.78 8,502.57 6,230.90 715.86 1,555.81 28,342.59 Qtr.III 101,744.62 49,881.89 18,402.82 3,649.27 27,829.80 9,410.19 2,384.41 9,480.25 6,372.34 755.06 2,352.85 30,587.89 Qtr.IV 106,633.30 51,175.42 18,343.64 3,354.13 29,477.65 8,978.26 2,301.87 8,692.68 6,650.58 1,160.15 881.95 35,485.08 2008/09 Qtr.I 108,674.58 56,010.62 21,545.78 3,001.17 31,463.68 8,410.60 2,315.51 9,645.17 6,733.48 1,230.03 1,681.66 32,292.69 Qtr.II 121,011.72 59,279.79 23,758.17 2,977.84 32,543.78 10,336.00 2,854.59 10,537.09 7,140.83 1,251.78 2,144.49 38,004.24 Qtr.III 124,181.95 62,157.88 24,447.53 3,051.31 34,659.04 11,766.01 2,801.54 11,577.30 7,188.23 1,251.88 3,137.19 35,879.23 Qtr.IV 145,083.89 64,134.18 23,737.09 3,248.37 37,148.72 10,450.06 3,076.51 10,286.27 7,289.87 1,817.11 1,179.29 57,136.87 2009/10 Qtr.I 143,172.15 69,799.47 26,482.89 3,502.06 39,814.53 10,193.02 3,856.62 11,615.74 7,351.48 1,864.96 2,399.30 47,707.30 Qtr.II 153,698.31 70,853.05 25,540.12 3,498.80 41,814.13 12,446.66 3,690.78 12,382.87 7,779.28 1,999.39 2,604.20 54,324.95 Qtr.III 165,187.35 76,068.96 28,137.85 3,568.66 44,362.45 14,542.87 3,960.93 13,733.68 7,988.50 1,999.39 3,745.79 56,880.92 Qtr.IV 157,925.83 81,081.39 29,083.62 3,956.21 48,041.57 13,742.50 3,254.28 12,410.85 8,104.15 2,627.14 1,679.56 47,436.80 2010/11 Qtr.I 166,996.99 85,850.72 30,488.06 3,901.29 51,461.37 13,830.65 4,246.06 16,074.71 8,251.77 2,800.15 5,022.79 46,994.83 Qtr.II 181,873.22 90,753.82 33,017.73 3,860.06 53,876.03 17,847.47 4,942.59 15,372.02 8,814.85 2,875.59 3,681.59 52,957.32 Qtr.III 210,324.55 101,160.55 36,557.44 4,462.70 60,140.41 22,023.33 5,595.24 17,203.71 8,993.68 2,875.59 5,334.44 64,341.73 Qtr.IV 225,905.26 114,155.42 44,949.45 4,666.41 64,539.56 20,240.72 5,715.48 15,598.31 9,352.30 3,720.04 2,525.97 70,195.32 2011/12 Qtr.I 231,095.73 119,908.86 47,241.19 4,679.92 67,987.76 20,211.73 6,441.17 18,039.70 9,463.93 3,873.96 4,701.81 66,494.27 Qtr.II 255,231.76 120,849.46 44,105.79 5,165.29 71,578.38 27,669.07 8,419.69 20,118.90 10,273.75 4,082.96 5,762.20 78,174.64 Qtr.III 276,293.75 135,663.57 49,133.42 10,136.38 76,393.77 30,994.76 7,392.24 23,505.51 10,588.88 4,082.96 8,833.67 78,737.68 Qtr.IV 333,219.25 152,894.71 58,345.81 12,061.06 82,487.84 28,207.85 5,484.21 26,333.75 10,766.19 4,341.88 11,225.68 120,298.72 2012/13 Qtr.I 312,287.41 154,727.02 55,112.80 12,112.46 87,501.75 29,560.96 5,873.98 22,096.52 10,848.48 5,848.45 5,399.59 100,028.94 Qtr.II 328,113.27 163,882.22 57,818.51 12,930.05 93,133.66 35,693.26 6,078.30 23,819.49 11,410.19 6,095.88 6,313.43 98,639.99 Qtr.III 374,030.25 181,078.62 66,836.46 13,515.66 100,726.49 34,173.15 6,038.08 26,732.87 11,848.34 6,095.79 8,788.74 126,007.54 Qtr.IV 369,381.17 189,762.82 69,253.31 14,278.69 106,230.82 39,111.79 7,515.18 23,668.93 16,207.65 3,737.13 3,724.15 109,322.44 2013/14 Qtr.I 361,867.96 196,546.98 67,873.86 15,611.58 113,061.54 30,347.65 7,787.68 27,244.86 16,648.31 4,289.25 6,307.29 99,940.79 Qtr.II 375,115.34 208,389.34 69,703.14 15,928.74 122,757.46 35,196.57 7,933.50 29,890.38 18,021.29 4,432.14 7,436.95 93,705.55 Qtr.III 397,656.63 223,632.13 71,185.39 17,192.59 135,254.15 41,483.14 7,843.13 34,089.20 19,040.22 4,452.88 10,596.10 90,609.01 Qtr.IV 422,868.05 244,630.10 80,947.33 17,872.27 145,810.51 39,210.84 7,995.09 28,116.57 19,412.60 4,874.11 3,829.87 102,915.44 2014/15 Qtr.I 427,229.91 253,720.44 79,404.57 18,878.38 155,437.49 34,524.85 7,599.61 33,579.69 19,576.17 6,809.31 7,194.22 97,805.31 Qtr.II 453,125.86 267,761.37 82,145.60 21,324.70 164,291.07 41,958.38 7,784.85 35,980.61 20,786.66 7,102.85 8,091.10 99,640.66 Qtr.III 486,381.01 288,748.61 87,992.92 37,731.13 163,024.57 39,876.94 7,985.81 41,100.74 21,089.10 7,150.07 12,861.57 108,668.91 Qtr.IV 518,500.38 310,905.47 94,282.90 41,990.59 174,631.98 47,597.57 8,326.57 46,345.99 21,607.18 7,657.37 17,081.44 105,324.78 2015/16 Qtr.I 526,676.42 321,277.08 94,511.03 44,846.83 181,919.21 44,750.57 8,351.74 40,988.33 21,854.91 10,061.03 9,072.39 111,308.70 Qtr.II 566,305.74 333,108.04 95,784.87 45,039.02 192,284.15 54,814.93 9,418.30 44,605.48 22,365.60 10,260.55 11,979.33 124,358.98 Qtr.III 600,721.98 346,500.77 97,666.68 47,318.84 201,515.25 55,903.51 10,021.13 50,099.86 23,925.73 10,503.55 15,670.58 138,196.72 Qtr.IV 632,985.63 378,580.10 111,923.51 49,622.31 217,034.28 48,275.36 9,880.50 54,282.67 24,741.97 11,066.22 18,474.49 141,967.00 2016/17 Qtr.I 657,560.82 395,283.96 114,563.30 52,113.56 228,607.10 48,122.05 10,224.60 48,306.09 25,430.72 13,555.78 9,319.59 155,624.12 Qtr.II 686,854.36 422,592.69 122,551.62 56,019.12 244,021.95 59,973.04 9,442.47 53,837.72 25,907.50 14,058.71 13,871.51 141,008.44 Qtr.III 739,896.00 459,035.83 134,885.28 59,330.90 264,819.66 59,514.06 9,775.09 58,827.88 28,022.68 14,160.64 16,644.56 152,743.14 Qtr.IV 816,370.77 499,497.48 142,883.04 63,182.74 293,431.70 57,431.90 10,818.77 91,591.79 60,893.89 9,875.33 20,822.57 157,030.82 2017/18 Qtr.I 834,576.37 528,377.97 155,587.95 65,890.63 306,899.39 57,282.65 11,920.65 82,506.03 61,439.56 11,571.16 9,495.31 154,489.07 Qtr.II 872,671.18 557,368.92 161,094.75 71,726.79 324,547.38 65,662.50 15,190.78 82,934.75 62,190.72 12,080.49 8,663.54 151,514.23 Qtr.III 923,402.82 605,324.66 178,222.22 74,478.38 352,624.07 66,838.21 14,436.48 88,987.79 63,762.86 12,299.12 12,925.81 147,815.69 Qtr.IV 989,388.16 654,155.59 194,737.37 76,868.79 382,549.43 60,390.64 14,504.75 95,507.04 66,196.61 12,595.70 16,714.73 164,830.14 2018/19 Qtr.I 1,027,201.29 668,751.40 182,882.17 78,698.46 407,170.77 66,445.07 14,163.89 94,700.64 67,062.59 14,917.55 12,720.51 183,140.28 QII 1,080,511.02 696,969.21 185,405.32 81,465.14 430,098.75 78,865.30 15,913.29 103,262.58 69,816.60 16,293.97 17,152.00 185,500.64 80 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

table 3(a): Consolidated Statement of Condition of Development Bank of Ethipia: assets (In Millions of Birr) End of Period Cash & Banks Foreign Assets Claims on Central Gov't Claims on Non-Central Gov't Other Assets Total Total Assets Public Enterprise Cooperatives 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 7,911.06 2009/10 Qtr.I 205.29 549.70 219.42 7,135.13 597.47 164.88 6,372.78 720.57 8,830.11 Qtr.II 303.62 595.20 218.83 7,671.64 582.63 246.00 6,843.01 1,103.73 9,893.01 Qtr.III 219.98 1,513.01 203.02 8,068.25 609.20 235.01 7,224.04 1,147.57 11,151.83 Qtr.IV 422.78 1,023.91 184.92 8,787.24 699.57 202.47 7,885.20 919.24 11,338.08 2010/11 Qtr.I 505.43 1,058.79 184.92 8,952.77 703.88 143.97 8,104.93 1,140.16 11,842.07 Qtr.II 200.52 1,031.98 184.92 9,516.13 711.06 226.46 8,578.61 736.37 11,669.91 Qtr.III 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.IV 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 2011/12 Qtr.I 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.II 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.III 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 Qtr.IV 810.38 1,175.29 176.42 10,355.88 928.65 202.34 9,224.88 995.52 13,513.49 2012/13 Qtr.I 710.96 1,122.00 7,866.42 15,323.90 1,385.16 102.91 13,835.83 1,867.93 26,891.21 Qtr.II 400.61 794.52 7,832.51 16,707.86 1,770.72 147.06 14,790.08 1,341.19 27,076.70 Qtr.III 281.13 190.20 8,814.41 17,657.91 1,910.88 196.39 15,550.65 856.25 27,799.89 Qtr.IV 379.77 457.00 9,819.44 17,928.90 1,660.21 87.79 16,180.91 1,374.79 29,959.90 2013/14 Qtr.I 1,948.03 350.90 8,425.93 18,556.52 1,791.63 78.99 16,685.89 1,723.32 31,004.70 Qtr.II 380.83 1,575.49 9,664.19 20,103.24 1,880.18 152.18 18,070.87 1,905.11 33,628.87 Qtr.III 535.83 1,888.62 9,807.16 18,542.19 1,930.05 108.33 16,503.81 2,545.42 33,319.20 Qtr.IV 1,156.66 1,890.59 11,337.60 21,443.02 2,003.46 63.56 19,376.00 1,971.93 37,799.81 2014/15 Qtr.I 1,175.45 1,511.30 13,148.05 20,197.59 1,996.89 54.11 18,146.59 2,550.90 38,583.28 Qtr.II 544.45 1,744.17 13,141.88 21,381.44 2,019.13 184.95 19,177.37 2,648.93 39,460.87 Qtr.III 1,143.62 1,803.01 13,112.08 22,224.86 2,002.19 165.61 20,057.07 2,719.16 41,002.74 Qtr.IV 1,173.92 1,635.37 13,289.06 25,677.84 2,675.48 130.93 22,871.43 2,343.58 44,119.75 2015/16 Qtr.I 1,175.45 1,511.30 13,148.05 20,197.59 1,996.89 54.11 18,146.59 2,550.90 38,583.28 Qtr.II 544.45 1,744.17 13,141.88 21,381.44 2,019.13 184.95 19,177.37 2,648.93 39,460.87 Qtr.III 1,143.62 1,803.01 13,112.08 22,224.86 2,002.19 165.61 20,057.07 2,719.16 41,002.74 Qtr.IV 1,173.92 1,635.37 13,289.06 25,677.84 2,675.48 130.93 22,871.43 2,343.58 44,119.75 2016/17 Qtr.I 2,434.51 2,430.84 15,836.85 29,770.27 2,838.72 104.12 26,827.43 3,846.72 54,319.19 Qtr.II 1,585.15 2,065.49 15,836.85 30,986.45 3,007.68 106.31 27,872.46 3,940.08 54,414.01 Qtr.III 1,462.81 2,849.59 15,816.87 31,734.09 2,765.88 107.49 28,860.71 4,032.03 55,895.39 Qtr.IV 1,232.72 3,225.53 15,816.87 31,590.85 2,632.74 108.69 28,849.42 5,223.28 57,089.25 2017/18 Qtr.I 824.85 2,902.01 15,816.87 32,396.06 2,605.80 127.06 29,663.20 5,273.55 57,213.34 Qtr.II 888.91 3,223.37 15,816.87 35,413.14 3,992.24 116.26 31,304.64 4,229.09 59,571.38 Qtr.III 1,049.8 4,813.1 15,796.9 37,322.9 4,081.2 108.8 33,132.8 6,278.0 65,260.8 Qtr.IV 2,703.06 4,387.68 32,797.34 39,155.36 4,113.94 438.25 34,603.17 4,804.21 83,847.64 2018/19 Qtr.I 956.91 4,783.60 32,796.90 40,801.82 4,158.57 487.14 36,156.11 4,950.16 84,289.39 QII 4,779.94 4,389.26 32,794.45 45,856.04 4,341.33 542.46 40,972.25 5,907.38 93,727.06 Second Quarter 2018/19 81 National Bank of Ethiopia Quarterly Bulletin

table 3(b): Consolidated Statement of Condition of Development Bank of Ethiopia: liablities (In Millions of Birr) End of Period Total Assets =Liab. Demand Deposits Time & Savings Deposits Capital Accounts Credit from Banks Credit from Gov't Foreign Advance & Loan Other Liability Total N.B.E Others Items 2007/08 Qtr.I 6,464.22 16.49 477.48 1,867.24 1,888.28 381.38 1,506.91 0.73 434.30 1,779.70 Qtr.II 6,866.96 37.08 400.44 1,883.01 2,087.51 381.38 1,706.13 0.73 457.07 2,001.12 Qtr.III 6,855.30 46.45 369.30 1,916.16 2,091.11 381.38 1,709.73 0.73 505.37 1,926.19 Qtr.IV 6,969.97 126.04 374.55 1,910.00 2,102.17 381.38 1,720.80 - 506.10 1,951.11 2008/09 Qtr.I 7,387.97 186.97 379.06 1,915.86 2,338.59 381.38 1,957.21 - 522.99 2,044.51 Qtr.II 7,643.45 141.72 381.25 1,943.46 2,340.03 381.38 1,958.66 - 522.99 2,314.00 Qtr.III 7,724.78 101.98 385.09 1,948.81 2,341.20 381.38 1,959.83 - 647.27 2,300.42 Qtr.IV 7,911.06 124.71 369.44 1,934.17 2,341.61 381.38 1,960.23 - 647.27 2,493.87 2009/10 Qtr.I 8,830.11 123.42 372.51 2,014.71 2,571.28 424.28 2,147.00 - 887.86 2,860.32 Qtr.II 9,893.01 75.21 368.93 1,943.13 3,028.71 424.28 2,604.43 - 900.46 3,576.57 Qtr.III 11,151.83 85.62 369.09 2,084.50 4,228.26 424.28 3,803.98 884.48 3,499.86 Qtr.IV 11,338.08 178.96 376.24 2,124.68 4,618.87 381.38 4,237.49 - 978.67 3,060.66 2010/11 Qtr.I 11,842.07 141.50 382.37 2,357.45 4,799.25 381.38 4,417.87 - 984.95 3,176.56 Qtr.II 11,669.91 235.16 384.03 2,223.63 4,951.89 381.38 4,570.51 - 908.98 2,966.22 Qtr.III 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.IV 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 2011/12 Qtr.I 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.II 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.III 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 Qtr.IV 13,513.49 414.91 373.25 2,224.88 6,403.06 381.38 6,021.69 - 997.65 3,099.73 2012/13 Qtr.I 26,891.21 374.79 384.09 2,738.96 17,154.13 642.47 16,511.66 - 1,209.71 5,029.53 Qtr.II 27,076.70 376.31 384.43 2,856.36 16,348.79 643.96 15,704.84 - 1,539.14 5,571.66 Qtr.III 27,799.89 355.69 375.75 3,157.21 18,741.44 739.97 18,001.47 - 1,771.24 4,360.49 Qtr.IV 29,959.90 347.35 380.85 3,150.26 20,889.93 610.14 20,279.79 - 2,301.22 2,677.78 2013/14 Qtr.I 31,004.70 298.98 390.46 3,390.94 21,434.53 17,667.54 3,766.99 - 2,371.60 2,922.88 Qtr.II 33,628.87 248.02 377.34 3,620.17 21,340.36 17,792.14 3,548.22 - 2,928.57 5,114.42 Qtr.III 33,319.20 348.34 378.01 3,763.50 21,746.54 18,101.57 3,644.98 - 3,105.66 3,977.49 Qtr.IV 37,799.81 634.91 376.94 3,567.64 27,234.63 20,851.57 6,383.06 - 3,409.38 2,576.31 2014/15 Qtr.I 38,583.28 656.73 380.48 3,895.22 25,430.93 22,551.57 2,879.37 - 3,621.73 4,598.20 Qtr.II 39,460.87 298.59 377.50 4,086.65 25,618.79 22,751.16 2,867.64 - 3,769.99 5,309.35 Qtr.III 41,002.74 300.40 376.13 4,082.93 26,599.74 23,451.57 3,148.17 - 3,880.62 5,762.93 Qtr.IV 44,119.75 427.25 376.39 4,255.64 27,411.00 23,951.57 3,459.43 - 4,030.99 7,618.49 2014/15 Qtr.I 47,977.82 445.92 375.43 7,688.46 27,369.19 23,857.00 3,512.19 - 4,018.53 8,080.30 Qtr.II 50,132.21 436.66 375.25 7,792.09 28,428.52 24,857.00 3,571.52 - 4,627.47 8,472.23 Qtr.III 51,587.15 1,006.51 376.27 7,858.82 28,464.89 24,935.93 3,528.96 - 4,727.40 9,153.27 Qtr.IV 52,696.45 1,040.13 376.63 7,968.72 29,328.36 29,251.50 76.86 - 4,726.81 9,255.80 2016/17 Qtr.I 54,319.19 1,251.79 381.92 7,834.36 31,771.85 31,711.64 60.21 - 4,795.67 8,283.60 Qtr.II 54,414.01 903.62 380.51 7,876.92 33,091.64 33,033.92 57.72 - 4,816.88 7,344.45 Qtr.III 55,895.39 868.19 120.03 7,960.91 34,190.12 34,131.51 58.61 - 4,826.26 7,929.88 Qtr.IV 57,089.25 948.38 122.21 7,918.92 34,984.44 34,309.69 674.75 - 4,822.20 8,293.11 2017/18 Qrt.I 57,213.34 915.76 126.04 8,032.78 35,365.33 35,304.91 60.42 - 5,096.40 7,677.04 Qtr.II 59,571.38 1,130.53 125.90 7,999.87 37,888.62 37,832.63 55.99 - 5,226.40 7,200.05 Qtr.III 65,260.76 1,102.03 125.95 8,048.34 40,102.10 40,043.12 58.98 - 6,291.98 9,590.37 Qtr.IV 83,847.64 1,081.46 125.29 8,043.84 58,125.10 58,064.08 61.02 - 6,849.05 9,622.90 2018/19 Qtr.I 84,289.39 867.51 129.39 7,461.41 58,247.52 58,185.11 62.41 - 8,111.85 9,471.70 Qrt.II 93,727.06 818.33 128.26 2,718.41 63,592.57 63,529.89 62.69 - 8,195.19 18,274.31 82 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

table 4: Money Supply and its Determinants (In Millions of Birr) End of Period Money and Quasi-Money Domestic Credit Net Foreign Assets Other Items Net Currency Outside Banks Net Demand Deposit Money Supply (1+2) QuasiMoney Total Volume (3+4) Total Credit (7+10) Net Claims on Gov't Claims on Non-Cen Gov't Total (8+9) Nat. Bank Comm. Banks 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 12,997.43 16,968.54 29,965.97 28,513.39 58,479.36 61,447.66 30,118.02 22,236.99 7,881.02 31,329.65 15,229.24 10,347.81 4,881.43 18,197.54 Qtr.II 14,445.79 16,652.00 31,097.79 30,051.05 61,148.84 67,400.14 32,245.35 25,254.37 6,990.98 35,154.79 14,210.43 10,067.38 4,143.05 20,461.73 Qtr.III 16,772.57 17,462.77 34,235.35 31,479.07 65,714.42 73,476.09 30,718.38 27,950.75 2,767.63 42,757.71 13,000.07 7,254.70 5,745.37 20,761.74 Qtr.IV 17,654.10 17,696.26 35,350.36 32,831.78 68,182.14 79,969.25 33,075.66 35,405.76 (2,330.10) 46,893.59 11,665.63 5,940.65 5,724.98 23,452.75 2008/09 Qtr.I 16,337.59 20,633.90 36,971.49 34,464.85 71,436.34 84,088.59 34,872.36 37,048.01 (2,175.65) 49,216.23 10,387.77 4,976.66 5,411.11 23,040.02 Qtr.II 17,432.87 22,949.25 40,382.11 35,521.62 75,903.73 85,327.66 31,944.38 36,733.14 (4,788.76) 53,383.28 10,233.46 6,137.41 4,096.05 19,657.39 Qtr.III 19,264.00 23,589.18 42,853.18 37,710.34 80,563.52 85,281.56 29,349.06 35,566.17 (6,217.11) 55,932.51 14,863.60 9,571.56 5,292.04 19,581.64 Qtr.IV 19,715.01 22,397.64 42,112.66 40,397.09 82,509.75 89,203.04 32,786.50 37,827.20 (5,040.70) 56,416.54 17,976.81 11,833.66 6,143.15 24,670.10 2009/10 Qtr.I 18,547.21 25,572.45 44,119.66 43,316.58 87,436.24 92,006.88 32,500.40 36,953.31 (4,452.91) 59,506.48 19,528.96 14,212.62 5,316.34 24,099.60 Qtr.II 21,755.84 24,372.26 46,128.10 45,312.93 91,441.03 92,946.17 28,555.82 35,824.91 (7,269.09) 64,390.35 20,793.03 14,752.59 6,040.45 22,298.18 Qtr.III 23,068.09 26,271.82 49,339.91 47,931.11 97,271.03 98,671.91 30,038.16 38,953.17 (8,915.01) 68,633.76 25,278.62 16,290.43 8,988.19 26,679.50 Qtr.IV 24,206.80 27,727.99 51,934.78 51,997.77 103,932.56 104,350.11 33,013.08 39,340.32 (6,327.24) 71,337.03 27,189.78 15,383.31 11,806.47 27,607.34 2010/11 Qtr.I 23,849.92 29,249.39 53,099.31 55,362.66 108,461.97 104,929.59 31,368.11 39,718.05 (8,349.93) 73,561.48 38,003.21 23,003.30 14,999.91 34,470.83 Qrt II 28,312.32 31,751.83 60,064.15 57,736.08 117,800.24 110,513.95 27,374.22 41,118.83 (13,744.61) 83,139.73 40,230.88 24,979.34 15,251.53 32,944.59 Qtr.III 30,534.69 35,171.96 65,706.66 64,603.11 130,309.77 121,221.73 23,583.78 40,653.91 (17,070.13) 97,637.96 45,638.10 30,084.47 15,553.63 36,550.06 Qtr.IV 32,574.88 43,596.12 76,171.00 69,205.97 145,376.97 142,320.42 28,651.65 45,323.71 (16,672.05) 113,668.76 55,534.68 32,856.00 22,678.68 52,478.12 2011/12 Qtr.I 32,073.62 46,068.57 78,142.18 72,667.68 150,809.86 143,503.46 20,343.12 36,433.18 (16,090.06) 123,160.34 55,479.84 39,355.70 16,124.13 48,173.44 Qtr.II 36,274.61 42,879.96 79,154.57 76,743.67 155,898.24 157,410.18 13,443.60 38,255.43 (24,811.83) 143,966.58 49,345.56 34,675.66 14,669.91 50,857.50 Qtr.III 37,727.68 47,246.43 84,974.11 86,530.15 171,504.25 182,607.91 15,673.90 43,600.37 (27,926.47) 166,934.01 45,771.85 24,524.05 21,247.79 56,875.50 Qtr.IV 38,537.14 56,312.74 94,849.88 94,548.90 189,398.78 202,148.96 21,557.41 45,344.08 (23,786.67) 180,591.55 39,787.69 21,254.33 18,533.36 52,537.88 2012/13 Qtr.I 37,917.53 54,544.75 92,462.28 99,614.21 192,076.50 198,914.63 16,480.84 37,529.91 (21,049.06) 182,433.79 39,304.60 24,995.84 14,308.76 46,142.73 Qtr.II 42,677.02 57,524.67 100,201.69 106,063.71 206,265.39 213,175.22 13,732.02 42,732.25 (29,000.23) 199,443.21 39,754.55 26,357.64 13,396.92 46,664.38 Qtr.III 45,142.40 66,203.30 111,345.70 114,242.15 225,587.85 233,163.88 12,792.18 41,557.83 (28,765.66) 220,371.71 46,981.49 29,607.54 17,373.94 54,557.52 Qtr.IV 45,681.67 69,052.38 114,734.05 120,509.51 235,243.56 252,247.88 21,965.52 55,377.34 (33,411.82) 230,282.36 45,639.62 24,645.62 20,994.00 62,643.94 2013/14 Qtr.I 40,872.49 67,625.20 108,497.69 128,673.13 237,170.82 257,924.26 21,574.78 47,833.32 (26,258.54) 236,349.48 38,325.10 23,406.69 14,918.40 59,078.54 Qtr.II 44,085.69 69,579.58 113,665.27 138,686.20 252,351.47 280,465.92 18,308.87 50,041.39 (31,732.52) 262,157.05 33,534.49 21,297.01 12,237.48 61,648.94 Qtr.III 49,975.27 71,046.94 121,022.21 152,446.74 273,468.95 302,986.96 20,844.63 60,573.97 (39,729.34) 282,142.33 36,763.33 23,444.00 13,319.32 66,281.33 Qtr.IV 53,176.03 80,887.76 134,063.78 163,682.78 297,746.56 326,066.87 26,929.74 64,510.91 (37,581.17) 299,137.13 45,972.30 26,713.89 19,258.41 74,292.61 2014/15 Qtr.I 50,782.73 79,355.45 130,138.19 174,315.87 304,454.06 336,541.23 25,470.01 58,767.36 (33,297.35) 311,071.22 39,063.23 27,065.83 11,997.40 71,150.40 Qtr.II 58,128.86 82,081.55 140,210.40 185,615.77 325,826.17 367,313.10 23,581.11 64,293.14 (40,712.03) 343,731.98 39,409.45 28,393.45 11,015.99 80,896.38 Qtr.III 60,465.03 87,943.76 148,408.79 200,755.69 349,164.48 397,130.29 21,241.99 59,866.59 (38,624.59) 375,888.30 35,516.90 27,640.58 7,876.32 83,482.71 Qtr.IV 60,460.92 94,245.42 154,706.34 216,622.57 371,328.91 430,840.39 30,735.25 77,076.80 (46,341.55) 400,105.14 37,570.95 29,973.37 7,597.57 97,082.42 2015/16 Qtr.I 59,407.73 94,503.33 153,911.06 226,766.04 380,677.10 436,496.83 24,072.01 67,917.15 (43,845.14) 412,424.83 36,192.52 29,081.21 7,111.31 92,012.25 Qtr.II 63,507.06 95,784.79 159,291.85 237,323.17 396,615.02 469,781.03 25,008.45 78,917.95 (53,909.50) 444,772.58 31,444.63 22,494.68 8,949.94 104,610.63 Qtr.III 65,623.75 97,666.63 163,290.39 248,834.10 412,124.48 498,840.49 29,582.00 84,580.08 (54,998.07) 469,258.48 25,157.52 13,862.23 11,295.29 111,873.52 Qtr.IV 66,686.17 111,923.49 178,609.66 266,656.59 445,266.25 531,957.89 47,548.36 95,038.07 (47,489.71) 484,409.53 21,524.19 10,506.42 11,017.77 108,215.83 2016/17 Qtr.I 68,485.09 114,563.29 183,048.38 280,720.66 463,769.04 547,900.98 49,852.85 97,420.62 (47,567.77) 498,048.14 14,357.85 3,466.44 10,891.41 98,489.79 Qtr.II 73,702.55 122,551.62 196,254.17 300,041.07 496,295.24 577,812.91 45,593.96 105,012.72 (59,418.76) 532,218.95 16,470.24 5,541.88 10,928.36 97,987.92 Qtr.III 75,177.93 134,885.28 210,063.21 324,150.56 534,213.77 618,691.36 51,572.27 110,556.05 (58,983.78) 567,119.09 25,495.21 14,294.70 11,200.51 109,972.80 Qtr.IV 73,917.75 142,883.04 216,800.79 356,614.44 573,415.22 690,668.59 85,441.85 120,891.04 (35,449.19) 605,226.75 38,034.79 23,977.03 14,057.76 155,288.16 2017/18 Qtr.I 73,927.01 155,587.95 229,514.96 372,790.02 602,304.98 712,905.00 96,221.26 131,295.09 (35,073.83) 616,683.74 30,984.60 17,651.86 13,332.74 141,584.62 Qtr.II 86,784.15 161,094.75 247,878.90 396,274.17 644,153.07 758,470.30 99,972.02 143,447.90 (43,475.88) 658,498.28 22,527.90 11,391.82 11,136.08 136,845.13 Qtr.III 90,594.76 178,222.22 268,816.98 427,102.45 695,919.43 793,412.62 96,602.32 141,253.91 (44,651.59) 696,810.30 35,993.32 25,765.59 10,227.72 133,486.51 Qtr.IV 86,417.30 194,737.37 281,154.67 459,418.22 740,572.89 855,028.77 102,002.83 140,206.86 (38,204.03) 753,025.94 39,376.20 28,759.38 10,616.82 153,832.08 2018/19 Qtr.I 83,380.01 182,882.17 266,262.18 485,869.24 752,131.42 870,272.56 103,205.53 147,083.49 (43,877.95) 767,067.02 37,942.27 21,270.71 16,671.56 156,083.41 QII 92,192.58 185,405.32 277,597.90 511,563.89 789,161.79 921,386.87 98,558.46 154,902.04 (56,343.57) 822,828.41 23,507.72 11,063.97 12,443.76 155,732.81 Second Quarter 2018/19 83 National Bank of Ethiopia Quarterly Bulletin

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

table 6: international Reserves and Net foreign assets of National Bank & Commercial Banks (In Millions of Birr) End of Period Gross Reserve Foreign Liabilities Net Foreign Assets National Bank of Ethiopia international Reserves Comm. Banks Reserve Gross Reserves NBE Total Gold Foreign Exc. Others Reserve Tranche Posi. Total Liab. Comm. Banks NBE Total NBE Comm. Banks 1=2+6 2=3 to 5 3 4 5 6 7=8+9 8 9 10=11+12 11=2-9 12=6-8 2007/08 Qtr.I 20,016.34 13,021.85 375.82 12,080.02 463.88 102.13 6,994.50 4,787.11 2,113.06 2,674.04 15,229.24 10,347.81 4,881.43 Qtr.II 19,194.15 12,829.31 491.81 11,759.64 472.18 105.68 6,364.83 4,983.72 2,221.78 2,761.94 14,210.43 10,067.38 4,143.05 Qtr.III 19,005.66 10,875.89 502.52 9,772.72 486.96 113.69 8,129.78 6,005.59 2,384.41 3,621.19 13,000.07 7,254.70 5,745.37 Qtr.IV 16,735.51 8,708.66 5.47 8,093.97 495.26 113.96 8,026.85 5,069.87 2,301.87 2,768.01 11,665.63 5,940.65 5,724.98 2008/09 Qtr.I 16,363.33 8,636.72 15.01 8,010.33 500.60 110.78 7,726.62 5,975.57 2,315.51 3,660.06 10,387.77 4,976.66 5,411.11 Qtr.II 16,211.07 9,260.43 81.90 8,551.39 515.01 112.13 6,950.64 5,977.61 2,854.59 3,123.02 10,233.46 6,137.41 4,096.05 Qtr.III 21,378.52 13,284.94 8.60 12,580.96 574.93 120.45 8,093.58 6,514.92 2,801.54 3,713.38 14,863.60 9,571.56 5,292.04 Qtr.IV 26,434.27 17,214.61 18.17 16,488.13 580.86 127.45 9,219.66 8,457.46 3,076.51 5,380.94 17,976.81 11,833.66 6,143.15 2009/10 Qtr.I 31,435.10 22,262.14 120.26 21,002.66 995.32 143.91 9,172.96 11,906.14 3,856.62 8,049.53 19,528.96 14,212.62 5,316.34 Qtr.II 33,176.91 23,445.68 287.33 22,018.26 995.76 144.34 9,731.23 12,383.88 3,690.78 8,693.10 20,793.03 14,752.59 6,040.45 Qtr.III 40,235.07 27,285.95 267.70 24,480.32 2,389.76 148.18 12,949.12 14,956.45 3,960.93 10,995.53 25,278.62 16,290.43 8,988.19 Qtr.IV 42,350.09 27,289.34 443.30 23,490.22 3,210.12 145.70 15,060.75 15,160.31 3,254.28 11,906.03 27,189.78 15,383.31 11,806.47 2010/11 Qtr.I 55,098.19 35,852.22 490.52 31,229.17 3,948.22 184.31 19,245.97 17,094.98 4,246.06 12,848.92 38,003.21 23,003.30 14,999.91 Qrt.II 60,236.11 40,042.00 444.17 34,418.71 4,994.49 184.63 20,194.12 20,005.24 4,942.59 15,062.65 40,230.88 24,979.34 15,251.53 Qtr.III 66,516.18 45,367.31 1,636.24 38,413.88 5,124.86 192.33 21,148.87 20,878.08 5,595.24 15,282.84 45,638.10 30,084.47 15,553.63 Qtr.IV 79,945.54 51,551.39 1,395.23 44,738.80 5,221.68 195.67 28,394.16 24,410.87 5,715.48 18,695.39 55,534.68 32,856.00 22,678.68 2011/12 Qtr.I 82,289.50 59,724.20 1,037.56 53,248.95 5,242.45 195.24 22,565.30 26,809.66 6,441.17 20,368.49 55,479.84 39,355.70 16,124.13 Qtr.II 75,054.99 51,965.40 479.44 46,056.19 5,236.48 193.30 23,089.59 25,709.43 8,419.69 17,289.74 49,345.56 34,675.66 14,669.91 Qtr.III 68,989.93 40,349.89 669.26 34,192.43 5,292.44 195.77 28,640.04 23,218.08 7,392.24 15,825.84 45,771.85 24,524.05 21,247.79 Qtr.IV 64,119.02 40,101.45 2,038.08 32,528.76 5,339.29 195.32 24,017.57 24,331.33 5,484.21 18,847.12 39,787.69 21,254.33 18,533.36 2012/13 Qtr.I 64,490.48 44,307.75 (24.32) 38,671.89 5,458.67 201.51 20,182.74 25,185.88 5,873.98 19,311.91 39,304.60 24,995.84 14,308.76 Qtr.II 66,096.15 46,620.93 1,964.27 38,926.61 5,526.08 203.98 19,475.22 26,341.60 6,078.30 20,263.30 39,754.55 26,357.64 13,396.92 Qtr.III 73,770.07 50,358.05 1,310.29 43,334.32 5,512.02 201.42 23,412.02 26,788.59 6,038.08 20,750.51 46,981.49 29,607.54 17,373.94 Qtr.IV 72,649.20 44,140.03 2,253.17 36,078.39 5,606.69 201.78 28,509.18 27,009.59 7,515.18 19,494.41 45,639.62 24,645.62 20,994.00 2013/14 Qtr.I 69,177.60 46,471.52 2,656.15 37,900.27 5,705.18 209.91 22,706.08 30,852.50 7,787.68 23,064.82 38,325.10 23,406.69 14,918.40 Qtr.II 69,684.03 49,513.05 1,522.50 41,971.87 5,804.38 214.30 20,170.98 36,149.54 7,933.50 28,216.04 33,534.49 21,297.01 12,237.48 Qtr.III 67,001.19 45,838.73 1,333.55 38,439.61 5,848.52 217.05 21,162.46 30,237.86 7,843.13 22,394.73 36,763.33 23,444.00 13,319.32 Qtr.IV 77,877.97 50,624.47 1,217.59 43,237.44 5,951.02 218.41 27,253.50 31,905.67 7,995.09 23,910.57 45,972.30 26,713.89 19,258.41 2014/15 Qtr.I 72,152.41 52,555.40 1,217.59 45,256.47 5,866.25 215.08 19,597.01 33,089.18 7,599.61 25,489.57 39,063.23 27,065.83 11,997.40 Qtr.II 93,641.42 74,840.58 741.24 67,914.12 5,867.87 317.35 18,800.84 54,231.97 7,784.85 46,447.12 39,409.45 28,393.45 11,015.99 Qtr.III 80,014.15 64,152.02 206.89 57,837.68 5,800.34 307.11 15,862.13 44,497.25 7,985.81 36,511.44 35,516.90 27,640.58 7,876.32 Qtr.IV 82,741.82 66,817.67 79.30 60,856.52 5,566.59 315.26 15,924.15 45,170.87 8,326.57 36,844.30 37,570.95 29,973.37 7,597.57 2015/16 Qtr.I 80,548.64 65,085.59 (101.65) 59,349.29 5,519.27 318.69 15,463.04 44,356.12 8,351.74 36,004.39 36,192.52 29,081.21 7,111.31 Qtr.II 102,594.72 84,226.48 222.87 78,442.72 5,241.83 319.06 18,368.24 71,150.10 9,418.30 61,731.80 31,444.63 22,494.68 8,949.94 Qtr.III 94,205.95 72,889.54 1,136.99 66,362.68 5,064.22 325.65 21,316.42 69,048.43 10,021.13 59,027.31 25,157.52 13,862.23 11,295.29 Qtr.IV 95,054.99 74,156.73 1,113.92 67,851.69 4,859.62 331.50 20,898.27 73,530.80 9,880.50 63,650.30 21,524.19 10,506.42 11,017.77 2016/17 Qtr.I 96,065.61 74,949.60 8.43 69,963.93 4,641.20 336.04 21,116.01 81,707.76 10,224.60 71,483.16 14,357.85 3,466.44 10,891.41 Qtr.III 92,768.28 72,397.44 1,139.58 66,561.06 4,370.15 326.66 20,370.84 76,298.03 9,442.47 66,855.56 16,470.24 5,541.88 10,928.36 Qtr.III 91,850.16 70,874.56 1,135.37 61,851.06 7,550.46 337.66 20,975.60 66,354.95 9,775.09 56,579.86 25,495.21 14,294.70 11,200.51 Qtr.IV 98,750.85 73,874.32 741.33 68,851.84 3,931.73 349.42 24,876.54 60,716.07 10,818.77 49,897.29 38,034.79 23,977.03 14,057.76 2017/18 Qtr.I 93,889.81 68,636.42 0.01 64,643.51 3,633.38 359.52 25,253.39 62,905.21 11,920.65 50,984.56 30,984.60 17,651.86 13,332.74 Qtr.II 108,580.90 82,254.04 0.01 77,584.06 4,249.63 420.35 26,326.86 86,053.00 15,190.78 70,862.22 22,527.90 11,391.82 11,136.08 Qtr.III 109,952.13 85,287.93 81.43 80,464.52 4,309.30 432.67 24,664.20 73,958.81 14,436.48 59,522.34 35,993.32 25,765.59 10,227.72 Qtr.IV 102,738.94 77,617.37 750.54 72,217.34 4,231.09 418.41 25,121.57 63,362.74 14,504.75 48,857.99 39,376.20 28,759.38 10,616.82 2018/19 Qtr.I 134,142.53 103,307.08 750.99 97,678.76 4,455.23 422.10 30,835.45 96,200.25 14,163.89 82,036.37 37,942.27 21,270.71 16,671.56 QII 139,330.76 110,973.71 750.54 105,145.06 4,654.41 423.72 28,357.05 115,823.04 15,913.29 99,909.75 23,507.72 11,063.97 12,443.76 Second Quarter 2018/19 85 National Bank of Ethiopia Quarterly Bulletin

table 7: Domestic Credit by Sector (In Millions of Birr) End of Period Gross Domestic Credit Claims on Central Gov't Claims on Non-Central Gov't Total NBE Comm. Banks Total Loans & Advances Investments 1=2+5 2=3+4 3 4 5=6+7 6 7 2007/08 Qtr.I 77,648.79 46,319.15 30,269.27 16,049.88 31,329.65 22,920.83 8,408.81 Qtr.II 83,224.02 48,069.23 31,995.27 16,073.96 35,154.79 25,761.00 9,393.79 Qtr.III 88,852.79 46,095.08 33,917.27 12,177.81 42,757.71 31,682.65 11,075.06 Qtr.IV 95,104.83 48,211.24 41,563.08 6,648.16 46,893.59 33,600.67 13,292.93 2008/09 Qtr.I 99,722.15 50,505.92 44,270.98 6,234.94 49,216.23 34,397.64 14,818.58 Qtr.II 101,879.50 48,496.21 42,948.98 5,547.24 53,383.28 35,946.71 17,436.57 Qtr.III 103,730.38 47,797.88 42,248.98 5,548.90 55,932.51 37,079.81 18,852.70 Qtr.IV 106,324.63 49,908.09 44,498.73 5,409.36 56,416.54 38,802.03 17,614.51 2009/10 Qtr.I 109,573.22 50,066.74 44,326.63 5,740.11 59,506.48 39,701.38 19,805.10 Qtr.II 113,178.74 48,788.40 43,610.83 5,177.56 64,390.35 44,092.84 20,297.50 Qtr.III 120,251.34 51,617.59 45,989.73 5,627.86 68,633.76 46,900.67 21,733.09 Qtr.IV 124,275.08 52,938.05 45,522.78 7,415.27 71,337.03 47,540.18 23,796.85 2010/11 Qtr.I 127,025.88 53,464.40 47,983.68 5,480.72 73,561.48 48,436.98 25,124.50 Qrt.II 137,731.17 54,591.45 50,488.58 4,102.86 83,139.73 55,653.80 27,485.93 Qtr.III 154,521.74 56,883.78 51,930.58 4,953.20 97,637.96 62,088.83 35,549.12 Qtr.IV 172,852.07 59,183.31 55,614.64 3,568.67 113,668.76 68,121.31 45,547.45 2011/12 Qtr.I 182,848.50 59,688.15 55,566.48 4,121.67 123,160.34 72,379.01 50,781.33 Qtr.II 202,386.30 58,419.72 55,562.48 2,857.24 143,966.58 85,795.45 58,171.12 Qrt.III 225,564.77 58,630.77 55,562.48 3,068.28 166,934.01 100,478.28 66,455.73 Qtr.IV 240,575.21 59,983.66 55,562.48 4,421.18 180,591.55 107,119.04 73,472.51 2012/13 Qtr.I 246,456.06 64,022.27 55,510.38 8,511.89 182,433.79 106,583.93 75,849.86 Qtr.II 261,646.62 62,203.41 55,510.38 6,693.03 199,443.21 115,716.08 83,727.13 Qtr.III 285,289.57 64,917.87 59,510.38 5,407.49 220,371.71 128,230.09 92,141.62 Qtr.IV 300,492.71 70,210.35 64,510.38 5,699.97 230,282.36 130,885.39 99,396.97 2013/14 Qtr.I 304,819.92 68,470.44 64,381.33 4,089.11 236,349.48 129,713.99 106,635.50 Qtr.II 330,002.44 67,845.38 64,381.33 3,464.05 262,157.05 144,359.46 117,797.59 Qtr.III 357,277.46 75,135.14 73,381.33 1,753.80 282,142.33 155,798.24 126,344.08 Qtr.IV 374,071.19 74,934.06 73,304.39 1,629.68 299,137.13 162,232.83 136,904.30 2014/15 Qtr.I 385,474.06 74,402.84 73,175.34 1,227.50 311,071.22 166,392.07 144,679.15 Qtr.II 423,153.67 79,421.69 78,175.34 1,246.35 343,731.98 184,727.66 159,004.32 Qtr.III 458,315.98 82,427.69 81,175.34 1,252.35 375,888.30 202,409.27 173,479.03 Qtr.IV 493,536.50 93,431.36 92,175.34 1,256.02 400,105.14 208,858.92 191,246.21 2015/16 Qtr.I 512,987.60 100,562.77 99,657.34 905.43 412,424.83 212,528.02 199,896.80 Qtr.II 550,335.35 105,562.77 104,657.34 905.43 444,772.58 231,803.76 212,968.82 Qtr.III 574,821.26 105,562.77 104,657.34 905.43 469,258.48 244,256.61 225,001.87 Qtr.IV 594,275.57 109,866.05 109,080.40 785.65 484,409.53 252,456.25 231,953.28 2016/17 Qtr.I 614,243.26 116,195.13 115,640.85 554.28 498,048.14 257,176.06 240,872.08 Qtr.II 653,414.08 121,195.13 120,640.85 554.28 532,218.95 279,303.53 252,915.43 Qtr.III 697,290.22 130,171.13 129,640.85 530.28 567,119.09 299,213.06 267,906.04 Qtr.IV 762,842.31 157,615.56 135,632.85 21,982.71 605,226.75 311,137.51 294,089.24 2017/18 Qtr.I 789,525.40 172,841.67 150,632.85 22,208.82 616,683.74 316,104.52 300,579.22 Qtr.II 840,813.75 182,315.46 160,128.85 22,186.62 658,498.28 336,105.79 322,392.50 Qtr.III 879,125.76 182,315.46 160,128.85 22,186.62 696,810.30 357,928.56 338,881.74 Qtr.IV 935,341.40 182,315.46 160,128.85 22,186.62 753,025.94 393,607.01 359,418.93 2018/19 Qtr.I 956,319.44 189,252.41 166,685.30 22,567.12 767,067.02 402,964.12 364,102.91 QII 1,024,035.43 201,207.02 178,685.30 22,521.73 822,828.41 444,356.28 378,472.13 86 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

table 8: Deposits by type and Sector (In Millions of Birr) End of Period Total Deposits Non-Central Gov't Deposits with CBs Central Gov't Dep. with Total Net Demand Deposit Savings Deposit Time Dep. (30 days & over) Total National Bank Comm. Banks 1=2+6 2=3 to 5 3 4 5 6=7+8 7 8 2007/08 Qtr.I 61,683.06 45,481.93 16,968.54 24,994.43 3,518.97 16,201.13 8,032.28 8,168.85 Qtr.II 62,526.95 46,703.07 16,652.00 26,300.71 3,750.36 15,823.89 6,740.91 9,082.98 Qtr.III 64,318.55 48,941.84 17,462.77 27,829.80 3,649.27 15,376.71 5,966.52 9,410.19 Qtr.IV 65,663.61 50,528.03 17,696.26 29,477.65 3,354.13 15,135.58 6,157.32 8,978.26 2008/09 Qtr.I 70,732.30 55,098.74 20,633.90 31,463.68 3,001.17 15,633.56 7,222.97 8,410.60 Qtr.II 75,022.70 58,470.86 22,949.25 32,543.78 2,977.84 16,551.83 6,215.84 10,336.00 Qtr.III 79,748.34 61,299.52 23,589.18 34,659.04 3,051.31 18,448.82 6,682.81 11,766.01 Qtr.IV 79,916.41 62,794.83 22,397.64 37,148.81 3,248.37 17,121.59 6,671.53 10,450.06 2009/10 Qtr.I 86,455.99 68,889.65 25,572.45 39,815.15 3,502.06 17,566.34 7,373.32 10,193.02 Qtr.II 89,917.82 69,685.24 24,372.26 41,814.19 3,498.80 20,232.57 7,785.92 12,446.66 Qtr.III 95,782.45 74,203.02 26,271.82 44,362.54 3,568.66 21,579.43 7,036.56 14,542.87 Qtr.IV 99,652.87 79,727.91 27,727.99 48,043.71 3,956.21 19,924.97 6,182.46 13,742.50 2010/11 Qtr.I 107,047.07 84,950.78 29,584.52 51,464.97 3,901.29 22,096.29 8,265.64 13,830.65 Qrt.II 116,681.78 89,464.56 31,725.01 53,879.49 3,860.06 27,217.22 9,369.75 17,847.47 Qtr.III 132,852.12 99,552.12 34,948.61 60,140.80 4,462.70 33,300.00 11,276.68 22,023.33 Qtr.IV 143,339.26 112,807.61 43,596.12 64,545.08 4,666.41 30,531.65 10,290.93 20,240.72 2011/12 Qtr.I 158,086.94 118,741.91 46,068.57 67,993.43 4,679.92 39,345.03 19,133.30 20,211.73 Qtr.II 164,606.16 119,630.04 42,879.96 71,584.79 5,165.29 44,976.12 17,307.05 27,669.07 Qrt.III 176,742.06 133,785.19 47,246.43 76,402.38 10,136.38 42,956.87 11,962.11 30,994.76 Qtr.IV 189,288.75 150,862.50 56,312.74 82,488.70 12,061.06 38,426.25 10,218.40 28,207.85 2012/13 Qtr.I 201,701.35 154,159.92 54,544.75 87,502.71 12,112.46 47,541.43 17,980.48 29,560.96 Qtr.II 212,060.37 163,588.98 57,524.67 93,134.26 12,930.05 48,471.39 12,778.13 35,693.26 Qtr.III 232,572.14 180,446.45 66,203.30 100,727.49 13,515.66 52,125.69 17,952.55 34,173.15 Qtr.IV 237,807.95 189,563.12 69,052.38 106,232.04 14,278.69 48,244.83 9,133.04 39,111.79 2013/14 Qtr.I 243,194.15 196,298.49 67,625.20 113,061.71 15,611.58 46,895.66 16,548.01 30,347.65 Qtr.II 257,802.58 208,266.07 69,579.58 122,757.75 15,928.74 49,536.52 14,339.95 35,196.57 Qtr.III 277,784.24 223,493.74 71,046.94 135,254.21 17,192.59 54,290.51 12,807.36 41,483.14 Qtr.IV 292,574.89 244,570.57 80,887.76 145,810.54 17,872.27 48,004.32 8,793.48 39,210.84 2014/15 Qtr.I 302,604.19 253,671.36 79,355.45 155,437.52 18,878.38 48,932.83 14,407.98 34,524.85 Qtr.II 323,537.99 267,697.42 82,081.55 164,291.18 21,324.70 55,840.58 13,882.20 41,958.38 Qtr.III 349,885.26 288,699.57 87,943.76 163,024.68 37,731.13 61,185.70 21,308.75 39,876.94 Qtr.IV 373,564.10 310,867.99 94,245.42 174,631.98 41,990.59 62,696.11 15,098.54 47,597.57 2015/16 Qtr.I 397,760.17 321,269.40 94,503.33 181,919.24 44,846.83 76,490.77 31,740.19 44,750.57 Qtr.II 413,662.32 333,107.99 95,784.79 192,284.18 45,039.02 80,554.32 25,739.39 54,814.93 Qtr.III 422,481.50 346,500.73 97,666.63 201,515.25 47,318.84 75,980.77 20,077.26 55,903.51 Qtr.IV 440,897.76 378,580.08 111,923.49 217,034.28 49,622.31 62,317.68 14,042.32 48,275.36 2016/17 Qtr.I 461,626.23 395,283.95 114,563.29 228,607.10 52,113.56 66,342.28 18,220.23 48,122.05 Qtr.II 498,193.86 422,592.69 122,551.62 244,021.95 56,019.12 75,601.17 15,628.13 59,973.04 Qtr.III 537,634.69 459,035.83 134,885.28 264,819.66 59,330.90 78,598.86 19,084.80 59,514.06 Qtr.IV 571,671.19 499,497.48 142,883.04 293,431.70 63,182.74 72,173.71 14,741.81 57,431.90 2017/18 Qtr.I 605,014.07 528,393.66 155,587.95 306,915.08 65,890.63 76,620.40 19,337.75 57,282.65 Qtr.II 639,712.39 557,368.95 161,094.75 324,547.41 71,726.79 82,343.44 16,680.94 65,662.50 Qtr.III 691,047.39 605,334.25 178,222.22 352,633.66 74,478.38 85,713.14 18,874.93 66,838.21 Qtr.IV 734,482.46 654,169.83 194,737.37 382,563.67 76,868.79 80,312.63 19,921.99 60,390.64 2018/19 Qtr.I 754,813.22 668,766.34 182,882.17 407,185.70 78,698.46 86,046.88 19,601.81 66,445.07 QII 799,642.99 696,994.43 185,405.32 430,123.97 81,465.14 102,648.56 23,783.26 78,865.30 Second Quarter 2018/19 87 National Bank of Ethiopia Quarterly Bulletin

table 9: Reserve and liquidity position of the Commercial Banks, and turnover of Deposits (In Millions of Birr) End of Period Reserve Requirments Actual Rese. Excess Rese. Foreign Assets Foreign Liabilities Actual Reserve+ Net For. Assets Liquidity Ratio Ratio: Loans Adv.to Dep. Debit Balance TurnOver of Deposit Short Long Total Term Term 1 2 3=2-1 4 5=6+7 6 7 7=2+4-5 8 9 10 11 2007/08 Qtr.I 5,365.08 13,865.27 8,500.19 6,994.50 2,113.06 2,113.06 - 18,746.71 41.22 42.72 76,830.15 2.32 Qtr.II 5,578.60 14,355.51 8,776.91 6,364.83 2,221.78 2,221.78 - 18,498.56 39.61 46.18 82,185.63 2.53 Qtr.III 5,835.20 12,463.60 6,628.40 8,129.78 2,384.41 2,384.41 - 18,208.97 37.21 54.30 90,495.30 2.76 Qtr.IV 8,925.94 17,795.25 8,869.31 8,026.85 2,301.87 2,301.87 - 23,520.23 46.55 56.47 90,493.46 2.76 2008/09 Qtr.I 9,526.40 17,673.90 8,147.50 7,726.62 2,315.51 2,315.51 - 23,085.01 41.90 54.16 93,429.37 2.58 Qtr.II 10,321.03 20,659.25 10,338.22 6,950.64 2,854.59 2,854.59 - 24,755.30 42.34 52.24 102,943.96 2.61 Qtr.III 10,959.83 21,886.74 10,926.91 8,093.58 2,801.54 2,801.54 - 27,178.78 44.34 50.75 105,249.56 2.50 Qtr.IV 10,986.73 23,690.72 12,703.99 9,219.66 3,076.51 3,076.51 - 29,833.87 47.51 52.98 124,300.65 3.15 2009/10 Qtr.I 11,398.99 27,119.02 15,720.02 9,172.96 3,856.62 3,856.62 - 32,435.36 48.58 51.27 119,082.48 2.93 Qtr.II 11,983.78 24,371.67 12,387.89 9,731.23 3,690.78 3,690.78 - 30,412.11 44.65 53.63 131,681.49 3.04 Qtr.III 12,695.80 26,921.09 14,225.29 12,949.12 3,960.93 3,960.93 - 35,909.28 50.53 54.01 140,393.61 3.01 Qtr.IV 13,973.16 25,217.08 11,243.92 15,060.75 3,254.28 3,254.28 - 37,023.55 47.14 52.64 135,342.10 2.72 2010/11 Qtr.I 14,425.68 28,768.06 14,342.38 19,245.97 4,246.06 4,246.06 - 43,767.97 52.16 50.04 142,217.22 2.86 Qrt.II 15,192.46 27,486.93 12,294.47 20,194.12 4,942.59 4,942.59 - 42,738.46 49.33 51.14 157,805.63 2.92 Qtr.III 17,642.76 31,482.17 13,839.40 21,148.87 5,595.24 5,595.24 - 47,035.80 48.70 51.76 182,812.16 2.73 Qtr.IV 19,025.55 34,282.97 15,257.42 28,394.16 5,715.48 5,715.48 - 56,961.65 53.00 51.32 195,452.30 2.84 2011/12 Qtr.I 20,126.73 34,514.38 14,387.65 22,565.30 6,441.17 6,441.17 - 50,638.52 43.68 52.65 (9,492.66) (0.11) Qtr.II 21,519.95 30,154.47 8,634.53 23,089.59 8,419.69 8,419.69 - 44,824.38 37.92 55.15 (2,172.31) (0.02) Qrt.III 23,815.67 17,652.45 (6,163.22) 28,640.04 7,392.24 7,392.24 - 38,900.24 29.94 60.46 17,694.84 0.19 Qtr.IV 25,253.90 29,039.93 3,786.03 24,017.57 5,484.21 5,484.21 - 47,573.29 33.72 61.61 4,861.45 0.05 2012/13 Qtr.I 26,887.04 27,882.48 995.43 20,182.74 5,873.98 5,873.98 - 42,191.23 27.86 59.18 1,243.93 0.01 Qtr.II 28,886.85 33,108.11 4,221.25 19,475.22 6,078.30 6,078.30 - 46,505.03 29.49 58.13 (393.14) (0.00) Qtr.III 31,682.68 32,417.53 734.85 23,412.02 6,038.08 6,038.08 - 49,791.47 28.61 59.23 9,287.24 0.08 Qtr.IV 33,194.01 30,375.31 (2,818.70) 28,509.18 7,515.18 7,515.18 - 51,369.31 27.80 59.17 17,366.28 0.15 2013/14 Qtr.I 11,141.57 31,747.72 20,606.14 22,706.08 7,787.68 7,787.68 - 46,666.12 23.76 57.70 9,229.02 0.08 Qtr.II 11,623.52 29,413.17 17,789.65 20,170.98 7,933.50 7,933.50 - 41,650.65 20.86 59.24 5,710.64 0.05 Qtr.III 12,841.04 34,921.78 22,080.74 21,162.46 7,843.13 7,843.13 - 48,241.10 22.27 59.34 175.83 0.00 Qtr.IV 13,653.84 35,672.30 22,018.46 27,253.50 7,995.09 7,995.09 - 54,930.71 23.40 58.46 4,339.82 0.03 2014/15 Qtr.I 14,375.89 38,690.72 24,314.83 19,597.01 7,599.61 7,599.61 - 50,688.12 19.88 57.30 2,953.29 0.02 Qtr.II 14,936.11 35,148.79 20,212.68 18,800.84 7,784.85 7,784.85 - 46,164.79 17.77 59.30 6,009.59 0.04 Qtr.III 16,089.21 35,280.66 19,191.45 15,862.13 7,985.81 7,985.81 - 43,156.97 15.51 61.63 18,711.98 0.13 Qtr.IV 17,277.43 42,342.37 25,064.94 15,924.15 8,326.57 8,326.57 - 49,939.95 16.80 60.16 15,260.52 0.10 2015/16 Qtr.I 18,154.75 39,809.59 21,654.84 15,463.04 8,351.74 8,351.74 - 46,920.90 14.65 58.02 12,689.06 0.07 Qtr.II 18,915.62 37,943.40 19,027.78 18,368.24 9,418.30 9,418.30 - 46,893.34 14.39 59.75 21,979.28 0.13 Qtr.III 19,737.07 40,401.93 20,664.86 21,316.42 10,021.13 10,021.13 - 51,697.22 15.38 60.76 21,123.17 0.12 Qtr.IV 21,091.12 50,905.91 29,814.79 20,898.27 9,880.50 9,880.50 - 61,923.67 17.26 59.00 11,998.99 0.07 2016/17 Qtr.I 21,607.98 53,728.78 32,120.80 21,116.01 10,224.60 10,224.60 - 64,620.18 16.58 59.07 9,035.88 0.05 Qtr.II 23,442.03 54,499.76 31,057.72 20,370.84 9,442.47 9,442.47 - 65,428.12 15.95 57.14 1,283.95 0.01 Qtr.III 25,206.43 64,854.52 39,648.09 20,975.60 9,775.09 9,775.09 - 76,055.03 17.20 57.42 6,627.15 0.03 Qtr.IV 26,950.85 75,305.69 48,354.85 24,876.54 10,818.77 10,818.77 - 89,363.46 18.71 56.11 1,282.86 0.01 2017/18 Qtr.I 28,587.02 81,683.92 53,096.91 25,253.39 11,920.65 11,920.65 - 95,016.66 18.28 54.86 (15,668.39) (0.07) Qtr.II 30,398.50 68,091.40 37,692.91 26,326.86 15,190.78 15,190.78 - 79,227.48 14.73 54.20 (443.57) (0.00) Qtr.III 32,735.93 74,352.05 41,616.12 24,664.20 14,436.48 14,436.48 - 84,579.78 14.43 53.77 (1,452.41) (0.01) Qtr.IV 34,423.80 89,611.48 55,187.68 25,121.57 14,504.75 14,504.75 - 100,228.29 16.02 55.08 (7,299.45) (0.03) 2018/19 Qtr.I 36,595.29 91,062.85 54,467.56 30,835.45 14,163.89 14,163.89 - 107,734.41 16.13 54.41 (7,494.41) (0.03) QII 38,073.40 85,123.08 47,049.67 28,357.05 15,913.29 15,913.29 - 97,566.83 14.26 55.87 2,464.99 0.01

Actual Reserve: Reserves with the National Bank of Ethiopia Plus Cash in Hand (Local Currency).
Liquidity Ratio: Actual Reserves + Foreign Asset, net of short term liabilities, divided by Demand Deposits, net.
Ratio of Loans and Advances to Deposits: Gross Commercial Bank Loans and discounts plus credit to Central Government divided by Gross Demand Deposits (of private and others) + Demand Deposits of domestic banks + Time and Savings Deposits + Government Deposits with commercial banks.
Debit Balance: Total Debit Balance less debit against the deposits of the commercial banks.
Turnover of Deposits: Debit Balances divided by Gross Demand Deposits of private and others + Government Deposits. 88 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

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

table 11: interest Rate Structures a. lending rates (by CBE and specialized banks) Sector Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- Cooperatives State Private Jan. 1, 1995 Agriculture 5 6 7 11.0-12 Lending to all sectors 14-15 Industry, mining, power, and water resources 6 8 9 13.0-14 Domestic trade 6 8 9.5 14.0-15 Lending to the Central Gov't 12-13 Transport and communications 6 8 8 13.0-14 Export trade 6 13.0-14 NBE Lending to: Import trade (agricultural inputs) 5 6 7 14.0-15 CBEs/ Discount Rate/ 10.5 Import trade (other) 6 8 9.5 14.0-15 Hotels and tourism 6 8 9 14.0-15 Other Financial Inst. 10.5 Construction 6 8 9 11.0-12 Housing (1) purchase 6 6 8 11.0-12 Interbank Rate 10 (2) construction 4.5 4.5 7 11.0-12 Central Government -- 3.0-5.0 -- 12.0-13 Banks and financial institutions -- 2.5-4.5 -- 10.0 Personal loans -- -- 10 14.0-15 B. Deposit rates Deposit rates Through September 30, 1992 Oct. 1, 1992- Aug 31, 1994 Sept.1,1994- Jan. 1, 1995 1.Time deposits 30 days notice -- 10.5 10.5 3 months to less than 6 months -- 10.5 10.5 6 months to less than 12 months -- 11 11 1 year to less than 2 years Differed by 11.5 11.5 2 years and above ownership 12 12 and maturity Memorandum Items: Rate differentials for 1 year and over Financial institutions (1 year): 1.0 Gov'nt-owned under takings (1 year): 1.0 Individuals, savings and credit cooperatives;self-help organizations: 1 year 6.0 2 years 6.5 3 years 7.0 5 years 7.5 Others:1 year 4.0 2 years 0.8 3 years 5.0 5 years 5.5 2.Savings deposits Differed by 10 10 ownership and maturity Rate differentials: Individuals, savings and credit cooperatives; self-help organizations: Up to Br. 100,000 6.0 In excess of Br. 100,000 2.0 C. Minimum and Maximum interest Rates Minimum and Maximum Interest Rates Jan. 2, 1995- Dec. 1, 1995- June 1, 1996- Sep.16,1996- Jan. 1,1998- Mar. 4,2002- Aug. 2002 to 8-Feb-05 04-Jul-07 01-Dec-10 11-Oct-17 Nov. 30, 1995 May 30, 1996 Sep. 15, 1996 Dec. 31,1997 Mar. 3, 2002 August-02 7-Feb-05 04-Jul-07 30-Nov-10 to 10-Oct -2017 to todate Minimum interest rates on Time and Savings Deposits 10 11 10 7 6 3 4 5 7 Maximum lending rate by commercial banks & other financial institutions, 15 16 15 10.5 Market except for central government loan determined Central Government loan 12 6 6 5 3 90 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

table 12: Government internal Debt by holder (In Millions of Birr) End of Period Total Gov't Indebtedness 1=2+6+9 NBE Total 2=3 to 5 National Bank of Ethiopia Commercial Banks Others Direct Advance Gov't Bonds Interest bearing Comm. Banks Total Gov't Bonds Treasury Bills Others Total Gov't Bonds Treasury Bills 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 73307.8 36.2 73271.6 2017/18 Qtr.I 251943.3 150632.8 142764.9 7839.9 28.0 22208.8 22208.8 0.0 79101.7 18.1 79083.6 Qtr.II 264416.1 160128.8 152264.9 7839.9 24.0 22186.6 22186.6 0.0 82100.7 18.1 82082.6 Qtr.III 270410.1 160128.8 152264.9 7839.9 24.0 22186.6 22186.6 0.0 88094.7 18.1 88076.6 Qtr.IV 286601.1 160128.8 152264.9 7839.9 24.0 22186.6 22186.6 0.0 104285.7 18.1 104267.6 2018/19 Qtr.I 306121.1 166685.3 159264.9 7404.4 16.0 22567.1 22567.1 0.0 116868.7 18.1 116850.6 Qtr.II 324319.7 178685.3 171264.9 7404.4 16.0 22521.7 22521.7 0.0 123,112.7 18.1 123094.6 Second Quarter 2018/19 91 National Bank of Ethiopia Quarterly Bulletin

table 13. General Government Quarterly Revenue Ethiopian fiscal year Fiscal year ending July 7 2010 2011 2017/18 2018/19 Pre actual Pre actual Budget 3mon (Qrt.I) 6mon Qrt.II 9mon Qrt.III 12 Mon Qrt.IV Budget 3mon (Qrt.I) 6mon Qrt.II (In million Birr) Tax revenue 266,609.4 53,367.7 119,446.2 66,078.5 177,027.8 57,581.6 235229.5 58,201.7 289,521.3 60,080.5 135,807.6 75,727.1 Direct taxes 101,768.6 19,902.6 50,054.4 30,151.8 74,130.6 24,076.3 97646.0 23,515.4 114,487.6 24,546.3 63,348.8 38,802.4 Income and profits tax 98,632.1 19,320.1 48,693.0 29,373.0 72,068.6 23,375.5 94837.3 22,768.8 109,067.1 23,865.0 61,802.0 37,936.9 Personal income 30,896.0 6,759.0 15,302.6 8,543.6 24,487.7 9,185.1 34810.6 10,322.9 36,708.6 8,326.0 19,071.6 10,745.6 Rental income tax 2,354.3 782.1 1,362.6 580.5 1,610.5 248.0 1727.2 116.7 2,488.1 913.8 1,850.1 936.3 Business profits 52,146.7 9,931.1 28,118.6 18,187.6 35,219.0 7,100.3 44732.7 9,513.7 57,607.9 12,851.3 36,695.3 23,844.0 Withholding income tax on imports 4,005.8 919.7 1,782.1 862.4 2,528.0 745.9 3308.6 780.5 2,916.9 889.0 1,742.0 853.0 Agriculture income 617.8 9.3 103.1 93.8 272.0 168.9 401.0 129.0 698.1 7.1 59.9 52.8 Other income 7,720.2 637.9 1,408.7 770.8 6,851.0 5,442.3 8356.9 1,505.9 7,632.4 449.7 1,550.0 1,100.4 Interest income tax 799.9 247.3 517.0 269.7 957.2 440.1 1261.8 304.6 877.2 370.0 685.0 315.0 Capital gains tax 91.4 33.7 98.2 64.5 143.2 45.0 238.7 95.5 137.9 58.3 148.1 89.8 Rural land use fee 486.1 10.6 85.9 75.3 243.2 157.3 376.3 133.1 2,300.4 12.1 70.2 58.1 Urban land lease fee 2,650.4 572.0 1,275.4 703.5 1,818.8 543.4 2,432.4 613.6 3,120.0 669.2 1,476.6 807.3 0.0 Domestic indirect taxes 78,503.1 14,524.3 30,824.7 16,300.4 48,018.7 17,194.0 67172.4 19,153.7 83,200.3 17,349.9 36,708.9 19,359.1 Sales/TOT/excise taxes 39,788.0 6,120.2 12,739.3 6,619.2 20,821.0 8,081.7 28849.4 8,028.4 40,833.5 7,266.0 15,452.7 8,186.7 Petroleum products 763.9 190.0 347.7 157.7 491.0 143.3 610.6 119.6 820.3 160.4 386.0 225.5 Alcohol and tobacco 7,092.6 1,207.8 2,827.8 1,620.0 4,634.2 1,806.4 6483.4 1,849.2 7,638.8 1,459.2 3,504.8 2,045.7 Other goods 31,931.4 4,722.3 9,563.9 4,841.6 15,695.8 6,131.9 21755.3 6,059.5 32,374.4 5,646.4 11,561.9 5,915.5 Services TOT/ sales tax 36,303.7 8,052.1 17,319.3 9,267.3 26,043.7 8,724.3 36587.7 10,544.0 38,999.8 9,638.3 19,934.8 10,296.5 Stamp duties 2,411.4 352.0 766.0 414.0 1,154.0 388.0 1735.4 581.4 3,367.0 445.5 1,321.4 875.9 0.0 Import duties and taxes 86,337.7 18,940.9 38,567.2 19,626.3 54,878.4 16,311.3 70411.0 15,532.6 91,833.5 18,184.3 35,749.9 17,565.6 Custom duties 28,644.8 6,471.8 13,382.6 6,910.8 19,136.6 5,754.0 24393.7 5,257.1 30,548.3 6,171.2 12,037.4 5,866.2 Sales/excise taxes 40,849.5 8,805.4 17,699.3 8,893.9 25,013.2 7,313.8 32188.5 7,175.3 43,423.5 8,418.9 16,773.5 8,354.6 Petroleum products 2,872.9 384.8 477.6 92.8 944.2 466.6 1340.7 396.5 3,088.4 401.5 671.4 269.8 Alcohol and tobacco 603.0 90.8 151.4 60.6 225.0 73.5 307.7 82.8 648.2 82.2 207.9 125.7 Other imports 37,373.6 8,329.8 17,070.3 8,740.5 23,844.0 6,773.7 30540.1 6,696.0 39,686.9 7,935.1 15,894.2 7,959.1 Surtax on imports 16,843.4 3,663.7 7,485.2 3,821.5 10,728.6 3,243.4 13828.8 3,100.2 17,861.7 3,594.2 6,938.9 3,344.8 Export taxes 0.0 Coffee duties 0.0 Coffee surtax 0.0 Other 0.0 Transaction tax 0.0 Non-tax revenue 54,493.9 10,085.4 18,164.4 8,079.0 25,210.0 7,045.7 34418.7 9,208.7 45,812.3 11,306.6 17,819.3 6,512.7 Charges and fees 2,697.3 478.5 1,730.5 1,252.0 3,086.9 1,356.4 4182.5 1,095.6 3,115.8 587.9 1,232.5 644.6 Sales of goods & services 5,679.5 665.2 2,071.7 1,406.5 3,145.6 1,074.0 5282.4 2,136.8 6,580.9 922.1 2,218.2 1,296.2 Residual surplus, capital charge, interest 0.0 payments and state dividend 17,210.9 6,498.8 8,776.8 2,278.0 10,956.4 2,179.5 12222.8 1,266.4 15,668.4 7,612.2 8,939.2 1,327.0 Reimbursement & property sales 9,986.6 15.6 40.8 25.2 86.5 45.6 121.2 34.8 323.1 13.1 32.6 19.5 Miscellaneous 9,722.9 1,503.1 3,018.0 1,514.9 3,828.4 810.4 6168.1 2,339.7 9,686.5 885.0 2,363.5 1,478.5 Other extraordinary 0.0 Privatization proceeds 0.0 7,990.2 7,990.1 9349.1 1,358.9 0.0 Other revenue 9,196.8 924.1 2,526.6 1,602.5 4,106.3 1,579.7 6441.7 2,335.4 10,437.6 1,286.3 3,033.2 1,746.9 0.0 Total revenue 321,103.3 63,453.1 137,610.6 74,157.5 202,237.8 64,627.2 269648.2 67,410.4 335,333.7 71,387.1 153,626.9 82,239.9 External grants 17,176.7 2,386.1 8,512.2 6,126.0 13,732.4 5,220.3 17913.9 4,181.5 19,148.0 3,362.7 8,619.3 5,256.6 Grants in kind/earmarked 14,913.4 2,386.1 5,965.4 3,579.2 11,185.0 5,219.7 14167.7 2,982.7 16,813.6 3,362.7 7,229.8 3,867.1 Untied cash & CPF/grants 2,263.3 0.0 2,546.8 2,546.8 2,547.4 0.6 3746.2 1,198.8 2,334.4 0.0 1,389.5 1,389.5 0.0 Total revenue and grants 338,280.0 65,839.2 146,122.7 80,283.5 215,970.2 69,847.5 287562.1 71,591.9 354,481.7 74,749.8 162,246.2 87,496.4 92 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

table 14. General Government Quarterly Expenditure Ethiopian fiscal year 2010 2011 Fiscal year ending July 7 2017-18 2018-19 Pre actual Pre actual Budget 3mon (Qrt.I) 6mon Qrt.II 9mon Qrt.III 12 mon Qrt.IV Budget 3mon (Qrt.I.Re ) 6mon Qrt.II A. Capital Expenditure Economic development 119,557.6 16,678.3 38,346.6 21,668.2 63,162.9 24,816.3 89,717.1 26,554.2 120,235.1 17,474.0 40,767.4 23,293.4 Agriculture 17544.3 2128.7 5,415.9 3,287.2 10,687.3 10,687.3 16,487.9 5,800.6 19,508.6 1,905.5 5,888.6 3,983.1 Natural Resource 21,455.7 1,832.6 7,453.5 5,620.9 12,748.3 12,748.3 18,038.9 5,290.6 25,213.1 1,442.3 6,064.0 4,621.7 o/w: Water 20,854.8 1,823.3 6,734.2 4,910.9 8,648.6 11,450.1 17,904.5 9,255.9 23,109.2 1,025.2 5,977.3 4,952.1 Mines & Energy 97.0 598.1 1,541.5 943.4 2,279.3 2,279.3 2,476.0 196.6 76.5 790.6 781.5 -9.1 Trade, Industry & Tourism 5,823.5 343.2 1,548.7 1,205.5 2,233.5 0.0 3,396.9 1,163.4 4,681.0 1,336.2 2,191.5 855.3 Urban dev't & housing 12,943.4 531.2 2,725.2 2,193.9 4,612.6 2,233.5 7,762.6 3,150.0 13,637.5 2,214.8 5,350.5 3,135.6 Road construction 58,800.4 10,633.6 18,148.8 7,515.2 28,713.8 4,612.6 37,827.4 9,113.6 52,194.7 9,675.7 19,494.8 9,819.2 Transport & communication 2,893.2 610.9 1,513.0 902.1 1,888.0 28,713.8 3,727.4 1,839.4 4,923.7 108.9 996.5 887.6 Social Development 45,711.1 9,405.2 19481.8 10,076.6 26,860.5 7,378.7 37,477.1 10,616.5 47,525.4 8,921.2 18,585.7 9,664.4 Education 28,662.7 7,346.5 14613.9 7,267.4 18,110.6 3,496.7 23,346.9 5,236.3 25,729.5 6,099.7 12,374.0 6,274.3 Health 12,508.4 1,479.2 3,812.3 2,333.0 6,833.3 3,021.0 11,126.7 4,293.4 14,470.9 2,274.1 4,798.4 2,524.3 Socail welfare 1,229.8 228.3 93.1 -135.2 203.3 110.1 706.2 502.9 1,870.9 224.6 380.8 156.2 Culture & sport 3,310.2 351.1 962.4 611.4 1,713.4 750.9 2,297.3 583.9 5,454.1 322.8 1,032.4 709.6 General Development 23,744.1 2,491.9 6,117.4 3,625.5 9,487.7 3,370.3 16,540.9 7,053.2 29,753.4 1,053.4 4,095.2 3,041.8 Compensation payments 0.0 External assistance 14,913.4 2,386.1 5,965.4 3,579.2 11,185.0 5,219.7 14,167.7 2,982.7 16,813.6 3,362.7 7,229.8 3,867.1 Sub Total Capital Expenditure 189,012.8 28,575.4 63,945.7 35,370.3 99,511.1 35,565.4 143,735.1 44,224.0 197,513.9 27,448.6 63,448.3 35,999.7 B. Current Expenditure General Services 54,203.3 12,266.6 27,759.4 15,492.8 42,958.4 27,759.4 62,715.7 19,757.2 65,473.6 13,122.9 29,343.0 16,220.2 Organ of the State 6,134.5 1,760.1 4,397.7 2,637.6 6,765.9 4,397.7 9,979.3 3,213.4 9,594.5 1,643.7 4,313.5 2,669.8 Justice 7,779.4 1,217.2 3,155.7 1,938.5 5,166.1 3,155.7 8,079.5 2,913.4 7,215.3 1,331.6 3,427.5 2,095.9 Defence 12,000.0 3164.7 6,411.3 3,246.7 9,570.9 6,411.3 12,813.6 3,242.7 15,000.0 3,629.9 6,865.6 3,235.7 Public order & security 12,688.3 2944.1 6,439.5 3,495.4 9,988.7 6,439.5 14,171.0 4,182.2 15,932.4 2,982.2 6,882.5 3,900.2 Other General services 15,601.1 3,180.6 7,355.2 4,174.6 11,466.8 7,355.2 17,672.3 6,205.5 17,731.4 3,535.4 7,854.0 4,318.6 Economic Services 30,787.4 4,903.3 12,602.1 16,588.1 19,463.6 6,861.5 26,503.3 7,039.6 33,618.9 4,710.5 12,622.0 7,911.4 Agriculture&natural resource 15,231.3 2,340.8 7,524.5 5,183.8 11,690.5 4,166.0 16,553.4 4,862.9 21,817.0 2,721.1 7,809.6 5,088.5 Agriculture 5,795.3 5,795.3 8,677.4 2,882.1 12,214.4 3,537.0 17,056.5 2,053.9 5,757.7 3,703.7 Natural resource 5,346.5 684.5 1,729.2 1,044.8 3,013.2 1,283.9 4,339.0 1,325.8 4,760.5 667.1 2,052.0 1,384.8 o/w: Water 3,181.4 495.3 1,500.8 1,005.5 2,326.6 825.8 3,390.4 1,063.7 3,947.2 452.9 1,560.2 1,107.3 Trade, Industry & Tourism 5,286.8 990.8 3,047.3 2,056.5 4,393.4 1,346.2 5,434.8 1,041.4 5,930.0 1,016.3 2,579.9 1,563.6 Mines & Energy 214.8 28.5 64.8 36.3 112.7 47.9 164.0 51.3 208.1 36.3 61.0 24.7 Tourism 0.0 Transport & communication 1,193.7 83.6 278.1 194.4 466.9 188.9 644.4 177.4 1,622.8 167.9 309.4 141.5 Urban devt. & construction 2,982.8 638.4 1,416.6 778.2 2,424.9 1,008.3 3,256.5 831.6 3,456.9 648.5 1,560.1 911.6 o/w: Road Construction 1,205.3 292.3 651.6 359.3 1,039.2 387.6 1,497.0 457.7 1,278.4 270.2 765.8 495.7 Economic development studies 531.6 136.8 270.9 134.1 375.1 104.2 450.2 75.1 584.1 120.4 301.9 181.5 Social Services 92,624.3 18,450.5 44,609.5 26,159.0 69,744.5 25,135.0 97,845.8 28,101.3 103,494.0 17,866.8 43,262.2 25,395.4 Education & training 67,010.8 12,387.3 29,720.2 17,332.9 46,095.6 16,375.4 65,313.7 19,218.1 72,855.0 12,691.2 29,786.4 17,095.2 Culture & sports 3,061.3 574.2 1,533.3 959.1 2,383.6 850.3 3,361.5 977.9 3,662.1 598.5 1,516.5 918.0 Public health 21,249.0 3,223.8 8,656.6 5,432.8 13,894.8 5,238.2 20,702.5 6,807.7 25,517.3 3,350.5 9,486.4 6,135.9 Labour & social welfare 778.5 161.3 432.7 271.5 686.9 254.2 993.0 306.1 923.8 163.6 498.0 334.4 Rehabilitation 524.8 2,103.8 4,266.7 2,162.8 6,683.5 2,416.9 7,475.0 791.5 535.7 1,063.1 1,974.9 911.9 Interest & Charges 12,051.4 2,217.4 6,299.9 4,082.5 7,908.9 1,609.0 11,570.7 3,661.7 15,221.9 2,850.7 6,323.5 3,472.8 Internal debt 6,938.8 1,361.0 2,858.4 1,497.4 3,988.9 1,130.6 6,180.7 2,191.7 7,765.3 1,638.2 3,395.4 1,757.2 External debt 5,112.6 856.5 3,441.5 2,585.1 3,920.0 478.4 5,390.0 1,470.0 7,456.6 1,212.5 2,928.1 1,715.6 O/w: defence commercial Miscellaneous 23,441.5 439.4 1,503.6 1,064.2 2,840.1 1,336.5 11,834.9 8,994.7 21,886.9 652.3 1,966.0 1,313.7 External assistance * 0.0 Sub Total Expenditure 213,108.0 38,277.2 92,774.5 54,497.3 142,915.6 50,141.0 210,470.2 67,554.7 239,695.2 39,203.2 93,516.7 54,313.6 Grand Total Expenditure 402,120.8 66,852.6 156,720.2 89,867.6 242,426.7 85,706.5 354,205.3 111,778.6 437,209.2 66,651.8 156,965.0 90,313.3

Estimated value Re = First Quarter Capital part is reviesed Second Quarter 2018/19 93 National Bank of Ethiopia Quarterly Bulletin

table 15: Domestic Refining and imports of ptroleum (In Metric Tons) End of Gasoline Light Heavy Liquified Kerosine Total Period Regular Jet Fuel Jet Fuel Fuel Oil Asphalt Petroleum Gas Oil 160/200 Refined** 2007/08 144,505.0 - 492,083.5 180,992.8 - - 1,093,804.5 - 1,911,385.7 Qtr.I 40,354.0 122,857.3 42,910.3 246,507.6 452,629.3 Qtr.II 29,153.0 117,045.0 47,096.0 257,654.0 450,948.0 Qtr.III 37,402.5 125,718.6 37,672.0 291,373.9 492,167.0 Qtr.IV 37,595.4 126,462.6 53,314.5 298,268.9 515,641.5 2008/09 418,890.0 1,533,226.5 307,025.6 3,383,065.0 1,848,967.3 Qtr.I 29,907.1 38,126.2 281,623.3 349,656.6 Qtr.II 177,096.0 722,822.0 94,822.0 1,364,649.0 456,829.0 Qtr.III 171,188.3 680,808.8 133,999.7 1,415,943.2 511,260.2 Qtr.IV 40,698.6 129,595.7 40,077.7 320,849.5 531,221.5 2009/10 155,759.9 489,778.5 111,570.3 1,237,077.2 1,994,185.9 Qtr.I 29,177.6 103,453.7 8,711.0 304,391.2 445,733.4 Qtr.II 50,128.1 146,894.3 38,232.4 323,862.3 559,117.2 Qtr.III 34,311.2 124,473.7 41,446.0 292,199.0 492,429.9 Qtr.IV 42,142.9 114,956.8 23,180.9 316,624.7 496,905.3 2010/11 148,773.9 529,354.7 150,967.9 845,557.1 1,674,653.6 Qtr.I 34,775.1 173,261.4 31,202.1 184,166.3 423,404.9 Qtr.II 48,048.3 153,993.7 23,734.3 297,309.2 523,085.5 Qtr.III 32,966.8 101,025.1 58,800.1 192,791.9 385,583.9 Qtr.IV 32,983.8 101,074.5 37,231.4 171,289.7 342,579.3 2011/12 150,619.0 544,519.6 144,501.3 1,302,451.2 2,142,091.2 Qtr.I 33,381.2 126,523.8 34,684.5 260,608.1 455,197.6 Qtr.II 41,496.3 129,614.7 46,905.1 334,320.7 552,336.8 Qtr.III 40,160.9 144,199.0 16,360.2 338,249.5 538,969.7 Qtr.IV 35,580.7 144,182.1 46,551.5 369,272.7 595,587.0 2012/13 186,517.5 602,427.0 159,297.4 1,266,562.9 2,214,804.8 Qtr.I 48,367.8 148,668.1 51,231.8 285,788.9 534,056.6 Qtr.II 45,607.6 149,611.1 37,442.0 296,204.4 528,865.2 Qtr.III 52,070.4 156,140.9 37,332.8 360,766.1 606,310.2 Qtr.IV 40,471.7 148,006.8 33,290.8 323,803.5 545,572.8 2013/14 211,597.2 701,418.9 152,093.7 1,558,341.1 2,623,450.8 Qtr.I 52,821.0 185,032.1 43,486.4 388,200.8 669,540.3 Qtr.II 49,883.4 162,038.7 36,641.2 306,082.6 554,645.9 Qtr.III 55,536.1 192,607.7 43,928.5 400,794.6 692,867.0 Qtr.IV 53,356.7 161,740.3 28,037.6 463,263.1 706,397.7 2014/15 237,744.0 712,748.0 168,305.6 1,703,260.8 2,822,058.4 Qtr.I 52,223.0 169,004.8 43,174.9 359,514.0 623,916.7 Qtr.II 57,561.0 171,011.2 42,829.3 435,565.0 706,966.5 Qtr.III 64,895.0 207,909.1 42,621.7 369,681.0 685,106.8 Qtr.IV 63,065.0 164,822.9 39,679.7 538,500.8 806,068.3 2015/16 Qtr.I 72,312.7 213,015.5 30,650.2 398,136.4 714,114.9 Qtr.II 71,317.0 161,194.0 31,854.0 497,966.0 762,331.0 Qtr.III 77,271.8 197,134.4 24,995.0 509,229.5 808,630.6 Qtr.IV 77,966.0 164,577.8 19,479.2 496,459.6 758,482.6 2016/17 Qtr.I 82,152.2 206,560.2 18,987.3 468,051.3 775,750.9 Qtr.II 97,258.6 208,282.6 15,579.9 550,034.0 871,155.1 Qtr.III 96,423.6 215,632.5 23,405.8 580,188.0 915,649.9 Qtr.IV 88,010.8 170,307.9 17,310.7 601,081.2 876,710.6 2017/18 Qtr.I 106,706.3 10,763.3 10,241.3 21,004.7 591,077.3 739,793.0 Qtr.II 99,641.2 8,174.2 10,396.3 629,694.8 608,690.1 1,356,596.5 Qtr.III 114,839.2 9,240.3 20,637.6 21,698.1 629,025.2 795,440.4 Qtr.IV 120,355.6 28,177.8 41,275.3 21,995.3 678,879.8 890,683.8 2018/19 Qtr.I 120,069.7 6,646.3 4,500.0 11,146.3 570,182.1 712,544.4 QII 122,357.9 9,751.8 9,596.8 19,348.6 600,552.3 761,607.4 94 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

annex 16: GDp By Economic activity at Constant prices (In millions of Birr) Sectors/Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Agriculture, Hunting and Forestry 130,614.3 145,042.0 158,645.8 170,428.1 181,074.4 194,869.2 212,252.7 222,664.5 238,438.0 251,340.0 267,269.0 542,700.2 579,022.9 599,331.5 Crop 83,361.1 95,838.1 106,406.4 114,904.0 122,343.4 133,039.9 146,760.0 154,081.7 166,698.9 177,663.1 190,421.6 346,293.6 374,649.8 392,291.8 Animal Farming and Hunting 30,872.0 32,385.2 34,936.0 37,494.4 40,136.6 42,619.2 45,806.1 48,287.7 50,777.2 51,834.8 54,250.1 146,959.5 153,170.4 154,037.9 Forestry 16,381.2 16,818.7 17,303.4 18,029.7 18,594.5 19,210.0 19,686.6 20,295.1 20,961.9 21,842.1 22,597.2 49,447.1 51,202.7 53,001.7 Fishing 120.3 110.4 118.9 159.3 201.5 204.9 217.0 263.2 314.1 416.3 543.8 1,381.9 1,389.4 1,546.7 Mining and Quarrying 2,412.6 2,585.5 2,187.2 2,655.5 2,994.8 4,317.5 6,809.7 7,675.1 8,156.9 7,898.4 5,876.4 6,116.8 4,296.9 3,402.8 Manufacturing 10,140.9 11,176.0 12,091.7 13,302.1 14,487.3 16,127.1 18,968.0 21,207.1 24,798.2 28,923.9 34,194.6 89,246.7 111,249.6 117,410.7 Large and Medium Scale Manufacturing 6,152.4 6,992.2 7,655.2 8,617.9 9,504.4 10,797.1 12,323.8 14,283.8 17,740.9 21,566.2 26,558.6 61,687.4 73,528.2 77,966.5 Small Scale and Cottage Industries 3,988.5 4,183.8 4,436.5 4,684.3 4,982.8 5,329.9 6,644.2 6,923.3 7,057.3 7,357.7 7,636.0 27,559.2 37,721.5 39,444.2 Electricity and Water 3,302.7 3,595.0 4,084.3 4,282.3 4,496.6 4,608.7 4,902.4 5,566.1 6,124.2 6,538.2 6,831.9 11,015.5 11,552.5 11,928.9 Construction 10,022.8 11,074.4 12,282.1 13,675.2 15,271.9 16,935.0 19,100.4 25,108.0 34,831.6 43,146.7 56,772.6 237,545.0 286,749.6 331,691.4 Whole Sale and Retail Trade 34,482.7 40,529.6 47,343.9 54,847.5 61,280.3 66,974.3 70,907.5 79,785.5 87,831.4 103,350.2 116,095.3 202,241.5 215,351.1 241,936.3 Hotels and Restaurants 4,724.2 5,646.8 7,197.7 8,876.1 10,993.6 13,663.7 17,029.3 18,740.8 22,326.5 28,267.0 36,630.6 41,601.3 41,625.2 44,335.3 Transport and Communications 11,292.7 11,935.3 13,048.7 14,545.3 15,842.3 18,130.2 19,890.5 22,391.7 26,087.9 29,395.7 33,312.8 70,453.3 81,097.4 86,310.3 Financial Intermediation 4,375.6 5,631.9 6,481.9 8,304.6 9,672.7 9,645.6 11,927.7 14,744.4 12,944.2 14,793.3 15,896.1 39,768.8 47,061.1 52,114.6 Real Estate, Renting and Business Activities 16,779.4 19,215.0 22,138.9 25,965.8 30,089.8 36,096.7 44,064.4 45,749.9 47,529.0 49,383.9 51,432.5 67,062.9 70,005.2 74,364.3 Public Administration and Defense 9,242.8 9,831.9 10,991.7 12,368.4 14,639.8 15,944.3 25,735.8 26,529.0 28,554.4 31,701.1 33,613.2 62,259.3 70,488.5 76,754.1 Education 4,820.1 5,235.0 6,347.1 7,284.0 8,230.3 9,626.5 10,772.2 11,252.5 12,386.7 12,706.6 13,875.9 42,385.6 41,031.1 42,520.8 Health and Social Work 1,732.1 1,902.4 2,202.2 2,544.2 3,063.7 3,493.6 4,132.3 4,520.0 5,075.4 6,053.5 6,840.7 15,669.5 16,767.9 18,153.4 Other Community , Social & Personal Services 7,342.9 8,016.1 8,696.7 9,713.7 10,330.6 11,164.0 11,035.9 12,404.2 14,686.9 15,248.3 15,811.7 18,371.3 19,198.4 20,177.9 Private Households with Employed Persons 841.0 896.3 932.0 981.1 1,018.2 1,066.9 1,121.0 1,301.5 1,407.7 1,469.7 1,533.7 16,063.8 16,633.3 17,276.1 Total 251,406.0 281,527.3 313,858.9 348,952.3 382,669.6 421,801.1 478,866.9 519,903.4 571,493.3 630,632.7 696,530.8 1,463,883.8 1,613,519.9 1,739,254.9 Less : FISIM 1,155.6 16,216.0 1,841.1 2,393.7 2,693.7 2,898.1 3,219.3 2,876.9 3,061.0 3,655.4 4,309.1 14,485.8 17,038.3 19,763.6 Gross Value Added at Constant Basic Prices 248,354.8 277,013.3 309,686.8 344,331.9 378,907.4 418,947.0 475,647.5 517,026.5 568,432.3 626,977.4 692,221.7 1,449,397.5 1,596,481.6 1,719,491.3 Taxes on Products 23,444.0 24,071.6 25,803.6 27,238.6 24,975.4 36,321.6 39,431.0 42,595.0 50,409.9 55,381.1 61,008.0 118,700.0 120,645.6 114,575.2 GDP at Constant Market Prices 271,798.7 301,085.0 335,490.3 371,570.5 403,882.7 455,268.5 515,078.5 559,621.6 618,842.2 682,358.5 753,229.7 1,568,097.5 1,717,127.2 1,834,066.5 Source:MoF Second Quarter 2018/19 95 National Bank of Ethiopia Quarterly Bulletin

annex 17 Growth Rate of GDp By Economic activity at Constant prices ( In percent) Industry/Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12. 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Agriculture, Hunting and Forestry 13.7 11.0 9.4 7.4 6.2 7.6 8.9 4.9 7.1 5.4 6.3 2.3 6.7 3.5 Crop 19.5 15.0 11.0 8.0 6.5 8.7 10.3 5.0 8.2 6.6 7.2 3.4 8.2 4.7 Animal Farming and Hunting 5.9 4.9 7.9 7.3 7.0 6.2 7.5 5.4 5.2 2.1 4.7 -1.5 4.2 0.6 Forestry 2.4 2.7 2.9 4.2 3.1 3.3 2.5 3.1 3.3 4.2 3.5 2.2 3.6 3.5 Fishing 8.6 -8.2 7.7 34.0 26.5 1.7 5.9 21.3 19.4 32.5 30.6 0.1 0.5 11.3 Mining and Quarrying 4.1 7.2 -15.4 21.4 12.8 44.2 57.7 12.7 6.3 -3.2 -25.6 -3.3 -29.8 -20.8 Manufacturing 12.9 10.2 8.2 10.0 8.9 11.3 17.6 11.8 16.9 16.6 18.2 18.4 24.7 5.5 Large and Medium Scale Manufacturing 11.6 13.7 9.5 12.6 10.3 13.6 14.1 15.9 24.2 21.6 23.1 22.9 19.2 6 Small Scale and Cottage Industries 15.0 4.9 6.0 5.6 6.4 7.0 24.7 4.2 1.9 4.3 3.8 2.5 36.9 4.6 Electricity and Water 7.9 8.8 13.6 4.8 5.0 2.5 6.4 13.5 10.0 6.8 4.5 15.0 4.9 3.3 Construction 7.5 10.5 10.9 11.3 11.7 10.9 12.8 31.5 38.7 23.9 31.6 25.0 20.7 15.7 Whole Sale and Retail Trade 13.1 17.5 16.8 15.8 11.7 9.3 5.9 12.5 10.1 17.7 12.3 8.2 6.5 12.3 Hotels and Restaurants 11.6 19.5 27.5 23.3 23.9 24.3 24.6 10.1 19.1 26.6 29.6 15.6 0.1 6.5 Transport and Communications 19.2 5.7 9.3 11.5 8.9 14.4 9.7 12.6 16.5 12.7 13.3 13.7 15.1 6.4 Financial Intermediation 24.2 28.7 15.1 28.1 16.5 -0.3 23.7 23.6 -12.2 14.3 7.5 9.6 18.3 10.7 Real Estate, Renting and Business Activities 7.4 14.5 15.2 17.3 15.9 20.0 22.1 3.8 3.9 3.9 4.1 3.7 4.4 6.2 Public Administration and Defense 11.6 6.4 11.8 12.5 18.4 8.9 61.4 3.1 7.6 11.0 6.0 7.4 13.2 8.9 Education 12.6 8.6 21.2 14.8 13.0 17.0 11.9 4.5 10.1 2.6 9.2 8.8 -3.2 3.6 Health and Social Work 16.9 9.8 15.8 15.5 20.4 14.0 18.3 9.4 12.3 19.3 13.0 10.8 7 8.3 Other Community , Social & Personal Services 8.0 9.2 8.5 11.7 6.4 8.1 -1.1 12.4 18.4 3.8 3.7 3.0 4.5 5.1 Private Households with Employed Persons 3.2 6.6 4.0 5.3 3.8 4.8 5.1 16.1 8.2 4.4 4.4 4.3 3.5 3.9 Total 12.8 12.0 11.5 11.2 9.7 10.2 13.5 8.6 9.9 10.3 10.4 8.0 10.2 7.8 Less : FISIM 16.5 1303.2 -88.6 30.0 12.5 7.6 11.1 -10.6 6.4 19.4 17.9 16.9 17.6 16 Gross Value Added at Constant Basic Prices 12.6 11.5 11.8 11.2 10.0 10.6 11.4 8.7 9.9 10.3 10.4 8.0 10.1 7.7 Taxes on Products 3.1 2.7 7.2 5.6 -8.3 45.4 8.6 8.0 18.3 9.9 10.2 3.1 2.9 -5.0 GDP at Constant Market Prices 11.7 10.8 11.4 10.8 8.7 12.7 13.1 8.6 10.6 10.3 10.4 7.6 10.2 6.8 Source:MoF 96 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

table 18: GDp by Economic activity at Current prices (In million Birr) Industry/Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Agriculture, Hunting and Forestry 44,144 56,370 73,206 112,997 154,995 159,821 212,253 330,842 356,828 407,834 466,780 542,700 616,843 684,644 Crop 27,840 36,107 49,326 81,604 113,959 111,292 146,760 240,112 244,048 279,058 317,142 346,294 393,324 427,193 Animal Farming and Hunting 10,053 13,033 15,531 20,622 27,868 32,817 45,806 66,437 82,351 92,037 107,089 146,960 164,730 191,867 Forestry 6,707 7,462 8,988 12,695 15,475 16,801 19,687 24,293 30,429 36,739 42,550 49,447 58,788 65,584 Fishing 55 69 81 116 151 198 217 455 685 796 1,225 1,382 2,259 2,351 Mining and Quarrying 485 586 551 799 1,101 2,147 6,810 9,301 9,687 8,665 6,036 6,117 4,840 4,054 Manufacturing 5,007 5,917 7,630 9,892 12,631 14,778 18,968 25,559 32,095 42,341 57,170 89,247 113,387 128,200 Large and Medium Scale Manufacturing 3,439 4,181 5,599 7,359 8,844 1,038 12,324 17,161 23,032 32,093 46,438 61,687 74,763 84,791 Small Scale and Cottage Industries 1,571 1,759 2,096 2,634 3,823 4,448 6,644 8,398 9,063 10,247 10,732 27,559 38,624 43,410 Electricity and Water 2,047 2,429 3,289 3,651 3,899 4,608 4,902 6,187 7,355 8,234 8,087 11,016 13,714 15,026 Construction 5,250 6,593 8,829 11,431 15,312 15,130 19,100 29,771 45,744 83,665 140,246 237,545 300,209 452,978 Whole Sale and Retail Trade 12,641 16,678 22,961 33,125 50,478 56,713 70,908 102,632 113,402 146,757 181,227 202,242 225,076 275,513 Hotels and Restaurants 1,677 2,251 3,457 5,137 8,099 11,618 17,029 23,795 32,077 44,461 60,294 41,601 44,922 53,441 Transport and Communications 5,486 5,518 6,374 7,513 10,264 12,850 19,891 29,721 38,340 45,776 53,555 70,453 77,659 82,947 Financial Intermediation 2,254 3,048 3,684 5,014 7,965 8,163 11,928 18,919 26,536 32,219 43,504 39,769 51,810 69,359 Real Estate, Renting and Business Activities 6,494 7,911 11,608 17,338 21,077 31,423 44,064 51,656 59,192 65,179 69,009 67,063 70,793 79,553 Public Administration and Defense 5,146 5,980 6,964 9,191 11,332 13,395 25,736 29,274 34,582 40,353 50,328 62,259 80,817 94,614 Education 3,021 3,837 4,886 6,264 7,475 8,943 10,772 13,283 16,814 22,334 27,501 42,386 61,123 75,776 Health and Social Work 1,111 1,277 1,556 2,068 2,503 2,967 4,132 4,999 6,363 8,279 10,824 15,669 18,770 24,101 Other Community , Social & Personal Services 2,692 3,299 4,218 5,898 8,510 9,453 11,036 16,229 22,448 24,939 28,215 18,371 20,568 23,634 Private Households with Employed Persons 283 375 433 592 788 852 1,121 1,686 2,073 2,640 3,365 16,064 19,879 25,428 Total 96,978 120,819 158,212 229,133 313,270 351,145 478,867 694,309 804,221 984,472 1,207,368 1,463,883 1,722,669 2,091,618 Less : FISIM 595 878 1,046 1,449 2,218 2,453 3,219 3,864 7,918 9,745 14,535 14,486 18,870 26,829 Gross Value Added at Current Basic Prices 96,391 119,934 157,170 227,703 311,043 348,686 475,648 690,444 796,303 974,727 1,192,833 1,449,397 1,703,798 2,064,789 Taxes on Products 8,467 9,698 12,186 16,785 19,139 28,412 39,431 56,882 70,618 86,098 105,129 118,700 128,756 137,584 GDP at Current Market Prices 105,415 130,334 170,281 245,836 332,060 379,135 515,079 747,326 866,921 1,060,825 1,297,961 1,568,098 1,832,554 2,202,373 Source: MoF Second Quarter 2018/19 97 National Bank of Ethiopia Quarterly Bulletin

table 19: Growth Rates of GDp by Economic activity at Current prices (%) 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Sectors/Year 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 20011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Agriculture, Hunting and Forestry 30.8 27.7 29.9 54.4 37.2 3.1 32.8 55.9 7.9 14.3 14.5 12.1 13.7 11.0 Crop 38.3 29.7 36.6 65.4 39.6 -2.3 31.9 63.6 1.6 14.3 13.6 11.9 13.6 8.6 Animal Farming and Hunting 25.9 29.7 19.2 32.8 35.1 17.8 39.6 45.0 24.0 11.8 16.4 11.1 12.1 16.5 Forestry 8.4 11.3 20.5 41.2 21.9 8.6 17.2 23.4 25.3 20.7 15.8 16.1 18.9 11.6 Fishing 33.8 24.5 17.4 43.3 30.5 31.3 9.6 109.5 50.8 16.2 53.8 12.8 63.5 4.1 Mining and Quarrying 18.4 20.8 -6.0 44.9 37.9 94.9 217.2 36.6 4.2 -10.5 -30.3 -2.3 -20.9 -16.3 Manufacturing 11.1 18.2 29.0 29.6 27.7 17.0 28.4 34.7 25.6 31.9 35.0 7.0 27.0 13.1 Large and Medium Scale Manufacturing 6.6 21.6 33.9 31.4 20.2 -88.3 1087.5 39.3 34.2 39.3 44.7 6.3 21.2 13.4 Small Scale and Cottage Industries 20.4 12.0 19.2 25.7 45.1 16.4 49.4 26.4 7.9 13.1 4.7 10.4 40.1 12.4 Electricity and Water 7.7 18.7 35.4 11.0 6.8 18.2 6.4 26.2 18.9 12.0 -1.8 4.3 24.5 9.6 Construction 19.1 25.6 33.9 29.5 33.9 -1.2 26.2 55.9 53.7 82.9 67.6 60.3 26.4 50.9 Whole Sale and Retail Trade 20.8 31.9 37.7 44.3 52.4 12.4 25.0 44.7 10.5 29.4 23.5 8.1 11.3 22.4 Hotels and Restaurants 17.4 34.2 53.6 48.6 57.7 43.5 46.6 39.7 34.8 38.6 35.6 22.9 8.0 19.0 Transport and Communications 36.2 0.6 15.5 17.9 36.6 25.2 54.8 49.4 29.0 19.4 17.0 22.4 10.2 6.8 Financial Intermediation 56.0 35.2 20.8 36.1 58.9 2.5 46.1 58.6 40.3 21.4 35.0 21.7 30.3 33.9 Real Estate, Renting and Business Activities 10.8 21.8 46.7 49.4 21.6 49.1 40.2 17.2 14.6 10.1 5.9 5.1 5.6 12.4 Public Administration and Defense 14.3 16.2 16.5 32.0 23.3 18.2 92.1 13.7 18.1 16.7 24.7 20.8 29.8 17.1 Education 15.7 27.0 27.4 28.2 19.3 19.6 20.5 23.3 26.6 32.8 23.1 19.8 44.2 24.0 Health and Social Work 22.3 14.9 21.9 32.9 21.0 18.5 39.3 21.0 27.3 30.1 30.7 21.3 19.8 28.4 Other Community , Social & Personal Services 15.4 22.5 27.9 39.8 44.3 11.1 16.7 47.1 38.3 11.1 13.1 9.9 12.0 14.9 Private Households with Employed Persons 6.5 32.2 15.7 36.5 33.1 8.1 31.6 50.4 23.0 27.3 27.5 4.8 23.7 27.9 Total 24 25 31 45 37 12 36 45.0 15.8 22.4 22.6 18.2 17.7 21.4 Less : FISIM 15 47 19 38 53 11 31 20.0 104.9 23.1 49.2 24.6 30.3 42.2 Gross Value Added at Current Basic Prices 24 24 31 45 37 12 36 45.2 15.3 22.4 22.4 18.2 17.6 21.2 Taxes on Products 13 15 26 38 14 48 39 44.3 24.1 21.9 22.1 12.8 12.9 6.9 GDP at Current Market Prices 23 24 31 44 35 14 36 45.1 16.0 22.4 22.4 17.7 16.9 20.2 Source: MoF 98 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

annex 20: Value of aggregate output, Consumption, investment and Savings at Current prices (In Millions of Birr) Description / Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2004/05 2005/06 2006/07 2007/08 2008 /09 2009 /10 2010 /11 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 Gross Value Added at Current Basic Prices 96,391.0 119,934.0 157,170.0 227,703.0 311,073.0 348,686.0 475,647.5 690,444.5 796,303.1 974,727.0 1,192,833.0 1,449,397.0 1,703,798.0 2,064,789.0 Taxes on Products, net 8,467.0 9,698.0 12,186.0 16,785.0 19,139.0 28,412.0 39,431.0 56,882.0 70,618.0 86,098.0 105,129.0 118,700.0 128,755.0 137,583.0 GDP at Current Market Prices 105,415.0 130,334.0 170,281.0 245,836.0 332,060.0 379,135.0 515,078.5 747,326.5 866,921.1 1,060,825.0 1,297,962.0 1,568,097.0 1,832,554.0 2,202,373.0 Incomes from ROW, net 180.1 399.4 696.7 723.7 (57.1) (614.6) (1,120.2) (1,659.8) (1,942.8) (2,914.6) (5,275.1) (5,122.0) (10,884.1) (14,349.1) Gross National Income at Current Basic Prices 96,498.0 119,925.0 157,434.0 228,020.0 310,714.0 347,973.0 474,527.4 688,784.7 794,360.3 971,813.0 1,187,558.0 1,444,275.0 1,692,914.1 2,050,440.2 Gross National Income at Current Market Prices 105,522.0 130,324.0 170,544.0 246,152.0 331,731.0 378,422.0 513,958.4 745,666.7 864,978.3 1,057,911.0 1,292,686.0 1,562,975.0 1,821,669.6 2,188,023.6 Current Transfers from ROW, net 15,334.7 18,162.9 25,444.4 34,194.0 44,191.0 59,485.0 74,261.2 86,849.9 93,355.1 106,357.3 128,401.0 155,964.0 154,959.0 188,527.0 Gross National Disposable Income 120,857.0 148,487.0 195,989.0 280,346.0 375,922.0 437,907.0 588,219.5 832,516.6 958,333.4 1,164,268.0 1,421,087.0 1,718,939.0 1,976,629.0 2,376,551.0 Government Final Consumption Expenditure 13,971.0 17,016.0 19,123.0 25,782.0 31,544.0 34,801.0 53,147.1 62,044.5 77,636.9 98,121.0 116,995.0 174,599.0 203,608.0 225,523.0 Private Final Consumption Expenditure 81,445.0 102,537.0 130,118.0 197,461.0 268,002.0 309,132.0 373,088.5 541,536.3 636,901.3 744,978.0 896,208.0 1,042,265.0 1,219,366.0 1,441,581.0 Gross Capital Formation (Investment) 27,409.0 35,952.0 41,227.0 60,156.0 82,560.0 102,403.0 165,379.7 277,243.0 295,456.4 402,922.0 511,618.0 585,665.0 704,596.0 751,626.0 Exports of Goods and Services 16,076.9 18,205.4 21,854.2 28,317.0 35,233.0 52,168.0 85,950.4 102,886.6 108,227.1 123,496.0 121,532.2 122,501.0 139,830.0 184,282.0 Imports of Goods and Services 37,776.3 48,092.4 55,088.7 76,564.0 96,285.0 126,319.0 162,487.1 236,383.9 251,300.6 308,691.3 393,189.0 424,750.0 430,233.0 502,113.0 Resource Balance (21,699.4) (29,887.0) (33,234.4) (48,247.0) (61,052.0) (74,151.0) (76,536.7) (133,497.3) (143,073.5) (185,195.3) (271,656.0) (302,249.0) (290,403.0) (317,831.0) Gross Domestic Savings 9,999.0 10,781.0 21,040.0 22,593.0 32,514.0 35,202.0 88,843.0 143,745.7 152,382.9 217,726.0 284,759.0 351,233.0 409,580.0 535,269.0 Gross National Savings 25,441.0 28,934.0 46,748.0 57,103.0 76,376.0 93,973.0 161,984.0 228,935.8 243,795.2 321,169.0 407,884.0 502,076.0 553,655.0 709,447.0 Mid-year Population (In Million) 68.3 70.0 72.4 74.9 76.8 78.8 80.7 82.7 84.8 87.0 89.1 91.2 93.4 95.5 Per Capita Nominal GDP (In Birr) 1,475.0 1,783.0 2,302.0 3,282.0 4,318.0 4,803.0 6,384.1 9,031.8 10,218.7 12,200.3 14,571.0 17,192.0 19,630.0 23,061.0 Per Capita Real GDP (In Birr) 3,636.2 3,957.3 4,277.4 4,597.2 4,933.7 5,316.6 6,384.1 6,763.3 7,294.5 7,847.6 8,455.8 17,192.0 18,345.8 19,217.5 Average Exchange Rate (Birr/USD) 8.7 8.7 8.8 9.2 10.4 12.9 16.1 17.2 18.3 19.1 20.1 21.1 22.4 26.1 Real GDP (In USD) 11,201.2 12,390.0 13,108.2 15,279.6 16,665.6 18,754.4 29,543.3 30,007.3 31,095.9 32,877.7 34,438.9 74,297.0 76,411.2 70,296.7 Nominal GDP (In USD)(Million) 12,184.2 15,013.7 19,362.7 26,605.6 31,867.6 29,413.1 29,543.3 40,072.2 43,561.4 51,113.1 59,344.9 74,297.0 81,760.0 84,356.0 Per Capita Nominal GDP (In USD) 171.0 205.0 262.0 355.0 414.0 373.0 396.1 523.5 559.1 639.6 725.0 815.0 876.0 883.0 Per Capita Real GDP (In USD) 164.0 177.0 181.1 204.0 217.0 238.0 396.1 392.0 399.1 411.4 420.7 815.0 818.7 735.8 GDP Deflator 38.8 43.3 50.8 66.2 82.2 83.3 100.0 133.5 140.1 155.5 172.3 100.0 107.0 120.0 Source: MOF Second Quarter 2018/19 99 National Bank of Ethiopia Quarterly Bulletin

annex 21: Growth Rates of aggregate output, Consumption, investment and Savings ( Inpercent) Description / Year 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2004/05 2005/06 2006/07 2007/08 2008 /09 2009 /10 2010/11 2011 /12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 GDP at Current Basic Prices 23.8 24.4 31.0 44.9 36.6 12.1 36.4 45.2 15.3 22.4 22.4 18.2 17.9 21.2 Taxes on Products, net 13.3 14.5 25.7 37.7 14.0 48.5 38.8 44.3 24.1 21.9 22.1 12.8 8.5 6.9 GDP at Current Market Prices 22.9 23.6 30.6 44.4 35.1 14.2 35.9 45.1 16.0 22.4 22.4 17.7 16.9 20.2 Incomes from ROW, net -132.1 121.7 74.4 3.9 -107.9 976.5 82.3 -48.2 -17.1 -50.0 -81.0 -1.5 -112.5 -31.8 Gross National Income at Current Basic Price 24.4 24.3 31.3 44.8 36.3 12.0 36.4 45.2 15.3 22.3 22.2 18.2 17.2 21.1 Gross National Income at Current Market Price 23.5 23.5 30.9 44.3 34.8 14.1 35.8 45.1 16.0 22.3 22.2 17.8 16.6 20.1 Current Transfers from ROW, net 62.5 18.4 40.1 34.4 29.2 34.6 24.8 17.0 7.5 13.9 20.7 23.4 -0.6 21.7 Gross National Disposable Income 27.4 22.9 32.0 43.0 34.1 16.5 34.3 41.5 15.1 21.5 22.1 18.3 15.0 20.2 Government Final Consumption Expenditure 16.7 21.8 12.4 34.8 22.3 10.3 52.7 16.7 25.1 26.4 19.2 27.2 16.6 10.8 Private Final Consumption Expenditure 33.8 26.9 51.8 35.7 15.3 20.7 45.1 17.6 17.0 20.3 15.7 17.0 18.2 Gross Capital Formation (Investment) 10.1 31.2 14.7 45.9 37.2 24.0 61.5 67.6 6.6 36.4 27.0 15.1 20.3 6.7 Exports of Goods and Services 24.5 13.2 20.0 29.6 24.4 48.1 64.8 19.7 5.2 14.1 -1.6 0.7 14.1 31.8 Imports of Goods and Services 38.0 27.3 14.5 39.0 25.8 31.2 28.6 45.5 6.3 22.8 27.4 8.0 1.3 16.7 Resource Balance 50.1 37.7 11.2 45.2 26.5 21.5 3.2 -74.4 -7.2 -29.4 -46.7 -11.2 3.9 -9.4 Gross Domestic Savings -22.9 7.8 95.2 7.4 43.9 8.3 152.4 61.8 6.0 43.0 30.8 20.1 16.6 30.7 Gross National Savings 15.3 13.7 61.6 22.2 33.8 23.0 72.4 41.3 6.5 31.8 27.0 21.4 16.9 28.1 Mid-year Population (in Million) 2.7 2.5 3.4 3.5 2.5 2.6 2.4 2.5 2.5 2.6 2.4 2.2 Per Capita GDP (Birr) (Nominal) 20.1 20.9 29.1 42.6 31.6 11.2 32.9 41.5 13.1 19.4 19.4 15.0 14.2 17.5 Per Capita GDP (Birr) (Real) 9.7 8.8 8.1 7.5 7.3 7.8 10.9 5.9 7.9 7.6 7.7 4.8 6.7 4.8 Average Exchange Rate (Birr/ USD) 0.3 0.3 1.3 5.1 12.8 23.7 24.9 7.0 6.1 4.3 5.4 5.0 6.2 16.5 Real GDP (USD) 12.3 10.6 5.8 16.6 9.1 12.5 57.6 1.6 3.6 5.7 4.7 2.8 2.8 -8.0 GDP at Current Market Prices(USD) 22.6 23.2 29.0 37.4 19.8 -7.7 8.6 35.6 9.5 17.3 16.1 12.1 10.0 3.2 Per Capita GDP (USD) (Nominal) 20.4 19.9 27.8 35.5 16.6 -9.9 6.2 32.2 6.8 14.4 13.4 9.5 7.8 0.8 Per Capita GDP (USD) (Real) 9.3 7.9 2.3 12.7 6.4 9.7 53.8 -1.0 1.8 3.1 2.3 -0.1 0.5 -10.1 Percentage Change in GDP Deflator 9.9 11.6 17.3 30.4 24.3 1.3 20.1 33.5 4.9 11.0 6.4 0.0 6.3 12.5 Source: MOF 100 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

table 22(a): National Non-food Consumer price index, December 2016=100 Period General Index Food and NonAlcoholic Beverages Alcoholic Beverages and Tobacco Clothing & Footwear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Commu nication Recreation and Culture Education Restaurants and Hotels Miscellan eous Goods NonFood Index 2007/08 Q.I 26.3 28.0 24.5 21.8 27.6 24.0 32.6 42.7 104.6 29.1 40.0 24.0 32.3 27.1 Q.II 27.4 28.6 24.7 22.6 28.2 25.2 33.0 42.5 107.7 29.4 41.5 24.1 32.7 27.7 Q.III 29.7 30.4 26.8 23.6 29.9 27.7 34.1 46.2 108.1 30.1 42.7 25.4 34.2 29.4 Q.IV 35.1 32.8 29.4 25.0 32.8 30.1 35.6 48.2 107.0 30.6 44.1 27.7 36.3 31.8 2008/09 Q.I 42.5 35.3 35.7 26.9 35.1 32.2 37.1 48.2 107.4 31.6 47.5 30.5 38.6 34.1 Q.II 40.6 36.8 36.8 28.9 36.3 33.5 38.0 52.1 106.4 33.5 49.0 31.7 39.1 35.5 Q.III 38.9 37.4 38.6 30.8 36.2 34.6 38.8 46.5 105.3 35.3 49.6 32.8 40.3 36.1 Q.IV 39.6 38.7 39.8 32.4 37.1 36.1 41.1 48.4 104.1 37.1 51.4 33.7 42.7 37.4 2009/10 Q.I 40.9 40.9 40.7 34.4 39.3 37.9 42.5 55.0 103.4 39.4 53.9 35.2 45.2 39.6 Q.II 41.1 43.0 41.3 36.3 41.6 39.5 43.9 60.2 104.8 39.9 55.6 36.9 47.4 41.6 Q.III 41.8 44.9 42.8 38.8 43.1 41.9 46.4 62.4 103.0 40.8 57.3 37.8 49.3 43.4 Q.IV 42.5 46.3 44.8 40.4 44.3 43.6 47.8 65.3 101.1 43.2 57.7 38.8 50.3 44.8 2010/11 Q.I 43.4 47.8 45.4 42.3 45.7 45.2 47.9 65.7 100.4 44.6 61.3 39.6 51.7 46.1 Q.II 45.9 51.4 50.1 45.7 48.8 49.0 50.2 72.5 100.7 49.5 72.3 42.4 56.5 49.7 Q.III 50.0 55.4 52.0 50.4 52.9 51.4 51.5 83.8 100.3 52.8 72.3 43.9 60.3 53.4 Q.IV 56.9 58.7 57.2 54.2 54.9 54.7 52.9 96.6 100.0 54.3 74.5 48.9 63.3 56.8 2011/12 Q.I 60.7 60.6 61.4 56.7 55.5 58.1 54.2 97.2 99.5 58.9 77.8 53.1 67.8 58.9 Q.II 63.5 63.3 62.2 61.7 56.7 61.2 55.6 94.7 99.2 61.9 82.7 56.3 72.8 61.3 Q.III 67.5 67.6 66.1 67.3 60.6 65.5 56.8 96.9 99.1 66.2 82.6 59.6 76.7 65.3 Q.IV 71.5 69.6 65.5 70.9 62.0 68.5 58.0 97.5 99.1 67.5 85.1 63.1 78.5 67.2 2012/13 Q.I 73.7 72.0 64.9 73.1 65.7 69.9 59.4 97.1 99.1 69.5 84.1 66.2 80.9 69.6 Q.II 74.3 74.7 68.0 73.7 68.4 73.6 70.3 98.5 99.2 72.4 84.1 68.9 82.6 72.2 Q.III 74.5 75.7 70.8 75.9 68.5 74.7 71.1 95.6 99.1 73.4 85.3 70.6 85.0 73.2 Q.IV 76.2 77.3 70.7 78.0 70.0 77.1 73.3 95.0 99.1 74.6 86.7 72.9 86.2 74.7 2013/14 Q.I 79.2 79.8 71.9 80.9 73.3 78.4 72.0 94.6 99.1 77.1 86.7 76.1 88.0 77.1 Q.II 80.3 81.8 76.9 82.9 74.4 79.9 77.7 96.7 99.1 79.3 86.7 78.1 89.0 79.0 Q.III 80.6 84.4 81.9 84.7 77.6 82.4 80.2 98.5 99.1 77.9 86.7 78.8 89.1 81.5 Q.IV 82.9 85.8 82.1 86.4 79.5 83.8 82.9 99.2 99.1 75.5 86.9 80.3 89.2 82.9 2014/15 Q.I 84.5 86.7 85.0 88.2 79.5 84.8 82.5 99.0 99.3 76.5 87.7 81.3 90.0 83.7 Q.II 85.3 88.2 86.2 91.2 81.1 86.1 83.8 99.3 99.1 79.0 87.0 81.7 91.5 85.2 Q.III 87.2 90.6 92.9 93.6 83.4 87.8 86.7 96.3 99.6 78.0 87.1 83.3 92.7 87.5 Q.IV 91.0 92.8 96.2 94.5 86.7 89.7 86.1 94.8 101.2 78.4 87.2 85.4 93.9 89.7 2015/16 Q.I 94.4 93.9 93.6 96.3 87.7 91.2 87.6 96.5 103.9 83.7 91.4 88.0 94.7 90.8 Q.II 94.3 94.8 94.6 96.8 87.7 92.8 92.0 98.2 101.3 88.2 99.8 90.8 95.6 91.8 Q.III 94.9 95.2 101.3 97.9 91.1 95.9 93.8 97.2 100.3 91.1 99.8 92.6 96.5 94.6 Q.IV 97.8 98.7 94.9 99.0 97.0 96.9 97.4 97.0 101.5 92.3 99.9 94.9 97.8 96.9 2016/17 QI 100.4 102.5 92.4 99.2 100.1 97.7 95.1 98.1 99.7 93.5 100.0 97.6 98.5 98.2 QII 100.4 101.3 97.3 99.5 100.1 99.2 98.8 99.3 99.9 98.4 100.0 99.1 99.0 99.4 QIII 102.4 103.0 104.4 100.7 102.3 101.2 104.3 103.9 99.8 99.0 100.0 98.1 100.9 101.7 QIV 106.5 109.5 98.3 102.1 102.8 107.9 113.4 104.7 102.1 111.6 99.4 101.6 101.9 103.0 2017/18 QI 112.0 113.9 104.5 116.0 113.3 111.1 97.0 106.3 101.7 113.1 106.0 107.9 102.2 109.9 QII 115.6 116.6 110.7 119.8 119.7 115.3 92.9 108.9 103.4 114.0 107.5 113.5 104.5 114.5 QIII 118.8 118.7 117.3 126.3 123.4 122.4 99.9 111.4 105.9 117.9 109.2 114.0 109.5 118.9 QIV 122.8 123.1 108.2 135.8 127.8 129.1 101.3 113.2 107.2 120.9 110.4 118.6 115.6 122.5 2018/19 QI 127.4 128.2 112.3 141.1 131.3 133.9 107.2 115.5 106.7 122.6 117.5 123.7 119.6 126.5 QII 127.8 128.3 112.3 144.7 130.1 136.3 106.3 119.8 101.1 124.9 125.8 128.1 119.8 127.2 Source: Central Statistical Agency(CSA) and NBE Staff Compilation. Second Quarter 2018/19 101 National Bank of Ethiopia Quarterly Bulletin

Table 22 (B): National Food Consumer Price Index,

December 2016=100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate & confectionery Food products Non-Alcoholic Beverages 2007/08 Q.I 25.9 27.2 21.7 19.9 28.2 19.8 21.4 26.7 43.4 26.5 Q.II 27.4 29.1 22.2 20.6 31.3 21.0 22.8 26.1 45.0 28.4 Q.III 30.0 32.2 23.6 22.6 35.0 24.4 25.9 29.2 43.7 29.8 Q.IV 37.5 42.9 26.1 25.6 39.6 25.7 30.2 32.6 50.5 32.1 2008/09 Q.I 48.1 60.7 28.7 28.2 39.5 28.7 33.1 39.6 57.0 32.8 Q.II 44.1 57.2 28.9 29.1 37.9 34.0 32.5 42.0 44.0 33.0 Q.III 40.9 52.5 28.9 30.3 35.9 33.0 34.5 48.4 28.7 33.9 Q.IV 41.3 52.1 30.3 32.5 36.5 31.7 36.7 50.3 22.7 34.9 2009/10 Q.I 41.9 53.7 31.0 33.4 36.1 34.4 34.1 51.3 23.7 38.0 Q.II 41.0 51.8 31.1 34.1 36.0 36.0 34.7 52.4 26.9 41.8 QIII 40.9 50.9 31.9 35.4 36.5 37.4 35.6 55.1 30.7 42.6 QIV 41.1 49.7 33.2 35.8 38.6 35.6 36.2 56.5 40.6 42.3 2010/11 QI 41.7 48.9 34.4 37.3 41.0 36.4 38.3 56.1 46.1 47.3 Q.II 43.7 48.3 34.8 40.0 49.5 42.3 43.1 59.0 41.6 57.6 Q.III 48.0 50.7 31.9 43.6 54.4 37.9 48.8 57.3 43.3 77.3 Q.IV 57.4 58.9 35.9 46.8 74.2 40.1 56.5 60.0 62.4 90.9 2011/12 Q.I 62.4 65.4 44.9 48.8 74.4 47.4 56.9 61.2 71.1 91.8 Q.II 65.4 69.7 48.8 50.3 71.0 57.7 61.1 64.1 71.3 97.1 Q.III 69.5 74.0 54.6 56.1 73.4 62.2 68.6 66.1 62.4 97.9 Q.IV 75.4 80.7 64.7 61.1 79.2 62.8 75.4 68.3 67.9 90.3 2012/13 Q.I 77.6 85.8 69.5 61.6 76.6 70.2 75.8 69.0 69.7 88.2 Q.II 76.3 84.2 70.0 64.3 74.2 79.3 73.8 70.3 67.7 84.7 Q.III 75.7 82.5 72.1 67.1 74.6 76.9 73.8 72.9 66.1 80.2 Q.IV 77.5 86.1 73.7 67.8 77.0 73.6 74.5 73.2 68.2 78.7 2013/14 Q.I 81.2 92.5 76.4 69.4 76.2 72.5 78.4 74.4 69.7 79.3 Q.II 81.4 95.1 77.7 70.5 75.8 74.6 75.7 73.8 70.2 78.9 Q.III 79.7 85.1 78.6 73.1 78.0 76.4 80.1 73.1 69.1 79.1 Q.IV 82.9 88.9 80.5 74.2 81.5 74.2 79.8 74.2 75.1 94.3 2014/15 Q.I 85.2 92.7 81.5 76.7 87.0 77.5 78.2 73.9 81.8 99.3 Q.II 85.3 89.4 81.5 77.7 89.3 79.9 82.1 75.5 78.7 101.7 Q.III 86.9 86.2 83.4 82.1 94.2 85.9 88.7 75.1 82.6 95.9 Q.IV 92.1 89.3 86.7 89.5 101.4 84.5 94.3 76.5 100.1 91.1 2015/16 Q.I 97.9 94.3 90.9 90.1 102.9 88.7 96.6 76.3 131.6 87.8 QII 96.6 94.0 92.1 92.2 99.5 95.7 96.5 77.0 120.8 85.1 QIII 95.2 95.7 92.8 96.9 96.6 96.2 96.5 81.7 101.2 81.1 QIV 98.7 98.2 96.4 100.2 99.7 96.1 103.0 83.9 101.8 84.1 2016/17 Q.I 102.6 102.9 100.7 99.4 99.9 98.7 106.8 86.7 104.6 92.3 Q.II 101.3 102.7 100.6 100.0 100.8 99.3 99.6 100.0 94.6 105.6 99.3 Q.III 103.0 100.7 100.8 98.9 103.8 102.3 103.2 107.4 96.1 109.2 97.3 Q.IV 109.5 110.9 106.9 100.4 108.3 101.7 106.6 114.7 93.9 117.9 97.0 2017/18 QI 113.9 123.6 113.8 101.1 108.5 100.5 119.5 110.2 94.4 122.0 101.3 QII 116.6 125.7 115.7 104.2 112.4 96.9 128.9 113.8 95.9 125.0 108.5 QIII 118.7 123.6 123.0 101.1 115.7 95.1 134.4 120.4 97.2 133.5 105.2 QIV 123.1 133.8 131.5 110.8 122.8 95.1 133.8 116.9 98.1 137.4 109.7 2018/19 QI 128.2 139.7 137.0 112.1 127.8 95.9 133.1 124.8 102.1 136.9 115.9 QII 128.3 140.0 137.1 114.2 129.8 97.5 141.0 124.3 105.3 137.8 112.1 QIII 113.1 111.2 117.2 100.4 110.2 110.2 140.3 106.2 100.0 155.7 105.2 QIV 117.7 117.4 126.0 112.3 121.4 114.8 139.3 105.6 100.0 160.3 105.7 2018/19 QI 125.2 124.7 130.0 109.2 125.3 116.0 135.4 123.0 100.0 161.4 109.3 QII 123.7 125.5 127.9 110.4 129.0 116.1 138.4 117.6 100.0 154.7 109.6 Source: Central Statistical Agency 102 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 22 (C): Addis Ababa Non-Food Consumer Price Index , December 2016=100 Period General Index Food & Non-alcoholic Bever- ages Alcoholic beverages & Tobacco Clothing & Foo-twear Hosing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equip- ment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods Non-Food Index 2006/07 Q.I 25.4 20.8 29.6 24.0 18.8 38.3 23.1 32.3 42.8 41.9 35.1 31.2 18.7 25.2 Q.II 26.6 22.0 30.7 24.2 19.2 39.3 23.8 33.1 45.6 44.7 38.2 34.0 19.4 25.0 Q.III 27.3 23.0 30.9 25.0 20.2 39.1 25.0 35.3 45.0 44.1 36.4 32.4 21.2 25.1 Q.IV 28.5 24.8 31.6 25.6 20.7 39.6 26.6 37.5 45.0 44.1 36.7 32.6 21.0 25.5 2007/08 Q.I 29.7 26.9 32.0 26.2 21.6 39.6 27.1 38.3 45.1 44.1 37.7 33.5 21.4 26.2 Q.II 30.3 27.0 32.9 27.1 24.4 38.6 29.6 40.3 44.8 43.9 38.9 34.5 22.6 26.9 Q.III 32.8 29.5 35.5 29.8 25.8 41.4 34.0 42.4 48.1 47.1 40.4 35.9 23.0 28.2 Q.IV 37.5 36.3 38.0 31.9 27.0 45.7 36.7 43.9 49.7 48.7 42.0 37.3 26.4 30.5 2008/09 Q.I 41.9 43.8 39.4 37.0 29.3 46.4 38.0 47.3 49.7 48.6 41.9 37.2 28.6 32.5 Q.II 42.4 42.7 41.5 39.2 31.0 48.0 39.4 48.3 55.4 54.2 45.5 40.4 29.8 33.0 Q.III 41.4 40.8 41.4 43.2 32.7 46.3 40.4 48.2 51.8 50.7 48.1 42.8 30.2 33.8 Q.IV 42.8 42.2 42.8 43.4 34.1 47.2 41.7 49.8 53.8 52.7 49.7 44.2 32.1 36.5 2009/10 Q.I 44.8 43.6 45.3 43.7 35.6 49.8 42.6 52.3 61.9 60.6 50.2 44.6 34.2 38.9 Q.II 46.1 44.2 47.3 44.3 36.4 51.6 45.4 52.9 67.1 65.7 52.0 46.2 37.4 41.3 Q.III 46.2 43.2 48.5 45.1 37.7 52.3 47.4 52.9 68.5 67.1 53.6 47.7 40.2 42.6 Q.IV 48.3 45.5 50.4 47.6 39.1 54.1 49.7 55.0 72.3 70.8 53.8 47.8 42.5 43.3 2010/11 Q.I 50.5 48.2 52.0 49.7 42.8 54.4 51.6 55.3 71.9 70.4 56.6 50.3 44.9 44.9 Q.II 53.8 49.4 57.3 55.9 47.9 59.9 56.1 56.8 80.0 78.3 65.0 57.8 46.8 48.6 Q.III 56.1 49.5 61.6 54.3 51.1 65.6 59.7 57.3 88.3 86.5 66.0 58.6 47.6 55.3 Q.IV 61.1 55.4 65.7 57.9 55.3 68.2 64.2 60.2 98.7 96.6 65.8 58.5 50.7 59.2 2011/12 Q.I 64.6 60.1 67.9 62.7 58.9 69.6 65.2 62.2 98.6 96.5 68.6 61.0 54.4 62.9 Q.II 67.3 64.2 70.6 65.6 64.5 69.2 68.5 65.3 99.1 97.1 75.1 66.8 57.3 66.4 Q.III 70.6 67.0 73.4 71.4 70.5 70.6 72.4 67.1 102.2 100.0 75.6 67.1 59.0 70.4 Q.IV 74.0 73.3 74.6 71.7 72.1 71.8 73.8 69.6 102.2 100.0 76.7 72.2 59.0 72.4 2012/13 Q.I 76.5 75.8 77.0 72.0 75.8 77.4 75.6 71.3 101.3 100.0 78.2 70.2 59.0 74.6 Q.II 77.4 74.4 79.7 72.4 80.9 80.1 76.8 73.1 101.3 100.0 81.0 70.2 64.8 77.3 Q.III 77.8 73.2 81.4 79.0 82.6 81.5 79.5 76.5 101.3 100.0 82.4 72.6 66.8 80.6 Q.IV 79.6 75.7 82.5 81.1 84.8 81.5 81.8 80.9 101.2 100.0 84.0 75.0 68.8 82.0 2013/14 Q.I 82.8 78.9 85.8 84.0 86.2 85.7 83.4 74.9 101.4 100.0 86.9 75.1 78.3 83.6 Q.II 83.8 77.6 88.6 88.6 87.4 88.7 84.8 77.2 106.0 100.0 94.4 75.1 82.8 85.6 Q.III 84.6 76.7 90.6 87.6 90.3 91.5 88.3 79.6 110.2 100.0 96.4 75.1 82.3 86.0 Q.IV 86.7 79.6 92.1 92.4 93.3 91.9 90.8 85.5 110.4 100.0 98.3 75.1 85.8 85.6 2014/15 Q.I 88.6 83.9 92.3 94.0 93.5 91.2 90.0 90.7 110.3 100.0 100.9 75.1 86.9 88.8 Q.II 88.9 84.2 92.5 94.1 94.0 91.3 90.6 94.3 109.6 100.0 97.9 75.1 87.0 89.3 Q.III 90.9 87.7 93.4 95.9 94.8 92.8 93.1 95.3 101.2 100.0 98.1 75.1 91.2 93.8 Q.IV 95.1 95.4 94.8 94.8 97.4 95.2 95.5 96.0 98.8 100.0 97.4 75.1 92.8 96.3 2015/16 Q.I 101.4 107.4 96.8 95.7 99.8 97.7 96.1 96.8 99.7 100.0 98.0 83.4 93.9 98.2 QII 100.8 103.3 98.9 99.4 100.5 98.2 98.0 99.9 100.0 100.0 99.6 100.0 98.0 99.2 QIII 98.2 97.0 99.2 98.4 101.4 96.5 103.8 102.3 98.3 100.0 101.3 100.0 99.4 101.6 QIV 100.6 101.7 99.7 100.4 103.5 96.4 105.4 102.7 97.5 100.0 103.5 100.0 100.5 102.5 2016/17 QI 103.9 107.3 101.3 109.8 105.0 97.9 107.8 103.6 97.5 100.0 105.0 100.0 103.3 102.1 QII 101.5 102.2 100.9 104.7 104.0 98.6 105.1 102.5 98.3 100.0 104.4 100.0 102.5 101.2 QIII 100.9 100.4 101.3 103.8 100.6 101.7 101.7 98.5 104.1 100.0 99.5 97.4 100.1 103.2 QIV 104.1 104.4 103.8 100.9 94.8 103.0 107.5 107.6 107.9 114.4 105.4 96.9 99.9 102.5 2017/18 QI 112.3 109.2 114.8 103.3 98.8 133.7 114.3 113.7 106.5 115.3 107.3 100.4 104.9 100.9 QII 117.6 110.3 123.1 103.0 101.2 151.3 120.5 113.9 106.9 116.5 107.3 99.9 118.5 106.5 QIII 121.1 113.1 127.2 112.7 104.8 158.3 126.6 117.3 107.7 116.8 109.7 99.7 120.2 111.3 QIV 127.1 117.7 134.2 114.1 111.3 170.0 132.4 131.8 109.4 116.8 112.2 100.1 127.5 119.4 2018/19 QI 132.1 125.2 137.4 115.1 113.8 171.4 136.5 130.1 113.6 116.8 112.4 113.3 136.1 122.4 QII 133.0 123.7 140.0 116.1 115.5 172.8 142.5 135.8 116.1 120.4 112.6 122.3 137.7 123.1 Source: Central Statistical Agency Second Quarter 2018/19 103 National Bank of Ethiopia Quarterly Bulletin

Table 22(D): Addis Ababa Food Consumer Price Index

December 2016=100 Period Food & Non-alcoholic Bever- ages Bread and Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery Food products Non-Alcoholic Beverages 2006/07 Q.I 20.7 22.4 19.9 16.7 19.3 17.5 16.3 38.6 20.5 19.2 Q.II 21.9 23.9 20.5 17.2 21.3 18.4 17.2 36.7 21.6 19.4 Q.III 22.9 24.5 20.9 17.8 23.8 21.5 20.0 36.7 28.9 20.7 Q.IV 24.7 25.5 22.5 20.2 27.1 20.9 19.5 37.0 44.3 21.0 2007/08 Q.I 26.7 26.3 23.0 20.9 29.2 23.4 21.9 36.1 71.8 22.3 Q.II 26.9 26.9 23.3 21.2 31.4 26.5 24.8 34.5 62.7 24.8 Q.III 29.3 29.6 23.9 22.1 34.9 36.1 33.7 39.8 63.0 26.3 Q.IV 36.1 40.5 27.3 25.0 41.9 39.8 37.2 41.3 75.1 27.5 2008/09 Q.I 43.5 52.1 31.4 29.8 40.9 42.0 39.2 50.6 80.2 27.4 Q.II 42.4 52.8 31.7 31.3 39.1 39.9 37.3 50.2 61.1 26.9 Q.III 40.6 50.5 30.7 31.5 37.2 43.7 40.8 61.7 41.2 26.7 Q.IV 41.9 51.4 32.2 33.2 40.0 48.6 45.4 66.3 32.1 26.9 2009/10 Q.I 43.3 53.8 33.7 36.6 39.6 42.3 39.5 67.7 33.5 32.7 Q.II 43.9 53.5 33.7 36.2 39.4 40.9 38.2 74.2 45.3 37.4 Q.III 42.9 50.4 34.3 35.9 39.9 41.3 38.6 72.8 45.2 37.0 QIV 45.2 51.0 36.9 37.3 40.6 45.2 42.2 73.9 62.7 35.7 2010/11 Q.I 47.9 50.7 38.6 38.5 42.9 53.9 50.4 78.7 70.3 39.7 Q.II 49.1 50.6 39.2 39.5 50.8 56.8 53.0 82.2 55.6 50.7 Q.III 49.2 49.4 38.9 40.9 54.3 60.3 56.3 72.5 60.5 65.4 Q.IV 55.0 54.8 40.1 42.6 74.4 62.1 58.0 74.1 87.9 78.1 2011/12 Q.I 59.7 58.2 47.5 46.9 77.1 54.1 50.5 74.4 102.7 81.1 Q.II 63.8 61.2 52.4 52.0 74.1 57.3 53.5 75.6 95.7 88.4 Q.III 66.6 64.1 57.0 55.8 75.5 63.3 63.3 76.7 91.6 89.7 Q.IV 72.8 71.7 68.6 58.5 79.3 65.0 68.5 77.6 95.2 86.7 2012/13 Q.I 75.4 77.3 70.9 63.4 77.9 71.8 71.8 77.6 88.6 84.6 Q.II 74.0 79.7 69.1 67.3 77.6 73.1 66.8 77.6 76.6 82.7 Q.III 72.7 78.5 73.3 69.4 79.0 80.4 59.7 77.6 73.0 79.7 Q.IV 75.2 79.8 74.3 70.1 81.6 84.0 67.8 77.6 70.9 76.4 2013/14 Q.I 78.5 82.3 75.7 71.8 81.6 83.5 75.6 77.6 76.3 78.0 Q.II 77.1 84.0 75.4 71.5 81.1 79.1 67.2 77.8 79.4 78.7 Q.III 76.2 78.1 77.6 71.6 81.2 86.3 70.4 78.0 73.4 80.3 Q.IV 79.1 78.9 81.1 73.4 83.6 87.2 69.9 82.7 95.6 89.6 2014/15 Q.I 83.3 82.2 81.4 75.8 89.0 84.3 72.1 82.6 127.8 91.1 Q.II 83.7 82.4 78.6 79.3 94.0 84.1 78.0 82.7 104.0 95.0 Q.III 87.2 79.8 81.3 80.8 99.9 103.1 86.5 81.2 120.9 94.7 Q.IV 94.8 82.1 84.6 88.6 110.4 101.4 91.1 83.1 188.2 91.7 2015/16 Q.I 106.7 84.4 93.8 94.3 110.6 101.9 99.0 83.5 317.2 88.5 Q.II 102.7 86.1 96.9 95.8 108.1 101.0 100.3 83.6 229.0 87.6 QIII 96.4 88.9 95.8 95.7 99.6 113.7 95.4 94.0 141.8 85.8 QIV 101.1 93.3 98.4 96.7 101.7 113.7 108.3 99.8 130.6 88.6 2016/17 QI 106.7 98.6 101.1 98.9 103.0 103.3 122.3 96.8 130.7 93.1 QII 101.8 102.3 100.8 100.0 99.8 102.1 96.9 100.8 96.5 112.0 97.4 QIII 100.4 98.6 97.6 91.6 101.8 105.0 108.8 105.5 100.0 93.8 97.7 QIV 104.4 101.8 106.4 99.9 102.2 107.3 118.7 112.6 99.0 86.1 94.2 2017/18 QI 109.2 109.9 114.6 101.9 105.6 109.5 134.3 111.4 100.0 86.6 100.4 QII 110.3 112.8 114.8 98.4 105.5 109.1 132.5 106.9 100.0 104.0 105.8 QIII 113.1 111.2 117.2 100.4 110.2 110.2 140.3 106.2 100.0 155.7 105.2 QIV 117.7 117.4 126.0 112.3 121.4 114.8 139.3 105.6 100.0 160.3 105.7 2018/19 QI 125.2 124.7 130.0 109.2 125.3 116.0 135.4 123.0 100.0 161.4 109.3 QII 123.7 125.5 127.9 110.4 129.0 116.1 138.4 117.6 100.0 154.7 109.6 Source: Central Statistical Agency 104 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E1): Regional States’ Consumer Price Indices (Non-Food)

December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equip- ment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods AFAR 2007/08 Q.I 25.2 24.7 22.6 28.1 23.7 14.1 26.7 41.4 32.0 58.1 35.7 50.3 20.9 52.1 Q.II 25.8 25.6 23.0 28.2 23.8 14.5 26.7 41.6 32.2 58.4 37.5 52.7 21.0 54.6 Q.III 26.8 26.8 23.9 28.5 24.8 14.9 29.0 42.4 34.3 62.3 38.6 54.4 22.1 54.8 Q.IV 30.4 32.4 24.8 29.7 25.6 15.1 32.4 43.3 35.1 63.7 38.6 54.3 25.8 55.6 2008/09 Q.I 35.6 40.9 25.9 34.8 27.6 15.3 34.6 41.6 35.1 63.7 40.1 56.5 30.6 58.2 Q.II 34.5 39.7 25.8 35.5 27.4 15.0 35.3 47.0 31.9 58.0 42.6 60.0 31.5 59.0 Q.III 33.4 38.3 25.8 36.5 28.4 14.7 36.0 46.0 26.2 47.6 46.3 65.2 31.8 60.1 Q.IV 34.3 39.7 26.5 38.0 28.4 15.0 38.7 49.4 27.7 50.2 46.6 65.7 32.5 61.4 2009/10 Q.I 36.3 41.7 28.6 39.1 30.4 17.0 39.4 52.1 31.9 57.8 45.5 64.1 33.5 62.6 Q.II 38.8 43.7 31.5 39.9 32.0 19.5 44.8 52.0 35.3 64.0 45.6 64.2 36.6 63.0 Q.III 39.6 43.6 33.1 41.3 33.6 20.7 47.3 54.4 37.1 67.3 44.5 62.7 36.9 63.4 Q.IV 40.6 43.9 34.1 44.0 33.5 21.9 47.8 54.4 38.2 69.4 47.1 66.3 37.7 64.8 2010/11 Q.I 41.7 44.8 35.5 44.8 33.6 23.9 48.6 50.5 37.1 67.3 49.1 69.1 38.7 64.4 Q.II 44.3 47.1 38.7 50.7 36.5 26.6 50.5 51.0 42.3 76.8 55.7 78.4 42.7 67.7 Q.III 47.6 50.6 41.9 54.9 38.3 29.6 53.8 56.2 49.1 89.1 55.7 78.4 44.6 68.7 Q.IV 52.1 54.4 45.8 55.9 40.9 34.0 52.8 61.8 59.0 107.0 57.1 80.4 48.4 70.1 2011/12 Q.I 56.0 58.6 48.4 61.8 46.1 34.3 59.7 58.4 60.9 110.4 59.6 83.8 52.8 73.0 Q.II 58.3 64.5 48.4 63.4 50.7 32.0 63.3 60.4 53.9 97.7 65.6 92.4 54.1 73.5 Q.III 60.9 71.1 50.4 68.2 52.1 32.7 66.5 65.3 57.2 100.0 70.2 0.0 54.1 75.7 Q.IV 64.5 75.6 53.2 70.1 54.4 36.8 63.6 69.9 60.3 100.0 69.8 0.0 59.7 79.4 2012/13 Q.I 67.5 79.7 55.1 67.6 59.1 40.3 60.0 71.8 65.1 100.0 72.1 0.0 61.8 79.9 Q.II 70.8 79.7 60.9 66.6 75.0 45.0 64.7 73.8 69.3 100.0 74.8 0.0 65.9 80.8 Q.III 71.2 77.0 64.0 61.7 80.2 51.3 66.2 76.8 69.3 100.0 74.0 0.0 65.9 81.5 Q.IV 75.1 78.4 69.7 57.0 83.4 64.2 68.9 81.3 69.3 100.0 74.7 0.0 68.6 83.9 2013/14 Q.I 80.4 84.4 74.3 67.6 87.2 67.6 72.3 94.5 79.4 100.0 76.3 0.0 71.6 87.3 Q.II 81.2 84.3 75.7 72.4 87.3 68.7 71.7 98.7 79.4 100.0 84.8 0.0 72.7 89.8 Q.III 79.1 82.9 73.2 66.1 91.0 61.0 73.3 106.4 79.4 100.0 86.2 0.0 74.2 92.3 Q.IV 76.2 85.8 65.7 59.1 91.3 42.0 74.8 105.8 83.2 100.0 85.5 0.0 78.3 95.0 2014/15 Q.I 77.0 87.7 65.5 60.9 91.1 38.7 77.0 108.3 92.0 100.0 87.9 0.0 77.6 108.5 Q.II 77.9 87.3 67.5 60.5 94.0 42.8 79.0 112.5 91.8 100.0 88.6 0.0 78.6 93.1 Q.III 81.4 87.6 73.5 73.6 91.0 55.0 78.6 111.6 94.7 100.0 87.6 0.0 80.5 94.6 Q.IV 87.8 94.0 79.5 87.3 91.4 63.0 87.9 114.7 95.8 100.0 87.1 0.0 83.4 93.7 2015/16 Q.I 92.2 103.7 79.6 90.0 96.2 57.6 91.0 115.8 93.2 100.0 95.4 0.0 87.5 97.0 Q.II 92.5 101.8 81.6 83.0 96.8 61.9 94.7 121.8 99.3 100.0 95.7 0.0 93.1 97.6 Q.III 96.9 99.6 94.1 106.9 92.6 87.1 99.8 125.7 96.2 100.0 99.2 0.0 92.3 97.4 Q.IV 101.2 101.6 100.7 99.9 98.6 103.0 100.7 122.6 96.9 100.0 100.5 0.0 94.4 95.2 2016/17 QI 103.1 104.0 102.2 97.6 97.8 108.0 101.6 114.6 95.8 100.0 99.3 0.0 96.1 96.8 QII 101.4 103.8 98.9 104.3 97.1 97.1 101.6 106.0 98.8 100.0 97.8 33.3 98.5 98.9 QIII 101.4 102.3 100.6 94.3 100.0 104.3 99.3 110.1 95.6 100.7 97.4 100.0 99.8 99.2 QIV 105.4 105.2 105.6 93.3 107.5 114.2 102.0 118.1 105.1 100.7 111.8 92.0 99.6 97.8 2017/18 QI 108.5 109.8 107.2 101.1 105.3 117.3 100.5 120.4 112.9 99.9 110.5 101.3 97.1 98.2 QII 112.8 115.8 109.9 101.1 114.6 117.7 103.4 107.2 123.3 99.8 119.5 98.5 103.5 103.4 QIII 116.8 117.0 116.6 131.6 120.9 114.2 106.8 107.7 123.3 99.9 129.7 95.5 114.9 110.0 QIV 116.7 116.2 117.2 120.4 121.4 120.2 110.8 108.6 123.3 100.4906317 130.5 93.5 111.4 118.4 2018/19 QI 120.7 124.2 117.4 115.0 124.5 117.8 116.7 109.1 118.8 100.4806764 132.5 101.9 117.2 118.8 QII 121.1 124.3 118.0 105.4 121.8 116.1 143.9 93.2 124.8 101.645591 174.1 110.8 120.1 118.4 Source: Central Statistical Agency Second Quarter 2018/19 105 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E2): Regional States’ Consumer Price Indices (Non-Food)

December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equip- ment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods AMHARA 2007/08 Q.I 28.0 28.7 27.2 26.0 28.3 26.8 22.1 36.2 49.6 52.1 35.9 46.8 23.8 34.0 Q.II 28.9 30.5 27.3 25.8 27.9 26.6 23.4 37.1 50.0 52.5 36.7 47.9 25.0 35.3 Q.III 30.1 31.7 28.5 28.2 29.1 27.5 25.4 39.9 55.4 58.2 38.0 49.6 26.5 37.4 Q.IV 34.0 38.6 29.6 31.9 29.8 28.0 27.5 42.2 58.2 61.1 39.4 51.5 28.6 39.7 2008/09 Q.I 41.2 50.7 32.2 41.9 31.4 30.0 29.6 41.3 58.2 61.1 41.0 53.5 32.2 41.3 Q.II 40.4 48.2 32.9 42.9 33.8 30.3 30.6 40.8 59.0 62.0 42.6 55.6 33.8 40.9 Q.III 38.2 43.1 33.5 43.1 35.7 30.3 32.8 43.3 54.0 56.7 44.6 58.3 34.7 42.0 Q.IV 38.6 42.3 35.0 45.4 38.1 31.5 34.3 45.8 55.0 57.8 48.3 63.1 35.1 43.8 2009/10 Q.I 40.5 43.8 37.3 45.4 40.3 34.3 35.7 47.2 58.1 61.1 50.4 65.8 36.7 46.5 Q.II 41.3 42.9 39.7 45.3 42.9 37.0 37.1 51.2 58.3 61.3 52.1 68.1 38.3 48.9 Q.III 41.7 42.2 41.2 46.0 46.3 38.1 38.5 54.2 60.9 64.0 52.6 68.7 39.4 50.5 Q.IV 42.5 42.8 42.1 50.1 48.7 38.5 39.7 55.5 63.5 66.6 54.3 70.8 39.4 51.0 2010/11 Q.I 43.8 43.6 43.9 51.1 50.7 40.6 40.8 56.2 62.2 65.3 58.4 76.3 40.3 52.5 Q.II 46.7 44.8 48.4 54.9 56.0 45.4 43.7 57.6 65.6 68.9 66.7 87.1 42.7 57.7 Q.III 49.7 47.0 52.2 55.9 61.5 49.3 46.2 57.8 81.7 85.8 67.1 87.6 44.2 61.0 Q.IV 55.4 56.6 54.3 61.4 66.4 50.1 49.2 58.8 90.2 94.7 69.7 91.0 47.5 63.1 2011/12 Q.I 59.8 63.0 56.6 66.9 70.8 51.2 52.3 59.3 90.6 95.2 73.0 95.3 51.7 70.3 Q.II 62.6 66.7 58.6 62.5 76.1 52.2 54.4 58.0 82.9 87.1 75.9 99.1 54.9 73.8 Q.III 65.1 68.6 61.5 64.7 79.7 55.1 56.4 58.8 84.0 87.0 79.4 100.0 57.8 74.9 Q.IV 68.7 74.4 63.2 69.7 81.6 55.3 58.4 60.1 83.9 87.0 84.2 100.0 60.4 76.5 2012/13 Q.I 71.9 79.1 64.9 73.1 82.7 56.4 59.4 61.6 85.2 87.0 84.2 100.0 63.4 77.5 Q.II 73.2 78.5 68.0 74.9 83.9 59.1 68.8 63.4 88.5 87.0 81.1 100.0 65.3 84.5 Q.III 73.6 78.1 69.3 76.1 84.6 59.0 72.2 68.8 86.6 87.0 82.3 100.0 68.4 85.8 Q.IV 75.6 80.3 71.0 78.6 87.5 59.9 73.8 73.3 83.2 87.0 84.3 100.0 71.2 87.3 2013/14 Q.I 77.7 83.6 72.0 81.1 88.7 60.2 74.3 76.0 78.7 87.0 84.1 100.0 73.4 88.1 Q.II 79.1 83.0 75.17197753 86.8 88.8 64.1 76.3 82.5 81.7 87.0 86.5 100.0 76.6 89.9 Q.III 79.5 81.5 77.36613529 89.6 91.3 67.2 78.5 85.6 83.8 87.0 87.7 100.0 77.3 90.6 Q.IV 80.8 82.7 78.7695656 89.1 92.1 69.3 82.3 87.6 84.1 87.0 87.8 100.0 77.9 91.3 2014/15 Q.I 81.6 83.8 79.4 90.7 93.9 68.9 82.8 89.0 84.3 88.4 88.1 108.3 79.3 91.6 Q.II 82.4 84.0 80.7 91.7 99.1 69.7 83.6 92.6 85.9 87.0 88.0 100.0 80.2 91.9 Q.III 83.7 84.7 82.6 92.7 101.9 72.4 85.4 93.5 86.0 90.0 89.2 100.0 81.3 92.6 Q.IV 85.8 86.3 85.1 96.3 101.3 75.9 88.1 89.5 85.5 99.5 89.8 100.0 83.9 93.4 2015/16 Q.I 89.7 91.5 87.8 95.8 103.5 79.6 90.1 90.0 94.4 108.7 86.6 100.0 86.5 92.7 Q.II 90.9 92.7 89.0 95.9 101.8 80.6 92.4 89.1 101.4 97.7 94.9 100.0 89.7 93.1 Q.III 92.4 93.0 91.7 99.3 102.2 84.5 94.9 97.3 96.3 98.3 96.2 100.0 92.1 94.1 Q.IV 94.9 95.1 94.5 98.9 103.3 89.1 96.1 94.4 101.9 98.8 93.8 100.0 95.3 95.1 2016/17 QI 99.8 101.3 98.1 97.1 101.4 96.9 97.8 88.7 103.5 98.3 97.6 100.0 99.2 96.4 QIII 101.1 102.3 99.8 99.3 100.0 99.4 99.7 99.8 101.7 99.4 98.5 100.0 100.7 98.1 QII 102.4 105.4 99.0 98.4 101.6 98.7 100.3 104.9 102.9 100.0 98.8 95.2 95.9 100.7 QIV 108.7 110.1 107.2 124.7 103.6 108.4 101.9 133.6 104.0 99.1 123.5 95.5 102.1 99.9 2017/18 QI 119.5 118.2 120.9 135.5 108.2 134.1 106.5 154.5 104.0 95.6 125.2 119.0 111.6 102.9 QII 122.4 119.9 125.2 140.4 115.0 138.9 110.2 119.9 105.1 102.7 127.4 119.0 119.5 105.2 QIII 125.5 122.0 129.4 144.8 119.5 145.7 121.2 150.8 105.4 112.8 133.4 119.0 111.1 112.4 QIV 129.0 127.7 130.5 139.8 127.3 145.8 126.1 131.4 106.3 122.3 138.0 119.0 111.6 115.4 2018/19 QI 134.1 133.9 134.2 141.6 132.6 148.5 127.8 155.4 106.9 128.9 140.9 119.0 114.4 124.2 QII 134.1 132.9 135.5 141.1 138.1 149.2 129.9 144.6 116.1 115.3 142.3 120.6 118.7 119.1 Source: Central Statistical Agency 106 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E3): Regional States’ Consumer Price Indices (Non-Food)

December 2016= 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equip- ment & Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods BENISHANGUL GUMUZ 2007/08 Q.I 28.9 27.1 32.3 22.7 18.7 49.8 23.6 45.8 64.7 68.5 39.2 47.4 28.4 35.0 Q.II 31.0 29.9 33.6 23.3 19.8 51.9 24.1 49.0 64.0 67.8 39.8 48.2 30.2 36.1 Q.III 33.6 33.8 34.8 24.8 21.7 51.6 25.5 51.0 63.6 67.4 43.0 52.0 32.3 38.6 Q.IV 37.3 39.1 36.7 26.5 23.1 53.7 27.6 54.4 63.6 67.4 44.3 53.6 35.3 41.0 2008/09 Q.I 48.7 57.2 40.3 31.3 24.1 56.8 32.7 61.0 63.6 67.4 56.0 67.7 38.4 43.2 Q.II 46.0 51.0 41.7 31.1 26.4 57.3 34.5 63.0 67.7 71.7 58.7 71.0 39.1 44.2 Q.III 42.8 44.4 42.6 32.5 27.4 58.2 35.8 67.8 61.7 65.4 59.1 71.6 41.4 45.3 Q.IV 43.8 45.4 43.6 34.5 27.1 61.2 35.9 67.1 62.1 65.8 61.1 74.0 42.6 46.0 2009/10 Q.I 46.8 49.5 45.4 34.8 27.7 62.6 40.4 68.3 66.6 70.6 61.5 74.5 45.3 48.3 Q.II 45.6 45.1 48.0 34.5 31.3 66.5 42.1 68.0 71.5 75.8 63.3 76.7 47.6 50.0 Q.III 43.6 40.8 48.9 37.0 35.1 63.4 43.8 71.6 74.5 78.9 64.4 77.9 50.9 52.0 Q.IV 43.6 39.5 50.4 40.4 35.7 65.7 45.0 69.7 76.2 80.8 65.4 79.2 56.1 53.2 2010/11 Q.I 43.3 38.1 51.6 40.4 39.4 62.8 49.0 68.5 75.4 79.9 67.5 81.7 58.1 53.1 Q.II 46.2 39.2 56.6 43.8 45.1 67.3 56.1 71.7 80.5 85.3 72.8 88.1 59.4 59.8 Q.III 49.4 44.0 58.0 44.7 49.4 64.0 57.9 73.0 86.8 91.9 73.4 88.9 53.8 64.0 Q.IV 59.6 60.5 60.9 51.5 52.2 65.1 61.2 71.4 99.1 105.0 76.0 92.0 67.9 70.5 2011/12 Q.I 66.0 70.9 62.6 50.4 55.1 60.8 66.7 62.4 99.1 105.0 79.1 95.7 73.9 77.3 Q.II 70.8 76.5 65.6 49.6 63.0 60.3 69.1 65.7 92.8 98.3 82.1 99.3 72.5 81.2 Q.III 74.2 76.1 71.8 53.3 68.7 70.2 74.9 66.0 98.4 100.0 83.7 0.0 73.8 84.2 Q.IV 79.0 81.1 76.2 58.8 73.7 75.8 78.7 66.6 106.4 100.0 82.9 0.0 75.6 88.7 2012/13 Q.I 82.1 84.6 78.8 62.1 73.5 82.2 78.9 67.3 106.5 100.0 85.0 0.0 77.6 89.2 Q.II 82.2 83.4 80.6 69.9 79.9 81.2 80.2 71.0 99.5 100.0 86.9 0.0 78.6 90.9 Q.III 81.4 79.9 83.3 71.5 80.6 89.6 78.7 72.6 96.4 100.0 88.6 0.0 79.6 91.3 Q.IV 81.7 79.6 84.5 69.4 80.7 92.7 79.4 79.3 97.1 100.0 89.8 0.0 81.0 91.0 2013/14 Q.I 86.6 87.2 85.9 69.5 82.0 93.4 81.5 81.7 97.8 100.0 90.4 0.0 84.4 93.4 Q.II 91.3 92.7 89.4 80.0 82.8 97.0 83.8 91.0 100.7 100.0 90.5 0.0 86.3 94.7 Q.III 89.2 85.0 94.7 87.4 89.1 108.4 83.7 92.3 102.9 100.0 90.9 0.0 86.4 95.4 Q.IV 89.9 85.4 95.9 94.0 92.6 106.4 84.2 92.4 103.2 100.0 91.1 0.0 89.6 96.5 2014/15 Q.I 88.0 83.9 93.6 89.4 93.4 99.1 87.5 91.6 101.9 100.0 91.0 0.0 88.3 95.8 Q.II 88.4 84.9 93.2 83.9 94.8 98.5 87.9 83.4 100.5 100.0 92.0 0.0 91.8 94.9 Q.III 89.1 88.1 90.5 85.5 97.6 85.7 91.0 83.9 100.3 100.0 92.4 0.0 92.0 95.7 Q.IV 91.2 90.6 91.9 87.7 98.4 87.9 91.7 84.5 99.5 100.0 93.0 0.0 93.9 95.0 2015/16 Q.I 97.2 99.9 93.7 84.1 100.0 93.6 94.9 85.9 99.8 100.0 93.8 0.0 92.2 95.8 Q.II 98.4 99.9 96.4 88.6 101.5 97.6 97.0 94.3 100.1 100.0 94.0 0.0 92.1 98.3 Q.III 96.1 94.6 98.0 92.5 101.5 98.0 99.7 96.8 103.3 100.0 96.1 0.0 95.2 98.7 Q.IV 96.6 95.9 97.5 92.8 101.7 91.6 101.0 134.6 99.1 100.0 96.6 0.0 94.4 101.4 2016/17 QI 99.6 100.1 99.0 85.7 100.0 98.9 98.5 149.8 99.6 100.0 98.7 0.0 96.0 100.9 QII 99.8 100.4 99.0 92.2 100.2 99.0 99.6 102.4 106.9 100.0 100.0 33.3 97.6 102.1 QIII 141.9 98.6 100.5 98.1 102.5 100.0 100.4 100.2 107.9 100.0 99.6 101.4 QIV 150.1 106.3 102.7 94.9 96.8 101.7 111.2 92.4 113.9 100.0 138.4 100.0 108.5 99.8 2017/18 QI 162.6 117.8 105.4 91.6 96.2 100.7 114.1 98.9 113.9 100.0 161.4 100.0 123.5 103.2 QII 165.1 123.1 108.5 91.4 94.1 99.4 124.0 100.5 118.8 100.0 168.0 100.0 136.3 104.5 QIII 164.2 120.8 115.5 109.9 99.8 102.2 126.8 132.8 122.7 100.0 167.3 100.0 140.8 112.3 QIV 170.6 122.3 120.2 111.3 100.3 103.3 140.9 186.7 120.8 100.0 177.4 100.0 139.9 117.7 2018/19 QI 126.3 130.2 122.6 106.2 102.9 103.6 147.2 189.5 117.7 100.0 174.9 100.0 152.2 119.1 QII 130.5 131.2 129.9 110.3 114.7 101.7 147.5 191.0 119.0 97.8 177.6 100.0 187.4 117.8 Source: Central Statistical Agency Second Quarter 2018/19 107 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E4): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equip- ment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods DIRE DAWA 2007/08 Q.I 27.3 28.0 28.8 17.8 24.9 29.3 30.2 35.9 62.6 76.7 44.9 60.1 16.0 39.8 Q.II 28.1 28.7 30.0 18.1 26.0 29.8 33.6 40.5 62.6 76.7 45.8 61.3 18.1 40.2 Q.III 30.5 32.3 31.1 18.7 27.0 30.1 36.3 42.9 65.3 80.0 48.2 64.5 18.0 41.3 Q.IV 34.5 38.5 32.8 19.3 28.5 33.0 38.3 43.1 65.6 80.4 49.5 66.1 18.5 41.3 2008/09 Q.I 39.6 47.2 34.4 22.8 28.6 35.6 40.0 47.4 64.0 78.4 51.8 69.3 22.7 42.7 Q.II 40.2 47.4 35.4 23.1 30.9 35.5 42.7 48.4 62.2 76.2 54.5 72.9 28.5 43.2 Q.III 40.0 46.6 35.9 23.3 32.1 35.0 44.7 49.5 60.5 74.2 56.5 75.6 29.3 43.6 Q.IV 40.7 46.7 37.3 24.3 33.3 36.4 48.0 49.3 61.6 75.5 56.7 75.9 32.3 45.4 2009/10 Q.I 41.5 47.5 38.3 25.3 34.1 38.1 48.0 50.7 62.8 77.0 57.4 76.8 31.8 47.4 Q.II 41.8 46.6 40.0 26.4 36.2 38.7 51.2 52.3 64.5 79.0 63.5 85.0 31.3 48.0 Q.III 42.6 47.5 40.9 26.5 36.9 38.9 54.2 53.6 65.5 80.3 64.1 85.8 33.2 49.5 Q.IV 43.3 48.3 41.3 28.8 35.9 39.6 56.5 52.7 66.0 80.8 64.6 86.4 34.1 50.6 2010/11 Q.I 43.9 48.3 42.8 31.0 37.1 41.2 60.5 55.1 66.2 81.1 61.3 82.0 33.0 51.9 Q.II 46.9 50.9 46.4 33.1 39.6 45.8 65.1 55.4 69.4 85.0 70.3 94.1 37.4 52.5 Q.III 49.0 53.5 48.2 37.6 42.9 49.4 61.6 57.6 73.0 89.4 68.7 91.9 39.8 53.3 Q.IV 54.4 62.4 50.0 38.5 44.4 52.0 60.3 64.0 85.3 104.5 65.8 88.0 45.5 54.2 2011/12 Q.I 57.7 68.0 51.0 43.5 46.0 52.7 62.4 61.1 82.3 100.8 66.0 88.3 50.7 56.0 Q.II 59.1 69.6 52.2 44.4 47.3 51.9 64.0 70.6 81.8 100.2 74.4 99.5 49.1 58.7 Q.III 61.4 71.4 55.2 43.5 53.8 53.6 65.7 79.8 84.8 100.0 74.4 100.0 56.2 62.4 Q.IV 63.5 75.3 56.0 38.2 57.5 55.7 67.2 80.1 91.2 100.0 75.7 100.0 63.4 64.0 2012/13 Q.I 64.8 77.8 56.7 33.4 59.0 60.8 69.7 79.7 91.2 100.0 75.7 100.0 65.8 64.1 Q.II 67.5 77.7 61.1 45.5 65.0 61.1 70.0 81.7 93.2 100.0 77.7 100.0 66.3 64.2 Q.III 68.2 76.0 63.4 48.8 65.8 63.0 73.0 87.7 99.0 100.0 76.8 100.0 68.2 65.1 Q.IV 68.3 78.3 62.1 33.1 69.9 70.4 73.7 88.7 100.0 100.0 79.8 100.0 72.1 66.7 2013/14 Q.I 73.5 84.6 66.6 34.9 70.5 85.2 74.6 91.0 98.4 100.0 80.5 100.0 69.9 68.9 Q.II 79.9 84.4 77.1 53.6 76.8 97.2 76.3 93.3 100.0 100.0 84.7 100.0 76.6 71.2 Q.III 80.2 81.4 79.5 62.4 78.0 92.6 83.7 93.7 97.4 100.0 86.5 100.0 78.8 75.9 Q.IV 80.7 81.6 80.2 65.6 77.7 91.9 85.3 94.4 96.2 100.0 86.5 100.0 79.0 76.5 2014/15 Q.I 84.6 88.0 82.4 67.7 78.9 93.8 86.6 100.0 99.5 100.0 92.1 100.0 82.6 79.3 Q.II 83.8 89.7 80.2 61.9 79.6 93.9 87.4 100.2 103.0 100.0 92.1 100.0 75.9 80.6 Q.III 87.7 89.7 86.4 80.5 83.1 94.3 88.6 96.3 98.9 100.0 92.4 100.0 78.0 84.7 Q.IV 92.7 90.7 94.0 108.5 82.9 94.8 89.9 95.7 96.2 100.0 94.0 100.0 73.7 86.1 2015/16 Q.I 90.6 90.4 90.7 84.8 89.3 97.4 95.0 96.5 95.7 100.0 97.9 100.0 85.8 87.6 Q.II 90.4 91.2 89.9 79.0 93.6 95.6 94.6 96.1 94.3 100.0 97.9 100.0 93.2 87.1 Q.III 97.0 92.4 99.8 111.4 94.0 95.7 95.2 97.9 96.2 100.0 97.8 100.0 94.0 93.3 Q.IV 97.2 97.7 96.9 97.2 95.9 95.2 99.4 99.1 96.2 100.0 97.8 100.0 99.1 95.0 2016/17 QI 95.9 100.8 92.8 80.4 95.4 96.8 97.2 98.7 100.0 100.0 97.8 100.0 100.6 97.8 QII 99.8 101.5 98.7 95.2 100.8 98.3 99.9 98.6 100.0 100.0 98.6 100.0 103.0 100.6 QIII 103.4 101.5 104.8 121.4 106.5 101.9 100.1 99.4 100.1 100.0 102.6 99.8 101.6 100.6 QIV 102.8 103.3 102.4 98.5 106.9 106.3 99.4 93.8 95.1 100.0 106.0 101.6 104.0 103.6 2017/18 QI 104.8 105.8 104.1 104.1 97.1 117.2 106.3 103.2 97.6 95.3 100.0 106.8 103.1 105.5 QII 110.0 111.5 109.0 123.9 123.4 104.6 104.5 97.3 95.9 100.0 115.7 103.1 107.3 99.7 QIII 111.0 112.3 110.1 116.3 124.4 105.4 112.9 99.1 98.4 100.0 122.7 103.1 108.0 105.2 QIV 117.5 124.2 112.4 104.4 129.7 108.9 124.1 101.5 100.5 100.0 125.3 103.2 111.3 111.4 2018/19 QI 123.7 133.8 116.2 111.1 130.2 112.1 126.9 104.4 119.4 86.7 124.2 115.8 120.1 114.7 QII 119.9 128.9 113.2 106.5 128.3 114.5 125.2 108.0 107.2 60.2 115.8 112.7 120.2 115.1 Source: Central Statistical Agency 108 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E5): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods GAMBELLA 2007/08 Q.I 26.9 23.8 33.0 34.2 26.3 49.1 24.8 29.7 38.5 55.6 20.8 33.8 26.9 39.0 Q.II 27.9 25.1 33.3 33.5 27.6 49.4 25.8 29.9 38.5 55.6 21.0 34.0 28.1 39.5 Q.III 29.3 26.3 35.2 35.5 29.5 50.7 29.2 30.3 42.1 60.9 21.7 35.2 29.8 39.2 Q.IV 33.6 31.4 37.8 36.4 31.0 56.1 34.4 31.6 43.9 63.5 22.2 36.0 31.3 39.7 2008/09 Q.I 50.2 52.7 45.1 45.9 35.8 66.5 40.8 32.7 43.9 63.5 23.3 37.7 36.5 43.4 Q.II 47.2 46.2 48.9 50.9 38.4 72.9 40.4 33.9 43.4 62.8 27.5 44.6 36.4 43.4 Q.III 42.2 39.5 47.3 50.7 37.0 68.1 40.0 33.9 42.6 61.6 28.5 46.2 36.4 43.0 Q.IV 44.3 42.1 48.3 52.5 37.3 70.0 39.6 36.1 43.1 62.3 30.4 49.2 36.5 43.6 2009/10 Q.I 47.0 45.4 49.9 53.4 37.6 75.3 38.8 38.6 43.8 63.3 32.0 51.9 36.6 44.6 Q.II 43.7 40.6 49.7 54.7 38.5 69.9 41.7 40.2 50.6 73.2 31.9 51.7 37.3 45.8 Q.III 43.5 39.2 51.7 56.8 39.0 74.4 43.2 40.7 54.1 78.1 34.6 56.1 39.6 46.0 Q.IV 43.7 38.4 53.9 59.7 38.7 79.5 44.8 42.3 54.4 78.7 37.5 60.8 39.7 46.5 2010/11 Q.I 44.6 39.4 54.6 57.5 40.4 80.9 47.5 42.6 55.2 79.7 42.0 68.2 41.6 46.5 Q.II 47.2 41.6 58.0 61.2 44.1 85.8 50.2 44.8 56.5 81.6 45.2 73.2 48.0 48.3 Q.III 49.3 43.4 60.9 66.1 45.6 87.4 55.5 47.6 56.6 81.9 48.6 78.7 43.3 49.8 Q.IV 56.8 52.9 64.3 72.5 48.6 88.5 60.8 48.6 61.6 89.1 51.6 83.7 48.6 51.5 2011/12 Q.I 63.5 60.7 68.7 82.9 51.3 88.5 65.6 48.2 64.1 92.7 54.7 88.6 50.8 55.6 Q.II 67.9 66.3 70.7 80.8 53.1 92.9 67.2 49.1 66.1 95.5 58.7 95.1 54.7 58.7 Q.III 71.2 71.3 71.9 81.7 57.7 88.8 70.2 50.4 71.1 100.0 61.5 0.0 59.8 62.1 Q.IV 75.5 76.9 74.6 83.1 64.0 90.3 72.2 50.3 75.5 100.0 62.6 0.0 64.7 64.9 2012/13 Q.I 77.9 78.8 77.6 92.8 65.8 93.9 75.0 52.4 77.0 100.0 62.8 0.0 66.4 64.1 Q.II 76.8 75.0 79.7 94.0 70.5 92.2 77.6 56.5 78.0 100.0 67.8 0.0 69.4 70.8 Q.III 77.0 74.1 81.2 90.9 72.0 93.5 78.4 58.8 78.9 100.0 73.5 0.0 70.3 81.5 Q.IV 80.0 78.1 83.1 86.3 73.5 93.0 85.9 64.1 79.8 100.0 78.4 0.0 71.0 85.7 2013/14 Q.I 83.5 81.4 86.8 90.0 78.6 104.4 85.1 65.6 80.8 100.0 82.8 0.0 71.3 85.8 Q.II 84.7 82.3 88.4 93.9 82.0 105.0 86.2 67.9 81.3 100.0 82.5 0.0 74.0 86.2 Q.III 84.9 81.7 89.5 94.1 83.2 103.4 90.4 69.9 81.3 100.0 83.7 0.0 75.2 89.0 Q.IV 87.9 85.9 91.2 95.6 82.9 110.0 88.9 74.0 79.3 100.0 82.5 0.0 78.3 89.3 2014/15 Q.I 89.3 86.6 93.4 97.8 79.8 121.3 87.8 74.4 83.0 100.0 84.3 0.0 76.5 88.7 Q.II 86.1 84.0 89.5 97.7 80.7 102.1 87.8 75.3 84.3 100.0 85.2 0.0 79.0 86.0 Q.III 87.9 87.1 89.7 95.8 84.8 96.9 88.9 79.2 85.9 100.0 86.9 0.0 80.7 90.1 Q.IV 90.0 88.8 92.4 102.8 87.6 103.3 90.5 78.5 86.1 100.0 82.2 0.0 79.6 91.2 2015/16 Q.I 95.9 96.8 95.8 114.9 94.0 103.3 91.6 81.2 86.5 100.0 87.3 0.0 83.3 94.7 QII 94.9 93.2 97.9 111.0 92.3 106.2 92.8 82.0 100.5 100.0 89.9 0.0 89.0 98.0 QIII 94.7 93.1 97.6 105.4 92.0 105.6 95.9 84.4 100.7 100.0 90.0 0.0 92.3 90.4 QIV 97.9 98.0 97.7 111.6 93.0 100.9 98.6 87.9 91.3 100.0 91.5 0.0 92.5 92.4 2016/17 QI 99.9 101.1 97.8 108.9 96.9 98.9 97.4 90.1 95.5 100.0 92.6 0.0 94.3 92.3 QII 99.7 99.5 100.1 110.9 98.1 101.0 98.8 94.4 99.8 100.0 97.6 33.3 97.3 95.5 QIII 101.2 102.2 100.1 108.2 100.6 100.3 95.7 95.3 100.1 100.0 84.9 100.0 98.7 97.3 QIV 103.8 106.5 100.8 114.7 99.8 100.7 99.3 85.0 100.4 100.0 111.9 100.0 98.3 94.2 2017/18 QI 107.7 111.7 103.0 122.0 111.6 101.4 101.9 81.5 101.0 100.4 116.3 100.0 99.7 96.1 QII 108.1 109.3 106.6 129.7 115.3 103.7 113.4 74.3 102.9 100.4 124.6 100.0 103.6 97.8 QIII 108.7 110.1 107.0 132.4 124.4 95.3 120.8 86.4 125.1 100.3 126.0 100.0 115.9 98.6 QIV 116.5 120.6 111.8 134.7 128.1 95.4 125.7 96.4 134.4 115.8 128.8 100.0 140.1 101.7 2018/19 QI 122.5 127.8 116.3 129.2 131.2 104.9 127.9 95.9 134.5 115.2 130.1 100.0 142.6 103.1 QII 119.6 125.0 113.4 134.0 133.5 96.9 131.8 90.1 134.4 109.8 127.0 103.6 143.5 104.8 Source: Central Statistical Agency Second Quarter 2018/19 109 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E6): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equip- ment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods HARARI 2007/08 Q.I 24.6 19.2 31.8 21.0 24.9 54.7 31.0 33.5 56.6 60.6 27.1 51.4 23.4 27.4 Q.II 25.2 19.7 32.4 21.3 27.2 54.0 32.1 34.0 56.6 60.6 27.3 51.7 23.8 27.9 Q.III 27.0 21.5 34.3 21.1 28.6 58.2 33.7 33.3 64.6 69.1 27.1 51.3 25.8 28.2 Q.IV 32.9 28.4 38.1 22.4 31.3 67.6 36.8 31.9 68.6 73.4 28.5 54.0 29.9 30.2 2008/09 Q.I 38.8 35.7 40.7 28.0 35.0 70.2 38.7 32.8 73.8 79.0 29.5 56.0 35.4 32.2 Q.II 39.1 35.2 42.2 29.3 36.6 72.9 40.2 35.7 73.9 79.1 31.0 58.8 37.6 33.6 Q.III 38.7 34.1 42.5 35.2 39.1 69.8 42.1 35.7 67.2 71.9 32.0 60.6 37.6 33.7 Q.IV 39.6 34.7 43.6 37.4 40.8 69.6 44.4 35.2 67.6 72.3 33.8 64.0 37.9 34.0 2009/10 Q.I 40.6 35.0 46.0 37.9 42.7 73.1 46.5 67.2 72.5 77.6 35.7 67.7 38.8 34.8 Q.II 41.1 35.1 46.9 38.8 43.8 71.5 49.7 83.6 74.1 79.3 37.9 71.8 39.2 35.1 Q.III 42.2 36.4 47.6 39.4 43.7 74.2 50.9 84.5 72.4 77.5 38.1 72.3 40.5 35.6 Q.IV 43.0 36.8 49.0 39.3 44.6 77.9 51.4 84.1 72.6 77.7 40.6 77.0 42.1 35.4 2010/11 Q.I 44.4 38.2 50.3 41.2 46.5 79.8 51.9 85.0 72.4 77.5 42.0 79.5 43.9 35.8 Q.II 47.6 40.8 54.3 45.3 50.2 87.1 54.3 87.5 80.4 86.0 44.5 84.3 45.2 37.6 Q.III 51.3 44.8 56.9 47.1 51.1 95.4 52.7 96.5 80.6 86.3 46.4 88.0 46.0 45.1 Q.IV 55.7 48.8 61.3 49.3 53.6 104.1 58.3 92.8 85.2 91.3 49.3 93.4 50.5 56.7 2011/12 Q.I 58.7 52.4 62.4 52.9 56.2 100.7 60.2 95.2 92.6 99.1 50.6 95.9 60.9 62.0 Q.II 61.0 54.8 65.6 52.9 59.8 100.5 61.5 95.2 93.0 99.6 52.2 99.0 62.3 70.3 Q.III 65.8 61.2 70.8 55.3 63.4 100.3 64.2 102.6 93.4 100.0 49.8 100.0 65.0 74.4 Q.IV 69.4 67.9 71.1 54.4 64.9 100.7 65.6 96.9 96.2 100.0 48.7 100.0 70.3 74.7 2012/13 Q.I 70.1 70.1 70.0 50.8 66.9 100.2 65.2 96.2 98.3 100.0 50.6 100.0 75.0 78.2 Q.II 71.3 71.1 71.7 52.4 71.2 100.3 68.9 106.3 103.8 100.0 51.4 100.0 74.9 78.0 Q.III 72.9 69.1 76.9 63.0 74.4 100.2 71.0 115.4 103.8 100.0 52.9 100.0 76.8 79.0 Q.IV 71.3 73.2 69.3 43.5 77.2 99.9 74.3 138.5 100.0 100.0 55.6 100.0 77.8 80.3 2013/14 Q.I 76.2 78.7 73.5 51.4 77.8 102.0 76.4 105.3 100.0 100.0 60.1 100.0 83.7 81.7 Q.II 77.9 78.4 77.3 55.7 80.1 109.0 77.8 100.0 61.9 100.0 84.4 83.5 Q.III 81.2 76.9 85.8 71.9 82.1 113.3 78.7 100.0 102.1 100.0 61.9 100.0 86.3 87.0 Q.IV 80.7 79.2 82.4 61.8 83.9 115.1 82.9 93.3 98.8 100.0 61.6 100.0 88.5 87.2 2014/15 Q.I 82.8 84.8 80.6 56.9 83.7 116.1 84.1 100.0 59.7 100.0 87.6 87.6 Q.II 83.3 85.8 80.6 57.4 84.8 114.4 83.4 86.6 100.0 100.0 59.9 100.0 90.6 89.2 Q.III 87.4 86.2 88.6 77.4 88.5 109.7 82.6 80.0 100.0 100.0 60.1 100.0 93.2 90.0 Q.IV 87.9 90.0 85.6 70.7 89.2 107.9 85.3 80.0 100.0 100.0 61.2 100.0 92.8 91.8 2015/16 Q.I 87.6 90.6 84.5 65.3 91.0 107.9 90.3 80.0 100.0 100.0 80.9 100.0 97.1 93.8 Q.II 89.4 92.1 86.4 68.7 91.6 107.8 94.4 106.0 100.0 100.0 61.1 100.0 97.6 98.0 QIII 105.6 92.7 119.4 145.9 93.2 102.6 96.8 120.2 100.0 100.0 97.8 100.0 95.3 104.1 QIV 96.1 97.3 94.8 90.0 94.3 100.1 98.5 100.0 99.6 100.0 96.8 99.1 2016/17 QI 97.8 102.3 93.1 84.4 99.0 100.0 97.5 116.5 100.0 100.0 99.7 100.0 99.2 99.2 QIII 97.4 100.7 93.9 85.8 102.3 99.9 98.8 104.3 100.0 100.0 99.5 100.0 97.6 100.6 QII 103.6 100.0 106.1 119.7 98.3 105.1 99.3 101.8 100.0 100.0 99.5 101.0 102.9 101.7 QIV 102.5 107.5 99.0 94.7 104.3 95.5 103.4 99.7 100.0 100.0 107.5 101.2 101.5 99.9 2017/18 QI 103.5 110.8 98.4 86.3 107.9 96.4 102.9 106.7 100.0 100.0 111.6 102.2 104.4 100.5 QII 105.1 110.6 101.3 91.6 111.3 94.0 110.1 106.4 102.3 100.0 111.3 115.5 108.1 104.4 QIII 112.7 110.1 114.4 131.7 115.5 99.6 116.0 111.7 111.7 100.0 113.5 119.2 113.2 106.5 QIV 114.6 116.0 113.6 120.1 115.3 101.4 122.2 111.3 111.7 100.0 114.6 120.3 117.6 113.3 2018/19 QI 116.0 123.5 110.8 93.8 121.4 107.3 128.6 110.9 111.6 100.0 110.4 135.6 121.7 116.9 QII 117.4 123.7 113.1 96.1 123.5 108.5 127.4 112.5 117.9 100.0 112.6 151.8 125.0 120.2 Source: Central Statistical Agency 110 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E7): Regional States’ Consumer Price Indices (Non-Food) December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods OROMIA 2007/08 Q.I 25.3 24.7 26.3 25.8 20.8 28.7 24.5 29.5 52.6 50.0 27.2 40.4 23.4 30.2 Q.II 26.6 26.4 26.9 26.0 21.9 28.9 25.4 30.3 53.3 50.7 28.4 42.1 23.6 30.2 Q.III 29.3 29.5 28.9 28.4 22.9 31.3 28.2 32.0 55.2 52.5 29.4 43.5 25.0 31.6 Q.IV 35.3 37.5 31.7 31.8 24.4 34.9 30.5 33.9 57.0 54.1 30.3 44.9 27.3 34.6 2008/09 Q.I 42.9 47.9 34.5 37.9 26.0 37.4 32.3 36.5 57.1 54.2 32.9 48.9 29.5 37.3 Q.II 40.3 43.0 35.8 39.4 27.8 38.5 33.4 37.9 60.1 57.1 33.8 50.1 30.7 38.1 Q.III 39.1 40.3 37.0 42.2 29.9 39.1 34.5 38.7 52.6 50.0 33.9 50.3 32.5 39.2 Q.IV 39.8 40.8 38.2 43.2 31.5 40.2 35.6 41.6 54.9 52.2 35.1 52.1 33.8 41.8 2009/10 Q.I 40.6 41.0 40.0 43.7 33.5 41.9 37.6 42.6 59.9 56.9 37.4 55.5 35.0 44.4 Q.II 40.1 39.3 41.6 44.3 35.1 43.8 39.0 43.4 65.1 61.9 38.4 56.9 36.5 44.7 Q.III 41.2 39.7 43.8 45.7 38.0 46.1 41.8 46.1 68.8 65.4 40.8 60.5 36.9 46.7 Q.IV 41.9 39.9 45.3 47.0 39.4 47.5 43.8 47.5 69.9 66.4 42.0 62.3 38.5 48.5 2010/11 Q.I 42.9 40.6 46.8 47.9 40.9 49.4 45.3 47.8 70.7 67.2 43.6 64.7 39.2 50.2 Q.II 45.7 43.2 50.0 53.4 43.5 51.5 50.1 50.4 77.3 73.4 52.5 77.8 42.6 54.9 Q.III 50.3 48.2 54.1 55.9 48.8 55.8 51.7 52.4 93.2 88.5 54.7 81.2 44.0 58.7 Q.IV 57.4 61.0 51.8 58.0 55.5 53.3 108.0 102.6 56.2 83.4 48.6 61.5 2011/12 Q.I 61.1 62.1 59.5 63.6 53.5 58.4 59.5 55.6 108.8 103.4 60.9 90.4 52.5 66.0 Q.II 64.1 65.1 62.5 65.3 59.1 59.1 62.9 57.4 104.2 99.0 65.0 96.4 55.9 72.9 Q.III 69.1 70.3 67.8 70.8 66.4 63.9 68.8 58.5 105.8 100.0 66.8 100.0 58.3 77.5 Q.IV 73.5 76.1 70.6 67.5 71.3 67.0 72.5 59.5 106.4 100.0 67.3 100.0 64.3 78.9 2012/13 Q.I 74.2 76.4 71.9 63.1 72.7 69.6 72.9 60.2 105.6 100.0 69.2 100.0 67.9 82.8 Q.II 74.1 75.0 73.0 67.8 69.9 70.3 75.6 67.9 106.5 100.0 63.0 100.0 69.9 84.5 Q.III 74.3 74.7 73.9 71.4 72.8 70.7 75.8 70.8 98.6 100.0 60.4 100.0 70.3 86.0 Q.IV 75.4 75.7 75.1 68.4 74.2 72.8 77.9 73.5 98.9 100.0 60.3 100.0 72.6 86.3 2013/14 Q.I 78.6 79.2 77.9 68.5 78.6 76.5 79.6 70.2 98.7 100.0 75.3 100.0 75.5 88.3 Q.II 79.9 81.3 78.4 74.3 82.0 73.3 80.7 77.7 98.9 100.0 78.5 100.0 76.0 89.1 Q.III 80.1 79.0 81.4 81.7 83.2 77.4 83.7 79.9 100.9 100.0 74.5 100.0 76.6 89.0 Q.IV 83.0 82.4 83.6 79.6 85.0 82.2 84.9 83.3 101.6 100.0 67.9 100.0 78.9 89.6 2014/15 Q.I 86.0 87.0 84.8 84.6 87.6 81.8 86.4 80.8 101.5 100.0 78.5 100.0 79.6 90.1 Q.II 87.3 87.7 86.9 87.8 90.9 84.5 88.2 81.1 101.1 100.0 79.2 100.0 80.0 91.4 Q.III 91.0 91.3 90.7 97.8 93.4 89.1 90.3 84.3 99.8 100.0 80.2 100.0 82.1 92.6 Q.IV 96.0 98.3 93.4 99.0 95.0 94.3 91.9 84.0 98.9 100.0 81.0 100.0 84.5 93.9 2015/16 Q.I 100.0 105.6 93.6 95.6 96.6 93.5 93.3 87.1 99.1 102.4 83.5 100.0 87.3 94.6 Q.II 99.6 104.0 94.7 97.3 97.5 93.3 95.2 93.9 98.8 100.0 88.7 100.0 89.8 96.1 QIII 98.8 100.5 96.9 102.7 98.9 95.0 98.7 93.9 99.1 100.0 92.0 100.0 91.7 97.2 QIV 100.7 102.7 98.4 90.9 99.8 101.2 99.1 98.1 96.1 100.0 95.4 100.0 94.3 98.8 2016/17 QI 101.9 104.9 98.5 85.5 99.0 102.5 99.8 94.7 98.8 100.0 96.1 100.0 96.7 99.9 QII 100.8 101.8 99.7 95.9 100.0 101.2 99.8 99.1 99.6 100.0 100.2 100.0 98.5 99.4 QIII 102.3 101.6 103.2 104.1 102.0 105.3 101.2 106.5 100.6 99.4 99.4 101.4 100.7 101.3 QIV 105.6 108.8 101.4 93.4 104.0 99.7 108.5 112.8 102.8 99.0 109.5 105.1 101.3 101.6 2017/18 QI 110.0 112.9 106.1 96.9 130.6 105.3 110.7 67.7 106.3 99.3 110.4 115.8 101.2 101.2 QII 114.2 116.2 111.6 99.0 133.8 115.7 116.4 69.5 111.3 100.2 112.6 114.5 102.8 101.9 QIII 116.4 116.6 116.2 106.6 143.8 117.3 122.8 70.6 115.1 102.5 115.5 119.1 108.0 105.8 QIV 121.1 120.3 122.1 100.0 157.0 126.3 129.1 71.8 115.9 101.3 117.4 120.0 115.5 111.9 2018/19 QI 125.1 123.7 126.9 103.4 164.8 130.4 135.8 75.0 119.4 102.6 119.2 130.2 122.6 114.9 QII 125.8 124.5 127.6 106.6 164.8 128.9 137.2 75.3 126.0 102.8 120.9 132.6 125.2 115.9 Source: Central Statistical Agency Second Quarter 2018/19 111 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E8): Regional States’ Consumer Price Indices (Non-Food)

December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods SNNPR 2007/08 Q.I 24.5 22.4 26.9 24.0 20.9 28.0 26.3 29.4 45.1 61.7 37.8 58.2 27.0 36.4 Q.II 25.7 23.4 28.2 24.3 21.8 30.1 27.9 28.5 44.7 61.1 37.9 58.2 23.9 37.2 Q.III 28.2 26.3 30.1 26.7 22.8 32.4 29.8 29.1 52.2 71.3 38.6 59.4 25.1 38.2 Q.IV 34.7 34.4 33.4 29.1 24.7 37.3 33.5 30.7 55.3 75.6 39.2 60.3 27.3 39.6 2008/09 Q.I 41.8 43.6 36.6 35.3 26.9 39.9 35.9 30.6 55.3 75.6 40.0 61.6 29.4 41.4 Q.II 38.9 38.0 38.5 36.2 29.2 42.0 37.7 31.3 56.5 77.2 42.7 65.7 30.3 42.4 Q.III 37.4 35.5 38.7 36.5 31.2 40.8 38.7 32.5 51.4 70.3 46.2 71.1 31.2 43.5 Q.IV 38.6 36.8 39.8 37.9 32.6 41.3 41.3 34.2 52.5 71.8 47.4 72.9 31.8 44.9 2009/10 Q.I 39.8 37.2 42.3 39.0 34.6 44.6 43.3 34.8 56.7 77.4 50.0 76.9 33.2 47.6 Q.II 40.7 37.0 45.1 39.7 36.5 48.4 45.0 36.0 61.1 83.5 51.4 79.0 35.0 54.4 Q.III 41.2 36.8 46.7 41.9 38.8 49.5 47.5 38.4 63.6 86.9 49.8 76.6 35.9 58.0 Q.IV 41.2 35.8 48.5 46.2 40.4 51.3 49.4 40.0 65.1 88.9 50.9 78.3 37.3 58.6 2010/11 Q.I 41.8 35.9 49.9 44.8 42.8 52.5 51.6 39.2 64.9 88.7 53.2 81.9 37.9 59.3 Q.II 44.6 38.2 53.3 50.4 46.0 56.4 54.3 41.5 68.9 94.1 57.3 88.2 41.1 64.1 Q.III 50.2 44.6 57.1 51.8 49.9 61.4 58.6 42.4 74.0 101.1 58.0 89.2 43.3 67.8 Q.IV 58.5 55.5 60.8 58.8 54.1 64.4 61.2 44.2 84.5 115.5 58.9 90.6 50.7 71.7 2011/12 Q.I 63.7 59.5 67.8 66.1 56.1 64.0 64.3 45.4 340.0 464.6 61.6 94.8 55.1 75.0 Q.II 63.8 61.0 65.4 64.1 59.5 66.9 67.8 46.1 82.1 112.1 63.8 98.1 59.0 78.1 Q.III 68.9 66.4 70.0 65.7 63.6 72.6 71.0 46.9 81.8 112.4 67.7 99.0 64.2 82.5 Q.IV 73.3 72.9 71.1 66.2 66.4 72.4 73.8 48.3 82.0 112.4 68.8 99.0 68.0 84.6 2012/13 Q.I 76.3 74.7 75.9 69.7 70.4 79.7 77.2 50.8 80.3 112.5 72.6 99.0 70.9 85.8 Q.II 77.7 73.8 80.6 71.1 73.9 86.2 78.9 78.9 83.3 112.8 75.8 99.0 72.5 81.9 Q.III 78.2 74.4 80.9 73.6 75.6 85.1 80.2 71.7 86.1 112.7 78.7 99.0 73.2 87.5 Q.IV 79.8 76.1 82.2 76.1 77.9 85.5 81.9 70.2 87.3 112.4 79.9 100.0 75.4 89.9 2013/14 Q.I 83.3 79.2 86.1 78.0 80.2 92.3 83.3 71.7 91.3 112.4 80.6 100.0 77.7 90.9 Q.II 84.0 78.7 88.8 78.6 81.5 97.2 84.0 75.0 89.5 112.4 82.0 100.0 78.9 91.8 Q.III 85.2 79.6 90.3 80.1 83.1 99.0 86.5 77.3 86.5 112.4 80.0 100.0 80.2 92.5 Q.IV 86.9 81.6 91.6 83.0 99.3 89.0 77.9 88.5 112.4 81.4 100.0 81.0 93.0 93.0 2014/15 Q.I 87.3 81.8 91.8 84.9 98.3 89.5 79.6 85.6 112.4 86.5 100.0 82.3 93.3 93.3 Q.II 87.0 81.3 91.6 85.3 89.2 96.3 90.9 80.5 87.8 112.4 90.3 100.0 82.8 94.8 Q.III 88.7 83.7 92.8 88.3 91.6 97.2 91.4 84.2 82.3 112.4 88.4 100.0 83.3 95.3 Q.IV 91.3 90.5 92.0 90.4 92.1 94.1 92.7 85.4 78.1 112.8 87.9 100.0 84.5 95.7 2015/16 Q.I 92.9 92.4 93.2 89.9 92.1 95.6 94.3 84.3 81.6 113.8 96.5 100.0 89.1 96.4 Q.II 92.1 88.9 94.8 92.6 93.5 96.7 96.5 87.1 84.4 112.9 91.8 100.0 91.5 97.1 QIII 94.2 91.5 96.3 93.8 95.0 98.9 98.1 89.3 84.2 104.2 95.5 100.0 91.8 98.3 QIV 97.9 96.3 99.3 95.1 95.0 103.9 99.8 93.6 86.4 112.4 96.3 100.0 94.1 98.3 2016/17 QII 99.1 98.7 99.5 99.2 97.5 100.7 101.2 96.3 93.9 100.0 100.2 100.0 98.2 99.3 QIII 102.1 105.8 97.9 101.2 104.1 101.7 111.2 100.0 99.5 108.3 100.7 101.0 QIV 110.2 114.7 104.3 98.2 101.0 102.8 118.1 104.5 105.7 100.2 115.5 103.4 103.4 103.6 2017/18 QI 113.9 119.3 107.0 102.6 105.5 105.5 121.9 103.3 106.8 99.9 119.1 109.6 107.0 104.8 QII 115.6 118.8 111.6 104.7 108.9 113.2 124.0 109.3 107.3 100.0 115.6 111.9 111.0 106.2 QIII 118.2 118.6 117.8 111.9 114.6 118.7 130.2 113.5 110.6 100.5 119.2 115.9 124.8 114.0 QIV 123.4 125.5 120.5 114.5 119.8 118.4 139.1 119.0 114.2 100.6 122.7 113.8 131.8 118.8 2018/19 QI 126.7 129.5 123.2 116.4 122.7 120.9 143.5 116.1 115.6 89.0 125.5 119.5 134.3 121.8 QII 126.0 128.5 122.8 121.0 126.6 116.3 145.0 119.8 116.2 65.0 128.1 131.3 137.6 124.9 QII 119.9 128.6 110.2 95.6 149.4 98.6 125.4 155.1 122.6 101.9 156.9 133.0 132.8 124.2 Source: Central Statistical Agency 112 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E9): Regional States’ Consumer Price Indices (Non-Food)

December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equip- ment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods SOMALI 2007/08 Q.I 21.9 22.8 22.5 21.78 28.4 17.2 26.4 29.4 39.6 49.9 25.9 50.9 25.1 29.4 Q.II 22.7 23.6 23.1 22.54 29.7 17.6 26.9 31.2 39.2 49.4 26.0 51.2 24.3 30.1 Q.III 24.7 26.4 24.1 22.50 31.1 18.6 28.1 31.3 41.6 52.4 27.5 54.0 25.3 30.6 Q.IV 28.6 32.0 25.4 22.23 33.6 19.3 32.4 32.3 43.2 54.5 27.3 53.7 27.7 31.2 2008/09 Q.I 35.9 43.4 26.4 24.92 33.6 19.7 35.7 35.2 44.6 56.2 26.9 52.9 32.4 35.4 Q.II 34.5 39.7 28.6 26.66 34.9 22.3 37.7 37.3 46.0 58.0 28.5 56.1 32.9 37.6 Q.III 34.7 40.0 28.8 26.84 36.2 21.9 41.1 30.4 46.1 58.1 28.3 55.7 33.2 38.6 Q.IV 36.2 41.7 30.0 28.18 37.6 22.7 44.2 32.1 46.3 58.3 30.4 59.7 36.0 39.4 2009/10 Q.I 36.9 42.3 31.2 30.95 38.8 23.1 44.6 35.8 47.1 59.4 33.6 66.1 37.5 39.5 Q.II 37.9 42.7 33.2 31.31 42.5 24.7 46.2 41.9 49.0 61.8 35.0 68.8 41.2 41.6 Q.III 39.0 43.1 35.6 32.02 44.2 27.7 48.2 48.4 52.0 65.5 35.9 70.5 42.2 44.9 Q.IV 39.1 42.9 36.1 33.99 44.7 28.1 48.1 49.7 53.6 67.5 36.4 71.7 43.0 45.5 2010/11 Q.I 39.7 43.3 37.2 34.80 46.5 29.2 49.3 49.1 54.6 68.8 36.9 72.7 44.0 46.2 Q.II 44.8 50.2 39.6 35.80 50.8 30.6 52.9 50.6 56.8 71.6 43.3 85.2 46.2 52.4 Q.III 47.6 54.0 41.3 36.11 53.5 31.5 56.5 54.1 62.5 78.7 48.2 94.8 48.8 54.8 Q.IV 52.5 59.8 44.8 37.47 58.3 35.0 61.6 57.9 75.9 95.7 48.7 95.9 54.4 54.6 2011/12 Q.I 55.0 62.5 47.4 44.58 61.0 36.3 62.5 60.4 77.9 98.1 50.8 99.9 56.3 56.5 Q.II 57.3 64.5 50.4 46.46 64.4 39.5 69.2 56.5 77.7 97.9 49.0 96.3 63.2 57.8 Q.III 62.4 70.3 54.6 52.88 71.2 42.0 72.6 58.6 79.3 100.0 51.7 100.0 68.0 67.5 Q.IV 63.8 73.5 54.3 46.65 74.1 42.5 81.2 60.4 79.3 100.0 51.5 100.0 69.8 67.0 2012/13 Q.I 65.8 74.5 57.2 44.01 78.7 48.2 87.2 61.4 79.3 100.0 56.8 100.0 71.4 71.3 Q.II 69.7 78.0 61.6 45.37 82.4 54.7 91.6 70.7 87.5 100.0 69.5 100.0 75.9 73.3 Q.III 69.3 77.5 61.2 46.37 82.8 52.8 91.0 74.0 87.3 100.0 72.3 100.0 76.0 77.4 Q.IV 71.7 78.8 64.7 56.28 85.3 52.9 92.3 75.2 90.3 100.0 75.2 100.0 80.7 80.5 2013/14 Q.I 72.6 80.3 65.1 54.09 83.8 55.3 91.6 77.2 89.3 100.0 77.8 100.0 81.8 85.3 Q.II 76.2 82.2 70.4 62.01 84.4 60.7 98.7 77.5 100.0 100.0 75.8 100.0 82.5 84.0 Q.III 78.9 83.5 74.4 72.32 83.0 64.6 94.4 81.6 103.2 100.0 73.1 100.0 82.5 83.5 Q.IV 79.5 83.0 76.1 76.87 83.1 66.1 92.3 89.4 97.2 100.0 74.4 100.0 86.4 84.4 2014/15 Q.I 81.1 85.8 76.5 77.58 83.0 66.5 92.0 86.1 100.0 100.0 75.3 100.0 86.4 84.8 Q.II 81.3 86.3 76.5 74.99 86.1 67.0 92.7 93.5 100.0 100.0 79.8 100.0 87.8 84.5 Q.III 84.6 87.0 82.2 86.71 89.2 72.4 90.3 94.7 100.0 100.0 81.3 100.0 88.1 87.9 Q.IV 90.5 89.6 91.4 101.60 90.8 84.0 90.5 98.4 104.6 100.0 80.0 100.0 89.5 89.2 2015/16 Q.I 90.7 89.3 92.0 96.54 94.6 86.7 96.4 111.6 95.4 100.0 83.3 100.0 89.6 93.1 Q.II 88.4 91.3 85.5 91.42 96.6 73.5 93.4 107.2 100.0 100.0 81.4 100.0 90.1 98.1 QIII 92.0 93.4 90.7 109.44 98.7 73.4 94.7 105.6 100.0 100.0 82.7 100.0 90.9 97.1 QIV 91.5 93.2 89.9 101.42 100.8 74.6 100.4 107.8 100.0 100.0 87.3 100.0 92.3 100.1 2016/17 QI 92.3 95.1 89.6 88.57 102.3 82.4 98.9 107.4 100.0 100.0 82.1 100.0 94.7 95.7 QII 96.7 99.5 94.0 94.32 100.9 88.8 101.4 101.5 100.0 98.1 99.6 QIII 102.7 102.8 102.5 109.02 100.1 100.1 101.4 99.5 104.3 100.1 100.0 97.1 100.2 94.5 QIV 101.6 104.7 98.1 89.46 103.0 99.1 105.2 107.4 112.5 100.1 140.3 109.2 104.1 97.0 2017/18 QI 104.8 106.9 102.5 101.79 109.4 97.5 110.1 114.0 113.2 100.0 129.6 107.4 114.2 98.2 QII 111.8 113.9 109.5 123.39 113.2 98.5 108.3 120.4 113.4 100.6 137.8 125.4 104.2 105.6 QIII 112.5 114.4 110.5 124.6 112.1 98.5 112.4 118.3 113.3 100.6 153.0 133.0 116.4 109.2 QIV 112.5 119.7 104.5 92.4 123.4 97.9 122.2 142.0 114.1 100.6 154.3 125.9 119.7 122.2 2018/19 QI 120.6 129.0 111.4 105.4 128.1 101.6 130.9 145.6 112.7 102.3 154.6 129.3 129.0 128.4 QII 119.9 128.6 110.2 95.6 149.4 98.6 125.4 155.1 122.6 101.9 156.9 133.0 132.8 124.2 Source: Central Statistical Agency Second Quarter 2018/19 113 National Bank of Ethiopia Quarterly Bulletin

Table 22 (E10): Regional States’ Consumer Price Indices (Non-Food)

December 2016 = 100 Period General Index Food & Non-alcoholic Index Non-Food Index Alcoholic beverages & Tobacco Clothing & Foot-wear Housing,Water,Electricity,Gas and Other Fuels Furnishings, Household Equipment and Routine Maintenance of the House Health Transport Communication Recreation and Culture Education Restaurants and Hotels Miscellaneous Goods TIGRAY 2007/08 Q.I 25.7 30.5 21.7 24.2 17.6 19.2 21.3 44.4 51.1 50.5 24.7 45.5 24.4 32.5 Q.II 27.1 32.7 22.4 23.4 17.9 20.4 22.6 42.8 49.8 49.3 25.3 46.7 26.6 31.9 Q.III 28.7 35.3 22.8 25.4 18.1 20.4 23.9 42.5 54.4 53.8 25.3 46.7 27.8 33.2 Q.IV 34.0 43.9 24.7 28.9 19.9 21.8 26.7 43.3 56.4 55.8 26.0 47.9 30.2 34.5 2008/09 Q.I 42.9 58.9 27.1 35.8 22.3 24.0 28.4 43.1 56.5 55.8 26.8 49.3 34.0 36.4 Q.II 41.8 55.5 28.5 35.0 24.3 25.2 29.6 43.0 58.7 58.0 27.3 50.4 34.9 37.3 Q.III 39.0 50.0 28.6 35.5 25.5 24.7 29.7 44.2 51.0 50.4 26.8 49.5 35.8 38.4 Q.IV 39.0 48.8 30.1 39.5 26.9 25.5 31.6 45.6 51.0 50.3 28.5 52.5 36.2 43.3 2009/10 Q.I 40.3 49.3 32.3 44.5 29.2 26.8 33.5 46.4 59.9 59.1 30.7 56.5 39.4 47.6 Q.II 41.0 49.6 33.6 44.8 30.9 27.5 35.4 48.6 65.9 65.1 29.5 54.3 40.6 49.3 Q.III 40.8 48.4 34.5 47.7 32.0 27.7 37.9 52.1 69.2 68.4 30.7 56.6 41.6 49.8 Q.IV 42.1 49.9 35.5 47.5 33.7 28.3 38.6 54.3 71.7 70.9 32.0 59.0 42.7 50.1 2010/11 Q.I 42.2 49.9 35.8 49.1 35.3 27.4 38.9 52.9 71.2 70.4 34.1 62.8 43.2 51.1 Q.II 42.9 48.9 38.3 50.1 38.9 28.4 40.7 56.2 77.0 76.1 37.8 69.6 45.0 58.1 Q.III 44.7 50.5 40.6 50.0 41.9 29.9 43.0 56.9 84.6 83.6 38.4 70.9 46.5 60.1 Q.IV 50.4 58.5 44.0 55.0 47.0 31.6 45.8 60.3 98.3 97.2 41.6 76.7 53.7 63.7 2011/12 Q.I 54.7 64.6 46.5 65.1 49.9 33.0 48.8 58.4 98.6 97.4 43.0 79.2 59.2 67.7 Q.II 57.5 67.0 49.8 69.5 55.0 34.1 53.3 63.2 94.8 93.7 45.7 84.3 62.2 74.5 Q.III 60.2 69.8 52.8 70.8 59.3 34.9 57.4 69.0 95.9 94.7 47.3 84.0 69.3 79.0 Q.IV 63.9 76.2 54.6 72.2 63.0 35.7 60.0 66.7 98.5 94.7 47.8 84.0 71.8 82.2 2012/13 Q.I 68.1 81.0 58.4 73.8 66.1 40.0 63.1 70.6 99.2 94.7 50.6 84.0 78.8 83.3 Q.II 68.6 78.9 60.8 75.6 69.3 41.9 63.3 70.2 99.1 94.7 64.3 84.0 85.3 83.9 Q.III 68.6 77.9 61.5 81.2 72.2 41.9 62.3 68.5 99.1 94.7 64.2 84.0 86.0 86.3 Q.IV 72.1 81.9 64.6 83.1 76.3 44.8 70.5 73.5 94.5 94.7 65.9 84.0 86.7 87.6 2013/14 Q.I 76.0 89.7 65.6 86.0 78.5 44.9 70.8 71.3 90.7 94.7 67.8 84.0 90.8 90.8 Q.II 75.4 86.9 66.6 87.0 80.7 45.2 72.2 74.0 101.4 94.7 66.6 84.0 90.1 90.8 Q.III 74.6 82.0 69.0 86.7 82.5 48.9 76.2 78.0 100.5 94.7 67.4 84.0 91.5 89.9 Q.IV 74.9 84.4 67.7 91.7 83.0 46.0 72.8 81.3 103.4 94.7 66.2 86.8 92.9 86.9 2014/15 Q.I 76.5 85.9 69.3 95.9 84.9 50.7 72.5 80.2 104.7 94.7 66.2 89.1 82.1 91.2 Q.II 79.9 86.5 74.9 98.0 86.8 58.9 74.3 86.5 105.8 94.7 68.1 90.3 91.7 94.2 Q.III 78.3 83.8 74.1 99.6 88.8 55.1 76.8 94.5 104.7 94.7 69.2 91.8 92.6 94.3 Q.IV 80.6 85.1 77.2 98.1 88.4 61.5 80.1 86.3 102.3 94.7 70.3 93.4 93.4 95.5 2015/16 Q.I 83.6 92.0 77.2 93.8 92.5 60.5 78.6 84.9 102.3 97.5 71.5 94.5 94.2 97.8 Q.II 86.9 96.4 78.0 98.8 93.3 60.9 79.4 89.0 101.9 98.9 74.2 95.9 95.0 96.3 QIII 89.7 96.4 84.6 102.6 94.0 74.8 81.8 87.6 101.3 100.9 76.9 97.1 95.0 95.4 QIV 94.8 98.9 91.7 99.1 95.6 90.4 81.3 100.3 101.4 100.1 76.0 98.5 94.9 98.1 2016/17 QI 97.5 105.3 91.6 100.1 98.5 89.4 82.6 98.2 100.4 100.0 77.3 99.5 92.7 97.6 QII 100.1 103.3 97.7 98.9 99.3 99.8 90.3 101.4 99.7 100.1 91.3 100.0 93.8 98.9 QIII 100.2 101.1 99.4 103.4 97.7 102.7 97.2 101.6 102.0 100.0 95.8 100.0 93.5 101.1 QIV 102.5 104.8 100.5 94.6 92.8 103.1 102.5 106.5 102.8 100.0 84.0 83.3 99.8 105.1 2017/18 QI 110.9 111.5 110.3 103.7 100.6 119.1 101.0 107.8 106.1 100.0 83.3 61.6 115.6 104.3 QII 110.6 115.0 106.9 108.0 101.7 103.8 104.3 106.6 108.9 100.0 82.2 87.6 119.7 107.4 QIII 113.8 119.2 109.2 104.9 105.5 107.6 111.5 105.8 109.6 100.0 82.8 86.9 119.5 108.3 QIV 120.6 126.2 115.8 111.7 114.7 113.7 117.3 111.8 113.2 100.0 87.1 120.9 126.8 116.7 2018/19 QI 127.8 135.7 121.1 122.0 115.0 122.3 120.5 132.8 112.9 100.0 87.6 73.4 132.1 119.2 QII 134.4 144.7 125.6 119.9 120.7 127.5 126.3 130.1 110.7 100.0 92.6 117.2 139.9 120.2 Source: Central Statistical Agency 114 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F1): Regional States’ Consumer Price Index (Food)

December 2016 = 100 Period Food & Non-alcoholic Beverages Bread & Cereals Meat Fish & Sea Food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages AFAR 2007/08 Q.I 24.7 25.3 16.0 23.2 37.8 23.5 23.5 30.3 64.5 25.0 Q.II 25.6 26.0 16.7 24.0 41.6 25.4 25.4 28.8 62.8 25.2 Q.III 26.8 27.7 17.6 23.5 46.0 30.8 30.8 29.8 59.2 26.5 Q.IV 32.4 38.6 19.6 28.7 52.4 31.5 31.5 33.9 67.4 29.1 2008/09 Q.I 40.9 53.0 21.7 32.6 53.5 40.0 40.0 37.8 76.4 34.0 Q.II 39.7 51.4 20.7 31.4 50.3 38.3 38.3 40.2 58.2 34.8 Q.III 38.3 48.8 20.8 32.3 50.8 38.7 38.7 46.9 41.0 34.4 Q.IV 39.7 50.3 25.7 31.6 49.6 46.1 46.2 52.7 29.6 39.9 2009/10 Q.I 41.7 52.6 24.1 35.6 49.0 43.9 43.9 57.3 30.4 41.4 Q.II 43.7 53.1 24.4 41.6 48.3 40.8 40.8 59.6 37.2 43.3 Q.III 43.6 52.0 26.7 40.8 50.0 38.2 38.2 63.7 38.1 47.8 Q.IV 43.9 50.9 28.1 40.8 54.4 44.1 44.2 65.4 53.6 47.5 2010/11 Q.I 44.8 52.0 30.9 41.0 54.9 51.8 51.8 62.2 57.1 46.8 Q.II 47.1 50.6 33.0 42.8 63.8 53.3 53.3 65.3 48.9 55.4 Q.III 50.6 54.3 32.6 49.1 68.7 52.8 52.8 60.6 46.7 69.6 Q.IV 54.4 62.6 36.3 44.8 70.5 57.3 57.3 63.5 76.2 74.5 2011/12 Q.I 58.6 67.8 41.4 45.7 67.3 58.2 58.2 68.1 93.6 76.0 Q.II 64.5 74.8 41.1 55.8 67.5 55.4 55.5 74.6 91.3 85.0 Q.III 71.1 78.1 44.9 57.4 67.5 57.1 64.1 74.5 84.7 99.8 Q.IV 75.6 81.4 56.7 61.4 68.6 56.9 76.6 80.0 95.2 93.5 2012/13 Q.I 79.7 85.6 64.7 69.6 69.0 60.6 79.2 84.3 86.1 95.9 Q.II 79.7 86.3 62.4 75.2 68.5 61.9 71.1 80.6 82.0 92.0 Q.III 77.0 83.0 66.9 74.5 68.2 65.2 59.4 83.9 85.0 86.6 Q.IV 78.4 85.2 75.9 74.8 71.1 72.4 66.1 85.4 72.9 83.7 2013/14 Q.I 84.4 91.9 75.3 78.6 70.3 71.8 87.9 86.3 74.3 81.5 Q.II 84.3 96.1 73.5 81.7 70.4 73.3 64.6 86.0 80.3 83.4 Q.III 82.9 91.5 76.5 80.4 71.4 77.0 66.5 86.3 78.3 87.8 Q.IV 85.8 90.5 79.7 81.2 75.7 78.1 76.0 84.4 96.6 97.4 2014/15 Q.I 87.7 90.5 78.9 79.5 80.5 85.5 76.1 94.8 124.9 100.4 Q.II 87.3 88.9 81.4 79.0 74.7 83.9 81.3 105.9 111.2 104.2 Q.III 87.6 89.5 82.9 80.3 82.1 86.2 80.1 102.4 108.8 99.3 Q.IV 94.0 88.0 83.6 87.2 92.1 88.6 87.6 95.9 185.9 98.8 2015/16 Q.I 103.7 92.3 86.8 87.9 99.4 98.2 103.6 86.7 296.9 97.7 Q.II 101.8 94.6 80.8 88.4 92.4 96.9 110.3 81.2 244.1 96.2 Q.III 99.6 98.7 85.5 93.8 86.4 102.5 104.2 84.9 159.5 96.6 Q.IV 101.6 95.6 96.3 101.0 88.9 100.9 118.8 86.3 142.8 96.3 2016/17 QI 104.0 99.0 97.9 97.1 93.4 100.7 135.7 85.1 137.8 97.7 QII 103.8 101.3 98.7 100.0 106.6 95.7 100.5 110.3 92.8 115.4 102.4 QIII 102.3 100.4 99.6 102.6 102.5 103.3 101.6 105.5 100.8 112.0 103.0 QIV 105.2 102.1 101.8 103.3 100.9 114.9 100.6 114.0 102.3 136.6 102.3 2017/18 QI 109.8 111.3 103.7 109.6 101.4 115.8 102.8 120.5 102.9 137.9 104.6 QII 115.8 119.6 118.4 116.3 103.4 107.1 105.8 126.4 115.2 139.3 112.7 QIII 117.0 120.5 127.9 137.4 104.5 113.5 109.2 117.8 125.4 141.4 112.9 QIV 116.2 121.3 139.0 157.3 105.5 98.1 113.8 116.3 97.3 141.0 116.5 2018/19 QI 124.2 134.6 140.1 156.7 105.7 105.7 123.1 148.0 81.3 129.2 119.2 QII 124.3 135.6 156.3 160.9 111.7 103.0 119.1 138.5 81.1 101.5 116.5 Source: Central Statistical Agency Second Quarter 2018/19 115 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F2): Regional States’ Consumer Price Index (Food)

December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages AMHARA 2007/08 Q.I 28.7 30.4 20.9 20.6 29.9 17.4 28.6 36.6 36.6 23.4 Q.II 30.5 32.7 22.2 21.4 33.2 20.0 32.8 35.2 37.0 27.6 Q.III 31.7 34.7 23.5 21.6 36.5 21.7 35.6 38.7 34.2 30.4 Q.IV 38.6 44.4 24.6 24.3 41.5 22.9 37.5 45.6 41.0 30.8 2008/09 Q.I 50.7 62.3 26.2 29.8 41.4 26.9 44.2 57.1 46.3 30.6 Q.II 48.2 61.5 27.3 30.4 40.2 25.0 41.0 63.4 36.6 31.7 Q.III 43.1 56.9 28.0 31.7 38.9 28.8 47.3 74.1 23.5 31.4 Q.IV 42.3 56.2 30.3 33.3 39.5 32.5 53.4 75.6 18.0 31.8 2009/10 Q.I 43.8 57.6 29.9 34.8 39.1 31.1 51.1 76.2 20.1 34.3 Q.II 42.9 56.3 30.9 36.1 36.8 29.2 47.9 77.9 22.4 42.2 Q.III 42.2 53.4 32.7 36.7 37.5 31.4 51.6 78.5 24.7 45.0 Q.IV 42.8 53.1 33.5 37.2 34.3 32.1 52.8 80.3 32.8 44.4 2010/11 Q.I 43.6 52.5 33.9 37.8 42.8 35.5 58.2 79.3 37.3 45.3 Q.II 44.8 51.5 34.5 41.2 51.3 40.2 66.0 80.6 35.9 50.9 Q.III 47.0 53.2 32.4 42.1 55.7 42.8 70.2 78.0 36.9 67.4 Q.IV 56.6 59.4 37.3 44.8 76.4 43.2 70.9 81.3 52.8 87.5 2011/12 Q.I 63.0 65.1 45.2 47.3 78.8 42.4 69.5 80.5 61.9 90.2 Q.II 66.7 70.6 49.9 50.1 72.9 44.0 72.2 81.6 62.6 95.6 Q.III 68.6 74.9 54.8 53.1 71.8 49.7 80.5 82.0 50.4 99.1 Q.IV 74.4 82.0 64.6 56.0 76.4 50.7 83.9 82.3 57.9 93.0 2012/13 Q.I 79.1 87.7 70.1 57.5 76.1 53.3 87.0 81.8 66.4 87.7 Q.II 78.5 88.4 70.6 66.5 74.3 63.0 81.8 81.7 67.8 84.5 Q.III 78.1 87.2 72.0 70.1 74.0 64.6 80.3 81.6 68.3 81.3 Q.IV 80.3 90.6 73.1 72.3 77.9 64.3 80.2 81.6 72.9 79.5 2013/14 Q.I 83.6 96.6 75.2 73.0 77.6 67.3 83.8 81.5 75.0 79.6 Q.II 83.0 98.4 75.0 74.5 77.2 70.9 79.0 81.5 74.1 80.7 Q.III 81.5 88.3 76.4 74.9 77.0 70.7 86.0 82.1 73.4 80.5 Q.IV 82.7 90.2 76.5 75.9 80.2 71.2 82.4 82.5 76.8 88.3 2014/15 Q.I 83.8 93.9 77.9 78.6 84.6 74.7 80.9 81.8 74.6 95.7 Q.II 84.0 92.2 77.4 79.0 86.2 71.1 84.2 82.0 73.5 99.3 Q.III 84.7 88.9 79.8 82.1 93.4 76.7 88.5 82.5 73.1 99.6 Q.IV 86.3 91.5 82.6 89.9 100.7 79.0 86.9 82.3 75.2 94.8 2015/16 Q.I 91.5 96.3 84.7 88.7 107.6 84.6 99.5 82.3 77.6 92.5 Q.II 92.7 99.0 85.7 88.9 104.3 89.1 101.6 82.2 77.9 89.6 Q.III 93.0 99.6 87.4 94.0 98.0 92.5 100.7 95.8 79.2 88.2 Q.IV 95.1 99.4 92.6 96.7 101.9 90.5 105.5 102.1 80.2 87.0 2016/17 QI 101.3 104.5 98.7 100.3 100.6 99.0 111.2 98.9 91.2 92.0 QII 102.3 102.3 99.6 100.6 98.9 98.5 102.6 97.0 105.6 99.5 QIII 105.4 101.2 102.1 98.9 103.3 104.5 100.3 104.8 102.7 114.6 100.2 QIV 110.1 108.2 108.9 100.4 112.1 103.0 107.6 102.0 102.6 125.6 98.8 2017/18 QI 118.2 128.1 116.5 101.1 118.5 103.0 128.7 104.0 102.8 128.8 101.7 QII 119.9 125.0 116.0 104.2 127.8 103.8 128.4 113.5 101.9 129.6 105.5 QIII 122.0 133.3 132.0 101.1 128.4 106.1 134.9 103.2 102.7 130.1 106.0 QIV 127.7 143.0 140.4 110.8 136.5 107.7 139.7 109.9 103.4 131.3 107.2 2018/19 QI 133.9 150.4 145.6 112.1 139.5 107.9 135.1 129.0 103.3 128.4 109.2 QII 132.9 149.6 144.4 114.2 114.2 143.8 107.0 135.7 121.2 103.9 132.6 Source: Central Statistical Agency 116 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F3): Regional States’ Consumer Price Index (Food)

December 2016= 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages BENISHANGUL GUMUZ 2007/08 Q.I 27.1 34.4 27.4 22.3 29.3 16.5 29.6 38.9 31.3 25.6 Q.II 29.9 37.5 26.8 22.6 31.2 16.6 29.7 37.6 39.0 26.0 Q.III 33.8 44.1 27.7 23.2 34.8 18.7 33.4 42.6 40.0 27.0 Q.IV 39.1 53.4 31.3 25.0 38.8 19.2 34.3 44.6 39.7 28.3 2008/09 Q.I 57.2 82.9 37.1 31.7 40.1 24.3 43.5 56.1 47.7 29.5 Q.II 51.0 78.6 38.1 33.6 41.9 26.0 46.5 61.2 36.6 28.2 Q.III 44.4 70.2 36.9 35.0 40.1 26.1 46.8 69.4 29.4 26.3 Q.IV 45.4 71.4 36.6 35.9 44.6 25.4 45.4 72.4 22.6 27.8 2009/10 Q.I 49.5 75.8 38.9 39.1 41.8 25.6 45.9 73.0 21.2 33.4 Q.II 45.1 68.1 35.2 40.7 40.5 24.6 44.0 75.3 23.0 43.6 Q.III 40.8 59.7 34.4 44.8 42.9 24.2 43.3 79.7 29.1 41.3 Q.IV 39.5 53.6 37.7 43.3 45.7 25.8 46.2 81.7 39.0 41.0 2010/11 Q.I 38.1 51.4 37.9 45.4 43.5 28.7 51.3 79.2 33.2 47.8 Q.II 39.2 49.7 42.0 47.4 45.8 28.2 50.6 83.1 35.2 57.8 Q.III 44.0 55.4 37.3 48.8 68.8 32.9 58.9 76.0 35.8 71.7 Q.IV 60.5 72.3 42.3 51.7 86.9 37.5 67.2 86.8 51.6 100.7 2011/12 Q.I 70.9 88.7 50.4 55.6 76.5 35.6 63.8 85.2 55.1 106.9 Q.II 76.5 96.0 53.7 61.8 87.3 38.2 68.5 88.5 69.4 106.3 Q.III 76.1 92.1 56.1 65.1 90.5 54.1 79.5 90.4 53.0 85.1 Q.IV 81.1 98.9 65.2 68.0 90.1 70.7 80.6 95.7 61.8 80.6 2012/13 Q.I 84.6 102.1 72.4 69.4 93.7 70.9 86.4 98.9 61.2 80.7 Q.II 83.4 103.3 73.0 75.0 98.0 75.0 77.4 99.0 62.4 80.1 Q.III 79.9 95.5 76.7 88.5 103.2 74.5 68.9 97.3 62.0 77.9 Q.IV 79.6 96.7 73.6 93.8 96.9 70.8 69.5 94.9 61.9 77.1 2013/14 Q.I 87.2 118.1 75.6 95.8 95.7 63.0 76.8 94.7 58.8 76.1 Q.II 92.7 134.5 77.7 92.7 96.4 73.8 73.8 94.6 62.1 81.2 Q.III 85.0 107.3 75.1 91.7 99.3 83.2 75.7 92.1 61.3 85.5 Q.IV 85.4 103.0 77.4 96.1 97.3 68.8 77.9 95.8 63.9 94.8 2014/15 Q.I 83.9 101.2 77.7 84.0 94.8 57.9 76.3 90.3 62.1 97.3 Q.II 84.9 95.5 76.3 88.1 98.8 67.8 82.2 89.0 66.6 102.0 Q.III 88.1 97.9 79.9 88.8 99.0 71.7 92.1 92.2 70.1 86.5 Q.IV 90.6 92.3 85.5 91.9 104.6 70.5 94.0 89.9 85.4 84.0 2015/16 Q.I 99.9 99.3 92.1 92.0 100.4 70.8 104.3 92.3 109.5 84.0 Q.II 99.9 99.2 94.0 83.5 97.1 89.0 106.2 94.6 107.8 80.1 Q.III 94.6 92.7 96.2 84.7 99.3 87.3 99.8 101.3 94.5 80.3 Q.IV 95.9 87.6 99.2 99.6 102.3 83.6 104.8 108.3 98.9 80.1 2016/17 QI 100.1 94.1 102.9 102.7 100.3 95.1 113.5 105.5 93.9 89.3 QII 100.4 100.7 100.2 100.0 102.6 100.5 94.6 99.4 101.0 101.6 100.2 QIII 98.6 98.6 99.3 100.0 103.6 109.6 94.9 99.3 107.1 93.7 89.3 QIV 106.3 112.5 108.6 102.3 106.9 108.5 96.4 109.2 108.4 92.4 91.8 2017/18 QI 117.8 142.8 119.5 106.7 107.4 106.6 90.1 117.7 109.2 87.4 92.1 QII 123.1 148.1 118.9 120.8 145.6 106.9 101.7 116.7 110.6 112.8 95.9 QIII 120.8 132.8 122.4 120.8 128.5 109.4 82.6 115.3 111.6 153.6 95.5 QIV 122.3 139.7 132.8 120.8 134.0 111.8 115.9 105.5 109.5 148.9 98.8 2018/19 QI 130.2 145.6 144.0 119.3 136.8 106.4 109.2 128.3 109.9 132.3 106.8 QII 131.2 148.6 144.2 120.8 120.8 139.5 110.1 118.9 129.0 111.4 135.2 Source: Central Statistical Agency Second Quarter 2018/19 117 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F4): Regional States’ Consumer Price Index (Food)

December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages DIRE DAWA 2007/08 Q.I 28.0 30.3 20.1 17.5 41.3 23.2 20.6 53.0 47.8 23.9 Q.II 28.7 30.9 20.5 18.2 48.1 24.4 21.6 53.3 44.1 24.9 Q.III 32.3 36.7 21.0 19.8 55.1 37.0 32.8 58.7 44.8 25.9 Q.IV 38.5 47.2 23.6 25.0 61.9 42.6 37.8 64.2 55.4 26.9 2008/09 Q.I 47.2 62.7 25.5 27.5 65.5 42.0 37.3 67.1 58.6 28.6 Q.II 47.4 66.3 25.5 29.9 61.5 38.7 34.3 67.8 46.1 31.0 Q.III 46.6 64.4 25.5 30.6 61.5 45.7 40.6 68.9 34.5 32.1 Q.IV 46.7 64.2 26.3 32.9 61.2 44.9 39.9 70.0 23.1 31.1 2009/10 Q.I 47.5 64.6 28.1 34.3 60.0 46.1 40.9 70.0 24.9 32.4 Q.II 46.6 62.8 26.2 36.7 59.3 35.0 31.0 70.2 26.8 36.5 Q.III 47.5 62.2 27.5 36.7 61.1 41.2 36.6 70.4 28.7 38.6 Q.IV 48.3 60.9 31.0 33.0 63.4 48.0 42.6 70.4 42.9 38.5 2010/11 Q.I 48.3 60.5 31.9 33.7 65.5 55.8 49.5 70.4 43.7 34.3 Q.II 50.9 61.4 32.3 36.8 77.8 62.5 55.5 71.3 38.2 35.0 Q.III 53.5 62.8 28.1 40.4 84.7 67.2 59.7 71.2 36.8 43.8 Q.IV 62.4 70.0 31.6 44.0 103.0 66.7 59.2 73.1 62.3 56.6 2011/12 Q.I 68.0 74.2 41.1 48.3 103.0 65.9 58.5 72.5 75.9 63.7 Q.II 69.6 77.3 44.6 47.8 95.3 61.9 54.9 74.7 68.5 67.8 Q.III 71.4 76.8 45.3 55.6 96.0 63.1 62.0 74.9 55.2 73.9 Q.IV 75.3 80.1 57.0 59.5 88.2 63.4 70.0 75.5 58.6 83.7 2012/13 Q.I 77.8 83.6 66.4 64.9 82.9 69.0 69.6 76.4 63.8 89.8 Q.II 77.7 85.1 65.7 65.2 84.8 75.5 63.6 75.6 64.6 92.8 Q.III 76.0 84.2 67.0 65.5 88.9 79.0 54.8 75.3 66.4 92.3 Q.IV 78.3 84.3 66.8 60.8 89.0 82.6 66.1 77.0 72.2 90.9 2013/14 Q.I 84.6 89.6 67.3 65.8 85.3 80.1 82.2 77.8 75.6 95.3 Q.II 84.4 94.4 66.6 63.9 88.3 78.4 68.1 79.6 75.7 98.3 Q.III 81.4 89.8 66.3 65.4 84.0 82.2 66.0 79.5 75.8 94.6 Q.IV 81.6 89.0 68.4 68.7 85.3 83.1 66.7 79.7 76.8 94.5 2014/15 Q.I 88.0 93.5 67.6 74.9 113.0 79.3 76.7 79.7 75.2 97.0 Q.II 89.7 95.3 72.8 75.2 113.1 86.7 78.3 84.6 75.8 96.7 Q.III 89.7 94.1 77.5 75.7 113.2 93.6 81.7 80.0 77.0 92.5 Q.IV 90.7 94.7 82.6 87.0 90.1 91.3 88.9 80.0 76.3 91.7 2015/16 Q.I 90.4 95.1 89.0 91.9 89.9 94.9 83.7 80.9 76.9 90.4 Q.II 91.2 94.5 88.9 85.1 89.9 97.8 91.2 84.6 77.0 89.5 Q.III 92.4 98.1 91.6 89.7 89.9 103.3 84.9 89.4 78.1 88.6 Q.IV 97.7 98.0 95.5 96.2 90.1 105.0 103.9 100.0 79.0 99.0 2016/17 QI 100.8 102.1 100.2 100.3 96.6 107.3 104.4 100.0 79.7 101.3 QII 101.5 100.4 101.5 100.0 100.7 100.0 99.8 106.2 99.9 99.7 99.7 QIII 101.5 99.8 101.4 101.2 101.9 100.1 106.8 103.9 105.3 103.4 101.6 QIV 103.3 101.9 101.9 104.6 102.6 100.3 108.7 106.8 107.7 103.7 102.9 2017/18 QI 105.8 105.4 106.3 101.0 111.7 102.5 124.6 103.6 109.2 111.0 109.7 QII 111.5 111.4 110.3 125.9 112.1 103.1 128.7 113.4 110.8 114.0 114.0 QIII 112.3 112.6 113.1 134.3 115.0 105.2 143.1 113.6 109.1 105.3 115.3 QIV 124.2 122.4 129.5 130.8 122.6 108.1 133.8 124.1 94.4 187.4 117.2 2018/19 QI 133.8 130.5 135.7 133.3 131.4 109.6 129.5 139.4 95.0 220.2 118.7 QII 128.9 136.0 136.0 131.8 131.0 109.0 140.7 117.4 95.0 188.5 109.4 Source: Central Statistical Agency 118 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F5): Regional States’ Consumer Price Index (Food)

December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and Sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages GAMBELLA 2007/08 Q.I 23.8 28.0 24.2 14.3 142.0 19.7 16.9 24.7 51.7 27.4 Q.II 25.1 29.1 24.0 14.4 151.7 21.0 18.0 25.3 60.3 31.5 Q.III 26.3 29.6 24.3 14.4 162.5 27.8 23.9 29.2 60.3 32.6 Q.IV 31.4 47.6 26.2 13.9 175.2 29.1 25.0 32.8 60.6 33.6 2008/09 Q.I 52.7 79.5 26.8 16.6 178.2 37.4 32.2 39.0 61.4 33.8 Q.II 46.2 71.8 29.2 23.7 176.3 40.4 34.7 40.7 55.3 32.8 Q.III 39.5 63.8 29.8 23.4 178.1 37.8 32.5 42.3 31.0 29.1 Q.IV 42.1 67.1 29.1 23.5 173.9 38.6 33.2 43.1 29.8 28.2 2009/10 Q.I 45.4 71.3 30.7 24.8 167.7 38.3 32.9 45.4 24.0 35.2 Q.II 40.6 65.1 31.1 25.9 173.7 40.3 34.6 46.8 24.7 42.0 Q.III 39.2 62.8 31.3 28.1 174.8 39.5 33.9 47.4 27.5 37.7 Q.IV 38.4 60.4 35.3 29.4 182.5 41.5 35.6 49.2 40.2 38.6 2010/11 Q.I 39.4 57.9 35.5 31.7 184.8 43.0 37.0 47.9 49.9 48.0 Q.II 41.6 57.7 35.9 30.5 206.0 49.0 42.1 50.0 51.6 66.5 Q.III 43.4 59.5 35.3 31.5 231.1 48.0 41.3 50.1 51.8 83.6 Q.IV 52.9 69.2 35.7 32.4 280.0 51.0 43.8 54.6 71.0 99.9 2011/2012 Q.I 60.7 78.4 40.0 35.0 295.6 54.3 46.6 61.3 75.9 103.7 Q.II 66.3 83.4 49.6 38.5 319.9 65.0 55.8 59.4 78.4 111.9 Q.III 71.3 88.5 57.4 45.5 107.9 68.6 68.1 62.3 61.7 96.5 Q.IV 76.9 95.2 62.6 48.4 111.8 73.8 79.6 65.8 64.3 89.7 2012/13 Q.I 78.8 99.9 64.6 48.4 109.4 82.9 78.4 65.5 73.1 81.8 Q.II 75.0 83.3 69.0 47.9 109.8 86.1 75.0 65.3 79.2 79.6 Q.III 74.1 77.3 72.8 50.4 109.4 90.7 71.2 64.9 81.1 80.0 Q.IV 78.1 87.1 73.9 56.9 109.1 97.9 72.8 65.0 81.5 79.0 2013/14 Q.I 81.4 98.2 74.7 58.5 108.9 71.0 75.1 66.3 81.6 76.8 Q.II 82.3 99.7 74.9 60.0 109.0 52.1 77.1 67.2 82.2 79.8 Q.III 81.7 89.6 78.8 60.3 109.5 75.0 81.8 67.9 82.9 78.0 Q.IV 85.9 95.6 80.8 60.3 111.0 96.4 82.6 69.8 82.0 103.7 2014/15 Q.I 86.6 104.2 78.9 59.0 109.6 86.9 77.7 66.8 85.4 102.1 Q.II 84.0 88.8 80.4 58.8 106.7 93.8 80.5 70.0 85.9 114.7 Q.III 87.1 85.7 81.9 74.3 100.8 90.7 98.3 71.7 84.7 105.3 Q.IV 88.8 92.3 87.9 74.2 103.0 89.1 92.7 73.0 84.2 87.3 2015/16 Q.I 96.8 99.9 96.5 79.6 105.2 98.5 106.2 75.0 89.4 91.5 Q.II 93.2 90.5 94.5 82.4 106.1 99.2 105.8 74.2 84.7 85.4 QIII 93.1 95.8 93.7 84.2 105.1 99.6 99.1 78.0 86.2 74.4 QIV 98.0 102.6 95.5 86.7 109.3 99.7 107.3 91.6 90.9 78.2 2016/17 QI 101.1 104.6 97.1 92.2 104.3 99.6 110.4 101.7 99.2 88.8 QII 99.5 99.9 100.8 100.0 91.8 98.0 100.0 100.7 98.3 99.0 100.6 QIII 102.2 99.5 103.4 100.0 90.2 97.5 128.9 107.8 91.8 129.2 100.2 QIV 106.5 113.6 105.9 100.0 89.8 106.0 65.1 104.0 92.2 140.1 98.5 2017/18 QI 111.7 134.7 107.9 100.0 93.1 102.1 71.1 96.7 92.7 131.4 98.7 QII 109.3 118.1 114.2 102.3 93.9 106.5 82.9 101.1 109.0 133.8 103.5 QIII 110.1 119.6 118.1 96.4 96.5 113.5 94.2 99.0 97.6 137.6 103.4 QIV 120.6 138.5 131.7 106.9 104.8 118.3 108.7 103.0 96.7 138.9 110.1 2018/19 QI 127.8 148.3 137.7 109.4 120.8 119.1 121.8 107.1 95.8 135.5 122.5 QII 125.0 130.8 152.1 111.8 111.8 125.9 119.6 78.8 111.2 95.8 147.8 Source: Central Statistical Agency Second Quarter 2018/19 119 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F6): Regional States’ Consumer Price Index (Food)

December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish & sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages HARARI 2007/08 Q.I 19.2 26.3 16.9 21.6 53.1 34.4 24.6 62.4 52.9 10.7 Q.II 19.7 27.1 16.5 21.5 58.2 35.5 25.4 63.1 49.7 11.2 Q.III 21.5 30.5 17.1 22.0 67.0 52.2 37.4 66.3 54.2 11.9 Q.IV 28.4 42.8 19.6 26.8 76.5 44.5 31.8 72.2 62.7 21.6 2008/09 Q.I 35.7 60.9 22.4 33.0 81.2 52.3 37.4 75.8 69.8 23.5 Q.II 35.2 61.1 22.4 30.2 75.6 47.5 34.0 78.2 56.8 23.9 Q.III 34.1 58.3 21.3 25.3 75.6 49.2 35.2 79.5 43.1 25.0 Q.IV 34.7 56.9 21.9 29.3 71.6 48.0 34.4 79.9 30.6 27.8 2009/10 Q.I 35.0 56.6 22.9 30.3 69.3 44.8 32.0 80.4 28.8 28.3 Q.II 35.1 54.4 23.0 30.3 70.6 43.6 31.2 79.5 28.7 31.2 Q.III 36.4 53.6 23.5 29.9 75.1 46.5 33.3 79.9 33.3 35.9 Q.IV 36.8 51.8 24.3 30.5 78.8 50.9 36.4 80.4 41.3 36.7 2010/11 Q.I 38.2 52.0 26.8 33.2 80.0 62.5 44.7 80.1 41.7 37.2 Q.II 40.8 51.9 28.6 34.2 92.7 70.0 50.1 80.8 38.8 42.4 Q.III 44.8 52.1 25.4 36.4 107.1 78.4 56.1 81.7 42.3 56.3 Q.IV 48.8 60.1 33.3 44.9 135.3 72.4 51.8 83.6 63.0 56.2 2011/12 Q.I 52.4 62.4 39.0 49.6 102.0 69.8 50.0 83.8 78.3 61.1 Q.II 54.8 66.4 40.1 49.7 104.0 64.3 46.0 84.1 79.5 66.4 Q.III 61.2 67.5 40.7 49.6 104.7 69.7 51.3 84.6 58.9 85.8 Q.IV 67.9 71.3 52.3 50.9 135.2 67.8 60.4 85.3 67.6 89.4 2012/13 Q.I 70.1 76.5 57.6 52.3 103.5 73.9 58.7 85.7 71.7 97.1 Q.II 71.1 78.5 58.8 56.0 102.4 68.4 57.1 85.3 65.8 97.7 Q.III 69.1 76.8 58.4 58.2 97.5 73.4 49.2 84.7 67.5 91.7 Q.IV 73.2 78.4 67.2 59.0 97.6 74.1 63.5 85.7 67.0 84.8 2013/14 Q.I 78.7 83.3 71.8 63.5 98.2 76.0 76.5 85.6 67.7 93.3 Q.II 78.4 88.3 68.5 59.2 98.3 67.5 65.7 84.9 66.6 88.1 Q.III 76.9 84.4 69.1 63.5 98.1 75.6 64.0 84.8 68.5 85.2 Q.IV 79.2 85.0 73.1 66.4 98.5 87.4 71.6 85.1 66.8 84.7 2014/15 Q.I 84.8 91.7 79.0 71.0 99.6 82.3 79.3 84.7 65.0 87.9 Q.II 85.8 94.5 76.4 67.7 99.7 80.4 81.9 85.5 67.9 85.2 Q.III 86.2 93.9 76.4 70.4 100.2 111.7 82.6 85.1 77.6 77.5 Q.IV 90.0 96.8 83.5 72.1 101.3 107.2 85.6 84.2 97.0 74.7 2015/16 Q.I 90.6 95.9 83.9 76.4 100.4 89.1 83.1 83.4 123.8 72.1 Q.II 92.1 95.1 84.7 80.1 102.1 83.0 91.2 84.5 128.3 73.4 QIII 92.7 95.5 84.1 81.2 102.1 94.9 93.3 98.3 122.4 70.8 QIV 97.3 93.0 94.4 87.8 100.1 110.4 110.2 105.7 136.2 83.7 2016/17 QI 102.3 99.1 101.3 92.6 100.1 98.1 120.1 106.4 113.7 87.9 QII 100.7 99.6 99.3 98.6 100.1 96.2 108.2 104.5 96.5 100.3 QIII 100.0 95.3 102.9 0.0 99.5 101.7 103.3 107.7 102.8 102.1 102.4 QIV 107.5 106.3 108.5 0.0 102.2 125.2 121.2 108.3 109.7 106.2 97.2 2017/18 QI 110.8 112.9 105.2 0.0 108.4 135.9 143.1 101.6 114.7 110.2 99.5 QII 110.6 116.6 103.5 0.0 107.2 110.4 152.7 103.5 110.1 110.0 97.4 QIII 110.1 114.3 101.9 0.0 112.2 109.7 150.4 105.3 106.6 114.9 96.0 QIV 116.0 122.3 114.9 0.0 117.5 110.6 138.8 103.7 107.9 126.9 99.7 2018/19 QI 123.5 129.1 121.5 0.0 130.1 113.0 124.3 118.6 106.9 129.7 102.5 QII 123.7 135.0 122.5 0.0 132.2 112.6 129.0 103.9 108.2 127.7 98.2 Source: Central Statistical Agency 120 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F7): Regional States’ Consumer Price Index (Food)

December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages OROMIA 2007/08 Q.I 24.7 26.3 21.1 19.5 24.4 22.0 22.3 23.2 62.8 26.9 Q.II 26.4 28.3 21.1 20.0 27.5 24.7 24.9 22.8 64.4 28.2 Q.III 29.5 32.3 22.9 22.7 30.0 31.1 31.4 25.4 65.9 29.0 Q.IV 37.5 43.1 25.8 25.6 33.9 34.6 35.0 27.9 75.0 31.3 2008/09 Q.I 47.9 60.7 28.5 27.6 33.9 34.1 34.5 34.3 83.7 31.7 Q.II 43.0 56.1 28.6 28.4 32.0 33.5 33.9 35.8 62.9 32.6 Q.III 40.3 51.6 28.6 29.3 29.7 40.2 40.6 41.9 41.6 34.6 Q.IV 40.8 50.6 29.5 31.7 29.0 44.0 44.4 44.3 33.8 35.6 2009/10 Q.I 41.0 52.2 30.1 32.1 29.8 37.5 37.9 45.3 34.8 37.4 Q.II 39.3 50.0 29.8 32.2 30.0 37.1 37.5 45.4 39.1 41.0 Q.III 39.7 50.0 30.6 33.6 30.2 40.5 41.0 49.6 45.8 42.0 Q.IV 39.9 48.4 31.6 34.5 32.4 42.4 42.9 50.8 59.6 41.4 2010/11 Q.I 40.6 47.9 33.1 36.4 35.3 44.1 44.6 49.4 67.4 47.3 Q.II 43.2 47.5 33.0 38.4 43.3 52.5 53.0 51.5 60.1 58.4 Q.III 48.2 49.8 29.8 42.6 47.2 62.1 62.8 49.6 62.3 76.6 Q.IV 57.4 58.5 33.3 46.3 66.4 64.1 64.8 51.5 90.2 85.4 2011/12 Q.I 62.1 64.9 42.0 48.2 69.0 56.8 57.4 52.6 100.3 84.6 Q.II 65.1 69.7 45.0 48.7 65.7 59.7 60.3 56.3 99.6 93.5 Q.III 70.3 74.2 51.7 55.5 68.5 65.2 71.5 58.2 89.8 92.4 Q.IV 76.1 79.7 62.4 63.1 74.4 64.1 80.7 58.0 94.5 83.8 2012/13 Q.I 76.4 84.0 66.6 62.2 72.0 75.8 79.3 60.0 85.1 84.3 Q.II 75.0 83.8 67.6 62.9 68.8 87.2 72.9 62.7 79.0 80.9 Q.III 74.7 81.5 70.2 66.3 68.8 81.4 73.0 67.9 73.4 77.1 Q.IV 75.7 83.0 70.3 66.7 71.4 79.8 75.4 67.4 73.5 75.2 2013/14 Q.I 79.2 90.0 73.7 68.5 70.6 83.7 77.5 72.2 74.5 74.7 Q.II 81.3 95.3 75.1 68.8 69.9 82.3 75.3 71.5 76.1 75.6 Q.III 79.0 83.1 76.2 72.0 73.1 86.1 79.0 70.4 73.3 76.7 Q.IV 82.4 87.3 78.1 74.7 77.4 80.5 81.5 71.7 86.9 90.4 2014/15 Q.I 87.0 92.2 80.5 76.4 85.8 86.5 80.6 70.9 111.2 93.1 Q.II 87.7 90.6 81.1 77.5 87.8 85.1 85.6 73.8 102.3 95.0 Q.III 91.3 86.9 83.2 82.9 91.7 88.4 96.4 71.9 111.6 87.7 Q.IV 98.3 90.2 86.6 92.2 100.3 88.1 101.8 75.2 156.2 80.9 2015/16 Q.I 105.6 95.4 91.7 92.8 101.0 94.2 101.6 73.4 238.9 78.3 Q.II 104.0 95.0 94.0 94.8 96.5 99.1 105.0 74.7 202.7 78.8 QIII 100.5 96.0 94.2 99.8 95.4 101.7 101.3 78.0 141.5 74.5 QIV 102.7 97.8 96.4 104.9 98.5 102.4 112.3 77.4 134.9 78.8 2016/17 QI 104.9 102.7 100.2 102.2 99.5 100.3 117.9 83.8 128.0 89.1 QII 101.8 103.5 99.3 101.2 99.4 100.3 102.3 92.2 110.9 98.0 QIII 101.6 99.1 98.9 0.0 104.6 100.8 104.5 107.8 89.1 107.1 95.3 QIV 108.8 110.1 104.2 0.0 112.3 96.3 106.9 120.7 85.7 116.2 93.2 2017/18 QI 112.9 123.9 108.0 0.0 112.6 94.5 124.6 113.4 86.7 124.1 97.7 QII 116.2 129.8 112.0 0.0 113.7 88.7 135.5 114.4 82.9 128.8 106.3 QIII 116.6 123.1 117.6 0.0 119.6 83.7 140.5 124.2 79.4 139.5 101.1 QIV 120.3 132.4 124.6 0.0 130.7 80.8 142.7 119.4 80.0 143.5 105.9 2018/19 QI 123.7 136.6 128.4 0.0 134.7 82.2 146.2 122.9 74.9 145.3 111.5 QII 124.5 137.2 129.1 0.0 137.0 85.1 148.7 124.7 76.5 143.4 109.6 Source: Central Statistical Agency Second Quarter 2018/19 121 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F8): Regional States’ Consumer Price Index (Food)

December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages SNNPR 2007/08 Q.I 22.4 25.1 21.1 19.9 34.3 20.3 17.8 36.3 24.7 30.4 Q.II 23.4 26.2 21.7 21.0 37.7 22.3 19.6 35.9 28.7 31.9 Q.III 26.3 28.6 22.8 22.0 44.4 28.2 24.8 40.9 28.5 33.8 Q.IV 34.4 41.3 26.0 24.8 48.8 33.9 29.8 47.1 32.7 37.0 2008/09 Q.I 43.6 59.9 29.7 26.8 47.6 30.1 26.4 55.5 36.7 39.5 Q.II 38.0 53.7 29.3 28.2 47.6 30.6 26.9 59.9 27.7 36.9 Q.III 35.5 47.9 27.4 30.3 46.4 33.7 29.6 66.9 19.2 34.2 Q.IV 36.8 49.2 28.8 31.6 50.8 36.7 32.2 68.2 15.1 35.4 2009/10 Q.I 37.2 50.8 30.6 33.4 48.0 33.5 29.4 69.1 14.8 43.6 Q.II 37.0 48.2 30.8 35.4 48.8 37.1 32.6 71.5 18.4 43.3 QIII 36.8 47.3 31.0 36.9 48.7 37.8 33.2 74.3 21.9 40.5 Q.IV 35.8 46.3 32.6 36.8 49.5 35.3 31.0 75.6 28.8 41.7 2010/11 Q.I 35.9 44.1 33.2 37.3 50.4 39.3 34.6 75.7 36.7 50.1 Q.II 38.2 44.6 33.9 40.7 59.4 45.3 39.8 80.2 29.0 61.0 Q.III 44.6 50.5 29.4 43.6 67.5 56.4 49.6 80.7 32.4 92.1 Q.IV 55.5 60.7 33.1 46.4 89.5 62.6 55.0 85.1 45.5 115.0 2011/12 Q.I 59.5 69.9 43.1 48.1 77.6 48.9 43.0 88.0 49.0 121.7 Q.II 61.0 70.6 47.8 50.5 74.7 59.3 52.1 90.7 50.7 115.0 Q.III 66.4 73.3 54.3 56.5 81.1 63.4 62.0 94.1 51.6 112.6 Q.IV 72.9 82.7 63.9 58.1 91.8 62.8 68.6 95.1 54.1 103.0 2012/13 Q.I 74.7 89.9 68.9 58.8 82.7 69.2 68.7 91.2 53.8 98.7 Q.II 73.8 78.8 69.4 61.1 81.0 81.2 73.1 92.6 52.2 93.7 Q.III 74.4 77.4 71.2 63.9 82.3 73.7 75.6 94.9 51.1 84.4 Q.IV 76.1 85.6 75.5 66.7 83.7 67.2 73.6 95.6 51.8 84.9 2013/14 Q.I 79.2 91.1 76.8 67.7 82.0 65.9 76.8 93.4 51.7 88.6 Q.II 78.7 87.5 80.9 69.3 83.0 73.3 76.5 93.2 53.7 83.7 Q.III 79.6 81.7 81.6 72.6 85.8 70.0 81.3 93.5 54.7 79.3 Q.IV 82.5 89.3 83.7 72.4 89.3 66.2 79.7 93.9 55.8 110.0 2014/15 Q.I 81.8 91.9 84.6 76.8 86.9 68.7 75.9 94.8 52.0 120.6 Q.II 81.3 81.5 85.8 78.6 91.3 78.6 78.5 97.9 57.8 122.0 Q.III 83.7 80.0 86.9 82.5 98.1 83.0 83.3 97.2 64.2 112.9 Q.IV 90.5 85.9 90.5 85.5 103.6 75.9 92.2 96.2 77.0 111.4 2015/16 Q.I 92.4 91.1 95.4 86.4 101.4 84.5 90.8 97.0 94.5 104.9 Q.II 88.9 86.2 95.6 87.9 100.2 91.7 86.2 97.1 98.2 93.4 QIII 91.5 90.4 96.3 93.1 98.0 92.6 90.6 97.6 93.1 87.2 QIV 96.3 97.8 100.0 95.8 102.6 83.9 92.8 104.7 110.5 92.1 2016/17 QI 97.6 100.9 102.1 97.1 100.6 93.8 92.9 105.2 108.4 101.0 QII 98.7 99.8 102.2 98.9 98.2 100.8 96.5 104.4 101.1 103.1 QIII 102.1 102.4 104.2 0.0 102.0 105.0 102.7 110.6 106.2 103.9 97.9 QIV 114.7 121.8 109.1 0.0 106.4 114.4 104.5 117.4 107.3 107.7 103.7 2017/18 QI 119.3 134.0 114.0 0.0 107.9 111.8 113.4 106.9 107.4 109.9 110.4 QII 118.8 125.3 118.2 0.0 116.3 110.2 135.8 112.5 102.5 111.1 117.9 QIII 118.6 120.5 120.7 0.0 122.2 112.4 144.5 130.4 100.9 123.4 114.2 QIV 125.5 133.8 131.9 0.0 128.7 118.3 133.6 121.8 100.9 132.1 122.6 2018/19 QI 129.5 137.8 138.3 0.0 127.4 118.1 130.0 125.2 100.9 132.1 134.3 QII 128.5 133.3 137.9 0.0 132.5 118.3 147.8 126.7 101.0 132.1 122.4 Source: Central Statistical Agency 122 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F9): Regional States’ Consumer Price Index (Food)

December 2016 = 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages SOMALI 2007/08 Q.I 22.8 26.5 17.4 16.9 32.6 18.9 24.2 19.0 40.6 17.8 Q.II 23.6 27.9 19.8 17.3 39.5 18.9 24.2 18.2 37.2 17.3 Q.III 26.4 30.8 20.1 20.0 43.3 26.2 33.6 20.5 31.8 20.4 Q.IV 32.0 38.9 21.7 24.1 50.5 30.0 38.4 23.9 36.4 22.3 2008/09 Q.I 43.4 59.9 25.3 29.2 55.1 33.3 42.7 27.3 44.3 20.4 Q.II 39.7 54.4 24.7 29.9 52.5 31.1 39.9 31.1 33.5 21.3 Q.III 40.0 52.7 26.2 33.5 51.1 32.8 42.0 31.1 30.0 27.8 Q.IV 41.7 53.0 28.6 37.9 50.8 35.1 45.0 31.2 24.7 30.6 2009/10 Q.I 42.3 53.9 29.2 37.1 49.3 33.6 43.1 31.3 20.3 29.7 Q.II 42.7 54.8 31.4 37.1 50.6 31.8 40.8 31.2 22.3 29.9 Q.III 43.1 56.1 31.4 39.8 51.9 29.7 38.0 31.4 22.7 33.9 Q.IV 42.9 55.2 34.8 34.0 54.5 33.4 42.8 32.8 29.5 32.7 2010/11 Q.I 43.3 51.5 38.7 36.6 56.6 39.0 50.0 37.6 39.9 33.0 Q.II 50.2 52.6 41.9 44.6 66.7 46.0 59.0 45.2 32.6 50.7 Q.III 54.0 57.0 36.3 48.6 77.8 46.3 59.4 48.6 34.0 53.3 Q.IV 59.8 63.6 42.6 51.2 85.0 53.4 68.4 51.6 48.1 51.5 2011/12 Q.I 62.5 71.4 53.2 51.2 91.4 49.8 63.9 58.9 63.9 38.6 Q.II 64.5 74.3 53.8 52.2 85.1 47.4 60.8 61.5 61.2 43.1 Q.III 70.3 79.0 62.8 60.6 87.4 59.3 67.5 63.9 61.4 56.6 Q.IV 73.5 79.6 72.5 60.8 87.0 55.7 80.3 72.0 66.6 58.6 2012/13 Q.I 74.5 79.9 78.0 62.0 88.3 59.6 81.7 71.5 66.5 76.8 Q.II 78.0 84.8 77.5 69.3 87.0 65.2 75.5 71.7 70.5 87.3 Q.III 77.5 83.8 82.5 70.8 87.7 68.2 63.3 71.9 71.1 86.3 Q.IV 78.8 85.0 85.6 66.6 87.1 61.0 80.7 73.6 74.7 91.6 2013/14 Q.I 80.3 87.3 89.9 67.5 83.6 72.5 94.7 70.5 77.8 95.4 Q.II 82.2 92.9 86.0 71.9 84.8 75.0 79.0 69.5 81.1 91.1 Q.III 83.5 93.5 80.6 76.1 84.6 83.4 83.4 68.6 86.7 97.1 Q.IV 83.0 93.7 83.3 70.6 84.5 86.0 86.8 68.9 87.1 99.5 2014/15 Q.I 85.8 97.1 86.5 75.0 90.8 105.1 91.8 68.9 86.0 97.1 Q.II 86.3 98.7 86.7 73.6 92.2 85.7 91.0 68.9 88.0 99.7 Q.III 87.0 96.5 89.2 77.3 91.8 98.8 95.0 71.2 87.5 102.2 Q.IV 89.6 98.6 87.9 84.4 92.8 106.4 100.0 71.0 91.4 103.9 2015/16 Q.I 89.3 98.2 94.1 81.1 94.8 94.8 91.9 73.2 91.9 106.5 Q.II 91.3 100.8 86.1 89.7 92.8 118.0 93.6 73.1 86.5 101.7 QIII 93.4 101.8 93.2 94.4 91.2 120.2 92.6 76.1 89.5 101.7 QIV 93.2 100.2 99.7 88.5 87.7 114.6 117.2 78.3 85.6 99.7 2016/17 QI 95.1 101.1 105.0 88.3 91.0 108.7 126.4 78.9 99.2 100.2 QII 99.5 100.5 102.4 101.2 94.6 98.7 106.2 94.5 98.5 104.1 QIII 102.8 104.2 94.7 0.0 105.3 100.3 99.2 102.8 99.3 103.2 101.9 QIV 104.7 106.4 108.1 0.0 103.6 100.0 107.4 113.5 96.3 124.6 101.5 2017/18 QI 106.9 106.5 112.9 0.0 98.2 100.1 113.2 159.1 95.5 126.6 100.4 QII 113.9 119.4 117.9 0.0 103.6 99.9 117.9 139.6 103.2 132.0 102.9 QIII 114.4 119.6 119.9 0.0 100.4 100.1 116.2 124.5 109.4 153.4 105.4 QIV 119.7 131.9 121.6 0.0 96.8 101.0 126.1 122.6 113.3 145.2 104.3 2018/19 QI 129.0 138.5 119.6 0.0 113.2 101.1 129.1 134.6 129.6 147.2 111.9 QII 128.6 137.9 117.9 0.0 108.2 100.8 117.0 128.8 136.1 147.6 114.3 Source: Central Statistical Agency Second Quarter 2018/19 123 National Bank of Ethiopia Quarterly Bulletin

Table 22 (F10):: Regional States’ Consumer Price Index (Food)

December 2016= 100 Period Food & Non-alcoholic Beverages Bread and Cereals Meat Fish and sea food Milk, Cheese & Egg Oils & Fats Fruits Vegetables Sugar, jam, honey, chocolate and confectionery (ND) Food products Non-Alcoholic Beverages TIGRAY 2007/08 Q.I 30.5 26.0 25.3 24.3 36.6 34.1 28.7 34.2 45.6 24.8 Q.II 32.7 27.9 25.4 24.7 40.3 38.7 32.5 33.8 49.2 28.7 Q.III 35.3 31.3 25.6 25.6 49.2 39.5 33.2 37.4 45.1 30.6 Q.IV 43.9 40.4 27.7 28.3 55.2 44.4 37.3 41.0 50.0 33.4 2008/09 Q.I 58.9 57.5 29.9 33.7 54.7 51.6 43.3 50.0 59.3 34.8 Q.II 55.5 55.4 29.4 36.2 51.1 51.8 43.6 50.0 48.0 32.8 Q.III 50.0 51.0 29.3 35.6 49.1 52.5 44.1 58.5 28.5 33.7 Q.IV 48.8 51.9 30.5 36.8 48.1 58.3 49.1 61.3 22.2 34.9 2009/10 QI 49.3 52.9 33.2 40.1 44.8 59.0 49.6 63.6 21.7 36.0 QII 49.6 52.5 32.3 41.5 46.4 49.0 41.2 68.1 22.3 45.2 QIII 48.4 51.7 31.9 39.8 48.5 50.4 42.4 70.8 25.8 46.9 Q.IV 49.9 52.1 34.6 43.1 52.0 54.7 46.0 74.6 35.6 47.2 2010/11 Q.I 49.9 52.2 36.7 44.6 54.3 62.1 52.2 70.1 37.0 46.8 Q.II 48.9 49.5 37.6 49.9 67.0 66.0 55.5 72.0 34.5 52.9 Q.III 50.5 49.9 37.5 49.3 71.5 65.8 55.3 69.7 34.4 75.3 Q.IV 58.5 56.0 42.4 51.2 91.1 74.8 62.9 75.8 50.8 104.6 2011/12 Q.I 64.6 60.1 54.2 60.0 86.3 82.4 69.3 71.3 61.4 105.8 Q.II 67.0 65.0 58.3 62.8 84.5 79.6 66.9 73.0 58.8 110.6 Q.III 69.8 72.9 61.5 64.5 90.0 74.9 71.6 75.4 48.2 117.2 Q.IV 76.2 82.0 71.5 71.9 90.8 79.8 76.0 74.0 51.0 114.3 2012/13 Q.I 81.0 87.6 77.9 77.2 93.1 89.9 79.6 75.0 60.5 97.4 Q.II 78.9 90.4 79.0 83.4 89.3 96.3 65.6 74.5 55.8 90.3 Q.III 77.9 91.2 79.0 81.9 90.5 96.3 58.5 76.9 54.9 88.3 Q.IV 81.9 98.6 80.9 82.6 92.4 78.2 62.9 77.1 55.7 86.2 2013/14 Q.I 89.7 107.0 87.9 88.8 92.0 54.1 82.3 74.4 57.5 87.4 Q.II 86.9 106.1 87.6 90.2 90.2 59.0 69.1 74.9 56.7 84.1 Q.III 82.0 94.5 87.1 86.5 94.4 59.0 68.3 74.5 55.8 85.9 Q.IV 84.4 96.6 91.4 83.3 95.7 59.0 70.2 74.4 56.8 95.1 2014/15 Q.I 85.9 97.8 88.0 92.3 98.4 66.5 73.4 75.1 58.5 103.0 Q.II 86.5 94.5 87.2 97.2 96.0 76.4 84.8 73.7 58.4 106.8 Q.III 83.8 88.0 87.7 89.8 99.2 81.7 82.5 74.7 60.0 104.8 Q.IV 85.1 87.6 89.9 93.3 95.3 81.7 86.9 74.8 64.0 104.3 2015/16 Q.I 92.0 95.1 90.0 100.4 101.8 74.3 98.2 74.8 75.6 99.3 Q.II 96.4 98.7 89.3 101.5 102.1 100.0 104.8 77.5 88.7 95.6 QIII 96.4 99.7 90.8 100.4 96.9 100.0 102.9 84.5 88.6 90.7 QIV 98.9 102.0 94.8 95.3 97.8 100.0 110.6 92.8 86.0 89.6 2016/17 QI 105.3 110.0 104.4 104.5 99.3 100.0 117.5 94.1 88.5 90.1 QII 103.3 107.1 103.4 106.1 100.3 100.0 102.2 97.6 97.6 97.0 QIII 101.1 102.8 100.9 0.0 104.2 101.9 99.1 97.0 94.3 100.0 105.0 QIV 104.8 109.1 106.1 0.0 106.9 106.5 102.8 99.5 95.6 99.9 103.0 2017/18 QI 111.5 116.7 123.7 0.0 111.9 108.0 108.6 107.2 102.4 95.7 101.7 QII 115.0 122.9 120.7 0.0 117.7 100.3 107.6 115.6 95.2 98.4 106.5 QIII 119.2 127.5 130.3 0.0 113.9 100.9 109.6 106.2 92.5 120.5 108.2 QIV 126.2 138.3 137.6 0.0 132.7 105.3 109.8 102.0 93.5 137.5 109.3 2018/19 QI 135.7 152.9 149.0 0.0 139.0 102.8 112.2 113.1 93.3 139.9 111.2 QII 144.7 170.4 151.5 0.0 146.1 106.3 140.4 121.9 93.5 143.3 110.1 Source: Central Statistical Agency 124 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 23 A1: Ethiopia: Direction of External Trade: EXPORT

(In Thousands of Birr) Continents “Country of Destination” 2010 2011 2012 2013 2014 2015 2016 2017 Africa Djibouti 849,144.8 1,172,260.1 2,313,228.9 1,380,433.1 3,747,193.9 1,941,788.5 2,350,936.7 3,014,309.0 Egypt 585,058.5 764,013.2 768,260.3 818,229.2 1,012,133.0 684,520.9 315,108.1 202,450.4 Ghana 2,094.8 1,117.1 9,582.3 4,292.2 136.8 6,863.1 832.1 696.9 Kenya 54,434.1 176,485.4 190,932.3 269,555.1 431,754.9 656,490.8 625,147.6 1,190,543.3 Libia 1,834.5 2,297.5 68,040.2 - 4,163.4 - - - Morocco 10,976.1 28,363.6 11,632.6 15,895.1 3,746.1 2,040.4 6,841.3 10,061.0 Nigeria 2,215.0 2,990.0 10,297.6 2,735.2 47,617.8 63,719.5 90,565.5 328,428.3 Ruwanda 569.9 1,114.0 993.9 9,793.9 28,670.2 42,368.3 57,909.1 94,341.6 Somali Land - - - - - - - - Somalia 3,139,271.5 4,061,406.4 5,989,640.7 5,798,201.3 6,371,904.9 6,240,561.4 5,827,108.7 5,964,650.4 South Africa 1,030,363.9 89,326.4 194,964.0 218,061.1 257,504.8 226,770.4 260,057.5 426,332.0 Sudan 2,053,243.9 2,983,061.3 2,008,904.2 1,707,190.9 1,629,734.3 1,595,427.4 993,600.1 1,896,197.0 Tanzania 5,959.6 3,084.1 969.4 1,045.6 15,211.2 255.9 401.9 363.6 Uganda 24,333.6 14,963.0 7,044.1 2,765.9 10,051.8 4,295.5 5,913.3 4,864.9 Zambia 369.2 20.4 119.4 503.8 110.0 2,398.8 10,974.8 14,555.0 Zembabwe 1,147.8 3,549.5 788.6 3,632.8 4,272.4 6,716.0 4,025.0 2,602.9 Others 146,791.5 171,537.0 289,802.8 514,287.0 792,557.5 341,524.6 477,440.0 1,351,269.1 Total 7,907,808.6 9,475,589.2 11,865,201.5 10,746,622.1 14,328,992.6 11,815,745.3 11,026,861.7 14,501,665.3 %Share Of Continent 23.0 18.8 21.1 19.4 22.1 20.0 18.4 21.4 Europe Austria 365.7 1,297.4 1,644.6 1,735.5 4,310.4 2,931.2 22,747.8 22,995.8 Belgium 766,865.8 1,129,952.5 1,206,977.6 1,025,131.4 1,087,850.9 1,182,982.5 1,436,499.1 1,965,237.5 Bulgaria 9,100.7 17,775.7 40,564.4 82,919.2 99,420.1 86,949.0 43,611.4 42,637.1 Cyprus 1,208.7 29.6 2,392.2 3,217.3 5,007.8 640.5 151.2 1,175.9 Czech Republic 5,564.4 3,925.4 7,320.4 5,569.1 13,779.0 21,577.7 22,939.8 18,599.1 Slovakia - - - 1,897.5 4,395.7 1,466.6 4,072.5 7,076.4 Denmark 18,362.4 14,816.2 35,758.1 32,455.9 17,723.0 20,802.4 30,025.0 28,201.3 Finland 38,401.9 157,776.1 87,678.9 51,661.1 80,304.0 90,939.5 90,178.8 123,908.3 France 505,675.0 823,513.2 812,971.3 530,534.4 877,613.3 682,717.6 807,422.0 827,504.6 Germany 3,676,129.0 5,412,655.7 5,190,387.9 3,730,991.2 3,754,508.5 4,271,155.2 3,486,254.3 3,943,246.8 Greece 104,335.8 161,358.8 136,034.9 260,072.5 235,797.7 214,131.5 209,499.8 235,931.1 Hungary 4,664.1 6,030.5 29,465.0 34,564.1 18,858.6 15,129.0 18,955.3 16,005.0 Ireland 225.2 4,981.1 1,335.4 4,968.8 4,393.8 11,865.0 10,363.8 15,763.6 Italy 767,672.2 1,830,342.8 1,265,069.2 1,127,453.5 1,244,816.9 1,071,373.1 1,101,650.8 1,347,709.3 Netherlands 2,325,158.7 3,589,200.5 3,513,356.8 3,160,616.3 3,899,530.0 3,910,613.0 3,911,035.2 4,177,990.4 Norway 83,421.5 114,266.4 152,810.3 141,325.7 202,256.0 193,648.3 190,592.2 184,970.7 Poland 20,903.7 10,005.3 2,097.0 17,660.3 23,192.2 18,930.3 9,048.4 13,435.8 Portugal 13,224.5 10,264.5 58,441.4 58,595.2 107,108.4 70,872.1 127,631.2 156,689.8 Rumania 26,297.6 64,555.6 79,944.9 62,136.7 63,661.9 35,255.4 12,665.6 23,638.2 Spain 82,768.8 202,110.6 278,937.8 188,107.6 157,484.0 312,381.6 266,256.9 262,739.3 Sweden 345,076.1 631,746.6 435,154.5 264,471.8 307,877.4 333,582.0 266,867.3 263,089.4 Switzerland 4,876,617.7 8,672,031.8 9,644,798.9 9,439,555.7 7,895,981.9 6,490,540.8 5,266,886.0 4,714,821.8 Turkey 448,459.6 793,508.0 918,743.3 1,460,875.2 1,267,997.9 854,569.2 463,675.1 659,682.4 Ukraine 1,647.3 549.2 3,605.7 1,288.6 1,569.6 9,366.3 14,853.7 24,420.6 United Kingdom 790,362.3 1,036,992.2 804,000.1 916,862.0 888,555.1 806,313.4 1,069,053.4 1,290,346.0 Russia 87,990.9 170,085.7 210,565.2 289,418.9 405,160.0 283,476.8 289,381.7 386,108.6 Yugoslavia - - - - - - - - Others 32,888.7 129,769.9 228,751.3 106,316.3 121,332.5 270,792.0 639,646.5 1,181,451.6 Total 15,033,388.3 24,988,711.1 25,148,807.1 23,000,401.7 22,790,486.7 21,265,002.1 19,811,964.8 21,935,376.3 %Share Of Continent 43.8 49.7 44.7 41.4 35.2 36.0 33.1 32.4 America Brazil - - - 50.0 - 8,764.8 9,178.4 9,179.6 Canada 115,069.8 173,658.6 167,388.9 166,782.8 214,767.3 216,338.4 268,404.1 270,038.6 Cuba - - - 325.5 15,043.2 - - - Mexico 15,924.2 41,359.7 21,189.4 15,661.3 12,529.3 37,776.3 40,458.2 63,779.1 United States 1,387,899.5 1,571,684.8 1,741,318.4 2,223,193.5 2,413,259.7 3,913,895.0 3,733,304.1 4,317,231.5 Others 40,185.0 165,850.0 147,274.5 66,745.5 886,388.5 189,789.5 231,818.7 458,804.3 Total 1,559,078.4 1,952,553.1 2,076,859.0 2,472,758.7 3,541,988.1 4,366,563.9 4,283,163.5 5,119,033.1 %Share Of Continent 4.5 3.9 3.7 4.5 5.5 7.4 7.2 7.6 Asia China, Mainland 3,330,807.6 4,764,263.2 5,167,985.4 5,682,920.3 8,071,388.2 6,145,483.9 7,498,265.1 5,111,009.8 China, Taiwan 34,908.6 34,265.7 44,820.6 114,825.8 86,264.9 134,753.6 242,155.2 324,580.5 Hong Kong 98,715.7 378,664.7 523,566.5 655,428.0 342,188.3 434,907.0 390,835.7 419,795.4 India 401,662.3 553,031.3 667,923.1 659,101.4 947,722.2 1,323,550.6 1,440,185.8 1,168,606.9 Indonesia 131,343.7 219,306.2 260,365.2 442,638.8 579,643.5 419,364.5 581,396.8 575,381.8 Israel 752,915.3 1,079,551.0 1,112,383.2 1,822,061.3 2,016,939.4 1,697,745.0 1,366,387.4 1,487,480.1 Japan 535,178.4 596,903.3 1,260,749.0 1,423,109.6 1,884,123.0 1,388,756.3 1,541,929.9 2,233,317.5 N.Korea, Pdrk 16,724.9 54,732.0 24,451.6 40,602.6 223.3 10,146.1 31,494.6 17,897.9 S.Korea 132,137.3 235,899.3 336,747.5 428,910.5 660,360.4 902,688.1 1,114,526.1 1,224,971.5 Kuwait 9,424.2 45,894.4 38,566.8 53,491.8 54,954.6 59,591.3 28,418.5 36,687.4 Lebanon 10,467.2 79,992.5 41,232.7 104,309.0 90,398.2 15,787.8 16,460.4 30,659.0 Malaysia 9,871.6 5,929.0 12,398.4 57,837.7 45,580.5 5,556.5 107,335.2 78,417.2 Pakistan 333,743.0 192,626.5 768,074.1 896,279.3 678,817.2 855,052.2 1,441,769.4 1,084,808.0 Saudi Arabia 2,057,646.6 2,837,432.3 3,085,698.2 3,075,268.7 3,836,761.6 4,028,128.5 3,981,781.2 4,400,225.0 Singapore 90,801.2 46,255.1 27,476.5 14,236.7 22,061.2 204,215.6 128,152.6 93,295.4 Yemen 263,614.8 342,272.8 379,117.3 571,866.5 734,790.4 439,271.6 362,192.6 456,992.0 Thailand 35,140.8 155,088.6 140,299.9 147,971.0 111,444.1 105,215.7 94,324.3 87,940.9 UAE 1,119,157.4 1,284,684.7 1,340,649.8 1,395,130.2 1,931,357.2 1,791,062.6 1,982,406.3 2,694,755.9 Others 370,393.0 846,426.7 1,644,761.6 1,320,681.0 1,550,549.5 1,160,854.1 1,879,038.7 3,985,634.2 Total 9,737,177.2 13,654,330.2 16,785,231.9 18,906,670.1 23,645,567.4 21,122,130.8 24,229,055.8 25,512,456.4 %Share Of Continent 28.3 27.1 29.8 34.1 36.5 35.8 40.5 37.7 Oceania Australia 100,714.1 199,586.8 332,554.2 246,875.7 379,097.3 417,653.3 330,080.8 473,534.0 Others 15,655.1 55,913.1 67,670.3 127,756.1 77,090.7 84,325.8 157,422.4 112,992.7 Total 116,369.2 255,499.9 400,224.5 374,631.7 455,711.7 501,979.2 487,503.3 586,526.7 %Share Of Continent 0.3 0.5 0.7 0.8 0.8 0.9 Unspecified - - - - Grand Total 34,353,821.8 50,326,683.5 56,276,324.1 55,501,084.2 64,762,746.5 59,071,421.3 59,838,549.1 67,655,057.8 Source: Ethiopian Customs Authority. Note1: Data for the year 2013 and 2014 is based on updated data from Ethiopian Revenue and Customs Authority Second Quarter 2018/19 125 National Bank of Ethiopia Quarterly Bulletin

Table 23 A2: Ethiopia: Direction of External Trade: IMPORT (In thousands of Birr ) Continents Country 2010 2011 2012 2013 2014 2015 2016 2017 Africa Djibouti 152.1 4,634.1 1,880.1 19,785.9 7,252.7 4,050,783.9 13.9 1,374.8 Egypt 1,351,284.9 3,202.1 1,777,945.9 1,990,237.8 3,593,112.7 11,128.5 4,071,335.1 4,346,257.9 Ghana 3,387.4 546,341.8 2,384.4 5,687.9 1,666.1 738,056.4 2,514.6 9,412.4 Kenya 427,681.5 290,467.0 678,285.5 551,882.2 801,793.8 738,056.4 676,008.7 835,401.2 Libya 263,603.2 290,467.0 - 263,165.0 - - 2.3 0.7 Nigeria 656.3 134.8 12,412.0 82,933.2 62,055.7 220,674.6 45,219.0 940,652.6 Ruanda 0.6 - 28.8 378.2 59.7 32.9 68,067.4 731.4 Sudan 1,562,899.0 2,452,191.1 1,161,127.1 136,245.1 4,366,290.2 2,192,155.2 1,549,332.4 2,467,773.4 Tanzania 14,984.1 7,469.7 30,576.6 2,930.4 127,120.4 132,600.2 103,133.2 44,692.5 Uganda 8,266.7 4,869.5 1,561.2 5,177.3 3,125.9 7,381.5 6,962.2 5,846.1 Zambia 395.8 378.6 56.6 1,028.0 89,519.4 482.3 11,160.1 9,857.4 Others 2,571,172.1 3,324,070.6 5,564,554.6 2,636,616.0 4,880,495.6 8,224,429.0 8,258,583.7 13,223,694.2 Total 6,204,483.8 6,924,226.3 9,230,813.0 5,696,067.2 13,932,492.0 15,584,248.5 14,792,332.6 21,885,694.7 Europe Austria 274,769.7 196,218.2 586,106.3 560,571.4 572,382.6 1,027,145.6 1,604,322.8 1,485,372.3 Belgium 1,237,381.5 1,446,630.4 2,645,543.2 1,798,980.7 4,218,543.5 5,435,019.7 5,044,164.5 4,151,772.7 Bulgaria 794,573.9 405,830.6 86,186.4 338,016.0 143,721.4 1,537,581.6 683,870.1 905,021.2 Cyprus 76,735.5 89,509.1 88,807.2 234,484.2 150,578.9 115,078.1 117,156.1 137,993.8 Czechoslovakia (former name) 50,204.8 191,298.4 90,640.3 118,980.3 1,130,726.8 276,843.1 531,941.0 561,777.1 Czech republic - - - - 1,012,206.1 236,047.0 441,959.6 531,412.2 Slovakia - - - - 118,520.7 40,796.1 89,981.4 30,364.9 Denmark 253,713.0 470,115.2 488,523.0 305,449.6 824,909.0 694,246.2 715,981.1 537,217.7 Finland 82,697.1 103,977.0 320,249.9 189,685.0 177,056.2 155,906.3 350,087.1 808,559.9 France 1,405,956.8 2,313,930.4 3,614,646.3 2,480,592.3 2,351,867.2 3,823,770.8 4,684,217.9 4,431,486.0 Germany 2,709,739.9 2,898,011.6 3,199,430.5 4,229,516.1 7,249,151.5 6,806,205.2 7,859,546.7 5,771,781.8 Greece 96,373.3 180,894.2 140,476.2 143,842.2 350,442.3 405,742.7 528,971.4 419,409.9 Hungary 47,255.7 86,698.4 212,739.3 154,821.1 294,461.0 490,887.6 530,673.3 325,514.2 Ireland 369,445.2 384,656.8 362,766.1 497,656.2 573,979.2 716,987.1 775,362.0 914,646.1 Italy 5,423,537.9 5,999,479.7 8,468,614.5 8,475,248.1 9,854,864.6 10,476,893.6 15,784,350.7 15,601,881.7 Netherlands 1,136,416.0 1,404,726.9 1,630,693.2 3,813,241.8 2,492,065.9 4,604,402.8 3,982,518.3 5,161,373.9 Norway 36,995.9 34,421.8 47,457.5 71,440.7 58,782.9 79,266.8 162,289.4 84,019.0 Poland 88,240.1 100,915.1 273,902.6 254,707.4 579,322.1 735,144.5 2,284,185.2 874,973.5 Portugal 107,604.0 39,090.7 77,822.2 136,508.8 215,656.2 318,933.8 243,435.8 332,054.0 Rumania 246,874.1 21,137.4 26,566.6 138,938.5 1,685,883.2 443,410.0 4,500,592.8 2,236,388.5 Spain 1,247,190.3 1,446,618.8 2,106,719.9 1,962,063.7 2,678,244.8 2,783,107.6 2,871,957.4 3,311,894.0 Sweden 921,184.7 1,265,562.3 1,139,661.0 1,323,169.7 844,072.1 13,232,214.3 9,427,026.6 1,154,426.4 Switzerland 480,341.9 474,076.0 621,634.5 783,765.0 904,299.4 1,194,286.5 1,223,807.0 1,465,077.7 Turkey 3,212,576.1 5,842,462.2 6,526,492.5 8,409,563.5 8,629,004.2 10,918,514.7 12,682,665.1 14,296,491.7 United kingdom 1,219,805.9 1,830,282.8 1,514,325.3 2,006,481.9 3,592,921.5 3,863,439.0 4,557,294.9 4,709,876.8 Russia 1,301,202.6 4,546,375.5 2,329,520.8 222,543.3 2,575,137.1 1,745,182.4 3,579,267.5 1,245,806.0 Yugoslavia 15,263.3 1,055.7 4.8 8.3 54.9 - 0.0 0.3 Other 1,491,376.0 3,090,900.4 7,016,703.0 4,415,093.2 5,846,854.7 4,458,373.1 5,279,114.8 3,938,166.3 Total 24,327,455.4 34,864,875.6 43,616,233.1 43,065,369.1 57,994,983.5 76,615,426.4 90,536,740.4 74,862,982.4 America Brazil 1,777,894.9 1,319,826.6 2,478,504.6 1,895,842.2 1,496,396.6 1,083,673.4 1,475,502.6 4,488,842.1 Canada 188,981.3 362,112.3 266,442.2 535,973.0 1,196,802.2 753,274.2 1,451,315.7 1,353,867.2 Cuba 4,401.7 927.4 306.3 3,419.1 1,558.3 3,976.4 1,294.5 15,130.0 Mexico 22,287.0 30,857.6 37,034.6 57,572.7 180,610.0 159,440.1 126,433.0 249,402.2 United states 6,307,462.0 6,964,847.9 6,741,540.1 9,427,071.5 15,380,630.1 18,383,911.5 28,006,664.4 30,200,872.0 Others 89,336.7 807,104.4 1,991,585.8 177,236.2 226,806.2 684,766.3 303,572.4 201,799.7 Total 8,390,363.6 9,485,676.2 11,515,413.5 12,097,114.8 18,482,803.4 21,069,041.8 31,364,782.7 36,509,913.2 126 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 23 A2: continued Continents Country 2010 2011 2012 2013 2014 2015 2016 2017 Asia China, mainland 20,602,808.4 24,964,592.5 38,886,267.6 50,218,738.1 100,672,421.4 127,862,137.6 112,557,147.3 107,569,979.9 China, Taiwan 376,922.5 494,760.7 1,070,584.7 1,106,850.9 1,333,948.4 1,427,654.5 1,106,997.8 1,297,890.5 Hong Kong 54,097.6 24,128.9 58,718.2 54,377.6 80,091.6 276,928.2 1,370,238.4 2,768,923.7 India 8,485,196.5 12,394,362.3 17,878,819.6 21,273,934.9 21,787,752.1 24,344,942.9 28,557,164.8 24,233,274.2 Israel 157,777.6 273,165.9 567,716.2 298,154.8 507,607.3 614,145.1 548,689.5 1,792,675.0 Japan 6,609,442.1 7,450,651.8 8,341,760.9 9,462,530.3 12,180,142.5 15,185,118.0 14,472,925.3 14,722,312.6 N.korea, pdrk 57,079.2 216,777.9 268,093.4 185,433.0 103,493.8 107,552.8 91,536.9 531,235.1 S.korea 1,297,821.7 2,686,000.2 3,835,763.8 3,118,319.6 4,771,125.3 4,962,100.1 3,961,888.7 5,588,986.2 Kuwait 43,653.2 3,749,483.5 12,995,081.0 4,762,763.2 13,571,707.6 13,326,143.0 13,519,748.9 22,424,256.5 Lebanon 19,775.1 28,525.2 51,159.7 42,125.5 80,978.2 167,754.4 106,810.2 842,739.1 Malaysia 3,130,091.0 4,397,300.9 3,014,971.9 2,718,544.1 2,864,220.8 3,588,092.8 6,251,135.7 7,515,151.6 Pakistan 717,542.9 1,824,377.7 878,501.4 964,168.7 1,175,982.7 1,011,155.3 746,091.4 1,937,665.6 Saudi arabia 14,585,404.2 15,067,036.6 28,393,519.1 16,170,927.0 24,724,120.4 10,284,257.6 6,497,893.0 12,937,477.5 Singapore 73,829.9 68,565.3 93,538.1 88,852.5 236,105.2 323,455.3 516,905.1 446,466.6 Yemen 115,687.0 217,722.0 469,194.0 214,434.9 661,267.0 132,071.4 91,481.4 434,498.0 Thailand 1,695,555.9 2,157,711.7 2,455,430.1 3,140,867.6 4,079,354.5 3,079,839.3 2,977,140.6 4,782,068.8 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 35,454,493.4 Total 82,600,681.2 98,800,401.1 146,401,883.6 140,643,557.9 212,305,178.3 229,899,884.7 218,753,773.5 245,280,094.4 Oceania Australia 308,547.5 312,015.7 243,040.2 287,605.2 140,252.3 215,659.7 327,371.5 471,334.6 Unspecified 57,613.8 47,482.6 116,775.0 58,518.3 220,646.7 120,412.3 136,368.6 - Grand total 121,889,145.28 150,434,677.44 211,124,145.40 201,848,232.54 303,076,356.23 343,504,673.4 355,911,369.3 379,130,652.5 Source: Ethiopian Customs Authority Second Quarter 2018/19 127 National Bank of Ethiopia Quarterly Bulletin

Table 24: Direction of Trade** (in millions of USD) Country of Origin 2016/17 2017/18 2018/19 Percentage Change QI QII QIII QIV QI QII QIII QIV QI QII Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import A B C D E F G H A B C D E F G H A B C D E=C/A F=D/B Africa: Djibouti 43.1 - 27.5 - 31.1 0.0 31.27 - 29.6 0.0 32.8 0.0 26.8 0.1 38.1 0.1 36.9 0.2 34.0 0.1 (7.6) (14.8) Egypt 3.6 48.2 0.6 51.0 2.4 33.4 2.45 51.6 1.8 44.8 0.7 51.3 4.5 58.5 3.3 139.1 1.7 53.5 4.3 57.1 150.3 6.7 Ghana 0.0 0.1 0.00 0.2 0.0 0.1 0.1 0.0 0.6 0.0 1.2 0.0 0.3 0.1 (77.0) 722.1 Kenya 4.4 11.0 7.5 6.1 13.3 7.2 25.70 10.3 15.5 9.2 8.9 8.4 9.1 9.1 7.8 7.3 6.2 10.8 2.2 10.3 (64.0) (4.5) Libia - 0.0 - - - 0.0 - - - - - - - - - - - - - - Morocco 0.0 0.2 0.1 35.7 0.2 74.3 0.07 141.5 0.1 0.0 0.1 75.8 0.1 105.5 0.1 107.8 0.0 0.7 0.4 0.8 1,032.3 6.3 Nigeria 0.3 - 1.3 0.0 2.4 2.0 10.39 1.9 1.5 32.2 9.4 3.7 2.1 1.4 1.3 0.7 2.5 1.4 3.8 0.1 54.5 (94.2) Ruwanda 0.5 0.0 0.4 3.0 1.1 0.0 2.19 0.0 0.5 0.0 1.7 0.0 1.0 0.0 2.6 0.0 1.1 0.0 0.2 0.0 (81.2) (94.7) Somali Land - - - - - 0.5 - 0.5 - 0.3 - 0.2 - 0.0 - 0.3 - 0.1 - 0.1 162.1 Somalia 79.5 0.4 61.9 0.6 60.9 0.1 63.53 - 63.5 - 56.0 - 43.7 - 65.4 - 70.0 - 66.7 - (4.6) South Africa 2.9 48.4 1.8 38.9 5.2 56.6 3.07 62.5 1.5 59.3 1.0 51.2 2.7 56.0 3.3 120.9 2.0 46.9 2.3 53.6 17.8 14.1 Sudan 15.2 32.4 16.7 20.5 28.5 41.1 28.98 31.4 19.8 8.2 18.4 23.8 28.5 27.6 32.5 34.1 14.6 9.9 22.2 16.6 51.6 67.3 Tanzania 0.0 0.7 0.0 0.3 0.0 1.0 - 0.0 0.0 0.2 0.0 0.6 0.1 0.8 - 0.0 0.2 0.8 0.1 0.9 (67.6) 13.9 Uganda 0.0 0.2 0.0 0.0 0.1 0.0 0.06 0.0 0.1 0.0 0.1 0.0 0.1 0.2 0.1 0.4 (21.5) 96.9 Zambia 0.1 0.3 0.2 0.0 0.2 0.0 0.15 0.3 0.1 0.0 0.1 0.1 0.2 0.0 1.6 0.0 0.9 0.0 0.3 0.3 (69.7) 2,091.2 Zembabwe 0.1 0.0 0.01 0.0 0.1 0.0 0.1 0.0 0.1 0.0 (7.9) 105.0 Others 7.9 4.5 13.2 7.3 6.3 4.5 17.71 2.1 9.7 1.1 10.2 22.3 25.8 1.2 6.3 1.8 5.4 3.2 7.3 6.7 35.6 111.3 Total 157.8 146.5 131.4 163.4 151.6 220.8 183.21 302.2 143.7 155.5 139.5 237.7 144.7 260.3 163.2 412.1 142.9 127.7 144.3 147.0 1.0 15.1 %Share Of Continent 23.9 3.6 22.9 4.1 19.7 5.9 20.23 7.4 21.18 3.85 20.84 5.90 19.57 7.34 21.69 11.32 22.75 3.47 24.68 3.31 8.50 (4.44) Europe: Austria 0.1 17.9 0.0 8.1 0.0 8.8 0.02 10.1 1.7 18.5 0.0 23.4 0.1 13.5 0.1 10.6 0.0 9.3 0.0 4.5 (5.4) (52.2) Belgium 17.7 50.6 10.9 57.6 26.8 53.8 31.79 46.3 22.7 42.7 15.0 32.9 14.6 14.7 20.4 24.2 19.7 38.9 11.5 130.2 (41.6) 234.9 Bulgaria 0.3 12.4 0.4 12.9 0.8 11.2 0.41 1.2 0.3 25.0 0.9 1.6 0.9 1.0 1.0 0.5 0.9 16.2 0.5 1.4 (43.5) (91.5) Cyprus - 1.2 0.0 1.5 - 1.4 0.05 2.1 0.2 1.4 - 1.0 0.2 1.5 0.3 1.3 0.2 1.1 - 1.0 (100.0) (11.2) Czech Republic 0.3 6.3 0.3 4.0 0.2 7.2 0.13 8.5 0.1 4.5 0.1 2.6 0.0 4.9 0.1 4.0 0.0 7.2 0.1 5.5 299.1 (23.7) Slovakia 0.0 2.3 0.1 0.5 0.1 0.3 0.10 0.2 0.1 0.3 0.0 0.4 0.0 3.6 0.0 0.6 0.0 0.3 0.0 0.3 372.7 (5.4) Denmark 0.3 8.1 0.3 9.5 0.4 4.1 0.31 4.9 0.4 9.0 0.2 4.6 0.1 4.2 0.6 6.1 0.1 7.6 0.2 25.6 183.2 236.6 Finland 1.0 3.8 0.0 3.7 1.9 15.8 2.54 7.8 0.4 6.1 0.6 5.0 0.8 1.5 1.5 2.8 1.6 4.8 0.1 1.9 (93.5) (59.8) France 8.9 49.6 6.6 54.6 9.1 51.1 12.03 45.7 9.9 46.1 5.3 43.3 7.2 54.0 9.2 38.8 6.0 43.2 4.0 56.1 (33.9) 30.1 Germany 33.6 83.8 27.2 58.4 44.8 61.2 61.76 52.1 43.4 69.3 39.3 59.6 40.7 71.5 57.3 77.6 35.5 79.6 18.0 82.9 (49.2) 4.1 Greece 2.1 3.3 2.4 5.5 1.8 4.3 4.17 4.1 3.5 3.5 1.9 5.5 3.7 2.1 1.6 1.2 0.8 1.9 0.7 1.2 (16.6) (38.4) Hungary 0.3 5.3 0.2 8.5 0.1 4.0 0.14 2.8 0.2 4.8 0.1 2.2 0.0 5.2 0.1 2.7 0.4 3.9 0.2 3.8 (57.2) (2.7) Ireland 0.0 8.7 0.1 8.1 0.1 8.8 0.43 16.4 0.0 8.3 0.1 5.5 0.1 7.5 0.0 7.5 0.2 14.9 0.2 8.5 42.2 (43.0) Italy 12.2 144.8 9.3 203.9 17.0 133.0 20.36 209.9 14.6 143.9 8.2 167.2 10.9 110.2 23.1 95.0 12.6 91.8 5.0 99.0 (60.2) 7.8 Netherlands 43.2 16.2 38.8 16.2 51.2 19.8 52.34 147.4 47.6 29.9 40.2 24.0 53.6 26.2 50.1 151.3 45.1 30.3 43.0 27.6 (4.6) (8.6) Norway 2.2 4.6 1.6 1.0 1.7 1.0 2.45 1.0 1.7 0.9 1.2 0.7 1.3 1.4 1.7 0.2 1.5 0.7 1.4 1.3 (5.7) 100.3 Poland 0.1 5.5 0.1 48.7 0.0 9.6 0.39 11.5 0.1 5.2 0.0 10.4 0.1 6.4 0.3 6.5 0.3 10.3 0.0 6.2 (83.5) (39.2) Portugal 1.3 4.4 1.7 2.1 2.8 3.4 1.23 4.3 1.4 3.6 1.2 2.8 1.7 2.5 2.7 2.9 1.2 2.6 1.9 1.7 50.2 (34.7) Rumania 0.5 34.1 0.0 12.7 0.2 38.9 0.38 0.9 0.1 46.0 0.1 10.1 0.2 1.7 0.1 33.0 0.0 73.3 0.4 15.0 14,741.5 (79.5) Spain 2.0 41.5 2.0 42.5 4.1 36.6 3.08 40.3 4.2 42.1 3.2 22.0 2.4 12.7 4.3 10.2 5.2 15.8 2.9 22.4 (44.2) 42.2 Sweden 3.7 356.0 3.0 34.2 2.5 13.5 2.36 8.9 3.9 12.5 1.8 13.3 1.6 10.1 2.2 5.6 1.5 6.8 1.5 11.7 0.8 72.3 Switzerland 65.8 13.2 34.5 15.4 45.2 13.7 64.56 7.1 28.9 25.5 15.0 15.0 46.3 5.9 6.9 9.7 15.8 19.5 4.4 9.3 (72.0) (52.0) Turkey 1.6 123.2 5.5 125.1 10.5 144.3 9.13 147.2 7.9 176.4 14.0 133.6 18.2 157.2 7.5 124.3 2.6 160.9 13.7 166.4 417.7 3.4 Ukraine 0.4 19.0 0.1 48.7 0.3 17.0 0.27 26.3 0.3 37.5 0.5 39.4 0.1 14.8 0.5 33.6 0.3 38.3 0.1 71.3 (81.2) 86.3 United Kingdom 13.9 36.4 11.7 47.9 14.4 28.6 16.75 54.2 15.1 85.0 8.2 31.8 8.6 63.2 12.9 52.9 10.5 116.5 7.6 69.2 (27.8) (40.6) Russia 3.9 11.8 3.3 17.2 4.9 1.4 5.07 11.9 5.5 2.6 5.8 33.3 3.1 35.2 3.8 21.1 1.7 56.1 2.8 17.9 64.5 (68.1) Yugoslavia - - - - - - - 0.0 - - - 0.0 - - - - - - - - Others 15.4 39.3 6.5 10.8 7.1 6.8 5.18 6.3 0.8 3.2 3.5 25.5 0.9 15.3 2.1 3.3 8.1 7.7 11.3 12.2 40.9 58.9 Total 230.8 1,103.5 166.3 859.2 248.2 699.7 297.43 879.5 215.0 853.7 170.4 716.6 217.6 648.1 210.6 727.6 171.4 859.3 131.6 854.1 (23.3) (0.6) %Share Of Continent 35.0 27.2 28.9 21.8 32.3 18.8 32.85 21.5 31.70 21.16 25.46 17.78 29.44 18.28 27.98 19.98 27.30 23.34 22.51 19.25 (17.56) (17.50) 128 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 24: continued Country of Origin 2016/17 2017/18 2018/19 Percentage Change QI QII QIII QIV QI QII QIII QIV QI QII Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import Export Import A B C D E F G H A B C D E F G H A B C D E=C/A F=D/B America: Brazil 0.4 6.8 - 40.3 - 59.6 0.00 16.7 0.1 58.0 - 54.0 - 16.7 0.0 11.6 0.0 41.8 0.0 11.2 (50.7) (73.2) Canada 2.8 27.1 1.9 14.1 3.5 9.1 3.51 14.6 4.3 15.8 3.1 16.7 3.8 17.8 6.2 23.3 4.4 12.1 2.9 21.3 (34.6) 76.1 Cuba - 0.0 - 0.0 - 0.0 - 0.5 - 0.1 - 0.0 - 0.0 - 0.0 - 0.0 - 0.0 (44.8) Mexico 0.7 0.8 0.4 0.8 0.8 1.0 0.94 3.2 0.4 5.3 0.8 1.2 1.0 1.2 1.6 1.4 1.0 3.7 0.2 1.1 (84.6) (69.9) United States 35.4 229.6 19.3 291.3 49.4 253.3 77.34 247.4 60.8 301.1 35.8 438.9 65.0 247.0 92.3 209.6 50.6 166.1 25.5 949.8 (49.6) 472.0 Others 7.3 3.2 7.6 2.1 5.0 2.0 2.98 1.9 0.4 1.9 3.2 2.6 0.7 3.2 2.2 2.4 13.0 2.3 15.7 2.0 21.0 (15.8) Total 46.7 267.4 29.2 348.8 58.7 324.9 84.77 284.4 66.0 382.1 42.9 513.4 70.5 285.9 102.3 248.2 69.0 226.0 44.2 985.4 (35.9) 336.0 %Share Of Continent 7.1 6.6 5.1 8.8 7.6 8.7 9.36 7.0 9.72 9.47 6.41 12.73 9.53 8.07 13.60 6.82 10.98 6.14 7.56 22.21 (31.13) 261.87 Asia: China, Mainland 44.6 1,272.2 36.9 1,253.8 74.6 1,273.4 65.89 1,326.1 54.3 829.6 89.5 1,090.2 63.4 1,066.8 33.3 859.2 40.6 1,083.1 35.4 959.8 (12.7) (11.4) China, Taiwan 4.4 15.4 3.7 12.7 2.0 11.4 5.77 14.8 3.6 17.0 1.9 11.6 1.3 8.9 5.2 8.8 5.2 12.5 2.1 16.5 (59.3) 31.3 Hong Kong 4.2 1.7 3.8 2.0 3.9 11.4 6.54 1.8 4.7 104.1 4.3 2.2 3.5 0.7 4.8 24.9 3.1 2.8 3.0 2.4 (2.0) (13.4) India 19.0 346.8 7.6 329.2 15.4 251.3 10.11 263.8 9.7 240.6 11.2 258.7 29.3 238.8 12.9 252.3 7.5 266.2 14.0 367.8 86.5 38.2 Indonesia 8.9 84.1 6.6 76.2 3.2 57.0 7.08 73.6 13.3 53.0 8.0 62.0 8.4 57.0 8.3 63.9 7.9 71.5 11.4 84.6 43.7 18.2 Israel 13.5 9.0 15.3 3.4 17.7 4.0 19.56 12.2 17.9 53.2 25.3 7.1 31.8 3.3 22.2 4.2 18.6 7.3 29.5 7.7 57.9 5.4 Japan 19.6 171.9 18.2 191.2 17.7 171.9 43.27 159.0 17.5 115.5 25.1 169.0 16.7 135.1 30.9 98.1 26.6 80.5 24.6 99.7 (7.5) 24.0 N.Korea, Pdrk 0.4 1.9 0.0 0.8 0.1 2.9 0.32 0.9 0.2 18.4 0.1 0.7 0.2 0.6 0.0 0.4 0.2 0.3 0.1 0.5 (34.0) 80.4 S.Korea 9.4 41.8 12.0 37.8 14.7 37.6 18.31 49.8 12.4 107.8 10.3 41.1 10.7 40.2 13.4 46.9 12.5 46.2 8.5 50.7 (31.4) 9.6 Kuwait 0.4 204.1 0.2 221.4 0.4 241.4 0.64 116.6 0.6 125.6 0.7 422.9 0.4 329.2 1.9 354.3 0.6 514.6 0.6 381.3 7.9 (25.9) Lebanon 0.1 1.4 0.2 0.6 0.3 0.3 0.74 1.3 0.5 34.6 0.5 0.2 0.8 0.3 0.2 0.4 0.8 0.4 0.5 0.4 (32.6) 0.0 Malaysia 2.2 68.4 0.7 79.0 0.2 63.9 0.43 88.6 0.0 67.3 0.1 92.4 0.5 84.1 0.5 83.6 0.0 84.3 0.0 115.1 (95.3) 36.6 Pakistan 10.6 5.5 20.9 10.0 15.7 6.4 1.47 10.0 3.6 55.6 6.1 10.3 4.1 23.2 2.2 30.9 2.7 24.7 2.1 14.5 (20.4) (41.1) Saudi Arabia 39.2 70.3 44.7 103.5 50.3 160.6 61.23 154.3 39.1 141.2 56.6 93.8 51.2 32.9 42.5 88.9 42.2 41.4 45.5 89.8 7.7 117.0 Singapore 0.5 9.9 0.6 3.5 0.8 2.6 2.29 6.2 2.6 3.6 6.6 6.2 2.6 3.9 2.7 3.1 1.2 4.0 1.8 4.3 47.3 6.4 Yemen 3.4 1.3 5.7 0.5 4.5 1.4 6.68 1.1 17.4 16.0 7.2 0.2 9.4 0.1 12.1 0.4 11.3 0.6 10.3 0.7 (9.0) 6.2 Thailand 1.4 30.4 0.7 33.3 0.6 28.4 1.28 44.9 1.1 59.9 1.4 64.9 1.6 26.8 1.5 25.8 1.1 72.0 1.3 48.2 18.2 (33.1) UAE 22.0 100.9 21.7 106.1 39.9 77.2 35.92 92.1 30.8 52.0 22.5 64.6 24.2 195.3 33.5 221.4 28.2 102.4 26.9 135.7 (4.6) 32.6 Others 14.2 93.9 44.8 97.2 42.5 66.0 41.77 196.9 16.4 541.6 35.7 161.6 44.2 102.2 40.6 84.4 25.0 51.5 43.7 63.7 75.0 23.8 Total 218.0 2,531.0 244.4 2,562.2 304.6 2,469.0 329.32 2,614.1 245.6 2,636.7 313.4 2,559.8 304.3 2,349.4 268.7 2,252.0 235.1 2,466.2 261.3 2,443.4 11.1 (0.9) %Share Of Continent 33.1 62.5 42.5 65.0 39.7 66.4 36.37 63.9 36.20 65.35 46.81 63.49 41.15 66.26 35.71 61.83 37.44 66.98 44.69 55.08 19.39 (17.77) Oceania: Australia 4.3 1.8 2.5 6.0 4.6 5.1 9.52 7.8 5.6 4.5 3.3 2.7 1.8 0.8 4.1 1.2 7.3 2.2 3.0 4.4 (58.3) 101.0 Others 1.4 1.8 1.1 1.9 0.4 0.7 1.27 1.3 2.6 1.8 0.0 1.2 0.5 1.0 3.6 0.8 2.4 0.7 0.2 2.0 (90.6) 168.2 Total 5.6 3.6 3.7 7.9 5.0 5.7 10.79 9.0 8.1 6.4 3.3 4.0 2.3 1.8 7.6 2.0 9.7 2.9 3.3 6.4 (66.3) 117.9 % Share Of Continent 0.9 0.1 0.6 0.2 0.7 0.2 1.19 0.2 1.20 0.16 0.49 0.10 0.31 0.05 1.01 0.05 1.54 0.08 0.56 0.14 (63.78) 80.85 Unspecified Unspecified - - - - - - - - - - - - - - - - - Grand Total Grand Total 658.9 4,051.9 575.0 3,941.5 768.1 3,720.1 905.5 4,089.2 678.5 4,034.5 669.5 4,031.4 739.3 3,545.5 752.5 3,641.9 628.0 3,682.1 584.6 4,436.3 (6.9) 20.5 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 2018/19 129 National Bank of Ethiopia Quarterly Bulletin

Table 25: 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 Ani- mals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 2013/14 Qtr I 40,607.4 42,396.2 1,234.0 73,940.7 3,970.4 34,044.8 - 1.9 - 36,179.2 13,399.0 - 55.0 12.4 615.5 5,348.4 Qtr II 25,462.9 60,204.0 1,567.6 83,661.8 3,129.6 35,983.1 - 3.4 - 24,390.8 13,022.5 - 96.0 21.2 - 5,236.4 Qtr III 44,320.0 135,867.8 1,296.4 110,039.3 3,604.9 36,447.0 - 3.3 - 26,373.3 12,957.9 - 88.5 28.1 91.5 4,519.8 Qtr IV 79,279.1 75,058.6 1,475.0 85,380.4 4,267.0 38,961.4 - 3.0 - 18,884.1 12,310.4 - 95.2 26.2 44.9 3,533.7 2014/15 Qtr I 42,147.5 46,714.0 1,551.2 91,360.5 4,900.0 35,556.8 - 2.1 - 31,243.4 11,942.5 - 120.5 42.4 0.2 3,144.5 Qtr II 30,419.0 66,114.6 1,423.6 82,896.7 4,403.3 41,231.9 - 1.9 - 16,407.3 15,207.7 - 121.0 67.7 - 2,812.5 Qtr III 37,737.8 117,147.9 1,548.2 100,900.5 4,829.0 34,875.2 - 3.4 - 12,436.6 11,851.5 - 87.5 20.9 8.1 5,247.5 Qtr IV 73,566.5 89,485.4 1,651.9 65,579.2 4,902.2 38,484.8 - 1.7 - 17,773.1 10,202.4 - 191.4 16.7 - 3,653.8 2015/16 Qtr I 48,791.9 39,036.0 1,521.5 77,378.6 5,059.4 43,459.6 - 2.3 - 38,543.2 13,054.8 - 69.5 52.9 - 3,151.8 Qtr II 38,987.8 75,681.3 1,475.1 95,395.4 4,413.4 41,617.8 - 2.1 - 14,341.2 11,926.0 - 76.3 46.0 - 3,044.3 Qtr III 43,718.5 201,471.9 1,367.2 102,695.8 4,670.3 41,743.5 - 1.9 - 10,972.9 11,060.7 - 35.4 63.0 0.3 3,068.1 Qtr IV 67,160.0 120,384.3 1,619.6 99,955.3 4,822.0 40,255.5 - 2.4 - 13,921.7 10,958.7 - 86.5 24.0 - 3,017.3 2016/17 Qtr I 47,935.3 62,849.2 1,241.0 73,722.9 4,499.5 42,284.5 - 1.7 - 17,869.7 13,565.9 - 65.0 56.4 - 3,446.1 Qtr II 37,490.2 69,630.3 1,629.5 108,149.0 4,735.7 45,227.6 - 0.8 - 5,183.1 12,078.8 - 51.0 40.1 - 3,334.2 Qtr III 54,698.0 102,931.1 1,386.1 139,885.6 4,958.6 43,550.3 26,514.6 1.4 - 5,170.2 11,576.4 - 98.3 92.7 - 3,814.4 Qtr IV 85,623.5 98,103.5 1,633.5 70,985.8 5,371.1 47,506.8 24,612.0 1.9 - 7,843.6 11,597.1 - 88.0 40.1 - 5,598.2 2017/18 Qtr I 55,862.3 69,482.8 1,578.5 68,758.6 4,697.6 46,826.2 15,330.8 0.8 - 15,182.6 11,209.9 - 18.0 33.7 847.1 5,172.8 Qtr II 51,511.3 117,658.6 1,674.6 110,392.2 4,159.4 47,367.3 2,718.8 0.5 - 4,351.2 11,176.4 - 125.5 2,132.6 1,156.7 3,427.0 Qtr III 52,367.3 105,505.6 1,464.4 148,509.3 5,016.1 44,155.0 8,278.5 1.3 - 4,454.0 12,021.5 - 116.5 633.7 1,266.6 3,991.2 Qtr IV 78,831.9 55,900.9 1,683.2 110,401.4 6,081.8 50,628.4 9,630.0 0.2 - 7,949.2 12,616.2 - 98.7 60.4 259.0 4,170.9 2018/19 Qtr I 59,199.0 42,370.8 1,539.8 69,123.1 4,703.0 41,609.1 7,355.1 0.5 - 7,180.1 14,228.7 - 88.0 288.6 182.0 4,591.6 Qtr II 43,975.2 60,708.1 1,725.6 109,546.3 4,334.4 42,419.5 8,844.6 0.1 - 2,320.1 14,260.7 - 31.8 44.9 - 4,802.1 Table 25: Volume of Exports, by major commodity groups Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) ** Others refer the summation of export volumes from Tantalum to Electricity . (In metric tone) Period Coffee Oil Seeds Leather and Leather productsa Pulses Meat & Meat Prodts. Fruits & Veget. Sugar Gold Oil Cakes Live Ani- mals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 2013/14 Qtr I 40,607.4 42,396.2 1,234.0 73,940.7 3,970.4 34,044.8 - 1.9 - 36,179.2 13,399.0 - 55.0 12.4 615.5 5,348.4 Qtr II 25,462.9 60,204.0 1,567.6 83,661.8 3,129.6 35,983.1 - 3.4 - 24,390.8 13,022.5 - 96.0 21.2 - 5,236.4 Qtr III 44,320.0 135,867.8 1,296.4 110,039.3 3,604.9 36,447.0 - 3.3 - 26,373.3 12,957.9 - 88.5 28.1 91.5 4,519.8 Qtr IV 79,279.1 75,058.6 1,475.0 85,380.4 4,267.0 38,961.4 - 3.0 - 18,884.1 12,310.4 - 95.2 26.2 44.9 3,533.7 2014/15 Qtr I 42,147.5 46,714.0 1,551.2 91,360.5 4,900.0 35,556.8 - 2.1 - 31,243.4 11,942.5 - 120.5 42.4 0.2 3,144.5 Qtr II 30,419.0 66,114.6 1,423.6 82,896.7 4,403.3 41,231.9 - 1.9 - 16,407.3 15,207.7 - 121.0 67.7 - 2,812.5 Qtr III 37,737.8 117,147.9 1,548.2 100,900.5 4,829.0 34,875.2 - 3.4 - 12,436.6 11,851.5 - 87.5 20.9 8.1 5,247.5 Qtr IV 73,566.5 89,485.4 1,651.9 65,579.2 4,902.2 38,484.8 - 1.7 - 17,773.1 10,202.4 - 191.4 16.7 - 3,653.8 2015/16 Qtr I 48,791.9 39,036.0 1,521.5 77,378.6 5,059.4 43,459.6 - 2.3 - 38,543.2 13,054.8 - 69.5 52.9 - 3,151.8 Qtr II 38,987.8 75,681.3 1,475.1 95,395.4 4,413.4 41,617.8 - 2.1 - 14,341.2 11,926.0 - 76.3 46.0 - 3,044.3 Qtr III 43,718.5 201,471.9 1,367.2 102,695.8 4,670.3 41,743.5 - 1.9 - 10,972.9 11,060.7 - 35.4 63.0 0.3 3,068.1 Qtr IV 67,160.0 120,384.3 1,619.6 99,955.3 4,822.0 40,255.5 - 2.4 - 13,921.7 10,958.7 - 86.5 24.0 - 3,017.3 2016/17 Qtr I 47,935.3 62,849.2 1,241.0 73,722.9 4,499.5 42,284.5 - 1.7 - 17,869.7 13,565.9 - 65.0 56.4 - 3,446.1 Qtr II 37,490.2 69,630.3 1,629.5 108,149.0 4,735.7 45,227.6 - 0.8 - 5,183.1 12,078.8 - 51.0 40.1 - 3,334.2 Qtr III 54,698.0 102,931.1 1,386.1 139,885.6 4,958.6 43,550.3 26,514.6 1.4 - 5,170.2 11,576.4 - 98.3 92.7 - 3,814.4 Qtr IV 85,623.5 98,103.5 1,633.5 70,985.8 5,371.1 47,506.8 24,612.0 1.9 - 7,843.6 11,597.1 - 88.0 40.1 - 5,598.2 2017/18 Qtr I 55,862.3 69,482.8 1,578.5 68,758.6 4,697.6 46,826.2 15,330.8 0.8 - 15,182.6 11,209.9 - 18.0 33.7 847.1 5,172.8 Qtr II 51,511.3 117,658.6 1,674.6 110,392.2 4,159.4 47,367.3 2,718.8 0.5 - 4,351.2 11,176.4 - 125.5 2,132.6 1,156.7 3,427.0 Qtr III 52,367.3 105,505.6 1,464.4 148,509.3 5,016.1 44,155.0 8,278.5 1.3 - 4,454.0 12,021.5 - 116.5 633.7 1,266.6 3,991.2 Qtr IV 78,831.9 55,900.9 1,683.2 110,401.4 6,081.8 50,628.4 9,630.0 0.2 - 7,949.2 12,616.2 - 98.7 60.4 259.0 4,170.9 2018/19 Qtr I 59,199.0 42,370.8 1,539.8 69,123.1 4,703.0 41,609.1 7,355.1 0.5 - 7,180.1 14,228.7 - 88.0 288.6 182.0 4,591.6 Qtr II 43,975.2 60,708.1 1,725.6 109,546.3 4,334.4 42,419.5 8,844.6 0.1 - 2,320.1 14,260.7 - 31.8 44.9 - 4,802.1 Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) ** Others refer the summation of export volumes from Tantalum to Electricity . 130 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 25: continued: Period Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices others Electricity(in ‘1000’ kwh) others* Re-Exports Grand Total* 2013/14 Qtr I 798.7 868.9 - - - 149.9 - 9,122.6 739.7 4,173.4 26,276.4 231,466.1 227,486.9 - 473,315.4 Qtr II 544.4 1,119.3 - - - 204.7 - 10,208.7 681.5 5,194.0 31,560.3 180,250.5 167,731.1 - 415,252.9 Qtr III 1,510.2 785.6 - - - 207.3 - 12,670.2 387.4 6,663.8 47,816.9 154,391.3 193,582.5 - 564,581.0 Qtr IV 16,794.7 629.2 - - - 180.5 - 12,719.0 393.2 5,230.0 65,437.2 216,445.6 243,120.7 - 558,834.9 2014/15 Qtr I 20,858.8 771.6 - - - 137.5 - 10,011.2 687.0 4,473.9 58,000.6 276,751.7 285,642.7 - 551,181.3 Qtr II 4,762.0 725.6 - - - 277.4 - 10,745.3 736.5 5,172.3 52,670.6 177,651.9 187,661.6 - 445,888.6 Qtr III 6,371.3 899.6 - - - 165.4 - 12,210.0 650.0 4,809.6 63,125.8 180,315.0 222,371.1 - 543,788.7 Qtr IV 7,179.9 1,075.9 - - - 100.9 - 13,364.2 916.5 4,690.7 52,407.4 100,549.2 150,380.1 - 452,218.5 2015/16 Qtr I 3,078.6 510.0 - - - 250.0 - 12,506.6 1,177.3 2,397.0 42,680.0 90,814.7 65,804.0 - 332,720.8 Qtr II 1,960.2 606.5 - - - 97.3 - 12,124.5 911.4 3,130.1 36,187.0 78,550.6 58,107.4 - 342,023.7 Qtr III 4,816.3 628.9 - - - 176.6 - 13,522.0 978.8 4,220.0 49,792.4 80,427.7 77,266.5 - 495,004.5 Qtr IV 1,548.4 605.5 - - - 68.7 - 12,476.0 1,146.1 3,627.7 55,732.5 252,509.6 78,246.4 - 437,412.3 2016/17 Qtr I 564.6 574.0 - - - 147.1 - 11,639.6 716.8 2,592.1 59,770.4 324,347.3 79,507.1 - 343,541.7 Qtr II 2,079.4 581.0 - - - 63.4 - 10,694.7 727.2 2,084.0 75,453.8 237,278.9 95,057.9 379,233.8 Qtr III 11,860.4 811.5 - - - 182.0 - 13,087.4 1,626.9 4,003.3 53,496.2 304,156,870.4 88,974.8 479,745.5 Qtr IV 14,504.4 1,966.6 - - - 392.5 - 35,421.8 3,070.9 8,679.4 188,720.3 304,718,496.6 263,539.8 1,202,521.0 2017/18 Qtr I 6,652.9 497.6 - - - 125.3 - 12,373.4 848.7 2,930.8 12,378.2 407,081.0 6,053.6 295,001.7 Qtr II 1,912.9 1,105.0 - - - 66.2 - 10,726.6 1,088.1 2,673.6 15,441.8 263,647.3 39,730.5 390,866.2 Qtr III 2,499.6 431.6 - - - 62.8 - 13,450.8 744.6 2,562.9 20,014.2 331,984.7 5,891.5 387,781.0 Qtr IV 739.8 448.5 - - - 62.0 - 13,550.1 885.5 4,409.6 15,536.9 513,474.6 4,490.2 338,312.3 2018/19 Qtr I 553.9 108.1 - - - 16.4 - 12,122.2 989.9 3,446.0 9,478.5 293,768.7 5,062.2 - 252,459.3 Qtr II 264.2 197.4 - - - 45.0 - 11,998.8 1,032.3 2,316.8 17,858.8 298,893.7 38,560.4 - 326,726.8 Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) ** Others refer the summation of export volumes from Tantalum to Electricity . Second Quarter 2018/19 131 National Bank of Ethiopia Quarterly Bulletin

Table 26: Value of Exports, by Major Commodity Groups (In Thusands of Birr) Period Coffee Oil Seeds Leather and Leather products Pulses Meat & Meat Prodts. Fruits & Vegetables Sugar Gold Oil Cakes Live Animals Chat Petrol. & Pet. Prdts Bees Wax Tantalem Cotton Text. & Text. Prdts 2013/14 Qtr I 2,571,879.02 1,368,355.56 599,029.96 888,604.25 376,049.06 185,036.53 - 1,465,413.10 - 1,196,022.71 1,427,123.25 - 8,236.86 3,478.96 16,932.10 535,850.02 Qtr II 1,613,907.40 2,590,227.05 665,155.27 1,129,528.18 298,627.99 262,105.31 - 2,225,243.14 - 788,435.10 1,370,729.01 - 14,174.58 20,383.51 - 553,399.09 Qtr III 3,166,700.91 5,770,739.28 614,057.55 1,569,048.72 331,095.19 237,001.35 - 2,407,850.09 - 874,204.57 1,425,240.39 - 14,660.42 34,633.96 2,026.11 497,720.31 Qtr IV 6,355,627.05 2,747,887.38 596,407.36 1,203,261.48 418,241.25 235,010.32 - 2,623,684.49 - 694,613.64 1,405,654.33 - 14,974.08 27,925.47 1,097.70 513,947.93 2014/15 Qtr I 3,601,606.60 1,782,898.66 650,939.82 1,231,102.44 472,079.61 202,646.32 - 1,548,672.59 - 1,182,546.88 1,316,313.98 - 21,439.25 74,818.49 4.74 420,448.06 Qtr II 2,518,466.43 2,455,328.14 599,692.01 1,157,023.03 416,795.93 256,407.19 - 1,283,486.68 - 615,036.67 1,658,532.63 - 21,584.25 82,407.47 - 364,718.87 Qtr III 3,450,896.65 3,515,303.69 693,219.39 1,243,523.40 473,887.80 245,897.65 - 2,365,432.58 - 462,946.54 1,325,665.80 - 16,251.30 23,524.21 231.25 779,611.07 Qtr IV 6,163,963.66 2,515,767.17 700,896.33 777,563.07 503,104.87 251,662.78 - 1,201,434.50 - 716,025.97 1,167,518.10 - 36,452.15 21,895.90 - 404,544.21 2015/16 Qtr I 3,833,482.55 1,117,113.73 611,869.33 1,008,591.81 536,437.89 284,426.10 - 1,533,270.26 - 1,513,932.09 1,513,299.59 - 12,738.43 43,474.09 - 462,484.53 Qtr II 2,483,305.88 1,744,206.98 599,845.57 1,270,029.37 461,902.72 285,570.28 - 1,353,852.86 - 562,849.10 1,382,213.41 - 14,305.96 40,780.40 - 399,474.19 Qtr III 3,468,404.77 4,246,993.00 565,811.69 1,296,829.87 503,926.11 283,215.63 - 1,428,736.52 - 444,847.26 1,286,804.44 - 7,269.83 44,244.54 11.59 384,833.83 Qtr IV 5,482,069.78 2,968,529.53 646,580.27 1,311,552.35 524,281.73 274,857.76 - 1,797,371.68 - 568,958.88 1,329,711.26 - 17,011.91 23,065.16 - 387,202.37 2016/17 Qtr I 3,967,681.81 1,566,890.84 568,470.09 1,122,225.51 481,858.65 294,980.86 - 1,429,988.74 - 729,289.63 1,646,044.16 - 12,745.69 41,717.52 - 461,145.78 Qtr II 2,947,226.42 1,545,549.69 642,588.05 1,736,431.27 533,074.66 325,785.53 - 751,520.29 - 214,348.91 1,504,475.06 - 10,395.38 29,485.20 - 457,402.49 Qtr III 5,262,982.58 2,447,326.56 570,064.32 2,162,962.11 562,140.77 305,094.56 59,869.51 1,020,138.31 - 212,897.51 1,460,530.31 - 19,689.21 33,777.29 - 516,886.85 Qtr IV 7,719,668.05 2,331,595.43 777,873.35 1,254,944.02 637,647.65 331,887.52 55,562.19 1,482,343.45 - 349,972.81 1,502,640.11 - 17,736.43 32,881.43 - 568,850.61 2017/18 Qtr I 5,011,278.90 1,744,858.76 769,891.95 1,067,855.73 562,830.79 362,770.12 73,122.09 665,027.05 - 698,508.03 1,478,336.66 - 3,557.04 32,525.56 35,581.39 709,998.20 Qtr II 4,443,198.44 3,834,235.78 949,826.11 1,839,139.38 563,485.93 417,619.41 7,754.76 501,643.73 - 212,460.16 1,641,071.57 - 27,767.27 73,565.65 44,337.81 508,420.22 Qtr III 4,861,307.06 3,706,619.53 788,275.50 2,307,768.02 684,152.76 386,724.14 27,284.49 1,256,940.42 - 217,174.16 1,846,728.64 - 27,095.50 35,121.47 49,979.95 678,085.12 Qtr IV 7,577,696.00 1,903,139.95 947,815.16 1,909,501.27 851,498.53 436,383.47 25,421.15 182,145.95 - 410,929.25 1,916,101.39 - 22,891.58 104,794.87 10,452.29 798,725.24 2018/19 Qtr I 5,606,714.42 1,595,732.93 912,007.83 1,193,432.93 664,247.51 406,255.91 18,005.50 429,197.17 - 400,073.40 2,162,094.27 - 20,306.93 41,732.37 6,947.01 932,321.83 Qtr II 3,612,728.79 2,533,022.91 939,790.06 1,917,614.35 589,620.38 408,648.39 22,162.45 103,196.93 - 124,210.78 2,244,183.10 - 7,953.53 102,966.16 - 964,078.79 Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) 132 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 26: continued: Period Cereals and Flour Natural Gum Civet Hop Animal Fodder Natural Honey Marble Flower Beverage Spices Others Electricity Others* Re-Exports Grand Total 2013/14 Qtr I 27,777.70 56,608.67 - - - 9,910.90 - 739,115.07 19,556.85 98,147.13 232,015.90 246,301.16 556,261.08 - 10,642,011.39 Qtr II 12,120.35 65,847.07 - - - 12,728.26 - 854,266.66 19,129.72 127,691.94 281,688.78 195,215.97 573,782.60 - 11,531,915.63 Qtr III 25,020.02 60,823.94 - - - 13,211.00 - 1,144,376.26 10,384.12 178,127.80 338,091.96 177,870.44 534,380.38 - 16,944,978.84 Qtr IV 148,196.53 48,180.11 - - - 11,376.45 - 1,079,625.85 10,824.22 157,185.08 503,732.86 244,529.18 542,971.10 - 16,838,332.48 2014/15 Qtr I 150,602.42 48,948.61 - - - 9,515.37 - 863,071.79 17,535.03 139,740.12 478,824.02 301,876.97 495,271.29 - 12,505,517.44 Qtr II 45,667.00 50,931.24 - - - 18,480.82 - 941,129.15 19,768.74 214,032.25 317,035.83 205,459.11 447,126.34 - 11,429,479.30 Qtr III 56,976.52 61,952.36 - - 250.92 12,177.23 - 1,114,876.62 17,489.82 166,314.22 352,692.15 213,847.85 803,366.52 - 14,596,391.33 Qtr IV 66,311.12 69,121.82 - - - 5,966.71 - 1,167,788.58 25,107.58 127,762.90 308,093.40 136,269.21 426,440.11 - 14,460,828.72 2015/16 Qtr I 46,093.59 34,858.54 - - - 18,622.23 - 1,112,635.18 27,384.59 81,105.78 315,695.13 114,332.66 505,958.62 - 12,471,120.40 Qtr II 38,982.52 43,255.52 - - - 6,606.44 - 1,106,521.26 23,434.28 136,724.05 399,943.14 163,153.89 440,254.59 - 10,598,336.69 Qtr III 66,187.87 47,327.01 - - - 11,996.87 - 1,336,078.82 26,837.95 208,123.71 464,528.36 116,892.36 429,089.96 - 13,961,929.09 Qtr IV 33,947.12 50,557.29 - - - 4,703.20 - 1,182,616.71 32,124.90 140,268.60 366,561.08 322,189.21 410,267.52 - 15,331,192.67 2016/17 Qtr I 15,454.20 41,522.18 - - - 10,707.79 - 1,105,141.90 20,112.72 131,608.91 399,218.95 394,411.57 502,863.29 - 12,323,039.26 Qtr II 38,022.84 56,872.05 - - - 3,649.66 - 1,045,226.32 20,345.58 111,679.53 500,765.25 300,235.98 486,887.69 10,698,282.95 Qtr III 102,075.77 64,418.22 - - - 13,778.95 - 1,366,378.54 22,716.24 176,613.38 593,113.21 384,298,139.26 550,664.13 14,634,359.88 Qtr.IV 195,142.14 118,724.11 - - - 22,421.80 - 2,287,106.82 36,930.87 302,310.02 1,015,628.87 671,946,659.59 940,887.77 - 25,243,562.23 2017/18 Qtr I 64,616.68 38,735.39 - - - 10,124.92 - 1,266,346.36 22,798.98 101,110.03 443,307.74 517,682.43 778,105.16 - 13,216,142.28 Qtr II 29,613.61 86,711.99 - - - 5,137.37 - 1,322,830.19 35,531.87 106,985.75 296,197.05 399,594.85 2,908,926.36 17,347,128.89 Qtr III 42,778.32 52,128.29 - - - 3,808.18 - 1,776,936.74 22,194.74 101,646.73 326,520.65 500,366.79 763,186.55 16,873,256.77 Qtr.IV 19,770.96 56,224.93 - - - 4,624.29 - 1,615,957.90 28,273.77 131,539.76 251,415.39 780,060.63 3,801,840.03 19,985,363.74 2018/19 Qtr I 17,470.15 16,093.37 - - - 1,475.15 - 1,451,212.49 25,556.93 113,331.98 277,665.97 456,745.80 3,340,553.05 16,748,621.86 Qtr II 10,513.78 30,837.40 - - - 4,216.15 - 1,467,006.89 25,714.57 76,167.11 295,922.64 465,255.34 3,442,678.83 15,945,810.49 Source: Ethiopian Revenue and Customs Authority, Ethiopian Electric Power (EEP) and Ethiopian Electric Utility (EEU) Second Quarter 2018/19 133 National Bank of Ethiopia Quarterly Bulletin

Table 27: 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 January 1,212,498 63,241 8,199 - 5,430,140 350,996 1,068,541 34,264 261,403 485,406 194,384 February 1,347,069 66,702 11,568 - 5,068,958 358,111 265,045 117,561 330,418 455,545 163,371 March 1,315,592 101,994 6,027 1,527 4,863,751 336,620 1,824,777 49,022 142,812 490,545 118,849 QIII 3,875,159 231,936 25,794 1,527 15,362,850 1,045,727 3,158,363 200,846 734,633 1,431,496 476,604 April 1,995,570 49,013 3,038 - 5,373,689 340,277 3,532,025 127,337 330,603 537,105 137,286 May 2,830,932 61,145 12,816 96 6,509,559 462,951 594,500 95,697 357,749 542,062 129,508 June 2,002,847 42,890 16,410 - 6,668,500 368,957 1,160,171 88,306 187,048 454,321 165,456 QIV 6,829,349 153,048 32,263 96 18,551,748 1,172,184 5,286,696 311,339 875,399 1,533,488 432,250 134 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 27: (continued) Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 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 January 427,409 1,123,935 273,286 2,682,476 6,379,580 1,999,076 2,069,909 509,254 24,721 8,358,350 32,447,813 February 342,211 607,839 229,441 3,104,921 6,399,482 1,713,581 2,501,967 425,565 34,594 8,160,889 31,279,273 March 400,097 1,389,212 193,032 3,187,575 4,169,763 2,829,694 2,403,623 474,979 39,250 8,936,493 32,800,254 QIII 1,169,718 3,120,985 695,758 8,974,972 16,948,824 6,542,352 6,975,499 1,409,797 98,565 25,455,731 96,527,340 April 382,735 442,807 195,278 2,474,848 5,684,775 1,756,380 1,975,425 521,139 18,063 9,192,751 34,549,003 May 454,289 625,996 206,810 2,657,434 4,776,276 1,547,292 2,457,206 453,991 24,045 9,609,820 33,956,181 June 449,876 759,461 177,119 2,796,942 4,408,195 1,596,542 1,659,403 807,653 40,663 7,690,343 30,733,448 QIV 1,286,900 1,828,263 579,208 7,929,223 14,869,246 4,900,213 6,092,034 1,782,783 82,770 26,492,914 99,238,631 2018/19 July 555,208 675,486 231,209 3,729,553 5,467,278 1,693,402 2,512,725 710,714 19,247 8,332,976 34,449,756 August 502,184 1,023,602 248,293 3,341,191 7,309,664 1,863,840 3,435,302 354,637 39,168 8,359,138 35,503,698 September 505,079 464,605 222,139 2,556,710 5,073,466 1,384,012 1,776,683 186,270 21,836 7,170,781 31,029,028 Qtr I 1,562,470 2,163,693 701,640 9,627,455 17,850,408 4,941,253 7,724,711 1,251,621 80,252 23,862,895 100,982,482 October 558,522 340,073 275,181 3,610,581 4,616,027 1,992,265 2,633,829 396,381 42,766 9,704,937 35,111,114 November 524,007 274,617 232,419 3,200,276 3,762,139 1,731,305 1,958,279 223,522 16,869 30,044,303 52,210,503 December 649,618 733,771 235,308 4,194,923 5,701,217 1,897,466 2,222,914 322,462 13,936 8,796,781 36,070,301 Qtr II 1,732,147 1,348,460 742,908 11,005,781 14,079,383 5,621,035 6,815,022 942,366 73,570 48,546,021 123,391,918 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 ** Second Quarter 2018/19 135 National Bank of Ethiopia Quarterly Bulletin

Table 28: Volume of Imports, by Major Commodity Groups**

(In Metric Tons) Period Food & Live Animals Beverages Tobacco Petroleum Crude Petroleum Prod.**** Chemicals Fertilizers Medical & Pharm. Prod Soap & Polish Rubber Prod. Paper & Paper Manfc. 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 January 114,109.95 2,585.44 79.20 - 318,933.50 17,230.64 989.74 30.51 5,617.56 45,266.74 7,882.34 February 117,604.00 1,993.76 129.89 - 304,520.22 12,082.78 850.40 68.78 4,471.66 5,712.04 6,472.23 March 140,256.47 3,020.87 72.55 49.15 291,981.48 15,575.03 1,041.89 52.81 3,324.83 6,153.47 4,444.25 QIII 371,970 7,600 282 49 915,435 44,888 2,882 152 13,414 57,132 18,799 April 182,923.35 1,665.64 31.84 - 308,415.01 15,846.22 476.59 330.57 6,429.50 6,319.87 5,230.43 May 227,664.47 1,609.47 100.77 0.12 343,679.30 21,667.50 1,263.35 37.31 6,301.93 6,223.39 5,019.93 June 256,059.09 2,729.86 215.02 - 357,568.14 15,865.28 1,665.16 67.15 7,468.18 6,051.26 6,390.84 QIV 666,647 6,005 348 0 1,009,662 53,379 3,405 435 20,200 18,595 16,641 2018/19 July 273,948.45 3,095.71 29.92 - 308,791.32 18,548.46 1,514.50 93.42 10,881.88 8,453.69 6,430.83 August 174,339.75 1,284.25 59.53 - 257,690.82 28,524.31 1,592.66 128.02 4,802.35 8,600.68 9,544.27 September 178,426.00 1,085.76 150.52 - 340,657.75 13,991.07 15,125.74 27.99 3,455.90 7,257.67 5,395.66 Qtr I 626,714 5,466 240 - 907,140 61,064 18,233 249 19,140 24,312 21,371 October 95,471.95 1,340.32 52.20 - 321,462.87 25,792.17 1,393.01 35.89 7,666.59 9,965.95 11,259.09 November 130,726.08 784.13 83.12 - 320,661.43 17,399.70 1,754.37 79.34 5,270.09 7,597.28 9,743.61 December 169,746.17 926.21 246.62 29.81 322,028.82 12,784.37 1,654.67 232.07 7,753.71 9,250.61 9,287.73 QII 395,944 3,051 382 30 964,153 55,976 4,802 347 20,690 26,814 30,290 136 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 28: (continued) Period Textiles Clothings Glass & Glass Ware Metal & Metal Manfc. Machinery & Aircraft Road Motor Vehicles Electrical Materials Grain* Telecomm. Appara. Others GRAND TOTAL 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 January 7,415.26 5,452.53 18,364.93 74,358.76 23,994.48 14,530.66 15,736.96 47,677.64 28.00 600,144.82 1,272,752.02 February 6,038.23 3,061.16 14,370.28 65,963.60 22,270.81 12,281.17 9,081.45 33,686.65 30.90 369,350.92 956,354.27 March 6,669.34 4,916.97 14,645.52 97,168.74 17,158.44 14,546.18 8,300.34 66,716.55 61.93 407,645.47 1,037,085.75 QIII 20,123 13,431 47,381 237,491 63,424 41,358 33,119 148,081 121 1,377,141 3,266,192 April 6,366.50 2,379.62 9,892.35 71,993.07 22,209.71 14,175.22 5,978.00 46,904.87 7.83 552,147.13 1,212,818.46 May 7,801.49 3,214.88 13,314.57 114,670.11 17,614.97 15,623.33 8,697.32 52,828.49 16.89 532,627.20 1,327,148.29 June 7,230.00 4,471.39 12,959.49 137,534.42 14,920.11 13,998.94 6,105.37 150,943.22 23.46 323,953.22 1,175,276.38 Qtr IV 21,398 10,066 36,166 324,198 54,745 43,797 20,781 250,677 48 1,408,728 3,715,243 2018/19 July 35,551.48 4,267.00 13,764.31 160,655.00 16,463.86 12,922.66 16,188.13 110,755.51 13.13 292,573.05 1,184,186.81 August 8,832.84 5,212.36 15,697.47 101,259.25 21,381.64 10,714.30 12,176.17 33,417.07 29.80 323,257.57 985,128.03 September 9,268.63 2,376.98 15,714.43 91,850.37 21,003.44 11,111.95 8,367.49 11,395.90 27.91 245,406.25 970,701.51 Qtr I 53,653 11,856 45,176 353,765 58,849 34,749 36,732 155,568 71 861,237 3,140,016 October 10,054.77 2,085.05 16,535.13 138,919.43 19,740.33 15,889.03 14,855.07 35,114.84 20.38 292,113.61 984,652.84 November 8,936.16 1,631.69 14,480.15 103,806.30 29,184.86 12,249.93 8,833.49 28,439.43 13.00 338,384.77 1,011,619.50 December 11,686.88 9,904.58 15,006.96 174,721.91 20,951.22 15,727.75 12,625.41 24,568.90 18.96 344,381.04 1,138,965.49 Qtr II 30,678 13,621 46,022 417,448 69,876 43,867 36,314 88,123 52 974,879 3,135,238 ** All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority All the data are updated based on revised data from the Ethiopian Revenues and Customs Authority ** Second Quarter 2018/19 137 National Bank of Ethiopia Quarterly Bulletin

Table 29: Value of Imports by End-Use** Categories 2015/16 2016/17 2017/18 2018/19 Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Qtr III Qtr IV Qtr I Qtr II Raw Materials 932.9 711.3 722.6 780.4 836.6 761.6 516.9 694.1 727.4 751.6 1,059.7 1,077.3 1,382.7 1,151.8 Semi-finished Goods 14,553.3 11,787.6 17,132.8 17,734.1 13,774.4 13,368.5 12,979.4 18,718.2 16,492.8 15,732.0 13,722.9 19,306.6 15,194.9 17,589.9 Chemicals 1,742.8 1,520.0 1,718.6 2,408.6 2,290.0 1,383.8 1,426.1 2,424.3 2,476.7 2,038.5 1,807.5 2,553.4 2,996.0 2,917.9 Fertilizers 199.3 474.7 4,787.4 3,706.2 88.8 1,509.9 2,406.3 4,349.9 132.0 2,157.1 3,446.6 7,265.5 209.4 193.3 Textile Materials 283.7 403.7 309.8 338.4 339.8 424.8 370.7 445.5 338.4 380.9 335.9 540.2 515.1 652.9 Others 12,327.5 9,389.3 10,317.0 11,280.8 11,055.8 10,050.0 8,776.3 11,498.4 13,545.7 11,155.5 8,132.8 8,947.4 11,474.3 13,825.8 Fuel 7,692.8 7,531.0 5,667.1 7,355.4 8,174.6 10,378.0 11,462.2 10,925.4 10,727.1 15,290.9 15,824.7 19,170.1 18,198.8 18,727.0 Crude petroleum 0.0 0.1 3.6 - 0.2 1.5 0.1 - 0.9 Petroleum Products 7,269.8 7,186.2 5,534.2 7,015.3 7,812.9 9,779.3 11,196.4 10,354.6 10,217.6 14,481.8 15,362.8 18,551.7 17,291.9 17,632.8 Others 422.9 344.7 132.9 340.1 361.7 598.6 265.7 567.2 509.5 808.9 460.4 618.2 906.9 1,093.3 Capital Goods 38,414.8 38,285.7 36,607.9 30,635.0 31,112.0 35,495.5 33,157.4 35,520.3 34,396.8 39,709.9 33,914.6 27,346.3 32,791.2 50,759.8 Transport 7,998.0 11,079.7 6,546.5 6,738.7 7,642.3 9,673.6 7,953.1 6,736.6 6,837.7 12,695.3 4,821.6 4,042.7 3,841.9 25,889.3 Tyres for Heavy Vehicles 662.8 685.1 732.4 738.6 816.1 871.2 745.4 753.9 710.8 752.6 511.4 642.8 732.7 888.6 Heavy Road Motor Veh. 6,110.9 5,748.5 4,131.5 4,529.1 5,587.4 6,029.6 5,627.3 5,155.9 5,442.6 5,819.5 3,537.4 2,937.0 2,157.7 2,748.2 Aircraft 451.9 295.7 1,500.1 1,215.3 828.2 1,142.1 815.8 576.7 628.4 5,990.6 536.6 374.0 364.3 21,987.4 Others 772.5 4,350.4 182.5 255.7 410.6 1,630.6 764.7 250.1 55.9 132.7 236.2 89.0 587.2 265.1 Agricultural 485.4 399.6 321.7 554.7 477.0 553.5 353.0 307.9 230.8 611.6 239.4 256.9 451.2 389.6 Industrial 29,931.4 26,806.4 29,739.8 23,341.6 22,992.8 25,268.4 24,851.3 28,475.8 27,328.3 26,402.9 28,853.6 23,046.7 28,498.2 24,480.9 Consumer Goods 22,567.0 27,915.5 31,306.8 29,439.4 33,084.5 25,949.6 24,413.5 26,177.4 28,081.7 32,276.2 30,435.7 30,721.6 31,495.7 33,094.3 Durables 7,625.4 8,908.6 9,214.2 7,314.1 14,574.9 7,774.6 7,950.5 7,846.7 9,037.1 9,825.5 8,803.0 6,778.1 8,090.8 8,803.1 Radio & T.V. 682.4 1,162.8 596.1 628.2 7,770.0 713.6 490.7 582.5 960.2 710.4 663.1 490.3 652.9 635.7 Tyres for cars & Other Veh. 274.2 295.5 327.4 314.4 319.3 344.4 382.7 388.7 371.4 462.2 372.8 408.2 355.1 324.6 Cars & Other Veh. 2,161.2 2,556.3 2,615.2 2,009.6 2,355.9 2,770.7 2,373.2 2,417.9 2,778.9 3,592.5 3,021.8 2,202.2 2,212.7 2,722.0 Others 4,507.5 4,894.1 5,675.5 4,361.9 4,129.8 3,946.0 4,703.9 4,457.6 4,926.6 5,060.4 4,745.4 3,677.3 4,870.0 5,120.8 Non-durables 14,941.6 19,006.9 22,092.6 22,125.4 18,509.6 18,175.0 16,463.0 18,330.7 19,044.6 22,450.7 21,632.7 23,943.5 23,404.9 24,291.2 Cereals 2,475.9 5,020.7 9,251.2 5,108.9 4,545.5 2,686.9 3,355.9 1,775.4 4,570.4 5,866.1 3,368.7 6,047.1 5,607.4 3,963.5 Other Food 2,848.8 3,175.3 3,517.6 3,710.6 3,600.4 3,167.2 3,440.9 2,798.5 2,881.5 4,369.3 4,895.4 4,061.5 4,408.7 5,079.7 Medical & Pharmaceuticals 2,127.9 3,284.7 2,286.8 5,936.6 2,280.2 4,501.9 2,691.5 5,554.6 2,662.0 2,756.4 3,617.9 5,771.1 4,038.3 6,336.6 Textile Fabrics 3,443.0 3,381.4 3,029.5 3,202.3 3,328.0 3,166.6 3,068.7 3,416.1 3,714.8 3,687.9 4,518.5 2,841.6 3,363.5 2,351.6 Others 4,046.0 4,144.8 4,007.5 4,166.9 4,755.5 4,652.3 3,906.1 4,786.1 5,215.9 5,770.9 5,232.2 5,222.1 5,986.9 6,559.9 Miscellaneous 1,248.2 1,057.4 1,207.5 1,727.3 1,896.6 1,658.1 1,484.5 1,731.8 2,335.2 2,014.2 1,569.8 1,616.9 1,919.2 2,069.1 Total Imports 85,409.0 87,288.5 92,644.7 87,671.7 88,878.7 87,611.3 84,013.8 93,767.3 92,761.0 105,774.7 96,527.3 99,238.6 100,982.5 123,391.9 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 138 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

Table 30: Number and Investment Capital of Dometic and Foreign Projects Approved by Sector (capital in millions of Birr) Sector/ Subsector 2008 (2015/16) 2009(2016/17) 2010(2017/18) 2011(2018/19) QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV QI QII Investment capital No of projects Investment capital No of projects Investment capital Investment capital No of projects Investment capital No of projects Investment Capital No of projects Investment Capital No of projects Investment Capital No of projects Investment Capital No of projects Investment Capital No of projects Investment Capital “No of projects” Investment Capital “No of projects” Investment Capital “No of projects” Investment Capital “No of projects” Investment Capital Manufacturing 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 21 261.7 215 2901.3 278 6036.541963 232 3435.7 19.0 274.6 Agriculture, hunting and forestry 32 56.3 2 8.5 5 43.295 2 10.5 2 5.43 4 34.3 1 2.0 9 105.3 7 190.997666 8 58.2 7.0 12.5 Real estate, renting and business activities 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 24 117.1 229 2873.7 208 4069.373636 169 1076.8 135.0 470.0 Hotels and restaurants 1 1.1 1 6.54 2 19.8 2 21.1 Education 3 7.1 4 6.121112 2 1.8 2 16.0 3 50 3 13.1 2.0 15.0 Health and social work 2 13.41 1 0.3 1 40.0 4 11.2 2 24.3 8 200.9 3 22.3 Construction 29 219.7 43 274.5 67 436.746625 60 347.6 44 126.306234 27 81.2485 53 171.8 47 196.4 97 443.9 143 2076.304382 122 1243.6 13.0 36.0 Wholesale, retail trade and repair service 1 2.0 169 1076.8 Transport, storage and communication 2 5.7 1 2.4 2 2.6 1 3.325 1 4.4 1 2.0 3 10.9 Mining and Quarrying 1 0.6 1 1.1.0 3 9.5 2 7.1505 4 9.59836 2 2 1 40.0 2 19.2 4 21.76555 1 3 Electricity, gas, steam and water supply 1 100 Construction machinery leasing 1 6.2 2 6.4 Fishing “Other community, social and personal service activities” 2 0.9 1 4.0 2 1.53 3 8.1.0 45 244.811372 1 #VAL- UE! Others 1 1.9 1.0 6.0 Grand Total 674.0 3750.0 14.0 54.3 16.0 77.2 104.0 1752.7 156 6181.7 124 962.9749009 105.0 864.5 394.292545 97 668.5 103 612.5 557 6,386.4 697 12990.69457 544 5886.8 177.0 814.1 Source: Ethiopia Investment Agency. *Projects with Initial Investment Capital below Birr 250,000 are not included. Second Quarter 2018/19 139 National Bank of Ethiopia Quarterly Bulletin

Table 31: Expected Employment Creation of Approved Domestic $ Foreign Investment Projects by Sector[PERMANENT & TEMPORARY] 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. Tem- po. Perm. Tempo. “Perm. Emp.” “Tempo. Emp.” “Perm. Emp.” “Tempo. Emp.” “Perm. Emp.” “Tempo. Emp.” “Perm. Emp.” “Tempo. Emp.” “Perm. Emp.” “Tem- po. Emp.” Manufacturing 516 204 660 140 8 2 1007 513 1760 1521 1921 1055 417 150 490 286 852 339 1416 172 Agriculture, hunting and forestry 2644 14 10 87 190 21 525 5430 18 99 76 48 710 Real estate, renting and business activities 3286 3169 150 32 61 22 227 126 256 69 69 24 4569 44 62 40 150 82 537 710 Hotels and restaurants 50 50 10 25 Education 49 13 89 132 130 Health and social work 15 4 6 Construction 451 5 20 26 32 591 1549 1125 2619 1617 2291 324 161 250 111 518 522 57 60 Wholesale, retail trade and repair service Transport, storage and communication 13 2 7 3 14 12 15 15 3 2 Mining and Quarrying 3 60 11 70 23 10 48 63 16 44 35 135 23 120 25 150 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 Others 12 4 12 105 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 2202 1887 Source: Ethiopia Investment Agency. *Projects with Initial Investment Capital below Birr 250,000 are not included. 140 Second Quarter 2018/19 National Bank of Ethiopia Quarterly Bulletin

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

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monetary